fundamental analysis - sx5e index (eurostoxx50)
DESCRIPTION
ÂTRANSCRIPT
&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclinBrolpqluu 2- Ekabu & OS2B Ekabu
September 2012
A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Index Analysis - Financial Statements
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 13501320 1959.859 1088 1088 201 209 209 98.32 103.52 103.52 14.85 14.85 14.10 14.10 19.05
Euro Stoxx 50 Pr EUR 2450446 10657.55 4587 4587 751 775 775 156.10 302.30 302.30 27.20 14.54 14.05 14.05 20.73
NIKKEI 225 JPY 2206653 179.5987 230 230 23 25 25 5.19 8.07 8.07 0.29 0.23 0.18 0.18 0.14
FTSE 100 INDEX GBP 2624070 13741.02 9488 9488 1553 1647 1647 719.78 827.32 827.32 21.21 20.04 18.45 18.45 26.02
SWISS MARKET INDEX CHF 888093 10957.14 3947 3947 804 787 787 384.76 515.53 515.53 19.45 19.16 14.52 14.52 22.21
S&P/TSX COMPOSITE INDEX CAD 1687438 19167.86 7808 7808 1962 1968 1968 829.66 848.64 848.64 15.50 15.50 15.15 15.15 25.44
S&P/ASX 200 INDEX AUD 1228533 8059.649 2896 2896 636 713 713 273.62 349.86 349.86 17.31 14.70 13.54 13.54 23.52
HANG SENG INDEX HKD 1550090 2367.591 1452 1452 341 357 357 255.24 244.73 244.73 1.35 1.46 1.41 1.41 3.09
MSCI EM USD 7362430 1352.449 964 964 179 183 183 80.15 89.14 89.14 12.56 13.07 11.29 11.29 18.90
AIR LIQUIDE SA EUR 39763 218 311 9 0 0 2 47.85 18652 19190 19815 21318 4598 4702 - - 6.05 6.54 6.77 7.49 25.14 26.39 24.30 21.95 9.27 8.05 7.24 8.74 31.80 A 02.07.2007 - -
ALLIANZ SE-REG EUR 55187 631 452 37 0 3 14 80.99 112739 116829 124207 127817 - - - - 7.20 9.59 14.32 15.45 16.31 16.57 10.92 10.12 -3.39 - - - - AA 27.01.2012 Aa3 03.05.2004
ANHEUSER-BUSCH INBEV NV EUR 139244 446 1598 52 0 5 7 231.31 50375 50694 51569 58800 19736 19719 5060 5060 4.83 5.73 5.94 6.51 25.18 25.19 24.29 22.15 9.77 19.09 14.33 31.29 50.54 A 01.05.2012 A3 27.03.2012
ARCELORMITTAL EUR 24186 4584 1549 33 0 5 5 64.51 121240 118493 114292 119104 12770 11515 2148 2148 1.62 0.53 1.27 2.28 48.74 57.34 20.31 11.30 26.37 6.72 30.33 0.11 13.59 BB+ 02.08.2012 Baa3 20.05.2009
ASML HOLDING NV EUR 26209 889 414 1 0 0 4 23.68 7291 6643 6275 7267 2331 1987 478 478 4.41 3.78 3.47 4.26 18.06 18.17 19.67 16.00 32.72 60.06 37.20 17.46 41.24 - - Baa2 11.11.2010
ASSICURAZIONI GENERALI EUR 23440 2815 1541 28 0 3 33 29.35 94803 96239 97522 100474 - - - - 1.51 0.73 1.47 1.78 26.56 - 13.26 10.92 -20.14 -7.16 - - - A *- 07.06.2012 Baa2 17.07.2012
AXA SA EUR 37393 1851 2374 22 8 3 40 30.74 126866 130915 124007 125655 - - - - 1.46 0.98 2.38 2.55 20.79 27.56 8.60 8.01 -20.97 2.99 - - - A 27.01.2012 A2 19.03.2003
BANCO BILBAO VIZCAYA ARGENTA EUR 44655 17172 4948 283 #VALUE! 2 74 #VALUE! 46567 26864 28724 29866 - - - - 1.16 0.56 0.50 0.99 19.22 12.94 21.22 10.78 14.35 8.43 - - - BBB+ 30.04.2012 Baa3 *- 25.06.2012
BANCO SANTANDER SA EUR 78541 17351 9570 547 0 8 191 #VALUE! 100644 57448 58078 60517 - - - - 1.03 0.48 0.62 0.92 21.37 11.40 16.64 11.10 16.92 13.45 - - - A- 30.04.2012 (P)Baa2 *- 25.06.2012
BASF SE EUR 79714 1072 918 17 0 2 3 96.19 94823 97724 98985 101682 15295 16319 3567 3567 8.28 7.42 7.03 7.79 15.09 15.14 15.91 14.37 19.44 9.55 -0.52 3.97 20.81 A+ 10.05.2011 A1 17.11.2010
BAYER AG-REG EUR 72389 1160 827 15 0 0 6 82.68 47127 49147 50203 52519 11564 12231 2307 2307 6.91 4.04 6.90 7.56 27.97 15.45 16.36 14.95 5.29 5.96 0.91 15.89 31.66 A- 30.04.2008 A3 17.07.2006
BAYERISCHE MOTOREN WERKE AG EUR 48814 740 656 88 0 0 15 122.36 88790 93396 95071 98519 15043 - 2584 2584 9.59 8.84 9.76 9.96 11.11 11.11 10.06 9.86 17.80 7.86 36.53 1.35 21.86 A 16.04.2012 A2 22.07.2011
BNP PARIBAS EUR 63107 1790 1198 1452 9 13 139 #VALUE! 92 K 91 K 50 K 52 K - - - - 9.03 6.22 7.07 7.12 10.44 8.46 9.19 9.12 -3.26 -2.94 - - - AA- 23.01.2012 A2 21.06.2012
CARREFOUR SA EUR 15163 696 674 21 0 1 6 29.67 103800 103367 103873 106141 5024 3363 - - -0.97 -2.03 1.67 1.84 - - 17.24 15.61 1.16 0.13 -14.32 1.48 6.24 BBB 15.03.2012 (P)Baa2 15.03.2012
COMPAGNIE DE SAINT-GOBAIN EUR 20161 1147 526 14 0 1 4 33.36 54336 55259 55918 57501 6482 6341 - - 3.39 2.50 3.32 3.91 19.57 18.07 14.75 12.52 6.42 0.22 6.44 0.53 15.39 BBB 24.07.2009 Baa2 31.07.2009
CRH PLC EUR 14303 442 728 6 0 0 2 19.64 23327 23872 24458 25391 2136 2129 1442 1442 0.98 1.11 1.03 1.21 22.93 34.36 24.75 21.04 6.82 -2.80 3.36 -10.24 11.82 BBB+ 17.12.2007 - -
DAIMLER AG-REGISTERED SHARES EUR 54572 2200 1066 93 0 2 14 145.51 137453 143682 143097 149597 15761 15986 - - 6.81 6.98 6.58 7.39 9.45 9.45 10.03 8.92 11.59 6.79 21.24 -8.91 14.79 A- 23.02.2012 A3 01.10.2007
DANONE EUR 41157 382 606 12 0 0 3 50.17 24923 25887 26922 29022 4497 4548 - - 3.62 3.63 3.97 4.35 22.73 22.81 20.80 18.98 17.51 13.20 11.79 13.93 23.28 A- 25.07.2007 A3 06.11.2007
DEUTSCHE BANK AG-REGISTERED EUR 39010 2669 905 367 0 2 230 #VALUE! 67940 63587 41477 43061 - - - - 7.07 4.05 4.79 5.94 13.37 9.40 11.31 9.11 18.20 -12.86 - - - A+ 25.01.2012 A2 21.06.2012
DEUTSCHE TELEKOM AG-REG EUR 55462 4670 4321 62 0 6 8 116.37 75672 75335 74967 73890 26064 24890 5962 5962 0.64 0.18 0.80 0.83 91.67 86.12 20.64 19.90 -7.79 -1.90 18.02 5.54 44.44 BBB+ 19.05.2008 Baa1 22.12.2011
E.ON AG EUR 48947 2632 1905 39 0 5 9 87.87 145728 161667 143846 144172 14424 5847 2859 2859 1.76 -0.01 2.80 2.33 - 20.10 11.29 13.56 27.91 17.13 -18.11 7.54 12.77 A- 27.07.2012 A3 05.10.2011
ENEL SPA EUR 36323 19696 9403 84 0 20 9 135.80 100081 103668 97681 98944 22188 21311 - - 0.57 0.47 0.47 0.47 10.70 - 10.56 10.64 10.10 22.97 3.31 21.68 28.60 BBB+ 08.03.2012 Baa1 *- 15.06.2012
ENI SPA EUR 84537 8036 3623 38 0 6 2 125.95 141387 154067 154589 158032 33198 33747 7962 7962 2.44 2.36 2.70 2.84 12.72 - 11.13 10.56 14.49 15.17 3.82 0.25 30.29 A 17.01.2012 A3 16.07.2012
ESSILOR INTERNATIONAL EUR 20136 229 209 1 0 0 1 21.24 5405 6012 6373 6917 1186 1321 - - 3.22 3.41 3.63 4.03 35.80 35.62 33.61 30.22 9.88 14.95 2.74 11.70 28.31 - - - -
FRANCE TELECOM SA EUR 33385 3134 2633 51 0 3 12 76.48 58414 57478 55976 54710 19377 18364 4633 4633 2.15 1.81 1.66 1.59 9.00 7.20 9.81 10.21 -0.64 -4.07 -2.29 -4.94 42.80 A- 10.02.2005 A3 23.06.2005
GDF SUEZ EUR 57995 1762 2214 74 0 22 19 134.47 116982 123249 121440 124536 20734 21445 - - 2.64 2.08 2.06 2.15 15.49 14.62 15.63 15.00 9.46 44.01 1.24 33.68 22.87 A 11.02.2011 A1 03.07.2012
IBERDROLA SA EUR 29669 8376 5845 43 0 0 8 65.87 40831 43337 41671 42923 9032 8904 2191 2191 0.61 0.66 0.58 0.55 9.41 9.54 10.70 11.34 5.16 21.31 2.68 18.26 28.54 BBB+ 03.05.2012 (P)Baa1 *- 15.06.2012
INDITEX EUR 77701 520 623 0 0 0 5 73.25 17795 19124 20400 22711 4147 4613 1462 1462 4.00 4.47 4.89 5.53 35.97 - 32.93 29.10 13.04 16.69 10.81 16.03 30.07 - - - -
ING GROEP NV-CVA EUR 32379 7004 3782 310 0 1 40 329.37 68103 62406 47608 54924 - - - - 1.20 1.02 1.35 1.51 10.67 10.02 8.11 7.23 3.45 -6.37 - - - A 03.09.2009 A3 15.06.2012
INTESA SANPAOLO EUR 25936 59242 16434 343 0 1 52 #VALUE! 32597 33607 22141 21958 - - - - 0.18 -0.73 0.16 0.19 - 10.89 12.84 10.90 2.23 24.69 - - - BBB+ 10.02.2012 Baa2 16.07.2012
KONINKLIJKE PHILIPS ELECTRON EUR 22999 963 926 5 0 0 4 25.32 29130 30459 31559 32840 1531 1845 972 972 -0.91 0.95 1.66 2.09 32.72 30.26 18.71 14.85 1.69 0.94 -84.45 -12.91 6.78 A- 11.05.2005 A3 20.04.2006
L'OREAL EUR 75786 300 594 1 0 0 2 75.49 26246 27618 28892 30540 5103 5395 - - 5.43 5.69 6.16 6.66 28.33 28.15 26.17 24.21 5.61 7.40 6.78 6.09 25.08 - - - -
LVMH MOET HENNESSY LOUIS VUI EUR 79750 382 498 9 0 1 3 88.65 30524 33974 36232 39424 7934 8496 - - 8.21 8.89 9.44 10.50 22.79 21.87 21.47 19.30 21.20 15.73 26.38 13.71 33.54 A 20.05.2011 - -
MUENCHENER RUECKVER AG-REG EUR 28726 227 178 7 0 0 3 32.85 78581 82585 69306 71372 - - - - 5.08 18.16 19.51 19.79 11.38 11.39 10.59 10.44 3.92 8.03 - - - AA- 22.12.2006 - -
NOKIA OYJ EUR 10011 8747 3710 7 0 3 14 6.93 49876 43712 38937 38183 2037 -783 -199 -199 - -1.21 -0.41 -0.04 - - #VALUE! #VALUE! -11.51 -11.66 -75.98 -30.61 5.27 BB- 15.08.2012 Ba3 23.07.2012
REPSOL SA EUR 26133 1325 1221 26 0 5 4 49.14 77567 78009 71583 74884 10978 9974 2152 2152 2.44 2.07 2.02 2.20 12.98 - 13.31 12.18 15.53 3.50 -36.91 -1.45 18.26 BBB- 19.04.2012 - -
RWE AG EUR 27540 1023 587 28 0 2 9 50.32 63415 63033 65949 67327 10690 9630 - - 4.32 3.81 5.23 5.24 15.25 15.25 11.10 11.07 -3.99 8.10 -13.20 3.35 21.75 BBB+ 27.07.2012 A3 19.07.2011
SANOFI EUR 116986 826 1324 20 0 0 5 132.49 43077 44694 45474 46812 16247 17008 4122 4122 6.45 6.28 7.82 8.09 18.10 16.20 14.54 14.06 4.07 5.67 -5.52 4.45 48.66 AA- 18.02.2011 A2 18.02.2011
SAP AG EUR 88635 862 1190 5 0 0 7 89.23 18363 19555 20749 23003 6332 6293 1897 1897 3.72 3.83 3.95 4.53 24.30 24.27 23.55 20.55 18.31 13.56 24.49 15.40 44.49 - - - -
SCHNEIDER ELECTRIC SA EUR 34549 567 540 10 0 0 4 42.74 28883 30266 31113 32315 4860 5024 - - 4.55 4.57 5.09 5.52 17.64 16.55 15.83 14.59 18.50 9.43 6.93 11.91 21.71 A- 26.11.2008 A3 12.01.2009
SIEMENS AG-REG EUR 89487 1218 874 23 0 1 17 104.40 94846 99461 100364 102994 13401 12952 3292 3292 9.88 6.95 7.73 8.39 18.84 19.61 16.97 15.62 8.49 3.11 11.40 14.84 18.23 A+ 05.06.2009 - -
SOCIETE GENERALE EUR 23566 2327 747 903 7 5 168 #VALUE! 62636 62722 31089 31772 - - - - 5.11 3.25 4.05 4.93 11.99 9.04 9.63 7.91 9.23 -6.50 - - - A 23.01.2012 A2 21.06.2012
TELEFONICA SA EUR 65585 10218 4480 86 0 7 9 152.52 81070 81192 80907 81061 25019 23811 6993 6993 1.71 1.23 1.60 1.69 15.07 - 11.58 10.98 4.46 2.54 -31.96 0.36 39.82 BBB 24.05.2012 Baa2 *- 20.06.2012
TOTAL SA EUR 123551 4004 2254 42 0 2 19 149.56 214875 226853 248658 245937 42471 41168 10790 10790 7.02 6.19 6.85 7.03 10.88 10.88 9.83 9.59 23.95 12.61 22.42 2.93 25.50 AA- 12.04.2011 Aa1 30.08.2005
UNIBAIL-RODAMCO SE EUR 19120 76 92 14 0 2 0 36.15 2503 2124 1918 2041 1528 1355 - - 18.09 16.94 12.15 13.06 15.83 16.42 22.07 20.55 16.80 59.58 -7.26 20.00 78.76 A 27.06.2007 WR 16.07.2010
UNICREDIT SPA EUR 25474 30197 2930 432 0 4 73 #VALUE! 54146 33290 33100 32913 - - - - -0.04 -7.72 0.34 0.48 - - 16.85 11.85 2.33 -20.93 - - - BBB+ 10.02.2012 Baa2 16.07.2012
UNILEVER NV-CVA EUR 108076 1308 2820 18 0 1 6 120.80 59950 63317 66138 70114 9627 9821 - - 2.04 1.92 2.05 2.24 24.19 23.11 22.69 20.72 6.43 6.39 -2.68 4.06 20.72 A+ 05.10.2000 A1 11.07.2000
VINCI SA EUR 25701 1128 540 27 0 1 10 46.30 48569 49369 48939 49317 7026 6480 - - 4.46 4.53 4.41 4.51 12.73 13.05 13.07 12.78 13.82 7.75 7.00 9.27 18.66 BBB+ 29.03.2007 Baa1 23.07.2002
VIVENDI EUR 25835 884 1287 20 0 3 5 47.16 37173 36955 36508 37086 11414 12115 2398 2398 3.11 1.25 2.55 2.60 20.48 14.46 10.05 9.87 -0.29 7.99 13.30 11.75 39.61 BBB *- 04.07.2012 Baa2 13.09.2005
VOLKSWAGEN AG-PREF EUR 86080 428 465 121 0 8 32 193.27 205570 228291 240966 258634 27564 29716 4354 4354 42.60 49.65 37.33 32.60 5.17 5.18 6.88 7.88 33.01 15.34 36.45 16.15 17.30 A- 31.08.2009 A3 17.08.2009
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot
S&P 500 INDEX 2.18 2.18 1.99 1.82 2.18 1.34 1.34 1.29 1.24 1.34 9.58 9.58 8.72 8.00 9.58 9.39 9.39 8.72 8.09 9.39 14.10 14.10 12.64 11.33 14.10 2.09 2.09 2.33 2.52 2.09 1576.6 8.0%
Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.72 0.72 0.70 0.68 0.72 5.28 5.28 4.99 4.61 5.28 13.75 13.75 13.08 12.43 13.75 10.89 10.89 9.84 8.95 10.89 4.19 4.19 4.67 5.04 4.19 2685.8 5.3%
NIKKEI 225 1.10 1.10 1.03 0.96 1.10 0.51 0.51 0.48 0.48 0.51 6.44 6.44 5.88 5.62 6.44 7.22 7.22 6.60 6.25 7.22 14.40 14.40 12.75 10.68 14.40 2.29 2.29 2.33 2.68 2.29 9998.9 10.3%
FTSE 100 INDEX 1.62 1.62 1.50 1.39 1.62 0.99 0.99 0.96 0.95 0.99 7.31 7.31 6.70 6.21 7.31 8.34 8.34 7.69 7.28 8.34 11.39 11.39 10.29 9.48 11.39 4.03 4.03 4.31 4.62 4.03 6346.0 9.0%
SWISS MARKET INDEX 2.12 2.12 1.97 1.82 2.12 1.78 1.78 1.67 1.58 1.78 11.65 11.65 10.09 9.08 11.65 13.92 13.92 12.78 11.90 13.92 13.62 13.62 12.15 11.06 13.62 3.55 3.55 3.91 4.27 3.55 7003.9 6.3%
S&P/TSX COMPOSITE INDEX 1.75 1.75 1.62 1.49 1.75 1.62 1.62 1.50 1.45 1.62 8.84 8.84 7.91 7.21 8.84 9.74 9.74 8.49 7.93 9.74 14.87 14.87 12.99 11.80 14.87 2.93 2.93 3.06 3.24 2.93 14041.0 13.4%
S&P/ASX 200 INDEX 1.66 1.66 1.56 1.48 1.66 1.57 1.57 1.48 1.40 1.57 9.57 9.57 8.75 8.21 9.57 11.30 11.30 10.04 9.33 11.30 13.03 13.03 11.70 10.85 13.03 4.93 4.93 5.29 5.66 4.93 4663.8 6.3%
HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.84 1.84 1.70 1.57 1.84 6.61 6.61 6.14 5.84 6.61 6.64 6.64 6.04 5.57 6.64 10.91 10.91 10.09 9.14 10.91 3.55 3.55 3.80 4.16 3.55 22528.5 8.9%
MSCI EM 1.50 1.50 1.36 1.23 1.50 1.04 1.04 0.96 0.89 1.04 7.10 7.10 6.37 5.72 7.10 7.38 7.38 6.62 6.07 7.38 11.29 11.29 9.94 9.01 11.29 2.90 2.90 3.11 3.46 2.90 1131.3 12.4%
AIR LIQUIDE SA 3.14 2.83 2.57 2.41 2.27 2.13 2.01 1.87 1.74 1.67 11.56 10.64 9.79 9.00 8.58 10.29 9.74 8.89 8.19 7.77 20.07 18.83 17.02 15.45 14.47 2.34 2.57 2.75 3.04 3.10 98.28 -0.5%
ALLIANZ SE-REG 0.96 0.88 0.83 0.78 0.70 0.43 0.44 0.43 0.43 0.39 14.36 8.46 7.84 7.47 7.30 4.65 4.88 5.22 5.48 5.53 99.94 6.4%
ANHEUSER-BUSCH INBEV NV 3.50 3.22 2.92 2.65 2.61 3.57 3.48 3.05 2.88 2.87 13.82 12.51 11.36 10.41 9.91 11.75 11.42 10.00 9.27 8.95 22.55 18.83 17.17 15.50 14.49 1.57 2.20 2.65 3.04 3.29 69.66 3.7%
ARCELORMITTAL 0.38 0.42 0.41 0.39 0.26 0.27 0.26 0.26 0.26 5.52 4.20 3.74 3.26 4.94 6.27 5.25 4.62 3.99 7.19 15.74 8.76 6.56 4.93 4.85 4.87 4.87 4.91 4.03 14.57 21.3%
ASML HOLDING NV 5.02 4.23 3.51 2.77 1.95 3.64 4.18 3.61 3.24 2.88 10.34 13.64 11.65 9.06 7.49 10.35 12.51 10.79 9.28 8.01 12.52 15.24 12.40 10.32 8.19 1.11 1.11 1.26 1.40 1.37 46.52 13.4%
ASSICURAZIONI GENERALI 1.14 1.00 0.92 0.84 0.74 0.25 0.24 0.23 0.22 0.21 15.91 10.28 8.47 8.16 7.61 2.56 2.80 3.36 3.81 2.51 11.36 -2.6%
AXA SA 0.62 0.62 0.59 0.55 0.50 0.33 0.30 0.30 0.30 0.30 7.30 6.66 6.21 5.82 5.64 5.70 5.89 6.34 6.75 7.29 14.77 20.1%
BANCO BILBAO VIZCAYA ARGENTA 0.85 0.86 0.82 0.78 0.80 1.71 1.55 1.50 1.42 1.35 2.97 2.97 2.95 2.79 7.70 16.45 8.35 7.14 6.89 6.20 6.19 6.39 6.69 6.48 6.49 0.9%
BANCO SANTANDER SA 0.78 0.77 0.76 0.75 0.81 1.37 1.35 1.30 1.24 1.18 2.26 2.26 2.22 2.11 7.68 12.90 8.60 7.76 7.69 9.09 8.40 8.76 8.88 7.43 5.76 -6.4%
BASF SE 2.60 2.36 2.15 1.97 1.67 0.85 0.81 0.78 0.75 0.72 7.07 7.76 7.07 6.76 6.06 6.46 6.15 5.84 5.58 5.59 10.81 12.34 11.14 10.25 9.94 3.53 3.82 3.99 4.28 4.57 67.27 0.0%
BAYER AG-REG 2.81 2.74 2.48 2.26 2.01 1.54 1.44 1.38 1.31 1.25 10.96 9.63 8.48 7.98 7.30 8.37 8.09 7.37 6.90 6.51 14.04 12.68 11.58 10.54 9.70 2.44 2.66 2.96 3.25 3.55 67.55 -0.4%
BAYERISCHE MOTOREN WERKE AG 1.39 1.24 1.12 1.02 1.01 0.55 0.51 0.50 0.48 0.50 4.19 4.58 4.36 4.21 3.20 7.00 7.40 7.21 7.24 7.38 7.68 7.80 7.64 7.42 8.43 4.03 4.44 4.77 5.09 4.07 72.27 22.5%
BNP PARIBAS 0.68 0.64 0.61 0.58 0.56 1.17 1.25 1.21 1.17 1.20 2.92 4.38 4.10 3.90 7.65 7.12 7.07 6.48 7.08 3.36 3.85 4.23 4.70 3.54 42.03 7.7%
CARREFOUR SA 1.31 1.61 1.53 1.39 1.30 0.14 0.15 0.14 0.14 0.14 4.48 4.85 4.22 3.92 3.62 5.93 6.09 5.84 5.52 5.40 12.30 13.36 12.10 10.57 9.55 4.64 3.16 3.47 3.93 4.79 17.70 2.3%
COMPAGNIE DE SAINT-GOBAIN 0.84 0.85 0.82 0.79 0.74 0.37 0.36 0.35 0.33 0.32 5.02 5.20 4.95 4.62 4.23 5.23 5.69 5.34 4.86 4.54 8.90 11.43 9.71 8.33 7.43 4.28 4.01 4.38 4.86 5.15 33.16 12.7%
CRH PLC 1.05 1.03 1.01 0.97 0.94 0.62 0.58 0.56 0.53 0.48 8.18 8.67 7.79 6.62 5.67 9.29 9.06 8.39 7.29 6.38 20.09 19.18 16.31 12.70 10.06 4.10 4.12 4.18 4.32 4.48 14.47 -5.7%
DAIMLER AG-REGISTERED SHARES 1.05 0.98 0.90 0.83 0.77 0.40 0.38 0.36 0.35 0.36 5.23 4.76 4.24 3.87 2.80 8.98 8.60 7.75 7.17 6.17 7.81 7.77 6.92 6.14 5.92 4.99 5.52 5.96 6.56 6.56 47.64 20.2%
DANONE 2.39 2.33 2.15 1.98 1.71 1.66 1.53 1.42 1.34 1.26 11.64 10.99 10.06 9.30 8.32 11.23 10.67 9.92 9.26 8.47 17.03 16.12 14.71 13.37 11.91 2.78 2.95 3.22 3.49 3.93 52.43 5.7%
DEUTSCHE BANK AG-REGISTERED 0.58 0.54 0.51 0.47 0.90 0.94 0.91 0.87 0.88 4.44 6.45 5.17 4.19 6.78 8.77 7.06 5.93 5.75 2.28 2.19 2.39 2.79 3.15 33.88 4.1%
DEUTSCHE TELEKOM AG-REG 1.14 1.23 1.21 1.21 1.29 0.73 0.74 0.75 0.76 0.77 2.91 3.07 3.08 3.10 4.91 4.84 5.01 5.08 5.11 5.22 14.70 15.99 15.42 14.57 13.67 7.04 7.04 6.87 6.91 6.97 9.69 -2.5%
E.ON AG 0.92 0.95 0.91 0.88 0.86 0.39 0.34 0.34 0.33 0.32 5.93 4.54 4.80 4.37 4.43 7.44 6.37 6.08 5.84 5.67 15.33 8.75 10.51 9.80 9.37 5.27 5.80 5.86 5.99 6.23 19.49 2.8%
ENEL SPA 0.72 0.69 0.66 0.63 0.66 0.38 0.37 0.37 0.36 0.33 2.60 3.07 2.94 2.70 2.56 5.99 6.43 6.37 6.20 5.97 6.90 8.19 8.25 7.62 8.56 8.71 4.87 4.91 5.34 6.34 3.07 2.6%
ENI SPA 1.21 1.08 1.00 0.93 0.83 0.59 0.55 0.54 0.53 0.51 4.05 3.50 3.23 3.15 2.84 3.54 3.22 3.21 3.11 2.82 9.20 8.63 8.19 7.81 6.94 5.75 5.97 6.11 6.24 6.37 19.83 10.0%
ESSILOR INTERNATIONAL 4.98 4.15 3.72 3.33 2.87 3.72 3.16 2.91 2.66 2.41 21.42 19.61 18.02 15.65 16.13 18.23 15.60 14.28 12.94 11.41 29.48 26.05 23.43 21.23 18.77 1.26 1.36 1.51 1.65 1.89 71.54 -2.3%
FRANCE TELECOM SA 0.90 0.96 0.95 0.94 0.96 0.57 0.60 0.61 0.62 0.62 2.13 2.43 2.52 2.64 2.72 3.97 4.31 4.46 4.56 4.62 6.05 7.60 7.92 8.02 7.93 14.33 11.96 11.03 10.49 11.06 12.13 24.1%
GDF SUEZ 0.68 0.69 0.69 0.70 0.66 0.49 0.48 0.47 0.45 0.44 3.81 3.68 3.62 3.55 2.83 6.37 6.09 5.93 5.57 5.29 12.91 12.12 11.63 10.43 9.35 7.86 7.77 7.77 7.97 8.21 20.92 8.1%
IBERDROLA SA 0.66 0.65 0.63 0.61 0.63 0.75 0.71 0.69 0.67 0.71 3.82 3.86 4.13 3.95 3.53 6.58 6.52 6.50 6.25 5.87 7.63 8.29 8.80 8.29 7.60 8.78 8.27 7.47 7.66 7.47 4.29 14.4%
INDITEX 8.43 7.02 6.10 5.37 4.77 4.37 3.81 3.42 3.09 2.82 22.75 18.93 16.94 15.19 13.27 17.63 14.46 12.86 11.54 10.58 31.37 25.53 22.57 20.21 18.35 1.87 2.26 2.61 2.94 3.20 98.48 1.9%
ING GROEP NV-CVA 0.56 0.51 0.48 0.45 0.38 0.48 0.68 0.59 0.75 0.55 3.85 4.98 6.28 5.60 5.06 4.95 0.00 0.50 3.08 5.56 6.15 7.54 15.2%
INTESA SANPAOLO 0.34 0.40 0.40 0.38 0.37 1.22 1.17 1.18 1.15 2.80 2.57 2.54 2.42 8.28 9.95 8.45 6.67 4.41 4.86 4.38 5.11 6.16 8.10 1.33 7.4%
KONINKLIJKE PHILIPS ELECTRON 1.35 1.40 1.35 1.28 1.18 0.79 0.73 0.70 0.67 0.63 12.09 8.49 7.29 6.69 5.35 7.79 6.79 5.84 5.36 4.81 19.61 14.51 11.51 10.27 8.90 4.01 4.04 4.19 4.45 4.63 19.29 3.6%
L'OREAL 3.55 3.11 2.88 2.66 2.46 2.90 2.62 2.48 2.35 2.22 17.82 15.96 14.70 13.74 12.81 14.66 13.24 12.30 11.48 10.81 22.80 20.29 18.76 17.38 15.84 2.02 2.28 2.52 2.72 3.17 100.32 3.6%
LVMH MOET HENNESSY LOUIS VUI 3.05 2.45 2.23 2.02 1.85 2.65 2.20 2.02 1.87 1.75 15.03 12.82 11.29 10.33 9.88 11.65 9.76 8.82 8.03 7.47 19.59 16.65 14.96 13.51 12.45 2.00 2.48 2.78 3.06 3.12 145.94 19.9%
MUENCHENER RUECKVER AG-REG 1.01 0.94 0.89 0.86 0.72 0.44 0.41 0.40 0.40 0.37 36.06 8.21 8.09 7.90 8.21 5.03 5.24 5.43 5.54 5.57 124.62 0.4%
NOKIA OYJ 0.60 0.92 1.04 1.08 1.22 0.20 0.26 0.26 0.26 0.25 4.77 15.70 6.73 2.14 2.14 5.39 2.87 1.93 8.32 18.84 15.35 8.83 2.80 3.81 2.94 7.24 2.07 0.1%
REPSOL SA 0.78 0.77 0.73 0.70 0.67 0.31 0.37 0.35 0.35 0.36 3.41 4.33 4.03 3.67 3.53 4.52 5.65 5.24 4.94 4.67 9.68 10.32 9.44 8.81 8.44 7.17 5.15 5.48 5.77 5.89 17.55 8.9%
RWE AG 1.17 1.29 1.21 1.14 1.01 0.40 0.42 0.41 0.40 0.38 3.52 3.57 3.60 3.49 3.64 4.72 4.54 4.41 4.24 4.21 8.16 8.60 8.58 8.01 7.94 5.88 5.93 6.00 6.35 6.30 34.95 0.2%
SANOFI 1.65 1.55 1.48 1.41 1.33 2.72 2.57 2.50 2.39 2.31 9.09 9.94 9.45 8.54 7.55 8.18 8.03 7.65 7.11 6.58 10.28 11.27 10.89 9.97 9.25 3.81 4.04 4.44 4.95 5.33 69.04 1.0%
SAP AG 5.36 4.63 3.90 3.29 2.70 4.85 4.27 3.85 3.49 3.26 17.12 16.94 14.92 12.75 11.03 13.29 12.44 10.92 9.67 8.51 20.21 18.25 15.93 14.12 13.04 1.28 1.54 1.73 1.89 2.06 55.67 -0.5%
SCHNEIDER ELECTRIC SA 1.69 1.55 1.45 1.35 1.26 1.22 1.11 1.07 1.02 0.97 11.53 9.77 9.05 8.11 7.79 9.19 8.50 7.99 7.39 6.94 13.19 12.27 11.31 10.24 9.60 3.48 3.74 4.05 4.43 4.90 51.50 6.4%
SIEMENS AG-REG 2.12 2.13 1.98 1.79 1.48 0.95 0.89 0.87 0.84 0.81 8.79 11.39 9.14 7.53 6.73 6.94 8.30 7.90 7.17 6.47 10.11 13.15 12.11 10.82 9.78 3.89 3.89 4.03 4.24 4.71 78.10 -0.8%
SOCIETE GENERALE 0.41 0.40 0.38 0.36 0.37 0.72 0.76 0.74 0.72 0.73 2.04 3.08 3.04 2.79 6.56 7.46 6.13 5.25 6.00 0.00 2.31 3.80 4.84 4.14 24.08 2.9%
TELEFONICA SA 2.31 2.28 2.09 1.93 1.66 0.81 0.81 0.81 0.80 0.79 3.36 3.43 3.39 3.14 3.06 5.61 5.53 5.53 5.47 5.46 7.22 8.98 8.51 8.25 8.19 13.78 0.00 6.71 8.21 8.44 11.75 5.2%
TOTAL SA 1.38 1.23 1.12 1.03 0.54 0.50 0.50 0.50 4.53 4.36 4.11 3.99 3.65 3.65 3.50 3.44 3.35 7.82 7.62 7.43 7.45 6.54 5.68 5.77 5.90 6.02 6.42 43.78 8.1%
UNIBAIL-RODAMCO SE 1.25 1.21 1.14 1.05 9.95 9.97 9.37 8.69 8.47 17.55 16.96 16.00 14.59 14.64 22.61 21.49 20.22 18.65 18.18 18.06 17.11 15.93 14.75 14.64 5.01 5.19 5.43 5.77 5.97 164.73 2.2%
UNICREDIT SPA 0.20 0.33 0.32 0.31 0.29 0.78 0.77 0.77 0.75 0.68 0.83 1.85 1.79 1.65 10.65 13.06 9.19 6.14 4.13 0.18 2.08 3.67 5.31 4.69 3.46 1.4%
UNILEVER NV-CVA 4.87 4.98 4.41 3.94 3.39 1.80 1.63 1.54 1.46 1.41 14.59 13.92 12.64 11.68 10.90 12.07 11.23 10.37 9.70 8.96 17.90 17.58 16.06 14.78 13.62 3.15 3.40 3.65 3.85 4.07 28.99 3.8%
VINCI SA 1.51 1.42 1.33 1.26 1.13 0.55 0.53 0.52 0.51 0.49 5.29 5.07 4.98 4.75 4.49 6.59 6.60 6.51 6.28 6.05 10.02 10.13 9.91 9.26 8.84 5.04 5.14 5.25 5.53 5.74 44.15 27.5%
VIVENDI 0.85 0.97 0.92 0.89 0.81 0.70 0.71 0.70 0.69 0.67 3.31 3.37 3.49 3.47 3.25 4.41 4.67 4.66 4.60 4.48 6.87 7.79 7.65 7.37 6.92 9.15 6.56 6.71 6.97 7.99 17.34 12.6%
VOLKSWAGEN AG-PREF 1.20 0.99 0.89 0.79 0.83 0.43 0.36 0.33 0.32 0.34 3.77 3.49 3.49 3.20 3.16 7.64 6.81 5.84 5.30 5.19 8.17 5.33 6.11 5.39 5.97 1.96 2.38 2.89 3.33 3.99 178.96 16.0%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Air Liquide SA, through its subsidiaries, produces, markets, and sells
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (21.09.2012) 100.00
52-Week Low (26.09.2011) 74.96
Daily Volume
98.76
52-Week High % Change -1.26% Dividend Yield -
52-Week Low % Change 31.74% Beta 0.77
% 52 Week Price Range High/Low 97.96% Equity Float 310.52
Shares Out 12.09.2012 312.1 Short Int -
30'820.04 1 Yr Total Return 32.15%
Total Debt 7'036.00 YTD Return 16.64%
Preferred Stock 0.0 Adjusted BETA 0.772
Minority Interest 237.1 Analyst Recs 35
Cash and Equivalents 1'761.10 Consensus Rating 3.314
Enterprise Value 37'089.94
Average Volume 5 Day 976'594
AI FP EQUITY YTD Change - Average Volume 30 Day 733'800
AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 847'641
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
11'801.2 13'103.1 11'976.1 13'488.0 14'456.9 13'879.0 14'702.2 15'358.8 16'524.0 3'852.8 4'061.0
2.45x 1.73x 2.25x 2.38x 2.25x 0.00x 0.00x 2.39x 2.20x - 8.79x
2'730.0 2'941.8 2'969.0 3'374.3 3'563.6 0.0 0.0 3'810.2 4'173.9 - 1'938.0
10.57x 7.71x 9.08x 9.50x 9.13x 0.00x 0.00x 9.74x 8.89x - -
1'123.1 1'220.0 1'230.0 1'403.6 1'534.9 0.0 0.0 1'624.1 1'804.1 - 807.5
21.70x 13.93x 17.67x 18.97x 17.60x 0.00x 0.00x 18.83x 17.02x - -
EBITDA 3'563.60 Long-Term Rating Date 02.07.2007
EBIT 2'408.70 Long-Term Rating A
Operating Margin 16.66% Long-Term Outlook POS
Pretax Margin 15.02% Short-Term Rating Date 06.05.2004
Return on Assets 6.58% Short-Term Rating A-1
Return on Common Equity 16.45%
Return on Capital 10.88% EBITDA/Interest Exp. 14.00
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 7.11
Net Debt/EBITDA 1.48
Gross Margin - Total Debt/EBITDA 1.97
EBITDA Margin 24.6%
EBIT Margin 16.7% Total Debt/Equity 72.1%
Net Income Margin 10.6% Total Debt/Capital 41.3%
Asset Turnover 0.62
Current Ratio 1.16 Net Fixed Asset Turnover 1.25
Quick Ratio 0.90 Accounts receivable turnover-days 68.43
Debt to Assets 29.17% Inventory Days -
Tot Debt to Common Equity 72.10% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.33 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Air Liquide SAPrice/Volume
Valuation Analysis
217'685.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
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0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'881'147 1.56 176'968 30.03.2012 Mutual Fund Manager
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'574'174 1.47 - 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'516'031 1.13 424'253 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1'650'107 0.53 1'385 20.09.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'477'098 0.47 74'778 31.07.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'412'488 0.45 62 31.08.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1'126'682 0.36 7'662 20.09.2012 Investment Advisor
AIR LIQUIDE n/a Co File 1'119'676 0.36 - 31.12.2011 Corporation
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'055'066 0.34 (172'981) 30.06.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 907'316 0.29 - 20.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 812'698 0.26 653'801 30.12.2011 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 800'775 0.26 139'128 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 713'037 0.23 (59'101) 20.09.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 670'065 0.21 (14'068) 31.07.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 631'581 0.2 1'189 31.07.2012 Mutual Fund Manager
HARDING LOEVNER LP Multiple Portfolios MF-AGG 509'650 0.16 144'631 30.06.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 470'821 0.15 - 30.03.2012 Investment Advisor
MFS INVESTMENT MANAG Multiple Portfolios MF-AGG 464'229 0.15 8'124 31.07.2012 Investment Advisor
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 460'862 0.15 67'552 31.05.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 431'324 0.14 - 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue VERONIQUE COLAS reduce 2 M 98 6 month 20.09.2012
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 19.09.2012
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 105 12 month 18.09.2012
Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 98 Not Provided 11.09.2012
Jefferies LAURENCE ALEXANDER hold 3 N 97 12 month 10.09.2012
JPMorgan NEIL C TYLER neutral 3 M 100 3 month 06.09.2012
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 120 12 month 04.09.2012
Main First Bank AG THOMAS SWOBODA sell 1 D 86 12 month 28.08.2012
Deutsche Bank TIMOTHY JONES hold 3 M 94 12 month 23.08.2012
Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 21.08.2012
Barclays GUNTHER ZECHMANN underweight 1 M 92 Not Provided 16.08.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 08.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012
HSBC GEOFF HAIRE neutral 3 M 98 Not Provided 03.08.2012
Macquarie JUERGEN RECK outperform 5 M 100 12 month 03.08.2012
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 100 Not Provided 02.08.2012
Societe Generale PETER CLARK buy 5 M 102 12 month 31.07.2012
Credit Suisse CHRIS COUNIHAN outperform 5 U 105 Not Provided 31.07.2012
Nomura JEAN DE WATTEVILLE reduce 2 M 100 12 month 31.07.2012
S&P Capital IQ JOHNSON IMODE hold 3 M 93 12 month 31.07.2012
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 97 12 month 30.07.2012
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 97 12 month 30.07.2012
Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 100 Not Provided 30.07.2012
CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 91 12 month 30.07.2012
Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 94 6 month 26.07.2012
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 25.06.2012
CA Cheuvreux KLAUS RINGEL outperform 5 M 96 Not Provided 04.06.2012
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012
Liberum Capital Ltd ADAM COLLINS buy 5 N 121 Not Provided 02.05.2012
BHF-Bank ANNETT WEBER market weight 3 M 92 12 month 25.04.2012
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 08.02.2012
ING Wholesale Banking FABIAN SMEETS not rated #N/A N/A M #N/A N/A Not Provided 19.01.2012
DZ Bank AG PETER SPENGLER buy 5 M 91 12 month 27.10.2011
Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 03.01.2011
Holdings By:
Air Liquide SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Allianz SE, through subsidiaries, offers insurance and financial services. The
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (14.09.2012) 97.33
52-Week Low (26.09.2011) 57.50
Daily Volume
93.95
52-Week High % Change -3.47% Dividend Yield -
52-Week Low % Change 63.39% Beta 1.26
% 52 Week Price Range High/Low 94.10% Equity Float 455.30
Shares Out 30.06.2012 455.3 Short Int -
42'775.43 1 Yr Total Return 68.14%
Total Debt 28'411.00 YTD Return 34.27%
Preferred Stock 0.0 Adjusted BETA 1.262
Minority Interest 2'338.0 Analyst Recs 44
Cash and Equivalents 10'492.00 Consensus Rating 4.205
Enterprise Value 62'778.43
Average Volume 5 Day 2'794'859
ALV GY EQUITY YTD Change - Average Volume 30 Day 2'231'256
ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'372'830
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
94'767.0 76'195.0 82'711.0 89'740.0 87'384.0 89'734.0 90'554.0 96'273.2 99'071.1 21'847.0 21'847.0
2.57x 0.69x 0.75x 0.67x 0.61x 2.78x 2.48x 0.60x 0.52x - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
7'966.0 (2'444.0) 4'297.0 5'053.0 2'545.0 4'256.0 3'293.0 5'003.8 5'367.1 1'227.0 1'227.0
8.22x 8.51x 8.37x 7.94x 13.13x 10.12x 10.65x 8.46x 7.84x 8.34x 8.16x
EBITDA - Long-Term Rating Date 27.01.2012
EBIT - Long-Term Rating AA
Operating Margin 7.01% Long-Term Outlook NEG
Pretax Margin 5.45% Short-Term Rating Date 23.03.2009
Return on Assets 0.40% Short-Term Rating A-1+
Return on Common Equity 5.69%
Return on Capital 4.92% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 63.3%
Net Income Margin 2.9% Total Debt/Capital 37.5%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.43% Inventory Days -
Tot Debt to Common Equity 63.26% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Allianz SEPrice/Volume
Valuation Analysis
630'681.00
Current Price (9/dd/yy) Market Data
-
/-
1-
3-
5-
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
.'--
/'--
0'--
1'--
2'--
3'--
4'--
5'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK INC n/a 13G 30'030'982 6.6 - 30.12.2011 Investment Advisor
AXA n/a Research 13'449'857 2.95 - 30.07.2010 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 11'426'436 2.51 452 20.09.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 5'739'619 1.26 - 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'300'998 1.16 198'538 30.06.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'121'772 1.12 405'119 31.08.2012 Investment Advisor
HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 4'859'640 1.07 133'585 30.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'784'769 1.05 1'053'725 31.03.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'403'327 0.97 (285'610) 31.08.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'964'257 0.87 (3'000) 30.03.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 3'851'561 0.85 - 20.09.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'791'607 0.83 - 30.06.2012 Investment Advisor
MORGAN STANLEY n/a Research 3'746'308 0.82 - 16.05.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'532'456 0.78 (14'025) 31.07.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 2'374'508 0.52 88'551 30.04.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 2'332'786 0.51 - 30.04.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'139'539 0.47 3'247 29.02.2012 Mutual Fund Manager
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'936'650 0.43 - 30.06.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'476'149 0.32 (718) 31.07.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'312'723 0.29 - 20.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue DIETER HEIN add 4 M 104 6 month 20.09.2012
Mediobanca SpA MARC THIELE neutral 3 D 120 Not Provided 17.09.2012
Canaccord Genuity Corp BEN COHEN buy 5 M 100 12 month 14.09.2012
Nomura NICK HOLMES neutral 3 M 100 12 month 14.09.2012
Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 N 99 12 month 11.09.2012
Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 90 12 month 11.09.2012
S&P Capital IQ RODERICK WALLACE buy 5 U 109 12 month 07.09.2012
Day by Day VALERIE GASTALDY buy 5 U 98 3 month 06.09.2012
Oddo & Cie NICOLAS JACOB neutral 3 M 85 Not Provided 05.09.2012
Kepler Capital Markets FABRIZIO CROCE hold 3 M 73 Not Provided 31.08.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 92 Not Provided 29.08.2012
Barclays ANDREW BROADFIELD overweight 5 M 107 Not Provided 29.08.2012
JPMorgan MICHAEL HUTTNER overweight 5 M 113 15 month 28.08.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 13.08.2012
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 10.08.2012
Nord/LB VOLKER SACK hold 3 M 86 12 month 08.08.2012
Credit Suisse RICHARD BURDEN outperform 5 M 105 Not Provided 07.08.2012
HSBC KAILESH MISTRY overweight 5 M 110 Not Provided 07.08.2012
Macquarie HADLEY COHEN outperform 5 M 105 12 month 07.08.2012
Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 06.08.2012
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 112 12 month 06.08.2012
CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 105 Not Provided 06.08.2012
Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 96 12 month 06.08.2012
DZ Bank AG THORSTEN WENZEL buy 5 M 100 12 month 06.08.2012
Exane BNP Paribas THOMAS JACQUET outperform 5 M 108 Not Provided 06.08.2012
Commerzbank Corporates & Markets ROLAND PFAENDER add 4 M 100 6 month 03.08.2012
Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 97 12 month 03.08.2012
Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 86 12 month 03.08.2012
National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 03.08.2012
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 100 6 month 03.08.2012
Main First Bank AG MICHAEL HAID buy 5 M 95 12 month 31.07.2012
Banco Sabadell MARIO LODOS buy 5 M 101 Not Provided 30.07.2012
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 75 12 month 27.07.2012
Jefferies JAMES SHUCK hold 3 M 91 12 month 19.07.2012
ING Wholesale Banking MAARTEN ALTENA buy 5 M 107 12 month 16.07.2012
RBC Capital Markets GORDON AITKEN outperform 5 M 110 12 month 03.07.2012
Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 110 12 month 08.02.2012
Natixis BENOIT VALLEAUX buy 5 M 106 Not Provided 26.01.2012
Deutsche Bank SPENCER HORGAN buy 5 M 100 12 month 06.12.2011
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 92 Not Provided 11.11.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011
Holdings By:
Allianz SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager,
stout, and bitter beer. Anheuser-Busch InBev owns brands that are both
nationally and internationally prominent. The Company has production plants in
Europe, the Americas, and Asia.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (07.09.2012) 71.05
52-Week Low (26.09.2011) 37.24
Daily Volume
67.19
52-Week High % Change -5.45% Dividend Yield -
52-Week Low % Change 80.42% Beta 0.75
% 52 Week Price Range High/Low 88.46% Equity Float -
Shares Out 30.06.2012 1'606.3 Short Int -
107'928.27 1 Yr Total Return 81.07%
Total Debt 40'165.00 YTD Return 45.13%
Preferred Stock 0.0 Adjusted BETA 0.755
Minority Interest 3'552.0 Analyst Recs 36
Cash and Equivalents 5'423.00 Consensus Rating 3.722
Enterprise Value 179'285.89
Average Volume 5 Day 2'091'273
ABI BB EQUITY YTD Change - Average Volume 30 Day 1'679'055
ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 2'032'497
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
19'780.7 23'507.0 36'758.0 36'297.0 39'046.0 37'751.0 39'294.0 39'971.1 45'576.2 10'413.0 10'187.5
2.84x 4.07x 3.57x 3.70x 3.49x 0.00x 7.66x 4.33x 3.86x - -
6'828.0 7'734.0 12'925.0 13'768.0 15'297.0 0.0 4'239.0 15'700.8 17'930.7 3'922.0 4'511.0
8.23x 12.37x 10.15x 9.76x 8.91x 0.00x 0.00x 11.42x 10.00x - -
3'013.0 1'927.0 4'613.0 4'026.0 5'855.0 4'816.0 7'090.0 7'425.3 8'219.3 1'818.0 2'003.0
15.83x 11.99x 17.92x 22.61x 16.71x 18.16x 17.44x 18.83x 17.17x - -
EBITDA 15'297.00 Long-Term Rating Date 01.05.2012
EBIT 12'607.00 Long-Term Rating A
Operating Margin 32.29% Long-Term Outlook STABLE
Pretax Margin 25.14% Short-Term Rating Date 01.05.2012
Return on Assets 5.16% Short-Term Rating A-1
Return on Common Equity 16.10%
Return on Capital 12.37% EBITDA/Interest Exp. 5.53
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 4.31
Net Debt/EBITDA 2.27
Gross Margin 57.4% Total Debt/EBITDA 2.63
EBITDA Margin 39.2%
EBIT Margin 32.3% Total Debt/Equity 107.1%
Net Income Margin 15.0% Total Debt/Capital 49.5%
Asset Turnover 0.34
Current Ratio 0.63 Net Fixed Asset Turnover 2.45
Quick Ratio 0.49 Accounts receivable turnover-days 40.94
Debt to Assets 35.73% Inventory Days 53.49
Tot Debt to Common Equity 107.13% Accounts Payable Turnover Day 277.81
Accounts Receivable Turnover 8.92 Cash Conversion Cycle -183.39
Inventory Turnover 6.82
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Anheuser-Busch InBev NVPrice/Volume
Valuation Analysis
446'109.00
Current Price (9/dd/yy) Market Data
-
.-
/-
0-
1-
2-
3-
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5-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
.'- G
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0'- G
1'- G
2'- G
3'- G
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
/'--
1'--
3'--
5'--
.-'--
./'--
.1'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STICHTING INBEV n/a 20F 663'074'830 41.28 - 21.12.2010 n/a
EPS n/a 20F 133'467'609 8.31 - 21.12.2010 n/a
BRC SARL n/a 20F 33'048'460 2.06 - 21.12.2010 Other
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 28'717'188 1.79 (1'086'000) 30.06.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20'809'911 1.3 (316'057) 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'789'722 1.05 (1'574'251) 30.06.2012 Investment Advisor
ANHEUSER-BUSCH INBEV n/a 20F 12'006'309 0.75 - 21.12.2010 Corporation
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'882'616 0.68 (49'930) 30.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 10'611'548 0.66 71'000 30.06.2012 Investment Advisor
VOORZITTER VERHELST n/a 20F 6'997'665 0.44 - 21.12.2010 Other
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 6'793'840 0.42 (453'912) 31.07.2012 Investment Advisor
INBEV-BAILLET LATOUR n/a 20F 5'485'415 0.34 - 21.12.2010 Other
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'002'588 0.31 (2'577) 31.03.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4'598'549 0.29 (760'224) 20.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'073'744 0.25 457'122 29.02.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 3'902'673 0.24 3'562 20.09.2012 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 3'052'876 0.19 33'063 31.05.2012 Investment Advisor
BRITO CARLOS ALVES D n/a Co File 2'928'172 0.18 - 30.06.2009 n/a
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'747'770 0.17 - 31.07.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 2'564'934 0.16 740 20.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 59 Not Provided 21.09.2012
Credit Suisse SANJEET AUJLA neutral 3 M 70 Not Provided 20.09.2012
AlphaValue SOPHIE CABO-BROSETA sell 1 M 42 6 month 20.09.2012
Bank Degroof(ESN) MARC LEEMANS accumulate 4 M 75 12 month 19.09.2012
Grupo Santander ANTHONY J BUCALO buy 5 M 74 Not Provided 18.09.2012
Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 18.09.2012
Espirito Santo Investment Bank ResearchMARTIN DOLAN neutral 3 M 65 Not Provided 14.09.2012
Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 10.09.2012
Rabobank International KAREL ZOETE buy 5 M 76 12 month 10.09.2012
Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 74 12 month 07.09.2012
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 80 12 month 04.09.2012
ING Wholesale Banking GERARD RIJK hold 3 M 58 12 month 03.09.2012
Goldman Sachs MITCHELL COLLETT neutral/attractive 3 M 67 12 month 29.08.2012
HSBC LAUREN E TORRES overweight 5 M 73 Not Provided 29.08.2012
Nomura IAN SHACKLETON neutral 3 M 60 12 month 21.08.2012
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 73 12 month 20.08.2012
KBC Securities WIM HOSTE hold 3 M 59 6 month 20.08.2012
Petercam KRIS KIPPERS hold 3 M 64 Not Provided 09.08.2012
Kempen & Co SANDER VAN OORT hold 3 D 71 12 month 08.08.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 08.08.2012
Jefferies DIRK VAN VLAANDEREN buy 5 M 76 12 month 07.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012
CA Cheuvreux XAVIER CROQUEZ outperform 5 M 70 Not Provided 06.08.2012
Bryan Garnier & Cie NIKOLAAS FAES buy 5 U 71 6 month 02.08.2012
Societe Generale ANDREW HOLLAND buy 5 M 71 12 month 01.08.2012
Independent Research GmbH LARS LUSEBRINK sell 1 D 62 6 month 01.08.2012
ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 60 Not Provided 01.08.2012
Morgan Stanley DAVID BELAUNDE restricted #N/A N/A M #N/A N/A Not Provided 31.07.2012
S&P Capital IQ CARL SHORT hold 3 M 66 12 month 31.07.2012
Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 27.07.2012
Natixis OLIVIER DELAHOUSSE neutral 3 M 60 Not Provided 02.07.2012
Deutsche Bank JONATHAN FELL restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012
JPMorgan MIKE J GIBBS restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012
Berenberg Bank PHILIP MORRISEY buy 5 M 64 Not Provided 29.06.2012
Barclays SIMON HALES suspended coverage #N/A N/A M #N/A N/A Not Provided 29.06.2012
Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012
Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012
Kepler Capital Markets TEAM COVERAGE buy 5 N 50 Not Provided 27.09.2011
Holdings By:
Anheuser-Busch InBev NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
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.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (09.02.2012) 17.96
52-Week Low (01.06.2012) 10.60
Daily Volume
12.01
52-Week High % Change -33.13% Dividend Yield 4.90
52-Week Low % Change 13.36% Beta 1.51
% 52 Week Price Range High/Low 24.30% Equity Float 872.65
Shares Out 30.06.2012 1'560.9 Short Int -
18'746.58 1 Yr Total Return 9.52%
Total Debt 25'789.00 YTD Return -12.07%
Preferred Stock 0.0 Adjusted BETA 1.515
Minority Interest 3'787.0 Analyst Recs 44
Cash and Equivalents 3'821.00 Consensus Rating 3.727
Enterprise Value 49'999.35
Average Volume 5 Day 10'976'840
MT NA EQUITY YTD Change - Average Volume 30 Day 8'416'633
MT NA EQUITY YTD % CHANGE - Average Volume 3 Month 8'551'057
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
105'216.0 124'936.0 61'021.0 78'025.0 93'973.0 83'737.0 91'844.0 88'587.7 92'317.2 20'221.3 20'700.0
1.31x 0.50x 1.52x 1.05x 0.58x 3.89x 2.34x 0.57x 0.53x 2.46x 2.39x
19'400.0 24'436.0 3'656.0 8'014.0 9'898.0 9'893.0 8'925.0 7'984.9 9'532.7 1'665.0 1'921.8
7.09x 2.57x 25.37x 10.25x 5.47x 8.41x 5.57x 6.27x 5.25x 6.22x 5.80x
10'368.0 9'399.0 157.0 2'916.0 2'263.0 3'137.0 629.0 1'490.4 2'489.8 431.6 454.8
10.43x 3.49x 308.59x 17.66x 15.75x 18.08x 37.37x 15.74x 8.76x 11.44x 9.60x
EBITDA 9'898.00 Long-Term Rating Date 02.08.2012
EBIT 4'898.00 Long-Term Rating BB+
Operating Margin 5.21% Long-Term Outlook NEG
Pretax Margin 2.85% Short-Term Rating Date 02.08.2012
Return on Assets 1.79% Short-Term Rating B
Return on Common Equity 3.80%
Return on Capital 4.00% EBITDA/Interest Exp. 5.09
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 2.60
Net Debt/EBITDA 2.22
Gross Margin 9.0% Total Debt/EBITDA 2.61
EBITDA Margin 10.5%
EBIT Margin 5.2% Total Debt/Equity 45.5%
Net Income Margin 2.4% Total Debt/Capital 29.9%
Asset Turnover 0.74
Current Ratio 1.49 Net Fixed Asset Turnover 1.73
Quick Ratio 0.43 Accounts receivable turnover-days 23.65
Debt to Assets 21.16% Inventory Days 88.08
Tot Debt to Common Equity 45.49% Accounts Payable Turnover Day 54.34
Accounts Receivable Turnover 15.43 Cash Conversion Cycle 57.38
Inventory Turnover 4.14
Fiscal Year Ended
ArcelorMittalPrice/Volume
Valuation Analysis
4'583'620.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-/135
.-
./
.1
.3
.5/-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
2'- G
.-'- G
.2'- G
/-'- G
/2'- G
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
2'--
.-'--
.2'--
/-'--
/2'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HSBC TRUSTEE CI LTD n/a Research 637'338'263 40.83 - 31.07.2012 Unclassified
MORGAN STANLEY n/a 13G 80'449'457 5.15 - 17.02.2010 Investment Advisor
STATE OF LUXEMBOURG n/a Research 38'965'330 2.5 - 17.05.2012 Government
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 29'376'754 1.88 (495'000) 30.06.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13'674'876 0.88 (120'362) 30.03.2012 Mutual Fund Manager
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 12'987'736 0.83 (410'000) 30.06.2012 Investment Advisor
ARCELOR MITTAL n/a Research 11'807'964 0.76 - 17.05.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'967'755 0.7 490'059 30.06.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 7'247'141 0.46 (48'532) 31.07.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 5'519'718 0.35 (5'382) 31.08.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 5'149'560 0.33 - 20.09.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 3'517'449 0.23 - 31.07.2012 Mutual Fund Manager
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 3'148'939 0.2 (36'678) 31.08.2012 Mutual Fund Manager
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3'115'103 0.2 920 20.09.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 3'022'839 0.19 2'629'222 30.06.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 3'015'083 0.19 1'353 31.07.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'932'632 0.19 1'342'391 29.06.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2'679'227 0.17 647'493 20.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'586'678 0.17 394'803 30.06.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'492'536 0.16 - 20.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC THORSTEN ZIMMERMANN neutral 3 M 14 Not Provided 24.09.2012
AlphaValue VERONIQUE COLAS buy 5 M 19 6 month 20.09.2012
Nomura NEIL SAMPAT neutral 3 M 15 12 month 18.09.2012
Kepler Capital Markets ROCHUS BRAUNEISER reduce 2 M 10 Not Provided 11.09.2012
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 19 12 month 10.09.2012
Exane BNP Paribas LUC PEZ neutral 3 M 12 Not Provided 10.09.2012
Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 14 12 month 09.09.2012
Jefferies SETH ROSENFELD buy 5 N 15 12 month 04.09.2012
National Bank AG MANFRED JAISFELD buy 5 M 15 Not Provided 03.09.2012
ING Wholesale Banking TIJS HOLLESTELLE hold 3 D 13 12 month 03.09.2012
Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 N 14 12 month 30.08.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 08.08.2012
Societe Generale ALAIN WILLIAM hold 3 M 13 12 month 03.08.2012
RBC Capital Markets TIMOTHY HUFF outperform 5 M 16 12 month 03.08.2012
Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 19 12 month 03.08.2012
JPMorgan ALESSANDRO ABATE overweight 5 M 15 3 month 02.08.2012
La Caixa ICIAR GOMEZ BOTAS buy 5 U 15 Not Provided 02.08.2012
Grupo Santander JUAN RAMON CORREAS hold 3 D 18 Not Provided 26.07.2012
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 12 6 month 26.07.2012
Macquarie JEFFREY LARGEY outperform 5 M 15 12 month 26.07.2012
Rabobank International FRANK CLAASSEN buy 5 M 15 12 month 26.07.2012
Main First Bank AG ALEXANDER HAUENSTEIN sell 1 M 10 12 month 26.07.2012
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 18 Not Provided 26.07.2012
BHF-Bank HERMANN REITH market weight 3 M 14 12 month 25.07.2012
Nord/LB HOLGER FECHNER sell 1 D 10 12 month 25.07.2012
Landesbank Baden-Wuerttemberg ACHIM WITTMANN buy 5 M 16 Not Provided 25.07.2012
Independent Research GmbH SVEN DIERMEIER buy 5 M 14 12 month 25.07.2012
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 25.07.2012
Petercam ALAN VANDENBERGHE hold 3 D 14 Not Provided 25.07.2012
Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE buy 5 M 15 Not Provided 25.07.2012
S&P Capital IQ JOHNSON IMODE sell 1 M 11 12 month 25.07.2012
Day by Day VALERIE GASTALDY sell 1 D 7 3 month 25.07.2012
Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 25.07.2012
Natixis RAOUDHA BOUZEKRI buy 5 M 13 Not Provided 29.06.2012
Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 16 12 month 27.06.2012
Kempen & Co SANDER VAN OORT buy 5 M 19 12 month 10.06.2012
BBVA LUIS DE TOLEDO underperform 1 M 15 Not Provided 21.05.2012
Theodoor Gilissen Securities TOM MULLER buy 5 M 20 Not Provided 15.05.2012
Barclays VINCENT LEPINE equalweight 3 M 19 Not Provided 14.05.2012
Cyrrus JIRI SIMARA accumulate 4 M 18 12 month 30.01.2012
Davy TIM CAHILL underperform 1 N #N/A N/A Not Provided 10.11.2011
Dahlman Rose & Co ANTHONY B RIZZUTO JR buy 5 M #N/A N/A Not Provided 17.10.2011
Daiwa Securities Co. Ltd. SCOTT FINLAY buy 5 N 30 12 month 08.06.2011
Holdings By:
ArcelorMittal ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
ASML Holding N.V. develops, produces, and markets semiconductor manufacturing
equipment. The Company's products allow semiconductor manufacturers to choose
the optimal numerical aperture and wavelength for their applications, assure
uniformity, and produce more using less floor space.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (30.07.2012) 48.34
52-Week Low (03.10.2011) 24.45
Daily Volume
41.005
52-Week High % Change -15.13% Dividend Yield -
52-Week Low % Change 67.74% Beta 0.94
% 52 Week Price Range High/Low 71.62% Equity Float 420.65
Shares Out 13.09.2012 495.4 Short Int -
20'314.94 1 Yr Total Return 59.61%
Total Debt 736.37 YTD Return 27.79%
Preferred Stock 0.0 Adjusted BETA 0.941
Minority Interest 0.0 Analyst Recs 37
Cash and Equivalents 2'731.78 Consensus Rating 3.514
Enterprise Value 18'354.94
Average Volume 5 Day 2'900'949
ASML NA EQUITY YTD Change - Average Volume 30 Day 1'957'526
ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 2'233'902
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
3'808.7 2'953.7 1'596.1 4'507.9 5'651.0 5'679.0 5'149.0 4'863.6 5'632.8 1'216.5 1'169.2
2.30x 1.71x 6.29x 2.52x 2.02x 7.11x 9.58x 3.72x 3.10x 15.20x 15.53x
951.7 406.2 (21.5) 1'402.1 1'806.4 1'928.2 1'540.5 1'470.1 1'705.0 370.3 341.3
9.21x 12.42x 0.00x 8.11x 6.33x 4.64x 9.65x 12.51x 10.79x 12.60x 12.01x
687.8 322.4 (150.9) 1'021.8 1'467.0 1'502.4 1'213.8 1'114.7 1'351.7 278.1 263.1
14.54x 17.00x 0.00x 12.30x 9.41x 7.14x 13.67x 15.24x 12.40x 14.36x 13.31x
EBITDA 1'806.40 Long-Term Rating Date -
EBIT 1'641.22 Long-Term Rating -
Operating Margin 29.04% Long-Term Outlook -
Pretax Margin 29.17% Short-Term Rating Date -
Return on Assets 21.83% Short-Term Rating -
Return on Common Equity 47.18%
Return on Capital 39.06% EBITDA/Interest Exp. 53.54
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 44.62
Net Debt/EBITDA -1.10
Gross Margin 43.3% Total Debt/EBITDA 0.41
EBITDA Margin 32.0%
EBIT Margin 29.0% Total Debt/Equity 21.4%
Net Income Margin 26.0% Total Debt/Capital 17.6%
Asset Turnover 0.84
Current Ratio 2.56 Net Fixed Asset Turnover 6.28
Quick Ratio 1.62 Accounts receivable turnover-days 64.72
Debt to Assets 10.14% Inventory Days 177.95
Tot Debt to Common Equity 21.38% Accounts Payable Turnover Day 54.80
Accounts Receivable Turnover 5.64 Cash Conversion Cycle 187.87
Inventory Turnover 2.05
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
ASML Holding NVPrice/Volume
Valuation Analysis
888'599.00
Current Price (9/dd/yy) Market Data
-
.-
/-
0-
1-
2-
3-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G/'- G1'- G3'- G5'- G.-'- G./'- G.1'- G.3'- G.5'- G
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
2-'--
.--'--
.2-'--
/--'--
/2-'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STICHTING ADM MAKTSJ n/a Research 62'977'877 12.71 - 12.09.2012 n/a
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 29'487'334 5.95 2'393'989 30.06.2012 Investment Advisor
FIDELITY MANAGEMENT n/a 13G 18'100'162 3.65 (16'595'564) 31.05.2011 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 14'204'440 2.87 (330'640) 31.03.2012 Investment Advisor
ASML HOLDING NV n/a Co File 11'662'377 2.35 - 01.07.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'798'201 0.97 158'443 30.06.2012 Investment Advisor
FIDELITY INTERNATION n/a 13G 4'736'057 0.96 (3'331'764) 31.05.2011 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 3'821'625 0.77 (130'875) 30.06.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'784'161 0.56 (30'878) 30.06.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'524'195 0.51 (69'119) 31.07.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 2'139'867 0.43 1'864 20.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'924'110 0.39 (241'251) 30.06.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 1'617'713 0.33 (277'103) 31.07.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1'431'386 0.29 416 20.09.2012 Investment Advisor
RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 1'403'112 0.28 71'142 31.07.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 1'366'887 0.28 1'261'131 30.06.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'182'452 0.24 (14'539) 31.08.2012 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'132'870 0.23 - 20.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'128'745 0.23 110'000 31.08.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'049'974 0.21 (28'434) 20.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale PETER KNOX hold 3 M 47 12 month 21.09.2012
Natixis STEPHANE HOURI buy 5 M 52 Not Provided 21.09.2012
Exane BNP Paribas JEROME RAMEL neutral 3 M 48 Not Provided 21.09.2012
Grupo Santander CARLOS JAVIER TREVINO hold 3 M 42 Not Provided 20.09.2012
Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 58 12 month 20.09.2012
S&P Capital IQ JAMES CRAWSHAW buy 5 U 50 12 month 20.09.2012
AlphaValue LIONEL PELLICER add 4 U 46 6 month 20.09.2012
JPMorgan SANDEEP S DESHPANDE overweight 5 M 44 6 month 19.09.2012
Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 58 12 month 14.09.2012
Rabobank International PHILIP SCHOLTE hold 3 M 45 Not Provided 13.09.2012
Pacific Crest Securities WESTON TWIGG outperform 5 M 47 12 month 10.09.2012
Kepler Capital Markets PETER OLOFSEN hold 3 M 47 Not Provided 07.09.2012
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 48 Not Provided 05.09.2012
Independent Research GmbH MARKUS FRIEBEL hold 3 M 47 6 month 04.09.2012
ING Wholesale Banking NIELS DE ZWART hold 3 M 45 12 month 03.09.2012
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 N 48 12 month 29.08.2012
Piper Jaffray JAGADISH IYER overweight 5 M 54 12 month 29.08.2012
Deutsche Bank KAI KORSCHELT sell 1 D 35 12 month 27.08.2012
Credit Suisse SATYA KUMAR outperform 5 M 55 Not Provided 27.08.2012
SNS Securities(ESN) VICTOR BARENO reduce 2 M 31 12 month 27.08.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 20.08.2012
Main First Bank AG JUERGEN WAGNER sell 1 M 35 12 month 16.08.2012
Nomura CARMEN BOYERO neutral 3 M 43 Not Provided 09.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.08.2012
Liberum Capital Ltd JANARDAN MENON sell 1 M 29 Not Provided 27.07.2012
Goldman Sachs SIMON F SCHAFER neutral/neutral 3 M 57 12 month 19.07.2012
Barclays ANDREW M GARDINER overweight 5 M 49 Not Provided 19.07.2012
Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 28 6 month 18.07.2012
Kempen & Co FLORIS OLIEMANS hold 3 M 30 12 month 18.07.2012
Jefferies LEE SIMPSON hold 3 D 45 12 month 18.07.2012
Petercam MARCEL ACHTERBERG hold 3 D 48 Not Provided 18.07.2012
CA Cheuvreux BERND LAUX outperform 5 M 51 Not Provided 11.07.2012
Redburn Partners SUMANT WAHI neutral 3 U #N/A N/A Not Provided 11.07.2012
Theodoor Gilissen Securities JOS VERSTEEG hold 3 D 40 Not Provided 24.04.2012
Susquehanna Financial Group MEHDI HOSSEINI neutral 3 M 35 12 month 07.07.2011
Holdings By:
ASML Holding NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance
throughout the world. The Company offers life, health, accident, automobile,
marine, aviation, transport, fire, general liability, and credit insurance and
reinsurance.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (28.10.2011) 13.70
52-Week Low (31.05.2012) 8.16
Daily Volume
11.67
52-Week High % Change -14.74% Dividend Yield -
52-Week Low % Change 43.10% Beta 1.05
% 52 Week Price Range High/Low 66.46% Equity Float 1'261.96
Shares Out 30.06.2012 1'556.9 Short Int -
18'168.71 1 Yr Total Return 10.07%
Total Debt 21'346.20 YTD Return 2.69%
Preferred Stock 0.0 Adjusted BETA 1.051
Minority Interest 2'635.0 Analyst Recs 34
Cash and Equivalents 25'559.90 Consensus Rating 2.500
Enterprise Value 22'753.01
Average Volume 5 Day 9'368'201
G IM EQUITY YTD Change - Average Volume 30 Day 6'647'992
G IM EQUITY YTD % CHANGE - Average Volume 3 Month 7'478'569
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
80'164.7 62'298.4 85'790.6 87'072.1 73'481.8 83'452.1 74'595.1 75'589.6 77'877.1 20'676.0 24'038.0
0.66x 0.61x 0.50x 0.40x 0.22x 0.81x 0.50x 0.23x 0.23x - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
2'915.6 860.9 1'309.1 1'701.9 856.1 1'634.5 892.2 1'788.2 2'122.4 323.0 571.0
14.69x 30.45x 20.68x 12.92x 20.77x 0.00x 18.80x 10.28x 8.47x 9.26x 8.65x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A *-
Operating Margin 4.66% Long-Term Outlook -
Pretax Margin 2.46% Short-Term Rating Date -
Return on Assets 0.20% Short-Term Rating -
Return on Common Equity 5.19%
Return on Capital 4.92% EBITDA/Interest Exp. -
Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 137.8%
Net Income Margin 1.2% Total Debt/Capital 54.1%
Asset Turnover 0.17
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.05% Inventory Days -
Tot Debt to Common Equity 137.85% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Assicurazioni Generali SpAPrice/Volume
Valuation Analysis
2'814'865.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
/
1
3
5
.-
./
.1
.3
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2'- G
.-'- G
.2'- G
/-'- G
/2'- G
0-'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011-'--
-'/-
-'1-
-'3-
-'5-
.'--
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MEDIOBANCA SPA n/a EXCH 194'048'687 12.46 - 29.08.2012 Bank
BANCA D'ITALIA n/a EXCH 69'420'980 4.46 - 29.08.2012 Government
DEA PARTICIPATIONS S n/a EXCH 35'185'336 2.26 - 29.08.2012 Investment Advisor
EFFETI SPA n/a EXCH 34'360'194 2.21 - 29.08.2012 n/a
DELFIN SARL n/a EXCH 31'168'603 2 - 29.08.2012 Investment Advisor
BLACKROCK ADVISORS U n/a EXCH 18'775'892 1.21 - 29.08.2012 Investment Advisor
COMPASS SPA n/a EXCH 14'198'684 0.91 - 29.08.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'775'163 0.88 651'927 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO n/a EXCH 13'575'935 0.87 - 29.08.2012 Investment Advisor
VM 2006 SRL n/a EXCH 6'196'356 0.4 - 29.08.2012 n/a
BLACKROCK FUND ADVIS n/a EXCH 5'495'763 0.35 - 29.08.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'348'542 0.34 - 31.08.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3'701'081 0.24 1'332 20.09.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3'605'103 0.23 - 20.09.2012 Investment Advisor
PANTHEON 2000 SPA n/a EXCH 3'502'965 0.23 - 29.08.2012 n/a
CALTAGIRONE EDITORE n/a EXCH 3'144'884 0.2 - 29.08.2012 Corporation
BLACKROCK ASSET JAPA n/a EXCH 3'020'334 0.19 - 29.08.2012 n/a
GAMMA SRL n/a EXCH 2'958'059 0.19 - 29.08.2012 n/a
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 2'837'133 0.18 (420'433) 31.07.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2'737'997 0.18 (23'627) 20.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue JEROME CASSAGNE sell 1 M 9 6 month 20.09.2012
Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 Not Provided 17.09.2012
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 6 12 month 17.09.2012
Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 11 Not Provided 17.09.2012
Nomura MICHAEL KLIEN reduce 2 M 12 12 month 14.09.2012
Oddo & Cie NICOLAS JACOB buy 5 M 14 Not Provided 11.09.2012
Banca Akros(ESN) MARCO CAVALLERI hold 3 M 12 12 month 10.09.2012
Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 11 12 month 10.09.2012
Independent Research GmbH STEFAN BONGARDT sell 1 M 10 6 month 07.09.2012
ICBPI. ENRICO ESPOSTI not rated #N/A N/A M #N/A N/A Not Provided 06.09.2012
S&P Capital IQ RODERICK WALLACE sell 1 D 11 12 month 06.09.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.09.2012
Day by Day VALERIE GASTALDY buy 5 U 13 3 month 03.09.2012
Barclays CLAUDIA GASPARI equalweight 3 M 11 Not Provided 10.08.2012
Societe Generale WILLIAM ELDERKIN buy 5 M 12 12 month 09.08.2012
Macquarie HADLEY COHEN neutral 3 M 13 12 month 07.08.2012
Keefe, Bruyette & Woods RALPH HEBGEN underperform 1 M 11 12 month 06.08.2012
HSBC KAILESH MISTRY neutral 3 M 10 Not Provided 06.08.2012
Equita SIM SpA MATTEO GHILOTTI buy 5 M 13 12 month 06.08.2012
Deutsche Bank ROBIN BUCKLEY hold 3 M 12 12 month 03.08.2012
Main First Bank AG FEDERICO SALERNO neutral 3 M 10 12 month 03.08.2012
Credit Suisse RICHARD BURDEN underperform 1 M 13 Not Provided 02.08.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 8 Not Provided 02.08.2012
JPMorgan ANDREAS VAN EMBDEN neutral 3 M 11 3 month 26.07.2012
Morgan Stanley FAROOQ HANIF Underwt/In-Line 1 M 11 12 month 24.07.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 12.07.2012
ING Wholesale Banking MAARTEN ALTENA sell 1 D 10 12 month 03.07.2012
Goldman Sachs COLIN L SIMPSON neutral/neutral 3 M 12 12 month 25.06.2012
CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 10 Not Provided 22.06.2012
Kepler Capital Markets GIANANTONIO VILLANI buy 5 M 14 Not Provided 14.05.2012
Natixis BENOIT VALLEAUX neutral 3 M 12 Not Provided 14.05.2012
Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012
DZ Bank AG WERNER EISENMANN sell 1 M 10 12 month 21.12.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 16 Not Provided 16.05.2011
Holdings By:
Assicurazioni Generali SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
AXA SA is an insurance company which also provides related financial services.
The Company offers life and non-life insurance, reinsurance, savings and pension
products, and asset management services. AXA operates in both domestic and
international markets.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (19.03.2012) 13.25
52-Week Low (26.09.2011) 8.00
Daily Volume
12.295
52-Week High % Change -7.13% Dividend Yield -
52-Week Low % Change 53.69% Beta 1.54
% 52 Week Price Range High/Low 85.05% Equity Float 2'011.14
Shares Out 05.09.2012 2'357.3 Short Int -
28'983.45 1 Yr Total Return 58.72%
Total Debt 16'693.00 YTD Return 31.14%
Preferred Stock 6'059.0 Adjusted BETA 1.538
Minority Interest 2'371.0 Analyst Recs 40
Cash and Equivalents 31'072.00 Consensus Rating 4.300
Enterprise Value 23'828.44
Average Volume 5 Day 9'702'669
CS FP EQUITY YTD Change - Average Volume 30 Day 8'761'883
CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 10'101'770
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
115'035.0 51'235.0 122'704.0 117'414.0 98'334.0 0.0 0.0 96'117.9 97'395.5 - -
0.57x 0.62x 0.36x 0.29x 0.18x #DIV/0! #DIV/0! 0.42x 0.42x - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
5'666.0 923.0 3'606.0 2'749.0 4'324.0 0.0 0.0 4'355.6 4'613.0 2'213.0 -
11.80x 51.67x 10.60x 12.33x 7.63x 0.00x 0.00x 6.66x 6.21x - -
EBITDA - Long-Term Rating Date 27.01.2012
EBIT - Long-Term Rating A
Operating Margin 4.36% Long-Term Outlook NEG
Pretax Margin 4.67% Short-Term Rating Date 27.01.2012
Return on Assets 0.59% Short-Term Rating A-1
Return on Common Equity 9.38%
Return on Capital 6.89% EBITDA/Interest Exp. -
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 39.3%
Net Income Margin 4.4% Total Debt/Capital 24.7%
Asset Turnover 0.13
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.29% Inventory Days -
Tot Debt to Common Equity 39.27% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
AXA SAPrice/Volume
Valuation Analysis
1'850'509.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
/
1
3
5
.-
./
.1
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
2'- G
.-'- G
.2'- G
/-'- G
/2'- G
0-'- G
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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/'2-
0'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MUTUELLES AXA n/a Co File 342'767'775 14.54 - 31.12.2011 Insurance Company
BNP PARIBAS ASSET MG n/a Research 131'539'770 5.58 - 11.09.2012 Investment Advisor
AMUNDI n/a Research 91'682'238 3.89 (20'493'797) 15.05.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 44'849'873 1.9 (3'089'167) 30.06.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 37'453'130 1.59 14'659 30.06.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 34'298'640 1.45 851'392 30.06.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 33'746'063 1.43 3'474'030 01.04.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'706'586 0.92 1'287'112 30.06.2012 Investment Advisor
LANSDOWNE UK EQUITY n/a Short (20'395'259) -0.87 (7'936'172) 16.09.2011 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 16'895'575 0.72 5'686'416 30.06.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 14'608'697 0.62 (21'097) 31.07.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 14'543'995 0.62 288'801 29.02.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 14'276'690 0.61 62'297 20.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'575'092 0.53 924'515 30.06.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 10'979'810 0.47 47'782 31.08.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 10'561'453 0.45 (3'613'338) 31.07.2012 Mutual Fund Manager
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 9'182'545 0.39 - 20.09.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 5'921'227 0.25 1'876 20.09.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'827'761 0.25 (23'060) 31.03.2012 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 5'730'473 0.24 660'660 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank OLIVER STEEL buy 5 M 14 12 month 24.09.2012
Helvea DANIEL BISCHOF buy 5 M 15 12 month 21.09.2012
AlphaValue JEROME CASSAGNE buy 5 M 18 6 month 20.09.2012
Day by Day VALERIE GASTALDY buy 5 U 13 3 month 19.09.2012
National Bank AG MANFRED JAISFELD hold 3 M 13 Not Provided 18.09.2012
Mediobanca SpA MARC THIELE outperform 5 N 19 Not Provided 17.09.2012
Macquarie NEIL WELCH outperform 5 M 14 12 month 13.09.2012
Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 10.09.2012
Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 11 12 month 10.09.2012
Oddo & Cie NICOLAS JACOB buy 5 M 13 Not Provided 05.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 21.08.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 20.08.2012
Exane BNP Paribas THOMAS JACQUET outperform 5 M 15 Not Provided 16.08.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 12 12 month 14.08.2012
Barclays CLAUDIA GASPARI equalweight 3 M 14 Not Provided 10.08.2012
Morgan Stanley FAROOQ HANIF Overwt/In-Line 5 M 15 12 month 08.08.2012
Societe Generale WILLIAM ELDERKIN buy 5 M 18 12 month 06.08.2012
Jefferies JAMES SHUCK buy 5 M 13 12 month 06.08.2012
Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 06.08.2012
HSBC KAILESH MISTRY overweight 5 M 19 Not Provided 06.08.2012
Natixis BENOIT VALLEAUX buy 5 M 16 Not Provided 06.08.2012
S&P Capital IQ RODERICK WALLACE buy 5 M 16 12 month 06.08.2012
Main First Bank AG FEDERICO SALERNO buy 5 M 13 12 month 06.08.2012
Raymond James DANNY JACQUES strong buy 5 M 14 12 month 03.08.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 11 Not Provided 03.08.2012
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 03.08.2012
Bryan Garnier & Cie OLIVIER PAUCHAUT neutral 3 M 16 6 month 03.08.2012
Nomura NICK HOLMES buy 5 M 23 12 month 03.08.2012
JPMorgan ANDREAS VAN EMBDEN underweight 1 M 10 3 month 31.07.2012
Banco Sabadell MARIO LODOS buy 5 M 17 Not Provided 30.07.2012
Kepler Capital Markets FABRIZIO CROCE hold 3 N 10 Not Provided 09.07.2012
RBC Capital Markets GORDON AITKEN outperform 5 M 16 12 month 03.07.2012
ING Wholesale Banking MAARTEN ALTENA hold 3 M 12 12 month 03.07.2012
Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 15 12 month 25.06.2012
CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 14 Not Provided 22.06.2012
Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 15.03.2012
DZ Bank AG WERNER EISENMANN buy 5 M 14 12 month 20.12.2011
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 21 Not Provided 05.10.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 16 12 month 06.06.2011
CS Capital CHRISTOPHER PARKINSON sell 1 M 13 Not Provided 22.02.2011
BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011
Holdings By:
AXA SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail,
wholesale, and investment banking services. The Bank offers consumer and
mortgage loans, private banking, asset management, insurance, mutual funds, and
securities brokerage services. It operates in Europe, Latin America, United
States, China and Turkey.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (09.02.2012) 7.20
52-Week Low (23.07.2012) 4.31
Daily Volume
6.431
52-Week High % Change -10.64% Dividend Yield -
52-Week Low % Change 49.21% Beta 1.25
% 52 Week Price Range High/Low 77.62% Equity Float 5'378.16
Shares Out 09.07.2012 5'382.1 Short Int -
34'612.34 1 Yr Total Return 19.90%
Total Debt 219'679.00 YTD Return 1.86%
Preferred Stock - Adjusted BETA 1.254
Minority Interest 1'893.0 Analyst Recs 44
Cash and Equivalents 57'046.00 Consensus Rating 3.045
Enterprise Value -
Average Volume 5 Day #########
BBVA SQ EQUITY YTD Change - Average Volume 30 Day 68'513'300
BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 86'387'260
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
35'719.0 41'508.0 34'467.0 32'482.0 36'094.0 23'277.0 20'822.0 22'264.0 23'148.8 5'512.0 5'764.0
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
6'126.0 5'020.0 4'210.0 4'606.0 3'004.0 4'417.0 2'175.0 2'190.4 4'400.5 1'026.0 1'082.0
9.86x 6.41x 11.37x 6.46x 10.44x 7.77x 13.04x 16.45x 8.35x 10.81x 9.90x
EBITDA - Long-Term Rating Date 30.04.2012
EBIT - Long-Term Rating BBB+
Operating Margin 21.06% Long-Term Outlook NEG
Pretax Margin 15.04% Short-Term Rating Date 30.04.2012
Return on Assets 0.52% Short-Term Rating A-2
Return on Common Equity 8.11%
Return on Capital 1.47% EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 575.6%
Net Income Margin 12.0% Total Debt/Capital 84.6%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover 6.64
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 36.75% Inventory Days -
Tot Debt to Common Equity 575.60% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Banco Bilbao Vizcaya Argentaria SAPrice/Volume
Valuation Analysis
17'171'782.00
Current Price (9/dd/yy) Market Data
-
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/
0
1
2
3
4
5
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
.--'- G
/--'- G
0--'- G
1--'- G
2--'- G
3--'- G
4--'- G
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011-'--
-'/-
-'1-
-'3-
-'5-
.'--
.'/-
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BNP PARIBAS SA n/a EXCH 161'614'301 3 5'428'836 05.01.2012 Bank
INVERAVANTE INVERSIO n/a 13G 160'934'820 2.99 (86'470'698) 24.07.2012 Other
JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 58'006'801 1.08 (2'785'201) 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 53'795'703 1 3'353'895 30.06.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 28'502'890 0.53 203'081 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 28'177'991 0.52 350 20.09.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 24'360'232 0.45 133'868 20.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 23'301'237 0.43 (115'432) 31.07.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 17'768'556 0.33 101'341 31.07.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 17'556'967 0.33 (3'451'559) 29.02.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 15'399'813 0.29 (737'051) 31.07.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 14'926'580 0.28 - 20.09.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 10'963'336 0.2 3'545'078 01.04.2012 Mutual Fund Manager
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 10'404'958 0.19 2'747'836 30.06.2012 Mutual Fund Manager
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 8'695'531 0.16 181'156 30.06.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 6'343'622 0.12 (2'275) 23.08.2012 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 6'132'364 0.11 137'439 20.09.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 5'976'014 0.11 (31'599) 31.07.2012 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'972'440 0.11 14'027 30.03.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 5'773'679 0.11 78'565 30.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Redburn Partners GEORGE SOSEI KARAMANOS neutral 3 M #N/A N/A Not Provided 24.09.2012
Societe Generale CARLO TOMMASELLI sell 1 M 6 12 month 20.09.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 19.09.2012
Oddo & Cie JULIE LEGRAND neutral 3 M 9 Not Provided 19.09.2012
RBC Capital Markets PATRICK LEE sector perform 3 M 6 12 month 18.09.2012
Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 7 12 month 17.09.2012
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 D 6 Not Provided 17.09.2012
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 6 month 14.09.2012
AlphaValue DAVID GRINSZTAJN buy 5 M 9 6 month 13.09.2012
Morgan Stanley ALVARO SERRANO Equalwt/In-Line 3 D 7 12 month 12.09.2012
Grupo Santander ARTURO DE FRIAS buy 5 M 8 Not Provided 10.09.2012
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 5 Not Provided 05.09.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 05.09.2012
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 04.09.2012
Nomura DARAGH QUINN buy 5 M 8 12 month 04.09.2012
Day by Day VALERIE GASTALDY buy 5 U 7 3 month 03.09.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 28.08.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 21.08.2012
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 6 Not Provided 02.08.2012
Mediobanca SpA ANDREA FILTRI neutral 3 M 6 12 month 01.08.2012
Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 7 12 month 01.08.2012
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 6 Not Provided 01.08.2012
Berenberg Bank MARCO TROIANO sell 1 M 5 Not Provided 01.08.2012
Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 31.07.2012
Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 6 Not Provided 31.07.2012
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 31.07.2012
S&P Capital IQ JAWAHAR HINGORANI sell 1 M 5 12 month 31.07.2012
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 7 12 month 31.07.2012
Banco Sabadell MARIO LODOS buy 5 M 9 Not Provided 30.07.2012
BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 26.07.2012
Deutsche Bank CARLOS BERASTAIN GONZALEZ buy 5 M 7 12 month 20.07.2012
HSBC CARLO DIGRANDI neutral 3 D 6 Not Provided 06.07.2012
JPMorgan JAIME BECERRIL underweight 1 M 6 15 month 26.06.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012
ING Wholesale Banking ALEXANDER PELTESHKI hold 3 M 5 12 month 05.06.2012
Ahorro Corporacion Financiera SA IRMA GARRIDO buy 5 U 7 Not Provided 29.05.2012
Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 8 12 month 22.05.2012
Natixis FREDERIC TESCHNER neutral 3 M 6 Not Provided 15.05.2012
La Caixa DAVID FERNANDEZ buy 5 U 8 Not Provided 16.03.2012
DZ Bank AG SABINE BOHN sell 1 M 5 12 month 06.02.2012
Holdings By:
Banco Bilbao Vizcaya Argentaria SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Banco Santander SA attracts deposits and offers retail, commercial and private
banking, and asset management services. The Bank offers consumer credit,
mortgage loans, lease financing, factoring, mutual funds, pension funds,
insurance, commercial credit, investment banking services, structured finance,
and advice on mergers and acquisitions.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (12.09.2012) 6.33
52-Week Low (23.07.2012) 3.98
Daily Volume
6.15
52-Week High % Change -2.84% Dividend Yield -
52-Week Low % Change 54.68% Beta 1.20
% 52 Week Price Range High/Low 96.60% Equity Float 9'735.76
Shares Out 13.09.2012 9'898.8 Short Int -
60'877.38 1 Yr Total Return 15.38%
Total Debt 424'081.00 YTD Return 12.55%
Preferred Stock 0.0 Adjusted BETA 1.200
Minority Interest 6'445.0 Analyst Recs 43
Cash and Equivalents 148'250.00 Consensus Rating 3.186
Enterprise Value -
Average Volume 5 Day 94'430'520
SAN SQ EQUITY YTD Change - Average Volume 30 Day 62'979'760
SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
60'110.4 70'114.3 69'736.2 68'965.5 78'009.0 43'302.0 44'528.0 45'016.3 46'906.7 10'897.0 11'118.0
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
9'060.3 8'876.4 8'942.5 8'180.9 5'351.0 7'239.0 3'554.0 4'513.3 7'318.0 1'227.0 1'139.0
11.35x 5.74x 11.09x 8.39x 9.74x 9.60x 13.63x 12.90x 8.60x 11.12x 11.39x
EBITDA - Long-Term Rating Date 30.04.2012
EBIT - Long-Term Rating A-
Operating Margin 21.87% Long-Term Outlook NEG
Pretax Margin 16.55% Short-Term Rating Date 30.04.2012
Return on Assets 0.43% Short-Term Rating A-2
Return on Common Equity 7.07%
Return on Capital 1.24% EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 555.0%
Net Income Margin 11.2% Total Debt/Capital 83.7%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover 7.87
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 33.89% Inventory Days -
Tot Debt to Common Equity 554.98% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Banco Santander SAPrice/Volume
Valuation Analysis
17'351'217.00
Current Price (9/dd/yy) Market Data
-
.
/
0
1
2
3
4
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/--'- G
0--'- G
1--'- G
2--'- G
3--'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011-'--
-'/-
-'1-
-'3-
-'5-
.'--
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BNP PARIBAS SA n/a EXCH 255'109'664 2.58 19'731'602 05.08.2011 Bank
CAPITAL RESEARCH AND n/a EXCH 243'314'406 2.46 (153'006'242) 08.05.2011 Investment Advisor
BARCLAYS PLC n/a EXCH 227'263'557 2.3 (56'807'364) 03.05.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 131'449'224 1.33 12'707'663 30.06.2012 Investment Advisor
HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 85'945'996 0.87 (1'992'003) 30.06.2012 Investment Advisor
DE LOS RIOS EMILIO B n/a EXCH 79'095'580 0.8 8'975 03.08.2012 n/a
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 52'997'249 0.54 - 20.09.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 51'924'531 0.52 18'358'960 30.06.2012 Investment Advisor
ASSICURAZIONI GENERA n/a EXCH 50'134'290 0.51 - 01.10.2011 Insurance Company
DODGE & COX Multiple Portfolios MF-AGG 49'090'437 0.5 1'963'618 30.06.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 46'371'488 0.47 243'644 20.09.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 29'921'253 0.3 1'154'049 31.08.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 27'166'773 0.27 - 20.09.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 25'227'953 0.25 (631'594) 31.07.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 20'927'139 0.21 (8'893'158) 30.06.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 20'137'533 0.2 (2'588'035) 31.07.2012 Mutual Fund Manager
LATIMER INVERSIONES n/a EXCH 20'087'855 0.2 - 11.07.2011 n/a
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 14'346'451 0.14 332'468 20.09.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 14'086'697 0.14 9'829'423 30.04.2012 Investment Advisor
PUENTEPUMAR SL n/a EXCH 13'757'649 0.14 - 11.07.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Redburn Partners GEORGE SOSEI KARAMANOS neutral 3 M #N/A N/A Not Provided 24.09.2012
Societe Generale CARLO TOMMASELLI hold 3 M 6 12 month 20.09.2012
AlphaValue DAVID GRINSZTAJN buy 5 M 10 6 month 20.09.2012
Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 19.09.2012
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 4 Not Provided 17.09.2012
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 6 6 month 14.09.2012
Inverseguros Sociedad de Valores ALBERTO ROLDAN neutral 3 M 6 Not Provided 13.09.2012
Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 U 7 12 month 12.09.2012
Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 12.09.2012
Ahorro Corporacion Financiera SA IRMA GARRIDO buy 5 M 6 Not Provided 10.09.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 6 6 month 05.09.2012
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 05.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 05.09.2012
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 4 12 month 04.09.2012
Berenberg Bank MARCO TROIANO buy 5 M 5 Not Provided 04.09.2012
Day by Day VALERIE GASTALDY buy 5 U 7 3 month 03.09.2012
ING Wholesale Banking ALEXANDER PELTESHKI hold 3 D 5 12 month 31.08.2012
RBC Capital Markets PATRICK LEE underperform 1 M 5 12 month 28.08.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012
Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 5 Not Provided 22.08.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 21.08.2012
JPMorgan JAIME BECERRIL neutral 3 D 5 15 month 21.08.2012
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 5 Not Provided 02.08.2012
Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 7 12 month 31.07.2012
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 31.07.2012
Banco Sabadell MARIO LODOS buy 5 M 8 Not Provided 30.07.2012
Keefe, Bruyette & Woods ANTONIO RAMIREZ outperform 5 M 7 12 month 29.07.2012
Mediobanca SpA ANDREA FILTRI underperform 1 M 4 Not Provided 27.07.2012
Natixis FREDERIC TESCHNER reduce 2 D 4 Not Provided 27.07.2012
Nomura DARAGH QUINN reduce 2 M 7 12 month 27.07.2012
BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 26.07.2012
Credit Suisse IGNACIO CEREZO neutral 3 M 4 Not Provided 26.07.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 26.07.2012
Renta 4 SA SVB NURIA ALVAREZ hold 3 M 6 Not Provided 26.07.2012
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 5 12 month 26.07.2012
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 18.07.2012
Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 7 12 month 17.07.2012
HSBC CARLO DIGRANDI neutral 3 M 5 Not Provided 06.07.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012
BBVA IGNACIO ULARGUI not rated #N/A N/A M #N/A N/A Not Provided 22.06.2012
DZ Bank AG SABINE BOHN sell 1 M 4 Not Provided 23.05.2012
La Caixa DAVID FERNANDEZ buy 5 M 7 Not Provided 16.03.2012
Holdings By:
Banco Santander SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
BASF SE is a chemical company. The Company operates in six segments: Chemicals,
Plastics, Performance Products, Functional Solutions, Agricultural Solutions
and Oil & Gas. BASF offers products for the chemical, automotive, construction,
agriculture, oil, plastics, electrical / electronics, furniture and paper
industries, and provides a range of system solutions and services.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (20.03.2012) 68.63
52-Week Low (04.10.2011) 43.03
Daily Volume
67.27
52-Week High % Change -2.03% Dividend Yield -
52-Week Low % Change 56.33% Beta 1.07
% 52 Week Price Range High/Low 97.15% Equity Float 918.48
Shares Out 30.06.2012 918.5 Short Int -
61'786.06 1 Yr Total Return 58.06%
Total Debt 13'004.00 YTD Return 29.85%
Preferred Stock 0.0 Adjusted BETA 1.068
Minority Interest 1'246.0 Analyst Recs 44
Cash and Equivalents 2'067.00 Consensus Rating 4.159
Enterprise Value 74'556.06
Average Volume 5 Day 4'012'749
BAS GY EQUITY YTD Change - Average Volume 30 Day 2'984'423
BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'325'162
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
57'951.3 62'304.0 50'693.0 63'873.0 73'497.0 70'027.0 75'746.0 76'723.4 78'814.0 18'252.3 18'558.7
1.01x 0.62x 1.07x 1.09x 0.84x 3.84x 3.31x 0.95x 0.90x 4.05x 3.91x
10'480.0 10'238.0 8'500.0 11'903.0 11'855.0 12'710.0 12'649.0 12'139.5 12'780.3 2'765.2 2'465.8
5.59x 3.74x 6.36x 5.85x 5.20x 5.93x 4.98x 6.15x 5.84x 6.42x 6.45x
4'065.5 2'912.0 1'410.0 4'557.0 6'188.0 6'210.0 5'276.0 5'059.6 5'558.8 1'138.8 781.5
12.15x 8.86x 28.22x 12.04x 8.00x 9.97x 9.52x 12.34x 11.14x 12.11x 11.87x
EBITDA 11'855.00 Long-Term Rating Date 10.05.2011
EBIT 8'436.00 Long-Term Rating A+
Operating Margin 11.48% Long-Term Outlook STABLE
Pretax Margin 12.20% Short-Term Rating Date 12.02.2009
Return on Assets 10.26% Short-Term Rating A-1
Return on Common Equity 27.17%
Return on Capital 18.83% EBITDA/Interest Exp. 15.54
Asset Turnover 1.22% (EBITDA-Capex)/Interest Exp. 11.07
Net Debt/EBITDA 0.92
Gross Margin 26.5% Total Debt/EBITDA 1.10
EBITDA Margin 16.1%
EBIT Margin 11.5% Total Debt/Equity 53.9%
Net Income Margin 8.4% Total Debt/Capital 33.9%
Asset Turnover 1.22
Current Ratio 1.64 Net Fixed Asset Turnover 4.18
Quick Ratio 0.79 Accounts receivable turnover-days 52.28
Debt to Assets 21.26% Inventory Days 63.37
Tot Debt to Common Equity 53.87% Accounts Payable Turnover Day 32.50
Accounts Receivable Turnover 6.98 Cash Conversion Cycle 83.15
Inventory Turnover 5.76
Fiscal Year Ended
BASF SEPrice/Volume
Valuation Analysis
1'072'082.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
.-
/-
0-
1-
2-
3-
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5-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
/'- G
1'- G
3'- G
5'- G
.-'- G
./'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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6'--
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK INC n/a Research 63'927'154 6.96 - 01.02.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 22'809'500 2.48 22'520 20.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 12'244'261 1.33 104'500 31.08.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'895'706 1.3 (468'312) 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 8'149'811 0.89 4'081 20.09.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 7'813'456 0.85 - 30.03.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'708'426 0.84 (84'376) 31.08.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 7'324'300 0.8 - 30.06.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 6'686'250 0.73 358'038 31.07.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 4'816'961 0.52 (52'638) 30.04.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4'515'375 0.49 (40'866) 20.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'449'760 0.48 (2'925'604) 30.12.2011 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3'863'614 0.42 (36'410) 29.02.2012 Mutual Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'692'429 0.4 (50'000) 30.04.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 3'497'000 0.38 - 30.06.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'734'637 0.3 (104'150) 31.07.2012 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'667'339 0.29 - 20.09.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'800'862 0.2 (15'043) 30.03.2012 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'783'841 0.19 36'546 31.08.2012 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'637'011 0.18 (434'628) 31.12.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 76 6 month 21.09.2012
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 61 12 month 21.09.2012
Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 80 6 month 21.09.2012
M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 75 12 month 21.09.2012
Jefferies LAURENCE ALEXANDER hold 3 M 67 12 month 20.09.2012
AlphaValue MARTIN SCHNEE reduce 2 M 66 6 month 20.09.2012
Bankhaus Metzler LARS HETTCHE buy 5 M 72 12 month 17.09.2012
Exane BNP Paribas JAMES KNIGHT outperform 5 M 68 Not Provided 11.09.2012
Nord/LB THORSTEN STRAUSS buy 5 M 67 12 month 06.09.2012
JPMorgan NEIL C TYLER neutral 3 M 59 15 month 06.09.2012
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 72 Not Provided 06.09.2012
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 06.09.2012
Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 74 12 month 05.09.2012
Nomura JEAN DE WATTEVILLE buy 5 M 80 12 month 05.09.2012
Baader Bank NORBERT BARTH buy 5 N 73 12 month 04.09.2012
ING Wholesale Banking FILIP DE PAUW hold 3 M 57 12 month 03.09.2012
DZ Bank AG PETER SPENGLER buy 5 M 70 12 month 28.08.2012
Deutsche Bank TIMOTHY JONES buy 5 M 74 12 month 23.08.2012
Kepler Capital Markets MARKUS MAYER buy 5 M 67 Not Provided 21.08.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 20.08.2012
Barclays ANDREAS HEINE equalweight 3 M 68 Not Provided 16.08.2012
Day by Day VALERIE GASTALDY buy 5 M 67 3 month 06.08.2012
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 51 Not Provided 30.07.2012
Societe Generale PETER CLARK hold 3 M 55 12 month 27.07.2012
Credit Suisse CHRIS COUNIHAN outperform 5 M 67 Not Provided 27.07.2012
HSBC GEOFF HAIRE overweight 5 M 68 Not Provided 27.07.2012
Macquarie CHRISTIAN FAITZ neutral 3 M 63 12 month 27.07.2012
CA Cheuvreux MARTIN ROEDIGER outperform 5 M 68 Not Provided 27.07.2012
Bankhaus Lampe HEIKO FEBER buy 5 M 80 12 month 27.07.2012
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA buy 5 M 80 12 month 27.07.2012
S&P Capital IQ JOHNSON IMODE buy 5 M 78 12 month 27.07.2012
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 27.07.2012
National Bank AG STEFFEN MANSKE hold 3 M 64 Not Provided 26.07.2012
Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 45 Not Provided 26.07.2012
Berenberg Bank JAIDEEP PANDYA hold 3 M 53 Not Provided 26.07.2012
Main First Bank AG RONALD KOEHLER neutral 3 M 65 12 month 24.07.2012
Gilford Securities PAUL C CHRISTOPHERSON buy 5 U 64 12 month 27.06.2012
Goldman Sachs RICHARD LOGAN Buy/Neutral 5 M 82 12 month 22.05.2012
BHF-Bank ANNETT WEBER overweight 5 M 78 12 month 27.04.2012
Silvia Quandt Research HARALD GRUBER neutral 3 M 65 12 month 27.02.2012
Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012
SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010
Holdings By:
BASF SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Bayer AG produces and markets healthcare and agricultural products, and
polymers. The Company manufactures products that include aspirin, antibiotics,
anti-infectives, and cardiovascular, oncology, and central nervous system
drugs, over-the-counter medications, diagnostics, animal health products, crop
protection products, plastics, and polyurethanes.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (24.09.2012) 68.47
52-Week Low (04.10.2011) 38.82
Daily Volume
67.85
52-Week High % Change -0.91% Dividend Yield -
52-Week Low % Change 74.78% Beta 0.97
% 52 Week Price Range High/Low 97.45% Equity Float 826.95
Shares Out 30.06.2012 826.9 Short Int -
56'108.41 1 Yr Total Return 77.46%
Total Debt 11'679.00 YTD Return 41.61%
Preferred Stock 0.0 Adjusted BETA 0.969
Minority Interest 59.0 Analyst Recs 41
Cash and Equivalents 4'554.00 Consensus Rating 3.951
Enterprise Value 64'086.41
Average Volume 5 Day 4'244'900
BAYN GY EQUITY YTD Change - Average Volume 30 Day 2'591'817
BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'706'851
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
32'385.0 32'918.0 31'168.0 35'088.0 36'528.0 36'260.0 38'094.0 38'912.5 40'707.4 9'315.0 9'539.6
1.83x 1.40x 1.80x 1.53x 1.32x 5.82x 5.11x 1.63x 1.52x 7.04x 6.69x
6'665.0 6'702.0 7'695.0 8'900.0 8'963.0 8'911.0 9'480.0 7'930.2 8'701.3 1'787.8 1'739.6
8.90x 6.86x 7.30x 6.04x 5.36x 5.93x 5.77x 8.09x 7.37x 7.63x 7.41x
4'711.0 1'719.0 1'359.0 1'301.0 2'470.0 1'519.0 2'583.0 4'407.1 4'846.2 950.0 921.2
21.43x 18.72x 32.92x 35.22x 16.52x 29.89x 18.06x 12.68x 11.58x 12.16x 11.90x
EBITDA 8'963.00 Long-Term Rating Date 30.04.2008
EBIT 6'194.00 Long-Term Rating A-
Operating Margin 16.96% Long-Term Outlook POS
Pretax Margin 9.21% Short-Term Rating Date 11.07.2006
Return on Assets 4.74% Short-Term Rating A-2
Return on Common Equity 12.98%
Return on Capital 10.16% EBITDA/Interest Exp. 9.98
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 8.18
Net Debt/EBITDA 0.79
Gross Margin 50.8% Total Debt/EBITDA 1.30
EBITDA Margin 24.5%
EBIT Margin 17.0% Total Debt/Equity 60.8%
Net Income Margin 6.8% Total Debt/Capital 37.7%
Asset Turnover 0.70
Current Ratio 1.50 Net Fixed Asset Turnover 3.72
Quick Ratio 0.87 Accounts receivable turnover-days 68.59
Debt to Assets 22.13% Inventory Days 126.63
Tot Debt to Common Equity 60.79% Accounts Payable Turnover Day 72.80
Accounts Receivable Turnover 5.32 Cash Conversion Cycle 122.42
Inventory Turnover 2.88
Fiscal Year Ended
Bayer AGPrice/Volume
Valuation Analysis
1'160'411.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
.-
/-
0-
1-
2-
3-
4-
5-
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/'- G
1'- G
3'- G
5'- G
.-'- G
./'- G
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
/'--
1'--
3'--
5'--
.-'--
./'--
.1'--
.3'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL RESEARCH AND n/a EXCH 82'446'697 9.97 - 04.08.2011 Investment Advisor
BLACKROCK INC n/a Research 33'192'862 4.01 - 19.03.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 25'372'485 3.07 276'000 30.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 23'350'427 2.82 (714'974) 30.06.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 20'512'953 2.48 17'246 20.09.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 16'199'870 1.96 (270'000) 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'660'841 1.53 822'988 30.06.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 11'062'794 1.34 93'680 31.07.2012 Investment Advisor
MORGAN STANLEY n/a Research 8'564'198 1.04 - 03.05.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'182'023 0.99 (333'517) 20.09.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 7'135'144 0.86 1'833 20.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 6'996'761 0.85 127'000 31.08.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 6'837'229 0.83 (36'255) 31.07.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'940'541 0.72 (142'582) 29.02.2012 Mutual Fund Manager
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'880'000 0.71 5'000'000 31.08.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'663'539 0.68 (300) 30.03.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'522'236 0.55 353'581 31.03.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 4'335'847 0.52 (203'494) 31.07.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 3'847'739 0.47 (227'103) 30.04.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 3'103'791 0.38 24'439 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank TIM RACE buy 5 M 71 12 month 24.09.2012
Bryan Garnier & Cie SEBASTIEN MALAFOSSE buy 5 M 69 6 month 24.09.2012
Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 24.09.2012
Exane BNP Paribas FLORENT CESPEDES neutral 3 M 65 Not Provided 21.09.2012
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 62 12 month 20.09.2012
AlphaValue MARTIN SCHNEE reduce 2 M 61 6 month 20.09.2012
Helvea ODILE RUNDQUIST accumulate 4 M 69 12 month 10.09.2012
Nord/LB THORSTEN STRAUSS hold 3 M 58 12 month 06.09.2012
Baader Bank NORBERT BARTH hold 3 N 66 12 month 04.09.2012
Kepler Capital Markets FABIAN WENNER buy 5 M 72 Not Provided 03.09.2012
DZ Bank AG PETER SPENGLER buy 5 M 68 12 month 03.09.2012
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 72 6 month 28.08.2012
Nomura JEAN DE WATTEVILLE neutral 3 M 70 12 month 27.08.2012
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 70 Not Provided 13.08.2012
Main First Bank AG RONALD KOEHLER buy 5 M 75 12 month 11.08.2012
Goldman Sachs RICHARD LOGAN neutral/neutral 3 M 77 12 month 08.08.2012
CA Cheuvreux LAURENT FLAMME select list 5 M 68 Not Provided 07.08.2012
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 71 Not Provided 07.08.2012
Jefferies JEFFREY HOLFORD hold 3 M 65 12 month 06.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.08.2012
Credit Suisse JOHANNA WALTON outperform 5 M 66 Not Provided 02.08.2012
Societe Generale STEPHEN MCGARRY hold 3 M 62 12 month 01.08.2012
Hamburger Sparkasse MARCO GUENTHER sell 1 D #N/A N/A Not Provided 01.08.2012
Natixis BEATRICE MUZARD buy 5 M 70 Not Provided 01.08.2012
Equinet Institutional Services(ESN) EDOUARD AUBERY accumulate 4 M 70 12 month 01.08.2012
Morgan Stanley PETER VERDULT Overwt/Cautious 5 M 60 12 month 31.07.2012
Macquarie CHRISTIAN FAITZ outperform 5 M 71 12 month 31.07.2012
Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 72 12 month 31.07.2012
National Bank AG STEFFEN MANSKE hold 3 M 65 Not Provided 31.07.2012
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 65 12 month 31.07.2012
S&P Capital IQ SHO MATSUBARA hold 3 D 64 12 month 31.07.2012
Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 63 12 month 31.07.2012
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 69 12 month 24.07.2012
Barclays MARK PURCELL equalweight 3 M 57 Not Provided 19.07.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 15.05.2012
JPMorgan RICHARD VOSSER neutral 3 M 62 3 month 27.04.2012
Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012
Dolmen Stockbrokers IAN G HUNTER buy 5 M 64 Not Provided 27.10.2011
Liberum Capital Ltd NARESH CHOUHAN buy 5 N 57 Not Provided 15.09.2010
Holdings By:
Bayer AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and
motorcycles worldwide. The Company produces everything from convertible sports
cars to luxury sedans to touring motorcycles with large displacement engines.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (16.03.2012) 73.95
52-Week Low (04.10.2011) 43.49
Daily Volume
58.99
52-Week High % Change -20.19% Dividend Yield -
52-Week Low % Change 35.64% Beta 1.07
% 52 Week Price Range High/Low 53.51% Equity Float 320.86
Shares Out 30.06.2012 602.0 Short Int -
37'835.65 1 Yr Total Return 17.20%
Total Debt 67'977.00 YTD Return 18.15%
Preferred Stock 0.0 Adjusted BETA 1.067
Minority Interest 65.0 Analyst Recs 39
Cash and Equivalents 11'527.00 Consensus Rating 4.103
Enterprise Value 94'840.65
Average Volume 5 Day 3'022'897
BMW GY EQUITY YTD Change - Average Volume 30 Day 2'494'908
BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'576'127
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
56'018.0 53'197.0 50'681.0 60'477.0 68'821.0 66'611.0 72'391.0 73'689.4 76'362.2 17'891.8 18'871.3
1.18x 1.19x 1.40x 1.49x 1.31x 5.28x 5.07x 0.56x 0.52x 1.43x 1.31x
12'397.0 11'231.0 9'311.0 9'087.0 11'660.0 10'105.0 10'366.0 12'817.5 13'153.1 2'003.0 1'955.0
5.31x 5.64x 7.59x 9.93x 7.76x 0.00x 0.00x 7.40x 7.21x 11.68x 11.79x
3'126.0 324.0 204.0 3'227.0 4'881.0 4'977.0 4'489.0 4'932.9 5'089.9 1'205.7 1'224.7
8.94x 44.10x 102.58x 11.94x 6.95x 8.96x 8.30x 7.80x 7.64x 7.51x 7.53x
EBITDA 11'660.00 Long-Term Rating Date 16.04.2012
EBIT 8'006.00 Long-Term Rating A
Operating Margin 11.63% Long-Term Outlook STABLE
Pretax Margin 10.73% Short-Term Rating Date 16.04.2012
Return on Assets 4.18% Short-Term Rating A-1
Return on Common Equity 19.16%
Return on Capital 6.10% EBITDA/Interest Exp. 12.36
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 8.46
Net Debt/EBITDA 4.84
Gross Margin 21.1% Total Debt/EBITDA 5.83
EBITDA Margin 16.9%
EBIT Margin 11.6% Total Debt/Equity 251.4%
Net Income Margin 7.1% Total Debt/Capital 71.5%
Asset Turnover 0.59
Current Ratio 1.04 Net Fixed Asset Turnover 2.11
Quick Ratio 0.31 Accounts receivable turnover-days 14.68
Debt to Assets 55.07% Inventory Days 58.52
Tot Debt to Common Equity 251.41% Accounts Payable Turnover Day 31.27
Accounts Receivable Turnover 24.86 Cash Conversion Cycle 41.93
Inventory Turnover 6.24
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bayerische Motoren Werke AGPrice/Volume
Valuation Analysis
740'092.00
Current Price (9/dd/yy) Market Data
-
.-
/-
0-
1-
2-
3-
4-
5-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
.'- G
/'- G
0'- G
1'- G
2'- G
3'- G
4'- G
5'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
2'--
.-'--
.2'--
/-'--
/2'--
0-'--
02'--
1-'--
12'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QUANDT STEFAN n/a Co File 104'747'161 17.4 - 31.12.2011 n/a
QUANDT JOHANNA n/a Co File 100'533'195 16.7 - 31.12.2011 n/a
KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2011 n/a
BLACKROCK FINANCIAL n/a Research 23'951'672 3.98 - 12.03.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 8'542'000 1.42 2'722'000 30.06.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 8'133'471 1.35 320 20.09.2012 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'898'600 1.31 (132'600) 30.06.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 6'303'800 1.05 (1'270'000) 30.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'363'668 0.72 (542'160) 31.03.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'031'964 0.67 91'471 30.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 3'748'100 0.62 (7'600) 30.06.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'210'189 0.53 198'600 31.08.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 3'128'161 0.52 212'014 30.06.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'907'590 0.48 (533'989) 29.02.2012 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'871'392 0.48 (300) 30.03.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 2'792'528 0.46 1'475 20.09.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 2'564'531 0.43 1'798'319 31.08.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'194'368 0.36 60'637 31.07.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 2'030'402 0.34 150'530 30.04.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'826'584 0.3 16'662 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 75 12 month 24.09.2012
Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 21.09.2012
AlphaValue HANS-PETER WODNIOK add 4 D 72 6 month 20.09.2012
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 118 12 month 12.09.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 11.09.2012
Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 68 6 month 05.09.2012
Credit Suisse ARNDT ELLINGHORST outperform 5 M 80 Not Provided 05.09.2012
HSBC HORST SCHNEIDER neutral 3 D 60 Not Provided 05.09.2012
Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 62 12 month 04.09.2012
Exane BNP Paribas RABIH FREIHA neutral 3 M 71 Not Provided 03.09.2012
Nord/LB FRANK SCHWOPE hold 3 M 59 12 month 31.08.2012
DZ Bank AG MICHAEL PUNZET sell 1 M 58 12 month 22.08.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 21.08.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF not rated #N/A N/A M #N/A N/A Not Provided 17.08.2012
Bankhaus Metzler JUERGEN PIEPER sell 1 M 50 12 month 08.08.2012
Societe Generale PHILIPPE BARRIER buy 5 M 70 12 month 02.08.2012
Baader Bank JOSE ASUMENDI buy 5 M 90 12 month 02.08.2012
Macquarie CHRISTIAN BREITSPRECHER neutral 3 D 60 12 month 02.08.2012
Oddo & Cie FRANCOIS MAURY reduce 2 M 55 Not Provided 02.08.2012
M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 70 12 month 02.08.2012
Natixis GEORGES DIENG buy 5 M 72 Not Provided 02.08.2012
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 02.08.2012
Barclays KRISTINA CHURCH overweight 5 M 85 Not Provided 02.08.2012
Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 62 Not Provided 01.08.2012
Independent Research GmbH ZAFER RUEZGAR buy 5 M 70 6 month 01.08.2012
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 80 12 month 01.08.2012
National Bank AG MANFRED JAISFELD buy 5 M 75 Not Provided 01.08.2012
S&P Capital IQ MARNIE COHEN strong buy 5 M 83 12 month 01.08.2012
Day by Day VALERIE GASTALDY buy 5 U 71 3 month 30.07.2012
Kepler Capital Markets MICHAEL RAAB buy 5 M 71 Not Provided 20.07.2012
JPMorgan BERNARD DONGES overweight 5 M 87 3 month 18.07.2012
CA Cheuvreux ALEXANDER NEUBERGER outperform 5 M 80 Not Provided 17.07.2012
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 81 12 month 06.06.2012
Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 26.03.2012
Main First Bank AG LOTHAR LUBINETZKI buy 5 M 87 12 month 18.03.2012
Steubing AG MICHAEL BROEKER buy 5 M 100 Not Provided 05.01.2012
Cyrrus JAN ROH buy 5 M 68 12 month 11.10.2011
Holdings By:
Bayerische Motoren Werke AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
BNP Paribas S.A. attracts deposits and offers commercial, retail, investment,
private and corporate banking services. The Bank also provides asset management
and investment advisory services to institutions and individuals in Europe, the
United States, Asia and the Emerging Markets.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (17.09.2012) 40.60
52-Week Low (26.09.2011) 24.00
Daily Volume
39.015
52-Week High % Change -3.86% Dividend Yield -
52-Week Low % Change 62.56% Beta 1.54
% 52 Week Price Range High/Low 94.40% Equity Float 1'096.03
Shares Out 10.07.2012 1'253.7 Short Int -
48'914.18 1 Yr Total Return 61.53%
Total Debt 1'125'331.00 YTD Return 34.73%
Preferred Stock 7'261.0 Adjusted BETA 1.540
Minority Interest 10'256.0 Analyst Recs 36
Cash and Equivalents 107'751.00 Consensus Rating 4.139
Enterprise Value -
Average Volume 5 Day 7'021'354
BNP FP EQUITY YTD Change - Average Volume 30 Day 5'552'382
BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 6'492'596
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
85'022.0 78'052.0 70'526.0 72'848.0 71'009.0 45'449.0 0.0 39'133.5 40'427.6 9'934.9 9'384.5
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x #DIV/0! - - - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
7'822.0 3'021.0 5'832.0 7'843.0 6'050.0 8'199.0 6'021.0 6'839.9 6'949.3 1'585.4 1'350.0
8.74x 9.85x 10.75x 7.52x 6.30x 7.76x 6.02x 7.12x 7.07x 7.48x 7.46x
EBITDA - Long-Term Rating Date 23.01.2012
EBIT - Long-Term Rating AA-
Operating Margin 20.22% Long-Term Outlook NEG
Pretax Margin 20.16% Short-Term Rating Date 23.01.2012
Return on Assets 0.31% Short-Term Rating A-1+
Return on Common Equity 8.56%
Return on Capital 0.56% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 1652.3%
Net Income Margin 12.6% Total Debt/Capital 92.9%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 2.40
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 57.26% Inventory Days -
Tot Debt to Common Equity 1652.25% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
BNP Paribas SAPrice/Volume
Valuation Analysis
1'789'519.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-2
.-
.2/-/20-021-12
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G/'- G1'- G3'- G5'- G.-'- G./'- G.1'- G.3'- G.5'- G/-'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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/'2-
0'--
0'2-
1'--
1'2-
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BELGIAN STATE n/a Co File 127'750'000 10.19 - 31.12.2011 Government
AXA n/a Co File 65'670'000 5.24 - 31.12.2011 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 20'433'396 1.63 403'818 30.03.2012 Mutual Fund Manager
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 18'678'257 1.49 5'706'053 31.08.2012 Investment Advisor
BNP PARIBAS ASSET MG n/a Co File 16'480'000 1.31 - 31.12.2011 Investment Advisor
HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 15'884'611 1.27 4'962'220 30.06.2012 Investment Advisor
STATE OF LUXEMBOURG n/a Co File 12'870'000 1.03 - 31.12.2011 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'148'721 0.97 (544'098) 30.06.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 11'541'390 0.92 1'050'096 31.07.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 10'324'661 0.82 2'035'150 31.03.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'212'735 0.73 2'576'039 30.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 8'412'793 0.67 (874'543) 30.06.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 8'001'090 0.64 (1'459'214) 30.06.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 6'257'655 0.5 141'389 20.09.2012 Investment Advisor
JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 6'158'310 0.49 (18'408) 30.06.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 5'476'523 0.44 (23'687) 31.07.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 4'933'579 0.39 (308'481) 31.08.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 4'890'346 0.39 - 20.09.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 4'224'954 0.34 25'983 20.09.2012 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 3'657'130 0.29 1'175'634 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie PIERS BROWN underperform 1 D 35 12 month 24.09.2012
Nomura JON PEACE buy 5 M 43 12 month 24.09.2012
Redburn Partners GEORGE SOSEI KARAMANOS buy 5 M #N/A N/A Not Provided 24.09.2012
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 40 Not Provided 21.09.2012
Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 20.09.2012
AlphaValue CHRISTOPHE NIJDAM add 4 M 45 6 month 20.09.2012
Grupo Santander AURELIA FAURE buy 5 M 52 Not Provided 19.09.2012
Societe Generale SEBASTIEN LEMAIRE hold 3 M 42 12 month 19.09.2012
HSBC ROBIN DOWN overweight 5 M 45 Not Provided 19.09.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.09.2012
RBC Capital Markets ANKE REINGEN outperform 5 M 43 12 month 18.09.2012
Kepler Capital Markets BENOIT PETRARQUE buy 5 M 45 Not Provided 16.09.2012
CA Cheuvreux PASCAL DECQUE select list 5 M 43 Not Provided 13.09.2012
ING Wholesale Banking TOM VAN KEMPEN buy 5 M 43 12 month 30.08.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 D #N/A N/A Not Provided 23.08.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 21.08.2012
Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 54 12 month 08.08.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 08.08.2012
Barclays JEREMY SIGEE overweight 5 M 36 Not Provided 07.08.2012
Mediobanca SpA ANTONIO GUGLIELMI underperform 1 M 35 Not Provided 03.08.2012
Deutsche Bank FLORA-A BENHAKOUN buy 5 M 42 12 month 03.08.2012
JPMorgan DELPHINE LEE neutral 3 M 43 3 month 03.08.2012
Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT market perform 3 M 40 12 month 03.08.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 31 12 month 03.08.2012
Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 35 12 month 02.08.2012
Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 45 Not Provided 02.08.2012
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 48 12 month 02.08.2012
S&P Capital IQ JAWAHAR HINGORANI buy 5 M 40 12 month 02.08.2012
Banco Sabadell MARIO LODOS buy 5 M 48 Not Provided 30.07.2012
Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 28 Not Provided 16.07.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 50 Not Provided 19.06.2012
DZ Bank AG SABINE BOHN buy 5 M 39 Not Provided 08.05.2012
Natixis ALEX KOAGNE buy 5 M 40 Not Provided 07.05.2012
Holdings By:
BNP Paribas SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Carrefour SA operates chains of supermarkets, hypermarkets, discount, cash and
carry, and frozen food stores in Europe, the Americas, and Asia.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (04.11.2011) 20.51
52-Week Low (11.07.2012) 12.87
Daily Volume
17.3
52-Week High % Change -15.75% Dividend Yield -
52-Week Low % Change 34.42% Beta 1.06
% 52 Week Price Range High/Low 59.55% Equity Float 531.33
Shares Out 30.06.2012 679.3 Short Int -
11'752.51 1 Yr Total Return 15.88%
Total Debt 16'573.00 YTD Return 1.80%
Preferred Stock 0.0 Adjusted BETA 1.061
Minority Interest 1'009.0 Analyst Recs 40
Cash and Equivalents 4'760.00 Consensus Rating 3.000
Enterprise Value 22'998.51
Average Volume 5 Day 2'802'319
CA FP EQUITY YTD Change - Average Volume 30 Day 2'968'368
CA FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'456'579
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2
82'148.5 86'341.0 84'763.0 79'737.0 80'455.0 0.0 0.0 80'511.8 82'269.8 22'379.2 21'639.0
0.61x 0.36x 0.42x 0.44x 0.31x #DIV/0! #DIV/0! 0.24x 0.23x - -
3'742.1 4'044.0 4'599.0 4'380.0 3'894.0 0.0 0.0 3'778.6 3'937.9 - -
13.33x 7.62x 7.76x 7.95x 6.34x 0.00x 0.00x 6.09x 5.84x - -
2'299.4 1'269.0 276.0 433.0 371.0 0.0 0.0 882.9 1'008.2 - -
20.00x 14.82x 67.12x 61.70x 0.00x 0.00x 0.00x 13.36x 12.10x - -
EBITDA 3'894.00 Long-Term Rating Date 15.03.2012
EBIT 2'182.00 Long-Term Rating BBB
Operating Margin 2.71% Long-Term Outlook STABLE
Pretax Margin -1.46% Short-Term Rating Date 16.04.2010
Return on Assets 0.73% Short-Term Rating A-2
Return on Common Equity 4.58%
Return on Capital - EBITDA/Interest Exp. 6.25
Asset Turnover 1.58% (EBITDA-Capex)/Interest Exp. 2.51
Net Debt/EBITDA 3.03
Gross Margin 19.3% Total Debt/EBITDA 4.26
EBITDA Margin 4.8%
EBIT Margin 2.7% Total Debt/Equity 250.5%
Net Income Margin 0.5% Total Debt/Capital 68.5%
Asset Turnover 1.58
Current Ratio 0.74 Net Fixed Asset Turnover 5.34
Quick Ratio 0.29 Accounts receivable turnover-days 12.11
Debt to Assets 34.58% Inventory Days 38.91
Tot Debt to Common Equity 250.46% Accounts Payable Turnover Day 90.61
Accounts Receivable Turnover 30.15 Cash Conversion Cycle -39.59
Inventory Turnover 9.38
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Carrefour SAPrice/Volume
Valuation Analysis
696'182.00
Current Price (9/dd/yy) Market Data
-
2
.-
.2
/-
/2
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
/'- G
1'- G
3'- G
5'- G
.-'- G
./'- G
.1'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
.'--
/'--
0'--
1'--
2'--
3'--
4'--
5'--
6'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLUE CAPITAL SARL n/a Co File 64'047'813 9.43 - 31.12.2011 Other
SOCIETE GENERALE n/a Research 31'310'832 4.61 (14'638'655) 20.06.2012 Bank
BLUE PARTICIPATIONS n/a Co File 25'359'996 3.73 - 31.12.2011 n/a
AMUNDI SA n/a Research 23'161'032 3.41 - 11.07.2011 Other
COLONY BLUE INVESTOR n/a Co File 15'166'770 2.23 - 31.12.2011 n/a
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'378'215 1.38 98 30.03.2012 Mutual Fund Manager
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 8'917'923 1.31 791'000 30.06.2012 Investment Advisor
SOCIETE GEN GESTION n/a Research 8'353'963 1.23 - 11.07.2011 n/a
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 8'126'922 1.2 98'150 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'721'507 0.99 303'667 30.06.2012 Investment Advisor
AKO CAPITAL LLP n/a Short (6'202'338) -0.91 (543'469) 09.07.2012 Investment Advisor
CARREFOUR SA n/a Co File 5'598'650 0.82 - 31.12.2011 Corporation
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'480'075 0.81 - 31.03.2012 Hedge Fund Manager
GROUPE ARNAULT SAS n/a Co File 5'156'752 0.76 - 31.12.2011 Holding Company
ONTARIO TEACHERS PEN n/a Research 3'200'000 0.47 - 31.12.2010 Pension Fund (ERISA)
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 3'113'327 0.46 - 20.09.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 3'102'990 0.46 1'234'760 31.08.2012 Investment Advisor
SOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 2'859'000 0.42 (1'254'000) 31.03.2012 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 2'553'188 0.38 25'590 31.03.2012 Investment Advisor
ALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 2'251'678 0.33 (53'643) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 20 12 month 24.09.2012
CM - CIC Securities(ESN) CHRISTIAN DEVISMES buy 5 M 22 12 month 20.09.2012
AlphaValue VIRGINIE BLIN buy 5 M 21 6 month 20.09.2012
Aurel - BGC JEAN-MARIE L'HOME buy 5 M 20 Not Provided 19.09.2012
Jefferies JAMES GRZINIC hold 3 M 17 12 month 17.09.2012
Day by Day VALERIE GASTALDY buy 5 M 20 3 month 17.09.2012
Exane BNP Paribas JOHN KERSHAW neutral 3 M 18 Not Provided 14.09.2012
HSBC JEROME SAMUEL neutral 3 M 18 Not Provided 12.09.2012
Morgan Stanley EDOUARD AUBIN Equalwt/In-Line 3 M 18 12 month 10.09.2012
Raymond James CEDRIC LECASBLE underperform 1 M 17 12 month 10.09.2012
Redburn Partners MARC DE SPEVILLE neutral 3 M #N/A N/A Not Provided 06.09.2012
Main First Bank AG RICKIN THAKRAR buy 5 M 24 12 month 05.09.2012
Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 03.09.2012
Grupo Santander JAIME VAZQUEZ buy 5 M 20 Not Provided 31.08.2012
Jyske Bank ROBERT JAKOBSEN strong buy 5 M 22 Not Provided 31.08.2012
Credit Suisse XAVIER LE MENE outperform 5 M 20 Not Provided 31.08.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 19 Not Provided 31.08.2012
Oddo & Cie LAURENCE HOFMANN reduce 2 M 15 Not Provided 31.08.2012
Espirito Santo Investment Bank ResearchCAROLINE GULLIVER buy 5 M 20 Not Provided 31.08.2012
Natixis PIERRE-EDOUARD BOUDOT neutral 3 M 17 Not Provided 31.08.2012
Nomura NICK COULTER neutral 3 M 15 Not Provided 31.08.2012
Barclays NICOLAS CHAMP equalweight 3 U 16 Not Provided 31.08.2012
Commerzbank Corporates & Markets JUERGEN ELFERS reduce 2 M 14 6 month 30.08.2012
Independent Research GmbH ZAFER RUEZGAR hold 3 M 17 12 month 30.08.2012
Kepler Capital Markets FABIENNE CARON buy 5 M 18 Not Provided 30.08.2012
S&P Capital IQ WILLIAM MACK sell 1 M 16 12 month 30.08.2012
Hammer Partners SA STEPHAN SEIP sell 1 M 14 Not Provided 30.08.2012
JPMorgan MATTHEW TRUMAN neutral 3 M 17 3 month 28.08.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 27.08.2012
Banco Sabadell MARTA DIAZ sell 1 M 19 Not Provided 30.07.2012
Macquarie SREEDHAR MAHAMKALI outperform 5 U 18 12 month 20.07.2012
Baader Bank VOLKER BOSSE sell 1 M 15 12 month 19.07.2012
Deutsche Bank JAMES G COLLINS hold 3 M 15 12 month 13.07.2012
Nord/LB WOLFGANG VASTERLING sell 1 M #N/A N/A Not Provided 10.07.2012
CA Cheuvreux ARNAUD JOLY underperform 1 M 13 Not Provided 06.07.2012
ING Wholesale Banking JOHN DAVID ROEG hold 3 M 17 12 month 13.06.2012
Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 04.04.2012
DZ Bank AG CHRISTIAN DOUGLAS sell 1 M 16 12 month 31.01.2012
Equita SIM SpA FABIO FAZZARI hold 3 M 22 12 month 12.01.2012
Holdings By:
Carrefour SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
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.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (20.02.2012) 37.63
52-Week Low (02.08.2012) 23.90
Daily Volume
29.425
52-Week High % Change -21.79% Dividend Yield -
52-Week Low % Change 23.12% Beta 1.24
% 52 Week Price Range High/Low 46.56% Equity Float 460.07
Shares Out 11.09.2012 531.1 Short Int -
15'626.58 1 Yr Total Return 12.46%
Total Debt 11'044.00 YTD Return 3.76%
Preferred Stock 0.0 Adjusted BETA 1.238
Minority Interest 403.0 Analyst Recs 30
Cash and Equivalents 2'949.00 Consensus Rating 4.000
Enterprise Value 25'859.59
Average Volume 5 Day 2'405'869
SGO FP EQUITY YTD Change - Average Volume 30 Day 2'000'285
SGO FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'280'260
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
43'421.0 43'800.0 37'786.0 40'119.0 42'116.0 41'465.0 42'831.0 43'342.0 44'569.3 11'025.0 10'534.0
0.78x 0.56x 0.75x 0.69x 0.57x 0.00x 0.00x 0.56x 0.54x - -
5'751.0 5'263.0 3'821.0 4'785.0 5'024.0 0.0 0.0 4'549.0 4'848.4 - -
5.92x 4.68x 7.39x 5.80x 4.80x 0.00x 0.00x 5.69x 5.34x - -
1'487.0 1'378.0 202.0 1'129.0 1'284.0 0.0 0.0 1'349.3 1'601.1 - -
15.92x 9.15x 88.53x 17.66x 12.16x 0.00x 0.00x 11.43x 9.71x - -
EBITDA 5'024.00 Long-Term Rating Date 24.07.2009
EBIT 3'441.00 Long-Term Rating BBB
Operating Margin 8.17% Long-Term Outlook STABLE
Pretax Margin 4.79% Short-Term Rating Date 30.04.2004
Return on Assets 2.85% Short-Term Rating A-2
Return on Common Equity 7.20%
Return on Capital 6.05% EBITDA/Interest Exp. 8.99
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 5.36
Net Debt/EBITDA 1.61
Gross Margin 24.6% Total Debt/EBITDA 2.20
EBITDA Margin 11.9%
EBIT Margin 8.2% Total Debt/Equity 62.0%
Net Income Margin 3.0% Total Debt/Capital 37.7%
Asset Turnover 0.93
Current Ratio 1.24 Net Fixed Asset Turnover 3.01
Quick Ratio 0.63 Accounts receivable turnover-days 44.98
Debt to Assets 23.89% Inventory Days 70.78
Tot Debt to Common Equity 61.99% Accounts Payable Turnover Day 65.95
Accounts Receivable Turnover 8.12 Cash Conversion Cycle 49.80
Inventory Turnover 5.16
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Cie de St-GobainPrice/Volume
Valuation Analysis
1'146'532.00
Current Price (9/dd/yy) Market Data
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2
.-
.2
/-
/2
0-
02
1-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
/'- G
1'- G
3'- G
5'- G
.-'- G
./'- G
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
50'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
/'--
1'--
3'--
5'--
.-'--
./'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WENDEL INVESTISSEMEN n/a Co File 92'891'280 17.49 - 31.12.2010 Investment Advisor
FONDS DU PLAN D EPAR n/a Co File 41'402'970 7.8 - 31.12.2010 n/a
AMUNDI SA n/a Research 40'161'206 7.56 17'861'078 27.06.2012 Other
CAISSE DES DEPOTS ET n/a Co File 15'393'412 2.9 - 31.12.2010 Government
GROUPAMA SA n/a Co File 10'085'339 1.9 - 31.12.2010 Insurance Company
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'000'693 1.51 237'423 30.03.2012 Mutual Fund Manager
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'617'178 1.25 - 30.06.2012 Investment Advisor
COGEMA n/a Co File 5'838'880 1.1 - 31.12.2010 Corporation
CIE DE SAINT GOBAIN n/a Co File 4'777'266 0.9 - 31.12.2010 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'694'392 0.88 203'626 30.06.2012 Investment Advisor
PREDICA n/a Co File 3'715'651 0.7 - 31.12.2010 Insurance Company
AVIVA PLC Multiple Portfolios MF-AGG 2'567'079 0.48 (1'249) 31.08.2012 Investment Advisor
SOCIETE GEN GESTION n/a Research 2'536'782 0.48 - 15.06.2011 n/a
LBPAM Multiple Portfolios MF-AGG 2'389'190 0.45 (118'684) 31.07.2012 Mutual Fund Manager
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 2'119'603 0.4 - 20.09.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'181'925 0.22 - 20.09.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1'174'257 0.22 436 20.09.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'132'100 0.21 - 30.03.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'081'092 0.2 - 30.03.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 1'012'926 0.19 (2'100) 31.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 32 Not Provided 24.09.2012
AlphaValue GAETAN DUPONT buy 5 M 41 6 month 20.09.2012
Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 31 6 month 19.09.2012
Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 35 12 month 13.09.2012
Exane BNP Paribas PAUL ROGER neutral 3 M 31 Not Provided 07.09.2012
Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 39 Not Provided 06.09.2012
Jefferies MICHAEL F BETTS buy 5 M 48 12 month 29.08.2012
Societe Generale MURIEL FELLOUS buy 5 M 34 12 month 17.08.2012
Credit Suisse HARRY GOAD neutral 3 D 30 Not Provided 17.08.2012
Morgan Stanley ALEJANDRA PEREDA Overwt/Attractive 5 M 38 12 month 15.08.2012
Raymond James ARNAUD PALLIEZ outperform 5 M 32 12 month 15.08.2012
Goldman Sachs WILL MORGAN Buy/Neutral 5 M 33 12 month 09.08.2012
Davy TIM CAHILL outperform 5 U #N/A N/A Not Provided 09.08.2012
ING Wholesale Banking IAN OSBURN buy 5 M 33 12 month 07.08.2012
JPMorgan MICHAEL MORRIS overweight 5 M 33 9 month 02.08.2012
Day by Day VALERIE GASTALDY sell 1 D 20 3 month 02.08.2012
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 26 12 month 01.08.2012
Berenberg Bank MICHAEL WATTS buy 5 M 35 Not Provided 01.08.2012
Natixis RAFIC EL HADDAD neutral 3 M 28 Not Provided 31.07.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 31.07.2012
Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 44 Not Provided 30.07.2012
Deutsche Bank LUIS PRIETO buy 5 M 35 12 month 27.07.2012
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 36 12 month 27.07.2012
S&P Capital IQ JAWAHAR HINGORANI hold 3 D 32 12 month 27.07.2012
Liberum Capital Ltd CHARLIE CAMPBELL hold 3 D 30 Not Provided 27.07.2012
Kepler Capital Markets JOSEP PUJAL hold 3 D 30 Not Provided 26.07.2012
HSBC JOHN FRASER-ANDREWS overweight 5 M 38 Not Provided 05.03.2012
CA Cheuvreux NABIL AHMED suspended coverage #N/A N/A M 52 Not Provided 12.01.2012
Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 09.03.2009
Holdings By:
Cie de St-Gobain ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
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.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (16.03.2012) 16.93
52-Week Low (26.09.2011) 10.44
Daily Volume
15.345
52-Week High % Change -9.37% Dividend Yield 4.07
52-Week Low % Change 47.05% Beta 1.45
% 52 Week Price Range High/Low 80.27% Equity Float 678.71
Shares Out 20.09.2012 722.5 Short Int -
11'086.46 1 Yr Total Return 49.93%
Total Debt 4'982.00 YTD Return 4.15%
Preferred Stock 1.0 Adjusted BETA 1.446
Minority Interest 74.0 Analyst Recs 32
Cash and Equivalents 1'324.00 Consensus Rating 2.594
Enterprise Value 15'222.46
Average Volume 5 Day 1'564'556
CRH ID EQUITY YTD Change - Average Volume 30 Day 1'280'651
CRH ID EQUITY YTD % CHANGE - Average Volume 3 Month 1'268'695
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
20'992.0 20'887.0 17'373.0 17'173.0 18'081.0 - - 18'957.1 19'680.9 - -
0.87x 0.78x 1.01x 0.86x 0.82x - - 0.75x 0.71x - -
2'858.0 2'656.0 1'803.0 1'614.0 1'656.0 - - 1'680.8 1'815.3 - -
6.40x 6.11x 9.69x 9.18x 9.01x - - 9.06x 8.39x - -
1'430.0 1'248.0 592.0 432.0 590.0 - - 570.9 676.7 - -
9.08x 7.66x 21.54x 25.28x 18.60x - - 19.18x 16.31x - -
EBITDA 1'656.00 Long-Term Rating Date 17.12.2007
EBIT 871.00 Long-Term Rating BBB+
Operating Margin 4.82% Long-Term Outlook STABLE
Pretax Margin 3.93% Short-Term Rating Date 07.09.2001
Return on Assets 2.75% Short-Term Rating A-2
Return on Common Equity 5.66%
Return on Capital 5.21% EBITDA/Interest Exp. 6.32
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 4.12
Net Debt/EBITDA 2.21
Gross Margin 27.1% Total Debt/EBITDA 3.01
EBITDA Margin 9.2%
EBIT Margin 4.8% Total Debt/Equity 47.4%
Net Income Margin 3.3% Total Debt/Capital 32.0%
Asset Turnover 0.84
Current Ratio 1.70 Net Fixed Asset Turnover 2.03
Quick Ratio 0.94 Accounts receivable turnover-days 40.75
Debt to Assets 23.29% Inventory Days 61.94
Tot Debt to Common Equity 47.41% Accounts Payable Turnover Day 40.62
Accounts Receivable Turnover 8.96 Cash Conversion Cycle 62.07
Inventory Turnover 5.89
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
CRH PLCPrice/Volume
Valuation Analysis
441'832.00
Current Price (9/dd/yy) Market Data
-/135
.-
./
.1
.3
.5
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1'- G
2'- G
3'- G
4'- G
5'- G
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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1'--
3'--
5'--
.-'--
./'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a RNS-MAJ 48'014'852 6.65 (2'078'763) 06.09.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 37'933'711 5.25 (3'407'139) 30.06.2012 Investment Advisor
BLACKROCK INC n/a Co File 28'961'677 4.01 - 27.02.2012 Investment Advisor
UBS AG n/a Co File 26'380'604 3.65 - 27.02.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 24'762'889 3.43 1'658'701 30.06.2012 Investment Advisor
LEGAL & GENERAL n/a RNS-MAJ 22'496'003 3.11 - 04.01.2012 Investment Advisor
NORGES BANK n/a Co File 21'543'277 2.98 - 27.02.2012 Government
FRANKLIN RESOURCES I n/a RNS-MAJ 21'503'171 2.98 - 30.06.2011 Investment Advisor
GRWTH FUND OF AMERIC n/a RNS-MAJ 21'114'087 2.92 - 15.02.2011 n/a
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 19'246'611 2.66 1'356'470 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'406'014 1.16 437'973 30.06.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 7'138'291 0.99 (313'031) 31.07.2012 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'867'675 0.81 (3'000) 31.05.2012 Hedge Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 5'279'577 0.73 47'369 20.09.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4'929'016 0.68 (316'150) 31.03.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'327'520 0.6 - 31.07.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'865'122 0.53 10'053 31.07.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 3'598'952 0.5 - 20.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 3'075'033 0.43 (321'262) 21.09.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 2'698'668 0.37 69'419 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goodbody Stockbrokers Ltd ROBERT EASON reduce 2 M 13 12 month 24.09.2012
Jefferies MICHAEL F BETTS buy 5 M 22 12 month 20.09.2012
Raymond James ARNAUD PALLIEZ market perform 3 D #N/A N/A Not Provided 19.09.2012
Kepler Capital Markets JOSEP PUJAL hold 3 M 16 Not Provided 18.09.2012
Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 15 12 month 13.09.2012
AlphaValue GAETAN DUPONT add 4 M 17 6 month 13.09.2012
Exane BNP Paribas PAUL ROGER underperform 1 M 16 Not Provided 07.09.2012
Natixis ABDELKADER BENCHIHA reduce 2 N 12 Not Provided 05.09.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.09.2012
Goldman Sachs WILL MORGAN neutral/neutral 3 M 17 12 month 03.09.2012
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 15 Not Provided 30.08.2012
Berenberg Bank ROBERT MUIR sell 1 M 12 Not Provided 30.08.2012
Societe Generale MURIEL FELLOUS hold 3 M 16 12 month 17.08.2012
Credit Suisse HARRY GOAD underperform 1 D 12 Not Provided 17.08.2012
Numis Securities Ltd HOWARD SEYMOUR reduce 2 M 13 Not Provided 17.08.2012
JPMorgan MICHAEL MORRIS neutral 3 D 14 9 month 16.08.2012
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 16 12 month 16.08.2012
Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 15.08.2012
ING Wholesale Banking IAN OSBURN sell 1 M 13 12 month 15.08.2012
Bryan Garnier & Cie SVEN EDELFELT sell 1 M 15 6 month 14.08.2012
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 15 12 month 14.08.2012
Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 16 Not Provided 14.08.2012
Morgan Stanley YURI SEROV Underwt/Attractive 1 M 17 12 month 07.08.2012
Day by Day VALERIE GASTALDY buy 5 U 18 3 month 29.06.2012
Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 13 12 month 28.06.2012
HSBC JOHN FRASER-ANDREWS overweight 5 U 16 Not Provided 21.06.2012
Deutsche Bank LUIS PRIETO hold 3 M 16 12 month 15.06.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 14.06.2012
Dolmen Stockbrokers IAN G HUNTER neutral 3 M 15 Not Provided 28.02.2012
CA Cheuvreux NABIL AHMED suspended coverage #N/A N/A M 17 Not Provided 12.01.2012
NCB Stockbrokers(ESN) MURRAY MCCARTER buy 5 M 19 12 month 16.08.2011
BB&T Capital Markets JOHN F KASPRZAK JR hold 3 M #N/A N/A Not Provided 04.05.2011
Holdings By:
CRH PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Daimler AG develops, manufactures, distributes, and sells a wide range of
automotive products, mainly passenger cars, trucks, vans and buses. The Company
also provides financial and other services relating to its automotive
businesses.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (14.03.2012) 48.95
52-Week Low (25.11.2011) 29.02
Daily Volume
39.635
52-Week High % Change -19.03% Dividend Yield -
52-Week Low % Change 36.60% Beta 1.23
% 52 Week Price Range High/Low 56.13% Equity Float 911.86
Shares Out 31.08.2012 1'067.2 Short Int -
42'298.65 1 Yr Total Return 28.59%
Total Debt 71'860.00 YTD Return 22.85%
Preferred Stock 0.0 Adjusted BETA 1.228
Minority Interest 1'713.0 Analyst Recs 38
Cash and Equivalents 10'910.00 Consensus Rating 3.842
Enterprise Value 112'787.65
Average Volume 5 Day 8'607'380
DAI GY EQUITY YTD Change - Average Volume 30 Day 5'080'391
DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 5'110'779
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
99'399.0 95'873.0 78'924.0 97'761.0 106'540.0 102'534.0 111'368.0 110'914.8 115'952.8 26'797.0 28'386.7
1.12x 0.87x 1.15x 1.10x 0.93x 3.98x 3.69x 0.32x 0.31x 1.24x 1.16x
15'839.0 11'685.0 3'032.0 10'489.0 12'216.0 11'924.0 12'391.0 13'130.6 14'558.8 - 1'974.0
7.04x 7.14x 29.84x 10.26x 8.09x 8.30x 8.73x 8.60x 7.75x - -
3'979.0 1'348.0 (2'640.0) 4'498.0 5'667.0 5'249.0 5'766.0 5'457.6 6'179.1 1'282.3 1'336.0
14.18x 15.61x 0.00x 11.85x 6.38x 10.46x 6.53x 7.77x 6.92x 7.11x 6.48x
EBITDA 12'216.00 Long-Term Rating Date 23.02.2012
EBIT 8'641.00 Long-Term Rating A-
Operating Margin 8.11% Long-Term Outlook STABLE
Pretax Margin 7.93% Short-Term Rating Date 26.02.2001
Return on Assets 3.99% Short-Term Rating A-2
Return on Common Equity 14.91%
Return on Capital 6.59% EBITDA/Interest Exp. 8.18
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 5.40
Net Debt/EBITDA 4.99
Gross Margin 24.0% Total Debt/EBITDA 5.88
EBITDA Margin 11.5%
EBIT Margin 8.1% Total Debt/Equity 181.4%
Net Income Margin 5.3% Total Debt/Capital 63.5%
Asset Turnover 0.75
Current Ratio 1.07 Net Fixed Asset Turnover 2.68
Quick Ratio 0.33 Accounts receivable turnover-days 25.76
Debt to Assets 48.51% Inventory Days 71.23
Tot Debt to Common Equity 181.35% Accounts Payable Turnover Day 37.50
Accounts Receivable Turnover 14.17 Cash Conversion Cycle 59.49
Inventory Turnover 5.12
Fiscal Year Ended
Daimler AGPrice/Volume
Valuation Analysis
2'199'847.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
.-
/-
0-
1-
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0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
.-'--
/-'--
0-'--
1-'--
2-'--
3-'--
4-'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MORGAN STANLEY & CO n/a Research 112'072'933 10.5 - 16.04.2012 Investment Advisor
KUWAIT INVESTMENT AU n/a EXCH 73'210'039 6.86 - 23.06.2011 Government
BLACKROCK INC n/a Research 56'740'419 5.32 - 04.05.2012 Investment Advisor
RENAULT SA n/a EXCH 32'928'533 3.09 - 23.06.2011 Corporation
AABAR INVESTMENTS PJ n/a Research 32'750'100 3.07 - 01.02.2012 Corporation
NORGES BANK n/a Research 32'355'918 3.03 - 17.09.2012 Government
CAPITAL RESEARCH AND n/a Research 31'825'311 2.98 - 17.08.2012 Investment Advisor
SOCIETE GENERALE n/a Research 29'715'538 2.78 - 13.06.2011 Bank
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 22'390'799 2.1 888 20.09.2012 Investment Advisor
HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 19'872'840 1.86 2'798'375 30.06.2012 Investment Advisor
NISSAN MOTOR CO LTD n/a Co File 16'448'378 1.54 - 31.03.2012 Corporation
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 16'386'075 1.54 (1'711'159) 30.06.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 16'278'208 1.53 (1'304'917) 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'241'260 1.15 976'723 30.06.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 10'555'488 0.99 (915'116) 31.08.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'508'368 0.98 - 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 7'755'581 0.73 - 20.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'642'633 0.72 227'946 29.02.2012 Mutual Fund Manager
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'037'440 0.57 (19'400) 31.05.2012 Hedge Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'253'074 0.49 - 30.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 40 12 month 24.09.2012
Bankhaus Metzler JUERGEN PIEPER sell 1 M 30 12 month 24.09.2012
Societe Generale STEPHEN REITMAN hold 3 M 40 12 month 21.09.2012
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 56 6 month 21.09.2012
National Bank AG MANFRED JAISFELD hold 3 M 45 Not Provided 21.09.2012
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 50 12 month 21.09.2012
Natixis GEORGES DIENG neutral 3 M 38 Not Provided 21.09.2012
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 53 12 month 21.09.2012
DZ Bank AG MICHAEL PUNZET buy 5 M 50 12 month 21.09.2012
Redburn Partners CHARLES WINSTON neutral 3 M #N/A N/A Not Provided 21.09.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 35 12 month 21.09.2012
Nord/LB FRANK SCHWOPE hold 3 D 40 12 month 20.09.2012
Credit Suisse ARNDT ELLINGHORST neutral 3 M 40 Not Provided 20.09.2012
Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 55 12 month 20.09.2012
S&P Capital IQ MARNIE COHEN hold 3 M 40 12 month 20.09.2012
AlphaValue HANS-PETER WODNIOK add 4 M 47 6 month 20.09.2012
JPMorgan BERNARD DONGES restricted #N/A N/A M #N/A N/A Not Provided 13.09.2012
Exane BNP Paribas RABIH FREIHA outperform 5 M 53 Not Provided 13.09.2012
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 98 12 month 12.09.2012
Kepler Capital Markets MICHAEL RAAB buy 5 M 47 Not Provided 10.09.2012
Independent Research GmbH ZAFER RUEZGAR hold 3 M 43 6 month 05.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 08.08.2012
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 06.08.2012
Barclays KRISTINA CHURCH equalweight 3 U 48 Not Provided 31.07.2012
Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 61 Not Provided 30.07.2012
Baader Bank JOSE ASUMENDI hold 3 M 40 12 month 26.07.2012
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 48 Not Provided 26.07.2012
Bankhaus Lampe CHRISTIAN LUDWIG hold 3 D 42 12 month 26.07.2012
Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 44 12 month 25.07.2012
CA Cheuvreux ALEXANDER NEUBERGER select list 5 M 51 Not Provided 17.07.2012
HSBC HORST SCHNEIDER neutral 3 M 38 Not Provided 13.07.2012
Oddo & Cie FRANCOIS MAURY buy 5 M 50 Not Provided 27.06.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.05.2012
Main First Bank AG LOTHAR LUBINETZKI buy 5 M 53 12 month 16.04.2012
Deutsche Bank JOCHEN GEHRKE hold 3 M 42 12 month 10.02.2012
Cyrrus JAN ROH accumulate 4 U 40 12 month 11.10.2011
Steubing AG TEAM COVERAGE buy 5 M 76 Not Provided 10.01.2011
Holdings By:
Daimler AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
DANONE S.A. is a food processing company. The Company produces dairy products,
beverages, baby food and clinical/medical nutrition products.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (04.05.2012) 54.96
52-Week Low (26.09.2011) 43.01
Daily Volume
49.6
52-Week High % Change -9.78% Dividend Yield -
52-Week Low % Change 15.32% Beta 0.66
% 52 Week Price Range High/Low 58.58% Equity Float 522.40
Shares Out 10.09.2012 643.2 Short Int -
31'900.83 1 Yr Total Return 16.61%
Total Debt 9'031.00 YTD Return 4.84%
Preferred Stock 0.0 Adjusted BETA 0.660
Minority Interest 98.0 Analyst Recs 42
Cash and Equivalents 2'141.00 Consensus Rating 3.381
Enterprise Value 38'888.83
Average Volume 5 Day 2'249'127
BN FP EQUITY YTD Change - Average Volume 30 Day 1'677'556
BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'969'827
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
12'776.0 15'220.0 14'982.0 17'010.0 19'318.0 18'092.0 20'065.0 20'867.1 22'495.2 5'273.6 5'188.5
3.17x 2.09x 2.20x 2.11x 1.89x 0.00x 0.00x 1.82x 1.65x - -
2'116.0 2'796.0 2'844.0 3'194.0 3'486.0 0.0 0.0 3'645.6 3'922.6 - -
19.16x 11.35x 11.61x 11.23x 10.45x 0.00x 0.00x 10.67x 9.92x - -
4'180.0 1'313.0 1'361.0 1'875.0 1'671.0 0.0 0.0 1'857.0 2'034.1 - -
33.03x 19.75x 17.77x 15.42x 17.53x 0.00x 0.00x 16.12x 14.71x - -
EBITDA 3'486.00 Long-Term Rating Date 25.07.2007
EBIT 2'843.00 Long-Term Rating A-
Operating Margin 14.72% Long-Term Outlook STABLE
Pretax Margin 12.84% Short-Term Rating Date 11.07.2007
Return on Assets 5.92% Short-Term Rating A-2
Return on Common Equity 14.02%
Return on Capital 9.58% EBITDA/Interest Exp. 14.46
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 10.79
Net Debt/EBITDA 1.98
Gross Margin 50.6% Total Debt/EBITDA 2.59
EBITDA Margin 18.0%
EBIT Margin 14.7% Total Debt/Equity 74.6%
Net Income Margin 8.6% Total Debt/Capital 42.5%
Asset Turnover 0.68
Current Ratio 0.88 Net Fixed Asset Turnover 5.00
Quick Ratio 0.59 Accounts receivable turnover-days 36.89
Debt to Assets 31.77% Inventory Days 38.91
Tot Debt to Common Equity 74.64% Accounts Payable Turnover Day 97.12
Accounts Receivable Turnover 9.89 Cash Conversion Cycle -21.32
Inventory Turnover 9.38
Fiscal Year Ended
Danone SAPrice/Volume
Valuation Analysis
381'592.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
.-
/-
0-
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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1'--
3'--
5'--
.-'--
./'--
.1'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASSACHUSETTS FINANC n/a Research 39'168'842 6.09 - 08.08.2012 Investment Advisor
GROUPE DANONE n/a Co File 35'825'460 5.57 - 31.12.2011 Corporation
AMUNDI SA n/a Research 28'864'287 4.49 (3'844'941) 15.05.2012 Other
LEGENDRE HOLDING 22 n/a Research 17'581'174 2.73 - 13.07.2010 Holding Company
EURAZEO n/a Co File 16'433'370 2.56 - 31.12.2011 Investment Advisor
SOFINA & HENEX GROUP n/a Co File 13'584'541 2.11 - 31.12.2011 n/a
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'846'372 1.84 (667'100) 29.06.2012 Mutual Fund Manager
CAISSE DES DEPOTS ET n/a Co File 11'688'114 1.82 - 31.12.2011 Government
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 10'421'035 1.62 (82'000) 30.06.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9'947'996 1.55 1'066'084 30.06.2012 Investment Advisor
FCPE FONDS GROUPE DA n/a Co File 8'804'680 1.37 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'565'679 1.33 1'885'823 30.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 4'819'241 0.75 (310'000) 30.06.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 4'134'489 0.64 (1'019'016) 31.07.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'603'166 0.56 (203'100) 30.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 3'590'633 0.56 1'609'010 31.03.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 3'579'022 0.56 - 31.07.2012 Investment Advisor
MFS INVESTMENT MANAG Multiple Portfolios MF-AGG 3'306'850 0.51 28'275 31.07.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 3'010'991 0.47 2'562 20.09.2012 Investment Advisor
SOCIETE GEN GESTION n/a Research 2'950'943 0.46 - 13.05.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley EILEEN KHOO Equalwt/Attractive 3 M 51 12 month 22.09.2012
AlphaValue SOPHIE CABO-BROSETA add 4 M 58 6 month 20.09.2012
Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 53 12 month 19.09.2012
Berenberg Bank JAMES TARGETT hold 3 N 54 Not Provided 17.09.2012
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 48 12 month 14.09.2012
Espirito Santo Investment Bank ResearchMARTIN DOLAN neutral 3 M 47 Not Provided 14.09.2012
HSBC CEDRIC BESNARD overweight 5 M 58 Not Provided 12.09.2012
Exane BNP Paribas JEFF STENT underperform 1 M 49 Not Provided 11.09.2012
Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012
Mirabaud Securities JULIAN LAKIN hold 3 M 51 12 month 09.09.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.09.2012
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 43 12 month 04.09.2012
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 69 12 month 29.08.2012
Nomura DAVID HAYES buy 5 M 59 12 month 10.08.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 07.08.2012
Equita SIM SpA FABIO FAZZARI buy 5 M 58 12 month 02.08.2012
Grupo Santander PEDRO GIL underweight 1 M 46 Not Provided 30.07.2012
Societe Generale WARREN L ACKERMAN hold 3 M 53 12 month 30.07.2012
Credit Suisse ALEX MOLLOY underperform 1 M 48 Not Provided 30.07.2012
Independent Research GmbH LARS LUSEBRINK sell 1 M 48 12 month 30.07.2012
Banco Sabadell IGNACIO ROMERO sell 1 M 56 Not Provided 30.07.2012
Helvea ANDREAS VON ARX accumulate 4 M 60 12 month 30.07.2012
Barclays LIAM ROWLEY overweight 5 M 52 Not Provided 30.07.2012
Deutsche Bank JAMES ISENWATER hold 3 M 49 12 month 27.07.2012
Jefferies SIMON MARSHALL-LOCKYER hold 3 M 48 12 month 27.07.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 51 Not Provided 27.07.2012
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 53 6 month 27.07.2012
CM - CIC Securities(ESN) FRANCIS PRETRE hold 3 M 51 12 month 27.07.2012
Kepler Capital Markets JON COX buy 5 M 57 Not Provided 27.07.2012
S&P Capital IQ CARL SHORT strong buy 5 M 58 12 month 27.07.2012
ING Wholesale Banking MARCO GULPERS buy 5 M 55 12 month 27.07.2012
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER neutral 3 M 48 12 month 27.07.2012
JPMorgan CELINE PANNUTI neutral 3 M 48 3 month 25.07.2012
CA Cheuvreux XAVIER CROQUEZ outperform 5 M 53 Not Provided 28.06.2012
Natixis PIERRE TEGNER buy 5 M 56 Not Provided 20.06.2012
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 17.05.2012
Liberum Capital Ltd PABLO ZUANIC buy 5 M 62 Not Provided 11.05.2012
DZ Bank AG ROBERT CZERWENSKY buy 5 M 53 12 month 15.12.2011
Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.07.2011
Holdings By:
Danone SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Deutsche Bank AG is a global financial service provider delivering commercial,
investment, private and retail banking. The Bank offers debt, foreign exchange,
derivatives, commodities, money markets, repo and securitization, cash equities,
research, equity prime services, loans, convertibles, advice on M&A and IPO's,
trade finance, retail banking, asset management and corporate investments.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (27.03.2012) 39.51
52-Week Low (26.07.2012) 22.11
Daily Volume
32.53
52-Week High % Change -17.69% Dividend Yield -
52-Week Low % Change 47.13% Beta 1.33
% 52 Week Price Range High/Low 63.13% Equity Float 893.49
Shares Out 30.06.2012 929.5 Short Int -
30'236.62 1 Yr Total Return 44.62%
Total Debt 284'516.00 YTD Return 13.57%
Preferred Stock 0.0 Adjusted BETA 1.333
Minority Interest 1'270.0 Analyst Recs 44
Cash and Equivalents 177'928.00 Consensus Rating 3.273
Enterprise Value -
Average Volume 5 Day 9'306'328
DBK GY EQUITY YTD Change - Average Volume 30 Day 7'969'399
DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 7'855'214
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
92'159.0 58'492.0 45'167.0 46'151.0 52'660.0 51'733.6 49'286.0 32'148.5 33'376.4 7'431.2 7'533.5
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
6'474.0 (3'835.0) 4'973.0 2'310.0 4'132.0 2'648.0 2'903.0 3'508.7 4'451.3 736.0 745.5
6.55x 0.00x 6.24x 12.74x 6.61x 16.07x 9.08x 8.77x 7.06x 8.47x 7.63x
EBITDA - Long-Term Rating Date 25.01.2012
EBIT - Long-Term Rating A+
Operating Margin 15.94% Long-Term Outlook NEG
Pretax Margin 15.30% Short-Term Rating Date 19.12.2008
Return on Assets 0.20% Short-Term Rating A-1
Return on Common Equity 8.08%
Return on Capital 1.30% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 532.9%
Net Income Margin 11.7% Total Debt/Capital 83.9%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 9.31
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 13.15% Inventory Days -
Tot Debt to Common Equity 532.90% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Deutsche Bank AGPrice/Volume
Valuation Analysis
2'669'077.00
Current Price (9/dd/yy) Market Data
-2
.-
.2/-/20-021-12
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
2'- G
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/-'- G
/2'- G
0-'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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0'--
1'--
2'--
3'--
4'--
5'--
6'--
.-'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK INVESTMENT n/a Co File 47'776'278 5.14 - 29.02.2012 Investment Advisor
CAPITAL RESEARCH AND n/a Research 27'789'959 2.99 - 06.01.2012 Investment Advisor
DEUTSCHE BANK AG n/a Co File 24'888'999 2.68 - 31.12.2011 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 23'749'465 2.56 24'241 20.09.2012 Investment Advisor
DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 22'986'901 2.47 963'886 30.06.2012 Bank
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 20'619'693 2.22 (13'529'580) 30.06.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 20'445'898 2.2 4'462'906 30.06.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 16'980'552 1.83 (3'183'236) 31.03.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 11'476'162 1.23 3'014'593 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'867'004 1.17 573'418 30.06.2012 Investment Advisor
RCM CAPITAL MANAGEME RCM CAPITAL MANAGEME 13F 10'244'520 1.1 10'244'520 31.03.2012 Investment Advisor
CREDIT SUISSE GROUP n/a Research 9'379'275 1.01 - 08.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 9'089'861 0.98 (13'500) 30.06.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'643'250 0.82 (268'096) 29.02.2012 Mutual Fund Manager
JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 6'979'932 0.75 28'713 30.06.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 6'929'849 0.75 (939'901) 30.06.2012 Investment Advisor
JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 6'920'324 0.74 1'987'772 30.06.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'698'871 0.72 (700) 30.03.2012 Investment Advisor
ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 4'814'003 0.52 357'570 30.06.2012 Investment Advisor
AXA AXA 13F 4'270'550 0.46 (149'705) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 24.09.2012
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 36 Not Provided 21.09.2012
AlphaValue DIETER HEIN buy 5 M 44 6 month 21.09.2012
Nord/LB MICHAEL SEUFERT hold 3 M 32 12 month 20.09.2012
Credit Suisse AMIT GOEL underperform 1 M 27 Not Provided 20.09.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 35 12 month 20.09.2012
Equinet Institutional Services(ESN) PHILIPP HAESSLER buy 5 M 40 12 month 20.09.2012
Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 28 12 month 20.09.2012
Grupo Santander AURELIA FAURE underweight 1 M 30 Not Provided 18.09.2012
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 35 12 month 18.09.2012
Espirito Santo Investment Bank ResearchANDREW LIM sell 1 D 27 Not Provided 18.09.2012
Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 35 6 month 14.09.2012
Oddo & Cie JEAN SASSUS neutral 3 M 33 Not Provided 14.09.2012
DZ Bank AG CHRISTOPH BAST buy 5 M 38 12 month 14.09.2012
Exane BNP Paribas DANIEL DAVIES neutral 3 M 29 Not Provided 14.09.2012
Societe Generale DIRK HOFFMANN-BECKING buy 5 M 36 12 month 13.09.2012
JPMorgan KIAN ABOUHOSSEIN neutral 3 M 34 15 month 13.09.2012
Natixis ANTOINE BURGARD neutral 3 M 33 Not Provided 13.09.2012
Nomura JON PEACE reduce 2 M 35 12 month 13.09.2012
S&P Capital IQ FRANK BRADEN hold 3 M 34 12 month 13.09.2012
Bankhaus Metzler GUIDO HOYMANN buy 5 M 42 12 month 12.09.2012
Kepler Capital Markets DIRK M BECKER buy 5 M 44 Not Provided 12.09.2012
Berenberg Bank JAMES CHAPPELL sell 1 M 20 Not Provided 11.09.2012
Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 37 12 month 10.09.2012
HSBC ROBERT MURPHY overweight 5 M 39 Not Provided 05.09.2012
Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 M 35 12 month 04.09.2012
ING Wholesale Banking TOM VAN KEMPEN buy 5 M 37 12 month 30.08.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 27.08.2012
Hamburger Sparkasse CHRISTIAN HAMANN sell 1 D #N/A N/A Not Provided 23.08.2012
Macquarie PIERS BROWN underperform 1 M 24 12 month 10.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 10.08.2012
Barclays JEREMY SIGEE overweight 5 M 31 Not Provided 06.08.2012
Mediobanca SpA CHRISTOPHER J WHEELER underperform 1 M 29 12 month 03.08.2012
CA Cheuvreux CYRIL MEILLAND underperform 1 M 28 Not Provided 01.08.2012
M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 36 12 month 01.08.2012
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 43 12 month 31.07.2012
Banco Sabadell MARIO LODOS buy 5 M 41 Not Provided 30.07.2012
National Bank AG DIRK GOJNY buy 5 M 32 Not Provided 25.07.2012
Canaccord Genuity Corp GARETH HUNT hold 3 M 39 Not Provided 12.07.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 03.07.2012
Helvea PETER THORNE neutral 3 M 34 12 month 17.11.2011
SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010
Holdings By:
Deutsche Bank AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Deutsche Telekom AG offers telecommunications services. The Company offers a
full range of fixed-line telephone services, mobile communications services,
Internet access, and combined information technology and telecommunications
services for businesses.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (20.09.2012) 10.06
52-Week Low (05.06.2012) 7.69
Daily Volume
9.948
52-Week High % Change -1.07% Dividend Yield -
52-Week Low % Change 29.40% Beta 0.75
% 52 Week Price Range High/Low 99.16% Equity Float 2'923.70
Shares Out 30.06.2012 4'321.3 Short Int -
42'988.48 1 Yr Total Return 31.40%
Total Debt 48'318.00 YTD Return 21.84%
Preferred Stock 0.0 Adjusted BETA 0.748
Minority Interest 4'647.0 Analyst Recs 41
Cash and Equivalents 6'122.00 Consensus Rating 3.341
Enterprise Value 90'196.48
Average Volume 5 Day 22'689'560
DTE GY EQUITY YTD Change - Average Volume 30 Day 13'228'170
DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 14'048'550
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
62'516.0 61'666.0 64'602.0 62'421.0 58'653.0 60'150.0 58'392.0 58'107.0 57'272.4 14'563.8 14'561.7
1.72x 1.49x 1.46x 1.48x 1.45x 6.33x 5.86x 1.50x 1.49x 6.24x 6.15x
16'466.0 17'535.0 17'335.0 17'726.0 20'202.0 16'746.0 19'292.0 18'005.4 17'778.5 4'621.3 4'353.0
6.52x 5.24x 5.46x 5.20x 4.22x 5.80x 4.38x 5.01x 5.08x 5.02x 5.07x
571.0 1'483.0 353.0 1'695.0 557.0 1'281.0 581.0 2'645.0 2'754.9 647.0 472.5
115.62x 31.62x 128.63x 24.76x 68.19x 37.19x 61.67x 15.99x 15.42x 16.50x 17.45x
EBITDA 20'202.00 Long-Term Rating Date 19.05.2008
EBIT 6'806.00 Long-Term Rating BBB+
Operating Margin 11.60% Long-Term Outlook STABLE
Pretax Margin 5.15% Short-Term Rating Date 08.04.2002
Return on Assets 0.44% Short-Term Rating A-2
Return on Common Equity 1.52%
Return on Capital 1.37% EBITDA/Interest Exp. 7.79
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 5.26
Net Debt/EBITDA 2.09
Gross Margin 42.2% Total Debt/EBITDA 2.39
EBITDA Margin 34.4%
EBIT Margin 11.6% Total Debt/Equity 136.9%
Net Income Margin 0.9% Total Debt/Capital 54.7%
Asset Turnover 0.47
Current Ratio 0.65 Net Fixed Asset Turnover 1.36
Quick Ratio 0.52 Accounts receivable turnover-days 41.45
Debt to Assets 39.43% Inventory Days 12.89
Tot Debt to Common Equity 136.90% Accounts Payable Turnover Day 71.49
Accounts Receivable Turnover 8.80 Cash Conversion Cycle -17.15
Inventory Turnover 28.31
Fiscal Year Ended
Deutsche Telekom AGPrice/Volume
Valuation Analysis
4'669'804.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
/
1
3
5
.-
./
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G2'- G.-'- G.2'- G/-'- G/2'- G0-'- G02'- G1-'- G12'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
-'2-
.'--
.'2-
/'--
/'2-
0'--
0'2-
1'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KREDITANSTALT FUER W n/a Co File 741'424'370 17.16 - 31.12.2010 Investment Advisor
FEDERAL REPUBLIC OF n/a Co File 654'197'974 15.14 - 31.12.2010 Government
BLACKSTONE GROUP LP n/a Research 191'700'000 4.44 - 03.08.2012 Hedge Fund Manager
BLACKROCK INC n/a Research 127'933'931 2.96 - 25.07.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 77'552'127 1.79 2'968 20.09.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 51'600'000 1.19 6'400'000 31.12.2010 Pension Fund (ERISA)
VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'341'492 0.75 1'523'414 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 25'734'937 0.6 - 20.09.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 21'439'004 0.5 (660'448) 20.09.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 14'081'836 0.33 - 30.03.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 13'696'938 0.32 193'883 20.09.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13'621'398 0.32 3'434'137 01.04.2012 Mutual Fund Manager
FIDELITY INTERNATION Multiple Portfolios MF-AGG 13'570'258 0.31 6'978'052 31.03.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 12'409'226 0.29 (41'616) 29.02.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 9'877'368 0.23 (2'281'624) 30.03.2012 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 8'997'430 0.21 966'903 30.06.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 8'645'909 0.2 - 20.09.2012 Investment Advisor
DEUTSCHE BANK AG n/a Research 7'243'381 0.17 - 19.06.2012 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 6'853'599 0.16 141'283 31.08.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 6'473'513 0.15 734'600 31.07.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays JONATHAN DANN overweight 5 M 11 Not Provided 24.09.2012
Grupo Santander STEPHANE SCHLATTER underweight 1 M 9 Not Provided 20.09.2012
Equinet Institutional Services(ESN) ADRIAN PEHL hold 3 M 9 12 month 20.09.2012
AlphaValue HEINZ STEFFEN add 4 M 12 6 month 20.09.2012
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 10 Not Provided 19.09.2012
JPMorgan HANNES C WITTIG neutral 3 M 10 3 month 18.09.2012
Oddo & Cie ALEXANDRE IATRIDES neutral 3 M 10 Not Provided 18.09.2012
Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 12 12 month 17.09.2012
Bankhaus Metzler ULRICH TRABERT buy 5 M 11 12 month 17.09.2012
Nomura FREDERIC BOULAN buy 5 M 11 12 month 17.09.2012
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 11 12 month 14.09.2012
Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 11 12 month 13.09.2012
Deutsche Bank MATTHEW BLOXHAM hold 3 M 10 12 month 07.09.2012
Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 9 6 month 30.08.2012
Credit Suisse JUSTIN FUNNELL neutral 3 M 9 Not Provided 29.08.2012
Nord/LB JAN CHRISTIAN GOEHMANN hold 3 M 10 12 month 22.08.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 21.08.2012
National Bank AG MANFRED JAISFELD hold 3 M 10 Not Provided 15.08.2012
Goldman Sachs HUGH I MCCAFFREY neutral/neutral 3 M 9 12 month 13.08.2012
RBC Capital Markets JONATHAN ATKIN sector perform 3 M 10 12 month 10.08.2012
Macquarie GUY R PEDDY underperform 1 M 7 12 month 10.08.2012
Espirito Santo Investment Bank ResearchWILL DRAPER sell 1 M 7 Not Provided 10.08.2012
Natixis JACQUES DE GRELING reduce 2 M 8 Not Provided 10.08.2012
DZ Bank AG JOERI SELS sell 1 M 7 12 month 10.08.2012
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 10 Not Provided 10.08.2012
Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 09.08.2012
Jefferies ULRICH RATHE buy 5 M 10 12 month 09.08.2012
Independent Research GmbH MARKUS FRIEBEL hold 3 M 10 12 month 09.08.2012
M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 10 12 month 09.08.2012
Berenberg Bank PAUL ANDREW MARSCH hold 3 M 10 Not Provided 09.08.2012
S&P Capital IQ ALEXANDER WISCH hold 3 M 10 12 month 09.08.2012
ING Wholesale Banking JEFFREY VONK hold 3 M 9 12 month 09.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 16.05.2012
Main First Bank AG MARK DIETHELM suspended coverage #N/A N/A M #N/A N/A Not Provided 04.05.2012
Kepler Capital Markets THOMAS KARLOVITS buy 5 M 13 Not Provided 24.04.2012
Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 Not Provided 17.04.2012
HSBC DOMINIK KLARMANN neutral 3 M 9 Not Provided 11.04.2012
CA Cheuvreux PETER KURT NIELSEN select list 5 M 11 Not Provided 21.02.2012
Steubing AG TEAM COVERAGE buy 5 N #N/A N/A Not Provided 04.01.2010
Holdings By:
Deutsche Telekom AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
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.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (14.09.2012) 19.74
52-Week Low (05.06.2012) 14.05
Daily Volume
18.96
52-Week High % Change -3.95% Dividend Yield -
52-Week Low % Change 34.95% Beta 1.10
% 52 Week Price Range High/Low 88.75% Equity Float 1'821.91
Shares Out 30.06.2012 2'001.0 Short Int -
37'938.96 1 Yr Total Return 38.42%
Total Debt 29'914.00 YTD Return 20.90%
Preferred Stock 0.0 Adjusted BETA 1.096
Minority Interest 3'876.0 Analyst Recs 41
Cash and Equivalents 6'931.00 Consensus Rating 3.732
Enterprise Value 68'108.96
Average Volume 5 Day 9'138'119
EOAN GY EQUITY YTD Change - Average Volume 30 Day 6'967'868
EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 7'997'155
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
68'731.0 86'753.0 81'817.0 92'863.0 112'954.0 101'064.0 125'308.0 111'495.1 111'747.8 26'877.0 49'333.5
1.64x 1.08x 1.11x 0.78x 0.52x 2.77x 1.92x 0.56x 0.55x - -
11'063.0 5'403.0 12'703.0 13'006.0 11'180.0 7'433.0 8'585.0 10'716.6 11'218.8 2'216.0 2'038.0
10.16x 17.28x 7.18x 5.56x 5.24x 8.43x 7.27x 6.37x 6.08x - -
7'204.0 1'266.0 8'396.0 5'853.0 (2'219.0) 2'633.0 (4.0) 4'108.5 3'464.8 842.0 113.0
13.80x 37.92x 6.50x 6.53x 0.00x 10.70x 0.00x 8.75x 10.51x - -
EBITDA 11'180.00 Long-Term Rating Date 27.07.2012
EBIT 4'099.00 Long-Term Rating A-
Operating Margin 3.63% Long-Term Outlook STABLE
Pretax Margin -2.58% Short-Term Rating Date 27.07.2012
Return on Assets -1.45% Short-Term Rating A-2
Return on Common Equity -5.73%
Return on Capital - EBITDA/Interest Exp. 3.58
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 1.59
Net Debt/EBITDA 2.06
Gross Margin - Total Debt/EBITDA 2.68
EBITDA Margin 9.9%
EBIT Margin 3.6% Total Debt/Equity 83.7%
Net Income Margin -2.0% Total Debt/Capital 43.0%
Asset Turnover 0.74
Current Ratio 1.10 Net Fixed Asset Turnover 1.94
Quick Ratio 0.54 Accounts receivable turnover-days 54.75
Debt to Assets 19.57% Inventory Days -
Tot Debt to Common Equity 83.71% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.67 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
E.ON AGPrice/Volume
Valuation Analysis
2'632'109.00
Current Price (9/dd/yy) Market Data
-
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0-'- G
02'- G
1-'- G
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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2'--
3'--
4'--
5'--
6'--
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK INC n/a Research 108'526'159 5.42 - 04.05.2012 Investment Advisor
E.ON AG n/a EXCH 95'647'800 4.78 - 04.08.2011 Corporation
STATKRAFT REGIONAL H n/a EXCH 83'441'700 4.17 - 04.08.2011 n/a
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 49'509'257 2.47 1'992 20.09.2012 Investment Advisor
CREDIT SUISSE AG n/a Research 46'680'225 2.33 - 09.05.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 29'246'572 1.46 252'960 30.06.2012 Investment Advisor
MORGAN STANLEY n/a Research 25'888'854 1.29 - 10.05.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 25'104'987 1.25 1'405'038 31.08.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 23'094'035 1.15 (162'000) 31.08.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'420'467 1.07 967'343 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 16'360'965 0.82 (9'542) 20.09.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 14'121'055 0.71 (41'000) 30.03.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 11'193'681 0.56 440'315 31.07.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 8'464'949 0.42 (77'361) 30.04.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'890'770 0.39 761'294 29.02.2012 Mutual Fund Manager
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 6'265'891 0.31 (68'255) 30.04.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'807'067 0.29 - 20.09.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 4'727'449 0.24 (409'000) 31.07.2012 Mutual Fund Manager
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 4'200'000 0.21 - 30.06.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 4'192'368 0.21 1'271'320 31.07.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOHN MUSK sector perform 3 M 19 12 month 21.09.2012
Nomura MARTIN YOUNG buy 5 M 22 Not Provided 21.09.2012
Redburn Partners AHMED FARMAN neutral 3 N #N/A N/A Not Provided 20.09.2012
AlphaValue EILEEN RYAN add 4 M 23 6 month 20.09.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER buy 5 M #N/A N/A Not Provided 18.09.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 18.09.2012
Kepler Capital Markets INGO BECKER reduce 2 D 17 Not Provided 14.09.2012
Berenberg Bank ROBERT CHANTRY sell 1 D 19 Not Provided 13.09.2012
Main First Bank AG ANDREAS THIELEN buy 5 M 21 12 month 10.09.2012
Societe Generale ALBERTO PONTI buy 5 M 21 12 month 07.09.2012
Exane BNP Paribas BENJAMIN LEYRE outperform 5 M 22 Not Provided 07.09.2012
Raymond James EMMANUEL RETIF outperform 5 M 18 12 month 04.09.2012
Barclays PETER BISZTYGA underweight 1 M 16 Not Provided 03.09.2012
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 18 6 month 30.08.2012
Equinet Institutional Services(ESN) MICHAEL SCHAEFER accumulate 4 M 20 12 month 29.08.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 27.08.2012
Goldman Sachs DEBORAH WILKENS buy/attractive 5 M 26 12 month 23.08.2012
Landesbank Baden-Wuerttemberg ERKAN AYCICEK buy 5 M 21 Not Provided 23.08.2012
Grupo Santander OSCAR NAJAR RIOS buy 5 M 22 Not Provided 16.08.2012
Baader Bank KARIN BRINKMANN hold 3 M 19 12 month 16.08.2012
Independent Research GmbH SVEN DIERMEIER hold 3 M 19 12 month 16.08.2012
Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 18 12 month 14.08.2012
Nord/LB HEINO HAMMANN buy 5 M 20 12 month 14.08.2012
Macquarie MATTHIAS HECK neutral 3 M 19 12 month 14.08.2012
CA Cheuvreux SEBASTIAN KAUFFMANN underperform 1 M 17 Not Provided 14.08.2012
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 21 12 month 14.08.2012
Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 21 12 month 14.08.2012
S&P Capital IQ CLIVE ROBERTS buy 5 M 21 12 month 14.08.2012
DZ Bank AG HASIM SENGUEL buy 5 M 21 12 month 14.08.2012
Credit Suisse VINCENT GILLES neutral 3 M 18 Not Provided 13.08.2012
National Bank AG STEFFEN MANSKE hold 3 M 20 Not Provided 13.08.2012
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 Not Provided 30.07.2012
JPMorgan VINCENT DE BLIC neutral 3 M 19 3 month 19.07.2012
HSBC ADAM DICKENS overweight 5 M 20 Not Provided 11.07.2012
Natixis PHILIPPE OURPATIAN reduce 2 M 15 Not Provided 04.07.2012
Oddo & Cie STEPHANE LACAZE neutral 3 M 18 Not Provided 09.05.2012
Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 14.03.2012
Deutsche Bank ALEXANDER KARNICK buy 5 M 21 12 month 12.03.2012
Dolmen Stockbrokers IAN G HUNTER buy 5 M 19 Not Provided 14.11.2011
Holdings By:
E.ON AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Enel S.p.A. generates, transmits, distributes, and trades electricity. The
Company operates hydroelectric, geothermal, and other generating plants. Enel,
through subsidiaries, also provides fixed-line and mobile telephone services,
installs public lighting systems, and operates real estate, factoring,
insurance, telecommunications, and Internet service provider businesses.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (13.10.2011) 3.62
52-Week Low (24.07.2012) 2.02
Daily Volume
2.994
52-Week High % Change -17.20% Dividend Yield -
52-Week Low % Change 48.22% Beta 0.96
% 52 Week Price Range High/Low 60.15% Equity Float 6'465.37
Shares Out 30.06.2012 9'403.4 Short Int -
28'153.65 1 Yr Total Return 13.97%
Total Debt 65'481.00 YTD Return 1.99%
Preferred Stock 0.0 Adjusted BETA 0.956
Minority Interest 15'650.0 Analyst Recs 35
Cash and Equivalents 7'015.00 Consensus Rating 3.086
Enterprise Value 105'261.65
Average Volume 5 Day 56'920'140
ENEL IM EQUITY YTD Change - Average Volume 30 Day 51'358'410
ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 55'031'240
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
42'734.0 59'577.0 62'498.0 71'943.0 77'573.0 74'892.0 80'353.0 75'712.4 76'691.3 - 20'178.0
2.76x 1.53x 1.85x 1.56x 1.34x 6.06x 5.07x 1.16x 1.12x - -
9'694.0 13'722.0 15'883.0 16'768.0 17'198.0 16'836.0 16'518.0 16'365.0 16'518.7 - 4'206.0
12.17x 6.63x 7.29x 6.68x 6.03x 6.81x 6.12x 6.43x 6.37x - -
3'916.0 5'293.0 5'586.0 4'390.0 4'148.0 4'517.0 3'417.0 3'407.1 3'503.2 - 1'162.0
13.46x 5.54x 5.90x 8.01x 7.13x 9.39x 7.04x 8.19x 8.25x - -
EBITDA 17'198.00 Long-Term Rating Date 08.03.2012
EBIT 11'366.00 Long-Term Rating BBB+
Operating Margin 14.65% Long-Term Outlook STABLE
Pretax Margin 10.88% Short-Term Rating Date 14.12.2007
Return on Assets 2.46% Short-Term Rating A-2
Return on Common Equity 10.82%
Return on Capital 5.93% EBITDA/Interest Exp. 6.25
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 3.72
Net Debt/EBITDA 3.40
Gross Margin - Total Debt/EBITDA 3.81
EBITDA Margin 22.2%
EBIT Margin 14.7% Total Debt/Equity 168.8%
Net Income Margin 5.3% Total Debt/Capital 54.6%
Asset Turnover 0.46
Current Ratio 0.88 Net Fixed Asset Turnover 0.98
Quick Ratio 0.46 Accounts receivable turnover-days 56.64
Debt to Assets 38.56% Inventory Days -
Tot Debt to Common Equity 168.81% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.44 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Enel SpAPrice/Volume
Valuation Analysis
19'695'619.00
Current Price (9/dd/yy) Market Data
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.
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/
/
0
0
1
1
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.--'- G
.2-'- G
/--'- G
/2-'- G
0--'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
-'2-
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/'2-
0'--
0'2-
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1'2-
2'--
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTERO DELL'ECONO n/a EXCH 2'937'984'993 31.24 - 29.08.2012 Government
BLACKROCK ADVISORS U n/a EXCH 105'881'805 1.13 - 29.08.2012 Investment Advisor
BLACKROCK INSTL TRUS n/a EXCH 76'825'430 0.82 - 29.08.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 75'856'497 0.81 3'521'476 30.06.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 73'068'938 0.78 4'810'049 31.08.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 68'635'815 0.73 2'688'666 31.07.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 42'620'730 0.45 (30'856) 20.09.2012 Investment Advisor
BLACKROCK FUND ADVIS n/a EXCH 33'569'986 0.36 - 29.08.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 18'964'320 0.2 6'344 20.09.2012 Investment Advisor
BLACKROCK ASSET MGMT n/a EXCH 18'148'480 0.19 - 29.08.2012 n/a
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 17'195'872 0.18 - 20.09.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 16'536'590 0.18 (127'499) 20.09.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 15'142'919 0.16 - 29.02.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'067'856 0.14 (10'229'000) 30.06.2012 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 12'310'175 0.13 288'595 31.08.2012 Mutual Fund Manager
PARVEST INVESTMENT M Multiple Portfolios MF-AGG 11'614'926 0.12 11'598'871 30.04.2012 Investment Advisor
BLACKROCK INVESTMENT n/a EXCH 11'001'928 0.12 - 29.08.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 10'059'637 0.11 5'904'498 31.03.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 9'176'619 0.1 (3'158) 23.08.2012 Mutual Fund Manager
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 8'859'641 0.09 1'176'853 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA MARIA BEATRICE GEROSA neutral 3 M 3 Not Provided 21.09.2012
Goldman Sachs DARIO CARRADORI neutral/attractive 3 M 4 12 month 21.09.2012
Banca IMI ROBERTO RANIERI buy 5 M 3 12 month 21.09.2012
Independent Research GmbH SVEN DIERMEIER hold 3 M 3 6 month 21.09.2012
ICBPI. SIMONA PEDRAZZINI neutral 3 M 3 12 month 21.09.2012
Societe Generale ALBERTO PONTI buy 5 M 4 12 month 20.09.2012
AlphaValue MYRIAM COHEN buy 5 U 4 6 month 20.09.2012
Nomura JAVIER SUAREZ reduce 2 M 3 Not Provided 18.09.2012
Day by Day VALERIE GASTALDY buy 5 M 3 3 month 18.09.2012
Morgan Stanley ANNA MARIA SCAGLIA Equalwt/In-Line 3 M 3 12 month 17.09.2012
Credit Suisse STEFANO BEZZATO neutral 3 M 3 Not Provided 17.09.2012
Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 17.09.2012
Exane BNP Paribas JOSE JAVIER RUIZ FERNANDEZ underperform 1 M 3 Not Provided 17.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 11.09.2012
Barclays SUSANNA INVERNIZZI equalweight 3 M 3 Not Provided 03.09.2012
Grupo Santander OSCAR NAJAR RIOS hold 3 M 3 Not Provided 10.08.2012
S&P Capital IQ CLIVE ROBERTS buy 5 M 4 12 month 07.08.2012
Raymond James EMMANUEL RETIF market perform 3 M 3 Not Provided 03.08.2012
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012
HSBC ADAM DICKENS underweight 1 M 2 Not Provided 18.07.2012
CA Cheuvreux FRANCESCA PEZZOLI underperform 1 M 3 Not Provided 14.06.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012
Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 05.06.2012
Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 11.05.2012
Kepler Capital Markets CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 10.05.2012
Oddo & Cie STEPHANE LACAZE neutral 3 M 3 Not Provided 21.03.2012
Centrobanca EDOARDO MONTALBANO sell 1 D 3 12 month 14.03.2012
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 09.03.2012
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 3 Not Provided 09.03.2012
Hammer Partners SA CHRIS MOORE sell 1 D #N/A N/A Not Provided 08.03.2012
JPMorgan JAVIER GARRIDO neutral 3 D 4 3 month 16.02.2012
DZ Bank AG HASIM SENGUEL hold 3 M 3 12 month 18.11.2011
Holdings By:
Enel SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North
Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces
natural gas and imports it for sale in Italy and elsewhere in Europe. Eni
transports natural gas in pipelines. The Company generates and trades
electricity, refines oil, and operates gasoline service stations.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (19.03.2012) 18.72
52-Week Low (26.09.2011) 12.15
Daily Volume
18.03
52-Week High % Change -3.63% Dividend Yield -
52-Week Low % Change 48.40% Beta 0.85
% 52 Week Price Range High/Low 97.56% Equity Float 2'532.63
Shares Out 16.07.2012 3'634.2 Short Int -
65'524.36 1 Yr Total Return 55.20%
Total Debt 29'597.00 YTD Return 19.91%
Preferred Stock 0.0 Adjusted BETA 0.846
Minority Interest 4'921.0 Analyst Recs 36
Cash and Equivalents 1'762.00 Consensus Rating 3.917
Enterprise Value 97'626.36
Average Volume 5 Day 39'746'380
ENI IM EQUITY YTD Change - Average Volume 30 Day 19'413'940
ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 16'139'000
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
87'256.0 108'082.0 83'227.0 98'523.0 109'589.0 103'343.0 119'417.0 119'821.7 122'490.3 30'833.0 31'261.0
1.25x 0.74x 1.10x 0.91x 0.83x 3.49x 3.07x 0.74x 0.69x 2.50x 2.35x
25'897.0 26'939.0 20'817.0 24'992.0 25'732.0 24'420.0 26'157.0 30'310.6 30'456.3 6'171.5 7'143.0
4.20x 2.98x 4.39x 3.58x 3.53x 3.93x 3.80x 3.22x 3.21x 3.60x 3.51x
10'011.0 8'825.0 4'367.0 6'318.0 6'860.0 6'073.0 6'903.0 7'657.4 7'919.7 1'683.5 2'098.3
9.18x 6.89x 14.71x 9.39x 8.47x 9.48x 9.18x 8.63x 8.19x 8.61x 8.35x
EBITDA 25'732.00 Long-Term Rating Date 17.01.2012
EBIT 17'435.00 Long-Term Rating A
Operating Margin 15.91% Long-Term Outlook NEG
Pretax Margin 16.86% Short-Term Rating Date 19.05.2010
Return on Assets 4.99% Short-Term Rating A-1
Return on Common Equity 12.86%
Return on Capital 9.44% EBITDA/Interest Exp. 27.91
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 15.26
Net Debt/EBITDA 1.08
Gross Margin - Total Debt/EBITDA 1.15
EBITDA Margin 23.5%
EBIT Margin 15.9% Total Debt/Equity 53.4%
Net Income Margin 6.3% Total Debt/Capital 32.9%
Asset Turnover 0.80
Current Ratio 1.08 Net Fixed Asset Turnover 1.55
Quick Ratio 0.55 Accounts receivable turnover-days 58.17
Debt to Assets 20.71% Inventory Days -
Tot Debt to Common Equity 53.35% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.27 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Eni SpAPrice/Volume
Valuation Analysis
8'035'810.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-/135
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.3
.5/-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
.-'- G
/-'- G
0-'- G
1-'- G
2-'- G
3-'- G
4-'- G
5-'- G
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
.'--
/'--
0'--
1'--
2'--
3'--
4'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CASSA DEPOSITI E PRE n/a EXCH 958'298'322 26.37 (36'136'406) 19.09.2012 Other
MINISTERO DELL'ECONO n/a EXCH 142'968'850 3.93 - 19.09.2012 Government
BANCA IMI n/a EXCH 83'077'476 2.29 - 19.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 38'593'855 1.06 454'252 31.07.2012 Investment Advisor
BLACKROCK ADVISORS U n/a EXCH 35'687'700 0.98 - 19.09.2012 Investment Advisor
BNP PARIBAS ARBITRAG n/a EXCH 35'542'332 0.98 - 19.09.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 33'395'000 0.92 1'520'000 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'155'070 0.88 1'368'094 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO n/a EXCH 28'819'089 0.79 - 19.09.2012 Investment Advisor
BNP PARIBAS SA n/a EXCH 28'455'671 0.78 - 19.09.2012 Bank
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 24'276'415 0.67 (351'727) 20.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'446'429 0.37 (1'150'443) 30.06.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 12'907'094 0.36 (562'284) 30.06.2012 Investment Advisor
BLACKROCK FUND ADVIS n/a EXCH 12'319'888 0.34 - 19.09.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'962'183 0.33 1'040'259 01.04.2012 Mutual Fund Manager
BNP PAR SEC SER SA n/a EXCH 11'484'026 0.32 - 19.09.2012 n/a
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 11'151'200 0.31 - 30.06.2012 Investment Advisor
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 11'132'300 0.31 737'900 31.08.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 9'919'066 0.27 2'636 20.09.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 7'881'912 0.22 (610'917) 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue ALEXANDRE ANDLAUER add 4 M 20 6 month 24.09.2012
Banca IMI ROBERTO RANIERI buy 5 M 21 12 month 21.09.2012
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 20 12 month 21.09.2012
Independent Research GmbH SVEN DIERMEIER hold 3 M 18 12 month 21.09.2012
Banca Akros(ESN) DARIO MICHI buy 5 M 22 12 month 21.09.2012
Mediobanca SpA ANDREA SCAURI outperform 5 M 22 Not Provided 20.09.2012
JPMorgan NITIN SHARMA overweight 5 M 22 9 month 20.09.2012
ICBPI. LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 20.09.2012
Grupo Santander JASON KENNEY buy 5 M 21 Not Provided 18.09.2012
Jefferies IAIN REID hold 3 M 20 12 month 17.09.2012
Canaccord Genuity Corp GORDON GRAY sell 1 D 17 12 month 05.09.2012
Kepler Capital Markets ROBERTO MASCARELLO hold 3 M 18 Not Provided 03.09.2012
Nomura THEEPAN JOTHILINGAM buy 5 M 19 12 month 03.09.2012
Barclays RAHIM KARIM equalweight 3 U 21 Not Provided 30.08.2012
Deutsche Bank MARK BLOOMFIELD buy 5 M 21 12 month 29.08.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 27.08.2012
Exane BNP Paribas CHARLES RIOU underperform 1 M 19 Not Provided 16.08.2012
Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 14.08.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 M 21 Not Provided 13.08.2012
HSBC PAUL SPEDDING neutral 3 M 19 Not Provided 08.08.2012
Landesbank Baden-Wuerttemberg ACHIM WITTMANN buy 5 M 20 Not Provided 06.08.2012
Societe Generale IRENE HIMONA buy 5 M 20 12 month 02.08.2012
RBC Capital Markets PETER HUTTON sector perform 3 M 19 12 month 02.08.2012
Credit Suisse KIM FUSTIER outperform 5 M 21 Not Provided 02.08.2012
Macquarie JASON D GAMMEL neutral 3 M 19 12 month 02.08.2012
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 23 12 month 01.08.2012
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 Not Provided 30.07.2012
Natixis ANNE PUMIR buy 5 M 21 Not Provided 13.07.2012
Investec STUART JOYNER sell 1 M 15 12 month 02.07.2012
Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 19 12 month 01.07.2012
Day by Day VALERIE GASTALDY buy 5 U 18 3 month 29.06.2012
Goldman Sachs MICHELE DELLA VIGNA buy/attractive 5 M 25 12 month 01.06.2012
National Bank AG MANFRED JAISFELD hold 3 D 17 Not Provided 24.05.2012
Equita SIM SpA DOMENICO GHILOTTI hold 3 M 21 12 month 04.05.2012
Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010
Holdings By:
Eni SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
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.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (19.06.2012) 75.52
52-Week Low (13.10.2011) 50.30
Daily Volume
73.25
52-Week High % Change -3.02% Dividend Yield -
52-Week Low % Change 45.63% Beta 0.51
% 52 Week Price Range High/Low 95.36% Equity Float 195.47
Shares Out 19.07.2012 213.1 Short Int -
15'607.52 1 Yr Total Return 40.11%
Total Debt 915.73 YTD Return 35.95%
Preferred Stock 0.0 Adjusted BETA 0.507
Minority Interest 132.9 Analyst Recs 21
Cash and Equivalents 397.77 Consensus Rating 3.286
Enterprise Value 16'466.48
Average Volume 5 Day 691'588
EI FP EQUITY YTD Change - Average Volume 30 Day 596'393
EI FP EQUITY YTD % CHANGE - Average Volume 3 Month 643'380
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/11 Q4 03/12 Q1
2'908.1 3'074.4 3'268.0 3'891.6 4'189.5 1'628.1 3'765.6 4'939.8 5'361.4 - 1'657.0
3.05x 2.30x 2.68x 2.68x 2.87x 0.00x 0.00x 3.26x 2.96x - -
638.5 696.7 754.4 900.2 919.3 0.0 0.0 1'057.4 1'154.9 - -
13.87x 10.16x 11.63x 11.58x 13.09x 0.00x 0.00x 15.60x 14.28x - -
366.7 382.4 390.7 462.0 505.6 0.0 0.0 590.7 655.7 - 295.0
24.52x 18.15x 22.09x 21.90x 22.36x 0.00x 0.00x 26.05x 23.43x - -
EBITDA 919.35 Long-Term Rating Date -
EBIT 724.97 Long-Term Rating -
Operating Margin 17.30% Long-Term Outlook -
Pretax Margin 16.65% Short-Term Rating Date -
Return on Assets 8.89% Short-Term Rating -
Return on Common Equity 15.99%
Return on Capital 13.04% EBITDA/Interest Exp. 66.12
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 51.40
Net Debt/EBITDA 0.56
Gross Margin 55.4% Total Debt/EBITDA 1.00
EBITDA Margin 21.9%
EBIT Margin 17.3% Total Debt/Equity 27.5%
Net Income Margin 12.1% Total Debt/Capital 20.9%
Asset Turnover 0.74
Current Ratio 1.26 Net Fixed Asset Turnover 4.57
Quick Ratio 0.21 Accounts receivable turnover-days -
Debt to Assets 14.87% Inventory Days 136.66
Tot Debt to Common Equity 27.54% Accounts Payable Turnover Day 154.50
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 2.67
Fiscal Year Ended
Cie Generale d'Optique Essilor International SAPrice/Volume
Valuation Analysis
229'422.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
.-
/-
0-
1-
2-
3-
4-
5-
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
4'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
2'--
.-'--
.2'--
/-'--
/2'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FCPE VALOPTEC INTERN n/a Co File 6'263'487 2.94 - 31.12.2011 n/a
CIE GENERALE D'OPTIQ n/a Co File 5'363'126 2.52 - 31.12.2011 Corporation
FCPE GROUPE ESSILOR n/a Co File 5'269'233 2.47 - 31.12.2011 n/a
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'201'430 1.97 - 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'005'730 1.88 124'607 30.06.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'815'611 1.79 165'246 29.06.2012 Mutual Fund Manager
CARMIGNAC GESTION Multiple Portfolios MF-AGG 3'406'341 1.6 (349'985) 29.06.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'046'775 0.96 (27'190) 31.07.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'556'378 0.73 (654'922) 29.02.2012 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 1'205'578 0.57 (22'383) 30.06.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'192'024 0.56 (1'040'596) 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1'100'604 0.52 890 20.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'059'442 0.5 (170'923) 30.06.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'033'903 0.49 (820) 29.02.2012 Investment Advisor
ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 1'018'613 0.48 (380'619) 30.04.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'002'000 0.47 - 31.03.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 907'217 0.43 (39'002) 20.09.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 862'182 0.4 - 31.07.2012 Mutual Fund Manager
RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 859'258 0.4 41'199 31.08.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 723'686 0.34 13'810 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue ARMELLE MOULIN reduce 2 M 67 6 month 20.09.2012
Berenberg Bank BASSEL CHOUGHARI hold 3 N 72 Not Provided 18.09.2012
Jefferies INGEBORG OIE hold 3 M 68 12 month 11.09.2012
Raymond James MARC WILLAUME outperform 5 M 74 Not Provided 10.09.2012
Morgan Stanley ANDREW OLANOW Underwt/Attractive 1 M 45 12 month 05.09.2012
Societe Generale MARIE-LINE FORT hold 3 M 69 12 month 03.09.2012
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 72 6 month 03.09.2012
Day by Day VALERIE GASTALDY buy 5 U 75 3 month 03.09.2012
Exane BNP Paribas JULIEN DORMOIS outperform 5 M 76 Not Provided 03.09.2012
Kepler Capital Markets CLAIRE DERAY reduce 2 M 62 Not Provided 02.09.2012
Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 N 66 12 month 31.08.2012
S&P Capital IQ JACOB THRANE buy 5 M 79 12 month 31.08.2012
Natixis STEPHANE SUMAR buy 5 M 80 Not Provided 02.07.2012
Redburn Partners PASCAL HAUTCOEUR neutral 3 M #N/A N/A Not Provided 25.06.2012
Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 74 12 month 21.05.2012
BPI HUBERT D'AILLIERES hold 3 M 65 Not Provided 24.04.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 03.04.2012
CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 15.03.2012
HSBC SOPHIE DARGNIES underweight 1 M 58 Not Provided 30.01.2012
Holdings By:
Cie Generale d'Optique Essilor International SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
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.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (28.10.2011) 13.60
52-Week Low (08.06.2012) 9.45
Daily Volume
9.769
52-Week High % Change -28.13% Dividend Yield 14.13
52-Week Low % Change 3.38% Beta 0.83
% 52 Week Price Range High/Low 10.00% Equity Float 1'934.51
Shares Out 30.06.2012 2'648.9 Short Int -
25'876.96 1 Yr Total Return -3.09%
Total Debt 39'373.00 YTD Return -8.16%
Preferred Stock 0.0 Adjusted BETA 0.833
Minority Interest 2'019.0 Analyst Recs 36
Cash and Equivalents 8'992.00 Consensus Rating 3.250
Enterprise Value 59'281.96
Average Volume 5 Day 15'198'070
FTE FP EQUITY YTD Change - Average Volume 30 Day 9'461'248
FTE FP EQUITY YTD % CHANGE - Average Volume 3 Month 9'363'793
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
52'959.0 46'712.0 44'845.0 45'503.0 45'277.0 46'336.0 44'551.0 43'386.9 42'405.7 10'814.6 10'729.5
2.00x 1.92x 1.82x 1.64x 1.42x 0.00x 0.00x 1.35x 1.36x 5.36x 5.32x
19'247.0 17'300.0 14'480.0 15'291.0 15'019.0 0.0 0.0 13'759.6 13'310.9 3'591.0 3'617.0
5.49x 5.18x 5.64x 4.89x 4.29x 0.00x 0.00x 4.31x 4.46x 4.36x 4.41x
6'300.0 4'073.0 3'018.0 4'880.0 3'895.0 0.0 0.0 3'443.0 3'343.5 882.0 819.0
10.17x 14.20x 16.37x 10.83x 8.26x 0.00x 0.00x 7.60x 7.92x 8.01x 8.01x
EBITDA 15'019.00 Long-Term Rating Date 10.02.2005
EBIT 8'284.00 Long-Term Rating A-
Operating Margin 18.30% Long-Term Outlook NEG
Pretax Margin 13.06% Short-Term Rating Date 14.05.2003
Return on Assets 4.09% Short-Term Rating A-2
Return on Common Equity 13.75%
Return on Capital 7.56% EBITDA/Interest Exp. 7.27
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 4.02
Net Debt/EBITDA 2.02
Gross Margin - Total Debt/EBITDA 2.62
EBITDA Margin 33.2%
EBIT Margin 18.3% Total Debt/Equity 142.8%
Net Income Margin 8.6% Total Debt/Capital 57.1%
Asset Turnover 0.48
Current Ratio 0.76 Net Fixed Asset Turnover 1.87
Quick Ratio 0.51 Accounts receivable turnover-days 42.33
Debt to Assets 40.98% Inventory Days -
Tot Debt to Common Equity 142.80% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.62 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
France Telecom SAPrice/Volume
Valuation Analysis
3'133'737.00
Current Price (9/dd/yy) Market Data
-
/
1
3
5
.-
./
.1
.3
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
2'- G
.-'- G
.2'- G
/-'- G
/2'- G
0-'- G
02'- G
1-'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
-'2-
.'--
.'2-
/'--
/'2-
0'--
0'2-
1'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FONDS STRATEGIQUE D' n/a Co File 357'526'133 13.5 - 31.12.2010 Investment Advisor
FRENCH STATE n/a Co File 356'757'953 13.47 - 31.12.2010 Government
SOCIETE GENERALE n/a Research 132'135'951 4.99 (27'339'807) 16.05.2012 Bank
AMUNDI n/a Research 129'217'007 4.88 (3'894'321) 11.06.2012 Investment Advisor
DEUTSCHE BANK AG n/a Research 86'041'367 3.25 - 31.08.2010 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 40'128'528 1.51 552'620 30.06.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 31'378'742 1.18 1'266'990 01.04.2012 Mutual Fund Manager
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 21'452'300 0.81 (4'018'380) 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'092'208 0.8 981'498 30.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 15'632'060 0.59 - 30.06.2012 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 15'295'873 0.58 (991'500) 30.03.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 11'574'998 0.44 - 20.09.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 8'243'944 0.31 2'487'048 31.07.2012 Mutual Fund Manager
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 8'232'870 0.31 1'900 20.09.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 7'431'868 0.28 3'121 31.08.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 6'002'800 0.23 1'934'700 30.06.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'538'866 0.21 - 20.09.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'201'145 0.2 (11'710) 31.03.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 4'593'965 0.17 109'913 31.07.2012 Investment Advisor
FEDERAL GESTION Multiple Portfolios MF-AGG 4'267'912 0.16 (1'553) 30.04.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander STEPHANE SCHLATTER hold 3 M 14 Not Provided 20.09.2012
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 20 6 month 20.09.2012
Societe Generale THIERRY COTA hold 3 M 10 12 month 19.09.2012
Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 D 9 12 month 18.09.2012
Oddo & Cie VINCENT MAULAY neutral 3 M 12 Not Provided 18.09.2012
Exane BNP Paribas ANTOINE PRADAYROL neutral 3 D 12 Not Provided 18.09.2012
Morgan Stanley NICK DELFAS Underwt/In-Line 1 M 12 12 month 16.09.2012
Credit Suisse JAKOB BLUESTONE neutral 3 M 11 Not Provided 13.09.2012
Deutsche Bank MATTHEW BLOXHAM hold 3 M 11 12 month 07.09.2012
Raymond James STEPHANE BEYAZIAN market perform 3 M 14 Not Provided 07.09.2012
Nomura FREDERIC BOULAN buy 5 M 13 12 month 07.09.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 29.08.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 28.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 08.08.2012
Jefferies JEREMY A DELLIS buy 5 M 13 12 month 07.08.2012
JPMorgan HANNES C WITTIG underweight 1 M 9 3 month 31.07.2012
Macquarie GUY R PEDDY outperform 5 M 12 12 month 31.07.2012
Banco Sabadell ANDRES BOLUMBURU sell 1 M 13 Not Provided 30.07.2012
CM - CIC Securities(ESN) JEAN-MICHEL KOSTER reduce 2 M 10 12 month 27.07.2012
Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 M 14 Not Provided 27.07.2012
Natixis BENOIT MAYNARD buy 5 M 15 Not Provided 27.07.2012
Barclays JONATHAN DANN underweight 1 M 10 Not Provided 27.07.2012
Nord/LB JAN CHRISTIAN GOEHMANN hold 3 M 11 12 month 26.07.2012
Goldman Sachs ANDREW LEE Sell/Neutral 1 M 10 12 month 26.07.2012
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 13 Not Provided 26.07.2012
Independent Research GmbH MARKUS FRIEBEL buy 5 M 13 6 month 26.07.2012
S&P Capital IQ ALEXANDER WISCH buy 5 M 13 12 month 26.07.2012
ING Wholesale Banking JEFFREY VONK buy 5 M 13 12 month 26.07.2012
Berenberg Bank STUART GORDON buy 5 M 14 Not Provided 25.06.2012
Kepler Capital Markets JAVIER BORRACHERO hold 3 M 13 Not Provided 07.05.2012
National Bank AG MANFRED JAISFELD sell 1 D #N/A N/A Not Provided 30.03.2012
HSBC NICOLAS COTE-COLISSON overweight 5 M 14 Not Provided 29.03.2012
Fincorp SAOG GAURAV RAMAIYA buy 5 M 15 Not Provided 23.10.2011
CA Cheuvreux GIOVANNI MONTALTI underperform 1 D 12 Not Provided 24.08.2011
Holdings By:
France Telecom SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
GDF Suez offers a full range of electricity, gas and associated energy and
environment services throughout the world. The Company produces, trades,
transports, stores and distributes natural gas, and offers energy management and
climatic and thermal engineering services.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (10.10.2011) 24.13
52-Week Low (01.06.2012) 15.62
Daily Volume
19.35
52-Week High % Change -19.79% Dividend Yield 7.75
52-Week Low % Change 23.92% Beta 1.06
% 52 Week Price Range High/Low 45.59% Equity Float 1'298.30
Shares Out 11.09.2012 2'323.1 Short Int -
44'951.62 1 Yr Total Return 3.61%
Total Debt 57'272.00 YTD Return -4.93%
Preferred Stock 0.0 Adjusted BETA 1.064
Minority Interest 17'340.0 Analyst Recs 32
Cash and Equivalents 14'675.00 Consensus Rating 3.469
Enterprise Value 104'230.62
Average Volume 5 Day 6'421'989
GSZ FP EQUITY YTD Change - Average Volume 30 Day 4'618'060
GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'050'075
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 06/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
47'475.4 67'923.8 79'908.0 84'478.0 90'673.0 86'178.0 90'449.0 94'127.8 96'527.6 - 20'168.0
1.46x 1.64x 1.32x 1.24x 1.18x 0.00x 0.00x 1.14x 1.11x - -
7'194.1 9'605.7 13'781.0 15'918.0 16'071.0 0.0 0.0 17'123.0 17'588.3 - -
9.65x 11.61x 7.63x 6.59x 6.64x 0.00x 0.00x 6.09x 5.93x - -
3'923.5 4'857.1 4'477.0 4'616.0 4'003.0 0.0 0.0 3'688.6 3'902.1 - -
12.35x 11.85x 14.77x 12.79x 11.73x 0.00x 0.00x 12.12x 11.63x - -
EBITDA 16'071.00 Long-Term Rating Date 11.02.2011
EBIT 8'978.00 Long-Term Rating A
Operating Margin 9.90% Long-Term Outlook STABLE
Pretax Margin 8.32% Short-Term Rating Date 11.02.2011
Return on Assets 2.01% Short-Term Rating A-1
Return on Common Equity 6.40%
Return on Capital 5.64% EBITDA/Interest Exp. 6.40
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 2.86
Net Debt/EBITDA 2.65
Gross Margin - Total Debt/EBITDA 3.56
EBITDA Margin 17.7%
EBIT Margin 9.9% Total Debt/Equity 91.0%
Net Income Margin 4.4% Total Debt/Capital 41.6%
Asset Turnover 0.46
Current Ratio 1.13 Net Fixed Asset Turnover 1.07
Quick Ratio 0.68 Accounts receivable turnover-days 87.59
Debt to Assets 26.84% Inventory Days -
Tot Debt to Common Equity 91.01% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.16 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
GDF SuezPrice/Volume
Valuation Analysis
1'762'481.00
Current Price (9/dd/yy) Market Data
-
2
.-
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
2'--
.-'--
.2'--
/-'--
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0-'--
02'--
1-'--
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Co File 810'927'246 34.91 - 31.12.2011 Government
GROUPE BRUXELLES LAM n/a Research 116'911'820 5.03 - 15.03.2012 Holding Company
CAPITAL RESEARCH AND n/a Research 112'275'349 4.83 - 18.11.2011 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 65'838'206 2.83 3'795'574 30.06.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 45'051'514 1.94 - 31.12.2011 Government
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 44'469'038 1.91 6'138'659 30.06.2012 Investment Advisor
GDF SUEZ n/a Co File 38'293'787 1.65 - 31.12.2011 Corporation
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 24'812'981 1.07 452'323 30.06.2012 Investment Advisor
CNP ASSURANCES n/a Co File 24'778'333 1.07 - 31.12.2011 Insurance Company
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 24'365'507 1.05 (58'473) 01.04.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'452'572 0.62 313'802 30.06.2012 Investment Advisor
SOFINA SA n/a Co File 13'515'454 0.58 - 31.12.2011 Holding Company
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 12'060'000 0.52 1'890'904 30.06.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 11'510'317 0.5 452'968 31.07.2012 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 9'003'551 0.39 - 31.03.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 8'794'474 0.38 1'033 31.07.2012 Mutual Fund Manager
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 7'826'886 0.34 (6'866) 20.09.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 7'192'050 0.31 (506'142) 31.07.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 6'259'203 0.27 177'218 31.08.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 4'881'720 0.21 355'397 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander OSCAR NAJAR RIOS underweight 1 M 22 12 month 24.09.2012
Nomura MARTIN YOUNG buy 5 M 23 Not Provided 21.09.2012
CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 25 12 month 18.09.2012
Berenberg Bank ROBERT CHANTRY buy 5 M 24 Not Provided 17.09.2012
Credit Suisse MICHEL DEBS underperform 1 M 16 Not Provided 13.09.2012
HSBC ADAM DICKENS underweight 1 M 16 Not Provided 13.09.2012
AlphaValue MYRIAM COHEN add 4 M 24 6 month 13.09.2012
Raymond James EMMANUEL RETIF market perform 3 M 20 12 month 11.09.2012
Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 18 Not Provided 11.09.2012
Goldman Sachs ANDREW MEAD buy/attractive 5 M 27 12 month 10.09.2012
Macquarie ATALLAH ESTEPHAN outperform 5 M 24 12 month 07.09.2012
Morgan Stanley EMMANUEL TURPIN Underwt/In-Line 1 M 19 12 month 05.09.2012
Barclays JULIE ARAV equalweight 3 M 20 Not Provided 03.09.2012
Deutsche Bank BERTRAND LECOURT buy 5 M 23 12 month 30.08.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 27.08.2012
KBC Securities DIETER FURNIERE hold 3 M 20 Not Provided 08.08.2012
Day by Day VALERIE GASTALDY buy 5 U 21 3 month 06.08.2012
Societe Generale ALBERTO PONTI buy 5 M 25 12 month 03.08.2012
Oddo & Cie STEPHANE LACAZE neutral 3 M 20 Not Provided 03.08.2012
Natixis PHILIPPE OURPATIAN neutral 3 M 19 Not Provided 03.08.2012
S&P Capital IQ CLIVE ROBERTS hold 3 M 19 12 month 03.08.2012
Independent Research GmbH SVEN DIERMEIER hold 3 M 19 12 month 02.08.2012
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 23 Not Provided 30.07.2012
Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 05.06.2012
JPMorgan VINCENT DE BLIC neutral 3 M 22 3 month 01.06.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012
CA Cheuvreux ARNAUD JOAN underperform 1 M 19 Not Provided 10.02.2012
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 23 Not Provided 09.02.2012
DZ Bank AG HASIM SENGUEL hold 3 M 22 12 month 01.11.2011
Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011
National Bank AG STEFFEN MANSKE buy 5 M 31 12 month 13.04.2011
Holdings By:
GDF Suez ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Iberdrola S.A. generates, distributes, trades, and markets electricity in
the United Kingdom, United States, Spain, Portugal, and Latin America. The
Company specializes in clean energy and more specifically wind power.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (28.10.2011) 5.49
52-Week Low (26.07.2012) 2.63
Daily Volume
3.746
52-Week High % Change -31.75% Dividend Yield 0.00
52-Week Low % Change 42.43% Beta 1.05
% 52 Week Price Range High/Low 40.19% Equity Float 5'722.93
Shares Out 04.07.2012 6'138.9 Short Int -
22'996.29 1 Yr Total Return -20.28%
Total Debt 33'228.50 YTD Return -21.93%
Preferred Stock 0.0 Adjusted BETA 1.053
Minority Interest 319.9 Analyst Recs 37
Cash and Equivalents 6'208.66 Consensus Rating 3.676
Enterprise Value 51'054.29
Average Volume 5 Day 54'642'600
IBE SQ EQUITY YTD Change - Average Volume 30 Day 37'238'550
IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 76'173'820
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
17'280.0 24'889.3 25'891.9 30'431.0 31'648.0 30'656.0 33'590.6 32'299.0 33'269.5 - -
4.24x 2.53x 2.39x 1.90x 1.76x 8.77x 6.73x 1.67x 1.59x - -
4'875.1 6'105.6 6'197.0 6'857.9 7'000.4 7'056.7 6'901.2 7'832.7 7'849.8 1'698.0 2'049.0
15.04x 10.31x 10.00x 8.42x 7.95x 9.04x 7.28x 6.52x 6.50x - -
1'658.3 2'553.7 2'824.3 2'870.9 2'804.5 2'967.4 3'041.4 2'722.7 2'576.2 581.0 673.5
19.81x 11.20x 12.54x 10.95x 10.04x 11.64x 7.24x 8.29x 8.80x - -
EBITDA 7'000.41 Long-Term Rating Date 03.05.2012
EBIT 3'855.03 Long-Term Rating BBB+
Operating Margin 12.18% Long-Term Outlook STABLE
Pretax Margin 10.92% Short-Term Rating Date 26.11.2007
Return on Assets 2.94% Short-Term Rating A-2
Return on Common Equity 9.05%
Return on Capital 6.39% EBITDA/Interest Exp. 4.73
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 2.00
Net Debt/EBITDA 3.86
Gross Margin 38.0% Total Debt/EBITDA 4.75
EBITDA Margin 22.1%
EBIT Margin 12.2% Total Debt/Equity 101.0%
Net Income Margin 8.9% Total Debt/Capital 50.0%
Asset Turnover 0.33
Current Ratio 1.11 Net Fixed Asset Turnover -
Quick Ratio 0.83 Accounts receivable turnover-days 64.49
Debt to Assets 34.29% Inventory Days 37.98
Tot Debt to Common Equity 101.04% Accounts Payable Turnover Day 113.14
Accounts Receivable Turnover 5.66 Cash Conversion Cycle -10.67
Inventory Turnover 9.61
Fiscal Year Ended
Iberdrola SAPrice/Volume
Valuation Analysis
8'376'376.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
.
/
0
1
2
3
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G2-'- G.--'- G.2-'- G/--'- G/2-'- G0--'- G02-'- G1--'- G12-'- G2--'- G
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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0'--
1'--
2'--
3'--
4'--
5'--
6'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR INVESTMENT AUT n/a EXCH 496'946'224 8.1 - 31.12.2011 Government
ACS ACTIVIDADES CONS n/a EXCH 394'672'404 6.43 (492'545'762) 13.07.2012 Corporation
BILBAO BIZKAIA KUTXA n/a EXCH 322'730'655 5.26 10'349'931 01.01.2012 Bank
BANCAJA (VALENCIA CA n/a EXCH 314'887'559 5.13 - 31.12.2011 Bank
NATIXIS n/a EXCH 298'846'609 4.87 (14'204'256) 28.08.2012 Investment Advisor
SOCIETE GENERALE n/a EXCH 187'839'595 3.06 - 17.07.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 44'428'114 0.72 2'451'686 30.06.2012 Investment Advisor
PICTET ASSET MANAGEM n/a RNS-RUL8 36'832'520 0.6 19'200 18.04.2007 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 22'900'430 0.37 (18'528) 20.09.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 15'408'452 0.25 (711'152) 31.07.2012 Investment Advisor
DE URRUTIA VAL VICTO n/a EXCH 13'001'207 0.21 590'963 24.07.2012 n/a
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 11'391'678 0.19 3'800 20.09.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 10'301'670 0.17 - 20.09.2012 Investment Advisor
INVERCAIXA GESTION S Multiple Portfolios MF-AGG 7'760'670 0.13 770'379 30.06.2012 Investment Advisor
DELAWARE MANAGEMENT Multiple Portfolios MF-AGG 7'492'900 0.12 540'304 31.07.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 6'645'259 0.11 4'150'000 31.07.2012 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 6'487'377 0.11 195'088 20.09.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'611'710 0.09 (2'320'000) 31.05.2012 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 5'332'705 0.09 1'332'588 30.06.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'314'216 0.09 25'412 23.08.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI BRUNO ALMEIDA DA SILVA buy 5 U 5 Not Provided 21.09.2012
Goldman Sachs FRED BARASI buy/attractive 5 M 5 12 month 21.09.2012
Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 5 Not Provided 21.09.2012
Macquarie SHAI HILL underperform 1 M 3 12 month 20.09.2012
Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 20.09.2012
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 18.09.2012
Nomura JAVIER SUAREZ reduce 2 M 4 Not Provided 18.09.2012
Grupo Santander JOAQUIN FERRER buy 5 M 5 Not Provided 17.09.2012
Societe Generale JORGE ALONSO SUILS buy 5 M 4 12 month 17.09.2012
Morgan Stanley CAROLINA DORES Overwt/In-Line 5 M 5 12 month 17.09.2012
Credit Suisse STEFANO BEZZATO outperform 5 M 4 Not Provided 17.09.2012
HSBC JOSE A LOPEZ overweight 5 M 5 Not Provided 17.09.2012
Independent Research GmbH SVEN DIERMEIER hold 3 M 4 12 month 17.09.2012
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 M 4 Not Provided 17.09.2012
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 6 Not Provided 17.09.2012
NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 4 6 month 17.09.2012
Exane BNP Paribas JOSE JAVIER RUIZ FERNANDEZ underperform 1 M 3 Not Provided 17.09.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 17.09.2012
BBVA ISIDORO DEL ALAMO outperform 5 M 5 Not Provided 16.09.2012
Day by Day VALERIE GASTALDY buy 5 U 4 3 month 06.09.2012
Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 03.09.2012
Oddo & Cie STEPHANE LACAZE neutral 3 M 4 Not Provided 26.07.2012
Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 26.07.2012
S&P Capital IQ CLIVE ROBERTS hold 3 M 3 12 month 26.07.2012
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 4 12 month 25.07.2012
Banesto Bolsa SA Sociedad ANTONIO CRUZ overweight 5 M 6 12 month 25.07.2012
Inverseguros Sociedad de Valores MIGUEL SANCHEZ buy 5 M 5 Not Provided 29.06.2012
BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 15.06.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012
CA Cheuvreux JOSE PORTA SAUDAN select list 5 U 5 Not Provided 07.05.2012
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 D 5 Not Provided 28.02.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER sell 1 M #N/A N/A Not Provided 24.02.2012
JPMorgan JAVIER GARRIDO neutral 3 M 6 3 month 27.01.2012
La Caixa FERNANDO MURILLO GUIRAO buy 5 M 7 Not Provided 25.10.2011
National Bank AG STEFFEN MANSKE hold 3 M 7 Not Provided 10.03.2011
Holdings By:
Iberdrola SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs,
manufactures and distributes apparel. The Company operates retail chains in
Europe, the Americas, Asia, and Africa.
Latest Fiscal Year: 01/2012
LTM as of: 07/yy
52-Week High (21.09.2012) 99.69
52-Week Low (25.11.2011) 59.50
Daily Volume
96.62
52-Week High % Change -3.03% Dividend Yield -
52-Week Low % Change 62.39% Beta 0.70
% 52 Week Price Range High/Low 99.23% Equity Float 216.72
Shares Out 31.07.2012 623.3 Short Int -
60'226.18 1 Yr Total Return 56.13%
Total Debt 25.11 YTD Return 54.72%
Preferred Stock 0.0 Adjusted BETA 0.704
Minority Interest 40.8 Analyst Recs 41
Cash and Equivalents 3'517.44 Consensus Rating 3.634
Enterprise Value 56'775.18
Average Volume 5 Day 1'750'597
ITX SQ EQUITY YTD Change - Average Volume 30 Day 1'360'988
ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1'306'039
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2008 31.01.2009 31.01.2010 31.01.2011 31.01.2012 07/yy 07/yy 01/13 Y 01/14 Y 10/12 Q3 01/13 Q4
9'434.7 10'407.0 11'083.5 12'526.6 13'792.6 13'210.0 14'822.9 15'812.3 17'603.5 4'034.4 4'566.9
2.10x 1.68x 2.36x 2.48x 2.76x 10.34x 11.04x 3.53x 3.10x - -
2'148.8 2'186.9 2'353.1 2'966.2 3'214.6 3'071.8 3'575.5 3'927.8 4'416.5 1'133.5 1'164.5
9.24x 7.97x 11.09x 10.46x 11.86x 11.88x 13.65x 14.46x 12.86x - -
1'250.3 1'253.5 1'314.4 1'731.8 1'932.3 1'820.2 2'159.5 2'357.4 2'662.5 708.6 769.6
16.70x 14.82x 21.63x 19.86x 21.51x 21.63x 24.19x 25.53x 22.57x 24.76x 24.49x
EBITDA 3'214.63 Long-Term Rating Date -
EBIT 2'522.01 Long-Term Rating -
Operating Margin 18.29% Long-Term Outlook -
Pretax Margin 18.55% Short-Term Rating Date -
Return on Assets 18.59% Short-Term Rating -
Return on Common Equity 28.00%
Return on Capital 28.01% EBITDA/Interest Exp. 875.44
Asset Turnover 1.33% (EBITDA-Capex)/Interest Exp. 573.53
Net Debt/EBITDA -1.09
Gross Margin 59.3% Total Debt/EBITDA 0.01
EBITDA Margin 23.3%
EBIT Margin 18.3% Total Debt/Equity 0.3%
Net Income Margin 14.0% Total Debt/Capital 0.3%
Asset Turnover 1.33
Current Ratio 2.01 Net Fixed Asset Turnover 3.70
Quick Ratio 1.50 Accounts receivable turnover-days 13.40
Debt to Assets 0.23% Inventory Days 81.02
Tot Debt to Common Equity 0.34% Accounts Payable Turnover Day 158.68
Accounts Receivable Turnover 27.23 Cash Conversion Cycle -64.26
Inventory Turnover 4.50
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Inditex SAPrice/Volume
Valuation Analysis
520'424.00
Current Price (9/dd/yy) Market Data
-
/-
1-
3-
5-
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./-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
2'- G
.-'- G
.2'- G
/-'- G
/2'- G
0-'- G
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-'--
-'/-
-'1-
-'3-
-'5-
.'--
.'/-
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GARTLER SL n/a Co File 311'727'598 50.01 - 31.01.2011 Unclassified
PARTLER 2006 SL n/a Co File 57'872'465 9.28 - 31.01.2011 n/a
ROSP CORUNNA n/a Co File 36'550'000 5.86 - 31.01.2011 Unclassified
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 5'779'945 0.93 (23'444) 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'491'817 0.88 335'403 30.06.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 3'999'766 0.64 1'904'511 29.06.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'064'214 0.49 14'825 31.07.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'864'400 0.46 89'007 30.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 2'837'839 0.46 1'450'682 29.02.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 2'578'000 0.41 (3'598'650) 30.06.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'179'831 0.35 270'466 30.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'758'300 0.28 (859'600) 30.06.2012 Investment Advisor
PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 1'567'709 0.25 131'186 31.07.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'527'165 0.25 182'487 20.09.2012 Investment Advisor
ALLIANCEBERNSTEIN LP Multiple Portfolios MF-AGG 1'284'321 0.21 1'700 31.07.2012 Investment Advisor
RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 1'164'014 0.19 56'678 31.07.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'156'548 0.19 - 29.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1'111'931 0.18 971 20.09.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 927'410 0.15 (596'408) 31.07.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 702'352 0.11 357 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI JOSE RITO neutral 3 M 105 Not Provided 21.09.2012
Grupo Santander REBECCA MCCLELLAN buy 5 M 114 Not Provided 20.09.2012
Societe Generale ANNE CRITCHLOW buy 5 M 115 12 month 20.09.2012
Deutsche Bank WARWICK OKINES hold 3 M 95 12 month 20.09.2012
CA Cheuvreux DANIEL OVIN outperform 5 M 110 Not Provided 20.09.2012
Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 78 12 month 20.09.2012
Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 108 Not Provided 20.09.2012
Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 116 Not Provided 20.09.2012
Nomura FRASER RAMZAN neutral 3 M 92 12 month 20.09.2012
Exane BNP Paribas BEN SPRUNTULIS outperform 5 M 105 Not Provided 20.09.2012
AlphaValue VIRGINIE BLIN sell 1 M 83 6 month 20.09.2012
Morgan Stanley GEOFFREY RUDDELL Overwt/In-Line 5 M 80 12 month 19.09.2012
JPMorgan GILLIAN HILDITCH neutral 3 M 98 12 month 19.09.2012
Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 100 12 month 19.09.2012
La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 D 89 Not Provided 19.09.2012
BBVA ISABEL CARBALLO outperform 5 M 105 Not Provided 19.09.2012
Banco Sabadell IGNACIO ROMERO buy 5 M 105 12 month 19.09.2012
Bryan Garnier & Cie PETER FARREN sell 1 M 62 6 month 19.09.2012
ISI Group OMAR SAAD buy 5 M 110 12 month 19.09.2012
S&P Capital IQ WILLIAM MACK buy 5 M 110 12 month 19.09.2012
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 101 12 month 19.09.2012
Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 93 Not Provided 19.09.2012
Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 87 Not Provided 19.09.2012
Interdin Bolsa SOFIA REBUELTA VILLEGAS neutral 3 M 72 Not Provided 18.09.2012
Commerzbank Corporates & Markets ANNA RABEYA KHAN buy 5 M 110 6 month 13.09.2012
Renta 4 SA SVB IVAN SAN FELIX hold 3 M 81 Not Provided 12.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.09.2012
HSBC PAUL ROSSINGTON overweight 5 U 100 Not Provided 03.09.2012
ING Wholesale Banking JAN MEIJER buy 5 M 100 12 month 27.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012
Inverseguros Sociedad de Valores ALBERTO ROLDAN sell 1 M 83 Not Provided 03.08.2012
Redburn Partners GEOFF LOWERY buy 5 U #N/A N/A Not Provided 11.07.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 20.06.2012
Independent Research GmbH ZAFER RUEZGAR hold 3 M 80 6 month 14.06.2012
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU hold 3 N 72 Not Provided 14.06.2012
Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 115 12 month 13.06.2012
Intermoney Valores ANTONIO PAUSA RODRIGUEZ buy 5 M 78 12 month 24.04.2012
Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 67 12 month 21.03.2012
Link Securities PAULA SAMPEDRO accumulate 4 D 47 Not Provided 26.11.2009
Holdings By:
Inditex SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
ING Groep N.V. offers financial services to individuals, corporations, and other
institutions. The Company offers corporate, investment, and private banking
services, asset and portfolio management, treasury services, and insurance. ING
Groep has offices throughout the world.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (02.02.2012) 7.58
52-Week Low (26.09.2011) 4.41
Daily Volume
6.55
52-Week High % Change -13.52% Dividend Yield -
52-Week Low % Change 48.39% Beta 1.80
% 52 Week Price Range High/Low 71.48% Equity Float -
Shares Out 30.06.2012 3'831.6 Short Int -
25'096.72 1 Yr Total Return 43.33%
Total Debt 240'636.00 YTD Return 17.81%
Preferred Stock 0.0 Adjusted BETA 1.796
Minority Interest 777.0 Analyst Recs 33
Cash and Equivalents 31'194.00 Consensus Rating 3.909
Enterprise Value 255'291.72
Average Volume 5 Day 25'125'970
INGA NA EQUITY YTD Change - Average Volume 30 Day 27'312'480
INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 27'684'510
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
73'142.0 64'680.0 46'025.0 51'411.0 52'787.0 46'381.0 48'371.0 36'900.8 42'571.9 3'415.0 3'585.0
4.30x 4.40x 5.41x 4.99x 4.38x 23.15x 20.14x 1.05x 0.90x - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
9'241.0 (729.0) (935.0) 2'810.0 5'766.0 3'257.0 4'729.0 3'855.8 4'380.1 928.7 1'004.5
6.50x 0.00x 0.00x 12.77x 6.70x 14.54x 6.65x 6.28x 5.60x 6.82x 6.55x
EBITDA - Long-Term Rating Date 03.09.2009
EBIT - Long-Term Rating A
Operating Margin 11.25% Long-Term Outlook STABLE
Pretax Margin 9.95% Short-Term Rating Date 31.03.2009
Return on Assets 0.46% Short-Term Rating A-1
Return on Common Equity 12.07%
Return on Capital 2.16% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 484.5%
Net Income Margin 10.9% Total Debt/Capital 82.7%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 18.81% Inventory Days -
Tot Debt to Common Equity 484.54% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
ING Groep NVPrice/Volume
Valuation Analysis
7'003'977.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
.
/
0
1
2
3
4
5
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G.-'- G/-'- G0-'- G1-'- G2-'- G3-'- G4-'- G5-'- G6-'- G.--'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011-'--
-'/-
-'1-
-'3-
-'5-
.'--
.'/-
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK INC n/a 13G 189'941'686 4.96 - 31.01.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 158'006'271 4.12 37'710'724 31.08.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 64'528'382 1.68 2'307'347 30.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 44'638'466 1.17 (2'900'726) 29.02.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 32'183'884 0.84 4'630'524 31.08.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 28'725'202 0.75 (7'399) 31.07.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 27'707'655 0.72 (99'813) 31.07.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 26'155'586 0.68 895'934 31.07.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 25'314'880 0.66 - 30.06.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 24'772'185 0.65 (3'471'719) 31.07.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 22'681'400 0.59 (10'325'465) 31.08.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20'377'537 0.53 (715'008) 31.07.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 20'353'528 0.53 (224'442) 31.08.2012 Mutual Fund Manager
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 19'415'265 0.51 - 20.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 17'047'121 0.44 (1'175'197) 30.06.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 15'017'209 0.39 8'200 30.03.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 15'016'060 0.39 68'877 31.03.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 14'703'712 0.38 (2'610'049) 01.04.2012 Mutual Fund Manager
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 12'294'812 0.32 (78'840) 31.03.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11'207'322 0.29 - 20.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SNS Securities(ESN) LEMER SALAH buy 5 M 10 12 month 21.09.2012
AlphaValue JEROME CASSAGNE buy 5 M 8 6 month 20.09.2012
Morgan Stanley DAVID ANDRICH Overwt/In-Line 5 M 7 12 month 18.09.2012
RBC Capital Markets GORDON AITKEN outperform 5 M 8 12 month 18.09.2012
Deutsche Bank SPENCER HORGAN hold 3 M 8 12 month 17.09.2012
Kepler Capital Markets BENOIT PETRARQUE reduce 2 D 6 Not Provided 16.09.2012
Macquarie THOMAS STOEGNER neutral 3 D 7 12 month 11.09.2012
Rabobank International COR KLUIS buy 5 M 9 Not Provided 10.09.2012
Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 7 Not Provided 10.09.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 6 Not Provided 06.09.2012
CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 06.09.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 7 6 month 06.09.2012
KBC Securities DIRK PEETERS accumulate 4 M 9 Not Provided 06.09.2012
Oddo & Cie NICOLAS JACOB neutral 3 M 7 Not Provided 05.09.2012
ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 7 Not Provided 05.09.2012
HSBC KAILESH MISTRY neutral 3 M 7 Not Provided 03.09.2012
Day by Day VALERIE GASTALDY buy 5 U 8 3 month 03.09.2012
Nomura TARIK EL MEJJAD buy 5 M 8 12 month 30.08.2012
S&P Capital IQ RODERICK WALLACE hold 3 M 6 12 month 30.08.2012
Credit Suisse RICHARD BURDEN outperform 5 M 9 Not Provided 29.08.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 27.08.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 21.08.2012
Petercam MATTHIAS DE WIT buy 5 M 8 Not Provided 16.08.2012
Barclays KIRI VIJAYARAJAH equalweight 3 M 6 Not Provided 15.08.2012
Societe Generale PHILIP RICHARDS hold 3 M 6 12 month 09.08.2012
Main First Bank AG FEDERICO SALERNO buy 5 M 8 12 month 09.08.2012
Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 8 12 month 08.08.2012
JPMorgan MICHAEL HUTTNER restricted #N/A N/A M #N/A N/A Not Provided 03.08.2012
Kempen & Co FREDERIC VAN DAELE sell 1 M 4 12 month 10.06.2012
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 9 12 month 22.05.2012
DZ Bank AG WERNER EISENMANN buy 5 M 8 12 month 13.01.2012
Theodoor Gilissen Securities TOM MULLER hold 3 M 10 Not Provided 27.10.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 9 12 month 17.06.2011
Natixis BENOIT VALLEAUX suspended coverage #N/A N/A M #N/A N/A Not Provided 17.03.2009
Holdings By:
ING Groep NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Intesa Sanpaolo attracts deposits and offers banking and financial services.
The Bank offers consumer credit, asset management, Internet banking, merchant
banking, securities brokerage, factoring, and lease financing services, and
manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and
offices elsewhere in Europe, Asia, and the United States.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (08.02.2012) 1.65
52-Week Low (23.07.2012) 0.85
Daily Volume
1.234
52-Week High % Change -25.15% Dividend Yield -
52-Week Low % Change 44.58% Beta 1.41
% 52 Week Price Range High/Low 50.53% Equity Float 13'656.47
Shares Out 30.06.2012 15'501.3 Short Int -
20'103.04 1 Yr Total Return 28.27%
Total Debt 266'182.00 YTD Return 0.21%
Preferred Stock 0.0 Adjusted BETA 1.414
Minority Interest 718.0 Analyst Recs 35
Cash and Equivalents 39'926.00 Consensus Rating 3.286
Enterprise Value -
Average Volume 5 Day #########
ISP IM EQUITY YTD Change - Average Volume 30 Day #########
ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
32'566.0 33'216.0 27'022.0 24'836.0 25'266.0 19'435.0 26'049.0 17'161.6 17'019.9 4'129.3 4'211.3
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
7'250.0 2'553.0 2'805.0 2'705.0 (8'190.0) 2'417.0 (8'318.0) 1'981.7 2'343.7 493.5 413.0
21.37x 23.67x 15.27x 12.90x 0.00x 11.38x 0.00x 9.95x 8.45x 10.92x 10.92x
EBITDA - Long-Term Rating Date 10.02.2012
EBIT - Long-Term Rating BBB+
Operating Margin 4.75% Long-Term Outlook NEG
Pretax Margin -54.51% Short-Term Rating Date 10.02.2012
Return on Assets -1.26% Short-Term Rating A-2
Return on Common Equity -16.29%
Return on Capital -2.54% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 565.9%
Net Income Margin -46.8% Total Debt/Capital 84.8%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 4.60
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 41.64% Inventory Days -
Tot Debt to Common Equity 565.86% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Intesa Sanpaolo SpAPrice/Volume
Valuation Analysis
59'241'824.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
---.....//
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G2-'- G.--'- G.2-'- G/--'- G/2-'- G0--'- G02-'- G1--'- G12-'- G2--'- G
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011-'--
-'/-
-'1-
-'3-
-'5-
.'--
.'/-
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COMPAGNIA DI SAN PAO n/a EXCH 1'532'766'787 9.89 - 12.09.2012 Other
FOND CR PROVINCIE LO n/a EXCH 725'460'008 4.68 - 12.09.2012 Bank
FONDAZIONE CASSA RIS n/a EXCH 647'953'597 4.18 - 12.09.2012 Bank
ENTE CASSA DI RISP F n/a EXCH 523'633'314 3.38 - 12.09.2012 Bank
FONDAZIONE CASSA RIS n/a EXCH 422'874'979 2.73 - 12.09.2012 Other
HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 307'619'116 1.98 80'746'488 30.06.2012 Investment Advisor
ALLEANZA TORO SPA n/a EXCH 286'308'683 1.85 - 12.09.2012 Insurance Company
ASSICURAZIONI GENERA n/a EXCH 205'236'977 1.32 - 12.09.2012 Insurance Company
BLACKROCK ADVISORS U n/a EXCH 183'690'194 1.18 - 12.09.2012 Investment Advisor
BLACKROCK INSTITUTIO n/a EXCH 181'520'015 1.17 - 12.09.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 148'101'905 0.96 16'692'387 31.08.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 123'651'390 0.8 (6'432'782) 30.06.2012 Investment Advisor
INA ASSITALIA SPA n/a EXCH 85'877'104 0.55 - 12.09.2012 n/a
GENERALI VIE SA n/a EXCH 82'931'860 0.53 - 12.09.2012 n/a
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 74'398'983 0.48 30'787'408 31.08.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 71'253'990 0.46 66'426 20.09.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 61'377'693 0.4 363'591 20.09.2012 Investment Advisor
BLACKROCK FUND ADVIS n/a EXCH 46'813'872 0.3 - 12.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 43'564'982 0.28 209'075 31.07.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 41'310'760 0.27 (11'532'302) 01.04.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse IGNACIO CEREZO neutral 3 M 1 Not Provided 24.09.2012
AlphaValue DAVID GRINSZTAJN buy 5 M 2 6 month 20.09.2012
ICBPI. LUCA COMI neutral 3 M 1 12 month 19.09.2012
Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 18.09.2012
Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 14.09.2012
Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 1 12 month 14.09.2012
Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 1 Not Provided 14.09.2012
HSBC CARLO DIGRANDI underweight 1 D 1 Not Provided 13.09.2012
Societe Generale CARLO TOMMASELLI sell 1 M 1 12 month 11.09.2012
Mediobanca SpA ANDREA FILTRI neutral 3 M 1 Not Provided 11.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 11.09.2012
Barclays JEREMY SIGEE underweight 1 D 1 Not Provided 10.09.2012
CA Cheuvreux ALDO COMI outperform 5 M 2 Not Provided 07.09.2012
Keefe, Bruyette & Woods RONNY REHN underperform 1 M 1 12 month 05.09.2012
Macquarie BENJIE CREELAN-SANDFORD underperform 1 D 1 12 month 04.09.2012
Nomura DOMENICO SANTORO buy 5 M 1 12 month 03.09.2012
Day by Day VALERIE GASTALDY buy 5 U 2 3 month 03.09.2012
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 23.08.2012
JPMorgan KIAN ABOUHOSSEIN neutral 3 M 2 15 month 23.08.2012
Nord/LB MICHAEL SEUFERT hold 3 U #N/A N/A Not Provided 21.08.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 1 12 month 07.08.2012
Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 1 12 month 06.08.2012
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 1 Not Provided 06.08.2012
Equita SIM SpA MATTEO GHILOTTI buy 5 M 1 12 month 06.08.2012
Berenberg Bank MARCO TROIANO buy 5 M 2 Not Provided 06.08.2012
Natixis STEVEN GOULD buy 5 M 1 Not Provided 06.08.2012
Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 2 Not Provided 03.08.2012
S&P Capital IQ FRANK BRADEN hold 3 M 1 12 month 03.08.2012
ING Wholesale Banking ALEXANDER PELTESHKI hold 3 D 1 12 month 01.08.2012
Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 20.07.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 1 Not Provided 19.06.2012
Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012
Main First Bank AG ALBERTO SEGAFREDO neutral 3 M 2 12 month 29.07.2011
Holdings By:
Intesa Sanpaolo SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
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.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (07.09.2012) 19.56
52-Week Low (26.09.2011) 12.23
Daily Volume
18.625
52-Week High % Change -4.73% Dividend Yield -
52-Week Low % Change 52.35% Beta 1.21
% 52 Week Price Range High/Low 90.79% Equity Float 924.02
Shares Out 24.09.2012 957.1 Short Int -
17'826.60 1 Yr Total Return 57.31%
Total Debt 3'860.00 YTD Return 20.45%
Preferred Stock 0.0 Adjusted BETA 1.208
Minority Interest 34.0 Analyst Recs 38
Cash and Equivalents 3'147.00 Consensus Rating 3.605
Enterprise Value 19'627.60
Average Volume 5 Day 3'347'319
PHIA NA EQUITY YTD Change - Average Volume 30 Day 3'103'134
PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'508'018
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
26'793.0 26'385.0 20'092.0 22'287.0 22'579.0 21'587.0 23'609.0 24'461.0 25'454.0 5'926.5 7'316.0
0.98x 0.51x 0.95x 0.92x 0.70x 3.74x 2.58x 0.77x 0.72x 3.15x 2.46x
2'950.0 1'883.0 2'055.0 3'436.0 1'187.0 3'202.0 1'430.0 2'895.9 3'365.7 753.5 1'114.5
8.93x 7.11x 9.30x 5.98x 13.33x 5.44x 11.40x 6.79x 5.84x 5.33x 4.99x
4'873.0 (91.0) 410.0 1'446.0 (1'295.0) (220.0) 327.0 1'174.4 1'452.3 224.3 480.2
6.39x 0.00x 41.36x 14.60x 0.00x 703.73x 21.20x 14.51x 11.51x 12.49x 11.05x
EBITDA 1'187.00 Long-Term Rating Date 11.05.2005
EBIT -269.00 Long-Term Rating A-
Operating Margin -1.19% Long-Term Outlook NEG
Pretax Margin -2.18% Short-Term Rating Date 26.02.2001
Return on Assets -4.23% Short-Term Rating A-2
Return on Common Equity -9.45%
Return on Capital - EBITDA/Interest Exp. 3.39
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 1.32
Net Debt/EBITDA 0.60
Gross Margin 38.3% Total Debt/EBITDA 3.25
EBITDA Margin 5.3%
EBIT Margin -1.2% Total Debt/Equity 31.2%
Net Income Margin -5.7% Total Debt/Capital 23.8%
Asset Turnover 0.74
Current Ratio 1.34 Net Fixed Asset Turnover 7.33
Quick Ratio 0.79 Accounts receivable turnover-days 67.20
Debt to Assets 13.33% Inventory Days 98.11
Tot Debt to Common Equity 31.24% Accounts Payable Turnover Day 93.65
Accounts Receivable Turnover 5.43 Cash Conversion Cycle 71.66
Inventory Turnover 3.72
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Koninklijke Philips Electronics NVPrice/Volume
Valuation Analysis
962'809.00
Current Price (9/dd/yy) Market Data
-
2
.-
.2
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p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
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.-'- G
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0.0
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10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK INC n/a Research 48'717'052 5.09 (3'464'935) 18.10.2010 Investment Advisor
SOUTHEASTERN ASSET M n/a 13G 48'302'038 5.05 - 31.12.2011 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 47'067'009 4.92 2'387'491 30.06.2012 Investment Advisor
KONINKLIJKE PHILIPS #N/A N/A Research 32'381'240 3.38 (71'765'334) 21.09.2012 Corporation
HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 23'595'873 2.47 1'905'573 30.06.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 22'598'686 2.36 (1'621) 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'390'845 1.19 535'591 30.06.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'462'123 0.68 (444'162) 31.07.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 5'546'639 0.58 398'042 31.07.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 5'275'845 0.55 - 20.09.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4'616'627 0.48 (29'758) 31.03.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4'240'931 0.44 (1'420) 31.03.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'919'891 0.41 190'369 30.06.2012 Investment Advisor
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 3'692'188 0.39 (1'009'997) 30.06.2012 Investment Advisor
FORTIS INVESTMENTS Multiple Portfolios MF-AGG 3'606'798 0.38 (103'911) 31.05.2012 Mutual Fund Manager
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 3'493'090 0.36 178'144 30.06.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 3'409'575 0.36 (40'327) 31.08.2012 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 3'206'110 0.33 50'603 20.09.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 3'088'972 0.32 (74'895) 31.07.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3'025'397 0.32 920 20.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse SIMON TOENNESSEN neutral 3 M 19 Not Provided 23.09.2012
JPMorgan ANDREAS WILLI neutral 3 M 21 15 month 21.09.2012
AlphaValue THOMAS PICHERIT add 4 M 20 6 month 20.09.2012
Petercam MARCEL ACHTERBERG hold 3 M 20 Not Provided 14.09.2012
Rabobank International HANS SLOB buy 5 M 22 Not Provided 13.09.2012
Exane BNP Paribas OLIVIER ESNOU neutral 3 M 21 Not Provided 13.09.2012
Societe Generale GAEL DE BRAY buy 5 M 20 12 month 12.09.2012
Morgan Stanley BEN UGLOW Equalwt/In-Line 3 M 19 12 month 12.09.2012
RBC Capital Markets ANDREW CARTER outperform 5 M 20 12 month 12.09.2012
Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 24 12 month 12.09.2012
CA Cheuvreux ANTOINE AZAR outperform 5 M 23 Not Provided 12.09.2012
Independent Research GmbH MARKUS FRIEBEL hold 3 M 20 6 month 12.09.2012
Nomura DANIEL CUNLIFFE buy 5 M 20 12 month 12.09.2012
Barclays ALLAN SMYLIE equalweight 3 M 18 Not Provided 12.09.2012
SNS Securities(ESN) VICTOR BARENO hold 3 M 15 12 month 11.09.2012
Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 21 12 month 07.09.2012
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 23 Not Provided 04.09.2012
ING Wholesale Banking SJOERD UMMELS hold 3 M 17 12 month 03.09.2012
HSBC MICHAEL HAGMANN neutral 3 M 20 Not Provided 22.08.2012
Berenberg Bank WILLIAM MACKIE buy 5 U 23 Not Provided 10.08.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 08.08.2012
Hamburger Sparkasse MARCO GUENTHER sell 1 D #N/A N/A Not Provided 02.08.2012
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 16 Not Provided 30.07.2012
Day by Day VALERIE GASTALDY hold 3 U #N/A N/A Not Provided 26.07.2012
Nord/LB WOLFGANG VASTERLING buy 5 U 19 12 month 24.07.2012
Kepler Capital Markets PETER OLOFSEN buy 5 M 21 Not Provided 24.07.2012
Natixis LUDOVIC DEBAILLEUX buy 5 M 21 Not Provided 24.07.2012
Deutsche Bank MARTIN WILKIE hold 3 M 19 12 month 23.07.2012
Kempen & Co ERWIN DUT buy 5 M 18 12 month 23.07.2012
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 17 Not Provided 23.07.2012
Oddo & Cie DELPHINE BRAULT buy 5 M 19 Not Provided 23.07.2012
S&P Capital IQ JAMES CRAWSHAW hold 3 M 16 12 month 23.07.2012
Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 20 Not Provided 16.07.2012
DZ Bank AG THOMAS MAUL buy 5 M 17 12 month 27.06.2012
National Bank AG STEFFEN MANSKE sell 1 D #N/A N/A Not Provided 03.04.2012
Jyske Bank ROBERT JAKOBSEN sell 1 M 23 Not Provided 29.03.2010
Holdings By:
Koninklijke Philips Electronics NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
L'Oreal SA manufactures, markets, and distributes health and beauty aids. The
Company produces colorants, styling, and hair care products for professional
hairdressers, hair care, cosmetics, and skin care products and perfumes for
consumers, luxury cosmetics and perfumes sold through department stores,
perfumeries and travel stores, and dermatological and pharmaceutical products.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (09.08.2012) 102.50
52-Week Low (26.09.2011) 70.12
Daily Volume
96.83
52-Week High % Change -5.51% Dividend Yield -
52-Week Low % Change 38.09% Beta 0.68
% 52 Week Price Range High/Low 83.38% Equity Float 230.85
Shares Out 20.08.2012 606.6 Short Int -
58'741.43 1 Yr Total Return 38.93%
Total Debt 1'148.30 YTD Return 22.61%
Preferred Stock 0.0 Adjusted BETA 0.680
Minority Interest 3.1 Analyst Recs 40
Cash and Equivalents 1'652.20 Consensus Rating 3.225
Enterprise Value 58'509.73
Average Volume 5 Day 997'413
OR FP EQUITY YTD Change - Average Volume 30 Day 756'905
OR FP EQUITY YTD % CHANGE - Average Volume 3 Month 768'096
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
17'062.6 17'541.8 17'472.6 19'495.8 20'343.1 18'370.0 21'311.0 22'393.8 23'671.8 5'456.0 5'677.0
3.64x 2.28x 2.72x 2.52x 2.33x 0.00x 0.00x 2.56x 2.37x - -
3'475.9 3'441.7 3'368.7 3'757.5 3'955.1 0.0 0.0 4'430.6 4'766.0 - -
17.88x 11.63x 14.12x 13.05x 12.00x 0.00x 0.00x 13.24x 12.30x - -
2'656.0 1'948.3 1'792.2 2'239.7 2'438.4 0.0 0.0 2'880.5 3'118.3 - -
22.17x 18.82x 25.41x 21.75x 19.64x 0.00x 0.00x 20.29x 18.76x - -
EBITDA 3'955.10 Long-Term Rating Date -
EBIT 3'292.60 Long-Term Rating -
Operating Margin 16.19% Long-Term Outlook -
Pretax Margin 17.04% Short-Term Rating Date 05.06.2006
Return on Assets 9.58% Short-Term Rating A-1+
Return on Common Equity 15.01%
Return on Capital 14.04% EBITDA/Interest Exp. 82.23
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 64.23
Net Debt/EBITDA -0.13
Gross Margin 71.2% Total Debt/EBITDA 0.29
EBITDA Margin 19.4%
EBIT Margin 16.2% Total Debt/Equity 6.5%
Net Income Margin 12.0% Total Debt/Capital 6.1%
Asset Turnover 0.80
Current Ratio 1.08 Net Fixed Asset Turnover 7.32
Quick Ratio 0.65 Accounts receivable turnover-days 50.97
Debt to Assets 4.28% Inventory Days 120.45
Tot Debt to Common Equity 6.51% Accounts Payable Turnover Day 191.72
Accounts Receivable Turnover 7.16 Cash Conversion Cycle -20.30
Inventory Turnover 3.03
Fiscal Year Ended
L'Oreal SAPrice/Volume
Valuation Analysis
299'991.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
/-
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3-
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'2 G
.'- G
.'2 G
/'- G
/'2 G
0'- G
0'2 G
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
2'--
.-'--
.2'--
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-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BETTENCOURT FAMILY n/a Co File 185'661'879 30.6 - 31.12.2011 n/a
NESTLE SA n/a Co File 178'381'021 29.4 - 31.12.2011 Corporation
L'OREAL SA n/a Co File 8'597'659 1.42 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'135'638 0.85 953'594 30.06.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 5'050'746 0.83 560'936 29.06.2012 Mutual Fund Manager
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'000'965 0.66 600'000 30.06.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 3'195'000 0.53 (794'000) 30.06.2012 Investment Advisor
OWEN-JONES LINDSAY n/a Co File 3'029'005 0.5 - 31.12.2011 n/a
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 3'010'000 0.5 - 30.06.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'411'248 0.23 (16'482) 31.07.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1'282'910 0.21 1'072 20.09.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'006'298 0.17 (125'162) 20.09.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 833'553 0.14 236 20.09.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 775'156 0.13 (17'000) 31.07.2012 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 769'913 0.13 (158'531) 20.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 751'170 0.12 42'490 21.09.2012 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 725'628 0.12 - 30.06.2012 Pension Fund (ERISA)
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 643'171 0.11 - 20.09.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 628'781 0.1 628'781 30.06.2012 Investment Advisor
RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 620'065 0.1 30'588 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 24.09.2012
Credit Suisse ALEX MOLLOY neutral 3 M 96 Not Provided 21.09.2012
Exane BNP Paribas EAMONN FERRY outperform 5 M 107 Not Provided 20.09.2012
AlphaValue ARMELLE MOULIN reduce 2 M 104 6 month 20.09.2012
Independent Research GmbH LARS LUSEBRINK hold 3 M 107 12 month 19.09.2012
Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 112 12 month 18.09.2012
Espirito Santo Investment Bank ResearchMARTIN DOLAN sell 1 M 87 Not Provided 14.09.2012
HSBC CEDRIC BESNARD neutral 3 M 105 Not Provided 12.09.2012
Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 92 12 month 11.09.2012
Raymond James HERMINE DE BENTZMANN outperform 5 M 108 12 month 11.09.2012
Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 D 91 12 month 06.09.2012
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 90 12 month 04.09.2012
Bryan Garnier & Cie LOIC MORVAN buy 5 M 104 6 month 31.08.2012
Grupo Santander PEDRO GIL hold 3 M 100 Not Provided 30.08.2012
JPMorgan CELINE PANNUTI overweight 5 M 108 15 month 30.08.2012
Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 94 Not Provided 30.08.2012
Oddo & Cie LEOPOLD AUTHIE buy 5 M 106 Not Provided 30.08.2012
Kepler Capital Markets CATHERINE ROLLAND buy 5 M 112 Not Provided 30.08.2012
Main First Bank AG MATTHIAS EIFERT neutral 3 M 90 12 month 30.08.2012
Barclays IAIN SIMPSON overweight 5 M 110 Not Provided 30.08.2012
Commerzbank Corporates & Markets ANDREAS RIEMANN add 4 M 105 6 month 29.08.2012
Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 136 12 month 29.08.2012
Jefferies ALEX HOWSON buy 5 M 106 12 month 29.08.2012
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 29.08.2012
Nomura GUILLAUME DELMAS reduce 2 M 85 12 month 29.08.2012
S&P Capital IQ CARL SHORT hold 3 M 107 12 month 29.08.2012
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 97 12 month 29.08.2012
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 107 12 month 28.08.2012
Stifel Nicolaus MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 28.08.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 08.08.2012
Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012
DZ Bank AG THOMAS MAUL buy 5 M 97 12 month 30.07.2012
Natixis PIERRE TEGNER neutral 3 M 86 Not Provided 27.07.2012
Liberum Capital Ltd PABLO ZUANIC buy 5 M 130 Not Provided 26.07.2012
Deutsche Bank HAROLD THOMPSON hold 3 M 95 12 month 20.07.2012
Berenberg Bank SETH PETERSON hold 3 M 95 Not Provided 11.07.2012
ING Wholesale Banking MARCO GULPERS sell 1 D 82 12 month 11.07.2012
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.05.2012
CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 19.12.2011
Macquarie SREEDHAR MAHAMKALI outperform 5 M 90 12 month 02.09.2011
Holdings By:
L'Oreal SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The
Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,
watches and jewelry.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (16.03.2012) 136.80
52-Week Low (04.10.2011) 94.16
Daily Volume
121.7
52-Week High % Change -11.00% Dividend Yield 2.38
52-Week Low % Change 29.25% Beta 0.90
% 52 Week Price Range High/Low 66.58% Equity Float 255.04
Shares Out 11.09.2012 507.9 Short Int -
61'813.84 1 Yr Total Return 17.93%
Total Debt 7'266.00 YTD Return 12.87%
Preferred Stock 0.0 Adjusted BETA 0.902
Minority Interest 1'061.0 Analyst Recs 34
Cash and Equivalents 2'303.00 Consensus Rating 4.294
Enterprise Value 68'713.84
Average Volume 5 Day 1'114'713
MC FP EQUITY YTD Change - Average Volume 30 Day 831'115
MC FP EQUITY YTD % CHANGE - Average Volume 3 Month 897'554
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
16'481.0 17'193.0 17'053.0 20'320.0 23'659.0 19'391.0 26'333.0 28'083.4 30'557.5 6'732.5 8'105.0
2.63x 1.60x 2.41x 3.08x 2.56x 0.00x 0.00x 2.38x 2.12x - -
4'109.0 4'323.0 4'055.0 5'106.0 6'150.0 0.0 0.0 7'064.6 7'814.6 - -
10.55x 6.34x 10.13x 12.27x 9.84x 0.00x 0.00x 9.76x 8.82x - -
2'025.0 2'026.0 1'755.0 3'032.0 3'065.0 0.0 0.0 3'656.2 4'073.0 - -
19.36x 11.16x 21.13x 19.36x 17.45x 0.00x 0.00x 16.65x 14.96x - -
EBITDA 6'150.00 Long-Term Rating Date 20.05.2011
EBIT 5'263.00 Long-Term Rating A
Operating Margin 22.25% Long-Term Outlook POS
Pretax Margin 20.79% Short-Term Rating Date 20.05.2011
Return on Assets 7.28% Short-Term Rating A-1
Return on Common Equity 15.46%
Return on Capital 13.27% EBITDA/Interest Exp. 32.03
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 22.92
Net Debt/EBITDA 0.81
Gross Margin 65.8% Total Debt/EBITDA 1.18
EBITDA Margin 26.0%
EBIT Margin 22.2% Total Debt/Equity 32.4%
Net Income Margin 13.0% Total Debt/Capital 23.6%
Asset Turnover 0.56
Current Ratio 1.38 Net Fixed Asset Turnover 3.21
Quick Ratio 0.44 Accounts receivable turnover-days 26.56
Debt to Assets 15.44% Inventory Days 304.49
Tot Debt to Common Equity 32.36% Accounts Payable Turnover Day 99.69
Accounts Receivable Turnover 13.74 Cash Conversion Cycle 231.36
Inventory Turnover 1.20
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
LVMH Moet Hennessy Louis Vuitton SAPrice/Volume
Valuation Analysis
382'155.00
Current Price (9/dd/yy) Market Data
-
/-
1-
3-
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p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
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.'2 G
/'- G
/'2 G
0'- G
0'2 G
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
/'--
1'--
3'--
5'--
.-'--
./'--
.1'--
.3'--
.5'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GROUPE ARNAULT SAS n/a Co File 236'033'646 46.47 - 31.12.2011 Holding Company
LVMH MOET HENNESSY L n/a Co File 9'536'678 1.88 - 31.12.2011 Holding Company
QATAR HOLDINGS LLC n/a Research 5'230'723 1.03 - 15.03.2012 Government
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'374'445 0.86 (62'039) 29.06.2012 Mutual Fund Manager
CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'165'744 0.82 27'750 29.06.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'940'056 0.78 - 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'706'291 0.73 140'652 30.06.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 3'018'380 0.59 119'165 31.07.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'200'987 0.43 (181'280) 31.07.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 2'122'078 0.42 (6'937) 29.02.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'623'450 0.32 (69'550) 31.07.2012 Investment Advisor
TRAPANI FRANCESCO n/a Co File 1'561'592 0.31 - 31.12.2011 n/a
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'528'000 0.3 143'000 30.06.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'445'911 0.28 (2'815) 31.08.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 1'395'468 0.27 (13'176) 31.08.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1'319'260 0.26 1'128 20.09.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'286'619 0.25 5'184 31.07.2012 Mutual Fund Manager
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 1'202'380 0.24 (55'895) 31.07.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'051'543 0.21 558'972 30.04.2012 Investment Advisor
MFS INVESTMENT MANAG Multiple Portfolios MF-AGG 965'220 0.19 20'282 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 24.09.2012
AlphaValue VIRGINIE BLIN buy 5 U 155 6 month 20.09.2012
Raymond James MARC WILLAUME outperform 5 D 145 Not Provided 18.09.2012
Aurel - BGC DAVID DA MAIA hold 3 M 130 6 month 17.09.2012
Cantor Fitzgerald ALLEGRA PERRY hold 3 N 129 Not Provided 13.09.2012
Renaissance Capital REY WIUM hold 3 M 142 Not Provided 11.09.2012
Nomura CHRISTOPHER WALKER neutral 3 M 147 12 month 07.09.2012
Barclays JULIAN EASTHOPE overweight 5 M 160 Not Provided 03.09.2012
HSBC ANTOINE BELGE neutral 3 D 145 Not Provided 01.09.2012
Bryan Garnier & Cie LOIC MORVAN buy 5 M 139 6 month 31.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012
S&P Capital IQ MARNIE COHEN strong buy 5 M 155 12 month 06.08.2012
Kepler Capital Markets CATHERINE ROLLAND buy 5 M 150 Not Provided 03.08.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 02.08.2012
Credit Suisse ROGERIO FUJIMORI outperform 5 M 138 Not Provided 30.07.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2012
Banco Sabadell IGNACIO ROMERO buy 5 M 148 Not Provided 30.07.2012
Berenberg Bank JOHN GUY buy 5 M 150 Not Provided 30.07.2012
Main First Bank AG MATTHIAS EIFERT buy 5 M 140 12 month 30.07.2012
JPMorgan MELANIE A FLOUQUET neutral 3 M 120 3 month 27.07.2012
CA Cheuvreux THOMAS MESMIN outperform 5 M 142 Not Provided 27.07.2012
Independent Research GmbH LARS LUSEBRINK buy 5 M 150 12 month 27.07.2012
Oddo & Cie LEOPOLD AUTHIE buy 5 M 150 Not Provided 27.07.2012
ISI Group OMAR SAAD buy 5 M 160 Not Provided 27.07.2012
Societe Generale EMMANUEL BRULEY DES VARANNES buy 5 N 150 12 month 31.05.2012
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 U 123 12 month 09.05.2012
Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 150 12 month 03.05.2012
DZ Bank AG THOMAS MAUL buy 5 M 147 Not Provided 02.05.2012
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 149 12 month 19.04.2012
Deutsche Bank WARWICK OKINES buy 5 M 140 12 month 16.04.2012
Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 02.04.2012
Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 192 12 month 07.03.2012
Natixis OLIVIER DELAHOUSSE buy 5 M 147 Not Provided 03.02.2012
Holdings By:
LVMH Moet Hennessy Louis Vuitton SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (21.09.2012) 125.85
52-Week Low (26.09.2011) 78.61
Daily Volume
124.15
52-Week High % Change -1.35% Dividend Yield -
52-Week Low % Change 57.93% Beta 0.97
% 52 Week Price Range High/Low 98.09% Equity Float 178.99
Shares Out 30.06.2012 179.3 Short Int -
22'265.21 1 Yr Total Return 64.05%
Total Debt 5'562.00 YTD Return 38.43%
Preferred Stock 0.0 Adjusted BETA 0.968
Minority Interest 247.0 Analyst Recs 44
Cash and Equivalents 2'490.00 Consensus Rating 3.773
Enterprise Value 25'465.21
Average Volume 5 Day 979'069
MUV2 GY EQUITY YTD Change - Average Volume 30 Day 675'152
MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 750'314
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
47'323.0 47'151.0 53'891.0 59'111.0 60'908.0 59'610.0 64'012.0 53'719.1 55'320.1 15'175.0 14'051.0
0.69x 0.56x 0.44x 0.42x 0.33x 1.47x 1.33x 0.53x 0.51x - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
3'854.0 1'555.0 2'521.0 2'422.0 702.0 1'020.0 2'501.0 2'701.5 2'731.3 743.0 688.0
7.41x 14.34x 8.39x 8.69x 24.03x 18.72x 7.88x 8.21x 8.09x 8.45x 8.32x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating AA-
Operating Margin 0.74% Long-Term Outlook STABLE
Pretax Margin 0.26% Short-Term Rating Date -
Return on Assets 0.29% Short-Term Rating -
Return on Common Equity 3.06%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 24.1%
Net Income Margin 1.2% Total Debt/Capital 19.3%
Asset Turnover 0.25
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.25% Inventory Days -
Tot Debt to Common Equity 24.12% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Muenchener Rueckversicherungs AGPrice/Volume
Valuation Analysis
227'107.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
/-
1-
3-
5-
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.1-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
'2 G
.'- G
.'2 G
/'- G
/'2 G
0'- G
0'2 G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
-'2-
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.'2-
/'--
/'2-
0'--
0'2-
1'--
1'2-
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a Co File 18'292'803 10.2 - 31.12.2011 Investment Advisor
BLACKROCK ASSET MANA n/a Co File 11'119'155 6.2 - 31.12.2011 Investment Advisor
PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2011 n/a
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 4'096'601 2.28 160 20.09.2012 Investment Advisor
CREDIT SUISSE AG n/a Research 3'097'431 1.73 - 25.04.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 2'883'576 1.61 12'970 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'149'606 1.2 131'893 30.06.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 1'686'504 0.94 (72'237) 30.04.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1'533'948 0.86 279 20.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'461'662 0.82 (55'045) 29.02.2012 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'393'982 0.78 19'128 31.08.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'169'152 0.65 541'643 01.04.2012 Mutual Fund Manager
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'156'678 0.64 466'377 31.08.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 994'136 0.55 - 30.06.2012 Investment Advisor
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 830'866 0.46 (1'100) 30.03.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 698'490 0.39 - 31.03.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 670'275 0.37 (67'287) 31.07.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 615'171 0.34 100'829 30.06.2012 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 591'914 0.33 (16'949) 30.09.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Day by Day VALERIE GASTALDY buy 5 M 133 3 month 19.09.2012
Canaccord Genuity Corp BEN COHEN hold 3 M 105 12 month 14.09.2012
Helvea DANIEL BISCHOF neutral 3 M 122 12 month 14.09.2012
AlphaValue DIETER HEIN reduce 2 M 125 6 month 13.09.2012
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 N 98 12 month 11.09.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 125 6 month 11.09.2012
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 110 12 month 10.09.2012
DZ Bank AG THORSTEN WENZEL buy 5 M 130 12 month 10.09.2012
Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 123 12 month 10.09.2012
Oddo & Cie NICOLAS JACOB reduce 2 M 110 Not Provided 05.09.2012
Kepler Capital Markets FABRIZIO CROCE buy 5 M 143 Not Provided 04.09.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 120 Not Provided 29.08.2012
Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 121 12 month 15.08.2012
Macquarie HADLEY COHEN neutral 3 M 115 12 month 14.08.2012
Barclays ANDREW BROADFIELD equalweight 3 M 137 Not Provided 13.08.2012
Societe Generale JASON KALAMBOUSSIS buy 5 M 135 12 month 10.08.2012
HSBC THOMAS FOSSARD neutral 3 M 125 Not Provided 09.08.2012
Exane BNP Paribas THOMAS JACQUET outperform 5 M 135 Not Provided 09.08.2012
Nord/LB VOLKER SACK hold 3 M 116 12 month 08.08.2012
JPMorgan MICHAEL HUTTNER overweight 5 M 146 3 month 08.08.2012
Raymond James DANNY JACQUES outperform 5 M 126 12 month 08.08.2012
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 08.08.2012
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 134 12 month 08.08.2012
Natixis BENOIT VALLEAUX neutral 3 M 117 Not Provided 08.08.2012
Commerzbank Corporates & Markets ROLAND PFAENDER buy 5 M 135 6 month 07.08.2012
Credit Suisse RICHARD BURDEN outperform 5 M 131 Not Provided 07.08.2012
Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 150 12 month 07.08.2012
National Bank AG MANFRED JAISFELD buy 5 M 135 Not Provided 07.08.2012
Berenberg Bank TOM CARSTAIRS hold 3 M 136 Not Provided 07.08.2012
Bryan Garnier & Cie OLIVIER PAUCHAUT neutral 3 M 117 6 month 07.08.2012
Nomura MICHAEL KLIEN buy 5 M 125 12 month 07.08.2012
S&P Capital IQ RODERICK WALLACE hold 3 M 125 12 month 07.08.2012
Main First Bank AG MICHAEL HAID neutral 3 M 115 12 month 31.07.2012
RBC Capital Markets GORDON AITKEN sector perform 3 M 120 12 month 03.07.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 15.05.2012
Jefferies JAMES SHUCK buy 5 M 131 12 month 20.04.2012
Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 131 12 month 29.03.2012
CA Cheuvreux FRANK KOPFINGER outperform 5 M 133 Not Provided 16.03.2012
Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012
Deutsche Bank SPENCER HORGAN hold 3 M 120 12 month 14.02.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 118 Not Provided 02.02.2012
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 U 119 6 month 10.05.2011
Holdings By:
Muenchener Rueckversicherungs AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Nokia Oyj is a global mobile communications company that operates a network of
production facilities for mobile products and network infrastructure, as well
as a network of sales and customer service. The Company also operates research
and software development facilities worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (28.10.2011) 5.19
52-Week Low (18.07.2012) 1.33
Daily Volume
2.072
52-Week High % Change -60.04% Dividend Yield -
52-Week Low % Change 55.79% Beta 1.19
% 52 Week Price Range High/Low 20.34% Equity Float -
Shares Out 23.09.2012 3'745.0 Short Int -
7'759.55 1 Yr Total Return -42.75%
Total Debt 5'321.00 YTD Return -40.48%
Preferred Stock 0.0 Adjusted BETA 1.193
Minority Interest 2'043.0 Analyst Recs 48
Cash and Equivalents 10'469.00 Consensus Rating 2.563
Enterprise Value 5'372.55
Average Volume 5 Day 23'669'350
NOK1V FH EQUITY YTD Change - Average Volume 30 Day 40'710'790
NOK1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 42'487'410
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
51'058.0 50'710.0 40'984.0 42'446.0 38'659.0 42'595.0 33'881.0 30'180.0 29'595.7 7'048.5 8'067.0
1.91x 0.81x 0.77x 0.58x 0.28x 1.94x 1.18x 0.22x 0.25x 0.76x 0.70x
9'191.0 6'587.0 3'889.0 3'841.0 1'579.0 2'903.0 (607.0) (732.2) 996.6 (154.1) 77.8
10.63x 6.22x 8.14x 6.37x 6.90x 5.13x 0.00x - 5.39x - 15.25x
7'205.0 3'988.0 891.0 1'850.0 (1'164.0) 1'250.0 (3'479.0) (1'260.9) (250.4) (359.6) (241.0)
14.30x 10.42x 37.09x 15.52x 0.00x 13.27x 0.00x - - - -
EBITDA 1'579.00 Long-Term Rating Date 15.08.2012
EBIT 17.00 Long-Term Rating BB-
Operating Margin 0.04% Long-Term Outlook NEG
Pretax Margin -3.10% Short-Term Rating Date 27.04.2012
Return on Assets -3.09% Short-Term Rating B
Return on Common Equity -8.87%
Return on Capital - EBITDA/Interest Exp. 6.19
Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 3.85
Net Debt/EBITDA -3.26
Gross Margin 29.3% Total Debt/EBITDA 3.37
EBITDA Margin 4.1%
EBIT Margin 0.0% Total Debt/Equity 44.8%
Net Income Margin -3.0% Total Debt/Capital 27.7%
Asset Turnover 1.03
Current Ratio 1.46 Net Fixed Asset Turnover 20.37
Quick Ratio 1.01 Accounts receivable turnover-days 69.64
Debt to Assets 14.70% Inventory Days 32.39
Tot Debt to Common Equity 44.82% Accounts Payable Turnover Day 78.20
Accounts Receivable Turnover 5.24 Cash Conversion Cycle 23.83
Inventory Turnover 11.27
Fiscal Year Ended
Nokia OYJPrice/Volume
Valuation Analysis
8'747'438.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
.
/
0
1
2
3
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
/-'- G
1-'- G
3-'- G
5-'- G
.--'- G
./-'- G
.1-'- G
.3-'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
2'--
.-'--
.2'--
/-'--
/2'--
0-'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL RESEARCH GLO n/a 13G 172'926'000 4.62 - 30.12.2011 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 141'887'625 3.79 408'000 30.06.2012 Investment Advisor
ILMARINEN MUTUAL PEN n/a Co File 79'889'000 2.13 - 31.12.2011 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 42'118'678 1.12 (3'498'925) 30.06.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 41'408'200 1.11 - 30.06.2012 Investment Advisor
VARMA MUTUAL PENSION n/a Co File 40'002'000 1.07 - 31.12.2011 Insurance Company
FINLAND STATE PENSIO n/a Co File 23'000'000 0.61 - 31.12.2011 Government
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 19'361'693 0.52 2'361'147 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 18'274'047 0.49 - 20.09.2012 Investment Advisor
SVENSKA LITTERATURSA n/a Co File 14'226'000 0.38 - 31.12.2011 n/a
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 13'037'768 0.35 252'229 31.03.2012 Investment Advisor
OP DELTA FUND n/a Co File 12'600'000 0.34 - 31.12.2011 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 12'218'621 0.33 (6'093'604) 31.08.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 10'346'794 0.28 3'728 20.09.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 10'104'926 0.27 - 20.09.2012 Investment Advisor
SIGRID JUSELIUS FOUN n/a Co File 9'400'000 0.25 - 31.12.2011 Other
SELIGSON & CO FUND M Multiple Portfolios MF-AGG 9'113'788 0.24 1'653'918 31.08.2012 Mutual Fund Manager
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9'000'388 0.24 8'781'583 31.07.2012 Investment Advisor
FENNIA MUTUAL INSURA n/a Co File 8'181'000 0.22 - 31.12.2011 Insurance Company
GYLLENBERG RAHASTOYH Multiple Portfolios MF-AGG 7'945'000 0.21 (1'320'000) 29.06.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Pohjola Bank Plc (ESN) HANNU RAUHALA reduce 2 M 2 12 month 20.09.2012
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 4 6 month 20.09.2012
Jyske Bank ROBERT JAKOBSEN buy 5 M 3 Not Provided 19.09.2012
Sanford C. Bernstein & Co PIERRE FERRAGU underperform 1 M 1 12 month 19.09.2012
Pareto Securities HELENA NORDMAN-KNUTSON buy 5 M 3 6 month 13.09.2012
Evli Bank Plc MIKKO ERVASTI buy 5 U 3 Not Provided 13.09.2012
Exane BNP Paribas ALEXANDER PETERC underperform 1 M 2 Not Provided 13.09.2012
Day by Day VALERIE GASTALDY buy 5 M 3 3 month 11.09.2012
INDERES MIKAEL RAUTANEN reduce 2 M 2 Not Provided 10.09.2012
Pacific Crest Securities JAMES FAUCETTE sector perform 3 M #N/A N/A Not Provided 09.09.2012
Grupo Santander CARLOS JAVIER TREVINO hold 3 M 6 Not Provided 06.09.2012
Societe Generale ANDY PERKINS sell 1 D 2 12 month 06.09.2012
Deutsche Bank KAI KORSCHELT sell 1 D 2 12 month 06.09.2012
Credit Suisse KULBINDER GARCHA neutral 3 M 2 Not Provided 06.09.2012
SEB Enskilda MATS NYSTROM hold 3 M 2 Not Provided 06.09.2012
Independent Research GmbH MARKUS FRIEBEL sell 1 M 1 6 month 06.09.2012
Daiwa Securities Co. Ltd. YOKO YAMADA underperform 1 D 2 Not Provided 06.09.2012
Oddo & Cie VINCENT MAULAY neutral 3 M 3 Not Provided 06.09.2012
Nordea Equity Research SAMI SARKAMIES hold 3 M 3 12 month 06.09.2012
Nomura STUART JEFFREY neutral 3 M 2 12 month 06.09.2012
S&P Capital IQ JAMES CRAWSHAW sell 1 D 2 12 month 06.09.2012
Barclays ANDREW M GARDINER equalweight 3 M 2 Not Provided 06.09.2012
Jefferies LEE SIMPSON underperform 1 M 1 12 month 05.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 05.09.2012
Berenberg Bank ADNAAN AHMAD sell 1 M 2 Not Provided 04.09.2012
ABG Sundal Collier PER LINDBERG buy 5 M 5 6 month 03.09.2012
Swedbank HAKAN WRANNE buy 5 M 2 12 month 30.08.2012
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 2 Not Provided 28.08.2012
Wunderlich Securities MATTHEW S ROBISON hold 3 M 3 18 month 27.08.2012
Handelsbanken FREDRIK LITHELL accumulate 4 M 3 Not Provided 21.08.2012
Nord/LB JAN CHRISTIAN GOEHMANN sell 1 M 1 12 month 16.08.2012
Goldman Sachs SIMON F SCHAFER Sell/Neutral 1 D 1 12 month 02.08.2012
Liberum Capital Ltd JANARDAN MENON hold 3 M 2 Not Provided 27.07.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER sell 1 M #N/A N/A Not Provided 24.07.2012
Morgan Stanley FRANCOIS MEUNIER Underwt/In-Line 1 M 2 12 month 23.07.2012
JPMorgan SANDEEP S DESHPANDE underweight 1 M 1 9 month 20.07.2012
Carnegie MATTI RIIKONEN hold 3 M #N/A N/A Not Provided 20.07.2012
Kepler Capital Markets SEBASTIEN SZTABOWICZ reduce 2 M 1 Not Provided 20.07.2012
FIM MICHAEL SCHROEDER accumulate 4 M 4 12 month 20.07.2012
Main First Bank AG JUERGEN WAGNER neutral 3 M 2 12 month 20.07.2012
Avian Securities, LLC BLAINE R CARROLL Positive 4 M 3 Not Provided 02.07.2012
HSBC RICHARD DINEEN underweight 1 M 2 Not Provided 19.06.2012
CA Cheuvreux ODON DE LAPORTE underperform 1 M 2 Not Provided 15.06.2012
Holdings By:
Nokia OYJ ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Repsol S.A., through subsidiaries, explores for and produces crude oil and
natural gas, refines petroleum, and transports petroleum products and liquefied
petroleum gas (LPG). The Company retails gasoline and other products through
its chain of gasoline filling stations. Repsol's petroleum reserves are in
Spain, Latin America, Asia, North Africa, and the Middle East and United States.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (03.01.2012) 24.23
52-Week Low (25.07.2012) 10.90
Daily Volume
16.125
52-Week High % Change -33.45% Dividend Yield -
52-Week Low % Change 47.94% Beta 1.03
% 52 Week Price Range High/Low 40.51% Equity Float 1'076.46
Shares Out 30.06.2012 1'256.2 Short Int -
20'255.88 1 Yr Total Return -11.54%
Total Debt 20'122.00 YTD Return -30.40%
Preferred Stock 0.0 Adjusted BETA 1.029
Minority Interest 3'505.0 Analyst Recs 42
Cash and Equivalents 3'351.00 Consensus Rating 4.119
Enterprise Value 38'090.88
Average Volume 5 Day 8'080'418
REP SQ EQUITY YTD Change - Average Volume 30 Day 7'408'603
REP SQ EQUITY YTD % CHANGE - Average Volume 3 Month 12'432'490
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
52'098.0 58'475.0 45'827.0 53'663.0 60'122.0 56'831.0 60'465.0 55'484.3 58'042.5 9'891.0 9'672.5
0.75x 0.54x 0.96x 0.73x 0.82x 3.11x 2.85x 0.68x 0.64x 3.45x 3.56x
9'030.0 8'009.0 6'686.0 11'919.0 8'509.0 11'472.0 7'731.0 6'746.0 7'263.3 1'668.0 1'668.5
4.33x 3.93x 6.58x 3.30x 5.79x 4.10x 4.36x 5.65x 5.24x 5.54x 5.44x
3'188.0 2'555.0 1'559.0 4'693.0 2'193.0 4'699.0 1'885.0 1'917.3 2'181.3 500.5 433.3
9.34x 7.19x 14.63x 5.43x 13.19x 6.23x 7.89x 10.32x 9.44x 10.19x 9.95x
EBITDA 8'509.00 Long-Term Rating Date 19.04.2012
EBIT 4'990.00 Long-Term Rating BBB-
Operating Margin 8.30% Long-Term Outlook STABLE
Pretax Margin 6.75% Short-Term Rating Date 19.04.2012
Return on Assets 3.16% Short-Term Rating A-3
Return on Common Equity 9.20%
Return on Capital 6.57% EBITDA/Interest Exp. 10.88
Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. 3.83
Net Debt/EBITDA 1.97
Gross Margin - Total Debt/EBITDA 2.36
EBITDA Margin 14.2%
EBIT Margin 8.3% Total Debt/Equity 85.5%
Net Income Margin 3.6% Total Debt/Capital 42.7%
Asset Turnover 0.87
Current Ratio 1.19 Net Fixed Asset Turnover 1.71
Quick Ratio 0.58 Accounts receivable turnover-days 37.49
Debt to Assets 28.36% Inventory Days -
Tot Debt to Common Equity 85.49% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.74 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Repsol SAPrice/Volume
Valuation Analysis
1'325'038.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
2
.-
.2
/-
/2
0-
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2-'- G
.--'- G
.2-'- G
/--'- G
/2-'- G
0--'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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0'--
1'--
2'--
3'--
4'--
5'--
6'--
.-'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAIXABANK n/a Co File 156'794'359 12.48 - 31.12.2011 Investment Advisor
SACYR VALLEHERMOSO S n/a EXCH 122'208'433 9.73 - 10.07.2012 Corporation
PETROLEOS MEXICANOS n/a EXCH 57'026'535 4.54 - 10.07.2012 Unclassified
BNP PARIBAS SA n/a EXCH 41'122'878 3.27 590'450 15.06.2012 Bank
BLACKROCK INC n/a Co File 37'475'651 2.98 - 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'022'327 1.12 612'696 30.06.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'046'002 0.72 7'169'801 01.04.2012 Mutual Fund Manager
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 8'380'501 0.67 (140'418) 31.07.2012 Investment Advisor
HSBC BANK PLC n/a Short (6'795'927) -0.54 (618'358) 23.07.2012 Bank
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'275'789 0.42 9'737 31.08.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 4'828'896 0.38 - 20.09.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 4'773'954 0.38 1'122'437 30.06.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'250'294 0.34 4'250'294 31.07.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'470'396 0.28 - 30.03.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 3'359'277 0.27 1'736'350 31.07.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'983'365 0.24 (313'090) 29.06.2012 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'748'000 0.22 (1'293'215) 31.08.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 2'244'197 0.18 752 20.09.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'215'187 0.18 (515'993) 31.05.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'043'416 0.16 - 20.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 19 Not Provided 24.09.2012
AlphaValue ALEXANDRE ANDLAUER add 4 D 18 6 month 24.09.2012
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 21 12 month 21.09.2012
JPMorgan NITIN SHARMA neutral 3 M 16 9 month 20.09.2012
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 22 Not Provided 19.09.2012
Grupo Santander JASON KENNEY buy 5 M 19 Not Provided 18.09.2012
Jefferies BRENDAN MICHAEL WARN hold 3 M 16 12 month 17.09.2012
NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 19 12 month 17.09.2012
Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO buy 5 M 20 12 month 14.09.2012
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 19 12 month 14.09.2012
Macquarie MARC B KOFLER underperform 1 D 14 12 month 10.09.2012
Canaccord Genuity Corp GORDON GRAY hold 3 M 16 12 month 05.09.2012
Nomura THEEPAN JOTHILINGAM neutral 3 M 16 12 month 05.09.2012
Tudor Pickering & Co ANISH KAPADIA buy 5 M 21 Not Provided 04.09.2012
Barclays LYDIA RAINFORTH overweight 5 M 20 Not Provided 30.08.2012
Independent Research GmbH SVEN DIERMEIER sell 1 D 12 12 month 23.08.2012
Inverseguros Sociedad de Valores LUIS ROSE neutral 3 D 17 Not Provided 21.08.2012
RBC Capital Markets PETER HUTTON sector perform 3 D 16 12 month 20.08.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 13.08.2012
Goldman Sachs HENRY MORRIS neutral/attractive 3 M 18 12 month 08.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 20 12 month 02.08.2012
HSBC PAUL SPEDDING overweight 5 M 18 Not Provided 01.08.2012
Landesbank Baden-Wuerttemberg ACHIM WITTMANN buy 5 M 17 Not Provided 30.07.2012
Equita SIM SpA MASSIMO BONISOLI buy 5 M 18 12 month 30.07.2012
Societe Generale IRENE HIMONA buy 5 M 16 12 month 27.07.2012
Natixis ANNE PUMIR neutral 3 M 15 Not Provided 27.07.2012
Exane BNP Paribas ALEXANDRE MARIE outperform 5 M 20 Not Provided 27.07.2012
BPI BRUNO ALMEIDA DA SILVA buy 5 M 17 Not Provided 26.07.2012
Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 18 Not Provided 26.07.2012
Banesto Bolsa SA Sociedad ROBERT JACKSON overweight 5 M 19 12 month 26.07.2012
Deutsche Bank MARK BLOOMFIELD hold 3 M 16 12 month 24.07.2012
Investec STUART JOYNER hold 3 M 12 12 month 02.07.2012
Morgan Stanley HAYTHEM RASHED Equalwt/In-Line 3 M 14 12 month 01.07.2012
BBVA LUIS DE TOLEDO outperform 5 M 18 Not Provided 25.06.2012
Intermoney Valores ALVARO NAVARRO buy 5 M 19 12 month 06.06.2012
CA Cheuvreux DOMINIQUE PATRY select list 5 M 18 Not Provided 30.05.2012
Kepler Capital Markets NATALIA BOBO BJOERK hold 3 M 18 Not Provided 30.05.2012
La Caixa FERNANDO MURILLO GUIRAO buy 5 M 21 Not Provided 23.04.2012
Holdings By:
Repsol SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
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.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (20.03.2012) 37.12
52-Week Low (26.09.2011) 23.67
Daily Volume
34.89
52-Week High % Change -6.07% Dividend Yield -
52-Week Low % Change 47.43% Beta 1.06
% 52 Week Price Range High/Low 84.32% Equity Float 489.09
Shares Out 30.06.2012 575.7 Short Int -
21'346.08 1 Yr Total Return 53.52%
Total Debt 21'923.00 YTD Return 36.07%
Preferred Stock 0.0 Adjusted BETA 1.063
Minority Interest 1'344.0 Analyst Recs 40
Cash and Equivalents 7'004.00 Consensus Rating 2.950
Enterprise Value 39'000.08
Average Volume 5 Day 3'320'433
RWE GY EQUITY YTD Change - Average Volume 30 Day 2'552'753
RWE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'766'967
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
41'053.0 47'500.0 46'191.0 50'722.0 49'153.0 50'837.0 48'857.0 51'116.9 52'185.5 - -
1.35x 0.88x 1.10x 0.85x 0.65x 3.12x 2.83x 0.84x 0.79x - -
7'787.0 7'903.0 9'655.0 9'230.0 8'286.0 9'060.0 7'464.0 8'594.4 8'839.5 - -
7.13x 5.30x 5.28x 4.68x 3.88x 4.08x 5.00x 4.54x 4.41x - -
2'667.0 2'558.0 3'571.0 3'308.0 1'806.0 2'855.0 1'800.0 2'502.2 2'512.7 - -
18.45x 10.69x 10.33x 8.05x 8.10x 12.28x 10.86x 8.60x 8.58x - -
EBITDA 8'286.00 Long-Term Rating Date 27.07.2012
EBIT 4'843.00 Long-Term Rating BBB+
Operating Margin 9.85% Long-Term Outlook STABLE
Pretax Margin 6.15% Short-Term Rating Date 08.06.2011
Return on Assets 1.94% Short-Term Rating A-2
Return on Common Equity 11.26%
Return on Capital 7.69% EBITDA/Interest Exp. 7.79
Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. 1.82
Net Debt/EBITDA 1.80
Gross Margin - Total Debt/EBITDA 2.65
EBITDA Margin 16.9%
EBIT Margin 9.9% Total Debt/Equity 139.3%
Net Income Margin 3.7% Total Debt/Capital 56.2%
Asset Turnover 0.53
Current Ratio 0.93 Net Fixed Asset Turnover 1.47
Quick Ratio 0.46 Accounts receivable turnover-days 62.94
Debt to Assets 23.66% Inventory Days -
Tot Debt to Common Equity 139.30% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.80 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
RWE AGPrice/Volume
Valuation Analysis
1'023'405.00
Current Price (9/dd/yy) Market Data
-
2
.-
.2
/-
/2
0-
02
1-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
2'- G
.-'- G
.2'- G
/-'- G
/2'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
.'--
/'--
0'--
1'--
2'--
3'--
4'--
5'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RW ENERGIE-BETEILIGU n/a Co File 86'361'823 15 - 31.12.2011 n/a
BLACKROCK INC n/a Research 29'737'096 5.16 - 04.05.2012 Investment Advisor
CREDIT SUISSE GROUP n/a Research 28'008'409 4.86 - 04.05.2012 Investment Advisor
MONDRIAN INVESTMENT n/a Research 17'188'015 2.99 - 16.05.2012 Hedge Fund Manager
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 12'453'917 2.16 488 20.09.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 9'652'893 1.68 2'994'901 31.08.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'641'626 0.98 268'546 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 4'925'880 0.86 (2'332) 20.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'013'572 0.52 521'850 31.07.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'899'541 0.5 (205'217) 29.02.2012 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'840'927 0.49 - 30.03.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'177'143 0.38 1'897'532 01.04.2012 Mutual Fund Manager
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'500'000 0.26 - 30.06.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 1'479'266 0.26 (140'725) 31.07.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'320'474 0.23 - 20.09.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'126'370 0.2 (400'200) 31.07.2012 Mutual Fund Manager
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 958'639 0.17 35'552 31.07.2012 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 940'551 0.16 18'324 31.08.2012 Investment Advisor
SEB INVEST GMBH Multiple Portfolios MF-AGG 938'462 0.16 - 31.07.2012 Mutual Fund Manager
DWS INVESTMENT SA Multiple Portfolios MF-AGG 933'025 0.16 (4'329) 31.07.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOHN MUSK top pick 5 M 42 12 month 21.09.2012
Nomura MARTIN YOUNG neutral 3 M 33 Not Provided 21.09.2012
Redburn Partners AHMED FARMAN buy 5 N #N/A N/A Not Provided 20.09.2012
AlphaValue EILEEN RYAN reduce 2 M 32 6 month 20.09.2012
Commerzbank Corporates & Markets TANJA MARKLOFF reduce 2 M 28 6 month 18.09.2012
Berenberg Bank ROBERT CHANTRY sell 1 M 28 Not Provided 13.09.2012
Main First Bank AG ANDREAS THIELEN neutral 3 M 37 12 month 13.09.2012
Exane BNP Paribas BENJAMIN LEYRE outperform 5 M 40 Not Provided 07.09.2012
Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 40 12 month 06.09.2012
Deutsche Bank ALEXANDER KARNICK hold 3 M 31 12 month 05.09.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 05.09.2012
Barclays PETER BISZTYGA equalweight 3 M 32 Not Provided 03.09.2012
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 38 Not Provided 28.08.2012
Goldman Sachs DEBORAH WILKENS neutral/attractive 3 M 40 12 month 23.08.2012
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 35 12 month 23.08.2012
Independent Research GmbH SVEN DIERMEIER hold 3 M 34 6 month 21.08.2012
Baader Bank KARIN BRINKMANN sell 1 M 29 12 month 17.08.2012
Macquarie MATTHIAS HECK outperform 5 M 38 12 month 17.08.2012
Grupo Santander OSCAR NAJAR RIOS underweight 1 M 41 Not Provided 16.08.2012
DZ Bank AG HASIM SENGUEL buy 5 M 38 12 month 16.08.2012
Societe Generale ALBERTO PONTI hold 3 M 32 12 month 15.08.2012
Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 27 12 month 15.08.2012
Kepler Capital Markets INGO BECKER reduce 2 M 29 Not Provided 15.08.2012
S&P Capital IQ CLIVE ROBERTS buy 5 M 38 12 month 15.08.2012
Raymond James EMMANUEL RETIF market perform 3 M 37 Not Provided 14.08.2012
National Bank AG STEFFEN MANSKE hold 3 M 36 Not Provided 14.08.2012
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 40 12 month 14.08.2012
Credit Suisse VINCENT GILLES neutral 3 M 37 Not Provided 06.08.2012
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 36 Not Provided 30.07.2012
HSBC ADAM DICKENS underweight 1 M 29 Not Provided 11.07.2012
Day by Day VALERIE GASTALDY hold 3 U #N/A N/A Not Provided 20.06.2012
CA Cheuvreux SEBASTIAN KAUFFMANN outperform 5 D 38 Not Provided 14.06.2012
Nord/LB HEINO HAMMANN hold 3 M 34 12 month 05.06.2012
Natixis PHILIPPE OURPATIAN neutral 3 M 34 Not Provided 11.05.2012
Oddo & Cie STEPHANE LACAZE reduce 2 M 31 Not Provided 10.05.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 02.05.2012
Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 06.03.2012
JPMorgan VINCENT DE BLIC neutral 3 U 32 3 month 25.01.2012
Steubing AG TEAM COVERAGE buy 5 N #N/A N/A Not Provided 04.01.2010
Holdings By:
RWE AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Sanofi is a global pharmaceutical company that researches, develops and
manufactures prescription pharmaceuticals and vaccines. The Company develops
cardiovascular, thrombosis, metabolic disorder, central nervous system,
internal medicine and oncology drugs, and vaccines.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (21.09.2012) 69.24
52-Week Low (26.09.2011) 46.20
Daily Volume
68.34
52-Week High % Change -1.31% Dividend Yield -
52-Week Low % Change 47.94% Beta 0.75
% 52 Week Price Range High/Low 99.18% Equity Float 1'153.26
Shares Out 11.09.2012 1'326.8 Short Int -
90'675.49 1 Yr Total Return 52.34%
Total Debt 15'439.00 YTD Return 26.16%
Preferred Stock 0.0 Adjusted BETA 0.751
Minority Interest 170.0 Analyst Recs 37
Cash and Equivalents 4'124.00 Consensus Rating 4.000
Enterprise Value 102'696.49
Average Volume 5 Day 2'983'657
SAN FP EQUITY YTD Change - Average Volume 30 Day 2'634'541
SAN FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'944'310
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
28'052.0 27'568.0 29'306.0 32'367.0 33'389.0 32'290.0 34'642.0 35'247.2 36'284.2 9'071.0 8'802.4
3.14x 2.22x 2.61x 1.99x 2.59x 4.72x 5.12x 2.83x 2.66x - -
10'650.0 9'940.0 12'805.0 13'156.0 12'593.0 2'463.0 2'704.0 12'799.7 13'429.4 3'195.0 2'769.0
8.27x 6.16x 5.97x 4.90x 6.88x 0.00x 0.00x 8.03x 7.65x - -
5'263.0 3'851.0 5'265.0 5'467.0 5'693.0 4'270.0 6'467.0 7'984.1 8'163.5 1'953.7 1'718.8
16.11x 15.94x 14.13x 11.42x 13.17x 16.95x 12.24x 11.27x 10.89x 12.34x 12.05x
EBITDA 12'593.00 Long-Term Rating Date 18.02.2011
EBIT 7'499.00 Long-Term Rating AA-
Operating Margin 22.46% Long-Term Outlook STABLE
Pretax Margin 20.94% Short-Term Rating Date 18.02.2011
Return on Assets 6.14% Short-Term Rating A-1+
Return on Common Equity 10.42%
Return on Capital 9.44% EBITDA/Interest Exp. 29.63
Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 25.44
Net Debt/EBITDA 0.90
Gross Margin 67.3% Total Debt/EBITDA 1.23
EBITDA Margin 37.7%
EBIT Margin 22.5% Total Debt/Equity 27.5%
Net Income Margin 17.1% Total Debt/Capital 21.5%
Asset Turnover 0.36
Current Ratio 1.53 Net Fixed Asset Turnover 3.53
Quick Ratio 0.90 Accounts receivable turnover-days 79.52
Debt to Assets 15.41% Inventory Days 161.39
Tot Debt to Common Equity 27.46% Accounts Payable Turnover Day 81.71
Accounts Receivable Turnover 4.59 Cash Conversion Cycle 159.20
Inventory Turnover 2.26
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
SanofiPrice/Volume
Valuation Analysis
826'391.00
Current Price (9/dd/yy) Market Data
-
.-
/-
0-
1-
2-
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5-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
/'- G
1'- G
3'- G
5'- G
.-'- G
./'- G
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
.'--
/'--
0'--
1'--
2'--
3'--
4'--
5'--
6'--
.-'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
L'OREAL SA n/a Co File 118'227'307 8.91 - 31.12.2011 Corporation
TOTAL SA n/a Research 37'975'811 2.86 (29'735'080) 15.02.2012 Corporation
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 20'869'370 1.57 (288'078) 01.04.2012 Mutual Fund Manager
DODGE & COX Multiple Portfolios MF-AGG 17'238'982 1.3 (150'000) 30.06.2012 Investment Advisor
SANOFI AVENTIS n/a Co File 17'225'803 1.3 - 31.12.2011 Corporation
FIDELITY INTERNATION Multiple Portfolios MF-AGG 17'225'454 1.3 6'926'803 31.03.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 16'741'409 1.26 477'245 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'976'022 1.2 1'198'896 30.06.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 13'607'933 1.03 (528'919) 30.06.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 6'541'712 0.49 7'833 31.08.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 6'334'321 0.48 - 20.09.2012 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'954'817 0.45 (3'300) 31.05.2012 Hedge Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'337'613 0.4 250'659 31.08.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 5'247'988 0.4 178'840 31.07.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'579'298 0.35 - 29.02.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4'055'668 0.31 166'138 20.09.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 4'038'446 0.3 1'200 20.09.2012 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 3'813'040 0.29 (161'950) 30.03.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'570'153 0.27 308'886 30.06.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3'497'329 0.26 - 20.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 24.09.2012
Exane BNP Paribas VINCENT MEUNIER outperform 5 M 75 Not Provided 21.09.2012
AlphaValue ARMELLE MOULIN add 4 M 76 6 month 20.09.2012
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 70 12 month 19.09.2012
Morgan Stanley PETER VERDULT Overwt/Cautious 5 M 74 12 month 18.09.2012
Nomura AMIT ROY neutral 3 M 47 12 month 14.09.2012
Societe Generale STEPHEN MCGARRY buy 5 M 77 12 month 13.09.2012
Credit Suisse LUISA HECTOR neutral 3 M 72 Not Provided 13.09.2012
Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 13.09.2012
CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 57 12 month 13.09.2012
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 71 Not Provided 13.09.2012
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 70 6 month 13.09.2012
Helvea ODILE RUNDQUIST accumulate 4 M 64 12 month 13.09.2012
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 71 12 month 12.09.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.09.2012
Natixis PHILIPPE LANONE buy 5 M 75 Not Provided 04.09.2012
Kepler Capital Markets FABIAN WENNER buy 5 M 72 Not Provided 03.09.2012
Deutsche Bank MARK CLARK buy 5 M 76 12 month 28.08.2012
Aurel - BGC PIERRE CORBY buy 5 M 63 6 month 27.08.2012
Jefferies JEFFREY HOLFORD hold 3 M 68 12 month 16.08.2012
Goldman Sachs KEYUR PAREKH Sell/Neutral 1 M 54 12 month 15.08.2012
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 15.08.2012
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 M 65 Not Provided 31.07.2012
CA Cheuvreux LAURENT FLAMME outperform 5 M 70 Not Provided 31.07.2012
JPMorgan RICHARD VOSSER overweight 5 M 74 9 month 30.07.2012
S&P Capital IQ SHO MATSUBARA hold 3 M 66 12 month 26.07.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 26.07.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Barclays MARK PURCELL overweight 5 M 69 Not Provided 17.07.2012
Jyske Bank ROBERT JAKOBSEN sell 1 M 57 Not Provided 11.07.2012
Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012
Mirabaud Securities NICHOLAS TURNER accumulate 4 M 63 Not Provided 02.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 52 Not Provided 08.02.2012
Banco Sabadell MARTA DIAZ buy 5 M #N/A N/A Not Provided 06.02.2012
DZ Bank AG ELMAR KRAUS buy 5 M 55 12 month 20.12.2011
Liberum Capital Ltd NARESH CHOUHAN hold 3 M 56 Not Provided 09.09.2011
National Bank AG STEFFEN MANSKE buy 5 M 61 Not Provided 08.09.2011
Holdings By:
Sanofi ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
SAP AG is a multinational software company. The Company develops business
software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training
services. SAP markets its products and services worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (21.09.2012) 56.82
52-Week Low (26.09.2011) 35.30
Daily Volume
55.93
52-Week High % Change -1.58% Dividend Yield -
52-Week Low % Change 58.45% Beta 0.81
% 52 Week Price Range High/Low 97.58% Equity Float 901.83
Shares Out 30.06.2012 1'228.3 Short Int -
68'701.03 1 Yr Total Return 59.84%
Total Debt 4'256.00 YTD Return 40.18%
Preferred Stock 0.0 Adjusted BETA 0.812
Minority Interest 8.0 Analyst Recs 47
Cash and Equivalents 5'782.00 Consensus Rating 3.979
Enterprise Value 69'164.03
Average Volume 5 Day 3'779'604
SAP GY EQUITY YTD Change - Average Volume 30 Day 2'662'182
SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'281'357
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
10'256.0 11'575.0 10'672.0 12'464.0 14'233.0 13'385.0 15'157.0 16'082.7 17'829.3 3'882.0 5'062.7
4.01x 2.71x 3.65x 3.71x 3.31x 14.28x 13.90x 4.22x 3.68x 17.33x 13.16x
2'962.0 3'300.0 3'301.0 4'125.0 4'908.0 4'380.0 4'878.0 5'570.6 6'344.0 1'470.0 2'182.7
13.89x 9.49x 11.81x 11.20x 9.60x 11.29x 11.53x 12.44x 10.92x 10.91x 10.54x
1'906.0 1'847.0 1'748.0 1'811.0 3'438.0 1'923.0 3'553.0 3'597.8 4'064.5 900.0 1'431.4
22.46x 16.28x 22.45x 25.07x 14.13x 25.69x 15.76x 18.25x 15.93x 16.65x 16.21x
EBITDA 4'908.00 Long-Term Rating Date -
EBIT 4'184.00 Long-Term Rating -
Operating Margin 29.40% Long-Term Outlook -
Pretax Margin 33.50% Short-Term Rating Date -
Return on Assets 15.60% Short-Term Rating -
Return on Common Equity 30.55%
Return on Capital 22.66% EBITDA/Interest Exp. 30.48
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 27.72
Net Debt/EBITDA -0.31
Gross Margin 69.4% Total Debt/EBITDA 0.87
EBITDA Margin 34.5%
EBIT Margin 29.4% Total Debt/Equity 33.5%
Net Income Margin 24.2% Total Debt/Capital 25.1%
Asset Turnover 0.65
Current Ratio 1.45 Net Fixed Asset Turnover 9.49
Quick Ratio 1.40 Accounts receivable turnover-days 86.19
Debt to Assets 18.33% Inventory Days -
Tot Debt to Common Equity 33.51% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.23 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
SAP AGPrice/Volume
Valuation Analysis
862'209.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
.-
/-
0-
1-
2-
3-
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0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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1'--
3'--
5'--
.-'--
./'--
.1'--
.3'--
.5'--
/-'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PLATTNER HASSO n/a Co File 121'515'102 9.89 - 08.03.2012 n/a
TSCHIRA KLAUS n/a Co File 93'079'595 7.58 - 08.03.2012 n/a
HOPP DIETMAR n/a Co File 75'273'200 6.13 - 08.03.2012 n/a
BLACKROCK INC n/a Research 62'597'732 5.1 - 20.06.2012 Investment Advisor
CAPITAL RESEARCH AND n/a Research 36'654'795 2.98 - 13.10.2010 Investment Advisor
SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 21'996'699 1.79 920 20.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'504'494 1.18 (502'261) 30.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 12'373'764 1.01 (804'055) 31.03.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'324'207 0.92 (487'678) 31.08.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'235'667 0.91 1'720'000 30.06.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 9'373'405 0.76 - 30.06.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 8'624'149 0.7 7'000 30.03.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 8'445'217 0.69 1'645'608 31.08.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 7'787'853 0.63 4'089 20.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'734'945 0.63 (321'272) 31.12.2011 Mutual Fund Manager
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 7'316'615 0.6 44'792 31.07.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 6'998'219 0.57 (631'627) 30.06.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'419'515 0.52 36'901 31.07.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 6'216'000 0.51 600'000 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 24.09.2012
Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 60 6 month 21.09.2012
AlphaValue HEINZ STEFFEN add 4 M 57 6 month 20.09.2012
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M #N/A N/A Not Provided 19.09.2012
Nomura RICHARD G SHERLUND buy 5 M 58 12 month 17.09.2012
Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 61 12 month 14.09.2012
Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 11.09.2012
Exane BNP Paribas JOSEP BORI neutral 3 M 47 Not Provided 10.09.2012
DZ Bank AG OLIVER FINGER buy 5 M 58 12 month 04.09.2012
Commerzbank Corporates & Markets THOMAS M BECKER buy 5 M 60 6 month 30.08.2012
Baader Bank KNUT WOLLER hold 3 N 53 12 month 27.08.2012
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 60 12 month 20.08.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 20.08.2012
Nord/LB JAN CHRISTIAN GOEHMANN buy 5 M 55 12 month 16.08.2012
Berenberg Bank DAUD KHAN buy 5 M 61 Not Provided 10.08.2012
Independent Research GmbH MARKUS FRIEBEL hold 3 M 53 6 month 06.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.08.2012
Jyske Bank ROBERT JAKOBSEN reduce 2 M 55 Not Provided 01.08.2012
Banco Sabadell ANDRES BOLUMBURU buy 5 M 57 Not Provided 30.07.2012
Grupo Santander CARLOS JAVIER TREVINO hold 3 M 49 Not Provided 25.07.2012
Macquarie BRAD A ZELNICK outperform 5 M 60 12 month 25.07.2012
Bankhaus Metzler ULRICH TRABERT sell 1 M 45 12 month 25.07.2012
Barclays GERARDUS VOS overweight 5 M 55 Not Provided 25.07.2012
Societe Generale RICHARD NGUYEN buy 5 M 56 12 month 24.07.2012
Credit Suisse PHILIP WINSLOW outperform 5 M 58 Not Provided 24.07.2012
Jefferies ROSS MACMILLAN hold 3 M 52 12 month 24.07.2012
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 65 12 month 24.07.2012
William Blair & Co LAURA J LEDERMAN market perform 3 M #N/A N/A Not Provided 24.07.2012
National Bank AG STEFFEN MANSKE hold 3 M 50 Not Provided 24.07.2012
Oddo & Cie SEBASTIEN THEVOUX-CHABUEL neutral 3 M 46 Not Provided 24.07.2012
ThinkEquity LLC YUN S KIM buy 5 M 54 12 month 24.07.2012
M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 59 12 month 24.07.2012
Evercore Partners S KIRK MATERNE equalweight 3 M 65 12 month 24.07.2012
Kepler Capital Markets LAURENT DAURE buy 5 M 55 Not Provided 24.07.2012
S&P Capital IQ JAMES CRAWSHAW buy 5 M 58 12 month 24.07.2012
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 13.07.2012
JPMorgan STACY E POLLARD overweight 5 M 53 6 month 12.07.2012
Cross Research RICHARD T WILLIAMS hold 3 M 45 12 month 12.07.2012
HSBC ANTONIN BAUDRY neutral 3 M 52 Not Provided 24.05.2012
Natixis GWENAEL GIARD neutral 3 M 46 Not Provided 16.04.2012
Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 77 12 month 23.03.2012
CA Cheuvreux MICHAEL BEUCHER underperform 1 M 46 Not Provided 02.02.2012
FBR Capital Markets DAVID M HILAL market perform 3 M 55 12 month 26.01.2012
Holdings By:
SAP AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Schneider Electric SA manufactures power distribution and automation systems.
The Company produces circuit breakers, remote installation management equipment,
panelboards, programmable logic controllers, industrial control products,
detectors, human-machine interfaces, and process controls. Schneider's products
are sold various brands.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (16.03.2012) 53.47
52-Week Low (25.11.2011) 35.00
Daily Volume
48.405
52-Week High % Change -9.46% Dividend Yield -
52-Week Low % Change 38.30% Beta 1.24
% 52 Week Price Range High/Low 75.93% Equity Float 523.71
Shares Out 06.09.2012 553.2 Short Int -
26'778.56 1 Yr Total Return 33.75%
Total Debt 8'037.00 YTD Return 23.59%
Preferred Stock 0.0 Adjusted BETA 1.237
Minority Interest 192.0 Analyst Recs 32
Cash and Equivalents 2'771.00 Consensus Rating 3.625
Enterprise Value 33'130.56
Average Volume 5 Day 2'401'913
SU FP EQUITY YTD Change - Average Volume 30 Day 1'572'858
SU FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'779'094
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
17'308.6 18'311.0 15'793.0 19'580.0 22'387.0 21'345.0 23'459.0 24'115.5 25'047.4 6'048.0 6'586.3
1.57x 0.95x 1.51x 1.68x 1.22x 0.00x 0.00x 1.32x 1.23x - -
3'075.4 3'321.0 2'575.0 3'575.0 3'767.0 0.0 0.0 3'914.5 4'164.5 - -
8.84x 5.24x 9.26x 9.20x 7.28x 0.00x 0.00x 8.50x 7.99x - -
1'583.1 1'682.0 824.0 1'720.0 1'820.0 0.0 0.0 2'147.5 2'326.7 - -
13.67x 7.55x 24.63x 17.00x 12.00x 0.00x 0.00x 12.27x 11.31x - -
EBITDA 3'767.00 Long-Term Rating Date 26.11.2008
EBIT 2'998.00 Long-Term Rating A-
Operating Margin 13.39% Long-Term Outlook STABLE
Pretax Margin 11.02% Short-Term Rating Date 14.03.2007
Return on Assets 5.44% Short-Term Rating A-2
Return on Common Equity 11.86%
Return on Capital 9.55% EBITDA/Interest Exp. 11.38
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 9.82
Net Debt/EBITDA 1.40
Gross Margin 37.7% Total Debt/EBITDA 2.13
EBITDA Margin 16.8%
EBIT Margin 13.4% Total Debt/Equity 50.6%
Net Income Margin 8.1% Total Debt/Capital 33.3%
Asset Turnover 0.67
Current Ratio 1.44 Net Fixed Asset Turnover 9.12
Quick Ratio 0.89 Accounts receivable turnover-days 80.91
Debt to Assets 22.40% Inventory Days 84.83
Tot Debt to Common Equity 50.55% Accounts Payable Turnover Day 96.94
Accounts Receivable Turnover 4.51 Cash Conversion Cycle 68.80
Inventory Turnover 4.30
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Schneider Electric SAPrice/Volume
Valuation Analysis
566'722.00
Current Price (9/dd/yy) Market Data
-
.-
/-
0-
1-
2-
3-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
.'- G
/'- G
0'- G
1'- G
2'- G
3'- G
4'- G
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
/'--
1'--
3'--
5'--
.-'--
./'--
.1'--
.3'--
.5'--
/-'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL RESEARCH AND n/a Co File 51'780'765 9.36 - 31.12.2011 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 34'112'870 6.17 (745'000) 30.06.2012 Investment Advisor
AMUNDI n/a Research 27'220'485 4.92 (1'168'334) 16.05.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 20'349'002 3.68 - 31.12.2011 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'784'085 2.13 596'155 30.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 11'396'832 2.06 1'838'800 30.06.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'997'591 1.99 466'221 30.06.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 9'755'724 1.76 96'600 30.06.2012 Investment Advisor
SCHNEIDER ELECTRIC S n/a Co File 9'164'952 1.66 - 31.12.2011 Corporation
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'651'505 1.56 1'423'201 30.03.2012 Mutual Fund Manager
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 3'957'355 0.72 140'469 31.07.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 3'741'812 0.68 (188'153) 29.02.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'342'042 0.6 234'375 31.07.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'738'626 0.5 - 31.03.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 2'702'976 0.49 2'315 20.09.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 2'373'440 0.43 (105'324) 31.07.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'171'849 0.39 (67'677) 30.06.2012 Investment Advisor
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 2'076'730 0.38 42'100 31.08.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2'014'188 0.36 (928'996) 20.09.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 1'922'209 0.35 422 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan ANDREAS WILLI overweight 5 M 60 15 month 21.09.2012
AlphaValue LIONEL PELLICER buy 5 U 60 6 month 20.09.2012
Morgan Stanley BEN UGLOW Equalwt/In-Line 3 D 54 12 month 18.09.2012
Goldman Sachs DANIELA COSTA neutral/neutral 3 M 57 12 month 18.09.2012
CM - CIC Securities(ESN) ARI AGOPYAN hold 3 D 55 Not Provided 17.09.2012
Berenberg Bank WILLIAM MACKIE hold 3 M 52 Not Provided 14.09.2012
Exane BNP Paribas OLIVIER ESNOU outperform 5 M 56 Not Provided 13.09.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 11.09.2012
Credit Suisse SIMON TOENNESSEN neutral 3 M 51 Not Provided 10.09.2012
Societe Generale GAEL DE BRAY buy 5 M 58 12 month 07.09.2012
S&P Capital IQ SHO MATSUBARA hold 3 M 53 12 month 04.09.2012
HSBC MICHAEL HAGMANN neutral 3 M 55 Not Provided 22.08.2012
Day by Day VALERIE GASTALDY buy 5 M 58 3 month 10.08.2012
Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 06.08.2012
Barclays NICK WEBSTER equalweight 3 M 52 Not Provided 03.08.2012
Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 51 12 month 02.08.2012
Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 60 Not Provided 02.08.2012
CA Cheuvreux ALFRED GLASER outperform 5 M 56 Not Provided 02.08.2012
Independent Research GmbH MARKUS FRIEBEL hold 3 M 52 12 month 02.08.2012
Natixis LUDOVIC DEBAILLEUX neutral 3 M 52 Not Provided 02.08.2012
Nomura DANIEL CUNLIFFE neutral 3 M 45 12 month 02.08.2012
Oddo & Cie DELPHINE BRAULT reduce 2 M 44 Not Provided 01.08.2012
Kepler Capital Markets PIERRE BOUCHENY reduce 2 M 50 Not Provided 01.08.2012
ING Wholesale Banking SJOERD UMMELS hold 3 M 49 12 month 01.08.2012
Banco Sabadell MARIA CEBOLLERO buy 5 M 44 Not Provided 30.07.2012
Espirito Santo Investment Bank ResearchNICHOLAS J PATON neutral 3 D 46 Not Provided 16.07.2012
Deutsche Bank MARTIN WILKIE buy 5 M 51 12 month 28.06.2012
Canaccord Genuity Corp MARK WILSON hold 3 M 47 Not Provided 26.03.2012
DZ Bank AG KARSTEN OBLINGER buy 5 M 56 12 month 23.03.2012
Holdings By:
Schneider Electric SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
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.
Latest Fiscal Year: 09/2011
LTM as of: 06/yy
52-Week High (21.09.2012) 80.36
52-Week Low (26.06.2012) 62.13
Daily Volume
78.73
52-Week High % Change -1.99% Dividend Yield -
52-Week Low % Change 26.72% Beta 0.97
% 52 Week Price Range High/Low 93.36% Equity Float 785.54
Shares Out 21.09.2012 881.0 Short Int -
69'361.13 1 Yr Total Return 25.05%
Total Debt 17'940.00 YTD Return 10.82%
Preferred Stock 0.0 Adjusted BETA 0.975
Minority Interest 626.0 Analyst Recs 40
Cash and Equivalents 12'945.00 Consensus Rating 3.675
Enterprise Value 80'917.13
Average Volume 5 Day 4'782'028
SIE GY EQUITY YTD Change - Average Volume 30 Day 3'521'622
SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'484'488
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 06/yy 06/yy 09/12 Y 09/13 Y 09/12 Q4 12/12 Q1
72'448.0 77'327.0 76'651.0 68'978.0 73'515.0 74'453.0 77'092.0 77'791.8 79'830.3 21'436.2 18'502.3
1.34x 0.82x 0.81x 1.07x 0.88x 4.49x 3.69x 1.01x 0.98x 3.71x 4.26x
8'886.0 8'175.0 9'196.0 9'544.0 10'387.0 9'907.0 10'039.0 9'776.2 10'273.3 2'551.3 2'224.3
10.91x 7.77x 6.77x 7.72x 6.25x 8.98x 6.94x 8.30x 7.90x 8.37x 8.19x
3'806.0 5'725.0 2'292.0 3'899.0 6'145.0 4'506.0 4'416.0 5'200.6 5'730.8 1'362.5 1'333.7
23.31x 34.66x 24.49x 16.42x 8.67x 15.07x 12.27x 13.15x 12.11x 12.40x 11.79x
EBITDA 10'387.00 Long-Term Rating Date 05.06.2009
EBIT 7'749.00 Long-Term Rating A+
Operating Margin 10.54% Long-Term Outlook POS
Pretax Margin 12.57% Short-Term Rating Date 18.04.2011
Return on Assets 5.94% Short-Term Rating A-1+
Return on Common Equity 20.53%
Return on Capital 13.51% EBITDA/Interest Exp. 21.07
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 16.67
Net Debt/EBITDA 0.48
Gross Margin 30.1% Total Debt/EBITDA 1.73
EBITDA Margin 14.1%
EBIT Margin 10.5% Total Debt/Equity 56.9%
Net Income Margin 8.4% Total Debt/Capital 35.8%
Asset Turnover 0.71
Current Ratio 1.21 Net Fixed Asset Turnover 6.62
Quick Ratio 0.64 Accounts receivable turnover-days 75.34
Debt to Assets 17.21% Inventory Days 106.87
Tot Debt to Common Equity 56.90% Accounts Payable Turnover Day 55.11
Accounts Receivable Turnover 4.84 Cash Conversion Cycle 127.10
Inventory Turnover 3.42
Fiscal Year Ended
Siemens AGPrice/Volume
Valuation Analysis
1'217'660.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-.-/-0-1-2-3-4-5-6-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
/'- G
1'- G
3'- G
5'- G
.-'- G
./'- G
.1'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
/'--
1'--
3'--
5'--
.-'--
./'--
.1'--
-0'.-'/--5 -0'-1'/--6 -0'.-'/--6 -0'-1'/-.- -0'.-'/-.- -0'-1'/-.. -0'.-'/-.. -0'-1'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SIEMENS FAMILY n/a Research 54'852'206 6.23 - 10.11.2011 n/a
BLACKROCK GROUP LIMI n/a Research 29'221'858 3.32 - 04.05.2012 Investment Advisor
QATAR HOLDINGS LLC n/a Research 27'758'338 3.15 - 07.05.2012 Government
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 19'844'153 2.25 880 20.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'036'658 1.48 672'898 30.06.2012 Investment Advisor
SIEMENS AG n/a Research 12'627'830 1.43 - 03.09.2012 Corporation
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 8'309'072 0.94 (100'000) 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 7'004'366 0.8 - 20.09.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'475'277 0.73 (3'000) 30.03.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 6'284'265 0.71 438'196 31.08.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 5'469'799 0.62 (1'580'526) 29.02.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 5'250'967 0.6 85'403 30.06.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'222'600 0.59 - 30.06.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'452'572 0.51 (73'550) 31.08.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'206'414 0.48 (148'390) 29.02.2012 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'487'369 0.4 (94'244) 31.07.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 3'283'303 0.37 (114'335) 30.04.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 2'949'262 0.33 250'100 30.04.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'560'684 0.29 - 20.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'513'720 0.29 (59'761) 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan ANDREAS WILLI neutral 3 M 84 15 month 21.09.2012
Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 Not Provided 17.09.2012
Exane BNP Paribas OLIVIER ESNOU underperform 1 M 78 Not Provided 13.09.2012
AlphaValue HEINZ STEFFEN add 4 M 89 6 month 13.09.2012
RBC Capital Markets ANDREW CARTER not rated #N/A N/A M #N/A N/A Not Provided 10.09.2012
Credit Suisse SIMON TOENNESSEN outperform 5 M 88 Not Provided 10.09.2012
Goldman Sachs DANIELA COSTA neutral/neutral 3 M 86 12 month 07.09.2012
Independent Research GmbH MARKUS FRIEBEL buy 5 M 90 12 month 07.09.2012
Societe Generale GAEL DE BRAY buy 5 M 84 12 month 06.09.2012
Morgan Stanley BEN UGLOW Equalwt/In-Line 3 M 80 12 month 06.09.2012
Hamburger Sparkasse MARCO GUENTHER buy 5 M 86 12 month 06.09.2012
Berenberg Bank WILLIAM MACKIE buy 5 M 84 Not Provided 04.09.2012
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL add 4 M 76 6 month 31.08.2012
HSBC MICHAEL HAGMANN neutral 3 M 82 Not Provided 15.08.2012
Day by Day VALERIE GASTALDY buy 5 M 77 3 month 10.08.2012
Main First Bank AG CHRISTOPHER YOUL neutral 3 M 78 12 month 09.08.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 08.08.2012
CA Cheuvreux ALFRED GLASER outperform 5 M 81 Not Provided 06.08.2012
Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 69 12 month 03.08.2012
National Bank AG STEFFEN MANSKE hold 3 M 70 Not Provided 03.08.2012
DZ Bank AG KARSTEN OBLINGER hold 3 M 73 12 month 03.08.2012
Barclays NICK WEBSTER equalweight 3 M 73 Not Provided 03.08.2012
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 80 12 month 02.08.2012
Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 82 Not Provided 31.07.2012
SRH AlsterResearch OLIVER DREBING buy 5 M 85 12 month 31.07.2012
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 89 Not Provided 30.07.2012
Bankhaus Metzler ULRICH TRABERT sell 1 D 60 12 month 27.07.2012
Kepler Capital Markets ULRICH SCHOLZ buy 5 M 82 Not Provided 27.07.2012
Natixis LUDOVIC DEBAILLEUX reduce 2 M 61 Not Provided 27.07.2012
Silvia Quandt Research EERIK KD BUDARZ avoid 1 D 58 12 month 27.07.2012
Nord/LB WOLFGANG DONIE hold 3 D 70 12 month 26.07.2012
Oddo & Cie DELPHINE BRAULT neutral 3 M 71 Not Provided 26.07.2012
S&P Capital IQ JAMES CRAWSHAW hold 3 M 70 12 month 26.07.2012
ING Wholesale Banking SJOERD UMMELS hold 3 M 79 12 month 20.07.2012
Espirito Santo Investment Bank ResearchNICHOLAS J PATON neutral 3 M 69 Not Provided 16.07.2012
Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 10.07.2012
Deutsche Bank PETER REILLY buy 5 U 85 12 month 25.05.2012
Canaccord Genuity Corp MARK WILSON hold 3 M 77 Not Provided 26.03.2012
Holdings By:
Siemens AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Societe Generale attracts deposits and offers commercial, retail, investment,
and private banking services. The Bank offers consumer credit, vehicle lease
financing, information technology equipment leasing, life and non-life
insurance, custodian services, trade and project financing, currency exchange,
treasury services, and financial and commodities futures brokerage services.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (02.03.2012) 25.97
52-Week Low (09.01.2012) 14.88
Daily Volume
23.41
52-Week High % Change -9.82% Dividend Yield -
52-Week Low % Change 57.33% Beta 1.87
% 52 Week Price Range High/Low 80.42% Equity Float 721.23
Shares Out 31.08.2012 780.3 Short Int -
18'266.15 1 Yr Total Return 40.64%
Total Debt 699'891.00 YTD Return 36.07%
Preferred Stock 5'228.0 Adjusted BETA 1.866
Minority Interest 4'045.0 Analyst Recs 35
Cash and Equivalents 130'403.00 Consensus Rating 3.343
Enterprise Value -
Average Volume 5 Day 6'838'139
GLE FP EQUITY YTD Change - Average Volume 30 Day 6'543'335
GLE FP EQUITY YTD % CHANGE - Average Volume 3 Month 7'442'591
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
55'860.0 57'829.0 43'984.0 45'306.0 48'549.0 6'503.0 0.0 24'097.0 24'626.8 5'705.8 5'841.5
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x #DIV/0! - - - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
947.0 2'010.0 678.0 3'917.0 2'385.0 3'433.0 1'887.0 2'444.0 3'013.2 558.3 440.8
49.96x 10.65x 108.78x 8.11x 5.38x 8.74x 7.57x 7.46x 6.13x 6.96x 6.61x
EBITDA - Long-Term Rating Date 23.01.2012
EBIT - Long-Term Rating A
Operating Margin 15.10% Long-Term Outlook STABLE
Pretax Margin 14.49% Short-Term Rating Date 07.05.2009
Return on Assets 0.21% Short-Term Rating A-1
Return on Common Equity 5.84%
Return on Capital 0.39% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 1672.8%
Net Income Margin 8.4% Total Debt/Capital 93.2%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 3.30
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 59.24% Inventory Days -
Tot Debt to Common Equity 1672.82% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Societe Generale SAPrice/Volume
Valuation Analysis
2'327'252.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
2
.-
.2
/-
/2
0-
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
2'- G
.-'- G
.2'- G
/-'- G
/2'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
.'--
/'--
0'--
1'--
2'--
3'--
4'--
5'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LYXOR INTL ASSET MGM n/a Research 50'619'422 6.49 - 26.09.2011 n/a
CAPITAL RESEARCH AND n/a Research 37'656'875 4.83 - 09.01.2012 Investment Advisor
BLACKROCK INC n/a Research 37'098'903 4.75 - 12.07.2010 Investment Advisor
GROUPAMA SA n/a Co File 30'414'497 3.9 - 31.12.2011 Insurance Company
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 20'949'975 2.68 - 30.06.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 19'567'063 2.51 - 31.12.2011 Government
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 17'401'254 2.23 (3'487'617) 30.06.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13'524'369 1.73 (3'781'872) 01.04.2012 Mutual Fund Manager
MEIJI YASUDA LIFE IN n/a Co File 11'069'312 1.42 - 31.12.2011 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'424'136 1.21 837'696 30.06.2012 Investment Advisor
SOCIETE GENERALE n/a Co File 8'987'016 1.15 - 31.12.2011 Bank
CNP ASSURANCES n/a Co File 8'976'936 1.15 - 31.12.2011 Insurance Company
JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 7'019'208 0.9 (1'007'504) 30.06.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 4'450'722 0.57 43'164 31.08.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 3'655'273 0.47 - 20.09.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 3'450'409 0.44 861'193 31.07.2012 Mutual Fund Manager
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3'236'600 0.41 20'200 20.09.2012 Investment Advisor
BARCLAYS ASSET MANAG Multiple Portfolios MF-AGG 2'612'606 0.33 376'954 31.03.2012 Mutual Fund Manager
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 2'546'731 0.33 4'280 30.06.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'541'447 0.33 10'872 30.04.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie PIERS BROWN underperform 1 D 19 12 month 24.09.2012
Redburn Partners GEORGE SOSEI KARAMANOS buy 5 M #N/A N/A Not Provided 24.09.2012
Oddo & Cie JEAN SASSUS neutral 3 M 34 Not Provided 20.09.2012
AlphaValue CHRISTOPHE NIJDAM buy 5 M 30 6 month 20.09.2012
HSBC ROBIN DOWN neutral 3 M 27 Not Provided 19.09.2012
Grupo Santander AURELIA FAURE underweight 1 M 20 Not Provided 18.09.2012
RBC Capital Markets ANKE REINGEN sector perform 3 M 22 12 month 18.09.2012
Kepler Capital Markets BENOIT PETRARQUE hold 3 M 24 Not Provided 17.09.2012
Exane BNP Paribas GUILLAUME TIBERGHIEN outperform 5 M 27 Not Provided 14.09.2012
CA Cheuvreux PASCAL DECQUE underperform 1 D 24 Not Provided 13.09.2012
JPMorgan DELPHINE LEE overweight 5 M 27 3 month 04.09.2012
Morgan Stanley THIBAULT NARDIN restricted #N/A N/A M #N/A N/A Not Provided 30.08.2012
ING Wholesale Banking TOM VAN KEMPEN hold 3 M 22 12 month 30.08.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 27.08.2012
Nord/LB MICHAEL SEUFERT hold 3 U #N/A N/A Not Provided 21.08.2012
Deutsche Bank FLORA-A BENHAKOUN hold 3 M 25 12 month 10.08.2012
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 28 12 month 09.08.2012
Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 26 12 month 09.08.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 08.08.2012
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 20 Not Provided 07.08.2012
Barclays KIRI VIJAYARAJAH equalweight 3 M 18 Not Provided 07.08.2012
Mediobanca SpA ANTONIO GUGLIELMI underperform 1 M 21 12 month 02.08.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 19 12 month 02.08.2012
Natixis ALEX KOAGNE buy 5 M 22 Not Provided 02.08.2012
Nomura JON PEACE reduce 2 M 26 12 month 02.08.2012
Credit Suisse MAXENCE LE GOUVELLO neutral 3 M 30 Not Provided 01.08.2012
CM - CIC Securities(ESN) PIERRE CHEDEVILLE accumulate 4 M 28 12 month 01.08.2012
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 20 12 month 01.08.2012
Banco Sabadell MARIO LODOS buy 5 M 32 Not Provided 30.07.2012
Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 16 Not Provided 16.07.2012
Day by Day VALERIE GASTALDY buy 5 U 24 3 month 29.06.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 19.06.2012
DZ Bank AG SABINE BOHN hold 3 M 18 12 month 06.01.2012
Holdings By:
Societe Generale SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Telefonica S.A. provides telecommunications services mainly to countries in
Europe and Latin America. The Company offers fixed-line and mobile telephone,
Internet, and data transmission services to residential and corporate customers.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (28.10.2011) 15.96
52-Week Low (26.07.2012) 7.90
Daily Volume
11.17
52-Week High % Change -30.01% Dividend Yield -
52-Week Low % Change 41.39% Beta 0.93
% 52 Week Price Range High/Low 42.80% Equity Float 4'459.35
Shares Out 30.06.2012 4'551.0 Short Int -
50'834.95 1 Yr Total Return -7.89%
Total Debt 66'311.00 YTD Return -12.09%
Preferred Stock 0.0 Adjusted BETA 0.930
Minority Interest 5'747.0 Analyst Recs 43
Cash and Equivalents 6'760.00 Consensus Rating 3.419
Enterprise Value 118'218.94
Average Volume 5 Day 39'391'150
TEF SQ EQUITY YTD Change - Average Volume 30 Day 23'128'030
TEF SQ EQUITY YTD % CHANGE - Average Volume 3 Month 26'205'880
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
56'441.0 57'946.0 56'731.0 60'737.0 62'837.0 62'570.3 62'932.0 62'710.9 62'830.4 15'525.0 15'947.7
2.74x 2.10x 2.42x 2.29x 1.99x 9.00x 7.73x 1.78x 1.74x 7.27x 6.82x
22'824.0 22'919.0 22'603.0 25'777.0 19'392.0 26'070.6 18'456.2 21'375.6 21'358.7 5'420.0 5'557.0
6.77x 5.31x 6.07x 5.39x 6.46x 5.27x 6.19x 5.53x 5.53x 5.48x 5.47x
8'906.0 7'592.0 7'776.0 10'167.0 5'402.9 9'553.9 4'315.9 5'555.6 5'964.3 1'442.3 1'327.7
11.87x 9.72x 11.43x 7.54x 11.18x 7.98x 10.84x 8.98x 8.51x 8.66x 8.59x
EBITDA 19'392.00 Long-Term Rating Date 24.05.2012
EBIT 9'246.00 Long-Term Rating BBB
Operating Margin 14.71% Long-Term Outlook NEG
Pretax Margin 10.32% Short-Term Rating Date 31.10.2005
Return on Assets 4.17% Short-Term Rating A-2
Return on Common Equity 23.45%
Return on Capital 9.37% EBITDA/Interest Exp. 7.26
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.86
Net Debt/EBITDA 3.07
Gross Margin - Total Debt/EBITDA 3.42
EBITDA Margin 30.9%
EBIT Margin 14.7% Total Debt/Equity 306.5%
Net Income Margin 8.6% Total Debt/Capital 70.8%
Asset Turnover 0.48
Current Ratio 0.64 Net Fixed Asset Turnover 1.76
Quick Ratio 0.49 Accounts receivable turnover-days 55.33
Debt to Assets 51.16% Inventory Days -
Tot Debt to Common Equity 306.48% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.60 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Telefonica SAPrice/Volume
Valuation Analysis
10'218'426.00
Current Price (9/dd/yy) Market Data
-/135
.-
./
.1
.3
.5
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G
.--'- G
/--'- G
0--'- G
1--'- G
2--'- G
3--'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
.'--
/'--
0'--
1'--
2'--
3'--
4'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANCO BILBAO VIZCAYA n/a Co File 258'217'137 5.67 - 31.12.2011 Bank
CAIXABANK n/a Co File 246'898'917 5.43 - 31.12.2011 Investment Advisor
BLACKROCK INVESTMENT n/a Co File 177'257'649 3.89 - 31.12.2011 Investment Advisor
BNP PARIBAS SA n/a EXCH 127'368'869 2.8 (15'605'969) 12.05.2011 Bank
TELEFONICA SA n/a Co File 84'209'364 1.85 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 46'609'978 1.02 2'033'566 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 24'381'973 0.54 - 20.09.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 24'058'799 0.53 (1'668'347) 30.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 15'670'612 0.34 (3'041'744) 30.06.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 15'369'423 0.34 502'923 30.06.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 14'799'216 0.33 3'964 20.09.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 13'214'000 0.29 (3'952'000) 31.03.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11'549'663 0.25 - 20.09.2012 Investment Advisor
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 8'207'615 0.18 6'484'893 30.04.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'298'558 0.16 (3'026'525) 01.04.2012 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'272'566 0.14 4'700 30.03.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'512'629 0.12 (1'971) 23.08.2012 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'292'957 0.12 9'756 30.03.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'053'871 0.11 (90'936) 29.02.2012 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 5'029'703 0.11 (699'521) 20.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays JONATHAN DANN underweight 1 M 9 Not Provided 24.09.2012
NMAS 1 Agencia de Valores JOSE RAMON OCINA buy 5 M 13 12 month 21.09.2012
Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 13 Not Provided 20.09.2012
Espirito Santo Investment Bank ResearchNUNO MATIAS neutral 3 M 9 12 month 20.09.2012
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 17 6 month 20.09.2012
Bankia Bolsa (ESN) DAVID CABEZA JARENO buy 5 M 15 12 month 18.09.2012
Banco Sabadell ANDRES BOLUMBURU buy 5 M 16 12 month 18.09.2012
Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 10 Not Provided 18.09.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 18.09.2012
Morgan Stanley LUIS PROTA Equalwt/In-Line 3 M 13 12 month 17.09.2012
Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 7 12 month 14.09.2012
Nomura FREDERIC BOULAN reduce 2 M 11 12 month 14.09.2012
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU hold 3 M 12 Not Provided 10.09.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 10.09.2012
Deutsche Bank KEVAL KHIROYA hold 3 M 11 12 month 07.09.2012
Nord/LB JAN CHRISTIAN GOEHMANN hold 3 M 8 12 month 22.08.2012
JPMorgan TORSTEN ACHTMANN neutral 3 M 15 3 month 20.08.2012
Credit Suisse JUSTIN FUNNELL neutral 3 M 14 Not Provided 17.08.2012
Exane BNP Paribas MATHIEU ROBILLIARD underperform 1 M 10 Not Provided 06.08.2012
Kepler Capital Markets JAVIER BORRACHERO buy 5 M 13 Not Provided 01.08.2012
Banesto Bolsa SA Sociedad MARTA GOMEZ buy 5 M 14 12 month 31.07.2012
Independent Research GmbH MARKUS FRIEBEL hold 3 M 10 12 month 27.07.2012
BPI PEDRO OLIVEIRA hold 3 M 14 Not Provided 26.07.2012
Goldman Sachs TIMOTHY BODDY Sell/Neutral 1 M 9 12 month 26.07.2012
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 12 Not Provided 26.07.2012
BBVA IVON LEAL outperform 5 M 12 Not Provided 26.07.2012
National Bank AG STEFFEN MANSKE buy 5 M 13 Not Provided 26.07.2012
Berenberg Bank PAUL ANDREW MARSCH hold 3 U 10 Not Provided 26.07.2012
S&P Capital IQ ALEXANDER WISCH hold 3 M 9 12 month 26.07.2012
Jefferies JEREMY A DELLIS hold 3 M 11 12 month 25.07.2012
Renta 4 SA SVB IVAN SAN FELIX hold 3 M 19 Not Provided 23.07.2012
BCP Investimento ALEXANDRA DELGADO buy 5 M 17 Not Provided 05.07.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 21.06.2012
HSBC LUIGI MINERVA neutral 3 M 10 Not Provided 12.06.2012
Macquarie GUY R PEDDY outperform 5 M 10 12 month 02.06.2012
Inverseguros Sociedad de Valores MIGUEL SANCHEZ buy 5 N 15 Not Provided 22.05.2012
Natixis BENOIT MAYNARD neutral 3 M 14 Not Provided 14.05.2012
La Caixa BORJA PAGOAGA buy 5 M 16 Not Provided 24.04.2012
Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO overweight 5 M 19 12 month 24.02.2012
CA Cheuvreux GIOVANNI MONTALTI underperform 1 M 12 Not Provided 13.01.2012
DZ Bank AG THORSTEN REIGBER buy 5 M 16 12 month 15.11.2011
Holdings By:
Telefonica SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Total SA explores for, produces, refines, transports, and markets oil and
natural gas. The Company also operates a chemical division which produces
polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and
resins. Total operates gasoline filling stations in Europe, the United States,
and Africa.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (14.03.2012) 42.97
52-Week Low (26.09.2011) 30.25
Daily Volume
40.49
52-Week High % Change -5.77% Dividend Yield 7.09
52-Week Low % Change 33.85% Beta 0.88
% 52 Week Price Range High/Low 82.94% Equity Float 2'126.55
Shares Out 04.07.2012 2'365.1 Short Int -
95'764.29 1 Yr Total Return 39.24%
Total Debt 32'232.00 YTD Return 7.08%
Preferred Stock 0.0 Adjusted BETA 0.884
Minority Interest 1'352.0 Analyst Recs 33
Cash and Equivalents 14'725.00 Consensus Rating 3.788
Enterprise Value 115'924.29
Average Volume 5 Day 7'177'980
FP FP EQUITY YTD Change - Average Volume 30 Day 4'637'267
FP FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'441'371
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
136'824.0 160'331.0 112'153.0 140'476.0 166'550.0 153'055.0 175'834.0 192'734.6 190'626.1 42'608.0 45'033.0
1.03x 0.62x 1.03x 0.74x 0.65x 2.76x 2.29x 0.60x 0.61x 2.55x 2.51x
31'249.0 29'887.0 22'234.0 28'045.0 32'919.0 30'721.0 31'909.0 33'138.7 33'729.6 8'363.5 9'159.5
4.50x 3.32x 5.22x 3.72x 3.28x 3.58x 3.14x 3.50x 3.44x 3.30x 3.23x
13'181.0 10'590.0 8'447.0 10'571.0 12'276.0 11'529.0 10'851.0 12'067.3 12'449.5 2'633.3 2'947.5
9.73x 8.21x 11.87x 8.38x 7.23x 7.76x 7.40x 7.62x 7.43x 7.50x 7.34x
EBITDA 32'919.00 Long-Term Rating Date 12.04.2011
EBIT 24'290.00 Long-Term Rating AA-
Operating Margin 14.58% Long-Term Outlook STABLE
Pretax Margin 16.00% Short-Term Rating Date 13.09.1999
Return on Assets 7.98% Short-Term Rating A-1+
Return on Common Equity 19.11%
Return on Capital 13.36% EBITDA/Interest Exp. 46.17
Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 20.99
Net Debt/EBITDA 0.53
Gross Margin - Total Debt/EBITDA 0.98
EBITDA Margin 19.8%
EBIT Margin 14.6% Total Debt/Equity 47.4%
Net Income Margin 7.4% Total Debt/Capital 31.7%
Asset Turnover 1.08
Current Ratio 1.36 Net Fixed Asset Turnover 2.79
Quick Ratio 0.74 Accounts receivable turnover-days 41.87
Debt to Assets 19.65% Inventory Days -
Tot Debt to Common Equity 47.37% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.72 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Total SAPrice/Volume
Valuation Analysis
4'003'563.00
Current Price (9/dd/yy) Market Data
-2
.-
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0-'- G
02'- G
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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2'--
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOTAL SA n/a Co File 108'732'635 4.6 - 31.12.2011 Corporation
GROUPE BRUXELLES LAM n/a Research 94'077'367 3.98 - 15.03.2012 Holding Company
AMUNDI n/a Research 78'390'326 3.31 - 06.01.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 42'512'221 1.8 1'631'323 01.04.2012 Mutual Fund Manager
CIE NATIONALE A PORT n/a Co File 35'456'294 1.5 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 26'046'448 1.1 1'274'137 30.06.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 16'161'000 0.68 109'000 30.06.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 14'052'905 0.59 128'778 31.08.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 11'937'219 0.5 - 20.09.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 10'488'732 0.44 (6'399) 31.08.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9'578'452 0.4 (172'678) 20.09.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 8'443'176 0.36 247'012 31.07.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8'009'376 0.34 - 29.02.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 6'792'249 0.29 2'212 20.09.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 6'444'341 0.27 - 20.09.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 6'098'570 0.26 746'764 20.09.2012 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 6'073'948 0.26 5'699'400 30.06.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 5'868'600 0.25 (1'240'000) 30.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 5'634'000 0.24 - 30.06.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'556'800 0.23 582'900 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 41 6 month 24.09.2012
Societe Generale IRENE HIMONA hold 3 M 40 12 month 21.09.2012
Credit Suisse KIM FUSTIER neutral 3 M 45 Not Provided 21.09.2012
Jefferies IAIN REID buy 5 M 42 12 month 21.09.2012
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 51 12 month 21.09.2012
JPMorgan NITIN SHARMA overweight 5 M 49 3 month 20.09.2012
Nomura THEEPAN JOTHILINGAM neutral 3 M 39 12 month 20.09.2012
RBC Capital Markets PETER HUTTON outperform 5 M 43 12 month 19.09.2012
Grupo Santander JASON KENNEY hold 3 M 45 Not Provided 18.09.2012
Canaccord Genuity Corp GORDON GRAY hold 3 M 40 12 month 05.09.2012
Barclays LYDIA RAINFORTH equalweight 3 M 45 Not Provided 30.08.2012
Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 48 Not Provided 27.08.2012
Macquarie JASON D GAMMEL neutral 3 M 42 12 month 03.08.2012
HSBC PAUL SPEDDING overweight 5 M 45 Not Provided 02.08.2012
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 01.08.2012
CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 01.08.2012
Landesbank Baden-Wuerttemberg ACHIM WITTMANN buy 5 U 45 Not Provided 31.07.2012
Independent Research GmbH SVEN DIERMEIER hold 3 M 39 12 month 31.07.2012
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 48 Not Provided 30.07.2012
Natixis ANNE PUMIR buy 5 M 46 Not Provided 30.07.2012
Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 40 12 month 27.07.2012
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 49 12 month 27.07.2012
Exane BNP Paribas ALEXANDRE MARIE neutral 3 M 48 Not Provided 27.07.2012
Deutsche Bank LUCAS HERRMANN hold 3 M 42 12 month 03.07.2012
Investec STUART JOYNER hold 3 M 38 12 month 02.07.2012
Goldman Sachs MICHELE DELLA VIGNA sell/attractive 1 M 45 12 month 01.06.2012
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 03.05.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 M 44 Not Provided 30.04.2012
Kepler Capital Markets BERTRAND HODEE buy 5 M 47 Not Provided 16.04.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 28.12.2011
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 01.08.2011
National Bank AG MANFRED JAISFELD buy 5 M 46 12 month 19.05.2010
Holdings By:
Total SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
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.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (17.08.2012) 165.85
52-Week Low (25.11.2011) 123.30
Daily Volume
161.15
52-Week High % Change -2.77% Dividend Yield -
52-Week Low % Change 30.70% Beta 0.88
% 52 Week Price Range High/Low 92.01% Equity Float 91.65
Shares Out 12.07.2012 92.0 Short Int -
14'819.57 1 Yr Total Return 34.29%
Total Debt 10'755.20 YTD Return 22.69%
Preferred Stock 0.0 Adjusted BETA 0.883
Minority Interest 1'419.4 Analyst Recs 30
Cash and Equivalents 80.00 Consensus Rating 3.433
Enterprise Value 28'020.07
Average Volume 5 Day 326'258
UL FP EQUITY YTD Change - Average Volume 30 Day 314'089
UL FP EQUITY YTD % CHANGE - Average Volume 3 Month 331'168
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2
1'005.5 1'642.5 1'363.3 1'716.4 1'939.9 - - 1'486.6 1'581.9 - -
20.72x 11.17x 17.14x 14.60x 12.81x - - 18.35x 17.63x - -
(522.9) 1'309.7 931.4 1'254.8 1'184.2 - - 1'305.0 1'386.9 - -
0.00x 14.01x 25.09x 19.97x 20.99x - - 21.49x 20.22x - -
944.8 (1'116.0) (1'467.8) 2'187.6 1'327.8 - - 879.5 955.9 - -
10.14x 0.00x 0.00x 6.19x 9.61x - - 17.11x 15.93x - -
EBITDA 1'184.20 Long-Term Rating Date 27.06.2007
EBIT 798.90 Long-Term Rating A
Operating Margin 41.18% Long-Term Outlook STABLE
Pretax Margin 84.65% Short-Term Rating Date 27.06.2007
Return on Assets 5.17% Short-Term Rating A-1
Return on Common Equity 11.72%
Return on Capital 6.56% EBITDA/Interest Exp. 3.09
Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -0.16
Net Debt/EBITDA 9.01
Gross Margin - Total Debt/EBITDA 9.08
EBITDA Margin 61.0%
EBIT Margin - Total Debt/Equity 92.4%
Net Income Margin 68.4% Total Debt/Capital 45.2%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 40.73% Inventory Days -
Tot Debt to Common Equity 92.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Unibail-Rodamco SEPrice/Volume
Valuation Analysis
76'267.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-/-1-3-5-
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1'000.0
1'500.0
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2'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK INC n/a Co File 4'892'280 5.32 - 10.03.2011 Investment Advisor
AMUNDI n/a Research 4'248'948 4.62 (2'990) 17.02.2012 Investment Advisor
COHEN & STEERS INC n/a Co File 3'671'829 3.99 - 10.03.2011 Corporation
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'994'173 3.26 (11'919) 30.06.2012 Investment Advisor
COMMERZBANK AKTIENGE n/a Research 2'585'395 2.81 - 16.05.2011 Investment Advisor
SOCIETE GENERALE n/a Research 2'351'985 2.56 (3'161'695) 21.05.2012 Bank
UBS AG n/a Co File 2'055'821 2.24 - 10.03.2011 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 2'044'686 2.22 (171'959) 20.09.2012 Investment Advisor
BNP PARIBAS ASSET MG n/a Co File 1'907'603 2.07 - 10.03.2011 Investment Advisor
LASALLE INVESTMENT M Multiple Portfolios MF-AGG 1'684'899 1.83 158'757 22.08.2011 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'578'397 1.72 21'842 30.03.2012 Mutual Fund Manager
CREDIT SUISSE n/a Co File 1'381'467 1.5 - 10.03.2011 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'222'332 1.33 (262) 20.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'143'348 1.24 53'928 30.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 984'762 1.07 539'910 29.02.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 981'619 1.07 (30'383) 31.07.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 976'620 1.06 12'446 30.06.2012 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 963'439 1.05 2'170 21.09.2012 Investment Advisor
EUROPEAN INVESTORS I n/a Research 871'804 0.95 123'217 30.06.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 832'632 0.91 - 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale MICHEL VARALDO buy 5 M 189 12 month 20.09.2012
AlphaValue PIERRE-LOUP ETIENNE sell 1 M 146 6 month 20.09.2012
Natixis SERGE DEMIRDJIAN neutral 3 D 177 Not Provided 19.09.2012
Jefferies ROBERT DUNCAN hold 3 M 164 12 month 12.09.2012
Oddo & Cie MARINE LAFITTE buy 5 M 167 Not Provided 12.09.2012
Kepler Capital Markets SAMUEL HENRY-DIESBACH hold 3 M 156 Not Provided 12.09.2012
Bank Degroof(ESN) JEAN-MARIE CAUCHETEUX hold 3 M 160 12 month 11.09.2012
ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG hold 3 M 163 Not Provided 10.09.2012
JPMorgan HARM M MEIJER overweight 5 M 185 12 month 04.09.2012
Petercam STEPHAN VAN WEEREN reduce 2 M 160 Not Provided 04.09.2012
Exane BNP Paribas VALERIE GUEZI underperform 1 M 160 Not Provided 04.09.2012
Kempen & Co BOUDEWIJN SCHOON neutral 3 M 160 Not Provided 03.09.2012
ING Wholesale Banking ARJAN KNIBBE hold 3 M 158 12 month 03.09.2012
Barclays AARON GUY equalweight 3 M 176 Not Provided 31.08.2012
Morgan Stanley BART GYSENS Equalwt/Attractive 3 D 163 12 month 29.08.2012
Day by Day VALERIE GASTALDY buy 5 M 176 3 month 08.08.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 08.08.2012
Rabobank International MARTIJN VAN DEN EIJNDEN hold 3 D 169 Not Provided 07.08.2012
Banco Sabadell IGNACIO ROMERO buy 5 M 141 Not Provided 30.07.2012
Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 182 12 month 25.07.2012
Credit Suisse JONATHAN KOWNATOR outperform 5 M 165 Not Provided 24.07.2012
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 150 Not Provided 24.07.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 155 12 month 24.07.2012
Berenberg Bank KAI MALTE KLOSE buy 5 U 163 Not Provided 24.07.2012
S&P Capital IQ JACOB THRANE hold 3 M 162 12 month 24.07.2012
CA Cheuvreux BRUNO DUCLOS underperform 1 D 145 Not Provided 02.02.2012
HSBC STEPHANIE DOSSMANN overweight 5 M 160 Not Provided 19.01.2012
Edge Capital Research KONSTANTIN BOYCHINOV outperform 5 N 160 12 month 29.09.2011
Tradition Securities & Futures LAETITIA D'EPREMESNIL hold 3 M 150 Not Provided 06.07.2011
Holdings By:
Unibail-Rodamco SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
UniCredit SpA attracts deposits and offers commercial banking services. The
Bank offers consumer credit, mortgages, life insurance, business loan,
investment banking, asset management, and other services. UniCredit operates
worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (13.10.2011) 7.01
52-Week Low (09.01.2012) 2.20
Daily Volume
3.408
52-Week High % Change -51.41% Dividend Yield -
52-Week Low % Change 54.91% Beta 1.50
% 52 Week Price Range High/Low 26.17% Equity Float 4'531.19
Shares Out 30.06.2012 5'787.1 Short Int -
19'744.79 1 Yr Total Return -23.79%
Total Debt 334'658.25 YTD Return -19.40%
Preferred Stock 0.0 Adjusted BETA 1.501
Minority Interest 3'318.2 Analyst Recs 39
Cash and Equivalents 56'215.54 Consensus Rating 2.923
Enterprise Value -
Average Volume 5 Day #########
UCG IM EQUITY YTD Change - Average Volume 30 Day 81'212'490
UCG IM EQUITY YTD % CHANGE - Average Volume 3 Month 99'000'190
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
55'285.3 65'266.9 47'278.6 41'223.4 41'968.2 26'547.5 25'803.4 25'656.0 25'510.9 6'126.0 6'283.0
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -
0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x - - - -
5'901.3 4'011.8 1'702.3 1'323.3 (9'206.4) 1'975.7 (9'444.2) 1'399.4 2'043.1 194.0 95.9
10.65x 5.74x 23.66x 24.19x 0.00x 12.90x 0.00x 13.06x 9.19x 11.44x 9.85x
EBITDA - Long-Term Rating Date 10.02.2012
EBIT - Long-Term Rating BBB+
Operating Margin 10.75% Long-Term Outlook NEG
Pretax Margin -23.82% Short-Term Rating Date 10.02.2012
Return on Assets -0.99% Short-Term Rating A-2
Return on Common Equity -15.91%
Return on Capital -2.23% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 650.1%
Net Income Margin -33.1% Total Debt/Capital 85.9%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 3.38
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 36.11% Inventory Days -
Tot Debt to Common Equity 650.08% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
UniCredit SpAPrice/Volume
Valuation Analysis
30'196'653.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-
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0
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/--'- G
/2-'- G
0--'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011-'--
-'/-
-'1-
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AABAR LUX SARL n/a EXCH 376'220'171 6.5 - 24.08.2012 Other
PGFF LUX SARL n/a EXCH 289'992'198 5.01 - 24.08.2012 n/a
CENTRAL BANK OF LIBY n/a EXCH 234'493'791 4.05 - 24.08.2012 Government
FONDAZIONE CASSA RIS n/a EXCH 223'151'050 3.86 - 24.08.2012 Corporation
FONDAZIONE CASSA RIS n/a EXCH 204'516'549 3.53 - 24.08.2012 Bank
CARIMONTE HOLDING SP n/a EXCH 173'381'885 3 - 24.08.2012 Unclassified
CAPITAL RESEARCH AND n/a EXCH 158'103'908 2.73 - 24.08.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 127'901'060 2.21 107'727'313 31.03.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 124'135'987 2.15 39'829'500 30.06.2012 Investment Advisor
DELFIN SARL n/a EXCH 116'031'602 2 - 24.08.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 103'435'984 1.79 3'072'472 30.06.2012 Investment Advisor
ALLIANZ SPA n/a EXCH 68'982'379 1.19 - 24.08.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 60'368'355 1.04 16'205'131 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO n/a EXCH 54'977'567 0.95 - 24.08.2012 Investment Advisor
ALLIANZ FINANCE IV L n/a EXCH 42'130'178 0.73 - 24.08.2012 Other
LIBYAN FOREIGN BANK n/a EXCH 32'465'700 0.56 - 24.08.2012 Government
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 31'599'342 0.55 13'180'000 30.06.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 24'374'142 0.42 (8'962'667) 20.09.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 22'688'035 0.39 140'656 20.09.2012 Investment Advisor
BLACKROCK AM IRELAND n/a EXCH 21'528'058 0.37 - 24.08.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse IGNACIO CEREZO neutral 3 M 4 Not Provided 24.09.2012
Redburn Partners GEORGE SOSEI KARAMANOS neutral 3 M #N/A N/A Not Provided 24.09.2012
AlphaValue DAVID GRINSZTAJN buy 5 M 6 6 month 20.09.2012
Grupo Santander TANIA GOLD underweight 1 M 3 Not Provided 18.09.2012
RBC Capital Markets ANKE REINGEN sector perform 3 M 3 12 month 18.09.2012
Oddo & Cie JULIE LEGRAND reduce 2 M 4 Not Provided 14.09.2012
Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 3 Not Provided 14.09.2012
HSBC CARLO DIGRANDI underweight 1 D 3 Not Provided 13.09.2012
Banca Akros(ESN) LUIGI TRAMONTANA hold 3 M 4 12 month 13.09.2012
Banca IMI MANUELA MERONI buy 5 M 3 12 month 12.09.2012
Societe Generale CARLO TOMMASELLI hold 3 D 4 12 month 11.09.2012
CA Cheuvreux ALDO COMI underperform 1 M 3 Not Provided 07.09.2012
Keefe, Bruyette & Woods RONNY REHN underperform 1 M 3 12 month 05.09.2012
Macquarie BENJIE CREELAN-SANDFORD outperform 5 U 4 12 month 04.09.2012
Nomura DOMENICO SANTORO neutral 3 M 3 12 month 03.09.2012
ICBPI. LUCA COMI sell 1 M 3 12 month 27.08.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 24.08.2012
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 4 12 month 23.08.2012
JPMorgan KIAN ABOUHOSSEIN neutral 3 M 3 15 month 23.08.2012
Nord/LB MICHAEL SEUFERT sell 1 M #N/A N/A Not Provided 21.08.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 13.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 10.08.2012
Barclays JEREMY SIGEE equalweight 3 M 3 Not Provided 10.08.2012
Mediobanca SpA ANDREA FILTRI outperform 5 M 6 Not Provided 08.08.2012
Berenberg Bank MARCO TROIANO buy 5 M 5 Not Provided 07.08.2012
DZ Bank AG CHRISTOPH BAST sell 1 M 3 12 month 07.08.2012
Deutsche Bank PAOLA SABBIONE buy 5 M 4 12 month 06.08.2012
Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 3 12 month 06.08.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 3 Not Provided 06.08.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 3 12 month 06.08.2012
Equita SIM SpA GIOVANNI RAZZOLI hold 3 D 3 12 month 06.08.2012
Natixis STEVEN GOULD neutral 3 M 3 Not Provided 06.08.2012
S&P Capital IQ FRANK BRADEN sell 1 M 3 12 month 06.08.2012
Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 4 Not Provided 04.08.2012
ING Wholesale Banking ALEXANDER PELTESHKI hold 3 M 3 12 month 01.08.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 2 Not Provided 19.06.2012
Banco Sabadell MARIO LODOS Under Review #N/A N/A M #N/A N/A Not Provided 05.03.2012
Holdings By:
UniCredit SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Unilever NV manufactures branded and packaged consumer goods, including food,
detergents, fragrances, home and personal care products. Dually-listed company
with ULVR LN.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (02.08.2012) 28.83
52-Week Low (26.09.2011) 22.52
Daily Volume
27.94
52-Week High % Change -3.09% Dividend Yield 3.36
52-Week Low % Change 24.07% Beta 0.60
% 52 Week Price Range High/Low 86.85% Equity Float -
Shares Out 30.06.2012 1'714.7 Short Int -
83'769.35 1 Yr Total Return 26.75%
Total Debt 13'718.00 YTD Return 8.01%
Preferred Stock 0.0 Adjusted BETA 0.599
Minority Interest 628.0 Analyst Recs 44
Cash and Equivalents 4'937.00 Consensus Rating 3.477
Enterprise Value 93'634.35
Average Volume 5 Day 4'979'198
UNA NA EQUITY YTD Change - Average Volume 30 Day 3'908'529
UNA NA EQUITY YTD % CHANGE - Average Volume 3 Month 4'645'924
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
40'187.0 40'523.0 39'823.0 44'262.0 46'467.0 45'155.0 49'077.0 51'263.7 54'345.6 13'292.7 12'655.6
2.00x 1.41x 1.77x 1.64x 1.82x 3.13x 0.00x 1.81x 1.68x - -
6'766.0 6'793.0 6'887.0 7'620.0 7'462.0 3'852.0 0.0 8'343.0 9'030.5 - -
11.88x 8.39x 10.25x 9.54x 11.30x 0.00x 0.00x 11.23x 10.37x - -
3'888.0 5'027.0 3'370.0 4'244.0 4'252.0 4'444.0 0.0 4'669.2 5'147.0 1'185.0 1'975.0
19.05x 9.69x 18.80x 15.43x 17.60x 0.00x 0.00x 17.58x 16.06x - -
EBITDA 7'462.00 Long-Term Rating Date 05.10.2000
EBIT 6'433.00 Long-Term Rating A+
Operating Margin 13.84% Long-Term Outlook STABLE
Pretax Margin 13.44% Short-Term Rating Date 05.10.2000
Return on Assets 9.59% Short-Term Rating A-1
Return on Common Equity 29.55%
Return on Capital 18.86% EBITDA/Interest Exp. 13.82
Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. 10.42
Net Debt/EBITDA 1.18
Gross Margin 39.9% Total Debt/EBITDA 1.84
EBITDA Margin 16.1%
EBIT Margin 13.8% Total Debt/Equity 96.0%
Net Income Margin 9.2% Total Debt/Capital 47.9%
Asset Turnover 1.05
Current Ratio 0.80 Net Fixed Asset Turnover 5.59
Quick Ratio 0.44 Accounts receivable turnover-days 21.36
Debt to Assets 28.87% Inventory Days 58.22
Tot Debt to Common Equity 95.98% Accounts Payable Turnover Day 82.67
Accounts Receivable Turnover 17.09 Cash Conversion Cycle -3.09
Inventory Turnover 6.27
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Unilever NVPrice/Volume
Valuation Analysis
1'308'042.00
Current Price (9/dd/yy) Market Data
-
2
.-
.2
/-
/2
0-
02
p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G/'- G1'- G3'- G5'- G.-'- G./'- G.1'- G.3'- G.5'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
/'--
1'--
3'--
5'--
.-'--
./'--
.1'--
.3'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FOUNDATION UNILEVER n/a Co File 1'268'224'230 73.96 - 28.02.2011 Other
UNILEVER NV n/a Co File 141'560'629 8.26 - 31.12.2011 n/a
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 39'902'700 2.33 2'655'000 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'535'161 1.14 854'241 30.06.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 11'822'117 0.69 - 29.02.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 9'675'894 0.56 9'278'841 29.02.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'528'812 0.56 3'460'016 30.06.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 8'458'704 0.49 7'239 20.09.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 7'883'923 0.46 - 31.03.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 7'122'587 0.42 (85'329) 31.08.2012 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 6'858'359 0.4 (585'902) 31.08.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'585'821 0.38 (526'890) 31.07.2012 Investment Advisor
ELMA EN UNITED HOLDS n/a Research 6'428'550 0.37 - 19.10.2011 n/a
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 6'127'538 0.36 6'127'538 31.08.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'718'344 0.33 (600) 30.03.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 5'611'560 0.33 392'742 30.06.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 5'595'861 0.33 1'544 20.09.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'358'673 0.31 (10'900) 30.06.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 5'246'792 0.31 7'407 31.07.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 4'506'515 0.26 - 20.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012
Helvea ANDREAS VON ARX accumulate 4 M 31 12 month 18.09.2012
Berenberg Bank JAMES TARGETT buy 5 U 34 Not Provided 17.09.2012
Espirito Santo Investment Bank ResearchMARTIN DOLAN neutral 3 M 29 Not Provided 14.09.2012
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 23 12 month 13.09.2012
HSBC CEDRIC BESNARD overweight 5 M 33 Not Provided 12.09.2012
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 31 12 month 11.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 11.09.2012
Mirabaud Securities JULIAN LAKIN hold 3 M 28 12 month 06.09.2012
Exane BNP Paribas JEFF STENT neutral 3 M 29 Not Provided 05.09.2012
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 30 12 month 04.09.2012
ING Wholesale Banking MARCO GULPERS hold 3 M 27 12 month 03.09.2012
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 38 12 month 29.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 13.08.2012
Nomura DAVID HAYES reduce 2 M 25 12 month 10.08.2012
Rabobank International KAREL ZOETE buy 5 M 31 Not Provided 01.08.2012
Kempen & Co ERWIN DUT hold 3 M 27 12 month 31.07.2012
SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 28 12 month 31.07.2012
Grupo Santander PEDRO GIL buy 5 M 30 Not Provided 30.07.2012
Petercam FERNAND DE BOER hold 3 M 30 Not Provided 30.07.2012
Banco Sabadell IGNACIO ROMERO sell 1 M 26 Not Provided 30.07.2012
Societe Generale WARREN L ACKERMAN sell 1 D 27 12 month 27.07.2012
Credit Suisse CHARLES MILLS underperform 1 M 25 Not Provided 27.07.2012
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 24 6 month 27.07.2012
Kepler Capital Markets JON COX buy 5 M 31 Not Provided 27.07.2012
Natixis PIERRE TEGNER reduce 2 D 25 Not Provided 27.07.2012
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER buy 5 M 33 12 month 27.07.2012
Barclays LIAM ROWLEY overweight 5 M 27 Not Provided 27.07.2012
Deutsche Bank HAROLD THOMPSON hold 3 M 29 12 month 26.07.2012
Morgan Stanley EILEEN KHOO Equalwt/Attractive 3 M 26 12 month 26.07.2012
Jefferies SIMON MARSHALL-LOCKYER buy 5 M 31 12 month 26.07.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 29 Not Provided 26.07.2012
Independent Research GmbH LARS LUSEBRINK hold 3 M 28 12 month 26.07.2012
S&P Capital IQ CARL SHORT hold 3 M 29 12 month 26.07.2012
ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 28 Not Provided 26.07.2012
JPMorgan CELINE PANNUTI overweight 5 M 28 12 month 25.07.2012
Liberum Capital Ltd PABLO ZUANIC buy 5 M 37 Not Provided 16.07.2012
Theodoor Gilissen Securities TOM MULLER buy 5 M 29 Not Provided 01.05.2012
DZ Bank AG ROBERT CZERWENSKY sell 1 M 22 12 month 03.02.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 D #N/A N/A Not Provided 02.02.2012
CA Cheuvreux XAVIER CROQUEZ outperform 5 D 28 Not Provided 03.01.2012
Equita SIM SpA FABIO FAZZARI buy 5 M 28 12 month 10.06.2011
Holdings By:
Unilever NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Vinci SA builds roads, offers electrical, mechanical, and civil engineering and
construction services, and operates toll roads. The Company builds and
maintains roads and produces road construction materials, builds electricity
and communications networks, installs fire protection and power and ventilation
systems, and operates toll highways, bridges, parking garages, and a stadium.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (16.03.2012) 40.85
52-Week Low (25.11.2011) 28.46
Daily Volume
34.62
52-Week High % Change -15.25% Dividend Yield 5.20
52-Week Low % Change 21.64% Beta 1.09
% 52 Week Price Range High/Low 55.55% Equity Float 518.32
Shares Out 11.09.2012 575.4 Short Int -
19'920.71 1 Yr Total Return 18.66%
Total Debt 20'870.80 YTD Return 6.37%
Preferred Stock 0.0 Adjusted BETA 1.085
Minority Interest 725.4 Analyst Recs 32
Cash and Equivalents 7'542.00 Consensus Rating 4.250
Enterprise Value 35'884.11
Average Volume 5 Day 2'594'955
DG FP EQUITY YTD Change - Average Volume 30 Day 1'749'292
DG FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'104'986
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
30'874.3 33'930.3 31'177.7 34'002.8 37'646.1 32'330.0 37'205.8 37'932.4 38'225.9 9'959.0 10'195.0
1.32x 0.90x 1.09x 1.07x 0.86x 0.00x 0.00x 0.90x 0.87x - -
4'587.6 5'009.2 4'813.1 5'165.6 5'445.9 0.0 0.0 5'448.0 5'526.8 - -
8.90x 6.09x 7.03x 7.01x 5.93x 0.00x 0.00x 6.60x 6.51x - -
1'455.0 1'591.4 1'596.0 1'775.9 1'904.3 0.0 0.0 1'884.1 1'929.4 - -
16.18x 8.85x 12.07x 12.14x 9.59x 0.00x 0.00x 10.13x 9.91x - -
EBITDA 5'445.90 Long-Term Rating Date 29.03.2007
EBIT 3'550.50 Long-Term Rating BBB+
Operating Margin 9.43% Long-Term Outlook STABLE
Pretax Margin 7.91% Short-Term Rating Date 24.04.2001
Return on Assets 3.26% Short-Term Rating A-2
Return on Common Equity 15.12%
Return on Capital 7.39% EBITDA/Interest Exp. 7.34
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 4.83
Net Debt/EBITDA 2.45
Gross Margin - Total Debt/EBITDA 3.83
EBITDA Margin 14.5%
EBIT Margin 9.4% Total Debt/Equity 161.9%
Net Income Margin 5.1% Total Debt/Capital 60.5%
Asset Turnover 0.64
Current Ratio 0.91 Net Fixed Asset Turnover 8.46
Quick Ratio 0.52 Accounts receivable turnover-days 56.68
Debt to Assets 34.45% Inventory Days -
Tot Debt to Common Equity 161.92% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.44 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Vinci SAPrice/Volume
Valuation Analysis
1'127'995.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
-2
.-
.2/-/20-021-12
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
.'--
/'--
0'--
1'--
2'--
3'--
4'--
5'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COMET LUXEMBOURG HLD n/a Co File 31'499'000 5.47 - 31.12.2011 n/a
SOCIETE GENERALE n/a Research 25'572'494 4.44 (5'663'109) 14.05.2012 Bank
VINCI SA n/a Co File 25'021'501 4.35 - 31.12.2011 Corporation
ARTEMIS SA n/a Co File 15'712'512 2.73 - 31.12.2011 Holding Company
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'281'623 1.44 45'512 30.03.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'040'124 1.4 681'282 30.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 7'390'600 1.28 1'866'600 30.06.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 7'154'601 1.24 606'010 30.06.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 2'905'421 0.5 (1'531) 31.08.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 2'741'309 0.48 40'860 31.03.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 2'464'130 0.43 745 31.07.2012 Mutual Fund Manager
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 2'322'214 0.4 - 20.09.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'306'986 0.4 86'953 31.07.2012 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 2'231'500 0.39 (471'000) 30.03.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'730'651 0.3 - 31.08.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'463'565 0.25 14'600 30.06.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'433'119 0.25 - 20.09.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 1'423'469 0.25 528 20.09.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'404'470 0.24 - 30.03.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'321'419 0.23 (485'761) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue GAETAN DUPONT buy 5 M 46 6 month 20.09.2012
HSBC PIERRE BOSSET neutral 3 N 39 Not Provided 19.09.2012
JPMorgan ELODIE RALL overweight 5 M 49 6 month 17.09.2012
Aurel - BGC ERIC LEMARIE hold 3 M 40 6 month 17.09.2012
DZ Bank AG MARC NETTELBECK buy 5 M 41 12 month 17.09.2012
Societe Generale MURIEL FELLOUS buy 5 M 47 12 month 13.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 05.09.2012
Raymond James ARNAUD PALLIEZ outperform 5 M 42 12 month 30.08.2012
Exane BNP Paribas NICOLAS MORA neutral 3 M 39 Not Provided 28.08.2012
RBC Capital Markets OLIVIA PETERS sector perform 3 D 40 12 month 15.08.2012
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 13.08.2012
Goldman Sachs WILL MORGAN Buy/Neutral 5 M 47 12 month 09.08.2012
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 08.08.2012
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 36 12 month 03.08.2012
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 37 Not Provided 01.08.2012
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 44 12 month 01.08.2012
Oddo & Cie OLIVIER BECKER buy 5 M 49 Not Provided 01.08.2012
Kepler Capital Markets JOSEP PUJAL buy 5 M 50 Not Provided 01.08.2012
Bryan Garnier & Cie SVEN EDELFELT buy 5 M 44 6 month 01.08.2012
Natixis GREGOIRE THIBAULT buy 5 M 44 Not Provided 01.08.2012
S&P Capital IQ JAWAHAR HINGORANI strong buy 5 M 45 12 month 01.08.2012
Credit Suisse ROBERT CRIMES outperform 5 M 54 Not Provided 31.07.2012
Banco Sabadell MARIA CEBOLLERO buy 5 M 47 Not Provided 30.07.2012
BPI FILIPE MARTINS LEITE buy 5 M 51 Not Provided 26.07.2012
Barclays SUSANNA INVERNIZZI overweight 5 M 48 Not Provided 13.07.2012
Morgan Stanley JAIME ROWBOTHAM Equalwt/In-Line 3 N 44 12 month 03.07.2012
Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 14.06.2012
Deutsche Bank LUIS PRIETO buy 5 M 47 12 month 07.02.2012
CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 M 43 Not Provided 01.02.2012
ING Wholesale Banking IAN OSBURN hold 3 D 36 12 month 18.01.2012
National Bank AG STEFFEN MANSKE hold 3 D 43 Not Provided 27.07.2011
Holdings By:
Vinci SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Vivendi, through its subsidiaries, conducts operations ranging from music, games
and television to film and telecommunications. The Company provides digital and
pay television services, sells music compact discs (CDs), develops and
distributes interactive entertainment, and operates mobile and fixed-line
telecommunications.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (03.01.2012) 17.06
52-Week Low (19.04.2012) 12.01
Daily Volume
15.39
52-Week High % Change -9.77% Dividend Yield -
52-Week Low % Change 28.10% Beta 0.86
% 52 Week Price Range High/Low 72.90% Equity Float 1'164.56
Shares Out 05.09.2012 1'301.1 Short Int -
20'024.35 1 Yr Total Return 16.03%
Total Debt 15'710.00 YTD Return 1.22%
Preferred Stock 0.0 Adjusted BETA 0.860
Minority Interest 2'623.0 Analyst Recs 34
Cash and Equivalents 3'782.00 Consensus Rating 4.000
Enterprise Value 36'553.35
Average Volume 5 Day 5'181'678
VIV FP EQUITY YTD Change - Average Volume 30 Day 3'736'745
VIV FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'755'484
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
21'657.0 25'392.0 27'132.0 28'878.0 28'813.0 29'149.0 28'644.0 28'297.1 28'745.0 6'622.8 7'557.5
2.01x 1.55x 1.44x 1.29x 1.24x 5.13x 4.82x 1.26x 1.22x 5.59x 4.85x
6'301.0 6'774.0 7'682.0 8'020.0 8'847.0 8'152.0 9'390.0 7'835.6 7'857.7 1'859.0 1'665.0
6.92x 5.82x 5.07x 4.64x 4.03x 4.90x 3.77x 4.67x 4.66x 4.63x 4.60x
2'625.0 2'603.0 830.0 2'198.0 2'681.0 3'489.0 1'283.0 2'482.3 2'509.0 649.8 384.3
13.89x 10.43x 30.14x 11.35x 7.83x 6.80x 15.09x 7.79x 7.65x 7.97x 8.06x
EBITDA 8'847.00 Long-Term Rating Date 04.07.2012
EBIT 6'240.00 Long-Term Rating BBB *-
Operating Margin 21.66% Long-Term Outlook -
Pretax Margin 17.72% Short-Term Rating Date 04.07.2012
Return on Assets 4.67% Short-Term Rating A-2 *-
Return on Common Equity 12.33%
Return on Capital 10.55% EBITDA/Interest Exp. 16.72
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 10.36
Net Debt/EBITDA 1.35
Gross Margin 50.1% Total Debt/EBITDA 1.78
EBITDA Margin 30.7%
EBIT Margin 21.7% Total Debt/Equity 80.8%
Net Income Margin 9.3% Total Debt/Capital 41.6%
Asset Turnover 0.50
Current Ratio 0.71 Net Fixed Asset Turnover 3.35
Quick Ratio 0.46 Accounts receivable turnover-days 57.03
Debt to Assets 28.20% Inventory Days 19.72
Tot Debt to Common Equity 80.78% Accounts Payable Turnover Day 359.26
Accounts Receivable Turnover 6.40 Cash Conversion Cycle -282.51
Inventory Turnover 18.51
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Vivendi SAPrice/Volume
Valuation Analysis
883'527.00
Current Price (9/dd/yy) Market Data
-/135
.-
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/-'- G
/2'- G
0-'- G
02'- G
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
.'--
/'--
0'--
1'--
2'--
3'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK INC n/a Co File 63'140'035 4.85 - 31.12.2011 Investment Advisor
SOCIETE GENERALE n/a Research 62'157'815 4.78 (36'465'062) 30.04.2012 Bank
AMUNDI n/a Research 57'756'435 4.44 (5'812'102) 14.05.2012 Investment Advisor
NATIXIS ASSET MANAGE n/a Research 57'389'860 4.41 29'924'444 10.05.2012 Investment Advisor
GROUPE SOCIETE GENER n/a Co File 56'295'063 4.33 - 31.12.2011 n/a
CAISSE DES DEPOTS ET n/a Co File 48'191'364 3.7 - 31.12.2011 Government
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 33'989'778 2.61 5'011'458 30.06.2012 Investment Advisor
PEG VIVENDI n/a Co File 33'192'445 2.55 - 31.12.2011 n/a
THE BAUPOST GROUP n/a Co File 26'349'991 2.03 - 31.12.2011 n/a
NORGES BANK INVSTMNT n/a Co File 25'862'423 1.99 - 31.12.2011 n/a
QATAR HOLDINGS LLC n/a Co File 25'789'649 1.98 - 31.12.2011 Government
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 20'816'134 1.6 (280'703) 30.03.2012 Mutual Fund Manager
BANK OF AMERICA CORP n/a Co File 19'320'712 1.48 - 31.12.2011 Investment Advisor
CREDIT SUISSE SECURI n/a Co File 17'995'960 1.38 - 31.12.2011 Investment Advisor
UBS AG n/a Co File 17'829'054 1.37 - 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'019'289 1.15 957'648 30.06.2012 Investment Advisor
GROUPE BOLLORE n/a Co File 14'021'059 1.08 - 31.12.2011 Holding Company
HSBC HOLDINGS PLC n/a Co File 13'811'784 1.06 - 31.12.2011 Investment Advisor
BNP PARIBAS ASSET MG n/a Co File 12'967'029 1 - 31.12.2011 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 11'147'456 0.86 95'137 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale CHRISTOPHE CHERBLANC buy 5 M 17 12 month 24.09.2012
Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 16 12 month 21.09.2012
CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 16 12 month 21.09.2012
Natixis JEROME BODIN buy 5 M 22 Not Provided 21.09.2012
Nomura MATTHEW WALKER buy 5 M 18 12 month 21.09.2012
Grupo Santander STEPHANE SCHLATTER buy 5 M 22 Not Provided 20.09.2012
Oddo & Cie BRUNO HARENG buy 5 M 19 Not Provided 20.09.2012
Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 14 12 month 18.09.2012
Barclays JULIEN ROCH overweight 5 M 18 Not Provided 14.09.2012
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 24 6 month 13.09.2012
JPMorgan FILIPPO PIETRO LO FRANCO overweight 5 M 19 9 month 12.09.2012
Macquarie GUY R PEDDY outperform 5 M 15 12 month 11.09.2012
Credit Suisse OMAR SHEIKH outperform 5 M 18 Not Provided 07.09.2012
Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 07.09.2012
Goldman Sachs RICHARD JONES Buy/Neutral 5 M 20 12 month 05.09.2012
Espirito Santo Investment Bank ResearchWILL DRAPER sell 1 M 14 Not Provided 04.09.2012
S&P Capital IQ ALEXANDER WISCH strong buy 5 M 18 12 month 31.08.2012
Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 16 Not Provided 31.08.2012
Jefferies WILL SMITH buy 5 M 18 12 month 30.08.2012
Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 M 17 Not Provided 30.08.2012
Independent Research GmbH LARS LUSEBRINK hold 3 M 17 12 month 30.08.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 27.08.2012
Liberum Capital Ltd IAN WHITTAKER buy 5 M 20 Not Provided 21.08.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012
Banco Sabadell ANDRES BOLUMBURU buy 5 M 18 Not Provided 30.07.2012
CA Cheuvreux ANDREA BENEVENTI outperform 5 M 17 Not Provided 24.07.2012
Kepler Capital Markets CONOR O'SHEA buy 5 U 18 Not Provided 09.07.2012
HSBC NICOLAS COTE-COLISSON neutral 3 M 16 Not Provided 16.05.2012
National Bank AG STEFFEN MANSKE sell 1 D 16 Not Provided 04.04.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 D #N/A N/A Not Provided 08.03.2012
Deutsche Bank PATRICK KIRBY hold 3 M 16 12 month 01.03.2012
DZ Bank AG HARALD HEIDER buy 5 M 23 12 month 06.12.2011
Holdings By:
Vivendi SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,
and commercial vehicles for sale worldwide. The Company produces the Passat,
Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
Seat and Skoda, which manufacture and sell cars in Spain and in southern and
eastern Europe, and Lamborghini, which makes sports cars in Italy.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (21.09.2012) 155.35
52-Week Low (04.10.2011) 86.40
Daily Volume
154.3
52-Week High % Change -0.74% Dividend Yield -
52-Week Low % Change 78.59% Beta 1.15
% 52 Week Price Range High/Low 99.56% Equity Float 143.79
Shares Out 30.06.2012 170.1 Short Int -
66'720.61 1 Yr Total Return 52.28%
Total Debt 93'533.00 YTD Return 36.56%
Preferred Stock 0.0 Adjusted BETA 1.150
Minority Interest 5'815.0 Analyst Recs 39
Cash and Equivalents 24'437.00 Consensus Rating 4.410
Enterprise Value 149'806.61
Average Volume 5 Day 1'264'451
VOW3 GY EQUITY YTD Change - Average Volume 30 Day 921'505
VOW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'072'474
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
108'897.0 113'808.0 105'187.0 126'875.0 159'337.0 142'833.0 176'948.0 186'772.5 200'467.2 46'353.3 51'128.3
0.89x 1.22x 0.97x 0.83x 0.77x 2.97x 2.83x 0.34x 0.29x 1.36x 1.27x
15'133.0 14'854.0 10'896.0 16'659.0 21'365.0 19'438.0 23'033.0 21'997.4 25'638.8 3'375.0 5'205.0
6.43x 9.34x 9.35x 6.29x 5.76x 6.18x 5.99x 6.81x 5.84x 8.09x 7.50x
4'120.0 4'753.0 960.0 6'835.0 15'409.0 11'428.0 17'916.0 14'452.3 11'867.8 13'093.0 1'620.0
14.94x 20.97x 32.35x 6.98x 3.13x 5.13x 3.06x 5.33x 6.11x 3.59x 7.60x
EBITDA 21'365.00 Long-Term Rating Date 31.08.2009
EBIT 11'032.00 Long-Term Rating A-
Operating Margin 6.92% Long-Term Outlook POS
Pretax Margin 11.88% Short-Term Rating Date 15.06.2004
Return on Assets 6.80% Short-Term Rating A-2
Return on Common Equity 29.77%
Return on Capital 11.86% EBITDA/Interest Exp. 18.64
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 11.59
Net Debt/EBITDA 3.23
Gross Margin 17.6% Total Debt/EBITDA 4.38
EBITDA Margin 13.4%
EBIT Margin 6.9% Total Debt/Equity 162.6%
Net Income Margin 9.7% Total Debt/Capital 59.6%
Asset Turnover 0.70
Current Ratio 1.01 Net Fixed Asset Turnover 3.67
Quick Ratio 0.66 Accounts receivable turnover-days 93.10
Debt to Assets 36.88% Inventory Days 62.77
Tot Debt to Common Equity 162.56% Accounts Payable Turnover Day 37.29
Accounts Receivable Turnover 3.92 Cash Conversion Cycle 118.57
Inventory Turnover 5.82
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Volkswagen AGPrice/Volume
Valuation Analysis
427'921.00
Current Price (9/dd/yy) Market Data
-/-1-3-5-
.--
./-
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p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G'2 G.'- G.'2 G/'- G/'2 G0'- G0'2 G1'- G1'2 G
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-'--
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1'--
3'--
5'--
.-'--
./'--
-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.09.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR HOLDINGS LLC n/a EXCH 26'355'116 15.49 - 10.03.2011 Government
WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'635'513 5.08 2'543'205 31.03.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 5'220'807 3.07 237'234 31.07.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 4'221'575 2.48 - 30.06.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3'483'754 2.05 144 20.09.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'925'675 1.72 - 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'916'970 1.13 125'827 30.06.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'665'165 0.98 - 31.08.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'509'276 0.89 (901'565) 31.03.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'347'722 0.79 719'050 31.08.2012 Investment Advisor
BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1'205'321 0.71 421 20.09.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 999'611 0.59 - 30.03.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 779'880 0.46 - 30.04.2012 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 764'353 0.45 2'794 30.06.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 725'630 0.43 (66'313) 30.06.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 674'323 0.4 (152'170) 30.04.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 646'061 0.38 189'513 21.09.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 487'413 0.29 1'720 31.07.2012 Mutual Fund Manager
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 425'000 0.25 - 30.06.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 412'797 0.24 - 29.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 140 12 month 24.09.2012
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 180 6 month 19.09.2012
Oddo & Cie FRANCOIS MAURY neutral 3 M 140 Not Provided 19.09.2012
National Bank AG MANFRED JAISFELD buy 5 M 170 Not Provided 18.09.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 120 12 month 18.09.2012
Nord/LB FRANK SCHWOPE hold 3 M 140 12 month 14.09.2012
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 150 12 month 14.09.2012
AlphaValue HANS-PETER WODNIOK add 4 M 158 6 month 13.09.2012
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 300 12 month 12.09.2012
Bankhaus Metzler JUERGEN PIEPER buy 5 M 175 12 month 12.09.2012
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 190 12 month 07.09.2012
DZ Bank AG MICHAEL PUNZET buy 5 M 188 12 month 07.09.2012
Morgan Stanley STUART PEARSON Overwt/In-Line 5 M 177 12 month 05.09.2012
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 215 12 month 05.09.2012
Independent Research GmbH ZAFER RUEZGAR hold 3 M 145 6 month 03.09.2012
Exane BNP Paribas RABIH FREIHA outperform 5 M 165 Not Provided 03.09.2012
HSBC HORST SCHNEIDER overweight 5 M 186 Not Provided 31.08.2012
Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 08.08.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 08.08.2012
Deutsche Bank JOCHEN GEHRKE buy 5 M 200 12 month 02.08.2012
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 200 12 month 02.08.2012
Societe Generale STEPHEN REITMAN buy 5 M 190 12 month 27.07.2012
Baader Bank JOSE ASUMENDI buy 5 M 165 12 month 27.07.2012
JPMorgan BERNARD DONGES overweight 5 M 213 3 month 27.07.2012
Kepler Capital Markets MICHAEL RAAB buy 5 M 175 Not Provided 27.07.2012
Barclays MICHAEL TYNDALL overweight 5 M 195 Not Provided 27.07.2012
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 174 Not Provided 26.07.2012
S&P Capital IQ MARNIE COHEN buy 5 M 170 12 month 26.07.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 26.07.2012
Credit Suisse ARNDT ELLINGHORST outperform 5 M 195 Not Provided 11.07.2012
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 05.07.2012
Main First Bank AG LOTHAR LUBINETZKI buy 5 M 207 12 month 19.06.2012
CA Cheuvreux ALEXANDER NEUBERGER outperform 5 M 200 Not Provided 30.04.2012
Natixis GEORGES DIENG buy 5 M 180 Not Provided 27.04.2012
Hammer Partners SA ALBERTO ROLLA buy 5 N 168 Not Provided 12.03.2012
Cyrrus JAN ROH buy 5 M 149 12 month 11.10.2011
Holdings By:
Volkswagen AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |