fundamental equity analysis - euro stoxx 50 index.pdf
TRANSCRIPT
&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclin8rnl Mpltt 2, 9kXat ! MS28 9kXatOea 8RIE MOESS 2, 9kXat 8rnlma'o iaTXfkd 7ira!Uefm fkXat cln pea 8rnlulka mnlsfXao T 7ira!Uefm namnaoakpTpflk lc ormanoaUpln iaTXano fk pea 8rnlulka' Oea fkXat Ulsano 2, oplUho cnlj -. 8rnlulka Ulrkpnfao'
September 2013
A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
efo h!pbnf!g albo ilp Tliopfprpb fisbophbip !asfTb !ia oelrga ilp .b sfbtba !o ! Trnnbip ln m!op nbTlhhbia!pfli ln ! olgfTfp!pfli lc !i lccbn pl .ru ln obgg !iu obTrnfpfbo ln pl !almp !iu fisbophbip opn!pbdu.
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 15145788 2013.182 1117 1117 203 220 220 104.18 110.45 110.45 15.87 15.87 14.97 14.97 18.56
Euro Stoxx 50 Pr EUR 2744155 5716.706 4623 4623 753 780 780 222.37 295.72 295.72 21.72 19.08 16.33 16.33 20.91
NIKKEI 225 JPY 2714150 192.9293 195 195 19 22 22 6.04 7.97 7.97 0.23 0.23 0.18 0.18 0.11
FTSE 100 INDEX GBP 2804877 32183.27 11159 11159 1938 2633 2633 531.15 805.13 805.13 30.03 22.77 19.81 19.81 27.69
SWISS MARKET INDEX CHF 1065719 10927.68 4135 4135 936 850 850 441.18 559.04 559.04 20.40 17.37 16.10 16.10 23.63
S&P/TSX COMPOSITE INDEX CAD 1649440 17200.25 7296 7296 1819 1934 1934 719.71 797.38 797.38 16.13 16.13 14.56 14.56 23.82
S&P/ASX 200 INDEX AUD 1296356 6254.839 2636 2636 529 673 673 206.48 315.52 315.52 20.82 22.91 13.63 13.63 19.33
HANG SENG INDEX HKD 1725755 3209.477 1662 1662 369 391 391 281.28 269.79 269.79 1.34 1.44 1.39 1.39 2.94
MSCI EM USD 7023096 1306.372 964 964 186 175 175 85.07 86.75 86.75 11.02 1.29 10.81 10.81 19.22
SANOFI EUR 127152 1155 1323 19 0 0 8 141.17 46190 44446 44889 47388 16368 14869 - - 5.89 3.41 7.14 8.05 37.15 28.76 17.74 15.73 6.17 4.72 -2.19 4.05 44.22 AA 03.05.2013 A1 28.03.2013
TOTAL SA EUR 131261 1550 2258 44 0 2 23 160.68 240945 234451 236341 246280 42748 40170 12456 12456 6.74 5.56 6.68 6.83 13.12 13.15 10.93 10.68 12.50 3.96 -2.31 1.36 22.65 AA- 12.04.2011 Aa1 30.08.2005
BAYER AG-REG EUR 91657 752 827 13 0 0 3 103.46 52551 53070 53994 56983 11897 12287 2429 2429 7.39 4.64 7.59 8.57 31.58 22.36 19.29 17.09 11.69 5.63 0.56 8.19 30.60 A- 30.04.2008 A3 17.07.2006
SIEMENS AG-REG EUR 97683 1385 856 29 0 1 15 115.35 103484 101890 101203 104576 12758 11501 2181 2181 7.40 7.20 7.21 9.24 20.34 20.53 20.32 15.86 9.06 0.27 -10.57 1.10 14.92 A+ 05.06.2009 - -
BASF SE EUR 81347 1158 918 17 0 1 2 99.09 95333 97203 97917 93844 12780 - 2965 2965 6.94 6.49 7.08 7.78 18.04 18.04 16.53 15.05 -2.46 5.22 -24.37 -2.11 - A+ 10.05.2011 A1 17.11.2010
BANCO SANTANDER SA EUR 80398 15928 9235 555 0 13 254 101981 54996 54604 57083 - - - - 0.24 0.36 0.57 0.72 26.68 13.78 16.78 13.35 -1.44 5.02 - - - BBB 16.10.2012 (P)Baa2 24.10.2012
ANHEUSER-BUSCH INBEV NV EUR 152712 478 1602 59 0 6 18 265.17 52548 53280 58161 65030 20550 20657 6146 6146 5.90 10.80 6.34 7.23 15.37 29.33 26.19 22.95 2.41 5.52 2.17 23.65 51.24 A 01.05.2012 A3 27.03.2012
ALLIANZ SE-REG EUR 67073 940 453 38 0 4 16 90.97 126910 128239 135402 139140 - - - - 15.37 31.98 17.30 17.79 6.08 11.37 11.24 10.93 13.06 4.38 - - - AA 27.01.2012 Aa3 03.05.2004
SAP AG EUR 86788 2754 1192 7 0 0 3 88.84 21442 21990 22862 24900 6611 6775 1973 1973 3.14 3.30 4.46 4.99 28.26 28.09 20.95 18.72 18.48 10.24 9.61 14.60 40.72 - - - -
DAIMLER AG-REGISTERED SHARES EUR 76073 1408 1068 112 0 2 20 168.43 151067 150933 155141 165747 16043 14346 - - 7.50 8.29 6.43 7.31 11.35 23.05 14.63 12.86 9.62 5.99 -0.84 -6.85 12.56 A- 23.02.2012 A3 01.10.2007
BNP PARIBAS EUR 80439 1623 1240 1338 10 11 184 88385 123709 51688 52756 - - - - 7.23 5.39 6.15 7.01 15.84 13.06 13.90 12.19 -7.70 -5.60 - - - A+ 25.10.2012 A2 21.06.2012
UNILEVER NV-CVA EUR 114023 2111 2832 14 0 1 4 129.98 67835 67970 68042 71141 10822 11486 - - 2.01 2.21 2.14 2.32 22.40 21.02 23.13 21.30 13.82 6.79 12.86 5.14 22.33 A+ 05.10.2000 A1 11.07.2000
ENI SPA EUR 82857 4770 3623 32 0 5 11 108.47 168147 162957 153073 158980 32466 27098 9181 9181 0.83 0.83 1.93 2.37 36.11 328.13 15.59 12.74 21.26 4.30 -6.00 -1.39 21.98 A *- 16.07.2013 A3 16.07.2012
TELEFONICA SA EUR 63700 21251 4503 88 0 10 15 142.24 82416 79219 76541 76036 28061 26846 6881 6881 0.99 1.14 1.36 1.43 16.18 18.97 13.61 12.92 -1.01 0.49 12.53 -1.90 44.79 BBB 20.12.2012 Baa2 18.10.2012
BANCO BILBAO VIZCAYA ARGENTA EUR 56895 12943 5433 299 0 3 85 46553 29200 29047 30470 - - - - 0.77 0.39 0.78 0.93 33.37 11.95 16.85 14.14 8.69 3.54 - - - BBB- 16.10.2012 Baa3 24.10.2012
LVMH MOET HENNESSY LOUIS VUI EUR 90542 251 500 9 0 1 3 98.85 37144 38107 39869 43986 9273 9445 - - 9.38 8.78 9.65 11.01 26.85 26.81 24.41 21.41 24.83 16.22 18.61 14.93 32.76 A 20.05.2011 - -
DANONE EUR 46597 613 593 13 0 0 4 57.69 27583 28353 29104 30784 4787 4498 - - 3.68 3.93 4.07 4.43 24.85 24.90 23.99 22.06 10.61 10.19 5.16 15.00 20.97 A- 25.07.2007 A3 06.11.2007
DEUTSCHE BANK AG-REGISTERED EUR 45154 1719 929 368 0 1 195 69124 65173 44218 44954 - - - - 4.08 0.24 4.96 6.00 246.06 24.99 11.81 9.75 -0.91 -8.89 - - - A 02.07.2013 A2 21.06.2012
AXA SA EUR 54226 2622 2389 20 8 3 40 52.00 153584 153972 132657 136085 - - - - 2.39 2.09 2.68 2.85 14.33 13.79 11.18 10.50 24.02 14.95 - - - A- 18.12.2012 A2 19.03.2003
SCHNEIDER ELECTRIC SA EUR 44592 603 547 11 0 0 5 51.78 31649 31679 32395 34880 5071 5083 - - 4.70 4.31 5.42 6.07 24.41 23.06 19.39 17.32 9.47 7.50 3.97 5.98 21.21 A- *- 17.07.2013 A3 12.01.2009
AIR LIQUIDE SA EUR 41129 248 311 10 0 0 2 50.49 20257 20295 20857 22338 5012 5054 - - 6.87 6.69 7.04 7.82 26.05 26.16 24.76 22.30 7.95 4.86 8.48 8.98 32.91 A 02.07.2007 - -
L'OREAL EUR 99829 177 598 0 0 0 2 99.08 29689 30383 30785 32558 5998 6216 - - 6.42 6.52 6.76 7.29 33.42 33.36 32.20 29.86 13.77 8.41 19.48 7.24 27.04 - - - -
ING GROEP NV-CVA EUR 42341 7941 3801 274 0 1 23 281.72 51948 51898 39206 36941 - - - - 0.90 0.98 1.33 1.44 14.82 14.23 10.95 10.13 -33.76 -8.47 - - - A 03.09.2009 A3 15.06.2012
DEUTSCHE TELEKOM AG-REG EUR 57336 5161 4319 59 0 6 8 123.47 76882 77055 78199 79134 23431 23127 5945 5945 1.33 -1.56 0.85 0.92 - 12.46 20.13 18.56 -1.09 0.25 -16.19 1.97 39.67 BBB+ 19.05.2008 Baa1 22.12.2011
E.ON SE EUR 31657 4993 1907 34 0 5 8 59.41 174588 173584 157479 160640 11159 13172 - - 2.39 1.63 1.65 1.62 12.86 8.33 12.68 12.94 22.40 13.03 129.23 -6.95 10.03 A- 27.07.2012 A3 05.10.2011
VOLKSWAGEN AG-PREF EUR 103878 622 465 156 0 6 34 228.90 254660 259034 265299 279093 32281 32794 - - 61.17 49.93 28.25 32.94 6.01 6.03 10.63 9.12 27.65 16.76 18.92 13.28 16.73 A- 31.08.2009 A3 17.08.2009
EADS NV EUR 46716 564 822 6 0 0 15 44.86 74650 76497 77478 82498 5190 5764 1704 1704 1.92 2.25 3.57 4.79 34.80 34.78 21.99 16.38 19.78 9.76 31.46 30.54 9.96 A- 22.09.2010 (P)A2 06.12.2012
MUENCHENER RUECKVER AG-REG EUR 32237 314 179 8 0 0 4 34.62 87095 86615 72034 73646 - - - - 23.76 23.02 22.12 22.11 10.32 10.32 10.74 10.74 10.82 8.95 - - - AA- 22.12.2006 - -
ASML HOLDING NV EUR 40069 391 407 1 0 0 4 37.93 6254 5724 6768 8623 1776 1341 388 388 3.54 2.74 2.90 4.56 43.32 43.72 40.86 26.01 -21.51 63.22 -33.88 9.43 30.96 - - Baa2 11.11.2010
GDF SUEZ EUR 52794 1402 2357 76 0 15 15 122.69 128255 127209 108442 109213 24321 23652 17904 17904 1.76 0.52 1.82 1.82 55.73 19.77 15.86 15.88 9.28 20.08 19.16 27.31 24.57 A 06.05.2013 A1 03.07.2012
BAYERISCHE MOTOREN WERKE AG EUR 64381 2130 656 92 0 0 17 140.35 101570 101045 103339 108563 15879 15497 - - 10.27 10.42 10.40 10.77 12.72 12.72 12.74 12.31 15.42 8.77 3.81 12.30 20.27 A 16.04.2012 A2 22.07.2011
SOCIETE GENERALE EUR 36196 2111 754 979 7 6 146 57802 30512 32411 - - - - 4.80 1.56 4.45 5.69 38.34 17.76 13.45 10.53 -13.11 - - - - A 23.01.2012 A2 21.06.2012
UNICREDIT SPA EUR 33218 37890 5789 436 0 5 95 54881 32173 32365 32857 - - - - 0.23 0.16 0.26 0.49 46.93 - 28.81 15.45 -1.40 -4.17 - - - BBB 12.07.2013 Baa2 16.07.2012
KONINKLIJKE PHILIPS NV EUR 31702 1675 915 6 0 0 5 34.53 32762 31985 31586 33232 3255 3212 1216 1216 0.94 0.43 2.03 2.40 100.18 48.78 21.13 17.87 12.93 -2.16 142.54 -4.68 13.27 A- 11.05.2005 A3 20.04.2006
INDITEX EUR 85475 225 623 0 0 0 5 80.69 21076 21310 22910 25388 5170 5152 1160 1160 5.01 5.01 5.54 6.18 36.15 36.08 32.71 29.32 20.64 13.50 28.67 16.83 31.95 - - - -
IBERDROLA SA EUR 33311 51902 6053 43 0 0 9 68.31 45204 45655 45430 45705 9487 8049 - - 0.61 0.59 0.53 0.51 11.97 11.72 13.25 13.94 10.66 8.19 3.35 10.63 23.30 BBB 28.11.2012 (P)Baa1 05.11.2012
VINCI SA EUR 31948 434 536 27 0 1 9 51.38 51789 52079 52340 53022 7280 7194 - - 4.65 4.62 4.54 4.79 15.26 15.33 15.52 14.73 5.40 4.65 1.50 4.92 18.26 BBB+ 29.03.2007 Baa1 23.07.2002
VIVENDI EUR 29122 5137 1323 23 0 4 6 56.24 38321 36199 36264 36334 10120 8590 - - 0.90 -0.39 2.18 2.23 - 118.80 13.17 12.88 0.83 -1.58 -17.78 5.25 31.36 BBB 26.10.2012 Baa2 13.09.2005
INTESA SANPAOLO EUR 32560 72698 16434 374 0 1 55 36768 22037 21874 22403 - - - - 0.12 0.06 0.12 0.19 42.40 30.42 22.23 14.09 13.36 -0.89 - - - BBB 12.07.2013 Baa2 16.07.2012
ASSICURAZIONI GENERALI EUR 29816 2054 1541 31 0 4 29 36.80 107628 109278 101661 101936 - - - - 0.95 0.30 1.87 1.95 84.03 - 13.53 12.99 14.30 0.49 - - - A- 12.07.2013 Baa2 21.03.2013
ESSILOR INTERNATIONAL EUR 22918 270 210 1 0 0 1 23.59 6594 6654 6951 7597 1473 1473 - - 3.71 3.75 4.02 4.45 37.45 37.92 34.96 31.60 25.22 15.02 28.06 15.58 29.53 - - - -
UNIBAIL-RODAMCO SE EUR 21789 114 95 16 0 2 0 41.05 1972 2437 2077 2244 1264 1509 - - 21.04 21.59 13.33 14.53 13.72 13.82 22.23 20.39 -30.76 15.32 -25.09 - 81.85 A 27.06.2007 WR 16.07.2010
ENEL SPA EUR 30922 14684 9403 88 0 22 13 132.23 109303 109507 108785 107950 21345 - - - 0.12 0.11 0.42 0.41 40.11 40.11 10.28 10.64 8.73 9.08 -7.42 14.20 - BBB 11.07.2013 Baa2 05.11.2012
COMPAGNIE DE SAINT-GOBAIN EUR 26031 627 526 17 0 1 6 39.06 57095 56012 55746 56893 6347 5890 - - 2.46 1.49 2.63 3.52 41.89 28.04 23.67 17.69 3.40 -1.22 -5.84 -4.68 13.90 BBB 24.07.2009 Baa2 31.07.2009
ORANGE EUR 28849 7248 2627 52 0 3 11 71.18 57514 55875 54717 53605 16355 15846 - - 0.97 0.08 1.33 1.31 181.51 20.36 10.84 10.96 -5.14 -6.07 -23.28 -11.18 37.48 BBB+ 22.04.2013 A3 23.06.2005
REPSOL SA EUR 31176 1731 1256 25 0 1 8 51.02 77880 78984 77087 80771 9274 9050 2061 2061 2.17 2.09 2.20 2.21 15.12 - 14.35 14.32 20.83 -0.03 27.73 -6.50 15.14 BBB- 19.04.2012 - -
CARREFOUR SA EUR 23042 1102 703 15 0 1 9 32.39 100617 97123 101086 104032 5086 4742 2850 2850 0.59 0.81 1.83 2.14 52.17 234.84 22.95 19.66 1.53 -3.80 -9.17 0.74 6.45 BBB 15.03.2012 (P)Baa2 15.03.2012
CRH PLC EUR 16081 1238 734 6 0 0 2 21.76 24662 23894 23987 25501 2168 1942 1446 1446 0.66 0.72 0.81 1.20 40.69 44.16 36.08 24.23 4.23 -3.31 -1.28 -13.90 10.74 BBB+ 17.12.2007 - -
RWE AG EUR 17547 3042 615 26 4 2 7 44.89 67104 71050 70454 11968 - - - 2.58 - 5.18 3.95 - - 7.29 9.57 4.35 - 40.98 4.05 - BBB+ 27.07.2012 Baa1 21.06.2013
ARCELORMITTAL EUR 22507 3220 1549 34 0 5 6 55.61 111305 104389 107378 111996 8582 7881 2019 2019 0.01 -4.88 -0.45 1.14 - - 20.63 -13.73 -6.11 -45.47 -25.99 9.98 BB+ 02.08.2012 Ba1 06.11.2012
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.31 2.31 2.14 1.97 2.31 1.48 1.48 1.42 1.36 1.48 10.54 10.54 9.79 10.16 10.54 9.16 9.16 8.46 7.91 9.16 14.97 14.97 13.50 12.20 14.97 2.13 2.13 2.31 2.47 2.13 1843.0 11.5%
Euro Stoxx 50 Pr 1.22 1.22 1.16 1.09 1.22 0.79 0.79 0.77 0.74 0.79 6.18 6.18 5.67 5.13 6.18 7.33 7.33 6.92 6.54 7.33 12.36 12.36 10.97 9.85 12.35 4.14 4.14 4.37 4.72 4.14 3008.9 8.8%
NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.72 0.72 0.70 0.68 0.72 8.93 8.93 8.22 7.04 8.93 8.78 8.78 8.06 7.59 8.78 17.68 17.68 15.74 14.17 17.68 1.65 1.65 1.81 1.96 1.65 15109.2 7.4%
FTSE 100 INDEX 1.78 1.78 1.66 1.54 1.78 0.91 0.91 0.87 0.83 0.91 8.52 8.52 7.78 6.57 8.52 12.23 12.23 11.01 16.80 12.23 12.65 12.65 11.51 10.57 12.65 3.81 3.81 4.20 4.49 3.81 7055.0 8.5%
SWISS MARKET INDEX 2.41 2.41 2.24 2.08 2.41 2.04 2.04 1.95 1.86 2.04 12.79 12.79 11.51 10.28 12.79 12.86 12.86 11.91 11.11 12.86 15.08 15.08 13.66 12.41 15.08 3.26 3.26 3.64 4.12 3.26 8660.9 9.7%
S&P/TSX COMPOSITE INDEX 1.72 1.72 1.61 1.52 1.72 1.67 1.67 1.54 1.52 1.67 8.79 8.79 7.99 6.71 8.79 8.89 8.89 7.92 7.35 8.89 15.26 15.26 13.56 12.27 15.26 3.15 3.15 3.28 3.40 3.15 14254.9 11.7%
S&P/ASX 200 INDEX 1.88 1.88 1.78 1.70 1.88 1.78 1.78 1.68 1.61 1.78 10.73 10.73 9.85 9.23 10.73 9.29 9.29 8.45 7.89 9.29 14.90 14.90 13.52 12.45 14.90 4.59 4.59 4.89 5.27 4.59 5308.9 3.2%
HANG SENG INDEX 1.34 1.34 1.24 1.17 1.34 1.75 1.75 1.62 1.51 1.75 7.97 7.97 7.55 6.97 7.97 8.22 8.22 7.52 6.87 8.22 10.80 10.80 10.01 9.13 10.80 3.57 3.57 3.84 4.15 3.57 24916.5 10.3%
MSCI EM 1.35 1.35 1.23 1.04 1.35 0.97 0.97 0.91 0.85 0.97 6.99 6.99 6.35 5.32 6.99 7.48 7.48 6.78 6.26 7.48 10.81 10.81 9.67 8.84 10.81 2.90 2.90 3.18 3.44 2.90 1094.0 16.7%
SANOFI 1.66 1.65 1.61 1.55 1.41 2.76 2.83 2.68 2.55 2.53 10.30 11.28 10.16 8.83 8.14 7.96 9.23 8.30 7.60 7.14 11.71 13.43 11.90 10.65 9.86 3.84 3.85 4.23 4.71 5.39 85.96 18.5%
TOTAL SA 1.28 1.23 1.13 1.05 1.00 0.56 0.56 0.53 0.53 0.55 4.32 4.30 3.93 3.69 3.66 3.60 3.79 3.58 3.39 3.23 7.66 8.27 8.08 7.88 7.26 5.59 5.69 5.83 5.97 6.31 45.06 7.8%
BAYER AG-REG 3.47 3.37 2.99 2.64 2.37 1.75 1.70 1.61 1.53 1.46 12.42 11.30 10.11 9.29 8.64 9.46 9.18 8.34 7.69 7.15 15.48 14.59 12.93 11.64 10.57 2.16 2.47 2.76 3.04 3.30 91.75 9.4%
SIEMENS AG-REG 2.25 2.36 2.15 1.97 1.55 0.95 0.97 0.93 0.90 0.86 10.03 12.09 9.45 8.19 8.08 8.82 10.34 8.04 7.40 6.78 13.67 15.38 12.00 10.81 9.38 3.66 3.70 3.92 4.24 4.23 89.22 6.4%
BASF SE 2.37 2.30 2.18 1.98 1.72 0.79 0.83 0.87 0.83 0.80 7.65 8.11 7.48 7.28 6.02 6.07 7.40 6.90 6.43 5.87 12.35 12.51 11.39 10.38 9.16 3.85 4.01 4.21 4.46 4.74 73.82 10.2%
BANCO SANTANDER SA 0.72 0.81 0.80 0.78 1.38 1.47 1.41 1.34 1.33 2.09 2.64 2.57 2.47 9.83 12.69 10.10 8.45 8.95 10.74 10.83 9.48 9.48 5.56 5.49 0.0%
ANHEUSER-BUSCH INBEV NV 3.55 3.20 2.94 2.65 2.34 3.84 3.47 3.10 2.92 2.83 13.55 11.57 11.42 10.52 9.74 12.97 11.77 10.36 9.63 9.04 20.32 19.82 17.37 15.53 13.95 2.01 2.56 2.96 3.36 3.85 77.24 7.4%
ALLIANZ SE-REG 0.98 0.96 0.90 0.85 0.98 0.49 0.50 0.48 0.47 0.46 9.87 8.50 8.27 8.10 7.90 4.13 4.61 4.82 5.02 5.31 131.64 18.3%
SAP AG 4.51 3.86 3.30 2.81 2.32 4.03 3.80 3.49 3.19 2.89 16.57 14.24 12.44 11.16 9.22 12.19 10.91 9.83 8.88 7.88 17.31 15.85 14.16 12.55 11.05 1.58 1.73 1.99 2.21 2.25 65.06 21.7%
DAIMLER AG-REGISTERED SHARES 1.34 1.25 1.17 1.08 0.98 0.51 0.49 0.46 0.43 0.47 6.53 6.42 5.37 4.80 3.39 9.96 9.02 8.95 8.00 6.19 11.64 11.07 9.73 8.34 7.65 3.98 4.07 4.16 4.66 4.65 56.04 4.1%
BNP PARIBAS 0.79 0.75 0.71 0.68 1.56 1.56 1.52 1.47 1.46 6.13 5.95 5.42 4.71 8.98 10.51 9.23 7.88 6.61 3.07 3.59 4.18 4.97 5.42 53.21 8.8%
UNILEVER NV-CVA 5.13 4.77 4.24 3.76 3.17 1.69 1.68 1.60 1.52 1.45 14.26 13.17 12.55 11.39 10.05 11.95 11.50 10.85 10.09 9.39 17.90 17.50 16.12 14.77 13.65 3.35 3.66 3.89 4.16 4.80 32.98 16.5%
ENI SPA 1.04 1.01 0.97 0.93 0.88 0.52 0.54 0.52 0.50 0.56 3.75 4.15 3.50 3.27 3.46 2.79 3.32 2.94 2.76 2.77 8.59 11.80 9.64 8.88 8.93 6.26 6.36 6.48 6.60 6.84 19.34 12.1%
TELEFONICA SA 2.11 2.07 2.00 1.89 0.77 0.83 0.84 0.84 0.85 3.32 3.77 3.60 3.56 7.85 5.08 5.48 5.51 5.49 5.56 8.73 10.30 9.77 9.25 9.29 1.21 6.85 7.34 7.27 7.93 11.34 7.1%
BANCO BILBAO VIZCAYA ARGENTA 0.99 0.94 0.90 0.85 1.89 1.96 1.87 1.77 1.77 3.26 3.66 3.51 3.29 21.19 12.75 10.70 8.69 8.58 5.58 5.56 5.23 5.65 5.72 7.52 0.0%
LVMH MOET HENNESSY LOUIS VUI 2.71 2.50 2.25 2.04 1.61 2.45 2.27 2.06 1.90 1.77 14.24 13.29 12.16 11.06 13.75 10.65 10.04 8.94 8.15 7.73 18.72 18.47 16.20 14.50 12.57 2.22 2.35 2.66 2.98 3.24 152.08 12.7%
DANONE 2.68 2.63 2.45 2.28 2.03 1.70 1.60 1.51 1.42 1.33 13.18 12.86 11.58 10.49 9.43 12.10 11.75 10.98 10.29 9.34 18.51 18.15 16.69 15.07 13.78 2.61 2.67 2.87 3.15 3.70 60.14 7.6%
DEUTSCHE BANK AG-REGISTERED 0.56 0.58 0.56 0.52 1.01 1.02 1.00 0.98 0.93 5.91 7.51 5.95 4.42 9.36 8.94 7.38 6.05 5.73 2.25 2.43 3.22 4.30 3.63 39.69 18.4%
AXA SA 0.86 0.81 0.77 0.72 0.67 0.41 0.41 0.40 0.39 11.75 11.14 9.40 8.46 7.95 7.46 7.12 4.25 4.70 4.97 5.31 5.98 18.98 10.6%
SCHNEIDER ELECTRIC SA 1.95 1.87 1.74 1.63 1.41 1.38 1.28 1.21 1.15 12.27 11.50 10.46 9.60 9.82 10.34 9.71 8.77 8.03 7.67 15.70 14.67 13.11 11.86 11.41 2.92 3.20 3.51 3.87 3.75 63.55 5.5%
AIR LIQUIDE SA 2.90 2.74 2.56 2.36 2.04 1.97 1.84 1.71 1.63 10.80 10.42 9.70 8.89 10.13 9.64 8.85 8.13 7.59 19.48 18.73 16.88 15.23 13.65 2.52 2.64 2.86 3.10 3.41 105.66 5.9%
L'OREAL 3.94 3.40 3.15 2.91 2.54 3.38 3.24 3.07 2.88 2.75 20.74 19.42 17.88 16.41 15.30 16.91 15.88 14.76 13.66 12.93 26.06 24.36 22.59 20.79 19.19 1.77 2.00 2.19 2.40 2.62 127.48 2.3%
ING GROEP NV-CVA 0.63 0.62 0.58 0.57 0.46 0.75 1.08 1.15 0.97 1.89 9.17 6.78 5.88 10.78 8.29 7.66 7.01 6.57 0.00 0.00 1.34 3.06 9.12 9.3%
DEUTSCHE TELEKOM AG-REG 1.48 1.54 1.47 1.42 1.52 0.75 0.73 0.72 0.72 0.73 3.16 3.15 3.10 3.11 3.05 5.18 5.40 5.28 5.19 5.06 15.18 15.23 14.04 13.19 11.04 7.17 5.43 5.22 5.40 5.96 10.05 3.1%
E.ON SE 0.60 0.63 0.61 0.59 0.57 0.21 0.20 0.20 0.20 0.19 2.93 3.36 3.56 3.58 3.85 4.17 4.79 4.86 4.91 5.10 5.35 9.59 9.79 9.78 10.79 9.13 5.77 5.56 5.60 5.00 12.53 4.7%
VOLKSWAGEN AG-PREF 1.03 0.96 0.86 0.77 0.72 0.41 0.39 0.37 0.36 0.34 3.61 3.72 3.43 3.35 2.95 7.93 7.27 6.47 6.00 5.46 8.01 8.04 6.90 6.21 5.61 2.25 2.45 3.18 3.87 5.07 207.32 20.6%
EADS NV 3.72 3.60 2.92 2.37 1.95 0.64 0.60 0.57 0.53 0.52 12.17 11.42 8.56 6.03 6.41 7.72 6.14 5.20 4.71 4.60 23.26 16.64 12.39 10.77 9.95 1.37 2.14 2.90 3.51 3.36 49.97 11.3%
MUENCHENER RUECKVER AG-REG 0.91 0.88 0.84 0.80 0.78 0.45 0.45 0.44 0.43 0.40 7.70 8.13 8.13 7.85 8.29 5.01 5.28 5.46 5.64 6.09 153.61 12.9%
ASML HOLDING NV 6.58 4.85 4.21 3.40 2.28 6.40 5.92 4.65 4.07 3.36 23.09 29.37 16.99 13.12 8.70 20.97 23.61 15.60 12.12 9.13 27.29 30.91 19.68 14.75 9.94 0.67 0.81 0.94 1.15 1.21 68.90 1.5%
GDF SUEZ 0.59 0.65 0.65 0.65 0.63 0.43 0.49 0.48 0.47 0.49 3.31 3.84 3.86 3.75 3.37 5.44 6.85 6.93 6.80 6.70 10.62 12.00 12.01 11.37 10.93 9.06 9.06 8.91 8.25 7.46 17.97 8.5%
BAYERISCHE MOTOREN WERKE AG 1.60 1.48 1.34 1.21 1.08 0.63 0.62 0.59 0.57 0.54 5.87 4.92 4.75 4.39 3.51 8.09 8.39 8.08 7.55 6.72 9.77 9.64 9.31 8.91 8.37 3.44 3.56 3.86 4.17 4.50 80.66 6.3%
SOCIETE GENERALE 0.61 0.58 0.55 0.52 1.19 1.19 1.12 1.08 1.15 5.24 4.81 4.06 3.71 12.38 10.18 7.97 6.77 7.47 1.47 2.68 4.39 5.63 37.18 8.4%
UNICREDIT SPA 0.41 0.40 0.39 0.38 0.99 1.03 1.01 0.97 0.98 2.47 4.07 3.48 3.06 30.32 21.79 11.69 7.74 8.68 1.34 1.98 2.98 4.04 4.32 -0.4%
KONINKLIJKE PHILIPS NV 1.97 1.98 1.86 1.71 0.97 1.00 0.95 0.91 0.87 11.98 10.46 8.78 7.49 9.53 8.00 7.13 6.47 6.31 20.57 15.99 13.52 11.83 10.27 3.09 3.16 3.41 3.64 3.65 26.56 8.0%
INDITEX 7.60 6.80 6.00 5.29 4.58 4.05 3.73 3.37 3.05 2.72 20.05 18.66 16.66 15.22 15.37 14.35 12.87 11.63 10.41 27.09 24.75 22.18 19.95 17.41 2.19 2.36 2.68 3.02 3.49 108.07 4.2%
IBERDROLA SA 0.70 0.71 0.71 0.71 0.67 0.80 0.73 0.73 0.71 0.78 4.27 4.20 4.48 4.49 5.11 6.67 6.91 6.90 6.69 6.56 8.86 10.02 10.55 10.20 9.46 7.72 7.35 7.25 7.01 6.81 4.20 3.9%
VINCI SA 1.66 1.59 1.49 1.39 0.63 0.61 0.60 0.59 0.57 5.90 6.12 5.88 5.57 7.50 7.10 7.03 6.76 6.52 6.27 11.69 11.74 11.14 10.27 9.79 4.43 4.39 4.59 4.88 5.08 45.84 13.6%
VIVENDI 1.05 1.12 1.08 1.03 0.77 0.80 0.80 0.80 0.74 3.60 4.22 4.36 4.27 5.35 5.73 5.79 5.75 5.21 8.19 9.97 9.75 9.37 7.55 6.09 5.89 5.76 5.89 6.62 18.01 9.4%
INTESA SANPAOLO 0.50 0.50 0.49 0.47 1.42 1.49 1.45 1.41 1.42 3.15 4.73 3.88 3.52 15.45 16.82 10.66 8.05 7.21 3.37 3.30 4.10 5.28 5.94 1.48 -2.4%
ASSICURAZIONI GENERALI 1.13 1.08 1.02 0.93 0.84 0.28 0.29 0.29 0.29 0.35 2.34 2.13 17.04 10.23 9.83 8.78 8.91 1.98 2.89 3.56 4.33 2.93 14.29 -1.4%
ESSILOR INTERNATIONAL 4.71 4.05 3.70 3.32 3.48 3.30 3.02 2.78 2.55 21.56 18.56 17.14 15.33 19.92 16.33 15.31 13.75 12.44 11.04 28.67 26.45 23.91 21.52 18.93 1.23 1.23 1.35 1.50 1.60 91.25 13.4%
UNIBAIL-RODAMCO SE 1.28 1.15 1.08 1.00 0.82 12.45 10.49 9.71 8.97 8.14 17.00 16.21 14.33 13.81 10.14 23.60 22.67 20.89 19.29 18.21 17.85 16.82 15.42 14.17 12.75 4.95 5.22 5.61 6.07 6.66 189.95 12.0%
ENEL SPA 0.57 0.61 0.58 0.56 0.55 0.29 0.28 0.29 0.28 0.29 2.60 2.64 2.51 2.53 2.56 6.03 6.25 6.42 6.29 6.11 6.78 7.78 8.05 7.47 7.05 6.03 5.27 5.10 5.39 5.75 2.81 13.0%
COMPAGNIE DE SAINT-GOBAIN 1.05 1.06 1.02 0.98 0.46 0.47 0.46 0.44 0.42 6.72 7.25 6.49 5.83 6.76 7.04 6.40 5.79 5.15 15.17 17.91 13.38 11.01 9.40 3.27 3.47 3.68 3.93 35.33 -0.8%
ORANGE 0.79 0.86 0.83 0.80 0.50 0.53 0.54 0.54 0.54 2.16 2.58 2.52 2.59 4.48 3.95 4.25 4.42 4.50 4.49 6.40 8.20 8.29 8.16 7.46 9.75 9.17 8.41 8.64 8.96 8.69 5.4%
REPSOL SA 0.86 0.80 0.77 0.76 0.95 0.39 0.40 0.39 0.39 0.45 4.64 4.52 4.86 4.52 4.13 5.49 5.30 5.24 4.96 4.54 11.53 10.86 10.84 10.43 10.39 4.89 5.37 5.42 5.59 5.51 19.07 5.3%
CARREFOUR SA 2.18 2.06 1.90 1.75 0.23 0.23 0.22 0.21 0.20 7.21 7.41 6.07 5.68 6.61 6.54 6.11 5.78 5.43 19.19 17.36 14.87 13.02 12.48 2.18 2.58 2.97 3.36 24.52 1.8%
CRH PLC 1.11 1.14 1.12 1.08 0.99 0.65 0.67 0.63 0.59 0.56 9.38 10.35 9.15 7.63 6.54 10.28 11.13 9.45 8.08 6.65 22.72 27.30 18.33 14.04 10.23 3.78 3.78 3.81 3.90 3.75 15.62 -6.4%
RWE AG 0.83 0.91 0.86 0.81 0.83 0.26 0.25 0.25 0.24 0.24 2.22 2.35 2.56 2.65 2.97 3.88 3.81 4.29 4.45 4.61 5.31 5.52 7.24 8.19 9.27 9.35 9.10 6.96 6.55 5.36 22.34 3.3%
ARCELORMITTAL 0.39 0.44 0.44 0.43 0.39 0.27 0.28 0.27 0.26 0.25 4.38 5.34 4.39 3.90 2.92 6.04 6.30 5.30 4.76 3.66 79.03 15.61 11.10 8.00 4.17 1.49 1.95 2.71 5.55 11.34 10.9%
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] |
05.09.2013
Sanofi is a global pharmaceutical company that researches, develops and
manufactures prescription pharmaceuticals and vaccines. The Company develops
cardiovascular, thrombosis, metabolic disorder, central nervous system,
internal medicine and oncology drugs, and vaccines.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (28.05.2013) 87.03
52-Week Low (05.09.2012) 64.55
Daily Volume
72.51
52-Week High % Change -16.68% Dividend Yield -
52-Week Low % Change 12.33% Beta 0.75
% 52 Week Price Range High/Low 35.32% Equity Float 1'188.04
Shares Out 28.08.2013 1'326.8 Short Int -
96'203.41 1 Yr Total Return 15.11%
Total Debt 14'531.00 YTD Return 4.96%
Preferred Stock 0.0 Adjusted BETA 0.747
Minority Interest 134.0 Analyst Recs 35
Cash and Equivalents 6'381.00 Consensus Rating 4.114
Enterprise Value 106'811.42
Average Volume 5 Day 2'750'686
SAN FP EQUITY YTD Change - Average Volume 30 Day 2'706'140
SAN FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'692'483
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
27'568.0 29'306.0 32'367.0 33'389.0 34'947.0 34'121 34'495 33'963 35'854 8'949 8'850
2.22x 2.61x 1.99x 2.59x 2.94x 5.12x 5.61x 3.00x 2.76x - -
9'940.0 12'805.0 13'156.0 12'593.0 12'384.0 9'305.0 8'624.0 11'584.9 12'884.6 - -
6.16x 5.97x 4.90x 6.88x 8.30x 0.00x 0.00x 9.23x 8.30x - -
3'851.0 5'265.0 5'467.0 5'693.0 4'967.0 6'284.0 4'144.0 7'059.9 7'963.7 2'104.8 1'897.4
15.94x 14.13x 11.42x 13.17x 18.99x 12.28x 25.25x 13.43x 11.90x 12.61x 12.28x
EBITDA 12'384.00 Long-Term Rating Date 03.05.2013
EBIT 7'787.00 Long-Term Rating AA
Operating Margin 22.28% Long-Term Outlook STABLE
Pretax Margin 17.94% Short-Term Rating Date 18.02.2011
Return on Assets 3.44% Short-Term Rating A-1+
Return on Common Equity 6.09%
Return on Capital 5.46% EBITDA/Interest Exp. 29.70
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 25.83
Net Debt/EBITDA 0.93
Gross Margin 68.2% Total Debt/EBITDA 1.30
EBITDA Margin 33.5%
EBIT Margin 19.3% Total Debt/Equity 25.3%
Net Income Margin 14.2% Total Debt/Capital 20.2%
Asset Turnover 0.34
Current Ratio 1.65 Net Fixed Asset Turnover 3.18
Quick Ratio 1.00 Accounts receivable turnover-days 85.79
Debt to Assets 14.47% Inventory Days 223.55
Tot Debt to Common Equity 25.34% Accounts Payable Turnover Day 106.36
Accounts Receivable Turnover 4.25 Cash Conversion Cycle 184.13
Inventory Turnover 1.63
Fiscal Year Ended
SanofiPrice/Volume
Valuation Analysis
1'155'216.00
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,
-,,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B-', B.', B0', B1', B2', B3', B4', B5', B6', B
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
L'OREAL SA n/a 20F 118'227'307 8.88 - 31.01.2013 Corporation
NORGES BANK Multiple Portfolios MF-AGG 31'319'685 2.35 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 24'176'248 1.81 998'644 29.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 21'550'093 1.62 608'253 30.06.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'606'458 1.4 567'306 30.06.2013 Investment Advisor
SANOFI EMP SAVINGS P n/a 20F 17'191'116 1.29 - 31.01.2013 n/a
DODGE & COX Multiple Portfolios MF-AGG 16'598'982 1.25 (350'000) 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 16'061'256 1.21 458'457 31.12.2012 Investment Advisor
DODGE & COX WORLDWID DODGE & COX WORLDWID MF-PART 16'001'574 1.2 - 31.03.2013 Investment Advisor
DODGE & COX WORLDWID DODGE & COX WORLDWID MF-PART 14'136'166 1.06 - 31.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 13'073'821 0.98 (333'547) 30.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 11'272'539 0.85 (1'594'592) 31.03.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'656'462 0.65 224'562 28.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'884'655 0.52 190'417 30.04.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 6'525'275 0.49 21'500 31.05.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'996'246 0.45 3'000 31.05.2013 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'346'259 0.4 1'026'859 30.06.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 4'692'828 0.35 (132'673) 28.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 4'666'560 0.35 (153'430) 31.05.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 4'138'278 0.31 19'634 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale STEPHEN MCGARRY buy 5 M 92 12 month 30.07.2013
Deutsche Bank MARK CLARK buy 5 M 102 12 month 30.07.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 90 6 month 30.07.2013
Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M 89 12 month 29.07.2013
Credit Suisse LUISA HECTOR neutral 3 M 84 Not Provided 26.07.2013
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.07.2013
Helvea ODILE RUNDQUIST accumulate 4 M 90 12 month 25.07.2013
AlphaValue ARMELLE MOULIN reduce 2 M 84 6 month 25.07.2013
Oddo & Cie SEBASTIEN MALAFOSSE buy 5 M 91 Not Provided 24.07.2013
Barclays MARK PURCELL equalweight 3 M 77 Not Provided 23.07.2013
Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 104 12 month 21.07.2013
Intermonte Securities SpA ZHANG YANGMEI buy 5 M 86 Not Provided 17.07.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 89 12 month 15.07.2013
Exane BNP Paribas VINCENT MEUNIER outperform 5 M 95 Not Provided 15.07.2013
Jefferies JEFFREY HOLFORD buy 5 M 100 12 month 12.07.2013
Natixis PHILIPPE LANONE buy 5 M 100 Not Provided 01.07.2013
Liberum Capital Ltd NARESH CHOUHAN hold 3 M 80 Not Provided 28.06.2013
EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 27.06.2013
CM - CIC Securities(ESN) ARSENE GUEKAM reduce 2 M 76 12 month 24.06.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.06.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 88 12 month 03.06.2013
Kepler Cheuvreux FABIAN WENNER hold 3 M 81 Not Provided 03.06.2013
UBS ANDREW WHITNEY buy 5 M 92 12 month 24.05.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 92 12 month 20.05.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 92 12 month 17.05.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 M 93 Not Provided 14.05.2013
JPMorgan RICHARD VOSSER overweight 5 M 99 9 month 09.05.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 90 Not Provided 02.05.2013
Mirabaud Securities NICHOLAS TURNER neutral 3 D 83 Not Provided 22.03.2013
Banco Sabadell MARTA DIAZ buy 5 M 80 12 month 15.02.2013
National Bank AG STEFFEN MANSKE buy 5 M 78 Not Provided 13.02.2013
Nord/LB THORSTEN STRAUSS hold 3 M #N/A N/A Not Provided 11.12.2012
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 28.11.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 52 Not Provided 08.02.2012
Holdings By:
Sanofi ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Total SA explores for, produces, refines, transports, and markets oil and
natural gas. The Company also operates a chemical division which produces
polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and
resins. Total operates gasoline filling stations in Europe, the United States,
and Africa.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.08.2013) 42.90
52-Week Low (17.04.2013) 35.18
Daily Volume
41.785
52-Week High % Change -2.60% Dividend Yield 5.65
52-Week Low % Change 18.79% Beta 0.89
% 52 Week Price Range High/Low 87.90% Equity Float 2'045.62
Shares Out 30.06.2013 2'376.7 Short Int -
99'311.88 1 Yr Total Return 13.16%
Total Debt 33'290.00 YTD Return 10.54%
Preferred Stock 0.0 Adjusted BETA 0.892
Minority Interest 1'281.0 Analyst Recs 34
Cash and Equivalents 17'031.00 Consensus Rating 4.029
Enterprise Value 121'569.89
Average Volume 5 Day 4'252'063
FP FP EQUITY YTD Change - Average Volume 30 Day 4'038'552
FP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'299'103
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
160'331.0 112'153.0 140'476.0 166'550.0 182'299.0 175'834.0 177'386.0 178'815.8 186'335.3 45'009.0 44'902.0
0.62x 1.03x 0.74x 0.65x 0.58x 2.28x 2.39x 0.67x 0.64x 2.69x 2.65x
29'887.0 22'234.0 28'045.0 32'919.0 32'343.0 31'821.0 30'393.0 32'028.7 33'935.1 9'424.0 9'481.0
3.32x 5.22x 3.72x 3.28x 3.27x 3.10x 3.53x 3.79x 3.58x 3.26x 3.22x
10'590.0 8'447.0 10'571.0 12'276.0 10'694.0 10'790.0 9'521.0 11'576.7 12'096.0 3'226.5 3'263.0
8.21x 11.87x 8.38x 7.23x 8.23x 7.43x 8.91x 8.27x 8.08x 8.04x 8.01x
EBITDA 32'343.00 Long-Term Rating Date 12.04.2011
EBIT 21'862.00 Long-Term Rating AA-
Operating Margin 11.99% Long-Term Outlook STABLE
Pretax Margin 13.11% Short-Term Rating Date 13.09.1999
Return on Assets 5.60% Short-Term Rating A-1+
Return on Common Equity 13.30%
Return on Capital 9.43% EBITDA/Interest Exp. 48.20
Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 18.54
Net Debt/EBITDA 0.68
Gross Margin - Total Debt/EBITDA 1.07
EBITDA Margin 17.1%
EBIT Margin 11.4% Total Debt/Equity 45.7%
Net Income Margin 5.9% Total Debt/Capital 31.0%
Asset Turnover 1.04
Current Ratio 1.38 Net Fixed Asset Turnover 2.51
Quick Ratio 0.74 Accounts receivable turnover-days 40.46
Debt to Assets 19.37% Inventory Days -
Tot Debt to Common Equity 45.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.02 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Total SAPrice/Volume
Valuation Analysis
1'549'502.00
Current Price (9/dd/yy) Market Data
,2
-,-2.,.20,021,12
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
.', B
1', B
3', B
5', B
-,', B
-.', B
-1', B
-3', B
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
200'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AMUNDI n/a 13G 180'919'481 7.61 - 31.12.2012 Investment Advisor
TOTAL SA n/a 20F 108'732'635 4.57 - 31.12.2012 Corporation
GROUPE BRUXELLES LAM n/a 20F 94'636'768 3.98 559'401 31.12.2012 Holding Company
QATAR HOLDINGS LLC n/a Research 47'275'059 1.99 - 14.03.2012 Government
NORGES BANK n/a Research 47'038'683 1.98 - 31.12.2011 Government
NATIONALE A PORTEFEU n/a 20F 33'122'869 1.39 (2'333'425) 31.12.2012 Private Equity
BLACKROCK n/a ULT-AGG 28'682'678 1.21 969'007 29.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'589'404 1.03 1'133'675 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 18'036'409 0.76 (130'325) 30.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 15'875'404 0.67 (88'423) 30.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 12'428'800 0.52 (7'965'265) 30.06.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 12'204'782 0.51 5'059'441 31.05.2013 Hedge Fund Manager
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'704'762 0.49 (4'002'760) 28.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 10'518'798 0.44 (46'000) 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10'125'443 0.43 (854'454) 30.07.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 7'850'360 0.33 4'635 28.03.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'564'200 0.32 67'100 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'358'913 0.31 782'983 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'203'345 0.3 2'353'371 30.06.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 6'918'600 0.29 800'000 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 41 12 month 30.07.2013
Societe Generale IRENE HIMONA buy 5 M 47 12 month 29.07.2013
RBC Capital Markets PETER HUTTON outperform 5 M 44 12 month 29.07.2013
Credit Suisse KIM FUSTIER neutral 3 M 44 Not Provided 29.07.2013
JPMorgan NITIN SHARMA overweight 5 M 49 12 month 29.07.2013
Jefferies IAIN REID buy 5 M 48 12 month 29.07.2013
Raymond James BERTRAND HODEE outperform 5 M 45 12 month 29.07.2013
Macquarie JASON D GAMMEL neutral 3 M 42 12 month 29.07.2013
Independent Research GmbH SVEN DIERMEIER sell 1 D 37 12 month 29.07.2013
CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 29.07.2013
Oddo & Cie AHMED BEN SALEM buy 5 M 50 Not Provided 29.07.2013
Natixis ANNE PUMIR buy 5 M 47 Not Provided 29.07.2013
Nomura THEEPAN JOTHILINGAM buy 5 M 44 12 month 29.07.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 29.07.2013
Barclays LYDIA RAINFORTH underweight 1 M 43 Not Provided 29.07.2013
Investec NEILL MORTON hold 3 M 37 12 month 26.07.2013
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 52 12 month 26.07.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 45 Not Provided 26.07.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 48 12 month 26.07.2013
Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 47 Not Provided 26.07.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 37 6 month 25.07.2013
Deutsche Bank LUCAS HERRMANN buy 5 M 42 12 month 19.07.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 48 Not Provided 15.07.2013
Canaccord Genuity Corp SAMUEL SIMON buy 5 M 45 12 month 08.07.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
VTB Capital COLIN SMITH buy 5 M 50 12 month 15.05.2013
HSBC PAUL SPEDDING overweight 5 M 46 Not Provided 02.05.2013
Grupo Santander JASON KENNEY buy 5 M 45 Not Provided 30.04.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 D #N/A N/A Not Provided 16.04.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 04.04.2013
Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 42 12 month 20.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 47 12 month 15.02.2013
UBS JONATHON RIGBY buy 5 M 44 12 month 30.07.2012
Holdings By:
Total SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Bayer AG produces and markets healthcare and agricultural products, and
polymers. The Company manufactures products that include aspirin, antibiotics,
anti-infectives, and cardiovascular, oncology, and central nervous system
drugs, over-the-counter medications, diagnostics, animal health products, crop
protection products, plastics, and polyurethanes.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (06.08.2013) 91.03
52-Week Low (05.09.2012) 62.03
Daily Volume
83.86
52-Week High % Change -7.88% Dividend Yield -
52-Week Low % Change 35.19% Beta 0.92
% 52 Week Price Range High/Low 78.93% Equity Float 801.82
Shares Out 30.06.2013 826.9 Short Int -
69'347.84 1 Yr Total Return 36.48%
Total Debt 9'532.00 YTD Return 19.44%
Preferred Stock 0.0 Adjusted BETA 0.924
Minority Interest 100.0 Analyst Recs 37
Cash and Equivalents 2'551.00 Consensus Rating 3.973
Enterprise Value 78'274.84
Average Volume 5 Day 1'498'709
BAYN GY EQUITY YTD Change - Average Volume 30 Day 1'647'868
BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'929'718
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
32'918.0 31'168.0 35'088.0 36'528.0 39'760.0 38'081.0 40'153.0 40'851.9 43'113.1 9'955.6 10'333.4
1.40x 1.80x 1.53x 1.32x 1.67x 5.12x 6.96x 1.86x 1.70x - -
6'702.0 7'695.0 8'900.0 8'963.0 9'001.0 9'332.0 8'900.0 8'529.1 9'390.6 1'838.0 2'015.0
6.86x 7.30x 6.04x 5.36x 7.39x 5.86x 8.60x 9.18x 8.34x - -
1'719.0 1'359.0 1'301.0 2'470.0 2'446.0 2'560.0 2'903.0 4'684.3 5'326.1 847.5 1'094.0
18.72x 32.92x 35.22x 16.52x 24.29x 18.24x 23.30x 14.59x 12.93x - -
EBITDA 9'001.00 Long-Term Rating Date 30.04.2008
EBIT 6'041.00 Long-Term Rating A-
Operating Margin 15.19% Long-Term Outlook POS
Pretax Margin 8.17% Short-Term Rating Date 11.07.2006
Return on Assets 5.50% Short-Term Rating A-2
Return on Common Equity 15.33%
Return on Capital - EBITDA/Interest Exp. 12.11
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 9.52
Net Debt/EBITDA 0.95
Gross Margin 52.1% Total Debt/EBITDA 1.22
EBITDA Margin 23.2%
EBIT Margin 16.0% Total Debt/Equity 51.6%
Net Income Margin 6.2% Total Debt/Capital 33.9%
Asset Turnover 0.76
Current Ratio 1.45 Net Fixed Asset Turnover 4.06
Quick Ratio 0.76 Accounts receivable turnover-days 79.64
Debt to Assets 18.57% Inventory Days 131.78
Tot Debt to Common Equity 51.61% Accounts Payable Turnover Day 70.17
Accounts Receivable Turnover 4.58 Cash Conversion Cycle 119.75
Inventory Turnover 2.77
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bayer AGPrice/Volume
Valuation Analysis
751'801.00
Current Price (9/dd/yy) Market Data
,-,.,0,1,2,3,4,5,6,
-,,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
.', B
1', B
3', B
5', B
-,', B
-.', B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
-5',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 70'743'628 8.55 (725'000) 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 67'206'660 8.13 (231'399) 29.07.2013 Investment Advisor
SEB n/a ULT-AGG 41'431'997 5.01 (196'834) 26.04.2013 Unclassified
UBS n/a ULT-AGG 24'716'989 2.99 (16'753) 30.07.2013 Unclassified
CREDIT SUISSE GROUP n/a Research 20'623'972 2.49 - 15.05.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 19'085'378 2.31 - 31.12.2012 Government
FMR LLC n/a ULT-AGG 14'730'674 1.78 183'703 30.06.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'389'422 1.38 329'110 30.06.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 10'591'070 1.28 (288'800) 30.06.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 10'258'368 1.24 46'177 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 9'840'914 1.19 357'762 31.05.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 8'129'350 0.98 (28'158) 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'641'742 0.8 184'912 30.07.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'782'212 0.7 (280'928) 30.04.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'516'085 0.67 503'958 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'468'324 0.66 (200'301) 30.06.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'911'763 0.59 (1'026'192) 30.06.2013 Investment Advisor
SOCIETE GENERALE SA n/a Research 4'502'247 0.54 - 10.05.2013 Unclassified
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'199'881 0.51 (1'458'310) 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'917'151 0.47 269'159 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank TIM RACE buy 5 M 99 12 month 31.07.2013
Morgan Stanley AMY WALKER Equalwt/Attractive 3 M 93 12 month 31.07.2013
Baader Bank NORBERT BARTH hold 3 M 66 12 month 31.07.2013
Jefferies JEFFREY HOLFORD buy 5 M 95 12 month 31.07.2013
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 75 12 month 31.07.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 94 Not Provided 31.07.2013
Bryan Garnier & Cie MARTIAL DESCOUTURES neutral 3 M 87 6 month 31.07.2013
Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 75 12 month 31.07.2013
Exane BNP Paribas FLORENT CESPEDES outperform 5 M 93 Not Provided 31.07.2013
Helvea ODILE RUNDQUIST neutral 3 M 87 12 month 31.07.2013
Barclays MARK PURCELL underweight 1 M 68 Not Provided 29.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 88 12 month 26.07.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 90 6 month 25.07.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 95 Not Provided 25.07.2013
AlphaValue MARTIN SCHNEE reduce 2 M 84 6 month 25.07.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 23.07.2013
Credit Suisse JOHANNA WALTON outperform 5 M 95 Not Provided 18.07.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 90 12 month 04.07.2013
Natixis BEATRICE MUZARD buy 5 M 93 Not Provided 04.07.2013
Main First Bank AG RONALD KOEHLER outperform 5 M 90 12 month 01.07.2013
Liberum Capital Ltd NARESH CHOUHAN buy 5 M 110 Not Provided 28.06.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 89 12 month 24.06.2013
Ahorro Corporacion Financiera SA JOSE VALLE buy 5 M 91 Not Provided 24.06.2013
Goldman Sachs STEVE CHESNEY Buy/Neutral 5 U 100 12 month 20.06.2013
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 14.06.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
DZ Bank AG PETER SPENGLER buy 5 M 95 12 month 24.05.2013
S&P Capital IQ SHO MATSUBARA buy 5 U 91 12 month 22.05.2013
Kepler Cheuvreux FABIAN WENNER hold 3 M 85 Not Provided 15.05.2013
JPMorgan RICHARD VOSSER overweight 5 M 95 9 month 13.05.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.04.2013
Nord/LB THORSTEN STRAUSS sell 1 M 65 12 month 26.04.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 85 12 month 25.04.2013
Nomura JEAN DE WATTEVILLE not rated #N/A N/A M #N/A N/A Not Provided 17.04.2013
National Bank AG EKKEHARD D LINK hold 3 M 80 Not Provided 12.04.2013
UBS ANDREW WHITNEY neutral 3 M 82 12 month 22.03.2013
Societe Generale STEPHEN MCGARRY hold 3 M 74 12 month 05.03.2013
Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012
Holdings By:
Bayer AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Siemens AG is an engineering and manufacturing company. The Company focuses on
four major business sectors including infrastructure and cities, healthcare,
industry and energy. Siemens AG also provides engineering solutions in
automation and control, power, transportation, and medical.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (21.03.2013) 85.52
52-Week Low (05.09.2012) 71.98
Daily Volume
83.89
52-Week High % Change -1.90% Dividend Yield -
52-Week Low % Change 16.55% Beta 0.94
% 52 Week Price Range High/Low 75.50% Equity Float 771.11
Shares Out 30.06.2013 881.0 Short Int -
73'907.09 1 Yr Total Return 19.85%
Total Debt 22'166.00 YTD Return 9.21%
Preferred Stock 0.0 Adjusted BETA 0.935
Minority Interest 569.0 Analyst Recs 38
Cash and Equivalents 11'415.00 Consensus Rating 3.947
Enterprise Value 87'270.09
Average Volume 5 Day 1'572'763
SIE GY EQUITY YTD Change - Average Volume 30 Day 2'153'245
SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'443'662
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1
77'327.0 76'651.0 68'978.0 73'275.0 78'296.0 76'980.0 77'090.0 76'569.9 79'122.3 20'662.4 18'579.5
0.82x 0.81x 1.09x 0.92x 1.00x 3.73x 3.18x 1.16x 1.08x 4.35x 4.94x
8'175.0 9'196.0 9'544.0 10'492.0 9'653.0 9'730.0 6'870.0 8'453.8 10'866.5 1'650.0 2'418.0
7.77x 6.77x 7.87x 6.40x 8.08x 7.17x 0.00x 10.34x 8.04x 9.00x 8.13x
5'725.0 2'292.0 3'899.0 6'145.0 4'458.0 4'265.0 4'491.0 4'449.7 6'017.5 1'103.8 1'397.0
34.66x 24.49x 16.42x 8.24x 13.50x 11.83x 14.02x 15.38x 12.00x 12.03x 11.31x
EBITDA 9'653.00 Long-Term Rating Date 05.06.2009
EBIT 6'909.00 Long-Term Rating A+
Operating Margin 8.82% Long-Term Outlook STABLE
Pretax Margin 9.30% Short-Term Rating Date 18.04.2011
Return on Assets 4.18% Short-Term Rating A-1+
Return on Common Equity 15.19%
Return on Capital 10.32% EBITDA/Interest Exp. 21.45
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 16.55
Net Debt/EBITDA 1.48
Gross Margin 28.4% Total Debt/EBITDA 2.62
EBITDA Margin 11.3%
EBIT Margin 7.7% Total Debt/Equity 72.1%
Net Income Margin 5.7% Total Debt/Capital 41.5%
Asset Turnover 0.72
Current Ratio 1.22 Net Fixed Asset Turnover 7.37
Quick Ratio 0.62 Accounts receivable turnover-days 75.68
Debt to Assets 20.47% Inventory Days 111.86
Tot Debt to Common Equity 72.12% Accounts Payable Turnover Day 48.72
Accounts Receivable Turnover 4.82 Cash Conversion Cycle 120.05
Inventory Turnover 3.26
Fiscal Year Ended
Siemens AGPrice/Volume
Valuation Analysis
1'385'422.00
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
,-,.,0,1,2,3,4,5,6,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
.', B
1', B
3', B
5', B
-,', B
-.', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
,.'-,'.,,6 ,.',1'.,-, ,.'-,'.,-, ,.',1'.,-- ,.'-,'.,-- ,.',1'.,-. ,.'-,'.,-. ,.',1'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 58'656'567 6.66 261'812 29.07.2013 Investment Advisor
SIEMENS FAMILY n/a Research 54'852'206 6.23 - 10.11.2011 n/a
QATAR HOLDINGS LLC n/a Research 27'758'338 3.15 - 07.05.2012 Government
SIEMENS AG n/a Research 26'820'674 3.04 - 08.10.2012 Corporation
NORGES BANK Multiple Portfolios MF-AGG 20'908'158 2.37 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'891'181 1.46 554'324 30.06.2013 Investment Advisor
UBS n/a ULT-AGG 8'286'054 0.94 (24'719) 30.07.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 7'482'100 0.85 (1'112'700) 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 5'548'215 0.63 (331'878) 31.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'687'449 0.53 (697'189) 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 4'188'064 0.48 (108'950) 31.05.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'144'184 0.47 2'639 30.04.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'133'147 0.47 (810'641) 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'032'497 0.46 810'271 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'644'113 0.41 (1'535'336) 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'552'091 0.29 145'923 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'539'448 0.29 (457'633) 30.05.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'536'739 0.29 - 29.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'943'808 0.22 (214'751) 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'593'238 0.18 27'110 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank WILLIAM MACKIE buy 5 M 92 Not Provided 30.07.2013
Nomura DANIEL CUNLIFFE buy 5 M 92 12 month 30.07.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL add 4 M 84 6 month 29.07.2013
Deutsche Bank PETER REILLY hold 3 M 75 12 month 29.07.2013
Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 95 12 month 29.07.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 85 12 month 29.07.2013
JPMorgan ANDREAS WILLI neutral 3 M 88 3 month 29.07.2013
Canaccord Genuity Corp ANDREW BELL hold 3 M 80 12 month 29.07.2013
Exane BNP Paribas OLIVIER ESNOU neutral 3 M 83 Not Provided 29.07.2013
RBC Capital Markets ANDREW CARTER sector perform 3 M 83 12 month 28.07.2013
HSBC MICHAEL HAGMANN neutral 3 M 84 Not Provided 28.07.2013
Nord/LB WOLFGANG DONIE hold 3 M 74 12 month 26.07.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M #N/A N/A Not Provided 26.07.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 82 12 month 26.07.2013
S&P Capital IQ UNAI FRANCO hold 3 M 82 12 month 25.07.2013
AlphaValue HEINZ STEFFEN reduce 2 M 85 6 month 25.07.2013
Natixis ARNAUD SCHMIT not rated #N/A N/A M #N/A N/A Not Provided 17.07.2013
Societe Generale GAEL DE BRAY hold 3 M 85 12 month 16.07.2013
Spin-Off Research TEAM COVERAGE hold 3 M 83 Not Provided 09.07.2013
Goldman Sachs DANIELA COSTA neutral/neutral 3 M 81 12 month 08.07.2013
Credit Suisse SIMON TOENNESSEN outperform 5 M 92 Not Provided 08.07.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 75 12 month 08.07.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M 83 12 month 04.07.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 87 12 month 03.07.2013
DZ Bank AG JASKO TERZIC hold 3 M 77 Not Provided 03.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 U 93 12 month 23.05.2013
Barclays NICK WEBSTER equalweight 3 M 81 Not Provided 20.05.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 15.05.2013
Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 17.04.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 78 Not Provided 08.03.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 87 12 month 15.02.2013
UBS FREDRIC STAHL buy 5 M 85 12 month 31.01.2013
Kepler Cheuvreux ULRICH SCHOLZ hold 3 M 82 Not Provided 25.01.2013
SRH AlsterResearch OLIVER DREBING buy 5 M 89 12 month 23.01.2013
National Bank AG EKKEHARD D LINK hold 3 M 68 Not Provided 30.11.2012
Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 97 Not Provided 12.10.2012
Holdings By:
Siemens AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
BASF SE is a chemical company. The Company operates in six segments: Chemicals,
Plastics, Performance Products, Functional Solutions, Agricultural Solutions
and Oil & Gas. BASF offers products for the chemical, automotive, construction,
agriculture, oil, plastics, electrical / electronics, furniture and paper
industries, and provides a range of system solutions and services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (04.06.2013) 76.39
52-Week Low (05.09.2012) 60.34
Daily Volume
67.01
52-Week High % Change -12.28% Dividend Yield -
52-Week Low % Change 11.05% Beta 1.08
% 52 Week Price Range High/Low 46.92% Equity Float 813.96
Shares Out 30.06.2013 918.5 Short Int -
61'547.26 1 Yr Total Return 13.09%
Total Debt 12'798.00 YTD Return -2.36%
Preferred Stock 0.0 Adjusted BETA 1.084
Minority Interest 1'010.0 Analyst Recs 39
Cash and Equivalents 1'661.00 Consensus Rating 3.538
Enterprise Value 74'969.26
Average Volume 5 Day 2'139'455
BAS GY EQUITY YTD Change - Average Volume 30 Day 2'763'567
BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'983'585
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
62'304.0 50'693.0 63'873.0 73'497.0 72'129.0 72'351.0 73'544.0 74'083.9 71'002.2 17'801.3 18'402.5
0.62x 1.07x 1.09x 0.84x 1.07x 3.45x 4.10x 1.01x 1.03x 4.25x 4.04x
10'238.0 8'500.0 11'903.0 11'855.0 9'669.0 11'258.0 5'209.0 10'138.4 10'867.4 2'243.0 2'320.3
3.74x 6.36x 5.85x 5.20x 8.02x 5.54x 0.00x 7.40x 6.90x - -
2'912.0 1'410.0 4'557.0 6'188.0 4'819.0 5'234.0 4'511.0 4'787.4 5'250.1 961.0 1'192.0
8.86x 28.22x 12.04x 8.00x 13.55x 9.60x 14.05x 12.51x 11.39x - -
EBITDA 9'669.00 Long-Term Rating Date 10.05.2011
EBIT 6'381.00 Long-Term Rating A+
Operating Margin 8.85% Long-Term Outlook STABLE
Pretax Margin 8.29% Short-Term Rating Date 12.02.2009
Return on Assets 7.10% Short-Term Rating A-1
Return on Common Equity 18.51%
Return on Capital 13.65% EBITDA/Interest Exp. 13.35
Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. 7.81
Net Debt/EBITDA -
Gross Margin 24.8% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 8.3% Total Debt/Equity 52.0%
Net Income Margin 6.7% Total Debt/Capital 33.3%
Asset Turnover 1.16
Current Ratio 1.64 Net Fixed Asset Turnover 4.30
Quick Ratio 0.67 Accounts receivable turnover-days 55.46
Debt to Assets 20.40% Inventory Days 63.87
Tot Debt to Common Equity 52.00% Accounts Payable Turnover Day 32.68
Accounts Receivable Turnover 6.58 Cash Conversion Cycle 85.23
Inventory Turnover 5.71
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
BASF SEPrice/Volume
Valuation Analysis
1'157'934.00
Current Price (9/dd/yy) Market Data
,
-,
.,
0,
1,
2,
3,
4,
5,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B-', B.', B0', B1', B2', B3', B4', B5', B6', B-,', B
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
6',,
-,',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 63'927'154 6.96 - 29.07.2013 Investment Advisor
NORGES BANK n/a Research 27'715'437 3.02 - 19.06.2013 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 16'676'000 1.82 3'046'200 30.06.2013 Investment Advisor
SEB AG n/a Research 12'879'295 1.4 - 29.04.2013 Unclassified
DEUTSCHE BANK AG n/a ULT-AGG 12'243'746 1.33 661'762 31.05.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'865'578 1.29 488'468 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 8'350'145 0.91 1'160'905 30.06.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'469'006 0.81 (389'218) 30.06.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'376'342 0.69 (1'440'549) 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'312'065 0.69 (26'922) 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3'851'702 0.42 167'985 30.04.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'589'145 0.39 (4'311'843) 30.04.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'588'826 0.39 (92'386) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 3'031'576 0.33 251'795 30.06.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 2'885'060 0.31 (100'868) 31.03.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'802'902 0.31 - 29.07.2013 Investment Advisor
UBS n/a ULT-AGG 2'656'586 0.29 (138'531) 30.07.2013 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'436'248 0.27 (153'300) 30.04.2013 Investment Advisor
SEB n/a ULT-AGG 2'086'640 0.23 248'150 30.04.2013 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'874'116 0.2 1'644'753 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies LAURENCE ALEXANDER hold 3 M 74 12 month 30.07.2013
M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 79 12 month 30.07.2013
Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 78 6 month 29.07.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 78 Not Provided 29.07.2013
Bankhaus Lampe HEIKO FEBER buy 5 U 75 12 month 29.07.2013
DZ Bank AG PETER SPENGLER buy 5 M 81 Not Provided 29.07.2013
Societe Generale PETER CLARK hold 3 M 70 12 month 26.07.2013
Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 78 12 month 26.07.2013
JPMorgan MARTIN EVANS underweight 1 M 54 3 month 26.07.2013
Bankhaus Metzler LARS HETTCHE sell 1 M 61 12 month 26.07.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA hold 3 D 72 12 month 26.07.2013
Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 26.07.2013
Barclays ANDREAS HEINE overweight 5 M 79 Not Provided 26.07.2013
AlphaValue MARTIN SCHNEE reduce 2 M 69 6 month 26.07.2013
Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 25.07.2013
Nord/LB THORSTEN STRAUSS hold 3 M 70 12 month 25.07.2013
Baader Bank NORBERT BARTH buy 5 M 85 12 month 25.07.2013
Credit Suisse CHRIS COUNIHAN neutral 3 M 73 Not Provided 25.07.2013
UBS THOMAS GILBERT neutral 3 M 70 12 month 25.07.2013
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 86 12 month 25.07.2013
HSBC GEOFF HAIRE overweight 5 M 82 Not Provided 25.07.2013
Macquarie CHRISTIAN FAITZ neutral 3 M 68 12 month 25.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 77 12 month 25.07.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 82 12 month 25.07.2013
S&P Capital IQ JACOB THRANE hold 3 M 72 12 month 25.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 25.07.2013
Exane BNP Paribas JAMES KNIGHT outperform 5 M 75 Not Provided 18.07.2013
Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 60 12 month 17.07.2013
Kepler Cheuvreux MARKUS MAYER buy 5 M 82 Not Provided 17.07.2013
Main First Bank AG RONALD KOEHLER outperform 5 U 75 12 month 01.07.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 31.05.2013
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 83 12 month 26.04.2013
Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 15.04.2013
Gilford Securities PAUL C CHRISTOPHERSON neutral 3 U #N/A N/A Not Provided 08.04.2013
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013
National Bank AG EKKEHARD D LINK hold 3 M 64 Not Provided 26.10.2012
Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012
SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010
Holdings By:
BASF SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Banco Santander SA attracts deposits and offers retail, commercial and private
banking, and asset management services. The Bank offers consumer credit,
mortgage loans, lease financing, factoring, mutual funds, pension funds,
insurance, commercial credit, investment banking services, structured finance,
and advice on mergers and acquisitions.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (14.01.2013) 6.68
52-Week Low (24.06.2013) 4.79
Daily Volume
5.484
52-Week High % Change -17.88% Dividend Yield -
52-Week Low % Change 14.46% Beta 1.16
% 52 Week Price Range High/Low 34.87% Equity Float 10'913.25
Shares Out 09.08.2013 11'092.1 Short Int -
60'829.13 1 Yr Total Return 6.61%
Total Debt 420'024.00 YTD Return -2.46%
Preferred Stock 0.0 Adjusted BETA 1.160
Minority Interest 9'672.0 Analyst Recs 40
Cash and Equivalents 192'388.00 Consensus Rating 2.850
Enterprise Value -
Average Volume 5 Day 44'693'430
SAN SQ EQUITY YTD Change - Average Volume 30 Day 51'113'520
SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month 87'950'080
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
70'114.3 69'736.2 68'965.5 78'009.0 77'159.0 43'979.0 41'610.0 41'313.4 43'189.1 10'628.0 10'771.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
8'876.4 8'942.5 8'180.9 5'351.0 2'205.0 3'577.0 2'756.0 4'927.0 6'430.8 1'407.0 1'406.0
5.74x 11.09x 8.39x 9.18x 26.44x 13.19x 18.05x 12.69x 10.10x - -
EBITDA - Long-Term Rating Date 16.10.2012
EBIT - Long-Term Rating BBB
Operating Margin 7.95% Long-Term Outlook NEG
Pretax Margin 7.35% Short-Term Rating Date 30.04.2012
Return on Assets 0.22% Short-Term Rating A-2
Return on Common Equity 3.85%
Return on Capital 0.74% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 562.6%
Net Income Margin 4.6% Total Debt/Capital 83.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 2.48
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 33.08% Inventory Days -
Tot Debt to Common Equity 562.63% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Banco Santander SAPrice/Volume
Valuation Analysis
15'927'868.00
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
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
-,,', B
.,,', B
0,,', B
1,,', B
2,,', B
3,,', B
4,,', B
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
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] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 878'721'897 8.13 (254'271) 30.07.2013 Investment Advisor
BANK OF NEW YORK MEL n/a Co File 555'448'975 5.14 - 31.12.2011 Investment Advisor
BNP PARIBAS SA n/a EXCH 317'600'714 2.94 (23'663'677) 16.04.2013 Bank
CAPITAL GROUP COMPAN n/a ULT-AGG 243'314'406 2.25 - 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 229'355'687 2.12 - 31.12.2012 Government
BARCLAYS PLC n/a ULT-AGG 227'263'557 2.1 (56'807'364) 03.05.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 154'382'777 1.43 754'000 29.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 148'679'959 1.38 9'628'522 30.06.2013 Investment Advisor
BANCO SANTANDER SA n/a ULT-AGG 103'311'499 0.96 - 21.06.2013 Bank
DE LOS RIOS EMILIO B n/a EXCH 79'253'136 0.73 1 16.05.2013 n/a
DODGE & COX Multiple Portfolios MF-AGG 78'001'217 0.72 8'057'177 30.06.2013 Investment Advisor
ASSICURAZIONI GENERA n/a EXCH 50'134'290 0.46 - 24.10.2011 Insurance Company
BNP PARIBAS INV PART n/a ULT-AGG 40'116'720 0.37 (478'336) 31.03.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 32'964'416 0.3 - 29.07.2013 Investment Advisor
UBS n/a ULT-AGG 31'621'687 0.29 (77'613) 30.07.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 27'349'956 0.25 (387'280) 30.04.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 24'695'440 0.23 22'041'621 30.07.2013 Investment Advisor
O'SHEA JAVIER BOTIN- n/a EXCH 16'281'183 0.15 1'157 02.05.2013 n/a
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 14'535'361 0.13 196'929 31.05.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 14'003'786 0.13 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA ANDREA FILTRI underperform 1 M 4 12 month 31.07.2013
Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 6 12 month 31.07.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 31.07.2013
Berenberg Bank NICK ANDERSON sell 1 M 4 Not Provided 31.07.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO sell 1 M 5 Not Provided 31.07.2013
Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 31.07.2013
Nomura DARAGH QUINN reduce 2 M 5 Not Provided 31.07.2013
Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 30.07.2013
Deutsche Bank JASON NAPIER hold 3 M 6 12 month 30.07.2013
RBC Capital Markets PATRICK LEE underperform 1 M 5 12 month 30.07.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 5 Not Provided 30.07.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 6 12 month 30.07.2013
Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 30.07.2013
Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 6 Not Provided 30.07.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 5 12 month 30.07.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 6 12 month 30.07.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 30.07.2013
BPI CARLOS JOAQUIM PEIXOTO buy 5 M 6 Not Provided 29.07.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 29.07.2013
Bankhaus Lampe NEIL SMITH hold 3 M 6 12 month 19.07.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 18.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.07.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 5 Not Provided 15.07.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 7 6 month 11.07.2013
JPMorgan JAIME BECERRIL underweight 1 M 4 15 month 04.07.2013
Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 04.07.2013
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 7 12 month 26.06.2013
Oddo & Cie JULIE LEGRAND buy 5 M 7 Not Provided 17.06.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 5 Not Provided 05.06.2013
HSBC CARLO DIGRANDI underweight 1 D 5 Not Provided 15.05.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 29.04.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 6 12 month 26.04.2013
Banco Sabadell MARIO LODOS buy 5 M 7 Not Provided 25.04.2013
UBS IGNACIO SANZ neutral 3 U 6 12 month 23.04.2013
La Caixa DAVID FERNANDEZ overweight 5 D 6 Not Provided 20.03.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013
BBVA IGNACIO ULARGUI outperform 5 M 8 Not Provided 14.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Renta 4 SA SVB NURIA ALVAREZ hold 3 M 6 Not Provided 26.07.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012
Holdings By:
Banco Santander SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager,
stout, and bitter beer. Anheuser-Busch InBev owns brands that are both
nationally and internationally prominent. The Company has production plants in
Europe, the Americas, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (03.04.2013) 79.60
52-Week Low (24.06.2013) 63.44
Daily Volume
71.89
52-Week High % Change -9.69% Dividend Yield -
52-Week Low % Change 13.32% Beta 0.78
% 52 Week Price Range High/Low 53.47% Equity Float -
Shares Out 30.06.2013 1'607.2 Short Int -
115'542.27 1 Yr Total Return 7.54%
Total Debt 44'341.00 YTD Return 11.94%
Preferred Stock 0.0 Adjusted BETA 0.782
Minority Interest 4'299.0 Analyst Recs 38
Cash and Equivalents 13'878.00 Consensus Rating 3.632
Enterprise Value 200'623.99
Average Volume 5 Day 1'181'013
ABI BB EQUITY YTD Change - Average Volume 30 Day 1'321'773
ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1'599'892
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
23'507.0 36'758.0 36'297.0 39'046.0 39'758.0 39'294.0 40'312.0 44'005.0 49'201.6 12'104.4 12'141.8
4.07x 3.57x 3.70x 3.49x 4.37x 7.65x 9.04x 4.45x 3.87x - -
7'734.0 12'925.0 13'768.0 15'297.0 15'548.0 11'697.0 11'852.0 17'045.2 19'367.3 4'650.3 5'083.8
12.37x 10.15x 9.76x 8.91x 11.18x 0.00x 0.00x 11.77x 10.36x - -
1'927.0 4'613.0 4'026.0 5'855.0 7'243.0 7'047.0 13'104.0 7'749.6 8'865.2 2'055.4 2'179.0
11.99x 17.92x 22.61x 16.71x 19.15x 17.70x 11.12x 19.82x 17.37x - -
EBITDA 15'548.00 Long-Term Rating Date 01.05.2012
EBIT 12'765.00 Long-Term Rating A
Operating Margin 32.11% Long-Term Outlook STABLE
Pretax Margin 28.05% Short-Term Rating Date 01.05.2012
Return on Assets 10.46% Short-Term Rating A-1
Return on Common Equity 30.77%
Return on Capital 18.56% EBITDA/Interest Exp. 7.53
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 5.95
Net Debt/EBITDA 2.78
Gross Margin 58.6% Total Debt/EBITDA 3.22
EBITDA Margin 38.8%
EBIT Margin 32.0% Total Debt/Equity 107.8%
Net Income Margin 18.2% Total Debt/Capital 49.4%
Asset Turnover 0.32
Current Ratio 1.01 Net Fixed Asset Turnover 2.23
Quick Ratio 0.88 Accounts receivable turnover-days 41.47
Debt to Assets 36.16% Inventory Days 63.73
Tot Debt to Common Equity 107.78% Accounts Payable Turnover Day 265.22
Accounts Receivable Turnover 8.80 Cash Conversion Cycle -214.08
Inventory Turnover 5.73
Fiscal Year Ended
Anheuser-Busch InBev NVPrice/Volume
Valuation Analysis
477'816.00
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,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B-', B.', B0', B1', B2', B3', B4', B5', B6', B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STICHTING INBEV n/a 20F 663'074'830 41.26 - 31.12.2012 n/a
EUGENIE PATRI SEBAST n/a 20F 130'234'791 8.1 - 31.12.2012 Corporation
BLACKROCK n/a ULT-AGG 48'302'036 3.01 - 29.07.2013 Investment Advisor
BRC SARL n/a 20F 32'966'462 2.05 - 31.12.2012 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 29'314'521 1.82 (2'756'441) 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 17'367'904 1.08 - 31.12.2012 Government
FMR LLC n/a ULT-AGG 13'148'250 0.82 (208'628) 30.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'597'724 0.66 (128'959) 31.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 10'476'996 0.65 14'092 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'004'239 0.62 (445'261) 30.06.2013 Investment Advisor
VOORZITTER VERHELST n/a 20F 6'997'665 0.44 - 31.12.2012 Other
INBEV-BAILLET LATOUR n/a 20F 5'485'415 0.34 - 31.12.2012 Other
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4'293'694 0.27 133'574 31.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'284'047 0.27 2'197'454 30.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'228'290 0.26 12'565 30.06.2013 Investment Advisor
ANHEUSER-BUSCH INBEV n/a 20F 4'190'715 0.26 - 31.12.2012 Corporation
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 3'493'395 0.22 (129'006) 31.05.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'293'085 0.2 (145'851) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'449'484 0.15 (414'994) 30.07.2013 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2'341'790 0.15 309'854 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale ANDREW HOLLAND hold 3 M 69 12 month 31.07.2013
Kempen & Co SANDER VAN OORT hold 3 M 75 12 month 31.07.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 88 12 month 31.07.2013
Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 80 12 month 31.07.2013
Bank Degroof(ESN) HANS D'HAESE hold 3 M 74 12 month 31.07.2013
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 80 12 month 31.07.2013
Rabobank International KAREL ZOETE buy 5 U 80 12 month 31.07.2013
Berenberg Bank PHILIP MORRISEY buy 5 M 82 Not Provided 31.07.2013
Nomura IAN SHACKLETON neutral 3 M 74 12 month 31.07.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 64 Not Provided 31.07.2013
ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 69 Not Provided 31.07.2013
KBC Securities WIM HOSTE hold 3 M 75 12 month 25.07.2013
JPMorgan MIKE J GIBBS overweight 5 M 92 12 month 19.07.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.07.2013
Credit Suisse SANJEET AUJLA outperform 5 M 88 Not Provided 16.07.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 84 12 month 12.07.2013
Barclays SIMON HALES equalweight 3 M 75 Not Provided 11.07.2013
Grupo Santander ANTHONY J BUCALO buy 5 M 83 12 month 08.07.2013
AlphaValue ISABELLE COMBEMALE sell 1 M 61 6 month 04.07.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 70 Not Provided 03.07.2013
ING Bank MARCO GULPERS hold 3 M 74 12 month 02.07.2013
Erste Group HANS ENGEL hold 3 M #N/A N/A Not Provided 01.07.2013
S&P Capital IQ CARL SHORT hold 3 M 75 12 month 26.06.2013
Deutsche Bank HAROLD THOMPSON restricted #N/A N/A M #N/A N/A Not Provided 24.06.2013
Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 24.06.2013
Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 64 12 month 17.06.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 10.06.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013
Mirabaud Securities JONATHAN FYFE hold 3 M 74 12 month 05.06.2013
Petercam KRIS KIPPERS buy 5 M 80 Not Provided 04.06.2013
HSBC LAUREN E TORRES overweight 5 M 85 Not Provided 02.05.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 79 12 month 30.04.2013
UBS MELISSA EARLAM buy 5 M 80 12 month 28.02.2013
Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 15.02.2013
Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 10.09.2012
Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012
Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012
Holdings By:
Anheuser-Busch InBev NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Allianz SE, through subsidiaries, offers insurance and financial services. The
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (22.05.2013) 122.10
52-Week Low (05.09.2012) 87.75
Daily Volume
111.3
52-Week High % Change -8.85% Dividend Yield -
52-Week Low % Change 26.84% Beta 1.29
% 52 Week Price Range High/Low 66.67% Equity Float 448.87
Shares Out 30.06.2013 456.0 Short Int -
50'747.24 1 Yr Total Return 30.15%
Total Debt 28'651.00 YTD Return 10.27%
Preferred Stock 0.0 Adjusted BETA 1.294
Minority Interest 2'665.0 Analyst Recs 39
Cash and Equivalents 12'437.00 Consensus Rating 4.256
Enterprise Value 68'825.24
Average Volume 5 Day 1'698'417
ALV GY EQUITY YTD Change - Average Volume 30 Day 1'471'611
ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'788'670
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
76'195.0 82'711.0 89'740.0 87'384.0 96'020.0 88'724.0 96'475.0 102'445.1 105'273.5 24'605.0 24'916.0
0.69x 0.75x 0.67x 0.61x 0.69x 2.62x 2.58x 0.64x 0.62x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 3'065.0 5'505.0 5'891.0 6'053.0 1'230.5 1'430.5
8.51x 8.37x 7.94x 13.13x 4.62x 13.00x 4.54x 8.50x 8.27x - -
EBITDA - Long-Term Rating Date 27.01.2012
EBIT - Long-Term Rating AA
Operating Margin 10.61% Long-Term Outlook STABLE
Pretax Margin 8.95% Short-Term Rating Date 23.03.2009
Return on Assets 0.86% Short-Term Rating A-1+
Return on Common Equity 12.22%
Return on Capital 9.04% 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 53.5%
Net Income Margin 5.4% Total Debt/Capital 33.8%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.12% Inventory Days -
Tot Debt to Common Equity 53.50% 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
940'045.00
Current Price (9/dd/yy) Market Data
,
.,
1,
3,
5,
-,,
-.,
-1,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
-', B
.', B
0', B
1', B
2', B
3', B
4', B
5', B
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 32'047'039 7.03 - 29.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 9'837'831 2.16 - 31.12.2012 Government
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'365'290 1.4 - 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'198'311 1.14 197'204 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 4'738'740 1.04 30'360 31.05.2013 Investment Advisor
SOCIETE GENERALE SA n/a Research 4'300'429 0.94 - 16.05.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'098'138 0.9 (46'869) 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'984'629 0.87 (165'280) 30.06.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'882'826 0.85 9'039 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 3'208'800 0.7 159'500 30.06.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'657'521 0.58 (1'853'649) 30.06.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'511'439 0.55 - 31.05.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'253'959 0.49 489'539 30.04.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'232'331 0.49 94'459 30.04.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 2'061'479 0.45 324'220 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'054'950 0.45 (153'200) 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'986'209 0.44 74'791 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'874'685 0.41 (2'716'587) 31.12.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'706'465 0.37 (3'500) 30.04.2013 Investment Advisor
UBS n/a ULT-AGG 1'567'300 0.34 (13'132) 30.07.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 110 12 month 30.07.2013
Credit Suisse RICHARD BURDEN neutral 3 M 131 Not Provided 29.07.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 120 12 month 29.07.2013
Deutsche Bank OLIVER STEEL buy 5 M 130 12 month 25.07.2013
Helvea DANIEL BISCHOF buy 5 M 122 12 month 25.07.2013
AlphaValue DIETER HEIN add 4 M 126 6 month 25.07.2013
Bankhaus Lampe ANDREAS SCHAEFER buy 5 M 135 12 month 24.07.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 135 12 month 23.07.2013
Oddo & Cie NICOLAS JACOB buy 5 M 130 Not Provided 23.07.2013
Barclays ANDREW BROADFIELD overweight 5 M 118 Not Provided 22.07.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 M 135 Not Provided 19.07.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 105 12 month 18.07.2013
Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 11.07.2013
Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 124 12 month 10.07.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 135 12 month 10.07.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 130 3 month 28.06.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 140 6 month 27.06.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 134 12 month 27.06.2013
Societe Generale NICK HOLMES hold 3 M 117 12 month 26.06.2013
Nord/LB JULIA SIEKMANN buy 5 M 132 12 month 26.06.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 26.06.2013
Berenberg Bank PETER ELIOT buy 5 M 141 Not Provided 26.06.2013
Nomura MICHAEL KLIEN buy 5 M 140 12 month 26.06.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 122 12 month 26.06.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 118 Not Provided 25.06.2013
Mediobanca SpA MARC THIELE neutral 3 M 123 Not Provided 20.06.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 142 12 month 20.06.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 140 12 month 18.06.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.06.2013
Main First Bank AG MICHAEL HAID outperform 5 M 150 12 month 12.06.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
HSBC KAILESH MISTRY overweight 5 M 145 Not Provided 31.05.2013
Macquarie HADLEY COHEN outperform 5 M 135 12 month 17.05.2013
Kepler Cheuvreux ATANASIO PANTARROTAS buy 5 M 134 Not Provided 16.05.2013
Natixis BENOIT VALLEAUX buy 5 M 130 Not Provided 16.05.2013
Bank of Valletta MALCOLM ABDILLA CASTILLO hold 3 M 117 Not Provided 12.03.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 25.02.2013
National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 22.02.2013
Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013
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] |
05.09.2013
SAP AG is a multinational software company. The Company develops business
software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training
services. SAP markets its products and services worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (15.03.2013) 65.00
52-Week Low (05.09.2012) 52.52
Daily Volume
53.45
52-Week High % Change -17.77% Dividend Yield -
52-Week Low % Change 1.77% Beta 0.83
% 52 Week Price Range High/Low 13.46% Equity Float 913.65
Shares Out 30.06.2013 1'228.5 Short Int -
65'663.55 1 Yr Total Return 2.06%
Total Debt 5'248.00 YTD Return -10.62%
Preferred Stock 0.0 Adjusted BETA 0.827
Minority Interest 8.0 Analyst Recs 44
Cash and Equivalents 2'631.00 Consensus Rating 4.023
Enterprise Value 67'214.55
Average Volume 5 Day 2'834'345
SAP GY EQUITY YTD Change - Average Volume 30 Day 2'341'761
SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'088'027
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
11'575.0 10'672.0 12'464.0 14'233.0 16'223.0 15'157.0 16'638.0 17'297.5 18'839.4 4'233.1 5'407.2
2.71x 3.65x 3.71x 3.31x 4.62x 13.82x 17.12x 3.78x 3.32x 15.86x 12.24x
3'300.0 3'301.0 4'125.0 4'663.0 5'002.0 4'810.0 4'920.0 6'164.7 6'841.2 1'492.5 2'324.5
9.49x 11.81x 11.20x 10.10x 14.99x 11.69x 13.93x 10.91x 9.83x 10.53x 10.17x
1'847.0 1'748.0 1'811.0 3'438.0 2'823.0 3'553.0 2'967.0 3'912.8 4'383.5 965.9 1'549.6
16.28x 22.45x 25.07x 14.13x 25.61x 15.71x 22.47x 15.85x 14.16x 14.96x 14.48x
EBITDA 5'002.00 Long-Term Rating Date -
EBIT 4'139.00 Long-Term Rating -
Operating Margin 25.51% Long-Term Outlook -
Pretax Margin 23.57% Short-Term Rating Date -
Return on Assets 11.42% Short-Term Rating -
Return on Common Equity 21.86%
Return on Capital 17.00% EBITDA/Interest Exp. 28.58
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 25.49
Net Debt/EBITDA 0.30
Gross Margin 68.8% Total Debt/EBITDA 1.02
EBITDA Margin 30.8%
EBIT Margin 25.2% Total Debt/Equity 37.1%
Net Income Margin 17.4% Total Debt/Capital 27.0%
Asset Turnover 0.64
Current Ratio 1.00 Net Fixed Asset Turnover 9.77
Quick Ratio 0.94 Accounts receivable turnover-days 72.33
Debt to Assets 19.56% Inventory Days -
Tot Debt to Common Equity 37.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.05 Cash Conversion Cycle -
Inventory Turnover -
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
SAP AGPrice/Volume
Valuation Analysis
2'753'896.00
Current Price (9/dd/yy) Market Data
,
-,
.,
0,
1,
2,
3,
4,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
.', B
1', B
3', B
5', B
-,', B
-.', B
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
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PLATTNER HASSO n/a 20F 120'857'498 9.84 - 07.03.2013 n/a
TSCHIRA KLAUS n/a 20F 92'079'595 7.5 - 07.03.2013 n/a
BLACKROCK n/a ULT-AGG 66'743'066 5.43 - 29.07.2013 Investment Advisor
HOPP DIETMAR n/a 20F 65'273'200 5.31 - 07.03.2013 n/a
SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation
MORGAN STANLEY n/a ULT-AGG 23'128'050 1.88 1'152'791 06.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 20'930'681 1.7 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'284'154 1 577'501 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'119'133 0.99 80'214 30.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'235'667 0.91 - 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 10'374'212 0.84 (62'274) 31.05.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 9'396'099 0.76 (1'291'972) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 8'250'500 0.67 (132'500) 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'792'633 0.63 (229'175) 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'438'705 0.61 57'830 30.06.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'081'368 0.58 - 31.05.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'586'656 0.54 (19'077) 30.05.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'520'708 0.53 (1'749'614) 30.06.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'989'465 0.41 667'331 31.03.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 4'582'686 0.37 - 06.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Metzler ULRICH TRABERT buy 5 M 65 12 month 29.07.2013
HSBC ANTONIN BAUDRY overweight 5 M 74 Not Provided 25.07.2013
Natixis GWENAEL GIARD neutral 3 M 59 Not Provided 25.07.2013
AlphaValue HEINZ STEFFEN buy 5 M 71 6 month 23.07.2013
Societe Generale RICHARD NGUYEN buy 5 M 68 12 month 22.07.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 70 Not Provided 22.07.2013
Jefferies ROSS MACMILLAN hold 3 M 60 12 month 22.07.2013
William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 22.07.2013
M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 64 12 month 22.07.2013
Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 69 6 month 22.07.2013
Cross Research RICHARD T WILLIAMS hold 3 M 59 12 month 22.07.2013
Exane BNP Paribas BRICE PRUNAS neutral 3 M 61 Not Provided 22.07.2013
Nomura RICHARD G SHERLUND buy 5 M 68 12 month 21.07.2013
JPMorgan STACY E POLLARD neutral 3 D 62 9 month 19.07.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 68 12 month 19.07.2013
Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 19.07.2013
Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 19.07.2013
DZ Bank AG HARALD SCHNITZER buy 5 M 63 Not Provided 19.07.2013
Redburn Partners NEIL STEER neutral 3 M #N/A N/A Not Provided 19.07.2013
Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 19.07.2013
Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 57 12 month 18.07.2013
Commerzbank Corporates & Markets THOMAS M BECKER hold 3 M 62 6 month 18.07.2013
Deutsche Bank KAI KORSCHELT hold 3 M 57 12 month 18.07.2013
Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 73 12 month 18.07.2013
Nord/LB WOLFGANG DONIE buy 5 M 68 12 month 18.07.2013
Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 77 12 month 18.07.2013
Baader Bank KNUT WOLLER buy 5 M 65 12 month 18.07.2013
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 18.07.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 57 Not Provided 18.07.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 63 12 month 18.07.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 18.07.2013
Kepler Cheuvreux LAURENT DAURE buy 5 M 66 Not Provided 18.07.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 65 12 month 18.07.2013
JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 17.07.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.06.2013
Jyske Bank ROBERT JAKOBSEN reduce 2 M 63 Not Provided 13.06.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013
UBS MICHAEL BRIEST neutral 3 M 65 12 month 23.01.2013
National Bank AG STEFFEN MANSKE buy 5 U 64 Not Provided 23.01.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.01.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 65 12 month 24.10.2012
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] |
05.09.2013
Daimler AG develops, manufactures, distributes, and sells a wide range of
automotive products, mainly passenger cars, trucks, vans and buses. The Company
also provides financial and other services relating to its automotive
businesses.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (23.08.2013) 56.10
52-Week Low (16.11.2012) 35.15
Daily Volume
53.82
52-Week High % Change -4.06% Dividend Yield -
52-Week Low % Change 53.14% Beta 1.25
% 52 Week Price Range High/Low 86.64% Equity Float 942.25
Shares Out 06.08.2013 1'069.4 Short Int -
57'557.05 1 Yr Total Return 50.29%
Total Debt 84'642.00 YTD Return 37.20%
Preferred Stock 0.0 Adjusted BETA 1.253
Minority Interest 1'631.0 Analyst Recs 38
Cash and Equivalents 15'055.00 Consensus Rating 3.632
Enterprise Value 127'433.05
Average Volume 5 Day 2'655'315
DAI GY EQUITY YTD Change - Average Volume 30 Day 2'831'441
DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'814'968
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
95'873.0 78'924.0 97'761.0 106'540.0 114'297.0 111'368.0 114'196.0 117'379.9 125'404.2 29'639.3 32'565.7
0.87x 1.15x 1.10x 0.93x 1.01x 3.69x 4.07x 0.59x 0.56x - -
11'685.0 3'032.0 10'489.0 12'216.0 12'138.0 12'366.0 10'909.0 14'133.1 14'228.8 - -
7.14x 29.84x 10.26x 8.09x 9.50x 8.75x 10.95x 9.02x 8.95x - -
1'348.0 (2'640.0) 4'498.0 5'667.0 6'095.0 5'825.0 6'700.0 5'453.0 5'923.0 1'311.0 1'524.0
15.61x - 11.85x 6.38x 7.24x 6.46x 7.40x 11.07x 9.73x - -
EBITDA 12'138.00 Long-Term Rating Date 23.02.2012
EBIT 8'071.00 Long-Term Rating A-
Operating Margin 7.06% Long-Term Outlook STABLE
Pretax Margin 6.75% Short-Term Rating Date 26.02.2001
Return on Assets 4.10% Short-Term Rating A-2
Return on Common Equity 16.82%
Return on Capital - EBITDA/Interest Exp. 20.54
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 12.37
Net Debt/EBITDA 6.38
Gross Margin 22.3% Total Debt/EBITDA 7.96
EBITDA Margin 9.5%
EBIT Margin 5.8% Total Debt/Equity 192.9%
Net Income Margin 5.3% Total Debt/Capital 65.0%
Asset Turnover 0.70
Current Ratio 1.13 Net Fixed Asset Turnover 2.46
Quick Ratio 0.38 Accounts receivable turnover-days 26.01
Debt to Assets 51.93% Inventory Days 77.76
Tot Debt to Common Equity 192.90% Accounts Payable Turnover Day 42.15
Accounts Receivable Turnover 14.03 Cash Conversion Cycle 58.83
Inventory Turnover 4.69
Fiscal Year Ended
Daimler AGPrice/Volume
Valuation Analysis
1'407'829.00
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,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B.', B1', B3', B5', B-,', B-.', B-1', B-3', B-5', B
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.,',,
1,',,
3,',,
5,',,
-,,',,
-.,',,
-1,',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DEUTSCHE BANK AG n/a ULT-AGG 154'191'572 14.43 - 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 93'450'580 8.74 (326'283) 29.07.2013 Investment Advisor
KUWAIT INVESTMENT AU n/a Co File 73'577'854 6.88 - 06.02.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 43'475'391 4.07 (2'675'000) 30.06.2013 Investment Advisor
COMMERZBANK AKTIENGE n/a Research 38'268'282 3.58 - 11.04.2013 Bank
AABAR INVESTMENTS PJ n/a Co File 33'056'717 3.09 - 06.02.2012 Government
NORGES BANK n/a Research 31'839'135 2.98 - 27.03.2013 Government
NISSAN MOTOR CO LTD n/a Co File 16'448'378 1.54 - 31.03.2013 Corporation
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 14'398'495 1.35 1'793'339 30.06.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'535'282 1.17 (692'591) 30.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'511'692 0.98 3'324 31.03.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'193'017 0.67 (468'100) 30.04.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'390'532 0.6 (15'900) 31.05.2013 Hedge Fund Manager
CREDIT SUISSE GROUP n/a Research 4'071'305 0.38 - 16.04.2013 Unclassified
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'261'395 0.31 (286'767) 28.03.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 3'000'000 0.28 - 31.12.2012 Pension Fund (ERISA)
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'997'337 0.28 - 29.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'952'272 0.28 (2'121'690) 30.04.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 2'719'961 0.25 - 05.10.2012 Investment Advisor
UBS n/a ULT-AGG 2'652'337 0.25 (8'911) 30.07.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank JOCHEN GEHRKE buy 5 M 62 12 month 30.07.2013
HSBC HORST SCHNEIDER overweight 5 M 60 Not Provided 30.07.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 30.07.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 76 Not Provided 29.07.2013
Equinet Institutional Services(ESN) TIM SCHULDT reduce 2 D 46 12 month 26.07.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 40 6 month 26.07.2013
Societe Generale STEPHEN REITMAN buy 5 M 60 12 month 25.07.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 64 6 month 25.07.2013
JPMorgan JOSE ASUMENDI overweight 5 M 61 12 month 25.07.2013
Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 63 12 month 25.07.2013
Oddo & Cie FRANCOIS MAURY buy 5 M 64 Not Provided 25.07.2013
M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 54 12 month 25.07.2013
Natixis GEORGES DIENG buy 5 M 61 Not Provided 25.07.2013
S&P Capital IQ RODERICK BRIDGE hold 3 U 56 12 month 25.07.2013
Baader Bank KLAUS BREITENBACH hold 3 M 50 12 month 24.07.2013
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 55 12 month 24.07.2013
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 60 Not Provided 24.07.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 47 12 month 24.07.2013
Bankhaus Lampe CHRISTIAN LUDWIG hold 3 M 53 12 month 24.07.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 24.07.2013
National Bank AG MANFRED JAISFELD buy 5 M 58 Not Provided 24.07.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 58 Not Provided 23.07.2013
Barclays KRISTINA CHURCH underweight 1 M 39 Not Provided 23.07.2013
Morgan Stanley LAURA LEMBKE Equalwt/In-Line 3 M 46 12 month 19.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.07.2013
Bankhaus Metzler JUERGEN PIEPER sell 1 M 46 12 month 15.07.2013
Kepler Cheuvreux MICHAEL RAAB reduce 2 M 47 Not Provided 15.07.2013
Exane BNP Paribas RABIH FREIHA outperform 5 M 57 Not Provided 15.07.2013
UBS PHILIPPE HOUCHOIS buy 5 M 57 12 month 12.07.2013
DZ Bank AG MICHAEL PUNZET sell 1 D 40 Not Provided 04.07.2013
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 66 12 month 29.05.2013
Nord/LB FRANK SCHWOPE buy 5 M 49 12 month 06.05.2013
Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 02.05.2013
Creative Global Investments CARLO R BESENIUS buy 5 M 52 Not Provided 16.04.2013
Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 48 12 month 15.02.2013
Cyrrus JIRI SIMARA hold 3 M 37 Not Provided 29.10.2012
Holdings By:
Daimler AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
BNP Paribas S.A. attracts deposits and offers commercial, retail, investment,
private and corporate banking services. The Bank also provides asset management
and investment advisory services to institutions and individuals in Europe, the
United States, Asia and the Emerging Markets.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (16.08.2013) 51.04
52-Week Low (05.09.2012) 34.11
Daily Volume
48.905
52-Week High % Change -4.18% Dividend Yield -
52-Week Low % Change 43.37% Beta 1.59
% 52 Week Price Range High/Low 84.91% Equity Float 1'099.81
Shares Out 10.07.2013 1'244.5 Short Int -
60'860.45 1 Yr Total Return 43.44%
Total Debt 1'012'615.00 YTD Return 18.63%
Preferred Stock 7'241.0 Adjusted BETA 1.586
Minority Interest 8'536.0 Analyst Recs 37
Cash and Equivalents 139'568.00 Consensus Rating 4.162
Enterprise Value -
Average Volume 5 Day 3'436'831
BNP FP EQUITY YTD Change - Average Volume 30 Day 3'634'583
BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'940'081
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
78'052.0 70'526.0 72'848.0 71'009.0 66'872.0 0.0 9'395.0 39'107.4 39'915.1 9'757.0 9'785.8
- - - - - #DIV/0! 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
3'021.0 5'832.0 7'843.0 6'050.0 6'553.0 6'023.0 5'185.0 5'770.6 6'587.4 1'344.0 1'292.0
9.85x 10.75x 7.52x 6.30x 8.25x 6.02x 9.95x 10.51x 9.23x - -
EBITDA - Long-Term Rating Date 25.10.2012
EBIT - Long-Term Rating A+
Operating Margin 19.44% Long-Term Outlook NEG
Pretax Margin 23.50% Short-Term Rating Date 25.10.2012
Return on Assets 0.27% Short-Term Rating A-1
Return on Common Equity 6.74%
Return on Capital 0.54% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 1287.6%
Net Income Margin 14.8% Total Debt/Capital 91.5%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 5.20
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 53.09% Inventory Days -
Tot Debt to Common Equity 1287.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
BNP Paribas SAPrice/Volume
Valuation Analysis
1'622'579.00
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,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
.', B
1', B
3', B
5', B
-,', B
-.', B
-1', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
,'2,
-',,
-'2,
.',,
.'2,
0',,
0'2,
1',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BELGIAN STATE n/a Research 127'747'434 10.27 (1'419'545) 23.05.2013 Government
AXA n/a ULT-AGG 66'464'562 5.34 - 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 25'617'790 2.06 - 31.12.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 21'408'790 1.72 391'347 30.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 18'833'106 1.51 101'737 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 16'032'136 1.29 (1'750'732) 29.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'216'935 1.22 2'766'847 30.06.2013 Investment Advisor
STATE OF LUXEMBOURG n/a Co File 12'540'483 1.01 - 31.12.2012 Government
FMR LLC n/a ULT-AGG 10'929'570 0.88 (470'186) 30.06.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10'745'800 0.86 2'345'800 30.06.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'235'862 0.74 (39'025) 28.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'397'906 0.67 (1'593'435) 31.03.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 6'394'558 0.51 1'461'558 30.06.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'967'769 0.48 (133'964) 31.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 5'208'905 0.42 5'700 31.05.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'030'740 0.4 1'229'156 28.06.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 4'777'154 0.38 (22'947) 28.03.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 4'392'845 0.35 (2'797'962) 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'151'101 0.33 (427'020) 28.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'090'359 0.33 250'743 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale GEOFF DAWES buy 5 M 55 12 month 31.07.2013
Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 59 12 month 31.07.2013
Bankhaus Lampe NEIL SMITH buy 5 M 54 12 month 31.07.2013
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 56 12 month 31.07.2013
Nomura JON PEACE buy 5 M 56 12 month 31.07.2013
AlphaValue CHRISTOPHE NIJDAM add 4 M 49 6 month 25.07.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 54 12 month 23.07.2013
Calamatta Cuschieri TEAM COVERAGE overweight 5 M 50 12 month 22.07.2013
RBC Capital Markets ANKE REINGEN outperform 5 M 53 12 month 19.07.2013
Natixis ALEX KOAGNE buy 5 M 53 Not Provided 19.07.2013
Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 16.07.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 M 48 Not Provided 15.07.2013
Deutsche Bank FLORA BENHAKOUN buy 5 M 50 12 month 09.07.2013
JPMorgan DELPHINE LEE neutral 3 M 47 15 month 28.06.2013
Grupo Santander AURELIA FAURE buy 5 M 55 Not Provided 26.06.2013
Mediobanca SpA ANTONIO GUGLIELMI outperform 5 M 51 Not Provided 26.06.2013
Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 20.06.2013
Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 57 Not Provided 14.06.2013
EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 31.05.2013
Kepler Cheuvreux CYRIL MEILLAND buy 5 M 56 Not Provided 30.05.2013
Barclays JEREMY SIGEE overweight 5 M 55 Not Provided 22.05.2013
Macquarie PIERS BROWN neutral 3 U 45 12 month 21.05.2013
Morgan Stanley SARA MINELLI Overwt/In-Line 5 M 55 12 month 10.05.2013
HSBC ROBIN DOWN overweight 5 M 54 Not Provided 03.05.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 53 12 month 03.05.2013
S&P Capital IQ WILLIAM HOWLETT buy 5 M 50 12 month 03.05.2013
UBS NICK DAVEY neutral 3 M 43 12 month 02.05.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 67 12 month 30.04.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 17.04.2013
Banco Sabadell MARIO LODOS buy 5 M 48 12 month 15.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 43 Not Provided 30.01.2013
Berenberg Bank JAMES CHAPPELL sell 1 N 25 Not Provided 28.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 50 Not Provided 19.06.2012
Holdings By:
BNP Paribas SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Unilever NV manufactures branded and packaged consumer goods, including food,
detergents, fragrances, home and personal care products. Dually-listed company
with ULVR LN.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.05.2013) 33.09
52-Week Low (14.09.2012) 26.97
Daily Volume
28.3
52-Week High % Change -14.48% Dividend Yield 3.53
52-Week Low % Change 4.95% Beta 0.70
% 52 Week Price Range High/Low 20.98% Equity Float -
Shares Out 30.06.2013 1'714.7 Short Int -
86'269.55 1 Yr Total Return 5.24%
Total Debt 10'221.00 YTD Return 0.70%
Preferred Stock 0.0 Adjusted BETA 0.697
Minority Interest 557.0 Analyst Recs 40
Cash and Equivalents 2'866.00 Consensus Rating 3.575
Enterprise Value 98'339.56
Average Volume 5 Day 3'907'755
UNA NA EQUITY YTD Change - Average Volume 30 Day 3'965'836
UNA NA EQUITY YTD % CHANGE - Average Volume 3 Month 4'411'285
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
40'523.0 39'823.0 44'262.0 46'467.0 51'324.0 49'077.0 51'426.0 51'480.4 53'824.9 13'212.2 12'638.7
1.40x 1.77x 1.64x 1.82x 1.75x 0.00x 0.00x 1.84x 1.74x - -
6'793.0 6'887.0 7'620.0 7'462.0 8'188.0 0.0 0.0 8'555.9 9'070.0 - -
8.36x 10.25x 9.54x 11.30x 10.94x 0.00x 0.00x 11.50x 10.85x - -
5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 0.0 0.0 4'687.8 5'089.6 1'149.0 1'183.0
9.69x 18.80x 15.43x 17.60x 18.25x 0.00x 0.00x 17.50x 16.12x - -
EBITDA 8'188.00 Long-Term Rating Date 05.10.2000
EBIT 6'989.00 Long-Term Rating A+
Operating Margin 13.62% Long-Term Outlook STABLE
Pretax Margin 13.02% Short-Term Rating Date 05.10.2000
Return on Assets 9.59% Short-Term Rating A-1
Return on Common Equity 34.61%
Return on Capital 19.15% EBITDA/Interest Exp. 15.57
Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 11.81
Net Debt/EBITDA 1.34
Gross Margin 40.2% Total Debt/EBITDA 1.83
EBITDA Margin 16.9%
EBIT Margin 14.6% Total Debt/Equity 67.4%
Net Income Margin 8.7% Total Debt/Capital 39.4%
Asset Turnover 1.04
Current Ratio 0.77 Net Fixed Asset Turnover 5.61
Quick Ratio 0.36 Accounts receivable turnover-days -
Debt to Assets 22.14% Inventory Days -
Tot Debt to Common Equity 67.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -8.85
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Unilever NVPrice/Volume
Valuation Analysis
2'111'470.00
Current Price (9/dd/yy) Market Data
,
2
-,
-2
.,
.2
0,
02
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B-', B.', B0', B1', B2', B3', B4', B5', B6', B-,', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FOUNDATION UNILEVER n/a Co File 1'321'784'807 77.08 - 04.03.2013 Other
UNILEVER NV n/a Co File 141'560'629 8.26 - 31.12.2012 Other
AXA INVESTMENT MANAG AXA EUROPE ACTIONS MF-PART 58'358'357 3.4 58'358'357 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 41'882'875 2.44 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 22'302'751 1.3 1'021'607 29.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 19'292'458 1.13 (10'350'042) 30.06.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'242'540 1.12 1'036'374 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 10'916'469 0.64 1'708'400 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 10'560'805 0.62 374'404 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 10'503'819 0.61 6'556'954 30.04.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'468'509 0.55 21'507 31.03.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 8'124'294 0.47 401'256 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'121'490 0.47 93'382 31.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'562'016 0.38 722'982 28.03.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 6'341'513 0.37 243 30.06.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'065'574 0.35 72'844 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'653'622 0.33 (26'674) 30.06.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 5'576'894 0.33 (177'457) 31.05.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'562'939 0.32 938'164 30.06.2013 Investment Advisor
POWER CORP OF CANADA n/a ULT-AGG 5'369'093 0.31 (106'000) 28.02.2013 Holding Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale WARREN L ACKERMAN buy 5 M 36 12 month 26.07.2013
Jefferies ALEX HOWSON hold 3 M 32 12 month 26.07.2013
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 36 12 month 26.07.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 33 12 month 26.07.2013
Rabobank International KAREL ZOETE buy 5 M 35 12 month 26.07.2013
Berenberg Bank JAMES TARGETT buy 5 M 36 Not Provided 26.07.2013
Natixis PIERRE TEGNER reduce 2 M 29 Not Provided 26.07.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 36 12 month 26.07.2013
ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 30 Not Provided 26.07.2013
Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 30 12 month 25.07.2013
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 38 12 month 25.07.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 30 12 month 25.07.2013
Credit Suisse CHARLES MILLS underperform 1 M 31 Not Provided 25.07.2013
HSBC CEDRIC BESNARD overweight 5 M 36 Not Provided 25.07.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 32 Not Provided 25.07.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 25.07.2013
SNS Securities(ESN) RICHARD WITHAGEN reduce 2 M 28 12 month 25.07.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 31 12 month 25.07.2013
Nomura DAVID HAYES buy 5 M 35 12 month 25.07.2013
S&P Capital IQ CARL SHORT buy 5 M 35 12 month 25.07.2013
ING Bank MARCO GULPERS hold 3 M 32 12 month 25.07.2013
Barclays IAIN SIMPSON overweight 5 M 36 Not Provided 25.07.2013
Helvea ANDREAS VON ARX accumulate 4 M 36 12 month 17.07.2013
JPMorgan CELINE PANNUTI overweight 5 M 34 3 month 05.07.2013
Petercam FERNAND DE BOER reduce 2 D 30 Not Provided 05.07.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 32 Not Provided 03.07.2013
UBS ALAN ERSKINE buy 5 M 34 12 month 13.06.2013
Exane BNP Paribas JEFF STENT neutral 3 M 33 Not Provided 13.06.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 37 Not Provided 10.06.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 06.06.2013
Kempen & Co ERWIN DUT hold 3 M 33 Not Provided 04.06.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 33 12 month 29.04.2013
Kepler Cheuvreux JON COX buy 5 M 35 Not Provided 26.04.2013
National Bank AG MANFRED JAISFELD hold 3 M 30 Not Provided 25.04.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 04.04.2013
Banco Sabadell IGNACIO ROMERO sell 1 M 26 12 month 15.02.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 26 6 month 23.01.2013
Theodoor Gilissen Securities TOM MULLER buy 5 M 33 Not Provided 15.01.2013
Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012
Holdings By:
Unilever NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North
Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces
natural gas and imports it for sale in Italy and elsewhere in Europe. Eni
transports natural gas in pipelines. The Company generates and trades
electricity, refines oil, and operates gasoline service stations.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (18.01.2013) 19.59
52-Week Low (25.06.2013) 15.16
Daily Volume
17.25
52-Week High % Change -11.94% Dividend Yield -
52-Week Low % Change 13.79% Beta 0.86
% 52 Week Price Range High/Low 48.31% Equity Float 2'532.59
Shares Out 30.06.2013 3'634.2 Short Int -
62'689.70 1 Yr Total Return 7.32%
Total Debt 24'463.00 YTD Return -3.20%
Preferred Stock 0.0 Adjusted BETA 0.855
Minority Interest 3'514.0 Analyst Recs 35
Cash and Equivalents 8'000.00 Consensus Rating 3.800
Enterprise Value 82'069.70
Average Volume 5 Day 11'944'400
ENI IM EQUITY YTD Change - Average Volume 30 Day 10'952'860
ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 13'077'510
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
108'082.0 83'227.0 98'523.0 109'589.0 127'220.0 113'436.0 124'910.0 115'814.9 120'284.3 30'508.3 32'485.3
0.74x 1.10x 0.91x 0.83x 0.68x 3.20x 2.90x 0.69x 0.67x 2.56x 2.40x
26'939.0 20'817.0 24'992.0 25'732.0 24'564.0 26'638.0 21'349.0 24'701.6 27'955.5 6'946.0 7'525.0
2.98x 4.39x 3.58x 3.53x 3.52x 3.61x 3.90x 3.32x 2.94x 2.84x 2.76x
8'825.0 4'367.0 6'318.0 6'860.0 7'788.0 7'930.0 5'714.0 5'252.2 6'455.7 1'419.0 1'712.0
6.89x 14.71x 9.39x 8.47x 16.38x 8.01x 31.88x 11.80x 9.64x 10.21x 9.54x
EBITDA 24'564.00 Long-Term Rating Date 16.07.2013
EBIT 15'026.00 Long-Term Rating A *-
Operating Margin 11.81% Long-Term Outlook -
Pretax Margin 13.05% Short-Term Rating Date 16.07.2013
Return on Assets 4.00% Short-Term Rating A-1 *-
Return on Common Equity 9.81%
Return on Capital - EBITDA/Interest Exp. 25.07
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 13.61
Net Debt/EBITDA 0.81
Gross Margin - Total Debt/EBITDA 1.20
EBITDA Margin 16.6%
EBIT Margin 8.9% Total Debt/Equity 41.3%
Net Income Margin 6.1% Total Debt/Capital 28.1%
Asset Turnover 0.86
Current Ratio 1.45 Net Fixed Asset Turnover 1.92
Quick Ratio 0.82 Accounts receivable turnover-days 54.33
Debt to Assets 17.52% Inventory Days -
Tot Debt to Common Equity 41.32% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.72 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Eni SpAPrice/Volume
Valuation Analysis
4'769'932.00
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.,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
-,', B
.,', B
0,', B
1,', B
2,', B
3,', B
4,', B
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CASSA DEPOSITI E PRE n/a Research 958'298'322 26.37 - 22.05.2013 Other
MINISTERO DELL'ECONO n/a Research 142'968'850 3.93 - 22.05.2013 Government
BLACKROCK n/a ULT-AGG 71'382'234 1.96 722'209 29.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 67'438'543 1.86 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 52'099'300 1.43 (90'000) 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 34'672'725 0.95 (3'874'406) 30.06.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'706'665 0.87 1'288'848 30.06.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 17'071'650 0.47 215'400 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 15'358'439 0.42 3'191'464 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 15'253'485 0.42 (307'747) 31.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 10'411'949 0.29 (275'839) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 10'354'300 0.28 547'634 30.06.2013 Investment Advisor
VERITAS ASSET MANAGE VERITAS FUNDS PLC-GL MF-PART 10'045'209 0.28 10'044'649 30.06.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 9'642'200 0.27 583'700 31.05.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 8'160'140 0.22 - 29.07.2013 Investment Advisor
UBS n/a ULT-AGG 7'531'002 0.21 5'226 30.07.2013 Unclassified
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 6'500'348 0.18 (1'007'338) 28.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 5'735'159 0.16 (46'577) 30.07.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'668'299 0.16 547'359 28.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 5'536'118 0.15 (97'692) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banca Akros(ESN) DARIO MICHI buy 5 M 22 12 month 29.07.2013
AlphaValue ALEXANDRE ANDLAUER add 4 M 18 6 month 25.07.2013
Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 19 12 month 23.07.2013
Societe Generale IRENE HIMONA hold 3 M 18 12 month 22.07.2013
Mediobanca SpA ANDREA SCAURI outperform 5 M 21 12 month 22.07.2013
Deutsche Bank MARK BLOOMFIELD buy 5 M 20 12 month 19.07.2013
Macquarie MARC B KOFLER outperform 5 M 21 12 month 19.07.2013
JPMorgan NITIN SHARMA overweight 5 M 22 12 month 18.07.2013
Credit Suisse KIM FUSTIER outperform 5 M 19 Not Provided 17.07.2013
Nomura THEEPAN JOTHILINGAM buy 5 M 19 Not Provided 17.07.2013
VTB Capital COLIN SMITH hold 3 M 19 12 month 17.07.2013
Raymond James BERTRAND HODEE market perform 3 D #N/A N/A Not Provided 16.07.2013
Barclays RAHIM KARIM overweight 5 M 20 Not Provided 16.07.2013
Grupo Santander JASON KENNEY hold 3 M 18 Not Provided 15.07.2013
S&P Capital IQ CHRISTINE TISCARENO hold 3 D 16 12 month 15.07.2013
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 21 12 month 11.07.2013
HSBC PAUL SPEDDING neutral 3 M 18 Not Provided 11.07.2013
Jefferies IAIN REID buy 5 M 22 12 month 08.07.2013
Canaccord Genuity Corp SAMUEL SIMON sell 1 M 17 12 month 08.07.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS underperform 1 M 18 Not Provided 08.07.2013
Natixis ANNE PUMIR neutral 3 M 18 Not Provided 05.07.2013
Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 19 12 month 01.07.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 20.06.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 18 12 month 19.06.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 21 12 month 18.06.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 21 12 month 17.06.2013
Kepler Cheuvreux ENRICO COCO hold 3 M 18 Not Provided 17.06.2013
Banca IMI ROBERTO RANIERI add 4 M 20 12 month 11.06.2013
UBS JONATHON RIGBY buy 5 M 20 12 month 10.06.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 14.05.2013
Investec NEILL MORTON hold 3 M 16 Not Provided 25.04.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 20 Not Provided 25.04.2013
Equita SIM SpA ROBERTO LETIZIA buy 5 M 22 12 month 25.04.2013
ICBPI LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 24.04.2013
National Bank AG MANFRED JAISFELD hold 3 D 17 Not Provided 24.05.2012
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] |
05.09.2013
Telefonica S.A. provides telecommunications services mainly to countries in
Europe and Latin America. The Company offers fixed-line and mobile telephone,
Internet, and data transmission services to residential and corporate customers.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (14.09.2012) 11.78
52-Week Low (21.02.2013) 9.47
Daily Volume
10.59
52-Week High % Change -10.10% Dividend Yield -
52-Week Low % Change 11.87% Beta 1.00
% 52 Week Price Range High/Low 44.04% Equity Float 4'512.12
Shares Out 30.06.2013 4'551.0 Short Int -
48'195.35 1 Yr Total Return 1.53%
Total Debt 66'853.00 YTD Return 3.93%
Preferred Stock 0.0 Adjusted BETA 0.997
Minority Interest 7'200.0 Analyst Recs 36
Cash and Equivalents 11'719.00 Consensus Rating 3.528
Enterprise Value 107'618.35
Average Volume 5 Day 16'628'440
TEF SQ EQUITY YTD Change - Average Volume 30 Day 19'238'580
TEF SQ EQUITY YTD % CHANGE - Average Volume 3 Month 23'530'470
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
57'946.0 56'731.0 60'737.0 62'837.0 62'356.0 62'932.0 59'937.0 57'911.0 57'529.1 14'002.5 14'857.5
2.10x 2.42x 2.29x 1.99x 1.74x 7.73x 7.25x 1.78x 1.76x - -
22'919.0 22'603.0 25'777.0 19'392.0 21'231.0 18'455.9 20'311.7 19'659.1 19'521.9 5'206.0 5'498.0
5.31x 6.07x 5.39x 6.46x 5.10x 6.19x 5.11x 5.48x 5.51x - -
7'592.0 7'776.0 10'167.0 5'402.9 3'928.0 4'315.9 3'909.0 4'625.7 4'802.6 982.0 530.0
9.72x 11.43x 7.54x 11.18x 11.71x 10.89x 11.38x 10.30x 9.77x - -
EBITDA 21'231.00 Long-Term Rating Date 20.12.2012
EBIT 10'798.00 Long-Term Rating BBB
Operating Margin 17.32% Long-Term Outlook NEG
Pretax Margin 9.40% Short-Term Rating Date 20.12.2012
Return on Assets 3.13% Short-Term Rating A-2
Return on Common Equity 19.88%
Return on Capital - EBITDA/Interest Exp. 6.86
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.80
Net Debt/EBITDA 2.61
Gross Margin - Total Debt/EBITDA 3.09
EBITDA Margin 33.9%
EBIT Margin 16.5% Total Debt/Equity 326.7%
Net Income Margin 6.3% Total Debt/Capital 70.7%
Asset Turnover 0.48
Current Ratio 0.81 Net Fixed Asset Turnover 1.77
Quick Ratio 0.71 Accounts receivable turnover-days 65.58
Debt to Assets 51.52% Inventory Days -
Tot Debt to Common Equity 326.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.57 Cash Conversion Cycle -
Inventory Turnover -
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
21'250'981.00
Current Price (9/dd/yy) Market Data
,
.
1
3
5
-,
-.
-1
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B.,', B1,', B3,', B5,', B-,,', B-.,', B-1,', B-3,', B-5,', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANCO BILBAO VIZCAYA n/a 20F 261'798'437 5.75 3'581'300 21.03.2013 Bank
CAIXABANK n/a 20F 254'697'815 5.6 7'798'898 21.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 177'257'649 3.89 - 29.07.2013 Investment Advisor
BNP PARIBAS SA n/a EXCH 127'368'869 2.8 (15'605'969) 12.05.2011 Bank
NORGES BANK Multiple Portfolios MF-AGG 97'834'735 2.15 - 31.12.2012 Government
TELEFONICA SA n/a EXCH 72'916'876 1.6 - 06.02.2013 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 44'210'166 0.97 1'923'226 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 23'495'751 0.52 (192'004) 31.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 21'492'438 0.47 (7'168'797) 30.04.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 15'017'874 0.33 7'573'790 28.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'456'208 0.3 5'396'197 31.03.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 12'136'614 0.27 - 29.07.2013 Investment Advisor
UBS n/a ULT-AGG 10'795'060 0.24 201'211 30.07.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'038'992 0.13 1'800'287 30.06.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'029'180 0.13 80'913 28.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'926'175 0.13 (14'473) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 5'890'820 0.13 (106'515) 30.07.2013 Investment Advisor
INVERCAIXA GESTION S Multiple Portfolios MF-AGG 5'693'032 0.13 1'564'796 30.06.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'675'018 0.12 (37'437) 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 5'500'406 0.12 461'461 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura FREDERIC BOULAN reduce 2 M 9 12 month 31.07.2013
Credit Suisse JUSTIN FUNNELL neutral 3 M 12 Not Provided 30.07.2013
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU buy 5 M 13 Not Provided 30.07.2013
NMAS 1 Agencia de Valores JOSE RAMON OCINA strong buy 5 M 13 12 month 30.07.2013
BPI PEDRO OLIVEIRA strong buy 5 M 13 Not Provided 29.07.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 13 12 month 29.07.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 10 12 month 29.07.2013
Espirito Santo Investment Bank ResearchNUNO MATIAS neutral 3 M 10 Not Provided 29.07.2013
Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO overweight 5 M 13 Not Provided 29.07.2013
Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 13 Not Provided 26.07.2013
Macquarie GUY R PEDDY neutral 3 M 10 12 month 26.07.2013
Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 10 Not Provided 26.07.2013
Kepler Cheuvreux JAVIER BORRACHERO buy 5 M 13 Not Provided 26.07.2013
Barclays JONATHAN DANN equalweight 3 M 12 Not Provided 26.07.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 17 6 month 26.07.2013
Morgan Stanley LUIS PROTA restricted #N/A N/A M #N/A N/A Not Provided 25.07.2013
Jefferies JEREMY A DELLIS underperform 1 M 9 12 month 25.07.2013
Raymond James STEPHANE BEYAZIAN underperform 1 M 10 12 month 25.07.2013
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 11 Not Provided 25.07.2013
Bankia Bolsa (ESN) DAVID CABEZA JARENO buy 5 M 13 12 month 25.07.2013
Interdin Bolsa BORJA MIJANGOS BLANCO buy 5 M 12 Not Provided 25.07.2013
S&P Capital IQ ALEXANDER WISCH sell 1 M 9 12 month 25.07.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 14 12 month 24.07.2013
National Bank AG MANFRED JAISFELD buy 5 M 13 Not Provided 24.07.2013
Berenberg Bank PAUL ANDREW MARSCH sell 1 M 9 Not Provided 24.07.2013
Deutsche Bank KEVAL KHIROYA restricted #N/A N/A M #N/A N/A Not Provided 23.07.2013
Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 23.07.2013
JPMorgan AKHIL DATTANI restricted #N/A N/A M #N/A N/A Not Provided 23.07.2013
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 11 Not Provided 19.07.2013
BCP Investimento ALEXANDRA DELGADO buy 5 M 15 Not Provided 18.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 15.07.2013
New Street Research JAMES RATZER reduce 2 M 9 Not Provided 05.06.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 03.06.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 30.05.2013
La Caixa BORJA PAGOAGA buy 5 M 13 Not Provided 22.05.2013
HSBC LUIGI MINERVA neutral 3 M 11 Not Provided 09.05.2013
Natixis BENOIT MAYNARD neutral 3 M 13 Not Provided 09.05.2013
Banesto Bolsa SA Sociedad MARTA GOMEZ overweight 5 M 12 12 month 03.04.2013
UBS GIOVANNI MONTALTI neutral 3 M 10 12 month 02.04.2013
BBVA IVON LEAL outperform 5 M 13 Not Provided 11.03.2013
Renta 4 SA SVB IVAN SAN FELIX hold 3 M 19 Not Provided 23.07.2012
Holdings By:
Telefonica SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail,
wholesale, and investment banking services. The Bank offers consumer and
mortgage loans, private banking, asset management, insurance, mutual funds, and
securities brokerage services. It operates in Europe, Latin America, United
States, China and Turkey.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (28.01.2013) 7.86
52-Week Low (11.10.2012) 5.82
Daily Volume
7.52
52-Week High % Change -4.29% Dividend Yield -
52-Week Low % Change 29.32% Beta 1.21
% 52 Week Price Range High/Low 81.49% Equity Float 5'546.88
Shares Out 05.07.2013 5'724.3 Short Int -
43'046.93 1 Yr Total Return 31.96%
Total Debt 226'217.00 YTD Return 13.23%
Preferred Stock 0.0 Adjusted BETA 1.213
Minority Interest 2'372.0 Analyst Recs 41
Cash and Equivalents 63'956.00 Consensus Rating 3.512
Enterprise Value -
Average Volume 5 Day 26'175'260
BBVA SQ EQUITY YTD Change - Average Volume 30 Day 31'371'450
BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 68'106'100
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
41'508.0 34'467.0 32'482.0 33'049.0 35'222.0 33'752.0 22'093.0 21'977.2 23'053.7 5'378.0 5'463.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
5'020.0 4'210.0 4'606.0 3'004.0 1'676.0 2'175.0 3'047.0 3'646.7 4'198.7 - -
6.41x 11.37x 6.46x 11.78x 28.56x 13.49x 22.71x 12.75x 10.70x - -
EBITDA - Long-Term Rating Date 16.10.2012
EBIT - Long-Term Rating BBB-
Operating Margin 5.89% Long-Term Outlook NEG
Pretax Margin 6.89% Short-Term Rating Date 16.10.2012
Return on Assets 0.49% Short-Term Rating A-3
Return on Common Equity 7.08%
Return on Capital 1.31% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 546.0%
Net Income Margin 7.0% Total Debt/Capital 83.8%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 2.92
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 35.47% Inventory Days -
Tot Debt to Common Equity 546.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Banco Bilbao Vizcaya Argentaria SAPrice/Volume
Valuation Analysis
12'942'603.00
Current Price (9/dd/yy) Market Data
,
-
.
0
1
2
3
4
5
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
-,,', B
.,,', B
0,,', B
1,,', B
2,,', B
3,,', B
4,,', B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,
,'.,
,'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] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BNP PARIBAS SA n/a EXCH 177'140'051 3.09 10'373'306 09.05.2013 Bank
INVERAVANTE INVERSIO n/a 13G 160'934'820 2.81 (86'470'698) 24.07.2012 Other
NORGES BANK Multiple Portfolios MF-AGG 120'502'641 2.11 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 100'933'943 1.76 4'439'390 29.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 62'597'618 1.09 2'368'766 30.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 52'046'490 0.91 52'046'490 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 43'112'614 0.75 1'276'482 30.06.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 34'906'604 0.61 3'065'347 31.03.2013 Investment Advisor
BANCO BILBAO VIZCAYA n/a EXCH 33'892'062 0.59 - 02.07.2013 Bank
FMR LLC n/a ULT-AGG 22'414'992 0.39 (157'752) 30.06.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 22'104'311 0.39 (4'502'376) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 18'788'200 0.33 147'275 30.05.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 18'487'948 0.32 18'317'748 31.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 17'470'541 0.31 (7'086'056) 30.04.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 16'870'852 0.29 - 29.07.2013 Investment Advisor
UBS n/a ULT-AGG 14'998'426 0.26 (554'401) 30.07.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 9'164'071 0.16 (324'434) 30.06.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 9'030'636 0.16 1'172'269 31.03.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'654'515 0.15 (4'707'476) 28.03.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 8'502'862 0.15 1'431'228 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets PATRICK LEE sector perform 3 M 7 12 month 31.07.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 8 12 month 31.07.2013
Bankia Bolsa (ESN) JAVIER BERNAT accumulate 4 M 9 12 month 31.07.2013
Nomura DARAGH QUINN neutral 3 M 7 12 month 31.07.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 M 8 12 month 31.07.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 31.07.2013
Grupo Santander ARTURO DE FRIAS buy 5 M 9 Not Provided 29.07.2013
BPI CARLOS JOAQUIM PEIXOTO strong buy 5 M 9 Not Provided 29.07.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 29.07.2013
Bankhaus Lampe NEIL SMITH sell 1 M 6 12 month 23.07.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO buy 5 M 8 Not Provided 23.07.2013
EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 23.07.2013
Mediobanca SpA ANDREA FILTRI neutral 3 M 7 12 month 22.07.2013
UBS IGNACIO SANZ buy 5 U 8 12 month 22.07.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ buy 5 M 8 Not Provided 18.07.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 8 6 month 18.07.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 17.07.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 7 Not Provided 15.07.2013
Deutsche Bank JASON NAPIER hold 3 M 7 12 month 10.07.2013
JPMorgan JAIME BECERRIL underweight 1 M 6 15 month 04.07.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 U 7 12 month 02.07.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 6 12 month 01.07.2013
Societe Generale CARLOS GARCIA GONZALEZ buy 5 M 8 Not Provided 28.06.2013
Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 9 12 month 26.06.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 7 Not Provided 20.06.2013
HSBC CARLO DIGRANDI underweight 1 M 6 Not Provided 18.06.2013
Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 17.06.2013
Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 8 Not Provided 14.06.2013
Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 8 12 month 13.06.2013
La Caixa DAVID FERNANDEZ buy 5 M 8 Not Provided 13.06.2013
Natixis FREDERIC TESCHNER neutral 3 M 6 Not Provided 07.06.2013
Barclays ROHITH CHANDRA-RAJAN equalweight 3 M 7 Not Provided 05.06.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 28.05.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.05.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 8 12 month 26.04.2013
Banco Sabadell MARIO LODOS buy 5 M 8 Not Provided 25.04.2013
Inteligo SAB LUIS ORDONEZ buy 5 M 8 12 month 24.04.2013
Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 19.04.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 6 Not Provided 31.07.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012
Holdings By:
Banco Bilbao Vizcaya Argentaria SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The
Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,
watches and jewelry.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (18.01.2013) 143.40
52-Week Low (28.09.2012) 117.00
Daily Volume
134.9
52-Week High % Change -5.93% Dividend Yield 2.22
52-Week Low % Change 15.30% Beta 0.98
% 52 Week Price Range High/Low 66.48% Equity Float 256.64
Shares Out 05.08.2013 507.8 Short Int -
68'503.74 1 Yr Total Return 7.79%
Total Debt 6'812.00 YTD Return -1.37%
Preferred Stock 0.0 Adjusted BETA 0.982
Minority Interest 1'102.0 Analyst Recs 35
Cash and Equivalents 2'196.00 Consensus Rating 4.314
Enterprise Value 74'792.74
Average Volume 5 Day 537'027
MC FP EQUITY YTD Change - Average Volume 30 Day 666'908
MC FP EQUITY YTD % CHANGE - Average Volume 3 Month 750'825
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
17'193.0 17'053.0 20'320.0 23'659.0 28'103.0 26'333.0 28'832.0 30'164.7 33'279.8 7'371.0 8'808.5
1.60x 2.41x 3.08x 2.56x 2.67x 0.00x 0.00x 2.46x 2.18x - -
4'323.0 4'055.0 5'106.0 6'150.0 7'016.0 0.0 0.0 7'448.8 8'359.5 - -
6.34x 10.13x 12.27x 9.84x 10.71x 0.00x 0.00x 10.04x 8.94x - -
2'026.0 1'755.0 3'032.0 3'065.0 3'424.0 0.0 0.0 3'702.0 4'207.0 - -
11.16x 21.13x 19.36x 17.45x 20.23x 0.00x 0.00x 18.47x 16.20x - -
EBITDA 7'016.00 Long-Term Rating Date 20.05.2011
EBIT 5'921.00 Long-Term Rating A
Operating Margin 21.07% Long-Term Outlook POS
Pretax Margin 20.39% Short-Term Rating Date 20.05.2011
Return on Assets 6.65% Short-Term Rating A-1
Return on Common Equity 13.54%
Return on Capital 11.73% EBITDA/Interest Exp. 42.27
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 32.55
Net Debt/EBITDA 0.73
Gross Margin 64.7% Total Debt/EBITDA 1.00
EBITDA Margin 24.8%
EBIT Margin 20.7% Total Debt/Equity 27.7%
Net Income Margin 12.2% Total Debt/Capital 21.0%
Asset Turnover 0.58
Current Ratio 1.51 Net Fixed Asset Turnover 3.37
Quick Ratio 0.44 Accounts receivable turnover-days 21.20
Debt to Assets 13.64% Inventory Days 269.47
Tot Debt to Common Equity 27.73% Accounts Payable Turnover Day 99.90
Accounts Receivable Turnover 17.21 Cash Conversion Cycle 177.70
Inventory Turnover 1.35
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
LVMH Moet Hennessy Louis Vuitton SAPrice/Volume
Valuation Analysis
250'656.00
Current Price (9/dd/yy) Market Data
,
.,
1,
3,
5,
-,,
-.,
-1,
-3,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
'2 B
-', B
-'2 B
.', B
.'2 B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GROUPE ARNAULT SAS n/a Co File 235'886'503 46.42 - 31.12.2012 Holding Company
LVMH MOET HENNESSY L n/a Co File 8'167'519 1.61 - 31.12.2012 Holding Company
NORGES BANK Multiple Portfolios MF-AGG 7'487'936 1.47 - 31.12.2012 Government
QATAR HOLDINGS LLC n/a Research 5'230'723 1.03 - 15.03.2012 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 5'161'417 1.02 164'491 31.05.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'085'056 0.8 - 31.05.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'205'400 0.63 (108'738) 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'117'790 0.61 (77'924) 29.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'632'058 0.52 (260'185) 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'083'440 0.41 (33'978) 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'983'160 0.39 46'540 30.05.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'821'662 0.36 (5'953) 28.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'729'060 0.34 (169'059) 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'532'627 0.3 (1'522) 30.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'528'000 0.3 - 30.06.2013 Investment Advisor
TRAPANI FRANCESCO n/a Co File 1'382'092 0.27 - 31.12.2012 n/a
AVIVA PLC Multiple Portfolios MF-AGG 1'360'824 0.27 - 31.05.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 1'263'900 0.25 1'263'900 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'261'752 0.25 (618'685) 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'159'842 0.23 15'752 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale THIERRY COTA hold 3 M 140 12 month 30.07.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2013
Exane BNP Paribas LUCA GIUSEPPE SOLCA neutral 3 M 150 Not Provided 30.07.2013
Credit Suisse ROGERIO FUJIMORI neutral 3 M 142 Not Provided 29.07.2013
Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 165 12 month 29.07.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 160 12 month 29.07.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 165 Not Provided 29.07.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 160 6 month 29.07.2013
Natixis OLIVIER DELAHOUSSE buy 5 M 155 Not Provided 29.07.2013
S&P Capital IQ WESTCOTT ROCHETTE buy 5 D 151 12 month 29.07.2013
Deutsche Bank WARWICK OKINES hold 3 M 145 12 month 26.07.2013
Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 156 12 month 26.07.2013
UBS EVA QUIROGA buy 5 U 155 12 month 26.07.2013
JPMorgan MELANIE A FLOUQUET neutral 3 M 141 3 month 26.07.2013
Aurel - BGC DAVID DA MAIA buy 5 M 150 Not Provided 26.07.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 141 Not Provided 26.07.2013
Renaissance Capital REY WIUM buy 5 M 156 12 month 26.07.2013
ISI Group OMAR SAAD buy 5 M 160 12 month 26.07.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 154 12 month 26.07.2013
Barclays JULIAN EASTHOPE overweight 5 M 164 Not Provided 26.07.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 140 12 month 26.07.2013
Nomura CHRISTOPHER WALKER buy 5 M 155 12 month 23.07.2013
Berenberg Bank JOHN GUY hold 3 M 140 Not Provided 22.07.2013
AlphaValue VIRGINIE BLIN buy 5 M 169 6 month 18.07.2013
Kepler Cheuvreux CATHERINE ROLLAND buy 5 M 161 Not Provided 15.07.2013
Raymond James HERMINE DE BENTZMANN strong buy 5 M 163 Not Provided 28.06.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 17.06.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.06.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 123 12 month 29.04.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 189 12 month 19.04.2013
National Bank AG MANFRED JAISFELD buy 5 M 155 Not Provided 16.04.2013
HSBC ANTOINE BELGE neutral 3 M 147 Not Provided 27.03.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 144 12 month 15.02.2013
Equita SIM SpA FABIO FAZZARI buy 5 N 178 12 month 10.12.2012
Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 19.10.2012
Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 02.04.2012
Holdings By:
LVMH Moet Hennessy Louis Vuitton SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Danone is a food processing company. The Company produces dairy products,
beverages, baby food and clinical/medical nutrition products.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.08.2013) 60.45
52-Week Low (23.10.2012) 45.61
Daily Volume
55.87
52-Week High % Change -7.58% Dividend Yield -
52-Week Low % Change 22.51% Beta 0.64
% 52 Week Price Range High/Low 70.16% Equity Float 534.79
Shares Out 30.07.2013 631.0 Short Int -
35'255.54 1 Yr Total Return 15.52%
Total Debt 9'522.00 YTD Return 14.78%
Preferred Stock 0.0 Adjusted BETA 0.638
Minority Interest 63.0 Analyst Recs 41
Cash and Equivalents 3'017.00 Consensus Rating 3.439
Enterprise Value 43'651.53
Average Volume 5 Day 1'369'527
BN FP EQUITY YTD Change - Average Volume 30 Day 1'207'999
BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'464'720
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
15'220.0 14'982.0 17'010.0 19'318.0 20'869.0 20'065.0 21'451.0 22'020.3 23'291.0 5'466.1 5'421.9
2.09x 2.20x 2.11x 1.89x 1.73x 0.00x 0.00x 1.88x 1.75x - -
2'796.0 2'844.0 3'194.0 3'486.0 3'622.0 0.0 0.0 3'715.5 3'974.9 - -
11.35x 11.61x 11.23x 10.45x 9.99x 0.00x 0.00x 11.75x 10.98x - -
1'313.0 1'361.0 1'875.0 1'671.0 1'672.0 0.0 0.0 1'809.9 1'965.1 - -
19.75x 17.77x 15.42x 17.53x 17.95x 0.00x 0.00x 18.15x 16.69x - -
EBITDA 3'622.00 Long-Term Rating Date 25.07.2007
EBIT 2'958.00 Long-Term Rating A-
Operating Margin 14.17% Long-Term Outlook STABLE
Pretax Margin 11.97% Short-Term Rating Date 11.07.2007
Return on Assets 5.84% Short-Term Rating A-2
Return on Common Equity 15.12%
Return on Capital 9.31% EBITDA/Interest Exp. 14.78
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 10.80
Net Debt/EBITDA 2.46
Gross Margin 50.1% Total Debt/EBITDA 3.26
EBITDA Margin 15.9%
EBIT Margin 12.7% Total Debt/Equity 78.1%
Net Income Margin 8.0% Total Debt/Capital 43.7%
Asset Turnover 0.71
Current Ratio 0.81 Net Fixed Asset Turnover 5.02
Quick Ratio 0.58 Accounts receivable turnover-days 35.67
Debt to Assets 32.24% Inventory Days 41.59
Tot Debt to Common Equity 78.11% Accounts Payable Turnover Day 105.79
Accounts Receivable Turnover 10.23 Cash Conversion Cycle -27.01
Inventory Turnover 8.78
Fiscal Year Ended
Danone SAPrice/Volume
Valuation Analysis
613'219.00
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,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
-', B
.', B
0', B
1', B
2', B
3', B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN LIFE FINANCIAL I n/a ULT-AGG 55'784'313 8.84 3'781 31.05.2013 Investment Advisor
GROUPE DANONE n/a ULT-AGG 44'051'229 6.98 - 31.12.2012 Corporation
AMUNDI SA n/a Co File 20'039'020 3.18 - 31.12.2012 Other
EURAZEO n/a Co File 16'433'370 2.6 - 31.12.2012 Investment Advisor
NORGES BANK n/a Co File 15'048'614 2.38 - 31.12.2012 Government
SOFINA & HENEX GROUP n/a Co File 13'584'541 2.15 - 31.12.2012 Other
NATIXIS ASSET MANAGE n/a Co File 12'811'179 2.03 - 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'363'710 1.8 1'000'000 30.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9'939'780 1.58 (112'541) 31.03.2013 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 9'783'434 1.55 - 31.12.2012 Government
FCPE FONDS GROUPE DA n/a Co File 8'533'644 1.35 - 31.12.2012 n/a
FMR LLC n/a ULT-AGG 7'578'738 1.2 290'647 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 6'725'760 1.07 4'734'388 31.12.2012 Investment Advisor
TRIAN FUND MANAGEMEN n/a Research 6'431'620 1.02 - 07.11.2012 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 6'296'639 1 32'734 29.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'253'217 0.99 (435'116) 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'907'099 0.94 28'959 28.06.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'528'028 0.72 (40'536) 28.03.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'324'592 0.69 745'570 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'192'775 0.66 (286'621) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 60 12 month 31.07.2013
Societe Generale WARREN L ACKERMAN hold 3 M 61 12 month 30.07.2013
JPMorgan CELINE PANNUTI overweight 5 M 74 15 month 30.07.2013
Oddo & Cie LAURENCE HOFMANN neutral 3 M 56 Not Provided 30.07.2013
Kepler Cheuvreux JON COX buy 5 M 65 Not Provided 30.07.2013
Natixis PIERRE TEGNER neutral 3 M 56 Not Provided 30.07.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 30.07.2013
Helvea ANDREAS VON ARX accumulate 4 M 66 12 month 30.07.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 50 12 month 29.07.2013
Morgan Stanley EILEEN KHOO Underwt/In-Line 1 M 49 12 month 29.07.2013
Investec MARTIN DEBOO hold 3 M #N/A N/A Not Provided 29.07.2013
HSBC CEDRIC BESNARD overweight 5 M 66 Not Provided 29.07.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 69 12 month 29.07.2013
CM - CIC Securities(ESN) FRANCIS PRETRE reduce 2 M 52 12 month 29.07.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 45 12 month 29.07.2013
Nomura DAVID HAYES buy 5 M 61 12 month 29.07.2013
S&P Capital IQ CARL SHORT buy 5 M 67 12 month 29.07.2013
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 29.07.2013
Exane BNP Paribas JEFF STENT outperform 5 M 70 Not Provided 29.07.2013
Barclays LIAM ROWLEY equalweight 3 M 57 Not Provided 29.07.2013
AlphaValue SOPHIE CABO-BROSETA add 4 M 64 6 month 25.07.2013
Jefferies ALEX HOWSON hold 3 M 58 12 month 19.07.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 19.07.2013
Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 63 Not Provided 11.07.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 57 12 month 09.07.2013
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 71 12 month 04.07.2013
Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013
Berenberg Bank JAMES TARGETT sell 1 M 55 Not Provided 17.06.2013
Credit Suisse ALEX MOLLOY underperform 1 M 52 Not Provided 11.06.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.05.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 58 Not Provided 19.04.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 18.04.2013
UBS ALAN ERSKINE neutral 3 M 57 12 month 17.04.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 53 12 month 12.04.2013
Equita SIM SpA FABIO FAZZARI buy 5 M 66 12 month 12.03.2013
Banco Sabadell IGNACIO ROMERO sell 1 M 56 12 month 15.02.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 50 Not Provided 13.12.2012
Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012
Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011
Holdings By:
Danone SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Deutsche Bank AG is a global financial service provider delivering commercial,
investment, private and retail banking. The Bank offers debt, foreign exchange,
derivatives, commodities, money markets, repo and securitization, cash equities,
research, equity prime services, loans, convertibles, advice on M&A and IPO's,
trade finance, retail banking, asset management and corporate investments.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (01.02.2013) 38.73
52-Week Low (05.09.2012) 27.27
Daily Volume
33.51
52-Week High % Change -13.48% Dividend Yield -
52-Week Low % Change 22.88% Beta 1.39
% 52 Week Price Range High/Low 54.41% Equity Float 1'013.93
Shares Out 30.06.2013 1'019.5 Short Int -
34'163.43 1 Yr Total Return 23.02%
Total Debt 278'501.00 YTD Return 3.88%
Preferred Stock 0.0 Adjusted BETA 1.390
Minority Interest 407.0 Analyst Recs 41
Cash and Equivalents 147'433.00 Consensus Rating 3.976
Enterprise Value -
Average Volume 5 Day 5'073'803
DBK GY EQUITY YTD Change - Average Volume 30 Day 5'311'888
DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 5'997'256
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
58'492.0 45'167.0 46'151.0 52'660.0 52'299.0 49'520.0 49'310.0 33'455.0 34'012.5 7'752.8 7'818.2
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(3'835.0) 4'973.0 2'310.0 4'132.0 237.0 2'916.0 190.0 3'960.8 4'618.2 708.3 730.8
- 6.24x 12.74x 6.61x 131.80x 9.08x 179.61x 8.94x 7.38x 8.09x -
EBITDA - Long-Term Rating Date 02.07.2013
EBIT - Long-Term Rating A
Operating Margin 8.08% Long-Term Outlook STABLE
Pretax Margin 2.18% Short-Term Rating Date 19.12.2008
Return on Assets 0.01% Short-Term Rating A-1
Return on Common Equity 0.34%
Return on Capital 0.06% EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 515.7%
Net Income Margin 0.7% Total Debt/Capital 83.7%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 9.91
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 13.84% Inventory Days -
Tot Debt to Common Equity 515.71% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Deutsche Bank AGPrice/Volume
Valuation Analysis
1'719'458.00
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,
02
1,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
2', B
-,', B
-2', B
.,', B
.2', B
0,', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
6',,
-,',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 47'776'278 4.69 - 29.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 41'570'490 4.08 (651'716) 30.06.2013 Investment Advisor
DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 24'511'746 2.4 53'089 31.03.2013 Bank
DEUTSCHE BANK AG n/a ULT-AGG 23'643'257 2.32 6'685'386 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 21'866'137 2.14 - 31.12.2012 Government
COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 19'985'815 1.96 5'187'914 31.03.2013 Bank
CREDIT SUISSE AG n/a ULT-AGG 16'753'114 1.64 - 29.05.2013 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'412'440 1.61 (236'367) 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'259'100 1.01 674'993 30.06.2013 Investment Advisor
UBS n/a ULT-AGG 7'624'696 0.75 1'264'411 30.07.2013 Unclassified
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'105'620 0.7 (634'844) 30.04.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 6'818'301 0.67 2'635'705 30.04.2013 Investment Advisor
HSBC HOLDINGS PLC HSBC HOLDINGS PLC 13F 5'921'773 0.58 (11'954'777) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'567'724 0.55 (109'942) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'466'501 0.54 331'142 27.05.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'205'471 0.51 (1'651'936) 30.06.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'710'141 0.46 433'334 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'657'901 0.46 751'469 31.03.2013 Investment Advisor
DEUTSCHE TELEKOM n/a Research 3'832'262 0.38 - 13.11.2012 Unclassified
GOLDMAN SACHS GROUP n/a ULT-AGG 3'819'018 0.37 (4'738'602) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Natixis ANTOINE BURGARD buy 5 M 44 Not Provided 31.07.2013
Nomura JON PEACE neutral 3 M 38 Not Provided 31.07.2013
Commerzbank Corporates & Markets MICHAEL DUNST buy 5 M 45 6 month 30.07.2013
Nord/LB MICHAEL SEUFERT hold 3 D 35 12 month 30.07.2013
RBC Capital Markets FIONA SWAFFIELD outperform 5 M 38 12 month 30.07.2013
Credit Suisse AMIT GOEL outperform 5 M 37 Not Provided 30.07.2013
Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 46 12 month 30.07.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 M 40 Not Provided 30.07.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 42 12 month 30.07.2013
Bankhaus Lampe NEIL SMITH buy 5 M 42 12 month 30.07.2013
Oddo & Cie JEAN SASSUS neutral 3 M 40 Not Provided 30.07.2013
M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 45 12 month 30.07.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER buy 5 M 44 12 month 30.07.2013
S&P Capital IQ FRANK BRADEN buy 5 M 40 12 month 30.07.2013
Exane BNP Paribas DANIEL DAVIES outperform 5 M 42 Not Provided 30.07.2013
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 40 12 month 26.07.2013
Canaccord Genuity Corp ARUN MELMANE buy 5 M 45 12 month 26.07.2013
Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 40 12 month 25.07.2013
AlphaValue DIETER HEIN add 4 D 42 6 month 25.07.2013
Goldman Sachs JERNEJ OMAHEN Sell/Neutral 1 M 35 12 month 19.07.2013
Macquarie PIERS BROWN neutral 3 U 34 12 month 18.07.2013
Redburn Partners NICHOLAS WATTS neutral 3 D #N/A N/A Not Provided 16.07.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 43 12 month 10.07.2013
Barclays JEREMY SIGEE overweight 5 M 47 Not Provided 09.07.2013
Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 04.07.2013
Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 28 Not Provided 03.07.2013
JPMorgan KIAN ABOUHOSSEIN neutral 3 M 38 15 month 28.06.2013
Grupo Santander AURELIA FAURE hold 3 M 37 Not Provided 30.05.2013
Societe Generale DIRK HOFFMANN-BECKING buy 5 M 43 12 month 29.05.2013
HSBC ROBERT MURPHY overweight 5 M 44 Not Provided 28.05.2013
Main First Bank AG KILIAN MAIER outperform 5 N 45 12 month 13.05.2013
DZ Bank AG CHRISTOPH BAST buy 5 M 40 Not Provided 10.05.2013
Kepler Cheuvreux DIRK BECKER buy 5 M 44 Not Provided 07.05.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 03.05.2013
UBS DANIELE BRUPBACHER neutral 3 M 37 12 month 02.05.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 20 Not Provided 30.04.2013
Day by Day VALERIE GASTALDY buy 5 U 38 3 month 25.04.2013
Banco Sabadell MARIO LODOS buy 5 M 40 12 month 15.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
National Bank AG DIRK GOJNY buy 5 M 32 Not Provided 25.07.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 03.07.2012
SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010
Holdings By:
Deutsche Bank AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
AXA SA is an insurance company which also provides related financial services.
The Company offers life and non-life insurance, reinsurance, savings and pension
products, and asset management services. AXA operates in both domestic and
international markets.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (19.08.2013) 18.17
52-Week Low (11.10.2012) 11.36
Daily Volume
17.15
52-Week High % Change -5.61% Dividend Yield -
52-Week Low % Change 51.03% Beta 1.59
% 52 Week Price Range High/Low 81.88% Equity Float 2'047.45
Shares Out 29.08.2013 2'392.3 Short Int -
41'027.50 1 Yr Total Return 54.26%
Total Debt 15'172.00 YTD Return 34.85%
Preferred Stock 5'735.0 Adjusted BETA 1.594
Minority Interest 2'355.0 Analyst Recs 37
Cash and Equivalents 30'546.00 Consensus Rating 4.054
Enterprise Value 39'341.50
Average Volume 5 Day 5'183'750
CS FP EQUITY YTD Change - Average Volume 30 Day 5'693'202
CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 6'446'782
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
51'235.0 122'704.0 117'414.0 98'334.0 116'202.0 0.0 0.0 100'368.2 102'961.5 - -
0.62x 0.36x 0.29x 0.18x 0.21x #DIV/0! #DIV/0! 0.56x 0.59x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
923.0 3'606.0 2'749.0 4'324.0 4'152.0 0.0 0.0 4'869.9 5'196.2 - -
51.67x 10.60x 12.33x 5.88x 8.10x 0.00x 0.00x 8.46x 7.95x - -
EBITDA - Long-Term Rating Date 18.12.2012
EBIT - Long-Term Rating A-
Operating Margin 5.43% Long-Term Outlook STABLE
Pretax Margin 4.66% Short-Term Rating Date 18.12.2012
Return on Assets 0.53% Short-Term Rating A-2
Return on Common Equity 8.47%
Return on Capital 6.89% EBITDA/Interest Exp. -
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 31.7%
Net Income Margin 3.6% Total Debt/Capital 21.3%
Asset Turnover 0.15
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 1.99% Inventory Days -
Tot Debt to Common Equity 31.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
AXA SAPrice/Volume
Valuation Analysis
2'621'658.00
Current Price (9/dd/yy) Market Data
,.135
-,-.-1-3-5
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B.', B1', B3', B5', B-,', B-.', B-1', B-3', B-5', B.,', B
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
,'2,
-',,
-'2,
.',,
.'2,
0',,
0'2,
1',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MUTUELLES AXA n/a Co File 342'767'775 14.33 - 31.12.2012 Insurance Company
AMUNDI n/a Research 91'682'238 3.83 (20'493'797) 15.05.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 79'968'828 3.34 (72'251) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 67'215'128 2.81 (3'214'857) 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 58'028'406 2.43 - 31.12.2012 Government
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 50'254'088 2.1 (9'366) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 41'633'640 1.74 (9'833'098) 29.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 36'771'259 1.54 (4'576'318) 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'296'554 0.81 456'794 30.06.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 15'382'094 0.64 (2'582'264) 28.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'186'966 0.55 428'900 31.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 12'462'994 0.52 (898'816) 30.04.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 11'842'642 0.5 85'180 28.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 11'362'428 0.48 108'838 31.05.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 9'664'596 0.4 1'943'799 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 6'776'001 0.28 35'337 28.03.2013 Investment Advisor
UBS n/a ULT-AGG 6'768'213 0.28 48'216 30.07.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'855'919 0.24 - 29.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'642'676 0.24 1'772'813 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 4'569'870 0.19 3'610 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse RICHARD BURDEN outperform 5 M 19 Not Provided 29.07.2013
JPMorgan ANDREAS VAN EMBDEN underweight 1 M 14 12 month 29.07.2013
Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 25.07.2013
Helvea DANIEL BISCHOF buy 5 M 16 12 month 25.07.2013
AlphaValue JEROME CASSAGNE add 4 M 19 6 month 25.07.2013
Oddo & Cie NICOLAS JACOB buy 5 M 19 Not Provided 23.07.2013
Day by Day VALERIE GASTALDY buy 5 M 17 3 month 22.07.2013
Barclays CLAUDIA GASPARI underweight 1 M 15 Not Provided 22.07.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 19.07.2013
Macquarie NEIL WELCH neutral 3 D 16 12 month 13.07.2013
Raymond James RAPHAEL CARUSO strong buy 5 M 19 Not Provided 11.07.2013
Morgan Stanley JON HOCKING Overwt/In-Line 5 M 18 12 month 10.07.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 01.07.2013
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 19 Not Provided 27.06.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 19 6 month 27.06.2013
Mediobanca SpA MARC THIELE neutral 3 D 17 6 month 20.06.2013
Berenberg Bank PETER ELIOT hold 3 M 17 Not Provided 19.06.2013
Deutsche Bank OLIVER STEEL buy 5 M 18 12 month 18.06.2013
Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 12.06.2013
Societe Generale NICK HOLMES buy 5 M 19 12 month 11.06.2013
EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013
HSBC KAILESH MISTRY overweight 5 M 21 Not Provided 31.05.2013
Kepler Cheuvreux ATANASIO PANTARROTAS buy 5 M 17 Not Provided 28.05.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 16 12 month 13.05.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 15 12 month 07.05.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 17 Not Provided 07.05.2013
Nomura MICHAEL KLIEN buy 5 M 23 12 month 07.05.2013
S&P Capital IQ RODERICK WALLACE buy 5 M 17 12 month 07.05.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 16 Not Provided 07.05.2013
Goldman Sachs WILLIAM ELDERKIN Buy/Neutral 5 M 18 12 month 24.04.2013
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 21 Not Provided 03.04.2013
Hammer Partners SA ENRICO RACIOPPI buy 5 N 21 Not Provided 25.03.2013
Banco Sabadell MARIO LODOS buy 5 M 15 12 month 15.02.2013
Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013
Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 16 12 month 06.06.2011
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] |
05.09.2013
Schneider Electric SA manufactures power distribution and automation systems.
The Company produces circuit breakers, remote installation management equipment,
panelboards, programmable logic controllers, industrial control products,
detectors, human-machine interfaces, and process controls. Schneider's products
are sold various brands.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 63.00
52-Week Low (01.10.2012) 45.85
Daily Volume
60.21
52-Week High % Change -4.43% Dividend Yield -
52-Week Low % Change 31.33% Beta 1.31
% 52 Week Price Range High/Low 81.29% Equity Float 505.29
Shares Out 15.07.2013 560.3 Short Int -
33'738.33 1 Yr Total Return 26.97%
Total Debt 8'132.00 YTD Return 13.42%
Preferred Stock 0.0 Adjusted BETA 1.312
Minority Interest 174.0 Analyst Recs 25
Cash and Equivalents 3'737.00 Consensus Rating 3.720
Enterprise Value 39'176.33
Average Volume 5 Day 1'217'127
SU FP EQUITY YTD Change - Average Volume 30 Day 1'147'440
SU FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'387'581
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
18'311.0 15'793.0 19'580.0 22'345.0 23'946.0 23'459.0 23'968.0 24'510.1 26'390.1 6'306.0 6'798.5
0.95x 1.51x 1.68x 1.23x 1.44x 0.00x 0.00x 1.56x 1.41x - -
3'321.0 2'575.0 3'575.0 3'725.0 3'837.0 0.0 0.0 4'028.8 4'461.0 - -
5.24x 9.26x 9.20x 7.36x 9.01x 0.00x 0.00x 9.71x 8.77x - -
1'682.0 824.0 1'720.0 1'793.0 1'840.0 0.0 0.0 2'216.6 2'500.7 - -
7.55x 24.63x 17.00x 12.18x 16.17x 0.00x 0.00x 14.67x 13.11x - -
EBITDA 3'837.00 Long-Term Rating Date 17.07.2013
EBIT 3'030.00 Long-Term Rating A- *-
Operating Margin 12.65% Long-Term Outlook -
Pretax Margin 10.42% Short-Term Rating Date 14.03.2007
Return on Assets 4.98% Short-Term Rating A-2
Return on Common Equity 11.00%
Return on Capital 8.71% EBITDA/Interest Exp. 9.97
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 8.74
Net Debt/EBITDA 1.37
Gross Margin 37.8% Total Debt/EBITDA 2.08
EBITDA Margin 16.0%
EBIT Margin 12.7% Total Debt/Equity 48.9%
Net Income Margin 7.7% Total Debt/Capital 32.6%
Asset Turnover 0.67
Current Ratio 1.51 Net Fixed Asset Turnover 9.23
Quick Ratio 1.01 Accounts receivable turnover-days 83.09
Debt to Assets 22.49% Inventory Days 84.62
Tot Debt to Common Equity 48.86% Accounts Payable Turnover Day 105.83
Accounts Receivable Turnover 4.39 Cash Conversion Cycle 57.20
Inventory Turnover 4.31
Fiscal Year Ended
Schneider Electric SAPrice/Volume
Valuation Analysis
603'117.00
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,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
'2 B
-', B
-'2 B
.', B
.'2 B
0', B
0'2 B
1', B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
-5',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 30'026'930 5.36 (11'400) 29.07.2013 Investment Advisor
AMUNDI n/a Research 27'220'485 4.86 (1'168'334) 16.05.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 22'105'126 3.94 733 29.07.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 21'874'591 3.9 3'033 29.07.2013 Investment Advisor
CAISSE DES DEPOTS ET n/a Research 20'349'002 3.63 - 31.12.2012 Government
CREDIT AGRICOLE SA n/a RNS-RUL8 19'283'139 3.44 (6'679) 18.07.2013 Investment Advisor
VANGUARD GROUP INC #N/A N/A RNS-RUL8 16'064'376 2.87 158'121 29.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 15'092'197 2.69 (59'463) 29.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 14'590'429 2.6 (700) 29.07.2013 Investment Advisor
NORGES BANK n/a RNS-RUL8 12'762'212 2.28 - 12.07.2013 Government
SAFE INVESTMENT COMP n/a RNS-RUL8 12'614'776 2.25 - 22.07.2013 Government
STATE STREET n/a ULT-AGG 12'524'125 2.24 36'672 30.07.2013 Investment Advisor
NORTHERN CROSS LLC #N/A N/A RNS-RUL8 12'361'186 2.21 8'005 30.07.2013 Investment Advisor
DODGE & COX n/a RNS-RUL8 11'305'324 2.02 - 11.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'849'337 1.94 (52'247) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN #N/A N/A RNS-RUL8 10'567'682 1.89 2'260 29.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 9'936'552 1.77 213'483 29.07.2013 Investment Advisor
SOCIETE GENERALE #N/A N/A RNS-RUL8 9'283'947 1.66 203'494 29.07.2013 Bank
UBS n/a ULT-AGG 9'239'995 1.65 (51'912) 30.07.2013 Unclassified
ABERDEEN n/a ULT-AGG 8'690'687 1.55 (20'900) 29.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale GAEL DE BRAY buy 5 M 64 12 month 31.07.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 65 12 month 31.07.2013
Canaccord Genuity Corp ANDREW BELL hold 3 M 60 12 month 31.07.2013
Natixis ARNAUD SCHMIT neutral 3 M 63 Not Provided 31.07.2013
Nomura DANIEL CUNLIFFE neutral 3 M 52 12 month 31.07.2013
Exane BNP Paribas OLIVIER ESNOU outperform 5 M 64 Not Provided 31.07.2013
Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 29.07.2013
Oddo & Cie ALFRED GLASER buy 5 N 64 Not Provided 23.07.2013
AlphaValue LIONEL PELLICER buy 5 M 71 6 month 18.07.2013
Morgan Stanley BEN UGLOW restricted #N/A N/A M #N/A N/A Not Provided 17.07.2013
Deutsche Bank MARTIN WILKIE restricted #N/A N/A M #N/A N/A Not Provided 12.07.2013
Credit Suisse SIMON TOENNESSEN neutral 3 M 58 Not Provided 12.07.2013
JPMorgan ANDREAS WILLI restricted #N/A N/A M #N/A N/A Not Provided 12.07.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 60 12 month 12.07.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 58 12 month 12.07.2013
Barclays NICK WEBSTER suspended coverage #N/A N/A M #N/A N/A Not Provided 12.07.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.06.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
HSBC MICHAEL HAGMANN overweight 5 M 74 Not Provided 03.06.2013
Berenberg Bank WILLIAM MACKIE hold 3 M 60 Not Provided 01.05.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 60 Not Provided 23.04.2013
CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 58 12 month 23.04.2013
Kepler Cheuvreux PIERRE BOUCHENY reduce 2 M 57 Not Provided 16.04.2013
Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 67 12 month 02.04.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 60 Not Provided 08.03.2013
UBS FREDRIC STAHL neutral 3 M 57 12 month 04.03.2013
Banco Sabadell MARIA CEBOLLERO buy 5 M 48 12 month 15.02.2013
Holdings By:
Schneider Electric SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Air Liquide SA, through its subsidiaries, produces, markets, and sells
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (23.08.2013) 105.40
52-Week Low (21.02.2013) 88.55
Daily Volume
99.82
52-Week High % Change -5.29% Dividend Yield -
52-Week Low % Change 12.73% Beta 0.75
% 52 Week Price Range High/Low 74.48% Equity Float 310.40
Shares Out 11.07.2013 311.7 Short Int -
31'118.54 1 Yr Total Return 8.54%
Total Debt 7'273.70 YTD Return 7.76%
Preferred Stock 0.0 Adjusted BETA 0.750
Minority Interest 232.6 Analyst Recs 33
Cash and Equivalents 1'154.20 Consensus Rating 3.606
Enterprise Value 38'197.65
Average Volume 5 Day 541'940
AI FP EQUITY YTD Change - Average Volume 30 Day 547'677
AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 606'324
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
13'103.1 11'976.1 13'488.0 14'456.9 15'326.3 14'702.2 15'354.0 15'780.8 16'901.2 3'942.5 4'170.4
2.38x 2.25x 2.34x 0.00x 0.00x 2.39x 2.22x - 8.90x
2'941.8 2'969.0 3'374.3 3'563.6 3'792.3 0.0 0.0 3'964.7 4'319.6 - 2'081.0
9.50x 9.13x 9.48x 0.00x 0.00x 9.64x 8.85x - -
1'220.0 1'230.0 1'403.6 1'534.9 1'609.4 0.0 0.0 1'656.0 1'853.4 - 905.0
18.97x 17.60x 18.38x 0.00x 0.00x 18.73x 16.88x - -
EBITDA 3'792.30 Long-Term Rating Date 02.07.2007
EBIT 2'560.50 Long-Term Rating A
Operating Margin 16.71% Long-Term Outlook STABLE
Pretax Margin 14.63% Short-Term Rating Date 06.05.2004
Return on Assets 6.36% Short-Term Rating A-1
Return on Common Equity 15.94%
Return on Capital - EBITDA/Interest Exp. 13.84
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 6.51
Net Debt/EBITDA 1.79
Gross Margin - Total Debt/EBITDA 2.06
EBITDA Margin 24.9%
EBIT Margin 16.8% Total Debt/Equity 71.2%
Net Income Margin 10.5% Total Debt/Capital 41.1%
Asset Turnover 0.62
Current Ratio 1.03 Net Fixed Asset Turnover 1.20
Quick Ratio 0.77 Accounts receivable turnover-days 68.07
Debt to Assets 29.09% Inventory Days -
Tot Debt to Common Equity 71.23% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.36 Cash Conversion Cycle -
Inventory Turnover -
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
Air Liquide SAPrice/Volume
Valuation Analysis
248'242.00
Current Price (9/dd/yy) Market Data
,
.,
1,
3,
5,
-,,
-.,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B'. B'1 B'3 B'5 B-', B-'. B-'1 B-'3 B-'5 B.', B
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
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORGES BANK Multiple Portfolios MF-AGG 6'786'466 2.18 - 31.12.2012 Government
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'338'844 1.39 (235'330) 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'564'873 1.14 28'434 29.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'432'911 1.1 228'956 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'806'570 0.9 (14'032) 30.04.2013 Investment Advisor
LANSDOWNE PARTNERS L n/a Short (2'774'061) -0.89 31'170 18.06.2013 Hedge Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 2'097'323 0.67 72'473 31.05.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'058'566 0.66 (35'755) 28.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'442'547 0.46 - 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'275'590 0.41 (1'351) 30.07.2013 Investment Advisor
AIR LIQUIDE n/a Co File 1'003'394 0.32 - 31.12.2012 Corporation
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 953'436 0.31 - 29.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 942'077 0.3 37'000 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 869'798 0.28 443 30.06.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 845'039 0.27 (4'158) 28.03.2013 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 791'352 0.25 (173'989) 28.02.2013 Investment Advisor
UBS n/a ULT-AGG 726'981 0.23 (38'615) 30.07.2013 Unclassified
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 686'148 0.22 (7'276) 31.05.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 681'385 0.22 681'385 31.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 647'736 0.21 (83'445) 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale PETER CLARK hold 3 M 105 12 month 31.07.2013
JPMorgan MARCUS DIEBEL overweight 5 M 122 9 month 31.07.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 116 12 month 31.07.2013
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 31.07.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 104 Not Provided 31.07.2013
Deutsche Bank TIMOTHY JONES hold 3 M 99 12 month 30.07.2013
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 30.07.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 103 Not Provided 30.07.2013
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 121 12 month 30.07.2013
Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 104 Not Provided 30.07.2013
AlphaValue FABRICE FARIGOULE reduce 2 M 98 6 month 25.07.2013
Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 105 6 month 23.07.2013
Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 98 Not Provided 23.07.2013
Kepler Cheuvreux MARKUS MAYER buy 5 M 111 Not Provided 23.07.2013
Barclays GUNTHER ZECHMANN underweight 1 M 93 Not Provided 17.07.2013
HSBC GEOFF HAIRE neutral 3 D 108 Not Provided 12.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.07.2013
CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 M 106 12 month 13.06.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.04.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 103 Not Provided 26.04.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 100 12 month 26.04.2013
Liberum Capital Ltd ADAM COLLINS buy 5 M 109 Not Provided 26.04.2013
UBS THOMAS GILBERT neutral 3 M 91 12 month 25.04.2013
Jefferies LAURENCE ALEXANDER hold 3 M 97 12 month 25.04.2013
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 90 Not Provided 25.04.2013
S&P Capital IQ JOHNSON IMODE hold 3 M 98 12 month 25.04.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 107 12 month 24.04.2013
Main First Bank AG THOMAS SWOBODA outperform 5 M 105 12 month 18.02.2013
Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 111 12 month 15.02.2013
Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 15.10.2012
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 08.10.2012
Holdings By:
Air Liquide SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
L'Oreal SA manufactures, markets, and distributes health and beauty aids. The
Company produces colorants, styling, and hair care products for professional
hairdressers, hair care, cosmetics, and skin care products and perfumes for
consumers, luxury cosmetics and perfumes sold through department stores,
perfumeries and travel stores, and dermatological and pharmaceutical products.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.05.2013) 137.85
52-Week Low (11.10.2012) 94.55
Daily Volume
124.65
52-Week High % Change -9.58% Dividend Yield -
52-Week Low % Change 31.84% Beta 0.68
% 52 Week Price Range High/Low 71.59% Equity Float 228.33
Shares Out 30.06.2013 605.9 Short Int -
75'530.48 1 Yr Total Return 27.15%
Total Debt 248.00 YTD Return 20.90%
Preferred Stock 0.0 Adjusted BETA 0.679
Minority Interest 4.8 Analyst Recs 36
Cash and Equivalents 1'823.20 Consensus Rating 3.333
Enterprise Value 74'962.19
Average Volume 5 Day 669'842
OR FP EQUITY YTD Change - Average Volume 30 Day 495'971
OR FP EQUITY YTD % CHANGE - Average Volume 3 Month 516'142
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
17'541.8 17'472.6 19'495.8 20'343.1 22'462.7 21'406.7 22'987.6 23'291.6 24'633.3 5'592.7 5'866.3
2.28x 2.72x 2.52x 2.33x 2.72x 0.00x 0.00x 3.14x 2.92x - -
3'441.7 3'368.7 3'757.5 3'955.1 4'538.0 0.0 0.0 4'719.6 5'078.0 - -
11.63x 14.12x 13.05x 12.00x 13.49x 0.00x 0.00x 15.88x 14.76x - -
1'948.3 1'792.2 2'239.7 2'438.4 2'867.7 0.0 0.0 3'104.6 3'356.5 - -
17.80x 22.81x 21.75x 19.64x 21.90x 0.00x 0.00x 24.36x 22.59x - -
EBITDA 4'538.00 Long-Term Rating Date -
EBIT 3'697.30 Long-Term Rating -
Operating Margin 16.46% Long-Term Outlook -
Pretax Margin 17.25% Short-Term Rating Date 05.06.2006
Return on Assets 9.99% Short-Term Rating A-1+
Return on Common Equity 14.59%
Return on Capital 14.04% EBITDA/Interest Exp. 131.54
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 103.86
Net Debt/EBITDA -0.12
Gross Margin 70.7% Total Debt/EBITDA 0.14
EBITDA Margin 20.5%
EBIT Margin 16.7% Total Debt/Equity 1.2%
Net Income Margin 12.8% Total Debt/Capital 1.2%
Asset Turnover 0.78
Current Ratio 1.29 Net Fixed Asset Turnover 7.61
Quick Ratio 0.79 Accounts receivable turnover-days 56.95
Debt to Assets 0.84% Inventory Days 118.79
Tot Debt to Common Equity 1.18% Accounts Payable Turnover Day 179.22
Accounts Receivable Turnover 6.41 Cash Conversion Cycle -18.84
Inventory Turnover 3.07
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
L'Oreal SAPrice/Volume
Valuation Analysis
177'153.00
Current Price (9/dd/yy) Market Data
,
.,
1,
3,
5,
-,,
-.,
-1,
-3,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B'. B'1 B'3 B'5 B-', B-'. B-'1 B-'3 B-'5 B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BETTENCOURT FAMILY n/a Co File 185'661'879 30.66 - 31.12.2012 n/a
NESTLE SA n/a Co File 178'381'021 29.46 - 31.12.2012 Corporation
L'OREAL SA n/a Co File 10'454'165 1.73 - 31.12.2012 Corporation
NORGES BANK Multiple Portfolios MF-AGG 6'199'218 1.02 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'650'215 0.93 3'634 30.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'446'174 0.73 - 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'089'800 0.68 (1'414'300) 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'586'314 0.59 438'840 29.07.2013 Investment Advisor
OWEN-JONES LINDSAY n/a Co File 2'998'095 0.5 - 31.12.2012 n/a
AMUNDI Multiple Portfolios MF-AGG 1'996'115 0.33 (356'181) 30.04.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'677'693 0.28 (389'228) 28.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'542'830 0.25 15'487 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'333'975 0.22 (316'284) 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'182'458 0.2 16'952 30.07.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 974'438 0.16 (70'028) 28.03.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 842'881 0.14 383'069 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 769'204 0.13 (26'299) 28.03.2013 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 725'628 0.12 - 30.06.2012 Pension Fund (ERISA)
INVESCO LTD n/a ULT-AGG 706'351 0.12 (121'619) 30.07.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 683'827 0.11 - 29.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse NICOLAS SOCHOVSKY neutral 3 M 125 Not Provided 25.07.2013
Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 159 12 month 23.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.07.2013
Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 108 12 month 22.07.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 130 Not Provided 19.07.2013
Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 M 110 12 month 18.07.2013
Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 120 Not Provided 18.07.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 135 12 month 18.07.2013
AlphaValue ARMELLE MOULIN reduce 2 M 118 6 month 18.07.2013
Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 150 12 month 17.07.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 113 6 month 17.07.2013
JPMorgan CELINE PANNUTI overweight 5 M 145 12 month 17.07.2013
Jefferies ALEX HOWSON buy 5 M 106 12 month 17.07.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 138 12 month 17.07.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 130 Not Provided 17.07.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 103 Not Provided 17.07.2013
Berenberg Bank SETH PETERSON hold 3 M 130 Not Provided 17.07.2013
Bryan Garnier & Cie LOIC MORVAN buy 5 M 150 6 month 17.07.2013
Natixis PIERRE TEGNER neutral 3 M 102 Not Provided 17.07.2013
Nomura GUILLAUME DELMAS reduce 2 M 97 12 month 17.07.2013
S&P Capital IQ CARL SHORT hold 3 M 131 12 month 17.07.2013
Main First Bank AG GAEL COLCOMBET underperform 1 M 130 12 month 17.07.2013
Exane BNP Paribas EAMONN FERRY outperform 5 M 167 Not Provided 17.07.2013
Barclays IAIN SIMPSON overweight 5 M 144 Not Provided 17.07.2013
Telsey Advisory Group DAVID WU no rating system #N/A N/A M 130 12 month 17.07.2013
Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 16.07.2013
RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 135 12 month 09.07.2013
HSBC CEDRIC BESNARD overweight 5 M 121 Not Provided 05.07.2013
Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 105 Not Provided 03.07.2013
Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013
UBS EVA QUIROGA neutral 3 M 140 12 month 29.05.2013
Kepler Cheuvreux CATHERINE ROLLAND buy 5 M 135 Not Provided 15.05.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 26.04.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 110 12 month 18.04.2013
Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.02.2013
Aurel - BGC DAVID DA MAIA not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012
Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012
Holdings By:
L'Oreal SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
ING Groep N.V. offers financial services to individuals, corporations, and other
institutions. The Company offers corporate, investment, and private banking
services, asset and portfolio management, treasury services, and insurance. ING
Groep has offices throughout the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.08.2013) 8.89
52-Week Low (28.03.2013) 5.52
Daily Volume
8.345
52-Week High % Change -6.15% Dividend Yield -
52-Week Low % Change 51.15% Beta 1.83
% 52 Week Price Range High/Low 84.37% Equity Float -
Shares Out 02.07.2013 3'838.8 Short Int -
32'034.85 1 Yr Total Return 36.76%
Total Debt 207'649.00 YTD Return 18.18%
Preferred Stock 0.0 Adjusted BETA 1.834
Minority Interest 1'081.0 Analyst Recs 33
Cash and Equivalents 17'657.00 Consensus Rating 4.061
Enterprise Value 213'152.85
Average Volume 5 Day 16'293'720
INGA NA EQUITY YTD Change - Average Volume 30 Day 19'890'470
INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 21'224'960
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
64'680.0 46'025.0 51'411.0 52'787.0 39'304.0 42'504.0 41'125.0 29'663.4 27'949.8 3'826.0 3'843.0
4.40x 5.41x 4.99x 4.38x 5.54x 23.72x 22.34x 3.54x 3.75x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(729.0) (935.0) 2'810.0 5'766.0 3'894.0 5'113.0 5'018.0 3'824.5 4'218.0 957.7 717.2
- - 12.77x 6.70x 11.39x 9.50x 7.16x 8.29x 7.66x - -
EBITDA - Long-Term Rating Date 03.09.2009
EBIT - Long-Term Rating A
Operating Margin 12.65% Long-Term Outlook NEG
Pretax Margin 9.91% Short-Term Rating Date 31.03.2009
Return on Assets 0.39% Short-Term Rating A-1
Return on Common Equity 8.77%
Return on Capital 1.78% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 366.8%
Net Income Margin 9.9% Total Debt/Capital 78.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.77% Inventory Days -
Tot Debt to Common Equity 366.83% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
ING Groep NVPrice/Volume
Valuation Analysis
7'941'461.00
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
,-.0123456
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
-,', B
.,', B
0,', B
1,', B
2,', B
3,', B
4,', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,
,'.,
,'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] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 189'941'686 4.95 - 29.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 180'832'856 4.71 9'512'339 30.04.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 90'214'200 2.35 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 60'200'810 1.57 219'074 30.06.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 41'376'650 1.08 2'840'522 28.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 41'280'000 1.08 18'750'000 30.06.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 39'936'033 1.04 3'755'980 31.05.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 30'572'346 0.8 (165'662) 31.05.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 27'280'865 0.71 9'612 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 25'144'194 0.66 1'109'700 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 24'740'028 0.64 (2'790'480) 30.06.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 20'024'798 0.52 1'163'679 28.03.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19'776'736 0.52 1'316 30.06.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 18'398'613 0.48 (4'688'475) 31.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 16'983'268 0.44 (973'566) 31.05.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 13'363'212 0.35 3'821'778 30.04.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11'776'909 0.31 - 29.07.2013 Investment Advisor
UBS n/a ULT-AGG 10'188'702 0.27 (585'696) 30.07.2013 Unclassified
PERPETUAL INVESTMENT INVESCO PERPETUAL EU MF-PART 10'165'410 0.26 2'609'260 28.06.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 9'912'124 0.26 (69'550) 28.03.2013 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura MARCO KISIC buy 5 M 8 12 month 30.07.2013
Credit Suisse RICHARD BURDEN outperform 5 M 9 Not Provided 29.07.2013
JPMorgan ASHIK MUSADDI overweight 5 M 10 15 month 29.07.2013
Rabobank International COR KLUIS buy 5 M 10 12 month 29.07.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 25.07.2013
AlphaValue JEROME CASSAGNE add 4 M 8 6 month 25.07.2013
Jefferies OMAR FALL buy 5 M 10 12 month 24.07.2013
Deutsche Bank DAVID LOCK hold 3 M 8 12 month 23.07.2013
Oddo & Cie NICOLAS JACOB neutral 3 M 7 Not Provided 23.07.2013
Exane BNP Paribas FRANCOIS BOISSIN outperform 5 M 9 Not Provided 19.07.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 17.07.2013
KBC Securities MATTHIAS DE WIT hold 3 N 8 Not Provided 11.07.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 9 12 month 10.07.2013
Societe Generale PHILIP RICHARDS buy 5 M 9 12 month 09.07.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 8 12 month 09.07.2013
Petercam TOM VAN KEMPEN buy 5 U 9 Not Provided 01.07.2013
HSBC STEVEN HAYWOOD neutral 3 M 8 Not Provided 21.06.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 8 Not Provided 19.06.2013
Mediobanca SpA ALAIN TCHIBOZO outperform 5 M 9 12 month 18.06.2013
UBS ANTON KRYACHOK buy 5 N 10 12 month 18.06.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.05.2013
Kepler Cheuvreux BENOIT PETRARQUE reduce 2 M 7 Not Provided 17.05.2013
Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 7 12 month 15.05.2013
DZ Bank AG WERNER EISENMANN buy 5 M 8 Not Provided 10.05.2013
Berenberg Bank JAMES CHAPPELL buy 5 M 8 Not Provided 09.05.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 7 12 month 09.05.2013
SNS Securities(ESN) LEMER SALAH buy 5 M 9 12 month 17.04.2013
Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 04.03.2013
Macquarie THOMAS STOEGNER neutral 3 U 7 12 month 26.02.2013
Main First Bank AG FEDERICO SALERNO outperform 5 U 7 12 month 19.02.2013
Goldman Sachs MARTIN LEITGEB Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012
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] |
05.09.2013
Deutsche Telekom AG offers telecommunications services. The Company offers a
full range of fixed-line telephone services, mobile communications services,
Internet access, and combined information technology and telecommunications
services for businesses.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (16.05.2013) 10.11
52-Week Low (21.02.2013) 7.98
Daily Volume
9.746
52-Week High % Change -3.60% Dividend Yield -
52-Week Low % Change 22.19% Beta 0.70
% 52 Week Price Range High/Low 85.47% Equity Float 3'068.30
Shares Out 30.06.2013 4'451.1 Short Int -
43'380.61 1 Yr Total Return 9.93%
Total Debt 44'614.00 YTD Return 22.01%
Preferred Stock 0.0 Adjusted BETA 0.698
Minority Interest 4'623.0 Analyst Recs 41
Cash and Equivalents 6'046.00 Consensus Rating 3.439
Enterprise Value 93'417.61
Average Volume 5 Day 12'980'220
DTE GY EQUITY YTD Change - Average Volume 30 Day 11'474'880
DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 12'400'700
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
61'666.0 64'602.0 62'421.0 58'653.0 58'169.0 58'488.0 57'522.0 59'165.7 59'872.5 14'894.7 15'444.3
1.49x 1.46x 1.48x 1.45x 1.38x 6.06x 5.75x 1.49x 1.44x 6.01x 5.75x
17'535.0 17'335.0 17'726.0 20'202.0 17'728.0 19'159.0 17'905.0 17'294.7 17'697.2 4'498.0 4'268.0
5.24x 5.46x 5.20x 4.22x 4.53x 4.39x 4.41x 5.40x 5.28x - -
1'483.0 353.0 1'695.0 557.0 (5'255.0) 622.0 (4'929.0) 2'785.2 3'032.3 590.5 500.0
31.62x 128.63x 24.76x 68.19x - 60.43x 0.00x 15.23x 14.04x - -
EBITDA 17'728.00 Long-Term Rating Date 19.05.2008
EBIT 6'720.00 Long-Term Rating BBB+
Operating Margin 11.55% Long-Term Outlook STABLE
Pretax Margin -10.71% Short-Term Rating Date 08.04.2002
Return on Assets -4.23% Short-Term Rating A-2
Return on Common Equity -17.40%
Return on Capital - EBITDA/Interest Exp. 7.58
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 4.88
Net Debt/EBITDA 2.46
Gross Margin 41.2% Total Debt/EBITDA 2.88
EBITDA Margin 30.0%
EBIT Margin 12.2% Total Debt/Equity 172.1%
Net Income Margin -9.0% Total Debt/Capital 59.4%
Asset Turnover 0.49
Current Ratio 0.65 Net Fixed Asset Turnover 1.48
Quick Ratio 0.54 Accounts receivable turnover-days -
Debt to Assets 41.33% Inventory Days 13.48
Tot Debt to Common Equity 172.12% Accounts Payable Turnover Day 63.93
Accounts Receivable Turnover - Cash Conversion Cycle -16.66
Inventory Turnover 27.07
Fiscal Year Ended
Deutsche Telekom AGPrice/Volume
Valuation Analysis
5'160'937.00
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
,-.0123456
-,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B2', B-,', B-2', B.,', B.2', B0,', B02', B1,', B12', B2,', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
,'2,
-',,
-'2,
.',,
.'2,
0',,
0'2,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KREDITANSTALT FUER W n/a Research 734'624'287 16.5 - 30.03.2013 Investment Advisor
FEDERAL REPUBLIC OF n/a Research 648'197'900 14.56 - 30.03.2013 Government
BLACKROCK n/a ULT-AGG 253'234'773 5.69 126'173 29.07.2013 Investment Advisor
BLACKSTONE n/a ULT-AGG 191'700'000 4.31 - 03.08.2012 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 68'078'517 1.53 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'439'797 0.71 1'891'193 30.06.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 27'700'000 0.62 - 31.12.2011 Pension Fund (ERISA)
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 27'618'527 0.62 26'978'457 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 26'516'772 0.6 1'951'607 30.07.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 13'921'182 0.31 6'672'723 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 13'823'560 0.31 1'813'735 31.05.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 12'178'782 0.27 (2'345'777) 28.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 10'749'736 0.24 1'523'995 28.06.2013 Investment Advisor
UBS n/a ULT-AGG 9'687'366 0.22 452'621 30.07.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 9'526'568 0.21 1'100'738 28.03.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 9'085'273 0.2 - 29.07.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 6'999'604 0.16 (102'538) 31.07.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 6'359'036 0.14 (463'921) 28.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 5'944'820 0.13 418'480 31.05.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 5'705'976 0.13 (623'536) 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura FREDERIC BOULAN buy 5 M 10 12 month 30.07.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 10 12 month 29.07.2013
Bankhaus Lampe WOLFGANG SPECHT hold 3 M 9 12 month 29.07.2013
Berenberg Bank PAUL ANDREW MARSCH hold 3 M 10 Not Provided 29.07.2013
Steubing AG TEAM COVERAGE buy 5 M 10 Not Provided 29.07.2013
Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 10 6 month 26.07.2013
Morgan Stanley NICK DELFAS Underwt/In-Line 1 M 9 12 month 26.07.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 25.07.2013
AlphaValue HEINZ STEFFEN add 4 M 10 6 month 25.07.2013
Jefferies ULRICH RATHE buy 5 M 10 12 month 24.07.2013
Deutsche Bank DAVID A WRIGHT buy 5 M 11 12 month 23.07.2013
Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 10 12 month 23.07.2013
Credit Suisse JUSTIN FUNNELL outperform 5 M 10 Not Provided 12.07.2013
Raymond James STEPHANE BEYAZIAN outperform 5 M 11 Not Provided 10.07.2013
Barclays JONATHAN DANN equalweight 3 M 9 Not Provided 09.07.2013
Grupo Santander JOHN DAVIES underweight 1 M 8 Not Provided 26.06.2013
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 9 Not Provided 25.06.2013
Liberum Capital Ltd LAWRENCE SUGARMAN hold 3 M 8 Not Provided 18.06.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 U 11 12 month 11.06.2013
New Street Research CHARLES GAYNOR reduce 2 M 7 Not Provided 10.06.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 06.06.2013
Kepler Cheuvreux PETER KURT NIELSEN buy 5 M 11 Not Provided 05.06.2013
JPMorgan HANNES C WITTIG neutral 3 M 9 3 month 03.06.2013
Oddo & Cie ALEXANDRE IATRIDES buy 5 M 11 Not Provided 30.05.2013
HSBC DOMINIK KLARMANN neutral 3 M 10 Not Provided 27.05.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.05.2013
Natixis JACQUES DE GRELING reduce 2 M 6 Not Provided 13.05.2013
Bankhaus Metzler ULRICH TRABERT buy 5 U 10 12 month 10.05.2013
Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 10 12 month 09.05.2013
Nord/LB WOLFGANG DONIE buy 5 M 11 12 month 08.05.2013
S&P Capital IQ ALEXANDER WISCH hold 3 U 10 12 month 08.05.2013
DZ Bank AG CHRISTOPH BAST sell 1 N 9 Not Provided 08.05.2013
M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 10 12 month 23.04.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 M 8 Not Provided 05.04.2013
UBS POLO TANG neutral 3 M 9 12 month 01.04.2013
Macquarie GUY R PEDDY underperform 1 M 8 12 month 01.03.2013
National Bank AG MANFRED JAISFELD hold 3 M 9 Not Provided 28.02.2013
Banco Sabadell ANDRES BOLUMBURU sell 1 M 10 12 month 15.02.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Deutsche Telekom AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
E.ON SE operates in power generation and gas production businesses. The
Company's operations include electric generation at conventional, nuclear, and
renewable-source facilities, electric transmission via high-voltage wires
network, regional distribution of electricity, gas, and heat, power trading and
electricity, gas, and heat sales.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.09.2012) 19.74
52-Week Low (08.07.2013) 11.82
Daily Volume
11.97
52-Week High % Change -39.36% Dividend Yield -
52-Week Low % Change 1.31% Beta 1.10
% 52 Week Price Range High/Low 3.34% Equity Float 1'847.04
Shares Out 30.06.2013 2'001.0 Short Int -
23'951.97 1 Yr Total Return -29.61%
Total Debt 25'944.00 YTD Return -7.91%
Preferred Stock 0.0 Adjusted BETA 1.100
Minority Interest 3'862.0 Analyst Recs 36
Cash and Equivalents 6'097.00 Consensus Rating 2.889
Enterprise Value 44'947.97
Average Volume 5 Day 8'112'697
EOAN GY EQUITY YTD Change - Average Volume 30 Day 7'926'277
EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 8'953'405
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
86'753.0 81'817.0 92'863.0 112'954.0 132'093.0 96'381.0 104'016.0 119'148.3 121'540.1 - -
1.08x 1.11x 0.78x 0.52x 0.38x 2.49x 2.09x 0.39x 0.37x - -
5'403.0 12'703.0 13'006.0 4'269.0 8'443.0 1'673.0 6'725.0 9'388.9 9'248.7 - -
17.28x 7.18x 5.56x 13.73x 5.99x 0.00x 0.00x 4.79x 4.86x - -
1'266.0 8'396.0 5'853.0 (2'219.0) 2'217.0 (2'946.0) 2'827.0 2'405.5 2'345.6 - -
37.92x 6.50x 6.53x - 12.36x 0.00x 0.00x 9.59x 9.79x - -
EBITDA 8'443.00 Long-Term Rating Date 27.07.2012
EBIT 4'940.00 Long-Term Rating A-
Operating Margin 3.74% Long-Term Outlook STABLE
Pretax Margin 2.51% Short-Term Rating Date 27.07.2012
Return on Assets 1.69% Short-Term Rating A-2
Return on Common Equity 6.74%
Return on Capital 6.90% EBITDA/Interest Exp. 2.90
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 0.71
Net Debt/EBITDA 1.78
Gross Margin - Total Debt/EBITDA 2.38
EBITDA Margin 7.6%
EBIT Margin 4.9% Total Debt/Equity 74.2%
Net Income Margin 1.7% Total Debt/Capital 40.1%
Asset Turnover 0.93
Current Ratio 1.20 Net Fixed Asset Turnover 2.46
Quick Ratio 0.61 Accounts receivable turnover-days -
Debt to Assets 18.48% Inventory Days -
Tot Debt to Common Equity 74.22% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
E.ON SEPrice/Volume
Valuation Analysis
4'993'476.00
Current Price (9/dd/yy) Market Data
,.135
-,-.-1-3-5.,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
-,', B
.,', B
0,', B
1,', B
2,', B
3,', B
4,', B
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
-',,
.',,
0',,
1',,
2',,
3',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 173'902'199 8.69 98'018 29.07.2013 Investment Advisor
E.ON AG n/a Co File 95'529'865 4.77 - 31.12.2011 Corporation
GOVERNMENT OF NORWAY n/a Research 58'428'022 2.92 - 25.04.2013 Government
CREDIT SUISSE AG n/a ULT-AGG 46'680'225 2.33 - 09.05.2012 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 44'456'040 2.22 - 31.12.2012 Government
MORGAN STANLEY n/a Research 25'888'854 1.29 - 10.05.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'839'653 0.99 1'107'775 30.06.2013 Investment Advisor
SOCIETE GENERALE SA n/a Research 19'195'947 0.96 - 14.05.2013 Unclassified
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 11'867'950 0.59 (1'964'569) 28.03.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 11'760'000 0.59 6'032'207 30.04.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 8'098'355 0.4 952'238 28.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'475'000 0.37 - 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'094'187 0.35 (1'000'703) 30.04.2013 Investment Advisor
UBS n/a ULT-AGG 6'464'833 0.32 (69'219) 30.07.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 6'102'150 0.3 - 29.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 5'622'014 0.28 2'580'586 31.03.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 4'820'789 0.24 996'700 30.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'643'791 0.23 (1'326'087) 31.05.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'466'253 0.22 (31'421) 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'438'987 0.22 254'908 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOHN MUSK underperform 1 M 11 12 month 30.07.2013
Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 14 Not Provided 30.07.2013
Deutsche Bank ALEXANDER KARNICK hold 3 U 12 12 month 29.07.2013
Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 15 12 month 21.07.2013
JPMorgan NATHALIE F CASALI underweight 1 M 13 3 month 19.07.2013
Independent Research GmbH SVEN DIERMEIER sell 1 M 11 12 month 17.07.2013
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 14 6 month 11.07.2013
AlphaValue EILEEN RYAN buy 5 M 16 6 month 11.07.2013
Grupo Santander OSCAR NAJAR RIOS hold 3 M 13 Not Provided 05.07.2013
HSBC ADAM DICKENS underweight 1 M 11 Not Provided 04.07.2013
Societe Generale ALBERTO PONTI hold 3 M 12 12 month 01.07.2013
Nord/LB HEINO HAMMANN hold 3 M 14 12 month 27.06.2013
Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 26.06.2013
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 17 12 month 26.06.2013
Barclays PETER BISZTYGA overweight 5 M 16 Not Provided 21.06.2013
Credit Suisse VINCENT GILLES underperform 1 M 10 Not Provided 10.06.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.06.2013
Main First Bank AG ANDREAS THIELEN outperform 5 M 15 12 month 07.06.2013
EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013
UBS PATRICK HUMMEL neutral 3 U 13 12 month 31.05.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 30.05.2013
Berenberg Bank TEAM COVERAGE sell 1 M 11 Not Provided 24.05.2013
Redburn Partners AHMED FARMAN neutral 3 M #N/A N/A Not Provided 21.05.2013
Investec HAROLD HUTCHINSON sell 1 N 12 Not Provided 13.05.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 13 Not Provided 08.05.2013
S&P Capital IQ CLIVE ROBERTS buy 5 M 15 12 month 08.05.2013
Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 11 12 month 07.05.2013
Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 18 12 month 26.04.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 14 12 month 18.03.2013
Kepler Cheuvreux INGO BECKER hold 3 M 13 Not Provided 15.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 14 12 month 15.02.2013
Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 12 12 month 31.01.2013
National Bank AG STEFFEN MANSKE sell 1 M #N/A N/A Not Provided 31.01.2013
Natixis PHILIPPE OURPATIAN reduce 2 M 12 Not Provided 31.01.2013
Holdings By:
E.ON SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,
and commercial vehicles for sale worldwide. The Company produces the Passat,
Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
Seat and Skoda, which manufacture and sell cars in Spain and in southern and
eastern Europe, and Lamborghini, which makes sports cars in Italy.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.01.2013) 187.40
52-Week Low (05.09.2012) 132.50
Daily Volume
171.9
52-Week High % Change -8.27% Dividend Yield -
52-Week Low % Change 29.74% Beta 1.16
% 52 Week Price Range High/Low 68.31% Equity Float 170.15
Shares Out 31.07.2013 170.1 Short Int -
78'593.73 1 Yr Total Return 30.15%
Total Debt 117'663.00 YTD Return 2.26%
Preferred Stock 0.0 Adjusted BETA 1.164
Minority Interest 4'310.0 Analyst Recs 37
Cash and Equivalents 25'921.00 Consensus Rating 4.351
Enterprise Value 173'186.74
Average Volume 5 Day 953'925
VOW3 GY EQUITY YTD Change - Average Volume 30 Day 871'443
VOW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'008'297
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
113'808.0 105'187.0 126'875.0 159'337.0 192'676.0 176'948.0 195'985.0 200'725.0 211'161.9 50'551.0 51'716.7
1.22x 0.97x 0.83x 0.77x 0.90x 2.83x 2.51x 0.36x 0.35x - -
14'854.0 10'896.0 16'659.0 21'365.0 24'424.0 22'989.0 17'849.0 23'830.0 26'772.8 - -
9.34x 9.35x 6.29x 5.76x 7.10x 6.00x 0.00x 7.27x 6.47x - -
4'753.0 960.0 6'835.0 15'409.0 21'717.0 17'878.0 17'801.0 10'139.7 11'760.7 - -
20.97x 32.35x 6.98x 3.13x 3.51x 3.07x 3.97x 8.04x 6.90x - -
EBITDA 24'424.00 Long-Term Rating Date 31.08.2009
EBIT 11'310.00 Long-Term Rating A-
Operating Margin 5.87% Long-Term Outlook POS
Pretax Margin 13.23% Short-Term Rating Date 15.06.2004
Return on Assets 5.99% Short-Term Rating A-2
Return on Common Equity 24.78%
Return on Capital - EBITDA/Interest Exp. 17.46
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 9.96
Net Debt/EBITDA 3.72
Gross Margin 18.2% Total Debt/EBITDA 4.89
EBITDA Margin 12.7%
EBIT Margin 5.4% Total Debt/Equity 151.8%
Net Income Margin 11.3% Total Debt/Capital 59.0%
Asset Turnover 0.66
Current Ratio 1.03 Net Fixed Asset Turnover 3.51
Quick Ratio 0.33 Accounts receivable turnover-days 68.67
Debt to Assets 38.00% Inventory Days 68.22
Tot Debt to Common Equity 151.79% Accounts Payable Turnover Day 40.43
Accounts Receivable Turnover 5.32 Cash Conversion Cycle 46.11
Inventory Turnover 5.35
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
622'289.00
Current Price (9/dd/yy) Market Data
,.,1,3,5,
-,,-.,-1,-3,-5,.,,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B'2 B-', B-'2 B.', B.'2 B0', B0'2 B1', B1'2 B2', B
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 7'016'389 4.12 (5'018) 29.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'156'855 3.03 (1'075'152) 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'496'962 2.06 97'268 30.06.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'684'876 0.99 (308'807) 28.06.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'576'104 0.93 68'078 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'497'489 0.88 245'018 31.05.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'349'228 0.79 (4'175) 31.12.2012 Investment Advisor
BG MASTER FUND PLC n/a Short (1'173'985) -0.69 17'015 22.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'152'994 0.68 (63'952) 30.06.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 996'683 0.59 (190'153) 28.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 981'045 0.58 (64'191) 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 932'605 0.55 (37'655) 30.04.2013 Investment Advisor
UBS n/a ULT-AGG 909'867 0.53 (13'663) 30.07.2013 Unclassified
ADIG INVESTMENT Multiple Portfolios MF-AGG 774'724 0.46 (65'000) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 636'090 0.37 (199'392) 30.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 436'571 0.26 3'654 31.03.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 435'760 0.26 (23'700) 30.04.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 412'668 0.24 - 29.07.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 409'106 0.24 (11'417) 31.05.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 379'769 0.22 21'297 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale STEPHEN REITMAN buy 5 M 200 12 month 31.07.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 195 6 month 31.07.2013
Nord/LB FRANK SCHWOPE buy 5 M 195 12 month 31.07.2013
Baader Bank KLAUS BREITENBACH buy 5 M 180 12 month 31.07.2013
Berenberg Bank ADAM HULL buy 5 M 230 Not Provided 31.07.2013
Deutsche Bank JOCHEN GEHRKE buy 5 M 240 12 month 30.07.2013
Morgan Stanley LAURA LEMBKE Overwt/In-Line 5 M 190 12 month 30.07.2013
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 185 12 month 29.07.2013
Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 200 12 month 27.07.2013
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 203 Not Provided 25.07.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 215 12 month 25.07.2013
AlphaValue HANS-PETER WODNIOK reduce 2 M 154 6 month 25.07.2013
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 170 12 month 24.07.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 220 Not Provided 23.07.2013
Barclays MICHAEL TYNDALL overweight 5 M 192 Not Provided 23.07.2013
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 205 Not Provided 17.07.2013
JPMorgan JOSE ASUMENDI overweight 5 M 213 12 month 12.07.2013
Oddo & Cie FRANCOIS MAURY neutral 3 M 160 Not Provided 10.07.2013
Redburn Partners CHARLES WINSTON neutral 3 M #N/A N/A Not Provided 10.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 09.07.2013
Natixis GEORGES DIENG buy 5 M 202 Not Provided 03.07.2013
National Bank AG MANFRED JAISFELD buy 5 M 210 Not Provided 11.06.2013
Kepler Cheuvreux MICHAEL RAAB buy 5 M 202 Not Provided 05.06.2013
Exane BNP Paribas RABIH FREIHA outperform 5 M 212 Not Provided 05.06.2013
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 224 12 month 29.05.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 07.05.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 07.05.2013
HSBC HORST SCHNEIDER overweight 5 M 191 Not Provided 02.05.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 190 12 month 30.04.2013
S&P Capital IQ RODERICK BRIDGE buy 5 M 181 12 month 30.04.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 200 12 month 16.04.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 227 Not Provided 09.04.2013
UBS PHILIPPE HOUCHOIS neutral 3 M 165 12 month 25.02.2013
Cyrrus JIRI SIMARA buy 5 M 170 Not Provided 29.10.2012
Hammer Partners SA ALBERTO ROLLA buy 5 M 168 Not Provided 18.10.2012
Holdings By:
Volkswagen AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
European Aeronautic Defence and Space Company manufactures airplanes and
military equipment. The Company produces commercial aircraft including the
Airbus, military fighter aircraft, military and commercial helicopters,
missiles, satellites, and telecommunications and defense systems, and offers
military and commercial aircraft conversion and maintenance services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (12.08.2013) 46.10
52-Week Low (23.11.2012) 24.26
Daily Volume
44.895
52-Week High % Change -2.61% Dividend Yield -
52-Week Low % Change 85.10% Beta 0.75
% 52 Week Price Range High/Low 93.25% Equity Float 453.98
Shares Out 09.05.2013 787.3 Short Int -
35'345.52 1 Yr Total Return 52.00%
Total Debt 4'779.00 YTD Return 54.24%
Preferred Stock 0.0 Adjusted BETA 0.754
Minority Interest 25.0 Analyst Recs 29
Cash and Equivalents 11'084.00 Consensus Rating 4.379
Enterprise Value 33'938.52
Average Volume 5 Day 1'804'122
EAD FP EQUITY YTD Change - Average Volume 30 Day 2'139'599
EAD FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'288'908
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
43'265.0 42'822.0 45'752.0 49'128.0 56'480.0 52'126.0 57'878.0 58'619.9 62'417.7 13'311.3 17'937.0
0.09x 0.13x 0.17x 0.31x 0.32x 1.33x 1.13x 0.54x 0.51x 2.29x 1.45x
4'136.0 1'236.0 2'500.0 3'172.0 3'927.0 3'892.0 3'104.0 5'530.1 6'530.8 1'289.0 1'823.0
0.89x 4.62x 3.02x 4.81x 4.58x 5.07x 0.00x 6.14x 5.20x - -
1'572.0 (763.0) 553.0 1'033.0 1'228.0 1'511.0 1'393.0 2'078.7 2'685.1 454.0 761.0
6.17x - 25.65x 19.02x 19.67x 15.18x 24.08x 16.64x 12.39x 17.71x 18.59x
EBITDA 3'927.00 Long-Term Rating Date 22.09.2010
EBIT 1'890.00 Long-Term Rating A-
Operating Margin 3.35% Long-Term Outlook POS
Pretax Margin 2.97% Short-Term Rating Date 02.10.2012
Return on Assets 1.53% Short-Term Rating A-1
Return on Common Equity 17.52%
Return on Capital 12.66% EBITDA/Interest Exp. 7.52
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 1.26
Net Debt/EBITDA -0.33
Gross Margin 14.0% Total Debt/EBITDA 1.54
EBITDA Margin 7.5%
EBIT Margin 4.0% Total Debt/Equity 45.9%
Net Income Margin 2.2% Total Debt/Capital 31.4%
Asset Turnover 0.64
Current Ratio 0.93 Net Fixed Asset Turnover 3.87
Quick Ratio 0.37 Accounts receivable turnover-days 40.20
Debt to Assets 5.19% Inventory Days 192.40
Tot Debt to Common Equity 45.91% Accounts Payable Turnover Day 65.53
Accounts Receivable Turnover 9.08 Cash Conversion Cycle 142.58
Inventory Turnover 1.90
Fiscal Year Ended
European Aeronautic Defence and Space Co NVPrice/Volume
Valuation Analysis
564'135.00
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.,.20,021,122,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
2', B
-,', B
-2', B
.,', B
.2', B
0,', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
1,',,
12',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Research 112'072'054 14.28 (12'977'088) 16.04.2013 Government
FEDERAL REPUBLIC OF n/a Research 83'837'750 10.69 61'112'568 02.04.2013 Government
EUROPEAN AERONAUTIC n/a Research 49'001'830 6.25 - 17.04.2013 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 39'788'818 5.07 1'188'304 25.07.2013 Investment Advisor
SOCIEDAD ESTATAL DE n/a Research 34'687'784 4.42 (53'355) 04.04.2013 Holding Company
VNESHECONOMBANK #N/A N/A Research 22'614'753 2.88 - 26.07.2013 Government
BLACKROCK n/a ULT-AGG 22'605'402 2.88 472'675 29.07.2013 Investment Advisor
CAISSE DES DEPOTS ET n/a RNS-RUL8 15'584'382 1.99 - 25.09.2012 Government
AMUNDI SA n/a RNS-RUL8 15'385'347 1.96 (2'721) 10.10.2012 Other
VANGUARD GROUP INC n/a RNS-RUL8 12'117'860 1.54 3'341 09.10.2012 Investment Advisor
VIKING GLOBAL INVEST n/a RNS-RUL8 11'930'093 1.52 (1'079'438) 10.10.2012 Hedge Fund Manager
OLD MUTUAL n/a ULT-AGG 9'406'422 1.2 (18'433) 10.10.2012 Unclassified
STATE STREET n/a ULT-AGG 9'348'757 1.19 47'774 30.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC n/a RNS-RUL8 9'211'702 1.17 (9'990) 05.10.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'269'890 0.8 3'200 31.03.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 6'100'000 0.78 - 31.12.2012 Pension Fund (ERISA)
INVESCO LTD n/a ULT-AGG 3'879'592 0.49 - 13.09.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'048'913 0.39 (158'409) 28.03.2013 Investment Advisor
UBS n/a ULT-AGG 2'823'132 0.36 180'676 30.07.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 2'652'670 0.34 (400'466) 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 46 12 month 31.07.2013
Investec ANDREW GOLLAN buy 5 M 48 12 month 31.07.2013
Jefferies SANDY MORRIS buy 5 M 45 12 month 31.07.2013
Cantor Fitzgerald ANDREW CHAMBERS buy 5 M 55 Not Provided 31.07.2013
Exane BNP Paribas OLIVIER BROCHET outperform 5 M 48 Not Provided 31.07.2013
AlphaValue THOMAS PICHERIT buy 5 M 52 6 month 25.07.2013
Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 47 6 month 22.07.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 43 12 month 22.07.2013
Landesbank Baden-Wuerttemberg STEFAN MAICHL buy 5 M 50 Not Provided 22.07.2013
Bankhaus Lampe SEBASTIAN HEIN buy 5 M 48 12 month 19.07.2013
Deutsche Bank BEN FIDLER buy 5 M 48 12 month 16.07.2013
JPMorgan DAVID H PERRY overweight 5 M 65 6 month 16.07.2013
Societe Generale ZAFAR KHAN buy 5 M 53 Not Provided 15.07.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 52 12 month 01.07.2013
Oddo & Cie YAN DEROCLES buy 5 M 50 Not Provided 26.06.2013
DZ Bank AG MARKUS TURNWALD buy 5 M 51 12 month 17.06.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY sell 1 M 27 Not Provided 13.06.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
S&P Capital IQ UNAI FRANCO strong buy 5 M 53 Not Provided 29.05.2013
Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 28.05.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.05.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 49 12 month 15.05.2013
Kepler Cheuvreux CHRISTOPHE MENARD buy 5 M 48 Not Provided 15.05.2013
Natixis ERIC CHADEYRAS buy 5 M 47 Not Provided 15.05.2013
Barclays CARTER COPELAND overweight 5 M 49 Not Provided 15.05.2013
Nord/LB WOLFGANG DONIE hold 3 M 44 12 month 14.05.2013
CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX reduce 2 M 27 12 month 14.05.2013
UBS CHARLES ARMITAGE buy 5 M 49 12 month 08.03.2013
Gabelli & Co JAMES FOUNG hold 3 M #N/A N/A Not Provided 10.10.2011
Holdings By:
European Aeronautic Defence and Space Co NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (25.04.2013) 158.65
52-Week Low (05.09.2012) 117.20
Daily Volume
136
52-Week High % Change -14.28% Dividend Yield -
52-Week Low % Change 16.04% Beta 0.96
% 52 Week Price Range High/Low 43.91% Equity Float 178.32
Shares Out 30.06.2013 179.3 Short Int -
24'390.40 1 Yr Total Return 20.52%
Total Debt 6'256.00 YTD Return 4.70%
Preferred Stock 0.0 Adjusted BETA 0.957
Minority Interest 242.0 Analyst Recs 36
Cash and Equivalents 2'860.00 Consensus Rating 3.528
Enterprise Value 26'196.40
Average Volume 5 Day 693'043
MUV2 GY EQUITY YTD Change - Average Volume 30 Day 564'096
MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 609'249
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
47'151.0 53'891.0 59'111.0 60'908.0 65'896.0 63'330.0 65'549.0 54'500.9 55'720.4 - -
0.56x 0.44x 0.42x 0.33x 0.43x 1.31x 1.60x 0.54x 0.53x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'555.0 2'521.0 2'422.0 702.0 3'195.0 2'429.0 3'387.0 2'996.6 2'956.4 649.5 682.5
14.34x 8.39x 8.69x 24.03x 7.56x 8.30x 7.66x 8.13x 8.13x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating AA-
Operating Margin 6.64% Long-Term Outlook STABLE
Pretax Margin 6.19% Short-Term Rating Date -
Return on Assets 1.22% Short-Term Rating -
Return on Common Equity 12.30%
Return on Capital 10.97% EBITDA/Interest Exp. -
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 23.0%
Net Income Margin 4.8% Total Debt/Capital 18.6%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.42% Inventory Days -
Tot Debt to Common Equity 23.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
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
Muenchener Rueckversicherungs AGPrice/Volume
Valuation Analysis
313'663.00
Current Price (9/dd/yy) Market Data
,
.,
1,
3,
5,
-,,
-.,
-1,
-3,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
'2 B
-', B
-'2 B
.', B
.'2 B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
,'2,
-',,
-'2,
.',,
.'2,
0',,
0'2,
1',,
1'2,
2',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 20'086'215 11.2 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'132'964 9.55 3'169 29.07.2013 Investment Advisor
PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2012 Unclassified
CREDIT SUISSE AG n/a ULT-AGG 5'317'478 2.97 - 14.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 3'648'401 2.03 - 31.12.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 2'488'463 1.39 (240'926) 30.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'119'923 1.18 (27'216) 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'060'134 1.15 (59'130) 30.06.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'952'452 1.09 61'759 30.06.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'853'518 1.03 55'290 31.03.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'349'274 0.75 (239'245) 30.04.2013 Investment Advisor
POWER CORP OF CANADA n/a ULT-AGG 1'052'896 0.59 1'990 28.02.2013 Holding Company
SOCIETE GENERALE SA n/a Research 1'022'103 0.57 - 07.06.2013 Unclassified
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 835'251 0.47 763 28.03.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 699'570 0.39 (410) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 641'412 0.36 1'303 30.07.2013 Unclassified
BNP PARIBAS INV PART n/a ULT-AGG 621'922 0.35 (125'485) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 619'025 0.35 (713) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 547'412 0.31 21'745 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 117 12 month 30.07.2013
Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 150 12 month 30.07.2013
AlphaValue DIETER HEIN reduce 2 M 151 6 month 25.07.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 24.07.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 175 12 month 22.07.2013
Barclays ANDREW BROADFIELD overweight 5 M 159 Not Provided 22.07.2013
Mediobanca SpA MARC THIELE outperform 5 M 170 12 month 19.07.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 171 12 month 19.07.2013
Exane BNP Paribas THOMAS JACQUET underperform 1 M 144 Not Provided 19.07.2013
RBC Capital Markets KAMRAN HOSSAIN sector perform 3 U 145 12 month 15.07.2013
Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 11.07.2013
Berenberg Bank TOM CARSTAIRS buy 5 M 166 Not Provided 11.07.2013
Nomura MICHAEL KLIEN reduce 2 M 140 12 month 11.07.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 162 12 month 10.07.2013
JPMorgan MICHAEL HUTTNER neutral 3 D 154 3 month 02.07.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 155 6 month 27.06.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 165 12 month 13.06.2013
Main First Bank AG MICHAEL HAID underperform 1 M 155 12 month 12.06.2013
EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013
HSBC THOMAS FOSSARD overweight 5 M 180 Not Provided 31.05.2013
Macquarie HADLEY COHEN neutral 3 M 150 12 month 24.05.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 150 12 month 21.05.2013
Helvea DANIEL BISCHOF neutral 3 M 150 12 month 13.05.2013
Credit Suisse ADAM MCINALLY neutral 3 M 155 Not Provided 10.05.2013
Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 161 12 month 08.05.2013
Nord/LB JULIA SIEKMANN hold 3 M 157 12 month 08.05.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 160 12 month 08.05.2013
Natixis BENOIT VALLEAUX neutral 3 M 143 Not Provided 08.05.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 160 12 month 08.05.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 150 Not Provided 07.05.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 07.05.2013
Kepler Cheuvreux FABRIZIO CROCE buy 5 M 163 Not Provided 07.05.2013
Day by Day VALERIE GASTALDY buy 5 U 164 3 month 10.04.2013
Societe Generale JASON KALAMBOUSSIS hold 3 M 133 12 month 15.03.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 175 12 month 14.03.2013
National Bank AG MANFRED JAISFELD buy 5 M 145 Not Provided 07.11.2012
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] |
05.09.2013
ASML Holding N.V. develops, produces, and markets semiconductor manufacturing
equipment. The Company's products allow semiconductor manufacturers to choose
the optimal numerical aperture and wavelength for their applications, assure
uniformity, and produce more using less floor space.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (14.08.2013) 70.47
52-Week Low (18.10.2012) 38.25
Daily Volume
67.85
52-Week High % Change -3.72% Dividend Yield -
52-Week Low % Change 77.39% Beta 0.88
% 52 Week Price Range High/Low 90.47% Equity Float 353.75
Shares Out 01.07.2013 446.8 Short Int -
30'315.94 1 Yr Total Return 83.22%
Total Debt 759.49 YTD Return 42.68%
Preferred Stock 0.0 Adjusted BETA 0.884
Minority Interest 0.0 Analyst Recs 39
Cash and Equivalents 2'697.60 Consensus Rating 3.821
Enterprise Value 28'700.94
Average Volume 5 Day 895'561
ASML NA EQUITY YTD Change - Average Volume 30 Day 836'285
ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 1'118'170
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
2'953.7 1'596.1 4'507.9 5'651.0 4'731.6 5'149.0 4'330.7 5'120.9 6'524.5 1'331.3 1'738.9
1.71x 6.29x 2.52x 2.02x 3.72x 9.58x 17.99x 5.61x 4.30x 22.05x 17.06x
406.2 (21.5) 1'402.1 1'806.4 1'343.4 1'540.5 1'014.4 1'218.0 1'842.7 293.8 462.3
12.42x - 8.11x 6.33x 13.11x 9.65x 25.11x 23.61x 15.60x 17.37x 15.53x
322.4 (150.9) 1'021.8 1'467.0 1'146.3 1'213.8 889.4 919.6 1'460.4 217.6 377.3
17.00x - 12.30x 9.41x 17.78x 13.67x 29.29x 30.91x 19.68x 21.65x 19.78x
EBITDA 1'343.39 Long-Term Rating Date -
EBIT 1'156.77 Long-Term Rating -
Operating Margin 24.45% Long-Term Outlook -
Pretax Margin 24.32% Short-Term Rating Date -
Return on Assets 10.11% Short-Term Rating -
Return on Common Equity 17.62%
Return on Capital - EBITDA/Interest Exp. 58.97
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 51.43
Net Debt/EBITDA -1.59
Gross Margin 42.4% Total Debt/EBITDA 0.73
EBITDA Margin 23.4%
EBIT Margin 19.4% Total Debt/Equity 18.7%
Net Income Margin 24.2% Total Debt/Capital 15.7%
Asset Turnover 0.49
Current Ratio 2.80 Net Fixed Asset Turnover 3.76
Quick Ratio 1.58 Accounts receivable turnover-days 52.44
Debt to Assets 10.25% Inventory Days 291.26
Tot Debt to Common Equity 18.67% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.96 Cash Conversion Cycle 252.00
Inventory Turnover 1.25
Fiscal Year Ended
ASML Holding NVPrice/Volume
Valuation Analysis
390'831.00
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,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
.', B
1', B
3', B
5', B
-,', B
-.', B
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
2,',,
-,,',,
-2,',,
.,,',,
.2,',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STICHTING ADM MAKTSJ n/a Research 62'977'877 14.1 - 30.05.2013 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 51'453'097 11.52 - 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 36'311'008 8.13 - 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 22'878'489 5.12 - 29.07.2013 Investment Advisor
STICHT ADM TSMC n/a 20F 20'992'625 4.7 - 06.02.2013 Other
ASML HOLDING NV n/a Co File 8'980'030 2.01 - 01.07.2012 Corporation
WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'077'137 1.58 (951'400) 31.03.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 6'596'866 1.48 - 31.12.2012 Government
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'398'872 1.21 - 31.05.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'466'458 0.78 194'665 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 3'193'130 0.71 (384'544) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'000'551 0.67 (78'251) 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'880'721 0.42 1'379'663 30.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'843'410 0.41 327'482 31.05.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'474'044 0.33 50'878 31.05.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'438'904 0.32 (206'834) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'361'899 0.3 258'319 30.06.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'208'197 0.27 - 30.06.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'163'384 0.26 699'592 28.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'156'608 0.26 (27'356) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Piper Jaffray JAGADISH IYER neutral 3 M 58 12 month 30.07.2013
Cowen and Company TIMOTHY M ARCURI outperform 5 M 73 12 month 29.07.2013
Credit Suisse JOHN W PITZER outperform 5 M 75 Not Provided 26.07.2013
AlphaValue LIONEL PELLICER reduce 2 M 63 6 month 25.07.2013
Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 23.07.2013
Berenberg Bank TAMMY QIU hold 3 N 73 Not Provided 22.07.2013
Main First Bank AG JUERGEN WAGNER underperform 1 M 51 12 month 19.07.2013
Exane BNP Paribas JEROME RAMEL neutral 3 M 67 Not Provided 19.07.2013
Liberum Capital Ltd JANARDAN MENON hold 3 M 45 Not Provided 19.07.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 M #N/A N/A Not Provided 18.07.2013
Societe Generale PETER KNOX hold 3 M 66 12 month 18.07.2013
Deutsche Bank KAI KORSCHELT buy 5 M 75 12 month 18.07.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 70 12 month 18.07.2013
UBS GARETH JENKINS buy 5 M 75 12 month 18.07.2013
JPMorgan SANDEEP S DESHPANDE overweight 5 M 75 6 month 18.07.2013
Jefferies LEE SIMPSON buy 5 U 80 12 month 18.07.2013
Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 18.07.2013
Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 70 12 month 18.07.2013
Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 71 Not Provided 18.07.2013
Petercam MARCEL ACHTERBERG hold 3 M 66 Not Provided 18.07.2013
Rabobank International PHILIP SCHOLTE hold 3 M 60 Not Provided 18.07.2013
Kepler Cheuvreux BERND LAUX buy 5 M 75 Not Provided 18.07.2013
Natixis STEPHANE HOURI buy 5 M 75 6 month 18.07.2013
Barclays ANDREW M GARDINER overweight 5 M 80 Not Provided 18.07.2013
Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 40 6 month 17.07.2013
Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 70 12 month 17.07.2013
HSBC CHRISTIAN DOMINIK RATH overweight 5 M 76 Not Provided 17.07.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 53 12 month 17.07.2013
SNS Securities(ESN) EDWIN DE JONG suspended coverage #N/A N/A M 31 12 month 17.07.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 75 12 month 17.07.2013
ING Bank MARC ZWARTSENBURG hold 3 M 73 12 month 17.07.2013
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 60 Not Provided 17.07.2013
Day by Day VALERIE GASTALDY buy 5 M 69 3 month 15.07.2013
Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013
Kempen & Co ERWIN DUT hold 3 M 68 Not Provided 04.06.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013
Bank of Valletta TEAM COVERAGE overweight 5 M 59 Not Provided 21.01.2013
Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 50 Not Provided 15.01.2013
Goldman Sachs SIMON F SCHAFER not rated #N/A N/A M #N/A N/A Not Provided 23.11.2012
Holdings By:
ASML Holding NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
GDF Suez offers a full range of electricity, gas and associated energy and
environment services throughout the world. The Company produces, trades,
transports, stores and distributes natural gas, and offers energy management and
climatic and thermal engineering services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (17.09.2012) 20.10
52-Week Low (01.03.2013) 14.05
Daily Volume
16.555
52-Week High % Change -17.62% Dividend Yield 9.06
52-Week Low % Change 17.83% Beta 1.05
% 52 Week Price Range High/Low 41.27% Equity Float 1'355.86
Shares Out 30.06.2013 2'412.8 Short Int -
39'944.30 1 Yr Total Return -7.24%
Total Debt 57'552.00 YTD Return 10.70%
Preferred Stock 0.0 Adjusted BETA 1.053
Minority Interest 11'462.0 Analyst Recs 30
Cash and Equivalents 11'383.00 Consensus Rating 3.567
Enterprise Value 92'825.30
Average Volume 5 Day 3'367'355
GSZ FP EQUITY YTD Change - Average Volume 30 Day 4'184'246
GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'274'149
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
67'923.8 79'908.0 84'478.0 90'673.0 97'038.0 93'569.0 96'937.0 82'047.5 82'630.4 - -
1.64x 1.32x 1.24x 1.18x 0.97x 0.00x 0.00x 1.03x 1.00x - -
9'605.7 13'781.0 15'918.0 16'071.0 18'401.0 0.0 0.0 13'546.5 13'390.6 - -
11.61x 7.63x 6.59x 6.64x 5.13x 0.00x 0.00x 6.85x 6.93x - -
4'857.1 4'477.0 4'616.0 4'003.0 1'550.0 0.0 0.0 3'288.9 3'317.5 - -
11.85x 14.77x 12.79x 11.73x 22.90x 0.00x 0.00x 12.00x 12.01x - -
EBITDA 18'401.00 Long-Term Rating Date 06.05.2013
EBIT 9'520.00 Long-Term Rating A
Operating Margin 9.81% Long-Term Outlook NEG
Pretax Margin 4.96% Short-Term Rating Date 06.05.2013
Return on Assets 0.46% Short-Term Rating A-1
Return on Common Equity 1.56%
Return on Capital 2.30% EBITDA/Interest Exp. 7.20
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 3.61
Net Debt/EBITDA 2.34
Gross Margin - Total Debt/EBITDA 2.96
EBITDA Margin 18.6%
EBIT Margin 9.8% Total Debt/Equity 96.3%
Net Income Margin 1.6% Total Debt/Capital 44.7%
Asset Turnover 0.47
Current Ratio 1.07 Net Fixed Asset Turnover 1.12
Quick Ratio 0.65 Accounts receivable turnover-days 90.29
Debt to Assets 28.01% Inventory Days -
Tot Debt to Common Equity 96.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.04 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
GDF SuezPrice/Volume
Valuation Analysis
1'401'527.00
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.,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B2', B-,', B-2', B.,', B.2', B0,', B02', B1,', B12', B
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
-',,
.',,
0',,
1',,
2',,
3',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Co File 885'506'488 36.7 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 183'318'950 7.6 (1'121'371) 30.06.2013 Investment Advisor
GROUPE BRUXELLES LAM n/a Research 57'953'937 2.4 46'162 17.05.2013 Holding Company
GDF SUEZ n/a Co File 55'494'957 2.3 - 31.12.2012 Corporation
CAISSE DES DEPOTS ET n/a Co File 45'843'660 1.9 - 31.12.2012 Government
NORGES BANK Multiple Portfolios MF-AGG 41'698'795 1.73 - 31.12.2012 Government
CNP ASSURANCES n/a Co File 24'128'242 1 - 31.12.2012 Insurance Company
FRANKLIN RESOURCES n/a ULT-AGG 21'822'584 0.9 (1'129'346) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 17'561'409 0.73 (968'939) 29.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'207'138 0.59 719'146 30.06.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'124'400 0.54 (1'328'400) 31.05.2013 Investment Advisor
SOFINA SA n/a Co File 12'064'121 0.5 - 31.12.2012 Holding Company
BNP PARIBAS INV PART n/a ULT-AGG 11'862'885 0.49 (733'119) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 8'606'354 0.36 3'001'540 31.05.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'808'158 0.32 (1'673'196) 28.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 7'739'254 0.32 (87'620) 30.04.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 7'458'541 0.31 (4'905) 30.04.2013 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 7'392'588 0.31 (385'377) 31.03.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 6'873'444 0.28 (1'296'624) 28.03.2013 Investment Advisor
UBS n/a ULT-AGG 6'817'805 0.28 814 30.07.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander OSCAR NAJAR RIOS buy 5 M 18 Not Provided 30.07.2013
Deutsche Bank MARTIN BROUGH hold 3 M 18 12 month 29.07.2013
KBC Securities DIETER FURNIERE hold 3 M 17 Not Provided 26.07.2013
Main First Bank AG ANDREAS THIELEN outperform 5 N 18 12 month 22.07.2013
Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 14 Not Provided 19.07.2013
AlphaValue MYRIAM COHEN buy 5 M 19 6 month 18.07.2013
Raymond James EMMANUEL RETIF underperform 1 M #N/A N/A Not Provided 05.07.2013
HSBC ADAM DICKENS overweight 5 M 17 Not Provided 26.06.2013
Goldman Sachs ANDREW MEAD Buy/Neutral 5 M 23 12 month 14.06.2013
Bryan Garnier & Cie JULIEN DESMARETZ buy 5 N 19 6 month 06.06.2013
EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013
Berenberg Bank TEAM COVERAGE sell 1 M 14 Not Provided 22.05.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.05.2013
Investec HAROLD HUTCHINSON hold 3 N 15 Not Provided 13.05.2013
UBS ALBERTO GANDOLFI buy 5 M 18 12 month 02.05.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 17 12 month 24.04.2013
CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 23 12 month 24.04.2013
S&P Capital IQ CLIVE ROBERTS sell 1 D 13 12 month 24.04.2013
Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 16 12 month 23.04.2013
Macquarie SHAI HILL outperform 5 M 17 12 month 23.04.2013
Credit Suisse MICHEL DEBS neutral 3 M 15 Not Provided 18.04.2013
JPMorgan NATHALIE F CASALI neutral 3 U 15 9 month 11.04.2013
Barclays JULIE ARAV equalweight 3 M 16 Not Provided 08.04.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK buy 5 U 17 Not Provided 05.03.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 17 Not Provided 20.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 18 12 month 15.02.2013
Nord/LB HEINO HAMMANN hold 3 M 17 Not Provided 06.12.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012
Kepler Cheuvreux 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] |
05.09.2013
Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and
motorcycles worldwide. The Company produces everything from convertible sports
cars to luxury sedans to touring motorcycles with large displacement engines.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (02.01.2013) 76.16
52-Week Low (05.09.2012) 54.35
Daily Volume
75.85
52-Week High % Change -0.41% Dividend Yield -
52-Week Low % Change 39.56% Beta 1.14
% 52 Week Price Range High/Low 83.63% Equity Float 323.27
Shares Out 30.06.2013 602.0 Short Int -
48'710.93 1 Yr Total Return 42.57%
Total Debt 69'507.00 YTD Return 7.62%
Preferred Stock 0.0 Adjusted BETA 1.143
Minority Interest 107.0 Analyst Recs 39
Cash and Equivalents 12'982.00 Consensus Rating 4.000
Enterprise Value 106'186.93
Average Volume 5 Day 1'040'309
BMW GY EQUITY YTD Change - Average Volume 30 Day 1'257'888
BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'574'769
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
53'197.0 50'681.0 60'477.0 68'821.0 76'848.0 71'077.0 76'101.0 78'186.5 82'138.8 19'729.0 21'993.5
1.19x 1.40x 1.49x 1.31x 1.36x 5.13x 5.20x 0.47x 0.43x - -
4'468.0 3'835.0 9'087.0 11'677.0 12'014.0 12'000.0 11'957.0 12'660.0 13'136.0 - -
14.18x 18.44x 9.93x 7.75x 8.70x 8.15x 8.58x 8.39x 8.08x - -
324.0 204.0 3'227.0 4'881.0 5'096.0 5'092.0 5'061.0 5'194.6 5'320.2 1'223.0 1'337.0
44.10x 102.58x 11.94x 6.95x 9.39x 8.68x 8.80x 9.64x 9.31x - -
EBITDA 12'014.00 Long-Term Rating Date 16.04.2012
EBIT 8'298.00 Long-Term Rating A
Operating Margin 10.80% Long-Term Outlook STABLE
Pretax Margin 10.17% Short-Term Rating Date 16.04.2012
Return on Assets 3.97% Short-Term Rating A-1
Return on Common Equity 17.36%
Return on Capital 5.69% EBITDA/Interest Exp. 13.16
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 7.42
Net Debt/EBITDA 4.89
Gross Margin 20.2% Total Debt/EBITDA 5.98
EBITDA Margin 15.3%
EBIT Margin 10.5% Total Debt/Equity 229.4%
Net Income Margin 6.6% Total Debt/Capital 69.6%
Asset Turnover 0.59
Current Ratio 1.04 Net Fixed Asset Turnover 2.06
Quick Ratio 0.32 Accounts receivable turnover-days 10.49
Debt to Assets 52.72% Inventory Days 63.30
Tot Debt to Common Equity 229.43% Accounts Payable Turnover Day 38.04
Accounts Receivable Turnover 34.80 Cash Conversion Cycle 36.53
Inventory Turnover 5.77
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
2'129'952.00
Current Price (9/dd/yy) Market Data
,
-,
.,
0,
1,
2,
3,
4,
5,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
-', B
.', B
0', B
1', B
2', B
3', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
-3',,
-5',,
.,',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QUANDT STEFAN n/a Co File 104'747'161 17.4 - 31.12.2012 n/a
QUANDT JOHANNA n/a Co File 98'125'214 16.3 - 31.12.2012 n/a
KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2012 n/a
BLACKROCK n/a ULT-AGG 36'750'616 6.1 147'588 29.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 14'432'872 2.4 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 13'005'220 2.16 (1'906'900) 30.06.2013 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'444'700 1.4 179'200 31.03.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 7'619'900 1.27 891'400 30.06.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 4'993'700 0.83 4'993'700 30.06.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'048'351 0.67 235'553 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 3'520'312 0.58 (211'150) 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 3'503'577 0.58 2'193'523 31.03.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'666'311 0.44 (188'230) 30.04.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'176'599 0.36 (811'395) 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'130'879 0.35 (313'808) 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'028'489 0.34 (345'773) 31.05.2013 Investment Advisor
BESTINVER GESTION SG BESTINVER INTERNACIO MF-PART 1'800'497 0.3 - 31.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'788'694 0.3 876'056 30.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'574'282 0.26 (845'170) 30.06.2013 Investment Advisor
SEB n/a ULT-AGG 1'380'299 0.23 123'139 30.04.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 30.07.2013
Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 29.07.2013
HSBC HORST SCHNEIDER neutral 3 M 79 Not Provided 29.07.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 90 12 month 29.07.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 25.07.2013
Baader Bank KLAUS BREITENBACH buy 5 M 75 12 month 25.07.2013
Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 72 Not Provided 25.07.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 84 12 month 25.07.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 100 Not Provided 23.07.2013
Barclays KRISTINA CHURCH overweight 5 M 80 Not Provided 23.07.2013
Morgan Stanley LAURA LEMBKE Equalwt/In-Line 3 M 79 12 month 21.07.2013
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 80 12 month 19.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.07.2013
AlphaValue HANS-PETER WODNIOK buy 5 M 88 6 month 18.07.2013
Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 10.07.2013
Oddo & Cie FRANCOIS MAURY reduce 2 M 60 Not Provided 10.07.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 73 12 month 09.07.2013
DZ Bank AG MICHAEL PUNZET buy 5 U 75 Not Provided 05.07.2013
JPMorgan JOSE ASUMENDI neutral 3 D 78 3 month 03.07.2013
Natixis GEORGES DIENG neutral 3 M 77 Not Provided 03.07.2013
Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 14.06.2013
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 82 12 month 13.06.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 10.06.2013
Kepler Cheuvreux MICHAEL RAAB buy 5 M 88 Not Provided 05.06.2013
Exane BNP Paribas RABIH FREIHA neutral 3 M 74 Not Provided 05.06.2013
Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 M 83 12 month 29.05.2013
S&P Capital IQ RODERICK BRIDGE strong buy 5 M 83 12 month 14.05.2013
Societe Generale PHILIPPE BARRIER buy 5 M 83 12 month 03.05.2013
Nord/LB FRANK SCHWOPE sell 1 M 61 12 month 02.05.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 U #N/A N/A Not Provided 02.05.2013
National Bank AG MANFRED JAISFELD buy 5 M 85 Not Provided 02.05.2013
Creative Global Investments CARLO R BESENIUS buy 5 M 87 Not Provided 30.04.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 83 Not Provided 09.04.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.03.2013
Bank of Valletta TEAM COVERAGE neutral 3 M 71 Not Provided 20.03.2013
UBS PHILIPPE HOUCHOIS neutral 3 D 73 12 month 18.02.2013
Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012
Holdings By:
Bayerische Motoren Werke AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Societe Generale attracts deposits and offers commercial, retail, investment,
and private banking services. The Bank offers consumer credit, vehicle lease
financing, information technology equipment leasing, life and non-life
insurance, custodian services, trade and project financing, currency exchange,
treasury services, and financial and commodities futures brokerage services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (16.08.2013) 36.04
52-Week Low (05.09.2012) 20.41
Daily Volume
34.29
52-Week High % Change -4.86% Dividend Yield -
52-Week Low % Change 68.01% Beta 1.83
% 52 Week Price Range High/Low 86.15% Equity Float 695.62
Shares Out 16.07.2013 798.7 Short Int -
27'385.93 1 Yr Total Return 63.51%
Total Debt 740'837.00 YTD Return 22.75%
Preferred Stock 5'270.0 Adjusted BETA 1.833
Minority Interest 4'288.0 Analyst Recs 34
Cash and Equivalents 110'225.00 Consensus Rating 3.706
Enterprise Value -
Average Volume 5 Day 4'283'978
GLE FP EQUITY YTD Change - Average Volume 30 Day 5'294'313
GLE FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'295'387
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
57'829.0 43'984.0 45'295.0 48'549.0 43'733.0 6'504.0 5'088.0 23'085.1 24'522.1 5'863.7 5'919.5
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'010.0 678.0 3'917.0 2'385.0 774.0 2'201.0 406.0 2'637.6 3'363.5 706.5 631.0
10.65x 108.78x 8.11x 5.38x 44.28x 7.62x 52.30x 10.18x 7.97x - -
EBITDA - Long-Term Rating Date 23.01.2012
EBIT - Long-Term Rating A
Operating Margin 8.87% Long-Term Outlook NEG
Pretax Margin 6.13% Short-Term Rating Date 07.05.2009
Return on Assets 0.07% Short-Term Rating A-1
Return on Common Equity 2.10%
Return on Capital 0.18% EBITDA/Interest Exp. -
Asset Turnover - (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 1663.3%
Net Income Margin 3.1% Total Debt/Capital 93.2%
Asset Turnover -
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 59.23% Inventory Days -
Tot Debt to Common Equity 1663.34% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Societe Generale SAPrice/Volume
Valuation Analysis
2'111'329.00
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,
02
1,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B.', B1', B3', B5', B-,', B-.', B-1', B-3', B-5', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,
,'.,
,'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] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOC GEN ESOP n/a Co File 59'344'358 7.43 - 31.12.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 56'413'062 7.06 - 30.06.2013 Investment Advisor
LYXOR INTERNATIONAL n/a Research 50'619'422 6.34 - 26.09.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 37'169'504 4.65 - 29.07.2013 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 19'567'063 2.45 - 31.12.2012 Government
NORGES BANK Multiple Portfolios MF-AGG 18'243'614 2.28 - 31.12.2012 Government
GROUPAMA SA n/a Research 15'059'288 1.89 (7'089'130) 21.02.2013 Insurance Company
MEIJI YASUDA LIFE IN n/a Co File 11'069'312 1.39 - 31.12.2012 Insurance Company
SOCIETE GENERALE n/a Co File 8'987'016 1.13 - 31.12.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'411'734 1.05 321'888 30.06.2013 Investment Advisor
CNP ASSURANCES n/a Co File 7'769'307 0.97 - 31.12.2012 Insurance Company
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 5'737'011 0.72 295'824 28.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 4'271'670 0.53 (107'459) 31.05.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'060'364 0.51 (789'107) 31.03.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 3'659'299 0.46 (4'353) 28.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'982'930 0.37 (20'605) 30.04.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'605'948 0.33 717'808 28.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'523'087 0.32 164'148 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 2'309'193 0.29 36'697 30.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'273'657 0.28 (382'840) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 43 Not Provided 29.07.2013
Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 43 12 month 29.07.2013
AlphaValue CHRISTOPHE NIJDAM add 4 M 34 6 month 25.07.2013
Main First Bank AG FEDERICO SALERNO outperform 5 U 34 12 month 23.07.2013
Morgan Stanley SARA MINELLI Equalwt/In-Line 3 M 37 12 month 21.07.2013
RBC Capital Markets ANKE REINGEN sector perform 3 M 35 12 month 19.07.2013
Natixis ALEX KOAGNE buy 5 M 36 Not Provided 19.07.2013
Exane BNP Paribas GUILLAUME TIBERGHIEN outperform 5 M 34 Not Provided 19.07.2013
Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 16.07.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 31 Not Provided 15.07.2013
Deutsche Bank FLORA BENHAKOUN hold 3 M 34 12 month 09.07.2013
JPMorgan DELPHINE LEE overweight 5 M 36 15 month 28.06.2013
Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 36 6 month 26.06.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 36 12 month 21.06.2013
Oddo & Cie JEAN SASSUS neutral 3 M 34 Not Provided 17.06.2013
Nomura JON PEACE buy 5 M 38 12 month 17.06.2013
Kepler Cheuvreux CYRIL MEILLAND buy 5 M 40 Not Provided 07.06.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 06.06.2013
EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 U 42 12 month 03.06.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.05.2013
Barclays KIRI VIJAYARAJAH equalweight 3 M 32 Not Provided 22.05.2013
Macquarie PIERS BROWN underperform 1 M 28 12 month 17.05.2013
HSBC ROBIN DOWN overweight 5 M 40 Not Provided 13.05.2013
Espirito Santo Investment Bank ResearchANDREW LIM buy 5 U 40 Not Provided 13.05.2013
UBS NICK DAVEY sell 1 M 24 12 month 07.05.2013
CM - CIC Securities(ESN) PIERRE CHEDEVILLE accumulate 4 M 37 12 month 07.05.2013
S&P Capital IQ WILLIAM HOWLETT buy 5 U 36 12 month 07.05.2013
Grupo Santander AURELIA FAURE buy 5 M 38 Not Provided 02.05.2013
Berenberg Bank JAMES CHAPPELL sell 1 N 16 Not Provided 28.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Banco Sabadell MARIO LODOS buy 5 M 32 Not Provided 30.07.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 19.06.2012
Holdings By:
Societe Generale SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
UniCredit SpA attracts deposits and offers commercial banking services. The
Bank offers consumer credit, mortgages, life insurance, business loan,
investment banking, asset management, and other services. UniCredit operates
worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.01.2013) 4.88
52-Week Low (27.03.2013) 3.16
Daily Volume
4.338
52-Week High % Change -11.11% Dividend Yield -
52-Week Low % Change 37.10% Beta 1.50
% 52 Week Price Range High/Low 65.97% Equity Float 4'894.81
Shares Out 22.07.2013 5'789.2 Short Int -
25'132.81 1 Yr Total Return 36.57%
Total Debt 329'783.21 YTD Return 19.47%
Preferred Stock 0.0 Adjusted BETA 1.500
Minority Interest 3'669.0 Analyst Recs 39
Cash and Equivalents 72'192.45 Consensus Rating 2.923
Enterprise Value -
Average Volume 5 Day 65'350'650
UCG IM EQUITY YTD Change - Average Volume 30 Day 80'496'120
UCG IM EQUITY YTD % CHANGE - Average Volume 3 Month 81'131'840
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
65'266.9 47'278.6 41'223.4 41'968.2 41'523.0 25'376.0 24'350.0 24'487.6 24'859.4 5'965.0 6'113.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
4'011.8 1'702.3 1'323.3 (9'206.4) 864.9 (9'102.0) 400.0 1'144.5 2'172.4 - -
5.74x 23.66x 24.19x - 20.31x 0.00x 36.99x 21.79x 11.69x - -
EBITDA - Long-Term Rating Date 12.07.2013
EBIT - Long-Term Rating BBB
Operating Margin 0.98% Long-Term Outlook NEG
Pretax Margin -1.20% Short-Term Rating Date 10.02.2012
Return on Assets 0.06% Short-Term Rating A-2
Return on Common Equity 0.97%
Return on Capital 0.24% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 525.3%
Net Income Margin 3.2% Total Debt/Capital 83.2%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 2.06
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 35.58% Inventory Days -
Tot Debt to Common Equity 525.27% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
UniCredit SpAPrice/Volume
Valuation Analysis
37'890'249.00
Current Price (9/dd/yy) Market Data
,--..001122
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
2,', B
-,,', B
-2,', B
.,,', B
.2,', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,
,'.,
,'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] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AABAR LUX SARL n/a Research 376'220'171 6.5 - 07.05.2013 Other
PGFF LUX SARL n/a Research 289'992'198 5.01 - 07.05.2013 Other
FONDAZIONE CASSA RIS n/a Research 204'516'549 3.53 - 07.05.2013 Bank
CARIMONTE HOLDING SP n/a Research 173'381'885 2.99 - 07.05.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 167'732'914 2.9 - 30.06.2013 Investment Advisor
CENTRAL BANK OF LIBY n/a Research 152'258'925 2.63 - 07.05.2013 Government
FONDAZIONE CASSA RIS n/a Research 145'082'905 2.51 - 07.05.2013 Corporation
BLACKROCK n/a ULT-AGG 124'234'551 2.15 (34'810'976) 29.07.2013 Investment Advisor
DELFIN SARL n/a Research 116'031'602 2 - 07.05.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 113'543'136 1.96 (13'092'851) 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 109'463'289 1.89 (13'976'826) 31.03.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 103'612'982 1.79 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 90'010'140 1.55 12'606'177 30.06.2013 Investment Advisor
ALLIANZ SPA n/a Research 68'982'379 1.19 - 07.05.2013 Insurance Company
ALLIANZ FINANCE IV L n/a Research 42'130'178 0.73 - 07.05.2013 Other
SUN LIFE FINANCIAL I n/a ULT-AGG 27'341'856 0.47 1'174'288 31.05.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 22'995'208 0.4 13'795'214 30.04.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 20'053'953 0.35 19'524'351 30.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 17'760'087 0.31 17'620'362 31.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 17'173'848 0.3 (63'661) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 U 5 12 month 30.07.2013
Equita SIM SpA GIOVANNI RAZZOLI buy 5 M 6 12 month 29.07.2013
Natixis STEVEN GOULD neutral 3 M 3 Not Provided 29.07.2013
Deutsche Bank PAOLA SABBIONE buy 5 M 5 12 month 26.07.2013
Grupo Santander TANIA GOLD underweight 1 M 3 Not Provided 24.07.2013
Keefe, Bruyette & Woods DOMENICO SANTORO market perform 3 M 4 12 month 24.07.2013
ICBPI LUCA COMI sell 1 M 4 12 month 24.07.2013
Barclays ANTONIO RIZZO equalweight 3 M 4 Not Provided 23.07.2013
Nomura DARAGH QUINN reduce 2 M 3 12 month 19.07.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 5 12 month 18.07.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 5 6 month 18.07.2013
Banca IMI MANUELA MERONI hold 3 M 4 12 month 15.07.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 4 Not Provided 15.07.2013
Exane BNP Paribas ANDREA VERCELLONE underperform 1 M 3 Not Provided 11.07.2013
Societe Generale CARLO TOMMASELLI sell 1 M 4 12 month 09.07.2013
Main First Bank AG ALDO COMI outperform 5 N 5 12 month 09.07.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 4 12 month 08.07.2013
Kepler Cheuvreux ANNA MARIA BENASSI hold 3 M 4 Not Provided 08.07.2013
HSBC CARLO DIGRANDI neutral 3 M 4 Not Provided 03.07.2013
EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 19.06.2013
Oddo & Cie JULIE LEGRAND reduce 2 M 3 Not Provided 17.06.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.06.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 4 Not Provided 05.06.2013
Macquarie BENJIE CREELAN-SANDFORD outperform 5 M 5 12 month 05.06.2013
Mediobanca SpA ANDREA FILTRI outperform 5 M 5 6 month 24.05.2013
DZ Bank AG CHRISTOPH BAST sell 1 M 3 Not Provided 14.05.2013
RBC Capital Markets ANKE REINGEN underperform 1 M 3 12 month 13.05.2013
Berenberg Bank ELENI PAPOULA sell 1 M 3 Not Provided 13.05.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 3 12 month 13.05.2013
Morgan Stanley FRANCESCA TONDI Overwt/In-Line 5 M 6 12 month 10.05.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 08.05.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 15.04.2013
UBS MATTEO RAMENGHI neutral 3 M 4 12 month 18.03.2013
Centrobanca GUGLIELMO MARCO OPIPARI overvalued 1 U 3 12 month 11.03.2013
Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 5 12 month 15.01.2013
JPMorgan MARTA BASTONI neutral 3 M 3 6 month 07.01.2013
Nord/LB MICHAEL SEUFERT sell 1 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 2 Not Provided 19.06.2012
Banco Sabadell MARIO LODOS Under Review #N/A N/A M #N/A N/A Not Provided 05.03.2012
Holdings By:
UniCredit SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Koninklijke Philips N.V. manufactures medical systems, domestic
appliances, consumer electronics, and lighting. The Company produces imaging,
ultrasound and healthcare informatics equipment, shaving and beauty and health
and wellness products, displays, and peripherals, and lamps and luminaries.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.08.2013) 24.77
52-Week Low (01.10.2012) 18.05
Daily Volume
24.585
52-Week High % Change -0.75% Dividend Yield -
52-Week Low % Change 36.20% Beta 1.12
% 52 Week Price Range High/Low 98.44% Equity Float 927.01
Shares Out 30.06.2013 975.6 Short Int -
23'985.72 1 Yr Total Return 38.55%
Total Debt 4'534.00 YTD Return 28.11%
Preferred Stock 0.0 Adjusted BETA 1.115
Minority Interest 34.0 Analyst Recs 35
Cash and Equivalents 3'834.00 Consensus Rating 3.886
Enterprise Value 26'127.72
Average Volume 5 Day 3'593'611
PHIA NA EQUITY YTD Change - Average Volume 30 Day 2'582'759
PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'208'947
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
26'385.0 20'092.0 22'287.0 22'579.0 24'788.0 22'983.0 24'200.0 23'898.1 25'143.7 5'900.5 7'092.3
0.51x 0.95x 0.92x 0.70x 0.76x 2.65x 3.35x 1.05x 0.98x - -
1'883.0 2'055.0 3'436.0 1'185.0 2'463.0 2'559.0 2'430.0 3'278.8 3'678.4 920.0 1'220.0
7.11x 9.30x 5.98x 13.35x 7.69x 6.37x 8.76x 8.00x 7.13x - -
(91.0) 410.0 1'446.0 (1'295.0) 226.0 196.0 289.0 1'365.9 1'647.8 325.7 581.6
- 41.36x 14.60x - 71.05x 28.71x 64.57x 15.99x 13.52x 15.02x 14.55x
EBITDA 2'463.00 Long-Term Rating Date 11.05.2005
EBIT 1'030.00 Long-Term Rating A-
Operating Margin 4.16% Long-Term Outlook STABLE
Pretax Margin 2.30% Short-Term Rating Date 26.02.2001
Return on Assets 1.01% Short-Term Rating A-2
Return on Common Equity 2.53%
Return on Capital 2.93% EBITDA/Interest Exp. 7.00
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 5.08
Net Debt/EBITDA 0.87
Gross Margin 38.0% Total Debt/EBITDA 1.82
EBITDA Margin 10.0%
EBIT Margin 4.4% Total Debt/Equity 40.7%
Net Income Margin 0.9% Total Debt/Capital 28.9%
Asset Turnover 0.85
Current Ratio 1.26 Net Fixed Asset Turnover 8.15
Quick Ratio 0.82 Accounts receivable turnover-days 65.68
Debt to Assets 15.59% Inventory Days 95.20
Tot Debt to Common Equity 40.70% Accounts Payable Turnover Day 68.69
Accounts Receivable Turnover 5.56 Cash Conversion Cycle 76.69
Inventory Turnover 3.83
Fiscal Year Ended
Koninklijke Philips NVPrice/Volume
Valuation Analysis
1'675'328.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
,
2
-,
-2
.,
.2
0,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B-', B.', B0', B1', B2', B3', B4', B5', B6', B-,', B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
2',,
-,',,
-2',,
.,',,
.2',,
0,',,
02',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KONINKLIJKE PHILIPS n/a Research 47'895'476 4.91 15'514'236 08.02.2013 Corporation
DODGE & COX n/a 13G 46'061'138 4.72 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 45'264'486 4.64 - 29.07.2013 Investment Advisor
DODGE & COX WORLDWID DODGE & COX WORLDWID MF-PART 44'824'944 4.59 - 31.03.2013 Investment Advisor
SOUTHEASTERN ASSET M n/a 13G 41'502'897 4.25 (6'799'141) 31.12.2012 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 23'230'134 2.38 - 31.12.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 13'166'223 1.35 (4'019'128) 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 12'728'170 1.3 2'353'570 30.06.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'525'631 1.08 (200'255) 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'152'850 0.94 381'993 30.06.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'461'431 0.66 (88'593) 31.05.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 6'102'922 0.63 2'528'586 30.04.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'659'143 0.58 177'226 31.03.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 4'800'000 0.49 - 31.12.2012 Pension Fund (ERISA)
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 4'714'444 0.48 59'221 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'944'572 0.4 23'788 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'812'654 0.39 1'831'314 30.06.2013 Investment Advisor
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 3'566'816 0.37 1'122'043 31.03.2013 Investment Advisor
FORTIS INVESTMENTS Multiple Portfolios MF-AGG 2'922'451 0.3 (2'518) 31.12.2012 Investment Advisor
BARCLAYS PLC n/a ULT-AGG 2'911'837 0.3 - 04.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Rabobank International HANS SLOB buy 5 M 27 12 month 29.07.2013
AlphaValue THOMAS PICHERIT add 4 M 27 6 month 25.07.2013
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 28 Not Provided 25.07.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 28 12 month 24.07.2013
Barclays DAVID VOS overweight 5 M 30 Not Provided 24.07.2013
Societe Generale GAEL DE BRAY hold 3 M 24 12 month 23.07.2013
Nord/LB WOLFGANG VASTERLING hold 3 M 25 12 month 23.07.2013
JPMorgan ANDREAS WILLI overweight 5 U 28 3 month 23.07.2013
Canaccord Genuity Corp ANDREW BELL hold 3 M 20 12 month 23.07.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 26 Not Provided 23.07.2013
S&P Capital IQ UNAI FRANCO buy 5 U 29 12 month 23.07.2013
Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 23.07.2013
Deutsche Bank MARTIN WILKIE buy 5 M 27 12 month 22.07.2013
Kempen & Co ERWIN DUT buy 5 M 28 12 month 22.07.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 26 12 month 22.07.2013
Credit Suisse SIMON TOENNESSEN neutral 3 M 23 Not Provided 22.07.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 U 24 Not Provided 22.07.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 26 12 month 22.07.2013
Petercam MARCEL ACHTERBERG hold 3 M 26 Not Provided 22.07.2013
Nomura DANIEL CUNLIFFE buy 5 M 32 12 month 22.07.2013
ING Bank FABIAN SMEETS buy 5 M 30 12 month 22.07.2013
Exane BNP Paribas OLIVIER ESNOU neutral 3 M 24 Not Provided 22.07.2013
Natixis ARNAUD SCHMIT not rated #N/A N/A M #N/A N/A Not Provided 17.07.2013
Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 27 Not Provided 03.07.2013
Kepler Cheuvreux PETER OLOFSEN buy 5 M 25 Not Provided 02.07.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.06.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
HSBC MICHAEL HAGMANN neutral 3 M 24 Not Provided 03.06.2013
UBS FREDRIC STAHL buy 5 M 25 12 month 14.05.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 29.04.2013
Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 23 12 month 22.04.2013
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 20 12 month 15.02.2013
SNS Securities(ESN) VICTOR BARENO hold 3 M 15 12 month 22.10.2012
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 23 Not Provided 04.09.2012
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 NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs,
manufactures and distributes apparel. The Company operates retail chains in
Europe, the Americas, Asia, and Africa.
Latest Fiscal Year: 01/2013
LTM as of: 04/yy
52-Week High (19.12.2012) 111.80
52-Week Low (12.09.2012) 85.34
Daily Volume
103.75
52-Week High % Change -7.20% Dividend Yield -
52-Week Low % Change 21.58% Beta 0.69
% 52 Week Price Range High/Low 72.41% Equity Float 221.78
Shares Out 30.04.2013 623.3 Short Int -
64'670.53 1 Yr Total Return 16.68%
Total Debt 6.00 YTD Return -0.58%
Preferred Stock 0.0 Adjusted BETA 0.695
Minority Interest 36.0 Analyst Recs 40
Cash and Equivalents 4'104.00 Consensus Rating 3.575
Enterprise Value 61'046.53
Average Volume 5 Day 788'663
ITX SQ EQUITY YTD Change - Average Volume 30 Day 859'412
ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1'152'147
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 04/yy 04/yy 01/14 Y 01/15 Y 07/13 Q2 10/13 Q3
10'407.0 11'083.5 12'526.6 13'792.6 15'946.0 14'248.6 16'123.0 17'334.1 19'208.3 4'121.5 4'483.8
1.68x 2.36x 2.48x 2.76x 3.78x 10.62x 14.04x 3.45x 3.06x - -
2'186.9 2'353.1 2'966.2 3'214.6 3'912.0 3'377.6 3'898.0 4'253.2 4'743.5 877.6 1'244.3
7.97x 11.09x 10.46x 11.86x 15.40x 11.50x 15.39x 14.35x 12.87x 14.32x 13.88x
1'253.5 1'314.4 1'731.8 1'932.3 2'361.0 2'032.3 2'366.0 2'599.1 2'913.5 520.7 800.9
14.82x 21.63x 19.86x 21.51x 27.24x 20.84x 26.90x 24.75x 22.18x 24.29x 23.23x
EBITDA 3'912.00 Long-Term Rating Date -
EBIT 3'116.00 Long-Term Rating -
Operating Margin 19.54% Long-Term Outlook -
Pretax Margin 19.64% Short-Term Rating Date -
Return on Assets 19.53% Short-Term Rating -
Return on Common Equity 30.49%
Return on Capital - EBITDA/Interest Exp. 875.44
Asset Turnover 1.33% (EBITDA-Capex)/Interest Exp. 573.53
Net Debt/EBITDA -0.94
Gross Margin 59.8% Total Debt/EBITDA 0.00
EBITDA Margin 24.2%
EBIT Margin 19.2% Total Debt/Equity 0.1%
Net Income Margin 14.8% Total Debt/Capital 0.1%
Asset Turnover 1.33
Current Ratio 1.92 Net Fixed Asset Turnover 3.51
Quick Ratio 1.42 Accounts receivable turnover-days 17.84
Debt to Assets 0.05% Inventory Days 81.44
Tot Debt to Common Equity 0.07% Accounts Payable Turnover Day 183.51
Accounts Receivable Turnover 20.46 Cash Conversion Cycle -62.88
Inventory Turnover 4.48
Fiscal Year Ended
Inditex SAPrice/Volume
Valuation Analysis
225'264.00
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,
-,,
-.,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
2', B
-,', B
-2', B
.,', B
.2', B
0,', B
02', B
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
18'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013,',,
,'.,
,'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] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GARTLER SL n/a Co File 311'727'598 50.01 - 31.01.2013 Unclassified
PARTLER 2006 SL n/a Co File 57'872'465 9.28 - 31.01.2013 Corporation
ROSP CORUNNA n/a Co File 31'494'806 5.05 - 31.01.2013 Unclassified
JP MORGAN n/a ULT-AGG 18'792'273 3.01 - 31.10.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'965'697 1.28 328'000 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 5'725'374 0.92 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'401'005 0.87 147'817 30.06.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 5'314'710 0.85 290'786 28.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'589'100 0.74 458'789 29.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'023'305 0.65 (112'094) 30.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'784'266 0.45 (155'840) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'545'495 0.41 (5'298) 30.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'505'067 0.4 (146'154) 30.06.2013 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1'446'300 0.23 - 28.02.2013 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'149'037 0.18 - 31.05.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'126'124 0.18 (1'273'091) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 1'018'951 0.16 148'388 31.05.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 791'919 0.13 524'139 28.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 763'170 0.12 19'412 30.07.2013 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 714'426 0.11 611'185 28.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander REBECCA MCCLELLAN buy 5 M 120 12 month 31.07.2013
BPI JOSE RITO neutral 3 M 108 Not Provided 29.07.2013
Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 96 Not Provided 29.07.2013
Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 115 12 month 25.07.2013
AlphaValue VIRGINIE BLIN reduce 2 M 90 6 month 25.07.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 100 Not Provided 27.06.2013
Raymond James CEDRIC LECASBLE outperform 5 U 111 Not Provided 26.06.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 U 110 12 month 24.06.2013
Societe Generale ANNE CRITCHLOW buy 5 M 127 12 month 20.06.2013
HSBC PAUL ROSSINGTON neutral 3 D 110 Not Provided 14.06.2013
ISI Group OMAR SAAD strong buy 5 M 120 Not Provided 14.06.2013
Nomura FRASER RAMZAN buy 5 M 117 12 month 14.06.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 96 12 month 13.06.2013
Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 98 12 month 13.06.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 115 12 month 13.06.2013
Deutsche Bank WARWICK OKINES buy 5 M 115 12 month 12.06.2013
Credit Suisse SIMON IRWIN neutral 3 M 103 Not Provided 12.06.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 115 12 month 12.06.2013
Kepler Cheuvreux DANIEL OVIN reduce 2 M 95 Not Provided 12.06.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 102 Not Provided 12.06.2013
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU sell 1 M 82 Not Provided 12.06.2013
S&P Capital IQ WILLIAM MACK buy 5 M 115 12 month 12.06.2013
Exane BNP Paribas BEN SPRUNTULIS neutral 3 M 105 Not Provided 12.06.2013
BCP Investimento JOAO C FLORES buy 5 N 110 Not Provided 10.06.2013
Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 03.06.2013
Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 93 Not Provided 30.05.2013
La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 M 100 Not Provided 29.05.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 29.05.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 24.05.2013
BBVA ISABEL CARBALLO market perform 3 M 104 Not Provided 15.05.2013
Bryan Garnier & Cie PETER FARREN sell 1 M 98 6 month 10.04.2013
Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 105 12 month 03.04.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 02.04.2013
Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 M 100 12 month 15.03.2013
Interdin Bolsa SOFIA REBUELTA VILLEGAS sell 1 M 84 Not Provided 15.03.2013
Intermoney Valores ANTONIO PAUSA RODRIGUEZ hold 3 M 94 12 month 13.03.2013
Natixis JEAN BAPTISTE TEISSIER buy 5 N 125 Not Provided 01.02.2013
UBS ANDREW HUGHES neutral 3 M 105 12 month 30.01.2013
Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 125 12 month 07.11.2012
Renta 4 SA SVB IVAN SAN FELIX hold 3 M 81 Not Provided 12.09.2012
Link Securities PAULA SAMPEDRO accumulate 4 D 47 Not Provided 26.11.2009
Holdings By:
Inditex SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Iberdrola S.A. generates, distributes, trades, and markets electricity in
the United Kingdom, United States, Spain, Portugal, and Latin America. The
Company specializes in clean energy and more specifically wind power.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (16.08.2013) 4.30
52-Week Low (05.09.2012) 3.14
Daily Volume
4.039
52-Week High % Change -5.98% Dividend Yield -
52-Week Low % Change 28.54% Beta 1.08
% 52 Week Price Range High/Low 78.07% Equity Float 5'275.09
Shares Out 24.07.2013 6'240.0 Short Int -
25'203.26 1 Yr Total Return 33.05%
Total Debt 32'884.10 YTD Return 3.77%
Preferred Stock 0.0 Adjusted BETA 1.080
Minority Interest 324.8 Analyst Recs 37
Cash and Equivalents 6'575.55 Consensus Rating 2.892
Enterprise Value 51'682.26
Average Volume 5 Day 27'513'750
IBE SQ EQUITY YTD Change - Average Volume 30 Day 21'527'120
IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 51'900'880
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
25'196.2 25'891.9 30'431.0 31'648.0 34'201.2 33'590.6 34'542.6 34'372.2 34'580.6 - -
2.50x 2.39x 1.90x 1.76x 1.52x 6.73x 5.88x 1.55x 1.49x - -
6'412.5 6'197.0 6'857.9 7'000.4 7'177.7 6'901.5 6'089.8 7'480.5 7'485.4 - -
9.81x 10.00x 8.42x 7.95x 7.25x 7.28x 8.43x 6.91x 6.90x - -
2'860.6 2'824.3 2'870.9 2'804.5 2'840.7 3'004.0 2'767.6 2'512.2 2'461.9 - -
11.20x 12.54x 10.95x 10.04x 9.14x 7.33x 9.10x 10.02x 10.55x - -
EBITDA 7'177.74 Long-Term Rating Date 28.11.2012
EBIT 3'828.04 Long-Term Rating BBB
Operating Margin 11.19% Long-Term Outlook STABLE
Pretax Margin 8.99% Short-Term Rating Date 26.11.2007
Return on Assets 2.89% Short-Term Rating A-2
Return on Common Equity 8.04%
Return on Capital - EBITDA/Interest Exp. 4.82
Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 2.20
Net Debt/EBITDA 4.31
Gross Margin 36.8% Total Debt/EBITDA 5.10
EBITDA Margin 17.6%
EBIT Margin 7.9% Total Debt/Equity 97.4%
Net Income Margin 8.3% Total Debt/Capital 49.1%
Asset Turnover 0.36
Current Ratio 1.11 Net Fixed Asset Turnover -
Quick Ratio 0.92 Accounts receivable turnover-days 51.31
Debt to Assets 33.97% Inventory Days 34.54
Tot Debt to Common Equity 97.41% Accounts Payable Turnover Day 78.30
Accounts Receivable Turnover 7.11 Cash Conversion Cycle -6.92
Inventory Turnover 10.57
Fiscal Year Ended
Iberdrola SAPrice/Volume
Valuation Analysis
51'901'550.00
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
,--..00112
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
2,', B
-,,', B
-2,', B
.,,', B
.2,', B
0,,', B
02,', B
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR INVESTMENT AUT n/a Co File 514'250'814 8.24 - 31.12.2012 Government
ACS ACTIVIDADES CONS n/a Co File 415'111'949 6.65 - 31.12.2012 Corporation
BANCAJA (VALENCIA CA n/a EXCH 314'887'559 5.05 - 24.05.2013 Bank
BILBAO BIZKAIA KUTXA n/a EXCH 309'430'747 4.96 (13'299'908) 24.01.2013 Bank
NATIXIS n/a Co File 277'971'800 4.45 - 31.12.2012 Investment Advisor
SOCIETE GENERALE n/a EXCH 202'239'009 3.24 (27'245'778) 17.06.2013 Bank
BLACKROCK n/a ULT-AGG 189'860'019 3.04 645'571 29.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 107'376'395 1.72 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 49'677'400 0.8 7'729'823 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 36'754'107 0.59 8'323'660 30.04.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 28'414'840 0.46 34'863 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 21'912'121 0.35 (1'157'218) 30.06.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 21'601'399 0.35 4'014'702 28.03.2013 Investment Advisor
UBS n/a ULT-AGG 16'550'106 0.27 573'646 30.07.2013 Unclassified
DE URRUTIA VAL VICTO n/a EXCH 14'465'535 0.23 1'000'000 27.02.2013 n/a
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 14'445'753 0.23 - 29.07.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 13'007'128 0.21 (207'572) 28.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 12'687'755 0.2 4'182'901 30.06.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 11'472'397 0.18 2'979'540 28.02.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 9'500'190 0.15 - 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 30.07.2013
BPI GONZALO SANCHEZ-BORDONA buy 5 M 5 Not Provided 29.07.2013
Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS underweight 1 M 4 Not Provided 29.07.2013
Societe Generale JORGE ALONSO SUILS buy 5 M 4 12 month 26.07.2013
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 4 12 month 25.07.2013
Goldman Sachs FRED BARASI neutral/neutral 3 M 4 12 month 25.07.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 4 Not Provided 25.07.2013
Independent Research GmbH SVEN DIERMEIER sell 1 D 4 12 month 25.07.2013
Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 25.07.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 4 Not Provided 25.07.2013
S&P Capital IQ CLIVE ROBERTS sell 1 D 3 12 month 25.07.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 U 4 6 month 25.07.2013
Mediobanca SpA JAVIER SUAREZ underperform 1 M 4 12 month 24.07.2013
Morgan Stanley CAROLINA DORES Equalwt/In-Line 3 M 4 12 month 24.07.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 24.07.2013
Ahorro Corporacion Financiera SA LUIS PADRON hold 3 M 5 Not Provided 24.07.2013
Kepler Cheuvreux JOSE PORTA SAUDAN buy 5 M 5 Not Provided 19.07.2013
Exane BNP Paribas MANUEL PALOMO underperform 1 M 4 Not Provided 18.07.2013
HSBC ADAM DICKENS underweight 1 D 4 Not Provided 17.07.2013
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 5 Not Provided 17.07.2013
Grupo Santander BOSCO MUGUIRO buy 5 M 5 Not Provided 15.07.2013
Credit Suisse STEFANO BEZZATO outperform 5 M 4 Not Provided 15.07.2013
UBS ALBERTO GANDOLFI neutral 3 M 4 12 month 15.07.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 D 4 Not Provided 15.07.2013
La Caixa FERNANDO MURILLO GUIRAO overweight 5 M 4 Not Provided 12.06.2013
Berenberg Bank TEAM COVERAGE hold 3 M 4 Not Provided 07.06.2013
EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013
Investec HAROLD HUTCHINSON hold 3 N 4 Not Provided 13.05.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 10.05.2013
BBVA ISIDORO DEL ALAMO market perform 3 M 4 Not Provided 24.04.2013
Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 6 12 month 03.04.2013
JPMorgan JAVIER GARRIDO underweight 1 D 4 3 month 25.03.2013
BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 20.12.2012
Macquarie SHAI HILL underperform 1 M 3 12 month 19.10.2012
Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 5 Not Provided 21.09.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER sell 1 M #N/A N/A Not Provided 24.02.2012
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] |
05.09.2013
Vinci SA builds roads, offers electrical, mechanical, and civil engineering and
construction services, and operates toll roads. The Company builds and
maintains roads and produces road construction materials, builds electricity
and communications networks, installs fire protection and power and ventilation
systems, and operates toll highways, bridges, parking garages, and a stadium.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (15.08.2013) 41.83
52-Week Low (16.11.2012) 31.84
Daily Volume
40.355
52-Week High % Change -3.53% Dividend Yield -
52-Week Low % Change 26.76% Beta 1.10
% 52 Week Price Range High/Low 81.94% Equity Float 525.75
Shares Out 05.08.2013 599.0 Short Int -
24'171.71 1 Yr Total Return 25.13%
Total Debt 20'193.80 YTD Return 16.21%
Preferred Stock 0.0 Adjusted BETA 1.096
Minority Interest 735.4 Analyst Recs 28
Cash and Equivalents 6'516.10 Consensus Rating 4.286
Enterprise Value 38'877.72
Average Volume 5 Day 1'266'495
DG FP EQUITY YTD Change - Average Volume 30 Day 1'241'091
DG FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'470'015
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
33'930.3 31'177.7 34'002.8 37'646.1 39'183.2 37'205.8 39'403.0 39'600.7 40'116.2 - -
0.90x 1.09x 1.07x 0.86x 0.86x 0.00x 0.00x 0.97x 0.93x - -
5'009.2 4'813.1 5'165.6 5'445.9 5'507.8 0.0 0.0 5'525.4 5'750.2 - -
6.09x 7.03x 7.01x 5.93x 6.12x 0.00x 0.00x 7.03x 6.76x - -
1'591.4 1'596.0 1'775.9 1'904.3 1'916.7 0.0 0.0 1'901.7 2'009.3 - -
8.85x 12.07x 12.14x 9.59x 10.07x 0.00x 0.00x 11.74x 11.14x - -
EBITDA 5'507.80 Long-Term Rating Date 29.03.2007
EBIT 3'568.90 Long-Term Rating BBB+
Operating Margin 9.11% Long-Term Outlook STABLE
Pretax Margin 7.64% Short-Term Rating Date 24.04.2001
Return on Assets 3.05% Short-Term Rating A-2
Return on Common Equity 14.41%
Return on Capital 7.09% EBITDA/Interest Exp. 7.58
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 4.83
Net Debt/EBITDA 2.57
Gross Margin - Total Debt/EBITDA 3.90
EBITDA Margin 13.8%
EBIT Margin 9.0% Total Debt/Equity 151.4%
Net Income Margin 4.9% Total Debt/Capital 58.9%
Asset Turnover 0.64
Current Ratio 0.87 Net Fixed Asset Turnover 8.58
Quick Ratio 0.46 Accounts receivable turnover-days -
Debt to Assets 32.79% Inventory Days -
Tot Debt to Common Equity 151.44% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Vinci SAPrice/Volume
Valuation Analysis
433'654.00
Current Price (9/dd/yy) Market Data
,2
-,-2.,.20,021,12
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
-', B
.', B
0', B
1', B
2', B
3', B
4', B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VINCI SA n/a Research 40'940'297 6.84 - 31.12.2012 Corporation
COMET LUXEMBOURG HLD n/a Research 31'714'315 5.3 - 31.12.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 13'424'461 2.24 2'121'061 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 11'686'234 1.95 - 31.12.2012 Government
ARTEMIS SA n/a Research 8'072'735 1.35 - 31.12.2012 Holding Company
FRANKLIN RESOURCES n/a ULT-AGG 7'186'749 1.2 (728'410) 30.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'092'492 1.02 683'875 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'299'786 0.89 (191'798) 29.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 5'065'886 0.85 (27'411) 30.04.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 3'828'151 0.64 1'035'475 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'242'225 0.54 (48'883) 28.03.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'047'300 0.51 - 31.05.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 2'697'940 0.45 (26'762) 31.05.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 2'532'273 0.42 (18'697) 30.04.2013 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'878'935 0.31 226'570 30.06.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'807'592 0.3 (128'199) 28.03.2013 Investment Advisor
UBS n/a ULT-AGG 1'676'499 0.28 105'708 30.07.2013 Unclassified
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 1'636'119 0.27 50'901 30.04.2013 Bank
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'553'945 0.26 29'393 31.05.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'452'489 0.24 - 29.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale MURIEL FELLOUS buy 5 M 48 12 month 31.07.2013
Deutsche Bank LUIS PRIETO buy 5 M 47 12 month 31.07.2013
Raymond James ARNAUD PALLIEZ outperform 5 M 45 12 month 31.07.2013
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 49 12 month 31.07.2013
Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 49 Not Provided 31.07.2013
Bryan Garnier & Cie SVEN EDELFELT buy 5 M 45 6 month 31.07.2013
Natixis GREGOIRE THIBAULT buy 5 M 46 Not Provided 31.07.2013
RBC Capital Markets OLIVIA PETERS sector perform 3 M 40 12 month 30.07.2013
Aurel - BGC ERIC LEMARIE buy 5 M 38 6 month 30.07.2013
BPI FILIPE MARTINS LEITE buy 5 M 48 Not Provided 29.07.2013
EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 25.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.07.2013
AlphaValue GAETAN DUPONT buy 5 M 59 6 month 18.07.2013
Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 42 12 month 16.07.2013
S&P Capital IQ JAWAHAR HINGORANI buy 5 M 43 12 month 08.07.2013
Exane BNP Paribas NICOLAS MORA outperform 5 M 48 Not Provided 04.07.2013
HSBC PIERRE BOSSET neutral 3 M 40 Not Provided 02.07.2013
Berenberg Bank CHRIS MOORE buy 5 N 47 Not Provided 24.06.2013
JPMorgan ELODIE RALL overweight 5 M 44 9 month 18.06.2013
Kepler Cheuvreux JOSEP PUJAL buy 5 M 48 Not Provided 10.06.2013
UBS GREGOR KUGLITSCH buy 5 M 47 12 month 01.05.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 37 Not Provided 29.04.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 40 12 month 26.04.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 D #N/A N/A Not Provided 26.02.2013
Banco Sabadell MARIA CEBOLLERO buy 5 M 43 12 month 15.02.2013
Barclays SUSANNA INVERNIZZI overweight 5 M 45 Not Provided 23.01.2013
Goldman Sachs WILL MORGAN Buy/Neutral 5 M 46 12 month 14.01.2013
Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 14.06.2012
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] |
05.09.2013
Vivendi, through its subsidiaries, conducts operations ranging from music, games
and television to film and telecommunications. The Company provides digital and
pay television services, sells music compact discs (CDs), develops and
distributes interactive entertainment, and operates mobile and fixed-line
telecommunications.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (28.12.2012) 17.44
52-Week Low (24.06.2013) 14.00
Daily Volume
16.455
52-Week High % Change -5.62% Dividend Yield -
52-Week Low % Change 17.58% Beta 0.80
% 52 Week Price Range High/Low 56.83% Equity Float 1'161.37
Shares Out 01.08.2013 1'339.0 Short Int -
22'033.59 1 Yr Total Return 14.09%
Total Debt 17'757.00 YTD Return 3.15%
Preferred Stock 0.0 Adjusted BETA 0.799
Minority Interest 2'971.0 Analyst Recs 31
Cash and Equivalents 4'258.00 Consensus Rating 3.839
Enterprise Value 42'550.59
Average Volume 5 Day 4'324'761
VIV FP EQUITY YTD Change - Average Volume 30 Day 3'521'516
VIV FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'017'505
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
25'392.0 27'132.0 28'878.0 28'813.0 28'994.0 28'748.0 28'926.0 27'437.7 27'490.6 6'564.0 8'187.0
1.55x 1.44x 1.29x 1.24x 1.34x 4.96x 5.17x 1.36x 1.30x - -
6'774.0 7'682.0 8'020.0 8'847.0 7'657.0 8'686.0 7'475.0 7'423.8 7'351.7 - -
5.82x 5.07x 4.64x 4.03x 5.08x 3.70x 5.04x 5.73x 5.79x - -
2'603.0 830.0 2'198.0 2'681.0 164.0 1'646.0 1.0 2'233.1 2'275.5 - -
10.43x 30.14x 11.35x 7.83x 130.38x 10.58x 0.00x 9.97x 9.75x - -
EBITDA 7'657.00 Long-Term Rating Date 26.10.2012
EBIT 4'935.00 Long-Term Rating BBB
Operating Margin 17.02% Long-Term Outlook NEG
Pretax Margin 7.27% Short-Term Rating Date 26.10.2012
Return on Assets 0.07% Short-Term Rating A-2
Return on Common Equity 0.21%
Return on Capital 2.90% EBITDA/Interest Exp. 12.78
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 5.24
Net Debt/EBITDA 2.68
Gross Margin 50.5% Total Debt/EBITDA 2.82
EBITDA Margin 23.7%
EBIT Margin 14.9% Total Debt/Equity 96.2%
Net Income Margin 0.6% Total Debt/Capital 45.3%
Asset Turnover 0.48
Current Ratio 0.69 Net Fixed Asset Turnover 3.29
Quick Ratio 0.41 Accounts receivable turnover-days -
Debt to Assets 29.84% Inventory Days 11.50
Tot Debt to Common Equity 96.17% Accounts Payable Turnover Day 278.44
Accounts Receivable Turnover - Cash Conversion Cycle -286.64
Inventory Turnover 31.74
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Vivendi SAPrice/Volume
Valuation Analysis
5'137'000.00
Current Price (9/dd/yy) Market Data
,.135
-,-.-1-3-5
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
.', B
1', B
3', B
5', B
-,', B
-.', B
-1', B
-3', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
,'2,
-',,
-'2,
.',,
.'2,
0',,
0'2,
1',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 75'764'659 5.66 (454'323) 29.07.2013 Investment Advisor
GROUPE BOLLORE n/a Co File 66'234'684 4.95 - 31.12.2012 Holding Company
CIE DE CORNOUAILLE S n/a Research 66'174'684 4.94 - 14.11.2012 Unclassified
SOCIETE GENERALE n/a Co File 60'152'744 4.49 - 31.12.2012 Bank
AMUNDI n/a Co File 55'933'342 4.18 - 31.12.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 46'636'819 3.48 - 31.12.2012 Government
PEG VIVENDI n/a Co File 41'377'407 3.09 - 31.12.2012 Other
FRANKLIN RESOURCES n/a ULT-AGG 39'295'840 2.93 2'856'470 31.03.2013 Investment Advisor
NORGES BANK INVESTME n/a Co File 25'028'160 1.87 - 31.12.2012 Government
NATIXIS ASSET MANAGE n/a Co File 24'793'655 1.85 - 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 21'721'230 1.62 (30'709) 30.07.2013 Unclassified
QATAR HOLDINGS LLC n/a Co File 21'009'122 1.57 - 31.12.2012 Government
AMUNDI Multiple Portfolios MF-AGG 20'728'897 1.55 (1'040'775) 30.04.2013 Investment Advisor
CREDIT SUISSE SECURI n/a Co File 20'646'339 1.54 - 31.12.2012 Investment Advisor
BAUPOST GROUP LLC n/a Co File 18'225'000 1.36 - 31.12.2012 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'271'489 1.07 894'528 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 13'670'097 1.02 1'043'184 30.06.2013 Investment Advisor
CNP ASSURANCES n/a Co File 12'836'828 0.96 - 31.12.2012 Insurance Company
DNCA FINANCE n/a Co File 12'331'532 0.92 - 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 12'103'288 0.9 69 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale CHRISTOPHE CHERBLANC buy 5 M 19 12 month 29.07.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 17 12 month 29.07.2013
CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 16 12 month 29.07.2013
Natixis JEROME BODIN buy 5 M 22 6 month 29.07.2013
Grupo Santander CARLOS JAVIER TREVINO buy 5 M 22 12 month 26.07.2013
Deutsche Bank PATRICK KIRBY hold 3 M 17 12 month 26.07.2013
Goldman Sachs VIGHNESH PADIACHY not rated #N/A N/A M #N/A N/A Not Provided 26.07.2013
JPMorgan FILIPPO PIETRO LO FRANCO restricted #N/A N/A M #N/A N/A Not Provided 26.07.2013
Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 18 12 month 26.07.2013
Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 26.07.2013
HSBC NICOLAS COTE-COLISSON neutral 3 M 18 Not Provided 26.07.2013
Oddo & Cie BRUNO HARENG buy 5 M 19 Not Provided 26.07.2013
Nomura MATTHEW WALKER neutral 3 M 18 12 month 26.07.2013
S&P Capital IQ ALEXANDER WISCH hold 3 M 16 12 month 26.07.2013
Barclays JULIEN ROCH suspended coverage #N/A N/A M #N/A N/A Not Provided 26.07.2013
Makor Capital ALBERT SAPORTA hold 3 N #N/A N/A Not Provided 26.07.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 23 6 month 18.07.2013
Jefferies JEREMY A DELLIS buy 5 M 19 12 month 15.07.2013
Liberum Capital Ltd IAN WHITTAKER buy 5 M 20 Not Provided 15.07.2013
Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 16 Not Provided 04.07.2013
Credit Suisse OMAR SHEIKH outperform 5 M 19 Not Provided 05.06.2013
New Street Research RUSSELL WALLER neutral 3 M 17 Not Provided 03.06.2013
Macquarie ANGUS TWEEDIE outperform 5 M 18 12 month 22.05.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.05.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 17 Not Provided 15.05.2013
Espirito Santo Investment Bank ResearchNUNO MATIAS buy 5 M 18 Not Provided 24.04.2013
Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 17 12 month 13.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 11.03.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 08.03.2013
Kepler Cheuvreux CONOR O'SHEA buy 5 M 19 Not Provided 07.03.2013
UBS POLO TANG neutral 3 U 15 12 month 25.02.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 18 12 month 15.02.2013
National Bank AG STEFFEN MANSKE sell 1 D 16 Not Provided 04.04.2012
Holdings By:
Vivendi SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Intesa Sanpaolo attracts deposits and offers banking and financial services.
The Bank offers consumer credit, asset management, Internet banking, merchant
banking, securities brokerage, factoring, and lease financing services, and
manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and
offices elsewhere in Europe, Asia, and the United States.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (19.08.2013) 1.62
52-Week Low (27.03.2013) 1.09
Daily Volume
1.514
52-Week High % Change -6.37% Dividend Yield -
52-Week Low % Change 39.15% Beta 1.38
% 52 Week Price Range High/Low 79.40% Equity Float 13'765.96
Shares Out 30.06.2013 15'501.5 Short Int -
24'634.90 1 Yr Total Return 24.18%
Total Debt 283'098.00 YTD Return 20.46%
Preferred Stock 0.0 Adjusted BETA 1.382
Minority Interest 586.0 Analyst Recs 36
Cash and Equivalents 41'834.00 Consensus Rating 2.889
Enterprise Value -
Average Volume 5 Day #########
ISP IM EQUITY YTD Change - Average Volume 30 Day #########
ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
33'216.0 27'022.0 24'836.0 25'266.0 27'819.0 23'715.0 16'989.0 16'549.5 16'949.9 4'191.0 4'367.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'553.0 2'805.0 2'705.0 (8'190.0) 1'605.0 (8'047.0) 1'107.0 1'436.1 2'305.5 - -
23.67x 15.27x 12.90x - 13.00x 0.00x 11.39x 16.82x 10.66x - -
EBITDA - Long-Term Rating Date 12.07.2013
EBIT - Long-Term Rating BBB
Operating Margin 15.77% Long-Term Outlook NEG
Pretax Margin 15.29% Short-Term Rating Date 10.02.2012
Return on Assets 0.11% Short-Term Rating A-2
Return on Common Equity 1.55%
Return on Capital 0.24% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 570.6%
Net Income Margin 8.3% Total Debt/Capital 84.9%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 3.05
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 42.04% Inventory Days -
Tot Debt to Common Equity 570.61% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Intesa Sanpaolo SpAPrice/Volume
Valuation Analysis
72'697'942.00
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
,
,
,
-
-
-
-
-
.
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B2,', B-,,', B-2,', B.,,', B.2,', B0,,', B02,', B1,,', B12,', B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
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] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COMPAGNIA DI SAN PAO n/a Research 1'532'789'479 9.89 - 11.07.2013 Other
FOND CR PROVINCIE LO n/a Research 725'470'748 4.68 - 11.07.2013 Bank
FONDAZIONE CASSA RIS n/a Research 647'963'190 4.18 - 11.07.2013 Bank
ENTE CASSA DI RISP F n/a Research 523'641'066 3.38 - 11.07.2013 Bank
FONDAZIONE CASSA RIS n/a Research 422'881'240 2.73 - 11.07.2013 Other
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 386'554'800 2.49 32'930'578 30.06.2013 Investment Advisor
HARBOR INTERNATIONAL n/a Research 332'972'472 2.15 - 11.07.2013 n/a
NORGES BANK Multiple Portfolios MF-AGG 258'907'596 1.67 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 233'747'238 1.51 5'365'875 29.07.2013 Investment Advisor
ALLEANZA TORO SPA n/a Research 200'279'531 1.29 - 11.07.2013 Insurance Company
ASSICURAZIONI GENERA n/a Research 184'778'020 1.19 - 11.07.2013 Insurance Company
FRANKLIN RESOURCES n/a ULT-AGG 183'990'286 1.19 (150'382) 30.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 140'867'297 0.91 8'592'742 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 47'969'361 0.31 4'127'188 30.06.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 43'516'000 0.28 10'400'000 28.02.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 40'075'188 0.26 - 29.07.2013 Investment Advisor
UBS n/a ULT-AGG 39'793'600 0.26 1'063'595 30.07.2013 Unclassified
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 39'768'796 0.26 1'237'958 28.03.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 36'595'186 0.24 (4'558'042) 28.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 34'530'549 0.22 333'719 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Equita SIM SpA MATTEO GHILOTTI buy 5 M 2 12 month 29.07.2013
Banca Akros(ESN) LUIGI TRAMONTANA hold 3 D 1 Not Provided 29.07.2013
Natixis STEVEN GOULD buy 5 M 2 Not Provided 29.07.2013
Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 24.07.2013
Keefe, Bruyette & Woods DOMENICO SANTORO market perform 3 M 1 12 month 24.07.2013
Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 2 12 month 21.07.2013
Nomura DARAGH QUINN neutral 3 M 1 12 month 19.07.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 18.07.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 2 6 month 18.07.2013
ICBPI LUCA COMI sell 1 M 1 12 month 17.07.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 1 Not Provided 15.07.2013
Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 1 Not Provided 11.07.2013
Main First Bank AG ALDO COMI outperform 5 N 2 12 month 09.07.2013
Kepler Cheuvreux ANNA MARIA BENASSI hold 3 M 2 Not Provided 08.07.2013
Mediobanca SpA ANDREA FILTRI neutral 3 M 1 12 month 04.07.2013
HSBC CARLO DIGRANDI neutral 3 M 1 Not Provided 03.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 02.07.2013
Barclays ANTONIO RIZZO underweight 1 M 1 Not Provided 02.07.2013
Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 17.06.2013
Societe Generale CARLO TOMMASELLI hold 3 M 1 Not Provided 10.06.2013
EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013
Credit Suisse IGNACIO CEREZO outperform 5 M 2 Not Provided 05.06.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 2 12 month 22.05.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 1 12 month 16.05.2013
Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 15.05.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 M 2 12 month 15.05.2013
DZ Bank AG CHRISTOPH BAST sell 1 N 1 Not Provided 15.05.2013
RBC Capital Markets PATRICK LEE underperform 1 M 1 12 month 23.04.2013
Berenberg Bank ELENI PAPOULA sell 1 D 1 Not Provided 05.04.2013
Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 2 12 month 19.02.2013
Centrobanca GUGLIELMO MARCO OPIPARI sell 1 N 1 12 month 11.01.2013
UBS MATTEO RAMENGHI buy 5 M 2 12 month 09.01.2013
JPMorgan MARTA BASTONI underweight 1 M 1 9 month 07.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 1 Not Provided 19.06.2012
Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012
Holdings By:
Intesa Sanpaolo SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance
throughout the world. The Company offers life, health, accident, automobile,
marine, aviation, transport, fire, general liability, and credit insurance and
reinsurance.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (19.08.2013) 15.74
52-Week Low (28.09.2012) 11.17
Daily Volume
14.49
52-Week High % Change -7.94% Dividend Yield -
52-Week Low % Change 29.72% Beta 1.05
% 52 Week Price Range High/Low 69.58% Equity Float 1'197.47
Shares Out 10.07.2013 1'556.9 Short Int -
22'559.09 1 Yr Total Return 27.95%
Total Debt 23'475.00 YTD Return 6.91%
Preferred Stock 0.0 Adjusted BETA 1.052
Minority Interest 2'740.0 Analyst Recs 31
Cash and Equivalents 21'647.00 Consensus Rating 2.548
Enterprise Value 27'845.09
Average Volume 5 Day 5'233'306
G IM EQUITY YTD Change - Average Volume 30 Day 5'998'523
G IM EQUITY YTD % CHANGE - Average Volume 3 Month 6'454'146
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
62'298.4 85'790.6 87'072.1 73'481.8 81'431.0 80'163.4 79'464.5 76'917.1 77'125.1 19'485.0 23'742.0
0.61x 0.50x 0.40x 0.22x 0.32x 0.62x 0.67x 0.49x 0.49x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
860.9 1'309.1 1'701.9 856.1 90.0 3'418.7 125.9 2'167.7 2'245.1 617.0 568.5
30.45x 20.68x 12.92x 20.77x 171.75x 5.31x 103.00x 10.23x 9.83x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A-
Operating Margin 4.06% Long-Term Outlook NEG
Pretax Margin 2.01% Short-Term Rating Date -
Return on Assets 0.07% Short-Term Rating -
Return on Common Equity 1.84%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 118.4%
Net Income Margin 0.1% Total Debt/Capital 51.0%
Asset Turnover 0.19
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.31% Inventory Days -
Tot Debt to Common Equity 118.39% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
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
Assicurazioni Generali SpAPrice/Volume
Valuation Analysis
2'053'754.00
Current Price (9/dd/yy) Market Data
,
.
1
3
5
-,
-.
-1
-3
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
2', B
-,', B
-2', B
.,', B
.2', B
0,', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012,',,
,'.,
,'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] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MEDIOBANCA SPA n/a Research 194'048'687 12.46 - 13.05.2013 Bank
CASSA DEPOSITI E PRE n/a Research 69'779'061 4.48 - 13.05.2013 Other
DEA PARTICIPATIONS S n/a Research 35'185'336 2.26 - 13.05.2013 Investment Advisor
EFFETI SPA n/a Research 33'488'344 2.15 - 13.05.2013 Corporation
DELFIN SARL n/a Research 31'168'603 2 - 13.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 27'290'953 1.75 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 17'521'242 1.13 609 29.07.2013 Investment Advisor
COMPASS SPA n/a Research 14'198'684 0.91 - 13.05.2013 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'982'640 0.83 593'274 30.06.2013 Investment Advisor
VM 2006 SRL n/a Research 6'196'356 0.4 - 13.05.2013 Other
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 5'660'074 0.36 5'601'485 31.05.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'941'033 0.25 1'373'180 30.04.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3'832'823 0.25 - 29.07.2013 Investment Advisor
PANTHEON 2000 SPA n/a Research 3'502'965 0.23 - 13.05.2013 Other
MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 3'499'885 0.22 3'499'885 31.12.2012 Investment Advisor
CALTAGIRONE EDITORE n/a Research 3'144'884 0.2 - 13.05.2013 Corporation
GAMMA SRL n/a Research 2'958'059 0.19 - 13.05.2013 Holding Company
UBS n/a ULT-AGG 2'864'114 0.18 (31'311) 30.07.2013 Unclassified
B&D FINANCE SA n/a Research 2'693'391 0.17 - 13.05.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'669'407 0.17 24'284 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banca Akros(ESN) MARCO CAVALLERI hold 3 M 14 12 month 31.07.2013
Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 14 Not Provided 31.07.2013
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 9 12 month 30.07.2013
Credit Suisse RICHARD BURDEN underperform 1 M 16 Not Provided 29.07.2013
JPMorgan ANDREAS VAN EMBDEN overweight 5 M 17 3 month 29.07.2013
AlphaValue JEROME CASSAGNE reduce 2 M 14 6 month 25.07.2013
Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 15 12 month 24.07.2013
Equita SIM SpA MATTEO GHILOTTI buy 5 M 17 12 month 23.07.2013
Oddo & Cie NICOLAS JACOB neutral 3 M 14 Not Provided 23.07.2013
Banca IMI ELENA PERINI hold 3 M 15 12 month 22.07.2013
ICBPI ENRICO ESPOSTI neutral 3 M 15 12 month 22.07.2013
Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 12 month 15.07.2013
Raymond James RAPHAEL CARUSO underperform 1 M 13 Not Provided 11.07.2013
Independent Research GmbH STEFAN BONGARDT sell 1 M 13 12 month 11.07.2013
Morgan Stanley MARCUS RIVALDI Underwt/In-Line 1 M 13 12 month 10.07.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 13 Not Provided 10.07.2013
Kepler Cheuvreux FABRIZIO CROCE buy 5 M 16 Not Provided 04.07.2013
UBS JAMES PEARCE neutral 3 N 13 12 month 25.06.2013
Nomura MICHAEL KLIEN reduce 2 M 13 12 month 17.06.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 17 12 month 12.06.2013
Barclays CLAUDIA GASPARI suspended coverage #N/A N/A M #N/A N/A Not Provided 11.06.2013
EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013
Societe Generale NICK HOLMES hold 3 M 15 12 month 04.06.2013
DZ Bank AG THORSTEN WENZEL sell 1 N 12 Not Provided 04.06.2013
HSBC KAILESH MISTRY neutral 3 M 16 Not Provided 31.05.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.05.2013
Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 15 12 month 17.05.2013
Macquarie HADLEY COHEN neutral 3 M 15 12 month 13.05.2013
Natixis BENOIT VALLEAUX neutral 3 M 14 Not Provided 13.05.2013
S&P Capital IQ RODERICK WALLACE strong sell 1 M 11 12 month 10.05.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 17.04.2013
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] |
05.09.2013
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: 12/2012
LTM as of: 03/yy
52-Week High (25.03.2013) 89.99
52-Week Low (23.10.2012) 67.94
Daily Volume
80.47
52-Week High % Change -10.58% Dividend Yield -
52-Week Low % Change 18.44% Beta 0.58
% 52 Week Price Range High/Low 59.59% Equity Float 199.61
Shares Out 18.07.2013 215.5 Short Int -
17'339.39 1 Yr Total Return 14.18%
Total Debt 916.25 YTD Return 6.92%
Preferred Stock 0.0 Adjusted BETA 0.577
Minority Interest 256.6 Analyst Recs 22
Cash and Equivalents 666.74 Consensus Rating 3.773
Enterprise Value 17'845.47
Average Volume 5 Day 771'323
EI FP EQUITY YTD Change - Average Volume 30 Day 466'137
EI FP EQUITY YTD % CHANGE - Average Volume 3 Month 504'638
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
3'074.4 3'268.0 3'891.6 4'189.5 4'988.8 4'431.8 4'995.2 5'259.3 5'748.0 1'299.0 1'348.5
2.30x 2.68x 2.68x 2.87x 3.31x 0.00x 0.00x 3.35x 3.02x - -
696.7 754.4 900.2 919.3 1'114.5 0.0 0.0 1'166.1 1'298.8 - -
10.16x 11.63x 11.58x 13.09x 14.80x 0.00x 0.00x 15.31x 13.75x - -
382.4 390.7 462.0 505.6 584.0 0.0 0.0 637.9 705.1 - -
18.15x 22.09x 21.90x 22.36x 27.15x 0.00x 0.00x 26.45x 23.91x - -
EBITDA 1'114.51 Long-Term Rating Date -
EBIT 865.73 Long-Term Rating -
Operating Margin 17.35% Long-Term Outlook -
Pretax Margin 16.79% Short-Term Rating Date -
Return on Assets 8.94% Short-Term Rating -
Return on Common Equity 16.71%
Return on Capital 14.08% EBITDA/Interest Exp. 46.32
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 36.29
Net Debt/EBITDA 0.22
Gross Margin 55.8% Total Debt/EBITDA 0.82
EBITDA Margin 22.3%
EBIT Margin 17.4% Total Debt/Equity 25.0%
Net Income Margin 11.7% Total Debt/Capital 18.9%
Asset Turnover 0.76
Current Ratio 1.51 Net Fixed Asset Turnover 5.10
Quick Ratio 0.97 Accounts receivable turnover-days -
Debt to Assets 13.27% Inventory Days 131.44
Tot Debt to Common Equity 25.01% Accounts Payable Turnover Day 154.58
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 2.78
Fiscal Year Ended
Essilor International SAPrice/Volume
Valuation Analysis
269'892.00
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,
-,,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B'. B'1 B'3 B'5 B-', B-'. B-'1 B-'3 B-'5 B.', B
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FCPE VALOPTEC INTERN n/a Co File 5'762'620 2.67 - 31.12.2012 n/a
FCPE GROUPE ESSILOR n/a Co File 5'014'279 2.33 - 31.12.2012 n/a
NORGES BANK Multiple Portfolios MF-AGG 4'883'556 2.27 - 31.12.2012 Government
CIE GENERALE D'OPTIQ n/a Co File 4'387'477 2.04 - 31.12.2012 Corporation
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'201'430 1.95 - 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'754'451 1.74 203'167 30.06.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 3'668'025 1.7 757'412 28.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'158'420 1 (71'971) 29.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'928'334 0.89 22'445 30.06.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'917'048 0.89 29'055 28.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'476'486 0.69 (6'945) 28.03.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'321'854 0.61 (208'847) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'187'561 0.55 (40'553) 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 968'206 0.45 (2'510) 30.05.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 919'675 0.43 (544) 28.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 917'530 0.43 46'850 31.03.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 868'175 0.4 (5'600) 30.04.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 854'681 0.4 (96'599) 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 799'121 0.37 (756) 30.07.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 786'400 0.36 177'600 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale MARIE-LINE FORT buy 5 M 94 12 month 30.07.2013
Goldman Sachs WILLIAM HUTCHINGS not rated #N/A N/A M #N/A N/A Not Provided 30.07.2013
UBS DENIS MOREAU buy 5 M 100 12 month 30.07.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 96 6 month 30.07.2013
Main First Bank AG MOURAD LAHMIDI outperform 5 M 100 12 month 30.07.2013
Exane BNP Paribas JULIEN DORMOIS neutral 3 M 78 Not Provided 30.07.2013
Barclays ALEXANDER KLEBAN overweight 5 M 98 Not Provided 30.07.2013
Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 66 12 month 29.07.2013
AlphaValue ARMELLE MOULIN reduce 2 M 78 6 month 25.07.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 22.07.2013
Natixis STEPHANE SUMAR neutral 3 M 90 6 month 12.07.2013
Raymond James CEDRIC LECASBLE outperform 5 M 95 Not Provided 28.06.2013
HSBC ANTOINE BELGE overweight 5 M 94 Not Provided 28.06.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
Kepler Cheuvreux MAJA PATAKI reduce 2 M 70 Not Provided 14.05.2013
Jefferies INGEBORG OIE hold 3 M 80 12 month 02.05.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 77 12 month 30.04.2013
BPI HUBERT D'AILLIERES buy 5 M 92 Not Provided 26.04.2013
Berenberg Bank BASSEL CHOUGHARI hold 3 M 77 Not Provided 25.04.2013
S&P Capital IQ JACOB THRANE strong buy 5 M 97 12 month 25.04.2013
Redburn Partners PASCAL HAUTCOEUR buy 5 U #N/A N/A Not Provided 22.02.2013
Holdings By:
Essilor International SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
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: 12/2012
LTM as of: 01/yy
52-Week High (22.05.2013) 209.00
52-Week Low (01.10.2012) 154.50
Daily Volume
169.6
52-Week High % Change -18.85% Dividend Yield -
52-Week Low % Change 9.77% Beta 1.02
% 52 Week Price Range High/Low 27.16% Equity Float 93.98
Shares Out 11.07.2013 97.2 Short Int -
16'485.42 1 Yr Total Return 9.59%
Total Debt 11'919.00 YTD Return -2.73%
Preferred Stock 0.0 Adjusted BETA 1.019
Minority Interest 1'583.1 Analyst Recs 27
Cash and Equivalents 63.10 Consensus Rating 3.333
Enterprise Value 31'056.32
Average Volume 5 Day 324'617
UL NA EQUITY YTD Change - Average Volume 30 Day 295'568
UL NA EQUITY YTD % CHANGE - Average Volume 3 Month 365'112
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
1'642.5 1'363.3 1'716.4 1'944.9 1'492.3 - - 1'571.8 1'697.9 - -
11.18x 17.14x 14.60x 12.78x 20.58x - - 19.36x 18.25x - -
1'309.7 931.4 1'254.8 1'180.9 956.7 - - 1'368.5 1'485.1 - -
14.02x 25.09x 19.97x 21.04x 32.09x - - 22.67x 20.89x - -
(1'116.0) (1'467.8) 2'187.6 1'324.6 1'458.6 - - 1'174.4 1'265.5 - -
- - 6.19x 9.63x 11.52x - - 16.82x 15.42x - -
EBITDA 956.70 Long-Term Rating Date 27.06.2007
EBIT 954.40 Long-Term Rating A
Operating Margin 35.67% Long-Term Outlook STABLE
Pretax Margin 121.98% Short-Term Rating Date 27.06.2007
Return on Assets 5.26% Short-Term Rating A-1
Return on Common Equity 12.30%
Return on Capital 6.77% EBITDA/Interest Exp. 2.27
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -0.96
Net Debt/EBITDA 11.29
Gross Margin - Total Debt/EBITDA 11.33
EBITDA Margin 61.9%
EBIT Margin - Total Debt/Equity 92.4%
Net Income Margin 97.7% Total Debt/Capital 45.1%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 40.31% Inventory Days -
Tot Debt to Common Equity 92.38% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Unibail-Rodamco SEPrice/Volume
Valuation Analysis
114'086.00
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,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
'. B
'1 B
'3 B
'5 B
-', B
-'. B
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
APG ASSET MANAGEMENT n/a Research 8'485'804 8.73 - 31.10.2012 Pension Fund (ERISA)
AMUNDI n/a Research 3'873'953 3.99 - 31.10.2012 Investment Advisor
COHEN & STEERS INC n/a Co File 3'642'122 3.75 - 01.03.2012 Corporation
NORTHERN CROSS LLC n/a Research 3'320'531 3.42 - 31.10.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'171'965 3.26 4'421 30.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'951'583 3.04 - 29.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'943'120 3.03 (27'121) 31.03.2013 Investment Advisor
COMMERZBANK AKTIENGE n/a Co File 2'585'395 2.66 - 01.03.2012 Bank
UBS n/a ULT-AGG 2'387'145 2.46 1'889 30.07.2013 Unclassified
SOCIETE GENERALE n/a Research 2'351'985 2.42 (3'161'695) 21.05.2012 Bank
NORGES BANK Multiple Portfolios MF-AGG 2'112'264 2.17 - 31.12.2012 Government
NATIXIS n/a Co File 1'858'269 1.91 - 01.03.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'165'129 1.2 104'472 30.06.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 839'903 0.86 839'903 31.03.2013 Investment Advisor
LASALLE INVESTMENT M Multiple Portfolios MF-AGG 823'883 0.85 13'769 21.08.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 804'734 0.83 (125'162) 31.03.2013 Investment Advisor
ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 798'051 0.82 92'667 17.07.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 680'582 0.7 (23'498) 31.03.2013 Investment Advisor
EII CAPITAL MANAGEME n/a Research 680'215 0.7 (101'034) 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 661'227 0.68 190'649 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale MICHEL VARALDO buy 5 M 235 12 month 30.07.2013
Jefferies ROBERT DUNCAN hold 3 M 193 12 month 29.07.2013
HSBC STEPHANIE DOSSMANN neutral 3 M 193 Not Provided 29.07.2013
Independent Research GmbH STEFAN BONGARDT sell 1 M 165 12 month 29.07.2013
ING Bank JAAP KUIN buy 5 M 208 12 month 29.07.2013
Kempen & Co BOUDEWIJN SCHOON underweight 1 M 178 12 month 25.07.2013
Bank Degroof(ESN) DRIES DURY hold 3 M 200 Not Provided 25.07.2013
Petercam JOEL GORSELE hold 3 M 180 Not Provided 25.07.2013
Oddo & Cie MARINE LAFITTE neutral 3 M 198 Not Provided 25.07.2013
Berenberg Bank KAI MALTE KLOSE buy 5 M 200 Not Provided 25.07.2013
Natixis SERGE DEMIRDJIAN neutral 3 M 178 Not Provided 25.07.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 M 195 12 month 25.07.2013
AlphaValue PIERRE-LOUP ETIENNE sell 1 M 168 6 month 25.07.2013
ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG hold 3 M 163 Not Provided 25.07.2013
Morgan Stanley BART GYSENS Equalwt/Attractive 3 M 163 12 month 24.07.2013
Exane BNP Paribas VALERIE GUEZI neutral 3 M 190 Not Provided 18.07.2013
UBS KRISTIAN BANDY buy 5 U 195 12 month 26.06.2013
Goldman Sachs JONATHAN KOWNATOR Buy/Neutral 5 M 203 12 month 20.06.2013
Day by Day VALERIE GASTALDY buy 5 M 193 3 month 20.06.2013
JPMorgan HARM M MEIJER overweight 5 M 210 9 month 07.06.2013
EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013
Kepler Cheuvreux SAMUEL HENRY-DIESBACH hold 3 M 178 Not Provided 07.05.2013
Deutsche Bank MARTIN ALLEN hold 3 D 199 12 month 26.04.2013
Espirito Santo Investment Bank ResearchMICHAEL BURT buy 5 M 209 Not Provided 17.04.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN sell 1 D 170 Not Provided 26.03.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 141 12 month 15.02.2013
Rabobank International MARTIJN VAN DEN EIJNDEN hold 3 M 190 Not Provided 04.02.2013
Barclays AARON GUY equalweight 3 M 176 Not Provided 31.08.2012
Holdings By:
Unibail-Rodamco SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Enel S.p.A. generates, transmits, distributes, and trades electricity. The
Company operates hydroelectric, geothermal, and other generating plants. Enel,
through subsidiaries, also provides fixed-line and mobile telephone services,
installs public lighting systems, and operates real estate, factoring,
insurance, telecommunications, and Internet service provider businesses.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.01.2013) 3.30
52-Week Low (15.07.2013) 2.28
Daily Volume
2.488
52-Week High % Change -24.61% Dividend Yield -
52-Week Low % Change 9.03% Beta 1.01
% 52 Week Price Range High/Low 21.41% Equity Float 6'465.37
Shares Out 30.06.2013 9'403.4 Short Int -
23'395.55 1 Yr Total Return -0.39%
Total Debt 66'539.00 YTD Return -15.75%
Preferred Stock 0.0 Adjusted BETA 1.009
Minority Interest 16'387.0 Analyst Recs 32
Cash and Equivalents 9'891.00 Consensus Rating 3.344
Enterprise Value 100'047.55
Average Volume 5 Day 31'725'760
ENEL IM EQUITY YTD Change - Average Volume 30 Day 29'427'880
ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 41'128'320
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
59'577.0 62'498.0 71'943.0 77'573.0 82'699.0 79'230.0 82'391.0 82'306.8 81'675.2 - -
1.53x 1.85x 1.56x 1.34x 1.24x 5.32x 4.87x 0.99x 0.96x - -
13'722.0 15'883.0 16'768.0 17'110.0 16'150.0 13'964.0 12'874.0 16'018.6 15'588.5 - -
6.63x 7.29x 6.68x 6.06x 6.35x 0.00x 0.00x 6.25x 6.42x - -
5'293.0 5'586.0 4'390.0 4'113.0 865.0 4'066.0 533.0 2'982.6 2'886.8 - -
5.54x 5.90x 8.01x 7.19x 34.11x 6.30x 48.97x 7.78x 8.05x - -
EBITDA 16'150.00 Long-Term Rating Date 11.07.2013
EBIT 7'735.00 Long-Term Rating BBB
Operating Margin 9.35% Long-Term Outlook STABLE
Pretax Margin 5.83% Short-Term Rating Date 14.12.2007
Return on Assets 0.42% Short-Term Rating A-2
Return on Common Equity 1.96%
Return on Capital - EBITDA/Interest Exp. 5.51
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.28
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 9.1% Total Debt/Equity 181.0%
Net Income Margin 1.0% Total Debt/Capital 55.6%
Asset Turnover 0.48
Current Ratio 1.09 Net Fixed Asset Turnover 1.01
Quick Ratio 0.61 Accounts receivable turnover-days 53.02
Debt to Assets 38.76% Inventory Days -
Tot Debt to Common Equity 180.96% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.88 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Enel SpAPrice/Volume
Valuation Analysis
14'683'792.00
Current Price (9/dd/yy) Market Data
,
-
-
.
.
0
0
1
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
.,', B
1,', B
3,', B
5,', B
-,,', B
-.,', B
-1,', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
,'2,
-',,
-'2,
.',,
.'2,
0',,
0'2,
1',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTERO DELL'ECONO n/a EXCH 2'937'984'993 31.24 - 20.11.2012 Government
NORGES BANK Multiple Portfolios MF-AGG 165'932'693 1.76 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 104'462'112 1.11 368'113 29.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 72'428'534 0.77 3'679'827 30.06.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 62'784'614 0.67 42'708 30.04.2013 Investment Advisor
UBS n/a ULT-AGG 19'310'252 0.21 (182'531) 30.07.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 18'281'959 0.19 - 29.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 17'401'023 0.19 3'221'742 30.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 14'200'530 0.15 610'029 30.06.2013 Investment Advisor
STATE STREET n/a ULT-AGG 14'177'515 0.15 211'821 30.07.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 13'162'368 0.14 64'467 31.03.2013 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 12'811'686 0.14 (50'000) 28.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 9'487'882 0.1 317'904 31.05.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 9'405'910 0.1 1'138'042 28.03.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 9'034'642 0.1 (94'216) 31.05.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 8'671'396 0.09 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 8'085'737 0.09 440'333 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 7'146'235 0.08 5'779'298 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 6'968'922 0.07 3'408'995 30.04.2013 Investment Advisor
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 6'758'847 0.07 86'853 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander OSCAR NAJAR RIOS buy 5 M 4 Not Provided 31.07.2013
Societe Generale ALBERTO PONTI hold 3 M 3 12 month 30.07.2013
Goldman Sachs DARIO CARRADORI neutral/neutral 3 M 3 12 month 25.07.2013
Mediobanca SpA JAVIER SUAREZ neutral 3 M 3 12 month 22.07.2013
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 18.07.2013
AlphaValue MYRIAM COHEN buy 5 M 3 6 month 18.07.2013
Banca IMI ROBERTO RANIERI hold 3 M 3 12 month 17.07.2013
ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 17.07.2013
Main First Bank AG ENRICO BARTOLI underperform 1 N 2 12 month 17.07.2013
Credit Suisse STEFANO BEZZATO underperform 1 M 2 Not Provided 15.07.2013
UBS ALBERTO GANDOLFI neutral 3 M 2 12 month 15.07.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA buy 5 U 3 Not Provided 15.07.2013
Exane BNP Paribas MANUEL PALOMO underperform 1 M 2 Not Provided 15.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.07.2013
Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 26.06.2013
Independent Research GmbH SVEN DIERMEIER hold 3 U 3 12 month 25.06.2013
Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 24.06.2013
Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 24.06.2013
Barclays MONICA GIRARDI equalweight 3 M 3 Not Provided 12.06.2013
HSBC ADAM DICKENS neutral 3 U 3 Not Provided 11.06.2013
EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 06.06.2013
Berenberg Bank TEAM COVERAGE hold 3 M 3 Not Provided 04.06.2013
Investec HAROLD HUTCHINSON hold 3 N 3 Not Provided 13.05.2013
S&P Capital IQ CLIVE ROBERTS buy 5 M 3 12 month 09.05.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 08.05.2013
Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 3 12 month 07.05.2013
Centrobanca EDOARDO MONTALBANO hold 3 M 3 12 month 03.04.2013
JPMorgan JAVIER GARRIDO underweight 1 D 3 3 month 25.03.2013
Kepler Cheuvreux CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 13.03.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 3 Not Provided 06.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012
Holdings By:
Enel SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
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: 12/2012
LTM as of: 06/yy
52-Week High (09.08.2013) 36.70
52-Week Low (16.10.2012) 25.95
Daily Volume
35.625
52-Week High % Change -2.92% Dividend Yield -
52-Week Low % Change 37.28% Beta 1.28
% 52 Week Price Range High/Low 91.44% Equity Float 481.52
Shares Out 09.08.2013 552.8 Short Int -
19'694.95 1 Yr Total Return 36.55%
Total Debt 12'669.00 YTD Return 14.92%
Preferred Stock 0.0 Adjusted BETA 1.277
Minority Interest 412.0 Analyst Recs 29
Cash and Equivalents 4'179.00 Consensus Rating 3.724
Enterprise Value 29'552.95
Average Volume 5 Day 1'581'533
SGO FP EQUITY YTD Change - Average Volume 30 Day 1'499'391
SGO FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'728'048
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
43'800.0 37'786.0 40'119.0 42'116.0 43'198.0 42'831.0 42'379.0 42'177.6 43'045.3 10'663.7 10'432.7
0.56x 0.75x 0.69x 0.57x 0.60x 0.00x 0.00x 0.65x 0.63x - -
5'263.0 3'821.0 4'785.0 5'024.0 4'802.0 0.0 0.0 4'199.5 4'619.8 - -
4.68x 7.39x 5.80x 4.80x 5.39x 0.00x 0.00x 7.04x 6.40x - -
1'378.0 202.0 1'129.0 1'284.0 766.0 0.0 0.0 1'094.3 1'442.7 - -
9.15x 88.53x 17.66x 12.16x 22.07x 0.00x 0.00x 17.91x 13.38x - -
EBITDA 4'802.00 Long-Term Rating Date 24.07.2009
EBIT 2'881.00 Long-Term Rating BBB
Operating Margin 6.67% Long-Term Outlook NEG
Pretax Margin 2.94% Short-Term Rating Date 30.04.2004
Return on Assets 1.24% Short-Term Rating A-2
Return on Common Equity 3.34%
Return on Capital 3.22% EBITDA/Interest Exp. 7.66
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 4.66
Net Debt/EBITDA 2.13
Gross Margin 23.5% Total Debt/EBITDA 2.82
EBITDA Margin 10.5%
EBIT Margin 6.2% Total Debt/Equity 72.6%
Net Income Margin 1.8% Total Debt/Capital 41.5%
Asset Turnover 0.89
Current Ratio 1.31 Net Fixed Asset Turnover 3.10
Quick Ratio 0.67 Accounts receivable turnover-days 54.59
Debt to Assets 26.66% Inventory Days 74.11
Tot Debt to Common Equity 72.65% Accounts Payable Turnover Day 71.87
Accounts Receivable Turnover 6.69 Cash Conversion Cycle 45.66
Inventory Turnover 4.93
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
626'763.00
Current Price (9/dd/yy) Market Data
,
2
-,
-2
.,
.2
0,
02
1,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B'2 B-', B-'2 B.', B.'2 B0', B0'2 B1', B1'2 B
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
6',,
-,',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WENDEL INVESTISSEMEN n/a Co File 91'884'741 16.62 - 31.12.2012 Investment Advisor
FONDS DU PLAN D EPAR n/a Co File 44'614'556 8.07 - 31.12.2012 n/a
AMUNDI SA n/a Research 36'263'213 6.56 1'513'648 06.07.2013 Other
CAISSE DES DEPOTS ET n/a Co File 13'278'142 2.4 - 31.12.2012 Government
NORGES BANK Multiple Portfolios MF-AGG 12'983'002 2.35 - 31.12.2012 Government
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'873'966 1.97 4'256'788 31.03.2013 Investment Advisor
GROUPAMA SA n/a Co File 10'091'388 1.83 - 31.12.2012 Insurance Company
DODGE & COX Multiple Portfolios MF-AGG 7'687'882 1.39 1'063'791 30.06.2013 Investment Advisor
COGEMA n/a Co File 5'842'382 1.06 - 31.12.2012 Corporation
BLACKROCK n/a ULT-AGG 5'535'288 1 912'282 29.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 5'020'184 0.91 (24'549) 28.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'301'615 0.78 94'790 30.06.2013 Investment Advisor
CIE DE SAINT GOBAIN n/a Co File 4'249'005 0.77 - 31.12.2012 Corporation
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'946'563 0.53 (34'261) 28.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 2'724'632 0.49 203'000 31.05.2013 Investment Advisor
SOCIETE GEN GESTION n/a Research 2'536'782 0.46 - 15.06.2011 Investment Advisor
JP MORGAN n/a ULT-AGG 2'479'925 0.45 (327'256) 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'378'347 0.25 - 30.04.2013 Investment Advisor
UBS n/a ULT-AGG 1'346'033 0.24 (7'680) 30.07.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 1'313'117 0.24 897'464 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 40 12 month 31.07.2013
Berenberg Bank MICHAEL WATTS buy 5 M 35 Not Provided 31.07.2013
UBS BENJAMIN ROSENBERGER neutral 3 M 33 12 month 30.07.2013
JPMorgan EMILY BIDDULPH overweight 5 M 38 9 month 30.07.2013
EVA Dimensions TIMOTHY STANISH sell 1 D #N/A N/A Not Provided 30.07.2013
Societe Generale MURIEL FELLOUS buy 5 M 39 12 month 29.07.2013
Deutsche Bank LUIS PRIETO buy 5 M 40 12 month 25.07.2013
Credit Suisse HARRY GOAD neutral 3 M 31 Not Provided 25.07.2013
Jefferies MICHAEL F BETTS buy 5 M 44 12 month 25.07.2013
Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 25.07.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 35 Not Provided 25.07.2013
Aurel - BGC ERIC LEMARIE buy 5 M 40 6 month 25.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 27 12 month 25.07.2013
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 40 12 month 25.07.2013
Oddo & Cie VIRGINIE ROUSSEAU neutral 3 M 33 Not Provided 25.07.2013
Bryan Garnier & Cie SVEN EDELFELT buy 5 M 40 6 month 25.07.2013
Natixis RAFIC EL HADDAD buy 5 M 39 Not Provided 25.07.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 U 35 12 month 25.07.2013
AlphaValue GAETAN DUPONT add 4 D 39 6 month 25.07.2013
Kepler Cheuvreux JOSEP PUJAL hold 3 M 30 Not Provided 24.07.2013
Davy FLORENCE O'DONOGHUE outperform 5 M #N/A N/A Not Provided 24.07.2013
Exane BNP Paribas PAUL ROGER underperform 1 M 30 Not Provided 16.07.2013
Morgan Stanley ALEJANDRA PEREDA Equalwt/In-Line 3 M 33 12 month 10.07.2013
HSBC JOHN FRASER-ANDREWS underweight 1 M 27 Not Provided 02.07.2013
Cantor Fitzgerald IAN OSBURN hold 3 N 33 Not Provided 18.06.2013
Goldman Sachs WILL MORGAN neutral/neutral 3 M 32 12 month 17.06.2013
Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 02.05.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 28 Not Provided 19.02.2013
Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 44 Not Provided 30.07.2012
Holdings By:
Cie de St-Gobain ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Orange S.A. provides telecommunications services to residential,
professional, and large business customers. The Company offers public
fixed-line telephone, leased lines and data transmission, mobile
telecommunications, cable television, Internet and wireless applications, and
broadcasting services, and telecommunications equipment sales and rentals.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (06.09.2012) 11.14
52-Week Low (03.07.2013) 7.03
Daily Volume
8.24
52-Week High % Change -26.03% Dividend Yield 13.35
52-Week Low % Change 17.16% Beta 0.89
% 52 Week Price Range High/Low 24.71% Equity Float 1'919.60
Shares Out 30.06.2013 2'648.9 Short Int -
21'826.81 1 Yr Total Return -18.74%
Total Debt 39'214.00 YTD Return 1.45%
Preferred Stock 0.0 Adjusted BETA 0.890
Minority Interest 2'078.0 Analyst Recs 36
Cash and Equivalents 8'462.00 Consensus Rating 3.389
Enterprise Value 53'854.81
Average Volume 5 Day 11'317'940
ORA FP EQUITY YTD Change - Average Volume 30 Day 8'743'374
ORA FP EQUITY YTD % CHANGE - Average Volume 3 Month 8'535'106
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
46'712.0 44'845.0 45'503.0 45'277.0 43'515.0 44'551.0 42'275.0 41'398.6 40'557.7 10'344.0 10'443.0
1.92x 1.82x 1.64x 1.42x 1.26x 0.00x 0.00x 1.31x 1.30x - -
17'300.0 14'480.0 15'291.0 15'019.0 12'374.0 0.0 0.0 12'659.0 12'193.0 - -
5.18x 5.64x 4.89x 4.29x 4.42x 0.00x 0.00x 4.25x 4.42x - -
4'073.0 3'018.0 4'880.0 3'895.0 820.0 0.0 0.0 2'703.6 2'640.4 - -
14.20x 16.37x 10.83x 8.26x 26.90x 0.00x 0.00x 8.20x 8.29x - -
EBITDA 12'374.00 Long-Term Rating Date 22.04.2013
EBIT 6'045.00 Long-Term Rating BBB+
Operating Margin 13.89% Long-Term Outlook STABLE
Pretax Margin 5.37% Short-Term Rating Date 14.05.2003
Return on Assets 0.17% Short-Term Rating A-2
Return on Common Equity 0.58%
Return on Capital 1.32% EBITDA/Interest Exp. 6.99
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.17
Net Debt/EBITDA 2.52
Gross Margin - Total Debt/EBITDA 3.03
EBITDA Margin 28.4%
EBIT Margin 13.7% Total Debt/Equity 161.3%
Net Income Margin 1.9% Total Debt/Capital 59.8%
Asset Turnover 0.48
Current Ratio 0.65 Net Fixed Asset Turnover 1.82
Quick Ratio 0.53 Accounts receivable turnover-days 41.30
Debt to Assets 43.58% Inventory Days -
Tot Debt to Common Equity 161.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.84 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Orange SAPrice/Volume
Valuation Analysis
7'248'447.00
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
-,
-.
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
2', B
-,', B
-2', B
.,', B
.2', B
0,', B
02', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
,'2,
-',,
-'2,
.',,
.'2,
0',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Research 360'248'428 13.6 - 08.03.2013 Government
SOCIETE GENERALE n/a Research 132'135'951 4.99 (27'339'807) 16.05.2012 Bank
AMUNDI n/a Research 129'217'007 4.88 (3'894'321) 11.06.2012 Investment Advisor
BARCLAYS PLC n/a ULT-AGG 121'078'597 4.57 - 04.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 44'467'235 1.68 1'312'335 31.03.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 35'755'611 1.35 - 31.12.2012 Government
AMUNDI Multiple Portfolios MF-AGG 29'283'659 1.11 (138'597) 30.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 29'198'650 1.1 91'030 29.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'254'217 0.92 897'930 30.06.2013 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 15'687'873 0.59 1'777'000 28.03.2013 Investment Advisor
FRANCE TELECOM SA n/a Co File 15'456'045 0.58 - 31.12.2011 Corporation
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'897'043 0.45 1'355'265 28.03.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 8'579'625 0.32 11'716 30.04.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 7'216'357 0.27 - 31.05.2013 Investment Advisor
UBS n/a ULT-AGG 7'139'264 0.27 (573'777) 30.07.2013 Unclassified
LBPAM Multiple Portfolios MF-AGG 5'814'923 0.22 (1'868'459) 28.03.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'551'185 0.21 - 29.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'580'800 0.17 - 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 4'441'585 0.17 41'600 30.04.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'161'947 0.16 (490'289) 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale STEPHANE SCHLATTER buy 5 M 9 12 month 29.07.2013
Nord/LB WOLFGANG DONIE buy 5 M 10 12 month 29.07.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 M #N/A N/A Not Provided 26.07.2013
Deutsche Bank CAROLA BARDELLI hold 3 M 8 12 month 26.07.2013
JPMorgan HANNES C WITTIG underweight 1 M 6 3 month 26.07.2013
Macquarie GUY R PEDDY outperform 5 M 12 12 month 26.07.2013
Oddo & Cie VINCENT MAULAY neutral 3 M 10 Not Provided 26.07.2013
Natixis BENOIT MAYNARD buy 5 M 11 Not Provided 26.07.2013
Nomura FREDERIC BOULAN neutral 3 M 8 12 month 26.07.2013
Barclays JONATHAN DANN underweight 1 M 8 Not Provided 26.07.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 14 6 month 26.07.2013
Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 10 12 month 25.07.2013
Goldman Sachs ANDREW LEE Sell/Neutral 1 M 6 12 month 25.07.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 8 12 month 25.07.2013
Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 25.07.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 25.07.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 9 12 month 25.07.2013
CM - CIC Securities(ESN) JEAN-MICHEL KOSTER hold 3 M 9 12 month 25.07.2013
S&P Capital IQ ALEXANDER WISCH sell 1 M 7 12 month 25.07.2013
New Street Research RUSSELL WALLER buy 5 M 9 Not Provided 25.07.2013
UBS GIOVANNI MONTALTI sell 1 M 7 12 month 24.07.2013
Jefferies JEREMY A DELLIS buy 5 M 11 12 month 24.07.2013
HSBC NICOLAS COTE-COLISSON overweight 5 M 11 Not Provided 24.07.2013
Berenberg Bank STUART GORDON hold 3 M 8 Not Provided 23.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 15.07.2013
Credit Suisse JAKOB BLUESTONE neutral 3 M 9 Not Provided 12.07.2013
Kepler Cheuvreux JAVIER BORRACHERO hold 3 M 8 Not Provided 12.07.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 10.07.2013
Exane BNP Paribas ANTOINE PRADAYROL outperform 5 M 10 Not Provided 10.07.2013
Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 08.07.2013
Espirito Santo Investment Bank ResearchNUNO MATIAS buy 5 M 11 Not Provided 25.04.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 28.02.2013
Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 12 month 15.02.2013
National Bank AG MANFRED JAISFELD sell 1 D #N/A N/A Not Provided 30.03.2012
Fincorp SAOG GAURAV RAMAIYA buy 5 M 15 Not Provided 23.10.2011
Holdings By:
Orange SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Repsol S.A., through subsidiaries, explores for and produces crude oil and
natural gas, refines petroleum, and transports petroleum products and liquefied
petroleum gas (LPG). The Company retails gasoline and other products through
its chain of gasoline filling stations. Repsol's petroleum reserves are in
Spain, Latin America, Asia, North Africa, and the Middle East and United States.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (09.05.2013) 18.55
52-Week Low (11.10.2012) 14.43
Daily Volume
18.11
52-Week High % Change -2.37% Dividend Yield -
52-Week Low % Change 25.55% Beta 1.05
% 52 Week Price Range High/Low 90.06% Equity Float 979.75
Shares Out 12.07.2013 1'302.5 Short Int -
23'587.77 1 Yr Total Return 30.24%
Total Debt 19'090.00 YTD Return 21.60%
Preferred Stock 0.0 Adjusted BETA 1.054
Minority Interest 770.0 Analyst Recs 40
Cash and Equivalents 6'318.00 Consensus Rating 4.025
Enterprise Value 38'601.77
Average Volume 5 Day 4'842'683
REP SQ EQUITY YTD Change - Average Volume 30 Day 5'929'157
REP SQ EQUITY YTD % CHANGE - Average Volume 3 Month 10'198'230
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
58'475.0 45'827.0 53'663.0 50'903.0 58'924.0 56'577.0 59'759.0 58'323.8 61'111.6 13'206.0 13'206.0
0.48x 0.87x 0.79x 0.91x 0.56x 3.00x 2.37x 0.58x 0.53x 2.56x 2.26x
8'009.0 6'686.0 11'919.0 5'800.0 7'017.0 5'938.0 6'847.0 7'283.0 7'364.5 1'559.0 3'084.0
3.49x 5.99x 3.56x 8.03x 4.68x 5.68x 5.28x 5.30x 5.24x 4.89x 4.84x
2'555.0 1'559.0 4'693.0 2'193.0 2'060.0 1'885.0 1'925.0 2'235.2 2'222.2 441.0 519.0
7.19x 14.63x 5.43x 18.27x 9.83x 9.24x 10.23x 10.86x 10.84x 11.98x 11.72x
EBITDA 7'017.00 Long-Term Rating Date 19.04.2012
EBIT 4'430.00 Long-Term Rating BBB-
Operating Margin 7.52% Long-Term Outlook STABLE
Pretax Margin 6.02% Short-Term Rating Date 19.04.2012
Return on Assets 2.95% Short-Term Rating A-3
Return on Common Equity 6.97%
Return on Capital 4.72% EBITDA/Interest Exp. 8.88
Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. 4.17
Net Debt/EBITDA 2.09
Gross Margin - Total Debt/EBITDA 3.27
EBITDA Margin 11.5%
EBIT Margin 7.2% Total Debt/Equity 71.5%
Net Income Margin 3.5% Total Debt/Capital 41.0%
Asset Turnover 0.91
Current Ratio 1.51 Net Fixed Asset Turnover 2.11
Quick Ratio 0.93 Accounts receivable turnover-days 48.54
Debt to Assets 29.40% Inventory Days -
Tot Debt to Common Equity 71.49% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.52 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Repsol SAPrice/Volume
Valuation Analysis
1'730'719.00
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.,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
-,', B
.,', B
0,', B
1,', B
2,', B
3,', B
4,', B
5,', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAIXABANK n/a Research 159'023'605 12.21 - 26.03.2013 Investment Advisor
SACYR VALLEHERMOSO S n/a EXCH 122'208'433 9.38 - 17.01.2013 Corporation
PETROLEOS MEXICANOS n/a Co File 118'484'231 9.1 - 31.12.2012 Unclassified
TEMASEK HOLDINGS PRI n/a ULT-AGG 80'700'000 6.2 - 04.03.2013 Government
BLACKROCK n/a ULT-AGG 45'594'293 3.5 60'751 29.07.2013 Investment Advisor
BNP PARIBAS SA n/a EXCH 39'542'937 3.04 682'896 10.06.2013 Bank
NORGES BANK Multiple Portfolios MF-AGG 15'794'475 1.21 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'119'804 1.08 762'225 30.06.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'214'637 0.71 925'028 28.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 7'828'286 0.6 (374'208) 31.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 6'161'715 0.47 (2'220'016) 30.04.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'373'525 0.34 (7'160) 30.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'968'936 0.3 (160'653) 30.06.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 3'920'496 0.3 355'996 28.03.2013 Investment Advisor
UBS n/a ULT-AGG 3'616'987 0.28 25'655 30.07.2013 Unclassified
JP MORGAN n/a ULT-AGG 3'580'466 0.27 271'632 30.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'493'116 0.27 961'423 31.03.2013 Investment Advisor
PERPETUAL INVESTMENT INVESCO PERPETUAL EU MF-PART 2'955'712 0.23 298'869 28.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'926'346 0.22 209'506 31.05.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 2'809'105 0.22 2'373 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI BRUNO ALMEIDA DA SILVA buy 5 M 20 Not Provided 29.07.2013
Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 M 19 Not Provided 29.07.2013
Societe Generale IRENE HIMONA hold 3 M 18 12 month 26.07.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 18 12 month 26.07.2013
Raymond James BERTRAND HODEE outperform 5 M 20 12 month 26.07.2013
Macquarie MARC B KOFLER neutral 3 M 16 12 month 26.07.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 M 18 Not Provided 26.07.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 18 12 month 26.07.2013
Natixis ANNE PUMIR buy 5 M 21 Not Provided 26.07.2013
Barclays LYDIA RAINFORTH overweight 5 M 19 Not Provided 26.07.2013
Deutsche Bank MARK BLOOMFIELD hold 3 M 16 12 month 25.07.2013
Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 19 Not Provided 25.07.2013
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 20 12 month 25.07.2013
Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO buy 5 M 23 12 month 25.07.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 12 month 25.07.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 21 12 month 25.07.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 21 12 month 25.07.2013
AlphaValue ALEXANDRE ANDLAUER add 4 M 18 6 month 25.07.2013
Day by Day VALERIE GASTALDY buy 5 M 18 3 month 22.07.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 20 Not Provided 19.07.2013
JPMorgan NITIN SHARMA neutral 3 M 18 12 month 18.07.2013
Intermoney Valores ALVARO NAVARRO buy 5 M 19 12 month 18.07.2013
Morgan Stanley HAYTHEM RASHED Underwt/In-Line 1 M 17 12 month 17.07.2013
Nomura THEEPAN JOTHILINGAM neutral 3 M 16 12 month 17.07.2013
BBVA LUIS DE TOLEDO outperform 5 M 20 Not Provided 15.07.2013
Equita SIM SpA MASSIMO BONISOLI buy 5 M 19 12 month 11.07.2013
Canaccord Genuity Corp SAMUEL SIMON hold 3 M 18 12 month 08.07.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 19 Not Provided 08.07.2013
Grupo Santander JASON KENNEY buy 5 U 20 Not Provided 27.06.2013
HSBC PAUL SPEDDING overweight 5 M 22 Not Provided 07.06.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
Tudor Pickering & Co ANISH KAPADIA trim 1 M 20 Not Provided 31.05.2013
La Caixa FERNANDO MURILLO GUIRAO overweight 5 D 20 Not Provided 17.05.2013
Kepler Cheuvreux NATALIA BOBO BJOERK buy 5 M 21 Not Provided 15.05.2013
Investec NEILL MORTON buy 5 M 20 Not Provided 13.05.2013
UBS JONATHON RIGBY neutral 3 M 18 12 month 13.05.2013
Jefferies BRENDAN MICHAEL WARN hold 3 M 17 12 month 09.05.2013
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 23 Not Provided 16.04.2013
Banesto Bolsa SA Sociedad ROBERT JACKSON overweight 5 M 19 12 month 03.04.2013
Goldman Sachs HENRY MORRIS not rated #N/A N/A M #N/A N/A Not Provided 27.02.2013
Holdings By:
Repsol SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Carrefour SA operates chains of supermarkets, hypermarkets, discount, cash and
carry, and frozen food stores in Europe, the Americas, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (03.09.2013) 24.83
52-Week Low (10.10.2012) 15.68
Daily Volume
24.08
52-Week High % Change -3.00% Dividend Yield -
52-Week Low % Change 53.57% Beta 1.19
% 52 Week Price Range High/Low 92.95% Equity Float 581.37
Shares Out 30.06.2013 724.0 Short Int -
17'433.54 1 Yr Total Return 51.67%
Total Debt 11'246.00 YTD Return 27.68%
Preferred Stock 0.0 Adjusted BETA 1.194
Minority Interest 874.0 Analyst Recs 41
Cash and Equivalents 6'925.00 Consensus Rating 3.610
Enterprise Value 24'502.54
Average Volume 5 Day 3'230'537
CA FP EQUITY YTD Change - Average Volume 30 Day 2'127'786
CA FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'502'361
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
86'341.0 84'763.0 79'737.0 75'257.0 76'127.0 0.0 41'293.0 76'481.3 78'710.3 - -
0.30x 0.37x 0.37x 0.26x 0.25x #DIV/0! 0.00x 0.29x 0.28x - -
4'044.0 4'599.0 4'380.0 4'135.0 3'848.0 0.0 0.0 3'745.2 4'004.4 - -
6.51x 6.75x 6.81x 4.79x 4.88x 0.00x 0.00x 6.54x 6.11x - -
1'269.0 276.0 433.0 371.0 1'233.0 0.0 0.0 988.9 1'164.2 - -
14.80x 67.12x 61.70x - 113.79x 0.00x 0.00x 17.36x 14.87x - -
EBITDA 3'848.00 Long-Term Rating Date 15.03.2012
EBIT 2'140.00 Long-Term Rating BBB
Operating Margin 2.81% Long-Term Outlook POS
Pretax Margin 0.82% Short-Term Rating Date 16.04.2010
Return on Assets 4.92% Short-Term Rating A-2
Return on Common Equity 30.43%
Return on Capital 10.66% EBITDA/Interest Exp. 7.21
Asset Turnover 1.67% (EBITDA-Capex)/Interest Exp. 4.31
Net Debt/EBITDA 1.76
Gross Margin 19.2% Total Debt/EBITDA 2.82
EBITDA Margin 4.9%
EBIT Margin 3.0% Total Debt/Equity 217.0%
Net Income Margin 1.6% Total Debt/Capital 66.0%
Asset Turnover 1.67
Current Ratio 0.90 Net Fixed Asset Turnover 5.90
Quick Ratio 0.41 Accounts receivable turnover-days 12.10
Debt to Assets 35.43% Inventory Days 36.00
Tot Debt to Common Equity 216.96% Accounts Payable Turnover Day 71.57
Accounts Receivable Turnover 30.16 Cash Conversion Cycle -36.76
Inventory Turnover 10.14
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Carrefour SAPrice/Volume
Valuation Analysis
1'101'737.00
Current Price (9/dd/yy) Market Data
,
2
-,
-2
.,
.2
0,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
.', B
1', B
3', B
5', B
-,', B
-.', B
-1', B
-3', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
-',,
.',,
0',,
1',,
2',,
3',,
4',,
5',,
6',,
-,',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLUE CAPITAL SARL n/a Research 57'977'220 8.01 (8'579'244) 03.06.2013 Other
SOCIETE GENERALE n/a Research 31'310'832 4.32 (14'638'655) 20.06.2012 Bank
BUNT n/a Research 25'370'250 3.5 - 03.06.2013 n/a
AMUNDI SA n/a Research 23'161'032 3.2 - 11.07.2011 Other
NORGES BANK Multiple Portfolios MF-AGG 15'956'515 2.2 - 31.12.2012 Government
COLONY BLUE INVESTOR n/a Research 15'166'771 2.09 - 03.06.2013 Other
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 13'182'412 1.82 - 31.05.2013 Hedge Fund Manager
AMUNDI Multiple Portfolios MF-AGG 10'030'932 1.39 (464'288) 28.03.2013 Investment Advisor
SOCIETE GEN GESTION n/a Research 8'353'963 1.15 - 11.07.2011 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 8'126'922 1.12 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'586'250 0.91 267'250 30.06.2013 Investment Advisor
CARREFOUR SA n/a Co File 6'147'949 0.85 - 31.12.2012 Corporation
BLACKROCK n/a ULT-AGG 6'073'294 0.84 (409'422) 29.07.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 5'642'184 0.78 (717'662) 28.03.2013 Investment Advisor
AKO CAPITAL LLP n/a Short (4'199'108) -0.58 506'789 23.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'396'459 0.47 (42'287) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 3'173'214 0.44 (74'869) 30.07.2013 Unclassified
LBPAM Multiple Portfolios MF-AGG 2'962'280 0.41 651'942 28.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'773'130 0.38 (59'350) 31.03.2013 Investment Advisor
GROUPE ARNAULT SAS n/a Research 2'656'752 0.37 - 03.06.2013 Holding Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan JAIME VAZQUEZ overweight 5 M 27 9 month 30.07.2013
Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 25 12 month 26.07.2013
Kepler Cheuvreux FABIENNE CARON buy 5 M 28 Not Provided 26.07.2013
AlphaValue VIRGINIE BLIN reduce 2 M 23 6 month 25.07.2013
Raymond James CEDRIC LECASBLE outperform 5 U 27 12 month 24.07.2013
Barclays NICOLAS CHAMP overweight 5 M 25 Not Provided 24.07.2013
Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 32 Not Provided 22.07.2013
Grupo Santander TIM ATTENBOROUGH underweight 1 M 20 12 month 19.07.2013
Credit Suisse ANDREW KASOULIS outperform 5 M 25 Not Provided 19.07.2013
Jefferies JAMES GRZINIC hold 3 M 20 12 month 19.07.2013
CM - CIC Securities(ESN) CHRISTIAN DEVISMES buy 5 M 26 12 month 19.07.2013
Oddo & Cie LAURENCE HOFMANN buy 5 M 28 Not Provided 19.07.2013
Societe Generale ARNAUD JOLY hold 3 M 21 12 month 18.07.2013
Baader Bank VOLKER BOSSE sell 1 M 17 12 month 18.07.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 24 12 month 18.07.2013
Natixis PIERRE-EDOUARD BOUDOT buy 5 M 25 6 month 18.07.2013
S&P Capital IQ WILLIAM MACK strong sell 1 M 18 12 month 18.07.2013
Exane BNP Paribas JOHN KERSHAW outperform 5 M 25 Not Provided 18.07.2013
Macquarie SREEDHAR MAHAMKALI outperform 5 M 24 12 month 16.07.2013
Commerzbank Corporates & Markets JUERGEN ELFERS hold 3 M 22 6 month 11.07.2013
Deutsche Bank JAMES G COLLINS hold 3 M 25 12 month 05.07.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 25 Not Provided 03.07.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 23 Not Provided 27.06.2013
Investec DAVID MCCARTHY buy 5 N 25 12 month 14.06.2013
UBS MICHAEL TATTERSALL neutral 3 M 21 12 month 13.06.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013
HSBC JEROME SAMUEL underweight 1 D 21 Not Provided 04.06.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 29.05.2013
Jyske Bank ROBERT JAKOBSEN strong buy 5 M 28 Not Provided 22.05.2013
Main First Bank AG RICKIN THAKRAR outperform 5 M 24 12 month 22.05.2013
Nomura TEAM COVERAGE neutral 3 M 20 Not Provided 21.05.2013
Redburn Partners MARC DE SPEVILLE buy 5 M #N/A N/A Not Provided 17.05.2013
Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 25.04.2013
Goldman Sachs ROBERT JOYCE neutral/neutral 3 M 21 12 month 22.04.2013
Hammer Partners SA STEPHAN SEIP hold 3 U 21 Not Provided 25.03.2013
Banco Sabadell MARTA DIAZ sell 1 M 22 12 month 15.02.2013
Aurel - BGC JEAN-MARIE L'HOME buy 5 M 23 Not Provided 17.01.2013
Makor Capital ALBERT SAPORTA buy 5 M 35 Not Provided 29.10.2012
Nord/LB WOLFGANG VASTERLING sell 1 M #N/A N/A Not Provided 10.07.2012
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] |
05.09.2013
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: 12/2012
LTM as of: 01/yy
52-Week High (15.03.2013) 18.03
52-Week Low (24.10.2012) 13.43
Daily Volume
16.68
52-Week High % Change -7.46% Dividend Yield 3.75
52-Week Low % Change 24.20% Beta 1.52
% 52 Week Price Range High/Low 65.72% Equity Float 641.44
Shares Out 30.08.2013 729.4 Short Int -
12'166.63 1 Yr Total Return 23.29%
Total Debt 4'915.00 YTD Return 13.22%
Preferred Stock 1.0 Adjusted BETA 1.521
Minority Interest 36.0 Analyst Recs 34
Cash and Equivalents 1'799.00 Consensus Rating 2.676
Enterprise Value 16'462.63
Average Volume 5 Day 1'031'050
CRH ID EQUITY YTD Change - Average Volume 30 Day 1'088'011
CRH ID EQUITY YTD % CHANGE - Average Volume 3 Month 1'063'843
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
20'887.0 17'373.0 17'173.0 18'081.0 18'659.0 - - 18'148.6 19'293.8 - -
0.78x 1.01x 0.86x 0.82x 0.77x - - 0.84x 0.79x - -
2'656.0 1'803.0 1'614.0 1'656.0 1'640.0 - - 1'479.7 1'742.6 - -
6.11x 9.69x 9.18x 9.01x 8.77x - - 11.13x 9.45x - -
1'248.0 592.0 432.0 590.0 552.0 - - 440.7 648.6 - -
7.66x 21.54x 25.28x 18.60x 20.01x - - 27.30x 18.33x - -
EBITDA 1'640.00 Long-Term Rating Date 17.12.2007
EBIT 845.00 Long-Term Rating BBB+
Operating Margin 4.53% Long-Term Outlook STABLE
Pretax Margin 3.61% Short-Term Rating Date 07.09.2001
Return on Assets 1.82% Short-Term Rating A-2
Return on Common Equity 3.80%
Return on Capital 3.88% EBITDA/Interest Exp. 5.92
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 3.84
Net Debt/EBITDA 2.90
Gross Margin 27.3% Total Debt/EBITDA 3.73
EBITDA Margin 8.1%
EBIT Margin 3.9% Total Debt/Equity 46.6%
Net Income Margin 3.0% Total Debt/Capital 31.7%
Asset Turnover 0.84
Current Ratio 1.84 Net Fixed Asset Turnover 2.22
Quick Ratio 1.01 Accounts receivable turnover-days -
Debt to Assets 23.22% Inventory Days 70.18
Tot Debt to Common Equity 46.65% Accounts Payable Turnover Day 83.75
Accounts Receivable Turnover - Cash Conversion Cycle 62.85
Inventory Turnover 5.20
Fiscal Year Ended
CRH PLCPrice/Volume
Valuation Analysis
1'238'331.00
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.,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B'2 B-', B-'2 B.', B.'2 B0', B0'2 B1', B1'2 B2', B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
.',,
1',,
3',,
5',,
-,',,
-.',,
-1',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 49'253'622 6.75 (2'686'460) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 28'961'677 3.97 - 29.07.2013 Investment Advisor
UBS n/a ULT-AGG 28'349'889 3.89 (9'119) 30.07.2013 Unclassified
LEGAL & GENERAL n/a ULT-AGG 22'496'003 3.08 - 28.03.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 22'377'823 3.07 - 26.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS n/a 20F 21'999'275 3.02 - 22.03.2013 Investment Advisor
NORGES BANK n/a 20F 21'543'277 2.95 - 22.03.2013 Government
TEMPLETON GLOBAL ADV n/a Co File 21'503'171 2.95 - 31.12.2012 n/a
GRWTH FUND OF AMERIC n/a RNS-MAJ 21'114'087 2.89 - 15.02.2011 n/a
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 15'304'039 2.1 48'700 31.05.2013 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'147'678 1.25 661'788 30.06.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 7'963'310 1.09 (313'490) 31.03.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 7'703'980 1.06 3'376'460 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 6'680'589 0.92 3'934'535 31.03.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 5'916'100 0.81 3'093'240 31.05.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 5'184'256 0.71 (55'402) 28.02.2013 Unclassified
STATE STREET n/a ULT-AGG 5'037'640 0.69 224 30.07.2013 Investment Advisor
MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 4'196'785 0.58 2'571'785 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'155'820 0.43 (31'923) 30.07.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'101'719 0.43 71'074 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Natixis ABDELKADER BENCHIHA neutral 3 M 17 Not Provided 26.07.2013
Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 16 12 month 25.07.2013
AlphaValue GAETAN DUPONT add 4 M 17 6 month 25.07.2013
Goodbody Stockbrokers Ltd ROBERT EASON hold 3 M 16 12 month 24.07.2013
JPMorgan EMILY BIDDULPH neutral 3 M 16 9 month 23.07.2013
Deutsche Bank LUIS PRIETO buy 5 M 18 12 month 19.07.2013
Raymond James ARNAUD PALLIEZ strong buy 5 M 19 12 month 19.07.2013
Exane BNP Paribas PAUL ROGER neutral 3 M 16 Not Provided 18.07.2013
UBS GREGOR KUGLITSCH neutral 3 M 15 12 month 16.07.2013
Cantor Fitzgerald IAN OSBURN hold 3 M 14 Not Provided 04.07.2013
HSBC JOHN FRASER-ANDREWS underweight 1 M 15 Not Provided 02.07.2013
Day by Day VALERIE GASTALDY buy 5 U 18 3 month 01.07.2013
Jefferies MICHAEL F BETTS buy 5 M 20 12 month 14.06.2013
Societe Generale MURIEL FELLOUS hold 3 M 16 12 month 11.06.2013
Investec TOM HOLMES buy 5 M 20 Not Provided 11.06.2013
Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 15 Not Provided 11.06.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
Goldman Sachs WILL MORGAN neutral/neutral 3 M 17 12 month 21.05.2013
Credit Suisse HARRY GOAD underperform 1 M 13 Not Provided 20.05.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN sell 1 M 15 Not Provided 13.05.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 17 12 month 13.05.2013
Numis Securities Ltd HOWARD SEYMOUR reduce 2 M 14 12 month 10.05.2013
Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 15 6 month 08.05.2013
S&P Capital IQ JAWAHAR HINGORANI sell 1 D 15 12 month 08.05.2013
Redburn Partners WILLIAM JONES neutral 3 M #N/A N/A Not Provided 10.04.2013
Berenberg Bank ROBERT MUIR sell 1 M 14 Not Provided 27.02.2013
Merrion Stockbrokers DAVID HOLOHAN sell 1 N 14 Not Provided 22.02.2013
Kepler Cheuvreux JOSEP PUJAL hold 3 M 16 Not Provided 04.02.2013
Morgan Stanley YURI SEROV Underwt/In-Line 1 M 16 12 month 13.12.2012
Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 14 Not Provided 09.11.2012
Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 19.10.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 14.06.2012
Holdings By:
CRH PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
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: 12/2012
LTM as of: 03/yy
52-Week High (12.09.2012) 36.47
52-Week Low (15.08.2013) 20.48
Daily Volume
21.615
52-Week High % Change -40.72% Dividend Yield -
52-Week Low % Change 5.57% Beta 1.04
% 52 Week Price Range High/Low 3.78% Equity Float 480.74
Shares Out 30.06.2013 575.7 Short Int -
13'275.93 1 Yr Total Return -30.94%
Total Debt 19'946.00 YTD Return -25.51%
Preferred Stock 2'702.0 Adjusted BETA 1.045
Minority Interest 1'613.0 Analyst Recs 36
Cash and Equivalents 5'276.00 Consensus Rating 2.278
Enterprise Value 33'964.93
Average Volume 5 Day 2'572'567
RWE GY EQUITY YTD Change - Average Volume 30 Day 3'201'994
RWE GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'360'628
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
47'500.0 46'191.0 50'722.0 49'153.0 50'771.0 49'030.0 51'161.0 53'756.7 53'305.1 - -
0.88x 1.10x 0.89x 0.69x 0.75x 2.98x 3.07x 0.65x 0.61x - -
7'903.0 9'655.0 9'230.0 6'912.0 9'055.0 6'525.0 9'099.0 8'925.8 7'924.1 - -
5.30x 5.28x 4.87x 4.91x 4.22x 5.98x 4.11x 3.81x 4.29x - -
2'558.0 3'571.0 3'323.0 1'865.0 1'402.0 1'359.0 1'585.0 2'311.3 1'801.1 - -
10.69x 10.33x 8.05x 8.10x 14.67x 16.96x 12.70x 5.52x 7.24x - -
EBITDA 9'055.00 Long-Term Rating Date 27.07.2012
EBIT 3'699.00 Long-Term Rating BBB+
Operating Margin 7.29% Long-Term Outlook STABLE
Pretax Margin 4.39% Short-Term Rating Date 08.06.2011
Return on Assets - Short-Term Rating A-2
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 7.25
Asset Turnover - (EBITDA-Capex)/Interest Exp. 2.85
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 164.5%
Net Income Margin 2.8% Total Debt/Capital 54.8%
Asset Turnover -
Current Ratio 1.02 Net Fixed Asset Turnover -
Quick Ratio 0.55 Accounts receivable turnover-days -
Debt to Assets 22.61% Inventory Days -
Tot Debt to Common Equity 164.54% 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
RWE AGPrice/Volume
Valuation Analysis
3'041'996.00
Current Price (9/dd/yy) Market Data
,
2
-,
-2
.,
.2
0,
02
1,
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
.', B
1', B
3', B
5', B
-,', B
-.', B
-1', B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
-',,
.',,
0',,
1',,
2',,
3',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
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 - 31.12.2012 Other
BLACKROCK n/a ULT-AGG 28'787'275 5 - 29.07.2013 Investment Advisor
MONDRIAN INVESTMENT n/a Co File 17'272'365 3 - 31.12.2012 Hedge Fund Manager
CREDIT SUISSE GROUP n/a Research 15'649'001 2.72 - 16.04.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 13'471'707 2.34 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 5'831'000 1.01 105'000 30.06.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'336'144 0.93 211'738 30.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'172'827 0.55 3'101'871 30.07.2013 Investment Advisor
CQS UK LLP n/a Short (3'109'026) -0.54 - 05.07.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 2'833'842 0.49 3'348 30.04.2013 Investment Advisor
MARSHALL WACE LLP n/a Short (2'821'153) -0.49 115'149 16.07.2013 Hedge Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'542'090 0.44 (377'383) 28.03.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'266'506 0.39 (623'861) 30.04.2013 Investment Advisor
UBS n/a ULT-AGG 1'427'720 0.25 (29'962) 30.07.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'416'264 0.25 1'016'174 30.06.2013 Investment Advisor
SOCIETE GENERALE SA n/a Research 1'403'905 0.24 - 07.06.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'403'901 0.24 - 29.07.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'372'490 0.24 900 30.04.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 940'217 0.16 (16'348) 31.07.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 937'481 0.16 1'886 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ALEXANDER KARNICK sell 1 M 20 12 month 30.07.2013
RBC Capital Markets JOHN MUSK sector perform 3 M 28 12 month 30.07.2013
Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 25 Not Provided 30.07.2013
Raymond James EMMANUEL RETIF underperform 1 M 25 12 month 23.07.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 24 12 month 23.07.2013
JPMorgan NATHALIE F CASALI underweight 1 M 28 3 month 19.07.2013
Redburn Partners AHMED FARMAN neutral 3 D #N/A N/A Not Provided 17.07.2013
AlphaValue EILEEN RYAN buy 5 M 35 6 month 11.07.2013
HSBC ADAM DICKENS underweight 1 M 19 Not Provided 04.07.2013
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 28 12 month 04.07.2013
Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 D 28 12 month 02.07.2013
Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 33 12 month 02.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 02.07.2013
Grupo Santander OSCAR NAJAR RIOS underweight 1 M 28 Not Provided 01.07.2013
Societe Generale ALBERTO PONTI sell 1 M 22 12 month 01.07.2013
UBS PATRICK HUMMEL sell 1 M 21 12 month 01.07.2013
Credit Suisse VINCENT GILLES neutral 3 U 24 Not Provided 26.06.2013
Barclays PETER BISZTYGA underweight 1 M 23 Not Provided 21.06.2013
Main First Bank AG ANDREAS THIELEN underperform 1 M 26 12 month 07.06.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
Kepler Cheuvreux INGO BECKER reduce 2 M 24 Not Provided 29.05.2013
Berenberg Bank TEAM COVERAGE sell 1 M 21 Not Provided 24.05.2013
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 29 6 month 16.05.2013
Nord/LB HEINO HAMMANN hold 3 M 30 12 month 16.05.2013
Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 25 12 month 16.05.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 28 Not Provided 16.05.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK sell 1 M 25 Not Provided 15.05.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 35 12 month 15.05.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 29 12 month 15.05.2013
Macquarie ROBERT SCHRAMM-FUCHS neutral 3 M 30 12 month 29.04.2013
Steubing AG MICHAEL BROEKER buy 5 M 60 12 month 02.04.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 07.03.2013
National Bank AG STEFFEN MANSKE hold 3 M 30 Not Provided 05.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 37 12 month 15.02.2013
Holdings By:
RWE AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
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: 12/2012
LTM as of: 03/yy
52-Week High (22.01.2013) 13.76
52-Week Low (03.07.2013) 8.35
Daily Volume
10.225
52-Week High % Change -25.66% Dividend Yield -
52-Week Low % Change 22.40% Beta 1.47
% 52 Week Price Range High/Low 33.99% Equity Float 978.57
Shares Out 30.06.2013 1'665.4 Short Int -
17'028.64 1 Yr Total Return -7.96%
Total Debt 25'752.00 YTD Return -19.74%
Preferred Stock 0.0 Adjusted BETA 1.471
Minority Interest 3'474.0 Analyst Recs 45
Cash and Equivalents 4'398.00 Consensus Rating 3.622
Enterprise Value 42'072.60
Average Volume 5 Day 8'876'516
MT NA EQUITY YTD Change - Average Volume 30 Day 10'350'180
MT NA EQUITY YTD % CHANGE - Average Volume 3 Month 10'235'220
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
124'936.0 61'021.0 78'025.0 93'973.0 84'213.0 94'492.0 81'262.0 81'242.0 84'736.1 19'243.3 20'314.6
0.50x 1.52x 1.05x 0.58x 0.61x 2.63x 2.38x 0.53x 0.50x 2.18x 2.11x
24'436.0 3'656.0 8'525.0 9'898.0 6'493.0 9'653.0 6'673.0 6'676.6 7'938.2 1'527.5 1'785.9
2.57x 25.37x 9.63x 5.47x 7.90x 5.93x 6.43x 6.30x 5.30x - -
9'399.0 157.0 2'916.0 2'263.0 (3'726.0) 1'286.0 (4'082.0) (569.3) 1'729.7 44.2 463.3
3.49x 308.59x 17.66x 15.75x - 23.02x 0.00x - 15.61x 23.63x 16.30x
EBITDA 6'493.00 Long-Term Rating Date 02.08.2012
EBIT 1'809.00 Long-Term Rating BB+
Operating Margin 2.15% Long-Term Outlook NEG
Pretax Margin -6.85% Short-Term Rating Date 02.08.2012
Return on Assets -5.03% Short-Term Rating B
Return on Common Equity -11.32%
Return on Capital - EBITDA/Interest Exp. 3.20
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 0.89
Net Debt/EBITDA 2.71
Gross Margin 6.1% Total Debt/EBITDA 3.87
EBITDA Margin 7.5%
EBIT Margin 1.6% Total Debt/Equity 49.8%
Net Income Margin -4.4% Total Debt/Capital 31.8%
Asset Turnover 0.68
Current Ratio 1.33 Net Fixed Asset Turnover 1.51
Quick Ratio 0.40 Accounts receivable turnover-days -
Debt to Assets 22.48% Inventory Days 93.75
Tot Debt to Common Equity 49.79% Accounts Payable Turnover Day 63.54
Accounts Receivable Turnover - Cash Conversion Cycle 61.20
Inventory Turnover 3.89
Fiscal Year Ended
ArcelorMittalPrice/Volume
Valuation Analysis
3'219'706.00
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
g!-. T!-. o!-. l!-. k!-. X!-. g!-0 c!-0 j!-0 T!-0 j!-0 g!-0 g!-0', B
2', B
-,', B
-2', B
.,', B
.2', B
0,', B
02', B
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
,',,
2',,
-,',,
-2',,
.,',,
.2',,
,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HSBC TRUSTEE CI LTD n/a Research 637'338'263 38.27 - 31.07.2012 Unclassified
STATE OF LUXEMBOURG n/a Research 38'965'330 2.34 - 17.05.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 34'288'654 2.06 - 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 25'111'835 1.51 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 14'955'146 0.9 (680'111) 29.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 13'067'839 0.78 7'250'063 28.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'361'551 0.74 1'045'136 30.06.2013 Investment Advisor
ARCELOR MITTAL #N/A N/A Co File 10'031'060 0.6 - 31.12.2012 Corporation
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 8'940'953 0.54 51'168 31.05.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 6'580'512 0.4 490'779 28.03.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 6'196'571 0.37 405'550 28.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 5'412'285 0.32 (2'720) 31.05.2013 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 5'001'247 0.3 (37'590) 01.07.2013 Investment Advisor
MANDARINE GESTION Multiple Portfolios MF-AGG 4'255'000 0.26 61'338 31.05.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 4'199'655 0.25 926'656 28.02.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 3'614'822 0.22 - 30.06.2013 Investment Advisor
UBS n/a ULT-AGG 2'961'783 0.18 316'761 30.07.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'897'572 0.17 - 29.07.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 2'823'904 0.17 (11'420) 30.04.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 2'732'778 0.16 (267'785) 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets TIMOTHY HUFF outperform 5 M 11 12 month 31.07.2013
Grupo Santander JUAN RAMON CORREAS buy 5 M 14 Not Provided 30.07.2013
JPMorgan ALESSANDRO ABATE overweight 5 M 12 3 month 23.07.2013
Nomura NEIL SAMPAT buy 5 M 11 12 month 23.07.2013
Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 9 12 month 22.07.2013
Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 14 12 month 18.07.2013
AlphaValue FABRICE FARIGOULE buy 5 M 16 6 month 18.07.2013
Societe Generale ALAIN WILLIAM buy 5 M 12 12 month 15.07.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 11 6 month 15.07.2013
Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 11 12 month 12.07.2013
Jefferies SETH ROSENFELD buy 5 M 13 12 month 12.07.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 14 12 month 10.07.2013
Davy TIM CAHILL neutral 3 M #N/A N/A Not Provided 10.07.2013
Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 M 9 12 month 04.07.2013
Exane BNP Paribas LUC PEZ neutral 3 M 11 Not Provided 04.07.2013
Kepler Cheuvreux ROCHUS BRAUNEISER buy 5 U 11 Not Provided 03.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 01.07.2013
Liberum Capital Ltd RICHARD KNIGHTS hold 3 M 9 Not Provided 26.06.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 10 12 month 21.06.2013
Macquarie JEFFREY LARGEY neutral 3 M 11 12 month 19.06.2013
Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE sell 1 M 9 Not Provided 18.06.2013
Main First Bank AG ALEXANDER HAUENSTEIN underperform 1 M 9 12 month 12.06.2013
Espirito Santo Investment Bank ResearchRUI DIAS sell 1 M 9 Not Provided 10.06.2013
ING Bank FILIP DE PAUW buy 5 M 12 12 month 07.06.2013
Nord/LB HOLGER FECHNER sell 1 M 8 12 month 06.06.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Kempen & Co DIRK VERBIESEN buy 5 M 14 Not Provided 04.06.2013
HSBC THORSTEN ZIMMERMANN neutral 3 M 11 Not Provided 13.05.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 14 Not Provided 13.05.2013
Rabobank International FRANK CLAASSEN buy 5 M 14 12 month 13.05.2013
Petercam JUNIOR CUIGNIEZ hold 3 M 14 Not Provided 10.05.2013
S&P Capital IQ JOHNSON IMODE sell 1 M 9 12 month 10.05.2013
VTB Capital WIKTOR BIELSKI buy 5 M 16 12 month 08.05.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 D #N/A N/A Not Provided 12.04.2013
National Bank AG EKKEHARD D LINK buy 5 M 15 12 month 10.04.2013
Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 03.04.2013
Natixis RAOUDHA BOUZEKRI neutral 3 M 12 Not Provided 19.03.2013
UBS CARSTEN RIEK buy 5 U 14 12 month 11.03.2013
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 19 Not Provided 06.02.2013
Theodoor Gilissen Securities TOM MULLER buy 5 M 18 Not Provided 22.01.2013
BBVA LUIS DE TOLEDO underperform 1 M 15 Not Provided 10.01.2013
La Caixa ICIAR GOMEZ BOTAS overweight 5 D 13 Not Provided 23.11.2012
Cyrrus JIRI SIMARA accumulate 4 M 18 12 month 30.01.2012
Holdings By:
ArcelorMittal ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |