fundamental equity analysis - s&p100 index members (oex index).pdf
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Fundamental Equity Analysis - S&P100 Index Members (OEX Index).pdfTRANSCRIPT
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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 14898194 1991.775 1117 1117 203 220 220 102.58 110.21 110.21 15.75 15.75 14.66 14.66 18.58
Euro Stoxx 50 Pr EUR 2493756 5284.795 4561 4561 731 763 763 203.59 297.44 297.44 21.63 17.12 14.81 14.81 20.19
NIKKEI 225 JPY 2727065 192.1279 192 192 18 22 22 5.38 7.90 7.90 0.26 0.27 0.18 0.18 0.11
FTSE 100 INDEX GBP 2587478 11449.56 10098 10098 1411 1676 1676 586.95 805.96 805.96 24.84 21.83 18.09 18.09 21.26
SWISS MARKET INDEX CHF 1017711 10776.65 4094 4094 859 827 827 416.04 556.80 556.80 20.57 17.07 15.37 15.37 22.10
S&P/TSX COMPOSITE INDEX CAD 1566664 16493.48 8368 8368 1782 1970 1970 737.98 820.91 820.91 14.92 14.92 13.42 13.42 23.26
S&P/ASX 200 INDEX AUD 1210714 5733.302 2686 2686 551 684 684 225.02 324.09 324.09 17.92 14.54 12.45 12.45 20.26
HANG SENG INDEX HKD 1576584 2941 1673 1673 353 398 398 278.90 271.70 271.70 1.22 1.38 1.25 1.25 2.90
MSCI EM USD 6919194 1278.432 973 973 188 180 180 82.52 90.76 90.76 11.05 11.20 10.05 10.05 19.18
APPLE INC USD 391520 937 939 0 0 0 121 246.83 156508 169104 171168 186818 58518 57381 10573 10573 44.15 41.89 39.55 43.76 9.96 9.96 10.55 9.53 44.58 43.06 64.36 65.35 33.93 AA+ 23.04.2013 Aa1 23.04.2013
ABBVIE INC USD 67530 218 1577 18 0 0 8 77.93 18380 18485 18922 7255 - 1861 1861 3.69 - 3.12 3.22 - - 13.67 13.25 5.37 - 30.36 - - A 26.10.2012 Baa1 05.11.2012
ABBOTT LABORATORIES USD 54093 461 1577 20 0 0 15 52.77 21494 21588 22416 23742 - - 929 929 1.73 1.54 2.01 2.25 22.53 22.53 17.24 15.39 -44.68 -1.69 - - - A+ 26.10.2012 A1 22.09.2010
ACCENTURE PLC-CL A USD 50251 361 677 0 0 0 7 44.80 29778 30158 28721 30027 4467 4642 1167 1167 3.84 4.53 4.31 4.50 16.15 16.15 16.96 16.25 8.87 3.88 12.08 8.55 15.39 A+ 22.01.2002 - -
AMERICAN ELECTRIC POWER USD 21347 178 486 19 0 0 1 39.79 14945 15146 15881 16183 4874 4873 1172 1172 3.49 3.50 3.15 3.32 12.56 12.56 13.93 13.24 -1.13 2.04 3.42 4.80 32.17 BBB 07.03.2003 Baa2 14.09.2005
AMERICAN INTERNATIONAL GROUP USD 66450 380 1476 49 0 1 1 111.54 65656 66513 49652 51377 - - - - 3.93 3.59 3.93 4.13 12.53 12.53 11.45 10.91 9.77 3.87 - - - A- 02.03.2009 Baa1 12.01.2011
ALLSTATE CORP USD 22832 117 479 6 0 0 1 28.57 33315 33416 33593 34165 - - - - 4.40 4.35 4.69 5.18 11.19 11.19 10.39 9.41 2.02 0.95 - - - A- 29.01.2009 A3 29.01.2009
AMGEN INC USD 73058 179 756 27 0 0 24 75.68 17265 17455 17932 18383 6665 6648 1615 1615 5.72 6.09 7.29 8.26 16.01 16.01 13.35 11.80 10.80 3.45 24.07 2.92 38.09 A+ 07.09.2007 Baa1 07.11.2011
AMAZON.COM INC USD 128447 185 454 4 0 0 11 124.24 61093 63978 74868 91264 2835 3066 965 965 -0.23 -0.56 3.00 5.17 - - 94.18 54.59 27.07 31.59 45.76 25.77 4.79 AA- 26.11.2012 Baa1 26.11.2012
APACHE CORP USD 32124 370 392 12 1 0 0 45.58 16947 16636 17343 18813 12051 11662 2958 2958 9.31 9.58 8.41 9.37 8.55 8.55 9.74 8.75 0.81 14.07 -2.79 10.48 70.10 A- 26.01.2001 A3 29.11.2010
ANADARKO PETROLEUM CORP USD 43954 116 501 13 0 1 2 55.51 13307 13613 15211 17165 6197 6547 2213 2213 1.47 4.74 4.27 5.45 18.49 18.49 20.52 16.09 -4.14 10.92 -18.23 2.13 48.09 BBB- 08.09.2006 Baa3 23.03.2012
AMERICAN EXPRESS CO USD 83079 304 1105 62 0 0 22 114.84 33808 34020 32918 34728 10563 10635 - - 4.40 4.48 4.79 5.31 16.88 16.88 15.78 14.23 4.73 1.17 -6.97 -6.66 31.26 BBB+ 30.04.2009 A3 24.04.2009
BOEING CO/THE USD 78106 175 756 10 0 0 14 75.52 81698 81208 83895 91775 8118 8057 1960 1960 5.11 5.30 6.34 7.08 19.42 19.42 16.23 14.55 18.86 4.17 8.53 2.21 9.92 A 29.07.2009 A2 15.03.2006
BANK OF AMERICA CORP USD 139714 3281 10778 673 19 0 349 100078 99840 90943 92304 - - - - 1.13 0.95 0.95 1.33 13.63 13.63 13.63 9.73 -13.26 1.66 - - - A- 29.11.2011 Baa2 21.06.2012
BAXTER INTERNATIONAL INC USD 37584 124 546 6 0 0 3 40.80 14190 14250 15463 16928 3533 3563 980 980 4.53 4.58 4.66 5.17 15.15 15.15 14.89 13.43 2.14 3.79 -2.30 3.77 25.00 A 06.12.2012 A3 25.04.2013
BANK OF NEW YORK MELLON CORP USD 33682 327 1163 62 1 1 145 15089 15005 14743 15396 - - - - 2.32 2.28 2.25 2.55 12.73 12.73 12.89 11.38 -4.52 -2.90 - - - A+ 29.11.2011 Aa3 *- 02.07.2013
BRISTOL-MYERS SQUIBB CO USD 72305 245 1630 7 0 0 6 74.46 17621 16201 16418 17773 4771 3610 981 981 1.99 1.67 1.82 2.15 26.36 26.36 24.17 20.51 -17.05 -3.68 -35.94 3.29 22.28 A+ 06.09.2006 A2 12.09.2006
BERKSHIRE HATHAWAY INC-CL B USD 279644 330 63 0 4 187 148.65 162463 168183 29524 31989 - - - - - - 13.07 12.90 34.15 4.33 19.02 AA 16.05.2013 Aa2 04.02.2010
CITIGROUP INC USD 146332 1161 3029 624 3 2 36 751.61 90708 90629 79206 81195 30978 31164 - - 4.01 4.13 4.80 5.47 11.63 11.63 10.02 8.79 -11.58 -2.29 -42.16 -20.63 34.39 A- 29.11.2011 Baa2 21.06.2012
CATERPILLAR INC USD 53603 235 655 10 0 0 3 60.53 65875 63104 58820 62888 11966 10923 2282 2282 8.65 7.54 6.84 7.95 10.82 10.82 11.91 10.26 9.54 6.15 23.62 12.24 17.31 A 24.06.2003 A2 15.06.1995
COLGATE-PALMOLIVE CO USD 53530 202 935 5 0 0 1 58.20 17085 17200 17672 18612 4314 4122 1145 1145 2.68 2.71 2.85 3.14 21.15 21.15 20.16 18.27 2.10 3.17 1.22 7.63 23.97 AA- 04.05.2001 Aa3 18.06.2001
COMCAST CORP-CLASS A USD 108617 898 2639 40 0 17 12 152.48 62570 63002 64113 67869 19977 20323 5359 5359 1.92 2.00 2.42 2.78 20.83 20.83 17.21 14.95 12.05 13.37 8.82 11.13 32.26 A- 14.02.2013 A3 13.02.2013
CAPITAL ONE FINANCIAL CORP USD 37731 95 582 51 0 0 11 69.33 23177 24303 22094 21936 9014 9371 - - 6.24 6.03 6.60 6.69 10.71 10.71 9.79 9.65 25.11 6.31 -7.95 -5.36 38.56 BBB 17.06.2009 Baa1 17.02.2012
CONOCOPHILLIPS USD 75487 260 1220 22 0 0 4 92.15 57967 58243 50237 52171 19396 20040 5017 5017 5.47 5.61 5.51 6.20 11.00 11.00 11.20 9.97 -9.70 -8.64 -10.41 -8.76 34.41 A 07.02.2012 A1 26.04.2012
COSTCO WHOLESALE CORP USD 48564 97 432 1 0 0 5 47.12 99137 104887 105806 115043 3667 3991 1299 1299 3.94 4.48 4.57 5.05 24.83 24.83 24.36 22.03 11.50 7.95 11.02 10.87 3.81 A+ 28.11.2012 A1 26.03.2012
CISCO SYSTEMS INC USD 129867 3199 5298 16 0 0 49 98.74 46061 47880 48591 51210 12971 13483 3829 3829 1.60 1.62 2.01 2.12 14.96 14.96 12.11 11.48 6.58 5.45 18.36 5.10 28.16 A+ 10.02.2006 A1 10.02.2006
CVS CAREMARK CORP USD 71137 209 1231 10 0 0 1 79.25 123133 123098 125698 130862 8981 9355 2402 2402 3.21 3.39 3.94 4.43 17.13 17.13 14.74 13.13 14.97 7.83 13.71 8.81 7.60 BBB+ 23.03.2007 Baa2 13.02.2007
CHEVRON CORP USD 231766 229 1947 12 0 1 21 229.62 222580 217734 230022 227252 48426 46203 11867 11867 12.86 12.96 12.38 12.56 9.22 9.22 9.66 9.52 -5.80 1.45 -5.44 7.12 21.22 AA 01.07.1987 Aa1 27.02.2009
DU PONT (E.I.) DE NEMOURS USD 48398 267 933 12 0 0 4 55.40 34812 36129 35926 38306 4794 4817 2115 2115 3.44 3.39 3.81 4.30 15.53 15.53 13.79 12.24 3.36 5.11 -4.99 2.35 13.33 A 17.05.2011 A2 15.07.2011
WALT DISNEY CO/THE USD 114162 405 1780 14 0 2 3 129.20 42278 43765 45215 48055 10850 11349 3677 3677 3.13 3.30 3.47 3.95 19.23 19.23 18.26 16.03 3.39 4.08 12.76 5.45 25.93 A 22.12.2009 A2 23.05.2007
DOW CHEMICAL CO/THE USD 39263 200 1203 21 4 1 4 60.98 56786 56450 57380 59677 6645 6568 2129 2129 1.73 1.80 2.37 2.97 18.05 18.05 13.70 10.94 -5.33 3.28 -3.82 1.85 11.64 BBB 11.05.2011 Baa2 02.11.2012
DEVON ENERGY CORPORATION USD 21831 147 406 12 0 0 7 27.48 9679 8977 9733 11203 5253 4509 1402 1402 3.26 6.82 3.74 5.06 7.88 7.88 14.39 10.62 -15.50 -3.59 -23.63 -6.57 50.23 BBB+ 18.03.2008 Baa1 21.09.2007
EBAY INC USD 69081 526 1294 5 0 0 9 64.20 14072 14542 16312 19007 4088 4285 1247 1247 1.91 1.99 2.74 3.23 26.74 26.74 19.42 16.48 20.77 11.98 23.39 9.42 29.47 A 02.03.2010 A2 21.10.2010
EMC CORP/MA USD 50483 520 2107 2 0 1 6 46.83 21714 22007 23410 25347 5602 5659 1708 1708 1.24 1.25 1.86 2.08 19.23 19.23 12.94 11.57 8.53 9.81 12.92 15.81 25.71 A 25.06.2012 A1 07.06.2013
EMERSON ELECTRIC CO USD 39710 164 724 5 0 0 2 42.78 24412 24697 24801 25849 5155 5242 1359 1359 3.52 3.62 3.50 3.90 15.25 15.25 15.77 14.16 0.78 0.36 1.16 4.42 21.23 A 04.02.2002 A2 15.02.2002
EXELON CORP USD 25307 372 855 20 0 0 1 44.82 23489 24885 25309 25202 6550 6927 1488 1488 1.93 1.97 2.48 2.33 15.05 15.05 11.92 12.69 23.22 6.88 -3.45 -0.89 27.84 BBB 22.07.2009 Baa2 08.11.2012
FORD MOTOR CO USD 65219 3783 3946 14 0 0 24 57.41 134252 137617 136313 143799 12513 12539 3080 3080 1.57 1.54 1.41 1.67 10.76 10.76 11.78 9.92 -1.48 -0.20 -8.19 -0.09 9.11 BB+ 21.10.2011 Baa3 22.05.2012
FREEPORT-MCMORAN COPPER USD 28164 502 949 4 0 4 4 32.57 18010 17988 21948 25390 6934 6617 1612 1612 3.24 3.24 3.07 3.81 8.40 8.40 8.86 7.14 -13.75 4.92 -31.77 -2.37 36.79 BBB 29.07.2011 Baa3 13.10.2010
FEDEX CORP USD 31280 57 318 3 0 0 5 29.35 44287 44287 46028 48701 5597 5580 1399 1399 6.23 6.20 7.04 8.68 15.89 15.89 13.98 11.35 3.77 3.96 3.02 2.68 12.60 BBB 11.02.2004 Baa1 13.01.2012
TWENTY-FIRST CENTURY FOX INC USD 69679 799 2383 15 0 1 10 80.66 33706 35469 31587 33862 6646 6868 1664 1664 1.22 1.23 1.52 1.74 24.42 24.42 19.79 17.31 0.90 2.54 8.36 4.21 19.36 BBB+ 30.11.2012 - -
GENERAL DYNAMICS CORP USD 27849 51 354 4 0 0 3 28.01 31513 31338 31175 30905 3447 1428 1011 1011 6.48 6.48 6.75 7.06 12.17 12.17 11.68 11.17 -3.56 1.45 -21.98 -0.51 4.56 A 09.07.1999 A2 07.08.2003
GENERAL ELECTRIC CO USD 238133 1298 10406 17 0 5 16 233.65 144796 143566 148169 152912 25000 24248 5923 5923 1.55 1.54 1.66 1.83 14.91 14.91 13.85 12.62 1.81 -4.28 -0.16 -6.95 16.89 AA+ 12.03.2009 Aa3 03.04.2012
GILEAD SCIENCES INC USD 81179 622 1519 8 0 0 3 86.79 9703 9952 10629 13015 4288 4522 1133 1133 1.68 1.85 1.96 2.93 28.73 28.73 27.14 18.16 15.71 15.94 4.80 14.12 45.44 A- 23.03.2011 Baa1 23.03.2011
GENERAL MOTORS CO USD 47385 569 1366 5 10 1 26 39.39 152256 151381 156615 166213 5647 5021 3425 3425 3.65 2.79 3.32 4.34 12.34 12.34 10.40 7.94 1.32 - -60.70 - 3.32 BB+ 29.09.2011 - -
GOOGLE INC-CL A USD 295169 145 330 6 0 0 50 248.74 50175 54703 47444 55296 15722 16160 5246 5246 33.53 34.83 46.18 53.38 25.55 25.55 19.28 16.67 32.37 22.23 15.66 21.04 29.54 AA 19.11.2012 Aa2 16.05.2011
GOLDMAN SACHS GROUP INC USD 72401 171 481 511 6 1 73 537.53 41664 41636 34003 34660 20446 20338 - - 14.40 14.61 14.34 15.18 10.40 10.40 10.59 10.01 13.24 -6.82 27.63 -19.57 48.85 A- 29.11.2011 A3 21.06.2012
HALLIBURTON CO USD 40265 266 929 5 0 0 2 43.08 28503 28609 29729 32759 5787 5729 1495 1495 3.04 2.77 3.19 4.04 15.62 15.62 13.58 10.72 14.80 13.05 -5.07 7.51 20.03 A 20.08.2007 A2 01.05.2007
HOME DEPOT INC USD 113329 328 1484 11 0 0 2 121.78 74754 76070 77470 81138 9450 9855 3371 3371 3.10 3.25 3.66 4.27 23.89 23.89 21.22 18.16 6.19 1.52 13.27 0.65 12.96 A- 16.11.2011 A3 30.08.2011
HONEYWELL INTERNATIONAL INC USD 62305 132 783 7 0 0 5 65.12 37665 37686 39131 41400 5082 5220 1734 1734 4.84 5.02 4.96 5.52 15.78 15.78 15.98 14.33 3.11 1.38 43.93 2.19 13.85 A 03.07.2001 A2 12.10.2001
HEWLETT-PACKARD CO USD 49082 538 1963 28 0 0 11 63.03 120357 115569 111403 109165 14384 13639 3537 3537 0.31 0.09 3.55 3.66 272.41 272.41 7.17 6.96 -5.41 -0.20 -12.15 3.69 11.80 BBB+ 30.11.2011 Baa1 28.11.2012
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] |
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 14898194 1991.775 1117 1117 203 220 220 102.58 110.21 110.21 15.75 15.75 14.66 14.66 18.58
Euro Stoxx 50 Pr EUR 2493756 5284.795 4561 4561 731 763 763 203.59 297.44 297.44 21.63 17.12 14.81 14.81 20.19
NIKKEI 225 JPY 2727065 192.1279 192 192 18 22 22 5.38 7.90 7.90 0.26 0.27 0.18 0.18 0.11
FTSE 100 INDEX GBP 2587478 11449.56 10098 10098 1411 1676 1676 586.95 805.96 805.96 24.84 21.83 18.09 18.09 21.26
SWISS MARKET INDEX CHF 1017711 10776.65 4094 4094 859 827 827 416.04 556.80 556.80 20.57 17.07 15.37 15.37 22.10
S&P/TSX COMPOSITE INDEX CAD 1566664 16493.48 8368 8368 1782 1970 1970 737.98 820.91 820.91 14.92 14.92 13.42 13.42 23.26
S&P/ASX 200 INDEX AUD 1210714 5733.302 2686 2686 551 684 684 225.02 324.09 324.09 17.92 14.54 12.45 12.45 20.26
HANG SENG INDEX HKD 1576584 2941 1673 1673 353 398 398 278.90 271.70 271.70 1.22 1.38 1.25 1.25 2.90
MSCI EM USD 6919194 1278.432 973 973 188 180 180 82.52 90.76 90.76 11.05 11.20 10.05 10.05 19.18
INTL BUSINESS MACHINES CORP USD 213875 159 1117 33 0 0 11 235.40 104507 103241 103484 106439 25119 24941 6240 6240 15.24 15.46 16.71 18.33 12.48 12.48 11.55 10.52 -2.25 -0.66 0.07 6.06 24.16 AA- 30.05.2012 Aa3 23.11.2010
INTEL CORP USD 118061 1916 4944 13 0 0 23 109.52 53341 53015 53528 55775 22160 21148 4620 4620 2.11 1.98 1.89 2.05 11.98 11.98 12.56 11.61 -1.22 8.14 -5.87 10.34 39.89 A+ 17.02.1993 A1 14.09.2011
JOHNSON & JOHNSON USD 245525 439 2778 16 0 0 21 239.75 67224 68590 70803 73592 20698 21341 5720 5720 4.85 4.88 5.42 5.79 17.90 17.90 16.14 15.10 3.37 1.71 7.18 2.84 31.11 AAA 17.09.1987 Aaa 10.08.1987
JPMORGAN CHASE & CO USD 201797 1028 3804 696 9 0 472 108184 106713 99197 102201 - - - - 5.86 5.86 5.74 5.98 9.10 9.10 9.31 8.92 -2.39 0.82 - - - A 29.11.2011 A2 21.06.2012
COCA-COLA CO/THE USD 179709 630 4469 33 0 0 17 196.81 48017 47915 48409 50591 12761 12686 3940 3940 2.01 2.01 2.13 2.32 20.11 20.11 18.92 17.41 3.17 9.37 5.23 8.68 26.48 AA- 13.09.2012 Aa3 16.08.2007
ELI LILLY & CO USD 56576 208 1144 6 0 0 6 57.31 22603 22603 22847 19660 6478 6512 1605 1605 3.39 3.61 3.93 2.74 13.91 13.91 12.79 18.33 -6.93 3.21 -15.78 2.06 28.81 AA- 19.08.2010 A2 08.11.2010
LOCKHEED MARTIN CORP USD 34415 60 321 6 0 0 2 37.65 47182 46959 44911 43646 5470 5545 1334 1334 10.20 10.40 9.06 9.04 10.32 10.32 11.86 11.88 1.47 2.13 6.75 0.46 11.81 A- 27.04.2007 Baa1 26.01.2006
LOWE'S COS INC USD 45524 298 1110 9 0 0 1 53.40 50521 50456 52147 54342 5183 5190 1851 1851 1.69 1.80 2.12 2.55 23.58 23.58 20.07 16.63 0.62 1.81 6.73 -3.42 10.29 A- 19.09.2012 A3 14.11.2011
MASTERCARD INC-CLASS A USD 71430 23 123 0 0 0 5 66.42 7391 7539 8173 9160 4187 4302 1183 1183 22.04 22.91 25.41 30.00 25.65 25.65 23.12 19.59 10.08 10.25 13.87 27.78 57.06 A- 19.08.2011 - -
MCDONALD'S CORP USD 99573 242 1003 14 0 0 2 110.50 27567 27626 28506 30026 10101 10112 2593 2593 5.37 5.40 5.71 6.25 18.41 18.41 17.41 15.89 2.08 3.57 1.61 8.06 36.61 A 08.05.2003 A2 17.12.2010
MONDELEZ INTERNATIONAL INC-A USD 51214 704 1778 19 0 0 4 67.10 35015 44434 36022 37964 5028 6703 1288 1288 1.45 2.11 1.56 1.72 13.63 13.63 18.42 16.68 -2.22 -0.73 1.00 -0.96 15.09 BBB 02.02.2010 Baa2 02.02.2010
MEDTRONIC INC USD 52496 223 1016 11 0 0 11 52.08 16590 16589 16965 17497 5697 5696 1413 1413 3.69 3.72 3.83 4.10 14.01 14.01 13.60 12.70 2.51 3.00 0.30 3.82 34.34 A+ 14.02.2012 A2 14.03.2013
METLIFE INC USD 51466 335 1092 27 2 1 16 70.31 68150 69917 68824 71623 - - - - 5.28 5.38 5.47 5.69 8.74 8.74 8.60 8.27 -2.98 9.74 - - - A- 06.08.2010 A3 16.12.2009
3M CO USD 76142 148 687 6 0 0 6 76.70 29904 30052 31013 32684 7771 7806 2032 2032 6.31 6.35 6.69 7.36 17.38 17.38 16.48 15.00 0.99 4.60 4.82 3.91 25.97 AA- 18.03.2009 Aa2 01.05.2009
ALTRIA GROUP INC USD 70920 324 2010 14 0 0 3 81.06 17500 17479 17567 17812 7539 8026 2034 2034 2.25 2.31 2.40 2.57 15.26 15.26 14.72 13.73 5.30 2.00 15.22 -12.44 45.92 BBB 06.01.2009 Baa1 24.10.2006
MONSANTO CO USD 52485 128 534 2 0 0 4 51.85 13504 14769 14940 16067 3760 4206 -102 -102 3.77 4.55 4.58 5.34 21.65 21.65 21.51 18.43 14.23 4.50 20.67 14.20 28.48 A+ 21.10.2008 A1 21.02.2012
MERCK & CO. INC. USD 141318 426 3027 21 0 2 16 148.70 47267 46208 45310 45816 16855 16424 3553 3553 3.65 3.68 3.51 3.75 12.72 12.72 13.35 12.49 -1.62 19.65 -5.70 16.19 35.54 AA 24.11.2010 A2 14.05.2013
MORGAN STANLEY USD 47748 1685 1974 451 2 8 47 513.66 32036 33168 31731 33870 12615 11901 - - 1.71 1.54 2.01 2.56 15.80 15.80 12.13 9.53 -18.15 3.15 17.63 -27.19 35.88 A- 29.11.2011 Baa1 21.06.2012
MICROSOFT CORP USD 280597 2773 8381 12 0 0 63 220.31 73723 76012 78725 84772 30923 30645 8701 8701 2.73 2.68 2.76 3.06 12.54 12.54 12.17 10.97 5.40 7.53 3.33 9.15 40.32 AAA 22.09.2008 Aaa 11.05.2009
NIKE INC -CL B USD 56707 210 894 1 0 0 6 52.13 25313 25508 27568 29678 3413 3521 1063 1063 2.69 2.65 3.02 3.46 23.98 23.98 21.00 18.34 4.91 5.93 - 7.28 13.93 A+ 10.06.2005 A1 29.04.2008
NATIONAL OILWELL VARCO INC USD 30623 291 427 3 0 0 3 32.66 20041 21045 22261 24128 4185 4136 1038 1038 5.98 5.75 5.57 6.59 12.47 12.47 12.86 10.88 36.72 16.12 19.85 13.13 19.65 A 25.04.2012 A2 14.05.2012
NORFOLK SOUTHERN CORP USD 22626 193 314 9 0 0 1 30.42 11040 10989 11242 11951 4046 3994 1088 1088 5.37 5.36 5.61 6.38 13.39 13.39 12.80 11.25 -1.18 2.92 -0.88 3.72 36.35 BBB+ 18.07.2005 Baa1 06.05.1997
ORACLE CORP USD 142351 1558 4646 18 0 0 32 129.13 37180 37180 39032 41025 17363 17363 3847 3847 2.23 2.23 2.90 3.18 13.81 13.81 10.60 9.68 0.16 9.72 2.30 12.84 46.70 A+ 24.04.2012 A1 24.06.2011
OCCIDENTAL PETROLEUM CORP USD 72242 132 806 8 0 0 2 77.78 24172 23776 24742 25611 13701 13369 3661 3661 7.10 6.89 7.16 7.55 13.02 13.02 12.53 11.88 0.97 5.69 -3.30 6.01 56.23 A 23.06.2008 A1 19.04.2012
PEPSICO INC USD 124579 182 1544 28 0 0 7 147.12 65492 65645 67547 70702 11801 11733 3443 3443 4.10 4.11 4.40 4.78 19.59 19.59 18.32 16.87 -1.52 9.06 -4.60 6.54 17.87 A 17.03.2010 A1 25.06.2013
PFIZER INC USD 198114 2551 7276 37 0 0 33 203.76 58986 57601 54272 53096 27270 25049 6495 6495 2.19 2.15 2.18 2.32 12.96 12.96 12.82 12.02 -9.61 4.94 -9.21 6.42 43.49 AA 16.10.2009 A1 15.10.2009
PROCTER & GAMBLE CO/THE USD 213917 519 2748 30 1 1 4 242.09 83680 83724 84460 86564 18072 17876 3968 3968 3.85 4.09 4.05 4.33 19.09 19.09 19.29 18.04 3.18 0.76 -1.42 -0.55 21.35 AA- 10.05.2005 Aa3 01.07.2005
PHILIP MORRIS INTERNATIONAL USD 142567 242 1654 23 0 2 3 165.77 31377 31513 32118 33745 14827 14801 3897 3897 5.20 5.25 5.58 6.22 16.60 16.60 15.63 14.01 0.90 5.33 2.72 8.64 46.97 A 05.03.2008 A2 11.09.2008
QUALCOMM INC USD 104344 1204 1706 0 0 0 27 73.82 19121 21639 24492 27241 6579 7549 2092 2092 3.59 3.66 4.53 4.88 16.49 16.49 13.34 12.38 27.84 19.92 8.08 15.03 34.89 NR 19.12.2001 - -
RAYTHEON COMPANY USD 21152 67 328 5 0 0 4 22.04 24414 24355 23519 22941 3444 3440 765 765 6.20 6.31 5.50 5.59 10.33 10.33 11.84 11.66 -1.52 1.98 5.19 4.99 14.12 A- 04.09.2008 A3 17.10.2011
STARBUCKS CORP USD 50271 341 749 1 0 0 2 49.13 13300 14023 14841 16540 2367 2576 744 744 1.77 1.96 2.18 2.63 34.25 34.25 30.83 25.56 13.67 7.38 14.11 10.50 18.37 A- 24.02.2012 Baa2 29.04.2013
SCHLUMBERGER LTD USD 97701 268 1328 12 0 0 6 103.36 42149 42898 45666 50818 11020 11165 2990 2990 4.16 4.26 4.67 5.67 17.26 17.26 15.75 12.95 14.04 13.15 12.52 5.53 26.03 A+ 11.12.2002 A1 03.06.2003
SOUTHERN CO/THE USD 37409 361 868 22 1 0 1 61.26 16537 16830 17605 18151 6589 6727 1554 1554 2.60 2.66 2.75 2.88 16.17 16.17 15.62 14.94 -6.34 1.48 4.94 6.49 39.97 A 21.12.2000 Baa1 12.08.2010
SIMON PROPERTY GROUP INC USD 48830 86 310 23 0 1 1 71.78 4880 4976 5191 5460 3491 3556 948 948 4.72 3.47 3.95 4.41 45.36 45.36 39.82 35.71 13.32 6.37 15.76 7.34 71.45 A 16.05.2013 - -
AT&T INC USD 190075 972 5581 70 0 0 5 260.67 127434 126968 128312 130742 31140 30948 11004 11004 2.31 2.36 2.51 2.71 14.99 14.99 14.06 13.05 0.56 0.41 2.08 -5.80 24.37 A- 06.12.2010 A3 29.01.2013
TARGET CORP USD 44829 148 645 18 0 0 1 57.22 73301 73140 74958 79528 7352 7092 1704 1704 4.36 3.77 4.82 5.53 18.53 18.53 14.50 12.63 4.92 2.48 -1.36 1.19 9.70 A+ 20.11.2007 A2 27.11.2007
TIME WARNER INC USD 56378 290 932 20 0 0 3 73.33 28729 28689 29538 30877 7106 7250 1597 1597 3.36 3.52 3.68 4.27 17.19 17.19 16.44 14.15 -0.85 -0.95 3.33 -18.04 25.27 BBB 27.03.2009 Baa2 06.03.2006
TEXAS INSTRUMENTS INC USD 39597 550 1108 6 0 0 4 41.42 12825 12589 12224 12922 3986 3908 943 943 1.91 1.79 1.79 2.20 19.90 19.90 19.90 16.26 -6.63 1.54 -10.10 -2.68 31.04 A+ 23.09.2010 A1 25.05.2011
UNITEDHEALTH GROUP INC USD 66780 198 1019 17 0 2 11 73.96 110618 113676 122687 133534 10563 10425 2537 2537 5.28 5.13 5.43 5.83 12.76 12.76 12.05 11.24 8.60 8.38 10.17 4.09 9.17 A 24.09.2012 A3 21.07.2011
UNION PACIFIC CORP USD 73140 55 469 9 0 0 1 81.08 20926 21104 22282 23906 8505 8635 2320 2320 8.24 8.47 9.53 10.90 18.49 18.49 16.45 14.37 7.00 5.33 15.86 12.61 40.92 A- 23.04.2012 Baa1 26.10.2012
UNITED PARCEL SERVICE-CL B USD 82148 71 953 13 0 0 8 87.50 54127 54425 56478 59903 3201 3227 2305 2305 4.47 4.51 4.98 5.70 19.28 19.28 17.46 15.28 1.92 1.49 -59.29 6.62 5.93 A+ 21.09.2012 Aa3 16.01.2013
US BANCORP USD 67715 370 1869 52 5 1 8 22202 22007 19893 20457 - - - - 2.87 2.93 3.03 3.23 12.50 12.50 12.07 11.34 3.75 0.35 - - - A+ 20.08.2012 A1 06.12.2012
UNITED TECHNOLOGIES CORP USD 87940 288 919 23 0 1 5 107.62 57708 59691 64542 68191 9208 9625 2850 2850 5.40 5.54 6.11 6.97 17.27 17.27 15.65 13.72 3.50 1.05 1.09 2.29 16.12 A 02.10.2003 A2 22.04.1993
VISA INC-CLASS A SHARES USD 122354 133 811 0 0 0 6 116.66 10421 11100 11721 13023 6572 7042 1820 1820 7.09 7.89 7.48 8.71 23.86 23.86 25.16 21.61 13.42 15.29 14.28 37.44 63.44 A+ 20.05.2008 - -
VERIZON COMMUNICATIONS INC USD 144280 551 2859 52 0 52 4 245.30 115846 117024 120547 125249 29620 30737 10596 10596 2.24 2.34 2.80 3.21 21.51 21.51 18.04 15.70 4.48 4.38 0.83 -0.97 26.27 A- 06.12.2010 A3 29.10.2008
WALGREEN CO USD 41561 336 944 5 0 0 1 44.93 71633 71349 72261 75584 4630 4525 1260 1260 2.55 2.56 3.07 3.49 17.20 17.20 14.34 12.59 -0.76 4.13 -7.71 3.89 6.34 BBB 02.08.2012 Baa1 02.08.2012
WELLS FARGO & CO USD 221442 835 5266 185 13 1 159 91247 90654 84351 85710 - - - - 3.43 3.60 3.71 3.90 11.62 11.62 11.28 10.73 4.17 13.82 - - - A+ 29.11.2011 A2 21.09.2011
WILLIAMS COS INC USD 22269 166 681 11 0 3 1 35.25 7486 7308 7623 8878 2368 2323 581 581 1.20 1.96 0.75 1.27 16.65 16.65 43.38 25.79 -5.60 -7.09 -31.97 -4.73 31.79 BBB 05.03.2012 Baa3 15.11.2007
WAL-MART STORES INC USD 244473 365 3314 54 0 5 8 298.29 469162 470331 487913 510039 36302 36459 8819 8819 5.02 5.07 5.30 5.83 14.72 14.72 14.07 12.80 4.97 3.81 4.65 5.13 7.75 AA 09.07.1999 Aa2 06.03.1996
EXXON MOBIL CORP USD 403953 476 4502 12 0 6 10 417.23 420714 406354 426521 435712 65769 64362 16176 16176 7.56 8.00 8.01 8.20 11.35 11.35 11.35 11.08 -2.96 3.78 -5.62 -1.21 15.84 AAA 16.12.1985 WR 16.08.1993
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 2.26 2.26 2.07 1.88 2.26 1.45 1.45 1.38 1.33 1.45 10.18 10.18 9.51 9.83 10.18 9.03 9.03 8.33 7.78 9.03 14.66 14.66 13.11 11.96 14.66 2.17 2.17 2.34 2.44 2.17 1777.8 10.1%
Euro Stoxx 50 Pr 1.15 1.15 1.09 1.02 1.15 0.75 0.75 0.73 0.71 0.75 5.69 5.69 5.23 4.76 5.69 6.93 6.93 6.55 6.19 6.93 11.46 11.46 10.21 9.21 11.46 4.36 4.36 4.64 5.00 4.36 2969.9 12.7%
NIKKEI 225 1.52 1.52 1.43 1.32 1.52 0.73 0.73 0.71 0.69 0.73 8.97 8.97 8.30 7.60 8.97 8.85 8.85 8.19 7.71 8.85 17.73 17.73 15.75 14.19 17.73 1.64 1.64 1.79 1.94 1.64 14886.7 6.2%
FTSE 100 INDEX 1.69 1.69 1.58 1.46 1.69 0.96 0.96 0.93 0.95 0.96 8.35 8.35 7.62 6.95 8.35 6.83 6.83 6.43 6.05 6.83 12.00 12.00 10.93 10.09 12.00 3.91 3.91 4.21 4.56 3.91 6995.7 9.0%
SWISS MARKET INDEX 2.34 2.34 2.17 2.02 2.34 2.00 2.00 1.90 1.82 2.00 12.00 12.00 10.95 9.76 12.00 13.03 13.03 12.00 11.23 13.03 14.68 14.68 13.23 12.05 14.68 3.31 3.30 3.69 4.23 3.30 8617.2 10.4%
S&P/TSX COMPOSITE INDEX 1.62 1.62 1.51 1.41 1.62 1.38 1.38 1.43 1.48 1.38 8.20 8.20 7.40 6.13 8.20 8.37 8.37 7.41 6.83 8.37 14.10 14.10 12.45 11.35 14.10 3.31 3.31 3.46 3.61 3.31 14176.6 16.5%
S&P/ASX 200 INDEX 1.75 1.75 1.65 1.56 1.75 1.64 1.64 1.55 1.48 1.64 9.89 9.89 8.92 8.52 9.89 8.38 8.38 7.61 7.09 8.38 13.57 13.57 12.31 11.38 13.57 4.92 4.92 5.26 5.61 4.92 5209.5 8.6%
HANG SENG INDEX 1.22 1.22 1.12 1.06 1.22 1.58 1.58 1.46 1.34 1.58 7.30 7.30 6.94 6.44 7.30 7.40 7.40 6.77 6.08 7.40 9.72 9.72 8.95 8.22 9.72 3.96 3.96 4.27 4.68 3.96 24849.3 21.4%
MSCI EM 1.32 1.32 1.21 1.09 1.32 0.94 0.94 0.88 0.81 0.94 6.51 6.51 5.96 5.46 6.51 7.11 7.11 6.46 5.95 7.11 10.05 10.05 9.05 8.26 10.05 3.08 3.08 3.41 3.69 3.08 1126.2 23.5%
APPLE INC 3.35 2.83 2.46 2.02 2.01 2.51 2.29 2.10 1.91 1.71 7.60 7.61 7.34 6.85 4.25 4.60 4.16 3.73 3.45 9.42 10.55 9.53 8.67 9.55 0.64 2.72 2.96 3.20 0.00 531.71 27.5%
ABBVIE INC 24.58 11.77 8.18 6.13 3.68 3.66 3.57 3.34 3.15 9.92 11.67 11.21 10.75 10.18 10.24 10.47 10.28 9.36 8.62 11.38 13.68 13.25 11.85 10.77 3.75 3.75 3.86 4.08 4.87 47.50 11.4%
ABBOTT LABORATORIES 2.14 2.18 2.03 1.82 1.36 2.41 2.28 2.15 2.01 6.06 13.43 12.35 10.70 4.19 10.33 9.41 8.54 7.71 6.85 17.24 15.40 13.86 12.37 2.25 1.62 1.82 2.07 2.62 39.13 12.8%
ACCENTURE PLC-CL A 10.45 9.27 7.95 6.34 1.81 1.75 1.68 1.57 1.41 14.27 12.77 13.38 11.94 10.26 9.35 9.18 8.60 7.75 19.01 16.96 16.25 14.68 1.80 2.21 2.43 2.54 80.46 10.0%
AMERICAN ELECTRIC POWER 1.40 1.33 1.28 1.24 1.19 1.38 1.34 1.32 1.32 1.17 6.33 5.93 6.09 6.23 8.35 8.32 8.06 7.93 10.10 14.44 13.93 13.24 12.75 12.41 4.28 4.42 4.61 4.84 5.20 51.35 16.9%
AMERICAN INTERNATIONAL GROUP 0.68 0.65 0.60 0.56 1.18 1.34 1.29 1.24 33.10 24.60 11.71 11.45 10.91 9.06 0.00 0.32 0.69 0.84 48.75 8.3%
ALLSTATE CORP 1.15 1.07 0.98 0.90 0.69 0.68 0.67 0.66 13.19 10.39 9.41 8.62 1.80 2.01 2.12 2.21 54.21 11.3%
AMGEN INC 3.81 3.15 2.76 2.37 4.24 4.07 3.97 3.93 3.91 11.82 11.45 9.91 13.45 25.70 10.19 10.41 9.23 9.07 14.99 13.35 11.80 11.27 10.94 1.47 1.92 2.26 2.51 2.44 114.62 17.7%
AMAZON.COM INC 16.78 13.88 11.41 8.80 6.44 2.07 1.72 1.41 1.17 0.98 43.57 32.90 23.04 14.51 8.62 38.62 26.89 19.89 14.89 10.32 146.88 94.18 54.59 32.84 18.77 0.00 0.00 0.00 0.00 316.28 12.1%
APACHE CORP 1.04 0.94 0.85 0.82 1.89 1.85 1.71 1.62 1.52 3.32 3.30 3.01 2.72 3.72 3.79 3.47 3.35 8.55 9.74 8.75 8.63 0.86 1.00 1.03 1.02 98.62 20.3%
ANADARKO PETROLEUM CORP 2.09 1.86 1.66 1.47 3.30 2.89 2.56 2.40 2.27 5.91 5.43 4.78 4.09 4.24 6.63 5.69 5.01 4.57 4.33 26.19 20.52 16.09 14.75 14.05 0.42 0.42 0.42 0.42 108.62 23.9%
AMERICAN EXPRESS CO 4.37 4.11 3.71 3.81 2.63 2.52 2.39 2.24 17.34 15.78 14.23 12.82 1.05 1.17 1.29 1.43 75.37 -0.3%
BOEING CO/THE 9.49 10.26 8.90 7.41 0.96 0.93 0.85 0.83 0.80 14.98 12.61 10.47 10.96 9.50 9.27 8.15 7.76 7.17 20.53 16.23 14.55 12.90 11.49 1.71 1.85 2.05 2.28 2.24 113.81 10.5%
BANK OF AMERICA CORP 0.63 0.62 0.58 0.55 0.49 1.60 1.54 1.51 1.48 1.43 31.23 14.16 9.28 8.05 22.38 13.63 9.74 8.39 6.58 0.30 0.35 1.60 2.58 4.63 13.79 6.4%
BAXTER INTERNATIONAL INC 5.13 4.62 3.84 3.23 2.97 2.66 2.43 2.22 2.13 2.01 12.74 11.53 10.08 9.38 8.94 10.29 9.65 8.65 8.13 7.52 15.33 14.89 13.43 12.31 11.15 2.08 2.56 2.70 2.92 3.33 77.00 11.0%
BANK OF NEW YORK MELLON CORP 0.95 0.92 0.87 0.84 0.84 2.32 2.28 2.19 2.09 12.62 11.54 10.53 9.07 13.62 12.89 11.38 10.31 7.99 1.79 2.01 2.32 2.68 3.20 29.66 2.2%
BRISTOL-MYERS SQUIBB CO 4.60 5.53 5.33 5.30 4.11 4.40 4.07 4.06 3.83 15.82 14.31 17.13 17.30 16.87 14.09 17.87 15.01 15.79 14.19 22.48 24.17 20.51 21.60 19.84 3.10 3.16 3.24 3.32 3.28 45.63 3.6%
BERKSHIRE HATHAWAY INC-CL B 123.50 8.9%
CITIGROUP INC 0.75 0.73 0.68 0.63 2.06 1.85 1.80 1.73 13.98 10.00 8.57 7.68 11.80 10.03 8.79 7.85 0.08 0.16 1.28 2.43 55.44 15.3%
CATERPILLAR INC 2.98 2.64 2.22 1.91 0.81 0.91 0.85 0.79 0.52 6.78 7.52 6.72 5.90 5.27 6.69 5.90 5.34 8.97 11.91 10.26 8.86 2.41 2.41 2.61 2.79 98.14 20.4%
COLGATE-PALMOLIVE CO 9.60 34.16 41.59 191.30 3.13 3.03 2.88 2.72 2.57 18.17 16.96 15.62 14.03 12.95 13.16 12.72 11.72 10.93 9.84 21.41 20.16 18.27 16.70 14.98 2.09 2.75 3.00 3.53 2.77 61.81 7.7%
COMCAST CORP-CLASS A 2.21 2.13 1.96 1.79 1.94 1.74 1.69 1.60 1.54 1.47 7.95 7.35 6.79 6.22 7.70 7.22 6.82 6.46 6.15 21.10 17.21 14.95 12.85 10.95 1.53 1.86 2.12 2.39 2.38 47.52 14.3%
CAPITAL ONE FINANCIAL CORP 0.93 0.87 0.81 0.77 1.76 1.71 1.72 1.67 8.97 10.43 9.79 9.65 9.16 0.31 1.51 2.21 2.50 65.71 1.7%
CONOCOPHILLIPS 1.42 1.48 1.38 1.29 1.22 1.50 1.45 1.54 5.59 5.07 4.72 4.55 4.31 3.96 4.24 3.91 3.89 4.22 10.83 11.21 9.97 10.22 9.49 4.31 4.34 4.46 4.43 4.27 65.36 5.9%
COSTCO WHOLESALE CORP 3.69 4.31 3.82 3.12 2.68 0.49 0.46 0.42 0.39 0.37 14.38 15.37 14.02 13.43 12.84 11.65 10.51 9.58 8.87 28.73 24.36 22.03 19.70 17.69 0.90 7.35 1.16 1.30 1.18 114.04 2.5%
CISCO SYSTEMS INC 2.47 2.27 2.11 2.03 2.82 2.67 2.54 2.38 11.65 10.37 10.11 8.74 6.82 6.52 6.33 5.99 13.24 12.11 11.48 10.70 1.07 2.55 2.86 3.05 25.76 6.0%
CVS CAREMARK CORP 1.96 1.85 1.75 1.64 0.58 0.57 0.54 0.52 0.48 12.17 10.75 9.68 8.62 8.83 8.00 7.53 7.09 17.07 14.74 13.13 11.64 1.12 1.48 1.72 2.29 64.43 10.9%
CHEVRON CORP 1.72 1.55 1.42 1.30 1.17 0.98 1.01 1.02 0.94 6.25 5.98 5.71 5.32 4.82 4.03 4.11 4.03 3.86 3.66 9.70 9.66 9.52 9.20 8.46 2.94 3.21 3.43 3.60 3.88 133.53 11.7%
DU PONT (E.I.) DE NEMOURS 4.81 3.70 3.05 2.58 1.39 1.35 1.26 1.19 1.11 12.11 10.73 9.09 7.68 8.72 8.24 7.63 6.89 6.40 15.98 13.79 12.24 10.90 10.11 3.22 3.35 3.56 3.63 3.39 54.81 4.2%
WALT DISNEY CO/THE 2.80 2.65 2.49 2.27 2.42 2.68 2.52 2.38 2.21 2.09 14.50 12.78 11.29 9.74 9.09 11.48 10.50 9.50 8.64 8.17 20.60 18.26 16.04 13.86 12.42 0.94 1.15 1.31 1.43 1.66 72.07 13.7%
DOW CHEMICAL CO/THE 1.74 1.87 1.72 1.60 0.70 0.68 0.66 0.63 0.59 8.10 7.64 6.57 5.83 8.19 7.31 6.63 6.28 5.52 16.87 13.70 10.94 9.33 8.22 3.77 4.00 4.17 4.25 37.14 14.4%
DEVON ENERGY CORPORATION 0.99 0.99 0.88 0.80 2.49 2.24 1.95 1.94 4.64 4.33 3.56 3.39 5.54 5.28 4.08 3.88 16.66 14.39 10.62 10.13 1.36 1.57 1.64 1.65 70.91 31.9%
EBAY INC 3.46 2.99 2.52 2.17 1.86 4.91 4.23 3.63 3.09 2.71 17.77 14.56 12.76 10.67 9.45 13.93 11.98 10.33 8.59 7.43 22.62 19.42 16.48 14.05 12.29 0.00 0.00 0.00 0.00 64.00 20.2%
EMC CORP/MA 2.25 2.08 1.86 1.65 2.32 2.16 1.99 1.83 1.61 8.80 8.08 7.03 6.57 7.49 6.56 6.06 5.84 14.19 12.94 11.57 10.16 8.31 0.00 0.52 0.83 1.11 29.62 23.3%
EMERSON ELECTRIC CO 3.69 3.59 3.27 2.91 1.63 1.60 1.54 1.46 12.27 11.89 10.79 9.87 8.90 8.70 8.08 7.59 16.53 15.77 14.16 12.75 2.90 2.97 3.19 3.44 61.29 10.9%
EXELON CORP 1.14 1.05 1.02 0.99 0.91 1.05 1.00 1.00 1.01 0.90 4.88 5.11 5.37 5.39 4.60 7.14 7.32 7.31 7.04 10.32 11.91 12.69 12.15 12.95 7.10 4.86 4.20 4.20 4.19 34.90 18.0%
FORD MOTOR CO 3.28 3.34 2.68 2.13 2.01 0.52 0.48 0.45 0.42 0.43 9.93 7.52 6.34 5.44 5.46 5.63 5.27 4.60 3.90 3.36 12.36 11.78 9.92 8.20 7.72 1.34 2.41 2.48 2.68 3.10 16.74 0.9%
FREEPORT-MCMORAN COPPER 1.43 1.36 1.23 1.09 1.56 1.28 1.11 1.06 1.08 5.60 4.21 3.28 3.00 4.64 3.59 2.78 2.63 2.25 8.60 8.86 7.14 6.89 4.87 4.52 4.59 4.59 4.59 4.59 36.62 34.5%
FEDEX CORP 1.91 1.64 1.46 1.31 0.71 0.68 0.64 0.61 0.60 7.61 6.54 5.64 5.04 5.39 4.76 4.11 3.52 16.31 13.98 11.35 9.56 8.87 0.57 0.62 0.71 0.79 1.25 114.72 16.5%
TWENTY-FIRST CENTURY FOX INC 2.70 2.90 2.71 2.67 2.89 2.05 2.21 2.06 1.96 1.84 16.83 10.90 14.03 11.46 9.39 11.96 12.06 11.00 9.84 8.68 21.41 19.79 17.31 14.32 11.79 0.57 0.59 0.65 0.71 0.86 33.16 10.3%
GENERAL DYNAMICS CORP 1.93 2.27 2.10 1.98 0.86 0.89 0.90 0.92 0.87 9.40 9.70 9.06 9.45 6.41 6.75 6.69 6.76 6.24 11.36 11.68 11.17 10.65 9.83 2.53 2.73 3.04 3.16 80.13 1.6%
GENERAL ELECTRIC CO 1.94 1.92 1.81 1.76 1.62 1.61 1.56 1.52 11.23 10.58 9.11 8.14 8.79 8.04 7.35 6.78 15.32 13.85 12.62 11.69 2.99 3.35 3.75 4.05 25.71 11.7%
GILEAD SCIENCES INC 7.93 9.59 7.77 4.76 8.50 7.64 6.24 4.88 4.16 25.19 23.83 14.59 8.67 18.57 18.33 12.94 9.44 9.52 26.64 27.14 18.17 12.21 9.33 0.00 0.00 0.00 0.00 65.43 23.0%
GENERAL MOTORS CO 1.77 1.59 1.40 1.15 0.98 0.31 0.30 0.29 0.26 0.27 7.47 5.64 4.31 3.88 3.64 3.07 2.89 2.50 2.28 2.11 10.60 10.40 7.94 7.03 5.92 0.00 0.00 0.00 0.00 0.00 40.05 16.2%
GOOGLE INC-CL A 4.13 3.48 2.93 2.41 2.09 7.08 6.22 5.34 4.62 3.93 18.42 16.18 13.64 11.59 10.42 13.53 11.48 9.71 8.19 7.14 22.41 19.28 16.67 14.04 12.19 0.00 0.00 0.00 0.00 942.40 5.9%
GOLDMAN SACHS GROUP INC 1.06 0.98 0.90 0.85 2.21 2.13 2.09 2.14 9.89 8.40 8.15 7.72 12.46 10.59 10.01 9.61 1.22 1.33 1.44 1.52 161.19 6.1%
HALLIBURTON CO 2.57 2.29 1.95 1.63 1.43 1.35 1.23 1.14 9.80 8.50 7.06 6.43 7.12 6.84 5.60 4.96 14.54 13.58 10.72 9.12 0.96 1.14 1.25 1.34 51.00 17.9%
HOME DEPOT INC 6.62 7.19 7.30 8.30 9.37 1.53 1.46 1.40 1.34 1.29 18.65 15.78 13.30 12.32 12.85 11.45 10.39 9.73 9.16 25.44 21.22 18.16 15.95 14.30 1.39 2.02 2.30 2.60 2.86 83.67 7.8%
HONEYWELL INTERNATIONAL INC 4.66 4.04 3.41 2.85 1.66 1.59 1.50 1.44 1.33 15.97 12.90 12.09 11.44 10.21 9.42 8.63 8.19 17.67 15.98 14.33 13.07 11.86 1.91 2.08 2.32 2.49 82.95 4.7%
HEWLETT-PACKARD CO 1.50 1.92 1.64 1.33 0.41 0.44 0.45 0.45 5.51 4.64 4.78 4.82 3.87 4.48 4.49 4.54 6.30 7.16 6.96 7.13 1.98 2.08 2.17 2.35 22.82 -10.3%
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] |
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 2.26 2.26 2.07 1.88 2.26 1.45 1.45 1.38 1.33 1.45 10.18 10.18 9.51 9.83 10.18 9.03 9.03 8.33 7.78 9.03 14.66 14.66 13.11 11.96 14.66 2.17 2.17 2.34 2.44 2.17 1777.8 10.1%
Euro Stoxx 50 Pr 1.15 1.15 1.09 1.02 1.15 0.75 0.75 0.73 0.71 0.75 5.69 5.69 5.23 4.76 5.69 6.93 6.93 6.55 6.19 6.93 11.46 11.46 10.21 9.21 11.46 4.36 4.36 4.64 5.00 4.36 2969.9 12.7%
NIKKEI 225 1.52 1.52 1.43 1.32 1.52 0.73 0.73 0.71 0.69 0.73 8.97 8.97 8.30 7.60 8.97 8.85 8.85 8.19 7.71 8.85 17.73 17.73 15.75 14.19 17.73 1.64 1.64 1.79 1.94 1.64 14886.7 6.2%
FTSE 100 INDEX 1.69 1.69 1.58 1.46 1.69 0.96 0.96 0.93 0.95 0.96 8.35 8.35 7.62 6.95 8.35 6.83 6.83 6.43 6.05 6.83 12.00 12.00 10.93 10.09 12.00 3.91 3.91 4.21 4.56 3.91 6995.7 9.0%
SWISS MARKET INDEX 2.34 2.34 2.17 2.02 2.34 2.00 2.00 1.90 1.82 2.00 12.00 12.00 10.95 9.76 12.00 13.03 13.03 12.00 11.23 13.03 14.68 14.68 13.23 12.05 14.68 3.31 3.30 3.69 4.23 3.30 8617.2 10.4%
S&P/TSX COMPOSITE INDEX 1.62 1.62 1.51 1.41 1.62 1.38 1.38 1.43 1.48 1.38 8.20 8.20 7.40 6.13 8.20 8.37 8.37 7.41 6.83 8.37 14.10 14.10 12.45 11.35 14.10 3.31 3.31 3.46 3.61 3.31 14176.6 16.5%
S&P/ASX 200 INDEX 1.75 1.75 1.65 1.56 1.75 1.64 1.64 1.55 1.48 1.64 9.89 9.89 8.92 8.52 9.89 8.38 8.38 7.61 7.09 8.38 13.57 13.57 12.31 11.38 13.57 4.92 4.92 5.26 5.61 4.92 5209.5 8.6%
HANG SENG INDEX 1.22 1.22 1.12 1.06 1.22 1.58 1.58 1.46 1.34 1.58 7.30 7.30 6.94 6.44 7.30 7.40 7.40 6.77 6.08 7.40 9.72 9.72 8.95 8.22 9.72 3.96 3.96 4.27 4.68 3.96 24849.3 21.4%
MSCI EM 1.32 1.32 1.21 1.09 1.32 0.94 0.94 0.88 0.81 0.94 6.51 6.51 5.96 5.46 6.51 7.11 7.11 6.46 5.95 7.11 10.05 10.05 9.05 8.26 10.05 3.08 3.08 3.41 3.69 3.08 1126.2 23.5%
INTL BUSINESS MACHINES CORP 8.62 8.25 6.56 5.30 10.99 2.05 2.07 2.01 1.96 1.88 10.63 9.44 8.52 7.74 6.75 8.94 8.47 7.99 7.48 7.11 12.75 11.55 10.52 9.56 8.86 1.69 1.81 1.95 2.06 2.54 222.10 15.1%
INTEL CORP 2.41 2.15 1.96 1.88 2.21 2.21 2.12 2.04 2.13 6.73 6.81 6.20 6.11 5.05 5.28 4.88 4.89 5.33 10.69 12.56 11.61 11.49 12.18 3.66 3.82 3.89 4.07 24.30 2.3%
JOHNSON & JOHNSON 3.74 3.29 2.92 2.61 2.47 3.65 3.47 3.34 3.21 3.07 14.24 13.81 11.81 11.23 10.84 11.21 10.42 9.77 9.21 8.64 17.16 16.14 15.11 14.27 13.32 2.69 2.93 3.15 3.21 3.68 90.83 3.9%
JPMORGAN CHASE & CO 1.05 0.97 0.89 0.84 2.05 2.03 1.97 1.90 10.79 9.11 10.87 11.93 10.74 9.31 8.92 9.02 2.23 2.67 3.09 3.62 57.96 8.6%
COCA-COLA CO/THE 5.61 5.39 5.02 4.67 3.73 3.71 3.55 3.37 3.25 16.60 17.27 14.57 13.15 12.19 14.64 14.19 13.30 12.27 11.81 20.15 18.92 17.41 16.02 15.07 2.54 2.77 2.95 3.26 3.41 46.79 15.9%
ELI LILLY & CO 3.60 3.50 3.45 3.39 2.52 2.48 2.88 2.79 2.62 11.41 12.30 13.49 11.74 10.19 9.17 8.84 11.67 10.93 9.59 15.10 12.79 18.33 16.06 13.30 3.90 3.90 3.91 3.91 3.90 56.86 13.2%
LOCKHEED MARTIN CORP 14.65 44.40 23.47 13.24 0.74 0.77 0.79 0.82 0.80 9.17 8.98 9.05 9.07 7.25 7.04 7.06 6.83 5.62 12.73 11.86 11.88 11.04 11.69 3.87 4.38 4.80 5.18 105.15 -2.1%
LOWE'S COS INC 3.42 3.60 3.79 3.93 6.11 0.90 0.87 0.84 0.81 0.77 14.29 11.91 10.06 10.18 12.27 10.33 9.54 8.73 8.10 7.47 24.51 20.07 16.63 13.75 11.48 1.45 1.62 1.82 2.19 2.90 44.32 4.4%
MASTERCARD INC-CLASS A 9.99 9.20 7.11 5.99 9.68 8.75 7.81 6.93 6.18 25.68 19.02 16.56 15.81 15.98 13.95 12.16 10.58 9.42 26.73 23.12 19.59 16.38 0.18 0.31 0.34 0.44 606.30 3.2%
MCDONALD'S CORP 7.10 6.32 5.96 5.60 3.62 3.49 3.32 3.11 2.89 14.52 13.40 12.30 11.10 11.10 10.63 10.00 9.27 18.69 17.41 15.89 14.45 13.33 2.88 3.20 3.48 3.81 106.83 7.6%
MONDELEZ INTERNATIONAL INC-A 1.54 1.47 1.38 1.36 1.46 1.42 1.35 1.27 1.18 109.13 17.24 12.42 10.51 11.99 12.06 11.02 10.11 9.27 20.06 18.42 16.68 15.03 12.87 1.80 1.84 2.06 2.45 2.40 32.39 12.9%
MEDTRONIC INC 2.92 2.57 2.28 2.10 3.18 3.09 3.00 2.91 2.79 11.59 11.10 10.35 9.93 8.65 8.45 8.13 7.74 7.63 14.13 13.60 12.70 11.94 11.05 2.02 2.16 2.32 2.69 55.88 7.2%
METLIFE INC 0.88 0.86 0.80 0.71 0.76 0.75 0.72 0.70 9.02 8.60 8.27 7.74 1.65 2.14 2.56 2.84 49.53 5.4%
3M CO 4.39 3.95 3.53 3.16 2.56 2.46 2.33 2.21 14.89 13.00 11.97 10.31 9.86 9.43 8.81 8.17 7.16 17.47 16.48 15.00 13.76 2.15 2.30 2.49 2.50 111.67 1.2%
ALTRIA GROUP INC 18.29 16.58 13.98 12.50 4.08 4.04 3.98 3.96 20.49 16.38 14.59 12.01 10.77 10.48 10.06 9.80 16.00 14.72 13.73 12.85 4.84 5.22 5.67 6.08 36.80 4.2%
MONSANTO CO 4.40 3.99 3.51 3.05 3.84 3.51 3.27 3.04 3.04 19.96 18.29 15.38 13.32 13.83 12.29 10.66 9.59 9.74 26.49 21.51 18.43 16.29 15.23 1.16 1.53 1.61 1.65 117.86 19.7%
MERCK & CO. INC. 2.50 2.68 2.54 2.46 3.01 3.12 3.09 3.05 2.97 9.94 9.41 9.34 7.64 7.45 7.34 8.37 8.18 7.92 7.04 12.31 13.36 12.49 11.95 11.08 3.59 3.79 3.75 3.86 4.26 52.96 13.2%
MORGAN STANLEY 0.79 0.76 0.71 0.68 1.74 1.50 1.41 1.36 39.29 12.56 9.16 7.68 17.98 12.13 9.53 8.51 0.84 0.86 1.22 1.82 27.30 12.1%
MICROSOFT CORP 4.02 3.53 2.88 2.51 3.80 3.56 3.31 3.12 3.17 10.02 9.27 8.28 7.75 7.20 6.82 6.22 5.77 6.04 12.52 12.17 10.97 10.11 2.30 2.68 2.89 3.14 35.64 6.1%
NIKE INC -CL B 4.62 4.33 3.87 4.49 4.46 2.24 2.06 1.91 1.77 1.68 22.35 19.33 16.06 14.12 12.68 11.38 10.28 9.73 23.75 21.00 18.34 15.84 13.92 1.26 1.42 1.55 1.52 66.03 4.0%
NATIONAL OILWELL VARCO INC 1.52 1.37 1.23 1.11 1.03 1.56 1.38 1.27 1.18 1.20 12.60 9.96 8.70 8.09 7.61 7.62 7.57 6.61 5.96 6.39 12.25 12.86 10.88 9.72 9.38 0.66 0.90 0.97 1.07 1.39 82.60 15.3%
NORFOLK SOUTHERN CORP 2.28 2.16 1.96 1.77 2.05 2.01 1.89 1.80 1.68 7.72 7.40 6.83 6.70 7.54 7.43 6.77 6.30 5.90 13.63 12.80 11.25 10.04 9.17 2.62 2.85 3.05 3.25 85.27 18.7%
ORACLE CORP 3.26 2.80 2.46 2.00 3.81 3.65 3.47 3.31 3.02 10.28 9.65 9.04 6.74 6.91 6.50 6.15 5.82 11.44 10.60 9.68 8.98 0.98 1.38 1.44 1.52 36.06 17.3%
OCCIDENTAL PETROLEUM CORP 1.76 1.64 1.50 1.39 3.05 2.92 2.82 2.79 6.43 5.86 5.58 5.12 4.71 5.53 5.16 4.82 4.73 12.93 12.53 11.88 11.56 8.34 2.45 2.75 3.14 3.32 3.70 103.80 15.8%
PEPSICO INC 5.84 5.20 4.89 4.75 1.91 1.84 1.76 1.68 1.59 14.71 12.88 12.16 10.44 8.64 11.90 11.32 10.64 9.98 9.27 19.82 18.32 16.87 15.44 13.85 2.64 2.79 2.98 3.18 3.50 88.14 9.4%
PFIZER INC 2.57 2.66 2.72 2.68 3.39 3.65 3.73 3.75 3.76 10.95 11.76 9.89 9.66 9.34 6.97 7.97 8.12 8.19 8.96 12.91 12.82 12.02 11.50 11.14 3.14 3.41 3.58 3.72 4.01 31.79 13.8%
PROCTER & GAMBLE CO/THE 3.35 3.35 3.31 3.15 2.55 2.53 2.47 2.38 2.25 17.00 15.05 14.38 13.62 13.02 12.74 11.95 11.29 10.39 20.47 19.29 18.04 16.63 15.07 2.70 2.96 3.20 3.42 3.84 84.28 8.0%
PHILIP MORRIS INTERNATIONAL 4.53 4.44 4.22 4.04 3.72 14.28 13.72 11.91 11.41 11.13 10.84 10.14 9.51 8.90 16.73 15.63 14.01 12.66 11.61 3.76 4.10 4.55 4.96 5.59 98.31 12.8%
QUALCOMM INC 3.15 2.69 2.35 2.13 5.52 4.26 3.83 3.59 15.15 13.30 11.86 11.32 10.04 8.05 7.20 6.79 16.60 13.34 12.38 11.74 1.48 1.77 2.00 2.36 75.54 25.1%
RAYTHEON COMPANY 2.49 3.00 2.69 2.16 0.87 0.90 0.92 0.94 0.84 11.92 11.70 12.41 9.26 6.54 7.05 7.07 6.57 11.75 11.84 11.66 9.94 11.46 3.01 3.31 3.67 3.99 64.50 -1.0%
STARBUCKS CORP 9.45 8.57 7.80 6.69 3.77 3.39 3.04 2.72 2.45 26.60 20.56 18.62 15.82 19.25 16.27 13.76 11.71 10.72 37.75 30.83 25.55 20.78 18.39 1.03 1.28 1.51 1.86 2.09 69.63 3.8%
SCHLUMBERGER LTD 2.77 2.52 2.22 1.89 2.31 2.14 1.92 1.74 12.20 10.51 8.80 8.17 9.24 8.43 7.37 6.47 17.56 15.75 12.95 11.08 1.49 1.67 1.77 1.88 89.67 22.0%
SOUTHERN CO/THE 1.96 1.88 1.80 1.73 2.15 2.12 2.06 1.99 1.74 8.34 8.26 7.79 7.77 9.96 9.74 9.05 8.52 7.65 16.40 15.62 14.94 14.21 13.73 4.53 4.70 4.87 5.05 5.21 47.71 11.0%
SIMON PROPERTY GROUP INC 8.01 5.18 4.98 9.37 10.10 9.36 8.90 8.89 23.44 18.97 17.25 14.74 20.03 18.20 17.20 15.45 37.28 39.82 35.71 21.30 2.63 3.00 3.24 3.64 3.99 188.61 19.8%
AT&T INC 2.06 2.20 2.12 2.04 1.50 1.48 1.45 1.43 1.41 5.93 5.77 5.65 5.54 6.26 6.25 6.00 5.77 5.52 15.02 14.06 13.05 12.22 11.36 5.01 5.12 5.25 5.40 5.55 37.84 7.1%
TARGET CORP 2.77 2.65 2.46 2.14 1.83 0.61 0.60 0.56 0.53 0.51 8.68 6.30 7.45 7.16 7.65 7.80 7.02 6.69 6.22 14.65 14.50 12.63 10.80 9.77 1.89 2.10 2.37 2.79 74.12 6.1%
TIME WARNER INC 1.83 1.83 1.52 1.52 1.61 1.96 1.91 1.83 1.75 1.65 13.56 12.72 10.34 9.66 10.59 9.84 9.01 8.38 7.71 18.85 16.44 14.15 12.27 10.50 1.72 1.89 2.03 2.22 2.53 66.56 10.0%
TEXAS INSTRUMENTS INC 3.66 3.56 3.46 3.22 3.10 3.24 3.07 2.90 2.77 13.82 12.39 10.74 10.45 11.81 11.03 9.52 9.07 9.16 21.65 19.90 16.26 14.81 15.53 1.99 2.86 3.07 3.14 35.44 -0.7%
UNITEDHEALTH GROUP INC 2.25 1.99 1.79 1.69 0.61 0.54 0.50 0.45 11.03 9.65 8.61 8.68 7.30 6.78 6.39 6.40 7.31 12.41 12.05 11.24 10.14 8.85 1.15 1.40 1.47 1.60 71.00 8.4%
UNION PACIFIC CORP 3.72 3.41 3.05 2.74 3.49 3.28 3.06 2.89 2.78 12.32 10.75 9.81 9.15 9.50 8.67 7.88 7.28 6.81 19.01 16.45 14.37 12.82 11.65 1.56 1.80 1.98 2.10 162.78 3.9%
UNITED PARCEL SERVICE-CL B 10.74 16.33 12.23 11.70 4.46 1.52 1.46 1.37 1.30 1.20 13.14 11.63 10.03 9.82 9.85 9.25 8.47 7.87 6.44 18.97 17.46 15.28 13.60 11.60 2.61 2.82 3.05 3.28 3.57 95.00 9.2%
US BANCORP 1.97 1.82 1.68 1.52 3.35 3.40 3.31 3.14 12.25 11.73 10.97 9.71 12.79 12.07 11.34 10.32 9.63 2.11 2.42 2.69 3.13 37.28 1.8%
UNITED TECHNOLOGIES CORP 3.44 3.06 2.74 2.42 1.52 1.36 1.29 1.24 1.11 13.53 12.27 10.51 9.52 11.58 9.84 9.01 8.53 17.97 15.65 13.72 12.24 10.71 2.10 2.29 2.49 2.69 103.53 8.2%
VISA INC-CLASS A SHARES 4.44 4.11 3.61 3.22 11.79 10.43 9.38 8.32 7.43 26.75 25.00 18.55 17.33 20.20 15.45 13.57 11.78 10.50 30.59 25.16 21.61 18.26 16.85 0.46 0.68 0.78 0.89 195.23 3.7%
VERIZON COMMUNICATIONS INC 3.61 3.90 3.54 3.34 1.25 1.20 1.15 1.12 1.09 4.71 4.01 3.84 3.59 6.47 5.88 5.50 5.25 5.05 21.27 18.04 15.70 14.19 13.55 4.00 4.12 4.23 4.37 4.38 54.57 8.2%
WALGREEN CO 2.37 2.16 1.99 1.78 0.58 0.58 0.55 0.56 0.43 10.64 13.03 11.95 10.44 9.28 8.29 7.46 7.56 4.84 17.02 14.34 12.59 11.22 9.16 2.13 2.50 2.74 3.15 48.42 10.1%
WELLS FARGO & CO 1.54 1.40 1.29 1.21 2.59 2.63 2.58 2.50 11.71 10.78 10.26 8.95 12.53 11.28 10.73 10.12 9.61 2.10 2.68 2.94 3.37 42.06 0.6%
WILLIAMS COS INC 4.30 4.32 4.03 4.93 2.94 2.92 2.51 2.40 12.53 14.03 10.23 8.39 13.99 14.33 10.87 9.66 8.44 29.33 43.38 25.79 23.00 19.08 3.75 4.44 5.36 6.28 6.22 40.42 23.9%
WAL-MART STORES INC 3.24 3.06 2.84 2.55 2.51 0.52 0.50 0.48 0.45 0.44 9.54 9.11 8.22 7.40 6.53 8.16 7.89 7.50 7.21 7.26 15.18 14.07 12.80 11.65 10.41 2.16 2.50 2.73 3.07 82.27 10.3%
EXXON MOBIL CORP 2.49 2.28 2.08 1.90 1.73 0.88 0.95 0.93 0.94 0.93 7.68 7.53 7.15 6.69 5.91 4.77 5.25 5.13 4.76 4.58 11.55 11.35 11.08 10.51 9.70 2.39 2.70 2.92 3.09 3.30 95.58 5.2%
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] |
05.07.2013
Apple Inc. designs, manufactures, and markets personal computers and related
personal computing and mobile communication devices along with a variety of
related software, services, peripherals, and networking solutions. The Company
sells its products worldwide through its online stores, its retail stores, its
direct sales force, third-party wholesalers, and resellers.
Latest Fiscal Year: 09/2012
LTM as of: 03/yy
52-Week High (21.09.2012) 705.07
52-Week Low (19.04.2013) 385.10
Daily Volume
417.11
52-Week High % Change -40.83% Dividend Yield 1.91
52-Week Low % Change 8.31% Beta 0.98
% 52 Week Price Range High/Low 11.16% Equity Float 938.19
Shares Out 12.04.2013 938.6 Short Int 23.38
391'519.88 1 Yr Total Return -28.92%
Total Debt 0.00 YTD Return -20.78%
Preferred Stock 0.0 Adjusted BETA 0.977
Minority Interest 0.0 Analyst Recs 67
Cash and Equivalents 121'251.00 Consensus Rating 4.388
Enterprise Value 246'832.87
Average Volume 5 Day 3'229'263
AAPL UW EQUITY YTD Change - Average Volume 30 Day 2'900'254
AAPL UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'520'768
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 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4
37'491.0 42'905.0 65'225.0 108'249.0 156'508.0 142'360 169'104 171'168 186'818 35'008 37'900
2.39x 3.03x 3.32x 2.72x 3.23x 8.79x 9.16x 1.67x 1.45x 7.11x 6.43x
8'823.0 12'474.0 19'412.0 35'604.0 58'518.0 53'298.0 57'381.0 53'807.6 59'554.1 10'573.0 11'106.3
10.14x 10.43x 11.17x 8.26x 8.63x 8.45x 4.73x 4.60x 4.16x 4.39x 4.26x
6'119.0 8'235.0 14'013.0 25'922.0 41'733.0 38'617.0 39'672.0 37'166.2 39'957.6 6'882.7 7'654.8
18.91x 20.08x 19.30x 14.61x 15.11x 14.62x 10.57x 10.55x 9.53x 10.49x 10.04x
EBITDA 58'518.00 Long-Term Rating Date 23.04.2013
EBIT 55'241.00 Long-Term Rating AA+
Operating Margin 35.30% Long-Term Outlook STABLE
Pretax Margin 35.63% Short-Term Rating Date -
Return on Assets 22.95% Short-Term Rating -
Return on Common Equity 33.34%
Return on Capital 33.34% EBITDA/Interest Exp. -
Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -2.52
Gross Margin 43.9% Total Debt/EBITDA 0.00
EBITDA Margin 33.9%
EBIT Margin 30.9% Total Debt/Equity 0.0%
Net Income Margin 26.7% Total Debt/Capital 0.0%
Asset Turnover 0.98
Current Ratio 1.50 Net Fixed Asset Turnover 14.17
Quick Ratio 1.04 Accounts receivable turnover-days 15.20
Debt to Assets 0.00% Inventory Days 4.18
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 56.71
Accounts Receivable Turnover 23.94 Cash Conversion Cycle -52.97
Inventory Turnover 87.18
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
Apple IncPrice/Volume
Valuation Analysis
937'228.00
Current Price (7/dd/yy) Market Data
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-3!&&
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&.!-&!.&&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] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 49'261'621 5.25 (317'260) 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 43'247'824 4.61 1'164'484 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 37'551'260 4 344'973 02.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 34'747'682 3.7 (6'409'599) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'848'715 1.48 298'410 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 13'755'175 1.47 (1'805'958) 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12'562'591 1.34 (410'792) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 12'498'739 1.33 (370'147) 03.07.2013 Investment Advisor
SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 12'059'221 1.28 (4'823'496) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 11'659'713 1.24 (11'939'192) 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 10'717'061 1.14 562'009 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 8'808'076 0.94 2'446'421 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 8'140'452 0.87 252'692 31.03.2013 Unclassified
NORGES BANK NORGES BANK 13F 7'531'087 0.8 - 31.12.2012 Government
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'319'772 0.78 (448'812) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 7'093'217 0.76 (993'118) 31.05.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 6'951'047 0.74 (88'273) 30.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 6'599'619 0.7 (1'050'711) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 6'577'462 0.7 1'630'609 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'507'309 0.69 149'259 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
S&P Capital IQ SCOTT H KESSLER strong buy 5 M 550 12 month 04.07.2013
Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 600 12 month 02.07.2013
Cross Research SHANNON S CROSS buy 5 M 530 12 month 02.07.2013
Raymond James TAVIS C MCCOURT strong buy 5 U 600 12 month 01.07.2013
Stifel AARON C RAKERS buy 5 M 600 12 month 01.07.2013
Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 600 12 month 01.07.2013
Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 500 12 month 28.06.2013
Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 28.06.2013
Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 28.06.2013
Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 440 12 month 27.06.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 655 12 month 27.06.2013
Robert W. Baird & Co WILLIAM V POWER neutral 3 M 438 12 month 26.06.2013
Scotia Capital GUS PAPAGEORGIOU sector perform 3 M 423 12 month 26.06.2013
RBC Capital Markets AMIT DARYANANI outperform 5 M 475 12 month 25.06.2013
BMO Capital Markets KEITH F BACHMAN market perform 3 M 450 Not Provided 24.06.2013
William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 24.06.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 460 12 month 24.06.2013
JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 24.06.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 24.06.2013
Jefferies PETER J MISEK hold 3 M 405 12 month 23.06.2013
Evercore Partners ROBERT CIHRA overweight 5 M 550 12 month 20.06.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 888 12 month 20.06.2013
Needham & Co CHARLES WOLF buy 5 M 710 12 month 19.06.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 15.06.2013
Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 540 12 month 11.06.2013
Credit Suisse KULBINDER GARCHA outperform 5 M 525 Not Provided 11.06.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 11.06.2013
Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 560 12 month 11.06.2013
Nomura STUART JEFFREY neutral 3 M 420 12 month 11.06.2013
Cowen and Company MATTHEW HOFFMAN outperform 5 M 550 12 month 11.06.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 540 12 month 11.06.2013
Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 480 12 month 10.06.2013
Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 550 12 month 10.06.2013
ISI Group BRIAN MARSHALL strong buy 5 M 600 12 month 10.06.2013
Barclays BENJAMIN A REITZES overweight 5 M 525 Not Provided 10.06.2013
BGC Partners COLIN W GILLIS buy 5 M 500 12 month 07.06.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 610 12 month 06.06.2013
Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 455 Not Provided 30.05.2013
Lazard Capital Markets EDWARD PARKER buy 5 M 500 12 month 28.05.2013
Berenberg Bank ADNAAN AHMAD sell 1 M 360 Not Provided 21.05.2013
Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 520 Not Provided 20.05.2013
Oracle Investment Research LAURENCE BALTER strong buy 5 M 600 Not Provided 14.05.2013
ABG Sundal Collier PER LINDBERG hold 3 U 400 6 month 25.04.2013
Holdings By:
Apple Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
AbbVie Inc. researches and develops pharmaceutical products. The Company
produces pharmaceutical drugs for specialty therapeutic areas such as
immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and
neuroscience. AbbVie also offers treatments for diseases including Multiple
Sclerosis, Parkinson's, and Alzheimer's disease.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (22.05.2013) 47.99
52-Week Low (17.12.2012) 32.51
Daily Volume
42.64
52-Week High % Change -11.34% Dividend Yield -
52-Week Low % Change 31.16% Beta -
% 52 Week Price Range High/Low 62.79% Equity Float 1'583.06
Shares Out 31.03.2013 1'583.7 Short Int 9.97
67'530.21 1 Yr Total Return -
Total Debt 17'911.00 YTD Return 27.47%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 7'976.00 Consensus Rating 3.714
Enterprise Value 77'933.21
Average Volume 5 Day 1'809'266
ABBV UN EQUITY YTD Change - Average Volume 30 Day 1'517'146
ABBV UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'410'486
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
- 14'214.2 15'637.7 17'444.0 18'380.0 0.0 4'329.0 18'484.9 18'922.1 4'540.5 4'442.2
- - - - 3.47x #DIV/0! 17.32x 3.84x 3.63x - -
- 5'799.3 6'214.3 5'565.4 7'255.0 0.0 1'532.0 7'419.2 7'557.8 1'861.0 1'848.0
- - - - 8.80x 0.00x 0.00x 10.47x 10.28x 10.33x 10.32x
- 4'636.5 4'177.9 3'433.1 5'275.0 0.0 968.0 5'010.8 5'158.7 1'260.6 1'224.0
- - - - 9.26x 0.00x 0.00x 13.68x 13.25x 13.65x 13.62x
EBITDA 7'255.00 Long-Term Rating Date 26.10.2012
EBIT 6'105.00 Long-Term Rating A
Operating Margin 33.22% Long-Term Outlook POS
Pretax Margin 31.15% Short-Term Rating Date 26.10.2012
Return on Assets - Short-Term Rating A-1
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 86.37
Asset Turnover - (EBITDA-Capex)/Interest Exp. 82.40
Net Debt/EBITDA -
Gross Margin 75.5% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 532.6%
Net Income Margin 28.7% Total Debt/Capital 84.2%
Asset Turnover -
Current Ratio 2.27 Net Fixed Asset Turnover -
Quick Ratio 1.71 Accounts receivable turnover-days -
Debt to Assets 66.32% Inventory Days -
Tot Debt to Common Equity 532.59% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -260.37
Inventory Turnover -
Fiscal Year Ended
AbbVie IncPrice/Volume
Valuation Analysis
217'752.00
Current Price (7/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&
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3!& 9
5!& 9
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0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
20'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012&!&&
&!.&
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-!&&
-!.&
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 131'953'478 8.33 126'536'896 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 82'921'627 5.24 - 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 74'137'316 4.68 74'126'726 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 72'724'731 4.59 72'066'330 02.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 52'527'453 3.32 48'680'919 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'383'128 1.67 17'250'069 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 24'679'333 1.56 24'679'333 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 19'162'420 1.21 18'214'503 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 17'229'673 1.09 15'481'073 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 17'088'238 1.08 17'088'238 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 15'061'000 0.95 15'061'000 31.03.2013 Insurance Company
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'226'992 0.77 3'902'963 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 11'602'743 0.73 11'356'641 30.04.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 10'765'680 0.68 10'765'680 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 10'469'574 0.66 10'292'357 31.03.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 10'036'175 0.63 (3'729'624) 31.05.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'517'099 0.54 8'517'099 31.03.2013 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 8'339'139 0.53 8'339'139 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 8'304'127 0.52 8'086'626 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 7'875'871 0.5 7'875'871 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley DAVID R RISINGER Overwt/In-Line 5 M 49 12 month 03.07.2013
Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 27.06.2013
Cowen and Company STEVEN R SCALA outperform 5 M 52 12 month 27.06.2013
Jefferies JEFFREY HOLFORD buy 5 M 51 12 month 07.06.2013
BMO Capital Markets ALEX ARFAEI market perform 3 M 47 Not Provided 03.06.2013
Atlantic Equities LLP RICHARD J PURKISS neutral 3 M 44 12 month 31.05.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 10.05.2013
Goldman Sachs JAMI E RUBIN buy/attractive 5 M 52 12 month 29.04.2013
Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 29.04.2013
JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 41 6 month 29.04.2013
Spin-Off Research TEAM COVERAGE hold 3 M 47 12 month 29.04.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 44 Not Provided 26.04.2013
Holdings By:
AbbVie Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Abbott Laboratories discovers, develops, manufactures, and sells a broad and
diversified line of health care products and services. The Company's products
include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott
markets its products worldwide through affiliates and distributors.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (22.05.2013) 38.77
52-Week Low (19.11.2012) 29.98
Daily Volume
34.7
52-Week High % Change -10.58% Dividend Yield 3.75
52-Week Low % Change 15.76% Beta 0.69
% 52 Week Price Range High/Low 48.60% Equity Float 1'553.72
Shares Out 31.03.2013 1'558.9 Short Int 11.66
54'092.61 1 Yr Total Return 14.47%
Total Debt 20'475.96 YTD Return 11.60%
Preferred Stock 0.0 Adjusted BETA 0.693
Minority Interest 92.3 Analyst Recs 27
Cash and Equivalents 15'173.98 Consensus Rating 3.963
Enterprise Value 52'772.81
Average Volume 5 Day 2'824'329
ABT UN EQUITY YTD Change - Average Volume 30 Day 2'098'850
ABT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'898'562
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
29'527.6 30'764.7 35'166.7 38'851.3 21'494.0 35'093.6 21'587.9 22'416.4 23'742.4 5'523.5 5'551.1
3.02x 2.94x 2.49x 2.46x 5.06x 10.80x 17.92x 2.16x 1.93x - -
8'315.9 8'495.3 9'025.1 9'468.3 - 8'573.5 1'035.6 5'095.2 5'590.1 929.3 1'105.7
10.73x 10.63x 9.71x 10.11x - 12.09x 0.00x 10.33x 9.41x 12.48x 12.30x
4'880.7 5'745.8 4'626.2 4'728.4 579.0 5'107.1 772.7 3'190.9 3'543.7 695.8 852.6
16.08x 13.83x 11.61x 12.57x 37.78x 15.54x 22.94x 17.24x 15.40x 16.73x 16.08x
EBITDA - Long-Term Rating Date 26.10.2012
EBIT 1'894.00 Long-Term Rating A+
Operating Margin 8.81% Long-Term Outlook STABLE
Pretax Margin 1.42% Short-Term Rating Date 26.10.2012
Return on Assets 1.47% Short-Term Rating A-1+
Return on Common Equity 3.22%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 54.3% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 9.3% Total Debt/Equity 76.6%
Net Income Margin 2.7% Total Debt/Capital 43.3%
Asset Turnover 0.41
Current Ratio 2.36 Net Fixed Asset Turnover 3.14
Quick Ratio 1.72 Accounts receivable turnover-days 97.88
Debt to Assets 30.45% Inventory Days 115.51
Tot Debt to Common Equity 76.63% Accounts Payable Turnover Day 56.76
Accounts Receivable Turnover 3.73 Cash Conversion Cycle 199.80
Inventory Turnover 3.16
Fiscal Year Ended
Abbott LaboratoriesPrice/Volume
Valuation Analysis
461'128.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&2
-&-2.&.20&021&12
d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9.!& 91!& 93!& 95!& 9-&!& 9-.!& 9-1!& 9-3!& 9-5!& 9
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!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 97'567'010 6.26 11'496'654 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 91'806'643 5.89 20'933'465 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 67'065'382 4.3 297'100 02.07.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 29'915'736 1.92 (956'473) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 25'471'754 1.63 (596'015) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 22'968'140 1.47 (52'390'338) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 20'941'870 1.34 (4'860'932) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 16'425'821 1.05 1'417'407 30.04.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 15'903'714 1.02 2'493'968 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 15'536'605 1 14'986'988 31.05.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 15'061'000 0.97 - 31.03.2013 Insurance Company
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 14'775'015 0.95 370'144 31.03.2013 Investment Advisor
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 14'554'678 0.93 7'600'472 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 14'485'435 0.93 (107'291) 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 14'247'950 0.91 2'468'230 31.03.2013 Investment Advisor
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 13'711'677 0.88 5'446'932 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 13'424'731 0.86 7'408'947 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 12'815'353 0.82 1'429'792 31.03.2013 Unclassified
NORGES BANK NORGES BANK 13F 12'625'176 0.81 - 31.12.2012 Government
BANK OF AMERICA CORP BANK OF AMERICA 13F 12'394'624 0.8 (5'065'032) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JOANNE K WUENSCH outperform 5 M 40 Not Provided 03.07.2013
Wells Fargo Securities, LLC LAWRENCE BIEGELSEN outperform 5 M #N/A N/A Not Provided 03.07.2013
Cowen and Company JOSHUA JENNINGS outperform 5 M 41 12 month 03.07.2013
Goldman Sachs DAVID H ROMAN Buy/Neutral 5 M 43 12 month 02.07.2013
Deutsche Bank KRISTEN M STEWART hold 3 M 35 12 month 27.06.2013
Sanford C. Bernstein & Co DERRICK SUNG market perform 3 M 35 12 month 26.06.2013
Leerink Swann & Co DANIELLE ANTALFFY market perform 3 M #N/A N/A Not Provided 25.06.2013
William Blair & Co BENJAMIN C ANDREW outperform 5 M #N/A N/A Not Provided 21.06.2013
Edward Jones JEFF WINDAU buy 5 M #N/A N/A Not Provided 13.06.2013
Jefferies JEFFREY HOLFORD buy 5 M 44 12 month 07.06.2013
Stifel FREDERICK A WISE buy 5 M 44 12 month 07.06.2013
RBC Capital Markets GLENN J NOVARRO outperform 5 M 42 12 month 28.05.2013
Gabelli & Co JENNIE TSAI buy 5 N #N/A N/A Not Provided 21.05.2013
Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 14.05.2013
Barclays MATTHEW TAYLOR equalweight 3 M 35 Not Provided 10.05.2013
Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 22.04.2013
Credit Suisse BRUCE NUDELL neutral 3 M 40 Not Provided 19.04.2013
Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 M #N/A N/A Not Provided 18.04.2013
Raymond James JAYSON BEDFORD market perform 3 M #N/A N/A Not Provided 18.04.2013
Spin-Off Research TEAM COVERAGE hold 3 M 40 Not Provided 18.04.2013
Atlantic Equities LLP STEPHAN B GASTEYGER neutral 3 M 36 12 month 18.04.2013
Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 40 12 month 17.04.2013
JPMorgan MICHAEL N WEINSTEIN neutral 3 M 36 6 month 17.04.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 36 Not Provided 29.11.2012
First Global Stockbroking KAVITA THOMAS long-term outperform 5 M #N/A N/A Not Provided 26.04.2012
Maxim Group LLC ANTHONY PETRONE not rated #N/A N/A M #N/A N/A Not Provided 27.01.2009
Holdings By:
Abbott Laboratories ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Accenture PLC provides management and technology consulting services and
solutions. The Company delivers a range of specialized capabilities and
solutions to clients across all industries on a worldwide basis. Accenture's
network of businesses provides consulting, technology, outsourcing, and
alliances.
Latest Fiscal Year: 08/2012
LTM as of: 05/yy
52-Week High (22.05.2013) 84.22
52-Week Low (12.07.2012) 56.23
Daily Volume
73.14
52-Week High % Change -13.13% Dividend Yield 2.21
52-Week Low % Change 30.07% Beta 1.12
% 52 Week Price Range High/Low 58.77% Equity Float 642.39
Shares Out 14.06.2013 644.8 Short Int 7.41
50'251.31 1 Yr Total Return 22.39%
Total Debt 0.03 YTD Return 11.14%
Preferred Stock 0.0 Adjusted BETA 1.118
Minority Interest 478.6 Analyst Recs 29
Cash and Equivalents 6'642.79 Consensus Rating 3.931
Enterprise Value 44'795.93
Average Volume 5 Day 1'886'588
ACN UN EQUITY YTD Change - Average Volume 30 Day 947'731
ACN UN EQUITY YTD % CHANGE - Average Volume 3 Month 863'229
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1
25'313.8 23'171.0 23'094.1 27'352.9 29'778.0 29'663.8 30'157.6 28'721.3 30'026.8 7'028.9 7'482.8
1.08x 0.85x 0.90x 1.19x 1.19x 4.63x 5.71x 1.54x 1.45x 6.46x 6.17x
3'525.9 3'391.7 3'399.1 3'985.2 4'466.8 4'411.4 4'641.7 4'797.7 4'890.8 1'166.6 1'231.7
7.76x 5.79x 6.14x 8.16x 7.95x 7.69x 10.80x 9.35x 9.18x 9.17x 9.06x
1'691.8 1'590.0 1'780.7 2'277.7 2'553.5 2'587.2 3'189.2 3'145.8 3'136.4 713.5 786.8
15.55x 12.48x 13.72x 15.75x 16.03x 14.75x 18.13x 16.96x 16.25x 16.48x 16.07x
EBITDA 4'466.78 Long-Term Rating Date 22.01.2002
EBIT 3'873.24 Long-Term Rating A+
Operating Margin 13.01% Long-Term Outlook STABLE
Pretax Margin 13.11% Short-Term Rating Date -
Return on Assets 19.90% Short-Term Rating -
Return on Common Equity 67.63%
Return on Capital 66.81% EBITDA/Interest Exp. 296.58
Asset Turnover 1.88% (EBITDA-Capex)/Interest Exp. 271.88
Net Debt/EBITDA -1.28
Gross Margin 30.2% Total Debt/EBITDA 0.00
EBITDA Margin 15.4%
EBIT Margin 13.3% Total Debt/Equity 0.0%
Net Income Margin 8.6% Total Debt/Capital 0.0%
Asset Turnover 1.88
Current Ratio 1.55 Net Fixed Asset Turnover 38.88
Quick Ratio 1.20 Accounts receivable turnover-days 39.92
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.14 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
Accenture PLCPrice/Volume
Valuation Analysis
361'121.00
Current Price (7/dd/yy) Market Data
&-&.&0&1&2&3&4&5&6&
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5'000.0
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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
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN LIFE FINANCIAL I n/a ULT-AGG 42'376'622 6.57 918'683 31.05.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 33'832'726 5.25 4'904'005 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 31'192'429 4.84 766'395 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 30'074'388 4.66 129'091 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 29'038'367 4.5 1'612'604 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 24'999'491 3.88 34'102 02.07.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 19'691'827 3.05 69'715 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 17'114'652 2.65 129'306 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'402'622 2.54 443'115 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'961'114 2.17 (2'427'956) 31.03.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 11'467'160 1.78 (275'215) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 11'058'770 1.71 570'792 31.03.2013 Investment Advisor
LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 9'108'726 1.41 1'783'496 31.03.2013 Hedge Fund Manager
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 8'564'997 1.33 733'878 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'781'183 1.21 1'866'838 30.04.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 7'420'390 1.15 (33'710) 31.03.2013 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 6'680'245 1.04 423'206 31.03.2013 Investment Advisor
LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 6'243'776 0.97 29'802 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'925'297 0.92 (440'338) 31.03.2013 Investment Advisor
CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 5'728'875 0.89 (727'838) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale RICHARD NGUYEN sell 1 M 70 12 month 02.07.2013
Argus Research Corp JAMES KELLEHER hold 3 D #N/A N/A Not Provided 02.07.2013
Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 85 12 month 01.07.2013
Janney Montgomery Scott LLC JOSEPH D FORESI buy 5 M 82 12 month 01.07.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 01.07.2013
BMO Capital Markets KEITH F BACHMAN market perform 3 M 72 Not Provided 28.06.2013
Deutsche Bank BRYAN KEANE buy 5 M 82 12 month 28.06.2013
Goldman Sachs JULIO C QUINTEROS JR Buy/Neutral 5 M 85 12 month 28.06.2013
Credit Suisse GEORGE MIHALOS neutral 3 M 75 Not Provided 28.06.2013
Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 28.06.2013
JPMorgan TIEN-TSIN HUANG overweight 5 M 76 12 month 28.06.2013
Robert W. Baird & Co DAVID J KONING neutral 3 M 78 12 month 28.06.2013
Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 88 12 month 28.06.2013
Raymond James BRIAN GESUALE market perform 3 D #N/A N/A Not Provided 28.06.2013
Stifel DAVID M GROSSMAN buy 5 M 86 12 month 28.06.2013
BNP Paribas Equity Research ARVIND RAMNANI hold 3 M 75 12 month 28.06.2013
Berenberg Bank DAUD KHAN hold 3 M 69 Not Provided 28.06.2013
Wells Fargo Securities, LLC EDWARD S CASO JR outperform 5 M #N/A N/A Not Provided 28.06.2013
Cowen and Company MOSHE KATRI outperform 5 M 92 12 month 28.06.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 88 12 month 28.06.2013
Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 85 12 month 28.06.2013
Barclays DARRIN D PELLER equalweight 3 M 80 Not Provided 28.06.2013
Jefferies JASON KUPFERBERG hold 3 M 71 12 month 27.06.2013
Evercore Partners DAVID M TOGUT overweight 5 M 80 12 month 27.06.2013
S&P Capital IQ DYLAN CATHERS hold 3 D 85 12 month 30.05.2013
Holdings By:
Accenture PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
American Electric Power Company, Inc.(AEP)is a public utility holding company.
The Company provides electric service, consisting of generation, transmission
and distribution, on an integrated basis to their retail customers. AEP serves
portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan,
Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (01.05.2013) 51.59
52-Week Low (21.11.2012) 40.57
Daily Volume
43.92
52-Week High % Change -14.89% Dividend Yield 4.28
52-Week Low % Change 8.26% Beta 0.63
% 52 Week Price Range High/Low 35.30% Equity Float 485.95
Shares Out 25.04.2013 486.0 Short Int 3.27
21'347.10 1 Yr Total Return 11.73%
Total Debt 18'738.00 YTD Return 5.01%
Preferred Stock 0.0 Adjusted BETA 0.626
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 603.00 Consensus Rating 3.917
Enterprise Value 39'787.10
Average Volume 5 Day 907'613
AEP UN EQUITY YTD Change - Average Volume 30 Day 1'053'697
AEP UN EQUITY YTD % CHANGE - Average Volume 3 Month 792'310
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
14'440.0 13'489.0 14'427.0 15'116.0 14'945.0 15'011.0 15'146.0 15'881.5 16'183.1 3'658.7 4'620.4
2.18x 2.48x 2.41x 2.49x 2.60x 9.68x 10.38x 2.49x 2.48x 10.97x 8.60x
4'087.0 4'431.0 4'443.0 4'713.0 4'874.0 4'651.0 4'873.0 4'786.6 4'942.3 1'172.3 1'443.5
7.70x 7.55x 7.83x 7.98x 7.97x 7.86x 8.63x 8.32x 8.06x 8.50x 8.44x
1'383.0 1'360.0 1'214.0 1'946.0 1'259.0 1'981.0 1'233.0 1'541.4 1'625.7 388.0 521.0
9.82x 11.71x 14.22x 12.02x 12.23x 12.45x 13.90x 13.93x 13.24x 13.69x 13.55x
EBITDA 4'874.00 Long-Term Rating Date 07.03.2003
EBIT 2'956.00 Long-Term Rating BBB
Operating Margin 19.78% Long-Term Outlook STABLE
Pretax Margin 12.49% Short-Term Rating Date 07.03.2003
Return on Assets 2.29% Short-Term Rating A-2
Return on Common Equity 8.14%
Return on Capital 5.63% EBITDA/Interest Exp. 4.93
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 1.67
Net Debt/EBITDA 3.78
Gross Margin 64.7% Total Debt/EBITDA 3.87
EBITDA Margin 32.2%
EBIT Margin 19.5% Total Debt/Equity 123.0%
Net Income Margin 8.4% Total Debt/Capital 55.2%
Asset Turnover 0.28
Current Ratio 0.67 Net Fixed Asset Turnover -
Quick Ratio 0.36 Accounts receivable turnover-days 21.19
Debt to Assets 34.47% Inventory Days 99.87
Tot Debt to Common Equity 122.98% Accounts Payable Turnover Day 66.11
Accounts Receivable Turnover 17.22 Cash Conversion Cycle 67.56
Inventory Turnover 3.65
Fiscal Year Ended
American Electric Power Co IncPrice/Volume
Valuation Analysis
177'786.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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4'000.0
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12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 33'661'769 6.93 2'030'086 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 24'611'292 5.06 (18'880) 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 23'842'942 4.91 1'100'112 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 20'263'680 4.17 (175'694) 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 13'085'432 2.69 5'558'343 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'831'725 2.02 1'118'234 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'659'003 1.37 169'090 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'483'961 1.33 210'348 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 5'814'995 1.2 (649'370) 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'475'438 1.13 (92'712) 31.03.2013 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'113'886 1.05 (468'393) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'830'345 0.99 1'238'941 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'657'430 0.96 102'555 03.07.2013 Investment Advisor
EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 4'429'578 0.91 (241'331) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 4'148'229 0.85 192'057 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 3'705'639 0.76 - 31.12.2012 Government
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 3'416'122 0.7 651'253 31.03.2013 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 3'354'773 0.69 91'933 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 3'306'048 0.68 75'800 31.03.2013 Investment Advisor
AJO, LP AJO, LP 13F 3'299'800 0.68 1'051'900 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SunTrust Robinson Humphrey ALI AGHA buy 5 M 50 12 month 01.07.2013
Wolfe Research STEVEN I FLEISHMAN outperform 5 M 53 12 month 01.07.2013
Sanford C. Bernstein & Co HUGH WYNNE market perform 3 M 52 12 month 26.06.2013
ISI Group GREG GORDON buy 5 M 48 12 month 24.06.2013
Wells Fargo Securities, LLC NEIL A KALTON market perform 3 M #N/A N/A Not Provided 24.06.2013
Goldman Sachs MICHAEL J LAPIDES neutral/neutral 3 M 46 12 month 23.06.2013
BMO Capital Markets MICHAEL S WORMS market perform 3 M 52 Not Provided 17.06.2013
BGC Partners KIT KONOLIGE buy 5 N 50 12 month 17.06.2013
RBC Capital Markets SHELBY G TUCKER sector perform 3 M 51 12 month 13.06.2013
Edward Jones ANDREW B SMITH hold 3 M #N/A N/A Not Provided 10.06.2013
Morgan Stanley STEPHEN C BYRD Equalwt/In-Line 3 M 49 12 month 03.06.2013
Deutsche Bank JONATHAN ARNOLD hold 3 M 49 12 month 10.05.2013
Argus Research Corp MICHAEL BURKE buy 5 M 55 12 month 10.05.2013
Hilliard Lyons DAVID B BURKS buy 5 M 54 12 month 29.04.2013
JPMorgan CHRISTOPHER TURNURE neutral 3 M 50 6 month 29.04.2013
Jefferies PAUL B FREMONT buy 5 M 57 12 month 29.04.2013
Macquarie ANGIE STOROZYNSKI neutral 3 M 49 12 month 27.04.2013
Credit Suisse DANIEL EGGERS outperform 5 M 56 Not Provided 26.04.2013
Barclays DANIEL F FORD overweight 5 M 54 Not Provided 24.04.2013
KeyBanc Capital Markets PAUL T RIDZON buy 5 M 52 12 month 22.04.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 05.03.2013
Holdings By:
American Electric Power Co Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
American International Group, Inc. is an international insurance organization
serving commercial, institutional and individual customers. AIG provides
property-casualty insurance, life insurance and retirement services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.05.2013) 46.46
52-Week Low (23.07.2012) 29.90
Daily Volume
45.01
52-Week High % Change -3.14% Dividend Yield 0.00
52-Week Low % Change 50.54% Beta 1.47
% 52 Week Price Range High/Low 86.47% Equity Float 1'474.53
Shares Out 25.04.2013 1'476.3 Short Int 24.95
66'450.30 1 Yr Total Return 38.96%
Total Debt 48'500.00 YTD Return 27.51%
Preferred Stock 0.0 Adjusted BETA 1.467
Minority Interest 1'001.0 Analyst Recs 24
Cash and Equivalents 1'151.00 Consensus Rating 4.167
Enterprise Value 111'540.29
Average Volume 5 Day 6'330'286
AIG UN EQUITY YTD Change - Average Volume 30 Day 3'679'554
AIG UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'174'010
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
6'896.0 75'352.0 77'526.0 59'812.0 65'656.0 63'272.0 66'513.0 49'651.5 51'376.5 13'092.0 13'216.5
38.32x 3.38x 2.92x 2.13x 1.53x 8.39x 6.82x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(99'289.0) (10'949.0) 7'786.0 20'622.0 3'438.0 22'533.0 2'436.0 5'684.8 5'852.6 1'351.8 1'243.3
- - - 33.29x 8.98x 20.82x 10.81x 11.45x 10.91x 12.40x 11.89x
EBITDA - Long-Term Rating Date 02.03.2009
EBIT - Long-Term Rating A-
Operating Margin 17.75% Long-Term Outlook NEG
Pretax Margin 14.20% Short-Term Rating Date 14.01.2011
Return on Assets 0.44% Short-Term Rating A-2
Return on Common Equity 2.40%
Return on Capital 3.16% EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 49.5%
Net Income Margin 5.2% Total Debt/Capital 32.9%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 8.84% Inventory Days -
Tot Debt to Common Equity 49.49% 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
American International Group IncPrice/Volume
Valuation Analysis
379'613.00
Current Price (7/dd/yy) Market Data
&2
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2&!& 9
3&!& 9
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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
&!&&
2!&&
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 85'900'077 5.82 37'783 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 78'519'193 5.32 9'016'450 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 64'134'469 4.34 2'213'289 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 62'457'845 4.23 7'635'674 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 53'814'436 3.65 (6'662'436) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 32'024'532 2.17 1'039'497 31.03.2013 Investment Advisor
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 25'623'367 1.74 5'400'344 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 25'536'301 1.73 4'186'268 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 18'952'115 1.28 1'224'289 31.03.2013 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 17'371'134 1.18 (277'068) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 17'242'192 1.17 1'005'186 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'833'645 1.14 2'833'300 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 15'353'972 1.04 - 31.12.2012 Government
POWER CORP OF CANADA n/a ULT-AGG 15'280'332 1.04 (290'713) 31.03.2013 Holding Company
STARR INTERNATIONAL STARR INTERNATIONAL 13F 14'513'353 0.98 585'069 31.03.2013 Investment Advisor
THIRD POINT LLC THIRD POINT LLC 13F 13'500'000 0.91 (5'000'000) 31.03.2013 Hedge Fund Manager
PERRY CORP PERRY CORPORATION 13F 13'157'260 0.89 (1'708'643) 31.03.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 12'897'675 0.87 2'854'066 31.03.2013 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 12'336'817 0.84 520'122 31.03.2013 Hedge Fund Manager
BAUPOST GROUP LLC THE BAUPOST GROUP LL 13F 11'850'200 0.8 4'850'200 31.03.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sterne, Agee & Leach JOHN M NADEL neutral 3 M 47 12 month 03.07.2013
Macquarie AMIT KUMAR outperform 5 M 48 12 month 01.07.2013
Barclays JAY H GELB overweight 5 M 52 Not Provided 01.07.2013
BMO Capital Markets CHARLES J SEBASKI outperform 5 M 53 Not Provided 27.06.2013
Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 60 12 month 27.06.2013
William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 27.06.2013
Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 26.06.2013
Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 43 12 month 24.06.2013
Deutsche Bank JOSHUA D SHANKER buy 5 M 56 12 month 19.06.2013
S&P Capital IQ CATHY SEIFERT buy 5 M 50 Not Provided 17.06.2013
Drexel Hamilton LLC GLORIA L VOGEL buy 5 M 50 12 month 14.06.2013
Nomura CLIFFORD H GALLANT III neutral 3 N 46 12 month 04.06.2013
Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 04.06.2013
Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 52 12 month 31.05.2013
Evercore Partners MARK FINKELSTEIN equalweight 3 M 48 12 month 15.05.2013
Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M 37 12 month 10.05.2013
Argus Research Corp JOHN M EADE buy 5 M 50 12 month 08.05.2013
Goldman Sachs MICHAEL S NANNIZZI neutral/neutral 3 D 46 12 month 07.05.2013
Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 03.05.2013
JPMorgan JIMMY S BHULLAR neutral 3 M 42 6 month 03.05.2013
FBR Capital Markets RANDY BINNER outperform 5 M 47 12 month 02.05.2013
Credit Suisse THOMAS GALLAGHER restricted #N/A N/A M #N/A N/A Not Provided 05.04.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
American International Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
The Allstate Corporation, through its subsidiaries, provides property-liability
insurance, as well as other types of insurance in the United States and Canada.
The Company primarily sells private passenger automobile and homeowners
insurance through independent and specialized brokers. Allstate also sells life
insurance, annuity, and group pension products through agents.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (15.05.2013) 50.69
52-Week Low (12.07.2012) 33.35
Daily Volume
48.72
52-Week High % Change -3.95% Dividend Yield 1.87
52-Week Low % Change 46.09% Beta 0.91
% 52 Week Price Range High/Low 87.20% Equity Float 460.51
Shares Out 16.04.2013 468.6 Short Int 4.26
22'832.33 1 Yr Total Return 40.99%
Total Debt 6'307.00 YTD Return 22.58%
Preferred Stock 0.0 Adjusted BETA 0.914
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 806.00 Consensus Rating 4.133
Enterprise Value 28'568.33
Average Volume 5 Day 789'427
ALL UN EQUITY YTD Change - Average Volume 30 Day 1'007'987
ALL UN EQUITY YTD % CHANGE - Average Volume 3 Month 987'197
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
29'394.0 32'013.0 31'400.0 32'654.0 33'315.0 32'921.0 33'416.0 33'592.9 34'164.6 8'366.0 8'433.3
0.78x 0.67x 0.71x 0.59x 0.74x 2.40x 3.01x 0.83x 0.84x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(1'679.0) 854.0 928.0 787.0 2'306.0 1'029.0 2'249.0 2'210.8 2'288.0 496.9 460.8
10.17x 8.26x 11.23x 20.83x 9.12x 17.95x 11.27x 10.39x 9.41x 10.37x 9.92x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A-
Operating Margin 11.09% Long-Term Outlook STABLE
Pretax Margin 9.92% Short-Term Rating Date -
Return on Assets 1.78% Short-Term Rating -
Return on Common Equity 11.30%
Return on Capital 9.58% 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 30.6%
Net Income Margin 6.9% Total Debt/Capital 23.5%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.97% Inventory Days -
Tot Debt to Common Equity 30.65% 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
Allstate Corp/ThePrice/Volume
Valuation Analysis
117'336.00
Current Price (7/dd/yy) Market Data
&
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 23'924'555 5.11 282'667 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 22'140'955 4.72 (151'704) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'048'711 4.7 (623'144) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 20'147'574 4.3 (110'198) 02.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 19'788'357 4.22 (195'719) 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 14'325'183 3.06 5'711'687 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 11'259'637 2.4 (1'698'158) 03.07.2013 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 7'612'763 1.62 (2'872'542) 31.03.2013 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 7'288'174 1.56 (100'946) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'251'520 1.55 87'629 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 7'211'866 1.54 1'107'166 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO n/a Research 7'163'891 1.53 - 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 6'467'278 1.38 (117'260) 31.03.2013 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 6'466'011 1.38 2'210'090 31.03.2013 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'149'311 1.31 480'660 31.03.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 5'732'796 1.22 (131'899) 31.05.2013 Investment Advisor
AJO, LP AJO, LP 13F 4'893'000 1.04 347'700 31.03.2013 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 4'763'127 1.02 2'338'640 31.03.2013 Investment Advisor
PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 4'753'119 1.01 (1'733'129) 31.03.2013 Hedge Fund Manager
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 4'601'400 0.98 4'601'400 31.03.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JMP Securities MATTHEW J CARLETTI market perform 3 M #N/A N/A Not Provided 02.07.2013
Macquarie AMIT KUMAR neutral 3 M 52 12 month 01.07.2013
Drexel Hamilton LLC GLORIA L VOGEL hold 3 M 51 12 month 01.07.2013
William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 27.06.2013
Deutsche Bank JOSHUA D SHANKER buy 5 M 58 12 month 26.06.2013
Credit Suisse MICHAEL ZAREMSKI outperform 5 M 55 Not Provided 26.06.2013
Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 50 12 month 24.06.2013
Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 20.06.2013
Janney Montgomery Scott LLC ROBERT GLASSPIEGEL buy 5 M #N/A N/A Not Provided 20.06.2013
Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 55 12 month 20.06.2013
Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 20.06.2013
Barclays JAY H GELB overweight 5 M 57 Not Provided 20.06.2013
Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 55 12 month 11.06.2013
MKM Partners HARRY FONG buy 5 M 60 12 month 11.06.2013
Nomura CLIFFORD H GALLANT III neutral 3 N 52 12 month 04.06.2013
Argus Research Corp JOHN M EADE buy 5 M 55 12 month 09.05.2013
Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 09.05.2013
Raymond James C GREGORY PETERS strong buy 5 M 57 12 month 06.05.2013
Evercore Partners VINAY MISQUITH overweight 5 M 54 12 month 06.05.2013
Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 03.05.2013
Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 M 60 12 month 03.05.2013
RBC Capital Markets MARK A DWELLE sector perform 3 M 51 12 month 02.05.2013
SunTrust Robinson Humphrey MARK D HUGHES neutral 3 M 52 12 month 02.05.2013
Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 02.05.2013
Sterne, Agee & Leach DANIEL FARRELL neutral 3 M 50 12 month 01.05.2013
FBR Capital Markets RANDY BINNER market perform 3 M 45 12 month 25.03.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ CATHY SEIFERT hold 3 M 43 Not Provided 29.11.2012
Holdings By:
Allstate Corp/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Amgen Inc. is an independent biotechnology medicines company that discovers,
develops, manufactures and markets medicines for grievous illnesses. The
Company focuses solely on human therapeutics and concentrates on innovating
novel medicines based on advances in cellular and molecular biology.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 114.95
52-Week Low (05.07.2012) 73.72
Daily Volume
97.41
52-Week High % Change -15.20% Dividend Yield 1.59
52-Week Low % Change 32.14% Beta 0.72
% 52 Week Price Range High/Low 53.58% Equity Float 749.10
Shares Out 31.03.2013 750.0 Short Int 9.11
73'057.50 1 Yr Total Return 32.00%
Total Debt 26'529.00 YTD Return 13.97%
Preferred Stock 0.0 Adjusted BETA 0.718
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 24'061.00 Consensus Rating 3.933
Enterprise Value 75'678.50
Average Volume 5 Day 1'287'625
AMGN UW EQUITY YTD Change - Average Volume 30 Day 1'280'999
AMGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'371'878
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
15'003.0 14'642.0 15'053.0 15'582.0 17'265.0 15'924.0 17'455.0 17'931.6 18'383.4 4'486.6 4'553.5
4.02x 3.65x 3.13x 3.33x 3.92x 12.60x 15.52x 3.90x 3.59x - -
6'287.0 6'728.0 6'679.0 5'372.0 6'665.0 5'542.0 6'648.0 7'276.2 8'203.0 1'615.0 1'663.0
9.59x 7.94x 7.05x 9.66x 10.15x 9.95x 11.95x 10.41x 9.23x - -
4'052.0 4'605.0 4'627.0 3'683.0 4'345.0 3'742.0 4'595.0 5'528.9 6'175.9 1'327.2 1'358.5
12.89x 12.60x 11.66x 13.74x 15.07x 13.70x 16.85x 13.35x 11.80x 13.41x 12.80x
EBITDA 6'665.00 Long-Term Rating Date 07.09.2007
EBIT 5'577.00 Long-Term Rating A+
Operating Margin 32.30% Long-Term Outlook STABLE
Pretax Margin 29.01% Short-Term Rating Date 31.05.2012
Return on Assets 9.11% Short-Term Rating A-1+
Return on Common Equity 23.95%
Return on Capital 13.37% EBITDA/Interest Exp. 6.18
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 5.54
Net Debt/EBITDA 0.39
Gross Margin 83.1% Total Debt/EBITDA 3.59
EBITDA Margin 38.1%
EBIT Margin 31.8% Total Debt/Equity 139.2%
Net Income Margin 25.2% Total Debt/Capital 58.2%
Asset Turnover 0.35
Current Ratio 3.81 Net Fixed Asset Turnover 3.27
Quick Ratio 3.24 Accounts receivable turnover-days 57.67
Debt to Assets 48.86% Inventory Days 320.34
Tot Debt to Common Equity 139.19% Accounts Payable Turnover Day 103.74
Accounts Receivable Turnover 6.33 Cash Conversion Cycle 296.17
Inventory Turnover 1.14
Fiscal Year Ended
Amgen IncPrice/Volume
Valuation Analysis
178'805.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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16'000.0
18'000.0
20'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 77'422'383 10.32 1'279'477 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 58'461'730 7.79 481'597 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 45'184'994 6.02 167'527 03.07.2013 Investment Advisor
PRIMECAP MANAGEMENT n/a 13G 37'457'491 4.99 (2'427'936) 30.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 34'837'876 4.65 446'107 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 32'495'177 4.33 1'106'490 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'429'549 2.86 (402'779) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 16'364'300 2.18 712'778 03.07.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 11'674'470 1.56 187'257 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 10'400'385 1.39 (1'315'085) 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 9'297'824 1.24 777'425 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'818'173 1.04 (2'677'850) 31.03.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 7'265'604 0.97 145'149 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 6'418'002 0.86 2'476'863 31.05.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 6'263'455 0.84 - 31.12.2012 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'241'700 0.83 (2'320'132) 31.03.2013 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 5'981'818 0.8 1'234'885 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'928'739 0.79 (1'652'330) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 5'774'523 0.77 970'991 31.03.2013 Unclassified
JANUS CAPITAL MANAGE n/a ULT-AGG 5'575'256 0.74 1'779'740 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets MICHAEL J YEE outperform 5 M 120 12 month 02.07.2013
Oppenheimer & Co BORIS PEAKER market perform 3 M 100 18 month 02.07.2013
Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 101 12 month 01.07.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 115 12 month 01.07.2013
Leerink Swann & Co HOWARD LIANG market perform 3 M #N/A N/A Not Provided 01.07.2013
Stifel JOEL D SENDEK hold 3 M #N/A N/A Not Provided 01.07.2013
Guggenheim Securities LLC BRET HOLLEY neutral 3 M 105 12 month 01.07.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 105 Not Provided 01.07.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 115 12 month 30.06.2013
Cowen and Company ERIC SCHMIDT outperform 5 M 121 12 month 30.06.2013
Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 28.06.2013
Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 125 12 month 26.06.2013
Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 N #N/A N/A Not Provided 24.06.2013
Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 130 12 month 14.06.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 92 12 month 13.06.2013
S&P Capital IQ STEVEN SILVER buy 5 M 116 Not Provided 12.06.2013
Piper Jaffray M IAN SOMAIYA neutral 3 M 107 12 month 12.06.2013
Brean Capital LLC GENE MACK buy 5 M 110 12 month 03.06.2013
Jefferies EUN K YANG buy 5 M 123 12 month 03.06.2013
William Blair & Co JOHN S SONNIER market perform 3 M #N/A N/A Not Provided 03.06.2013
BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 83 Not Provided 01.06.2013
JPMorgan GEOFFREY MEACHAM neutral 3 M 115 6 month 23.05.2013
Credit Suisse RAVI MEHROTRA neutral 3 M 120 Not Provided 17.05.2013
Goldman Sachs TERENCE FLYNN buy/attractive 5 U 130 12 month 01.05.2013
Argus Research Corp JOHN M EADE buy 5 M 120 Not Provided 25.04.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 115 12 month 25.04.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 20.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
First Global Stockbroking KAVITA THOMAS sector outperform 5 M #N/A N/A Not Provided 17.05.2012
Cyrrus TOMAS MENCIK buy 5 M 78 Not Provided 05.04.2012
Holdings By:
Amgen Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Amazon.com, Inc. is an online retailer that offers a wide range of products.
The Company's products include books, music, videotapes, computers,
electronics, home and garden, and numerous other products. Amazon offers
personalized shopping services, Web-based credit card payment, and direct
shipping to customers.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (02.07.2013) 286.54
52-Week Low (12.07.2012) 212.62
Daily Volume
282.15
52-Week High % Change -1.36% Dividend Yield 0.00
52-Week Low % Change 32.70% Beta 1.17
% 52 Week Price Range High/Low 96.60% Equity Float 367.60
Shares Out 12.04.2013 455.2 Short Int 7.55
128'446.73 1 Yr Total Return 22.93%
Total Debt 4'385.00 YTD Return 12.35%
Preferred Stock 0.0 Adjusted BETA 1.173
Minority Interest 0.0 Analyst Recs 44
Cash and Equivalents 11'448.00 Consensus Rating 4.273
Enterprise Value 124'243.72
Average Volume 5 Day 670'015
AMZN UW EQUITY YTD Change - Average Volume 30 Day 725'731
AMZN UW EQUITY YTD % CHANGE - Average Volume 3 Month 797'932
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
19'166.0 24'509.0 34'204.0 48'077.0 61'093.0 51'405.0 63'978.0 74'867.9 91'264.1 15'746.1 17'018.5
0.98x 2.19x 2.15x 1.49x 1.75x 6.60x 6.75x 1.64x 1.31x 7.94x 7.29x
1'129.0 1'507.0 1'974.0 1'945.0 2'835.0 2'070.0 3'066.0 4'635.7 6'267.3 964.6 974.4
16.55x 35.69x 37.21x 36.75x 37.68x 41.26x 38.18x 26.89x 19.89x 25.54x 24.22x
645.0 902.0 1'152.0 631.0 (39.0) 561.0 (88.0) 1'425.6 2'399.1 243.6 244.1
36.89x 63.60x 71.15x 126.35x - 167.53x 0.00x 94.18x 54.59x 87.82x 79.23x
EBITDA 2'835.00 Long-Term Rating Date 26.11.2012
EBIT 676.00 Long-Term Rating AA-
Operating Margin 1.11% Long-Term Outlook STABLE
Pretax Margin 0.64% Short-Term Rating Date 13.06.2007
Return on Assets -0.36% Short-Term Rating NR
Return on Common Equity -1.12%
Return on Capital -1.24% EBITDA/Interest Exp. 30.82
Asset Turnover 2.63% (EBITDA-Capex)/Interest Exp. -10.33
Net Debt/EBITDA -1.37
Gross Margin 24.8% Total Debt/EBITDA 1.20
EBITDA Margin 4.8%
EBIT Margin 1.0% Total Debt/Equity 53.5%
Net Income Margin -0.1% Total Debt/Capital 34.9%
Asset Turnover 2.63
Current Ratio 1.12 Net Fixed Asset Turnover 10.38
Quick Ratio 0.78 Accounts receivable turnover-days 12.35
Debt to Assets 13.47% Inventory Days 36.89
Tot Debt to Common Equity 53.53% Accounts Payable Turnover Day 58.99
Accounts Receivable Turnover 29.56 Cash Conversion Cycle -33.57
Inventory Turnover 9.90
Fiscal Year Ended
Amazon.com IncPrice/Volume
Valuation Analysis
185'257.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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50'000.0
60'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BEZOS JEFFREY P n/a Form 4 86'970'020 19.1 (195'151) 15.02.2013 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 42'493'609 9.33 (1'446'850) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20'333'534 4.47 122'327 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 18'890'857 4.15 713'177 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'433'434 3.61 465'988 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 14'810'691 3.25 (466'579) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 13'994'234 3.07 29'788 02.07.2013 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 11'895'369 2.61 30'532 31.03.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 8'235'520 1.81 505'005 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 6'159'628 1.35 (243'527) 31.05.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'000'588 1.32 (217'105) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'813'618 1.28 46'283 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'404'407 1.19 (3'219) 03.07.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'186'053 1.14 139'472 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'666'295 1.03 (112'217) 31.03.2013 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'260'402 0.94 202 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'117'275 0.9 (288'080) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 4'107'855 0.9 (238'428) 31.03.2013 Unclassified
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'392'801 0.75 390'774 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 3'355'648 0.74 526'454 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel JORDAN ROHAN buy 5 M 335 12 month 01.07.2013
ISI Group GREGORY MELICH buy 5 M 320 12 month 01.07.2013
Lazard Capital Markets BRETT FODERO buy 5 M 310 12 month 01.07.2013
Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 350 12 month 28.06.2013
Raymond James AARON M KESSLER market perform 3 M #N/A N/A Not Provided 28.06.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 315 12 month 28.06.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 325 12 month 27.06.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 260 Not Provided 27.06.2013
Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 310 12 month 21.06.2013
Evercore Partners KEN SENA overweight 5 M 330 12 month 20.06.2013
Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 300 12 month 17.06.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 325 12 month 14.06.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 330 12 month 12.06.2013
Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 300 12 month 11.06.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 350 12 month 11.06.2013
Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 10.06.2013
BMO Capital Markets EDWARD S WILLIAMS market perform 3 M 260 Not Provided 07.06.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 325 12 month 05.06.2013
Needham & Co KERRY RICE hold 3 M #N/A N/A Not Provided 03.06.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 295 Not Provided 22.05.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 15.05.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 13.05.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 02.05.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 30.04.2013
Deutsche Bank ROSS SANDLER buy 5 M 335 12 month 26.04.2013
Goldman Sachs HEATH P TERRY buy/attractive 5 M 325 12 month 26.04.2013
Credit Suisse STEPHEN JU outperform 5 M 320 Not Provided 26.04.2013
JPMorgan DOUGLAS ANMUTH neutral 3 M 285 6 month 26.04.2013
Jefferies BRIAN J PITZ buy 5 M 330 12 month 26.04.2013
Pacific Crest Securities CHAD BARTLEY outperform 5 M 330 12 month 26.04.2013
Macquarie BENJAMIN A SCHACHTER outperform 5 M 305 12 month 26.04.2013
B Riley & Co SCOTT TILGHMAN buy 5 M 341 Not Provided 26.04.2013
BGC Partners COLIN W GILLIS hold 3 M 245 12 month 26.04.2013
Nomura ARAM RUBINSON buy 5 M 315 12 month 26.04.2013
Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 26.04.2013
JMP Securities RONALD V JOSEY III market perform 3 M #N/A N/A Not Provided 26.04.2013
S&P Capital IQ MICHAEL SOUERS hold 3 M 300 Not Provided 26.04.2013
Benchmark Company LLC DANIEL L KURNOS buy 5 M 330 12 month 26.04.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 370 12 month 26.04.2013
Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 325 12 month 25.04.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 26.11.2012
McAdams Wright Ragen Inc DAN GEIMAN hold 3 M #N/A N/A Not Provided 26.10.2012
Makor Capital ALBERT SAPORTA sell 1 M 200 Not Provided 03.10.2012
Holdings By:
Amazon.com Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Apache Corporation is an independent energy company. The Company explores for,
develops, and produces natural gas, crude oil, and natural gas liquids. The
Company has operations in the United States, Canada, Egypt, Australia, offshore
the United Kingdom in the North Sea, and Argentina.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.09.2012) 94.83
52-Week Low (22.04.2013) 67.91
Daily Volume
81.98
52-Week High % Change -13.58% Dividend Yield 0.87
52-Week Low % Change 20.72% Beta 1.44
% 52 Week Price Range High/Low 45.77% Equity Float 389.86
Shares Out 30.04.2013 391.9 Short Int 8.67
32'124.39 1 Yr Total Return -8.30%
Total Debt 12'345.00 YTD Return 4.95%
Preferred Stock 1'227.0 Adjusted BETA 1.440
Minority Interest 0.0 Analyst Recs 35
Cash and Equivalents 160.00 Consensus Rating 4.114
Enterprise Value 45'582.39
Average Volume 5 Day 914'070
APA UN EQUITY YTD Change - Average Volume 30 Day 1'091'870
APA UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'022'981
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
12'327.8 8'614.8 12'183.0 16'810.0 16'947.0 17'389.0 16'636.0 17'342.7 18'812.9 4'264.6 4'402.6
2.27x 4.38x 4.50x 2.55x 2.61x 10.60x 10.80x 2.58x 2.35x 10.61x 10.23x
8'988.1 2'963.7 8'792.0 12'397.0 12'051.0 12'798.0 11'662.0 12'023.9 13'132.9 2'958.2 3'083.5
3.11x 12.73x 6.24x 3.46x 3.66x 3.71x 3.75x 3.79x 3.47x 3.68x 3.59x
712.0 (284.4) 3'032.0 4'584.0 2'001.0 4'247.0 1'921.0 3'379.2 3'848.2 816.3 859.4
35.66x 19.64x 13.32x 7.53x 8.43x 8.19x 8.05x 9.74x 8.75x 9.49x 9.17x
EBITDA 12'051.00 Long-Term Rating Date 26.01.2001
EBIT 4'942.00 Long-Term Rating A-
Operating Margin 29.16% Long-Term Outlook STABLE
Pretax Margin 28.78% Short-Term Rating Date 05.05.2000
Return on Assets 3.34% Short-Term Rating A-2
Return on Common Equity 6.23%
Return on Capital 4.87% EBITDA/Interest Exp. 24.15
Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 5.05
Net Debt/EBITDA 1.05
Gross Margin 32.3% Total Debt/EBITDA 1.07
EBITDA Margin 70.1%
EBIT Margin 29.2% Total Debt/Equity 41.0%
Net Income Margin 11.8% Total Debt/Capital 28.3%
Asset Turnover 0.29
Current Ratio 0.90 Net Fixed Asset Turnover 0.33
Quick Ratio 0.59 Accounts receivable turnover-days 68.77
Debt to Assets 20.33% Inventory Days 24.18
Tot Debt to Common Equity 41.01% Accounts Payable Turnover Day 36.15
Accounts Receivable Turnover 5.31 Cash Conversion Cycle 58.11
Inventory Turnover 15.09
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
Apache CorpPrice/Volume
Valuation Analysis
370'335.00
Current Price (7/dd/yy) Market Data
&-&.&0&1&2&3&4&5&6&
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.!2 9
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
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 26'828'098 6.85 (2'487'100) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 21'772'472 5.56 (1'948'907) 03.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 17'824'561 4.55 5'682'668 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 17'684'349 4.51 553'677 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 16'982'469 4.33 (38'001) 02.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 10'786'671 2.75 1'582'385 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 8'496'464 2.17 (23'050) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'117'480 1.56 211'636 31.03.2013 Investment Advisor
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 5'223'542 1.33 455'918 31.03.2013 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 5'013'596 1.28 434'797 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'984'105 1.27 (1'313'173) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 4'080'546 1.04 546'488 31.05.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 3'710'086 0.95 (81'933) 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'036'215 0.77 478'161 03.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'985'347 0.76 (190'295) 31.05.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 2'808'677 0.72 - 31.12.2012 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'642'867 0.67 52'071 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'608'986 0.67 (503'473) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 2'556'942 0.65 39'298 30.04.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 2'537'961 0.65 (142'748) 31.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Guggenheim Securities LLC ROBERT CORDRAY buy 5 M 95 12 month 05.07.2013
Tudor Pickering & Co MATTHEW PORTILLO accumulate 4 M 103 Not Provided 05.07.2013
Sanford C. Bernstein & Co BOB BRACKETT outperform 5 M 103 12 month 03.07.2013
Raymond James JOHN FREEMAN outperform 5 M 100 12 month 03.07.2013
RBC Capital Markets LEO P MARIANI sector perform 3 M 94 12 month 01.07.2013
Clarkson Capital Markets LLC BRIAN W FOOTE outperform 5 M 110 12 month 01.07.2013
Susquehanna Financial Group DUANE GRUBERT Positive 4 M 98 12 month 27.06.2013
Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 26.06.2013
ISI Group JONATHAN WOLFF strong buy 5 M 88 12 month 23.06.2013
Oppenheimer & Co FADEL GHEIT market perform 3 M #N/A N/A Not Provided 21.06.2013
Capital One Southcoast, Inc. RICHARD TULLIS add 4 M 112 Not Provided 18.06.2013
Societe Generale JOHN HERRLIN buy 5 M 100 12 month 13.06.2013
Simmons & Company International PEARCE W HAMMOND overweight 5 M 116 Not Provided 11.06.2013
Deutsche Bank STEPHEN RICHARDSON buy 5 U 105 12 month 05.06.2013
Credit Suisse ARUN JAYARAM outperform 5 M 100 Not Provided 05.06.2013
Argus Research Corp JONATHAN GELCIUS hold 3 M #N/A N/A Not Provided 30.05.2013
Atlantic Equities LLP BARRY MACCARTHY overweight 5 N 105 12 month 29.05.2013
Barclays THOMAS R DRISCOLL overweight 5 M 111 Not Provided 28.05.2013
Stifel AMIR ARIF buy 5 M 90 12 month 24.05.2013
FBR Capital Markets REHAN RASHID market perform 3 M 100 12 month 23.05.2013
Wells Fargo Securities, LLC DAVID R TAMERON outperform 5 M #N/A N/A Not Provided 23.05.2013
Morgan Stanley J EVAN CALIO Equalwt/Attractive 3 M 87 12 month 14.05.2013
Goldman Sachs BRIAN SINGER neutral/attractive 3 M 97 12 month 10.05.2013
Macquarie JOSEPH MAGNER neutral 3 M 96 12 month 10.05.2013
Peters & Co Ltd JEFF MARTIN sector perform 3 M 90 12 month 10.05.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 10.05.2013
Howard Weil Inc PETER KISSEL sector outperform 5 M 97 12 month 09.05.2013
Johnson Rice & Co CHARLES MEADE equalweight 3 M #N/A N/A Not Provided 09.05.2013
Global Hunter Securities CURTIS R TRIMBLE neutral 3 M 88 12 month 09.05.2013
JPMorgan JOSEPH D ALLMAN neutral 3 D 77 6 month 18.04.2013
Alembic Global Advisors JAMES J SULLIVAN neutral 3 M 92 12 month 16.04.2013
S&P Capital IQ MICHAEL KAY strong buy 5 M 116 Not Provided 15.02.2013
Holdings By:
Apache Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Anadarko Petroleum Corporation is an independent oil and gas exploration and
production company with international operations. In the United States, the
Company operates in Texas and surrounding states, the Rocky Mountain region,
Alaska, and the Gulf of Mexico. Internationally, Anadarko has exploration
and/or production operations in Africa, Asia, South America, and the Caribbean.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (20.05.2013) 92.17
52-Week Low (10.07.2012) 64.19
Daily Volume
87.65
52-Week High % Change -4.97% Dividend Yield 0.41
52-Week Low % Change 36.55% Beta 1.37
% 52 Week Price Range High/Low 81.27% Equity Float 499.78
Shares Out 30.04.2013 501.5 Short Int 7.90
43'954.16 1 Yr Total Return 27.52%
Total Debt 13'269.00 YTD Return 18.20%
Preferred Stock 0.0 Adjusted BETA 1.373
Minority Interest 1'253.0 Analyst Recs 34
Cash and Equivalents 2'471.00 Consensus Rating 4.706
Enterprise Value 55'509.16
Average Volume 5 Day 662'143
APC UN EQUITY YTD Change - Average Volume 30 Day 768'535
APC UN EQUITY YTD % CHANGE - Average Volume 3 Month 808'058
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
14'079.0 8'210.0 10'842.0 13'882.0 13'307.0 14'070.0 13'613.0 15'210.6 17'165.0 3'504.8 3'870.8
1.99x 4.93x 4.42x 3.71x 3.70x 13.83x 14.57x 3.63x 3.12x 15.72x 14.20x
7'935.0 3'234.0 5'557.0 7'579.0 6'197.0 7'541.0 6'547.0 9'736.7 11'072.7 2'213.1 2'485.9
3.54x 12.51x 8.62x 6.79x 7.95x 6.96x 8.46x 5.69x 5.01x 5.55x 5.29x
3'260.0 (135.0) 761.0 (2'649.0) 2'391.0 (709.0) 695.0 2'136.7 2'718.1 453.1 531.7
5.69x - 39.83x 7.48x 50.50x 16.30x 18.45x 20.52x 16.09x 19.65x 17.87x
EBITDA 6'197.00 Long-Term Rating Date 08.09.2006
EBIT 2'233.00 Long-Term Rating BBB-
Operating Margin 16.78% Long-Term Outlook POS
Pretax Margin 26.79% Short-Term Rating Date 15.09.2009
Return on Assets 1.29% Short-Term Rating NR
Return on Common Equity 3.36%
Return on Capital 2.79% EBITDA/Interest Exp. 6.44
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. -1.09
Net Debt/EBITDA 1.58
Gross Margin 40.8% Total Debt/EBITDA 2.15
EBITDA Margin 48.1%
EBIT Margin 18.3% Total Debt/Equity 64.3%
Net Income Margin 18.0% Total Debt/Capital 37.7%
Asset Turnover 0.25
Current Ratio 1.70 Net Fixed Asset Turnover 0.35
Quick Ratio 0.99 Accounts receivable turnover-days 37.94
Debt to Assets 25.23% Inventory Days 2.72
Tot Debt to Common Equity 64.32% Accounts Payable Turnover Day 147.02
Accounts Receivable Turnover 9.62 Cash Conversion Cycle -
Inventory Turnover 134.02
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
Anadarko Petroleum CorpPrice/Volume
Valuation Analysis
115'531.00
Current Price (7/dd/yy) Market Data
&-&.&0&1&2&3&4&5&6&
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.!2 9
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0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
.!&&
1!&&
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5!&&
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-.!&&
-1!&&
-3!&&
-5!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 33'522'244 6.68 (244'467) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 31'640'131 6.31 1'715'317 03.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 30'435'232 6.07 3'069'451 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 22'660'736 4.52 806'410 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 21'619'596 4.31 (1'295'693) 02.07.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 15'580'800 3.11 15'580'800 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 13'050'849 2.6 139'256 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'201'757 2.03 63'200 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 9'883'510 1.97 (2'756'634) 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 8'627'305 1.72 (819'047) 04.07.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'784'818 1.55 802'637 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'829'447 1.36 237'252 31.03.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 6'365'321 1.27 (687'942) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'873'278 1.17 596'244 31.03.2013 Investment Advisor
HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 5'702'469 1.14 1'581'000 31.03.2013 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 5'375'346 1.07 - 31.12.2012 Government
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'152'735 1.03 (270'527) 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 4'810'527 0.96 61'676 31.03.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 4'493'988 0.9 342'113 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 3'921'637 0.78 250'485 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tudor Pickering & Co MATTHEW PORTILLO buy 5 M 133 Not Provided 05.07.2013
Sanford C. Bernstein & Co BOB BRACKETT outperform 5 M 100 12 month 03.07.2013
Jefferies SUBASH CHANDRA buy 5 M 111 12 month 02.07.2013
Raymond James ANDREW COLEMAN outperform 5 M 105 12 month 28.06.2013
Guggenheim Securities LLC ROBERT CORDRAY buy 5 M 120 12 month 28.06.2013
ISI Group JONATHAN WOLFF buy 5 M 95 12 month 23.06.2013
Oppenheimer & Co FADEL GHEIT outperform 5 M 100 18 month 21.06.2013
Howard Weil Inc PETER KISSEL focus list 5 M 115 12 month 19.06.2013
Capital One Southcoast, Inc. RICHARD TULLIS strong buy 5 M 139 Not Provided 18.06.2013
Iberia Capital Partners LLC ERIC FOX outperform 5 N 112 12 month 18.06.2013
Societe Generale JOHN HERRLIN buy 5 M 103 12 month 13.06.2013
Simmons & Company International DAVID W KISTLER overweight 5 M 128 Not Provided 11.06.2013
Wells Fargo Securities, LLC DAVID R TAMERON outperform 5 M #N/A N/A Not Provided 10.06.2013
Canaccord Genuity Corp JOHN J GERDES buy 5 M 127 12 month 03.06.2013
JPMorgan JOSEPH D ALLMAN neutral 3 M 98 6 month 30.05.2013
FBR Capital Markets REHAN RASHID market perform 3 M 90 12 month 23.05.2013
Argus Research Corp JONATHAN GELCIUS hold 3 M #N/A N/A Not Provided 20.05.2013
Credit Suisse ARUN JAYARAM outperform 5 M 109 Not Provided 14.05.2013
Barclays THOMAS R DRISCOLL overweight 5 M 102 Not Provided 09.05.2013
Macquarie JOSEPH MAGNER outperform 5 M 97 12 month 08.05.2013
Spin-Off Research TEAM COVERAGE neutral 3 M 86 Not Provided 08.05.2013
S&P Capital IQ MICHAEL KAY buy 5 M 105 Not Provided 08.05.2013
Global Hunter Securities JOHN MALONE buy 5 M 110 12 month 08.05.2013
Deutsche Bank STEPHEN RICHARDSON buy 5 M 101 12 month 07.05.2013
Morgan Stanley J EVAN CALIO Overwt/Attractive 5 M 101 12 month 07.05.2013
Goldman Sachs BRIAN SINGER buy/attractive 5 M 112 12 month 07.05.2013
RBC Capital Markets SCOTT HANOLD outperform 5 M 100 12 month 07.05.2013
Johnson Rice & Co CHARLES MEADE overweight 5 M #N/A N/A Not Provided 07.05.2013
Stifel AMIR ARIF buy 5 M 95 12 month 07.05.2013
Alembic Global Advisors JAMES J SULLIVAN overweight 5 M 108 12 month 16.04.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 27.02.2013
Holdings By:
Anadarko Petroleum Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
American Express Company is a global payment and travel company. The Company's
principal products and services are charge and credit payment card products and
travel-related services offered to consumers and businesses around the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (10.06.2013) 78.60
52-Week Low (15.11.2012) 53.02
Daily Volume
75.62
52-Week High % Change -3.91% Dividend Yield 1.06
52-Week Low % Change 42.63% Beta 1.04
% 52 Week Price Range High/Low 84.28% Equity Float 1'095.57
Shares Out 18.04.2013 1'098.6 Short Int 15.07
83'079.05 1 Yr Total Return 28.95%
Total Debt 62'287.00 YTD Return 32.81%
Preferred Stock 0.0 Adjusted BETA 1.038
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 22'250.00 Consensus Rating 3.455
Enterprise Value 114'840.06
Average Volume 5 Day 1'541'752
AXP UN EQUITY YTD Change - Average Volume 30 Day 1'475'899
AXP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'325'484
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
31'920.0 26'730.0 30'005.0 32'282.0 33'808.0 32'819.0 34'020.0 32'918.0 34'728.0 8'262.2 8'206.5
2.19x 3.23x 3.49x 2.88x 3.06x 11.90x 12.11x 4.20x 4.03x - -
13'646.0 10'413.0 11'624.0 11'355.0 10'563.0 11'307.0 10'635.0 - - - -
5.13x 8.30x 9.02x 8.19x 9.80x 8.93x 9.95x - - - -
2'699.0 2'130.0 4'057.0 4'935.0 4'482.0 5'014.0 4'506.0 5'220.2 5'495.9 1'337.9 1'303.6
6.82x 40.37x 12.58x 11.46x 13.06x 13.75x 15.06x 15.78x 14.23x 15.47x 15.07x
EBITDA 10'563.00 Long-Term Rating Date 30.04.2009
EBIT - Long-Term Rating BBB+
Operating Margin 23.26% Long-Term Outlook STABLE
Pretax Margin 19.08% Short-Term Rating Date 30.04.2009
Return on Assets 2.92% Short-Term Rating A-2
Return on Common Equity 22.76%
Return on Capital 5.65% EBITDA/Interest Exp. -
Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 2.99
Gross Margin - Total Debt/EBITDA 5.62
EBITDA Margin 31.3%
EBIT Margin - Total Debt/Equity 329.8%
Net Income Margin 13.3% Total Debt/Capital 76.7%
Asset Turnover 0.22
Current Ratio - Net Fixed Asset Turnover 9.50
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 40.67% Inventory Days -
Tot Debt to Common Equity 329.81% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
American Express CoPrice/Volume
Valuation Analysis
304'213.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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3!& 9
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
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 151'610'700 13.8 - 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 120'329'060 10.95 (500'000) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 55'571'755 5.06 (711'920) 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 45'213'764 4.12 (985'931) 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 45'114'042 4.11 244'110 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 39'937'627 3.64 (2'398'437) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 29'653'070 2.7 (2'272'081) 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 24'641'183 2.24 (169'023) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 19'942'191 1.82 2'607'284 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 17'398'905 1.58 3'173 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 14'081'678 1.28 (784'674) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 13'129'527 1.2 2'622'138 31.05.2013 Investment Advisor
FISHER INVESTMENTS I FISHER INVESTMENTS 13F 10'807'046 0.98 1'796'698 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 10'169'805 0.93 332'334 31.03.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 9'963'345 0.91 (48'917) 31.03.2013 Hedge Fund Manager
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'958'126 0.82 529'593 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 8'840'646 0.8 334'271 30.04.2013 Investment Advisor
EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 8'741'220 0.8 4'750'320 31.03.2013 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 7'962'831 0.72 - 31.12.2012 Government
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 7'177'716 0.65 809'725 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sandler O'Neill & Partners, LP CHRISTOPHER R DONAT hold 3 M 78 Not Provided 01.07.2013
Evercore Partners BRADLEY BALL equalweight 3 M 76 12 month 01.07.2013
Wells Fargo Securities, LLC JOEL HOUCK market perform 3 M #N/A N/A Not Provided 28.06.2013
Sanford C. Bernstein & Co JOHN E MCDONALD market perform 3 M 78 12 month 26.06.2013
Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 21.06.2013
Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 80 12 month 20.06.2013
Nomura BILL CARCACHE buy 5 M 89 12 month 20.06.2013
Janney Montgomery Scott LLC SAMEER GOKHALE neutral 3 M 78 12 month 19.06.2013
RBC Capital Markets JASON ARNOLD underperform 1 M 54 12 month 18.06.2013
Buckingham Research Group DAVID HOCHSTIM buy 5 M 80 12 month 17.06.2013
Barclays MARK C DEVRIES equalweight 3 D 82 Not Provided 14.06.2013
William Blair & Co ROBERT P NAPOLI outperform 5 M #N/A N/A Not Provided 13.06.2013
Oppenheimer & Co BEN CHITTENDEN market perform 3 N #N/A N/A Not Provided 12.06.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 84 12 month 04.06.2013
S&P Capital IQ SONIA PARECHANIAN strong buy 5 M 96 Not Provided 31.05.2013
Goldman Sachs RYAN M. NASH neutral/attractive 3 M 76 12 month 20.05.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 U 77 Not Provided 17.05.2013
FBR Capital Markets SCOTT VALENTIN market perform 3 M 62 12 month 15.05.2013
Guggenheim Securities LLC DAVID W DARST neutral 3 M 70 12 month 14.05.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 80 12 month 09.05.2013
Argus Research Corp DAVID RITTER buy 5 M 80 12 month 29.04.2013
Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 68 12 month 18.04.2013
JPMorgan RICHARD SHANE JR underweight 1 M 63 6 month 18.04.2013
Jefferies DANIEL FURTADO hold 3 M 62 12 month 18.04.2013
Stifel CHRISTOPHER C BRENDLER hold 3 M #N/A N/A Not Provided 18.04.2013
Portales Partners WILLIAM H RYAN underperform 1 M #N/A N/A Not Provided 18.04.2013
Piper Jaffray MICHAEL J GRONDAHL neutral 3 M 65 12 month 18.04.2013
Credit Suisse MOSHE A ORENBUCH underperform 1 M 61 Not Provided 17.04.2013
Sterne, Agee & Leach HENRY J COFFEY JR not rated #N/A N/A M #N/A N/A Not Provided 15.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 17.10.2012
Holdings By:
American Express Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
The Boeing Company, together with its subsidiaries, develops, produces, and
markets commercial jet aircraft, as well as provides related support services to
the commercial airline industry worldwide. The Company also researches,
develops, produces, modifies, and supports information, space, and defense
systems, including military aircraft, helicopters and space and missile systems.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (18.06.2013) 104.15
52-Week Low (20.09.2012) 69.04
Daily Volume
102.95
52-Week High % Change -1.10% Dividend Yield 1.76
52-Week Low % Change 49.12% Beta 1.13
% 52 Week Price Range High/Low 96.41% Equity Float 755.38
Shares Out 17.04.2013 758.7 Short Int 9.72
78'106.23 1 Yr Total Return 41.96%
Total Debt 10'409.00 YTD Return 38.21%
Preferred Stock 0.0 Adjusted BETA 1.132
Minority Interest 100.0 Analyst Recs 31
Cash and Equivalents 13'558.00 Consensus Rating 4.484
Enterprise Value 75'522.23
Average Volume 5 Day 1'085'586
BA UN EQUITY YTD Change - Average Volume 30 Day 1'194'251
BA UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'100'373
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
60'909.0 68'281.0 64'306.0 68'735.0 81'698.0 73'208.0 81'208.0 83'895.5 91'774.8 20'597.1 21'511.0
0.56x 0.60x 0.78x 0.81x 0.66x 2.99x 2.78x 0.89x 0.80x 3.73x 3.53x
5'437.0 3'786.0 6'692.0 7'480.0 8'118.0 8'092.0 8'057.0 8'150.4 9'265.1 1'959.6 1'970.3
6.26x 10.86x 7.47x 7.46x 6.64x 7.03x 7.76x 9.27x 8.15x 9.13x 8.79x
2'672.0 1'312.0 3'307.0 4'018.0 3'900.0 4'355.0 4'083.0 4'334.5 4'905.7 1'023.2 1'023.5
6.87x 28.31x 15.41x 15.38x 14.76x 14.30x 16.20x 16.23x 14.55x 16.00x 15.39x
EBITDA 8'118.00 Long-Term Rating Date 29.07.2009
EBIT 6'307.00 Long-Term Rating A
Operating Margin 7.72% Long-Term Outlook STABLE
Pretax Margin 7.23% Short-Term Rating Date 05.02.2002
Return on Assets 4.79% Short-Term Rating A-1
Return on Common Equity 65.39%
Return on Capital 26.23% EBITDA/Interest Exp. 15.12
Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. 11.95
Net Debt/EBITDA -0.33
Gross Margin 16.0% Total Debt/EBITDA 1.14
EBITDA Margin 9.9%
EBIT Margin 7.7% Total Debt/Equity 177.4%
Net Income Margin 4.8% Total Debt/Capital 63.6%
Asset Turnover 0.95
Current Ratio 1.27 Net Fixed Asset Turnover 8.49
Quick Ratio 0.43 Accounts receivable turnover-days 30.69
Debt to Assets 11.71% Inventory Days 196.40
Tot Debt to Common Equity 177.42% Accounts Payable Turnover Day 45.19
Accounts Receivable Turnover 11.89 Cash Conversion Cycle 170.08
Inventory Turnover 1.86
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
Boeing Co/ThePrice/Volume
Valuation Analysis
175'237.00
Current Price (7/dd/yy) Market Data
&
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 127'714'807 16.83 10'807'207 31.03.2013 Investment Advisor
EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 58'386'241 7.7 (5'680'405) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 39'198'348 5.17 (1'261'110) 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'607'508 4.43 1'203'025 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 32'450'995 4.28 (235'453) 02.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 29'590'518 3.9 (1'600'870) 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'816'097 1.69 152'998 31.03.2013 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 12'375'078 1.63 12'375'078 31.03.2013 Hedge Fund Manager
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 12'278'777 1.62 816'664 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'901'818 1.31 317'528 31.03.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'726'165 1.28 860'266 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 8'778'107 1.16 429'526 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'414'497 1.11 415'223 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 8'013'999 1.06 975'668 31.03.2013 Unclassified
WELLS FARGO n/a ULT-AGG 6'755'732 0.89 1'491'418 30.04.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 6'695'907 0.88 19'121 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 6'691'467 0.88 (254'143) 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'296'656 0.83 (2'256'367) 31.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 4'693'498 0.62 (172'021) 30.04.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'638'474 0.61 163'857 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies HOWARD A RUBEL buy 5 M 115 12 month 05.07.2013
Stifel STEPHEN E LEVENSON buy 5 M 115 12 month 03.07.2013
Oppenheimer & Co YAIR REINER outperform 5 M 120 18 month 03.07.2013
Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN outperform 5 M #N/A N/A Not Provided 03.07.2013
Cowen and Company CAI VON RUMOHR outperform 5 M 125 12 month 02.07.2013
Sterne, Agee & Leach PETER J ARMENT buy 5 M 120 12 month 01.07.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED outperform 5 M 123 12 month 28.06.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 115 Not Provided 25.06.2013
Gabelli & Co JAMES FOUNG buy 5 M #N/A N/A Not Provided 25.06.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 116 12 month 21.06.2013
D.A. Davidson & Co JB GROH neutral 3 M 105 18 month 20.06.2013
Deutsche Bank MYLES WALTON buy 5 M 120 12 month 19.06.2013
Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 18.06.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 110 12 month 17.06.2013
Morgan Stanley JOHN D GODYN Overwt/Attractive 5 N 120 12 month 14.06.2013
Imperial Capital LLC KEN HERBERT in-line 3 M 98 12 month 12.06.2013
JPMorgan JOSEPH B NADOL III overweight 5 M 133 6 month 11.06.2013
Credit Suisse ROBERT M SPINGARN outperform 5 M 121 Not Provided 04.06.2013
Goldman Sachs NOAH POPONAK buy/attractive 5 M 115 12 month 30.05.2013
Buckingham Research Group RICHARD SAFRAN buy 5 M 120 12 month 28.05.2013
Barclays CARTER COPELAND overweight 5 M 110 Not Provided 17.05.2013
Societe Generale ZAFAR KHAN hold 3 M 94 Not Provided 10.05.2013
BB&T Capital Markets F CARTER LEAKE buy 5 U 110 12 month 26.04.2013
CRT Capital Group MICHAEL W DERCHIN buy 5 M 105 Not Provided 26.04.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 25.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 13.03.2013
S&P Capital IQ RICHARD TORTORIELLO hold 3 M 82 Not Provided 17.01.2013
EarlyBirdCapital Inc ALEX P HAMILTON buy 5 M 88 12 month 18.07.2012
Holdings By:
Boeing Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Bank of America Corporation accepts deposits and offers banking, investing,
asset management, and other financial and risk-management products and
services. The Company has a mortgage lending subsidiary, and an investment
banking and securities brokerage subsidiary.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (31.05.2013) 13.99
52-Week Low (23.07.2012) 6.90
Daily Volume
12.96
52-Week High % Change -7.36% Dividend Yield 0.31
52-Week Low % Change 87.83% Beta 1.58
% 52 Week Price Range High/Low 83.64% Equity Float 10'775.05
Shares Out 03.05.2013 10'780.4 Short Int 122.99
139'713.69 1 Yr Total Return 61.42%
Total Debt 673'162.00 YTD Return 11.91%
Preferred Stock 18'768.0 Adjusted BETA 1.583
Minority Interest 0.0 Analyst Recs 41
Cash and Equivalents 349'370.00 Consensus Rating 3.390
Enterprise Value -
Average Volume 5 Day 13'182'717
BAC UN EQUITY YTD Change - Average Volume 30 Day 20'053'696
BAC UN EQUITY YTD % CHANGE - Average Volume 3 Month 19'870'438
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
113'106.0 153'286.0 135'161.0 115'373.0 100'078.0 109'598.0 99'840.0 90'943.0 92'303.9 22'633.7 22'434.9
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
4'008.0 6'276.0 (2'238.0) 1'446.0 4'188.0 50.0 5'018.0 10'295.8 14'573.9 3'006.9 2'673.7
24.70x 15.25x 14.70x 22.58x 10.29x 10.96x 12.81x 13.63x 9.74x 12.20x 11.32x
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A-
Operating Margin 12.15% Long-Term Outlook NEG
Pretax Margin 3.69% Short-Term Rating Date 29.11.2011
Return on Assets 0.23% Short-Term Rating A-2
Return on Common Equity 1.64%
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 308.5%
Net Income Margin 5.0% Total Debt/Capital 74.0%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 8.25
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 30.46% Inventory Days -
Tot Debt to Common Equity 308.52% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bank of America CorpPrice/Volume
Valuation Analysis
3'281'047.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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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
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 572'394'436 5.31 40'881'425 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 479'318'548 4.45 15'501'946 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 459'729'981 4.26 5'468'312 02.07.2013 Investment Advisor
CITIGROUP INCORPORAT n/a ULT-AGG 177'288'479 1.64 (47'924'482) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 166'760'805 1.55 43'456'150 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 162'027'710 1.5 (84'947'864) 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 144'154'448 1.34 13'419'434 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 142'985'000 1.33 - 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 141'688'014 1.31 5'413'066 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 127'482'788 1.18 (2'950'541) 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 107'954'481 1 (9'567'070) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 103'211'969 0.96 (56'129'534) 31.03.2013 Investment Advisor
FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 100'589'215 0.93 82'500 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 96'860'484 0.9 10'112'559 30.04.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 88'104'026 0.82 (54'854'608) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 77'988'479 0.72 - 31.12.2012 Government
DIMENSIONAL FUND ADV n/a ULT-AGG 74'274'780 0.69 8'311'809 31.03.2013 Investment Advisor
ING GROEP NV ING GROEP NV 13F 73'845'089 0.68 25'290'924 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 73'429'434 0.68 2'107'094 31.03.2013 Investment Advisor
KOREA INVESTMENT COR KOREA INVESTMENT COR 13F 73'090'645 0.68 (622'600) 31.03.2013 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James ANTHONY J POLINI strong buy 5 M 15 12 month 03.07.2013
Robert W. Baird & Co DAVID A GEORGE neutral 3 M 12 12 month 02.07.2013
Sanford C. Bernstein & Co JOHN E MCDONALD market perform 3 M 14 12 month 02.07.2013
Evercore Partners ANDREW A MARQUARDT overweight 5 M 15 12 month 02.07.2013
Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 16 12 month 02.07.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 28.06.2013
Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO market perform 3 M 14 12 month 26.06.2013
Macquarie DAVID J KONRAD underperform 1 M 12 12 month 26.06.2013
Sterne, Agee & Leach TODD L HAGERMAN neutral 3 M 13 12 month 21.06.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 18 12 month 21.06.2013
Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 21.06.2013
Edward Jones SHANNON L STEMM buy 5 M #N/A N/A Not Provided 20.06.2013
SunTrust Robinson Humphrey ERIC E WASSERSTROM neutral 3 M 14 12 month 20.06.2013
Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 M 16 12 month 16.06.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 16 12 month 14.06.2013
Atlantic Equities LLP RICHARD STAITE overweight 5 M 17 12 month 12.06.2013
Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 10.06.2013
JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 03.06.2013
R.W. Pressprich & Co BRIAN CHARLES buy 5 M 16 Not Provided 30.05.2013
Goldman Sachs RICHARD N RAMSDEN neutral/attractive 3 M 14 12 month 24.05.2013
Deutsche Bank MATTHEW D O'CONNOR hold 3 M 13 12 month 15.05.2013
RBC Capital Markets JOSEPH K MORFORD outperform 5 M 14 12 month 15.05.2013
Credit Suisse MOSHE A ORENBUCH neutral 3 M 12 Not Provided 14.05.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE underperform 1 M 12 Not Provided 13.05.2013
Barclays JASON M GOLDBERG equalweight 3 M 14 Not Provided 08.05.2013
Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 M 13 12 month 07.05.2013
Scotia Capital KEVIN R CHOQUETTE sector outperform 5 M 16 12 month 06.05.2013
Nomura GLENN P SCHORR neutral 3 M 12 12 month 06.05.2013
JPMorgan VIVEK JUNEJA overweight 5 M 14 6 month 26.04.2013
Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 19.04.2013
FBR Capital Markets PAUL J MILLER JR market perform 3 M 12 12 month 18.04.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 13 12 month 18.04.2013
Buckingham Research Group JAMES F MITCHELL buy 5 M 15 12 month 18.04.2013
S&P Capital IQ ERIK M OJA hold 3 M 13 Not Provided 17.04.2013
Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 09.04.2013
HSBC ROBERT MURPHY underweight 1 M 10 Not Provided 26.03.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 17.10.2012
Phillip Securities MAGDALENE CHOONG neutral 3 M #N/A N/A Not Provided 26.01.2011
Holdings By:
Bank of America Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Baxter International Inc. develops, manufactures, and markets products and
technologies related to hemophilia, immune disorders, infectious diseases,
kidney disease, trauma and other chronic and acute medical conditions. The
Company's products are used by hospitals, kidney dialysis centers, nursing
homes, rehabilitation centers, doctors' offices, and research laboratories.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (20.05.2013) 73.95
52-Week Low (09.07.2012) 53.49
Daily Volume
69.35
52-Week High % Change -6.18% Dividend Yield 2.43
52-Week Low % Change 29.65% Beta 0.92
% 52 Week Price Range High/Low 77.76% Equity Float 540.85
Shares Out 26.04.2013 542.0 Short Int 4.43
37'584.38 1 Yr Total Return 31.56%
Total Debt 5'930.00 YTD Return 5.45%
Preferred Stock 0.0 Adjusted BETA 0.917
Minority Interest 40.0 Analyst Recs 21
Cash and Equivalents 3'270.00 Consensus Rating 4.429
Enterprise Value 40'802.37
Average Volume 5 Day 901'603
BAX UN EQUITY YTD Change - Average Volume 30 Day 762'021
BAX UN EQUITY YTD % CHANGE - Average Volume 3 Month 801'308
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
12'348.0 12'562.0 12'843.0 13'893.0 14'190.0 13'997.0 14'250.0 15'463.3 16'928.5 3'703.2 3'996.7
2.81x 2.93x 2.44x 2.18x 2.76x 9.80x 10.51x 2.77x 2.48x 11.94x 11.00x
3'195.0 3'515.0 2'821.0 3'616.0 3'533.0 3'581.0 3'563.0 4'231.5 4'718.4 980.4 1'064.2
10.84x 10.49x 11.11x 8.38x 11.07x 10.14x 11.96x 9.65x 8.65x 9.27x 8.71x
2'014.0 2'205.0 1'420.0 2'224.0 2'326.0 2'242.0 2'290.0 2'556.6 2'819.1 619.6 642.4
15.86x 15.40x 12.54x 11.59x 14.72x 13.87x 15.87x 14.89x 13.43x 14.51x 14.04x
EBITDA 3'533.00 Long-Term Rating Date 06.12.2012
EBIT 2'821.00 Long-Term Rating A
Operating Margin 19.88% Long-Term Outlook STABLE
Pretax Margin 20.36% Short-Term Rating Date 24.10.2008
Return on Assets 11.71% Short-Term Rating A-1
Return on Common Equity 33.46%
Return on Capital 19.37% EBITDA/Interest Exp. 16.28
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 10.93
Net Debt/EBITDA 0.89
Gross Margin 51.5% Total Debt/EBITDA 1.65
EBITDA Margin 25.0%
EBIT Margin 20.0% Total Debt/Equity 85.5%
Net Income Margin 16.4% Total Debt/Capital 45.9%
Asset Turnover 0.73
Current Ratio 1.95 Net Fixed Asset Turnover 2.41
Quick Ratio 1.20 Accounts receivable turnover-days 59.68
Debt to Assets 29.08% Inventory Days 150.61
Tot Debt to Common Equity 85.47% Accounts Payable Turnover Day 207.93
Accounts Receivable Turnover 6.12 Cash Conversion Cycle 166.31
Inventory Turnover 2.42
Fiscal Year Ended
Baxter International IncPrice/Volume
Valuation Analysis
123'923.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 42'234'855 7.79 (13'932'300) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 28'366'681 5.23 849'922 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 25'747'898 4.75 475'992 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 25'538'072 4.71 106'807 02.07.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 18'049'024 3.33 (1'785'777) 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 13'240'194 2.44 72'700 31.03.2013 Insurance Company
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 11'242'229 2.07 (912'697) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 11'117'995 2.05 (512'471) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'118'920 1.68 (1'222'553) 31.03.2013 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 9'007'804 1.66 1'051'585 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'596'618 1.59 99'392 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 8'565'433 1.58 177'093 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 8'393'805 1.55 2'165'142 31.05.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 8'338'413 1.54 575'004 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'424'437 1.37 79'795 31.03.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 7'077'362 1.31 92'310 30.04.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 6'718'327 1.24 - 31.03.2013 Insurance Company
UBS n/a ULT-AGG 5'966'299 1.1 623'787 31.03.2013 Unclassified
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'891'633 0.9 (62'733) 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 4'843'197 0.89 (1'138'215) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley DAVID R LEWIS Overwt/In-Line 5 M 81 12 month 02.07.2013
Cowen and Company JOSHUA JENNINGS outperform 5 M 78 12 month 02.07.2013
BMO Capital Markets JOANNE K WUENSCH outperform 5 M 77 Not Provided 01.07.2013
Raymond James LAWRENCE S KEUSCH outperform 5 M 75 12 month 01.07.2013
Piper Jaffray MATT MIKSIC overweight 5 M 81 12 month 27.06.2013
Edward Jones JEFF WINDAU buy 5 M #N/A N/A Not Provided 26.06.2013
Sanford C. Bernstein & Co DERRICK SUNG outperform 5 M 82 12 month 12.06.2013
RBC Capital Markets GLENN J NOVARRO outperform 5 M 72 12 month 11.06.2013
Leerink Swann & Co DANIELLE ANTALFFY outperform 5 M #N/A N/A Not Provided 02.06.2013
Deutsche Bank KRISTEN M STEWART hold 3 M 75 12 month 07.05.2013
William Blair & Co BENJAMIN C ANDREW market perform 3 M #N/A N/A Not Provided 07.05.2013
Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 07.05.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 76 Not Provided 07.05.2013
Barclays MATTHEW TAYLOR overweight 5 U 76 Not Provided 07.05.2013
Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 M #N/A N/A Not Provided 19.04.2013
JPMorgan MICHAEL N WEINSTEIN restricted #N/A N/A M #N/A N/A Not Provided 18.04.2013
CL King & Associates ROBERT M GOLDMAN neutral 3 M #N/A N/A Not Provided 18.04.2013
Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 03.04.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 05.03.2013
Goldman Sachs DAVID H ROMAN not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012
Maxim Group LLC ANTHONY PETRONE not rated #N/A N/A M #N/A N/A Not Provided 16.10.2009
Holdings By:
Baxter International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
The Bank of New York Mellon Corporation (BNY Mellon) is a global financial
services company. The Company provides financial services for institutions,
corporations and high-net-worth individuals, providing asset management and
wealth management, asset servicing, issuer services, clearing services and
treasury services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (31.05.2013) 30.84
52-Week Low (24.07.2012) 20.13
Daily Volume
29.02
52-Week High % Change -5.84% Dividend Yield 1.79
52-Week Low % Change 44.16% Beta 1.33
% 52 Week Price Range High/Low 78.43% Equity Float 1'152.55
Shares Out 31.03.2013 1'160.6 Short Int 10.92
33'681.97 1 Yr Total Return 32.68%
Total Debt 62'098.00 YTD Return 14.07%
Preferred Stock 1'068.0 Adjusted BETA 1.328
Minority Interest 1'011.0 Analyst Recs 28
Cash and Equivalents 145'340.00 Consensus Rating 3.214
Enterprise Value -
Average Volume 5 Day 2'048'041
BK UN EQUITY YTD Change - Average Volume 30 Day 1'673'813
BK UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'485'151
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
16'238.0 8'279.0 14'920.0 15'804.0 15'089.0 15'370.0 15'005.0 14'743.4 15'396.1 3'727.0 3'701.2
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'386.0 (1'367.0) 2'518.0 2'516.0 2'445.0 2'510.0 1'573.0 2'461.9 2'799.5 666.1 670.9
8.77x - 13.21x 9.37x 11.09x 11.03x 12.28x 12.89x 11.38x 12.54x 12.18x
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A+
Operating Margin 26.53% Long-Term Outlook NEG
Pretax Margin 22.69% Short-Term Rating Date 29.11.2011
Return on Assets 0.48% Short-Term Rating A-1
Return on Common Equity 4.40%
Return on Capital 1.69% 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 175.6%
Net Income Margin 16.8% Total Debt/Capital 62.4%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 8.99
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.30% Inventory Days -
Tot Debt to Common Equity 175.60% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bank of New York Mellon Corp/ThePrice/Volume
Valuation Analysis
326'791.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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4'000.0
6'000.0
8'000.0
10'000.0
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14'000.0
16'000.0
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 90'882'620 7.83 (4'003'582) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 69'231'992 5.96 (69'182) 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 63'782'833 5.5 3'066'473 03.07.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 60'547'154 5.22 (1'313'141) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 52'181'793 4.5 (14'336) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 50'497'239 4.35 (618'431) 02.07.2013 Investment Advisor
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 43'932'417 3.79 (1'075'306) 31.03.2013 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 26'830'128 2.31 160'172 31.03.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 24'450'290 2.11 41'600 31.03.2013 Hedge Fund Manager
CI INVESTMENTS INC CI INVESTMENTS INC 13F 19'385'000 1.67 - 31.03.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 18'939'115 1.63 (694'800) 31.03.2013 Investment Advisor
LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 17'533'891 1.51 316'050 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'596'588 1.43 470'458 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 15'774'800 1.36 (330'363) 04.07.2013 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 13'716'297 1.18 564'750 31.03.2013 Investment Advisor
MAGELLAN ASSET MANAG MAGELLAN ASSET MANAG 13F 11'728'073 1.01 6'081'149 31.03.2013 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'287'780 0.97 (230'785) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'861'899 0.94 (322'614) 31.03.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 10'097'313 0.87 (147'904) 31.05.2013 Investment Advisor
THIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 9'570'525 0.82 (720'305) 31.03.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ market perform 3 M 27 12 month 03.07.2013
ISI Group BRIAN BEDELL neutral 3 M 29 12 month 02.07.2013
Guggenheim Securities LLC MARTY L MOSBY III neutral 3 M 33 12 month 02.07.2013
Jefferies KENNETH M USDIN hold 3 M 31 12 month 01.07.2013
Evercore Partners ANDREW A MARQUARDT equalweight 3 M 30 12 month 01.07.2013
Credit Suisse HOWARD H CHEN neutral 3 M 28 Not Provided 26.06.2013
Keefe, Bruyette & Woods ROBERT A LEE market perform 3 M 30 12 month 26.06.2013
Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 M 30 12 month 24.06.2013
Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 21.06.2013
JPMorgan VIVEK JUNEJA neutral 3 M 31 6 month 20.06.2013
Raymond James DAVID J LONG outperform 5 M 33 12 month 10.06.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 31 Not Provided 05.06.2013
Goldman Sachs ALEXANDER BLOSTEIN Sell/Neutral 1 M 26 12 month 04.06.2013
Macquarie JOHN MORAN neutral 3 M 33 12 month 21.05.2013
Barclays JASON M GOLDBERG overweight 5 M 30 Not Provided 10.05.2013
Portales Partners CHARLES W PEABODY sector perform 3 M #N/A N/A Not Provided 02.05.2013
Argus Research Corp DAVID RITTER buy 5 M 35 Not Provided 19.04.2013
Nomura GLENN P SCHORR neutral 3 M 26 12 month 19.04.2013
Morgan Stanley BETSY L GRASECK Underwt/Attractive 1 M 25 12 month 18.04.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 18.04.2013
RBC Capital Markets GERARD S CASSIDY sector perform 3 M 28 12 month 17.04.2013
Buckingham Research Group JAMES F MITCHELL buy 5 M 32 12 month 17.04.2013
S&P Capital IQ SONIA PARECHANIAN hold 3 M 33 12 month 08.03.2013
Stifel J JEFFREY HOPSON hold 3 M #N/A N/A Not Provided 18.10.2012
Holdings By:
Bank of New York Mellon Corp/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company
develops, licenses, manufactures, markets, and sells pharmaceutical and
nutritional products. Bristol-Myers Squibb products and experimental therapies
address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis,
hepatitis, organ transplant rejection, and psychiatric disorders.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (03.06.2013) 49.57
52-Week Low (15.11.2012) 30.64
Daily Volume
44.02
52-Week High % Change -11.26% Dividend Yield 3.13
52-Week Low % Change 43.67% Beta 0.64
% 52 Week Price Range High/Low 66.98% Equity Float 1'640.10
Shares Out 31.03.2013 1'642.6 Short Int 33.68
72'305.14 1 Yr Total Return 30.87%
Total Debt 7'394.00 YTD Return 38.78%
Preferred Stock 0.0 Adjusted BETA 0.641
Minority Interest 15.0 Analyst Recs 22
Cash and Equivalents 6'352.00 Consensus Rating 3.545
Enterprise Value 74'464.14
Average Volume 5 Day 2'968'257
BMY UN EQUITY YTD Change - Average Volume 30 Day 2'973'886
BMY UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'537'586
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
17'715.0 18'808.0 19'484.0 21'244.0 17'621.0 21'484.0 16'201.0 16'418.4 17'773.4 4'075.6 4'080.5
2.49x 2.10x 2.07x 2.50x 3.07x 9.23x 14.58x 4.77x 4.39x - -
4'382.0 5'646.0 6'722.0 7'448.0 4'771.0 7'724.0 3'610.0 4'146.8 4'938.4 981.0 963.0
10.08x 7.01x 6.01x 7.13x 11.36x 6.93x 19.25x 17.87x 15.01x - -
5'247.0 10'612.0 3'102.0 3'709.0 1'960.0 3'824.0 1'468.0 2'968.3 3'471.4 731.2 763.7
15.60x 13.65x 12.26x 16.31x 16.38x 11.56x 24.66x 24.17x 20.51x 23.12x 22.88x
EBITDA 4'771.00 Long-Term Rating Date 06.09.2006
EBIT 4'090.00 Long-Term Rating A+
Operating Margin 23.21% Long-Term Outlook STABLE
Pretax Margin 13.28% Short-Term Rating Date 31.05.2012
Return on Assets 4.29% Short-Term Rating A-1+
Return on Common Equity 9.79%
Return on Capital - EBITDA/Interest Exp. 26.21
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 23.20
Net Debt/EBITDA 0.59
Gross Margin 73.8% Total Debt/EBITDA 2.19
EBITDA Margin 22.3%
EBIT Margin 17.9% Total Debt/Equity 54.3%
Net Income Margin 11.1% Total Debt/Capital 35.2%
Asset Turnover 0.47
Current Ratio 1.15 Net Fixed Asset Turnover 3.32
Quick Ratio 0.71 Accounts receivable turnover-days 77.96
Debt to Assets 20.60% Inventory Days 135.89
Tot Debt to Common Equity 54.28% Accounts Payable Turnover Day 173.41
Accounts Receivable Turnover 4.68 Cash Conversion Cycle 11.53
Inventory Turnover 2.69
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
Bristol-Myers Squibb CoPrice/Volume
Valuation Analysis
244'869.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 156'463'554 9.53 11'679'882 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 107'308'870 6.53 5'976'238 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 75'687'497 4.61 2'435'470 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 67'337'668 4.1 102'788 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 40'450'429 2.46 6'866'906 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 27'866'720 1.7 (2'125'881) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 26'110'337 1.59 796'121 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 25'494'507 1.55 928'900 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 18'884'522 1.15 9'101'376 31.05.2013 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 18'753'434 1.14 7'645'445 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 18'442'773 1.12 (776'242) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 18'159'382 1.11 (2'057'463) 03.07.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 17'987'881 1.1 3'897'592 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 15'404'880 0.94 1'849'414 31.03.2013 Investment Advisor
LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 15'189'287 0.92 (165'810) 31.03.2013 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 14'115'900 0.86 853'400 31.03.2013 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 13'547'101 0.82 - 31.12.2012 Government
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'612'269 0.77 9'362 31.03.2013 Investment Advisor
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 11'870'665 0.72 1'330'604 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 11'076'442 0.67 151'188 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 45 12 month 02.07.2013
SunTrust Robinson Humphrey JOHN T BORIS buy 5 M 55 12 month 01.07.2013
JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 48 6 month 01.07.2013
Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 27.06.2013
Cowen and Company STEVEN R SCALA outperform 5 M 55 12 month 27.06.2013
Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 21.06.2013
William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 20.06.2013
Jefferies JEFFREY HOLFORD buy 5 M 53 12 month 11.06.2013
BMO Capital Markets ALEX ARFAEI market perform 3 M 50 Not Provided 04.06.2013
Goldman Sachs JAMI E RUBIN buy/attractive 5 M 55 12 month 03.06.2013
MKM Partners JON LECROY sell 1 M 29 12 month 03.06.2013
Atlantic Equities LLP RICHARD J PURKISS neutral 3 M 36 12 month 31.05.2013
Morgan Stanley DAVID R RISINGER Equalwt/In-Line 3 M 35 12 month 16.05.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 16.05.2013
Argus Research Corp JOHN M EADE buy 5 M 46 Not Provided 02.05.2013
Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 25.04.2013
S&P Capital IQ HERMAN SAFTLAS hold 3 M 42 Not Provided 25.04.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 42 Not Provided 25.04.2013
ISI Group MARK J SCHOENEBAUM neutral 3 M 36 Not Provided 10.04.2013
Cyrrus TOMAS MENCIK sell 1 M 32 Not Provided 05.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA underperform 1 M 26 Not Provided 31.01.2012
Holdings By:
Bristol-Myers Squibb Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety
of business sectors. The Company's principal operations are insurance business
conducted nationwide on a primary basis and worldwide on a reinsurance basis.
Berkshire's other operations include a railway company, a specialty chemical
company, and an international association of diversified businesses.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (10.06.2013) 115.97
52-Week Low (01.08.2012) 82.12
Daily Volume
113.43
52-Week High % Change -2.23% Dividend Yield -
52-Week Low % Change 38.13% Beta 0.87
% 52 Week Price Range High/Low 90.13% Equity Float 1'041.61
Shares Out 25.04.2013 1'128.4 Short Int 15.16
279'644.16 1 Yr Total Return 35.39%
Total Debt 62'736.00 YTD Return 26.45%
Preferred Stock 0.0 Adjusted BETA 0.868
Minority Interest 3'941.0 Analyst Recs 3
Cash and Equivalents 186'759.00 Consensus Rating 3.000
Enterprise Value 148'647.16
Average Volume 5 Day 1'154'413
BRK/B UN EQUITY YTD Change - Average Volume 30 Day 1'642'148
BRK/B UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'523'452
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
107'786.0 112'493.0 136'185.0 143'688.0 162'463.0 148'115.0 168'183.0 - - - -
0.58x 0.35x 0.78x 0.64x 0.62x 2.37x 2.51x - - - -
11'708.0 15'985.0 25'185.0 22'008.0 29'524.0 24'862.0 31'989.0 - - - -
5.38x 2.48x 4.23x 4.15x 3.39x 3.63x 3.93x - - - -
4'994.0 8'055.0 12'967.0 10'254.0 14'824.0 11'988.0 16'471.0 - - - -
- - - - - 0.00x 0.00x - - - -
EBITDA 29'524.00 Long-Term Rating Date -
EBIT 24'378.00 Long-Term Rating AA
Operating Margin 15.01% Long-Term Outlook NEG
Pretax Margin 13.69% Short-Term Rating Date -
Return on Assets 3.86% Short-Term Rating -
Return on Common Equity 8.81%
Return on Capital 7.27% EBITDA/Interest Exp. 13.78
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 9.22
Net Debt/EBITDA -4.22
Gross Margin 23.5% Total Debt/EBITDA 1.98
EBITDA Margin 19.0%
EBIT Margin 15.9% Total Debt/Equity 33.4%
Net Income Margin 9.1% Total Debt/Capital 24.7%
Asset Turnover 0.39
Current Ratio 1.49 Net Fixed Asset Turnover 1.61
Quick Ratio 1.43 Accounts receivable turnover-days 77.46
Debt to Assets 14.68% Inventory Days 26.87
Tot Debt to Common Equity 33.43% Accounts Payable Turnover Day 95.18
Accounts Receivable Turnover 4.71 Cash Conversion Cycle 3.83
Inventory Turnover 13.58
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
Berkshire Hathaway IncPrice/Volume
Valuation Analysis
330'123.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GATES FOUNDATION BILL & MELINDA FOUND 13F 80'831'373 7.16 (6'250'000) 31.03.2013 Endowment
GATES FOUNDATION n/a Research 80'831'373 7.16 - 31.03.2013 Endowment
BLACKROCK n/a ULT-AGG 80'574'523 7.14 3'504'853 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 74'358'654 6.59 (1'469'863) 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 60'047'926 5.32 5'117'354 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 21'622'285 1.92 830'354 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 18'831'232 1.67 955'203 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 17'522'564 1.55 (775'887) 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 12'340'120 1.09 279'959 31.03.2013 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 10'892'685 0.97 425'906 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 9'439'478 0.84 149'829 31.03.2013 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 7'785'571 0.69 2'539'485 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 7'326'012 0.65 (1'420'308) 31.05.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 7'139'684 0.63 505'029 31.03.2013 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 7'137'480 0.63 74'052 31.03.2013 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 6'213'812 0.55 (1'432'053) 31.03.2013 Hedge Fund Manager
BANK OF AMERICA CORP BANK OF AMERICA 13F 6'047'922 0.54 (56'235) 31.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 5'986'359 0.53 289'699 30.04.2013 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 5'686'674 0.5 252'209 31.03.2013 Investment Advisor
NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 5'542'607 0.49 (464'600) 31.03.2013 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays JAY H GELB overweight 5 M 131 Not Provided 01.07.2013
S&P Capital IQ CATHY SEIFERT hold 3 M 116 Not Provided 14.06.2013
EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 05.03.2013
Holdings By:
Berkshire Hathaway Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Citigroup Inc. is a diversified financial services holding company that provides
a broad range of financial services to consumer and corporate customers. The
Company services include investment banking, retail brokerage, corporate
banking, and cash management products and services. Citigroup serves cutomers
globally.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.05.2013) 53.56
52-Week Low (24.07.2012) 24.91
Daily Volume
48.09
52-Week High % Change -10.27% Dividend Yield 0.08
52-Week Low % Change 93.05% Beta 1.78
% 52 Week Price Range High/Low 79.44% Equity Float 2'923.84
Shares Out 31.03.2013 3'042.9 Short Int 41.85
146'332.33 1 Yr Total Return 74.12%
Total Debt 623'537.00 YTD Return 21.62%
Preferred Stock 2'562.0 Adjusted BETA 1.778
Minority Interest 1'948.0 Analyst Recs 37
Cash and Equivalents 36'453.00 Consensus Rating 4.216
Enterprise Value 751'611.32
Average Volume 5 Day 5'278'466
C UN EQUITY YTD Change - Average Volume 30 Day 6'894'616
C UN EQUITY YTD % CHANGE - Average Volume 3 Month 6'521'898
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
104'349.0 108'006.0 111'697.0 102'587.0 90'708.0 101'804.0 90'629.0 79'206.3 81'194.9 19'688.5 19'549.1
8.56x 7.34x 7.58x 6.95x 7.84x 31.62x 32.34x - - - -
37'722.0 61'666.0 66'021.0 53'554.0 30'978.0 49'778.0 31'164.0 - - - -
23.69x 12.86x 12.82x 13.31x 22.97x 16.37x 23.74x - - - -
(27'684.0) (1'606.0) 10'602.0 11'067.0 7'541.0 10'999.0 8'418.0 14'554.1 16'504.9 3'554.3 3'525.3
- - 12.95x 7.37x 9.87x 10.02x 10.70x 10.03x 8.79x 9.72x 9.41x
EBITDA 30'978.00 Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A-
Operating Margin 11.31% Long-Term Outlook NEG
Pretax Margin 8.75% Short-Term Rating Date 29.11.2011
Return on Assets 0.44% Short-Term Rating A-2
Return on Common Equity 4.52%
Return on Capital 0.99% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 19.26
Gross Margin - Total Debt/EBITDA 20.26
EBITDA Margin 34.4%
EBIT Margin - Total Debt/Equity 334.4%
Net Income Margin 8.3% Total Debt/Capital 76.6%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 33.44% Inventory Days -
Tot Debt to Common Equity 334.36% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Citigroup IncPrice/Volume
Valuation Analysis
1'160'618.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 175'868'434 5.78 9'480'971 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 132'146'131 4.34 6'387'593 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 124'411'244 4.09 2'999'672 02.07.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 112'095'403 3.68 - 31.12.2009 Government
FMR LLC n/a ULT-AGG 98'893'298 3.25 12'276'715 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 91'576'594 3.01 (5'104'755) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 49'485'998 1.63 (10'000'229) 31.05.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 48'655'289 1.6 (164'044) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 46'858'987 1.54 8'483'678 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 43'490'082 1.43 5'503'046 04.07.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 39'017'836 1.28 2'285'856 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 34'858'351 1.15 (39'089) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 29'719'126 0.98 2'821'208 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 25'563'949 0.84 - 31.12.2012 Government
GOLDMAN SACHS GROUP n/a ULT-AGG 22'227'669 0.73 8'846'077 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 22'016'291 0.72 385'232 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 20'693'221 0.68 1'552'333 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 20'583'094 0.68 1'119'157 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 20'027'700 0.66 498'871 31.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 19'098'424 0.63 (4'136'138) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JOHN E MCDONALD outperform 5 M 58 12 month 02.07.2013
Evercore Partners ANDREW A MARQUARDT equalweight 3 M 51 12 month 02.07.2013
Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 63 12 month 02.07.2013
Credit Suisse MOSHE A ORENBUCH outperform 5 M 60 Not Provided 01.07.2013
Wells Fargo Securities, LLC MATTHEW H BURNELL outperform 5 M #N/A N/A Not Provided 01.07.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI outperform 5 M 59 18 month 28.06.2013
Edward Jones TOM LEWANDOWSKI buy 5 M #N/A N/A Not Provided 26.06.2013
Keefe, Bruyette & Woods FREDERICK CANNON outperform 5 M 55 12 month 26.06.2013
Macquarie DAVID J KONRAD outperform 5 M 62 12 month 26.06.2013
SunTrust Robinson Humphrey ERIC E WASSERSTROM buy 5 M 57 12 month 20.06.2013
Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 20.06.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 58 Not Provided 18.06.2013
Sterne, Agee & Leach TODD L HAGERMAN buy 5 M 54 12 month 17.06.2013
JPMorgan VIVEK JUNEJA neutral 3 M 48 12 month 13.06.2013
Atlantic Equities LLP RICHARD STAITE overweight 5 M 59 12 month 13.06.2013
Scotia Capital KEVIN R CHOQUETTE focus stock 5 M 60 12 month 11.06.2013
JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 03.06.2013
Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 M 58 12 month 30.05.2013
Goldman Sachs RICHARD N RAMSDEN buy/attractive 5 M 58 12 month 24.05.2013
Buckingham Research Group JAMES F MITCHELL buy 5 M 57 12 month 17.05.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 58 Not Provided 17.05.2013
Raymond James ANTHONY J POLINI strong buy 5 M 56 12 month 16.05.2013
S&P Capital IQ ERIK M OJA hold 3 D 52 12 month 15.05.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE underperform 1 M 42 Not Provided 13.05.2013
Barclays JASON M GOLDBERG overweight 5 M 54 Not Provided 06.05.2013
RBC Capital Markets GERARD S CASSIDY outperform 5 M 52 12 month 24.04.2013
Argus Research Corp DAVID RITTER sell 1 M #N/A N/A Not Provided 23.04.2013
Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 52 12 month 19.04.2013
Deutsche Bank MATTHEW D O'CONNOR buy 5 M 53 12 month 15.04.2013
Nomura GLENN P SCHORR buy 5 M 50 12 month 15.04.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Vector Servicios Financieros RAFAEL ESCOBAR speculative buy 4 M 52 Not Provided 18.12.2012
HSBC ROBERT MURPHY underweight 1 M 36 Not Provided 01.11.2012
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 16.10.2012
Phillip Securities MAGDALENE CHOONG hold 3 D #N/A N/A Not Provided 19.10.2011
Holdings By:
Citigroup Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Caterpillar Inc. designs, manufactures and markets construction, mining and
forestry machinery. The Company also manufactures engines and other related
parts for its equipment, and offers financing and insurance. Caterpillar
distributes its products through a worldwide organization of dealers.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (01.02.2013) 99.70
52-Week Low (12.07.2012) 78.25
Daily Volume
81.5
52-Week High % Change -18.27% Dividend Yield 2.48
52-Week Low % Change 4.15% Beta 1.29
% 52 Week Price Range High/Low 16.78% Equity Float 656.11
Shares Out 15.04.2013 657.7 Short Int 21.44
53'602.55 1 Yr Total Return -3.40%
Total Debt 10'486.00 YTD Return -8.43%
Preferred Stock 0.0 Adjusted BETA 1.288
Minority Interest 50.0 Analyst Recs 27
Cash and Equivalents 3'306.00 Consensus Rating 4.148
Enterprise Value 60'534.55
Average Volume 5 Day 1'142'939
CAT UN EQUITY YTD Change - Average Volume 30 Day 1'292'816
CAT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'384'026
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
51'324.0 32'396.0 42'588.0 60'138.0 65'875.0 63'170.0 63'104.0 58'820.0 62'887.7 14'930.7 15'335.9
0.66x 1.28x 1.50x 1.10x 1.00x 4.27x 4.08x 1.44x 1.19x 5.70x 5.54x
6'428.0 2'913.0 6'259.0 9'680.0 11'966.0 10'256.0 10'923.0 9'043.8 10'270.2 2'282.3 2'460.5
5.26x 14.19x 10.20x 6.86x 5.51x 7.62x 5.87x 6.69x 5.90x 6.32x 6.08x
3'557.0 895.0 2'700.0 4'928.0 5'681.0 5'289.0 4'975.0 4'558.5 5'196.0 1'143.2 1'256.2
7.89x 29.20x 21.51x 11.52x 10.36x 12.76x 11.54x 11.91x 10.26x 11.44x 10.99x
EBITDA 11'966.00 Long-Term Rating Date 24.06.2003
EBIT 9'153.00 Long-Term Rating A
Operating Margin 13.89% Long-Term Outlook STABLE
Pretax Margin 12.52% Short-Term Rating Date 04.04.1995
Return on Assets 5.76% Short-Term Rating A-1
Return on Common Equity 29.93%
Return on Capital 9.67% EBITDA/Interest Exp. 25.62
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 14.75
Net Debt/EBITDA 0.63
Gross Margin 27.4% Total Debt/EBITDA 0.96
EBITDA Margin 17.3%
EBIT Margin 12.8% Total Debt/Equity 229.0%
Net Income Margin 8.6% Total Debt/Capital 69.5%
Asset Turnover 0.73
Current Ratio 1.43 Net Fixed Asset Turnover 4.09
Quick Ratio 0.82 Accounts receivable turnover-days 106.93
Debt to Assets 44.92% Inventory Days 124.66
Tot Debt to Common Equity 228.97% Accounts Payable Turnover Day 59.40
Accounts Receivable Turnover 3.41 Cash Conversion Cycle 161.73
Inventory Turnover 2.93
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
Caterpillar IncPrice/Volume
Valuation Analysis
235'072.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 69'777'210 10.61 (1'741'369) 02.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 34'886'211 5.3 (1'933'360) 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'563'714 5.1 727'036 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 33'089'879 5.03 12'581'729 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 19'707'800 3 - 31.03.2013 Insurance Company
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 13'606'971 2.07 660 31.03.2013 Insurance Company
GATES FOUNDATION BILL & MELINDA FOUND 13F 10'260'857 1.56 - 31.03.2013 Endowment
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'053'520 1.53 265'505 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'618'996 1.46 2'449'032 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'548'071 1.45 235'658 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 6'393'898 0.97 389'479 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 5'183'052 0.79 - 31.12.2012 Government
MORGAN STANLEY n/a ULT-AGG 4'591'629 0.7 32'047 31.03.2013 Investment Advisor
IVY MANAGEMENT INCOR IVY INVESTMENT MANAG 13F 4'547'260 0.69 (354'900) 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'429'891 0.67 127'057 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 4'376'127 0.67 (234'601) 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 3'357'495 0.51 (343'582) 31.05.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'281'619 0.5 (321'639) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 3'152'685 0.48 286'463 31.03.2013 Unclassified
WELLS FARGO n/a ULT-AGG 3'132'518 0.48 (140'779) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JOEL G TISS outperform 5 M 96 Not Provided 02.07.2013
Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 105 12 month 02.07.2013
Longbow Research ELI S LUSTGARTEN buy 5 M 104 12 month 01.07.2013
Piper Jaffray ALEXANDER E POTTER overweight 5 M 99 12 month 24.06.2013
RBC Capital Markets SETH R WEBER sector perform 3 M 92 12 month 20.06.2013
Credit Suisse JAMIE L COOK outperform 5 M 103 Not Provided 20.06.2013
JPMorgan ANN DUIGNAN overweight 5 M 100 6 month 20.06.2013
Jefferies STEPHEN VOLKMANN hold 3 M 75 12 month 20.06.2013
William Blair & Co LAWRENCE T DE MARIA outperform 5 M 95 12 month 20.06.2013
ISI Group DAVID RASO strong buy 5 M 102 12 month 20.06.2013
Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 20.06.2013
Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 12.06.2013
Goldman Sachs JERRY REVICH neutral/neutral 3 M 97 12 month 05.06.2013
Raymond James THEONI PILARINOS outperform 5 M 100 12 month 21.05.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 126 Not Provided 26.04.2013
Susquehanna Financial Group TED GRACE Positive 4 M 102 12 month 24.04.2013
Robert W. Baird & Co MIRCEA DOBRE outperform 5 M 96 12 month 23.04.2013
Macquarie SAMEER RATHOD neutral 3 M 88 12 month 23.04.2013
Barclays ANDY KAPLOWITZ overweight 5 M 100 Not Provided 23.04.2013
S&P Capital IQ MICHAEL JAFFE buy 5 M 109 Not Provided 22.04.2013
Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 11.03.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Oracle Investment Research LAURENCE BALTER buy 5 M 115 Not Provided 25.07.2012
Holdings By:
Caterpillar Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Colgate-Palmolive Company is a consumer products company that markets its
products throughout the world. The Company's products include toothpaste,
toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid,
and laundry products, as well as pet nutrition products for cats and dogs.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (16.05.2013) 62.69
52-Week Low (24.07.2012) 50.77
Daily Volume
57.39
52-Week High % Change -8.55% Dividend Yield 2.16
52-Week Low % Change 13.05% Beta 0.64
% 52 Week Price Range High/Low 59.16% Equity Float 928.17
Shares Out 16.05.2013 932.7 Short Int 10.24
53'529.82 1 Yr Total Return 12.28%
Total Debt 5'230.00 YTD Return 11.05%
Preferred Stock 0.0 Adjusted BETA 0.640
Minority Interest 201.0 Analyst Recs 28
Cash and Equivalents 884.00 Consensus Rating 3.357
Enterprise Value 58'201.82
Average Volume 5 Day 1'463'151
CL UN EQUITY YTD Change - Average Volume 30 Day 1'278'658
CL UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'105'864
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
15'330.0 15'327.0 15'564.0 16'734.0 17'085.0 16'940.0 17'200.0 17'672.1 18'612.3 4'391.6 4'517.1
2.47x 2.84x 2.75x 2.89x 3.13x 11.40x 12.92x 3.31x 3.16x 13.23x 12.84x
3'449.0 3'966.0 3'865.0 4'262.0 4'314.0 4'292.0 4'122.0 4'573.5 4'964.1 1'144.8 1'196.2
10.99x 10.97x 11.09x 11.36x 12.39x 11.83x 14.49x 12.72x 11.72x 12.31x 12.08x
1'957.0 2'291.0 2'203.0 2'431.0 2'472.0 2'448.0 2'339.0 2'644.4 2'892.7 662.8 696.6
18.73x 18.80x 17.02x 18.38x 19.49x 19.12x 21.75x 20.16x 18.27x 19.66x 19.20x
EBITDA 4'314.00 Long-Term Rating Date 04.05.2001
EBIT 3'889.00 Long-Term Rating AA-
Operating Margin 22.76% Long-Term Outlook STABLE
Pretax Margin 22.67% Short-Term Rating Date 04.05.2001
Return on Assets 17.46% Short-Term Rating A-1+
Return on Common Equity 115.16%
Return on Capital - EBITDA/Interest Exp. 53.93
Asset Turnover 1.28% (EBITDA-Capex)/Interest Exp. 46.86
Net Debt/EBITDA 1.07
Gross Margin 58.1% Total Debt/EBITDA 1.30
EBITDA Margin 24.0%
EBIT Margin 21.5% Total Debt/Equity 238.9%
Net Income Margin 14.5% Total Debt/Capital 68.6%
Asset Turnover 1.28
Current Ratio 1.22 Net Fixed Asset Turnover 4.57
Quick Ratio 0.68 Accounts receivable turnover-days 38.57
Debt to Assets 39.05% Inventory Days 70.33
Tot Debt to Common Equity 238.92% Accounts Payable Turnover Day 61.78
Accounts Receivable Turnover 9.46 Cash Conversion Cycle 40.19
Inventory Turnover 5.19
Fiscal Year Ended
Colgate-Palmolive CoPrice/Volume
Valuation Analysis
201'612.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 71'305'318 7.64 (4'080) 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 48'140'406 5.16 (1'618'508) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 47'512'850 5.09 1'338'698 03.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 43'641'720 4.68 (4'032'304) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 24'319'594 2.61 (115'524) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 18'225'122 1.95 (284'638) 31.05.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 14'037'182 1.5 334 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'983'276 1.39 224'266 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 10'869'704 1.17 646'710 31.03.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 10'113'650 1.08 (2'351'400) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 9'950'190 1.07 (86'494) 31.05.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 8'451'000 0.91 - 31.03.2013 Insurance Company
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 8'364'360 0.9 (366'980) 31.03.2013 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 8'318'800 0.89 1'970'800 31.03.2013 Hedge Fund Manager
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 7'840'454 0.84 (155'596) 31.03.2013 Investment Advisor
LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 7'831'496 0.84 959'742 31.03.2013 Hedge Fund Manager
BANK OF AMERICA CORP BANK OF AMERICA 13F 7'773'276 0.83 134'240 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 7'617'896 0.82 - 31.12.2012 Government
WELLS FARGO n/a ULT-AGG 7'578'616 0.81 (161'124) 30.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'147'788 0.77 (478'312) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse MICHAEL STEIB outperform 5 M 63 Not Provided 03.07.2013
William Blair & Co JON R ANDERSEN market perform 3 M #N/A N/A Not Provided 03.07.2013
B Riley & Co LINDA BOLTON WEISER neutral 3 M 63 Not Provided 03.07.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 52 12 month 03.07.2013
Barclays LAUREN R LIEBERMAN equalweight 3 M 59 Not Provided 03.07.2013
Sanford C. Bernstein & Co ALI DIBADJ market perform 3 M 61 12 month 28.06.2013
BMO Capital Markets CONSTANCE M MANEATY market perform 3 M 61 Not Provided 27.06.2013
RBC Capital Markets JASON M GERE sector perform 3 M 63 12 month 26.06.2013
Goldman Sachs JASON ENGLISH neutral/neutral 3 M 61 12 month 24.06.2013
Wells Fargo Securities, LLC TIMOTHY A CONDER market perform 3 M #N/A N/A Not Provided 19.06.2013
Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 14.06.2013
Deutsche Bank WILLIAM G SCHMITZ hold 3 M 63 12 month 11.06.2013
Oppenheimer & Co JOSEPH ALTOBELLO market perform 3 M #N/A N/A Not Provided 20.05.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 20.05.2013
JPMorgan JOHN A FAUCHER neutral 3 M 63 6 month 16.05.2013
Argus Research Corp JOHN D STASZAK buy 5 M 68 12 month 02.05.2013
Morgan Stanley DARA MOHSENIAN Equalwt/In-Line 3 M #N/A N/A Not Provided 26.04.2013
SunTrust Robinson Humphrey WILLIAM CHAPPELL neutral 3 M 58 12 month 25.04.2013
Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 25.04.2013
Buckingham Research Group ALICE BEEBE LONGLEY buy 5 M 66 12 month 25.04.2013
S&P Capital IQ IAN GORDON hold 3 M 61 Not Provided 25.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 25.02.2013
Janney Montgomery Scott LLC JOHN SAN MARCO buy 5 M 61 12 month 08.02.2013
Daiwa Securities Co. Ltd. TEAM COVERAGE outperform 5 M 58 Not Provided 05.02.2013
Atlantic Equities LLP VICTORIA COLLIN neutral 3 M 52 12 month 25.10.2012
Holdings By:
Colgate-Palmolive Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Comcast Corporation provides media and television broadcasting services. The
Company offers video streaming, television programming, high-speed internet,
cable television, and communication services. Comcast serves customers
worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (15.05.2013) 43.74
52-Week Low (12.07.2012) 31.04
Daily Volume
41.57
52-Week High % Change -4.88% Dividend Yield 1.64
52-Week Low % Change 33.92% Beta 1.05
% 52 Week Price Range High/Low 79.64% Equity Float 2'127.22
Shares Out 31.03.2013 2'129.5 Short Int 18.71
108'617.42 1 Yr Total Return 32.21%
Total Debt 40'458.00 YTD Return 12.27%
Preferred Stock 0.0 Adjusted BETA 1.048
Minority Interest 17'438.0 Analyst Recs 33
Cash and Equivalents 12'415.00 Consensus Rating 4.455
Enterprise Value 152'478.42
Average Volume 5 Day 5'015'231
CMCSA UW EQUITY YTD Change - Average Volume 30 Day 3'956'045
CMCSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'664'750
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
34'423.0 35'756.0 37'937.0 55'842.0 62'570.0 58'592.0 63'002.0 64'113.5 67'868.8 15'993.1 16'177.4
2.33x 2.14x 2.28x 2.12x 2.30x 8.30x 9.11x 2.60x 2.43x 9.63x 9.47x
13'132.0 13'714.0 14'596.0 18'357.0 19'977.0 18'979.0 20'323.0 21'108.2 22'358.5 5'359.5 5'220.9
6.10x 5.58x 5.93x 6.44x 7.21x 7.01x 7.60x 7.22x 6.82x 7.12x 7.01x
2'547.0 3'638.0 3'635.0 4'160.0 6'203.0 4'441.0 6'416.0 6'437.1 7'230.8 1'677.2 1'606.3
18.55x 15.29x 16.80x 15.02x 19.43x 17.93x 21.04x 17.21x 14.95x 16.55x 16.06x
EBITDA 19'977.00 Long-Term Rating Date 14.02.2013
EBIT 12'179.00 Long-Term Rating A-
Operating Margin 19.46% Long-Term Outlook POS
Pretax Margin 18.55% Short-Term Rating Date 25.05.2004
Return on Assets 4.08% Short-Term Rating A-2
Return on Common Equity 13.41%
Return on Capital 9.84% EBITDA/Interest Exp. 7.92
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 5.66
Net Debt/EBITDA 2.09
Gross Margin 68.1% Total Debt/EBITDA 2.32
EBITDA Margin 32.3%
EBIT Margin 19.8% Total Debt/Equity 82.0%
Net Income Margin 9.9% Total Debt/Capital 37.7%
Asset Turnover 0.40
Current Ratio 1.20 Net Fixed Asset Turnover 2.28
Quick Ratio 1.07 Accounts receivable turnover-days 27.35
Debt to Assets 24.52% Inventory Days -
Tot Debt to Common Equity 81.97% Accounts Payable Turnover Day 67.08
Accounts Receivable Turnover 13.35 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Comcast CorpPrice/Volume
Valuation Analysis
898'473.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
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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
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 165'112'435 7.75 (5'174'064) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 151'963'101 7.14 (296'900) 03.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 126'224'748 5.93 7'327'492 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 110'119'110 5.17 1'769'948 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 98'721'495 4.64 (480'781) 02.07.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 64'242'735 3.02 (8'178'022) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 54'433'537 2.56 (8'817'469) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 49'176'022 2.31 (3'809'815) 03.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 41'839'297 1.96 2'383'701 31.05.2013 Investment Advisor
DODGE & COX WORLDWID DODGE & COX WORLDWID MF-PART 38'504'049 1.81 - 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 35'046'497 1.65 4'920'619 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 34'150'901 1.6 766'579 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 26'167'487 1.23 (33'507) 31.03.2013 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 23'769'674 1.12 (208'774) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 22'993'590 1.08 - 31.12.2012 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 21'403'264 1.01 (878'210) 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 20'048'486 0.94 (47'909) 31.03.2013 Investment Advisor
BANK OF NOVA SCOTIA n/a ULT-AGG 20'003'833 0.94 (1'813'297) 31.03.2013 Bank
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 19'697'819 0.93 (4'982'070) 31.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 18'764'948 0.88 79'579 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 56 18 month 05.07.2013
Jefferies THOMAS O SEITZ buy 5 M 48 12 month 02.07.2013
Raymond James FRANK G LOUTHAN strong buy 5 M 46 12 month 28.06.2013
Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 26.06.2013
Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 48 18 month 24.06.2013
Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 50 12 month 24.06.2013
RBC Capital Markets JONATHAN ATKIN outperform 5 M 46 12 month 16.06.2013
Evercore Partners BRYAN KRAFT overweight 5 M 47 12 month 14.06.2013
ISI Group VIJAY JAYANT buy 5 M 47 12 month 14.06.2013
Brean Capital LLC TODD MITCHELL buy 5 M 48 12 month 13.06.2013
Robert W. Baird & Co WILLIAM V POWER neutral 3 M 45 12 month 12.06.2013
Stifel CHRISTOPHER C KING buy 5 M 45 12 month 12.06.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 12.06.2013
Janney Montgomery Scott LLC TONY WIBLE buy 5 M 49 12 month 17.05.2013
Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 16.05.2013
Guggenheim Securities LLC SHING YIN neutral 3 M 43 12 month 16.05.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 10.05.2013
Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 48 12 month 07.05.2013
Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 43 12 month 02.05.2013
Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 48 12 month 02.05.2013
Credit Suisse MICHAEL SENNO outperform 5 M 48 Not Provided 02.05.2013
Macquarie AMY YONG neutral 3 M 45 12 month 02.05.2013
Nomura MICHAEL L MCCORMACK buy 5 M 48 12 month 02.05.2013
Maxim Group LLC JOHN TINKER buy 5 M 48 12 month 02.05.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 49 Not Provided 02.05.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 02.05.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 48 12 month 01.05.2013
JPMorgan PHILIP CUSICK overweight 5 M 49 6 month 01.05.2013
Scotia Capital JEFFREY FAN sector outperform 5 M 48 12 month 01.05.2013
S&P Capital IQ TUNA AMOBI buy 5 M 46 12 month 01.05.2013
New Street Research CHARLES GAYNOR neutral 3 M 40 Not Provided 13.02.2013
BTIG LLC RICHARD GREENFIELD neutral 3 M #N/A N/A Not Provided 26.01.2011
Holdings By:
Comcast Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Capital One Financial Corporation is a diversified bank. The Bank, through its
subsidiaries, offers a broad spectrum of financial products and services to
consumers, small businesses and commercial clients both domestically and
internationally. Capital One has bank locations in Connecticut, Louisiana, New
Jersey, New York, and Texas.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (02.07.2013) 64.69
52-Week Low (01.03.2013) 50.28
Daily Volume
64.59
52-Week High % Change -0.29% Dividend Yield 0.31
52-Week Low % Change 28.46% Beta 1.22
% 52 Week Price Range High/Low 94.66% Equity Float 579.12
Shares Out 30.04.2013 584.2 Short Int 8.03
37'731.07 1 Yr Total Return 18.12%
Total Debt 51'158.00 YTD Return 12.16%
Preferred Stock 0.0 Adjusted BETA 1.218
Minority Interest 0.0 Analyst Recs 35
Cash and Equivalents 11'058.00 Consensus Rating 4.343
Enterprise Value 69'332.07
Average Volume 5 Day 840'388
COF UN EQUITY YTD Change - Average Volume 30 Day 940'621
COF UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'003'061
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
17'856.0 15'950.0 19'067.0 18'525.0 23'177.0 18'737.0 24'303.0 22'093.7 21'935.6 5'519.0 5'588.7
1.75x 1.87x 2.94x 2.87x 3.19x 10.11x 11.01x - - - -
11'282.7 9'877.2 11'715.0 9'793.0 9'014.0 9'229.0 9'371.0 - - - -
2.77x 3.02x 4.78x 5.43x 8.19x 3.83x 6.80x - - - -
(46.0) 884.0 2'743.0 3'147.0 3'517.0 3'534.0 3'180.0 3'942.2 3'806.0 1'005.2 999.2
12.56x 16.30x 6.37x 6.02x 9.28x 8.75x 9.11x 9.79x 9.65x 10.06x 10.08x
EBITDA 9'014.00 Long-Term Rating Date 17.06.2009
EBIT - Long-Term Rating BBB
Operating Margin 22.96% Long-Term Outlook NEG
Pretax Margin 21.72% Short-Term Rating Date -
Return on Assets 1.07% Short-Term Rating -
Return on Common Equity 8.02%
Return on Capital 4.23% EBITDA/Interest Exp. -
Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 3.37
Gross Margin - Total Debt/EBITDA 4.09
EBITDA Margin 38.6%
EBIT Margin - Total Debt/Equity 126.3%
Net Income Margin 15.2% Total Debt/Capital 55.8%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover 7.15
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 16.35% Inventory Days -
Tot Debt to Common Equity 126.32% 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
Capital One Financial CorpPrice/Volume
Valuation Analysis
95'442.00
Current Price (7/dd/yy) Market Data
&
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2!& 9
3!& 9
4!& 9
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
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DODGE & COX DODGE & COX 13F 48'608'415 8.32 53'812 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 38'525'873 6.6 6'345'964 03.07.2013 Investment Advisor
DODGE & COX WORLDWID DODGE & COX WORLDWID MF-PART 29'415'832 5.04 - 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 28'768'392 4.92 (2'846'093) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 25'586'122 4.38 810'746 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 25'145'007 4.3 1'362'678 02.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 22'507'505 3.85 10'692'407 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 21'321'488 3.65 696'503 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 15'676'344 2.68 5'817'709 31.05.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'223'385 2.09 1'203'893 31.03.2013 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 10'833'760 1.85 (2'834'834) 31.03.2013 Hedge Fund Manager
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 9'860'053 1.69 509'554 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 9'570'380 1.64 1'530'057 31.03.2013 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 7'906'389 1.35 1'811'832 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'622'118 1.3 (683'457) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'575'730 1.3 25'683 31.03.2013 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 7'450'892 1.28 4'440'797 31.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 6'151'810 1.05 4'422'017 30.04.2013 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 5'722'174 0.98 (213'439) 31.03.2013 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 5'079'222 0.87 645'772 31.03.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 M 70 12 month 02.07.2013
Janney Montgomery Scott LLC SAMEER GOKHALE neutral 3 M 63 12 month 02.07.2013
Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 65 12 month 02.07.2013
Robert W. Baird & Co DAVID A GEORGE outperform 5 M 65 12 month 02.07.2013
Sanford C. Bernstein & Co KEVIN ST PIERRE outperform 5 M 76 12 month 02.07.2013
Sandler O'Neill & Partners, LP CHRISTOPHER R DONAT hold 3 M 67 12 month 02.07.2013
Evercore Partners BRADLEY BALL overweight 5 M 70 12 month 01.07.2013
Oppenheimer & Co BEN CHITTENDEN outperform 5 M 72 18 month 28.06.2013
Stifel CHRISTOPHER C BRENDLER buy 5 M 67 12 month 24.06.2013
Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 21.06.2013
RBC Capital Markets JASON ARNOLD outperform 5 M 65 12 month 18.06.2013
Credit Suisse MOSHE A ORENBUCH neutral 3 M 60 Not Provided 17.06.2013
Buckingham Research Group DAVID HOCHSTIM buy 5 M 68 12 month 17.06.2013
Sterne, Agee & Leach TODD L HAGERMAN neutral 3 M 60 12 month 17.06.2013
Rafferty Capital Markets RICHARD X BOVE SR hold 3 D 63 12 month 17.06.2013
Portales Partners WILLIAM H RYAN sector perform 3 M #N/A N/A Not Provided 17.06.2013
Goldman Sachs RYAN M. NASH buy/attractive 5 M 69 12 month 24.05.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 69 12 month 21.05.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 60 Not Provided 17.05.2013
William Blair & Co ROBERT P NAPOLI market perform 3 M #N/A N/A Not Provided 16.05.2013
FBR Capital Markets SCOTT VALENTIN outperform 5 M 63 12 month 15.05.2013
Barclays JASON M GOLDBERG overweight 5 M 68 Not Provided 10.05.2013
Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 30.04.2013
Jefferies DANIEL FURTADO buy 5 M 65 12 month 22.04.2013
Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 22.04.2013
JPMorgan RICHARD SHANE JR overweight 5 M 60 6 month 19.04.2013
Nomura BILL CARCACHE neutral 3 M 56 12 month 19.04.2013
Wells Fargo Securities, LLC JOEL HOUCK outperform 5 M #N/A N/A Not Provided 19.04.2013
Guggenheim Securities LLC DAVID W DARST neutral 3 M 57 12 month 19.04.2013
S&P Capital IQ SONIA PARECHANIAN buy 5 M 68 Not Provided 08.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 04.02.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 18.10.2012
Holdings By:
Capital One Financial Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
ConocoPhillips explores for, produces, transports and markets crude oil,
natural gas, natural gas liquids, liquefied natural gas and bitumen on a
worldwide basis.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (21.05.2013) 64.77
52-Week Low (25.07.2012) 52.84
Daily Volume
61.74
52-Week High % Change -4.57% Dividend Yield 7.48
52-Week Low % Change 16.84% Beta 0.98
% 52 Week Price Range High/Low 75.45% Equity Float 1'220.31
Shares Out 31.03.2013 1'222.7 Short Int 24.79
75'487.10 1 Yr Total Return 14.49%
Total Debt 21'725.00 YTD Return 8.81%
Preferred Stock 0.0 Adjusted BETA 0.979
Minority Interest 440.0 Analyst Recs 26
Cash and Equivalents 3'618.00 Consensus Rating 3.615
Enterprise Value 92'149.10
Average Volume 5 Day 1'374'326
COP UN EQUITY YTD Change - Average Volume 30 Day 1'723'508
COP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'698'458
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
225'424.0 136'016.0 175'752.0 64'196.0 57'967.0 64'230.0 58'243.0 50'237.1 52'170.5 11'548.1 11'680.6
0.46x 0.77x 0.63x 1.72x 1.54x 7.03x 6.17x 1.76x 1.71x 7.74x 7.82x
35'740.0 4'281.0 22'655.0 21'649.0 19'396.0 20'695.0 20'040.0 21'744.4 23'576.2 5'016.7 5'023.4
2.92x 24.43x 4.91x 5.10x 4.60x 5.84x 4.50x 4.24x 3.91x 4.37x 4.29x
(16'998.0) 4'414.0 11'358.0 12'436.0 8'428.0 12'345.0 7'630.0 6'880.9 7'811.0 1'541.1 1'633.7
4.81x 16.11x 12.53x 11.43x 10.60x 12.18x 10.71x 11.21x 9.97x 11.02x 10.51x
EBITDA 19'396.00 Long-Term Rating Date 07.02.2012
EBIT 12'816.00 Long-Term Rating A
Operating Margin 22.11% Long-Term Outlook STABLE
Pretax Margin 26.61% Short-Term Rating Date 07.02.2012
Return on Assets 5.44% Short-Term Rating A-1
Return on Common Equity 13.23%
Return on Capital 9.64% EBITDA/Interest Exp. 14.65
Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. 3.95
Net Debt/EBITDA 0.81
Gross Margin 27.3% Total Debt/EBITDA 1.08
EBITDA Margin 34.4%
EBIT Margin 22.9% Total Debt/Equity 45.3%
Net Income Margin 14.5% Total Debt/Capital 31.0%
Asset Turnover 0.42
Current Ratio 1.38 Net Fixed Asset Turnover 0.73
Quick Ratio 0.72 Accounts receivable turnover-days 76.07
Debt to Assets 18.55% Inventory Days 9.18
Tot Debt to Common Equity 45.27% Accounts Payable Turnover Day 125.13
Accounts Receivable Turnover 4.80 Cash Conversion Cycle -30.26
Inventory Turnover 39.78
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
ConocoPhillipsPrice/Volume
Valuation Analysis
260'493.00
Current Price (7/dd/yy) Market Data
&
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0!& 9
1!& 9
2!& 9
3!& 9
4!& 9
5!& 9
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
&!&&
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.!&&
0!&&
1!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 73'418'110 6 2'241'785 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 56'668'755 4.63 2'100'148 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 54'773'394 4.48 6'268'067 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 51'094'482 4.18 (125'842) 02.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 25'696'739 2.1 8'632'468 31.05.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 24'123'911 1.97 - 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 22'968'900 1.88 359'043 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 21'672'160 1.77 8'945'713 31.05.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 21'452'195 1.75 382'162 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 18'451'657 1.51 829'790 31.03.2013 Investment Advisor
IVY MANAGEMENT INCOR IVY INVESTMENT MANAG 13F 15'722'388 1.29 418'657 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 11'119'986 0.91 289'253 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 10'235'079 0.84 493'057 30.04.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 10'126'106 0.83 (2'319) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 9'343'737 0.76 - 31.12.2012 Government
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 9'078'430 0.74 (161'396) 31.03.2013 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 8'905'301 0.73 127'055 31.03.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 8'851'703 0.72 45'400 31.03.2013 Hedge Fund Manager
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 8'462'585 0.69 (1'327'666) 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 8'296'045 0.68 206'915 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ISI Group DOUGLAS T TERRESON buy 5 M 64 12 month 03.07.2013
Tudor Pickering & Co ROBERT KESSLER hold 3 M 61 Not Provided 03.07.2013
Edward Jones BRIAN YOUNGBERG hold 3 D #N/A N/A Not Provided 02.07.2013
Raymond James PAVEL MOLCHANOV underperform 1 M #N/A N/A Not Provided 28.06.2013
Oppenheimer & Co FADEL GHEIT outperform 5 M 70 18 month 21.06.2013
Howard Weil Inc BLAKE FERNANDEZ sector perform 3 D 64 12 month 18.06.2013
Jefferies IAIN REID hold 3 M 65 12 month 17.06.2013
Societe Generale JOHN HERRLIN buy 5 M 68 12 month 13.06.2013
Deutsche Bank PAUL SANKEY hold 3 M 62 12 month 06.06.2013
Barclays PAUL Y CHENG overweight 5 U 80 Not Provided 05.06.2013
Wells Fargo Securities, LLC ROGER D READ outperform 5 M #N/A N/A Not Provided 31.05.2013
Simmons & Company International JEFFREY A DIETERT neutral 3 M #N/A N/A Not Provided 16.05.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 01.05.2013
Argus Research Corp JONATHAN GELCIUS buy 5 M 65 Not Provided 26.04.2013
Credit Suisse EDWARD WESTLAKE neutral 3 M 70 Not Provided 26.04.2013
JPMorgan KATHERINE LUCAS MINYARD overweight 5 M 70 6 month 26.04.2013
Macquarie JASON D GAMMEL neutral 3 M 64 12 month 26.04.2013
Cowen and Company ASIT SEN hold 3 M #N/A N/A Not Provided 26.04.2013
Alembic Global Advisors JAMES J SULLIVAN overweight 5 M 72 12 month 16.04.2013
Goldman Sachs ARJUN N MURTI neutral/attractive 3 M 64 12 month 12.04.2013
RBC Capital Markets SCOTT HANOLD outperform 5 M 63 12 month 19.03.2013
Morgan Stanley J EVAN CALIO Underwt/Attractive 1 M 58 12 month 31.01.2013
S&P Capital IQ MICHAEL KAY buy 5 M 64 Not Provided 31.01.2013
Holdings By:
ConocoPhillips ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Costco Wholesale Corporation operates wholesale membership warehouses in
multiple countries. The Company sells all kinds of food, automotive supplies,
toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty
aids, as well as other goods.
Latest Fiscal Year: 08/2012
LTM as of: 05/yy
52-Week High (28.05.2013) 115.75
52-Week Low (12.07.2012) 86.96
Daily Volume
111.21
52-Week High % Change -3.98% Dividend Yield 7.56
52-Week Low % Change 27.89% Beta 0.75
% 52 Week Price Range High/Low 83.19% Equity Float 432.50
Shares Out 04.06.2013 436.7 Short Int 5.49
48'563.65 1 Yr Total Return 27.58%
Total Debt 1'382.00 YTD Return 13.21%
Preferred Stock 0.0 Adjusted BETA 0.753
Minority Interest 157.0 Analyst Recs 30
Cash and Equivalents 4'854.00 Consensus Rating 3.967
Enterprise Value 47'115.65
Average Volume 5 Day 426'326
COST UW EQUITY YTD Change - Average Volume 30 Day 612'915
COST UW EQUITY YTD % CHANGE - Average Volume 3 Month 616'488
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1
72'483.0 71'422.0 77'946.0 88'915.0 99'137.0 95'097.0 104'887.0 105'805.6 115'043.3 33'011.6 25'655.7
0.39x 0.30x 0.28x 0.34x 0.39x 1.35x 1.60x 0.46x 0.42x 1.49x 1.95x
2'622.1 2'522.0 2'880.0 3'303.0 3'667.0 3'465.0 3'991.0 4'043.3 4'480.9 1'299.1 959.0
10.74x 8.39x 7.60x 9.28x 10.64x 9.27x 11.67x 11.65x 10.51x 10.84x 10.48x
1'282.7 1'086.0 1'303.0 1'462.0 1'709.0 1'578.0 2'031.0 2'009.6 2'208.2 642.1 462.0
22.66x 20.07x 19.09x 23.30x 24.82x 22.76x 24.56x 24.36x 22.03x 22.83x 21.99x
EBITDA 3'667.00 Long-Term Rating Date 28.11.2012
EBIT 2'759.00 Long-Term Rating A+
Operating Margin 2.78% Long-Term Outlook STABLE
Pretax Margin 2.79% Short-Term Rating Date 28.11.2012
Return on Assets 7.02% Short-Term Rating A-1
Return on Common Equity 17.62%
Return on Capital 14.08% EBITDA/Interest Exp. 34.92
Asset Turnover 3.63% (EBITDA-Capex)/Interest Exp. 20.83
Net Debt/EBITDA -0.41
Gross Margin 12.4% Total Debt/EBITDA 1.22
EBITDA Margin 3.8%
EBIT Margin 2.9% Total Debt/Equity 11.2%
Net Income Margin 1.7% Total Debt/Capital 9.9%
Asset Turnover 3.63
Current Ratio 1.10 Net Fixed Asset Turnover 8.02
Quick Ratio 0.48 Accounts receivable turnover-days 3.81
Debt to Assets 5.09% Inventory Days 29.68
Tot Debt to Common Equity 11.18% Accounts Payable Turnover Day 30.32
Accounts Receivable Turnover 97.48 Cash Conversion Cycle 3.64
Inventory Turnover 12.50
Fiscal Year Ended
Costco Wholesale CorpPrice/Volume
Valuation Analysis
97'054.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 46'424'255 10.63 (1'142'400) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 21'671'006 4.96 (3'954'786) 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 20'160'182 4.62 690'828 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 17'719'728 4.06 28'351 02.07.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 14'112'778 3.23 (1'205'940) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 13'348'499 3.06 (198'268) 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 9'849'099 2.26 876'243 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'993'064 1.83 158'518 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 6'102'171 1.4 244'823 31.03.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 5'864'911 1.34 (163'845) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'510'453 1.26 (139'469) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'898'766 1.12 (236'414) 03.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'840'884 1.11 495'350 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 4'623'371 1.06 244'538 31.05.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 4'427'681 1.01 - 31.12.2012 Government
BERKSHIRE HATHAWAY I n/a ULT-AGG 4'333'363 0.99 - 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'078'263 0.93 (118'686) 31.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 3'498'771 0.8 219'079 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'455'194 0.79 357'436 31.03.2013 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 3'327'576 0.76 263'860 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Susquehanna Financial Group ROBERT SUMMERS negative 2 M 65 12 month 05.07.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 115 12 month 01.07.2013
Stifel DAVID A SCHICK buy 5 M 107 12 month 01.07.2013
ISI Group GREGORY MELICH strong buy 5 M 121 12 month 01.07.2013
Sterne, Agee & Leach CHARLES P GROM buy 5 M 130 12 month 28.06.2013
Northcoast Research CHARLES E CERANKOSKY buy 5 M 126 12 month 28.06.2013
Wolfe Research SCOTT A MUSHKIN peerperform 3 M #N/A N/A Not Provided 24.06.2013
Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 21.06.2013
Cowen and Company FAYE LANDES market perform 3 M 105 12 month 21.06.2013
Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 19.06.2013
Robert W. Baird & Co PETER S BENEDICT outperform 5 M 125 12 month 13.06.2013
Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 116 12 month 11.06.2013
Deutsche Bank PAUL TRUSSELL buy 5 M 120 12 month 06.06.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 125 Not Provided 06.06.2013
JPMorgan CHRISTOPHER HORVERS overweight 5 M 117 6 month 06.06.2013
McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 115 12 month 06.06.2013
Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 98 12 month 06.06.2013
Piper Jaffray SEAN NAUGHTON overweight 5 M 123 12 month 06.06.2013
Jefferies DANIEL T BINDER hold 3 M 101 12 month 04.06.2013
Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 111 Not Provided 03.06.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 116 12 month 31.05.2013
Credit Suisse MICHAEL B EXSTEIN outperform 5 M 115 Not Provided 30.05.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 30.05.2013
Oppenheimer & Co BRIAN NAGEL market perform 3 M 105 18 month 30.05.2013
S&P Capital IQ IAN GORDON hold 3 M 116 12 month 30.05.2013
Barclays ROBERT S DRBUL equalweight 3 M 110 Not Provided 30.05.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 13.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 27.02.2013
Holdings By:
Costco Wholesale Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol
(IP)-based networking and other products related to the communications and
information technology (IT) industry and provide services associated with these
products and their use. The Company provides products for transporting data,
voice, and video within buildings, across campuses, and globally.
Latest Fiscal Year: 07/2012
LTM as of: 04/yy
52-Week High (18.06.2013) 24.98
52-Week Low (25.07.2012) 14.97
Daily Volume
24.3
52-Week High % Change -2.56% Dividend Yield 2.18
52-Week Low % Change 62.38% Beta 1.00
% 52 Week Price Range High/Low 96.11% Equity Float 5'334.68
Shares Out 16.05.2013 5'344.3 Short Int 59.50
129'867.36 1 Yr Total Return 45.97%
Total Debt 16'328.00 YTD Return 25.53%
Preferred Stock 0.0 Adjusted BETA 0.998
Minority Interest 15.0 Analyst Recs 51
Cash and Equivalents 48'716.00 Consensus Rating 4.353
Enterprise Value 98'737.36
Average Volume 5 Day 9'383'306
CSCO UW EQUITY YTD Change - Average Volume 30 Day 10'948'011
CSCO UW EQUITY YTD % CHANGE - Average Volume 3 Month 11'023'756
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 04/yy 04/yy 07/13 Y 07/14 Y 07/13 Q4 10/13 Q1
39'540.0 36'117.0 40'040.0 43'218.0 46'061.0 45'566.0 47'880.0 48'590.9 51'210.1 12'395.5 12'444.0
2.86x 2.82x 2.64x 1.37x 1.10x 6.19x 5.75x 1.99x 1.82x 7.67x 7.55x
11'189.0 9'153.0 11'194.0 10'959.0 12'971.0 12'632.0 13'483.0 15'193.6 15'645.5 3'829.0 3'767.0
10.09x 11.13x 9.46x 5.39x 3.91x 5.98x 5.84x 6.52x 6.33x 6.42x 6.33x
8'052.0 6'134.0 7'767.0 6'490.0 8'041.0 7'356.0 9'630.0 10'795.9 11'263.9 2'742.0 2'714.4
16.14x 20.17x 17.07x 13.03x 9.80x 14.72x 12.72x 12.11x 11.48x 11.72x 11.51x
EBITDA 12'971.00 Long-Term Rating Date 10.02.2006
EBIT 10'369.00 Long-Term Rating A+
Operating Margin 22.51% Long-Term Outlook STABLE
Pretax Margin 22.06% Short-Term Rating Date 31.01.2011
Return on Assets 10.23% Short-Term Rating A-1+
Return on Common Equity 17.81%
Return on Capital 14.43% EBITDA/Interest Exp. 21.76
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 19.87
Net Debt/EBITDA -2.31
Gross Margin 61.2% Total Debt/EBITDA 1.21
EBITDA Margin 28.2%
EBIT Margin 22.8% Total Debt/Equity 31.8%
Net Income Margin 17.5% Total Debt/Capital 24.1%
Asset Turnover 0.51
Current Ratio 3.49 Net Fixed Asset Turnover 13.75
Quick Ratio 3.20 Accounts receivable turnover-days 62.75
Debt to Assets 17.79% Inventory Days 28.86
Tot Debt to Common Equity 31.84% Accounts Payable Turnover Day 18.13
Accounts Receivable Turnover 5.80 Cash Conversion Cycle 77.17
Inventory Turnover 12.61
Fiscal Year Ended
Cisco Systems IncPrice/Volume
Valuation Analysis
3'199'471.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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40'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 285'699'560 5.35 8'851'883 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 248'500'974 4.65 15'936'699 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 231'945'441 4.34 4'683'906 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 224'204'515 4.2 40'410'203 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 120'991'753 2.26 8'008'876 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 101'584'228 1.9 (2'683'669) 03.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 94'877'178 1.78 (3'464'088) 31.05.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 86'807'571 1.62 4'636'884 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 85'516'392 1.6 8'020'372 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 81'881'343 1.53 3'322'967 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 77'549'877 1.45 7'729'430 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 62'486'663 1.17 (7'941'844) 31.03.2013 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 52'439'220 0.98 (3'941) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 46'236'225 0.87 5'849'630 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 44'659'307 0.84 2'290'349 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 43'095'418 0.81 - 31.12.2012 Government
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 42'112'414 0.79 (4'034'692) 31.03.2013 Hedge Fund Manager
LAZARD ASSET MANAGEM n/a ULT-AGG 41'609'629 0.78 (5'170'786) 31.03.2013 Unclassified
DEUTSCHE BANK AG n/a ULT-AGG 38'981'530 0.73 1'460'755 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 38'678'910 0.72 2'407'895 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 29 12 month 05.07.2013
JPMorgan ROD HALL underweight 1 M 18 12 month 02.07.2013
Deutsche Bank BRIAN T MODOFF buy 5 M 26 12 month 01.07.2013
Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 01.07.2013
Piper Jaffray TROY D JENSEN overweight 5 M 28 12 month 01.07.2013
FBR Capital Markets SCOTT S THOMPSON market perform 3 M 19 12 month 28.06.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 29 12 month 28.06.2013
JMP Securities ERIK SUPPIGER market perform 3 M #N/A N/A Not Provided 28.06.2013
Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 24 12 month 27.06.2013
Jefferies GEORGE C NOTTER hold 3 M 22 12 month 27.06.2013
Pacific Crest Securities BRENT A BRACELIN outperform 5 M 28 12 month 27.06.2013
Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 28 12 month 27.06.2013
William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 27.06.2013
Raymond James SIMON M LEOPOLD outperform 5 M 26 12 month 27.06.2013
Stifel SANJIV R WADHWANI buy 5 M 28 12 month 27.06.2013
Lazard Capital Markets RYAN HUTCHINSON neutral 3 M #N/A N/A Not Provided 27.06.2013
The Juda Group NATARAJAN SUBRAHMANYAN buy 5 M 27 12 month 27.06.2013
RBC Capital Markets MARK SUE outperform 5 M 25 12 month 26.06.2013
Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 22 12 month 26.06.2013
Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 26.06.2013
Wedbush ROHIT CHOPRA outperform 5 M 26 12 month 26.06.2013
Evercore Partners MARK A MCKECHNIE equalweight 3 M 26 12 month 26.06.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 27 12 month 26.06.2013
ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 26.06.2013
Nomura STUART JEFFREY buy 5 M 27 12 month 26.06.2013
Barclays BENJAMIN A REITZES overweight 5 M 28 Not Provided 26.06.2013
BMO Capital Markets TIMOTHY P LONG outperform 5 M 27 Not Provided 25.06.2013
Cowen and Company PAUL SILVERSTEIN outperform 5 M 32 12 month 25.06.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 19.06.2013
Argus Research Corp JAMES KELLEHER buy 5 M 29 Not Provided 13.06.2013
ACI Research EDWARD A ZABITSKY sell 1 M 18 12 month 12.06.2013
NYKREDIT MICHAEL DROSCHNER JORGENSEN outperform 5 M #N/A N/A Not Provided 07.06.2013
Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 26 Not Provided 05.06.2013
Sterne, Agee & Leach ALEX KURTZ buy 5 M 26 12 month 30.05.2013
Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 M #N/A N/A Not Provided 23.05.2013
Berenberg Bank ADNAAN AHMAD sell 1 M 16 Not Provided 21.05.2013
Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 28 12 month 16.05.2013
Wunderlich Securities MATTHEW S ROBISON buy 5 M 26 18 month 16.05.2013
S&P Capital IQ JAMES G MOORMAN buy 5 M 28 12 month 16.05.2013
MKM Partners MICHAEL GENOVESE buy 5 M 28 12 month 16.05.2013
Northland Securities Inc CATHARINE TREBNICK outperform 5 M 26 12 month 16.05.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 27 12 month 16.05.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 16.04.2013
Holdings By:
Cisco Systems Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
CVS Caremark Corporation is an integrated pharmacy health care provider. The
Company's offerings include pharmacy benefit management services, mail order,
retail and specialty pharmacy, disease management programs, and retail clinics.
The company operates drugstores throughout the U.S., the District of Columbia,
and Puerto Rico.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (28.05.2013) 60.70
52-Week Low (07.08.2012) 43.65
Daily Volume
58.1
52-Week High % Change -4.33% Dividend Yield 1.23
52-Week Low % Change 33.10% Beta 0.78
% 52 Week Price Range High/Low 85.92% Equity Float 1'221.84
Shares Out 24.04.2013 1'224.4 Short Int 11.39
71'137.21 1 Yr Total Return 23.34%
Total Debt 9'828.00 YTD Return 21.15%
Preferred Stock 0.0 Adjusted BETA 0.782
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 1'380.00 Consensus Rating 4.808
Enterprise Value 79'245.21
Average Volume 5 Day 1'599'177
CVS UN EQUITY YTD Change - Average Volume 30 Day 1'496'919
CVS UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'448'921
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
87'471.9 98'729.0 95'778.0 107'100.0 123'133.0 112'203.0 123'098.0 125'697.6 130'862.3 31'149.2 31'207.0
0.59x 0.56x 0.59x 0.57x 0.55x 2.13x 2.27x 0.63x 0.60x 2.55x 2.56x
7'320.4 7'827.0 7'606.0 7'898.0 8'981.0 8'046.0 9'355.0 9'898.9 10'521.1 2'401.9 2'411.0
7.10x 7.02x 7.37x 7.79x 7.57x 8.06x 8.09x 8.00x 7.53x 7.88x 7.77x
3'212.1 3'696.0 3'427.0 3'461.0 3'877.0 3'524.0 4'057.0 4'697.2 5'063.5 1'134.7 1'133.9
11.78x 12.58x 13.96x 15.58x 15.08x 16.54x 16.22x 14.74x 13.13x 14.26x 13.91x
EBITDA 8'981.00 Long-Term Rating Date 23.03.2007
EBIT 7'228.00 Long-Term Rating BBB+
Operating Margin 5.87% Long-Term Outlook STABLE
Pretax Margin 5.14% Short-Term Rating Date 29.04.2004
Return on Assets 6.14% Short-Term Rating A-2
Return on Common Equity 10.64%
Return on Capital 9.24% EBITDA/Interest Exp. 15.22
Asset Turnover 1.86% (EBITDA-Capex)/Interest Exp. 11.78
Net Debt/EBITDA 0.87
Gross Margin 18.3% Total Debt/EBITDA 1.03
EBITDA Margin 7.6%
EBIT Margin 6.1% Total Debt/Equity 26.1%
Net Income Margin 3.1% Total Debt/Capital 20.7%
Asset Turnover 1.86
Current Ratio 1.44 Net Fixed Asset Turnover 14.42
Quick Ratio 0.57 Accounts receivable turnover-days 18.89
Debt to Assets 14.91% Inventory Days 38.77
Tot Debt to Common Equity 26.07% Accounts Payable Turnover Day 19.60
Accounts Receivable Turnover 19.32 Cash Conversion Cycle 39.40
Inventory Turnover 9.41
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
CVS Caremark CorpPrice/Volume
Valuation Analysis
208'631.00
Current Price (7/dd/yy) Market Data
&
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80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 78'298'339 6.39 1'534'020 03.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 65'798'438 5.37 8'513'495 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 56'833'385 4.64 486'092 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 51'902'926 4.24 (455'268) 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 49'941'523 4.08 2'366'794 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 42'927'207 3.51 (6'111'060) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 30'515'667 2.49 (1'658'521) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 28'981'200 2.37 (7'432'222) 31.03.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 21'227'287 1.73 (142'490) 30.04.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 20'887'062 1.71 2'495'212 31.05.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 19'488'687 1.59 325'138 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'853'888 1.46 1'958'553 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 16'080'005 1.31 1'750'080 31.03.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 13'309'240 1.09 (1'783'531) 31.03.2013 Unclassified
DIMENSIONAL FUND ADV n/a ULT-AGG 11'162'932 0.91 214'426 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 10'644'267 0.87 2'018'570 31.05.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 10'256'556 0.84 - 31.12.2012 Government
INVESCO LTD n/a ULT-AGG 10'142'946 0.83 479'267 03.07.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 8'748'671 0.71 638'658 30.04.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'406'444 0.69 (305'522) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JENNIFER LYNCH outperform 5 M 66 Not Provided 03.07.2013
Raymond James JOHN W RANSOM outperform 5 M 65 12 month 01.07.2013
Lazard Capital Markets THOMAS GALLUCCI buy 5 M 67 12 month 01.07.2013
Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 60 12 month 01.07.2013
Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 27.06.2013
Mizuho Securities USA Inc ANN HYNES buy 5 M 56 12 month 24.06.2013
Wolfe Research SCOTT A MUSHKIN outperform 5 M 67 12 month 24.06.2013
ISI Group ROSS MUKEN buy 5 M 68 12 month 19.06.2013
Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 60 12 month 18.06.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 14.06.2013
Wells Fargo Securities, LLC PETER H COSTA outperform 5 N #N/A N/A Not Provided 30.05.2013
RBC Capital Markets FRANK G MORGAN outperform 5 M 71 12 month 24.05.2013
Credit Suisse EDWARD J KELLY outperform 5 M 62 Not Provided 21.05.2013
JPMorgan LISA C GILL overweight 5 M 64 6 month 17.05.2013
Cantor Fitzgerald AJAY JAIN buy 5 M 65 12 month 14.05.2013
Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 61 12 month 02.05.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 66 Not Provided 02.05.2013
SunTrust Robinson Humphrey DAVID G MAGEE neutral 3 M 63 12 month 02.05.2013
Macquarie DANE LEONE outperform 5 M 66 12 month 02.05.2013
Barclays MEREDITH ADLER overweight 5 M 67 Not Provided 02.05.2013
Guggenheim Securities LLC JOHN HEINBOCKEL buy 5 M 60 12 month 01.05.2013
S&P Capital IQ JOSEPH AGNESE strong buy 5 M 62 12 month 06.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 16.01.2013
Holdings By:
CVS Caremark Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Chevron Corporation is an integrated energy company with operations in countries
located around the world. The Company produces and transports crude oil and
natural gas. Chevron also refines, markets, and distributes fuels as well as
is involved in chemical operations, mining operations, power generation and
energy services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (28.05.2013) 127.40
52-Week Low (15.11.2012) 100.66
Daily Volume
119.53
52-Week High % Change -6.22% Dividend Yield 3.01
52-Week Low % Change 18.75% Beta 1.07
% 52 Week Price Range High/Low 68.89% Equity Float 1'938.50
Shares Out 31.03.2013 1'939.0 Short Int 17.66
231'766.02 1 Yr Total Return 15.01%
Total Debt 12'192.00 YTD Return 12.30%
Preferred Stock 0.0 Adjusted BETA 1.072
Minority Interest 1'308.0 Analyst Recs 29
Cash and Equivalents 21'205.00 Consensus Rating 4.241
Enterprise Value 229'621.01
Average Volume 5 Day 1'544'588
CVX UN EQUITY YTD Change - Average Volume 30 Day 1'717'319
CVX UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'685'532
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
255'112.0 159'293.0 189'607.0 236'286.0 222'580.0 237'117.0 217'734.0 230'022.0 227'252.1 54'642.0 55'405.5
0.58x 0.99x 0.96x 0.87x 0.91x 3.35x 3.90x 1.00x 1.04x 4.21x 4.17x
44'538.0 26'432.0 38'438.0 51'210.0 48'426.0 52'356.0 46'203.0 55'870.1 56'908.6 11'867.3 12'289.7
3.32x 5.94x 4.71x 4.02x 4.19x 3.87x 4.96x 4.11x 4.03x 4.59x 4.36x
23'931.0 10'483.0 19'024.0 26'895.0 26'179.0 27'155.0 25'886.0 24'086.9 24'209.9 5'849.3 6'207.4
6.50x 14.69x 9.76x 7.92x 8.41x 8.01x 9.16x 9.66x 9.52x 9.75x 9.65x
EBITDA 48'426.00 Long-Term Rating Date 01.07.1987
EBIT 35'013.00 Long-Term Rating AA
Operating Margin 15.73% Long-Term Outlook STABLE
Pretax Margin 20.82% Short-Term Rating Date 01.07.1987
Return on Assets 11.45% Short-Term Rating A-1+
Return on Common Equity 19.49%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.08
Gross Margin 18.6% Total Debt/EBITDA 0.31
EBITDA Margin 21.2%
EBIT Margin 14.9% Total Debt/Equity 8.9%
Net Income Margin 11.8% Total Debt/Capital 8.1%
Asset Turnover 0.96
Current Ratio 1.63 Net Fixed Asset Turnover 1.61
Quick Ratio 1.23 Accounts receivable turnover-days 36.86
Debt to Assets 5.23% Inventory Days 14.20
Tot Debt to Common Equity 8.93% Accounts Payable Turnover Day 45.35
Accounts Receivable Turnover 9.90 Cash Conversion Cycle 1.75
Inventory Turnover 25.70
Fiscal Year Ended
Chevron CorpPrice/Volume
Valuation Analysis
228'898.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 120'672'728 6.22 482'591 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 104'156'422 5.37 (3'274'466) 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 98'040'555 5.06 3'489'417 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 78'133'034 4.03 (2'626'304) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 37'588'506 1.94 751'186 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 31'537'302 1.63 1'159'770 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 31'438'900 1.62 978'505 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 29'333'821 1.51 (4'658'064) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 23'728'375 1.22 (439'218) 31.05.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 23'323'815 1.2 (391'890) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 18'387'731 0.95 (369'205) 30.04.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 16'787'056 0.87 14'943 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 16'404'385 0.85 - 31.12.2012 Government
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 16'281'400 0.84 - 31.03.2013 Insurance Company
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 13'180'196 0.68 234'047 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 12'648'021 0.65 (95'262) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 12'416'713 0.64 452'568 30.04.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 11'559'439 0.6 (272'287) 03.07.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 11'426'378 0.59 1'002'097 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 11'329'103 0.58 (766'314) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 28.06.2013
JPMorgan KATHERINE LUCAS MINYARD neutral 3 M 121 6 month 28.06.2013
Morgan Stanley J EVAN CALIO Overwt/In-Line 5 M 135 12 month 25.06.2013
Raymond James PAVEL MOLCHANOV outperform 5 M 125 12 month 25.06.2013
Cowen and Company ASIT SEN outperform 5 M 133 12 month 24.06.2013
Tudor Pickering & Co ROBERT KESSLER hold 3 M 125 Not Provided 24.06.2013
Oppenheimer & Co FADEL GHEIT outperform 5 M 140 18 month 21.06.2013
Wells Fargo Securities, LLC ROGER D READ outperform 5 N #N/A N/A Not Provided 20.06.2013
ISI Group DOUGLAS T TERRESON buy 5 M 130 12 month 19.06.2013
Howard Weil Inc BLAKE FERNANDEZ sector outperform 5 M 140 12 month 18.06.2013
Jefferies IAIN REID hold 3 D 135 12 month 17.06.2013
Societe Generale JOHN HERRLIN hold 3 M 126 Not Provided 07.06.2013
Barclays PAUL Y CHENG equalweight 3 D 145 Not Provided 05.06.2013
Canaccord Genuity Corp GORDON GRAY buy 5 M 136 12 month 30.05.2013
Argus Research Corp JONATHAN GELCIUS buy 5 M 140 Not Provided 17.05.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 16.05.2013
VTB Capital COLIN SMITH hold 3 M 120 12 month 15.05.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 127 12 month 06.05.2013
Ameriprise Advisor Services, Inc LEZE THAQI buy 5 M #N/A N/A Not Provided 03.05.2013
Credit Suisse EDWARD WESTLAKE outperform 5 M 135 Not Provided 29.04.2013
Deutsche Bank PAUL SANKEY buy 5 M 140 12 month 28.04.2013
Macquarie JASON D GAMMEL outperform 5 M 148 12 month 27.04.2013
S&P Capital IQ MICHAEL KAY strong buy 5 M 142 12 month 26.04.2013
Oracle Investment Research LAURENCE BALTER hold 3 D 110 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 16.01.2013
Goldman Sachs ARJUN N MURTI neutral/attractive 3 M 125 12 month 13.12.2012
Holdings By:
Chevron Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
E. I. du Pont de Nemours and Company is a global chemical and life sciences
company, with businesses that include agriculture and industrial biotechnology,
chemistry, biology, materials science and manufacturing. The Company operates
globally and offers a wide range of products and services for markets including
agriculture and food, building and construction, electronics and communications.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (31.05.2013) 57.25
52-Week Low (16.11.2012) 41.68
Daily Volume
52.58
52-Week High % Change -8.17% Dividend Yield 3.27
52-Week Low % Change 26.15% Beta 1.15
% 52 Week Price Range High/Low 68.85% Equity Float 919.00
Shares Out 15.04.2013 920.5 Short Int 25.90
48'398.11 1 Yr Total Return 9.89%
Total Debt 11'740.00 YTD Return 18.95%
Preferred Stock 237.0 Adjusted BETA 1.152
Minority Interest 91.0 Analyst Recs 27
Cash and Equivalents 4'407.00 Consensus Rating 3.296
Enterprise Value 55'401.10
Average Volume 5 Day 1'364'026
DD UN EQUITY YTD Change - Average Volume 30 Day 1'676'815
DD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'688'155
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
30'529.0 26'109.0 31'505.0 33'681.0 34'812.0 35'925.0 36'129.0 35'925.7 38'306.3 10'002.0 7'758.3
0.96x 1.38x 1.58x 1.53x 1.43x 6.31x 6.07x 1.47x 1.33x 5.63x 7.12x
2'904.0 3'086.0 4'419.0 5'046.0 4'794.0 5'513.0 4'817.0 6'725.7 7'264.3 2'114.6 1'158.2
10.14x 11.67x 11.29x 10.23x 10.35x 11.15x 10.84x 8.24x 7.63x 7.83x 7.58x
2'007.0 1'755.0 3'031.0 3'474.0 2'788.0 3'535.0 4'648.0 3'536.6 3'980.0 1'182.5 486.2
9.10x 16.03x 15.15x 12.89x 13.08x 14.70x 14.52x 13.79x 12.24x 13.05x 12.41x
EBITDA 4'794.00 Long-Term Rating Date 17.05.2011
EBIT 3'081.00 Long-Term Rating A
Operating Margin 8.85% Long-Term Outlook STABLE
Pretax Margin 8.95% Short-Term Rating Date 17.05.2011
Return on Assets 9.22% Short-Term Rating A-1
Return on Common Equity 42.69%
Return on Capital 19.82% EBITDA/Interest Exp. 9.57
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 5.99
Net Debt/EBITDA 1.39
Gross Margin 26.5% Total Debt/EBITDA 2.76
EBITDA Margin 13.3%
EBIT Margin 8.7% Total Debt/Equity 119.2%
Net Income Margin 8.0% Total Debt/Capital 53.6%
Asset Turnover 0.72
Current Ratio 1.56 Net Fixed Asset Turnover 2.78
Quick Ratio 0.73 Accounts receivable turnover-days 83.73
Debt to Assets 23.60% Inventory Days 92.75
Tot Debt to Common Equity 119.18% Accounts Payable Turnover Day 55.15
Accounts Receivable Turnover 4.36 Cash Conversion Cycle 96.29
Inventory Turnover 3.94
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
EI du Pont de Nemours & CoPrice/Volume
Valuation Analysis
267'204.00
Current Price (7/dd/yy) Market Data
&
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 60'733'220 6.6 1'285'316 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 44'931'435 4.88 (175'458) 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 43'184'430 4.69 1'602'674 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 40'354'000 4.38 460'000 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'974'273 1.84 424'573 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 16'697'828 1.81 2'105'648 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'072'793 1.75 483'739 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 11'047'590 1.2 4'230'738 31.05.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 10'292'361 1.12 389'593 31.03.2013 Investment Advisor
DUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 9'974'422 1.08 - 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 9'907'239 1.08 3'343'251 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 9'289'820 1.01 3'263'788 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 8'224'253 0.89 (3'078'774) 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'870'300 0.86 (2'184'189) 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 7'657'466 0.83 (1'759'561) 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 7'547'295 0.82 (1'022'109) 31.03.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 6'989'386 0.76 (350'768) 31.03.2013 Unclassified
NORGES BANK NORGES BANK 13F 6'914'198 0.75 - 31.12.2012 Government
WILMINGTON TRUST COM WILMINGTON TRUST COM 13F 6'912'093 0.75 (197'052) 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 6'717'535 0.73 - 31.03.2013 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC FRANK J MITSCH market perform 3 M #N/A N/A Not Provided 05.07.2013
Macquarie COOLEY MAY outperform 5 M 57 12 month 29.06.2013
SunTrust Robinson Humphrey ANDREW W CASH reduce 2 M 45 12 month 28.06.2013
Jefferies LAURENCE ALEXANDER hold 3 M 56 12 month 20.06.2013
Susquehanna Financial Group DONALD D CARSON Positive 4 M 60 12 month 20.06.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 63 Not Provided 18.06.2013
JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 58 6 month 18.06.2013
BGC Partners MARK R GULLEY sell 1 M 50 12 month 18.06.2013
Piper Jaffray MIKE J RITZENTHALER neutral 3 M 56 12 month 17.06.2013
Barclays DUFFY FISCHER equalweight 3 M 56 Not Provided 14.06.2013
Deutsche Bank DAVID I BEGLEITER buy 5 M 62 12 month 13.06.2013
Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 M #N/A N/A Not Provided 13.06.2013
RBC Capital Markets CHRIS NOCELLA sector perform 3 M 56 12 month 13.06.2013
Credit Suisse JOHN P MCNULTY neutral 3 M 55 Not Provided 13.06.2013
Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 13.06.2013
Oppenheimer & Co EDWARD H YANG market perform 3 M #N/A N/A Not Provided 13.06.2013
Monness, Crespi, Hardt & Co HERBERT A HARDT neutral 3 M #N/A N/A Not Provided 20.05.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 09.05.2013
Ameriprise Advisor Services, Inc FREDERICK M SCHULTZ buy 5 M #N/A N/A Not Provided 30.04.2013
Alembic Global Advisors HASSAN I AHMED neutral 3 M 43 12 month 23.04.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 19.03.2013
Goldman Sachs ROBERT KOORT neutral/attractive 3 M 50 12 month 27.01.2013
S&P Capital IQ LEO LARKIN hold 3 U 50 12 month 22.01.2013
Holdings By:
EI du Pont de Nemours & Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
The Walt Disney Company is an entertainment company that conducts operations in
media networks, studio entertainment, theme parks and resorts, consumer
products, and interactive media. The Company produces motion pictures,
television programs, and musical recordings, as well as books and magazines.
Latest Fiscal Year: 09/2012
LTM as of: 03/yy
52-Week High (16.05.2013) 67.89
52-Week Low (09.11.2012) 46.55
Daily Volume
63.39
52-Week High % Change -6.66% Dividend Yield 1.18
52-Week Low % Change 36.18% Beta 1.12
% 52 Week Price Range High/Low 79.94% Equity Float 1'630.76
Shares Out 01.05.2013 1'800.9 Short Int 36.20
114'161.68 1 Yr Total Return 32.45%
Total Debt 14'311.00 YTD Return 27.31%
Preferred Stock 0.0 Adjusted BETA 1.119
Minority Interest 2'199.0 Analyst Recs 35
Cash and Equivalents 3'387.00 Consensus Rating 4.314
Enterprise Value 129'201.68
Average Volume 5 Day 2'460'993
DIS UN EQUITY YTD Change - Average Volume 30 Day 2'487'246
DIS UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'268'991
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 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4
37'843.0 36'149.0 38'063.0 40'893.0 42'278.0 41'508.0 43'765.0 45'215.2 48'054.7 11'695.6 11'648.1
1.95x 1.67x 1.96x 1.65x 2.51x 7.87x 9.80x 2.82x 2.61x 10.77x 10.82x
8'986.0 7'328.0 8'439.0 9'622.0 10'850.0 10'103.0 11'349.0 12'292.9 13'589.4 3'677.5 3'123.7
8.20x 8.25x 8.86x 7.00x 9.79x 9.28x 10.33x 10.50x 9.50x 9.95x 9.69x
4'427.0 3'307.0 3'963.0 4'807.0 5'682.0 5'170.0 5'970.0 6'311.0 7'023.8 1'888.6 1'538.6
14.43x 14.99x 16.08x 11.80x 16.69x 15.93x 17.23x 18.26x 16.04x 17.13x 16.46x
EBITDA 10'850.00 Long-Term Rating Date 22.12.2009
EBIT 8'863.00 Long-Term Rating A
Operating Margin 20.96% Long-Term Outlook STABLE
Pretax Margin 21.90% Short-Term Rating Date 22.12.2009
Return on Assets 7.62% Short-Term Rating A-1
Return on Common Equity 14.90%
Return on Capital 11.56% EBITDA/Interest Exp. 19.24
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 12.53
Net Debt/EBITDA 1.14
Gross Margin 21.0% Total Debt/EBITDA 1.49
EBITDA Margin 25.9%
EBIT Margin 21.2% Total Debt/Equity 36.0%
Net Income Margin 13.4% Total Debt/Capital 25.4%
Asset Turnover 0.56
Current Ratio 1.07 Net Fixed Asset Turnover 2.06
Quick Ratio 0.77 Accounts receivable turnover-days 55.88
Debt to Assets 19.11% Inventory Days 15.33
Tot Debt to Common Equity 35.99% Accounts Payable Turnover Day 64.73
Accounts Receivable Turnover 6.51 Cash Conversion Cycle 21.82
Inventory Turnover 23.74
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
Walt Disney Co/ThePrice/Volume
Valuation Analysis
405'003.00
Current Price (7/dd/yy) Market Data
&
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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
&!&&
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1!&&
3!&&
5!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LAURENE POWELL JOBS n/a PROXY 130'844'544 7.27 - 07.01.2013 n/a
BLACKROCK n/a ULT-AGG 94'331'002 5.24 7'570'987 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 78'979'851 4.39 2'428'922 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 74'953'080 4.16 856'779 02.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 60'948'821 3.38 (7'078'995) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 57'140'454 3.17 1'811'194 31.05.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 42'206'018 2.34 - 31.03.2013 Insurance Company
LUCAS GEORGE n/a Co File 37'076'679 2.06 - 06.02.2013 n/a
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 30'420'487 1.69 275'056 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 29'167'554 1.62 (3'841'045) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 28'484'413 1.58 (1'883'879) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 28'240'664 1.57 844'179 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 23'264'657 1.29 9'748 31.03.2013 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 18'325'116 1.02 (76'532) 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 15'484'915 0.86 (1'664'500) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 14'991'213 0.83 - 31.12.2012 Government
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 14'235'925 0.79 173'086 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 13'616'766 0.76 (1'782'906) 31.05.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 13'206'981 0.73 (247'554) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 12'790'648 0.71 280'678 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
B Riley & Co DAVID W MILLER buy 5 M 73 Not Provided 03.07.2013
Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 73 12 month 01.07.2013
Wunderlich Securities MATTHEW HARRIGAN hold 3 M 63 18 month 01.07.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 73 12 month 30.06.2013
Edward Jones ROBIN DIEDRICH buy 5 M #N/A N/A Not Provided 27.06.2013
Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 26.06.2013
BMO Capital Markets DANIEL SALMON outperform 5 M 76 Not Provided 25.06.2013
Goldman Sachs DREW BORST neutral/attractive 3 D 70 12 month 20.06.2013
Janney Montgomery Scott LLC TONY WIBLE neutral 3 M 69 12 month 20.06.2013
Cowen and Company DOUGLAS CREUTZ neutral 3 M 65 12 month 18.06.2013
Sterne, Agee & Leach VASILY KARASYOV neutral 3 M 69 12 month 16.06.2013
Davenport & Co MICHAEL C MORRIS buy 5 M 71 Not Provided 14.06.2013
Macquarie TIMOTHY W NOLLEN outperform 5 U 75 12 month 11.06.2013
Nomura MICHAEL NATHANSON buy 5 M 67 12 month 06.06.2013
Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 70 12 month 03.06.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 31.05.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 73 Not Provided 31.05.2013
JPMorgan ALEXIA S QUADRANI overweight 5 M 75 6 month 30.05.2013
Atlantic Equities LLP HAMILTON FABER neutral 3 D 74 12 month 17.05.2013
S&P Capital IQ TUNA AMOBI strong buy 5 M 75 Not Provided 14.05.2013
Stifel DREW E CRUM buy 5 M 72 12 month 09.05.2013
BTIG LLC RICHARD GREENFIELD buy 5 M 85 12 month 09.05.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 75 12 month 08.05.2013
RBC Capital Markets DAVID BANK outperform 5 M 71 12 month 08.05.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 75 Not Provided 08.05.2013
Credit Suisse MICHAEL SENNO outperform 5 M 73 Not Provided 08.05.2013
Hilliard Lyons JEFFREY S THOMISON long-term buy 5 M 78 12 month 08.05.2013
Piper Jaffray JAMES M MARSH JR neutral 3 M 57 12 month 08.05.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 67 Not Provided 08.05.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 08.05.2013
Evercore Partners ALAN GOULD overweight 5 M 70 12 month 07.05.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 20.03.2013
Gabelli & Co BRETT HARRISS hold 3 M #N/A N/A Not Provided 06.02.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 06.02.2013
Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 05.08.2011
Holdings By:
Walt Disney Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
The Dow Chemical Company is a diversified chemical company that provides
chemical, plastic, and agricultural products and services to various essential
consumer markets. The Company serves customers in countries around the world in
markets such as food, transportation, health and medicine, personal care, and
construction.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (22.05.2013) 36.00
52-Week Low (16.11.2012) 27.45
Daily Volume
32.46
52-Week High % Change -9.89% Dividend Yield 3.94
52-Week Low % Change 18.25% Beta 1.47
% 52 Week Price Range High/Low 58.25% Equity Float 1'204.99
Shares Out 31.03.2013 1'209.6 Short Int 19.27
39'263.26 1 Yr Total Return 6.67%
Total Debt 20'987.00 YTD Return 2.45%
Preferred Stock 4'000.0 Adjusted BETA 1.469
Minority Interest 1'137.0 Analyst Recs 25
Cash and Equivalents 4'318.00 Consensus Rating 3.200
Enterprise Value 60'980.26
Average Volume 5 Day 1'301'077
DOW UN EQUITY YTD Change - Average Volume 30 Day 1'680'224
DOW UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'827'730
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
57'361.0 44'875.0 53'674.0 59'985.0 56'786.0 59'971.0 56'450.0 57'380.3 59'676.5 14'474.0 14'054.8
0.41x 1.25x 1.14x 0.92x 1.07x 3.88x 4.20x 1.06x 0.99x 4.36x 4.42x
4'316.0 4'176.0 6'078.0 6'909.0 6'645.0 6'664.0 6'568.0 8'338.8 9'202.3 2'129.4 1'969.7
5.46x 13.38x 10.11x 7.99x 9.14x 9.54x 9.17x 7.31x 6.63x 7.21x 6.87x
579.0 648.0 2'310.0 2'742.0 1'182.0 2'529.0 1'320.0 2'801.4 3'510.6 767.0 659.8
25.58x 46.12x 17.28x 12.27x 18.70x 16.26x 17.70x 13.70x 10.94x 13.26x 12.25x
EBITDA 6'645.00 Long-Term Rating Date 11.05.2011
EBIT 3'947.00 Long-Term Rating BBB
Operating Margin 6.95% Long-Term Outlook STABLE
Pretax Margin 2.93% Short-Term Rating Date 11.05.2011
Return on Assets 1.90% Short-Term Rating A-2
Return on Common Equity 5.44%
Return on Capital 4.44% EBITDA/Interest Exp. 4.91
Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 2.98
Net Debt/EBITDA 2.52
Gross Margin 15.0% Total Debt/EBITDA 3.06
EBITDA Margin 11.6%
EBIT Margin 6.9% Total Debt/Equity 124.4%
Net Income Margin 2.1% Total Debt/Capital 48.8%
Asset Turnover 0.81
Current Ratio 2.06 Net Fixed Asset Turnover 3.27
Quick Ratio 0.82 Accounts receivable turnover-days 35.43
Debt to Assets 30.15% Inventory Days 69.72
Tot Debt to Common Equity 124.35% Accounts Payable Turnover Day 37.46
Accounts Receivable Turnover 10.30 Cash Conversion Cycle 56.57
Inventory Turnover 5.24
Fiscal Year Ended
Dow Chemical Co/ThePrice/Volume
Valuation Analysis
200'083.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 172'008'906 14.22 (34'660'778) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 66'934'373 5.53 2'524'433 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 55'361'063 4.58 2'087'824 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 50'852'928 4.2 370'337 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 46'940'542 3.88 2'725'080 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 35'168'502 2.91 399'429 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 29'788'219 2.46 (31'119) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 25'381'961 2.1 12'426'794 31.05.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 17'217'878 1.42 539'435 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 13'203'659 1.09 (555'116) 31.03.2013 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 10'935'724 0.9 915'908 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 10'907'626 0.9 2'671'115 31.03.2013 Unclassified
FMR LLC n/a ULT-AGG 8'609'269 0.71 797'811 31.03.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 8'228'732 0.68 921'078 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 8'123'754 0.67 242'057 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 7'892'282 0.65 - 31.12.2012 Government
WADDELL & REED FINAN WADDELL & REED FINAN 13F 7'714'057 0.64 1'521'955 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 7'160'162 0.59 5'652'950 03.07.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'632'996 0.55 1'371'283 31.03.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 6'573'537 0.54 (370'553) 31.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC FRANK J MITSCH market perform 3 M #N/A N/A Not Provided 05.07.2013
Macquarie COOLEY MAY outperform 5 M 39 12 month 01.07.2013
Edward Jones MATT ARNOLD sell 1 M #N/A N/A Not Provided 28.06.2013
SunTrust Robinson Humphrey ANDREW W CASH reduce 2 M 30 12 month 28.06.2013
Jefferies LAURENCE ALEXANDER hold 3 M 34 12 month 26.06.2013
Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 M #N/A N/A Not Provided 25.06.2013
Credit Suisse JOHN P MCNULTY outperform 5 M 39 Not Provided 25.06.2013
Alembic Global Advisors HASSAN I AHMED overweight 5 M 45 12 month 24.06.2013
Barclays DUFFY FISCHER equalweight 3 M 36 Not Provided 21.06.2013
Cowen and Company CHARLES NEIVERT neutral 3 M #N/A N/A Not Provided 14.06.2013
Monness, Crespi, Hardt & Co HERBERT A HARDT neutral 3 M #N/A N/A Not Provided 20.05.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 13.05.2013
Goldman Sachs ROBERT KOORT buy/attractive 5 M 42 12 month 07.05.2013
Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 07.05.2013
Deutsche Bank DAVID I BEGLEITER hold 3 M 37 12 month 06.05.2013
RBC Capital Markets CHRIS NOCELLA sector perform 3 M 36 12 month 29.04.2013
Susquehanna Financial Group DONALD D CARSON neutral 3 M 35 12 month 29.04.2013
Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 26.04.2013
JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 34 6 month 26.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 13.03.2013
Gilford Securities PAUL C CHRISTOPHERSON sell 1 M #N/A N/A Not Provided 18.09.2012
Holdings By:
Dow Chemical Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Devon Energy Corporation is an independent energy company that is involved
primarily in oil and gas exploration, development and production, the
transportation of oil, gas, and NGLs and the processing of natural gas. The
Company also has marketing and midstream operations primarily in North America
that include gas, crude oil and NGLs.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.09.2012) 63.95
52-Week Low (22.04.2013) 50.82
Daily Volume
53.77
52-Week High % Change -15.87% Dividend Yield 1.49
52-Week Low % Change 5.80% Beta 1.33
% 52 Week Price Range High/Low 20.41% Equity Float 379.91
Shares Out 31.03.2013 406.0 Short Int 8.13
21'830.62 1 Yr Total Return -6.70%
Total Debt 11'644.00 YTD Return 4.11%
Preferred Stock 0.0 Adjusted BETA 1.335
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 6'980.00 Consensus Rating 3.939
Enterprise Value 27'481.62
Average Volume 5 Day 611'245
DVN UN EQUITY YTD Change - Average Volume 30 Day 720'872
DVN UN EQUITY YTD % CHANGE - Average Volume 3 Month 691'745
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
13'615.0 8'015.0 9'940.0 11'454.0 9'679.0 11'804.0 8'977.0 9'733.4 11'203.3 2'435.4 2'553.2
2.56x 4.92x 3.69x 2.42x 2.66x 10.12x 12.21x 3.12x 2.82x 12.25x 11.86x
8'952.0 4'270.0 5'859.0 6'878.0 5'253.0 7'068.0 4'509.0 5'204.6 6'731.6 1'402.3 1'525.5
3.89x 9.24x 6.25x 4.04x 4.91x 4.59x 6.33x 5.28x 4.08x 4.48x 4.35x
(2'148.0) (2'479.0) 4'550.0 4'704.0 (206.0) 4'681.0 (1'938.0) 1'483.3 2'065.5 357.8 416.8
8.29x 22.88x 13.09x 7.75x 15.99x 12.37x 8.27x 14.39x 10.62x 12.33x 11.41x
EBITDA 5'253.00 Long-Term Rating Date 18.03.2008
EBIT 2'442.00 Long-Term Rating BBB+
Operating Margin 25.23% Long-Term Outlook STABLE
Pretax Margin -3.28% Short-Term Rating Date 29.08.2000
Return on Assets -4.60% Short-Term Rating A-2
Return on Common Equity -9.34%
Return on Capital - EBITDA/Interest Exp. 11.57
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -6.55
Net Debt/EBITDA 1.25
Gross Margin 32.4% Total Debt/EBITDA 2.70
EBITDA Margin 50.2%
EBIT Margin 18.6% Total Debt/Equity 54.7%
Net Income Margin -2.1% Total Debt/Capital 35.4%
Asset Turnover 0.21
Current Ratio 1.49 Net Fixed Asset Turnover 0.34
Quick Ratio 1.37 Accounts receivable turnover-days 50.34
Debt to Assets 26.88% Inventory Days -
Tot Debt to Common Equity 54.72% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.25 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
Devon Energy CorpPrice/Volume
Valuation Analysis
146'752.00
Current Price (7/dd/yy) Market Data
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4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 25'694'470 6.33 (664'000) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 23'504'164 5.79 (1'597'618) 03.07.2013 Investment Advisor
MITCHELL GEORGE PHYD n/a 13D 23'372'374 5.76 - 07.03.2012 n/a
VANGUARD GROUP INC VANGUARD GROUP INC 13F 17'266'232 4.25 561'394 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 16'856'315 4.15 886'200 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 16'055'426 3.95 (191'691) 02.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'864'663 2.18 136'109 30.04.2013 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 8'484'949 2.09 137'512 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 8'309'964 2.05 279'672 31.03.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 7'963'435 1.96 2'636'725 31.03.2013 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 6'727'612 1.66 (816'722) 31.05.2013 Investment Advisor
INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 5'646'771 1.39 66'479 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'348'351 1.32 116'814 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 5'327'043 1.31 (1'804'296) 31.03.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 4'577'765 1.13 (732'189) 31.03.2013 Unclassified
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'575'289 1.13 178'808 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'427'287 1.09 (1'668'225) 31.03.2013 Investment Advisor
GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 4'018'843 0.99 (522'090) 31.03.2013 Investment Advisor
THIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 3'891'422 0.96 368'286 31.03.2013 Hedge Fund Manager
TWEEDY BROWNE COMPAN TWEEDY BROWNE COMPAN 13F 3'741'710 0.92 4'210 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co BOB BRACKETT market perform 3 M 66 12 month 03.07.2013
Jefferies BIJU Z PERINCHERIL buy 5 M 71 12 month 02.07.2013
Credit Suisse ARUN JAYARAM outperform 5 M 75 Not Provided 01.07.2013
Robert W. Baird & Co HSULIN PENG outperform 5 M 68 12 month 01.07.2013
Raymond James ANDREW COLEMAN outperform 5 M 70 12 month 28.06.2013
Tudor Pickering & Co MATTHEW PORTILLO hold 3 M 79 Not Provided 28.06.2013
Susquehanna Financial Group DUANE GRUBERT Positive 4 M 75 12 month 27.06.2013
Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 26.06.2013
FBR Capital Markets REHAN RASHID outperform 5 M 77 12 month 26.06.2013
ISI Group JONATHAN WOLFF neutral 3 M #N/A N/A Not Provided 23.06.2013
Oppenheimer & Co FADEL GHEIT outperform 5 M 67 18 month 21.06.2013
Capital One Southcoast, Inc. BRIAN T VELIE neutral 3 M 78 Not Provided 18.06.2013
Simmons & Company International DAVID W KISTLER overweight 5 M 83 Not Provided 14.06.2013
Societe Generale JOHN HERRLIN buy 5 M 65 12 month 13.06.2013
Howard Weil Inc PETER KISSEL sector outperform 5 M 69 12 month 06.06.2013
Johnson Rice & Co CHARLES MEADE equalweight 3 M #N/A N/A Not Provided 06.06.2013
Peters & Co Ltd DAN GRAGER sector outperform 5 M 75 12 month 06.06.2013
Wells Fargo Securities, LLC DAVID R TAMERON market perform 3 M #N/A N/A Not Provided 28.05.2013
Guggenheim Securities LLC ROBERT CORDRAY buy 5 M 74 12 month 24.05.2013
JPMorgan JOSEPH D ALLMAN neutral 3 D 63 6 month 23.05.2013
Argus Research Corp JONATHAN GELCIUS hold 3 M #N/A N/A Not Provided 22.05.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 11.05.2013
Barclays THOMAS R DRISCOLL equalweight 3 M 61 Not Provided 06.05.2013
Ameriprise Advisor Services, Inc LEZE THAQI buy 5 M #N/A N/A Not Provided 03.05.2013
Macquarie JOSEPH MAGNER neutral 3 M 61 12 month 03.05.2013
Morgan Stanley J EVAN CALIO Equalwt/Attractive 3 M 58 12 month 02.05.2013
Deutsche Bank STEPHEN RICHARDSON hold 3 M 66 12 month 01.05.2013
RBC Capital Markets SCOTT HANOLD outperform 5 M 72 12 month 01.05.2013
Alembic Global Advisors JAMES J SULLIVAN overweight 5 M 70 12 month 16.04.2013
Goldman Sachs BRIAN SINGER buy/attractive 5 M 73 12 month 04.04.2013
Holdings By:
Devon Energy Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
eBay Inc. operates an online trading community. The Company's service is used
by buyers and sellers for the exchange of products and services such as coins,
collectibles, computers, memorabilia, stamps and toys, as well as concert and
sporting tickets. eBay also offers, through a subsidiary, secure online
payment services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (11.04.2013) 58.04
52-Week Low (17.07.2012) 38.06
Daily Volume
53.23
52-Week High % Change -8.22% Dividend Yield 0.00
52-Week Low % Change 39.86% Beta 1.18
% 52 Week Price Range High/Low 75.63% Equity Float 1'173.44
Shares Out 15.04.2013 1'297.8 Short Int 15.06
69'081.34 1 Yr Total Return 29.20%
Total Debt 4'519.00 YTD Return 4.33%
Preferred Stock 0.0 Adjusted BETA 1.183
Minority Interest 0.0 Analyst Recs 44
Cash and Equivalents 9'408.00 Consensus Rating 4.682
Enterprise Value 64'195.34
Average Volume 5 Day 2'945'699
EBAY UW EQUITY YTD Change - Average Volume 30 Day 3'010'347
EBAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'923'057
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
8'541.3 8'727.4 9'156.3 11'651.7 14'072.0 12'383.0 14'542.0 16'312.1 19'007.1 3'891.6 3'971.3
1.82x 2.93x 3.42x 3.02x 4.34x 12.55x 16.15x 3.90x 3.21x 16.34x 15.79x
2'844.6 2'305.9 2'837.5 3'313.0 4'088.0 3'489.4 4'285.0 5'361.1 6'221.1 1'246.5 1'289.1
5.46x 11.10x 11.03x 10.62x 14.95x 12.57x 15.25x 11.98x 10.33x 11.54x 11.05x
1'779.5 2'389.1 1'801.0 3'229.4 2'609.0 3'323.5 2'717.0 3'625.3 4'277.8 836.8 860.1
9.01x 17.84x 20.19x 11.68x 26.63x 21.62x 27.24x 19.42x 16.48x 18.67x 17.88x
EBITDA 4'088.00 Long-Term Rating Date 02.03.2010
EBIT 2'888.00 Long-Term Rating A
Operating Margin 20.52% Long-Term Outlook STABLE
Pretax Margin 21.92% Short-Term Rating Date 05.11.2010
Return on Assets 8.21% Short-Term Rating A-1
Return on Common Equity 13.65%
Return on Capital - EBITDA/Interest Exp. 64.89
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. 44.94
Net Debt/EBITDA -1.14
Gross Margin 70.0% Total Debt/EBITDA 1.05
EBITDA Margin 29.5%
EBIT Margin 20.9% Total Debt/Equity 21.7%
Net Income Margin 18.5% Total Debt/Capital 17.8%
Asset Turnover 0.44
Current Ratio 1.96 Net Fixed Asset Turnover 6.21
Quick Ratio 0.94 Accounts receivable turnover-days 17.27
Debt to Assets 12.19% Inventory Days -
Tot Debt to Common Equity 21.66% Accounts Payable Turnover Day 26.35
Accounts Receivable Turnover 21.14 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
eBay IncPrice/Volume
Valuation Analysis
526'102.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2'000.0
4'000.0
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10'000.0
12'000.0
14'000.0
16'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OMIDYAR PIERRE M n/a Form 4 121'823'408 9.39 (35'000) 29.04.2013 n/a
BLACKROCK n/a ULT-AGG 63'312'225 4.88 5'198'186 03.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 61'435'716 4.73 (4'332'713) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 53'402'102 4.11 1'439'219 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 48'914'986 3.77 3'774'755 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 48'155'759 3.71 253'105 02.07.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 34'942'180 2.69 (5'333'310) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 32'069'382 2.47 103'412 03.07.2013 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28'429'119 2.19 (2'197'027) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 22'646'340 1.74 (1'015'435) 30.04.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 22'184'219 1.71 (6'723'629) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 18'064'109 1.39 (2'376'920) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'219'103 1.33 (765'182) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'049'524 1.24 420'915 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 15'411'154 1.19 3'034'848 31.03.2013 Unclassified
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 13'985'241 1.08 6'086'452 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 13'438'588 1.04 892'843 31.05.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 13'299'256 1.02 74'839 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'450'033 0.96 1'922'875 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 11'767'391 0.91 (7'451'625) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 65 12 month 02.07.2013
Lazard Capital Markets BRETT FODERO buy 5 M 65 12 month 01.07.2013
Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 66 12 month 28.06.2013
Raymond James AARON M KESSLER outperform 5 M 61 12 month 28.06.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 64 12 month 28.06.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 63 12 month 28.06.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 26.06.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 66 12 month 25.06.2013
Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 65 12 month 21.06.2013
Compass Point Research & Trading LLC DOUGLAS GREINER buy 5 M 63 12 month 20.06.2013
Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 67 12 month 17.06.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 65 12 month 12.06.2013
Stifel JORDAN ROHAN buy 5 M 65 12 month 11.06.2013
JMP Securities RONALD V JOSEY III market outperform 4 M 67 12 month 11.06.2013
Argus Research Corp DAVID RITTER buy 5 M 65 12 month 10.06.2013
BMO Capital Markets EDWARD S WILLIAMS outperform 5 M 64 Not Provided 07.06.2013
Needham & Co KERRY RICE buy 5 M 60 12 month 03.06.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 63 Not Provided 22.05.2013
Wedbush GIL B LURIA outperform 5 M 64 12 month 15.05.2013
Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 65 12 month 07.05.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 62 12 month 07.05.2013
Tigress Financial Partners IVAN FEINSETH buy 5 M #N/A N/A Not Provided 02.05.2013
Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 U #N/A N/A Not Provided 24.04.2013
Ameriprise Advisor Services, Inc PATRICK DIEDRICKSON buy 5 M #N/A N/A Not Provided 19.04.2013
Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 62 12 month 18.04.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 64 12 month 18.04.2013
Credit Suisse STEPHEN JU neutral 3 M 55 Not Provided 18.04.2013
JPMorgan DOUGLAS ANMUTH overweight 5 M 63 6 month 18.04.2013
Jefferies BRIAN J PITZ buy 5 M 66 12 month 18.04.2013
Pacific Crest Securities CHAD BARTLEY outperform 5 M 65 12 month 18.04.2013
Macquarie BENJAMIN A SCHACHTER neutral 3 D 58 12 month 18.04.2013
B Riley & Co SCOTT TILGHMAN buy 5 M 65 Not Provided 18.04.2013
Evercore Partners KEN SENA overweight 5 M 64 12 month 18.04.2013
BGC Partners COLIN W GILLIS buy 5 M 65 12 month 18.04.2013
Cowen and Company JOHN BLACKLEDGE neutral 3 M #N/A N/A Not Provided 18.04.2013
S&P Capital IQ SCOTT H KESSLER hold 3 M 65 12 month 18.04.2013
Benchmark Company LLC DANIEL L KURNOS buy 5 M 63 12 month 18.04.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 60 Not Provided 18.04.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 75 12 month 18.04.2013
Deutsche Bank ROSS SANDLER hold 3 M 55 12 month 17.04.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs HEATH P TERRY buy/attractive 5 M 63 12 month 11.01.2013
Holdings By:
eBay Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
EMC Corporation provides enterprise storage systems, software, networks, and
services. The Company's products store, retrieve, manage, protect, and share
information from all major computing environments and mainframe platforms. EMC
operates offices around the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (21.09.2012) 28.18
52-Week Low (19.04.2013) 21.45
Daily Volume
24.03
52-Week High % Change -14.76% Dividend Yield 0.00
52-Week Low % Change 12.03% Beta 1.17
% 52 Week Price Range High/Low 37.44% Equity Float 2'088.66
Shares Out 31.03.2013 2'100.8 Short Int 67.63
50'483.19 1 Yr Total Return -5.85%
Total Debt 1'710.15 YTD Return -4.62%
Preferred Stock 0.0 Adjusted BETA 1.167
Minority Interest 1'166.6 Analyst Recs 44
Cash and Equivalents 6'167.12 Consensus Rating 4.773
Enterprise Value 46'828.69
Average Volume 5 Day 4'418'897
EMC UN EQUITY YTD Change - Average Volume 30 Day 4'553'966
EMC UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'697'322
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
14'876.2 14'025.9 17'015.1 20'007.6 21'713.9 20'494.3 22'006.9 23'409.9 25'347.1 5'608.7 5'790.5
1.24x 2.34x 2.72x 2.20x 2.30x 9.83x 9.20x 1.96x 1.76x 8.38x 8.10x
2'957.0 2'594.9 3'935.2 4'961.4 5'602.2 5'163.7 5'659.1 7'171.3 7'762.0 1'707.9 1'832.3
6.23x 12.63x 11.75x 8.85x 8.93x 11.47x 8.22x 6.56x 6.06x 6.29x 6.23x
1'275.1 1'088.1 1'900.0 2'461.3 2'732.6 2'571.0 2'725.8 4'058.3 4'517.7 914.4 993.4
14.75x 32.69x 23.56x 19.01x 20.38x 25.08x 19.12x 12.94x 11.57x 12.57x 12.15x
EBITDA 5'602.21 Long-Term Rating Date 25.06.2012
EBIT 4'074.46 Long-Term Rating A
Operating Margin 18.76% Long-Term Outlook STABLE
Pretax Margin 17.52% Short-Term Rating Date -
Return on Assets 7.55% Short-Term Rating -
Return on Common Equity 12.76%
Return on Capital 12.15% EBITDA/Interest Exp. 71.00
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 60.62
Net Debt/EBITDA -0.85
Gross Margin 62.8% Total Debt/EBITDA 0.30
EBITDA Margin 25.7%
EBIT Margin 18.7% Total Debt/Equity 7.6%
Net Income Margin 12.6% Total Debt/Capital 6.8%
Asset Turnover 0.61
Current Ratio 1.18 Net Fixed Asset Turnover 7.28
Quick Ratio 0.93 Accounts receivable turnover-days 45.16
Debt to Assets 4.49% Inventory Days 49.38
Tot Debt to Common Equity 7.65% Accounts Payable Turnover Day 40.79
Accounts Receivable Turnover 8.08 Cash Conversion Cycle 56.37
Inventory Turnover 7.39
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
EMC Corp/MAPrice/Volume
Valuation Analysis
520'165.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 127'690'886 6.08 1'139'226 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 96'620'530 4.6 2'714'023 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 86'874'308 4.14 (2'515'646) 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 61'190'026 2.91 22'222'154 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 51'864'011 2.47 1'413'376 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 37'354'239 1.78 167'262 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 35'799'883 1.7 (1'778'781) 31.03.2013 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 31'140'612 1.48 8'094'720 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 30'186'250 1.44 11'702'400 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 29'121'617 1.39 (482'939) 30.04.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 27'769'811 1.32 (990'578) 31.03.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 27'046'362 1.29 1'204'145 31.03.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 26'600'034 1.27 3'477'441 31.05.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 25'890'134 1.23 (2'176'037) 31.05.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 25'352'630 1.21 (10'347'460) 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 24'669'059 1.17 (14'618'634) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 22'586'308 1.08 3'233'511 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 22'228'849 1.06 37'300 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 18'514'870 0.88 2'525'821 31.05.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 18'144'914 0.86 (2'983'380) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
S&P Capital IQ ANGELO ZINO strong buy 5 M 30 12 month 04.07.2013
Stifel AARON C RAKERS buy 5 M 33 12 month 03.07.2013
RBC Capital Markets AMIT DARYANANI outperform 5 M 30 12 month 02.07.2013
Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 26 12 month 02.07.2013
Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 28.06.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 28 12 month 26.06.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 30 12 month 26.06.2013
Pacific Crest Securities BRENT A BRACELIN outperform 5 M 30 12 month 20.06.2013
Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 30 12 month 20.06.2013
Lazard Capital Markets EDWARD PARKER buy 5 M 28 12 month 20.06.2013
Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 18.06.2013
BMO Capital Markets KEITH F BACHMAN outperform 5 M 28 Not Provided 17.06.2013
Longbow Research JOE WITTINE buy 5 M 30 12 month 17.06.2013
Craig-Hallum Capital Group LLC RAJESH GHAI buy 5 U 30 12 month 12.06.2013
Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 31.05.2013
Hilliard Lyons STEPHEN TURNER long-term buy 5 M 31 12 month 31.05.2013
Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 30 12 month 30.05.2013
Argus Research Corp JAMES KELLEHER buy 5 M 30 12 month 30.05.2013
Brean Capital LLC ANANDA BARUAH buy 5 M 30 12 month 30.05.2013
Credit Suisse KULBINDER GARCHA outperform 5 M 30 Not Provided 30.05.2013
Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 29 12 month 30.05.2013
Jefferies PETER J MISEK buy 5 M 32 12 month 30.05.2013
Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 28 12 month 30.05.2013
FBR Capital Markets DANIEL H IVES outperform 5 M 31 12 month 30.05.2013
Evercore Partners ROBERT CIHRA overweight 5 M 31 12 month 30.05.2013
Piper Jaffray ANDREW J NOWINSKI overweight 5 M 29 12 month 30.05.2013
Barclays BENJAMIN A REITZES overweight 5 M 28 Not Provided 30.05.2013
Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 30 Not Provided 20.05.2013
Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 27 6 month 17.05.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 17.05.2013
William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 08.05.2013
Sterne, Agee & Leach ALEX KURTZ buy 5 M 28 12 month 08.05.2013
ISI Group BRIAN MARSHALL strong buy 5 M 36 12 month 07.05.2013
Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 M #N/A N/A Not Provided 26.04.2013
Needham & Co GLENN HANUS buy 5 M 30 12 month 25.04.2013
JPMorgan MARK A MOSKOWITZ neutral 3 M 26 6 month 24.04.2013
Raymond James BRIAN G ALEXANDER strong buy 5 M 30 12 month 24.04.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 26 12 month 24.04.2013
Goldman Sachs WILLIAM C SHOPE JR Buy/Cautious 5 M 28 12 month 02.04.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 15.03.2013
Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 03.05.2012
Holdings By:
EMC Corp/MA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Emerson Electric Co. designs and manufactures electronic and electrical
equipment, software, systems and services for industrial, commercial and
consumer markets worldwide through its network power, process management,
industrial automation, climate technologies and tools & storage divisions.
Latest Fiscal Year: 09/2012
LTM as of: 03/yy
52-Week High (20.05.2013) 60.07
52-Week Low (12.07.2012) 43.59
Daily Volume
55.24
52-Week High % Change -8.11% Dividend Yield 2.93
52-Week Low % Change 26.73% Beta 1.08
% 52 Week Price Range High/Low 70.39% Equity Float 714.48
Shares Out 30.04.2013 718.9 Short Int 14.77
39'709.97 1 Yr Total Return 25.02%
Total Debt 5'293.00 YTD Return 5.78%
Preferred Stock 0.0 Adjusted BETA 1.083
Minority Interest 147.0 Analyst Recs 29
Cash and Equivalents 2'367.00 Consensus Rating 3.690
Enterprise Value 42'780.97
Average Volume 5 Day 989'591
EMR UN EQUITY YTD Change - Average Volume 30 Day 950'419
EMR UN EQUITY YTD % CHANGE - Average Volume 3 Month 990'592
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 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4
24'807.0 20'102.0 21'039.0 24'222.0 24'412.0 24'061.0 24'697.0 24'800.6 25'848.7 6'459.4 6'828.8
1.39x 1.66x 2.06x 1.40x 1.56x 6.63x 6.49x 1.71x 1.62x 6.66x 6.22x
4'789.0 3'871.0 4'325.0 5'096.0 5'155.0 4'902.0 5'242.0 4'926.8 5'303.9 1'359.5 1'465.4
7.18x 8.60x 10.00x 6.64x 7.38x 8.59x 8.27x 8.70x 8.08x 8.44x 8.29x
2'412.0 1'724.0 2'164.0 2'480.0 1'968.0 2'360.0 2'067.0 2'531.9 2'771.1 718.8 802.7
12.79x 16.04x 20.04x 12.68x 13.71x 16.24x 15.42x 15.77x 14.16x 14.96x 14.48x
EBITDA 5'155.00 Long-Term Rating Date 04.02.2002
EBIT 4'332.00 Long-Term Rating A
Operating Margin 17.75% Long-Term Outlook STABLE
Pretax Margin 12.76% Short-Term Rating Date 04.02.2002
Return on Assets 8.64% Short-Term Rating A-1
Return on Common Equity 19.65%
Return on Capital 13.94% EBITDA/Interest Exp. 21.39
Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 18.63
Net Debt/EBITDA 0.56
Gross Margin 40.0% Total Debt/EBITDA 1.06
EBITDA Margin 21.2%
EBIT Margin 17.9% Total Debt/Equity 51.4%
Net Income Margin 8.1% Total Debt/Capital 33.6%
Asset Turnover 1.03
Current Ratio 1.42 Net Fixed Asset Turnover 7.13
Quick Ratio 1.03 Accounts receivable turnover-days 65.60
Debt to Assets 22.22% Inventory Days 58.55
Tot Debt to Common Equity 51.41% Accounts Payable Turnover Day 60.72
Accounts Receivable Turnover 5.56 Cash Conversion Cycle 55.99
Inventory Turnover 6.23
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
Emerson Electric CoPrice/Volume
Valuation Analysis
164'041.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 38'802'430 5.4 1'062'029 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 38'482'478 5.35 1'319'027 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 32'581'713 4.53 (810'034) 02.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 26'141'807 3.64 (541'931) 31.05.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 24'166'245 3.36 (216'542) 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 15'824'112 2.2 273'681 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'696'847 2.04 453'810 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 13'569'888 1.89 3'721'277 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'909'860 1.8 (2'004'895) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'037'162 1.54 (94'255) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 10'019'911 1.39 (1'419'170) 03.07.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 8'205'723 1.14 220'775 30.04.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 8'024'040 1.12 - 31.03.2013 Insurance Company
FMR LLC n/a ULT-AGG 5'994'012 0.83 (24'519) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 5'868'203 0.82 - 31.12.2012 Government
UBS n/a ULT-AGG 5'746'889 0.8 263'253 31.03.2013 Unclassified
US BANCORP US BANCORP 13F 5'231'555 0.73 (174'276) 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'890'358 0.68 108'233 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 4'822'585 0.67 (1'421) 31.03.2013 Insurance Company
HARDING LOEVNER LP HARDING LOEVNER LP 13F 4'445'933 0.62 157'866 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Longbow Research MARK DOUGLASS neutral 3 M #N/A N/A Not Provided 02.07.2013
Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 67 12 month 02.07.2013
Wells Fargo Securities, LLC RICHARD M KWAS outperform 5 M #N/A N/A Not Provided 01.07.2013
Sanford C. Bernstein & Co STEVEN E WINOKER market perform 3 M 62 12 month 26.06.2013
Nomura SHANNON O'CALLAGHAN buy 5 M 63 12 month 26.06.2013
RBC Capital Markets JAMIE SULLIVAN outperform 5 M 66 12 month 25.06.2013
Credit Suisse JULIAN MITCHELL outperform 5 M 64 Not Provided 25.06.2013
Janney Montgomery Scott LLC JOHN A BALIOTTI II neutral 3 M 55 12 month 25.06.2013
Robert W. Baird & Co MICHAEL HALLORAN outperform 5 M 66 12 month 25.06.2013
Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 14.06.2013
Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 12.06.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 64 12 month 22.05.2013
JPMorgan CHARLES STEPHEN TUSA neutral 3 M 50 6 month 20.05.2013
Oppenheimer & Co CHRISTOPHER D GLYNN market perform 3 M 63 12 month 20.05.2013
Cowen and Company GAUTAM KHANNA neutral 3 M #N/A N/A Not Provided 20.05.2013
Deutsche Bank JOHN G INCH buy 5 M 69 12 month 13.05.2013
Ameriprise Advisor Services, Inc FREDERICK M SCHULTZ buy 5 M #N/A N/A Not Provided 13.05.2013
Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 60 Not Provided 09.05.2013
MKM Partners JOSHUA C POKRZYWINSKI neutral 3 M 56 12 month 09.05.2013
Morgan Stanley NIGEL COE Equalwt/In-Line 3 M 58 12 month 08.05.2013
Goldman Sachs JOSEPH RITCHIE neutral/neutral 3 M 60 12 month 08.05.2013
FBR Capital Markets AJAY K KEJRIWAL market perform 3 M 60 12 month 08.05.2013
Canaccord Genuity Corp JOHN S QUEALY hold 3 M 60 12 month 08.05.2013
Macquarie MICHAEL R WOOD neutral 3 M 55 12 month 07.05.2013
Barclays SCOTT R DAVIS equalweight 3 M 56 Not Provided 07.05.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 06.02.2013
Holdings By:
Emerson Electric Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Exelon Corporation is a utility services holding company. The Company, through
its subsidiaries distributes electricity to customers in Illinois and
Pennsylvania. Exelon also distributes gas to customers in the Philadelphia area
as well as operates nuclear power plants in states that include Pennsylvania and
New Jersey.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (01.08.2012) 39.75
52-Week Low (23.11.2012) 28.40
Daily Volume
29.57
52-Week High % Change -25.61% Dividend Yield 7.12
52-Week Low % Change 4.12% Beta 0.63
% 52 Week Price Range High/Low 14.80% Equity Float 854.47
Shares Out 31.03.2013 855.8 Short Int 17.62
25'307.46 1 Yr Total Return -16.34%
Total Debt 19'603.00 YTD Return 2.03%
Preferred Stock 280.0 Adjusted BETA 0.630
Minority Interest 106.0 Analyst Recs 28
Cash and Equivalents 1'486.00 Consensus Rating 2.929
Enterprise Value 44'821.46
Average Volume 5 Day 1'391'702
EXC UN EQUITY YTD Change - Average Volume 30 Day 1'964'707
EXC UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'703'371
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
18'859.0 17'318.0 18'644.0 19'063.0 23'489.0 18'798.0 24'885.0 25'308.9 25'201.5 5'695.7 6'453.3
2.57x 2.48x 2.08x 2.16x 1.87x 9.38x 7.72x 1.71x 1.75x 7.74x 6.84x
7'607.0 7'351.0 7'669.0 6'784.0 6'550.0 6'186.0 6'927.0 6'110.7 6'120.5 1'488.0 1'648.0
6.38x 5.84x 5.07x 6.08x 6.71x 8.38x 7.08x 7.32x 7.31x 7.08x 7.11x
2'737.0 2'707.0 2'563.0 2'495.0 1'160.0 2'027.0 956.0 2'086.5 2'006.7 459.7 580.7
13.24x 11.86x 10.26x 12.96x 15.38x 8.83x 17.55x 11.91x 12.69x 12.04x 12.16x
EBITDA 6'550.00 Long-Term Rating Date 22.07.2009
EBIT 2'471.00 Long-Term Rating BBB
Operating Margin 10.52% Long-Term Outlook STABLE
Pretax Margin 7.65% Short-Term Rating Date 22.07.2009
Return on Assets 1.23% Short-Term Rating A-2
Return on Common Equity 4.44%
Return on Capital 4.50% EBITDA/Interest Exp. 7.06
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 0.59
Net Debt/EBITDA 2.75
Gross Margin 56.8% Total Debt/EBITDA 2.88
EBITDA Margin 27.8%
EBIT Margin 10.5% Total Debt/Equity 91.5%
Net Income Margin 4.9% Total Debt/Capital 47.3%
Asset Turnover 0.32
Current Ratio 1.30 Net Fixed Asset Turnover -
Quick Ratio 0.75 Accounts receivable turnover-days 63.64
Debt to Assets 24.95% Inventory Days 29.77
Tot Debt to Common Equity 91.47% Accounts Payable Turnover Day 74.80
Accounts Receivable Turnover 5.74 Cash Conversion Cycle 14.46
Inventory Turnover 12.26
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Exelon CorpPrice/Volume
Valuation Analysis
371'641.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 60'718'483 7.09 11'361'463 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 52'685'540 6.16 5'952'890 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 52'475'318 6.13 (743'846) 02.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 46'410'823 5.42 665'262 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 40'562'636 4.74 1'578'071 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 23'795'456 2.78 (374'520) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 16'278'009 1.9 212'980 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 11'735'125 1.37 525'798 31.03.2013 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 11'511'846 1.35 471'078 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'542'576 1.23 180'784 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 8'786'044 1.03 (2'979'076) 31.05.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 6'434'014 0.75 2'964'081 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 5'771'881 0.67 151'610 31.03.2013 Investment Advisor
ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 5'771'260 0.67 4'405'788 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'453'633 0.64 1'367'221 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 4'940'927 0.58 (1'642'338) 31.05.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 4'783'756 0.56 3'775'104 30.04.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'647'683 0.54 (1'410'058) 03.07.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 4'551'953 0.53 3'876'925 31.03.2013 Investment Advisor
EMPYREAN CAPITAL PAR EMPYREAN CAPITAL PAR 13F 4'200'000 0.49 4'200'000 31.03.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC NEIL A KALTON underperform 1 M #N/A N/A Not Provided 03.07.2013
SunTrust Robinson Humphrey ALI AGHA neutral 3 M #N/A N/A Not Provided 01.07.2013
Wolfe Research STEVEN I FLEISHMAN peerperform 3 M 34 12 month 01.07.2013
Sanford C. Bernstein & Co HUGH WYNNE market perform 3 M 32 12 month 26.06.2013
Goldman Sachs MICHAEL J LAPIDES neutral/neutral 3 M 32 12 month 23.06.2013
JPMorgan CHRISTOPHER TURNURE neutral 3 M 34 6 month 19.06.2013
Edward Jones ANDREW PUSATERI hold 3 M #N/A N/A Not Provided 18.06.2013
BMO Capital Markets MICHAEL S WORMS market perform 3 M 36 Not Provided 17.06.2013
Macquarie ANGIE STOROZYNSKI neutral 3 M 33 12 month 17.06.2013
BGC Partners KIT KONOLIGE hold 3 N #N/A N/A Not Provided 17.06.2013
Morgan Stanley STEPHEN C BYRD Overwt/In-Line 5 M 36 12 month 03.06.2013
Deutsche Bank JONATHAN ARNOLD hold 3 D 34 12 month 28.05.2013
Argus Research Corp MICHAEL BURKE hold 3 M #N/A N/A Not Provided 28.05.2013
Credit Suisse DANIEL EGGERS neutral 3 M 30 Not Provided 28.05.2013
Atlantic Equities LLP NATHAN JUDGE neutral 3 M 37 12 month 28.05.2013
Drexel Hamilton LLC ANDREW L SMITH hold 3 M 37 12 month 13.05.2013
Jefferies PAUL B FREMONT hold 3 M 37 12 month 09.05.2013
RBC Capital Markets SHELBY G TUCKER outperform 5 M 39 12 month 07.05.2013
ISI Group GREG GORDON neutral 3 D 36 12 month 05.05.2013
Wunderlich Securities JAMES L DOBSON hold 3 D 37 Not Provided 02.05.2013
Tudor Pickering & Co NEEL MITRA hold 3 M 35 Not Provided 02.05.2013
Barclays DANIEL F FORD equalweight 3 M 37 Not Provided 02.05.2013
S&P Capital IQ JUSTIN MCCANN sell 1 D 34 Not Provided 30.04.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 08.02.2013
KeyBanc Capital Markets PAUL T RIDZON hold 3 M #N/A N/A Not Provided 22.01.2013
Holdings By:
Exelon Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Ford Motor Company designs, manufactures, and services cars and trucks. The
Company also provides vehicle-related financing, leasing, and insurance through
its subsidiary.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (05.07.2013) 16.74
52-Week Low (02.08.2012) 8.82
Daily Volume
16.59
52-Week High % Change -0.66% Dividend Yield 1.21
52-Week Low % Change 88.10% Beta 1.30
% 52 Week Price Range High/Low 99.74% Equity Float 3'832.27
Shares Out 24.04.2013 3'860.4 Short Int 80.13
65'218.71 1 Yr Total Return 77.13%
Total Debt 14'300.00 YTD Return 30.00%
Preferred Stock 0.0 Adjusted BETA 1.296
Minority Interest 364.0 Analyst Recs 26
Cash and Equivalents 24'425.00 Consensus Rating 3.846
Enterprise Value 57'411.71
Average Volume 5 Day 7'272'903
F UN EQUITY YTD Change - Average Volume 30 Day 7'414'723
F UN EQUITY YTD % CHANGE - Average Volume 3 Month 6'682'969
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
145'114.0 116'283.0 128'954.0 136'264.0 134'252.0 135'595.0 137'617.0 136'313.4 143'799.0 34'997.0 32'564.9
0.11x 0.36x 0.48x 0.23x 0.31x 1.06x 1.03x 0.43x 0.39x 1.60x 1.72x
64.0 6'438.0 15'383.0 13'629.0 12'513.0 12'887.0 12'539.0 10'860.9 12'446.3 3'079.5 2'881.3
238.63x 6.54x 4.03x 2.34x 3.30x 2.99x 3.53x 5.27x 4.60x 4.91x 4.83x
(14'766.0) 2'717.0 6'561.0 20'213.0 5'665.0 19'058.0 5'880.0 5'708.2 6'690.7 1'435.3 1'293.7
- 24.40x 9.19x 2.17x 8.23x 2.62x 8.53x 11.78x 9.92x 11.39x 10.77x
EBITDA 12'513.00 Long-Term Rating Date 21.10.2011
EBIT 6'291.00 Long-Term Rating BB+
Operating Margin 4.69% Long-Term Outlook POS
Pretax Margin 5.75% Short-Term Rating Date 10.06.2008
Return on Assets 3.11% Short-Term Rating NR
Return on Common Equity 34.38%
Return on Capital 5.30% EBITDA/Interest Exp. 17.45
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 9.80
Net Debt/EBITDA -0.65
Gross Margin 13.8% Total Debt/EBITDA 1.28
EBITDA Margin 9.1%
EBIT Margin 4.5% Total Debt/Equity 658.8%
Net Income Margin 4.2% Total Debt/Capital 86.6%
Asset Turnover 0.73
Current Ratio 0.96 Net Fixed Asset Turnover 5.65
Quick Ratio 0.57 Accounts receivable turnover-days 14.00
Debt to Assets 54.61% Inventory Days 23.76
Tot Debt to Common Equity 658.79% Accounts Payable Turnover Day 61.14
Accounts Receivable Turnover 26.07 Cash Conversion Cycle -22.39
Inventory Turnover 15.36
Fiscal Year Ended
Ford Motor CoPrice/Volume
Valuation Analysis
3'782'844.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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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
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 240'872'637 6.24 (12'594'892) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 201'820'134 5.23 15'413'511 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 172'157'358 4.46 13'003'144 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 154'008'352 3.99 10'196'201 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 123'663'736 3.2 (21'486'299) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 49'825'092 1.29 2'415'472 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 48'810'820 1.26 1'657'400 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 45'856'876 1.19 13'230'417 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 40'291'917 1.04 (465'751) 31.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 33'644'300 0.87 1'253'221 30.04.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 29'655'538 0.77 - 31.12.2012 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 26'674'586 0.69 1'375'576 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 24'497'016 0.63 6'582'960 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 23'936'313 0.62 (7'979'530) 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 23'358'804 0.61 20'325'156 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 23'155'724 0.6 (5'046'713) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'023'937 0.57 262'980 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 21'559'588 0.56 (1'563'758) 31.05.2013 Investment Advisor
UBS n/a ULT-AGG 20'467'461 0.53 3'549'449 31.03.2013 Unclassified
MORGAN STANLEY n/a ULT-AGG 20'403'328 0.53 3'133'307 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sterne, Agee & Leach MICHAEL P WARD buy 5 M 19 12 month 04.07.2013
Guggenheim Securities LLC MATTHEW T STOVER neutral 3 M 13 12 month 03.07.2013
Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 25.06.2013
Daiwa Securities Co. Ltd. TAKUO KATAYAMA neutral 3 M 15 Not Provided 24.06.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 19 Not Provided 21.06.2013
S&P Capital IQ EFRAIM LEVY hold 3 D 17 12 month 17.06.2013
Stifel JAMES J ALBERTINE hold 3 M #N/A N/A Not Provided 14.06.2013
Jefferies H PETER NESVOLD buy 5 M 18 12 month 07.06.2013
Buckingham Research Group JOSEPH C AMATURO underperform 1 M 11 12 month 04.06.2013
RBC Capital Markets JOSEPH SPAK outperform 5 M 18 12 month 30.05.2013
JPMorgan RYAN BRINKMAN overweight 5 M 16 6 month 28.05.2013
Craig-Hallum Capital Group LLC STEVEN L. DYER buy 5 U 18 12 month 16.05.2013
Wolfe Research TIMOTHY J DENOYER peerperform 3 M #N/A N/A Not Provided 02.05.2013
Deutsche Bank ROD LACHE hold 3 M 15 12 month 01.05.2013
Morgan Stanley ADAM JONAS Overwt/In-Line 5 M 17 12 month 25.04.2013
Credit Suisse CHRISTOPHER J CERASO neutral 3 M 14 Not Provided 25.04.2013
Barclays BRIAN A JOHNSON equalweight 3 M 15 Not Provided 25.04.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 08.03.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs PATRICK ARCHAMBAULT buy/attractive 5 M 17 6 month 10.01.2013
KeyBanc Capital Markets BRETT D HOSELTON hold 3 M #N/A N/A Not Provided 04.12.2012
CRT Capital Group KIRK LUDTKE Fairly Valued 3 M 17 12 month 31.10.2012
Holdings By:
Ford Motor Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Freeport-McMoRan Copper & Gold Inc., through its subsidiary, is a copper, gold
and molybdenum mining company. The Company primarily mines for copper and owns
mining interests in Chile and Indonesia. Freeport-McMoRan Copper & Gold also,
through a subsidiary, is involved in smelting and refining of copper
concentrates.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.09.2012) 42.21
52-Week Low (18.04.2013) 26.34
Daily Volume
27.23
52-Week High % Change -35.61% Dividend Yield 4.59
52-Week Low % Change 3.37% Beta 1.54
% 52 Week Price Range High/Low 8.43% Equity Float 1'019.59
Shares Out 04.06.2013 1'034.3 Short Int 29.01
28'164.34 1 Yr Total Return -17.15%
Total Debt 3'527.00 YTD Return -16.16%
Preferred Stock 0.0 Adjusted BETA 1.544
Minority Interest 3'768.0 Analyst Recs 24
Cash and Equivalents 3'705.00 Consensus Rating 4.167
Enterprise Value 32'570.34
Average Volume 5 Day 2'601'661
FCX UN EQUITY YTD Change - Average Volume 30 Day 3'284'220
FCX UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'198'671
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
17'796.0 15'040.0 18'982.0 20'880.0 18'010.0 19'776.0 17'988.0 21'947.9 25'390.2 4'582.2 5'992.0
1.17x 2.84x 3.15x 1.75x 2.00x 7.92x 8.20x 2.03x 1.76x 9.00x 8.34x
6'154.0 7'736.0 10'196.0 10'162.0 6'934.0 8'995.0 6'617.0 9'046.2 11'710.8 1'612.0 2'580.6
3.40x 5.52x 5.87x 3.59x 5.20x 4.26x 5.42x 3.59x 2.78x 3.14x 2.81x
(11'067.0) 2'749.0 4'336.0 4'560.0 3'041.0 3'825.0 2'925.0 3'122.3 4'003.8 576.4 831.7
3.29x 12.99x 14.30x 6.98x 10.56x 8.58x 10.21x 8.86x 7.14x 8.03x 7.02x
EBITDA 6'934.00 Long-Term Rating Date 29.07.2011
EBIT 5'755.00 Long-Term Rating BBB
Operating Margin 31.95% Long-Term Outlook NEG
Pretax Margin 30.48% Short-Term Rating Date -
Return on Assets 7.75% Short-Term Rating -
Return on Common Equity 17.17%
Return on Capital 14.37% EBITDA/Interest Exp. 25.97
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 12.88
Net Debt/EBITDA 0.08
Gross Margin 35.8% Total Debt/EBITDA 1.53
EBITDA Margin 36.8%
EBIT Margin 29.9% Total Debt/Equity 20.1%
Net Income Margin 16.9% Total Debt/Capital 14.2%
Asset Turnover 0.48
Current Ratio 3.08 Net Fixed Asset Turnover 0.88
Quick Ratio 1.39 Accounts receivable turnover-days 22.80
Debt to Assets 9.95% Inventory Days 136.41
Tot Debt to Common Equity 20.10% Accounts Payable Turnover Day 72.73
Accounts Receivable Turnover 16.01 Cash Conversion Cycle 83.90
Inventory Turnover 2.68
Fiscal Year Ended
Freeport-McMoRan Copper & Gold IncPrice/Volume
Valuation Analysis
501'865.00
Current Price (7/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
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10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 72'520'446 7.01 1'604'428 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 45'158'085 4.37 1'788'288 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 43'753'478 4.23 1'518'805 31.03.2013 Investment Advisor
NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 22'141'542 2.14 68'129 31.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 20'100'711 1.94 - 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 18'679'954 1.81 (2'388'725) 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 18'075'575 1.75 929'417 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'160'387 1.47 330'535 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'785'627 1.43 774'384 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 12'875'638 1.24 9'718'822 30.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 12'639'500 1.22 373'220 31.05.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 12'474'581 1.21 3'038'969 31.03.2013 Investment Advisor
SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 11'915'227 1.15 2'033'156 31.03.2013 Investment Advisor
PAULSON & CO PAULSON & CO 13F 9'000'000 0.87 - 31.03.2013 Hedge Fund Manager
MORGAN STANLEY n/a ULT-AGG 7'463'168 0.72 (138'846) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 6'768'586 0.65 947'852 31.03.2013 Unclassified
CITIGROUP INCORPORAT n/a ULT-AGG 6'545'931 0.63 210'261 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'509'210 0.63 536'740 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'436'407 0.62 93'113 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'718'812 0.55 (1'047'950) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies PETER D WARD buy 5 M 40 12 month 02.07.2013
Barclays DAVID GAGLIANO overweight 5 M 40 Not Provided 02.07.2013
Deutsche Bank JORGE M BERISTAIN buy 5 M 40 12 month 27.06.2013
Macquarie ALDO J MAZZAFERRO JR neutral 3 M 30 12 month 27.06.2013
Credit Suisse RICHARD GARCHITORENA outperform 5 M 38 Not Provided 26.06.2013
BMO Capital Markets TONY ROBSON market perform 3 M 30 Not Provided 25.06.2013
Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 43 12 month 25.06.2013
Goldman Sachs SAL THARANI Buy/Neutral 5 M 35 6 month 25.06.2013
FBR Capital Markets MITESH B THAKKAR outperform 5 M 40 12 month 25.06.2013
Stifel PAUL A MASSOUD buy 5 M 37 12 month 25.06.2013
Nomura CURTIS WOODWORTH buy 5 M 38 12 month 25.06.2013
Cowen and Company ANTHONY B RIZZUTO JR outperform 5 M 45 12 month 25.06.2013
RBC Capital Markets FRASER PHILLIPS sector perform 3 M 35 12 month 24.06.2013
BB&T Capital Markets GARRETT S. NELSON buy 5 M 40 12 month 24.06.2013
Argus Research Corp WILLIAM V SELESKY hold 3 D #N/A N/A Not Provided 24.04.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 19.04.2013
JPMorgan MICHAEL F GAMBARDELLA restricted #N/A N/A M #N/A N/A Not Provided 18.04.2013
Canaccord Genuity Corp GARY LAMPARD suspended coverage #N/A N/A M #N/A N/A Not Provided 19.02.2013
S&P Capital IQ LEO LARKIN sell 1 M 29 Not Provided 22.01.2013
Oracle Investment Research LAURENCE BALTER strong buy 5 M 50 Not Provided 31.12.2012
Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 11.12.2012
Hamburger Sparkasse INGO SCHMIDT hold 3 N #N/A N/A Not Provided 10.12.2012
Holdings By:
Freeport-McMoRan Copper & Gold Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
FedEx Corp. delivers packages and freight to multiple countries and
territories through an integrated global network. The Company provides
worldwide express delivery, ground small-parcel delivery, less-than-truckload
freight delivery, supply chain management services, customs brokerage services,
and trade facilitation and electronic commerce solutions.
Latest Fiscal Year: 05/2013
LTM as of: 05/yy
52-Week High (11.03.2013) 109.66
52-Week Low (24.09.2012) 83.92
Daily Volume
98.5
52-Week High % Change -10.20% Dividend Yield 0.57
52-Week Low % Change 17.37% Beta 1.03
% 52 Week Price Range High/Low 53.81% Equity Float 296.78
Shares Out 31.05.2013 317.6 Short Int 4.15
31'280.33 1 Yr Total Return 7.01%
Total Debt 2'990.00 YTD Return 7.69%
Preferred Stock 0.0 Adjusted BETA 1.027
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 4'917.00 Consensus Rating 4.152
Enterprise Value 29'353.33
Average Volume 5 Day 473'606
FDX UN EQUITY YTD Change - Average Volume 30 Day 587'535
FDX UN EQUITY YTD % CHANGE - Average Volume 3 Month 617'762
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 05/yy 05/yy 05/14 Y 05/15 Y 08/13 Q1 11/13 Q2
35'497.0 34'734.0 39'304.0 42'680.0 44'287.0 42'680.0 44'287.0 46'027.8 48'700.6 11'023.8 11'504.2
0.50x 0.75x 0.74x 0.63x 0.65x 2.48x 2.63x 0.64x 0.58x 2.69x 2.58x
3'926.0 3'974.0 4'440.0 5'433.0 5'597.0 5'433.0 5'580.0 6'176.6 7'157.5 1'398.9 1'475.6
4.48x 6.59x 6.54x 4.98x 5.12x 4.98x 5.14x 4.76x 4.11x 4.80x 4.60x
98.0 1'184.0 1'452.0 2'032.0 1'561.0 2'032.0 1'561.0 2'234.3 2'786.9 472.7 514.3
19.67x 21.99x 19.70x 13.35x 15.46x 13.35x 15.54x 13.98x 11.35x 14.11x 13.41x
EBITDA 5'597.00 Long-Term Rating Date 11.02.2004
EBIT 3'211.00 Long-Term Rating BBB
Operating Margin 7.25% Long-Term Outlook STABLE
Pretax Margin 5.54% Short-Term Rating Date 11.02.2004
Return on Assets 4.92% Short-Term Rating A-2
Return on Common Equity 9.72%
Return on Capital 8.76% EBITDA/Interest Exp. 91.75
Asset Turnover 1.40% (EBITDA-Capex)/Interest Exp. 36.43
Net Debt/EBITDA -0.35
Gross Margin 20.1% Total Debt/EBITDA 0.54
EBITDA Margin 12.6%
EBIT Margin 7.2% Total Debt/Equity 17.2%
Net Income Margin 3.5% Total Debt/Capital 14.7%
Asset Turnover 1.40
Current Ratio 1.96 Net Fixed Asset Turnover 2.48
Quick Ratio 1.73 Accounts receivable turnover-days 40.17
Debt to Assets 8.91% Inventory Days 4.70
Tot Debt to Common Equity 17.19% Accounts Payable Turnover Day 18.29
Accounts Receivable Turnover 9.09 Cash Conversion Cycle 26.80
Inventory Turnover 77.64
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
FedEx CorpPrice/Volume
Valuation Analysis
57'237.00
Current Price (7/dd/yy) Market Data
&
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1&
3&
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10'000.0
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20'000.0
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30'000.0
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40'000.0
45'000.0
50'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SMITH FREDERICK WALL n/a Form 4 19'748'475 6.22 48'004 04.04.2013 n/a
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 19'717'422 6.21 (389'063) 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 17'359'875 5.47 (567'414) 31.03.2013 Investment Advisor
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 16'598'493 5.23 303'407 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 14'985'471 4.72 880'840 03.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'811'307 4.35 624'415 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'465'767 4.24 378'348 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 13'080'792 4.12 66'758 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 11'793'996 3.71 (155'304) 02.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'884'117 3.43 3'183'610 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'671'351 1.79 (91'013) 31.03.2013 Investment Advisor
GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 4'613'474 1.45 99'235 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'387'175 1.38 (58'516) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'037'647 1.27 126'611 31.03.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'217'200 1.01 3'217'200 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 3'044'310 0.96 (604'322) 31.03.2013 Investment Advisor
GATES FOUNDATION BILL & MELINDA FOUND 13F 3'024'999 0.95 - 31.03.2013 Endowment
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'849'840 0.9 (38'778) 31.03.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 2'736'129 0.86 268'347 30.04.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'621'526 0.83 (98'766) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies H PETER NESVOLD hold 3 M 102 12 month 01.07.2013
Cowen and Company HELANE R BECKER outperform 5 M 117 12 month 01.07.2013
Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 123 12 month 01.07.2013
Robert W. Baird & Co BENJAMIN J HARTFORD outperform 5 M 116 12 month 28.06.2013
Deutsche Bank JUSTIN B YAGERMAN buy 5 M 123 12 month 26.06.2013
Accountability Research Corp MARK SUAREZ buy 5 M 110 Not Provided 25.06.2013
Wolfe Research SCOTT H GROUP outperform 5 M 122 12 month 25.06.2013
Avondale Partners LLC DONALD BROUGHTON market perform 3 M 105 18 month 21.06.2013
Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 D #N/A N/A Not Provided 20.06.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 115 Not Provided 20.06.2013
Credit Suisse CHRISTOPHER J CERASO neutral 3 M 108 Not Provided 20.06.2013
JPMorgan THOMAS R WADEWITZ neutral 3 D 108 12 month 20.06.2013
Sanford C. Bernstein & Co DAVID VERNON market perform 3 M 102 12 month 20.06.2013
Stephens Inc JACK ATKINS overweight 5 M 125 12 month 20.06.2013
Macquarie KELLY A DOUGHERTY outperform 5 M 115 12 month 20.06.2013
Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 124 12 month 20.06.2013
Barclays BRANDON OGLENSKI overweight 5 M 120 Not Provided 20.06.2013
Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A M 115 Not Provided 20.06.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 20.06.2013
RBC Capital Markets JOHN L BARNES III underperform 1 M 95 12 month 19.06.2013
Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 19.06.2013
William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 19.06.2013
Raymond James ARTHUR W HATFIELD outperform 5 M 117 12 month 19.06.2013
Stifel DAVID G ROSS buy 5 M 128 12 month 19.06.2013
BB&T Capital Markets KEVIN W STERLING hold 3 M #N/A N/A Not Provided 19.06.2013
Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 19.06.2013
S&P Capital IQ JAMES CORRIDORE buy 5 M 117 12 month 19.06.2013
Atlantic Equities LLP RORRIE MARS neutral 3 M 108 12 month 19.06.2013
Nomura MARK MCVICAR neutral 3 M 105 12 month 18.06.2013
Goldman Sachs TOM KIM buy/attractive 5 M 114 12 month 13.06.2013
Jyske Bank ROBERT JAKOBSEN sell 1 D 103 Not Provided 29.01.2013
Holdings By:
FedEx Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Twenty-First Century Fox, Inc. is a diversified media company. The Company's
media and entertainment operations include the production and distribution
motion pictures and television programming, music, radio broadcasting, and
sports.
Latest Fiscal Year: 06/2012
LTM as of: 03/yy
52-Week High (05.07.2013) 30.54
52-Week Low (12.07.2012) 18.79
Daily Volume
30.06
52-Week High % Change -1.54% Dividend Yield 0.57
52-Week Low % Change 59.98% Beta 1.08
% 52 Week Price Range High/Low 96.39% Equity Float 1'512.55
Shares Out 03.07.2013 1'516.0 Short Int 51.86
69'678.97 1 Yr Total Return 50.72%
Total Debt 15'455.00 YTD Return 33.67%
Preferred Stock 0.0 Adjusted BETA 1.084
Minority Interest 1'142.0 Analyst Recs 29
Cash and Equivalents 9'626.00 Consensus Rating 4.621
Enterprise Value 80'658.97
Average Volume 5 Day 4'503'270
FOXA UW EQUITY YTD Change - Average Volume 30 Day 4'707'044
FOXA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'991'552
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1
32'996.0 30'423.0 32'778.0 33'405.0 33'706.0 34'298.0 35'469.0 31'587.1 33'862.2 8'061.6 7'529.8
1.49x 1.06x 1.12x 1.50x 1.78x 5.83x 7.59x 2.52x 2.36x 10.05x 10.77x
6'668.0 4'784.0 5'228.0 6'133.0 6'646.0 6'861.0 6'868.0 6'695.7 7'339.4 1'664.0 1'739.5
7.36x 6.75x 7.02x 8.17x 9.04x 7.89x 11.90x 12.06x 11.00x 11.39x 11.00x
5'387.0 (3'378.0) 2'539.0 2'739.0 1'179.0 3'415.0 5'915.0 3'686.1 3'843.2 820.2 888.4
12.23x 26.72x 10.34x 13.72x 18.31x 13.47x 24.78x 19.79x 17.31x 18.64x 17.82x
EBITDA 6'646.00 Long-Term Rating Date 30.11.2012
EBIT 5'379.00 Long-Term Rating BBB+
Operating Margin 15.96% Long-Term Outlook STABLE
Pretax Margin 6.56% Short-Term Rating Date -
Return on Assets 9.14% Short-Term Rating -
Return on Common Equity 20.41%
Return on Capital 14.84% EBITDA/Interest Exp. 6.18
Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 5.30
Net Debt/EBITDA 1.04
Gross Margin - Total Debt/EBITDA 2.40
EBITDA Margin 19.4%
EBIT Margin 15.5% Total Debt/Equity 62.6%
Net Income Margin 3.5% Total Debt/Capital 37.4%
Asset Turnover 0.55
Current Ratio 2.02 Net Fixed Asset Turnover 5.94
Quick Ratio 1.69 Accounts receivable turnover-days 70.76
Debt to Assets 27.28% Inventory Days -
Tot Debt to Common Equity 62.61% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.16 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Twenty-First Century Fox IncPrice/Volume
Valuation Analysis
798'714.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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10'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 106'117'879 7 566'560 03.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 99'936'612 6.59 18'293'949 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 87'698'670 5.78 1'759'231 31.03.2013 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 75'774'270 5 (4'332'665) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 73'895'700 4.87 (5'182'417) 02.07.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 65'428'409 4.32 (8'561'635) 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 55'422'667 3.66 4'677'032 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 42'536'129 2.81 12'621'905 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 32'253'845 2.13 18'778'277 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 28'811'418 1.9 (854'432) 31.03.2013 Investment Advisor
CHILDRENS INV FUND M CHILDRENS INVESTMENT 13F 25'629'967 1.69 (8'718'512) 31.03.2013 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 25'369'440 1.67 571'703 31.03.2013 Investment Advisor
ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 23'000'000 1.52 (5'100'000) 31.03.2013 Hedge Fund Manager
HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 22'414'300 1.48 (5'531'000) 31.03.2013 Hedge Fund Manager
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 22'321'840 1.47 141'393 31.03.2013 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 22'076'325 1.46 5'146'872 31.03.2013 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 21'393'143 1.41 15'984'060 31.03.2013 Investment Advisor
EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 20'186'722 1.33 2'615'344 31.03.2013 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 19'150'391 1.26 - 31.12.2012 Government
LUXOR CAPITAL GROUP LUXOR CAPITAL GROUP 13F 17'535'678 1.16 17'535'678 31.03.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 30 12 month 04.07.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 33 12 month 03.07.2013
Needham & Co LAURA A MARTIN buy 5 N 36 12 month 03.07.2013
Goldman Sachs DREW BORST buy/attractive 5 M 35 12 month 02.07.2013
Macquarie TIMOTHY W NOLLEN outperform 5 N 33 12 month 02.07.2013
Spin-Off Research TEAM COVERAGE buy 5 M 34 Not Provided 02.07.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 02.07.2013
Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 02.07.2013
Credit Suisse MICHAEL SENNO outperform 5 M 34 Not Provided 01.07.2013
Evercore Partners ALAN GOULD overweight 5 N 34 12 month 01.07.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A N 34 12 month 01.07.2013
Wedbush JAMES G DIX outperform 5 M 31 12 month 30.06.2013
Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 40 12 month 28.06.2013
BMO Capital Markets DANIEL SALMON market perform 3 M 31 Not Provided 25.06.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 35 12 month 23.06.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 19.06.2013
CRT Capital Group LANCE W VITANZA not rated #N/A N/A M #N/A N/A Not Provided 19.06.2013
Atlantic Equities LLP HAMILTON FABER overweight 5 M 35 12 month 19.06.2013
Davenport & Co MICHAEL C MORRIS buy 5 M 32 Not Provided 14.06.2013
WhiteSand Research LLC TEAM COVERAGE undervalued 4 M #N/A N/A Not Provided 11.06.2013
S&P Capital IQ TUNA AMOBI buy 5 M 34 Not Provided 29.05.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 13.05.2013
RBC Capital Markets DAVID BANK outperform 5 M 33 12 month 09.05.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 35 18 month 09.05.2013
Nomura MICHAEL NATHANSON buy 5 M 30 12 month 09.05.2013
Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 09.05.2013
Barclays ANTHONY J DICLEMENTE overweight 5 M 33 Not Provided 09.05.2013
BTIG LLC RICHARD GREENFIELD buy 5 M 26 Not Provided 27.06.2012
Holdings By:
Twenty-First Century Fox Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
General Dynamics Corporation is a diversified defense company. The Company
offers a broad portfolio of products and services in business aviation, combat
vehicles, weapons systems and munitions, shipbuilding design and construction,
and information systems, technologies and services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (05.07.2013) 79.55
52-Week Low (02.08.2012) 61.09
Daily Volume
78.85
52-Week High % Change -0.79% Dividend Yield 3.25
52-Week Low % Change 29.07% Beta 1.01
% 52 Week Price Range High/Low 93.80% Equity Float 333.66
Shares Out 31.03.2013 353.2 Short Int 5.24
27'848.77 1 Yr Total Return 22.84%
Total Debt 3'908.00 YTD Return 15.57%
Preferred Stock 0.0 Adjusted BETA 1.015
Minority Interest 0.0 Analyst Recs 22
Cash and Equivalents 3'296.00 Consensus Rating 4.273
Enterprise Value 28'013.77
Average Volume 5 Day 571'067
GD UN EQUITY YTD Change - Average Volume 30 Day 655'888
GD UN EQUITY YTD % CHANGE - Average Volume 3 Month 677'997
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 04/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
29'300.0 31'981.0 32'466.0 32'677.0 31'513.0 32'458.0 31'338.0 31'174.6 30'905.3 7'726.6 7'849.4
0.84x 0.87x 0.83x 0.76x 0.80x 3.20x 3.17x 0.88x 0.86x 3.62x 3.54x
4'100.0 4'237.0 4'514.0 4'418.0 3'447.0 4'360.0 1'428.0 4'163.4 4'198.8 1'010.7 1'050.0
6.02x 6.58x 5.99x 5.65x 7.28x 6.36x 17.55x 6.75x 6.69x 6.70x 6.63x
2'459.0 2'394.0 2'624.0 2'526.0 (332.0) 2'472.0 (325.0) 2'368.4 2'410.6 568.4 595.8
9.26x 11.00x 10.40x 9.13x 10.69x 10.01x 10.88x 11.68x 11.17x 11.72x 11.59x
EBITDA 3'447.00 Long-Term Rating Date 09.07.1999
EBIT 2'827.00 Long-Term Rating A
Operating Margin 8.97% Long-Term Outlook STABLE
Pretax Margin 1.72% Short-Term Rating Date 09.07.1999
Return on Assets -0.93% Short-Term Rating A-1
Return on Common Equity -2.56%
Return on Capital -2.49% EBITDA/Interest Exp. 20.52
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 17.84
Net Debt/EBITDA 0.12
Gross Margin 16.2% Total Debt/EBITDA 2.74
EBITDA Margin 4.6%
EBIT Margin 2.6% Total Debt/Equity 34.3%
Net Income Margin -1.1% Total Debt/Capital 25.5%
Asset Turnover 0.90
Current Ratio 1.35 Net Fixed Asset Turnover 9.41
Quick Ratio 0.65 Accounts receivable turnover-days 51.96
Debt to Assets 11.39% Inventory Days 106.04
Tot Debt to Common Equity 34.31% Accounts Payable Turnover Day 33.99
Accounts Receivable Turnover 7.01 Cash Conversion Cycle 118.91
Inventory Turnover 3.43
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
General Dynamics CorpPrice/Volume
Valuation Analysis
51'284.00
Current Price (7/dd/yy) Market Data
&-&.&0&1&2&3&4&5&6&
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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
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 39'413'700 11.16 3'674'000 31.03.2013 Investment Advisor
LONGVIEW ASSET MANAG LONGVIEW ASSET MANAG 13F 33'399'076 9.46 2'016 31.03.2013 Investment Advisor
EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 29'784'932 8.43 (1'310'242) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 16'879'134 4.78 - 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'850'193 4.77 513'719 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 16'204'107 4.59 526'553 02.07.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 8'398'540 2.38 (242'640) 31.03.2013 Investment Advisor
CROWN FUND n/a Form 4 7'705'112 2.18 (48'000) 03.05.2013 Unclassified
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'160'004 1.74 (1'761'895) 31.03.2013 Investment Advisor
HENRY CROWN AND CO n/a Form 4 5'424'092 1.54 - 03.05.2013 Holding Company
INVESCO LTD n/a ULT-AGG 4'473'495 1.27 1'402'248 03.07.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'467'595 1.26 130'335 31.03.2013 Investment Advisor
SANDERS CAPITAL LLC SANDERS CAPITAL LLC 13F 4'033'099 1.14 495'465 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'771'394 1.07 (312'747) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 3'336'154 0.94 39'328 30.04.2013 Investment Advisor
ABRAMS BISON INVESTM ABRAMS BISON INVESTM 13F 3'270'000 0.93 400'000 31.03.2013 Hedge Fund Manager
UBS n/a ULT-AGG 2'855'738 0.81 (452'667) 31.03.2013 Unclassified
BANK OF AMERICA CORP BANK OF AMERICA 13F 2'708'382 0.77 (2'804'352) 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'680'009 0.76 806'745 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'661'085 0.75 88'151 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies HOWARD A RUBEL buy 5 M 82 12 month 03.07.2013
Cowen and Company CAI VON RUMOHR outperform 5 M 90 12 month 02.07.2013
Stifel WILLIAM R LOOMIS hold 3 M #N/A N/A Not Provided 01.07.2013
CRT Capital Group BRIAN W RUTTENBUR sell 1 M 54 Not Provided 01.07.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 86 12 month 21.06.2013
Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN outperform 5 M #N/A N/A Not Provided 20.06.2013
Edward Jones CHRISTIAN MAYES buy 5 M #N/A N/A Not Provided 17.06.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 88 12 month 17.06.2013
Deutsche Bank MYLES WALTON buy 5 M 78 12 month 14.06.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 81 12 month 12.06.2013
JPMorgan JOSEPH B NADOL III overweight 5 M 84 6 month 11.06.2013
Goldman Sachs NOAH POPONAK sell/attractive 1 M 73 12 month 30.05.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 82 Not Provided 03.05.2013
Barclays CARTER COPELAND overweight 5 M 87 Not Provided 01.05.2013
Sterne, Agee & Leach PETER J ARMENT buy 5 M 82 12 month 25.04.2013
Credit Suisse ROBERT M SPINGARN outperform 5 M 83 Not Provided 24.04.2013
Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 24.04.2013
Buckingham Research Group RICHARD SAFRAN neutral 3 M 70 12 month 05.04.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 06.03.2013
Gabelli & Co BRIAN BETTS hold 3 D #N/A N/A Not Provided 06.03.2009
Holdings By:
General Dynamics Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
General Electric Company is a globally diversified technology and financial
services company. The Company's products and services include aircraft engines,
power generation, water processing, and household appliances to medical imaging,
business and consumer financing and industrial products.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (18.06.2013) 24.44
52-Week Low (12.07.2012) 19.37
Daily Volume
23.03
52-Week High % Change -5.81% Dividend Yield 3.13
52-Week Low % Change 18.90% Beta 1.12
% 52 Week Price Range High/Low 69.82% Equity Float 10'334.05
Shares Out 31.03.2013 10'340.1 Short Int 83.90
238'132.98 1 Yr Total Return 16.49%
Total Debt 17'469.00 YTD Return 11.52%
Preferred Stock 0.0 Adjusted BETA 1.119
Minority Interest 5'444.0 Analyst Recs 22
Cash and Equivalents 15'583.00 Consensus Rating 4.273
Enterprise Value 233'646.98
Average Volume 5 Day 8'294'715
GE UN EQUITY YTD Change - Average Volume 30 Day 9'492'795
GE UN EQUITY YTD % CHANGE - Average Volume 3 Month 8'904'843
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 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
180'929.0 154'272.0 148'442.0 142'224.0 144'796.0 142'043.0 143'566.0 148'168.5 152'911.9 35'892.4 36'859.8
0.99x 1.12x 1.28x 1.37x 1.56x 5.47x 6.51x 3.34x 3.12x 13.21x 12.78x
30'781.0 20'435.0 23'747.0 25'040.0 25'000.0 24'486.0 24'248.0 29'090.3 31'833.0 5'922.8 6'406.0
5.83x 8.45x 8.01x 7.76x 9.03x 8.90x 9.67x 8.04x 7.35x 8.58x 8.14x
17'410.0 11'025.0 11'644.0 14'151.0 13'641.0 13'752.0 14'134.0 16'983.5 18'148.6 3'613.6 4'045.3
8.39x 12.59x 15.84x 12.68x 13.54x 14.13x 14.97x 13.85x 12.62x 13.98x 13.48x
EBITDA 25'000.00 Long-Term Rating Date 12.03.2009
EBIT 15'654.00 Long-Term Rating AA+
Operating Margin 10.81% Long-Term Outlook STABLE
Pretax Margin 12.02% Short-Term Rating Date 23.11.1981
Return on Assets 2.05% Short-Term Rating A-1+
Return on Common Equity 11.61%
Return on Capital 3.29% EBITDA/Interest Exp. 18.10
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 7.15
Net Debt/EBITDA -0.41
Gross Margin 38.6% Total Debt/EBITDA 0.51
EBITDA Margin 16.9%
EBIT Margin 10.3% Total Debt/Equity 274.3%
Net Income Margin 9.4% Total Debt/Capital 72.4%
Asset Turnover 0.21
Current Ratio 1.12 Net Fixed Asset Turnover 2.14
Quick Ratio 1.02 Accounts receivable turnover-days 50.90
Debt to Assets 49.24% Inventory Days 65.73
Tot Debt to Common Equity 274.31% Accounts Payable Turnover Day 68.38
Accounts Receivable Turnover 7.17 Cash Conversion Cycle 48.22
Inventory Turnover 5.55
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
General Electric CoPrice/Volume
Valuation Analysis
1'297'593.00
Current Price (7/dd/yy) Market Data
&
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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
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 576'698'823 5.58 18'281'472 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 480'968'947 4.65 13'238'328 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 414'289'828 4.01 (1'387'285) 02.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 276'404'848 2.67 (2'223'472) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 185'496'947 1.79 (42'421'515) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 164'165'867 1.59 4'087'674 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 156'799'970 1.52 1'466'803 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 111'915'298 1.08 (615'743) 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 94'657'909 0.92 (2'922'718) 31.03.2013 Investment Advisor
GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 88'985'625 0.86 (4'790'436) 31.03.2013 Corporation
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 88'939'646 0.86 305'827 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 85'296'613 0.82 (4'935'937) 03.07.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 84'870'136 0.82 - 31.12.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 82'210'444 0.8 (2'728'891) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 74'273'026 0.72 3'893'412 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 70'549'571 0.68 1'151'882 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 65'672'700 0.64 (2'125'003) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 60'031'251 0.58 2'358'776 30.04.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 60'019'451 0.58 1'819'715 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 55'995'579 0.54 2'675'579 31.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co STEVEN E WINOKER market perform 3 M 25 12 month 03.07.2013
JPMorgan CHARLES STEPHEN TUSA neutral 3 M 22 6 month 02.07.2013
Morgan Stanley NIGEL COE Equalwt/In-Line 3 M 23 12 month 19.06.2013
Credit Suisse JULIAN MITCHELL outperform 5 M 25 Not Provided 19.06.2013
Deutsche Bank JOHN G INCH buy 5 M 28 12 month 14.06.2013
Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 14.06.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 13.06.2013
Barclays SCOTT R DAVIS overweight 5 M 26 Not Provided 03.06.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 28 12 month 24.05.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 26 12 month 22.05.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 13.05.2013
Oppenheimer & Co CHRISTOPHER D GLYNN outperform 5 M 26 12 month 12.05.2013
Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 28 Not Provided 24.04.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 25 Not Provided 23.04.2013
Ameriprise Advisor Services, Inc FREDERICK M SCHULTZ buy 5 M #N/A N/A Not Provided 22.04.2013
Nomura SHANNON O'CALLAGHAN neutral 3 M 23 12 month 22.04.2013
Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 27 12 month 19.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 06.03.2013
S&P Capital IQ RICHARD TORTORIELLO buy 5 M 26 Not Provided 13.02.2013
Gabelli & Co ZAHID SIDDIQUE buy 5 M #N/A N/A Not Provided 26.09.2011
Holdings By:
General Electric Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Gilead Sciences, Inc. is a research-based biopharmaceutical company that
discovers, develops, and commercializes therapeutics to advance the care of
patients suffering from life-threatening diseases. The Company's primary areas
of focus include HIV/AIDS, liver disease and serious cardiovascular and
respiratory conditions.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (22.05.2013) 58.06
52-Week Low (12.07.2012) 24.80
Daily Volume
53.22
52-Week High % Change -8.19% Dividend Yield -
52-Week Low % Change 114.60% Beta 0.93
% 52 Week Price Range High/Low 81.72% Equity Float 1'512.29
Shares Out 26.04.2013 1'525.4 Short Int 52.73
81'179.44 1 Yr Total Return 104.38%
Total Debt 8'224.05 YTD Return 44.91%
Preferred Stock 0.0 Adjusted BETA 0.932
Minority Interest 241.1 Analyst Recs 30
Cash and Equivalents 2'582.09 Consensus Rating 4.733
Enterprise Value 86'786.26
Average Volume 5 Day 2'762'918
GILD UW EQUITY YTD Change - Average Volume 30 Day 3'277'095
GILD UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'585'302
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
5'335.8 7'011.4 7'949.4 8'385.4 9'702.5 8'741.7 9'951.7 10'629.2 13'014.7 2'653.3 2'675.7
8.35x 5.18x 3.38x 3.41x 6.36x 15.12x 24.53x 7.99x 6.33x - -
2'845.0 3'742.2 4'227.7 4'092.1 4'288.4 3'975.5 4'521.6 4'723.0 6'689.0 1'133.3 1'134.5
15.67x 9.71x 6.35x 6.99x 14.38x 11.33x 17.74x 18.33x 12.94x - -
1'978.9 2'635.8 2'901.3 2'803.6 2'591.6 2'594.5 2'871.8 3'248.2 4'805.7 805.2 793.4
24.83x 15.12x 10.53x 11.34x 21.83x 14.38x 26.42x 27.14x 18.17x 25.02x 22.32x
EBITDA 4'288.38 Long-Term Rating Date 23.03.2011
EBIT 4'010.18 Long-Term Rating A-
Operating Margin 41.33% Long-Term Outlook STABLE
Pretax Margin 37.23% Short-Term Rating Date -
Return on Assets 13.62% Short-Term Rating -
Return on Common Equity 32.88%
Return on Capital 17.67% EBITDA/Interest Exp. 11.88
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 10.78
Net Debt/EBITDA 1.19
Gross Margin 74.5% Total Debt/EBITDA 1.77
EBITDA Margin 45.4%
EBIT Margin 42.6% Total Debt/Equity 88.3%
Net Income Margin 26.7% Total Debt/Capital 46.3%
Asset Turnover 0.47
Current Ratio 1.44 Net Fixed Asset Turnover 10.43
Quick Ratio 0.85 Accounts receivable turnover-days 75.35
Debt to Assets 38.72% Inventory Days 232.57
Tot Debt to Common Equity 88.34% Accounts Payable Turnover Day 169.26
Accounts Receivable Turnover 4.84 Cash Conversion Cycle 137.94
Inventory Turnover 1.57
Fiscal Year Ended
Gilead Sciences IncPrice/Volume
Valuation Analysis
622'053.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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2'000.0
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6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 293'810'226 19.26 (4'864'818) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 110'933'198 7.27 2'191'716 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 87'617'123 5.74 2'889'576 03.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 76'993'691 5.05 14'165'833 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 69'391'713 4.55 2'188'569 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 62'447'184 4.09 2'139'466 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 44'130'336 2.89 (1'377'770) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 27'694'568 1.82 1'703'294 03.07.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 25'407'184 1.67 5'905'642 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 23'700'779 1.55 1'980'175 31.03.2013 Unclassified
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 21'982'156 1.44 1'066'984 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 21'810'495 1.43 3'604'861 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 21'435'057 1.41 (491'149) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 21'422'605 1.4 (8'274'001) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 20'951'069 1.37 238'349 31.05.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 18'115'446 1.19 1'800'868 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 16'813'259 1.1 998'353 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 13'946'105 0.91 1'502'667 30.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 12'731'436 0.83 48'212 30.04.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 12'603'895 0.83 376'007 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cowen and Company PHILIP NADEAU outperform 5 M 65 12 month 03.07.2013
Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 02.07.2013
Stifel JOEL D SENDEK buy 5 M 65 12 month 01.07.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 69 12 month 28.06.2013
Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 63 12 month 26.06.2013
Maxim Group LLC JASON KOLBERT buy 5 M 88 12 month 26.06.2013
Needham & Co ALAN CARR buy 5 M 62 12 month 21.06.2013
Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 21.06.2013
RBC Capital Markets MICHAEL J YEE outperform 5 M 62 12 month 20.06.2013
BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 85 Not Provided 17.06.2013
Oppenheimer & Co DAVID FERREIRO outperform 5 M 61 18 month 17.06.2013
Argus Research Corp JOHN M EADE buy 5 U 62 Not Provided 13.06.2013
JPMorgan GEOFFREY MEACHAM overweight 5 M 80 6 month 12.06.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 64 Not Provided 12.06.2013
S&P Capital IQ STEVEN SILVER strong buy 5 M 67 12 month 10.06.2013
Jefferies THOMAS WEI hold 3 M 40 12 month 07.06.2013
Guggenheim Securities LLC BRET HOLLEY buy 5 M 69 12 month 05.06.2013
William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 03.06.2013
Atlantic Equities LLP RICHARD J PURKISS neutral 3 M 53 12 month 31.05.2013
Piper Jaffray M IAN SOMAIYA overweight 5 M 63 12 month 29.05.2013
Robert W. Baird & Co BRIAN P SKORNEY outperform 5 M 55 12 month 23.05.2013
Credit Suisse RAVI MEHROTRA outperform 5 M 67 Not Provided 17.05.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 69 12 month 13.05.2013
Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 03.05.2013
Barclays CHARLES ANTHONY BUTLER overweight 5 M 65 Not Provided 02.05.2013
Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 54 12 month 17.04.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 04.02.2013
First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 09.02.2012
BWS Financial HAMED KHORSAND buy 5 M 24 12 month 21.04.2011
Holdings By:
Gilead Sciences Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
General Motors Co. manufactures and markets new cars and trucks. The Company
offers features for special needs drivers, OnStar vehicle protection, service,
parts, accessories, maintenance, XM satellite radio, features for commercial
owners, and more. General Motors offers its vehicles and services worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.06.2013) 35.40
52-Week Low (25.07.2012) 18.72
Daily Volume
34.47
52-Week High % Change -2.57% Dividend Yield 0.00
52-Week Low % Change 84.13% Beta 1.26
% 52 Week Price Range High/Low 92.45% Equity Float 844.69
Shares Out 06.06.2013 1'374.7 Short Int 83.48
47'385.43 1 Yr Total Return 66.76%
Total Debt 5'172.00 YTD Return 19.56%
Preferred Stock 10'391.0 Adjusted BETA 1.261
Minority Interest 756.0 Analyst Recs 24
Cash and Equivalents 26'121.00 Consensus Rating 4.583
Enterprise Value 39'393.43
Average Volume 5 Day 2'835'396
GM UN EQUITY YTD Change - Average Volume 30 Day 4'583'183
GM UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'640'465
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
- 104'589.0 135'592.0 150'276.0 152'256.0 151'841.0 151'381.0 156'614.8 166'213.2 38'456.1 39'147.7
- - 0.38x 0.11x 0.19x 0.67x 0.70x 0.25x 0.22x 1.03x 1.02x
- (9'909.0) 12'007.0 14'369.0 5'647.0 14'117.0 5'021.0 13'551.8 15'716.9 3'425.2 3'899.0
- - 4.30x 1.16x 5.24x 2.42x 6.17x 2.89x 2.50x 2.81x 2.76x
- 104'821.0 6'172.0 9'190.0 6'188.0 7'139.0 6'048.0 5'552.5 7'107.9 1'274.8 1'639.9
- - 13.72x 3.31x 7.91x 6.22x 9.96x 10.40x 7.94x 9.58x 8.67x
EBITDA 5'647.00 Long-Term Rating Date 29.09.2011
EBIT -3'218.00 Long-Term Rating BB+
Operating Margin -2.11% Long-Term Outlook STABLE
Pretax Margin -18.85% Short-Term Rating Date -
Return on Assets 3.98% Short-Term Rating -
Return on Common Equity 15.47%
Return on Capital - EBITDA/Interest Exp. 9.32
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. -4.00
Net Debt/EBITDA -3.81
Gross Margin 7.9% Total Debt/EBITDA 1.03
EBITDA Margin 3.3%
EBIT Margin -2.6% Total Debt/Equity 62.1%
Net Income Margin 4.1% Total Debt/Capital 30.3%
Asset Turnover 1.00
Current Ratio 1.30 Net Fixed Asset Turnover 6.16
Quick Ratio 0.70 Accounts receivable turnover-days 30.19
Debt to Assets 10.74% Inventory Days 40.48
Tot Debt to Common Equity 62.08% Accounts Payable Turnover Day 71.66
Accounts Receivable Turnover 12.09 Cash Conversion Cycle -2.34
Inventory Turnover 9.02
Fiscal Year Ended
General Motors CoPrice/Volume
Valuation Analysis
569'405.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UNITED STATES GOVERN n/a Co File 189'194'989 13.76 (30'000'000) 05.06.2013 Government
UAW RETIREE MED BEN n/a Form 4 140'150'000 10.2 - 12.06.2013 n/a
CANADA GEN INVESTMEN n/a PROXY 140'084'746 10.19 - 01.04.2013 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 103'381'380 7.52 (27'800) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 36'957'616 2.69 5'707'369 03.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 35'420'071 2.58 637'609 31.05.2013 Investment Advisor
MOTORS LIQUIDATION C n/a PROXY 29'101'877 2.12 (1'865'684) 01.04.2013 Other
BERKSHIRE HATHAWAY I n/a ULT-AGG 25'000'000 1.82 - 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 23'957'498 1.74 787'439 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 22'770'505 1.66 2'935'312 03.07.2013 Investment Advisor
GREENLIGHT CAPITAL I GREENLIGHT CAPITAL I 13F 21'172'063 1.54 - 31.03.2013 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 16'936'455 1.23 (4'949'970) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 15'449'003 1.12 447'570 31.03.2013 Investment Advisor
AL SAUD ALWALEED BIN n/a Research 15'000'000 1.09 - 23.11.2010 n/a
SAIC MOTOR CORP LTD n/a Research 15'000'000 1.09 - 23.11.2010 Corporation
FMR LLC n/a ULT-AGG 14'157'780 1.03 6'458'147 31.03.2013 Investment Advisor
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 13'282'691 0.97 5'196'931 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 13'145'619 0.96 912'751 02.07.2013 Investment Advisor
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 11'611'451 0.84 18'742 31.03.2013 Investment Advisor
EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 11'287'595 0.82 11'287'595 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sterne, Agee & Leach MICHAEL P WARD buy 5 M 46 12 month 04.07.2013
Guggenheim Securities LLC MATTHEW T STOVER neutral 3 M 25 12 month 03.07.2013
Morgan Stanley ADAM JONAS Overwt/In-Line 5 M 45 12 month 28.06.2013
Stifel JAMES J ALBERTINE hold 3 M #N/A N/A Not Provided 14.06.2013
Deutsche Bank ROD LACHE buy 5 M 39 12 month 13.06.2013
RBC Capital Markets JOSEPH SPAK outperform 5 M 41 12 month 13.06.2013
Credit Suisse CHRISTOPHER J CERASO outperform 5 M 44 Not Provided 13.06.2013
JPMorgan RYAN BRINKMAN overweight 5 M 39 6 month 13.06.2013
Jefferies H PETER NESVOLD hold 3 M 36 12 month 13.06.2013
Barclays BRIAN A JOHNSON overweight 5 M 38 Not Provided 13.06.2013
Buckingham Research Group JOSEPH C AMATURO buy 5 M 50 12 month 11.06.2013
Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 04.06.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 43 12 month 20.05.2013
Daiwa Securities Co. Ltd. TAKUO KATAYAMA outperform 5 M 35 Not Provided 15.05.2013
Goldman Sachs PATRICK ARCHAMBAULT buy/attractive 5 M 38 12 month 03.05.2013
Craig-Hallum Capital Group LLC STEVEN L. DYER buy 5 U 38 12 month 03.05.2013
CRT Capital Group KIRK LUDTKE buy 5 M 34 12 month 02.05.2013
S&P Capital IQ EFRAIM LEVY hold 3 M 33 12 month 02.05.2013
Wolfe Research TIMOTHY J DENOYER outperform 5 M 37 12 month 02.05.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 27.04.2013
Holdings By:
General Motors Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Google Inc. is a global technology company that provides a web based search
engine through its website. The Company offers a wide range of search options,
including web, image, groups, directory, and news searches.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (20.05.2013) 920.50
52-Week Low (12.07.2012) 562.20
Daily Volume
890.12
52-Week High % Change -3.29% Dividend Yield 0.00
52-Week Low % Change 58.33% Beta 0.94
% 52 Week Price Range High/Low 90.49% Equity Float 270.63
Shares Out 18.04.2013 271.1 Short Int 4.26
295'168.97 1 Yr Total Return 51.42%
Total Debt 5'537.00 YTD Return 25.48%
Preferred Stock 0.0 Adjusted BETA 0.939
Minority Interest 0.0 Analyst Recs 46
Cash and Equivalents 49'557.00 Consensus Rating 4.283
Enterprise Value 248'739.95
Average Volume 5 Day 439'728
GOOG UW EQUITY YTD Change - Average Volume 30 Day 569'358
GOOG UW EQUITY YTD % CHANGE - Average Volume 3 Month 598'427
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
21'795.6 23'650.6 29'321.0 37'905.0 50'175.0 39'975.0 54'703.0 47'444.2 55'295.7 11'326.1 11'878.5
3.72x 7.29x 5.42x 4.45x 3.77x 14.71x 13.97x 4.98x 3.96x 21.66x 20.31x
8'131.9 9'836.5 11'777.0 13'593.0 15'722.0 14'796.0 16'160.0 21'650.4 25'586.8 5'246.3 5'452.0
9.96x 17.53x 13.48x 12.41x 12.05x 11.10x 13.34x 11.48x 9.71x 10.91x 10.47x
4'226.9 6'520.4 8'505.0 9'737.0 10'737.0 10'829.0 11'193.0 15'655.3 18'196.3 3'645.9 3'778.5
18.44x 30.38x 22.30x 21.30x 21.10x 19.37x 22.80x 19.28x 16.67x 18.88x 18.13x
EBITDA 15'722.00 Long-Term Rating Date 19.11.2012
EBIT 12'760.00 Long-Term Rating AA
Operating Margin 25.43% Long-Term Outlook STABLE
Pretax Margin 26.68% Short-Term Rating Date 15.07.2010
Return on Assets 12.88% Short-Term Rating A-1+
Return on Common Equity 16.32%
Return on Capital 15.24% EBITDA/Interest Exp. 187.17
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 148.20
Net Debt/EBITDA -2.87
Gross Margin 58.9% Total Debt/EBITDA 0.32
EBITDA Margin 29.5%
EBIT Margin 23.4% Total Debt/Equity 7.7%
Net Income Margin 21.4% Total Debt/Capital 7.2%
Asset Turnover 0.63
Current Ratio 4.22 Net Fixed Asset Turnover 4.93
Quick Ratio 3.90 Accounts receivable turnover-days 42.62
Debt to Assets 5.90% Inventory Days 4.98
Tot Debt to Common Equity 7.72% Accounts Payable Turnover Day 21.37
Accounts Receivable Turnover 8.56 Cash Conversion Cycle 30.52
Inventory Turnover 73.22
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
Google IncPrice/Volume
Valuation Analysis
144'656.00
Current Price (7/dd/yy) Market Data
&-&&.&&0&&1&&2&&3&&4&&5&&6&&
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0!& 9
0!2 9
1!& 9
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!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 18'111'695 6.68 598'626 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 15'351'322 5.66 534'520 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'251'664 4.52 418'606 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'527'744 4.25 521'347 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 11'296'641 4.17 588'218 02.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'349'607 3.45 (107'889) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 6'457'976 2.38 37'223 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'684'381 1.73 97'407 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'201'748 1.55 (91'427) 03.07.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'915'069 1.44 90'269 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 3'096'122 1.14 (111'315) 31.03.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 2'884'116 1.06 393'802 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'865'151 1.06 108'739 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 2'701'990 1 (13'984) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 2'388'041 0.88 18'230 31.03.2013 Unclassified
GOLDMAN SACHS GROUP n/a ULT-AGG 2'306'413 0.85 (194'982) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'258'008 0.83 137'558 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'255'571 0.83 33'032 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 2'197'361 0.81 575'393 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 2'156'774 0.8 112'964 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
S&P Capital IQ SCOTT H KESSLER hold 3 M 925 12 month 04.07.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 999 12 month 01.07.2013
Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 1'000 12 month 28.06.2013
Raymond James AARON M KESSLER outperform 5 M 875 12 month 28.06.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 1'030 12 month 28.06.2013
Pivotal Research Group LLC BRIAN WIESER hold 3 M 820 12 month 28.06.2013
Stifel JORDAN ROHAN hold 3 M #N/A N/A Not Provided 27.06.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 935 12 month 27.06.2013
BMO Capital Markets DANIEL SALMON market perform 3 M 790 Not Provided 25.06.2013
Janney Montgomery Scott LLC SHAWN C MILNE buy 5 N 1'050 12 month 25.06.2013
JPMorgan DOUGLAS ANMUTH overweight 5 M 1'025 6 month 24.06.2013
Wedbush JAMES G DIX neutral 3 M 800 12 month 23.06.2013
Evercore Partners KEN SENA overweight 5 M 1'050 12 month 20.06.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 18.06.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 1'065 12 month 17.06.2013
Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 890 Not Provided 17.06.2013
Needham & Co KERRY RICE buy 5 M 1'000 12 month 12.06.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 930 12 month 12.06.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 966 12 month 12.06.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 12.06.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 950 12 month 11.06.2013
Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 10.06.2013
JMP Securities RONALD V JOSEY III market outperform 4 M 955 12 month 10.06.2013
Barclays ANTHONY J DICLEMENTE overweight 5 M 1'000 Not Provided 10.06.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 1'025 12 month 06.06.2013
Goldman Sachs HEATHER BELLINI neutral/attractive 3 M 965 12 month 05.06.2013
Wells Fargo Securities, LLC PETER STABLER market perform 3 M #N/A N/A Not Provided 03.06.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 30.05.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 950 Not Provided 28.05.2013
Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 996 12 month 17.05.2013
Jefferies BRIAN J PITZ buy 5 M 1'000 12 month 16.05.2013
Oppenheimer & Co JASON S HELFSTEIN market perform 3 M 820 12 month 16.05.2013
Hilliard Lyons STEPHEN TURNER neutral 3 M #N/A N/A Not Provided 22.04.2013
William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 22.04.2013
Sterne, Agee & Leach SHAW WU suspended coverage #N/A N/A M #N/A N/A Not Provided 22.04.2013
Deutsche Bank ROSS SANDLER buy 5 M 930 12 month 19.04.2013
Credit Suisse STEPHEN JU outperform 5 M 982 Not Provided 19.04.2013
Pacific Crest Securities EVAN S WILSON outperform 5 M 980 12 month 19.04.2013
Macquarie BENJAMIN A SCHACHTER outperform 5 M 925 12 month 19.04.2013
B Riley & Co SAMEET SINHA buy 5 M 846 12 month 19.04.2013
Atlantic Equities LLP HAMILTON FABER overweight 5 M 1'000 12 month 19.04.2013
Oracle Investment Research LAURENCE BALTER sell 1 M 700 Not Provided 19.04.2013
BGC Partners COLIN W GILLIS hold 3 M 760 12 month 16.04.2013
Holdings By:
Google Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
The Goldman Sachs Group, Inc., a bank holding company, is a global investment
banking and securities firm specializing in investment banking, trading and
principal investments, asset management and securities services. The Company
provides services to corporations, financial institutions, governments, and
high-net worth individuals.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (10.06.2013) 168.18
52-Week Low (23.07.2012) 91.16
Daily Volume
151.92
52-Week High % Change -9.64% Dividend Yield 1.26
52-Week Low % Change 66.65% Beta 1.30
% 52 Week Price Range High/Low 76.95% Equity Float 421.81
Shares Out 26.04.2013 458.5 Short Int 6.38
72'401.10 1 Yr Total Return 56.41%
Total Debt 510'691.00 YTD Return 19.87%
Preferred Stock 6'200.0 Adjusted BETA 1.303
Minority Interest 508.0 Analyst Recs 34
Cash and Equivalents 72'669.00 Consensus Rating 3.500
Enterprise Value 537'532.11
Average Volume 5 Day 585'110
GS UN EQUITY YTD Change - Average Volume 30 Day 778'684
GS UN EQUITY YTD % CHANGE - Average Volume 3 Month 727'313
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.11.2008 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
53'579.0 51'673.0 45'967.0 36'793.0 41'664.0 34'951.0 41'636.0 34'002.5 34'660.2 8'029.4 7'884.3
8.34x 10.25x 12.69x 14.05x 12.15x 62.22x 49.94x - - - -
35'318.0 28'272.0 22'067.0 16'020.0 20'446.0 15'103.0 20'338.0 - - - -
12.66x 18.74x 26.44x 32.28x 24.75x 36.35x 26.33x - - - -
2'322.0 13'385.0 8'354.0 4'442.0 7'475.0 3'816.0 7'626.0 7'286.6 7'351.2 1'470.3 1'388.0
17.67x 7.37x 11.05x 16.98x 8.86x 19.61x 10.07x 10.59x 10.01x 10.78x 10.39x
EBITDA 20'446.00 Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A-
Operating Margin 32.80% Long-Term Outlook NEG
Pretax Margin 26.90% Short-Term Rating Date 29.11.2011
Return on Assets 0.80% Short-Term Rating A-2
Return on Common Equity 10.61%
Return on Capital 1.26% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 22.54
Gross Margin - Total Debt/EBITDA 25.66
EBITDA Margin 48.8%
EBIT Margin - Total Debt/Equity 734.6%
Net Income Margin 17.9% Total Debt/Capital 87.0%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 5.03
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 54.41% Inventory Days -
Tot Debt to Common Equity 734.64% 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
Goldman Sachs Group Inc/ThePrice/Volume
Valuation Analysis
170'983.00
Current Price (7/dd/yy) Market Data
&.&1&3&5&
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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
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 29'960'086 6.53 7'130'681 31.03.2013 Investment Advisor
GOLDMAN SACHS SHRHLD n/a 13D 27'836'304 6.07 2'753'217 01.02.2013 Other
BLACKROCK n/a ULT-AGG 24'094'983 5.26 (3'794'862) 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 19'620'649 4.28 182'279 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 19'015'163 4.15 (310'428) 02.07.2013 Investment Advisor
CITIGROUP INCORPORAT n/a ULT-AGG 14'790'300 3.23 (184'230) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 12'789'130 2.79 (2'034'069) 31.05.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 11'577'375 2.53 (439'250) 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'458'051 1.41 (1'154'956) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'328'665 1.38 112'552 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'398'511 1.18 46'766 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 3'914'706 0.85 (4'146'886) 31.05.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 3'773'871 0.82 (259'605) 31.03.2013 Bank
INVESCO LTD n/a ULT-AGG 3'556'003 0.78 (1'214'073) 04.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'322'319 0.72 545'788 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 3'269'709 0.71 1'297'350 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'124'013 0.68 (648'574) 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'987'022 0.65 34'404 31.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 2'838'208 0.62 590'981 30.04.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'633'708 0.57 (160'215) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 135 12 month 03.07.2013
Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ outperform 5 M 170 12 month 03.07.2013
Evercore Partners CHRISTOPHER J ALLEN equalweight 3 M 169 12 month 02.07.2013
Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 190 12 month 02.07.2013
JPMorgan KIAN ABOUHOSSEIN underweight 1 M 134 12 month 28.06.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 28.06.2013
JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 27.06.2013
Susquehanna Financial Group DOUGLAS C SIPKIN Positive 4 M 175 12 month 27.06.2013
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 146 6 month 26.06.2013
Keefe, Bruyette & Woods FREDERICK CANNON market perform 3 M 155 12 month 26.06.2013
Macquarie DAVID J KONRAD neutral 3 M 165 12 month 26.06.2013
Atlantic Equities LLP RICHARD STAITE neutral 3 M 152 12 month 26.06.2013
Credit Suisse HOWARD H CHEN outperform 5 M 180 Not Provided 24.06.2013
SunTrust Robinson Humphrey ERIC E WASSERSTROM neutral 3 M 168 12 month 20.06.2013
Portales Partners CHARLES W PEABODY sector perform 3 M #N/A N/A Not Provided 17.06.2013
Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 10.06.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 185 Not Provided 10.06.2013
HSBC ROBERT MURPHY underweight 1 M 117 Not Provided 05.06.2013
S&P Capital IQ KENNETH M LEON buy 5 M 185 12 month 04.06.2013
Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 150 12 month 30.05.2013
Barclays ROGER A FREEMAN equalweight 3 M 155 Not Provided 15.05.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 169 Not Provided 13.05.2013
FBR Capital Markets STEVE STELMACH outperform 5 M 165 12 month 23.04.2013
Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 19.04.2013
Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 M 153 12 month 17.04.2013
Buckingham Research Group JAMES F MITCHELL neutral 3 M 150 12 month 17.04.2013
Nomura GLENN P SCHORR buy 5 M 157 12 month 16.04.2013
Deutsche Bank MATTHEW D O'CONNOR hold 3 M 144 12 month 15.04.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 05.03.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 16.10.2012
Holdings By:
Goldman Sachs Group Inc/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Halliburton Company provides energy services and engineering and construction
services, as well as manufactures products for the energy industry. The Company
offers services and products and integrated solutions to customers in the
exploration, development, and production of oil and natural gas.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (21.05.2013) 45.75
52-Week Low (12.07.2012) 27.62
Daily Volume
43.25
52-Week High % Change -5.51% Dividend Yield 0.91
52-Week Low % Change 56.59% Beta 1.64
% 52 Week Price Range High/Low 82.90% Equity Float 874.80
Shares Out 31.03.2013 931.0 Short Int 22.99
40'265.43 1 Yr Total Return 46.13%
Total Debt 4'820.00 YTD Return 25.43%
Preferred Stock 0.0 Adjusted BETA 1.640
Minority Interest 25.0 Analyst Recs 34
Cash and Equivalents 2'484.00 Consensus Rating 4.471
Enterprise Value 43'083.42
Average Volume 5 Day 1'826'794
HAL UN EQUITY YTD Change - Average Volume 30 Day 2'208'182
HAL UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'467'818
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
18'279.0 14'675.0 17'973.0 24'829.0 28'503.0 26'415.0 28'609.0 29'729.3 32'758.6 7'267.4 7'580.1
0.97x 1.93x 2.17x 1.36x 1.21x 5.49x 4.83x 1.43x 1.26x 5.92x 5.66x
4'686.0 2'920.0 4'118.0 6'096.0 5'787.0 6'670.0 5'729.0 6'280.8 7'662.1 1'495.3 1'666.8
3.79x 9.71x 9.46x 5.54x 5.98x 4.92x 7.06x 6.84x 5.60x 6.41x 6.08x
2'224.0 1'145.0 1'835.0 2'839.0 2'635.0 2'955.0 1'990.0 2'973.0 3'750.1 677.6 791.3
4.98x 22.41x 19.86x 10.35x 11.42x 9.12x 14.60x 13.58x 10.72x 12.72x 11.93x
EBITDA 5'787.00 Long-Term Rating Date 20.08.2007
EBIT 4'159.00 Long-Term Rating A
Operating Margin 14.59% Long-Term Outlook STABLE
Pretax Margin 13.41% Short-Term Rating Date 20.08.2007
Return on Assets 7.60% Short-Term Rating A-1
Return on Common Equity 13.47%
Return on Capital 11.27% EBITDA/Interest Exp. 19.42
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 7.45
Net Debt/EBITDA 0.49
Gross Margin 15.6% Total Debt/EBITDA 0.84
EBITDA Margin 20.0%
EBIT Margin 14.1% Total Debt/Equity 30.6%
Net Income Margin 9.2% Total Debt/Capital 23.4%
Asset Turnover 1.09
Current Ratio 2.75 Net Fixed Asset Turnover 2.95
Quick Ratio 1.74 Accounts receivable turnover-days 73.65
Debt to Assets 17.58% Inventory Days 46.24
Tot Debt to Common Equity 30.57% Accounts Payable Turnover Day 30.57
Accounts Receivable Turnover 4.96 Cash Conversion Cycle 84.89
Inventory Turnover 7.89
Fiscal Year Ended
Halliburton CoPrice/Volume
Valuation Analysis
265'526.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2!& 9
3!& 9
4!& 9
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
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 53'459'251 5.74 - 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 42'810'848 4.6 1'213'797 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 41'490'584 4.46 2'011'692 02.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 37'143'382 3.99 9'825'061 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 23'099'010 2.48 3'781'682 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'759'860 2.34 3'950'383 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 20'633'347 2.22 (3'674'175) 30.04.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 17'312'833 1.86 (1'374'263) 03.07.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 15'733'400 1.69 15'733'400 31.12.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 13'338'436 1.43 2'591'296 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'973'527 1.39 130'293 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12'695'577 1.36 712'376 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 12'256'769 1.32 4'437'353 31.05.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 11'277'822 1.21 (2'527'758) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 10'144'507 1.09 (1'055'998) 03.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 9'571'422 1.03 (1'913'319) 31.05.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 8'769'193 0.94 1'621'892 31.03.2013 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 8'457'545 0.91 3'664'536 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'356'405 0.9 2'641'078 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 8'078'564 0.87 - 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse JAMES WICKLUND outperform 5 M 53 Not Provided 03.07.2013
Susquehanna Financial Group CHARLES P MINERVINO Positive 4 M 49 12 month 03.07.2013
Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 50 12 month 02.07.2013
JPMorgan J DAVID ANDERSON overweight 5 M 53 6 month 02.07.2013
Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 53 12 month 02.07.2013
BMO Capital Markets ALAN D LAWS outperform 5 M 56 Not Provided 01.07.2013
Jefferies BRAD HANDLER buy 5 M 49 12 month 01.07.2013
ISI Group JUDSON E BAILEY strong buy 5 M 50 12 month 28.06.2013
FBR Capital Markets MEGAN REPINE outperform 5 M 50 12 month 25.06.2013
Cowen and Company JAMES D CRANDELL outperform 5 M 57 12 month 24.06.2013
Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 48 Not Provided 17.06.2013
Stephens Inc MICHAEL MARINO overweight 5 M 56 12 month 17.06.2013
Societe Generale EDWARD C MUZTAFAGO buy 5 M 55 12 month 14.06.2013
Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 07.06.2013
Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 03.06.2013
Morgan Stanley OLE SLORER Underwt/In-Line 1 D 37 12 month 30.05.2013
RBC Capital Markets KURT HALLEAD outperform 5 M 50 12 month 23.05.2013
Barclays JAMES C WEST overweight 5 M 64 Not Provided 22.05.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 02.05.2013
Argus Research Corp JONATHAN GELCIUS buy 5 M 48 Not Provided 24.04.2013
Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 23.04.2013
Johnson Rice & Co DAVID C SMITH overweight 5 M #N/A N/A Not Provided 23.04.2013
Macquarie NIGEL BROWNE outperform 5 M 49 12 month 23.04.2013
Guggenheim Securities LLC MICHAEL K LAMOTTE buy 5 M 52 12 month 23.04.2013
Global Hunter Securities BRIAN UHLMER buy 5 M 48 12 month 23.04.2013
Deutsche Bank MICHAEL W URBAN buy 5 M 56 12 month 22.04.2013
Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 45 12 month 22.04.2013
RS Platou Markets TURNER HOLM buy 5 U 48 6 month 21.03.2013
Goldman Sachs WAQAR SYED buy/attractive 5 M 60 12 month 14.02.2013
Fearnley Fonds TRULS OLSEN not rated #N/A N/A M #N/A N/A Not Provided 28.01.2013
S&P Capital IQ STEWART GLICKMAN hold 3 D 40 12 month 20.09.2012
Tudor Pickering & Co JEFF TILLERY buy 5 M #N/A N/A Not Provided 05.04.2011
Holdings By:
Halliburton Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
The Home Depot, Inc. is a home improvement retailer that sells building
materials and home improvement products. The Company sells a wide assortment
of building materials, home improvement and lawn and garden products and
provide a number of services. Home Depot operates throughout the U.S.
(including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico.
Latest Fiscal Year: 01/2013
LTM as of: 05/yy
52-Week High (22.05.2013) 81.56
52-Week Low (23.07.2012) 49.77
Daily Volume
77.58
52-Week High % Change -4.92% Dividend Yield 1.62
52-Week Low % Change 55.88% Beta 0.97
% 52 Week Price Range High/Low 87.95% Equity Float 1'458.51
Shares Out 21.05.2013 1'460.8 Short Int 31.00
113'328.59 1 Yr Total Return 53.27%
Total Debt 10'796.00 YTD Return 26.77%
Preferred Stock 0.0 Adjusted BETA 0.965
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 2'494.00 Consensus Rating 3.867
Enterprise Value 121'783.59
Average Volume 5 Day 2'563'509
HD UN EQUITY YTD Change - Average Volume 30 Day 2'101'507
HD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'852'491
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 05/yy 01/14 Y 01/15 Y 07/13 Q2 10/13 Q3
71'288.0 66'176.0 67'997.0 70'395.0 74'754.0 71'380.0 76'070.0 77'469.6 81'138.3 21'715.7 18'991.4
0.67x 0.84x 1.01x 1.10x 1.45x 4.09x 5.41x 1.59x 1.54x 5.64x 6.51x
6'261.0 6'609.0 7'557.0 8'343.0 9'450.0 8'621.0 9'855.0 10'653.0 11'739.3 3'371.2 2'586.2
7.57x 8.45x 9.10x 9.32x 11.45x 10.11x 11.82x 11.45x 10.39x 11.18x 10.86x
2'260.0 2'661.0 3'338.0 3'883.0 4'535.0 4'106.0 4'726.0 5'242.9 5'864.6 1'754.3 1'263.1
12.12x 16.84x 17.90x 18.17x 21.74x 19.89x 22.78x 21.22x 18.16x 20.64x 19.79x
EBITDA 9'450.00 Long-Term Rating Date 16.11.2011
EBIT 7'766.00 Long-Term Rating A-
Operating Margin 10.39% Long-Term Outlook STABLE
Pretax Margin 9.66% Short-Term Rating Date 05.07.2007
Return on Assets 10.80% Short-Term Rating A-2
Return on Common Equity 27.50%
Return on Capital 17.69% EBITDA/Interest Exp. 14.88
Asset Turnover 1.74% (EBITDA-Capex)/Interest Exp. 12.82
Net Debt/EBITDA 0.86
Gross Margin 34.6% Total Debt/EBITDA 1.30
EBITDA Margin 13.0%
EBIT Margin 10.7% Total Debt/Equity 60.7%
Net Income Margin 6.1% Total Debt/Capital 37.8%
Asset Turnover 1.74
Current Ratio 1.34 Net Fixed Asset Turnover 3.15
Quick Ratio 0.34 Accounts receivable turnover-days 7.75
Debt to Assets 26.28% Inventory Days 87.31
Tot Debt to Common Equity 60.73% Accounts Payable Turnover Day 53.89
Accounts Receivable Turnover 47.89 Cash Conversion Cycle 47.82
Inventory Turnover 4.25
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
Home Depot Inc/ThePrice/Volume
Valuation Analysis
327'510.00
Current Price (7/dd/yy) Market Data
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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
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 242'597'167 16.61 (16'572'709) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 91'040'813 6.23 5'142'090 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 68'790'992 4.71 (1'602'415) 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 68'769'159 4.71 (403'909) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 47'200'040 3.23 3'537'786 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 32'212'011 2.21 (477'903) 31.05.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 24'596'429 1.68 467'248 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20'318'184 1.39 583'747 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 20'184'299 1.38 679'378 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 17'480'869 1.2 - 31.12.2012 Government
WELLS FARGO n/a ULT-AGG 14'223'897 0.97 1'133'393 30.04.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 13'533'865 0.93 1'020'174 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 11'988'541 0.82 (50'136) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 11'082'825 0.76 (781'262) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 10'360'547 0.71 (240'013) 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 10'172'379 0.7 241'738 31.03.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 10'158'313 0.7 (272'023) 31.03.2013 Investment Advisor
FISHER INVESTMENTS I FISHER INVESTMENTS 13F 8'082'478 0.55 (200'840) 31.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 7'364'619 0.5 921'253 30.04.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 7'211'982 0.49 697'200 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets WAYNE HOOD market perform 3 M 80 Not Provided 02.07.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 84 12 month 01.07.2013
RBC Capital Markets R SCOT CICCARELLI outperform 5 M 88 12 month 28.06.2013
Robert W. Baird & Co PETER S BENEDICT outperform 5 M 92 12 month 27.06.2013
Stifel DAVID A SCHICK hold 3 M #N/A N/A Not Provided 27.06.2013
JPMorgan CHRISTOPHER HORVERS overweight 5 M 84 6 month 25.06.2013
Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 24.06.2013
ISI Group GREGORY MELICH strong buy 5 M 87 12 month 20.06.2013
Jefferies DANIEL T BINDER buy 5 M 91 12 month 19.06.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 90 12 month 11.06.2013
Longbow Research DAVID S MACGREGOR buy 5 M 88 12 month 11.06.2013
Barclays ALAN M RIFKIN overweight 5 M 85 Not Provided 11.06.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 86 12 month 11.06.2013
Deutsche Bank MICHAEL BAKER hold 3 M 80 12 month 10.06.2013
Credit Suisse GARY BALTER outperform 5 M 85 Not Provided 10.06.2013
Janney Montgomery Scott LLC DAVID S STRASSER neutral 3 M 72 12 month 10.06.2013
Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 05.06.2013
Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 80 Not Provided 29.05.2013
Nomura ARAM RUBINSON neutral 3 M 82 12 month 29.05.2013
Landesbank Baden-Wuerttemberg PER-OLA HELLGREN sell 1 M 72 Not Provided 28.05.2013
Piper Jaffray PETER J KEITH overweight 5 M 90 12 month 22.05.2013
Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 21.05.2013
Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 85 12 month 21.05.2013
Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 75 Not Provided 21.05.2013
Oppenheimer & Co BRIAN NAGEL outperform 5 M 86 12 month 21.05.2013
S&P Capital IQ MICHAEL SOUERS sell 1 M 62 Not Provided 21.05.2013
Gabelli & Co ZAHID SIDDIQUE hold 3 M #N/A N/A Not Provided 27.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
First Global Stockbroking RITESH DOSHI market perform 3 M #N/A N/A Not Provided 18.08.2011
Holdings By:
Home Depot Inc/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Honeywell International Inc. is a worldwide diversified technology and
manufacturing company providing aerospace products and services, control,
sensing and security technologies, turbochargers, automotive products, specialty
chemicals, electronic and advanced materials, process technology for refining
and petrochemicals, and energy efficient products and solutions.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (20.05.2013) 81.24
52-Week Low (12.07.2012) 52.73
Daily Volume
79.19
52-Week High % Change -2.52% Dividend Yield 1.98
52-Week Low % Change 50.18% Beta 1.19
% 52 Week Price Range High/Low 90.42% Equity Float 785.21
Shares Out 31.03.2013 786.8 Short Int 7.63
62'305.42 1 Yr Total Return 45.95%
Total Debt 7'496.00 YTD Return 26.15%
Preferred Stock 0.0 Adjusted BETA 1.189
Minority Interest 240.0 Analyst Recs 28
Cash and Equivalents 5'265.00 Consensus Rating 4.571
Enterprise Value 65'120.42
Average Volume 5 Day 1'269'999
HON UN EQUITY YTD Change - Average Volume 30 Day 865'755
HON UN EQUITY YTD % CHANGE - Average Volume 3 Month 853'657
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
36'556.0 30'908.0 32'350.0 36'529.0 37'665.0 37'164.0 37'686.0 39'130.6 41'400.3 9'701.7 9'895.2
0.83x 1.37x 1.40x 1.25x 1.38x 4.97x 5.59x 1.61x 1.47x 6.66x 6.49x
4'432.0 3'410.0 3'998.0 3'531.0 5'082.0 3'699.0 5'220.0 6'928.6 7'558.7 1'733.8 1'788.6
6.87x 12.45x 11.33x 12.91x 10.26x 13.81x 11.90x 9.42x 8.63x 9.03x 8.79x
2'792.0 1'548.0 2'022.0 2'067.0 2'926.0 2'185.0 3'069.0 3'945.9 4'424.6 961.2 985.2
7.08x 15.93x 17.79x 12.24x 13.13x 13.25x 15.01x 15.98x 14.33x 15.69x 15.22x
EBITDA 5'082.00 Long-Term Rating Date 03.07.2001
EBIT 4'156.00 Long-Term Rating A
Operating Margin 11.03% Long-Term Outlook STABLE
Pretax Margin 10.29% Short-Term Rating Date 03.07.2001
Return on Assets 7.47% Short-Term Rating A-1
Return on Common Equity 24.37%
Return on Capital 16.24% EBITDA/Interest Exp. 13.77
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 11.38
Net Debt/EBITDA 0.52
Gross Margin 24.9% Total Debt/EBITDA 1.50
EBITDA Margin 13.9%
EBIT Margin 11.3% Total Debt/Equity 57.8%
Net Income Margin 7.8% Total Debt/Capital 36.2%
Asset Turnover 0.92
Current Ratio 1.35 Net Fixed Asset Turnover 7.72
Quick Ratio 0.97 Accounts receivable turnover-days 71.93
Debt to Assets 17.91% Inventory Days 56.09
Tot Debt to Common Equity 57.77% Accounts Payable Turnover Day 58.27
Accounts Receivable Turnover 5.07 Cash Conversion Cycle 64.84
Inventory Turnover 6.51
Fiscal Year Ended
Honeywell International IncPrice/Volume
Valuation Analysis
131'616.00
Current Price (7/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&
d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9
!2 9
-!& 9
-!2 9
.!& 9
.!2 9
0!& 9
0!2 9
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!&&
-5!&&
.&!&&
&-!&-!.&-& &-!&4!.&-& &-!&-!.&-- &-!&4!.&-- &-!&-!.&-. &-!&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] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 71'918'684 9.14 (1'978'830) 02.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 44'707'651 5.68 1'798'758 03.07.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 38'131'868 4.85 938'617 31.05.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 34'318'137 4.36 44'201 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 25'864'938 3.29 130'153 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'551'872 2.87 597'535 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 20'124'942 2.56 2'257'316 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 19'981'462 2.54 3'064'820 31.03.2013 Investment Advisor
EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 19'712'106 2.51 - 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 17'277'548 2.2 (301'947) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 14'945'000 1.9 1'200'000 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 13'037'562 1.66 792'338 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 12'962'181 1.65 (331'200) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'804'107 1.5 336'816 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 11'022'111 1.4 1'019'960 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'356'620 1.32 270'634 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'872'070 1.13 118'042 31.03.2013 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 8'763'695 1.11 (3'042'516) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 8'510'268 1.08 132'469 31.03.2013 Investment Advisor
ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 6'452'803 0.82 (234'431) 31.03.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies HOWARD A RUBEL buy 5 M 82 12 month 03.07.2013
Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 87 12 month 02.07.2013
Nomura SHANNON O'CALLAGHAN buy 5 M 85 12 month 28.06.2013
Sanford C. Bernstein & Co STEVEN E WINOKER outperform 5 M 88 12 month 27.06.2013
Stifel JEFFREY D OSBORNE buy 5 M 90 12 month 25.06.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 86 12 month 21.06.2013
Edward Jones CHRISTIAN MAYES buy 5 M #N/A N/A Not Provided 17.06.2013
JPMorgan CHARLES STEPHEN TUSA overweight 5 M 73 6 month 17.06.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 90 12 month 17.06.2013
Sterne, Agee & Leach PETER J ARMENT buy 5 M 81 12 month 16.06.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 82 12 month 22.05.2013
Credit Suisse JULIAN MITCHELL neutral 3 M 73 Not Provided 20.05.2013
Oppenheimer & Co CHRISTOPHER D GLYNN outperform 5 M 87 12 month 20.05.2013
Deutsche Bank JOHN G INCH buy 5 M 88 12 month 17.05.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 82 12 month 22.04.2013
FBR Capital Markets AJAY K KEJRIWAL market perform 3 M 76 12 month 22.04.2013
Cowen and Company GAUTAM KHANNA outperform 5 M #N/A N/A Not Provided 22.04.2013
Barclays SCOTT R DAVIS overweight 5 M 80 Not Provided 22.04.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 20.04.2013
Morgan Stanley NIGEL COE Overwt/In-Line 5 M 82 12 month 19.04.2013
Buckingham Research Group EDWARD WHEELER neutral 3 M 80 12 month 19.04.2013
Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 74 Not Provided 19.04.2013
Goldman Sachs JOSEPH RITCHIE Buy/Neutral 5 N 88 12 month 20.03.2013
S&P Capital IQ RICHARD TORTORIELLO buy 5 M 75 12 month 25.01.2013
Gabelli & Co JAMES FOUNG buy 5 M #N/A N/A Not Provided 23.10.2012
Holdings By:
Honeywell International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Hewlett-Packard Company provides imaging and printing systems, computing
systems, and information technology services for business and home. The
Company's products include laser and inkjet printers, scanners, copiers and
faxes, personal computers, workstations, storage solutions, and other computing
and printing systems. Hewlett-Packard sells its products worldwide.
Latest Fiscal Year: 10/2012
LTM as of: 04/yy
52-Week High (19.06.2013) 25.86
52-Week Low (20.11.2012) 11.35
Daily Volume
25.45
52-Week High % Change -1.70% Dividend Yield 2.05
52-Week Low % Change 124.23% Beta 1.20
% 52 Week Price Range High/Low 95.31% Equity Float 1'892.29
Shares Out 31.05.2013 1'928.6 Short Int 45.38
49'081.64 1 Yr Total Return 28.68%
Total Debt 28'436.00 YTD Return 80.78%
Preferred Stock 0.0 Adjusted BETA 1.203
Minority Interest 397.0 Analyst Recs 35
Cash and Equivalents 11'301.00 Consensus Rating 2.829
Enterprise Value 63'031.64
Average Volume 5 Day 3'222'828
HPQ UN EQUITY YTD Change - Average Volume 30 Day 3'936'282
HPQ UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'740'412
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 04/yy 04/yy 10/13 Y 10/14 Y 07/13 Q3 10/13 Q4
118'364.0 114'552.0 126'033.0 127'245.0 120'357.0 124'040.0 115'569.0 111'402.8 109'165.2 27'269.3 28'141.6
0.85x 1.00x 0.83x 0.60x 0.37x 2.49x 1.76x 0.55x 0.52x 2.27x 2.16x
14'185.0 15'798.0 17'736.0 16'373.0 14'384.0 14'132.0 13'639.0 14'055.4 14'036.0 3'537.3 3'774.2
7.05x 7.26x 5.88x 4.64x 3.11x 5.03x 3.93x 4.48x 4.49x 4.42x 4.47x
8'329.0 7'660.0 8'761.0 7'074.0 (12'650.0) 5'226.0 (13'402.0) 6'892.9 6'980.2 1'679.7 1'938.6
10.55x 14.05x 10.29x 6.53x 44.21x 7.50x 220.49x 7.16x 6.96x 7.05x 6.98x
EBITDA 14'384.00 Long-Term Rating Date 30.11.2011
EBIT 9'289.00 Long-Term Rating BBB+
Operating Margin 7.72% Long-Term Outlook STABLE
Pretax Margin -9.91% Short-Term Rating Date 30.11.2011
Return on Assets -11.46% Short-Term Rating A-2
Return on Common Equity -41.35%
Return on Capital - EBITDA/Interest Exp. 16.42
Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. 12.19
Net Debt/EBITDA 0.99
Gross Margin 23.2% Total Debt/EBITDA 1.96
EBITDA Margin 11.8%
EBIT Margin 7.6% Total Debt/Equity 126.7%
Net Income Margin -10.5% Total Debt/Capital 55.5%
Asset Turnover 0.99
Current Ratio 1.09 Net Fixed Asset Turnover 6.21
Quick Ratio 0.66 Accounts receivable turnover-days 59.32
Debt to Assets 26.14% Inventory Days 27.40
Tot Debt to Common Equity 126.74% Accounts Payable Turnover Day 52.70
Accounts Receivable Turnover 6.15 Cash Conversion Cycle 33.38
Inventory Turnover 13.32
Fiscal Year Ended
Hewlett-Packard CoPrice/Volume
Valuation Analysis
538'377.00
Current Price (7/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&
d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9.!& 91!& 93!& 95!& 9-&!& 9-.!& 9-1!& 9-3!& 9-5!& 9.&!& 9
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!&&
5!&&
6!&&
-&!&&
&3!--!.&&6 &3!&2!.&-& &3!--!.&-& &3!&2!.&-- &3!--!.&-- &3!&2!.&-. &3!--!.&-. &3!&2!.&-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] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DODGE & COX DODGE & COX 13F 163'834'221 8.5 7'236'483 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 103'057'210 5.34 (3'811'433) 02.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 93'063'139 4.83 124'542 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 88'032'484 4.56 2'922'068 31.03.2013 Investment Advisor
DODGE & COX WORLDWID DODGE & COX WORLDWID MF-PART 69'685'402 3.61 - 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 68'774'365 3.57 5'155'865 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 51'737'001 2.68 1'048'053 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 44'137'588 2.29 (8'869'024) 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 42'070'800 2.18 - 31.03.2013 Insurance Company
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 36'017'347 1.87 7'846'019 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 34'979'034 1.81 3'461'394 31.03.2013 Investment Advisor
RELATIONAL INVESTORS RELATIONAL INVESTORS 13F 34'534'517 1.79 - 31.03.2013 Hedge Fund Manager
RELATIONAL INVESTORS n/a Form 4 34'534'517 1.79 - 20.04.2013 Hedge Fund Manager
PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 34'325'885 1.78 (6'782'006) 31.03.2013 Hedge Fund Manager
ALLIANCE BERNSTEIN n/a ULT-AGG 32'394'117 1.68 (1'941'676) 30.04.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'590'803 1.38 614'058 31.03.2013 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 26'567'363 1.38 (11'455'907) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 23'268'034 1.21 1'195'070 03.07.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 22'517'711 1.17 (3'477) 31.03.2013 Insurance Company
JP MORGAN n/a ULT-AGG 19'150'279 0.99 (9'440'379) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
S&P Capital IQ CHRISTIN ARMACOST hold 3 M 23 12 month 04.07.2013
Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 29 12 month 02.07.2013
Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 28.06.2013
RBC Capital Markets AMIT DARYANANI sector perform 3 M 25 12 month 25.06.2013
Topeka Capital Markets Inc BRIAN J WHITE sell 1 M 12 12 month 24.06.2013
Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 20.06.2013
Edward Jones WILLIAM C KREHER sell 1 M #N/A N/A Not Provided 20.06.2013
Mizuho Securities USA Inc ABHEY R LAMBA underperform 1 M 18 12 month 20.06.2013
Jyske Bank ROBERT JAKOBSEN buy 5 M 28 Not Provided 19.06.2013
Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 18.06.2013
Raymond James BRIAN G ALEXANDER market perform 3 M #N/A N/A Not Provided 18.06.2013
Cross Research SHANNON S CROSS hold 3 M 24 12 month 18.06.2013
Barclays BENJAMIN A REITZES equalweight 3 M 26 Not Provided 18.06.2013
BMO Capital Markets KEITH F BACHMAN market perform 3 M 24 Not Provided 17.06.2013
Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 28 12 month 13.06.2013
Credit Suisse KULBINDER GARCHA neutral 3 M 25 Not Provided 13.06.2013
Jefferies PETER J MISEK hold 3 M 24 12 month 13.06.2013
Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 25 12 month 13.06.2013
Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 13.06.2013
Deutsche Bank CHRISTOPHER WHITMORE sell 1 M 16 12 month 12.06.2013
ISI Group BRIAN MARSHALL neutral 3 M #N/A N/A Not Provided 12.06.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 12.06.2013
Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 24 Not Provided 07.06.2013
Evercore Partners ROBERT CIHRA underweight 1 M 18 12 month 27.05.2013
Goldman Sachs WILLIAM C SHOPE JR Sell/Cautious 1 M 17 12 month 23.05.2013
Brean Capital LLC ANANDA BARUAH hold 3 M #N/A N/A Not Provided 23.05.2013
JPMorgan MARK A MOSKOWITZ neutral 3 M 25 6 month 23.05.2013
Needham & Co RICHARD J KUGELE underperform 1 M #N/A N/A Not Provided 23.05.2013
FBN Securities SHEBLY SEYRAFI sector perform 3 M 24 12 month 23.05.2013
Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 20.05.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 11.04.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 01.04.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 08.02.2011
Holdings By:
Hewlett-Packard Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
International Business Machines Corporation (IBM) provides computer solutions
through the use of advanced information technology. The Company's solutions
include technologies, systems, products, services, software, and financing. IBM
offers its products through its global sales and distribution organization, as
well as through a variety of third party distributors and resellers.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (15.03.2013) 215.90
52-Week Low (12.07.2012) 181.87
Daily Volume
192.89
52-Week High % Change -10.69% Dividend Yield 1.76
52-Week Low % Change 6.06% Beta 0.93
% 52 Week Price Range High/Low 33.44% Equity Float 1'107.39
Shares Out 31.03.2013 1'108.8 Short Int 17.23
213'875.34 1 Yr Total Return 0.19%
Total Debt 33'269.00 YTD Return 1.59%
Preferred Stock 0.0 Adjusted BETA 0.934
Minority Interest 124.0 Analyst Recs 31
Cash and Equivalents 11'129.00 Consensus Rating 3.935
Enterprise Value 235'402.35
Average Volume 5 Day 1'501'927
IBM UN EQUITY YTD Change - Average Volume 30 Day 1'139'094
IBM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'176'444
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
103'630.0 95'759.0 99'871.0 106'916.0 104'507.0 106'983.0 103'241.0 103'483.5 106'439.3 25'395.2 25'118.1
1.29x 1.91x 1.98x 2.18x 2.26x 8.80x 9.64x 2.29x 2.21x 9.43x 9.55x
21'388.0 22'009.0 22'982.0 25'101.0 25'119.0 25'218.0 24'941.0 27'811.1 29'477.1 6'240.4 6'695.0
6.25x 8.32x 8.59x 9.30x 9.41x 10.33x 10.35x 8.47x 7.99x 8.31x 8.05x
12'334.0 13'425.0 14'833.0 15'855.0 16'604.0 16'059.0 16'570.0 18'358.3 19'269.5 3'970.3 4'447.4
9.42x 13.08x 12.97x 14.06x 12.57x 15.58x 13.80x 11.55x 10.52x 11.31x 11.05x
EBITDA 25'119.00 Long-Term Rating Date 30.05.2012
EBIT 20'443.00 Long-Term Rating AA-
Operating Margin 19.56% Long-Term Outlook STABLE
Pretax Margin 20.96% Short-Term Rating Date 30.05.2012
Return on Assets 14.25% Short-Term Rating A-1+
Return on Common Equity 83.28%
Return on Capital 32.07% EBITDA/Interest Exp. 52.66
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 44.10
Net Debt/EBITDA 0.86
Gross Margin 48.1% Total Debt/EBITDA 1.34
EBITDA Margin 24.2%
EBIT Margin 19.6% Total Debt/Equity 176.4%
Net Income Margin 15.9% Total Debt/Capital 63.7%
Asset Turnover 0.89
Current Ratio 1.13 Net Fixed Asset Turnover 7.50
Quick Ratio 0.91 Accounts receivable turnover-days 90.85
Debt to Assets 27.91% Inventory Days 17.69
Tot Debt to Common Equity 176.40% Accounts Payable Turnover Day 50.29
Accounts Receivable Turnover 4.02 Cash Conversion Cycle 60.00
Inventory Turnover 20.63
Fiscal Year Ended
International Business Machines CorpPrice/Volume
Valuation Analysis
158'721.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 68'121'984 6.14 6'500 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 59'914'998 5.4 (2'930'022) 02.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 56'669'125 5.11 1'685'715 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 52'371'093 4.72 1'213'785 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 16'651'892 1.5 - 31.03.2013 Insurance Company
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'339'775 1.47 47'818 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'001'921 1.44 631'840 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'129'885 1 (220'536) 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 9'696'270 0.87 (2'752) 31.03.2013 Insurance Company
FMR LLC n/a ULT-AGG 9'316'326 0.84 (619'852) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 9'100'412 0.82 - 31.12.2012 Government
JP MORGAN n/a ULT-AGG 9'008'443 0.81 (241'738) 31.05.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 8'855'951 0.8 (372'701) 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'882'262 0.71 (482'034) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'738'514 0.7 154'502 30.04.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 7'122'681 0.64 85'398 31.03.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 6'991'881 0.63 (59'044) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 6'929'901 0.62 (93'272) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 6'009'216 0.54 567'419 31.05.2013 Investment Advisor
UBS n/a ULT-AGG 5'692'516 0.51 193'043 31.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
S&P Capital IQ JIM YIN buy 5 M 227 12 month 04.07.2013
Societe Generale RICHARD NGUYEN hold 3 M 203 12 month 02.07.2013
Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 225 12 month 02.07.2013
Barclays BENJAMIN A REITZES overweight 5 M 215 Not Provided 01.07.2013
RBC Capital Markets AMIT DARYANANI sector perform 3 M 210 12 month 28.06.2013
Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 208 12 month 28.06.2013
Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 28.06.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 246 12 month 24.06.2013
BMO Capital Markets KEITH F BACHMAN market perform 3 M 220 Not Provided 17.06.2013
Evercore Partners ROBERT CIHRA overweight 5 M 235 12 month 09.06.2013
Stifel DAVID M GROSSMAN buy 5 M 240 12 month 07.06.2013
Argus Research Corp JAMES KELLEHER buy 5 M 235 12 month 05.06.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 220 12 month 05.06.2013
Credit Suisse KULBINDER GARCHA neutral 3 M 200 Not Provided 04.06.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 04.06.2013
Jefferies PETER J MISEK hold 3 M 225 12 month 29.05.2013
Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 21.05.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 225 Not Provided 16.05.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 06.05.2013
Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 225 12 month 19.04.2013
Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 19.04.2013
Goldman Sachs WILLIAM C SHOPE JR Buy/Cautious 5 M 220 12 month 19.04.2013
JPMorgan MARK A MOSKOWITZ neutral 3 M 196 6 month 19.04.2013
Macquarie BRAD A ZELNICK neutral 3 M 215 12 month 19.04.2013
ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 18.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 20.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.01.2013
Oracle Investment Research LAURENCE BALTER hold 3 D 195 Not Provided 07.06.2012
Holdings By:
International Business Machines Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Intel Corporation designs, manufactures, and sells computer components and
related products. The Company's major products include microprocessors,
chipsets, embedded processors and microcontrollers, flash memory products,
graphics products, network and communications products, systems management
software, conferencing products, and digital imaging products.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (10.08.2012) 26.90
52-Week Low (21.11.2012) 19.23
Daily Volume
23.75
52-Week High % Change -11.66% Dividend Yield 4.67
52-Week Low % Change 23.50% Beta 0.98
% 52 Week Price Range High/Low 59.23% Equity Float 4'967.29
Shares Out 19.04.2013 4'971.0 Short Int 229.60
118'061.25 1 Yr Total Return -8.09%
Total Debt 13'448.00 YTD Return 17.44%
Preferred Stock 0.0 Adjusted BETA 0.978
Minority Interest 0.0 Analyst Recs 52
Cash and Equivalents 22'586.00 Consensus Rating 3.519
Enterprise Value 109'521.25
Average Volume 5 Day 9'125'044
INTC UW EQUITY YTD Change - Average Volume 30 Day 10'649'340
INTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 10'745'735
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
37'586.0 35'127.0 43'623.0 53'999.0 53'341.0 54'058.0 53'015.0 53'528.0 55'774.7 12'890.5 13'724.2
1.81x 2.84x 2.16x 2.10x 1.70x 8.44x 7.97x 2.12x 2.02x 8.80x 8.25x
14'280.0 10'994.0 20'226.0 23'541.0 22'160.0 23'536.0 21'148.0 20'792.8 22'507.2 4'620.0 5'475.1
4.76x 9.08x 4.65x 4.81x 4.10x 5.68x 4.70x 5.28x 4.88x 5.12x 4.97x
5'292.0 4'369.0 11'464.0 12'942.0 11'005.0 12'520.0 10'312.0 9'790.2 10'849.2 2'062.0 2'678.6
12.66x 18.04x 10.58x 10.09x 9.58x 11.85x 11.01x 12.56x 11.61x 12.00x 11.51x
EBITDA 22'160.00 Long-Term Rating Date 17.02.1993
EBIT 14'638.00 Long-Term Rating A+
Operating Margin 27.44% Long-Term Outlook STABLE
Pretax Margin 27.88% Short-Term Rating Date 17.02.1993
Return on Assets 13.31% Short-Term Rating A-1+
Return on Common Equity 21.05%
Return on Capital 17.55% EBITDA/Interest Exp. 67.15
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 33.74
Net Debt/EBITDA -0.40
Gross Margin 62.1% Total Debt/EBITDA 0.63
EBITDA Margin 39.9%
EBIT Margin 25.2% Total Debt/Equity 26.3%
Net Income Margin 20.6% Total Debt/Capital 20.8%
Asset Turnover 0.68
Current Ratio 2.43 Net Fixed Asset Turnover 1.98
Quick Ratio 1.71 Accounts receivable turnover-days 26.00
Debt to Assets 15.94% Inventory Days 76.44
Tot Debt to Common Equity 26.26% Accounts Payable Turnover Day 49.10
Accounts Receivable Turnover 14.00 Cash Conversion Cycle 52.88
Inventory Turnover 4.76
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
Intel CorpPrice/Volume
Valuation Analysis
1'915'548.00
Current Price (7/dd/yy) Market Data
&
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 276'437'731 5.56 1'062'539 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 228'240'221 4.59 3'877'756 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 204'808'492 4.12 (9'906'771) 02.07.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 107'138'879 2.16 (509'130) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 85'279'273 1.72 13'582'698 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 78'261'710 1.57 2'077'801 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 67'755'999 1.36 3'656'359 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 64'819'813 1.3 2'475'557 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 64'186'193 1.29 (9'163'665) 03.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 52'542'260 1.06 3'105'060 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 50'132'035 1.01 7'869'083 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 44'441'646 0.89 3'862'608 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 40'236'837 0.81 - 31.12.2012 Government
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 39'078'900 0.79 - 31.03.2013 Insurance Company
UBS n/a ULT-AGG 37'637'260 0.76 4'050'872 31.03.2013 Unclassified
LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 35'906'844 0.72 (102'583) 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 34'880'071 0.7 (3'303) 31.03.2013 Insurance Company
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 34'326'752 0.69 624'591 31.03.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 33'398'075 0.67 8'223'560 31.03.2013 Hedge Fund Manager
WELLS FARGO n/a ULT-AGG 30'088'017 0.61 (861'587) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
S&P Capital IQ CHRISTIN ARMACOST buy 5 M 23 12 month 04.07.2013
Sanford C. Bernstein & Co STACY A RASGON underperform 1 M 18 12 month 02.07.2013
Raymond James HANS C MOSESMANN underperform 1 M #N/A N/A Not Provided 02.07.2013
Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 20 12 month 02.07.2013
Needham & Co N QUINN BOLTON hold 3 M #N/A N/A Not Provided 01.07.2013
Evercore Partners PATRICK WANG equalweight 3 M 22 12 month 01.07.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 01.07.2013
Maxim Group LLC ASHOK KUMAR buy 5 M 29 12 month 01.07.2013
Piper Jaffray AUGUSTE P RICHARD underweight 1 M 20 12 month 01.07.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 30 12 month 01.07.2013
Morgan Stanley JOSEPH MOORE Underwt/In-Line 1 M 22 12 month 28.06.2013
Jefferies MARK J LIPACIS hold 3 M 27 12 month 26.06.2013
JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 24.06.2013
Lazard Capital Markets DANIEL L AMIR buy 5 M 28 12 month 24.06.2013
Topeka Capital Markets Inc SUJI DE SILVA buy 5 M 28 12 month 24.06.2013
Robert W. Baird & Co TRISTAN GERRA outperform 5 M 26 12 month 20.06.2013
Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 21 12 month 20.06.2013
BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 21 Not Provided 19.06.2013
Stifel KEVIN E CASSIDY buy 5 M 28 12 month 17.06.2013
MKM Partners ADA MENAKER buy 5 M 28 12 month 14.06.2013
RBC Capital Markets DOUG FREEDMAN outperform 5 M 29 12 month 13.06.2013
Wedbush BETSY VAN HEES neutral 3 M 23 12 month 13.06.2013
FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 28 12 month 13.06.2013
B Riley & Co CRAIG ELLIS neutral 3 M 23 Not Provided 13.06.2013
Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 11.06.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 10.06.2013
Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 06.06.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 05.06.2013
ISI Group SUMIT DHANDA buy 5 M 26 12 month 05.06.2013
Nomura ROMIT SHAH reduce 2 M 18 12 month 05.06.2013
Canaccord Genuity Corp ROBERT BURLESON hold 3 M 20 12 month 03.06.2013
Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 30.05.2013
Deutsche Bank ROSS C SEYMORE buy 5 M 26 12 month 19.05.2013
Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 10.05.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 D 26 12 month 07.05.2013
Credit Suisse JOHN W PITZER outperform 5 M 28 Not Provided 03.05.2013
JPMorgan CHRISTOPHER DANELY neutral 3 M 19 6 month 02.05.2013
Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 25 Not Provided 02.05.2013
Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 02.05.2013
Roth Capital Partners KRISHNA SHANKAR neutral 3 M 20 12 month 17.04.2013
Macquarie SHAWN WEBSTER outperform 5 M 25 12 month 17.04.2013
Gabelli & Co HENDI SUSANTO buy 5 M #N/A N/A Not Provided 17.04.2013
Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 17.04.2013
Holdings By:
Intel Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Johnson & Johnson manufactures health care products and provides related
services for the consumer, pharmaceutical, and medical devices and diagnostics
markets. The Company sells products such as skin and hair care products,
acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical
equipment in countries located around the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (22.05.2013) 89.99
52-Week Low (30.08.2012) 66.86
Daily Volume
87.41
52-Week High % Change -2.90% Dividend Yield 2.79
52-Week Low % Change 30.74% Beta 0.65
% 52 Week Price Range High/Low 86.12% Equity Float 2'807.31
Shares Out 26.04.2013 2'808.9 Short Int 50.63
245'524.81 1 Yr Total Return 32.81%
Total Debt 16'165.00 YTD Return 26.64%
Preferred Stock 0.0 Adjusted BETA 0.650
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 21'089.00 Consensus Rating 4.037
Enterprise Value 239'748.82
Average Volume 5 Day 2'409'382
JNJ UN EQUITY YTD Change - Average Volume 30 Day 2'868'074
JNJ UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'690'688
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 04/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
63'747.0 61'897.0 61'587.0 65'030.0 67'224.0 64'996.0 68'590.0 70'802.6 73'592.2 17'710.4 17'553.2
2.58x 2.79x 2.57x 2.55x 2.80x 10.27x 11.44x 3.31x 3.09x 13.73x 13.72x
19'001.0 19'550.0 19'466.0 19'311.0 20'698.0 19'292.0 21'341.0 22'979.5 24'495.1 5'719.6 5'496.0
8.67x 8.82x 8.14x 8.60x 9.09x 8.64x 10.44x 10.42x 9.77x 10.61x 10.40x
12'949.0 12'266.0 13'334.0 9'672.0 10'853.0 10'106.0 10'440.0 15'405.1 16'291.2 3'975.7 3'791.6
13.15x 13.91x 13.20x 13.26x 14.31x 13.24x 16.69x 16.14x 15.11x 16.04x 15.78x
EBITDA 20'698.00 Long-Term Rating Date 17.09.1987
EBIT 17'032.00 Long-Term Rating AAA
Operating Margin 25.34% Long-Term Outlook STABLE
Pretax Margin 20.49% Short-Term Rating Date 14.07.1987
Return on Assets 8.78% Short-Term Rating A-1+
Return on Common Equity 16.28%
Return on Capital 12.82% EBITDA/Interest Exp. 31.99
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 27.46
Net Debt/EBITDA -0.27
Gross Margin 67.8% Total Debt/EBITDA 0.74
EBITDA Margin 31.1%
EBIT Margin 25.4% Total Debt/Equity 24.9%
Net Income Margin 16.1% Total Debt/Capital 20.0%
Asset Turnover 0.58
Current Ratio 1.90 Net Fixed Asset Turnover 4.49
Quick Ratio 1.34 Accounts receivable turnover-days 59.69
Debt to Assets 13.32% Inventory Days 118.28
Tot Debt to Common Equity 24.94% Accounts Payable Turnover Day 82.08
Accounts Receivable Turnover 6.10 Cash Conversion Cycle 83.09
Inventory Turnover 3.08
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
Johnson & JohnsonPrice/Volume
Valuation Analysis
439'445.00
Current Price (7/dd/yy) Market Data
&-&.&0&1&2&3&4&5&6&
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 157'785'489 5.62 6'120'090 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 152'114'097 5.42 (960'251) 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 128'541'211 4.58 5'636'646 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 53'928'701 1.92 1'480'871 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 53'650'809 1.91 1'652'521 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 43'835'495 1.56 17'771'844 31.05.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 42'208'194 1.5 1'411'347 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 38'428'379 1.37 (171'280) 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 37'878'592 1.35 - 31.03.2013 Insurance Company
SUN LIFE FINANCIAL I n/a ULT-AGG 35'511'570 1.26 2'059'994 31.05.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 33'055'258 1.18 (5'190'200) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 27'958'062 1 (285'835) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 25'737'206 0.92 (74'887) 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 23'958'058 0.85 795'957 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 23'440'282 0.83 2'513'776 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 22'533'754 0.8 8'286 31.03.2013 Insurance Company
ABERDEEN n/a ULT-AGG 22'280'873 0.79 148'200 30.04.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 22'053'497 0.79 - 31.12.2012 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 18'954'298 0.67 642'914 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 18'890'497 0.67 (304'662) 03.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co DERRICK SUNG outperform 5 M 89 12 month 03.07.2013
Wells Fargo Securities, LLC LAWRENCE BIEGELSEN outperform 5 M #N/A N/A Not Provided 02.07.2013
Piper Jaffray MATT MIKSIC neutral 3 M 87 12 month 01.07.2013
Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 28.06.2013
Cowen and Company JOSHUA JENNINGS outperform 5 M 95 12 month 28.06.2013
Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 27.06.2013
Leerink Swann & Co DANIELLE ANTALFFY outperform 5 M #N/A N/A Not Provided 25.06.2013
Jefferies JEFFREY HOLFORD hold 3 M 91 12 month 24.06.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 U 91 12 month 19.06.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 98 Not Provided 17.06.2013
Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 14.06.2013
Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 N #N/A N/A Not Provided 14.06.2013
Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 95 12 month 31.05.2013
Deutsche Bank KRISTEN M STEWART buy 5 M 92 12 month 24.05.2013
RBC Capital Markets GLENN J NOVARRO sector perform 3 M 82 12 month 24.05.2013
Raymond James JAYSON BEDFORD outperform 5 M 92 12 month 24.05.2013
CL King & Associates ROBERT M GOLDMAN neutral 3 M #N/A N/A Not Provided 24.05.2013
Barclays CHARLES ANTHONY BUTLER overweight 5 M 95 Not Provided 24.05.2013
Credit Suisse BRUCE NUDELL underperform 1 M 73 Not Provided 23.05.2013
Goldman Sachs JAMI E RUBIN sell/attractive 1 M 85 12 month 21.05.2013
JPMorgan MICHAEL N WEINSTEIN neutral 3 M 83 6 month 14.05.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 14.05.2013
Argus Research Corp DAVID H TOUNG buy 5 M 96 Not Provided 18.04.2013
Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 95 12 month 16.04.2013
First Global Stockbroking KAVITA THOMAS short-term market perform 3 M #N/A N/A Not Provided 23.04.2012
Holdings By:
Johnson & Johnson ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
JPMorgan Chase & Co. provides global financial services and retail banking. The
Company provides services such as investment banking, treasury and securities
services, asset management, private banking, card member services, commercial
banking, and home finance. JP Morgan Chase serves business enterprises,
institutions, and individuals.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.05.2013) 55.90
52-Week Low (23.07.2012) 33.10
Daily Volume
53.39
52-Week High % Change -4.54% Dividend Yield 2.25
52-Week Low % Change 61.30% Beta 1.31
% 52 Week Price Range High/Low 86.27% Equity Float 3'756.37
Shares Out 30.04.2013 3'779.7 Short Int 44.15
201'796.91 1 Yr Total Return 52.96%
Total Debt 695'583.00 YTD Return 23.91%
Preferred Stock 9'058.0 Adjusted BETA 1.308
Minority Interest 0.0 Analyst Recs 41
Cash and Equivalents 471'833.00 Consensus Rating 4.463
Enterprise Value -
Average Volume 5 Day 3'873'624
JPM UN EQUITY YTD Change - Average Volume 30 Day 4'743'444
JPM UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'974'088
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
101'491.0 115'632.0 115'475.0 110'838.0 108'184.0 111'162.0 106'713.0 99'197.3 102'201.0 24'942.4 24'690.5
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
5'605.0 11'728.0 17'370.0 18'976.0 21'284.0 18'345.0 22'889.0 22'665.1 23'124.6 5'725.4 5'500.5
30.32x 14.96x 8.42x 6.78x 7.51x 8.78x 8.09x 9.31x 8.92x 10.13x 10.97x
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A
Operating Margin 33.19% Long-Term Outlook NEG
Pretax Margin 29.80% Short-Term Rating Date 19.12.2008
Return on Assets 0.97% Short-Term Rating A-1
Return on Common Equity 11.32%
Return on Capital 2.48% 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 356.7%
Net Income Margin 21.9% Total Debt/Capital 77.3%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 7.42
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 29.48% Inventory Days -
Tot Debt to Common Equity 356.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
JPMorgan Chase & CoPrice/Volume
Valuation Analysis
1'028'414.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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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
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 246'310'559 6.52 7'346'783 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 176'729'122 4.68 6'968'246 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 167'509'504 4.43 799'181 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 100'736'880 2.67 (3'389'863) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 90'252'923 2.39 (1'945'000) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 83'063'774 2.2 12'606'966 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 81'336'982 2.15 8'154'154 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 60'080'099 1.59 1'784'689 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 55'898'145 1.48 2'023'354 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 50'998'118 1.35 (93'847) 31.05.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 47'965'338 1.27 (715'670) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 43'952'812 1.16 (4'118'439) 03.07.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 39'667'163 1.05 (4'426) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 35'954'919 0.95 (2'751'741) 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 30'741'577 0.81 443'208 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 29'971'036 0.79 (5'297) 31.03.2013 Unclassified
NORGES BANK NORGES BANK 13F 29'412'458 0.78 - 31.12.2012 Government
MORGAN STANLEY n/a ULT-AGG 28'530'590 0.75 2'661'434 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 27'141'153 0.72 5'211'773 31.05.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 25'962'497 0.69 849'647 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co DAVID A GEORGE outperform 5 M 57 12 month 02.07.2013
Sanford C. Bernstein & Co JOHN E MCDONALD outperform 5 M 62 12 month 02.07.2013
Raymond James ANTHONY J POLINI strong buy 5 U 64 12 month 02.07.2013
Evercore Partners ANDREW A MARQUARDT overweight 5 M 60 12 month 02.07.2013
Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 63 12 month 02.07.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI outperform 5 M 68 18 month 28.06.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 60 6 month 26.06.2013
Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO outperform 5 M 58 12 month 26.06.2013
Macquarie DAVID J KONRAD neutral 3 M 57 12 month 26.06.2013
Sterne, Agee & Leach TODD L HAGERMAN buy 5 M 64 12 month 21.06.2013
Edward Jones SHANNON L STEMM buy 5 M #N/A N/A Not Provided 20.06.2013
SunTrust Robinson Humphrey ERIC E WASSERSTROM buy 5 M 60 12 month 20.06.2013
Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 18.06.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 56 Not Provided 13.06.2013
Atlantic Equities LLP RICHARD STAITE overweight 5 M 60 12 month 12.06.2013
Wells Fargo Securities, LLC MATTHEW H BURNELL outperform 5 M #N/A N/A Not Provided 10.06.2013
JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 03.06.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 64 12 month 29.05.2013
Goldman Sachs RICHARD N RAMSDEN buy/attractive 5 M 59 12 month 24.05.2013
S&P Capital IQ ERIK M OJA buy 5 M 58 Not Provided 21.05.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 60 Not Provided 17.05.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE neutral 3 M 51 Not Provided 13.05.2013
Nomura GLENN P SCHORR buy 5 M 54 12 month 13.05.2013
Barclays JASON M GOLDBERG overweight 5 M 60 Not Provided 13.05.2013
Scotia Capital KEVIN R CHOQUETTE sector outperform 5 M 62 12 month 02.05.2013
RBC Capital Markets GERARD S CASSIDY outperform 5 M 55 12 month 24.04.2013
Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 M 60 12 month 15.04.2013
Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 15.04.2013
Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 15.04.2013
FBR Capital Markets PAUL J MILLER JR market perform 3 M 50 12 month 15.04.2013
Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 56 Not Provided 15.04.2013
Buckingham Research Group JAMES F MITCHELL buy 5 M 61 12 month 15.04.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 13.04.2013
Deutsche Bank MATTHEW D O'CONNOR buy 5 M 53 12 month 12.04.2013
Credit Suisse MOSHE A ORENBUCH outperform 5 M 54 Not Provided 12.04.2013
HSBC ROBERT MURPHY neutral 3 M 54 Not Provided 05.03.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M 43 12 month 12.10.2012
Oriel Securities Ltd VIVEK RAJA not rated #N/A N/A M #N/A N/A Not Provided 11.05.2012
Holdings By:
JPMorgan Chase & Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
The Coca-Cola Company manufactures, markets, and distributes soft drink
concentrates and syrups. The Company also distributes and markets juice and
juice-drink products. Coca-Cola distributes its products to retailers and
wholesalers in the United States and internationally.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (16.05.2013) 43.43
52-Week Low (31.12.2012) 35.58
Daily Volume
40.35
52-Week High % Change -7.18% Dividend Yield 2.59
52-Week Low % Change 13.41% Beta 0.70
% 52 Week Price Range High/Low 62.55% Equity Float 4'015.84
Shares Out 22.04.2013 4'453.8 Short Int 28.47
179'709.02 1 Yr Total Return 4.81%
Total Debt 32'610.00 YTD Return 12.90%
Preferred Stock 0.0 Adjusted BETA 0.701
Minority Interest 378.0 Analyst Recs 27
Cash and Equivalents 16'551.00 Consensus Rating 4.111
Enterprise Value 196'813.02
Average Volume 5 Day 3'352'632
KO UN EQUITY YTD Change - Average Volume 30 Day 4'031'973
KO UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'879'969
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
31'944.0 30'990.0 35'119.0 46'542.0 48'017.0 47'162.0 47'915.0 48'409.4 50'590.6 13'058.8 12'525.4
3.42x 4.34x 4.65x 3.72x 3.72x 14.65x 15.70x 4.13x 3.94x 15.75x 16.42x
9'674.0 9'467.0 9'892.0 12'127.0 12'761.0 12'309.0 12'686.0 13'862.5 14'789.3 3'940.3 3'439.1
11.31x 14.20x 16.49x 14.28x 13.98x 14.85x 15.53x 14.19x 13.30x 14.31x 13.98x
5'807.0 6'824.0 11'809.0 8'584.0 9'019.0 8'732.0 8'716.0 9'584.8 10'275.8 2'865.8 2'490.5
14.33x 18.65x 18.85x 18.03x 18.01x 19.10x 20.15x 18.92x 17.41x 18.66x 18.17x
EBITDA 12'761.00 Long-Term Rating Date 13.09.2012
EBIT 10'779.00 Long-Term Rating AA-
Operating Margin 22.45% Long-Term Outlook STABLE
Pretax Margin 24.59% Short-Term Rating Date 13.09.2012
Return on Assets 10.11% Short-Term Rating A-1+
Return on Common Equity 26.34%
Return on Capital 13.76% EBITDA/Interest Exp. 32.14
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 25.14
Net Debt/EBITDA 1.32
Gross Margin 60.3% Total Debt/EBITDA 2.77
EBITDA Margin 26.5%
EBIT Margin 22.3% Total Debt/Equity 99.5%
Net Income Margin 18.8% Total Debt/Capital 49.6%
Asset Turnover 0.56
Current Ratio 1.09 Net Fixed Asset Turnover 3.21
Quick Ratio 0.77 Accounts receivable turnover-days 37.30
Debt to Assets 37.84% Inventory Days 67.42
Tot Debt to Common Equity 99.45% Accounts Payable Turnover Day 181.72
Accounts Receivable Turnover 9.76 Cash Conversion Cycle 58.52
Inventory Turnover 5.40
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
Coca-Cola Co/ThePrice/Volume
Valuation Analysis
629'860.00
Current Price (7/dd/yy) Market Data
&2
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d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9
-&!& 9
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0&!& 9
1&!& 9
2&!& 9
3&!& 9
4&!& 9
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!&&
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-1!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 400'000'000 8.98 - 01.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 223'228'310 5.01 4'612'649 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 205'305'164 4.61 6'689'095 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 171'775'118 3.86 (2'172'584) 02.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 158'019'076 3.55 (5'421'580) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 75'381'719 1.69 (1'146'871) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 61'257'211 1.38 (15'351'753) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 57'044'985 1.28 (183'184) 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 41'073'912 0.92 2'312'194 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 38'594'482 0.87 (9'201'965) 31.05.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 35'967'061 0.81 - 31.12.2012 Government
BANK OF AMERICA CORP BANK OF AMERICA 13F 34'093'888 0.77 (551'845) 31.03.2013 Investment Advisor
GATES FOUNDATION BILL & MELINDA FOUND 13F 34'002'000 0.76 - 31.03.2013 Endowment
FAYEZ SAROFIM FAYEZ SAROFIM 13F 33'571'322 0.75 131'568 31.03.2013 Investment Advisor
SUNTRUST BANKS INC n/a ULT-AGG 29'714'108 0.67 (209'251) 31.03.2013 Bank
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 28'742'748 0.65 546'356 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 26'806'587 0.6 1'296'891 31.03.2013 Unclassified
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 25'986'330 0.58 430'901 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 24'749'855 0.56 (253'513) 31.05.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 23'201'400 0.52 - 31.03.2013 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ALI DIBADJ outperform 5 M 47 12 month 28.06.2013
Stifel MARK D SWARTZBERG hold 3 M #N/A N/A Not Provided 28.06.2013
Goldman Sachs JUDY E HONG neutral/neutral 3 M 44 12 month 24.06.2013
Credit Suisse MICHAEL STEIB outperform 5 M 48 Not Provided 24.06.2013
SunTrust Robinson Humphrey WILLIAM CHAPPELL buy 5 N 47 12 month 24.06.2013
Morgan Stanley DARA MOHSENIAN Equalwt/In-Line 3 M #N/A N/A Not Provided 20.06.2013
JPMorgan JOHN A FAUCHER neutral 3 M 43 6 month 19.06.2013
Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 13.06.2013
Deutsche Bank WILLIAM G SCHMITZ buy 5 M 45 12 month 12.06.2013
Barclays MICHAEL J BRANCA overweight 5 M 50 Not Provided 12.06.2013
Wells Fargo Securities, LLC BONNIE HERZOG outperform 5 M #N/A N/A Not Provided 31.05.2013
BMO Capital Markets AMIT SHARMA market perform 3 N 45 Not Provided 21.05.2013
Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 18.04.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 45 12 month 18.04.2013
Ameriprise Advisor Services, Inc PATRICK DIEDRICKSON buy 5 M #N/A N/A Not Provided 17.04.2013
HSBC LAUREN E TORRES overweight 5 M 48 Not Provided 17.04.2013
Buckingham Research Group ALICE BEEBE LONGLEY buy 5 M 47 12 month 17.04.2013
Davenport & Co ANN H GURKIN neutral 3 M #N/A N/A Not Provided 17.04.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 17.04.2013
S&P Capital IQ ESTHER KWON strong buy 5 M 48 Not Provided 16.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 25.02.2013
Daiwa Securities Co. Ltd. TEAM COVERAGE neutral 3 M 39 Not Provided 21.02.2013
National Bank AG STEFFEN MANSKE buy 5 M 44 Not Provided 13.02.2013
Gabelli & Co DAMIAN A WITKOWSKI buy 5 M #N/A N/A Not Provided 13.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 10.05.2012
Oracle Investment Research LAURENCE BALTER neutral 3 U 39 Not Provided 03.05.2012
Holdings By:
Coca-Cola Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Eli Lilly and Company discovers, develops, manufactures, and sells
pharmaceutical products for humans and animals. The Company's products are
sold in countries around the world. Eli Lilly's products include neuroscience
products, endocrine products, anti-infectives, cardiovascular agents, oncology
products, and animal health products.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 58.40
52-Week Low (24.07.2012) 41.59
Daily Volume
50.22
52-Week High % Change -14.09% Dividend Yield 3.90
52-Week Low % Change 20.75% Beta 0.71
% 52 Week Price Range High/Low 50.86% Equity Float 988.76
Shares Out 20.04.2013 1'126.6 Short Int 15.88
56'575.92 1 Yr Total Return 21.06%
Total Debt 5'531.30 YTD Return 3.66%
Preferred Stock 0.0 Adjusted BETA 0.712
Minority Interest 8.7 Analyst Recs 21
Cash and Equivalents 5'684.30 Consensus Rating 3.571
Enterprise Value 57'310.12
Average Volume 5 Day 1'605'009
LLY UN EQUITY YTD Change - Average Volume 30 Day 1'517'564
LLY UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'363'027
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 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
20'371.9 21'836.0 23'076.0 24'286.5 22'603.4 24'049.3 22'603.3 22'846.6 19'660.0 5'836.9 5'703.4
2.47x 1.98x 1.76x 1.98x 2.49x 7.58x 9.94x 2.51x 2.85x - -
6'650.5 7'667.8 8'100.4 7'691.5 6'477.5 7'392.2 6'511.5 6'474.4 4'901.4 1'604.5 1'474.5
7.57x 5.63x 5.01x 6.27x 8.69x 6.39x 9.94x 8.84x 11.67x - -
(2'071.9) 4'328.8 5'069.5 4'347.7 4'088.6 4'302.9 4'625.4 4'272.3 2'941.8 1'096.9 1'074.4
10.02x 8.08x 7.28x 9.42x 14.55x 9.82x 15.73x 12.79x 18.33x 14.24x 15.77x
EBITDA 6'477.50 Long-Term Rating Date 19.08.2010
EBIT 5'015.30 Long-Term Rating AA-
Operating Margin 22.19% Long-Term Outlook STABLE
Pretax Margin 23.93% Short-Term Rating Date 27.01.1987
Return on Assets 14.33% Short-Term Rating A-1+
Return on Common Equity 31.06%
Return on Capital 23.34% EBITDA/Interest Exp. 41.31
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 35.54
Net Debt/EBITDA 0.11
Gross Margin 78.8% Total Debt/EBITDA 0.84
EBITDA Margin 28.8%
EBIT Margin 22.4% Total Debt/Equity 37.5%
Net Income Margin 18.1% Total Debt/Capital 27.2%
Asset Turnover 0.70
Current Ratio 1.55 Net Fixed Asset Turnover 2.94
Quick Ratio 1.08 Accounts receivable turnover-days 55.24
Debt to Assets 16.08% Inventory Days 191.86
Tot Debt to Common Equity 37.46% Accounts Payable Turnover Day 82.55
Accounts Receivable Turnover 6.61 Cash Conversion Cycle 162.39
Inventory Turnover 1.90
Fiscal Year Ended
Eli Lilly & CoPrice/Volume
Valuation Analysis
207'683.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LILLY ENDOWMENT INCO LILLY ENDOWMENT INC 13F 135'670'804 12.04 - 31.03.2013 Endowment
LILLY ENDOWMENT INCO n/a Research 135'670'804 12.04 - 31.03.2013 Endowment
BLACKROCK n/a ULT-AGG 59'317'671 5.27 (4'607'876) 03.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 49'962'586 4.43 72'971 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 47'847'118 4.25 984'730 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 46'844'876 4.16 (1'772'813) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 45'439'242 4.03 2'717'543 02.07.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 20'063'900 1.78 - 31.03.2013 Insurance Company
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'589'715 1.56 887'828 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 16'930'183 1.5 (4'073'551) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 13'989'922 1.24 1'784'854 03.07.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'890'506 1.23 92'686 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 12'432'702 1.1 (5'153) 31.03.2013 Insurance Company
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 10'555'805 0.94 2'446'900 31.03.2013 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 9'140'536 0.81 - 31.12.2012 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'999'127 0.8 516'638 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 8'317'429 0.74 2'117'415 31.05.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 7'749'452 0.69 864'844 31.05.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'835'084 0.61 31'896 31.03.2013 Investment Advisor
PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 6'718'329 0.6 (119'004) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 59 12 month 02.07.2013
Goldman Sachs JAMI E RUBIN neutral/attractive 3 M 55 12 month 01.07.2013
SunTrust Robinson Humphrey JOHN T BORIS buy 5 M 63 12 month 01.07.2013
Morgan Stanley DAVID R RISINGER Underwt/In-Line 1 M 48 12 month 27.06.2013
Cowen and Company STEVEN R SCALA market perform 3 M 59 12 month 27.06.2013
BMO Capital Markets ALEX ARFAEI market perform 3 M 55 Not Provided 25.06.2013
Edward Jones JUDSON CLARK sell 1 M #N/A N/A Not Provided 25.06.2013
JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 57 6 month 25.06.2013
Jefferies JEFFREY HOLFORD hold 3 M 49 12 month 24.06.2013
Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 21.06.2013
ISI Group MARK J SCHOENEBAUM neutral 3 M 55 Not Provided 07.06.2013
Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 61 12 month 31.05.2013
MKM Partners JON LECROY neutral 3 M 54 12 month 13.05.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 55 Not Provided 29.04.2013
Argus Research Corp JOHN M EADE buy 5 M 63 Not Provided 25.04.2013
Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 24.04.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 25.02.2013
S&P Capital IQ HERMAN SAFTLAS hold 3 M 54 12 month 04.01.2013
Cyrrus TOMAS MENCIK accumulate 4 M 45 Not Provided 05.04.2012
First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 29.02.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 36 Not Provided 03.05.2011
Holdings By:
Eli Lilly & Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Lockheed Martin Corporation is a global security company that primarily
researches, designs, develops, manufactures, and integrates advanced technology
products and services. The Company's businesses span space, telecommunications,
electronics, information and services, aeronautics, energy, and systems
integration. Lockheed Martin operates worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (18.06.2013) 109.26
52-Week Low (12.07.2012) 85.65
Daily Volume
107.41
52-Week High % Change -1.72% Dividend Yield 4.00
52-Week Low % Change 25.41% Beta 0.78
% 52 Week Price Range High/Low 91.27% Equity Float 319.93
Shares Out 31.03.2013 320.4 Short Int 6.40
34'414.74 1 Yr Total Return 28.63%
Total Debt 6'308.00 YTD Return 19.16%
Preferred Stock 0.0 Adjusted BETA 0.777
Minority Interest 0.0 Analyst Recs 22
Cash and Equivalents 1'898.00 Consensus Rating 3.545
Enterprise Value 37'653.74
Average Volume 5 Day 541'742
LMT UN EQUITY YTD Change - Average Volume 30 Day 567'405
LMT UN EQUITY YTD % CHANGE - Average Volume 3 Month 506'159
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
42'731.0 43'995.0 45'671.0 46'499.0 47'182.0 47'166.0 46'959.0 44'911.4 43'646.1 11'117.1 11'138.8
0.81x 0.70x 0.58x 0.62x 0.72x 2.43x 2.78x 0.83x 0.85x 3.44x 3.43x
5'976.0 5'269.0 5'321.0 5'124.0 5'470.0 5'444.0 5'545.0 5'357.0 5'342.1 1'333.7 1'323.3
5.83x 5.87x 4.97x 5.63x 6.22x 5.90x 6.16x 7.04x 7.06x 7.02x 6.96x
3'217.0 3'024.0 2'878.0 2'655.0 2'745.0 2'793.0 2'838.0 2'917.6 2'869.9 711.0 713.8
11.14x 9.02x 8.96x 8.42x 9.05x 8.73x 9.28x 11.86x 11.88x 12.12x 12.12x
EBITDA 5'470.00 Long-Term Rating Date 27.04.2007
EBIT 4'482.00 Long-Term Rating A-
Operating Margin 9.50% Long-Term Outlook STABLE
Pretax Margin 8.63% Short-Term Rating Date 18.04.2002
Return on Assets 7.28% Short-Term Rating A-2
Return on Common Equity 302.40%
Return on Capital 42.28% EBITDA/Interest Exp. 14.28
Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 11.82
Net Debt/EBITDA 0.58
Gross Margin 11.2% Total Debt/EBITDA 1.14
EBITDA Margin 11.8%
EBIT Margin 9.7% Total Debt/Equity 16174.4%
Net Income Margin 5.8% Total Debt/Capital 99.4%
Asset Turnover 1.21
Current Ratio 1.14 Net Fixed Asset Turnover 10.27
Quick Ratio 0.70 Accounts receivable turnover-days 54.07
Debt to Assets 16.32% Inventory Days 23.47
Tot Debt to Common Equity 16174.36% Accounts Payable Turnover Day 19.81
Accounts Receivable Turnover 6.86 Cash Conversion Cycle 54.03
Inventory Turnover 15.81
Fiscal Year Ended
Lockheed Martin CorpPrice/Volume
Valuation Analysis
60'056.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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10'000.0
15'000.0
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35'000.0
40'000.0
45'000.0
50'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 59'662'358 18.62 (1'512'557) 02.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 51'859'557 16.19 (3'601'319) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 17'622'975 5.5 (25'895) 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 16'492'930 5.15 1'126'089 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'718'720 3.97 76'447 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'789'659 1.81 (3'839'117) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'650'594 1.76 363'106 31.03.2013 Investment Advisor
VERITAS ASSET MANAGE VERITAS ASSET MANAGE 13F 4'710'002 1.47 848'800 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'305'075 1.34 3'778'168 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'174'288 1.3 655'859 31.03.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 3'974'688 1.24 (551'482) 31.03.2013 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'766'946 1.18 148'260 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'768'869 0.86 (101'955) 31.03.2013 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 2'640'444 0.82 (32'335) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 2'485'435 0.78 79'204 31.05.2013 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'298'720 0.72 1'098'618 31.03.2013 Hedge Fund Manager
INVESCO LTD n/a ULT-AGG 2'160'089 0.67 322'761 03.07.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 2'148'184 0.67 (1'542'617) 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 2'112'786 0.66 565'023 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 2'109'693 0.66 240'036 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies HOWARD A RUBEL hold 3 M 95 12 month 03.07.2013
Cowen and Company CAI VON RUMOHR market perform 3 M 111 12 month 02.07.2013
Stifel WILLIAM R LOOMIS hold 3 M #N/A N/A Not Provided 01.07.2013
CRT Capital Group BRIAN W RUTTENBUR Fairly Valued 3 M #N/A N/A Not Provided 01.07.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 115 12 month 21.06.2013
Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN market perform 3 M #N/A N/A Not Provided 20.06.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 110 12 month 17.06.2013
JPMorgan JOSEPH B NADOL III neutral 3 M 94 6 month 11.06.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED outperform 5 M 127 12 month 31.05.2013
Goldman Sachs NOAH POPONAK buy/attractive 5 U 127 12 month 30.05.2013
Deutsche Bank MYLES WALTON hold 3 M 96 12 month 06.05.2013
Barclays CARTER COPELAND equalweight 3 M 95 Not Provided 01.05.2013
Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 25.04.2013
Buckingham Research Group RICHARD SAFRAN neutral 3 M 102 12 month 25.04.2013
FBR Capital Markets PATRICK J MCCARTHY outperform 5 M 110 12 month 24.04.2013
Sterne, Agee & Leach PETER J ARMENT neutral 3 M #N/A N/A Not Provided 24.04.2013
Credit Suisse ROBERT M SPINGARN neutral 3 M 93 Not Provided 23.04.2013
Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 23.04.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Lockheed Martin Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Lowe's Companies, Inc. is a home improvement retailer that distributes building
materials and supplies through stores in the United States. The Company offers
a complete line of products and services for home decorating, maintenance,
repair, remodeling, and property maintenance.
Latest Fiscal Year: 01/2013
LTM as of: 05/yy
52-Week High (22.05.2013) 43.84
52-Week Low (02.08.2012) 24.77
Daily Volume
42.45
52-Week High % Change -3.19% Dividend Yield 1.51
52-Week Low % Change 71.38% Beta 0.89
% 52 Week Price Range High/Low 92.03% Equity Float 1'070.04
Shares Out 31.05.2013 1'072.4 Short Int 25.06
45'524.09 1 Yr Total Return 56.74%
Total Debt 9'077.00 YTD Return 20.54%
Preferred Stock 0.0 Adjusted BETA 0.886
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 666.00 Consensus Rating 3.741
Enterprise Value 53'398.09
Average Volume 5 Day 2'322'212
LOW UN EQUITY YTD Change - Average Volume 30 Day 1'920'692
LOW UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'696'856
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 05/yy 05/yy 01/14 Y 01/15 Y 07/13 Q2 10/13 Q3
48'230.0 47'220.0 48'815.0 50'208.0 50'521.0 51'177.0 50'456.0 52'147.4 54'341.8 15'027.7 12'543.8
0.67x 0.75x 0.81x 0.80x 1.01x 2.91x 3.64x 1.05x 1.04x 3.60x 4.36x
5'453.0 4'845.0 5'244.0 4'856.0 5'183.0 4'980.0 5'190.0 5'596.5 6'113.8 1'850.5 1'306.7
5.92x 7.35x 7.56x 8.25x 9.88x 8.69x 9.82x 9.54x 8.73x 9.35x 9.11x
2'195.0 1'783.0 2'010.0 1'839.0 1'959.0 1'904.0 1'971.0 2'216.5 2'508.8 835.6 495.2
12.26x 17.89x 17.78x 16.09x 22.82x 20.19x 21.99x 20.07x 16.63x 19.51x 18.45x
EBITDA 5'183.00 Long-Term Rating Date 19.09.2012
EBIT 3'560.00 Long-Term Rating A-
Operating Margin 7.05% Long-Term Outlook NEG
Pretax Margin 6.21% Short-Term Rating Date 15.11.2011
Return on Assets 5.48% Short-Term Rating A-2
Return on Common Equity 13.73%
Return on Capital 9.60% EBITDA/Interest Exp. 11.78
Asset Turnover 1.40% (EBITDA-Capex)/Interest Exp. 9.03
Net Debt/EBITDA 1.52
Gross Margin 34.3% Total Debt/EBITDA 1.75
EBITDA Margin 10.3%
EBIT Margin 7.1% Total Debt/Equity 65.5%
Net Income Margin 3.9% Total Debt/Capital 39.6%
Asset Turnover 1.40
Current Ratio 1.27 Net Fixed Asset Turnover 2.34
Quick Ratio 0.09 Accounts receivable turnover-days -
Debt to Assets 27.79% Inventory Days 110.17
Tot Debt to Common Equity 65.50% Accounts Payable Turnover Day 75.87
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 3.30
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Lowe's Cos IncPrice/Volume
Valuation Analysis
298'025.00
Current Price (7/dd/yy) Market Data
&2
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 84'161'507 7.85 1'799'933 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 58'408'238 5.45 (1'658'128) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 54'516'790 5.08 1'209'653 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 48'710'351 4.54 (1'384'964) 02.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 40'871'928 3.81 9'093'320 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 40'453'620 3.77 2'017'492 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 24'634'912 2.3 (2'940'988) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'212'596 1.51 (830'738) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 16'161'895 1.51 (4'833'443) 31.05.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 15'560'979 1.45 217'186 31.03.2013 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 14'456'280 1.35 1'325'954 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 14'040'895 1.31 (168'609) 31.03.2013 Investment Advisor
GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 11'995'064 1.12 (45'390) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 11'930'333 1.11 (2'136'922) 03.07.2013 Investment Advisor
MAGELLAN ASSET MANAG MAGELLAN ASSET MANAG 13F 11'781'810 1.1 5'368'256 31.03.2013 Hedge Fund Manager
GOLDMAN SACHS GROUP n/a ULT-AGG 11'591'912 1.08 (3'355'689) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 9'197'191 0.86 - 31.12.2012 Government
MANULIFE ASSET MANAG MANULIFE ASSET MANAG 13F 8'989'881 0.84 (504'457) 31.03.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 8'910'897 0.83 (60'802) 31.03.2013 Investment Advisor
GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 8'640'762 0.81 (1'224'631) 31.03.2013 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley DAVID GOBER Overwt/In-Line 5 M 45 12 month 02.07.2013
Janney Montgomery Scott LLC DAVID S STRASSER neutral 3 M 33 12 month 01.07.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 48 12 month 01.07.2013
RBC Capital Markets R SCOT CICCARELLI outperform 5 M 47 12 month 28.06.2013
Robert W. Baird & Co PETER S BENEDICT outperform 5 M 48 12 month 27.06.2013
Stifel DAVID A SCHICK hold 3 M #N/A N/A Not Provided 27.06.2013
Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 21.06.2013
ISI Group GREGORY MELICH buy 5 M 47 12 month 20.06.2013
BMO Capital Markets WAYNE HOOD market perform 3 M 43 Not Provided 17.06.2013
Deutsche Bank MICHAEL BAKER buy 5 M 46 12 month 17.06.2013
Credit Suisse GARY BALTER outperform 5 M 46 Not Provided 17.06.2013
Edward Jones ROBIN DIEDRICH buy 5 M #N/A N/A Not Provided 17.06.2013
Oppenheimer & Co BRIAN NAGEL market perform 3 M 46 18 month 17.06.2013
Piper Jaffray PETER J KEITH neutral 3 M 42 12 month 17.06.2013
Longbow Research DAVID S MACGREGOR buy 5 M 50 12 month 11.06.2013
Barclays ALAN M RIFKIN equalweight 3 M 41 Not Provided 11.06.2013
Nomura ARAM RUBINSON buy 5 M 48 12 month 29.05.2013
Goldman Sachs MATTHEW J FASSLER Buy/Neutral 5 M 48 12 month 23.05.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 48 Not Provided 23.05.2013
Jefferies DANIEL T BINDER hold 3 M 41 12 month 23.05.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 46 Not Provided 23.05.2013
JPMorgan CHRISTOPHER HORVERS neutral 3 M 44 6 month 22.05.2013
Canaccord Genuity Corp LAURA A CHAMPINE sell 1 M 28 Not Provided 22.05.2013
S&P Capital IQ MICHAEL SOUERS sell 1 M 36 Not Provided 22.05.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 26.02.2013
Gabelli & Co PATRICK TODD buy 5 M #N/A N/A Not Provided 07.03.2012
Holdings By:
Lowe's Cos Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
MasterCard, Inc. is a global payment solutions company that provides a variety
of services in support of the credit, debit and related payment programs of
financial institutions. The Company offers transaction processing services for
credit and debit cards, electronic cash, automated teller machines, and
travelers checks.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (19.06.2013) 591.65
52-Week Low (24.07.2012) 404.70
Daily Volume
587.64
52-Week High % Change -0.84% Dividend Yield 0.20
52-Week Low % Change 45.20% Beta 0.94
% 52 Week Price Range High/Low 97.07% Equity Float 104.56
Shares Out 25.04.2013 116.9 Short Int 1.11
71'429.84 1 Yr Total Return 33.42%
Total Debt 0.00 YTD Return 19.82%
Preferred Stock 0.0 Adjusted BETA 0.941
Minority Interest 12.0 Analyst Recs 43
Cash and Equivalents 5'003.00 Consensus Rating 4.302
Enterprise Value 66'422.84
Average Volume 5 Day 182'774
MA UN EQUITY YTD Change - Average Volume 30 Day 160'406
MA UN EQUITY YTD % CHANGE - Average Volume 3 Month 144'415
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
4'991.6 5'098.7 5'539.0 6'714.0 7'391.0 6'971.0 7'539.0 8'172.6 9'159.7 1'998.7 2'130.7
3.29x 6.26x 4.52x 6.38x 7.52x 23.06x 28.64x 8.08x 6.94x 33.12x 30.78x
2'060.3 2'408.2 2'905.0 3'677.0 4'187.0 3'853.0 4'302.0 4'766.4 5'466.9 1'182.9 1'285.9
7.96x 13.25x 8.62x 11.65x 13.27x 12.47x 14.17x 13.95x 12.16x 13.49x 13.02x
(253.9) 1'462.5 1'846.0 1'906.0 2'759.0 2'026.0 2'843.0 3'095.6 3'567.4 768.3 835.9
15.05x 21.60x 15.92x 19.92x 22.29x 21.24x 23.62x 23.12x 19.59x 22.20x 21.26x
EBITDA 4'187.00 Long-Term Rating Date 19.08.2011
EBIT 3'957.00 Long-Term Rating A-
Operating Margin 53.54% Long-Term Outlook POS
Pretax Margin 53.20% Short-Term Rating Date 13.10.2009
Return on Assets 24.79% Short-Term Rating A-2
Return on Common Equity 43.36%
Return on Capital 43.49% EBITDA/Interest Exp. 209.35
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 204.55
Net Debt/EBITDA -1.17
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 57.1%
EBIT Margin 53.9% Total Debt/Equity 0.0%
Net Income Margin 37.3% Total Debt/Capital 0.0%
Asset Turnover 0.66
Current Ratio 1.91 Net Fixed Asset Turnover 16.42
Quick Ratio 1.21 Accounts receivable turnover-days 42.44
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.60 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Mastercard IncPrice/Volume
Valuation Analysis
23'055.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASTERCARD FOUNDATIO n/a Form 4 12'153'057 10.4 (16'639) 18.03.2013 Other
BLACKROCK n/a ULT-AGG 7'085'863 6.06 376'485 03.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 6'937'954 5.94 (86'022) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'376'281 5.46 (309'485) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'949'310 4.24 94'131 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 4'069'021 3.48 (68'472) 02.07.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 3'734'817 3.2 (45'848) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'066'857 2.62 (12'066) 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 2'746'675 2.35 (6'182) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 2'031'622 1.74 (105'107) 31.05.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 1'672'816 1.43 25'169 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'530'749 1.31 21'793 31.03.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 1'477'454 1.26 7'666 31.05.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 1'337'376 1.14 31'763 31.03.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'272'362 1.09 (15'128) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 1'225'740 1.05 (70'442) 31.05.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'218'703 1.04 7'185 31.03.2013 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 1'213'984 1.04 45'473 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 1'152'689 0.99 (283'799) 31.03.2013 Unclassified
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'147'436 0.98 (143'958) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DANIEL R PERLIN outperform 5 M 608 12 month 03.07.2013
Jefferies JASON KUPFERBERG buy 5 M 623 12 month 03.07.2013
Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 01.07.2013
Robert W. Baird & Co DAVID J KONING neutral 3 M 590 12 month 28.06.2013
Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 579 12 month 28.06.2013
Evercore Partners DAVID M TOGUT overweight 5 M 790 12 month 27.06.2013
Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 24.06.2013
Morgan Stanley SMITTIPON SRETHAPRAMOTE Overwt/In-Line 5 N 640 12 month 19.06.2013
Cowen and Company MOSHE KATRI outperform 5 M 700 12 month 19.06.2013
Pacific Crest Securities JAMES FAUCETTE outperform 5 M 600 12 month 17.06.2013
William Blair & Co ROBERT P NAPOLI outperform 5 M #N/A N/A Not Provided 13.06.2013
Buckingham Research Group DAVID HOCHSTIM buy 5 M 670 12 month 13.06.2013
Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 623 12 month 12.06.2013
Janney Montgomery Scott LLC THOMAS C MCCROHAN neutral 3 M 475 12 month 07.06.2013
Oppenheimer & Co GLENN GREENE outperform 5 M 625 18 month 04.06.2013
Susquehanna Financial Group JAMES E FRIEDMAN neutral 3 M 548 12 month 04.06.2013
Barclays DARRIN D PELLER overweight 5 M 575 Not Provided 04.06.2013
Sterne, Agee & Leach GREGORY SMITH neutral 3 M #N/A N/A Not Provided 02.06.2013
Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 23.05.2013
JPMorgan TIEN-TSIN HUANG overweight 5 M 603 6 month 22.05.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 647 Not Provided 17.05.2013
Deutsche Bank BRYAN KEANE buy 5 M 590 12 month 13.05.2013
Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 07.05.2013
Raymond James WAYNE JOHNSON market perform 3 D #N/A N/A Not Provided 02.05.2013
FBR Capital Markets SCOTT VALENTIN outperform 5 M 600 12 month 02.05.2013
Macquarie KEVIN MCVEIGH outperform 5 M 600 12 month 02.05.2013
Nomura BILL CARCACHE buy 5 M 593 12 month 02.05.2013
Portales Partners WILLIAM H RYAN underperform 1 M #N/A N/A Not Provided 02.05.2013
Credit Suisse MOSHE A ORENBUCH outperform 5 M 600 Not Provided 01.05.2013
SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 620 12 month 01.05.2013
Wedbush GIL B LURIA neutral 3 M 460 12 month 01.05.2013
Stifel CHRISTOPHER C BRENDLER buy 5 M 620 12 month 01.05.2013
BNP Paribas Equity Research ARVIND RAMNANI hold 3 M 560 12 month 01.05.2013
Guggenheim Securities LLC DAVID W DARST buy 5 M 625 12 month 01.05.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 R #N/A N/A Not Provided 25.03.2013
S&P Capital IQ SONIA PARECHANIAN hold 3 M 560 Not Provided 27.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 28.01.2013
Goldman Sachs JULIO C QUINTEROS JR Buy/Neutral 5 U 575 12 month 09.01.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY outperform 5 M 485 12 month 20.09.2012
Holdings By:
Mastercard Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
McDonald's Corporation franchises and operates fast-food restaurants in the
global restaurant industry. The Company's restaurants serve a variety of
value-priced menu products in countries around the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (12.04.2013) 103.70
52-Week Low (16.11.2012) 83.32
Daily Volume
99.32
52-Week High % Change -4.21% Dividend Yield 2.96
52-Week Low % Change 19.20% Beta 0.66
% 52 Week Price Range High/Low 83.56% Equity Float 1'001.73
Shares Out 31.03.2013 1'002.5 Short Int 9.15
99'573.16 1 Yr Total Return 15.84%
Total Debt 13'632.50 YTD Return 14.40%
Preferred Stock 0.0 Adjusted BETA 0.661
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 2'336.10 Consensus Rating 4.094
Enterprise Value 110'501.76
Average Volume 5 Day 1'302'668
MCD UN EQUITY YTD Change - Average Volume 30 Day 1'342'904
MCD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'269'284
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
23'522.4 22'744.7 24'074.6 27'006.0 27'567.0 27'441.0 27'625.7 28'506.5 30'025.7 7'090.1 7'487.5
3.30x 3.34x 3.74x 4.17x 3.62x 15.31x 14.99x 3.90x 3.73x 15.65x 14.81x
7'656.7 7'996.1 8'778.4 9'940.8 10'101.1 10'105.1 10'112.4 10'396.7 11'049.6 2'593.0 2'806.9
10.12x 9.51x 10.25x 11.33x 9.87x 10.90x 10.96x 10.63x 10.00x 10.37x 10.16x
4'313.2 4'551.0 4'946.3 5'503.1 5'464.8 5'560.8 5'468.3 5'710.4 6'107.3 1'409.8 1'557.0
16.95x 15.47x 16.69x 19.05x 16.43x 18.31x 18.47x 17.41x 15.89x 17.11x 16.68x
EBITDA 10'101.10 Long-Term Rating Date 08.05.2003
EBIT 8'612.60 Long-Term Rating A
Operating Margin 31.24% Long-Term Outlook STABLE
Pretax Margin 29.31% Short-Term Rating Date 29.10.2001
Return on Assets 16.21% Short-Term Rating A-1
Return on Common Equity 36.59%
Return on Capital 20.98% EBITDA/Interest Exp. 18.96
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 13.24
Net Debt/EBITDA 1.08
Gross Margin 56.3% Total Debt/EBITDA 1.27
EBITDA Margin 36.6%
EBIT Margin 31.1% Total Debt/Equity 89.1%
Net Income Margin 19.8% Total Debt/Capital 47.1%
Asset Turnover 0.82
Current Ratio 1.45 Net Fixed Asset Turnover 1.16
Quick Ratio 1.09 Accounts receivable turnover-days 16.28
Debt to Assets 38.52% Inventory Days 2.52
Tot Debt to Common Equity 89.14% Accounts Payable Turnover Day 17.92
Accounts Receivable Turnover 22.42 Cash Conversion Cycle -10.34
Inventory Turnover 144.68
Fiscal Year Ended
McDonald's CorpPrice/Volume
Valuation Analysis
241'657.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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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] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 63'090'871 6.29 1'849'125 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 53'687'338 5.36 2'661'172 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 48'748'402 4.86 (2'329'685) 02.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 23'910'459 2.38 (7'058'218) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 17'491'512 1.74 294'415 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 15'589'025 1.55 630'746 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'391'778 1.54 778'208 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 12'551'711 1.25 2'204'372 31.05.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 10'380'289 1.04 (1'828'187) 31.05.2013 Investment Advisor
GATES FOUNDATION BILL & MELINDA FOUND 13F 9'872'500 0.98 - 31.03.2013 Endowment
WELLS FARGO n/a ULT-AGG 8'864'428 0.88 (244'563) 30.04.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'411'903 0.84 2'228'499 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 8'198'069 0.82 - 31.12.2012 Government
UBS n/a ULT-AGG 7'975'826 0.8 215'064 31.03.2013 Unclassified
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 7'894'596 0.79 381'652 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'801'604 0.68 175'998 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 6'381'514 0.64 (567'303) 31.05.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'204'001 0.62 802'148 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'089'650 0.61 532'134 31.03.2013 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 5'930'830 0.59 4'219'419 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank JASON WEST buy 5 M 110 12 month 01.07.2013
Jefferies ANDREW M BARISH hold 3 M 91 12 month 01.07.2013
Stephens Inc WILL SLABAUGH overweight 5 M 120 Not Provided 01.07.2013
Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 105 12 month 17.06.2013
Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 11.06.2013
Atlantic Equities LLP ALISTAIR M SCOBIE neutral 3 M 96 12 month 11.06.2013
Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 103 12 month 11.06.2013
Morgan Stanley JOHN S GLASS Equalwt/In-Line 3 M #N/A N/A Not Provided 10.06.2013
Credit Suisse KEITH SIEGNER outperform 5 M 110 Not Provided 10.06.2013
Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 10.06.2013
JPMorgan JOHN W IVANKOE overweight 5 M 101 6 month 10.06.2013
Raymond James BRYAN C ELLIOTT market perform 3 M #N/A N/A Not Provided 10.06.2013
Buckingham Research Group MITCHELL J SPEISER neutral 3 M 97 12 month 10.06.2013
Sterne, Agee & Leach LYNNE COLLIER buy 5 M 107 12 month 10.06.2013
Oppenheimer & Co BRIAN J BITTNER market perform 3 M #N/A N/A Not Provided 10.06.2013
Wells Fargo Securities, LLC JEFFREY D FARMER outperform 5 M #N/A N/A Not Provided 10.06.2013
Lazard Capital Markets MATTHEW J DIFRISCO neutral 3 M #N/A N/A Not Provided 10.06.2013
Piper Jaffray NICOLE MILLER REGAN overweight 5 M 110 12 month 10.06.2013
Barclays JEFFREY A BERNSTEIN overweight 5 M 113 Not Provided 10.06.2013
Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 115 12 month 06.06.2013
RBC Capital Markets LARRY A MILLER outperform 5 M 107 12 month 04.06.2013
Sanford C. Bernstein & Co SARA H SENATORE market perform 3 M 100 12 month 08.05.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 109 12 month 22.04.2013
Susquehanna Financial Group RACHAEL ROTHMAN Positive 4 M 109 12 month 22.04.2013
BMO Capital Markets PHILLIP JUHAN market perform 3 M 103 Not Provided 19.04.2013
Goldman Sachs MICHAEL KELTER neutral/neutral 3 M 107 12 month 19.04.2013
Davenport & Co JEFFREY F OMOHUNDRO buy 5 M 109 Not Provided 19.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 12.04.2013
S&P Capital IQ JIM YIN buy 5 M 110 Not Provided 10.04.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 16.01.2013
Holdings By:
McDonald's Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Mondelez International Inc. is a food and beverage company. The Company
manufactures and markets packaged food products, including snacks, beverages,
cheese, convenient meals and various packaged grocery products. Mondelez
International sells its products throughout the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (24.04.2013) 32.09
52-Week Low (15.11.2012) 24.50
Daily Volume
28.7
52-Week High % Change -10.66% Dividend Yield 2.93
52-Week Low % Change 17.14% Beta -
% 52 Week Price Range High/Low 53.75% Equity Float 1'779.88
Shares Out 30.04.2013 1'784.5 Short Int 13.99
51'213.79 1 Yr Total Return 14.26%
Total Debt 19'425.00 YTD Return 13.67%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 140.0 Analyst Recs 24
Cash and Equivalents 4'475.00 Consensus Rating 4.000
Enterprise Value 67'099.79
Average Volume 5 Day 2'463'979
MDLZ UW EQUITY YTD Change - Average Volume 30 Day 3'266'336
MDLZ UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'182'041
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
41'932.0 38'754.0 49'207.0 35'810.0 35'015.0 45'450.0 44'434.0 36'022.3 37'964.4 8'640.0 8'686.5
1.40x 1.47x 1.65x 2.54x 1.72x 8.48x 7.84x 1.87x 1.75x - -
5'945.0 6'056.0 7'130.0 4'978.0 5'028.0 6'737.0 6'703.0 5'574.8 6'101.9 1'288.4 1'474.3
9.84x 9.44x 11.42x 18.30x 12.00x 15.22x 11.49x 12.06x 11.02x 11.87x 11.64x
2'884.0 3'021.0 4'114.0 3'527.0 3'028.0 3'541.0 2'783.0 2'784.3 3'064.3 623.6 743.1
22.19x 14.23x 16.17x 38.99x 17.60x 21.41x 14.54x 18.42x 16.68x 18.46x 17.90x
EBITDA 5'028.00 Long-Term Rating Date 02.02.2010
EBIT 3'683.00 Long-Term Rating BBB
Operating Margin 10.52% Long-Term Outlook STABLE
Pretax Margin 5.07% Short-Term Rating Date 09.11.2007
Return on Assets 3.28% Short-Term Rating A-2
Return on Common Equity 8.09%
Return on Capital 6.93% EBITDA/Interest Exp. 4.00
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 2.72
Net Debt/EBITDA 2.35
Gross Margin 37.3% Total Debt/EBITDA 2.76
EBITDA Margin 15.1%
EBIT Margin 12.3% Total Debt/Equity 60.3%
Net Income Margin 8.6% Total Debt/Capital 37.5%
Asset Turnover 0.52
Current Ratio 1.05 Net Fixed Asset Turnover 3.71
Quick Ratio 0.71 Accounts receivable turnover-days 55.77
Debt to Assets 25.74% Inventory Days 65.93
Tot Debt to Common Equity 60.30% Accounts Payable Turnover Day 70.69
Accounts Receivable Turnover 6.54 Cash Conversion Cycle 50.93
Inventory Turnover 5.54
Fiscal Year Ended
Mondelez International IncPrice/Volume
Valuation Analysis
704'303.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 104'569'093 5.86 2'104'525 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 86'195'210 4.83 (781'045) 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 77'082'355 4.32 769'143 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 43'184'875 2.42 4'839'570 03.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 42'864'324 2.4 (15'888'500) 31.03.2013 Investment Advisor
TRIAN FUND MANAGEMEN TRIAN FUND MANAGEMEN 13F 40'300'550 2.26 20'885'357 31.03.2013 Hedge Fund Manager
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 39'545'118 2.22 5'014'218 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 36'441'176 2.04 (93'942) 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 35'590'525 1.99 (1'071'293) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 32'654'559 1.83 3'427'774 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 29'841'408 1.67 (1'296'385) 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 26'127'188 1.46 (144'674) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 24'405'863 1.37 715'205 31.03.2013 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 17'983'031 1.01 702'957 31.03.2013 Investment Advisor
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 16'438'252 0.92 (167'343) 31.03.2013 Investment Advisor
INDEPENDENT FRANCHIS INDEPENDENT FRANCHIS 13F 16'014'507 0.9 5'115'058 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 14'487'177 0.81 239'731 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 14'385'236 0.81 - 31.12.2012 Government
UBS n/a ULT-AGG 13'469'186 0.75 3'215'356 31.03.2013 Unclassified
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 12'328'216 0.69 328'322 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Canaccord Genuity Corp ALICIA FORRY sell 1 M 26 12 month 03.07.2013
Credit Suisse ROBERT MOSKOW outperform 5 M 33 Not Provided 02.07.2013
Stifel CHRISTOPHER R GROWE buy 5 M 34 12 month 02.07.2013
Wells Fargo Securities, LLC JOHN J BAUMGARTNER outperform 5 M #N/A N/A Not Provided 01.07.2013
Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 36 12 month 28.06.2013
Morgan Stanley MATTHEW GRAINGER Overwt/In-Line 5 M 33 12 month 25.06.2013
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 29 Not Provided 21.06.2013
Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 20.06.2013
Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 31 Not Provided 20.06.2013
Jefferies THILO WREDE hold 3 M 31 12 month 20.06.2013
Deutsche Bank ERIC R KATZMAN hold 3 M 30 12 month 17.06.2013
JPMorgan KENNETH GOLDMAN overweight 5 M 35 6 month 11.06.2013
Barclays ANDREW LAZAR overweight 5 M 34 Not Provided 11.06.2013
Goldman Sachs JASON ENGLISH Buy/Neutral 5 M 33 12 month 29.05.2013
CL King & Associates ERIC J LARSON buy 5 M 33 12 month 24.05.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 13.05.2013
Davenport & Co ANN H GURKIN buy 5 M 35 Not Provided 08.05.2013
Spin-Off Research TEAM COVERAGE hold 3 M 32 Not Provided 08.05.2013
Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 08.05.2013
S&P Capital IQ THOMAS GRAVES hold 3 D 31 12 month 19.04.2013
Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 07.03.2013
National Bank AG STEFFEN MANSKE buy 5 M 24 Not Provided 25.01.2010
Holdings By:
Mondelez International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Medtronic, Inc. develops therapeutic and diagnostic medical products. The
Company's principal products include those for bradycardia pacing,
tachyarrhythmia management, atrial fibrillation management, heart failure
management, heart valve replacement, malignant and non-malignant pain, and
movement disorders. Medtronic's products are sold worldwide.
Latest Fiscal Year: 04/2013
LTM as of: 04/yy
52-Week High (21.05.2013) 53.83
52-Week Low (24.07.2012) 37.07
Daily Volume
52.11
52-Week High % Change -3.23% Dividend Yield 2.00
52-Week Low % Change 40.57% Beta 0.88
% 52 Week Price Range High/Low 86.28% Equity Float 1'004.17
Shares Out 19.06.2013 1'007.4 Short Int 11.48
52'496.27 1 Yr Total Return 36.55%
Total Debt 10'651.00 YTD Return 28.43%
Preferred Stock 0.0 Adjusted BETA 0.882
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 11'071.00 Consensus Rating 3.889
Enterprise Value 52'076.27
Average Volume 5 Day 1'504'948
MDT UN EQUITY YTD Change - Average Volume 30 Day 1'677'161
MDT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'461'518
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2009 30.04.2010 30.04.2011 30.04.2012 30.04.2013 04/yy 04/yy 04/14 Y 04/15 Y 07/13 Q1 10/13 Q2
14'599.0 15'817.0 15'508.0 16'184.0 16'590.0 16'184.0 16'589.0 16'965.1 17'497.1 4'118.2 4'182.5
2.62x 3.40x 3.36x 2.49x 2.81x 11.14x 12.16x 3.41x 3.29x 14.89x 14.56x
5'273.0 5'902.0 5'374.0 5'680.0 5'697.0 5'680.0 5'696.0 6'155.5 6'395.8 1'413.0 1'452.3
7.25x 9.10x 9.69x 7.11x 8.19x 7.11x 8.20x 8.45x 8.13x 8.70x 8.52x
2'070.0 3'099.0 3'096.0 3'617.0 3'467.0 3'618.0 3'467.0 3'865.1 4'081.3 895.7 933.5
10.04x 13.97x 12.87x 11.77x 12.56x 11.61x 12.47x 13.60x 12.70x 13.60x 13.38x
EBITDA 5'697.00 Long-Term Rating Date 14.02.2012
EBIT 4'878.00 Long-Term Rating A+
Operating Margin 29.40% Long-Term Outlook STABLE
Pretax Margin 25.62% Short-Term Rating Date 13.12.2001
Return on Assets 10.25% Short-Term Rating A-1+
Return on Common Equity 19.38%
Return on Capital 13.09% EBITDA/Interest Exp. 14.53
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 13.37
Net Debt/EBITDA -0.07
Gross Margin 75.1% Total Debt/EBITDA 1.87
EBITDA Margin 34.3%
EBIT Margin 29.4% Total Debt/Equity 57.0%
Net Income Margin 20.9% Total Debt/Capital 36.3%
Asset Turnover 0.49
Current Ratio 4.57 Net Fixed Asset Turnover 6.69
Quick Ratio 3.80 Accounts receivable turnover-days 82.67
Debt to Assets 30.57% Inventory Days 154.92
Tot Debt to Common Equity 57.05% Accounts Payable Turnover Day 53.50
Accounts Receivable Turnover 4.40 Cash Conversion Cycle 184.08
Inventory Turnover 2.35
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
Medtronic IncPrice/Volume
Valuation Analysis
222'560.00
Current Price (7/dd/yy) Market Data
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10'000.0
12'000.0
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16'000.0
18'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 57'984'888 5.76 821'244 03.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 52'944'876 5.26 1'264'839 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 51'753'490 5.14 (1'023'381) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 45'822'875 4.55 526'791 02.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 41'717'815 4.14 412'300 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 32'434'321 3.22 (4'279'648) 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 30'813'326 3.06 1'440'261 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 29'986'609 2.98 (638'193) 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 21'083'794 2.09 (576'628) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'291'965 1.42 331'880 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 12'608'303 1.25 1'883'146 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 11'871'058 1.18 2'054'102 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'516'230 1.14 - 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 10'351'175 1.03 (1'852'797) 03.07.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 9'936'393 0.99 (429'526) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 9'355'578 0.93 831'412 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 8'973'223 0.89 (1'833'491) 31.03.2013 Unclassified
FMR LLC n/a ULT-AGG 8'689'961 0.86 1'254'180 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 8'427'751 0.84 1'196'087 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 8'305'220 0.82 - 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JOANNE K WUENSCH outperform 5 M 58 Not Provided 01.07.2013
Lazard Capital Markets SEAN D LAVIN neutral 3 M #N/A N/A Not Provided 01.07.2013
Argus Research Corp DAVID H TOUNG buy 5 M 54 Not Provided 28.06.2013
Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 28.06.2013
Wells Fargo Securities, LLC LAWRENCE BIEGELSEN outperform 5 M #N/A N/A Not Provided 28.06.2013
Leerink Swann & Co DANIELLE ANTALFFY market perform 3 M #N/A N/A Not Provided 27.06.2013
Sanford C. Bernstein & Co DERRICK SUNG outperform 5 M 59 12 month 26.06.2013
Piper Jaffray BROOKS E WEST overweight 5 M 58 12 month 26.06.2013
Oppenheimer & Co STEVEN LICHTMAN outperform 5 M 57 18 month 25.06.2013
Barclays MATTHEW TAYLOR equalweight 3 M 54 Not Provided 25.06.2013
JPMorgan MICHAEL N WEINSTEIN neutral 3 M 52 6 month 24.06.2013
Edward Jones JEFF WINDAU hold 3 M #N/A N/A Not Provided 20.06.2013
Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 18.06.2013
Cowen and Company JOSHUA JENNINGS outperform 5 M 58 12 month 18.06.2013
Deutsche Bank KRISTEN M STEWART hold 3 M 55 12 month 17.06.2013
RBC Capital Markets GLENN J NOVARRO sector perform 3 M 52 12 month 17.06.2013
Credit Suisse BRUCE NUDELL neutral 3 M 56 Not Provided 17.06.2013
Jefferies RAJ S DENHOY hold 3 M 53 12 month 17.06.2013
Wedbush TAO LEVY neutral 3 N 52 12 month 30.05.2013
Goldman Sachs DAVID H ROMAN neutral/neutral 3 M 53 12 month 22.05.2013
William Blair & Co BENJAMIN C ANDREW market perform 3 M #N/A N/A Not Provided 22.05.2013
Wunderlich Securities GREGORY SIMPSON hold 3 M 53 18 month 22.05.2013
S&P Capital IQ PHILLIP SELIGMAN buy 5 U 57 Not Provided 21.05.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
McAdams Wright Ragen Inc MICHAEL ROARKE focus list 5 M 45 12 month 19.05.2009
Maxim Group LLC ANTHONY PETRONE not rated #N/A N/A M #N/A N/A Not Provided 27.01.2009
Holdings By:
Medtronic Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
MetLife, Inc. provides individual insurance, employee benefits and financial
services with operations throughout the United States and the regions of Latin
America, Europe, and Asia Pacific. The Company's products include life
insurance, annuities, automobile and homeowners insurance, retail banking and
other financial services to individuals as well as group insurance.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (05.07.2013) 47.38
52-Week Low (24.07.2012) 28.34
Daily Volume
47
52-Week High % Change -0.93% Dividend Yield 1.97
52-Week Low % Change 65.84% Beta 1.55
% 52 Week Price Range High/Low 96.40% Equity Float 895.24
Shares Out 30.04.2013 1'095.0 Short Int 28.97
51'465.62 1 Yr Total Return 55.82%
Total Debt 26'550.00 YTD Return 44.36%
Preferred Stock 2'100.0 Adjusted BETA 1.552
Minority Interest 505.0 Analyst Recs 24
Cash and Equivalents 15'738.00 Consensus Rating 4.500
Enterprise Value 70'310.62
Average Volume 5 Day 1'533'819
MET UN EQUITY YTD Change - Average Volume 30 Day 1'912'994
MET UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'774'540
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
50'984.0 41'057.0 52'265.0 70'241.0 68'150.0 70'250.0 69'917.0 68'823.6 71'623.3 17'126.9 17'225.6
0.53x 1.07x 1.34x 0.82x 0.72x 3.48x 2.93x 1.08x 1.04x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
3'209.0 (2'246.0) 2'790.0 6'423.0 1'324.0 5'402.0 2'454.0 6'129.3 6'401.0 1'484.4 1'485.3
9.63x 12.32x 10.71x 7.12x 6.24x 8.23x 7.07x 8.60x 8.27x 8.75x 8.61x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A-
Operating Margin 6.85% Long-Term Outlook STABLE
Pretax Margin 2.12% Short-Term Rating Date -
Return on Assets 0.30% Short-Term Rating -
Return on Common Equity 3.92%
Return on Capital 3.87% EBITDA/Interest Exp. -
Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 42.6%
Net Income Margin 1.9% Total Debt/Capital 29.0%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 3.17% Inventory Days -
Tot Debt to Common Equity 42.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
MetLife IncPrice/Volume
Valuation Analysis
335'447.00
Current Price (7/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
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d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9
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2!& 9
3!& 9
4!& 9
5!& 9
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!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
METLIFE POLICY HOLDE n/a 13D 198'022'160 18.08 - 30.04.2013 n/a
BLACKROCK n/a ULT-AGG 52'341'350 4.78 (173'730) 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 43'407'773 3.96 (5'344'888) 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 43'224'464 3.95 1'807'774 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 39'622'207 3.62 3'010'278 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 29'746'742 2.72 (5'759'482) 31.05.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 26'621'558 2.43 1'049'495 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 23'055'085 2.11 617'793 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 19'345'882 1.77 1'320'550 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 18'548'167 1.69 5'831'313 31.05.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 18'333'776 1.67 193'922 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 15'860'316 1.45 2'448'186 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 15'329'500 1.4 (107'700) 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 13'292'875 1.21 (2'333'717) 31.05.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'270'617 1.03 2'152'270 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 9'516'719 0.87 801'136 31.03.2013 Unclassified
GOLDMAN SACHS GROUP n/a ULT-AGG 9'244'082 0.84 (8'247'983) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 9'241'988 0.84 - 31.12.2012 Government
DIMENSIONAL FUND ADV n/a ULT-AGG 8'791'085 0.8 (13'587) 31.03.2013 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 8'736'916 0.8 7'337'654 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sterne, Agee & Leach JOHN M NADEL buy 5 M 56 12 month 03.07.2013
Barclays JAY H GELB equalweight 3 M 50 Not Provided 01.07.2013
Portales Partners NINA GUPTA outperform 5 U #N/A N/A Not Provided 26.06.2013
Scotia Capital JOANNE SMITH focus stock 5 M 52 12 month 20.06.2013
JPMorgan JIMMY S BHULLAR overweight 5 M 42 6 month 17.06.2013
FBR Capital Markets RANDY BINNER outperform 5 M 55 12 month 17.06.2013
Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 11.06.2013
Deutsche Bank YARON KINAR buy 5 U 51 12 month 02.06.2013
Credit Suisse THOMAS GALLAGHER outperform 5 M 48 Not Provided 29.05.2013
Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M #N/A N/A Not Provided 23.05.2013
Morgan Stanley NIGEL P DALLY Overwt/In-Line 5 M 45 12 month 22.05.2013
RBC Capital Markets ERIC N BERG sector perform 3 M 51 12 month 22.05.2013
Raymond James STEVEN D SCHWARTZ outperform 5 M 49 12 month 22.05.2013
Macquarie SEAN DARGAN outperform 5 M 48 12 month 22.05.2013
Sandler O'Neill & Partners, LP EDWARD SHIELDS buy 5 M 47 12 month 22.05.2013
Evercore Partners MARK FINKELSTEIN overweight 5 M 48 12 month 22.05.2013
Argus Research Corp JOHN M EADE buy 5 M 48 Not Provided 21.05.2013
Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 50 12 month 21.05.2013
Goldman Sachs CHRISTOPHER GIOVANNI buy/attractive 5 M 51 12 month 15.05.2013
S&P Capital IQ CATHY SEIFERT buy 5 M 46 12 month 02.05.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
MetLife Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
3M Co. conducts operations in electronics, telecommunications, industrial,
consumer and office, health care, safety, and other markets. The Company's
businesses share technologies, manufacturing operations, brands, marketing
channels, and other resources. 3M serves customers in countries located around
the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (19.06.2013) 113.24
52-Week Low (12.07.2012) 85.34
Daily Volume
110.32
52-Week High % Change -2.58% Dividend Yield 2.18
52-Week Low % Change 29.27% Beta 0.97
% 52 Week Price Range High/Low 86.42% Equity Float 689.32
Shares Out 31.03.2013 690.2 Short Int 11.97
76'142.27 1 Yr Total Return 26.08%
Total Debt 6'001.00 YTD Return 20.23%
Preferred Stock 0.0 Adjusted BETA 0.967
Minority Interest 465.0 Analyst Recs 21
Cash and Equivalents 5'693.00 Consensus Rating 3.762
Enterprise Value 76'696.27
Average Volume 5 Day 803'707
MMM UN EQUITY YTD Change - Average Volume 30 Day 884'223
MMM UN EQUITY YTD % CHANGE - Average Volume 3 Month 849'998
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
25'269.0 23'123.0 26'662.0 29'611.0 29'904.0 29'786.0 30'052.0 31'013.1 32'684.2 7'773.2 7'906.9
1.76x 2.61x 2.33x 1.95x 2.16x 8.09x 8.84x 2.53x 2.37x 10.17x 9.99x
6'394.0 5'971.0 7'038.0 7'414.0 7'771.0 7'494.0 7'806.0 8'128.7 8'693.2 2'032.2 2'092.0
6.96x 10.11x 8.84x 7.80x 8.31x 8.41x 9.47x 9.43x 8.81x 9.15x 8.94x
3'460.0 3'193.0 4'085.0 4'283.0 4'444.0 4'327.0 4'448.0 4'687.1 5'076.1 1'192.8 1'235.8
11.13x 17.45x 14.89x 13.48x 14.72x 14.40x 16.75x 16.48x 15.00x 16.07x 15.61x
EBITDA 7'771.00 Long-Term Rating Date 18.03.2009
EBIT 6'483.00 Long-Term Rating AA-
Operating Margin 21.68% Long-Term Outlook STABLE
Pretax Margin 21.24% Short-Term Rating Date 23.11.1981
Return on Assets 13.47% Short-Term Rating A-1+
Return on Common Equity 25.96%
Return on Capital 20.05% EBITDA/Interest Exp. 40.06
Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. 32.41
Net Debt/EBITDA 0.01
Gross Margin 47.5% Total Debt/EBITDA 0.76
EBITDA Margin 26.0%
EBIT Margin 21.6% Total Debt/Equity 34.1%
Net Income Margin 14.9% Total Debt/Capital 25.0%
Asset Turnover 0.91
Current Ratio 2.20 Net Fixed Asset Turnover 3.74
Quick Ratio 1.39 Accounts receivable turnover-days 53.08
Debt to Assets 17.71% Inventory Days 85.43
Tot Debt to Common Equity 34.15% Accounts Payable Turnover Day 40.99
Accounts Receivable Turnover 6.88 Cash Conversion Cycle 94.45
Inventory Turnover 4.27
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
3M CoPrice/Volume
Valuation Analysis
148'343.00
Current Price (7/dd/yy) Market Data
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25'000.0
30'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 51'263'136 7.43 (937'756) 02.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 41'923'428 6.07 755'118 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 34'962'057 5.07 588'236 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 19'433'692 2.82 430'869 31.05.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 13'764'765 1.99 (6'305) 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 11'131'700 1.61 - 31.03.2013 Insurance Company
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'102'921 1.46 161'925 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'623'460 1.39 3'197'427 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 9'509'989 1.38 594'973 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'383'740 1.36 2'002'957 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'961'490 1.15 87'041 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'768'462 1.13 192'599 31.03.2013 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 7'171'873 1.04 76'915 31.03.2013 Investment Advisor
US BANCORP US BANCORP 13F 6'955'267 1.01 (408'394) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 6'412'926 0.93 (84'790) 31.05.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 5'735'151 0.83 20'900 31.03.2013 Hedge Fund Manager
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 5'421'102 0.79 712 31.03.2013 Insurance Company
NORGES BANK NORGES BANK 13F 5'326'652 0.77 - 31.12.2012 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'326'373 0.63 92'893 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 4'315'658 0.63 (1'902) 31.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley NIGEL COE Equalwt/In-Line 3 D 112 12 month 01.07.2013
Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 28.06.2013
Sanford C. Bernstein & Co STEVEN E WINOKER market perform 3 M 115 12 month 26.06.2013
Barclays SCOTT R DAVIS equalweight 3 M 103 Not Provided 26.06.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 25.06.2013
Jefferies LAURENCE ALEXANDER buy 5 M 128 12 month 07.06.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 111 12 month 22.05.2013
Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 14.05.2013
Nomura SHANNON O'CALLAGHAN neutral 3 M 105 12 month 03.05.2013
JPMorgan CHARLES STEPHEN TUSA underweight 1 M 95 6 month 29.04.2013
Deutsche Bank DAVID I BEGLEITER hold 3 M 114 12 month 26.04.2013
Goldman Sachs JOSEPH RITCHIE neutral/neutral 3 M 112 12 month 26.04.2013
Credit Suisse JOHN P MCNULTY neutral 3 M 103 Not Provided 26.04.2013
FBR Capital Markets AJAY K KEJRIWAL outperform 5 M 110 12 month 26.04.2013
Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 125 12 month 25.04.2013
Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 100 Not Provided 25.04.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 06.03.2013
S&P Capital IQ RICHARD TORTORIELLO buy 5 M 110 12 month 06.02.2013
McAdams Wright Ragen Inc MICHAEL ROARKE focus list 5 N 85 Not Provided 24.04.2009
Holdings By:
3M Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Altria Group, Inc. is a holding company. The Company, through subsidiaries,
manufactures and sells cigarettes and other tobacco products, including cigars
and pipe tobacco. Altria holds an interest in a brewery company.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (15.05.2013) 37.60
52-Week Low (15.11.2012) 30.01
Daily Volume
35.307
52-Week High % Change -6.17% Dividend Yield 4.90
52-Week Low % Change 17.65% Beta 0.61
% 52 Week Price Range High/Low 72.20% Equity Float 2'001.98
Shares Out 15.04.2013 2'008.7 Short Int 18.79
70'919.83 1 Yr Total Return 6.29%
Total Debt 13'878.00 YTD Return 15.24%
Preferred Stock 0.0 Adjusted BETA 0.608
Minority Interest 36.0 Analyst Recs 17
Cash and Equivalents 2'900.00 Consensus Rating 4.176
Enterprise Value 81'058.83
Average Volume 5 Day 2'209'238
MO UN EQUITY YTD Change - Average Volume 30 Day 2'332'059
MO UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'147'566
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
15'957.0 16'824.0 16'892.0 16'619.0 17'500.0 16'670.0 17'479.0 17'567.0 17'811.5 4'617.6 4'502.0
1.92x 3.02x 3.63x 4.28x 4.24x 16.53x 18.03x 4.66x 4.53x - -
5'142.0 6'234.0 6'540.0 6'543.0 7'539.0 6'661.0 8'026.0 7'748.1 8'072.9 2'034.3 2'048.0
5.95x 8.16x 9.38x 10.86x 9.84x 10.87x 9.87x 10.48x 10.06x 10.40x 10.29x
4'930.0 3'206.0 3'905.0 3'390.0 4'180.0 3'648.0 4'370.0 4'804.7 5'110.2 1'259.5 1'268.7
9.13x 6.44x 12.90x 15.17x 13.98x 14.38x 14.87x 14.72x 13.73x 14.57x 14.31x
EBITDA 7'539.00 Long-Term Rating Date 06.01.2009
EBIT 7'314.00 Long-Term Rating BBB
Operating Margin 41.79% Long-Term Outlook STABLE
Pretax Margin 37.01% Short-Term Rating Date 18.09.2003
Return on Assets 11.84% Short-Term Rating A-2
Return on Common Equity 119.83%
Return on Capital 29.12% EBITDA/Interest Exp. 6.66
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 6.55
Net Debt/EBITDA 1.26
Gross Margin 54.6% Total Debt/EBITDA 1.73
EBITDA Margin 45.9%
EBIT Margin 44.6% Total Debt/Equity 438.1%
Net Income Margin 23.9% Total Debt/Capital 81.2%
Asset Turnover 0.47
Current Ratio 0.77 Net Fixed Asset Turnover 8.26
Quick Ratio 0.37 Accounts receivable turnover-days 3.72
Debt to Assets 39.28% Inventory Days 89.39
Tot Debt to Common Equity 438.07% Accounts Payable Turnover Day 14.42
Accounts Receivable Turnover 98.20 Cash Conversion Cycle 64.01
Inventory Turnover 4.08
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
Altria Group IncPrice/Volume
Valuation Analysis
323'501.00
Current Price (7/dd/yy) Market Data
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50'000.0
60'000.0
70'000.0
80'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 175'824'470 8.75 3'921'105 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 104'946'313 5.22 2'097'289 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 96'161'381 4.79 4'127'835 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 84'161'294 4.19 (1'615'563) 02.07.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 38'237'065 1.9 1'048'361 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 31'653'131 1.58 2'075'169 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 27'143'010 1.35 441'853 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 21'943'643 1.09 160'664 31.03.2013 Investment Advisor
FAYEZ SAROFIM FAYEZ SAROFIM 13F 20'393'051 1.02 (1'632'306) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 18'067'887 0.9 (15'811) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 16'482'786 0.82 1'477'305 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'443'401 0.82 437'188 31.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 15'034'549 0.75 (2'240'184) 30.04.2013 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 14'402'373 0.72 83'191 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 13'766'534 0.69 (4'799'377) 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 13'643'137 0.68 317'267 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 12'399'376 0.62 1'310'050 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 11'645'374 0.58 (254'277) 03.07.2013 Investment Advisor
UBS n/a ULT-AGG 11'580'115 0.58 51'980 31.03.2013 Unclassified
BARCLAYS PLC n/a ULT-AGG 11'309'204 0.56 4'059'352 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel CHRISTOPHER R GROWE buy 5 M 38 12 month 02.07.2013
Wells Fargo Securities, LLC BONNIE HERZOG outperform 5 M #N/A N/A Not Provided 28.06.2013
Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 25.06.2013
Davenport & Co ANN H GURKIN buy 5 M 38 Not Provided 12.06.2013
Morgan Stanley DAVID J ADELMAN Equalwt/In-Line 3 M 34 12 month 11.06.2013
Jefferies THILO WREDE hold 3 M 35 12 month 11.06.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 07.06.2013
Goldman Sachs JUDY E HONG neutral/neutral 3 M 37 12 month 12.05.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 43 12 month 29.04.2013
Ameriprise Advisor Services, Inc PATRICK DIEDRICKSON buy 5 M #N/A N/A Not Provided 26.04.2013
JPMorgan RAE MAILE overweight 5 M 45 6 month 25.04.2013
S&P Capital IQ ESTHER KWON buy 5 M 39 Not Provided 25.04.2013
Barclays MICHAEL J BRANCA equalweight 3 M 31 Not Provided 25.04.2013
Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 18.03.2013
Holdings By:
Altria Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Monsanto Company provides agricultural products for farmers. The Company's
business segments are seeds and genomics. Monsanto produces a wide range of
seeds and develops biotechnology traits that assist farmers in controlling
insects and weeds as well as provides other seed companies with genetic material
and biotechnology traits for their seed brands.
Latest Fiscal Year: 08/2012
LTM as of: 05/yy
52-Week High (15.05.2013) 109.33
52-Week Low (10.07.2012) 81.50
Daily Volume
98.45
52-Week High % Change -9.88% Dividend Yield 1.45
52-Week Low % Change 20.80% Beta 1.04
% 52 Week Price Range High/Low 58.89% Equity Float 531.32
Shares Out 25.06.2013 533.1 Short Int 4.33
52'484.61 1 Yr Total Return 19.63%
Total Debt 2'074.00 YTD Return 5.19%
Preferred Stock 0.0 Adjusted BETA 1.040
Minority Interest 203.0 Analyst Recs 26
Cash and Equivalents 3'585.00 Consensus Rating 4.346
Enterprise Value 51'852.61
Average Volume 5 Day 798'420
MON UN EQUITY YTD Change - Average Volume 30 Day 799'476
MON UN EQUITY YTD % CHANGE - Average Volume 3 Month 677'695
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1
11'365.0 11'724.0 10'483.0 11'822.0 13'504.0 13'653.0 14'769.0 14'939.6 16'067.0 2'230.4 3'043.4
5.53x 3.89x 2.78x 3.08x 3.35x 11.45x 13.29x 3.39x 3.09x 22.76x 16.74x
3'458.0 4'175.0 2'529.0 3'116.0 3'760.0 3'948.0 4'206.0 4'218.1 4'863.7 (101.7) 767.0
18.18x 10.92x 11.51x 11.69x 12.03x 10.50x 12.62x 12.29x 10.66x 10.60x 10.46x
2'024.0 2'109.0 1'096.0 1'607.0 2'045.0 2'162.0 2'502.0 2'478.6 2'888.3 (225.3) 308.3
31.30x 18.65x 22.19x 23.28x 23.12x 19.08x 22.13x 21.51x 18.43x 19.11x 18.63x
EBITDA 3'760.00 Long-Term Rating Date 21.10.2008
EBIT 3'138.00 Long-Term Rating A+
Operating Margin 23.24% Long-Term Outlook STABLE
Pretax Margin 22.13% Short-Term Rating Date 24.10.2007
Return on Assets 12.01% Short-Term Rating A-1
Return on Common Equity 19.18%
Return on Capital 17.30% EBITDA/Interest Exp. 17.74
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 14.69
Net Debt/EBITDA -0.20
Gross Margin 52.2% Total Debt/EBITDA 0.53
EBITDA Margin 28.5%
EBIT Margin 24.3% Total Debt/Equity 17.5%
Net Income Margin 15.1% Total Debt/Capital 14.7%
Asset Turnover 0.71
Current Ratio 2.29 Net Fixed Asset Turnover 3.42
Quick Ratio 1.30 Accounts receivable turnover-days 90.66
Debt to Assets 10.26% Inventory Days 137.61
Tot Debt to Common Equity 17.53% Accounts Payable Turnover Day 32.21
Accounts Receivable Turnover 4.03 Cash Conversion Cycle 163.69
Inventory Turnover 2.65
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
Monsanto CoPrice/Volume
Valuation Analysis
127'613.00
Current Price (7/dd/yy) Market Data
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14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 34'024'416 6.38 2'974'499 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 31'472'919 5.9 2'128'133 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 28'477'720 5.34 655'081 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 23'412'342 4.39 312'878 02.07.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 13'555'953 2.54 1'437'264 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 12'010'767 2.25 (277'362) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'118'944 2.09 (341'910) 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 9'200'094 1.73 (1'287'528) 31.03.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 9'188'909 1.72 (1'006'807) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'976'193 1.68 662'862 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'759'245 1.46 (325'311) 31.03.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 7'373'306 1.38 114'291 31.03.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 7'358'065 1.38 (116'807) 30.04.2013 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 6'662'550 1.25 1'304'240 31.03.2013 Hedge Fund Manager
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'378'309 1.2 (22'517) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 6'343'486 1.19 369'962 30.04.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'315'385 1.18 1'095'622 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'163'166 1.16 (132'927) 31.03.2013 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'748'918 1.08 (647'027) 31.03.2013 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 5'682'063 1.07 165'308 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC FRANK J MITSCH outperform 5 M #N/A N/A Not Provided 05.07.2013
Topeka Capital Markets Inc CHRISTOPHER KAPSCH buy 5 M 121 12 month 03.07.2013
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 02.07.2013
Piper Jaffray MICHAEL E COX overweight 5 M 135 12 month 30.06.2013
Macquarie COOLEY MAY outperform 5 M 117 12 month 29.06.2013
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 125 12 month 27.06.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 120 Not Provided 27.06.2013
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 111 6 month 27.06.2013
Jefferies LAURENCE ALEXANDER hold 3 M 110 12 month 27.06.2013
BGC Partners MARK R GULLEY buy 5 M 123 12 month 27.06.2013
Susquehanna Financial Group DONALD D CARSON Positive 4 M 128 12 month 27.06.2013
Deutsche Bank DAVID I BEGLEITER buy 5 M 116 12 month 26.06.2013
Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 121 Not Provided 26.06.2013
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 121 12 month 26.06.2013
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 104 12 month 26.06.2013
S&P Capital IQ KEVIN KIRKEBY hold 3 M 110 Not Provided 26.06.2013
Atlantic Equities LLP COLIN ISAAC underweight 1 M 90 12 month 26.06.2013
Stifel PAUL A MASSOUD hold 3 M #N/A N/A Not Provided 24.06.2013
Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 30.05.2013
Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 M 119 12 month 29.05.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 09.04.2013
Goldman Sachs ROBERT KOORT buy/attractive 5 M 122 12 month 05.04.2013
Holdings By:
Monsanto Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Merck & Co., Inc. is a global health care company that delivers health
solutions through its prescription medicines, vaccines, biologic therapies,
animal health, and consumer care products, which it markets directly and
through its joint ventures. The Company has operations in pharmaceutical,
animal health, and consumer care.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.06.2013) 50.16
52-Week Low (31.12.2012) 40.10
Daily Volume
46.8
52-Week High % Change -6.70% Dividend Yield 3.63
52-Week Low % Change 16.71% Beta 0.78
% 52 Week Price Range High/Low 64.12% Equity Float 3'018.36
Shares Out 30.04.2013 3'019.6 Short Int 82.26
141'317.83 1 Yr Total Return 16.23%
Total Debt 20'569.00 YTD Return 16.45%
Preferred Stock 0.0 Adjusted BETA 0.780
Minority Interest 2'443.0 Analyst Recs 23
Cash and Equivalents 16'141.00 Consensus Rating 4.304
Enterprise Value 148'697.83
Average Volume 5 Day 3'319'523
MRK UN EQUITY YTD Change - Average Volume 30 Day 4'241'192
MRK UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'107'313
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
23'850.3 27'428.3 45'987.0 48'047.0 47'267.0 48'198.0 46'208.0 45'309.6 45'816.2 11'344.9 11'411.0
2.82x 4.52x 2.59x 2.49x 2.77x 9.58x 11.77x 3.19x 3.07x - -
8'070.3 7'314.7 12'116.0 17'873.0 16'855.0 18'025.0 16'424.0 17'765.5 18'170.1 3'552.5 3'891.0
8.33x 16.96x 9.84x 6.69x 7.76x 6.76x 8.57x 8.37x 8.18x - -
7'808.4 12'901.3 861.0 6'272.0 6'168.0 6'966.0 6'516.0 10'498.4 10'893.9 2'488.2 2'679.6
8.89x 11.24x 10.54x 10.00x 11.22x 9.97x 12.01x 13.36x 12.49x 13.36x 12.99x
EBITDA 16'855.00 Long-Term Rating Date 24.11.2010
EBIT 9'877.00 Long-Term Rating AA
Operating Margin 20.90% Long-Term Outlook STABLE
Pretax Margin 18.49% Short-Term Rating Date 23.11.1981
Return on Assets 6.16% Short-Term Rating A-1+
Return on Common Equity 12.08%
Return on Capital 9.51% EBITDA/Interest Exp. 23.61
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. 20.87
Net Debt/EBITDA 0.29
Gross Margin 65.2% Total Debt/EBITDA 1.27
EBITDA Margin 35.5%
EBIT Margin 20.7% Total Debt/Equity 38.8%
Net Income Margin 13.0% Total Debt/Capital 27.1%
Asset Turnover 0.44
Current Ratio 1.90 Net Fixed Asset Turnover 2.89
Quick Ratio 1.30 Accounts receivable turnover-days 65.92
Debt to Assets 19.38% Inventory Days 147.88
Tot Debt to Common Equity 38.79% Accounts Payable Turnover Day 48.79
Accounts Receivable Turnover 5.54 Cash Conversion Cycle 157.88
Inventory Turnover 2.47
Fiscal Year Ended
Merck & Co IncPrice/Volume
Valuation Analysis
426'294.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 205'788'781 6.82 14'307'547 03.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 177'469'579 5.88 (34'886'701) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 140'839'507 4.66 4'397'077 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 130'754'861 4.33 (2'133'004) 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 129'053'910 4.27 (6'667'466) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 91'051'110 3.02 3'645'499 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 71'048'447 2.35 (16'325'333) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 57'370'306 1.9 (14'082'081) 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 56'828'888 1.88 2'714'341 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 51'265'946 1.7 (1'183'773) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 47'016'226 1.56 (657'920) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 45'613'794 1.51 4'105'306 31.03.2013 Investment Advisor
DODGE & COX WORLDWID DODGE & COX WORLDWID MF-PART 30'475'112 1.01 - 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 30'370'622 1.01 1'226'551 03.07.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 24'410'941 0.81 - 31.12.2012 Government
BANK OF AMERICA CORP BANK OF AMERICA 13F 20'660'542 0.68 1'486'322 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 20'495'267 0.68 358'549 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 20'055'276 0.66 3'508'729 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 19'745'943 0.65 762'507 31.05.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 19'319'510 0.64 3'072'588 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 53 12 month 02.07.2013
SunTrust Robinson Humphrey JOHN T BORIS neutral 3 M 47 12 month 01.07.2013
Cowen and Company STEVEN R SCALA market perform 3 M 51 12 month 01.07.2013
Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 27.06.2013
Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 27.06.2013
Barclays CHARLES ANTHONY BUTLER overweight 5 M 60 Not Provided 27.06.2013
BMO Capital Markets ALEX ARFAEI outperform 5 M 52 Not Provided 24.06.2013
Argus Research Corp JOHN M EADE buy 5 M 52 Not Provided 20.06.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 50 Not Provided 18.06.2013
MKM Partners JON LECROY buy 5 M 59 12 month 14.06.2013
Jefferies JEFFREY HOLFORD buy 5 M 56 12 month 11.06.2013
Goldman Sachs JAMI E RUBIN neutral/attractive 3 M 50 12 month 03.06.2013
JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 54 6 month 03.06.2013
Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 53 12 month 31.05.2013
Morgan Stanley DAVID R RISINGER Underwt/In-Line 1 M #N/A N/A Not Provided 23.05.2013
Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 M #N/A N/A Not Provided 02.05.2013
Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 01.05.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 51 12 month 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 50 Not Provided 16.10.2012
Cyrrus TOMAS MENCIK accumulate 4 M 43 Not Provided 05.04.2012
First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 21.06.2011
Holdings By:
Merck & Co Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Morgan Stanley, a bank holding company, provides diversified financial services
on a worldwide basis. The Company operates a global securities business which
serves individual and institutional investors and investment banking clients.
Morgan Stanley also operates a global asset management business.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (10.06.2013) 27.17
52-Week Low (23.07.2012) 12.29
Daily Volume
24.36
52-Week High % Change -10.42% Dividend Yield 0.82
52-Week Low % Change 98.21% Beta 1.72
% 52 Week Price Range High/Low 78.97% Equity Float 1'393.06
Shares Out 30.04.2013 1'960.1 Short Int 29.39
47'748.40 1 Yr Total Return 63.02%
Total Debt 450'846.00 YTD Return 27.98%
Preferred Stock 1'508.0 Adjusted BETA 1.722
Minority Interest 7'628.0 Analyst Recs 35
Cash and Equivalents 46'904.00 Consensus Rating 3.629
Enterprise Value 513'661.40
Average Volume 5 Day 3'545'201
MS UN EQUITY YTD Change - Average Volume 30 Day 3'836'025
MS UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'574'002
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.11.2008 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
62'262.0 30'139.0 37'801.0 39'138.0 32'036.0 38'269.0 33'168.0 31'730.9 33'870.2 7'913.2 7'784.2
5.03x 16.65x 13.22x 10.82x 14.07x 47.96x 55.89x - - - -
40'604.0 15'297.0 14'937.0 10'724.0 12'615.0 8'603.0 11'901.0 - - - -
7.72x 32.80x 33.45x 39.50x 35.74x 0.00x 42.77x - - - -
1'707.0 1'346.0 4'703.0 4'110.0 68.0 3'048.0 1'037.0 3'924.7 4'980.9 856.8 977.0
9.58x 11.22x 12.69x - 11.18x 332.55x 14.25x 12.13x 9.53x 11.41x 10.43x
EBITDA 12'615.00 Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A-
Operating Margin 19.57% Long-Term Outlook NEG
Pretax Margin 1.61% Short-Term Rating Date 29.11.2011
Return on Assets 0.13% Short-Term Rating A-2
Return on Common Equity 1.53%
Return on Capital 0.31% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 38.37
Gross Margin - Total Debt/EBITDA 41.97
EBITDA Margin 35.9%
EBIT Margin - Total Debt/Equity 744.0%
Net Income Margin 0.2% Total Debt/Capital 86.6%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 5.38
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 57.73% Inventory Days -
Tot Debt to Common Equity 743.96% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Morgan StanleyPrice/Volume
Valuation Analysis
1'685'188.00
Current Price (7/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
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MITSUBISHI UFJ FINAN n/a ULT-AGG 435'504'490 22.22 - 31.03.2013 Holding Company
STATE STREET n/a ULT-AGG 140'812'249 7.18 (38'614'412) 02.07.2013 Investment Advisor
CHINA INVESTMENT COR n/a ULT-AGG 125'114'454 6.38 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 69'427'014 3.54 651'209 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 63'417'451 3.24 2'438'317 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 51'775'615 2.64 (4'184'072) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 47'177'103 2.41 (2'549'885) 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 42'784'681 2.18 (1'081'054) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 41'253'280 2.1 14'558'690 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 31'000'858 1.58 - 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 30'195'354 1.54 4'684'203 04.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 29'318'755 1.5 1'742'740 31.05.2013 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 28'746'125 1.47 915'506 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 19'240'885 0.98 593'867 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'266'270 0.83 2'094'626 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 14'665'958 0.75 14'093'508 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 13'996'804 0.71 (6'145'944) 31.03.2013 Unclassified
DIMENSIONAL FUND ADV n/a ULT-AGG 11'559'214 0.59 2'181'643 31.03.2013 Investment Advisor
PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 11'517'553 0.59 2'024'911 31.03.2013 Hedge Fund Manager
CARMIGNAC GESTION Multiple Portfolios MF-AGG 11'500'000 0.59 11'500'000 29.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 25 12 month 03.07.2013
Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ outperform 5 M 29 12 month 03.07.2013
Evercore Partners CHRISTOPHER J ALLEN overweight 5 M 29 12 month 02.07.2013
Guggenheim Securities LLC MARTY L MOSBY III neutral 3 M 28 12 month 02.07.2013
JPMorgan KIAN ABOUHOSSEIN overweight 5 M 29 12 month 28.06.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 28.06.2013
JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 27.06.2013
Susquehanna Financial Group DOUGLAS C SIPKIN neutral 3 M 24 12 month 27.06.2013
Mediobanca SpA CHRISTOPHER J WHEELER underperform 1 M 23 6 month 26.06.2013
Macquarie DAVID J KONRAD outperform 5 M 30 12 month 26.06.2013
Atlantic Equities LLP RICHARD STAITE underweight 1 M 24 12 month 26.06.2013
Credit Suisse HOWARD H CHEN neutral 3 M 23 Not Provided 24.06.2013
SunTrust Robinson Humphrey ERIC E WASSERSTROM buy 5 M 28 12 month 21.06.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 29 12 month 21.06.2013
S&P Capital IQ KENNETH M LEON buy 5 M 28 Not Provided 21.06.2013
Argus Research Corp DAVID RITTER buy 5 M 26 12 month 17.06.2013
Edward Jones SHANNON L STEMM hold 3 D #N/A N/A Not Provided 17.06.2013
Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 17.06.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 30 12 month 13.06.2013
Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 10.06.2013
Deutsche Bank MATTHEW D O'CONNOR buy 5 U 30 12 month 30.05.2013
Goldman Sachs RICHARD N RAMSDEN neutral/attractive 3 M 25 12 month 24.05.2013
Barclays ROGER A FREEMAN equalweight 3 M 25 Not Provided 15.05.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 26 Not Provided 13.05.2013
FBR Capital Markets STEVE STELMACH outperform 5 M 27 12 month 23.04.2013
Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 26 12 month 22.04.2013
Buckingham Research Group JAMES F MITCHELL buy 5 M 28 12 month 18.04.2013
Nomura GLENN P SCHORR neutral 3 M 24 12 month 18.04.2013
HSBC ROBERT MURPHY neutral 3 M 25 Not Provided 26.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 12.02.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 18.10.2012
Holdings By:
Morgan Stanley ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Microsoft Corporation develops, manufactures, licenses, sells, and supports
software products. The Company offers operating system software, server
application software, business and consumer applications software, software
development tools, and Internet and intranet software. Microsoft also develops
video game consoles and digital music entertainment devices.
Latest Fiscal Year: 06/2012
LTM as of: 03/yy
52-Week High (04.06.2013) 35.73
52-Week Low (05.12.2012) 26.26
Daily Volume
33.6
52-Week High % Change -5.84% Dividend Yield 2.65
52-Week Low % Change 27.95% Beta 0.91
% 52 Week Price Range High/Low 81.84% Equity Float 7'611.95
Shares Out 11.04.2013 8'351.1 Short Int 94.81
280'597.16 1 Yr Total Return 12.57%
Total Debt 11'944.00 YTD Return 27.60%
Preferred Stock 0.0 Adjusted BETA 0.913
Minority Interest 0.0 Analyst Recs 42
Cash and Equivalents 63'040.00 Consensus Rating 3.833
Enterprise Value 220'309.17
Average Volume 5 Day 12'658'756
MSFT UW EQUITY YTD Change - Average Volume 30 Day 14'280'503
MSFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 15'589'903
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1
60'420.0 58'437.0 62'484.0 69'943.0 73'723.0 73'031.0 76'012.0 78'725.3 84'771.5 20'766.0 18'955.0
3.77x 3.18x 2.70x 2.53x 2.78x 10.16x 9.86x 2.69x 2.30x 10.49x 11.21x
24'548.0 23'255.0 26'830.0 29'927.0 30'923.0 30'601.0 30'645.0 32'437.9 35'593.1 8'700.8 8'027.3
9.29x 8.00x 6.28x 5.91x 6.64x 7.30x 5.83x 6.82x 6.22x 6.35x 6.23x
17'681.0 14'569.0 18'760.0 23'150.0 16'978.0 23'344.0 16'406.0 23'282.4 25'649.6 6'246.5 5'688.7
14.48x 13.77x 10.93x 9.86x 11.21x 11.73x 10.67x 12.17x 10.97x 11.16x 10.89x
EBITDA 30'923.00 Long-Term Rating Date 22.09.2008
EBIT 27'956.00 Long-Term Rating AAA
Operating Margin 37.92% Long-Term Outlook STABLE
Pretax Margin 30.20% Short-Term Rating Date 09.03.2011
Return on Assets 13.01% Short-Term Rating NR
Return on Common Equity 22.57%
Return on Capital 19.50% EBITDA/Interest Exp. 81.38
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 75.31
Net Debt/EBITDA -1.97
Gross Margin 76.2% Total Debt/EBITDA 0.46
EBITDA Margin 40.3%
EBIT Margin 35.6% Total Debt/Equity 18.0%
Net Income Margin 23.0% Total Debt/Capital 15.3%
Asset Turnover 0.60
Current Ratio 2.60 Net Fixed Asset Turnover 8.72
Quick Ratio 2.41 Accounts receivable turnover-days 55.11
Debt to Assets 9.85% Inventory Days 34.39
Tot Debt to Common Equity 18.00% Accounts Payable Turnover Day 77.76
Accounts Receivable Turnover 6.62 Cash Conversion Cycle 13.98
Inventory Turnover 10.61
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
Microsoft CorpPrice/Volume
Valuation Analysis
2'772'735.00
Current Price (7/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 443'050'996 5.31 (2'506'237) 03.07.2013 Investment Advisor
GATES III WILLIAM HE n/a Form 4 398'412'845 4.77 (2'998'930) 28.05.2013 n/a
VANGUARD GROUP INC VANGUARD GROUP INC 13F 354'084'051 4.24 10'832'225 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 335'230'322 4.01 6'231'803 02.07.2013 Investment Advisor
BALLMER STEVEN ANTHO n/a PROXY 333'252'990 3.99 - 14.09.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 313'842'552 3.76 (17'771'033) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 151'485'084 1.81 (2'082'887) 03.07.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 149'932'600 1.8 15'559'051 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 112'069'121 1.34 11'700'310 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 110'718'862 1.33 8'028'437 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 109'220'908 1.31 3'391'011 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 105'227'330 1.26 (8'252'725) 31.05.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 92'519'877 1.11 16'629'045 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 81'889'480 0.98 23'412'339 31.05.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 81'472'003 0.98 (1'712'158) 31.05.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 78'067'804 0.93 9'972'281 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 76'984'846 0.92 3'526'945 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 68'269'794 0.82 6'253'286 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 66'902'672 0.8 - 31.12.2012 Government
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 61'329'291 0.73 (2'259'014) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 36 12 month 03.07.2013
Janney Montgomery Scott LLC YUN KIM neutral 3 M 34 12 month 02.07.2013
Stifel BRAD REBACK buy 5 M 38 12 month 02.07.2013
Griffin Securities JAY VLEESCHHOUWER buy 5 M 41 12 month 02.07.2013
Nomura RICHARD G SHERLUND neutral 3 M 38 12 month 30.06.2013
Deutsche Bank NANDAN AMLADI hold 3 M 35 12 month 28.06.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 42 12 month 28.06.2013
Raymond James MICHAEL TURITS outperform 5 M 34 12 month 28.06.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 28.06.2013
BMO Capital Markets KARL KEIRSTEAD market perform 3 M 34 Not Provided 27.06.2013
RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 32 12 month 27.06.2013
Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 27.06.2013
Cowen and Company GREGG MOSKOWITZ outperform 5 M 41 12 month 27.06.2013
Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 40 12 month 26.06.2013
FBR Capital Markets DAVID M HILAL market perform 3 M 30 12 month 25.06.2013
Oppenheimer & Co SHAUL EYAL outperform 5 M 39 12 month 25.06.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 24.06.2013
Barclays RAIMO LENSCHOW equalweight 3 M 35 Not Provided 24.06.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 38 Not Provided 14.06.2013
Jyske Bank ROBERT JAKOBSEN reduce 2 M 35 Not Provided 13.06.2013
Cross Research RICHARD T WILLIAMS buy 5 M 37 12 month 10.06.2013
Goldman Sachs HEATHER BELLINI sell/attractive 1 M 30 12 month 05.06.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 D #N/A N/A Not Provided 29.05.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 35 12 month 27.05.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 D 35 Not Provided 16.05.2013
MKM Partners ISRAEL HERNANDEZ neutral 3 M 27 12 month 14.05.2013
Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 M #N/A N/A Not Provided 25.04.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 23.04.2013
Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 35 12 month 22.04.2013
Hilliard Lyons STEPHEN TURNER neutral 3 M #N/A N/A Not Provided 19.04.2013
JPMorgan JOHN DIFUCCI neutral 3 M 30 6 month 19.04.2013
Jefferies ROSS MACMILLAN hold 3 M 31 12 month 18.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 16.04.2013
BGC Partners COLIN W GILLIS hold 3 D 31 12 month 10.04.2013
National Bank AG STEFFEN MANSKE buy 5 M 33 Not Provided 28.01.2013
S&P Capital IQ ANGELO ZINO strong buy 5 M 35 12 month 25.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
McAdams Wright Ragen Inc SID PARAKH buy 5 M 36 12 month 23.07.2012
Holdings By:
Microsoft Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
NIKE, Inc. designs, develops, and markets athletic footwear, apparel,
equipment, and accessory products for men, women, and children. The Company
sells its products worldwide to retail stores, through its own stores,
subsidiaries, and distributors.
Latest Fiscal Year: 05/2013
LTM as of: 05/yy
52-Week High (16.05.2013) 66.06
52-Week Low (14.11.2012) 44.83
Daily Volume
63.46
52-Week High % Change -4.00% Dividend Yield 1.28
52-Week Low % Change 41.57% Beta 0.91
% 52 Week Price Range High/Low 84.93% Equity Float 705.13
Shares Out 28.02.2013 715.7 Short Int 4.87
56'706.55 1 Yr Total Return 42.41%
Total Debt 1'388.00 YTD Return 23.87%
Preferred Stock 0.0 Adjusted BETA 0.912
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 5'965.00 Consensus Rating 3.966
Enterprise Value 52'129.55
Average Volume 5 Day 1'551'078
NKE UN EQUITY YTD Change - Average Volume 30 Day 1'060'231
NKE UN EQUITY YTD % CHANGE - Average Volume 3 Month 931'434
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 05/yy 05/yy 05/14 Y 05/15 Y 08/13 Q1 11/13 Q2
19'176.1 19'014.0 20'862.0 24'128.0 25'313.0 23'753.0 25'508.0 27'568.1 29'678.1 6'964.0 6'436.4
1.31x 1.60x 1.71x 1.91x 2.00x 7.20x 6.94x 1.94x 1.78x 7.72x 8.37x
2'789.8 2'797.7 3'150.0 3'413.0 - 3'446.0 2'639.0 4'109.2 4'576.3 1'063.3 829.4
8.98x 10.87x 11.32x 13.53x - 13.40x 0.00x 12.68x 11.38x 12.93x 12.52x
1'486.7 1'906.7 2'133.0 2'223.0 2'485.0 2'223.0 2'485.0 2'701.9 3'016.5 710.1 541.0
14.79x 18.75x 19.24x 22.76x 22.92x 22.48x 23.30x 21.00x 18.34x 21.07x 20.46x
EBITDA 3'413.00 Long-Term Rating Date 10.06.2005
EBIT 3'254.00 Long-Term Rating A+
Operating Margin 12.86% Long-Term Outlook STABLE
Pretax Margin 12.93% Short-Term Rating Date 05.11.1992
Return on Assets 15.04% Short-Term Rating A-1
Return on Common Equity 23.08%
Return on Capital - EBITDA/Interest Exp. 103.42
Asset Turnover 1.54% (EBITDA-Capex)/Interest Exp. 85.33
Net Debt/EBITDA -1.06
Gross Margin 43.6% Total Debt/EBITDA 0.09
EBITDA Margin 13.9%
EBIT Margin 12.7% Total Debt/Equity 12.4%
Net Income Margin 9.8% Total Debt/Capital 11.1%
Asset Turnover 1.54
Current Ratio 3.47 Net Fixed Asset Turnover 10.78
Quick Ratio 2.31 Accounts receivable turnover-days 45.77
Debt to Assets 7.89% Inventory Days 85.98
Tot Debt to Common Equity 12.44% Accounts Payable Turnover Day 40.75
Accounts Receivable Turnover 7.97 Cash Conversion Cycle 91.73
Inventory Turnover 4.24
Fiscal Year Ended
NIKE IncPrice/Volume
Valuation Analysis
209'671.00
Current Price (7/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&
d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9!2 9-!& 9-!2 9.!& 9.!2 90!& 90!2 91!& 91!2 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
&!&&
2!&&
-&!&&
-2!&&
.&!&&
.2!&&
0&!&&
02!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 57'237'092 8 8'131'197 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 38'344'745 5.36 (52'139) 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 37'632'406 5.26 174'900 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 28'057'116 3.92 (4'163'859) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 27'973'109 3.91 (349'319) 02.07.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 24'211'063 3.38 1'891'600 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 19'263'357 2.69 (653'235) 31.03.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 15'886'961 2.22 1'112'801 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 14'923'667 2.09 (1'228'269) 31.03.2013 Investment Advisor
LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 12'891'304 1.8 155'324 31.03.2013 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'888'098 1.8 134'881 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'286'430 1.72 (410'340) 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 11'648'760 1.63 (1'093'693) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 10'916'111 1.53 88'258 31.03.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 9'257'605 1.29 (67'364) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 8'763'684 1.22 (99'720) 31.05.2013 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 7'181'129 1 (1'969'149) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 7'139'840 1 2'723'925 31.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'765'150 0.95 (139'664) 31.03.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 5'947'399 0.83 (671'653) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
D.A. Davidson & Co ANDREW BURNS neutral 3 M 67 18 month 02.07.2013
Morgan Stanley KIMBERLY GREENBERGER Equalwt/In-Line 3 M #N/A N/A Not Provided 01.07.2013
Susquehanna Financial Group CHRISTOPHER SVEZIA neutral 3 M 57 12 month 01.07.2013
Deutsche Bank DAVID WEINER buy 5 M 68 12 month 28.06.2013
Goldman Sachs LINDSAY DRUCKER MANN buy/attractive 5 M 73 6 month 28.06.2013
Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 28.06.2013
Credit Suisse CHRISTIAN BUSS neutral 3 M 66 Not Provided 28.06.2013
Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 28.06.2013
Hilliard Lyons JEFFREY S THOMISON neutral 3 M #N/A N/A Not Provided 28.06.2013
JPMorgan MATTHEW BOSS overweight 5 M 70 6 month 28.06.2013
Janney Montgomery Scott LLC ERIC B TRACY neutral 3 M 57 12 month 28.06.2013
Robert W. Baird & Co MITCHEL J KUMMETZ neutral 3 M 62 12 month 28.06.2013
Wedbush CORINNA FREEDMAN neutral 3 M 58 12 month 28.06.2013
Stifel JIM DUFFY buy 5 M 68 12 month 28.06.2013
Sterne, Agee & Leach SAM POSER neutral 3 M 63 12 month 28.06.2013
Canaccord Genuity Corp CAMILO R LYON hold 3 M 61 12 month 28.06.2013
McAdams Wright Ragen Inc SARA E HASAN hold 3 M #N/A N/A Not Provided 28.06.2013
ISI Group OMAR SAAD strong buy 5 M 80 Not Provided 28.06.2013
Cowen and Company FAYE LANDES outperform 5 M 68 12 month 28.06.2013
Piper Jaffray SEAN NAUGHTON neutral 3 M 64 12 month 28.06.2013
Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 66 Not Provided 28.06.2013
Barclays ROBERT S DRBUL overweight 5 M 75 Not Provided 27.06.2013
Buckingham Research Group JOHN M ZOLIDIS buy 5 M 68 12 month 29.04.2013
HSBC ERWAN RAMBOURG overweight 5 M 67 Not Provided 02.04.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 23.03.2013
S&P Capital IQ JASON ASAEDA hold 3 M 61 Not Provided 22.03.2013
Daiwa Securities Co. Ltd. TEAM COVERAGE buy 5 M 61 Not Provided 24.12.2012
Holdings By:
NIKE Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
National Oilwell Varco Inc. is a worldwide provider of equipment and components
used in oil and gas drilling and production operations, oilfield services, and
supply chain integration services to the upstream oil and gas industry.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (18.09.2012) 89.25
52-Week Low (18.04.2013) 63.09
Daily Volume
71.67
52-Week High % Change -19.73% Dividend Yield 0.70
52-Week Low % Change 13.60% Beta 1.50
% 52 Week Price Range High/Low 27.60% Equity Float 426.28
Shares Out 01.05.2013 427.3 Short Int 6.53
30'623.25 1 Yr Total Return 6.90%
Total Debt 3'149.00 YTD Return 5.45%
Preferred Stock 0.0 Adjusted BETA 1.497
Minority Interest 117.0 Analyst Recs 35
Cash and Equivalents 3'319.00 Consensus Rating 4.543
Enterprise Value 32'661.25
Average Volume 5 Day 654'748
NOV UN EQUITY YTD Change - Average Volume 30 Day 890'328
NOV UN EQUITY YTD % CHANGE - Average Volume 3 Month 912'026
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
13'431.4 12'712.0 12'156.0 14'658.0 20'041.0 15'815.0 21'045.0 22'261.4 24'127.8 5'434.4 5'604.7
0.72x 1.32x 2.14x 1.77x 1.45x 6.69x 5.83x 1.38x 1.19x 5.89x 5.62x
3'319.1 2'952.0 2'954.0 3'492.0 4'185.0 3'785.0 4'136.0 4'314.1 4'938.3 1'038.0 1'097.3
2.90x 5.70x 8.80x 7.42x 6.96x 8.21x 7.80x 7.57x 6.61x 7.32x 7.03x
1'952.0 1'469.0 1'667.0 1'994.0 2'491.0 2'193.0 2'387.0 2'376.2 2'791.6 570.1 609.6
4.81x 11.37x 16.57x 14.16x 11.44x 15.30x 12.31x 12.86x 10.88x 12.32x 11.77x
EBITDA 4'185.00 Long-Term Rating Date 25.04.2012
EBIT 3'557.00 Long-Term Rating A
Operating Margin 17.75% Long-Term Outlook STABLE
Pretax Margin 17.49% Short-Term Rating Date -
Return on Assets 7.98% Short-Term Rating -
Return on Common Equity 12.25%
Return on Capital 11.02% EBITDA/Interest Exp. 85.41
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 73.51
Net Debt/EBITDA 0.46
Gross Margin 26.6% Total Debt/EBITDA 1.05
EBITDA Margin 19.7%
EBIT Margin 16.5% Total Debt/Equity 15.6%
Net Income Margin 12.4% Total Debt/Capital 13.4%
Asset Turnover 0.70
Current Ratio 2.78 Net Fixed Asset Turnover 7.33
Quick Ratio 1.35 Accounts receivable turnover-days 65.98
Debt to Assets 10.00% Inventory Days 148.92
Tot Debt to Common Equity 15.56% Accounts Payable Turnover Day 23.47
Accounts Receivable Turnover 5.53 Cash Conversion Cycle 193.26
Inventory Turnover 2.45
Fiscal Year Ended
National Oilwell Varco IncPrice/Volume
Valuation Analysis
291'143.00
Current Price (7/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&
d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9
!2 9
-!& 9
-!2 9
.!& 9
.!2 9
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
&!&&
-&!&&
.&!&&
0&!&&
1&!&&
2&!&&
3&!&&
4&!&&
5&!&&
6&!&&
&-!&-!.&-& &-!&4!.&-& &-!&-!.&-- &-!&4!.&-- &-!&-!.&-. &-!&4!.&-. &-!&-!.&-0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 28'951'192 6.78 (1'704'407) 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 19'747'022 4.62 468'948 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 18'511'878 4.33 (107'250) 02.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 15'573'621 3.64 (2'095'624) 31.03.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 10'199'065 2.39 776'187 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'346'234 1.95 128'683 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'078'111 1.89 431'962 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 7'885'877 1.85 (453'994) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 7'849'536 1.84 476'087 31.05.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 7'484'300 1.75 2'189'500 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 6'616'862 1.55 1'411'178 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'974'258 1.4 1'041'360 31.03.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 4'934'555 1.15 (325'804) 31.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 4'260'914 1 (938'713) 30.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 4'186'718 0.98 1'627'892 31.05.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'184'336 0.98 (427'166) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 4'182'789 0.98 (2'706'698) 31.05.2013 Investment Advisor
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 3'971'605 0.93 421'704 31.03.2013 Hedge Fund Manager
WADDELL & REED FINAN WADDELL & REED FINAN 13F 3'549'221 0.83 (768'906) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 3'520'288 0.82 (343'629) 03.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Fearnley Fonds TRULS OLSEN buy 5 U 81 Not Provided 04.07.2013
Credit Suisse JAMES WICKLUND neutral 3 M 74 Not Provided 03.07.2013
JPMorgan J DAVID ANDERSON overweight 5 M 85 6 month 02.07.2013
Sanford C. Bernstein & Co SCOTT GRUBER market perform 3 M 75 12 month 02.07.2013
BMO Capital Markets ALAN D LAWS outperform 5 M 88 Not Provided 01.07.2013
Jefferies BRAD HANDLER buy 5 M 85 12 month 01.07.2013
Wells Fargo Securities, LLC THOMAS PATRICK CURRAN outperform 5 M #N/A N/A Not Provided 01.07.2013
ISI Group JUDSON E BAILEY buy 5 M 77 12 month 28.06.2013
Cowen and Company JAMES D CRANDELL outperform 5 M 90 12 month 27.06.2013
Societe Generale EDWARD C MUZTAFAGO buy 5 M 79 12 month 19.06.2013
Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 12.06.2013
Guggenheim Securities LLC MICHAEL K LAMOTTE buy 5 M 85 12 month 10.06.2013
Morgan Stanley OLE SLORER Equalwt/In-Line 3 M 80 12 month 30.05.2013
Goldman Sachs WAQAR SYED buy/attractive 5 M 86 12 month 23.05.2013
Johnson Rice & Co DAVID C SMITH equalweight 3 M #N/A N/A Not Provided 22.05.2013
Susquehanna Financial Group CHARLES P MINERVINO Positive 4 M 76 12 month 16.05.2013
Macquarie NIGEL BROWNE outperform 5 M 84 12 month 14.05.2013
Raymond James J MARSHALL ADKINS outperform 5 M 85 12 month 13.05.2013
William Blair & Co BRANDON DOBELL outperform 5 M #N/A N/A Not Provided 08.05.2013
HSBC DAVID PHILLIPS overweight 5 M 88 Not Provided 02.05.2013
Iberia Capital Partners LLC TREY STOLZ outperform 5 M 93 12 month 02.05.2013
Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 80 12 month 01.05.2013
Global Hunter Securities BRIAN UHLMER buy 5 M 80 12 month 01.05.2013
Argus Research Corp JONATHAN GELCIUS buy 5 M 85 Not Provided 30.04.2013
Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 85 Not Provided 30.04.2013
RS Platou Markets GORAN ANDREASSEN buy 5 M 84 6 month 30.04.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 30.04.2013
Capital One Southcoast, Inc. JOSEPH D GIBNEY add 4 M 88 Not Provided 29.04.2013
RBC Capital Markets KURT HALLEAD sector perform 3 M 78 12 month 26.04.2013
Barclays JAMES C WEST overweight 5 M 84 Not Provided 26.04.2013
S&P Capital IQ STEWART GLICKMAN strong buy 5 M 95 Not Provided 01.02.2013
Tudor Pickering & Co JEFF TILLERY buy 5 M #N/A N/A Not Provided 12.09.2012
Holdings By:
National Oilwell Varco Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Norfolk Southern Corporation provides rail transportation services. The Company
transports raw materials, intermediate products, and finished goods primarily
in the Southeast, East, and Midwest and, via interchange with rail carriers, to
and from the rest of the United States. Norfolk Southern also transports
overseas freight through several Atlantic and Gulf Coast ports
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (21.05.2013) 80.99
52-Week Low (16.11.2012) 56.05
Daily Volume
71.81
52-Week High % Change -11.42% Dividend Yield 2.74
52-Week Low % Change 28.12% Beta 1.14
% 52 Week Price Range High/Low 62.59% Equity Float 314.00
Shares Out 31.03.2013 315.1 Short Int 4.67
22'626.50 1 Yr Total Return 2.77%
Total Debt 8'682.00 YTD Return 17.74%
Preferred Stock 0.0 Adjusted BETA 1.140
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 668.00 Consensus Rating 3.967
Enterprise Value 30'424.50
Average Volume 5 Day 477'715
NSC UN EQUITY YTD Change - Average Volume 30 Day 546'415
NSC UN EQUITY YTD % CHANGE - Average Volume 3 Month 517'084
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
10'661.0 7'969.0 9'516.0 11'172.0 11'040.0 11'341.0 10'989.0 11'241.6 11'951.0 2'845.5 2'811.6
2.18x 3.19x 2.98x 2.80x 2.49x 10.50x 10.73x 2.74x 2.60x 10.72x 10.86x
3'899.0 2'807.0 3'502.0 4'082.0 4'046.0 4'240.0 3'994.0 4'102.5 4'498.3 1'088.3 1'050.8
5.97x 9.05x 8.10x 7.67x 6.78x 6.75x 8.03x 7.43x 6.77x 7.23x 7.03x
1'716.0 1'034.0 1'496.0 1'916.0 1'749.0 2'001.0 1'789.0 1'776.8 1'962.7 473.7 452.4
10.36x 19.39x 16.07x 13.11x 11.52x 11.35x 14.38x 12.80x 11.25x 12.45x 11.92x
EBITDA 4'046.00 Long-Term Rating Date 18.07.2005
EBIT 3'124.00 Long-Term Rating BBB+
Operating Margin 28.30% Long-Term Outlook STABLE
Pretax Margin 24.98% Short-Term Rating Date 06.05.1997
Return on Assets 5.97% Short-Term Rating A-2
Return on Common Equity 17.92%
Return on Capital 11.59% EBITDA/Interest Exp. 7.86
Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. 3.50
Net Debt/EBITDA 1.95
Gross Margin - Total Debt/EBITDA 2.12
EBITDA Margin 36.3%
EBIT Margin 27.9% Total Debt/Equity 89.0%
Net Income Margin 15.8% Total Debt/Capital 47.1%
Asset Turnover 0.37
Current Ratio 1.08 Net Fixed Asset Turnover 0.43
Quick Ratio 0.85 Accounts receivable turnover-days 36.77
Debt to Assets 28.61% Inventory Days -
Tot Debt to Common Equity 88.95% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.93 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
Norfolk Southern CorpPrice/Volume
Valuation Analysis
193'088.00
Current Price (7/dd/yy) Market Data
&-&.&0&1&2&3&4&5&6&
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6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'382'823 5.2 180'939 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 15'515'418 4.92 - 30.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 13'615'967 4.32 (2'726'576) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 12'733'439 4.04 (339'995) 02.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'348'010 2.33 5'657 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'097'918 1.94 167'701 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'656'808 1.48 (605'312) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 4'636'605 1.47 413'283 30.04.2013 Investment Advisor
UBS n/a ULT-AGG 4'569'057 1.45 980'089 31.03.2013 Unclassified
TREASURY GROUP INV S TG RARE INFRASTRUCTU MF-PART 3'713'984 1.18 - 31.05.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 3'655'120 1.16 (316'155) 31.05.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 3'175'371 1.01 (7'537) 31.03.2013 Investment Advisor
PRUDENTIAL PLC n/a ULT-AGG 3'028'486 0.96 1'571'600 31.03.2013 Unclassified
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'605'847 0.83 2'570'302 31.03.2013 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 2'513'088 0.8 - 31.12.2012 Government
BANK OF AMERICA CORP BANK OF AMERICA 13F 2'237'429 0.71 (27'535) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'188'772 0.69 150'660 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'122'078 0.67 37'596 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'730'730 0.55 540'990 31.03.2013 Investment Advisor
KEYBANK NATIONAL ASS KEYBANK NATIONAL ASS 13F 1'671'372 0.53 (121'287) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies H PETER NESVOLD buy 5 M 89 12 month 05.07.2013
TD Securities CHERILYN RADBOURNE buy 5 M 88 12 month 04.07.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 04.07.2013
Sanford C. Bernstein & Co DAVID VERNON market perform 3 M 71 12 month 03.07.2013
Stifel JOHN G LARKIN buy 5 M 88 12 month 03.07.2013
Wolfe Research SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 03.07.2013
Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 01.07.2013
Cowen and Company JASON H SEIDL outperform 5 M 94 12 month 01.07.2013
Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 28.06.2013
Avondale Partners LLC DONALD BROUGHTON market perform 3 M 80 12 month 27.06.2013
Raymond James PATRICK TYLER BROWN outperform 5 M 85 12 month 26.06.2013
Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 85 12 month 25.06.2013
Barclays BRANDON OGLENSKI equalweight 3 M 80 Not Provided 24.06.2013
Goldman Sachs TOM KIM neutral/neutral 3 M 83 12 month 21.06.2013
Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 20.06.2013
BMO Capital Markets FADI CHAMOUN outperform 5 M 91 Not Provided 14.06.2013
RBC Capital Markets WALTER SPRACKLIN outperform 5 M 84 12 month 14.06.2013
FBR Capital Markets JOHN R MIMS outperform 5 M 90 12 month 07.05.2013
Deutsche Bank JUSTIN B YAGERMAN buy 5 M 85 12 month 02.05.2013
Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 30.04.2013
Atlantic Equities LLP RORRIE MARS overweight 5 M 87 12 month 26.04.2013
Credit Suisse CHRISTOPHER J CERASO outperform 5 M 89 Not Provided 24.04.2013
Stephens Inc JUSTIN LONG overweight 5 M 87 12 month 24.04.2013
BB&T Capital Markets MARK A LEVIN hold 3 M #N/A N/A Not Provided 24.04.2013
S&P Capital IQ KEVIN KIRKEBY buy 5 M 87 Not Provided 24.04.2013
JPMorgan THOMAS R WADEWITZ neutral 3 M 80 6 month 23.04.2013
Susquehanna Financial Group MATT TROY Positive 4 M 88 12 month 23.04.2013
Holdings By:
Norfolk Southern Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Oracle Corporation supplies software for enterprise information management. The
Company offers databases and relational servers, application development and
decision support tools, and enterprise business applications. Oracle's software
runs on network computers, personal digital assistants, set-top devices, PCs,
workstations, minicomputers, mainframes, and massively parallel computers.
Latest Fiscal Year: 05/2013
LTM as of: 05/yy
52-Week High (15.03.2013) 36.43
52-Week Low (12.07.2012) 28.61
Daily Volume
30.74
52-Week High % Change -15.54% Dividend Yield 0.98
52-Week Low % Change 7.44% Beta 1.14
% 52 Week Price Range High/Low 26.73% Equity Float 3'516.20
Shares Out 19.06.2013 4'630.8 Short Int 40.91
142'351.00 1 Yr Total Return 3.56%
Total Debt 18'494.00 YTD Return -7.74%
Preferred Stock 0.0 Adjusted BETA 1.139
Minority Interest 497.0 Analyst Recs 45
Cash and Equivalents 32'216.00 Consensus Rating 4.267
Enterprise Value 129'126.01
Average Volume 5 Day 9'563'269
ORCL UW EQUITY YTD Change - Average Volume 30 Day 8'272'565
ORCL UW EQUITY YTD % CHANGE - Average Volume 3 Month 7'130'783
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 05/yy 05/yy 05/14 Y 05/15 Y 08/13 Q1 11/13 Q2
23'252.0 26'820.0 35'622.0 37'121.0 37'180.0 37'121.0 37'180.0 39'032.1 41'025.4 8'478.8 9'441.5
4.11x 4.10x 4.52x 3.13x 3.87x 13.85x 15.27x 3.26x 2.93x 15.35x 13.92x
10'531.0 12'138.0 15'524.0 16'973.0 17'363.0 16'972.0 17'363.0 19'854.8 20'987.2 3'846.6 4'595.2
9.08x 9.06x 10.37x 6.84x 8.28x 6.84x 8.28x 6.50x 6.15x 6.68x 6.58x
5'593.0 6'135.0 8'547.0 9'981.0 10'925.0 9'981.0 10'926.0 13'664.9 14'696.7 2'671.3 3'244.8
17.50x 17.19x 19.46x 13.20x 15.15x 13.14x 15.17x 10.60x 9.68x 10.58x 10.34x
EBITDA 17'363.00 Long-Term Rating Date 24.04.2012
EBIT 14'432.00 Long-Term Rating A+
Operating Margin 38.82% Long-Term Outlook STABLE
Pretax Margin 37.38% Short-Term Rating Date 24.04.2012
Return on Assets 13.65% Short-Term Rating A-1+
Return on Common Equity 24.74%
Return on Capital 18.60% EBITDA/Interest Exp. 21.79
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 20.97
Net Debt/EBITDA -0.79
Gross Margin 80.9% Total Debt/EBITDA 1.07
EBITDA Margin 46.7%
EBIT Margin 38.8% Total Debt/Equity 41.4%
Net Income Margin 29.4% Total Debt/Capital 29.1%
Asset Turnover 0.46
Current Ratio 3.24 Net Fixed Asset Turnover 12.24
Quick Ratio 2.97 Accounts receivable turnover-days 60.99
Debt to Assets 22.61% Inventory Days 10.21
Tot Debt to Common Equity 41.42% Accounts Payable Turnover Day 21.74
Accounts Receivable Turnover 5.98 Cash Conversion Cycle 49.47
Inventory Turnover 35.74
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
Oracle CorpPrice/Volume
Valuation Analysis
1'558'291.00
Current Price (7/dd/yy) Market Data
&
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10'000.0
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20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ELLISON LAWRENCE JOS n/a Form 4 1'112'434'580 24.02 7'200'000 28.12.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 239'952'572 5.18 (9'544'420) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 218'248'544 4.71 (4'295'743) 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 173'943'841 3.76 2'006'738 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 155'515'462 3.36 (5'408'115) 02.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 93'881'599 2.03 18'873'146 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 81'107'202 1.75 4'166'701 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 79'305'376 1.71 988'951 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 68'814'590 1.49 (593'777) 03.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 67'695'851 1.46 (9'582'154) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 56'850'717 1.23 471'664 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 47'057'601 1.02 (2'133'215) 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 40'458'447 0.87 16'398'956 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 38'783'279 0.84 (941'214) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 38'397'212 0.83 - 31.12.2012 Government
JP MORGAN n/a ULT-AGG 36'514'551 0.79 (7'513'808) 31.05.2013 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 29'917'072 0.65 9'237'266 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 28'962'386 0.63 (3'150'482) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 28'289'333 0.61 (150'805) 31.03.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 27'732'588 0.6 (177'653) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
S&P Capital IQ BARBARA COFFEY buy 5 M 37 Not Provided 04.07.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 34 12 month 03.07.2013
Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 38 12 month 03.07.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 01.07.2013
Nomura RICHARD G SHERLUND buy 5 M 39 12 month 30.06.2013
Sanford C. Bernstein & Co MARK L MOERDLER market perform 3 M 33 12 month 28.06.2013
Raymond James MICHAEL TURITS outperform 5 M 36 12 month 28.06.2013
Macquarie BRAD A ZELNICK neutral 3 M 34 12 month 28.06.2013
Stifel BRAD REBACK buy 5 M 37 12 month 28.06.2013
Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 28.06.2013
Cowen and Company PETER GOLDMACHER market perform 3 M 30 12 month 28.06.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 40 Not Provided 27.06.2013
Jefferies ROSS MACMILLAN hold 3 M 34 12 month 27.06.2013
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 35 12 month 27.06.2013
JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 27.06.2013
BMO Capital Markets KARL KEIRSTEAD outperform 5 M 39 Not Provided 26.06.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 34 Not Provided 26.06.2013
Susquehanna Financial Group J DERRICK WOOD Positive 4 M 37 12 month 26.06.2013
FBR Capital Markets DAVID M HILAL outperform 5 M 38 12 month 25.06.2013
Societe Generale RICHARD NGUYEN hold 3 M 37 12 month 24.06.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 39 Not Provided 24.06.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 24.06.2013
Deutsche Bank NANDAN AMLADI hold 3 M 32 12 month 21.06.2013
Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 36 12 month 21.06.2013
Goldman Sachs HEATHER BELLINI buy/attractive 5 M 39 12 month 21.06.2013
RBC Capital Markets MATTHEW HEDBERG outperform 5 M 35 12 month 21.06.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 21.06.2013
JPMorgan JOHN DIFUCCI overweight 5 M 40 6 month 21.06.2013
Janney Montgomery Scott LLC YUN KIM buy 5 M 43 12 month 21.06.2013
Wedbush STEVEN R KOENIG neutral 3 M 34 12 month 21.06.2013
William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 21.06.2013
Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 33 12 month 21.06.2013
Piper Jaffray MARK R MURPHY overweight 5 M 37 12 month 21.06.2013
Barclays RAIMO LENSCHOW overweight 5 M 37 Not Provided 21.06.2013
Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 38 12 month 20.06.2013
Oppenheimer & Co BRIAN SCHWARTZ outperform 5 M 37 12 month 20.06.2013
Cross Research RICHARD T WILLIAMS hold 3 M 35 12 month 20.06.2013
MKM Partners ISRAEL HERNANDEZ buy 5 M 38 12 month 18.06.2013
Berenberg Bank DAUD KHAN sell 1 D 28 Not Provided 05.06.2013
Davenport & Co F DRAKE JOHNSTONE buy 5 M 40 12 month 21.03.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 20.02.2013
Holdings By:
Oracle Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Occidental Petroleum Corporation explores for, develops, produces, and markets
crude oil and natural gas. The Company also manufactures and markets a variety
of basic chemicals, vinyls and performance chemicals. Occidental also gathers,
treats, processes, transports, stores, trades and markets crude oil, natural
gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.05.2013) 95.56
52-Week Low (16.11.2012) 72.43
Daily Volume
89.67
52-Week High % Change -6.21% Dividend Yield 2.52
52-Week Low % Change 23.80% Beta 1.34
% 52 Week Price Range High/Low 74.92% Equity Float 794.39
Shares Out 31.03.2013 805.6 Short Int 11.92
72'242.07 1 Yr Total Return 4.77%
Total Debt 7'623.00 YTD Return 18.78%
Preferred Stock 0.0 Adjusted BETA 1.339
Minority Interest 32.0 Analyst Recs 28
Cash and Equivalents 1'592.00 Consensus Rating 4.321
Enterprise Value 77'784.07
Average Volume 5 Day 734'773
OXY UN EQUITY YTD Change - Average Volume 30 Day 1'078'043
OXY UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'134'383
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
24'217.0 14'814.0 19'045.0 23'939.0 24'172.0 24'481.0 23'776.0 24'741.7 25'611.1 5'972.3 6'228.1
2.05x 4.58x 4.32x 3.26x 2.80x 12.42x 11.89x 3.14x 2.95x 13.14x 12.56x
14'622.0 7'755.0 10'816.0 14'168.0 13'701.0 14'451.0 13'369.0 15'078.6 16'148.2 3'660.6 3'812.6
3.39x 8.75x 7.61x 5.51x 4.95x 5.49x 5.14x 5.16x 4.82x 5.17x 5.13x
6'857.0 2'915.0 4'530.0 6'771.0 4'598.0 6'781.0 4'394.0 5'795.6 6'070.1 1'378.0 1'547.0
6.70x 21.06x 17.21x 11.53x 10.79x 11.46x 11.38x 12.53x 11.88x 12.24x 12.10x
EBITDA 13'701.00 Long-Term Rating Date 23.06.2008
EBIT 9'190.00 Long-Term Rating A
Operating Margin 38.02% Long-Term Outlook STABLE
Pretax Margin 32.07% Short-Term Rating Date 23.06.2008
Return on Assets 6.90% Short-Term Rating A-1
Return on Common Equity 11.03%
Return on Capital 9.60% EBITDA/Interest Exp. 105.39
Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. 26.73
Net Debt/EBITDA 0.41
Gross Margin 46.1% Total Debt/EBITDA 0.57
EBITDA Margin 56.2%
EBIT Margin 36.5% Total Debt/Equity 19.0%
Net Income Margin 19.0% Total Debt/Capital 16.0%
Asset Turnover 0.37
Current Ratio 1.30 Net Fixed Asset Turnover 0.48
Quick Ratio 0.89 Accounts receivable turnover-days 82.18
Debt to Assets 11.87% Inventory Days 35.25
Tot Debt to Common Equity 19.05% Accounts Payable Turnover Day 142.97
Accounts Receivable Turnover 4.44 Cash Conversion Cycle -25.72
Inventory Turnover 10.36
Fiscal Year Ended
Occidental Petroleum CorpPrice/Volume
Valuation Analysis
131'938.00
Current Price (7/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&
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.!2 9
0!& 9
0!2 9
1!& 9
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!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 50'740'156 6.3 (225'049) 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 42'890'499 5.32 7'307'518 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 35'509'235 4.41 754'618 02.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 25'704'377 3.19 2'013'009 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'641'299 2.69 (6'197'393) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'387'271 1.91 (599'066) 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 14'439'660 1.79 278'387 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 14'245'580 1.77 (9'372'750) 31.05.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 13'241'923 1.64 (561'785) 31.05.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 11'990'361 1.49 (3'717'040) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 11'418'598 1.42 452'434 31.03.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'706'558 1.2 770'734 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 9'073'196 1.13 (1'114'340) 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 8'841'942 1.1 (2'855'914) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 8'539'701 1.06 2'246'307 31.03.2013 Investment Advisor
IRANI RAY R n/a Form 4 7'929'622 0.98 (49'245) 21.12.2012 n/a
INVESCO LTD n/a ULT-AGG 7'807'122 0.97 280'983 03.07.2013 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 7'557'583 0.94 2'266'638 31.03.2013 Investment Advisor
CI INVESTMENTS INC CI INVESTMENTS INC 13F 6'527'618 0.81 864'450 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 6'294'783 0.78 340'286 31.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sterne, Agee & Leach TIM A REZVAN neutral 3 M #N/A N/A Not Provided 03.07.2013
Spin-Off Research TEAM COVERAGE buy 5 N 100 Not Provided 01.07.2013
Raymond James PAVEL MOLCHANOV outperform 5 M 100 12 month 28.06.2013
Susquehanna Financial Group DUANE GRUBERT neutral 3 M 103 12 month 27.06.2013
Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 25.06.2013
Oppenheimer & Co FADEL GHEIT outperform 5 M 115 18 month 21.06.2013
ISI Group DOUGLAS T TERRESON strong buy 5 M 105 12 month 19.06.2013
Capital One Southcoast, Inc. BRIAN T VELIE add 4 M 116 Not Provided 18.06.2013
Societe Generale JOHN HERRLIN buy 5 M 115 12 month 13.06.2013
JPMorgan KATHERINE LUCAS MINYARD overweight 5 M 108 6 month 03.06.2013
Deutsche Bank PAUL SANKEY buy 5 M 116 12 month 31.05.2013
Cowen and Company ASIT SEN outperform 5 M 110 12 month 31.05.2013
Tudor Pickering & Co MATTHEW PORTILLO buy 5 M 107 Not Provided 28.05.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 16.05.2013
Argus Research Corp JONATHAN GELCIUS buy 5 M 105 Not Provided 14.05.2013
Goldman Sachs ARJUN N MURTI buy/attractive 5 M 104 12 month 06.05.2013
Wells Fargo Securities, LLC ROGER D READ market perform 3 M #N/A N/A Not Provided 06.05.2013
RBC Capital Markets LEO P MARIANI sector perform 3 M 88 12 month 03.05.2013
Barclays THOMAS R DRISCOLL equalweight 3 M 94 Not Provided 29.04.2013
Morgan Stanley J EVAN CALIO Equalwt/Attractive 3 M 86 12 month 26.04.2013
Credit Suisse EDWARD WESTLAKE outperform 5 M 110 Not Provided 26.04.2013
Macquarie JASON D GAMMEL neutral 3 M 92 12 month 26.04.2013
Howard Weil Inc PETER KISSEL sector outperform 5 M 109 12 month 25.04.2013
S&P Capital IQ MICHAEL KAY buy 5 M 100 Not Provided 25.04.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 28.02.2013
Holdings By:
Occidental Petroleum Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The
Company manufacture or uses contract manufacturers, market and sell a variety of
grain-based snacks, carbonated and non-carbonated beverages and foods in
countries throughout the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (16.05.2013) 84.78
52-Week Low (31.12.2012) 67.39
Daily Volume
80.56
52-Week High % Change -5.08% Dividend Yield 2.67
52-Week Low % Change 19.54% Beta 0.56
% 52 Week Price Range High/Low 76.71% Equity Float 1'543.43
Shares Out 11.04.2013 1'546.4 Short Int 13.37
124'579.30 1 Yr Total Return 17.23%
Total Debt 28'359.00 YTD Return 19.39%
Preferred Stock 41.0 Adjusted BETA 0.562
Minority Interest 105.0 Analyst Recs 25
Cash and Equivalents 6'619.00 Consensus Rating 4.200
Enterprise Value 147'122.29
Average Volume 5 Day 1'294'495
PEP UN EQUITY YTD Change - Average Volume 30 Day 1'399'860
PEP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'290'493
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
43'251.0 43'232.0 57'838.0 66'504.0 65'492.0 66'995.0 65'645.0 67'546.8 70'701.7 16'800.1 17'324.3
2.10x 2.31x 2.12x 1.90x 1.94x 7.60x 8.19x 2.17x 2.07x 8.83x 8.51x
8'478.0 9'679.0 10'659.0 12'370.0 11'801.0 12'398.0 11'733.0 12'991.1 13'818.4 3'442.7 3'617.3
10.70x 10.31x 11.51x 10.22x 10.75x 10.21x 12.28x 11.32x 10.64x 11.19x 11.05x
5'142.0 5'946.0 6'320.0 6'443.0 6'178.0 6'427.0 6'126.0 6'826.4 7'304.8 1'847.1 1'975.4
14.85x 16.45x 15.91x 15.08x 16.61x 14.98x 19.12x 18.32x 16.87x 18.19x 17.77x
EBITDA 11'801.00 Long-Term Rating Date 17.03.2010
EBIT 9'112.00 Long-Term Rating A
Operating Margin 13.91% Long-Term Outlook STABLE
Pretax Margin 12.68% Short-Term Rating Date 17.01.1989
Return on Assets 8.18% Short-Term Rating A-1
Return on Common Equity 27.27%
Return on Capital 13.37% EBITDA/Interest Exp. 13.05
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 10.05
Net Debt/EBITDA 1.91
Gross Margin 52.2% Total Debt/EBITDA 2.51
EBITDA Margin 17.9%
EBIT Margin 13.8% Total Debt/Equity 127.4%
Net Income Margin 9.4% Total Debt/Capital 55.9%
Asset Turnover 0.88
Current Ratio 1.10 Net Fixed Asset Turnover 3.38
Quick Ratio 0.80 Accounts receivable turnover-days 39.90
Debt to Assets 38.00% Inventory Days 47.39
Tot Debt to Common Equity 127.44% Accounts Payable Turnover Day 131.90
Accounts Receivable Turnover 9.12 Cash Conversion Cycle -56.84
Inventory Turnover 7.68
Fiscal Year Ended
PepsiCo IncPrice/Volume
Valuation Analysis
181'570.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 81'747'020 5.29 3'601'157 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 77'141'209 4.99 (2'527'749) 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 63'279'921 4.09 (636'238) 02.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 60'124'476 3.89 9'687'756 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 27'627'719 1.79 911'259 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 25'642'996 1.66 (9'347'225) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 25'596'642 1.66 (722'939) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 24'087'706 1.56 359'311 31.03.2013 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 23'044'812 1.49 38'195 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 21'084'467 1.36 (767'387) 31.03.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 16'561'754 1.07 326'300 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 15'876'856 1.03 (2'608'589) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 15'550'296 1.01 (1'418'569) 31.05.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 14'782'454 0.96 2'420'768 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 14'272'909 0.92 (192'933) 30.04.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 13'813'579 0.89 963'100 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 12'825'394 0.83 (36'552) 30.04.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 12'667'234 0.82 - 31.12.2012 Government
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 12'165'217 0.79 1'481'846 31.03.2013 Investment Advisor
TRIAN FUND MANAGEMEN TRIAN FUND MANAGEMEN 13F 12'030'846 0.78 8'098'183 31.03.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ALI DIBADJ outperform 5 M 89 12 month 28.06.2013
Stifel MARK D SWARTZBERG hold 3 M #N/A N/A Not Provided 28.06.2013
Deutsche Bank WILLIAM G SCHMITZ buy 5 M 85 12 month 27.06.2013
Goldman Sachs JUDY E HONG neutral/neutral 3 M 88 12 month 24.06.2013
Credit Suisse MICHAEL STEIB neutral 3 N 87 Not Provided 18.06.2013
Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 14.06.2013
Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 31.05.2013
BMO Capital Markets AMIT SHARMA outperform 5 N 92 Not Provided 21.05.2013
Morgan Stanley DARA MOHSENIAN Overwt/In-Line 5 M 91 12 month 09.05.2013
Argus Research Corp JOHN D STASZAK buy 5 M 92 12 month 22.04.2013
Ameriprise Advisor Services, Inc PATRICK DIEDRICKSON buy 5 M #N/A N/A Not Provided 22.04.2013
JPMorgan JOHN A FAUCHER overweight 5 M 86 6 month 19.04.2013
HSBC LAUREN E TORRES overweight 5 M 89 Not Provided 19.04.2013
Davenport & Co ANN H GURKIN neutral 3 M #N/A N/A Not Provided 19.04.2013
Gabelli & Co DAMIAN A WITKOWSKI buy 5 M #N/A N/A Not Provided 19.04.2013
Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 82 12 month 18.04.2013
S&P Capital IQ ESTHER KWON buy 5 M 91 Not Provided 18.04.2013
Barclays MICHAEL J BRANCA overweight 5 M 87 Not Provided 18.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 25.02.2013
Daiwa Securities Co. Ltd. TEAM COVERAGE neutral 3 M 78 Not Provided 21.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 16.01.2013
Oracle Investment Research LAURENCE BALTER buy 5 M 75 Not Provided 25.07.2012
Atlantic Equities LLP VICTORIA COLLIN not rated #N/A N/A M #N/A N/A Not Provided 24.03.2010
Holdings By:
PepsiCo Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Pfizer Inc. is a research-based, global pharmaceutical company that discovers,
develops, manufactures, and markets medicines for humans and animals. The
Company's products include prescription pharmaceuticals, non-prescription
self-medications, and animal health products such as anti-infective medicines
and vaccines.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 31.14
52-Week Low (12.07.2012) 22.16
Daily Volume
27.93
52-Week High % Change -10.31% Dividend Yield 3.22
52-Week Low % Change 26.04% Beta 0.77
% 52 Week Price Range High/Low 61.14% Equity Float 7'088.76
Shares Out 06.05.2013 7'093.2 Short Int 218.27
198'113.73 1 Yr Total Return 26.50%
Total Debt 37'460.00 YTD Return 13.27%
Preferred Stock 39.0 Adjusted BETA 0.772
Minority Interest 418.0 Analyst Recs 24
Cash and Equivalents 32'708.00 Consensus Rating 4.292
Enterprise Value 203'759.73
Average Volume 5 Day 22'312'922
PFE UN EQUITY YTD Change - Average Volume 30 Day 16'502'724
PFE UN EQUITY YTD % CHANGE - Average Volume 3 Month 11'815'752
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 04/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
48'296.0 50'009.0 67'057.0 65'259.0 58'986.0 64'121.0 57'601.0 54'271.6 53'095.9 13'758.4 13'247.7
2.35x 3.40x 2.34x 2.71x 3.18x 10.75x 13.61x 4.04x 3.95x - -
22'146.0 21'810.0 29'319.0 30'037.0 27'270.0 28'334.0 25'049.0 25'556.1 25'084.7 6'495.0 6'230.0
5.12x 7.79x 5.35x 5.89x 6.88x 6.53x 8.40x 7.97x 8.12x 8.46x 8.76x
8'104.0 8'635.0 8'257.0 10'009.0 14'570.0 9'581.0 15'526.0 15'189.0 15'317.5 3'980.6 3'750.9
7.32x 9.00x 7.92x 9.55x 11.45x 10.02x 13.40x 12.82x 12.02x 12.68x 12.50x
EBITDA 27'270.00 Long-Term Rating Date 16.10.2009
EBIT 19'659.00 Long-Term Rating AA
Operating Margin 33.33% Long-Term Outlook STABLE
Pretax Margin 20.48% Short-Term Rating Date 23.11.1981
Return on Assets 8.32% Short-Term Rating A-1+
Return on Common Equity 18.77%
Return on Capital 13.62% EBITDA/Interest Exp. 17.42
Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. 16.58
Net Debt/EBITDA 0.20
Gross Margin 81.4% Total Debt/EBITDA 1.61
EBITDA Margin 43.5%
EBIT Margin 31.1% Total Debt/Equity 46.1%
Net Income Margin 24.7% Total Debt/Capital 31.4%
Asset Turnover 0.31
Current Ratio 2.15 Net Fixed Asset Turnover 3.82
Quick Ratio 1.58 Accounts receivable turnover-days 85.05
Debt to Assets 20.16% Inventory Days 233.47
Tot Debt to Common Equity 46.12% Accounts Payable Turnover Day 106.03
Accounts Receivable Turnover 4.28 Cash Conversion Cycle 179.54
Inventory Turnover 1.56
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
Pfizer IncPrice/Volume
Valuation Analysis
2'551'070.00
Current Price (7/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 474'279'852 6.69 6'614'619 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 336'677'440 4.75 5'309'166 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 315'321'414 4.45 (8'498'204) 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 148'301'523 2.09 (7'729'144) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 140'673'343 1.98 (1'695'593) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 135'503'244 1.91 (14'961'567) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 119'833'582 1.69 (1'426'523) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 110'287'763 1.55 1'622'862 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 103'771'812 1.46 (2'572'106) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 97'598'338 1.38 435'154 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 85'058'992 1.2 (164'156) 31.05.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 79'999'525 1.13 - 31.03.2013 Insurance Company
JP MORGAN n/a ULT-AGG 76'678'805 1.08 (38'008'636) 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 72'636'352 1.02 (1'774'696) 03.07.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 70'664'971 1 1'869'289 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 69'759'556 0.98 (1'488'114) 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 62'266'769 0.88 889'221 31.05.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 60'070'940 0.85 - 31.12.2012 Government
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 58'282'831 0.82 296'201 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 55'724'978 0.79 3'789'900 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 32 12 month 02.07.2013
Spin-Off Research TEAM COVERAGE buy 5 M 33 Not Provided 02.07.2013
SunTrust Robinson Humphrey JOHN T BORIS reduce 2 M 27 12 month 01.07.2013
JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 33 12 month 01.07.2013
Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 01.07.2013
Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 27.06.2013
Cowen and Company STEVEN R SCALA outperform 5 M 33 12 month 27.06.2013
BMO Capital Markets ALEX ARFAEI outperform 5 M 33 Not Provided 25.06.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 30 12 month 25.06.2013
Morgan Stanley DAVID R RISINGER not rated #N/A N/A M #N/A N/A Not Provided 24.06.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 28 12 month 13.06.2013
Jefferies JEFFREY HOLFORD buy 5 M 32 12 month 07.06.2013
Argus Research Corp JOHN M EADE buy 5 M 32 12 month 05.06.2013
Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 35 12 month 31.05.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 28.05.2013
MKM Partners JON LECROY neutral 3 M 29 12 month 23.05.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 33 Not Provided 22.05.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 11.05.2013
Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 34 12 month 30.04.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 32 Not Provided 30.04.2013
Goldman Sachs JAMI E RUBIN buy/attractive 5 M 32 12 month 30.01.2013
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 U 21 Not Provided 08.08.2012
Cyrrus TOMAS MENCIK hold 3 M 24 Not Provided 05.04.2012
First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 09.02.2012
Fincorp SAOG GAURAV RAMAIYA buy 5 M 24 Not Provided 13.10.2011
McAdams Wright Ragen Inc PAUL C LATTA focus list 5 M 25 12 month 30.04.2009
Holdings By:
Pfizer Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
The Procter & Gamble Company manufactures and markets consumer products in
countries throughout the world. The Company provides products in the laundry
and cleaning, paper, beauty care, food and beverage, and health care segments.
Procter & Gamble's products are sold primarily through mass merchandisers,
grocery stores, membership club stores, drug stores, and neighborhood stores.
Latest Fiscal Year: 06/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 82.54
52-Week Low (06.07.2012) 60.87
Daily Volume
78.05
52-Week High % Change -5.51% Dividend Yield 2.88
52-Week Low % Change 28.22% Beta 0.63
% 52 Week Price Range High/Low 81.68% Equity Float 2'738.13
Shares Out 31.03.2013 2'740.8 Short Int 19.79
213'917.38 1 Yr Total Return 31.41%
Total Debt 29'778.00 YTD Return 16.80%
Preferred Stock 1'195.0 Adjusted BETA 0.632
Minority Interest 596.0 Analyst Recs 32
Cash and Equivalents 4'436.00 Consensus Rating 3.875
Enterprise Value 242'092.37
Average Volume 5 Day 1'996'324
PG UN EQUITY YTD Change - Average Volume 30 Day 2'684'682
PG UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'585'100
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1
81'748.0 76'694.0 78'938.0 81'104.0 83'680.0 84'328.0 83'724.0 84'460.3 86'564.2 20'548.6 21'375.3
2.68x 2.38x 2.52x 2.55x 2.34x 9.99x 10.35x 2.86x 2.78x 11.76x 11.42x
19'803.0 18'456.0 19'129.0 18'333.0 18'072.0 18'252.0 17'876.0 19'000.8 20'256.6 3'968.0 5'234.7
11.05x 9.91x 10.41x 11.27x 10.82x 11.79x 13.39x 12.74x 11.95x 12.27x 12.05x
12'075.0 13'436.0 12'736.0 11'927.0 10'756.0 9'635.0 13'068.0 11'798.9 12'481.5 2'238.5 3'255.4
17.08x 14.68x 16.34x 16.43x 15.91x 17.30x 18.85x 19.29x 18.04x 18.59x 18.10x
EBITDA 18'072.00 Long-Term Rating Date 10.05.2005
EBIT 14'868.00 Long-Term Rating AA-
Operating Margin 17.77% Long-Term Outlook STABLE
Pretax Margin 15.28% Short-Term Rating Date 10.05.2005
Return on Assets 9.55% Short-Term Rating A-1+
Return on Common Equity 19.69%
Return on Capital 13.77% EBITDA/Interest Exp. 23.50
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 18.35
Net Debt/EBITDA 1.47
Gross Margin 49.3% Total Debt/EBITDA 1.80
EBITDA Margin 21.4%
EBIT Margin 17.8% Total Debt/Equity 47.8%
Net Income Margin 12.9% Total Debt/Capital 31.7%
Asset Turnover 0.61
Current Ratio 0.88 Net Fixed Asset Turnover 4.03
Quick Ratio 0.42 Accounts receivable turnover-days 28.05
Debt to Assets 22.52% Inventory Days 62.81
Tot Debt to Common Equity 47.84% Accounts Payable Turnover Day 61.19
Accounts Receivable Turnover 13.01 Cash Conversion Cycle 17.96
Inventory Turnover 5.81
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
Procter & Gamble Co/ThePrice/Volume
Valuation Analysis
518'671.00
Current Price (7/dd/yy) Market Data
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 146'266'408 5.34 3'876'301 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 136'689'650 4.99 5'311'290 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 120'404'997 4.39 (4'274'081) 02.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 60'121'933 2.19 9'442'707 31.03.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 52'793'078 1.93 - 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 43'610'797 1.59 964'896 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 41'437'961 1.51 144'389 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 36'334'549 1.33 6'905'648 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 34'268'315 1.25 (162'119) 31.03.2013 Investment Advisor
PERSHING SQUARE CAPI PERSHING SQUARE CAPI 13F 27'946'892 1.02 - 31.03.2013 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 27'892'120 1.02 139'018 31.05.2013 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 26'537'423 0.97 (1'214'676) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 25'001'635 0.91 179'445 31.05.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 22'907'647 0.84 877'947 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 22'725'237 0.83 2'350'896 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 22'102'179 0.81 - 31.12.2012 Government
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 20'372'600 0.74 - 31.03.2013 Insurance Company
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 18'538'813 0.68 428'765 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 16'735'995 0.61 2'564'749 31.03.2013 Unclassified
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 16'259'487 0.59 2'167'073 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
William Blair & Co JON R ANDERSEN outperform 5 M #N/A N/A Not Provided 03.07.2013
B Riley & Co LINDA BOLTON WEISER neutral 3 M 85 Not Provided 03.07.2013
Canaccord Genuity Corp ALICIA FORRY buy 5 M 87 12 month 03.07.2013
Sanford C. Bernstein & Co ALI DIBADJ outperform 5 M 87 12 month 28.06.2013
BMO Capital Markets CONSTANCE M MANEATY outperform 5 M 87 Not Provided 27.06.2013
RBC Capital Markets JASON M GERE sector perform 3 M 83 12 month 26.06.2013
Credit Suisse MICHAEL STEIB neutral 3 M 85 Not Provided 25.06.2013
Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 25.06.2013
Goldman Sachs JASON ENGLISH neutral/neutral 3 M 82 12 month 24.06.2013
Barclays LAUREN R LIEBERMAN overweight 5 M 83 Not Provided 20.06.2013
Deutsche Bank WILLIAM G SCHMITZ buy 5 M 87 12 month 13.06.2013
Wells Fargo Securities, LLC TIMOTHY A CONDER market perform 3 M #N/A N/A Not Provided 13.06.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 83 12 month 29.05.2013
Buckingham Research Group ALICE BEEBE LONGLEY neutral 3 M 74 12 month 28.05.2013
Morgan Stanley DARA MOHSENIAN Equalwt/In-Line 3 M #N/A N/A Not Provided 24.05.2013
SunTrust Robinson Humphrey WILLIAM CHAPPELL buy 5 M 88 12 month 24.05.2013
Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 24.05.2013
S&P Capital IQ IAN GORDON hold 3 M 83 Not Provided 24.05.2013
Oracle Investment Research LAURENCE BALTER hold 3 U 80 Not Provided 24.05.2013
Oppenheimer & Co JOSEPH ALTOBELLO market perform 3 M #N/A N/A Not Provided 23.05.2013
Argus Research Corp JOHN D STASZAK buy 5 M 86 12 month 25.04.2013
Hilliard Lyons JEFFREY S THOMISON neutral 3 M #N/A N/A Not Provided 25.04.2013
JPMorgan JOHN A FAUCHER overweight 5 M 80 6 month 25.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 25.02.2013
Ameriprise Advisor Services, Inc PATRICK DIEDRICKSON buy 5 M #N/A N/A Not Provided 29.01.2013
Daiwa Securities Co. Ltd. TEAM COVERAGE neutral 3 M 76 Not Provided 29.01.2013
Janney Montgomery Scott LLC JOHN SAN MARCO buy 5 M 81 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 16.01.2013
Atlantic Equities LLP VICTORIA COLLIN neutral 3 M 70 12 month 19.11.2012
Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 02.02.2009
Holdings By:
Procter & Gamble Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Philip Morris International Inc., through its subsidiaries, affiliates and
their licensees, produces, sells, distributes, and markets a wide range of
branded cigarettes and tobacco products in markets outside of the United States
of America. The Company's portfolio comprises both international and local
brands.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (01.05.2013) 96.72
52-Week Low (15.11.2012) 82.11
Daily Volume
87.17
52-Week High % Change -9.90% Dividend Yield 3.81
52-Week Low % Change 6.16% Beta 0.79
% 52 Week Price Range High/Low 38.60% Equity Float 1'537.16
Shares Out 30.04.2013 1'635.5 Short Int 11.04
142'567.16 1 Yr Total Return 1.23%
Total Debt 22'839.00 YTD Return 6.22%
Preferred Stock 0.0 Adjusted BETA 0.793
Minority Interest 1'623.0 Analyst Recs 22
Cash and Equivalents 2'983.00 Consensus Rating 4.091
Enterprise Value 165'766.16
Average Volume 5 Day 2'178'484
PM UN EQUITY YTD Change - Average Volume 30 Day 1'880'353
PM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'630'850
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
25'705.0 25'035.0 27'208.0 31'097.0 31'377.0 31'754.0 31'513.0 32'118.1 33'745.0 8'223.0 8'208.7
3.82x 4.20x 4.48x 4.92x 5.09x 18.32x 21.30x 5.20x 5.01x - -
11'174.0 10'922.0 12'179.0 14'434.0 14'827.0 14'810.0 14'801.0 15'311.3 16'369.4 3'897.0 4'140.2
8.79x 9.64x 10.01x 10.60x 10.78x 11.50x 11.84x 10.84x 10.14x 10.63x 10.51x
6'890.0 6'342.0 7'259.0 8'591.0 8'800.0 8'833.0 8'764.0 9'061.2 9'709.8 2'312.0 2'438.9
13.11x 14.70x 14.86x 16.02x 16.08x 17.44x 17.65x 15.63x 14.01x 15.30x 14.91x
EBITDA 14'827.00 Long-Term Rating Date 05.03.2008
EBIT 13'929.00 Long-Term Rating A
Operating Margin 44.39% Long-Term Outlook STABLE
Pretax Margin 41.39% Short-Term Rating Date 05.03.2008
Return on Assets 23.75% Short-Term Rating A-1
Return on Common Equity -
Return on Capital 43.08% EBITDA/Interest Exp. 14.72
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 13.68
Net Debt/EBITDA 1.46
Gross Margin 66.9% Total Debt/EBITDA 1.73
EBITDA Margin 47.0%
EBIT Margin 44.1% Total Debt/Equity -
Net Income Margin 28.0% Total Debt/Capital 108.8%
Asset Turnover 0.85
Current Ratio 0.97 Net Fixed Asset Turnover 4.88
Quick Ratio 0.39 Accounts receivable turnover-days 40.90
Debt to Assets 60.63% Inventory Days 267.74
Tot Debt to Common Equity - Accounts Payable Turnover Day 33.11
Accounts Receivable Turnover 8.92 Cash Conversion Cycle 305.87
Inventory Turnover 1.36
Fiscal Year Ended
Philip Morris International IncPrice/Volume
Valuation Analysis
242'457.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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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
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 142'089'661 8.69 (3'606'537) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 91'950'440 5.62 - 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 78'917'908 4.83 1'302'339 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 70'779'041 4.33 (2'235'967) 02.07.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 32'064'748 1.96 996'199 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 29'404'427 1.8 (1'050'596) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 26'682'667 1.63 1'285'636 31.05.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 22'609'871 1.38 (1'257'787) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 22'342'915 1.37 (807'514) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 21'918'878 1.34 117'092 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 20'777'875 1.27 2'046'440 31.05.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 20'703'300 1.27 (410'525) 31.03.2013 Investment Advisor
FAYEZ SAROFIM FAYEZ SAROFIM 13F 19'964'097 1.22 (1'939'264) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 15'041'647 0.92 (217'528) 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 14'901'652 0.91 (68'022) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'747'270 0.9 2'416'707 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 14'060'363 0.86 (75'964) 31.03.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 13'600'984 0.83 731'400 30.04.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 13'223'436 0.81 13'773 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 11'237'714 0.69 (2'500'535) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel CHRISTOPHER R GROWE buy 5 M 100 12 month 02.07.2013
Credit Suisse ROGERIO FUJIMORI neutral 3 M 90 Not Provided 01.07.2013
Barclays MICHAEL J BRANCA overweight 5 M 104 Not Provided 26.06.2013
Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 25.06.2013
Goldman Sachs JUDY E HONG Buy/Neutral 5 M 105 12 month 24.06.2013
Jefferies THILO WREDE hold 3 M 95 12 month 05.06.2013
Morgan Stanley DAVID J ADELMAN Overwt/In-Line 5 M 95 12 month 03.06.2013
Nomura DAVID HAYES neutral 3 M 94 Not Provided 23.05.2013
Wells Fargo Securities, LLC BONNIE HERZOG outperform 5 M #N/A N/A Not Provided 21.05.2013
Berenberg Bank ERIK BLOOMQUIST buy 5 M 100 Not Provided 20.05.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 98 Not Provided 19.04.2013
Ameriprise Advisor Services, Inc PATRICK DIEDRICKSON buy 5 M #N/A N/A Not Provided 19.04.2013
Renaissance Capital REY WIUM hold 3 M 97 12 month 19.04.2013
JPMorgan RAE MAILE neutral 3 M 108 6 month 18.04.2013
Davenport & Co ANN H GURKIN buy 5 M 100 Not Provided 18.04.2013
S&P Capital IQ ESTHER KWON strong buy 5 M 103 Not Provided 18.04.2013
Daiwa Securities Co. Ltd. TEAM COVERAGE neutral 3 M 91 Not Provided 27.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 25.02.2013
Holdings By:
Philip Morris International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
QUALCOMM, Inc . manufactures digital wireless communications equipment. The
Company licenses its code division multiple access (CDMA) and orthogonal
frequency division multiplexing access intellectual property to other companies,
and produces CDMA-based integrated circuits, and produces equipment and software
used to track workers and assets, and software for wireless content enablement.
Latest Fiscal Year: 09/2012
LTM as of: 03/yy
52-Week High (05.03.2013) 68.49
52-Week Low (17.07.2012) 53.09
Daily Volume
60.39
52-Week High % Change -11.81% Dividend Yield 1.66
52-Week Low % Change 13.75% Beta 1.05
% 52 Week Price Range High/Low 50.78% Equity Float 1'706.43
Shares Out 22.04.2013 1'727.8 Short Int 15.71
104'343.98 1 Yr Total Return 9.21%
Total Debt 0.00 YTD Return -1.72%
Preferred Stock 0.0 Adjusted BETA 1.047
Minority Interest 22.0 Analyst Recs 50
Cash and Equivalents 26'837.00 Consensus Rating 4.600
Enterprise Value 73'821.98
Average Volume 5 Day 2'932'723
QCOM UW EQUITY YTD Change - Average Volume 30 Day 4'300'807
QCOM UW EQUITY YTD % CHANGE - Average Volume 3 Month 4'005'205
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 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4
11'142.0 10'416.0 10'982.0 14'957.0 19'121.0 17'364.0 21'639.0 24'492.4 27'240.8 6'051.7 6'321.2
5.80x 5.46x 4.96x 4.32x 4.17x 17.05x 14.34x 3.37x 2.80x 13.46x 12.70x
4'186.0 3'644.0 4'393.0 6'087.0 6'579.0 6'348.0 7'549.0 9'168.7 10'248.5 2'091.8 2'183.5
15.44x 15.60x 12.41x 10.62x 12.12x 13.95x 11.26x 8.05x 7.20x 7.74x 7.48x
3'160.0 1'592.0 3'247.0 4'260.0 6'109.0 5'722.0 6'250.0 7'966.6 8'814.0 1'843.8 1'933.9
21.73x 33.41x 19.63x 16.71x 17.40x 20.45x 18.27x 13.34x 12.38x 13.11x 12.74x
EBITDA 6'579.00 Long-Term Rating Date 19.12.2001
EBIT 5'682.00 Long-Term Rating NR
Operating Margin 29.72% Long-Term Outlook -
Pretax Margin 34.32% Short-Term Rating Date -
Return on Assets 14.02% Short-Term Rating -
Return on Common Equity 17.99%
Return on Capital 17.78% EBITDA/Interest Exp. 73.10
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 58.83
Net Debt/EBITDA -4.05
Gross Margin 62.9% Total Debt/EBITDA 0.00
EBITDA Margin 34.9%
EBIT Margin 30.4% Total Debt/Equity 0.0%
Net Income Margin 31.9% Total Debt/Capital 0.0%
Asset Turnover 0.49
Current Ratio 2.95 Net Fixed Asset Turnover 7.55
Quick Ratio 2.61 Accounts receivable turnover-days 26.39
Debt to Assets 0.00% Inventory Days 51.43
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 60.17
Accounts Receivable Turnover 14.06 Cash Conversion Cycle 13.58
Inventory Turnover 7.21
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
QUALCOMM IncPrice/Volume
Valuation Analysis
1'204'006.00
Current Price (7/dd/yy) Market Data
&
-&
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0&
1&
2&
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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
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 98'526'634 5.7 1'056'948 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 78'646'090 4.55 2'470'673 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 69'165'634 4 (1'590'554) 02.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 63'992'180 3.7 (1'833'685) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 45'839'517 2.65 (2'725'712) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 37'221'715 2.15 (2'037'442) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 27'955'600 1.62 (247'513) 03.07.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 27'042'497 1.57 422'314 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 21'352'635 1.24 1'831'527 30.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 21'111'354 1.22 (7'055'093) 31.05.2013 Investment Advisor
UBS n/a ULT-AGG 20'328'929 1.18 1'624'440 31.03.2013 Unclassified
JACOBS IRWIN MARK n/a Form 4 18'545'579 1.07 (66'379) 05.03.2012 n/a
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 17'557'577 1.02 (2'443'209) 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 17'355'120 1 (699'993) 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 17'026'570 0.99 164'657 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 16'936'195 0.98 (1'034'950) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 14'544'137 0.84 3'594'160 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 14'202'067 0.82 (890'909) 31.05.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 13'514'310 0.78 407'826 31.05.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 13'118'618 0.76 - 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
S&P Capital IQ JAMES G MOORMAN strong buy 5 M 85 12 month 04.07.2013
Exane BNP Paribas JEROME RAMEL outperform 5 M 75 Not Provided 03.07.2013
Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 80 12 month 01.07.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 01.07.2013
Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 85 12 month 01.07.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 80 12 month 01.07.2013
RBC Capital Markets MARK SUE outperform 5 M 72 12 month 27.06.2013
Brean Capital LLC MIKE BURTON buy 5 M 77 12 month 26.06.2013
Nomura ROMIT SHAH buy 5 M 75 12 month 25.06.2013
William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 24.06.2013
JMP Securities ALEX GAUNA market outperform 4 M 80 12 month 24.06.2013
Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 21.06.2013
Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 85 12 month 20.06.2013
Northland Securities Inc THOMAS SEPENZIS outperform 5 M 80 12 month 20.06.2013
BMO Capital Markets TIMOTHY P LONG outperform 5 M 77 Not Provided 17.06.2013
Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 78 12 month 17.06.2013
FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 76 12 month 13.06.2013
Deutsche Bank BRIAN T MODOFF buy 5 M 78 12 month 12.06.2013
Evercore Partners MARK A MCKECHNIE overweight 5 M 75 12 month 12.06.2013
Barclays BLAYNE CURTIS overweight 5 M 68 Not Provided 10.06.2013
D.A. Davidson & Co AALOK K SHAH neutral 3 M 65 18 month 07.06.2013
Topeka Capital Markets Inc SUJI DE SILVA hold 3 M 65 12 month 07.06.2013
Argus Research Corp JAMES KELLEHER buy 5 M 80 12 month 06.06.2013
Pacific Crest Securities JAMES FAUCETTE outperform 5 M 70 12 month 06.06.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 06.06.2013
Piper Jaffray AUGUSTE P RICHARD overweight 5 M 74 12 month 29.05.2013
Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 70 Not Provided 23.05.2013
Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 22.05.2013
Berenberg Bank ADNAAN AHMAD sell 1 M 50 Not Provided 21.05.2013
MKM Partners ADA MENAKER buy 5 M 74 12 month 21.05.2013
Raymond James TAVIS C MCCOURT strong buy 5 M 83 12 month 10.05.2013
Lazard Capital Markets IAN ING buy 5 M 79 12 month 26.04.2013
Societe Generale PETER KNOX hold 3 M 64 12 month 25.04.2013
Credit Suisse KULBINDER GARCHA outperform 5 M 85 Not Provided 25.04.2013
JPMorgan ROD HALL neutral 3 M 65 6 month 25.04.2013
Macquarie SHAWN WEBSTER outperform 5 M 73 12 month 25.04.2013
Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 75 12 month 25.04.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 70 12 month 25.04.2013
Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 25.04.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 80 12 month 25.04.2013
Scotia Capital GUS PAPAGEORGIOU focus stock 5 M 81 12 month 24.04.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 18.03.2013
ACI Research EDWARD A ZABITSKY short sell 1 M 40 Not Provided 20.02.2013
Holdings By:
QUALCOMM Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Raytheon Company is a technology company specializing in defense, homeland
security and other government markets throughout the world. The Company provides
electronics, mission systems integration and other capabilities in the areas of
sensing, effects, and command, control, communications and intelligence systems,
as well as mission support services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.05.2013) 68.62
52-Week Low (01.02.2013) 52.24
Daily Volume
65.16
52-Week High % Change -5.01% Dividend Yield 3.15
52-Week Low % Change 24.73% Beta 0.86
% 52 Week Price Range High/Low 78.82% Equity Float 322.65
Shares Out 22.04.2013 324.6 Short Int 4.42
21'151.85 1 Yr Total Return 19.51%
Total Debt 4'731.00 YTD Return 15.23%
Preferred Stock 0.0 Adjusted BETA 0.859
Minority Interest 164.0 Analyst Recs 22
Cash and Equivalents 4'044.00 Consensus Rating 3.636
Enterprise Value 22'040.85
Average Volume 5 Day 445'101
RTN UN EQUITY YTD Change - Average Volume 30 Day 474'261
RTN UN EQUITY YTD % CHANGE - Average Volume 3 Month 467'897
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 04/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
23'174.0 24'881.0 25'183.0 24'791.0 24'414.0 24'677.0 24'355.0 23'519.1 22'941.3 5'774.3 5'843.3
0.89x 0.77x 0.66x 0.69x 0.81x 2.87x 3.30x 0.95x 0.95x 3.96x 3.87x
3'010.0 3'444.0 3'027.0 3'274.0 3'444.0 3'397.0 3'440.0 3'140.3 3'130.8 765.4 772.4
6.83x 5.60x 5.53x 5.24x 5.73x 5.54x 5.80x 7.05x 7.07x 7.07x 6.94x
1'672.0 1'935.0 1'840.0 1'866.0 1'888.0 1'930.0 1'928.0 1'768.3 1'753.3 423.1 424.9
12.39x 10.60x 8.93x 8.53x 9.28x 8.90x 9.32x 11.84x 11.66x 12.42x 12.35x
EBITDA 3'444.00 Long-Term Rating Date 04.09.2008
EBIT 2'989.00 Long-Term Rating A-
Operating Margin 12.24% Long-Term Outlook STABLE
Pretax Margin 11.38% Short-Term Rating Date 15.07.2005
Return on Assets 7.37% Short-Term Rating A-2
Return on Common Equity 23.19%
Return on Capital 15.86% EBITDA/Interest Exp. 16.80
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 15.15
Net Debt/EBITDA 0.21
Gross Margin 21.8% Total Debt/EBITDA 1.38
EBITDA Margin 14.1%
EBIT Margin 12.3% Total Debt/Equity 58.9%
Net Income Margin 7.7% Total Debt/Capital 36.6%
Asset Turnover 0.93
Current Ratio 1.57 Net Fixed Asset Turnover 12.38
Quick Ratio 0.69 Accounts receivable turnover-days -
Debt to Assets 17.73% Inventory Days 100.22
Tot Debt to Common Equity 58.95% Accounts Payable Turnover Day 23.11
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 3.63
Fiscal Year Ended
Raytheon CoPrice/Volume
Valuation Analysis
67'475.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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10'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 27'695'758 8.53 751'613 03.07.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 19'887'033 6.13 194'884 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 15'664'626 4.83 422'562 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 13'881'833 4.28 (119'633) 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'241'991 3.46 139'714 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 7'941'327 2.45 2'084'299 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'601'812 1.73 645'237 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'787'676 1.47 (97'165) 31.03.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 4'748'964 1.46 635'385 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'612'749 1.42 155'549 03.07.2013 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 4'343'343 1.34 (200'453) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'325'839 1.33 79'263 31.03.2013 Investment Advisor
ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 4'051'054 1.25 (114'913) 31.03.2013 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'985'182 1.23 (585'715) 31.03.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 3'984'474 1.23 449'003 31.03.2013 Investment Advisor
SASCO CAPITAL INCORP SASCO CAPITAL INCORP 13F 3'379'660 1.04 (27'820) 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 3'154'567 0.97 781'459 31.05.2013 Investment Advisor
AJO, LP AJO, LP 13F 3'101'100 0.96 (318'600) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 3'000'000 0.92 - 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 2'915'912 0.9 208'000 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies HOWARD A RUBEL buy 5 M 66 12 month 03.07.2013
Cowen and Company CAI VON RUMOHR market perform 3 M 71 12 month 02.07.2013
Stifel WILLIAM R LOOMIS buy 5 M 73 12 month 01.07.2013
CRT Capital Group BRIAN W RUTTENBUR Fairly Valued 3 M #N/A N/A Not Provided 24.06.2013
RBC Capital Markets ROBERT STALLARD sector perform 3 M 65 12 month 21.06.2013
Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN outperform 5 M #N/A N/A Not Provided 20.06.2013
JPMorgan JOSEPH B NADOL III neutral 3 M 60 6 month 11.06.2013
Goldman Sachs NOAH POPONAK neutral/attractive 3 U 70 12 month 30.05.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED outperform 5 M 79 12 month 23.05.2013
Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 07.05.2013
Deutsche Bank MYLES WALTON hold 3 M 60 12 month 06.05.2013
Barclays CARTER COPELAND overweight 5 M 67 Not Provided 01.05.2013
Drexel Hamilton LLC PETER J SKIBITSKI hold 3 M 45 12 month 29.04.2013
FBR Capital Markets PATRICK J MCCARTHY market perform 3 M 56 12 month 26.04.2013
Sterne, Agee & Leach PETER J ARMENT neutral 3 M #N/A N/A Not Provided 26.04.2013
Credit Suisse ROBERT M SPINGARN outperform 5 M 63 Not Provided 25.04.2013
Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 25.04.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 16.01.2013
Buckingham Research Group RICHARD SAFRAN neutral 3 M #N/A N/A Not Provided 09.11.2012
Shore Capital Stockbrokers GREG JOHNSON hold 3 M #N/A N/A Not Provided 09.03.2011
Holdings By:
Raytheon Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Starbucks Corporation retails, roasts, and provides its own brand of specialty
coffee. The Company operates retail locations worldwide and sells whole bean
coffees through its sales group, direct response business, supermarkets, and on
the World Wide Web. Starbucks also produces and sells bottled coffee drinks and
a line of ice creams.
Latest Fiscal Year: 09/2012
LTM as of: 03/yy
52-Week High (05.07.2013) 68.00
52-Week Low (02.08.2012) 43.05
Daily Volume
67.09
52-Week High % Change -1.34% Dividend Yield 1.19
52-Week Low % Change 55.84% Beta 0.87
% 52 Week Price Range High/Low 98.46% Equity Float 728.62
Shares Out 31.03.2013 749.3 Short Int 8.85
50'270.54 1 Yr Total Return 31.07%
Total Debt 549.60 YTD Return 26.01%
Preferred Stock 0.0 Adjusted BETA 0.870
Minority Interest 5.5 Analyst Recs 32
Cash and Equivalents 2'037.00 Consensus Rating 4.500
Enterprise Value 49'128.53
Average Volume 5 Day 1'100'451
SBUX UW EQUITY YTD Change - Average Volume 30 Day 1'399'625
SBUX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'344'783
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 04/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4
10'383.0 9'774.6 10'707.4 11'700.4 13'299.5 12'595.9 14'023.3 14'840.5 16'540.3 3'718.3 3'811.5
1.15x 1.50x 1.72x 2.25x 2.75x 10.20x 10.99x 3.37x 3.02x 13.19x 12.89x
1'261.7 1'335.8 1'865.1 2'074.6 2'367.3 2'174.9 2'576.1 3'023.1 3'574.2 743.8 793.6
9.47x 10.94x 9.85x 12.67x 15.42x 18.70x 16.10x 16.27x 13.76x 14.98x 14.36x
315.5 390.8 945.6 1'245.7 1'383.8 1'329.6 1'514.7 1'657.1 1'991.4 403.4 435.0
21.07x 25.07x 20.10x 24.25x 28.64x 34.57x 29.07x 30.83x 25.55x 28.15x 26.86x
EBITDA 2'367.30 Long-Term Rating Date 24.02.2012
EBIT 1'786.70 Long-Term Rating A-
Operating Margin 13.43% Long-Term Outlook STABLE
Pretax Margin 15.48% Short-Term Rating Date 28.08.2009
Return on Assets 18.35% Short-Term Rating A-2
Return on Common Equity 28.97%
Return on Capital 26.54% EBITDA/Interest Exp. 65.94
Asset Turnover 1.70% (EBITDA-Capex)/Interest Exp. 42.09
Net Debt/EBITDA -0.45
Gross Margin 56.3% Total Debt/EBITDA 0.21
EBITDA Margin 18.4%
EBIT Margin 14.0% Total Debt/Equity 10.8%
Net Income Margin 10.4% Total Debt/Capital 9.7%
Asset Turnover 1.70
Current Ratio 1.90 Net Fixed Asset Turnover 5.36
Quick Ratio 1.14 Accounts receivable turnover-days 12.43
Debt to Assets 6.69% Inventory Days 70.00
Tot Debt to Common Equity 10.76% Accounts Payable Turnover Day 22.66
Accounts Receivable Turnover 29.29 Cash Conversion Cycle 53.00
Inventory Turnover 5.20
Fiscal Year Ended
Starbucks CorpPrice/Volume
Valuation Analysis
340'501.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
-&
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0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 38'249'459 5.1 2'655'984 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 36'552'911 4.88 - 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'898'695 4.52 871'315 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 33'479'108 4.47 (866'300) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 29'777'666 3.97 391'270 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 29'068'980 3.88 167'212 02.07.2013 Investment Advisor
SCHULTZ HOWARD D n/a Form 4 18'875'169 2.52 - 15.05.2013 n/a
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'009'882 1.74 271'120 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 12'699'603 1.69 703'666 31.03.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 11'282'099 1.51 494'819 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'449'141 1.39 809'552 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 10'195'280 1.36 1'613'328 30.04.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 9'247'656 1.23 (153'518) 03.07.2013 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 8'955'855 1.2 1'332'073 31.03.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 8'250'780 1.1 (2'478'691) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 7'684'493 1.03 (907'946) 31.05.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 7'606'088 1.02 4'507'068 31.03.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 7'061'975 0.94 (1'307'247) 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'913'811 0.92 233'587 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 6'491'825 0.87 754'508 31.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Longbow Research ALTON K STUMP buy 5 M 80 12 month 02.07.2013
Deutsche Bank JASON WEST buy 5 M 71 12 month 01.07.2013
Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 75 12 month 01.07.2013
Jefferies ANDREW M BARISH buy 5 M 66 12 month 01.07.2013
Stephens Inc WILL SLABAUGH overweight 5 M 70 Not Provided 01.07.2013
RBC Capital Markets LARRY A MILLER sector perform 3 M 73 12 month 28.06.2013
Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 28.06.2013
Davenport & Co JEFFREY F OMOHUNDRO buy 5 N 76 Not Provided 26.06.2013
Piper Jaffray NICOLE MILLER REGAN overweight 5 M 72 12 month 25.06.2013
William Blair & Co SHARON M ZACKFIA outperform 5 M #N/A N/A Not Provided 21.06.2013
Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 20.06.2013
Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 70 12 month 17.06.2013
Goldman Sachs MICHAEL KELTER Buy/Neutral 5 M 75 12 month 13.06.2013
Barclays JEFFREY A BERNSTEIN equalweight 3 M 65 Not Provided 28.05.2013
Morgan Stanley JOHN S GLASS Overwt/In-Line 5 M 69 12 month 27.05.2013
Sanford C. Bernstein & Co SARA H SENATORE outperform 5 M 72 12 month 09.05.2013
Williams Capital Group MARC RIDDICK market perform 3 M 61 12 month 07.05.2013
Argus Research Corp JOHN D STASZAK buy 5 M 70 Not Provided 06.05.2013
NYKREDIT MICHAEL DROSCHNER JORGENSEN outperform 5 M #N/A N/A Not Provided 05.05.2013
BMO Capital Markets PHILLIP JUHAN outperform 5 M 64 Not Provided 26.04.2013
JPMorgan JOHN W IVANKOE overweight 5 M 65 6 month 26.04.2013
Buckingham Research Group MITCHELL J SPEISER buy 5 M 75 12 month 26.04.2013
McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 62 12 month 26.04.2013
Oppenheimer & Co BRIAN J BITTNER outperform 5 M 65 12 month 26.04.2013
S&P Capital IQ JIM YIN buy 5 M 66 Not Provided 26.04.2013
Atlantic Equities LLP ALISTAIR M SCOBIE overweight 5 M 65 12 month 26.04.2013
Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 64 12 month 26.04.2013
Credit Suisse KEITH SIEGNER outperform 5 M 69 Not Provided 25.04.2013
Lazard Capital Markets MATTHEW J DIFRISCO buy 5 M 74 12 month 25.04.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Starbucks Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Schlumberger Limited is an oil services company. The Company, through its
subsidiaries, provides a wide range of services, including technology, project
management and information solutions to the international petroleum industry as
well as advanced acquisition and data processing surveys.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.02.2013) 82.00
52-Week Low (12.07.2012) 64.20
Daily Volume
73.49
52-Week High % Change -10.48% Dividend Yield 1.55
52-Week Low % Change 14.47% Beta 1.36
% 52 Week Price Range High/Low 49.49% Equity Float 1'326.11
Shares Out 31.03.2013 1'329.5 Short Int 12.38
97'701.28 1 Yr Total Return 10.87%
Total Debt 11'630.00 YTD Return 6.93%
Preferred Stock 0.0 Adjusted BETA 1.365
Minority Interest 107.0 Analyst Recs 39
Cash and Equivalents 6'274.00 Consensus Rating 4.590
Enterprise Value 103'361.28
Average Volume 5 Day 1'636'849
SLB UN EQUITY YTD Change - Average Volume 30 Day 2'016'391
SLB UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'053'317
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
27'162.9 22'702.0 27'447.0 36'959.0 42'149.0 38'755.0 42'898.0 45'666.1 50'817.5 11'123.5 11'585.8
1.92x 3.47x 4.26x 2.61x 2.31x 10.40x 9.29x 2.23x 1.93x 9.30x 8.88x
8'966.9 6'596.0 7'133.0 9'794.0 11'020.0 10'301.0 11'165.0 12'245.3 14'001.1 2'989.6 3'181.2
5.82x 11.94x 16.40x 9.84x 8.85x 9.66x 9.42x 8.43x 7.37x 8.05x 7.78x
5'434.8 3'134.0 4'267.0 4'997.0 5'490.0 5'355.0 5'448.0 6'223.4 7'532.9 1'480.4 1'621.9
9.41x 23.41x 30.05x 18.91x 16.64x 18.02x 17.59x 15.75x 12.95x 14.89x 14.14x
EBITDA 11'020.00 Long-Term Rating Date 11.12.2002
EBIT 7'520.00 Long-Term Rating A+
Operating Margin 17.84% Long-Term Outlook STABLE
Pretax Margin 17.06% Short-Term Rating Date 11.12.2002
Return on Assets 9.25% Short-Term Rating A-1
Return on Common Equity 16.02%
Return on Capital 12.85% EBITDA/Interest Exp. 32.41
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 18.60
Net Debt/EBITDA 0.50
Gross Margin 21.6% Total Debt/EBITDA 0.99
EBITDA Margin 26.0%
EBIT Margin 17.8% Total Debt/Equity 33.5%
Net Income Margin 13.0% Total Debt/Capital 25.0%
Asset Turnover 0.73
Current Ratio 1.95 Net Fixed Asset Turnover 3.05
Quick Ratio 1.43 Accounts receivable turnover-days 93.18
Debt to Assets 18.90% Inventory Days 54.66
Tot Debt to Common Equity 33.47% Accounts Payable Turnover Day 82.34
Accounts Receivable Turnover 3.92 Cash Conversion Cycle 54.51
Inventory Turnover 6.68
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
Schlumberger LtdPrice/Volume
Valuation Analysis
268'201.00
Current Price (7/dd/yy) Market Data
&-&.&0&1&2&3&4&5&6&
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1!& 9
2!& 9
3!& 9
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
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.&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 80'904'490 6.09 3'503'199 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 61'838'785 4.65 1'709'323 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 56'261'294 4.23 3'073'215 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 55'152'575 4.15 196'027 02.07.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 34'238'544 2.58 (557'608) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 28'282'914 2.13 907'168 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 25'578'694 1.92 (3'130'083) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 24'029'890 1.81 2'792'073 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 22'606'694 1.7 3'080'413 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 21'318'603 1.6 328'640 31.03.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 15'399'133 1.16 (1'103'002) 31.03.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 14'688'324 1.1 2'529'362 31.03.2013 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 12'743'364 0.96 777'715 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 12'026'446 0.9 - 31.12.2012 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 11'961'096 0.9 (231'514) 31.05.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 11'732'150 0.88 2'624'316 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 11'649'113 0.88 1'703'405 30.04.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 11'560'502 0.87 (319'145) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 11'175'673 0.84 (227'370) 31.03.2013 Unclassified
BANK OF AMERICA CORP BANK OF AMERICA 13F 10'788'080 0.81 99'655 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse JAMES WICKLUND neutral 3 M 79 Not Provided 03.07.2013
Susquehanna Financial Group CHARLES P MINERVINO Positive 4 M 86 12 month 03.07.2013
Howard Weil Inc WILLIAM SANCHEZ focus list 5 M 91 12 month 02.07.2013
JPMorgan J DAVID ANDERSON overweight 5 M 97 6 month 02.07.2013
Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 96 12 month 02.07.2013
BMO Capital Markets ALAN D LAWS outperform 5 M 85 Not Provided 01.07.2013
Jefferies BRAD HANDLER buy 5 M 86 12 month 01.07.2013
ISI Group JUDSON E BAILEY strong buy 5 M 92 12 month 28.06.2013
HSBC DAVID PHILLIPS overweight 5 M 92 Not Provided 26.06.2013
Cowen and Company JAMES D CRANDELL outperform 5 M 93 12 month 24.06.2013
Societe Generale EDWARD C MUZTAFAGO buy 5 M 90 12 month 14.06.2013
Stephens Inc JOHN KELLER overweight 5 M 99 12 month 14.06.2013
Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 07.06.2013
Morgan Stanley OLE SLORER Overwt/In-Line 5 M 92 12 month 30.05.2013
Raymond James J MARSHALL ADKINS outperform 5 M 77 12 month 13.05.2013
Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 10.05.2013
Global Hunter Securities BRIAN UHLMER neutral 3 M 80 12 month 09.05.2013
Argus Research Corp JONATHAN GELCIUS buy 5 M 90 Not Provided 25.04.2013
Johnson Rice & Co DANIEL BURKE equalweight 3 M #N/A N/A Not Provided 25.04.2013
Macquarie NIGEL BROWNE outperform 5 M 91 12 month 23.04.2013
Ameriprise Advisor Services, Inc LEZE THAQI buy 5 M #N/A N/A Not Provided 22.04.2013
Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 90 Not Provided 22.04.2013
FBR Capital Markets MEGAN REPINE outperform 5 M 93 12 month 22.04.2013
Guggenheim Securities LLC MICHAEL K LAMOTTE buy 5 M 87 12 month 22.04.2013
RS Platou Markets TURNER HOLM buy 5 U 85 6 month 22.04.2013
Deutsche Bank MICHAEL W URBAN buy 5 M 91 12 month 21.04.2013
Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 93 12 month 21.04.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 20.04.2013
RBC Capital Markets KURT HALLEAD outperform 5 M 85 12 month 19.04.2013
William Blair & Co BRANDON DOBELL market perform 3 M #N/A N/A Not Provided 19.04.2013
Barclays JAMES C WEST overweight 5 M 103 Not Provided 19.04.2013
S&P Capital IQ STEWART GLICKMAN hold 3 M 81 12 month 20.09.2012
Tudor Pickering & Co JEFF TILLERY buy 5 M #N/A N/A Not Provided 12.09.2012
Goldman Sachs WAQAR SYED buy/attractive 5 U 95 12 month 26.07.2012
Oracle Investment Research LAURENCE BALTER strong buy 5 U 95 Not Provided 20.07.2012
Holdings By:
Schlumberger Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
The Southern Company is a public utility holding company. The Company, through
its subsidiaries, generates, wholesales, and retails electricity in the
southeastern United States. The Company also offers wireless telecommunications
services, and provides businesses with two-way radio, telephone, paging, and
Internet access services as well as wholesales fiber optic solutions.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 48.74
52-Week Low (23.11.2012) 41.75
Daily Volume
42.98
52-Week High % Change -11.84% Dividend Yield 4.56
52-Week Low % Change 2.95% Beta 0.51
% 52 Week Price Range High/Low 23.61% Equity Float 870.14
Shares Out 31.03.2013 870.4 Short Int 12.16
37'409.39 1 Yr Total Return -3.52%
Total Debt 22'434.00 YTD Return 2.60%
Preferred Stock 1'082.0 Adjusted BETA 0.510
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 628.00 Consensus Rating 2.917
Enterprise Value 61'262.38
Average Volume 5 Day 1'093'951
SO UN EQUITY YTD Change - Average Volume 30 Day 1'261'857
SO UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'066'156
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
17'127.0 15'743.0 17'456.0 17'657.0 16'537.0 17'249.0 16'830.0 17'605.4 18'151.2 4'288.2 5'370.7
2.79x 3.02x 3.07x 3.46x 3.63x 13.62x 14.82x 3.55x 3.56x 14.43x 11.49x
5'210.0 5'258.0 5'633.0 6'279.0 6'589.0 6'219.0 6'727.0 6'292.2 6'775.3 1'554.0 2'246.3
9.18x 9.05x 9.52x 9.72x 9.11x 9.81x 9.61x 9.74x 9.05x 9.75x 9.74x
1'807.0 1'708.0 2'040.0 2'268.0 2'415.0 2'214.0 2'128.0 2'358.7 2'538.8 584.3 1'005.0
15.68x 14.44x 16.20x 18.28x 16.49x 18.24x 17.65x 15.62x 14.94x 15.55x 15.29x
EBITDA 6'589.00 Long-Term Rating Date 21.12.2000
EBIT 4'444.00 Long-Term Rating A
Operating Margin 26.87% Long-Term Outlook NEG
Pretax Margin 22.67% Short-Term Rating Date 21.12.2000
Return on Assets 3.46% Short-Term Rating A-1
Return on Common Equity 11.55%
Return on Capital 6.45% EBITDA/Interest Exp. 7.67
Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. 1.90
Net Debt/EBITDA 3.38
Gross Margin 66.1% Total Debt/EBITDA 3.46
EBITDA Margin 40.0%
EBIT Margin 27.0% Total Debt/Equity 122.6%
Net Income Margin 14.6% Total Debt/Capital 53.7%
Asset Turnover 0.27
Current Ratio 0.88 Net Fixed Asset Turnover -
Quick Ratio 0.33 Accounts receivable turnover-days 34.01
Debt to Assets 35.53% Inventory Days 165.15
Tot Debt to Common Equity 122.61% Accounts Payable Turnover Day 80.12
Accounts Receivable Turnover 10.73 Cash Conversion Cycle 117.50
Inventory Turnover 2.21
Fiscal Year Ended
Southern Co/ThePrice/Volume
Valuation Analysis
361'278.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 45'442'068 5.22 (6'117'420) 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 42'473'671 4.88 (178'582) 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 41'822'330 4.81 1'514'682 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 22'023'488 2.53 3'497'585 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'869'765 1.48 399'539 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'169'700 1.28 (1'673'810) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'856'924 1.25 333'297 31.03.2013 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 7'961'144 0.91 953'026 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'069'476 0.81 151'791 30.04.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 5'887'868 0.68 120'401 31.03.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 5'716'618 0.66 (286'017) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 5'361'653 0.62 609'455 31.03.2013 Unclassified
NORGES BANK NORGES BANK 13F 4'469'108 0.51 - 31.12.2012 Government
JP MORGAN n/a ULT-AGG 4'259'746 0.49 471'155 31.05.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 4'224'093 0.49 21'170 31.03.2013 Unclassified
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'035'837 0.46 (280'473) 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 3'961'120 0.46 (625'357) 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'799'968 0.44 988'414 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'296'224 0.38 235'451 31.03.2013 Investment Advisor
APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 3'216'784 0.37 525'934 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BGC Partners KIT KONOLIGE hold 3 M #N/A N/A Not Provided 02.07.2013
Deutsche Bank JONATHAN ARNOLD hold 3 M 48 12 month 01.07.2013
Credit Suisse DANIEL EGGERS underperform 1 M 50 Not Provided 01.07.2013
SunTrust Robinson Humphrey ALI AGHA neutral 3 M #N/A N/A Not Provided 01.07.2013
Wolfe Research STEVEN I FLEISHMAN peerperform 3 M 49 12 month 01.07.2013
RBC Capital Markets SHELBY G TUCKER outperform 5 M 50 12 month 30.06.2013
ISI Group GREG GORDON neutral 3 M 46 12 month 24.06.2013
Wells Fargo Securities, LLC NEIL A KALTON outperform 5 M #N/A N/A Not Provided 24.06.2013
BMO Capital Markets MICHAEL S WORMS market perform 3 M 49 Not Provided 17.06.2013
Jefferies PAUL B FREMONT hold 3 D 46 12 month 14.06.2013
Edward Jones ANDREW PUSATERI sell 1 M #N/A N/A Not Provided 07.06.2013
Drexel Hamilton LLC ANDREW L SMITH hold 3 M 47 12 month 13.05.2013
Atlantic Equities LLP NATHAN JUDGE underweight 1 M 41 12 month 10.05.2013
Argus Research Corp MICHAEL BURKE hold 3 M #N/A N/A Not Provided 29.04.2013
Hilliard Lyons DAVID B BURKS neutral 3 M #N/A N/A Not Provided 25.04.2013
Ameriprise Advisor Services, Inc LEZE THAQI buy 5 M #N/A N/A Not Provided 25.04.2013
Macquarie ANGIE STOROZYNSKI neutral 3 M 47 12 month 25.04.2013
Barclays DANIEL F FORD equalweight 3 M 51 Not Provided 24.04.2013
Goldman Sachs MICHAEL J LAPIDES Sell/Neutral 1 M 42 12 month 02.04.2013
KeyBanc Capital Markets PAUL T RIDZON hold 3 M #N/A N/A Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Southern Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Simon Property Group, Inc. is a self-administered and self-managed,
real estate investment trust. The Company owns, develops, and manages retail
real estate properties including regional malls, outlet centers,
community/lifestyle centers, and international properties.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (22.05.2013) 182.45
52-Week Low (16.11.2012) 145.21
Daily Volume
157.39
52-Week High % Change -13.93% Dividend Yield 2.76
52-Week Low % Change 8.39% Beta 0.95
% 52 Week Price Range High/Low 36.98% Equity Float 306.91
Shares Out 31.03.2013 310.0 Short Int 5.21
48'830.07 1 Yr Total Return 2.06%
Total Debt 23'113.01 YTD Return 0.90%
Preferred Stock 39.8 Adjusted BETA 0.948
Minority Interest 1'160.5 Analyst Recs 25
Cash and Equivalents 1'184.52 Consensus Rating 4.440
Enterprise Value 71'777.73
Average Volume 5 Day 656'587
SPG UN EQUITY YTD Change - Average Volume 30 Day 614'936
SPG UN EQUITY YTD % CHANGE - Average Volume 3 Month 509'198
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
3'783.2 3'775.2 3'957.6 4'306.4 4'880.1 4'405.5 4'976.2 5'190.6 5'459.8 1'258.8 1'301.0
8.13x 10.16x 11.81x 13.18x 14.78x 51.37x 57.55x 14.34x 13.63x 61.08x 59.40x
2'553.0 2'630.0 2'799.2 3'015.6 3'491.0 3'097.7 3'555.7 3'931.4 4'160.8 947.8 979.3
12.04x 14.59x 16.70x 18.82x 20.66x 21.82x 20.45x 18.20x 17.20x 17.92x 17.60x
463.6 309.4 617.0 1'024.8 1'434.5 1'490.8 1'072.2 1'247.3 1'404.9 272.4 295.2
25.92x 40.60x 27.89x 37.05x 33.49x 28.85x 45.69x 39.82x 35.71x 39.79x 38.34x
EBITDA 3'490.98 Long-Term Rating Date 16.05.2013
EBIT 2'220.60 Long-Term Rating A
Operating Margin 22.41% Long-Term Outlook STABLE
Pretax Margin 35.56% Short-Term Rating Date -
Return on Assets 3.33% Short-Term Rating -
Return on Common Equity 18.05%
Return on Capital 4.25% EBITDA/Interest Exp. 3.04
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -0.91
Net Debt/EBITDA 6.11
Gross Margin - Total Debt/EBITDA 6.35
EBITDA Margin 71.5%
EBIT Margin - Total Debt/Equity 393.7%
Net Income Margin 29.4% Total Debt/Capital 76.6%
Asset Turnover 0.15
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 70.93% Inventory Days -
Tot Debt to Common Equity 393.70% 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
Simon Property Group IncPrice/Volume
Valuation Analysis
86'039.00
Current Price (7/dd/yy) Market Data
&.&1&3&5&
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6'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 36'658'923 11.82 1'937'887 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 23'965'140 7.73 1'711'321 03.07.2013 Investment Advisor
COHEN & STEERS CAPIT COHEN & STEERS CAPIT 13F 22'404'707 7.23 593'031 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 13'282'358 4.28 (671'723) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 13'154'584 4.24 (3'396'029) 02.07.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 10'369'785 3.34 459'115 31.03.2013 Investment Advisor
DAIWA SECURITIES GRO DAIWA SECURITIES GRO 13F 9'776'460 3.15 (561'513) 31.03.2013 Holding Company
INVESCO LTD n/a ULT-AGG 8'076'914 2.61 61'548 03.07.2013 Investment Advisor
APG ASSET MANAGEMENT APG ASSET MANAGEMENT 13F 6'861'136 2.21 (165'301) 31.03.2013 Pension Fund (ERISA)
CBRE GROUP INC n/a ULT-AGG 6'275'741 2.02 (877'166) 31.03.2013 Corporation
LASALLE INVESTMENT M LASALLE INVESTMENT M 13F 5'898'821 1.9 154'255 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'831'802 1.88 53'902 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'751'387 1.86 178'006 31.03.2013 Investment Advisor
PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 5'602'903 1.81 (1'009'005) 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 5'298'987 1.71 (1'089'939) 31.05.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 5'029'717 1.62 96'704 31.03.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 4'024'890 1.3 331'828 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 3'745'571 1.21 (147'181) 31.05.2013 Investment Advisor
NUVEEN ASSET MANAGEM NUVEEN ASSET MANAGEM 13F 3'258'005 1.05 73'995 31.03.2013 Investment Advisor
AEW CAPITAL MANAGEME AEW CAPITAL MANAGEME 13F 3'206'900 1.03 (12'700) 31.03.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank VINCENT CHAO buy 5 M 187 12 month 02.07.2013
Stifel NATHAN ISBEE buy 5 M 190 12 month 01.07.2013
Barclays ROSS L SMOTRICH overweight 5 M 180 Not Provided 01.07.2013
Wells Fargo Securities, LLC JEFFREY J DONNELLY outperform 5 M #N/A N/A Not Provided 25.06.2013
ISI Group STEVE SAKWA buy 5 M 187 Not Provided 24.06.2013
Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 19.06.2013
Argus Research Corp MICHAEL BURKE buy 5 M 190 Not Provided 18.06.2013
Imperial Capital LLC DAVID HARRIS in-line 3 M 172 12 month 17.06.2013
Evercore Partners BENJAMIN YANG equalweight 3 M 168 12 month 12.06.2013
RBC Capital Markets RICHARD C MOORE outperform 5 M 200 12 month 06.06.2013
Morgan Stanley HAENDEL ST. JUSTE Equalwt/Attractive 3 M 180 12 month 02.06.2013
Jefferies OMOTAYO T OKUSANYA II buy 5 M 195 12 month 24.05.2013
Cowen and Company JAMES W SULLIVAN outperform 5 M #N/A N/A Not Provided 08.05.2013
JPMorgan MICHAEL W MUELLER overweight 5 M 190 6 month 06.05.2013
BMO Capital Markets PAUL E ADORNATO market perform 3 M 175 Not Provided 30.04.2013
Goldman Sachs ANDREW ROSIVACH Buy/Neutral 5 M 213 12 month 29.04.2013
Raymond James RICHARD J MILLIGAN outperform 5 M 190 12 month 29.04.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 27.04.2013
Hilliard Lyons CAROL L KEMPLE neutral 3 M #N/A N/A Not Provided 26.04.2013
Sandler O'Neill & Partners, LP ALEXANDER D GOLDFARB buy 5 M 198 12 month 26.04.2013
S&P Capital IQ ROBERT MCMILLAN buy 5 M 194 Not Provided 26.04.2013
Holdings By:
Simon Property Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
AT&T Inc. is a communications holding company. The Company, through its
subsidiaries and affiliates, provides local and long-distance phone service,
wireless and data communications, Internet access and messaging, IP-based and
satellite television, security services, telecommunications equipment, and
directory advertising and publishing.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 39.00
52-Week Low (09.11.2012) 32.71
Daily Volume
35.33
52-Week High % Change -9.38% Dividend Yield 5.04
52-Week Low % Change 8.01% Beta 0.75
% 52 Week Price Range High/Low 46.26% Equity Float 5'375.96
Shares Out 30.04.2013 5'380.0 Short Int 73.91
190'075.41 1 Yr Total Return 3.05%
Total Debt 69'844.00 YTD Return 7.45%
Preferred Stock 0.0 Adjusted BETA 0.747
Minority Interest 333.0 Analyst Recs 39
Cash and Equivalents 4'868.00 Consensus Rating 3.308
Enterprise Value 260'672.41
Average Volume 5 Day 5'088'190
T UN EQUITY YTD Change - Average Volume 30 Day 6'078'579
T UN EQUITY YTD % CHANGE - Average Volume 3 Month 5'361'543
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
124'028.0 122'513.0 124'280.0 126'723.0 127'434.0 127'298.0 126'968.0 128'311.6 130'741.6 31'810.0 32'029.3
1.94x 1.91x 1.92x 1.82x 1.99x 7.52x 8.42x 2.07x 2.04x 8.24x 8.21x
42'946.0 40'515.0 39'037.0 30'505.0 31'140.0 30'774.0 30'948.0 41'736.8 43'502.4 11'003.9 10'848.9
5.62x 5.78x 6.11x 7.56x 8.14x 8.03x 8.71x 6.25x 6.00x 6.17x 6.13x
12'867.0 12'138.0 19'864.0 3'944.0 7'264.0 4'120.0 7'380.0 13'692.9 14'425.6 3'771.7 3'628.7
12.28x 13.18x 12.95x 12.39x 14.62x 12.41x 15.57x 14.06x 13.05x 13.85x 13.65x
EBITDA 31'140.00 Long-Term Rating Date 06.12.2010
EBIT 12'997.00 Long-Term Rating A-
Operating Margin 10.20% Long-Term Outlook STABLE
Pretax Margin 8.19% Short-Term Rating Date 06.12.2010
Return on Assets 2.73% Short-Term Rating A-2
Return on Common Equity 7.65%
Return on Capital 6.13% EBITDA/Interest Exp. 8.40
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 3.15
Net Debt/EBITDA 2.27
Gross Margin 56.7% Total Debt/EBITDA 2.40
EBITDA Margin 24.4%
EBIT Margin 10.1% Total Debt/Equity 75.6%
Net Income Margin 5.7% Total Debt/Capital 43.0%
Asset Turnover 0.47
Current Ratio 0.71 Net Fixed Asset Turnover 1.17
Quick Ratio 0.55 Accounts receivable turnover-days 36.32
Debt to Assets 25.65% Inventory Days -
Tot Debt to Common Equity 75.62% Accounts Payable Turnover Day 116.11
Accounts Receivable Turnover 10.05 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
AT&T IncPrice/Volume
Valuation Analysis
972'364.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&2
-&-2.&.20&021&12
d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9
2!& 9
-&!& 9
-2!& 9
.&!& 9
.2!& 9
0&!& 9
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
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] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 303'728'525 5.65 (15'537'356) 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 257'834'748 4.79 2'248'864 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 237'002'897 4.41 (6'378'539) 02.07.2013 Investment Advisor
EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 234'603'257 4.36 (1'987'957) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 147'966'258 2.75 (24'570'517) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 85'043'230 1.58 1'678'743 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 78'884'537 1.47 353'494 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 72'256'871 1.34 (3'678'104) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 41'221'593 0.77 - 31.12.2012 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 37'223'676 0.69 (383'305) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 36'531'970 0.68 (1'533'460) 31.05.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 32'851'663 0.61 (100'345) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 32'755'569 0.61 414'617 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 30'433'961 0.57 867'907 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 29'927'015 0.56 (4'648'943) 31.05.2013 Investment Advisor
UBS n/a ULT-AGG 29'821'823 0.55 735'605 31.03.2013 Unclassified
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 29'793'395 0.55 - 31.03.2013 Insurance Company
FRANKLIN RESOURCES n/a ULT-AGG 28'812'133 0.54 11'323 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 27'647'827 0.51 850'257 30.04.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 27'404'134 0.51 2'302'596 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie KEVIN SMITHEN underperform 1 M 36 12 month 04.07.2013
Jefferies THOMAS O SEITZ hold 3 M 38 12 month 02.07.2013
BMO Capital Markets KEVIN MANNING market perform 3 M 34 Not Provided 01.07.2013
Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 01.07.2013
Evercore Partners JONATHAN SCHILDKRAUT equalweight 3 M 39 Not Provided 27.06.2013
Robert W. Baird & Co WILLIAM V POWER neutral 3 M 37 12 month 26.06.2013
Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 42 12 month 24.06.2013
S&P Capital IQ JAMES G MOORMAN hold 3 M 40 12 month 19.06.2013
Pacific Crest Securities MICHAEL BOWEN sector perform 3 M #N/A N/A Not Provided 18.06.2013
RBC Capital Markets JONATHAN ATKIN sector perform 3 M 38 12 month 16.06.2013
Raymond James FRANK G LOUTHAN market perform 3 M #N/A N/A Not Provided 13.06.2013
Gabelli & Co SERGEY DLUZHEVSKIY hold 3 M #N/A N/A Not Provided 11.06.2013
Argus Research Corp JOSEPH F BONNER buy 5 U 42 Not Provided 10.06.2013
FBR Capital Markets DAVID DIXON market perform 3 M 39 12 month 10.06.2013
Canaccord Genuity Corp GREGORY MILLER hold 3 M 35 12 month 09.06.2013
Deutsche Bank BRETT FELDMAN hold 3 M 34 12 month 07.06.2013
Morgan Stanley SIMON FLANNERY Equalwt/In-Line 3 M #N/A N/A Not Provided 07.06.2013
Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 07.06.2013
JPMorgan PHILIP CUSICK overweight 5 M 40 6 month 07.06.2013
Stifel CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 07.06.2013
Nomura MICHAEL L MCCORMACK buy 5 M 38 12 month 07.06.2013
Cowen and Company COLBY SYNESAEL market perform 3 M 37 12 month 07.06.2013
New Street Research JONATHAN CHAPLIN neutral 3 M 36 Not Provided 07.06.2013
Barclays AMIR ROZWADOWSKI equalweight 3 M 38 Not Provided 07.06.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 05.06.2013
Atlantic Equities LLP CHRISTOPHER WATTS neutral 3 M 37 12 month 24.05.2013
Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 42 12 month 14.05.2013
Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 M #N/A N/A Not Provided 26.04.2013
Hilliard Lyons DAVID B BURKS buy 5 M 39 12 month 25.04.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 33 12 month 25.04.2013
Scotia Capital JEFFREY FAN sector underperform 1 M 37 12 month 24.04.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 42 Not Provided 24.04.2013
William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 23.04.2013
Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 25.03.2013
HSBC RICHARD DINEEN overweight 5 M 39 Not Provided 20.02.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 26.11.2012
Goldman Sachs JASON ARMSTRONG neutral/neutral 3 M 36 12 month 24.10.2012
Janco Partners Inc GERARD HALLAREN buy 5 M 44 Not Provided 26.07.2012
Holdings By:
AT&T Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Target Corporation operates general merchandise discount stores in the United
States. The Company's merchandising operations include general merchandise and
food discount stores and a fully integrated online business. Target also offers
credit to qualified applicants through its branded proprietary credit cards.
Latest Fiscal Year: 01/2013
LTM as of: 05/yy
52-Week High (04.06.2013) 72.77
52-Week Low (05.07.2012) 56.70
Daily Volume
69.86
52-Week High % Change -4.01% Dividend Yield 2.06
52-Week Low % Change 23.21% Beta 0.71
% 52 Week Price Range High/Low 78.90% Equity Float 639.95
Shares Out 28.05.2013 641.7 Short Int 17.95
44'829.39 1 Yr Total Return 23.65%
Total Debt 17'648.00 YTD Return 19.37%
Preferred Stock 0.0 Adjusted BETA 0.708
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 784.00 Consensus Rating 4.148
Enterprise Value 57'224.39
Average Volume 5 Day 1'138'287
TGT UN EQUITY YTD Change - Average Volume 30 Day 1'199'243
TGT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'068'998
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 05/yy 01/14 Y 01/15 Y 07/13 Q2 10/13 Q3
64'948.0 65'357.0 67'390.0 69'865.0 73'301.0 70'797.0 73'140.0 74'957.9 79'528.1 17'357.2 17'886.5
0.64x 0.81x 0.78x 0.72x 0.77x 3.00x 3.15x 0.77x 0.73x 3.33x 3.28x
6'228.0 6'696.0 7'336.0 7'453.0 7'352.0 7'490.0 7'092.0 7'333.5 8'155.2 1'703.8 1'618.9
6.64x 7.88x 7.13x 6.73x 7.66x 7.38x 8.12x 7.80x 7.02x 7.57x 7.38x
2'214.0 2'488.0 2'920.0 2'929.0 2'999.0 2'937.0 2'800.0 2'892.4 3'352.5 629.3 568.6
10.91x 15.54x 14.08x 11.47x 14.02x 13.17x 18.70x 14.50x 12.63x 14.57x 14.52x
EBITDA 7'352.00 Long-Term Rating Date 20.11.2007
EBIT 5'210.00 Long-Term Rating A+
Operating Margin 7.11% Long-Term Outlook STABLE
Pretax Margin 6.29% Short-Term Rating Date 04.08.2000
Return on Assets 6.19% Short-Term Rating A-1
Return on Common Equity 17.29%
Return on Capital 11.21% EBITDA/Interest Exp. 9.50
Asset Turnover 1.62% (EBITDA-Capex)/Interest Exp. 5.26
Net Debt/EBITDA 1.75
Gross Margin 31.0% Total Debt/EBITDA 2.00
EBITDA Margin 9.7%
EBIT Margin 6.8% Total Debt/Equity 106.6%
Net Income Margin 4.1% Total Debt/Capital 51.6%
Asset Turnover 1.62
Current Ratio 1.17 Net Fixed Asset Turnover 2.41
Quick Ratio 0.47 Accounts receivable turnover-days -
Debt to Assets 36.64% Inventory Days 57.82
Tot Debt to Common Equity 106.58% Accounts Payable Turnover Day 47.31
Accounts Receivable Turnover - Cash Conversion Cycle 36.76
Inventory Turnover 6.42
Fiscal Year Ended
Target CorpPrice/Volume
Valuation Analysis
148'084.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
-&
.&
0&
1&
2&
3&
4&
5&
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!2 9
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-!2 9
.!& 9
.!2 9
0!& 9
0!2 9
1!& 9
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
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
&!&&
-!&&
.!&&
0!&&
1!&&
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5!&&
6!&&
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 60'305'665 9.4 (865'690) 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'278'157 5.19 44'755 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 32'170'816 5.01 2'027'281 03.07.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 25'506'095 3.97 760'994 31.05.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 20'967'235 3.27 354'971 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 15'366'719 2.39 (4'035'344) 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 13'677'197 2.13 895'537 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 13'579'203 2.12 (2'232'270) 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'545'077 1.8 310'776 31.03.2013 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 11'303'752 1.76 821'719 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 10'289'868 1.6 (916) 03.07.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'977'131 1.55 303'959 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 9'883'988 1.54 (877'414) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 9'448'427 1.47 56'272 30.04.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 8'993'133 1.4 3'030'992 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 7'115'943 1.11 119'636 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 5'785'050 0.9 - 31.12.2012 Government
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'723'891 0.89 (1'196'888) 31.03.2013 Investment Advisor
MAGELLAN ASSET MANAG MAGELLAN ASSET MANAG 13F 5'687'969 0.89 3'301'988 31.03.2013 Hedge Fund Manager
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 5'461'466 0.85 509'722 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co COLIN MCGRANAHAN outperform 5 M 83 12 month 01.07.2013
Stifel DAVID A SCHICK hold 3 M #N/A N/A Not Provided 27.06.2013
Piper Jaffray SEAN NAUGHTON overweight 5 M 80 12 month 19.06.2013
ISI Group GREGORY MELICH strong buy 5 M 76 12 month 17.06.2013
Robert W. Baird & Co PETER S BENEDICT outperform 5 M 76 12 month 13.06.2013
Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 12.06.2013
Jefferies DANIEL T BINDER hold 3 M 64 12 month 04.06.2013
JPMorgan CHRISTOPHER HORVERS overweight 5 M 74 6 month 03.06.2013
Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 74 Not Provided 30.05.2013
Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 28.05.2013
Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 72 12 month 24.05.2013
BMO Capital Markets WAYNE HOOD outperform 5 M 80 Not Provided 23.05.2013
Buckingham Research Group JOHN M ZOLIDIS neutral 3 M 65 12 month 23.05.2013
Cowen and Company FAYE LANDES neutral 3 M #N/A N/A Not Provided 23.05.2013
MKM Partners PATRICK G MCKEEVER JR buy 5 M 77 12 month 23.05.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 72 12 month 23.05.2013
Deutsche Bank PAUL TRUSSELL buy 5 M 74 12 month 22.05.2013
Credit Suisse MICHAEL B EXSTEIN neutral 3 M 62 Not Provided 22.05.2013
William Blair & Co MARK R MILLER market perform 3 M #N/A N/A Not Provided 22.05.2013
Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 22.05.2013
S&P Capital IQ IAN GORDON strong buy 5 M 81 Not Provided 22.05.2013
Barclays ROBERT S DRBUL overweight 5 M 75 Not Provided 22.05.2013
Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 73 12 month 21.05.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 25.03.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 27.02.2013
Fincorp SAOG GAURAV RAMAIYA hold 3 M 55 Not Provided 17.11.2011
First Global Stockbroking RITESH DOSHI market perform 3 M #N/A N/A Not Provided 18.08.2011
Gilford Securities BERNARD SOSNICK hold 3 M #N/A N/A Not Provided 31.05.2011
Holdings By:
Target Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Time Warner Inc. is a media and entertainment company. The Company's businesses
include cable television networks that provide programming, feature films,
television and home video production and distribution, and magazine publishing.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (08.05.2013) 61.73
52-Week Low (24.07.2012) 36.95
Daily Volume
60.48
52-Week High % Change -2.01% Dividend Yield 1.77
52-Week Low % Change 63.68% Beta 1.03
% 52 Week Price Range High/Low 93.30% Equity Float 880.12
Shares Out 23.04.2013 932.2 Short Int 8.05
56'377.89 1 Yr Total Return 59.19%
Total Debt 19'871.00 YTD Return 27.76%
Preferred Stock 0.0 Adjusted BETA 1.035
Minority Interest 1.0 Analyst Recs 33
Cash and Equivalents 2'841.00 Consensus Rating 4.394
Enterprise Value 73'326.89
Average Volume 5 Day 1'434'129
TWX UN EQUITY YTD Change - Average Volume 30 Day 1'228'604
TWX UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'218'703
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
26'516.0 25'388.0 26'888.0 28'974.0 28'729.0 29'270.0 28'689.0 29'537.6 30'877.0 7'095.1 7'066.2
2.27x 1.78x 1.79x 1.77x 2.14x 6.94x 8.58x 2.45x 2.22x 10.07x 10.06x
5'541.0 5'748.0 6'413.0 6'877.0 7'106.0 6'931.0 7'250.0 7'448.4 8'134.5 1'597.0 1'923.6
10.88x 7.86x 7.52x 7.45x 8.67x 7.65x 9.75x 9.84x 9.01x 9.61x 9.47x
(13'402.0) 2'477.0 2'578.0 2'886.0 3'019.0 2'816.0 3'156.0 3'470.5 3'892.0 717.3 892.5
18.98x 15.02x 12.97x 12.37x 14.24x 12.53x 16.38x 16.44x 14.15x 15.67x 15.38x
EBITDA 7'106.00 Long-Term Rating Date 27.03.2009
EBIT 6'214.00 Long-Term Rating BBB
Operating Margin 21.63% Long-Term Outlook STABLE
Pretax Margin 15.81% Short-Term Rating Date 21.05.2008
Return on Assets 4.72% Short-Term Rating A-2
Return on Common Equity 10.56%
Return on Capital 8.19% EBITDA/Interest Exp. 5.23
Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. 4.75
Net Debt/EBITDA 2.34
Gross Margin 44.5% Total Debt/EBITDA 2.68
EBITDA Margin 25.3%
EBIT Margin 22.2% Total Debt/Equity 66.5%
Net Income Margin 10.5% Total Debt/Capital 39.9%
Asset Turnover 0.43
Current Ratio 1.35 Net Fixed Asset Turnover 7.45
Quick Ratio 1.04 Accounts receivable turnover-days 85.29
Debt to Assets 29.09% Inventory Days 45.26
Tot Debt to Common Equity 66.51% Accounts Payable Turnover Day 16.07
Accounts Receivable Turnover 4.28 Cash Conversion Cycle -44.00
Inventory Turnover 8.06
Fiscal Year Ended
Time Warner IncPrice/Volume
Valuation Analysis
290'292.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
-&
.&
0&
1&
2&
3&
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1!& 9
2!& 9
3!& 9
4!& 9
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
&!&&
.!&&
1!&&
3!&&
5!&&
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-.!&&
-1!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 75'884'870 8.14 (3'308'055) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 51'417'631 5.52 - 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 47'464'666 5.09 (286'298) 31.05.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 41'751'742 4.48 427'228 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 41'332'138 4.43 (1'246'930) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 36'245'698 3.89 (560'145) 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 31'421'367 3.37 (6'158'852) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 28'114'135 3.02 1'554'508 31.03.2013 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 22'364'094 2.4 2'799'576 31.03.2013 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 18'893'980 2.03 (1'295'410) 31.03.2013 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 14'459'654 1.55 (7'615'968) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 13'707'774 1.47 1'468'055 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'491'418 1.34 363'753 31.03.2013 Investment Advisor
COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 11'902'275 1.28 1'751'752 31.03.2013 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 9'506'844 1.02 (176'495) 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 9'347'064 1 10'538 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 9'297'800 1 - 31.12.2012 Government
LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 8'816'961 0.95 (270'860) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 8'602'633 0.92 (2'744'763) 03.07.2013 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 7'988'021 0.86 109'355 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 69 12 month 03.07.2013
Sanford C. Bernstein & Co TODD JUENGER market perform 3 M 63 12 month 01.07.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 72 12 month 30.06.2013
B Riley & Co DAVID W MILLER buy 5 M 67 Not Provided 28.06.2013
BMO Capital Markets DANIEL SALMON market perform 3 M 64 Not Provided 25.06.2013
Cowen and Company DOUGLAS CREUTZ outperform 5 M 68 12 month 18.06.2013
Davenport & Co MICHAEL C MORRIS buy 5 M 64 Not Provided 14.06.2013
Sterne, Agee & Leach VASILY KARASYOV buy 5 N 73 12 month 12.06.2013
Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 03.06.2013
Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 28.05.2013
Wedbush JAMES G DIX outperform 5 M 63 12 month 24.05.2013
Janney Montgomery Scott LLC TONY WIBLE neutral 3 M 67 12 month 17.05.2013
Atlantic Equities LLP HAMILTON FABER overweight 5 M 73 12 month 13.05.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 13.05.2013
Barrington Research JAMES C GOSS outperform 5 M 67 12 month 09.05.2013
Stifel DREW E CRUM buy 5 M 65 12 month 06.05.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 68 Not Provided 03.05.2013
RBC Capital Markets DAVID BANK outperform 5 M 64 12 month 02.05.2013
Credit Suisse MICHAEL SENNO outperform 5 M 66 Not Provided 02.05.2013
Macquarie TIMOTHY W NOLLEN outperform 5 M 69 12 month 02.05.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 70 18 month 02.05.2013
Nomura MICHAEL NATHANSON neutral 3 M 60 12 month 02.05.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 02.05.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 62 Not Provided 02.05.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 70 Not Provided 02.05.2013
Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 M 66 12 month 01.05.2013
JPMorgan ALEXIA S QUADRANI overweight 5 M 67 6 month 01.05.2013
Evercore Partners ALAN GOULD overweight 5 M 65 12 month 01.05.2013
S&P Capital IQ TUNA AMOBI buy 5 M 65 Not Provided 01.05.2013
Goldman Sachs DREW BORST buy/attractive 5 M 67 12 month 29.04.2013
Gabelli & Co BRETT HARRISS hold 3 M #N/A N/A Not Provided 08.03.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 07.02.2013
D.A. Davidson & Co DONNA M JAEGERS buy 5 M #N/A N/A Not Provided 26.10.2011
Holdings By:
Time Warner Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Texas Instruments Incorporated is a global semiconductor company that designs
and supplies analog technologies, digital signal processing (DSP) and
microcontroller (MCU) semiconductors. The Company also operates materials and
controls, and educational and productivity solutions businesses. Texas
Instruments has manufacturing or sales operations in countries around the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (09.05.2013) 37.35
52-Week Low (17.07.2012) 26.06
Daily Volume
35.7
52-Week High % Change -4.31% Dividend Yield 2.13
52-Week Low % Change 36.99% Beta -
% 52 Week Price Range High/Low 83.53% Equity Float 1'104.39
Shares Out 31.03.2013 1'109.2 Short Int 18.84
39'596.81 1 Yr Total Return 28.50%
Total Debt 5'686.00 YTD Return 17.04%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 46
Cash and Equivalents 3'965.00 Consensus Rating 3.217
Enterprise Value 41'417.81
Average Volume 5 Day 2'232'249
TXN UW EQUITY YTD Change - Average Volume 30 Day 2'405'461
TXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'494'308
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
12'501.0 10'427.0 13'966.0 13'735.0 12'825.0 13'465.0 12'589.0 12'224.0 12'922.4 3'059.8 3'204.4
1.38x 2.82x 2.50x 2.61x 2.80x 10.80x 11.52x 3.30x 3.05x 13.13x 12.47x
3'750.0 3'128.0 5'316.0 4'434.0 3'986.0 4'182.0 3'908.0 3'757.8 4'352.6 942.5 1'065.9
4.61x 9.40x 6.56x 8.08x 9.02x 9.80x 10.54x 11.03x 9.52x 10.38x 9.96x
1'920.0 1'470.0 3'228.0 2'236.0 1'759.0 1'836.0 1'856.0 2'002.2 2'440.1 495.9 597.2
9.82x 20.71x 12.69x 13.36x 16.13x 17.19x 19.78x 19.90x 16.26x 18.51x 17.46x
EBITDA 3'986.00 Long-Term Rating Date 23.09.2010
EBIT 2'687.00 Long-Term Rating A+
Operating Margin 20.95% Long-Term Outlook STABLE
Pretax Margin 15.09% Short-Term Rating Date 01.02.1986
Return on Assets 9.35% Short-Term Rating A-1
Return on Common Equity 16.86%
Return on Capital 11.75% EBITDA/Interest Exp. 46.89
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 41.07
Net Debt/EBITDA 0.47
Gross Margin 49.7% Total Debt/EBITDA 1.45
EBITDA Margin 31.0%
EBIT Margin 20.9% Total Debt/Equity 51.9%
Net Income Margin 13.7% Total Debt/Capital 34.2%
Asset Turnover 0.63
Current Ratio 2.40 Net Fixed Asset Turnover 3.14
Quick Ratio 1.51 Accounts receivable turnover-days 40.75
Debt to Assets 28.40% Inventory Days 101.65
Tot Debt to Common Equity 51.87% Accounts Payable Turnover Day 30.16
Accounts Receivable Turnover 8.96 Cash Conversion Cycle 109.62
Inventory Turnover 3.59
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
Texas Instruments IncPrice/Volume
Valuation Analysis
550'120.00
Current Price (7/dd/yy) Market Data
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4!& 9
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0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 216'840'160 19.55 23'721'139 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 59'618'874 5.38 (2'154'247) 03.07.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 55'969'515 5.05 (1'794'238) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 51'292'102 4.62 1'060'083 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 44'058'837 3.97 (648'203) 02.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 34'269'123 3.09 773'872 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 25'759'856 2.32 4'216'870 31.03.2013 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 23'909'469 2.16 (2'722'709) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 23'430'134 2.11 1'968'204 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 22'414'916 2.02 (3'663'592) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 20'273'911 1.83 17'631'515 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 17'942'665 1.62 3'045'513 04.07.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 15'617'642 1.41 (259'966) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 15'194'471 1.37 312'397 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 10'685'085 0.96 (457'012) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 10'071'468 0.91 138'443 30.04.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'086'316 0.82 (437'981) 31.03.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 8'048'900 0.73 (1'191'817) 30.04.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 7'922'648 0.71 - 31.12.2012 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 7'618'610 0.69 80'248 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas JEROME RAMEL underperform 1 M 26 Not Provided 03.07.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 44 12 month 02.07.2013
Sanford C. Bernstein & Co STACY A RASGON market perform 3 M 38 12 month 01.07.2013
Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 01.07.2013
BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 Not Provided 24.06.2013
Robert W. Baird & Co TRISTAN GERRA neutral 3 M 35 12 month 20.06.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 14.06.2013
FBR Capital Markets CHRISTOPHER ROLLAND underperform 1 M 30 12 month 13.06.2013
Williams Financial Group CODY G ACREE buy 5 M 41 Not Provided 13.06.2013
Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 12.06.2013
Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 11.06.2013
JPMorgan CHRISTOPHER DANELY overweight 5 M 37 12 month 11.06.2013
Needham & Co VERNON P ESSI JR hold 3 M #N/A N/A Not Provided 11.06.2013
Wedbush BETSY VAN HEES outperform 5 M 37 12 month 11.06.2013
B Riley & Co CRAIG ELLIS buy 5 M 39 Not Provided 11.06.2013
Stifel TORE E SVANBERG hold 3 M #N/A N/A Not Provided 11.06.2013
Cowen and Company TIMOTHY M ARCURI market perform 3 M 36 12 month 11.06.2013
Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 32 12 month 11.06.2013
Barclays BLAYNE CURTIS equalweight 3 M 31 Not Provided 11.06.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 32 12 month 10.06.2013
RBC Capital Markets DOUG FREEDMAN sector perform 3 M 35 12 month 10.06.2013
Credit Suisse JOHN W PITZER neutral 3 M 35 Not Provided 10.06.2013
SunTrust Robinson Humphrey WILLIAM STEIN reduce 2 M 30 12 month 10.06.2013
Jefferies MARK J LIPACIS buy 5 M 42 12 month 10.06.2013
Raymond James J STEVEN SMIGIE market perform 3 M #N/A N/A Not Provided 10.06.2013
Sterne, Agee & Leach VIJAY R RAKESH underperform 1 M 31 12 month 10.06.2013
Evercore Partners PATRICK WANG equalweight 3 M 35 12 month 10.06.2013
Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 10.06.2013
ISI Group SUMIT DHANDA buy 5 M 40 12 month 10.06.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 07.06.2013
MKM Partners ADA MENAKER neutral 3 M 31 12 month 05.06.2013
Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 36 Not Provided 03.05.2013
Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 36 12 month 23.04.2013
Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 23.04.2013
Macquarie SHAWN WEBSTER neutral 3 M 38 12 month 23.04.2013
Canaccord Genuity Corp ROBERT BURLESON hold 3 M 35 12 month 23.04.2013
Nomura ROMIT SHAH neutral 3 M 30 12 month 23.04.2013
Gabelli & Co HENDI SUSANTO hold 3 M #N/A N/A Not Provided 23.04.2013
S&P Capital IQ CHRISTIN ARMACOST buy 5 U 42 Not Provided 02.04.2013
Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 18.03.2013
Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 28.01.2013
JMP Securities ALEX GAUNA market outperform 4 M 33 12 month 17.10.2012
First Global Stockbroking ISHANSH VIJ market perform 3 M #N/A N/A Not Provided 10.06.2011
Holdings By:
Texas Instruments Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
UnitedHealth Group Incorporated owns and manages organized health systems in the
United States and internationally. The Company provides employers products and
resources to plan and administer employee benefit programs. UnitedHealth also
serves the health needs of older Americans, provides specialized care services,
and provides health care information and research to providers and payers.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (01.07.2013) 66.36
52-Week Low (02.08.2012) 50.33
Daily Volume
65.47
52-Week High % Change -1.37% Dividend Yield 1.30
52-Week Low % Change 30.08% Beta 0.95
% 52 Week Price Range High/Low 94.88% Equity Float 1'003.78
Shares Out 03.05.2013 1'020.0 Short Int 13.51
66'779.86 1 Yr Total Return 21.24%
Total Debt 16'754.00 YTD Return 21.70%
Preferred Stock 0.0 Adjusted BETA 0.949
Minority Interest 2'121.0 Analyst Recs 25
Cash and Equivalents 11'437.00 Consensus Rating 4.640
Enterprise Value 73'959.86
Average Volume 5 Day 1'046'520
UNH UN EQUITY YTD Change - Average Volume 30 Day 1'416'909
UNH UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'377'490
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
81'186.0 87'138.0 94'155.0 101'862.0 110'618.0 103'712.0 113'676.0 122'686.7 133'534.0 30'520.8 30'689.3
0.45x 0.40x 0.42x 0.51x 0.57x 2.02x 2.14x 0.61x 0.54x 2.52x 2.47x
6'244.0 7'350.0 8'928.0 9'588.0 10'563.0 9'710.0 10'425.0 10'888.6 11'545.1 2'537.3 3'004.8
5.85x 4.77x 4.39x 5.45x 5.94x 6.12x 6.25x 6.78x 6.39x 6.77x 6.70x
2'977.0 3'822.0 4'634.0 5'142.0 5'526.0 5'184.0 5'330.0 5'531.7 5'898.5 1'277.1 1'552.4
9.02x 9.41x 8.57x 10.71x 10.27x 12.25x 11.15x 12.05x 11.24x 11.89x 11.59x
EBITDA 10'563.00 Long-Term Rating Date 03.11.1998
EBIT 9'254.00 Long-Term Rating A
Operating Margin 8.37% Long-Term Outlook STABLE
Pretax Margin 7.79% Short-Term Rating Date -
Return on Assets 6.84% Short-Term Rating -
Return on Common Equity 17.59%
Return on Capital 12.38% EBITDA/Interest Exp. 16.71
Asset Turnover 1.46% (EBITDA-Capex)/Interest Exp. 15.02
Net Debt/EBITDA 0.48
Gross Margin 25.2% Total Debt/EBITDA 1.73
EBITDA Margin 9.2%
EBIT Margin 8.0% Total Debt/Equity 53.7%
Net Income Margin 5.0% Total Debt/Capital 33.5%
Asset Turnover 1.46
Current Ratio 0.78 Net Fixed Asset Turnover 34.95
Quick Ratio 0.52 Accounts receivable turnover-days 9.43
Debt to Assets 20.71% Inventory Days -
Tot Debt to Common Equity 53.74% Accounts Payable Turnover Day 74.14
Accounts Receivable Turnover 38.71 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
UnitedHealth Group IncPrice/Volume
Valuation Analysis
198'233.00
Current Price (7/dd/yy) Market Data
&
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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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 86'319'448 8.46 13'315'739 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 52'945'575 5.19 (6'759'876) 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 48'780'259 4.78 (489'374) 02.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 46'796'851 4.59 518'905 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 46'101'745 4.52 (1'004'803) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 44'704'856 4.38 (2'701'761) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 33'792'841 3.31 1'308'974 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 26'127'480 2.56 593'939 31.05.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 22'380'290 2.19 452'162 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 18'018'734 1.77 238'191 03.07.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'219'068 1.59 196'046 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 15'946'046 1.56 368'291 31.03.2013 Unclassified
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 14'628'800 1.43 1'143'115 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 14'615'458 1.43 8'365'150 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'429'164 1.22 86'515 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'603'625 1.14 (570'600) 31.03.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 10'897'126 1.07 (6'225'398) 31.03.2013 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 10'378'164 1.02 573'711 31.03.2013 Investment Advisor
UNITED HEALTHCARE IN UNITED HEALTHCARE IN Sch-D 9'668'800 0.95 - 31.03.2013 Insurance Company
BUENO EDSON DE GODOY n/a Form 4 8'416'905 0.83 - 21.12.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JENNIFER LYNCH outperform 5 M 70 Not Provided 03.07.2013
Raymond James MICHAEL J BAKER strong buy 5 M 70 12 month 03.07.2013
Oppenheimer & Co MICHAEL WIEDERHORN outperform 5 M 66 18 month 03.07.2013
Lazard Capital Markets STEVEN P HALPER buy 5 M 70 12 month 02.07.2013
Wedbush SARAH JAMES outperform 5 M 70 12 month 01.07.2013
Cowen and Company CHRISTINE ARNOLD outperform 5 M 75 12 month 28.06.2013
S&P Capital IQ PHILLIP SELIGMAN buy 5 M 72 Not Provided 28.06.2013
CRT Capital Group SHERYL R SKOLNICK buy 5 M 72 12 month 19.06.2013
Deutsche Bank SCOTT J FIDEL hold 3 M 63 12 month 18.06.2013
Wells Fargo Securities, LLC PETER H COSTA outperform 5 M #N/A N/A Not Provided 17.06.2013
Susquehanna Financial Group CHRIS RIGG Positive 4 M 79 12 month 09.06.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 04.06.2013
Goldman Sachs MATTHEW BORSCH Buy/Neutral 5 M 72 12 month 21.05.2013
Monness, Crespi, Hardt & Co BRIAN M WRIGHT buy 5 M 68 Not Provided 20.05.2013
Barclays JOSHUA R RASKIN overweight 5 M 70 Not Provided 09.05.2013
JPMorgan JUSTIN LAKE overweight 5 M 70 6 month 07.05.2013
Stifel THOMAS A CARROLL buy 5 M 70 12 month 03.05.2013
Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 30.04.2013
Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 M #N/A N/A Not Provided 22.04.2013
Credit Suisse RALPH GIACOBBE outperform 5 M 71 Not Provided 18.04.2013
Jefferies DAVID H WINDLEY buy 5 M 71 12 month 18.04.2013
Cantor Fitzgerald JOSEPH D FRANCE buy 5 M 70 12 month 18.04.2013
Holdings By:
UnitedHealth Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Union Pacific Corporation is a rail transportation company. The Company's
railroad hauls a variety of goods, including agricultural, automotive, and
chemical products. Union Pacific offersslong-haul routes from all major West
Coast and Gulf Coast ports to eastern gateways as well as connects with
Canada's rail systems and serves the major gateways to Mexico.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (22.05.2013) 161.00
52-Week Low (12.07.2012) 115.42
Daily Volume
156.69
52-Week High % Change -2.78% Dividend Yield 1.65
52-Week Low % Change 35.76% Beta 1.09
% 52 Week Price Range High/Low 87.49% Equity Float 464.25
Shares Out 12.04.2013 466.8 Short Int 3.91
73'139.55 1 Yr Total Return 34.39%
Total Debt 8'997.00 YTD Return 25.83%
Preferred Stock 0.0 Adjusted BETA 1.092
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 1'063.00 Consensus Rating 4.200
Enterprise Value 81'083.55
Average Volume 5 Day 495'826
UNP UN EQUITY YTD Change - Average Volume 30 Day 486'529
UNP UN EQUITY YTD % CHANGE - Average Volume 3 Month 487'111
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
17'970.0 14'143.0 16'965.0 19'557.0 20'926.0 20'179.0 21'104.0 22'282.4 23'906.2 5'504.9 5'767.9
1.77x 2.85x 3.17x 2.99x 3.20x 11.09x 12.81x 3.63x 3.37x 14.72x 14.03x
5'462.0 4'806.0 6'468.0 7'341.0 8'505.0 7'746.0 8'635.0 9'347.4 10'288.8 2'320.0 2'477.3
5.81x 8.38x 8.30x 7.97x 7.87x 7.63x 8.62x 8.67x 7.88x 8.49x 8.30x
2'338.0 1'890.0 2'780.0 3'292.0 3'943.0 3'516.0 4'037.0 4'439.6 4'963.4 1'096.4 1'194.3
10.53x 17.98x 16.59x 15.88x 15.26x 14.99x 16.80x 16.45x 14.37x 15.90x 15.38x
EBITDA 8'505.00 Long-Term Rating Date 23.04.2012
EBIT 6'745.00 Long-Term Rating A-
Operating Margin 32.23% Long-Term Outlook STABLE
Pretax Margin 30.19% Short-Term Rating Date 29.05.2002
Return on Assets 8.60% Short-Term Rating A-2
Return on Common Equity 20.76%
Return on Capital 15.16% EBITDA/Interest Exp. 15.90
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 8.91
Net Debt/EBITDA 0.92
Gross Margin - Total Debt/EBITDA 1.14
EBITDA Margin 40.9%
EBIT Margin 32.5% Total Debt/Equity 45.3%
Net Income Margin 18.8% Total Debt/Capital 31.2%
Asset Turnover 0.45
Current Ratio 1.16 Net Fixed Asset Turnover 0.51
Quick Ratio 0.77 Accounts receivable turnover-days 24.55
Debt to Assets 19.08% Inventory Days -
Tot Debt to Common Equity 45.26% Accounts Payable Turnover Day -
Accounts Receivable Turnover 14.87 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Union Pacific CorpPrice/Volume
Valuation Analysis
54'839.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&.&1&3&5&
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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
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 47'955'857 10.27 758'614 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 29'889'279 6.4 3'563'174 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 21'541'785 4.61 506'460 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 21'314'643 4.57 (440'166) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 18'584'884 3.98 (159'197) 02.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 15'037'121 3.22 (2'249'222) 31.03.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 8'951'611 1.92 (979'878) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 8'839'047 1.89 617'868 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'158'736 1.53 (114'073) 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'677'346 1.43 (311'717) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'487'315 1.39 107'822 31.03.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 6'302'740 1.35 107'336 30.04.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 6'063'684 1.3 359'271 30.04.2013 Investment Advisor
UBS n/a ULT-AGG 4'975'865 1.07 (55'775) 31.03.2013 Unclassified
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'709'671 1.01 (314'523) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 4'213'790 0.9 - 31.12.2012 Government
DIMENSIONAL FUND ADV n/a ULT-AGG 4'051'986 0.87 708 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'864'788 0.83 (469'539) 31.03.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'294'184 0.71 (361'069) 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'227'249 0.69 (399'686) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies H PETER NESVOLD buy 5 M 177 12 month 05.07.2013
TD Securities CHERILYN RADBOURNE hold 3 M 161 12 month 04.07.2013
Wolfe Research SCOTT H GROUP outperform 5 M 167 12 month 03.07.2013
Stifel JOHN G LARKIN hold 3 M #N/A N/A Not Provided 02.07.2013
Wells Fargo Securities, LLC ANTHONY P GALLO outperform 5 M #N/A N/A Not Provided 01.07.2013
Cowen and Company JASON H SEIDL outperform 5 M 174 12 month 01.07.2013
Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 28.06.2013
Sanford C. Bernstein & Co DAVID VERNON market perform 3 M 152 12 month 28.06.2013
Avondale Partners LLC DONALD BROUGHTON market outperform 4 M 157 12 month 27.06.2013
Robert W. Baird & Co BENJAMIN J HARTFORD outperform 5 M 158 12 month 25.06.2013
Barclays BRANDON OGLENSKI overweight 5 M 170 Not Provided 24.06.2013
Goldman Sachs TOM KIM neutral/neutral 3 M 171 12 month 21.06.2013
Morgan Stanley WILLIAM J GREENE Overwt/Attractive 5 M 169 12 month 20.06.2013
RBC Capital Markets WALTER SPRACKLIN sector perform 3 M 148 12 month 14.06.2013
JPMorgan THOMAS R WADEWITZ overweight 5 M 167 6 month 04.06.2013
BMO Capital Markets FADI CHAMOUN outperform 5 M 171 Not Provided 28.05.2013
Deutsche Bank JUSTIN B YAGERMAN buy 5 M 164 12 month 07.05.2013
Atlantic Equities LLP RORRIE MARS neutral 3 M 155 12 month 22.04.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 155 Not Provided 19.04.2013
Credit Suisse CHRISTOPHER J CERASO outperform 5 M 175 Not Provided 19.04.2013
Ameriprise Advisor Services, Inc FREDERICK M SCHULTZ buy 5 M #N/A N/A Not Provided 19.04.2013
Stephens Inc JUSTIN LONG equalweight 3 M 147 12 month 19.04.2013
Raymond James PATRICK TYLER BROWN outperform 5 M 150 12 month 19.04.2013
FBR Capital Markets JOHN R MIMS outperform 5 M 165 12 month 19.04.2013
BB&T Capital Markets MARK A LEVIN hold 3 M #N/A N/A Not Provided 19.04.2013
Susquehanna Financial Group MATT TROY Positive 4 M 161 12 month 18.04.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Union Pacific Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
United Parcel Service, Inc.(UPS) delivers packages and documents throughout the
United States and in other countries and territories. The Company also provides
global supply chain services and less-than-truckload transportation, primarily
in the U.S. UPS's business consists of integrated air and ground pick-up and
delivery network
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (08.05.2013) 89.96
52-Week Low (15.11.2012) 69.56
Daily Volume
87
52-Week High % Change -3.31% Dividend Yield 2.68
52-Week Low % Change 25.07% Beta 0.88
% 52 Week Price Range High/Low 81.37% Equity Float 724.24
Shares Out 24.04.2013 724.7 Short Int 10.36
82'148.25 1 Yr Total Return 12.81%
Total Debt 12'870.00 YTD Return 19.72%
Preferred Stock 0.0 Adjusted BETA 0.883
Minority Interest 80.0 Analyst Recs 32
Cash and Equivalents 7'924.00 Consensus Rating 4.125
Enterprise Value 87'497.25
Average Volume 5 Day 696'423
UPS UN EQUITY YTD Change - Average Volume 30 Day 806'969
UPS UN EQUITY YTD % CHANGE - Average Volume 3 Month 825'749
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
51'486.0 45'297.0 49'545.0 53'105.0 54'127.0 53'659.0 54'425.0 56'478.3 59'903.2 13'808.9 13'902.8
1.24x 1.42x 1.59x 1.46x 1.39x 5.72x 5.83x 1.55x 1.45x 6.44x 6.39x
7'196.0 5'548.0 7'433.0 7'862.0 3'201.0 7'977.0 3'227.0 9'465.2 10'330.8 2'304.9 2'340.5
8.86x 11.63x 10.60x 9.85x 23.52x 10.46x 26.81x 9.25x 8.47x 9.10x 8.90x
3'003.0 2'152.0 3'338.0 3'804.0 807.0 3'859.0 874.0 4'711.9 5'189.6 1'135.3 1'158.4
15.76x 24.87x 21.59x 18.62x 16.50x 20.28x 19.04x 17.46x 15.28x 16.94x 16.36x
EBITDA 3'201.00 Long-Term Rating Date 21.09.2012
EBIT 1'343.00 Long-Term Rating A+
Operating Margin 2.48% Long-Term Outlook NEG
Pretax Margin 1.80% Short-Term Rating Date 21.09.2012
Return on Assets 2.36% Short-Term Rating A-1
Return on Common Equity 15.27%
Return on Capital 6.77% EBITDA/Interest Exp. 7.79
Asset Turnover 1.47% (EBITDA-Capex)/Interest Exp. 2.55
Net Debt/EBITDA 1.65
Gross Margin 12.0% Total Debt/EBITDA 3.93
EBITDA Margin 5.9%
EBIT Margin 2.5% Total Debt/Equity 276.6%
Net Income Margin 1.5% Total Debt/Capital 73.1%
Asset Turnover 1.47
Current Ratio 1.86 Net Fixed Asset Turnover 3.07
Quick Ratio 1.67 Accounts receivable turnover-days 37.74
Debt to Assets 33.12% Inventory Days -
Tot Debt to Common Equity 276.60% Accounts Payable Turnover Day 16.49
Accounts Receivable Turnover 9.67 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
United Parcel Service IncPrice/Volume
Valuation Analysis
70'881.00
Current Price (7/dd/yy) Market Data
&-&.&0&1&2&3&4&5&6&
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0.0
10'000.0
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30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 43'355'728 5.98 3'353'674 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 34'060'767 4.7 787'559 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 30'198'297 4.17 1'765'297 02.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 26'112'200 3.6 (1'363'487) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 25'469'061 3.51 1'261'998 31.05.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 20'845'610 2.88 1'316'893 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 19'017'700 2.62 2'467'390 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'601'675 1.74 (4'326'545) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 11'183'797 1.54 (516'647) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'416'441 1.44 431'025 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 9'519'032 1.31 (210'820) 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 7'843'085 1.08 (622'781) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'384'208 1.02 726'878 30.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 6'782'441 0.94 76'551 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'748'588 0.93 (551'850) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'157'860 0.85 24'499 31.03.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 5'840'077 0.81 951'838 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 5'826'023 0.8 - 31.12.2012 Government
DEUTSCHE BANK AG n/a ULT-AGG 5'783'095 0.8 2'027'071 31.05.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 5'770'260 0.8 333'449 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 03.07.2013
Wolfe Research SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 02.07.2013
Jefferies H PETER NESVOLD hold 3 M 80 12 month 01.07.2013
Cowen and Company HELANE R BECKER market perform 3 M 88 12 month 01.07.2013
Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 96 12 month 28.06.2013
Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 97 12 month 28.06.2013
Deutsche Bank JUSTIN B YAGERMAN buy 5 M 99 12 month 26.06.2013
Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 105 12 month 24.06.2013
Goldman Sachs TOM KIM neutral/attractive 3 M 97 12 month 21.06.2013
JPMorgan THOMAS R WADEWITZ overweight 5 M 90 6 month 21.06.2013
Avondale Partners LLC DONALD BROUGHTON market perform 3 M 85 18 month 21.06.2013
Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 21.06.2013
Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 20.06.2013
Atlantic Equities LLP RORRIE MARS overweight 5 M 95 12 month 20.06.2013
RBC Capital Markets JOHN L BARNES III outperform 5 M 100 12 month 14.06.2013
Sanford C. Bernstein & Co DAVID VERNON outperform 5 M 96 12 month 07.06.2013
Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 03.06.2013
Macquarie KELLY A DOUGHERTY outperform 5 M 93 12 month 01.06.2013
Barclays BRANDON OGLENSKI equalweight 3 M 92 Not Provided 22.05.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 98 12 month 20.05.2013
Credit Suisse CHRISTOPHER J CERASO outperform 5 M 96 Not Provided 14.05.2013
Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A N 99 12 month 07.05.2013
Accountability Research Corp MARK SUAREZ buy 5 M 100 Not Provided 03.05.2013
Stephens Inc JACK ATKINS equalweight 3 M 90 12 month 26.04.2013
William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 26.04.2013
Raymond James ARTHUR W HATFIELD strong buy 5 M 98 12 month 25.04.2013
BB&T Capital Markets KEVIN W STERLING buy 5 M 95 12 month 25.04.2013
S&P Capital IQ JAMES CORRIDORE buy 5 M 100 12 month 25.04.2013
Nomura MARK MCVICAR neutral 3 M 90 12 month 11.04.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 08.02.2013
Holdings By:
United Parcel Service Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
U.S. Bancorp is a diversified financial services company that provides lending
and depository services, cash management, foreign exchange and trust and
investment management services. The Company also provides credit card
services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp
operates in the Midwest and Western United States.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (05.07.2013) 36.72
52-Week Low (15.11.2012) 30.96
Daily Volume
36.61
52-Week High % Change -0.30% Dividend Yield 2.13
52-Week Low % Change 18.25% Beta 1.07
% 52 Week Price Range High/Low 94.07% Equity Float 1'846.93
Shares Out 30.04.2013 1'849.6 Short Int 20.26
67'715.41 1 Yr Total Return 15.09%
Total Debt 51'818.00 YTD Return 16.02%
Preferred Stock 4'769.0 Adjusted BETA 1.070
Minority Interest 1'269.0 Analyst Recs 40
Cash and Equivalents 8'252.00 Consensus Rating 3.675
Enterprise Value -
Average Volume 5 Day 2'315'967
USB UN EQUITY YTD Change - Average Volume 30 Day 2'782'477
USB UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'608'914
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
19'229.0 19'490.0 20'518.0 21'399.0 22'202.0 21'758.0 22'007.0 19'892.8 20'456.7 4'987.5 4'997.7
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'946.0 2'205.0 3'317.0 4'872.0 5'647.0 5'164.0 5'737.0 5'640.8 5'808.5 1'421.1 1'422.6
15.34x 21.44x 15.78x 11.27x 11.14x 12.40x 11.59x 12.07x 11.34x 11.97x 11.80x
EBITDA - Long-Term Rating Date 20.08.2012
EBIT - Long-Term Rating A+
Operating Margin 38.91% Long-Term Outlook STABLE
Pretax Margin 38.51% Short-Term Rating Date 17.06.2009
Return on Assets 1.65% Short-Term Rating A-1
Return on Common Equity 16.31%
Return on Capital 5.93% EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 151.4%
Net Income Margin 28.1% Total Debt/Capital 56.3%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover 8.34
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 14.64% Inventory Days -
Tot Debt to Common Equity 151.39% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
US Bancorp/MNPrice/Volume
Valuation Analysis
370'455.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 134'266'296 7.26 6'555'085 03.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 83'666'762 4.52 (1'599'555) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 83'325'319 4.5 1'726'353 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 79'194'758 4.28 (379'477) 02.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 68'645'270 3.71 5'726'479 31.03.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 61'458'101 3.32 193'500 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 43'963'190 2.38 3'960'000 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 31'536'198 1.7 1'194'082 31.03.2013 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 27'521'972 1.49 1'905'495 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 21'720'184 1.17 (2'965'177) 31.03.2013 Investment Advisor
US BANCORP US BANCORP 13F 20'198'268 1.09 (330'389) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 17'502'619 0.95 - 31.12.2012 Government
GENERAL RE NEW ENGLA GENERAL RE NEW ENGLA 13F 17'491'443 0.95 500 31.03.2013 Insurance Company
JANUS CAPITAL MANAGE n/a ULT-AGG 15'618'442 0.84 (253'870) 31.03.2013 Investment Advisor
GENERAL REINSURANCE GENERAL REINSURANCE Sch-D 14'559'100 0.79 - 31.03.2013 Insurance Company
UBS n/a ULT-AGG 13'969'094 0.76 1'693'249 31.03.2013 Unclassified
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 13'652'862 0.74 (2'499'466) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'369'932 0.72 (866'712) 31.03.2013 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 12'678'132 0.69 (9'830) 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 12'612'863 0.68 200'769 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets PETER J WINTER market perform 3 M 36 Not Provided 02.07.2013
Robert W. Baird & Co DAVID A GEORGE outperform 5 M 37 12 month 02.07.2013
Sanford C. Bernstein & Co JOHN E MCDONALD market perform 3 M 38 12 month 02.07.2013
Evercore Partners ANDREW A MARQUARDT equalweight 3 M 35 12 month 02.07.2013
Guggenheim Securities LLC MARTY L MOSBY III neutral 3 M 41 12 month 02.07.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 28.06.2013
Jefferies KENNETH M USDIN hold 3 M 39 12 month 27.06.2013
Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO outperform 5 M 39 12 month 26.06.2013
Raymond James DAVID J LONG strong buy 5 M 38 12 month 26.06.2013
Sandler O'Neill & Partners, LP R SCOTT SIEFERS buy 5 M 39 Not Provided 25.06.2013
Portales Partners JENNIFER A THOMPSON outperform 5 M #N/A N/A Not Provided 25.06.2013
Sterne, Agee & Leach TODD L HAGERMAN neutral 3 M 35 12 month 21.06.2013
Edward Jones SHANNON L STEMM hold 3 M #N/A N/A Not Provided 20.06.2013
SunTrust Robinson Humphrey ERIC E WASSERSTROM neutral 3 M 37 12 month 20.06.2013
RBC Capital Markets JON G ARFSTROM outperform 5 M 37 12 month 18.06.2013
Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 18.06.2013
Susquehanna Financial Group JACK MICENKO Positive 4 M 39 12 month 13.06.2013
Atlantic Equities LLP RICHARD STAITE underweight 1 D 34 12 month 12.06.2013
Rafferty Capital Markets RICHARD X BOVE SR hold 3 M 37 Not Provided 11.06.2013
Goldman Sachs RICHARD N RAMSDEN neutral/attractive 3 M 37 12 month 24.05.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 35 Not Provided 13.05.2013
Deutsche Bank MATTHEW D O'CONNOR buy 5 M 38 12 month 11.05.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 40 12 month 09.05.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 07.05.2013
Barclays JASON M GOLDBERG overweight 5 M 40 Not Provided 06.05.2013
Scotia Capital KEVIN R CHOQUETTE sector perform 3 M 40 12 month 02.05.2013
JPMorgan VIVEK JUNEJA neutral 3 M 36 6 month 01.05.2013
Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 36 12 month 17.04.2013
Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 17.04.2013
FBR Capital Markets PAUL J MILLER JR outperform 5 M 36 12 month 17.04.2013
Credit Suisse MOSHE A ORENBUCH outperform 5 M 38 Not Provided 16.04.2013
Hilliard Lyons ROSS A DEMMERLE neutral 3 M #N/A N/A Not Provided 16.04.2013
Compass Point Research & Trading LLC KEVIN BARKER neutral 3 M 35 12 month 16.04.2013
Nomura KEITH MURRAY buy 5 N 38 12 month 05.02.2013
S&P Capital IQ ERIK M OJA hold 3 D 34 Not Provided 16.01.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 18.07.2012
Holdings By:
US Bancorp/MN ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
United Technologies Corporation provides technology products and support
services to customers in the aerospace and building industries worldwide. The
Company's products include aircraft engines, elevators and escalators, heating
and air conditioning equipment, helicopters, aerospace systems, fuel cell
systems, and fire and safety equipment.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (22.05.2013) 98.18
52-Week Low (12.07.2012) 70.95
Daily Volume
95.66
52-Week High % Change -2.68% Dividend Yield 2.18
52-Week Low % Change 34.83% Beta 1.11
% 52 Week Price Range High/Low 87.33% Equity Float 916.20
Shares Out 31.03.2013 919.3 Short Int 5.85
87'940.31 1 Yr Total Return 29.55%
Total Debt 23'221.00 YTD Return 18.00%
Preferred Stock 0.0 Adjusted BETA 1.108
Minority Interest 1'393.0 Analyst Recs 27
Cash and Equivalents 4'819.00 Consensus Rating 4.556
Enterprise Value 107'621.31
Average Volume 5 Day 1'218'277
UTX UN EQUITY YTD Change - Average Volume 30 Day 1'029'067
UTX UN EQUITY YTD % CHANGE - Average Volume 3 Month 971'080
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 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
59'757.0 52'920.0 54'326.0 55'754.0 57'708.0 55'497.0 59'691.0 64'542.2 68'190.7 16'407.0 16'367.1
0.98x 1.35x 1.47x 1.29x 1.65x 5.60x 6.39x 1.58x 1.47x 6.49x 6.46x
8'946.0 7'723.0 8'542.0 9'109.0 9'208.0 9'124.0 9'625.0 10'952.8 11'955.4 2'850.3 2'816.4
6.54x 9.28x 9.36x 7.89x 10.33x 8.81x 10.97x 9.84x 9.01x 9.63x 9.44x
4'689.0 3'829.0 4'373.0 4'979.0 5'130.0 4'297.0 6'066.0 5'581.2 6'289.9 1'427.1 1'424.0
10.78x 14.64x 16.19x 13.45x 15.19x 15.32x 16.86x 15.65x 13.72x 15.42x 14.90x
EBITDA 9'208.00 Long-Term Rating Date 02.10.2003
EBIT 7'684.00 Long-Term Rating A
Operating Margin 13.32% Long-Term Outlook STABLE
Pretax Margin 11.98% Short-Term Rating Date 28.01.1992
Return on Assets 8.08% Short-Term Rating A-1
Return on Common Equity 24.92%
Return on Capital 16.98% EBITDA/Interest Exp. 10.10
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 8.57
Net Debt/EBITDA 1.88
Gross Margin 27.0% Total Debt/EBITDA 2.37
EBITDA Margin 16.1%
EBIT Margin 13.4% Total Debt/Equity 89.6%
Net Income Margin 8.9% Total Debt/Capital 46.0%
Asset Turnover 0.79
Current Ratio 1.24 Net Fixed Asset Turnover 8.37
Quick Ratio 0.67 Accounts receivable turnover-days 60.00
Debt to Assets 25.97% Inventory Days 77.39
Tot Debt to Common Equity 89.61% Accounts Payable Turnover Day 46.04
Accounts Receivable Turnover 6.08 Cash Conversion Cycle 90.69
Inventory Turnover 4.72
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
United Technologies CorpPrice/Volume
Valuation Analysis
287'528.00
Current Price (7/dd/yy) Market Data
&
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50'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 106'425'733 11.58 (4'911'605) 02.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 55'539'333 6.04 1'503'245 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 46'229'438 5.03 942'203 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 41'377'408 4.5 (4'748'823) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 31'568'870 3.43 732'542 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 30'502'787 3.32 3'421'354 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 26'052'887 2.83 3'328'730 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 25'767'662 2.8 2'477'324 31.05.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 18'671'635 2.03 3'297'350 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'478'906 1.68 288'579 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'540'941 1.58 6'581 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 13'712'241 1.49 1'680'417 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 12'529'783 1.36 540'504 31.03.2013 Unclassified
WELLS FARGO n/a ULT-AGG 9'490'459 1.03 366'480 30.04.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 9'275'516 1.01 (42'200) 30.04.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 8'374'381 0.91 (73'180) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 7'852'086 0.85 (415'167) 30.04.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 7'312'921 0.8 - 31.12.2012 Government
EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 7'048'870 0.77 (4'007'925) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 6'930'410 0.75 182'360 03.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies HOWARD A RUBEL buy 5 M 105 12 month 03.07.2013
Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 110 12 month 02.07.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 98 12 month 28.06.2013
Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN outperform 5 M #N/A N/A Not Provided 28.06.2013
Goldman Sachs NOAH POPONAK neutral/attractive 3 M 102 12 month 27.06.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 100 12 month 24.06.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 115 12 month 21.06.2013
Morgan Stanley NIGEL COE Overwt/In-Line 5 M 105 12 month 19.06.2013
Deutsche Bank MYLES WALTON buy 5 M 105 12 month 14.06.2013
Edward Jones CHRISTIAN MAYES buy 5 M #N/A N/A Not Provided 14.06.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 103 Not Provided 11.06.2013
JPMorgan JOSEPH B NADOL III overweight 5 M 110 6 month 11.06.2013
Cowen and Company CAI VON RUMOHR outperform 5 M #N/A N/A Not Provided 10.06.2013
William Blair & Co NICHOLAS P HEYMANN outperform 5 M 115 12 month 22.05.2013
Credit Suisse JULIAN MITCHELL outperform 5 M 98 Not Provided 21.05.2013
Sterne, Agee & Leach PETER J ARMENT buy 5 M 99 12 month 01.05.2013
FBR Capital Markets AJAY K KEJRIWAL market perform 3 M 95 12 month 30.04.2013
Ameriprise Advisor Services, Inc FREDERICK M SCHULTZ buy 5 M #N/A N/A Not Provided 26.04.2013
Nomura SHANNON O'CALLAGHAN buy 5 M 103 12 month 24.04.2013
Barclays CARTER COPELAND overweight 5 M 105 Not Provided 24.04.2013
Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 23.04.2013
Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 Not Provided 23.04.2013
S&P Capital IQ RICHARD TORTORIELLO buy 5 M 98 Not Provided 23.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Gabelli & Co ZAHID SIDDIQUE hold 3 M #N/A N/A Not Provided 20.10.2011
Holdings By:
United Technologies Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Visa Inc. operates a retail electronic payments network and manages global
financial services. The Company also offers global commerce through the
transfer of value and information among financial institutions, merchants,
consumers, businesses and government entities.
Latest Fiscal Year: 09/2012
LTM as of: 03/yy
52-Week High (05.07.2013) 188.90
52-Week Low (11.07.2012) 119.59
Daily Volume
188.25
52-Week High % Change -0.37% Dividend Yield 0.58
52-Week Low % Change 57.41% Beta 0.91
% 52 Week Price Range High/Low 99.38% Equity Float 517.21
Shares Out 26.04.2013 518.0 Short Int 10.51
122'353.95 1 Yr Total Return 50.20%
Total Debt 0.00 YTD Return 24.68%
Preferred Stock 0.0 Adjusted BETA 0.907
Minority Interest 0.0 Analyst Recs 42
Cash and Equivalents 6'100.00 Consensus Rating 4.262
Enterprise Value 116'660.95
Average Volume 5 Day 721'215
V UN EQUITY YTD Change - Average Volume 30 Day 905'090
V UN EQUITY YTD % CHANGE - Average Volume 3 Month 902'255
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 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4
6'263.0 6'911.0 8'065.0 9'188.0 10'421.0 9'830.0 11'100.0 11'721.0 13'023.5 2'890.6 3'031.7
7.60x 7.98x 7.19x 7.13x 9.86x 30.60x 38.15x 10.04x 8.86x 41.04x 38.47x
2'939.0 3'766.0 4'809.0 5'751.0 6'572.0 6'243.0 7'042.0 7'540.3 8'583.4 1'819.7 1'864.3
16.20x 14.64x 12.06x 11.39x 15.64x 14.64x 18.32x 15.45x 13.57x 14.55x 14.07x
804.0 2'353.0 2'966.0 3'650.0 2'144.0 4'206.0 2'386.0 4'928.9 5'592.1 1'176.3 1'200.6
26.24x 21.88x 18.70x 16.59x 18.94x 19.34x 21.53x 25.16x 21.61x 23.53x 22.52x
EBITDA 6'572.00 Long-Term Rating Date 20.05.2008
EBIT 6'239.00 Long-Term Rating A+
Operating Margin 59.87% Long-Term Outlook STABLE
Pretax Margin 21.18% Short-Term Rating Date 20.05.2008
Return on Assets 6.64% Short-Term Rating A-1
Return on Common Equity 8.61%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.81
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 63.4%
EBIT Margin 60.2% Total Debt/Equity 0.0%
Net Income Margin 20.6% Total Debt/Capital 0.0%
Asset Turnover 0.31
Current Ratio 1.48 Net Fixed Asset Turnover 6.91
Quick Ratio 0.45 Accounts receivable turnover-days 23.96
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 15.24 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Visa IncPrice/Volume
Valuation Analysis
132'723.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 30'078'494 5.81 226'415 03.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 29'456'696 5.69 (3'192'950) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 24'131'820 4.66 692'139 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 20'059'525 3.87 (183'578) 02.07.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 14'219'280 2.75 936'701 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 13'271'200 2.56 353'314 31.05.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 13'251'906 2.56 (313'361) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 9'682'364 1.87 21'155 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 7'723'685 1.49 48'916 31.05.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 6'999'811 1.35 (1'232'725) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'824'048 1.32 151'674 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 6'485'184 1.25 (1'109'549) 31.03.2013 Unclassified
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'106'684 1.18 796'826 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'942'950 1.15 (190'234) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'743'769 1.11 (1'268'280) 31.03.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 5'660'846 1.09 453'481 31.05.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'546'685 1.07 (360'675) 31.03.2013 Investment Advisor
SPO ADVISORY CORP SPO ADVISORY CORP 13F 4'961'653 0.96 - 31.03.2013 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 4'798'922 0.93 - 31.12.2012 Government
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 4'786'087 0.92 (253'600) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DANIEL R PERLIN outperform 5 M 186 12 month 03.07.2013
Jefferies JASON KUPFERBERG buy 5 M 196 12 month 03.07.2013
Robert W. Baird & Co DAVID J KONING neutral 3 M 190 12 month 28.06.2013
Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 181 12 month 28.06.2013
Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 28.06.2013
Evercore Partners DAVID M TOGUT overweight 5 M 241 12 month 20.06.2013
Morgan Stanley SMITTIPON SRETHAPRAMOTE Overwt/In-Line 5 N 215 12 month 19.06.2013
Pacific Crest Securities JAMES FAUCETTE outperform 5 M 180 12 month 17.06.2013
Raymond James WAYNE JOHNSON strong buy 5 M 210 12 month 17.06.2013
JPMorgan TIEN-TSIN HUANG overweight 5 M 191 12 month 10.06.2013
William Blair & Co ROBERT P NAPOLI outperform 5 M #N/A N/A Not Provided 10.06.2013
Macquarie KEVIN MCVEIGH outperform 5 M 200 12 month 10.06.2013
Stifel CHRISTOPHER C BRENDLER buy 5 M 205 12 month 10.06.2013
BNP Paribas Equity Research ARVIND RAMNANI hold 3 M 175 12 month 10.06.2013
Guggenheim Securities LLC DAVID W DARST buy 5 M 205 12 month 10.06.2013
Portales Partners WILLIAM H RYAN sector perform 3 M #N/A N/A Not Provided 10.06.2013
Janney Montgomery Scott LLC THOMAS C MCCROHAN neutral 3 M 175 12 month 07.06.2013
FBR Capital Markets SCOTT VALENTIN market perform 3 M 180 12 month 07.06.2013
Buckingham Research Group DAVID HOCHSTIM buy 5 M 210 12 month 07.06.2013
Nomura BILL CARCACHE buy 5 M 220 12 month 07.06.2013
Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 07.06.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 184 12 month 07.06.2013
Barclays DARRIN D PELLER overweight 5 M 200 Not Provided 07.06.2013
Deutsche Bank BRYAN KEANE buy 5 M 196 12 month 06.06.2013
Credit Suisse MOSHE A ORENBUCH outperform 5 M 192 Not Provided 06.06.2013
Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 205 12 month 06.06.2013
Sterne, Agee & Leach GREGORY SMITH neutral 3 M #N/A N/A Not Provided 06.06.2013
Oppenheimer & Co GLENN GREENE outperform 5 M 200 12 month 06.06.2013
Goldman Sachs JULIO C QUINTEROS JR Buy/Neutral 5 M 200 12 month 03.06.2013
Wedbush GIL B LURIA neutral 3 M 145 12 month 31.05.2013
Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 30.05.2013
Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 28.05.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 195 Not Provided 17.05.2013
Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 09.05.2013
SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 205 12 month 02.05.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 27.04.2013
S&P Capital IQ SONIA PARECHANIAN hold 3 M 169 Not Provided 07.02.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY outperform 5 M 134 12 month 25.07.2012
Fincorp SAOG GAURAV RAMAIYA buy 5 N 105 Not Provided 27.10.2011
Lazard Capital Markets JENNIFER DUGAN buy 5 M 105 12 month 10.06.2011
Holdings By:
Visa Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Verizon Communications Inc. is an integrated telecommunications company that
provides wire line voice and data services, wireless services, Internet
services, and published directory information. The Company also provides network
services for the federal government including business phone lines, data
services, telecommunications equipment and payphones.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.04.2013) 54.30
52-Week Low (16.11.2012) 40.51
Daily Volume
50.43
52-Week High % Change -7.16% Dividend Yield 4.06
52-Week Low % Change 24.49% Beta 0.70
% 52 Week Price Range High/Low 76.14% Equity Float 2'860.56
Shares Out 31.03.2013 2'861.0 Short Int 45.28
144'280.23 1 Yr Total Return 17.28%
Total Debt 51'987.00 YTD Return 19.17%
Preferred Stock 0.0 Adjusted BETA 0.695
Minority Interest 52'376.0 Analyst Recs 38
Cash and Equivalents 3'563.00 Consensus Rating 4.000
Enterprise Value 245'304.23
Average Volume 5 Day 2'604'536
VZ UN EQUITY YTD Change - Average Volume 30 Day 2'779'460
VZ UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'698'610
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
97'354.0 107'808.0 106'565.0 110'875.0 115'846.0 112'127.0 117'024.0 120'547.3 125'249.1 29'824.0 30'188.3
1.80x 1.82x 1.83x 1.85x 1.94x 7.23x 7.82x 1.97x 1.83x 8.19x 7.98x
32'830.0 32'512.0 31'050.0 29'376.0 29'620.0 30'122.0 30'737.0 41'715.3 44'592.0 10'596.3 10'739.4
5.34x 6.04x 6.28x 6.98x 7.58x 6.82x 7.86x 5.88x 5.50x 5.77x 5.68x
6'428.0 4'894.0 2'549.0 2'404.0 875.0 2'651.0 1'141.0 8'028.0 9'152.9 2'082.2 2'134.4
13.35x 11.16x 18.52x 18.66x 19.32x 17.12x 20.96x 18.04x 15.70x 17.14x 16.54x
EBITDA 29'620.00 Long-Term Rating Date 06.12.2010
EBIT 13'160.00 Long-Term Rating A-
Operating Margin 11.36% Long-Term Outlook STABLE
Pretax Margin 8.54% Short-Term Rating Date 06.12.2010
Return on Assets 0.51% Short-Term Rating A-2
Return on Common Equity 3.26%
Return on Capital - EBITDA/Interest Exp. 9.95
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 4.52
Net Debt/EBITDA 1.52
Gross Margin 60.1% Total Debt/EBITDA 1.72
EBITDA Margin 26.3%
EBIT Margin 12.1% Total Debt/Equity 156.8%
Net Income Margin 0.8% Total Debt/Capital 37.8%
Asset Turnover 0.52
Current Ratio 0.79 Net Fixed Asset Turnover 1.33
Quick Ratio 0.60 Accounts receivable turnover-days 35.94
Debt to Assets 23.08% Inventory Days 7.40
Tot Debt to Common Equity 156.79% Accounts Payable Turnover Day 109.05
Accounts Receivable Turnover 10.15 Cash Conversion Cycle -75.29
Inventory Turnover 49.32
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
Verizon Communications IncPrice/Volume
Valuation Analysis
551'327.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 175'481'575 6.13 (8'434'577) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 171'650'927 6 (1'548'209) 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 132'262'840 4.62 3'977'676 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 120'091'729 4.2 (826'662) 02.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 44'917'104 1.57 (4'102'710) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 42'293'793 1.48 1'081'216 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 41'331'439 1.44 33'559'062 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 41'084'149 1.44 1'472'808 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 32'593'025 1.14 (2'855'297) 31.05.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 23'359'444 0.82 1'521'664 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'790'541 0.8 3'612'303 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 21'430'757 0.75 (820'248) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 21'259'449 0.74 - 31.12.2012 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 19'361'073 0.68 509'433 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 18'235'707 0.64 1'689'768 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 17'160'696 0.6 341'795 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 16'624'471 0.58 (631'301) 03.07.2013 Investment Advisor
UBS n/a ULT-AGG 15'372'051 0.54 740'489 31.03.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 14'940'699 0.52 10'043'413 31.05.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 13'223'147 0.46 (476'110) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KEVIN MANNING outperform 5 M 55 Not Provided 04.07.2013
Scotia Capital JEFFREY FAN sector outperform 5 M 56 12 month 04.07.2013
Jefferies THOMAS O SEITZ buy 5 M 56 12 month 02.07.2013
Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 02.07.2013
Canaccord Genuity Corp GREGORY MILLER buy 5 M 55 12 month 01.07.2013
Raymond James FRANK G LOUTHAN outperform 5 M 54 12 month 28.06.2013
Evercore Partners JONATHAN SCHILDKRAUT equalweight 3 M 54 Not Provided 27.06.2013
Robert W. Baird & Co WILLIAM V POWER neutral 3 M 52 12 month 26.06.2013
Macquarie KEVIN SMITHEN neutral 3 M 55 12 month 26.06.2013
Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 55 12 month 24.06.2013
RBC Capital Markets JONATHAN ATKIN sector perform 3 M 56 12 month 16.06.2013
Edward Jones DAVID HEGER hold 3 M #N/A N/A Not Provided 11.06.2013
New Street Research JONATHAN CHAPLIN neutral 3 M 49 Not Provided 05.06.2013
Pacific Crest Securities MICHAEL BOWEN outperform 5 M 58 12 month 04.06.2013
Barclays AMIR ROZWADOWSKI overweight 5 N 59 Not Provided 16.05.2013
Morgan Stanley SIMON FLANNERY Equalwt/In-Line 3 M #N/A N/A Not Provided 13.05.2013
Nomura MICHAEL L MCCORMACK buy 5 M 55 12 month 13.05.2013
Cowen and Company COLBY SYNESAEL neutral 3 M #N/A N/A Not Provided 13.05.2013
JPMorgan PHILIP CUSICK neutral 3 M 53 6 month 02.05.2013
Stifel CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 30.04.2013
S&P Capital IQ JAMES G MOORMAN hold 3 M 53 12 month 25.04.2013
Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 56 12 month 22.04.2013
Accountability Research Corp KEVIN CHU buy 5 M 57 Not Provided 22.04.2013
Deutsche Bank BRETT FELDMAN hold 3 M 47 12 month 19.04.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 59 Not Provided 19.04.2013
Hilliard Lyons DAVID B BURKS buy 5 M 54 12 month 19.04.2013
FBR Capital Markets DAVID DIXON market perform 3 M 53 12 month 19.04.2013
Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 19.04.2013
Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 56 12 month 19.04.2013
Goldman Sachs JASON ARMSTRONG Buy/Neutral 5 M 54 12 month 18.04.2013
William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 18.04.2013
Janco Partners Inc GERARD HALLAREN strong buy 5 U #N/A N/A Not Provided 18.04.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 56 Not Provided 17.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 25.03.2013
HSBC RICHARD DINEEN overweight 5 M 50 Not Provided 19.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Verizon Communications Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Walgreen Company operates retail drugstores that offer a wide variety of
prescription and non-prescription drugs as well as general goods. The Company
operates stores in the United States, the District of Columbia, Puerto Rico and
Guam. Walgreen's also offers health services, including primary and acute care,
wellness, pharmacy and disease management services and health and fitness.
Latest Fiscal Year: 08/2012
LTM as of: 05/yy
52-Week High (28.05.2013) 51.24
52-Week Low (05.07.2012) 29.35
Daily Volume
43.98
52-Week High % Change -14.23% Dividend Yield 2.50
52-Week Low % Change 49.85% Beta 0.70
% 52 Week Price Range High/Low 67.47% Equity Float 869.52
Shares Out 31.05.2013 945.0 Short Int 11.64
41'561.26 1 Yr Total Return 52.75%
Total Debt 5'392.00 YTD Return 20.28%
Preferred Stock 0.0 Adjusted BETA 0.698
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 1'297.00 Consensus Rating 3.615
Enterprise Value 44'933.26
Average Volume 5 Day 2'049'676
WAG UN EQUITY YTD Change - Average Volume 30 Day 1'454'974
WAG UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'359'596
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1
59'034.0 63'335.0 67'420.0 72'184.0 71'633.0 72'527.0 71'349.0 72'261.2 75'583.8 17'976.9 18'226.7
0.63x 0.53x 0.38x 0.45x 0.53x 1.65x 2.32x 0.62x 0.59x 2.48x 2.48x
4'281.0 4'222.0 4'488.0 5'017.0 4'630.0 4'854.0 4'525.0 5'424.0 6'023.2 1'260.4 1'288.3
8.65x 7.88x 5.74x 6.41x 8.18x 5.48x 10.72x 8.29x 7.46x 7.86x 7.65x
2'157.0 2'006.0 2'091.0 2'714.0 2'127.0 2'566.0 2'146.0 2'825.3 3'266.6 670.2 685.8
17.20x 15.54x 11.72x 14.57x 14.00x 13.00x 18.68x 14.34x 12.59x 12.97x 12.54x
EBITDA 4'630.00 Long-Term Rating Date 02.08.2012
EBIT 3'464.00 Long-Term Rating BBB
Operating Margin 4.84% Long-Term Outlook STABLE
Pretax Margin 4.71% Short-Term Rating Date 02.08.2012
Return on Assets 6.81% Short-Term Rating A-2
Return on Common Equity 12.62%
Return on Capital 10.46% EBITDA/Interest Exp. 47.73
Asset Turnover 2.26% (EBITDA-Capex)/Interest Exp. 31.75
Net Debt/EBITDA 0.75
Gross Margin 28.4% Total Debt/EBITDA 1.41
EBITDA Margin 6.3%
EBIT Margin 4.6% Total Debt/Equity 29.6%
Net Income Margin 3.0% Total Debt/Capital 22.8%
Asset Turnover 2.26
Current Ratio 1.23 Net Fixed Asset Turnover 5.98
Quick Ratio 0.40 Accounts receivable turnover-days 12.05
Debt to Assets 16.11% Inventory Days 50.09
Tot Debt to Common Equity 29.57% Accounts Payable Turnover Day 32.41
Accounts Receivable Turnover 30.28 Cash Conversion Cycle 32.26
Inventory Turnover 7.29
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
Walgreen CoPrice/Volume
Valuation Analysis
335'794.00
Current Price (7/dd/yy) Market Data
&
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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
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PESSINA STEFANO n/a Form 4 72'925'155 7.72 83'299 19.04.2013 n/a
VANGUARD GROUP INC VANGUARD GROUP INC 13F 46'634'298 4.93 1'081'104 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 41'687'931 4.41 1'388'347 03.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 40'594'016 4.3 (390'940) 02.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 27'639'427 2.92 7'555'411 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 22'692'798 2.4 1'434'231 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 21'104'247 2.23 1'527'161 31.03.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 13'342'654 1.41 1'637'744 31.05.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'105'045 1.39 196'111 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 12'184'391 1.29 (654'763) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12'107'146 1.28 (305'410) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 12'106'729 1.28 (408'699) 31.05.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 10'331'817 1.09 469'281 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 9'795'743 1.04 1'206'072 31.05.2013 Investment Advisor
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 8'676'284 0.92 1'638'203 31.03.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 8'016'416 0.85 2'117'766 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 7'928'642 0.84 (1'466'080) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 7'571'619 0.8 - 31.12.2012 Government
KOHLBERG KRAVIS ROBE KOHLBERG KRAVIS ROBE 13F 6'424'340 0.68 - 31.03.2013 Private Equity
INVESCO LTD n/a ULT-AGG 6'183'568 0.65 (3'642'592) 03.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley RICKY GOLDWASSER Equalwt/In-Line 3 M #N/A N/A Not Provided 03.07.2013
Credit Suisse EDWARD J KELLY neutral 3 M 45 Not Provided 03.07.2013
SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 55 12 month 03.07.2013
Raymond James JOHN W RANSOM outperform 5 M 50 12 month 03.07.2013
Scotia Capital PATRICIA A BAKER sector outperform 5 M 54 12 month 03.07.2013
BB&T Capital Markets ANDREW P WOLF buy 5 M 53 12 month 03.07.2013
Guggenheim Securities LLC JOHN HEINBOCKEL buy 5 M 52 12 month 03.07.2013
Lazard Capital Markets THOMAS GALLUCCI neutral 3 M #N/A N/A Not Provided 03.07.2013
Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 56 12 month 03.07.2013
Barclays MEREDITH ADLER equalweight 3 M 42 Not Provided 01.07.2013
Goldman Sachs MATTHEW J FASSLER Buy/Neutral 5 M 49 12 month 26.06.2013
Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 26.06.2013
JPMorgan LISA C GILL overweight 5 M 55 6 month 26.06.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 26.06.2013
Macquarie DANE LEONE outperform 5 M 52 12 month 26.06.2013
Cantor Fitzgerald AJAY JAIN hold 3 M 45 12 month 26.06.2013
Wolfe Research SCOTT A MUSHKIN underperform 1 M 43 12 month 26.06.2013
Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 25.06.2013
Mizuho Securities USA Inc ANN HYNES buy 5 M 50 12 month 25.06.2013
ISI Group ROSS MUKEN cautious 2 M 43 12 month 25.06.2013
Barrington Research CHARLES R JONES market perform 3 D 45 12 month 20.05.2013
Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 13.03.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
First Global Stockbroking RITESH DOSHI market perform 3 M #N/A N/A Not Provided 27.06.2011
Holdings By:
Walgreen Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Wells Fargo & Company is a diversified financial services company providing
banking, insurance, investments, mortgage, leasing, credit cards, and consumer
finance. The Company operates through physical stores, the Internet and other
distribution channels across North America and elsewhere internationally.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (01.07.2013) 41.96
52-Week Low (14.11.2012) 31.25
Daily Volume
41.81
52-Week High % Change -0.41% Dividend Yield 2.18
52-Week Low % Change 33.79% Beta 1.15
% 52 Week Price Range High/Low 93.09% Equity Float 5'276.54
Shares Out 30.04.2013 5'296.4 Short Int 44.87
221'441.95 1 Yr Total Return 28.43%
Total Debt 184'554.00 YTD Return 24.16%
Preferred Stock 12'883.0 Adjusted BETA 1.150
Minority Interest 1'357.0 Analyst Recs 42
Cash and Equivalents 159'173.00 Consensus Rating 3.881
Enterprise Value -
Average Volume 5 Day 3'905'004
WFC UN EQUITY YTD Change - Average Volume 30 Day 4'639'752
WFC UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'356'134
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
51'652.0 98'636.0 93'249.0 87'597.0 91'247.0 88'450.0 90'654.0 84'350.8 85'710.0 21'141.3 21'026.4
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'655.0 12'275.0 12'362.0 15'869.0 18'897.0 16'358.0 19'820.0 19'930.7 20'005.5 4'969.8 5'006.0
17.14x 13.15x 12.68x 9.11x 9.97x 10.89x 10.28x 11.28x 10.73x 11.34x 11.20x
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A+
Operating Margin 33.07% Long-Term Outlook NEG
Pretax Margin 33.07% Short-Term Rating Date 29.11.2011
Return on Assets 1.43% Short-Term Rating A-1
Return on Common Equity 13.45%
Return on Capital 5.98% EBITDA/Interest Exp. -
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 127.6%
Net Income Margin 22.0% Total Debt/Capital 53.7%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover 9.77
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 12.97% Inventory Days -
Tot Debt to Common Equity 127.57% 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
Wells Fargo & CoPrice/Volume
Valuation Analysis
835'499.00
Current Price (7/dd/yy) Market Data
&2
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0&!& 9
02!& 9
1&!& 9
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
&!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 458'170'323 8.65 18'312'462 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 283'953'116 5.36 4'757'505 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 230'401'864 4.35 17'604'566 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 205'856'988 3.89 (1'815'436) 02.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 184'594'750 3.49 (7'643'169) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 164'520'597 3.11 (16'777'799) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 116'846'424 2.21 3'693'875 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 95'103'075 1.8 (6'632'926) 31.05.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 75'197'391 1.42 1'729'346 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 75'101'966 1.42 (1'334'345) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 66'635'428 1.26 225'975 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 64'029'039 1.21 (6'548'092) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 60'565'745 1.14 921'960 30.04.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 55'039'014 1.04 - 31.03.2013 Insurance Company
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 49'015'889 0.93 (212'026) 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 45'878'930 0.87 6'574'753 31.05.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 43'955'116 0.83 - 31.12.2012 Government
DODGE & COX WORLDWID DODGE & COX WORLDWID MF-PART 43'698'294 0.83 - 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 41'602'620 0.79 948'027 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 40'199'535 0.76 3'697'310 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James ANTHONY J POLINI strong buy 5 M 48 12 month 03.07.2013
Miller Tabak + Co., LLC TOM MITCHELL hold 3 M 40 12 month 03.07.2013
BMO Capital Markets PETER J WINTER market perform 3 M 42 Not Provided 02.07.2013
Robert W. Baird & Co DAVID A GEORGE outperform 5 M 40 12 month 02.07.2013
Sanford C. Bernstein & Co JOHN E MCDONALD outperform 5 M 44 12 month 02.07.2013
Evercore Partners ANDREW A MARQUARDT equalweight 3 M 41 12 month 02.07.2013
Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 48 12 month 02.07.2013
Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO market perform 3 D 43 12 month 01.07.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 28.06.2013
Jefferies KENNETH M USDIN buy 5 M 46 12 month 27.06.2013
Sandler O'Neill & Partners, LP R SCOTT SIEFERS buy 5 M 46 12 month 27.06.2013
Macquarie THOMAS ALONSO outperform 5 M 46 12 month 26.06.2013
Portales Partners JENNIFER A THOMPSON outperform 5 M #N/A N/A Not Provided 25.06.2013
Sterne, Agee & Leach TODD L HAGERMAN neutral 3 M 42 12 month 21.06.2013
Edward Jones SHANNON L STEMM buy 5 M #N/A N/A Not Provided 20.06.2013
SunTrust Robinson Humphrey ERIC E WASSERSTROM neutral 3 M 42 12 month 20.06.2013
Susquehanna Financial Group JACK MICENKO Positive 4 M 45 12 month 13.06.2013
Atlantic Equities LLP RICHARD STAITE underweight 1 D 39 12 month 12.06.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 46 Not Provided 11.06.2013
Goldman Sachs RICHARD N RAMSDEN neutral/attractive 3 M 41 12 month 24.05.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 44 Not Provided 17.05.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 41 Not Provided 13.05.2013
Barclays JASON M GOLDBERG overweight 5 M 45 Not Provided 08.05.2013
RBC Capital Markets JOSEPH K MORFORD outperform 5 M 40 12 month 06.05.2013
Scotia Capital KEVIN R CHOQUETTE sector perform 3 M 43 12 month 02.05.2013
JPMorgan VIVEK JUNEJA overweight 5 M 41 6 month 26.04.2013
Compass Point Research & Trading LLC KEVIN BARKER neutral 3 M 38 12 month 19.04.2013
Argus Research Corp DAVID RITTER sell 1 M #N/A N/A Not Provided 17.04.2013
Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 17.04.2013
FBR Capital Markets PAUL J MILLER JR outperform 5 M 42 12 month 15.04.2013
Buckingham Research Group JAMES F MITCHELL neutral 3 M 39 12 month 15.04.2013
Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 41 12 month 14.04.2013
Deutsche Bank MATTHEW D O'CONNOR hold 3 M 37 12 month 12.04.2013
Credit Suisse MOSHE A ORENBUCH neutral 3 M 38 Not Provided 12.04.2013
Nomura KEITH MURRAY buy 5 M 42 12 month 12.04.2013
S&P Capital IQ ERIK M OJA hold 3 M 38 Not Provided 12.04.2013
Keefe, Bruyette & Woods FREDERICK CANNON market perform 3 M 37 12 month 27.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 12.10.2012
Holdings By:
Wells Fargo & Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
The Williams Companies, Inc. is an integrated natural gas company that produces,
gathers, processes and transports natural gas. The Company's operations are
concentrated in the Pacific Northwest, Rocky Mountains, Gulf Coast, the Eastern
Seaboard, and the province of Alberta in Canada.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (25.04.2013) 38.54
52-Week Low (12.07.2012) 28.47
Daily Volume
32.62
52-Week High % Change -15.39% Dividend Yield 3.91
52-Week Low % Change 14.58% Beta 1.13
% 52 Week Price Range High/Low 43.20% Equity Float 681.21
Shares Out 03.05.2013 682.7 Short Int 15.12
22'269.46 1 Yr Total Return 15.94%
Total Debt 10'736.00 YTD Return 1.67%
Preferred Stock 0.0 Adjusted BETA 1.126
Minority Interest 2'675.0 Analyst Recs 16
Cash and Equivalents 839.00 Consensus Rating 4.375
Enterprise Value 35'253.46
Average Volume 5 Day 1'366'230
WMB UN EQUITY YTD Change - Average Volume 30 Day 1'648'909
WMB UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'409'127
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
11'890.0 8'255.0 6'638.0 7'930.0 7'486.0 8'078.0 7'308.0 7'622.5 8'878.4 1'790.3 1'948.8
1.28x 2.33x 3.64x 3.61x 4.66x 13.33x 18.58x 4.96x 4.52x 20.00x 18.92x
3'843.0 2'970.0 2'902.0 3'481.0 2'368.0 3'356.0 2'323.0 2'462.9 3'248.3 580.6 587.4
3.97x 6.49x 8.32x 8.23x 14.72x 8.26x 16.59x 14.33x 10.87x 13.55x 12.43x
1'418.0 285.0 (1'097.0) 376.0 859.0 478.0 597.0 497.0 861.2 101.0 117.1
6.55x 27.26x 29.54x 20.00x 27.33x 26.40x 19.12x 43.38x 25.79x 38.47x 31.89x
EBITDA 2'368.00 Long-Term Rating Date 05.03.2012
EBIT 1'612.00 Long-Term Rating BBB
Operating Margin 21.53% Long-Term Outlook STABLE
Pretax Margin 17.22% Short-Term Rating Date 19.03.2007
Return on Assets 2.80% Short-Term Rating NR
Return on Common Equity 17.73%
Return on Capital 7.51% EBITDA/Interest Exp. 4.17
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. -0.28
Net Debt/EBITDA 4.27
Gross Margin 43.2% Total Debt/EBITDA 4.57
EBITDA Margin 31.8%
EBIT Margin 20.9% Total Debt/Equity 225.9%
Net Income Margin 11.5% Total Debt/Capital 59.1%
Asset Turnover 0.34
Current Ratio 1.24 Net Fixed Asset Turnover 0.50
Quick Ratio 0.99 Accounts receivable turnover-days 34.99
Debt to Assets 44.13% Inventory Days 13.62
Tot Debt to Common Equity 225.93% Accounts Payable Turnover Day 58.30
Accounts Receivable Turnover 10.43 Cash Conversion Cycle -22.04
Inventory Turnover 26.80
Fiscal Year Ended
Williams Cos Inc/ThePrice/Volume
Valuation Analysis
165'878.00
Current Price (7/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
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-1!& 9
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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
&!&&
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 35'981'653 5.27 (1'993'905) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 34'069'219 4.99 4'199'202 02.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 33'870'156 4.96 788'667 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 32'171'940 4.71 838'930 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 31'688'507 4.64 2'338'474 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 30'240'979 4.43 11'567'509 31.05.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 16'523'750 2.42 3'155'377 31.03.2013 Investment Advisor
SOROBAN CAPITAL PART SOROBAN CAPITAL PART 13F 12'347'856 1.81 2'651'882 31.03.2013 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'781'600 1.58 387'604 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 10'675'203 1.56 (3'367'011) 03.07.2013 Investment Advisor
KAYNE ANDERSON CAPIT KAYNE ANDERSON CAPIT 13F 10'302'336 1.51 473'073 31.03.2013 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'832'780 1.29 (1'851'454) 31.03.2013 Investment Advisor
TORTOISE CAPITAL ADV TORTOISE CAPITAL ADV 13F 7'634'884 1.12 4'668'694 31.03.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 7'607'242 1.11 2'176'866 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 7'419'862 1.09 5'014'266 31.05.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'202'012 1.05 976'562 30.04.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'968'573 1.02 891'799 31.03.2013 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 6'478'991 0.95 (12'965'802) 31.03.2013 Hedge Fund Manager
GOLDMAN SACHS GROUP n/a ULT-AGG 6'476'036 0.95 2'153'316 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 6'268'229 0.92 (158'830) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse JOHN EDWARDS outperform 5 M 46 Not Provided 28.06.2013
Raymond James DARREN HOROWITZ outperform 5 M 38 12 month 26.06.2013
Tudor Pickering & Co BRADLEY OLSEN hold 3 U 37 Not Provided 26.06.2013
Deutsche Bank CURTIS N LAUNER hold 3 M 34 12 month 24.06.2013
Howard Weil Inc HOLLY STEWART sector outperform 5 M 42 12 month 24.06.2013
Goldman Sachs THEODORE DURBIN buy/attractive 5 M 40 12 month 18.06.2013
US Capital Advisors REBECCA G FOLLOWILL hold 3 M 35 Not Provided 18.06.2013
Wells Fargo Securities, LLC SHARON LUI outperform 5 M #N/A N/A Not Provided 14.06.2013
Barclays RICHARD GROSS overweight 5 M 43 Not Provided 20.05.2013
Argus Research Corp MICHAEL BURKE buy 5 M 45 Not Provided 15.05.2013
BMO Capital Markets CARL L KIRST outperform 5 M 41 Not Provided 10.05.2013
JPMorgan JEREMY TONET overweight 5 M 41 6 month 02.04.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 05.03.2013
Morgan Stanley STEPHEN J MARESCA Overwt/Attractive 5 M 42 12 month 12.12.2012
Holdings By:
Williams Cos Inc/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood
markets. The Company's discount stores and supercenters offer merchandise such
as apparel, housewares, small appliances, electronics, and hardware. Walmart's
markets offer a full-line supermarket and a limited assortment of general
merchandise. The Company operates nationally and internationally.
Latest Fiscal Year: 01/2013
LTM as of: 04/yy
52-Week High (15.05.2013) 79.96
52-Week Low (31.12.2012) 67.37
Daily Volume
74.61
52-Week High % Change -6.65% Dividend Yield 2.23
52-Week Low % Change 10.75% Beta 0.59
% 52 Week Price Range High/Low 58.70% Equity Float 1'637.01
Shares Out 04.06.2013 3'276.7 Short Int 23.36
244'472.92 1 Yr Total Return 7.94%
Total Debt 54'136.00 YTD Return 10.72%
Preferred Stock 0.0 Adjusted BETA 0.587
Minority Interest 5'395.0 Analyst Recs 35
Cash and Equivalents 7'781.00 Consensus Rating 3.771
Enterprise Value 298'293.92
Average Volume 5 Day 2'482'231
WMT UN EQUITY YTD Change - Average Volume 30 Day 2'058'964
WMT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'889'775
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
404'374.0 408'085.0 421'849.0 446'950.0 469'162.0 455'779.0 470'331.0 487'912.5 510'038.6 118'897.1 119'152.1
0.55x 0.58x 0.57x 0.58x 0.60x 2.19x 2.55x 0.61x 0.58x 2.49x 2.50x
29'537.0 31'159.0 33'183.0 34'688.0 36'302.0 35'300.0 36'459.0 37'804.4 39'749.2 8'818.9 8'389.6
7.52x 7.63x 7.30x 7.53x 7.81x 7.12x 8.48x 7.89x 7.50x 8.06x 7.99x
13'400.0 14'370.0 16'389.0 15'699.0 16'999.0 16'042.0 17'041.0 17'388.4 18'494.6 4'141.1 3'832.6
13.80x 14.44x 13.80x 13.67x 13.93x 12.71x 15.33x 14.07x 12.80x 13.77x 13.49x
EBITDA 36'302.00 Long-Term Rating Date 09.07.1999
EBIT 27'801.00 Long-Term Rating AA
Operating Margin 5.93% Long-Term Outlook STABLE
Pretax Margin 5.49% Short-Term Rating Date 22.07.1983
Return on Assets 8.54% Short-Term Rating A-1+
Return on Common Equity 24.48%
Return on Capital 14.81% EBITDA/Interest Exp. 15.61
Asset Turnover 2.36% (EBITDA-Capex)/Interest Exp. 10.07
Net Debt/EBITDA 1.32
Gross Margin 24.9% Total Debt/EBITDA 1.57
EBITDA Margin 7.8%
EBIT Margin 5.9% Total Debt/Equity 70.9%
Net Income Margin 3.6% Total Debt/Capital 39.8%
Asset Turnover 2.36
Current Ratio 0.83 Net Fixed Asset Turnover 4.09
Quick Ratio 0.20 Accounts receivable turnover-days 4.57
Debt to Assets 26.65% Inventory Days 43.61
Tot Debt to Common Equity 70.91% Accounts Payable Turnover Day 37.94
Accounts Receivable Turnover 79.95 Cash Conversion Cycle 10.40
Inventory Turnover 8.37
Fiscal Year Ended
Wal-Mart Stores IncPrice/Volume
Valuation Analysis
364'769.00
Current Price (7/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&
d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9
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3!& 9
5!& 9
-&!& 9
-.!& 9
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
500'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
&!&&
.!&&
1!&&
3!&&
5!&&
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WALTON ENTERPRISES L n/a Form 4 1'609'891'131 49.13 - 07.06.2013 Holding Company
BLACKROCK n/a ULT-AGG 91'730'267 2.8 (2'446'429) 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 89'771'128 2.74 (2'150'138) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 75'701'447 2.31 (1'852'112) 02.07.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 49'247'235 1.5 1'746'053 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 34'338'581 1.05 1'735'672 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 33'187'884 1.01 (8'300'568) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 22'853'213 0.7 37'049 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 16'800'850 0.51 - 31.03.2013 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 14'908'021 0.45 (499'652) 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 14'408'975 0.44 363'274 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 13'784'344 0.42 (552'280) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 12'375'398 0.38 962'519 31.03.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 11'492'203 0.35 (1'082'806) 31.03.2013 Unclassified
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 11'352'639 0.35 246'554 31.03.2013 Investment Advisor
GATES FOUNDATION BILL & MELINDA FOUND 13F 11'103'000 0.34 - 31.03.2013 Endowment
WALTON JIM C n/a Form 4 10'501'672 0.32 - 07.06.2013 n/a
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 10'269'860 0.31 24'635 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'993'975 0.31 1'430'004 31.03.2013 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 9'712'984 0.3 392'738 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan CHRISTOPHER HORVERS neutral 3 M 75 6 month 02.07.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 80 12 month 01.07.2013
Stifel DAVID A SCHICK buy 5 M 83 12 month 01.07.2013
ISI Group GREGORY MELICH neutral 3 M 77 12 month 01.07.2013
Cowen and Company FAYE LANDES market perform 3 M 75 12 month 01.07.2013
Northcoast Research CHARLES E CERANKOSKY neutral 3 M #N/A N/A Not Provided 28.06.2013
Credit Suisse MICHAEL B EXSTEIN neutral 3 M 80 Not Provided 27.06.2013
Jefferies DANIEL T BINDER buy 5 M 90 12 month 26.06.2013
Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 24.06.2013
Wolfe Research SCOTT A MUSHKIN peerperform 3 M #N/A N/A Not Provided 24.06.2013
Raymond James BUDD BUGATCH outperform 5 M 84 12 month 21.06.2013
William Blair & Co MARK R MILLER market perform 3 M #N/A N/A Not Provided 14.06.2013
Robert W. Baird & Co PETER S BENEDICT outperform 5 M 88 12 month 13.06.2013
BMO Capital Markets WAYNE HOOD market perform 3 M 80 Not Provided 11.06.2013
Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 80 12 month 11.06.2013
MKM Partners PATRICK G MCKEEVER JR neutral 3 M 76 12 month 10.06.2013
Barclays ROBERT S DRBUL overweight 5 M 90 Not Provided 07.06.2013
Stephens Inc JOHN R LAWRENCE overweight 5 M 87 12 month 03.06.2013
Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 31.05.2013
HSBC FRANCISCO J CHEVEZ overweight 5 M 87 Not Provided 28.05.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 67 12 month 22.05.2013
Deutsche Bank PAUL TRUSSELL hold 3 M 76 12 month 17.05.2013
Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 17.05.2013
Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 81 Not Provided 17.05.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 80 12 month 17.05.2013
Gilford Securities BERNARD SOSNICK buy 5 M #N/A N/A Not Provided 16.05.2013
Buckingham Research Group JOHN M ZOLIDIS neutral 3 M 77 12 month 16.05.2013
S&P Capital IQ IAN GORDON hold 3 M 83 Not Provided 16.05.2013
Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 85 12 month 15.05.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 27.02.2013
National Bank AG MANFRED JAISFELD buy 5 M 80 Not Provided 22.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 18.02.2013
Oracle Investment Research LAURENCE BALTER sell 1 D 60 Not Provided 18.02.2013
First Global Stockbroking RITESH DOSHI moderate outperform 4 M #N/A N/A Not Provided 18.08.2011
Holdings By:
Wal-Mart Stores Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a
worldwide basis. The Company's operations include exploration and production of
oil and gas, electric power generation, and coal and minerals operations.
Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (19.10.2012) 93.60
52-Week Low (10.07.2012) 82.84
Daily Volume
90.85
52-Week High % Change -3.04% Dividend Yield 2.51
52-Week Low % Change 9.67% Beta 0.96
% 52 Week Price Range High/Low 72.96% Equity Float 4'436.05
Shares Out 31.03.2013 4'446.4 Short Int 43.89
403'953.25 1 Yr Total Return 8.09%
Total Debt 11'581.00 YTD Return 6.38%
Preferred Stock 0.0 Adjusted BETA 0.964
Minority Interest 5'797.0 Analyst Recs 29
Cash and Equivalents 9'582.00 Consensus Rating 3.552
Enterprise Value 417'227.24
Average Volume 5 Day 4'023'636
XOM UN EQUITY YTD Change - Average Volume 30 Day 3'651'884
XOM UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'525'508
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
425'071.0 275'564.0 341'578.0 433'526.0 420'714.0 442'887.0 406'354.0 426'521.1 435'711.8 105'380.8 106'387.5
0.89x 1.18x 1.10x 0.95x 0.94x 3.59x 4.01x 0.99x 0.97x 3.97x 3.94x
78'669.0 38'156.0 54'882.0 69'687.0 65'769.0 68'333.0 64'362.0 79'465.6 81'220.2 16'175.7 17'745.2
4.82x 8.54x 6.87x 5.91x 6.04x 5.99x 6.43x 5.25x 5.13x 5.77x 5.47x
45'220.0 19'280.0 30'460.0 41'060.0 44'880.0 39'860.0 44'930.0 35'552.6 35'529.0 8'618.4 8'957.1
9.22x 17.13x 11.76x 10.07x 11.45x 10.47x 11.26x 11.35x 11.08x 11.45x 11.37x
EBITDA 65'769.00 Long-Term Rating Date 16.12.1985
EBIT 49'881.00 Long-Term Rating AAA
Operating Margin 11.86% Long-Term Outlook STABLE
Pretax Margin 18.71% Short-Term Rating Date 16.12.1985
Return on Assets 13.12% Short-Term Rating A-1+
Return on Common Equity 27.73%
Return on Capital 26.10% EBITDA/Interest Exp. 78.95
Asset Turnover 1.19% (EBITDA-Capex)/Interest Exp. 37.81
Net Debt/EBITDA 0.11
Gross Margin 15.6% Total Debt/EBITDA 0.21
EBITDA Margin 15.8%
EBIT Margin 11.9% Total Debt/Equity 7.0%
Net Income Margin 10.7% Total Debt/Capital 6.3%
Asset Turnover 1.19
Current Ratio 1.01 Net Fixed Asset Turnover 1.81
Quick Ratio 0.69 Accounts receivable turnover-days 31.50
Debt to Assets 3.47% Inventory Days 16.68
Tot Debt to Common Equity 6.98% Accounts Payable Turnover Day 60.61
Accounts Receivable Turnover 11.59 Cash Conversion Cycle 12.30
Inventory Turnover 21.88
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
Exxon Mobil CorpPrice/Volume
Valuation Analysis
476'191.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 249'170'751 5.6 (77'903) 03.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 220'488'880 4.96 6'057'091 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 187'796'711 4.22 (5'496'752) 02.07.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 74'266'448 1.67 930'148 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 69'946'768 1.57 1'445'372 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 58'160'618 1.31 (3'571'856) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 48'351'495 1.09 (764'186) 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 48'014'528 1.08 (6'314'268) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 43'225'229 0.97 48'179 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 37'062'400 0.83 - 31.03.2013 Insurance Company
NORGES BANK NORGES BANK 13F 36'257'449 0.82 - 31.12.2012 Government
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 36'121'945 0.81 (363'986) 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 30'394'776 0.68 213'673 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 23'064'235 0.52 (455'610) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 21'503'666 0.48 521'542 31.03.2013 Unclassified
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 21'387'000 0.48 (16'109) 31.03.2013 Insurance Company
GOLDMAN SACHS GROUP n/a ULT-AGG 20'928'822 0.47 (3'755'506) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 20'926'596 0.47 (429'094) 30.04.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 20'715'547 0.47 697'390 31.05.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 20'082'588 0.45 1'915'793 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James PAVEL MOLCHANOV outperform 5 M 96 12 month 28.06.2013
Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 25.06.2013
Cowen and Company ASIT SEN outperform 5 M 102 12 month 24.06.2013
Tudor Pickering & Co ROBERT KESSLER hold 3 M 82 Not Provided 24.06.2013
Oppenheimer & Co FADEL GHEIT market perform 3 M #N/A N/A Not Provided 21.06.2013
Wells Fargo Securities, LLC ROGER D READ market perform 3 N #N/A N/A Not Provided 20.06.2013
ISI Group DOUGLAS T TERRESON neutral 3 M 95 12 month 19.06.2013
Howard Weil Inc BLAKE FERNANDEZ sector perform 3 M 97 12 month 18.06.2013
Jefferies IAIN REID hold 3 M 90 12 month 17.06.2013
Societe Generale JOHN HERRLIN buy 5 M 103 Not Provided 07.06.2013
Barclays PAUL Y CHENG equalweight 3 M 102 Not Provided 05.06.2013
Canaccord Genuity Corp GORDON GRAY hold 3 M 95 12 month 30.05.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 16.05.2013
VTB Capital COLIN SMITH hold 3 M 90 12 month 15.05.2013
Argus Research Corp JONATHAN GELCIUS hold 3 M #N/A N/A Not Provided 06.05.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 94 12 month 06.05.2013
Ameriprise Advisor Services, Inc LEZE THAQI buy 5 M #N/A N/A Not Provided 29.04.2013
Morgan Stanley J EVAN CALIO Underwt/In-Line 1 M 85 12 month 26.04.2013
Credit Suisse EDWARD WESTLAKE neutral 3 M 90 Not Provided 26.04.2013
Macquarie JASON D GAMMEL neutral 3 M 99 12 month 26.04.2013
National Bank AG MANFRED JAISFELD hold 3 M 95 Not Provided 26.04.2013
Deutsche Bank PAUL SANKEY hold 3 M 96 12 month 25.04.2013
JPMorgan KATHERINE LUCAS MINYARD neutral 3 M 96 6 month 25.04.2013
S&P Capital IQ MICHAEL KAY strong buy 5 M 104 12 month 25.04.2013
Goldman Sachs ARJUN N MURTI neutral/attractive 3 M 91 12 month 12.04.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Exxon Mobil Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |