Pair Trade: Long Schneider Electric - Short Siemens

Wednesday, January 2nd 2013

Investment Case

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Companies Description

Analysts Recommendations:

Source: Bloomberg

Market Price Data

Schneider Electric (SU FP)

Last Price (€) 56.540

YTD Change 3.17%

Mkt Cap (€ bn) 31.331

Siemens (SIE GY)

Last Price (€) 83.660

YTD Change 1.80%

Mkt Cap (€ bn) 73.722

Source: Bloomberg

Market Multiples

P/E EPS DY Net Debt

2013 2011/14 2013 /EBITDA

Est. CAGR Est. Est. Est. 2013

SU FP 13.6 11.0% 3.1% 1.0

SIE GY (*) 13.6 -2.0% 3.8% 1.0

(*) Siemens fiscal year ends in September

Source: Bloomberg

Next Report Date & Events

SU FP 2012 Annual Results Feb 21th, 2013

Q1 2013 Sales Apr 23rd, 2013

SIE GY Q1 Report and

Analyst Call Jan 23rd, 2013

Source: Companies information