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May 2013
A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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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 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83
Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12
NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11
FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07
SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77
S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48
S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22
HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97
MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56
ACTIVISION BLIZZARD INC USD 16627 1520 1112 0 0 0 4 12.25 4856 4856 4275 4667 1779 1779 189 189 1.02 1.01 0.85 1.04 14.83 14.83 17.59 14.41 2.12 - -0.50 51.86 36.64 NR 11.07.2008 - -
ADOBE SYSTEMS INC USD 22617 956 494 2 0 0 4 20.50 4404 4366 4118 4512 1477 1296 288 288 1.62 1.41 1.45 1.80 31.96 31.96 31.10 25.09 4.45 3.06 0.67 4.71 29.68 BBB+ 25.01.2010 Baa1 25.01.2010
AKAMAI TECHNOLOGIES INC USD 7679 1046 178 0 0 0 1 6.60 1374 1423 1540 1753 519 546 159 159 1.15 1.29 1.94 2.19 33.36 33.36 22.13 19.68 18.59 14.51 12.01 19.00 38.37 NR 12.11.2002 - -
ALEXION PHARMACEUTICALS INC USD 19259 506 195 0 0 0 1 18.39 1134 1228 1518 1895 424 424 149 149 1.34 1.50 2.95 3.27 65.97 65.97 33.47 30.17 44.76 49.97 61.86 - 37.38 - - - -
ALTERA CORP USD 10129 797 320 1 0 0 3 7.50 1783 1810 1754 2015 628 632 126 126 1.72 1.73 1.46 1.76 18.29 18.29 21.66 17.94 -13.63 8.51 -28.72 14.97 34.94 A- 04.11.2011 A2 01.05.2012
AMAZON.COM INC USD 113692 1808 454 4 0 0 11 109.49 61093 63978 74865 91384 2835 3066 993 993 -0.23 -0.56 3.13 5.30 - - 79.71 47.10 27.07 31.59 45.76 25.77 4.79 AA- 26.11.2012 Baa1 26.11.2012
AMGEN INC USD 80003 1375 756 27 0 0 24 82.62 17265 17455 17925 18375 6665 6665 1638 1638 6.00 6.36 7.28 8.28 16.76 16.76 14.66 12.89 10.80 3.45 24.07 2.92 38.60 A+ 07.09.2007 Baa1 07.11.2011
ANALOG DEVICES INC USD 13359 411 298 1 0 0 4 10.13 2701 2675 2690 2980 942 923 225 225 2.15 2.11 2.16 2.69 20.68 20.68 20.20 16.22 -9.76 1.99 -20.98 4.28 34.52 A- 29.09.2010 A3 25.06.2009
APPLE INC USD 403732 5478 939 0 0 0 121 259.04 156508 169104 171696 188398 58518 57381 10622 10622 44.15 41.89 40.01 44.07 10.27 10.27 10.75 9.76 44.58 43.06 64.36 65.35 33.93 AA+ 23.04.2013 Aa1 23.04.2013
APPLIED MATERIALS INC USD 17281 3929 1197 2 0 0 2 17.47 8719 8103 7828 9351 1422 1285 317 317 0.75 0.62 0.61 1.07 23.23 23.23 23.72 13.42 -17.10 0.23 -45.03 -11.81 15.86 A- 21.12.1999 A3 20.08.1997
AUTODESK INC USD 8551 501 224 1 0 0 2 6.93 2312 2312 2448 2648 478 478 161 161 1.09 1.14 2.12 2.46 33.52 33.52 18.06 15.56 4.36 1.06 1.66 -1.18 20.66 BBB 05.12.2012 Baa2 10.12.2012
AUTOMATIC DATA PROCESSING USD 32564 375 484 0 0 0 2 31.08 10665 10945 11314 12148 2342 2375 779 779 2.74 2.79 2.90 3.19 24.06 24.06 23.13 21.07 7.95 5.09 6.64 4.99 21.70 AAA 29.10.1998 - -
AVAGO TECHNOLOGIES LTD USD 8005 517 245 0 0 0 1 6.86 2364 2377 2387 2651 744 740 173 173 2.28 2.29 2.60 2.96 14.22 14.22 12.50 10.99 1.20 8.15 -0.13 39.47 31.13 - - - -
BAIDU INC - SPON ADR USD 29892 1410 350 12 0 1 32 163.60 22306 24011 30034 38834 12567 12551 3485 3485 29.83 30.32 31.45 38.14 17.38 17.38 16.76 13.82 53.83 60.80 48.51 76.77 52.27 - - A3 06.11.2012
BED BATH & BEYOND INC USD 15465 825 226 0 0 0 1 14.45 10915 10915 11635 12274 1833 1833 386 386 4.56 4.58 5.01 5.62 14.93 14.93 13.65 12.18 14.89 12.27 4.61 12.98 16.79 BBB+ 30.06.2011 - -
BIOGEN IDEC INC USD 53079 513 237 1 0 0 4 53.33 5516 5640 6501 7622 2204 2354 597 597 5.71 6.24 7.95 9.89 35.85 35.85 28.12 22.61 9.27 8.48 3.06 11.87 41.75 A- 17.04.2013 Baa2 19.03.2012
BMC SOFTWARE INC USD 6491 644 162 1 0 0 2 6.62 2172 2198 2227 2325 769 702 222 222 2.36 2.18 3.47 3.86 20.86 20.86 13.08 11.78 5.17 4.81 6.32 13.24 31.93 BBB+ 22.07.2010 Baa2 23.07.2010
BROADCOM CORP-CL A USD 20222 2534 569 2 0 0 4 17.99 8006 8184 8629 9457 1297 1353 375 375 1.45 1.50 2.89 3.08 23.61 23.61 12.24 11.49 8.35 17.71 2.94 48.35 16.53 A- 11.08.2011 A2 27.10.2010
CA INC USD 12141 871 466 1 0 0 3 10.89 4814 4680 4640 4667 1805 1836 403 403 2.04 2.16 2.41 2.53 12.35 12.35 11.04 10.54 8.69 1.88 11.15 14.58 39.23 BBB+ 11.04.2011 Baa2 13.08.2010
CATAMARAN CORP USD 11631 249 205 1 0 0 0 12.44 9940 9940 14511 16281 367 367 150 150 0.87 0.87 1.87 2.36 65.07 65.07 30.29 24.04 99.78 303.30 120.71 82.08 3.70 BB 22.05.2012 - -
CELGENE CORP USD 49609 905 420 3 0 0 4 48.85 5507 5698 6148 7036 2199 2230 749 749 4.01 4.15 5.74 6.90 28.54 28.54 20.64 17.17 13.73 26.39 32.20 36.40 39.13 BBB+ 04.10.2010 Baa2 04.10.2010
CERNER CORP USD 16292 225 172 0 0 0 1 15.47 2665 2704 2985 3375 794 830 238 238 2.26 2.37 2.82 3.28 40.00 40.00 33.66 28.86 20.98 12.47 18.13 17.35 30.69 - - - -
C.H. ROBINSON WORLDWIDE INC USD 9369 218 161 0 0 0 0 9.48 11359 11359 12979 14106 713 713 191 191 3.08 3.06 3.06 3.47 19.20 19.20 19.24 16.98 9.89 8.96 -1.63 5.84 6.28 - - - -
CHECK POINT SOFTWARE TECH USD 9391 661 199 0 0 0 3 5.87 1343 1352 1399 1490 761 763 198 198 2.94 3.01 3.41 3.72 15.15 15.15 13.40 12.26 7.68 11.32 9.76 17.15 56.39 - - - -
CISCO SYSTEMS INC USD 111865 6777 5298 16 0 0 49 81.79 46061 47252 48678 51367 12971 13372 3802 3802 1.60 1.48 2.00 2.11 14.22 14.22 10.52 9.95 6.58 4.44 18.36 5.10 28.30 A+ 10.02.2006 A1 10.02.2006
CITRIX SYSTEMS INC USD 11598 537 186 0 0 0 1 10.94 2586 2670 2963 3347 606 596 200 200 1.70 1.65 3.09 3.53 37.58 37.58 20.11 17.62 17.21 12.57 5.10 15.29 22.34 NR 04.02.2005 - -
COGNIZANT TECH SOLUTIONS-A USD 18991 1217 302 0 0 0 3 16.13 7346 7346 8626 10010 1518 1518 411 411 3.44 3.44 4.31 4.94 18.29 18.29 14.59 12.73 20.02 26.92 20.42 28.37 20.66 - - - -
COMCAST CORP-CLASS A USD 108281 2210 2639 40 0 17 12 153.76 62570 62570 64180 67996 19977 19977 4982 4982 1.92 1.93 2.39 2.75 21.50 21.50 17.38 15.11 12.05 16.15 8.82 11.13 31.93 A- 14.02.2013 A3 13.02.2013
COSTCO WHOLESALE CORP USD 47403 660 432 1 0 0 5 46.79 99137 103128 106074 115137 3667 3874 932 932 3.96 4.35 4.55 5.03 24.95 24.95 23.86 21.60 11.50 8.06 11.02 10.87 3.76 A+ 28.11.2012 A1 26.03.2012
DELL INC USD 23308 1232 1738 9 0 0 13 19.64 56940 56940 55730 55642 4156 4156 947 947 1.48 1.49 1.53 1.64 8.95 8.95 8.75 8.14 -8.27 -1.66 -22.56 0.13 7.30 A- *- 05.02.2013 Baa1 *- 05.02.2013
DENTSPLY INTERNATIONAL INC USD 6028 144 142 2 0 0 0 7.51 2928 2928 3051 3186 537 537 155 155 2.37 2.37 2.41 2.67 17.78 17.78 17.51 15.82 15.40 7.52 27.33 5.25 18.33 BBB+ 02.09.2011 Baa2 16.08.2011
DIRECTV USD 32629 956 587 18 0 0 2 49.09 29740 29740 31892 34136 7447 7447 1878 1878 4.52 4.54 4.84 5.81 12.59 12.59 11.81 9.83 9.23 10.57 7.32 12.83 25.04 BBB 25.02.2011 - -
DISCOVERY COMMUNICATIONS-A USD 28381 307 304 5 0 0 1 32.43 4487 4521 5552 6143 1978 1975 512 512 2.52 2.52 3.37 4.25 31.28 31.28 23.37 18.53 7.65 - 8.50 - 43.69 BBB 09.03.2011 - -
DOLLAR TREE INC USD 10858 337 225 0 0 0 0 10.73 7395 7395 7939 8612 1095 1095 254 254 2.34 2.53 2.78 3.20 18.90 18.90 17.21 14.92 11.52 11.62 15.79 17.48 14.81 - - - -
EBAY INC USD 68575 2127 1294 5 0 0 9 63.70 14072 14542 16325 19014 4088 4285 1247 1247 1.95 2.01 2.74 3.23 26.29 26.29 19.27 16.36 20.77 11.98 23.39 9.42 29.47 A 02.03.2010 A2 21.10.2010
EQUINIX INC USD 10296 286 49 3 0 0 0 14.00 1896 1981 2207 2547 818 844 243 243 2.99 3.00 2.87 4.53 70.34 70.34 73.43 46.62 20.76 27.20 23.95 49.56 42.59 BB 28.02.2013 Ba3 28.02.2013
EXPEDIA INC USD 7576 1997 135 1 0 0 2 7.20 4030 4226 4818 5453 809 865 222 222 2.70 2.12 3.33 3.97 26.41 26.41 16.82 14.11 16.86 8.58 12.52 2.11 20.47 BBB- 22.12.2011 Ba1 30.10.2009
EXPEDITORS INTL WASH INC USD 7364 266 206 0 0 0 1 6.11 5981 5981 6367 6927 571 571 141 141 1.57 1.57 1.78 2.03 22.71 22.71 20.03 17.60 -2.76 1.93 -13.03 4.22 9.54 - - - -
EXPRESS SCRIPTS HOLDING CO USD 47776 1970 818 16 0 0 3 60.24 93858 108166 100773 102127 4657 5485 1649 1649 2.46 2.45 4.27 4.90 23.85 23.85 13.70 11.92 103.47 45.59 81.37 32.09 5.07 BBB+ 31.05.2012 Baa3 04.06.2009
F5 NETWORKS INC USD 5954 649 79 0 0 0 1 5.43 1377 1431 1458 1628 461 464 130 130 3.46 3.44 4.46 5.06 22.08 22.08 17.02 15.02 19.57 18.14 24.19 28.96 32.39 - - - -
FACEBOOK INC-A USD 65178 6526 2372 2 0 0 10 57.91 5089 5089 6673 8466 1187 1187 761 761 0.01 0.02 0.57 0.78 1349.00 1349.00 47.67 34.81 37.13 - -42.91 - 23.32 - - - -
FASTENAL CO USD 14811 423 297 0 0 0 0 14.65 3134 3171 3443 3887 727 743 219 219 1.42 1.45 1.62 1.89 34.50 34.50 30.87 26.44 13.25 8.15 17.41 11.95 23.44 - - - -
FISERV INC USD 12086 192 133 3 0 0 0 14.96 4482 4482 4934 5145 1410 1410 374 374 4.38 4.38 5.98 6.66 20.76 20.76 15.20 13.64 3.34 1.00 4.83 8.80 31.46 BBB- 02.03.2010 Baa2 08.11.2007
FOSSIL INC USD 5655 152 53 0 0 0 0 5.56 2858 2858 3166 3453 554 554 105 105 5.37 5.41 6.06 6.89 17.61 17.61 15.73 13.84 11.30 15.87 5.81 20.38 19.40 - - - -
GARMIN LTD USD 6914 216 196 0 0 0 3 4.04 2716 2716 2555 2507 695 695 112 112 2.76 2.77 2.41 2.45 12.72 12.72 14.65 14.40 -1.55 -8.13 7.15 -6.49 25.58 - - - -
GILEAD SCIENCES INC USD 77779 2876 1519 8 0 0 3 83.66 9703 9703 10713 13009 4288 4288 1132 1132 1.69 1.68 2.06 2.97 30.46 30.46 24.76 17.21 15.71 19.77 4.80 14.12 44.20 A- 23.03.2011 Baa1 23.03.2011
GOOGLE INC-CL A USD 271115 536 330 6 0 0 50 224.69 50175 54703 47546 55173 15722 16160 5164 5164 34.02 34.99 46.17 53.26 23.41 23.41 17.74 15.38 32.37 22.23 15.66 21.04 29.54 AA 19.11.2012 Aa2 16.05.2011
HENRY SCHEIN INC USD 7878 114 88 1 0 0 0 8.73 8940 8940 9515 10038 759 759 185 185 4.44 4.42 4.87 5.38 20.33 20.33 18.47 16.71 4.80 7.43 8.80 10.46 8.50 - - - -
INTEL CORP USD 117517 8151 4944 13 0 0 23 108.98 53341 53015 53565 55902 22160 21148 4604 4604 2.13 2.00 1.90 2.03 11.88 11.88 12.49 11.70 -1.22 8.14 -5.87 10.34 39.89 A+ 17.02.1993 A1 14.09.2011
INTUIT INC USD 18062 1162 295 0 0 0 1 17.90 4151 4211 4519 4922 1419 1307 1388 1388 2.50 2.36 3.35 3.68 25.82 25.82 18.18 16.57 10.05 3.29 8.49 11.70 31.04 BBB 29.05.2008 Baa1 04.06.2010
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 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83
Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12
NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11
FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07
SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77
S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48
S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22
HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97
MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56
INTUITIVE SURGICAL INC USD 19645 80 40 0 0 0 1 18.29 2179 2295 2583 2968 936 997 256 256 15.98 17.02 17.85 20.75 28.74 28.74 27.41 23.58 23.99 28.74 26.25 29.59 43.42 - - - -
KLA-TENCOR CORPORATION USD 8810 904 167 1 0 0 3 6.68 3172 3015 2827 3164 1108 951 205 205 4.64 3.97 3.24 4.10 13.39 13.39 16.40 12.96 -0.10 13.56 -11.07 9.66 31.53 BBB 28.04.2008 Baa1 29.04.2008
KRAFT FOODS GROUP INC USD 30600 931 593 10 0 0 1 39.32 18339 18770 19237 3239 - 814 814 3.50 - 2.78 3.12 - - 18.53 16.56 -1.69 - 1.54 - - BBB 19.07.2012 Baa2 16.07.2012
LIBERTY GLOBAL INC-A USD 18297 476 259 28 0 0 2 43.66 10311 10311 13792 15803 4757 4757 1306 1306 -1.71 -1.79 2.14 3.31 - - 34.30 22.13 8.41 2.82 9.34 7.11 46.14 B+ *+ 06.02.2013 - -
LIBERTY INTERACTIVE CORP-A USD 11350 826 545 8 0 4 4 19.24 10054 10054 10393 10920 1809 1809 438 438 -0.76 1.80 1.15 1.38 11.65 11.65 18.20 15.21 4.55 5.26 1.97 1.87 17.99 BB 29.09.2011 - -
LIFE TECHNOLOGIES CORP USD 12554 231 171 2 0 0 0 14.71 3799 3799 3923 4062 1167 1167 316 316 2.72 2.70 4.36 4.75 27.29 27.29 16.89 15.51 0.60 27.22 0.54 29.53 30.72 BBB *- 15.04.2013 Baa3 06.03.2012
LINEAR TECHNOLOGY CORP USD 8324 534 230 1 0 0 1 7.69 1267 1285 1280 1398 638 636 157 157 1.71 1.72 1.82 2.01 20.76 20.76 19.62 17.79 -14.65 5.00 -21.96 2.10 49.59 - - - -
MATTEL INC USD 15477 452 342 2 0 0 1 15.87 6421 6488 6850 7145 1195 1238 200 200 2.47 2.55 2.83 3.10 17.57 17.57 15.86 14.44 2.47 2.08 -0.59 5.79 19.08 BBB+ 04.04.2011 Baa1 29.04.2011
MAXIM INTEGRATED PRODUCTS USD 8982 844 293 0 0 0 1 8.22 2404 2438 2464 2665 783 832 225 225 1.27 1.68 1.81 2.07 18.28 18.28 16.96 14.82 -2.78 7.76 -10.98 11.36 34.14 BBB+ 09.05.2012 Baa1 10.06.2010
MICROCHIP TECHNOLOGY INC USD 7025 395 193 0 0 0 1 6.37 1383 1490 1602 1849 497 405 121 121 1.66 1.53 1.84 2.14 23.50 23.50 19.55 16.80 -6.99 13.84 -14.74 1.38 27.20 - - - -
MICRON TECHNOLOGY INC USD 9631 3517 1018 3 0 1 3 11.24 8234 8047 8615 10419 1523 1409 610 610 -1.06 -1.06 -0.39 0.79 - - 11.84 -6.30 15.62 -46.75 0.62 17.51 BB- 30.06.2011 Ba3 20.08.2012
MICROSOFT CORP USD 272330 15331 8381 12 0 0 63 212.04 73723 76012 78900 84768 30923 30645 8701 8701 2.73 2.68 2.77 3.08 12.17 12.17 11.76 10.58 5.40 7.53 3.33 9.15 40.32 AAA 22.09.2008 Aaa 11.05.2009
MONDELEZ INTERNATIONAL INC-A USD 56229 1882 1778 19 0 0 4 71.32 35015 48783 36454 38478 5028 7727 1366 1366 1.39 2.24 1.56 1.76 14.12 14.12 20.24 18.00 -2.22 0.57 1.00 -0.96 15.84 BBB 02.02.2010 Baa2 02.02.2010
MONSTER BEVERAGE CORP USD 9353 361 166 0 0 0 0 9.03 2061 2061 2323 2612 571 571 137 137 1.86 1.86 2.24 2.66 30.41 30.41 25.27 21.21 20.99 14.14 20.63 19.62 27.72 - - - -
MYLAN INC USD 11102 1273 395 6 0 0 0 16.50 6796 6817 7186 7728 1719 1831 461 461 1.89 1.93 2.86 3.19 15.03 15.03 10.14 9.09 10.87 8.37 9.83 31.53 26.87 BBB- 20.11.2012 Baa3 20.11.2012
NETAPP INC USD 12445 1219 365 1 0 0 5 7.96 6233 6318 6372 6924 1049 967 369 369 1.61 1.32 2.28 2.53 26.18 26.18 15.16 13.63 21.68 14.59 5.21 22.10 15.30 BBB+ 04.12.2012 Baa1 05.12.2012
NEWS CORP-CL A USD 72124 1736 2383 15 1 10 82.28 33706 34333 35722 38031 6646 6754 1688 1688 1.41 1.57 1.68 1.95 19.74 19.74 18.46 15.92 0.90 2.06 8.36 4.21 19.67 BBB+ 30.11.2012 - -
NUANCE COMMUNICATIONS INC USD 7369 766 312 2 0 0 1 8.70 1652 1814 2160 2444 380 380 223 223 0.95 0.80 1.81 2.03 28.96 28.96 12.90 11.49 25.23 17.32 41.82 33.78 21.66 BB- 11.02.2011 Ba3 06.08.2012
NVIDIA CORP USD 8359 1664 617 0 0 0 4 4.65 4280 4280 4226 4596 874 874 129 129 0.94 0.91 0.85 0.96 14.91 14.91 16.02 14.15 7.06 11.62 2.58 -2.04 20.43 NR 07.05.2009 - -
O'REILLY AUTOMOTIVE INC USD 11958 242 113 1 0 0 0 12.85 6182 6238 6636 7058 1154 1158 319 319 4.75 4.97 5.78 6.56 21.67 21.67 18.62 16.42 6.80 22.47 12.10 24.62 18.57 BBB 18.01.2012 Baa3 11.01.2011
ORACLE CORP USD 151872 7296 4905 16 0 0 31 138.66 37121 37149 37423 39512 16973 17286 5889 5889 2.00 2.16 2.69 2.93 14.93 14.93 11.99 11.00 4.21 11.70 9.33 18.51 46.53 A+ 24.04.2012 A1 24.06.2011
PACCAR INC USD 17625 400 353 0 0 0 2 15.40 17051 16199 16525 18021 2296 2175 464 464 3.12 2.88 3.14 3.56 17.32 17.32 15.89 13.99 4.25 7.51 6.65 1.08 13.43 A+ 29.04.2010 A1 25.02.2009
PAYCHEX INC USD 13148 527 363 0 0 0 0 12.58 2230 2292 2326 2463 952 987 235 235 1.51 1.57 1.60 1.71 23.01 23.01 22.57 21.10 6.98 2.28 8.75 4.19 43.06 - - - -
PERRIGO CO USD 11233 122 93 1 0 0 1 12.15 3173 3263 3590 4041 713 774 235 235 4.51 5.00 5.65 6.68 24.02 24.02 21.27 17.98 15.18 15.43 20.05 33.72 23.73 - - - -
PRICELINE.COM INC USD 35014 214 50 1 0 0 5 31.39 5261 5261 6511 7728 1895 1895 340 340 27.86 27.91 38.66 46.06 25.06 25.06 18.09 15.19 20.79 29.06 30.44 60.37 36.02 BBB 07.03.2012 - -
QUALCOMM INC USD 106452 5748 1706 0 0 0 27 75.93 19121 21639 24498 27257 6579 7549 2089 2089 2.79 3.66 4.54 4.89 16.83 16.83 13.58 12.61 27.84 19.92 8.08 15.03 34.89 NR 19.12.2001 - -
RANDGOLD RESOURCES LTD-ADR USD 7502 178 92 0 0 0 0 7.30 1318 1318 1499 1938 699 699 - - 4.65 4.70 4.67 7.35 17.33 17.33 17.44 11.07 16.92 45.49 20.16 53.34 53.06 - - - -
REGENERON PHARMACEUTICALS USD 21007 183 97 0 0 0 1 20.88 1378 1378 1886 2362 495 495 160 160 6.75 6.61 5.24 6.83 32.60 32.60 41.09 31.57 209.20 65.37 - - 35.88 - - - -
ROSS STORES INC USD 14460 668 221 0 0 0 1 13.96 9721 9721 10278 10995 1457 1457 429 429 3.53 3.53 3.86 4.34 18.62 18.62 17.03 15.13 12.93 10.88 19.12 21.88 14.99 BBB+ 08.06.2011 - -
SANDISK CORP USD 13101 812 241 2 0 0 6 8.63 5053 5188 5770 6331 1113 1215 380 380 1.70 1.91 4.03 4.66 28.36 28.36 13.45 11.63 -10.77 13.17 -38.39 15.61 23.42 BB 20.12.2011 - -
SBA COMMUNICATIONS CORP-CL A USD 9912 534 127 5 0 0 0 15.15 954 1075 1226 1312 602 671 188 188 -1.28 -0.91 -0.72 -0.08 - - 36.65 24.64 39.32 23.72 62.47 B+ 10.04.2012 WR 01.08.2006
SEAGATE TECHNOLOGY USD 12998 1121 396 3 0 0 2 13.96 14939 16332 14126 13695 3926 4319 698 698 6.51 7.57 5.18 5.41 4.78 4.78 6.99 6.69 36.17 4.37 148.80 21.32 26.45 BB+ 07.03.2011 - -
SEARS HOLDINGS CORP USD 5311 170 106 3 0 0 1 8.24 39854 39854 36947 36889 -146 -146 - - -2.03 -2.61 -2.73 -2.20 - - -4.12 -4.12 -131.75 - -0.37 CCC+ 05.01.2012 - -
SIGMA-ALDRICH USD 9421 147 120 1 0 0 1 9.34 2623 2633 2700 2827 809 801 205 205 3.85 3.89 4.13 4.40 20.13 20.13 18.97 17.78 4.71 3.71 6.31 7.73 30.42 A+ 28.09.2011 A2 25.10.2010
SIRIUS XM RADIO INC USD 20136 9506 5262 2 0 0 1 22.05 3402 3495 3808 4174 1136 1136 272 272 -0.14 0.08 0.10 0.13 38.04 38.04 31.01 23.80 12.85 32.39 20.65 - 33.38 BB 26.10.2011 B1 08.08.2012
STAPLES INC USD 8637 1208 669 2 0 0 1 9.30 24381 24524 23884 23904 2015 2000 397 397 0.89 0.88 1.33 1.40 14.68 14.68 9.73 9.22 -1.15 4.45 -4.75 0.80 8.15 BBB 02.07.2008 Baa2 08.07.2008
STARBUCKS CORP USD 45393 912 749 1 0 0 2 43.49 13300 14023 14918 16675 2367 2568 745 745 1.79 1.94 2.17 2.62 31.23 31.23 27.87 23.12 13.67 7.38 14.11 10.50 18.31 A- 24.02.2012 Baa2 29.04.2013
STERICYCLE INC USD 9347 108 86 1 0 0 0 10.62 1913 1967 2131 2311 545 578 160 160 3.30 3.42 3.68 4.15 31.70 31.70 29.43 26.14 14.15 15.15 11.17 16.22 29.40 NR 18.07.2007 - -
SYMANTEC CORP USD 16947 1529 724 2 0 0 3 15.77 6730 6839 6885 6998 1795 1834 497 497 1.20 1.22 1.71 1.93 20.18 20.18 14.36 12.75 8.72 3.43 8.92 5.06 26.82 BBB 13.09.2010 Baa2 13.09.2010
TEXAS INSTRUMENTS INC USD 39896 1611 1108 6 0 0 4 41.72 12825 12589 12220 12885 3986 3908 909 909 1.91 1.80 1.81 2.22 19.98 19.98 19.88 16.18 -6.63 1.54 -10.10 -2.68 31.04 A+ 23.09.2010 A1 25.05.2011
VERISK ANALYTICS INC-CLASS A USD 11064 224 168 1 0 0 0 12.43 1534 1534 1724 1882 696 696 181 181 1.92 1.92 2.34 2.64 31.48 31.48 25.87 22.93 15.20 - 18.20 15.57 45.35 BBB- 29.03.2011 Ba1 29.03.2011
VERTEX PHARMACEUTICALS INC USD 17091 603 217 0 0 0 1 16.43 1527 1527 1170 1063 42 42 -15 -15 0.67 0.30 -0.50 -0.84 259.49 259.49 8.25 156.00 -83.50 - 2.77 - - - -
VIACOM INC-CLASS B USD 31544 1011 507 8 0 0 1 39.43 13887 13249 13771 14405 4137 3913 899 899 4.21 4.20 4.70 5.41 15.15 15.15 13.55 11.77 -6.89 2.72 0.29 - 29.53 BBB+ 29.07.2010 Baa1 05.08.2010
VIRGIN MEDIA INC USD 13290 744 269 6 0 0 0 14.37 4101 4137 4249 4388 1654 1676 436 436 0.89 0.87 1.59 1.94 36.57 36.57 19.95 16.32 2.72 1.97 3.98 5.67 40.50 BB *- 06.02.2013 - -
VODAFONE GROUP PLC-SP ADR USD 149542 1792 35 0 1 8 46417 44677 44827 45063 18214 13907 - - - - 1.62 1.68 - - 12.21 11.76 1.16 5.40 24.18 7.88 31.13 A- 30.05.2006 A3 03.08.2011
WESTERN DIGITAL CORP USD 13025 1245 246 2 0 0 3 10.98 12478 16377 15226 14866 2890 3775 774 774 7.84 8.44 8.31 7.90 6.42 6.42 6.52 6.85 30.99 17.07 108.97 35.83 23.05 NR 29.04.1999 - -
WHOLE FOODS MARKET INC USD 16333 579 185 0 0 0 1 15.43 11699 12164 13058 14926 1112 1171 299 299 2.71 2.85 2.87 3.40 30.92 30.92 30.68 25.94 15.74 9.56 25.78 18.10 9.62 BBB- 07.08.2012 - -
WYNN RESORTS LTD USD 13704 335 101 6 0 0 2 18.15 5154 5219 5428 5655 1442 1511 429 429 5.22 6.04 6.64 7.00 22.48 22.48 20.45 19.40 -2.19 13.14 -6.15 15.28 28.95 BB+ 10.06.2011 - -
XILINX INC USD 9858 598 262 1 0 0 2 9.07 2169 2169 2292 2544 654 654 177 177 1.79 1.78 2.01 2.27 21.17 21.17 18.75 16.58 -3.22 3.67 -8.99 5.69 30.17 BBB+u 04.04.2012 - -
YAHOO! INC USD 26905 2973 1115 0 0 0 6 21.56 4987 4906 4531 4658 1457 1469 368 368 1.27 0.97 1.34 1.48 25.10 25.10 18.20 16.52 0.05 -8.40 -1.08 1.47 29.95 NR 18.04.2008 - -
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 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%
Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%
NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%
FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%
SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%
S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%
S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%
HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%
ACTIVISION BLIZZARD INC 1.48 1.41 1.31 1.22 3.44 3.89 3.56 3.39 3.40 12.47 15.42 13.35 11.51 7.07 8.56 7.29 6.60 6.83 13.32 17.59 14.41 12.61 12.14 1.17 1.27 1.34 0.00 16.08 7.7%
ADOBE SYSTEMS INC 3.38 3.19 2.93 2.62 5.20 5.49 5.01 4.32 3.67 15.42 19.97 17.09 14.17 11.53 17.03 14.25 11.68 8.32 19.50 31.10 25.09 18.93 13.99 0.00 0.00 0.00 0.00 45.50 1.0%
AKAMAI TECHNOLOGIES INC 3.39 3.00 2.67 2.41 5.57 4.99 4.38 3.86 3.36 16.85 15.80 13.42 12.67 10.73 9.96 8.67 7.61 6.27 24.32 22.13 19.68 17.65 14.76 0.00 0.00 0.00 0.00 45.37 5.4%
ALEXION PHARMACEUTICALS INC 12.12 9.07 6.77 5.35 17.06 12.69 10.16 8.34 6.97 52.12 35.15 27.44 22.63 39.53 27.65 20.68 15.76 48.10 33.47 30.17 24.10 19.17 0.00 0.00 0.00 0.00 116.17 17.7%
ALTERA CORP 3.06 2.77 2.53 2.53 5.65 5.77 5.03 4.50 16.06 17.38 13.59 15.23 11.80 13.38 10.72 9.48 18.36 21.66 17.94 15.15 1.14 1.27 1.36 1.39 35.36 11.8%
AMAZON.COM INC 14.86 12.28 10.00 7.63 5.70 1.83 1.52 1.25 1.04 0.84 38.56 29.12 20.32 12.82 7.63 33.92 23.53 17.50 12.89 8.64 130.01 79.71 47.10 27.03 16.62 0.00 0.00 0.00 0.00 314.25 25.8%
AMGEN INC 4.17 3.50 3.07 2.68 4.65 4.46 4.35 4.32 4.30 12.95 12.55 11.04 14.72 28.15 11.12 11.23 9.92 9.76 16.42 14.66 12.89 12.32 11.98 1.34 1.76 2.15 2.36 2.22 111.27 4.3%
ANALOG DEVICES INC 3.20 2.86 2.54 2.34 4.94 4.97 4.48 4.09 16.40 16.57 13.76 11.82 10.70 10.89 8.92 8.13 20.43 20.20 16.22 14.07 2.64 3.02 3.20 3.18 48.15 10.3%
APPLE INC 3.45 2.89 2.53 2.09 2.08 2.58 2.35 2.14 1.93 1.76 7.84 7.90 7.45 6.87 4.44 4.84 4.39 4.02 2.25 9.71 10.75 9.76 8.81 9.85 0.62 2.63 2.85 3.05 2.46 533.58 24.1%
APPLIED MATERIALS INC 2.26 2.41 2.26 1.84 2.00 2.21 1.85 1.82 9.06 22.50 11.87 10.07 10.67 13.28 8.77 8.66 19.94 23.72 13.42 14.05 2.33 2.42 2.43 2.29 14.20 -1.4%
AUTODESK INC 4.20 3.76 3.27 2.69 3.73 3.49 3.23 2.90 2.58 14.93 13.35 12.37 11.04 10.66 9.60 8.59 7.85 20.02 18.06 15.56 13.56 0.00 0.00 0.00 0.00 41.92 9.7%
AUTOMATIC DATA PROCESSING 5.36 4.88 4.43 4.15 3.05 2.88 2.68 2.48 2.34 18.82 17.53 16.57 15.49 13.86 13.26 12.15 11.17 10.96 24.53 23.13 21.07 19.13 17.69 2.31 2.49 2.62 2.80 64.68 -3.7%
AVAGO TECHNOLOGIES LTD 3.34 2.85 2.41 1.98 3.39 3.35 3.02 2.63 2.44 11.04 10.85 8.95 7.53 8.56 8.90 7.69 6.38 11.91 12.50 10.99 9.29 1.67 2.20 2.55 2.61 41.50 27.6%
BAIDU INC - SPON ADR 7.06 4.92 3.58 2.65 1.97 8.37 6.14 4.75 3.77 3.03 14.49 13.11 10.93 8.42 7.09 13.01 11.63 9.24 7.35 5.84 17.53 16.76 13.82 11.13 8.42 0.00 0.00 0.00 0.00 0.00 116.18 35.9%
BED BATH & BEYOND INC 3.68 3.34 2.92 2.48 2.35 1.42 1.33 1.26 1.20 1.12 12.78 11.37 10.23 9.01 7.83 7.42 6.98 6.61 6.13 14.99 13.65 12.18 10.95 9.65 0.00 0.00 0.00 0.00 73.48 7.4%
BIOGEN IDEC INC 7.07 6.37 5.33 4.39 9.68 8.16 6.96 6.23 5.58 29.98 23.72 18.99 15.46 22.58 19.68 15.31 12.75 11.74 34.00 28.12 22.61 19.05 16.64 0.00 0.00 0.00 0.00 218.27 -2.4%
BMC SOFTWARE INC 5.28 10.57 8.69 6.80 2.99 2.91 2.79 2.67 9.63 9.03 7.87 7.53 7.50 7.96 7.53 7.29 13.71 13.08 11.78 11.13 0.00 0.00 0.00 0.00 47.40 4.3%
BROADCOM CORP-CL A 2.64 2.29 1.98 1.75 2.53 2.34 2.14 1.99 11.93 12.74 11.08 11.15 11.44 11.40 10.18 9.71 12.20 12.24 11.49 10.42 1.12 1.24 1.30 1.40 40.26 13.7%
CA INC 2.44 2.24 2.11 1.98 2.53 2.62 2.60 2.58 8.70 8.56 7.87 7.76 6.28 6.28 6.13 6.00 11.88 11.04 10.54 10.03 1.50 3.77 3.77 3.76 24.75 -7.1%
CATAMARAN CORP 2.22 2.43 2.27 2.07 1.17 0.80 0.71 0.64 0.64 24.58 27.64 26.50 18.00 35.01 18.49 14.98 13.02 12.34 50.36 30.29 24.04 20.02 17.31 0.00 0.00 0.00 0.00 62.83 11.0%
CELGENE CORP 8.28 6.14 4.69 3.52 8.98 8.07 7.05 5.90 4.98 24.86 18.40 15.27 11.39 17.69 15.94 13.76 11.27 10.89 24.17 20.64 17.17 13.42 10.64 0.00 0.00 0.00 0.00 132.63 11.9%
CERNER CORP 5.99 5.14 4.46 3.84 6.14 5.46 4.83 4.30 3.77 25.74 23.01 20.36 18.12 18.90 15.98 13.81 12.10 40.18 33.66 28.86 24.58 20.56 0.00 0.00 0.00 0.00 96.77 2.1%
C.H. ROBINSON WORLDWIDE INC 7.49 5.96 5.50 4.73 0.83 0.72 0.66 0.60 18.54 17.55 15.35 13.73 12.35 11.26 10.14 9.33 20.94 19.24 16.98 15.17 2.26 2.41 2.62 2.96 68.83 17.0%
CHECK POINT SOFTWARE TECH 2.81 2.51 2.26 1.99 6.97 6.71 6.30 6.00 5.50 12.56 11.56 11.05 10.80 7.31 7.13 6.70 6.46 14.38 13.40 12.26 11.27 0.00 0.00 0.00 0.00 53.89 18.2%
CISCO SYSTEMS INC 2.13 1.93 1.78 1.71 2.43 2.30 2.18 2.04 10.06 9.33 9.04 8.41 5.63 5.38 5.21 5.01 11.43 10.52 9.95 9.23 1.24 2.76 2.97 3.32 23.97 14.3%
CITRIX SYSTEMS INC 3.76 3.36 3.04 2.56 4.54 3.91 3.47 3.12 2.75 15.10 12.99 11.55 11.36 13.51 11.70 10.31 8.83 22.07 20.11 17.62 15.68 0.00 0.00 0.00 0.00 77.82 25.2%
COGNIZANT TECH SOLUTIONS-A 3.97 3.15 2.55 2.16 2.59 2.20 1.90 1.65 1.40 18.75 16.05 13.20 11.98 10.62 9.14 7.84 6.74 5.68 17.06 14.59 12.73 11.22 0.00 0.00 0.00 0.00 84.00 33.5%
COMCAST CORP-CLASS A 2.20 2.17 2.06 1.89 1.94 1.73 1.69 1.59 1.53 1.46 7.93 7.36 6.71 6.19 7.77 7.32 6.88 6.52 6.21 21.06 17.38 15.11 13.08 11.35 1.53 1.87 2.13 2.38 2.44 46.53 12.1%
COSTCO WHOLESALE CORP 3.60 4.29 3.86 3.29 3.24 0.48 0.45 0.41 0.39 0.36 14.05 14.97 13.65 13.20 12.75 11.44 10.41 9.54 8.85 28.06 23.86 21.60 19.77 17.82 0.92 6.66 1.17 1.32 1.21 108.91 0.3%
DELL INC 2.20 1.89 1.66 1.56 0.41 0.42 0.42 0.44 0.45 7.10 6.43 6.78 7.58 3.93 4.81 4.56 4.92 4.56 7.83 8.75 8.14 7.02 1.20 2.43 2.47 3.07 14.48 8.5%
DENTSPLY INTERNATIONAL INC 2.78 2.44 2.14 1.93 2.08 1.98 1.89 1.82 15.00 13.18 12.25 10.82 12.84 12.06 11.32 10.56 19.10 17.51 15.82 14.31 0.50 0.57 0.61 0.67 44.40 5.2%
DIRECTV 1.10 1.02 0.96 0.90 0.85 7.00 5.56 4.70 3.93 6.60 6.23 5.74 5.42 5.09 13.62 11.81 9.83 8.54 6.63 0.00 0.00 0.00 0.00 59.41 4.0%
DISCOVERY COMMUNICATIONS-A 4.87 4.72 4.56 4.15 3.76 6.29 5.11 4.62 4.27 3.90 25.51 20.65 16.77 14.18 12.59 15.53 13.29 11.77 10.69 9.61 29.59 23.37 18.53 15.63 12.89 0.00 0.00 0.00 75.22 -4.6%
DOLLAR TREE INC 6.97 5.52 5.00 4.14 3.16 1.47 1.37 1.26 1.15 1.06 16.37 13.91 12.70 9.81 9.10 8.12 7.39 6.87 19.09 17.21 14.92 12.97 11.87 0.00 0.00 0.00 50.25 5.1%
EBAY INC 3.43 2.96 2.52 2.19 1.84 4.88 4.20 3.61 3.06 2.70 17.64 14.45 12.67 10.58 9.39 13.81 11.89 10.25 8.53 7.39 22.46 19.27 16.36 13.97 12.20 0.00 0.00 0.00 0.00 63.81 20.8%
EQUINIX INC 4.36 4.31 3.87 3.42 2.91 5.42 4.67 4.04 3.59 3.24 18.36 20.16 14.98 12.97 10.50 15.83 13.92 12.00 10.42 9.22 79.49 73.43 46.62 27.38 22.29 0.00 0.00 1.22 2.91 3.50 253.93 20.4%
EXPEDIA INC 4.21 2.96 2.57 2.73 1.90 1.57 1.39 1.27 1.18 9.32 9.04 7.99 8.10 9.20 8.08 6.95 6.14 5.05 17.99 16.82 14.11 12.08 10.52 0.76 0.86 0.88 0.87 72.10 28.6%
EXPEDITORS INTL WASH INC 3.62 3.46 3.18 2.83 1.24 1.16 1.06 0.99 19.43 17.57 15.42 14.04 10.37 9.65 8.59 7.96 22.19 20.03 17.60 15.88 1.57 1.71 1.92 2.08 44.00 23.4%
EXPRESS SCRIPTS HOLDING CO 1.96 1.97 1.88 1.75 0.51 0.47 0.47 0.45 0.46 11.79 9.98 8.81 6.65 11.17 9.05 8.29 7.82 7.00 15.70 13.70 11.92 10.44 8.47 0.00 0.00 0.00 0.00 64.08 9.7%
F5 NETWORKS INC 4.48 3.73 2.98 2.65 4.31 4.08 3.66 3.34 4.10 15.63 16.55 14.86 16.57 9.59 9.71 8.42 7.52 17.11 17.02 15.02 13.80 17.58 0.00 0.00 0.00 0.00 88.86 17.0%
FACEBOOK INC-A 4.38 4.92 4.30 3.64 3.30 12.96 9.77 7.70 6.12 4.89 35.74 26.93 21.52 17.44 12.97 20.65 16.75 12.74 10.09 7.58 52.49 47.67 34.81 25.36 17.61 0.00 0.00 0.00 0.00 33.60 24.5%
FASTENAL CO 8.64 8.03 6.67 5.98 4.54 4.72 4.30 3.81 3.39 3.24 34.19 29.89 25.40 21.85 20.29 20.17 17.53 14.96 12.90 35.25 30.87 26.44 22.62 19.89 1.68 1.19 1.46 1.74 1.80 48.00 -3.8%
FISERV INC 3.65 3.15 2.74 2.69 2.45 2.35 2.25 2.19 17.76 15.42 13.71 12.19 10.41 9.34 8.82 8.50 7.96 17.66 15.20 13.64 12.47 0.00 0.00 0.00 0.00 89.92 -1.0%
FOSSIL INC 5.16 4.20 3.36 2.87 2.36 1.99 1.79 1.64 1.48 1.33 16.93 14.55 12.39 11.30 10.16 9.17 8.37 7.43 6.59 17.64 15.73 13.84 12.14 10.16 0.00 0.00 0.00 115.58 21.3%
GARMIN LTD 2.49 2.71 2.76 2.97 10.52 11.87 11.08 5.71 6.76 6.70 6.52 11.96 14.65 14.40 14.87 4.97 5.07 5.22 5.11 40.60 15.2%
GILEAD SCIENCES INC 7.62 6.15 4.88 3.68 8.14 7.26 5.98 4.80 4.01 24.18 23.15 14.13 8.60 17.94 17.37 12.36 8.84 25.57 24.76 17.21 11.89 9.16 0.00 0.00 0.00 0.00 60.91 19.2%
GOOGLE INC-CL A 3.80 3.20 2.70 2.22 1.93 6.51 5.70 4.91 4.30 3.84 16.95 14.88 12.55 10.67 9.59 12.23 10.51 8.90 7.64 6.68 20.62 17.74 15.38 12.98 11.29 0.00 0.00 0.00 0.00 895.29 9.3%
HENRY SCHEIN INC 3.10 2.78 2.42 2.14 0.88 0.83 0.78 0.74 16.79 13.53 12.60 11.70 11.66 10.83 10.11 9.69 20.56 18.47 16.71 14.94 0.00 0.00 91.82 2.1%
INTEL CORP 2.42 2.16 1.96 1.89 2.20 2.19 2.10 2.04 2.12 6.73 6.82 6.20 6.11 5.02 5.23 4.85 4.86 5.29 10.70 12.49 11.70 12.17 12.18 3.66 3.83 3.90 4.07 23.28 -2.0%
INTUIT INC 6.81 5.03 4.24 3.96 4.29 4.00 3.67 3.33 2.98 16.49 14.76 13.53 12.47 11.27 10.60 9.55 8.49 8.38 20.52 18.18 16.57 14.76 0.61 1.11 1.12 1.12 64.92 6.5%
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 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%
Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%
NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%
FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%
SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%
S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%
S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%
HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%
INTUITIVE SURGICAL INC 5.39 4.52 3.81 3.20 9.11 7.61 6.62 5.85 5.16 25.11 20.85 17.92 20.12 17.16 14.88 12.87 10.96 32.00 27.41 23.58 20.43 17.92 606.46 24.0%
KLA-TENCOR CORPORATION 2.67 2.55 2.28 2.04 2.79 3.12 2.78 2.68 10.44 11.40 11.94 9.88 5.89 8.24 6.69 5.88 11.85 16.40 12.96 11.44 2.62 2.99 3.06 2.96 58.93 11.0%
KRAFT FOODS GROUP INC 5.57 8.20 7.24 6.81 1.66 1.63 1.59 1.55 1.51 12.37 19.59 13.95 12.78 12.23 11.12 10.36 9.82 9.70 17.91 18.53 16.56 15.19 14.50 3.22 3.92 4.08 4.29 51.51 -0.1%
LIBERTY GLOBAL INC-A 11.42 4.81 4.96 5.39 1.79 1.33 1.16 1.14 1.05 6.35 6.17 4.67 4.59 9.06 7.41 6.43 6.49 6.97 29.43 34.30 22.13 16.07 12.17 0.00 0.00 0.00 0.00 82.33 12.3%
LIBERTY INTERACTIVE CORP-A 1.66 1.63 1.58 1.26 1.14 1.13 1.09 1.04 0.99 0.94 8.46 14.18 18.24 10.40 9.75 9.26 8.71 8.25 21.90 18.20 15.21 12.75 11.43 0.00 0.00 0.00 0.00 24.20 15.3%
LIFE TECHNOLOGIES CORP 2.31 2.35 2.15 1.95 3.31 3.20 3.09 3.00 2.92 15.92 13.54 12.44 10.93 10.77 10.49 10.13 9.67 10.23 18.53 16.89 15.51 14.13 13.25 0.00 0.00 0.00 0.00 71.77 -2.6%
LINEAR TECHNOLOGY CORP 11.50 8.40 6.99 5.53 6.54 6.50 5.95 5.32 17.48 16.68 14.86 13.19 11.88 12.30 10.86 9.58 18.79 19.62 17.79 15.00 2.74 2.85 2.96 3.05 36.78 2.8%
MATTEL INC 5.18 4.63 4.24 2.40 2.26 2.17 2.09 14.42 16.14 12.10 10.77 11.61 10.55 9.87 9.56 17.77 15.86 14.44 13.52 2.76 3.21 3.51 3.49 46.70 4.2%
MAXIM INTEGRATED PRODUCTS 3.59 3.43 3.17 2.93 3.72 3.65 3.37 3.05 13.69 11.88 10.79 9.36 10.48 9.45 8.39 7.48 20.10 16.96 14.82 13.01 2.87 3.13 3.25 3.31 35.53 15.7%
MICROCHIP TECHNOLOGY INC 3.57 3.74 3.61 3.83 5.07 4.39 3.80 3.49 15.91 13.83 12.44 10.67 12.80 13.17 11.00 8.78 19.13 19.55 16.80 14.55 3.87 3.92 3.98 4.06 38.93 8.3%
MICRON TECHNOLOGY INC 1.25 1.29 1.18 1.02 1.15 1.12 0.92 0.86 5.63 5.90 3.33 2.84 6.84 5.28 3.51 3.00 11.84 8.69 0.00 0.00 0.00 0.00 11.80 26.2%
MICROSOFT CORP 3.91 3.42 2.80 2.44 3.69 3.45 3.21 3.03 3.07 9.73 8.99 8.03 7.52 6.90 6.58 5.99 5.61 5.78 12.15 11.76 10.58 9.76 2.37 2.77 2.97 3.21 32.50 -0.3%
MONDELEZ INTERNATIONAL INC-A 1.69 1.67 1.56 1.52 1.60 1.54 1.46 1.37 1.31 120.23 16.30 13.21 11.29 12.72 12.08 11.24 10.35 9.66 22.10 20.24 18.00 15.92 13.90 1.63 1.68 1.87 2.19 2.18 30.96 -2.1%
MONSTER BEVERAGE CORP 11.39 10.59 9.87 8.83 4.51 4.03 3.58 3.20 2.99 32.56 25.22 21.20 17.80 15.48 13.81 11.96 10.26 8.49 29.96 25.27 21.21 17.75 13.29 0.00 0.00 0.00 0.00 58.67 3.8%
MYLAN INC 2.77 3.33 2.59 2.00 1.63 1.54 1.44 1.38 1.35 5.74 7.93 6.42 5.57 8.20 8.19 7.82 6.90 7.22 11.24 10.14 9.09 8.43 8.13 0.00 0.00 0.00 32.64 12.5%
NETAPP INC 3.06 2.66 2.36 2.02 2.00 1.95 1.80 1.68 1.67 6.14 9.45 9.20 8.16 6.22 6.61 5.88 5.65 14.51 15.16 13.63 12.39 0.00 0.00 0.00 0.00 38.76 12.2%
NEWS CORP-CL A 2.78 2.67 2.47 2.38 1.91 2.12 2.02 1.90 1.81 1.73 17.35 11.87 12.76 11.04 10.61 12.19 11.33 10.20 9.25 8.47 22.07 18.46 15.92 13.41 11.37 0.55 0.58 0.59 0.63 34.01 9.8%
NUANCE COMMUNICATIONS INC 2.78 2.52 2.33 2.21 4.22 3.41 3.02 2.83 13.79 13.31 11.65 8.66 13.21 10.01 8.99 8.43 13.69 12.90 11.49 10.74 0.00 0.00 26.33 13.0%
NVIDIA CORP 1.75 1.69 1.56 1.57 1.96 1.98 1.82 1.67 12.47 9.98 9.08 8.75 5.14 5.82 5.03 4.42 12.60 16.02 14.15 11.58 0.56 2.24 2.32 2.36 14.31 5.5%
O'REILLY AUTOMOTIVE INC 5.33 5.59 5.18 4.12 1.94 1.80 1.69 1.60 1.50 13.35 13.51 11.26 10.14 11.20 10.23 9.48 8.80 8.32 22.96 18.62 16.42 14.46 13.00 0.00 0.00 0.00 0.00 114.74 6.5%
ORACLE CORP 3.65 3.34 2.72 2.30 4.09 4.06 3.84 3.65 3.37 12.12 10.69 10.12 9.30 7.48 7.60 6.93 6.43 13.32 11.99 11.00 10.04 0.74 0.92 0.81 0.91 37.65 16.8%
PACCAR INC 3.00 2.80 2.46 2.26 1.09 1.07 0.98 0.97 10.77 10.25 9.42 8.59 7.48 7.89 6.87 7.13 16.14 15.89 13.99 12.62 2.83 2.44 2.67 2.73 50.00 0.3%
PAYCHEX INC 7.97 7.74 7.54 6.55 5.88 5.65 5.34 5.00 4.74 18.62 17.86 16.90 15.99 13.12 12.54 11.85 10.97 10.59 23.85 22.57 21.10 19.63 17.98 3.50 3.77 3.93 3.77 33.79 -6.5%
PERRIGO CO 5.85 4.81 3.91 3.17 3.52 3.13 2.78 2.63 2.49 22.13 20.24 15.75 13.05 15.55 13.47 11.71 10.91 10.46 24.27 21.27 17.98 16.65 14.83 0.22 0.25 0.27 0.40 124.31 3.5%
PRICELINE.COM INC 8.97 6.21 4.62 3.34 6.66 5.38 4.53 3.95 3.58 21.00 17.52 14.67 12.67 16.09 12.70 10.48 9.04 7.88 22.57 18.09 15.19 13.08 11.77 0.00 0.00 0.00 822.56 17.6%
QUALCOMM INC 3.21 2.75 2.41 2.18 5.63 4.35 3.91 3.67 15.46 13.16 11.81 11.62 10.32 8.25 7.38 6.84 16.94 13.58 12.61 11.97 1.45 1.70 1.91 2.32 75.09 21.9%
RANDGOLD RESOURCES LTD-ADR 2.88 2.50 2.15 1.85 5.48 5.00 3.87 3.79 3.64 12.82 11.50 8.22 7.44 10.04 10.16 6.62 6.19 6.41 17.25 17.44 11.07 11.86 13.26 0.58 0.62 1.31 0.55 111.36 36.8%
REGENERON PHARMACEUTICALS 15.70 11.93 8.82 14.68 15.49 11.14 8.90 7.56 6.74 40.09 22.60 17.87 44.17 27.90 18.73 16.08 16.20 47.70 41.09 31.57 28.73 23.97 0.00 0.00 0.00 0.00 206.00 -4.4%
ROSS STORES INC 8.24 7.19 6.20 5.23 4.79 1.49 1.41 1.32 1.22 1.12 13.86 12.52 10.94 10.13 9.47 8.80 8.05 7.38 6.82 18.63 17.03 15.13 13.52 11.86 0.85 1.00 1.11 1.32 1.91 66.32 0.9%
SANDISK CORP 1.80 1.69 1.52 1.30 2.60 2.27 2.07 1.87 1.72 22.73 9.23 9.21 9.78 8.59 4.98 4.47 4.43 4.15 26.19 13.45 11.63 11.15 10.03 0.00 0.00 65.30 20.5%
SBA COMMUNICATIONS CORP-CL A 16.85 31.11 69.53 10.45 8.07 7.54 7.06 6.63 28.92 20.24 17.30 15.80 25.78 19.86 18.12 16.52 15.33 82.05 61.22 0.00 0.00 0.00 0.00 84.40 8.4%
SEAGATE TECHNOLOGY 4.38 3.85 3.90 2.90 0.87 0.92 0.95 0.95 4.75 4.30 4.32 4.50 3.45 4.50 4.72 5.51 5.35 6.99 6.69 6.08 2.33 3.97 4.29 4.34 36.73 1.4%
SEARS HOLDINGS CORP 1.09 1.73 1.94 2.18 0.13 0.14 0.14 0.15 17.02 12.83 11.51 10.76 0.00 0.00 0.00 21.24 -57.5%
SIGMA-ALDRICH 3.68 3.22 2.85 2.75 3.58 3.49 3.33 3.18 3.05 17.46 15.61 14.49 13.38 11.66 11.21 10.60 9.88 20.36 18.97 17.78 16.28 15.50 1.02 1.10 1.17 1.27 1.25 77.40 -1.1%
SIRIUS XM RADIO INC 4.15 6.36 15.35 87.71 5.90 5.29 4.82 4.40 3.94 24.56 21.93 19.19 18.06 23.85 19.06 15.61 13.51 11.97 49.52 31.01 23.80 19.43 9.30 1.07 0.00 0.00 0.00 3.56 16.0%
STAPLES INC 1.37 1.29 1.21 1.14 0.35 0.36 0.36 0.36 0.36 5.91 5.70 5.60 5.67 4.61 4.86 4.86 4.81 9.36 9.73 9.22 8.74 7.58 3.41 3.73 3.92 4.02 13.88 7.4%
STARBUCKS CORP 8.53 7.89 7.13 5.89 3.99 3.41 3.04 2.72 2.43 2.14 24.02 18.47 16.76 14.37 17.02 14.38 12.18 10.31 9.70 34.09 27.87 23.12 18.84 16.63 1.14 1.42 1.80 2.03 67.59 11.6%
STERICYCLE INC 6.12 5.01 4.29 3.62 4.92 4.39 4.05 3.64 24.69 22.42 19.57 18.74 16.37 14.83 13.46 33.06 29.43 26.14 22.85 114.00 5.2%
SYMANTEC CORP 3.58 3.26 3.01 2.48 2.52 2.46 2.42 2.35 9.57 9.62 9.41 7.76 6.61 6.91 6.41 6.05 15.34 14.36 12.75 11.17 0.00 0.00 1.03 1.43 26.39 7.3%
TEXAS INSTRUMENTS INC 3.69 3.56 3.41 3.24 3.12 3.26 3.10 2.98 2.79 13.92 12.49 10.81 10.52 11.89 11.29 9.79 9.13 9.22 21.81 19.88 16.18 14.62 15.64 1.98 2.81 3.01 3.12 35.07 -2.5%
VERISK ANALYTICS INC-CLASS A 41.72 18.65 12.30 8.75 7.24 6.42 5.88 5.42 5.00 22.83 20.57 18.58 17.31 17.92 15.89 14.42 13.21 12.24 30.06 25.87 22.93 20.23 61.78 2.1%
VERTEX PHARMACEUTICALS INC 17.10 15.25 21.42 15.95 11.32 14.61 16.07 10.85 6.03 69.14 87.32 79.83 64.42 103.89 16.59 0.00 0.00 0.00 0.00 90.71 15.8%
VIACOM INC-CLASS B 4.41 4.37 4.21 4.24 4.43 2.27 2.29 2.19 2.12 2.02 14.15 12.19 10.65 9.53 7.67 9.45 9.36 8.79 8.35 7.97 15.25 13.55 11.77 10.37 9.17 1.64 1.79 1.86 1.99 68.08 7.0%
VIRGIN MEDIA INC 18.64 2.41 2.16 2.06 1.57 2.09 2.02 1.95 1.90 1.84 6.97 5.95 5.72 4.99 3.67 8.69 8.29 7.95 7.64 7.67 32.95 19.95 16.32 12.61 9.35 0.35 0.38 0.37 0.40 0.44 47.09 -4.2%
VODAFONE GROUP PLC-SP ADR 1.96 2.15 2.14 2.10 15.34 8.92 8.94 12.85 12.21 11.76 11.40 5.41 5.24 5.13 5.14 29.65 -3.1%
WESTERN DIGITAL CORP 1.72 1.50 1.30 1.13 1.09 0.86 0.88 0.90 4.72 4.28 4.25 4.60 3.91 3.18 3.51 3.69 7.10 6.52 6.85 7.14 0.00 1.65 1.98 2.21 57.96 7.1%
WHOLE FOODS MARKET INC 4.39 4.29 3.83 3.32 2.49 1.40 1.25 1.09 0.96 0.85 20.37 18.90 15.62 12.40 14.48 12.71 10.87 9.26 8.09 35.07 30.68 25.94 21.71 18.66 0.63 2.26 1.02 1.34 100.16 13.7%
WYNN RESORTS LTD 172.55 35.27 17.82 11.66 2.67 2.52 2.42 2.27 4.01 12.97 10.67 10.92 10.21 11.65 10.66 10.24 9.63 25.01 20.45 19.40 16.77 7.00 2.94 2.97 2.98 3.65 147.04 8.3%
XILINX INC 3.55 3.12 2.71 2.77 4.55 4.30 3.88 3.58 17.01 15.91 14.07 13.71 13.91 12.14 10.64 9.95 21.41 18.75 16.58 14.94 2.33 2.59 2.67 2.70 39.61 5.1%
YAHOO! INC 1.87 1.82 1.63 1.46 1.28 6.04 5.94 5.78 5.66 5.57 9.60 19.01 19.51 16.42 18.10 14.08 12.97 12.47 12.26 11.88 20.01 18.20 16.52 15.13 14.39 0.00 0.00 0.00 0.00 25.40 4.0%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Activision Blizzard, Inc. publishes, develops, and distributes interactive
entertainment software and peripheral products. The Company's products cover
diverse game categories, including action/adventure, action sports, racing,
role playing, simulation, first-person action, music-based gaming and strategy.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 15.07
52-Week Low (15.11.2012) 10.46
Daily Volume
14.93
52-Week High % Change -0.93% Dividend Yield 1.21
52-Week Low % Change 42.80% Beta 0.81
% 52 Week Price Range High/Low 96.97% Equity Float 425.61
Shares Out 15.02.2013 1'113.7 Short Int 7.39
16'627.49 1 Yr Total Return 17.54%
Total Debt 0.00 YTD Return 42.44%
Preferred Stock 0.0 Adjusted BETA 0.812
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 4'375.00 Consensus Rating 4.846
Enterprise Value 12'252.49
Average Volume 5 Day 1'538'168
ATVI UW EQUITY YTD Change - Average Volume 30 Day 1'233'634
ATVI UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'040'669
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'026.0 4'279.0 4'447.0 4'755.0 4'856.0 4'756 4'856 4'275 4'667 705 603
2.75x 2.49x 2.52x 2.20x 1.53x 8.58x 7.73x 2.66x 2.20x 17.05x 20.43x
421.0 1'034.0 1'312.0 1'788.0 1'779.0 1'789.0 1'779.0 1'431.8 1'680.9 189.3 93.2
19.80x 10.30x 8.55x 5.84x 4.18x 5.83x 4.18x 8.56x 7.29x 8.44x 8.60x
(107.0) 113.0 418.0 1'085.0 1'149.0 1'085.0 1'149.0 963.4 1'176.5 126.2 51.7
32.00x 22.43x 37.60x 13.39x 10.44x 13.27x 10.55x 17.59x 14.41x 17.63x 18.03x
EBITDA 1'779.00 Long-Term Rating Date 11.07.2008
EBIT 1'451.00 Long-Term Rating NR
Operating Margin 29.88% Long-Term Outlook -
Pretax Margin 30.02% Short-Term Rating Date -
Return on Assets 8.36% Short-Term Rating -
Return on Common Equity 10.47%
Return on Capital - EBITDA/Interest Exp. 1779.00
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 1706.00
Net Debt/EBITDA -2.46
Gross Margin 65.8% Total Debt/EBITDA 0.00
EBITDA Margin 36.6%
EBIT Margin 29.9% Total Debt/Equity 0.0%
Net Income Margin 23.7% Total Debt/Capital 0.0%
Asset Turnover 0.35
Current Ratio 2.37 Net Fixed Asset Turnover 31.95
Quick Ratio 1.92 Accounts receivable turnover-days 51.10
Debt to Assets 0.00% Inventory Days 39.46
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 78.81
Accounts Receivable Turnover 7.16 Cash Conversion Cycle 12.30
Inventory Turnover 9.27
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
Activision Blizzard IncPrice/Volume
Valuation Analysis
1'519'846.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VIVENDI UNIVERSAL SA n/a 13D 683'643'890 61.39 (35'000'000) 15.11.2011 Corporation
BLACKROCK n/a ULT-AGG 55'463'866 4.98 (1'740'335) 23.04.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 31'765'437 2.85 26'306'631 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 23'174'317 2.08 8'647'721 28.02.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 19'976'589 1.79 (1'188'820) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 19'404'727 1.74 (1'294'285) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'749'330 1.23 573'142 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 11'250'425 1.01 (1'395) 31.12.2012 Investment Advisor
RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 10'994'976 0.99 378'217 31.12.2012 Investment Advisor
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 10'895'776 0.98 245'147 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 9'787'516 0.88 431'606 24.04.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'221'191 0.83 767'452 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'549'964 0.68 (28'824'951) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'454'601 0.58 (2'115'251) 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'044'400 0.54 308'200 31.12.2012 Investment Advisor
DNB NOR ASSET MANAGE DNB NOR ASSET MANAGE 13F 5'618'546 0.5 662'822 31.12.2012 Investment Advisor
SCOTT & STRINGFELLOW SCOTT & STRINGFELLOW 13F 5'605'412 0.5 (18'574) 31.12.2012 Investment Advisor
BURGUNDY ASSET MANAG BURGUNDY ASSET MANAG 13F 5'424'077 0.49 1'713'049 31.12.2012 Investment Advisor
LEVIN CAPITAL STRATE LEVIN CAPITAL STRATE 13F 5'332'947 0.48 5'332'947 31.12.2012 Hedge Fund Manager
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 5'074'509 0.46 102'063 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 23.04.2013
Stifel DREW E CRUM buy 5 M 17 12 month 22.04.2013
MKM Partners ERIC O HANDLER buy 5 M 17 12 month 22.04.2013
BMO Capital Markets EDWARD S WILLIAMS outperform 5 M 17 Not Provided 19.04.2013
Brean Murray Carret & Co TODD MITCHELL buy 5 M 15 12 month 19.04.2013
Longbow Research JAMES L HARDIMAN neutral 3 M #N/A N/A Not Provided 19.04.2013
Piper Jaffray MICHAEL J OLSON overweight 5 M 17 12 month 19.04.2013
Sterne, Agee & Leach ARVIND BHATIA buy 5 M 17 12 month 10.04.2013
Wedbush MICHAEL PACHTER outperform 5 M 21 12 month 25.03.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 18 Not Provided 25.02.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 15 12 month 21.02.2013
National Alliance Capital Markets MICHAEL HICKEY buy 5 M 16 12 month 14.02.2013
Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 14 12 month 11.02.2013
Credit Suisse STEPHEN JU outperform 5 M 16 Not Provided 08.02.2013
Hilliard Lyons JEFFREY S THOMISON buy 5 M 15 12 month 08.02.2013
Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 14 12 month 08.02.2013
Jefferies BRIAN J PITZ buy 5 M 16 12 month 08.02.2013
William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 08.02.2013
Macquarie BENJAMIN A SCHACHTER outperform 5 U 15 12 month 08.02.2013
S&P Capital IQ JIM YIN buy 5 M 15 Not Provided 08.02.2013
Ascendiant Capital Markets EDWARD WOO buy 5 M 16 12 month 08.02.2013
Pacific Crest Securities EVAN S WILSON outperform 5 M 15 12 month 07.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 26.11.2012
Hudson Square Research DANIEL ERNST buy 5 M 16 Not Provided 23.04.2009
Holdings By:
Activision Blizzard Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Adobe Systems Incorporated develops, markets, and supports computer software
products and technologies. The Company's products allow users to express and
use information across all print and electronic media. Adobe offers a line of
application software products, type products, and content for creating,
distributing, and managing information.
Latest Fiscal Year: 11/2012
LTM as of: 03/yy
52-Week High (29.04.2013) 45.59
52-Week Low (12.07.2012) 29.52
Daily Volume
45.06
52-Week High % Change -1.16% Dividend Yield 0.00
52-Week Low % Change 52.64% Beta 0.99
% 52 Week Price Range High/Low 96.70% Equity Float 468.65
Shares Out 22.03.2013 501.9 Short Int 8.13
22'617.24 1 Yr Total Return 34.27%
Total Debt 1'509.78 YTD Return 19.59%
Preferred Stock 0.0 Adjusted BETA 0.991
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 3'538.35 Consensus Rating 3.679
Enterprise Value 20'501.48
Average Volume 5 Day 874'300
ADBE UW EQUITY YTD Change - Average Volume 30 Day 1'168'976
ADBE UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'052'397
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.11.2008 30.11.2009 30.11.2010 30.11.2011 30.11.2012 03/yy 03/yy 11/13 Y 11/14 Y 05/13 Q2 08/13 Q3
3'579.9 2'945.9 3'800.0 4'216.3 4'403.7 4'233.8 4'366.3 4'118.5 4'512.0 1'011.7 1'016.3
2.94x 5.97x 3.60x 2.83x 3.42x 12.62x 13.72x 4.87x 4.45x 20.80x 20.66x
1'330.6 1'014.2 1'309.1 1'467.3 1'477.0 1'454.6 1'296.0 1'204.0 1'438.3 288.4 300.1
7.90x 17.34x 10.45x 8.13x 10.21x 10.64x 13.77x 17.03x 14.25x 15.77x 14.69x
871.8 386.5 774.7 832.8 832.8 783.5 712.7 736.6 909.1 171.1 181.9
12.80x 44.23x 20.38x 14.35x 21.31x 18.63x 28.25x 31.10x 25.09x 30.24x 28.77x
EBITDA 1'477.04 Long-Term Rating Date 25.01.2010
EBIT 1'177.27 Long-Term Rating BBB+
Operating Margin 26.73% Long-Term Outlook STABLE
Pretax Margin 25.41% Short-Term Rating Date -
Return on Assets 7.39% Short-Term Rating -
Return on Common Equity 11.15%
Return on Capital 9.65% EBITDA/Interest Exp. 21.89
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 17.87
Net Debt/EBITDA -1.63
Gross Margin 89.0% Total Debt/EBITDA 1.19
EBITDA Margin 29.7%
EBIT Margin 22.7% Total Debt/Equity 22.7%
Net Income Margin 18.9% Total Debt/Capital 18.5%
Asset Turnover 0.45
Current Ratio 3.41 Net Fixed Asset Turnover 6.82
Quick Ratio 3.27 Accounts receivable turnover-days 41.60
Debt to Assets 15.14% Inventory Days -
Tot Debt to Common Equity 22.66% Accounts Payable Turnover Day 48.84
Accounts Receivable Turnover 8.75 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Adobe Systems IncPrice/Volume
Valuation Analysis
955'662.00
Current Price (4/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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1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
4'500.0
5'000.0
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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 41'990'090 8.37 (921'300) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 32'902'426 6.56 1'342'883 31.03.2013 Investment Advisor
VALUEACT HOLDINGS LP VALUEACT HOLDINGS LP 13F 31'303'362 6.24 - 31.12.2012 Hedge Fund Manager
VALUEACT HOLDINGS LP n/a Research 31'303'362 6.24 - 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 30'526'884 6.08 1'557'783 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 26'218'762 5.22 1'974'436 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 26'132'878 5.21 176'958 24.04.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 23'408'246 4.66 2'214'496 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 22'758'167 4.53 689'676 31.03.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 16'028'894 3.19 609'606 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 14'441'727 2.88 2'526'910 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 9'569'623 1.91 (312'696) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'284'149 1.85 1'778'118 28.02.2013 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 8'570'714 1.71 8'570'714 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 8'455'776 1.68 (929'024) 31.03.2013 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'333'959 1.66 432'333 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'606'256 1.32 (148'465) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'262'292 1.25 13'690 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'230'316 1.24 307'156 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'094'062 1.21 343'947 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
B Riley & Company, Inc DANIEL CUMMINS buy 5 N 55 12 month 19.04.2013
Piper Jaffray MICHAEL J OLSON neutral 3 M 43 12 month 18.04.2013
Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 16.04.2013
Griffin Securities JAY VLEESCHHOUWER buy 5 M 48 36 month 15.04.2013
Goldman Sachs HEATHER BELLINI neutral/neutral 3 U 48 12 month 11.04.2013
Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 10.04.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 52 12 month 10.04.2013
Evercore Partners STEWART KIRK MATERNE III overweight 5 N 52 12 month 10.04.2013
Lazard Capital Markets BRETT FODERO neutral 3 M #N/A N/A Not Provided 08.04.2013
Robert W. Baird & Co STEVEN M ASHLEY neutral 3 M 43 12 month 03.04.2013
Jefferies ROSS MACMILLAN hold 3 M 43 12 month 01.04.2013
Deutsche Bank THOMAS ERNST JR buy 5 M 50 12 month 20.03.2013
Morgan Stanley JENNIFER LOWE Equalwt/In-Line 3 M #N/A N/A Not Provided 20.03.2013
RBC Capital Markets ROBERT P BREZA outperform 5 M 52 12 month 20.03.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 20.03.2013
Credit Suisse PHILIP WINSLOW neutral 3 M 35 Not Provided 20.03.2013
Janney Montgomery Scott LLC RICHARD FETYKO neutral 3 M 38 12 month 20.03.2013
FBR Capital Markets DAVID M HILAL underperform 1 M 30 12 month 20.03.2013
Macquarie BRAD A ZELNICK outperform 5 M 46 12 month 20.03.2013
Stifel BLAIR ABERNETHY hold 3 D #N/A N/A Not Provided 20.03.2013
Cowen and Company PETER GOLDMACHER outperform 5 M #N/A N/A Not Provided 20.03.2013
JMP Securities PATRICK WALRAVENS market outperform 4 M 46 12 month 20.03.2013
Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 20.03.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 19.03.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 36 12 month 14.12.2012
Holdings By:
Adobe Systems Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Akamai Technologies, Inc. provides services for accelerating and improving the
delivery of content and applications over the Internet, ranging from live and
on-demand streaming video capabilities to conventional content on websites, to
tools that help people transact business and reach out to new and existing
customers.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (25.04.2013) 43.67
52-Week Low (05.06.2012) 25.90
Daily Volume
43.03
52-Week High % Change -1.47% Dividend Yield 0.00
52-Week Low % Change 66.14% Beta 1.40
% 52 Week Price Range High/Low 96.40% Equity Float 172.54
Shares Out 31.03.2013 178.5 Short Int 18.51
7'678.81 1 Yr Total Return 31.99%
Total Debt 0.00 YTD Return 5.18%
Preferred Stock 0.0 Adjusted BETA 1.400
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 1'095.24 Consensus Rating 4.111
Enterprise Value 6'596.37
Average Volume 5 Day 1'923'041
AKAM UW EQUITY YTD Change - Average Volume 30 Day 1'006'324
AKAM UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'173'613
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
790.9 859.8 1'023.6 1'158.5 1'373.9 1'202.0 1'422.5 1'540.4 1'752.7 372.6 383.0
2.51x 4.04x 7.36x 3.88x 4.50x 14.17x 11.62x 4.40x 3.73x 17.56x 16.92x
313.7 347.3 398.0 463.4 519.1 466.8 401.8 662.6 761.2 159.5 163.7
6.32x 10.01x 18.93x 9.71x 11.90x 11.98x 0.00x 9.96x 8.67x 9.60x 9.26x
145.1 145.9 171.2 200.9 204.0 193.5 232.2 353.1 396.7 81.5 83.3
11.61x 19.34x 52.28x 30.45x 35.57x 34.95x 27.38x 22.13x 19.68x 22.11x 21.39x
EBITDA 519.06 Long-Term Rating Date 12.11.2002
EBIT 314.89 Long-Term Rating NR
Operating Margin 22.92% Long-Term Outlook -
Pretax Margin 23.41% Short-Term Rating Date -
Return on Assets 9.18% Short-Term Rating -
Return on Common Equity 10.13%
Return on Capital 9.06% EBITDA/Interest Exp. -
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.98
Gross Margin 68.6% Total Debt/EBITDA 0.00
EBITDA Margin 38.4%
EBIT Margin 24.2% Total Debt/Equity 0.0%
Net Income Margin 14.8% Total Debt/Capital 0.0%
Asset Turnover 0.56
Current Ratio 3.59 Net Fixed Asset Turnover 4.23
Quick Ratio 3.23 Accounts receivable turnover-days 57.50
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 85.52
Accounts Receivable Turnover 6.35 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Akamai Technologies IncPrice/Volume
Valuation Analysis
1'046'298.00
Current Price (4/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
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0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA n/a 13G 20'446'047 11.46 5'548'410 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'918'692 6.12 365'861 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 10'292'087 5.77 362'445 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 9'381'857 5.26 - 23.04.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'167'160 3.46 3'835'050 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'657'984 3.17 (2'798'293) 28.02.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 4'997'389 2.8 (686'077) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'247'195 2.38 92'118 31.03.2013 Investment Advisor
LEIGHTON F THOMSON n/a Form 4 3'803'876 2.13 30'000 13.03.2013 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'786'311 2.12 (522'944) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'496'914 1.96 451'317 31.03.2013 Investment Advisor
COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 3'301'129 1.85 (1'528'393) 31.12.2012 Hedge Fund Manager
BROOKSIDE CAPITAL IN BROOKSIDE CAPITAL MA 13F 3'182'552 1.78 624'104 31.12.2012 Hedge Fund Manager
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 3'060'013 1.71 (271'044) 31.12.2012 Investment Advisor
FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 2'650'409 1.49 (538'495) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'471'613 1.39 2'632 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 1'869'235 1.05 1'002'972 31.03.2013 Investment Advisor
EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 1'823'137 1.02 (48'222) 31.12.2012 Investment Advisor
STERLING CAPITAL MAN STERLING CAPITAL MAN 13F 1'522'720 0.85 1'450'867 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 1'444'989 0.81 95'439 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley JENNIFER LOWE Equalwt/In-Line 3 M #N/A N/A Not Provided 25.04.2013
D.A. Davidson & Co DONNA M JAEGERS buy 5 M 50 12 month 25.04.2013
Jefferies AARON SCHWARTZ hold 3 M 40 12 month 25.04.2013
Wells Fargo Securities, LLC GRAY W POWELL outperform 5 M #N/A N/A Not Provided 25.04.2013
Piper Jaffray MICHAEL J OLSON overweight 5 M 45 12 month 25.04.2013
William Blair & Co JAMES D BREEN JR outperform 5 M #N/A N/A Not Provided 24.04.2013
B Riley & Company, Inc SAMEET SINHA buy 5 M 41 Not Provided 24.04.2013
Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 43 12 month 24.04.2013
Credit Agricole Securities (USA) EDWARD MAGUIRE buy 5 M 47 Not Provided 24.04.2013
Credit Suisse PHILIP WINSLOW underperform 1 M 30 Not Provided 23.04.2013
Pacific Crest Securities CHAD BARTLEY sector perform 3 M #N/A N/A Not Provided 22.04.2013
Canaccord Genuity Corp GREGORY MILLER buy 5 M 45 12 month 21.04.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 45 12 month 19.04.2013
Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 17.04.2013
Cowen and Company COLBY SYNESAEL outperform 5 M #N/A N/A Not Provided 16.04.2013
Stifel BEN LOWE hold 3 M #N/A N/A Not Provided 08.04.2013
Janney Montgomery Scott LLC RICHARD FETYKO neutral 3 M 40 12 month 01.04.2013
Craig-Hallum Capital Group LLC JEFF VAN RHEE buy 5 M 44 12 month 22.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 20.03.2013
S&P Capital IQ SCOTT H KESSLER strong buy 5 U 45 12 month 18.03.2013
Maxim Group LLC GREG MESNIAEFF buy 5 N 44 12 month 14.03.2013
FBR Capital Markets DAVID M HILAL market perform 3 M 36 12 month 13.03.2013
Macquarie KEVIN SMITHEN outperform 5 M 42 12 month 13.03.2013
JPMorgan STERLING AUTY neutral 3 M 42 6 month 11.03.2013
Dougherty & Company LLC MARK KELLEHER buy 5 M 50 12 month 11.03.2013
Goldman Sachs HEATHER BELLINI neutral/neutral 3 M 40 12 month 07.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
Battle Road Research TEAM COVERAGE hold 3 M #N/A N/A Not Provided 07.06.2012
Holdings By:
Akamai Technologies Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Alexion Pharmaceuticals, Inc., a biopharmaceutical company, researches and
develops proprietary immunoregulatory compounds for the treatment of autoimmune
and cardiovascular diseases. The Company develops C5 complement inhibitors and
Apogens which are two classes of potential therapeutic compounds designed to
selectively target specific disease-causing segments of the immune system.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (05.10.2012) 119.53
52-Week Low (07.05.2012) 81.39
Daily Volume
98.66
52-Week High % Change -17.46% Dividend Yield 0.00
52-Week Low % Change 21.22% Beta 0.85
% 52 Week Price Range High/Low 45.28% Equity Float 192.64
Shares Out 31.03.2013 195.2 Short Int 4.58
19'259.35 1 Yr Total Return 9.23%
Total Debt 149.00 YTD Return 5.17%
Preferred Stock 0.0 Adjusted BETA 0.855
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 989.50 Consensus Rating 4.600
Enterprise Value 18'385.39
Average Volume 5 Day 694'489
ALXN UW EQUITY YTD Change - Average Volume 30 Day 493'008
ALXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 551'067
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 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
259.1 386.8 541.0 783.4 1'134.1 783.4 1'134.1 1'517.7 1'895.2 364.5 392.8
11.40x 10.81x 12.96x 16.24x 15.35x 52.66x 65.98x 11.88x 9.24x 50.49x 46.61x
42.2 99.5 166.4 261.9 424.0 261.9 424.0 665.0 889.2 149.0 172.3
69.99x 41.99x 42.14x 48.58x 41.06x 48.58x 41.06x 27.65x 20.68x - -
33.1 295.2 97.0 175.3 254.8 175.3 254.8 598.9 684.1 138.2 157.1
92.79x 28.09x 77.08x 74.81x 70.09x 79.81x 70.48x 33.47x 30.17x - -
EBITDA 423.96 Long-Term Rating Date -
EBIT 400.07 Long-Term Rating -
Operating Margin 35.28% Long-Term Outlook -
Pretax Margin 35.06% Short-Term Rating Date -
Return on Assets 12.40% Short-Term Rating -
Return on Common Equity 17.66%
Return on Capital - EBITDA/Interest Exp. 57.28
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 54.33
Net Debt/EBITDA -1.98
Gross Margin 88.9% Total Debt/EBITDA 0.35
EBITDA Margin 37.4%
EBIT Margin 35.5% Total Debt/Equity 7.6%
Net Income Margin 22.5% Total Debt/Capital 7.0%
Asset Turnover 0.52
Current Ratio 4.15 Net Fixed Asset Turnover 7.43
Quick Ratio 3.57 Accounts receivable turnover-days 87.85
Debt to Assets 5.70% Inventory Days 266.82
Tot Debt to Common Equity 7.56% Accounts Payable Turnover Day 293.42
Accounts Receivable Turnover 4.15 Cash Conversion Cycle 292.90
Inventory Turnover 1.37
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
Alexion Pharmaceuticals IncPrice/Volume
Valuation Analysis
506'236.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 30'769'061 15.76 512'215 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 18'500'374 9.48 495'500 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 14'952'509 7.66 (2'556'631) 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 12'923'783 6.62 (414'236) 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 10'706'380 5.48 337'660 24.04.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 10'056'686 5.15 737'216 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'827'198 4.52 308'137 31.03.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 8'078'606 4.14 227'389 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'966'888 4.08 (95'683) 28.02.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'713'716 2.41 961'192 31.12.2012 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 4'014'242 2.06 4'014'242 31.12.2012 Hedge Fund Manager
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'693'290 1.89 517'382 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'287'777 1.68 151'850 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'960'817 1.52 130'317 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'722'627 1.39 (494'724) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'696'867 1.38 20'210 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'669'856 1.37 406'152 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'667'173 1.37 (1'204'145) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'567'502 1.32 (45'482) 31.12.2012 Investment Advisor
TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 2'185'000 1.12 (83'866) 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Canaccord Genuity Corp SALVEEN J RICHTER buy 5 M 132 12 month 24.04.2013
Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 23.04.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 117 12 month 22.04.2013
Robert W. Baird & Co CHRISTOPHER J RAYMOND outperform 5 M 125 12 month 22.04.2013
Janney Montgomery Scott LLC KIMBERLY LEE neutral 3 M 107 12 month 19.04.2013
Piper Jaffray M IAN SOMAIYA overweight 5 M 122 12 month 17.04.2013
Oppenheimer & Co DAVID FERREIRO outperform 5 M 115 18 month 16.04.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 92 12 month 15.04.2013
Wells Fargo Securities, LLC BRIAN C ABRAHAMS market perform 3 M #N/A N/A Not Provided 10.04.2013
JPMorgan GEOFFREY MEACHAM overweight 5 M 120 6 month 09.04.2013
Stifel STEPHEN D WILLEY buy 5 M 118 12 month 08.04.2013
Morgan Stanley DAVID FRIEDMAN Overwt/In-Line 5 M 108 12 month 28.03.2013
Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 28.03.2013
Lazard Capital Markets JOSHUA SCHIMMER buy 5 U 102 12 month 20.02.2013
Goldman Sachs TERENCE FLYNN buy/attractive 5 M 122 12 month 14.02.2013
Brean Murray Carret & Co JONATHAN M ASCHOFF buy 5 M 120 12 month 14.02.2013
Jefferies EUN K YANG hold 3 M 88 12 month 14.02.2013
William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 14.02.2013
Guggenheim Securities LLC BRET HOLLEY buy 5 M 121 12 month 14.02.2013
Barclays YING HUANG overweight 5 M 118 Not Provided 14.02.2013
S&P Capital IQ STEVEN SILVER buy 5 M 116 Not Provided 25.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Alexion Pharmaceuticals Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Altera Corporation is a global semiconductor company that designs, manufactures,
and markets programmable logic devices and associated development tools. The
Company's products, include a variety of programmable logic devices and hardcopy
application-specific integrated circuits.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.09.2012) 38.79
52-Week Low (24.10.2012) 29.59
Daily Volume
31.64
52-Week High % Change -18.43% Dividend Yield 1.20
52-Week Low % Change 6.93% Beta 1.27
% 52 Week Price Range High/Low 22.28% Equity Float 319.08
Shares Out 29.03.2013 320.1 Short Int 4.68
10'129.23 1 Yr Total Return -10.04%
Total Debt 500.00 YTD Return -7.86%
Preferred Stock 0.0 Adjusted BETA 1.271
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 3'017.59 Consensus Rating 3.758
Enterprise Value 7'504.30
Average Volume 5 Day 1'155'497
ALTR UW EQUITY YTD Change - Average Volume 30 Day 996'556
ALTR UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'022'077
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 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
1'367.2 1'195.4 1'954.4 2'064.5 1'783.0 2'064.5 1'783.0 1'754.4 2'014.8 421.3 449.8
3.06x 4.74x 4.66x 4.36x 4.75x 19.46x 19.71x 4.10x 3.40x 17.72x 16.43x
434.3 333.6 895.9 881.1 628.1 881.1 628.1 560.7 700.0 125.7 143.6
9.62x 17.00x 10.16x 10.23x 13.49x 10.23x 13.49x 13.38x 10.72x 12.65x 11.60x
359.7 251.1 782.9 770.7 556.8 770.7 556.8 466.4 570.2 103.4 116.5
14.16x 26.26x 14.29x 15.79x 19.99x 15.79x 20.11x 21.66x 17.94x 21.01x 19.35x
EBITDA 628.10 Long-Term Rating Date 04.11.2011
EBIT 591.24 Long-Term Rating A-
Operating Margin 33.16% Long-Term Outlook STABLE
Pretax Margin 33.20% Short-Term Rating Date -
Return on Assets 12.22% Short-Term Rating -
Return on Common Equity 17.09%
Return on Capital 15.07% EBITDA/Interest Exp. 78.75
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 71.11
Net Debt/EBITDA -4.15
Gross Margin 69.6% Total Debt/EBITDA 0.79
EBITDA Margin 34.9%
EBIT Margin 32.7% Total Debt/Equity 15.0%
Net Income Margin 31.2% Total Debt/Capital 13.0%
Asset Turnover 0.39
Current Ratio 6.78 Net Fixed Asset Turnover 9.32
Quick Ratio 6.15 Accounts receivable turnover-days 64.14
Debt to Assets 10.73% Inventory Days 81.90
Tot Debt to Common Equity 15.00% Accounts Payable Turnover Day 29.47
Accounts Receivable Turnover 5.67 Cash Conversion Cycle 117.30
Inventory Turnover 4.44
Fiscal Year Ended
Altera CorpPrice/Volume
Valuation Analysis
796'862.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 24'871'009 7.77 8'679'679 28.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 16'675'809 5.21 152'262 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 16'506'011 5.16 (1'000'972) 23.04.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 15'114'327 4.72 3'937'174 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'715'844 4.6 397'950 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 14'051'363 4.39 4'649'182 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 13'119'135 4.1 (776'600) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 11'361'455 3.55 (7'011'389) 28.02.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'597'620 3 (412'673) 31.12.2012 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 9'206'161 2.88 333'798 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 8'573'092 2.68 22'060 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 8'500'000 2.66 (50'000) 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 8'407'529 2.63 666'690 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 8'347'713 2.61 1'286'209 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 5'994'701 1.87 (962'960) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'782'958 1.49 (117'329) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 4'610'400 1.44 (5'000) 31.12.2012 Investment Advisor
CANTILLON CAPITAL MA CANTILLON CAPITAL MA 13F 4'498'250 1.41 2'106'000 31.03.2013 Hedge Fund Manager
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 3'764'280 1.18 327'929 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'609'232 1.13 (348'696) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ROSS C SEYMORE hold 3 M 32 12 month 24.04.2013
Raymond James HANS C MOSESMANN strong buy 5 M 42 12 month 23.04.2013
BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 Not Provided 22.04.2013
Robert W. Baird & Co TRISTAN GERRA neutral 3 M 33 12 month 22.04.2013
ISI Group SUMIT DHANDA neutral 3 M 29 12 month 22.04.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 22.04.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 32 12 month 19.04.2013
RBC Capital Markets DOUG FREEDMAN sector perform 3 M 36 12 month 15.04.2013
Mizuho Securities USA Inc RUBEN ROY buy 5 M 41 12 month 15.04.2013
Nomura ROMIT SHAH reduce 2 M 27 12 month 15.04.2013
Lazard Capital Markets IAN ING neutral 3 M #N/A N/A Not Provided 15.04.2013
Barclays BLAYNE CURTIS equalweight 3 M 35 Not Provided 11.04.2013
S&P Capital IQ CHRISTIN ARMACOST buy 5 M 37 12 month 06.04.2013
Piper Jaffray AUGUSTE P RICHARD overweight 5 M 36 12 month 27.03.2013
Miller Tabak + Co., LLC BRENDAN FURLONG hold 3 M 34 12 month 21.03.2013
Jefferies MARK J LIPACIS hold 3 M 35 12 month 18.03.2013
GARP Research STEPHEN SAUNDERS buy 5 M #N/A N/A Not Provided 14.03.2013
Macquarie SHAWN WEBSTER neutral 3 M 38 12 month 13.03.2013
Argus Research Corp JAMES KELLEHER hold 3 N #N/A N/A Not Provided 07.03.2013
Pacific Crest Securities JOHN VINH sector perform 3 M #N/A N/A Not Provided 28.02.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 45 12 month 27.02.2013
Goldman Sachs JAMES SCHNEIDER buy/attractive 5 M 41 12 month 20.02.2013
Morgan Stanley JOSEPH MOORE Overwt/In-Line 5 M 36 12 month 24.01.2013
Credit Suisse JOHN W PITZER neutral 3 M 30 Not Provided 24.01.2013
JPMorgan CHRISTOPHER DANELY neutral 3 M 29 6 month 24.01.2013
William Blair & Co ANIL K DORADLA market perform 3 D #N/A N/A Not Provided 24.01.2013
Credit Agricole Securities (USA) SRINI PAJJURI buy 5 M 40 Not Provided 24.01.2013
SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 M 32 12 month 23.01.2013
Canaccord Genuity Corp ROBERT BURLESON hold 3 M 34 Not Provided 23.01.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Altera Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
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: 12/yy
52-Week High (25.01.2013) 284.68
52-Week Low (04.06.2012) 206.50
Daily Volume
249.74
52-Week High % Change -12.27% Dividend Yield 0.00
52-Week Low % Change 20.94% Beta 1.19
% 52 Week Price Range High/Low 55.31% Equity Float 367.61
Shares Out 12.04.2013 455.2 Short Int 6.53
113'692.31 1 Yr Total Return 7.69%
Total Debt 4'385.00 YTD Return -0.56%
Preferred Stock 0.0 Adjusted BETA 1.189
Minority Interest 0.0 Analyst Recs 42
Cash and Equivalents 11'448.00 Consensus Rating 4.238
Enterprise Value 109'489.31
Average Volume 5 Day 1'609'058
AMZN UW EQUITY YTD Change - Average Volume 30 Day 889'759
AMZN UW EQUITY YTD % CHANGE - Average Volume 3 Month 940'718
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/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 48'077.0 61'093.0 74'865.4 91'383.9 15'745.1 17'001.2
0.98x 2.19x 2.15x 1.49x 1.75x 6.86x 6.55x 1.43x 1.13x 6.98x 6.39x
1'129.0 1'507.0 1'974.0 1'945.0 2'835.0 1'945.0 2'834.0 4'653.8 6'257.3 993.2 994.6
16.55x 35.69x 37.21x 36.75x 37.68x 36.75x 37.70x 23.53x 17.50x 22.32x 21.33x
645.0 902.0 1'152.0 631.0 (39.0) 632.0 (40.0) 1'396.3 2'385.3 243.5 247.6
36.89x 63.60x 71.15x 126.35x - 126.46x 0.00x 79.71x 47.10x 72.33x 64.15x
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
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
Amazon.com IncPrice/Volume
Valuation Analysis
1'807'717.00
Current Price (4/dd/yy) Market Data
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60'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BEZOS JEFFREY P n/a Form 4 86'970'020 19.11 (195'151) 15.02.2013 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 43'940'459 9.65 4'330'950 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20'211'207 4.44 1'315'756 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 18'884'410 4.15 713'291 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 18'345'000 4.03 155'418 24.04.2013 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 15'535'787 3.41 (672'592) 28.02.2013 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 7'730'515 1.7 238'226 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 6'404'636 1.41 376'682 28.02.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'217'693 1.37 (801'059) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'767'335 1.27 (219'454) 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'407'626 1.19 (822'311) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'046'581 1.11 (13'747) 31.12.2012 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
UBS n/a ULT-AGG 4'449'254 0.98 (666'569) 28.02.2013 Unclassified
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'405'355 0.97 (179'692) 31.12.2012 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'260'200 0.94 (100) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 3'087'754 0.68 16'229 28.02.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'037'780 0.67 (14'891) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 320 12 month 24.04.2013
Raymond James AARON M KESSLER market perform 3 M #N/A N/A Not Provided 24.04.2013
Nomura ARAM RUBINSON buy 5 M 315 12 month 24.04.2013
JPMorgan DOUGLAS ANMUTH neutral 3 M 300 6 month 23.04.2013
BGC Partners COLIN W GILLIS hold 3 M 245 12 month 23.04.2013
JMP Securities RONALD V JOSEY III market perform 3 M #N/A N/A Not Provided 23.04.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 350 12 month 23.04.2013
Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 320 12 month 22.04.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 300 12 month 22.04.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 329 12 month 22.04.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 330 12 month 21.04.2013
Evercore Partners KEN SENA overweight 5 M 330 12 month 21.04.2013
BMO Capital Markets EDWARD S WILLIAMS market perform 3 M 260 Not Provided 19.04.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 370 12 month 19.04.2013
Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 300 12 month 17.04.2013
Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 310 12 month 15.04.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 325 12 month 15.04.2013
Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 15.04.2013
Pacific Crest Securities CHAD BARTLEY outperform 5 M 346 12 month 12.04.2013
ISI Group GREGORY MELICH buy 5 M 320 Not Provided 12.04.2013
Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 12.04.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 260 Not Provided 12.04.2013
Deutsche Bank ROSS SANDLER buy 5 M 335 12 month 11.04.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 325 12 month 09.04.2013
Stifel JORDAN ROHAN buy 5 M 335 12 month 08.04.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 02.04.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 16.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 295 Not Provided 22.02.2013
Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 325 18 month 11.02.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 31.01.2013
Goldman Sachs HEATH P TERRY buy/attractive 5 M 330 12 month 30.01.2013
Credit Suisse STEPHEN JU outperform 5 M 334 Not Provided 30.01.2013
Jefferies BRIAN J PITZ buy 5 M 330 12 month 30.01.2013
Needham & Co KERRY RICE hold 3 M #N/A N/A Not Provided 30.01.2013
Macquarie BENJAMIN A SCHACHTER outperform 5 M 305 12 month 30.01.2013
B Riley & Company, Inc SCOTT TILGHMAN buy 5 M 341 Not Provided 30.01.2013
Benchmark Company LLC DANIEL L KURNOS buy 5 M 330 12 month 30.01.2013
Credit Agricole Securities (USA) JAMES LEE outperform 5 D 290 Not Provided 30.01.2013
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
S&P Capital IQ MICHAEL SOUERS hold 3 M 250 Not Provided 26.10.2012
Battle Road Research TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.04.2012
First Global Stockbroking RITESH DOSHI market perform 3 M #N/A N/A Not Provided 27.07.2011
Holdings By:
Amazon.com Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
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 (01.06.2012) 67.61
Daily Volume
106.67
52-Week High % Change -7.20% Dividend Yield 1.35
52-Week Low % Change 57.77% Beta 0.72
% 52 Week Price Range High/Low 82.51% Equity Float 749.11
Shares Out 31.03.2013 750.0 Short Int 10.62
80'002.50 1 Yr Total Return 52.90%
Total Debt 26'541.00 YTD Return 24.26%
Preferred Stock 0.0 Adjusted BETA 0.722
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 24'061.00 Consensus Rating 3.813
Enterprise Value 82'623.50
Average Volume 5 Day 2'055'211
AMGN UW EQUITY YTD Change - Average Volume 30 Day 1'588'980
AMGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'745'700
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 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 17'924.8 18'375.2 4'483.7 4'543.8
4.02x 3.65x 3.13x 3.33x 3.92x 12.60x 15.53x 4.29x 3.96x - -
6'287.0 6'728.0 6'679.0 5'372.0 6'665.0 5'542.0 4'929.0 7'358.0 8'331.3 1'637.5 1'713.5
9.59x 7.94x 7.05x 9.66x 10.15x 9.95x 0.00x 11.23x 9.92x - -
4'052.0 4'605.0 4'627.0 3'683.0 4'345.0 3'742.0 4'595.0 5'543.4 6'193.9 1'330.1 1'371.9
12.89x 11.71x 11.68x 12.87x 14.37x 12.97x 16.11x 14.66x 12.89x 14.43x 13.71x
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 12.22% EBITDA/Interest Exp. 6.18
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 5.54
Net Debt/EBITDA 0.37
Gross Margin 83.1% Total Debt/EBITDA 3.98
EBITDA Margin 38.6%
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 48.88% Inventory Days 320.34
Tot Debt to Common Equity 139.25% Accounts Payable Turnover Day 341.43
Accounts Receivable Turnover 6.33 Cash Conversion Cycle 296.17
Inventory Turnover 1.14
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Amgen IncPrice/Volume
Valuation Analysis
1'374'889.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 75'682'106 10.09 2'001'700 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 58'002'657 7.73 3'329'190 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 44'895'140 5.99 - 23.04.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 42'036'924 5.6 (2'963'375) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 41'803'196 5.57 344'362 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 34'837'876 4.65 446'107 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'832'328 2.91 (1'069'549) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 15'651'522 2.09 706'375 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 11'669'680 1.56 (4'012'947) 31.01.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 11'487'213 1.53 (484'470) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 11'107'530 1.48 3'592'934 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'496'023 1.4 (660'498) 31.12.2012 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
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'561'832 1.14 1'929'023 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'581'069 1.01 734'423 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 7'120'455 0.95 (145'272) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 6'263'455 0.84 5'419'529 31.12.2012 Government
SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 5'306'546 0.71 1'981'232 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'262'570 0.7 (102'800) 31.03.2013 Investment Advisor
LEGG MASON INC Multiple Portfolios MF-AGG 5'225'051 0.7 (176'156) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 83 Not Provided 24.04.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 115 12 month 24.04.2013
Morgan Stanley MARSHALL URIST Equalwt/In-Line 3 M #N/A N/A Not Provided 24.04.2013
RBC Capital Markets MICHAEL J YEE outperform 5 M 120 12 month 24.04.2013
Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 101 12 month 24.04.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 115 12 month 24.04.2013
Leerink Swann & Co HOWARD LIANG market perform 3 M #N/A N/A Not Provided 24.04.2013
Stifel JOEL D SENDEK hold 3 M #N/A N/A Not Provided 24.04.2013
Oppenheimer & Co BORIS PEAKER market perform 3 M 100 12 month 24.04.2013
Guggenheim Securities LLC BRET HOLLEY neutral 3 M 105 12 month 24.04.2013
Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 24.04.2013
S&P Capital IQ STEVEN SILVER buy 5 M 116 Not Provided 24.04.2013
Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 130 12 month 24.04.2013
Credit Suisse RAVI MEHROTRA neutral 3 M 115 Not Provided 23.04.2013
JPMorgan GEOFFREY MEACHAM neutral 3 M 115 6 month 23.04.2013
Jefferies EUN K YANG buy 5 M 123 12 month 23.04.2013
William Blair & Co JOHN S SONNIER market perform 3 M #N/A N/A Not Provided 23.04.2013
Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 125 12 month 23.04.2013
Piper Jaffray M IAN SOMAIYA neutral 3 D 107 12 month 23.04.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 105 Not Provided 23.04.2013
Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 100 12 month 17.04.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 D 115 12 month 03.04.2013
Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 22.03.2013
Brean Murray Carret & Co GENE MACK buy 5 M 98 12 month 20.03.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 20.03.2013
Argus Research Corp JOHN M EADE buy 5 M 96 Not Provided 15.03.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 92 12 month 01.03.2013
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] |
30.04.2013
Analog Devices, Inc. designs, manufactures, and markets integrated circuits used
in analog and digital signal processing. The Company's products are used in
communications, computer, industrial, instrumentation, military/aerospace,
automotive, and high-performance consumer electronics applications. Analog
Devices sells its products worldwide.
Latest Fiscal Year: 10/2012
LTM as of: 02/yy
52-Week High (20.02.2013) 47.16
52-Week Low (23.05.2012) 34.25
Daily Volume
43.66
52-Week High % Change -7.42% Dividend Yield 2.75
52-Week Low % Change 27.47% Beta -
% 52 Week Price Range High/Low 72.89% Equity Float 302.88
Shares Out 02.02.2013 306.0 Short Int 3.88
13'359.29 1 Yr Total Return 15.49%
Total Debt 821.60 YTD Return 4.58%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 31
Cash and Equivalents 3'900.38 Consensus Rating 3.903
Enterprise Value 10'131.98
Average Volume 5 Day 768'115
ADI UW EQUITY YTD Change - Average Volume 30 Day 834'253
ADI UW EQUITY YTD % CHANGE - Average Volume 3 Month 836'323
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 02/yy 02/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3
2'582.9 2'014.9 2'761.5 2'993.3 2'701.1 2'912.9 2'675.2 2'689.6 2'979.8 660.9 688.4
1.90x 3.00x 2.81x 2.85x 3.25x 11.98x 13.57x 3.78x 3.22x 16.26x 15.37x
781.6 478.3 1'037.5 1'192.5 942.3 1'117.4 923.5 930.1 1'135.9 225.4 248.0
6.28x 12.64x 7.49x 7.15x 9.32x 8.18x 11.08x 10.89x 8.92x 10.12x 9.54x
786.3 247.8 712.1 867.4 651.2 784.7 643.1 670.9 841.4 162.7 178.7
12.00x 26.42x 14.21x 13.91x 18.69x 15.93x 21.16x 20.20x 16.22x 18.79x 17.73x
EBITDA 942.31 Long-Term Rating Date 29.09.2010
EBIT 832.48 Long-Term Rating A-
Operating Margin 30.82% Long-Term Outlook STABLE
Pretax Margin 30.12% Short-Term Rating Date 18.03.2008
Return on Assets 11.70% Short-Term Rating A-2
Return on Common Equity 15.75%
Return on Capital 13.57% EBITDA/Interest Exp. 35.66
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 30.66
Net Debt/EBITDA -3.49
Gross Margin 64.5% Total Debt/EBITDA 0.82
EBITDA Margin 34.5%
EBIT Margin 30.4% Total Debt/Equity 19.7%
Net Income Margin 24.1% Total Debt/Capital 16.5%
Asset Turnover 0.49
Current Ratio 8.94 Net Fixed Asset Turnover 5.53
Quick Ratio 8.08 Accounts receivable turnover-days 42.97
Debt to Assets 14.62% Inventory Days 115.39
Tot Debt to Common Equity 19.72% Accounts Payable Turnover Day 42.62
Accounts Receivable Turnover 8.47 Cash Conversion Cycle 121.28
Inventory Turnover 3.15
Fiscal Year Ended
Analog Devices IncPrice/Volume
Valuation Analysis
411'242.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 29'081'445 9.5 1'450'000 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 17'590'220 5.75 221'721 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 16'401'420 5.36 293'303 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 15'828'824 5.17 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'234'666 4.65 607'972 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 14'178'802 4.63 (1'046'664) 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 12'711'713 4.15 934'091 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'920'850 2.59 (67'101) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 6'993'850 2.29 (153'600) 31.12.2012 Investment Advisor
CANTILLON CAPITAL MA CANTILLON CAPITAL MA 13F 6'685'077 2.18 508'513 31.03.2013 Hedge Fund Manager
INVESCO LTD n/a ULT-AGG 6'662'468 2.18 4'505'408 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'867'416 1.92 (77'313) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 5'318'743 1.74 266'016 31.01.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'046'951 1.65 202'723 31.12.2012 Investment Advisor
PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 4'771'606 1.56 67'978 31.12.2012 Investment Advisor
SILVER BRIDGE CAPITA SILVER BRIDGE CAPITA 13F 3'907'800 1.28 (6'552) 31.12.2012 Investment Advisor
FIRST PACIFIC ADVISO FIRST PACIFIC ADVISO 13F 3'674'800 1.2 57'700 31.12.2012 Investment Advisor
M&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 3'460'117 1.13 (2'000) 31.12.2012 Investment Advisor
JOHN W BRISTOL & COM JOHN W BRISTOL & COM 13F 3'346'377 1.09 (169'003) 31.03.2013 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'284'000 1.07 (435'000) 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 45 Not Provided 22.04.2013
Robert W. Baird & Co TRISTAN GERRA outperform 5 M 52 12 month 22.04.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 22.04.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 41 12 month 19.04.2013
ISI Group SUMIT DHANDA strong buy 5 M 52 12 month 11.04.2013
Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 41 12 month 09.04.2013
B Riley & Company, Inc CRAIG ELLIS buy 5 M 57 Not Provided 03.04.2013
Argus Research Corp JAMES KELLEHER buy 5 M 52 12 month 02.04.2013
RBC Capital Markets DOUG FREEDMAN sector perform 3 M 46 12 month 01.04.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 01.04.2013
Sanford C. Bernstein & Co STACY A RASGON market perform 3 M 41 12 month 01.04.2013
Raymond James J STEVEN SMIGIE strong buy 5 M 57 12 month 01.04.2013
Nomura ROMIT SHAH neutral 3 M 40 12 month 01.04.2013
S&P Capital IQ CHRISTIN ARMACOST hold 3 U 47 Not Provided 01.04.2013
Macquarie SHAWN WEBSTER outperform 5 M 52 12 month 27.03.2013
Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 26.03.2013
SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 N 45 12 month 12.03.2013
Canaccord Genuity Corp ROBERT BURLESON buy 5 M 50 12 month 06.03.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 45 12 month 20.02.2013
Credit Suisse JOHN W PITZER outperform 5 M 50 Not Provided 20.02.2013
JPMorgan CHRISTOPHER DANELY overweight 5 M 51 6 month 20.02.2013
Stephens Inc HARSH KUMAR equalweight 3 M 41 12 month 20.02.2013
Barclays BLAYNE CURTIS equalweight 3 M 45 Not Provided 20.02.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 55 12 month 20.02.2013
Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 44 12 month 19.02.2013
Jefferies MARK J LIPACIS hold 3 M 51 12 month 19.02.2013
Pacific Crest Securities MICHAEL MCCONNELL outperform 5 M 55 12 month 19.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
First Global Stockbroking ISHANSH VIJ moderate outperform 4 U #N/A N/A Not Provided 23.05.2011
GARP Research BRETT CARSON neutral 3 M #N/A N/A Not Provided 21.05.2009
Holdings By:
Analog Devices Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
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
430.12
52-Week High % Change -39.00% Dividend Yield 1.85
52-Week Low % Change 11.69% Beta 0.98
% 52 Week Price Range High/Low 14.07% Equity Float 938.32
Shares Out 12.04.2013 938.6 Short Int 20.07
403'731.72 1 Yr Total Return -25.29%
Total Debt 0.00 YTD Return -18.85%
Preferred Stock 0.0 Adjusted BETA 0.982
Minority Interest 0.0 Analyst Recs 67
Cash and Equivalents 121'251.00 Consensus Rating 4.448
Enterprise Value 259'044.70
Average Volume 5 Day 6'061'684
AAPL UW EQUITY YTD Change - Average Volume 30 Day 3'971'731
AAPL UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'892'843
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 65'225.0 108'249.0 156'508.0 142'360.0 169'104.0 171'696.0 188'397.5 35'152.4 38'247.2
2.39x 3.03x 3.32x 2.72x 3.23x 8.79x 9.16x 1.54x 1.27x 7.41x 6.67x
8'823.0 12'474.0 19'412.0 35'604.0 58'518.0 53'298.0 57'381.0 53'554.7 59'048.8 10'622.2 11'351.7
10.14x 10.43x 11.17x 8.26x 8.63x 8.45x 4.73x 4.84x 4.39x 4.53x 4.41x
6'119.0 8'235.0 14'013.0 25'922.0 41'733.0 38'617.0 39'672.0 37'410.3 40'389.9 6'964.8 7'829.5
18.91x 20.08x 19.30x 14.61x 15.11x 14.62x 10.57x 10.75x 9.76x 10.77x 10.31x
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
Fiscal Year Ended
Apple IncPrice/Volume
Valuation Analysis
5'477'820.00
Current Price (4/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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160'000.0
180'000.0
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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 49'250'980 5.25 (317'024) 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 48'850'575 5.2 90'615 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 43'247'824 4.61 1'164'484 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 41'472'347 4.42 (4'409'314) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 23'598'905 2.51 118'759 31.12.2012 Investment Advisor
SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 16'882'717 1.8 804'173 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 15'540'026 1.66 (903'792) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'550'305 1.44 90'528 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 12'868'847 1.37 (1'805'968) 31.03.2013 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
JANUS CAPITAL MANAGE n/a ULT-AGG 10'155'052 1.08 974'700 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 8'086'335 0.86 813'609 28.02.2013 Investment Advisor
UBS n/a ULT-AGG 7'822'896 0.83 (829'107) 31.03.2013 Unclassified
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'768'584 0.83 (249'589) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'650'330 0.82 (7'786'595) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 7'531'087 0.8 677'078 31.12.2012 Government
WELLS FARGO n/a ULT-AGG 7'523'460 0.8 (400'118) 28.02.2013 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 6'897'211 0.73 6'499'377 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 6'361'655 0.68 (1'211'280) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'358'050 0.68 (559'069) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KEITH F BACHMAN market perform 3 D 435 Not Provided 24.04.2013
Societe Generale ANDY PERKINS buy 5 M 500 12 month 24.04.2013
Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 480 12 month 24.04.2013
Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 540 12 month 24.04.2013
Goldman Sachs WILLIAM C SHOPE JR Buy/Cautious 5 M 500 12 month 24.04.2013
RBC Capital Markets AMIT DARYANANI outperform 5 M 475 12 month 24.04.2013
Argus Research Corp JAMES KELLEHER buy 5 M 600 12 month 24.04.2013
Credit Suisse KULBINDER GARCHA outperform 5 M 525 Not Provided 24.04.2013
Hilliard Lyons STEPHEN TURNER buy 5 M 540 12 month 24.04.2013
JPMorgan MARK A MOSKOWITZ overweight 5 M 545 6 month 24.04.2013
Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 500 12 month 24.04.2013
Jefferies PETER J MISEK hold 3 M 420 12 month 24.04.2013
Needham & Co CHARLES WOLF buy 5 M 710 12 month 24.04.2013
Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 24.04.2013
Robert W. Baird & Co WILLIAM V POWER neutral 3 M 438 12 month 24.04.2013
Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 600 12 month 24.04.2013
William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 24.04.2013
FBR Capital Markets SCOTT S THOMPSON outperform 5 M 500 12 month 24.04.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 610 12 month 24.04.2013
Stifel AARON C RAKERS buy 5 M 600 12 month 24.04.2013
Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 600 12 month 24.04.2013
Evercore Partners ROBERT CIHRA overweight 5 M 550 12 month 24.04.2013
BGC Partners COLIN W GILLIS buy 5 M 500 12 month 24.04.2013
Nomura STUART JEFFREY neutral 3 M 420 12 month 24.04.2013
Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 24.04.2013
Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 24.04.2013
JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 24.04.2013
S&P Capital IQ SCOTT H KESSLER strong buy 5 M 550 12 month 24.04.2013
Gabelli & Co HENDI SUSANTO buy 5 M #N/A N/A Not Provided 24.04.2013
Lazard Capital Markets EDWARD PARKER buy 5 M 500 12 month 24.04.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 500 12 month 24.04.2013
Cross Research SHANNON S CROSS buy 5 M 530 12 month 24.04.2013
Credit Agricole Securities (USA) AVI SILVER outperform 5 M 475 Not Provided 24.04.2013
BTIG LLC WALTER P PIECYK JR buy 5 M 540 12 month 24.04.2013
Barclays BENJAMIN A REITZES overweight 5 M 465 Not Provided 24.04.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 540 12 month 24.04.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 575 12 month 24.04.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 888 12 month 24.04.2013
Creative Global Investments CARLO R BESENIUS sell 1 M #N/A N/A Not Provided 24.04.2013
Raymond James TAVIS C MCCOURT outperform 5 M 600 12 month 23.04.2013
Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 560 Not Provided 23.04.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 480 12 month 23.04.2013
Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 550 12 month 23.04.2013
Holdings By:
Apple Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Applied Materials, Inc. develops, manufactures, markets, and services
semiconductor wafer fabrication equipment and related spare parts for the
worldwide semiconductor industry. The Company's customers include semiconductor
wafer and integrated circuit manufacturers, flat panel liquid crystal displays,
solar photovoltaic cells and modules and other electronic devices manufacturers.
Latest Fiscal Year: 10/2012
LTM as of: 01/yy
52-Week High (29.04.2013) 14.44
52-Week Low (16.11.2012) 9.96
Daily Volume
14.4
52-Week High % Change -0.24% Dividend Yield 2.50
52-Week Low % Change 44.65% Beta 1.29
% 52 Week Price Range High/Low 99.22% Equity Float 1'189.63
Shares Out 27.01.2013 1'200.0 Short Int 18.95
17'280.64 1 Yr Total Return 23.92%
Total Debt 1'946.00 YTD Return 26.70%
Preferred Stock 0.0 Adjusted BETA 1.287
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 1'937.00 Consensus Rating 3.524
Enterprise Value 17'473.64
Average Volume 5 Day 3'843'916
AMAT UW EQUITY YTD Change - Average Volume 30 Day 3'216'696
AMAT UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'313'814
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 01/yy 01/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3
8'129.2 5'013.6 9'548.7 10'517.0 8'719.0 10'020.0 8'103.0 7'828.4 9'351.3 1'909.1 2'124.1
1.63x 3.06x 1.47x 1.16x 1.46x 5.78x 7.01x 2.20x 1.76x 9.26x 8.31x
1'693.6 53.4 1'934.1 2'587.0 1'422.0 2'170.0 1'285.0 1'316.2 1'992.0 317.3 448.3
7.84x 287.63x 7.25x 4.71x 8.97x 7.25x 12.13x 13.28x 8.77x 10.26x 9.12x
960.7 (305.3) 937.9 1'926.0 109.0 1'538.0 26.0 737.2 1'239.2 163.9 246.5
14.62x - 14.03x 9.71x 14.20x 10.92x 20.69x 23.72x 13.42x 17.78x 14.71x
EBITDA 1'422.00 Long-Term Rating Date 21.12.1999
EBIT 1'000.00 Long-Term Rating A-
Operating Margin 11.47% Long-Term Outlook STABLE
Pretax Margin 3.62% Short-Term Rating Date -
Return on Assets 0.21% Short-Term Rating -
Return on Common Equity 0.33%
Return on Capital 0.41% EBITDA/Interest Exp. 14.97
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 13.26
Net Debt/EBITDA 0.15
Gross Margin 38.0% Total Debt/EBITDA 1.51
EBITDA Margin 15.9%
EBIT Margin 10.7% Total Debt/Equity 26.9%
Net Income Margin 1.3% Total Debt/Capital 21.2%
Asset Turnover 0.64
Current Ratio 2.25 Net Fixed Asset Turnover 8.73
Quick Ratio 1.39 Accounts receivable turnover-days 60.31
Debt to Assets 16.08% Inventory Days 111.15
Tot Debt to Common Equity 26.90% Accounts Payable Turnover Day 36.97
Accounts Receivable Turnover 6.04 Cash Conversion Cycle 125.35
Inventory Turnover 3.27
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
Applied Materials IncPrice/Volume
Valuation Analysis
3'928'542.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 72'080'070 6.01 (189'984) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 65'225'438 5.44 (3'231'983) 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 62'869'169 5.24 (5'063'053) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 56'926'107 4.74 3'148'932 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 46'613'936 3.88 3'685'210 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 39'341'476 3.28 7'695'341 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 37'601'593 3.13 4'141'258 31.03.2013 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 31'940'038 2.66 4'532'400 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 28'020'086 2.33 (2'884'483) 31.03.2013 Investment Advisor
PARNASSUS INVESTMENT PARNASSUS INVESTMENT 13F 21'102'107 1.76 3'964'607 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 20'248'619 1.69 (2'277'777) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'814'617 1.4 (416'248) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 15'709'205 1.31 (145'500) 31.12.2012 Investment Advisor
INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 15'222'919 1.27 2'466'230 31.12.2012 Investment Advisor
EDINBURGH PARTNERS L EDINBURGH PARTNERS L 13F 15'008'404 1.25 (1'325'129) 31.03.2013 Investment Advisor
PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 12'707'676 1.06 (2'123'881) 31.12.2012 Investment Advisor
ASHMORE WELATH MANAG ASHMORE WEALTH MANAG 13F 12'359'710 1.03 12'359'710 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 10'182'490 0.85 2'242'176 31.12.2012 Government
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 9'950'494 0.83 (4'615'059) 31.12.2012 Investment Advisor
THIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 9'850'907 0.82 544'496 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel PATRICK J HO buy 5 M 17 12 month 24.04.2013
Exane BNP Paribas JEROME RAMEL underperform 1 M 12 Not Provided 19.04.2013
S&P Capital IQ ANGELO ZINO buy 5 D 15 Not Provided 18.04.2013
Cowen and Company TIMOTHY M ARCURI outperform 5 M #N/A N/A Not Provided 16.04.2013
Needham & Co EDWIN MOK hold 3 M #N/A N/A Not Provided 12.04.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 05.04.2013
Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 02.04.2013
B Riley & Company, Inc BEN PANG neutral 3 M 14 Not Provided 27.03.2013
Credit Suisse SATYA KUMAR neutral 3 M 13 Not Provided 19.03.2013
RBC Capital Markets MAHESH SANGANERIA outperform 5 M 17 12 month 15.03.2013
Piper Jaffray JAGADISH IYER overweight 5 M 16 12 month 15.03.2013
D.A. Davidson & Co THOMAS DIFFELY buy 5 M 17 18 month 26.02.2013
Argus Research Corp JAMES KELLEHER buy 5 M 16 Not Provided 15.02.2013
Deutsche Bank VISHAL SHAH hold 3 M 13 12 month 14.02.2013
Credit Agricole Securities (USA) MARK HELLER underperform 1 M 14 Not Provided 14.02.2013
Susquehanna Financial Group MEHDI HOSSEINI negative 2 M 9 12 month 13.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 18.01.2013
Goldman Sachs JAMES V COVELLO Buy/Neutral 5 M 17 12 month 10.01.2013
First Global Stockbroking ISHANSH VIJ Moderate Underperformer 2 M #N/A N/A Not Provided 27.05.2011
Holdings By:
Applied Materials Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Autodesk, Inc. supplies PC software and multimedia tools. The Company's
two-dimensional and three-dimensional products are used across industries and
in the home for architectural design, mechanical design, geographic information
systems and mapping, and visualization applications. Autodesk's software
products are sold worldwide through a network of dealers and distributors.
Latest Fiscal Year: 01/2013
LTM as of: 01/yy
52-Week High (20.03.2013) 41.42
52-Week Low (24.08.2012) 27.97
Daily Volume
38.21
52-Week High % Change -7.75% Dividend Yield 0.00
52-Week Low % Change 36.61% Beta 1.60
% 52 Week Price Range High/Low 76.13% Equity Float 222.59
Shares Out 28.02.2013 223.8 Short Int 3.16
8'551.40 1 Yr Total Return -2.95%
Total Debt 745.60 YTD Return 8.09%
Preferred Stock 0.0 Adjusted BETA 1.597
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 2'365.40 Consensus Rating 3.762
Enterprise Value 6'931.60
Average Volume 5 Day 553'167
ADSK UW EQUITY YTD Change - Average Volume 30 Day 672'109
ADSK UW EQUITY YTD % CHANGE - Average Volume 3 Month 777'077
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 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
2'315.2 1'713.7 1'951.8 2'215.6 2'312.2 2'215.6 2'312.2 2'447.8 2'648.3 583.5 597.4
1.21x 2.52x 3.98x 2.95x 3.06x 12.65x 11.17x 2.74x 2.42x 11.83x 11.50x
505.4 246.3 387.6 469.8 477.6 469.8 477.6 722.3 807.1 160.7 175.7
5.57x 17.54x 20.04x 13.90x 14.81x 13.90x 14.81x 9.60x 8.59x 9.49x 9.10x
183.6 58.0 212.0 285.3 247.4 285.3 247.4 479.8 552.7 102.4 116.2
11.75x 44.06x 43.74x 29.51x 35.67x 30.00x 34.11x 18.06x 15.56x 18.07x 17.17x
EBITDA 477.60 Long-Term Rating Date 05.12.2012
EBIT 349.80 Long-Term Rating BBB
Operating Margin 15.13% Long-Term Outlook STABLE
Pretax Margin 13.41% Short-Term Rating Date -
Return on Assets 6.57% Short-Term Rating -
Return on Common Equity 12.60%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -3.39
Gross Margin 89.7% Total Debt/EBITDA 1.56
EBITDA Margin 20.7%
EBIT Margin 15.1% Total Debt/Equity 36.5%
Net Income Margin 10.7% Total Debt/Capital 26.7%
Asset Turnover 0.61
Current Ratio 2.45 Net Fixed Asset Turnover 21.08
Quick Ratio 2.35 Accounts receivable turnover-days 70.46
Debt to Assets 17.31% Inventory Days -
Tot Debt to Common Equity 36.49% Accounts Payable Turnover Day 140.80
Accounts Receivable Turnover 5.19 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
Autodesk IncPrice/Volume
Valuation Analysis
501'487.00
Current Price (4/dd/yy) Market Data
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1'000.0
1'500.0
2'000.0
2'500.0
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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 21'130'000 9.44 5'275'000 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 14'745'776 6.59 2'874'162 23.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'298'153 6.39 (1'254'431) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'191'847 6.34 600'214 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 12'028'159 5.37 (691'932) 24.04.2013 Investment Advisor
VALUEACT HOLDINGS LP VALUEACT HOLDINGS LP 13F 10'316'335 4.61 4'334'211 31.12.2012 Hedge Fund Manager
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 9'017'360 4.03 (611'503) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 8'438'321 3.77 (2'547'746) 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'034'943 2.25 (835'441) 31.12.2012 Investment Advisor
WESTEND ADVISORS LLC WESTEND ADVISORS LLC 13F 4'189'258 1.87 (282'183) 31.12.2012 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 4'186'866 1.87 (2'339'014) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'149'084 1.85 1'846'070 31.03.2013 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 3'654'500 1.63 98'400 31.12.2012 Investment Advisor
SOROBAN CAPITAL PART SOROBAN CAPITAL PART 13F 3'355'300 1.5 353'500 31.12.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'209'208 1.43 (157'631) 31.03.2013 Investment Advisor
TPG-AXON MANAGEMENT TPG-AXON MANAGEMENT 13F 3'172'757 1.42 3'172'757 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'145'074 1.41 (263'126) 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'696'684 1.2 2'696'684 31.12.2012 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 2'693'544 1.2 370'325 31.12.2012 Investment Advisor
CADIAN CAPITAL MANAG CADIAN CAPITAL MANAG 13F 2'534'340 1.13 50'000 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies ROSS MACMILLAN buy 5 M 47 12 month 25.04.2013
Credit Suisse PHILIP WINSLOW neutral 3 M 35 Not Provided 24.04.2013
Wedbush STEVEN R KOENIG outperform 5 M 45 12 month 24.04.2013
Evercore Partners MATTHEW L WILLIAMS equalweight 3 N 40 12 month 21.04.2013
Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 16.04.2013
Griffin Securities JAY VLEESCHHOUWER buy 5 M 42 36 month 15.04.2013
Canaccord Genuity Corp RICHARD DAVIS JR hold 3 M 38 12 month 12.04.2013
RBC Capital Markets MATTHEW HEDBERG outperform 5 M 50 12 month 05.04.2013
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 45 12 month 04.04.2013
Robert W. Baird & Co STEVEN M ASHLEY outperform 5 M 43 12 month 01.04.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 01.03.2013
Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 26.02.2013
JPMorgan STERLING AUTY neutral 3 M 38 6 month 26.02.2013
Stifel BLAIR ABERNETHY hold 3 M #N/A N/A Not Provided 26.02.2013
Cowen and Company GREGG MOSKOWITZ neutral 3 M #N/A N/A Not Provided 26.02.2013
MKM Partners ISRAEL HERNANDEZ neutral 3 M 41 12 month 26.02.2013
Barclays RAIMO LENSCHOW equalweight 3 M 42 Not Provided 26.02.2013
Goldman Sachs HEATHER BELLINI Buy/Neutral 5 U 45 12 month 25.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
GARP Research ROBERT J FURLONG neutral 3 M #N/A N/A Not Provided 22.05.2009
Holdings By:
Autodesk Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Automatic Data Processing, Inc. is a global provider of business outsourcing
solutions. The Company's services include a wide range of human resource,
payroll, tax and benefits administration solutions. Automatic Data also
provides solutions to auto, truck, motorcycle, marine and recreational vehicle
dealers.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (29.04.2013) 67.24
52-Week Low (01.06.2012) 50.90
Daily Volume
67.14
52-Week High % Change -0.15% Dividend Yield 2.41
52-Week Low % Change 31.91% Beta 0.96
% 52 Week Price Range High/Low 99.39% Equity Float 483.63
Shares Out 31.01.2013 485.0 Short Int 6.55
32'564.05 1 Yr Total Return 24.24%
Total Debt 34.30 YTD Return 18.59%
Preferred Stock 0.0 Adjusted BETA 0.955
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 1'665.40 Consensus Rating 3.750
Enterprise Value 31'076.15
Average Volume 5 Day 495'752
ADP UW EQUITY YTD Change - Average Volume 30 Day 672'094
ADP UW EQUITY YTD % CHANGE - Average Volume 3 Month 737'482
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 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
8'776.5 8'838.4 8'927.7 9'879.5 10'665.2 10'326.0 10'945.0 11'314.5 12'147.6 3'106.1 2'817.9
2.25x 1.83x 2.02x 2.47x 2.37x 9.20x 9.45x 2.68x 2.46x 9.72x 10.67x
2'087.8 2'191.8 2'137.1 2'196.5 2'342.3 2'245.0 2'375.4 2'344.2 2'557.6 778.9 481.0
9.47x 7.38x 8.46x 11.09x 10.81x 11.14x 10.99x 13.26x 12.15x 12.80x 12.46x
1'235.7 1'332.6 1'211.4 1'254.2 1'388.5 1'343.3 1'407.0 1'411.6 1'533.8 474.2 282.2
19.40x 14.89x 16.78x 20.82x 20.31x 20.61x 20.41x 23.13x 21.07x 22.28x 21.67x
EBITDA 2'342.30 Long-Term Rating Date 29.10.1998
EBIT 1'959.00 Long-Term Rating AAA
Operating Margin 18.37% Long-Term Outlook STABLE
Pretax Margin 19.90% Short-Term Rating Date 27.03.2002
Return on Assets 4.28% Short-Term Rating A-1+
Return on Common Equity 22.37%
Return on Capital 22.36% EBITDA/Interest Exp. 304.19
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 286.00
Net Debt/EBITDA -0.63
Gross Margin 49.6% Total Debt/EBITDA 0.01
EBITDA Margin 21.7%
EBIT Margin 18.1% Total Debt/Equity 0.6%
Net Income Margin 13.0% Total Debt/Capital 0.6%
Asset Turnover 0.33
Current Ratio 1.08 Net Fixed Asset Turnover 15.41
Quick Ratio 0.13 Accounts receivable turnover-days 49.46
Debt to Assets 0.11% Inventory Days -
Tot Debt to Common Equity 0.56% Accounts Payable Turnover Day 9.19
Accounts Receivable Turnover 7.40 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Automatic Data Processing IncPrice/Volume
Valuation Analysis
375'107.00
Current Price (4/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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30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 33'802'414 6.97 2'939'840 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 25'950'240 5.35 1'648'029 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 25'764'279 5.31 467'840 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 24'184'018 4.99 811'385 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 20'150'291 4.15 (799'916) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 18'983'029 3.91 (301'732) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 13'066'138 2.69 688'945 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 10'617'982 2.19 (479'675) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'045'478 1.66 (40'973) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 7'558'234 1.56 3'601'447 31.12.2012 Investment Advisor
CEDAR ROCK CAPITAL L CEDAR ROCK CAPITAL L 13F 6'495'027 1.34 (126'433) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 6'112'032 1.26 (4'972) 31.03.2013 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 6'078'556 1.25 334'687 31.12.2012 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 6'042'415 1.25 30'902 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 4'977'288 1.03 165'701 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 4'659'019 0.96 (165'514) 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 4'209'825 0.87 45'612 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 3'901'533 0.8 302'378 31.12.2012 Government
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'787'494 0.78 325'044 31.12.2012 Investment Advisor
JENSEN INVESTMENT MA JENSEN INVESTMENT MA 13F 3'640'609 0.75 176'733 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DANIEL R PERLIN outperform 5 M 61 12 month 24.04.2013
Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 61 12 month 19.04.2013
Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 62 12 month 19.04.2013
Cowen and Company MOSHE KATRI neutral 3 M #N/A N/A Not Provided 19.04.2013
BMO Capital Markets JEFFREY M SILBER outperform 5 M 68 Not Provided 18.04.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 67 12 month 17.04.2013
Barclays GARY E BISBEE equalweight 3 M 61 Not Provided 16.04.2013
Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 12.04.2013
Jefferies JASON KUPFERBERG underperform 1 M 55 12 month 09.04.2013
William Blair & Co TIMOTHY J MCHUGH market perform 3 M #N/A N/A Not Provided 05.04.2013
Evercore Partners DAVID M TOGUT overweight 5 M 71 12 month 02.04.2013
Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 27.03.2013
Northcoast Research KARTIK MEHTA neutral 3 M #N/A N/A Not Provided 27.03.2013
Goldman Sachs PAUL THOMAS Buy/Neutral 5 M 71 12 month 18.03.2013
Robert W. Baird & Co MARK S MARCON outperform 5 M 66 12 month 08.03.2013
Stifel DAVID M GROSSMAN buy 5 M 65 12 month 07.03.2013
Argus Research Corp JOHN M EADE buy 5 M 68 Not Provided 15.02.2013
S&P Capital IQ DYLAN CATHERS buy 5 M 67 12 month 14.02.2013
Credit Suisse GEORGE MIHALOS outperform 5 M 67 Not Provided 05.02.2013
First Analysis Corp JAMES ROBERT MACDONALD equalweight 3 M #N/A N/A Not Provided 05.02.2013
JPMorgan TIEN-TSIN HUANG neutral 3 M 63 6 month 05.02.2013
Raymond James MICHAEL J BAKER outperform 5 M 66 12 month 05.02.2013
Oppenheimer & Co GLENN GREENE market perform 3 M #N/A N/A Not Provided 05.02.2013
Credit Agricole Securities (USA) CRAIG J MAURER underperform 1 M 62 Not Provided 05.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank BRYAN KEANE hold 3 M 58 12 month 25.01.2012
Holdings By:
Automatic Data Processing Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Avago Technologies Ltd. manufactures semiconductor products such as
optoelectronics, radio-frequency and microwave components, and
application-specific integrated circuits. The Company's products are used in
mobile phones, consumer electronics, enterprise and telecom networking gear,
optical mice, automotive electronics, and military and aerospace systems.
Latest Fiscal Year: 10/2012
LTM as of: 02/yy
52-Week High (17.08.2012) 37.88
52-Week Low (18.05.2012) 29.71
Daily Volume
32.53
52-Week High % Change -14.12% Dividend Yield 1.88
52-Week Low % Change 9.49% Beta 1.30
% 52 Week Price Range High/Low 34.52% Equity Float 243.96
Shares Out 03.02.2013 246.1 Short Int 2.52
8'005.30 1 Yr Total Return -3.81%
Total Debt 3.00 YTD Return 3.30%
Preferred Stock 0.0 Adjusted BETA 1.299
Minority Interest 0.0 Analyst Recs 20
Cash and Equivalents 1'084.00 Consensus Rating 4.700
Enterprise Value 6'857.30
Average Volume 5 Day 731'531
AVGO UW EQUITY YTD Change - Average Volume 30 Day 655'564
AVGO UW EQUITY YTD % CHANGE - Average Volume 3 Month 744'161
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 01/yy 02/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3
1'699.0 1'484.0 2'093.0 2'336.0 2'364.0 2'349.0 2'377.0 2'386.9 2'650.7 556.5 602.7
- 2.46x 2.67x 3.18x 3.06x 12.82x 12.79x 2.78x 2.30x 12.30x 11.25x
331.0 300.0 629.0 745.0 744.0 732.0 740.0 770.9 891.6 172.6 193.3
- 12.19x 8.90x 9.99x 9.71x 10.20x 10.51x 8.90x 7.69x 8.38x 7.80x
83.0 (44.0) 415.0 552.0 563.0 558.0 563.0 673.0 772.0 149.3 172.8
- 264.92x 12.90x 14.70x 14.85x 15.14x 15.85x 12.50x 10.99x 11.99x 11.46x
EBITDA 744.00 Long-Term Rating Date -
EBIT 589.00 Long-Term Rating -
Operating Margin 24.92% Long-Term Outlook -
Pretax Margin 24.75% Short-Term Rating Date -
Return on Assets 21.10% Short-Term Rating -
Return on Common Equity 24.70%
Return on Capital - EBITDA/Interest Exp. 744.00
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 503.00
Net Debt/EBITDA -1.55
Gross Margin 48.4% Total Debt/EBITDA 0.00
EBITDA Margin 31.1%
EBIT Margin 24.4% Total Debt/Equity 0.1%
Net Income Margin 23.8% Total Debt/Capital 0.1%
Asset Turnover 0.89
Current Ratio 4.89 Net Fixed Asset Turnover 5.38
Quick Ratio 4.12 Accounts receivable turnover-days 44.79
Debt to Assets 0.10% Inventory Days 60.62
Tot Debt to Common Equity 0.12% Accounts Payable Turnover Day 62.43
Accounts Receivable Turnover 8.28 Cash Conversion Cycle 39.42
Inventory Turnover 6.12
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
Avago Technologies LtdPrice/Volume
Valuation Analysis
516'831.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 60'286'892 24.5 8'570'672 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'247'507 4.98 (460'816) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 12'169'187 4.95 (5'028'894) 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 12'160'304 4.94 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'010'120 4.88 674'056 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 9'684'318 3.94 5'361'238 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'305'417 2.97 257'060 31.12.2012 Investment Advisor
MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 5'692'111 2.31 (2'842'341) 31.12.2012 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 5'264'402 2.14 (60'004) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 4'923'875 2 1'066'227 31.03.2013 Unclassified
SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 4'551'860 1.85 3'680'860 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 4'338'882 1.76 226'625 24.04.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'124'830 1.68 (22'575) 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4'123'058 1.68 107'734 31.12.2012 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'067'400 1.65 876'000 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'896'410 1.58 832'140 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'425'362 1.39 1'586'987 31.12.2012 Investment Advisor
RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 3'346'280 1.36 22'910 31.12.2012 Investment Advisor
WESTPAC BANKING CORP WESTPAC BANKING CORP 13F 3'167'358 1.29 3'155'858 31.12.2012 Bank
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'128'480 1.27 (517'499) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DOUG FREEDMAN outperform 5 M 42 12 month 23.04.2013
Brean Murray Carret & Co MIKE BURTON buy 5 M 41 12 month 23.04.2013
Craig-Hallum Capital Group LLC ANTHONY J STOSS buy 5 N 44 12 month 18.04.2013
D.A. Davidson & Co AALOK K SHAH neutral 3 M 37 18 month 16.04.2013
Lazard Capital Markets IAN ING buy 5 M 44 12 month 15.04.2013
JPMorgan CHRISTOPHER DANELY neutral 3 M 32 6 month 12.04.2013
BNP Paribas Equity Research NITIN KUMAR hold 3 M 36 12 month 12.04.2013
Deutsche Bank ROSS C SEYMORE buy 5 M 40 12 month 11.04.2013
Credit Suisse JOHN W PITZER outperform 5 M 42 Not Provided 11.04.2013
Jefferies MARK J LIPACIS buy 5 M 42 12 month 11.04.2013
Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 44 12 month 11.04.2013
Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 43 12 month 11.04.2013
Nomura ROMIT SHAH buy 5 M 40 12 month 11.04.2013
Wedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 05.04.2013
Barclays BLAYNE CURTIS overweight 5 M 40 Not Provided 06.03.2013
Miller Tabak + Co., LLC BRENDAN FURLONG buy 5 M 41 12 month 27.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 27.02.2013
Goldman Sachs JAMES SCHNEIDER buy/attractive 5 U 44 12 month 12.12.2012
Williams Financial Group CODY G ACREE not rated #N/A N/A M #N/A N/A Not Provided 17.08.2012
Holdings By:
Avago Technologies Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Baidu, Inc. operates an Internet search engine. The Company offers algorithmic
search, enterprise search, pay for performance and news, MP3, and image
searches.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.05.2012) 135.69
52-Week Low (05.04.2013) 82.99
Daily Volume
85.47
52-Week High % Change -37.01% Dividend Yield 0.00
52-Week Low % Change 2.99% Beta 1.37
% 52 Week Price Range High/Low 4.71% Equity Float -
Shares Out 31.12.2012 272.0 Short Int 12.04
29'892.18 1 Yr Total Return -35.59%
Total Debt 11'941.23 YTD Return -14.78%
Preferred Stock 0.0 Adjusted BETA 1.371
Minority Interest 1'159.9 Analyst Recs 30
Cash and Equivalents 32'484.86 Consensus Rating 3.800
Enterprise Value 163'601.57
Average Volume 5 Day 1'555'551
BIDU UW EQUITY YTD Change - Average Volume 30 Day 928'091
BIDU UW EQUITY YTD % CHANGE - Average Volume 3 Month 965'928
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 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
3'198.3 4'447.8 7'915.1 14'500.8 22'306.0 14'500.8 22'306.0 30'033.7 38'834.3 7'379.3 8'313.8
8.68x 20.91x 26.99x 16.93x 8.93x 74.71x 44.23x 5.38x 3.88x 24.64x 21.74x
1'377.4 1'921.9 4'400.1 8'461.6 12'566.7 2'512.1 12'332.7 14'061.3 17'697.5 3'485.1 3'958.8
20.15x 48.38x 48.55x 29.02x 15.86x 0.00x 16.16x 11.63x 9.24x 10.94x 10.28x
1'048.1 1'485.1 3'525.2 6'638.6 10'456.0 6'638.6 10'456.0 11'152.1 13'965.6 2'804.9 3'185.5
29.52x 65.75x 62.98x 38.64x 20.96x 38.66x 20.97x 16.76x 13.82x 15.96x 15.16x
EBITDA 12'566.66 Long-Term Rating Date -
EBIT 11'051.32 Long-Term Rating -
Operating Margin 49.54% Long-Term Outlook -
Pretax Margin 53.64% Short-Term Rating Date -
Return on Assets 29.15% Short-Term Rating -
Return on Common Equity 46.62%
Return on Capital - EBITDA/Interest Exp. 116.51
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 95.09
Net Debt/EBITDA -1.75
Gross Margin 71.1% Total Debt/EBITDA 0.95
EBITDA Margin 52.3%
EBIT Margin 46.5% Total Debt/Equity 45.8%
Net Income Margin 46.9% Total Debt/Capital 30.5%
Asset Turnover 0.66
Current Ratio 4.21 Net Fixed Asset Turnover 7.32
Quick Ratio 4.10 Accounts receivable turnover-days 15.54
Debt to Assets 26.15% Inventory Days -
Tot Debt to Common Equity 45.83% Accounts Payable Turnover Day 149.74
Accounts Receivable Turnover 23.49 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Baidu IncPrice/Volume
Valuation Analysis
1'409'520.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 29'058'050 10.68 810'200 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 26'989'238 9.92 3'033'400 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 18'925'723 6.96 (2'370'395) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 11'512'523 4.23 3'352'541 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 8'904'429 3.27 1'221'812 23.04.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 7'971'126 2.93 5'054'777 31.03.2013 Unclassified
WADDELL & REED FINAN WADDELL & REED FINAN 13F 7'955'010 2.92 440'190 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'595'841 2.79 (3'398'993) 28.02.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 7'558'634 2.78 2'202'823 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 7'064'519 2.6 - 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 6'746'927 2.48 1'581'606 31.12.2012 Investment Advisor
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 5'682'934 2.09 2'439'910 31.12.2012 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 5'641'407 2.07 5'641'407 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'742'187 1.74 95'502 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'379'366 1.61 (2'602'940) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'209'633 1.55 (916'771) 31.12.2012 Investment Advisor
GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 3'549'170 1.3 (771'577) 31.12.2012 Corporation
MORGAN STANLEY n/a ULT-AGG 2'704'386 0.99 (377'367) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 2'416'560 0.89 (1'858'488) 31.12.2012 Investment Advisor
TRILOGY GLOBAL ADVIS TRILOGY GLOBAL ADVIS 13F 2'242'423 0.82 698'529 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ALAN HELLAWELL hold 3 M 115 12 month 24.04.2013
JPMorgan DICK WEI overweight 5 M 140 6 month 24.04.2013
Raymond James AARON M KESSLER market perform 3 M #N/A N/A Not Provided 24.04.2013
Brean Murray Carret & Co FAWNE JIANG buy 5 M 120 12 month 23.04.2013
HSBC CHI TSANG overweight 5 M 131 Not Provided 23.04.2013
Macquarie JIONG SHAO outperform 5 M 120 12 month 23.04.2013
Stifel GEORGE I ASKEW hold 3 M #N/A N/A Not Provided 22.04.2013
Barclays ALICIA YAP equalweight 3 M 108 Not Provided 17.04.2013
Maxim Group LLC ECHO HE sell 1 M 75 12 month 16.04.2013
Nomura JIN YOON buy 5 M 110 12 month 11.04.2013
Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 11.04.2013
Bank of China International THOMAS CHONG buy 5 M 110 Not Provided 02.04.2013
Morgan Stanley PHILIP WAN Equalwt/Attractive 3 M 105 12 month 27.03.2013
Oppenheimer & Co ANDY YEUNG market perform 3 M #N/A N/A Not Provided 26.03.2013
BOCOM International Holdings MA YUAN buy 5 M 132 Not Provided 06.03.2013
Goldman Sachs PIYUSH MUBAYI neutral/neutral 3 M 89 12 month 19.02.2013
China International Capital Corp JIN YU buy 5 M 120 12 month 06.02.2013
Credit Suisse WALLACE CHEUNG underperform 1 M 80 Not Provided 05.02.2013
Jefferies CYNTHIA JINHONG MENG hold 3 M 112 12 month 05.02.2013
CIMB WENDY HUANG outperform 5 M 133 12 month 05.02.2013
S&P Capital IQ SCOTT H KESSLER strong buy 5 M 120 12 month 05.02.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 140 12 month 05.02.2013
Pacific Crest Securities EVAN S WILSON outperform 5 M 140 12 month 04.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013
First Shanghai Securities Ltd TSOI HO buy 5 M 126 12 month 08.11.2012
Standard Chartered DON SEE outperform 5 M 180 12 month 31.10.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 25.07.2012
Guotai Junan DUNDAS DENG buy 5 N 200 Not Provided 27.03.2012
Holdings By:
Baidu Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Bed Bath & Beyond Inc. operates a nationwide chain of retail stores. The
Company, through its retail stores, sells a wide assortment of merchandise
principally including domestics merchandise and home furnishings as well as
food, giftware, health and beauty care items and infant and toddler
merchandise.
Latest Fiscal Year: 02/2013
LTM as of: 03/yy
52-Week High (19.06.2012) 75.83
52-Week Low (20.12.2012) 54.33
Daily Volume
68.39
52-Week High % Change -9.81% Dividend Yield 0.00
52-Week Low % Change 25.88% Beta 0.91
% 52 Week Price Range High/Low 65.40% Equity Float 220.18
Shares Out 02.03.2013 226.1 Short Int 11.29
15'465.41 1 Yr Total Return -2.84%
Total Debt 0.00 YTD Return 22.32%
Preferred Stock 0.0 Adjusted BETA 0.912
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 1'014.90 Consensus Rating 4.143
Enterprise Value 14'450.51
Average Volume 5 Day 592'663
BBBY UW EQUITY YTD Change - Average Volume 30 Day 797'160
BBBY UW EQUITY YTD % CHANGE - Average Volume 3 Month 764'870
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
28.02.2009 28.02.2010 28.02.2011 29.02.2012 28.02.2013 02/yy 03/yy 02/14 Y 02/15 Y 05/13 Q1 08/13 Q2
7'208.3 7'828.8 8'758.5 9'499.9 10'914.6 9'499.9 10'914.6 11'635.1 12'274.2 2'593.2 2'799.7
0.67x 1.20x 1.17x 1.31x 1.09x 5.06x 4.96x 1.27x 1.21x 5.64x 5.34x
849.5 1'164.9 1'472.3 1'752.2 1'832.9 1'752.2 1'832.9 1'948.5 2'069.5 385.9 442.3
5.72x 8.08x 6.96x 7.11x 6.47x 7.11x 6.47x 7.42x 6.98x 7.46x 7.32x
425.1 600.0 791.3 989.5 1'037.8 989.5 1'037.8 1'076.3 1'145.4 204.8 244.8
12.99x 18.09x 15.59x 14.86x 12.48x 14.79x 12.43x 13.65x 12.18x 13.63x 13.28x
EBITDA 1'832.95 Long-Term Rating Date 30.06.2011
EBIT 1'638.22 Long-Term Rating BBB+
Operating Margin 15.01% Long-Term Outlook STABLE
Pretax Margin 14.97% Short-Term Rating Date -
Return on Assets 17.29% Short-Term Rating -
Return on Common Equity 25.94%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.82% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.55
Gross Margin 40.2% Total Debt/EBITDA 0.00
EBITDA Margin 16.8%
EBIT Margin 15.0% Total Debt/Equity 0.0%
Net Income Margin 9.5% Total Debt/Capital 0.0%
Asset Turnover 1.82
Current Ratio 2.37 Net Fixed Asset Turnover 8.19
Quick Ratio 0.62 Accounts receivable turnover-days -
Debt to Assets 0.00% Inventory Days 129.00
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 44.64
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 2.88
Fiscal Year Ended
Bed Bath & Beyond IncPrice/Volume
Valuation Analysis
824'539.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 23'381'935 10.34 (1'905'265) 28.02.2013 Investment Advisor
DAVIS SELECTED ADVIS n/a 13G 22'803'561 10.08 572'841 31.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 14'665'233 6.49 485'767 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 11'522'812 5.1 128'724 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'321'320 4.56 130'603 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'309'436 2.79 (156'200) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 4'773'018 2.11 189'426 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 4'211'263 1.86 2'061'609 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 4'021'741 1.78 4'012'176 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'522'856 1.56 (63'797) 31.03.2013 Investment Advisor
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 3'206'710 1.42 (1'007'536) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'084'372 1.36 (51'870) 31.12.2012 Investment Advisor
EISENBERG WARREN n/a Form 5 3'035'165 1.34 (435'474) 02.03.2013 n/a
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 3'005'500 1.33 3'005'500 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'697'686 1.19 (584'935) 31.12.2012 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2'329'500 1.03 449'200 31.03.2013 Investment Advisor
WESTEND ADVISORS LLC WESTEND ADVISORS LLC 13F 2'156'877 0.95 36'927 31.12.2012 Investment Advisor
GREEN VALLEY INVESTO GREEN VALLEY INVESTO 13F 2'000'000 0.88 2'000'000 31.12.2012 Investment Advisor
PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 1'955'301 0.86 175'993 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'954'478 0.86 (809'152) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Williams Capital Group MARC RIDDICK outperform 5 M 80 12 month 23.04.2013
Jefferies JOHN MARRIN buy 5 M 76 12 month 17.04.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN outperform 5 M 81 12 month 17.04.2013
JPMorgan CHRISTOPHER HORVERS neutral 3 M 68 6 month 15.04.2013
Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 15.04.2013
Deutsche Bank MICHAEL BAKER buy 5 M 74 12 month 12.04.2013
Robert W. Baird & Co PETER S BENEDICT neutral 3 M 68 12 month 12.04.2013
Nomura ARAM RUBINSON neutral 3 M 72 12 month 12.04.2013
Morgan Stanley DAVID GOBER Underwt/In-Line 1 M 59 12 month 11.04.2013
Goldman Sachs MATTHEW J FASSLER Sell/Neutral 1 M 62 12 month 11.04.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 80 Not Provided 11.04.2013
Credit Suisse GARY BALTER outperform 5 M 75 Not Provided 11.04.2013
SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 75 12 month 11.04.2013
William Blair & Co DANIEL H HOFKIN outperform 5 M #N/A N/A Not Provided 11.04.2013
Raymond James BUDD BUGATCH strong buy 5 M 85 12 month 11.04.2013
Oppenheimer & Co BRIAN NAGEL outperform 5 M 71 12 month 11.04.2013
BB&T Capital Markets ANTHONY CHUKUMBA buy 5 M 75 12 month 11.04.2013
S&P Capital IQ MICHAEL SOUERS buy 5 M 80 Not Provided 11.04.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 70 12 month 11.04.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 11.04.2013
Wedbush JOAN L STORMS outperform 5 M 77 12 month 10.04.2013
KeyBanc Capital Markets BRADLEY B THOMAS hold 3 M #N/A N/A Not Provided 10.04.2013
Canaccord Genuity Corp LAURA A CHAMPINE buy 5 M 78 Not Provided 10.04.2013
ISI Group GREGORY MELICH neutral 3 M 69 12 month 10.04.2013
Barclays ALAN M RIFKIN overweight 5 M 70 Not Provided 10.04.2013
Gilford Securities BERNARD SOSNICK buy 5 M #N/A N/A Not Provided 20.12.2012
GARP Research ROBERT J FURLONG neutral 3 M #N/A N/A Not Provided 16.12.2010
Holdings By:
Bed Bath & Beyond Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Biogen Idec Inc. develops, manufactures, and commercializes therapies,
focusing on neurology, oncology, and immunology. The Company's products
addresses diseases such as multiple sclerosis, non-Hodgkin's lymphoma,
rheumatoid arthritis, Crohn's disease, and psoriasis.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.04.2013) 225.00
52-Week Low (04.06.2012) 126.43
Daily Volume
223.61
52-Week High % Change -0.62% Dividend Yield -
52-Week Low % Change 76.86% Beta 0.96
% 52 Week Price Range High/Low 98.59% Equity Float 237.05
Shares Out 18.04.2013 237.4 Short Int 2.67
53'079.38 1 Yr Total Return 66.86%
Total Debt 1'140.78 YTD Return 52.46%
Preferred Stock 0.0 Adjusted BETA 0.961
Minority Interest 2.3 Analyst Recs 31
Cash and Equivalents 3'742.37 Consensus Rating 4.194
Enterprise Value 53'331.82
Average Volume 5 Day 521'267
BIIB UW EQUITY YTD Change - Average Volume 30 Day 469'511
BIIB UW EQUITY YTD % CHANGE - Average Volume 3 Month 459'903
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 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
4'097.5 4'377.3 4'716.4 5'048.6 5'516.5 5'048.6 5'516.5 6'500.9 7'621.9 1'570.0 1'710.5
3.19x 3.06x 3.27x 4.87x 5.81x 17.24x 22.83x 8.11x 6.62x - -
2'160.2 1'723.4 1'923.1 2'138.7 2'204.1 2'138.7 2'204.1 2'710.1 3'482.4 596.6 701.4
6.05x 7.77x 8.03x 11.50x 14.53x 11.50x 14.53x 19.68x 15.31x - -
783.2 970.1 1'005.3 1'234.4 1'380.0 1'234.4 1'380.0 1'884.7 2'320.0 436.8 490.9
13.34x 16.08x 14.09x 21.22x 25.62x 21.26x 25.77x 28.12x 22.61x 26.24x 24.59x
EBITDA 2'204.13 Long-Term Rating Date 17.04.2013
EBIT 1'838.48 Long-Term Rating A-
Operating Margin 33.33% Long-Term Outlook STABLE
Pretax Margin 33.55% Short-Term Rating Date -
Return on Assets 15.60% Short-Term Rating -
Return on Common Equity 22.05%
Return on Capital - EBITDA/Interest Exp. 35.61
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 31.50
Net Debt/EBITDA 0.11
Gross Margin 90.1% Total Debt/EBITDA 0.39
EBITDA Margin 41.7%
EBIT Margin 35.0% Total Debt/Equity 16.4%
Net Income Margin 25.0% Total Debt/Capital 14.1%
Asset Turnover 0.59
Current Ratio 1.96 Net Fixed Asset Turnover 3.36
Quick Ratio 1.44 Accounts receivable turnover-days 46.53
Debt to Assets 11.26% Inventory Days 282.14
Tot Debt to Common Equity 16.39% Accounts Payable Turnover Day 86.41
Accounts Receivable Turnover 7.84 Cash Conversion Cycle 194.63
Inventory Turnover 1.29
Fiscal Year Ended
Biogen Idec IncPrice/Volume
Valuation Analysis
513'282.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 23'263'262 9.84 362'835 28.02.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 20'849'653 8.82 (285'460) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 15'648'294 6.62 (1'644'806) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 13'534'995 5.73 234'509 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 12'591'562 5.33 (215'726) 23.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 11'607'216 4.91 883'364 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'619'992 4.49 283'554 31.03.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 9'638'356 4.08 (609'681) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8'899'722 3.77 206'053 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'726'910 2.42 1'901'232 31.12.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'113'956 2.16 (1'159'058) 31.12.2012 Investment Advisor
LEGG MASON INC Multiple Portfolios MF-AGG 4'462'281 1.89 (94'247) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'442'767 1.88 (712'695) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'288'109 1.81 (983'499) 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'800'651 1.61 384'184 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'351'094 1.42 (361'833) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'224'018 1.36 5'432 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 2'898'755 1.23 550'054 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'823'765 1.19 (81'304) 31.03.2013 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 2'725'961 1.15 725'938 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JMP Securities JOHN L NEWMAN market outperform 4 M 240 12 month 25.04.2013
RBC Capital Markets MICHAEL J YEE outperform 5 M 215 12 month 24.04.2013
Leerink Swann & Co MARKO KOZUL outperform 5 M #N/A N/A Not Provided 24.04.2013
BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 227 Not Provided 23.04.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 240 12 month 22.04.2013
Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 190 12 month 22.04.2013
Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 22.04.2013
Morgan Stanley MARSHALL URIST Overwt/In-Line 5 M 188 12 month 19.04.2013
JPMorgan GEOFFREY MEACHAM neutral 3 M 210 6 month 19.04.2013
Stifel JOEL D SENDEK buy 5 M 202 12 month 19.04.2013
Wells Fargo Securities, LLC BRIAN C ABRAHAMS market perform 3 M #N/A N/A Not Provided 19.04.2013
William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 18.04.2013
Piper Jaffray M IAN SOMAIYA neutral 3 M 179 12 month 17.04.2013
Oppenheimer & Co DAVID FERREIRO market perform 3 M 160 18 month 16.04.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 203 12 month 15.04.2013
Barclays CHARLES ANTHONY BUTLER overweight 5 M 210 Not Provided 15.04.2013
Brean Murray Carret & Co GENE MACK buy 5 M 219 12 month 04.04.2013
Credit Suisse RAVI MEHROTRA outperform 5 M 225 Not Provided 04.04.2013
Canaccord Genuity Corp RITU BARAL buy 5 M 206 Not Provided 01.04.2013
Jefferies THOMAS WEI buy 5 M 215 12 month 28.03.2013
Goldman Sachs TERENCE FLYNN buy/attractive 5 M 211 12 month 27.03.2013
Guggenheim Securities LLC BRET HOLLEY neutral 3 M 158 12 month 22.03.2013
Argus Research Corp JOHN M EADE buy 5 M 195 Not Provided 20.03.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 159 12 month 12.02.2013
Lazard Capital Markets WILLIAM TANNER neutral 3 M #N/A N/A Not Provided 06.02.2013
Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 29.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ STEVEN SILVER hold 3 M 154 Not Provided 18.10.2012
First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 27.02.2012
Pareto Securities YILMAZ MAHSHID hold 3 M #N/A N/A Not Provided 10.01.2012
BWS Financial HAMED KHORSAND buy 5 M #N/A N/A Not Provided 11.12.2009
Holdings By:
Biogen Idec Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
BMC Software, Inc. provides management solutions for mainframe and distributed
information technology systems. The Company's portfolio of software solutions
spans enterprise systems, applications, databases and IT process management.
BMC also provides maintenance and support for its products and performs software
implementation, integration and education services for its customers.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 47.89
52-Week Low (01.08.2012) 35.50
Daily Volume
45.43
52-Week High % Change -5.14% Dividend Yield 0.00
52-Week Low % Change 27.97% Beta 1.01
% 52 Week Price Range High/Low 80.15% Equity Float 141.16
Shares Out 24.01.2013 142.9 Short Int 10.04
6'491.45 1 Yr Total Return 10.11%
Total Debt 821.60 YTD Return 14.55%
Preferred Stock 0.0 Adjusted BETA 1.012
Minority Interest 0.0 Analyst Recs 13
Cash and Equivalents 1'583.00 Consensus Rating 3.538
Enterprise Value 6'618.55
Average Volume 5 Day 797'529
BMC UW EQUITY YTD Change - Average Volume 30 Day 574'702
BMC UW EQUITY YTD % CHANGE - Average Volume 3 Month 590'254
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'731.6 1'871.9 1'911.2 2'065.3 2'172.0 2'169.5 2'197.5 2'227.1 2'324.8 594.2 532.5
2.80x 2.84x 3.06x 3.61x 2.64x 11.79x 10.64x 2.84x 2.50x 10.60x 11.48x
524.3 634.4 684.9 722.8 768.5 796.1 701.7 831.0 878.7 222.0 203.5
9.25x 8.39x 8.54x 10.32x 7.46x 5.50x 8.24x 7.96x 7.53x 7.28x 7.21x
313.6 238.1 406.1 456.2 401.0 452.8 328.9 535.1 562.3 137.8 120.4
18.37x 17.84x 17.45x 21.72x 17.02x 12.48x 18.20x 13.08x 11.78x 11.92x 11.63x
EBITDA 768.50 Long-Term Rating Date 22.07.2010
EBIT 543.90 Long-Term Rating BBB+
Operating Margin 25.04% Long-Term Outlook STABLE
Pretax Margin 24.40% Short-Term Rating Date -
Return on Assets 7.82% Short-Term Rating -
Return on Common Equity 30.66%
Return on Capital 19.06% EBITDA/Interest Exp. 27.25
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 26.31
Net Debt/EBITDA 0.18
Gross Margin 73.8% Total Debt/EBITDA 1.86
EBITDA Margin 31.9%
EBIT Margin 21.2% Total Debt/Equity 56.8%
Net Income Margin 18.5% Total Debt/Capital 36.2%
Asset Turnover 0.52
Current Ratio 1.54 Net Fixed Asset Turnover 25.26
Quick Ratio 1.41 Accounts receivable turnover-days 54.04
Debt to Assets 16.89% Inventory Days -
Tot Debt to Common Equity 56.83% Accounts Payable Turnover Day 25.07
Accounts Receivable Turnover 6.77 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
BMC Software IncPrice/Volume
Valuation Analysis
643'749.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MACQUARIE GROUP n/a ULT-AGG 14'177'031 9.92 - 11.02.2013 Investment Advisor
ELLIOTT MANAGEMENT C n/a 13D 13'697'300 9.59 307'300 08.04.2013 Hedge Fund Manager
DODGE & COX DODGE & COX 13F 12'687'878 8.88 (556'400) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 9'082'343 6.36 (160'314) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 8'027'024 5.62 22'608 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'494'046 5.24 (429'057) 23.04.2013 Investment Advisor
CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 5'600'796 3.92 (504'144) 31.12.2012 Investment Advisor
GLENVIEW CAPITAL MAN GLENVIEW CAPITAL MAN 13F 5'210'579 3.65 (102'900) 31.12.2012 Hedge Fund Manager
INVESCO LTD n/a ULT-AGG 3'963'393 2.77 (102'651) 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 3'848'078 2.69 (874'326) 31.03.2013 Unclassified
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'419'033 2.39 (125'847) 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'382'300 2.37 129'500 31.12.2012 Hedge Fund Manager
BESSEMER GROUP INCOR BESSEMER GROUP INCOR 13F 2'703'247 1.89 (5'163) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'114'478 1.48 1'467'673 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'908'484 1.34 (36'314) 31.12.2012 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 1'707'305 1.19 310'049 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'527'077 1.07 (82'722) 31.03.2013 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 1'470'773 1.03 1'444'264 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'342'552 0.94 39'488 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 1'336'072 0.94 81'326 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Janney Montgomery Scott LLC YUN KIM buy 5 M 52 12 month 09.04.2013
Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 09.04.2013
Cowen and Company GREGG MOSKOWITZ neutral 3 M #N/A N/A Not Provided 09.04.2013
Jefferies AARON SCHWARTZ buy 5 M 48 12 month 08.04.2013
Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 M #N/A N/A Not Provided 08.04.2013
RBC Capital Markets MATTHEW HEDBERG outperform 5 M 47 12 month 04.04.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 44 12 month 03.04.2013
Mizuho Securities USA Inc ABHEY R LAMBA neutral 3 M 46 12 month 21.03.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 18.03.2013
Oppenheimer & Co SHAUL EYAL outperform 5 M 44 18 month 06.03.2013
Credit Suisse PHILIP WINSLOW neutral 3 M 40 Not Provided 29.01.2013
JPMorgan JOHN DIFUCCI neutral 3 M 34 6 month 29.01.2013
Susquehanna Financial Group J DERRICK WOOD Positive 4 M 50 12 month 29.01.2013
Holdings By:
BMC Software Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Broadcom Corporation provides integrated silicon solutions that enable broadband
digital data transmission of voice, data, and video content to the home and
within the business enterprise. The Company designs, develops, and supplies
integrated circuits for cable set-top boxes, cable modems, high-speed
networking, direct satellite and digital broadcast, and digital subscriber line.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (03.05.2012) 37.25
52-Week Low (17.07.2012) 28.60
Daily Volume
35.415
52-Week High % Change -4.93% Dividend Yield 1.16
52-Week Low % Change 23.83% Beta 1.13
% 52 Week Price Range High/Low 78.79% Equity Float 519.68
Shares Out 31.03.2013 521.0 Short Int 7.35
20'221.96 1 Yr Total Return -2.03%
Total Debt 1'693.00 YTD Return 6.99%
Preferred Stock 0.0 Adjusted BETA 1.131
Minority Interest 0.0 Analyst Recs 50
Cash and Equivalents 3'722.00 Consensus Rating 4.440
Enterprise Value 17'989.97
Average Volume 5 Day 2'955'501
BRCM UW EQUITY YTD Change - Average Volume 30 Day 1'969'145
BRCM UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'220'868
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
4'658.1 4'490.3 6'818.3 7'389.0 8'006.0 7'400.0 8'184.0 8'629.0 9'457.0 2'100.3 2'243.9
1.37x 2.85x 2.95x 1.62x 2.11x 8.02x 8.59x 2.14x 1.80x 9.15x 8.45x
498.4 356.1 1'291.0 1'260.0 1'297.0 1'201.0 1'353.0 1'577.6 1'767.2 375.4 420.4
12.84x 35.95x 15.57x 9.52x 13.01x 15.57x 12.96x 11.40x 10.18x 11.09x 10.81x
214.8 65.3 1'081.8 927.0 719.0 787.0 822.0 1'779.5 1'967.9 425.3 470.9
20.45x 76.76x 20.94x 16.49x 22.90x 23.96x 23.27x 12.24x 11.49x 12.20x 12.00x
EBITDA 1'297.00 Long-Term Rating Date 11.08.2011
EBIT 852.00 Long-Term Rating A-
Operating Margin 10.64% Long-Term Outlook STABLE
Pretax Margin 8.19% Short-Term Rating Date -
Return on Assets 7.84% Short-Term Rating -
Return on Common Equity 11.02%
Return on Capital - EBITDA/Interest Exp. 43.23
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 35.10
Net Debt/EBITDA -1.65
Gross Margin 49.7% Total Debt/EBITDA 1.25
EBITDA Margin 16.5%
EBIT Margin 10.9% Total Debt/Equity 21.6%
Net Income Margin 9.0% Total Debt/Capital 17.8%
Asset Turnover 0.78
Current Ratio 2.25 Net Fixed Asset Turnover 17.97
Quick Ratio 1.85 Accounts receivable turnover-days 33.76
Debt to Assets 15.11% Inventory Days 44.46
Tot Debt to Common Equity 21.60% Accounts Payable Turnover Day 51.91
Accounts Receivable Turnover 10.81 Cash Conversion Cycle 31.61
Inventory Turnover 8.21
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
Broadcom CorpPrice/Volume
Valuation Analysis
2'533'911.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 34'885'074 6.7 (1'518'740) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 33'275'931 6.39 2'364'108 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 32'676'043 6.27 - 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 28'348'920 5.44 1'015'457 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 23'812'841 4.57 875'036 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 21'655'616 4.16 4'153'157 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 17'545'581 3.37 1'660'764 31.03.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 15'680'788 3.01 (152'306) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 13'125'552 2.52 (862'301) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12'334'225 2.37 322'664 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 9'534'005 1.83 (1'754'943) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 8'024'799 1.54 (2'636) 28.02.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'935'621 1.52 2'374'769 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'958'491 1.34 176'864 31.12.2012 Investment Advisor
LEGG MASON INC Multiple Portfolios MF-AGG 6'634'244 1.27 69'246 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 6'251'821 1.2 97'009 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'482'859 1.05 665'488 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4'949'433 0.95 795'681 31.12.2012 Hedge Fund Manager
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'704'744 0.9 (10'611) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'551'715 0.87 46'990 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 Not Provided 24.04.2013
Societe Generale PETER KNOX hold 3 M 37 12 month 24.04.2013
Morgan Stanley JOSEPH MOORE Overwt/In-Line 5 M 40 12 month 24.04.2013
Brean Murray Carret & Co MIKE BURTON buy 5 M 40 12 month 24.04.2013
Credit Suisse JOHN W PITZER outperform 5 M 45 Not Provided 24.04.2013
D.A. Davidson & Co AALOK K SHAH buy 5 M 44 18 month 24.04.2013
JPMorgan HARLAN SUR overweight 5 M 45 6 month 24.04.2013
Jefferies MARK J LIPACIS buy 5 M 40 12 month 24.04.2013
Needham & Co N QUINN BOLTON buy 5 M 39 12 month 24.04.2013
Pacific Crest Securities MICHAEL MCCONNELL outperform 5 M 44 12 month 24.04.2013
Robert W. Baird & Co TRISTAN GERRA outperform 5 M 40 12 month 24.04.2013
Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 41 12 month 24.04.2013
Wedbush BETSY VAN HEES outperform 5 M 38 12 month 24.04.2013
William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 24.04.2013
Raymond James J STEVEN SMIGIE market perform 3 M #N/A N/A Not Provided 24.04.2013
FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 42 12 month 24.04.2013
Macquarie SHAWN WEBSTER neutral 3 M 36 12 month 24.04.2013
B Riley & Company, Inc CRAIG ELLIS buy 5 M 45 Not Provided 24.04.2013
Stifel KEVIN E CASSIDY buy 5 M 45 12 month 24.04.2013
Oppenheimer & Co RICHARD SCHAFER outperform 5 M 45 12 month 24.04.2013
Mizuho Securities USA Inc RUBEN ROY buy 5 M 40 12 month 24.04.2013
Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 24.04.2013
Cowen and Company TIMOTHY M ARCURI outperform 5 M #N/A N/A Not Provided 24.04.2013
JMP Securities ALEX GAUNA market outperform 4 M 38 12 month 24.04.2013
Lazard Capital Markets DANIEL L AMIR buy 5 M 45 12 month 24.04.2013
Williams Financial Group CODY G ACREE buy 5 M 40 12 month 24.04.2013
Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 39 12 month 24.04.2013
Piper Jaffray AUGUSTE P RICHARD overweight 5 M 51 12 month 24.04.2013
Benchmark Company LLC GARY W MOBLEY buy 5 M 40 12 month 24.04.2013
Exane BNP Paribas JEROME RAMEL underperform 1 M 32 Not Provided 24.04.2013
Credit Agricole Securities (USA) SRINI PAJJURI outperform 5 M 40 Not Provided 24.04.2013
Barclays BLAYNE CURTIS underweight 1 M 28 Not Provided 24.04.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 24.04.2013
Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 D 38 12 month 24.04.2013
Deutsche Bank ROSS C SEYMORE buy 5 M 41 12 month 23.04.2013
Goldman Sachs JAMES SCHNEIDER buy/attractive 5 M 40 12 month 23.04.2013
RBC Capital Markets DOUG FREEDMAN outperform 5 M 45 12 month 23.04.2013
Canaccord Genuity Corp ROBERT BURLESON buy 5 M 40 12 month 23.04.2013
Evercore Partners PATRICK WANG overweight 5 M 40 12 month 23.04.2013
ISI Group SUMIT DHANDA buy 5 M 41 12 month 23.04.2013
Nomura ROMIT SHAH buy 5 M 38 12 month 23.04.2013
MKM Partners DANIEL A BERENBAUM buy 5 M 43 12 month 23.04.2013
Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 17.04.2013
Holdings By:
Broadcom Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
CA, Inc. designs, develops, markets, licenses, and supports standardized
computer software products. The Company's products are used with mainframe
computers and in client/server environments. CA offers various enterprise
systems management, information management, and business applications solutions
to a variety of organizations.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (14.09.2012) 27.58
52-Week Low (16.11.2012) 21.49
Daily Volume
26.63
52-Week High % Change -3.44% Dividend Yield 3.76
52-Week Low % Change 23.95% Beta 1.07
% 52 Week Price Range High/Low 84.41% Equity Float 327.85
Shares Out 17.01.2013 455.9 Short Int 7.68
12'141.25 1 Yr Total Return 5.02%
Total Debt 1'301.00 YTD Return 22.37%
Preferred Stock 0.0 Adjusted BETA 1.068
Minority Interest 0.0 Analyst Recs 13
Cash and Equivalents 2'679.00 Consensus Rating 3.308
Enterprise Value 10'894.25
Average Volume 5 Day 918'216
CA UW EQUITY YTD Change - Average Volume 30 Day 900'310
CA UW EQUITY YTD % CHANGE - Average Volume 3 Month 944'725
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
4'277.0 4'271.0 4'227.0 4'429.0 4'814.0 4'754.0 4'680.0 4'639.5 4'666.5 1'141.6 1'140.8
2.63x 1.93x 2.58x 2.36x 2.38x 7.81x 9.01x 2.20x 2.16x - -
1'254.0 1'502.0 1'572.0 1'624.0 1'805.0 1'796.0 1'836.0 1'733.7 1'777.3 402.5 443.0
8.98x 5.49x 6.95x 6.45x 6.35x 4.72x 4.72x 6.28x 6.13x 6.07x 5.86x
500.0 671.0 771.0 827.0 951.0 928.0 924.0 1'109.0 1'125.4 252.4 278.8
18.29x 11.91x 15.52x 14.18x 13.52x 10.26x 10.19x 11.04x 10.54x 10.79x 10.50x
EBITDA 1'805.00 Long-Term Rating Date 11.04.2011
EBIT 1'404.00 Long-Term Rating BBB+
Operating Margin 29.16% Long-Term Outlook STABLE
Pretax Margin 28.13% Short-Term Rating Date -
Return on Assets 7.91% Short-Term Rating -
Return on Common Equity 16.59%
Return on Capital 13.88% EBITDA/Interest Exp. 28.20
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 27.08
Net Debt/EBITDA -0.68
Gross Margin 86.6% Total Debt/EBITDA 0.71
EBITDA Margin 39.2%
EBIT Margin 30.3% Total Debt/Equity 24.1%
Net Income Margin 19.8% Total Debt/Capital 19.4%
Asset Turnover 0.40
Current Ratio 1.06 Net Fixed Asset Turnover 12.89
Quick Ratio 0.95 Accounts receivable turnover-days 63.58
Debt to Assets 10.84% Inventory Days -
Tot Debt to Common Equity 24.11% Accounts Payable Turnover Day 46.18
Accounts Receivable Turnover 5.76 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
CA IncPrice/Volume
Valuation Analysis
870'856.00
Current Price (4/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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1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAREAL HOLDING AG n/a 13D 125'813'380 27.6 - 04.07.2012 Corporation
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 22'342'814 4.9 (5'173'367) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 20'199'388 4.43 285'348 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 19'880'570 4.36 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 15'094'662 3.31 683'951 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 13'647'566 2.99 (922'596) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 9'143'821 2.01 310'165 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 7'990'175 1.75 3'604'277 31.12.2012 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 6'430'928 1.41 342'966 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 6'086'388 1.33 (1'075'420) 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 5'699'040 1.25 32'440 31.12.2012 Investment Advisor
AMERICAN INTERNATION n/a ULT-AGG 4'609'383 1.01 4'363'449 31.12.2012 Government
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'526'919 0.99 (64'061) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'417'122 0.97 3'890'100 31.12.2012 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 4'295'400 0.94 (493'237) 31.12.2012 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 3'704'282 0.81 862'627 31.12.2012 Investment Advisor
AJO, LP AJO, LP 13F 3'683'900 0.81 (329'700) 31.12.2012 Investment Advisor
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 3'564'380 0.78 (813'813) 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 3'514'011 0.77 (21'195) 31.03.2013 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 3'465'251 0.76 (250'300) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MARK L MOERDLER underperform 1 M 20 12 month 12.04.2013
Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 M #N/A N/A Not Provided 08.04.2013
Mizuho Securities USA Inc ABHEY R LAMBA neutral 3 D 25 12 month 07.04.2013
RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 27 12 month 04.04.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 27 12 month 03.04.2013
JPMorgan JOHN DIFUCCI overweight 5 M 34 6 month 28.02.2013
Jefferies AARON SCHWARTZ hold 3 M 26 12 month 23.01.2013
Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 23.01.2013
Oppenheimer & Co SHAUL EYAL outperform 5 M 26 12 month 23.01.2013
Credit Suisse PHILIP WINSLOW neutral 3 M 22 Not Provided 22.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Cowen and Company GREGG MOSKOWITZ neutral 3 M #N/A N/A Not Provided 14.12.2012
Holdings By:
CA Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Catamaran Corporation provides pharmacy benefits management (PBM)
services and healthcare IT solutions to the healthcare benefits management
industry. The Company's product offerings and solutions combine a wide range of
software applications, application service provider (ASP) processing services,
and professional services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (06.03.2013) 57.40
52-Week Low (25.07.2012) 41.68
Daily Volume
56.61
52-Week High % Change -1.38% Dividend Yield -
52-Week Low % Change 35.84% Beta 0.94
% 52 Week Price Range High/Low 94.98% Equity Float 204.57
Shares Out 28.03.2013 205.5 Short Int 2.40
11'631.37 1 Yr Total Return 24.99%
Total Debt 1'173.40 YTD Return 20.17%
Preferred Stock 0.0 Adjusted BETA 0.938
Minority Interest 2.8 Analyst Recs 26
Cash and Equivalents 370.78 Consensus Rating 4.346
Enterprise Value 12'436.75
Average Volume 5 Day 314'678
CTRX UW EQUITY YTD Change - Average Volume 30 Day 344'491
CTRX UW EQUITY YTD % CHANGE - Average Volume 3 Month 393'255
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
862.9 1'438.6 1'948.4 4'975.5 9'940.1 4'975.5 9'940.1 14'511.3 16'280.9 3'524.3 3'583.1
0.50x 0.92x 1.19x 0.64x 1.05x 2.55x 3.23x 0.84x 0.73x 3.50x 3.44x
38.4 91.1 114.8 166.4 367.4 166.5 367.4 672.5 830.5 149.7 160.0
11.20x 14.52x 20.19x 19.06x 28.48x 19.06x 28.48x 18.49x 14.98x 18.57x 17.43x
15.1 46.1 64.7 91.8 116.7 91.8 116.7 391.4 498.7 85.6 92.9
20.76x 28.41x 41.60x 38.59x 54.05x 38.85x 54.05x 30.29x 24.04x 30.31x 28.15x
EBITDA 367.37 Long-Term Rating Date 22.05.2012
EBIT 217.02 Long-Term Rating BB
Operating Margin 2.18% Long-Term Outlook STABLE
Pretax Margin 1.91% Short-Term Rating Date -
Return on Assets 2.77% Short-Term Rating -
Return on Common Equity 4.42%
Return on Capital - EBITDA/Interest Exp. 13.77
Asset Turnover 2.36% (EBITDA-Capex)/Interest Exp. 12.26
Net Debt/EBITDA 2.18
Gross Margin 7.4% Total Debt/EBITDA 3.19
EBITDA Margin 3.7%
EBIT Margin 2.2% Total Debt/Equity 25.5%
Net Income Margin 1.2% Total Debt/Capital 20.3%
Asset Turnover 2.36
Current Ratio 1.25 Net Fixed Asset Turnover 156.71
Quick Ratio 0.88 Accounts receivable turnover-days 17.79
Debt to Assets 15.89% Inventory Days 0.39
Tot Debt to Common Equity 25.47% Accounts Payable Turnover Day 13.24
Accounts Receivable Turnover 20.57 Cash Conversion Cycle 4.94
Inventory Turnover 941.67
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
Catamaran CorpPrice/Volume
Valuation Analysis
249'106.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 30'629'845 14.91 343'251 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 18'118'825 8.82 - 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 13'419'480 6.53 - 23.04.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'901'802 3.85 (2'132'436) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'640'808 3.72 4'044'482 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 5'641'093 2.75 1'064'159 28.02.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'677'762 2.28 (44'827) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'853'787 1.88 3'610'116 31.03.2013 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 3'707'268 1.8 2'102'769 31.03.2013 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 3'664'716 1.78 274'344 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'101'723 1.51 2'929'645 31.12.2012 Investment Advisor
GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 2'956'696 1.44 135'274 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'722'566 1.33 1'565'958 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 2'476'533 1.21 (1'108'097) 31.03.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'474'818 1.2 (343'480) 28.02.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 2'431'566 1.18 (36'399) 28.02.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'187'503 1.06 246'729 31.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 2'154'069 1.05 866'943 31.12.2012 Bank
STATE STREET n/a ULT-AGG 2'105'292 1.02 79'571 24.04.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 2'095'422 1.02 349'437 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
TD Securities LENNOX GIBBS buy 5 M 61 12 month 24.04.2013
JPMorgan LISA C GILL overweight 5 M 62 6 month 23.04.2013
ISI Group MICHAEL CHERNY strong buy 5 M 60 12 month 18.04.2013
Leerink Swann & Co DAVID LARSEN outperform 5 M #N/A N/A Not Provided 17.04.2013
Maxim Group LLC ANTHONY V VENDETTI buy 5 M 66 12 month 16.04.2013
Raymond James MICHAEL J BAKER market perform 3 M #N/A N/A Not Provided 11.04.2013
Jefferies BRIAN TANQUILUT buy 5 M 65 12 month 02.04.2013
Oppenheimer & Co BRET D JONES market perform 3 M #N/A N/A Not Provided 01.04.2013
Credit Suisse GLEN SANTANGELO outperform 5 M 61 Not Provided 26.03.2013
Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 62 12 month 15.03.2013
Dougherty & Company LLC BROOKS O NEIL buy 5 M 75 12 month 01.03.2013
William Blair & Co AMANDA MURPHY outperform 5 M #N/A N/A Not Provided 01.03.2013
Paradigm Capital Inc GABRIEL LEUNG buy 5 M 64 12 month 01.03.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 01.03.2013
Stonecap Securities Inc SCOTT RATTEE outperform 5 M 63 12 month 01.03.2013
BMO Capital Markets JENNIFER LYNCH market perform 3 M 59 Not Provided 28.02.2013
SunTrust Robinson Humphrey DAVID S MACDONALD buy 5 M 62 12 month 28.02.2013
CIBC World Markets STEPHANIE PRICE sector perform 3 M 60 Not Provided 28.02.2013
Cantor Fitzgerald TOM LISTON buy 5 M 65 12 month 28.02.2013
Scotia Capital PAUL STEEP sector perform 3 M 58 12 month 28.02.2013
Cowen and Company CHARLES RHYEE outperform 5 M #N/A N/A Not Provided 28.02.2013
JMP Securities TIM MCDONOUGH market outperform 4 M 65 12 month 28.02.2013
Goldman Sachs ROBERT P JONES buy/attractive 5 M 62 12 month 22.01.2013
Holdings By:
Catamaran Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Celgene Corporation is a global biopharmaceutical company. The Company focuses
on the discovery, development, and commercialization of therapies designed to
treat cancer and immune-inflammatory related diseases.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (23.04.2013) 128.52
52-Week Low (21.06.2012) 58.53
Daily Volume
118.47
52-Week High % Change -7.82% Dividend Yield 0.00
52-Week Low % Change 102.41% Beta 0.76
% 52 Week Price Range High/Low 85.64% Equity Float 417.31
Shares Out 07.02.2013 418.7 Short Int 5.80
49'608.66 1 Yr Total Return 62.47%
Total Debt 3'079.79 YTD Return 50.50%
Preferred Stock 0.0 Adjusted BETA 0.757
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 3'900.27 Consensus Rating 4.606
Enterprise Value 48'852.26
Average Volume 5 Day 1'188'950
CELG UW EQUITY YTD Change - Average Volume 30 Day 895'583
CELG UW EQUITY YTD % CHANGE - Average Volume 3 Month 943'446
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 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
2'254.8 2'689.9 3'625.7 4'842.1 5'506.7 4'842.1 5'506.7 6'148.0 7'036.2 1'536.4 1'552.6
10.27x 8.39x 7.30x 5.93x 5.83x 22.09x 22.51x 7.63x 6.35x - -
528.7 967.6 1'296.0 1'663.3 2'198.8 1'663.3 2'198.8 3'065.0 3'551.6 748.8 747.2
43.81x 23.33x 20.43x 17.27x 14.61x 17.27x 14.61x 15.94x 13.76x - -
(1'533.7) 776.7 880.5 1'318.2 1'456.2 1'318.2 1'456.2 2'460.0 2'876.9 610.7 612.8
35.21x 32.72x 25.83x 22.61x 19.57x 22.02x 20.12x 20.64x 17.17x 20.07x 19.57x
EBITDA 2'198.84 Long-Term Rating Date 04.10.2010
EBIT 1'915.39 Long-Term Rating BBB+
Operating Margin 34.78% Long-Term Outlook STABLE
Pretax Margin 30.54% Short-Term Rating Date 07.09.2011
Return on Assets 13.40% Short-Term Rating A-2
Return on Common Equity 25.99%
Return on Capital 18.78% EBITDA/Interest Exp. 34.79
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 32.25
Net Debt/EBITDA -0.37
Gross Margin 94.6% Total Debt/EBITDA 1.40
EBITDA Margin 39.1%
EBIT Margin 34.1% Total Debt/Equity 54.1%
Net Income Margin 26.4% Total Debt/Capital 35.1%
Asset Turnover 0.51
Current Ratio 3.27 Net Fixed Asset Turnover 10.16
Quick Ratio 2.88 Accounts receivable turnover-days 63.34
Debt to Assets 26.25% Inventory Days 274.73
Tot Debt to Common Equity 54.08% Accounts Payable Turnover Day 132.49
Accounts Receivable Turnover 5.78 Cash Conversion Cycle 205.59
Inventory Turnover 1.33
Fiscal Year Ended
Celgene CorpPrice/Volume
Valuation Analysis
904'829.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 24'465'445 5.84 - 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 23'863'651 5.7 142'297 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 19'257'251 4.6 296'196 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 18'865'806 4.51 (5'121'865) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 12'321'174 2.94 (1'838'326) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 11'021'127 2.63 343'769 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 8'546'044 2.04 518'773 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 7'446'148 1.78 (263'255) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'170'974 1.71 2'189'655 28.02.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 6'951'282 1.66 (98'854) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 6'680'823 1.6 2'464'738 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'185'724 1.48 525'986 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'932'771 1.42 (127'088) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'654'758 1.35 (213'700) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'006'788 1.2 (284'437) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'803'055 1.15 (953'970) 31.03.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 4'689'500 1.12 4'689'500 31.12.2012 Investment Advisor
EDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 4'472'808 1.07 (1'123'361) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'391'058 1.05 (808'227) 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 4'022'097 0.96 (36'750) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co CHRISTOPHER J RAYMOND outperform 5 M 130 12 month 24.04.2013
BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 143 Not Provided 23.04.2013
JMP Securities MICHAEL G KING JR market outperform 4 M 130 12 month 23.04.2013
Cantor Fitzgerald MARA GOLDSTEIN buy 5 M 142 12 month 22.04.2013
JPMorgan GEOFFREY MEACHAM overweight 5 M 150 6 month 19.04.2013
Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 110 12 month 17.04.2013
Piper Jaffray M IAN SOMAIYA overweight 5 M 140 12 month 17.04.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 141 12 month 15.04.2013
Jefferies THOMAS WEI buy 5 M 140 12 month 11.04.2013
RBC Capital Markets MICHAEL J YEE outperform 5 M 115 12 month 10.04.2013
William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 10.04.2013
Morgan Stanley MARSHALL URIST Overwt/In-Line 5 M 115 12 month 08.04.2013
Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 08.04.2013
Stifel JOEL D SENDEK buy 5 M 127 12 month 08.04.2013
Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 08.04.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 U 143 12 month 05.04.2013
Credit Suisse RAVI MEHROTRA neutral 3 M 125 Not Provided 04.04.2013
Oppenheimer & Co BORIS PEAKER market perform 3 M #N/A N/A Not Provided 02.04.2013
Wallachbeth Capital LLC DIFEI YANG hold 3 D 99 12 month 25.03.2013
Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 128 12 month 07.03.2013
Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 05.03.2013
Brean Murray Carret & Co GENE MACK buy 5 M 115 12 month 04.03.2013
Guggenheim Securities LLC BRET HOLLEY buy 5 M 122 12 month 04.03.2013
Barclays YING HUANG overweight 5 M 113 Not Provided 04.03.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 95 12 month 28.02.2013
S&P Capital IQ STEVEN SILVER strong buy 5 M 125 12 month 20.02.2013
Argus Research Corp JOHN M EADE hold 3 D #N/A N/A Not Provided 28.01.2013
Summer Street Research Partners CAROL A WERTHER buy 5 M 122 12 month 25.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Celgene Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Cerner Corporation is a worldwide supplier of healthcare solutions and
services. The Company's Solutions are designed to optimize clinical and
financial outcomes for healthcare organizations ranging from single-doctor
practices, to health systems, to entire countries, for the pharmaceutical and
medical device industries, and for the healthcare commerce system.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.04.2013) 97.52
52-Week Low (25.10.2012) 67.66
Daily Volume
94.79
52-Week High % Change -2.80% Dividend Yield 0.00
52-Week Low % Change 40.10% Beta 0.97
% 52 Week Price Range High/Low 90.86% Equity Float 151.81
Shares Out 19.04.2013 171.9 Short Int 9.41
16'292.45 1 Yr Total Return 16.89%
Total Debt 196.14 YTD Return 22.09%
Preferred Stock 0.0 Adjusted BETA 0.967
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 1'036.79 Consensus Rating 3.826
Enterprise Value 15'469.68
Average Volume 5 Day 344'257
CERN UW EQUITY YTD Change - Average Volume 30 Day 247'500
CERN UW EQUITY YTD % CHANGE - Average Volume 3 Month 271'145
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 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
1'676.0 1'671.9 1'850.2 2'203.2 2'665.4 2'203.2 2'665.4 2'984.5 3'375.4 725.7 767.6
1.80x 3.81x 4.04x 4.42x 4.60x 18.02x 18.80x 5.10x 4.39x 22.22x 20.90x
449.4 481.6 552.7 672.4 794.2 672.4 794.2 967.8 1'119.9 238.0 247.1
6.70x 13.22x 13.54x 14.48x 15.43x 14.48x 15.43x 15.98x 13.81x 15.14x 14.35x
188.7 193.5 237.3 306.6 397.2 306.6 397.2 496.4 583.6 119.2 125.8
18.93x 35.69x 34.08x 34.80x 33.66x 34.70x 33.66x 33.66x 28.86x 32.54x 31.13x
EBITDA 794.24 Long-Term Rating Date -
EBIT 571.66 Long-Term Rating -
Operating Margin 21.45% Long-Term Outlook -
Pretax Margin 22.05% Short-Term Rating Date -
Return on Assets 12.12% Short-Term Rating -
Return on Common Equity 15.67%
Return on Capital 14.85% EBITDA/Interest Exp. 156.72
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 120.52
Net Debt/EBITDA -0.99
Gross Margin 77.2% Total Debt/EBITDA 0.22
EBITDA Margin 30.7%
EBIT Margin 22.2% Total Debt/Equity 6.9%
Net Income Margin 14.9% Total Debt/Capital 6.5%
Asset Turnover 0.78
Current Ratio 3.09 Net Fixed Asset Turnover 4.91
Quick Ratio 2.78 Accounts receivable turnover-days 70.50
Debt to Assets 5.29% Inventory Days 11.42
Tot Debt to Common Equity 6.92% Accounts Payable Turnover Day 81.60
Accounts Receivable Turnover 5.16 Cash Conversion Cycle 24.16
Inventory Turnover 31.86
Fiscal Year Ended
Cerner CorpPrice/Volume
Valuation Analysis
225'373.00
Current Price (4/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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1'500.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 12'700'072 7.39 2'767'147 28.02.2013 Investment Advisor
PATTERSON NEAL L n/a Form 4 12'056'024 7.02 (1'500) 01.03.2013 n/a
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 9'374'174 5.45 1'320'072 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 9'237'146 5.38 627'280 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 8'015'813 4.66 231'405 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'923'537 4.61 399'128 23.04.2013 Investment Advisor
ILLIG CLIFFORD W n/a Form 4 7'544'562 4.39 - 01.03.2013 n/a
WELLS FARGO n/a ULT-AGG 6'144'257 3.58 69'812 28.02.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 5'621'196 3.27 (84'988) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'600'000 3.26 (100'000) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 4'266'715 2.48 34'300 31.12.2012 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 4'093'598 2.38 (109'035) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 3'691'793 2.15 728'801 28.02.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 2'977'947 1.73 (184'992) 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'539'177 1.48 (156'818) 31.12.2012 Investment Advisor
TCW GROUP INC TCW GROUP INCORPORAT 13F 2'460'507 1.43 162'795 31.12.2012 Investment Advisor
TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 2'256'994 1.31 126'000 28.03.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 2'202'547 1.28 579'437 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'083'462 1.21 (165'178) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'047'600 1.19 (7'446) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Leerink Swann & Co DAVID LARSEN market perform 3 M #N/A N/A Not Provided 24.04.2013
JPMorgan LISA C GILL overweight 5 M 93 6 month 23.04.2013
Oppenheimer & Co BRET D JONES underperform 1 M 54 18 month 22.04.2013
Maxim Group LLC ANTHONY V VENDETTI hold 3 M #N/A N/A Not Provided 18.04.2013
B Riley & Company, Inc EUGENE MANNHEIMER neutral 3 M 91 Not Provided 17.04.2013
Cowen and Company CHARLES RHYEE neutral 3 M #N/A N/A Not Provided 17.04.2013
Lazard Capital Markets STEVEN P HALPER buy 5 M 101 12 month 17.04.2013
First Analysis Corp FRANK SPARACINO overweight 5 M 97 12 month 16.04.2013
ISI Group MICHAEL CHERNY neutral 3 M 95 12 month 15.04.2013
Jefferies DAVID H WINDLEY buy 5 M 110 12 month 12.04.2013
Robert W. Baird & Co ERIC W COLDWELL outperform 5 M 103 12 month 12.04.2013
Piper Jaffray SEAN W WIELAND overweight 5 M 100 12 month 01.04.2013
Wells Fargo Securities, LLC JAMIE STOCKTON market perform 3 M #N/A N/A Not Provided 18.03.2013
Raymond James ALEXANDER Y DRAPER outperform 5 M 100 18 month 13.03.2013
Avondale Partners LLC RICHARD CLOSE market outperform 4 M 97 18 month 12.03.2013
William Blair & Co RYAN S DANIELS outperform 5 M #N/A N/A Not Provided 07.03.2013
Argus Research Corp DAVID H TOUNG buy 5 M 95 Not Provided 27.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 12.02.2013
Morgan Stanley RICKY GOLDWASSER Equalwt/In-Line 3 M #N/A N/A Not Provided 06.02.2013
Credit Suisse GLEN SANTANGELO neutral 3 M 88 Not Provided 05.02.2013
S&P Capital IQ JEFFREY LOO strong buy 5 M 92 12 month 23.01.2013
Holdings By:
Cerner Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
C.H. Robinson Worldwide, Inc. provides multimodal transportation services and
logistics solutions. The Company operates a network of offices in North
America, Europe, Asia, South America, and the Middle East. C.H. Robinson
provides a variety of logistics services, such as fresh produce sourcing and
freight consolidation.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.01.2013) 67.93
52-Week Low (25.07.2012) 50.82
Daily Volume
58.84
52-Week High % Change -13.38% Dividend Yield 2.28
52-Week Low % Change 15.78% Beta 0.86
% 52 Week Price Range High/Low 46.87% Equity Float 157.74
Shares Out 11.03.2013 159.2 Short Int 5.46
9'368.75 1 Yr Total Return 0.80%
Total Debt 321.66 YTD Return -6.36%
Preferred Stock 0.0 Adjusted BETA 0.858
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 210.02 Consensus Rating 3.313
Enterprise Value 9'480.40
Average Volume 5 Day 336'967
CHRW UW EQUITY YTD Change - Average Volume 30 Day 425'468
CHRW UW EQUITY YTD % CHANGE - Average Volume 3 Month 532'295
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
8'578.6 7'577.2 9'274.3 10'336.3 11'359.1 10'336.3 11'359.1 12'979.0 14'106.3 2'969.5 3'360.5
1.05x 1.25x 1.40x 1.07x 0.91x 4.51x 3.44x 0.71x 0.65x 3.18x 2.81x
602.8 615.3 652.2 725.2 713.4 725.2 713.4 842.0 935.2 190.9 213.1
14.87x 15.45x 19.88x 15.30x 14.45x 15.30x 14.45x 11.26x 10.14x 11.32x 10.98x
359.2 360.8 387.0 431.6 593.8 431.6 593.8 488.3 544.6 109.7 124.0
26.46x 25.87x 34.42x 26.54x 20.52x 26.01x 20.63x 19.24x 16.98x 19.22x 18.57x
EBITDA 713.41 Long-Term Rating Date -
EBIT 675.32 Long-Term Rating -
Operating Margin 5.95% Long-Term Outlook -
Pretax Margin 8.44% Short-Term Rating Date -
Return on Assets 24.03% Short-Term Rating -
Return on Common Equity 43.14%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 4.60% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 0.16
Gross Margin 8.4% Total Debt/EBITDA 0.45
EBITDA Margin 6.3%
EBIT Margin 5.9% Total Debt/Equity 21.4%
Net Income Margin 5.2% Total Debt/Capital 17.6%
Asset Turnover 4.60
Current Ratio 1.36 Net Fixed Asset Turnover 82.11
Quick Ratio 1.32 Accounts receivable turnover-days 41.92
Debt to Assets 11.47% Inventory Days -
Tot Debt to Common Equity 21.38% Accounts Payable Turnover Day 22.54
Accounts Receivable Turnover 8.73 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
CH Robinson Worldwide IncPrice/Volume
Valuation Analysis
217'782.00
Current Price (4/dd/yy) Market Data
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6'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 9'609'274 6.04 139'500 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 8'920'704 5.6 - 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 8'509'338 5.34 270'017 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'388'709 5.27 (197) 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 7'414'398 4.66 (64'505) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'861'475 4.31 375'802 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'120'000 3.22 - 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'408'198 2.77 1'438'324 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'746'268 2.35 834'268 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'197'671 2.01 (1'881'334) 31.03.2013 Investment Advisor
MERCHANTS' GATE CAPI MERCHANTS' GATE CAPI 13F 2'791'765 1.75 (57'335) 31.12.2012 Hedge Fund Manager
PARNASSUS INVESTMENT PARNASSUS INVESTMENT 13F 2'683'000 1.69 2'515 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'436'066 1.53 (26'610) 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 2'322'864 1.46 293'600 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'117'531 1.33 30'963 31.12.2012 Investment Advisor
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 1'975'439 1.24 1'975'439 31.12.2012 Investment Advisor
JENSEN INVESTMENT MA JENSEN INVESTMENT MA 13F 1'962'668 1.23 (662'340) 31.12.2012 Investment Advisor
POLEN CAPITAL MANAGE POLEN CAPITAL MANAGE 13F 1'918'183 1.2 31'929 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 1'794'464 1.13 (185'129) 31.12.2012 Investment Advisor
CAPITAL COUNSEL LLC CAPITAL COUNSEL LLC 13F 1'480'315 0.93 (33'562) 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank JUSTIN B YAGERMAN buy 5 M 78 12 month 23.04.2013
Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 23.04.2013
Longbow Research MATTHEW S BROOKLIER neutral 3 M #N/A N/A Not Provided 23.04.2013
William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 22.04.2013
JPMorgan THOMAS R WADEWITZ underweight 1 D 50 6 month 16.04.2013
Goldman Sachs TOM KIM neutral/attractive 3 M 65 12 month 15.04.2013
Credit Suisse CHRISTOPHER J CERASO neutral 3 M 67 Not Provided 12.04.2013
FBR Capital Markets JOHN R MIMS underperform 1 D 55 12 month 12.04.2013
Wolfe Trahan & Co SCOTT H GROUP outperform 5 M 78 12 month 12.04.2013
Wunderlich Securities CHAZ G JONES hold 3 M 64 18 month 11.04.2013
Jefferies H PETER NESVOLD hold 3 M 61 12 month 10.04.2013
Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 78 12 month 10.04.2013
Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 09.04.2013
Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 94 12 month 08.04.2013
BB&T Capital Markets THOMAS S ALBRECHT hold 3 M #N/A N/A Not Provided 28.03.2013
Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 73 12 month 27.03.2013
Sanford C. Bernstein & Co DAVID VERNON outperform 5 M 74 12 month 22.03.2013
Macquarie KELLY A DOUGHERTY neutral 3 M 58 12 month 12.03.2013
RBC Capital Markets JOHN L BARNES III sector perform 3 M 63 12 month 07.03.2013
Susquehanna Financial Group MATT TROY neutral 3 M 65 12 month 13.02.2013
Avondale Partners LLC RYAN BOUCHARD market perform 3 M 67 Not Provided 11.02.2013
Stephens Inc JACK ATKINS equalweight 3 M 66 12 month 06.02.2013
Raymond James PATRICK TYLER BROWN market perform 3 M #N/A N/A Not Provided 06.02.2013
Stifel JOHN G LARKIN sell 1 M #N/A N/A Not Provided 06.02.2013
Oppenheimer & Co SCOTT A SCHNEEBERGER market perform 3 M #N/A N/A Not Provided 06.02.2013
Cowen Securities LLC JASON H SEIDL hold 3 M #N/A N/A Not Provided 06.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 06.02.2013
Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 05.02.2013
S&P Capital IQ JAMES CORRIDORE buy 5 M 76 12 month 25.09.2012
Holdings By:
CH Robinson Worldwide Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Check Point Software Technologies Ltd. develops, markets and supports a range
of software and hardware products and services for information technology (IT)
security and offers its customers a network and gateway security solutions, data
and endpoint security solutions and management solutions.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.04.2012) 59.17
52-Week Low (18.10.2012) 40.60
Daily Volume
45.61
52-Week High % Change -22.92% Dividend Yield 0.00
52-Week Low % Change 12.34% Beta 0.88
% 52 Week Price Range High/Low 26.98% Equity Float 159.71
Shares Out 31.03.2013 205.9 Short Int 5.21
9'390.77 1 Yr Total Return -21.54%
Total Debt 0.00 YTD Return -4.26%
Preferred Stock 0.0 Adjusted BETA 0.881
Minority Interest 0.0 Analyst Recs 31
Cash and Equivalents 3'295.36 Consensus Rating 4.226
Enterprise Value 5'867.38
Average Volume 5 Day 670'653
CHKP UW EQUITY YTD Change - Average Volume 30 Day 643'439
CHKP UW EQUITY YTD % CHANGE - Average Volume 3 Month 546'358
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
808.5 924.4 1'097.9 1'247.0 1'342.7 1'278.8 1'352.3 1'399.5 1'490.1 337.1 348.0
3.18x 5.67x 6.58x 6.37x 4.61x 27.55x 19.24x 3.97x 3.38x 17.25x 16.44x
402.3 483.7 594.4 693.7 761.4 718.5 762.5 822.4 875.1 197.5 203.8
6.39x 10.83x 12.16x 11.44x 8.12x 13.95x 8.07x 7.13x 6.70x 7.00x 6.86x
324.0 357.5 452.8 544.0 620.0 565.5 624.3 681.7 724.7 163.0 169.0
11.37x 18.12x 21.72x 20.77x 16.20x 24.00x 15.61x 13.40x 12.26x 13.15x 12.86x
EBITDA 761.42 Long-Term Rating Date -
EBIT 746.54 Long-Term Rating -
Operating Margin 55.60% Long-Term Outlook -
Pretax Margin 58.60% Short-Term Rating Date -
Return on Assets 13.97% Short-Term Rating -
Return on Common Equity 18.94%
Return on Capital - EBITDA/Interest Exp. 21.34
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. 21.11
Net Debt/EBITDA -4.62
Gross Margin 88.4% Total Debt/EBITDA 0.00
EBITDA Margin 56.4%
EBIT Margin 55.5% Total Debt/Equity 0.0%
Net Income Margin 46.2% Total Debt/Capital 0.0%
Asset Turnover 0.30
Current Ratio 2.21 Net Fixed Asset Turnover 36.23
Quick Ratio 2.15 Accounts receivable turnover-days 70.31
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 795.35
Accounts Receivable Turnover 5.21 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
Check Point Software Technologies LtdPrice/Volume
Valuation Analysis
660'607.00
Current Price (4/dd/yy) Market Data
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1'200.0
1'400.0
1'600.0
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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHWED GIL n/a 20F 24'963'760 12.12 - 31.01.2013 n/a
NACHT MARIUS n/a 20F 21'214'986 10.3 - 31.01.2013 n/a
SUN LIFE FINANCIAL I n/a ULT-AGG 15'278'850 7.42 1'007'947 28.02.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 12'621'374 6.13 235'870 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'955'180 4.84 (8'911'572) 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'768'144 4.26 4'046'942 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 7'995'556 3.88 572'741 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 7'690'400 3.74 3'642'600 31.03.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 6'777'046 3.29 6'777'046 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'399'218 3.11 2'901'491 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'390'445 2.62 1'253'232 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'040'047 2.45 (29'658) 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 3'827'554 1.86 (420'950) 28.02.2013 Investment Advisor
FARALLON CAPITAL MAN FARALLON CAPITAL MAN 13F 2'672'000 1.3 1'181'000 31.12.2012 Hedge Fund Manager
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'392'593 1.16 794'584 31.12.2012 Investment Advisor
WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 2'183'420 1.06 (524'608) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'089'800 1.01 (1'196'313) 31.12.2012 Investment Advisor
STERLING CAPITAL MAN STERLING CAPITAL MAN 13F 1'926'119 0.94 1'472'748 31.03.2013 Investment Advisor
PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 1'850'161 0.9 1'850'161 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'846'238 0.9 (36'863) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
First Analysis Corp CRAIG NANKERVIS equalweight 3 M #N/A N/A Not Provided 24.04.2013
Pacific Crest Securities ROB D OWENS sector perform 3 D #N/A N/A Not Provided 23.04.2013
Raymond James MICHAEL TURITS outperform 5 M 52 12 month 23.04.2013
Macquarie BRAD A ZELNICK outperform 5 M 55 12 month 23.04.2013
Nomura RICHARD G SHERLUND buy 5 M 55 12 month 23.04.2013
BMO Capital Markets KARL KEIRSTEAD market perform 3 M 48 Not Provided 22.04.2013
Deutsche Bank THOMAS ERNST JR hold 3 M 50 12 month 22.04.2013
Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 22.04.2013
Goldman Sachs GREG DUNHAM neutral/neutral 3 M 48 12 month 22.04.2013
RBC Capital Markets ROBERT P BREZA sector perform 3 M 47 12 month 22.04.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 55 Not Provided 22.04.2013
JPMorgan STERLING AUTY overweight 5 M 53 6 month 22.04.2013
Jefferies AARON SCHWARTZ buy 5 M 56 12 month 22.04.2013
Needham & Co SCOTT ZELLER hold 3 M #N/A N/A Not Provided 22.04.2013
Stephens Inc JONATHAN B RUYKHAVER overweight 5 M 55 12 month 22.04.2013
William Blair & Co JONATHAN HO outperform 5 M #N/A N/A Not Provided 22.04.2013
FBR Capital Markets DANIEL H IVES outperform 5 M 55 12 month 22.04.2013
B Riley & Company, Inc DANIEL CUMMINS neutral 3 M 50 12 month 22.04.2013
Stifel TODD C WELLER buy 5 M 55 12 month 22.04.2013
Oppenheimer & Co SHAUL EYAL outperform 5 M 56 18 month 22.04.2013
Wells Fargo Securities, LLC GRAY W POWELL outperform 5 M #N/A N/A Not Provided 22.04.2013
Cowen and Company GREGG MOSKOWITZ neutral 3 M #N/A N/A Not Provided 22.04.2013
Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 M #N/A N/A Not Provided 22.04.2013
MKM Partners ISRAEL HERNANDEZ buy 5 M 52 12 month 22.04.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 55 12 month 22.04.2013
Topeka Capital Markets Inc FREDERICK D ZIEGEL buy 5 M 68 12 month 22.04.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 03.04.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 12.02.2013
Holdings By:
Check Point Software Technologies Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
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: 01/yy
52-Week High (11.03.2013) 21.98
52-Week Low (25.07.2012) 14.97
Daily Volume
20.98
52-Week High % Change -4.55% Dividend Yield 2.10
52-Week Low % Change 40.19% Beta 1.00
% 52 Week Price Range High/Low 85.74% Equity Float 5'322.11
Shares Out 14.02.2013 5'332.0 Short Int 58.00
111'864.81 1 Yr Total Return 7.02%
Total Debt 16'328.00 YTD Return 7.63%
Preferred Stock 0.0 Adjusted BETA 1.003
Minority Interest 15.0 Analyst Recs 50
Cash and Equivalents 48'716.00 Consensus Rating 4.260
Enterprise Value 81'789.81
Average Volume 5 Day 9'314'090
CSCO UW EQUITY YTD Change - Average Volume 30 Day 8'826'492
CSCO UW EQUITY YTD % CHANGE - Average Volume 3 Month 9'077'326
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 01/yy 01/yy 07/13 Y 07/14 Y 04/13 Q3 07/13 Q4
39'540.0 36'117.0 40'040.0 43'218.0 46'061.0 44'844.0 47'252.0 48'677.8 51'367.1 12'199.8 12'527.3
2.86x 2.82x 2.64x 1.37x 1.10x 6.16x 5.76x 2.12x 1.77x 6.42x 6.11x
11'189.0 9'153.0 11'194.0 10'959.0 12'971.0 12'018.0 13'372.0 15'211.6 15'691.9 3'802.0 4'002.0
10.09x 11.13x 9.46x 5.39x 3.91x 6.27x 6.17x 5.38x 5.21x 5.20x 5.11x
8'052.0 6'134.0 7'767.0 6'490.0 8'041.0 6'998.0 9'317.0 10'660.9 11'130.5 2'630.9 2'720.4
16.14x 20.17x 17.07x 13.03x 9.80x 14.10x 14.33x 10.52x 9.95x 10.35x 10.17x
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 10.04% Short-Term Rating A-1+
Return on Common Equity 17.79%
Return on Capital 14.26% EBITDA/Interest Exp. 21.76
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 19.87
Net Debt/EBITDA -2.25
Gross Margin 61.2% Total Debt/EBITDA 1.22
EBITDA Margin 28.3%
EBIT Margin 22.7% 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 13.28
Quick Ratio 3.20 Accounts receivable turnover-days 60.78
Debt to Assets 17.79% Inventory Days 31.27
Tot Debt to Common Equity 31.84% Accounts Payable Turnover Day 16.63
Accounts Receivable Turnover 5.99 Cash Conversion Cycle 77.17
Inventory Turnover 11.64
Fiscal Year Ended
Cisco Systems IncPrice/Volume
Valuation Analysis
6'776'619.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 299'578'360 5.62 (7'418'814) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 285'629'010 5.36 8'853'231 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 248'500'974 4.66 15'936'699 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 183'794'312 3.45 65'261'717 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 120'991'753 2.27 8'008'876 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 103'605'229 1.94 (10'779'595) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 98'236'097 1.84 12'933'673 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 86'751'700 1.63 19'583'032 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 82'170'147 1.54 (272'238) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 77'496'020 1.45 2'085'888 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 70'428'507 1.32 6'196'339 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 69'820'447 1.31 (4'001'080) 31.12.2012 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 52'443'161 0.98 (52'225) 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 47'813'820 0.9 (1'104'045) 31.03.2013 Unclassified
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 46'147'106 0.87 (540'834) 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 43'095'418 0.81 4'202'738 31.12.2012 Government
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 42'368'958 0.79 3'103'045 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 40'386'595 0.76 7'990'890 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 37'520'775 0.7 6'191'620 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 37'109'838 0.7 3'351'241 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets TIMOTHY P LONG outperform 5 M 25 Not Provided 23.04.2013
Sterne, Agee & Leach ALEX KURTZ buy 5 M 26 12 month 22.04.2013
Deutsche Bank BRIAN T MODOFF buy 5 M 24 12 month 21.04.2013
William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 17.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 16.04.2013
Raymond James SIMON M LEOPOLD outperform 5 M 25 12 month 15.04.2013
ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 15.04.2013
Evercore Partners MARK A MCKECHNIE equalweight 3 M 23 12 month 14.04.2013
Baden Hill LLP ROY CAMPBELL buy 5 N #N/A N/A Not Provided 12.04.2013
Stifel SANJIV R WADHWANI buy 5 M 25 12 month 11.04.2013
Wunderlich Securities MATTHEW S ROBISON buy 5 M 24 18 month 10.04.2013
Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 25 12 month 10.04.2013
Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 08.04.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 24 12 month 05.04.2013
S&P Capital IQ JAMES G MOORMAN buy 5 M 26 12 month 05.04.2013
Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 20 12 month 03.04.2013
Wedbush ROHIT CHOPRA outperform 5 M 24 12 month 03.04.2013
Pacific Crest Securities BRENT A BRACELIN outperform 5 M 25 12 month 02.04.2013
Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 25 12 month 02.04.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 01.04.2013
Barclays BENJAMIN A REITZES overweight 5 M 27 Not Provided 01.04.2013
Piper Jaffray TROY D JENSEN overweight 5 M 25 12 month 27.03.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 26 12 month 27.03.2013
Jefferies GEORGE C NOTTER hold 3 M 22 12 month 26.03.2013
FBR Capital Markets SCOTT S THOMPSON underperform 1 D 17 12 month 21.03.2013
RBC Capital Markets MARK SUE outperform 5 M 24 12 month 14.03.2013
Nomura STUART JEFFREY buy 5 M 25 12 month 14.03.2013
Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 24 Not Provided 06.03.2013
Berenberg Bank ADNAAN AHMAD sell 1 M 14 Not Provided 05.03.2013
Argus Research Corp JAMES KELLEHER buy 5 M 26 Not Provided 01.03.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 24 12 month 25.02.2013
Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 24 12 month 14.02.2013
JPMorgan ROD HALL underweight 1 M 18 6 month 14.02.2013
Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 14.02.2013
Davenport & Co F DRAKE JOHNSTONE buy 5 M 24 12 month 14.02.2013
JMP Securities ERIK SUPPIGER market perform 3 M #N/A N/A Not Provided 14.02.2013
Lazard Capital Markets RYAN HUTCHINSON neutral 3 M #N/A N/A Not Provided 14.02.2013
MKM Partners MICHAEL GENOVESE buy 5 M 25 12 month 14.02.2013
Northland Securities Inc CATHARINE TREBNICK outperform 5 N 26 12 month 14.02.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 25 12 month 14.02.2013
Wedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 25 12 month 09.12.2012
Holdings By:
Cisco Systems Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Citrix Systems, Inc. designs, develops, and markets technology solutions that
allow applications to be delivered, supported, and shared on-demand. The Company
develops and markets comprehensive solutions across all dimensions of
application, server and desktop virtualization as well as application and
network optimization.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (02.05.2012) 87.73
52-Week Low (15.11.2012) 56.57
Daily Volume
62.15
52-Week High % Change -29.16% Dividend Yield 0.00
52-Week Low % Change 9.86% Beta 1.43
% 52 Week Price Range High/Low 17.91% Equity Float 185.00
Shares Out 01.04.2013 186.6 Short Int 2.37
11'597.56 1 Yr Total Return -27.40%
Total Debt 0.00 YTD Return -5.48%
Preferred Stock 0.0 Adjusted BETA 1.427
Minority Interest 0.0 Analyst Recs 37
Cash and Equivalents 928.63 Consensus Rating 4.000
Enterprise Value 10'939.62
Average Volume 5 Day 1'072'727
CTXS UW EQUITY YTD Change - Average Volume 30 Day 691'515
CTXS UW EQUITY YTD % CHANGE - Average Volume 3 Month 662'191
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
1'583.4 1'614.1 1'874.7 2'206.4 2'586.1 2'305.0 2'669.5 2'962.8 3'346.6 710.3 742.2
2.32x 4.34x 6.37x 4.78x 4.37x 20.78x 19.52x 3.60x 3.01x 15.37x 14.53x
294.8 364.7 459.8 576.2 605.7 589.8 596.5 935.2 1'061.4 199.7 237.6
12.44x 19.19x 25.97x 18.30x 18.66x 23.40x 21.47x 11.70x 10.31x 11.21x 10.56x
178.3 191.0 277.1 356.3 352.5 351.1 344.0 584.1 669.3 119.7 147.3
19.81x 40.39x 46.75x 32.47x 38.57x 42.42x 46.74x 20.11x 17.62x 19.56x 18.63x
EBITDA 605.65 Long-Term Rating Date 04.02.2005
EBIT 390.78 Long-Term Rating NR
Operating Margin 15.11% Long-Term Outlook -
Pretax Margin 15.86% Short-Term Rating Date -
Return on Assets 7.64% Short-Term Rating -
Return on Common Equity 11.52%
Return on Capital 12.05% EBITDA/Interest Exp. -
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.10
Gross Margin 84.4% Total Debt/EBITDA 0.00
EBITDA Margin 22.3%
EBIT Margin 13.7% Total Debt/Equity 0.0%
Net Income Margin 13.6% Total Debt/Capital 0.0%
Asset Turnover 0.59
Current Ratio 1.28 Net Fixed Asset Turnover 9.19
Quick Ratio 1.16 Accounts receivable turnover-days 57.48
Debt to Assets 0.00% Inventory Days 8.71
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 48.53
Accounts Receivable Turnover 6.35 Cash Conversion Cycle 29.47
Inventory Turnover 41.89
Fiscal Year Ended
Citrix Systems IncPrice/Volume
Valuation Analysis
537'078.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 15'136'139 8.11 (6'151'934) 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 11'851'019 6.35 - 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 10'201'017 5.47 (143'375) 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'574'049 4.59 219'026 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 6'506'664 3.49 1'038'214 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'862'613 3.14 887'659 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 5'257'890 2.82 1'062'062 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 4'921'206 2.64 (818'171) 31.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'082'862 2.19 1'053'573 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'929'338 2.11 (83'316) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'874'190 2.08 (313'208) 31.12.2012 Investment Advisor
MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 3'768'917 2.02 2'291'404 31.12.2012 Hedge Fund Manager
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'732'787 2 417'815 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'581'960 1.92 668'154 31.12.2012 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 3'431'077 1.84 75'282 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'873'078 1.54 107'502 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 2'671'378 1.43 184'296 28.02.2013 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 2'529'948 1.36 93'503 31.03.2013 Investment Advisor
LEGG MASON INC Multiple Portfolios MF-AGG 2'367'537 1.27 82'767 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 2'118'749 1.14 (2'978'080) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 25.04.2013
Goldman Sachs HEATHER BELLINI neutral/neutral 3 M 70 12 month 25.04.2013
RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 73 12 month 25.04.2013
Jefferies ROSS MACMILLAN buy 5 M 78 12 month 25.04.2013
Nomura RICHARD G SHERLUND neutral 3 M 75 12 month 25.04.2013
Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 25.04.2013
Credit Agricole Securities (USA) EDWARD MAGUIRE outperform 5 M 78 Not Provided 25.04.2013
William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 24.04.2013
Evercore Partners STEWART KIRK MATERNE III overweight 5 M 77 12 month 24.04.2013
Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 80 12 month 24.04.2013
MKM Partners ISRAEL HERNANDEZ buy 5 M 88 12 month 24.04.2013
Stifel BRAD REBACK buy 5 M 83 12 month 22.04.2013
Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 95 12 month 22.04.2013
Susquehanna Financial Group J DERRICK WOOD Positive 4 M 95 12 month 22.04.2013
Needham & Co SCOTT ZELLER buy 5 M 85 12 month 19.04.2013
S&P Capital IQ SCOTT H KESSLER sell 1 M 64 12 month 18.04.2013
Deutsche Bank THOMAS ERNST JR buy 5 M 95 12 month 17.04.2013
Raymond James MICHAEL TURITS outperform 5 M 78 12 month 17.04.2013
Drexel Hamilton LLC JAMES N GILMAN hold 3 M 72 12 month 17.04.2013
Robert W. Baird & Co STEVEN M ASHLEY outperform 5 M 80 12 month 01.04.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 R #N/A N/A Not Provided 25.03.2013
FBN Securities SHEBLY SEYRAFI outperform 5 N 85 12 month 20.03.2013
Oppenheimer & Co SHAUL EYAL market perform 3 M #N/A N/A Not Provided 07.03.2013
Berenberg Bank DAUD KHAN hold 3 M 76 Not Provided 06.03.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 102 12 month 26.02.2013
Pacific Crest Securities ROB D OWENS outperform 5 M 90 12 month 21.02.2013
JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 05.02.2013
Credit Suisse PHILIP WINSLOW neutral 3 M 73 Not Provided 31.01.2013
JPMorgan JOHN DIFUCCI underweight 1 M 56 6 month 31.01.2013
Stephens Inc JONATHAN B RUYKHAVER overweight 5 M 86 12 month 31.01.2013
FBR Capital Markets DANIEL H IVES outperform 5 M 100 12 month 31.01.2013
Cowen and Company GREGG MOSKOWITZ outperform 5 M #N/A N/A Not Provided 31.01.2013
Barclays RAIMO LENSCHOW equalweight 3 M 76 Not Provided 31.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Noble Financial Group SUSAN BAUR buy 5 M 101 12 month 26.04.2012
Holdings By:
Citrix Systems Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Cognizant Technology Solutions Corporation provides custom Information
Technology (IT) consulting and technology services as well as outsourcing
services. The Company's core competencies include technology strategy
consulting, complex systems development, enterprise software package
implementation and maintenance, data warehousing and business intelligence.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (08.03.2013) 81.05
52-Week Low (12.07.2012) 53.93
Daily Volume
62.93
52-Week High % Change -22.36% Dividend Yield 0.00
52-Week Low % Change 16.69% Beta 1.17
% 52 Week Price Range High/Low 33.19% Equity Float 300.31
Shares Out 19.02.2013 301.8 Short Int 2.53
18'991.13 1 Yr Total Return -14.17%
Total Debt 0.00 YTD Return -15.02%
Preferred Stock 0.0 Adjusted BETA 1.173
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 2'863.76 Consensus Rating 4.633
Enterprise Value 16'127.38
Average Volume 5 Day 2'039'350
CTSH UW EQUITY YTD Change - Average Volume 30 Day 969'831
CTSH UW EQUITY YTD % CHANGE - Average Volume 3 Month 746'984
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'816.3 3'278.7 4'592.4 6'121.2 7'346.5 6'121.2 7'346.5 8'625.5 10'010.0 2'008.5 2'112.0
1.60x 3.68x 4.37x 2.79x 2.64x 12.47x 10.11x 1.84x 1.48x 7.96x 7.46x
591.5 707.9 972.0 1'260.6 1'518.1 1'260.6 1'518.1 1'764.4 2'056.6 411.0 431.3
7.62x 17.06x 20.63x 13.53x 12.80x 13.53x 12.80x 9.14x 7.84x 9.11x 8.74x
430.8 535.0 733.5 883.6 1'051.3 883.6 1'051.3 1'311.8 1'519.7 306.2 322.6
12.54x 25.47x 30.92x 22.56x 21.48x 22.56x 21.48x 14.59x 12.73x 14.59x 14.03x
EBITDA 1'518.08 Long-Term Rating Date -
EBIT 1'361.50 Long-Term Rating -
Operating Margin 18.53% Long-Term Outlook -
Pretax Margin 18.89% Short-Term Rating Date -
Return on Assets 17.48% Short-Term Rating -
Return on Common Equity 23.87%
Return on Capital 23.87% EBITDA/Interest Exp. -
Asset Turnover 1.22% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.89
Gross Margin 41.8% Total Debt/EBITDA 0.00
EBITDA Margin 20.7%
EBIT Margin 18.5% Total Debt/Equity 0.0%
Net Income Margin 14.3% Total Debt/Capital 0.0%
Asset Turnover 1.22
Current Ratio 3.50 Net Fixed Asset Turnover 8.50
Quick Ratio 3.06 Accounts receivable turnover-days 62.89
Debt to Assets 0.00% Inventory Days 5.97
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 8.00
Accounts Receivable Turnover 5.82 Cash Conversion Cycle 60.86
Inventory Turnover 61.28
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
Cognizant Technology Solutions CorpPrice/Volume
Valuation Analysis
1'217'049.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 17'371'723 5.76 1'260'736 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 16'558'747 5.49 - 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 16'053'258 5.32 415'448 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'866'705 4.59 474'812 31.03.2013 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 11'426'637 3.79 196'560 31.12.2012 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 10'912'591 3.62 320'797 31.12.2012 Hedge Fund Manager
WELLS FARGO n/a ULT-AGG 10'867'779 3.6 258'104 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'151'194 3.36 5'889'084 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 7'237'619 2.4 (630'856) 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 7'133'124 2.36 (395'037) 31.03.2013 Investment Advisor
EDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 6'100'206 2.02 (167'623) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'985'759 1.98 417'725 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 5'912'037 1.96 1'900'027 28.02.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 5'868'850 1.94 (391'886) 31.03.2013 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 5'319'826 1.76 116'916 31.12.2012 Investment Advisor
POLEN CAPITAL MANAGE POLEN CAPITAL MANAGE 13F 4'294'290 1.42 58'892 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'188'728 1.39 (35'135) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'994'216 1.32 (205'411) 31.12.2012 Investment Advisor
GENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 3'433'886 1.14 29'600 31.03.2013 Investment Advisor
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 3'243'161 1.07 1'885'322 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DANIEL R PERLIN outperform 5 M 85 12 month 24.04.2013
Barclays DARRIN D PELLER overweight 5 M 86 Not Provided 24.04.2013
Nomura ASHWIN MEHTA buy 5 M 89 Not Provided 23.04.2013
Wells Fargo Securities, LLC EDWARD S CASO JR outperform 5 M #N/A N/A Not Provided 23.04.2013
Robert W. Baird & Co DAVID J KONING outperform 5 M 92 12 month 22.04.2013
BMO Capital Markets KEITH F BACHMAN outperform 5 M 85 Not Provided 19.04.2013
Janney Montgomery Scott LLC JOSEPH D FORESI buy 5 M 90 12 month 19.04.2013
Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 85 12 month 19.04.2013
Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 19.04.2013
Deutsche Bank BRYAN KEANE buy 5 M 92 12 month 18.04.2013
BNP Paribas Equity Research ARVIND RAMNANI buy 5 N 83 12 month 17.04.2013
Oppenheimer & Co GLENN GREENE outperform 5 M 88 18 month 17.04.2013
Evercore Partners DAVID M TOGUT overweight 5 N 96 12 month 15.04.2013
Jefferies JASON KUPFERBERG buy 5 M 80 12 month 12.04.2013
Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 86 12 month 12.04.2013
Credit Suisse GEORGE MIHALOS outperform 5 M 85 Not Provided 11.04.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 88 12 month 09.04.2013
JPMorgan TIEN-TSIN HUANG overweight 5 M 86 6 month 08.04.2013
Pacific Crest Securities JESSE HULSING sector perform 3 D #N/A N/A Not Provided 11.03.2013
Berenberg Bank DAUD KHAN hold 3 M 61 Not Provided 06.03.2013
Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M 72 12 month 08.02.2013
Goldman Sachs JULIO C QUINTEROS JR neutral/neutral 3 M 75 12 month 08.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 08.02.2013
Needham & Co MAYANK TANDON buy 5 M 90 12 month 07.02.2013
William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 07.02.2013
BB&T Capital Markets GEORGE A PRICE buy 5 M 86 12 month 07.02.2013
BOE Securities BINDAL PARIKH TOTLANI buy 5 M 77 12 month 22.08.2012
Centrum Broking Pvt Ltd GIRISH PAI hold 3 M 78 Not Provided 08.07.2011
Holdings By:
Cognizant Technology Solutions Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Comcast Corporation is a global media and technology company with two primary
businesses. The Company provides video, high-speed Internet and phone services
to residential and business customers. Comcast also operates news and
entertainment cable networks, a national and a Spanish broadcast network, TV
production operations, TV station groups, film studios, theme parks and resorts.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.04.2013) 42.61
52-Week Low (21.05.2012) 28.10
Daily Volume
41.49
52-Week High % Change -2.63% Dividend Yield 1.57
52-Week Low % Change 47.65% Beta 1.06
% 52 Week Price Range High/Low 92.28% Equity Float 2'119.81
Shares Out 31.12.2012 2'122.3 Short Int 32.63
108'281.04 1 Yr Total Return 39.39%
Total Debt 40'458.00 YTD Return 11.52%
Preferred Stock 0.0 Adjusted BETA 1.063
Minority Interest 17'438.0 Analyst Recs 33
Cash and Equivalents 12'415.00 Consensus Rating 4.515
Enterprise Value 153'762.04
Average Volume 5 Day 3'103'094
CMCSA UW EQUITY YTD Change - Average Volume 30 Day 3'926'235
CMCSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 4'095'267
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
34'423.0 35'756.0 37'937.0 55'842.0 62'570.0 55'842.0 62'570.0 64'180.0 67'996.2 15'401.6 16'009.4
2.33x 2.14x 2.28x 2.12x 2.30x 8.52x 8.83x 2.63x 2.45x 11.30x 10.81x
13'132.0 13'714.0 14'596.0 18'357.0 19'977.0 18'357.0 19'977.0 21'019.9 22'345.6 4'981.9 5'338.4
6.10x 5.58x 5.93x 6.44x 7.21x 6.44x 7.21x 7.32x 6.88x 7.33x 7.14x
2'547.0 3'638.0 3'635.0 4'160.0 6'203.0 4'160.0 6'203.0 6'336.1 7'137.5 1'334.4 1'629.5
18.55x 15.19x 16.77x 15.01x 19.46x 15.01x 19.36x 17.38x 15.11x 17.51x 16.74x
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 3.84% Short-Term Rating A-2
Return on Common Equity 12.84%
Return on Capital 9.11% EBITDA/Interest Exp. 7.92
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 5.66
Net Debt/EBITDA 1.40
Gross Margin 68.1% Total Debt/EBITDA 2.03
EBITDA Margin 31.9%
EBIT Margin 19.5% Total Debt/Equity 82.0%
Net Income Margin 9.9% Total Debt/Capital 37.7%
Asset Turnover 0.39
Current Ratio 1.20 Net Fixed Asset Turnover 2.28
Quick Ratio 1.07 Accounts receivable turnover-days 28.87
Debt to Assets 24.52% Inventory Days -
Tot Debt to Common Equity 81.97% Accounts Payable Turnover Day 59.15
Accounts Receivable Turnover 12.68 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Comcast CorpPrice/Volume
Valuation Analysis
2'209'609.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 170'286'499 8.02 (15'203'842) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 151'939'177 7.16 (296'363) 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 130'735'490 6.16 2'105'553 24.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 122'446'969 5.77 4'965'013 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 110'119'110 5.19 1'769'948 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 72'420'757 3.41 (11'233'339) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 63'251'006 2.98 (2'617'597) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 52'985'837 2.5 (6'273'501) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 39'408'571 1.86 6'566'470 28.02.2013 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 33'384'322 1.57 6'326 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 26'200'994 1.23 1'422'866 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 24'679'889 1.16 (1'113'877) 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 23'978'448 1.13 710'946 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 22'993'590 1.08 1'226'195 31.12.2012 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 22'281'474 1.05 3'494'798 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 19'975'360 0.94 36'016 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 18'764'948 0.88 79'579 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 17'865'247 0.84 (1'760'635) 31.12.2012 Investment Advisor
GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 16'042'220 0.76 (436'600) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 48 12 month 24.04.2013
Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 24.04.2013
Credit Suisse MICHAEL SENNO outperform 5 M 48 Not Provided 23.04.2013
Jefferies THOMAS O SEITZ buy 5 M 45 12 month 23.04.2013
ISI Group VIJAY JAYANT buy 5 M 47 12 month 21.04.2013
Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 42 12 month 16.04.2013
Raymond James FRANK G LOUTHAN outperform 5 M 44 12 month 16.04.2013
Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 45 18 month 15.04.2013
Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 12.04.2013
Brean Murray Carret & Co TODD MITCHELL buy 5 M 48 12 month 09.04.2013
Guggenheim Securities LLC SHING YIN neutral 3 M 40 12 month 09.04.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 05.04.2013
Robert W. Baird & Co WILLIAM V POWER neutral 3 N 44 12 month 04.04.2013
JPMorgan PHILIP CUSICK overweight 5 M 49 6 month 25.03.2013
Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 47 12 month 24.03.2013
Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 48 12 month 06.03.2013
Macquarie AMY YONG neutral 3 D 45 12 month 22.02.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 19.02.2013
Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 48 12 month 19.02.2013
Evercore Partners BRYAN KRAFT overweight 5 M 46 12 month 15.02.2013
RBC Capital Markets JONATHAN ATKIN outperform 5 U 46 12 month 14.02.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 47 18 month 14.02.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 47 Not Provided 14.02.2013
Janney Montgomery Scott LLC TONY WIBLE buy 5 M 48 12 month 13.02.2013
Stifel CHRISTOPHER C KING buy 5 M 45 12 month 13.02.2013
Scotia Capital JEFFREY FAN sector outperform 5 M 46 12 month 13.02.2013
Nomura MICHAEL L MCCORMACK buy 5 M 48 12 month 13.02.2013
S&P Capital IQ TUNA AMOBI buy 5 M 46 12 month 13.02.2013
Maxim Group LLC JOHN TINKER buy 5 M 48 12 month 13.02.2013
New Street Research CHARLES GAYNOR neutral 3 M 40 Not Provided 13.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
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] |
30.04.2013
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: 02/yy
52-Week High (26.04.2013) 109.75
52-Week Low (08.05.2012) 76.56
Daily Volume
108.63
52-Week High % Change -1.02% Dividend Yield 7.68
52-Week Low % Change 41.88% Beta 0.75
% 52 Week Price Range High/Low 96.63% Equity Float 432.19
Shares Out 13.03.2013 436.4 Short Int 5.48
47'403.02 1 Yr Total Return 33.53%
Total Debt 1'382.00 YTD Return 10.28%
Preferred Stock 0.0 Adjusted BETA 0.747
Minority Interest 157.0 Analyst Recs 30
Cash and Equivalents 4'854.00 Consensus Rating 4.033
Enterprise Value 46'793.02
Average Volume 5 Day 681'431
COST UW EQUITY YTD Change - Average Volume 30 Day 672'970
COST UW EQUITY YTD % CHANGE - Average Volume 3 Month 697'773
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 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4
72'483.0 71'422.0 77'946.0 88'915.0 99'137.0 93'396.0 103'128.0 106'073.9 115'136.6 24'249.9 33'108.9
0.39x 0.30x 0.28x 0.34x 0.39x 1.38x 1.49x 0.45x 0.41x 1.99x 1.46x
2'622.1 2'522.0 2'880.0 3'303.0 3'667.0 3'392.0 3'874.0 4'090.5 4'496.1 932.1 1'302.8
10.74x 8.39x 7.60x 9.28x 10.64x 9.91x 11.35x 11.44x 10.41x 11.03x 10.76x
1'282.7 1'086.0 1'303.0 1'462.0 1'709.0 1'516.0 1'958.0 2'001.7 2'197.0 450.2 638.1
22.66x 20.41x 19.09x 22.49x 24.69x 23.23x 23.46x 23.86x 21.60x 22.99x 22.35x
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 6.92% Short-Term Rating A-1
Return on Common Equity 17.53%
Return on Capital 13.59% EBITDA/Interest Exp. 34.92
Asset Turnover 3.64% (EBITDA-Capex)/Interest Exp. 20.83
Net Debt/EBITDA -0.20
Gross Margin 12.4% Total Debt/EBITDA 1.26
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 3.64
Current Ratio 1.10 Net Fixed Asset Turnover 7.96
Quick Ratio 0.48 Accounts receivable turnover-days 4.30
Debt to Assets 5.09% Inventory Days 29.84
Tot Debt to Common Equity 11.18% Accounts Payable Turnover Day 28.11
Accounts Receivable Turnover 86.23 Cash Conversion Cycle 3.64
Inventory Turnover 12.43
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
Costco Wholesale CorpPrice/Volume
Valuation Analysis
659'527.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 47'591'655 10.91 724'042 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 23'849'067 5.47 193'283 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 21'671'006 4.97 (3'954'786) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 20'160'182 4.62 690'828 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 15'318'718 3.51 (2'770'670) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 13'559'317 3.11 914'367 28.02.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 8'972'856 2.06 187'224 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'834'546 1.8 (52'440) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 5'864'911 1.34 (163'845) 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'846'843 1.34 (762'123) 31.12.2012 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 5'135'180 1.18 (571'875) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 4'427'681 1.01 1'674'312 31.12.2012 Government
JP MORGAN n/a ULT-AGG 4'378'833 1 1'416'393 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'345'534 1 403'832 31.12.2012 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 4'333'363 0.99 - 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'196'949 0.96 1'112'363 31.12.2012 Investment Advisor
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 3'799'389 0.87 (109'758) 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'546'132 0.81 (52'878) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 3'279'692 0.75 77'350 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KAREN SHORT outperform 5 M 115 Not Provided 23.04.2013
JPMorgan CHRISTOPHER HORVERS overweight 5 M 113 6 month 22.04.2013
Credit Suisse MICHAEL B EXSTEIN outperform 5 M 115 Not Provided 17.04.2013
Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 15.04.2013
Robert W. Baird & Co PETER S BENEDICT outperform 5 M 117 12 month 12.04.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 106 12 month 12.04.2013
ISI Group GREGORY MELICH strong buy 5 M 116 Not Provided 12.04.2013
Deutsche Bank PAUL TRUSSELL buy 5 M 110 12 month 11.04.2013
Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 116 12 month 11.04.2013
Jefferies DANIEL T BINDER hold 3 M 97 12 month 11.04.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 11.04.2013
Stifel DAVID A SCHICK buy 5 M 107 12 month 11.04.2013
McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 105 12 month 11.04.2013
Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 98 12 month 11.04.2013
Cowen and Company FAYE LANDES neutral 3 M #N/A N/A Not Provided 11.04.2013
Susquehanna Financial Group ROBERT SUMMERS negative 2 M 65 12 month 11.04.2013
Piper Jaffray SEAN NAUGHTON overweight 5 M 113 12 month 11.04.2013
Northcoast Research CHARLES E CERANKOSKY buy 5 M 115 12 month 25.03.2013
Morgan Stanley MARK WILTAMUTH Overwt/In-Line 5 M 113 12 month 19.03.2013
Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 108 Not Provided 15.03.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 115 Not Provided 13.03.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 110 12 month 13.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 13.03.2013
Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 12.03.2013
Oppenheimer & Co BRIAN NAGEL market perform 3 M 105 18 month 12.03.2013
S&P Capital IQ IAN GORDON hold 3 M 110 12 month 12.03.2013
Barclays ROBERT S DRBUL equalweight 3 M 105 Not Provided 12.03.2013
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] |
30.04.2013
Dell Inc. offers a wide range of computers and related products. The Company
sells personal computers, servers and networking products, storage systems,
mobility products, software and peripherals, and services. Dell serves
consumers and businesses in the Americas, Europe, the Middle East, Africa, and
the Asia Pacific region.
Latest Fiscal Year: 01/2013
LTM as of: 02/yy
52-Week High (01.05.2012) 16.59
52-Week Low (16.11.2012) 8.70
Daily Volume
13.34
52-Week High % Change -19.59% Dividend Yield 0.60
52-Week Low % Change 53.42% Beta 1.11
% 52 Week Price Range High/Low 58.83% Equity Float 1'470.14
Shares Out 06.03.2013 1'747.2 Short Int 24.09
23'307.92 1 Yr Total Return -16.74%
Total Debt 9'085.00 YTD Return 32.42%
Preferred Stock 0.0 Adjusted BETA 1.113
Minority Interest 21.0 Analyst Recs 29
Cash and Equivalents 12'777.00 Consensus Rating 3.138
Enterprise Value 19'636.92
Average Volume 5 Day 4'317'914
DELL UW EQUITY YTD Change - Average Volume 30 Day 4'093'568
DELL UW EQUITY YTD % CHANGE - Average Volume 3 Month 5'698'749
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 02/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
61'101.0 52'902.0 61'494.0 62'071.0 56'940.0 62'071.0 56'940.0 55'729.9 55'641.7 13'523.7 13'934.3
0.19x 0.35x 0.27x 0.41x 0.35x 1.52x 1.29x 0.33x 0.31x 1.48x 1.29x
3'961.0 3'024.0 4'403.0 5'367.0 4'156.0 5'367.0 4'156.0 4'084.9 4'302.6 946.7 1'093.2
2.87x 6.06x 3.83x 4.76x 4.82x 4.76x 4.82x 4.81x 4.56x 4.54x 4.39x
2'478.0 1'433.0 2'635.0 3'492.0 2'372.0 3'492.0 2'372.0 2'666.3 2'697.5 607.8 662.3
6.93x 13.58x 9.20x 8.87x 9.21x 8.83x 9.15x 8.75x 8.14x 8.78x 8.58x
EBITDA 4'156.00 Long-Term Rating Date 05.02.2013
EBIT 3'012.00 Long-Term Rating A- *-
Operating Margin 5.29% Long-Term Outlook -
Pretax Margin 4.99% Short-Term Rating Date 05.02.2013
Return on Assets 5.15% Short-Term Rating A-1 *-
Return on Common Equity 24.21%
Return on Capital 13.57% EBITDA/Interest Exp. 15.39
Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 13.49
Net Debt/EBITDA -0.89
Gross Margin 21.4% Total Debt/EBITDA 2.19
EBITDA Margin 7.3%
EBIT Margin 5.3% Total Debt/Equity 85.1%
Net Income Margin 4.2% Total Debt/Capital 45.9%
Asset Turnover 1.24
Current Ratio 1.19 Net Fixed Asset Turnover 26.80
Quick Ratio 0.97 Accounts receivable turnover-days 62.79
Debt to Assets 19.11% Inventory Days 11.33
Tot Debt to Common Equity 85.07% Accounts Payable Turnover Day 94.54
Accounts Receivable Turnover 5.80 Cash Conversion Cycle -20.41
Inventory Turnover 32.13
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
Dell IncPrice/Volume
Valuation Analysis
1'231'977.00
Current Price (4/dd/yy) Market Data
!.135
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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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DELL MICHAEL S n/a 13G 273'332'371 15.64 - 31.12.2012 n/a
SOUTHEASTERN ASSET M n/a 13D 121'514'858 6.95 (1'810'700) 14.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 82'129'627 4.7 5'586'760 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 81'668'303 4.67 63'258 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 76'581'657 4.38 8'761'743 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 64'965'821 3.72 1'867'156 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 32'607'204 1.87 22'548'224 28.02.2013 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 31'299'087 1.79 172'333 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 27'729'975 1.59 (1'009'692) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 25'888'618 1.48 4'511'017 28.02.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 23'983'550 1.37 (85'300) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 23'331'742 1.34 (9'214'269) 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 20'513'052 1.17 (248'673) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 19'112'269 1.09 369'712 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 18'235'123 1.04 (525'030) 31.03.2013 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 14'912'159 0.85 14'912'159 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 14'374'325 0.82 (2'616'894) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 14'050'626 0.8 9'838'823 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 12'735'099 0.73 (477'474) 31.12.2012 Government
PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 12'677'923 0.73 (1'738'375) 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KEITH F BACHMAN market perform 3 M 14 Not Provided 24.04.2013
Morgan Stanley KATHRYN HUBERTY not rated #N/A N/A M #N/A N/A Not Provided 19.04.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 19.04.2013
Jefferies PETER J MISEK hold 3 M 14 12 month 19.04.2013
Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 19.04.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 18 12 month 19.04.2013
Mizuho Securities USA Inc ABHEY R LAMBA neutral 3 M 15 12 month 18.04.2013
Deutsche Bank CHRISTOPHER WHITMORE hold 3 M 14 12 month 16.04.2013
Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 15 12 month 12.04.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 11.04.2013
Raymond James BRIAN G ALEXANDER market perform 3 M #N/A N/A Not Provided 01.04.2013
Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 01.04.2013
Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 28.03.2013
Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 15 12 month 26.03.2013
Brean Murray Carret & Co ANANDA BARUAH hold 3 M #N/A N/A Not Provided 25.03.2013
S&P Capital IQ ANGELO ZINO hold 3 M 15 12 month 25.03.2013
Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 28.02.2013
Argus Research Corp JAMES KELLEHER sell 1 M #N/A N/A Not Provided 21.02.2013
Needham & Co RICHARD J KUGELE hold 3 M #N/A N/A Not Provided 20.02.2013
Cowen and Company MATTHEW HOFFMAN neutral 3 M #N/A N/A Not Provided 20.02.2013
Maxim Group LLC ASHOK KUMAR hold 3 M #N/A N/A Not Provided 20.02.2013
Cross Research SHANNON S CROSS hold 3 M #N/A N/A Not Provided 20.02.2013
Credit Agricole Securities (USA) AVI SILVER underperform 1 M 14 Not Provided 20.02.2013
FBN Securities SHEBLY SEYRAFI sector perform 3 M 14 12 month 20.02.2013
ISI Group BRIAN MARSHALL neutral 3 M #N/A N/A Not Provided 19.02.2013
CRT Capital Group LANCE W VITANZA not rated #N/A N/A N #N/A N/A Not Provided 11.02.2013
Crowell, Weedon & Co JAMES D RAGAN neutral 3 D 14 12 month 06.02.2013
Goldman Sachs WILLIAM C SHOPE JR not rated #N/A N/A M #N/A N/A Not Provided 05.02.2013
Credit Suisse KULBINDER GARCHA restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013
JPMorgan MARK A MOSKOWITZ restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013
Evercore Partners ROBERT CIHRA suspended coverage #N/A N/A M #N/A N/A Not Provided 05.02.2013
Barclays BENJAMIN A REITZES suspended coverage #N/A N/A M #N/A N/A Not Provided 05.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 16.01.2013
RBC Capital Markets AMIT DARYANANI sector perform 3 M 12 12 month 09.01.2013
Jyske Bank ROBERT JAKOBSEN strong buy 5 M 17 Not Provided 24.05.2012
Holdings By:
Dell Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
DENTSPLY International Inc. manufactures and distributes dental supplies on a
worldwide basis. The Company's products include dental prosthetics, endodontic
instruments, dental sealants, ultrasonic scalers, dental x-ray equipment, and
intraoral cameras. DENTSPLY also provides impression materials, orthodontic
appliances, and dental operatory software systems, and other dental products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.02.2013) 43.50
52-Week Low (02.08.2012) 35.04
Daily Volume
42.2
52-Week High % Change -2.99% Dividend Yield 0.52
52-Week Low % Change 20.43% Beta 1.13
% 52 Week Price Range High/Low 84.63% Equity Float 142.51
Shares Out 14.02.2013 142.8 Short Int 7.00
6'028.27 1 Yr Total Return 3.38%
Total Debt 1'521.00 YTD Return 6.70%
Preferred Stock 0.0 Adjusted BETA 1.129
Minority Interest 40.7 Analyst Recs 17
Cash and Equivalents 80.13 Consensus Rating 3.588
Enterprise Value 7'509.88
Average Volume 5 Day 151'084
XRAY UW EQUITY YTD Change - Average Volume 30 Day 213'179
XRAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 219'938
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'193.7 2'159.4 2'221.0 2'537.7 2'928.4 2'537.7 2'928.4 3'050.9 3'185.8 731.9 798.7
2.06x 2.44x 2.25x 2.63x 2.43x 9.29x 9.79x 2.36x 2.20x 10.38x 9.45x
469.7 453.3 457.2 421.6 536.9 421.6 536.9 622.9 663.5 154.7 173.3
9.61x 11.61x 10.91x 15.85x 13.26x 15.85x 13.26x 12.06x 11.32x 11.66x -
283.9 274.3 265.7 244.5 314.2 244.5 314.2 345.4 379.9 78.8 95.5
15.02x 18.81x 18.04x 15.79x 16.69x 15.78x 16.69x 17.51x 15.82x 17.52x 17.13x
EBITDA 536.86 Long-Term Rating Date 02.09.2011
EBIT 407.66 Long-Term Rating BBB+
Operating Margin 13.92% Long-Term Outlook STABLE
Pretax Margin 11.18% Short-Term Rating Date 25.08.2011
Return on Assets 6.46% Short-Term Rating A-2
Return on Common Equity 15.49%
Return on Capital 10.05% EBITDA/Interest Exp. 9.44
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 7.82
Net Debt/EBITDA 2.68
Gross Margin 53.1% Total Debt/EBITDA 2.83
EBITDA Margin 18.3%
EBIT Margin 13.9% Total Debt/Equity 68.9%
Net Income Margin 10.7% Total Debt/Capital 40.3%
Asset Turnover 0.60
Current Ratio 1.20 Net Fixed Asset Turnover 4.86
Quick Ratio 0.56 Accounts receivable turnover-days 54.37
Debt to Assets 30.59% Inventory Days 101.99
Tot Debt to Common Equity 68.86% Accounts Payable Turnover Day 40.71
Accounts Receivable Turnover 6.73 Cash Conversion Cycle 115.66
Inventory Turnover 3.59
Fiscal Year Ended
DENTSPLY International IncPrice/Volume
Valuation Analysis
144'435.00
Current Price (4/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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1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 21'763'768 15.24 2'267'669 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 12'381'666 8.67 328'184 28.02.2013 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 9'477'744 6.63 146'210 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'935'425 6.26 450'821 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'674'325 5.37 - 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 7'643'898 5.35 209'099 24.04.2013 Investment Advisor
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 4'708'489 3.3 443'308 31.12.2012 Hedge Fund Manager
ATLANTA CAPITAL MANA ATLANTA CAPITAL MANA 13F 3'696'111 2.59 43'840 31.12.2012 Investment Advisor
WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 3'008'167 2.11 106'680 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'847'602 1.99 (403'831) 28.02.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'285'400 1.6 (200'000) 31.12.2012 Investment Advisor
MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 2'268'847 1.59 (9'049) 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 2'142'310 1.5 530'482 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'100'664 1.47 2'218 31.12.2012 Investment Advisor
COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2'090'500 1.46 441'000 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'984'283 1.39 (66'306) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'817'456 1.27 84'296 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 1'576'984 1.1 (153'629) 31.12.2012 Investment Advisor
LUTHER KING CAPITAL LUTHER KING CAPITAL 13F 1'501'637 1.05 225'220 31.12.2012 Investment Advisor
ASTER INVESTMENT MGM ASTER INVESTMENT MAN 13F 1'288'000 0.9 (163'890) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley STEVE BEUCHAW Equalwt/In-Line 3 M #N/A N/A Not Provided 19.04.2013
Credit Suisse GLEN SANTANGELO neutral 3 M 43 Not Provided 18.04.2013
William Blair & Co JOHN C KREGER market perform 3 M #N/A N/A Not Provided 18.04.2013
CL King & Associates ROSS TAYLOR buy 5 M 48 12 month 18.04.2013
Northcoast Research EDWIN SNYDER buy 5 M 48 12 month 18.04.2013
Robert W. Baird & Co JEFFREY D JOHNSON outperform 5 M 46 12 month 15.04.2013
Edward Jones MATTHEW D COLLINS buy 5 M #N/A N/A Not Provided 08.04.2013
Wellington Shields & Co. LLC ELLIOTT LEO SCHLANG hold 3 M #N/A N/A Not Provided 01.03.2013
Jefferies BRANDON COUILLARD buy 5 M 44 12 month 25.02.2013
Barrington Research CHARLES R JONES outperform 5 M 45 12 month 25.02.2013
Stifel JONATHAN D BLOCK hold 3 M #N/A N/A Not Provided 25.02.2013
Goldman Sachs ROBERT P JONES neutral/neutral 3 M 44 12 month 20.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ PHILLIP SELIGMAN buy 5 M 41 Not Provided 25.10.2012
Holdings By:
DENTSPLY International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
DIRECTV provides digital television entertainment in the United States and
Latin America. The Company acquires, promotes, sells and distributes digital
entertainment programming via satellite to residential and commercial
subscribers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.04.2013) 57.77
52-Week Low (13.06.2012) 42.87
Daily Volume
57.15
52-Week High % Change -1.07% Dividend Yield 0.00
52-Week Low % Change 33.31% Beta 0.89
% 52 Week Price Range High/Low 95.84% Equity Float 542.31
Shares Out 04.03.2013 570.9 Short Int 16.01
32'629.28 1 Yr Total Return 15.99%
Total Debt 17'966.00 YTD Return 13.94%
Preferred Stock 0.0 Adjusted BETA 0.895
Minority Interest 400.0 Analyst Recs 26
Cash and Equivalents 1'902.00 Consensus Rating 4.038
Enterprise Value 49'093.28
Average Volume 5 Day 999'180
DTV UW EQUITY YTD Change - Average Volume 30 Day 1'417'518
DTV UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'596'451
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
19'693.0 21'565.0 24'102.0 27'226.0 29'740.0 27'226.0 29'740.0 31'892.1 34'136.2 7'522.9 7'759.4
1.40x 1.68x 1.72x 1.56x 1.54x 6.64x 6.19x 1.59x 1.53x 6.54x 6.41x
4'911.0 5'265.0 6'342.0 6'939.0 7'447.0 6'939.0 7'447.0 7'882.0 8'553.7 1'878.3 2'106.7
5.62x 6.88x 6.55x 6.11x 6.16x 6.11x 6.16x 6.23x 5.74x 6.26x 6.10x
1'521.0 942.0 2'198.0 2'609.0 2'949.0 2'609.0 2'949.0 2'694.9 2'918.0 637.5 774.4
16.85x 22.06x 17.31x 12.43x 11.10x 12.35x 11.05x 11.81x 9.83x 11.77x 11.03x
EBITDA 7'447.00 Long-Term Rating Date 25.02.2011
EBIT 5'085.00 Long-Term Rating BBB
Operating Margin 17.10% Long-Term Outlook STABLE
Pretax Margin 14.94% Short-Term Rating Date 19.11.2012
Return on Assets 15.13% Short-Term Rating A-2
Return on Common Equity -
Return on Capital 30.07% EBITDA/Interest Exp. 8.60
Asset Turnover 1.53% (EBITDA-Capex)/Interest Exp. 4.73
Net Debt/EBITDA 2.16
Gross Margin 47.6% Total Debt/EBITDA 2.41
EBITDA Margin 25.0%
EBIT Margin 17.1% Total Debt/Equity -
Net Income Margin 9.9% Total Debt/Capital 138.9%
Asset Turnover 1.53
Current Ratio 1.00 Net Fixed Asset Turnover 3.76
Quick Ratio 0.83 Accounts receivable turnover-days 31.81
Debt to Assets 87.40% Inventory Days 8.13
Tot Debt to Common Equity - Accounts Payable Turnover Day 27.99
Accounts Receivable Turnover 11.50 Cash Conversion Cycle 11.95
Inventory Turnover 45.03
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
DIRECTVPrice/Volume
Valuation Analysis
956'339.00
Current Price (4/dd/yy) Market Data
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
1999 2000 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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 53'171'004 9.31 (10'640'111) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 38'143'004 6.68 - 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 36'419'239 6.38 (366'387) 24.04.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 34'037'500 5.96 4'481'900 31.12.2012 Investment Advisor
MALONE JOHN C n/a Form 4 27'717'717 4.85 26'100'639 16.06.2010 n/a
VANGUARD GROUP INC VANGUARD GROUP INC 13F 26'382'691 4.62 (1'285'417) 31.03.2013 Investment Advisor
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 25'794'847 4.52 (1'255'886) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 21'475'390 3.76 (1'593'165) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 11'804'878 2.07 (1'148'717) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'372'647 1.64 (2'371'987) 28.02.2013 Investment Advisor
UBS n/a ULT-AGG 8'814'492 1.54 (1'019'143) 28.02.2013 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'059'587 1.41 (368'428) 31.12.2012 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 7'745'527 1.36 1'090'420 31.03.2013 Investment Advisor
HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 7'579'945 1.33 (2'973'987) 31.12.2012 Hedge Fund Manager
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 7'370'883 1.29 1'986'000 31.03.2013 Investment Advisor
GAMCO n/a ULT-AGG 7'166'238 1.26 (400'468) 31.12.2012 Unclassified
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'489'214 1.14 226'943 31.03.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 6'407'491 1.12 (370'220) 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'654'678 0.99 1'467'272 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'634'474 0.99 (22'895) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 61 12 month 24.04.2013
Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 24.04.2013
RBC Capital Markets JONATHAN ATKIN sector perform 3 M 60 12 month 23.04.2013
Credit Suisse MICHAEL SENNO neutral 3 M 58 Not Provided 23.04.2013
JPMorgan PHILIP CUSICK neutral 3 M 58 6 month 23.04.2013
ISI Group VIJAY JAYANT neutral 3 M 55 12 month 21.04.2013
Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 19.04.2013
Morgan Stanley BENJAMIN SWINBURNE Overwt/In-Line 5 M 60 12 month 18.04.2013
Jefferies THOMAS O SEITZ buy 5 M 60 12 month 17.04.2013
Stifel CHRISTOPHER C KING buy 5 N 65 Not Provided 16.04.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 70 18 month 15.04.2013
Guggenheim Securities LLC SHING YIN buy 5 M 64 12 month 09.04.2013
Macquarie AMY YONG neutral 3 M 53 12 month 06.04.2013
Nomura MICHAEL L MCCORMACK reduce 2 M 40 12 month 05.04.2013
Wells Fargo Securities, LLC MARCI RYVICKER market perform 3 M #N/A N/A Not Provided 05.04.2013
Brean Murray Carret & Co TODD MITCHELL buy 5 M 66 12 month 25.03.2013
Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 64 12 month 15.03.2013
S&P Capital IQ TUNA AMOBI hold 3 M 52 Not Provided 06.03.2013
Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 64 12 month 06.03.2013
Goldman Sachs JASON ARMSTRONG neutral/attractive 3 M 56 12 month 15.02.2013
Evercore Partners BRYAN KRAFT overweight 5 M 60 12 month 15.02.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 62 Not Provided 15.02.2013
New Street Research ANDREW ENTWISTLE buy 5 M 61 Not Provided 14.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
DIRECTV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Discovery Communications, Inc. provides non-fiction entertainment. The Company
operates a wide range of educational television channels as well as offers
consumer and educational products and services, and a diversified portfolio of
digital media services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.04.2013) 81.42
52-Week Low (05.06.2012) 48.03
Daily Volume
78.83
52-Week High % Change -3.18% Dividend Yield 0.00
52-Week Low % Change 64.13% Beta 1.00
% 52 Week Price Range High/Low 92.24% Equity Float 143.30
Shares Out 21.03.2013 145.7 Short Int 12.55
28'380.88 1 Yr Total Return 44.85%
Total Debt 5'243.00 YTD Return 24.18%
Preferred Stock 2.0 Adjusted BETA 0.996
Minority Interest 2.0 Analyst Recs 28
Cash and Equivalents 1'201.00 Consensus Rating 3.571
Enterprise Value 32'426.88
Average Volume 5 Day 318'737
DISCA UW EQUITY YTD Change - Average Volume 30 Day 413'121
DISCA UW EQUITY YTD % CHANGE - Average Volume 3 Month 453'302
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'443.0 3'516.0 3'773.0 4'168.0 4'487.0 4'204.0 4'521.0 5'552.0 6'143.5 1'156.8 1'445.4
2.21x 3.13x 5.42x 4.59x 5.20x 16.85x 17.78x 6.07x 5.58x 28.96x 23.27x
1'350.0 1'204.0 1'517.0 1'823.0 1'978.0 1'822.0 1'975.0 2'439.7 2'755.3 512.3 659.7
5.63x 9.14x 13.49x 10.50x 11.80x 10.50x 11.82x 13.29x 11.77x 13.25x 12.79x
317.0 560.0 653.0 1'132.0 943.0 1'132.0 943.0 1'220.5 1'470.2 240.0 330.8
14.60x 30.20x 24.33x 15.51x 25.19x 15.37x 25.19x 23.37x 18.53x 23.35x 21.75x
EBITDA 1'978.00 Long-Term Rating Date 09.03.2011
EBIT 1'861.00 Long-Term Rating BBB
Operating Margin 41.48% Long-Term Outlook STABLE
Pretax Margin 33.83% Short-Term Rating Date -
Return on Assets 7.59% Short-Term Rating -
Return on Common Equity 14.73%
Return on Capital 9.88% EBITDA/Interest Exp. 7.98
Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 7.67
Net Debt/EBITDA 2.05
Gross Margin 72.9% Total Debt/EBITDA 2.65
EBITDA Margin 43.7%
EBIT Margin 41.1% Total Debt/Equity 83.4%
Net Income Margin 21.0% Total Debt/Capital 45.4%
Asset Turnover 0.36
Current Ratio 2.89 Net Fixed Asset Turnover 11.79
Quick Ratio 2.46 Accounts receivable turnover-days 87.92
Debt to Assets 40.55% Inventory Days -
Tot Debt to Common Equity 83.37% Accounts Payable Turnover Day 18.17
Accounts Receivable Turnover 4.16 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Discovery Communications IncPrice/Volume
Valuation Analysis
306'621.00
Current Price (4/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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5'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 27'072'344 18.58 913'978 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 14'370'610 9.86 251'406 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 11'876'615 8.15 57'544 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'872'715 7.46 2'500'360 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'118'371 2.83 621'142 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'171'565 2.18 1'508'900 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'933'329 2.01 479'325 31.03.2013 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 2'890'950 1.98 (66'715) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 2'806'156 1.93 1'305'667 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'802'220 1.92 (13'148) 31.12.2012 Investment Advisor
ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 2'664'481 1.83 424'082 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'640'394 1.81 1'143'456 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'322'118 1.59 (50'824) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'309'576 1.58 498'261 31.12.2012 Investment Advisor
FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 2'018'003 1.38 (246'723) 31.12.2012 Investment Advisor
MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 1'965'867 1.35 (8'638) 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'960'332 1.35 (214'110) 31.12.2012 Investment Advisor
BAMCO INC BAMCO INC 13F 1'791'677 1.23 (107'385) 31.12.2012 Investment Advisor
DSM CAPITAL PARTNERS DSM CAPITAL PARTNERS 13F 1'737'867 1.19 62'206 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'691'786 1.16 (2'591'432) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Susquehanna Financial Group VASILY KARASYOV neutral 3 M 84 12 month 24.04.2013
Barrington Research JAMES C GOSS market perform 3 M #N/A N/A Not Provided 23.04.2013
Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 23.04.2013
MKM Partners ERIC O HANDLER neutral 3 M 72 12 month 22.04.2013
Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 87 12 month 19.04.2013
B Riley & Company, Inc DAVID W MILLER buy 5 M 90 Not Provided 19.04.2013
Credit Suisse MICHAEL SENNO underperform 1 M 77 Not Provided 17.04.2013
Nomura MICHAEL NATHANSON neutral 3 M 67 12 month 17.04.2013
JPMorgan ALEXIA S QUADRANI neutral 3 M 85 6 month 16.04.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 70 Not Provided 16.04.2013
Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 12.04.2013
Pivotal Research Group LLC BRIAN WIESER hold 3 M 72 12 month 11.04.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 91 12 month 10.04.2013
Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 M 83 12 month 10.04.2013
RBC Capital Markets DAVID BANK outperform 5 M 84 12 month 10.04.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 90 12 month 10.04.2013
Davenport & Co MICHAEL C MORRIS buy 5 M 85 Not Provided 05.04.2013
Goldman Sachs DREW BORST sell/attractive 1 M 62 12 month 15.02.2013
Macquarie AMY YONG neutral 3 M 65 12 month 15.02.2013
S&P Capital IQ TUNA AMOBI buy 5 M 78 Not Provided 15.02.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 82 Not Provided 15.02.2013
Evercore Partners ALAN GOULD equalweight 3 M 69 12 month 14.02.2013
Atlantic Equities LLP HAMILTON FABER neutral 3 M 51 12 month 14.02.2013
Piper Jaffray JAMES M MARSH JR neutral 3 M 40 12 month 11.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 10.10.2012
Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 01.08.2012
BTIG LLC RICHARD GREENFIELD neutral 3 D 44 12 month 11.10.2010
Hudson Square Research MARLA S BACKER buy 5 M 36 Not Provided 15.09.2009
Holdings By:
Discovery Communications Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Dollar Tree, Inc. operates a discount variety store chain in the United States.
The Company sells an assortment of everyday general merchandise at the $1.00
price point.
Latest Fiscal Year: 01/2013
LTM as of: 02/yy
52-Week High (20.06.2012) 56.82
52-Week Low (09.11.2012) 37.13
Daily Volume
47.79
52-Week High % Change -15.88% Dividend Yield 0.00
52-Week Low % Change 28.73% Beta 0.78
% 52 Week Price Range High/Low 54.16% Equity Float 219.15
Shares Out 09.11.2012 227.2 Short Int 3.55
10'858.19 1 Yr Total Return -5.98%
Total Debt 271.30 YTD Return 17.83%
Preferred Stock 0.0 Adjusted BETA 0.783
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 399.90 Consensus Rating 4.120
Enterprise Value 10'729.59
Average Volume 5 Day 413'678
DLTR UW EQUITY YTD Change - Average Volume 30 Day 636'228
DLTR UW EQUITY YTD % CHANGE - Average Volume 3 Month 775'146
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 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
4'644.9 5'231.2 5'882.4 6'630.5 7'394.5 6'630.5 7'394.5 7'938.6 8'612.1 1'867.0 1'858.3
0.81x 0.77x 1.03x 1.47x 1.20x 5.09x 5.62x 1.34x 1.25x 5.73x 5.75x
527.5 670.6 816.0 946.0 1'095.4 946.0 1'095.4 1'179.4 1'322.1 254.1 251.8
7.17x 5.97x 7.44x 10.32x 8.11x 10.32x 8.11x 9.10x 8.12x 9.07x 8.84x
229.5 320.5 397.3 488.3 619.3 488.3 619.3 619.3 686.2 128.1 127.2
16.82x 13.91x 15.50x 21.00x 17.15x 20.85x 15.87x 17.21x 14.92x 17.15x 16.68x
EBITDA 1'095.40 Long-Term Rating Date -
EBIT 920.10 Long-Term Rating -
Operating Margin 12.44% Long-Term Outlook -
Pretax Margin 13.24% Short-Term Rating Date -
Return on Assets 24.38% Short-Term Rating -
Return on Common Equity 41.12%
Return on Capital 35.00% EBITDA/Interest Exp. 391.21
Asset Turnover 2.91% (EBITDA-Capex)/Interest Exp. 279.71
Net Debt/EBITDA -0.12
Gross Margin 35.9% Total Debt/EBITDA 0.25
EBITDA Margin 14.8%
EBIT Margin 12.4% Total Debt/Equity 16.3%
Net Income Margin 8.4% Total Debt/Capital 14.0%
Asset Turnover 2.91
Current Ratio 2.18 Net Fixed Asset Turnover 8.28
Quick Ratio 0.59 Accounts receivable turnover-days -
Debt to Assets 9.86% Inventory Days 71.95
Tot Debt to Common Equity 16.27% Accounts Payable Turnover Day 24.24
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 5.16
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Dollar Tree IncPrice/Volume
Valuation Analysis
337'333.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 14'931'182 6.57 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'972'930 6.15 315'798 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 13'744'699 6.05 (772'919) 24.04.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 12'451'294 5.48 2'326'293 28.02.2013 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 11'804'692 5.2 7'912'671 31.12.2012 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 11'394'576 5.02 7'119'050 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 8'433'857 3.71 3'779'205 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 8'359'549 3.68 (13'711'833) 28.02.2013 Investment Advisor
BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 6'500'000 2.86 1'870'000 31.12.2012 Hedge Fund Manager
JANUS CAPITAL MANAGE n/a ULT-AGG 5'285'877 2.33 (827'100) 31.12.2012 Investment Advisor
ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 4'500'000 1.98 4'500'000 31.12.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'960'482 1.74 2'403'303 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 3'621'416 1.59 1'017'576 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'480'399 1.53 1'772'662 31.12.2012 Investment Advisor
BROCK JR MACON F n/a Form 4 3'207'040 1.41 - 30.03.2013 n/a
LUXOR CAPITAL GROUP LUXOR CAPITAL GROUP 13F 3'203'362 1.41 3'203'362 31.12.2012 Hedge Fund Manager
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'097'519 1.36 3'097'519 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'087'456 1.36 (36'042) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'043'869 1.34 (104'819) 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'746'830 1.21 (488'100) 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies DANIEL T BINDER hold 3 M 41 12 month 18.04.2013
Nomura ARAM RUBINSON neutral 3 M 48 12 month 12.04.2013
Morgan Stanley MARK WILTAMUTH Overwt/In-Line 5 M 57 12 month 10.04.2013
Goldman Sachs STEPHEN GRAMBLING Buy/Neutral 5 M 54 12 month 03.04.2013
Raymond James DANIEL R WEWER JR strong buy 5 M 53 12 month 14.03.2013
BB&T Capital Markets ANTHONY CHUKUMBA buy 5 M 60 12 month 13.03.2013
JPMorgan MATTHEW BOSS overweight 5 M 45 6 month 04.03.2013
Deutsche Bank PAUL TRUSSELL hold 3 M 43 12 month 28.02.2013
Johnson Rice & Co DAVID M MANN equalweight 3 M #N/A N/A Not Provided 28.02.2013
FBR Capital Markets DUTCH FOX market perform 3 M 43 12 month 28.02.2013
Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 28.02.2013
Feltl & Company BRENT R RYSTROM strong buy 5 M 53 12 month 28.02.2013
MKM Partners PATRICK G MCKEEVER JR buy 5 M 50 12 month 28.02.2013
Barclays MEREDITH ADLER equalweight 3 M 42 Not Provided 28.02.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 48 12 month 28.02.2013
Northcoast Research NICHOLAS MITCHELL neutral 3 M #N/A N/A Not Provided 28.02.2013
BMO Capital Markets WAYNE HOOD outperform 5 M 60 Not Provided 27.02.2013
RBC Capital Markets R SCOT CICCARELLI outperform 5 M 50 12 month 27.02.2013
Credit Suisse EDWARD J KELLY outperform 5 M 55 Not Provided 27.02.2013
Wedbush JOAN L STORMS outperform 5 M 54 12 month 27.02.2013
Buckingham Research Group JOHN M ZOLIDIS neutral 3 M 46 12 month 27.02.2013
Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 46 12 month 27.02.2013
Piper Jaffray PETER J KEITH neutral 3 M 47 12 month 27.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Morgan Stanley JOSEPH PARKHILL Equalwt/In-Line 3 M 40 12 month 07.01.2013
S&P Capital IQ JOSEPH AGNESE hold 3 M 48 12 month 16.08.2012
Holdings By:
Dollar Tree Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
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 (01.06.2012) 38.00
Daily Volume
52.84
52-Week High % Change -8.96% Dividend Yield 0.00
52-Week Low % Change 39.05% Beta 1.24
% 52 Week Price Range High/Low 74.05% Equity Float 1'173.38
Shares Out 15.04.2013 1'297.8 Short Int 15.35
68'575.20 1 Yr Total Return 28.72%
Total Debt 4'519.00 YTD Return 3.57%
Preferred Stock 0.0 Adjusted BETA 1.236
Minority Interest 0.0 Analyst Recs 43
Cash and Equivalents 9'408.00 Consensus Rating 4.628
Enterprise Value 63'698.20
Average Volume 5 Day 2'836'915
EBAY UW EQUITY YTD Change - Average Volume 30 Day 3'470'848
EBAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'069'363
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 16'324.6 19'014.4 3'892.8 3'971.1
1.82x 2.93x 3.42x 3.02x 4.34x 12.55x 16.15x 3.86x 3.18x 16.18x 15.65x
2'844.6 2'305.9 2'837.5 3'313.0 4'088.0 3'489.4 4'285.0 5'358.2 6'217.1 1'247.1 1'287.2
5.46x 11.10x 11.03x 10.62x 14.95x 12.57x 15.25x 11.89x 10.25x 11.44x 10.96x
1'779.5 2'389.1 1'801.0 3'229.4 2'609.0 3'323.5 2'717.0 3'625.3 4'271.1 837.7 860.6
9.01x 15.90x 20.17x 17.23x 26.15x 20.16x 26.98x 19.27x 16.36x 18.56x 17.80x
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 1.06
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 -
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
eBay IncPrice/Volume
Valuation Analysis
2'127'212.00
Current Price (4/dd/yy) Market Data
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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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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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OMIDYAR PIERRE M n/a Form 4 121'858'408 9.39 (30'000) 21.12.2012 n/a
FMR LLC n/a ULT-AGG 68'453'183 5.27 477'861 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 63'293'953 4.88 5'198'513 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 62'542'024 4.82 (961'276) 23.04.2013 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 45'140'231 3.48 4'482'329 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 40'275'490 3.1 (5'193'294) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 31'965'970 2.46 (4'169'104) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 28'907'848 2.23 (10'212'918) 31.12.2012 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 26'035'739 2.01 (1'216'710) 28.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 20'441'029 1.58 (1'345'350) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 19'219'016 1.48 (2'197'523) 31.12.2012 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 15'628'609 1.2 49'071 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 13'224'417 1.02 492'872 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 12'553'044 0.97 2'943'378 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 11'810'206 0.91 719'651 28.02.2013 Unclassified
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 11'256'041 0.87 2'454'742 31.12.2012 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 10'714'867 0.83 10'676'215 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 U #N/A N/A Not Provided 24.04.2013
JMP Securities RONALD V JOSEY III market outperform 4 M 67 12 month 23.04.2013
Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 65 12 month 22.04.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 64 12 month 22.04.2013
Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 66 12 month 19.04.2013
Raymond James AARON M KESSLER outperform 5 M 61 12 month 19.04.2013
BMO Capital Markets EDWARD S WILLIAMS outperform 5 M 64 Not Provided 18.04.2013
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
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 18.04.2013
JPMorgan DOUGLAS ANMUTH overweight 5 M 63 6 month 18.04.2013
Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 65 12 month 18.04.2013
Jefferies BRIAN J PITZ buy 5 M 66 12 month 18.04.2013
Needham & Co KERRY RICE buy 5 M 60 12 month 18.04.2013
Pacific Crest Securities CHAD BARTLEY outperform 5 M 65 12 month 18.04.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 65 12 month 18.04.2013
Macquarie BENJAMIN A SCHACHTER neutral 3 D 58 12 month 18.04.2013
B Riley & Company, Inc SCOTT TILGHMAN buy 5 M 65 Not Provided 18.04.2013
Stifel JORDAN ROHAN buy 5 M 65 12 month 18.04.2013
Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 67 12 month 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
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 66 12 month 18.04.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 62 12 month 18.04.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 63 12 month 18.04.2013
Benchmark Company LLC DANIEL L KURNOS buy 5 M 63 12 month 18.04.2013
Credit Agricole Securities (USA) JAMES LEE buy 5 M 70 Not Provided 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
Compass Point Research & Trading LLC DOUGLAS GREINER neutral 3 M 63 12 month 18.04.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 65 12 month 18.04.2013
Deutsche Bank ROSS SANDLER hold 3 M 55 12 month 17.04.2013
Wedbush GIL B LURIA outperform 5 M 64 12 month 17.04.2013
Argus Research Corp DAVID RITTER buy 5 M 65 Not Provided 11.04.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 62 Not Provided 02.04.2013
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
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 03.12.2012
Holdings By:
eBay Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Equinix, Inc. provides core Internet exchange services to networks, Internet
infrastructure companies, enterprises, and content providers. The Company
operates Internet Business Exchange centers in several countries, where
customers can interconnect with the providers that serve Internet networks and
users for their peering, transit, and traffic exchange requirements.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.02.2013) 231.21
52-Week Low (21.05.2012) 146.52
Daily Volume
210.97
52-Week High % Change -8.75% Dividend Yield 0.00
52-Week Low % Change 43.99% Beta 1.14
% 52 Week Price Range High/Low 76.10% Equity Float 48.33
Shares Out 31.03.2013 48.8 Short Int 8.79
10'296.11 1 Yr Total Return 28.48%
Total Debt 3'010.75 YTD Return 2.31%
Preferred Stock 0.0 Adjusted BETA 1.138
Minority Interest 84.2 Analyst Recs 23
Cash and Equivalents 418.71 Consensus Rating 4.391
Enterprise Value 13'998.45
Average Volume 5 Day 448'863
EQIX UW EQUITY YTD Change - Average Volume 30 Day 213'169
EQIX UW EQUITY YTD % CHANGE - Average Volume 3 Month 230'622
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
704.7 882.5 1'220.3 1'569.8 1'895.7 1'677.4 1'981.0 2'206.7 2'547.0 533.9 561.8
4.18x 5.74x 4.27x 4.45x 6.72x 17.67x 18.23x 6.25x 5.32x 25.36x 24.06x
235.5 353.7 474.0 659.7 817.7 704.7 624.4 1'005.5 1'166.6 242.7 254.9
12.53x 14.32x 10.99x 10.59x 15.57x 13.76x 0.00x 13.92x 12.00x 13.30x 12.76x
107.9 69.4 36.9 94.0 144.7 103.4 146.0 145.4 242.8 12.1 42.5
18.60x 59.63x 65.53x 56.33x 68.96x 79.52x 71.63x 73.43x 46.62x 64.40x 52.57x
EBITDA 817.73 Long-Term Rating Date 28.02.2013
EBIT 419.44 Long-Term Rating BB
Operating Margin 22.13% Long-Term Outlook STABLE
Pretax Margin 10.36% Short-Term Rating Date -
Return on Assets 2.16% Short-Term Rating -
Return on Common Equity 6.63%
Return on Capital 4.82% EBITDA/Interest Exp. 3.54
Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 0.23
Net Debt/EBITDA 4.27
Gross Margin 50.2% Total Debt/EBITDA 5.36
EBITDA Margin 42.6%
EBIT Margin 21.8% Total Debt/Equity 128.9%
Net Income Margin 7.6% Total Debt/Capital 55.4%
Asset Turnover 0.29
Current Ratio 1.19 Net Fixed Asset Turnover 0.54
Quick Ratio 1.08 Accounts receivable turnover-days 31.67
Debt to Assets 49.09% Inventory Days -
Tot Debt to Common Equity 128.92% Accounts Payable Turnover Day 10.14
Accounts Receivable Turnover 11.53 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
Equinix IncPrice/Volume
Valuation Analysis
285'591.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 4'163'477 8.53 - 31.12.2012 Hedge Fund Manager
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 2'794'535 5.73 709'516 31.12.2012 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 2'791'546 5.72 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'413'743 4.95 158'127 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'395'429 4.91 549'226 31.12.2012 Investment Advisor
PAULSON & CO PAULSON & CO 13F 2'100'000 4.3 - 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 1'984'964 4.07 25'037 24.04.2013 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 1'984'857 4.07 112'178 31.12.2012 Investment Advisor
OZ MANAGEMENT LP OZ MANAGEMENT 13F 1'713'479 3.51 (124'775) 31.12.2012 Investment Advisor
FIR TREE INCORPORATE FIR TREE INCORPORATE 13F 1'484'582 3.04 79'954 31.12.2012 Hedge Fund Manager
FMR LLC n/a ULT-AGG 1'317'763 2.7 267'873 28.02.2013 Investment Advisor
BAMCO INC BAMCO INC 13F 1'201'665 2.46 (818'672) 31.12.2012 Investment Advisor
BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 1'170'000 2.4 547'748 31.12.2012 Hedge Fund Manager
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'159'298 2.38 269'484 31.03.2013 Investment Advisor
JAT CAPITAL MANAGEME JAT CAPITAL MANAGEME 13F 1'090'449 2.23 431'551 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 998'974 2.05 651'445 31.12.2012 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 955'463 1.96 177'197 31.12.2012 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 937'081 1.92 431'500 31.12.2012 Hedge Fund Manager
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 847'955 1.74 (1'421'727) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 753'336 1.54 278'553 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank BRETT FELDMAN buy 5 M 270 12 month 25.04.2013
Morgan Stanley SIMON FLANNERY Equalwt/In-Line 3 M #N/A N/A Not Provided 25.04.2013
JPMorgan STERLING AUTY not rated #N/A N/A M #N/A N/A Not Provided 25.04.2013
Jefferies THOMAS O SEITZ buy 5 M 250 12 month 25.04.2013
Raymond James FRANK G LOUTHAN strong buy 5 M 245 12 month 25.04.2013
Evercore Partners JONATHAN SCHILDKRAUT overweight 5 M 265 12 month 25.04.2013
Nomura MICHAEL L MCCORMACK buy 5 M 235 12 month 25.04.2013
Wells Fargo Securities, LLC GRAY W POWELL outperform 5 M #N/A N/A Not Provided 25.04.2013
Stephens Inc BARRY MCCARVER overweight 5 U 305 12 month 22.04.2013
Canaccord Genuity Corp GREGORY MILLER buy 5 M 250 12 month 21.04.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 270 12 month 19.04.2013
Stifel TODD C WELLER buy 5 M 265 12 month 18.04.2013
Cowen and Company COLBY SYNESAEL outperform 5 M #N/A N/A Not Provided 16.04.2013
RBC Capital Markets JONATHAN ATKIN outperform 5 M 250 12 month 09.04.2013
Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 245 12 month 27.03.2013
Oppenheimer & Co TIMOTHY K HORAN market perform 3 M #N/A N/A Not Provided 12.03.2013
Pacific Crest Securities MICHAEL BOWEN outperform 5 M 240 12 month 13.02.2013
William Blair & Co JAMES D BREEN JR outperform 5 M #N/A N/A Not Provided 13.02.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Atlantic Equities LLP CHRISTOPHER WATTS neutral 3 M 205 12 month 02.11.2012
Goldman Sachs SCOTT GOLDMAN neutral/neutral 3 M 216 12 month 14.09.2012
Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 14.09.2012
Holdings By:
Equinix Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Expedia, Inc. provides branded online travel services for leisure and small
business travelers. The Company offers a wide range of travel shopping and
reservation services, providing real-time access to schedule, pricing and
availability information for airlines, hotels, and car rental companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (05.02.2013) 68.09
52-Week Low (30.04.2012) 39.57
Daily Volume
56.06
52-Week High % Change -17.67% Dividend Yield 1.78
52-Week Low % Change 41.68% Beta 1.02
% 52 Week Price Range High/Low 57.82% Equity Float 106.93
Shares Out 12.04.2013 122.3 Short Int 9.89
7'575.74 1 Yr Total Return 33.83%
Total Debt 1'249.35 YTD Return -8.59%
Preferred Stock 0.0 Adjusted BETA 1.020
Minority Interest 109.1 Analyst Recs 29
Cash and Equivalents 1'938.14 Consensus Rating 3.828
Enterprise Value 7'202.13
Average Volume 5 Day 1'275'616
EXPE UW EQUITY YTD Change - Average Volume 30 Day 743'020
EXPE UW EQUITY YTD % CHANGE - Average Volume 3 Month 744'944
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 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
2'937.0 2'955.4 3'033.6 3'449.0 4'030.3 3'449.0 4'030.3 4'817.7 5'452.6 1'252.8 1'406.8
0.67x 1.28x 2.33x 1.13x 1.92x 6.99x 5.90x 1.42x 1.10x 5.59x 4.95x
774.6 875.4 704.0 719.2 809.3 693.9 809.3 890.8 1'036.6 222.0 347.6
2.53x 4.31x 10.04x 5.41x 9.56x 5.61x 9.56x 8.08x 6.95x 7.82x 7.45x
(2'517.8) 299.5 421.5 472.3 280.2 472.3 280.2 477.1 567.5 117.7 209.6
- 20.48x 22.76x 11.84x 22.72x 11.93x 22.75x 16.82x 14.11x 16.47x 15.35x
EBITDA 809.30 Long-Term Rating Date 22.12.2011
EBIT 548.75 Long-Term Rating BBB-
Operating Margin 13.62% Long-Term Outlook STABLE
Pretax Margin 8.69% Short-Term Rating Date -
Return on Assets 2.35% Short-Term Rating -
Return on Common Equity 8.52%
Return on Capital 6.88% EBITDA/Interest Exp. 9.22
Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 6.53
Net Debt/EBITDA -0.97
Gross Margin 77.7% Total Debt/EBITDA 1.44
EBITDA Margin 20.5%
EBIT Margin 12.4% Total Debt/Equity 54.8%
Net Income Margin 7.0% Total Debt/Capital 34.3%
Asset Turnover 0.55
Current Ratio 0.88 Net Fixed Asset Turnover 11.08
Quick Ratio 0.80 Accounts receivable turnover-days 45.01
Debt to Assets 17.63% Inventory Days -
Tot Debt to Common Equity 54.79% Accounts Payable Turnover Day 378.36
Accounts Receivable Turnover 8.11 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Expedia IncPrice/Volume
Valuation Analysis
1'996'777.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIBERTY MEDIA CORP - n/a Form 4 10'277'576 8.38 467'672 28.02.2013 Corporation
JP MORGAN n/a ULT-AGG 9'274'960 7.57 2'897'074 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 9'143'648 7.46 3'449'587 23.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 8'301'519 6.77 (2'305'627) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'651'900 5.43 508'486 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 5'141'504 4.19 (672'354) 24.04.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 5'092'259 4.15 1'345'443 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'860'232 3.96 (3'570'502) 28.02.2013 Investment Advisor
DILLER BARRY n/a Form 4 4'408'396 3.6 6'069 28.02.2013 n/a
INVESCO LTD n/a ULT-AGG 3'117'727 2.54 (155'445) 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'458'402 2.01 2'438'791 31.12.2012 Hedge Fund Manager
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'347'269 1.91 312'750 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'311'184 1.89 546'800 31.12.2012 Hedge Fund Manager
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'310'848 1.89 979'605 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 2'121'920 1.73 160'188 31.12.2012 Investment Advisor
SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 1'784'128 1.46 569'939 31.12.2012 Hedge Fund Manager
WELLS FARGO n/a ULT-AGG 1'703'624 1.39 551'497 28.02.2013 Investment Advisor
JANA PARTNERS LLC JANA PARTNERS LLC 13F 1'645'994 1.34 601'068 31.12.2012 Hedge Fund Manager
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'360'489 1.11 369'956 31.12.2012 Investment Advisor
BURGUNDY ASSET MANAG BURGUNDY ASSET MANAG 13F 1'300'692 1.06 6'266 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James AARON M KESSLER outperform 5 M 77 12 month 24.04.2013
JPMorgan DOUGLAS ANMUTH neutral 3 M 67 6 month 23.04.2013
Stifel MICHAEL B PURCELL hold 3 M #N/A N/A Not Provided 23.04.2013
JMP Securities RONALD V JOSEY III market perform 3 M #N/A N/A Not Provided 23.04.2013
Cantor Fitzgerald NAVED KHAN buy 5 M 77 12 month 22.04.2013
RBC Capital Markets MARK S MAHANEY sector perform 3 M 73 12 month 21.04.2013
Deutsche Bank ROSS SANDLER buy 5 M 80 12 month 18.04.2013
Cowen and Company KEVIN KOPELMAN outperform 5 M #N/A N/A Not Provided 18.04.2013
Piper Jaffray MICHAEL J OLSON neutral 3 M 73 12 month 18.04.2013
Ascendiant Capital Markets EDWARD WOO buy 5 M 81 12 month 18.04.2013
Lazard Capital Markets JAKE FULLER buy 5 M 78 12 month 17.04.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 72 Not Provided 12.04.2013
Monness, Crespi, Hardt & Co WILLIAM LENNAN neutral 3 M #N/A N/A Not Provided 01.04.2013
Evercore Partners KEN SENA equalweight 3 M 70 12 month 21.03.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 77 12 month 22.02.2013
Morgan Stanley SCOTT W DEVITT Equalwt/Attractive 3 M #N/A N/A Not Provided 06.02.2013
Goldman Sachs HEATH P TERRY neutral/attractive 3 M 70 12 month 06.02.2013
Credit Suisse STEPHEN JU neutral 3 M 72 Not Provided 06.02.2013
Janney Montgomery Scott LLC BRIAN MULLAN neutral 3 M 70 12 month 06.02.2013
Jefferies BRIAN P FITZGERALD hold 3 M 70 12 month 06.02.2013
Macquarie THOMAS WHITE neutral 3 M 70 12 month 06.02.2013
Millman Research Associates MICHAEL MILLMAN buy 5 M 70 12 month 06.02.2013
Benchmark Company LLC DANIEL L KURNOS buy 5 M 80 12 month 06.02.2013
Pacific Crest Securities CHAD BARTLEY sector perform 3 M #N/A N/A Not Provided 05.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Knight TEAM COVERAGE buy 5 N 47 12 month 28.03.2012
Holdings By:
Expedia Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Expeditors International of Washington, Inc. is a global logistics company.
The Company provides air and ocean freight forwarding, vendor consolidation,
customs clearance, marine insurance, distribution, and other international
logistics services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.01.2013) 43.77
52-Week Low (10.10.2012) 34.20
Daily Volume
35.66
52-Week High % Change -18.53% Dividend Yield 1.57
52-Week Low % Change 4.27% Beta 1.10
% 52 Week Price Range High/Low 15.26% Equity Float 202.61
Shares Out 21.02.2013 206.5 Short Int 4.11
7'363.70 1 Yr Total Return -9.52%
Total Debt 0.00 YTD Return -9.84%
Preferred Stock 0.0 Adjusted BETA 1.102
Minority Interest 4.9 Analyst Recs 23
Cash and Equivalents 1'260.84 Consensus Rating 3.739
Enterprise Value 6'107.73
Average Volume 5 Day 556'160
EXPD UW EQUITY YTD Change - Average Volume 30 Day 729'128
EXPD UW EQUITY YTD % CHANGE - Average Volume 3 Month 717'627
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
5'633.9 4'092.3 5'967.6 6'150.5 5'980.9 6'150.5 5'980.9 6'367.2 6'926.9 1'453.8 1'589.4
1.12x 1.58x 1.76x 1.20x 1.15x 5.49x 4.75x 0.95x 0.86x 4.17x 3.82x
514.8 426.6 585.5 656.3 570.7 656.3 570.7 633.2 710.7 140.5 152.9
12.29x 15.13x 17.93x 11.27x 12.10x 11.27x 12.10x 9.65x 8.59x 9.82x 9.50x
301.0 240.2 344.2 385.7 333.4 385.7 333.4 367.7 414.6 81.5 89.8
24.28x 31.32x 34.34x 22.88x 25.19x 22.88x 25.19x 20.03x 17.60x 20.02x 19.37x
EBITDA 570.74 Long-Term Rating Date -
EBIT 530.80 Long-Term Rating -
Operating Margin 8.87% Long-Term Outlook -
Pretax Margin 9.20% Short-Term Rating Date -
Return on Assets 11.45% Short-Term Rating -
Return on Common Equity 16.54%
Return on Capital 16.51% EBITDA/Interest Exp. 456.23
Asset Turnover 2.05% (EBITDA-Capex)/Interest Exp. 418.16
Net Debt/EBITDA -2.21
Gross Margin 13.2% Total Debt/EBITDA 0.00
EBITDA Margin 9.5%
EBIT Margin 8.9% Total Debt/Equity 0.0%
Net Income Margin 5.6% Total Debt/Capital 0.0%
Asset Turnover 2.05
Current Ratio 2.80 Net Fixed Asset Turnover 10.92
Quick Ratio 2.72 Accounts receivable turnover-days 60.16
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 44.00
Accounts Receivable Turnover 6.08 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Expeditors International of Washington IncPrice/Volume
Valuation Analysis
266'470.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 16'713'579 8.09 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'843'979 6.7 3'098'884 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 11'099'059 5.37 346'555 24.04.2013 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 9'548'061 4.62 37'627 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 7'410'682 3.59 683'178 28.02.2013 Investment Advisor
MERCHANTS' GATE CAPI MERCHANTS' GATE CAPI 13F 5'932'567 2.87 (277'133) 31.12.2012 Hedge Fund Manager
INVESCO LTD n/a ULT-AGG 5'198'445 2.52 619'357 31.12.2012 Investment Advisor
INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 4'872'939 2.36 (224'020) 31.12.2012 Investment Advisor
ASHMORE WELATH MANAG ASHMORE WEALTH MANAG 13F 4'200'000 2.03 4'200'000 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'512'183 1.7 329'426 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 3'205'897 1.55 (94'350) 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 3'196'323 1.55 (19'047) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'854'140 1.38 (99'296) 31.12.2012 Investment Advisor
DF DENT & COMPANY D F DENT & COMPANY 13F 2'808'886 1.36 (85'903) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'744'167 1.33 551'707 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'734'305 1.32 (3'193'290) 31.12.2012 Investment Advisor
COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2'688'000 1.3 (606'000) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'609'704 1.26 (320'700) 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'253'930 1.09 1'557'129 31.12.2012 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 2'087'108 1.01 268'300 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley WILLIAM J GREENE Underwt/Attractive 1 M #N/A N/A Not Provided 23.04.2013
Avondale Partners LLC RYAN BOUCHARD market outperform 4 M 46 12 month 22.04.2013
RBC Capital Markets JOHN L BARNES III underperform 1 D 33 12 month 18.04.2013
Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 40 12 month 16.04.2013
JPMorgan THOMAS R WADEWITZ neutral 3 M 36 6 month 15.04.2013
Credit Suisse CHRISTOPHER J CERASO outperform 5 M 47 Not Provided 12.04.2013
Goldman Sachs TOM KIM buy/attractive 5 M 47 12 month 10.04.2013
Jefferies H PETER NESVOLD buy 5 M 44 12 month 10.04.2013
Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 53 12 month 10.04.2013
Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 09.04.2013
Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 67 12 month 08.04.2013
BB&T Capital Markets KEVIN W STERLING hold 3 M #N/A N/A Not Provided 04.04.2013
Stifel DAVID G ROSS buy 5 M 43 12 month 21.03.2013
Macquarie KELLY A DOUGHERTY neutral 3 M 38 12 month 12.03.2013
Wolfe Trahan & Co SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 05.03.2013
William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 28.02.2013
Raymond James PATRICK TYLER BROWN market perform 3 M #N/A N/A Not Provided 27.02.2013
FBR Capital Markets JOHN R MIMS market perform 3 M 34 12 month 27.02.2013
Stephens Inc JACK ATKINS equalweight 3 M 40 12 month 26.02.2013
Susquehanna Financial Group MATT TROY neutral 3 M 42 12 month 26.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
McAdams Wright Ragen Inc MICHAEL ROARKE hold 3 M #N/A N/A Not Provided 11.05.2012
Holdings By:
Expeditors International of Washington Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Express Scripts Holding Company. is a full service pharmacy benefit management
and specialty managed care company serving clients throughout North America.
The Company's customers include managed care organizations, insurance carriers,
third party administrators, employers, and union-sponsored benefit plans.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (05.10.2012) 66.00
52-Week Low (14.11.2012) 49.80
Daily Volume
58.44
52-Week High % Change -11.45% Dividend Yield 0.00
52-Week Low % Change 17.35% Beta 1.09
% 52 Week Price Range High/Low 53.33% Equity Float 815.08
Shares Out 31.03.2013 817.5 Short Int 10.34
47'776.39 1 Yr Total Return 4.75%
Total Debt 15'915.00 YTD Return 8.22%
Preferred Stock 0.0 Adjusted BETA 1.088
Minority Interest 10.7 Analyst Recs 27
Cash and Equivalents 2'793.90 Consensus Rating 4.444
Enterprise Value 60'242.79
Average Volume 5 Day 1'424'555
ESRX UW EQUITY YTD Change - Average Volume 30 Day 1'358'717
ESRX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'607'432
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 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
21'978.0 24'722.3 44'973.2 46'128.3 93'858.1 46'128.3 94'235.2 100'773.0 102'127.4 25'357.8 24'859.6
0.68x 0.59x 0.68x 0.52x 0.61x 2.31x 2.27x 0.57x 0.54x 2.32x 2.35x
1'378.2 1'604.2 2'315.6 2'567.8 4'657.1 2'566.7 4'672.2 6'658.3 7'271.2 1'649.5 1'698.8
10.77x 9.13x 13.18x 9.39x 12.31x 9.39x 12.27x 9.05x 8.29x 8.86x 8.70x
776.1 827.6 1'181.2 1'275.8 1'312.9 1'275.8 1'334.2 3'530.9 3'931.7 872.5 909.9
17.57x 26.27x 23.30x 16.31x 21.95x 16.80x 22.22x 13.70x 11.92x 13.43x 12.97x
EBITDA 4'657.10 Long-Term Rating Date 31.05.2012
EBIT 2'784.50 Long-Term Rating BBB+
Operating Margin 2.97% Long-Term Outlook NEG
Pretax Margin 2.33% Short-Term Rating Date -
Return on Assets 3.83% Short-Term Rating -
Return on Common Equity 10.91%
Return on Capital 7.18% EBITDA/Interest Exp. 7.52
Asset Turnover 2.88% (EBITDA-Capex)/Interest Exp. 7.26
Net Debt/EBITDA 2.27
Gross Margin 7.8% Total Debt/EBITDA 2.63
EBITDA Margin 5.1%
EBIT Margin 2.8% Total Debt/Equity 68.1%
Net Income Margin 1.4% Total Debt/Capital 40.5%
Asset Turnover 2.88
Current Ratio 0.82 Net Fixed Asset Turnover 103.75
Quick Ratio 0.63 Accounts receivable turnover-days 10.63
Debt to Assets 27.39% Inventory Days 3.74
Tot Debt to Common Equity 68.06% Accounts Payable Turnover Day 6.68
Accounts Receivable Turnover 34.32 Cash Conversion Cycle 10.73
Inventory Turnover 97.56
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
Express Scripts Holding CoPrice/Volume
Valuation Analysis
1'970'225.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 45'723'876 5.59 (6'076'608) 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 43'981'470 5.37 1'142'103 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 37'315'961 4.56 1'226'005 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 34'950'626 4.27 21'078'481 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 29'035'082 3.55 2'274'019 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20'497'371 2.5 (9'888'972) 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 17'645'363 2.16 2'233'833 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 17'628'445 2.15 (7'879'281) 28.02.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 17'578'199 2.15 (3'465'126) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 16'454'404 2.01 871'282 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 14'626'620 1.79 2'711'644 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 14'192'525 1.73 (1'336'070) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'065'675 1.72 357'583 31.12.2012 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 10'735'527 1.31 1'831'211 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 9'634'471 1.18 163'206 31.03.2013 Investment Advisor
GREEN VALLEY INVESTO GREEN VALLEY INVESTO 13F 9'050'000 1.11 9'050'000 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 8'820'756 1.08 (5'088'700) 31.12.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 8'291'195 1.01 (5'091'773) 31.12.2012 Investment Advisor
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 6'922'492 0.85 703'698 31.12.2012 Investment Advisor
GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 6'565'630 0.8 (2'173'623) 31.12.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Lazard Capital Markets THOMAS GALLUCCI buy 5 M 68 12 month 24.04.2013
JPMorgan LISA C GILL overweight 5 M 68 6 month 23.04.2013
ISI Group ROSS MUKEN neutral 3 M 58 12 month 18.04.2013
Leerink Swann & Co DAVID LARSEN outperform 5 M #N/A N/A Not Provided 17.04.2013
Credit Suisse GLEN SANTANGELO outperform 5 M 65 Not Provided 16.04.2013
Maxim Group LLC ANTHONY V VENDETTI buy 5 M 70 12 month 16.04.2013
Oppenheimer & Co BRET D JONES outperform 5 M 62 18 month 01.04.2013
Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 22.03.2013
Raymond James MICHAEL J BAKER outperform 5 M 65 12 month 18.03.2013
Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 64 12 month 15.03.2013
SunTrust Robinson Humphrey DAVID S MACDONALD buy 5 M 68 12 month 08.03.2013
Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 28.02.2013
BMO Capital Markets JENNIFER LYNCH market perform 3 M 59 Not Provided 20.02.2013
RBC Capital Markets FRANK G MORGAN outperform 5 M 62 12 month 20.02.2013
William Blair & Co JOHN C KREGER outperform 5 M #N/A N/A Not Provided 20.02.2013
Macquarie DANE LEONE neutral 3 D 60 12 month 20.02.2013
Cowen and Company CHARLES RHYEE outperform 5 M #N/A N/A Not Provided 20.02.2013
Jefferies BRIAN TANQUILUT hold 3 M 56 12 month 19.02.2013
Mizuho Securities USA Inc ANN HYNES buy 5 M 63 12 month 19.02.2013
JMP Securities TIM MCDONOUGH market outperform 4 M 67 12 month 19.02.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 65 Not Provided 19.02.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs ROBERT P JONES buy/attractive 5 M 64 12 month 06.11.2012
Holdings By:
Express Scripts Holding Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
F5 Networks, Inc. provides integrated Internet traffic management solutions
designed to improve the availability and performance of mission-critical
Internet-based servers and applications. The Company's software-based solutions
manage, control and optimize Internet traffic and content. F5's solutions
automatically deliver Internet content for service providers and e-businesses.
Latest Fiscal Year: 09/2012
LTM as of: 03/yy
52-Week High (03.05.2012) 138.65
52-Week Low (22.04.2013) 70.62
Daily Volume
75.96
52-Week High % Change -45.21% Dividend Yield 0.00
52-Week Low % Change 7.56% Beta 1.55
% 52 Week Price Range High/Low 7.85% Equity Float 78.08
Shares Out 31.03.2013 78.4 Short Int 4.56
5'953.74 1 Yr Total Return -43.28%
Total Debt 0.00 YTD Return -21.81%
Preferred Stock 0.0 Adjusted BETA 1.547
Minority Interest 0.0 Analyst Recs 39
Cash and Equivalents 532.15 Consensus Rating 4.000
Enterprise Value 5'430.90
Average Volume 5 Day 666'078
FFIV UW EQUITY YTD Change - Average Volume 30 Day 594'311
FFIV UW EQUITY YTD % CHANGE - Average Volume 3 Month 508'971
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
650.2 653.1 882.0 1'151.8 1'377.2 1'267.4 1'430.9 1'458.1 1'627.9 361.6 381.1
2.55x 4.27x 8.97x 4.41x 5.59x 24.79x 14.87x 3.39x 2.79x 13.64x 12.72x
128.2 152.7 253.8 371.5 461.4 417.3 463.5 559.1 645.3 130.4 142.2
12.94x 18.26x 31.17x 13.67x 16.70x 24.38x 13.94x 9.71x 8.42x 9.51x 9.09x
74.3 91.5 151.2 241.4 275.2 265.3 273.0 353.8 402.3 85.5 92.9
25.14x 33.72x 55.46x 24.00x 30.28x 40.82x 25.90x 17.02x 15.02x 16.23x 15.57x
EBITDA 461.44 Long-Term Rating Date -
EBIT 426.30 Long-Term Rating -
Operating Margin 30.95% Long-Term Outlook -
Pretax Margin 31.38% Short-Term Rating Date -
Return on Assets 14.28% Short-Term Rating -
Return on Common Equity 20.64%
Return on Capital 21.76% EBITDA/Interest Exp. -
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.13
Gross Margin 82.9% Total Debt/EBITDA 0.00
EBITDA Margin 32.4%
EBIT Margin 29.6% Total Debt/Equity 0.0%
Net Income Margin 20.0% Total Debt/Capital 0.0%
Asset Turnover 0.75
Current Ratio 1.67 Net Fixed Asset Turnover 24.79
Quick Ratio 1.54 Accounts receivable turnover-days 48.06
Debt to Assets 0.00% Inventory Days 26.15
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 51.38
Accounts Receivable Turnover 7.59 Cash Conversion Cycle 26.53
Inventory Turnover 13.96
Fiscal Year Ended
F5 Networks IncPrice/Volume
Valuation Analysis
648'881.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 6'500'573 8.27 1'695'348 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'480'713 6.97 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'911'164 6.25 204'382 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 4'440'039 5.65 (5'972) 24.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'653'278 3.38 1'147'289 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'642'182 3.36 1'036'287 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'055'929 2.62 (225'686) 31.12.2012 Investment Advisor
TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1'763'530 2.24 61'350 28.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'642'115 2.09 453'394 31.01.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'621'830 2.06 (1'464'392) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 1'608'688 2.05 (291'694) 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'525'508 1.94 510'952 31.12.2012 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 1'465'546 1.86 56'228 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'380'021 1.76 18'845 31.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'337'177 1.7 41'773 31.12.2012 Investment Advisor
ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 1'281'547 1.63 459'877 31.12.2012 Investment Advisor
RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 1'281'144 1.63 94'505 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'251'721 1.59 35'154 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 964'070 1.23 404'986 28.02.2013 Investment Advisor
ZEVENBERGEN CAPITAL ZEVENBERGEN CAPITAL 13F 872'736 1.11 (14'050) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank BRIAN T MODOFF buy 5 M 93 12 month 25.04.2013
Goldman Sachs KENT SCHOFIELD Buy/Neutral 5 M 93 12 month 25.04.2013
RBC Capital Markets MARK SUE outperform 5 M 95 12 month 25.04.2013
JMP Securities ERIK SUPPIGER market outperform 4 M 96 12 month 25.04.2013
Barclays BENJAMIN A REITZES equalweight 3 M 83 Not Provided 25.04.2013
BMO Capital Markets TIMOTHY P LONG outperform 5 M 90 12 month 24.04.2013
JPMorgan ROD HALL neutral 3 M 73 6 month 24.04.2013
Wedbush ROHIT CHOPRA outperform 5 M 90 12 month 24.04.2013
Oppenheimer & Co ITTAI KIDRON market perform 3 M #N/A N/A Not Provided 24.04.2013
ISI Group BRIAN MARSHALL buy 5 M 95 12 month 24.04.2013
Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 24.04.2013
Pacific Crest Securities BRENT A BRACELIN outperform 5 M 110 12 month 22.04.2013
Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 19.04.2013
William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 17.04.2013
Lazard Capital Markets RYAN HUTCHINSON buy 5 M 100 12 month 17.04.2013
Sterne, Agee & Leach ALEX KURTZ buy 5 M 95 12 month 15.04.2013
Wunderlich Securities MATTHEW S ROBISON hold 3 M 85 18 month 10.04.2013
Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 90 12 month 05.04.2013
Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 80 12 month 05.04.2013
Jefferies GEORGE C NOTTER hold 3 M 82 12 month 05.04.2013
Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 110 12 month 05.04.2013
Stifel SANJIV R WADHWANI hold 3 M #N/A N/A Not Provided 05.04.2013
Nomura STUART JEFFREY neutral 3 M 85 12 month 05.04.2013
Craig-Hallum Capital Group LLC RAJESH GHAI buy 5 M 97 12 month 05.04.2013
Piper Jaffray TROY D JENSEN neutral 3 D 82 12 month 05.04.2013
MKM Partners MICHAEL GENOVESE buy 5 M 100 12 month 05.04.2013
Northland Securities Inc CATHARINE TREBNICK market perform 3 M 83 12 month 05.04.2013
FBN Securities SHEBLY SEYRAFI sector perform 3 M 90 12 month 05.04.2013
Topeka Capital Markets Inc BRIAN J WHITE hold 3 D 70 12 month 05.04.2013
Raymond James SIMON M LEOPOLD market perform 3 M #N/A N/A Not Provided 04.04.2013
Daiwa Securities Co. Ltd. NACHI HOSHINO outperform 5 U 100 Not Provided 13.03.2013
FBR Capital Markets SCOTT S THOMPSON outperform 5 M 120 12 month 24.01.2013
McAdams Wright Ragen Inc SID PARAKH hold 3 M 110 12 month 24.01.2013
Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 145 12 month 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Wedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 15.06.2012
Noble Financial Group SUSAN BAUR hold 3 M 126 Not Provided 19.04.2012
Holdings By:
F5 Networks Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Facebook Inc. operates a social networking website. The Company's website
allows people to communicate with their family, friends, and coworkers.
Facebook develops technologies that facilitate the sharing of information,
photographs, website links, and videos. Facebook users have the ability to share
and restrict information based on their own specific criteria.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.05.2012) 43.00
52-Week Low (04.09.2012) 17.55
Daily Volume
26.98
52-Week High % Change -37.26% Dividend Yield 0.00
52-Week Low % Change 53.73% Beta -
% 52 Week Price Range High/Low 37.05% Equity Float 1'694.24
Shares Out 16.04.2013 1'747.4 Short Int 35.34
65'178.22 1 Yr Total Return -
Total Debt 2'356.00 YTD Return 1.31%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 42
Cash and Equivalents 9'626.00 Consensus Rating 4.048
Enterprise Value 57'908.22
Average Volume 5 Day 5'869'167
FB UW EQUITY YTD Change - Average Volume 30 Day 6'628'422
FB UW EQUITY YTD % CHANGE - Average Volume 3 Month 8'616'885
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
272.0 777.0 1'974.0 3'711.0 5'089.0 3'711.0 5'089.0 6'672.6 8'466.3 1'439.9 1'591.8
- - - - 10.98x 0.00x 29.55x 8.45x 6.46x 42.73x 38.52x
- 340.0 1'171.0 2'079.0 1'187.0 2'080.0 1'187.0 3'456.5 4'545.6 761.2 818.0
- - - - 47.07x 0.00x 47.07x 16.75x 12.74x 16.80x 16.21x
(56.0) 122.0 372.0 668.0 32.0 764.0 (15.0) 1'441.1 2'028.1 308.1 340.7
- - - - 2661.97x 0.00x 1330.98x 47.67x 34.81x 47.17x 44.89x
EBITDA 1'187.00 Long-Term Rating Date -
EBIT 538.00 Long-Term Rating -
Operating Margin 10.57% Long-Term Outlook -
Pretax Margin 9.71% Short-Term Rating Date -
Return on Assets -0.14% Short-Term Rating -
Return on Common Equity -0.19%
Return on Capital 0.59% EBITDA/Interest Exp. 23.27
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. -0.94
Net Debt/EBITDA -6.12
Gross Margin 73.2% Total Debt/EBITDA 1.98
EBITDA Margin 23.3%
EBIT Margin 10.6% Total Debt/Equity 20.0%
Net Income Margin 0.6% Total Debt/Capital 16.7%
Asset Turnover 0.47
Current Ratio 10.71 Net Fixed Asset Turnover 2.63
Quick Ratio 9.83 Accounts receivable turnover-days 45.53
Debt to Assets 15.60% Inventory Days -
Tot Debt to Common Equity 20.04% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.04 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
Facebook IncPrice/Volume
Valuation Analysis
6'526'383.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 77'554'973 4.6 37'302'924 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 41'939'920 2.49 18'566'720 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 41'628'225 2.47 15'316'321 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 37'620'174 2.23 8'971'802 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 33'193'967 1.97 13'789'661 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 31'071'693 1.84 8'077'141 23.04.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 26'797'536 1.59 9'685'751 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 23'402'295 1.39 2'823'905 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 22'376'854 1.33 9'675'216 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 21'869'898 1.3 4'416'054 31.03.2013 Unclassified
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 21'263'110 1.26 21'263'110 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 20'370'317 1.21 20'370'317 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 18'422'852 1.09 (20'142'720) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 18'204'867 1.08 17'235'166 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 18'122'565 1.08 17'425'168 31.12.2012 Investment Advisor
SANDBERG SHERYL KARA n/a Form 4 17'769'580 1.06 (176'452) 18.04.2013 n/a
ELEVATION MANAGEMENT ELEVATION MANAGEMENT 13F 16'989'027 1.01 16'989'027 31.12.2012 Investment Advisor
MERITECH CAPITAL ASS n/a ULT-AGG 16'268'858 0.97 16'268'858 31.12.2012 Venture Capital
ALLIANZ ASSET MANAGE n/a ULT-AGG 14'591'644 0.87 4'270'475 31.03.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 14'142'300 0.84 294'900 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 38 12 month 24.04.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 35 12 month 22.04.2013
Sanford C. Bernstein & Co CARLOS KIRJNER market perform 3 M 27 12 month 19.04.2013
Raymond James AARON M KESSLER outperform 5 M 37 12 month 19.04.2013
Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 16.04.2013
Credit Agricole Securities (USA) JAMES LEE buy 5 M 40 Not Provided 16.04.2013
Pivotal Research Group LLC BRIAN WIESER buy 5 M 36 12 month 16.04.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 34 12 month 15.04.2013
Needham & Co LAURA A MARTIN buy 5 M 33 12 month 12.04.2013
Cowen and Company JOHN BLACKLEDGE neutral 3 M #N/A N/A Not Provided 12.04.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 30 Not Provided 12.04.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 36 12 month 10.04.2013
Sterne, Agee & Leach ARVIND BHATIA buy 5 M 37 12 month 10.04.2013
BMO Capital Markets DANIEL SALMON market perform 3 M 32 Not Provided 09.04.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 38 12 month 09.04.2013
Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 32 12 month 08.04.2013
JMP Securities RONALD V JOSEY III market perform 3 M #N/A N/A Not Provided 05.04.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 40 12 month 05.04.2013
Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 34 12 month 04.04.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 32 12 month 04.04.2013
Credit Suisse STEPHEN JU neutral 3 M 31 Not Provided 04.04.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 04.04.2013
Evercore Partners KEN SENA equalweight 3 M 32 12 month 04.04.2013
Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 04.04.2013
S&P Capital IQ SCOTT H KESSLER hold 3 M 31 12 month 04.04.2013
JPMorgan DOUGLAS ANMUTH overweight 5 M 35 6 month 03.04.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 03.04.2013
William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 02.04.2013
Jefferies BRIAN J PITZ hold 3 M 30 12 month 26.03.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 20.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 N 30 Not Provided 15.03.2013
Wedbush MICHAEL PACHTER outperform 5 M 35 12 month 08.03.2013
BTIG LLC RICHARD GREENFIELD sell 1 M 22 Not Provided 14.02.2013
Deutsche Bank ROSS SANDLER buy 5 M 37 12 month 31.01.2013
Goldman Sachs HEATHER BELLINI Buy/Neutral 5 M 40 12 month 31.01.2013
Macquarie BENJAMIN A SCHACHTER outperform 5 M 30 12 month 31.01.2013
Stifel JORDAN ROHAN hold 3 D #N/A N/A Not Provided 31.01.2013
Lazard Capital Markets WILLIAM BIRD neutral 3 M #N/A N/A Not Provided 30.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
Battle Road Research TEAM COVERAGE hold 3 U 29 12 month 19.06.2012
Atlantic Equities LLP HAMILTON FABER not rated #N/A N/A M 45 12 month 14.05.2012
Holdings By:
Facebook Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Fastenal Company sell industrial and construction supplies in a wholesale and
retail fashion. The Company markets its products and services throughout the
United States, Canada, Mexico, Puerto Rico, Singapore, China, and The
Netherlands.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (15.02.2013) 53.35
52-Week Low (28.06.2012) 37.17
Daily Volume
49.92
52-Week High % Change -6.43% Dividend Yield 1.34
52-Week Low % Change 34.29% Beta 0.98
% 52 Week Price Range High/Low 78.80% Equity Float 271.95
Shares Out 09.04.2013 296.7 Short Int 17.52
14'810.61 1 Yr Total Return 9.57%
Total Debt 0.00 YTD Return 7.56%
Preferred Stock 0.0 Adjusted BETA 0.982
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 79.97 Consensus Rating 3.571
Enterprise Value 14'650.95
Average Volume 5 Day 396'103
FAST UW EQUITY YTD Change - Average Volume 30 Day 505'226
FAST UW EQUITY YTD % CHANGE - Average Volume 3 Month 502'841
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
2'340.4 1'930.3 2'269.5 2'766.9 3'133.6 2'895.2 3'171.0 3'442.7 3'886.7 872.9 902.7
2.17x 3.08x 3.81x 4.60x 4.39x 16.83x 16.73x 4.25x 3.73x 16.87x 16.37x
489.7 336.7 470.5 619.5 727.3 654.0 743.3 836.0 979.2 219.2 225.4
10.39x 17.65x 18.40x 20.55x 18.91x 24.15x 20.27x 17.53x 14.96x 16.91x 16.38x
279.7 184.4 265.4 357.9 420.5 378.6 429.4 481.8 567.3 125.8 129.7
18.25x 33.48x 33.28x 36.03x 32.87x 42.16x 35.47x 30.87x 26.44x 29.75x 28.72x
EBITDA 727.34 Long-Term Rating Date -
EBIT 673.29 Long-Term Rating -
Operating Margin 21.49% Long-Term Outlook -
Pretax Margin 21.51% Short-Term Rating Date -
Return on Assets 22.85% Short-Term Rating -
Return on Common Equity 27.01%
Return on Capital 27.01% EBITDA/Interest Exp. -
Asset Turnover 1.69% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.21
Gross Margin 51.5% Total Debt/EBITDA 0.00
EBITDA Margin 23.4%
EBIT Margin 21.7% Total Debt/Equity 0.0%
Net Income Margin 13.4% Total Debt/Capital 0.0%
Asset Turnover 1.69
Current Ratio 6.30 Net Fixed Asset Turnover 6.30
Quick Ratio 2.21 Accounts receivable turnover-days 46.37
Debt to Assets 0.00% Inventory Days 160.96
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 17.48
Accounts Receivable Turnover 7.87 Cash Conversion Cycle 188.04
Inventory Turnover 2.27
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
Fastenal CoPrice/Volume
Valuation Analysis
422'768.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 40'926'610 13.79 5'306'940 31.12.2012 Investment Advisor
RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 20'695'409 6.98 12'406 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 18'413'132 6.21 4'141'250 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 14'134'583 4.76 281'147 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 13'744'415 4.63 121'020 23.04.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 13'737'591 4.63 (665'538) 31.03.2013 Investment Advisor
KIERLIN ROBERT A n/a Form 4 12'503'300 4.21 (207'500) 07.12.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 12'403'300 4.18 245'000 31.03.2013 Investment Advisor
SLAGGIE STEPHEN M n/a Form 5 10'251'188 3.46 (269'140) 31.12.2012 n/a
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 7'645'531 2.58 1'268'350 31.12.2012 Investment Advisor
DF DENT & COMPANY D F DENT & COMPANY 13F 5'010'231 1.69 (116'399) 31.12.2012 Investment Advisor
BAMCO INC BAMCO INC 13F 4'449'803 1.5 (10'310) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'396'422 1.48 862'477 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'322'152 1.46 3'705'974 31.12.2012 Investment Advisor
TCW GROUP INC TCW GROUP INCORPORAT 13F 4'204'133 1.42 (22'590) 31.12.2012 Investment Advisor
ASHMORE WELATH MANAG ASHMORE WEALTH MANAG 13F 4'000'000 1.35 4'000'000 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'750'192 1.26 82'817 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'613'771 1.22 (5'256'552) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'838'238 0.96 338'904 28.02.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 2'414'245 0.81 234'738 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James SAMUEL J DARKATSH market perform 3 M #N/A N/A Not Provided 12.04.2013
Longbow Research DEREK JOSE neutral 3 M #N/A N/A Not Provided 12.04.2013
Wunderlich Securities BRENT D RAKERS buy 5 M 59 18 month 11.04.2013
BB&T Capital Markets HOLDEN LEWIS hold 3 M #N/A N/A Not Provided 11.04.2013
Credit Suisse HAMZAH MAZARI neutral 3 M 54 Not Provided 10.04.2013
Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 10.04.2013
Janney Montgomery Scott LLC JOHN A BALIOTTI II neutral 3 M 43 12 month 10.04.2013
Robert W. Baird & Co DAVID J MANTHEY outperform 5 M 54 12 month 10.04.2013
William Blair & Co RYAN MERKEL outperform 5 M #N/A N/A Not Provided 10.04.2013
Wells Fargo Securities, LLC ALLISON POLINIAK-CUSIC market perform 3 M #N/A N/A Not Provided 10.04.2013
Barclays SCOTT R DAVIS underweight 1 M 41 Not Provided 10.04.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 18.01.2013
S&P Capital IQ MICHAEL JAFFE strong buy 5 M 60 Not Provided 17.01.2013
Holdings By:
Fastenal Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Fiserv, Inc. provides integrated information management and electronic commerce
systems and services. The Company's solutions include transaction processing,
electronic bill payment and presentment, business process outsourcing, document
distribution services, and software and systems solutions.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.04.2013) 90.92
52-Week Low (21.05.2012) 64.48
Daily Volume
90.84
52-Week High % Change -0.09% Dividend Yield 0.00
52-Week Low % Change 40.88% Beta 1.00
% 52 Week Price Range High/Low 99.70% Equity Float 130.34
Shares Out 26.03.2013 133.0 Short Int 2.36
12'086.15 1 Yr Total Return 29.24%
Total Debt 3'230.00 YTD Return 14.94%
Preferred Stock 0.0 Adjusted BETA 1.003
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 358.00 Consensus Rating 3.583
Enterprise Value 14'958.15
Average Volume 5 Day 163'918
FISV UW EQUITY YTD Change - Average Volume 30 Day 166'641
FISV UW EQUITY YTD % CHANGE - Average Volume 3 Month 215'556
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
4'587.0 4'077.0 4'133.0 4'337.0 4'482.0 4'337.0 4'482.0 4'934.4 5'145.4 1'203.8 1'210.2
2.08x 2.63x 2.76x 2.60x 2.99x 10.46x 11.60x 3.06x 2.82x 13.15x 13.05x
1'258.0 1'279.0 1'346.0 1'345.0 1'410.0 1'345.0 1'410.0 1'601.8 1'695.5 374.4 394.1
7.59x 8.37x 8.47x 8.39x 9.51x 8.39x 9.51x 9.34x 8.82x 9.36x 9.26x
569.0 476.0 496.0 472.0 611.0 472.0 611.0 781.7 846.8 178.4 194.7
10.92x 15.77x 16.97x 14.95x 18.05x 15.10x 18.06x 15.20x 13.64x 15.20x 14.69x
EBITDA 1'410.00 Long-Term Rating Date 02.03.2010
EBIT 1'056.00 Long-Term Rating BBB-
Operating Margin 23.56% Long-Term Outlook STABLE
Pretax Margin 20.08% Short-Term Rating Date 26.09.2007
Return on Assets 7.17% Short-Term Rating A-3
Return on Common Equity 18.31%
Return on Capital 10.91% EBITDA/Interest Exp. 8.10
Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. 6.98
Net Debt/EBITDA 2.04
Gross Margin 42.1% Total Debt/EBITDA 2.29
EBITDA Margin 31.5%
EBIT Margin 23.6% Total Debt/Equity 94.5%
Net Income Margin 13.6% Total Debt/Capital 48.6%
Asset Turnover 0.53
Current Ratio 1.28 Net Fixed Asset Turnover 17.68
Quick Ratio 0.92 Accounts receivable turnover-days 54.26
Debt to Assets 38.01% Inventory Days -
Tot Debt to Common Equity 94.53% Accounts Payable Turnover Day 109.93
Accounts Receivable Turnover 6.74 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Fiserv IncPrice/Volume
Valuation Analysis
191'862.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'479'666 10.88 3'754'321 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'774'796 7.35 949'400 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'850'880 6.65 321'555 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 7'666'020 5.76 50'486 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'971'332 5.24 - 23.04.2013 Investment Advisor
LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 5'449'211 4.1 202'131 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 2'847'585 2.14 61'970 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'619'234 1.97 (99'329) 31.12.2012 Investment Advisor
MERITAGE GROUP LP MERITAGE GROUP LP 13F 2'072'806 1.56 (407) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'900'334 1.43 (7'517) 31.12.2012 Investment Advisor
PITTENGER & ANDERSON PITTENGER & ANDERSON 13F 1'898'286 1.43 - 31.12.2012 Investment Advisor
DILLON DONALD F n/a Form 4 1'891'654 1.42 - 07.09.2012 n/a
FINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 1'755'042 1.32 1'042 31.12.2012 Investment Advisor
EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 1'705'366 1.28 1'011'066 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'657'030 1.25 (59'236) 31.03.2013 Investment Advisor
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'422'001 1.07 (2'321) 31.12.2012 Investment Advisor
BRAVE WARRIOR ADVISO BRAVE WARRIOR ADVISO 13F 1'411'128 1.06 (299'954) 31.12.2012 Hedge Fund Manager
ALLIANCE BERNSTEIN n/a ULT-AGG 1'359'800 1.02 607'481 31.03.2013 Investment Advisor
EMINENCE CAPITAL LLC EMINENCE CAPITAL LLC 13F 1'265'796 0.95 (3'090) 31.12.2012 Hedge Fund Manager
JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 1'204'996 0.91 47'434 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DANIEL R PERLIN sector perform 3 M 85 12 month 24.04.2013
Stephens Inc BRETT HUFF equalweight 3 M 90 Not Provided 22.04.2013
Evercore Partners DAVID M TOGUT overweight 5 M 107 12 month 21.04.2013
Jefferies RAMSEY EL-ASSAL buy 5 M 94 12 month 19.04.2013
Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 19.04.2013
Avondale Partners LLC PETER J HECKMANN market perform 3 M 78 12 month 17.04.2013
First Analysis Corp LARRY BERLIN equalweight 3 M 85 12 month 15.04.2013
Sterne, Agee & Leach GREGORY SMITH neutral 3 D #N/A N/A Not Provided 12.04.2013
Argus Research Corp DAVID RITTER buy 5 M 105 Not Provided 11.04.2013
Robert W. Baird & Co DAVID J KONING neutral 3 M 92 12 month 04.04.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 27.03.2013
Northcoast Research KARTIK MEHTA neutral 3 M #N/A N/A Not Provided 26.03.2013
Goldman Sachs JULIO C QUINTEROS JR neutral/neutral 3 M 88 12 month 18.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 05.03.2013
SunTrust Robinson Humphrey ANDREW W JEFFREY neutral 3 M #N/A N/A Not Provided 06.02.2013
JPMorgan TIEN-TSIN HUANG neutral 3 M 85 6 month 06.02.2013
William Blair & Co CHRISTOPHER SHUTLER outperform 5 M #N/A N/A Not Provided 06.02.2013
Barclays DARRIN D PELLER equalweight 3 M 87 Not Provided 06.02.2013
Credit Suisse GEORGE MIHALOS underperform 1 M 79 Not Provided 05.02.2013
Oppenheimer & Co GLENN GREENE outperform 5 M 89 12 month 05.02.2013
JMP Securities DAVID M SCHARF market perform 3 M #N/A N/A Not Provided 24.10.2012
Deutsche Bank BRYAN KEANE hold 3 M 71 12 month 10.10.2012
BOE Securities UNNATI BHAVEKAR buy 5 M 56 12 month 10.08.2010
Holdings By:
Fiserv Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Fossil, Inc. designs, develops, markets, and distributes consumer fashion
accessories. The Company's products include an extensive line of men's and
women's fashion watches and jewelry sold under proprietary and licensed brands,
handbags, small leather goods, belts, sunglasses, and apparel.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.05.2012) 138.38
52-Week Low (12.07.2012) 62.79
Daily Volume
95.29
52-Week High % Change -31.14% Dividend Yield 0.00
52-Week Low % Change 51.76% Beta 1.82
% 52 Week Price Range High/Low 43.00% Equity Float 49.38
Shares Out 21.02.2013 59.3 Short Int 2.89
5'654.87 1 Yr Total Return -27.08%
Total Debt 77.93 YTD Return 2.35%
Preferred Stock 0.0 Adjusted BETA 1.818
Minority Interest 6.9 Analyst Recs 15
Cash and Equivalents 177.36 Consensus Rating 3.400
Enterprise Value 5'562.37
Average Volume 5 Day 245'583
FOSL UW EQUITY YTD Change - Average Volume 30 Day 239'953
FOSL UW EQUITY YTD % CHANGE - Average Volume 3 Month 263'301
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'583.2 1'548.1 2'030.7 2'567.3 2'857.5 2'567.3 2'857.5 3'165.6 3'452.8 652.4 700.3
0.63x 1.19x 2.06x 1.82x 1.64x 8.80x 7.86x 1.75x 1.56x 8.62x 8.05x
243.4 253.0 417.0 523.9 554.4 523.9 554.4 606.4 664.6 105.0 111.1
4.07x 7.30x 10.01x 8.92x 8.44x 8.92x 8.44x 9.17x 8.37x 9.18x 9.02x
138.1 139.2 255.2 294.7 343.4 294.7 343.4 363.8 406.3 58.5 63.1
8.60x 16.11x 18.71x 17.27x 16.62x 17.18x 16.51x 15.73x 13.84x 15.57x 15.22x
EBITDA 554.38 Long-Term Rating Date -
EBIT 488.84 Long-Term Rating -
Operating Margin 17.11% Long-Term Outlook -
Pretax Margin 17.23% Short-Term Rating Date -
Return on Assets 19.71% Short-Term Rating -
Return on Common Equity 29.35%
Return on Capital 29.22% EBITDA/Interest Exp. 107.44
Asset Turnover 1.64% (EBITDA-Capex)/Interest Exp. 85.66
Net Debt/EBITDA -0.18
Gross Margin 56.2% Total Debt/EBITDA 0.14
EBITDA Margin 19.4%
EBIT Margin 17.1% Total Debt/Equity 6.3%
Net Income Margin 12.0% Total Debt/Capital 5.9%
Asset Turnover 1.64
Current Ratio 2.81 Net Fixed Asset Turnover 9.26
Quick Ratio 1.33 Accounts receivable turnover-days 42.41
Debt to Assets 4.23% Inventory Days 144.81
Tot Debt to Common Equity 6.32% Accounts Payable Turnover Day 44.12
Accounts Receivable Turnover 8.58 Cash Conversion Cycle 143.10
Inventory Turnover 2.51
Fiscal Year Ended
Fossil IncPrice/Volume
Valuation Analysis
152'002.00
Current Price (4/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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30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'680'023 18 2'185'950 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'000'530 15.17 (4'229) 28.02.2013 Investment Advisor
KARTSOTIS KOSTA N n/a Form 4 6'413'039 10.81 - 19.01.2013 n/a
BROWN ADVISORY INC n/a ULT-AGG 3'266'860 5.5 (70'760) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'196'386 5.39 98'268 31.03.2013 Investment Advisor
KARTSOTIS TOM n/a 13D 2'873'079 4.84 - 20.04.2011 n/a
STATE STREET n/a ULT-AGG 2'843'603 4.79 84'192 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'747'359 4.63 78'740 23.04.2013 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 2'477'200 4.17 (7'400) 31.12.2012 Investment Advisor
SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 1'582'530 2.67 186'452 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'141'780 1.92 277'492 31.03.2013 Investment Advisor
BAMCO INC BAMCO INC 13F 969'577 1.63 (171'996) 31.12.2012 Investment Advisor
EMINENCE CAPITAL LLC EMINENCE CAPITAL LLC 13F 953'770 1.61 68'723 31.12.2012 Hedge Fund Manager
COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 872'645 1.47 300'800 31.12.2012 Investment Advisor
MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 726'639 1.22 (4'105) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 679'832 1.15 5'477 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 663'327 1.12 (73'635) 31.12.2012 Investment Advisor
SHROFF JAL S n/a Form 4 548'723 0.92 - 13.03.2013 n/a
SIGMA CAPITAL MANAGE SIGMA CAPITAL MANAGE 13F 530'000 0.89 180'000 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 490'448 0.83 31'190 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Brean Murray Carret & Co ERIC M BEDER sell 1 M 85 12 month 17.04.2013
Barclays MATTHEW MCCLINTOCK equalweight 3 N 115 Not Provided 01.04.2013
ISI Group OMAR SAAD neutral 3 M 110 12 month 24.03.2013
FBR Capital Markets ANNA ANDREEVA suspended coverage #N/A N/A M #N/A N/A Not Provided 12.03.2013
Cowen and Company JOHN KERNAN outperform 5 M #N/A N/A Not Provided 06.03.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 15.02.2013
JPMorgan SIMEON A SIEGEL neutral 3 M 95 6 month 13.02.2013
KeyBanc Capital Markets JANE THORN LEESON hold 3 M #N/A N/A Not Provided 13.02.2013
Macquarie LIZABETH DUNN neutral 3 D 115 12 month 13.02.2013
Benchmark Company LLC RONALD BOOKBINDER hold 3 M 110 12 month 13.02.2013
Telsey Advisory Group DAVID WU no rating system #N/A N/A M 116 12 month 13.02.2013
Jefferies RANDAL J KONIK buy 5 M 125 12 month 12.02.2013
BB&T Capital Markets SCOTT D KRASIK buy 5 M 128 12 month 12.02.2013
Piper Jaffray NEELY J N TAMMINGA neutral 3 M 110 12 month 12.02.2013
Credit Agricole Securities (USA) BARBARA WYCKOFF outperform 5 D 130 Not Provided 12.02.2013
Holdings By:
Fossil Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Garmin Ltd. provides navigation, communications, and information devices, most
of which are enabled by Global Positioning System (GPS) technology. The Company
designs, develops, manufactures, and markets hand-held, portable, and fixed
mount GPS-enabled products and other navigation, communications, and information
products under its own brand name.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.05.2012) 50.64
52-Week Low (22.04.2013) 32.52
Daily Volume
35.24
52-Week High % Change -30.41% Dividend Yield 5.11
52-Week Low % Change 8.36% Beta 0.82
% 52 Week Price Range High/Low 15.01% Equity Float 116.75
Shares Out 11.04.2013 196.2 Short Int 11.79
6'913.92 1 Yr Total Return -21.68%
Total Debt 0.00 YTD Return -12.55%
Preferred Stock 0.0 Adjusted BETA 0.823
Minority Interest 0.0 Analyst Recs 13
Cash and Equivalents 2'872.58 Consensus Rating 3.385
Enterprise Value 4'041.34
Average Volume 5 Day 320'393
GRMN UW EQUITY YTD Change - Average Volume 30 Day 369'435
GRMN UW EQUITY YTD % CHANGE - Average Volume 3 Month 447'453
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'494.1 2'946.4 2'689.9 2'758.6 2'715.7 2'758.6 2'715.7 2'555.0 2'506.9 516.8 667.5
0.83x 1.48x 1.43x 1.90x 1.82x 6.20x 8.08x - - - -
940.4 882.5 731.3 648.3 694.6 648.3 694.6 597.4 603.4 112.2 173.6
3.10x 4.93x 5.25x 8.10x 7.13x 8.10x 7.34x 6.76x 6.70x 6.50x 6.33x
732.8 704.0 584.6 520.9 542.4 520.9 542.4 466.7 471.9 81.1 132.6
6.04x 8.83x 10.26x 14.91x 14.49x 14.91x 14.71x 14.65x 14.40x 14.67x 14.50x
EBITDA 694.63 Long-Term Rating Date -
EBIT 604.16 Long-Term Rating -
Operating Margin 22.25% Long-Term Outlook -
Pretax Margin 23.00% Short-Term Rating Date -
Return on Assets 11.68% Short-Term Rating -
Return on Common Equity 15.98%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -4.14
Gross Margin 53.0% Total Debt/EBITDA 0.00
EBITDA Margin 25.6%
EBIT Margin 22.2% Total Debt/Equity 0.0%
Net Income Margin 20.0% Total Debt/Capital 0.0%
Asset Turnover 0.58
Current Ratio 2.79 Net Fixed Asset Turnover 6.57
Quick Ratio 2.19 Accounts receivable turnover-days 81.61
Debt to Assets 0.00% Inventory Days 112.86
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 42.57
Accounts Receivable Turnover 4.48 Cash Conversion Cycle 151.08
Inventory Turnover 3.24
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Garmin LtdPrice/Volume
Valuation Analysis
216'223.00
Current Price (4/dd/yy) Market Data
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500.0
1'000.0
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2'000.0
2'500.0
3'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KAO MIN H n/a Form 4 38'942'580 19.85 (45'000) 14.12.2012 n/a
BURRELL GARY L n/a Form 4 29'338'570 14.95 (225'000) 15.05.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 11'420'372 5.82 - 28.02.2013 Investment Advisor
RUEY-JENG KAO n/a 13G 10'377'962 5.29 - 31.12.2012 n/a
BLACKROCK n/a ULT-AGG 9'124'582 4.65 (278'126) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 7'055'720 3.6 361'974 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 5'796'303 2.95 2'412'665 24.04.2013 Investment Advisor
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 4'510'019 2.3 194'596 31.12.2012 Hedge Fund Manager
INVESCO LTD n/a ULT-AGG 2'982'081 1.52 (209'401) 31.12.2012 Investment Advisor
PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 2'728'330 1.39 421'770 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'665'523 1.36 22'091 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 2'290'419 1.17 1'414'677 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'953'297 1 (2'464'202) 28.02.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'905'166 0.97 498'766 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'883'926 0.96 (71'866) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'417'566 0.72 671'795 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'299'723 0.66 67'829 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 1'197'871 0.61 30'574 31.12.2012 Government
WESTWOOD MANAGEMENT WESTWOOD MANAGEMENT 13F 1'142'569 0.58 397'019 31.12.2012 Investment Advisor
DISCIPLINED GROWTH I DISCIPLINED GROWTH I 13F 1'126'958 0.57 32'380 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan PAUL T COSTER underweight 1 M 30 6 month 24.04.2013
Wells Fargo Securities, LLC ANDREW SPINOLA outperform 5 M #N/A N/A Not Provided 23.04.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 10.04.2013
Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 02.04.2013
Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 45 12 month 01.03.2013
RBC Capital Markets MARK SUE sector perform 3 M 47 12 month 21.02.2013
D.A. Davidson & Co JB GROH neutral 3 M 40 18 month 21.02.2013
Dougherty & Company LLC CHARLIE ANDERSON neutral 3 M #N/A N/A Not Provided 21.02.2013
Goldman Sachs SIMONA JANKOWSKI Sell/Neutral 1 M 30 12 month 20.02.2013
Needham & Co RICHARD F VALERA hold 3 M #N/A N/A Not Provided 20.02.2013
Pacific Crest Securities JAMES FAUCETTE outperform 5 M 50 12 month 20.02.2013
William Blair & Co JONATHAN HO outperform 5 M #N/A N/A Not Provided 20.02.2013
Holdings By:
Garmin Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
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: 12/yy
52-Week High (23.04.2013) 55.16
52-Week Low (05.06.2012) 24.13
Daily Volume
51.09
52-Week High % Change -7.38% Dividend Yield -
52-Week Low % Change 111.77% Beta 0.90
% 52 Week Price Range High/Low 86.89% Equity Float 1'509.36
Shares Out 15.02.2013 1'522.4 Short Int 60.08
77'779.03 1 Yr Total Return 96.46%
Total Debt 8'224.05 YTD Return 39.12%
Preferred Stock 0.0 Adjusted BETA 0.901
Minority Interest 241.1 Analyst Recs 31
Cash and Equivalents 2'582.09 Consensus Rating 4.677
Enterprise Value 83'662.12
Average Volume 5 Day 3'420'540
GILD UW EQUITY YTD Change - Average Volume 30 Day 3'227'112
GILD UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'831'895
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
5'335.8 7'011.4 7'949.4 8'385.4 9'702.5 8'385.4 9'702.5 10'713.0 13'008.8 2'587.7 2'670.2
8.35x 5.18x 3.38x 3.41x 6.36x 14.21x 21.53x 7.63x 6.10x - -
2'845.0 3'742.2 4'227.7 4'092.1 4'288.4 4'092.1 4'288.4 4'815.3 6'769.4 1'131.7 1'147.7
15.67x 9.71x 6.35x 6.99x 14.38x 6.99x 14.38x 17.37x 12.36x 18.03x -
1'978.9 2'635.8 2'901.3 2'803.6 2'591.6 2'803.6 2'591.6 3'270.9 4'651.5 805.9 817.4
24.83x 15.12x 10.53x 11.34x 21.79x 11.33x 21.90x 24.76x 17.21x 25.44x 22.09x
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 13.45% Short-Term Rating -
Return on Common Equity 32.30%
Return on Capital 17.56% EBITDA/Interest Exp. 11.88
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 10.78
Net Debt/EBITDA 1.32
Gross Margin 74.5% Total Debt/EBITDA 1.92
EBITDA Margin 44.2%
EBIT Margin 41.3% Total Debt/Equity 88.3%
Net Income Margin 26.7% Total Debt/Capital 46.3%
Asset Turnover 0.50
Current Ratio 1.44 Net Fixed Asset Turnover 10.35
Quick Ratio 0.85 Accounts receivable turnover-days 69.83
Debt to Assets 38.72% Inventory Days 232.14
Tot Debt to Common Equity 88.34% Accounts Payable Turnover Day 164.03
Accounts Receivable Turnover 5.24 Cash Conversion Cycle 137.94
Inventory Turnover 1.58
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
Gilead Sciences IncPrice/Volume
Valuation Analysis
2'876'474.00
Current Price (4/dd/yy) Market Data
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4'000.0
6'000.0
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10'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 298'675'044 19.62 16'340'092 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 111'854'914 7.35 15'313'566 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 87'595'427 5.75 2'889'961 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 81'560'916 5.36 1'685'143 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 69'391'713 4.56 2'188'569 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 62'827'858 4.13 2'762'936 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 45'508'106 2.99 (6'740'462) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 29'696'606 1.95 9'207'940 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 25'991'274 1.71 (2'060'540) 31.12.2012 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
UBS n/a ULT-AGG 21'351'034 1.4 (5'748'154) 31.03.2013 Unclassified
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 20'915'172 1.37 6'930'110 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 20'694'520 1.36 5'852'626 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 19'501'542 1.28 9'988'298 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 18'205'634 1.2 3'621'978 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'314'578 1.07 (761'396) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 15'814'906 1.04 (1'905'270) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 14'721'904 0.97 (2'927'484) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 13'389'278 0.88 137'974 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 12'682'844 0.83 (893'128) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 24.04.2013
BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 71 Not Provided 23.04.2013
RBC Capital Markets MICHAEL J YEE outperform 5 M 55 12 month 23.04.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 63 12 month 23.04.2013
William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 23.04.2013
S&P Capital IQ STEVEN SILVER buy 5 M 66 Not Provided 23.04.2013
Piper Jaffray M IAN SOMAIYA overweight 5 M 63 12 month 23.04.2013
Morgan Stanley MARSHALL URIST Overwt/In-Line 5 M 65 12 month 22.04.2013
Oppenheimer & Co DAVID FERREIRO outperform 5 M 59 18 month 22.04.2013
Maxim Group LLC JASON KOLBERT buy 5 M 97 12 month 22.04.2013
JPMorgan GEOFFREY MEACHAM overweight 5 M 75 6 month 19.04.2013
Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 18.04.2013
Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 63 12 month 18.04.2013
Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 54 12 month 17.04.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 69 12 month 16.04.2013
Barclays CHARLES ANTHONY BUTLER overweight 5 M 65 Not Provided 15.04.2013
Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 10.04.2013
Robert W. Baird & Co BRIAN P SKORNEY outperform 5 M 55 12 month 09.04.2013
Stifel JOEL D SENDEK buy 5 M 57 12 month 08.04.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 59 12 month 08.04.2013
Needham & Co ALAN CARR buy 5 M 45 12 month 05.04.2013
Credit Suisse RAVI MEHROTRA outperform 5 M 60 Not Provided 04.04.2013
Guggenheim Securities LLC BRET HOLLEY buy 5 M 50 12 month 22.03.2013
Jefferies THOMAS WEI hold 3 M 40 12 month 14.03.2013
Cowen and Company PHILIP NADEAU outperform 5 M #N/A N/A Not Provided 20.02.2013
Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 06.02.2013
Atlantic Equities LLP RICHARD J PURKISS neutral 3 D 41 12 month 05.02.2013
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] |
30.04.2013
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 (06.03.2013) 844.00
52-Week Low (14.06.2012) 556.55
Daily Volume
819.06
52-Week High % Change -2.95% Dividend Yield 0.00
52-Week Low % Change 47.17% Beta 0.96
% 52 Week Price Range High/Low 91.32% Equity Float 269.17
Shares Out 31.03.2013 270.2 Short Int 3.56
271'115.41 1 Yr Total Return 35.33%
Total Debt 5'537.00 YTD Return 15.46%
Preferred Stock 0.0 Adjusted BETA 0.955
Minority Interest 0.0 Analyst Recs 45
Cash and Equivalents 49'557.00 Consensus Rating 4.311
Enterprise Value 224'686.42
Average Volume 5 Day 559'687
GOOG UW EQUITY YTD Change - Average Volume 30 Day 611'970
GOOG UW EQUITY YTD % CHANGE - Average Volume 3 Month 624'636
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 47'546.3 55'173.4 11'356.0 11'893.4
3.72x 7.29x 5.42x 4.45x 3.77x 14.71x 13.98x 4.47x 3.54x 19.50x 18.28x
8'131.9 9'836.5 11'777.0 13'593.0 15'722.0 14'796.0 16'160.0 21'383.4 25'240.6 5'163.6 5'384.6
9.96x 17.53x 13.48x 12.41x 12.05x 11.10x 13.39x 10.51x 8.90x 9.96x 9.52x
4'226.9 6'520.4 8'505.0 9'737.0 10'737.0 10'829.0 11'193.0 15'640.1 18'150.5 3'632.5 3'781.3
18.44x 30.38x 22.58x 21.70x 20.79x 19.44x 22.70x 17.74x 15.38x 17.36x 16.66x
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
Fiscal Year Ended
Google IncPrice/Volume
Valuation Analysis
536'430.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 18'215'530 6.74 (5'443) 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 15'347'658 5.68 534'588 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 14'026'275 5.19 (374'578) 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'251'664 4.53 418'606 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'006'397 4.07 1'637'525 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'457'496 3.5 151'141 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 6'422'462 2.38 625'640 28.02.2013 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 4'291'875 1.59 (228'560) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'824'800 1.42 (23'714) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 3'207'437 1.19 (39'630) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'756'412 1.02 597'897 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 2'715'974 1.01 (130'698) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'501'395 0.93 (90'008) 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 2'490'314 0.92 6'165 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 2'324'675 0.86 (118'285) 31.03.2013 Unclassified
WELLS FARGO n/a ULT-AGG 2'229'474 0.83 155'738 28.02.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'222'539 0.82 (122'117) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'173'908 0.8 320'943 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'120'450 0.78 (207'449) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Independent Research GmbH MARKUS FRIEBEL hold 3 M 890 12 month 23.04.2013
JMP Securities RONALD V JOSEY III market outperform 4 M 955 12 month 23.04.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 875 Not Provided 22.04.2013
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
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 900 12 month 22.04.2013
Sterne, Agee & Leach SHAW WU suspended coverage #N/A N/A M #N/A N/A Not Provided 22.04.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.04.2013
BMO Capital Markets DANIEL SALMON market perform 3 M 790 Not Provided 19.04.2013
Deutsche Bank ROSS SANDLER buy 5 M 930 12 month 19.04.2013
Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 932 12 month 19.04.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 950 12 month 19.04.2013
Credit Suisse STEPHEN JU outperform 5 M 982 Not Provided 19.04.2013
JPMorgan DOUGLAS ANMUTH overweight 5 M 860 6 month 19.04.2013
Jefferies BRIAN J PITZ buy 5 M 1'000 12 month 19.04.2013
Needham & Co KERRY RICE buy 5 M 900 12 month 19.04.2013
Pacific Crest Securities EVAN S WILSON outperform 5 M 980 12 month 19.04.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 830 12 month 19.04.2013
Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 1'000 12 month 19.04.2013
Wedbush JAMES G DIX neutral 3 M 800 12 month 19.04.2013
Raymond James AARON M KESSLER outperform 5 M 875 12 month 19.04.2013
Macquarie BENJAMIN A SCHACHTER outperform 5 M 925 12 month 19.04.2013
B Riley & Company, Inc SAMEET SINHA buy 5 M 846 12 month 19.04.2013
Stifel JORDAN ROHAN hold 3 M #N/A N/A Not Provided 19.04.2013
Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 890 Not Provided 19.04.2013
Evercore Partners KEN SENA overweight 5 M 925 12 month 19.04.2013
Oppenheimer & Co JASON S HELFSTEIN market perform 3 M 820 12 month 19.04.2013
Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 19.04.2013
S&P Capital IQ SCOTT H KESSLER buy 5 U 925 12 month 19.04.2013
Atlantic Equities LLP HAMILTON FABER overweight 5 M 1'000 12 month 19.04.2013
Credit Agricole Securities (USA) JAMES LEE buy 5 M 1'000 Not Provided 19.04.2013
Barclays ANTHONY J DICLEMENTE overweight 5 M 875 Not Provided 19.04.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 870 12 month 19.04.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 19.04.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 950 12 month 19.04.2013
Pivotal Research Group LLC BRIAN WIESER hold 3 M 820 12 month 19.04.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 18.04.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 935 12 month 18.04.2013
BGC Partners COLIN W GILLIS hold 3 M 760 12 month 16.04.2013
Goldman Sachs HEATHER BELLINI neutral/neutral 3 M 760 12 month 26.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 20.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 925 Not Provided 15.03.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 22.02.2013
Holdings By:
Google Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Henry Schein, Inc. distributes healthcare products and services, including
practice management software, to office-based healthcare practitioners. The
Company has operations in North America and other countries. Henry Schein's
operations include direct marketing, telesales, and field sales.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.04.2013) 92.86
52-Week Low (01.06.2012) 71.97
Daily Volume
89.94
52-Week High % Change -3.14% Dividend Yield 0.00
52-Week Low % Change 24.97% Beta 0.96
% 52 Week Price Range High/Low 86.02% Equity Float 85.89
Shares Out 15.03.2013 87.6 Short Int 2.59
7'878.40 1 Yr Total Return 17.20%
Total Debt 533.28 YTD Return 11.78%
Preferred Stock 0.0 Adjusted BETA 0.961
Minority Interest 437.5 Analyst Recs 18
Cash and Equivalents 122.08 Consensus Rating 3.444
Enterprise Value 8'727.06
Average Volume 5 Day 160'828
HSIC UW EQUITY YTD Change - Average Volume 30 Day 131'057
HSIC UW EQUITY YTD % CHANGE - Average Volume 3 Month 154'271
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
6'380.4 6'538.3 7'526.8 8'530.2 8'940.0 8'530.2 8'940.0 9'515.1 10'038.1 2'248.1 2'378.4
0.54x 0.73x 0.84x 0.76x 0.88x 3.18x 3.48x 0.89x 0.82x 3.90x 3.68x
520.7 548.6 634.6 698.0 759.5 698.0 759.5 805.8 863.6 185.3 202.8
6.61x 8.71x 9.95x 9.30x 10.37x 9.30x 10.37x 10.83x 10.11x 10.82x 10.63x
239.5 311.2 325.8 367.7 388.1 367.7 388.1 432.0 472.5 94.9 108.6
12.12x 16.53x 17.38x 16.23x 18.02x 16.23x 18.07x 18.47x 16.71x 18.45x 17.90x
EBITDA 759.48 Long-Term Rating Date -
EBIT 634.15 Long-Term Rating -
Operating Margin 7.09% Long-Term Outlook -
Pretax Margin 6.84% Short-Term Rating Date -
Return on Assets 7.70% Short-Term Rating -
Return on Common Equity 15.38%
Return on Capital 12.97% EBITDA/Interest Exp. 24.58
Asset Turnover 1.77% (EBITDA-Capex)/Interest Exp. 22.92
Net Debt/EBITDA 0.54
Gross Margin 28.0% Total Debt/EBITDA 0.70
EBITDA Margin 8.5%
EBIT Margin 7.1% Total Debt/Equity 20.4%
Net Income Margin 4.3% Total Debt/Capital 14.9%
Asset Turnover 1.77
Current Ratio 1.84 Net Fixed Asset Turnover 33.39
Quick Ratio 0.77 Accounts receivable turnover-days 38.75
Debt to Assets 10.00% Inventory Days 60.87
Tot Debt to Common Equity 20.40% Accounts Payable Turnover Day 38.35
Accounts Receivable Turnover 9.39 Cash Conversion Cycle 61.28
Inventory Turnover 5.98
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
Henry Schein IncPrice/Volume
Valuation Analysis
113'716.00
Current Price (4/dd/yy) Market Data
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2'000.0
3'000.0
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6'000.0
7'000.0
8'000.0
9'000.0
10'000.0
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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 6'480'243 7.4 196'448 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'403'492 7.31 115'400 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'191'730 5.93 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'387'742 5.01 218'120 31.03.2013 Investment Advisor
GENERATION INVESTMEN GENERATION INVESTMEN 13F 4'217'926 4.82 (33'416) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'900'001 4.45 91'869 24.04.2013 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 3'434'959 3.92 230'374 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'325'469 3.8 43'407 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 2'141'394 2.44 49'074 28.02.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'991'253 2.27 366'839 31.12.2012 Investment Advisor
ATLANTA CAPITAL MANA ATLANTA CAPITAL MANA 13F 1'682'101 1.92 77'278 31.12.2012 Investment Advisor
FINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 1'677'966 1.92 923 31.12.2012 Investment Advisor
TIVERTON ASSET MANAG TIVERTON ASSET MANAG 13F 1'580'369 1.8 1'580'369 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'423'289 1.62 (431'584) 31.12.2012 Investment Advisor
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 1'371'758 1.57 (240'276) 31.12.2012 Hedge Fund Manager
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1'355'800 1.55 (211'700) 31.03.2013 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 1'351'150 1.54 57'000 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 1'302'255 1.49 234'038 31.12.2012 Investment Advisor
ENTRUST CAPITAL INC ENTRUST CAPITAL INC 13F 1'300'000 1.48 - 31.12.2012 Hedge Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'279'544 1.46 73'910 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan LISA C GILL neutral 3 M 89 6 month 23.04.2013
CL King & Associates ROSS TAYLOR buy 5 M 100 12 month 22.04.2013
Edward Jones MATTHEW D COLLINS buy 5 M #N/A N/A Not Provided 18.04.2013
William Blair & Co JOHN C KREGER outperform 5 M #N/A N/A Not Provided 18.04.2013
Northcoast Research EDWIN SNYDER buy 5 M 110 12 month 18.04.2013
Robert W. Baird & Co JEFFREY D JOHNSON outperform 5 M 98 12 month 15.04.2013
ISI Group MICHAEL CHERNY neutral 3 M 94 12 month 15.04.2013
Piper Jaffray KEVIN ELLICH neutral 3 M 92 12 month 26.03.2013
Leerink Swann & Co DAVID LARSEN market perform 3 M #N/A N/A Not Provided 26.02.2013
Jefferies BRANDON COUILLARD hold 3 M 80 12 month 25.02.2013
Stifel JONATHAN D BLOCK hold 3 M #N/A N/A Not Provided 25.02.2013
Credit Suisse GLEN SANTANGELO neutral 3 M 92 Not Provided 14.02.2013
Barrington Research CHARLES R JONES market perform 3 M #N/A N/A Not Provided 14.02.2013
Wallachbeth Capital LLC GLEN M LOSEV hold 3 M 85 12 month 14.02.2013
Goldman Sachs ROBERT P JONES neutral/neutral 3 M 92 12 month 13.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 04.02.2013
Holdings By:
Henry Schein Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
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 (02.05.2012) 29.27
52-Week Low (21.11.2012) 19.23
Daily Volume
23.76
52-Week High % Change -18.82% Dividend Yield 4.67
52-Week Low % Change 23.56% Beta 1.00
% 52 Week Price Range High/Low 45.12% Equity Float 4'768.94
Shares Out 30.03.2013 4'946.0 Short Int 235.47
117'516.96 1 Yr Total Return -13.21%
Total Debt 13'448.00 YTD Return 16.40%
Preferred Stock 0.0 Adjusted BETA 0.996
Minority Interest 0.0 Analyst Recs 52
Cash and Equivalents 22'586.00 Consensus Rating 3.481
Enterprise Value 108'976.96
Average Volume 5 Day 11'144'207
INTC UW EQUITY YTD Change - Average Volume 30 Day 11'322'006
INTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 10'282'058
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
37'586.0 35'127.0 43'623.0 53'999.0 53'341.0 54'058.0 53'015.0 53'565.0 55'901.7 12'893.7 13'745.6
1.81x 2.84x 2.16x 2.10x 1.70x 8.44x 7.97x 2.11x 2.00x 8.72x 8.15x
14'280.0 10'994.0 20'226.0 23'541.0 22'160.0 23'536.0 21'148.0 20'828.2 22'480.2 4'604.1 5'422.4
4.76x 9.08x 4.65x 4.81x 4.10x 5.68x 4.70x 5.23x 4.85x 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 9'875.2 10'684.0 2'095.3 2'662.7
12.66x 16.80x 10.37x 9.59x 9.50x 11.62x 10.92x 12.49x 11.70x 12.01x 11.55x
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 - 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
Fiscal Year Ended
Intel CorpPrice/Volume
Valuation Analysis
8'151'209.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 280'446'544 5.67 5'515'611 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 276'369'330 5.59 1'063'793 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 228'240'221 4.61 3'877'756 31.03.2013 Investment Advisor
MOORE GORDON EARLE n/a Form 4 172'992'357 3.5 (1'255'200) 02.03.2005 n/a
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 107'138'879 2.17 (509'130) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 76'183'909 1.54 231'840 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 73'349'858 1.48 (7'774'199) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 71'696'575 1.45 2'772'732 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 67'755'999 1.37 3'656'359 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 62'474'851 1.26 1'886'682 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 49'437'200 1 (1'073'550) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 42'262'952 0.85 2'352'168 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 40'574'173 0.82 14'347'374 28.02.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 40'236'837 0.81 3'652'891 31.12.2012 Government
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 39'078'900 0.79 (11'739'300) 31.12.2012 Insurance Company
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 38'661'945 0.78 9'367'763 31.12.2012 Investment Advisor
LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 36'009'427 0.73 4'046'035 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 35'339'649 0.71 (2'267'980) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 33'702'161 0.68 (3'328'989) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 33'546'281 0.68 (736'637) 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 24.04.2013
FBR Capital Markets CHRISTOPHER ROLLAND market perform 3 M 23 12 month 23.04.2013
BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 21 Not Provided 22.04.2013
Robert W. Baird & Co TRISTAN GERRA outperform 5 M 26 12 month 22.04.2013
ISI Group SUMIT DHANDA buy 5 M 25 12 month 22.04.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 22.04.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 24 12 month 22.04.2013
Evercore Partners PATRICK WANG equalweight 3 M 22 12 month 21.04.2013
Crowell, Weedon & Co JAMES D RAGAN buy 5 M 26 18 month 19.04.2013
MKM Partners DANIEL A BERENBAUM buy 5 M 24 12 month 19.04.2013
Morgan Stanley JOSEPH MOORE Underwt/In-Line 1 M 20 12 month 17.04.2013
Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 17.04.2013
Roth Capital Partners KRISHNA SHANKAR neutral 3 M 20 12 month 17.04.2013
Credit Suisse JOHN W PITZER outperform 5 M 28 Not Provided 17.04.2013
JPMorgan CHRISTOPHER DANELY neutral 3 M 19 6 month 17.04.2013
Jefferies MARK J LIPACIS hold 3 M 24 12 month 17.04.2013
Needham & Co N QUINN BOLTON hold 3 M #N/A N/A Not Provided 17.04.2013
Sanford C. Bernstein & Co STACY A RASGON underperform 1 M 18 12 month 17.04.2013
Wedbush BETSY VAN HEES neutral 3 M 23 12 month 17.04.2013
Macquarie SHAWN WEBSTER outperform 5 M 25 12 month 17.04.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 26 12 month 17.04.2013
B Riley & Company, Inc CRAIG ELLIS neutral 3 M 23 Not Provided 17.04.2013
Stifel KEVIN E CASSIDY buy 5 M 28 12 month 17.04.2013
Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 20 12 month 17.04.2013
Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 17.04.2013
Nomura ROMIT SHAH reduce 2 M 18 12 month 17.04.2013
Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 17.04.2013
JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 17.04.2013
Gabelli & Co HENDI SUSANTO buy 5 M #N/A N/A Not Provided 17.04.2013
Lazard Capital Markets DANIEL L AMIR buy 5 M 26 12 month 17.04.2013
Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 17.04.2013
Maxim Group LLC ASHOK KUMAR buy 5 M 29 12 month 17.04.2013
Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 21 12 month 17.04.2013
Piper Jaffray AUGUSTE P RICHARD neutral 3 M 21 12 month 17.04.2013
Credit Agricole Securities (USA) SRINI PAJJURI underperform 1 M 22 Not Provided 17.04.2013
Barclays BLAYNE CURTIS equalweight 3 M 20 Not Provided 17.04.2013
Deutsche Bank ROSS C SEYMORE buy 5 M 26 12 month 16.04.2013
RBC Capital Markets DOUG FREEDMAN sector perform 3 M 24 12 month 16.04.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 16.04.2013
Raymond James HANS C MOSESMANN underperform 1 M #N/A N/A Not Provided 16.04.2013
Canaccord Genuity Corp ROBERT BURLESON hold 3 M 20 12 month 16.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 16.04.2013
S&P Capital IQ CHRISTIN ARMACOST hold 3 M 23 12 month 06.04.2013
Holdings By:
Intel Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Intuit Inc. develops and markets business and financial management software
solutions for small and medium sized businesses, financial institutions,
consumers, and accounting professionals The Company provides software for small
business management and payroll processing, personal finance, and tax
preparation and filing.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (06.03.2013) 68.41
52-Week Low (21.05.2012) 53.49
Daily Volume
60.94
52-Week High % Change -10.92% Dividend Yield 1.05
52-Week Low % Change 13.93% Beta 0.91
% 52 Week Price Range High/Low 49.93% Equity Float 282.43
Shares Out 22.02.2013 296.4 Short Int 10.05
18'061.94 1 Yr Total Return 6.26%
Total Debt 499.00 YTD Return 2.98%
Preferred Stock 0.0 Adjusted BETA 0.909
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 744.00 Consensus Rating 3.667
Enterprise Value 17'901.94
Average Volume 5 Day 1'515'258
INTU UW EQUITY YTD Change - Average Volume 30 Day 709'234
INTU UW EQUITY YTD % CHANGE - Average Volume 3 Month 691'880
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 01/yy 01/yy 07/13 Y 07/14 Y 04/13 Q3 07/13 Q4
3'071.0 3'109.0 3'455.0 3'772.0 4'151.0 3'995.0 4'211.0 4'518.5 4'921.7 2'188.3 727.0
2.93x 2.98x 3.44x 3.61x 4.07x 15.60x 16.35x 3.82x 3.39x 7.68x 23.70x
902.7 957.7 1'119.0 1'308.0 1'419.0 1'401.0 1'307.0 1'688.2 1'873.7 1'387.9 92.1
9.96x 9.67x 10.61x 10.41x 11.90x 11.90x 14.04x 10.60x 9.55x 10.04x 9.61x
476.8 447.0 574.0 634.0 792.0 685.0 790.0 1'015.0 1'117.8 892.6 32.2
19.80x 18.68x 23.80x 22.03x 23.21x 24.86x 26.43x 18.18x 16.57x 17.25x 16.67x
EBITDA 1'419.00 Long-Term Rating Date 29.05.2008
EBIT 1'177.00 Long-Term Rating BBB
Operating Margin 28.35% Long-Term Outlook STABLE
Pretax Margin 27.73% Short-Term Rating Date -
Return on Assets 15.72% Short-Term Rating -
Return on Common Equity 31.51%
Return on Capital 24.92% EBITDA/Interest Exp. 28.38
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 25.68
Net Debt/EBITDA -0.12
Gross Margin 81.7% Total Debt/EBITDA 0.40
EBITDA Margin 31.0%
EBIT Margin 25.8% Total Debt/Equity 18.2%
Net Income Margin 19.1% Total Debt/Capital 15.4%
Asset Turnover 0.84
Current Ratio 1.20 Net Fixed Asset Turnover 7.24
Quick Ratio 0.73 Accounts receivable turnover-days 49.24
Debt to Assets 10.65% Inventory Days -
Tot Debt to Common Equity 18.19% Accounts Payable Turnover Day 99.84
Accounts Receivable Turnover 7.43 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Intuit IncPrice/Volume
Valuation Analysis
1'161'671.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 17'554'978 5.92 (89'700) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'418'092 5.54 - 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 14'971'171 5.05 (415'749) 24.04.2013 Investment Advisor
COOK SCOTT D n/a Form 4 13'201'868 4.45 - 31.12.2012 n/a
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'012'480 4.39 490'282 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 12'570'100 4.24 8'678'400 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 12'387'302 4.18 151'423 28.02.2013 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 10'418'562 3.52 1'183'080 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 10'137'644 3.42 1'052'512 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 9'716'592 3.28 347'950 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'214'208 2.43 (107'852) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'639'811 2.24 (354'330) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 5'859'348 1.98 553'376 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 5'570'324 1.88 1'035'189 31.03.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 5'283'586 1.78 (480'314) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'239'299 1.77 (43'300) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 4'895'654 1.65 153'639 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'987'428 1.35 (7'574) 31.12.2012 Investment Advisor
POLEN CAPITAL MANAGE POLEN CAPITAL MANAGE 13F 3'863'314 1.3 81'337 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'562'017 1.2 (543'447) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley JENNIFER LOWE Equalwt/In-Line 3 M #N/A N/A Not Provided 25.04.2013
Jefferies ROSS MACMILLAN hold 3 M 61 12 month 25.04.2013
Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 25.04.2013
Barclays RAIMO LENSCHOW equalweight 3 M 67 Not Provided 25.04.2013
Wedbush GIL B LURIA outperform 5 M 67 12 month 24.04.2013
Evercore Partners DAVID M TOGUT equalweight 3 M 58 12 month 24.04.2013
Northcoast Research KARTIK MEHTA neutral 3 M #N/A N/A Not Provided 24.04.2013
Cowen and Company PETER GOLDMACHER outperform 5 M #N/A N/A Not Provided 18.04.2013
First Analysis Corp LARRY BERLIN equalweight 3 M #N/A N/A Not Provided 27.03.2013
Raymond James WAYNE JOHNSON outperform 5 M 68 12 month 26.03.2013
Millman Research Associates MICHAEL MILLMAN hold 3 M 59 12 month 25.03.2013
Deutsche Bank THOMAS ERNST JR buy 5 M 69 12 month 22.02.2013
Goldman Sachs GREG DUNHAM neutral/attractive 3 M 67 12 month 22.02.2013
JPMorgan STERLING AUTY overweight 5 M 65 6 month 22.02.2013
Janney Montgomery Scott LLC YUN KIM buy 5 M 80 12 month 22.02.2013
Macquarie BRAD A ZELNICK neutral 3 M 62 12 month 22.02.2013
Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 65 12 month 22.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 29.04.2011
Holdings By:
Intuit Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Intuitive Surgical, Inc. design, manufactures and markets surgical systems. The
Company's surgical system controls Intuitive Surgical endoscopic instruments,
including rigid endoscopes, blunt and sharp endoscopic dissectors, scissors,
scalpels, forceps/pickups, needle holders, endoscopic retractors,
electrocautery, ultrasonic cutters, and accessories during surgical procedures.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (02.05.2012) 591.41
52-Week Low (15.03.2013) 455.18
Daily Volume
489.16
52-Week High % Change -17.29% Dividend Yield 0.00
52-Week Low % Change 7.47% Beta 1.04
% 52 Week Price Range High/Low 24.94% Equity Float 39.75
Shares Out 10.04.2013 40.2 Short Int 2.19
19'645.17 1 Yr Total Return -15.40%
Total Debt 0.00 YTD Return -0.25%
Preferred Stock 0.0 Adjusted BETA 1.036
Minority Interest 0.0 Analyst Recs 20
Cash and Equivalents 1'324.40 Consensus Rating 4.350
Enterprise Value 18'286.97
Average Volume 5 Day 94'761
ISRG UW EQUITY YTD Change - Average Volume 30 Day 124'570
ISRG UW EQUITY YTD % CHANGE - Average Volume 3 Month 121'603
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
874.9 1'052.2 1'413.0 1'757.3 2'178.8 1'864.4 2'295.0 2'583.1 2'967.5 631.8 629.9
5.17x 10.57x 6.45x 9.77x 8.44x 34.63x 33.22x 6.25x 5.27x 26.08x 25.93x
335.9 412.0 595.6 741.3 935.9 788.3 996.5 1'065.6 1'229.2 255.6 253.4
13.47x 27.01x 15.31x 23.16x 19.65x 26.05x 18.45x 17.16x 14.88x 17.23x 16.65x
204.3 232.6 381.8 495.1 656.6 534.5 702.0 738.3 852.8 177.2 175.2
24.80x 51.17x 27.22x 37.58x 30.69x 41.01x 28.86x 27.41x 23.58x 26.93x 25.75x
EBITDA 935.90 Long-Term Rating Date -
EBIT 878.10 Long-Term Rating -
Operating Margin 40.30% Long-Term Outlook -
Pretax Margin 41.03% Short-Term Rating Date -
Return on Assets 18.55% Short-Term Rating -
Return on Common Equity 20.96%
Return on Capital 20.96% EBITDA/Interest Exp. -
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.36
Gross Margin 72.1% Total Debt/EBITDA 0.00
EBITDA Margin 43.4%
EBIT Margin 40.8% Total Debt/Equity 0.0%
Net Income Margin 30.1% Total Debt/Capital 0.0%
Asset Turnover 0.61
Current Ratio 4.71 Net Fixed Asset Turnover 9.98
Quick Ratio 4.22 Accounts receivable turnover-days 51.27
Debt to Assets 0.00% Inventory Days 71.81
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 32.40
Accounts Receivable Turnover 7.12 Cash Conversion Cycle 95.75
Inventory Turnover 5.08
Fiscal Year Ended
Intuitive Surgical IncPrice/Volume
Valuation Analysis
80'360.00
Current Price (4/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
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1'000.0
1'500.0
2'000.0
2'500.0
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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 5'472'694 13.63 263'000 31.03.2013 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 2'294'248 5.71 (6'009) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 2'129'851 5.3 36'579 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'860'003 4.63 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'811'809 4.51 54'929 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'252'626 3.12 34'047 28.02.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 1'131'468 2.82 43'778 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 1'038'314 2.59 (306'791) 31.12.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 969'364 2.41 653'710 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 956'986 2.38 5'420 28.02.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 936'203 2.33 295'136 31.12.2012 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 818'598 2.04 731'598 31.12.2012 Hedge Fund Manager
ALLIANCE BERNSTEIN n/a ULT-AGG 786'222 1.96 58'952 31.03.2013 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 748'303 1.86 74'215 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 646'802 1.61 (382'372) 31.12.2012 Investment Advisor
EDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 575'597 1.43 66'396 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 572'274 1.42 (78'794) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 567'682 1.41 (12'311) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 547'562 1.36 (8'043) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 521'573 1.3 2'739 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan TYCHO W PETERSON overweight 5 M 625 6 month 22.04.2013
Janney Montgomery Scott LLC SPENCER NAM buy 5 M 670 Not Provided 22.04.2013
William Blair & Co BENJAMIN C ANDREW outperform 5 M #N/A N/A Not Provided 22.04.2013
Leerink Swann & Co RICHARD NEWITTER market perform 3 M #N/A N/A Not Provided 22.04.2013
Lazard Capital Markets SEAN D LAVIN buy 5 M 625 12 month 22.04.2013
Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 19.04.2013
SunTrust Robinson Humphrey AMIT HAZAN buy 5 M 647 12 month 19.04.2013
Barrington Research CHARLES R JONES outperform 5 M 650 12 month 19.04.2013
Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 19.04.2013
Canaccord Genuity Corp JASON R MILLS buy 5 M 527 12 month 19.04.2013
JMP Securities J T HARESCO III market outperform 4 M 620 12 month 19.04.2013
Northland Securities Inc SURAJ KALIA underperform 1 M 400 12 month 19.04.2013
Wallachbeth Capital LLC Kathleen McGrath buy 5 M 610 12 month 19.04.2013
Goldman Sachs DAVID H ROMAN Buy/Neutral 5 M 684 12 month 18.04.2013
Raymond James LAWRENCE S KEUSCH outperform 5 M 620 12 month 18.04.2013
Cantor Fitzgerald JEREMY FEFFER buy 5 M 575 12 month 18.04.2013
Mizuho Securities USA Inc MICHAEL S MATSON buy 5 M 636 12 month 18.04.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 23.01.2013
Holdings By:
Intuitive Surgical Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
KLA-Tencor Corporation manufactures yield management and process monitoring
systems for the semiconductor industry. The Company's systems are used to
analyze product and process quality at critical steps in the manufacture of
circuits and provide feedback so that fabrication problems can be identified.
KLA-Tencor operates sales, service, and application centers worldwide.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 57.95
52-Week Low (16.11.2012) 43.22
Daily Volume
53.11
52-Week High % Change -8.35% Dividend Yield 2.92
52-Week Low % Change 22.88% Beta 1.24
% 52 Week Price Range High/Low 67.14% Equity Float 165.65
Shares Out 12.04.2013 165.9 Short Int 4.08
8'810.19 1 Yr Total Return 5.01%
Total Debt 746.83 YTD Return 11.99%
Preferred Stock 0.0 Adjusted BETA 1.235
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 2'534.44 Consensus Rating 4.444
Enterprise Value 6'677.93
Average Volume 5 Day 972'095
KLAC UW EQUITY YTD Change - Average Volume 30 Day 599'537
KLAC UW EQUITY YTD % CHANGE - Average Volume 3 Month 618'665
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 12/yy 12/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1
2'521.7 1'520.2 1'820.8 3'175.2 3'171.9 3'165.5 3'126.7 2'826.9 3'163.7 712.0 760.1
2.50x 2.45x 2.14x 1.72x 2.02x 7.57x 8.34x 2.55x 2.05x 9.10x 8.39x
638.4 4.7 401.5 1'246.4 1'108.5 1'159.7 1'034.0 810.7 998.6 205.3 225.7
9.86x 800.84x 9.71x 4.39x 5.79x 5.70x 5.90x 8.24x 6.69x 6.81x 6.13x
359.1 (523.4) 212.3 794.5 756.0 757.6 695.2 548.1 700.4 136.2 162.9
20.88x - 17.82x 8.27x 10.63x 10.37x 11.30x 16.40x 12.96x 13.78x 12.16x
EBITDA 1'108.46 Long-Term Rating Date 28.04.2008
EBIT 1'016.33 Long-Term Rating BBB
Operating Margin 32.04% Long-Term Outlook STABLE
Pretax Margin 30.71% Short-Term Rating Date -
Return on Assets 12.96% Short-Term Rating -
Return on Common Equity 19.87%
Return on Capital - EBITDA/Interest Exp. 20.45
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 19.39
Net Debt/EBITDA -2.24
Gross Margin 58.1% Total Debt/EBITDA 0.79
EBITDA Margin 31.5%
EBIT Margin 28.5% Total Debt/Equity 22.5%
Net Income Margin 23.8% Total Debt/Capital 18.4%
Asset Turnover 0.60
Current Ratio 4.83 Net Fixed Asset Turnover 10.60
Quick Ratio 3.75 Accounts receivable turnover-days 66.13
Debt to Assets 14.64% Inventory Days 183.63
Tot Debt to Common Equity 22.52% Accounts Payable Turnover Day 34.92
Accounts Receivable Turnover 5.52 Cash Conversion Cycle 206.13
Inventory Turnover 1.99
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
KLA-Tencor CorpPrice/Volume
Valuation Analysis
904'466.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 22'627'316 13.62 (370'332) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 15'847'397 9.54 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'493'292 6.32 285'878 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 9'130'979 5.5 134'480 24.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 7'134'973 4.29 2'050'188 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'915'022 4.16 337'635 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 5'050'800 3.04 (79'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'192'094 2.52 (1'402'932) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'012'005 1.81 (321'290) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'699'420 1.62 (514'895) 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 2'636'341 1.59 (2'104'992) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'601'384 1.57 (24'440) 31.03.2013 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'300'784 1.38 376'200 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'272'086 1.37 29'564 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 1'708'804 1.03 1'702'853 31.12.2012 Hedge Fund Manager
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 1'665'757 1 793'685 31.12.2012 Investment Advisor
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 1'545'691 0.93 100'773 31.12.2012 Hedge Fund Manager
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'537'676 0.93 157'204 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 1'478'800 0.89 105'700 31.12.2012 Insurance Company
NORGES BANK NORGES BANK 13F 1'398'685 0.84 168'897 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Pacific Crest Securities WESTON TWIGG outperform 5 M 61 12 month 24.04.2013
Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 24.04.2013
B Riley & Company, Inc BEN PANG buy 5 M 66 12 month 23.04.2013
Stifel PATRICK J HO buy 5 M 58 12 month 23.04.2013
Exane BNP Paribas JEROME RAMEL outperform 5 M 65 Not Provided 19.04.2013
Needham & Co EDWIN MOK buy 5 M 61 12 month 17.04.2013
Credit Suisse SATYA KUMAR outperform 5 M 63 Not Provided 12.04.2013
RBC Capital Markets MAHESH SANGANERIA outperform 5 M 60 12 month 15.03.2013
Piper Jaffray JAGADISH IYER overweight 5 M 62 12 month 15.03.2013
Susquehanna Financial Group MEHDI HOSSEINI neutral 3 M 50 12 month 13.02.2013
Goldman Sachs JAMES V COVELLO Sell/Neutral 1 M 50 12 month 07.02.2013
Deutsche Bank VISHAL SHAH hold 3 U 56 12 month 25.01.2013
Credit Agricole Securities (USA) MARK HELLER buy 5 M 62 Not Provided 25.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ ANGELO ZINO buy 5 R 57 12 month 26.10.2012
First Global Stockbroking ISHANSH VIJ market perform 3 M #N/A N/A Not Provided 05.02.2011
Holdings By:
KLA-Tencor Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Kraft Foods Group, Inc. is a food company. The Company is focused on consumer
packaged food and beverages for North American Grocery stores. Kraft Foods
offers a wide range of branded beverages, cheese, grocery products and
convenient meals.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.04.2013) 52.50
52-Week Low (01.10.2012) 42.29
Daily Volume
51.57
52-Week High % Change -1.77% Dividend Yield -
52-Week Low % Change 21.94% Beta -
% 52 Week Price Range High/Low 90.89% Equity Float 592.55
Shares Out 23.02.2013 593.4 Short Int 6.34
30'600.22 1 Yr Total Return -
Total Debt 9'971.00 YTD Return 14.52%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 1'255.00 Consensus Rating 3.833
Enterprise Value 39'316.22
Average Volume 5 Day 840'301
KRFT UW EQUITY YTD Change - Average Volume 30 Day 953'710
KRFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'037'542
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
17'708.0 17'278.0 17'797.0 18'655.0 18'339.0 0.0 14'135.0 18'770.5 19'237.3 4'476.1 4'847.3
- - - - 1.91x #DIV/0! 5.01x 2.12x 2.06x 8.98x 8.32x
- 3'314.0 3'307.0 3'190.0 3'239.0 0.0 2'237.0 3'536.4 3'794.1 813.8 947.9
- - - - 10.82x 0.00x 0.00x 11.12x 10.36x 11.23x 10.93x
2'662.0 2'170.0 3'531.0 1'775.0 1'642.0 0.0 878.0 1'689.3 1'865.1 388.6 467.1
- - - - 12.69x 0.00x 0.00x 18.53x 16.56x 18.48x 17.85x
EBITDA 3'239.00 Long-Term Rating Date 19.07.2012
EBIT 2'811.00 Long-Term Rating BBB
Operating Margin 15.33% Long-Term Outlook NEG
Pretax Margin 13.38% Short-Term Rating Date 19.07.2012
Return on Assets - Short-Term Rating A-2
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 13.61
Asset Turnover - (EBITDA-Capex)/Interest Exp. 11.76
Net Debt/EBITDA -
Gross Margin 31.8% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 279.1%
Net Income Margin 9.0% Total Debt/Capital 73.6%
Asset Turnover -
Current Ratio 1.34 Net Fixed Asset Turnover -
Quick Ratio 0.65 Accounts receivable turnover-days -
Debt to Assets 42.74% Inventory Days -
Tot Debt to Common Equity 279.14% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 32.36
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
Kraft Foods Group IncPrice/Volume
Valuation Analysis
931'336.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 41'134'579 6.93 - 23.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 29'803'464 5.02 29'803'464 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 28'036'058 4.72 1'059'896 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 14'309'447 2.41 14'309'447 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'900'216 1.84 (461'880) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 10'420'868 1.76 10'370'973 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 9'329'532 1.57 9'255'731 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'573'100 1.44 8'573'100 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 8'565'438 1.44 259'651 24.04.2013 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 8'453'158 1.42 948'276 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 7'588'295 1.28 7'588'295 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'286'967 1.06 6'286'967 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 6'269'784 1.06 6'269'784 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 5'036'151 0.85 5'036'151 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 4'756'427 0.8 1'417'875 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 4'735'130 0.8 4'735'130 31.12.2012 Government
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 4'173'053 0.7 4'173'053 31.12.2012 Investment Advisor
STANDARD LIFE INVEST STANDARD LIFE INVEST 13F 4'170'705 0.7 (220'637) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'144'582 0.7 4'144'582 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'138'693 0.7 4'061'921 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KENNETH B ZASLOW outperform 5 M 53 Not Provided 23.04.2013
Stifel CHRISTOPHER R GROWE buy 5 M 55 12 month 23.04.2013
JPMorgan KENNETH GOLDMAN neutral 3 M 53 6 month 22.04.2013
Sanford C. Bernstein & Co ALEXIA HOWARD market perform 3 M 51 12 month 17.04.2013
Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 46 12 month 16.04.2013
Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 15.04.2013
Davenport & Co ANN H GURKIN neutral 3 D #N/A N/A Not Provided 15.04.2013
Deutsche Bank ERIC R KATZMAN hold 3 M 48 12 month 12.04.2013
Barclays ANDREW LAZAR overweight 5 M 51 Not Provided 12.04.2013
Wells Fargo Securities, LLC JOHN J BAUMGARTNER market perform 3 N #N/A N/A Not Provided 10.04.2013
Canaccord Genuity Corp ALICIA FORRY buy 5 M 56 12 month 04.04.2013
Morgan Stanley MATTHEW GRAINGER Equalwt/In-Line 3 M #N/A N/A Not Provided 02.04.2013
Jefferies THILO WREDE buy 5 M 52 12 month 28.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 22.03.2013
Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 54 Not Provided 20.03.2013
Goldman Sachs JASON ENGLISH neutral/neutral 3 M 51 12 month 17.03.2013
RBC Capital Markets EDWARD AARON outperform 5 M 50 12 month 11.03.2013
Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 07.03.2013
CL King & Associates ERIC J LARSON buy 5 M 50 12 month 19.02.2013
Credit Suisse ROBERT MOSKOW outperform 5 M 50 Not Provided 15.02.2013
S&P Capital IQ THOMAS GRAVES hold 3 M 46 12 month 16.10.2012
Holdings By:
Kraft Foods Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Liberty Global, Inc. owns interests in broadband, distribution, and content
companies operating outside the continental United States, principally in
Europe, Asia, and Latin America.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.04.2013) 75.86
52-Week Low (01.06.2012) 44.89
Daily Volume
73.29
52-Week High % Change -3.39% Dividend Yield 0.00
52-Week Low % Change 63.27% Beta 0.99
% 52 Week Price Range High/Low 91.70% Equity Float 130.12
Shares Out 08.02.2013 141.3 Short Int 31.23
18'297.11 1 Yr Total Return 47.14%
Total Debt 27'524.50 YTD Return 16.35%
Preferred Stock 0.0 Adjusted BETA 0.993
Minority Interest (124.9) Analyst Recs 13
Cash and Equivalents 2'038.90 Consensus Rating 4.692
Enterprise Value 43'657.81
Average Volume 5 Day 528'956
LBTYA UW EQUITY YTD Change - Average Volume 30 Day 662'998
LBTYA UW EQUITY YTD % CHANGE - Average Volume 3 Month 817'964
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
10'497.7 7'497.4 8'364.2 9'510.8 10'310.8 9'510.8 10'310.8 13'791.8 15'802.9 2'743.3 2'766.0
2.54x 4.24x 3.30x 3.63x 4.04x 13.73x 14.84x 3.11x 2.68x - -
4'361.8 3'203.0 3'770.7 4'351.0 4'757.2 4'262.9 4'757.2 5'890.4 6'789.0 1'306.0 1'328.0
6.12x 9.93x 7.32x 7.93x 8.76x 8.10x 8.76x 7.41x 6.43x 8.19x -
(788.9) (412.1) 388.2 (772.7) 322.8 (772.7) 322.8 671.7 1'132.7 78.0 39.9
- - - - - 0.00x 0.00x 34.30x 22.13x 35.02x -
EBITDA 4'757.20 Long-Term Rating Date 06.02.2013
EBIT 2'066.10 Long-Term Rating B+ *+
Operating Margin 20.04% Long-Term Outlook -
Pretax Margin -4.69% Short-Term Rating Date -
Return on Assets 0.86% Short-Term Rating -
Return on Common Equity 12.87%
Return on Capital - EBITDA/Interest Exp. 2.84
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 1.71
Net Debt/EBITDA 5.36
Gross Margin 64.9% Total Debt/EBITDA 5.79
EBITDA Margin 46.1%
EBIT Margin 20.0% Total Debt/Equity 1245.5%
Net Income Margin 3.1% Total Debt/Capital 93.0%
Asset Turnover 0.28
Current Ratio 0.81 Net Fixed Asset Turnover 0.78
Quick Ratio 0.66 Accounts receivable turnover-days 34.46
Debt to Assets 71.85% Inventory Days -
Tot Debt to Common Equity 1245.45% Accounts Payable Turnover Day 71.82
Accounts Receivable Turnover 10.62 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Liberty Global IncPrice/Volume
Valuation Analysis
476'228.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 10'240'573 7.25 - 23.04.2013 Investment Advisor
CASCADE INVESTMENT L n/a 13G 8'736'009 6.18 - 31.12.2012 Investment Advisor
COATUE MANAGEMENT LL n/a 13G 8'584'691 6.07 1'720'594 05.02.2013 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8'102'429 5.73 3'593'100 31.12.2012 Investment Advisor
COMCAST CORP n/a 13G/PRXY 7'681'369 5.43 - 31.03.2012 Corporation
VANGUARD GROUP INC VANGUARD GROUP INC 13F 5'662'715 4.01 1'989'871 31.03.2013 Investment Advisor
BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 3'900'000 2.76 - 31.12.2012 Hedge Fund Manager
DODGE & COX DODGE & COX 13F 3'758'684 2.66 (43'700) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'654'949 2.59 (1'230'818) 24.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'626'082 2.57 1'474'161 28.02.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'267'478 2.31 632'444 31.03.2013 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 2'958'710 2.09 191'797 31.12.2012 Investment Advisor
ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 2'471'200 1.75 - 31.12.2012 Hedge Fund Manager
MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 2'385'018 1.69 897'807 31.12.2012 Hedge Fund Manager
TIGER GLOBAL MANAGEM TIGER GLOBAL MANAGEM 13F 2'300'000 1.63 (3'950'000) 31.12.2012 Hedge Fund Manager
SLEEP, ZAKARIA & CO SLEEP, ZAKARIA & CO 13F 2'210'000 1.56 - 31.03.2013 Hedge Fund Manager
GATES FOUNDATION BILL & MELINDA FOUND 13F 2'119'515 1.5 - 31.12.2012 Endowment
NORGES BANK NORGES BANK 13F 2'056'197 1.45 (209'351) 31.12.2012 Government
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'872'138 1.32 187'404 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 1'826'367 1.29 2'554 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley BENJAMIN SWINBURNE Overwt/In-Line 5 M 80 12 month 24.04.2013
ISI Group VIJAY JAYANT strong buy 5 M 85 12 month 21.04.2013
Barclays MICHAEL BISHOP overweight 5 M 82 Not Provided 17.04.2013
JPMorgan CARL MURDOCK-SMITH restricted #N/A N/A M #N/A N/A Not Provided 15.04.2013
Stifel CHRISTOPHER C KING buy 5 M 80 12 month 12.04.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 84 18 month 26.03.2013
Evercore Partners BRYAN KRAFT overweight 5 M 83 12 month 07.03.2013
Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 88 12 month 06.03.2013
HSBC NICOLAS COTE-COLISSON overweight 5 M 80 Not Provided 15.02.2013
Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 05.02.2013
Credit Suisse JUSTIN FUNNELL outperform 5 M 65 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Nomura HENRIK NYBLOM buy 5 M 67 12 month 14.12.2012
Holdings By:
Liberty Global Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Liberty Interactive Corporation owns interests in video and Internet commerce
businesses. The Company owns interests in home shopping television networks
and lifestyle and travel services Internet websites.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.02.2013) 22.04
52-Week Low (04.06.2012) 14.06
Daily Volume
20.98
52-Week High % Change -4.81% Dividend Yield 0.00
52-Week Low % Change 49.18% Beta 1.09
% 52 Week Price Range High/Low 86.71% Equity Float 503.05
Shares Out 31.01.2013 512.7 Short Int 1.77
11'350.03 1 Yr Total Return 26.14%
Total Debt 7'884.00 YTD Return 6.61%
Preferred Stock 0.0 Adjusted BETA 1.086
Minority Interest 4'489.0 Analyst Recs 10
Cash and Equivalents 4'479.00 Consensus Rating 4.000
Enterprise Value 19'244.03
Average Volume 5 Day 779'249
LINTA UW EQUITY YTD Change - Average Volume 30 Day 894'302
LINTA UW EQUITY YTD % CHANGE - Average Volume 3 Month 930'432
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
8'079.0 8'305.0 8'932.0 9'616.0 10'054.0 9'616.0 10'054.0 10'392.6 10'919.7 2'384.8 2'440.7
0.91x 1.24x 1.53x 1.41x 1.85x 5.65x 6.15x 1.91x 1.88x - -
1'523.0 1'607.0 1'679.0 1'774.0 1'809.0 1'774.0 1'809.0 1'973.4 2'077.6 437.7 481.2
4.82x 6.40x 8.14x 7.63x 10.29x 7.63x 10.29x 9.75x 9.26x 9.71x 9.51x
(781.0) 258.0 1'892.0 912.0 1'530.0 1'332.0 1'530.0 588.0 657.1 110.5 138.8
- 20.51x 19.42x 20.81x - 94.34x 10.93x 18.20x 15.21x 18.32x 17.63x
EBITDA 1'809.00 Long-Term Rating Date 29.09.2011
EBIT 1'200.00 Long-Term Rating BB
Operating Margin 11.94% Long-Term Outlook STABLE
Pretax Margin 19.74% Short-Term Rating Date -
Return on Assets 7.02% Short-Term Rating -
Return on Common Equity 21.77%
Return on Capital 11.88% EBITDA/Interest Exp. 4.19
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 3.40
Net Debt/EBITDA 1.88
Gross Margin 36.4% Total Debt/EBITDA 4.36
EBITDA Margin 18.0%
EBIT Margin 11.9% Total Debt/Equity 104.3%
Net Income Margin 15.2% Total Debt/Capital 39.5%
Asset Turnover 0.46
Current Ratio 1.17 Net Fixed Asset Turnover 8.49
Quick Ratio 0.86 Accounts receivable turnover-days 41.04
Debt to Assets 30.03% Inventory Days 62.29
Tot Debt to Common Equity 104.26% Accounts Payable Turnover Day 37.50
Accounts Receivable Turnover 8.92 Cash Conversion Cycle 65.83
Inventory Turnover 5.88
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
Liberty Interactive CorpPrice/Volume
Valuation Analysis
825'891.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DODGE & COX DODGE & COX 13F 27'022'608 5.27 (2'943'360) 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 24'681'853 4.81 386'568 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 24'537'419 4.79 4'061'744 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 23'246'941 4.53 17'945'695 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 20'876'418 4.07 883'917 23.04.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 20'674'770 4.03 935'289 31.03.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 14'068'260 2.74 (655'318) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'308'654 2.6 (6'421'809) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'733'184 2.48 (365'600) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 10'859'272 2.12 128'217 24.04.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 10'769'953 2.1 (626'635) 31.12.2012 Investment Advisor
MERITAGE GROUP LP MERITAGE GROUP LP 13F 10'164'241 1.98 2'540'365 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 9'677'945 1.89 1'433'223 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 7'729'748 1.51 1'786'271 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'624'453 1.49 2'889'408 31.12.2012 Investment Advisor
UNITED STATES STEEL UNITED STATES STEEL 13F 6'752'704 1.32 - 31.12.2012 Pension Fund (ERISA)
SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 6'286'911 1.23 4'950'027 31.12.2012 Hedge Fund Manager
HORIZON KINETICS n/a ULT-AGG 6'114'848 1.19 1'036'740 31.12.2012 Investment Advisor
FPR PARTNERS LLC FPR PARTNERS LLC 13F 5'979'990 1.17 320'700 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'766'417 1.12 (586'668) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Lazard Capital Markets BARTON CROCKETT buy 5 M 24 12 month 10.04.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 28 18 month 09.04.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 01.04.2013
Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 05.03.2013
Stifel BENJAMIN MOGIL buy 5 M 23 12 month 05.03.2013
Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 28.02.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 25 12 month 28.02.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 27 12 month 28.02.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 07.11.2012
Holdings By:
Liberty Interactive Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Life Technologies Corporation develops biotechnology tools used by researchers.
The Company offers a broad range of products and services, including systems,
instruments, reagents, and custom services. Life's portfolio of products
includes technologies for capillary electrophoresis based sequencing,
sequencing, mass spectrometry sample preparation, and cell culture.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (24.04.2013) 73.85
52-Week Low (04.06.2012) 39.73
Daily Volume
73.68
52-Week High % Change -0.23% Dividend Yield 0.00
52-Week Low % Change 85.45% Beta 1.11
% 52 Week Price Range High/Low 99.50% Equity Float 169.25
Shares Out 25.02.2013 170.4 Short Int 2.61
12'554.11 1 Yr Total Return 58.93%
Total Debt 2'414.07 YTD Return 50.12%
Preferred Stock 0.0 Adjusted BETA 1.111
Minority Interest 0.8 Analyst Recs 22
Cash and Equivalents 261.27 Consensus Rating 3.273
Enterprise Value 14'707.69
Average Volume 5 Day 650'040
LIFE UW EQUITY YTD Change - Average Volume 30 Day 1'034'105
LIFE UW EQUITY YTD % CHANGE - Average Volume 3 Month 788'427
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'620.3 3'280.3 3'588.1 3'775.7 3'798.5 3'775.7 3'798.5 3'923.2 4'062.5 958.8 979.6
4.67x 3.89x 3.44x 2.34x 2.78x 10.90x 11.06x 3.71x 3.48x 15.25x 14.89x
431.5 912.2 1'130.1 1'160.6 1'166.9 1'216.4 1'166.9 1'402.3 1'452.5 316.0 320.4
17.52x 13.97x 10.94x 7.61x 9.04x 7.26x 9.04x 10.49x 10.13x 11.35x 11.19x
5.7 144.6 378.3 378.5 430.9 412.8 430.9 760.4 819.8 184.7 187.9
8.18x 17.18x 45.49x 16.84x 18.03x 15.50x 18.16x 16.89x 15.51x 16.89x 16.56x
EBITDA 1'166.86 Long-Term Rating Date 15.04.2013
EBIT 737.97 Long-Term Rating BBB *-
Operating Margin 19.43% Long-Term Outlook -
Pretax Margin 14.00% Short-Term Rating Date -
Return on Assets 4.83% Short-Term Rating -
Return on Common Equity 9.31%
Return on Capital 7.36% EBITDA/Interest Exp. 9.42
Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. 8.47
Net Debt/EBITDA 1.84
Gross Margin 56.2% Total Debt/EBITDA 2.07
EBITDA Margin 30.7%
EBIT Margin 19.4% Total Debt/Equity 51.9%
Net Income Margin 11.3% Total Debt/Capital 34.2%
Asset Turnover 0.43
Current Ratio 1.36 Net Fixed Asset Turnover 4.53
Quick Ratio 0.80 Accounts receivable turnover-days 64.28
Debt to Assets 27.95% Inventory Days 85.93
Tot Debt to Common Equity 51.89% Accounts Payable Turnover Day 39.53
Accounts Receivable Turnover 5.69 Cash Conversion Cycle 110.68
Inventory Turnover 4.26
Fiscal Year Ended
Life Technologies CorpPrice/Volume
Valuation Analysis
231'018.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 14'793'545 8.68 (35'709) 31.12.2012 Investment Advisor
PAULSON & CO PAULSON & CO 13F 14'000'000 8.22 486'200 31.12.2012 Hedge Fund Manager
GLENVIEW CAPITAL MAN GLENVIEW CAPITAL MAN 13F 11'195'648 6.57 (248'867) 31.12.2012 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 10'978'751 6.44 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'685'089 6.27 528'549 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 9'994'993 5.87 245'474 24.04.2013 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 4'404'100 2.58 372'631 31.03.2013 Investment Advisor
TCW GROUP INC TCW GROUP INCORPORAT 13F 3'834'794 2.25 (474'879) 31.12.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 3'630'809 2.13 66'865 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'909'700 1.71 (537'311) 31.12.2012 Investment Advisor
SOUND SHORE MANAGEME SOUND SHORE MANAGEME 13F 2'590'100 1.52 (102'116) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'461'153 1.44 177'223 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'380'152 1.4 (790'013) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'285'527 1.34 7'934 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'178'356 1.28 (109'790) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 2'131'565 1.25 (135'972) 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 2'028'205 1.19 562'723 31.12.2012 Investment Advisor
SECTORAL ASSET MANAG SECTORAL ASSET MANAG 13F 1'956'408 1.15 (50'585) 31.12.2012 Hedge Fund Manager
ORBIMED ADVISORS LLC ORBIMED ADVISORS LLC 13F 1'904'500 1.12 (25'800) 31.12.2012 Hedge Fund Manager
ARIEL INVESTMENTS LL ARIEL INVESTMENTS LL 13F 1'878'931 1.1 390'771 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Leerink Swann & Co DANIEL L LEONARD market perform 3 M #N/A N/A Not Provided 23.04.2013
Maxim Group LLC BRYAN BROKMEIER hold 3 M #N/A N/A Not Provided 19.04.2013
Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 76 12 month 18.04.2013
Morgan Stanley DANIEL BRENNAN Equalwt/In-Line 3 M #N/A N/A Not Provided 17.04.2013
Edward Jones MATTHEW D COLLINS hold 3 M #N/A N/A Not Provided 16.04.2013
Robert W. Baird & Co JEFF T ELLIOTT outperform 5 M 76 12 month 16.04.2013
William Blair & Co AMANDA MURPHY market perform 3 M #N/A N/A Not Provided 16.04.2013
Macquarie JONATHAN P GROBERG neutral 3 D 76 12 month 16.04.2013
Cantor Fitzgerald SUNG JI NAM hold 3 M 76 12 month 16.04.2013
Goldman Sachs ISAAC RO neutral/neutral 3 U 74 12 month 15.04.2013
Credit Suisse VAMIL DIVAN neutral 3 D 76 Not Provided 15.04.2013
JPMorgan TYCHO W PETERSON restricted #N/A N/A M #N/A N/A Not Provided 15.04.2013
Oppenheimer & Co DAVID FERREIRO not rated #N/A N/A M #N/A N/A Not Provided 15.04.2013
S&P Capital IQ JEFFREY LOO hold 3 M 76 Not Provided 15.04.2013
Piper Jaffray WILLIAM R QUIRK neutral 3 M 76 12 month 15.04.2013
Barclays CHARLES ANTHONY BUTLER suspended coverage #N/A N/A M #N/A N/A Not Provided 15.04.2013
Wallachbeth Capital LLC DIFEI YANG hold 3 D 76 12 month 15.04.2013
Cowen and Company DOUG SCHENKEL neutral 3 M #N/A N/A Not Provided 12.04.2013
ISI Group ROSS MUKEN neutral 3 M 65 12 month 09.04.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 11.03.2013
First Analysis Corp GREG CHODACZEK equalweight 3 M 45 12 month 05.02.2013
Credit Agricole Securities (USA) PAUL R KNIGHT outperform 5 D 74 Not Provided 05.02.2013
Jefferies JON WOOD buy 5 M 58 12 month 18.01.2013
Holdings By:
Life Technologies Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Linear Technology Corporation designs, manufactures, and markets a line of
linear integrated circuits. The Company's products include high performance
amplifiers, comparators, voltage references, monolithic filters, linear
regulators, DC-DC converters, battery chargers, data converters, communications
interface circuits, and RF signal conditioning circuits.
Latest Fiscal Year: 06/2012
LTM as of: 03/yy
52-Week High (07.03.2013) 38.80
52-Week Low (01.06.2012) 28.28
Daily Volume
35.79
52-Week High % Change -7.76% Dividend Yield 2.82
52-Week Low % Change 26.56% Beta 1.14
% 52 Week Price Range High/Low 71.39% Equity Float 229.87
Shares Out 31.03.2013 232.6 Short Int 5.51
8'323.51 1 Yr Total Return 12.91%
Total Debt 805.60 YTD Return 4.34%
Preferred Stock 0.0 Adjusted BETA 1.143
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 1'203.06 Consensus Rating 3.385
Enterprise Value 7'690.27
Average Volume 5 Day 740'395
LLTC UW EQUITY YTD Change - Average Volume 30 Day 1'003'240
LLTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 952'006
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 04/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1
1'175.2 968.5 1'170.0 1'484.0 1'266.6 1'295.2 1'285.0 1'279.6 1'397.7 323.0 334.2
6.73x 5.82x 5.72x 5.04x 5.38x 21.32x 22.78x 5.97x 5.31x 23.79x 22.88x
616.8 464.0 608.9 817.4 638.0 668.2 482.1 625.3 707.9 157.4 166.8
12.83x 12.15x 10.98x 9.14x 10.67x 11.11x 0.00x 12.30x 10.86x 11.36x 10.75x
387.6 289.2 361.3 580.8 398.1 453.0 408.3 436.9 490.8 108.8 113.6
18.96x 18.95x 17.97x 13.31x 18.33x 17.18x 22.25x 19.62x 17.79x 18.21x 17.22x
EBITDA 637.97 Long-Term Rating Date -
EBIT 582.04 Long-Term Rating -
Operating Margin 45.95% Long-Term Outlook -
Pretax Margin 42.31% Short-Term Rating Date -
Return on Assets 21.08% Short-Term Rating -
Return on Common Equity 50.08%
Return on Capital 26.88% EBITDA/Interest Exp. 13.43
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 12.67
Net Debt/EBITDA -0.76
Gross Margin 75.3% Total Debt/EBITDA 1.28
EBITDA Margin 49.6%
EBIT Margin 44.9% Total Debt/Equity 109.4%
Net Income Margin 31.4% Total Debt/Capital 52.2%
Asset Turnover 0.66
Current Ratio 8.83 Net Fixed Asset Turnover 4.12
Quick Ratio 7.95 Accounts receivable turnover-days 40.81
Debt to Assets 43.52% Inventory Days 93.93
Tot Debt to Common Equity 109.38% Accounts Payable Turnover Day 12.40
Accounts Receivable Turnover 8.92 Cash Conversion Cycle 121.69
Inventory Turnover 3.88
Fiscal Year Ended
Linear Technology CorpPrice/Volume
Valuation Analysis
533'994.00
Current Price (4/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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1'200.0
1'400.0
1'600.0
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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 28'051'250 12.06 (2'505'250) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 17'515'577 7.53 142'031 24.04.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 17'490'900 7.52 - 31.12.2012 Insurance Company
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'144'996 6.94 865'256 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 12'987'327 5.58 (162'303) 23.04.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 12'265'876 5.27 (2'191'306) 31.03.2013 Hedge Fund Manager
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 8'233'100 3.54 652'100 31.12.2012 Hedge Fund Manager
BANK OF AMERICA CORP BANK OF AMERICA 13F 6'644'258 2.86 6'017'757 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 6'068'200 2.61 (722'453) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'525'424 2.38 373'526 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'969'889 1.71 (3'419'188) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'942'217 1.7 468'426 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'376'310 1.45 (62'075) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'328'502 1.43 83'206 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'826'455 1.22 (97'291) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'763'712 1.19 (69'346) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'714'529 1.17 1'073'440 28.02.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 2'524'385 1.09 411'660 28.02.2013 Investment Advisor
MARATHON ASSET MANAG MARATHON ASSET MANAG 13F 2'107'525 0.91 2'107'525 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 1'861'718 0.8 251'633 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 35 Not Provided 22.04.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 22.04.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 33 12 month 19.04.2013
JPMorgan CHRISTOPHER DANELY underweight 1 M 25 6 month 18.04.2013
Jefferies MARK J LIPACIS hold 3 M 38 12 month 18.04.2013
Macquarie SHAWN WEBSTER outperform 5 M 39 12 month 18.04.2013
Nomura ROMIT SHAH neutral 3 M 30 12 month 18.04.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 45 12 month 18.04.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 32 12 month 17.04.2013
Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 17.04.2013
Credit Suisse JOHN W PITZER outperform 5 M 40 Not Provided 17.04.2013
SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 M 33 12 month 17.04.2013
Pacific Crest Securities MICHAEL MCCONNELL underperform 1 M #N/A N/A Not Provided 17.04.2013
Raymond James J STEVEN SMIGIE underperform 1 M #N/A N/A Not Provided 17.04.2013
B Riley & Company, Inc CRAIG ELLIS neutral 3 M 34 Not Provided 17.04.2013
Stifel TORE E SVANBERG hold 3 M #N/A N/A Not Provided 17.04.2013
Oppenheimer & Co RICHARD SCHAFER outperform 5 M 43 12 month 17.04.2013
ISI Group SUMIT DHANDA strong buy 5 M 41 12 month 17.04.2013
Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 35 12 month 17.04.2013
Piper Jaffray AUGUSTE P RICHARD overweight 5 M 39 12 month 17.04.2013
S&P Capital IQ CHRISTIN ARMACOST sell 1 M 33 12 month 27.02.2013
Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 35 12 month 16.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Linear Technology Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Mattel, Inc. designs, manufactures, and markets a broad variety of children's
toy products on a worldwide basis. The Company sells its products to retailers
and directly to consumers. Mattel's products include branded fashion dolls,
infant and preschool products, toy cars, and electrical vehicles, among others.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (17.04.2013) 45.37
52-Week Low (04.06.2012) 30.15
Daily Volume
44.81
52-Week High % Change -1.23% Dividend Yield 2.88
52-Week Low % Change 48.62% Beta 0.83
% 52 Week Price Range High/Low 96.32% Equity Float 344.12
Shares Out 16.04.2013 345.4 Short Int 4.65
15'477.28 1 Yr Total Return 38.23%
Total Debt 1'509.84 YTD Return 23.45%
Preferred Stock 0.0 Adjusted BETA 0.830
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 1'335.71 Consensus Rating 4.143
Enterprise Value 15'872.77
Average Volume 5 Day 640'542
MAT UW EQUITY YTD Change - Average Volume 30 Day 755'394
MAT UW EQUITY YTD % CHANGE - Average Volume 3 Month 816'993
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
5'918.0 5'430.8 5'856.2 6'266.0 6'420.9 6'242.7 6'488.0 6'850.1 7'144.5 1'217.0 2'210.1
1.02x 1.26x 1.50x 1.52x 1.98x 6.65x 8.33x 2.28x 2.17x - -
713.9 901.0 1'067.7 1'202.4 1'195.3 1'195.3 1'238.2 1'505.0 1'607.7 199.7 585.0
8.43x 7.62x 8.24x 7.94x 10.63x 10.23x 12.52x 10.55x 9.87x - -
379.6 528.7 684.9 768.5 776.5 759.8 807.2 979.0 1'060.2 110.2 404.6
15.24x 14.58x 14.05x 12.73x 14.83x 15.16x 17.16x 15.86x 14.44x 15.73x 15.37x
EBITDA 1'195.30 Long-Term Rating Date 04.04.2011
EBIT 1'021.02 Long-Term Rating BBB+
Operating Margin 15.90% Long-Term Outlook STABLE
Pretax Margin 14.72% Short-Term Rating Date 23.04.2010
Return on Assets 13.75% Short-Term Rating A-2
Return on Common Equity 28.25%
Return on Capital 19.78% EBITDA/Interest Exp. 13.46
Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 10.99
Net Debt/EBITDA 0.32
Gross Margin 53.1% Total Debt/EBITDA 1.34
EBITDA Margin 19.1%
EBIT Margin 16.3% Total Debt/Equity 49.2%
Net Income Margin 12.1% Total Debt/Capital 33.0%
Asset Turnover 1.10
Current Ratio 2.07 Net Fixed Asset Turnover 11.38
Quick Ratio 1.49 Accounts receivable turnover-days 42.00
Debt to Assets 23.13% Inventory Days 72.92
Tot Debt to Common Equity 49.23% Accounts Payable Turnover Day 32.05
Accounts Receivable Turnover 8.69 Cash Conversion Cycle 84.25
Inventory Turnover 5.01
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
Mattel IncPrice/Volume
Valuation Analysis
451'621.00
Current Price (4/dd/yy) Market Data
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3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 27'854'667 8.06 722'400 23.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 25'530'900 7.39 (2'842'000) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'552'139 6.24 (1'227'792) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 21'237'504 6.15 1'304'579 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 18'017'954 5.22 502'987 24.04.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 16'419'806 4.75 (1'588'071) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 15'622'302 4.52 209'910 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 9'035'305 2.62 (28'000) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'769'726 2.25 (412'588) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 6'818'003 1.97 (153'300) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'973'999 1.73 (449'433) 31.03.2013 Investment Advisor
CORNERSTONE INVESTME CORNERSTONE INVESTME 13F 5'864'994 1.7 575'765 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'845'037 1.69 52'526 31.12.2012 Investment Advisor
M&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 4'744'712 1.37 (600) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'802'167 1.1 (352'951) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'728'848 1.08 29'712 31.12.2012 Investment Advisor
EDGE ASSET MANAGEMEN EDGE ASSET MANAGEMEN 13F 3'194'203 0.92 (50'725) 31.12.2012 Investment Advisor
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 3'103'095 0.9 (75'421) 31.12.2012 Investment Advisor
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 2'953'635 0.86 182'402 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 2'838'342 0.82 342'408 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
B Riley & Company, Inc LINDA BOLTON WEISER buy 5 M 53 Not Provided 23.04.2013
MKM Partners ERIC O HANDLER buy 5 M 50 12 month 22.04.2013
BMO Capital Markets GERRICK L JOHNSON outperform 5 M 50 Not Provided 18.04.2013
Needham & Co SEAN P MCGOWAN buy 5 M 48 12 month 18.04.2013
Stifel DREW E CRUM hold 3 M #N/A N/A Not Provided 18.04.2013
Barclays FELICIA R KANTOR HENDRIX equalweight 3 M 41 Not Provided 18.04.2013
SunTrust Robinson Humphrey MICHAEL A SWARTZ buy 5 M 48 12 month 17.04.2013
KeyBanc Capital Markets SCOTT W HAMANN hold 3 M #N/A N/A Not Provided 17.04.2013
Wells Fargo Securities, LLC TIMOTHY A CONDER outperform 5 M #N/A N/A Not Provided 17.04.2013
Longbow Research JAMES L HARDIMAN buy 5 M 48 12 month 17.04.2013
Goldman Sachs MICHAEL KELTER neutral/cautious 3 M 42 12 month 10.04.2013
Monness, Crespi, Hardt & Co JIM CHARTIER neutral 3 M 36 Not Provided 01.04.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 11.03.2013
Holdings By:
Mattel Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Maxim Integrated Products, Inc. designs, develops, manufactures, and markets a
broad range of linear and mixed-signal integrated circuits. The Company also
provides a range of high-frequency design processes and capabilities that can be
used in custom design.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 33.66
52-Week Low (17.07.2012) 23.55
Daily Volume
30.71
52-Week High % Change -8.76% Dividend Yield 3.06
52-Week Low % Change 30.40% Beta 1.13
% 52 Week Price Range High/Low 70.82% Equity Float 288.87
Shares Out 31.03.2013 292.5 Short Int 5.44
8'982.00 1 Yr Total Return 7.31%
Total Debt 309.09 YTD Return 5.23%
Preferred Stock 0.0 Adjusted BETA 1.130
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 956.39 Consensus Rating 4.179
Enterprise Value 8'216.82
Average Volume 5 Day 1'158'638
MXIM UW EQUITY YTD Change - Average Volume 30 Day 832'147
MXIM UW EQUITY YTD % CHANGE - Average Volume 3 Month 906'968
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 12/yy 12/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1
2'052.8 1'646.0 1'997.6 2'472.3 2'403.5 2'460.6 2'404.5 2'463.8 2'664.5 627.5 660.3
2.69x 2.44x 2.36x 2.59x 2.85x 10.96x 12.26x 3.28x 2.93x 12.76x 12.05x
601.6 302.0 467.2 879.3 782.8 839.7 800.9 869.1 979.6 225.4 235.0
9.16x 13.31x 10.08x 7.30x 8.76x 8.44x 9.66x 9.45x 8.39x 8.73x 8.39x
317.7 10.5 125.1 489.0 386.7 483.4 369.7 537.7 627.8 142.6 158.9
20.79x 80.60x 32.24x 14.97x 20.19x 16.48x 18.54x 16.96x 14.82x 15.36x 14.79x
EBITDA 782.77 Long-Term Rating Date 09.05.2012
EBIT 571.68 Long-Term Rating BBB+
Operating Margin 23.78% Long-Term Outlook STABLE
Pretax Margin 22.16% Short-Term Rating Date -
Return on Assets 11.16% Short-Term Rating -
Return on Common Equity 17.46%
Return on Capital 14.62% EBITDA/Interest Exp. 379.25
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 251.17
Net Debt/EBITDA -0.92
Gross Margin 60.4% Total Debt/EBITDA 0.97
EBITDA Margin 34.1%
EBIT Margin 25.6% Total Debt/Equity 12.2%
Net Income Margin 16.1% Total Debt/Capital 10.9%
Asset Turnover 0.61
Current Ratio 2.25 Net Fixed Asset Turnover 1.79
Quick Ratio 1.69 Accounts receivable turnover-days 44.51
Debt to Assets 8.27% Inventory Days 94.41
Tot Debt to Common Equity 12.18% Accounts Payable Turnover Day 45.56
Accounts Receivable Turnover 8.18 Cash Conversion Cycle 91.09
Inventory Turnover 3.86
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
Maxim Integrated Products IncPrice/Volume
Valuation Analysis
843'879.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 81'612'920 27.9 (10'800) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 23'693'247 8.1 (62'238) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 17'892'529 6.12 3'999'512 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 17'278'700 5.91 (1'395'900) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'562'243 5.66 3'874'416 23.04.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 9'109'810 3.11 23'440 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 7'632'685 2.61 (1'417'942) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 6'738'689 2.3 (919'402) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 5'981'030 2.04 90'494 24.04.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'830'315 1.99 3'523'668 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 5'015'892 1.71 157'620 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'222'341 1.44 (4'365'577) 28.02.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'734'853 1.28 776'016 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 2'840'542 0.97 326'500 28.02.2013 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'666'100 0.91 (484'200) 31.12.2012 Hedge Fund Manager
ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 2'598'638 0.89 1'358'506 31.12.2012 Hedge Fund Manager
CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 2'426'235 0.83 (566'875) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'414'380 0.83 269'489 31.12.2012 Government
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'156'890 0.74 215'797 31.12.2012 Hedge Fund Manager
EDGE ASSET MANAGEMEN EDGE ASSET MANAGEMEN 13F 2'042'935 0.7 (3'169) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ROSS C SEYMORE hold 3 M 32 12 month 24.04.2013
Raymond James J STEVEN SMIGIE outperform 5 M 38 12 month 24.04.2013
BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 30 Not Provided 22.04.2013
Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 22.04.2013
Needham & Co VERNON P ESSI JR buy 5 M 37 12 month 19.04.2013
B Riley & Company, Inc CRAIG ELLIS buy 5 M 36 Not Provided 19.04.2013
ISI Group SUMIT DHANDA buy 5 M 37 12 month 19.04.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 35 12 month 19.04.2013
Stifel TORE E SVANBERG buy 5 M 37 12 month 16.04.2013
Nomura ROMIT SHAH buy 5 M 34 12 month 15.04.2013
SunTrust Robinson Humphrey WILLIAM STEIN buy 5 M 36 12 month 12.04.2013
RBC Capital Markets DOUG FREEDMAN outperform 5 M 35 12 month 11.04.2013
Barclays BLAYNE CURTIS equalweight 3 M 30 Not Provided 11.04.2013
Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 37 12 month 05.04.2013
Pacific Crest Securities MICHAEL MCCONNELL outperform 5 M 38 12 month 01.04.2013
Macquarie SHAWN WEBSTER neutral 3 M 35 12 month 27.03.2013
Miller Tabak + Co., LLC BRENDAN FURLONG buy 5 M 36 12 month 21.03.2013
Jefferies MARK J LIPACIS buy 5 M 38 12 month 18.03.2013
Morgan Stanley JOSEPH MOORE Overwt/In-Line 5 M 35 12 month 25.01.2013
Credit Suisse JOHN W PITZER neutral 3 M 31 Not Provided 25.01.2013
S&P Capital IQ CHRISTIN ARMACOST hold 3 M #N/A N/A Not Provided 25.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 25.01.2013
Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 30 12 month 24.01.2013
JPMorgan CHRISTOPHER DANELY overweight 5 M 35 6 month 24.01.2013
Oppenheimer & Co RICHARD SCHAFER outperform 5 M 38 12 month 24.01.2013
Holdings By:
Maxim Integrated Products Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Microchip Technology Incorporated designs, manufactures, and markets
microcontrollers, related mixed-signal and memory products, and application
development systems for high-volume embedded control applications. The Company
also designs, develops, and markets linear/mixed-signal, power management, and
thermal management products.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (14.02.2013) 37.63
52-Week Low (16.11.2012) 28.93
Daily Volume
35.96
52-Week High % Change -4.43% Dividend Yield 3.90
52-Week Low % Change 24.30% Beta 1.07
% 52 Week Price Range High/Low 80.85% Equity Float 189.47
Shares Out 31.01.2013 195.4 Short Int 17.91
7'025.24 1 Yr Total Return 6.14%
Total Debt 355.05 YTD Return 11.39%
Preferred Stock 0.0 Adjusted BETA 1.069
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 1'459.01 Consensus Rating 3.684
Enterprise Value 6'374.35
Average Volume 5 Day 470'285
MCHP UW EQUITY YTD Change - Average Volume 30 Day 548'737
MCHP UW EQUITY YTD % CHANGE - Average Volume 3 Month 593'409
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'035.7 903.3 947.7 1'487.2 1'383.2 1'424.3 1'490.4 1'601.6 1'848.6 427.1 447.2
5.66x 3.12x 4.58x 4.24x 4.40x 16.38x 15.21x 3.97x 3.29x 14.77x 13.93x
428.7 335.8 336.3 582.7 496.8 528.1 405.4 483.9 579.4 120.5 140.3
13.66x 8.39x 12.92x 10.83x 12.24x 11.52x 14.10x 13.17x 11.00x 11.37x 10.74x
297.7 245.6 217.0 418.9 336.7 381.6 148.3 377.7 451.4 98.2 104.4
22.89x 19.44x 25.14x 18.56x 22.41x 19.86x 21.30x 19.55x 16.80x 17.59x 16.91x
EBITDA 496.78 Long-Term Rating Date -
EBIT 397.35 Long-Term Rating -
Operating Margin 28.73% Long-Term Outlook -
Pretax Margin 27.45% Short-Term Rating Date -
Return on Assets 4.32% Short-Term Rating -
Return on Common Equity 7.67%
Return on Capital 6.87% EBITDA/Interest Exp. 14.50
Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. 12.68
Net Debt/EBITDA -1.61
Gross Margin 57.3% Total Debt/EBITDA 2.40
EBITDA Margin 27.2%
EBIT Margin 16.2% Total Debt/Equity 17.8%
Net Income Margin 24.3% Total Debt/Capital 15.1%
Asset Turnover 0.43
Current Ratio 8.13 Net Fixed Asset Turnover 2.82
Quick Ratio 6.57 Accounts receivable turnover-days 40.12
Debt to Assets 11.51% Inventory Days 125.55
Tot Debt to Common Equity 17.84% Accounts Payable Turnover Day 23.19
Accounts Receivable Turnover 9.12 Cash Conversion Cycle 135.16
Inventory Turnover 2.92
Fiscal Year Ended
Microchip Technology IncPrice/Volume
Valuation Analysis
395'160.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN LIFE FINANCIAL I n/a ULT-AGG 20'646'699 10.57 1'366'634 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'014'605 6.15 564'942 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 10'673'186 5.46 240'322 24.04.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 10'459'540 5.35 2'551'464 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 10'215'984 5.23 - 23.04.2013 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 7'958'920 4.07 (2'753'385) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'183'976 3.68 (1'115'300) 31.03.2013 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 6'603'405 3.38 3'191'490 31.12.2012 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'486'159 3.32 338'710 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'719'227 2.93 (551'987) 31.12.2012 Investment Advisor
SANGHI STEVE n/a Form 4 5'203'186 2.66 - 01.04.2013 n/a
PRINCIPAL FINANCIAL n/a ULT-AGG 3'918'688 2.01 1'213'773 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'467'805 1.78 (68'277) 31.03.2013 Investment Advisor
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 3'440'055 1.76 213'301 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'410'255 1.75 94'169 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'241'640 1.66 (55'818) 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'375'073 1.22 (503'649) 31.12.2012 Investment Advisor
CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 2'237'470 1.15 2'237'470 31.12.2012 Investment Advisor
EDGE ASSET MANAGEMEN EDGE ASSET MANAGEMEN 13F 2'230'888 1.14 7'909 31.12.2012 Investment Advisor
MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 2'216'560 1.13 (122'889) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities USA Inc RUBEN ROY neutral 3 M 40 12 month 15.04.2013
ISI Group SUMIT DHANDA strong buy 5 M 42 12 month 11.04.2013
Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 40 12 month 05.04.2013
Stephens Inc HARSH KUMAR overweight 5 M 43 12 month 04.04.2013
B Riley & Company, Inc CRAIG ELLIS neutral 3 M 38 Not Provided 03.04.2013
Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 01.04.2013
Miller Tabak + Co., LLC BRENDAN FURLONG hold 3 M 36 12 month 21.03.2013
SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 N 38 12 month 12.03.2013
JPMorgan CHRISTOPHER DANELY neutral 3 M 34 6 month 08.02.2013
Jefferies MARK J LIPACIS buy 5 M 41 12 month 08.02.2013
Needham & Co RAJVINDRA S. GILL buy 5 M 40 12 month 08.02.2013
Stifel KEVIN E CASSIDY buy 5 M 40 12 month 08.02.2013
S&P Capital IQ CHRISTIN ARMACOST hold 3 M 36 Not Provided 08.02.2013
Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 08.02.2013
Goldman Sachs JAMES SCHNEIDER neutral/attractive 3 M 33 12 month 07.02.2013
Credit Suisse JOHN W PITZER outperform 5 M 40 Not Provided 07.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 16.01.2013
Nomura ROMIT SHAH not rated #N/A N/A M #N/A N/A Not Provided 21.02.2012
Holdings By:
Microchip Technology Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Micron Technology, Inc., through its subsidiaries, manufactures and markets
dynamic random access memory chips (DRAMs), very fast static random access
memory chips (SRAMs), Flash Memory, other semiconductor components, and
memory modules.
Latest Fiscal Year: 08/2012
LTM as of: 02/yy
52-Week High (22.03.2013) 10.27
52-Week Low (24.10.2012) 5.16
Daily Volume
9.35
52-Week High % Change -8.91% Dividend Yield 0.00
52-Week Low % Change 81.20% Beta 1.54
% 52 Week Price Range High/Low 82.08% Equity Float 1'018.39
Shares Out 02.04.2013 1'030.1 Short Int 85.42
9'631.48 1 Yr Total Return 41.88%
Total Debt 3'262.00 YTD Return 47.24%
Preferred Stock 0.0 Adjusted BETA 1.535
Minority Interest 717.0 Analyst Recs 29
Cash and Equivalents 2'559.00 Consensus Rating 4.241
Enterprise Value 11'237.48
Average Volume 5 Day 4'951'163
MU UW EQUITY YTD Change - Average Volume 30 Day 7'422'701
MU UW EQUITY YTD % CHANGE - Average Volume 3 Month 6'749'665
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 03/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4
5'841.0 4'803.0 8'482.0 8'788.0 8'234.0 8'378.0 8'047.0 8'615.4 10'419.1 2'211.3 2'484.9
1.28x 1.95x 0.95x 0.79x 0.94x 4.13x 4.11x 1.33x 1.00x 5.37x 4.67x
1'243.0 1'241.0 3'584.0 2'860.0 1'523.0 2'135.0 1'409.0 2'128.5 3'204.5 610.3 740.6
6.03x 7.57x 2.24x 2.42x 5.06x 4.76x 7.19x 5.28x 3.51x 3.85x 3.67x
(1'619.0) (1'882.0) 1'850.0 167.0 (1'032.0) (529.0) (1'124.0) (438.8) 787.5 9.5 94.1
- - 4.35x 52.18x - 0.00x 0.00x - 11.84x 21.30x 15.33x
EBITDA 1'523.00 Long-Term Rating Date 30.06.2011
EBIT -618.00 Long-Term Rating BB-
Operating Margin -7.51% Long-Term Outlook NEG
Pretax Margin -12.73% Short-Term Rating Date -
Return on Assets -8.01% Short-Term Rating -
Return on Common Equity -14.77%
Return on Capital - EBITDA/Interest Exp. 8.51
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. -0.98
Net Debt/EBITDA 0.62
Gross Margin 11.8% Total Debt/EBITDA 2.59
EBITDA Margin 17.5%
EBIT Margin -6.4% Total Debt/Equity 42.4%
Net Income Margin -12.5% Total Debt/Capital 27.9%
Asset Turnover 0.57
Current Ratio 2.57 Net Fixed Asset Turnover 1.12
Quick Ratio 1.72 Accounts receivable turnover-days 55.80
Debt to Assets 22.77% Inventory Days 98.70
Tot Debt to Common Equity 42.36% Accounts Payable Turnover Day 40.50
Accounts Receivable Turnover 6.52 Cash Conversion Cycle 85.52
Inventory Turnover 3.69
Fiscal Year Ended
Micron Technology IncPrice/Volume
Valuation Analysis
3'516'723.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 125'476'301 12.18 4'582'077 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 63'579'655 6.17 3'029'066 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 53'234'279 5.17 949'756 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 51'781'796 5.03 1'281'057 23.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 33'498'492 3.25 (11'146'706) 28.02.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 32'142'029 3.12 (10'076'674) 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 31'718'427 3.08 (15'600) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 28'790'003 2.79 8'389'121 31.12.2012 Investment Advisor
DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 24'163'605 2.35 994'097 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 17'129'392 1.66 3'279'608 31.12.2012 Investment Advisor
STANDARD LIFE INVEST STANDARD LIFE INVEST 13F 14'761'433 1.43 (3'097'582) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'962'251 1.26 151'756 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 12'268'665 1.19 (1'134'154) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'837'724 1.05 622'910 31.03.2013 Investment Advisor
APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 9'826'192 0.95 62'800 31.03.2013 Investment Advisor
CHILTON INVESTMENT C CHILTON INVESTMENT C 13F 9'115'178 0.88 (1'163'914) 31.12.2012 Hedge Fund Manager
JOHO CAPITAL LLC JOHO CAPITAL LLC 13F 8'536'697 0.83 8'536'697 31.03.2013 Hedge Fund Manager
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 8'524'323 0.83 (31'653) 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 8'349'036 0.81 7'171'600 31.12.2012 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 8'278'733 0.8 4'191'821 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co TRISTAN GERRA outperform 5 M 12 12 month 22.04.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 22.04.2013
Susquehanna Financial Group MEHDI HOSSEINI negative 2 M 7 12 month 22.04.2013
Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 13 12 month 19.04.2013
MKM Partners DANIEL A BERENBAUM buy 5 M 11 12 month 19.04.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 15 12 month 18.04.2013
RBC Capital Markets DOUG FREEDMAN outperform 5 M 12 12 month 17.04.2013
Roth Capital Partners KRISHNA SHANKAR buy 5 M 12 12 month 17.04.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 15.04.2013
Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 10.04.2013
Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 12 12 month 08.04.2013
Cross Research STEVEN B FOX buy 5 M 12 12 month 03.04.2013
Raymond James HANS C MOSESMANN strong buy 5 M 12 12 month 01.04.2013
Deutsche Bank BOB GUJAVARTY hold 3 M 9 12 month 22.03.2013
Credit Suisse JOHN W PITZER outperform 5 M 14 Not Provided 22.03.2013
JPMorgan HARLAN SUR neutral 3 M 11 6 month 22.03.2013
Jefferies SUNDEEP BAJIKAR buy 5 M 15 12 month 22.03.2013
Pacific Crest Securities MONIKA GARG sector perform 3 M #N/A N/A Not Provided 22.03.2013
Wedbush BETSY VAN HEES outperform 5 M 11 12 month 22.03.2013
Macquarie DEEPON NAG neutral 3 M 10 12 month 22.03.2013
Stifel KEVIN E CASSIDY buy 5 M 14 12 month 22.03.2013
Nomura SIDNEY HO neutral 3 M 9 12 month 22.03.2013
JMP Securities ALEX GAUNA market outperform 4 M 10 12 month 22.03.2013
Lazard Capital Markets DANIEL L AMIR neutral 3 M #N/A N/A Not Provided 22.03.2013
Piper Jaffray JAGADISH IYER overweight 5 M 12 12 month 22.03.2013
Credit Agricole Securities (USA) RYAN GOODMAN outperform 5 M 11 Not Provided 22.03.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs JAMES SCHNEIDER not rated #N/A N/A M #N/A N/A Not Provided 10.05.2012
Holdings By:
Micron Technology Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
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 (25.04.2013) 32.84
52-Week Low (05.12.2012) 26.26
Daily Volume
32.61
52-Week High % Change -0.69% Dividend Yield 2.73
52-Week Low % Change 24.18% Beta 0.91
% 52 Week Price Range High/Low 96.58% Equity Float 7'609.29
Shares Out 11.04.2013 8'351.1 Short Int 118.71
272'329.59 1 Yr Total Return 4.93%
Total Debt 11'944.00 YTD Return 23.00%
Preferred Stock 0.0 Adjusted BETA 0.908
Minority Interest 0.0 Analyst Recs 43
Cash and Equivalents 63'040.00 Consensus Rating 4.000
Enterprise Value 212'041.59
Average Volume 5 Day 19'337'486
MSFT UW EQUITY YTD Change - Average Volume 30 Day 15'078'544
MSFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 12'949'491
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 78'899.8 84'767.9 20'718.3 18'948.3
3.77x 3.18x 2.70x 2.53x 2.78x 10.16x 9.86x 2.57x 2.19x 10.07x 10.73x
24'548.0 23'255.0 26'830.0 29'927.0 30'923.0 30'601.0 30'645.0 32'214.4 35'428.6 8'700.8 8'027.3
9.29x 8.00x 6.28x 5.91x 6.64x 7.30x 5.83x 6.58x 5.99x 6.08x 5.97x
17'681.0 14'569.0 18'760.0 23'150.0 16'978.0 23'344.0 16'406.0 23'299.5 25'631.3 6'259.3 5'674.4
14.48x 13.66x 10.96x 9.85x 11.21x 11.73x 10.67x 11.76x 10.58x 10.76x 10.53x
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
15'330'857.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 442'950'292 5.3 (2'504'131) 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 428'831'015 5.14 8'193'113 24.04.2013 Investment Advisor
GATES III WILLIAM HE n/a Form 4 421'411'775 5.05 (7'000'000) 06.02.2013 n/a
VANGUARD GROUP INC VANGUARD GROUP INC 13F 354'084'051 4.24 10'832'225 31.03.2013 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 331'613'585 3.97 15'606'940 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 153'766'498 1.84 (12'771'101) 31.03.2013 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 120'328'290 1.44 (44'811'714) 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 113'173'129 1.36 (95'552) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 105'829'897 1.27 330'681 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 102'690'425 1.23 (36'166'932) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 84'045'210 1.01 1'827'246 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 75'890'522 0.91 3'691'438 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 73'457'901 0.88 (5'832'161) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 68'095'523 0.82 7'165'720 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 66'902'672 0.8 5'081'777 31.12.2012 Government
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 63'588'305 0.76 3'768'764 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 62'016'508 0.74 400'990 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 58'477'141 0.7 6'032'465 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel BRAD REBACK buy 5 M 36 12 month 24.04.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 23.04.2013
Janney Montgomery Scott LLC YUN KIM neutral 3 M 28 12 month 23.04.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 31 12 month 22.04.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.04.2013
Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 35 12 month 22.04.2013
BMO Capital Markets KARL KEIRSTEAD market perform 3 M 30 Not Provided 21.04.2013
Deutsche Bank THOMAS ERNST JR buy 5 M 31 12 month 19.04.2013
Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 36 12 month 19.04.2013
RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 32 12 month 19.04.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 38 Not Provided 19.04.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 19.04.2013
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
Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 19.04.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 39 12 month 19.04.2013
Raymond James MICHAEL TURITS outperform 5 M 34 12 month 19.04.2013
FBR Capital Markets DAVID M HILAL market perform 3 M 30 12 month 19.04.2013
Oppenheimer & Co SHAUL EYAL outperform 5 M 34 12 month 19.04.2013
Griffin Securities JAY VLEESCHHOUWER buy 5 M 38 12 month 19.04.2013
Nomura RICHARD G SHERLUND neutral 3 M 32 12 month 19.04.2013
Cowen and Company GREGG MOSKOWITZ outperform 5 M #N/A N/A Not Provided 19.04.2013
Cross Research RICHARD T WILLIAMS buy 5 M 37 12 month 19.04.2013
MKM Partners ISRAEL HERNANDEZ neutral 3 M 27 12 month 19.04.2013
Credit Agricole Securities (USA) EDWARD MAGUIRE outperform 5 M 34 Not Provided 19.04.2013
Barclays RAIMO LENSCHOW equalweight 3 M 29 Not Provided 19.04.2013
Jefferies ROSS MACMILLAN hold 3 M 31 12 month 18.04.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 32 12 month 18.04.2013
Jyske Bank ROBERT JAKOBSEN reduce 2 D 29 Not Provided 16.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 16.04.2013
Goldman Sachs HEATHER BELLINI Sell/Neutral 1 D 27 12 month 11.04.2013
BGC Partners COLIN W GILLIS hold 3 D 31 12 month 10.04.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 31 Not Provided 01.03.2013
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
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.11.2012
McAdams Wright Ragen Inc SID PARAKH buy 5 M 36 12 month 23.07.2012
Crowell, Weedon & Co JAMES D RAGAN buy 5 M 36 12 month 20.07.2012
Holdings By:
Microsoft Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
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: 12/yy
52-Week High (24.04.2013) 32.09
52-Week Low (28.06.2012) 24.27
Daily Volume
31.62
52-Week High % Change -1.46% Dividend Yield 3.16
52-Week Low % Change 30.26% Beta -
% 52 Week Price Range High/Low 93.99% Equity Float 1'772.66
Shares Out 31.01.2013 1'778.3 Short Int 11.67
56'229.45 1 Yr Total Return -
Total Debt 19'425.00 YTD Return 24.68%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 140.0 Analyst Recs 25
Cash and Equivalents 4'475.00 Consensus Rating 4.120
Enterprise Value 71'319.45
Average Volume 5 Day 2'784'732
MDLZ UW EQUITY YTD Change - Average Volume 30 Day 3'235'180
MDLZ UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'342'140
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
41'932.0 38'754.0 49'207.0 35'810.0 35'015.0 49'356.0 48'783.0 36'454.2 38'477.9 8'660.5 8'795.1
1.40x 1.47x 1.65x 2.54x 1.72x 7.42x 7.67x 1.98x 1.84x 8.09x 7.86x
5'945.0 6'056.0 7'130.0 4'978.0 5'028.0 7'451.0 7'727.0 5'902.1 6'344.9 1'366.2 1'462.9
9.84x 9.44x 11.42x 18.30x 12.00x 12.23x 7.81x 12.08x 11.24x 12.14x 11.84x
2'884.0 3'021.0 4'114.0 3'527.0 3'028.0 3'527.0 3'028.0 2'788.3 3'144.3 598.6 684.7
22.95x 14.61x 15.60x 38.92x 18.31x 18.68x 11.36x 20.24x 18.00x 20.24x 19.55x
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 3.58% Short-Term Rating A-2
Return on Common Equity 8.98%
Return on Capital 7.71% EBITDA/Interest Exp. 4.00
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 2.72
Net Debt/EBITDA 1.93
Gross Margin 37.3% Total Debt/EBITDA 2.51
EBITDA Margin 15.8%
EBIT Margin 13.1% Total Debt/Equity 60.3%
Net Income Margin 8.6% Total Debt/Capital 37.5%
Asset Turnover 0.58
Current Ratio 1.05 Net Fixed Asset Turnover 4.10
Quick Ratio 0.71 Accounts receivable turnover-days 46.85
Debt to Assets 25.74% Inventory Days 55.81
Tot Debt to Common Equity 60.30% Accounts Payable Turnover Day 64.13
Accounts Receivable Turnover 7.81 Cash Conversion Cycle 50.93
Inventory Turnover 6.56
Fiscal Year Ended
Mondelez International IncPrice/Volume
Valuation Analysis
1'882'032.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 111'045'099 6.24 (2'005'032) 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 102'147'087 5.74 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 77'082'355 4.33 769'143 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 58'752'824 3.3 (32'266'184) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 38'664'443 2.17 1'351'496 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 36'535'564 2.05 7'699'176 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 35'590'525 2 (1'071'293) 31.03.2013 Investment Advisor
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 34'530'900 1.94 34'530'900 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 34'145'937 1.92 (4'781'275) 28.02.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 30'059'495 1.69 5'232'244 28.02.2013 Investment Advisor
SCOUT CAPITAL MANAGE SCOUT CAPITAL MANAGE 13F 27'575'000 1.55 19'075'000 31.12.2012 Hedge Fund Manager
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 26'271'862 1.48 15'142'594 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 23'690'658 1.33 7'047'320 31.12.2012 Investment Advisor
TRIAN FUND MANAGEMEN TRIAN FUND MANAGEMEN 13F 19'415'193 1.09 11'283'406 31.12.2012 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 19'018'669 1.07 (3'638'274) 28.02.2013 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 17'280'074 0.97 6'654'613 31.12.2012 Investment Advisor
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 16'605'595 0.93 1'537'174 31.12.2012 Investment Advisor
INDEPENDENT FRANCHIS INDEPENDENT FRANCHIS 13F 16'014'507 0.9 5'115'058 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 14'385'236 0.81 1'397'568 31.12.2012 Government
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 14'141'353 0.8 253'282 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 29 Not Provided 23.04.2013
Stifel CHRISTOPHER R GROWE buy 5 M 31 12 month 23.04.2013
Morgan Stanley MATTHEW GRAINGER Overwt/In-Line 5 M 32 12 month 22.04.2013
JPMorgan KENNETH GOLDMAN overweight 5 M 38 6 month 22.04.2013
Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 36 12 month 22.04.2013
Deutsche Bank ERIC R KATZMAN hold 3 M 29 12 month 19.04.2013
S&P Capital IQ THOMAS GRAVES hold 3 D 31 12 month 19.04.2013
Credit Suisse ROBERT MOSKOW outperform 5 M 33 Not Provided 17.04.2013
Barclays ANDREW LAZAR overweight 5 M 31 Not Provided 17.04.2013
Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 26 12 month 16.04.2013
Goldman Sachs JASON ENGLISH Buy/Neutral 5 M 34 12 month 10.04.2013
Wells Fargo Securities, LLC JOHN J BAUMGARTNER outperform 5 N #N/A N/A Not Provided 10.04.2013
Canaccord Genuity Corp ALICIA FORRY sell 1 M 26 12 month 04.04.2013
Jefferies THILO WREDE hold 3 M 29 12 month 28.03.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 23.03.2013
Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 21.03.2013
RBC Capital Markets EDWARD AARON outperform 5 M 31 12 month 11.03.2013
Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 07.03.2013
Davenport & Co ANN H GURKIN buy 5 M 32 12 month 27.02.2013
CL King & Associates ERIC J LARSON buy 5 M 31 12 month 19.02.2013
Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 14.02.2013
Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 30 Not Provided 13.02.2013
Holdings By:
Mondelez International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Monster Beverage Corporation markets and distributes energy drinks, fruit
juices, fruit juice smoothies, juice cocktails, iced teas, lemonades, and still
water. The Company distributes its beverages in the United States and overseas.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.04.2012) 83.96
52-Week Low (08.11.2012) 40.00
Daily Volume
56.5
52-Week High % Change -32.71% Dividend Yield 0.00
52-Week Low % Change 41.25% Beta 0.73
% 52 Week Price Range High/Low 37.53% Equity Float 141.59
Shares Out 25.02.2013 165.5 Short Int 6.16
9'353.34 1 Yr Total Return -13.02%
Total Debt 0.00 YTD Return 6.85%
Preferred Stock 0.0 Adjusted BETA 0.727
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 319.56 Consensus Rating 3.667
Enterprise Value 9'033.79
Average Volume 5 Day 528'317
MNST UW EQUITY YTD Change - Average Volume 30 Day 578'971
MNST UW EQUITY YTD % CHANGE - Average Volume 3 Month 614'408
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'033.8 1'143.3 1'303.9 1'703.2 2'060.7 1'703.2 2'060.7 2'323.1 2'611.5 501.7 658.9
2.65x 2.66x 6.68x 4.26x 4.10x 14.91x 13.22x 3.76x 3.28x 17.83x 13.50x
167.1 343.2 359.6 473.5 571.2 473.5 571.2 654.4 755.5 137.0 199.2
16.42x 8.85x 24.21x 15.33x 14.78x 15.33x 14.78x 13.81x 11.96x 13.76x 13.38x
108.0 208.7 212.0 286.2 340.0 286.2 340.0 388.4 452.3 80.1 119.7
30.21x 17.17x 22.88x 30.01x 28.41x 29.96x 28.44x 25.27x 21.21x 25.31x 24.40x
EBITDA 571.19 Long-Term Rating Date -
EBIT 550.62 Long-Term Rating -
Operating Margin 26.72% Long-Term Outlook -
Pretax Margin 26.65% Short-Term Rating Date -
Return on Assets 28.27% Short-Term Rating -
Return on Common Equity 41.89%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.71% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.56
Gross Margin 51.7% Total Debt/EBITDA 0.00
EBITDA Margin 27.7%
EBIT Margin 26.7% Total Debt/Equity 0.0%
Net Income Margin 16.5% Total Debt/Capital 0.0%
Asset Turnover 1.71
Current Ratio 2.89 Net Fixed Asset Turnover 36.06
Quick Ratio 1.93 Accounts receivable turnover-days 40.33
Debt to Assets 0.00% Inventory Days 65.97
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 42.26
Accounts Receivable Turnover 9.08 Cash Conversion Cycle 64.04
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
Monster Beverage CorpPrice/Volume
Valuation Analysis
361'061.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 12'441'554 7.52 770'514 28.02.2013 Investment Advisor
BRANDON LIMITED PART n/a Form 4 9'815'648 5.93 - 15.04.2013 Corporation
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'244'888 5.58 2'641'030 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 9'115'763 5.51 (546'249) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 9'093'904 5.49 125'256 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 8'783'623 5.31 (1'378'292) 24.04.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'623'132 4 4'742'430 28.02.2013 Investment Advisor
HILROD HOLDINGS LP n/a Form 4 6'305'140 3.81 - 15.04.2013 Holding Company
UBS n/a ULT-AGG 5'208'842 3.15 18'999 28.02.2013 Unclassified
JANUS CAPITAL MANAGE n/a ULT-AGG 3'670'736 2.22 (1'583'768) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'796'061 1.69 2'170'108 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'513'470 1.52 (2'019'558) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 2'285'311 1.38 (3'023'864) 28.02.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'281'420 1.38 112'481 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'104'940 1.27 (1'169'502) 31.12.2012 Investment Advisor
BRANDON LIMITED PART n/a Form 4 1'931'856 1.17 - 15.04.2013 Corporation
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'908'187 1.15 38'291 31.12.2012 Investment Advisor
STANDARD LIFE INVEST STANDARD LIFE INVEST 13F 1'903'166 1.15 190'364 31.03.2013 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'901'900 1.15 (1'443'000) 31.12.2012 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 1'875'918 1.13 (2'250'646) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 15.04.2013
Stifel MARK S ASTRACHAN buy 5 M 65 12 month 11.04.2013
Longbow Research ALTON K STUMP neutral 3 M #N/A N/A Not Provided 11.04.2013
SunTrust Robinson Humphrey WILLIAM CHAPPELL buy 5 M 70 12 month 09.04.2013
Credit Agricole Securities (USA) CAROLINE S LEVY underperform 1 M 49 Not Provided 07.03.2013
JPMorgan JOHN A FAUCHER neutral 3 M 52 6 month 28.02.2013
S&P Capital IQ ESTHER KWON sell 1 M 45 Not Provided 15.02.2013
Goldman Sachs JUDY E HONG Buy/Neutral 5 M 61 12 month 12.12.2012
Gabelli & Co DAMIAN WITKOWSKI buy 5 M #N/A N/A Not Provided 08.11.2012
Canaccord Genuity Corp SCOTT VAN WINKLE suspended coverage #N/A N/A M #N/A N/A Not Provided 13.07.2012
Holdings By:
Monster Beverage Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Mylan Inc. is a global generic and specialty pharmaceuticals company. The
Company operates an active pharmaceutical ingredient manufacturer and runs a
specialty business focused on respiratory, allergy, and psychiatric therapies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (13.03.2013) 31.21
52-Week Low (09.05.2012) 20.22
Daily Volume
29.01
52-Week High % Change -7.05% Dividend Yield 0.00
52-Week Low % Change 43.47% Beta 1.17
% 52 Week Price Range High/Low 79.98% Equity Float 380.45
Shares Out 22.03.2013 382.7 Short Int 31.12
11'102.42 1 Yr Total Return 33.63%
Total Debt 5'734.23 YTD Return 5.57%
Preferred Stock 0.0 Adjusted BETA 1.166
Minority Interest 15.1 Analyst Recs 22
Cash and Equivalents 349.97 Consensus Rating 4.136
Enterprise Value 16'501.79
Average Volume 5 Day 1'727'217
MYL UW EQUITY YTD Change - Average Volume 30 Day 1'647'645
MYL UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'564'163
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
5'137.6 5'092.8 5'450.5 6'129.8 6'796.1 6'129.8 6'816.6 7'186.4 7'728.3 1'691.0 1'768.2
1.49x 2.05x 2.56x 2.29x 2.39x 9.25x 8.86x 2.17x 1.89x - -
1'124.8 1'150.2 1'271.4 1'564.7 1'718.5 1'564.7 1'831.4 2'015.5 2'111.5 461.0 494.5
6.83x 9.07x 10.99x 8.99x 9.45x 8.99x 8.87x 8.19x 7.82x 8.07x -
(181.2) 232.6 345.1 536.8 640.9 536.8 640.9 1'120.2 1'234.2 245.2 270.6
12.36x 17.89x 18.06x 14.90x 14.52x 15.11x 14.22x 10.14x 9.09x 10.12x 9.81x
EBITDA 1'718.52 Long-Term Rating Date 20.11.2012
EBIT 1'171.92 Long-Term Rating BBB-
Operating Margin 17.24% Long-Term Outlook STABLE
Pretax Margin 11.83% Short-Term Rating Date -
Return on Assets 5.45% Short-Term Rating -
Return on Common Equity 18.76%
Return on Capital 9.94% EBITDA/Interest Exp. 5.57
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 4.58
Net Debt/EBITDA 2.94
Gross Margin 43.8% Total Debt/EBITDA 3.13
EBITDA Margin 26.9%
EBIT Margin 18.8% Total Debt/Equity 171.6%
Net Income Margin 9.4% Total Debt/Capital 63.1%
Asset Turnover 0.58
Current Ratio 1.78 Net Fixed Asset Turnover 5.06
Quick Ratio 0.87 Accounts receivable turnover-days 80.02
Debt to Assets 48.06% Inventory Days 142.51
Tot Debt to Common Equity 171.65% Accounts Payable Turnover Day 69.85
Accounts Receivable Turnover 4.57 Cash Conversion Cycle 151.56
Inventory Turnover 2.57
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
Mylan Inc/PAPrice/Volume
Valuation Analysis
1'273'105.00
Current Price (4/dd/yy) Market Data
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6'000.0
7'000.0
8'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 32'913'067 8.6 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 26'976'618 7.05 906'452 31.03.2013 Investment Advisor
PAULSON & CO PAULSON & CO 13F 24'503'400 6.4 - 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 23'126'084 6.04 251'044 24.04.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 15'312'083 4 (1'137'294) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 13'800'890 3.61 (5'726'851) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 8'586'290 2.24 5'803'486 28.02.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'796'903 2.04 (2'095'891) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 7'713'324 2.02 (178'670) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'890'447 1.8 80'728 31.03.2013 Investment Advisor
NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 6'312'665 1.65 (340'963) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 5'420'324 1.42 (5'943'705) 31.12.2012 Investment Advisor
SECTORAL ASSET MANAG SECTORAL ASSET MANAG 13F 5'373'559 1.4 (754'301) 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'252'682 1.37 (190'941) 31.12.2012 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 5'216'268 1.36 (9'050'961) 31.12.2012 Hedge Fund Manager
JANUS CAPITAL MANAGE n/a ULT-AGG 4'914'411 1.28 (1'800'993) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'800'604 1.25 (456'156) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'683'078 1.22 3'592'653 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 4'184'968 1.09 648'669 31.12.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 4'008'561 1.05 3'511'989 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Guggenheim Securities LLC LOUISE CHEN neutral 3 M 30 12 month 24.04.2013
JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 33 6 month 23.04.2013
Canaccord Genuity Corp RANDALL STANICKY hold 3 M 32 12 month 23.04.2013
Sanford C. Bernstein & Co AARON GAL market perform 3 M 33 12 month 22.04.2013
Susquehanna Financial Group ANDREW FINKELSTEIN Positive 4 M 33 12 month 22.04.2013
Wells Fargo Securities, LLC MICHAEL K TONG market perform 3 M #N/A N/A Not Provided 19.04.2013
Leerink Swann & Co JASON M GERBERRY outperform 5 M #N/A N/A Not Provided 16.04.2013
RBC Capital Markets SHIBANI MALHOTRA outperform 5 M 31 12 month 10.04.2013
Buckingham Research Group DAVID G BUCK neutral 3 M 30 12 month 04.04.2013
CRT Capital Group TIMOTHY CHIANG buy 5 M 34 Not Provided 04.04.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 02.04.2013
Needham & Co ELLIOT WILBUR strong buy 5 M 33 12 month 08.03.2013
Argus Research Corp JOHN M EADE buy 5 M 32 Not Provided 04.03.2013
Morgan Stanley DAVID R RISINGER Equalwt/In-Line 3 M #N/A N/A Not Provided 01.03.2013
Credit Agricole Securities (USA) KIM-LINH LINH VUKHAC underperform 1 M 32 Not Provided 01.03.2013
Goldman Sachs JAMI E RUBIN buy/attractive 5 M 33 12 month 28.02.2013
Cowen and Company KEN CACCIATORE neutral 3 M #N/A N/A Not Provided 28.02.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 34 Not Provided 28.02.2013
Barclays DOUGLAS D TSAO overweight 5 M 33 Not Provided 28.02.2013
BOE Securities SAMEER TENDULKAR buy 5 N 24 12 month 16.08.2010
Holdings By:
Mylan Inc/PA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
NetApp, Inc. provides storage and data management solutions. The Company's
storage solutions include specialized hardware, software, and services that
provide storage management for open network environments. NetApp serves
enterprises, government agencies, and universities worldwide.
Latest Fiscal Year: 04/2012
LTM as of: 01/yy
52-Week High (01.05.2012) 41.05
52-Week Low (13.11.2012) 26.26
Daily Volume
34.53
52-Week High % Change -15.88% Dividend Yield 0.00
52-Week Low % Change 31.49% Beta 1.26
% 52 Week Price Range High/Low 55.92% Equity Float 357.32
Shares Out 19.02.2013 360.4 Short Int 20.63
12'444.86 1 Yr Total Return -11.07%
Total Debt 1'264.90 YTD Return 2.92%
Preferred Stock 0.0 Adjusted BETA 1.258
Minority Interest 0.0 Analyst Recs 39
Cash and Equivalents 5'398.50 Consensus Rating 3.718
Enterprise Value 7'958.56
Average Volume 5 Day 1'686'523
NTAP UW EQUITY YTD Change - Average Volume 30 Day 1'996'029
NTAP UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'783'535
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1
3'303.2 3'406.4 3'931.4 5'122.6 6'233.2 5'959.0 6'318.4 6'371.9 6'923.7 1'755.0 1'605.4
2.74x 1.36x 2.40x 2.97x 1.62x 8.48x 5.07x 1.63x 1.36x 4.80x 5.21x
458.2 272.1 617.0 997.4 1'049.4 1'005.4 967.0 1'203.6 1'354.2 369.1 305.3
19.78x 17.06x 15.26x 15.24x 9.62x 9.77x 8.82x 6.61x 5.88x 5.73x 5.53x
309.7 64.6 400.4 673.1 605.4 585.3 512.2 840.6 950.2 253.6 201.0
24.67x 26.61x 35.02x 14.83x 24.27x 9.52x 27.41x 15.16x 13.63x 13.98x 13.62x
EBITDA 1'049.40 Long-Term Rating Date 04.12.2012
EBIT 756.30 Long-Term Rating BBB+
Operating Margin 12.13% Long-Term Outlook STABLE
Pretax Margin 13.72% Short-Term Rating Date -
Return on Assets 5.20% Short-Term Rating -
Return on Common Equity 11.82%
Return on Capital 9.70% EBITDA/Interest Exp. 13.17
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 8.06
Net Debt/EBITDA -4.64
Gross Margin 59.6% Total Debt/EBITDA 2.31
EBITDA Margin 15.3%
EBIT Margin 10.0% Total Debt/Equity 29.5%
Net Income Margin 9.7% Total Debt/Capital 22.8%
Asset Turnover 0.64
Current Ratio 1.94 Net Fixed Asset Turnover 5.56
Quick Ratio 1.77 Accounts receivable turnover-days 38.00
Debt to Assets 13.27% Inventory Days 22.92
Tot Debt to Common Equity 29.46% Accounts Payable Turnover Day 30.74
Accounts Receivable Turnover 9.58 Cash Conversion Cycle 32.49
Inventory Turnover 15.88
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
NetApp IncPrice/Volume
Valuation Analysis
1'218'574.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DODGE & COX DODGE & COX 13F 25'316'785 7.02 4'166'750 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 19'545'556 5.42 87'980 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 18'799'247 5.22 729'874 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'618'082 4.61 512'141 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 15'861'276 4.4 (969'621) 28.02.2013 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 12'668'343 3.52 (1'293'688) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 10'906'684 3.03 3'698'023 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 10'536'649 2.92 4'143'189 31.12.2012 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 10'297'917 2.86 196'764 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'380'176 2.33 449'955 31.12.2012 Investment Advisor
MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 7'864'559 2.18 (1'108'135) 31.12.2012 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 7'856'156 2.18 (1'608'945) 31.12.2012 Investment Advisor
ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 7'619'214 2.11 297'742 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 6'535'127 1.81 5'771'479 31.12.2012 Hedge Fund Manager
CADIAN CAPITAL MANAG CADIAN CAPITAL MANAG 13F 6'252'194 1.73 1'169'984 31.12.2012 Hedge Fund Manager
INVESCO LTD n/a ULT-AGG 5'616'427 1.56 (422'938) 31.12.2012 Investment Advisor
SCOPIA MANAGEMENT IN SCOPIA MANAGEMENT IN 13F 4'848'113 1.35 1'602'938 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'701'217 1.3 (4'218) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 4'368'261 1.21 165'300 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'308'936 1.2 (76'030) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KEITH F BACHMAN market perform 3 M 41 Not Provided 24.04.2013
RBC Capital Markets AMIT DARYANANI sector perform 3 M 40 12 month 23.04.2013
Piper Jaffray ANDREW J NOWINSKI overweight 5 M 39 12 month 22.04.2013
Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 34 12 month 19.04.2013
Brean Murray Carret & Co ANANDA BARUAH buy 5 M 42 12 month 18.04.2013
Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 38 12 month 18.04.2013
William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 17.04.2013
Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 40 12 month 16.04.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 15.04.2013
Longbow Research JOE WITTINE neutral 3 M #N/A N/A Not Provided 11.04.2013
Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 05.04.2013
Goldman Sachs WILLIAM C SHOPE JR neutral/cautious 3 M 32 12 month 02.04.2013
Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 01.04.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 29.03.2013
Pacific Crest Securities BRENT A BRACELIN outperform 5 M 38 12 month 18.03.2013
Raymond James BRIAN G ALEXANDER outperform 5 M 40 12 month 21.02.2013
Credit Suisse KULBINDER GARCHA neutral 3 M 35 Not Provided 20.02.2013
Lake Street Capital Markets LLC ERIC MARTINUZZI buy 5 M 43 12 month 20.02.2013
Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 14.02.2013
Argus Research Corp JAMES KELLEHER buy 5 M 42 Not Provided 14.02.2013
JPMorgan MARK A MOSKOWITZ overweight 5 M 41 6 month 14.02.2013
Jefferies PETER J MISEK hold 3 M 35 12 month 14.02.2013
Needham & Co GLENN HANUS buy 5 M 41 12 month 14.02.2013
Wedbush ROHIT CHOPRA neutral 3 M 35 12 month 14.02.2013
Stifel AARON C RAKERS buy 5 M 42 12 month 14.02.2013
Evercore Partners ROBERT CIHRA equalweight 3 M 38 12 month 14.02.2013
Lazard Capital Markets EDWARD PARKER neutral 3 M #N/A N/A Not Provided 14.02.2013
Craig-Hallum Capital Group LLC RAJESH GHAI hold 3 M 32 12 month 14.02.2013
Credit Agricole Securities (USA) LOUIS R MISCIOSCIA underperform 1 M 35 Not Provided 14.02.2013
Barclays BENJAMIN A REITZES overweight 5 M 45 Not Provided 14.02.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 40 12 month 14.02.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 48 12 month 14.02.2013
Sterne, Agee & Leach ALEX KURTZ neutral 3 M 37 12 month 13.02.2013
Oppenheimer & Co ITTAI KIDRON market perform 3 M #N/A N/A Not Provided 13.02.2013
ISI Group BRIAN MARSHALL buy 5 M 40 12 month 13.02.2013
S&P Capital IQ JIM YIN hold 3 U 29 Not Provided 16.10.2012
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 03.05.2012
Holdings By:
NetApp Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
News Corporation is a diversified global media company. The Company's
operations include the production and distribution of motion pictures and
television programming. The Company provides television, direct satellite, and
cable broadcasting and the publication of newspapers, magazines, books and
promotional inserts.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (23.04.2013) 31.91
52-Week Low (04.06.2012) 18.32
Daily Volume
30.99
52-Week High % Change -2.88% Dividend Yield 0.55
52-Week Low % Change 69.16% Beta 1.10
% 52 Week Price Range High/Low 93.23% Equity Float 1'525.49
Shares Out 04.02.2013 1'526.7 Short Int 40.49
72'123.63 1 Yr Total Return 59.11%
Total Debt 15'455.00 YTD Return 21.68%
Preferred Stock - Adjusted BETA 1.104
Minority Interest 1'142.0 Analyst Recs 27
Cash and Equivalents 9'626.00 Consensus Rating 4.741
Enterprise Value 82'276.63
Average Volume 5 Day 2'434'270
NWSA UW EQUITY YTD Change - Average Volume 30 Day 3'118'201
NWSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'624'377
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 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
32'996.0 30'423.0 32'778.0 33'405.0 33'706.0 34'152.0 34'333.0 35'722.3 38'030.6 9'072.9 9'184.3
1.49x 1.06x 1.12x 1.50x 1.78x 5.75x 7.24x 2.25x 2.10x 8.93x 8.83x
6'668.0 4'472.0 5'228.0 6'133.0 6'646.0 6'648.0 6'754.0 7'264.5 8'068.7 1'687.9 1'906.5
7.36x 7.23x 7.02x 8.17x 9.04x 7.73x 10.53x 11.33x 10.20x 10.69x 10.34x
5'387.0 (3'378.0) 2'539.0 2'739.0 1'179.0 3'117.0 3'998.0 3'900.9 4'296.8 812.2 1'024.5
12.23x 11.11x 10.31x 14.16x 15.81x 13.52x 16.25x 18.46x 15.92x 17.65x 16.58x
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 6.52% Short-Term Rating -
Return on Common Equity 14.38%
Return on Capital 11.39% EBITDA/Interest Exp. 6.18
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 5.30
Net Debt/EBITDA 1.28
Gross Margin - Total Debt/EBITDA 2.44
EBITDA Margin 19.7%
EBIT Margin 15.9% Total Debt/Equity 62.6%
Net Income Margin 3.5% Total Debt/Capital 37.4%
Asset Turnover 0.56
Current Ratio 2.02 Net Fixed Asset Turnover 5.82
Quick Ratio 1.69 Accounts receivable turnover-days 79.48
Debt to Assets 27.28% Inventory Days -
Tot Debt to Common Equity 62.61% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.61 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
News CorpPrice/Volume
Valuation Analysis
1'735'953.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 106'117'879 6.95 566'560 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 102'879'885 6.74 4'124'842 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 87'698'670 5.74 1'759'231 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 81'642'663 5.35 (49'269'500) 31.03.2013 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 80'106'935 5.25 (449'404) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 73'990'044 4.85 (9'828'325) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 50'745'635 3.32 1'242'647 31.12.2012 Investment Advisor
CHILDRENS INV FUND M CHILDRENS INVESTMENT 13F 34'348'479 2.25 (12'657'102) 31.12.2012 Hedge Fund Manager
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 34'295'229 2.25 3'537'977 31.12.2012 Hedge Fund Manager
FMR LLC n/a ULT-AGG 31'661'527 2.07 1'655'264 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 28'811'418 1.89 (854'432) 31.03.2013 Investment Advisor
ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 28'100'000 1.84 9'100'000 31.12.2012 Hedge Fund Manager
HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 27'945'300 1.83 (3'592'000) 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 24'797'737 1.62 (375'426) 31.12.2012 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 22'180'447 1.45 1'184'087 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 19'150'391 1.25 (668) 31.12.2012 Government
INVESCO LTD n/a ULT-AGG 17'590'189 1.15 (3'322'085) 31.12.2012 Investment Advisor
EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 17'571'378 1.15 2'373'660 31.12.2012 Hedge Fund Manager
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 16'929'453 1.11 2'887'188 31.12.2012 Hedge Fund Manager
WADDELL & REED FINAN WADDELL & REED FINAN 13F 14'275'510 0.94 1'726'350 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 23.04.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 35 12 month 21.04.2013
Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 36 12 month 19.04.2013
Credit Suisse MICHAEL SENNO outperform 5 M 36 Not Provided 17.04.2013
Nomura MICHAEL NATHANSON buy 5 M 33 12 month 17.04.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 37 12 month 16.04.2013
Needham & Co LAURA A MARTIN buy 5 M 34 12 month 16.04.2013
Macquarie TIMOTHY W NOLLEN outperform 5 M 35 12 month 16.04.2013
Barclays ANTHONY J DICLEMENTE overweight 5 M 35 Not Provided 16.04.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 12.04.2013
RBC Capital Markets DAVID BANK outperform 5 M 34 12 month 10.04.2013
Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 32 12 month 08.03.2013
Susquehanna Financial Group VASILY KARASYOV Positive 4 M 34 12 month 07.03.2013
Wedbush JAMES G DIX outperform 5 M 26 12 month 06.03.2013
Davenport & Co MICHAEL C MORRIS buy 5 M 35 12 month 06.03.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 36 18 month 06.03.2013
S&P Capital IQ TUNA AMOBI buy 5 M 31 Not Provided 06.03.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 34 Not Provided 06.03.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 20.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 11.02.2013
Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 08.02.2013
Evercore Partners ALAN GOULD overweight 5 M 30 12 month 07.02.2013
Atlantic Equities LLP HAMILTON FABER overweight 5 M 33 12 month 07.02.2013
Goldman Sachs DREW BORST not rated #N/A N/A M #N/A N/A Not Provided 28.06.2012
BTIG LLC RICHARD GREENFIELD buy 5 M 30 Not Provided 27.06.2012
Holdings By:
News Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Nuance Communications, Inc. provides speech and imaging solutions for businesses
and consumers around the world. The Company's products include a speech
recognizer, call steering, and a product that converts text into speech.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (13.09.2012) 25.89
52-Week Low (01.03.2013) 18.00
Daily Volume
23.3
52-Week High % Change -10.00% Dividend Yield -
52-Week Low % Change 29.44% Beta 1.33
% 52 Week Price Range High/Low 67.17% Equity Float 265.42
Shares Out 31.01.2013 316.3 Short Int 24.59
7'369.20 1 Yr Total Return -4.66%
Total Debt 2'115.91 YTD Return 4.39%
Preferred Stock 4.6 Adjusted BETA 1.333
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 1'129.76 Consensus Rating 3.722
Enterprise Value 8'700.65
Average Volume 5 Day 1'258'070
NUAN UW EQUITY YTD Change - Average Volume 30 Day 1'303'597
NUAN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'288'271
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 12/yy 12/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4
868.5 950.4 1'118.9 1'318.7 1'651.5 1'375.6 1'753.1 2'160.5 2'443.6 552.3 603.1
3.96x 4.71x 4.44x 5.05x 5.30x 20.24x 19.19x 3.91x 3.32x 15.52x 13.99x
141.4 212.9 238.6 268.2 380.4 287.0 379.8 869.2 967.6 223.0 253.6
24.32x 21.03x 20.85x 24.85x 23.02x 28.46x 22.20x 10.01x 8.99x 9.27x 8.95x
(30.1) (19.4) (19.1) 38.2 207.1 47.6 175.7 588.6 675.9 159.9 185.0
14.01x - 70.75x 52.72x 26.29x 70.19x 26.33x 12.90x 11.49x 11.88x 11.61x
EBITDA 380.38 Long-Term Rating Date 11.02.2011
EBIT 193.20 Long-Term Rating BB-
Operating Margin 11.70% Long-Term Outlook STABLE
Pretax Margin 3.95% Short-Term Rating Date -
Return on Assets 3.28% Short-Term Rating -
Return on Common Equity 6.71%
Return on Capital - EBITDA/Interest Exp. 4.46
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 3.72
Net Debt/EBITDA 3.62
Gross Margin 63.4% Total Debt/EBITDA 6.15
EBITDA Margin 21.7%
EBIT Margin 10.7% Total Debt/Equity 77.2%
Net Income Margin 12.5% Total Debt/Capital 43.5%
Asset Turnover 0.33
Current Ratio 1.76 Net Fixed Asset Turnover 15.48
Quick Ratio 1.57 Accounts receivable turnover-days 71.76
Debt to Assets 36.49% Inventory Days -
Tot Debt to Common Equity 77.16% Accounts Payable Turnover Day 112.46
Accounts Receivable Turnover 5.10 Cash Conversion Cycle 20.93
Inventory Turnover -
Fiscal Year Ended
Nuance Communications IncPrice/Volume
Valuation Analysis
766'017.00
Current Price (4/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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200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WARBURG PINCUS LLC WARBURG PINCUS LLC 13F 53'004'254 16.76 - 31.12.2012 Private Equity
WARBURG PINCUS LLC n/a 13D 43'058'531 13.61 (9'945'723) 14.03.2013 Private Equity
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 29'398'004 9.3 (6'904'115) 31.12.2012 Investment Advisor
ICAHN ASSOCIATES COR n/a 13G 29'329'291 9.27 - 20.03.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 17'851'319 5.64 2'757'603 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'376'660 3.91 914'836 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 11'852'538 3.75 (214'677) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 11'388'936 3.6 730'092 23.04.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'227'210 3.23 (715'000) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'696'276 2.75 (116'834) 31.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 7'787'480 2.46 (258'843) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'632'234 2.1 227'647 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'228'721 1.65 (21'414) 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 4'407'086 1.39 121'600 24.04.2013 Investment Advisor
RICCI PAUL A n/a Form 4 4'015'944 1.27 - 11.04.2013 n/a
WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 3'948'645 1.25 338'110 31.12.2012 Investment Advisor
FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 3'843'339 1.22 104'968 31.12.2012 Investment Advisor
STERLING CAPITAL MAN STERLING CAPITAL MAN 13F 3'549'830 1.12 3'251'234 31.03.2013 Investment Advisor
PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 3'545'481 1.12 593'927 31.12.2012 Investment Advisor
LUTHER KING CAPITAL LUTHER KING CAPITAL 13F 2'994'953 0.95 (6'741) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James TAVIS C MCCOURT Under Review #N/A N/A M #N/A N/A Not Provided 22.04.2013
Wells Fargo Securities, LLC GRAY W POWELL market perform 3 M #N/A N/A Not Provided 12.04.2013
Morgan Stanley JENNIFER LOWE Overwt/In-Line 5 M 28 12 month 03.04.2013
Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 26 12 month 03.04.2013
Stifel TOM RODERICK hold 3 M #N/A N/A Not Provided 02.04.2013
Oppenheimer & Co SHAUL EYAL outperform 5 M 30 12 month 02.04.2013
Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 35 12 month 01.04.2013
B Riley & Company, Inc DANIEL CUMMINS neutral 3 N 21 Not Provided 20.02.2013
Goldman Sachs GREG DUNHAM neutral/neutral 3 M 22 12 month 08.02.2013
Needham & Co SCOTT ZELLER hold 3 D #N/A N/A Not Provided 08.02.2013
FBR Capital Markets DANIEL H IVES outperform 5 M 28 12 month 08.02.2013
Craig-Hallum Capital Group LLC JEFF VAN RHEE hold 3 D 24 12 month 08.02.2013
Northland Securities Inc MICHAEL JAMES LATIMORE outperform 5 M 26 12 month 08.02.2013
Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 26 12 month 07.02.2013
Piper Jaffray MARK R MURPHY neutral 3 M 22 12 month 07.02.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank NANDAN AMLADI buy 5 M 30 12 month 15.11.2012
Wedbush SCOTT P SUTHERLAND underperform 1 M 19 12 month 07.08.2012
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 15.03.2012
Holdings By:
Nuance Communications Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
NVIDIA Corporation designs, develops, and markets three dimensional (3D)
graphics processors and related software. The Company's products provide
interactive 3D graphics to the mainstream personal computer market.
Latest Fiscal Year: 01/2013
LTM as of: 01/yy
52-Week High (10.08.2012) 15.22
52-Week Low (16.11.2012) 11.16
Daily Volume
13.57
52-Week High % Change -10.84% Dividend Yield 0.55
52-Week Low % Change 21.65% Beta 1.33
% 52 Week Price Range High/Low 59.41% Equity Float 586.94
Shares Out 08.03.2013 616.0 Short Int 26.52
8'358.85 1 Yr Total Return 5.70%
Total Debt 21.41 YTD Return 11.08%
Preferred Stock 0.0 Adjusted BETA 1.329
Minority Interest 0.0 Analyst Recs 36
Cash and Equivalents 3'727.88 Consensus Rating 3.583
Enterprise Value 4'652.37
Average Volume 5 Day 2'144'920
NVDA UW EQUITY YTD Change - Average Volume 30 Day 2'459'672
NVDA UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'625'206
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 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
3'424.9 3'326.4 3'543.3 3'997.9 4'280.2 3'997.9 4'280.2 4'226.0 4'595.7 940.6 1'009.1
0.85x 2.09x 3.25x 1.51x 0.92x 7.01x 4.22x 1.13x 0.98x 4.97x 4.80x
141.2 97.7 385.7 852.5 874.5 852.5 874.5 798.8 924.4 129.2 169.4
20.69x 71.00x 29.86x 7.06x 4.51x 7.06x 4.51x 5.82x 5.03x 5.95x 5.52x
(30.0) (68.0) 253.1 581.1 562.5 581.1 562.5 526.0 608.9 79.1 110.9
22.33x 325.78x 40.89x 15.39x 13.20x 15.35x 13.64x 16.02x 14.15x 15.76x 14.69x
EBITDA 874.47 Long-Term Rating Date 07.05.2009
EBIT 648.24 Long-Term Rating NR
Operating Margin 15.15% Long-Term Outlook -
Pretax Margin 15.47% Short-Term Rating Date -
Return on Assets 9.40% Short-Term Rating -
Return on Common Equity 12.54%
Return on Capital - EBITDA/Interest Exp. 265.47
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 209.83
Net Debt/EBITDA -4.24
Gross Margin 52.0% Total Debt/EBITDA 0.02
EBITDA Margin 20.4%
EBIT Margin 15.1% Total Debt/Equity 0.4%
Net Income Margin 13.1% Total Debt/Capital 0.4%
Asset Turnover 0.72
Current Ratio 4.89 Net Fixed Asset Turnover 7.53
Quick Ratio 4.28 Accounts receivable turnover-days 33.61
Debt to Assets 0.33% Inventory Days 67.35
Tot Debt to Common Equity 0.44% Accounts Payable Turnover Day 59.00
Accounts Receivable Turnover 10.83 Cash Conversion Cycle 41.96
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
NVIDIA CorpPrice/Volume
Valuation Analysis
1'664'352.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 79'493'214 12.91 (9'978'177) 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 39'441'892 6.4 1'773'720 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 34'345'597 5.58 668'980 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 32'149'359 5.22 - 23.04.2013 Investment Advisor
HUANG JEN-HSUN n/a Form 4 22'168'135 3.6 - 20.03.2013 n/a
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 17'973'300 2.92 (979'500) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'176'500 2.3 (12'739'300) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 11'701'670 1.9 3'158'033 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 11'551'047 1.88 7'413'768 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 10'408'208 1.69 1'463'043 31.03.2013 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 8'041'269 1.31 6'139'523 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'938'442 1.29 108'110 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 7'745'598 1.26 (498'513) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'685'345 1.09 193'720 31.03.2013 Investment Advisor
FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 5'915'747 0.96 786'088 31.12.2012 Investment Advisor
CONTRARIUS INVESTMEN CONTRARIUS INVESTMEN 13F 5'785'902 0.94 942'748 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 5'155'045 0.84 713'619 31.12.2012 Government
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'243'814 0.69 (1'293'529) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'076'221 0.66 (36'419) 31.12.2012 Investment Advisor
CHARLES SCHWAB INVES CHARLES SCHWAB INVES 13F 3'757'015 0.61 2'239'918 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Brean Murray Carret & Co MIKE BURTON hold 3 M #N/A N/A Not Provided 23.04.2013
FBR Capital Markets CHRISTOPHER ROLLAND market perform 3 M 14 12 month 23.04.2013
BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 12 Not Provided 22.04.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 22.04.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 14 12 month 19.04.2013
Roth Capital Partners KRISHNA SHANKAR buy 5 M 15 12 month 17.04.2013
Evercore Partners PATRICK WANG underweight 1 M 11 12 month 15.04.2013
Barclays BLAYNE CURTIS equalweight 3 M 13 Not Provided 15.04.2013
Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 12.04.2013
JPMorgan HARLAN SUR neutral 3 M 14 6 month 12.04.2013
Needham & Co RAJVINDRA S. GILL hold 3 M #N/A N/A Not Provided 12.04.2013
Wedbush BETSY VAN HEES outperform 5 M 17 12 month 12.04.2013
Macquarie SHAWN WEBSTER neutral 3 M 14 12 month 12.04.2013
B Riley & Company, Inc CRAIG ELLIS neutral 3 M 13 Not Provided 12.04.2013
Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M #N/A N/A Not Provided 12.04.2013
Lazard Capital Markets DANIEL L AMIR neutral 3 M #N/A N/A Not Provided 12.04.2013
Susquehanna Financial Group CHRISTOPHER CASO negative 2 M 11 12 month 12.04.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 13 12 month 11.04.2013
RBC Capital Markets DOUG FREEDMAN sector perform 3 M 13 12 month 11.04.2013
Raymond James HANS C MOSESMANN strong buy 5 M 17 12 month 11.04.2013
Canaccord Genuity Corp ROBERT BURLESON buy 5 M 16 12 month 11.04.2013
Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 11.04.2013
Stifel KEVIN E CASSIDY buy 5 M 18 12 month 04.04.2013
Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 01.04.2013
Nomura ROMIT SHAH buy 5 M 15 12 month 20.03.2013
JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 20.03.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 18.03.2013
Miller Tabak + Co., LLC BRENDAN FURLONG buy 5 M 17 12 month 20.02.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 20.02.2013
Jefferies MARK J LIPACIS hold 3 M 14 12 month 14.02.2013
Goldman Sachs JAMES SCHNEIDER neutral/attractive 3 M 14 12 month 13.02.2013
S&P Capital IQ CHRISTIN ARMACOST buy 5 M 15 Not Provided 05.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Hudson Square Research DANIEL ERNST buy 5 U 18 Not Provided 10.05.2010
Holdings By:
NVIDIA Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
O'Reilly Automotive, Inc. retails and supplies automotive aftermarket parts,
tools, supplies, equipment, and accessories. The Company sells its products to
do-it-yourself customers and professional mechanics or service technicians.
O'Reilly operates stores throughout the United States.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (25.04.2013) 108.95
52-Week Low (27.06.2012) 75.64
Daily Volume
107.69
52-Week High % Change -1.16% Dividend Yield 0.00
52-Week Low % Change 42.37% Beta 0.69
% 52 Week Price Range High/Low 96.22% Equity Float 107.70
Shares Out 31.03.2013 111.0 Short Int 5.46
11'958.08 1 Yr Total Return 2.11%
Total Debt 1'095.96 YTD Return 20.43%
Preferred Stock 0.0 Adjusted BETA 0.695
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 248.13 Consensus Rating 4.154
Enterprise Value 12'848.60
Average Volume 5 Day 306'643
ORLY UW EQUITY YTD Change - Average Volume 30 Day 292'857
ORLY UW EQUITY YTD % CHANGE - Average Volume 3 Month 340'158
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
3'576.6 4'847.1 5'397.5 5'788.8 6'182.2 5'935.5 6'237.8 6'636.3 7'058.5 1'702.5 1'749.5
1.35x 1.24x 1.64x 1.83x 1.77x 6.83x 5.13x 1.95x 1.84x 7.56x 7.36x
448.6 685.8 895.1 1'029.8 1'154.5 1'086.0 863.2 1'256.4 1'355.2 319.0 335.1
10.80x 8.75x 9.89x 10.30x 9.48x 10.80x 0.00x 10.23x 9.48x 10.22x 10.05x
186.2 307.5 419.4 507.7 585.7 552.7 592.6 642.8 686.9 166.6 177.5
18.86x 17.09x 19.21x 20.82x 18.83x 22.14x 20.61x 18.62x 16.42x 18.21x 17.72x
EBITDA 1'154.50 Long-Term Rating Date 18.01.2012
EBIT 977.39 Long-Term Rating BBB
Operating Margin 15.81% Long-Term Outlook STABLE
Pretax Margin 15.23% Short-Term Rating Date -
Return on Assets 10.27% Short-Term Rating -
Return on Common Equity 23.97%
Return on Capital 18.11% EBITDA/Interest Exp. 24.95
Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 18.45
Net Debt/EBITDA 0.77
Gross Margin 50.1% Total Debt/EBITDA 0.95
EBITDA Margin 18.6%
EBIT Margin 15.7% Total Debt/Equity 52.0%
Net Income Margin 9.5% Total Debt/Capital 34.2%
Asset Turnover 1.08
Current Ratio 1.20 Net Fixed Asset Turnover 2.85
Quick Ratio 0.16 Accounts receivable turnover-days 8.72
Debt to Assets 19.06% Inventory Days 252.91
Tot Debt to Common Equity 51.98% Accounts Payable Turnover Day 184.76
Accounts Receivable Turnover 41.86 Cash Conversion Cycle 86.53
Inventory Turnover 1.44
Fiscal Year Ended
O'Reilly Automotive IncPrice/Volume
Valuation Analysis
241'686.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 7'412'420 6.66 (56'061) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'108'025 6.39 206'740 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'437'684 5.78 327'780 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 6'329'291 5.69 (39'445) 24.04.2013 Investment Advisor
RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 3'658'781 3.29 (3'711) 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 2'764'208 2.48 650'059 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'624'914 2.36 175'909 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 2'623'402 2.36 (1'360'800) 31.12.2012 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 2'164'498 1.94 639'137 31.12.2012 Hedge Fund Manager
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'121'541 1.91 2'112'349 31.12.2012 Hedge Fund Manager
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 2'106'437 1.89 (846'503) 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'102'133 1.89 22'041 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 1'769'464 1.59 323'143 31.12.2012 Investment Advisor
GAMCO n/a ULT-AGG 1'762'790 1.58 61'805 31.12.2012 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'667'578 1.5 107'970 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'666'774 1.5 393'150 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'538'303 1.38 (30'510) 31.12.2012 Investment Advisor
O'REILLY DAVID E n/a Form 4 1'480'017 1.33 (502) 08.02.2013 n/a
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'414'240 1.27 459'235 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 1'235'983 1.11 99'874 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BB&T Capital Markets BRET D JORDAN buy 5 M 112 12 month 25.04.2013
Barclays ALAN M RIFKIN overweight 5 M 120 Not Provided 25.04.2013
Deutsche Bank MICHAEL BAKER hold 3 M 102 12 month 24.04.2013
Morgan Stanley DAVID GOBER Overwt/In-Line 5 M 108 12 month 24.04.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 106 12 month 24.04.2013
Nomura ARAM RUBINSON neutral 3 M 98 12 month 23.04.2013
RBC Capital Markets R SCOT CICCARELLI outperform 5 M 113 12 month 22.04.2013
Robert W. Baird & Co CRAIG R KENNISON neutral 3 M 110 12 month 22.04.2013
Raymond James DANIEL R WEWER JR strong buy 5 M #N/A N/A Not Provided 18.04.2013
Northcoast Research NICHOLAS MITCHELL neutral 3 M #N/A N/A Not Provided 18.04.2013
Stifel DAVID A SCHICK buy 5 M 102 12 month 17.04.2013
William Blair & Co DANIEL H HOFKIN outperform 5 M #N/A N/A Not Provided 16.04.2013
ISI Group GREGORY MELICH neutral 3 M 106 12 month 08.04.2013
Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 05.04.2013
Piper Jaffray PETER J KEITH neutral 3 M 97 12 month 25.03.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 11.02.2013
Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 110 12 month 08.02.2013
JPMorgan CHRISTOPHER HORVERS neutral 3 M 106 6 month 08.02.2013
Stephens Inc JOHN R LAWRENCE overweight 5 M 115 12 month 08.02.2013
Gabelli & Co BRIAN SPONHEIMER buy 5 M #N/A N/A Not Provided 08.02.2013
Credit Suisse GARY BALTER outperform 5 M 115 Not Provided 07.02.2013
Oppenheimer & Co BRIAN NAGEL market perform 3 M 92 18 month 07.02.2013
S&P Capital IQ MICHAEL SOUERS buy 5 M 112 Not Provided 07.02.2013
Holdings By:
O'Reilly Automotive Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
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: 05/2012
LTM as of: 02/yy
52-Week High (15.03.2013) 36.43
52-Week Low (18.05.2012) 25.33
Daily Volume
32.24
52-Week High % Change -11.50% Dividend Yield 1.12
52-Week Low % Change 27.28% Beta 1.12
% 52 Week Price Range High/Low 62.25% Equity Float 3'596.05
Shares Out 15.03.2013 4'710.7 Short Int 42.37
151'871.63 1 Yr Total Return 10.76%
Total Debt 16'474.00 YTD Return -3.24%
Preferred Stock 0.0 Adjusted BETA 1.119
Minority Interest 399.0 Analyst Recs 44
Cash and Equivalents 30'676.00 Consensus Rating 4.341
Enterprise Value 138'658.62
Average Volume 5 Day 6'358'411
ORCL UW EQUITY YTD Change - Average Volume 30 Day 7'264'685
ORCL UW EQUITY YTD % CHANGE - Average Volume 3 Month 6'387'491
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 02/yy 02/yy 05/13 Y 05/14 Y 05/13 Q4 08/13 Q1
22'430.0 23'252.0 26'820.0 35'622.0 37'121.0 36'980.0 37'149.0 37'423.1 39'512.1 11'138.7 8'563.0
5.25x 4.11x 4.10x 4.52x 3.13x 15.12x 14.54x 3.74x 3.34x 12.54x 15.85x
9'489.0 10'531.0 12'138.0 15'524.0 16'973.0 16'698.0 17'286.0 18'255.9 20'006.1 5'888.5 3'972.6
12.42x 9.08x 9.06x 10.37x 6.84x 7.85x 8.58x 7.60x 6.93x 7.20x 7.04x
5'521.0 5'593.0 6'135.0 8'547.0 9'981.0 9'739.0 10'570.0 13'049.3 13'945.2 4'199.8 2'776.0
18.27x 14.40x 16.60x 19.33x 13.24x 14.93x 15.85x 11.99x 11.00x 11.31x 10.99x
EBITDA 16'973.00 Long-Term Rating Date 24.04.2012
EBIT 14'057.00 Long-Term Rating A+
Operating Margin 37.87% Long-Term Outlook STABLE
Pretax Margin 34.92% Short-Term Rating Date 24.04.2012
Return on Assets 13.74% Short-Term Rating A-1+
Return on Common Equity 24.52%
Return on Capital 18.40% EBITDA/Interest Exp. 22.16
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 21.31
Net Debt/EBITDA -0.79
Gross Margin 78.8% Total Debt/EBITDA 1.14
EBITDA Margin 46.5%
EBIT Margin 38.6% Total Debt/Equity 37.7%
Net Income Margin 26.9% Total Debt/Capital 27.2%
Asset Turnover 0.48
Current Ratio 2.60 Net Fixed Asset Turnover 12.45
Quick Ratio 2.41 Accounts receivable turnover-days 43.35
Debt to Assets 21.03% Inventory Days 9.59
Tot Debt to Common Equity 37.71% Accounts Payable Turnover Day 19.99
Accounts Receivable Turnover 8.42 Cash Conversion Cycle 47.82
Inventory Turnover 38.07
Fiscal Year Ended
Oracle CorpPrice/Volume
Valuation Analysis
7'295'516.00
Current Price (4/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] |
30.04.2013
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 23.62 7'200'000 28.12.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 249'496'992 5.3 (12'392'864) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 218'198'158 4.63 (4'294'558) 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 206'866'801 4.39 6'192'099 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 173'943'841 3.69 2'006'738 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 79'305'376 1.68 988'951 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 77'278'005 1.64 (4'612'811) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 76'926'341 1.63 (1'880'715) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 75'285'789 1.6 15'270'822 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 69'216'283 1.47 (2'631'607) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 56'379'053 1.2 (610'493) 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 49'190'816 1.04 (1'571'164) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 43'915'151 0.93 (11'515'608) 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 40'458'447 0.86 16'398'956 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 39'724'493 0.84 4'197'117 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 38'397'212 0.82 1'152'929 31.12.2012 Government
JANUS CAPITAL MANAGE n/a ULT-AGG 32'702'179 0.69 (4'513'686) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 32'112'868 0.68 (1'663'800) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 28'440'138 0.6 (2'801'171) 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 26'789'941 0.57 (211'200) 31.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FBR Capital Markets DAVID M HILAL outperform 5 M 39 12 month 23.04.2013
JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 23.04.2013
Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 41 12 month 22.04.2013
BMO Capital Markets KARL KEIRSTEAD outperform 5 M 43 Not Provided 21.04.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 19.04.2013
Sanford C. Bernstein & Co MARK L MOERDLER market perform 3 M 34 12 month 19.04.2013
Stifel BRAD REBACK buy 5 M 37 12 month 15.04.2013
Nomura RICHARD G SHERLUND buy 5 M 39 12 month 15.04.2013
Wedbush STEVEN R KOENIG neutral 3 M 36 12 month 11.04.2013
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 44 12 month 10.04.2013
Cowen and Company PETER GOLDMACHER neutral 3 M #N/A N/A Not Provided 10.04.2013
Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 39 12 month 09.04.2013
Cross Research RICHARD T WILLIAMS hold 3 M 35 12 month 08.04.2013
RBC Capital Markets MATTHEW HEDBERG outperform 5 M 37 12 month 04.04.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 39 12 month 04.04.2013
Oppenheimer & Co BRIAN SCHWARTZ outperform 5 M 40 18 month 04.04.2013
Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 03.04.2013
Credit Agricole Securities (USA) EDWARD MAGUIRE underperform 1 M 35 Not Provided 03.04.2013
Societe Generale RICHARD NGUYEN hold 3 M 37 12 month 26.03.2013
Jefferies ROSS MACMILLAN hold 3 M 36 12 month 26.03.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 26.03.2013
William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 25.03.2013
Raymond James MICHAEL TURITS outperform 5 M 36 12 month 25.03.2013
Macquarie BRAD A ZELNICK neutral 3 M 36 12 month 25.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 36 Not Provided 25.03.2013
Barclays RAIMO LENSCHOW overweight 5 M 38 Not Provided 25.03.2013
Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 33 12 month 22.03.2013
Deutsche Bank THOMAS ERNST JR hold 3 M 29 12 month 21.03.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 40 Not Provided 21.03.2013
JPMorgan JOHN DIFUCCI overweight 5 M 40 6 month 21.03.2013
Janney Montgomery Scott LLC YUN KIM buy 5 M 43 12 month 21.03.2013
Davenport & Co F DRAKE JOHNSTONE buy 5 M 40 12 month 21.03.2013
Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 42 12 month 21.03.2013
Berenberg Bank DAUD KHAN buy 5 M 35 Not Provided 21.03.2013
Susquehanna Financial Group J DERRICK WOOD Positive 4 M 40 12 month 21.03.2013
Piper Jaffray MARK R MURPHY overweight 5 M 37 12 month 21.03.2013
MKM Partners ISRAEL HERNANDEZ buy 5 M 38 12 month 21.03.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 D 36 12 month 20.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 21.02.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 20.02.2013
Goldman Sachs HEATHER BELLINI Buy/Neutral 5 M 39 12 month 24.01.2013
Holdings By:
Oracle Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
PACCAR Inc designs, develops, manufactures, and distributes light-, medium-, and
heavy-duty trucks, and related aftermarket distribution of parts. The Company
also offers finance and leasing services to its customers and dealers.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (15.03.2013) 51.38
52-Week Low (12.07.2012) 34.60
Daily Volume
49.83
52-Week High % Change -3.02% Dividend Yield 3.21
52-Week Low % Change 44.03% Beta 1.39
% 52 Week Price Range High/Low 90.76% Equity Float 346.31
Shares Out 31.03.2013 353.7 Short Int 8.36
17'624.87 1 Yr Total Return 20.33%
Total Debt 150.00 YTD Return 10.68%
Preferred Stock 0.0 Adjusted BETA 1.390
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 2'395.90 Consensus Rating 3.522
Enterprise Value 15'395.07
Average Volume 5 Day 633'651
PCAR UW EQUITY YTD Change - Average Volume 30 Day 664'383
PCAR UW EQUITY YTD % CHANGE - Average Volume 3 Month 653'624
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
14'972.5 8'086.5 10'292.9 16'355.2 17'050.5 17'847.7 16'198.7 16'524.8 18'021.5 4'070.5 4'204.9
0.56x 1.40x 1.82x 0.65x 0.81x 2.81x 3.25x 1.16x 1.05x 5.76x 5.54x
2'027.0 1'016.6 1'271.7 2'153.2 2'296.4 2'347.1 2'174.7 1'950.7 2'240.0 464.2 502.4
4.10x 11.13x 14.69x 4.93x 5.98x 5.96x 7.20x 7.89x 6.87x 7.59x 7.28x
1'017.9 111.9 457.6 1'042.3 1'111.6 1'176.3 1'020.4 1'111.6 1'258.1 262.6 288.4
10.29x 142.81x 46.64x 13.10x 14.49x 14.45x 17.57x 15.89x 13.99x 15.16x 14.66x
EBITDA 2'296.40 Long-Term Rating Date 29.04.2010
EBIT 1'595.50 Long-Term Rating A+
Operating Margin 9.36% Long-Term Outlook STABLE
Pretax Margin 9.55% Short-Term Rating Date 29.04.2010
Return on Assets 5.52% Short-Term Rating A-1
Return on Common Equity 17.49%
Return on Capital - EBITDA/Interest Exp. 13.21
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 2.83
Net Debt/EBITDA -1.03
Gross Margin 17.5% Total Debt/EBITDA 0.07
EBITDA Margin 13.4%
EBIT Margin 9.0% Total Debt/Equity 134.8%
Net Income Margin 6.5% Total Debt/Capital 57.4%
Asset Turnover 0.88
Current Ratio 0.74 Net Fixed Asset Turnover 7.37
Quick Ratio 0.56 Accounts receivable turnover-days 25.82
Debt to Assets 42.30% Inventory Days 21.92
Tot Debt to Common Equity 134.77% Accounts Payable Turnover Day 24.81
Accounts Receivable Turnover 14.14 Cash Conversion Cycle 14.53
Inventory Turnover 16.65
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
PACCAR IncPrice/Volume
Valuation Analysis
399'732.00
Current Price (4/dd/yy) Market Data
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4'000.0
6'000.0
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10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN n/a ULT-AGG 23'274'153 6.58 1'817'030 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 19'065'256 5.39 603'509 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 18'243'463 5.16 517'526 24.04.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 16'314'903 4.61 1'220'425 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 15'657'915 4.43 444'212 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'947'300 3.38 (1'332'371) 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 8'943'143 2.53 (506'101) 31.12.2012 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 5'994'403 1.69 5'994'403 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'801'832 1.36 (26'056) 31.12.2012 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 4'668'942 1.32 (2'196'600) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'504'875 1.27 45'025 31.12.2012 Investment Advisor
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'228'702 1.2 (651'306) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'766'406 1.06 (407'964) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'687'775 1.04 107'697 31.03.2013 Investment Advisor
PIGOTT MARK CHARLES n/a Form 4 3'314'022 0.94 295 05.03.2013 n/a
NORGES BANK NORGES BANK 13F 3'001'169 0.85 489'739 31.12.2012 Government
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 2'892'300 0.82 726'600 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'792'880 0.79 1'838'017 28.02.2013 Investment Advisor
US BANCORP US BANCORP 13F 2'468'640 0.7 (2'341) 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'286'146 0.65 29'627 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets SETH R WEBER sector perform 3 M 51 12 month 25.04.2013
Deutsche Bank PATRICK NOLAN hold 3 M 50 12 month 24.04.2013
D.A. Davidson & Co JB GROH buy 5 M 60 18 month 24.04.2013
Robert W. Baird & Co DAVID LEIKER neutral 3 M 50 12 month 24.04.2013
Sterne, Agee & Leach JEFFREY A KAUFFMAN neutral 3 M 47 12 month 24.04.2013
BB&T Capital Markets A RHEM WOOD JR hold 3 M #N/A N/A Not Provided 24.04.2013
Barclays ANDY KAPLOWITZ equalweight 3 M 47 Not Provided 24.04.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 24.04.2013
BMO Capital Markets JOEL G TISS outperform 5 M 57 Not Provided 23.04.2013
Goldman Sachs JERRY REVICH neutral/neutral 3 M 53 12 month 23.04.2013
Credit Suisse JAMIE L COOK neutral 3 M 47 Not Provided 23.04.2013
JPMorgan ANN DUIGNAN neutral 3 M 47 6 month 23.04.2013
Jefferies STEPHEN VOLKMANN buy 5 M 56 12 month 23.04.2013
Avondale Partners LLC KRISTINE KUBACKI market perform 3 M 46 12 month 23.04.2013
Wells Fargo Securities, LLC ANDREW M CASEY outperform 5 M #N/A N/A Not Provided 23.04.2013
Piper Jaffray ALEXANDER E POTTER overweight 5 M 54 12 month 23.04.2013
Wolfe Trahan & Co TIMOTHY J DENOYER underperform 1 M 37 12 month 23.04.2013
Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 12.04.2013
Northcoast Research BRIAN M RAYLE buy 5 M 55 12 month 03.04.2013
McAdams Wright Ragen Inc MICHAEL ROARKE hold 3 M 60 12 month 26.10.2012
Holdings By:
PACCAR Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Paychex, Inc. provides comprehensive payroll and integrated human resource and
employee benefits outsourcing solutions for small- to medium-sized businesses
in the United States. The Company's services range from calculating payroll and
filing tax payments to administering retirement plans and workers' compensation.
Latest Fiscal Year: 05/2012
LTM as of: 02/yy
52-Week High (25.04.2013) 36.32
52-Week Low (21.05.2012) 29.13
Daily Volume
36.13
52-Week High % Change -0.52% Dividend Yield 4.51
52-Week Low % Change 24.03% Beta 0.85
% 52 Week Price Range High/Low 97.36% Equity Float 325.64
Shares Out 28.02.2013 363.9 Short Int 22.10
13'147.63 1 Yr Total Return 22.62%
Total Debt 0.00 YTD Return 16.02%
Preferred Stock 0.0 Adjusted BETA 0.852
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 316.30 Consensus Rating 2.778
Enterprise Value 12'577.03
Average Volume 5 Day 630'121
PAYX UW EQUITY YTD Change - Average Volume 30 Day 813'131
PAYX UW EQUITY YTD % CHANGE - Average Volume 3 Month 840'281
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 02/yy 02/yy 05/13 Y 05/14 Y 05/13 Q4 08/13 Q1
2'066.3 2'082.8 2'000.8 2'084.3 2'229.8 2'201.0 2'292.4 2'325.7 2'462.8 586.2 610.4
5.84x 4.50x 4.97x 5.39x 4.73x 18.86x 19.74x 5.48x 5.13x 22.21x 20.68x
908.9 891.0 811.2 875.1 951.7 938.1 987.1 1'003.2 1'061.6 234.9 274.1
13.27x 10.52x 12.26x 12.83x 11.09x 11.56x 11.63x 12.54x 11.85x 12.12x 11.94x
576.1 533.5 477.0 515.3 548.0 543.6 568.8 581.8 621.0 136.6 162.1
22.15x 18.47x 21.08x 22.75x 19.85x 20.89x 21.09x 22.57x 21.10x 21.60x 21.23x
EBITDA 951.70 Long-Term Rating Date -
EBIT 853.90 Long-Term Rating -
Operating Margin 38.29% Long-Term Outlook -
Pretax Margin 38.58% Short-Term Rating Date -
Return on Assets 8.36% Short-Term Rating -
Return on Common Equity 35.54%
Return on Capital 35.54% EBITDA/Interest Exp. -
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.58
Gross Margin 69.5% Total Debt/EBITDA 0.00
EBITDA Margin 43.1%
EBIT Margin 38.8% Total Debt/Equity 0.0%
Net Income Margin 24.6% Total Debt/Capital 0.0%
Asset Turnover 0.34
Current Ratio 1.07 Net Fixed Asset Turnover 6.96
Quick Ratio 0.10 Accounts receivable turnover-days 20.77
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 25.42
Accounts Receivable Turnover 17.57 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Paychex IncPrice/Volume
Valuation Analysis
527'155.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOLISANO BLASE THOMA n/a Form 4 37'657'753 10.35 (21'975) 27.12.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 22'407'182 6.16 2'800'000 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 21'056'674 5.79 3'918'327 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 18'938'308 5.2 1'809'408 23.04.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'930'447 4.93 586'108 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 17'132'623 4.71 275'591 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'884'715 4.09 476'018 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 8'970'426 2.47 957'885 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'788'270 2.14 9'133 31.12.2012 Investment Advisor
GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 6'532'589 1.8 (302'963) 31.12.2012 Corporation
INVESCO LTD n/a ULT-AGG 5'640'812 1.55 (170'531) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'605'086 1.27 (27'271) 31.12.2012 Investment Advisor
PARNASSUS INVESTMENT PARNASSUS INVESTMENT 13F 3'780'000 1.04 10'000 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 3'711'100 1.02 30'500 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 3'283'336 0.9 (812'816) 31.12.2012 Investment Advisor
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 3'166'795 0.87 (511'503) 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 2'970'094 0.82 320'357 31.12.2012 Government
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 2'915'069 0.8 179'459 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'819'076 0.77 114'620 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 2'649'962 0.73 163'134 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DANIEL R PERLIN sector perform 3 M 35 12 month 24.04.2013
Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 35 12 month 19.04.2013
Jefferies JASON KUPFERBERG underperform 1 M 31 12 month 19.04.2013
Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 29 12 month 19.04.2013
Cowen and Company MOSHE KATRI neutral 3 M #N/A N/A Not Provided 19.04.2013
BMO Capital Markets JEFFREY M SILBER market perform 3 M 36 Not Provided 18.04.2013
Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 15.04.2013
Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 12.04.2013
William Blair & Co TIMOTHY J MCHUGH outperform 5 M #N/A N/A Not Provided 05.04.2013
Evercore Partners DAVID M TOGUT equalweight 3 M 34 12 month 02.04.2013
Robert W. Baird & Co MARK S MARCON neutral 3 M 36 12 month 01.04.2013
Stifel DAVID M GROSSMAN hold 3 M #N/A N/A Not Provided 01.04.2013
Credit Suisse GEORGE MIHALOS neutral 3 M 35 Not Provided 28.03.2013
First Analysis Corp JAMES ROBERT MACDONALD equalweight 3 M 37 12 month 28.03.2013
JPMorgan TIEN-TSIN HUANG underweight 1 M 34 6 month 28.03.2013
Raymond James MICHAEL J BAKER market perform 3 M #N/A N/A Not Provided 28.03.2013
Oppenheimer & Co GLENN GREENE market perform 3 M #N/A N/A Not Provided 28.03.2013
Credit Agricole Securities (USA) CRAIG J MAURER sell 1 M 30 Not Provided 28.03.2013
Barclays GARY E BISBEE underweight 1 M 32 Not Provided 28.03.2013
Northcoast Research KARTIK MEHTA neutral 3 M #N/A N/A Not Provided 27.03.2013
Goldman Sachs PAUL THOMAS neutral/neutral 3 M 36 12 month 18.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ DYLAN CATHERS hold 3 M 35 12 month 20.09.2012
Deutsche Bank BRYAN KEANE hold 3 M 33 12 month 20.07.2012
Holdings By:
Paychex Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Perrigo Company is a global healthcare supplier that develops, manufactures and
distributes OTC and generic prescription pharmaceuticals, infant formulas,
nutritional products, active pharmaceutical ingredients and pharmaceutical and
medical diagnostic products. The Company's primary markets and locations of
manufacturing and logistics operations are the US, UK, Mexico, and Australia.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (23.04.2013) 121.10
52-Week Low (08.05.2012) 96.53
Daily Volume
120.08
52-Week High % Change -0.84% Dividend Yield 0.27
52-Week Low % Change 24.40% Beta 0.79
% 52 Week Price Range High/Low 95.85% Equity Float 87.99
Shares Out 25.04.2013 93.5 Short Int 2.74
11'233.12 1 Yr Total Return 14.83%
Total Debt 1'369.33 YTD Return 15.52%
Preferred Stock 0.0 Adjusted BETA 0.785
Minority Interest 1.6 Analyst Recs 19
Cash and Equivalents 602.49 Consensus Rating 3.789
Enterprise Value 12'147.46
Average Volume 5 Day 136'409
PRGO UW EQUITY YTD Change - Average Volume 30 Day 148'354
PRGO UW EQUITY YTD % CHANGE - Average Volume 3 Month 197'353
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 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
1'729.9 2'006.9 2'268.2 2'755.0 3'173.2 2'959.7 3'262.6 3'589.8 4'040.7 935.2 996.6
2.10x 1.56x 2.94x 3.10x 3.72x 12.24x 13.66x 3.34x 2.72x 12.51x 11.63x
269.2 332.4 438.5 594.2 713.3 629.1 774.3 901.9 1'037.4 234.5 250.6
13.50x 9.44x 15.19x 14.39x 16.53x 15.96x 13.59x 13.47x 11.71x 12.50x 12.07x
135.8 144.0 223.8 339.2 401.6 344.9 443.0 534.3 634.8 135.9 149.1
20.60x 14.86x 22.34x 23.52x 26.15x 24.02x 20.46x 21.27x 17.98x 19.43x 18.60x
EBITDA 713.30 Long-Term Rating Date -
EBIT 577.98 Long-Term Rating -
Operating Margin 18.21% Long-Term Outlook -
Pretax Margin 16.13% Short-Term Rating Date -
Return on Assets 10.76% Short-Term Rating -
Return on Common Equity 23.72%
Return on Capital 14.95% EBITDA/Interest Exp. 11.02
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 9.16
Net Debt/EBITDA 1.18
Gross Margin 34.5% Total Debt/EBITDA 1.77
EBITDA Margin 23.7%
EBIT Margin 19.5% Total Debt/Equity 74.0%
Net Income Margin 12.7% Total Debt/Capital 42.5%
Asset Turnover 0.79
Current Ratio 2.75 Net Fixed Asset Turnover 5.58
Quick Ratio 1.80 Accounts receivable turnover-days 62.15
Debt to Assets 34.03% Inventory Days 105.84
Tot Debt to Common Equity 73.98% Accounts Payable Turnover Day 54.52
Accounts Receivable Turnover 5.86 Cash Conversion Cycle 97.61
Inventory Turnover 3.44
Fiscal Year Ended
Perrigo CoPrice/Volume
Valuation Analysis
122'425.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 6'461'001 6.91 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 5'572'156 5.96 123'913 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 5'127'931 5.48 93'198 24.04.2013 Investment Advisor
ARKIN MOSHE n/a 13D 4'531'281 4.84 (463'579) 01.03.2012 n/a
FMR LLC n/a ULT-AGG 3'880'595 4.15 (834'279) 28.02.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 3'834'248 4.1 (562'479) 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 3'328'393 3.56 (241'297) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'161'232 3.38 456'270 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'861'196 1.99 (100'236) 31.12.2012 Investment Advisor
RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 1'728'076 1.85 (13'319) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'643'404 1.76 625'560 31.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'290'980 1.38 (150'075) 31.12.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 1'283'048 1.37 (107'000) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'278'770 1.37 (161'001) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'239'862 1.33 (18'934) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'192'720 1.27 407'787 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 1'140'823 1.22 (86'938) 31.12.2012 Investment Advisor
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 1'041'325 1.11 18'786 31.12.2012 Hedge Fund Manager
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 782'699 0.84 (242'464) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 778'624 0.83 194'065 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Leerink Swann & Co JASON M GERBERRY market perform 3 N #N/A N/A Not Provided 24.04.2013
B Riley & Company, Inc LINDA BOLTON WEISER buy 5 M 133 Not Provided 24.04.2013
Canaccord Genuity Corp RANDALL STANICKY buy 5 M 128 12 month 23.04.2013
JPMorgan CHRISTOPHER T SCHOTT overweight 5 U 132 6 month 22.04.2013
Guggenheim Securities LLC LOUISE CHEN buy 5 M 135 12 month 18.04.2013
Goldman Sachs JAMI E RUBIN sell/attractive 1 M 114 12 month 17.04.2013
William Blair & Co JON R ANDERSEN outperform 5 M #N/A N/A Not Provided 11.04.2013
Morgan Stanley DAVID R RISINGER Overwt/In-Line 5 M 125 12 month 09.04.2013
CLAL Finance Betucha JONATHAN KREIZMAN market perform 3 M 104 Not Provided 02.04.2013
Buckingham Research Group DAVID G BUCK buy 5 M 145 12 month 18.03.2013
Deutsche Bank DAVID M STEINBERG hold 3 M 115 12 month 12.02.2013
Needham & Co ELLIOT WILBUR hold 3 M #N/A N/A Not Provided 11.02.2013
Stifel ANNABEL SAMIMY buy 5 M 125 12 month 11.02.2013
Barrington Research CHARLES R JONES outperform 5 M 142 12 month 04.02.2013
RBC Capital Markets SHIBANI MALHOTRA sector perform 3 M 111 12 month 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
I.B.I. NATALI GOTLIEB reduce 2 M 89 Not Provided 09.05.2012
Holdings By:
Perrigo Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Priceline.com Incorporated enables consumers to use the Internet to save money
on a variety of products and services. The Company's product allows customers
to name their own price on products or services and communicates that demand
directly to participating sellers or to their private databases. Participants
include domestic and international airlines, and hotel chains.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.04.2012) 772.29
52-Week Low (09.08.2012) 553.54
Daily Volume
699.43
52-Week High % Change -9.43% Dividend Yield -
52-Week Low % Change 26.36% Beta 1.12
% 52 Week Price Range High/Low 66.69% Equity Float 49.67
Shares Out 11.04.2013 50.1 Short Int 2.76
35'013.60 1 Yr Total Return -8.07%
Total Debt 1'402.34 YTD Return 12.59%
Preferred Stock 0.0 Adjusted BETA 1.121
Minority Interest 160.3 Analyst Recs 30
Cash and Equivalents 5'183.19 Consensus Rating 4.500
Enterprise Value 31'393.03
Average Volume 5 Day 147'314
PCLN UW EQUITY YTD Change - Average Volume 30 Day 145'386
PCLN UW EQUITY YTD % CHANGE - Average Volume 3 Month 153'128
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'884.8 2'338.2 3'084.9 4'355.6 5'261.0 4'355.6 5'261.0 6'511.4 7'728.2 1'275.9 1'636.4
1.56x 4.00x 6.00x 4.88x 5.19x 20.62x 22.69x 4.70x 3.42x 25.07x 19.30x
332.5 510.0 837.3 1'452.7 1'894.9 1'452.7 1'894.9 2'471.2 2'995.2 339.7 613.1
8.86x 18.33x 22.09x 14.63x 14.42x 14.63x 14.42x 12.70x 10.48x 12.66x 12.25x
182.2 489.5 527.5 1'056.4 1'419.6 1'056.4 1'419.6 2'012.0 2'415.5 272.6 496.8
16.70x 30.68x 38.09x 22.94x 22.27x 22.92x 22.23x 18.09x 15.19x 18.10x 17.55x
EBITDA 1'894.93 Long-Term Rating Date 07.03.2012
EBIT 1'829.79 Long-Term Rating BBB
Operating Margin 34.78% Long-Term Outlook STABLE
Pretax Margin 33.49% Short-Term Rating Date -
Return on Assets 26.94% Short-Term Rating -
Return on Common Equity 43.00%
Return on Capital 33.54% EBITDA/Interest Exp. 30.53
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 29.64
Net Debt/EBITDA -2.00
Gross Margin 77.6% Total Debt/EBITDA 0.74
EBITDA Margin 36.0%
EBIT Margin 34.8% Total Debt/Equity 35.5%
Net Income Margin 27.0% Total Debt/Capital 25.4%
Asset Turnover 1.00
Current Ratio 3.89 Net Fixed Asset Turnover 68.51
Quick Ratio 3.80 Accounts receivable turnover-days 21.98
Debt to Assets 21.35% Inventory Days -
Tot Debt to Common Equity 35.49% Accounts Payable Turnover Day 51.53
Accounts Receivable Turnover 16.65 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
priceline.com IncPrice/Volume
Valuation Analysis
213'942.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'627'871 9.24 (287'074) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'812'408 7.62 - 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 2'738'745 5.47 99'002 24.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'501'932 5 142'032 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'248'778 4.49 62'842 31.03.2013 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 1'770'983 3.54 354'525 31.12.2012 Hedge Fund Manager
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 1'361'625 2.72 49'346 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'174'200 2.35 (142) 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 1'169'858 2.34 28'824 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'115'144 2.23 561'028 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 987'692 1.97 285'488 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 976'991 1.95 (74'602) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 924'834 1.85 8'264 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 862'631 1.72 31'140 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 858'941 1.72 (130'013) 31.03.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 839'300 1.68 - 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 763'286 1.52 (9'778) 28.02.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 724'221 1.45 (117'762) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 664'529 1.33 9'458 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 572'001 1.14 160'500 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cantor Fitzgerald NAVED KHAN buy 5 M 800 12 month 22.04.2013
Deutsche Bank ROSS SANDLER hold 3 M 745 12 month 18.04.2013
Stifel MICHAEL B PURCELL buy 5 M 860 12 month 18.04.2013
Cowen and Company KEVIN KOPELMAN outperform 5 M #N/A N/A Not Provided 18.04.2013
Piper Jaffray MICHAEL J OLSON overweight 5 M 800 12 month 18.04.2013
Morgan Stanley SCOTT W DEVITT Equalwt/Attractive 3 M 740 12 month 15.04.2013
Raymond James AARON M KESSLER outperform 5 M 840 12 month 15.04.2013
Lazard Capital Markets JAKE FULLER buy 5 M 859 12 month 15.04.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 840 12 month 15.04.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 900 12 month 14.04.2013
Barclays ANTHONY J DICLEMENTE overweight 5 M 775 Not Provided 12.04.2013
Monness, Crespi, Hardt & Co WILLIAM LENNAN neutral 3 M #N/A N/A Not Provided 01.04.2013
Evercore Partners KEN SENA overweight 5 M 850 12 month 21.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 20.03.2013
JMP Securities RONALD V JOSEY III market outperform 4 N 850 12 month 19.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 M 745 Not Provided 05.03.2013
Goldman Sachs HEATH P TERRY buy/attractive 5 M 825 12 month 27.02.2013
Credit Suisse STEPHEN JU outperform 5 M 895 Not Provided 27.02.2013
JPMorgan DOUGLAS ANMUTH overweight 5 M 835 6 month 27.02.2013
Janney Montgomery Scott LLC BRIAN MULLAN neutral 3 M 740 12 month 27.02.2013
Jefferies BRIAN P FITZGERALD buy 5 M 820 12 month 27.02.2013
Macquarie THOMAS WHITE outperform 5 M 820 12 month 27.02.2013
S&P Capital IQ SCOTT H KESSLER hold 3 M 875 12 month 27.02.2013
Benchmark Company LLC DANIEL L KURNOS buy 5 M 800 12 month 27.02.2013
Ascendiant Capital Markets EDWARD WOO buy 5 M 875 12 month 27.02.2013
Pacific Crest Securities CHAD BARTLEY outperform 5 M 879 12 month 26.02.2013
Millman Research Associates MICHAEL MILLMAN hold 3 M 785 12 month 26.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
priceline.com Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
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
61.61
52-Week High % Change -10.05% Dividend Yield 1.62
52-Week Low % Change 16.05% Beta 1.05
% 52 Week Price Range High/Low 55.32% Equity Float 1'706.43
Shares Out 22.04.2013 1'727.8 Short Int 13.82
106'451.95 1 Yr Total Return -1.92%
Total Debt 0.00 YTD Return -0.29%
Preferred Stock 0.0 Adjusted BETA 1.046
Minority Interest 22.0 Analyst Recs 49
Cash and Equivalents 26'837.00 Consensus Rating 4.633
Enterprise Value 75'929.94
Average Volume 5 Day 6'493'586
QCOM UW EQUITY YTD Change - Average Volume 30 Day 3'645'562
QCOM UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'457'366
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 24'498.1 27'256.7 6'045.6 6'320.7
5.80x 5.46x 4.96x 4.32x 4.17x 17.05x 10.41x 3.42x 2.86x 13.45x 12.69x
4'186.0 3'644.0 4'393.0 6'087.0 6'579.0 6'348.0 7'549.0 9'204.4 10'295.1 2'088.9 2'181.9
15.44x 15.60x 12.41x 10.62x 12.12x 13.95x 0.00x 8.25x 7.38x 7.96x 7.70x
3'160.0 1'592.0 3'247.0 4'260.0 6'109.0 5'722.0 6'250.0 7'964.2 8'779.2 1'827.6 1'919.9
21.73x 43.40x 18.96x 16.71x 22.39x 19.79x 18.29x 13.58x 12.61x 13.39x 13.03x
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
5'747'554.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 98'505'360 5.73 1'057'384 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 92'199'654 5.37 2'835'660 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 78'646'090 4.58 2'470'673 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 65'989'412 3.84 (13'864'751) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 48'565'229 2.83 (1'402'853) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 37'221'715 2.17 (2'037'442) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 28'207'275 1.64 (3'531'699) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 28'102'183 1.64 3'842'992 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'620'183 1.55 (44'394) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 20'860'976 1.21 (267'148) 28.02.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 20'000'786 1.16 (101'415) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 18'607'336 1.08 (1'006'975) 31.03.2013 Unclassified
JACOBS IRWIN MARK n/a Form 4 18'545'579 1.08 (66'379) 05.03.2012 n/a
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 18'055'113 1.05 (97'239) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 17'971'145 1.05 (245'290) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'861'913 0.98 1'737'652 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 16'431'203 0.96 (5'446'906) 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 15'415'875 0.9 (4'025'353) 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 15'097'814 0.88 (2'711'518) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 15'092'976 0.88 3'254'562 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank BRIAN T MODOFF buy 5 M 78 12 month 25.04.2013
D.A. Davidson & Co AALOK K SHAH neutral 3 M 65 12 month 25.04.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 70 12 month 25.04.2013
JMP Securities ALEX GAUNA market outperform 4 M 75 12 month 25.04.2013
Piper Jaffray AUGUSTE P RICHARD overweight 5 M 74 12 month 25.04.2013
Barclays BLAYNE CURTIS overweight 5 M 77 Not Provided 25.04.2013
BMO Capital Markets TIMOTHY P LONG outperform 5 M 80 12 month 24.04.2013
William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 24.04.2013
Raymond James TAVIS C MCCOURT strong buy 5 M 83 12 month 24.04.2013
Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 75 12 month 24.04.2013
Evercore Partners MARK A MCKECHNIE overweight 5 M 75 12 month 24.04.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 24.04.2013
Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 24.04.2013
Brean Murray Carret & Co MIKE BURTON buy 5 M 80 12 month 23.04.2013
FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 76 12 month 23.04.2013
RBC Capital Markets MARK SUE outperform 5 M 77 12 month 22.04.2013
Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 80 12 month 22.04.2013
Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 85 12 month 22.04.2013
Credit Agricole Securities (USA) SRINI PAJJURI outperform 5 M 74 12 month 22.04.2013
Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 78 12 month 19.04.2013
MKM Partners DANIEL A BERENBAUM buy 5 M 74 12 month 19.04.2013
Exane BNP Paribas JEROME RAMEL outperform 5 M 75 Not Provided 19.04.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 17.04.2013
Societe Generale PETER KNOX hold 3 M 64 12 month 16.04.2013
Nomura ROMIT SHAH buy 5 M 75 12 month 15.04.2013
Lazard Capital Markets IAN ING buy 5 M 79 12 month 15.04.2013
Pacific Crest Securities JAMES FAUCETTE outperform 5 M 70 12 month 11.04.2013
Credit Suisse KULBINDER GARCHA outperform 5 M 85 Not Provided 09.04.2013
Argus Research Corp JAMES KELLEHER buy 5 M 80 12 month 08.04.2013
Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 08.04.2013
Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 85 12 month 05.04.2013
Northland Securities Inc THOMAS SEPENZIS outperform 5 N 80 12 month 02.04.2013
Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 01.04.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 18.03.2013
Scotia Capital GUS PAPAGEORGIOU focus stock 5 M 81 12 month 05.03.2013
Berenberg Bank ADNAAN AHMAD sell 1 M 50 Not Provided 05.03.2013
S&P Capital IQ JAMES G MOORMAN strong buy 5 M 84 12 month 05.03.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 80 12 month 13.02.2013
JPMorgan ROD HALL neutral 3 D 70 6 month 12.02.2013
Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 71 Not Provided 04.02.2013
Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 80 12 month 31.01.2013
Macquarie SHAWN WEBSTER outperform 5 M 75 12 month 31.01.2013
Davenport & Co F DRAKE JOHNSTONE buy 5 M 72 12 month 31.01.2013
Holdings By:
QUALCOMM Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Randgold Resources Ltd. provides mining services. The Company offers
acquisition, development, and exploration of gold and other precious metal in
Africa.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (05.10.2012) 127.27
52-Week Low (17.04.2013) 66.55
Daily Volume
81.43
52-Week High % Change -36.02% Dividend Yield 0.61
52-Week Low % Change 22.36% Beta 0.65
% 52 Week Price Range High/Low 24.51% Equity Float -
Shares Out 28.03.2013 92.1 Short Int 0.81
7'502.30 1 Yr Total Return -8.19%
Total Debt 18.02 YTD Return -17.95%
Preferred Stock 0.0 Adjusted BETA 0.650
Minority Interest 166.1 Analyst Recs 10
Cash and Equivalents 390.76 Consensus Rating 4.400
Enterprise Value 7'295.66
Average Volume 5 Day 309'794
GOLD UW EQUITY YTD Change - Average Volume 30 Day 251'036
GOLD UW EQUITY YTD % CHANGE - Average Volume 3 Month 210'536
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
338.6 432.8 484.6 1'127.1 1'317.8 1'127.1 1'317.8 1'499.3 1'937.9 321.0 339.0
9.01x 15.50x 14.79x 7.97x 6.59x 28.37x 26.72x 4.92x 3.56x - -
97.3 142.3 164.3 581.9 699.2 581.9 699.2 717.8 1'102.2 - -
31.34x 47.15x 43.62x 15.44x 12.43x 15.44x 12.43x 10.16x 6.62x - -
41.6 69.4 103.5 383.9 431.8 383.9 431.8 426.5 683.4 75.3 85.0
78.87x 94.26x 72.03x 24.30x 20.57x 24.30x 20.57x 17.44x 11.07x 20.50x 17.36x
EBITDA 699.18 Long-Term Rating Date -
EBIT 567.44 Long-Term Rating -
Operating Margin 43.06% Long-Term Outlook -
Pretax Margin 43.12% Short-Term Rating Date -
Return on Assets 15.23% Short-Term Rating -
Return on Common Equity 17.95%
Return on Capital 20.07% EBITDA/Interest Exp. 582.65
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 114.09
Net Debt/EBITDA -0.53
Gross Margin 51.1% Total Debt/EBITDA 0.03
EBITDA Margin 53.1%
EBIT Margin 43.1% Total Debt/Equity 0.7%
Net Income Margin 32.8% Total Debt/Capital 0.6%
Asset Turnover 0.46
Current Ratio 4.07 Net Fixed Asset Turnover 0.87
Quick Ratio 1.92 Accounts receivable turnover-days 15.35
Debt to Assets 0.58% Inventory Days -
Tot Debt to Common Equity 0.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover 23.85 Cash Conversion Cycle 136.09
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
Randgold Resources LtdPrice/Volume
Valuation Analysis
178'428.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 8'507'723 9.23 (58'564) 23.04.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 6'627'558 7.19 365'169 23.04.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 6'013'791 6.53 394'983 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'049'382 4.4 (992'666) 28.02.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 3'917'000 4.25 3'917'000 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'651'613 1.79 (232'819) 31.01.2013 Investment Advisor
AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'639'811 1.78 442'950 31.03.2013 Investment Advisor
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1'487'200 1.61 954'000 31.03.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'264'736 1.37 - 31.03.2013 Hedge Fund Manager
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'013'740 1.1 (96'778) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 968'495 1.05 (224'221) 31.12.2012 Investment Advisor
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 952'220 1.03 (175'960) 31.12.2012 Hedge Fund Manager
PAULSON & CO PAULSON & CO 13F 930'502 1.01 - 31.12.2012 Hedge Fund Manager
INVESCO LTD n/a ULT-AGG 821'510 0.89 (72'716) 31.12.2012 Investment Advisor
GAMCO n/a ULT-AGG 818'535 0.89 1'320 31.12.2012 Unclassified
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 656'494 0.71 30'000 31.12.2012 Investment Advisor
ASA BERMUDA LIMITED ASA BERMUDA LIMITED 13F 444'700 0.48 - 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 399'700 0.43 171'000 31.12.2012 Hedge Fund Manager
NIKKO ASSET MANAGEME n/a ULT-AGG 386'300 0.42 65'300 31.03.2013 Unclassified
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 385'000 0.42 - 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 94 12 month 23.04.2013
BMO Capital Markets ANDREW BREICHMANAS outperform 5 U 100 Not Provided 14.04.2013
Dundee Securities Corp JOSH WOLFSON buy 5 M 105 Not Provided 12.04.2013
Canaccord Genuity Corp TIM DUDLEY buy 5 M 133 12 month 11.04.2013
HSBC PATRICK CHIDLEY overweight 5 M 120 Not Provided 03.04.2013
Clarus Securities NANA SANGMUAH buy 5 M 120 12 month 01.04.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 28.03.2013
S&P Capital IQ LEO LARKIN buy 5 M 125 Not Provided 16.11.2012
GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 10.08.2012
Holdings By:
Randgold Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Regeneron Pharmaceuticals, Inc. is a biopharmaceutical company that discovers,
develops, and commercializes pharmaceutical products for the treatment of
serious medical conditions. The Company has therapeutic candidates in clinical
trials for the potential treatment of cancer, eye diseases, and inflammatory
diseases, and has preclinical programs in other diseases and disorders.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.04.2013) 220.90
52-Week Low (28.06.2012) 107.33
Daily Volume
215.48
52-Week High % Change -2.45% Dividend Yield 0.00
52-Week Low % Change 100.76% Beta 0.81
% 52 Week Price Range High/Low 95.23% Equity Float 77.37
Shares Out 07.02.2013 95.4 Short Int 4.18
21'007.36 1 Yr Total Return 59.31%
Total Debt 455.95 YTD Return 25.96%
Preferred Stock 0.0 Adjusted BETA 0.809
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 579.33 Consensus Rating 4.053
Enterprise Value 20'883.99
Average Volume 5 Day 219'039
REGN UW EQUITY YTD Change - Average Volume 30 Day 220'958
REGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 227'874
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
238.5 379.3 459.1 445.8 1'378.5 445.8 1'378.5 1'885.9 2'361.7 424.3 457.3
4.17x 4.43x 5.39x 10.71x 11.98x 40.93x 38.30x 10.48x 7.94x - -
(75.0) (59.9) (77.8) (174.1) 494.7 (174.1) 494.7 748.5 1'114.8 160.0 179.8
- - - - 33.40x 0.00x 33.40x 27.90x 18.73x 27.32x -
(79.1) (67.8) (104.5) (221.8) 750.3 (221.8) 750.3 646.3 909.9 150.9 163.7
- - - - 25.34x 0.00x 25.88x 41.09x 31.57x 36.45x -
EBITDA 494.65 Long-Term Rating Date -
EBIT 457.71 Long-Term Rating -
Operating Margin 33.20% Long-Term Outlook -
Pretax Margin 30.06% Short-Term Rating Date -
Return on Assets 44.08% Short-Term Rating -
Return on Common Equity 86.68%
Return on Capital - EBITDA/Interest Exp. 10.92
Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 9.83
Net Debt/EBITDA -0.25
Gross Margin 93.9% Total Debt/EBITDA 0.92
EBITDA Margin 35.9%
EBIT Margin 33.2% Total Debt/Equity 36.6%
Net Income Margin 54.4% Total Debt/Capital 26.8%
Asset Turnover 0.81
Current Ratio 7.37 Net Fixed Asset Turnover 3.69
Quick Ratio 6.12 Accounts receivable turnover-days 105.69
Debt to Assets 21.92% Inventory Days -
Tot Debt to Common Equity 36.61% Accounts Payable Turnover Day 144.46
Accounts Receivable Turnover 3.46 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Regeneron Pharmaceuticals IncPrice/Volume
Valuation Analysis
183'191.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SANOFI AVENTIS n/a Form 4 15'816'953 16.58 1'017'401 13.10.2010 Corporation
FMR LLC n/a ULT-AGG 14'104'017 14.79 3'344'742 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 13'171'840 13.81 (1'764'400) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'746'671 7.07 (618'760) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'977'244 6.27 - 23.04.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'857'640 4.04 (228'913) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'750'109 3.93 1'232'468 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 3'368'977 3.53 20'621 24.04.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 3'223'869 3.38 (610'504) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 3'119'564 3.27 36'747 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'525'132 2.65 460'591 31.12.2012 Investment Advisor
YANCOPOULOS GEORGE D n/a Form 4 1'122'864 1.18 50'846 19.12.2012 n/a
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'096'039 1.15 348'085 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 1'029'377 1.08 964'817 31.12.2012 Investment Advisor
TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 870'000 0.91 42'000 31.01.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 860'833 0.9 458'199 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 803'814 0.84 (153'262) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 795'113 0.83 (5'936) 31.12.2012 Investment Advisor
PINNACLE ASSOCIATES PINNACLE ASSOCIATES 13F 766'916 0.8 (154'017) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 765'640 0.8 70'587 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 192 Not Provided 23.04.2013
Robert W. Baird & Co CHRISTOPHER J RAYMOND outperform 5 M 220 12 month 22.04.2013
JPMorgan GEOFFREY MEACHAM neutral 3 M 200 6 month 19.04.2013
Goldman Sachs TERENCE FLYNN buy/attractive 5 M 230 12 month 17.04.2013
RBC Capital Markets ADNAN BUTT outperform 5 M 230 12 month 17.04.2013
Jefferies BIREN AMIN hold 3 M 179 12 month 17.04.2013
Credit Suisse JASON KANTOR outperform 5 M 187 Not Provided 03.04.2013
Leerink Swann & Co JOSEPH P SCHWARTZ outperform 5 M #N/A N/A Not Provided 03.04.2013
Barclays YING HUANG overweight 5 M 194 Not Provided 03.04.2013
JMP Securities JOHN L NEWMAN market perform 3 N #N/A N/A Not Provided 28.03.2013
Lazard Capital Markets JOSHUA SCHIMMER neutral 3 M #N/A N/A Not Provided 03.03.2013
Roth Capital Partners JOSEPH PANTGINIS buy 5 M 200 12 month 19.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 15.02.2013
Brean Murray Carret & Co JONATHAN M ASCHOFF hold 3 M #N/A N/A Not Provided 14.02.2013
Cowen and Company PHILIP NADEAU neutral 3 M #N/A N/A Not Provided 14.02.2013
Piper Jaffray EDWARD A TENTHOFF neutral 3 M 140 12 month 14.02.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 190 12 month 25.10.2012
Holdings By:
Regeneron Pharmaceuticals Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Ross Stores, Inc. operates two brands of off-price retail apparel and home
accessories stores. Ross offers name brand and designer apparel, accessories,
footwear, and home fashions at discount prices.
Latest Fiscal Year: 01/2013
LTM as of: 02/yy
52-Week High (20.08.2012) 70.82
52-Week Low (27.12.2012) 52.02
Daily Volume
65.72
52-Week High % Change -7.20% Dividend Yield 0.64
52-Week Low % Change 26.34% Beta 0.85
% 52 Week Price Range High/Low 72.87% Equity Float 213.77
Shares Out 14.03.2013 220.0 Short Int 2.40
14'459.64 1 Yr Total Return 7.74%
Total Debt 150.00 YTD Return 21.72%
Preferred Stock 0.0 Adjusted BETA 0.849
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 647.85 Consensus Rating 4.107
Enterprise Value 13'961.79
Average Volume 5 Day 552'504
ROST UW EQUITY YTD Change - Average Volume 30 Day 706'590
ROST UW EQUITY YTD % CHANGE - Average Volume 3 Month 745'199
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 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
6'486.1 7'184.2 7'866.1 8'608.3 9'721.1 8'608.3 9'721.1 10'278.2 10'995.4 2'523.1 2'505.0
0.55x 0.70x 0.90x 1.29x 1.30x 4.32x 5.52x 1.36x 1.28x 5.54x 5.59x
637.0 885.2 1'067.3 1'223.4 1'457.2 1'223.4 1'457.2 1'586.9 1'733.4 428.6 383.1
5.61x 5.68x 6.60x 9.07x 8.66x 9.07x 8.66x 8.80x 8.05x 8.73x 8.43x
305.4 442.8 554.8 657.2 786.8 657.2 786.8 836.0 911.9 228.4 199.6
12.63x 12.97x 14.14x 17.86x 16.84x 17.86x 16.84x 17.03x 15.13x 17.01x 16.43x
EBITDA 1'457.24 Long-Term Rating Date 08.06.2011
EBIT 1'271.75 Long-Term Rating BBB+
Operating Margin 13.08% Long-Term Outlook POS
Pretax Margin 13.01% Short-Term Rating Date -
Return on Assets 22.57% Short-Term Rating -
Return on Common Equity 48.27%
Return on Capital 44.44% EBITDA/Interest Exp. 127.83
Asset Turnover 2.79% (EBITDA-Capex)/Interest Exp. 90.60
Net Debt/EBITDA -0.34
Gross Margin 27.9% Total Debt/EBITDA 0.10
EBITDA Margin 15.0%
EBIT Margin 13.1% Total Debt/Equity 8.5%
Net Income Margin 8.1% Total Debt/Capital 7.8%
Asset Turnover 2.79
Current Ratio 1.43 Net Fixed Asset Turnover 7.11
Quick Ratio 0.50 Accounts receivable turnover-days 2.11
Debt to Assets 4.09% Inventory Days 61.89
Tot Debt to Common Equity 8.49% Accounts Payable Turnover Day 41.05
Accounts Receivable Turnover 176.00 Cash Conversion Cycle 22.94
Inventory Turnover 5.99
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
Ross Stores IncPrice/Volume
Valuation Analysis
668'015.00
Current Price (4/dd/yy) Market Data
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30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 28'175'226 12.81 (501'655) 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 18'958'928 8.62 2'286'635 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'602'666 6.64 3'124'486 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 11'829'543 5.38 (19'757) 24.04.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 7'836'463 3.56 410'306 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'065'366 3.21 243'294 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 5'910'719 2.69 3'854'546 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'480'551 2.49 (770'001) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 3'774'122 1.72 2'969'271 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'661'156 1.66 (361'361) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'403'052 1.55 (446'572) 31.03.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 3'241'246 1.47 (743'522) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'977'172 1.35 13'659 31.12.2012 Investment Advisor
ORBAN GEORGE P n/a Form 4 2'740'802 1.25 (16'000) 28.03.2013 n/a
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'716'295 1.23 333'564 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'597'864 1.18 612'200 31.12.2012 Hedge Fund Manager
PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 2'509'699 1.14 957'912 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 1'967'863 0.89 (317'638) 28.02.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 1'961'993 0.89 13'874 28.02.2013 Investment Advisor
AKRE CAPITAL MANAGEM AKRE CAPITAL MANAGEM 13F 1'937'709 0.88 (10'813) 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cowen and Company JOHN KERNAN outperform 5 N #N/A N/A Not Provided 22.04.2013
Deutsche Bank MICHAEL BAKER buy 5 M 66 12 month 19.04.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 17.04.2013
Johnson Rice & Co DAVID M MANN overweight 5 M #N/A N/A Not Provided 16.04.2013
Northcoast Research JEFFERY STEIN neutral 3 D #N/A N/A Not Provided 15.04.2013
JPMorgan BRIAN J TUNICK neutral 3 M 67 6 month 12.04.2013
William Blair & Co DANIEL H HOFKIN outperform 5 M #N/A N/A Not Provided 12.04.2013
FBR Capital Markets DUTCH FOX outperform 5 M 69 12 month 12.04.2013
Sterne, Agee & Leach IKE BORUCHOW neutral 3 M 60 12 month 12.04.2013
BMO Capital Markets JOHN D MORRIS market perform 3 M 58 Not Provided 11.04.2013
RBC Capital Markets HOWARD TUBIN sector perform 3 M 67 12 month 11.04.2013
Jefferies RANDAL J KONIK hold 3 M 55 12 month 11.04.2013
Stifel RICHARD E JAFFE hold 3 M #N/A N/A Not Provided 11.04.2013
Avondale Partners LLC MARK K MONTAGNA market outperform 4 M 76 12 month 11.04.2013
Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 66 Not Provided 11.04.2013
MKM Partners PATRICK G MCKEEVER JR buy 5 M 68 12 month 11.04.2013
Crowell, Weedon & Co SCOTT M SWANSON buy 5 M 70 12 month 25.03.2013
ISI Group OMAR SAAD buy 5 M 70 12 month 24.03.2013
Morgan Stanley KIMBERLY GREENBERGER Equalwt/Cautious 3 M #N/A N/A Not Provided 22.03.2013
Buckingham Research Group DAVID J GLICK neutral 3 M 60 12 month 22.03.2013
Wells Fargo Securities, LLC EVREN DOGAN KOPELMAN market perform 3 M #N/A N/A Not Provided 22.03.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 64 12 month 22.03.2013
Credit Suisse MICHAEL B EXSTEIN outperform 5 M 68 Not Provided 21.03.2013
Piper Jaffray ALEX J FUHRMAN overweight 5 M 71 12 month 21.03.2013
CL King & Associates MORRY BROWN buy 5 M 70 12 month 20.03.2013
S&P Capital IQ JASON ASAEDA buy 5 M 64 Not Provided 15.03.2013
Holdings By:
Ross Stores Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
SanDisk Corporation designs, develops, and manufactures data storage solutions
in a variety of form factors using our flash memory, proprietary controller and
firmware technologies. The Company's solutions include removable cards,
embedded products, universal serial bus, or USB, drives, digital media players,
wafers and components.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (12.04.2013) 58.90
52-Week Low (01.06.2012) 31.00
Daily Volume
54.17
52-Week High % Change -8.03% Dividend Yield 0.00
52-Week Low % Change 74.74% Beta 1.45
% 52 Week Price Range High/Low 83.05% Equity Float 237.91
Shares Out 31.03.2013 241.8 Short Int 9.36
13'100.87 1 Yr Total Return 46.37%
Total Debt 1'696.62 YTD Return 24.36%
Preferred Stock 0.0 Adjusted BETA 1.455
Minority Interest (4.3) Analyst Recs 37
Cash and Equivalents 5'711.44 Consensus Rating 4.270
Enterprise Value 8'625.94
Average Volume 5 Day 1'033'834
SNDK UW EQUITY YTD Change - Average Volume 30 Day 1'234'485
SNDK UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'105'220
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 04/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
3'351.4 3'566.8 4'826.8 5'662.1 5'052.5 5'573.5 5'187.7 5'770.4 6'330.5 1'385.6 1'475.2
0.15x 1.30x 1.69x 1.40x 1.24x 5.18x 5.21x 1.85x 1.59x 7.72x 7.19x
(610.0) 750.1 1'688.4 1'807.0 1'113.3 1'665.3 1'215.0 1'731.9 1'931.8 380.0 435.2
- 6.16x 4.83x 4.38x 5.65x 4.94x 7.26x 4.98x 4.47x 4.98x 4.85x
(1'986.6) 415.3 1'300.1 987.0 417.4 877.3 469.2 976.8 1'137.4 220.9 264.7
- 16.19x 9.17x 12.36x 25.11x 13.85x 28.77x 13.45x 11.63x 12.93x 12.50x
EBITDA 1'113.26 Long-Term Rating Date 20.12.2011
EBIT 696.10 Long-Term Rating BB
Operating Margin 13.78% Long-Term Outlook STABLE
Pretax Margin 12.41% Short-Term Rating Date -
Return on Assets 4.60% Short-Term Rating -
Return on Common Equity 6.54%
Return on Capital 5.64% EBITDA/Interest Exp. 9.30
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 5.22
Net Debt/EBITDA -3.68
Gross Margin 33.3% Total Debt/EBITDA 1.42
EBITDA Margin 23.4%
EBIT Margin 14.6% Total Debt/Equity 23.4%
Net Income Margin 8.3% Total Debt/Capital 18.9%
Asset Turnover 0.51
Current Ratio 2.45 Net Fixed Asset Turnover 9.33
Quick Ratio 1.84 Accounts receivable turnover-days 28.14
Debt to Assets 16.41% Inventory Days 80.43
Tot Debt to Common Equity 23.36% Accounts Payable Turnover Day 26.09
Accounts Receivable Turnover 12.94 Cash Conversion Cycle 90.02
Inventory Turnover 4.53
Fiscal Year Ended
SanDisk CorpPrice/Volume
Valuation Analysis
811'689.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'891'117 6.16 746'367 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 13'772'396 5.69 (4'813'870) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 12'829'262 5.3 (4'530'556) 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 12'710'910 5.26 123'490 24.04.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 10'649'095 4.4 173'278 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'770'368 4.04 (2'966'151) 28.02.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 7'073'816 2.92 147'100 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'317'320 2.61 823'506 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'720'676 2.37 - 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'819'428 1.99 389'070 31.12.2012 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 4'482'305 1.85 3'542'305 31.12.2012 Hedge Fund Manager
LEGG MASON INC Multiple Portfolios MF-AGG 4'451'294 1.84 41'763 31.12.2012 Investment Advisor
KENSICO CAPITAL MANA KENSICO CAPITAL MANA 13F 4'244'000 1.75 1'084'200 31.12.2012 Hedge Fund Manager
EDINBURGH PARTNERS L EDINBURGH PARTNERS L 13F 4'052'309 1.68 (458'751) 31.03.2013 Investment Advisor
DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 3'585'900 1.48 2'131'900 31.12.2012 Hedge Fund Manager
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'510'069 1.45 (259'067) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'388'893 1.4 (38'398) 31.12.2012 Investment Advisor
HARARI ELI n/a Form 5 3'283'017 1.36 - 02.01.2011 n/a
NORGES BANK NORGES BANK 13F 2'897'220 1.2 (3'685'038) 31.12.2012 Government
INVESCO LTD n/a ULT-AGG 2'626'387 1.09 (245'762) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 25.04.2013
Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 70 12 month 24.04.2013
BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 59 Not Provided 22.04.2013
Robert W. Baird & Co TRISTAN GERRA neutral 3 M 55 12 month 22.04.2013
Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 77 12 month 22.04.2013
Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 75 12 month 19.04.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 47 12 month 19.04.2013
Morgan Stanley JOSEPH MOORE Overwt/In-Line 5 M 60 12 month 18.04.2013
RBC Capital Markets DOUG FREEDMAN outperform 5 M 65 12 month 18.04.2013
Argus Research Corp JAMES KELLEHER buy 5 M 65 Not Provided 18.04.2013
Credit Suisse JOHN W PITZER outperform 5 M 75 Not Provided 18.04.2013
JPMorgan HARLAN SUR neutral 3 M 56 6 month 18.04.2013
Needham & Co RAJVINDRA S. GILL buy 5 M 70 12 month 18.04.2013
Pacific Crest Securities MONIKA GARG outperform 5 M 66 12 month 18.04.2013
Wedbush BETSY VAN HEES outperform 5 M 66 12 month 18.04.2013
Macquarie DEEPON NAG outperform 5 M 65 12 month 18.04.2013
B Riley & Company, Inc CRAIG ELLIS buy 5 M 67 Not Provided 18.04.2013
Stifel KEVIN E CASSIDY buy 5 M 65 12 month 18.04.2013
Nomura SIDNEY HO buy 5 M 60 12 month 18.04.2013
S&P Capital IQ ANGELO ZINO buy 5 M 70 Not Provided 18.04.2013
Gabelli & Co HENDI SUSANTO buy 5 M #N/A N/A Not Provided 18.04.2013
Lazard Capital Markets DANIEL L AMIR buy 5 M 67 12 month 18.04.2013
Cross Research STEVEN B FOX buy 5 M 65 12 month 18.04.2013
Piper Jaffray JAGADISH IYER overweight 5 M 72 12 month 18.04.2013
Credit Agricole Securities (USA) RYAN GOODMAN underperform 1 M 58 Not Provided 18.04.2013
Deutsche Bank BOB GUJAVARTY hold 3 M 50 12 month 17.04.2013
Goldman Sachs JAMES SCHNEIDER buy/attractive 5 M 60 6 month 17.04.2013
Jefferies SUNDEEP BAJIKAR buy 5 M 70 12 month 17.04.2013
Raymond James HANS C MOSESMANN outperform 5 M 64 12 month 17.04.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 15.04.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 09.04.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 01.02.2013
JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 17.10.2012
BOE Securities BINDAL PARIKH TOTLANI buy 5 M 46 12 month 01.08.2012
Holdings By:
SanDisk Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
SBA Communications Corporation owns and operates wireless communications
infrastructure in the United States. The Company offers both site leasing and
site development services. SBA leases antenna space on its multi-tenant towers
to a variety of wireless service providers under long-term lease contracts. The
Company also offers site development consulting and construction.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.04.2013) 78.86
52-Week Low (18.05.2012) 49.37
Daily Volume
77.87
52-Week High % Change -1.26% Dividend Yield 0.00
52-Week Low % Change 57.73% Beta 0.81
% 52 Week Price Range High/Low 96.64% Equity Float 125.97
Shares Out 15.03.2013 127.3 Short Int 17.08
9'911.58 1 Yr Total Return 44.90%
Total Debt 5'356.10 YTD Return 9.65%
Preferred Stock 0.0 Adjusted BETA 0.810
Minority Interest 11.7 Analyst Recs 21
Cash and Equivalents 238.57 Consensus Rating 4.619
Enterprise Value 15'148.98
Average Volume 5 Day 592'447
SBAC UW EQUITY YTD Change - Average Volume 30 Day 454'798
SBAC UW EQUITY YTD % CHANGE - Average Volume 3 Month 527'567
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 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
475.0 555.5 626.6 698.2 954.1 698.2 954.1 1'226.3 1'311.5 304.5 305.9
8.91x 11.38x 11.93x 11.49x 14.82x 42.53x 47.67x 12.35x 11.74x 50.19x 49.80x
258.1 322.2 369.0 432.4 602.4 432.4 479.3 762.8 835.9 188.1 191.5
16.40x 19.62x 20.25x 18.56x 23.47x 18.56x 0.00x 19.86x 18.12x 19.48x 18.99x
(67.2) (140.9) (194.7) (126.5) (181.0) (126.5) (181.0) (112.3) (28.1) (28.0) (24.9)
- - - - - 0.00x 0.00x - - - -
EBITDA 602.43 Long-Term Rating Date 10.04.2012
EBIT 193.96 Long-Term Rating B+
Operating Margin 20.33% Long-Term Outlook STABLE
Pretax Margin -18.56% Short-Term Rating Date -
Return on Assets -3.43% Short-Term Rating -
Return on Common Equity -37.81%
Return on Capital - EBITDA/Interest Exp. 3.07
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. 2.49
Net Debt/EBITDA 7.80
Gross Margin 70.7% Total Debt/EBITDA 7.99
EBITDA Margin 62.5%
EBIT Margin 20.4% Total Debt/Equity 820.2%
Net Income Margin -19.0% Total Debt/Capital 89.0%
Asset Turnover 0.20
Current Ratio 0.43 Net Fixed Asset Turnover 0.51
Quick Ratio 0.32 Accounts receivable turnover-days 12.46
Debt to Assets 81.21% Inventory Days 27.04
Tot Debt to Common Equity 820.24% Accounts Payable Turnover Day 25.93
Accounts Receivable Turnover 29.29 Cash Conversion Cycle 12.85
Inventory Turnover 13.54
Fiscal Year Ended
SBA Communications CorpPrice/Volume
Valuation Analysis
534'408.00
Current Price (4/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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400.0
600.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 12'208'555 9.59 140'821 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'537'284 5.14 681'245 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'423'483 5.05 535'358 31.03.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 6'338'878 4.98 81'285 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 6'263'342 4.92 (53'029) 31.12.2012 Investment Advisor
TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 5'682'550 4.46 (617'000) 31.12.2012 Investment Advisor
BAMCO INC BAMCO INC 13F 5'501'746 4.32 (178'257) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'253'590 4.13 1'508'618 31.12.2012 Investment Advisor
COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 4'427'000 3.48 (30'000) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 3'568'725 2.8 (84'327) 28.02.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 3'512'052 2.76 (4'470) 28.02.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'393'359 2.67 (810'844) 31.03.2013 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 3'289'965 2.58 1'631'825 31.12.2012 Hedge Fund Manager
INVESCO LTD n/a ULT-AGG 3'083'619 2.42 1'352'937 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'946'325 2.31 (875'071) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'928'535 2.3 404'165 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 2'758'383 2.17 112'092 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'745'060 2.16 (153'405) 31.01.2013 Investment Advisor
POINTSTATE CAPITAL POINTSTATE CAPITAL L 13F 2'522'500 1.98 1'373'100 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 2'434'963 1.91 134'740 24.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel BEN LOWE buy 5 M 83 12 month 24.04.2013
Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 23.04.2013
Deutsche Bank BRETT FELDMAN buy 5 M 85 12 month 16.04.2013
Evercore Partners JONATHAN SCHILDKRAUT overweight 5 M 83 12 month 16.04.2013
Cowen and Company COLBY SYNESAEL outperform 5 M #N/A N/A Not Provided 16.04.2013
Canaccord Genuity Corp GREGORY MILLER buy 5 M 85 12 month 14.04.2013
Pacific Crest Securities MICHAEL BOWEN outperform 5 M 98 12 month 08.04.2013
Morgan Stanley SIMON FLANNERY Overwt/In-Line 5 M 77 12 month 05.04.2013
Raymond James RICHARD H PRENTISS JR strong buy 5 M 81 12 month 04.04.2013
Nomura MICHAEL L MCCORMACK buy 5 M 85 12 month 04.04.2013
RBC Capital Markets JONATHAN ATKIN top pick 5 M 85 12 month 03.04.2013
Macquarie KEVIN SMITHEN neutral 3 M 77 12 month 13.03.2013
Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 83 12 month 26.02.2013
JPMorgan PHILIP CUSICK overweight 5 M 80 6 month 22.02.2013
Atlantic Equities LLP CHRISTOPHER WATTS neutral 3 M 73 12 month 22.02.2013
New Street Research JONATHAN CHAPLIN buy 5 M 75 Not Provided 21.02.2013
Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 78 12 month 22.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ JAMES G MOORMAN buy 5 M 84 12 month 02.01.2013
Holdings By:
SBA Communications Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Seagate Technology PLC designs, manufactures, and markets hard disk drives for
enterprise applications, client compute applications, client non-compute
applications, personal data backup systems, portable external storage systems
and digital media systems. The Company also provides data storage services for
businesses, including online backup, data protection and recovery solutions.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (23.01.2013) 37.94
52-Week Low (01.06.2012) 21.62
Daily Volume
36.22
52-Week High % Change -4.53% Dividend Yield 4.20
52-Week Low % Change 67.53% Beta 1.36
% 52 Week Price Range High/Low 89.46% Equity Float 310.27
Shares Out 24.01.2013 358.9 Short Int 28.88
12'997.96 1 Yr Total Return 21.81%
Total Debt 2'863.00 YTD Return 18.83%
Preferred Stock 0.0 Adjusted BETA 1.359
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 2'118.00 Consensus Rating 3.000
Enterprise Value 13'957.96
Average Volume 5 Day 1'557'411
STX UW EQUITY YTD Change - Average Volume 30 Day 1'435'396
STX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'612'663
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 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
12'708.0 9'805.0 11'395.0 10'971.0 14'939.0 11'560.0 16'332.0 14'125.9 13'694.8 3'384.8 3'349.3
0.81x 0.63x 0.54x 0.67x 0.71x 2.36x 2.89x 0.98x 0.96x 3.80x 3.78x
2'308.0 796.0 2'643.0 1'578.0 3'926.0 1'968.0 4'319.0 3'100.5 2'955.5 698.0 696.7
4.48x 7.82x 2.34x 4.63x 2.68x 4.23x 2.70x 4.50x 4.72x 4.64x 4.52x
1'262.0 (3'125.0) 1'609.0 511.0 2'862.0 915.0 3'233.0 1'972.4 1'824.7 422.9 426.9
7.46x - 4.12x 14.10x 3.80x 7.42x 3.96x 6.99x 6.69x 7.13x 6.85x
EBITDA 3'926.00 Long-Term Rating Date 07.03.2011
EBIT 3'112.00 Long-Term Rating BB+
Operating Margin 20.83% Long-Term Outlook STABLE
Pretax Margin 19.29% Short-Term Rating Date -
Return on Assets 36.10% Short-Term Rating -
Return on Common Equity 101.41%
Return on Capital 56.94% EBITDA/Interest Exp. 16.29
Asset Turnover 1.82% (EBITDA-Capex)/Interest Exp. 13.65
Net Debt/EBITDA 0.22
Gross Margin 31.4% Total Debt/EBITDA 0.65
EBITDA Margin 26.4%
EBIT Margin 21.1% Total Debt/Equity 81.9%
Net Income Margin 19.2% Total Debt/Capital 45.0%
Asset Turnover 1.82
Current Ratio 1.86 Net Fixed Asset Turnover 7.36
Quick Ratio 1.31 Accounts receivable turnover-days 36.50
Debt to Assets 28.33% Inventory Days 26.55
Tot Debt to Common Equity 81.87% Accounts Payable Turnover Day 51.46
Accounts Receivable Turnover 9.97 Cash Conversion Cycle 1.17
Inventory Turnover 13.71
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Seagate Technology PLCPrice/Volume
Valuation Analysis
1'120'731.00
Current Price (4/dd/yy) Market Data
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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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAMSUNG ELECTRONICS n/a Form 3 45'239'490 12.61 - 27.01.2012 Corporation
FMR LLC n/a ULT-AGG 31'929'428 8.9 (771'386) 28.02.2013 Investment Advisor
LEGG MASON INC n/a RNS-MAJ 23'472'945 6.54 - 22.11.2010 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 22'207'018 6.19 (648'827) 31.03.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 19'056'988 5.31 (357'691) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 16'935'803 4.72 (1'057'086) 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 16'336'113 4.55 500'926 23.04.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'561'142 2.94 1'670'291 31.03.2013 Investment Advisor
ALKEN ASSET MANAGEME ALKEN ASSET MANAGEME 13F 10'475'583 2.92 38'814 31.03.2013 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 9'401'857 2.62 (546'100) 31.03.2013 Investment Advisor
GREENLIGHT CAPITAL I GREENLIGHT CAPITAL I 13F 8'370'896 2.33 (8'217'244) 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 7'870'096 2.19 4'757'641 31.12.2012 Government
FIRST TRUST n/a ULT-AGG 6'463'432 1.8 (1'143) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 6'463'429 1.8 (907'092) 31.12.2012 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 5'381'133 1.5 (866'533) 31.12.2012 Investment Advisor
BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 4'189'394 1.17 3'049'571 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 4'022'832 1.12 2'460'369 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'744'195 1.04 (142'206) 31.12.2012 Investment Advisor
BARCLAYS PLC n/a ULT-AGG 3'325'324 0.93 2'707'096 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'306'052 0.92 (298'500) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KEITH F BACHMAN market perform 3 M 35 Not Provided 24.04.2013
Brean Murray Carret & Co ANANDA BARUAH buy 5 M 39 12 month 22.04.2013
Deutsche Bank SHERRI SCRIBNER hold 3 M 40 12 month 19.04.2013
Lazard Capital Markets EDWARD PARKER buy 5 M 42 12 month 17.04.2013
Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 16.04.2013
Evercore Partners ROBERT CIHRA equalweight 3 M 36 12 month 15.04.2013
RBC Capital Markets AMIT DARYANANI sector perform 3 M 35 12 month 12.04.2013
Pacific Crest Securities MONIKA GARG sector perform 3 M #N/A N/A Not Provided 05.04.2013
Cross Research STEVEN B FOX hold 3 M 39 12 month 03.04.2013
Goldman Sachs WILLIAM C SHOPE JR neutral/cautious 3 M 29 6 month 02.04.2013
Longbow Research JOE WITTINE neutral 3 M #N/A N/A Not Provided 01.04.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 15.03.2013
Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 U 36 Not Provided 13.03.2013
Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 06.02.2013
Barclays BENJAMIN A REITZES underweight 1 D 29 Not Provided 31.01.2013
Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 30.01.2013
Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 29.01.2013
JPMorgan MARK A MOSKOWITZ underweight 1 M 20 6 month 29.01.2013
Needham & Co RICHARD J KUGELE hold 3 M #N/A N/A Not Provided 29.01.2013
Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 35 12 month 29.01.2013
Noble Financial Group MARK S MILLER hold 3 M 25 Not Provided 29.01.2013
S&P Capital IQ ANGELO ZINO sell 1 M 31 Not Provided 29.01.2013
Craig-Hallum Capital Group LLC CHRISTIAN SCHWAB buy 5 M 40 12 month 29.01.2013
Credit Agricole Securities (USA) AVI SILVER underperform 1 M 35 Not Provided 29.01.2013
FBN Securities SHEBLY SEYRAFI sector perform 3 D 40 12 month 29.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 14.01.2013
Holdings By:
Seagate Technology PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Sears Holdings Corporation is a broadline retailer with full-line and specialty
retail stores in the United States and Canada. The Company retails home
appliances, as well as tools, lawn and garden products, home electronics, and
other products. Sears Holdings also provides automotive repair and maintenance.
Latest Fiscal Year: 01/2013
LTM as of: 02/yy
52-Week High (06.11.2012) 68.74
52-Week Low (28.12.2012) 38.40
Daily Volume
49.92
52-Week High % Change -27.38% Dividend Yield 0.00
52-Week Low % Change 30.00% Beta 1.61
% 52 Week Price Range High/Low 37.97% Equity Float 41.84
Shares Out 02.03.2013 106.4 Short Int 7.97
5'310.80 1 Yr Total Return 3.27%
Total Debt 3'120.00 YTD Return 20.70%
Preferred Stock 0.0 Adjusted BETA 1.607
Minority Interest 417.0 Analyst Recs 7
Cash and Equivalents 609.00 Consensus Rating 2.143
Enterprise Value 8'238.80
Average Volume 5 Day 169'998
SHLD UW EQUITY YTD Change - Average Volume 30 Day 160'521
SHLD UW EQUITY YTD % CHANGE - Average Volume 3 Month 203'419
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 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
46'770.0 44'043.0 42'664.0 41'567.0 39'854.0 41'567.0 39'854.0 36'946.5 36'888.5 8'156.0 8'477.0
0.21x 0.27x 0.24x 0.18x 0.20x 1.01x 0.88x 0.21x 0.22x - -
1'592.0 1'664.0 1'239.0 (63.0) (146.0) (63.0) (146.0) 642.0 716.0 - -
6.28x 7.14x 8.26x - - 0.00x 0.00x 12.83x 11.51x - -
53.0 235.0 133.0 (3'140.0) (930.0) (3'140.0) (930.0) (258.0) (207.0) - -
35.29x 83.37x 72.46x - - 0.00x 0.00x - - - -
EBITDA -146.00 Long-Term Rating Date 05.01.2012
EBIT -976.00 Long-Term Rating CCC+
Operating Margin -2.45% Long-Term Outlook STABLE
Pretax Margin -2.53% Short-Term Rating Date -
Return on Assets -4.57% Short-Term Rating -
Return on Common Equity -26.44%
Return on Capital - EBITDA/Interest Exp. -0.54
Asset Turnover 1.96% (EBITDA-Capex)/Interest Exp. -1.96
Net Debt/EBITDA -
Gross Margin 26.4% Total Debt/EBITDA -21.37
EBITDA Margin -0.4%
EBIT Margin -2.4% Total Debt/Equity 113.2%
Net Income Margin -2.3% Total Debt/Capital 49.6%
Asset Turnover 1.96
Current Ratio 1.10 Net Fixed Asset Turnover 6.31
Quick Ratio 0.15 Accounts receivable turnover-days 6.19
Debt to Assets 16.13% Inventory Days 100.94
Tot Debt to Common Equity 113.25% Accounts Payable Turnover Day 36.94
Accounts Receivable Turnover 59.93 Cash Conversion Cycle 70.19
Inventory Turnover 3.68
Fiscal Year Ended
Sears Holdings CorpPrice/Volume
Valuation Analysis
169'663.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RBS PARTNERS L P RBS PARTNERS L P 13F 36'334'181 34.15 (5'939'961) 31.12.2012 Hedge Fund Manager
RBS PARTNERS L P n/a Form 4 35'095'125 32.99 (1'239'056) 29.03.2013 Hedge Fund Manager
LAMPERT EDWARD S n/a Form 4 25'055'441 23.55 14'395 29.03.2013 n/a
FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 18'146'573 17.06 1'212'493 31.12.2012 Investment Advisor
TISCH THOMAS J n/a PROXY 3'819'816 3.59 (50'000) 14.02.2013 n/a
HORIZON KINETICS n/a ULT-AGG 3'047'600 2.86 (84'798) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 2'679'371 2.52 100'638 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'952'590 1.84 229'992 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'491'707 1.4 45'161 23.04.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 1'114'743 1.05 (109'420) 31.12.2012 Investment Advisor
FINE CAPITAL PARTNER FINE CAPITAL PARTNER 13F 1'106'100 1.04 406'900 31.12.2012 Hedge Fund Manager
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 948'073 0.89 (10'500) 31.12.2012 Investment Advisor
OLD WEST INVESTMENT OLD WEST INVESTMENT 13F 905'445 0.85 905'445 31.12.2012 Investment Advisor
CHOU ASSOCIATES MANA CHOU ASSOCIATES MANA 13F 683'700 0.64 - 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 344'220 0.32 (54'262) 31.12.2012 Government
SOUTHPOINT CAPITAL A SOUTHPOINT CAPITAL A 13F 325'000 0.31 125'000 31.12.2012 Hedge Fund Manager
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 323'511 0.3 (241'439) 31.12.2012 Investment Advisor
UOB GLOBAL STRATEGIE Multiple Portfolios MF-AGG 306'600 0.29 3'400 28.02.2013 Investment Advisor
BARCLAYS PLC n/a ULT-AGG 300'019 0.28 16'219 31.12.2012 Investment Advisor
AKRE CAPITAL MANAGEM AKRE CAPITAL MANAGEM 13F 300'000 0.28 - 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ISI Group GREGORY MELICH sell 1 M 22 Not Provided 12.04.2013
Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 05.03.2013
Credit Suisse GARY BALTER underperform 1 M 20 Not Provided 04.03.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 01.03.2013
Longbow Research DAVID S MACGREGOR not rated #N/A N/A M #N/A N/A Not Provided 14.01.2013
S&P Capital IQ JASON ASAEDA hold 3 M 44 Not Provided 08.01.2013
Imperial Capital LLC MARY ROSS-GILBERT underperform 1 M #N/A N/A Not Provided 02.05.2012
Holdings By:
Sears Holdings Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Sigma-Aldrich Corporation develops, manufactures, purchases and distributes a
broad range of chemicals, biochemicals and equipment. The Company's chemical
products and kits are used in scientific research, including genomic and
proteomic, biotechnology, pharmaceutical development and as key components in
pharmaceutical, diagnostic and other high technology manufacturing.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.03.2013) 79.32
52-Week Low (25.07.2012) 66.52
Daily Volume
78.29
52-Week High % Change -1.30% Dividend Yield 1.05
52-Week Low % Change 17.69% Beta 1.05
% 52 Week Price Range High/Low 91.95% Equity Float 119.94
Shares Out 31.03.2013 120.3 Short Int 6.14
9'420.99 1 Yr Total Return 11.67%
Total Debt 683.00 YTD Return 6.70%
Preferred Stock 0.0 Adjusted BETA 1.051
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 724.00 Consensus Rating 3.118
Enterprise Value 9'338.99
Average Volume 5 Day 197'148
SIAL UW EQUITY YTD Change - Average Volume 30 Day 254'570
SIAL UW EQUITY YTD % CHANGE - Average Volume 3 Month 235'609
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 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
2'200.7 2'147.6 2'271.0 2'505.0 2'623.0 2'505.0 2'623.0 2'700.4 2'826.6 680.2 666.7
2.56x 2.96x 3.56x 2.96x 3.35x 12.45x 13.58x 3.41x 3.10x 13.63x 13.83x
602.4 601.2 675.0 761.0 809.0 761.0 809.0 832.8 881.3 205.1 204.1
9.35x 10.57x 11.99x 9.74x 10.86x 9.74x 10.86x 11.21x 10.60x 11.24x 11.05x
341.5 346.7 384.0 457.0 460.0 457.0 460.0 498.6 531.1 125.0 124.2
15.94x 17.75x 21.33x 16.61x 19.11x 16.61x 19.01x 18.97x 17.78x 18.73x 18.40x
EBITDA 809.00 Long-Term Rating Date 28.09.2011
EBIT 673.00 Long-Term Rating A+
Operating Margin 25.66% Long-Term Outlook STABLE
Pretax Margin 24.97% Short-Term Rating Date 04.02.2004
Return on Assets 12.82% Short-Term Rating A-1
Return on Common Equity 18.93%
Return on Capital 15.55% EBITDA/Interest Exp. 202.25
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 173.75
Net Debt/EBITDA -0.10
Gross Margin 51.4% Total Debt/EBITDA 0.49
EBITDA Margin 30.4%
EBIT Margin 25.1% Total Debt/Equity 26.8%
Net Income Margin 17.5% Total Debt/Capital 21.2%
Asset Turnover 0.73
Current Ratio 2.75 Net Fixed Asset Turnover 3.22
Quick Ratio 1.54 Accounts receivable turnover-days 54.76
Debt to Assets 17.88% Inventory Days 198.12
Tot Debt to Common Equity 26.83% Accounts Payable Turnover Day 43.15
Accounts Receivable Turnover 6.67 Cash Conversion Cycle 204.75
Inventory Turnover 1.84
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
Sigma-Aldrich CorpPrice/Volume
Valuation Analysis
147'205.00
Current Price (4/dd/yy) Market Data
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500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 14'033'160 11.65 - 31.12.2012 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 9'389'000 7.8 2'115'000 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 8'857'517 7.35 251'046 24.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'411'594 6.98 329'263 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'946'063 5.77 783'608 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'362'714 5.28 - 23.04.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'280'000 2.72 (100'000) 31.12.2012 Investment Advisor
STATE FARM INSURANCE Multiple Portfolios MF-AGG 3'251'389 2.7 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'841'514 2.36 93'101 28.02.2013 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 2'809'687 2.33 95'617 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 2'675'280 2.22 (10'687) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'317'018 1.92 (174'811) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'267'527 1.88 111'294 31.12.2012 Investment Advisor
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 2'083'764 1.73 (591'966) 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'817'182 1.51 (13'366) 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1'186'100 0.98 12'800 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'150'995 0.96 (2'553) 28.02.2013 Investment Advisor
FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 1'138'832 0.95 (26'160) 31.12.2012 Investment Advisor
CAPITAL COUNSEL LLC CAPITAL COUNSEL LLC 13F 1'136'232 0.94 9'630 31.12.2012 Hedge Fund Manager
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 921'670 0.77 (66'050) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC TIM EVANS market perform 3 M #N/A N/A Not Provided 18.04.2013
First Analysis Corp TRACY MARSHBANKS equalweight 3 M #N/A N/A Not Provided 16.04.2013
Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 15.04.2013
Longbow Research DMITRY SILVERSTEYN neutral 3 M #N/A N/A Not Provided 15.04.2013
KeyBanc Capital Markets MICHAEL J SISON buy 5 M 86 12 month 12.04.2013
Leerink Swann & Co DANIEL L LEONARD market perform 3 M #N/A N/A Not Provided 12.04.2013
Goldman Sachs ISAAC RO Sell/Neutral 1 D 66 12 month 11.04.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 09.04.2013
Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 70 12 month 04.04.2013
Jefferies JON WOOD hold 3 M 67 12 month 22.03.2013
Robert W. Baird & Co JEFF T ELLIOTT outperform 5 M 85 12 month 22.03.2013
Macquarie JONATHAN P GROBERG neutral 3 M 76 12 month 22.03.2013
JPMorgan TYCHO W PETERSON neutral 3 M 74 6 month 21.03.2013
Credit Agricole Securities (USA) PAUL R KNIGHT outperform 5 M 89 Not Provided 07.02.2013
Holdings By:
Sigma-Aldrich Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Sirius XM Radio Inc. broadcasts various channels of audio from its satellites.
The Company provides its services throughout the continental United States for
a monthly subscription fee. Sirius delivers various streams of commercial-free
music in every genre, as well as streams of news, sports, weather, talk,
comedy, and public radio.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.02.2013) 3.25
52-Week Low (17.05.2012) 1.75
Daily Volume
3.07
52-Week High % Change -5.54% Dividend Yield -
52-Week Low % Change 75.15% Beta 1.05
% 52 Week Price Range High/Low 87.98% Equity Float 3'258.72
Shares Out 01.02.2013 6'559.0 Short Int 378.53
20'136.09 1 Yr Total Return 38.19%
Total Debt 2'435.22 YTD Return 6.23%
Preferred Stock 0.0 Adjusted BETA 1.052
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 520.95 Consensus Rating 4.059
Enterprise Value 22'050.37
Average Volume 5 Day 6'560'385
SIRI UW EQUITY YTD Change - Average Volume 30 Day 6'688'733
SIRI UW EQUITY YTD % CHANGE - Average Volume 3 Month 7'892'951
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 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
1'664.0 2'472.6 2'817.0 3'014.5 3'402.0 3'014.5 3'402.0 3'807.8 4'174.0 939.2 970.4
1.97x 2.03x 3.21x 3.01x 5.03x 12.53x 15.43x 6.04x 5.83x 23.56x 22.80x
(57.5) 567.8 800.1 941.2 1'135.5 941.2 1'135.5 1'156.8 1'412.8 272.3 288.7
- 8.85x 11.30x 9.64x 15.08x 9.64x 15.08x 19.06x 15.61x 18.17x 16.93x
(5'313.3) (342.8) 43.1 427.0 3'472.7 427.0 3'472.7 590.7 736.9 159.1 165.4
- - 55.73x 28.74x - 28.58x 35.15x 31.01x 23.80x 32.66x 33.74x
EBITDA 1'135.54 Long-Term Rating Date 26.10.2011
EBIT 872.03 Long-Term Rating BB
Operating Margin 25.63% Long-Term Outlook STABLE
Pretax Margin 13.95% Short-Term Rating Date -
Return on Assets 41.96% Short-Term Rating -
Return on Common Equity 146.41%
Return on Capital - EBITDA/Interest Exp. 3.82
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 3.49
Net Debt/EBITDA 1.69
Gross Margin 63.9% Total Debt/EBITDA 2.14
EBITDA Margin 33.4%
EBIT Margin 25.6% Total Debt/Equity 60.3%
Net Income Margin 102.1% Total Debt/Capital 37.6%
Asset Turnover 0.41
Current Ratio 0.79 Net Fixed Asset Turnover 2.10
Quick Ratio 0.27 Accounts receivable turnover-days 11.18
Debt to Assets 26.89% Inventory Days 9.24
Tot Debt to Common Equity 60.28% Accounts Payable Turnover Day 169.91
Accounts Receivable Turnover 32.74 Cash Conversion Cycle -149.49
Inventory Turnover 39.63
Fiscal Year Ended
Sirius XM Radio IncPrice/Volume
Valuation Analysis
9'506'391.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIBERTY RADIO LLC n/a Form 4 3'292'800'312 50.2 1'293'509'076 18.01.2013 Corporation
BLACKROCK n/a ULT-AGG 212'551'730 3.24 76'651'263 23.04.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 140'713'322 2.15 12'403'250 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 139'760'814 2.13 (33'104'509) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 127'023'677 1.94 42'264'166 28.02.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 124'012'478 1.89 124'012'478 31.12.2012 Investment Advisor
OMEGA ADVISORS OMEGA ADVISORS INC 13F 71'479'203 1.09 7'546'900 31.12.2012 Hedge Fund Manager
SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 69'783'900 1.06 (61'592'700) 31.12.2012 Hedge Fund Manager
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 68'693'100 1.05 - 28.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 61'184'712 0.93 1'038'954 24.04.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 56'266'945 0.86 7'889'974 31.12.2012 Investment Advisor
COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 45'794'813 0.7 (4'437'368) 31.12.2012 Hedge Fund Manager
ALGER MANAGEMENT INC FRED ALGER MANAGEMEN 13F 45'224'130 0.69 17'004'984 31.12.2012 Investment Advisor
BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 43'300'000 0.66 (35'500'000) 31.12.2012 Hedge Fund Manager
SLATE PATH CAPITAL L SLATE PATH CAPITAL L 13F 36'750'000 0.56 36'750'000 31.12.2012 Hedge Fund Manager
COLUMBUS CIRCLE INVE COLUMBUS CIRCLE INVE 13F 32'879'946 0.5 30'945'906 31.12.2012 Hedge Fund Manager
SCOUT CAPITAL MANAGE SCOUT CAPITAL MANAGE 13F 30'000'000 0.46 10'000'000 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 28'188'174 0.43 8'982'727 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 27'983'700 0.43 11'026'600 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'076'542 0.4 2'195'735 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Maxim Group LLC JOHN TINKER buy 5 M 4 12 month 24.04.2013
Barrington Research JAMES C GOSS outperform 5 M 4 12 month 23.04.2013
Evercore Partners BRYAN KRAFT overweight 5 M 4 12 month 21.04.2013
ISI Group VIJAY JAYANT buy 5 M 4 12 month 21.04.2013
Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 4 12 month 19.04.2013
Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 3 12 month 11.04.2013
Piper Jaffray JAMES M MARSH JR overweight 5 M 3 12 month 09.04.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 4 12 month 02.04.2013
Wunderlich Securities MATTHEW HARRIGAN hold 3 M 3 18 month 26.02.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 18.02.2013
Macquarie AMY YONG neutral 3 D 3 12 month 06.02.2013
S&P Capital IQ TUNA AMOBI buy 5 M 4 Not Provided 06.02.2013
Gabelli & Co BRETT HARRISS sell 1 M #N/A N/A Not Provided 06.02.2013
RBC Capital Markets DAVID BANK sector perform 3 M 3 12 month 05.02.2013
Goldman Sachs MATTHEW NIKNAM buy/attractive 5 N 4 12 month 17.12.2012
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 02.11.2012
Holdings By:
Sirius XM Radio Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Staples, Inc. retails office supplies, furniture, and technology. The Company's
customers include consumers and businesses in the United States, Canada, the
United Kingdom, and Germany. Staples serves its customers through office
superstores, mail order catalogs, the Internet, and a contract business.
Latest Fiscal Year: 01/2013
LTM as of: 02/yy
52-Week High (30.04.2012) 15.73
52-Week Low (28.08.2012) 10.57
Daily Volume
12.92
52-Week High % Change -17.86% Dividend Yield 3.41
52-Week Low % Change 22.23% Beta 1.09
% 52 Week Price Range High/Low 45.54% Equity Float 662.38
Shares Out 08.04.2013 668.5 Short Int 74.52
8'637.02 1 Yr Total Return -13.00%
Total Debt 1'989.10 YTD Return 14.36%
Preferred Stock 0.0 Adjusted BETA 1.093
Minority Interest 7.9 Analyst Recs 22
Cash and Equivalents 1'334.30 Consensus Rating 3.636
Enterprise Value 9'299.76
Average Volume 5 Day 2'477'765
SPLS UW EQUITY YTD Change - Average Volume 30 Day 1'851'971
SPLS UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'762'618
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 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
23'083.8 24'275.5 24'545.1 24'664.8 24'380.5 24'847.9 24'524.4 23'884.0 23'904.5 5'928.2 5'438.8
0.62x 0.76x 0.70x 0.48x 0.40x 2.11x 1.61x 0.36x 0.34x 1.58x 1.75x
2'094.4 2'019.0 2'130.1 2'115.8 2'015.4 2'106.6 2'000.0 1'914.1 1'914.5 397.4 332.3
6.82x 9.08x 8.09x 5.63x 4.81x 5.66x 4.85x 4.86x 4.86x 5.05x 4.88x
805.3 738.7 881.9 984.7 (210.7) 984.7 (210.7) 865.3 877.4 175.3 115.4
12.36x 20.76x 17.71x 11.44x 15.18x 11.69x 15.35x 9.73x 9.22x 9.77x 9.70x
EBITDA 2'015.39 Long-Term Rating Date 02.07.2008
EBIT 1'528.08 Long-Term Rating BBB
Operating Margin 6.27% Long-Term Outlook STABLE
Pretax Margin 1.09% Short-Term Rating Date 09.06.2008
Return on Assets -1.64% Short-Term Rating A-2
Return on Common Equity -3.21%
Return on Capital -3.75% EBITDA/Interest Exp. 12.40
Asset Turnover 1.91% (EBITDA-Capex)/Interest Exp. 10.25
Net Debt/EBITDA 0.33
Gross Margin 26.6% Total Debt/EBITDA 0.99
EBITDA Margin 8.2%
EBIT Margin 6.2% Total Debt/Equity 32.5%
Net Income Margin -0.9% Total Debt/Capital 24.5%
Asset Turnover 1.91
Current Ratio 1.40 Net Fixed Asset Turnover 12.13
Quick Ratio 0.71 Accounts receivable turnover-days 29.12
Debt to Assets 16.20% Inventory Days 48.87
Tot Debt to Common Equity 32.46% Accounts Payable Turnover Day 42.66
Accounts Receivable Turnover 12.74 Cash Conversion Cycle 35.53
Inventory Turnover 7.59
Fiscal Year Ended
Staples IncPrice/Volume
Valuation Analysis
1'208'074.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 56'637'268 8.47 - 23.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 43'906'031 6.57 6'485'929 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 40'217'611 6.02 10'923'478 31.03.2013 Investment Advisor
PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 39'176'664 5.86 (2'969'235) 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 37'929'627 5.67 (2'810'259) 24.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 31'126'039 4.66 (724'250) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 21'366'148 3.2 63'620 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 20'406'686 3.05 (797'005) 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 19'929'275 2.98 815'780 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 18'790'100 2.81 (217'602) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 17'292'484 2.59 7'918'900 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 13'837'939 2.07 230'466 28.02.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 12'967'400 1.94 (2'680'000) 31.03.2013 Investment Advisor
INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 12'570'879 1.88 (539'530) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 12'213'457 1.83 10'034'655 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'927'474 1.63 1'485'386 31.12.2012 Investment Advisor
FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 9'822'560 1.47 3'125'563 31.12.2012 Investment Advisor
AMERICAN INTERNATION n/a ULT-AGG 9'014'859 1.35 8'648'346 31.12.2012 Government
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 6'428'000 0.96 (128'903) 31.12.2012 Hedge Fund Manager
HAWKINS CAPITAL LP HAWKINS CAPITAL LP 13F 6'222'400 0.93 - 31.03.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies DANIEL T BINDER hold 3 M 14 12 month 18.04.2013
Deutsche Bank MICHAEL BAKER hold 3 M 11 12 month 12.04.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 13 12 month 12.04.2013
ISI Group GREGORY MELICH sell 1 M 12 Not Provided 12.04.2013
Nomura ARAM RUBINSON neutral 3 M 15 12 month 12.04.2013
Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 17 12 month 08.04.2013
Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 05.04.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 15 Not Provided 07.03.2013
JPMorgan CHRISTOPHER HORVERS overweight 5 M 14 6 month 07.03.2013
B Riley & Company, Inc SCOTT TILGHMAN buy 5 M 18 Not Provided 07.03.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 14 12 month 07.03.2013
Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 06.03.2013
Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 13 12 month 06.03.2013
Credit Suisse GARY BALTER outperform 5 M 15 Not Provided 06.03.2013
KeyBanc Capital Markets BRADLEY B THOMAS hold 3 M #N/A N/A Not Provided 06.03.2013
Oppenheimer & Co BRIAN NAGEL market perform 3 M 12 18 month 06.03.2013
BB&T Capital Markets ANTHONY CHUKUMBA buy 5 M 16 12 month 06.03.2013
S&P Capital IQ IAN GORDON buy 5 M 15 Not Provided 06.03.2013
Barclays ALAN M RIFKIN equalweight 3 M 13 Not Provided 06.03.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Staples Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
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: 12/yy
52-Week High (29.04.2013) 60.92
52-Week Low (02.08.2012) 43.05
Daily Volume
60.58
52-Week High % Change -0.56% Dividend Yield 1.32
52-Week Low % Change 40.72% Beta 0.88
% 52 Week Price Range High/Low 98.10% Equity Float 728.61
Shares Out 23.01.2013 749.3 Short Int 9.88
45'392.59 1 Yr Total Return 7.16%
Total Debt 549.60 YTD Return 13.40%
Preferred Stock 0.0 Adjusted BETA 0.883
Minority Interest 5.5 Analyst Recs 32
Cash and Equivalents 2'037.00 Consensus Rating 4.438
Enterprise Value 43'488.20
Average Volume 5 Day 1'643'182
SBUX UW EQUITY YTD Change - Average Volume 30 Day 1'458'089
SBUX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'506'198
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 01/yy 12/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 12'185.7 13'663.3 14'918.4 16'675.1 3'724.0 3'811.4
1.15x 1.50x 1.72x 2.25x 2.75x 9.39x 11.22x 2.99x 2.67x 11.75x 11.45x
1'261.7 1'335.8 1'865.1 2'074.6 2'367.3 2'126.5 2'445.7 3'023.8 3'571.7 744.6 791.7
9.47x 10.94x 9.85x 12.67x 15.42x 15.47x 15.34x 14.38x 12.18x 13.20x 12.67x
315.5 390.8 945.6 1'245.7 1'383.8 1'281.3 1'434.2 1'654.9 1'988.1 405.1 435.0
21.07x 23.89x 20.11x 23.45x 28.33x 28.05x 28.30x 27.87x 23.12x 25.41x 24.23x
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 17.57% Short-Term Rating A-2
Return on Common Equity 28.85%
Return on Capital 26.35% EBITDA/Interest Exp. 65.94
Asset Turnover 1.67% (EBITDA-Capex)/Interest Exp. 42.09
Net Debt/EBITDA -0.78
Gross Margin 56.3% Total Debt/EBITDA 0.22
EBITDA Margin 18.3%
EBIT Margin 14.0% Total Debt/Equity 10.8%
Net Income Margin 10.4% Total Debt/Capital 9.7%
Asset Turnover 1.67
Current Ratio 1.90 Net Fixed Asset Turnover 5.40
Quick Ratio 1.14 Accounts receivable turnover-days 11.99
Debt to Assets 6.69% Inventory Days 67.96
Tot Debt to Common Equity 10.76% Accounts Payable Turnover Day 23.01
Accounts Receivable Turnover 30.36 Cash Conversion Cycle 53.00
Inventory Turnover 5.36
Fiscal Year Ended
Starbucks CorpPrice/Volume
Valuation Analysis
911'589.00
Current Price (4/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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10'000.0
12'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 37'819'670 5.05 575'105 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 36'552'911 4.88 - 23.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 35'633'395 4.76 (2'111'027) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 34'345'408 4.58 (13'662'548) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'898'695 4.52 871'315 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 29'386'396 3.92 1'474'627 31.03.2013 Investment Advisor
SCHULTZ HOWARD D n/a Form 4 18'875'169 2.52 (1'050'000) 06.03.2013 n/a
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'738'762 1.7 (106'141) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 11'995'937 1.6 5'105'468 28.02.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 10'787'280 1.44 303'498 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 10'729'471 1.43 1'274'414 31.12.2012 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 9'561'829 1.28 632'235 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 9'401'174 1.25 (2'276'793) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 8'540'739 1.14 (1'398'536) 31.12.2012 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 7'623'782 1.02 7'567'551 31.12.2012 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 6'680'224 0.89 (311'680) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 6'103'143 0.81 (518'406) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 5'994'504 0.8 528'915 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 65 12 month 23.04.2013
Williams Capital Group MARC RIDDICK market perform 3 M 55 12 month 23.04.2013
Stephens Inc WILL SLABAUGH overweight 5 M 66 Not Provided 22.04.2013
William Blair & Co SHARON M ZACKFIA outperform 5 M #N/A N/A Not Provided 22.04.2013
Buckingham Research Group MITCHELL J SPEISER buy 5 M 75 12 month 22.04.2013
Longbow Research ALTON K STUMP buy 5 M 65 12 month 22.04.2013
Piper Jaffray NICOLE MILLER REGAN overweight 5 M 65 12 month 22.04.2013
Morgan Stanley JOHN S GLASS Overwt/In-Line 5 M 68 12 month 18.04.2013
JPMorgan JOHN W IVANKOE overweight 5 M 65 6 month 18.04.2013
Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 64 12 month 18.04.2013
Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 68 12 month 16.04.2013
Barclays JEFFREY A BERNSTEIN equalweight 3 M 65 Not Provided 16.04.2013
Argus Research Corp JOHN D STASZAK buy 5 M 64 Not Provided 12.04.2013
Sanford C. Bernstein & Co SARA H SENATORE outperform 5 M 65 12 month 12.04.2013
Lazard Capital Markets MATTHEW J DIFRISCO buy 5 M 74 12 month 11.04.2013
S&P Capital IQ JIM YIN buy 5 M 66 Not Provided 09.04.2013
Jefferies ANDREW M BARISH buy 5 M 66 12 month 08.04.2013
Goldman Sachs MICHAEL KELTER Buy/Neutral 5 M 70 12 month 04.04.2013
Credit Suisse KEITH SIEGNER outperform 5 M 66 Not Provided 02.04.2013
Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 28.03.2013
Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 25.03.2013
BMO Capital Markets PHILLIP JUHAN outperform 5 M 64 Not Provided 19.03.2013
Oppenheimer & Co BRIAN J BITTNER outperform 5 M 62 12 month 07.03.2013
McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 58 12 month 25.01.2013
Cowen and Company PAUL L WESTRA neutral 3 M #N/A N/A Not Provided 25.01.2013
Atlantic Equities LLP ALISTAIR M SCOBIE overweight 5 M 65 12 month 25.01.2013
RBC Capital Markets LARRY A MILLER sector perform 3 M 63 12 month 24.01.2013
Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 69 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank JASON WEST buy 5 M 60 12 month 04.01.2013
Holdings By:
Starbucks Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Stericycle, Inc. provides regulated medical waste management services. The
Company offers waste collection, transportation, treatment, and disposal to
customers in the United States, Canada, Mexico, Argentina, Chile, the United
Kingdom and Ireland.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (24.04.2013) 110.18
52-Week Low (18.05.2012) 81.18
Daily Volume
108.41
52-Week High % Change -1.61% Dividend Yield 0.00
52-Week Low % Change 33.54% Beta 0.82
% 52 Week Price Range High/Low 93.90% Equity Float 84.22
Shares Out 31.03.2013 86.2 Short Int 2.36
9'346.89 1 Yr Total Return 25.18%
Total Debt 1'356.08 YTD Return 16.23%
Preferred Stock 0.0 Adjusted BETA 0.819
Minority Interest 15.5 Analyst Recs 18
Cash and Equivalents 31.83 Consensus Rating 4.111
Enterprise Value 10'622.66
Average Volume 5 Day 157'046
SRCL UW EQUITY YTD Change - Average Volume 30 Day 147'303
SRCL UW EQUITY YTD % CHANGE - Average Volume 3 Month 169'939
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
1'083.7 1'177.7 1'439.4 1'676.0 1'913.1 1'738.0 1'966.9 2'130.7 2'310.5 529.6 536.4
4.82x 4.80x 5.52x 4.77x 4.89x 19.33x 19.33x 4.88x 4.39x 19.93x 19.54x
308.9 365.2 424.6 490.4 545.1 521.8 578.2 648.8 716.4 160.4 164.4
16.91x 15.49x 18.70x 16.29x 17.17x 16.19x 18.04x 16.37x 14.83x 15.91x 15.54x
148.7 175.7 207.9 234.8 268.0 243.9 277.8 321.3 364.1 79.0 81.4
30.10x 25.90x 31.98x 27.53x 28.27x 28.55x 31.05x 29.43x 26.14x 28.48x 27.64x
EBITDA 545.12 Long-Term Rating Date 18.07.2007
EBIT 468.84 Long-Term Rating NR
Operating Margin 24.51% Long-Term Outlook -
Pretax Margin 21.81% Short-Term Rating Date -
Return on Assets 8.15% Short-Term Rating -
Return on Common Equity 19.10%
Return on Capital 11.27% EBITDA/Interest Exp. 10.55
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 9.29
Net Debt/EBITDA 2.18
Gross Margin 44.8% Total Debt/EBITDA 2.20
EBITDA Margin 29.4%
EBIT Margin 25.3% Total Debt/Equity 88.0%
Net Income Margin 14.0% Total Debt/Capital 46.5%
Asset Turnover 0.58
Current Ratio 1.33 Net Fixed Asset Turnover 6.17
Quick Ratio 1.07 Accounts receivable turnover-days 61.01
Debt to Assets 38.23% Inventory Days -
Tot Debt to Common Equity 87.95% Accounts Payable Turnover Day 24.90
Accounts Receivable Turnover 5.98 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
Stericycle IncPrice/Volume
Valuation Analysis
108'495.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 5'351'640 6.22 257'222 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 5'056'747 5.87 199'768 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'000'000 5.81 (3'910'000) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 4'599'451 5.34 141'352 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'585'271 5.33 283'459 23.04.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 3'860'777 4.48 (106'937) 31.12.2012 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 3'807'649 4.42 (563'164) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'223'645 2.58 (1'021'855) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'010'215 2.34 579'900 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'340'632 1.56 (7'119) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 1'305'970 1.52 1'138'168 31.03.2013 Investment Advisor
SCHULER JACK W n/a Form 4 1'283'011 1.49 (1'880) 25.03.2013 n/a
BNP PARIBAS INV PART n/a ULT-AGG 1'188'539 1.38 (265'898) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'088'554 1.26 513'193 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'019'572 1.18 127'215 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 978'232 1.14 (94'366) 31.12.2012 Investment Advisor
RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 964'000 1.12 (54'400) 31.12.2012 Investment Advisor
MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 935'357 1.09 (8'350) 31.12.2012 Investment Advisor
IRONBRIDGE CAPITAL M IRONBRIDGE CAPITAL M 13F 920'001 1.07 (227'790) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 847'832 0.98 93'050 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays GARY E BISBEE equalweight 3 M 107 Not Provided 25.04.2013
Goldman Sachs ISAAC RO buy/attractive 5 M 122 6 month 24.04.2013
Jefferies SEAN DODGE buy 5 M 127 12 month 24.04.2013
William Blair & Co RYAN S DANIELS outperform 5 M #N/A N/A Not Provided 24.04.2013
Barrington Research KEVIN M STEINKE outperform 5 M 110 12 month 24.04.2013
Stifel SHLOMO H ROSENBAUM buy 5 M 117 12 month 24.04.2013
Avondale Partners LLC RICHARD CLOSE market perform 3 M 110 12 month 24.04.2013
Northcoast Research EDWIN SNYDER buy 5 M 120 12 month 24.04.2013
Wedbush AL KASCHALK outperform 5 M 110 12 month 22.04.2013
Raymond James WILLIAM H FISHER outperform 5 M 103 12 month 15.04.2013
Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 115 12 month 25.03.2013
Robert W. Baird & Co DAVID J MANTHEY neutral 3 M 110 12 month 18.03.2013
Wellington Shields & Co. LLC ELLIOTT LEO SCHLANG hold 3 M 79 12 month 18.03.2013
Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 07.02.2013
Wunderlich Securities MICHAEL E HOFFMAN hold 3 M 85 18 month 04.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ STEWART SCHARF buy 5 M 105 Not Provided 08.11.2012
Holdings By:
Stericycle Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Symantec Corporation provides security, storage and systems management
solutions to help businesses and consumers secure and manage their information.
The Company offers software and services that protect, manage and control
information risks related to security, data protection, storage, compliance and
management.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (08.03.2013) 24.90
52-Week Low (24.07.2012) 13.06
Daily Volume
24.59
52-Week High % Change -1.24% Dividend Yield 0.00
52-Week Low % Change 88.28% Beta 1.08
% 52 Week Price Range High/Low 97.38% Equity Float 685.02
Shares Out 25.01.2013 689.2 Short Int 14.71
16'947.15 1 Yr Total Return 48.85%
Total Debt 2'039.00 YTD Return 30.73%
Preferred Stock 0.0 Adjusted BETA 1.083
Minority Interest 78.0 Analyst Recs 32
Cash and Equivalents 3'211.00 Consensus Rating 4.031
Enterprise Value 15'771.15
Average Volume 5 Day 1'674'471
SYMC UW EQUITY YTD Change - Average Volume 30 Day 1'820'930
SYMC UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'123'095
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
5'874.4 6'150.0 5'985.0 6'190.0 6'730.0 6'722.0 6'839.0 6'885.0 6'998.0 1'726.6 1'696.3
2.38x 2.12x 2.04x 2.21x 1.85x 7.64x 6.52x 2.13x 1.91x 8.33x 8.81x
1'594.9 1'927.0 1'790.0 1'648.0 1'795.0 1'831.0 1'834.0 2'283.2 2'458.5 496.8 555.6
8.77x 6.76x 6.82x 8.31x 6.93x 6.09x 6.18x 6.91x 6.41x 6.92x 6.60x
463.9 (6'786.0) 714.0 597.0 1'172.0 781.0 1'136.0 1'210.4 1'334.3 267.1 305.8
22.13x - 18.01x 20.71x 15.61x 14.22x 14.90x 14.36x 12.75x 13.58x 12.81x
EBITDA 1'795.00 Long-Term Rating Date 13.09.2010
EBIT 1'139.00 Long-Term Rating BBB
Operating Margin 16.92% Long-Term Outlook STABLE
Pretax Margin 21.84% Short-Term Rating Date -
Return on Assets 8.69% Short-Term Rating -
Return on Common Equity 23.17%
Return on Capital 16.48% EBITDA/Interest Exp. 15.61
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 13.12
Net Debt/EBITDA -0.64
Gross Margin 83.9% Total Debt/EBITDA 1.68
EBITDA Margin 26.8%
EBIT Margin 17.3% Total Debt/Equity 40.0%
Net Income Margin 17.4% Total Debt/Capital 28.3%
Asset Turnover 0.52
Current Ratio 1.03 Net Fixed Asset Turnover 6.27
Quick Ratio 0.92 Accounts receivable turnover-days 55.62
Debt to Assets 15.66% Inventory Days 8.20
Tot Debt to Common Equity 40.03% Accounts Payable Turnover Day 93.23
Accounts Receivable Turnover 6.54 Cash Conversion Cycle -35.84
Inventory Turnover 44.38
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Symantec CorpPrice/Volume
Valuation Analysis
1'528'889.00
Current Price (4/dd/yy) Market Data
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30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DODGE & COX DODGE & COX 13F 58'417'616 8.48 (1'011'900) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 44'286'582 6.43 3'269'026 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 39'227'842 5.69 1'950'744 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'108'738 4.8 572'251 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 31'667'369 4.59 (968'400) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 26'186'565 3.8 (1'447'720) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 25'051'948 3.63 2'109'501 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 20'962'410 3.04 (499'026) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 19'069'170 2.77 (1'292'719) 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 12'558'686 1.82 5'868'240 31.12.2012 Hedge Fund Manager
UBS n/a ULT-AGG 12'145'287 1.76 33'808 28.02.2013 Unclassified
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 10'723'533 1.56 (2'297'195) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 10'434'459 1.51 (1'237'789) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'974'034 1.3 327'196 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'851'837 1.28 18'506 31.12.2012 Investment Advisor
AJO, LP AJO, LP 13F 8'659'900 1.26 (876'600) 31.12.2012 Investment Advisor
SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 8'206'507 1.19 3'515'139 31.12.2012 Hedge Fund Manager
CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 7'995'572 1.16 (2'355'921) 31.12.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 7'376'024 1.07 1'672'422 31.03.2013 Investment Advisor
THIRD POINT LLC THIRD POINT LLC 13F 6'700'000 0.97 700'000 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan JOHN DIFUCCI overweight 5 M 30 6 month 19.04.2013
William Blair & Co JONATHAN HO outperform 5 M #N/A N/A Not Provided 18.04.2013
Cross Research RICHARD T WILLIAMS buy 5 M 27 12 month 18.04.2013
MKM Partners ISRAEL HERNANDEZ buy 5 M 27 12 month 18.04.2013
Jefferies AARON SCHWARTZ buy 5 M 28 12 month 17.04.2013
Macquarie BRAD A ZELNICK outperform 5 M 28 12 month 17.04.2013
Cowen and Company GREGG MOSKOWITZ outperform 5 M #N/A N/A Not Provided 17.04.2013
RBC Capital Markets ROBERT P BREZA outperform 5 M 30 12 month 15.04.2013
Wells Fargo Securities, LLC GRAY W POWELL market perform 3 M #N/A N/A Not Provided 15.04.2013
Barclays RAIMO LENSCHOW overweight 5 M 27 Not Provided 15.04.2013
Deutsche Bank THOMAS ERNST JR hold 3 M 17 12 month 12.04.2013
Stifel TODD C WELLER hold 3 M #N/A N/A Not Provided 10.04.2013
Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 M #N/A N/A Not Provided 08.04.2013
Robert W. Baird & Co STEVEN M ASHLEY neutral 3 M 23 12 month 01.04.2013
Oppenheimer & Co SHAUL EYAL market perform 3 D #N/A N/A Not Provided 20.03.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 28 Not Provided 18.03.2013
Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 28 12 month 12.03.2013
B Riley & Company, Inc DANIEL CUMMINS buy 5 M 27 Not Provided 04.03.2013
Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 13.02.2013
JMP Securities PATRICK WALRAVENS market outperform 4 M 26 12 month 01.02.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 27 Not Provided 28.01.2013
Goldman Sachs GREG DUNHAM Sell/Neutral 1 M 17 12 month 24.01.2013
First Analysis Corp CRAIG NANKERVIS equalweight 3 M #N/A N/A Not Provided 24.01.2013
Stephens Inc JONATHAN B RUYKHAVER equalweight 3 M 19 12 month 24.01.2013
FBR Capital Markets DANIEL H IVES market perform 3 M 22 12 month 24.01.2013
Topeka Capital Markets Inc FREDERICK D ZIEGEL hold 3 M 23 12 month 24.01.2013
Pacific Crest Securities ROB D OWENS sector perform 3 M #N/A N/A Not Provided 23.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
GARP Research BRETT CARSON neutral 3 M #N/A N/A Not Provided 30.01.2009
Holdings By:
Symantec Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
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 (25.04.2013) 36.26
52-Week Low (17.07.2012) 26.06
Daily Volume
35.97
52-Week High % Change -0.80% Dividend Yield 2.11
52-Week Low % Change 38.03% Beta -
% 52 Week Price Range High/Low 97.16% Equity Float 1'104.34
Shares Out 31.03.2013 1'109.2 Short Int 28.17
39'896.29 1 Yr Total Return 15.77%
Total Debt 5'686.00 YTD Return 17.92%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 46
Cash and Equivalents 3'965.00 Consensus Rating 3.174
Enterprise Value 41'717.28
Average Volume 5 Day 2'815'196
TXN UW EQUITY YTD Change - Average Volume 30 Day 2'665'010
TXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'647'956
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 12'220.4 12'885.4 3'057.9 3'202.3
1.38x 2.82x 2.50x 2.61x 2.80x 10.80x 11.48x 3.32x 3.08x 13.22x 12.57x
3'750.0 3'128.0 5'316.0 4'434.0 3'986.0 4'182.0 3'908.0 3'696.2 4'262.2 909.1 1'033.1
4.61x 9.40x 6.56x 8.08x 9.02x 9.80x 10.54x 11.29x 9.79x 10.86x 10.46x
1'920.0 1'470.0 3'228.0 2'236.0 1'759.0 1'836.0 1'856.0 2'008.1 2'452.9 494.0 596.1
9.82x 20.68x 12.70x 13.73x 16.17x 17.60x 19.70x 19.88x 16.18x 18.28x 17.28x
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
Fiscal Year Ended
Texas Instruments IncPrice/Volume
Valuation Analysis
1'611'108.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 193'119'021 17.41 14'033'650 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 61'637'232 5.56 - 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 58'667'163 5.29 167'478 24.04.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 57'763'753 5.21 (538'050) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 51'292'102 4.62 1'060'083 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 33'495'251 3.02 2'896'053 31.12.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 26'632'178 2.4 122'698 31.12.2012 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
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'542'986 1.94 352'635 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 15'877'608 1.43 (1'447'465) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 14'896'737 1.34 (1'266'900) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'882'074 1.34 (150'090) 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 11'142'097 1 36'568 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 10'104'317 0.91 194'285 28.02.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 9'548'425 0.86 1'713'499 28.02.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'524'297 0.86 1'013'978 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 8'945'581 0.81 (350'053) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 7'922'648 0.71 740'405 31.12.2012 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 7'538'362 0.68 (817'051) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 23.04.2013
Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 36 12 month 23.04.2013
Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 23.04.2013
Credit Suisse JOHN W PITZER neutral 3 M 35 Not Provided 23.04.2013
SunTrust Robinson Humphrey WILLIAM STEIN reduce 2 M 30 12 month 23.04.2013
JPMorgan CHRISTOPHER DANELY overweight 5 M 37 6 month 23.04.2013
Jefferies MARK J LIPACIS buy 5 M 42 12 month 23.04.2013
Needham & Co VERNON P ESSI JR hold 3 M #N/A N/A Not Provided 23.04.2013
Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 23.04.2013
Robert W. Baird & Co TRISTAN GERRA neutral 3 M 35 12 month 23.04.2013
Sanford C. Bernstein & Co STACY A RASGON market perform 3 M 38 12 month 23.04.2013
Wedbush BETSY VAN HEES outperform 5 M 37 12 month 23.04.2013
Raymond James J STEVEN SMIGIE market perform 3 M #N/A N/A Not Provided 23.04.2013
FBR Capital Markets CHRISTOPHER ROLLAND underperform 1 M 30 12 month 23.04.2013
Macquarie SHAWN WEBSTER neutral 3 M 38 12 month 23.04.2013
B Riley & Company, Inc CRAIG ELLIS buy 5 M 39 12 month 23.04.2013
Stifel TORE E SVANBERG hold 3 M #N/A N/A Not Provided 23.04.2013
Canaccord Genuity Corp ROBERT BURLESON hold 3 M 35 12 month 23.04.2013
Evercore Partners PATRICK WANG equalweight 3 M 35 12 month 23.04.2013
Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 23.04.2013
Nomura ROMIT SHAH neutral 3 M 30 12 month 23.04.2013
Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 23.04.2013
Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 23.04.2013
Gabelli & Co HENDI SUSANTO hold 3 M #N/A N/A Not Provided 23.04.2013
Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 32 12 month 23.04.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 29 12 month 23.04.2013
Credit Agricole Securities (USA) SRINI PAJJURI underperform 1 M 34 Not Provided 23.04.2013
Barclays BLAYNE CURTIS equalweight 3 M 31 Not Provided 23.04.2013
BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 Not Provided 22.04.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 32 12 month 22.04.2013
RBC Capital Markets DOUG FREEDMAN sector perform 3 M 35 12 month 22.04.2013
Sterne, Agee & Leach VIJAY R RAKESH underperform 1 M 30 12 month 22.04.2013
ISI Group SUMIT DHANDA buy 5 M 40 12 month 22.04.2013
Williams Financial Group CODY G ACREE buy 5 M 41 12 month 22.04.2013
Exane BNP Paribas JEROME RAMEL underperform 1 M 26 Not Provided 19.04.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 05.04.2013
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
EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 14.02.2013
Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 M 32 12 month 13.02.2013
Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 U 34 Not Provided 28.01.2013
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
Holdings By:
Texas Instruments Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Verisk Analytics, Inc. conducts risk assessment services and decision
analytics. The Company offers data, statistical, and actuarial services, as
well as standardized insurance policy programs, underwriting information, and
rating-integrity tools. Verisk Analytics provides data and software information
services to the property, casualty, and mortgage fields in the United States.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.04.2013) 61.88
52-Week Low (25.10.2012) 45.18
Daily Volume
60.49
52-Week High % Change -2.25% Dividend Yield 0.00
52-Week Low % Change 33.89% Beta 0.65
% 52 Week Price Range High/Low 91.68% Equity Float 149.41
Shares Out 18.03.2013 168.4 Short Int 0.47
11'064.41 1 Yr Total Return 23.58%
Total Debt 1'461.43 YTD Return 18.61%
Preferred Stock 0.0 Adjusted BETA 0.646
Minority Interest 0.0 Analyst Recs 13
Cash and Equivalents 94.70 Consensus Rating 4.000
Enterprise Value 12'431.13
Average Volume 5 Day 175'684
VRSK UW EQUITY YTD Change - Average Volume 30 Day 216'511
VRSK UW EQUITY YTD % CHANGE - Average Volume 3 Month 229'067
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
893.6 1'027.1 1'138.3 1'331.8 1'534.3 1'331.8 1'534.3 1'724.3 1'882.5 403.6 419.5
- 5.81x 5.78x 5.63x 6.46x 20.85x 24.44x 7.07x 6.35x 30.58x 29.35x
375.4 373.2 508.5 588.6 695.8 588.6 695.8 782.5 861.8 181.4 184.5
- 15.99x 12.93x 12.74x 14.25x 12.74x 14.25x 15.89x 14.42x 15.90x 15.52x
158.2 126.6 242.6 282.8 329.1 282.8 329.1 403.3 455.4 91.7 93.5
- 25.02x 26.02x 24.77x 26.55x 24.77x 26.55x 25.87x 22.93x 25.91x 25.06x
EBITDA 695.79 Long-Term Rating Date 29.03.2011
EBIT 591.59 Long-Term Rating BBB-
Operating Margin 38.56% Long-Term Outlook STABLE
Pretax Margin 33.84% Short-Term Rating Date -
Return on Assets 16.87% Short-Term Rating -
Return on Common Equity -
Return on Capital 27.54% EBITDA/Interest Exp. 9.60
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 8.57
Net Debt/EBITDA 1.96
Gross Margin 60.4% Total Debt/EBITDA 2.10
EBITDA Margin 45.3%
EBIT Margin 38.6% Total Debt/Equity 571.8%
Net Income Margin 21.5% Total Debt/Capital 85.1%
Asset Turnover 0.79
Current Ratio 0.67 Net Fixed Asset Turnover 11.22
Quick Ratio 0.47 Accounts receivable turnover-days 39.57
Debt to Assets 61.92% Inventory Days -
Tot Debt to Common Equity 571.78% Accounts Payable Turnover Day 105.68
Accounts Receivable Turnover 9.25 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
Verisk Analytics IncPrice/Volume
Valuation Analysis
223'958.00
Current Price (4/dd/yy) Market Data
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400.0
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30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GREATBANC TRUST CO n/a Research 17'040'371 10.12 - 31.12.2012 Investment Advisor
GREATBANC TRUST CO GREATBANC TRUST CO 13F 16'783'940 9.97 (256'431) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 14'356'915 8.53 (3'153'025) 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 8'338'197 4.95 2'455'745 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 7'169'348 4.26 589'091 31.03.2013 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 5'893'700 3.5 740'600 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'842'300 3.47 3'819'375 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'494'000 3.26 (491'000) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 5'069'940 3.01 10'898 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'866'200 2.89 110'100 31.12.2012 Investment Advisor
BAMCO INC BAMCO INC 13F 4'642'699 2.76 14'880 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 4'239'140 2.52 (321'904) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 3'653'126 2.17 402'862 28.02.2013 Investment Advisor
INDEPENDENT FRANCHIS INDEPENDENT FRANCHIS 13F 3'343'588 1.99 35'458 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'205'152 1.9 711'010 31.12.2012 Investment Advisor
GENERAL RE NEW ENGLA GENERAL RE NEW ENGLA 13F 2'994'350 1.78 - 31.12.2012 Insurance Company
STATE STREET n/a ULT-AGG 2'629'163 1.56 127'893 24.04.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 2'399'813 1.43 1'104'886 28.02.2013 Investment Advisor
TCW GROUP INC TCW GROUP INCORPORAT 13F 2'382'710 1.42 198'967 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'369'700 1.41 12'000 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC ERIC J BOYER outperform 5 M #N/A N/A Not Provided 24.04.2013
Barclays MANAV PATNAIK overweight 5 M 62 Not Provided 18.04.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 63 12 month 12.04.2013
Evercore Partners DAVID M TOGUT equalweight 3 M 59 12 month 02.04.2013
Raymond James WAYNE JOHNSON outperform 5 M 62 12 month 26.03.2013
William Blair & Co TIMOTHY J MCHUGH outperform 5 M #N/A N/A Not Provided 21.03.2013
Keefe, Bruyette & Woods WILLIAM CLARK outperform 5 M 63 12 month 07.03.2013
Macquarie KEVIN MCVEIGH neutral 3 M 64 12 month 01.03.2013
Morgan Stanley SUZANNE E STEIN Equalwt/In-Line 3 M 55 12 month 28.02.2013
Credit Suisse KELLY A FLYNN outperform 5 M 63 Not Provided 27.02.2013
SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 68 12 month 27.02.2013
JPMorgan ANDREW C STEINERMAN overweight 5 M 65 6 month 27.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Verisk Analytics Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes
novel, small molecule pharmaceuticals for the treatment of diseases for which
there are currently limited or no effective treatments. The Company is
developing drugs for the treatment of viral diseases, multidrug resistance in
cancer, inflammatory and autoimmune diseases, and neurodegenerative diseases.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.04.2013) 87.46
52-Week Low (04.05.2012) 37.29
Daily Volume
78.33
52-Week High % Change -10.44% Dividend Yield 0.00
52-Week Low % Change 110.06% Beta 0.67
% 52 Week Price Range High/Low 81.80% Equity Float 216.11
Shares Out 15.02.2013 218.2 Short Int 4.70
17'090.71 1 Yr Total Return 103.56%
Total Debt 428.88 YTD Return 86.77%
Preferred Stock 0.0 Adjusted BETA 0.674
Minority Interest 235.2 Analyst Recs 29
Cash and Equivalents 1'321.22 Consensus Rating 4.414
Enterprise Value 16'433.58
Average Volume 5 Day 879'843
VRTX UW EQUITY YTD Change - Average Volume 30 Day 833'499
VRTX UW EQUITY YTD % CHANGE - Average Volume 3 Month 669'264
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
175.5 101.9 143.4 1'410.6 1'527.0 1'410.6 1'527.0 1'169.8 1'063.5 309.0 298.7
23.08x 72.99x 46.28x 4.65x 5.53x 25.64x 25.90x 14.69x 16.21x 53.38x 55.26x
(426.2) (562.7) (664.1) 256.7 42.4 256.7 42.4 (99.5) (234.6) (14.6) (20.8)
- - - 25.55x 199.38x 25.55x 199.38x - - - -
(459.9) (642.2) (754.6) 29.6 (107.0) 29.6 (107.0) (94.1) (167.7) (10.6) (18.2)
- - - 37.43x 62.66x 49.25x 138.80x - - - -
EBITDA 42.37 Long-Term Rating Date -
EBIT 4.18 Long-Term Rating -
Operating Margin 0.27% Long-Term Outlook -
Pretax Margin -0.81% Short-Term Rating Date -
Return on Assets -4.31% Short-Term Rating -
Return on Common Equity -11.99%
Return on Capital - EBITDA/Interest Exp. 2.54
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. -1.73
Net Debt/EBITDA -21.06
Gross Margin 81.7% Total Debt/EBITDA 10.12
EBITDA Margin 2.8%
EBIT Margin 0.3% Total Debt/Equity 42.9%
Net Income Margin -7.0% Total Debt/Capital 25.8%
Asset Turnover 0.62
Current Ratio 3.67 Net Fixed Asset Turnover 5.39
Quick Ratio 3.39 Accounts receivable turnover-days 39.11
Debt to Assets 15.54% Inventory Days 93.43
Tot Debt to Common Equity 42.92% Accounts Payable Turnover Day 162.67
Accounts Receivable Turnover 9.36 Cash Conversion Cycle -30.13
Inventory Turnover 3.92
Fiscal Year Ended
Vertex Pharmaceuticals IncPrice/Volume
Valuation Analysis
602'568.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 18'712'754 8.58 4'772'675 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 17'766'754 8.14 2'436'793 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'027'587 7.8 - 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'866'696 4.98 754'426 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 9'925'186 4.55 4'089'468 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 9'780'001 4.48 204'513 24.04.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 7'855'731 3.6 282'156 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 7'054'636 3.23 (2'039'081) 28.02.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'450'390 2.96 673'868 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'126'485 2.81 (7'217'696) 28.02.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 5'312'819 2.43 (41'873) 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 5'012'668 2.3 3'454'119 31.03.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'857'111 2.23 891'004 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 3'905'164 1.79 458'892 28.02.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'738'088 1.71 1'110'564 31.12.2012 Investment Advisor
LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 3'632'636 1.66 (281'322) 31.12.2012 Investment Advisor
SECTORAL ASSET MANAG SECTORAL ASSET MANAG 13F 3'397'168 1.56 (267'942) 31.12.2012 Hedge Fund Manager
WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 3'097'022 1.42 (57'718) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 2'962'467 1.36 (130'883) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'852'720 1.31 152'256 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Canaccord Genuity Corp SALVEEN J RICHTER buy 5 M 96 12 month 24.04.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 76 12 month 23.04.2013
Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 23.04.2013
Morgan Stanley DAVID FRIEDMAN Equalwt/In-Line 3 M 91 12 month 22.04.2013
William Blair & Co Y KATHERINE XU outperform 5 M 83 12 month 22.04.2013
Summer Street Research Partners CAROL A WERTHER buy 5 M 95 12 month 22.04.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 100 12 month 19.04.2013
Goldman Sachs TERENCE FLYNN neutral/attractive 3 U 86 12 month 19.04.2013
RBC Capital Markets MICHAEL J YEE outperform 5 M 95 12 month 19.04.2013
Janney Montgomery Scott LLC KIMBERLY LEE buy 5 M 88 12 month 19.04.2013
Needham & Co ALAN CARR buy 5 M 95 12 month 19.04.2013
Robert W. Baird & Co BRIAN P SKORNEY outperform 5 M 88 12 month 19.04.2013
Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 19.04.2013
ISI Group MARK J SCHOENEBAUM neutral 3 M 93 12 month 19.04.2013
Cowen and Company PHILIP NADEAU neutral 3 M #N/A N/A Not Provided 19.04.2013
S&P Capital IQ STEVEN SILVER buy 5 M 100 Not Provided 19.04.2013
Maxim Group LLC JASON KOLBERT buy 5 M 88 12 month 19.04.2013
Chardan Capital Markets ANDREW FEIN buy 5 M 105 12 month 19.04.2013
Barclays YING HUANG overweight 5 M 95 Not Provided 19.04.2013
Credit Suisse RAVI MEHROTRA neutral 3 M 80 Not Provided 18.04.2013
JPMorgan GEOFFREY MEACHAM overweight 5 M 100 6 month 18.04.2013
JMP Securities LIISA A BAYKO market outperform 4 M 100 12 month 18.04.2013
Lazard Capital Markets JOSHUA SCHIMMER neutral 3 M #N/A N/A Not Provided 18.04.2013
Piper Jaffray EDWARD A TENTHOFF neutral 3 M 57 12 month 18.04.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 25.03.2013
Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 14.02.2013
Holdings By:
Vertex Pharmaceuticals Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Viacom Inc. produces media entertainment content. The Company creates and
acquires programming for television, the Internet, mobile devices, video games,
and other consumer electronics products. Viacom also produces, finances, and
distributes motion pictures to movie theaters and on DVDs, television, digital
and other platforms internationally.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (22.04.2013) 66.89
52-Week Low (03.08.2012) 44.85
Daily Volume
63.65
52-Week High % Change -4.84% Dividend Yield 1.69
52-Week Low % Change 41.92% Beta -
% 52 Week Price Range High/Low 85.30% Equity Float 441.47
Shares Out 15.01.2013 443.8 Short Int 7.91
31'544.02 1 Yr Total Return 40.09%
Total Debt 8'149.00 YTD Return 21.22%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 170.0 Analyst Recs 35
Cash and Equivalents 848.00 Consensus Rating 4.057
Enterprise Value 39'428.02
Average Volume 5 Day 1'136'485
VIAB UW EQUITY YTD Change - Average Volume 30 Day 919'321
VIAB UW EQUITY YTD % CHANGE - Average Volume 3 Month 936'385
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
14'625.0 13'619.0 - 14'914.0 13'887.0 15'038.0 13'249.0 13'770.5 14'404.8 3'182.4 3'583.2
1.30x 1.82x - 1.90x 2.49x 8.55x 10.00x 2.89x 2.81x 12.57x 11.22x
2'928.0 3'295.0 - 4'125.0 4'137.0 4'092.0 3'913.0 4'212.3 4'483.1 899.1 1'168.5
6.50x 7.52x - 6.88x 8.37x 7.78x 8.70x 9.36x 8.79x 8.97x 8.83x
1'251.0 1'611.0 - 2'136.0 1'981.0 1'738.0 2'239.0 2'313.9 2'465.4 474.9 650.8
8.01x 11.57x - 10.25x 12.73x 11.83x 12.56x 13.55x 11.77x 12.80x 12.39x
EBITDA 4'137.00 Long-Term Rating Date 29.07.2010
EBIT 3'901.00 Long-Term Rating BBB+
Operating Margin 28.09% Long-Term Outlook STABLE
Pretax Margin 24.99% Short-Term Rating Date 01.07.2009
Return on Assets 10.00% Short-Term Rating A-2
Return on Common Equity 29.50%
Return on Capital 16.24% EBITDA/Interest Exp. 9.73
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 9.37
Net Debt/EBITDA 1.97
Gross Margin 49.6% Total Debt/EBITDA 2.14
EBITDA Margin 29.5%
EBIT Margin 27.8% Total Debt/Equity 109.4%
Net Income Margin 14.3% Total Debt/Capital 51.7%
Asset Turnover 0.59
Current Ratio 1.27 Net Fixed Asset Turnover 12.65
Quick Ratio 0.88 Accounts receivable turnover-days 78.76
Debt to Assets 36.62% Inventory Days 46.09
Tot Debt to Common Equity 109.41% Accounts Payable Turnover Day 14.31
Accounts Receivable Turnover 4.65 Cash Conversion Cycle 94.98
Inventory Turnover 7.94
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
Viacom IncPrice/Volume
Valuation Analysis
1'011'223.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 31'414'282 7.08 3'501'466 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 25'219'636 5.68 504'949 24.04.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 21'332'067 4.81 (1'023'522) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 20'627'546 4.65 171'155 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 17'653'439 3.98 (4'250'834) 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 14'683'832 3.31 1'316'432 31.03.2013 Unclassified
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12'227'118 2.76 (394'750) 31.12.2012 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 11'125'914 2.51 (919'049) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'652'750 1.95 283'024 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 8'451'839 1.9 2'109'419 28.02.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 8'330'036 1.88 (366'769) 31.03.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 7'607'200 1.71 - 31.12.2012 Investment Advisor
LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 7'477'711 1.68 7'477'711 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 7'150'598 1.61 (505'843) 31.12.2012 Investment Advisor
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 6'688'470 1.51 (1'049'307) 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 6'645'993 1.5 246'859 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'259'248 1.41 (103'712) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 6'201'501 1.4 (58'140) 31.12.2012 Government
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 5'932'872 1.34 2'825'622 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'429'025 1.22 (555'990) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barrington Research JAMES C GOSS market perform 3 M #N/A N/A Not Provided 23.04.2013
Nomura MICHAEL NATHANSON buy 5 M 68 12 month 23.04.2013
Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 23.04.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 76 Not Provided 23.04.2013
B Riley & Company, Inc DAVID W MILLER buy 5 M 71 Not Provided 22.04.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 71 12 month 21.04.2013
Sanford C. Bernstein & Co TODD JUENGER underperform 1 M 58 12 month 19.04.2013
Credit Suisse MICHAEL SENNO neutral 3 M 68 Not Provided 17.04.2013
Wunderlich Securities MATTHEW HARRIGAN hold 3 M 72 12 month 17.04.2013
Barclays ANTHONY J DICLEMENTE overweight 5 M 68 Not Provided 16.04.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 15.04.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 12.04.2013
Pivotal Research Group LLC BRIAN WIESER buy 5 M 77 12 month 11.04.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 70 12 month 10.04.2013
Needham & Co LAURA A MARTIN buy 5 M 63 12 month 09.04.2013
Stifel DREW E CRUM buy 5 M 73 12 month 09.04.2013
Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 M 68 12 month 08.04.2013
RBC Capital Markets DAVID BANK outperform 5 M 66 12 month 08.04.2013
Davenport & Co MICHAEL C MORRIS buy 5 M 72 Not Provided 05.04.2013
Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 04.04.2013
Susquehanna Financial Group VASILY KARASYOV Positive 4 M 71 12 month 03.04.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 11.03.2013
Wedbush JAMES G DIX neutral 3 D 63 12 month 07.02.2013
Evercore Partners ALAN GOULD equalweight 3 M 62 12 month 05.02.2013
Atlantic Equities LLP HAMILTON FABER neutral 3 M 66 12 month 05.02.2013
Macquarie TIMOTHY W NOLLEN neutral 3 M 62 12 month 01.02.2013
Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 01.02.2013
Piper Jaffray JAMES M MARSH JR neutral 3 D 58 12 month 01.02.2013
Janney Montgomery Scott LLC TONY WIBLE buy 5 M 65 12 month 31.01.2013
S&P Capital IQ TUNA AMOBI buy 5 M 66 Not Provided 31.01.2013
Maxim Group LLC JOHN TINKER buy 5 M 68 12 month 31.01.2013
JPMorgan ALEXIA S QUADRANI overweight 5 M 66 6 month 29.01.2013
Goldman Sachs DREW BORST buy/attractive 5 U 68 12 month 22.01.2013
BTIG LLC RICHARD GREENFIELD buy 5 M 50 12 month 14.01.2011
Holdings By:
Viacom Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Virgin Media Inc. is a provider of broadband internet, television, mobile
telephony and fixed line telephony services that offer a variety of
entertainment and communications services to residential and commercial
customers throughout the U.K.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (11.04.2013) 50.29
52-Week Low (18.05.2012) 21.25
Daily Volume
49.13
52-Week High % Change -2.30% Dividend Yield 0.50
52-Week Low % Change 131.20% Beta 0.88
% 52 Week Price Range High/Low 96.02% Equity Float 269.54
Shares Out 23.04.2013 270.5 Short Int 27.44
13'289.85 1 Yr Total Return 101.06%
Total Debt 5'929.10 YTD Return 33.80%
Preferred Stock 0.0 Adjusted BETA 0.881
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 206.30 Consensus Rating 3.471
Enterprise Value 14'373.87
Average Volume 5 Day 635'047
VMED UW EQUITY YTD Change - Average Volume 30 Day 809'228
VMED UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'540'881
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
3'776.8 3'663.9 3'875.8 3'991.8 4'100.5 4'015.7 4'136.8 4'248.8 4'388.4 1'052.5 1'070.0
1.88x 2.45x 2.88x 2.38x 2.88x 10.19x 11.34x 3.26x 3.10x 11.99x 11.58x
1'301.7 1'348.9 1'510.2 1'590.2 1'653.5 1'590.6 1'675.5 1'734.0 1'807.8 436.0 457.0
5.46x 6.67x 7.39x 5.98x 7.15x 6.27x 8.66x 8.29x 7.95x - -
(920.0) (357.8) (141.4) 75.9 2'852.6 79.6 2'984.5 429.6 484.4 109.5 127.0
- - - 29.33x 20.76x 30.04x 26.43x 19.95x 16.32x - -
EBITDA 1'653.50 Long-Term Rating Date 06.02.2013
EBIT 701.80 Long-Term Rating BB *-
Operating Margin 17.11% Long-Term Outlook -
Pretax Margin 6.37% Short-Term Rating Date -
Return on Assets 32.22% Short-Term Rating -
Return on Common Equity 155.53%
Return on Capital - EBITDA/Interest Exp. 4.15
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 2.18
Net Debt/EBITDA 3.46
Gross Margin 60.3% Total Debt/EBITDA 3.65
EBITDA Margin 40.5%
EBIT Margin 17.3% Total Debt/Equity 187.8%
Net Income Margin 69.6% Total Debt/Capital 65.3%
Asset Turnover 0.45
Current Ratio 0.67 Net Fixed Asset Turnover 0.91
Quick Ratio 0.53 Accounts receivable turnover-days 37.64
Debt to Assets 56.44% Inventory Days 1.47
Tot Debt to Common Equity 187.77% Accounts Payable Turnover Day 66.06
Accounts Receivable Turnover 9.70 Cash Conversion Cycle -33.31
Inventory Turnover 248.73
Fiscal Year Ended
Virgin Media IncPrice/Volume
Valuation Analysis
744'268.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 44'458'515 16.44 (20'055'800) 31.03.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 21'657'465 8.01 125'106 31.12.2012 Bank
COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 16'109'508 5.96 - 31.12.2012 Hedge Fund Manager
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 10'948'447 4.05 1'467'296 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 10'865'101 4.02 (1'410'417) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'531'931 3.89 (91'935) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 9'548'492 3.53 (1'495'052) 31.12.2012 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 9'532'507 3.52 (2'911'928) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'864'855 2.91 (423'785) 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'180'248 2.65 746'923 23.04.2013 Investment Advisor
TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 6'959'260 2.57 (2'051'750) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'617'529 2.08 336'694 28.02.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'550'366 2.05 (2'507'819) 31.12.2012 Investment Advisor
GREENLIGHT CAPITAL I GREENLIGHT CAPITAL I 13F 4'920'000 1.82 - 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 4'771'316 1.76 54'658 24.04.2013 Investment Advisor
BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 4'600'000 1.7 4'600'000 31.12.2012 Hedge Fund Manager
LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 4'093'694 1.51 3'629'865 31.12.2012 Hedge Fund Manager
WELLS FARGO n/a ULT-AGG 3'987'460 1.47 3'636'674 28.02.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'924'506 1.45 (1'269'016) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'870'260 1.43 574'260 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays MICHAEL BISHOP overweight 5 M 50 Not Provided 25.04.2013
Jefferies JEREMY A DELLIS hold 3 M 33 12 month 24.04.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 45 12 month 24.04.2013
Evercore Partners BRYAN KRAFT equalweight 3 M 49 12 month 24.04.2013
Nomura HENRIK NYBLOM buy 5 M 40 12 month 24.04.2013
Credit Suisse PAUL SIDNEY restricted #N/A N/A M #N/A N/A Not Provided 22.04.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 55 18 month 22.04.2013
Exane BNP Paribas MICHAEL WILLIAMS outperform 5 M 50 Not Provided 19.04.2013
Deutsche Bank DAVID A WRIGHT hold 3 M 48 12 month 17.04.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 28.03.2013
Peel Hunt PATRICK YAU hold 3 M 46 Not Provided 25.03.2013
Berenberg Bank STUART GORDON hold 3 M 47 Not Provided 06.03.2013
Macquarie GUY R PEDDY neutral 3 D 46 12 month 07.02.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 D 46 Not Provided 07.02.2013
New Street Research FRANK KNOWLES Under Review #N/A N/A M #N/A N/A Not Provided 07.02.2013
Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 05.02.2013
JPMorgan CARL MURDOCK-SMITH restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013
HSBC ADAM M RUMLEY overweight 5 M 43 Not Provided 12.11.2012
Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 04.09.2012
Holdings By:
Virgin Media Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Vodafone Group Plc provides a range of mobile telecommunications services,
including voice and data communications. Vodafone has equity interests in 28
countries and Partner Networks in a further 7 countries with almost all the
Group's mobile subsidiaries operating principally under the brand name Vodafone.
In the United States their associated undertaking operates as Verizon Wireless.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (29.04.2013) 30.80
52-Week Low (21.02.2013) 24.42
Daily Volume
30.59
52-Week High % Change -0.68% Dividend Yield -
52-Week Low % Change 25.27% Beta 0.75
% 52 Week Price Range High/Low 96.71% Equity Float -
Shares Out 29.04.2013 4'888.6 Short Int 12.64
149'541.55 1 Yr Total Return 16.49%
Total Debt 34'706.00 YTD Return 21.44%
Preferred Stock 0.0 Adjusted BETA 0.754
Minority Interest 1'267.0 Analyst Recs 7
Cash and Equivalents 8'461.00 Consensus Rating 4.143
Enterprise Value -
Average Volume 5 Day 1'929'793
VOD UW EQUITY YTD Change - Average Volume 30 Day 2'232'206
VOD UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'650'918
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
35'478.0 41'017.0 44'472.0 45'884.0 46'417.0 46'525.0 44'447.0 44'826.8 45'062.5 - -
2.93x 2.36x 2.54x 2.67x 2.43x 0.00x 0.00x - - - -
13'123.0 14'520.0 14'820.0 14'668.0 18'214.0 0.0 0.0 13'234.8 13'215.8 - -
7.93x 6.67x 7.62x 8.35x 6.20x 0.00x 0.00x - - - -
6'660.0 3'078.0 8'645.0 7'968.0 6'957.0 0.0 0.0 8'063.9 8'416.2 - -
- - - - - 0.00x 0.00x 12.21x 11.76x - -
EBITDA 18'214.00 Long-Term Rating Date 30.05.2006
EBIT 10'355.00 Long-Term Rating A-
Operating Margin 22.31% Long-Term Outlook STABLE
Pretax Margin 20.57% Short-Term Rating Date 30.05.2006
Return on Assets -1.22% Short-Term Rating A-2
Return on Common Equity -2.22%
Return on Capital -3.81% EBITDA/Interest Exp. 9.43
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 6.96
Net Debt/EBITDA 1.51
Gross Margin 32.0% Total Debt/EBITDA 2.06
EBITDA Margin 31.1%
EBIT Margin 14.3% Total Debt/Equity 45.1%
Net Income Margin 15.0% Total Debt/Capital 30.7%
Asset Turnover 0.32
Current Ratio 0.83 Net Fixed Asset Turnover 2.41
Quick Ratio 0.51 Accounts receivable turnover-days 97.36
Debt to Assets 24.87% Inventory Days 6.89
Tot Debt to Common Equity 45.11% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.76 Cash Conversion Cycle -14.42
Inventory Turnover 53.11
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
Vodafone Group PLCPrice/Volume
Valuation Analysis
1'791'548.00
Current Price (4/dd/yy) Market Data
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30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 45'364'547 0.93 1'801'302 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 30'692'969 0.63 (893'927) 31.12.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 29'093'934 0.6 (1'007'886) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 24'142'133 0.49 (816'942) 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 22'026'860 0.45 (229'054) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 18'034'949 0.37 (46'157) 31.12.2012 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 16'309'108 0.33 678'457 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 15'077'867 0.31 999'300 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'781'495 0.26 (652'843) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 11'818'760 0.24 (4'282'307) 28.02.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'472'680 0.23 (705'862) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 10'689'113 0.22 (2'337'983) 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 9'983'851 0.2 251'700 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 9'617'709 0.2 (5'934'996) 23.04.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 9'574'678 0.2 - 31.12.2012 Insurance Company
LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 9'441'183 0.19 (360'362) 31.12.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 9'196'739 0.19 28'686 31.03.2013 Investment Advisor
FISHER INVESTMENTS I FISHER INVESTMENTS 13F 8'340'373 0.17 1'328'134 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 8'083'610 0.17 328'670 31.12.2012 Unclassified
SCHAFER CULLEN CAPIT SCHAFER CULLEN CAPIT 13F 7'675'322 0.16 1'079'518 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 21 12 month 17.04.2013
Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 03.04.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 28.03.2013
Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 33 12 month 26.03.2013
Robert W. Baird & Co WILLIAM V POWER outperform 5 M 30 12 month 13.03.2013
Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 07.02.2013
Holdings By:
Vodafone Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Western Digital Corporation is a global provider of solutions for the
collection, storage, management, protection and use of digital content,
including audio and video. The Company's products include hard drives,
solid-state drives, and home entertainment and networking products.
Latest Fiscal Year: 06/2012
LTM as of: 03/yy
52-Week High (25.04.2013) 57.95
52-Week Low (28.06.2012) 28.32
Daily Volume
54.12
52-Week High % Change -6.61% Dividend Yield 0.92
52-Week Low % Change 91.10% Beta -
% 52 Week Price Range High/Low 87.07% Equity Float 213.85
Shares Out 29.03.2013 240.7 Short Int 6.18
13'024.81 1 Yr Total Return -
Total Debt 2'185.00 YTD Return 28.03%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 3'208.00 Consensus Rating 3.500
Enterprise Value 10'977.81
Average Volume 5 Day 1'381'340
WDC UW EQUITY YTD Change - Average Volume 30 Day 877'820
WDC UW EQUITY YTD % CHANGE - Average Volume 3 Month 873'356
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
8'074.0 7'453.0 9'850.0 9'526.0 12'478.0 10'127.0 16'377.0 15'226.4 14'866.5 3'614.9 3'757.5
0.90x 0.62x 0.47x 0.56x 0.52x 2.14x 1.39x 0.70x 0.62x 2.92x 2.73x
1'419.0 1'106.0 2'035.0 1'383.0 2'890.0 1'970.0 2'986.0 3'449.6 3'124.0 774.3 846.0
5.11x 4.15x 2.28x 3.86x 2.24x 5.16x 0.00x 3.18x 3.51x 3.30x 3.27x
867.0 470.0 1'382.0 726.0 1'612.0 1'025.0 1'990.0 2'013.8 1'848.1 433.2 489.6
8.07x 10.97x 5.03x 11.58x 3.89x 7.68x 5.96x 6.52x 6.85x 6.91x 6.80x
EBITDA 2'890.00 Long-Term Rating Date 29.04.1999
EBIT 2'065.00 Long-Term Rating NR
Operating Margin 16.55% Long-Term Outlook -
Pretax Margin 14.08% Short-Term Rating Date -
Return on Assets 14.00% Short-Term Rating -
Return on Common Equity 25.13%
Return on Capital 19.73% EBITDA/Interest Exp. 111.15
Asset Turnover 1.15% (EBITDA-Capex)/Interest Exp. 83.58
Net Debt/EBITDA -0.54
Gross Margin 29.2% Total Debt/EBITDA 0.53
EBITDA Margin 23.1%
EBIT Margin 15.3% Total Debt/Equity 28.5%
Net Income Margin 12.9% Total Debt/Capital 22.2%
Asset Turnover 1.15
Current Ratio 1.77 Net Fixed Asset Turnover 4.11
Quick Ratio 1.38 Accounts receivable turnover-days 45.31
Debt to Assets 15.38% Inventory Days 38.92
Tot Debt to Common Equity 28.49% Accounts Payable Turnover Day 76.09
Accounts Receivable Turnover 8.03 Cash Conversion Cycle 5.90
Inventory Turnover 9.35
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
Western Digital CorpPrice/Volume
Valuation Analysis
1'244'964.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HITACHI LTD n/a ULT-AGG 25'000'000 10.39 - 17.09.2012 Corporation
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'830'208 6.16 467'096 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 12'022'830 5 (752'855) 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 11'722'308 4.87 (3'211'794) 23.04.2013 Investment Advisor
ALKEN ASSET MANAGEME ALKEN ASSET MANAGEME 13F 8'878'439 3.69 25'829 31.03.2013 Investment Advisor
FIRST PACIFIC ADVISO FIRST PACIFIC ADVISO 13F 6'662'900 2.77 (1'393'600) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 5'407'491 2.25 848'713 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'374'730 2.23 (315'100) 31.03.2013 Investment Advisor
BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 4'620'895 1.92 (499'946) 31.12.2012 Investment Advisor
CORNERSTONE INVESTME CORNERSTONE INVESTME 13F 4'520'071 1.88 (1'799'884) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'772'247 1.57 2'334'512 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'344'100 1.39 324'826 31.03.2013 Investment Advisor
APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 3'274'010 1.36 (174'184) 31.03.2013 Investment Advisor
HERNDON CAPITAL MANA HERNDON CAPITAL MANA 13F 3'125'852 1.3 188'163 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'090'511 1.28 (56'703) 31.12.2012 Investment Advisor
COMMONWEALTH BANK OF COMMONWEALTH BANK OF 13F 3'063'188 1.27 3'003'257 31.12.2012 Bank
BRANDYWINE GLOBAL IN BRANDYWINE GLOBAL IN 13F 2'968'439 1.23 1'265'072 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'865'152 1.19 1'173'309 31.12.2012 Government
FMR LLC n/a ULT-AGG 2'743'512 1.14 1'071'930 28.02.2013 Investment Advisor
AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 2'526'308 1.05 641'724 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 25.04.2013
Goldman Sachs WILLIAM C SHOPE JR neutral/cautious 3 M 50 6 month 25.04.2013
RBC Capital Markets AMIT DARYANANI outperform 5 M 60 12 month 25.04.2013
JPMorgan MARK A MOSKOWITZ neutral 3 M 47 6 month 25.04.2013
Barclays BENJAMIN A REITZES equalweight 3 M 45 Not Provided 25.04.2013
BMO Capital Markets KEITH F BACHMAN market perform 3 M 45 Not Provided 24.04.2013
Deutsche Bank SHERRI SCRIBNER buy 5 M 62 12 month 24.04.2013
Evercore Partners ROBERT CIHRA overweight 5 M 70 12 month 24.04.2013
Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 24.04.2013
Lazard Capital Markets EDWARD PARKER buy 5 M 58 12 month 24.04.2013
Cross Research STEVEN B FOX hold 3 M 49 12 month 24.04.2013
Brean Murray Carret & Co ANANDA BARUAH buy 5 M 60 12 month 22.04.2013
Pacific Crest Securities MONIKA GARG sector perform 3 M #N/A N/A Not Provided 05.04.2013
Longbow Research JOE WITTINE neutral 3 M #N/A N/A Not Provided 01.04.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 15.03.2013
Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 51 Not Provided 13.03.2013
Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 30.01.2013
Credit Agricole Securities (USA) AVI SILVER underperform 1 M 47 Not Provided 29.01.2013
Needham & Co RICHARD J KUGELE strong buy 5 M 52 12 month 24.01.2013
Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 50 12 month 24.01.2013
Stifel AARON C RAKERS buy 5 M 55 12 month 24.01.2013
Noble Financial Group MARK S MILLER buy 5 M 52 12 month 24.01.2013
Craig-Hallum Capital Group LLC CHRISTIAN SCHWAB buy 5 M 54 12 month 24.01.2013
FBN Securities SHEBLY SEYRAFI sector perform 3 M 50 12 month 24.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 14.01.2013
S&P Capital IQ JIM YIN sell 1 M 27 Not Provided 30.11.2012
Holdings By:
Western Digital Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Whole Foods Market, Inc. owns and operates a chain of natural food supermarkets
in the United States. The Company's stores provides full range of merchandise,
featuring products that are free of artificial flavors, sweeteners, colors,
preservatives, and added chemicals. Whole Foods also develops, produces, and
markets nutriceuticals and nutritional supplements.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (05.10.2012) 99.67
52-Week Low (23.07.2012) 79.79
Daily Volume
88.13
52-Week High % Change -11.57% Dividend Yield 2.97
52-Week Low % Change 10.45% Beta 0.99
% 52 Week Price Range High/Low 41.95% Equity Float 183.51
Shares Out 15.02.2013 185.3 Short Int 3.55
16'333.31 1 Yr Total Return 9.23%
Total Debt 24.12 YTD Return -3.06%
Preferred Stock 0.0 Adjusted BETA 0.991
Minority Interest 0.0 Analyst Recs 31
Cash and Equivalents 1'220.23 Consensus Rating 3.935
Enterprise Value 15'432.31
Average Volume 5 Day 567'679
WFM UW EQUITY YTD Change - Average Volume 30 Day 582'475
WFM UW EQUITY YTD % CHANGE - Average Volume 3 Month 642'573
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 01/yy 01/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
7'953.9 8'031.6 9'005.8 10'107.8 11'698.8 10'495.1 12'163.9 13'058.3 14'925.7 3'028.4 3'101.3
0.48x 0.59x 0.71x 1.14x 1.44x 4.35x 5.23x 1.18x 1.01x 5.05x 4.92x
485.5 551.0 762.8 883.9 1'111.8 934.2 1'170.5 1'214.5 1'419.1 298.7 305.6
7.82x 8.65x 8.42x 13.08x 15.17x 13.34x 13.57x 12.71x 10.87x 12.07x 11.58x
114.5 146.8 245.8 342.6 465.6 372.2 493.2 540.6 646.6 137.4 138.3
21.96x 29.06x 23.02x 32.32x 35.94x 32.46x 31.77x 30.68x 25.94x 29.26x 28.01x
EBITDA 1'111.84 Long-Term Rating Date 07.08.2012
EBIT 800.29 Long-Term Rating BBB-
Operating Margin 6.84% Long-Term Outlook STABLE
Pretax Margin 6.43% Short-Term Rating Date -
Return on Assets 10.27% Short-Term Rating -
Return on Common Equity 14.67%
Return on Capital - EBITDA/Interest Exp. 1314.23
Asset Turnover 2.53% (EBITDA-Capex)/Interest Exp. 774.93
Net Debt/EBITDA -0.77
Gross Margin 35.5% Total Debt/EBITDA 0.02
EBITDA Margin 9.6%
EBIT Margin 7.0% Total Debt/Equity 0.6%
Net Income Margin 4.0% Total Debt/Capital 0.6%
Asset Turnover 2.53
Current Ratio 2.15 Net Fixed Asset Turnover 5.75
Quick Ratio 1.45 Accounts receivable turnover-days 5.41
Debt to Assets 0.46% Inventory Days 18.41
Tot Debt to Common Equity 0.63% Accounts Payable Turnover Day 11.06
Accounts Receivable Turnover 68.57 Cash Conversion Cycle 11.54
Inventory Turnover 20.16
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Whole Foods Market IncPrice/Volume
Valuation Analysis
578'822.00
Current Price (4/dd/yy) Market Data
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12'000.0
14'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 11'091'999 5.98 (18'127) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 10'538'739 5.69 719'263 23.04.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 9'822'593 5.3 86'880 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 9'703'018 5.24 68'316 24.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'695'592 5.23 2'547'726 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 8'993'254 4.85 1'074'828 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 7'988'240 4.31 270'757 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 6'551'626 3.54 (961'753) 28.02.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'836'954 2.07 (321'679) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 3'689'977 1.99 439'586 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'685'768 1.99 (732'015) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'094'554 1.67 (858'303) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'868'018 1.55 (289'568) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'822'000 1.52 (406'600) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'699'598 1.46 (144'121) 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'100'974 1.13 35'900 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 2'040'189 1.1 1'287'030 31.12.2012 Government
ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 1'941'788 1.05 582'564 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'559'082 0.84 13'681 31.01.2013 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 1'540'444 0.83 (153'770) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KAREN SHORT outperform 5 M 105 Not Provided 23.04.2013
Williams Capital Group MARC RIDDICK market perform 3 M 99 12 month 23.04.2013
Northcoast Research CHARLES E CERANKOSKY buy 5 M 112 12 month 18.04.2013
Wells Fargo Securities, LLC KATE WENDT outperform 5 M #N/A N/A Not Provided 15.04.2013
Longbow Research PHILIP TERPOLILLI neutral 3 M #N/A N/A Not Provided 11.04.2013
Piper Jaffray SEAN NAUGHTON neutral 3 M 89 12 month 04.04.2013
Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 02.04.2013
Morgan Stanley MARK WILTAMUTH Overwt/In-Line 5 M 110 12 month 20.03.2013
Raymond James BENJAMIN BROWNLOW market perform 3 N #N/A N/A Not Provided 19.03.2013
SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 105 12 month 18.03.2013
Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 110 12 month 06.03.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 20.02.2013
Cantor Fitzgerald AJAY JAIN buy 5 M 104 12 month 19.02.2013
CL King & Associates ERIC J LARSON neutral 3 M 88 12 month 19.02.2013
Goldman Sachs STEPHEN GRAMBLING Buy/Neutral 5 M 103 12 month 18.02.2013
Deutsche Bank SHANE HIGGINS buy 5 M 100 12 month 15.02.2013
Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 15.02.2013
RBC Capital Markets EDWARD AARON outperform 5 M 100 12 month 14.02.2013
JPMorgan KENNETH GOLDMAN overweight 5 M 103 6 month 14.02.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 14.02.2013
Canaccord Genuity Corp SCOTT VAN WINKLE buy 5 M 112 12 month 14.02.2013
BB&T Capital Markets ANDREW P WOLF hold 3 M #N/A N/A Not Provided 14.02.2013
Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 105 12 month 14.02.2013
Cowen and Company PAUL L WESTRA outperform 5 M #N/A N/A Not Provided 14.02.2013
Barclays MEREDITH ADLER equalweight 3 M 88 Not Provided 14.02.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 105 12 month 14.02.2013
Credit Suisse EDWARD J KELLY neutral 3 M 90 Not Provided 13.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ JOSEPH AGNESE hold 3 D 99 12 month 08.11.2012
Gabelli & Co JUSTYN PUTNAM buy 5 N #N/A N/A Not Provided 28.11.2008
Holdings By:
Whole Foods Market Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Wynn Resorts Limited owns and operates luxury hotels and destination casino
resorts in Las Vegas, Nevada and in Macau, China. The Resorts feature guest
rooms and suites, restaurants, a golf course, and an on-site luxury automotive
dealership.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.04.2013) 136.50
52-Week Low (26.07.2012) 84.49
Daily Volume
135.8
52-Week High % Change -0.51% Dividend Yield 7.36
52-Week Low % Change 60.73% Beta 1.31
% 52 Week Price Range High/Low 98.65% Equity Float 80.33
Shares Out 13.03.2013 100.9 Short Int 4.55
13'703.81 1 Yr Total Return 11.12%
Total Debt 5'810.76 YTD Return 21.71%
Preferred Stock 0.0 Adjusted BETA 1.311
Minority Interest 363.0 Analyst Recs 30
Cash and Equivalents 1'725.22 Consensus Rating 4.233
Enterprise Value 18'152.32
Average Volume 5 Day 480'948
WYNN UW EQUITY YTD Change - Average Volume 30 Day 387'607
WYNN UW EQUITY YTD % CHANGE - Average Volume 3 Month 400'310
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 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
2'987.3 3'045.6 4'184.7 5'269.8 5'154.3 5'269.8 5'154.3 5'428.1 5'654.9 1'349.9 1'345.1
2.64x 2.92x 3.61x 3.02x 3.06x 13.17x 12.59x 3.29x 3.20x 13.18x 13.24x
607.9 674.0 1'056.0 1'536.9 1'442.5 1'536.9 1'442.5 1'702.8 1'771.8 428.5 418.4
12.99x 13.18x 14.29x 10.36x 10.95x 10.36x 10.95x 10.66x 10.24x 10.64x 10.45x
210.5 20.7 160.1 613.4 502.0 613.4 502.0 692.2 727.1 169.1 163.1
22.01x 215.67x 48.75x 22.50x 21.55x 19.28x 21.02x 20.45x 19.40x 21.36x 20.68x
EBITDA 1'442.45 Long-Term Rating Date 10.06.2011
EBIT 1'069.25 Long-Term Rating BB+
Operating Margin 20.74% Long-Term Outlook STABLE
Pretax Margin 14.22% Short-Term Rating Date -
Return on Assets 7.08% Short-Term Rating -
Return on Common Equity -
Return on Capital 17.87% EBITDA/Interest Exp. 4.96
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 4.13
Net Debt/EBITDA 2.83
Gross Margin 36.9% Total Debt/EBITDA 4.03
EBITDA Margin 29.0%
EBIT Margin 21.8% Total Debt/Equity -
Net Income Margin 9.7% Total Debt/Capital 98.2%
Asset Turnover 0.73
Current Ratio 1.95 Net Fixed Asset Turnover 1.07
Quick Ratio 1.74 Accounts receivable turnover-days 16.94
Debt to Assets 79.86% Inventory Days 7.65
Tot Debt to Common Equity - Accounts Payable Turnover Day 18.98
Accounts Receivable Turnover 21.61 Cash Conversion Cycle 5.60
Inventory Turnover 47.87
Fiscal Year Ended
Wynn Resorts LtdPrice/Volume
Valuation Analysis
334'960.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WADDELL & REED FINAN WADDELL & REED FINAN 13F 15'039'402 14.9 434'885 31.12.2012 Investment Advisor
WYNN STEPHEN A n/a PROXY 10'026'708 9.94 - 01.03.2013 n/a
WYNN ELAINE P n/a Form 4 9'659'355 9.57 (82'795) 04.02.2013 n/a
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'410'939 5.36 515'471 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'603'200 4.56 2'386'800 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 4'112'414 4.08 145'874 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'053'832 4.02 (127'336) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'754'501 3.72 193'403 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'044'202 3.02 582'867 31.12.2012 Investment Advisor
LATEEF INVESTMENT MA LATEEF INVESTMENT MA 13F 2'666'549 2.64 114'357 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 1'781'682 1.77 55'727 31.12.2012 Investment Advisor
COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 1'393'750 1.38 (74'527) 28.02.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 1'374'520 1.36 179'320 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'007'868 1 678'903 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 994'084 0.99 (12'807) 31.12.2012 Investment Advisor
SOROBAN CAPITAL PART SOROBAN CAPITAL PART 13F 990'000 0.98 990'000 31.12.2012 Hedge Fund Manager
BAMCO INC BAMCO INC 13F 921'613 0.91 (87'840) 31.12.2012 Investment Advisor
PACIFIC HEIGHTS ASSE PACIFIC HEIGHTS ASSE 13F 908'000 0.9 (300'000) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 797'762 0.79 (571) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 794'161 0.79 107'904 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 131 Not Provided 24.04.2013
Stifel STEVEN M WIECZYNSKI hold 3 M #N/A N/A Not Provided 23.04.2013
Cantor Fitzgerald ROBERT A LAFLEUR buy 5 M 151 12 month 22.04.2013
Wells Fargo Securities, LLC CAMERON MCKNIGHT outperform 5 M #N/A N/A Not Provided 22.04.2013
Lazard Capital Markets JAKE FULLER buy 5 M 145 12 month 22.04.2013
ISI Group IAN WEISSMAN buy 5 M 144 12 month 21.04.2013
Deutsche Bank CARLO SANTARELLI buy 5 M 146 12 month 17.04.2013
Susquehanna Financial Group RACHAEL ROTHMAN Positive 4 M 146 12 month 17.04.2013
Barclays FELICIA R KANTOR HENDRIX overweight 5 M 139 Not Provided 17.04.2013
RBC Capital Markets JOHN KEMPF outperform 5 M 133 12 month 16.04.2013
Sterne, Agee & Leach DAVID BAIN neutral 3 M 120 12 month 15.04.2013
JPMorgan JOSEPH R GREFF overweight 5 M 149 9 month 10.04.2013
Nomura HARRY C CURTIS buy 5 M 141 12 month 09.04.2013
Janney Montgomery Scott LLC BRIAN MCGILL buy 5 M 175 12 month 02.04.2013
Compass Point Research & Trading LLC MICHAEL TURNER neutral 3 M 119 12 month 04.03.2013
Morgan Stanley THOMAS ALLEN Equalwt/In-Line 3 M 127 12 month 04.02.2013
Macquarie CHAD BEYNON neutral 3 M 119 12 month 01.02.2013
S&P Capital IQ ESTHER KWON buy 5 M 140 Not Provided 01.02.2013
Gabelli & Co AMIT KAPOOR buy 5 M #N/A N/A Not Provided 01.02.2013
Craig-Hallum Capital Group LLC BRYAN MAHER buy 5 M 150 12 month 01.02.2013
Atlantic Equities LLP ALISTAIR M SCOBIE neutral 3 M 130 12 month 01.02.2013
Credit Agricole Securities (USA) JON OH outperform 5 M 132 Not Provided 01.02.2013
Credit Suisse JOEL H SIMKINS outperform 5 M 144 Not Provided 31.01.2013
Union Gaming Research BILL LERNER buy 5 U 150 12 month 31.01.2013
Goldman Sachs STEVEN KENT Buy/Neutral 5 M 159 12 month 17.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Imperial Capital LLC GREGG M KLEIN outperform 5 M 145 12 month 07.01.2013
Phillip Securities MAGDALENE CHOONG neutral 3 N #N/A N/A Not Provided 18.07.2012
Holdings By:
Wynn Resorts Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Xilinx, Inc. designs, develops, and markets complete programmable logic
solutions. The Company's solutions include advanced integrated circuits,
software design tools, predefined system functions delivered as cores of logic,
and field engineering support. Xilinx sells its products through several
channels of distribution to customers in the United States and overseas.
Latest Fiscal Year: 03/2013
LTM as of: 03/yy
52-Week High (19.02.2013) 39.43
52-Week Low (24.07.2012) 30.25
Daily Volume
37.69
52-Week High % Change -4.41% Dividend Yield 2.33
52-Week Low % Change 24.60% Beta 1.18
% 52 Week Price Range High/Low 81.05% Equity Float 261.13
Shares Out 30.03.2013 261.6 Short Int 7.86
9'858.26 1 Yr Total Return 6.31%
Total Debt 922.67 YTD Return 5.62%
Preferred Stock 0.0 Adjusted BETA 1.181
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 1'714.75 Consensus Rating 3.813
Enterprise Value 9'066.18
Average Volume 5 Day 937'386
XLNX UW EQUITY YTD Change - Average Volume 30 Day 809'048
XLNX UW EQUITY YTD % CHANGE - Average Volume 3 Month 909'309
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2
1'825.2 1'833.6 2'369.4 2'240.7 2'168.7 2'240.7 2'168.7 2'291.7 2'543.8 550.9 562.8
2.45x 3.30x 3.17x 3.84x - 13.93x 11.23x 3.87x 3.28x 16.90x 16.39x
522.9 527.4 864.6 718.9 - 718.9 488.8 746.9 851.9 176.9 179.7
8.56x 11.47x 8.69x 11.97x - 11.97x 0.00x 12.14x 10.64x 12.19x 11.66x
361.7 357.5 641.9 530.1 487.5 530.1 487.5 555.6 645.0 131.9 134.7
14.65x 19.91x 13.23x 18.33x 21.32x 17.71x 21.44x 18.75x 16.58x 18.86x 18.06x
EBITDA 654.29 Long-Term Rating Date 04.04.2012
EBIT 580.73 Long-Term Rating BBB+u
Operating Margin 26.78% Long-Term Outlook STABLE
Pretax Margin 25.22% Short-Term Rating Date -
Return on Assets 10.61% Short-Term Rating -
Return on Common Equity 17.19%
Return on Capital 14.56% EBITDA/Interest Exp. 13.17
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 11.89
Net Debt/EBITDA -1.21
Gross Margin 66.0% Total Debt/EBITDA 1.41
EBITDA Margin 30.2%
EBIT Margin 26.8% Total Debt/Equity 31.1%
Net Income Margin 22.5% Total Debt/Capital 23.7%
Asset Turnover 0.47
Current Ratio 5.94 Net Fixed Asset Turnover 5.70
Quick Ratio 5.03 Accounts receivable turnover-days 37.27
Debt to Assets 19.51% Inventory Days 100.26
Tot Debt to Common Equity 31.14% Accounts Payable Turnover Day 102.23
Accounts Receivable Turnover 9.77 Cash Conversion Cycle 35.31
Inventory Turnover 3.63
Fiscal Year Ended
Xilinx IncPrice/Volume
Valuation Analysis
597'571.00
Current Price (4/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] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'370'771 6.26 482'350 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 14'943'097 5.71 (6'715'556) 23.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 14'291'164 5.46 51'390 24.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'275'610 5.46 (1'972'440) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 13'091'070 5 659'264 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 12'815'197 4.9 562'584 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 12'748'300 4.87 (1'375'000) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 8'567'292 3.28 (1'748'957) 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 6'396'177 2.45 404'558 31.03.2013 Investment Advisor
ASHMORE WELATH MANAG ASHMORE WEALTH MANAG 13F 6'376'000 2.44 6'376'000 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'926'888 2.27 804'134 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'633'885 2.15 589'194 31.12.2012 Investment Advisor
PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 4'488'960 1.72 (105'305) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'488'952 1.72 160'666 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'216'110 1.61 (799'859) 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'142'451 1.58 (9'980) 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4'031'844 1.54 3'879'923 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'586'099 1.37 (285'572) 31.12.2012 Investment Advisor
ALKEON CAPITAL MANAG ALKEON CAPITAL MANAG 13F 3'289'997 1.26 (1'220'960) 31.12.2012 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 3'101'906 1.19 (94'511) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 25.04.2013
Piper Jaffray AUGUSTE P RICHARD overweight 5 M 43 12 month 25.04.2013
Barclays BLAYNE CURTIS equalweight 3 M 41 Not Provided 25.04.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 37 12 month 24.04.2013
SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 M 38 12 month 24.04.2013
Jefferies MARK J LIPACIS hold 3 M 37 12 month 24.04.2013
Raymond James HANS C MOSESMANN outperform 5 M 42 12 month 24.04.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 24.04.2013
BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 41 Not Provided 22.04.2013
Robert W. Baird & Co TRISTAN GERRA neutral 3 M 35 12 month 22.04.2013
ISI Group SUMIT DHANDA buy 5 M 39 12 month 22.04.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 34 12 month 19.04.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 17.04.2013
Mizuho Securities USA Inc RUBEN ROY neutral 3 M 39 12 month 15.04.2013
Nomura ROMIT SHAH neutral 3 M 30 12 month 15.04.2013
Lazard Capital Markets IAN ING neutral 3 M #N/A N/A Not Provided 15.04.2013
Miller Tabak + Co., LLC BRENDAN FURLONG hold 3 M 36 12 month 21.03.2013
Macquarie SHAWN WEBSTER neutral 3 M 40 12 month 13.03.2013
Argus Research Corp JAMES KELLEHER hold 3 N #N/A N/A Not Provided 08.03.2013
JPMorgan CHRISTOPHER DANELY overweight 5 M 41 6 month 06.03.2013
Pacific Crest Securities JOHN VINH sector perform 3 M #N/A N/A Not Provided 06.03.2013
William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 06.03.2013
S&P Capital IQ CHRISTIN ARMACOST buy 5 M 41 12 month 06.03.2013
Credit Agricole Securities (USA) SRINI PAJJURI buy 5 M 44 Not Provided 06.03.2013
Credit Suisse JOHN W PITZER outperform 5 M 42 Not Provided 05.03.2013
Goldman Sachs JAMES SCHNEIDER neutral/attractive 3 M 41 12 month 20.02.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 44 12 month 13.02.2013
Canaccord Genuity Corp ROBERT BURLESON hold 3 M 36 12 month 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
GARP Research SETH DADDS neutral 3 M #N/A N/A Not Provided 26.07.2012
Holdings By:
Xilinx Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Yahoo! Inc., is a global Internet media company that offers communications,
content, and a community platform that delivers consumer experiences and
advertising solutions across digitial screens. The Company's site includes a
hierarchical, subject-based directory of Web sites, which enables users to
locate and access information.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (26.04.2013) 25.37
52-Week Low (31.08.2012) 14.59
Daily Volume
24.43
52-Week High % Change -3.69% Dividend Yield 0.00
52-Week Low % Change 67.44% Beta 0.83
% 52 Week Price Range High/Low 91.32% Equity Float 910.42
Shares Out 31.03.2013 1'101.3 Short Int 26.10
26'904.65 1 Yr Total Return 57.21%
Total Debt 37.00 YTD Return 22.76%
Preferred Stock 0.0 Adjusted BETA 0.828
Minority Interest 45.4 Analyst Recs 36
Cash and Equivalents 6'022.38 Consensus Rating 3.722
Enterprise Value 21'555.47
Average Volume 5 Day 4'447'750
YHOO UW EQUITY YTD Change - Average Volume 30 Day 4'749'683
YHOO UW EQUITY YTD % CHANGE - Average Volume 3 Month 5'020'637
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
7'208.5 6'460.3 6'324.7 4'984.2 4'986.6 4'991.1 4'905.7 4'531.0 4'658.1 1'081.6 1'118.7
1.77x 2.96x 2.88x 3.36x 3.26x 12.40x 12.84x 5.01x 4.70x 21.57x 20.75x
1'397.4 1'252.4 1'513.0 1'473.0 1'457.1 1'433.2 1'469.1 1'662.0 1'728.6 368.1 405.9
9.14x 15.29x 12.04x 11.37x 11.15x 10.80x 14.00x 12.97x 12.47x 13.04x 12.88x
418.9 598.0 1'231.7 1'048.8 3'945.5 1'112.2 4'049.4 1'444.0 1'560.9 314.5 345.9
42.07x 38.79x 20.60x 19.43x 15.72x 17.24x 24.18x 18.20x 16.52x 18.34x 17.75x
EBITDA 1'457.14 Long-Term Rating Date 18.04.2008
EBIT 802.54 Long-Term Rating NR
Operating Margin 16.09% Long-Term Outlook -
Pretax Margin 118.13% Short-Term Rating Date -
Return on Assets 25.75% Short-Term Rating -
Return on Common Equity 30.04%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -3.67
Gross Margin 67.5% Total Debt/EBITDA 0.00
EBITDA Margin 29.9%
EBIT Margin 16.4% Total Debt/Equity 0.3%
Net Income Margin 79.1% Total Debt/Capital 0.3%
Asset Turnover 0.31
Current Ratio 4.38 Net Fixed Asset Turnover 2.94
Quick Ratio 4.02 Accounts receivable turnover-days 70.13
Debt to Assets 0.22% Inventory Days -
Tot Debt to Common Equity 0.25% Accounts Payable Turnover Day 27.87
Accounts Receivable Turnover 5.20 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
Yahoo! IncPrice/Volume
Valuation Analysis
2'972'924.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
30.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
THIRD POINT LLC THIRD POINT LLC 13F 73'000'400 6.63 - 31.12.2012 Hedge Fund Manager
FILO DAVID n/a Form 4 71'361'390 6.48 (500'000) 27.08.2012 n/a
THIRD POINT LLC n/a Form 4 62'000'000 5.63 (11'000'400) 01.02.2013 Hedge Fund Manager
STATE STREET n/a ULT-AGG 59'520'455 5.4 462'401 24.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 51'042'348 4.63 (1'906'657) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 47'884'604 4.35 (1'033'190) 31.03.2013 Investment Advisor
YANG JERRY n/a Form 4 46'610'564 4.23 800'000 25.11.2011 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 35'693'952 3.24 (40'053'983) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 35'419'632 3.22 24'881'661 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 28'229'816 2.56 (3'381'146) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 27'807'651 2.52 27'786'182 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'456'945 1.59 3'451'432 31.03.2013 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 15'897'077 1.44 14'392'794 31.12.2012 Investment Advisor
TIGER GLOBAL MANAGEM TIGER GLOBAL MANAGEM 13F 14'000'000 1.27 (11'000'000) 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'830'883 1.26 (446) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 13'158'797 1.19 (8'208'344) 31.12.2012 Government
CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 10'725'954 0.97 2'010'559 31.12.2012 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 9'997'715 0.91 2'847'197 31.12.2012 Hedge Fund Manager
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 9'766'006 0.89 2'053'676 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 9'740'706 0.88 (153'900) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets MARK S MAHANEY outperform 5 M 24 12 month 24.04.2013
Morgan Stanley JORDAN MONAHAN Equalwt/Attractive 3 M #N/A N/A Not Provided 23.04.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 26 12 month 22.04.2013
Stifel JORDAN ROHAN buy 5 M 27 12 month 22.04.2013
Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 27 12 month 22.04.2013
Sanford C. Bernstein & Co CARLOS KIRJNER market perform 3 M 23 12 month 19.04.2013
Raymond James AARON M KESSLER outperform 5 M 27 12 month 19.04.2013
BMO Capital Markets DANIEL SALMON market perform 3 M 23 Not Provided 17.04.2013
Goldman Sachs HEATH P TERRY buy/attractive 5 M 27 12 month 17.04.2013
Credit Suisse STEPHEN JU neutral 3 M 23 Not Provided 17.04.2013
JPMorgan DOUGLAS ANMUTH neutral 3 M 26 6 month 17.04.2013
Jefferies BRIAN J PITZ hold 3 M 24 12 month 17.04.2013
Needham & Co LAURA A MARTIN buy 5 M 26 12 month 17.04.2013
William Blair & Co RALPH SCHACKART market perform 3 M #N/A N/A Not Provided 17.04.2013
Macquarie BENJAMIN A SCHACHTER neutral 3 M 27 12 month 17.04.2013
B Riley & Company, Inc SAMEET SINHA buy 5 M 26 Not Provided 17.04.2013
Evercore Partners KEN SENA equalweight 3 M 27 12 month 17.04.2013
BGC Partners COLIN W GILLIS hold 3 M 24 12 month 17.04.2013
Wells Fargo Securities, LLC PETER STABLER market perform 3 M #N/A N/A Not Provided 17.04.2013
Cowen and Company JOHN BLACKLEDGE neutral 3 M #N/A N/A Not Provided 17.04.2013
JMP Securities RONALD V JOSEY III market perform 3 M #N/A N/A Not Provided 17.04.2013
S&P Capital IQ SCOTT H KESSLER hold 3 M 25 12 month 17.04.2013
Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 17.04.2013
Atlantic Equities LLP HAMILTON FABER neutral 3 M 26 12 month 17.04.2013
Credit Agricole Securities (USA) JAMES LEE underperform 1 M 23 Not Provided 17.04.2013
Barclays ANTHONY J DICLEMENTE overweight 5 M 26 Not Provided 17.04.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 17.04.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 29 12 month 17.04.2013
Pivotal Research Group LLC BRIAN WIESER hold 3 M 26 12 month 17.04.2013
Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 16.04.2013
Piper Jaffray EUGENE E MUNSTER neutral 3 M 21 12 month 16.04.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 M 23 Not Provided 15.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 29.01.2013
Deutsche Bank LLOYD WALMSLEY hold 3 M 15 12 month 27.11.2012
Holdings By:
Yahoo! Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |