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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 14281184 1923.576 1116 1116 204 220 220 101.41 110.54 110.54 15.30 15.30 14.04 14.04 18.80
Euro Stoxx 50 Pr EUR 2555033 5428.22 4634 4634 740 776 776 230.14 308.17 308.17 19.06 16.44 14.23 14.23 19.71
NIKKEI 225 JPY 2553542 187.175 188 188 19 20 20 5.27 5.50 5.50 0.27 0.27 0.25 0.25 0.12
FTSE 100 INDEX GBP 2684101 11617.73 9620 9620 1448 1651 1651 532.11 821.22 821.22 27.64 - 17.91 17.91 22.26
SWISS MARKET INDEX CHF 1031986 10949.77 4120 4120 845 836 836 408.90 551.91 551.91 21.14 18.80 15.66 15.66 21.93
S&P/TSX COMPOSITE INDEX CAD 1670979 17101.32 7899 7899 1847 2081 2081 793.83 887.70 887.70 15.34 15.34 13.72 13.72 24.22
S&P/ASX 200 INDEX AUD 1406910 6765.465 2874 2874 607 705 705 252.31 342.22 342.22 21.52 17.41 15.86 15.86 22.41
HANG SENG INDEX HKD 1692292 3630.113 1766 1766 362 478 478 267.66 266.29 266.29 1.38 1.51 1.39 1.39 2.94
MSCI EM USD 7658673 1544.178 1079 1079 201 220 220 86.99 95.05 95.05 11.75 13.38 10.76 10.76 20.03
AIR LIQUIDE SA EUR 38129 169 311 9 0 0 1 46.30 19722 19722 21011 22524 4880 4880 - - 6.69 6.66 7.17 7.93 23.58 23.70 21.90 19.81 7.74 6.61 8.26 8.74 31.84 A 02.07.2007 - -
ALLIANZ SE-REG EUR 63690 543 453 37 0 3 16 87.98 123562 123561 134052 137749 - - - - 15.06 14.70 15.60 16.33 12.23 12.02 11.52 11.01 12.72 3.88 - - - AA 27.01.2012 Aa3 03.05.2004
ANHEUSER-BUSCH INBEV NV EUR 155231 463 1602 57 0 6 18 244.51 51162 51162 57945 62722 19882 19882 - - 5.74 5.83 6.39 7.22 27.45 27.82 25.03 22.17 2.35 19.25 1.29 22.83 50.01 A 01.05.2012 A3 27.03.2012
ARCELORMITTAL EUR 22181 2761 1549 33 0 4 6 60.50 108368 108368 111347 116268 8702 9201 1860 1860 0.01 -3.10 0.87 1.85 - 109.16 25.36 11.91 -13.37 -4.76 -40.77 -24.46 10.93 BB+ 02.08.2012 Ba1 06.11.2012
ASML HOLDING NV EUR 27744 317 407 1 0 0 3 25.25 6089 6089 6253 7814 1729 1729 180 180 3.45 3.47 2.94 4.56 25.04 25.13 29.55 19.10 -20.94 24.16 -32.98 9.18 36.54 - - Baa2 11.11.2010
ASSICURAZIONI GENERALI EUR 25464 2630 1541 30 0 4 28 31.34 104788 105575 98010 99834 - - - - 0.93 0.11 1.69 1.90 191.45 - 12.45 11.06 13.92 11.65 - - - A 23.01.2013 Baa2 21.03.2013
AXA SA EUR 42255 1373 2389 14 8 3 39 19.70 147586 147586 129398 131691 - - - - 2.35 2.28 2.54 2.71 9.98 9.67 8.97 8.41 21.40 76.58 - - - A- 18.12.2012 A2 19.03.2003
BANCO BILBAO VIZCAYA ARGENTA EUR 49356 14096 5433 291 0 3 82 #VALUE! 45325 29418 30027 31639 - - - - 0.77 0.33 1.00 1.13 35.43 35.83 11.64 10.33 8.46 12.49 - - - BBB- 16.10.2012 Baa3 24.10.2012
BANCO SANTANDER SA EUR 74005 25421 10321 473 0 12 234 #VALUE! 56074 56074 57221 60012 - - - - 0.77 0.31 0.76 0.88 29.48 11.19 11.92 10.24 -56.80 12.27 - - - BBB 16.10.2012 (P)Baa2 24.10.2012
BASF SE EUR 82652 972 918 17 0 2 2 99.10 101311 101311 104563 103421 16192 16192 4513 4513 6.44 6.83 7.68 8.27 16.95 17.99 15.07 14.00 9.16 8.45 7.90 4.79 20.57 A+ 10.05.2011 A1 17.11.2010
BAYER AG-REG EUR 84280 511 827 12 0 0 3 93.39 51165 51165 53456 56145 11583 11073 3237 3237 7.19 3.81 7.58 8.38 34.43 19.95 17.30 15.66 11.39 5.58 0.55 7.97 27.85 A- 30.04.2008 A3 17.07.2006
BAYERISCHE MOTOREN WERKE AG EUR 57546 584 656 89 0 0 17 130.42 98891 98891 102538 107481 15460 15460 - - 9.99 10.00 10.04 10.34 11.53 11.53 11.48 11.15 15.01 8.33 3.71 -0.81 20.12 A 16.04.2012 A2 22.07.2011
BNP PARIBAS EUR 64511 2076 1240 1303 9 11 180 #VALUE! 88 K 125 K 52 K 53 K - - - - 7.04 6.86 6.45 7.37 9.74 9.27 10.36 9.06 -4.25 14.66 - - - A+ 25.10.2012 A2 21.06.2012
CARREFOUR SA EUR 19604 417 709 14 0 1 9 26.29 98815 98815 101617 104813 5011 3355 - - 0.28 0.30 1.86 2.12 119.29 44.50 19.12 16.80 -5.86 -3.25 - 1.48 4.19 BBB 15.03.2012 (P)Baa2 15.03.2012
COMPAGNIE DE SAINT-GOBAIN EUR 20381 553 531 16 0 1 5 31.84 55589 55589 55342 57233 3393 3393 - - 1.28 1.88 3.14 3.79 26.33 38.57 15.72 13.02 3.31 0.25 -61.14 -18.58 7.86 BBB 24.07.2009 Baa2 31.07.2009
CRH PLC EUR 16005 166 726 6 0 0 2 20.06 24011 24011 24544 25898 2110 2110 761 761 0.65 0.98 1.09 1.40 28.79 43.80 26.02 20.18 4.11 -2.37 -1.24 -13.53 11.31 BBB+ 17.12.2007 - -
DAIMLER AG-REGISTERED SHARES EUR 60300 953 1068 109 0 2 19 151.95 147081 147081 150523 159678 15620 15690 - - 7.30 7.35 5.98 7.09 9.89 9.89 12.15 10.25 9.37 22.76 -0.82 -6.67 13.73 A- 23.02.2012 A3 01.10.2007
DANONE EUR 44228 360 593 12 0 0 4 52.68 26855 26855 28432 30191 4661 4661 - - 3.58 3.59 4.07 4.49 24.98 25.03 22.07 19.98 10.33 14.00 5.02 14.60 22.33 A- 25.07.2007 A3 06.11.2007
DEUTSCHE BANK AG-REGISTERED EUR 37713 2191 929 366 0 2 229 #VALUE! 43215 60676 43528 44813 - - - - 4.09 0.88 4.97 6.44 59.67 10.66 10.50 8.11 -46.62 -7.49 - - - A+ 25.01.2012 A2 21.06.2012
DEUTSCHE TELEKOM AG-REG EUR 46761 5001 4319 57 0 6 8 102.34 74854 74854 74333 74043 22813 22787 5568 5568 1.29 -1.58 0.91 0.95 - 10.94 15.24 14.72 -1.06 -1.78 -15.76 1.91 39.17 BBB+ 19.05.2008 Baa1 22.12.2011
E.ON SE EUR 34891 3227 1907 33 0 5 8 65.40 169982 169982 142882 145391 10865 10865 12298 12298 2.33 1.47 1.68 1.79 15.30 9.64 13.33 12.51 21.80 21.06 125.82 -6.77 8.23 A- 27.07.2012 A3 05.10.2011
EADS NV EUR 43982 791 822 6 0 0 14 35.90 72680 72680 75573 80604 5053 5131 1387 1387 1.87 1.92 3.46 4.64 35.48 35.46 19.75 14.72 19.26 14.82 30.63 29.73 9.08 A- 22.09.2010 (P)A2 06.12.2012
ENEL SPA EUR 31365 18160 9403 86 0 21 13 125.35 106420 106420 103509 104386 20782 20782 - - 0.12 0.12 0.43 0.45 37.06 - 9.99 9.50 8.50 11.76 -7.84 13.83 25.13 BBB+ 08.03.2012 Baa2 05.11.2012
ENI SPA EUR 84179 4195 3634 31 0 5 10 109.80 163777 163777 151612 155903 31610 31610 9093 9093 0.85 3.08 2.52 2.67 9.68 10.87 11.84 11.18 20.76 7.62 -5.84 -1.35 24.84 A 17.01.2012 A3 16.07.2012
ESSILOR INTERNATIONAL EUR 24159 145 215 1 0 0 1 24.81 6420 6420 6897 7471 1410 1410 - - 3.61 3.61 4.00 4.42 40.03 40.09 36.14 32.74 24.55 14.95 24.64 14.67 28.25 - - - -
FRANCE TELECOM SA EUR 28193 2857 2627 50 0 3 11 70.44 55997 55997 54170 53378 15923 15923 3996 3996 0.95 0.40 1.41 1.38 34.33 14.45 9.71 9.95 -5.01 -4.59 -22.66 -10.88 36.59 A- *- 27.02.2013 A3 23.06.2005
GDF SUEZ EUR 47583 1144 2357 74 0 15 15 121.74 124872 124872 104487 104681 23679 23679 - - 1.72 0.92 1.76 1.83 27.67 14.77 14.44 13.86 9.03 9.21 18.66 26.59 24.40 A *- 29.01.2013 A1 03.07.2012
IBERDROLA SA EUR 30723 9634 6053 42 0 0 8 65.00 44011 44845 42965 44357 9237 9890 2946 2946 0.59 0.61 0.52 0.54 10.40 10.35 12.14 11.59 10.38 10.14 3.26 10.35 28.38 BBB 28.11.2012 (P)Baa1 05.11.2012
INDITEX EUR 82218 266 623 0 0 0 5 76.99 20520 20520 22813 25320 5034 5035 1066 1066 4.87 4.87 5.51 6.18 34.84 - 30.80 27.47 20.09 13.33 27.92 16.38 31.58 - - - -
ING GROEP NV-CVA EUR 28331 9946 3801 267 0 1 23 274.21 52481 54357 49358 54228 - - - - 0.94 0.96 1.29 1.42 9.87 9.21 7.39 6.68 -29.26 -11.93 - - - A 03.09.2009 A3 15.06.2012
INTESA SANPAOLO EUR 24040 91195 16434 364 0 1 51 #VALUE! 22922 22758 21625 22168 - - - - 0.12 0.17 0.14 0.20 11.42 16.33 13.14 9.69 -37.96 -15.18 - - - BBB+ 10.02.2012 Baa2 16.07.2012
KONINKLIJKE PHILIPS ELECTRON EUR 28957 764 915 6 0 0 5 29.90 31898 31898 32000 33064 3169 3169 758 758 0.37 0.35 2.10 2.43 110.57 79.42 18.53 16.04 12.59 1.94 138.78 -4.56 12.79 A- 11.05.2005 A3 20.04.2006
L'OREAL EUR 94679 222 598 0 0 0 2 92.66 28906 28906 30170 31938 5648 5648 - - 6.10 6.18 6.59 7.14 32.64 32.66 30.58 28.24 13.41 7.44 14.11 6.14 25.14 - - - -
LVMH MOET HENNESSY LOUIS VUI EUR 85875 219 500 9 0 1 3 93.23 36164 36164 38951 42288 8931 9291 3634 3634 8.98 8.83 9.75 10.94 24.66 24.25 22.32 19.89 24.17 14.35 16.53 14.22 33.06 A 20.05.2011 - -
MUENCHENER RUECKVER AG-REG EUR 34306 205 179 8 0 0 4 38.99 84797 85105 71849 74391 - - - - 23.14 23.14 21.08 21.59 10.64 10.64 11.68 11.40 10.54 9.26 - - - AA- 22.12.2006 - -
REPSOL SA EUR 26801 2690 1256 25 0 1 8 44.23 75826 80225 78528 79449 9030 9411 2303 2303 2.12 2.25 2.13 2.22 11.95 - 12.62 12.10 20.28 9.04 27.00 -6.33 15.09 BBB- 19.04.2012 - -
RWE AG EUR 23202 937 615 26 0 2 7 44.16 65334 #VALUE! 68801 69794 11652 - - - 2.51 - 5.03 4.58 - - 9.63 10.59 4.24 5.28 11.94 3.94 - BBB+ 27.07.2012 A3 19.07.2011
SANOFI EUR 132583 675 1323 19 0 0 8 143.24 44971 44971 46139 48698 15936 16335 - - 5.61 4.84 7.74 8.64 26.59 22.92 16.63 14.90 6.00 6.17 -2.14 3.94 46.74 AA- 18.02.2011 A2 18.02.2011
SAP AG EUR 97936 743 1192 7 0 0 3 101.31 20876 20876 23174 25536 6352 5887 1432 1432 3.06 3.05 4.46 5.05 33.64 33.71 23.01 20.30 17.99 12.48 9.07 13.84 36.29 - - - -
SCHNEIDER ELECTRIC SA EUR 40647 504 547 10 0 0 5 46.53 30815 30815 31336 32954 4938 4938 - - 4.58 4.36 5.31 5.91 21.59 20.58 17.74 15.92 9.22 10.22 3.87 5.82 20.62 A- 26.11.2008 A3 12.01.2009
SIEMENS AG-REG EUR 97476 648 856 27 0 1 15 112.35 100754 101235 100661 104505 12422 13320 2632 2632 7.21 7.31 7.84 9.70 19.48 19.71 18.17 14.68 8.82 0.14 -10.29 2.15 16.93 A+ 05.06.2009 - -
SOCIETE GENERALE EUR 25795 5318 754 953 7 6 142 #VALUE! 56277 #VALUE! 30568 31851 - - - - 5.18 1.23 4.61 5.56 34.68 12.02 9.22 7.65 -12.77 - - - - A 23.01.2012 A2 21.06.2012
TELEFONICA SA EUR 63425 110692 4551 86 0 9 15 143.64 80242 80242 76560 76891 26811 26858 5890 5890 1.06 1.14 1.46 1.52 15.75 - 12.27 11.79 -0.99 2.53 9.58 -2.33 43.07 BBB 20.12.2012 Baa2 18.10.2012
TOTAL SA EUR 115496 1269 2258 43 0 2 22 138.07 234589 234589 233029 231598 41620 41104 11168 11168 6.07 6.09 6.79 6.83 10.32 10.34 9.25 9.19 12.17 5.79 -2.25 1.33 22.55 AA- 12.04.2011 Aa1 30.08.2005
UNIBAIL-RODAMCO SE EUR 22328 51 92 15 0 2 0 39.62 2217 2217 2030 2223 1528 1528 - - 22.80 20.32 13.04 14.16 14.90 13.23 23.21 21.38 -14.41 13.29 0.32 19.95 88.67 A 27.06.2007 WR 16.07.2010
UNICREDIT SPA EUR 25047 52362 5789 372 0 5 106 #VALUE! 32235 32421 31587 32630 - - - - -0.03 0.25 0.28 0.53 22.18 - 19.93 10.57 -51.87 -4.49 - - - BBB+ 10.02.2012 Baa2 16.07.2012
UNILEVER NV-CVA EUR 123515 870 2832 13 0 1 4 133.70 66046 66046 68774 72671 10537 10537 - - 1.96 2.03 2.17 2.36 25.77 26.76 24.10 22.18 13.45 6.87 12.52 5.00 20.53 A+ 05.10.2000 A1 11.07.2000
VINCI SA EUR 26545 876 536 26 0 1 8 45.09 50422 49715 50113 51132 7088 7018 - - 4.53 4.60 4.52 4.79 12.81 12.90 13.03 12.31 5.25 5.47 1.46 4.79 18.16 BBB+ 29.03.2007 Baa1 23.07.2002
VIVENDI EUR 27779 1283 1323 23 0 4 5 49.44 37311 37311 37128 37552 5761 8404 - - 0.37 0.18 2.30 2.45 147.16 56.38 11.72 11.03 0.81 8.98 -63.56 -8.50 28.99 BBB 26.10.2012 Baa2 13.09.2005
VOLKSWAGEN AG-PREF EUR 90906 227 465 151 0 6 33 214.51 247942 247942 262952 276740 31430 31430 5645 5645 59.56 59.93 27.91 32.24 4.33 4.34 9.30 8.05 26.93 15.64 18.42 12.93 16.31 A- 31.08.2009 A3 17.08.2009
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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 2.15 2.15 1.98 1.79 2.15 1.39 1.39 1.33 1.27 1.39 9.94 9.94 9.64 9.43 9.94 8.74 8.74 8.08 7.57 8.74 14.04 14.04 12.58 11.37 14.04 2.22 2.22 2.38 2.58 2.22 1681.4 8.4%
Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.74 0.74 0.71 0.69 0.74 5.33 5.33 4.98 4.74 5.33 7.00 7.00 6.62 6.30 7.00 11.06 11.06 9.91 9.07 11.06 4.34 4.34 4.68 4.97 4.34 2895.5 9.3%
NIKKEI 225 1.50 1.50 1.41 1.32 1.50 0.70 0.70 0.66 0.65 0.70 9.45 9.45 8.14 7.61 9.45 9.55 9.55 8.32 7.80 9.55 24.05 24.05 18.83 14.59 24.05 1.65 1.65 1.66 1.94 1.65 11908.4 -4.5%
FTSE 100 INDEX 1.68 1.68 1.56 1.35 1.68 1.01 1.01 0.97 0.99 1.01 7.90 7.90 7.28 5.26 7.90 7.04 7.04 6.59 6.32 7.04 11.81 11.81 10.71 9.81 11.81 3.89 3.89 4.18 4.62 3.89 6809.6 6.5%
SWISS MARKET INDEX 2.39 2.39 2.21 2.04 2.39 1.99 1.99 1.89 1.81 1.99 12.25 12.25 11.20 9.83 12.25 13.09 13.09 12.11 11.32 13.09 14.86 14.86 13.30 12.08 14.86 3.32 3.32 3.68 4.18 3.32 8026.2 3.2%
S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.57 1.57 1.48 1.42 1.57 8.41 8.41 7.55 7.01 8.41 8.22 8.22 7.27 6.88 8.22 14.00 14.00 12.34 11.35 14.00 3.13 3.13 3.29 3.49 3.13 14540.6 14.7%
S&P/ASX 200 INDEX 1.88 1.88 1.78 1.68 1.88 1.80 1.80 1.70 1.61 1.80 11.09 11.09 9.90 9.04 11.09 9.59 9.59 8.44 7.83 9.59 15.15 15.15 13.47 12.37 15.15 4.39 4.39 4.70 5.07 4.39 5149.3 4.0%
HANG SENG INDEX 1.33 1.33 1.23 1.14 1.33 1.63 1.63 1.50 1.40 1.63 7.12 7.12 6.58 6.16 7.12 7.59 7.59 6.93 6.39 7.59 10.80 10.80 9.89 9.01 10.80 3.57 3.57 3.86 4.37 3.57 24932.1 11.7%
MSCI EM 1.43 1.43 1.30 1.21 1.43 0.95 0.95 0.88 0.84 0.95 6.85 6.85 6.30 5.89 6.85 7.03 7.03 6.45 6.05 7.03 10.76 10.76 9.67 8.97 10.76 3.08 3.08 3.59 6.74 3.08 1183.8 15.8%
AIR LIQUIDE SA 2.76 2.57 2.39 2.23 1.99 1.94 1.81 1.69 1.59 1.55 10.26 9.46 8.83 8.33 7.56 9.55 8.81 8.11 7.57 7.27 18.51 17.02 15.39 14.09 13.13 2.65 2.85 3.10 3.36 3.36 101.28 6.8%
ALLIANZ SE-REG 0.95 0.90 0.86 0.81 0.75 0.48 0.48 0.46 0.46 0.44 9.63 8.95 8.55 8.37 7.88 4.23 4.50 4.73 4.84 5.07 118.03 8.7%
ANHEUSER-BUSCH INBEV NV 3.61 3.36 3.12 2.87 2.52 3.91 3.45 3.19 3.01 2.96 13.79 12.79 11.87 10.79 9.46 12.31 10.82 9.78 9.08 8.95 20.66 19.45 17.23 15.45 14.31 1.97 2.41 2.75 3.28 3.88 75.39 0.4%
ARCELORMITTAL 0.39 0.40 0.39 0.36 0.34 0.26 0.26 0.25 0.24 0.24 4.32 4.63 3.35 3.15 1.97 6.77 6.19 5.06 4.54 3.94 77.90 19.70 9.26 6.57 4.93 4.23 1.61 2.33 2.63 1.88 13.80 33.4%
ASML HOLDING NV 5.10 4.40 3.75 3.03 4.55 4.44 3.55 2.98 2.42 17.88 20.62 13.34 10.82 14.34 15.88 10.80 8.30 7.10 21.13 22.96 14.84 11.06 8.24 0.87 1.04 1.19 1.36 53.78 2.4%
ASSICURAZIONI GENERALI 0.99 0.93 0.87 0.80 0.25 0.26 0.26 0.26 0.23 14.95 9.67 8.59 7.85 7.99 2.25 3.45 4.30 4.67 4.80 13.52 6.4%
AXA SA 0.69 0.64 0.61 0.56 0.54 0.33 0.33 0.32 0.30 7.53 6.97 6.53 6.23 5.75 5.31 5.70 6.03 6.36 16.38 19.2%
BANCO BILBAO VIZCAYA ARGENTA 0.93 0.87 0.83 0.78 1.68 1.64 1.56 1.51 3.05 2.99 2.90 3.01 19.83 9.05 8.03 7.10 5.97 6.01 6.04 6.61 7.86 11.7%
BANCO SANTANDER SA 0.71 0.74 0.72 0.74 0.85 1.30 1.29 1.23 1.19 1.18 2.08 2.06 1.95 2.32 9.78 9.26 7.95 7.73 8.03 10.79 11.09 10.65 9.99 11.00 6.15 12.7%
BASF SE 2.47 2.41 2.24 2.09 1.79 0.82 0.79 0.80 0.76 0.76 7.98 7.70 7.11 6.89 5.85 6.24 6.00 5.67 5.33 5.28 12.89 11.71 10.88 10.10 9.48 3.69 3.91 4.09 4.30 4.36 77.17 10.4%
BAYER AG-REG 3.28 3.10 2.79 2.55 2.20 1.65 1.58 1.50 1.42 1.37 11.73 10.16 9.31 8.44 7.91 8.78 8.25 7.68 7.15 6.82 14.62 13.44 12.17 11.02 10.26 2.29 2.62 2.87 3.13 3.34 79.46 0.3%
BAYERISCHE MOTOREN WERKE AG 1.46 1.34 1.23 1.10 1.05 0.58 0.56 0.54 0.51 0.51 5.39 5.22 4.98 4.80 3.35 7.72 7.96 7.69 7.93 6.69 8.96 8.92 8.67 8.30 8.19 3.75 3.95 4.25 4.41 3.88 79.43 14.1%
BNP PARIBAS 0.65 0.62 0.59 0.55 1.28 1.25 1.21 1.17 1.17 5.06 4.51 4.03 3.74 7.41 8.05 7.04 6.45 3.72 4.36 5.28 6.19 6.44 52.31 29.6%
CARREFOUR SA 1.95 1.85 1.70 1.56 1.56 0.20 0.19 0.19 0.18 0.18 6.43 5.49 5.04 5.26 4.64 5.54 5.29 4.98 4.74 4.51 17.12 14.85 13.06 11.57 10.67 2.44 2.89 3.31 3.82 3.72 22.90 6.6%
COMPAGNIE DE SAINT-GOBAIN 0.88 0.87 0.84 0.79 0.37 0.37 0.36 0.34 0.34 5.63 5.61 5.12 4.48 5.67 5.61 5.17 4.65 4.24 12.70 12.22 10.12 8.15 6.89 3.90 4.43 4.46 4.68 33.03 10.7%
CRH PLC 1.14 1.13 1.10 1.05 0.66 0.65 0.62 0.58 0.48 9.61 8.60 7.61 6.48 9.73 9.04 7.89 6.79 5.52 23.30 20.22 15.68 12.16 9.94 3.69 3.74 3.84 4.02 15.81 -7.5%
DAIMLER AG-REGISTERED SHARES 1.09 1.05 0.97 0.88 0.81 0.41 0.40 0.38 0.36 0.36 5.33 5.05 4.44 3.67 3.07 9.24 9.34 8.20 7.31 6.22 9.49 9.44 7.97 6.89 6.80 4.88 4.64 5.11 5.77 47.46 8.1%
DANONE 2.60 2.45 2.32 2.15 1.87 1.66 1.56 1.46 1.38 1.31 12.78 12.53 11.01 9.90 9.03 11.36 10.84 10.10 9.36 8.58 17.95 17.15 15.53 14.31 12.89 2.70 2.80 3.06 3.36 3.88 54.56 0.7%
DEUTSCHE BANK AG-REGISTERED 0.52 0.51 0.49 0.45 0.41 0.87 0.87 0.84 0.82 0.73 5.56 4.84 4.24 3.98 8.80 8.16 6.30 5.28 4.53 2.39 2.45 3.09 3.61 3.41 38.64 22.5%
DEUTSCHE TELEKOM AG-REG 1.28 1.28 1.23 1.20 1.34 0.62 0.63 0.63 0.62 0.63 2.72 2.61 2.64 2.75 2.63 4.41 4.58 4.57 4.51 4.41 13.10 11.85 11.44 11.11 10.48 8.31 6.37 6.10 6.28 6.95 9.16 9.0%
E.ON SE 0.68 0.69 0.67 0.65 0.62 0.24 0.24 0.24 0.23 0.21 3.31 4.08 4.05 3.84 3.58 4.72 5.33 5.22 5.21 5.05 6.05 10.36 9.72 9.73 9.18 8.07 5.44 5.61 5.54 5.90 13.41 -1.0%
EADS NV 3.42 3.39 2.72 2.32 1.99 0.62 0.58 0.55 0.52 0.51 11.18 8.67 7.76 5.61 6.90 6.37 5.09 4.35 3.96 3.85 21.36 15.34 11.44 9.45 8.80 1.49 2.32 3.13 3.79 3.66 42.96 4.2%
ENEL SPA 0.60 0.59 0.57 0.54 0.56 0.30 0.30 0.30 0.30 0.29 2.71 2.68 2.46 2.61 2.71 5.87 6.03 5.97 5.84 5.71 7.06 7.76 7.38 6.95 6.99 5.79 5.36 5.52 5.94 5.75 3.04 17.3%
ENI SPA 1.09 1.04 0.98 0.92 0.88 0.54 0.56 0.54 0.52 0.56 3.92 3.62 3.38 3.20 3.72 2.90 2.98 2.87 2.75 2.78 8.96 9.20 8.68 8.05 9.60 5.99 6.11 6.24 6.44 6.33 20.11 11.7%
ESSILOR INTERNATIONAL 5.11 4.61 4.21 3.60 3.76 3.50 3.23 2.97 2.75 23.41 20.25 18.51 17.52 21.63 17.70 16.44 15.03 13.77 12.73 31.14 28.08 25.44 23.49 21.21 1.13 1.18 1.29 1.38 1.48 82.08 -6.1%
FRANCE TELECOM SA 0.80 0.82 0.81 0.78 0.80 0.50 0.52 0.53 0.53 0.54 2.17 2.22 2.29 2.38 2.34 4.02 4.25 4.37 4.46 4.49 6.42 7.55 7.73 7.63 7.36 9.71 9.41 9.10 8.81 9.27 9.63 16.4%
GDF SUEZ 0.55 0.55 0.56 0.57 0.53 0.40 0.46 0.45 0.45 0.42 3.07 3.42 3.31 3.60 3.30 5.56 6.75 6.64 6.48 5.95 9.83 11.22 10.77 10.25 8.89 9.79 9.57 9.60 8.69 9.21 16.67 8.8%
IBERDROLA SA 0.66 0.65 0.64 0.63 0.63 0.76 0.72 0.69 0.67 0.71 4.02 4.31 4.38 3.94 6.52 6.64 6.39 6.14 5.98 8.34 9.43 9.00 9.12 9.62 8.21 7.73 7.71 7.66 7.89 4.33 13.9%
INDITEX 7.50 6.86 5.97 5.21 3.90 4.00 3.60 3.25 2.95 2.66 19.81 18.08 16.13 14.45 15.07 13.60 12.14 10.98 9.76 26.76 23.94 21.35 19.17 17.09 2.22 2.45 2.79 3.12 3.55 108.25 5.6%
ING GROEP NV-CVA 0.44 0.40 0.38 0.37 0.52 0.57 0.52 0.51 7.42 5.75 5.19 4.96 5.99 0.00 0.30 3.29 4.84 7.98 38.9%
INTESA SANPAOLO 0.38 0.37 0.36 0.36 1.07 1.11 1.08 1.06 2.38 2.41 2.29 2.18 11.67 10.21 7.53 6.16 7.16 4.46 4.55 6.03 6.99 7.86 1.41 23.3%
KONINKLIJKE PHILIPS ELECTRON 1.88 1.88 1.77 1.63 1.45 0.91 0.90 0.88 0.84 0.83 11.46 9.40 7.98 7.49 6.87 8.47 6.82 6.21 5.64 5.59 19.67 14.40 12.47 11.12 9.69 3.23 3.35 3.61 3.85 3.93 24.21 3.0%
L'OREAL 3.85 3.37 3.11 2.86 2.40 3.29 3.14 2.96 2.78 2.65 20.25 18.75 17.37 16.23 15.36 16.27 15.20 14.14 13.25 12.46 25.45 23.77 21.94 20.12 18.98 1.81 2.02 2.20 2.45 2.62 113.54 -6.7%
LVMH MOET HENNESSY LOUIS VUI 2.64 2.44 2.21 2.00 1.62 2.38 2.20 2.03 1.88 1.75 13.88 12.89 11.67 10.83 11.17 10.34 9.47 8.58 7.79 7.50 18.24 17.34 15.46 13.83 12.35 2.28 2.50 2.81 3.13 3.30 152.49 16.0%
MUENCHENER RUECKVER AG-REG 1.00 0.93 0.89 0.84 0.82 0.48 0.48 0.46 0.45 0.38 8.42 9.07 8.86 8.91 9.86 4.58 4.74 4.88 5.14 5.27 147.33 -0.9%
REPSOL SA 0.77 0.73 0.70 0.66 0.58 0.34 0.34 0.34 0.36 0.39 4.16 4.10 3.92 3.87 3.98 4.89 4.63 4.48 4.31 4.07 10.33 9.81 9.40 9.03 8.55 5.46 5.78 5.92 6.10 6.11 18.75 15.5%
RWE AG 1.12 1.14 1.09 1.04 0.92 0.35 0.34 0.33 0.32 0.31 3.00 3.13 3.18 3.42 2.89 3.92 3.89 3.98 4.04 4.06 7.19 7.49 8.23 8.52 8.25 6.90 6.76 6.47 6.20 6.28 30.15 3.1%
SANOFI 1.78 1.74 1.67 1.60 1.48 2.96 2.87 2.72 2.58 2.49 11.04 10.99 10.12 8.62 7.93 8.31 8.51 7.84 7.24 6.95 12.56 12.92 11.58 10.52 9.70 3.57 3.79 4.20 4.67 5.20 79.18 1.9%
SAP AG 5.23 4.46 3.74 3.13 2.63 4.67 4.23 3.84 3.51 3.25 19.21 15.31 13.57 11.82 11.04 14.28 12.28 10.88 9.61 8.72 20.07 17.88 15.77 13.89 12.93 1.36 1.54 1.78 1.98 1.94 65.45 5.7%
SCHNEIDER ELECTRIC SA 1.84 1.76 1.64 1.54 1.32 1.30 1.23 1.16 11.59 11.09 9.85 9.40 9.59 8.92 8.19 7.65 14.84 13.79 12.37 11.31 3.09 3.40 3.71 4.05 59.03 3.8%
SIEMENS AG-REG 2.31 2.34 2.12 1.93 1.50 0.97 0.97 0.93 0.90 0.87 10.28 11.03 9.34 8.50 8.64 8.82 9.18 7.65 7.13 7.37 14.01 14.12 11.41 10.54 9.67 3.57 3.64 3.94 4.18 4.45 86.64 0.8%
SOCIETE GENERALE 0.46 0.44 0.41 0.39 0.87 0.84 0.81 0.78 3.92 3.51 3.18 2.85 9.27 7.17 5.95 5.29 1.97 3.92 5.19 6.63 33.60 30.8%
TELEFONICA SA 2.16 2.06 1.94 1.77 1.69 0.79 0.83 0.82 0.82 0.82 3.39 3.48 3.44 3.58 4.46 5.27 5.48 5.46 5.45 5.46 8.92 9.54 9.16 8.75 8.91 1.18 6.91 7.29 6.88 8.86 11.29 4.2%
TOTAL SA 1.16 1.09 1.00 0.91 0.91 0.50 0.50 0.50 0.51 0.52 3.92 3.77 3.67 3.40 3.26 3.18 3.19 3.12 3.01 2.68 6.95 7.19 7.14 6.71 6.23 6.16 6.28 6.41 6.66 6.86 45.78 20.7%
UNIBAIL-RODAMCO SE 1.38 1.25 1.16 1.05 0.89 13.10 11.00 10.04 9.55 8.56 18.33 17.75 16.41 14.75 12.76 23.45 22.02 20.34 18.95 18.27 19.24 18.04 16.61 15.19 13.85 4.59 4.83 5.19 5.60 5.90 181.68 -0.6%
UNICREDIT SPA 0.31 0.31 0.30 0.29 0.77 0.79 0.77 0.74 1.91 1.92 1.75 1.60 23.50 15.48 8.22 5.70 1.73 2.32 3.99 5.39 3.96 18.0%
UNILEVER NV-CVA 5.73 5.17 4.55 4.09 3.63 1.88 1.80 1.70 1.60 1.53 15.94 14.64 13.59 12.37 11.60 12.62 11.84 11.06 10.24 9.79 20.02 18.72 17.24 15.84 14.71 3.00 3.20 3.42 3.63 3.94 31.63 -0.1%
VINCI SA 1.46 1.38 1.31 1.19 1.04 0.54 0.53 0.52 0.51 0.47 5.21 5.05 4.91 4.62 4.35 6.42 6.33 6.16 5.93 5.52 10.32 10.13 9.57 9.11 8.07 5.02 5.07 5.29 5.67 5.90 43.76 23.0%
VIVENDI 1.04 1.07 1.03 1.02 1.03 0.76 0.75 0.74 0.73 0.72 3.57 3.85 3.72 3.51 3.59 4.84 4.95 4.82 4.74 4.60 8.12 9.11 8.57 8.27 8.16 6.15 6.03 6.28 6.60 7.95 17.84 9.4%
VOLKSWAGEN AG-PREF 0.94 0.87 0.77 0.67 0.65 0.37 0.35 0.33 0.31 0.31 3.29 3.35 2.98 3.06 2.63 7.64 6.94 6.21 5.80 5.01 7.30 7.23 6.25 5.65 5.25 2.46 2.81 3.45 4.34 4.19 192.58 22.9%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Air Liquide SA, through its subsidiaries, produces, markets, and sells
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (21.09.2012) 100.00
52-Week Low (18.05.2012) 83.45
Daily Volume
94.83
52-Week High % Change -5.19% Dividend Yield -
52-Week Low % Change 13.63% Beta 0.76
% 52 Week Price Range High/Low 64.95% Equity Float 311.10
Shares Out 08.03.2013 312.5 Short Int -
29'629.93 1 Yr Total Return 7.50%
Total Debt 7'273.70 YTD Return -0.23%
Preferred Stock 0.0 Adjusted BETA 0.756
Minority Interest 232.6 Analyst Recs 35
Cash and Equivalents 1'154.20 Consensus Rating 3.543
Enterprise Value 35'982.03
Average Volume 5 Day 910'620
AI FP EQUITY YTD Change - Average Volume 30 Day 933'595
AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 770'134
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
13'103.1 11'976.1 13'488.0 14'456.9 15'326.3 13'003.5 14'255.5 16'327.5 17'503.5 3'966.8 3'976.0
1.73x 2.25x 2.38x 2.25x 2.34x 0.00x 0.00x 2.20x 2.03x - 9.03x
2'941.8 2'969.0 3'374.3 3'563.6 3'792.3 0.0 0.0 4'091.5 4'441.9 - 1'976.0
7.71x 9.08x 9.50x 9.13x 9.48x 0.00x 0.00x 8.81x 8.11x - -
1'220.0 1'230.0 1'403.6 1'534.9 1'609.4 0.0 0.0 1'733.8 1'918.7 - 879.0
13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 17.02x 15.39x - -
EBITDA 3'792.30 Long-Term Rating Date 02.07.2007
EBIT 2'560.50 Long-Term Rating A
Operating Margin 16.71% Long-Term Outlook POS
Pretax Margin 14.63% Short-Term Rating Date 06.05.2004
Return on Assets 6.55% Short-Term Rating A-1
Return on Common Equity 16.12%
Return on Capital - EBITDA/Interest Exp. 13.84
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 6.51
Net Debt/EBITDA 1.61
Gross Margin - Total Debt/EBITDA 1.92
EBITDA Margin 24.7%
EBIT Margin 16.7% Total Debt/Equity 71.2%
Net Income Margin 10.5% Total Debt/Capital 41.1%
Asset Turnover 0.62
Current Ratio 1.03 Net Fixed Asset Turnover 1.23
Quick Ratio 0.77 Accounts receivable turnover-days 66.93
Debt to Assets 29.09% Inventory Days -
Tot Debt to Common Equity 71.23% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.47 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Air Liquide SAPrice/Volume
Valuation Analysis
169'244.00
Current Price (3/dd/yy) Market Data
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12'000.0
14'000.0
16'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'602'821 1.62 332'555 30.06.2011 Mutual Fund Manager
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'158'340 1.46 - 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'834'874 1 61'554 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'442'705 0.51 (1'613) 07.03.2012 Investment Advisor
AIR LIQUIDE n/a Co File 1'339'624 0.47 - 31.12.2010 Corporation
AMUNDI Multiple Portfolios MF-AGG 1'178'326 0.42 111'689 30.12.2011 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'151'189 0.41 (369) 31.01.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'055'066 0.37 (452'336) 31.12.2011 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'033'942 0.36 (5'605) 31.12.2011 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 872'830 0.31 (582) 07.03.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 816'304 0.29 (2'392) 30.12.2011 Mutual Fund Manager
FIDELITY INTERNATION Multiple Portfolios MF-AGG 812'698 0.29 653'801 30.12.2011 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 795'418 0.28 (9'820) 07.03.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 775'161 0.27 - 31.10.2011 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 694'738 0.24 (31'780) 31.12.2011 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 678'737 0.24 (22'020) 31.01.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 608'046 0.21 (1'432) 30.09.2011 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 581'653 0.2 (8'773) 07.03.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 507'326 0.18 (993) 30.11.2011 Mutual Fund Manager
ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 457'871 0.16 - 30.09.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 115 Not Provided 05.03.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 02.03.2012
AlphaValue VERONIQUE COLAS add 4 M 101 6 month 01.03.2012
Macquarie JUERGEN RECK outperform 5 M 108 12 month 25.02.2012
Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 104 Not Provided 24.02.2012
Day by Day VALERIE GASTALDY buy 5 U 109 3 month 22.02.2012
Collins Stewart PAUL W SATCHELL hold 3 M 90 Not Provided 22.02.2012
Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 104 6 month 21.02.2012
BHF-Bank ANNETT WEBER market weight 3 M 101 12 month 21.02.2012
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 110 Not Provided 21.02.2012
CA Cheuvreux KLAUS RINGEL outperform 5 D 108 Not Provided 21.02.2012
Independent Research GmbH STEFAN ROEHLE hold 3 M 106 6 month 21.02.2012
Societe Generale PETER CLARK buy 5 M 106 12 month 20.02.2012
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 20.02.2012
Barclays Capital GUNTHER ZECHMANN underwt/positive 1 M 98 Not Provided 20.02.2012
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 100 12 month 17.02.2012
Credit Suisse CHRIS COUNIHAN neutral 3 M 109 Not Provided 17.02.2012
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 96 12 month 17.02.2012
CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 96 12 month 17.02.2012
Nomura JEAN DE WATTEVILLE reduce 2 M 110 12 month 17.02.2012
Standard & Poor's Equity Research ANKIT JAIN hold 3 M 101 12 month 17.02.2012
Main First Bank AG THOMAS SWOBODA neutral 3 M 102 Not Provided 09.02.2012
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 101 Not Provided 08.02.2012
JPMorgan NEIL C TYLER overweight 5 M 108 12 month 02.02.2012
Goldman Sachs RICHARD LOGAN neutral/neutral 3 M 122 12 month 30.01.2012
HSBC GEOFF HAIRE neutral 3 M 104 Not Provided 26.01.2012
ING Wholesale Banking FABIAN SMEETS not rated #N/A N/A M #N/A N/A Not Provided 19.01.2012
Citi ANDREW BENSON neutral 3 M 100 Not Provided 12.12.2011
Deutsche Bank TIMOTHY JONES hold 3 M 98 12 month 02.12.2011
DZ Bank AG PETER SPENGLER buy 5 M 100 12 month 27.10.2011
Oddo & Cie JEAN-PIERRE DMIRDJIAN buy 5 M 100 Not Provided 26.10.2011
Alembic Global Advisors HASSAN I AHMED neutral 3 M 105 12 month 03.01.2011
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 26.05.2010
Holdings By:
Air Liquide SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Allianz SE, through subsidiaries, offers insurance and financial services. The
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 114.05
52-Week Low (04.06.2012) 68.50
Daily Volume
108.55
52-Week High % Change -4.91% Dividend Yield -
52-Week Low % Change 58.47% Beta 1.25
% 52 Week Price Range High/Low 86.06% Equity Float 451.47
Shares Out 31.12.2012 456.0 Short Int -
49'493.38 1 Yr Total Return 23.80%
Total Debt 28'651.00 YTD Return 3.58%
Preferred Stock 0.0 Adjusted BETA 1.251
Minority Interest 2'665.0 Analyst Recs 43
Cash and Equivalents 12'437.00 Consensus Rating 4.279
Enterprise Value 68'372.37
Average Volume 5 Day 1'585'730
ALV GY EQUITY YTD Change - Average Volume 30 Day 1'974'630
ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'710'488
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
76'195.0 82'711.0 89'740.0 87'384.0 96'020.0 89'413.0 64'190.0 104'171.7 107'045.1 - -
0.69x 0.75x 0.67x 0.61x 0.69x 2.71x 2.83x 0.59x 0.57x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 4'966.0 2'545.0 5'440.3 5'682.2 - -
8.51x 8.37x 7.94x 13.13x 9.18x 8.08x 13.15x 8.95x 8.55x - -
EBITDA - Long-Term Rating Date 27.01.2012
EBIT - Long-Term Rating AA
Operating Margin 10.61% Long-Term Outlook STABLE
Pretax Margin 8.95% Short-Term Rating Date 23.03.2009
Return on Assets 0.77% Short-Term Rating A-1+
Return on Common Equity 10.50%
Return on Capital 8.01% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 53.5%
Net Income Margin 5.4% Total Debt/Capital 33.8%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.12% Inventory Days -
Tot Debt to Common Equity 53.50% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Allianz SEPrice/Volume
Valuation Analysis
542'623.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK INC n/a EXCH 22'861'350 5.02 - 29.06.2011 Investment Advisor
AXA n/a Research 13'449'857 2.95 - 30.07.2010 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 11'190'894 2.46 (9'000) 07.03.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'848'109 1.28 (33'373) 31.01.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'710'817 1.25 2'479'720 31.01.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 5'061'636 1.11 (90'446) 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'838'347 1.06 84'632 31.12.2011 Investment Advisor
HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 4'712'955 1.04 213'077 31.12.2011 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'510'090 0.99 150'583 31.03.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'305'644 0.95 1'036'531 30.12.2011 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'973'507 0.87 282'800 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3'756'586 0.83 (512) 07.03.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'607'698 0.79 217'890 31.01.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 2'536'585 0.56 54'500 31.10.2011 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 2'497'805 0.55 (150'830) 31.10.2011 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'321'367 0.51 (846'227) 30.12.2011 Mutual Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'141'056 0.47 10'236 31.10.2011 Mutual Fund Manager
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'894'650 0.42 (1'026'500) 31.12.2011 Investment Advisor
COMINVEST ASSET MANA Multiple Portfolios MF-AGG 1'717'202 0.38 97'100 31.10.2011 Mutual Fund Manager
SOCIETE GENERALE Multiple Portfolios MF-AGG 1'713'830 0.38 898'985 30.12.2011 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 100 6 month 09.03.2012
DZ Bank AG THORSTEN WENZEL buy 5 M 105 12 month 09.03.2012
Main First Bank AG MICHAEL HAID buy 5 M 105 12 month 07.03.2012
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 D 120 12 month 04.03.2012
Morgan Stanley JON HOCKING Overwt/In-Line 5 M 108 12 month 02.03.2012
Oddo & Cie NICOLAS JACOB neutral 3 M 85 12 month 02.03.2012
Barclays Capital ANDREW BROADFIELD overwt/neutral 5 M 109 Not Provided 02.03.2012
Exane BNP Paribas THOMAS JACQUET outperform 5 M 108 Not Provided 01.03.2012
Societe Generale EMMANUELLE CALES buy 5 M 100 12 month 29.02.2012
Credit Suisse RICHARD BURDEN outperform 5 M 111 Not Provided 29.02.2012
Commerzbank Corporates & Markets ROLAND PFAENDER add 4 M 100 6 month 28.02.2012
HSBC KAILESH MISTRY overweight 5 M 110 Not Provided 28.02.2012
Macquarie HADLEY COHEN outperform 5 M 110 12 month 28.02.2012
Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 104 12 month 28.02.2012
Mediobanca SpA GIANLUCA FERRARI outperform 5 M 110 12 month 27.02.2012
Nord/LB CONSTANTIN ROHRBACH hold 3 U 85 12 month 27.02.2012
JPMorgan MICHAEL HUTTNER neutral 3 M 109 9 month 27.02.2012
CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 105 Not Provided 27.02.2012
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 27.02.2012
Kepler Capital Markets FABRIZIO CROCE hold 3 M 73 Not Provided 27.02.2012
Nomura NICK HOLMES neutral 3 M 100 Not Provided 27.02.2012
Collins Stewart BEN COHEN buy 5 M 100 Not Provided 27.02.2012
Independent Research GmbH MATTHIAS ENGELMAYER hold 3 M 97 6 month 24.02.2012
Standard & Poor's Equity Research TONY SILVERMAN hold 3 M 109 12 month 24.02.2012
RBC Capital Markets JEAN-FRANCOIS TREMBLAY outperform 5 M 110 12 month 23.02.2012
Raymond James DANNY JACQUES market perform 3 D 95 Not Provided 23.02.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 92 Not Provided 23.02.2012
National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 23.02.2012
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 81 12 month 23.02.2012
WestLB Equity Markets ANDREAS SCHAEFER neutral 3 M #N/A N/A Not Provided 23.02.2012
Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 88 18 month 23.02.2012
Day by Day VALERIE GASTALDY buy 5 U 103 3 month 17.02.2012
AlphaValue DIETER HEIN add 4 M 104 6 month 16.02.2012
ING Wholesale Banking MAARTEN ALTENA buy 5 M 105 12 month 14.02.2012
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 110 12 month 08.02.2012
Banco Sabadell MARIO LODOS sell 1 D 97 Not Provided 06.02.2012
Natixis BENOIT VALLEAUX buy 5 M 106 Not Provided 26.01.2012
Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 23.01.2012
Berenberg Bank MICHAEL BROOM buy 5 M 123 12 month 09.01.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 02.01.2012
Grupo Santander VALVANERA GOMEZ PASTOR buy 5 M 104 Not Provided 16.12.2011
Deutsche Bank SPENCER HORGAN buy 5 M 100 12 month 06.12.2011
Jefferies JAMES SHUCK hold 3 M 85 12 month 14.11.2011
Holdings By:
Allianz SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager,
stout, and bitter beer. Anheuser-Busch InBev owns brands that are both
nationally and internationally prominent. The Company has production plants in
Europe, the Americas, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 76.67
52-Week Low (01.06.2012) 52.11
Daily Volume
75.07
52-Week High % Change -2.14% Dividend Yield -
52-Week Low % Change 44.06% Beta 0.76
% 52 Week Price Range High/Low 94.95% Equity Float -
Shares Out 08.03.2013 1'606.9 Short Int -
120'629.63 1 Yr Total Return 40.10%
Total Debt 44'341.00 YTD Return 14.19%
Preferred Stock 0.0 Adjusted BETA 0.758
Minority Interest 4'299.0 Analyst Recs 34
Cash and Equivalents 13'878.00 Consensus Rating 3.794
Enterprise Value 190'012.32
Average Volume 5 Day 1'883'907
ABI BB EQUITY YTD Change - Average Volume 30 Day 2'050'414
ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1'945'848
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
23'507.0 36'758.0 36'297.0 39'046.0 39'758.0 36'297.0 39'045.0 45'029.1 48'741.1 9'508.0 10'382.0
4.07x 3.57x 3.70x 3.49x 4.37x 0.00x 0.00x 4.34x 3.90x - -
7'734.0 12'925.0 13'768.0 15'297.0 15'450.0 0.0 0.0 17'607.4 19'483.7 - -
12.37x 10.15x 9.76x 8.91x 11.25x 0.00x 0.00x 10.82x 9.78x - -
1'927.0 4'613.0 4'026.0 5'855.0 7'243.0 4'026.0 5'855.0 8'000.2 8'972.7 1'593.0 1'700.0
11.99x 17.92x 22.61x 16.71x 19.15x 19.82x 16.71x 19.45x 17.23x 20.17x -
EBITDA 15'450.00 Long-Term Rating Date 01.05.2012
EBIT 12'765.00 Long-Term Rating A
Operating Margin 32.11% Long-Term Outlook STABLE
Pretax Margin 28.05% Short-Term Rating Date 01.05.2012
Return on Assets 6.16% Short-Term Rating A-1
Return on Common Equity 18.42%
Return on Capital 13.08% EBITDA/Interest Exp. 7.48
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 5.90
Net Debt/EBITDA 1.97
Gross Margin 58.6% Total Debt/EBITDA 2.87
EBITDA Margin 38.9%
EBIT Margin 32.1% Total Debt/Equity 107.8%
Net Income Margin 18.2% Total Debt/Capital 49.4%
Asset Turnover 0.34
Current Ratio 1.01 Net Fixed Asset Turnover 2.45
Quick Ratio 0.88 Accounts receivable turnover-days 37.49
Debt to Assets 36.16% Inventory Days 55.25
Tot Debt to Common Equity 107.78% Accounts Payable Turnover Day 306.82
Accounts Receivable Turnover 9.76 Cash Conversion Cycle -214.08
Inventory Turnover 6.62
Fiscal Year Ended
Anheuser-Busch InBev NVPrice/Volume
Valuation Analysis
463'152.00
Current Price (3/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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STICHTING INBEV n/a 20F 663'074'830 41.29 - 21.12.2010 n/a
EPS n/a 20F 133'467'609 8.31 - 21.12.2010 n/a
BRC SARL n/a 20F 33'048'460 2.06 - 21.12.2010 Other
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 29'310'490 1.82 (1'800'000) 31.12.2011 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 22'112'718 1.38 1'706'049 31.01.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'347'945 1.08 906'827 31.12.2011 Investment Advisor
ANHEUSER-BUSCH INBEV n/a 20F 12'006'309 0.75 - 21.12.2010 Corporation
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'090'162 0.69 (82'832) 31.12.2011 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 9'412'565 0.59 - 31.12.2011 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 7'083'170 0.44 (4'572) 31.12.2011 Investment Advisor
VOORZITTER VERHELST n/a 20F 6'997'665 0.44 - 21.12.2010 Other
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 6'587'360 0.41 1'405'350 07.03.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'828'515 0.36 2'576'808 30.09.2011 Investment Advisor
INBEV-BAILLET LATOUR n/a 20F 5'485'415 0.34 - 21.12.2010 Other
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'050'061 0.31 1'667'528 31.01.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'307'090 0.27 549'629 30.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3'872'837 0.24 (916) 07.03.2012 Investment Advisor
JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 3'356'768 0.21 (6'033'037) 31.12.2011 Investment Advisor
BRITO CARLOS ALVES D n/a Co File 2'928'172 0.18 - 30.06.2009 n/a
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 2'619'854 0.16 (1'530) 07.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale ANDREW HOLLAND hold 3 M 55 12 month 09.03.2012
Deutsche Bank JONATHAN FELL hold 3 M 51 12 month 09.03.2012
Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 64 12 month 09.03.2012
Bryan Garnier & Cie NIKOLAAS FAES neutral 3 M 54 6 month 09.03.2012
Nomura IAN SHACKLETON neutral 3 M 53 12 month 09.03.2012
Standard & Poor's Equity Research CARL SHORT hold 3 M 54 Not Provided 09.03.2012
Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 41 Not Provided 09.03.2012
Liberum Capital Ltd PABLO ZUANIC buy 5 M 63 Not Provided 09.03.2012
Kempen & Co SANDER VAN OORT buy 5 M 53 Not Provided 08.03.2012
Morgan Stanley DAVID BELAUNDE Overwt/In-Line 5 M 60 12 month 08.03.2012
JPMorgan MIKE J GIBBS overweight 5 M 57 12 month 08.03.2012
Jefferies DIRK VAN VLAANDEREN buy 5 M 59 12 month 08.03.2012
Bank Degroof(ESN) MARC LEEMANS accumulate 4 M 46 12 month 08.03.2012
Independent Research GmbH LARS LUSEBRINK hold 3 M 55 6 month 08.03.2012
KBC Securities WIM HOSTE accumulate 4 M 54 Not Provided 08.03.2012
Rabobank International KAREL ZOETE buy 5 M 56 12 month 08.03.2012
AlphaValue SOPHIE CABO-BROSETA reduce 2 M 38 6 month 08.03.2012
ABN Amro Bank N.V. ROBERT JAN VOS buy 5 M 53 12 month 08.03.2012
Goldman Sachs MITCHELL COLLETT neutral/attractive 3 M 60 12 month 06.03.2012
Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 05.03.2012
Collins Stewart EDDY HARGREAVES buy 5 M 55 9 month 02.03.2012
Citi ANDREA PISTACCHI buy 5 M 55 Not Provided 24.02.2012
Grupo Santander ANTHONY J BUCALO buy 5 M 56 Not Provided 20.02.2012
Credit Suisse SANJEET AUJLA neutral 3 N 52 Not Provided 13.02.2012
Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012
ING Wholesale Banking GERARD RIJK hold 3 M 53 12 month 07.02.2012
Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 30.01.2012
Petercam KRIS KIPPERS hold 3 D 50 Not Provided 27.01.2012
CA Cheuvreux XAVIER CROQUEZ outperform 5 M 50 Not Provided 20.01.2012
Berenberg Bank PHILIP MORRISEY buy 5 M 52 Not Provided 19.01.2012
Collins Stewart ROB MANN buy 5 M 55 Not Provided 03.01.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.12.2011
Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 29.11.2011
HSBC LAUREN E TORRES overweight 5 M 51 Not Provided 11.11.2011
Barclays Capital SIMON HALES overwt/neutral 5 M 45 Not Provided 10.11.2011
Espirito Santo Investment Bank ResearchMARTIN DOLAN buy 5 M 48 Not Provided 04.10.2011
Kepler Capital Markets TEAM COVERAGE buy 5 N 50 Not Provided 27.09.2011
Natixis OLIVIER DELAHOUSSE neutral 3 M 41 Not Provided 05.09.2011
Holdings By:
Anheuser-Busch InBev NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
ArcelorMittal produces steel. The Company manufactures cold rolled,
electrogalvanized and coated steels, slabs, special quality bars, and wire
rods. Arcelor Mittal has steel making operations in Europe, the Americas,
Asia, and Africa.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.03.2012) 15.05
52-Week Low (25.03.2013) 10.29
Daily Volume
10.35
52-Week High % Change -31.26% Dividend Yield -
52-Week Low % Change 0.58% Beta 1.48
% 52 Week Price Range High/Low 0.32% Equity Float 976.79
Shares Out 15.01.2013 1'665.4 Short Int -
17'236.81 1 Yr Total Return -27.24%
Total Debt 25'752.00 YTD Return -19.98%
Preferred Stock 0.0 Adjusted BETA 1.479
Minority Interest 3'474.0 Analyst Recs 43
Cash and Equivalents 4'398.00 Consensus Rating 3.558
Enterprise Value 47'011.77
Average Volume 5 Day 11'851'370
MT NA EQUITY YTD Change - Average Volume 30 Day 10'083'010
MT NA EQUITY YTD % CHANGE - Average Volume 3 Month 9'437'893
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
124'936.0 61'021.0 78'025.0 93'973.0 84'213.0 74'009.0 93'973.0 86'528.0 90'351.7 20'331.0 21'669.8
0.50x 1.52x 1.05x 0.58x 0.61x 4.31x 2.93x 0.50x 0.46x 2.24x 2.09x
24'436.0 3'656.0 8'525.0 9'898.0 6'762.0 8'508.0 10'448.0 7'609.6 9'308.1 1'445.5 1'887.0
2.57x 25.37x 9.63x 5.47x 7.58x 9.65x 5.25x 6.19x 5.06x 6.49x 5.93x
9'399.0 157.0 2'916.0 2'263.0 (3'726.0) 2'879.0 2'263.0 1'107.4 2'518.1 (45.8) 324.5
3.49x 308.59x 17.66x 15.75x - 19.21x 15.75x 19.70x 9.26x 31.72x 15.76x
EBITDA 6'762.00 Long-Term Rating Date 02.08.2012
EBIT 1'809.00 Long-Term Rating BB+
Operating Margin 2.15% Long-Term Outlook NEG
Pretax Margin -6.85% Short-Term Rating Date 02.08.2012
Return on Assets -3.15% Short-Term Rating B
Return on Common Equity -6.87%
Return on Capital - EBITDA/Interest Exp. 3.33
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 1.02
Net Debt/EBITDA 2.99
Gross Margin 6.1% Total Debt/EBITDA 3.60
EBITDA Margin 8.5%
EBIT Margin 2.8% Total Debt/Equity 49.8%
Net Income Margin -4.4% Total Debt/Capital 31.8%
Asset Turnover 0.71
Current Ratio 1.33 Net Fixed Asset Turnover 1.56
Quick Ratio 0.40 Accounts receivable turnover-days 25.07
Debt to Assets 22.48% Inventory Days 96.59
Tot Debt to Common Equity 49.79% Accounts Payable Turnover Day 59.60
Accounts Receivable Turnover 14.60 Cash Conversion Cycle 61.20
Inventory Turnover 3.79
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
ArcelorMittalPrice/Volume
Valuation Analysis
2'761'156.00
Current Price (3/dd/yy) Market Data
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20'000.0
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60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MITTAL LAKSHMI N n/a Co File 637'604'863 40.85 - 31.12.2010 n/a
MORGAN STANLEY n/a 13G 80'449'457 5.15 - 17.02.2010 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 23'828'254 1.53 (7'343'500) 31.12.2011 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 16'290'176 1.04 258'035 30.06.2011 Mutual Fund Manager
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 13'397'736 0.86 (3'600'400) 31.12.2011 Investment Advisor
ARCELOR MITTAL n/a Co File 10'520'234 0.67 - 31.12.2010 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'040'989 0.64 492'342 31.12.2011 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 7'661'255 0.49 1'441'268 30.12.2011 Mutual Fund Manager
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 7'389'184 0.47 288'498 31.12.2011 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 5'425'079 0.35 109'501 30.09.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4'438'009 0.28 (4'958) 07.03.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 3'725'256 0.24 (14'297) 30.11.2011 Mutual Fund Manager
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3'656'473 0.23 (1'900) 07.03.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 3'626'142 0.23 624'941 31.01.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 2'960'275 0.19 1'683 31.01.2012 Mutual Fund Manager
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 2'632'518 0.17 (40'000) 31.10.2011 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'385'544 0.15 (31'920) 07.03.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 2'364'520 0.15 2'394 31.12.2011 Investment Advisor
UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 2'182'687 0.14 26'166 30.11.2011 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'915'427 0.12 163'046 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura NEIL SAMPAT neutral 3 M 17 Not Provided 08.03.2012
AlphaValue VERONIQUE COLAS buy 5 M 21 6 month 08.03.2012
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 16 Not Provided 05.03.2012
Exane BNP Paribas LUC PEZ underperform 1 M 14 Not Provided 29.02.2012
RBC Capital Markets TIMOTHY HUFF outperform 5 M 20 12 month 23.02.2012
Standard & Poor's Equity Research JOHNSON IMODE sell 1 M 14 12 month 23.02.2012
Kempen & Co SANDER VAN OORT buy 5 M 22 12 month 14.02.2012
Landesbank Baden-Wuerttemberg ACHIM WITTMANN hold 3 M 18 Not Provided 14.02.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 13.02.2012
Nord/LB HOLGER FECHNER buy 5 U 21 12 month 10.02.2012
Kepler Capital Markets ROCHUS BRAUNEISER reduce 2 M 15 Not Provided 09.02.2012
Barclays Capital VINCENT LEPINE equalwt/positive 3 M 20 Not Provided 09.02.2012
Grupo Santander JUAN RAMON CORREAS buy 5 M 26 Not Provided 08.02.2012
Societe Generale ALAIN WILLIAM buy 5 M 20 12 month 08.02.2012
JPMorgan ALESSANDRO ABATE overweight 5 M 22 12 month 08.02.2012
Rabobank International FRANK CLAASSEN buy 5 U 20 Not Provided 08.02.2012
Natixis RAOUDHA BOUZEKRI buy 5 M 14 Not Provided 08.02.2012
Main First Bank AG ALEXANDER HAUENSTEIN neutral 3 M 17 12 month 08.02.2012
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 23 12 month 08.02.2012
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 16 6 month 07.02.2012
BHF-Bank HERMANN REITH underweight 1 M 15 12 month 07.02.2012
Independent Research GmbH STEFAN ROEHLE hold 3 M 18 6 month 07.02.2012
Hamburger Sparkasse INGO SCHMIDT buy 5 U #N/A N/A Not Provided 07.02.2012
Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 22 12 month 07.02.2012
Petercam ALAN VANDENBERGHE hold 3 M 18 Not Provided 07.02.2012
National Bank AG MANFRED JAISFELD buy 5 M 19 Not Provided 07.02.2012
ING Wholesale Banking FILIP DE PAUW buy 5 M 16 12 month 07.02.2012
Day by Day VALERIE GASTALDY buy 5 U 20 3 month 07.02.2012
Banesto Bolsa SA Sociedad ROBERT JACKSON overweight 5 M 29 12 month 07.02.2012
Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE buy 5 M 21 Not Provided 06.02.2012
Cyrrus JIRI SIMARA accumulate 4 M 18 12 month 30.01.2012
HSBC THORSTEN ZIMMERMANN neutral 3 D 17 Not Provided 19.01.2012
Macquarie JEFFREY LARGEY outperform 5 M 19 12 month 19.01.2012
CA Cheuvreux ALEXANDER HAISSL outperform 5 D 23 Not Provided 19.12.2011
BBVA LUIS DE TOLEDO underperform 1 M 25 Not Provided 29.11.2011
Davy KILLIAN H MURPHY underperform 1 N #N/A N/A Not Provided 10.11.2011
La Caixa ICIAR GOMEZ BOTAS buy 5 M 20 Not Provided 08.11.2011
Theodoor Gilissen Securities TOM MULLER buy 5 M 20 Not Provided 27.10.2011
Dahlman Rose & Co ANTHONY B RIZZUTO JR buy 5 M #N/A N/A Not Provided 17.10.2011
Citi ANINDYA MOHINTA buy 5 U 20 Not Provided 15.09.2011
Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 17 12 month 26.08.2011
Daiwa Securities Capital Markets Co. SCOTT FINLAY buy 5 N 30 12 month 08.06.2011
CS Capital CHRISTOPHER PARKINSON buy 5 M 27 Not Provided 24.01.2011
Holdings By:
ArcelorMittal ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
ASML Holding N.V. develops, produces, and markets semiconductor manufacturing
equipment. The Company's products allow semiconductor manufacturers to choose
the optimal numerical aperture and wavelength for their applications, assure
uniformity, and produce more using less floor space.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (04.02.2013) 58.09
52-Week Low (04.06.2012) 34.71
Daily Volume
52.54
52-Week High % Change -9.54% Dividend Yield -
52-Week Low % Change 51.37% Beta 0.89
% 52 Week Price Range High/Low 78.49% Equity Float 317.30
Shares Out 11.03.2013 410.4 Short Int -
21'560.20 1 Yr Total Return 74.47%
Total Debt 759.49 YTD Return 9.46%
Preferred Stock 0.0 Adjusted BETA 0.891
Minority Interest 0.0 Analyst Recs 36
Cash and Equivalents 2'697.60 Consensus Rating 3.583
Enterprise Value 19'622.09
Average Volume 5 Day 1'397'025
ASML NA EQUITY YTD Change - Average Volume 30 Day 1'321'925
ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 1'524'034
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
2'953.7 1'596.1 4'507.9 5'651.0 4'731.6 5'651.0 4'731.5 4'859.4 6'072.5 911.5 1'090.4
1.71x 6.29x 2.52x 2.02x 3.72x 7.30x 12.93x 3.98x 3.07x 21.35x 18.10x
406.2 (21.5) 1'402.1 1'806.4 1'343.4 1'806.4 1'343.4 1'238.0 1'820.4 139.5 235.0
12.42x - 8.11x 6.33x 13.11x 6.33x 13.11x 15.88x 10.80x 16.50x 13.09x
322.4 (150.9) 1'021.8 1'467.0 1'146.3 1'467.0 1'146.3 936.3 1'453.4 120.0 196.8
17.00x - 12.30x 9.41x 17.78x 9.41x 17.78x 22.96x 14.84x 22.01x 18.35x
EBITDA 1'343.39 Long-Term Rating Date -
EBIT 1'156.77 Long-Term Rating -
Operating Margin 24.45% Long-Term Outlook -
Pretax Margin 24.32% Short-Term Rating Date -
Return on Assets 15.63% Short-Term Rating -
Return on Common Equity 30.52%
Return on Capital - EBITDA/Interest Exp. 58.97
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 51.43
Net Debt/EBITDA -1.44
Gross Margin 42.4% Total Debt/EBITDA 0.57
EBITDA Margin 28.4%
EBIT Margin 24.4% Total Debt/Equity 18.7%
Net Income Margin 24.2% Total Debt/Capital 15.7%
Asset Turnover 0.65
Current Ratio 2.80 Net Fixed Asset Turnover 4.54
Quick Ratio 1.58 Accounts receivable turnover-days 57.47
Debt to Assets 10.25% Inventory Days 233.70
Tot Debt to Common Equity 18.67% Accounts Payable Turnover Day 39.17
Accounts Receivable Turnover 6.37 Cash Conversion Cycle 252.00
Inventory Turnover 1.57
Fiscal Year Ended
ASML Holding NVPrice/Volume
Valuation Analysis
317'035.00
Current Price (3/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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3'000.0
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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STICHTING ADM MAKTSJ n/a 20F 62'977'877 15.35 - 06.02.2013 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 51'453'097 12.54 - 06.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 36'311'008 8.85 - 06.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 22'878'489 5.58 - 22.03.2013 Investment Advisor
STICHT ADM TSMC n/a 20F 20'992'625 5.12 - 06.02.2013 n/a
ASML HOLDING NV n/a Co File 8'980'030 2.19 - 01.07.2012 Corporation
WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'028'537 1.96 191'077 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'226'859 1.03 1'261'872 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'325'708 0.81 28'372 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'855'626 0.7 (621'636) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'504'815 0.61 - 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'645'738 0.4 39'872 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'451'319 0.35 (71'809) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'245'488 0.3 (147'819) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'164'538 0.28 700'111 31.01.2013 Mutual Fund Manager
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'036'267 0.25 130'859 31.01.2013 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'033'023 0.25 291'137 28.02.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 990'324 0.24 1'306 22.03.2013 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 855'324 0.21 2'376 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 842'648 0.21 827'721 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas JEROME RAMEL neutral 3 M 50 Not Provided 26.03.2013
Kepler Capital Markets PETER OLOFSEN reduce 2 M 40 Not Provided 22.03.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 M 43 Not Provided 21.03.2013
Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 58 12 month 21.03.2013
AlphaValue LIONEL PELLICER reduce 2 M 53 6 month 21.03.2013
Credit Suisse SATYA KUMAR outperform 5 M 60 Not Provided 19.03.2013
Piper Jaffray JAGADISH IYER overweight 5 M 57 12 month 13.03.2013
Societe Generale PETER KNOX hold 3 M 56 12 month 05.03.2013
Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 56 12 month 26.02.2013
Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 25.02.2013
Rabobank International PHILIP SCHOLTE hold 3 M 52 Not Provided 25.02.2013
Natixis STEPHANE HOURI buy 5 M 62 Not Provided 21.02.2013
JPMorgan SANDEEP S DESHPANDE overweight 5 M 65 12 month 12.02.2013
ING Bank MARC ZWARTSENBURG hold 3 M 60 12 month 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013
Day by Day VALERIE GASTALDY buy 5 M 63 3 month 28.01.2013
Deutsche Bank KAI KORSCHELT hold 3 U 47 12 month 22.01.2013
Liberum Capital Ltd JANARDAN MENON hold 3 U 45 Not Provided 22.01.2013
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 U 60 Not Provided 22.01.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 52 12 month 21.01.2013
Bank of Valletta TEAM COVERAGE overweight 5 M 59 Not Provided 21.01.2013
Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 50 Not Provided 18.01.2013
CA Cheuvreux BERND LAUX outperform 5 M 59 Not Provided 18.01.2013
Petercam MARCEL ACHTERBERG hold 3 M 57 Not Provided 18.01.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 58 12 month 18.01.2013
Main First Bank AG JUERGEN WAGNER underperform 1 M 40 12 month 18.01.2013
Barclays ANDREW M GARDINER overweight 5 M 53 Not Provided 18.01.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 D 40 12 month 17.01.2013
Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 50 Not Provided 15.01.2013
Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 40 6 month 07.01.2013
Kempen & Co ERWIN DUT hold 3 M 50 12 month 06.01.2013
Jefferies LEE SIMPSON hold 3 M #N/A N/A Not Provided 18.12.2012
Goldman Sachs SIMON F SCHAFER not rated #N/A N/A M #N/A N/A Not Provided 23.11.2012
SNS Securities(ESN) VICTOR BARENO suspended coverage #N/A N/A M #N/A N/A Not Provided 01.11.2012
Redburn Partners SUMANT WAHI neutral 3 U #N/A N/A Not Provided 11.07.2012
Holdings By:
ASML Holding NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance
throughout the world. The Company offers life, health, accident, automobile,
marine, aviation, transport, fire, general liability, and credit insurance and
reinsurance.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 14.65
52-Week Low (31.05.2012) 8.16
Daily Volume
12.71
52-Week High % Change -13.24% Dividend Yield -
52-Week Low % Change 55.86% Beta 1.04
% 52 Week Price Range High/Low 69.98% Equity Float 1'267.12
Shares Out 31.12.2012 1'556.9 Short Int -
19'787.86 1 Yr Total Return 5.66%
Total Debt 23'475.00 YTD Return -7.50%
Preferred Stock 0.0 Adjusted BETA 1.043
Minority Interest 2'740.0 Analyst Recs 31
Cash and Equivalents 21'646.00 Consensus Rating 2.613
Enterprise Value 24'356.86
Average Volume 5 Day 9'535'383
G IM EQUITY YTD Change - Average Volume 30 Day 8'866'133
G IM EQUITY YTD % CHANGE - Average Volume 3 Month 8'111'964
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
62'298.4 85'790.6 87'072.1 73'481.8 81'431.0 76'669.1 82'042.4 76'163.8 77'581.3 - -
0.61x 0.50x 0.40x 0.22x 0.32x 0.65x 0.26x 0.29x 0.28x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
860.9 1'309.1 1'701.9 856.1 90.0 3'467.1 90.0 2'005.4 2'234.7 - -
30.45x 20.68x 12.92x 20.77x 171.75x 5.21x 160.83x 9.67x 8.59x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A
Operating Margin 4.06% Long-Term Outlook NEG
Pretax Margin 2.01% Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover - (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 118.4%
Net Income Margin 0.1% Total Debt/Capital 51.0%
Asset Turnover -
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.31% Inventory Days -
Tot Debt to Common Equity 118.39% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Assicurazioni Generali SpAPrice/Volume
Valuation Analysis
2'629'546.00
Current Price (3/dd/yy) Market Data
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10'000.0
20'000.0
30'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MEDIOBANCA SPA n/a EXCH 194'048'687 12.46 - 20.11.2012 Bank
BANCA D'ITALIA n/a EXCH 69'420'980 4.46 - 30.11.2012 Government
DEA PARTICIPATIONS S n/a EXCH 35'185'336 2.26 - 30.11.2012 Investment Advisor
EFFETI SPA n/a EXCH 33'488'344 2.15 - 30.11.2012 Corporation
DELFIN SARL n/a EXCH 31'168'603 2 - 30.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'291'345 1.05 (22'379) 22.03.2013 Investment Advisor
COMPASS SPA n/a EXCH 14'198'684 0.91 - 30.11.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'404'560 0.8 460'550 31.12.2012 Investment Advisor
VIKING GLOBAL INVEST n/a Short (11'832'237) -0.76 1'245'499 13.03.2013 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'564'755 0.61 - 31.12.2012 Investment Advisor
VM 2006 SRL n/a EXCH 6'196'356 0.4 - 30.11.2012 Other
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3'707'604 0.24 4'969 22.03.2013 Investment Advisor
PANTHEON 2000 SPA n/a EXCH 3'502'965 0.23 - 30.11.2012 Other
MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 3'499'885 0.22 3'499'885 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'413'330 0.22 (55'034) 31.01.2013 Investment Advisor
CALTAGIRONE EDITORE n/a EXCH 3'144'884 0.2 - 30.11.2012 Corporation
GAMMA SRL n/a EXCH 2'958'059 0.19 - 30.11.2012 Holding Company
B&D FINANCE SA n/a EXCH 2'693'391 0.17 - 30.11.2012 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 2'669'743 0.17 126'616 28.02.2013 Mutual Fund Manager
FINANZIARIA ITALIA 2 n/a EXCH 2'646'685 0.17 - 30.11.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 25.03.2013
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 9 12 month 22.03.2013
Macquarie HADLEY COHEN neutral 3 M 13 12 month 22.03.2013
Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 13 Not Provided 22.03.2013
AlphaValue JEROME CASSAGNE reduce 2 D 13 6 month 21.03.2013
ICBPI ENRICO ESPOSTI neutral 3 M 14 12 month 20.03.2013
Banca IMI ELENA PERINI hold 3 M 14 12 month 19.03.2013
Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 13 12 month 18.03.2013
Independent Research GmbH STEFAN BONGARDT sell 1 M 13 12 month 18.03.2013
Equita SIM SpA MATTEO GHILOTTI buy 5 M 16 12 month 18.03.2013
Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 Not Provided 15.03.2013
CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 11 Not Provided 15.03.2013
Banca Akros(ESN) MARCO CAVALLERI hold 3 M 14 12 month 15.03.2013
S&P Capital IQ RODERICK WALLACE sell 1 M 11 12 month 15.03.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 16 12 month 15.03.2013
Credit Suisse RICHARD BURDEN underperform 1 M 14 Not Provided 14.03.2013
Oddo & Cie NICOLAS JACOB neutral 3 M 14 Not Provided 14.03.2013
Nomura MICHAEL KLIEN reduce 2 M 12 12 month 14.03.2013
JPMorgan ANDREAS VAN EMBDEN neutral 3 M 14 3 month 13.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 04.03.2013
Barclays CLAUDIA GASPARI equalweight 3 M 12 Not Provided 04.03.2013
Kepler Capital Markets GIANANTONIO VILLANI buy 5 M 16 Not Provided 22.02.2013
Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 13 12 month 17.01.2013
Deutsche Bank ROBIN BUCKLEY hold 3 D 15 12 month 16.01.2013
HSBC KAILESH MISTRY neutral 3 M 16 Not Provided 16.01.2013
Societe Generale ABID HUSSAIN buy 5 M 16 12 month 15.01.2013
Natixis BENOIT VALLEAUX neutral 3 M 14 Not Provided 10.01.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 12 Not Provided 09.01.2013
Goldman Sachs COLIN L SIMPSON not rated #N/A N/A M #N/A N/A Not Provided 08.01.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 11.12.2012
Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012
DZ Bank AG WERNER EISENMANN sell 1 M 10 12 month 21.12.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 16 Not Provided 16.05.2011
Holdings By:
Assicurazioni Generali SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
AXA SA is an insurance company which also provides related financial services.
The Company offers life and non-life insurance, reinsurance, savings and pension
products, and asset management services. AXA operates in both domestic and
international markets.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 14.68
52-Week Low (04.06.2012) 8.65
Daily Volume
13.74
52-Week High % Change -6.47% Dividend Yield -
52-Week Low % Change 58.84% Beta 1.51
% 52 Week Price Range High/Low 82.92% Equity Float 2'045.00
Shares Out 28.02.2013 2'389.8 Short Int -
32'836.16 1 Yr Total Return 14.79%
Total Debt 10'662.00 YTD Return 2.92%
Preferred Stock 6'059.0 Adjusted BETA 1.512
Minority Interest 2'355.0 Analyst Recs 35
Cash and Equivalents 30'546.00 Consensus Rating 4.086
Enterprise Value 15'307.16
Average Volume 5 Day 6'436'833
CS FP EQUITY YTD Change - Average Volume 30 Day 8'224'358
CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 6'937'233
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
51'235.0 122'704.0 117'414.0 98'334.0 114'689.0 0.0 0.0 100'555.2 102'337.0 - -
0.62x 0.36x 0.29x 0.18x 0.13x #DIV/0! #DIV/0! 0.45x 0.51x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
923.0 3'606.0 2'749.0 4'324.0 4'152.0 0.0 0.0 4'700.7 5'037.4 - -
51.67x 10.60x 12.33x 5.88x 7.53x 0.00x 0.00x 6.97x 6.53x - -
EBITDA - Long-Term Rating Date 18.12.2012
EBIT - Long-Term Rating A-
Operating Margin 5.81% Long-Term Outlook STABLE
Pretax Margin 5.03% Short-Term Rating Date 18.12.2012
Return on Assets 0.56% Short-Term Rating A-2
Return on Common Equity 8.33%
Return on Capital 7.16% EBITDA/Interest Exp. -
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 19.9%
Net Income Margin 3.6% Total Debt/Capital 16.0%
Asset Turnover 0.15
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 1.40% Inventory Days -
Tot Debt to Common Equity 19.87% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
AXA SAPrice/Volume
Valuation Analysis
1'373'483.00
Current Price (3/dd/yy) Market Data
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20'000.0
40'000.0
60'000.0
80'000.0
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120'000.0
140'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MUTUELLES AXA #N/A N/A Co File 342'767'775 14.34 - 31.12.2012 Insurance Company
AMUNDI n/a Research 91'682'238 3.84 (20'493'797) 15.05.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 79'973'621 3.35 (78'613) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 65'131'985 2.73 2'125'718 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 50'254'088 2.1 (9'366) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 48'017'589 2.01 2'656'159 22.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 35'243'907 1.47 (323'861) 31.12.2012 Investment Advisor
LANSDOWNE UK EQUITY n/a Short (20'395'259) -0.85 (7'936'172) 16.09.2011 Unclassified
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 19'768'792 0.83 (2'318'038) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'896'417 0.79 730'180 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'453'235 0.6 - 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'758'066 0.53 255'752 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 11'629'095 0.49 (143'415) 31.12.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 10'723'804 0.45 (3'360) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'885'132 0.33 (13'091'874) 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 7'000'250 0.29 - 31.10.2012 Mutual Fund Manager
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'835'130 0.24 (52'090) 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'664'606 0.24 7'582 22.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'466'038 0.19 - 31.07.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'309'635 0.18 (9'429) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James DANNY JACQUES strong buy 5 M 19 Not Provided 25.03.2013
Oddo & Cie NICOLAS JACOB buy 5 M 16 Not Provided 25.03.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 17 6 month 25.03.2013
Hammer Partners SA ENRICO RACIOPPI buy 5 N 21 Not Provided 25.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 21.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 18.03.2013
Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 08.03.2013
AlphaValue JEROME CASSAGNE buy 5 M 17 6 month 07.03.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 15 12 month 26.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 26.02.2013
Helvea DANIEL BISCHOF buy 5 M 16 12 month 26.02.2013
Berenberg Bank PETER ELIOT hold 3 M 18 Not Provided 25.02.2013
Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 24.02.2013
Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 18 12 month 22.02.2013
CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 17 Not Provided 22.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 14 12 month 22.02.2013
S&P Capital IQ RODERICK WALLACE buy 5 M 15 12 month 22.02.2013
Nomura MICHAEL KLIEN buy 5 M 23 12 month 21.02.2013
Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 21.02.2013
Banco Sabadell MARIO LODOS buy 5 M 15 12 month 15.02.2013
Kepler Capital Markets FABRIZIO CROCE hold 3 M 10 Not Provided 11.02.2013
Barclays CLAUDIA GASPARI underweight 1 M 14 Not Provided 04.02.2013
Mediobanca SpA MARC THIELE outperform 5 M 18 6 month 30.01.2013
Deutsche Bank OLIVER STEEL buy 5 M 16 12 month 24.01.2013
Macquarie NEIL WELCH outperform 5 M 16 12 month 23.01.2013
HSBC KAILESH MISTRY overweight 5 M 20 Not Provided 16.01.2013
Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 16 Not Provided 07.01.2013
Morgan Stanley JON HOCKING Overwt/In-Line 5 M 15 12 month 05.12.2012
Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012
JPMorgan ANDREAS VAN EMBDEN underweight 1 M 12 9 month 08.11.2012
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 07.11.2012
DZ Bank AG WERNER EISENMANN buy 5 M 14 12 month 20.12.2011
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 21 Not Provided 05.10.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 16 12 month 06.06.2011
BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011
Holdings By:
AXA SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail,
wholesale, and investment banking services. The Bank offers consumer and
mortgage loans, private banking, asset management, insurance, mutual funds, and
securities brokerage services. It operates in Europe, Latin America, United
States, China and Turkey.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.01.2013) 7.86
52-Week Low (23.07.2012) 4.31
Daily Volume
7.039
52-Week High % Change -10.40% Dividend Yield -
52-Week Low % Change 63.32% Beta 1.22
% 52 Week Price Range High/Low 76.80% Equity Float 5'268.16
Shares Out 31.12.2012 5'448.9 Short Int -
38'354.45 1 Yr Total Return 22.86%
Total Debt 226'217.00 YTD Return 2.45%
Preferred Stock 0.0 Adjusted BETA 1.224
Minority Interest 2'372.0 Analyst Recs 43
Cash and Equivalents 63'956.00 Consensus Rating 3.488
Enterprise Value -
Average Volume 5 Day 58'466'950
BBVA SQ EQUITY YTD Change - Average Volume 30 Day 46'536'140
BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 67'781'880
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
41'508.0 34'467.0 32'482.0 33'049.0 35'222.0 20'977.0 22'861.0 23'334.4 24'586.3 5'931.0 6'071.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
5'020.0 4'210.0 4'606.0 3'004.0 1'676.0 3'004.0 1'676.0 4'549.6 5'107.3 1'169.0 1'168.0
6.41x 11.37x 6.46x 11.74x 28.56x 11.25x 27.22x 9.05x 8.03x 10.35x -
EBITDA - Long-Term Rating Date 16.10.2012
EBIT - Long-Term Rating BBB-
Operating Margin 5.89% Long-Term Outlook NEG
Pretax Margin 6.89% Short-Term Rating Date 16.10.2012
Return on Assets 0.27% Short-Term Rating A-3
Return on Common Equity 4.21%
Return on Capital 0.88% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 546.0%
Net Income Margin 7.0% Total Debt/Capital 83.8%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 3.93
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 35.47% Inventory Days -
Tot Debt to Common Equity 546.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Banco Bilbao Vizcaya Argentaria SAPrice/Volume
Valuation Analysis
14'095'962.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BNP PARIBAS SA n/a EXCH 184'725'823 3.39 22'455'188 07.01.2013 Bank
INVERAVANTE INVERSIO n/a 13G 160'934'820 2.95 (86'470'698) 24.07.2012 Other
BLACKROCK n/a ULT-AGG 74'694'018 1.37 3'440'401 22.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 59'867'255 1.1 3'027'039 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 46'627'136 0.86 (9'198'725) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 42'699'687 0.78 - 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 38'166'132 0.7 587'169 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 34'776'596 0.64 5'369'252 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 25'945'674 0.48 (5'617'228) 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 18'375'918 0.34 268'712 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 16'143'314 0.3 20'241 22.03.2013 Investment Advisor
CORP GNRAL FINANCIER n/a Co File 10'870'987 0.2 - 19.10.2012 n/a
UMB BANK N A Multiple Portfolios MF-AGG 10'811'646 0.2 2'209'334 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'521'867 0.17 (3'610'744) 31.01.2013 Mutual Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'802'767 0.14 4'703'508 28.12.2012 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7'760'019 0.14 1'553'396 31.12.2012 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 7'718'009 0.14 (2'806'444) 30.09.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 7'169'179 0.13 (121'826) 31.01.2013 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'810'379 0.12 2'789'705 31.01.2013 Investment Advisor
PIONEER INVESTMENT M Multiple Portfolios MF-AGG 6'002'218 0.11 958'831 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA ANDREA FILTRI neutral 3 M 7 Not Provided 25.03.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ outperform 5 M 9 12 month 25.03.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL strong buy 5 M 9 6 month 25.03.2013
Grupo Santander ARTURO DE FRIAS buy 5 M 9 Not Provided 22.03.2013
Bankia Bolsa (ESN) JAVIER BERNAT accumulate 4 M 9 12 month 22.03.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 7 Not Provided 22.03.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 20.03.2013
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE buy 5 M 8 Not Provided 14.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 12.03.2013
Societe Generale CARLOS GARCIA GONZALEZ hold 3 U 7 12 month 11.03.2013
Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 8 12 month 11.03.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 8 Not Provided 11.03.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ buy 5 U 9 Not Provided 08.03.2013
BPI CARLOS JOAQUIM PEIXOTO strong buy 5 M 9 Not Provided 07.03.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 10 6 month 07.03.2013
La Caixa DAVID FERNANDEZ buy 5 M 9 Not Provided 04.03.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 8 Not Provided 04.03.2013
Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.02.2013
Banco Sabadell MARIO LODOS buy 5 M 8 12 month 15.02.2013
Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 U 9 12 month 12.02.2013
Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 9 Not Provided 12.02.2013
JPMorgan JAIME BECERRIL neutral 3 U 7 18 month 11.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 07.02.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 6 12 month 06.02.2013
RBC Capital Markets PATRICK LEE sector perform 3 M 8 12 month 04.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 8 12 month 04.02.2013
Natixis FREDERIC TESCHNER neutral 3 M 7 Not Provided 04.02.2013
Nomura DARAGH QUINN buy 5 M 8 12 month 04.02.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 7 12 month 01.02.2013
Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 28.01.2013
Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 11 12 month 23.01.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 8 Not Provided 17.01.2013
HSBC CARLO DIGRANDI neutral 3 M 7 Not Provided 10.01.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 6 Not Provided 08.01.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012
DZ Bank AG SABINE BOHN sell 1 M 6 12 month 06.02.2012
Holdings By:
Banco Bilbao Vizcaya Argentaria SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Banco Santander SA attracts deposits and offers retail, commercial and private
banking, and asset management services. The Bank offers consumer credit,
mortgage loans, lease financing, factoring, mutual funds, pension funds,
insurance, commercial credit, investment banking services, structured finance,
and advice on mergers and acquisitions.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 6.68
52-Week Low (23.07.2012) 3.98
Daily Volume
5.457
52-Week High % Change -18.34% Dividend Yield -
52-Week Low % Change 37.25% Beta 1.17
% 52 Week Price Range High/Low 53.22% Equity Float 10'341.30
Shares Out 14.01.2013 10'538.7 Short Int -
57'509.59 1 Yr Total Return 3.34%
Total Debt 367'524.00 YTD Return -8.43%
Preferred Stock 0.0 Adjusted BETA 1.171
Minority Interest 9'672.0 Analyst Recs 42
Cash and Equivalents 182'116.00 Consensus Rating 2.857
Enterprise Value -
Average Volume 5 Day 82'515'660
SAN SQ EQUITY YTD Change - Average Volume 30 Day 73'113'590
SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month 75'098'120
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
70'114.3 69'736.2 68'965.5 78'009.0 43'575.0 44'219.0 43'575.0 44'466.5 46'635.0 11'268.0 11'390.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
8'876.4 8'942.5 8'180.9 5'351.0 2'205.0 5'351.0 2'205.0 6'311.5 7'521.8 1'408.0 1'407.0
5.74x 11.09x 8.39x 9.74x 26.44x 9.70x 25.61x 9.26x 7.95x 8.46x -
EBITDA - Long-Term Rating Date 16.10.2012
EBIT - Long-Term Rating BBB
Operating Margin 24.02% Long-Term Outlook NEG
Pretax Margin 12.39% Short-Term Rating Date 30.04.2012
Return on Assets 0.17% Short-Term Rating A-2
Return on Common Equity 2.92%
Return on Capital 0.65% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 492.3%
Net Income Margin 5.1% Total Debt/Capital 81.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 3.19
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 28.95% Inventory Days -
Tot Debt to Common Equity 492.30% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Banco Santander SAPrice/Volume
Valuation Analysis
25'421'288.00
Current Price (3/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
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
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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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 866'045'236 8.22 20'454 25.03.2013 Investment Advisor
BANK OF NEW YORK MEL n/a Co File 555'448'975 5.27 - 31.12.2011 Investment Advisor
BNP PARIBAS SA n/a EXCH 341'264'391 3.24 86'154'727 14.01.2013 Bank
CAPITAL GROUP COMPAN n/a ULT-AGG 243'314'406 2.31 - 31.12.2012 Investment Advisor
BARCLAYS PLC n/a ULT-AGG 227'263'557 2.16 (56'807'364) 03.05.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 151'615'535 1.44 2'496'892 22.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 138'161'167 1.31 10'545'834 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 80'954'358 0.77 - 31.12.2012 Investment Advisor
DE LOS RIOS EMILIO B n/a EXCH 79'184'471 0.75 (240'126) 05.03.2013 n/a
DODGE & COX Multiple Portfolios MF-AGG 53'673'238 0.51 447'012 29.01.2013 Investment Advisor
ASSICURAZIONI GENERA n/a EXCH 50'134'290 0.48 - 01.10.2011 Insurance Company
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 43'495'798 0.41 586'726 31.12.2012 Investment Advisor
BANCO SANTANDER SA n/a Co File 42'192'066 0.4 - 31.12.2011 Bank
BNP PARIBAS INV PART n/a ULT-AGG 39'434'500 0.37 (3'431'125) 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'143'000 0.37 - 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 30'578'576 0.29 38'354 22.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 27'695'932 0.26 (2'001'686) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 19'224'262 0.18 1'930'244 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 16'712'670 0.16 (436'850) 31.12.2012 Mutual Fund Manager
O'SHEA JAVIER BOTIN- n/a EXCH 16'280'026 0.15 937 31.01.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA ANDREA FILTRI underperform 1 M 4 Not Provided 25.03.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 6 Not Provided 25.03.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 6 month 25.03.2013
Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 22.03.2013
La Caixa DAVID FERNANDEZ overweight 5 D 6 Not Provided 20.03.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 20.03.2013
Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 19.03.2013
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 6 Not Provided 14.03.2013
Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 11.03.2013
Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 6 12 month 11.03.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 11.03.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 7 12 month 10.03.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 08.03.2013
BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 07.03.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 9 6 month 07.03.2013
Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.02.2013
Banco Sabadell MARIO LODOS buy 5 M 7 12 month 15.02.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013
Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 7 12 month 12.02.2013
JPMorgan JAIME BECERRIL neutral 3 M 6 18 month 11.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 06.02.2013
RBC Capital Markets PATRICK LEE underperform 1 M 6 12 month 01.02.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 01.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 01.02.2013
Nomura DARAGH QUINN reduce 2 M 6 Not Provided 01.02.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 5 12 month 31.01.2013
Berenberg Bank NICK ANDERSON sell 1 M 6 Not Provided 28.01.2013
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 8 12 month 23.01.2013
BBVA IGNACIO ULARGUI outperform 5 M 8 Not Provided 14.01.2013
HSBC CARLO DIGRANDI neutral 3 M 6 Not Provided 10.01.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 08.01.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012
Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 5 Not Provided 22.08.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012
DZ Bank AG SABINE BOHN sell 1 M 4 Not Provided 23.05.2012
Holdings By:
Banco Santander SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
BASF SE is a chemical company. The Company operates in six segments: Chemicals,
Plastics, Performance Products, Functional Solutions, Agricultural Solutions
and Oil & Gas. BASF offers products for the chemical, automotive, construction,
agriculture, oil, plastics, electrical / electronics, furniture and paper
industries, and provides a range of system solutions and services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 76.20
52-Week Low (28.06.2012) 51.13
Daily Volume
69.93
52-Week High % Change -8.24% Dividend Yield -
52-Week Low % Change 36.77% Beta 1.07
% 52 Week Price Range High/Low 73.55% Equity Float 854.55
Shares Out 31.12.2012 918.5 Short Int -
64'229.21 1 Yr Total Return 8.46%
Total Debt 13'355.00 YTD Return -1.71%
Preferred Stock 0.0 Adjusted BETA 1.067
Minority Interest 1'224.0 Analyst Recs 40
Cash and Equivalents 1'800.00 Consensus Rating 3.800
Enterprise Value 77'008.22
Average Volume 5 Day 3'709'083
BAS GY EQUITY YTD Change - Average Volume 30 Day 3'079'755
BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'651'788
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
62'304.0 50'693.0 63'873.0 73'497.0 78'729.0 73'497.0 78'729.0 81'255.8 80'368.4 21'598.8 20'076.0
0.62x 1.07x 1.09x 0.84x 0.99x 3.54x 3.62x 0.95x 0.93x 3.52x 3.84x
10'238.0 8'500.0 11'903.0 11'855.0 12'583.0 11'855.0 12'583.0 12'846.6 13'587.8 3'507.0 3'438.0
3.74x 6.36x 5.85x 5.20x 6.21x 5.20x 6.21x 6.00x 5.67x 6.06x -
2'912.0 1'410.0 4'557.0 6'188.0 4'879.0 6'188.0 4'879.0 5'368.9 5'824.2 1'618.0 1'469.0
8.86x 28.22x 12.04x 8.00x 13.40x 8.00x 13.40x 11.71x 10.88x 11.82x -
EBITDA 12'583.00 Long-Term Rating Date 10.05.2011
EBIT 9'022.00 Long-Term Rating A+
Operating Margin 11.46% Long-Term Outlook STABLE
Pretax Margin 10.72% Short-Term Rating Date 12.02.2009
Return on Assets 7.78% Short-Term Rating A-1
Return on Common Equity 20.03%
Return on Capital 14.67% EBITDA/Interest Exp. 16.73
Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 11.22
Net Debt/EBITDA 0.92
Gross Margin 26.3% Total Debt/EBITDA 1.06
EBITDA Margin 16.0%
EBIT Margin 11.5% Total Debt/Equity 54.3%
Net Income Margin 6.2% Total Debt/Capital 34.1%
Asset Turnover 1.25
Current Ratio 1.66 Net Fixed Asset Turnover 4.36
Quick Ratio 0.69 Accounts receivable turnover-days 48.87
Debt to Assets 20.76% Inventory Days 63.04
Tot Debt to Common Equity 54.33% Accounts Payable Turnover Day 31.03
Accounts Receivable Turnover 7.49 Cash Conversion Cycle 80.88
Inventory Turnover 5.81
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
BASF SEPrice/Volume
Valuation Analysis
972'372.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 63'927'154 6.96 - 22.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 12'764'100 1.39 933'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'343'571 1.24 813'771 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'072'038 1.21 (195'542) 28.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 7'816'891 0.85 3'435 28.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'728'029 0.84 (1'894'889) 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'464'197 0.81 1'313'530 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'218'080 0.79 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'827'084 0.74 (273'418) 28.02.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3'833'502 0.42 150'348 28.12.2012 Mutual Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'562'928 0.39 4'200 30.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'382'122 0.37 (16'461) 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'723'078 0.3 3'410 22.03.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'394'986 0.26 (1'000) 31.01.2013 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'052'900 0.22 251'750 28.09.2012 Investment Advisor
SEB n/a ULT-AGG 2'000'933 0.22 85'942 31.01.2013 Unclassified
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'827'520 0.2 3'283 25.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'605'194 0.17 (18'792) 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'494'928 0.16 95'786 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'446'357 0.16 (1'093'863) 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nord/LB THORSTEN STRAUSS hold 3 M 73 12 month 25.03.2013
Jefferies LAURENCE ALEXANDER hold 3 M 73 12 month 25.03.2013
AlphaValue MARTIN SCHNEE add 4 M 79 6 month 21.03.2013
JPMorgan MARTIN EVANS neutral 3 M 75 12 month 20.03.2013
Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 60 12 month 20.03.2013
DZ Bank AG PETER SPENGLER buy 5 M 86 12 month 13.03.2013
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 75 12 month 12.03.2013
M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 D 78 12 month 07.03.2013
Exane BNP Paribas JAMES KNIGHT outperform 5 M 74 Not Provided 06.03.2013
Baader Bank NORBERT BARTH buy 5 M 85 12 month 05.03.2013
CA Cheuvreux MARTIN ROEDIGER outperform 5 M 80 Not Provided 01.03.2013
Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 83 6 month 28.02.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 78 Not Provided 28.02.2013
Bankhaus Lampe HEIKO FEBER buy 5 M 80 Not Provided 28.02.2013
S&P Capital IQ JOHNSON IMODE hold 3 D 78 12 month 28.02.2013
Societe Generale PETER CLARK hold 3 M 72 12 month 27.02.2013
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 87 12 month 27.02.2013
Macquarie CHRISTIAN FAITZ neutral 3 M 66 12 month 27.02.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 81 Not Provided 27.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 84 12 month 27.02.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.02.2013
Bankhaus Metzler LARS HETTCHE sell 1 D 68 12 month 27.02.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 D 85 12 month 27.02.2013
Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 85 12 month 26.02.2013
HSBC GEOFF HAIRE neutral 3 M 75 Not Provided 26.02.2013
Nomura JEAN DE WATTEVILLE buy 5 M 88 12 month 26.02.2013
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 18.02.2013
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013
Barclays ANDREAS HEINE equalweight 3 M 80 Not Provided 04.02.2013
Kepler Capital Markets MARKUS MAYER hold 3 M 75 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 06.12.2012
Main First Bank AG RONALD KOEHLER neutral 3 M 65 Not Provided 20.11.2012
Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 25.10.2012
Day by Day VALERIE GASTALDY buy 5 M 76 3 month 03.10.2012
Gilford Securities PAUL C CHRISTOPHERSON hold 3 D #N/A N/A Not Provided 26.09.2012
Silvia Quandt Research HARALD GRUBER neutral 3 M 65 12 month 27.02.2012
Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012
SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010
Holdings By:
BASF SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Bayer AG produces and markets healthcare and agricultural products, and
polymers. The Company manufactures products that include aspirin, antibiotics,
anti-infectives, and cardiovascular, oncology, and central nervous system
drugs, over-the-counter medications, diagnostics, animal health products, crop
protection products, plastics, and polyurethanes.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 80.71
52-Week Low (05.06.2012) 47.63
Daily Volume
79.2
52-Week High % Change -1.93% Dividend Yield -
52-Week Low % Change 66.30% Beta 0.96
% 52 Week Price Range High/Low 95.13% Equity Float 826.95
Shares Out 28.02.2013 826.9 Short Int -
65'494.27 1 Yr Total Return 51.69%
Total Debt 9'532.00 YTD Return 10.17%
Preferred Stock 0.0 Adjusted BETA 0.964
Minority Interest 100.0 Analyst Recs 38
Cash and Equivalents 2'551.00 Consensus Rating 3.816
Enterprise Value 72'575.26
Average Volume 5 Day 2'403'161
BAYN GY EQUITY YTD Change - Average Volume 30 Day 2'420'970
BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'195'789
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
32'918.0 31'168.0 35'088.0 36'528.0 39'760.0 36'528.0 39'760.0 41'540.8 43'629.9 10'500.3 10'590.3
1.40x 1.80x 1.53x 1.32x 1.67x 5.33x 5.89x 1.72x 1.59x - -
6'702.0 7'695.0 8'900.0 8'963.0 9'001.0 8'963.0 8'605.0 8'798.2 9'453.7 2'515.5 2'276.0
6.86x 7.30x 6.04x 5.36x 7.39x 5.36x 7.73x 8.25x 7.68x 8.23x -
1'719.0 1'359.0 1'301.0 2'470.0 2'446.0 2'470.0 2'446.0 4'673.7 5'191.6 1'466.5 1'294.0
18.72x 32.92x 35.22x 16.52x 24.29x 16.52x 24.29x 13.44x 12.17x 13.32x -
EBITDA 9'001.00 Long-Term Rating Date 30.04.2008
EBIT 6'041.00 Long-Term Rating A-
Operating Margin 15.19% Long-Term Outlook POS
Pretax Margin 8.17% Short-Term Rating Date 11.07.2006
Return on Assets 4.70% Short-Term Rating A-2
Return on Common Equity 12.98%
Return on Capital - EBITDA/Interest Exp. 12.11
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 9.52
Net Debt/EBITDA 0.81
Gross Margin 52.1% Total Debt/EBITDA 1.11
EBITDA Margin 21.6%
EBIT Margin 14.2% Total Debt/Equity 51.6%
Net Income Margin 6.2% Total Debt/Capital 33.9%
Asset Turnover 0.76
Current Ratio 1.45 Net Fixed Asset Turnover 4.04
Quick Ratio 0.76 Accounts receivable turnover-days 66.70
Debt to Assets 18.57% Inventory Days 128.16
Tot Debt to Common Equity 51.61% Accounts Payable Turnover Day 75.11
Accounts Receivable Turnover 5.49 Cash Conversion Cycle 119.75
Inventory Turnover 2.86
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
Bayer AGPrice/Volume
Valuation Analysis
511'464.00
Current Price (3/dd/yy) Market Data
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15'000.0
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25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 99'286'793 12.01 (3'516'978) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 63'671'516 7.7 (376'074) 22.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 15'106'150 1.83 12'931 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 11'899'870 1.44 - 29.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'028'402 1.33 (349'533) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 8'812'434 1.07 (518'224) 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 8'564'198 1.04 - 03.05.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'534'779 0.91 118'983 28.02.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'532'781 0.91 2'307'304 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'512'673 0.79 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'298'642 0.76 129'068 22.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'937'955 0.72 279'716 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'795'523 0.7 (211'094) 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'770'395 0.7 227'355 28.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'155'549 0.62 (1'063'717) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'647'992 0.44 356'211 31.12.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 3'035'802 0.37 (32'100) 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'035'138 0.37 45'000 30.11.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'450'000 0.3 3'064 22.03.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'406'227 0.29 (149'624) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Helvea ODILE RUNDQUIST accumulate 4 M 82 12 month 25.03.2013
DZ Bank AG PETER SPENGLER buy 5 M 80 12 month 21.03.2013
Exane BNP Paribas FLORENT CESPEDES neutral 3 M 76 Not Provided 21.03.2013
AlphaValue MARTIN SCHNEE reduce 2 M 81 6 month 21.03.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 90 6 month 20.03.2013
Baader Bank NORBERT BARTH hold 3 M 66 12 month 20.03.2013
Jefferies JEFFREY HOLFORD hold 3 M 79 12 month 20.03.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 85 Not Provided 20.03.2013
Natixis BEATRICE MUZARD buy 5 M 90 Not Provided 20.03.2013
Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 75 12 month 20.03.2013
S&P Capital IQ SHO MATSUBARA hold 3 M 79 12 month 19.03.2013
JPMorgan RICHARD VOSSER overweight 5 M 95 15 month 15.03.2013
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 75 12 month 12.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 07.03.2013
CA Cheuvreux LAURENT FLAMME outperform 5 M 82 Not Provided 06.03.2013
Societe Generale STEPHEN MCGARRY hold 3 M 74 12 month 05.03.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 85 Not Provided 05.03.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 05.03.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 84 12 month 05.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.03.2013
Nord/LB THORSTEN STRAUSS sell 1 M 65 12 month 01.03.2013
Credit Suisse JOHANNA WALTON outperform 5 M 83 Not Provided 01.03.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 83 12 month 01.03.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 90 12 month 01.03.2013
Barclays MARK PURCELL underweight 1 M 68 Not Provided 01.03.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 76 12 month 28.02.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 75 12 month 28.02.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 75 6 month 28.02.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 82 12 month 27.02.2013
Kepler Capital Markets FABIAN WENNER buy 5 M 76 Not Provided 25.02.2013
Deutsche Bank TIM RACE buy 5 M 86 12 month 12.12.2012
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012
Main First Bank AG RONALD KOEHLER outperform 5 M 80 Not Provided 20.11.2012
Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 63 12 month 30.10.2012
Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012
Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 76 Not Provided 15.09.2010
Holdings By:
Bayer AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and
motorcycles worldwide. The Company produces everything from convertible sports
cars to luxury sedans to touring motorcycles with large displacement engines.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.01.2013) 76.16
52-Week Low (26.06.2012) 53.16
Daily Volume
69.61
52-Week High % Change -8.61% Dividend Yield -
52-Week Low % Change 30.94% Beta 1.08
% 52 Week Price Range High/Low 72.13% Equity Float 323.27
Shares Out 31.12.2012 602.0 Short Int -
44'719.00 1 Yr Total Return 5.09%
Total Debt 69'507.00 YTD Return -4.55%
Preferred Stock 0.0 Adjusted BETA 1.078
Minority Interest 107.0 Analyst Recs 38
Cash and Equivalents 12'982.00 Consensus Rating 3.895
Enterprise Value 101'351.01
Average Volume 5 Day 2'238'892
BMW GY EQUITY YTD Change - Average Volume 30 Day 1'899'492
BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'704'613
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
53'197.0 50'681.0 60'477.0 68'821.0 76'848.0 68'821.0 76'848.0 79'682.3 83'523.6 - -
1.19x 1.40x 1.49x 1.31x 1.36x 5.13x 5.09x 0.60x 0.57x - -
11'231.0 9'311.0 9'087.0 11'677.0 12'014.0 11'677.0 12'014.0 12'733.7 13'186.0 - -
5.64x 7.59x 9.93x 7.75x 8.70x 7.75x 8.70x 7.96x 7.69x - -
324.0 204.0 3'227.0 4'881.0 5'096.0 4'881.0 5'096.0 5'108.9 5'275.6 - -
44.10x 102.58x 11.94x 6.95x 9.39x 6.95x 9.39x 8.92x 8.67x - -
EBITDA 12'014.00 Long-Term Rating Date 16.04.2012
EBIT 8'298.00 Long-Term Rating A
Operating Margin 10.80% Long-Term Outlook STABLE
Pretax Margin 10.17% Short-Term Rating Date 16.04.2012
Return on Assets 3.99% Short-Term Rating A-1
Return on Common Equity 17.78%
Return on Capital 5.87% EBITDA/Interest Exp. 13.16
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 7.42
Net Debt/EBITDA 4.70
Gross Margin 20.2% Total Debt/EBITDA 5.79
EBITDA Margin 15.6%
EBIT Margin 10.8% Total Debt/Equity 229.4%
Net Income Margin 6.6% Total Debt/Capital 69.6%
Asset Turnover 0.60
Current Ratio 1.04 Net Fixed Asset Turnover 2.12
Quick Ratio 0.32 Accounts receivable turnover-days 13.68
Debt to Assets 52.72% Inventory Days 57.75
Tot Debt to Common Equity 229.43% Accounts Payable Turnover Day 34.90
Accounts Receivable Turnover 26.75 Cash Conversion Cycle 36.53
Inventory Turnover 6.34
Fiscal Year Ended
Bayerische Motoren Werke AGPrice/Volume
Valuation Analysis
583'961.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
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40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QUANDT STEFAN n/a Co File 104'747'161 17.4 - 31.12.2012 n/a
QUANDT JOHANNA n/a Co File 98'125'214 16.3 - 31.12.2012 n/a
KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2012 n/a
BLACKROCK n/a ULT-AGG 36'141'000 6 (180'026) 22.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 14'833'170 2.46 113'170 31.12.2012 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'265'500 1.37 (130'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'021'307 1.17 204'186 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 6'403'800 1.06 - 29.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'796'472 0.63 289'797 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'474'386 0.58 (1'064'286) 28.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'987'994 0.5 120'702 28.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'917'838 0.48 6'788 28.02.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'667'376 0.44 (191'841) 28.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'575'521 0.43 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'407'518 0.4 (414'675) 28.02.2013 Investment Advisor
SEB n/a ULT-AGG 1'314'060 0.22 12'465 31.01.2013 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'310'054 0.22 28'645 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'212'415 0.2 45'585 31.01.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'200'968 0.2 380'695 30.11.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'149'062 0.19 - 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 26.03.2013
DZ Bank AG MICHAEL PUNZET sell 1 M 65 12 month 26.03.2013
Kepler Capital Markets MICHAEL RAAB buy 5 M 83 Not Provided 25.03.2013
Exane BNP Paribas RABIH FREIHA neutral 3 M 74 Not Provided 25.03.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 22.03.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 22.03.2013
Nord/LB FRANK SCHWOPE sell 1 M 61 12 month 21.03.2013
JPMorgan JOSE ASUMENDI overweight 5 M 95 9 month 21.03.2013
Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 70 Not Provided 21.03.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 90 12 month 21.03.2013
Oddo & Cie FRANCOIS MAURY reduce 2 M 60 Not Provided 21.03.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 84 12 month 21.03.2013
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 21.03.2013
AlphaValue HANS-PETER WODNIOK add 4 M 82 6 month 21.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.03.2013
Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 79 12 month 20.03.2013
Credit Suisse ERICH HAUSER outperform 5 M 80 Not Provided 20.03.2013
Societe Generale PHILIPPE BARRIER buy 5 M 83 12 month 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Creative Global Investments CARLO R BESENIUS buy 5 M 87 Not Provided 18.03.2013
S&P Capital IQ RODERICK BRIDGE strong buy 5 M 83 12 month 14.03.2013
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 90 12 month 13.03.2013
Bankhaus Metzler JUERGEN PIEPER sell 1 D 64 12 month 19.02.2013
Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 12.02.2013
HSBC HORST SCHNEIDER neutral 3 M 82 Not Provided 01.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 83 Not Provided 01.02.2013
Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 D 92 12 month 10.01.2013
Natixis GEORGES DIENG buy 5 M 82 Not Provided 10.12.2012
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 77 12 month 26.11.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 08.11.2012
CA Cheuvreux THOMAS BESSON outperform 5 M 85 Not Provided 07.11.2012
Barclays KRISTINA CHURCH overweight 5 M 84 Not Provided 07.11.2012
Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF not rated #N/A N/A M #N/A N/A Not Provided 16.10.2012
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 81 12 month 06.06.2012
Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 26.03.2012
Steubing AG MICHAEL BROEKER buy 5 M 100 Not Provided 05.01.2012
Holdings By:
Bayerische Motoren Werke AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
BNP Paribas S.A. attracts deposits and offers commercial, retail, investment,
private and corporate banking services. The Bank also provides asset management
and investment advisory services to institutions and individuals in Europe, the
United States, Asia and the Emerging Markets.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.01.2013) 47.92
52-Week Low (30.05.2012) 24.54
Daily Volume
40.355
52-Week High % Change -15.87% Dividend Yield -
52-Week Low % Change 64.48% Beta 1.53
% 52 Week Price Range High/Low 65.83% Equity Float 1'096.19
Shares Out 31.12.2012 1'242.3 Short Int -
50'131.48 1 Yr Total Return 12.55%
Total Debt 1'012'615.00 YTD Return -5.24%
Preferred Stock 7'241.0 Adjusted BETA 1.528
Minority Interest 8'536.0 Analyst Recs 37
Cash and Equivalents 139'568.00 Consensus Rating 4.216
Enterprise Value -
Average Volume 5 Day 6'051'194
BNP FP EQUITY YTD Change - Average Volume 30 Day 4'986'330
BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'274'194
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
78'052.0 70'526.0 72'848.0 71'009.0 68'664.0 11'685.0 2'593.0 40'100.7 41'381.3 10'526.0 10'144.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
3'021.0 5'832.0 7'843.0 6'050.0 6'553.0 6'050.0 6'553.0 6'165.6 7'031.9 1'658.0 1'498.0
9.85x 10.75x 7.52x 6.30x 8.25x 6.02x 7.78x 8.05x 7.04x 8.57x -
EBITDA - Long-Term Rating Date 25.10.2012
EBIT - Long-Term Rating A+
Operating Margin 22.58% Long-Term Outlook NEG
Pretax Margin 22.58% Short-Term Rating Date 25.10.2012
Return on Assets 0.34% Short-Term Rating A-1
Return on Common Equity 8.93%
Return on Capital 0.63% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 1287.6%
Net Income Margin 14.3% Total Debt/Capital 91.5%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 4.07
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 53.09% Inventory Days -
Tot Debt to Common Equity 1287.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
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
BNP Paribas SAPrice/Volume
Valuation Analysis
2'075'750.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BELGIAN STATE n/a Co File 129'166'979 10.4 - 31.12.2012 Government
AXA n/a ULT-AGG 66'464'562 5.35 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 23'278'745 1.87 21'613 22.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 18'754'945 1.51 (517'367) 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'235'239 1.31 760'566 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 16'011'192 1.29 (4'223'421) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 14'387'267 1.16 620'876 31.01.2013 Mutual Fund Manager
STATE OF LUXEMBOURG n/a Co File 12'540'483 1.01 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'412'585 1 476'466 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'991'341 0.8 215'029 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'954'017 0.64 - 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'974'782 0.48 (227'174) 31.01.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 5'548'626 0.45 (313'400) 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 5'066'891 0.41 (6'900) 28.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 5'050'237 0.41 (63'407) 31.10.2012 Mutual Fund Manager
LBPAM Multiple Portfolios MF-AGG 4'981'512 0.4 (358'290) 31.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'846'420 0.31 50'313 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'793'501 0.31 263'565 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'752'412 0.3 (1'668'815) 31.12.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 3'700'000 0.3 - 29.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 57 12 month 26.03.2013
Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 47 Not Provided 25.03.2013
RBC Capital Markets ANKE REINGEN outperform 5 M 55 12 month 22.03.2013
Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 22.03.2013
AlphaValue CHRISTOPHE NIJDAM add 4 M 48 6 month 21.03.2013
Societe Generale SEBASTIEN LEMAIRE buy 5 M 56 12 month 20.03.2013
Macquarie PIERS BROWN underperform 1 M 41 12 month 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
S&P Capital IQ WILLIAM HOWLETT buy 5 M 50 12 month 14.03.2013
Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 59 Not Provided 13.03.2013
Grupo Santander AURELIA FAURE buy 5 M 55 Not Provided 12.03.2013
JPMorgan DELPHINE LEE neutral 3 M 48 18 month 11.03.2013
Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 08.03.2013
Barclays JEREMY SIGEE overweight 5 M 54 Not Provided 04.03.2013
HSBC ROBIN DOWN overweight 5 M 55 Not Provided 28.02.2013
Deutsche Bank FLORA BENHAKOUN hold 3 M 52 12 month 18.02.2013
Kepler Capital Markets BENOIT PETRARQUE buy 5 M 50 Not Provided 18.02.2013
Nomura JON PEACE buy 5 M 56 Not Provided 18.02.2013
Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 55 12 month 15.02.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 48 Not Provided 15.02.2013
CA Cheuvreux CYRIL MEILLAND select list 5 M 56 Not Provided 15.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 15.02.2013
Banco Sabadell MARIO LODOS buy 5 M 48 12 month 15.02.2013
Natixis ALEX KOAGNE buy 5 M 61 Not Provided 15.02.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 55 12 month 15.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 53 12 month 14.02.2013
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 56 12 month 14.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 49 12 month 06.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 43 Not Provided 30.01.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 70 12 month 28.01.2013
Berenberg Bank JAMES CHAPPELL sell 1 N 25 Not Provided 28.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 50 Not Provided 19.06.2012
DZ Bank AG SABINE BOHN buy 5 M 39 Not Provided 08.05.2012
Holdings By:
BNP Paribas SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Carrefour SA operates chains of supermarkets, hypermarkets, discount, cash and
carry, and frozen food stores in Europe, the Americas, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (08.03.2013) 23.03
52-Week Low (11.07.2012) 12.87
Daily Volume
21.48
52-Week High % Change -6.77% Dividend Yield -
52-Week Low % Change 66.90% Beta 1.13
% 52 Week Price Range High/Low 82.68% Equity Float 561.21
Shares Out 31.12.2012 709.2 Short Int -
15'233.93 1 Yr Total Return 20.75%
Total Debt 11'246.00 YTD Return 11.04%
Preferred Stock 0.0 Adjusted BETA 1.127
Minority Interest 874.0 Analyst Recs 39
Cash and Equivalents 6'925.00 Consensus Rating 3.487
Enterprise Value 20'428.93
Average Volume 5 Day 3'019'122
CA FP EQUITY YTD Change - Average Volume 30 Day 3'332'659
CA FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'142'015
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 10/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
86'341.0 84'763.0 79'737.0 80'455.0 76'789.0 0.0 0.0 78'966.2 81'450.4 22'980.3 -
0.30x 0.37x 0.37x 0.25x 0.25x #DIV/0! #DIV/0! 0.26x 0.25x - -
4'044.0 4'599.0 4'380.0 3'894.0 - 0.0 0.0 3'871.5 4'119.4 - -
6.51x 6.75x 6.81x 5.08x - 0.00x 0.00x 5.29x 4.98x - -
1'269.0 276.0 433.0 371.0 1'233.0 0.0 0.0 999.9 1'135.0 - -
14.82x 67.12x 61.70x - 88.09x 0.00x 0.00x 14.85x 13.06x - -
EBITDA 3'894.00 Long-Term Rating Date 15.03.2012
EBIT 1'433.00 Long-Term Rating BBB
Operating Margin 1.87% Long-Term Outlook STABLE
Pretax Margin 0.81% Short-Term Rating Date 16.04.2010
Return on Assets 2.63% Short-Term Rating A-2
Return on Common Equity 17.48%
Return on Capital - EBITDA/Interest Exp. 6.25
Asset Turnover 1.64% (EBITDA-Capex)/Interest Exp. 2.51
Net Debt/EBITDA 3.76
Gross Margin 19.9% Total Debt/EBITDA 4.73
EBITDA Margin 3.3%
EBIT Margin 1.9% Total Debt/Equity 217.0%
Net Income Margin 1.6% Total Debt/Capital 66.0%
Asset Turnover 1.64
Current Ratio 0.90 Net Fixed Asset Turnover 5.84
Quick Ratio 0.41 Accounts receivable turnover-days 11.74
Debt to Assets 35.43% Inventory Days 37.20
Tot Debt to Common Equity 216.96% Accounts Payable Turnover Day 85.80
Accounts Receivable Turnover 31.18 Cash Conversion Cycle -36.86
Inventory Turnover 9.84
Fiscal Year Ended
Carrefour SAPrice/Volume
Valuation Analysis
416'968.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLUE CAPITAL SARL n/a Co File 64'047'813 9.03 - 31.12.2011 Other
SOCIETE GENERALE n/a Research 31'310'832 4.41 (14'638'655) 20.06.2012 Bank
BLUE PARTICIPATIONS n/a Co File 25'359'996 3.58 - 31.12.2011 Holding Company
AMUNDI SA n/a Research 23'161'032 3.27 - 11.07.2011 Other
COLONY BLUE INVESTOR n/a Co File 15'166'770 2.14 - 31.12.2011 Other
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 12'514'112 1.76 1'806'945 30.09.2012 Hedge Fund Manager
SOCIETE GEN GESTION n/a Research 8'353'963 1.18 - 11.07.2011 Mutual Fund Manager
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 8'126'922 1.15 - 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'809'733 1.1 10'661 31.01.2013 Mutual Fund Manager
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 7'552'796 1.06 (724'500) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'421'564 0.91 (50'861) 22.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'313'630 0.89 454'748 31.12.2012 Investment Advisor
CARREFOUR SA n/a Co File 5'598'650 0.79 - 31.12.2011 Corporation
AKO CAPITAL LLP n/a Short (5'531'875) -0.78 290'035 17.01.2013 Investment Advisor
GROUPE ARNAULT SAS n/a Co File 5'156'752 0.73 - 31.12.2011 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'806'506 0.68 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'440'346 0.49 51'232 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'387'980 0.34 (947'010) 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 2'260'463 0.32 1'018'888 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'939'988 0.27 (214'082) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hammer Partners SA STEPHAN SEIP hold 3 U 21 Not Provided 25.03.2013
AlphaValue VIRGINIE BLIN add 4 U 24 6 month 21.03.2013
CM - CIC Securities(ESN) CHRISTIAN DEVISMES buy 5 M 26 12 month 20.03.2013
Jyske Bank ROBERT JAKOBSEN strong buy 5 M 26 Not Provided 18.03.2013
Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 32 Not Provided 15.03.2013
Nomura NICK COULTER neutral 3 M 20 Not Provided 13.03.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 24 12 month 12.03.2013
Redburn Partners MARC DE SPEVILLE buy 5 U #N/A N/A Not Provided 12.03.2013
Deutsche Bank SALLY RONALD hold 3 M 25 12 month 11.03.2013
Credit Suisse XAVIER LE MENE outperform 5 M 25 Not Provided 11.03.2013
Main First Bank AG RICKIN THAKRAR outperform 5 M 24 12 month 11.03.2013
Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 08.03.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 23 Not Provided 08.03.2013
Oddo & Cie LAURENCE HOFMANN buy 5 M 27 Not Provided 08.03.2013
Natixis PIERRE-EDOUARD BOUDOT buy 5 M 25 Not Provided 08.03.2013
Exane BNP Paribas JOHN KERSHAW outperform 5 M 24 Not Provided 08.03.2013
Commerzbank Corporates & Markets JUERGEN ELFERS hold 3 M 22 6 month 07.03.2013
Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 25 12 month 07.03.2013
JPMorgan JAIME VAZQUEZ overweight 5 M 25 9 month 07.03.2013
Jefferies JAMES GRZINIC hold 3 M 20 12 month 07.03.2013
S&P Capital IQ WILLIAM MACK sell 1 M 19 12 month 07.03.2013
Barclays NICOLAS CHAMP equalweight 3 M 20 Not Provided 07.03.2013
Day by Day VALERIE GASTALDY buy 5 U 24 3 month 19.02.2013
Espirito Santo Investment Bank ResearchCAROLINE GULLIVER buy 5 M 25 Not Provided 18.02.2013
Banco Sabadell MARTA DIAZ sell 1 M 22 12 month 15.02.2013
Baader Bank VOLKER BOSSE sell 1 M 17 12 month 12.02.2013
Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 18.01.2013
Aurel - BGC JEAN-MARIE L'HOME buy 5 M 23 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Kepler Capital Markets FABIENNE CARON buy 5 M 26 Not Provided 19.12.2012
Macquarie SREEDHAR MAHAMKALI outperform 5 M 22 12 month 12.12.2012
HSBC JEROME SAMUEL neutral 3 M 19 Not Provided 05.12.2012
Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 20 12 month 26.11.2012
CA Cheuvreux ARNAUD JOLY underperform 1 M 16 Not Provided 19.10.2012
Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 03.09.2012
Nord/LB WOLFGANG VASTERLING sell 1 M #N/A N/A Not Provided 10.07.2012
DZ Bank AG CHRISTIAN DOUGLAS sell 1 M 16 12 month 31.01.2012
Equita SIM SpA FABIO FAZZARI hold 3 M 22 12 month 12.01.2012
Holdings By:
Carrefour SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Compagnie de Saint-Gobain manufactures glass products, high-performance
materials, and construction materials. The Company produces flat glass,
insulation, and glass containers, high-performance ceramics, plastics, and
abrasives, and building materials such as roofing, wall facings, mortars, and
ductile cast iron pipe. Saint-Gobain also retails building materials.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 35.44
52-Week Low (02.08.2012) 23.90
Daily Volume
29.82
52-Week High % Change -15.91% Dividend Yield -
52-Week Low % Change 24.77% Beta 1.25
% 52 Week Price Range High/Low 50.95% Equity Float 460.13
Shares Out 29.01.2013 531.1 Short Int -
15'838.17 1 Yr Total Return -10.09%
Total Debt 12'669.00 YTD Return -7.45%
Preferred Stock 0.0 Adjusted BETA 1.249
Minority Interest 412.0 Analyst Recs 30
Cash and Equivalents 4'179.00 Consensus Rating 3.433
Enterprise Value 24'740.17
Average Volume 5 Day 1'930'998
SGO FP EQUITY YTD Change - Average Volume 30 Day 2'133'740
SGO FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'950'587
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
43'800.0 37'786.0 40'119.0 42'116.0 43'198.0 42'116.0 43'198.0 43'006.3 44'475.5 9'924.0 10'981.0
0.56x 0.75x 0.69x 0.57x 0.60x 0.00x 0.00x 0.56x 0.53x - -
5'263.0 3'821.0 4'785.0 5'024.0 2'637.0 0.0 0.0 4'425.2 4'804.0 - -
4.68x 7.39x 5.80x 4.80x 9.87x 0.00x 0.00x 5.61x 5.17x - -
1'378.0 202.0 1'129.0 1'284.0 766.0 0.0 0.0 1'260.1 1'562.0 - -
9.15x 88.53x 17.66x 12.16x 22.07x 0.00x 0.00x 12.22x 10.12x - -
EBITDA 2'637.00 Long-Term Rating Date 24.07.2009
EBIT 1'087.00 Long-Term Rating BBB
Operating Margin 2.52% Long-Term Outlook NEG
Pretax Margin 2.94% Short-Term Rating Date 30.04.2004
Return on Assets 1.63% Short-Term Rating A-2
Return on Common Equity 4.35%
Return on Capital 4.86% EBITDA/Interest Exp. 8.99
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 5.36
Net Debt/EBITDA 3.22
Gross Margin 6.1% Total Debt/EBITDA 4.80
EBITDA Margin 6.1%
EBIT Margin 2.5% Total Debt/Equity 72.6%
Net Income Margin 1.8% Total Debt/Capital 41.5%
Asset Turnover 0.92
Current Ratio 1.31 Net Fixed Asset Turnover 3.09
Quick Ratio 0.67 Accounts receivable turnover-days 43.88
Debt to Assets 26.66% Inventory Days 56.89
Tot Debt to Common Equity 72.65% Accounts Payable Turnover Day 55.34
Accounts Receivable Turnover 8.34 Cash Conversion Cycle 45.44
Inventory Turnover 6.43
Fiscal Year Ended
Cie de St-GobainPrice/Volume
Valuation Analysis
553'287.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
50'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WENDEL INVESTISSEMEN #N/A N/A Co File 91'581'114 17.24 - 31.12.2011 Investment Advisor
FONDS DU PLAN D EPAR n/a Co File 42'844'966 8.07 - 31.12.2011 n/a
AMUNDI SA n/a Research 40'161'206 7.56 17'861'078 27.06.2012 Other
CAISSE DES DEPOTS ET #N/A N/A Co File 13'924'614 2.62 - 31.12.2011 Government
GROUPAMA SA #N/A N/A Co File 10'175'679 1.92 - 31.12.2011 Insurance Company
CIE DE SAINT GOBAIN #N/A N/A Co File 9'104'555 1.71 - 31.12.2011 Corporation
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'617'178 1.25 - 31.12.2012 Investment Advisor
COGEMA #N/A N/A Co File 5'891'183 1.11 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 4'692'443 0.88 260'564 22.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'217'347 0.79 180'416 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'101'338 0.77 (846'845) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'240'887 0.61 - 31.12.2012 Investment Advisor
PREDICA #N/A N/A Co File 3'213'372 0.61 - 31.12.2011 Insurance Company
AVIVA PLC Multiple Portfolios MF-AGG 2'716'101 0.51 203'000 28.02.2013 Investment Advisor
SOCIETE GEN GESTION n/a Research 2'536'782 0.48 - 15.06.2011 Mutual Fund Manager
FMR LLC n/a ULT-AGG 2'316'466 0.44 (88'176) 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 1'784'591 0.34 - 29.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'671'822 0.31 (320'096) 31.12.2012 Mutual Fund Manager
JP MORGAN n/a ULT-AGG 1'522'906 0.29 50'015 31.01.2013 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'334'277 0.25 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 22.03.2013
Aurel - BGC ERIC LEMARIE buy 5 M 40 6 month 22.03.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 22.03.2013
Oddo & Cie VIRGINIE ROUSSEAU neutral 3 M 34 Not Provided 21.03.2013
Exane BNP Paribas PAUL ROGER underperform 1 M 32 Not Provided 20.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Berenberg Bank MICHAEL WATTS buy 5 M 35 Not Provided 18.03.2013
Deutsche Bank LUIS PRIETO buy 5 M 38 12 month 11.03.2013
Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 11.03.2013
AlphaValue GAETAN DUPONT buy 5 M 40 6 month 11.03.2013
Societe Generale MURIEL FELLOUS buy 5 M 38 12 month 08.03.2013
Credit Suisse HARRY GOAD neutral 3 M 27 Not Provided 07.03.2013
Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 37 12 month 07.03.2013
Jefferies MICHAEL F BETTS buy 5 M 45 12 month 25.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 27 12 month 21.02.2013
Kepler Capital Markets JOSEP PUJAL hold 3 M 30 Not Provided 21.02.2013
Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 32 6 month 21.02.2013
Natixis RAFIC EL HADDAD buy 5 U 38 Not Provided 21.02.2013
S&P Capital IQ JAWAHAR HINGORANI sell 1 M 28 12 month 21.02.2013
Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 28 Not Provided 19.02.2013
Goldman Sachs WILL MORGAN neutral/neutral 3 D 34 12 month 12.02.2013
HSBC JOHN FRASER-ANDREWS underweight 1 D 31 Not Provided 29.01.2013
Morgan Stanley ALEJANDRA PEREDA Equalwt/In-Line 3 M 33 12 month 18.01.2013
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 M 37 12 month 18.01.2013
JPMorgan MICHAEL MORRIS overweight 5 M 35 9 month 15.01.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 33 Not Provided 15.01.2013
Davy TIM CAHILL outperform 5 U #N/A N/A Not Provided 09.08.2012
Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 44 Not Provided 30.07.2012
Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 09.03.2009
Holdings By:
Cie de St-Gobain ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
CRH plc manufactures cement, concrete products, aggregates, asphalt, clay
bricks, chemical lime, security fencing products, and roofing, insulation and
other building materials. The Group also operates some 136 builders merchant
locations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19
countries, including Ireland, the US, Spain, Germany and the Netherlands.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (15.03.2013) 18.03
52-Week Low (05.06.2012) 12.81
Daily Volume
17.105
52-Week High % Change -5.10% Dividend Yield 3.65
52-Week Low % Change 33.53% Beta 1.43
% 52 Week Price Range High/Low 86.00% Equity Float 683.33
Shares Out 21.03.2013 727.1 Short Int -
12'437.39 1 Yr Total Return 12.87%
Total Debt 4'915.00 YTD Return 14.74%
Preferred Stock 1.0 Adjusted BETA 1.433
Minority Interest 36.0 Analyst Recs 32
Cash and Equivalents 1'799.00 Consensus Rating 2.531
Enterprise Value 15'590.39
Average Volume 5 Day 1'100'321
CRH ID EQUITY YTD Change - Average Volume 30 Day 1'352'334
CRH ID EQUITY YTD % CHANGE - Average Volume 3 Month 1'252'896
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
20'887.0 17'373.0 17'173.0 18'081.0 18'659.0 - - 19'073.4 20'125.6 - -
0.78x 1.01x 0.86x 0.82x 0.76x - - 0.81x 0.75x - -
2'656.0 1'803.0 1'614.0 1'656.0 1'640.0 - - 1'724.8 1'974.8 - -
6.11x 9.69x 9.18x 9.01x 8.70x - - 9.04x 7.89x - -
1'248.0 592.0 432.0 590.0 552.0 - - 601.1 791.3 - -
7.66x 21.54x 25.28x 18.60x 20.01x - - 20.22x 15.68x - -
EBITDA 1'640.00 Long-Term Rating Date 17.12.2007
EBIT 845.00 Long-Term Rating BBB+
Operating Margin 4.53% Long-Term Outlook STABLE
Pretax Margin 3.61% Short-Term Rating Date 07.09.2001
Return on Assets 2.59% Short-Term Rating A-2
Return on Common Equity 5.25%
Return on Capital 5.03% EBITDA/Interest Exp. 5.92
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 3.84
Net Debt/EBITDA 1.90
Gross Margin 27.3% Total Debt/EBITDA 3.00
EBITDA Margin 8.8%
EBIT Margin 4.5% Total Debt/Equity 46.6%
Net Income Margin 3.0% Total Debt/Capital 31.7%
Asset Turnover 0.88
Current Ratio 1.84 Net Fixed Asset Turnover 2.15
Quick Ratio 1.15 Accounts receivable turnover-days 46.46
Debt to Assets 23.22% Inventory Days 63.19
Tot Debt to Common Equity 46.65% Accounts Payable Turnover Day 59.16
Accounts Receivable Turnover 7.88 Cash Conversion Cycle 50.49
Inventory Turnover 5.79
Fiscal Year Ended
CRH PLCPrice/Volume
Valuation Analysis
165'651.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 46'828'488 6.44 (10'758'929) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 28'961'677 3.98 - 22.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 27'093'488 3.73 (7'581'034) 21.01.2013 Investment Advisor
UBS n/a ULT-AGG 26'645'973 3.66 (214'912) 31.01.2013 Unclassified
HARBOR CAPITAL ADVIS n/a 20F 21'999'275 3.03 - 23.03.2012 Investment Advisor
NORGES BANK n/a 20F 21'543'277 2.96 - 23.03.2012 Government
GRWTH FUND OF AMERIC n/a RNS-MAJ 21'114'087 2.9 - 15.02.2011 n/a
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 11'276'498 1.55 1'580'407 30.09.2012 Hedge Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 8'149'088 1.12 (1'338'324) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'954'808 1.09 318'307 31.12.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 7'703'980 1.06 3'376'460 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'646'139 0.78 - 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 5'345'457 0.74 2'283'455 30.11.2012 Unclassified
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4'922'840 0.68 (13'040) 31.12.2012 Investment Advisor
MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 4'196'785 0.58 2'571'785 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 3'206'686 0.44 - 21.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'802'622 0.39 92'614 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 2'762'000 0.38 342'000 30.11.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'746'054 0.38 850'506 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 2'586'810 0.36 3'567 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN sell 1 D 16 Not Provided 21.03.2013
Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 16 Not Provided 21.03.2013
AlphaValue GAETAN DUPONT add 4 M 19 6 month 21.03.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 21.03.2013
Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 17 12 month 18.03.2013
Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 15.03.2013
Goldman Sachs WILL MORGAN neutral/neutral 3 M 17 12 month 08.03.2013
Credit Suisse HARRY GOAD underperform 1 M 13 Not Provided 07.03.2013
Goodbody Stockbrokers Ltd ROBERT EASON sell 1 M 15 12 month 06.03.2013
Deutsche Bank LUIS PRIETO buy 5 M 18 12 month 01.03.2013
JPMorgan MICHAEL MORRIS neutral 3 M 14 9 month 28.02.2013
Natixis ABDELKADER BENCHIHA neutral 3 U 17 Not Provided 28.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.02.2013
Societe Generale MURIEL FELLOUS hold 3 M 16 12 month 27.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 18 12 month 27.02.2013
Berenberg Bank ROBERT MUIR sell 1 M 14 Not Provided 27.02.2013
Jefferies MICHAEL F BETTS buy 5 M 20 12 month 26.02.2013
Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 15 6 month 26.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 17 12 month 26.02.2013
Exane BNP Paribas PAUL ROGER neutral 3 M 18 Not Provided 26.02.2013
Numis Securities Ltd HOWARD SEYMOUR reduce 2 M 11 Not Provided 25.02.2013
Merrion Stockbrokers DAVID HOLOHAN sell 1 N 14 Not Provided 22.02.2013
Kepler Capital Markets JOSEP PUJAL hold 3 M 16 Not Provided 04.02.2013
HSBC JOHN FRASER-ANDREWS underweight 1 D 15 Not Provided 29.01.2013
Morgan Stanley YURI SEROV Underwt/In-Line 1 M 16 12 month 13.12.2012
Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 14 Not Provided 09.11.2012
Redburn Partners WILLIAM JONES neutral 3 M #N/A N/A Not Provided 07.11.2012
Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 19.10.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 14.06.2012
Holdings By:
CRH PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Daimler AG develops, manufactures, distributes, and sells a wide range of
automotive products, mainly passenger cars, trucks, vans and buses. The Company
also provides financial and other services relating to its automotive
businesses.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 47.47
52-Week Low (27.06.2012) 32.86
Daily Volume
43.89
52-Week High % Change -7.57% Dividend Yield -
52-Week Low % Change 33.59% Beta 1.21
% 52 Week Price Range High/Low 76.57% Equity Float 944.56
Shares Out 28.02.2013 1'067.6 Short Int -
46'859.00 1 Yr Total Return -1.09%
Total Debt 84'642.00 YTD Return 6.22%
Preferred Stock 0.0 Adjusted BETA 1.208
Minority Interest 1'631.0 Analyst Recs 39
Cash and Equivalents 15'055.00 Consensus Rating 3.487
Enterprise Value 118'077.00
Average Volume 5 Day 3'976'119
DAI GY EQUITY YTD Change - Average Volume 30 Day 4'051'994
DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 4'004'314
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
95'873.0 78'924.0 97'761.0 106'540.0 114'297.0 106'540.0 114'297.0 116'971.5 124'085.7 - -
0.87x 1.15x 1.10x 0.93x 1.01x 3.70x 3.91x 0.45x 0.43x - -
11'685.0 3'032.0 10'489.0 12'216.0 12'138.0 12'265.0 12'193.0 12'649.2 14'408.5 - -
7.14x 29.84x 10.26x 8.09x 9.50x 8.06x 9.46x 9.34x 8.20x - -
1'348.0 (2'640.0) 4'498.0 5'667.0 6'095.0 5'667.0 6'095.0 4'965.6 5'999.1 1'313.0 1'314.0
15.61x - 11.85x 6.38x 7.24x 6.38x 7.24x 9.44x 7.97x 8.92x -
EBITDA 12'138.00 Long-Term Rating Date 23.02.2012
EBIT 8'071.00 Long-Term Rating A-
Operating Margin 7.06% Long-Term Outlook STABLE
Pretax Margin 6.75% Short-Term Rating Date 26.02.2001
Return on Assets 3.92% Short-Term Rating A-2
Return on Common Equity 14.60%
Return on Capital 6.94% EBITDA/Interest Exp. 5.24
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 3.16
Net Debt/EBITDA 5.71
Gross Margin 22.3% Total Debt/EBITDA 6.94
EBITDA Margin 10.7%
EBIT Margin 7.1% Total Debt/Equity 192.9%
Net Income Margin 5.3% Total Debt/Capital 65.0%
Asset Turnover 0.73
Current Ratio 1.13 Net Fixed Asset Turnover 2.58
Quick Ratio 0.38 Accounts receivable turnover-days 24.64
Debt to Assets 51.93% Inventory Days 71.73
Tot Debt to Common Equity 192.90% Accounts Payable Turnover Day 37.55
Accounts Receivable Turnover 14.85 Cash Conversion Cycle 58.83
Inventory Turnover 5.10
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
Daimler AGPrice/Volume
Valuation Analysis
952'801.00
Current Price (3/dd/yy) Market Data
!2
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0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 92'440'565 8.66 (897'278) 22.03.2013 Investment Advisor
KUWAIT INVESTMENT AU n/a Co File 73'577'854 6.89 - 06.02.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 50'908'791 4.77 (2'451'600) 31.12.2012 Investment Advisor
AABAR INVESTMENTS PJ n/a Co File 33'056'717 3.1 - 06.02.2012 Government
NORGES BANK n/a Research 32'355'918 3.03 - 17.09.2012 Government
NISSAN MOTOR CO LTD n/a Co File 16'448'378 1.54 - 31.03.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'205'464 1.24 361'219 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 12'065'091 1.13 17'008 28.02.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'511'692 0.98 3'324 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10'428'300 0.98 1'095'300 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'278'602 0.68 - 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'252'246 0.68 (488'209) 28.12.2012 Mutual Fund Manager
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'339'832 0.59 6'700 30.09.2012 Hedge Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'548'162 0.33 (1'704'912) 28.09.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 3'200'000 0.3 - 31.12.2011 Pension Fund (ERISA)
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'911'975 0.27 3'634 22.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a Research 2'719'961 0.25 - 05.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'556'213 0.24 - 31.07.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'366'939 0.22 338'129 31.01.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'327'805 0.22 (1'000) 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 40 12 month 26.03.2013
Exane BNP Paribas RABIH FREIHA outperform 5 M 54 Not Provided 25.03.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 40 6 month 21.03.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 48 12 month 07.03.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 60 6 month 04.03.2013
Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 60 12 month 28.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.02.2013
Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 53 12 month 26.02.2013
Credit Suisse ERICH HAUSER neutral 3 M 35 Not Provided 21.02.2013
Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 48 12 month 15.02.2013
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 62 12 month 13.02.2013
Kepler Capital Markets MICHAEL RAAB reduce 2 M 41 Not Provided 12.02.2013
Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 12.02.2013
DZ Bank AG MICHAEL PUNZET hold 3 M 44 12 month 11.02.2013
Barclays KRISTINA CHURCH equalweight 3 M 43 Not Provided 11.02.2013
Societe Generale STEPHEN REITMAN hold 3 M 46 12 month 08.02.2013
JPMorgan JOSE ASUMENDI neutral 3 M 46 9 month 08.02.2013
HSBC HORST SCHNEIDER overweight 5 M 52 Not Provided 08.02.2013
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 58 Not Provided 08.02.2013
Bankhaus Lampe CHRISTIAN LUDWIG sell 1 M 39 12 month 08.02.2013
Oddo & Cie FRANCOIS MAURY neutral 3 M 45 Not Provided 08.02.2013
M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 46 12 month 08.02.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 50 12 month 08.02.2013
Equinet Institutional Services(ESN) TIM SCHULDT hold 3 M 47 12 month 08.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 48 12 month 08.02.2013
Nord/LB FRANK SCHWOPE buy 5 M 51 12 month 07.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 07.02.2013
Natixis GEORGES DIENG neutral 3 M 38 Not Provided 06.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 37 12 month 31.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 43 12 month 26.11.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 35 12 month 16.11.2012
Cyrrus JIRI SIMARA hold 3 M 37 Not Provided 29.10.2012
Deutsche Bank JOCHEN GEHRKE hold 3 M 35 12 month 28.10.2012
CA Cheuvreux ALEXANDER NEUBERGER select list 5 M 48 Not Provided 26.10.2012
Steubing AG TEAM COVERAGE buy 5 M 76 Not Provided 10.01.2011
Holdings By:
Daimler AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Danone is a food processing company. The Company produces dairy products,
beverages, baby food and clinical/medical nutrition products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (08.03.2013) 55.78
52-Week Low (23.10.2012) 45.61
Daily Volume
54.18
52-Week High % Change -2.90% Dividend Yield -
52-Week Low % Change 18.80% Beta 0.65
% 52 Week Price Range High/Low 82.21% Equity Float 538.12
Shares Out 21.02.2013 634.4 Short Int -
34'369.73 1 Yr Total Return 7.28%
Total Debt 9'522.00 YTD Return 8.57%
Preferred Stock 0.0 Adjusted BETA 0.648
Minority Interest 63.0 Analyst Recs 43
Cash and Equivalents 3'017.00 Consensus Rating 3.256
Enterprise Value 40'937.73
Average Volume 5 Day 1'734'776
BN FP EQUITY YTD Change - Average Volume 30 Day 1'883'776
BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'624'149
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
15'220.0 14'982.0 17'010.0 19'318.0 20'869.0 19'318.0 20'868.0 22'094.1 23'461.1 5'388.0 5'667.8
2.09x 2.20x 2.11x 1.89x 1.73x 0.00x 0.00x 1.84x 1.70x - -
2'796.0 2'844.0 3'194.0 3'486.0 3'622.0 0.0 0.0 3'782.5 4'062.6 - -
11.35x 11.61x 11.23x 10.45x 9.99x 0.00x 0.00x 10.84x 10.10x - -
1'313.0 1'361.0 1'875.0 1'671.0 1'672.0 0.0 0.0 1'821.8 2'033.9 - -
19.75x 17.77x 15.42x 17.53x 17.95x 0.00x 0.00x 17.15x 15.53x 3.74x -
EBITDA 3'622.00 Long-Term Rating Date 25.07.2007
EBIT 2'958.00 Long-Term Rating A-
Operating Margin 14.17% Long-Term Outlook STABLE
Pretax Margin 11.97% Short-Term Rating Date 11.07.2007
Return on Assets 5.77% Short-Term Rating A-2
Return on Common Equity 13.77%
Return on Capital 9.13% EBITDA/Interest Exp. 14.78
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 10.80
Net Debt/EBITDA 1.80
Gross Margin 50.1% Total Debt/EBITDA 2.63
EBITDA Margin 17.4%
EBIT Margin 14.2% Total Debt/Equity 78.1%
Net Income Margin 8.0% Total Debt/Capital 43.7%
Asset Turnover 0.72
Current Ratio 0.81 Net Fixed Asset Turnover 5.20
Quick Ratio 0.58 Accounts receivable turnover-days 34.05
Debt to Assets 32.24% Inventory Days 37.89
Tot Debt to Common Equity 78.11% Accounts Payable Turnover Day 98.95
Accounts Receivable Turnover 10.75 Cash Conversion Cycle -27.01
Inventory Turnover 9.66
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
Danone SAPrice/Volume
Valuation Analysis
360'471.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN LIFE FINANCIAL I n/a ULT-AGG 55'771'157 8.79 15'779 31.01.2013 Investment Advisor
GROUPE DANONE n/a Co File 44'051'229 6.94 - 31.12.2012 Corporation
AMUNDI SA n/a Co File 20'039'020 3.16 - 31.12.2012 Other
EURAZEO n/a Co File 16'433'370 2.59 - 31.12.2012 Investment Advisor
NORGES BANK n/a Co File 15'048'614 2.37 - 31.12.2012 Government
SOFINA & HENEX GROUP n/a Co File 13'584'541 2.14 - 31.12.2012 Other
NATIXIS ASSET MANAGE n/a Co File 12'811'179 2.02 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 12'721'689 2.01 4'624'340 31.01.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9'939'780 1.57 (112'541) 31.12.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 9'783'434 1.54 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 9'120'390 1.44 681'500 31.12.2012 Investment Advisor
FCPE FONDS GROUPE DA n/a Co File 8'533'644 1.35 - 31.12.2012 n/a
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'429'890 1.17 (278'200) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'674'800 1.05 (418'650) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'538'555 1.03 (280'973) 22.03.2013 Investment Advisor
TRIAN FUND MANAGEMEN n/a Research 6'431'620 1.01 - 07.11.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'801'340 0.91 2'699 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'580'056 0.72 - 31.12.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'324'592 0.68 745'570 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'969'086 0.63 (54'102) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 53 12 month 25.03.2013
HSBC CEDRIC BESNARD overweight 5 M 63 Not Provided 25.03.2013
AlphaValue SOPHIE CABO-BROSETA add 4 M 65 6 month 21.03.2013
Grupo Santander PEDRO GIL underweight 1 M 46 Not Provided 20.03.2013
Nomura DAVID HAYES buy 5 M 60 12 month 20.03.2013
Jefferies ALEX HOWSON hold 3 M 48 12 month 19.03.2013
Exane BNP Paribas JEFF STENT neutral 3 M 57 Not Provided 19.03.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 63 Not Provided 14.03.2013
Morgan Stanley EILEEN KHOO Underwt/In-Line 1 M 45 12 month 13.03.2013
S&P Capital IQ CARL SHORT buy 5 M 63 12 month 13.03.2013
Equita SIM SpA FABIO FAZZARI buy 5 M 66 12 month 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 59 12 month 11.03.2013
Kepler Capital Markets JON COX buy 5 M 59 Not Provided 11.03.2013
Day by Day VALERIE GASTALDY buy 5 M 58 3 month 11.03.2013
Credit Suisse ALEX MOLLOY underperform 1 M 54 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 43 12 month 05.03.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 49 12 month 26.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 26.02.2013
Berenberg Bank JAMES TARGETT sell 1 M 51 Not Provided 22.02.2013
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.02.2013
Societe Generale WARREN L ACKERMAN hold 3 M 53 12 month 20.02.2013
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 65 12 month 20.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 20.02.2013
CM - CIC Securities(ESN) FRANCIS PRETRE reduce 2 M 47 12 month 20.02.2013
Oddo & Cie LAURENCE HOFMANN neutral 3 M 54 Not Provided 20.02.2013
Helvea ANDREAS VON ARX accumulate 4 M 61 12 month 20.02.2013
Barclays LIAM ROWLEY equalweight 3 M 51 Not Provided 20.02.2013
Deutsche Bank JAMES ISENWATER hold 3 M 45 12 month 19.02.2013
JPMorgan CELINE PANNUTI neutral 3 M 56 9 month 19.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 55 12 month 19.02.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 49 12 month 19.02.2013
Banco Sabadell IGNACIO ROMERO sell 1 M 56 12 month 15.02.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 53 Not Provided 21.01.2013
Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 56 Not Provided 08.01.2013
Natixis PIERRE TEGNER neutral 3 D 56 Not Provided 14.12.2012
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 50 Not Provided 13.12.2012
DZ Bank AG ROBERT CZERWENSKY buy 5 M 56 12 month 22.10.2012
Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 51 Not Provided 27.07.2012
Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011
Holdings By:
Danone SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Deutsche Bank AG is a global financial service provider delivering commercial,
investment, private and retail banking. The Bank offers debt, foreign exchange,
derivatives, commodities, money markets, repo and securitization, cash equities,
research, equity prime services, loans, convertibles, advice on M&A and IPO's,
trade finance, retail banking, asset management and corporate investments.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 39.51
52-Week Low (26.07.2012) 22.11
Daily Volume
31.53
52-Week High % Change -20.22% Dividend Yield -
52-Week Low % Change 42.61% Beta 1.35
% 52 Week Price Range High/Low 53.19% Equity Float 889.66
Shares Out 31.12.2012 929.5 Short Int -
29'307.13 1 Yr Total Return -16.85%
Total Debt 284'516.00 YTD Return -4.31%
Preferred Stock 0.0 Adjusted BETA 1.352
Minority Interest 1'270.0 Analyst Recs 41
Cash and Equivalents 177'928.00 Consensus Rating 3.488
Enterprise Value -
Average Volume 5 Day 7'713'140
DBK GY EQUITY YTD Change - Average Volume 30 Day 6'546'414
DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 6'365'816
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
58'492.0 45'167.0 46'151.0 52'660.0 33'582.0 50'925.0 47'151.0 33'825.7 34'823.9 8'560.0 8'581.0
- - - - - 0.00x 0.00x 1.96x 1.95x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(3'835.0) 4'973.0 2'310.0 4'132.0 611.0 4'132.0 611.0 3'654.5 4'753.6 - -
- 6.24x 12.74x 6.61x 50.69x 6.64x 48.46x 8.16x 6.30x 7.13x -
EBITDA - Long-Term Rating Date 25.01.2012
EBIT - Long-Term Rating A+
Operating Margin 10.41% Long-Term Outlook NEG
Pretax Margin 4.16% Short-Term Rating Date 19.12.2008
Return on Assets 0.03% Short-Term Rating A-1
Return on Common Equity 1.13%
Return on Capital 0.85% EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin 1.8% Total Debt/Capital 83.9%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 9.56
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Deutsche Bank AGPrice/Volume
Valuation Analysis
2'190'573.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 73'721'977 7.93 974'954 22.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 49'064'352 5.28 (3'318'049) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a Co File 24'888'999 2.68 - 31.12.2011 Investment Advisor
DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 24'458'657 2.63 (3'091'342) 31.12.2012 Bank
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 16'957'871 1.82 5'959'356 31.12.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'648'807 1.79 3'630'244 31.12.2012 Investment Advisor
COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 14'797'901 1.59 10'133'323 31.12.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'550'425 1.03 384'651 31.12.2012 Investment Advisor
CREDIT SUISSE GROUP n/a Research 9'379'275 1.01 - 08.06.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'557'620 0.92 3'906'478 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'334'422 0.79 - 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'115'570 0.77 (629'994) 28.12.2012 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'857'407 0.74 165'336 28.09.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 5'952'018 0.64 (4'277'134) 31.12.2012 Unclassified
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'677'666 0.61 (3'004'857) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'655'730 0.5 (1'922'371) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'906'432 0.42 176'476 31.12.2012 Investment Advisor
DEUTSCHE TELEKOM n/a Research 3'832'262 0.41 - 13.11.2012 Unclassified
UBS n/a ULT-AGG 3'758'375 0.4 1'963'628 31.01.2013 Unclassified
ALLIANCE BERNSTEIN n/a ULT-AGG 3'350'113 0.36 (1'003'376) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 40 Not Provided 25.03.2013
AlphaValue DIETER HEIN add 4 M 38 6 month 21.03.2013
Societe Generale DIRK HOFFMANN-BECKING buy 5 M 42 12 month 20.03.2013
Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 41 6 month 20.03.2013
Nord/LB MICHAEL SEUFERT buy 5 M 39 12 month 20.03.2013
Credit Suisse AMIT GOEL underperform 1 M 32 Not Provided 20.03.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 35 12 month 20.03.2013
Oddo & Cie JEAN SASSUS neutral 3 M 38 Not Provided 20.03.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 44 12 month 20.03.2013
DZ Bank AG CHRISTOPH BAST buy 5 M 40 12 month 20.03.2013
Exane BNP Paribas DANIEL DAVIES outperform 5 M 42 Not Provided 18.03.2013
Grupo Santander AURELIA FAURE underweight 1 M 30 12 month 14.03.2013
JPMorgan KIAN ABOUHOSSEIN neutral 3 M 38 9 month 11.03.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 45 12 month 08.03.2013
Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 41 12 month 06.03.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 U 38 Not Provided 06.03.2013
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 39 12 month 05.03.2013
Macquarie PIERS BROWN neutral 3 M 36 12 month 05.03.2013
Goldman Sachs JERNEJ OMAHEN Sell/Neutral 1 D 37 12 month 28.02.2013
Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 U 44 12 month 27.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 30 Not Provided 25.02.2013
Banco Sabadell MARIO LODOS buy 5 M 40 12 month 15.02.2013
Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 15.02.2013
Barclays JEREMY SIGEE overweight 5 M 46 Not Provided 12.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 39 Not Provided 07.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 04.02.2013
Canaccord Genuity Corp ARUN MELMANE buy 5 N 45 Not Provided 04.02.2013
CA Cheuvreux CYRIL MEILLAND underperform 1 M 37 Not Provided 01.02.2013
Natixis ANTOINE BURGARD neutral 3 M 37 Not Provided 01.02.2013
Nomura JON PEACE reduce 2 M 37 Not Provided 01.02.2013
M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 44 12 month 31.01.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 20 Not Provided 31.01.2013
Kepler Capital Markets DIRK BECKER buy 5 M 44 Not Provided 31.01.2013
S&P Capital IQ FRANK BRADEN hold 3 M 39 12 month 31.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013
HSBC ROBERT MURPHY overweight 5 M 39 Not Provided 05.09.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 03.07.2012
SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010
Holdings By:
Deutsche Bank AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Deutsche Telekom AG offers telecommunications services. The Company offers a
full range of fixed-line telephone services, mobile communications services,
Internet access, and combined information technology and telecommunications
services for businesses.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.09.2012) 10.06
52-Week Low (05.06.2012) 7.69
Daily Volume
8.409
52-Week High % Change -16.44% Dividend Yield -
52-Week Low % Change 9.38% Beta 0.75
% 52 Week Price Range High/Low 34.36% Equity Float 2'938.38
Shares Out 31.12.2012 4'321.3 Short Int -
36'337.98 1 Yr Total Return -0.58%
Total Debt 44'614.00 YTD Return -2.16%
Preferred Stock 0.0 Adjusted BETA 0.749
Minority Interest 4'623.0 Analyst Recs 43
Cash and Equivalents 6'046.00 Consensus Rating 3.209
Enterprise Value 79'528.97
Average Volume 5 Day 12'207'060
DTE GY EQUITY YTD Change - Average Volume 30 Day 17'002'280
DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 14'106'620
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
61'666.0 64'602.0 62'421.0 58'653.0 58'169.0 50'286.0 58'653.0 57'764.0 57'538.6 14'049.0 13'969.0
1.49x 1.46x 1.48x 1.45x 1.38x 7.49x 6.25x 1.38x 1.34x - -
17'535.0 17'335.0 17'726.0 20'202.0 17'728.0 16'185.0 19'002.0 17'368.0 17'397.1 4'327.0 4'436.0
5.24x 5.46x 5.20x 4.22x 4.53x 5.69x 4.48x 4.58x 4.57x 4.60x -
1'483.0 353.0 1'695.0 557.0 (5'255.0) 1'593.0 557.0 2'893.0 3'073.9 764.0 944.0
31.62x 128.63x 24.76x 68.19x - 64.37x 0.00x 11.85x 11.44x 9.78x -
EBITDA 17'728.00 Long-Term Rating Date 19.05.2008
EBIT 6'720.00 Long-Term Rating BBB+
Operating Margin 11.55% Long-Term Outlook STABLE
Pretax Margin -10.71% Short-Term Rating Date 08.04.2002
Return on Assets -4.56% Short-Term Rating A-2
Return on Common Equity -17.17%
Return on Capital - EBITDA/Interest Exp. 7.58
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 4.88
Net Debt/EBITDA 2.18
Gross Margin 41.2% Total Debt/EBITDA 2.52
EBITDA Margin 30.4%
EBIT Margin 11.5% Total Debt/Equity 172.1%
Net Income Margin -9.0% Total Debt/Capital 59.4%
Asset Turnover 0.50
Current Ratio 0.65 Net Fixed Asset Turnover 1.46
Quick Ratio 0.54 Accounts receivable turnover-days 40.50
Debt to Assets 41.33% Inventory Days 11.72
Tot Debt to Common Equity 172.12% Accounts Payable Turnover Day 68.88
Accounts Receivable Turnover 9.04 Cash Conversion Cycle -16.66
Inventory Turnover 31.23
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Deutsche Telekom AGPrice/Volume
Valuation Analysis
5'000'809.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KREDITANSTALT FUER W n/a Co File 741'424'370 17.16 - 31.12.2010 Investment Advisor
FEDERAL REPUBLIC OF n/a Co File 654'197'974 15.14 - 31.12.2010 Government
BLACKSTONE GROUP LP n/a Research 191'700'000 4.44 - 01.02.2012 Hedge Fund Manager
BLACKROCK INC n/a Co File 148'284'874 3.43 - 31.12.2010 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 78'262'814 1.81 (107'919) 07.03.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 51'600'000 1.19 6'400'000 31.12.2010 Pension Fund (ERISA)
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 37'849'583 0.88 2'072 31.01.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 28'689'139 0.66 616'256 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 24'646'392 0.57 (3'332) 07.03.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 24'203'959 0.56 6'097'908 30.12.2011 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 17'360'458 0.4 (151'394) 07.03.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 16'400'396 0.38 (9'542'126) 31.01.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 15'124'225 0.35 (1'413'136) 30.12.2011 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 14'155'889 0.33 (1'331'366) 31.03.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 13'429'768 0.31 6'953'862 30.12.2011 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 12'937'232 0.3 986'882 07.03.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 12'420'972 0.29 29'446 31.10.2011 Mutual Fund Manager
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'946'685 0.28 5'943'207 30.06.2011 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 11'425'259 0.26 3'102'360 25.10.2011 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 8'337'481 0.19 (102'960) 07.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 10 12 month 09.03.2012
Barclays Capital JONATHAN DANN overwt/negative 5 M 11 Not Provided 09.03.2012
Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 10 12 month 08.03.2012
AlphaValue HEINZ STEFFEN add 4 U 10 6 month 08.03.2012
Citi SIMON H WEEDEN buy 5 M 9 Not Provided 07.03.2012
Berenberg Bank PAUL ANDREW MARSCH hold 3 M 10 Not Provided 06.03.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 05.03.2012
Nomura FREDERIC BOULAN buy 5 M 11 12 month 05.03.2012
Goldman Sachs HUGH I MCCAFFREY neutral/neutral 3 M 9 12 month 02.03.2012
M.M. Warburg Investment Research JOCHEN REICHERT hold 3 D 10 12 month 02.03.2012
Grupo Santander STEPHANE SCHLATTER underweight 1 M 9 Not Provided 29.02.2012
Jefferies ULRICH RATHE buy 5 M 10 12 month 29.02.2012
JPMorgan HANNES C WITTIG neutral 3 M 9 12 month 28.02.2012
Macquarie GUY R PEDDY underperform 1 M 8 12 month 28.02.2012
Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 9 6 month 27.02.2012
RBC Capital Markets JONATHAN ATKIN sector perform 3 M 9 12 month 27.02.2012
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 27.02.2012
Morgan Stanley NICK DELFAS Overwt/Attractive 5 M 12 12 month 24.02.2012
Nord/LB JAN CHRISTIAN GOEHMANN buy 5 M 10 12 month 24.02.2012
Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 9 Not Provided 24.02.2012
Bankhaus Metzler ULRICH TRABERT sell 1 M 8 12 month 24.02.2012
Natixis JACQUES DE GRELING reduce 2 M 8 Not Provided 24.02.2012
Standard & Poor's Equity Research ALEXANDER WISCH hold 3 M 10 12 month 24.02.2012
DZ Bank AG JOERI SELS sell 1 M 8 12 month 24.02.2012
Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 23.02.2012
Independent Research GmbH MARKUS FRIEBEL hold 3 M 10 6 month 23.02.2012
National Bank AG MANFRED JAISFELD hold 3 M 10 Not Provided 23.02.2012
WestLB Equity Markets WOLFGANG SPECHT add 4 M 10 Not Provided 23.02.2012
Main First Bank AG MARC RODE buy 5 M 11 12 month 23.02.2012
Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M #N/A N/A Not Provided 23.02.2012
CA Cheuvreux PETER KURT NIELSEN select list 5 M 11 Not Provided 21.02.2012
HSBC DOMINIK KLARMANN neutral 3 M 9 Not Provided 20.02.2012
Exane BNP Paribas MATHIEU ROBILLIARD outperform 5 M 12 Not Provided 09.02.2012
Credit Suisse JUSTIN FUNNELL underperform 1 M 9 Not Provided 31.01.2012
Espirito Santo Investment Bank ResearchWILL DRAPER sell 1 D 7 Not Provided 25.01.2012
Deutsche Bank MATTHEW BLOXHAM hold 3 M 9 12 month 18.01.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 28.12.2011
ING Wholesale Banking JEFFREY VONK hold 3 M 9 12 month 13.12.2011
Day by Day VALERIE GASTALDY buy 5 M 10 3 month 17.11.2011
Investec MORTEN SINGLETON hold 3 M 9 12 month 10.11.2011
Liberum Capital Ltd MARK JAMES buy 5 U 8 Not Provided 07.10.2011
Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 Not Provided 28.09.2011
Kepler Capital Markets THOMAS KARLOVITS buy 5 M 13 Not Provided 25.07.2011
Holdings By:
Deutsche Telekom AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
E.ON AG operates in power generation and gas production businesses. The
Company's operations include electric generation at conventional, nuclear, and
renewable-source facilities, electric transmission via high-voltage wires
network, regional distribution of electricity, gas, and heat, power trading and
electricity, gas, and heat sales.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (14.09.2012) 19.74
52-Week Low (08.02.2013) 12.42
Daily Volume
13.55
52-Week High % Change -31.41% Dividend Yield -
52-Week Low % Change 9.10% Beta 1.10
% 52 Week Price Range High/Low 15.44% Equity Float 1'787.19
Shares Out 31.12.2012 2'001.0 Short Int -
27'113.55 1 Yr Total Return -20.58%
Total Debt 25'944.00 YTD Return -3.83%
Preferred Stock 0.0 Adjusted BETA 1.097
Minority Interest 3'862.0 Analyst Recs 39
Cash and Equivalents 6'097.00 Consensus Rating 2.538
Enterprise Value 50'822.55
Average Volume 5 Day 15'459'160
EOAN GY EQUITY YTD Change - Average Volume 30 Day 12'266'840
EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 12'058'850
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
86'753.0 81'817.0 92'863.0 112'954.0 132'093.0 87'039.0 105'888.0 111'033.7 112'983.7 - -
1.08x 1.11x 0.78x 0.52x 0.38x 3.84x 2.46x 0.45x 0.44x - -
5'403.0 12'703.0 13'006.0 4'269.0 8'443.0 11'991.0 6'579.0 9'556.6 9'756.4 - -
17.28x 7.18x 5.56x 13.73x 5.99x 6.34x 8.68x 5.33x 5.22x - -
1'266.0 8'396.0 5'853.0 (2'219.0) 2'217.0 5'815.0 3'195.0 2'529.9 2'678.9 - -
37.92x 6.50x 6.53x - 12.36x 7.24x 7.49x 10.36x 9.72x - -
EBITDA 8'443.00 Long-Term Rating Date 27.07.2012
EBIT 4'940.00 Long-Term Rating A-
Operating Margin 3.74% Long-Term Outlook STABLE
Pretax Margin 2.51% Short-Term Rating Date 27.07.2012
Return on Assets 1.51% Short-Term Rating A-2
Return on Common Equity 6.27%
Return on Capital 6.98% EBITDA/Interest Exp. 2.90
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 0.71
Net Debt/EBITDA 2.35
Gross Margin - Total Debt/EBITDA 3.07
EBITDA Margin 6.4%
EBIT Margin 3.7% Total Debt/Equity 74.2%
Net Income Margin 1.7% Total Debt/Capital 40.1%
Asset Turnover 0.90
Current Ratio 1.20 Net Fixed Asset Turnover 2.40
Quick Ratio 0.61 Accounts receivable turnover-days 47.34
Debt to Assets 18.48% Inventory Days -
Tot Debt to Common Equity 74.22% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.73 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
E.ON SEPrice/Volume
Valuation Analysis
3'227'292.00
Current Price (3/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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60'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK INC n/a EXCH 100'250'100 5.01 - 04.08.2011 Investment Advisor
E.ON AG n/a EXCH 95'647'800 4.78 - 04.08.2011 Corporation
STATKRAFT REGIONAL H n/a EXCH 83'441'700 4.17 - 04.08.2011 n/a
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 49'493'927 2.47 (39'510) 07.03.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 29'662'658 1.48 6'062'932 31.01.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 26'282'832 1.31 (3'244'509) 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'623'079 0.98 336'487 31.12.2011 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 16'309'998 0.82 (639'720) 31.01.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 16'123'725 0.81 (1'772) 07.03.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 15'916'758 0.8 (399'899) 30.12.2011 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 13'699'221 0.68 (2'198'390) 31.03.2011 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 9'021'711 0.45 225'000 31.10.2011 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 7'638'548 0.38 (60'000) 31.10.2011 Mutual Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'385'848 0.37 1'103'872 31.10.2011 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 6'878'820 0.34 (617'388) 30.12.2011 Mutual Fund Manager
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 6'295'972 0.31 (6'774) 31.01.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'599'877 0.28 (69'160) 07.03.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 5'513'581 0.28 (2'870'809) 30.06.2011 Mutual Fund Manager
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 5'440'521 0.27 (8'900) 31.10.2011 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 4'200'000 0.21 (4'705'000) 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan VINCENT DE BLIC overweight 5 M 19 9 month 09.03.2012
WestLB Equity Markets PETER WIRTZ neutral 3 M #N/A N/A Not Provided 08.03.2012
Macquarie MATTHIAS HECK outperform 5 M 21 12 month 06.03.2012
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 Not Provided 05.03.2012
Goldman Sachs DEBORAH WILKENS buy/attractive 5 M 24 12 month 01.03.2012
Berenberg Bank ROBERT CHANTRY hold 3 M 20 Not Provided 01.03.2012
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 17 6 month 27.02.2012
Nomura MARTIN YOUNG neutral 3 M 20 12 month 27.02.2012
Espirito Santo Investment Bank ResearchLAWSON STEELE buy 5 M 21 Not Provided 24.02.2012
Raymond James EMMANUEL RETIF underperform 1 M 14 Not Provided 22.02.2012
Main First Bank AG ANDREAS THIELEN buy 5 M 21 12 month 14.02.2012
Baader Bank KARIN BRINKMANN hold 3 D 18 12 month 09.02.2012
AlphaValue EILEEN RYAN reduce 2 M 16 6 month 09.02.2012
Landesbank Baden-Wuerttemberg BERNHARD JEGGLE buy 5 M 19 Not Provided 08.02.2012
HSBC ADAM DICKENS underweight 1 D 16 Not Provided 06.02.2012
Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 17 12 month 31.01.2012
Grupo Santander OSCAR NAJAR RIOS buy 5 M 21 Not Provided 25.01.2012
Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 21 12 month 23.01.2012
Barclays Capital PETER BISZTYGA underwt/neutral 1 M 14 Not Provided 23.01.2012
Exane BNP Paribas BENJAMIN LEYRE outperform 5 M 21 Not Provided 20.01.2012
Equinet Institutional Services(ESN) MICHAEL SCHAEFER accumulate 4 M 20 12 month 18.01.2012
Oddo & Cie STEPHANE LACAZE neutral 3 M 18 Not Provided 17.01.2012
Collins Stewart HAROLD HUTCHINSON hold 3 M 17 Not Provided 16.01.2012
Nord/LB HEINO HAMMANN hold 3 M 18 12 month 12.01.2012
Independent Research GmbH SVEN DIERMEIER hold 3 M 18 6 month 12.01.2012
DZ Bank AG HASIM SENGUEL buy 5 M 20 12 month 12.01.2012
Credit Suisse VINCENT GILLES neutral 3 M 17 Not Provided 11.01.2012
Kepler Capital Markets INGO BECKER reduce 2 M 15 Not Provided 09.01.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 28.12.2011
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.12.2011
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 21 12 month 16.11.2011
Hamburger Sparkasse ANNEMARIE SCHLUETER buy 5 M #N/A N/A Not Provided 14.11.2011
Dolmen Stockbrokers IAN G HUNTER buy 5 M 19 Not Provided 14.11.2011
Societe Generale ALBERTO PONTI hold 3 M 18 12 month 10.11.2011
National Bank AG STEFFEN MANSKE buy 5 M 20 Not Provided 10.11.2011
Standard & Poor's Equity Research CLIVE ROBERTS hold 3 M 17 12 month 10.11.2011
Deutsche Bank ALEXANDER KARNICK buy 5 M 23 12 month 09.11.2011
Citi SOFIA SAVVANTIDOU neutral 3 M 16 Not Provided 08.10.2011
CA Cheuvreux SEBASTIAN KAUFFMANN underperform 1 M 15 Not Provided 12.08.2011
Natixis CELINE CHERUBIN reduce 2 M 13 Not Provided 11.08.2011
SEB AG STIPO BRALO buy 5 M 27 12 month 23.11.2010
BBVA DANIEL ORTEA HERNANDEZ underperform 1 M 29 Not Provided 09.12.2009
Holdings By:
E.ON SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
European Aeronautic Defence and Space Company manufactures airplanes and
military equipment. The Company produces commercial aircraft including the
Airbus, military fighter aircraft, military and commercial helicopters,
missiles, satellites, and telecommunications and defense systems, and offers
military and commercial aircraft conversion and maintenance services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 42.59
52-Week Low (23.11.2012) 24.26
Daily Volume
41.23
52-Week High % Change -3.18% Dividend Yield -
52-Week Low % Change 69.99% Beta 0.75
% 52 Week Price Range High/Low 93.84% Equity Float 424.89
Shares Out 08.03.2013 829.0 Short Int -
34'178.32 1 Yr Total Return 35.97%
Total Debt 4'779.00 YTD Return 39.76%
Preferred Stock 0.0 Adjusted BETA 0.745
Minority Interest 25.0 Analyst Recs 31
Cash and Equivalents 11'084.00 Consensus Rating 4.323
Enterprise Value 27'898.31
Average Volume 5 Day 2'376'348
EAD FP EQUITY YTD Change - Average Volume 30 Day 3'317'500
EAD FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'646'174
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
43'265.0 42'822.0 45'752.0 49'128.0 56'480.0 49'128.0 56'480.0 58'727.4 62'637.6 11'786.3 14'051.0
0.09x 0.13x 0.17x 0.31x 0.32x 1.04x 1.39x 0.52x 0.48x - -
4'136.0 1'236.0 2'500.0 3'172.0 3'927.0 3'381.0 3'987.0 5'510.0 6'453.2 1'078.0 1'321.0
0.89x 4.62x 3.02x 4.81x 4.58x 4.51x 4.51x 5.09x 4.35x 5.10x -
1'572.0 (763.0) 553.0 1'033.0 1'228.0 1'033.0 1'228.0 2'109.1 2'692.3 373.0 489.0
6.17x - 25.65x 19.02x 19.67x 19.00x 19.73x 15.34x 11.44x 15.56x 15.68x
EBITDA 3'927.00 Long-Term Rating Date 22.09.2010
EBIT 1'890.00 Long-Term Rating A-
Operating Margin 3.35% Long-Term Outlook POS
Pretax Margin 2.97% Short-Term Rating Date 02.10.2012
Return on Assets 1.36% Short-Term Rating A-1
Return on Common Equity 12.75%
Return on Capital 11.04% EBITDA/Interest Exp. 7.52
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 1.26
Net Debt/EBITDA -1.58
Gross Margin 14.0% Total Debt/EBITDA 1.20
EBITDA Margin 7.1%
EBIT Margin 3.4% Total Debt/Equity 45.9%
Net Income Margin 2.2% Total Debt/Capital 31.4%
Asset Turnover 0.63
Current Ratio 0.93 Net Fixed Asset Turnover 3.83
Quick Ratio 0.37 Accounts receivable turnover-days 42.72
Debt to Assets 5.19% Inventory Days 172.57
Tot Debt to Common Equity 45.91% Accounts Payable Turnover Day 72.71
Accounts Receivable Turnover 8.57 Cash Conversion Cycle 142.58
Inventory Turnover 2.12
Fiscal Year Ended
European Aeronautic Defence and Space Co NVPrice/Volume
Valuation Analysis
790'609.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOGEADE n/a Research 183'337'704 22.12 - 11.12.2012 Holding Company
DAIMLERCHRYSLER AERO n/a Research 122'225'136 14.74 (61'096'851) 11.12.2012 Corporation
SOCIEDAD ESTATAL DE n/a Research 44'690'871 5.39 - 11.12.2012 Holding Company
FEDERAL REPUBLIC OF n/a Research 22'725'182 2.74 - 06.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 22'700'810 2.74 3'758 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 22'605'402 2.73 472'675 22.03.2013 Investment Advisor
CAISSE DES DEPOTS ET n/a RNS-RUL8 15'584'382 1.88 - 25.09.2012 Government
AMUNDI SA n/a RNS-RUL8 15'385'347 1.86 (2'721) 10.10.2012 Other
VANGUARD GROUP INC n/a RNS-RUL8 12'117'860 1.46 3'341 09.10.2012 Investment Advisor
VIKING GLOBAL INVEST n/a RNS-RUL8 11'930'093 1.44 (1'079'438) 10.10.2012 Hedge Fund Manager
OLD MUTUAL n/a ULT-AGG 9'406'422 1.13 (41'413) 31.01.2013 Unclassified
OPPENHEIMERFUNDS INC n/a RNS-RUL8 9'211'702 1.11 (9'990) 05.10.2012 Investment Advisor
STATE STREET n/a ULT-AGG 8'702'906 1.05 19'603 25.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'266'690 0.76 60'000 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'821'239 0.58 (71'788) 31.01.2013 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'590'746 0.55 (24'565) 31.01.2013 Investment Advisor
INVESCO LTD n/a RNS-RUL8 3'879'592 0.47 - 13.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'248'935 0.39 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'739'880 0.33 (144'726) 31.01.2013 Investment Advisor
BARCLAYS CAPITAL SEC n/a RNS-RUL8 2'644'421 0.32 (833'201) 10.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan DAVID H. PERRY overweight 5 M 47 9 month 26.03.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 43 12 month 22.03.2013
RBC Capital Markets ROBERT STALLARD sector perform 3 M 43 12 month 21.03.2013
Societe Generale ZAFAR KHAN buy 5 M 42 12 month 19.03.2013
Investec ANDREW GOLLAN buy 5 M 46 12 month 19.03.2013
Landesbank Baden-Wuerttemberg STEFAN MAICHL buy 5 M 48 Not Provided 14.03.2013
AlphaValue THOMAS PICHERIT buy 5 U 51 6 month 13.03.2013
Barclays CARTER COPELAND overweight 5 M 49 Not Provided 11.03.2013
Jefferies SANDY MORRIS buy 5 M 45 12 month 08.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 08.03.2013
Credit Suisse OLIVER SLEATH neutral 3 N 40 Not Provided 06.03.2013
S&P Capital IQ UNAI FRANCO buy 5 M 45 12 month 05.03.2013
Nord/LB WOLFGANG DONIE hold 3 M 38 12 month 04.03.2013
Day by Day VALERIE GASTALDY buy 5 M 44 3 month 04.03.2013
Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 46 12 month 01.03.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 47 12 month 01.03.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY sell 1 M 27 Not Provided 01.03.2013
Exane BNP Paribas OLIVIER BROCHET outperform 5 M 48 Not Provided 01.03.2013
Deutsche Bank BEN FIDLER buy 5 M 48 12 month 28.02.2013
Bankhaus Lampe SEBASTIAN HEIN buy 5 M 43 Not Provided 28.02.2013
Oddo & Cie YAN DEROCLES buy 5 M 44 Not Provided 28.02.2013
DZ Bank AG MARKUS TURNWALD buy 5 M 42 12 month 28.02.2013
Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 44 6 month 27.02.2013
CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX select list 5 M 42 Not Provided 27.02.2013
CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX reduce 2 M 27 12 month 27.02.2013
Kepler Capital Markets CHRISTOPHE MENARD buy 5 M 42 Not Provided 27.02.2013
Natixis ERIC CHADEYRAS buy 5 M 41 Not Provided 01.02.2013
Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 22.01.2013
Gabelli & Co JAMES FOUNG hold 3 M #N/A N/A Not Provided 10.10.2011
Holdings By:
European Aeronautic Defence and Space Co NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Enel S.p.A. generates, transmits, distributes, and trades electricity. The
Company operates hydroelectric, geothermal, and other generating plants. Enel,
through subsidiaries, also provides fixed-line and mobile telephone services,
installs public lighting systems, and operates real estate, factoring,
insurance, telecommunications, and Internet service provider businesses.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 3.30
52-Week Low (24.07.2012) 2.02
Daily Volume
2.592
52-Week High % Change -21.52% Dividend Yield -
52-Week Low % Change 28.32% Beta 0.97
% 52 Week Price Range High/Low 45.78% Equity Float 6'465.37
Shares Out 31.12.2012 9'403.4 Short Int -
24'373.50 1 Yr Total Return -0.86%
Total Debt 66'539.00 YTD Return -17.40%
Preferred Stock 0.0 Adjusted BETA 0.974
Minority Interest 16'387.0 Analyst Recs 31
Cash and Equivalents 9'891.00 Consensus Rating 3.226
Enterprise Value 97'408.50
Average Volume 5 Day 42'960'880
ENEL IM EQUITY YTD Change - Average Volume 30 Day 43'708'530
ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 41'709'380
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
59'577.0 62'498.0 71'943.0 77'573.0 82'699.0 77'573.0 82'699.0 80'436.6 81'118.4 - -
1.53x 1.85x 1.56x 1.34x 1.24x 5.64x 4.86x 1.03x 0.98x - -
13'722.0 15'883.0 16'768.0 17'198.0 16'150.0 15'554.0 16'150.0 16'142.6 16'318.0 - -
6.63x 7.29x 6.68x 6.03x 6.35x 0.00x 6.35x 6.03x 5.97x - -
5'293.0 5'586.0 4'390.0 4'148.0 865.0 4'148.0 865.0 3'175.2 3'309.3 - -
5.54x 5.90x 8.01x 7.13x 34.87x 7.08x 34.87x 7.76x 7.38x - -
EBITDA 16'150.00 Long-Term Rating Date 08.03.2012
EBIT 7'735.00 Long-Term Rating BBB+
Operating Margin 9.35% Long-Term Outlook NEG
Pretax Margin 5.83% Short-Term Rating Date 14.12.2007
Return on Assets 0.51% Short-Term Rating A-2
Return on Common Equity 2.29%
Return on Capital - EBITDA/Interest Exp. 6.25
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.72
Net Debt/EBITDA 3.51
Gross Margin - Total Debt/EBITDA 4.12
EBITDA Margin 19.5%
EBIT Margin 9.4% Total Debt/Equity 181.0%
Net Income Margin 1.0% Total Debt/Capital 55.6%
Asset Turnover 0.48
Current Ratio 1.09 Net Fixed Asset Turnover 1.01
Quick Ratio 0.61 Accounts receivable turnover-days 51.53
Debt to Assets 38.76% Inventory Days -
Tot Debt to Common Equity 180.96% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.10 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Enel SpAPrice/Volume
Valuation Analysis
18'159'921.00
Current Price (3/dd/yy) Market Data
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTERO DELL'ECONO n/a EXCH 2'937'984'993 31.24 - 20.11.2012 Government
BLACKROCK n/a ULT-AGG 99'017'582 1.05 503'167 22.03.2013 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 78'166'519 0.83 (3'333'832) 30.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 68'602'047 0.73 2'529'990 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 52'144'652 0.55 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 30'181'320 0.32 5'582'196 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 17'684'685 0.19 23'665 22.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 14'302'828 0.15 1'268'674 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 13'120'169 0.14 6'820'235 31.01.2013 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 12'861'686 0.14 216'500 28.02.2013 Mutual Fund Manager
STATE STREET BANQUE Multiple Portfolios MF-AGG 9'428'887 0.1 775'921 28.02.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 9'331'460 0.1 317'904 28.02.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 8'892'727 0.09 (165'071) 31.01.2013 Mutual Fund Manager
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 8'055'396 0.09 61'977 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'830'955 0.08 23'874 31.01.2013 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 7'754'520 0.08 (198'780) 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'123'096 0.08 3'250'432 28.12.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'000'872 0.07 43'419 22.03.2013 Investment Advisor
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 6'929'768 0.07 - 31.01.2013 Mutual Fund Manager
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 5'732'826 0.06 185'790 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan JAVIER GARRIDO underweight 1 D 3 12 month 25.03.2013
Exane BNP Paribas PHILIP GOTTSCHALK underperform 1 M 3 Not Provided 25.03.2013
HSBC ADAM DICKENS underweight 1 M 2 Not Provided 21.03.2013
Banca IMI ROBERTO RANIERI Under Review #N/A N/A M #N/A N/A Not Provided 19.03.2013
ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 19.03.2013
Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 3 12 month 18.03.2013
S&P Capital IQ CLIVE ROBERTS buy 5 M 3 12 month 18.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 18.03.2013
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 15.03.2013
Grupo Santander OSCAR NAJAR RIOS buy 5 M 4 12 month 14.03.2013
Societe Generale ALBERTO PONTI buy 5 M 3 12 month 14.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 3 12 month 14.03.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 M 3 Not Provided 14.03.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 14.03.2013
Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.03.2013
Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 13.03.2013
Kepler Capital Markets CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 13.03.2013
Goldman Sachs DARIO CARRADORI neutral/neutral 3 M 4 12 month 11.03.2013
AlphaValue MYRIAM COHEN buy 5 M 4 6 month 07.03.2013
Credit Suisse STEFANO BEZZATO neutral 3 M 3 Not Provided 05.03.2013
Centrobanca EDOARDO MONTALBANO hold 3 M 3 Not Provided 08.02.2013
Nomura JAVIER SUAREZ reduce 2 M 3 12 month 08.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 3 12 month 06.02.2013
Berenberg Bank ANDREW FISHER hold 3 N 3 Not Provided 05.02.2013
Barclays SUSANNA INVERNIZZI equalweight 3 M 4 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 30.11.2012
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 3 Not Provided 09.03.2012
Hammer Partners SA CHRIS MOORE sell 1 D #N/A N/A Not Provided 08.03.2012
DZ Bank AG HASIM SENGUEL hold 3 M 3 12 month 18.11.2011
Holdings By:
Enel SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North
Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces
natural gas and imports it for sale in Italy and elsewhere in Europe. Eni
transports natural gas in pipelines. The Company generates and trades
electricity, refines oil, and operates gasoline service stations.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.01.2013) 19.59
52-Week Low (25.07.2012) 14.94
Daily Volume
18
52-Week High % Change -8.17% Dividend Yield -
52-Week Low % Change 20.48% Beta 0.86
% 52 Week Price Range High/Low 65.38% Equity Float 2'532.64
Shares Out 31.12.2012 3'634.2 Short Int -
65'415.34 1 Yr Total Return 6.01%
Total Debt 24'463.00 YTD Return -1.85%
Preferred Stock 0.0 Adjusted BETA 0.856
Minority Interest 3'514.0 Analyst Recs 38
Cash and Equivalents 8'066.00 Consensus Rating 4.053
Enterprise Value 85'326.34
Average Volume 5 Day 11'980'490
ENI IM EQUITY YTD Change - Average Volume 30 Day 12'911'260
ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 12'469'510
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
108'082.0 83'227.0 98'523.0 109'589.0 127'271.0 108'740.0 127'271.0 117'817.6 121'152.2 32'632.7 31'508.3
0.74x 1.10x 0.91x 0.83x 0.68x 3.31x 2.95x 0.70x 0.68x 2.56x 2.67x
26'939.0 20'817.0 24'992.0 25'732.0 24'564.0 25'213.0 24'564.0 28'660.3 29'774.6 7'066.0 7'108.0
2.98x 4.39x 3.58x 3.53x 3.52x 3.60x 3.52x 2.98x 2.87x 3.02x 2.95x
8'825.0 4'367.0 6'318.0 6'860.0 7'788.0 6'860.0 8'673.0 7'070.0 7'593.9 1'777.0 1'748.0
6.89x 14.71x 9.39x 8.47x 16.38x 8.45x 7.66x 9.20x 8.68x 9.66x 8.86x
EBITDA 24'564.00 Long-Term Rating Date 17.01.2012
EBIT 15'026.00 Long-Term Rating A
Operating Margin 11.81% Long-Term Outlook NEG
Pretax Margin 13.04% Short-Term Rating Date 19.05.2010
Return on Assets 6.12% Short-Term Rating A-1
Return on Common Equity 15.13%
Return on Capital - EBITDA/Interest Exp. 27.91
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 15.26
Net Debt/EBITDA 0.67
Gross Margin - Total Debt/EBITDA 1.00
EBITDA Margin 19.3%
EBIT Margin 11.8% Total Debt/Equity 41.3%
Net Income Margin 6.1% Total Debt/Capital 28.1%
Asset Turnover 0.90
Current Ratio 1.44 Net Fixed Asset Turnover 1.86
Quick Ratio 0.23 Accounts receivable turnover-days -
Debt to Assets 17.43% Inventory Days -
Tot Debt to Common Equity 41.32% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Eni SpAPrice/Volume
Valuation Analysis
4'195'062.00
Current Price (3/dd/yy) Market Data
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20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CASSA DEPOSITI E PRE n/a EXCH 958'298'322 26.37 - 20.11.2012 Other
MINISTERO DELL'ECONO n/a EXCH 142'968'850 3.93 - 20.11.2012 Government
BLACKROCK n/a ULT-AGG 64'340'002 1.77 966'273 22.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 52'398'608 1.44 (1'337'435) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 44'489'000 1.22 1'853'508 31.12.2012 Investment Advisor
BNP PARIBAS ARBITRAG n/a EXCH 41'175'319 1.13 - 20.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 30'369'401 0.84 999'327 31.12.2012 Investment Advisor
BNP PARIBAS SA n/a EXCH 28'455'671 0.78 - 20.11.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'189'385 0.56 - 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 15'842'800 0.44 (245'000) 28.02.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'165'115 0.33 848'857 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 11'763'842 0.32 (368'082) 31.12.2012 Investment Advisor
BNP PARIBAS SEC SERV n/a EXCH 11'484'026 0.32 - 20.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 10'515'376 0.29 (23'369) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'054'715 0.25 250'401 31.01.2013 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 7'927'747 0.22 9'938 22.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'754'973 0.19 1'643'290 31.01.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'925'800 0.16 (1'437'700) 31.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 5'679'489 0.16 463'987 31.01.2013 Unclassified
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'385'693 0.15 996'578 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banca IMI ROBERTO RANIERI add 4 M #N/A N/A Not Provided 25.03.2013
HSBC PAUL SPEDDING neutral 3 M 19 Not Provided 21.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 18 6 month 21.03.2013
Grupo Santander JASON KENNEY buy 5 M 21 Not Provided 20.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Credit Suisse KIM FUSTIER outperform 5 M 21 Not Provided 18.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 20 Not Provided 18.03.2013
Societe Generale IRENE HIMONA hold 3 M 19 12 month 15.03.2013
Mediobanca SpA ANDREA SCAURI outperform 5 M 22 Not Provided 15.03.2013
Raymond James BERTRAND HODEE outperform 5 M 21 Not Provided 15.03.2013
Macquarie MARC B KOFLER outperform 5 M 21 12 month 15.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 20 12 month 15.03.2013
Equita SIM SpA ROBERTO LETIZIA buy 5 M 22 12 month 15.03.2013
Banca Akros(ESN) DARIO MICHI buy 5 M 23 12 month 15.03.2013
Canaccord Genuity Corp GORDON GRAY sell 1 M 17 12 month 15.03.2013
Natixis ANNE PUMIR neutral 3 M 20 Not Provided 15.03.2013
Barclays RAHIM KARIM overweight 5 M 21 Not Provided 15.03.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 21 12 month 14.03.2013
Jefferies IAIN REID buy 5 M 22 12 month 14.03.2013
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 20 12 month 14.03.2013
Nomura THEEPAN JOTHILINGAM buy 5 M 19 12 month 14.03.2013
JPMorgan NITIN SHARMA overweight 5 M 22 3 month 13.03.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 23 12 month 12.03.2013
VTB Capital COLIN SMITH hold 3 M 19 12 month 01.03.2013
Kepler Capital Markets ENRICO COCO hold 3 M 18 Not Provided 18.02.2013
Investec STUART JOYNER hold 3 U 16 12 month 15.02.2013
Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 21 12 month 15.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 12 month 15.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 20 Not Provided 09.01.2013
Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 U 20 12 month 27.11.2012
Hamburger Sparkasse INGO SCHMIDT hold 3 U #N/A N/A Not Provided 30.10.2012
Deutsche Bank MARK BLOOMFIELD buy 5 M 21 12 month 29.08.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 M 21 Not Provided 13.08.2012
Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010
Holdings By:
Eni SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Essilor International SA manufactures and sells plastic and glass ophthalmic
lenses. These include the Ormex, Transitions, Varilux, Essilor, Airwear, and
Crizal lenses. Essilor sells its products internationally.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 89.99
52-Week Low (23.04.2012) 63.62
Daily Volume
87.37
52-Week High % Change -2.96% Dividend Yield -
52-Week Low % Change 37.33% Beta 0.53
% 52 Week Price Range High/Low 92.53% Equity Float 197.27
Shares Out 28.02.2013 214.9 Short Int -
18'773.71 1 Yr Total Return 34.03%
Total Debt 916.25 YTD Return 14.93%
Preferred Stock 0.0 Adjusted BETA 0.531
Minority Interest 256.6 Analyst Recs 23
Cash and Equivalents 666.74 Consensus Rating 3.696
Enterprise Value 19'279.79
Average Volume 5 Day 753'776
EI FP EQUITY YTD Change - Average Volume 30 Day 678'642
EI FP EQUITY YTD % CHANGE - Average Volume 3 Month 542'290
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 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'074.4 3'268.0 3'891.6 4'189.5 4'988.8 3'333.4 4'518.6 5'359.5 5'805.9 - -
2.30x 2.68x 2.68x 2.87x 3.37x 0.00x 0.00x 3.57x 3.25x - -
696.7 754.4 900.2 919.3 1'095.4 0.0 0.0 1'177.6 1'288.3 - -
10.16x 11.63x 11.58x 13.09x 15.36x 0.00x 0.00x 16.44x 15.03x - -
382.4 390.7 462.0 505.6 584.0 0.0 0.0 642.6 707.0 - -
18.15x 22.09x 21.90x 22.36x 27.15x 0.00x 0.00x 28.08x 25.44x - -
EBITDA 1'095.35 Long-Term Rating Date -
EBIT 865.73 Long-Term Rating -
Operating Margin 17.35% Long-Term Outlook -
Pretax Margin 16.79% Short-Term Rating Date -
Return on Assets 8.94% Short-Term Rating -
Return on Common Equity 16.71%
Return on Capital 14.08% EBITDA/Interest Exp. 45.52
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 35.54
Net Debt/EBITDA 0.23
Gross Margin 55.8% Total Debt/EBITDA 0.84
EBITDA Margin 22.0%
EBIT Margin 17.4% Total Debt/Equity 25.0%
Net Income Margin 11.7% Total Debt/Capital 18.9%
Asset Turnover 0.76
Current Ratio 1.51 Net Fixed Asset Turnover 5.10
Quick Ratio 0.97 Accounts receivable turnover-days 84.68
Debt to Assets 13.27% Inventory Days 131.44
Tot Debt to Common Equity 25.01% Accounts Payable Turnover Day 154.58
Accounts Receivable Turnover 4.32 Cash Conversion Cycle -
Inventory Turnover 2.78
Fiscal Year Ended
Cie Generale d'Optique Essilor International SAPrice/Volume
Valuation Analysis
145'151.00
Current Price (3/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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FCPE VALOPTEC INTERN n/a Co File 6'263'487 2.91 - 31.12.2011 n/a
CIE GENERALE D'OPTIQ n/a Co File 5'363'126 2.5 - 31.12.2011 Corporation
FCPE GROUPE ESSILOR n/a Co File 5'269'233 2.45 - 31.12.2011 n/a
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'201'430 1.96 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'545'168 1.65 (20'616) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'360'016 1.56 (200'059) 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'844'588 1.32 (511'731) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'822'175 1.31 (652'753) 22.03.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'444'465 1.14 69'755 31.01.2013 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'795'207 0.84 32'110 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'597'663 0.74 - 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 959'216 0.45 (68'200) 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 938'921 0.44 74'350 31.12.2012 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 887'486 0.41 57'290 31.01.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 878'922 0.41 16'921 30.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 870'680 0.41 (179'060) 31.12.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 668'435 0.31 131'153 31.01.2013 Investment Advisor
SARASIN n/a ULT-AGG 630'495 0.29 (38'746) 31.01.2013 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 620'910 0.29 18'487 22.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 608'800 0.28 (3'800) 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale MARIE-LINE FORT hold 3 M 83 12 month 25.03.2013
AlphaValue ARMELLE MOULIN reduce 2 M 77 6 month 21.03.2013
Day by Day VALERIE GASTALDY buy 5 M 102 3 month 18.03.2013
BPI HUBERT D'AILLIERES buy 5 M 92 Not Provided 15.03.2013
Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 75 12 month 12.03.2013
HSBC SOPHIE DARGNIES overweight 5 M 94 Not Provided 08.03.2013
Berenberg Bank BASSEL CHOUGHARI hold 3 M 77 Not Provided 06.03.2013
Raymond James MARC WILLAUME outperform 5 M 83 12 month 05.03.2013
Barclays ALEXANDER KLEBAN overweight 5 M 89 Not Provided 05.03.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 73 12 month 04.03.2013
Jefferies INGEBORG OIE hold 3 M 75 12 month 01.03.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 85 6 month 01.03.2013
Main First Bank AG MOURAD LAHMIDI outperform 5 N 95 12 month 01.03.2013
Exane BNP Paribas JULIEN DORMOIS neutral 3 M 78 Not Provided 01.03.2013
Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 60 12 month 28.02.2013
Kepler Capital Markets CLAIRE DERAY reduce 2 M 70 Not Provided 28.02.2013
S&P Capital IQ JACOB THRANE strong buy 5 M 92 12 month 28.02.2013
Redburn Partners PASCAL HAUTCOEUR buy 5 U #N/A N/A Not Provided 22.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Natixis STEPHANE SUMAR buy 5 M 90 Not Provided 10.01.2013
CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 15.03.2012
Holdings By:
Cie Generale d'Optique Essilor International SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
France Telecom SA provides telecommunications services to residential,
professional, and large business customers. The Company offers public
fixed-line telephone, leased lines and data transmission, mobile
telecommunications, cable television, Internet and wireless applications, and
broadcasting services, and telecommunications equipment sales and rentals.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 11.59
52-Week Low (01.03.2013) 7.20
Daily Volume
8.271
52-Week High % Change -28.74% Dividend Yield 16.68
52-Week Low % Change 14.83% Beta 0.86
% 52 Week Price Range High/Low 25.14% Equity Float 2'273.08
Shares Out 31.12.2012 2'648.9 Short Int -
21'908.93 1 Yr Total Return -17.99%
Total Debt 39'214.00 YTD Return -0.82%
Preferred Stock 0.0 Adjusted BETA 0.861
Minority Interest 2'078.0 Analyst Recs 37
Cash and Equivalents 8'462.00 Consensus Rating 3.108
Enterprise Value 54'738.93
Average Volume 5 Day 11'081'960
FTE FP EQUITY YTD Change - Average Volume 30 Day 12'972'720
FTE FP EQUITY YTD % CHANGE - Average Volume 3 Month 11'050'580
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 12/12 Q4 03/13 Q1
46'712.0 44'845.0 45'503.0 45'277.0 43'515.0 45'277.0 43'515.0 42'095.4 41'480.3 10'817.4 -
1.92x 1.82x 1.64x 1.42x 1.26x 0.00x 0.00x 1.28x 1.27x - -
17'300.0 14'480.0 15'291.0 15'019.0 12'374.0 0.0 0.0 12'899.7 12'533.7 3'105.2 -
5.18x 5.64x 4.89x 4.29x 4.42x 0.00x 0.00x 4.25x 4.37x - -
4'073.0 3'018.0 4'880.0 3'895.0 820.0 0.0 0.0 2'939.5 2'842.5 - -
14.20x 16.37x 10.83x 8.26x 26.90x 0.00x 0.00x 7.55x 7.73x - -
EBITDA 12'374.00 Long-Term Rating Date 27.02.2013
EBIT 6'045.00 Long-Term Rating A- *-
Operating Margin 13.89% Long-Term Outlook -
Pretax Margin 5.37% Short-Term Rating Date 14.05.2003
Return on Assets 0.88% Short-Term Rating A-2
Return on Common Equity 3.16%
Return on Capital 2.88% EBITDA/Interest Exp. 6.99
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 3.17
Net Debt/EBITDA 2.49
Gross Margin - Total Debt/EBITDA 3.17
EBITDA Margin 28.4%
EBIT Margin 13.9% Total Debt/Equity 161.3%
Net Income Margin 1.9% Total Debt/Capital 59.8%
Asset Turnover 0.47
Current Ratio 0.65 Net Fixed Asset Turnover 1.84
Quick Ratio 0.53 Accounts receivable turnover-days 40.12
Debt to Assets 43.58% Inventory Days -
Tot Debt to Common Equity 161.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.12 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
France Telecom SAPrice/Volume
Valuation Analysis
2'856'743.00
Current Price (3/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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02 ! 9
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10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Research 360'248'428 13.6 - 08.03.2013 Government
SOCIETE GENERALE n/a Research 132'135'951 4.99 (27'339'807) 16.05.2012 Bank
AMUNDI n/a Research 129'217'007 4.88 (3'894'321) 11.06.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 39'954'280 1.51 638'687 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 28'552'290 1.08 (76'123) 22.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'340'657 0.88 4'937'505 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 19'392'378 0.73 1'826'645 31.01.2013 Mutual Fund Manager
FRANCE TELECOM SA n/a Co File 15'456'045 0.58 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'712'836 0.56 - 31.12.2012 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 13'910'873 0.53 (368'000) 28.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 11'401'463 0.43 (255'991) 31.12.2012 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 8'637'978 0.33 (20'132) 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 7'761'976 0.29 (527'072) 31.12.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 7'460'542 0.28 - 28.02.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'369'828 0.2 7'189 22.03.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'174'475 0.2 (26'670) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'580'800 0.17 (9'177'060) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'211'079 0.16 - 31.07.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'773'787 0.14 - 25.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'716'633 0.14 (59'716) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 U 8 12 month 25.03.2013
Oddo & Cie VINCENT MAULAY neutral 3 M 11 Not Provided 22.03.2013
Jefferies JEREMY A DELLIS buy 5 M 12 12 month 21.03.2013
Societe Generale STEPHANE SCHLATTER hold 3 M 9 12 month 15.03.2013
Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 10 12 month 14.03.2013
Nomura FREDERIC BOULAN neutral 3 M 8 12 month 14.03.2013
Exane BNP Paribas ANTOINE PRADAYROL outperform 5 M 10 Not Provided 08.03.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 16 6 month 07.03.2013
Berenberg Bank STUART GORDON hold 3 M 8 Not Provided 06.03.2013
Kepler Capital Markets JAVIER BORRACHERO hold 3 M 8 Not Provided 06.03.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 28.02.2013
JPMorgan HANNES C WITTIG underweight 1 M 7 9 month 26.02.2013
Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 M 12 Not Provided 22.02.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 M 14 Not Provided 21.02.2013
Nord/LB WOLFGANG DONIE buy 5 M 10 12 month 21.02.2013
Macquarie GUY R PEDDY outperform 5 M 12 12 month 21.02.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 21.02.2013
Barclays JONATHAN DANN underweight 1 M 9 Not Provided 21.02.2013
Goldman Sachs ANDREW LEE Sell/Neutral 1 M 8 12 month 20.02.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 10 12 month 20.02.2013
S&P Capital IQ ALEXANDER WISCH sell 1 M 7 12 month 20.02.2013
New Street Research RUSSELL WALLER buy 5 M 10 Not Provided 20.02.2013
Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 12 month 15.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 D 7 Not Provided 07.02.2013
HSBC NICOLAS COTE-COLISSON overweight 5 M 11 Not Provided 31.01.2013
Credit Suisse JAKOB BLUESTONE neutral 3 M 9 Not Provided 24.01.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 13.12.2012
CM - CIC Securities(ESN) JEAN-MICHEL KOSTER hold 3 U 9 12 month 26.11.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.11.2012
Deutsche Bank MATTHEW BLOXHAM hold 3 M 10 12 month 26.10.2012
Natixis BENOIT MAYNARD buy 5 M 14 Not Provided 26.10.2012
CA Cheuvreux PETER KURT NIELSEN underperform 1 M 12 Not Provided 26.09.2012
Raymond James STEPHANE BEYAZIAN market perform 3 M 14 Not Provided 07.09.2012
Fincorp SAOG GAURAV RAMAIYA buy 5 M 15 Not Provided 23.10.2011
Holdings By:
France Telecom SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
GDF Suez offers a full range of electricity, gas and associated energy and
environment services throughout the world. The Company produces, trades,
transports, stores and distributes natural gas, and offers energy management and
climatic and thermal engineering services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.08.2012) 20.35
52-Week Low (01.03.2013) 14.05
Daily Volume
15.325
52-Week High % Change -24.74% Dividend Yield 9.79
52-Week Low % Change 9.07% Beta 1.04
% 52 Week Price Range High/Low 18.57% Equity Float 1'388.04
Shares Out 31.12.2012 2'412.8 Short Int -
36'976.53 1 Yr Total Return -15.48%
Total Debt 57'552.00 YTD Return -1.61%
Preferred Stock 0.0 Adjusted BETA 1.042
Minority Interest 11'462.0 Analyst Recs 29
Cash and Equivalents 11'383.00 Consensus Rating 3.414
Enterprise Value 94'607.53
Average Volume 5 Day 6'257'538
GSZ FP EQUITY YTD Change - Average Volume 30 Day 5'130'060
GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'586'809
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 09/yy 12/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3
67'923.8 79'908.0 84'478.0 90'673.0 97'038.0 89'792.0 97'038.0 81'196.9 81'347.5 - 20'325.0
1.64x 1.32x 1.24x 1.18x 0.97x 0.00x 0.00x 1.03x 1.00x - -
9'605.7 13'781.0 15'918.0 16'071.0 18'401.0 0.0 0.0 14'045.7 14'265.5 - 3'489.8
11.61x 7.63x 6.59x 6.64x 5.13x 0.00x 0.00x 6.75x 6.64x - -
4'857.1 4'477.0 4'616.0 4'003.0 1'550.0 0.0 0.0 3'241.7 3'399.5 - -
11.85x 14.77x 12.79x 11.73x 22.90x 0.00x 0.00x 11.22x 10.77x - -
EBITDA 18'401.00 Long-Term Rating Date 29.01.2013
EBIT 9'520.00 Long-Term Rating A *-
Operating Margin 9.81% Long-Term Outlook -
Pretax Margin 4.96% Short-Term Rating Date 29.01.2013
Return on Assets 0.74% Short-Term Rating A-1 *-
Return on Common Equity 2.53%
Return on Capital 3.13% EBITDA/Interest Exp. 7.47
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 3.74
Net Debt/EBITDA 2.51
Gross Margin - Total Debt/EBITDA 3.13
EBITDA Margin 19.0%
EBIT Margin 9.8% Total Debt/Equity 96.3%
Net Income Margin 1.6% Total Debt/Capital 44.7%
Asset Turnover 0.46
Current Ratio 1.07 Net Fixed Asset Turnover 1.10
Quick Ratio 0.65 Accounts receivable turnover-days 91.09
Debt to Assets 28.01% Inventory Days -
Tot Debt to Common Equity 96.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.03 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
GDF SuezPrice/Volume
Valuation Analysis
1'144'412.00
Current Price (3/dd/yy) Market Data
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0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
- !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Co File 810'927'246 33.61 - 31.12.2011 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 209'718'616 8.69 (12'226'130) 31.12.2012 Investment Advisor
GROUPE BRUXELLES LAM n/a Research 116'911'820 4.85 - 15.03.2012 Holding Company
CAISSE DES DEPOTS ET n/a Co File 45'051'514 1.87 - 31.12.2011 Government
GDF SUEZ n/a Co File 38'293'787 1.59 - 31.12.2011 Corporation
CNP ASSURANCES n/a Co File 24'778'333 1.03 - 31.12.2011 Insurance Company
FRANKLIN RESOURCES n/a ULT-AGG 22'829'438 0.95 (392'875) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 20'930'063 0.87 1'377'303 22.03.2013 Investment Advisor
SOFINA SA n/a Co File 13'515'454 0.56 - 31.12.2011 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'452'139 0.56 639'284 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 12'881'757 0.53 (1'633'213) 31.01.2013 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 12'536'267 0.52 357'707 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'531'768 0.44 - 31.12.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 10'301'897 0.43 (349'199) 30.11.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 9'130'000 0.38 602'100 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 8'811'951 0.37 134'083 31.12.2012 Mutual Fund Manager
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 7'777'965 0.32 124'302 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 6'360'558 0.26 - 28.02.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'948'780 0.21 (698'442) 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'229'692 0.18 (10'748'086) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 14 Not Provided 25.03.2013
Macquarie SHAI HILL outperform 5 M 17 12 month 22.03.2013
HSBC ADAM DICKENS overweight 5 U 18 Not Provided 21.03.2013
Grupo Santander OSCAR NAJAR RIOS hold 3 M 17 Not Provided 12.03.2013
Goldman Sachs ANDREW MEAD Buy/Neutral 5 M 25 12 month 12.03.2013
Nomura MARTIN YOUNG neutral 3 M 19 Not Provided 12.03.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK buy 5 U 17 Not Provided 05.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 U 15 12 month 04.03.2013
Barclays JULIE ARAV equalweight 3 M 15 Not Provided 01.03.2013
Morgan Stanley EMMANUEL TURPIN Underwt/In-Line 1 M 15 12 month 28.02.2013
Raymond James EMMANUEL RETIF underperform 1 M 13 Not Provided 28.02.2013
KBC Securities DIETER FURNIERE hold 3 M 17 Not Provided 28.02.2013
CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 23 12 month 28.02.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 13 12 month 28.02.2013
AlphaValue MYRIAM COHEN buy 5 M 18 6 month 28.02.2013
Credit Suisse MICHEL DEBS neutral 3 M 15 Not Provided 26.02.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 17 Not Provided 20.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 18 12 month 15.02.2013
Berenberg Bank ANDREW FISHER sell 1 M 14 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 15 Not Provided 05.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
JPMorgan NATHALIE F CASALI underweight 1 D 14 9 month 10.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 20.12.2012
Deutsche Bank MARTIN BROUGH hold 3 D 18 12 month 06.12.2012
Nord/LB HEINO HAMMANN hold 3 M 17 Not Provided 06.12.2012
Societe Generale ALBERTO PONTI buy 5 M 25 12 month 26.11.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012
DZ Bank AG HASIM SENGUEL hold 3 M 22 12 month 01.11.2011
Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011
Holdings By:
GDF Suez ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Iberdrola S.A. generates, distributes, trades, and markets electricity in
the United Kingdom, United States, Spain, Portugal, and Latin America. The
Company specializes in clean energy and more specifically wind power.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.01.2013) 4.29
52-Week Low (26.07.2012) 2.63
Daily Volume
3.801
52-Week High % Change -11.47% Dividend Yield -
52-Week Low % Change 44.52% Beta 1.05
% 52 Week Price Range High/Low 71.04% Equity Float 5'243.95
Shares Out 03.01.2013 6'281.2 Short Int -
23'874.78 1 Yr Total Return -4.70%
Total Debt 32'884.10 YTD Return -6.24%
Preferred Stock 0.0 Adjusted BETA 1.052
Minority Interest 324.8 Analyst Recs 36
Cash and Equivalents 6'575.55 Consensus Rating 3.361
Enterprise Value 50'508.15
Average Volume 5 Day 60'229'120
IBE SQ EQUITY YTD Change - Average Volume 30 Day 44'789'910
IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 39'169'240
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
24'889.3 25'891.9 30'431.0 31'648.0 34'201.2 32'095.3 34'848.9 33'387.7 34'470.0 - -
2.53x 2.39x 1.90x 1.76x 1.52x 8.28x 5.91x 1.57x 1.49x - -
6'105.6 6'197.0 6'857.9 7'000.4 7'177.7 7'004.8 7'685.6 7'606.5 7'904.4 2'289.0 1'696.0
10.31x 10.00x 8.42x 7.95x 7.25x 7.94x 6.77x 6.64x 6.39x 6.60x -
2'553.7 2'824.3 2'870.9 2'804.5 2'840.7 2'804.6 2'840.7 2'497.0 2'695.0 916.0 440.0
11.20x 12.54x 10.95x 10.04x 9.14x 10.09x 8.92x 9.43x 9.00x - -
EBITDA 7'177.74 Long-Term Rating Date 28.11.2012
EBIT 3'828.04 Long-Term Rating BBB
Operating Margin 11.19% Long-Term Outlook STABLE
Pretax Margin 8.99% Short-Term Rating Date 26.11.2007
Return on Assets 2.93% Short-Term Rating A-2
Return on Common Equity 8.52%
Return on Capital - EBITDA/Interest Exp. 4.82
Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 2.20
Net Debt/EBITDA 3.42
Gross Margin 36.8% Total Debt/EBITDA 4.28
EBITDA Margin 22.1%
EBIT Margin 12.4% Total Debt/Equity 97.4%
Net Income Margin 8.3% Total Debt/Capital 49.1%
Asset Turnover 0.36
Current Ratio 1.11 Net Fixed Asset Turnover -
Quick Ratio 0.92 Accounts receivable turnover-days 61.92
Debt to Assets 33.97% Inventory Days 34.18
Tot Debt to Common Equity 97.41% Accounts Payable Turnover Day 104.74
Accounts Receivable Turnover 5.91 Cash Conversion Cycle -6.92
Inventory Turnover 10.71
Fiscal Year Ended
Iberdrola SAPrice/Volume
Valuation Analysis
9'634'402.00
Current Price (3/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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30'000.0
35'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR INVESTMENT AUT n/a Co File 514'250'814 8.19 - 31.12.2012 Government
ACS ACTIVIDADES CONS n/a Co File 415'111'949 6.61 - 31.12.2012 Corporation
BANCAJA (VALENCIA CA n/a Co File 314'887'559 5.01 - 31.12.2012 Bank
BILBAO BIZKAIA KUTXA n/a EXCH 309'430'747 4.93 (13'299'908) 24.01.2013 Bank
NATIXIS n/a Co File 277'971'800 4.43 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 266'516'245 4.24 1'839'249 22.03.2013 Investment Advisor
SOCIETE GENERALE n/a Co File 182'216'094 2.9 - 17.01.2013 Bank
IBERDROLA SA n/a Co File 83'188'438 1.32 - 31.12.2012 Corporation
AMUNDI Multiple Portfolios MF-AGG 60'811'776 0.97 9'929'612 31.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 41'196'587 0.66 2'388'677 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'636'791 0.5 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 26'238'031 0.42 6'809'180 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 17'171'395 0.27 (1'721'294) 28.02.2013 Investment Advisor
DE URRUTIA VAL VICTO n/a EXCH 14'465'535 0.23 1'000'000 27.02.2013 n/a
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 13'973'808 0.22 18'723 22.03.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 13'214'700 0.21 7'602'990 28.09.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 8'811'697 0.14 (673'854) 31.01.2013 Investment Advisor
INVERCAIXA GESTION S Multiple Portfolios MF-AGG 8'353'126 0.13 1'181'206 31.01.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 8'200'000 0.13 - 30.11.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 7'236'945 0.12 263'277 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale JORGE ALONSO SUILS buy 5 M 5 12 month 25.03.2013
JPMorgan JAVIER GARRIDO underweight 1 D 4 12 month 25.03.2013
Exane BNP Paribas MANUEL PALOMO underperform 1 M 4 Not Provided 25.03.2013
Grupo Santander BOSCO MUGUIRO buy 5 M 5 Not Provided 22.03.2013
HSBC ADAM DICKENS neutral 3 M 4 Not Provided 21.03.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 4 6 month 21.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Goldman Sachs FRED BARASI neutral/neutral 3 M 5 12 month 11.03.2013
BPI GONZALO SANCHEZ-BORDONA buy 5 M 5 Not Provided 07.03.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 4 Not Provided 20.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 4 12 month 20.02.2013
Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 15.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 15.02.2013
Nomura JAVIER SUAREZ reduce 2 M 4 12 month 15.02.2013
Morgan Stanley CAROLINA DORES Equalwt/In-Line 3 M 4 12 month 14.02.2013
Credit Suisse STEFANO BEZZATO outperform 5 M 5 Not Provided 14.02.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 4 12 month 14.02.2013
Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 6 12 month 14.02.2013
BBVA ISIDORO DEL ALAMO market perform 3 D 4 Not Provided 12.02.2013
Berenberg Bank ANDREW FISHER hold 3 N 4 Not Provided 05.02.2013
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 5 Not Provided 05.02.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA buy 5 M 5 Not Provided 04.02.2013
La Caixa FERNANDO MURILLO GUIRAO overweight 5 D 5 Not Provided 28.01.2013
Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS underweight 1 M 4 Not Provided 14.01.2013
BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 20.12.2012
Deutsche Bank VIRGINIA SANZ DE MADRID buy 5 U 5 12 month 29.10.2012
Natixis PHILIPPE OURPATIAN neutral 3 M 4 Not Provided 25.10.2012
Macquarie SHAI HILL underperform 1 M 3 12 month 19.10.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012
CA Cheuvreux JOSE PORTA SAUDAN select list 5 U 5 Not Provided 07.05.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER sell 1 M #N/A N/A Not Provided 24.02.2012
Holdings By:
Iberdrola SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs,
manufactures and distributes apparel. The Company operates retail chains in
Europe, the Americas, Asia, and Africa.
Latest Fiscal Year: 01/2013
LTM as of: 01/yy
52-Week High (19.12.2012) 111.80
52-Week Low (01.06.2012) 63.97
Daily Volume
102.5
52-Week High % Change -8.32% Dividend Yield -
52-Week Low % Change 60.23% Beta 0.69
% 52 Week Price Range High/Low 77.21% Equity Float 221.78
Shares Out 31.01.2013 623.3 Short Int -
63'891.37 1 Yr Total Return 45.36%
Total Debt 6.00 YTD Return -2.84%
Preferred Stock 0.0 Adjusted BETA 0.692
Minority Interest 36.0 Analyst Recs 40
Cash and Equivalents 4'104.00 Consensus Rating 3.450
Enterprise Value 59'829.37
Average Volume 5 Day 1'107'449
ITX SQ EQUITY YTD Change - Average Volume 30 Day 1'297'963
ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1'178'268
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
10'407.0 11'083.5 12'526.6 13'792.6 15'946.0 13'792.6 15'946.0 17'727.9 19'675.9 3'773.5 4'227.9
1.68x 2.36x 2.48x 2.76x 3.78x 10.68x 12.87x 3.32x 2.94x - -
2'186.9 2'353.1 2'966.2 3'214.6 3'912.0 3'214.6 3'913.0 4'399.6 4'927.6 828.8 934.0
7.97x 11.09x 10.46x 11.86x 15.40x 11.86x 15.40x 13.60x 12.14x 13.85x 13.50x
1'253.5 1'314.4 1'731.8 1'932.3 2'361.0 1'932.3 2'360.0 2'668.6 2'992.9 472.0 550.9
14.82x 21.63x 19.86x 21.51x 27.24x 21.51x 27.26x 23.94x 21.35x 24.24x 23.56x
EBITDA 3'912.00 Long-Term Rating Date -
EBIT 3'116.00 Long-Term Rating -
Operating Margin 19.54% Long-Term Outlook -
Pretax Margin 19.64% Short-Term Rating Date -
Return on Assets 19.79% Short-Term Rating -
Return on Common Equity 29.76%
Return on Capital - EBITDA/Interest Exp. 875.44
Asset Turnover 1.34% (EBITDA-Capex)/Interest Exp. 573.53
Net Debt/EBITDA -1.05
Gross Margin 59.8% Total Debt/EBITDA 0.00
EBITDA Margin 24.5%
EBIT Margin 19.5% Total Debt/Equity 0.1%
Net Income Margin 14.8% Total Debt/Capital 0.1%
Asset Turnover 1.34
Current Ratio 1.92 Net Fixed Asset Turnover 3.62
Quick Ratio 1.42 Accounts receivable turnover-days 15.83
Debt to Assets 0.05% Inventory Days 81.50
Tot Debt to Common Equity 0.07% Accounts Payable Turnover Day 160.21
Accounts Receivable Turnover 23.13 Cash Conversion Cycle -62.88
Inventory Turnover 4.49
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Inditex SAPrice/Volume
Valuation Analysis
266'308.00
Current Price (3/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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GARTLER SL n/a Co File 311'727'598 50.01 - 31.01.2013 Unclassified
PARTLER 2006 SL n/a Co File 57'872'465 9.28 - 31.01.2013 Corporation
ROSP CORUNNA n/a Co File 31'494'806 5.05 - 31.01.2013 Unclassified
JP MORGAN n/a ULT-AGG 18'823'336 3.02 (2'766) 30.11.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 7'598'170 1.22 759'500 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'649'493 1.07 (1'464'302) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'244'417 0.84 86'426 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'779'721 0.77 893'049 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'112'524 0.5 (620'282) 22.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'887'450 0.46 (43'431) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'657'118 0.43 62'876 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'349'841 0.38 (75'362) 31.01.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'835'758 0.29 61'061 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'745'086 0.28 - 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1'192'900 0.19 119'400 31.12.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'105'737 0.18 (159'687) 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 871'054 0.14 (53'921) 31.01.2013 Investment Advisor
JENNISON ASSOCIATES Multiple Portfolios MF-AGG 753'341 0.12 (54'094) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 737'364 0.12 518'290 31.01.2013 Mutual Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 703'033 0.11 (36'531) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ISI Group OMAR SAAD strong buy 5 M 110 12 month 24.03.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 21.03.2013
Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 115 12 month 20.03.2013
Grupo Santander REBECCA MCCLELLAN buy 5 M 125 12 month 15.03.2013
Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 M 100 12 month 15.03.2013
La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 M 102 Not Provided 15.03.2013
Interdin Bolsa SOFIA REBUELTA VILLEGAS sell 1 M 84 Not Provided 15.03.2013
Societe Generale ANNE CRITCHLOW buy 5 M 131 12 month 14.03.2013
BPI JOSE RITO neutral 3 M 112 Not Provided 14.03.2013
CA Cheuvreux DANIEL OVIN underperform 1 D 95 Not Provided 14.03.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 106 Not Provided 14.03.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 96 12 month 14.03.2013
BBVA ISABEL CARBALLO market perform 3 M 107 Not Provided 14.03.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 112 6 month 14.03.2013
Exane BNP Paribas BEN SPRUNTULIS neutral 3 D 110 Not Provided 14.03.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 118 12 month 14.03.2013
Credit Suisse SIMON IRWIN underperform 1 M 103 Not Provided 13.03.2013
Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 13.03.2013
HSBC PAUL ROSSINGTON overweight 5 M 120 Not Provided 13.03.2013
Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 98 12 month 13.03.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 115 12 month 13.03.2013
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU sell 1 M 82 Not Provided 13.03.2013
Bryan Garnier & Cie PETER FARREN sell 1 M 100 6 month 13.03.2013
Nomura FRASER RAMZAN buy 5 M 121 12 month 13.03.2013
S&P Capital IQ WILLIAM MACK buy 5 M 115 12 month 13.03.2013
Intermoney Valores ANTONIO PAUSA RODRIGUEZ hold 3 M 94 12 month 13.03.2013
Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 105 12 month 13.03.2013
Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 13.03.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 110 Not Provided 11.03.2013
AlphaValue VIRGINIE BLIN sell 1 M 87 6 month 07.03.2013
Deutsche Bank WARWICK OKINES buy 5 U 115 12 month 06.03.2013
Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 89 Not Provided 22.02.2013
Natixis JEAN BAPTISTE TEISSIER buy 5 N 125 Not Provided 01.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 18.12.2012
Day by Day VALERIE GASTALDY buy 5 U 114 3 month 23.11.2012
Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 125 12 month 07.11.2012
Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 108 Not Provided 20.09.2012
Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 67 12 month 21.03.2012
Holdings By:
Inditex SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
ING Groep N.V. offers financial services to individuals, corporations, and other
institutions. The Company offers corporate, investment, and private banking
services, asset and portfolio management, treasury services, and insurance. ING
Groep has offices throughout the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 7.91
52-Week Low (04.06.2012) 4.44
Daily Volume
5.746
52-Week High % Change -27.40% Dividend Yield -
52-Week Low % Change 29.41% Beta 1.80
% 52 Week Price Range High/Low 37.69% Equity Float -
Shares Out 31.12.2012 3'831.6 Short Int -
22'016.15 1 Yr Total Return -14.75%
Total Debt 207'649.00 YTD Return -18.62%
Preferred Stock 0.0 Adjusted BETA 1.803
Minority Interest 1'081.0 Analyst Recs 30
Cash and Equivalents 17'657.00 Consensus Rating 3.900
Enterprise Value 213'089.15
Average Volume 5 Day 27'909'460
INGA NA EQUITY YTD Change - Average Volume 30 Day 23'402'670
INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 20'065'100
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
64'680.0 46'025.0 51'411.0 52'787.0 40'783.0 46'023.0 42'241.0 38'356.4 42'140.7 - -
4.40x 5.41x 4.99x 4.38x 5.34x 22.59x 22.26x 0.80x 0.73x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(729.0) (935.0) 2'810.0 5'766.0 3'894.0 5'766.0 3'894.0 3'713.0 4'145.3 - -
- - 12.77x 6.70x 10.31x 6.43x 9.42x 5.75x 5.19x - -
EBITDA - Long-Term Rating Date 03.09.2009
EBIT - Long-Term Rating A
Operating Margin 15.18% Long-Term Outlook NEG
Pretax Margin 8.66% Short-Term Rating Date 31.03.2009
Return on Assets 0.32% Short-Term Rating A-1
Return on Common Equity 7.33%
Return on Capital 1.55% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 366.8%
Net Income Margin 9.5% Total Debt/Capital 78.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.77% Inventory Days -
Tot Debt to Common Equity 366.83% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
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
ING Groep NVPrice/Volume
Valuation Analysis
9'946'024.00
Current Price (3/dd/yy) Market Data
!-.0123456
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 246'341'958 6.43 (1'827'221) 22.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 155'242'498 4.05 (2'936'906) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 59'837'974 1.56 599'105 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'943'572 1.04 1'701'096 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 33'982'940 0.89 (5'732'380) 31.01.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 32'439'848 0.85 1'170'048 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 30'409'081 0.79 122'201 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 30'235'207 0.79 - 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 30'159'946 0.79 968'030 28.02.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 30'118'916 0.79 (541'144) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 26'517'755 0.69 (2'920'368) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 25'314'880 0.66 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 24'042'650 0.63 1'817'067 28.02.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23'087'088 0.6 1'256'401 31.12.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19'206'527 0.5 (493'114) 31.01.2013 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 18'861'119 0.49 3'877'089 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 17'785'056 0.46 (81'806) 31.12.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 14'894'179 0.39 (269'814) 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11'441'515 0.3 14'365 22.03.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 11'184'560 0.29 - 30.11.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA ALAIN TCHIBOZO outperform 5 M 9 Not Provided 25.03.2013
AlphaValue JEROME CASSAGNE add 4 D 7 6 month 21.03.2013
Rabobank International COR KLUIS buy 5 M 10 12 month 20.03.2013
Kepler Capital Markets BENOIT PETRARQUE reduce 2 M 7 Not Provided 20.03.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 10 18 month 19.03.2013
Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 8 Not Provided 18.03.2013
Berenberg Bank JAMES CHAPPELL buy 5 M 8 Not Provided 14.03.2013
ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 10 Not Provided 13.03.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 7 Not Provided 05.03.2013
Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 04.03.2013
Credit Suisse RICHARD BURDEN restricted #N/A N/A M #N/A N/A Not Provided 01.03.2013
Macquarie THOMAS STOEGNER neutral 3 U 7 12 month 26.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 26.02.2013
HSBC STEVEN HAYWOOD neutral 3 M 7 Not Provided 20.02.2013
Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 7 12 month 19.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 19.02.2013
Main First Bank AG FEDERICO SALERNO outperform 5 U 7 12 month 19.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 18.02.2013
SNS Securities(ESN) LEMER SALAH buy 5 M 9 12 month 15.02.2013
Societe Generale PHILIP RICHARDS buy 5 M 9 12 month 14.02.2013
Deutsche Bank DAVID LOCK hold 3 M 7 12 month 14.02.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 14.02.2013
Nomura DOMENICO SANTORO buy 5 M 9 Not Provided 14.02.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 8 12 month 14.02.2013
Petercam MATTHIAS DE WIT hold 3 M 8 Not Provided 13.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs MARTIN LEITGEB Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012
RBC Capital Markets GORDON AITKEN outperform 5 M 8 12 month 07.12.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 7 Not Provided 08.11.2012
CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 05.10.2012
DZ Bank AG WERNER EISENMANN buy 5 M 8 12 month 13.01.2012
Theodoor Gilissen Securities TOM MULLER hold 3 M 10 Not Provided 27.10.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 9 12 month 17.06.2011
Natixis BENOIT VALLEAUX suspended coverage #N/A N/A M #N/A N/A Not Provided 17.03.2009
Holdings By:
ING Groep NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Intesa Sanpaolo attracts deposits and offers banking and financial services.
The Bank offers consumer credit, asset management, Internet banking, merchant
banking, securities brokerage, factoring, and lease financing services, and
manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and
offices elsewhere in Europe, Asia, and the United States.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.01.2013) 1.54
52-Week Low (23.07.2012) 0.85
Daily Volume
1.145
52-Week High % Change -25.81% Dividend Yield -
52-Week Low % Change 34.15% Beta 1.39
% 52 Week Price Range High/Low 42.63% Equity Float 13'656.70
Shares Out 02.01.2013 15'501.5 Short Int -
18'681.26 1 Yr Total Return -17.59%
Total Debt 283'077.00 YTD Return -11.92%
Preferred Stock 0.0 Adjusted BETA 1.388
Minority Interest 586.0 Analyst Recs 35
Cash and Equivalents 39'926.00 Consensus Rating 3.171
Enterprise Value -
Average Volume 5 Day #########
ISP IM EQUITY YTD Change - Average Volume 30 Day #########
ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
33'216.0 27'022.0 24'836.0 25'266.0 17'813.0 23'133.0 17'685.0 16'804.9 17'226.7 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'553.0 2'805.0 2'705.0 (8'190.0) 1'605.0 (8'190.0) 1'605.0 1'847.7 2'481.0 - -
23.67x 15.27x 12.90x - 12.56x 0.00x 10.08x 10.21x 7.53x 9.70x 8.95x
EBITDA - Long-Term Rating Date 10.02.2012
EBIT - Long-Term Rating BBB+
Operating Margin 21.90% Long-Term Outlook NEG
Pretax Margin 17.87% Short-Term Rating Date 10.02.2012
Return on Assets 0.24% Short-Term Rating A-2
Return on Common Equity 3.32%
Return on Capital 0.51% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 570.6%
Net Income Margin 9.0% Total Debt/Capital 84.9%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 1.37
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 42.03% Inventory Days -
Tot Debt to Common Equity 570.57% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Intesa Sanpaolo SpAPrice/Volume
Valuation Analysis
91'194'557.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012! !!
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COMPAGNIA DI SAN PAO n/a EXCH 1'532'766'787 9.89 - 20.11.2012 Other
FOND CR PROVINCIE LO n/a EXCH 725'460'008 4.68 - 20.11.2012 Bank
FONDAZIONE CASSA RIS n/a EXCH 647'953'597 4.18 - 20.11.2012 Bank
ENTE CASSA DI RISP F n/a EXCH 523'633'314 3.38 - 20.11.2012 Bank
FONDAZIONE CASSA RIS n/a EXCH 422'874'979 2.73 - 20.11.2012 Other
ALLEANZA TORO SPA n/a EXCH 286'308'683 1.85 - 20.11.2012 Insurance Company
BLACKROCK n/a ULT-AGG 206'391'083 1.33 (2'426'868) 22.03.2013 Investment Advisor
ASSICURAZIONI GENERA n/a EXCH 205'236'977 1.32 - 20.11.2012 Insurance Company
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 193'171'300 1.25 19'137'900 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 144'797'677 0.93 (3'852'992) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 131'567'493 0.85 21'857'253 31.12.2012 Investment Advisor
INA ASSITALIA SPA n/a EXCH 85'877'104 0.55 - 20.11.2012 Insurance Company
GENERALI VIE SA n/a EXCH 82'931'860 0.53 - 20.11.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 80'794'996 0.52 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 57'605'428 0.37 24'865'982 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 38'765'931 0.25 51'882 22.03.2013 Investment Advisor
MANDARINE GESTION Multiple Portfolios MF-AGG 38'252'534 0.25 (1'421'878) 28.02.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 37'525'547 0.24 (363'082) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 35'693'662 0.23 (6'397'175) 31.01.2013 Mutual Fund Manager
GENERALI VERSICHERUN n/a EXCH 34'722'872 0.22 - 20.11.2012 Holding Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA ANDREA FILTRI neutral 3 M 1 Not Provided 25.03.2013
Barclays ANTONIO RIZZO underweight 1 M 1 Not Provided 25.03.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 1 12 month 21.03.2013
Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 1 Not Provided 18.03.2013
Berenberg Bank ELENI PAPOULA hold 3 M 1 Not Provided 14.03.2013
Societe Generale CARLO TOMMASELLI sell 1 M 1 12 month 13.03.2013
Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 2 12 month 13.03.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 1 Not Provided 13.03.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 1 12 month 13.03.2013
Equita SIM SpA MATTEO GHILOTTI buy 5 M 2 12 month 13.03.2013
Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 13.03.2013
Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 1 12 month 13.03.2013
ICBPI LUCA COMI neutral 3 M 2 12 month 13.03.2013
Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 2 Not Provided 13.03.2013
Natixis STEVEN GOULD buy 5 M 1 Not Provided 13.03.2013
Nomura DOMENICO SANTORO buy 5 M 2 Not Provided 13.03.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 M 1 12 month 13.03.2013
Credit Suisse IGNACIO CEREZO outperform 5 M 2 Not Provided 12.03.2013
Keefe, Bruyette & Woods RONNY REHN underperform 1 M 1 12 month 11.03.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 08.03.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 2 6 month 07.03.2013
Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 06.03.2013
HSBC CARLO DIGRANDI neutral 3 U 1 Not Provided 25.02.2013
Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 2 12 month 19.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.02.2013
RBC Capital Markets PATRICK LEE underperform 1 M 1 12 month 28.01.2013
Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Centrobanca GUGLIELMO MARCO OPIPARI sell 1 N 1 12 month 11.01.2013
CA Cheuvreux ALDO COMI outperform 5 M 2 Not Provided 06.11.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 1 Not Provided 19.06.2012
Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012
Main First Bank AG ALBERTO SEGAFREDO neutral 3 M 2 12 month 29.07.2011
Holdings By:
Intesa Sanpaolo SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Koninklijke Philips Electronics N.V. manufactures medical systems, domestic
appliances, consumer electronics, and lighting. The Company produces imaging,
ultrasound and healthcare informatics equipment, shaving and beauty and health
and wellness products, displays, and peripherals, and lamps and luminaries.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.03.2013) 24.16
52-Week Low (07.05.2012) 13.57
Daily Volume
23.51
52-Week High % Change -2.69% Dividend Yield -
52-Week Low % Change 73.25% Beta 1.19
% 52 Week Price Range High/Low 93.96% Equity Float 908.50
Shares Out 31.12.2012 957.1 Short Int -
22'502.20 1 Yr Total Return 60.88%
Total Debt 4'534.00 YTD Return 18.17%
Preferred Stock 0.0 Adjusted BETA 1.188
Minority Interest 34.0 Analyst Recs 41
Cash and Equivalents 3'834.00 Consensus Rating 3.756
Enterprise Value 23'236.20
Average Volume 5 Day 4'440'591
PHIA NA EQUITY YTD Change - Average Volume 30 Day 3'671'441
PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'306'995
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
26'385.0 20'092.0 22'287.0 22'579.0 24'788.0 22'582.0 24'788.0 24'867.4 25'694.2 5'551.7 5'823.8
0.51x 0.95x 0.92x 0.70x 0.76x 3.02x 2.75x 0.94x 0.87x 4.08x 4.09x
1'883.0 2'055.0 3'436.0 1'185.0 2'463.0 1'186.0 2'463.0 3'417.1 3'749.6 589.0 713.0
7.11x 9.30x 5.98x 13.35x 7.69x 13.34x 7.69x 6.82x 6.21x 7.33x 9.00x
(91.0) 410.0 1'446.0 (1'295.0) 226.0 (1'295.0) 226.0 1'435.0 1'670.2 221.4 310.4
- 41.36x 14.60x - 71.05x 0.00x 72.71x 14.40x 12.47x 13.94x 13.09x
EBITDA 2'463.00 Long-Term Rating Date 11.05.2005
EBIT 1'030.00 Long-Term Rating A-
Operating Margin 4.16% Long-Term Outlook NEG
Pretax Margin 2.30% Short-Term Rating Date 26.02.2001
Return on Assets 0.78% Short-Term Rating A-2
Return on Common Equity 1.92%
Return on Capital 2.46% EBITDA/Interest Exp. 7.00
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 5.08
Net Debt/EBITDA 0.28
Gross Margin 38.0% Total Debt/EBITDA 1.84
EBITDA Margin 9.9%
EBIT Margin 4.2% Total Debt/Equity 40.7%
Net Income Margin 0.9% Total Debt/Capital 28.9%
Asset Turnover 0.85
Current Ratio 1.26 Net Fixed Asset Turnover 8.30
Quick Ratio 0.82 Accounts receivable turnover-days 63.03
Debt to Assets 15.59% Inventory Days 84.72
Tot Debt to Common Equity 40.70% Accounts Payable Turnover Day 74.10
Accounts Receivable Turnover 5.81 Cash Conversion Cycle 76.69
Inventory Turnover 4.32
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Koninklijke Philips Electronics NVPrice/Volume
Valuation Analysis
764'432.00
Current Price (3/dd/yy) Market Data
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10'000.0
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20'000.0
25'000.0
30'000.0
35'000.0
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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KONINKLIJKE PHILIPS n/a Research 47'895'476 5 15'514'236 08.02.2013 Corporation
DODGE & COX n/a 13G 46'061'138 4.81 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 45'264'486 4.73 - 22.03.2013 Investment Advisor
SOUTHEASTERN ASSET M n/a 13G 41'502'897 4.34 (6'799'141) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 13'434'710 1.4 (5'070'179) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'760'946 1.12 498'208 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'615'086 1 2'767'369 31.01.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 9'437'496 0.99 586'900 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'150'341 0.85 - 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'622'250 0.69 (220'702) 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'481'917 0.57 282'727 31.12.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 4'800'000 0.5 - 31.12.2011 Pension Fund (ERISA)
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 4'020'057 0.42 623'576 31.01.2013 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'920'784 0.41 153'795 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'875'475 0.4 2'263'827 28.02.2013 Investment Advisor
FORTIS INVESTMENTS Multiple Portfolios MF-AGG 2'924'969 0.31 (78'890) 30.11.2012 Mutual Fund Manager
BARCLAYS PLC n/a ULT-AGG 2'911'837 0.3 - 04.05.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 2'860'801 0.3 (687'730) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'569'692 0.27 - 31.07.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'523'231 0.26 3'398 22.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 25.03.2013
Societe Generale GAEL DE BRAY hold 3 M 24 12 month 22.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 27 12 month 22.03.2013
Rabobank International HANS SLOB buy 5 M 28 12 month 21.03.2013
AlphaValue THOMAS PICHERIT add 4 D 27 6 month 21.03.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 27 12 month 20.03.2013
Credit Suisse SIMON TOENNESSEN neutral 3 M 23 Not Provided 20.03.2013
ING Bank FABIAN SMEETS buy 5 M 27 12 month 20.03.2013
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 28 Not Provided 20.03.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 24 12 month 19.03.2013
JPMorgan ANDREAS WILLI neutral 3 M 25 9 month 19.03.2013
Kepler Capital Markets PETER OLOFSEN buy 5 M 23 Not Provided 19.03.2013
Exane BNP Paribas OLIVIER ESNOU neutral 3 M 25 Not Provided 14.03.2013
Nomura DANIEL CUNLIFFE buy 5 M 25 12 month 12.03.2013
HSBC MICHAEL HAGMANN neutral 3 M 24 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 27 Not Provided 08.03.2013
Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 08.03.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 05.03.2013
Nord/LB WOLFGANG VASTERLING buy 5 M 24 12 month 26.02.2013
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 20 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 23 12 month 06.02.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 25 Not Provided 30.01.2013
CA Cheuvreux ANTOINE AZAR outperform 5 M 25 Not Provided 30.01.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 30.01.2013
Natixis LUDOVIC DEBAILLEUX buy 5 M 26 Not Provided 30.01.2013
Barclays DAVID VOS equalweight 3 M 21 Not Provided 30.01.2013
Deutsche Bank MARTIN WILKIE hold 3 M 23 12 month 29.01.2013
Kempen & Co ERWIN DUT buy 5 M 23 12 month 29.01.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 24 12 month 29.01.2013
Petercam MARCEL ACHTERBERG hold 3 M 23 Not Provided 29.01.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 23 12 month 29.01.2013
Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 23 12 month 17.01.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 25 Not Provided 08.01.2013
SNS Securities(ESN) VICTOR BARENO hold 3 M 15 12 month 22.10.2012
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 23 Not Provided 04.09.2012
DZ Bank AG THOMAS MAUL buy 5 M 17 12 month 27.06.2012
Jyske Bank ROBERT JAKOBSEN sell 1 M 23 Not Provided 29.03.2010
Holdings By:
Koninklijke Philips Electronics NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
L'Oreal SA manufactures, markets, and distributes health and beauty aids. The
Company produces colorants, styling, and hair care products for professional
hairdressers, hair care, cosmetics, and skin care products and perfumes for
consumers, luxury cosmetics and perfumes sold through department stores,
perfumeries and travel stores, and dermatological and pharmaceutical products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 123.70
52-Week Low (26.06.2012) 86.80
Daily Volume
121.75
52-Week High % Change -1.62% Dividend Yield -
52-Week Low % Change 40.26% Beta 0.68
% 52 Week Price Range High/Low 95.26% Equity Float 226.70
Shares Out 20.02.2013 604.3 Short Int -
73'575.18 1 Yr Total Return 39.42%
Total Debt 248.00 YTD Return 16.06%
Preferred Stock 0.0 Adjusted BETA 0.680
Minority Interest 4.8 Analyst Recs 39
Cash and Equivalents 1'823.20 Consensus Rating 3.308
Enterprise Value 72'004.78
Average Volume 5 Day 777'020
OR FP EQUITY YTD Change - Average Volume 30 Day 681'386
OR FP EQUITY YTD % CHANGE - Average Volume 3 Month 584'061
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
17'541.8 17'472.6 19'495.8 20'343.1 22'462.7 20'343.1 22'462.7 23'444.8 24'818.8 5'755.0 5'663.0
2.28x 2.72x 2.52x 2.33x 2.72x 0.00x 0.00x 3.04x 2.81x - -
3'441.7 3'368.7 3'757.5 3'955.1 4'388.9 0.0 0.0 4'745.7 5'099.7 - -
11.63x 14.12x 13.05x 12.00x 13.94x 0.00x 0.00x 15.20x 14.14x - -
1'948.3 1'792.2 2'239.7 2'438.4 2'867.7 0.0 0.0 3'090.1 3'346.8 - -
18.82x 25.41x 21.75x 19.64x 21.90x 0.00x 0.00x 23.77x 21.94x - -
EBITDA 4'388.90 Long-Term Rating Date -
EBIT 3'697.30 Long-Term Rating -
Operating Margin 16.46% Long-Term Outlook -
Pretax Margin 17.25% Short-Term Rating Date 05.06.2006
Return on Assets 10.17% Short-Term Rating A-1+
Return on Common Equity 14.87%
Return on Capital 14.49% EBITDA/Interest Exp. 127.21
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 99.53
Net Debt/EBITDA -0.36
Gross Margin 70.7% Total Debt/EBITDA 0.06
EBITDA Margin 19.5%
EBIT Margin 16.5% Total Debt/Equity 1.2%
Net Income Margin 12.8% Total Debt/Capital 1.2%
Asset Turnover 0.80
Current Ratio 1.29 Net Fixed Asset Turnover 7.69
Quick Ratio 0.79 Accounts receivable turnover-days 50.55
Debt to Assets 0.84% Inventory Days 113.50
Tot Debt to Common Equity 1.18% Accounts Payable Turnover Day 182.89
Accounts Receivable Turnover 7.24 Cash Conversion Cycle -18.84
Inventory Turnover 3.22
Fiscal Year Ended
L'Oreal SAPrice/Volume
Valuation Analysis
222'002.00
Current Price (3/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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BETTENCOURT FAMILY n/a Co File 185'661'879 30.72 - 31.12.2012 n/a
NESTLE SA #N/A N/A Co File 178'381'021 29.52 - 31.12.2012 Corporation
L'OREAL SA #N/A N/A Co File 10'454'165 1.73 - 31.12.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 5'729'800 0.95 (1'345'900) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'647'487 0.93 95'322 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'446'174 0.74 - 31.12.2012 Investment Advisor
OWEN-JONES LINDSAY n/a Co File 2'998'095 0.5 - 31.12.2012 n/a
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'784'467 0.46 (516'711) 31.01.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 2'524'547 0.42 (3'385) 22.03.2013 Investment Advisor
BALYASNY ASSET MANAG n/a Short (2'309'774) -0.38 729'403 30.01.2013 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'948'992 0.32 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'794'714 0.3 313'136 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'415'058 0.23 20'420 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'085'268 0.18 15'098 22.03.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'056'948 0.17 306'745 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 831'525 0.14 2'576 31.10.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 805'008 0.13 1'825 21.03.2013 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 725'628 0.12 - 30.06.2012 Pension Fund (ERISA)
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 661'487 0.11 887 22.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 511'365 0.08 - 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 95 12 month 25.03.2013
Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 21.03.2013
AlphaValue ARMELLE MOULIN reduce 2 M 115 6 month 21.03.2013
Jefferies ALEX HOWSON buy 5 M 106 12 month 20.03.2013
JPMorgan CELINE PANNUTI overweight 5 M 120 9 month 14.03.2013
Kepler Capital Markets CATHERINE ROLLAND buy 5 M 125 Not Provided 14.03.2013
Grupo Santander PEDRO GIL hold 3 M 105 Not Provided 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 134 12 month 11.03.2013
Berenberg Bank SETH PETERSON hold 3 M 113 Not Provided 11.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 130 Not Provided 08.03.2013
Credit Suisse ALEX MOLLOY neutral 3 M 117 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 94 12 month 05.03.2013
Exane BNP Paribas EAMONN FERRY outperform 5 M 114 Not Provided 25.02.2013
Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 105 Not Provided 19.02.2013
Nomura GUILLAUME DELMAS reduce 2 M 97 Not Provided 18.02.2013
Main First Bank AG GAEL COLCOMBET outperform 5 M 120 12 month 18.02.2013
Barclays IAIN SIMPSON overweight 5 M 121 Not Provided 14.02.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 120 Not Provided 13.02.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 120 Not Provided 13.02.2013
Bryan Garnier & Cie LOIC MORVAN buy 5 M 118 6 month 13.02.2013
Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.02.2013
Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 112 12 month 12.02.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 113 6 month 12.02.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 105 12 month 12.02.2013
Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 143 12 month 12.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 111 12 month 12.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 12.02.2013
S&P Capital IQ CARL SHORT hold 3 M 115 12 month 12.02.2013
Telsey Advisory Group DAVID WU no rating system #N/A N/A M #N/A N/A Not Provided 12.02.2013
Natixis PIERRE TEGNER neutral 3 M 96 Not Provided 08.02.2013
HSBC CEDRIC BESNARD overweight 5 U 121 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 14.01.2013
Aurel - BGC DAVID DA MAIA not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012
Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 M 91 12 month 06.11.2012
Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 87 Not Provided 30.10.2012
Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012
DZ Bank AG THOMAS MAUL buy 5 M 97 12 month 30.07.2012
Holdings By:
L'Oreal SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The
Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,
watches and jewelry.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.01.2013) 143.40
52-Week Low (04.06.2012) 111.00
Daily Volume
131.45
52-Week High % Change -8.44% Dividend Yield 2.21
52-Week Low % Change 18.42% Beta 0.93
% 52 Week Price Range High/Low 57.56% Equity Float 254.93
Shares Out 11.02.2013 507.7 Short Int -
66'733.20 1 Yr Total Return 3.68%
Total Debt 6'812.00 YTD Return -5.30%
Preferred Stock 0.0 Adjusted BETA 0.927
Minority Interest 1'102.0 Analyst Recs 39
Cash and Equivalents 2'196.00 Consensus Rating 4.231
Enterprise Value 72'451.20
Average Volume 5 Day 880'641
MC FP EQUITY YTD Change - Average Volume 30 Day 798'440
MC FP EQUITY YTD % CHANGE - Average Volume 3 Month 723'102
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
17'193.0 17'053.0 20'320.0 23'659.0 28'103.0 23'659.0 28'103.0 30'269.1 32'861.8 - -
1.60x 2.41x 3.08x 2.56x 2.67x 0.00x 0.00x 2.33x 2.09x - -
4'323.0 4'055.0 5'106.0 6'150.0 6'940.0 0.0 0.0 7'658.7 8'459.6 - -
6.34x 10.13x 12.27x 9.84x 10.82x 0.00x 0.00x 9.47x 8.58x - -
2'026.0 1'755.0 3'032.0 3'065.0 3'424.0 0.0 0.0 3'849.4 4'302.2 - -
11.16x 21.13x 19.36x 17.45x 20.23x 0.00x 0.00x 17.34x 15.46x - -
EBITDA 6'940.00 Long-Term Rating Date 20.05.2011
EBIT 5'921.00 Long-Term Rating A
Operating Margin 21.07% Long-Term Outlook POS
Pretax Margin 20.39% Short-Term Rating Date 20.05.2011
Return on Assets 7.06% Short-Term Rating A-1
Return on Common Equity 14.57%
Return on Capital 12.72% EBITDA/Interest Exp. 41.81
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 31.51
Net Debt/EBITDA 0.64
Gross Margin 64.7% Total Debt/EBITDA 0.94
EBITDA Margin 25.7%
EBIT Margin 21.1% Total Debt/Equity 27.7%
Net Income Margin 12.2% Total Debt/Capital 21.0%
Asset Turnover 0.58
Current Ratio 1.51 Net Fixed Asset Turnover 3.35
Quick Ratio 0.44 Accounts receivable turnover-days 25.15
Debt to Assets 13.64% Inventory Days 287.68
Tot Debt to Common Equity 27.73% Accounts Payable Turnover Day 106.20
Accounts Receivable Turnover 14.55 Cash Conversion Cycle 206.64
Inventory Turnover 1.27
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
LVMH Moet Hennessy Louis Vuitton SAPrice/Volume
Valuation Analysis
219'495.00
Current Price (3/dd/yy) Market Data
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26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GROUPE ARNAULT SAS n/a Research 235'886'503 46.46 (147'143) 01.10.2012 Holding Company
LVMH MOET HENNESSY L n/a Co File 9'536'678 1.88 - 31.12.2011 Holding Company
QATAR HOLDINGS LLC n/a Research 5'230'723 1.03 - 15.03.2012 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 4'275'828 0.84 74'218 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'200'037 0.83 4'700 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'085'056 0.8 - 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'878'869 0.76 (478'859) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'385'819 0.67 (55'514) 22.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'326'140 0.66 134'015 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'724'161 0.54 49'222 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'107'952 0.42 - 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'969'659 0.39 (230'305) 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'732'620 0.34 41'590 31.01.2013 Investment Advisor
TRAPANI FRANCESCO n/a Co File 1'561'592 0.31 - 31.12.2011 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 1'528'000 0.3 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'422'781 0.28 19'742 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'387'002 0.27 (18'102) 28.02.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 1'355'126 0.27 (2'100) 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'150'592 0.23 43'392 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'042'404 0.21 (14'807) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ISI Group OMAR SAAD buy 5 M 160 12 month 24.03.2013
Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 165 12 month 20.03.2013
Nomura CHRISTOPHER WALKER buy 5 M 155 12 month 20.03.2013
Exane BNP Paribas LUCA GIUSEPPE SOLCA neutral 3 M 135 Not Provided 20.03.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 160 Not Provided 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Societe Generale THIERRY COTA hold 3 M 145 12 month 18.03.2013
Renaissance Capital REY WIUM hold 3 M 152 12 month 14.03.2013
AlphaValue VIRGINIE BLIN buy 5 M 172 6 month 07.03.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 141 Not Provided 22.02.2013
Aurel - BGC DAVID DA MAIA hold 3 M 145 Not Provided 20.02.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 157 12 month 20.02.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 144 12 month 15.02.2013
Berenberg Bank JOHN GUY hold 3 D 140 Not Provided 15.02.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 140 Not Provided 10.02.2013
Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 152 12 month 08.02.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 198 12 month 08.02.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 160 6 month 08.02.2013
Credit Suisse ROGERIO FUJIMORI neutral 3 M 148 Not Provided 05.02.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 165 12 month 04.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 160 12 month 04.02.2013
JPMorgan MELANIE A FLOUQUET neutral 3 M 142 9 month 01.02.2013
Raymond James MARC WILLAUME strong buy 5 M 163 Not Provided 01.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 123 12 month 01.02.2013
Natixis OLIVIER DELAHOUSSE buy 5 M 155 Not Provided 01.02.2013
S&P Capital IQ MICHAEL SOUERS strong buy 5 M 160 12 month 01.02.2013
Barclays JULIAN EASTHOPE overweight 5 M 151 Not Provided 01.02.2013
Kepler Capital Markets CATHERINE ROLLAND buy 5 M 168 Not Provided 31.01.2013
HSBC ANTOINE BELGE neutral 3 M 150 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank WARWICK OKINES hold 3 D 145 12 month 14.01.2013
Equita SIM SpA FABIO FAZZARI buy 5 N 178 12 month 10.12.2012
Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 19.10.2012
CA Cheuvreux THOMAS MESMIN outperform 5 M 140 Not Provided 17.10.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2012
DZ Bank AG THOMAS MAUL buy 5 M 147 Not Provided 02.05.2012
Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 02.04.2012
Holdings By:
LVMH Moet Hennessy Louis Vuitton SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 152.00
52-Week Low (04.06.2012) 95.85
Daily Volume
148.65
52-Week High % Change -2.24% Dividend Yield -
52-Week Low % Change 55.09% Beta 0.95
% 52 Week Price Range High/Low 91.81% Equity Float 178.94
Shares Out 31.12.2012 179.3 Short Int -
26'659.07 1 Yr Total Return 33.99%
Total Debt 6'256.00 YTD Return 9.30%
Preferred Stock 0.0 Adjusted BETA 0.951
Minority Interest 242.0 Analyst Recs 41
Cash and Equivalents 2'860.00 Consensus Rating 3.415
Enterprise Value 30'297.07
Average Volume 5 Day 654'843
MUV2 GY EQUITY YTD Change - Average Volume 30 Day 716'320
MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 668'270
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
47'151.0 53'891.0 59'111.0 60'908.0 65'896.0 61'764.0 66'135.0 55'834.1 57'808.9 - -
0.56x 0.44x 0.42x 0.33x 0.43x 1.29x 1.52x 0.59x - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'555.0 2'521.0 2'422.0 702.0 3'195.0 702.0 3'195.0 2'915.2 2'963.9 773.0 713.0
14.34x 8.39x 8.69x 24.03x 7.56x 23.74x 7.56x 9.07x 8.86x 8.93x -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating AA-
Operating Margin 6.64% Long-Term Outlook STABLE
Pretax Margin 6.19% Short-Term Rating Date -
Return on Assets 1.26% Short-Term Rating -
Return on Common Equity 12.72%
Return on Capital 11.01% EBITDA/Interest Exp. -
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 23.0%
Net Income Margin 4.8% Total Debt/Capital 18.6%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.42% Inventory Days -
Tot Debt to Common Equity 23.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Muenchener Rueckversicherungs AGPrice/Volume
Valuation Analysis
205'088.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 20'086'215 11.2 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'474'218 9.74 (21'768) 22.03.2013 Investment Advisor
PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2012 Unclassified
CREDIT SUISSE AG n/a Research 3'097'431 1.73 - 25.04.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'261'723 1.26 (397'577) 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'242'202 1.25 (130'604) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'886'892 1.05 75'261 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'798'228 1 263'657 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'713'886 0.96 107'059 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'417'567 0.79 - 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'374'140 0.77 (234'487) 28.12.2012 Mutual Fund Manager
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'050'506 0.59 97'400 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 925'403 0.52 715'207 31.01.2013 Mutual Fund Manager
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 834'488 0.47 5'222 28.09.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 800'481 0.45 (33'787) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 619'738 0.35 6'554 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 590'450 0.33 131'232 30.11.2012 Investment Advisor
SARASIN n/a ULT-AGG 574'580 0.32 196'794 31.12.2012 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 539'431 0.3 (10'900) 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse ADAM MCINALLY neutral 3 M 155 Not Provided 22.03.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 150 12 month 21.03.2013
AlphaValue DIETER HEIN reduce 2 M 141 6 month 21.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 21.03.2013
RBC Capital Markets GORDON AITKEN underperform 1 M 135 12 month 19.03.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 170 12 month 19.03.2013
Macquarie HADLEY COHEN neutral 3 M 150 12 month 18.03.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 165 12 month 18.03.2013
Exane BNP Paribas THOMAS JACQUET neutral 3 M 145 Not Provided 18.03.2013
Societe Generale JASON KALAMBOUSSIS hold 3 M 133 12 month 15.03.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 171 12 month 15.03.2013
Nomura MICHAEL KLIEN reduce 2 M 140 Not Provided 15.03.2013
Nord/LB JULIA SIEKMANN hold 3 M 155 12 month 14.03.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 175 12 month 14.03.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 167 9 month 14.03.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 150 Not Provided 14.03.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 14.03.2013
Natixis BENOIT VALLEAUX neutral 3 M 140 Not Provided 14.03.2013
Helvea DANIEL BISCHOF neutral 3 M 142 12 month 14.03.2013
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 106 12 month 13.03.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 150 12 month 12.03.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 136 6 month 12.03.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 125 12 month 12.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 145 Not Provided 20.02.2013
CA Cheuvreux FRANK KOPFINGER outperform 5 M 157 Not Provided 18.02.2013
Berenberg Bank TOM CARSTAIRS hold 3 M 140 Not Provided 11.02.2013
Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 08.02.2013
HSBC THOMAS FOSSARD underweight 1 M 135 Not Provided 07.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 06.02.2013
Kepler Capital Markets FABRIZIO CROCE buy 5 M 153 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 N 147 Not Provided 05.02.2013
Barclays ANDREW BROADFIELD overweight 5 M 157 Not Provided 04.02.2013
Main First Bank AG MICHAEL HAID underperform 1 M 145 12 month 01.02.2013
Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 152 12 month 31.01.2013
Mediobanca SpA MARC THIELE outperform 5 M 164 6 month 30.01.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 142 Not Provided 09.01.2013
Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 118 Not Provided 02.02.2012
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 U 119 6 month 10.05.2011
Holdings By:
Muenchener Rueckversicherungs AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Repsol S.A., through subsidiaries, explores for and produces crude oil and
natural gas, refines petroleum, and transports petroleum products and liquefied
petroleum gas (LPG). The Company retails gasoline and other products through
its chain of gasoline filling stations. Repsol's petroleum reserves are in
Spain, Latin America, Asia, North Africa, and the Middle East and United States.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 19.33
52-Week Low (25.07.2012) 10.90
Daily Volume
16.24
52-Week High % Change -15.96% Dividend Yield -
52-Week Low % Change 48.99% Beta 1.07
% 52 Week Price Range High/Low 61.90% Equity Float 963.15
Shares Out 31.12.2012 1'282.4 Short Int -
20'826.96 1 Yr Total Return -8.17%
Total Debt 19'090.00 YTD Return 5.90%
Preferred Stock 0.0 Adjusted BETA 1.068
Minority Interest 770.0 Analyst Recs 42
Cash and Equivalents 6'318.00 Consensus Rating 4.119
Enterprise Value 34'368.96
Average Volume 5 Day 8'670'876
REP SQ EQUITY YTD Change - Average Volume 30 Day 11'955'540
REP SQ EQUITY YTD % CHANGE - Average Volume 3 Month 10'658'080
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
58'475.0 45'827.0 53'663.0 50'903.0 58'924.0 43'336.0 62'343.0 61'024.3 61'739.6 13'710.0 13'710.0
0.48x 0.87x 0.79x 0.91x 0.56x 3.17x 2.38x 0.55x 0.53x 2.37x 2.36x
8'009.0 6'686.0 11'919.0 5'800.0 7'017.0 5'544.0 7'313.0 7'428.1 7'678.0 1'790.0 1'931.0
3.49x 5.99x 3.56x 8.03x 4.68x 0.00x 4.49x 4.63x 4.48x 3.87x 3.84x
2'555.0 1'559.0 4'693.0 2'193.0 2'060.0 1'614.0 2'060.0 2'142.2 2'245.2 574.0 654.0
7.19x 14.63x 5.43x 18.27x 9.83x 0.00x 8.77x 9.81x 9.40x 9.40x 9.48x
EBITDA 7'017.00 Long-Term Rating Date 19.04.2012
EBIT 4'430.00 Long-Term Rating BBB-
Operating Margin 7.52% Long-Term Outlook STABLE
Pretax Margin 6.02% Short-Term Rating Date 19.04.2012
Return on Assets 3.03% Short-Term Rating A-3
Return on Common Equity 8.20%
Return on Capital - EBITDA/Interest Exp. 8.88
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 4.55
Net Debt/EBITDA 1.75
Gross Margin - Total Debt/EBITDA 2.61
EBITDA Margin 11.7%
EBIT Margin 7.6% Total Debt/Equity 71.5%
Net Income Margin 3.5% Total Debt/Capital 41.0%
Asset Turnover 0.92
Current Ratio 1.51 Net Fixed Asset Turnover 1.92
Quick Ratio 0.93 Accounts receivable turnover-days 37.09
Debt to Assets 29.40% Inventory Days -
Tot Debt to Common Equity 71.49% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.87 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
Repsol SAPrice/Volume
Valuation Analysis
2'690'080.00
Current Price (3/dd/yy) Market Data
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50'000.0
60'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAIXABANK n/a Research 157'399'192 12.27 - 08.10.2012 Investment Advisor
SACYR VALLEHERMOSO S n/a EXCH 122'208'433 9.53 - 17.01.2013 Corporation
PETROLEOS MEXICANOS n/a Research 115'884'040 9.04 - 08.10.2012 Unclassified
TEMASEK HOLDINGS PRI n/a ULT-AGG 80'700'000 6.29 - 04.03.2013 Government
BLACKROCK n/a ULT-AGG 45'722'245 3.57 (14'830) 22.03.2013 Investment Advisor
BNP PARIBAS SA n/a EXCH 43'098'518 3.36 4'142'554 13.03.2013 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'306'398 1.04 285'878 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'049'194 0.71 71'919 31.01.2013 Mutual Fund Manager
FMR LLC n/a ULT-AGG 8'114'042 0.63 (716'980) 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 7'489'178 0.58 (203'525) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'509'460 0.51 - 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 6'131'360 0.48 5'796'040 31.12.2012 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'411'419 0.42 (12'479) 28.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'392'268 0.34 129'183 31.01.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'787'114 0.3 316'718 28.09.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 3'414'500 0.27 217'966 30.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'520'157 0.2 783'547 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 2'274'691 0.18 70'648 25.03.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'207'512 0.17 2'941 22.03.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'071'360 0.16 211'035 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander JASON KENNEY hold 3 M 19 Not Provided 22.03.2013
Societe Generale IRENE HIMONA buy 5 M 18 12 month 22.03.2013
Jefferies BRENDAN MICHAEL WARN hold 3 M 16 12 month 22.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 19 Not Provided 21.03.2013
Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO buy 5 M 20 12 month 20.03.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 21 12 month 20.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 20 12 month 18.03.2013
HSBC PAUL SPEDDING overweight 5 M 22 Not Provided 12.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 18 12 month 12.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 18 Not Provided 11.03.2013
BPI BRUNO ALMEIDA DA SILVA buy 5 M 20 Not Provided 07.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 D 17 6 month 07.03.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 D 17 Not Provided 05.03.2013
Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 20 Not Provided 04.03.2013
Equita SIM SpA MASSIMO BONISOLI buy 5 M 18 12 month 04.03.2013
Banesto Bolsa SA Sociedad ROBERT JACKSON overweight 5 M 19 Not Provided 04.03.2013
Morgan Stanley HAYTHEM RASHED Underwt/In-Line 1 M 17 12 month 01.03.2013
Raymond James BERTRAND HODEE outperform 5 M 19 12 month 01.03.2013
Macquarie MARC B KOFLER neutral 3 M 15 12 month 01.03.2013
Natixis ANNE PUMIR buy 5 U 19 Not Provided 01.03.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 19 12 month 01.03.2013
Barclays LYDIA RAINFORTH overweight 5 M 20 Not Provided 01.03.2013
Investec STUART JOYNER hold 3 M 15 12 month 28.02.2013
Goldman Sachs HENRY MORRIS not rated #N/A N/A M #N/A N/A Not Provided 27.02.2013
Canaccord Genuity Corp GORDON GRAY hold 3 M 18 12 month 27.02.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 20 Not Provided 27.02.2013
Nomura THEEPAN JOTHILINGAM neutral 3 M 16 12 month 27.02.2013
Intermoney Valores ALVARO NAVARRO buy 5 M 19 Not Provided 22.02.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 16 12 month 19.02.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 14.02.2013
Tudor Pickering & Co ANISH KAPADIA hold 3 M 22 Not Provided 13.02.2013
JPMorgan NITIN SHARMA neutral 3 M 16 3 month 06.02.2013
BBVA LUIS DE TOLEDO outperform 5 M 19 Not Provided 01.02.2013
Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 N 20 12 month 29.01.2013
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 22 Not Provided 27.12.2012
Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 20 Not Provided 26.11.2012
La Caixa FERNANDO MURILLO GUIRAO buy 5 M 20 Not Provided 14.11.2012
Deutsche Bank MARK BLOOMFIELD hold 3 M 16 12 month 25.10.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 D 18 Not Provided 23.10.2012
Holdings By:
Repsol SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
RWE AG generates, distributes, and trades electricity to municipal, industrial,
commercial, and residential customers. The Company produces natural gas and oil,
mines coal, delivers and distributes gas, and supplies drinking water.
RWE AG operates mainly in Europe.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 36.90
52-Week Low (08.02.2013) 26.36
Daily Volume
29.255
52-Week High % Change -20.78% Dividend Yield -
52-Week Low % Change 11.00% Beta 1.04
% 52 Week Price Range High/Low 26.42% Equity Float 482.66
Shares Out 31.12.2012 575.7 Short Int -
18'030.57 1 Yr Total Return -14.92%
Total Debt 19'946.00 YTD Return -6.35%
Preferred Stock 0.0 Adjusted BETA 1.045
Minority Interest 1'613.0 Analyst Recs 40
Cash and Equivalents 5'276.00 Consensus Rating 2.600
Enterprise Value 34'313.57
Average Volume 5 Day 3'676'317
RWE GY EQUITY YTD Change - Average Volume 30 Day 3'645'634
RWE GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'425'636
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
47'500.0 46'191.0 50'722.0 49'153.0 50'771.0 49'153.0 39'773.0 53'465.5 54'236.9 - -
0.88x 1.10x 0.85x 0.65x 0.70x 2.84x 3.72x 0.65x 0.64x - -
7'903.0 9'655.0 9'230.0 8'286.0 9'055.0 6'912.0 7'228.0 8'830.9 8'611.2 - -
5.30x 5.28x 4.68x 3.88x 3.92x 4.66x 0.00x 3.89x 3.98x - -
2'558.0 3'571.0 3'308.0 1'806.0 1'306.0 1'806.0 1'033.0 2'432.1 2'216.3 - -
10.69x 10.33x 8.05x 8.10x 14.67x 8.13x 0.00x 7.49x 8.23x - -
EBITDA 9'055.00 Long-Term Rating Date 27.07.2012
EBIT 3'699.00 Long-Term Rating BBB+
Operating Margin 7.29% Long-Term Outlook STABLE
Pretax Margin 4.39% Short-Term Rating Date 08.06.2011
Return on Assets - Short-Term Rating A-2
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 7.25
Asset Turnover - (EBITDA-Capex)/Interest Exp. 3.18
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 134.6%
Net Income Margin 2.6% Total Debt/Capital 54.8%
Asset Turnover -
Current Ratio 1.02 Net Fixed Asset Turnover -
Quick Ratio 0.55 Accounts receivable turnover-days -
Debt to Assets 22.61% Inventory Days -
Tot Debt to Common Equity 134.55% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
RWE AGPrice/Volume
Valuation Analysis
937'112.00
Current Price (3/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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RW ENERGIE-BETEILIGU n/a Co File 86'361'823 15 - 31.12.2012 Other
BLACKROCK n/a ULT-AGG 28'787'275 5 - 22.03.2013 Investment Advisor
CREDIT SUISSE GROUP n/a Research 28'008'409 4.86 - 04.05.2012 Investment Advisor
MONDRIAN INVESTMENT n/a Co File 17'272'365 3 - 16.05.2012 Hedge Fund Manager
SOCIETE GENERALE SA n/a Research 6'421'155 1.12 - 19.02.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 5'726'000 0.99 4'226'000 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'509'049 0.96 3'963'686 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'122'429 0.89 196'272 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'936'323 0.68 - 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'919'473 0.51 78'546 28.09.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'882'791 0.5 (977'126) 30.11.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'349'710 0.41 (446'152) 28.12.2012 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'358'033 0.24 1'819 22.03.2013 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'146'153 0.2 8'720 25.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'066'091 0.19 (298'847) 28.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'043'715 0.18 (165'420) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 986'543 0.17 (1'416'019) 31.01.2013 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 928'678 0.16 79'174 31.10.2012 Mutual Fund Manager
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 900'000 0.16 900'000 31.01.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 845'432 0.15 (13'576) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 32 Not Provided 25.03.2013
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 29 6 month 22.03.2013
RBC Capital Markets JOHN MUSK sector perform 3 M 28 12 month 22.03.2013
HSBC ADAM DICKENS underweight 1 M 23 Not Provided 21.03.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 21.03.2013
Redburn Partners AHMED FARMAN buy 5 M #N/A N/A Not Provided 18.03.2013
Grupo Santander OSCAR NAJAR RIOS underweight 1 M #N/A N/A Not Provided 12.03.2013
JPMorgan VINCENT DE BLIC underweight 1 M 28 9 month 12.03.2013
Nomura MARTIN YOUNG reduce 2 M 25 Not Provided 12.03.2013
AlphaValue EILEEN RYAN buy 5 M 34 6 month 12.03.2013
Goldman Sachs DEBORAH WILKENS neutral/neutral 3 M 36 12 month 11.03.2013
Raymond James EMMANUEL RETIF underperform 1 M 25 12 month 08.03.2013
DZ Bank AG MARC NETTELBECK buy 5 M 35 12 month 08.03.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK sell 1 M 25 Not Provided 07.03.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 07.03.2013
Societe Generale ALBERTO PONTI sell 1 M 24 12 month 06.03.2013
Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 33 12 month 06.03.2013
Nord/LB HEINO HAMMANN hold 3 M 31 12 month 06.03.2013
Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 25 12 month 06.03.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 29 12 month 06.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 30 12 month 05.03.2013
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 34 12 month 05.03.2013
Kepler Capital Markets INGO BECKER reduce 2 M 27 Not Provided 05.03.2013
Main First Bank AG ANDREAS THIELEN underperform 1 D 29 12 month 01.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 37 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
Credit Suisse VINCENT GILLES underperform 1 M 28 Not Provided 06.02.2013
Berenberg Bank LAWSON STEELE sell 1 N 25 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 34 Not Provided 28.01.2013
Barclays PETER BISZTYGA underweight 1 M 27 Not Provided 25.01.2013
Macquarie ROBERT SCHRAMM-FUCHS neutral 3 D 30 12 month 22.01.2013
Steubing AG MICHAEL BROEKER buy 5 M 60 Not Provided 14.01.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 35 12 month 11.01.2013
Deutsche Bank ALEXANDER KARNICK sell 1 D 27 12 month 07.01.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 34 Not Provided 05.11.2012
CA Cheuvreux SEBASTIAN KAUFFMANN outperform 5 D 38 Not Provided 14.06.2012
Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 06.03.2012
Holdings By:
RWE AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Sanofi is a global pharmaceutical company that researches, develops and
manufactures prescription pharmaceuticals and vaccines. The Company develops
cardiovascular, thrombosis, metabolic disorder, central nervous system,
internal medicine and oncology drugs, and vaccines.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 79.18
52-Week Low (04.06.2012) 53.20
Daily Volume
77.68
52-Week High % Change -1.91% Dividend Yield -
52-Week Low % Change 46.02% Beta 0.75
% 52 Week Price Range High/Low 91.42% Equity Float 1'187.62
Shares Out 15.01.2013 1'326.3 Short Int -
103'030.32 1 Yr Total Return 40.26%
Total Debt 14'531.00 YTD Return 8.81%
Preferred Stock 0.0 Adjusted BETA 0.751
Minority Interest 134.0 Analyst Recs 39
Cash and Equivalents 6'381.00 Consensus Rating 3.974
Enterprise Value 111'314.32
Average Volume 5 Day 3'180'044
SAN FP EQUITY YTD Change - Average Volume 30 Day 2'872'180
SAN FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'589'380
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
27'568.0 29'306.0 32'367.0 33'389.0 34'947.0 33'389.0 34'947.0 35'854.9 37'843.3 8'383.8 8'735.3
2.22x 2.61x 1.99x 2.59x 2.94x 5.23x 5.54x 3.03x 2.77x - -
9'940.0 12'805.0 13'156.0 12'593.0 12'384.0 2'463.0 2'704.0 13'111.6 14'230.3 - -
6.16x 5.97x 4.90x 6.88x 8.30x 0.00x 0.00x 8.51x 7.84x - -
3'851.0 5'265.0 5'467.0 5'693.0 4'967.0 5'693.0 4'967.0 7'943.2 8'778.0 1'813.3 1'803.7
15.94x 14.13x 11.42x 13.17x 18.99x 13.17x 18.99x 12.92x 11.58x 13.10x 12.65x
EBITDA 12'384.00 Long-Term Rating Date 18.02.2011
EBIT 7'787.00 Long-Term Rating AA-
Operating Margin 22.28% Long-Term Outlook STABLE
Pretax Margin 17.94% Short-Term Rating Date 18.02.2011
Return on Assets 4.94% Short-Term Rating A-1+
Return on Common Equity 8.75%
Return on Capital 7.62% EBITDA/Interest Exp. 29.70
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 25.83
Net Debt/EBITDA 0.64
Gross Margin 68.2% Total Debt/EBITDA 1.14
EBITDA Margin 36.3%
EBIT Margin 22.3% Total Debt/Equity 25.3%
Net Income Margin 14.2% Total Debt/Capital 20.2%
Asset Turnover 0.35
Current Ratio 1.65 Net Fixed Asset Turnover 3.28
Quick Ratio 1.00 Accounts receivable turnover-days 81.42
Debt to Assets 14.47% Inventory Days 204.60
Tot Debt to Common Equity 25.34% Accounts Payable Turnover Day 101.89
Accounts Receivable Turnover 4.50 Cash Conversion Cycle 184.13
Inventory Turnover 1.79
Fiscal Year Ended
SanofiPrice/Volume
Valuation Analysis
675'203.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
L'OREAL SA n/a 20F 118'227'307 8.91 - 31.01.2013 Corporation
FMR LLC n/a ULT-AGG 33'173'565 2.5 325'750 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 20'821'207 1.57 (50'070) 22.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'032'467 1.36 1'487'319 31.12.2012 Investment Advisor
SANOFI EMP SAVINGS P n/a 20F 17'191'116 1.3 - 31.01.2013 n/a
DODGE & COX Multiple Portfolios MF-AGG 16'748'982 1.26 - 29.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13'821'204 1.04 1'647'107 31.01.2013 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 10'580'043 0.8 (1'806'061) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'481'860 0.71 - 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'697'049 0.5 490'404 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 6'413'305 0.48 (10'030) 28.02.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'954'817 0.45 - 30.09.2012 Hedge Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'830'361 0.44 249'926 28.02.2013 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 5'643'800 0.43 597'970 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'093'172 0.38 630'744 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 4'869'438 0.37 (67'746) 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 4'547'746 0.34 (42'392) 31.12.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'234'244 0.32 (345'054) 31.05.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'068'709 0.31 8'077 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'037'006 0.3 (16'108) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 76 12 month 25.03.2013
Oddo & Cie SEBASTIEN MALAFOSSE buy 5 M 82 Not Provided 25.03.2013
Helvea ODILE RUNDQUIST accumulate 4 M 82 12 month 25.03.2013
Mirabaud Securities NICHOLAS TURNER neutral 3 D 83 Not Provided 22.03.2013
Exane BNP Paribas VINCENT MEUNIER outperform 5 M 85 Not Provided 21.03.2013
AlphaValue ARMELLE MOULIN add 4 M 83 6 month 21.03.2013
JPMorgan RICHARD VOSSER overweight 5 M 99 15 month 15.03.2013
Jefferies JEFFREY HOLFORD buy 5 M 85 12 month 14.03.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 14.03.2013
Societe Generale STEPHEN MCGARRY buy 5 M 92 12 month 08.03.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 80 6 month 19.02.2013
Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 81 12 month 18.02.2013
Banco Sabadell MARTA DIAZ buy 5 M 80 12 month 15.02.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 M 76 Not Provided 13.02.2013
Barclays MARK PURCELL equalweight 3 M 77 Not Provided 12.02.2013
Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 11.02.2013
CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 66 12 month 11.02.2013
Deutsche Bank MARK CLARK buy 5 M 82 12 month 08.02.2013
Credit Suisse LUISA HECTOR neutral 3 M 78 Not Provided 08.02.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 78 Not Provided 08.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 75 12 month 08.02.2013
Kepler Capital Markets FABIAN WENNER hold 3 D 73 Not Provided 08.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 81 Not Provided 07.02.2013
Nomura AMIT ROY neutral 3 M 65 12 month 07.02.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 81 12 month 07.02.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 U 73 12 month 28.01.2013
Natixis PHILIPPE LANONE buy 5 M 84 Not Provided 28.01.2013
Nord/LB THORSTEN STRAUSS hold 3 M #N/A N/A Not Provided 11.12.2012
Day by Day VALERIE GASTALDY buy 5 U 78 3 month 11.12.2012
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 10.12.2012
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 28.11.2012
CA Cheuvreux LAURENT FLAMME outperform 5 M 77 Not Provided 29.10.2012
Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 65 Not Provided 05.10.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Jyske Bank ROBERT JAKOBSEN sell 1 M 57 Not Provided 11.07.2012
Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 52 Not Provided 08.02.2012
DZ Bank AG ELMAR KRAUS buy 5 M 55 12 month 20.12.2011
Holdings By:
Sanofi ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
SAP AG is a multinational software company. The Company develops business
software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training
services. SAP markets its products and services worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 65.00
52-Week Low (04.06.2012) 43.62
Daily Volume
61.95
52-Week High % Change -4.72% Dividend Yield -
52-Week Low % Change 42.02% Beta 0.82
% 52 Week Price Range High/Low 86.95% Equity Float 912.18
Shares Out 04.03.2013 1'228.5 Short Int -
76'105.84 1 Yr Total Return 19.42%
Total Debt 5'248.00 YTD Return 2.08%
Preferred Stock 0.0 Adjusted BETA 0.815
Minority Interest 8.0 Analyst Recs 44
Cash and Equivalents 2'631.00 Consensus Rating 4.114
Enterprise Value 78'730.84
Average Volume 5 Day 3'002'560
SAP GY EQUITY YTD Change - Average Volume 30 Day 2'821'254
SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'931'982
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
11'575.0 10'672.0 12'464.0 14'233.0 16'223.0 14'233.0 16'223.0 18'008.2 19'843.9 3'814.2 4'343.7
2.71x 3.65x 3.71x 3.31x 4.62x 13.42x 15.96x 4.18x 3.64x 20.21x 17.78x
3'300.0 3'301.0 4'125.0 4'611.0 4'936.0 4'611.0 4'575.0 6'414.1 7'242.7 1'112.5 1'483.0
9.49x 11.81x 11.20x 10.21x 15.19x 10.21x 16.39x 12.28x 10.88x 12.14x 12.15x
1'847.0 1'748.0 1'811.0 3'438.0 2'823.0 3'438.0 2'827.0 3'998.9 4'574.4 672.2 919.8
16.28x 22.45x 25.07x 14.13x 25.61x 14.13x 25.61x 17.88x 15.77x 17.82x 17.52x
EBITDA 4'936.00 Long-Term Rating Date -
EBIT 4'073.00 Long-Term Rating -
Operating Margin 25.11% Long-Term Outlook -
Pretax Margin 23.57% Short-Term Rating Date -
Return on Assets 11.29% Short-Term Rating -
Return on Common Equity 21.05%
Return on Capital 16.33% EBITDA/Interest Exp. 28.21
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 25.11
Net Debt/EBITDA 0.57
Gross Margin 68.8% Total Debt/EBITDA 1.15
EBITDA Margin 28.2%
EBIT Margin 22.9% Total Debt/Equity 37.1%
Net Income Margin 17.4% Total Debt/Capital 27.0%
Asset Turnover 0.65
Current Ratio 1.00 Net Fixed Asset Turnover 9.96
Quick Ratio 0.93 Accounts receivable turnover-days 83.59
Debt to Assets 19.56% Inventory Days -
Tot Debt to Common Equity 37.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.38 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
SAP AGPrice/Volume
Valuation Analysis
742'543.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PLATTNER HASSO n/a 13G 121'324'707 9.88 - 31.12.2012 n/a
TSCHIRA KLAUS n/a Co File 93'079'595 7.58 - 08.03.2012 n/a
BLACKROCK n/a ULT-AGG 66'743'066 5.43 - 22.03.2013 Investment Advisor
HOPP DIETMAR n/a 13G 65'273'200 5.31 - 31.12.2012 n/a
SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation
FMR LLC n/a ULT-AGG 16'796'313 1.37 (2'035'409) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'671'329 0.95 35'104 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'235'667 0.91 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'142'018 0.91 (632'162) 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 11'106'305 0.9 (155'226) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 8'459'500 0.69 972'000 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 8'270'322 0.67 (346'827) 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'820'713 0.64 (171'398) 28.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'208'549 0.59 - 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'081'368 0.58 (461'445) 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'576'011 0.54 176'532 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'863'076 0.48 337'221 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'264'797 0.43 (406'504) 28.02.2013 Investment Advisor
CREDIT SUISSE AG n/a Research 4'582'686 0.37 - 06.06.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'476'501 0.36 (928'550) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies ROSS MACMILLAN hold 3 M 62 12 month 25.03.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 69 12 month 22.03.2013
Baader Bank KNUT WOLLER hold 3 M 63 12 month 21.03.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 65 Not Provided 21.03.2013
AlphaValue HEINZ STEFFEN add 4 M 72 6 month 21.03.2013
Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 70 6 month 11.03.2013
JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 11.03.2013
Day by Day VALERIE GASTALDY buy 5 M 66 3 month 11.03.2013
Nomura RICHARD G SHERLUND buy 5 M 68 12 month 10.03.2013
Societe Generale RICHARD NGUYEN buy 5 M 71 12 month 07.03.2013
Deutsche Bank KAI KORSCHELT buy 5 M 70 12 month 07.03.2013
HSBC ANTONIN BAUDRY overweight 5 U 74 Not Provided 07.03.2013
Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 67 12 month 06.03.2013
William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 06.03.2013
Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 06.03.2013
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 24.02.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013
Commerzbank Corporates & Markets THOMAS M BECKER add 4 U 65 6 month 04.02.2013
Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013
Exane BNP Paribas JOSEP BORI neutral 3 M 63 Not Provided 28.01.2013
Nord/LB WOLFGANG DONIE buy 5 U 70 12 month 24.01.2013
JPMorgan STACY E POLLARD overweight 5 M 65 12 month 24.01.2013
Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 24.01.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 24.01.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 69 12 month 24.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 70 Not Provided 24.01.2013
Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 24.01.2013
Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 57 Not Provided 23.01.2013
Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 86 12 month 23.01.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 57 Not Provided 23.01.2013
Kepler Capital Markets LAURENT DAURE buy 5 M 66 Not Provided 23.01.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 70 12 month 23.01.2013
DZ Bank AG OLIVER FINGER buy 5 M 66 12 month 23.01.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.01.2013
M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 67 12 month 17.01.2013
Natixis GWENAEL GIARD neutral 3 M 53 Not Provided 16.01.2013
Cross Research RICHARD T WILLIAMS hold 3 M 45 12 month 16.01.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 69 12 month 14.01.2013
Jyske Bank ROBERT JAKOBSEN reduce 2 M 65 Not Provided 09.01.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 65 12 month 24.10.2012
CA Cheuvreux MICHAEL BEUCHER underperform 1 M 46 Not Provided 02.02.2012
FBR Capital Markets DAVID M HILAL market perform 3 M 55 12 month 26.01.2012
Holdings By:
SAP AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Schneider Electric SA manufactures power distribution and automation systems.
The Company produces circuit breakers, remote installation management equipment,
panelboards, programmable logic controllers, industrial control products,
detectors, human-machine interfaces, and process controls. Schneider's products
are sold various brands.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 60.71
52-Week Low (27.06.2012) 39.40
Daily Volume
56.87
52-Week High % Change -6.41% Dividend Yield -
52-Week Low % Change 44.36% Beta 1.28
% 52 Week Price Range High/Low 78.33% Equity Float 525.90
Shares Out 01.03.2013 555.4 Short Int -
31'586.56 1 Yr Total Return 17.17%
Total Debt 8'132.00 YTD Return 3.72%
Preferred Stock 0.0 Adjusted BETA 1.281
Minority Interest 174.0 Analyst Recs 31
Cash and Equivalents 3'737.00 Consensus Rating 3.516
Enterprise Value 36'155.56
Average Volume 5 Day 1'829'300
SU FP EQUITY YTD Change - Average Volume 30 Day 1'577'389
SU FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'340'359
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
18'311.0 15'793.0 19'580.0 22'345.0 23'946.0 22'387.0 23'946.0 24'351.1 25'608.7 5'390.0 6'012.0
0.95x 1.51x 1.68x 1.23x 1.44x 0.00x 0.00x 1.46x 1.34x - -
3'321.0 2'575.0 3'575.0 3'725.0 3'837.0 0.0 0.0 4'069.6 4'431.2 - -
5.24x 9.26x 9.20x 7.36x 9.01x 0.00x 0.00x 8.92x 8.19x - -
1'682.0 824.0 1'720.0 1'793.0 1'840.0 0.0 0.0 2'291.4 2'548.3 - -
7.55x 24.63x 17.00x 12.18x 16.17x 0.00x 0.00x 13.79x 12.37x - -
EBITDA 3'837.00 Long-Term Rating Date 26.11.2008
EBIT 3'030.00 Long-Term Rating A-
Operating Margin 12.65% Long-Term Outlook STABLE
Pretax Margin 10.42% Short-Term Rating Date 14.03.2007
Return on Assets 5.11% Short-Term Rating A-2
Return on Common Equity 11.32%
Return on Capital 9.07% EBITDA/Interest Exp. 9.97
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 8.74
Net Debt/EBITDA 1.15
Gross Margin 37.8% Total Debt/EBITDA 2.12
EBITDA Margin 16.0%
EBIT Margin 12.7% Total Debt/Equity 48.9%
Net Income Margin 7.7% Total Debt/Capital 32.6%
Asset Turnover 0.67
Current Ratio 1.51 Net Fixed Asset Turnover 9.22
Quick Ratio 1.01 Accounts receivable turnover-days 81.70
Debt to Assets 22.49% Inventory Days 79.13
Tot Debt to Common Equity 48.86% Accounts Payable Turnover Day 103.63
Accounts Receivable Turnover 4.48 Cash Conversion Cycle 57.20
Inventory Turnover 4.63
Fiscal Year Ended
Schneider Electric SAPrice/Volume
Valuation Analysis
503'502.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 82'567'657 14.87 (10'012'679) 31.12.2012 Investment Advisor
AMUNDI n/a Research 27'220'485 4.9 (1'168'334) 16.05.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Research 20'349'002 3.66 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'778'760 2.12 477'308 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'849'337 1.95 (52'247) 31.12.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 10'102'524 1.82 95'500 29.01.2013 Investment Advisor
SCHNEIDER ELECTRIC S n/a Co File 9'164'952 1.65 - 31.12.2011 Corporation
FMR LLC n/a ULT-AGG 8'946'790 1.61 1'797'130 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'588'214 1.37 (201'120) 22.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 6'092'778 1.1 223'109 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 6'029'853 1.09 1'063'472 31.01.2013 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'494'386 0.81 46'843 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'146'970 0.75 - 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'310'741 0.6 (411'467) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'485'819 0.45 551'587 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'452'160 0.44 (404'495) 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 2'357'130 0.42 (10'400) 28.02.2013 Unclassified
AVIVA PLC Multiple Portfolios MF-AGG 1'839'691 0.33 3'134 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'775'165 0.32 (144'907) 31.12.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 1'725'770 0.31 28'032 21.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan ANDREAS WILLI overweight 5 M 65 9 month 25.03.2013
Canaccord Genuity Corp JAMES STETTLER hold 3 M 60 12 month 25.03.2013
Nomura DANIEL CUNLIFFE neutral 3 M 52 12 month 25.03.2013
Societe Generale GAEL DE BRAY buy 5 M 64 12 month 22.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 55 12 month 22.03.2013
AlphaValue LIONEL PELLICER add 4 M 67 6 month 21.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Exane BNP Paribas OLIVIER ESNOU outperform 5 M 66 Not Provided 14.03.2013
HSBC MICHAEL HAGMANN overweight 5 M 70 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 60 Not Provided 08.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 04.03.2013
Barclays NICK WEBSTER equalweight 3 M 54 Not Provided 27.02.2013
Credit Suisse SIMON TOENNESSEN neutral 3 M 58 Not Provided 25.02.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 60 Not Provided 25.02.2013
Deutsche Bank MARTIN WILKIE hold 3 M 55 12 month 22.02.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 65 12 month 22.02.2013
CA Cheuvreux ALFRED GLASER outperform 5 M 62 Not Provided 22.02.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 65 12 month 22.02.2013
Natixis LUDOVIC DEBAILLEUX neutral 3 M 61 Not Provided 22.02.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 57 12 month 21.02.2013
Kepler Capital Markets PIERRE BOUCHENY reduce 2 M 57 Not Provided 21.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 61 12 month 21.02.2013
Banco Sabadell MARIA CEBOLLERO buy 5 M 48 12 month 15.02.2013
Goldman Sachs DANIELA COSTA Buy/Neutral 5 U 65 12 month 30.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 53 Not Provided 24.01.2013
CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 58 12 month 21.01.2013
Berenberg Bank WILLIAM MACKIE hold 3 M 60 Not Provided 08.01.2013
Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 08.10.2012
Holdings By:
Schneider Electric SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Siemens AG is an engineering and manufacturing company. The Company focuses on
three major business sectors including industrial, energy, and healthcare.
Siemens AG provides engineering solutions in automation and control, power,
transportation, medical, information and communication, and lighting.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 88.25
52-Week Low (26.06.2012) 62.13
Daily Volume
85.98
52-Week High % Change -2.58% Dividend Yield -
52-Week Low % Change 38.39% Beta 0.96
% 52 Week Price Range High/Low 92.69% Equity Float 771.11
Shares Out 31.12.2012 881.0 Short Int -
75'748.38 1 Yr Total Return 15.63%
Total Debt 20'706.00 YTD Return 8.46%
Preferred Stock 0.0 Adjusted BETA 0.959
Minority Interest 569.0 Analyst Recs 43
Cash and Equivalents 11'415.00 Consensus Rating 3.465
Enterprise Value 87'309.38
Average Volume 5 Day 3'359'016
SIE GY EQUITY YTD Change - Average Volume 30 Day 2'604'380
SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'429'859
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 03/13 Q2 06/13 Q3
77'327.0 76'651.0 68'978.0 73'275.0 78'296.0 73'702.0 78'670.0 78'224.0 81'211.0 18'927.1 19'267.1
0.82x 0.81x 1.07x 0.89x 0.98x 4.28x 3.87x 1.09x 1.03x 4.72x 4.66x
8'175.0 9'196.0 9'544.0 10'492.0 9'653.0 9'978.0 10'351.0 9'514.8 11'411.5 2'045.0 2'134.7
7.77x 6.77x 7.72x 6.19x 7.93x 7.27x 7.81x 9.18x 7.65x 9.22x 8.74x
5'725.0 2'292.0 3'899.0 6'145.0 4'458.0 5'793.0 4'215.0 5'148.9 6'465.0 1'193.3 1'117.5
34.66x 24.49x 16.42x 8.24x 13.50x 9.79x 14.47x 14.12x 11.41x 13.48x 12.94x
EBITDA 9'653.00 Long-Term Rating Date 05.06.2009
EBIT 6'909.00 Long-Term Rating A+
Operating Margin 8.82% Long-Term Outlook STABLE
Pretax Margin 9.30% Short-Term Rating Date 18.04.2011
Return on Assets 4.00% Short-Term Rating A-1+
Return on Common Equity 13.31%
Return on Capital 9.71% EBITDA/Interest Exp. 21.45
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 16.55
Net Debt/EBITDA 1.07
Gross Margin 28.4% Total Debt/EBITDA 2.14
EBITDA Margin 13.2%
EBIT Margin 9.7% Total Debt/Equity 67.4%
Net Income Margin 5.7% Total Debt/Capital 39.8%
Asset Turnover 0.75
Current Ratio 1.22 Net Fixed Asset Turnover 7.41
Quick Ratio 0.62 Accounts receivable turnover-days 73.95
Debt to Assets 19.12% Inventory Days 104.73
Tot Debt to Common Equity 67.37% Accounts Payable Turnover Day 44.53
Accounts Receivable Turnover 4.95 Cash Conversion Cycle 120.05
Inventory Turnover 3.49
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
Siemens AGPrice/Volume
Valuation Analysis
647'699.00
Current Price (3/dd/yy) Market Data
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 57'425'832 6.52 (593'681) 22.03.2013 Investment Advisor
SIEMENS FAMILY n/a Research 54'852'206 6.23 - 10.11.2011 n/a
QATAR HOLDINGS LLC n/a Research 27'758'338 3.15 - 07.05.2012 Government
SIEMENS AG n/a Research 26'820'674 3.04 - 08.10.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'302'553 1.4 (179'474) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 9'880'200 1.12 (890'272) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'515'351 0.74 - 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 6'246'478 0.71 (142'559) 31.01.2013 Unclassified
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'386'486 0.61 (1'084'091) 28.09.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'203'888 0.59 (551'912) 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'877'843 0.55 (330'620) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'583'145 0.52 (417'782) 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'175'468 0.47 70'846 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'641'584 0.41 152'571 28.02.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'543'486 0.4 452'193 28.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'963'579 0.34 57'030 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'464'495 0.28 3'108 22.03.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 2'013'201 0.23 (38'813) 31.12.2012 Mutual Fund Manager
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'647'039 0.19 (87'700) 31.01.2013 Mutual Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'634'951 0.19 (5'200) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Canaccord Genuity Corp JAMES STETTLER hold 3 M 80 12 month 25.03.2013
Societe Generale GAEL DE BRAY hold 3 M 88 12 month 22.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 73 12 month 22.03.2013
Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 99 12 month 21.03.2013
Day by Day VALERIE GASTALDY buy 5 U 92 3 month 21.03.2013
AlphaValue HEINZ STEFFEN reduce 2 D 84 6 month 21.03.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 96 Not Provided 19.03.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M 86 12 month 19.03.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 88 12 month 15.03.2013
Exane BNP Paribas OLIVIER ESNOU underperform 1 M 88 Not Provided 14.03.2013
HSBC MICHAEL HAGMANN neutral 3 M 87 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 81 Not Provided 08.03.2013
RBC Capital Markets ANDREW CARTER sector perform 3 M 86 12 month 19.02.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 90 12 month 15.02.2013
DZ Bank AG JASKO TERZIC hold 3 M 77 12 month 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 85 12 month 04.02.2013
Kepler Capital Markets ULRICH SCHOLZ hold 3 M 85 Not Provided 25.01.2013
Credit Suisse SIMON TOENNESSEN outperform 5 M 95 Not Provided 24.01.2013
CA Cheuvreux ALFRED GLASER outperform 5 M 94 Not Provided 24.01.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 93 12 month 24.01.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 94 Not Provided 24.01.2013
Natixis LUDOVIC DEBAILLEUX reduce 2 M 75 Not Provided 24.01.2013
Main First Bank AG CHRISTOPHER YOUL underperform 1 M 86 12 month 24.01.2013
Barclays NICK WEBSTER equalweight 3 M 84 Not Provided 24.01.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 83 6 month 23.01.2013
Nord/LB WOLFGANG DONIE hold 3 M 76 12 month 23.01.2013
JPMorgan ANDREAS WILLI neutral 3 M 90 9 month 23.01.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 79 12 month 23.01.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 85 12 month 23.01.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 85 12 month 23.01.2013
Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 23.01.2013
SRH AlsterResearch OLIVER DREBING buy 5 M 92 12 month 23.01.2013
Goldman Sachs DANIELA COSTA neutral/neutral 3 M 90 12 month 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank PETER REILLY sell 1 D 65 12 month 20.11.2012
Nomura DANIEL CUNLIFFE neutral 3 M 85 12 month 16.11.2012
Silvia Quandt Research EERIK KD BUDARZ avoid 1 M 58 12 month 08.11.2012
Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 Not Provided 12.10.2012
Holdings By:
Siemens AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Societe Generale attracts deposits and offers commercial, retail, investment,
and private banking services. The Bank offers consumer credit, vehicle lease
financing, information technology equipment leasing, life and non-life
insurance, custodian services, trade and project financing, currency exchange,
treasury services, and financial and commodities futures brokerage services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 34.40
52-Week Low (18.05.2012) 15.10
Daily Volume
25.69
52-Week High % Change -25.41% Dividend Yield -
52-Week Low % Change 70.13% Beta 1.86
% 52 Week Price Range High/Low 55.34% Equity Float 697.56
Shares Out 31.01.2013 780.3 Short Int -
20'045.24 1 Yr Total Return 7.81%
Total Debt 740'837.00 YTD Return -9.35%
Preferred Stock 5'270.0 Adjusted BETA 1.863
Minority Interest 4'288.0 Analyst Recs 36
Cash and Equivalents 110'225.00 Consensus Rating 3.556
Enterprise Value -
Average Volume 5 Day 7'843'566
GLE FP EQUITY YTD Change - Average Volume 30 Day 5'963'971
GLE FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'217'242
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
57'829.0 43'984.0 45'306.0 48'549.0 43'733.0 0.0 0.0 23'754.3 24'751.5 6'146.7 5'918.3
- - - - - #DIV/0! #DIV/0! - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'010.0 678.0 3'917.0 2'385.0 774.0 2'385.0 774.0 2'728.6 3'343.5 675.0 679.0
10.65x 108.78x 8.11x 5.38x 27.51x 5.37x 29.73x 7.17x 5.95x 8.62x -
EBITDA - Long-Term Rating Date 23.01.2012
EBIT - Long-Term Rating A
Operating Margin 8.87% Long-Term Outlook NEG
Pretax Margin 6.13% Short-Term Rating Date 07.05.2009
Return on Assets 0.06% Short-Term Rating A-1
Return on Common Equity 1.79%
Return on Capital 0.16% EBITDA/Interest Exp. -
Asset Turnover - (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 1663.3%
Net Income Margin 3.1% Total Debt/Capital 93.2%
Asset Turnover -
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 59.23% Inventory Days -
Tot Debt to Common Equity 1663.34% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
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
Societe Generale SAPrice/Volume
Valuation Analysis
5'317'981.00
Current Price (3/dd/yy) Market Data
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 73'717'333 9.45 (479'358) 31.12.2012 Investment Advisor
LYXOR INTERNATIONAL n/a Research 50'619'422 6.49 - 26.09.2011 Investment Advisor
BLACKROCK INC n/a Research 39'030'082 5 - 24.01.2013 n/a
CAISSE DES DEPOTS ET n/a Co File 19'567'063 2.51 - 31.12.2011 Government
GROUPAMA SA n/a Research 15'059'288 1.93 (7'089'130) 21.02.2013 Insurance Company
MEIJI YASUDA LIFE IN n/a Co File 11'069'312 1.42 - 31.12.2011 Insurance Company
SOCIETE GENERALE n/a Co File 8'987'016 1.15 - 31.12.2011 Bank
CNP ASSURANCES n/a Co File 8'976'936 1.15 - 31.12.2011 Insurance Company
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'824'619 1.13 (698'471) 31.01.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 8'734'688 1.12 (1'096'256) 22.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'070'350 1.03 320'629 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 6'424'772 0.82 (1'837'066) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'566'924 0.71 - 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 4'302'319 0.55 (15'194) 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 3'648'601 0.47 219'286 31.12.2012 Mutual Fund Manager
BARCLAYS ASSET MANAG Multiple Portfolios MF-AGG 2'612'606 0.33 376'954 31.03.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 2'540'017 0.33 200 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'444'229 0.31 364'433 31.10.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'378'561 0.3 13'288 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'327'738 0.3 (754'413) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA ANTONIO GUGLIELMI underperform 1 M 28 Not Provided 25.03.2013
AlphaValue CHRISTOPHE NIJDAM add 4 M 34 6 month 21.03.2013
Macquarie PIERS BROWN underperform 1 M 29 12 month 19.03.2013
Exane BNP Paribas GUILLAUME TIBERGHIEN outperform 5 M 38 Not Provided 18.03.2013
JPMorgan DELPHINE LEE overweight 5 M 37 18 month 11.03.2013
Oddo & Cie JEAN SASSUS neutral 3 M 34 Not Provided 08.03.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 U 31 Not Provided 06.03.2013
Day by Day VALERIE GASTALDY buy 5 U 34 3 month 05.03.2013
Barclays KIRI VIJAYARAJAH equalweight 3 M 31 Not Provided 04.03.2013
Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 36 12 month 27.02.2013
Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 41 Not Provided 26.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 20.02.2013
HSBC ROBIN DOWN overweight 5 U 40 Not Provided 19.02.2013
Kepler Capital Markets BENOIT PETRARQUE buy 5 M 41 Not Provided 18.02.2013
Deutsche Bank FLORA BENHAKOUN hold 3 M 31 12 month 14.02.2013
Morgan Stanley THIBAULT NARDIN Equalwt/In-Line 3 M 35 12 month 14.02.2013
RBC Capital Markets ANKE REINGEN sector perform 3 M 36 12 month 14.02.2013
Natixis ALEX KOAGNE buy 5 U 37 Not Provided 14.02.2013
Nomura JON PEACE buy 5 M 36 12 month 14.02.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 42 12 month 13.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 38 12 month 13.02.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 M 34 12 month 13.02.2013
Main First Bank AG FEDERICO SALERNO underperform 1 M 31 12 month 13.02.2013
CA Cheuvreux CYRIL MEILLAND underperform 1 M 35 Not Provided 07.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 20 Not Provided 07.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 U 31 Not Provided 30.01.2013
Berenberg Bank JAMES CHAPPELL sell 1 N 16 Not Provided 28.01.2013
Grupo Santander AURELIA FAURE buy 5 M 36 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
CM - CIC Securities(ESN) PIERRE CHEDEVILLE accumulate 4 M 38 12 month 16.01.2013
Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 16.11.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Banco Sabadell MARIO LODOS buy 5 M 32 Not Provided 30.07.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 19.06.2012
DZ Bank AG SABINE BOHN hold 3 M 18 12 month 06.01.2012
Holdings By:
Societe Generale SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Telefonica S.A. provides telecommunications services mainly to countries in
Europe and Latin America. The Company offers fixed-line and mobile telephone,
Internet, and data transmission services to residential and corporate customers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 12.42
52-Week Low (26.07.2012) 7.90
Daily Volume
10.83
52-Week High % Change -12.79% Dividend Yield -
52-Week Low % Change 37.09% Beta 0.96
% 52 Week Price Range High/Low 73.92% Equity Float 4'396.29
Shares Out 31.12.2012 4'551.0 Short Int -
49'287.60 1 Yr Total Return -6.84%
Total Debt 66'853.00 YTD Return 6.28%
Preferred Stock 0.0 Adjusted BETA 0.956
Minority Interest 7'200.0 Analyst Recs 43
Cash and Equivalents 11'719.00 Consensus Rating 3.279
Enterprise Value 111'621.60
Average Volume 5 Day 35'930'200
TEF SQ EQUITY YTD Change - Average Volume 30 Day 32'181'820
TEF SQ EQUITY YTD % CHANGE - Average Volume 3 Month 28'506'770
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
57'946.0 56'731.0 60'737.0 62'837.0 62'356.0 60'737.0 62'837.3 59'494.5 59'752.1 - -
2.10x 2.42x 2.29x 1.99x 1.74x 8.93x 8.47x 1.76x 1.71x - -
22'919.0 22'603.0 25'777.0 19'392.0 20'835.0 25'777.0 19'393.1 20'357.6 20'460.6 4'577.0 4'846.0
5.31x 6.07x 5.39x 6.46x 5.22x 5.39x 6.62x 5.48x 5.46x 5.55x -
7'592.0 7'776.0 10'167.0 5'402.9 3'928.0 10'167.0 5'402.7 5'168.8 5'347.4 - -
9.72x 11.43x 7.54x 11.18x 11.71x 7.57x 11.28x 9.54x 9.16x - -
EBITDA 20'835.00 Long-Term Rating Date 20.12.2012
EBIT 10'402.00 Long-Term Rating BBB
Operating Margin 16.68% Long-Term Outlook NEG
Pretax Margin 9.40% Short-Term Rating Date 20.12.2012
Return on Assets 3.03% Short-Term Rating A-2
Return on Common Equity 18.66%
Return on Capital - EBITDA/Interest Exp. 7.26
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.86
Net Debt/EBITDA 2.64
Gross Margin - Total Debt/EBITDA 3.20
EBITDA Margin 33.5%
EBIT Margin 16.7% Total Debt/Equity 326.7%
Net Income Margin 6.3% Total Debt/Capital 70.7%
Asset Turnover 0.48
Current Ratio 0.81 Net Fixed Asset Turnover 1.77
Quick Ratio 0.71 Accounts receivable turnover-days 58.28
Debt to Assets 51.52% Inventory Days -
Tot Debt to Common Equity 326.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.28 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Telefonica SAPrice/Volume
Valuation Analysis
110'692'163.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANCO BILBAO VIZCAYA n/a Co File 286'574'224 6.28 - 31.12.2010 Bank
CAIXABANK n/a Co File 229'351'192 5.03 - 31.12.2010 Investment Advisor
BLACKROCK INVESTMENT n/a Co File 177'257'649 3.88 - 31.12.2010 Investment Advisor
BNP PARIBAS SA n/a EXCH 127'368'869 2.79 (15'605'969) 12.05.2011 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 41'828'945 0.92 1'035'757 31.12.2011 Investment Advisor
CHINA UNICOM HONG KO n/a Research 40'462'971 0.89 - 21.10.2009 n/a
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 25'344'732 0.56 (4'937'543) 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 22'640'496 0.5 (4'574) 07.03.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 18'398'895 0.4 53'777 31.12.2011 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 18'366'000 0.4 (3'880'000) 31.12.2011 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 17'998'024 0.39 (321'604) 31.12.2011 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 14'866'500 0.33 - 31.12.2011 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 13'019'831 0.29 (44'506) 07.03.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 11'254'545 0.25 (310'515) 31.03.2011 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11'137'657 0.24 (137'540) 07.03.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 9'037'559 0.2 5'389'156 30.11.2011 Mutual Fund Manager
BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 8'296'864 0.18 6'527'134 31.10.2011 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'745'375 0.17 226'799 30.06.2011 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 7'271'800 0.16 (1'218'594) 31.10.2011 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 6'840'605 0.15 (120'081) 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 13 12 month 09.03.2012
Barclays Capital JONATHAN DANN underwt/negative 1 M 13 Not Provided 09.03.2012
BPI PEDRO OLIVEIRA hold 3 M 14 Not Provided 07.03.2012
Banco Sabadell ANDRES BOLUMBURU buy 5 M #N/A N/A Not Provided 07.03.2012
Berenberg Bank PAUL ANDREW MARSCH sell 1 M 12 Not Provided 06.03.2012
NMAS 1 Agencia de Valores JOSE RAMON OCINA buy 5 M 17 6 month 06.03.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.03.2012
Bankia Bolsa (ESN) DAVID CABEZA JARENO buy 5 M 18 12 month 05.03.2012
Nomura JAMES BRITTON reduce 2 M 14 12 month 05.03.2012
JPMorgan TORSTEN ACHTMANN neutral 3 M 17 12 month 02.03.2012
Exane BNP Paribas MATHIEU ROBILLIARD underperform 1 M 14 Not Provided 02.03.2012
Morgan Stanley LUIS PROTA Underwt/Attractive 1 M 15 12 month 01.03.2012
Jefferies JEREMY A DELLIS hold 3 M 13 12 month 29.02.2012
Macquarie GUY R PEDDY outperform 5 M 16 12 month 29.02.2012
Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 12 Not Provided 29.02.2012
Deutsche Bank KEVAL KHIROYA hold 3 M 14 12 month 27.02.2012
Goldman Sachs TIMOTHY BODDY Sell/Neutral 1 M 12 12 month 27.02.2012
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 17 Not Provided 27.02.2012
Independent Research GmbH MARKUS FRIEBEL hold 3 M 14 6 month 27.02.2012
Espirito Santo Investment Bank ResearchNUNO MATIAS sell 1 M 12 Not Provided 27.02.2012
Natixis BENOIT MAYNARD neutral 3 M 14 Not Provided 27.02.2012
Standard & Poor's Equity Research ALEXANDER WISCH buy 5 M 15 12 month 27.02.2012
National Bank AG STEFFEN MANSKE buy 5 M 18 12 month 24.02.2012
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU Under Review #N/A N/A M #N/A N/A Not Provided 24.02.2012
Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO overweight 5 M 19 12 month 24.02.2012
WestLB Equity Markets WOLFGANG SPECHT buy 5 M 18 12 month 24.02.2012
Banesto Bolsa SA Sociedad MARTA GOMEZ overweight 5 M 18 12 month 24.02.2012
Grupo Santander NAHUM SANCHEZ DE LAMADRID hold 3 M 16 Not Provided 22.02.2012
HSBC LUIGI MINERVA neutral 3 M 15 Not Provided 20.02.2012
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 24 6 month 09.02.2012
Credit Suisse JUSTIN FUNNELL neutral 3 M 16 Not Provided 31.01.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 31.01.2012
Kepler Capital Markets JAVIER BORRACHERO buy 5 M 17 Not Provided 20.01.2012
CA Cheuvreux GIOVANNI MONTALTI underperform 1 M 12 Not Provided 13.01.2012
Investec MORTEN SINGLETON Under Review #N/A N/A M #N/A N/A Not Provided 15.12.2011
La Caixa BORJA PAGOAGA buy 5 M 18 Not Provided 15.12.2011
BBVA IVON LEAL outperform 5 M 16 Not Provided 15.12.2011
BCP Investimento ALEXANDRA DELGADO buy 5 M 21 Not Provided 15.12.2011
Citi GEORGIOS IERODIACONOU neutral 3 M 13 Not Provided 24.11.2011
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 15.11.2011
DZ Bank AG THORSTEN REIGBER buy 5 M 16 12 month 15.11.2011
Renta 4 SA SVB IVAN SAN FELIX overweight 5 M 19 Not Provided 04.10.2011
Nord/LB JAN CHRISTIAN GOEHMANN buy 5 M 20 12 month 06.07.2011
Holdings By:
Telefonica SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Total SA explores for, produces, refines, transports, and markets oil and
natural gas. The Company also operates a chemical division which produces
polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and
resins. Total operates gasoline filling stations in Europe, the United States,
and Africa.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.09.2012) 42.00
52-Week Low (01.06.2012) 33.42
Daily Volume
37.935
52-Week High % Change -9.69% Dividend Yield 6.17
52-Week Low % Change 13.51% Beta 0.88
% 52 Week Price Range High/Low 51.08% Equity Float 2'033.04
Shares Out 31.01.2013 2'365.9 Short Int -
89'751.70 1 Yr Total Return -1.74%
Total Debt 33'290.00 YTD Return -1.27%
Preferred Stock 0.0 Adjusted BETA 0.883
Minority Interest 1'281.0 Analyst Recs 36
Cash and Equivalents 17'031.00 Consensus Rating 4.111
Enterprise Value 107'291.70
Average Volume 5 Day 4'803'269
FP FP EQUITY YTD Change - Average Volume 30 Day 4'998'052
FP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'393'484
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
160'331.0 112'153.0 140'476.0 166'550.0 182'299.0 140'476.0 166'550.0 181'086.9 179'975.2 45'543.3 46'396.7
0.62x 1.03x 0.74x 0.65x 0.58x 2.94x 2.50x 0.60x 0.61x 2.36x 2.31x
29'887.0 22'234.0 28'045.0 32'919.0 32'343.0 28'045.0 32'606.0 33'666.7 34'402.9 8'679.0 9'163.0
3.32x 5.22x 3.72x 3.28x 3.27x 3.72x 3.31x 3.19x 3.12x 2.97x 2.93x
10'590.0 8'447.0 10'571.0 12'276.0 10'694.0 10'571.0 12'276.0 12'042.0 12'327.5 2'587.0 2'917.0
8.21x 11.87x 8.38x 7.23x 8.23x 8.38x 7.23x 7.19x 7.14x 7.29x 7.32x
EBITDA 32'343.00 Long-Term Rating Date 12.04.2011
EBIT 21'862.00 Long-Term Rating AA-
Operating Margin 11.99% Long-Term Outlook STABLE
Pretax Margin 13.11% Short-Term Rating Date 13.09.1999
Return on Assets 6.37% Short-Term Rating A-1+
Return on Common Equity 15.17%
Return on Capital 10.66% EBITDA/Interest Exp. 48.20
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 18.54
Net Debt/EBITDA 0.51
Gross Margin - Total Debt/EBITDA 1.04
EBITDA Margin 17.5%
EBIT Margin 12.0% Total Debt/Equity 45.7%
Net Income Margin 5.9% Total Debt/Capital 31.0%
Asset Turnover 1.09
Current Ratio 1.38 Net Fixed Asset Turnover 2.73
Quick Ratio 0.74 Accounts receivable turnover-days 39.41
Debt to Assets 19.37% Inventory Days -
Tot Debt to Common Equity 45.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.29 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Total SAPrice/Volume
Valuation Analysis
1'269'058.00
Current Price (3/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
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOTAL SA n/a Co File 112'487'679 4.76 - 31.12.2010 Corporation
GROUPE BRUXELLES LAM n/a Co File 93'960'557 3.98 - 31.12.2010 Holding Company
AMUNDI n/a Research 78'390'326 3.32 - 06.01.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 43'126'363 1.82 (243'098) 30.06.2011 Mutual Fund Manager
NATIONALE A PORTEFEU n/a Co File 37'584'223 1.59 - 31.12.2010 Private Equity
AMUNDI Multiple Portfolios MF-AGG 25'010'168 1.06 1'780'812 30.12.2011 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'451'862 0.99 293'005 31.12.2011 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 17'317'500 0.73 (1'384'950) 31.12.2011 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 13'955'042 0.59 (3'481'765) 31.01.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 11'620'249 0.49 (12'332) 07.03.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 10'281'667 0.43 177'299 30.09.2011 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 8'255'964 0.35 (21'969) 30.11.2011 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 7'502'817 0.32 600'753 30.11.2011 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 7'108'600 0.3 - 31.12.2011 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'078'782 0.3 (75'281) 07.03.2012 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 6'962'041 0.29 (4'566) 07.03.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 6'214'427 0.26 (76'740) 07.03.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 5'957'284 0.25 808'291 07.03.2012 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 5'792'450 0.25 (96'000) 30.09.2011 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 5'634'000 0.24 (979'000) 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 51 12 month 09.03.2012
Goldman Sachs MICHELE DELLA VIGNA sell/attractive 1 M 47 12 month 08.03.2012
AlphaValue ALEXANDRE ANDLAUER add 4 M 46 6 month 08.03.2012
Collins Stewart GORDON GRAY sell 1 D 41 9 month 07.03.2012
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 48 Not Provided 05.03.2012
Natixis ANNE PUMIR buy 5 M 50 Not Provided 05.03.2012
Landesbank Baden-Wuerttemberg ACHIM WITTMANN buy 5 M 47 Not Provided 22.02.2012
RBC Capital Markets PETER HUTTON outperform 5 M 43 12 month 21.02.2012
Morgan Stanley MARTIJN P RATS Underwt/In-Line 1 D 38 12 month 20.02.2012
HSBC PAUL SPEDDING overweight 5 M 48 Not Provided 20.02.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 17.02.2012
Credit Suisse KIM FUSTIER neutral 3 M 45 Not Provided 14.02.2012
The Benchmark Company LLC MARK GILMAN buy 5 M 46 12 month 14.02.2012
Societe Generale AYMERIC DE-VILLARET buy 5 M 47 12 month 13.02.2012
Jefferies IAIN REID buy 5 M 46 12 month 13.02.2012
Macquarie JASON D GAMMEL neutral 3 M 47 12 month 13.02.2012
Independent Research GmbH SVEN DIERMEIER hold 3 M 43 12 month 13.02.2012
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 13.02.2012
CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 13.02.2012
Oddo & Cie JEAN-PIERRE DMIRDJIAN neutral 3 M 45 Not Provided 13.02.2012
Berenberg Bank NEILL MORTON buy 5 M 47 Not Provided 13.02.2012
Nomura THEEPAN JOTHILINGAM reduce 2 M 40 12 month 13.02.2012
Exane BNP Paribas ALEXANDRE MARIE neutral 3 M 48 Not Provided 13.02.2012
Barclays Capital LUCY HASKINS equalwt/neutral 3 M 47 Not Provided 13.02.2012
Standard & Poor's Equity Research CHRISTINE TISCARENO buy 5 M 51 12 month 10.02.2012
JPMorgan NITIN SHARMA overweight 5 M 49 12 month 03.02.2012
Kepler Capital Markets BERTRAND HODEE buy 5 U 47 Not Provided 24.01.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 M 47 Not Provided 20.01.2012
Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 48 Not Provided 11.01.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 28.12.2011
Citi ALASTAIR R SYME sell 1 M 36 Not Provided 12.12.2011
Jyske Bank ROBERT JAKOBSEN buy 5 M 50 Not Provided 07.12.2011
Grupo Santander JASON KENNEY hold 3 M 39 Not Provided 28.09.2011
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 01.08.2011
Deutsche Bank LUCAS HERRMANN hold 3 M 46 12 month 29.07.2011
Investec STUART JOYNER hold 3 M 43 12 month 20.07.2011
SEB AG STIPO BRALO buy 5 M 46 12 month 09.11.2010
National Bank AG MANFRED JAISFELD buy 5 M 46 12 month 19.05.2010
Holdings By:
Total SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Unibail-Rodamco leases and rents building space, finances real estate
investments, and renovates real estate for sale. The Company's properties,
mainly shopping centers, office buildings, and convention-exhibition centers,
are primarily located in city centers or near major access routes. The Company
opted for the SIIC legal status in 2003.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (28.12.2012) 188.50
52-Week Low (01.06.2012) 130.50
Daily Volume
182.85
52-Week High % Change -3.00% Dividend Yield -
52-Week Low % Change 40.11% Beta 0.97
% 52 Week Price Range High/Low 90.52% Equity Float 91.67
Shares Out 28.01.2013 94.9 Short Int -
17'351.00 1 Yr Total Return 27.09%
Total Debt 11'919.00 YTD Return 0.49%
Preferred Stock 0.0 Adjusted BETA 0.969
Minority Interest 1'583.1 Analyst Recs 31
Cash and Equivalents 63.10 Consensus Rating 3.355
Enterprise Value 30'790.00
Average Volume 5 Day 296'366
UL NA EQUITY YTD Change - Average Volume 30 Day 341'260
UL NA EQUITY YTD % CHANGE - Average Volume 3 Month 314'623
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
1'642.5 1'363.3 1'716.4 1'939.9 1'722.7 - - 1'577.9 1'727.4 - -
11.17x 17.14x 14.60x 12.81x 17.56x - - 19.60x 18.21x - -
1'309.7 931.4 1'254.8 1'184.2 1'187.1 - - 1'399.9 1'515.4 - -
14.01x 25.09x 19.97x 20.99x 25.48x - - 22.02x 20.34x - -
(1'116.0) (1'467.8) 2'187.6 1'327.8 1'458.6 - - 965.1 1'050.9 - -
- - 6.19x 9.61x 11.52x - - 18.04x 16.61x - -
EBITDA 1'187.10 Long-Term Rating Date 27.06.2007
EBIT 1'184.80 Long-Term Rating A
Operating Margin 30.90% Long-Term Outlook STABLE
Pretax Margin 105.67% Short-Term Rating Date 27.06.2007
Return on Assets 5.21% Short-Term Rating A-1
Return on Common Equity 11.89%
Return on Capital 6.71% EBITDA/Interest Exp. 1.82
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -0.27
Net Debt/EBITDA 9.99
Gross Margin - Total Debt/EBITDA 10.04
EBITDA Margin 68.9%
EBIT Margin - Total Debt/Equity 92.4%
Net Income Margin 84.7% Total Debt/Capital 45.1%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 40.31% Inventory Days -
Tot Debt to Common Equity 92.38% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
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
Unibail-Rodamco SEPrice/Volume
Valuation Analysis
50'681.00
Current Price (3/dd/yy) Market Data
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500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
APG ASSET MANAGEMENT n/a Research 8'485'804 8.94 - 31.10.2012 Pension Fund (ERISA)
AMUNDI n/a Research 3'873'953 4.08 - 31.10.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'871'648 4.08 (361) 25.03.2013 Investment Advisor
COHEN & STEERS INC n/a Co File 3'642'122 3.84 - 01.03.2012 Corporation
NORTHERN CROSS LLC n/a Research 3'320'531 3.5 - 31.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'951'583 3.11 - 22.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'943'120 3.1 (27'121) 31.12.2012 Investment Advisor
COMMERZBANK AKTIENGE n/a Co File 2'585'395 2.72 - 01.03.2012 Bank
SOCIETE GENERALE n/a Research 2'351'985 2.48 (3'161'695) 21.05.2012 Bank
UBS n/a ULT-AGG 2'142'521 2.26 (5'617) 31.01.2013 Unclassified
NATIXIS n/a Co File 1'858'269 1.96 - 01.03.2012 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'274'254 1.34 (255'967) 22.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'057'085 1.11 57'491 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 958'952 1.01 (14'564) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 929'896 0.98 19'761 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 839'245 0.88 - 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 830'851 0.88 169'706 31.12.2012 Investment Advisor
LASALLE INVESTMENT M Multiple Portfolios MF-AGG 823'883 0.87 13'769 21.08.2012 Investment Advisor
ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 798'051 0.84 92'667 17.07.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 789'706 0.83 (13'496) 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies ROBERT DUNCAN hold 3 M 185 12 month 25.03.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 175 Not Provided 25.03.2013
AlphaValue PIERRE-LOUP ETIENNE reduce 2 M 166 6 month 21.03.2013
Petercam STEPHAN VAN WEEREN hold 3 M 180 Not Provided 15.03.2013
Espirito Santo Investment Bank ResearchMICHAEL BURT buy 5 M 209 Not Provided 11.03.2013
JPMorgan HARM M MEIJER overweight 5 M 210 12 month 06.03.2013
Exane BNP Paribas VALERIE GUEZI underperform 1 M 172 Not Provided 05.03.2013
CA Cheuvreux BRUNO DUCLOS underperform 1 M 145 Not Provided 28.02.2013
Oddo & Cie MARINE LAFITTE neutral 3 M 194 Not Provided 19.02.2013
Morgan Stanley BART GYSENS Equalwt/Attractive 3 U 163 12 month 18.02.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 141 12 month 15.02.2013
Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 208 12 month 12.02.2013
Independent Research GmbH STEFAN BONGARDT sell 1 M 165 12 month 08.02.2013
Rabobank International MARTIJN VAN DEN EIJNDEN hold 3 M 190 Not Provided 04.02.2013
Societe Generale MICHEL VARALDO buy 5 M 210 12 month 01.02.2013
Kepler Capital Markets SAMUEL HENRY-DIESBACH hold 3 M 178 Not Provided 01.02.2013
Deutsche Bank MARTIN ALLEN buy 5 M 206 12 month 31.01.2013
HSBC STEPHANIE DOSSMANN neutral 3 M 183 Not Provided 31.01.2013
Bank Degroof(ESN) DRIES DURY hold 3 M 180 12 month 31.01.2013
Berenberg Bank KAI MALTE KLOSE buy 5 M 185 Not Provided 31.01.2013
Natixis SERGE DEMIRDJIAN neutral 3 M 164 Not Provided 31.01.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 M 180 12 month 31.01.2013
ING Bank JAAP KUIN hold 3 M 185 12 month 31.01.2013
ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG hold 3 M 163 Not Provided 31.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Kempen & Co BOUDEWIJN SCHOON neutral 3 M 175 12 month 14.01.2013
Credit Suisse STEVE BRAMLEY-JACKSON outperform 5 M 186 Not Provided 11.01.2013
Day by Day VALERIE GASTALDY buy 5 M 190 3 month 29.11.2012
Barclays AARON GUY equalweight 3 M 176 Not Provided 31.08.2012
Holdings By:
Unibail-Rodamco SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
UniCredit SpA attracts deposits and offers commercial banking services. The
Bank offers consumer credit, mortgages, life insurance, business loan,
investment banking, asset management, and other services. UniCredit operates
worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (30.01.2013) 4.88
52-Week Low (23.07.2012) 2.25
Daily Volume
3.36
52-Week High % Change -31.19% Dividend Yield -
52-Week Low % Change 49.07% Beta 1.47
% 52 Week Price Range High/Low 42.65% Equity Float 4'425.69
Shares Out 31.12.2012 5'787.1 Short Int -
19'463.85 1 Yr Total Return -15.37%
Total Debt 288'748.00 YTD Return -9.34%
Preferred Stock 0.0 Adjusted BETA 1.469
Minority Interest 3'669.0 Analyst Recs 41
Cash and Equivalents 82'045.00 Consensus Rating 2.780
Enterprise Value -
Average Volume 5 Day #########
UCG IM EQUITY YTD Change - Average Volume 30 Day 98'350'170
UCG IM EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
65'266.9 47'278.6 41'223.4 41'968.2 25'050.0 35'972.0 25'850.5 24'546.3 25'357.1 6'407.0 6'245.0
- - - - - 28.19x 41.67x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
4'011.8 1'702.3 1'323.3 (9'206.4) 865.0 1'374.2 (8'999.3) 1'165.5 2'332.5 - -
5.74x 23.66x 24.19x - 24.50x 27.63x 0.00x 15.48x 8.22x - -
EBITDA - Long-Term Rating Date 10.02.2012
EBIT - Long-Term Rating BBB+
Operating Margin 1.86% Long-Term Outlook NEG
Pretax Margin -1.28% Short-Term Rating Date 10.02.2012
Return on Assets 0.09% Short-Term Rating A-2
Return on Common Equity 1.51%
Return on Capital 0.33% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 459.9%
Net Income Margin 3.5% Total Debt/Capital 81.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 2.10
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 31.15% Inventory Days -
Tot Debt to Common Equity 459.91% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
UniCredit SpAPrice/Volume
Valuation Analysis
52'361'707.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AABAR LUX SARL n/a EXCH 376'214'711 6.5 - 01.03.2012 n/a
CENTRAL BANK OF LIBY n/a EXCH 234'490'388 4.05 - 01.03.2012 Government
FONDAZIONE CASSA RIS n/a EXCH 223'147'812 3.86 - 01.03.2012 Corporation
FONDAZIONE CASSA RIS n/a EXCH 204'513'581 3.53 - 01.03.2012 Bank
CARIMONTE HOLDING SP n/a EXCH 173'379'368 3 - 01.03.2012 Unclassified
CAPITAL RESEARCH & M n/a EXCH 158'101'614 2.73 - 01.03.2012 Investment Advisor
ALLIANZ SPA n/a EXCH 68'981'378 1.19 - 01.03.2012 Insurance Company
BLACKROCK INSTITUTIO n/a EXCH 54'976'769 0.95 - 01.03.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 52'205'250 0.9 52'095'792 31.01.2012 Investment Advisor
ALLIANZ FINANCE IV L n/a EXCH 42'129'566 0.73 - 01.03.2012 n/a
LIBYAN FOREIGN BANK n/a EXCH 32'465'229 0.56 - 01.03.2012 Government
DODGE & COX Multiple Portfolios MF-AGG 28'368'829 0.49 (2'135'847) 31.12.2011 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 27'192'996 0.47 1'846'721 31.12.2011 Investment Advisor
BLACKROCK AM IRELAND n/a EXCH 21'527'745 0.37 - 01.03.2012 n/a
BLACKROCK FUND ADVIS n/a EXCH 21'354'135 0.37 - 01.03.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 20'173'747 0.35 20'173'747 31.12.2011 Investment Advisor
BLACKROCK AM DEUTSCH n/a EXCH 18'171'269 0.31 - 01.03.2012 n/a
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 18'026'251 0.31 (10'142) 07.03.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'730'246 0.24 255'203 31.12.2011 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 12'786'699 0.22 (171'120) 07.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue DAVID GRINSZTAJN add 4 M 4 6 month 08.03.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 4 Not Provided 07.03.2012
Kepler Capital Markets ANNA MARIA BENASSI hold 3 M 4 Not Provided 06.03.2012
Societe Generale CARLO TOMMASELLI buy 5 M 5 12 month 05.03.2012
Banco Sabadell MARIO LODOS Under Review #N/A N/A M #N/A N/A Not Provided 05.03.2012
Barclays Capital JEREMY SIGEE equalwt/neutral 3 M 4 Not Provided 02.03.2012
Centrosim SpA LUCA COMI neutral 3 M 3 12 month 01.03.2012
Nomura DOMENICO SANTORO neutral 3 M 5 12 month 01.03.2012
Day by Day VALERIE GASTALDY buy 5 U 6 3 month 01.03.2012
Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 5 Not Provided 01.03.2012
Natixis STEVEN GOULD neutral 3 D 4 Not Provided 29.02.2012
Banca IMI MANUELA MERONI add 4 M 4 12 month 23.02.2012
Banca Akros(ESN) LUIGI TRAMONTANA hold 3 M 4 12 month 23.02.2012
Sanford C. Bernstein & Co MARCELLO ZANARDO market perform 3 D 5 12 month 22.02.2012
Grupo Santander A CARLOS GARCIA GONZALEZ buy 5 M 7 Not Provided 16.02.2012
ING Wholesale Banking ALEXANDER PELTESHKI hold 3 N 4 12 month 13.02.2012
Oddo & Cie JULIE LEGRAND reduce 2 M 6 Not Provided 10.02.2012
Macquarie BENJIE CREELAN-SANDFORD neutral 3 M 5 12 month 09.02.2012
Goldman Sachs DOMENICO VINCI neutral/neutral 3 M 5 12 month 08.02.2012
Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 U 5 12 month 06.02.2012
Keefe, Bruyette & Woods RONNY REHN market perform 3 M 4 12 month 01.02.2012
Citi AZZURRA GUELFI buy 5 M 5 Not Provided 30.01.2012
Independent Research GmbH STEFAN BONGARDT hold 3 U 4 6 month 30.01.2012
Equita SIM SpA MATTEO GHILOTTI buy 5 M 5 12 month 25.01.2012
DZ Bank AG MATTHIAS DUERR sell 1 M 3 12 month 18.01.2012
Deutsche Bank PAOLA SABBIONE buy 5 M 5 12 month 17.01.2012
Redburn Partners GEORGE SOSEI KARAMANOS sell 1 N #N/A N/A Not Provided 16.01.2012
Centrobanca ELENA PERINI hold 3 M 3 12 month 12.01.2012
CA Cheuvreux SILVIA BENZI underperform 1 M 4 Not Provided 11.01.2012
Standard & Poor's Equity Research FRANK BRADEN sell 1 U 2 12 month 11.01.2012
WestLB Equity Markets CHRISTOPH BOSSMANN neutral 3 U #N/A N/A Not Provided 11.01.2012
RBC Capital Markets ANKE REINGEN sector perform 3 M 4 12 month 10.01.2012
Credit Suisse IGNACIO CEREZO restricted #N/A N/A M #N/A N/A Not Provided 10.01.2012
JPMorgan EUGENIO M CICCONETTI neutral 3 M 4 9 month 10.01.2012
Berenberg Bank PEDRO FONSECA buy 5 M 5 Not Provided 10.01.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 10.01.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 3 Not Provided 09.01.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 05.01.2012
Nord/LB MICHAEL SEUFERT sell 1 M #N/A N/A Not Provided 23.12.2011
Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 8 Not Provided 10.11.2011
HSBC CARLO DIGRANDI restricted #N/A N/A M #N/A N/A Not Provided 13.09.2011
SEB AG MANFRED JAKOB buy 5 M 13 12 month 23.11.2010
Holdings By:
UniCredit SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Unilever NV manufactures branded and packaged consumer goods, including food,
detergents, fragrances, home and personal care products. Dually-listed company
with ULVR LN.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 32.00
52-Week Low (13.04.2012) 24.51
Daily Volume
31.645
52-Week High % Change -1.14% Dividend Yield 3.00
52-Week Low % Change 29.14% Beta 0.60
% 52 Week Price Range High/Low 97.13% Equity Float -
Shares Out 25.01.2013 1'714.7 Short Int -
95'983.55 1 Yr Total Return 28.02%
Total Debt 10'221.00 YTD Return 10.66%
Preferred Stock 0.0 Adjusted BETA 0.597
Minority Interest 557.0 Analyst Recs 45
Cash and Equivalents 2'866.00 Consensus Rating 3.533
Enterprise Value 103'895.56
Average Volume 5 Day 4'180'722
UNA NA EQUITY YTD Change - Average Volume 30 Day 4'141'979
UNA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'756'147
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
40'523.0 39'823.0 44'262.0 46'467.0 51'324.0 39'823.0 44'262.0 53'444.2 56'472.4 12'678.3 13'837.2
1.41x 1.77x 1.64x 1.82x 1.75x 6.07x 6.40x 1.92x 1.79x - -
6'793.0 6'887.0 7'620.0 7'462.0 8'188.0 6'920.0 7'620.0 8'778.1 9'393.8 - -
8.39x 10.25x 9.54x 11.30x 10.94x 10.21x 9.54x 11.84x 11.06x - -
5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 3'370.0 4'244.0 4'914.8 5'355.1 - -
9.69x 18.80x 15.43x 17.60x 18.25x 18.80x 15.43x 18.72x 17.24x - -
EBITDA 8'188.00 Long-Term Rating Date 05.10.2000
EBIT 6'989.00 Long-Term Rating A+
Operating Margin 13.62% Long-Term Outlook STABLE
Pretax Margin 13.02% Short-Term Rating Date 05.10.2000
Return on Assets 9.56% Short-Term Rating A-1
Return on Common Equity 30.42%
Return on Capital 19.56% EBITDA/Interest Exp. 15.57
Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 11.81
Net Debt/EBITDA 0.90
Gross Margin 40.2% Total Debt/EBITDA 1.25
EBITDA Margin 16.0%
EBIT Margin 13.6% Total Debt/Equity 67.4%
Net Income Margin 8.7% Total Debt/Capital 39.4%
Asset Turnover 1.10
Current Ratio 0.77 Net Fixed Asset Turnover 5.63
Quick Ratio 0.36 Accounts receivable turnover-days 20.29
Debt to Assets 22.14% Inventory Days -
Tot Debt to Common Equity 67.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover 18.04 Cash Conversion Cycle -8.85
Inventory Turnover -
Fiscal Year Ended
Unilever NVPrice/Volume
Valuation Analysis
869'786.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FOUNDATION UNILEVER n/a Co File 1'268'224'230 73.96 - 28.02.2011 Other
UNILEVER NV n/a Co File 141'560'629 8.26 - 31.12.2010 n/a
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 41'837'700 2.44 4'190'000 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'715'385 1.03 337'392 31.12.2011 Investment Advisor
ING GROEP NV n/a Co File 11'809'050 0.69 - 31.12.2010 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 11'022'061 0.64 - 30.11.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 9'324'254 0.54 8'927'201 30.12.2011 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'039'866 0.53 9'039'866 30.09.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 8'270'859 0.48 (1'958) 07.03.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 7'955'184 0.46 3'809'311 30.12.2011 Mutual Fund Manager
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 7'365'962 0.43 (88'837) 31.01.2012 Mutual Fund Manager
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 7'326'095 0.43 (213'068) 31.12.2011 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 6'926'072 0.4 44'120 31.01.2012 Investment Advisor
ELMA EN UNITED HOLDS n/a Research 6'428'550 0.37 - 19.10.2011 n/a
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'835'000 0.34 799'409 31.03.2011 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 5'800'000 0.34 - 31.12.2010 Pension Fund (ERISA)
MORGAN STANLEY Multiple Portfolios MF-AGG 5'389'684 0.31 (96'450) 31.12.2011 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'346'873 0.31 (45'500) 31.10.2011 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 5'159'787 0.3 (3'194) 07.03.2012 Investment Advisor
JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 4'998'754 0.29 3'388'018 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 36 12 month 06.03.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 05.03.2012
Societe Generale WARREN L ACKERMAN hold 3 M 23 12 month 02.03.2012
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 31 12 month 02.03.2012
Collins Stewart EDDY HARGREAVES buy 5 M 29 9 month 02.03.2012
Mirabaud Securities JULIAN LAKIN hold 3 M 27 Not Provided 01.03.2012
Jefferies SIMON MARSHALL-LOCKYER buy 5 M 30 12 month 24.02.2012
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 24 6 month 14.02.2012
Berenberg Bank PHILIP MORRISEY hold 3 M 27 Not Provided 13.02.2012
Theodoor Gilissen Securities TOM MULLER buy 5 M 29 Not Provided 07.02.2012
Banco Sabadell IGNACIO ROMERO sell 1 M 24 Not Provided 06.02.2012
Barclays Capital JANE GELFAND overwt/neutral 5 M 26 Not Provided 06.02.2012
Kempen & Co ERWIN DUT hold 3 M 25 12 month 03.02.2012
JPMorgan CELINE PANNUTI overweight 5 M 28 12 month 03.02.2012
Kepler Capital Markets JON COX buy 5 M 30 Not Provided 03.02.2012
Natixis PIERRE TEGNER neutral 3 M 24 Not Provided 03.02.2012
DZ Bank AG ROBERT CZERWENSKY sell 1 M 22 12 month 03.02.2012
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER buy 5 M 29 12 month 03.02.2012
Helvea ANDREAS VON ARX accumulate 4 M 27 12 month 03.02.2012
ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 D 24 12 month 03.02.2012
Grupo Santander PEDRO GIL buy 5 M 30 12 month 02.02.2012
Deutsche Bank HAROLD THOMPSON hold 3 M 26 12 month 02.02.2012
Morgan Stanley MICHAEL STEIB Equalwt/Attractive 3 M 26 12 month 02.02.2012
Credit Suisse CHARLES MILLS underperform 1 M 24 Not Provided 02.02.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 24 Not Provided 02.02.2012
Independent Research GmbH LARS LUSEBRINK hold 3 M 27 6 month 02.02.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 D #N/A N/A Not Provided 02.02.2012
SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 23 12 month 02.02.2012
Petercam FERNAND DE BOER hold 3 M 27 Not Provided 02.02.2012
Nomura DAVID HAYES reduce 2 M 23 12 month 02.02.2012
Standard & Poor's Equity Research CARL SHORT hold 3 M 26 12 month 02.02.2012
ING Wholesale Banking MARCO GULPERS hold 3 M 25 12 month 02.02.2012
Citi ROBERT DICKINSON neutral 3 D 27 Not Provided 24.01.2012
HSBC CEDRIC BESNARD overweight 5 M 30 Not Provided 17.01.2012
Rabobank International KAREL ZOETE hold 3 D 29 Not Provided 06.01.2012
CA Cheuvreux XAVIER CROQUEZ outperform 5 D 28 Not Provided 03.01.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.12.2011
Espirito Santo Investment Bank ResearchMARTIN DOLAN buy 5 M 28 Not Provided 06.12.2011
Liberum Capital Ltd PABLO ZUANIC buy 5 M 35 Not Provided 09.11.2011
Equita SIM SpA FABIO FAZZARI buy 5 M 28 12 month 10.06.2011
Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.11.2010
Keijser Securities NV NICO VAN GEEST hold 3 D 23 6 month 05.08.2010
Holdings By:
Unilever NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Vinci SA builds roads, offers electrical, mechanical, and civil engineering and
construction services, and operates toll roads. The Company builds and
maintains roads and produces road construction materials, builds electricity
and communications networks, installs fire protection and power and ventilation
systems, and operates toll highways, bridges, parking garages, and a stadium.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (27.03.2012) 39.93
52-Week Low (01.06.2012) 31.23
Daily Volume
35.59
52-Week High % Change -10.96% Dividend Yield 3.09
52-Week Low % Change 13.96% Beta 1.10
% 52 Week Price Range High/Low 44.39% Equity Float 506.38
Shares Out 06.02.2013 579.6 Short Int -
20'628.29 1 Yr Total Return -4.79%
Total Debt 20'193.80 YTD Return -1.03%
Preferred Stock 0.0 Adjusted BETA 1.099
Minority Interest 735.4 Analyst Recs 31
Cash and Equivalents 6'516.10 Consensus Rating 4.290
Enterprise Value 35'041.39
Average Volume 5 Day 2'020'412
DG FP EQUITY YTD Change - Average Volume 30 Day 1'710'911
DG FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'571'583
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 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
33'930.3 31'177.7 34'002.8 37'646.1 39'183.2 23'994.8 33'699.5 38'942.5 39'734.8 10'174.8 -
0.90x 1.09x 1.07x 0.86x 0.86x 0.00x 0.00x 0.87x 0.82x - -
5'009.2 4'813.1 5'165.6 5'445.9 5'507.8 0.0 0.0 5'540.9 5'701.2 - -
6.09x 7.03x 7.01x 5.93x 6.12x 0.00x 0.00x 6.33x 6.16x - -
1'591.4 1'596.0 1'775.9 1'904.3 1'916.7 0.0 0.0 1'936.2 2'025.9 - -
8.85x 12.07x 12.14x 9.59x 10.07x 0.00x 0.00x 10.13x 9.57x - -
EBITDA 5'507.80 Long-Term Rating Date 29.03.2007
EBIT 3'568.90 Long-Term Rating BBB+
Operating Margin 9.11% Long-Term Outlook STABLE
Pretax Margin 7.64% Short-Term Rating Date 24.04.2001
Return on Assets 3.14% Short-Term Rating A-2
Return on Common Equity 14.62%
Return on Capital 7.32% EBITDA/Interest Exp. 7.58
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 4.83
Net Debt/EBITDA 2.51
Gross Margin - Total Debt/EBITDA 3.70
EBITDA Margin 14.1%
EBIT Margin 9.3% Total Debt/Equity 151.4%
Net Income Margin 4.9% Total Debt/Capital 58.9%
Asset Turnover 0.63
Current Ratio 0.87 Net Fixed Asset Turnover 8.40
Quick Ratio 0.46 Accounts receivable turnover-days 56.37
Debt to Assets 32.79% Inventory Days -
Tot Debt to Common Equity 151.44% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.49 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Vinci SAPrice/Volume
Valuation Analysis
875'726.00
Current Price (3/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
40'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COMET LUXEMBOURG HLD n/a Co File 31'499'000 5.56 - 31.12.2010 n/a
AMUNDI n/a Co File 21'535'986 3.8 - 31.12.2010 Investment Advisor
ARTEMIS SA n/a Co File 20'987'172 3.7 - 31.12.2010 Holding Company
VINCI SA n/a Co File 11'360'406 2 - 31.12.2010 Corporation
CREDIT AGRICOLE SA n/a Co File 10'491'891 1.85 - 31.12.2010 Investment Advisor
CREDIT SUISSE AG n/a Co File 8'283'072 1.46 - 31.12.2010 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'269'323 1.46 (223'192) 30.06.2011 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 6'544'966 1.15 1'562'761 30.12.2011 Mutual Fund Manager
BNP PARIBAS ASSET MG n/a Co File 6'074'253 1.07 - 31.12.2010 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'681'116 0.83 166'072 31.12.2011 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 4'450'178 0.79 26 31.12.2011 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 3'248'042 0.57 73'604 30.11.2011 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 2'822'361 0.5 53'764 30.09.2011 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 2'791'000 0.49 (39'358) 30.09.2011 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'551'506 0.45 207'191 30.12.2011 Mutual Fund Manager
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'267'690 0.4 (196'336) 30.06.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'241'567 0.4 (2'687) 07.03.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'076'773 0.37 (101'500) 31.01.2012 Investment Advisor
FRANKLIN MUTUAL ADVI Multiple Portfolios MF-AGG 1'644'283 0.29 - 31.12.2011 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'533'916 0.27 (6'171) 30.12.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Aurel - BGC ERIC LEMARIE not rated #N/A N/A M #N/A N/A Not Provided 09.03.2012
Bryan Garnier & Cie SVEN EDELFELT buy 5 M 43 6 month 09.03.2012
Oddo & Cie OLIVIER BECKER buy 5 M 49 Not Provided 08.03.2012
AlphaValue GAETAN DUPONT buy 5 M 46 6 month 08.03.2012
BPI FILIPE MARTINS LEITE buy 5 M 51 Not Provided 07.03.2012
Goldman Sachs WILL MORGAN Buy/Neutral 5 M 49 12 month 05.03.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.03.2012
DZ Bank AG MARC NETTELBECK buy 5 M 47 12 month 29.02.2012
Day by Day VALERIE GASTALDY buy 5 M 41 3 month 21.02.2012
JPMorgan ELODIE RALL overweight 5 M 54 12 month 17.02.2012
Raymond James ARNAUD PALLIEZ outperform 5 M 43 Not Provided 14.02.2012
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 14.02.2012
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN buy 5 M 43 Not Provided 09.02.2012
Independent Research GmbH STEFAN ROEHLE hold 3 M 40 6 month 09.02.2012
Natixis GREGOIRE THIBAULT buy 5 M 49 Not Provided 09.02.2012
Societe Generale MURIEL FELLOUS buy 5 M 44 12 month 08.02.2012
Credit Suisse ROBERT CRIMES outperform 5 M 57 Not Provided 08.02.2012
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 46 12 month 08.02.2012
Kepler Capital Markets JOSEP PUJAL buy 5 M 52 Not Provided 08.02.2012
Standard & Poor's Equity Research JAWAHAR HINGORANI buy 5 M 45 12 month 08.02.2012
Deutsche Bank LUIS PRIETO buy 5 M 47 12 month 07.02.2012
RBC Capital Markets OLIVIA PETERS outperform 5 M 52 12 month 07.02.2012
Exane BNP Paribas NICOLAS MORA neutral 3 M 40 Not Provided 06.02.2012
CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 M 43 Not Provided 01.02.2012
ING Wholesale Banking IAN OSBURN hold 3 D 36 12 month 18.01.2012
Barclays Capital SUSANNA INVERNIZZI overwt/positive 5 M 48 Not Provided 12.01.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 10.01.2012
Banco Sabadell MARIA CEBOLLERO buy 5 M 49 12 month 18.11.2011
National Bank AG STEFFEN MANSKE hold 3 D 43 Not Provided 27.07.2011
Holdings By:
Vinci SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Vivendi, through its subsidiaries, conducts operations ranging from music, games
and television to film and telecommunications. The Company provides digital and
pay television services, sells music compact discs (CDs), develops and
distributes interactive entertainment, and operates mobile and fixed-line
telecommunications.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.12.2012) 17.44
52-Week Low (19.04.2012) 12.01
Daily Volume
16.305
52-Week High % Change -6.48% Dividend Yield -
52-Week Low % Change 35.71% Beta 0.82
% 52 Week Price Range High/Low 77.86% Equity Float 1'147.24
Shares Out 06.03.2013 1'324.0 Short Int -
21'587.21 1 Yr Total Return 29.37%
Total Debt 17'757.00 YTD Return -3.81%
Preferred Stock 0.0 Adjusted BETA 0.823
Minority Interest 2'971.0 Analyst Recs 34
Cash and Equivalents 3'894.00 Consensus Rating 4.000
Enterprise Value 38'421.21
Average Volume 5 Day 5'663'165
VIV FP EQUITY YTD Change - Average Volume 30 Day 4'770'851
VIV FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'103'820
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
25'392.0 27'132.0 28'878.0 28'813.0 28'994.0 28'878.0 28'813.0 28'852.4 29'182.0 6'982.0 6'523.0
1.55x 1.44x 1.29x 1.24x 1.35x 5.23x 5.01x 1.29x 1.24x - -
6'774.0 7'682.0 8'020.0 8'847.0 4'477.0 8'020.0 5'018.0 7'762.4 7'972.9 - -
5.82x 5.07x 4.64x 4.03x 8.77x 4.64x 7.20x 4.95x 4.82x - -
2'603.0 830.0 2'198.0 2'681.0 164.0 2'198.0 2'681.0 2'301.6 2'370.3 - -
10.43x 30.14x 11.35x 7.83x 130.38x 11.35x 7.80x 9.11x 8.57x - -
EBITDA 4'477.00 Long-Term Rating Date 26.10.2012
EBIT 3'230.00 Long-Term Rating BBB
Operating Margin 11.14% Long-Term Outlook NEG
Pretax Margin 7.27% Short-Term Rating Date 26.10.2012
Return on Assets 0.28% Short-Term Rating A-2
Return on Common Equity 0.87%
Return on Capital 6.63% EBITDA/Interest Exp. 16.72
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 10.36
Net Debt/EBITDA 2.12
Gross Margin 50.5% Total Debt/EBITDA 2.72
EBITDA Margin 22.5%
EBIT Margin 11.6% Total Debt/Equity 96.2%
Net Income Margin 0.6% Total Debt/Capital 45.3%
Asset Turnover 0.50
Current Ratio 0.69 Net Fixed Asset Turnover 3.06
Quick Ratio 0.19 Accounts receivable turnover-days -
Debt to Assets 29.84% Inventory Days 19.66
Tot Debt to Common Equity 96.17% Accounts Payable Turnover Day 360.74
Accounts Receivable Turnover - Cash Conversion Cycle -282.51
Inventory Turnover 18.62
Fiscal Year Ended
Vivendi SAPrice/Volume
Valuation Analysis
1'282'815.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL RESEARCH AND n/a Co File 57'398'503 4.6 - 31.12.2010 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 46'636'819 3.74 - 31.12.2010 Government
EMIRATES INTL INVEST n/a Co File 34'711'040 2.78 - 31.12.2010 Other
ALLIANCEBERNSTEIN LP n/a Co File 30'890'180 2.48 - 31.12.2010 Investment Advisor
PEG VIVENDI n/a Co File 24'821'769 1.99 - 31.12.2010 n/a
NATIXIS ASSET MANAGE n/a Co File 24'118'458 1.93 - 31.12.2010 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 20'331'138 1.63 (1'776'629) 31.12.2011 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 20'267'149 1.62 (79'095) 30.06.2011 Mutual Fund Manager
BANK OF AMERICA CORP n/a Co File 18'697'470 1.5 - 31.12.2010 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 16'412'700 1.32 16'084'820 30.09.2011 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 15'747'896 1.26 1'486'176 31.01.2012 Investment Advisor
BNP PARIBAS ASSET MG n/a Co File 15'372'179 1.23 - 31.12.2010 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'779'534 1.1 262'380 31.12.2011 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 13'000'000 1.04 - 31.12.2011 Investment Advisor
DNCA FINANCE n/a Co File 12'384'516 0.99 - 31.12.2010 Investment Advisor
CNP ASSURANCES n/a Co File 12'358'565 0.99 - 31.12.2010 Insurance Company
CREDIT SUISSE SECURI n/a Co File 12'258'330 0.98 - 31.12.2010 Investment Advisor
CDG MAROC n/a Co File 12'170'496 0.98 - 31.12.2010 n/a
PRUDENTIAL PLC n/a Co File 11'051'279 0.89 - 31.12.2010 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 10'638'119 0.85 3'319'765 30.09.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 23 6 month 09.03.2012
Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 14 12 month 06.03.2012
Macquarie GUY R PEDDY outperform 5 M 22 12 month 06.03.2012
Independent Research GmbH LARS LUSEBRINK hold 3 M 16 6 month 05.03.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012
Grupo Santander STEPHANE SCHLATTER buy 5 M 22 Not Provided 02.03.2012
Societe Generale CHRISTOPHE CHERBLANC buy 5 M 18 12 month 02.03.2012
JPMorgan FILIPPO PIETRO LO FRANCO neutral 3 D 16 9 month 02.03.2012
CA Cheuvreux RICHARD HOUBRON outperform 5 M 18 Not Provided 02.03.2012
CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 17 12 month 02.03.2012
Oddo & Cie BRUNO HARENG neutral 3 M 16 Not Provided 02.03.2012
Natixis JEROME BODIN buy 5 M 18 Not Provided 02.03.2012
Nomura MATTHEW WALKER neutral 3 M 17 Not Provided 02.03.2012
Standard & Poor's Equity Research ALEXANDER WISCH hold 3 M 16 12 month 02.03.2012
Exane BNP Paribas CHARLES BEDOUELLE underperform 1 M 15 Not Provided 02.03.2012
Barclays Capital JULIEN ROCH equalwt/positive 3 M 19 Not Provided 02.03.2012
Deutsche Bank PATRICK KIRBY hold 3 M 17 12 month 01.03.2012
Raymond James STEPHANE BEYAZIAN market perform 3 M 17 12 month 01.03.2012
Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 M 17 Not Provided 01.03.2012
National Bank AG STEFFEN MANSKE buy 5 M 17 Not Provided 01.03.2012
Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 M 19 Not Provided 27.02.2012
HSBC NICOLAS COTE-COLISSON overweight 5 M 23 Not Provided 14.02.2012
Jefferies WILL SMITH hold 3 M 18 12 month 10.02.2012
Banco Sabadell ANDRES BOLUMBURU buy 5 M 21 Not Provided 06.02.2012
Goldman Sachs RICHARD JONES neutral/neutral 3 M 18 12 month 03.02.2012
Kepler Capital Markets CONOR O'SHEA buy 5 M 20 Not Provided 13.01.2012
Liberum Capital Ltd IAN WHITTAKER buy 5 M 30 Not Provided 21.12.2011
Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 23 12 month 14.12.2011
DZ Bank AG HARALD HEIDER buy 5 M 23 12 month 06.12.2011
Citi THOMAS A SINGLEHURST withheld #N/A N/A M #N/A N/A Not Provided 11.11.2011
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.09.2011
Hamburger Sparkasse ANNEMARIE SCHLUETER buy 5 M #N/A N/A Not Provided 12.09.2011
Credit Suisse OMAR SHEIKH outperform 5 M 21 Not Provided 18.08.2011
Nord/LB JAN CHRISTIAN GOEHMANN buy 5 M 22 12 month 20.12.2010
Holdings By:
Vivendi SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,
and commercial vehicles for sale worldwide. The Company produces the Passat,
Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
Seat and Skoda, which manufacture and sell cars in Spain and in southern and
eastern Europe, and Lamborghini, which makes sports cars in Italy.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.01.2013) 187.40
52-Week Low (26.06.2012) 115.95
Daily Volume
156.7
52-Week High % Change -16.44% Dividend Yield -
52-Week Low % Change 35.14% Beta 1.16
% 52 Week Price Range High/Low 54.93% Equity Float 143.79
Shares Out 15.03.2013 170.1 Short Int -
70'642.78 1 Yr Total Return 20.92%
Total Debt 117'663.00 YTD Return -8.97%
Preferred Stock 0.0 Adjusted BETA 1.160
Minority Interest 4'310.0 Analyst Recs 39
Cash and Equivalents 25'921.00 Consensus Rating 4.615
Enterprise Value 166'694.78
Average Volume 5 Day 1'182'855
VOW3 GY EQUITY YTD Change - Average Volume 30 Day 1'219'617
VOW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 971'756
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
113'808.0 105'187.0 126'875.0 159'337.0 192'676.0 126'875.0 159'337.0 204'339.9 215'054.3 54'027.0 53'617.0
1.22x 0.97x 0.83x 0.77x 0.90x 2.92x 2.10x 0.34x 0.30x 1.26x 1.28x
14'854.0 10'896.0 16'659.0 21'365.0 24'424.0 16'659.0 16'212.0 24'020.7 26'849.2 4'387.0 4'225.0
9.34x 9.35x 6.29x 5.76x 7.10x 6.29x 0.00x 6.94x 6.21x - -
4'753.0 960.0 6'835.0 15'409.0 21'717.0 6'835.0 15'073.0 10'013.6 11'624.4 2'360.0 2'247.0
20.97x 32.35x 6.98x 3.13x 3.51x 7.05x 3.20x 7.23x 6.25x - -
EBITDA 24'424.00 Long-Term Rating Date 31.08.2009
EBIT 11'310.00 Long-Term Rating A-
Operating Margin 5.87% Long-Term Outlook POS
Pretax Margin 13.23% Short-Term Rating Date 15.06.2004
Return on Assets 7.71% Short-Term Rating A-2
Return on Common Equity 32.16%
Return on Capital - EBITDA/Interest Exp. 17.46
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 9.96
Net Debt/EBITDA 3.76
Gross Margin 18.2% Total Debt/EBITDA 4.82
EBITDA Margin 12.7%
EBIT Margin 5.9% Total Debt/Equity 151.8%
Net Income Margin 11.3% Total Debt/Capital 59.0%
Asset Turnover 0.68
Current Ratio 1.03 Net Fixed Asset Turnover 3.54
Quick Ratio 0.33 Accounts receivable turnover-days 19.54
Debt to Assets 38.00% Inventory Days 65.32
Tot Debt to Common Equity 151.79% Accounts Payable Turnover Day 38.75
Accounts Receivable Turnover 18.73 Cash Conversion Cycle 46.11
Inventory Turnover 5.60
Fiscal Year Ended
Volkswagen AGPrice/Volume
Valuation Analysis
226'831.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR HOLDINGS LLC n/a EXCH 26'355'116 15.49 - 10.03.2011 Government
WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'308'991 4.3 29'870 30.09.2011 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 7'039'656 4.14 136'181 31.01.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 4'221'575 2.48 2'000'575 31.12.2011 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 3'375'767 1.98 (296) 07.03.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'925'675 1.72 - 31.12.2011 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'625'040 1.54 15'235 31.01.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'626'974 0.96 79'824 31.12.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'496'660 0.88 (904'374) 30.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'185'419 0.7 (164) 07.03.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'083'486 0.64 271'278 31.01.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 982'000 0.58 703'500 31.03.2011 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 651'286 0.38 (21'175) 31.12.2011 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 617'787 0.36 (5'000) 31.10.2011 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 550'875 0.32 150'000 31.10.2011 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 484'973 0.29 22'000 31.10.2011 Mutual Fund Manager
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 425'000 0.25 425'000 31.12.2011 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 412'797 0.24 114'341 31.01.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 390'424 0.23 (185'050) 30.12.2011 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 371'525 0.22 (4'980) 07.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
WestLB Equity Markets ADAM HULL buy 5 M 155 12 month 09.03.2012
AlphaValue HANS-PETER WODNIOK reduce 2 M 148 6 month 08.03.2012
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 157 Not Provided 06.03.2012
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 180 12 month 06.03.2012
Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 06.03.2012
Exane BNP Paribas THIERRY HUON outperform 5 M 165 Not Provided 02.03.2012
Deutsche Bank JOCHEN GEHRKE buy 5 M 180 12 month 01.03.2012
Day by Day VALERIE GASTALDY buy 5 U 187 3 month 01.03.2012
DZ Bank AG MICHAEL PUNZET buy 5 M 150 12 month 29.02.2012
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 140 12 month 28.02.2012
Credit Suisse ARNDT ELLINGHORST outperform 5 M 155 Not Provided 27.02.2012
Independent Research GmbH ZAFER RUEZGAR hold 3 M 150 6 month 27.02.2012
National Bank AG STEFFEN MANSKE buy 5 M 150 Not Provided 27.02.2012
Bankhaus Metzler JUERGEN PIEPER buy 5 M 170 12 month 27.02.2012
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 U 170 12 month 27.02.2012
Societe Generale STEPHEN REITMAN buy 5 M 160 12 month 24.02.2012
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 160 6 month 24.02.2012
Nord/LB FRANK SCHWOPE hold 3 M 140 12 month 24.02.2012
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 125 12 month 24.02.2012
Oddo & Cie FRANCOIS MAURY neutral 3 M 135 Not Provided 24.02.2012
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 171 Not Provided 24.02.2012
Morgan Stanley STUART PEARSON Overwt/In-Line 5 M 165 12 month 23.02.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF buy 5 M 157 18 month 22.02.2012
Citi PHILIP WATKINS neutral 3 M 140 Not Provided 21.02.2012
JPMorgan RANJIT A UNNITHAN overweight 5 M 187 12 month 14.02.2012
HSBC HORST SCHNEIDER overweight 5 M 170 Not Provided 06.02.2012
Natixis GEORGES DIENG buy 5 U 170 Not Provided 27.01.2012
Kepler Capital Markets MICHAEL RAAB buy 5 M 159 Not Provided 19.01.2012
Barclays Capital MIKE TYNDALL overwt/neutral 5 M 185 Not Provided 19.01.2012
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 218 12 month 16.01.2012
CA Cheuvreux ALEXANDER NEUBERGER outperform 5 D 160 Not Provided 02.01.2012
Main First Bank AG LOTHAR LUBINETZKI buy 5 M 207 12 month 16.12.2011
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 15.12.2011
Standard & Poor's Equity Research MARNIE COHEN strong buy 5 U 170 12 month 28.10.2011
Cyrrus JAN ROH buy 5 M 149 12 month 11.10.2011
Berenberg Bank DAVID CRAMER buy 5 M 155 Not Provided 16.09.2011
SEB AG STIPO BRALO buy 5 M 125 Not Provided 28.10.2010
Holdings By:
Volkswagen AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |