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March 2013
A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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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 14277077 1920.977 1119 1119 204 221 221 101.28 110.64 110.64 15.32 15.32 14.02 14.02 18.75
Euro Stoxx 50 Pr EUR 2623324 5644.468 4700 4700 758 798 798 173.92 312.64 312.64 26.43 16.42 14.70 14.70 19.92
NIKKEI 225 JPY 2513645 181.4096 184 184 19 19 19 5.18 5.42 5.42 0.26 0.26 0.25 0.25 0.12
FTSE 100 INDEX GBP 2685063 11645.08 9289 9289 1459 1662 1662 530.37 816.68 816.68 27.19 22.92 17.66 17.66 22.90
SWISS MARKET INDEX CHF 1029881 10955.58 4116 4116 866 841 841 406.91 554.15 554.15 21.12 18.10 15.51 15.51 22.46
S&P/TSX COMPOSITE INDEX CAD 1682179 17040.14 7839 7839 1860 2082 2082 798.80 888.09 888.09 15.26 15.26 13.73 13.73 24.43
S&P/ASX 200 INDEX AUD 1427633 6785.011 2835 2835 596 693 693 248.60 337.74 337.74 21.81 17.37 16.05 16.05 21.89
HANG SENG INDEX HKD 1744431 3366.18 1631 1631 353 406 406 258.84 265.52 265.52 1.48 1.60 1.45 1.45 3.03
MSCI EM USD 7991908 1557.267 1066 1066 202 217 217 87.35 95.59 95.59 12.20 13.84 11.15 11.15 20.15
ADECOAGRO SA USD 994 29 121 0 0 0 0 1.20 548 515 592 781 159 131 - - 0.48 -0.25 0.28 0.61 - - 29.46 13.42 28.58 - - - 22.36 - - - -
AGCO CORP USD 5276 40 97 1 0 0 1 5.82 9962 9962 10355 10701 946 945 193 193 5.25 5.24 5.34 5.96 10.38 10.38 10.18 9.12 13.55 5.24 20.74 11.69 9.49 BBB- 05.03.2010 WR 23.06.2005
AGRIUM INC CAD 15864 124 149 4 0 0 1 18.61 16254 16254 17079 17760 2645 2645 408 408 9.21 9.24 9.78 9.67 10.90 10.90 10.31 10.42 7.66 21.79 0.32 25.58 15.85 BBB 24.11.2005 Baa2 18.03.2010
AMERICAN VANGUARD CORP USD 930 20 28 0 0 0 0 0.94 366 366 431 483 76 76 27 27 1.28 1.28 1.68 2.02 25.52 25.52 19.45 16.19 21.63 10.91 38.32 10.44 20.68 - - - -
ANDERSONS INC/THE USD 924 9 19 0 0 0 0 1.27 5272 5272 5643 5880 160 160 38 38 4.23 4.24 4.13 4.95 11.66 11.66 11.97 9.99 15.20 17.01 -2.76 10.72 3.04 - - - -
ARCHER-DANIELS-MIDLAND CO USD 21483 247 659 10 0 0 2 28.02 89038 90559 89926 88991 2890 2827 775 775 2.29 2.38 2.53 3.02 13.71 13.71 12.90 10.79 10.36 9.26 -18.96 1.05 3.12 A *- 19.10.2012 A2 12.11.2004
ASTRA AGRO LESTARI TBK PT IDR 3036 931 1575 0 0 0 0 3.15 1192 1192 1285 1416 405 405 - - 0.16 0.16 0.16 0.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -
BRF - BRASIL FOODS SA-ADR USD 19509 348 #VALUE! 10 0 0 3 #VALUE! 28517 28517 31633 34987 2333 2385 678 678 - - 2.02 2.60 - - 21.74 16.86 10.94 35.78 -18.95 24.64 8.36 BBB- 04.04.2012 Baa3 31.05.2012
BUNGE LTD USD 10974 46 146 9 1 0 1 20.42 60991 62869 66618 68069 1580 1530 383 383 4.78 4.27 7.39 8.09 17.54 17.54 10.13 9.25 8.72 5.45 -7.98 0.50 2.43 BBB- 10.06.2010 - -
CF INDUSTRIES HOLDINGS INC USD 13031 87 63 2 0 0 2 12.74 6104 6104 5971 5727 3332 3332 714 714 29.40 28.97 25.71 23.09 7.14 7.14 8.04 8.96 0.10 28.46 5.42 37.17 54.59 - - - -
CHINA AGRI-INDUSTRIES HLDGS HKD 2951 6822 4284 4 0 0 1 6.92 10616 11656 12714 14640 49 162 - - -0.03 0.04 0.04 0.05 1.90 - 1.68 1.32 6.95 4.11 -11.59 -2.53 0.18 - - - -
CHINA BLUECHEMICAL LTD - H HKD 2894 4025 4610 0 0 0 0 2.23 1258 1289 1380 1576 457 431 - - 0.05 0.05 0.05 0.06 1.23 1.29 1.20 1.08 5.42 2.72 6.18 2.12 4.31 - - - -
CHIQUITA BRANDS INTL USD 311 29 46 1 0 0 0 0.86 3 K 3 K 3 K 3 K 140 72 7 7 1.81 -0.98 -0.44 0.97 - - #VALUE! 6.92 -2.73 -1.74 0.50 2.74 2.35 B 03.09.2009 Caa1 18.03.2010
CNH GLOBAL N.V. USD 10716 92 242 4 0 0 1 14.25 20447 20447 20230 20687 2876 2876 433 433 4.83 4.84 4.89 5.18 9.13 9.13 9.03 8.53 6.58 4.55 9.94 4.24 14.07 BB+ 01.10.2010 Ba2 25.07.2011
COSAN LTD-CLASS A SHARES USD 5665 74 271 5 0 4 2 20.56 24097 27349 28511 34276 1992 2010 818 818 4.40 1.77 2.04 2.75 23.17 23.17 20.15 14.91 33.40 77.15 -26.24 17.17 7.96 BB 21.10.2010 - -
CRESUD S.A.-SPONS ADR USD 459 3 #VALUE! 4 0 2 1 #VALUE! 3458 3458 2973 3138 893 982 - - - - 8.93 16.59 - - 5.20 2.80 36.12 - -3.07 83.90 28.39 - - - -
DARLING INTERNATIONAL INC USD 1978 21 118 0 0 0 0 2.14 1701 1701 1731 1769 317 317 76 76 1.11 1.10 1.20 1.28 15.26 15.26 13.99 13.09 -5.33 25.10 -19.42 25.01 18.64 BB+ 29.03.2012 Ba2 18.09.2012
DEERE & CO USD 35563 120 388 6 0 0 5 37.98 35657 36353 36026 37121 5425 5787 1847 1847 7.63 7.99 8.57 9.01 11.43 11.43 10.65 10.13 13.03 8.29 12.76 11.23 15.92 A 14.12.2006 A2 08.02.2007
FIRST RESOURCES LTD SGD 2269 7141 1584 0 0 0 0 1.96 483 483 580 695 257 258 294 294 0.12 0.12 0.12 0.14 7.52 7.56 7.85 6.79 17.61 - 7.44 - 42.72 - - - -
GLANBIA PLC EUR 3306 148 295 1 0 0 0 4.05 3475 3577 3498 3014 277 295 155 155 0.53 0.58 0.69 0.72 25.05 25.99 21.19 20.12 30.29 9.58 16.78 20.16 10.75 NR 11.07.2005 - -
GOLDEN AGRI-RESOURCES LTD SGD 6216 97582 12838 1 0 0 1 6.00 4844 4844 4738 5232 582 582 - - 0.02 0.03 0.03 0.04 11.67 - 9.01 8.61 1.33 17.54 -16.25 5.55 9.62 - - - -
GRAINCORP LTD-A AUD 2819 1441 210 1 0 0 0 3.16 3408 3408 3826 3569 332 332 240 240 0.95 1.05 0.83 0.71 11.99 - 15.19 17.77 20.46 - 53.07 144.67 10.01 - - - -
INDOFOOD AGRI RESOURCES LTD SGD 1355 4269 1434 5427 0 7229 4068 19097.51 11081232 11081232 11803274 12903012 2701543 2701543 3090833 3090833 633.58 584.73 738.70 847.65 10.03 9.27 7.94 6.92 7.87 6.78 -4.61 13.66 19.51 - - - -
INGREDION INC USD 5139 71 77 2 0 0 1 6.33 6532 6532 6918 7071 915 915 221 221 5.57 5.58 5.83 6.42 11.92 11.92 11.40 10.36 5.03 14.02 2.53 14.15 14.00 BBB 24.11.2008 Baa2 14.02.2008
INTREPID POTASH INC USD 1462 63 151 0 0 0 0 1.40 451 451 436 504 184 184 35 35 1.16 1.15 0.95 1.31 16.83 16.83 20.37 14.79 1.89 - -3.27 31.97 40.74 - - - -
IOI CORPORATION BHD MYR 9900 5094 6398 3 0 0 1 11.41 4980 4595 5104 5366 760 818 861 861 0.08 0.10 0.09 0.10 4.76 4.84 5.52 5.06 -1.07 0.70 -0.80 1.49 5.72 BBB+ 14.03.2008 - -
KERNEL HOLDING SA PLN 1514 44 79 0 0 0 0 0.77 677 834 790 821 101 111 114 114 0.81 0.72 0.84 0.97 2.62 2.63 2.23 1.94 4.27 - 1.17 14.84 4.84 - - - -
KUALA LUMPUR KEPONG BHD MYR 7019 1752 1065 1 0 0 1 7.16 3378 3132 3355 3661 558 499 621 621 - 0.31 0.36 0.41 6.84 - 5.91 5.19 -0.56 2.40 -7.98 4.00 5.12 - - - -
KUBOTA CORP JPY 16677 4807 1256 4 0 1 1 20.42 10484 11157 11995 12880 1348 1413 - - 0.51 0.55 0.57 0.71 0.25 0.25 0.24 0.19 0.08 0.00 0.15 -0.04 0.13 NR 09.01.2007 WR 30.09.2005
KUMIAI CHEMICAL INDUSTRY CO JPY 514 971 79 0 0 0 0 0.46 458 458 520 551 25 25 - - 0.27 0.28 0.32 0.40 0.22 - 0.19 0.15 0.05 0.06 0.11 0.10 0.06 - - - -
LINDSAY CORP USD 1145 19 13 0 0 0 0 1.00 551 579 639 657 78 95 28 28 3.38 4.30 4.86 5.02 20.73 20.73 18.33 17.77 15.11 17.20 14.14 20.32 16.42 - - - -
MAPLE LEAF FOODS INC CAD 1783 430 140 1 0 0 0 2.99 4739 4739 4795 4886 395 395 80 80 0.97 1.02 1.00 1.21 12.13 12.13 12.35 10.27 -0.57 -0.96 4.27 3.50 8.13 - - - -
MONSANTO CO USD 55548 115 534 2 0 0 4 52.89 13504 14016 14938 15913 3760 4021 2189 2189 3.70 4.27 4.56 5.18 24.28 24.28 22.72 20.03 14.23 10.98 20.67 14.20 28.69 A+ 21.10.2008 A1 21.02.2012
MOSAIC CO/THE USD 26171 297 425 1 0 0 4 23.80 11108 10051 10165 10724 3119 2807 644 644 4.48 4.01 4.27 4.90 15.33 15.33 14.41 12.55 11.77 9.42 0.24 26.39 27.92 BBB 28.04.2011 Baa1 12.10.2011
NUFARM LTD AUD 1411 895 262 1 0 0 0 2.14 2239 2239 2309 2388 211 211 80 80 0.26 0.23 0.44 0.48 23.96 - 12.57 11.52 4.83 3.19 32.38 -2.04 9.68 BB 21.02.2011 - -
NUTRECO NV EUR 3342 73 35 1 0 0 0 3.69 6803 6803 7164 7457 399 399 - - 6.57 5.89 7.03 7.77 21.32 19.13 17.86 16.17 14.00 7.59 16.90 11.87 7.64 - - - -
OLAM INTERNATIONAL LTD SGD 3195 2228 2390 6 0 0 1 9.47 13682 15181 16812 19158 744 771 226 226 0.11 0.13 0.11 0.14 8.19 8.26 9.41 7.64 6.54 16.88 30.98 25.04 4.07 - - - -
PP LONDON SUMATRA INDONES PT IDR 1407 22508 6823 0 0 0 0 1.22 434 434 507 551 156 156 189 189 - 0.02 0.02 0.02 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -
PILGRIM'S PRIDE CORP USD #VALUE! 0 259 1 0 0 0 #VALUE! 8121 8121 8254 8041 406 406 114 114 0.72 0.73 1.10 1.14 - - #VALUE! #VALUE! 7.77 1.51 - - 5.00 B 16.08.2011 Caa1 28.06.2011
POTASH CORP OF SASKATCHEWAN CAD 35447 647 865 4 0 0 1 37.96 7722 7722 8010 8475 3496 3493 858 858 2.56 2.60 2.91 3.24 14.95 14.95 13.36 12.01 -8.81 8.83 -17.92 14.11 44.07 A- 15.11.2010 Baa1 23.05.2005
SINOFERT HOLDINGS LTD HKD 1838 25139 7023 1 0 0 0 2.18 4729 5253 5257 5559 152 178 - - 0.01 0.01 0.02 0.02 2.02 - 1.69 1.48 3.27 2.13 10.00 0.19 0.44 - - - -
SMITHFIELD FOODS INC USD 3623 283 157 2 0 0 0 5.86 13094 13110 13163 13569 975 886 188 188 2.59 2.07 2.00 2.53 12.61 12.61 13.04 10.31 7.31 3.23 -15.65 10.73 6.81 BB 27.03.2012 B1 18.07.2012
QUIMICA Y MINERA CHIL-SP ADR USD 14493 29 #VALUE! 2 0 0 1 #VALUE! 2429 2429 2521 2722 1096 1096 273 273 - - 2.57 2.83 - - 21.80 19.75 13.23 15.20 15.49 25.09 45.13 BBB 27.04.2009 Baa1 23.10.2006
SYNGENTA AG-REG CHF 39984 59 92 4 #VALUE! 0 2 43.95 14953 14953 16123 17059 3314 3314 1103 1103 23.96 21.51 26.35 28.87 22.13 19.86 18.06 16.49 7.41 11.66 9.44 10.79 23.34 A 15.06.2007 - -
TATE & LYLE PLC GBp 5712 842 466 1 0 0 1 6.37 4601 4737 4865 5169 656 566 - - 0.77 0.85 0.83 0.90 21.41 21.58 22.11 20.38 20.16 7.57 7.84 3.17 17.81 BBB 15.07.2011 Baa2 15.02.2013
TYSON FOODS INC-CL A USD 8509 136 359 2 0 0 1 10.01 33278 33351 34452 35225 1747 1899 425 425 1.90 1.94 2.08 2.37 12.37 12.37 11.54 10.12 3.14 5.49 -2.46 9.12 5.69 BBB 11.02.2013 Baa3 07.06.2012
URALKALI-SPON GDR-REG S USD 22226 794 #VALUE! 3 0 0 1 #VALUE! 3496 4465 3888 4347 2068 2809 - - - - 2.47 2.91 - - 15.31 13.02 105.72 55.16 158.40 45.69 62.91 BBB- 18.06.2012 - -
WILMAR INTERNATIONAL LTD SGD 16894 24667 6396 18 0 1 2 30.15 36388 36388 39478 44146 1728 1808 444 444 0.16 0.16 0.17 0.19 10.79 10.79 9.70 8.92 1.35 10.79 9.35 16.78 3.98 - - - -
YARA INTERNATIONAL ASA NOK 13827 641 284 2 0 0 2 14.30 14658 14658 14853 15029 2575 2576 733 733 - 6.54 5.76 5.59 1.30 - 1.47 1.52 1.41 1.15 -1.27 3.13 3.07 BBB 15.03.2010 Baa2 17.03.2010
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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 1.78 2.15 1.39 1.39 1.32 1.26 1.39 9.90 9.90 9.63 8.84 9.90 8.70 8.70 8.04 7.53 8.70 14.02 14.02 12.58 11.38 14.02 2.23 2.23 2.37 2.58 2.23 1669.7 7.6%
Euro Stoxx 50 Pr 1.16 1.16 1.10 1.04 1.16 0.75 0.75 0.73 0.71 0.75 5.50 5.50 5.10 4.88 5.50 7.07 7.07 6.69 6.34 7.07 11.30 11.30 10.11 9.26 11.30 4.24 4.24 4.57 4.84 4.24 2894.4 6.6%
NIKKEI 225 1.49 1.49 1.40 1.31 1.49 0.70 0.70 0.66 0.65 0.70 9.34 9.34 8.06 7.55 9.34 9.42 9.42 8.24 7.74 9.42 23.71 23.71 18.64 14.51 23.71 1.67 1.67 1.68 1.95 1.67 11729.1 -5.0%
FTSE 100 INDEX 1.68 1.68 1.56 1.47 1.68 1.04 1.04 1.00 1.00 1.04 7.93 7.93 7.30 6.00 7.93 7.01 7.01 6.55 6.24 7.01 11.85 11.85 10.78 9.81 11.85 3.87 3.87 4.17 4.67 3.87 6752.0 4.0%
SWISS MARKET INDEX 2.36 2.36 2.20 2.03 2.36 1.98 1.98 1.88 1.81 1.98 12.11 12.11 11.10 9.86 12.11 13.02 13.02 12.04 11.25 13.02 14.73 14.73 13.21 12.02 14.73 3.32 3.32 3.68 4.10 3.32 7945.6 2.5%
S&P/TSX COMPOSITE INDEX 1.69 1.69 1.57 1.47 1.69 1.60 1.60 1.50 1.43 1.60 8.47 8.47 7.61 7.13 8.47 8.18 8.18 7.24 6.86 8.18 14.10 14.09 12.42 11.45 14.09 3.09 3.09 3.24 3.43 3.09 14530.3 13.1%
S&P/ASX 200 INDEX 1.95 1.95 1.84 1.74 1.95 1.86 1.86 1.75 1.66 1.86 11.45 11.45 10.24 9.35 11.45 9.79 9.79 8.61 7.98 9.79 15.64 15.64 13.92 12.77 15.64 4.23 4.23 4.55 4.90 4.23 5125.1 -0.4%
HANG SENG INDEX 1.38 1.38 1.28 1.21 1.38 1.82 1.82 1.68 1.54 1.82 7.32 7.32 6.76 6.27 7.32 8.30 8.30 7.52 7.04 8.30 11.21 11.21 10.23 9.39 11.21 3.41 3.41 3.72 4.45 3.41 25081.7 8.6%
MSCI EM 1.50 1.50 1.36 1.26 1.50 1.00 1.00 0.93 0.89 1.00 7.08 7.08 6.52 6.02 7.08 7.18 7.18 6.58 6.22 7.18 11.15 11.15 10.00 9.26 11.15 2.77 2.77 3.08 3.36 2.77 1199.4 12.5%
ADECOAGRO SA 0.93 0.91 0.85 0.79 1.84 1.68 1.27 1.20 1.04 12.70 7.78 11.61 6.07 8.04 8.70 5.63 4.84 3.82 17.19 29.46 13.42 11.03 8.84 0.00 0.00 1.11 13.85 70.4%
AGCO CORP 1.52 1.33 1.16 1.04 0.53 0.51 0.49 0.48 7.86 7.10 5.69 5.14 6.14 5.58 5.16 4.79 10.42 10.18 9.12 8.34 0.00 0.26 0.11 0.19 59.77 9.9%
AGRIUM INC 2.32 1.93 1.67 1.49 0.95 0.90 0.87 0.84 0.80 9.43 8.63 8.27 7.71 7.21 6.95 7.02 6.79 6.13 10.80 10.58 10.70 10.38 11.59 0.67 1.70 1.74 1.90 121.12 11.1%
AMERICAN VANGUARD CORP 2.56 2.16 1.93 1.75 1.52 12.82 9.60 8.47 7.97 6.97 26.55 19.45 16.19 13.47 12.10 35.60 9.0%
ANDERSONS INC/THE 1.52 1.37 1.22 0.18 0.16 0.16 5.74 8.95 7.04 7.01 6.06 11.42 11.97 9.99 1.21 1.23 1.23 51.50 4.2%
ARCHER-DANIELS-MIDLAND CO 1.13 1.09 1.02 0.94 0.24 0.24 0.24 0.24 7.96 7.90 5.39 8.43 8.33 7.13 7.64 13.28 12.90 10.79 10.19 2.07 2.05 2.05 2.30 32.14 -1.5%
ASTRA AGRO LESTARI TBK PT 3.28 2.94 2.68 2.41 1.96 2.60 2.36 2.14 2.03 1.89 10.60 9.89 8.97 7.55 8.71 7.76 7.08 6.87 5.44 13.23 12.16 11.52 10.84 8.32 4.58 4.49 5.09 5.30 7.19 21814.51 16.7%
BRF - BRASIL FOODS SA-ADR 2.65 2.42 2.24 2.06 1.88 1.35 1.21 1.09 1.00 0.92 18.98 13.38 11.69 10.33 8.67 58.30 21.74 16.87 15.03 11.76 0.81 1.22 1.61 1.76 2.24 21.04 -5.9%
BUNGE LTD 0.94 0.92 0.85 0.82 0.17 0.16 0.16 0.16 0.14 6.89 6.99 7.53 10.28 9.01 8.67 8.34 7.85 12.05 10.13 9.25 8.57 1.33 1.48 1.57 1.69 80.22 7.1%
CF INDUSTRIES HOLDINGS INC 2.21 1.77 1.55 1.28 2.10 2.18 2.28 2.25 2.07 6.01 5.98 6.52 7.02 6.52 3.74 4.16 4.66 4.58 4.12 7.45 8.04 8.96 8.63 7.70 0.77 0.77 0.77 0.77 227.44 10.0%
CHINA AGRI-INDUSTRIES HLDGS 0.87 0.77 0.78 0.72 0.30 0.23 0.20 0.18 13.42 7.52 7.27 6.32 12.36 14.05 10.99 9.40 6.99 13.05 10.23 8.79 3.67 1.51 1.97 2.55 5.25 20.4%
CHINA BLUECHEMICAL LTD - H 1.46 1.33 1.21 1.09 1.86 1.68 1.47 1.43 5.70 5.32 5.38 5.35 4.68 4.70 4.23 4.01 8.91 9.29 8.41 7.93 3.69 3.77 4.12 4.61 6.00 23.2%
CHIQUITA BRANDS INTL 0.10 0.10 0.10 8.95 6.00 9.58 5.16 9.19 6.92 14.00 108.6%
CNH GLOBAL N.V. 1.19 1.08 0.95 0.56 0.53 0.52 0.57 7.42 6.19 5.87 6.74 6.21 5.96 5.12 9.57 9.03 8.53 7.99 0.00 0.00 0.00 52.00 17.6%
COSAN LTD-CLASS A SHARES 0.11 0.16 0.18 0.12 0.32 0.39 0.32 0.34 2.46 3.57 5.30 4.45 5.51 6.99 5.30 5.58 6.90 20.15 14.92 11.37 2.13 1.34 2.23 1.52 22.41 7.1%
CRESUD S.A.-SPONS ADR 1.15 1.21 1.08 0.96 0.93 0.78 0.74 0.71 0.70 9.32 7.47 4.12 3.23 16.81 5.20 2.80 8.60 12.62 1.18 1.23 2.41 3.27 14.63 59.8%
DARLING INTERNATIONAL INC 1.85 1.62 1.41 1.15 1.14 1.12 6.52 6.52 6.26 14.46 13.99 13.09 17.30 3.0%
DEERE & CO 4.62 3.69 2.97 2.45 1.06 0.99 0.96 0.95 11.43 9.34 8.35 7.35 7.34 6.55 6.31 5.71 11.74 10.65 10.13 9.42 1.89 2.05 2.14 2.21 102.03 11.8%
FIRST RESOURCES LTD 2.06 1.75 1.52 1.34 0.96 3.89 3.13 2.61 2.21 1.73 7.24 8.53 7.09 6.73 7.41 6.67 5.82 5.30 3.56 11.19 9.81 8.48 7.66 4.78 2.23 2.72 3.14 3.98 6.98 2.50 39.5%
GLANBIA PLC 4.89 4.54 4.10 3.57 3.37 1.00 0.95 1.10 1.04 0.93 14.10 10.04 9.32 7.91 14.33 14.84 12.96 13.15 11.99 10.99 19.55 16.29 15.47 13.80 11.78 0.95 1.05 1.13 1.21 1.40 9.05 5.2%
GOLDEN AGRI-RESOURCES LTD 0.72 0.67 0.64 0.63 0.59 1.17 1.05 0.95 0.89 0.71 8.50 8.65 8.35 8.80 9.23 8.35 7.53 7.26 5.05 12.74 11.26 10.76 10.09 6.92 2.07 2.27 2.48 3.10 10.33 0.71 16.8%
GRAINCORP LTD-A 1.63 1.53 1.47 1.41 1.40 0.91 0.74 0.79 0.77 0.75 9.19 11.85 10.72 10.40 9.98 7.55 7.44 8.04 7.70 7.50 11.46 14.80 17.32 16.42 15.25 4.82 3.68 3.25 3.38 3.58 12.09 0.7%
INDOFOOD AGRI RESOURCES LTD 0.96 0.88 0.80 0.92 0.65 0.96 0.89 0.81 0.78 0.67 5.37 7.40 5.56 3.79 3.80 6.81 6.18 5.54 5.28 3.65 11.34 9.92 8.64 8.01 5.11 0.87 1.03 1.17 1.56 1.95 1.49 26.2%
INGREDION INC 2.04 1.82 1.58 1.42 0.79 0.74 0.73 0.67 0.60 10.92 9.99 8.86 6.99 6.71 6.29 5.85 5.21 12.05 11.40 10.36 9.48 8.11 1.29 1.53 1.60 1.77 75.60 13.7%
INTREPID POTASH INC 1.57 1.49 1.36 1.23 3.36 3.35 2.90 2.73 2.59 8.38 9.49 7.54 6.53 7.61 8.22 6.22 5.29 16.57 20.37 14.79 13.34 14.23 0.00 21.60 11.6%
IOI CORPORATION BHD 2.42 2.30 2.15 2.01 1.82 1.79 1.94 1.84 1.81 1.66 17.66 22.63 19.05 16.28 16.07 12.02 13.24 12.26 11.51 9.77 15.60 17.15 15.75 14.70 11.76 3.40 3.22 3.34 3.53 4.56 4.61 -4.3%
KERNEL HOLDING SA 1.29 1.08 0.93 0.82 0.83 0.70 0.60 0.58 0.53 0.49 9.55 7.29 4.84 4.31 3.58 7.32 6.74 5.90 5.44 4.84 7.13 7.12 6.17 5.70 4.70 0.00 0.00 1.85 8.27 12.90 72.18 19.3%
KUALA LUMPUR KEPONG BHD 2.91 2.87 2.67 2.50 2.28 2.06 2.09 1.92 1.81 1.56 16.57 16.09 15.37 14.20 13.67 11.63 11.53 10.13 9.65 8.06 18.37 18.39 16.13 15.38 12.54 3.40 3.20 3.54 3.72 4.88 20.39 -0.5%
KUBOTA CORP 2.38 2.26 2.08 1.92 1.60 1.39 1.29 1.24 16.89 18.63 13.48 12.34 14.86 13.70 11.26 10.44 26.54 22.86 18.27 16.56 1.20 1.34 1.50 1.59 1178.46 -5.5%
KUMIAI CHEMICAL INDUSTRY CO 1.13 1.05 0.99 0.93 1.12 0.99 0.93 0.88 20.65 14.16 11.81 9.78 22.28 14.15 10.74 8.49 30.21 18.50 14.64 11.64 0.88 1.06 1.41 1.76 720.00 26.8%
LINDSAY CORP 2.08 1.79 1.74 1.59 11.65 9.48 8.71 7.65 23.36 18.33 17.77 15.25 0.42 0.52 0.53 0.54 81.60 -8.4%
MAPLE LEAF FOODS INC 2.03 1.83 1.61 0.37 0.37 0.36 7.15 5.82 5.09 7.67 7.11 6.26 14.10 12.68 10.54 1.22 1.22 1.22 15.11 15.6%
MONSANTO CO 4.63 4.14 3.67 3.19 4.06 3.72 3.49 3.29 3.27 21.02 18.97 16.71 14.60 14.07 12.20 11.04 10.03 9.86 27.89 22.72 20.03 17.80 16.45 1.10 1.24 1.34 1.34 112.45 8.5%
MOSAIC CO/THE 2.16 1.92 1.72 1.55 2.42 2.57 2.44 2.38 2.12 11.08 10.93 9.88 9.80 7.66 7.87 7.06 6.77 6.59 13.94 14.41 12.55 12.05 10.00 0.41 1.63 1.73 1.76 66.44 8.1%
NUFARM LTD 0.93 0.97 0.92 0.82 0.69 0.64 0.61 0.59 0.56 0.52 9.94 9.42 7.68 7.30 10.06 7.80 7.29 6.86 6.44 6.36 13.24 12.25 11.22 10.21 9.96 2.35 2.29 2.83 3.35 3.82 5.56 6.3%
NUTRECO NV 2.65 2.42 2.19 1.99 0.49 0.47 0.45 0.44 0.44 11.58 10.22 9.42 8.56 8.89 8.23 7.73 7.40 6.78 14.79 13.73 12.43 11.75 11.13 2.91 3.06 3.37 3.50 3.79 67.43 -9.2%
OLAM INTERNATIONAL LTD 1.32 1.15 1.06 0.97 0.24 0.19 0.17 0.14 29.30 13.36 5.94 12.52 10.74 8.99 7.93 11.68 11.76 9.54 7.59 2.40 2.51 3.23 4.07 1.82 8.9%
PP LONDON SUMATRA INDONES PT 2.07 1.83 1.61 1.54 1.13 2.98 2.78 2.55 2.46 2.04 8.84 8.74 7.90 7.83 6.79 6.45 5.83 5.68 3.58 10.50 9.82 8.81 8.51 5.68 4.27 3.32 3.71 4.19 6.54 2505.87 25.3%
PILGRIM'S PRIDE CORP 0.30 0.29 0.30 8.93 6.28 6.22 9.00
POTASH CORP OF SASKATCHEWAN 3.62 3.00 2.63 2.34 4.52 4.31 4.07 3.78 3.92 11.16 10.83 10.30 8.98 9.85 9.24 8.42 7.54 8.84 14.59 13.72 12.33 11.17 1.47 2.64 2.96 2.99 46.85 11.4%
SINOFERT HOLDINGS LTD 0.84 0.83 0.78 0.73 0.31 0.28 0.27 0.25 8.14 7.07 6.78 10.69 11.36 9.99 9.18 10.78 13.12 11.46 9.74 1.47 1.29 1.47 1.72 2.13 4.9%
SMITHFIELD FOODS INC 1.12 1.09 0.94 0.89 0.28 0.28 0.27 0.26 0.26 7.63 7.12 6.76 6.34 5.56 7.25 6.57 6.20 9.85 13.04 10.31 10.22 0.00 0.00 0.00 29.90 14.5%
QUIMICA Y MINERA CHIL-SP ADR 6.58 5.70 4.97 5.88 5.74 5.32 5.20 4.91 18.33 14.62 14.49 22.04 21.80 19.75 19.77 18.92 1.89 2.41 3.00 5.00 5.36 66.19 18.2%
SYNGENTA AG-REG 4.73 4.02 3.58 2.90 2.78 2.81 2.61 2.47 2.35 2.34 16.18 14.29 13.09 12.46 12.25 13.08 11.87 10.96 10.36 10.00 19.41 17.16 15.66 14.80 15.13 2.18 2.55 2.80 2.96 3.03 409.94 0.5%
TATE & LYLE PLC 3.60 3.27 2.89 2.57 2.30 1.28 1.17 1.10 1.09 1.08 11.58 11.97 9.80 9.31 8.74 9.47 9.38 8.73 8.29 7.93 14.81 14.84 13.68 12.59 11.61 3.04 3.18 3.36 3.58 3.82 851.92 3.6%
TYSON FOODS INC-CL A 1.48 1.32 1.18 1.07 0.25 0.25 0.24 0.23 9.35 7.50 6.42 6.61 5.87 5.51 5.12 4.95 13.33 11.54 10.12 9.58 0.67 0.99 0.83 0.83 26.50 10.4%
URALKALI-SPON GDR-REG S 2.36 2.80 2.58 2.37 2.07 6.09 5.72 5.11 4.64 3.95 14.94 12.67 10.63 9.62 8.27 14.57 15.31 13.02 11.36 9.58 3.14 3.59 3.94 4.52 5.72 42.05 11.1%
WILMAR INTERNATIONAL LTD 1.19 1.09 1.01 0.94 0.37 0.34 0.31 0.28 9.78 12.28 9.71 10.57 16.83 14.47 13.18 12.72 15.09 12.12 11.14 10.08 1.59 1.86 2.04 2.27 3.79 14.8%
YARA INTERNATIONAL ASA 1.55 1.42 1.29 1.26 1.13 0.94 0.93 0.92 0.88 0.88 5.89 6.97 7.04 6.70 5.14 5.52 5.72 5.54 6.69 7.65 8.45 8.70 8.35 11.40 3.58 4.09 4.00 4.32 3.47 318.26 14.2%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Adecoagro S.A. is an agricultural company in South America, with operations in
Argentina, Brazil and Uruguay. The Company is currently involved in a broad
range of businesses, including farming crops and other agricultural products,
cattle and dairy operations, sugar, ethanol and energy production and land
transformation.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (19.03.2012) 11.29
52-Week Low (01.03.2013) 7.84
Daily Volume
8.13
52-Week High % Change -27.99% Dividend Yield 0.00
52-Week Low % Change 3.70% Beta 1.12
% 52 Week Price Range High/Low 2.90% Equity Float 72.57
Shares Out 30.01.2013 122.2 Short Int 1.21
993.63 1 Yr Total Return -11.05%
Total Debt 158.17 YTD Return -4.13%
Preferred Stock 0.0 Adjusted BETA 1.125
Minority Interest 15.0 Analyst Recs 7
Cash and Equivalents 330.55 Consensus Rating 4.714
Enterprise Value 1'204.31
Average Volume 5 Day 137'768
AGRO UN EQUITY YTD Change - Average Volume 30 Day 179'653
AGRO UN EQUITY YTD % CHANGE - Average Volume 3 Month 109'822
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3
142.5 244.2 313.6 426.3 548.1 234.9 568.0 592.0 781.0 - 167.0
- - - - 1.53x 12.46x 8.18x 2.22x 1.93x - -
37.5 49.7 47.3 (0.6) 159.0 66.2 126.4 138.5 214.0 - 47.0
- - - - 5.28x 0.00x 10.47x 8.70x 5.63x - 10.19x
29.2 (19.3) (0.3) (43.9) 56.0 27.6 16.2 28.7 70.1 - 16.3
- - - - 17.40x 0.00x 1256.16x 29.46x 13.42x - 58.07x
EBITDA 158.97 Long-Term Rating Date -
EBIT 124.79 Long-Term Rating -
Operating Margin 22.77% Long-Term Outlook -
Pretax Margin 13.06% Short-Term Rating Date -
Return on Assets 2.35% Short-Term Rating -
Return on Common Equity 3.73%
Return on Capital 5.85% EBITDA/Interest Exp. 2.55
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 1.10
Net Debt/EBITDA 0.94
Gross Margin 39.3% Total Debt/EBITDA 3.09
EBITDA Margin 22.4%
EBIT Margin 16.6% Total Debt/Equity 14.6%
Net Income Margin 10.2% Total Debt/Capital 12.6%
Asset Turnover 0.33
Current Ratio 2.13 Net Fixed Asset Turnover 0.74
Quick Ratio 1.59 Accounts receivable turnover-days 84.36
Debt to Assets 9.30% Inventory Days 85.67
Tot Debt to Common Equity 14.65% Accounts Payable Turnover Day 94.86
Accounts Receivable Turnover 4.34 Cash Conversion Cycle 109.02
Inventory Turnover 4.27
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Adecoagro SAPrice/Volume
Valuation Analysis
28'994.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOROS FUND MANAGEMEN n/a Research 25'385'678 20.94 - 01.07.2012 Hedge Fund Manager
HBK INVESTMENTS LP n/a 20F 20'471'770 16.88 - 31.12.2011 Hedge Fund Manager
STICHTING PENSIOEN Z n/a 20F 15'307'824 12.62 - 31.12.2011 Pension Fund (ERISA)
AL GHARRAFA INVESTME n/a 20F 12'562'906 10.36 - 31.12.2011 Investment Advisor
OSPRAIE MANAGEMENT L OSPRAIE MANAGEMENT L 13F 10'964'692 9.04 23'900 30.06.2012 Hedge Fund Manager
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'849'226 4 (96'328) 30.06.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'567'090 3.77 145'872 30.09.2012 Investment Advisor
PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 4'500'000 3.71 - 30.06.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 2'838'842 2.34 713'728 30.09.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'440'227 2.01 318'637 28.09.2012 Mutual Fund Manager
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'859'290 1.53 (140'701) 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'632'343 1.35 (1'099'449) 30.06.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'400'101 1.15 (62'725) 30.06.2012 Investment Advisor
BOYCE ALAN LELAND n/a 20F 1'393'169 1.15 362'859 31.12.2011 n/a
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'366'531 1.13 976'659 30.06.2012 Investment Advisor
VIEIRA MARCELO n/a 20F 1'105'331 0.91 280'769 31.12.2011 n/a
CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 776'200 0.64 - 30.06.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 685'692 0.57 555'692 31.08.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 576'960 0.48 538'538 30.06.2012 Investment Advisor
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 421'700 0.35 197'100 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James PEDRO J RICHARDS outperform 5 M 16 12 month 11.11.2012
Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 11 12 month 06.11.2012
Itau BBA Securities GIOVANA ARAUJO market perform 3 M 15 Not Provided 22.10.2012
HSBC PEDRO HERRERA overweight 5 M 14 Not Provided 17.09.2012
Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 13 12 month 14.08.2012
Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 14 Not Provided 30.03.2012
Deutsche Bank ALESSANDRO BALDONI buy 5 M 17 12 month 23.11.2011
Holdings By:
Adecoagro SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
AGCO Corporation manufactures and distributes agricultural equipment throughout
the world. The Company sells a range of agricultural equipment and related
replacement parts, including tractors, combines, hay tools, sprayers, and forage
equipment. AGCO markets its products under a variety of brand names, including
Massey Ferguson, AGCO, Tye, GLEANER, and Hesston.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (12.02.2013) 55.04
52-Week Low (04.06.2012) 38.09
Daily Volume
54.37
52-Week High % Change -1.20% Dividend Yield 0.00
52-Week Low % Change 42.74% Beta 1.55
% 52 Week Price Range High/Low 93.69% Equity Float 92.92
Shares Out 15.02.2013 97.0 Short Int 2.08
5'275.84 1 Yr Total Return 10.74%
Total Debt 1'296.00 YTD Return 10.89%
Preferred Stock 0.0 Adjusted BETA 1.552
Minority Interest 33.3 Analyst Recs 17
Cash and Equivalents 781.30 Consensus Rating 3.824
Enterprise Value 5'823.84
Average Volume 5 Day 210'469
AGCO UN EQUITY YTD Change - Average Volume 30 Day 272'329
AGCO UN EQUITY YTD % CHANGE - Average Volume 3 Month 245'946
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
8'424.6 6'516.4 6'896.6 8'773.2 9'962.2 8'423.4 9'776.6 10'354.9 10'700.9 2'247.9 2'742.0
0.27x 0.46x 0.68x 0.57x 0.53x 2.16x 2.26x 0.54x 0.49x 2.80x 2.29x
711.7 368.7 482.9 783.1 945.5 739.1 971.4 1'042.0 1'127.8 193.0 302.7
3.21x 8.10x 9.77x 6.33x 5.61x 4.59x 5.89x 5.58x 5.16x 5.64x 5.50x
385.9 135.7 220.5 583.3 522.1 387.9 704.8 527.4 587.1 86.1 165.3
5.97x 20.94x 21.82x 9.61x 9.36x 8.84x 8.36x 10.18x 9.12x 10.21x 9.84x
EBITDA 945.50 Long-Term Rating Date 05.03.2010
EBIT 715.60 Long-Term Rating BBB-
Operating Margin 7.18% Long-Term Outlook STABLE
Pretax Margin 6.57% Short-Term Rating Date -
Return on Assets 6.97% Short-Term Rating -
Return on Common Equity 16.16%
Return on Capital 12.09% EBITDA/Interest Exp. 12.17
Asset Turnover 1.33% (EBITDA-Capex)/Interest Exp. 7.79
Net Debt/EBITDA 0.54
Gross Margin 21.3% Total Debt/EBITDA 1.37
EBITDA Margin 9.5%
EBIT Margin 7.2% Total Debt/Equity 37.4%
Net Income Margin 5.2% Total Debt/Capital 27.0%
Asset Turnover 1.33
Current Ratio 1.60 Net Fixed Asset Turnover 7.58
Quick Ratio 0.69 Accounts receivable turnover-days 35.25
Debt to Assets 16.78% Inventory Days 76.17
Tot Debt to Common Equity 37.41% Accounts Payable Turnover Day 41.85
Accounts Receivable Turnover 10.38 Cash Conversion Cycle 69.57
Inventory Turnover 4.81
Fiscal Year Ended
AGCO CorpPrice/Volume
Valuation Analysis
40'380.00
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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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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 9'402'952 9.69 917'960 30.06.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 5'444'805 5.61 929'970 30.09.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 4'603'420 4.75 (72'630) 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'537'658 4.68 (61'556) 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 3'792'456 3.91 527'216 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'387'692 3.49 635'660 30.06.2012 Investment Advisor
SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 2'834'286 2.92 186'550 30.06.2012 Investment Advisor
NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 2'626'389 2.71 24'408 30.09.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 2'621'957 2.7 300'629 30.06.2012 Investment Advisor
AJO, LP AJO, LP 13F 2'533'500 2.61 2'432'200 30.06.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'934'431 1.99 14'058 28.09.2012 Mutual Fund Manager
CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 1'852'400 1.91 (3'175) 30.06.2012 Investment Advisor
SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 1'793'746 1.85 874'657 30.09.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'743'921 1.8 (1'930'220) 30.06.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'636'013 1.69 693'102 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'488'158 1.53 (131'877) 30.09.2012 Investment Advisor
APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 1'361'647 1.4 - 30.06.2012 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 1'335'971 1.38 253'311 30.09.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'317'058 1.36 (106'313) 30.06.2012 Investment Advisor
TRACTORS & FARM EQUI #N/A N/A Form 4 1'294'305 1.33 75'553 09.11.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 12.11.2012
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 49 12 month 09.11.2012
BMO Capital Markets JOEL G TISS outperform 5 M 53 Not Provided 08.11.2012
Morgan Stanley VANCE EDELSON Underwt/In-Line 1 M 46 12 month 05.11.2012
RBC Capital Markets SETH R WEBER sector perform 3 M 54 12 month 01.11.2012
Barclays ANDY KAPLOWITZ equalweight 3 M 60 Not Provided 01.11.2012
Goldman Sachs JERRY REVICH neutral/neutral 3 M 51 12 month 31.10.2012
Credit Suisse JAMIE L COOK neutral 3 M 54 Not Provided 31.10.2012
JPMorgan ANN DUIGNAN neutral 3 M 52 12 month 31.10.2012
Janney Montgomery Scott LLC RYAN M CONNORS buy 5 M 60 12 month 31.10.2012
Jefferies STEPHEN VOLKMANN buy 5 M 52 12 month 31.10.2012
Piper Jaffray MICHAEL E COX neutral 3 M 53 12 month 31.10.2012
Credit Agricole Securities (USA) ASHISH GUPTA buy 5 M 65 Not Provided 31.10.2012
S&P Capital IQ MICHAEL JAFFE hold 3 D 46 Not Provided 26.07.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
AGCO Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Agrium Inc. supplies nitrogen, potash and phosphate for agricultural,
industrial, and specialty use. The Company operates throughout the Americas
while it markets its products globally.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (28.01.2013) 116.38
52-Week Low (04.06.2012) 77.50
Daily Volume
109.04
52-Week High % Change -6.31% Dividend Yield 0.94
52-Week Low % Change 40.70% Beta 1.25
% 52 Week Price Range High/Low 80.97% Equity Float 148.86
Shares Out 28.02.2013 149.4 Short Int 2.42
16'286.13 1 Yr Total Return 33.51%
Total Debt 3'961.00 YTD Return 9.99%
Preferred Stock 0.0 Adjusted BETA 1.253
Minority Interest 4.0 Analyst Recs 29
Cash and Equivalents 726.00 Consensus Rating 4.276
Enterprise Value 19'103.14
Average Volume 5 Day 379'272
AGU CT EQUITY YTD Change - Average Volume 30 Day 572'744
AGU CT EQUITY YTD % CHANGE - Average Volume 3 Month 526'229
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
10'031.0 9'129.0 10'743.0 15'470.0 16'686.0 14'691.0 16'602.0 17'533.4 18'232.3 3'723.8 7'175.3
0.74x 1.15x 1.55x 0.75x 1.08x 4.18x 3.48x 1.05x 0.96x 5.18x 2.64x
2'380.0 941.0 1'470.0 2'706.0 2'715.0 2'436.0 2'716.0 2'747.2 2'719.5 419.2 1'290.1
3.13x 11.15x 11.34x 4.30x 6.66x 5.10x 6.36x 6.95x 7.02x 6.98x 6.99x
1'322.0 366.0 713.0 1'371.0 1'494.0 1'318.0 1'329.0 1'511.4 1'506.4 195.9 802.2
3.54x 23.92x 19.92x 6.96x 10.54x 8.05x 10.81x 10.58x 10.70x 10.58x 10.65x
EBITDA 2'715.00 Long-Term Rating Date 24.11.2005
EBIT 2'271.00 Long-Term Rating BBB
Operating Margin 13.61% Long-Term Outlook STABLE
Pretax Margin 12.54% Short-Term Rating Date 10.12.2004
Return on Assets 10.26% Short-Term Rating NR
Return on Common Equity 22.40%
Return on Capital 16.17% EBITDA/Interest Exp. 21.05
Asset Turnover 1.15% (EBITDA-Capex)/Interest Exp. 11.11
Net Debt/EBITDA 1.19
Gross Margin 26.9% Total Debt/EBITDA 1.46
EBITDA Margin 16.3%
EBIT Margin 13.6% Total Debt/Equity 57.3%
Net Income Margin 9.0% Total Debt/Capital 36.4%
Asset Turnover 1.15
Current Ratio 1.54 Net Fixed Asset Turnover 5.36
Quick Ratio 0.53 Accounts receivable turnover-days 46.81
Debt to Assets 24.79% Inventory Days 91.33
Tot Debt to Common Equity 57.27% Accounts Payable Turnover Day 96.20
Accounts Receivable Turnover 7.82 Cash Conversion Cycle 41.94
Inventory Turnover 4.01
Fiscal Year Ended
Agrium IncPrice/Volume
Valuation Analysis
124'016.00
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JANA PARTNERS LLC JANA PARTNERS LLC 13F 6'504'035 4.36 6'504'035 30.06.2012 Hedge Fund Manager
ROYAL BANK OF CANADA n/a ULT-AGG 4'869'621 3.26 (284'758) 30.06.2012 Bank
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4'137'930 2.77 646'060 30.09.2012 Hedge Fund Manager
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 3'575'022 2.39 (58'167) 30.09.2012 Investment Advisor
CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 3'397'988 2.28 (268'519) 30.09.2012 Investment Advisor
GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 2'462'833 1.65 (193'277) 30.09.2012 Investment Advisor
WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 2'443'690 1.64 (147'505) 30.06.2012 Investment Advisor
LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 2'424'092 1.62 (64'230) 30.09.2012 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 2'424'050 1.62 33'068 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2'419'025 1.62 (214'197) 30.09.2012 Investment Advisor
SCHEER ROWLETT & ASS SCHEER ROWLETT & ASS 13F 2'314'748 1.55 (435'471) 30.06.2012 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 2'269'006 1.52 (53'548) 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'198'213 1.47 (843'472) 30.06.2012 Investment Advisor
AJO, LP AJO, LP 13F 2'175'680 1.46 334'180 30.06.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'126'637 1.42 2'126'637 31.12.2011 Government
ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 2'072'874 1.39 20'902 30.06.2012 Hedge Fund Manager
CI INVESTMENTS INC Multiple Portfolios MF-AGG 1'899'177 1.27 189'221 30.06.2012 Hedge Fund Manager
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 1'869'338 1.25 9'216 30.06.2012 Investment Advisor
BEUTEL GOODMAN & COM BEUTEL, GOODMAN & CO 13F 1'851'655 1.24 91'705 30.09.2012 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 1'826'738 1.22 1'826'738 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays MATTHEW J KORN overweight 5 M 116 Not Provided 12.11.2012
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 98 12 month 11.11.2012
Susquehanna Financial Group DONALD D CARSON Positive 4 M 130 12 month 09.11.2012
Macquarie DAVID PUPO neutral 3 M 94 12 month 08.11.2012
Salman Partners RAYMOND GOLDIE top pick 5 M 166 12 month 08.11.2012
Dundee Securities Corp CAROLYN DENNIS buy 5 M 116 12 month 08.11.2012
TD Securities PAUL D'AMICO hold 3 M 105 12 month 08.11.2012
National Bank Financial ROBERT B WINSLOW underperform 1 M 87 12 month 08.11.2012
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 08.11.2012
Atlantic Equities LLP COLIN ISAAC overweight 5 M 107 12 month 08.11.2012
Alta Corp Capital Inc. JOHN CHU outperform 5 M 112 12 month 08.11.2012
BMO Capital Markets JOEL JACKSON outperform 5 M 114 Not Provided 07.11.2012
RBC Capital Markets ADAM SCHATZKER outperform 5 M 115 12 month 07.11.2012
Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 07.11.2012
CIBC World Markets JACOB BOUT sector outperform 5 M 121 12 month 07.11.2012
Desjardins Securities JOHN F HUGHES hold 3 M 106 Not Provided 07.11.2012
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 124 12 month 07.11.2012
Lazard Capital Markets EDLAIN RODRIGUEZ buy 5 M 120 12 month 07.11.2012
Piper Jaffray MICHAEL E COX neutral 3 M 110 12 month 07.11.2012
Credit Agricole Securities (USA) MARK W CONNELLY outperform 5 M 107 Not Provided 07.11.2012
PingAn Securities YAN ZHUBING buy 5 N #N/A N/A Not Provided 09.10.2012
Dahlman Rose & Co CHARLES NEIVERT hold 3 M #N/A N/A Not Provided 08.10.2012
Stifel Nicolaus PAUL A MASSOUD buy 5 M 103 12 month 10.09.2012
Scotia Capital BEN ISAACSON sector outperform 5 U 119 12 month 20.08.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 20.08.2012
Morgan Stanley VINCENT ANDREWS restricted #N/A N/A M #N/A N/A Not Provided 15.08.2012
Holdings By:
Agrium Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
American Vanguard Corporation develops and markets products for agricultural and
commercial uses. The Company manufactures and formulates chemicals for crops,
human, and animal health protection. Chemicals include insecticides,
fungicides, molluscicides, growth regulators, and soil fumigants.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (03.10.2012) 36.80
52-Week Low (12.03.2012) 19.32
Daily Volume
32.66
52-Week High % Change -11.21% Dividend Yield 0.37
52-Week Low % Change 69.05% Beta 1.04
% 52 Week Price Range High/Low 68.58% Equity Float 23.58
Shares Out 22.02.2013 28.5 Short Int 1.25
930.38 1 Yr Total Return 67.56%
Total Debt 52.44 YTD Return 5.12%
Preferred Stock 0.0 Adjusted BETA 1.037
Minority Interest 0.4 Analyst Recs 7
Cash and Equivalents 38.48 Consensus Rating 4.429
Enterprise Value 944.71
Average Volume 5 Day 87'673
AVD UN EQUITY YTD Change - Average Volume 30 Day 55'242
AVD UN EQUITY YTD % CHANGE - Average Volume 3 Month 54'257
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
237.5 209.3 226.9 301.1 366.2 282.3 347.5 430.7 482.6 110.0 100.1
1.68x 1.34x 1.30x 1.33x 2.45x 4.96x 8.07x - - - -
47.8 7.2 33.6 54.8 75.7 49.6 68.1 98.0 111.0 26.8 22.6
8.33x 39.16x 8.81x 7.29x 11.86x 7.51x 14.78x 9.60x 8.47x 9.55x 8.73x
20.0 (5.8) 11.0 22.1 36.9 19.5 32.0 48.7 60.2 13.2 11.2
16.03x 92.22x 21.35x 16.68x 24.27x 15.72x 31.07x 19.45x 16.19x 19.29x 18.32x
EBITDA 75.74 Long-Term Rating Date -
EBIT 59.32 Long-Term Rating -
Operating Margin 16.20% Long-Term Outlook -
Pretax Margin 15.53% Short-Term Rating Date -
Return on Assets 9.93% Short-Term Rating -
Return on Common Equity 17.89%
Return on Capital 14.46% EBITDA/Interest Exp. 26.37
Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. 20.23
Net Debt/EBITDA 0.18
Gross Margin 44.0% Total Debt/EBITDA 0.69
EBITDA Margin 20.7%
EBIT Margin 16.2% Total Debt/Equity 23.3%
Net Income Margin 10.1% Total Debt/Capital 18.9%
Asset Turnover 0.99
Current Ratio 1.96 Net Fixed Asset Turnover 9.02
Quick Ratio 1.01 Accounts receivable turnover-days 72.30
Debt to Assets 13.11% Inventory Days 141.91
Tot Debt to Common Equity 23.30% Accounts Payable Turnover Day 46.22
Accounts Receivable Turnover 5.06 Cash Conversion Cycle 168.00
Inventory Turnover 2.58
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
American Vanguard CorpPrice/Volume
Valuation Analysis
20'339.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KRAFT HERBERT A n/a 13D 2'634'790 9.39 (330'037) 07.02.2012 n/a
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'610'531 9.3 (119'231) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'982'374 7.06 180'594 30.06.2012 Investment Advisor
HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 1'945'840 6.93 (2'124'840) 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'495'183 5.33 264'925 30.06.2012 Investment Advisor
WINTEMUTE GLENN A n/a Form 4 1'061'959 3.78 (10'500) 01.06.2010 n/a
WINTEMUTE ERIC G n/a Form 4 1'015'204 3.62 - 22.03.2012 n/a
WADDELL & REED FINAN WADDELL & REED FINAN 13F 942'293 3.36 823'524 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 782'177 2.79 613'244 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 724'370 2.58 14'710 30.06.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 565'943 2.02 (354'582) 30.06.2012 Investment Advisor
THOMPSON SIEGEL & WA THOMPSON SIEGEL & WA 13F 529'963 1.89 (379'510) 30.09.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 491'741 1.75 45'840 30.06.2012 Investment Advisor
BABSON CAPITAL MANAG Multiple Portfolios MF-AGG 473'517 1.69 33'904 31.08.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 423'346 1.51 423'346 30.09.2012 Investment Advisor
OXFORD ASSET MANAGEM OXFORD ASSET MANAGEM 13F 406'310 1.45 (91'787) 30.09.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 394'274 1.41 57'371 30.06.2012 Investment Advisor
NEXT CENTURY GROWTH NEXT CENTURY GROWTH 13F 353'348 1.26 353'348 30.06.2012 Investment Advisor
HENNESSY ADVISORS IN HENNESSY ADVISORS IN 13F 296'600 1.06 24'000 30.09.2012 Investment Advisor
WALL STREET ASSOCIAT WALL STREET ASSOCIAT 13F 293'400 1.05 (11'200) 30.06.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Piper Jaffray MICHAEL E COX overweight 5 M 41 12 month 12.11.2012
Imperial Capital LLC RICHARD PAGET in-line 3 M 29 12 month 05.11.2012
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 02.11.2012
Feltl & Company BRENT R RYSTROM strong buy 5 M 39 12 month 02.11.2012
Sidoti & Company LLC DANIEL D RIZZO neutral 3 M 26 12 month 01.11.2012
Topeka Capital Markets Inc CHRISTOPHER KAPSCH buy 5 M 45 12 month 01.11.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 03.08.2012
Holdings By:
American Vanguard Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
The Andersons, Inc. merchandises grain, operates grain elevator facilities,
distributes wholesale agricultural fertilizer, and distributes agricultural
inputs to dealers and farmers. The Company also manufactures lawn fertilizer
and corncob-based products, and purchases, sells, repairs, and leases railcars.
In addition, The Andersons operates retail stores and a distribution center.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (27.04.2012) 51.49
52-Week Low (25.07.2012) 35.20
Daily Volume
49.42
52-Week High % Change -4.02% Dividend Yield 1.21
52-Week Low % Change 40.40% Beta 1.04
% 52 Week Price Range High/Low 86.56% Equity Float 17.46
Shares Out 07.02.2013 18.7 Short Int 0.81
924.15 1 Yr Total Return 12.36%
Total Debt 466.61 YTD Return 15.20%
Preferred Stock 0.0 Adjusted BETA 1.043
Minority Interest 17.0 Analyst Recs 8
Cash and Equivalents 138.22 Consensus Rating 3.750
Enterprise Value 1'269.57
Average Volume 5 Day 31'044
ANDE UW EQUITY YTD Change - Average Volume 30 Day 42'525
ANDE UW EQUITY YTD % CHANGE - Average Volume 3 Month 40'762
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
3'489.5 3'025.3 3'393.8 4'576.3 5'272.0 4'432.5 4'889.2 5'642.5 5'880.4 1'326.8 1'475.8
0.17x 0.22x 0.35x 0.25x 0.22x 1.16x 1.09x 0.16x 0.14x - -
97.4 92.4 125.3 164.6 160.1 175.4 125.7 180.4 208.8 37.7 61.1
6.07x 7.12x 9.55x 6.96x 7.16x 5.61x 0.00x 7.01x 6.06x 6.98x 6.71x
32.9 38.4 64.7 95.1 79.5 99.2 86.2 76.7 93.9 15.8 29.3
9.21x 12.41x 10.45x 8.58x 10.14x 6.31x 8.17x 11.97x 9.99x 11.96x 11.46x
EBITDA 160.05 Long-Term Rating Date -
EBIT 111.08 Long-Term Rating -
Operating Margin 2.11% Long-Term Outlook -
Pretax Margin 2.28% Short-Term Rating Date -
Return on Assets 4.06% Short-Term Rating -
Return on Common Equity 14.21%
Return on Capital 9.14% EBITDA/Interest Exp. 7.22
Asset Turnover 2.69% (EBITDA-Capex)/Interest Exp. -0.92
Net Debt/EBITDA 2.05
Gross Margin 6.8% Total Debt/EBITDA 2.92
EBITDA Margin 3.0%
EBIT Margin 2.1% Total Debt/Equity 78.5%
Net Income Margin 1.5% Total Debt/Capital 43.3%
Asset Turnover 2.69
Current Ratio 1.31 Net Fixed Asset Turnover 19.75
Quick Ratio 0.35 Accounts receivable turnover-days 13.07
Debt to Assets 21.38% Inventory Days 57.24
Tot Debt to Common Equity 78.50% Accounts Payable Turnover Day 47.83
Accounts Receivable Turnover 28.00 Cash Conversion Cycle 22.48
Inventory Turnover 6.39
Fiscal Year Ended
Andersons Inc/ThePrice/Volume
Valuation Analysis
8'651.00
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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1'000.0
1'500.0
2'000.0
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3'000.0
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4'500.0
5'000.0
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'487'595 8 (9'338) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'432'061 7.7 13'112 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'037'950 5.58 32'424 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 724'172 3.89 (46'893) 30.06.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 578'392 3.11 (103'908) 30.06.2012 Investment Advisor
COLUMBIA PARTNERS LL COLUMBIA PARTNERS LL 13F 420'088 2.26 32'912 30.06.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 396'118 2.13 2'713 30.06.2012 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 382'517 2.06 241'890 30.09.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 381'744 2.05 (31'108) 30.06.2012 Investment Advisor
AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 375'353 2.02 64'100 30.06.2012 Hedge Fund Manager
ANDERSON MICHAEL J n/a Form 4 345'211 1.86 (715) 07.11.2012 n/a
THOMPSON SIEGEL & WA THOMPSON SIEGEL & WA 13F 322'711 1.74 (146'048) 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 307'050 1.65 2'726 30.09.2012 Investment Advisor
CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 298'900 1.61 96'750 30.06.2012 Investment Advisor
ANDERSON DANIEL T n/a Form 4 295'078 1.59 (4'266) 14.09.2012 n/a
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 294'813 1.59 (66'455) 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 284'518 1.53 (23'737) 30.09.2012 Investment Advisor
F&C ASSET MANAGEMENT F&C ASSET MANAGEMENT 13F 271'355 1.46 37'900 30.09.2012 Investment Advisor
COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 252'370 1.36 (15'300) 28.09.2012 Investment Advisor
ANDERSON GERARD M n/a Form 4 213'648 1.15 1'389 01.03.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 40 Not Provided 07.11.2012
Stephens Inc FARHA ASLAM overweight 5 M 50 12 month 07.11.2012
CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 07.11.2012
Feltl & Company BRENT R RYSTROM buy 5 M 49 12 month 07.11.2012
Scotia Capital CHRISTINE HEALY sector perform 3 M 45 12 month 06.11.2012
Piper Jaffray MICHAEL E COX neutral 3 M 46 12 month 06.11.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 06.11.2012
BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 06.08.2012
Holdings By:
Andersons Inc/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Archer-Daniels-Midland Company procures, transports, stores, processes, and
merchandises agricultural commodities and products. The Company processes
oilseeds, corn, milo, oats, barley, peanuts, and wheat. Archer-Daniels-Midland
also processes produce products which have primarily two end uses including
food or feed ingredients.
Latest Fiscal Year: 09/2012
LTM as of: 09/yy
52-Week High (10.05.2012) 33.98
52-Week Low (15.11.2012) 24.38
Daily Volume
32.62
52-Week High % Change -4.00% Dividend Yield 2.15
52-Week Low % Change 33.80% Beta 1.07
% 52 Week Price Range High/Low 85.00% Equity Float 643.60
Shares Out 31.01.2013 658.6 Short Int 9.53
21'483.29 1 Yr Total Return 7.43%
Total Debt 10'320.00 YTD Return 19.79%
Preferred Stock 0.0 Adjusted BETA 1.074
Minority Interest 200.0 Analyst Recs 14
Cash and Equivalents 1'729.00 Consensus Rating 3.000
Enterprise Value 28'016.29
Average Volume 5 Day 1'196'338
ADM UN EQUITY YTD Change - Average Volume 30 Day 1'501'573
ADM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'285'236
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
69'816.0 69'207.0 61'682.0 80'676.0 89'038.0 85'779.0 88'944.0 89'925.6 88'991.2 21'857.8 22'996.5
0.44x 0.33x 0.36x 0.36x 0.32x 1.37x 1.25x - - - -
3'176.0 3'457.0 3'357.0 3'566.0 2'890.0 3'721.0 2'689.0 3'361.8 3'929.8 775.0 720.5
9.74x 6.66x 6.54x 8.05x 9.77x 6.44x 9.90x 8.33x 7.13x 8.18x 7.64x
1'802.0 1'684.0 1'930.0 2'036.0 1'223.0 2'151.0 945.0 1'638.2 1'931.8 365.8 306.8
11.97x 9.36x 8.38x 9.92x 12.89x 7.73x 13.46x 12.90x 10.79x 12.66x 11.73x
EBITDA 2'890.00 Long-Term Rating Date 19.10.2012
EBIT 2'042.00 Long-Term Rating A *-
Operating Margin 2.29% Long-Term Outlook -
Pretax Margin 1.98% Short-Term Rating Date 19.10.2012
Return on Assets 3.78% Short-Term Rating A-1 *-
Return on Common Equity 7.41%
Return on Capital 6.08% EBITDA/Interest Exp. 6.45
Asset Turnover 2.49% (EBITDA-Capex)/Interest Exp. 3.15
Net Debt/EBITDA 2.31
Gross Margin 4.1% Total Debt/EBITDA 3.37
EBITDA Margin 3.1%
EBIT Margin 2.2% Total Debt/Equity 57.4%
Net Income Margin 1.4% Total Debt/Capital 36.2%
Asset Turnover 2.49
Current Ratio 1.84 Net Fixed Asset Turnover 9.18
Quick Ratio 0.34 Accounts receivable turnover-days 10.29
Debt to Assets 24.84% Inventory Days 26.13
Tot Debt to Common Equity 57.43% Accounts Payable Turnover Day 10.16
Accounts Receivable Turnover 35.56 Cash Conversion Cycle 57.77
Inventory Turnover 14.00
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
Archer-Daniels-Midland CoPrice/Volume
Valuation Analysis
246'609.00
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 56'294'742 8.55 - 30.06.2012 Insurance Company
BLACKROCK n/a ULT-AGG 35'984'944 5.46 (169'804) 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 32'101'505 4.87 789'153 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 29'817'275 4.53 217'564 30.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 16'198'400 2.46 1'071'900 30.06.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12'687'918 1.93 829'875 30.09.2012 Investment Advisor
CARTER MOLLIE HALE n/a Form 4 11'465'023 1.74 (1'967) 08.12.2011 n/a
JP MORGAN n/a ULT-AGG 11'037'740 1.68 1'000'890 30.09.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 10'075'010 1.53 1'595'810 30.09.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'765'870 1.48 (1'431'199) 30.06.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 9'468'849 1.44 156'688 30.06.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 9'349'930 1.42 (607'800) 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 9'325'041 1.42 (296'404) 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'664'815 1.32 112'193 30.09.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'584'036 1.3 951'712 30.06.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 7'597'638 1.15 (748'892) 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'277'788 1.11 (2'325'475) 28.09.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 5'836'792 0.89 3'948 30.06.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 5'723'796 0.87 (444'263) 30.06.2012 Investment Advisor
CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 5'030'971 0.76 (161'234) 30.09.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 07.11.2012
CL King & Associates ERIC J LARSON buy 5 M 32 12 month 07.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 06.11.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 26 Not Provided 31.10.2012
Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 31.10.2012
Buckingham Research Group JOHN E ROBERTS buy 5 M 37 12 month 31.10.2012
Miller Tabak + Co., LLC TIM TIBERIO neutral 3 M 26 12 month 31.10.2012
Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 27 Not Provided 31.10.2012
Credit Suisse ROBERT MOSKOW restricted #N/A N/A M #N/A N/A Not Provided 30.10.2012
Davenport & Co ANN H GURKIN buy 5 M 33 Not Provided 30.10.2012
Scotia Capital CHRISTINE HEALY sector perform 3 M 31 12 month 30.10.2012
S&P Capital IQ THOMAS GRAVES hold 3 U 29 12 month 26.09.2012
Holdings By:
Archer-Daniels-Midland Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking
oil. Through its subsidiaries, the Company also operates a variety of other
plantations such as palm oil, tea, and cocoa plantations.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (18.07.2012) 24'000.00
52-Week Low (03.12.2012) 17'800.00
Daily Volume
18700
52-Week High % Change -22.08% Dividend Yield -
52-Week Low % Change 5.06% Beta 0.97
% 52 Week Price Range High/Low 14.52% Equity Float 319.91
Shares Out 31.12.2012 1'574.7 Short Int -
29'447'732.00 1 Yr Total Return -13.56%
Total Debt 971'950.00 YTD Return -5.08%
Preferred Stock 0.0 Adjusted BETA 0.966
Minority Interest 336'232.0 Analyst Recs 31
Cash and Equivalents 227'769.00 Consensus Rating 3.903
Enterprise Value 30'528'144.50
Average Volume 5 Day 1'156'100
AALI IJ EQUITY YTD Change - Average Volume 30 Day 1'341'250
AALI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 1'222'750
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
8'161'217.0 7'424'283.0 8'843'721.0 10'772'582.0 11'564'319.0 ######### ######### ######### ######### - -
1.81x 4.75x 4.55x 3.12x 2.78x 12.60x 12.05x 2.38x 2.12x - -
3'616'720.0 2'898'342.0 3'335'987.0 3'572'651.0 3'930'947.0 ######### ######### ######### ######### - -
4.08x 12.16x 12.07x 9.41x 8.17x 7.10x 9.96x 7.76x 7.08x - -
2'631'019.0 1'660'649.0 2'016'780.0 2'405'564.0 2'410'259.0 ######### ######### ######### ######### - -
5.87x 21.57x 20.46x 14.21x 12.87x 11.47x 15.59x 12.16x 11.52x - -
EBITDA 3'930'947.00 Long-Term Rating Date -
EBIT 3'453'729.00 Long-Term Rating -
Operating Margin 29.87% Long-Term Outlook -
Pretax Margin 30.48% Short-Term Rating Date -
Return on Assets 21.31% Short-Term Rating -
Return on Common Equity 28.08%
Return on Capital 27.10% EBITDA/Interest Exp. 134.64
Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 44.54
Net Debt/EBITDA 0.19
Gross Margin 37.7% Total Debt/EBITDA 0.25
EBITDA Margin 34.0%
EBIT Margin 29.9% Total Debt/Equity 10.8%
Net Income Margin 20.8% Total Debt/Capital 9.4%
Asset Turnover 1.02
Current Ratio 0.68 Net Fixed Asset Turnover 1.32
Quick Ratio 0.10 Accounts receivable turnover-days 0.72
Debt to Assets 7.83% Inventory Days 51.27
Tot Debt to Common Equity 10.76% Accounts Payable Turnover Day 25.89
Accounts Receivable Turnover 507.31 Cash Conversion Cycle 26.10
Inventory Turnover 7.14
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Astra Agro Lestari Tbk PTPrice/Volume
Valuation Analysis
930'500.00
Current Price (3/dd/yy) Market Data
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6'000'000.0
8'000'000.0
10'000'000.0
12'000'000.0
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PT ASTRA INTERNATION n/a EXCH 1'254'756'812 79.68 - 30.04.2012 Corporation
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 24'982'120 1.59 (22'000) 12.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'942'356 0.95 658'780 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'252'500 0.46 1'089'500 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'940'670 0.44 48'000 09.11.2012 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 5'297'000 0.34 - 31.12.2010 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'870'000 0.25 - 09.11.2012 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 2'659'000 0.17 - 31.08.2012 Investment Advisor
DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 2'618'600 0.17 - 31.12.2010 Mutual Fund Manager
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 2'500'000 0.16 - 31.12.2010 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'446'000 0.16 74'500 31.07.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2'303'000 0.15 (108'500) 29.06.2012 Investment Advisor
BAHANA TCW INVESTMEN Multiple Portfolios MF-AGG 1'706'500 0.11 - 31.12.2010 Mutual Fund Manager
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'695'500 0.11 - 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'533'000 0.1 - 31.12.2010 Mutual Fund Manager
FIRST STATE INVESTME Multiple Portfolios MF-AGG 1'508'000 0.1 - 31.12.2010 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'286'000 0.08 - 29.06.2012 Mutual Fund Manager
MITSUI SUMITOMO TRUS Multiple Portfolios MF-AGG 1'104'125 0.07 (405'000) 10.05.2012 Mutual Fund Manager
KOKUSAI ASSET MANAGE Multiple Portfolios MF-AGG 1'078'500 0.07 (239'000) 23.01.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 978'500 0.06 (60'500) 29.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 12.11.2012
Macquarie SUNAINA DHANUKA underperform 1 D 17'900 12 month 08.11.2012
Standard Chartered JOO ENG TEO in-line 3 M 20'443 12 month 07.11.2012
Bahana Securities LEONARDO HENRY GAVAZA buy 5 M 26'000 Not Provided 07.11.2012
Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN buy 5 M 23'400 12 month 06.11.2012
Kim Eng Securities PANDU ANUGRAH hold 3 M 22'500 12 month 05.11.2012
Deutsche Bank JOVIN NG buy 5 M 23'000 12 month 01.11.2012
Sucorinvest Central Gani ISFHAN HELMY hold 3 U 19'700 12 month 31.10.2012
Danareksa GABRIELLA MAUREEN NATASHA hold 3 M 20'500 12 month 31.10.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 20'600 12 month 30.10.2012
Credit Suisse AGUS SANDIANTO outperform 5 M 27'000 Not Provided 30.10.2012
DBS Vickers BEN SANTOSO hold 3 M 21'600 12 month 30.10.2012
CIMB ERWAN TEGUH TEH outperform 5 M 27'400 12 month 30.10.2012
Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN buy 5 U 25'000 12 month 30.10.2012
Ciptadana Sekuritas SURAJ KHIANI hold 3 M 19'000 15 month 30.10.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 25'558 12 month 30.10.2012
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 23'500 Not Provided 30.10.2012
Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA neutral 3 M 23'000 12 month 30.10.2012
Indo Premier Securities WILLY GUNAWAN sell 1 M 16'300 12 month 30.10.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 26'000 12 month 29.10.2012
JPMorgan YING-JIAN CHAN underweight 1 M 15'000 6 month 29.10.2012
Trimegah Securities Tbk PT WILLIAM SIMADIPUTRA hold 3 M 22'000 12 month 29.10.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 29'000 Not Provided 29.10.2012
PT Batavia Prosperindo Sekuritas YASMIN SOULISA buy 5 M 25'200 12 month 15.10.2012
BNP Paribas Equity Research HELMY KRISTANTO buy 5 M 27'600 12 month 25.09.2012
HSBC THILAN WICKRAMASINGHE underweight 1 D 22'000 Not Provided 05.09.2012
PT ONIX Capital Tbk SHEILA YOVITA hold 3 M 22'600 12 month 26.07.2012
BNI Securities VIVIET S PUTRI buy 5 M 22'500 12 month 14.03.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
Kresna Graha Sekurindo Tbk PT GEMILANG LIM hold 3 M 23'200 Not Provided 09.09.2011
Holdings By:
Astra Agro Lestari Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
BRF-Brasil Foods SA is a food processor in Latin America. The Company raises
chickens to produce poultry products. Brasil Foods also processes frozen
pastas, soybeans and their derivatives, and distributes frozen vegetables. The
Company's core business is chilled and frozen food. The Company has offices
in the Middle East, Asia, and Europe.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (08.03.2013) 23.24
52-Week Low (12.07.2012) 13.61
Daily Volume
22.36
52-Week High % Change -3.79% Dividend Yield -
52-Week Low % Change 64.29% Beta 1.09
% 52 Week Price Range High/Low 98.65% Equity Float -
Shares Out 18.02.2013 872.5 Short Int 8.15
19'508.50 1 Yr Total Return 9.58%
Total Debt 9'518.32 YTD Return 6.43%
Preferred Stock 0.0 Adjusted BETA 1.090
Minority Interest 37.5 Analyst Recs 8
Cash and Equivalents 2'627.06 Consensus Rating 3.500
Enterprise Value -
Average Volume 5 Day 448'725
BRFS UN EQUITY YTD Change - Average Volume 30 Day 392'869
BRFS UN EQUITY YTD % CHANGE - Average Volume 3 Month 456'513
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
11'393.0 15'905.8 22'681.3 25'706.2 28'517.4 25'007.5 27'470.8 31'632.5 34'986.8 7'230.8 7'463.3
0.84x 2.74x 1.21x 1.43x 1.53x 4.69x 3.90x 1.43x 1.28x 6.27x 6.07x
1'079.8 619.4 2'320.6 2'878.5 2'333.1 2'926.8 1'743.2 3'858.8 4'642.6 678.3 749.0
8.83x 70.41x 11.85x 12.81x 18.70x 11.09x 0.00x - - - -
54.4 123.0 804.1 1'367.4 813.2 1'606.6 371.5 1'801.1 2'278.6 286.0 331.0
- - - - - 0.00x 0.00x 21.74x 16.87x 23.22x -
EBITDA 2'333.14 Long-Term Rating Date 04.04.2012
EBIT 1'366.48 Long-Term Rating BBB-
Operating Margin 4.79% Long-Term Outlook STABLE
Pretax Margin 2.87% Short-Term Rating Date -
Return on Assets 2.68% Short-Term Rating -
Return on Common Equity 5.69%
Return on Capital - EBITDA/Interest Exp. 3.98
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 0.76
Net Debt/EBITDA 2.89
Gross Margin 22.6% Total Debt/EBITDA 3.99
EBITDA Margin 8.4%
EBIT Margin 4.8% Total Debt/Equity 65.5%
Net Income Margin 2.9% Total Debt/Capital 39.5%
Asset Turnover 0.94
Current Ratio 1.55 Net Fixed Asset Turnover 2.79
Quick Ratio 0.76 Accounts receivable turnover-days 40.68
Debt to Assets 30.93% Inventory Days 47.26
Tot Debt to Common Equity 65.47% Accounts Payable Turnover Day 49.52
Accounts Receivable Turnover 9.00 Cash Conversion Cycle 18.19
Inventory Turnover 7.74
Fiscal Year Ended
BRF - Brasil Foods SAPrice/Volume
Valuation Analysis
348'006.00
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
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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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 13'227'826 1.52 (1'183'340) 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 9'556'075 1.1 986'683 31.07.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'871'238 1.02 19'966 30.06.2012 Investment Advisor
ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 3'913'454 0.45 147'046 30.06.2012 Hedge Fund Manager
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'639'282 0.42 (780'271) 30.06.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'580'196 0.41 (961'655) 30.09.2012 Unclassified
MACQUARIE GROUP LTD n/a ULT-AGG 3'130'960 0.36 (98'575) 30.06.2012 Investment Advisor
WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 2'271'378 0.26 2'127'078 30.06.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'786'373 0.2 (44'974) 30.06.2012 Investment Advisor
CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'737'820 0.2 38'000 30.09.2012 Pension Fund (ERISA)
BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 1'651'299 0.19 (1'089'321) 30.06.2012 Investment Advisor
CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 1'395'460 0.16 (119'234) 31.10.2011 Mutual Fund Manager
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'331'981 0.15 (720'319) 30.06.2012 Investment Advisor
EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 1'199'748 0.14 6'344 09.11.2012 Investment Advisor
QVT FINANCIAL LP QVT FINANCIAL LP 13F 1'197'220 0.14 660'000 30.06.2012 Hedge Fund Manager
ALPS ADVISORS INC ALPS ADVISORS INC 13F 1'179'046 0.14 42'339 30.09.2012 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 1'016'278 0.12 - 31.08.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 983'982 0.11 (70'127) 30.06.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 955'679 0.11 381'785 30.06.2012 Investment Advisor
FORTIS FUND MANAGERS Multiple Portfolios MF-AGG 950'000 0.11 - 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James JOSEPH GIORDANO market perform 3 M #N/A N/A Not Provided 12.11.2012
JPMorgan ALAN ALANIS underweight 1 D 17 12 month 28.09.2012
Miller Tabak + Co., LLC TIM TIBERIO hold 3 D 18 12 month 14.09.2012
Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 20 Not Provided 28.08.2012
Deutsche Bank JOSE J YORDAN hold 3 M 15 12 month 14.08.2012
HSBC PEDRO HERRERA overweight 5 M 20 Not Provided 23.07.2012
Grupo Santander LUIS MIRANDA buy 5 M 24 Not Provided 13.12.2011
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 21 12 month 21.10.2011
Bradesco Corretora RICARDO BOIATI market perform 3 M 21 Not Provided 13.05.2011
Holdings By:
BRF - Brasil Foods SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Bunge Limited is a global agribusiness and food company. The Company buys,
sells, stores, transports and processes oilseeds and grains to make protein meal
for animal feed and edible oil products for commercial customers and consumers.
Bunge also produces sugar and ethanol from sugarcane, mills wheat and corn, and
sells fertilizer.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (05.02.2013) 80.99
52-Week Low (04.06.2012) 57.12
Daily Volume
74.88
52-Week High % Change -7.54% Dividend Yield 1.42
52-Week Low % Change 31.09% Beta 1.00
% 52 Week Price Range High/Low 76.58% Equity Float 137.23
Shares Out 22.02.2013 146.6 Short Int 3.18
10'974.11 1 Yr Total Return 14.62%
Total Debt 8'897.00 YTD Return 3.39%
Preferred Stock 690.0 Adjusted BETA 0.999
Minority Interest 431.0 Analyst Recs 14
Cash and Equivalents 569.00 Consensus Rating 3.857
Enterprise Value 20'423.11
Average Volume 5 Day 189'059
BG UN EQUITY YTD Change - Average Volume 30 Day 306'740
BG UN EQUITY YTD % CHANGE - Average Volume 3 Month 242'980
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
52'574.0 41'926.0 45'707.0 56'097.0 60'991.0 55'024.0 62'274.0 66'618.4 68'069.3 14'018.3 15'906.6
0.21x 0.34x 0.33x 0.26x 0.33x 1.09x 1.01x 0.25x 0.25x - -
2'862.0 305.0 1'396.0 1'717.0 1'580.0 1'776.0 1'655.0 2'264.5 2'355.7 383.2 566.4
3.89x 46.71x 10.70x 8.49x 12.71x 7.60x 10.99x 9.01x 8.67x 9.27x 8.88x
1'064.0 361.0 2'354.0 942.0 64.0 989.0 917.0 1'142.3 1'226.8 143.6 299.9
7.66x 37.55x 15.98x 8.42x 15.21x 9.12x 11.93x 10.13x 9.25x 10.11x 10.02x
EBITDA 1'580.00 Long-Term Rating Date 10.06.2010
EBIT 1'010.00 Long-Term Rating BBB-
Operating Margin 1.66% Long-Term Outlook POS
Pretax Margin 0.61% Short-Term Rating Date -
Return on Assets 0.24% Short-Term Rating -
Return on Common Equity 0.26%
Return on Capital - EBITDA/Interest Exp. 5.37
Asset Turnover 2.39% (EBITDA-Capex)/Interest Exp. 1.65
Net Debt/EBITDA 5.44
Gross Margin 4.2% Total Debt/EBITDA 5.82
EBITDA Margin 2.4%
EBIT Margin 1.5% Total Debt/Equity 87.5%
Net Income Margin 0.1% Total Debt/Capital 44.1%
Asset Turnover 2.39
Current Ratio 1.49 Net Fixed Asset Turnover 11.02
Quick Ratio 0.26 Accounts receivable turnover-days 14.35
Debt to Assets 32.61% Inventory Days 37.41
Tot Debt to Common Equity 87.47% Accounts Payable Turnover Day 19.43
Accounts Receivable Turnover 25.50 Cash Conversion Cycle 33.35
Inventory Turnover 9.78
Fiscal Year Ended
Bunge LtdPrice/Volume
Valuation Analysis
45'905.00
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVT OF SINGAPORE IN n/a PROXY 7'305'865 5 - 01.03.2012 Government
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'345'782 4.34 212'257 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'889'581 4.03 (145'519) 30.06.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 5'679'747 3.89 840'902 30.09.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'421'645 3.02 144'014 30.09.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 4'248'886 2.91 (142'706) 30.06.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'811'875 2.61 88'900 28.09.2012 Mutual Fund Manager
HARDING LOEVNER LP HARDING LOEVNER LP 13F 3'137'158 2.15 322'292 30.09.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'116'789 2.13 1'433'039 30.06.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 3'108'139 2.13 (460'121) 30.06.2012 Bank
STATE STREET CORP STATE STREET CORPORA 13F 2'817'342 1.93 188'243 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'582'893 1.77 (66'622) 30.06.2012 Investment Advisor
LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 2'315'664 1.58 12'693 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2'235'655 1.53 (196'015) 30.09.2012 Investment Advisor
ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 1'746'741 1.19 36'298 30.06.2012 Hedge Fund Manager
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'678'822 1.15 (661'112) 30.06.2012 Investment Advisor
SOUND SHORE MANAGEME SOUND SHORE MANAGEME 13F 1'645'653 1.13 1'645'653 30.09.2012 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 1'574'000 1.08 - 30.06.2011 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 1'558'747 1.07 - 28.09.2012 Mutual Fund Manager
TAUBE HODSON STONEX TAUBE HODSON STONEX 13F 1'244'306 0.85 93'130 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 02.11.2012
Credit Suisse ROBERT MOSKOW outperform 5 M 78 Not Provided 29.10.2012
BMO Capital Markets KENNETH B ZASLOW outperform 5 M 80 Not Provided 26.10.2012
Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 26.10.2012
Feltl & Company BRENT R RYSTROM strong buy 5 M 82 12 month 26.10.2012
Scotia Capital CHRISTINE HEALY sector outperform 5 M 85 12 month 25.10.2012
Itau BBA Securities GIOVANA ARAUJO market perform 3 M 80 Not Provided 25.10.2012
Piper Jaffray MICHAEL E COX neutral 3 M 78 12 month 25.10.2012
Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 88 Not Provided 25.10.2012
S&P Capital IQ THOMAS GRAVES buy 5 M 75 12 month 26.09.2012
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 75 12 month 20.09.2012
HSBC PEDRO HERRERA neutral 3 M 74 Not Provided 17.09.2012
Holdings By:
Bunge Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate
fertilizer products globally. The Company's principal products in the nitrogen
segment are ammonia, urea, urea ammonium nitrate solution, ammonium nitrate,
diesel exhaust fluid and aqua ammonia. The principal products in the phosphate
segment are diammonium phosphate and monoammonium phosphate.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (30.01.2013) 233.39
52-Week Low (17.05.2012) 154.17
Daily Volume
206.82
52-Week High % Change -11.38% Dividend Yield -
52-Week Low % Change 34.15% Beta 1.16
% 52 Week Price Range High/Low 66.86% Equity Float 62.70
Shares Out 31.01.2013 63.0 Short Int 1.77
13'030.54 1 Yr Total Return 16.66%
Total Debt 1'605.00 YTD Return 1.99%
Preferred Stock 0.0 Adjusted BETA 1.163
Minority Interest 380.0 Analyst Recs 22
Cash and Equivalents 2'274.90 Consensus Rating 3.409
Enterprise Value 12'740.64
Average Volume 5 Day 210'353
CF UN EQUITY YTD Change - Average Volume 30 Day 222'459
CF UN EQUITY YTD % CHANGE - Average Volume 3 Month 211'909
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
3'921.1 2'608.4 3'965.0 6'097.9 6'104.0 5'617.1 6'341.0 5'970.6 5'727.3 1'477.3 1'705.9
0.45x 1.30x 2.82x 1.83x 2.05x 7.53x 7.91x 2.20x 2.30x - -
1'251.0 780.8 1'301.5 3'160.9 3'332.2 2'750.4 3'543.6 3'058.8 2'726.7 713.7 925.6
1.42x 4.34x 8.58x 3.52x 3.75x 3.47x 3.92x 4.16x 4.66x 4.13x 4.32x
684.6 365.6 349.2 1'539.2 1'848.7 1'300.6 1'816.9 1'597.7 1'409.5 390.0 509.2
3.84x 11.62x 16.77x 6.22x 6.91x 6.71x 7.78x 8.04x 8.96x 8.05x 8.47x
EBITDA 3'332.20 Long-Term Rating Date -
EBIT 2'912.40 Long-Term Rating -
Operating Margin 47.71% Long-Term Outlook -
Pretax Margin 47.31% Short-Term Rating Date -
Return on Assets 19.32% Short-Term Rating -
Return on Common Equity 35.38%
Return on Capital 27.89% EBITDA/Interest Exp. 24.63
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 20.76
Net Debt/EBITDA -0.20
Gross Margin 51.0% Total Debt/EBITDA 0.48
EBITDA Margin 54.6%
EBIT Margin 47.7% Total Debt/Equity 27.2%
Net Income Margin 30.3% Total Debt/Capital 20.3%
Asset Turnover 0.64
Current Ratio 2.97 Net Fixed Asset Turnover 1.60
Quick Ratio 2.64 Accounts receivable turnover-days 14.59
Debt to Assets 15.79% Inventory Days 35.62
Tot Debt to Common Equity 27.19% Accounts Payable Turnover Day 28.77
Accounts Receivable Turnover 25.08 Cash Conversion Cycle 21.45
Inventory Turnover 10.28
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
CF Industries Holdings IncPrice/Volume
Valuation Analysis
87'238.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 4'461'472 7.1 (427'894) 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'064'370 6.46 55'936 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'846'166 6.12 (2'581'513) 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 2'801'685 4.46 135'230 30.06.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 1'746'008 2.78 126'168 30.09.2012 Unclassified
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'566'162 2.49 295'096 30.06.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 1'454'336 2.31 89'277 30.09.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'242'315 1.98 27'275 28.09.2012 Mutual Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'216'106 1.93 51'809 30.09.2012 Investment Advisor
AJO, LP AJO, LP 13F 1'187'650 1.89 772'050 30.06.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'177'657 1.87 35'765 30.06.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'040'505 1.65 90'210 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'004'282 1.6 (89'484) 30.09.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 951'220 1.51 28'246 30.09.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 925'838 1.47 776'579 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 914'615 1.45 102'384 30.06.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 828'344 1.32 (35'150) 30.06.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 806'859 1.28 (382'700) 30.06.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 805'634 1.28 38'249 30.09.2012 Hedge Fund Manager
FIRST TRUST ADVISORS FIRST TRUST ADVISORS 13F 652'090 1.04 84'063 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Susquehanna Financial Group DONALD D CARSON Positive 4 M 320 12 month 13.11.2012
Barclays MATTHEW J KORN overweight 5 M 250 Not Provided 08.11.2012
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 250 12 month 07.11.2012
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 241 12 month 07.11.2012
Feltl & Company BRENT R RYSTROM strong buy 5 M 241 12 month 07.11.2012
Atlantic Equities LLP COLIN ISAAC neutral 3 M 212 12 month 07.11.2012
BMO Capital Markets JOEL JACKSON outperform 5 M 235 Not Provided 06.11.2012
RBC Capital Markets ADAM SCHATZKER sector perform 3 M 250 12 month 06.11.2012
Scotia Capital BEN ISAACSON sector perform 3 M 225 12 month 06.11.2012
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 240 12 month 06.11.2012
S&P Capital IQ KEVIN KIRKEBY sell 1 M 190 Not Provided 06.11.2012
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 06.11.2012
Lazard Capital Markets EDLAIN RODRIGUEZ buy 5 M 250 12 month 06.11.2012
Piper Jaffray MICHAEL E COX overweight 5 M 250 12 month 06.11.2012
Credit Agricole Securities (USA) MARK W CONNELLY outperform 5 M 225 Not Provided 06.11.2012
Dahlman Rose & Co CHARLES NEIVERT hold 3 D 200 12 month 15.10.2012
Stifel Nicolaus PAUL A MASSOUD hold 3 N #N/A N/A Not Provided 21.08.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
CF Industries Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
China Agri-Industries Holdings Ltd. produces biofuel and biochemical. The
Company also processes oilseed and wheat, and produces malt used for beer
brewage.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (12.03.2012) 5.54
52-Week Low (25.07.2012) 3.47
Daily Volume
4.36
52-Week High % Change -21.34% Dividend Yield 1.49
52-Week Low % Change 25.68% Beta 1.40
% 52 Week Price Range High/Low 42.96% Equity Float 2'070.25
Shares Out 24.12.2012 5'249.9 Short Int -
22'889.48 1 Yr Total Return -20.00%
Total Debt 33'122.76 YTD Return 0.46%
Preferred Stock 0.0 Adjusted BETA 1.405
Minority Interest 3'146.3 Analyst Recs 15
Cash and Equivalents 9'175.65 Consensus Rating 4.467
Enterprise Value 53'711.65
Average Volume 5 Day 10'155'090
606 HK EQUITY YTD Change - Average Volume 30 Day 11'780'120
606 HK EQUITY YTD % CHANGE - Average Volume 3 Month 16'129'820
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
28'869.2 41'802.1 43'827.9 53'491.7 82'349.9 - - 98'624.0 113'564.9 - -
0.78x 0.43x 1.13x 1.05x 0.62x - - 0.48x 0.46x - -
1'319.5 4'435.3 2'738.6 3'769.3 379.5 - - 3'823.7 4'886.1 - -
17.16x 4.08x 18.10x 14.95x 134.27x - - 14.05x 10.99x - -
1'100.4 2'624.9 1'952.0 1'701.6 2'368.0 - - 1'368.1 1'945.8 - -
16.21x 5.27x 19.71x 20.41x 10.08x - - 13.05x 10.23x - -
EBITDA 379.53 Long-Term Rating Date -
EBIT -582.85 Long-Term Rating -
Operating Margin -0.71% Long-Term Outlook -
Pretax Margin 4.70% Short-Term Rating Date -
Return on Assets 1.72% Short-Term Rating -
Return on Common Equity 5.88%
Return on Capital 4.30% EBITDA/Interest Exp. 0.41
Asset Turnover 1.23% (EBITDA-Capex)/Interest Exp. -6.20
Net Debt/EBITDA 22.02
Gross Margin 8.2% Total Debt/EBITDA 29.32
EBITDA Margin 1.4%
EBIT Margin 0.1% Total Debt/Equity 150.8%
Net Income Margin 2.9% Total Debt/Capital 56.9%
Asset Turnover 1.23
Current Ratio 1.25 Net Fixed Asset Turnover 4.29
Quick Ratio 0.43 Accounts receivable turnover-days 18.25
Debt to Assets 47.29% Inventory Days 99.65
Tot Debt to Common Equity 150.81% Accounts Payable Turnover Day 17.14
Accounts Receivable Turnover 20.05 Cash Conversion Cycle 86.35
Inventory Turnover 3.67
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Agri-Industries Holdings LtdPrice/Volume
Valuation Analysis
6'821'945.00
Current Price (3/dd/yy) Market Data
'
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10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WIDE SMART HOLDINGS #N/A N/A EXCH 1'922'550'331 47.61 - 05.11.2012 Government
COFCO HONG KONG LTD #N/A N/A EXCH 273'764'483 6.78 - 05.11.2012 Corporation
MITSUBISHI CORP n/a Co File 141'483'000 3.5 - 31.03.2012 Corporation
COFCO (BVI) NO. 108 #N/A N/A EXCH 140'000'000 3.47 - 05.11.2012 Other
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 119'560'000 2.96 (13'775'000) 30.06.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 66'033'818 1.64 1'476'058 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 60'827'642 1.51 (56'000) 12.11.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 40'566'309 1 320'000 28.09.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 28'860'180 0.71 (7'065'000) 09.11.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 12'716'000 0.31 - 28.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 9'153'000 0.23 - 31.07.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 6'833'226 0.17 379'326 28.09.2012 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 4'499'421 0.11 (82'796) 30.09.2012 Mutual Fund Manager
FIRST STATE INVESTME Multiple Portfolios MF-AGG 4'183'000 0.1 - 31.07.2012 Mutual Fund Manager
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 4'183'000 0.1 - 31.07.2012 Bank
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 4'177'380 0.1 - 28.09.2012 Investment Advisor
OSK UOB UNIT TRUST M Multiple Portfolios MF-AGG 3'980'000 0.1 - 31.03.2011 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'971'000 0.1 37'000 31.07.2012 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 3'862'000 0.1 56'000 09.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 3'686'111 0.09 2'185'000 12.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan YING-JIAN CHAN overweight 5 M 6 6 month 09.11.2012
CIMB Yang Lei outperform 5 M 5 12 month 06.11.2012
Ji Asia WINNIE MAK buy 5 M 10 12 month 16.10.2012
Nomura EMMA LIU buy 5 M 5 Not Provided 09.10.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 11.09.2012
First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 M 5 12 month 10.09.2012
Bank of China International JENNY CHAN buy 5 U 5 Not Provided 03.09.2012
Morgan Stanley LILLIAN LOU Overwt/Attractive 5 M 6 12 month 29.08.2012
SWS Research Co Ltd SEAN ZHANG neutral 3 D 5 Not Provided 25.07.2012
Hua Tai Securities Co., Ltd QIU YANG add 4 D 5 6 month 02.07.2012
China International Capital Corp DAN WANG accumulate 4 M 6 12 month 29.06.2012
Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 7 12 month 02.04.2012
BOCOM International Holdings TEAM COVERAGE neutral 3 N 12 12 month 31.03.2010
Holdings By:
China Agri-Industries Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
China BlueChemical Ltd. manufactures nitrogen fertilizers. The Company
produces ammonia and urea.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (16.03.2012) 6.56
52-Week Low (10.07.2012) 4.18
Daily Volume
4.87
52-Week High % Change -25.76% Dividend Yield 4.10
52-Week Low % Change 16.51% Beta 0.99
% 52 Week Price Range High/Low 28.99% Equity Float 1'665.36
Shares Out 30.06.2012 1'771.0 Short Int -
22'450.70 1 Yr Total Return -20.93%
Total Debt 425.00 YTD Return -6.35%
Preferred Stock 0.0 Adjusted BETA 0.987
Minority Interest 1'430.7 Analyst Recs 21
Cash and Equivalents 2'836.12 Consensus Rating 4.333
Enterprise Value 17'326.15
Average Volume 5 Day 6'212'252
3983 HK EQUITY YTD Change - Average Volume 30 Day 7'542'176
3983 HK EQUITY YTD % CHANGE - Average Volume 3 Month 8'640'047
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
4'340.4 6'811.8 5'794.6 6'867.3 9'756.3 - - 10'706.4 12'221.9 - -
4.45x 1.48x 3.19x 3.06x 2.15x - - 1.48x 1.22x - -
2'047.3 2'522.0 1'989.2 2'397.5 3'547.5 - - 3'684.1 4'097.7 - -
9.44x 3.99x 9.29x 8.77x 5.92x - - 4.70x 4.23x - -
1'448.3 1'608.5 984.7 1'175.3 1'985.8 - - 1'874.9 2'108.8 - -
15.21x 8.00x 19.92x 18.89x 11.09x - - 9.29x 8.41x - -
EBITDA 3'547.54 Long-Term Rating Date -
EBIT 2'684.06 Long-Term Rating -
Operating Margin 27.51% Long-Term Outlook -
Pretax Margin 28.45% Short-Term Rating Date -
Return on Assets 11.71% Short-Term Rating -
Return on Common Equity 15.87%
Return on Capital 15.43% EBITDA/Interest Exp. 132.43
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 60.43
Net Debt/EBITDA -0.60
Gross Margin 33.5% Total Debt/EBITDA 0.13
EBITDA Margin 33.4%
EBIT Margin 25.0% Total Debt/Equity 3.5%
Net Income Margin 20.4% Total Debt/Capital 3.0%
Asset Turnover 0.63
Current Ratio 2.37 Net Fixed Asset Turnover 1.01
Quick Ratio 1.38 Accounts receivable turnover-days 8.32
Debt to Assets 2.58% Inventory Days 62.63
Tot Debt to Common Equity 3.50% Accounts Payable Turnover Day 21.08
Accounts Receivable Turnover 43.98 Cash Conversion Cycle 61.87
Inventory Turnover 5.84
Fiscal Year Ended
China BlueChemical LtdPrice/Volume
Valuation Analysis
4'024'720.00
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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11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 193'093'580 10.9 1'602'000 09.11.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 176'296'000 9.95 11'020'000 31.07.2012 Bank
FIRST STATE INVESTME Multiple Portfolios MF-AGG 152'852'000 8.63 8'268'000 31.07.2012 Mutual Fund Manager
JP MORGAN n/a ULT-AGG 139'721'867 7.89 (8'000) 22.10.2012 Unclassified
GOVT OF SINGAPORE IN n/a EXCH 106'479'765 6.01 - 27.08.2012 Government
MONDRIAN INVESTMENT n/a Co File 89'810'000 5.07 - 31.12.2011 Hedge Fund Manager
BANK OF NEW YORK MEL n/a EXCH 88'751'779 5.01 - 18.07.2012 Investment Advisor
BANK OF NEW YORK MEL n/a Short (87'533'339) -4.94 - 18.07.2012 Investment Advisor
VALUE PARTNERS LIMIT n/a EXCH 81'730'000 4.61 - 18.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 72'701'480 4.11 1'675'022 30.09.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 59'282'609 3.35 12'516'000 30.09.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 57'138'398 3.23 442'000 28.09.2012 Mutual Fund Manager
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 35'639'175 2.01 (1'383'658) 30.03.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 26'574'000 1.5 (24'000) 12.11.2012 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 23'444'000 1.32 2'752'000 31.07.2012 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 21'044'000 1.19 - 30.06.2012 Unclassified
GARTMORE GROUP LTD Multiple Portfolios MF-AGG 15'088'000 0.85 - 30.09.2012 Investment Advisor
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 15'050'000 0.85 - 31.12.2010 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 14'574'000 0.82 - 30.06.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 13'139'000 0.74 (660'000) 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UOB Kay Hian WANG AOCHAO buy 5 M 7 Not Provided 19.10.2012
SWS Research Co Ltd ALBERT MIAO buy 5 M 7 Not Provided 18.10.2012
Deutsche Bank DAVID HURD buy 5 N 6 12 month 09.10.2012
Goldman Sachs CAROL JIN Buy/Cautious 5 U 7 12 month 28.09.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 24.09.2012
JPMorgan AKHIL HANDA overweight 5 M 8 Not Provided 29.08.2012
Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 6 12 month 25.08.2012
Macquarie LAURA SHI outperform 5 M 6 12 month 22.08.2012
China International Capital Corp BIN GUAN accumulate 4 D 6 12 month 22.08.2012
BOCOM International Holdings HE WEI long-term buy 5 M 6 12 month 22.08.2012
Barclays RITA WU overweight 5 M 8 Not Provided 22.08.2012
Jefferies JACK LU underperform 1 M 5 12 month 21.08.2012
BNP Paribas Equity Research GORDON WAI buy 5 M 7 12 month 21.08.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 5 Not Provided 19.07.2012
Essence Securities XU HAITAO buy 5 M 7 6 month 22.06.2012
First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 N 7 12 month 17.04.2012
Hua Tai Securities Co., Ltd YANG SHENKANG add 4 M 7 6 month 02.04.2012
Guoyuan Securities (HK) Ltd XU JINGSHUN buy 5 N 8 12 month 06.12.2011
GuoSen Securities Co Ltd STEVEN LU buy 5 M 9 12 month 26.07.2011
Guotai Junan GRACE LIU accumulate 4 M 6 Not Provided 09.08.2010
Holdings By:
China BlueChemical Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Chiquita Brands International, Inc. markets, produces, and distributes fresh
bananas and other fresh produce. The Company also distributes and markets
fresh-cut fruit and other branded fruit products.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (16.03.2012) 9.80
52-Week Low (25.06.2012) 4.63
Daily Volume
6.71
52-Week High % Change -31.53% Dividend Yield -
52-Week Low % Change 44.92% Beta 1.30
% 52 Week Price Range High/Low 40.81% Equity Float 43.19
Shares Out 01.11.2012 46.3 Short Int 3.11
310.72 1 Yr Total Return -28.46%
Total Debt 572.48 YTD Return -18.67%
Preferred Stock 0.0 Adjusted BETA 1.300
Minority Interest 0.0 Analyst Recs 5
Cash and Equivalents 45.26 Consensus Rating 3.400
Enterprise Value 860.97
Average Volume 5 Day 143'825
CQB UN EQUITY YTD Change - Average Volume 30 Day 196'851
CQB UN EQUITY YTD % CHANGE - Average Volume 3 Month 146'000
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
3'464.7 3'609.4 3'470.4 3'227.4 3'139.3 3'190.6 3'062.6 3'050.0 3'092.3 709.0 806.0
0.44x 0.35x 0.39x 0.34x 0.29x 1.32x 0.85x - - - -
131.8 163.5 205.5 139.1 139.8 136.2 71.7 89.9 167.0 7.0 51.4
11.58x 7.81x 6.54x 8.00x 6.50x 6.41x 0.00x 9.58x 5.16x 5.89x 5.31x
(49.0) (328.7) 90.5 57.4 56.8 53.2 (88.6) (19.9) 44.5 (15.8) 19.9
- 14.63x 7.33x 22.61x 4.61x 43.89x 0.00x - 6.92x 9.65x 6.95x
EBITDA 139.80 Long-Term Rating Date 03.09.2009
EBIT 78.87 Long-Term Rating B
Operating Margin 2.51% Long-Term Outlook NEG
Pretax Margin -0.81% Short-Term Rating Date -
Return on Assets -4.44% Short-Term Rating -
Return on Common Equity -11.52%
Return on Capital - EBITDA/Interest Exp. 2.71
Asset Turnover 1.54% (EBITDA-Capex)/Interest Exp. 1.25
Net Debt/EBITDA 7.64
Gross Margin 14.3% Total Debt/EBITDA 8.15
EBITDA Margin 2.4%
EBIT Margin 0.3% Total Debt/Equity 71.6%
Net Income Margin 1.8% Total Debt/Capital 41.7%
Asset Turnover 1.54
Current Ratio 1.84 Net Fixed Asset Turnover 8.23
Quick Ratio 0.81 Accounts receivable turnover-days 34.94
Debt to Assets 29.54% Inventory Days 31.22
Tot Debt to Common Equity 71.55% Accounts Payable Turnover Day 38.51
Accounts Receivable Turnover 10.48 Cash Conversion Cycle 26.82
Inventory Turnover 11.72
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Chiquita Brands International IncPrice/Volume
Valuation Analysis
28'702.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 6'087'601 13.15 (149'490) 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'457'423 7.47 (43'888) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'706'645 5.85 225'594 30.06.2012 Investment Advisor
SKAGEN FUNDS n/a 13D 2'284'610 4.93 - 28.09.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'218'082 4.79 (37'641) 30.06.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 1'691'216 3.65 (700'773) 28.09.2012 Mutual Fund Manager
SHAH CAPITAL MANAGEM SHAH CAPITAL MANAGEM 13F 1'651'634 3.57 (16'418) 30.09.2012 Hedge Fund Manager
PRINCIPLED ASSET ADM n/a 13G 1'623'683 3.51 - 28.01.2010 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'457'214 3.15 46'105 30.06.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 1'388'086 3 (1'800) 30.06.2012 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 1'273'380 2.75 (764'390) 30.09.2012 Investment Advisor
AGUIRRE FERNANDO n/a Form 4 1'248'822 2.7 (18'146) 23.08.2012 n/a
TOWLE & CO TOWLE & CO 13F 1'008'570 2.18 (14'459) 30.09.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 963'903 2.08 (274'143) 30.06.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 945'937 2.04 900'657 30.06.2012 Investment Advisor
WYNNEFIELD CAPITAL M WYNNEFIELD CAPITAL I 13F 915'000 1.98 340'000 30.06.2012 Hedge Fund Manager
STATE STREET CORP STATE STREET CORPORA 13F 861'803 1.86 (35'172) 30.06.2012 Investment Advisor
COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 811'310 1.75 (700) 28.09.2012 Investment Advisor
FARALLON CAPITAL MAN FARALLON CAPITAL MAN 13F 756'727 1.63 - 30.06.2012 Hedge Fund Manager
KILLEN GROUP INC THE KILLEN GROUP INC 13F 710'097 1.53 (266'661) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Janney Montgomery Scott LLC JONATHAN P FEENEY buy 5 U 15 12 month 08.11.2012
Jefferies SCOTT A MUSHKIN hold 3 M 6 12 month 26.10.2012
BB&T Capital Markets HEATHER L JONES buy 5 U 9 12 month 19.09.2012
Imperial Capital LLC MARY ROSS-GILBERT outperform 5 U 8 12 month 15.08.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 30.11.2011
Holdings By:
Chiquita Brands International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
CNH Global N.V. designs, manufactures, and distributes a full line of
agricultural and construction equipment. The Company also provides equipment
financing services. CNH Global's products are sold through dealers and
distributors on a worldwide basis.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (30.01.2013) 48.76
52-Week Low (24.07.2012) 27.41
Daily Volume
44.2
52-Week High % Change -9.35% Dividend Yield 22.62
52-Week Low % Change 61.25% Beta 1.65
% 52 Week Price Range High/Low 76.21% Equity Float -
Shares Out 31.12.2012 30.5 Short Int 1.20
10'716.07 1 Yr Total Return 36.61%
Total Debt 4'288.00 YTD Return 9.70%
Preferred Stock 0.0 Adjusted BETA 1.650
Minority Interest 69.0 Analyst Recs 8
Cash and Equivalents 827.00 Consensus Rating 3.250
Enterprise Value 14'246.07
Average Volume 5 Day 119'831
CNH UN EQUITY YTD Change - Average Volume 30 Day 107'106
CNH UN EQUITY YTD % CHANGE - Average Volume 3 Month 125'794
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
18'476.0 13'760.0 15'608.0 19'185.0 20'447.0 18'199.0 20'301.0 20'230.0 20'687.2 4'476.6 5'365.0
0.44x 0.44x 0.84x 0.62x 0.65x 5.24x 4.98x 0.92x 0.85x - -
2'676.0 1'412.0 1'983.0 2'616.0 2'876.0 2'537.0 2'834.0 2'299.4 2'394.0 432.5 620.5
3.07x 4.27x 6.65x 4.56x 4.62x 8.39x 9.12x 6.21x 5.96x 6.46x 6.47x
825.0 (190.0) 452.0 939.0 1'142.0 955.0 1'140.0 1'184.1 1'254.8 211.8 345.5
4.36x - 23.06x 9.42x 8.34x 6.68x 8.25x 9.03x 8.53x 8.91x 8.96x
EBITDA 2'876.00 Long-Term Rating Date 01.10.2010
EBIT 2'419.00 Long-Term Rating BB+
Operating Margin 11.83% Long-Term Outlook STABLE
Pretax Margin 7.61% Short-Term Rating Date -
Return on Assets 3.29% Short-Term Rating -
Return on Common Equity 13.90%
Return on Capital 6.28% EBITDA/Interest Exp. 4.26
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 2.73
Net Debt/EBITDA 1.01
Gross Margin 23.9% Total Debt/EBITDA 1.30
EBITDA Margin 14.1%
EBIT Margin 11.8% Total Debt/Equity 210.7%
Net Income Margin 5.6% Total Debt/Capital 67.6%
Asset Turnover 0.59
Current Ratio 1.49 Net Fixed Asset Turnover 9.84
Quick Ratio 0.80 Accounts receivable turnover-days 164.01
Debt to Assets 50.99% Inventory Days 86.95
Tot Debt to Common Equity 210.72% Accounts Payable Turnover Day 67.56
Accounts Receivable Turnover 2.23 Cash Conversion Cycle 183.40
Inventory Turnover 4.21
Fiscal Year Ended
CNH Global NVPrice/Volume
Valuation Analysis
92'011.00
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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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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FIAT SPA n/a 13D 211'866'037 88.38 - 15.10.2012 Corporation
GAMCO n/a ULT-AGG 4'538'112 1.89 53'300 30.06.2012 Unclassified
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 3'638'212 1.52 (325'837) 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'507'600 1.05 (887'436) 30.06.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 1'784'044 0.74 1'205'641 30.06.2012 Hedge Fund Manager
SKAGEN AS Multiple Portfolios MF-AGG 1'644'161 0.69 378'204 28.09.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 695'970 0.29 (14'961) 30.09.2012 Investment Advisor
CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 631'143 0.26 71'663 31.10.2011 Mutual Fund Manager
CLEARBRIDGE ADVISORS CLEARBRIDGE ADVISORS 13F 576'316 0.24 (5'714) 30.06.2012 Investment Advisor
LEGG MASON INC Multiple Portfolios MF-AGG 515'886 0.22 3'000 30.09.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 500'892 0.21 32'700 30.06.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 453'297 0.19 152'586 30.06.2012 Investment Advisor
TODD-VEREDUS ASSET M TODD-VEREDUS ASSET M 13F 369'511 0.15 142 30.09.2012 Investment Advisor
TEACHERS RETIREMENT TEACHERS RETIREMENT 13F 365'000 0.15 - 30.09.2012 Pension Fund (ERISA)
FRANKLIN RESOURCES n/a ULT-AGG 312'000 0.13 (108'200) 30.09.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 279'243 0.12 (21'637) 30.06.2012 Investment Advisor
ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 273'338 0.11 (13'520) 29.06.2012 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 223'682 0.09 112'964 30.06.2012 Hedge Fund Manager
VANGUARD GROUP INC VANGUARD GROUP INC 13F 200'857 0.08 1'862 30.06.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 192'891 0.08 192'891 31.12.2011 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 50 12 month 09.11.2012
ISI Group DAVID RASO hold 3 M 49 Not Provided 08.11.2012
JPMorgan ANN DUIGNAN restricted #N/A N/A M #N/A N/A Not Provided 01.11.2012
Credit Agricole Securities (USA) ASHISH GUPTA buy 5 M 55 Not Provided 01.11.2012
Jefferies STEPHEN VOLKMANN hold 3 M 44 12 month 31.10.2012
Piper Jaffray MICHAEL E COX neutral 3 M 48 12 month 31.10.2012
Berenberg Bank ALEXANDER VIRGO sell 1 N 32 Not Provided 14.09.2012
Goldman Sachs JERRY REVICH not rated #N/A N/A M #N/A N/A Not Provided 30.05.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 26.03.2012
Holdings By:
CNH Global NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Cosan Ltd is a fully integrated company in the renewable energy and
infrastructure segments in Brazil. It produces sugar & ethanol and distributes
fuels through a network of service stations. Cosan transports and loads
shipments of sugar and other grains at two terminals in Santos. Cosan also has a
lubricants distribution business and farmland development operation.
Latest Fiscal Year: 03/2012
LTM as of: 09/yy
52-Week High (05.03.2013) 21.49
52-Week Low (11.06.2012) 11.27
Daily Volume
20.93
52-Week High % Change -2.61% Dividend Yield -
52-Week Low % Change 85.71% Beta 1.07
% 52 Week Price Range High/Low 95.40% Equity Float 164.33
Shares Out 30.09.2012 174.4 Short Int 1.11
5'665.49 1 Yr Total Return 49.83%
Total Debt 5'199.39 YTD Return 20.91%
Preferred Stock 0.0 Adjusted BETA 1.068
Minority Interest 3'904.3 Analyst Recs 11
Cash and Equivalents 1'654.15 Consensus Rating 4.455
Enterprise Value 20'558.42
Average Volume 5 Day 307'852
CZZ UN EQUITY YTD Change - Average Volume 30 Day 307'053
CZZ UN EQUITY YTD % CHANGE - Average Volume 3 Month 284'234
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'725.3 5'790.0 15'499.9 18'063.5 24'096.9 27'078.2 25'262.5 28'510.7 34'276.3 8'224.0 -
2.68x 0.93x 0.79x 0.80x 0.61x 1.89x 1.72x 0.79x 0.64x - -
179.0 478.7 1'509.8 2'701.0 1'992.3 2'892.7 1'292.6 2'943.7 3'881.3 818.0 -
40.85x 11.29x 8.16x 5.34x 7.42x 4.23x 0.00x 6.99x 5.30x - -
30.3 (372.1) 621.0 470.9 1'181.3 1'431.4 416.9 711.0 747.0 136.0 -
147.33x - 7.67x 12.06x 6.15x 3.33x 26.54x 20.15x 14.92x - -
EBITDA 1'992.33 Long-Term Rating Date 21.10.2010
EBIT 849.55 Long-Term Rating BB
Operating Margin 3.53% Long-Term Outlook POS
Pretax Margin 13.71% Short-Term Rating Date -
Return on Assets 1.29% Short-Term Rating -
Return on Common Equity 5.46%
Return on Capital - EBITDA/Interest Exp. 3.39
Asset Turnover 1.06% (EBITDA-Capex)/Interest Exp. 0.69
Net Debt/EBITDA 1.99
Gross Margin 10.9% Total Debt/EBITDA 2.94
EBITDA Margin 8.0%
EBIT Margin 3.6% Total Debt/Equity 93.2%
Net Income Margin 4.9% Total Debt/Capital 35.4%
Asset Turnover 1.06
Current Ratio 2.29 Net Fixed Asset Turnover 3.38
Quick Ratio 1.26 Accounts receivable turnover-days 15.09
Debt to Assets 23.45% Inventory Days 22.86
Tot Debt to Common Equity 93.22% Accounts Payable Turnover Day 12.38
Accounts Receivable Turnover 24.26 Cash Conversion Cycle 14.03
Inventory Turnover 16.01
Fiscal Year Ended
Cosan LtdPrice/Volume
Valuation Analysis
73'898.00
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GIF GESTAO DE INVEST n/a 20F 39'445'393 22.62 - 31.03.2012 Investment Advisor
HIGHBRIDGE CAPITAL M HIGHBRIDGE CAPITAL M 13F 31'666'700 18.16 - 30.06.2012 Hedge Fund Manager
JANUS CAPITAL MANAGE n/a ULT-AGG 14'336'904 8.22 (2'793'346) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 10'405'656 5.97 (989'927) 30.06.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 10'319'782 5.92 - 28.09.2012 Mutual Fund Manager
QUELUZ HOLDINGS LIMI n/a 13D 7'941'111 4.55 - 19.10.2012 Holding Company
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 6'586'945 3.78 44'712 30.09.2012 Hedge Fund Manager
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2'831'398 1.62 (212'240) 30.09.2012 Investment Advisor
ASHMORE EMM LLC ASHMORE EMM LLC 13F 2'118'199 1.21 (1'599'200) 31.03.2012 Investment Advisor
MSOR PARTICIPACOES S n/a 13D 1'811'250 1.04 - 19.10.2012 Other
OSTERWEIS CAPITAL MA Multiple Portfolios MF-AGG 1'773'863 1.02 - 28.09.2012 Hedge Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 1'758'147 1.01 (71'318) 30.06.2012 Investment Advisor
OSTERWEIS CAPITAL MA PROF MANAGED-OSTERWE MF-USA 1'739'298 1 - 28.09.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'642'468 0.94 (217'000) 30.06.2012 Investment Advisor
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 1'379'358 0.79 875'612 28.09.2012 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'332'493 0.76 (826'831) 30.09.2012 Investment Advisor
PICTET ASSET MANAGEM PICTET ASSET MANAGEM 13F 1'326'836 0.76 282'332 30.09.2012 Investment Advisor
JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 1'235'041 0.71 - 31.12.2011 Mutual Fund Manager
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'005'995 0.58 400'425 30.06.2012 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 995'927 0.57 516'919 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Itau BBA Securities PAULA KOVARSKY outperform 5 M 25 Not Provided 08.11.2012
Raymond James PEDRO J RICHARDS market perform 3 M #N/A N/A Not Provided 24.10.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 22.10.2012
HSBC PEDRO HERRERA overweight 5 M 18 Not Provided 17.09.2012
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 21 12 month 24.08.2012
Bradesco Corretora AURO ROZENBAUM outperform 5 M 18 Not Provided 08.08.2012
Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 U 16 12 month 29.06.2012
Grupo Santander CHRISTIAN AUDI buy 5 M 22 Not Provided 16.03.2012
JPMorgan LUCAS FERREIRA restricted #N/A N/A M #N/A N/A Not Provided 01.07.2011
Imperial Capital LLC MATTHEW T FARWELL outperform 5 R #N/A N/A Not Provided 06.12.2010
Holdings By:
Cosan Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Cresud SACIF y A is an Argentine agricultural company, with a growing presence
in Latin American countries, engaged in a range of activities including crop
production, cattle raising and milk production. The Company's business model,
rolled out in Argentina, Brazil, Bolivia and Paraguay, focuses on the
acquisition, development and exploitation of agricultural properties.
Latest Fiscal Year: 06/2012
LTM as of: 06/yy
52-Week High (27.03.2012) 13.37
52-Week Low (01.06.2012) 6.69
Daily Volume
9.16
52-Week High % Change -31.49% Dividend Yield -
52-Week Low % Change 36.92% Beta 1.00
% 52 Week Price Range High/Low 37.87% Equity Float -
Shares Out 30.09.2012 50.2 Short Int 0.16
459.43 1 Yr Total Return -20.45%
Total Debt 3'883.18 YTD Return 10.10%
Preferred Stock 0.0 Adjusted BETA 1.002
Minority Interest 1'990.8 Analyst Recs 3
Cash and Equivalents 586.60 Consensus Rating 3.667
Enterprise Value -
Average Volume 5 Day 41'537
CRESY UW EQUITY YTD Change - Average Volume 30 Day 22'741
CRESY UW EQUITY YTD % CHANGE - Average Volume 3 Month 18'499
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
322.4 1'427.2 1'882.4 2'540.3 3'457.8 2'540.3 2'222.8 2'973.0 3'137.5 661.0 891.0
6.58x 2.99x 2.99x 3.34x 2.23x 12.04x 10.87x 2.58x 2.41x - -
50.1 345.6 769.5 921.6 893.3 994.5 606.4 1'188.5 1'307.0 - -
42.35x 12.35x 7.32x 9.20x 8.62x 8.52x 0.00x - - - -
22.9 124.6 185.4 212.6 78.3 212.6 78.3 117.1 224.5 14.4 32.8
- - - - - 0.00x 0.00x 5.20x 2.80x 20.64x 17.52x
EBITDA 893.34 Long-Term Rating Date -
EBIT 654.49 Long-Term Rating -
Operating Margin 18.93% Long-Term Outlook -
Pretax Margin 5.38% Short-Term Rating Date -
Return on Assets 0.80% Short-Term Rating -
Return on Common Equity 3.66%
Return on Capital 6.89% EBITDA/Interest Exp. 2.21
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 1.61
Net Debt/EBITDA 3.36
Gross Margin 35.6% Total Debt/EBITDA 3.96
EBITDA Margin 28.4%
EBIT Margin 18.9% Total Debt/Equity 188.2%
Net Income Margin 2.3% Total Debt/Capital 48.9%
Asset Turnover 0.35
Current Ratio 0.92 Net Fixed Asset Turnover 0.66
Quick Ratio 0.55 Accounts receivable turnover-days 53.53
Debt to Assets 39.81% Inventory Days 106.49
Tot Debt to Common Equity 188.20% Accounts Payable Turnover Day 76.47
Accounts Receivable Turnover 6.84 Cash Conversion Cycle 83.55
Inventory Turnover 3.44
Fiscal Year Ended
Cresud SACIF y APrice/Volume
Valuation Analysis
3'378.00
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 2'047'512 4.08 (2'380'321) 30.06.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 1'879'565 3.75 (50'300) 30.06.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 1'591'495 3.17 - 30.09.2012 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 1'403'111 2.8 14'417 30.06.2012 Hedge Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'371'605 2.73 - 28.09.2012 Mutual Fund Manager
HORIZON KINETICS n/a ULT-AGG 1'049'354 2.09 3'168 30.06.2012 Investment Advisor
PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 1'043'972 2.08 - 30.09.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 932'149 1.86 (192'607) 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 764'434 1.52 (68'329) 30.09.2012 Investment Advisor
ODYSSEY REINS CO ODYSSEY REINS CO Sch-D 723'012 1.44 (112'996) 30.06.2012 Insurance Company
FAIRFAX FINANCIAL HO FAIRFAX FINANCIAL HO 13F 723'012 1.44 (112'996) 30.06.2012 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 614'262 1.22 94'197 30.06.2012 Investment Advisor
RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 605'247 1.21 - 30.06.2012 Investment Advisor
WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 577'000 1.15 2'000 28.09.2012 Mutual Fund Manager
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 231'659 0.46 86'598 30.09.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 186'476 0.37 - 31.08.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 183'987 0.37 15'431 30.09.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 182'117 0.36 2'427 30.06.2012 Hedge Fund Manager
BOGLE INVESTMENT MAN BOGLE INVESTMENT MAN 13F 176'733 0.35 176'733 30.06.2012 Hedge Fund Manager
OLD MUTUAL n/a ULT-AGG 169'100 0.34 - 30.09.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James PEDRO J RICHARDS market perform 3 M #N/A N/A Not Provided 11.11.2012
HSBC PEDRO HERRERA overweight 5 M 17 Not Provided 17.09.2012
Grupo Santander WALTER CHIARVESIO buy 5 U 15 Not Provided 13.12.2011
EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Cresud SACIF y A ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Darling International Inc. collects and recycles animal processing by-products
and used restaurant cooking oil. The Company also provides grease trap
collection services to restaurants. Darling processes such raw materials into
finished products such as tallow, meat and bone meal, and yellow grease for sale
in the United States and overseas.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (01.10.2012) 18.80
52-Week Low (01.06.2012) 13.71
Daily Volume
16.79
52-Week High % Change -10.69% Dividend Yield 0.00
52-Week Low % Change 22.47% Beta 1.14
% 52 Week Price Range High/Low 63.26% Equity Float 115.01
Shares Out 20.02.2013 117.8 Short Int 2.79
1'977.67 1 Yr Total Return -2.27%
Total Debt 280.03 YTD Return 4.68%
Preferred Stock 0.0 Adjusted BETA 1.139
Minority Interest 0.0 Analyst Recs 8
Cash and Equivalents 38.94 Consensus Rating 3.500
Enterprise Value 2'140.22
Average Volume 5 Day 138'588
DAR UN EQUITY YTD Change - Average Volume 30 Day 152'014
DAR UN EQUITY YTD % CHANGE - Average Volume 3 Month 179'041
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 10/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
807.5 597.8 724.9 1'797.2 1'701.4 1'593.6 1'707.4 1'730.6 1'768.5 404.4 433.6
0.58x 1.09x 2.65x 1.00x - 5.13x 4.98x 1.19x 1.08x - -
133.0 96.2 114.4 393.5 317.1 347.4 325.9 328.0 341.5 76.4 81.4
3.55x 6.79x 16.78x 4.57x - 5.05x 7.11x 6.52x 6.26x 6.52x 6.85x
54.6 41.8 44.2 169.4 130.8 149.9 131.5 139.3 151.7 30.9 33.0
7.70x 16.43x 21.08x 9.04x 14.00x 8.74x 16.48x 13.99x 13.09x 14.23x 14.13x
EBITDA 317.11 Long-Term Rating Date 29.03.2012
EBIT 231.74 Long-Term Rating BB+
Operating Margin 13.62% Long-Term Outlook STABLE
Pretax Margin 12.15% Short-Term Rating Date -
Return on Assets 8.94% Short-Term Rating -
Return on Common Equity 13.57%
Return on Capital 11.83% EBITDA/Interest Exp. 13.18
Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. 8.97
Net Debt/EBITDA 0.50
Gross Margin 27.6% Total Debt/EBITDA 0.77
EBITDA Margin 18.6%
EBIT Margin 13.6% Total Debt/Equity 30.4%
Net Income Margin 7.7% Total Debt/Capital 23.3%
Asset Turnover 1.16
Current Ratio 1.73 Net Fixed Asset Turnover 4.07
Quick Ratio 1.06 Accounts receivable turnover-days 21.36
Debt to Assets 19.76% Inventory Days 19.20
Tot Debt to Common Equity 30.43% Accounts Payable Turnover Day 19.17
Accounts Receivable Turnover 17.04 Cash Conversion Cycle 13.74
Inventory Turnover 18.96
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
Darling International IncPrice/Volume
Valuation Analysis
20'573.00
Current Price (3/dd/yy) Market Data
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200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 9'339'519 7.93 444'941 31.07.2012 Investment Advisor
SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 7'201'867 6.12 (79'224) 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'841'183 5.81 264'770 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'434'700 5.46 (5'500) 30.06.2012 Investment Advisor
GATES CAPITAL MANAGE GATES CAPITAL MANAGE 13F 4'937'430 4.19 1'740'911 30.06.2012 Hedge Fund Manager
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'050'735 2.59 (80'463) 30.06.2012 Investment Advisor
VERITABLE LP VERITABLE LP 13F 2'949'837 2.5 397 30.06.2012 Investment Advisor
GW CAPITAL INCORPORA GW CAPITAL INCORPORA 13F 2'797'134 2.38 201'332 30.06.2012 Investment Advisor
THOMSON HORSTMANN & THOMSON HORSTMANN & 13F 2'570'855 2.18 (170'158) 30.06.2012 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2'460'832 2.09 (965'000) 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 2'369'853 2.01 (83'541) 30.06.2012 Investment Advisor
GUGGENHEIM n/a ULT-AGG 2'221'788 1.89 563'490 30.09.2012 Unclassified
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 2'221'783 1.89 419'347 30.09.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'159'387 1.83 (244'241) 30.09.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'150'564 1.83 468'092 30.06.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'902'531 1.62 14'491 28.09.2012 Mutual Fund Manager
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'846'817 1.57 (166'891) 30.09.2012 Investment Advisor
CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 1'663'470 1.41 34'661 30.09.2012 Hedge Fund Manager
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 1'635'600 1.39 (43'300) 30.06.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'625'476 1.38 835'438 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 17 Not Provided 12.11.2012
Stephens Inc FARHA ASLAM overweight 5 M 19 12 month 12.11.2012
Avondale Partners LLC DANIEL J MANNES market perform 3 M 17 12 month 12.11.2012
JMP Securities SHAWN M SEVERSON market perform 3 M #N/A N/A Not Provided 12.11.2012
Kansas City Capital Associates TYSON BAUER outperform 5 M 23 12 month 12.11.2012
Ardour Capital JINMING LIU hold 3 D 18 12 month 12.11.2012
Canaccord Genuity Corp JOHN S QUEALY hold 3 M 17 12 month 09.11.2012
Maxim Group LLC WILLIAM D BREMER hold 3 M #N/A N/A Not Provided 09.11.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Darling International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Deere & Company manufactures and distributes a range of agricultural,
construction and forestry, and commercial and consumer equipment. The Company
supplies replacement parts for its own products and for those of other
manufacturers. Deere also provides product and parts financing services. Deere
and Company extends its services and products worldwide.
Latest Fiscal Year: 10/2012
LTM as of: 07/yy
52-Week High (30.01.2013) 95.60
52-Week Low (04.06.2012) 69.51
Daily Volume
91.29
52-Week High % Change -4.51% Dividend Yield 2.02
52-Week Low % Change 31.33% Beta 1.14
% 52 Week Price Range High/Low 81.91% Equity Float 389.22
Shares Out 31.01.2013 389.6 Short Int 6.87
35'562.59 1 Yr Total Return 16.47%
Total Debt 5'869.70 YTD Return 5.64%
Preferred Stock 0.0 Adjusted BETA 1.140
Minority Interest 19.9 Analyst Recs 24
Cash and Equivalents 5'009.40 Consensus Rating 4.333
Enterprise Value 37'978.68
Average Volume 5 Day 697'738
DE UN EQUITY YTD Change - Average Volume 30 Day 670'538
DE UN EQUITY YTD % CHANGE - Average Volume 3 Month 647'666
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 07/yy 07/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3
28'053.2 22'793.4 25'548.3 31'546.9 35'656.6 30'181.4 34'480.3 36'025.9 37'121.4 10'033.7 9'575.1
0.59x 0.84x 1.27x 0.98x 0.95x 7.59x 6.54x 1.37x 1.31x 6.29x 6.52x
3'698.6 2'011.7 3'625.0 4'810.5 5'424.5 4'544.1 5'302.3 5'794.8 6'017.7 1'847.0 1'480.0
4.50x 9.52x 8.97x 6.41x 6.27x 12.02x 10.63x 6.55x 6.31x 6.36x 6.14x
2'052.8 873.5 1'865.0 2'799.9 3'064.7 2'587.5 3'046.7 3'347.2 3'450.3 1'058.7 846.3
8.08x 16.04x 16.52x 11.45x 11.20x 12.91x 10.23x 10.65x 10.13x 10.82x 10.67x
EBITDA 5'424.50 Long-Term Rating Date 14.12.2006
EBIT 4'420.30 Long-Term Rating A
Operating Margin 12.40% Long-Term Outlook STABLE
Pretax Margin 13.27% Short-Term Rating Date 14.12.2006
Return on Assets 6.13% Short-Term Rating A-1
Return on Common Equity 44.66%
Return on Capital 9.09% EBITDA/Interest Exp. 28.05
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 17.08
Net Debt/EBITDA 0.42
Gross Margin 28.2% Total Debt/EBITDA 1.14
EBITDA Margin 15.9%
EBIT Margin 13.1% Total Debt/Equity 473.8%
Net Income Margin 8.6% Total Debt/Capital 82.5%
Asset Turnover 0.70
Current Ratio 0.89 Net Fixed Asset Turnover 5.25
Quick Ratio 0.52 Accounts receivable turnover-days 36.55
Debt to Assets 57.62% Inventory Days 84.26
Tot Debt to Common Equity 473.84% Accounts Payable Turnover Day 96.96
Accounts Receivable Turnover 10.01 Cash Conversion Cycle 73.75
Inventory Turnover 4.34
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
Deere & CoPrice/Volume
Valuation Analysis
120'070.00
Current Price (3/dd/yy) Market Data
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35'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CASCADE INVESTMENT L n/a 13D 24'508'573 6.26 - 23.08.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 23'466'471 5.99 (645'453) 31.07.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'468'837 4.2 (278'002) 30.06.2012 Investment Advisor
CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 15'406'300 3.93 (1'350'000) 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 14'430'862 3.68 34'163 30.06.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'367'165 2.39 923'643 30.06.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 7'698'726 1.97 2'348 30.09.2012 Investment Advisor
EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 5'808'027 1.48 (254'192) 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'639'969 1.44 394'766 30.06.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'536'490 1.41 858'829 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'600'209 1.17 31'676 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'445'281 1.13 (75'475) 30.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'540'677 0.9 927'955 30.06.2012 Investment Advisor
GAMCO n/a ULT-AGG 3'347'018 0.85 (10'514) 30.06.2012 Unclassified
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2'934'650 0.75 1'727'530 30.06.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'932'441 0.75 2'932'441 31.12.2011 Government
CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 2'800'000 0.71 - 30.06.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'468'896 0.63 18'553 30.06.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'381'309 0.61 (664'927) 02.10.2012 Investment Advisor
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 2'307'742 0.59 254'369 30.06.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 12.11.2012
Longbow Research ELI S LUSTGARTEN buy 5 M 95 12 month 12.11.2012
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 80 12 month 09.11.2012
BMO Capital Markets JOEL G TISS outperform 5 M 89 Not Provided 08.11.2012
Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 08.11.2012
ISI Group DAVID RASO hold 3 M 90 Not Provided 08.11.2012
Piper Jaffray MICHAEL E COX overweight 5 M 104 12 month 31.10.2012
RBC Capital Markets SETH R WEBER sector perform 3 M 86 12 month 24.10.2012
Jefferies STEPHEN VOLKMANN hold 3 M 70 12 month 15.10.2012
Robert W. Baird & Co ROBERT F MCCARTHY JR neutral 3 M 80 12 month 10.10.2012
Janney Montgomery Scott LLC RYAN M CONNORS neutral 3 M 80 12 month 04.10.2012
Barclays ANDY KAPLOWITZ overweight 5 M 97 Not Provided 24.09.2012
Argus Research Corp WILLIAM V SELESKY buy 5 M 93 Not Provided 23.08.2012
Credit Agricole Securities (USA) ASHISH GUPTA buy 5 M 105 Not Provided 16.08.2012
Morgan Stanley VANCE EDELSON Underwt/In-Line 1 M 77 12 month 15.08.2012
Goldman Sachs JERRY REVICH neutral/neutral 3 M 79 12 month 15.08.2012
Credit Suisse JAMIE L COOK outperform 5 M 90 Not Provided 15.08.2012
JPMorgan ANN DUIGNAN underweight 1 M 74 Not Provided 15.08.2012
S&P Capital IQ MICHAEL JAFFE hold 3 M 84 Not Provided 15.08.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Deere & Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
First Resources Limited produces crude palm oil. The Company is an upstream
operator with primary business activities in the cultivation and harvesting of
oil palms, and the processing of fresh fruit bunches into crude palm oil for
local and export sales. The Company is also constructing a biodiesel plant
located in Dumai, Riau province, close to the Dumai port.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (27.08.2012) 2.23
52-Week Low (25.05.2012) 1.51
Daily Volume
1.79
52-Week High % Change -19.73% Dividend Yield -
52-Week Low % Change 18.54% Beta 0.90
% 52 Week Price Range High/Low 38.89% Equity Float 495.13
Shares Out 11.03.2013 1'584.1 Short Int -
2'835.49 1 Yr Total Return -0.74%
Total Debt 538.17 YTD Return -11.39%
Preferred Stock 0.0 Adjusted BETA 0.896
Minority Interest 51.2 Analyst Recs 16
Cash and Equivalents 404.74 Consensus Rating 4.875
Enterprise Value 2'454.09
Average Volume 5 Day 3'214'400
FR SP EQUITY YTD Change - Average Volume 30 Day 2'186'933
FR SP EQUITY YTD % CHANGE - Average Volume 3 Month 2'278'246
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
289.5 218.9 329.9 494.6 603.4 454.1 627.5 724.7 868.4 - -
1.69x 5.18x 5.77x 3.86x 4.65x 15.48x 15.41x 3.31x 2.65x - -
161.0 121.0 202.8 293.4 320.7 268.2 348.7 367.7 421.8 - -
3.04x 9.36x 9.38x 6.51x 8.74x 6.00x 8.20x 6.67x 5.82x - -
113.6 112.5 143.1 196.4 237.1 189.1 241.8 226.5 260.7 - -
3.33x 8.78x 12.35x 8.71x 10.81x 7.33x 10.80x 9.81x 8.48x - -
EBITDA 320.70 Long-Term Rating Date -
EBIT 295.39 Long-Term Rating -
Operating Margin 48.95% Long-Term Outlook -
Pretax Margin 54.08% Short-Term Rating Date -
Return on Assets 13.82% Short-Term Rating -
Return on Common Equity 23.81%
Return on Capital 17.92% EBITDA/Interest Exp. 9.34
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 4.25
Net Debt/EBITDA 0.41
Gross Margin 63.3% Total Debt/EBITDA 1.67
EBITDA Margin 53.4%
EBIT Margin 49.2% Total Debt/Equity 48.6%
Net Income Margin 39.3% Total Debt/Capital 31.7%
Asset Turnover 0.35
Current Ratio 4.29 Net Fixed Asset Turnover 1.78
Quick Ratio 3.29 Accounts receivable turnover-days 16.61
Debt to Assets 27.87% Inventory Days 80.53
Tot Debt to Common Equity 48.64% Accounts Payable Turnover Day 28.64
Accounts Receivable Turnover 22.03 Cash Conversion Cycle 68.51
Inventory Turnover 4.54
Fiscal Year Ended
First Resources LtdPrice/Volume
Valuation Analysis
7'141'000.00
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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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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EIGHT CAPITAL INC n/a EXCH 1'000'800'130 63.18 - 14.06.2012 n/a
DB INTL TRUST SINGAP n/a EXCH 88'000'000 5.56 (12'000'000) 16.04.2012 n/a
FMR LLC n/a ULT-AGG 79'228'835 5 65'259 11.04.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 27'675'000 1.75 6'262'000 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 23'772'000 1.5 (22'000) 12.11.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 23'114'758 1.46 5'951'000 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 16'304'153 1.03 3'871'190 29.02.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'138'000 0.77 1'059'000 30.09.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 10'426'000 0.66 389'000 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'630'125 0.48 1'288'000 30.06.2012 Investment Advisor
CITIGROUP GLOBAL MAR n/a EXCH 6'872'000 0.43 (83'700'000) 20.01.2011 Bank
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 4'137'000 0.26 123'000 29.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'851'000 0.18 - 09.11.2012 Investment Advisor
UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'804'000 0.18 - 30.06.2011 Mutual Fund Manager
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 2'554'000 0.16 917'000 30.06.2012 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 2'496'000 0.16 - 30.06.2012 Unclassified
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'505'000 0.1 (31'000) 31.05.2012 Investment Advisor
SEB n/a ULT-AGG 1'455'000 0.09 (117'000) 28.09.2012 Unclassified
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'365'000 0.09 14'000 30.06.2012 Investment Advisor
FIDELITY INVT ASSET Multiple Portfolios MF-AGG 1'223'000 0.08 (9'000) 30.06.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 3 12 month 12.11.2012
Credit Suisse AGUS SANDIANTO outperform 5 M 3 Not Provided 12.11.2012
JPMorgan YING-JIAN CHAN overweight 5 M 3 6 month 12.11.2012
HSBC THILAN WICKRAMASINGHE overweight 5 M 3 Not Provided 12.11.2012
DBS Vickers BEN SANTOSO hold 3 M 2 12 month 12.11.2012
RHB Research Institute Sdn Bhd HOE LEE LENG outperform 5 M 2 12 month 12.11.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 4 Not Provided 12.11.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 3 12 month 12.11.2012
Macquarie CONRAD WERNER neutral 3 D 2 12 month 08.11.2012
Standard Chartered ADRIAN FOULGER outperform 5 M 2 12 month 07.11.2012
Maybank Investment Bank Berhad ONG CHEE TING buy 5 M 2 12 month 05.11.2012
UOB Kay Hian TEAM COVERAGE buy 5 M 2 Not Provided 23.10.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 06.09.2012
Holdings By:
First Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Glanbia plc is an international dairy, consumer foods, and nutritional products
company. The Company conducts operations primarily in Ireland, the United
Kingdom, and the United States.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (04.03.2013) 8.90
52-Week Low (15.06.2012) 5.08
Daily Volume
8.6
52-Week High % Change -3.38% Dividend Yield 1.00
52-Week Low % Change 69.32% Beta 0.55
% 52 Week Price Range High/Low 88.23% Equity Float 151.61
Shares Out 31.01.2013 295.5 Short Int -
2'540.92 1 Yr Total Return 46.20%
Total Debt 711.70 YTD Return 2.99%
Preferred Stock 0.0 Adjusted BETA 0.550
Minority Interest 7.1 Analyst Recs 5
Cash and Equivalents 231.37 Consensus Rating 4.200
Enterprise Value 3'109.31
Average Volume 5 Day 344'996
GLB ID EQUITY YTD Change - Average Volume 30 Day 303'094
GLB ID EQUITY YTD % CHANGE - Average Volume 3 Month 533'020
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
2'206.6 2'232.2 1'830.3 2'166.7 2'671.2 - - 2'688.2 2'316.3 - -
0.72x 0.49x 0.71x 0.69x 0.69x - - 1.10x 1.26x - -
146.3 158.9 150.5 188.6 212.9 - - 240.0 236.5 - -
10.86x 6.85x 8.62x 7.94x 8.69x - - 12.96x 13.15x - -
59.8 78.4 112.7 108.0 112.2 - - 134.6 154.3 - -
22.72x 8.00x 7.51x 9.99x 12.10x - - 16.29x 15.47x - -
EBITDA 212.89 Long-Term Rating Date 11.07.2005
EBIT 160.28 Long-Term Rating NR
Operating Margin 6.00% Long-Term Outlook -
Pretax Margin 5.19% Short-Term Rating Date -
Return on Assets 7.04% Short-Term Rating -
Return on Common Equity 26.61%
Return on Capital 13.11% EBITDA/Interest Exp. 6.87
Asset Turnover 1.48% (EBITDA-Capex)/Interest Exp. 5.34
Net Debt/EBITDA 2.47
Gross Margin 16.4% Total Debt/EBITDA 3.19
EBITDA Margin 8.3%
EBIT Margin 6.3% Total Debt/Equity 138.0%
Net Income Margin 4.2% Total Debt/Capital 57.6%
Asset Turnover 1.48
Current Ratio 1.82 Net Fixed Asset Turnover 7.13
Quick Ratio 1.05 Accounts receivable turnover-days -
Debt to Assets 38.51% Inventory Days 58.09
Tot Debt to Common Equity 137.98% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 62.13
Inventory Turnover 6.27
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
Glanbia PLCPrice/Volume
Valuation Analysis
148'076.00
Current Price (3/dd/yy) Market Data
'-.0123456
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1'000.0
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2'500.0
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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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GLANBIA CO-OPERATIVE n/a Co File 160'277'308 54.37 - 01.03.2011 Corporation
PRUDENTIAL PLC n/a RNS-MAJ 11'780'393 4 (197'981) 29.10.2012 Investment Advisor
F&C ASSET MANAGEMENT n/a RNS-MAJ 8'965'065 3.04 - 24.05.2010 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 4'421'570 1.5 (4'094) 12.11.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'926'730 0.65 574'523 30.06.2012 Investment Advisor
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 1'222'356 0.41 72'356 31.08.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 1'077'200 0.37 682'000 30.09.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 851'520 0.29 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 779'623 0.26 47'844 30.09.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 677'140 0.23 - 28.09.2012 Mutual Fund Manager
HARTFORD INVESTMENTS Multiple Portfolios MF-AGG 638'200 0.22 (878'950) 30.12.2011 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 591'702 0.2 (75'000) 31.07.2012 Mutual Fund Manager
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 566'156 0.19 (6'839) 28.09.2012 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 410'500 0.14 (1'525'000) 28.09.2012 Mutual Fund Manager
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 380'200 0.13 63'000 29.06.2012 Mutual Fund Manager
DJE INVESTMENT SA Multiple Portfolios MF-AGG 370'000 0.13 - 31.08.2012 Mutual Fund Manager
F&C MANAGEMENT LTD Multiple Portfolios MF-AGG 347'673 0.12 - 31.07.2012 Investment Advisor
METZLER ASSET MANAGE Multiple Portfolios MF-AGG 340'000 0.12 (65'000) 31.07.2012 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 285'522 0.1 (306'108) 28.09.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 258'449 0.09 - 30.09.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies ALEX HOWSON buy 5 M 8 12 month 07.11.2012
Goodbody Stockbrokers Ltd LIAM IGOE buy 5 M 8 12 month 07.11.2012
Berenberg Bank JAMES TARGETT buy 5 M 9 Not Provided 07.11.2012
Dolmen Stockbrokers JOHN MULLANE buy 5 M 8 Not Provided 13.09.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.09.2012
NCB Stockbrokers(ESN) DARREN GREENFIELD buy 5 M 7 12 month 22.08.2012
Davy JOHN O'REILLY outperform 5 M #N/A N/A Not Provided 01.08.2012
Bloxham Stockbrokers JOE R GILL market weight 3 M #N/A N/A Not Provided 20.03.2012
Holdings By:
Glanbia PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and
sells crude palm oil and palm kernel. The Company also refines crude palm oil
into cooking oil, margarine, and shortening for sale and distribution.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (03.04.2012) 0.81
52-Week Low (08.06.2012) 0.59
Daily Volume
0.605
52-Week High % Change -24.84% Dividend Yield -
52-Week Low % Change 2.54% Beta 1.10
% 52 Week Price Range High/Low 6.98% Equity Float 6'424.15
Shares Out 11.03.2013 12'837.6 Short Int -
7'766.72 1 Yr Total Return -14.78%
Total Debt 1'854.54 YTD Return -6.92%
Preferred Stock 0.0 Adjusted BETA 1.099
Minority Interest 91.6 Analyst Recs 21
Cash and Equivalents 669.26 Consensus Rating 3.524
Enterprise Value 7'493.22
Average Volume 5 Day 94'700'000
GGR SP EQUITY YTD Change - Average Volume 30 Day 62'306'300
GGR SP EQUITY YTD % CHANGE - Average Volume 3 Month 58'498'080
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 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'985.9 2'293.7 3'504.7 5'952.9 6'051.7 5'814.2 5'861.0 5'919.6 6'536.4 - -
0.72x 2.11x 2.41x 1.27x 1.34x 5.15x 5.40x 1.20x 1.07x - -
588.9 386.9 640.5 912.4 727.2 979.9 812.0 897.9 995.2 - -
3.64x 12.51x 13.19x 8.27x 11.15x 6.59x 9.75x 8.35x 7.53x - -
1'382.5 607.0 1'423.0 1'268.0 409.6 1'689.5 1'103.9 524.8 583.4 - -
1.18x 6.92x 5.32x 5.28x 16.12x 3.31x 6.05x 11.26x 10.76x - -
EBITDA 727.15 Long-Term Rating Date -
EBIT 611.34 Long-Term Rating -
Operating Margin 10.10% Long-Term Outlook -
Pretax Margin 10.11% Short-Term Rating Date -
Return on Assets 3.26% Short-Term Rating -
Return on Common Equity 4.95%
Return on Capital 4.74% EBITDA/Interest Exp. 9.64
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 4.20
Net Debt/EBITDA 1.63
Gross Margin 26.6% Total Debt/EBITDA 2.55
EBITDA Margin 12.0%
EBIT Margin 10.1% Total Debt/Equity 21.8%
Net Income Margin 6.8% Total Debt/Capital 17.7%
Asset Turnover 0.48
Current Ratio 1.86 Net Fixed Asset Turnover 3.21
Quick Ratio 0.82 Accounts receivable turnover-days 19.17
Debt to Assets 13.96% Inventory Days 65.57
Tot Debt to Common Equity 21.75% Accounts Payable Turnover Day 47.50
Accounts Receivable Turnover 19.09 Cash Conversion Cycle 37.24
Inventory Turnover 5.58
Fiscal Year Ended
Golden Agri-Resources LtdPrice/Volume
Valuation Analysis
97'582'000.00
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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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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FLAMBO INTERNATIONAL n/a EXCH 6'412'197'897 49.95 342'823'145 26.07.2012 Unclassified
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 220'280'663 1.72 (178'000) 12.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 156'144'812 1.22 670'000 09.11.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 134'380'000 1.05 3'500'000 28.09.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 125'987'817 0.98 - 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 80'531'331 0.63 4'544'310 30.09.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 55'822'000 0.43 54'322'000 30.09.2011 Mutual Fund Manager
FIDELITY INTERNATION Multiple Portfolios MF-AGG 42'746'019 0.33 39'307'948 31.10.2011 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 41'797'700 0.33 (1'916'000) 31.08.2012 Bank
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 35'619'000 0.28 - 29.02.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 33'760'488 0.26 6'535'305 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 31'114'764 0.24 306'000 30.09.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 30'153'912 0.23 (1'752'000) 29.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 27'677'382 0.22 752'000 31.07.2012 Investment Advisor
LEGG MASON INTERNATI Multiple Portfolios MF-AGG 26'976'000 0.21 - 31.03.2011 Mutual Fund Manager
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 24'285'323 0.19 1'252'000 31.08.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 23'142'981 0.18 17'200'000 12.11.2012 Investment Advisor
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 21'245'479 0.17 (28'284'161) 30.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 20'911'300 0.16 - 30.09.2012 Investment Advisor
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 20'332'338 0.16 8'369'000 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 1 12 month 12.11.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 1 12 month 12.11.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 1 12 month 12.11.2012
JPMorgan YING-JIAN CHAN neutral 3 M 1 6 month 12.11.2012
HSBC THILAN WICKRAMASINGHE neutral 3 M 1 Not Provided 12.11.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 1 Not Provided 12.11.2012
Standard Chartered ADRIAN FOULGER outperform 5 M 1 12 month 07.11.2012
Macquarie CONRAD WERNER underperform 1 D 1 12 month 07.11.2012
Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 M 1 12 month 08.10.2012
OCBC Investment Research CAREY WONG buy 5 M 1 12 month 04.10.2012
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 1 12 month 25.09.2012
Credit Suisse TAN TING MIN outperform 5 M 1 Not Provided 12.09.2012
CIMB IVY NG trading buy 5 M 1 3 month 10.09.2012
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 1 Not Provided 10.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 27.08.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 1 12 month 27.06.2012
Jefferies ARYA SEN buy 5 M 1 12 month 14.03.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
IIFL ZUO LI add 4 M 1 12 month 14.11.2011
Holdings By:
Golden Agri-Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
GrainCorp Limited provides grain industry related services in Australia. The
Group provides grain and bulk commodities handling and storage for growers, end
users and marketing organizations. The Group also operates grain pools,
provides transportation services for bulk commodities along with farming
products and flour milling and mixing services.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (22.10.2012) 12.53
52-Week Low (12.03.2012) 8.05
Daily Volume
12
52-Week High % Change -4.24% Dividend Yield 2.91
52-Week Low % Change 49.05% Beta 0.60
% 52 Week Price Range High/Low 88.13% Equity Float 151.54
Shares Out 28.12.2012 228.9 Short Int -
2'746.27 1 Yr Total Return 58.80%
Total Debt 678.10 YTD Return -2.83%
Preferred Stock 0.0 Adjusted BETA 0.602
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 350.30 Consensus Rating 3.000
Enterprise Value 3'074.07
Average Volume 5 Day 1'280'376
GNC AT EQUITY YTD Change - Average Volume 30 Day 711'914
GNC AT EQUITY YTD % CHANGE - Average Volume 3 Month 914'781
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -
1'527.9 1'653.5 1'981.8 2'768.6 3'320.5 - - 3'727.3 3'477.5 - -
0.61x 0.54x 0.84x 0.63x 0.67x - - 0.89x 0.96x - -
32.0 114.0 151.1 213.5 323.9 - - 413.0 382.4 - -
29.00x 7.86x 11.05x 8.22x 6.83x - - 7.44x 8.04x - -
(19.9) 63.2 80.2 171.6 204.9 - - 180.0 156.8 - -
- 21.25x 18.15x 8.30x 8.73x - - 14.80x 17.32x - -
EBITDA 323.90 Long-Term Rating Date -
EBIT 232.70 Long-Term Rating -
Operating Margin 7.01% Long-Term Outlook -
Pretax Margin 9.22% Short-Term Rating Date -
Return on Assets 7.48% Short-Term Rating -
Return on Common Equity 14.07%
Return on Capital 11.02% EBITDA/Interest Exp. 7.62
Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 5.08
Net Debt/EBITDA 1.01
Gross Margin - Total Debt/EBITDA 2.09
EBITDA Margin 9.8%
EBIT Margin 7.0% Total Debt/Equity 44.0%
Net Income Margin 6.2% Total Debt/Capital 30.6%
Asset Turnover 1.21
Current Ratio 1.74 Net Fixed Asset Turnover 3.95
Quick Ratio 0.76 Accounts receivable turnover-days 27.64
Debt to Assets 23.87% Inventory Days -
Tot Debt to Common Equity 44.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover 13.24 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
GrainCorp LtdPrice/Volume
Valuation Analysis
1'440'528.00
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UBS AG n/a EXCH 115'062'295 50.41 - 31.10.2012 Bank
GRAINCORP LTD n/a Research 34'007'984 14.9 - 19.10.2012 n/a
CITIGROUP GLOBAL MKT n/a EXCH 26'273'106 11.51 - 19.10.2012 Unclassified
ADM GROUP COMPANY n/a EXCH 25'894'906 11.35 - 18.10.2012 n/a
DEUTSCHE BANK AG n/a EXCH 14'871'773 6.52 2'726'133 24.10.2012 Investment Advisor
NATIONAL AUSTRALIA B n/a EXCH 13'481'102 5.91 - 31.10.2012 Bank
IOOF HOLDINGS LTD n/a Co File 11'840'118 5.19 - 08.11.2011 Investment Advisor
AMP LTD n/a EXCH 11'449'659 5.02 - 08.11.2012 Insurance Company
DIMENSIONAL FUND ADV n/a Co File 10'479'249 4.59 549'001 09.10.2012 Investment Advisor
ELLERSTON CAPITAL LT n/a EXCH 9'950'968 4.36 (4'607'471) 19.10.2012 Corporation
AUSTRALIA & NEW ZEAL n/a EXCH 9'899'954 4.34 (91'165) 14.09.2011 Bank
COMMONWEALTH BANK OF n/a EXCH 9'373'022 4.11 (923'916) 28.11.2011 Bank
ING GROEP NV n/a EXCH 7'092'324 3.11 (3'005'658) 23.09.2011 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 7'016'908 3.07 1'805'497 28.09.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'319'853 1.45 - 31.07.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3'277'839 1.44 (3'006) 12.11.2012 Investment Advisor
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'581'301 0.69 219'692 30.09.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'169'539 0.51 125'913 30.09.2012 Investment Advisor
AXA ROSENBERG INTL Multiple Portfolios MF-AGG 737'586 0.32 (22'414) 29.06.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 728'641 0.32 58'495 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan STUART JACKSON overweight 5 M 13 6 month 08.11.2012
BBY Limited DENNIS HULME underperform 1 M 13 12 month 05.11.2012
Credit Suisse GRANT SALIGARI restricted #N/A N/A M #N/A N/A Not Provided 02.11.2012
Octa Phillip Securities Ltd PAUL JENSZ hold 3 U 13 Not Provided 29.10.2012
Commonwealth Bank JORDAN ROGERS hold 3 M 13 12 month 25.10.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 23.10.2012
Goldman Sachs JAMES HANNAM neutral/neutral 3 M 13 12 month 22.10.2012
Macquarie RIKKI BANNAN underperform 1 M 13 12 month 22.10.2012
Deutsche Bank MARK WILSON hold 3 M 12 12 month 19.10.2012
Wilson HTM Investment Group JAMES FERRIER sell 1 M 8 Not Provided 28.08.2012
Bell Potter JONATHAN SNAPE sell 1 M 7 12 month 22.05.2012
Holdings By:
GrainCorp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Indofood Agri Resources Limited is an integrated agribusiness company. The
Company and its subsidiaries are involved in research and development, oil palm
seed breeding, oil palm cultivation and milling. Indofood Agri Resources also
refines, brands and markets cooking oil, margarine, shortening and other palm
oil products.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (14.03.2012) 1.61
52-Week Low (05.06.2012) 1.15
Daily Volume
1.18
52-Week High % Change -26.71% Dividend Yield -
52-Week Low % Change 3.06% Beta 1.37
% 52 Week Price Range High/Low 7.53% Equity Float 380.08
Shares Out 11.03.2013 1'434.3 Short Int -
1'692.45 1 Yr Total Return -24.44%
Total Debt 6'780'217.00 YTD Return -11.61%
Preferred Stock 0.0 Adjusted BETA 1.369
Minority Interest 9'032'242.0 Analyst Recs 20
Cash and Equivalents 5'082'296.00 Consensus Rating 3.850
Enterprise Value 23'860'428.22
Average Volume 5 Day 2'115'000
IFAR SP EQUITY YTD Change - Average Volume 30 Day 2'125'233
IFAR SP EQUITY YTD % CHANGE - Average Volume 3 Month 2'496'230
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
11'840'499.0 9'040'325.0 9'484'281.0 12'605'311.0 13'844'891.0 ######### ######### ######### ######### - -
1.09x 3.46x 3.98x 1.76x 1.87x 9.35x 7.27x 1.44x 1.31x - -
3'283'546.0 2'619'890.0 3'044'846.0 3'581'819.0 3'375'308.0 ######### ######### ######### ######### - -
3.93x 11.95x 12.40x 6.19x 7.65x 5.28x 7.69x 6.18x 5.54x - -
795'284.0 1'526'829.0 1'402'013.0 1'489'946.0 1'049'322.0 ######### ######### ######### ######### - -
7.60x 14.82x 20.11x 8.65x 14.39x 7.37x 11.43x 9.92x 8.64x - -
EBITDA 3'375'308.00 Long-Term Rating Date -
EBIT 2'785'715.00 Long-Term Rating -
Operating Margin 20.12% Long-Term Outlook -
Pretax Margin 17.64% Short-Term Rating Date -
Return on Assets 3.09% Short-Term Rating -
Return on Common Equity 7.89%
Return on Capital 7.51% EBITDA/Interest Exp. 6.79
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 1.15
Net Debt/EBITDA 0.50
Gross Margin 30.1% Total Debt/EBITDA 2.01
EBITDA Margin 24.4%
EBIT Margin 20.1% Total Debt/Equity 49.1%
Net Income Margin 7.6% Total Debt/Capital 22.9%
Asset Turnover 0.41
Current Ratio 1.80 Net Fixed Asset Turnover 1.76
Quick Ratio 1.33 Accounts receivable turnover-days 24.00
Debt to Assets 19.48% Inventory Days 67.42
Tot Debt to Common Equity 49.15% Accounts Payable Turnover Day 38.26
Accounts Receivable Turnover 15.25 Cash Conversion Cycle 53.16
Inventory Turnover 5.43
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Indofood Agri Resources LtdPrice/Volume
Valuation Analysis
4'269'000.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INDOFOOD SINGAPORE H n/a Co File 998'200'000 69.52 - 15.03.2011 Other
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 21'561'520 1.5 (20'000) 12.11.2012 Investment Advisor
INDOFOOD AGRI RESOUR n/a EXCH 12'000'000 0.84 500'000 09.11.2012 Corporation
BLACKROCK n/a ULT-AGG 7'394'000 0.51 501'000 09.11.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 4'624'109 0.32 (152'892) 31.08.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'080'000 0.28 1'300'000 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'406'770 0.24 127'000 30.06.2012 Investment Advisor
RIDGEWORTH CAPITAL M Multiple Portfolios MF-AGG 2'157'000 0.15 - 30.09.2012 Mutual Fund Manager
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'001'000 0.14 - 30.09.2012 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 2'000'000 0.14 (10'000'000) 30.06.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'000'000 0.14 - 30.03.2012 Investment Advisor
UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'000'000 0.14 - 30.06.2011 Mutual Fund Manager
PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 1'909'701 0.13 - 31.08.2012 Investment Advisor
WELLS CAPITAL MANAGE Multiple Portfolios MF-AGG 1'175'000 0.08 - 31.08.2012 Investment Advisor
FIRST PACIFIC INVEST n/a Co File 1'125'344 0.08 - 15.03.2011 Unclassified
MORGAN STANLEY n/a ULT-AGG 1'108'000 0.08 - 30.06.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'000'000 0.07 1'000'000 31.10.2012 Investment Advisor
FIRST PACIFIC INV BV n/a Co File 882'444 0.06 - 15.03.2011 n/a
NIKKO ASSET MANAGEME n/a ULT-AGG 845'000 0.06 - 14.09.2011 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 819'000 0.06 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie CONRAD WERNER outperform 5 M 1 12 month 08.11.2012
Standard Chartered ADRIAN FOULGER outperform 5 M 2 12 month 07.11.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 02.11.2012
Credit Suisse AGUS SANDIANTO outperform 5 M 2 Not Provided 01.11.2012
HSBC THILAN WICKRAMASINGHE underweight 1 D 1 Not Provided 01.11.2012
DBS Vickers BEN SANTOSO hold 3 M 1 12 month 01.11.2012
AmResearch Sdn Bhd GAN HUEY LING buy 5 M 2 12 month 01.11.2012
TA Securities Holdings Berhad JAMES RATNAM buy 5 M 2 12 month 01.11.2012
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 2 Not Provided 01.11.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 2 12 month 31.10.2012
Goldman Sachs PATRICK TIAH Buy/Neutral 5 M 2 12 month 31.10.2012
JPMorgan YING-JIAN CHAN neutral 3 M 1 6 month 31.10.2012
CIMB IVY NG outperform 5 M 2 12 month 31.10.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 2 Not Provided 31.10.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 2 12 month 11.10.2012
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 1 12 month 25.09.2012
Jefferies ARYA SEN hold 3 M 2 12 month 01.05.2012
IIFL ZUO LI reduce 2 D 1 12 month 31.10.2011
Holdings By:
Indofood Agri Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Ingredion Incorporated refines corn and produces sweeteners and
starches. The Company has customers in a wide range of industries, including
the food, soft drink, brewing, pharmaceutical, corrugating, paper, and textile
industries. Ingredion has Company-owned operations, joint ventures,
alliances, and technical licenses in countries around the world.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (17.01.2013) 70.41
52-Week Low (17.07.2012) 45.30
Daily Volume
66.51
52-Week High % Change -5.54% Dividend Yield 1.38
52-Week Low % Change 46.82% Beta 1.08
% 52 Week Price Range High/Low 93.51% Equity Float 75.00
Shares Out 25.02.2013 77.3 Short Int 0.45
5'138.96 1 Yr Total Return 17.99%
Total Debt 1'800.00 YTD Return 3.23%
Preferred Stock 0.0 Adjusted BETA 1.076
Minority Interest 22.0 Analyst Recs 10
Cash and Equivalents 628.00 Consensus Rating 4.200
Enterprise Value 6'332.96
Average Volume 5 Day 91'871
INGR UN EQUITY YTD Change - Average Volume 30 Day 126'216
INGR UN EQUITY YTD % CHANGE - Average Volume 3 Month 112'236
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
3'944.0 3'672.0 4'367.0 6'219.0 6'532.1 6'078.6 6'435.8 6'917.5 7'071.2 1'668.0 1'735.7
0.74x 0.70x 1.14x 0.90x 0.94x 3.42x 3.46x 0.87x - 3.76x 3.56x
562.0 408.0 519.0 892.0 914.6 820.0 895.5 943.7 1'007.3 221.0 227.7
5.19x 6.29x 9.61x 6.24x 6.73x 5.60x 6.12x 6.71x 6.29x 6.80x 6.67x
267.0 41.0 169.0 416.0 427.5 372.6 411.1 455.7 495.4 104.7 108.7
7.99x 14.62x 14.11x 11.24x 11.57x 8.48x 10.57x 11.40x 10.36x 11.42x 11.07x
EBITDA 914.60 Long-Term Rating Date 24.11.2008
EBIT 703.60 Long-Term Rating BBB
Operating Margin 10.77% Long-Term Outlook STABLE
Pretax Margin 9.19% Short-Term Rating Date -
Return on Assets 7.84% Short-Term Rating -
Return on Common Equity 18.69%
Return on Capital 11.51% EBITDA/Interest Exp. 13.57
Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 9.06
Net Debt/EBITDA 1.28
Gross Margin 18.9% Total Debt/EBITDA 1.97
EBITDA Margin 14.0%
EBIT Margin 10.8% Total Debt/Equity 73.3%
Net Income Margin 6.5% Total Debt/Capital 42.1%
Asset Turnover 1.20
Current Ratio 2.53 Net Fixed Asset Turnover 3.00
Quick Ratio 1.55 Accounts receivable turnover-days 46.25
Debt to Assets 32.19% Inventory Days 55.41
Tot Debt to Common Equity 73.29% Accounts Payable Turnover Day 47.26
Accounts Receivable Turnover 7.91 Cash Conversion Cycle 54.40
Inventory Turnover 6.61
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Ingredion IncPrice/Volume
Valuation Analysis
70'945.00
Current Price (3/dd/yy) Market Data
'
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11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 4'124'600 5.39 176'740 31.07.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'401'603 4.44 420'959 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'376'350 4.41 (337'509) 30.06.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 3'177'794 4.15 (208'970) 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'879'594 3.76 (74'087) 30.09.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'771'056 2.31 410'327 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 1'743'018 2.28 (36'215) 30.06.2012 Investment Advisor
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 1'738'675 2.27 (112'927) 30.06.2012 Hedge Fund Manager
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'672'571 2.18 (1'005'501) 30.06.2012 Investment Advisor
SNYDER CAPITAL MANAG SNYDER CAPITAL MANAG 13F 1'307'694 1.71 88'930 30.09.2012 Investment Advisor
FISHER INVESTMENTS I FISHER INVESTMENTS 13F 1'250'994 1.63 (103'883) 30.09.2012 Investment Advisor
THRIVENT FINANCIAL F THRIVENT FINANCIAL F 13F 1'178'873 1.54 (94'200) 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'166'146 1.52 (107'331) 30.09.2012 Investment Advisor
ALBERTA INVESTMENT M ALBERTA INV MGMT COR 13F 1'149'264 1.5 108'549 30.09.2012 Government
RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 1'148'540 1.5 465'490 30.06.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'085'243 1.42 (210'253) 30.06.2012 Investment Advisor
HIGHLINE CAPITAL MAN HIGHLINE CAPITAL MAN 13F 1'008'000 1.32 (382'000) 30.06.2012 Hedge Fund Manager
ST DENIS J VILLERE & ST DENIS J VILLERE & 13F 978'877 1.28 84'447 30.09.2012 Investment Advisor
GAMCO n/a ULT-AGG 860'500 1.12 (59'100) 30.06.2012 Unclassified
PRUDENTIAL FINANCIAL n/a ULT-AGG 826'715 1.08 311'828 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc FARHA ASLAM overweight 5 M 70 12 month 05.11.2012
BMO Capital Markets KENNETH B ZASLOW outperform 5 M 74 Not Provided 26.10.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 26.10.2012
Davenport & Co ANN H GURKIN buy 5 M 65 Not Provided 26.10.2012
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 26.10.2012
Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M 60 12 month 25.10.2012
D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 80 12 month 25.10.2012
BB&T Capital Markets HEATHER L JONES buy 5 M 65 12 month 19.09.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 03.08.2012
Holdings By:
Ingredion Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Intrepid Potash, Inc. mines and markets potash for use as a fertilizer. The
Company also markets langbeinite.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (20.03.2012) 24.67
52-Week Low (04.06.2012) 17.82
Daily Volume
19.35
52-Week High % Change -21.58% Dividend Yield 0.00
52-Week Low % Change 8.59% Beta 1.34
% 52 Week Price Range High/Low 20.30% Equity Float 54.72
Shares Out 31.01.2013 75.6 Short Int 4.25
1'461.96 1 Yr Total Return -14.90%
Total Debt 0.00 YTD Return -9.11%
Preferred Stock 0.0 Adjusted BETA 1.336
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 57.75 Consensus Rating 3.000
Enterprise Value 1'404.21
Average Volume 5 Day 177'855
IPI UN EQUITY YTD Change - Average Volume 30 Day 176'574
IPI UN EQUITY YTD % CHANGE - Average Volume 3 Month 148'984
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
415.3 301.8 359.3 443.0 451.3 434.5 445.0 435.8 503.9 92.1 107.3
3.46x 6.92x 7.46x 3.46x 6.98x 21.26x 14.01x 3.35x 2.96x 15.40x 13.40x
212.4 110.4 103.8 190.2 184.0 190.2 187.4 170.8 225.9 35.3 45.9
6.77x 18.91x 25.82x 8.05x 17.13x 9.09x 7.94x 8.22x 6.22x 7.78x 6.73x
142.7 55.3 45.3 109.4 87.4 102.7 97.8 72.5 98.8 13.4 18.3
11.23x 38.89x 62.15x 18.40x 18.35x 20.73x 17.32x 20.37x 14.79x 20.35x 17.53x
EBITDA 183.99 Long-Term Rating Date -
EBIT 136.39 Long-Term Rating -
Operating Margin 30.22% Long-Term Outlook -
Pretax Margin 30.34% Short-Term Rating Date -
Return on Assets 9.07% Short-Term Rating -
Return on Common Equity 9.84%
Return on Capital 9.91% EBITDA/Interest Exp. 203.30
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. -68.97
Net Debt/EBITDA -0.31
Gross Margin 37.7% Total Debt/EBITDA 0.00
EBITDA Margin 40.7%
EBIT Margin 30.2% Total Debt/Equity 0.0%
Net Income Margin 19.4% Total Debt/Capital 0.0%
Asset Turnover 0.47
Current Ratio 2.41 Net Fixed Asset Turnover 0.85
Quick Ratio 1.32 Accounts receivable turnover-days 24.66
Debt to Assets 0.00% Inventory Days 70.72
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 26.58
Accounts Receivable Turnover 14.84 Cash Conversion Cycle 68.80
Inventory Turnover 5.18
Fiscal Year Ended
Intrepid Potash IncPrice/Volume
Valuation Analysis
62'868.00
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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100.0
150.0
200.0
250.0
300.0
350.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MORGAN STANLEY n/a ULT-AGG 11'543'500 15.33 (205'178) 30.06.2012 Investment Advisor
JORNAYVAZ III ROBERT n/a Form 4 10'635'871 14.12 (56'051) 18.09.2012 n/a
HARVEY JR HUGH E n/a Form 4 9'731'001 12.92 (56'050) 18.09.2012 n/a
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 4'630'020 6.15 (39'389) 30.06.2012 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 4'015'800 5.33 814'920 30.06.2012 Investment Advisor
ADVISORY RESEARCH IN ADVISORY RESEARCH IN 13F 3'585'710 4.76 3'585'710 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'074'425 4.08 308'660 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'750'460 3.65 (149'709) 31.07.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'306'095 1.73 (18'131) 30.09.2012 Investment Advisor
CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 1'253'958 1.67 105'546 30.09.2012 Hedge Fund Manager
CENTURY CAPITAL MANA CENTURY CAPITAL MANA 13F 1'226'353 1.63 831'321 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 1'215'815 1.61 (25'987) 30.06.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 1'155'815 1.53 (2'233'535) 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'140'571 1.51 (103'173) 30.09.2012 Investment Advisor
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'109'301 1.47 249'222 30.06.2012 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 1'086'064 1.44 (11'394) 30.06.2012 Investment Advisor
SNYDER CAPITAL MANAG SNYDER CAPITAL MANAG 13F 1'008'329 1.34 (120'805) 30.09.2012 Investment Advisor
WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 951'315 1.26 937 30.06.2012 Investment Advisor
EAGLE ASSET MANAGEME EAGLE ASSET MANAGEME 13F 872'270 1.16 (522'392) 30.09.2012 Investment Advisor
CHILTON INVESTMENT C CHILTON INVESTMENT C 13F 811'360 1.08 (295'361) 30.06.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Susquehanna Financial Group DONALD D CARSON neutral 3 M 24 12 month 13.11.2012
Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 U 26 12 month 02.11.2012
Wunderlich Securities MICHAEL E HOFFMAN buy 5 M 27 18 month 02.11.2012
Barclays MATTHEW J KORN equalweight 3 M 23 Not Provided 02.11.2012
BMO Capital Markets JOEL JACKSON market perform 3 M 24 Not Provided 01.11.2012
RBC Capital Markets ADAM SCHATZKER underperform 1 M 19 12 month 01.11.2012
KeyBanc Capital Markets IVAN MARCUSE buy 5 M 30 12 month 01.11.2012
Scotia Capital BEN ISAACSON sector outperform 5 M 26 12 month 01.11.2012
Lazard Capital Markets EDLAIN RODRIGUEZ neutral 3 M #N/A N/A Not Provided 01.11.2012
Credit Agricole Securities (USA) MARK W CONNELLY buy 5 M 31 Not Provided 01.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 01.11.2012
Dahlman Rose & Co CHARLES NEIVERT hold 3 M #N/A N/A Not Provided 08.10.2012
IPOfinancial.com TEAM COVERAGE buy 5 M #N/A N/A Not Provided 25.02.2011
Holdings By:
Intrepid Potash Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
IOI Corporation Berhad cultivates and processes oil palm and rubber. The
Company, through its subsidiaries, operates in property development and
investment, provides landscape services, and sells ornamental plants and turfing
grass. IOI Corporation also manufactures industrial and medical gases, and
provides building, engineering, and construction services.
Latest Fiscal Year: 06/2012
LTM as of: 06/yy
52-Week High (20.07.2012) 5.42
52-Week Low (07.02.2013) 4.75
Daily Volume
4.82
52-Week High % Change -11.07% Dividend Yield -
52-Week Low % Change 1.47% Beta 1.04
% 52 Week Price Range High/Low 10.45% Equity Float -
Shares Out 11.03.2013 6'388.2 Short Int -
30'791.13 1 Yr Total Return -6.36%
Total Debt 8'268.94 YTD Return -4.15%
Preferred Stock 0.0 Adjusted BETA 1.038
Minority Interest 288.0 Analyst Recs 32
Cash and Equivalents 4'435.95 Consensus Rating 2.125
Enterprise Value 35'472.73
Average Volume 5 Day 3'609'440
IOI MK EQUITY YTD Change - Average Volume 30 Day 3'040'593
IOI MK EQUITY YTD % CHANGE - Average Volume 3 Month 3'530'204
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
14'641.2 14'568.0 12'386.5 16'020.0 15'488.1 16'154.3 15'640.3 15'875.1 16'689.3 - -
3.33x 2.17x 2.68x 2.30x 2.41x 9.33x 9.23x 2.17x 2.05x - -
2'919.6 2'682.5 1'723.8 2'422.4 2'362.4 3'061.9 2'570.8 2'678.8 2'893.1 - -
16.68x 11.79x 19.23x 15.21x 15.80x 12.02x 14.52x 13.24x 12.26x - -
2'231.6 983.5 2'035.7 2'222.9 1'789.4 2'222.9 1'789.4 1'808.2 1'985.4 - -
20.22x 28.40x 15.20x 15.25x 18.56x 15.25x 18.64x 17.15x 15.75x - -
EBITDA 2'362.40 Long-Term Rating Date 14.03.2008
EBIT 2'107.09 Long-Term Rating BBB+
Operating Margin 13.60% Long-Term Outlook STABLE
Pretax Margin 15.36% Short-Term Rating Date -
Return on Assets 9.72% Short-Term Rating -
Return on Common Equity 16.54%
Return on Capital 11.74% EBITDA/Interest Exp. 11.59
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 3.36
Net Debt/EBITDA 1.73
Gross Margin 20.2% Total Debt/EBITDA 3.09
EBITDA Margin 17.8%
EBIT Margin 16.0% Total Debt/Equity 65.5%
Net Income Margin 11.6% Total Debt/Capital 39.0%
Asset Turnover 0.67
Current Ratio 4.17 Net Fixed Asset Turnover 1.62
Quick Ratio 2.63 Accounts receivable turnover-days 39.60
Debt to Assets 35.85% Inventory Days -
Tot Debt to Common Equity 65.48% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.24 Cash Conversion Cycle 84.57
Inventory Turnover -
Fiscal Year Ended
IOI Corp BhdPrice/Volume
Valuation Analysis
5'094'000.00
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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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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PROGRESSIVE HOLDINGS n/a EXCH 2'780'439'580 43.24 5'191'100 19.10.2012 Unclassified
EMPLOYEES PROVIDENT #N/A N/A EXCH 723'959'308 11.26 (122'900) 06.11.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 134'705'984 2.1 2'817'962 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 98'556'546 1.53 (90'800) 12.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 82'774'272 1.29 (4'171'780) 09.11.2012 Investment Advisor
SHIN CHENG LEE n/a EXCH 62'530'600 0.97 - 19.10.2012 n/a
PRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 44'923'879 0.7 - 30.06.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 19'171'996 0.3 10'565'842 29.02.2012 Investment Advisor
PENGURUSAN PELABURAN Multiple Portfolios MF-AGG 14'288'666 0.22 - 31.05.2011 Investment Advisor
CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 10'485'044 0.16 (346'100) 30.04.2011 Mutual Fund Manager
GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 9'771'432 0.15 - 31.12.2010 Mutual Fund Manager
YEOW CHOR LEE n/a EXCH 8'240'400 0.13 - 19.10.2012 n/a
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'168'866 0.11 (10'912'600) 30.06.2012 Investment Advisor
EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 5'774'813 0.09 31'000 09.11.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'421'541 0.08 (59'828) 31.10.2012 Mutual Fund Manager
PACIFIC MUTUAL FUND Multiple Portfolios MF-AGG 3'616'096 0.06 (452'400) 31.10.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 3'154'086 0.05 - 31.08.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 2'982'240 0.05 - 12.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 2'607'500 0.04 46'800 28.09.2012 Unclassified
PICTET & CIE Multiple Portfolios MF-AGG 2'504'600 0.04 (79'000) 31.08.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SUNAINA DHANUKA neutral 3 M 4 12 month 08.11.2012
Standard Chartered ADRIAN FOULGER in-line 3 M 5 12 month 07.11.2012
Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 5 12 month 07.11.2012
Hong Leong Investment Bank Bhd CHYE WEN FEI sell 1 D 4 12 month 07.11.2012
Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 5 12 month 05.11.2012
Maybank Investment Bank Berhad ONG CHEE TING hold 3 M 5 12 month 05.11.2012
Deutsche Bank ELTRICIA LI CHING FOONG hold 3 M 5 12 month 01.11.2012
KAF Seagroatt & Campbell VINCE NG buy 5 M 6 Not Provided 30.10.2012
RHB Research Institute Sdn Bhd HOE LEE LENG underperform 1 M 5 12 month 30.10.2012
Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 6 12 month 30.10.2012
DBS Vickers BEN SANTOSO hold 3 M 5 12 month 29.10.2012
Nomura MUZHAFAR MUKHTAR neutral 3 M 5 Not Provided 15.10.2012
TA Securities Holdings Berhad TEAM COVERAGE buy 5 M 6 Not Provided 15.10.2012
ECM Libra TEAM COVERAGE hold 3 M 5 12 month 15.10.2012
Alliance Research Sdn Bhd TEAM COVERAGE neutral 3 M 4 12 month 15.10.2012
OSK (Asia) Securities ALVIN TAI neutral 3 M 5 12 month 11.10.2012
JF Apex Securities Bhd JESSICA JZE TIENG LOW buy 5 M 6 12 month 11.10.2012
BIMB Securities Sdn Bhd NG KEAT YUNG neutral 3 M 5 12 month 11.10.2012
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 5 12 month 25.09.2012
Goldman Sachs PATRICK TIAH Sell/Neutral 1 M 4 12 month 11.09.2012
Credit Suisse TAN TING MIN underperform 1 M 5 Not Provided 11.09.2012
Morgan Stanley CHARLES C SPENCER Underwt/Attractive 1 M 4 12 month 10.09.2012
JPMorgan SIMONE X YEOH underweight 1 M 5 6 month 07.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 07.09.2012
HSBC THILAN WICKRAMASINGHE underweight 1 M 5 Not Provided 04.09.2012
AmResearch Sdn Bhd GAN HUEY LING hold 3 D 6 12 month 28.08.2012
UOB Kay Hian TEAM COVERAGE hold 3 M 5 Not Provided 28.08.2012
CIMB IVY NG neutral 3 M 5 12 month 27.08.2012
Holdings By:
IOI Corp Bhd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Kernel Holding SA is a diversified agri-business company operating in
Ukraine. The Company produces, procures, transports, stores, processes and
merchandises agricultural commodities on the international markets through
Company-owned port transshipment facilities. Kernel also produces, refines,
packages and merchandizes bottled vegetable oil.
Latest Fiscal Year: 06/2012
LTM as of: 06/yy
52-Week High (22.08.2012) 76.00
52-Week Low (21.05.2012) 51.00
Daily Volume
60.5
52-Week High % Change -20.39% Dividend Yield -
52-Week Low % Change 18.63% Beta 0.89
% 52 Week Price Range High/Low 34.60% Equity Float 49.22
Shares Out 30.09.2012 79.7 Short Int -
4'820.85 1 Yr Total Return -11.23%
Total Debt 698.28 YTD Return -9.36%
Preferred Stock 0.0 Adjusted BETA 0.890
Minority Interest 31.0 Analyst Recs 13
Cash and Equivalents 82.53 Consensus Rating 3.769
Enterprise Value 2'444.90
Average Volume 5 Day 211'703
KER PW EQUITY YTD Change - Average Volume 30 Day 128'742
KER PW EQUITY YTD % CHANGE - Average Volume 3 Month 119'060
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
663.1 1'047.1 1'020.5 1'899.1 2'157.4 1'899.8 2'169.2 2'515.1 2'613.1 - -
1.36x 0.81x 1.50x 1.27x 0.97x 4.97x 4.09x 0.89x 0.82x - -
123.2 181.2 188.8 309.4 320.9 313.2 324.7 363.0 414.4 - -
7.33x 4.70x 8.12x 7.78x 6.52x 8.13x 6.46x 6.74x 5.90x - -
83.2 135.5 152.0 226.3 206.7 228.9 210.0 217.6 249.8 - -
8.32x 5.06x 8.15x 9.15x 6.99x 9.05x 6.92x 7.12x 6.17x - -
EBITDA 320.93 Long-Term Rating Date -
EBIT 255.43 Long-Term Rating -
Operating Margin 11.84% Long-Term Outlook -
Pretax Margin 8.99% Short-Term Rating Date -
Return on Assets 9.28% Short-Term Rating -
Return on Common Equity 19.17%
Return on Capital 13.51% EBITDA/Interest Exp. 6.89
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 4.79
Net Debt/EBITDA 2.57
Gross Margin 21.4% Total Debt/EBITDA 2.94
EBITDA Margin 15.4%
EBIT Margin 12.2% Total Debt/Equity 59.2%
Net Income Margin 9.6% Total Debt/Capital 36.6%
Asset Turnover 1.00
Current Ratio 2.50 Net Fixed Asset Turnover 3.31
Quick Ratio 0.51 Accounts receivable turnover-days 21.71
Debt to Assets 32.95% Inventory Days 112.69
Tot Debt to Common Equity 59.19% Accounts Payable Turnover Day 10.78
Accounts Receivable Turnover 16.86 Cash Conversion Cycle 80.94
Inventory Turnover 3.25
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kernel Holding SAPrice/Volume
Valuation Analysis
43'740.00
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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NAMSEN LTD #N/A N/A EXCH 30'460'657 38.23 - 10.11.2012 Other
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 2'095'150 2.63 - 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'940'740 2.44 68'072 30.06.2012 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 1'400'000 1.76 - 30.06.2011 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'195'804 1.5 (1'108) 12.11.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'107'145 1.39 - 30.06.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'099'456 1.38 135'293 28.09.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 933'414 1.17 7'588 09.11.2012 Investment Advisor
AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 906'557 1.14 - 30.06.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 666'981 0.84 - 30.06.2012 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 660'129 0.83 22'700 30.06.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 326'495 0.41 - 28.09.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 308'154 0.39 (9'774) 30.09.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 306'989 0.39 - 30.06.2012 Investment Advisor
US GLOBAL INVESTORS Multiple Portfolios MF-AGG 300'000 0.38 55'500 29.06.2012 Investment Advisor
VALIC CO I Multiple Portfolios MF-AGG 218'301 0.27 - 31.07.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 215'047 0.27 48'288 31.08.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 208'629 0.26 (325'266) 30.06.2012 Investment Advisor
INVESTORS TFI SA Multiple Portfolios MF-AGG 205'297 0.26 (29'053) 30.06.2012 Mutual Fund Manager
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 193'604 0.24 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 12.11.2012
UFC Capital VLADIMIR LANDA buy 5 M 97 Not Provided 05.11.2012
Erste Bank IGOR ZHOLONKIVSKYI hold 3 M 63 12 month 04.11.2012
Goldman Sachs ANTON FARLENKOV Buy/Neutral 5 M 102 12 month 02.11.2012
Wood & Company PIOTR DROZD hold 3 D 67 12 month 31.10.2012
Dragon Capital TAMARA LEVCHENKO Under Review #N/A N/A M #N/A N/A Not Provided 02.10.2012
Millennium Dom Maklerski ADAM KAPTUR neutral 3 D 71 Not Provided 19.09.2012
Ipopema Securities SA ZANETA MARZEC sell 1 D 66 12 month 18.09.2012
Dom Inwestycyjny BRE Banku JAKUB SZKOPEK reduce 2 D 63 Not Provided 31.08.2012
Sberbank CIB KONSTANTIN FASTOVETS buy 5 U 104 Not Provided 20.08.2012
ING Wholesale Banking ADAM MILEWICZ hold 3 U 68 12 month 24.07.2012
UniCredit Research MARCIN GATARZ hold 3 D 65 12 month 02.07.2012
ArtCapital ANDRIY PATIOTA sell 1 D 69 12 month 25.05.2012
Concorde Capital Ltd YEGOR SAMUSENKO buy 5 U 92 12 month 17.05.2012
Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 123 Not Provided 17.04.2012
Investment Capital Ukraine LLC PAVLO BIDAK not rated #N/A N/A M #N/A N/A Not Provided 21.03.2012
Phoenix Capital LLC ANNA SHUVALOVA hold 3 N 90 12 month 23.11.2011
BG Capital DMYTRO USHENKO buy 5 U 109 12 month 15.06.2011
Holdings By:
Kernel Holding SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Kuala Lumpur Kepong Berhad produces and processes palm products, natural rubber,
and cocoa on its plantations. Through its subsidiaries, the Company mills and
refines oil palm products, cultivates ramie, and manufactures oleochemicals,
soap, esters, latex gloves, toiletries, and parquet flooring products. Kuala
Lumpur Kepong also develops properties and operates holiday bungalows.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (03.04.2012) 24.90
52-Week Low (11.05.2012) 17.00
Daily Volume
20.5
52-Week High % Change -17.67% Dividend Yield -
52-Week Low % Change 20.59% Beta 0.75
% 52 Week Price Range High/Low 44.30% Equity Float 403.86
Shares Out 11.03.2013 1'065.0 Short Int -
21'831.80 1 Yr Total Return -9.71%
Total Debt 2'478.78 YTD Return -12.51%
Preferred Stock 0.0 Adjusted BETA 0.748
Minority Interest 397.8 Analyst Recs 32
Cash and Equivalents 2'358.91 Consensus Rating 2.563
Enterprise Value 22'254.10
Average Volume 5 Day 1'182'780
KLK MK EQUITY YTD Change - Average Volume 30 Day 818'913
KLK MK EQUITY YTD % CHANGE - Average Volume 3 Month 821'466
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
7'789.7 6'620.4 7'450.0 10'691.9 10'507.3 9'513.6 10'924.0 10'435.5 11'387.6 - -
1.42x 2.34x 2.53x 2.18x 2.29x 9.68x 9.18x 2.16x 1.97x - -
1'636.9 1'223.7 1'471.5 2'306.8 1'734.4 1'987.1 1'311.4 1'930.1 2'196.7 - -
6.75x 12.64x 12.81x 10.09x 13.84x 12.47x 0.00x 11.53x 10.13x - -
1'040.7 612.5 1'012.3 1'571.4 1'211.2 1'421.8 1'249.6 1'188.7 1'363.6 - -
9.83x 24.00x 17.88x 14.30x 21.84x 16.23x 19.07x 18.39x 16.13x - -
EBITDA 1'734.40 Long-Term Rating Date -
EBIT 1'472.48 Long-Term Rating -
Operating Margin 14.01% Long-Term Outlook -
Pretax Margin 13.56% Short-Term Rating Date -
Return on Assets 9.95% Short-Term Rating -
Return on Common Equity 15.29%
Return on Capital 12.28% EBITDA/Interest Exp. 27.33
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 13.93
Net Debt/EBITDA 0.00
Gross Margin 23.1% Total Debt/EBITDA 1.55
EBITDA Margin 15.9%
EBIT Margin 13.7% Total Debt/Equity 34.9%
Net Income Margin 11.5% Total Debt/Capital 24.8%
Asset Turnover 0.86
Current Ratio 3.05 Net Fixed Asset Turnover 2.93
Quick Ratio 2.01 Accounts receivable turnover-days 47.30
Debt to Assets 21.78% Inventory Days -
Tot Debt to Common Equity 34.86% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.74 Cash Conversion Cycle 80.75
Inventory Turnover -
Fiscal Year Ended
Kuala Lumpur Kepong BhdPrice/Volume
Valuation Analysis
1'752'200.00
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BATU KAWAN BHD n/a Co File 495'901'527 46.45 - 01.12.2011 Holding Company
EMPLOYEES PROVIDENT #N/A N/A EXCH 158'866'838 14.88 (133'300) 07.11.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'939'284 1.87 430'300 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 16'083'348 1.51 (14'800) 12.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 14'525'911 1.36 53'639 09.11.2012 Investment Advisor
PRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 4'825'100 0.45 - 30.06.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'141'772 0.39 (850'869) 29.02.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'745'000 0.35 (656'000) 30.09.2011 Mutual Fund Manager
ENG KHOON YEOH n/a Co File 3'524'850 0.33 - 01.12.2011 n/a
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'397'700 0.32 3'397'700 30.06.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'810'125 0.26 2'247'525 30.06.2012 Investment Advisor
KUALA LUMPUR KEPONG n/a Co File 2'539'000 0.24 - 01.12.2011 Corporation
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'165'140 0.2 (176'960) 31.07.2012 Investment Advisor
GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 1'677'750 0.16 - 31.12.2010 Mutual Fund Manager
CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 1'630'150 0.15 67'400 30.04.2011 Mutual Fund Manager
NOMURA n/a ULT-AGG 1'563'900 0.15 - 22.06.2012 Unclassified
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'090'533 0.1 (15'971) 31.10.2012 Mutual Fund Manager
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 991'400 0.09 (600) 31.07.2012 Bank
FIRST STATE INVESTME Multiple Portfolios MF-AGG 761'200 0.07 - 31.07.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 760'300 0.07 (45'000) 29.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SUNAINA DHANUKA underperform 1 D 18 12 month 08.11.2012
Standard Chartered ADRIAN FOULGER in-line 3 M 21 12 month 07.11.2012
Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 22 12 month 07.11.2012
Hong Leong Investment Bank Bhd CHYE WEN FEI hold 3 M 20 12 month 07.11.2012
Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 22 12 month 05.11.2012
Maybank Investment Bank Berhad ONG CHEE TING hold 3 M 24 12 month 05.11.2012
Deutsche Bank ELTRICIA LI CHING FOONG hold 3 U 20 12 month 01.11.2012
KAF Seagroatt & Campbell VINCE NG buy 5 M 25 Not Provided 30.10.2012
DBS Vickers QUAH HE WEI fully valued 2 M 20 12 month 29.10.2012
Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 22 12 month 15.10.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 29 Not Provided 15.10.2012
TA Securities Holdings Berhad TEAM COVERAGE sell 1 M 22 Not Provided 15.10.2012
ECM Libra TEAM COVERAGE hold 3 M 19 12 month 15.10.2012
Alliance Research Sdn Bhd TEAM COVERAGE neutral 3 M 23 12 month 15.10.2012
Goldman Sachs PATRICK TIAH Sell/Neutral 1 M 17 12 month 11.10.2012
RHB Research Institute Sdn Bhd HOE LEE LENG underperform 1 M 22 12 month 11.10.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 27 12 month 11.10.2012
JF Apex Securities Bhd JESSICA JZE TIENG LOW buy 5 M 25 12 month 11.10.2012
BIMB Securities Sdn Bhd NG KEAT YUNG neutral 3 M 23 12 month 11.10.2012
AmResearch Sdn Bhd GAN HUEY LING buy 5 M 26 12 month 05.10.2012
UOB Kay Hian TEAM COVERAGE hold 3 M 22 Not Provided 05.10.2012
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 26 12 month 25.09.2012
Credit Suisse TAN TING MIN neutral 3 M 22 Not Provided 11.09.2012
Morgan Stanley CHARLES C SPENCER Equalwt/Attractive 3 M 24 12 month 10.09.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 10.09.2012
JPMorgan SIMONE X YEOH neutral 3 M 22 6 month 07.09.2012
HSBC THILAN WICKRAMASINGHE overweight 5 M 29 Not Provided 04.09.2012
CIMB IVY NG underperform 1 M 20 12 month 30.08.2012
Holdings By:
Kuala Lumpur Kepong Bhd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and
fluid piping systems. The Company's products include ductile iron pipes,
engines, tractors, combine harvesters, reaper binders, rice planters, and
excavators. Kubota also produces forged iron products, housing equipment, and
environmental control plants.
Latest Fiscal Year: 03/2012
LTM as of: 09/yy
52-Week High (11.03.2013) 1'250.00
52-Week Low (04.06.2012) 630.00
Daily Volume
1247
52-Week High % Change -0.24% Dividend Yield 1.28
52-Week Low % Change 97.94% Beta 1.16
% 52 Week Price Range High/Low 99.52% Equity Float 1'215.77
Shares Out 31.01.2013 1'285.9 Short Int -
1'603'541.25 1 Yr Total Return 60.80%
Total Debt 355'235.00 YTD Return 26.47%
Preferred Stock 0.0 Adjusted BETA 1.158
Minority Interest 53'931.0 Analyst Recs 20
Cash and Equivalents 100'559.00 Consensus Rating 3.700
Enterprise Value 1'963'794.22
Average Volume 5 Day 6'441'400
6326 JT EQUITY YTD Change - Average Volume 30 Day 5'323'067
6326 JT EQUITY YTD % CHANGE - Average Volume 3 Month 4'960'311
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'154'574.0 1'107'482.0 930'644.0 933'685.0 1'008'019.0 966'352.0 ######### ######### ######### 333'273.7 -
0.96x 0.76x 1.53x 1.38x 1.30x 5.08x 4.68x 1.66x 1.53x - -
167'440.0 134'057.0 98'873.0 113'104.0 129'588.0 117'333.0 135'848.0 143'333.8 174'407.3 - -
6.63x 6.28x 14.37x 11.42x 10.09x 9.42x 9.73x 13.70x 11.26x - -
68'026.0 48'064.0 42'326.0 54'822.0 61'552.0 55'450.0 65'846.0 68'839.4 85'955.8 - -
11.76x 14.20x 25.60x 18.19x 16.31x 14.41x 15.07x 22.86x 18.27x - -
EBITDA 129'588.00 Long-Term Rating Date 09.01.2007
EBIT 105'680.00 Long-Term Rating NR
Operating Margin 10.48% Long-Term Outlook -
Pretax Margin 10.18% Short-Term Rating Date -
Return on Assets 4.55% Short-Term Rating -
Return on Common Equity 10.08%
Return on Capital 6.73% EBITDA/Interest Exp. 68.49
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 54.24
Net Debt/EBITDA 2.04
Gross Margin 27.0% Total Debt/EBITDA 2.83
EBITDA Margin 12.7%
EBIT Margin 10.3% Total Debt/Equity 54.4%
Net Income Margin 6.1% Total Debt/Capital 33.4%
Asset Turnover 0.74
Current Ratio 1.62 Net Fixed Asset Turnover 4.87
Quick Ratio 1.12 Accounts receivable turnover-days 161.31
Debt to Assets 23.88% Inventory Days 97.70
Tot Debt to Common Equity 54.38% Accounts Payable Turnover Day 90.55
Accounts Receivable Turnover 2.27 Cash Conversion Cycle 175.09
Inventory Turnover 3.75
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
Kubota CorpPrice/Volume
Valuation Analysis
4'807'000.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASTER TRUST BANK OF n/a Co File 107'318'000 8.35 1'488'000 31.03.2012 Bank
NIPPON LIFE INSURANC n/a MOF-JP 82'844'265 6.44 7'036'265 29.06.2012 Insurance Company
MITSUBISHI UFJ TRUST n/a 13G 78'950'000 6.14 (46'000) 31.12.2011 Investment Advisor
SUMITOMO MITSUI TRUS n/a MOF-JP 60'526'000 4.71 22'026'000 13.04.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 59'929'000 4.66 - 31.03.2012 Insurance Company
JAPAN TRUSTEE SERVIC n/a Co File 59'649'000 4.64 (7'720'000) 31.03.2012 Bank
JP MORGAN CHASE BANK n/a Co File 45'384'000 3.53 16'336'000 31.03.2012 Investment Advisor
SUMITOMO MITSUI BANK n/a Co File 45'006'000 3.5 - 31.03.2012 Bank
MIZUHO CORPORATE BAN n/a Co File 40'851'000 3.18 - 31.03.2012 Bank
MOXLEY & CO n/a Co File 31'758'000 2.47 (4'986'000) 31.03.2012 Investment Advisor
KUBOTA CORP n/a Co File 29'553'000 2.3 6'753 31.03.2012 Corporation
STATE STREET BANK OM n/a Co File 27'153'000 2.11 1'804'000 31.03.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 24'664'395 1.92 131'000 09.11.2012 Investment Advisor
BANK OF NEW YORK MEL n/a Co File 24'470'000 1.9 - 30.09.2011 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 23'578'000 1.83 - 30.09.2012 Investment Advisor
TRUST & CUSTODY SERV n/a Co File 23'181'000 1.8 - 31.03.2011 Bank
BANK OF TOKYO-MITSUB n/a 13G 20'173'729 1.57 - 31.12.2011 Bank
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 19'296'000 1.5 (18'000) 12.11.2012 Investment Advisor
JP MORGAN ASSET MGMT n/a MOF-JP 15'501'000 1.21 (9'650'000) 15.02.2011 Mutual Fund Manager
NIKKO ASSET MANAGEME n/a ULT-AGG 14'893'000 1.16 (1'257'000) 13.04.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tachibana Securities YOSHIKAZU SHIMADA Strong Outperform 5 U #N/A N/A Not Provided 13.11.2012
Daiwa Securities Co. Ltd. HIROSUKE TAI neutral 3 M 800 Not Provided 05.11.2012
Morgan Stanley YOSHINAO IBARA Equalwt/Attractive 3 M 830 12 month 02.11.2012
Mizuho Securities JUNJI SAKURADA buy 5 M 900 12 month 02.11.2012
BNP Paribas Equity Research CHRISTOPHER CINTAVEY hold 3 M 780 12 month 02.11.2012
Nomura RYO TAZAKI buy 5 M 870 12 month 02.11.2012
SMBC Nikko Securities Inc TAKU OUCHI outperform 5 M 870 12 month 02.11.2012
Barclays TSUTOMU KIJIMA overweight 5 M 1'070 Not Provided 02.11.2012
Credit Suisse SHINJI KURODA neutral 3 M 800 Not Provided 24.10.2012
Macquarie KENJIN HOTTA outperform 5 N 930 12 month 18.10.2012
TIW MASAKAZU ITOI neutral 3 M #N/A N/A Not Provided 03.10.2012
Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA neutral 3 M 700 12 month 30.08.2012
Goldman Sachs YUICHIRO ISAYAMA buy/attractive 5 M 1'050 12 month 21.08.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 13.08.2012
Iwai Cosmo Securities Co. Ltd HITOSHI OHNISHI Neutral Plus 3 N 820 6 month 15.06.2012
Mito Securities YOICHIRO WATANABE Neutral Plus 3 N #N/A N/A Not Provided 17.11.2010
Holdings By:
Kubota Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
KUMIAI CHEMICAL INDUSTRY Co., Ltd. is a specialized agrochemical manufacturer
affiliated with Zenno. The Company's main products include herbicides,
fungicides, and insecticides. Kumiai Chemical markets its products in North
America, Latin America, and Asia.
Latest Fiscal Year: 10/2012
LTM as of: 07/yy
52-Week High (11.03.2013) 589.00
52-Week Low (05.06.2012) 261.00
Daily Volume
568
52-Week High % Change -3.57% Dividend Yield -
52-Week Low % Change 117.62% Beta 1.04
% 52 Week Price Range High/Low 93.60% Equity Float 72.98
Shares Out 31.01.2013 87.0 Short Int -
49'403.34 1 Yr Total Return 70.79%
Total Debt 345.00 YTD Return 17.84%
Preferred Stock 0.0 Adjusted BETA 1.044
Minority Interest 2'491.0 Analyst Recs 2
Cash and Equivalents 7'674.00 Consensus Rating 5.000
Enterprise Value 44'565.34
Average Volume 5 Day 724'800
4996 JT EQUITY YTD Change - Average Volume 30 Day 384'833
4996 JT EQUITY YTD % CHANGE - Average Volume 3 Month 424'000
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 07/yy 07/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3
40'031.0 39'227.0 38'252.0 42'095.0 44'072.0 39'470.0 42'775.0 50'000.0 53'000.0 - -
0.27x 0.40x 0.28x 0.39x 0.54x 1.39x 2.11x - - - -
1'477.0 1'426.0 1'710.0 2'179.0 2'405.0 1'798.0 1'946.0 3'150.0 4'150.0 - -
7.24x 11.05x 6.16x 7.63x 9.91x 8.05x 14.49x 14.15x 10.74x - -
303.0 272.0 1'292.0 1'360.0 2'137.0 1'192.0 1'417.0 2'450.0 3'100.0 - -
68.09x 94.67x 16.27x 16.58x 13.42x 16.93x 21.19x 18.50x 14.64x - -
EBITDA 2'405.00 Long-Term Rating Date -
EBIT 1'657.00 Long-Term Rating -
Operating Margin 3.76% Long-Term Outlook -
Pretax Margin 7.14% Short-Term Rating Date -
Return on Assets 3.83% Short-Term Rating -
Return on Common Equity 5.37%
Return on Capital 5.39% EBITDA/Interest Exp. 801.67
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 601.00
Net Debt/EBITDA -3.05
Gross Margin 23.6% Total Debt/EBITDA 0.14
EBITDA Margin 5.5%
EBIT Margin 3.8% Total Debt/Equity 0.8%
Net Income Margin 4.8% Total Debt/Capital 0.8%
Asset Turnover 0.79
Current Ratio 2.60 Net Fixed Asset Turnover 3.87
Quick Ratio 1.46 Accounts receivable turnover-days 71.72
Debt to Assets 0.59% Inventory Days 122.24
Tot Debt to Common Equity 0.85% Accounts Payable Turnover Day 77.35
Accounts Receivable Turnover 5.10 Cash Conversion Cycle 116.62
Inventory Turnover 2.99
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kumiai Chemical Industry Co LtdPrice/Volume
Valuation Analysis
971'000.00
Current Price (3/dd/yy) Market Data
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11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ZENNOH n/a Co File 26'527'000 30.5 - 30.04.2012 Unclassified
KUMIAI CHEMICAL INDU n/a Co File 7'379'000 8.48 435 30.04.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 6'768'000 7.78 877'000 30.04.2012 Bank
SHIZUOKA KEIZAI NOHK n/a Co File 2'770'000 3.18 - 30.04.2012 n/a
SURUGA BANK LTD n/a Co File 2'609'000 3 - 30.04.2012 Bank
NORINCHUKIN BANK LTD n/a Co File 2'588'000 2.98 - 30.04.2012 Investment Advisor
SIMPLEX ASSET MANAGE Multiple Portfolios MF-AGG 2'204'000 2.53 - 21.03.2012 Investment Advisor
IHARA CHEMICAL INDUS n/a Co File 1'508'000 1.73 - 30.04.2012 Corporation
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'296'000 1.49 (2'000) 12.11.2012 Investment Advisor
CITIGROUP GLOBAL MAR n/a Co File 1'184'000 1.36 - 30.04.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'146'000 1.32 - 31.07.2012 Investment Advisor
IHARA KENSEI KOGYO n/a Co File 1'095'000 1.26 19'000 30.04.2012 Other
SUMITOMO LIFE INSURA n/a Co File 1'085'000 1.25 7'000 30.04.2012 Insurance Company
KYOEI FIRE & MARINE n/a Co File 1'007'000 1.16 - 30.04.2012 Insurance Company
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 305'000 0.35 - 13.07.2012 Holding Company
THEORIA MULTI-STRATE n/a Short (294'000) -0.34 (1'000) 02.11.2012 Unclassified
THE ABSOLUTE RETURN n/a Short (280'000) -0.32 (25'000) 25.09.2012 Mutual Fund Manager
NIPPON KAYAKU CO LTD n/a Co File 270'218 0.31 - 31.05.2012 Corporation
NIPPON SODA CO LTD n/a Co File 264'000 0.3 - 31.03.2012 Corporation
NOMURA n/a ULT-AGG 233'000 0.27 (2'000) 31.08.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura SHUNTA OMURA buy 5 M 580 12 month 02.11.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 26.07.2012
Tachibana Securities SHUICHI NAGATANI outperform 5 D #N/A N/A Not Provided 18.01.2012
Holdings By:
Kumiai Chemical Industry Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Lindsay Corporation manufactures and markets center pivot and lateral move
irrigation equipment, as well as large diameter steel tubing, for use to
irrigate agricultural crops. The Company also provides outsourced
manufacturing and production services to original equipment manufacturers in
the United States.
Latest Fiscal Year: 08/2012
LTM as of: 08/yy
52-Week High (24.01.2013) 94.70
52-Week Low (18.05.2012) 53.12
Daily Volume
89.13
52-Week High % Change -5.88% Dividend Yield 0.46
52-Week Low % Change 67.79% Beta 1.56
% 52 Week Price Range High/Low 87.13% Equity Float 12.40
Shares Out 03.01.2013 12.8 Short Int 1.88
1'144.66 1 Yr Total Return 45.13%
Total Debt 4.29 YTD Return 11.39%
Preferred Stock 0.0 Adjusted BETA 1.558
Minority Interest 0.0 Analyst Recs 9
Cash and Equivalents 143.44 Consensus Rating 3.667
Enterprise Value 995.70
Average Volume 5 Day 61'098
LNN UN EQUITY YTD Change - Average Volume 30 Day 61'308
LNN UN EQUITY YTD % CHANGE - Average Volume 3 Month 55'078
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 08/yy 08/yy 08/13 Y 08/14 Y 02/13 Q2 05/13 Q3
475.1 336.2 358.4 478.9 551.3 478.9 551.3 638.7 657.2 163.2 188.7
2.07x 1.35x 1.09x 1.44x 1.26x 6.12x 5.38x - - - -
71.5 32.9 48.6 68.3 78.0 68.3 78.0 105.4 114.7 28.3 35.0
13.75x 13.79x 8.03x 10.08x 8.88x 10.08x 8.88x 9.48x 8.71x 9.23x 9.23x
39.4 13.8 24.9 36.8 43.3 36.8 43.3 62.9 66.9 16.8 20.8
25.92x 37.40x 18.62x 20.53x 19.34x 20.60x 19.34x 18.33x 17.77x 18.56x 18.83x
EBITDA 77.98 Long-Term Rating Date -
EBIT 65.51 Long-Term Rating -
Operating Margin 11.88% Long-Term Outlook -
Pretax Margin 11.81% Short-Term Rating Date -
Return on Assets 13.32% Short-Term Rating -
Return on Common Equity 18.36%
Return on Capital 18.15% EBITDA/Interest Exp. 158.49
Asset Turnover 1.40% (EBITDA-Capex)/Interest Exp. 138.39
Net Debt/EBITDA -1.57
Gross Margin 26.9% Total Debt/EBITDA 0.03
EBITDA Margin 16.4%
EBIT Margin 14.3% Total Debt/Equity 1.4%
Net Income Margin 7.9% Total Debt/Capital 1.4%
Asset Turnover 1.40
Current Ratio 3.72 Net Fixed Asset Turnover 10.25
Quick Ratio 2.81 Accounts receivable turnover-days 52.29
Debt to Assets 1.03% Inventory Days 54.64
Tot Debt to Common Equity 1.38% Accounts Payable Turnover Day 38.75
Accounts Receivable Turnover 7.00 Cash Conversion Cycle 71.54
Inventory Turnover 6.70
Fiscal Year Ended
Lindsay CorpPrice/Volume
Valuation Analysis
18'685.00
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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200.0
300.0
400.0
500.0
600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'476'655 11.61 7'275 30.06.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 1'039'908 8.17 (65'404) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 969'114 7.62 54'281 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 723'872 5.69 33'243 30.06.2012 Investment Advisor
CS MCKEE LP C S MCKEE LP 13F 514'850 4.05 (6'770) 30.06.2012 Investment Advisor
BOSTON TRUST & INVES BOSTON TRUST & INVES 13F 378'186 2.97 12'132 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 281'671 2.21 61'295 30.09.2012 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 271'482 2.13 11'199 30.06.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 262'913 2.07 (42'504) 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 255'500 2.01 (10'984) 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 248'477 1.95 10'115 30.06.2012 Investment Advisor
GAMCO n/a ULT-AGG 201'450 1.58 30'000 30.06.2012 Unclassified
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 194'627 1.53 (17'159) 30.09.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 186'746 1.47 (951) 30.06.2012 Investment Advisor
PAROD RICHARD W n/a Form 4 178'518 1.4 7'272 01.11.2012 n/a
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 165'693 1.3 (107'657) 30.06.2012 Investment Advisor
ALGER MANAGEMENT INC Multiple Portfolios MF-AGG 156'800 1.23 156'800 31.07.2012 Investment Advisor
FORT WASHINGTON INVE FORT WASHINGTON INVE 13F 156'592 1.23 26'860 30.06.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 143'016 1.12 12'465 30.09.2012 Investment Advisor
UBS n/a ULT-AGG 135'888 1.07 19'667 30.06.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Piper Jaffray MICHAEL E COX neutral 3 M 77 12 month 25.10.2012
Wedbush DAVID L ROSE neutral 3 M 72 12 month 24.10.2012
William Blair & Co BRIAN DRAB outperform 5 U #N/A N/A Not Provided 18.10.2012
Stifel Nicolaus NATHAN JONES hold 3 M #N/A N/A Not Provided 18.10.2012
Janney Montgomery Scott LLC RYAN M CONNORS neutral 3 M 65 12 month 17.10.2012
Sidoti & Company LLC JOSEPH MONDILLO neutral 3 M 64 12 month 17.10.2012
Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 N 92 Not Provided 24.09.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 11.08.2012
BB&T Capital Markets C SCHON WILLIAMS hold 3 M #N/A N/A Not Provided 28.06.2012
Holdings By:
Lindsay Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Maple Leaf Foods Inc. manufactures and sells a variety of food products.
The Company's products include fresh and prepared meats, poultry, flours,
fresh and frozen bakery products, pasta, seafood, and pet and animal feeds.
These products are primarily sold to retail, food service, wholesale,
agricultural and industrial customers worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (04.03.2013) 14.00
52-Week Low (30.07.2012) 9.88
Daily Volume
13.07
52-Week High % Change -6.64% Dividend Yield 1.53
52-Week Low % Change 32.29% Beta 0.70
% 52 Week Price Range High/Low 87.86% Equity Float 89.80
Shares Out 28.02.2013 140.0 Short Int 0.41
1'830.38 1 Yr Total Return 12.74%
Total Debt 1'261.76 YTD Return 9.51%
Preferred Stock 0.0 Adjusted BETA 0.696
Minority Interest 67.1 Analyst Recs 9
Cash and Equivalents 90.41 Consensus Rating 4.111
Enterprise Value 3'068.81
Average Volume 5 Day 100'189
MFI CT EQUITY YTD Change - Average Volume 30 Day 94'161
MFI CT EQUITY YTD % CHANGE - Average Volume 3 Month 85'972
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
5'242.6 5'221.6 4'968.1 4'893.6 4'864.8 4'860.3 4'905.3 4'922.3 5'015.6 1'157.5 1'267.5
0.48x 0.52x 0.51x 0.52x 0.60x 2.24x 2.21x 0.61x - - -
277.6 345.6 368.6 389.0 406.0 403.4 357.9 431.7 490.4 82.5 100.6
9.11x 7.79x 6.92x 6.58x 7.18x 7.10x 7.51x 7.11x 6.26x 7.36x 7.15x
(36.9) 52.1 29.3 82.1 115.3 103.0 69.1 147.2 169.4 21.7 34.0
38.17x 21.61x 16.27x 10.83x 11.97x 10.74x 13.51x 12.68x 10.54x 12.92x 12.33x
EBITDA 406.01 Long-Term Rating Date -
EBIT 273.27 Long-Term Rating -
Operating Margin 5.62% Long-Term Outlook -
Pretax Margin 3.51% Short-Term Rating Date -
Return on Assets 3.73% Short-Term Rating -
Return on Common Equity 13.13%
Return on Capital 8.43% EBITDA/Interest Exp. 5.66
Asset Turnover 1.57% (EBITDA-Capex)/Interest Exp. 1.39
Net Debt/EBITDA 2.89
Gross Margin 15.8% Total Debt/EBITDA 3.11
EBITDA Margin 8.3%
EBIT Margin 5.6% Total Debt/Equity 141.6%
Net Income Margin 2.4% Total Debt/Capital 56.8%
Asset Turnover 1.57
Current Ratio 1.48 Net Fixed Asset Turnover 4.27
Quick Ratio 0.61 Accounts receivable turnover-days 17.83
Debt to Assets 38.90% Inventory Days 26.58
Tot Debt to Common Equity 141.63% Accounts Payable Turnover Day 41.41
Accounts Receivable Turnover 20.52 Cash Conversion Cycle 3.00
Inventory Turnover 13.77
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Maple Leaf Foods IncPrice/Volume
Valuation Analysis
429'545.00
Current Price (3/dd/yy) Market Data
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2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MCCAIN MICHAEL H n/a PROXY 45'773'783 32.69 - 22.03.2012 n/a
WEST FACE CAPITAL IN n/a Co File 15'894'413 11.35 - 28.02.2011 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 10'167'970 7.26 115'891 31.08.2012 Bank
FMR LLC n/a ULT-AGG 2'672'000 1.91 200'000 31.03.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'101'650 1.5 (1'946) 12.11.2012 Investment Advisor
CLARINGTON CAPITAL M Multiple Portfolios MF-AGG 1'384'280 0.99 - 31.03.2012 Mutual Fund Manager
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'363'400 0.97 - 31.07.2012 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1'083'200 0.77 (4'000) 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'038'045 0.74 51'105 30.06.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'005'946 0.72 (433'400) 30.09.2012 Investment Advisor
QV INVESTORS INC Multiple Portfolios MF-AGG 781'400 0.56 - 31.07.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 733'400 0.52 - 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 551'208 0.39 - 31.07.2012 Investment Advisor
ELMAR HOLDCO LIMITED n/a SEDI 549'861 0.39 - 09.03.2011 Other
HEXAVEST INC HEXAVEST INC 13F 547'406 0.39 13'470 30.09.2012 Investment Advisor
MCCAIN J SCOTT n/a SEDI 443'744 0.32 - 12.12.2011 n/a
LAN RICHARD A n/a SEDI 420'050 0.3 (80'000) 07.11.2012 n/a
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 402'065 0.29 50'400 31.12.2011 Investment Advisor
VELS MICHAEL H n/a SEDI 297'664 0.21 (15'000) 07.11.2012 n/a
SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 258'907 0.18 950 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
TD Securities MICHAEL VAN AELST buy 5 M 14 12 month 05.11.2012
Octagon Capital Corporation ROBERT GIBSON buy 5 M 15 12 month 02.11.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 02.11.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 13 Not Provided 01.11.2012
RBC Capital Markets IRENE NATTEL sector perform 3 M 14 12 month 01.11.2012
Scotia Capital CHRISTINE HEALY sector perform 3 M 13 12 month 01.11.2012
Canaccord Genuity Corp DEREK DLEY buy 5 M 16 12 month 01.11.2012
CIBC World Markets MARK PETRIE sector perform 3 M 13 Not Provided 31.10.2012
Veritas Investment Research Co MICHAEL PALMER buy 5 M 16 Not Provided 03.05.2012
Holdings By:
Maple Leaf Foods Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Monsanto Company provides agricultural products for farmers. The Company's
business segments are seeds and genomics. Monsanto produces a wide range of
seeds and develops biotechnology traits that assist farmers in controlling
insects and weeds as well as provides other seed companies with genetic material
and biotechnology traits for their seed brands.
Latest Fiscal Year: 08/2012
LTM as of: 08/yy
52-Week High (24.01.2013) 104.17
52-Week Low (18.05.2012) 69.71
Daily Volume
103.67
52-Week High % Change -0.47% Dividend Yield 1.52
52-Week Low % Change 48.72% Beta 1.07
% 52 Week Price Range High/Low 97.62% Equity Float 534.04
Shares Out 02.01.2013 535.8 Short Int 4.12
55'547.77 1 Yr Total Return 32.77%
Total Debt 2'074.00 YTD Return 9.96%
Preferred Stock 0.0 Adjusted BETA 1.067
Minority Interest 203.0 Analyst Recs 25
Cash and Equivalents 3'585.00 Consensus Rating 4.160
Enterprise Value 52'886.76
Average Volume 5 Day 444'657
MON UN EQUITY YTD Change - Average Volume 30 Day 571'895
MON UN EQUITY YTD % CHANGE - Average Volume 3 Month 636'046
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 08/yy 08/yy 08/13 Y 08/14 Y 02/13 Q2 05/13 Q3
11'365.0 11'724.0 10'483.0 11'822.0 13'504.0 11'822.0 13'516.0 14'937.9 15'913.1 5'266.0 4'481.9
5.53x 3.89x 2.78x 3.08x 3.35x 12.43x 12.22x 3.55x 3.27x 10.09x 11.86x
3'458.0 4'175.0 2'529.0 3'116.0 3'760.0 3'116.0 3'760.0 4'322.9 4'779.9 2'189.0 1'531.6
18.18x 10.92x 11.51x 11.69x 12.03x 11.69x 12.03x 12.20x 11.04x 12.19x 11.53x
2'024.0 2'109.0 1'096.0 1'607.0 2'045.0 1'607.0 2'045.0 2'482.6 2'800.4 1'396.7 943.7
31.30x 19.02x 21.94x 23.29x 23.54x 23.29x 22.45x 22.72x 20.03x 23.10x 21.73x
EBITDA 3'760.00 Long-Term Rating Date 21.10.2008
EBIT 3'138.00 Long-Term Rating A+
Operating Margin 23.24% Long-Term Outlook STABLE
Pretax Margin 22.13% Short-Term Rating Date 24.10.2007
Return on Assets 10.51% Short-Term Rating A-1
Return on Common Equity 19.38%
Return on Capital 17.56% EBITDA/Interest Exp. 17.74
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 14.69
Net Debt/EBITDA -0.71
Gross Margin 52.2% Total Debt/EBITDA 0.52
EBITDA Margin 28.7%
EBIT Margin 24.3% Total Debt/Equity 17.5%
Net Income Margin 15.1% Total Debt/Capital 14.7%
Asset Turnover 0.65
Current Ratio 2.29 Net Fixed Asset Turnover 3.27
Quick Ratio 1.30 Accounts receivable turnover-days 54.33
Debt to Assets 10.26% Inventory Days 184.02
Tot Debt to Common Equity 17.53% Accounts Payable Turnover Day 39.15
Accounts Receivable Turnover 6.74 Cash Conversion Cycle 163.69
Inventory Turnover 1.99
Fiscal Year Ended
Monsanto CoPrice/Volume
Valuation Analysis
115'158.00
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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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 29'892'904 5.59 2'736'640 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 26'773'011 5.01 655'382 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 21'710'276 4.06 1'125'279 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 18'320'968 3.43 (141'166) 30.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 13'389'395 2.5 (676'918) 30.06.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 12'443'623 2.33 (442'531) 30.06.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 11'825'808 2.21 724'396 30.09.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 11'393'821 2.13 48'910 30.06.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 10'455'585 1.96 1'707'984 30.06.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 8'532'535 1.6 (96'887) 31.08.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 8'094'837 1.51 (2'009'196) 30.06.2012 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 8'058'039 1.51 1'550'082 30.06.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'030'298 1.5 385'668 30.09.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'454'419 1.39 787'222 30.06.2012 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 6'809'492 1.27 (1'269'034) 30.09.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 6'682'746 1.25 633'711 30.06.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'200'528 1.16 (184'260) 30.06.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 6'162'175 1.15 (126'816) 30.09.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 6'004'086 1.12 (1'311'692) 30.06.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 5'919'681 1.11 191'422 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Susquehanna Financial Group DONALD D CARSON Positive 4 M 115 12 month 09.11.2012
Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 08.11.2012
Piper Jaffray MICHAEL E COX overweight 5 M 116 12 month 07.11.2012
Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 U 100 12 month 05.11.2012
Wells Fargo Securities, LLC FRANK J MITSCH outperform 5 M #N/A N/A Not Provided 01.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 27.10.2012
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 104 12 month 25.10.2012
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 18.10.2012
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 100 12 month 17.10.2012
Credit Agricole Securities (USA) MARK W CONNELLY buy 5 M 100 Not Provided 17.10.2012
Jefferies LAURENCE ALEXANDER hold 3 M 98 12 month 12.10.2012
Argus Research Corp WILLIAM V SELESKY buy 5 M #N/A N/A Not Provided 04.10.2012
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 101 12 month 04.10.2012
Macquarie COOLEY MAY neutral 3 M 93 12 month 04.10.2012
Topeka Capital Markets Inc CHRISTOPHER KAPSCH hold 3 M 83 12 month 04.10.2012
Buckingham Research Group JOHN E ROBERTS buy 5 M 110 12 month 03.10.2012
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 98 12 month 03.10.2012
Atlantic Equities LLP COLIN ISAAC neutral 3 M 85 Not Provided 03.10.2012
Goldman Sachs ROBERT KOORT Buy/Neutral 5 M 110 12 month 19.09.2012
Deutsche Bank DAVID I BEGLEITER buy 5 M 100 12 month 17.08.2012
Gilford Securities PAUL C CHRISTOPHERSON sell 1 M 67 12 month 26.04.2012
Holdings By:
Monsanto Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
The Mosaic Company produces and distributes crop nutrients to the agricultural
communities located in North America and other countries. The Company's
principal products include concentrated phosphates, and potash.
Latest Fiscal Year: 05/2012
LTM as of: 08/yy
52-Week High (25.01.2013) 63.46
52-Week Low (04.06.2012) 44.43
Daily Volume
61.47
52-Week High % Change -3.09% Dividend Yield 1.10
52-Week Low % Change 38.35% Beta 1.32
% 52 Week Price Range High/Low 82.97% Equity Float 275.88
Shares Out 28.12.2012 296.9 Short Int 7.12
26'171.45 1 Yr Total Return 12.42%
Total Debt 1'053.00 YTD Return 8.99%
Preferred Stock 0.0 Adjusted BETA 1.319
Minority Interest 16.3 Analyst Recs 25
Cash and Equivalents 3'811.00 Consensus Rating 4.080
Enterprise Value 23'801.65
Average Volume 5 Day 487'319
MOS UN EQUITY YTD Change - Average Volume 30 Day 608'903
MOS UN EQUITY YTD % CHANGE - Average Volume 3 Month 629'453
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 08/yy 08/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4
9'812.6 10'298.0 6'759.1 9'937.8 11'107.8 10'832.8 10'529.6 10'165.3 10'724.4 2'306.6 2'862.1
5.63x 2.24x 2.87x 2.88x 1.58x 11.16x 7.84x 2.27x 2.13x 9.91x 7.98x
3'201.6 3'167.1 1'715.8 3'111.6 3'119.2 3'446.5 3'016.9 3'020.9 3'366.1 643.5 941.3
17.26x 7.27x 11.31x 9.19x 5.62x 8.29x 7.33x 7.87x 7.06x 7.24x 6.94x
2'082.8 2'350.2 827.1 2'514.6 1'930.2 2'742.9 1'833.6 1'832.2 2'052.7 383.9 569.8
26.66x 12.99x 24.96x 15.14x 10.64x 14.52x 13.37x 14.41x 12.55x 13.28x 12.69x
EBITDA 3'119.20 Long-Term Rating Date 28.04.2011
EBIT 2'611.10 Long-Term Rating BBB
Operating Margin 23.51% Long-Term Outlook STABLE
Pretax Margin 23.79% Short-Term Rating Date 29.08.2007
Return on Assets 11.06% Short-Term Rating NR
Return on Common Equity 15.08%
Return on Capital - EBITDA/Interest Exp. 54.63
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 25.92
Net Debt/EBITDA -0.85
Gross Margin 27.8% Total Debt/EBITDA 0.37
EBITDA Margin 27.9%
EBIT Margin 22.4% Total Debt/Equity 8.8%
Net Income Margin 17.4% Total Debt/Capital 8.1%
Asset Turnover 0.60
Current Ratio 3.43 Net Fixed Asset Turnover 1.32
Quick Ratio 2.38 Accounts receivable turnover-days 31.26
Debt to Assets 6.31% Inventory Days 68.57
Tot Debt to Common Equity 8.79% Accounts Payable Turnover Day 42.64
Accounts Receivable Turnover 11.71 Cash Conversion Cycle 42.32
Inventory Turnover 5.34
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
Mosaic Co/ThePrice/Volume
Valuation Analysis
296'620.00
Current Price (3/dd/yy) Market Data
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TEMASEK HOLDINGS PRI n/a Research 19'711'671 6.64 - 01.07.2012 Government
BLACKROCK n/a ULT-AGG 14'850'339 5 497'002 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'779'821 4.3 124'054 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 11'912'312 4.01 770'239 30.06.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 10'836'980 3.65 1'125'955 30.09.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'782'435 3.29 1'570'443 30.06.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 8'119'466 2.73 618'896 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'797'260 1.95 (106'698) 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 5'695'211 1.92 (326'516) 30.09.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 4'890'777 1.65 81'378 28.09.2012 Mutual Fund Manager
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'767'151 1.61 (288'026) 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'959'877 1.33 298'402 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'878'562 1.31 417'274 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'582'273 1.21 (5'241'770) 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'194'675 1.08 (302'132) 28.09.2012 Investment Advisor
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 3'191'154 1.07 1'032'268 30.06.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'133'293 1.06 43'255 30.06.2012 Investment Advisor
RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 3'011'690 1.01 1'534'660 30.06.2012 Investment Advisor
UBS n/a ULT-AGG 2'765'513 0.93 893'240 30.09.2012 Unclassified
NORGES BANK NORGES BANK 13F 2'515'392 0.85 2'515'392 31.12.2011 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Susquehanna Financial Group DONALD D CARSON Positive 4 M 70 12 month 13.11.2012
RBC Capital Markets ADAM SCHATZKER sector perform 3 M 64 12 month 30.10.2012
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 65 12 month 25.10.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 24.10.2012
Barclays MATTHEW J KORN overweight 5 M 65 Not Provided 23.10.2012
BMO Capital Markets JOEL JACKSON market perform 3 M 63 Not Provided 22.10.2012
CIBC World Markets JACOB BOUT sector outperform 5 M 64 Not Provided 21.10.2012
Lazard Capital Markets EDLAIN RODRIGUEZ neutral 3 M #N/A N/A Not Provided 15.10.2012
Ameriprise Advisor Services, Inc FREDERICK M SCHULTZ buy 5 M #N/A N/A Not Provided 09.10.2012
Dahlman Rose & Co CHARLES NEIVERT buy 5 M 60 12 month 08.10.2012
Deutsche Bank DAVID I BEGLEITER hold 3 M 60 12 month 03.10.2012
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 70 12 month 03.10.2012
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 60 12 month 03.10.2012
Macquarie DAVID PUPO outperform 5 M 65 12 month 03.10.2012
Stifel Nicolaus PAUL A MASSOUD buy 5 M 73 12 month 03.10.2012
Scotia Capital BEN ISAACSON sector perform 3 D 60 12 month 03.10.2012
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 03.10.2012
Atlantic Equities LLP COLIN ISAAC neutral 3 M 58 12 month 02.10.2012
Piper Jaffray MICHAEL E COX neutral 3 M 62 12 month 02.10.2012
Credit Agricole Securities (USA) MARK W CONNELLY buy 5 M 75 Not Provided 02.10.2012
Holdings By:
Mosaic Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Nufarm Limited manufactures and supplies a range of agricultural chemicals used
by farmers to protect crops from damage caused by weeds, pests and disease.
The Company has worldwide operations.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (21.01.2013) 6.47
52-Week Low (21.05.2012) 4.50
Daily Volume
5.23
52-Week High % Change -19.17% Dividend Yield 1.15
52-Week Low % Change 16.22% Beta 0.82
% 52 Week Price Range High/Low 37.06% Equity Float 231.43
Shares Out 01.02.2013 262.8 Short Int -
1'374.43 1 Yr Total Return 5.17%
Total Debt 659.12 YTD Return -9.98%
Preferred Stock 246.9 Adjusted BETA 0.822
Minority Interest 0.6 Analyst Recs 14
Cash and Equivalents 191.32 Consensus Rating 3.500
Enterprise Value 2'089.76
Average Volume 5 Day 2'737'991
NUF AT EQUITY YTD Change - Average Volume 30 Day 986'962
NUF AT EQUITY YTD % CHANGE - Average Volume 3 Month 848'871
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -
2'492.5 2'677.1 2'168.6 2'083.6 2'181.6 - - 2'250.0 2'326.8 - -
1.72x 1.33x 0.86x 0.89x 0.99x - - 0.94x 0.88x - -
348.7 229.6 115.0 156.3 205.7 - - 286.8 304.6 - -
12.28x 15.46x 16.23x 11.83x 10.45x - - 7.29x 6.86x - -
137.9 79.9 (24.0) (49.9) 72.6 - - 112.8 124.9 - -
24.18x 32.36x - - 24.53x - - 12.25x 11.22x - -
EBITDA 205.66 Long-Term Rating Date 21.02.2011
EBIT 140.17 Long-Term Rating BB
Operating Margin 6.43% Long-Term Outlook STABLE
Pretax Margin 5.06% Short-Term Rating Date 15.08.2001
Return on Assets 2.57% Short-Term Rating NR
Return on Common Equity 4.60%
Return on Capital 5.14% EBITDA/Interest Exp. 3.33
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 2.56
Net Debt/EBITDA 2.27
Gross Margin 28.0% Total Debt/EBITDA 3.20
EBITDA Margin 9.4%
EBIT Margin 6.4% Total Debt/Equity 53.6%
Net Income Margin 3.3% Total Debt/Capital 30.9%
Asset Turnover 0.77
Current Ratio 1.83 Net Fixed Asset Turnover 5.86
Quick Ratio 1.06 Accounts receivable turnover-days 105.19
Debt to Assets 23.53% Inventory Days 123.15
Tot Debt to Common Equity 53.62% Accounts Payable Turnover Day 101.52
Accounts Receivable Turnover 3.48 Cash Conversion Cycle 126.82
Inventory Turnover 2.97
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
Nufarm Ltd/AustraliaPrice/Volume
Valuation Analysis
895'325.00
Current Price (3/dd/yy) Market Data
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1'500.0
2'000.0
2'500.0
3'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUMITOMO CHEMICAL CO n/a Co File 60'210'136 22.92 - 28.09.2011 Corporation
UBS n/a ULT-AGG 14'516'702 5.53 - 15.07.2010 Unclassified
AMALGAMATED DAIRIES n/a Co File 14'330'798 5.46 - 28.09.2011 Corporation
IOOF HOLDINGS LTD n/a EXCH 13'854'165 5.27 (2'248'185) 09.06.2011 Investment Advisor
MASSACHUSETTS FINANC n/a EXCH 13'112'345 4.99 - 28.09.2011 Investment Advisor
SUN LIFE FINANCIAL I n/a EXCH 13'079'699 4.98 - 11.10.2012 Investment Advisor
NATIONAL AUSTRALIA B n/a EXCH 12'162'870 4.63 (1'177'739) 14.11.2011 Bank
RATHBONE DOUGLAS JOH n/a EXCH 11'642'880 4.43 - 02.08.2012 n/a
BANK OF AMERICA CORP n/a EXCH 11'609'140 4.42 (6'010'560) 09.09.2010 Investment Advisor
CREDIT SUISSE AG n/a EXCH 11'039'268 4.2 (474'417) 12.02.2010 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3'933'829 1.5 (3'656) 12.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'569'289 0.98 - 31.07.2012 Investment Advisor
HOGGARD KERRANCE MER n/a EXCH 2'032'632 0.77 - 13.07.2010 n/a
FMR LLC n/a ULT-AGG 1'003'274 0.38 3'356 31.08.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'002'981 0.38 147'612 09.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 988'153 0.38 51'615 30.06.2012 Investment Advisor
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 932'511 0.36 (6'898) 30.09.2012 Mutual Fund Manager
MCLEAN BUDDEN LTD Multiple Portfolios MF-AGG 656'456 0.25 (11'875) 31.08.2012 Investment Advisor
GOODFELLOW WILLIAM B n/a EXCH 590'313 0.22 196 30.04.2012 n/a
ST KENTIGERN TRUST n/a EXCH 430'434 0.16 - 30.04.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura RICHARD J JOHNSON neutral 3 M 6 12 month 02.11.2012
Ord Minnett STEPHEN SCOTT lighten 2 M 5 Not Provided 30.10.2012
Octa Phillip Securities Ltd PAUL JENSZ hold 3 M 6 Not Provided 15.10.2012
Euro Pacific Capital Inc DAVID KRATOCHVIL sell 1 M 5 12 month 05.10.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 01.10.2012
Deutsche Bank MARK WILSON sell 1 M 4 12 month 25.09.2012
Macquarie RIKKI BANNAN underperform 1 D 6 12 month 25.09.2012
Goldman Sachs JAMES HANNAM neutral/neutral 3 M 6 12 month 24.09.2012
Credit Suisse LARRY GANDLER underperform 1 M 6 Not Provided 24.09.2012
JPMorgan STUART JACKSON neutral 3 M 5 6 month 24.09.2012
Wilson HTM Investment Group JAMES FERRIER hold 3 M 6 Not Provided 24.09.2012
Holdings By:
Nufarm Ltd/Australia ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Nutreco NV, through subsidiaries, breeds livestock and manufactures animal and
fish feeds. The Company produces compound feeds for pigs, poultry, salmon and
trout, and breeds poultry and produces eggs. Nutreco operates throughout
Europe.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (11.03.2013) 74.37
52-Week Low (14.06.2012) 49.62
Daily Volume
74.23
52-Week High % Change -0.19% Dividend Yield 2.76
52-Week Low % Change 49.60% Beta 0.72
% 52 Week Price Range High/Low 99.92% Equity Float 34.01
Shares Out 31.12.2012 34.6 Short Int -
2'568.36 1 Yr Total Return 36.02%
Total Debt 524.80 YTD Return 15.80%
Preferred Stock 0.0 Adjusted BETA 0.719
Minority Interest 9.1 Analyst Recs 12
Cash and Equivalents 263.00 Consensus Rating 3.167
Enterprise Value 2'839.26
Average Volume 5 Day 138'477
NUO NA EQUITY YTD Change - Average Volume 30 Day 124'067
NUO NA EQUITY YTD % CHANGE - Average Volume 3 Month 113'702
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
4'943.1 4'511.7 4'166.4 4'721.1 5'229.1 5'152.3 5'385.4 5'506.1 5'731.4 - -
0.24x 0.36x 0.53x 0.43x 0.48x 0.00x 0.00x 0.51x 0.47x - -
203.7 231.8 243.6 271.7 307.0 0.0 0.0 345.0 367.1 - -
5.88x 6.94x 9.04x 7.46x 8.11x 0.00x 0.00x 8.23x 7.73x - -
114.8 90.3 111.4 130.5 176.8 0.0 0.0 187.3 203.8 - -
7.79x 15.05x 18.99x 14.16x 14.15x 0.00x 0.00x 13.73x 12.43x - -
EBITDA 307.00 Long-Term Rating Date -
EBIT 234.60 Long-Term Rating -
Operating Margin 4.49% Long-Term Outlook -
Pretax Margin 4.06% Short-Term Rating Date -
Return on Assets 6.59% Short-Term Rating -
Return on Common Equity 19.15%
Return on Capital 14.31% EBITDA/Interest Exp. 9.50
Asset Turnover 1.95% (EBITDA-Capex)/Interest Exp. 5.84
Net Debt/EBITDA 0.85
Gross Margin - Total Debt/EBITDA 1.71
EBITDA Margin 5.9%
EBIT Margin 4.5% Total Debt/Equity 54.0%
Net Income Margin 3.4% Total Debt/Capital 34.8%
Asset Turnover 1.95
Current Ratio 1.27 Net Fixed Asset Turnover 8.55
Quick Ratio 0.78 Accounts receivable turnover-days 49.57
Debt to Assets 18.62% Inventory Days -
Tot Debt to Common Equity 53.99% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.38 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
Nutreco NVPrice/Volume
Valuation Analysis
73'326.00
Current Price (3/dd/yy) Market Data
'
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2'000.0
3'000.0
4'000.0
5'000.0
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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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ING GROEP NV n/a Research 3'499'935 9.97 (462'903) 25.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'806'566 5.14 (41'066) 09.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 731'708 2.08 81'516 30.09.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 628'924 1.79 - 28.09.2012 Mutual Fund Manager
DJE INVESTMENT SA Multiple Portfolios MF-AGG 594'066 1.69 (26'000) 31.08.2012 Mutual Fund Manager
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 556'121 1.58 6'500 31.07.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 532'074 1.52 (488) 12.11.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 518'956 1.48 (66'982) 28.09.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 489'011 1.39 - 31.07.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 380'043 1.08 3'111 30.09.2012 Investment Advisor
ASR NEDERLAND NV n/a Research 377'105 1.07 - 31.12.2010 Government
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 303'187 0.86 (591) 30.09.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 232'250 0.66 12'550 31.08.2012 Mutual Fund Manager
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 225'350 0.64 13'680 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 200'310 0.57 15'518 30.06.2012 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 193'048 0.55 39'556 28.09.2012 Mutual Fund Manager
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 192'217 0.55 7 30.09.2012 Investment Advisor
NUTRECO NV n/a Research 155'882 0.44 - 09.03.2011 n/a
JP MORGAN n/a ULT-AGG 143'448 0.41 32'571 30.09.2012 Unclassified
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 141'900 0.4 - 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue SOPHIE CABO-BROSETA buy 5 M 72 6 month 08.11.2012
Theodoor Gilissen Securities TOM MULLER hold 3 M 59 Not Provided 29.10.2012
KBC Securities PASCALE WEBER accumulate 4 M 62 Not Provided 26.10.2012
SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 63 12 month 26.10.2012
Petercam FERNAND DE BOER buy 5 M 67 Not Provided 26.10.2012
Rabobank International PATRICK ROQUAS hold 3 M 58 Not Provided 26.10.2012
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 72 12 month 26.10.2012
ING Wholesale Banking MARCO GULPERS hold 3 M 62 12 month 18.10.2012
Equita SIM SpA GIANMARCO BONACINA hold 3 D 61 12 month 12.10.2012
Kempen & Co ERWIN DUT buy 5 M 68 12 month 08.10.2012
Goldman Sachs FULVIO CAZZOL neutral/neutral 3 M 66 12 month 29.08.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 27.08.2012
CA Cheuvreux HANS PLUIJGERS suspended coverage #N/A N/A M #N/A N/A Not Provided 10.05.2012
Kepler Capital Markets TEAM COVERAGE buy 5 N 57 Not Provided 16.08.2011
Holdings By:
Nutreco NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Olam International Limited is an international integrated supplier of both raw
and processed agricultural commodities. The Group sources, processes, stores,
transports, ships, distributes, trades and markets agricultural products. Olam
International also provides insurance related services.
Latest Fiscal Year: 06/2012
LTM as of: 06/yy
52-Week High (28.03.2012) 2.39
52-Week Low (14.12.2012) 1.37
Daily Volume
1.67
52-Week High % Change -30.13% Dividend Yield -
52-Week Low % Change 22.34% Beta 1.36
% 52 Week Price Range High/Low 29.76% Equity Float 1'473.43
Shares Out 11.03.2013 2'390.2 Short Int -
3'991.66 1 Yr Total Return -25.56%
Total Debt 7'489.38 YTD Return 7.40%
Preferred Stock 276.9 Adjusted BETA 1.363
Minority Interest 122.2 Analyst Recs 20
Cash and Equivalents 1'110.86 Consensus Rating 3.400
Enterprise Value 11'833.26
Average Volume 5 Day 4'393'200
OLAM SP EQUITY YTD Change - Average Volume 30 Day 6'119'200
OLAM SP EQUITY YTD % CHANGE - Average Volume 3 Month 13'610'410
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
8'111.9 8'587.9 10'455.0 15'803.4 17'093.8 15'787.6 17'093.8 21'004.4 23'936.6 5'812.0 5'812.0
0.84x 0.79x 0.87x 0.75x 0.65x 2.97x 2.70x 0.59x 0.56x - -
360.1 379.7 351.3 669.9 929.3 1'006.5 856.6 1'101.6 1'316.3 282.0 282.0
18.91x 17.93x 25.80x 17.68x 11.95x 11.77x 12.64x 10.74x 8.99x 20.98x 41.96x
167.7 252.0 359.5 429.8 370.9 429.8 370.9 342.1 433.6 119.0 83.1
23.64x 16.52x 14.46x 13.42x 12.10x 13.59x 12.12x 11.76x 9.54x 14.78x 13.69x
EBITDA 929.26 Long-Term Rating Date -
EBIT 778.64 Long-Term Rating -
Operating Margin 4.56% Long-Term Outlook -
Pretax Margin 2.56% Short-Term Rating Date -
Return on Assets 2.94% Short-Term Rating -
Return on Common Equity 12.23%
Return on Capital 7.51% EBITDA/Interest Exp. 2.10
Asset Turnover 1.38% (EBITDA-Capex)/Interest Exp. 0.12
Net Debt/EBITDA 8.04
Gross Margin 18.9% Total Debt/EBITDA 9.17
EBITDA Margin 5.1%
EBIT Margin 4.2% Total Debt/Equity 239.4%
Net Income Margin 2.2% Total Debt/Capital 68.0%
Asset Turnover 1.38
Current Ratio 1.63 Net Fixed Asset Turnover 8.14
Quick Ratio 0.47 Accounts receivable turnover-days 30.41
Debt to Assets 54.16% Inventory Days 112.95
Tot Debt to Common Equity 239.38% Accounts Payable Turnover Day 20.52
Accounts Receivable Turnover 12.04 Cash Conversion Cycle 123.59
Inventory Turnover 3.24
Fiscal Year Ended
Olam International LtdPrice/Volume
Valuation Analysis
2'228'000.00
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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4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KEWALRAM SINGAPORE L n/a Co File 483'493'065 20.23 - 17.09.2012 Investment Advisor
TEMASEK HOLDINGS PRI n/a Co File 390'398'453 16.33 - 17.09.2012 Government
ORBIS GROUP n/a EXCH 191'320'000 8 - 29.10.2012 n/a
CAPITAL GROUP COMPAN n/a EXCH 119'304'973 4.99 (3'232'916) 04.06.2012 Investment Advisor
AXA n/a EXCH 118'451'695 4.96 (3'772'000) 02.10.2012 Investment Advisor
UBS AG n/a EXCH 117'988'747 4.94 (7'253'620) 29.11.2011 Bank
ALLIANCEBERNSTEIN LP n/a EXCH 117'121'695 4.9 (3'772'000) 02.10.2012 Investment Advisor
VERGHESE SUNNY GEORG n/a Co File 110'646'477 4.63 - 21.07.2012 n/a
WELLINGTON MANAGEMEN n/a EXCH 105'442'139 4.41 (921'000) 14.04.2011 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 59'833'000 2.5 - 28.09.2012 Investment Advisor
OLAM INTL LTD n/a Co File 52'196'000 2.18 - 17.09.2012 n/a
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 51'817'200 2.17 (550'000) 31.08.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 36'654'336 1.53 (34'000) 12.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 26'544'263 1.11 29'000 09.11.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 20'498'000 0.86 1'727'000 28.09.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'899'429 0.79 2'004'568 30.06.2012 Investment Advisor
SHEKHAR ANANTHARAMAN n/a Co File 16'038'498 0.67 - 21.07.2012 n/a
KRISHNAN SRIDHAR n/a Co File 15'856'879 0.66 - 21.07.2012 n/a
ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 11'448'600 0.48 42'969 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 11'194'247 0.47 9'680'609 31.10.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura TANUJ SHORI buy 5 M 3 Not Provided 05.11.2012
DBS Vickers MERVIN SONG hold 3 M 2 12 month 02.11.2012
JPMorgan AJAY NARAYAN MIRCHANDANI neutral 3 M 2 6 month 05.10.2012
OSK (Asia) Securities LENG SENG CHOON buy 5 M 3 12 month 14.09.2012
Kim Eng Securities JAMES KOH hold 3 U 2 12 month 06.09.2012
Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 M 2 12 month 03.09.2012
Goldman Sachs PATRICK TIAH Buy/Neutral 5 M 3 12 month 31.08.2012
Standard Chartered ADRIAN FOULGER outperform 5 M 3 12 month 29.08.2012
OCBC Investment Research CAREY WONG hold 3 M 2 12 month 29.08.2012
UOB Kay Hian EUGENE NG buy 5 M 3 Not Provided 29.08.2012
Religare Capital Markets VINCENT FERNANDO buy 5 M 2 12 month 29.08.2012
Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 2 12 month 28.08.2012
Morgan Stanley DIVYA GANGAHAR KOTHIYAL Overwt/Attractive 5 M 3 12 month 28.08.2012
Credit Suisse SU TYE CHUA outperform 5 M 3 Not Provided 28.08.2012
CIMB LEE WEN CHING outperform 5 M 3 12 month 28.08.2012
HSBC THILAN WICKRAMASINGHE overweight 5 M 3 Not Provided 13.07.2012
Macquarie CONRAD WERNER outperform 5 M 2 12 month 22.05.2012
Jefferies ARYA SEN buy 5 M 3 12 month 19.03.2012
IIFL ZUO LI add 4 M 3 12 month 04.01.2012
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Frontier Investment & Capital Advisors PRIYO MAYENGBAM buy 5 M 3 18 month 01.07.2011
Holdings By:
Olam International Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk cultivates, harvests, and
processes palm oil, rubber, coconut, cocoa, coffee, and tea.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (13.04.2012) 3'150.00
52-Week Low (03.12.2012) 1'830.00
Daily Volume
2000
52-Week High % Change -36.51% Dividend Yield -
52-Week Low % Change 9.29% Beta 0.99
% 52 Week Price Range High/Low 12.88% Equity Float 2'764.44
Shares Out 31.12.2012 6'822.9 Short Int -
13'645'728.00 1 Yr Total Return -27.81%
Total Debt 0.00 YTD Return -13.04%
Preferred Stock 0.0 Adjusted BETA 0.994
Minority Interest (714.0) Analyst Recs 26
Cash and Equivalents 1'799'137.00 Consensus Rating 4.038
Enterprise Value 11'845'876.93
Average Volume 5 Day 9'389'500
LSIP IJ EQUITY YTD Change - Average Volume 30 Day 10'916'280
LSIP IJ EQUITY YTD % CHANGE - Average Volume 3 Month 14'007'230
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'846'154.0 3'199'687.0 3'592'658.0 4'686'457.0 4'211'578.0 ######### ######### ######### ######### - -
1.00x 3.42x 4.56x 2.84x 3.30x 11.95x 13.69x 2.13x 1.79x - -
1'445'441.0 1'171'436.0 1'597'639.0 2'224'402.0 1'509'513.0 ######### ######### ######### ######### - -
2.65x 9.34x 10.25x 5.97x 9.20x 5.32x 8.38x 6.45x 5.83x - -
927'555.0 707'487.0 1'033'329.0 1'701'580.0 1'116'186.0 ######### ######### ######### ######### - -
4.29x 15.90x 17.02x 9.04x 14.02x 8.23x 12.50x 9.82x 8.81x - -
EBITDA 1'509'513.00 Long-Term Rating Date -
EBIT 1'263'206.00 Long-Term Rating -
Operating Margin 29.99% Long-Term Outlook -
Pretax Margin 32.58% Short-Term Rating Date -
Return on Assets 15.56% Short-Term Rating -
Return on Common Equity 18.42%
Return on Capital 18.46% EBITDA/Interest Exp. 408.53
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 263.24
Net Debt/EBITDA -1.19
Gross Margin 39.9% Total Debt/EBITDA 0.00
EBITDA Margin 35.8%
EBIT Margin 30.0% Total Debt/Equity 0.0%
Net Income Margin 26.5% Total Debt/Capital 0.0%
Asset Turnover 0.59
Current Ratio 3.39 Net Fixed Asset Turnover 1.01
Quick Ratio 2.32 Accounts receivable turnover-days 6.02
Debt to Assets 0.00% Inventory Days 73.34
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 26.79
Accounts Receivable Turnover 60.83 Cash Conversion Cycle 52.57
Inventory Turnover 4.99
Fiscal Year Ended
Perusahaan Perkebunan London Sumatra Indonesia Tbk PTPrice/Volume
Valuation Analysis
22'508'000.00
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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500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
4'500'000.0
5'000'000.0
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SALIM IVOMAS PRATAMA n/a EXCH 4'058'239'370 59.48 - 31.03.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 219'081'567 3.21 60'210'000 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 143'770'500 2.11 - 12.07.2013 Mutual Fund Manager
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 114'402'008 1.68 (95'000) 12.11.2012 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 63'140'000 0.93 - 31.12.2010 Mutual Fund Manager
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 57'693'441 0.85 (25'555'000) 30.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 51'873'500 0.76 (535'500) 31.08.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 39'759'500 0.58 (2'518'500) 29.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 37'739'666 0.55 (30'237'560) 29.02.2012 Investment Advisor
DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 30'325'000 0.44 - 31.12.2010 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 18'956'000 0.28 - 31.07.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 15'677'500 0.23 - 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'454'415 0.23 4'040'500 30.06.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 14'898'500 0.22 - 28.09.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 13'693'500 0.2 2'200'000 31.07.2012 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 12'057'500 0.18 - 31.12.2010 Mutual Fund Manager
MIRABAUD & CIE Multiple Portfolios MF-AGG 10'774'000 0.16 10'774'000 29.06.2012 Mutual Fund Manager
UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 10'250'000 0.15 - 30.06.2011 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 10'220'000 0.15 - 31.07.2012 Investment Advisor
FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 9'995'500 0.15 - 31.12.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN buy 5 M 2'750 12 month 13.11.2012
Macquarie SUNAINA DHANUKA neutral 3 D 2'500 12 month 08.11.2012
Standard Chartered JOO ENG TEO outperform 5 M 3'469 12 month 07.11.2012
Bahana Securities LEONARDO HENRY GAVAZA hold 3 M 2'650 Not Provided 07.11.2012
Kim Eng Securities PANDU ANUGRAH buy 5 M 3'150 12 month 05.11.2012
Ciptadana Sekuritas SURAJ KHIANI buy 5 M 2'750 12 month 05.11.2012
Deutsche Bank JOVIN NG buy 5 M 2'800 12 month 01.11.2012
Credit Suisse AGUS SANDIANTO outperform 5 M 3'300 Not Provided 01.11.2012
DBS Vickers BEN SANTOSO hold 3 D 2'500 12 month 01.11.2012
CIMB ERWAN TEGUH TEH neutral 3 D 2'600 12 month 01.11.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 3'392 12 month 01.11.2012
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 2'900 Not Provided 01.11.2012
Danareksa GABRIELLA MAUREEN NATASHA buy 5 M 3'170 12 month 01.11.2012
Indo Premier Securities WILLY GUNAWAN buy 5 M 2'800 12 month 01.11.2012
JPMorgan YING-JIAN CHAN underweight 1 M 1'700 6 month 31.10.2012
Trimegah Securities Tbk PT WILLIAM SIMADIPUTRA buy 5 M 2'850 12 month 31.10.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 3'300 Not Provided 31.10.2012
Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA Under Review #N/A N/A M #N/A N/A Not Provided 31.10.2012
PT Batavia Prosperindo Sekuritas YASMIN SOULISA buy 5 U 2'941 12 month 15.10.2012
BNP Paribas Equity Research HELMY KRISTANTO buy 5 M 3'470 12 month 25.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 06.09.2012
Sucorinvest Central Gani TEAM COVERAGE buy 5 M 3'250 12 month 29.08.2012
PT ONIX Capital Tbk SHEILA YOVITA hold 3 M 2'925 12 month 08.06.2012
Holdings By:
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Pilgrim's Pride Corporation produces prepared and fresh chicken products in the
United States and Mexico. Through vertical integration, the Company controls
the breeding, hatching, and growing of chickens and the processing, preparation,
and packaging of its product lines. Pilgrim's Pride exports its products to
Canada, Eastern Europe, the Far East, and other world markets.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (#N/A Field Not Applicable) -
52-Week Low (#N/A Field Not Applicable) -
Daily Volume
-
52-Week High % Change - Dividend Yield -
52-Week Low % Change - Beta -
% 52 Week Price Range High/Low - Equity Float 47.05
Shares Out 15.02.2013 259.0 Short Int 3.14
- 1 Yr Total Return -
Total Debt 1'164.76 YTD Return -
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 2.6 Analyst Recs 7
Cash and Equivalents 68.18 Consensus Rating 3.000
Enterprise Value -
Average Volume 5 Day -
PPC UN EQUITY YTD Change - Average Volume 30 Day -
PPC UN EQUITY YTD % CHANGE - Average Volume 3 Month -
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 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
8'518.8 7'088.1 6'881.6 7'535.7 8'121.4 7'517.7 7'761.0 8'253.8 8'041.0 2'020.6 2'070.6
0.25x 0.05x 0.40x 0.36x 0.36x 1.42x 1.48x 0.36x 0.35x 1.61x 1.54x
(271.8) 317.8 486.8 (135.7) 406.2 (37.9) 361.1 536.0 541.0 113.9 156.0
- 1.13x 5.68x - 7.29x 0.00x 6.73x 6.28x 6.22x 6.28x 6.11x
(998.6) (151.6) 87.1 (496.8) 174.2 (369.6) 66.1 281.0 295.8 50.5 91.1
- - 10.03x - 9.99x 0.00x 18.04x - - - -
EBITDA 406.21 Long-Term Rating Date 16.08.2011
EBIT 258.79 Long-Term Rating B
Operating Margin 3.19% Long-Term Outlook POS
Pretax Margin 1.88% Short-Term Rating Date -
Return on Assets 6.01% Short-Term Rating -
Return on Common Equity 23.84%
Return on Capital - EBITDA/Interest Exp. 3.87
Asset Turnover 2.80% (EBITDA-Capex)/Interest Exp. 3.01
Net Debt/EBITDA 2.70
Gross Margin 5.4% Total Debt/EBITDA 2.87
EBITDA Margin 5.0%
EBIT Margin 3.2% Total Debt/Equity 128.5%
Net Income Margin 2.1% Total Debt/Capital 56.2%
Asset Turnover 2.80
Current Ratio 2.11 Net Fixed Asset Turnover 6.68
Quick Ratio 0.62 Accounts receivable turnover-days 17.33
Debt to Assets 39.97% Inventory Days 44.27
Tot Debt to Common Equity 128.51% Accounts Payable Turnover Day 15.98
Accounts Receivable Turnover 21.46 Cash Conversion Cycle 45.51
Inventory Turnover 8.40
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Pilgrim's Pride CorpPrice/Volume
Valuation Analysis
0.00
Current Price (3/dd/yy) Market Data
'-.0123456
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1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JBS USA HOLDINGS INC n/a Form 4 194'990'667 75.29 18'924'438 12.03.2012 Holding Company
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'936'536 1.52 460'665 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 3'934'328 1.52 (355'545) 30.09.2012 Investment Advisor
JACKSON DON n/a Form 4 3'356'402 1.3 576'083 29.02.2012 n/a
BLACKROCK n/a ULT-AGG 2'657'967 1.03 496'245 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 2'143'567 0.83 (10'738) 30.06.2012 Investment Advisor
CADENCE CAPITAL MANA CADENCE CAPITAL MANA 13F 1'622'971 0.63 (374'140) 30.06.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'541'119 0.6 410'415 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 1'084'846 0.42 (107'773) 30.06.2012 Investment Advisor
SEGALL BRYANT & HAMI SEGALL BRYANT & HAMI 13F 1'058'902 0.41 (16'710) 30.06.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 926'231 0.36 833'050 30.06.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 851'608 0.33 92'248 30.06.2012 Investment Advisor
ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 798'796 0.31 (524'110) 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 795'682 0.31 (18'165) 30.06.2012 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 730'440 0.28 730'440 30.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 647'187 0.25 557'487 30.06.2012 Investment Advisor
TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 589'674 0.23 104'865 30.09.2012 Investment Advisor
PILGRIM LONNIE KEN n/a PROXY 516'293 0.2 44'517 16.03.2012 n/a
CREDIT SUISSE AG CREDIT SUISSE AG 13F 467'365 0.18 (74'775) 30.06.2012 Investment Advisor
SCOPUS ASSET MANAGEM SCOPUS ASSET MANAGEM 13F 444'544 0.17 (388'098) 30.06.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
B Riley & Company, Inc IAN CORYDON buy 5 M 8 Not Provided 12.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 12.11.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 07.11.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 6 Not Provided 29.10.2012
Stephens Inc FARHA ASLAM equalweight 3 M 6 12 month 29.10.2012
Imperial Capital LLC MARY ROSS-GILBERT in-line 3 D 5 12 month 10.08.2012
BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 27.07.2012
JPMorgan KENNETH GOLDMAN neutral 3 M #N/A N/A Not Provided 07.11.2008
Holdings By:
Pilgrim's Pride Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Potash Corporation of Saskatchewan Inc. produces potash, phosphate, and
nitrogen to the agricultural and industrial industries worldwide. The Company
conducts operations in Canada, Chile, the United States, Brazil, and Trinidad.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (27.03.2012) 47.27
52-Week Low (16.11.2012) 37.02
Daily Volume
42.07
52-Week High % Change -11.00% Dividend Yield 1.71
52-Week Low % Change 13.64% Beta 1.20
% 52 Week Price Range High/Low 42.15% Equity Float 859.89
Shares Out 28.02.2013 865.0 Short Int 12.26
36'390.33 1 Yr Total Return -2.08%
Total Debt 4'081.00 YTD Return 4.44%
Preferred Stock 0.0 Adjusted BETA 1.200
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 562.00 Consensus Rating 3.867
Enterprise Value 38'966.43
Average Volume 5 Day 1'237'692
POT CT EQUITY YTD Change - Average Volume 30 Day 1'641'696
POT CT EQUITY YTD % CHANGE - Average Volume 3 Month 1'510'490
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
9'446.5 3'976.7 6'539.0 8'715.0 7'927.0 8'663.0 8'150.0 8'223.2 8'700.8 1'883.8 2'358.7
2.59x 8.98x 7.55x 4.55x 4.88x 23.01x 20.28x 4.55x 4.24x 20.74x 16.45x
4'503.1 1'114.1 2'709.0 4'398.0 3'589.0 4'230.0 3'888.0 4'216.8 4'628.3 880.4 1'237.1
5.44x 32.06x 18.21x 9.02x 10.79x 9.80x 10.55x 9.24x 8.42x 9.20x 8.57x
3'495.2 980.7 1'775.0 3'081.0 2'079.0 2'906.0 2'341.0 2'644.5 2'916.6 535.3 808.7
6.77x 36.97x 25.85x 11.80x 15.47x 12.92x 14.83x 13.72x 12.33x 13.77x 12.91x
EBITDA 3'589.00 Long-Term Rating Date 15.11.2010
EBIT 3'011.00 Long-Term Rating A-
Operating Margin 37.98% Long-Term Outlook STABLE
Pretax Margin 36.65% Short-Term Rating Date 15.11.2010
Return on Assets 12.07% Short-Term Rating A-2
Return on Common Equity 23.41%
Return on Capital - EBITDA/Interest Exp. 31.48
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 12.77
Net Debt/EBITDA 0.98
Gross Margin 43.0% Total Debt/EBITDA 1.14
EBITDA Margin 45.2%
EBIT Margin 37.9% Total Debt/Equity 41.2%
Net Income Margin 26.2% Total Debt/Capital 29.2%
Asset Turnover 0.46
Current Ratio 1.35 Net Fixed Asset Turnover 0.74
Quick Ratio 0.89 Accounts receivable turnover-days 52.73
Debt to Assets 22.42% Inventory Days 60.49
Tot Debt to Common Equity 41.17% Accounts Payable Turnover Day 99.91
Accounts Receivable Turnover 6.94 Cash Conversion Cycle 13.30
Inventory Turnover 6.05
Fiscal Year Ended
Potash Corp of Saskatchewan IncPrice/Volume
Valuation Analysis
646'636.00
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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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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 36'742'122 4.27 (830'000) 30.06.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 32'613'348 3.79 (27'757) 30.06.2012 Bank
FMR LLC n/a ULT-AGG 26'608'412 3.09 619'519 30.06.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 21'548'354 2.5 (1'561'413) 30.09.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 19'753'574 2.29 (4'106'650) 30.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 19'426'091 2.26 (1'055'118) 30.06.2012 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 18'944'084 2.2 1'013'891 30.09.2012 Investment Advisor
WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 13'530'620 1.57 170'128 30.06.2012 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 12'409'864 1.44 268'550 30.09.2012 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 11'893'628 1.38 417'984 30.06.2012 Investment Advisor
JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 11'478'619 1.33 (398'698) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 11'102'687 1.29 (30'673'629) 30.06.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 11'016'000 1.28 (134'000) 28.09.2012 Investment Advisor
IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 10'552'628 1.23 901'300 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 10'031'281 1.17 (2'579'858) 30.09.2012 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 9'997'924 1.16 41'446 30.06.2012 Investment Advisor
NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 9'720'761 1.13 9'720'761 30.09.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 9'593'592 1.11 1'748'250 30.09.2012 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 8'574'293 1 1'077'919 30.06.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 8'341'159 0.97 (365'550) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Susquehanna Financial Group DONALD D CARSON neutral 3 M 40 12 month 09.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 07.11.2012
Desjardins Securities JOHN F HUGHES buy 5 M 50 12 month 06.11.2012
CIBC World Markets JACOB BOUT sector perform 3 M 44 Not Provided 04.11.2012
Morgan Stanley VINCENT ANDREWS restricted #N/A N/A M #N/A N/A Not Provided 02.11.2012
Alta Corp Capital Inc. JOHN CHU outperform 5 M 48 12 month 02.11.2012
BMO Capital Markets JOEL JACKSON outperform 5 M 52 Not Provided 01.11.2012
Dundee Securities Corp CAROLYN DENNIS neutral 3 M 42 12 month 01.11.2012
TD Securities PAUL D'AMICO buy 5 M 50 12 month 01.11.2012
RBC Capital Markets ADAM SCHATZKER sector perform 3 M 44 12 month 31.10.2012
National Bank Financial ROBERT B WINSLOW underperform 1 M 37 12 month 31.10.2012
Raymond James STEVEN P HANSEN outperform 5 M 50 12 month 26.10.2012
Macquarie DAVID PUPO outperform 5 M 52 12 month 26.10.2012
Salman Partners RAYMOND GOLDIE Under Review #N/A N/A M #N/A N/A Not Provided 26.10.2012
Paradigm Capital Inc SPENCER CHURCHILL buy 5 M 61 12 month 26.10.2012
Barclays MATTHEW J KORN equalweight 3 M 45 Not Provided 26.10.2012
Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 25.10.2012
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 48 12 month 25.10.2012
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 53 12 month 25.10.2012
S&P Capital IQ LEO LARKIN buy 5 M 59 12 month 25.10.2012
Lazard Capital Markets EDLAIN RODRIGUEZ neutral 3 M #N/A N/A Not Provided 25.10.2012
Credit Agricole Securities (USA) MARK W CONNELLY buy 5 M 60 Not Provided 25.10.2012
Stifel Nicolaus PAUL A MASSOUD buy 5 M 56 12 month 24.10.2012
Dahlman Rose & Co CHARLES NEIVERT hold 3 M #N/A N/A Not Provided 08.10.2012
Atlantic Equities LLP COLIN ISAAC neutral 3 M 40 12 month 13.09.2012
Oracle Investment Research LAURENCE BALTER buy 5 N 55 Not Provided 13.09.2012
Fraser Mackenzie Limited PETER PRATTAS buy 5 U 46 12 month 23.08.2012
Deutsche Bank DAVID I BEGLEITER hold 3 M 46 12 month 31.05.2012
Cia de Professionales de Bolsa JAMIL HALLASSOU HOLGUIN buy 5 N 51 Not Provided 02.02.2012
Scotia Capital BEN ISAACSON sector outperform 5 U 65 12 month 23.08.2011
Holdings By:
Potash Corp of Saskatchewan Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Sinofert Holdings Ltd. manufactures and distributes fertilizers. The Company
produces and imports potash fertilizers, phosphate-based and nitrogen-based
fertilizers, and compound fertilizers. Sinofert operates in the Peoples
Republic of China.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (12.03.2012) 2.28
52-Week Low (07.06.2012) 1.14
Daily Volume
2.03
52-Week High % Change -10.96% Dividend Yield 0.83
52-Week Low % Change 78.07% Beta 1.33
% 52 Week Price Range High/Low 78.07% Equity Float 1'762.48
Shares Out 30.06.2012 7'024.5 Short Int -
14'259.64 1 Yr Total Return -10.57%
Total Debt 5'421.37 YTD Return 7.98%
Preferred Stock 0.0 Adjusted BETA 1.326
Minority Interest 335.1 Analyst Recs 17
Cash and Equivalents 1'951.43 Consensus Rating 3.941
Enterprise Value 16'932.04
Average Volume 5 Day 21'133'180
297 HK EQUITY YTD Change - Average Volume 30 Day 14'739'410
297 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17'864'890
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
28'381.7 45'392.9 27'010.7 29'271.1 36'685.0 - - 40'778.8 43'124.2 - -
1.67x 0.72x 1.30x 1.07x 0.44x - - 0.41x 0.38x - -
2'061.8 1'897.7 (2'200.4) 664.6 1'180.1 - - 1'490.1 1'694.1 - -
23.03x 17.13x - 46.94x 13.75x - - 11.36x 9.99x - -
641.1 1'912.6 (1'443.8) 535.7 678.0 - - 872.1 1'021.6 - -
63.71x 12.06x - 44.67x 18.30x - - 13.12x 11.46x - -
EBITDA 1'180.15 Long-Term Rating Date -
EBIT 745.57 Long-Term Rating -
Operating Margin 2.03% Long-Term Outlook -
Pretax Margin 2.28% Short-Term Rating Date -
Return on Assets 2.47% Short-Term Rating -
Return on Common Equity 5.50%
Return on Capital 5.49% EBITDA/Interest Exp. 3.43
Asset Turnover 1.39% (EBITDA-Capex)/Interest Exp. 2.52
Net Debt/EBITDA 3.73
Gross Margin 5.7% Total Debt/EBITDA 4.49
EBITDA Margin 3.4%
EBIT Margin 2.2% Total Debt/Equity 41.6%
Net Income Margin 1.8% Total Debt/Capital 28.9%
Asset Turnover 1.39
Current Ratio 1.15 Net Fixed Asset Turnover 7.34
Quick Ratio 0.31 Accounts receivable turnover-days 18.18
Debt to Assets 19.09% Inventory Days 62.73
Tot Debt to Common Equity 41.59% Accounts Payable Turnover Day 44.54
Accounts Receivable Turnover 20.14 Cash Conversion Cycle 50.13
Inventory Turnover 5.83
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
Sinofert Holdings LtdPrice/Volume
Valuation Analysis
25'138'764.00
Current Price (3/dd/yy) Market Data
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50'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SINOCHEM CORP n/a Co File 3'698'660'874 52.65 - 31.12.2011 Government
POTASH CORP OF SASKA n/a Co File 1'563'312'141 22.26 - 31.12.2011 Government
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 105'396'000 1.5 (96'000) 12.11.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 95'674'000 1.36 - 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 51'094'379 0.73 (14'179'588) 31.10.2011 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 32'102'949 0.46 (549'015) 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 20'425'500 0.29 2'546'000 09.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12'802'000 0.18 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'890'387 0.16 (38'601'383) 30.09.2012 Investment Advisor
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 9'000'000 0.13 - 31.12.2010 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 8'172'000 0.12 590'000 30.06.2011 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 7'177'641 0.1 - 28.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'894'000 0.08 - 31.07.2012 Investment Advisor
APS ASSET MGMT Multiple Portfolios MF-AGG 4'740'000 0.07 - 31.07.2012 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 3'903'000 0.06 - 31.07.2012 Mutual Fund Manager
AMERICAN INTERNATION n/a ULT-AGG 3'646'230 0.05 (1'018'100) 30.06.2011 Government
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 3'010'000 0.04 28'000 09.11.2012 Investment Advisor
CB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 3'000'000 0.04 2'400'000 31.10.2012 Mutual Fund Manager
STATE STREET CORP Multiple Portfolios MF-AGG 2'990'000 0.04 - 09.11.2012 Investment Advisor
PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 2'960'777 0.04 - 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies JACK LU underperform 1 D 2 12 month 09.11.2012
Essence Securities XU HAITAO buy 5 M 2 6 month 08.11.2012
Hua Tai Securities Co., Ltd YUNFENG FAN buy 5 M 2 6 month 26.10.2012
Goldman Sachs CAROL JIN neutral/cautious 3 M 2 12 month 25.10.2012
BNP Paribas Equity Research GORDON WAI hold 3 M 2 12 month 25.10.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 12.09.2012
Deutsche Bank DAVID HURD buy 5 N 2 12 month 06.09.2012
Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 2 12 month 25.08.2012
China International Capital Corp BIN GUAN hold 3 M 2 12 month 24.08.2012
UOB Kay Hian WANG AOCHAO buy 5 M 2 Not Provided 24.08.2012
BOCOM International Holdings HE WEI long-term buy 5 M 2 Not Provided 24.08.2012
Masterlink Securities LI XIN hold 3 M 1 Not Provided 26.07.2012
Macquarie LAURA SHI outperform 5 U 2 12 month 25.07.2012
Barclays RITA WU overweight 5 N 2 Not Provided 17.07.2012
OSK (Asia) Securities TIWEE PANG buy 5 M 3 12 month 29.08.2011
SWS Research Co Ltd SHI MING neutral 3 M 2 Not Provided 26.08.2011
Frontier Investment & Capital Advisors RONEL SINGH N buy 5 M 4 12 month 11.07.2011
Guotai Junan GRACE LIU accumulate 4 M 5 Not Provided 10.03.2011
Bank of China International NI XIAOMAN hold 3 M 4 Not Provided 22.03.2010
Holdings By:
Sinofert Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Smithfield Foods, Inc. processes pork and produces hogs through its meat
processing and hog production groups. The Company also produces and markets a
range of branded food products such as frozen barbecues and chilies, peanuts,
and pork products. Smithfield's products are sold on a wholesale basis, through
catalogs, through its retail stores, and via the Internet.
Latest Fiscal Year: 04/2012
LTM as of: 07/yy
52-Week High (11.03.2013) 26.28
52-Week Low (07.08.2012) 17.55
Daily Volume
26.11
52-Week High % Change -0.65% Dividend Yield 0.00
52-Week Low % Change 48.77% Beta 1.03
% 52 Week Price Range High/Low 96.71% Equity Float 127.23
Shares Out 01.03.2013 138.8 Short Int 8.77
3'623.11 1 Yr Total Return 14.17%
Total Debt 1'964.40 YTD Return 21.05%
Preferred Stock 0.0 Adjusted BETA 1.034
Minority Interest 2.7 Analyst Recs 16
Cash and Equivalents 324.30 Consensus Rating 3.750
Enterprise Value 5'862.71
Average Volume 5 Day 961'904
SFD UN EQUITY YTD Change - Average Volume 30 Day 473'061
SFD UN EQUITY YTD % CHANGE - Average Volume 3 Month 451'156
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 07/yy 07/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1
11'351.2 12'487.7 11'202.6 12'202.7 13'094.3 12'395.6 13'091.4 13'163.2 13'568.9 3'284.2 3'179.0
0.68x 0.32x 0.51x 0.46x 0.38x 1.75x 1.59x 0.42x 0.39x 1.75x 1.82x
605.2 96.7 266.5 1'156.2 975.3 1'161.1 935.3 810.5 893.8 188.0 205.0
12.67x 41.79x 21.28x 4.90x 5.11x 4.78x 4.86x 7.25x 6.57x 6.68x 6.25x
128.9 (198.4) (101.4) 521.0 361.3 526.8 340.9 292.8 350.6 64.5 72.4
25.89x - - 8.15x 8.19x 6.42x 7.98x 13.04x 10.31x 11.09x 10.16x
EBITDA 975.30 Long-Term Rating Date 27.03.2012
EBIT 732.50 Long-Term Rating BB
Operating Margin 5.59% Long-Term Outlook STABLE
Pretax Margin 4.08% Short-Term Rating Date -
Return on Assets 3.04% Short-Term Rating -
Return on Common Equity 6.86%
Return on Capital 6.13% EBITDA/Interest Exp. 5.43
Asset Turnover 1.71% (EBITDA-Capex)/Interest Exp. 3.80
Net Debt/EBITDA 2.51
Gross Margin 11.8% Total Debt/EBITDA 2.65
EBITDA Margin 6.8%
EBIT Margin 4.5% Total Debt/Equity 58.0%
Net Income Margin 2.8% Total Debt/Capital 36.7%
Asset Turnover 1.71
Current Ratio 2.90 Net Fixed Asset Turnover 5.74
Quick Ratio 0.84 Accounts receivable turnover-days 20.50
Debt to Assets 26.47% Inventory Days 74.97
Tot Debt to Common Equity 57.99% Accounts Payable Turnover Day 15.20
Accounts Receivable Turnover 17.75 Cash Conversion Cycle 69.72
Inventory Turnover 4.86
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
Smithfield Foods IncPrice/Volume
Valuation Analysis
282'767.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CONTIGROUP COS INC n/a 13D/PROX 12'801'352 8.56 - 13.07.2012 Corporation
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'739'423 7.85 (390'102) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 11'136'675 7.45 (1'422'841) 31.07.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'780'657 4.54 114'239 30.06.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'981'590 4 317'800 30.06.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'777'595 3.87 1'320'686 30.09.2012 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 4'891'902 3.27 (300'724) 30.09.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 4'789'380 3.2 (137'909) 30.06.2012 Investment Advisor
SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 4'302'312 2.88 (145'943) 30.06.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 3'564'453 2.38 (1'800'703) 30.09.2012 Hedge Fund Manager
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'556'382 2.38 (107'674) 30.06.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'317'485 2.22 (296'135) 30.09.2012 Unclassified
FMR LLC n/a ULT-AGG 2'853'600 1.91 216'908 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'668'600 1.79 (1'026'202) 30.09.2012 Investment Advisor
TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 2'479'754 1.66 2'479'754 30.06.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'325'262 1.56 363'743 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2'285'879 1.53 (398'104) 30.09.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'347'000 0.9 (5'000) 30.09.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 1'232'386 0.82 1'232'386 31.12.2011 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'229'637 0.82 (355'070) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc FARHA ASLAM equalweight 3 M 21 12 month 18.10.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 22 Not Provided 12.10.2012
Davenport & Co ANN H GURKIN buy 5 M 23 Not Provided 11.10.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 10.10.2012
Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M #N/A N/A Not Provided 01.10.2012
R.W. Pressprich & Co SETH CRYSTALL market perform 3 M #N/A N/A Not Provided 28.09.2012
Credit Suisse ROBERT MOSKOW outperform 5 M 25 Not Provided 05.09.2012
D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 26 18 month 05.09.2012
Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 21 Not Provided 05.09.2012
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 22 12 month 04.09.2012
BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 04.09.2012
Cowen and Company COLIN GUHEEN outperform 5 M #N/A N/A Not Provided 04.09.2012
S&P Capital IQ THOMAS GRAVES hold 3 U 20 12 month 04.09.2012
JPMorgan KENNETH GOLDMAN neutral 3 M 20 Not Provided 10.07.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Smithfield Foods Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Sociedad Quimica y Minera de Chile SA produces and markets specialty fertilizers
including potassium nitrate, sodium nitrate, and potassium sulfate for the
agricultural industry. The Company also produces industrial chemicals, iodine
and lithium. SQM markets its products in over 100 countries.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (17.09.2012) 65.31
52-Week Low (04.06.2012) 50.43
Daily Volume
56.01
52-Week High % Change -14.33% Dividend Yield -
52-Week Low % Change 11.06% Beta 0.98
% 52 Week Price Range High/Low 32.59% Equity Float -
Shares Out 30.09.2012 120.4 Short Int 3.37
14'493.06 1 Yr Total Return -0.68%
Total Debt 1'599.04 YTD Return -2.83%
Preferred Stock 0.0 Adjusted BETA 0.979
Minority Interest 54.7 Analyst Recs 11
Cash and Equivalents 640.46 Consensus Rating 4.091
Enterprise Value -
Average Volume 5 Day 116'221
SQM UN EQUITY YTD Change - Average Volume 30 Day 115'265
SQM UN EQUITY YTD % CHANGE - Average Volume 3 Month 125'700
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'774.1 1'438.7 1'830.4 2'145.3 2'429.2 1'996.8 2'326.5 2'520.8 2'722.1 600.0 677.0
3.75x 7.90x 8.46x 6.99x 6.63x 31.11x 25.92x 6.07x 5.61x - -
743.4 573.2 654.5 949.4 1'096.4 752.8 1'095.0 1'176.8 1'272.9 273.0 267.0
8.95x 19.82x 23.66x 15.80x 14.70x 23.71x 14.14x - - - -
501.4 338.3 382.1 545.8 649.2 444.2 644.4 687.1 737.3 159.5 185.0
- - - - - 0.00x 0.00x 21.80x 19.75x 22.58x 22.07x
EBITDA 1'096.38 Long-Term Rating Date 27.04.2009
EBIT 900.23 Long-Term Rating BBB
Operating Margin 37.06% Long-Term Outlook STABLE
Pretax Margin 35.96% Short-Term Rating Date -
Return on Assets 15.67% Short-Term Rating -
Return on Common Equity 32.91%
Return on Capital 19.81% EBITDA/Interest Exp. 16.06
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 9.53
Net Debt/EBITDA 0.87
Gross Margin 42.3% Total Debt/EBITDA 1.46
EBITDA Margin 45.1%
EBIT Margin 37.1% Total Debt/Equity 75.0%
Net Income Margin 26.7% Total Debt/Capital 42.2%
Asset Turnover 0.59
Current Ratio 3.69 Net Fixed Asset Turnover 1.30
Quick Ratio 1.89 Accounts receivable turnover-days 69.51
Debt to Assets 36.21% Inventory Days 214.37
Tot Debt to Common Equity 74.97% Accounts Payable Turnover Day 46.09
Accounts Receivable Turnover 5.27 Cash Conversion Cycle 237.79
Inventory Turnover 1.71
Fiscal Year Ended
Sociedad Quimica y Minera de Chile SAPrice/Volume
Valuation Analysis
28'911.00
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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 3'938'112 3.27 (187'157) 30.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'836'225 3.19 172'266 30.06.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'948'013 2.45 313'909 30.06.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'194'452 1.82 (68'029) 30.06.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 2'109'000 1.75 53'500 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'825'071 1.52 1'825'071 30.09.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'749'609 1.45 174'801 30.09.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'539'802 1.28 (141'019) 30.06.2012 Investment Advisor
SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 1'310'106 1.09 27'817 30.09.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'248'457 1.04 28'334 28.09.2012 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'029'869 0.86 101'721 30.09.2012 Investment Advisor
GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 974'747 0.81 (274'911) 30.09.2012 Corporation
FEDERATED INVESTORS FEDERATED INVESTORS 13F 857'438 0.71 (144'966) 30.06.2012 Investment Advisor
COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 706'000 0.59 - 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 675'394 0.56 18'910 30.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 566'397 0.47 44'208 31.10.2011 Investment Advisor
SARASIN & PARTNERS L SARASIN PARTNERS LLP 13F 553'713 0.46 25'579 30.09.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 525'662 0.44 (69'648) 30.06.2012 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 517'820 0.43 (1'600) 30.09.2012 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 362'468 0.3 (68'264) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Itau BBA Securities GIOVANA ARAUJO outperform 5 M 71 Not Provided 22.10.2012
Raymond James PEDRO J RICHARDS market perform 3 M #N/A N/A Not Provided 21.10.2012
Morgan Stanley JAVIER MARTINEZ Underwt/No Rating 1 M 50 12 month 02.10.2012
Scotia Capital BEN ISAACSON sector perform 3 M 63 12 month 01.10.2012
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 70 12 month 25.09.2012
Credit Suisse VICCENZO PATERNOSTRO outperform 5 M 75 Not Provided 24.09.2012
Grupo Santander RODRIGO ORDONEZ hold 3 M 63 Not Provided 09.07.2012
Celfin Capital CESAR PEREZ-NOVOA buy 5 M #N/A N/A Not Provided 30.05.2012
BBVA HERNAN GUERRERO HINOJOSA underperform 1 D 61 Not Provided 02.02.2012
Euroamerica Corredores de Bolsa ANDRES GALARCE hold 3 N 59 12 month 12.01.2012
JPMorgan LUCAS FERREIRA overweight 5 M 64 Not Provided 07.10.2011
Deutsche Bank ALESSANDRO BALDONI hold 3 D 66 12 month 02.09.2011
Larrain Vial Corredores de Bolsa JUAN JOSE PONCE buy 5 M 61 Not Provided 18.03.2011
BICE Corredores de Bolsa CYNDI MOSQUERA buy 5 M 64 18 month 18.03.2011
BCI Corredora de Bolsa RODRIGO MUJICA neutral 3 M 63 18 month 08.03.2011
IM Trust JORGE MERINO hold 3 M 43 12 month 15.01.2010
Banchile Inversiones FELIPE MERCADO buy 5 M 48 12 month 03.12.2009
Holdings By:
Sociedad Quimica y Minera de Chile SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Syngenta AG produces crop protection products and seeds. The Company produces
herbicides, insecticides and fungicides, and seeds for field crops, vegetables,
and flowers.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (07.03.2013) 411.00
52-Week Low (12.03.2012) 292.50
Daily Volume
407.8
52-Week High % Change -0.80% Dividend Yield -
52-Week Low % Change 39.42% Beta 0.89
% 52 Week Price Range High/Low 95.19% Equity Float 92.99
Shares Out 31.12.2012 93.1 Short Int -
37'976.84 1 Yr Total Return 40.66%
Total Debt 3'348.00 YTD Return 11.24%
Preferred Stock - Adjusted BETA 0.893
Minority Interest 11.0 Analyst Recs 33
Cash and Equivalents 1'599.00 Consensus Rating 3.909
Enterprise Value 41'744.04
Average Volume 5 Day 149'097
SYNN VX EQUITY YTD Change - Average Volume 30 Day 200'874
SYNN VX EQUITY YTD % CHANGE - Average Volume 3 Month 198'780
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
11'624.0 10'992.0 11'641.0 13'268.0 14'202.0 0.0 7'002.0 15'313.5 16'202.5 3'295.9 4'596.0
1.68x 2.56x 2.45x 2.11x 2.72x #DIV/0! 0.00x 2.67x 2.47x - -
2'495.0 2'368.0 2'460.0 2'889.0 3'148.0 0.0 0.0 3'514.5 3'807.1 1'048.0 -
7.84x 11.86x 11.60x 9.69x 12.26x 0.00x 0.00x 11.87x 10.96x - -
1'385.0 1'371.0 1'397.0 1'599.0 1'872.0 0.0 0.0 2'295.0 2'507.4 518.0 -
12.86x 19.06x 19.37x 16.84x 19.65x 0.00x 0.00x 17.16x 15.66x - -
EBITDA 3'148.00 Long-Term Rating Date 15.06.2007
EBIT 2'550.00 Long-Term Rating A
Operating Margin 17.96% Long-Term Outlook STABLE
Pretax Margin 15.15% Short-Term Rating Date 15.06.2007
Return on Assets 10.22% Short-Term Rating A-1
Return on Common Equity 23.06%
Return on Capital - EBITDA/Interest Exp. 22.17
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 18.59
Net Debt/EBITDA 0.56
Gross Margin 49.2% Total Debt/EBITDA 1.06
EBITDA Margin 22.2%
EBIT Margin 18.0% Total Debt/Equity 38.3%
Net Income Margin 13.2% Total Debt/Capital 27.7%
Asset Turnover 0.78
Current Ratio 1.71 Net Fixed Asset Turnover 4.57
Quick Ratio 0.75 Accounts receivable turnover-days 76.37
Debt to Assets 17.26% Inventory Days 226.25
Tot Debt to Common Equity 38.28% Accounts Payable Turnover Day 148.30
Accounts Receivable Turnover 4.79 Cash Conversion Cycle 154.33
Inventory Turnover 1.62
Fiscal Year Ended
Syngenta AGPrice/Volume
Valuation Analysis
59'449.00
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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4'000.0
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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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 6'574'920 7.06 357'715 09.11.2012 Investment Advisor
CAPITAL WORLD INVEST n/a 13G 4'755'300 5.11 - 30.12.2011 Investment Advisor
BANK OF NEW YORK n/a EXCH 3'641'218 3.91 646'990 01.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 2'245'150 2.41 (30'000) 30.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'689'924 1.81 212'307 30.09.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'664'500 1.79 (8'900) 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'652'818 1.77 51'885 30.06.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'565'671 1.68 153'056 31.10.2012 Mutual Fund Manager
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'097'035 1.18 (1'004) 12.11.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 905'328 0.97 65'532 09.11.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 903'324 0.97 11'362 31.07.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 786'530 0.84 - 31.07.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 632'056 0.68 54'754 30.09.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 613'090 0.66 - 31.07.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 599'236 0.64 (3'081) 30.04.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 490'417 0.53 175 31.08.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 370'977 0.4 2'798 12.11.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 358'768 0.39 (3'907) 28.09.2012 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 278'275 0.3 (5'148) 31.08.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 243'297 0.26 6'912 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 290 12 month 09.11.2012
Barclays GUNTHER ZECHMANN equalweight 3 M 381 Not Provided 09.11.2012
AlphaValue FABRICE FARIGOULE add 4 M 421 6 month 08.11.2012
Nomura JEAN DE WATTEVILLE neutral 3 M 400 12 month 02.11.2012
Societe Generale PATRICK LAMBERT buy 5 M 450 12 month 25.10.2012
Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 420 12 month 24.10.2012
Credit Suisse CHRIS COUNIHAN restricted #N/A N/A M #N/A N/A Not Provided 24.10.2012
CA Cheuvreux MARTIN ROEDIGER select list 5 M 390 Not Provided 24.10.2012
Bank Vontobel AG PATRICK RAFAISZ hold 3 M 355 Not Provided 24.10.2012
Kepler Capital Markets BETTINA EDMONDSTON buy 5 M 400 Not Provided 24.10.2012
Morgan Stanley AMY WALKER Underwt/In-Line 1 M 304 12 month 23.10.2012
Jefferies LUCY WATSON hold 3 M 365 12 month 23.10.2012
HSBC GEOFF HAIRE overweight 5 M 400 Not Provided 23.10.2012
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 23.10.2012
Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 400 Not Provided 23.10.2012
Main First Bank AG RONALD KOEHLER outperform 5 M 415 12 month 19.10.2012
Goldman Sachs RICHARD LOGAN Buy/Neutral 5 M 435 12 month 17.10.2012
Exane BNP Paribas JAMES KNIGHT neutral 3 M 328 Not Provided 11.10.2012
Day by Day VALERIE GASTALDY buy 5 M 410 3 month 03.10.2012
Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 D #N/A N/A Not Provided 19.09.2012
JPMorgan NEIL C TYLER underweight 1 M 310 12 month 06.09.2012
DZ Bank AG HEINZ MUELLER buy 5 M 400 12 month 31.08.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 08.08.2012
Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 D 350 12 month 31.07.2012
Berenberg Bank JAIDEEP PANDYA hold 3 M 350 Not Provided 17.07.2012
S&P Capital IQ JOHNSON IMODE hold 3 M 320 12 month 13.07.2012
Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 310 Not Provided 18.05.2012
Macquarie JUERGEN RECK outperform 5 M 330 12 month 26.04.2012
Equita SIM SpA MASSIMO BONISOLI buy 5 M 340 12 month 21.02.2012
Dolmen Stockbrokers IAN G HUNTER buy 5 M 340 Not Provided 14.10.2011
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 21.01.2011
National Bank AG STEFFEN MANSKE buy 5 M 280 Not Provided 09.02.2009
Holdings By:
Syngenta AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Tate & Lyle PLC is the holding company for an international group of companies
which produces and markets ingredients and solutions for the food, beverage,
industrials and agriculture industries around the world. The Company's range
of products includes nutritive sweeteners, industrial starches, ethanol,
acidulants and animal feed.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (05.03.2013) 842.50
52-Week Low (10.09.2012) 627.50
Daily Volume
822
52-Week High % Change -2.43% Dividend Yield 3.07
52-Week Low % Change 31.00% Beta 0.66
% 52 Week Price Range High/Low 94.19% Equity Float 465.08
Shares Out 05.03.2013 466.3 Short Int -
3'833.04 1 Yr Total Return 21.11%
Total Debt 946.00 YTD Return 7.87%
Preferred Stock 0.0 Adjusted BETA 0.663
Minority Interest 25.0 Analyst Recs 19
Cash and Equivalents 424.00 Consensus Rating 3.684
Enterprise Value 4'274.04
Average Volume 5 Day 1'135'805
TATE LN EQUITY YTD Change - Average Volume 30 Day 1'246'740
TATE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'146'748
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -
2'867.0 3'553.0 2'533.0 2'720.0 3'088.0 - - 3'264.7 3'469.1 - -
1.23x 0.69x 1.15x 1.17x 1.24x - - 1.31x 1.20x - -
339.0 296.0 373.0 418.0 440.0 - - 455.7 489.5 - -
10.44x 8.24x 7.83x 7.62x 8.70x - - 9.38x 8.73x - -
194.0 65.0 15.0 163.0 305.0 - - 263.1 286.9 - -
22.69x 13.36x - 13.56x 10.70x - - 14.84x 13.68x - -
EBITDA 440.00 Long-Term Rating Date 15.07.2011
EBIT 337.00 Long-Term Rating BBB
Operating Margin 10.91% Long-Term Outlook STABLE
Pretax Margin 12.27% Short-Term Rating Date 15.07.2011
Return on Assets 10.49% Short-Term Rating A-2
Return on Common Equity 30.95%
Return on Capital 17.31% EBITDA/Interest Exp. 13.33
Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 10.24
Net Debt/EBITDA 1.16
Gross Margin - Total Debt/EBITDA 2.26
EBITDA Margin 12.0%
EBIT Margin 8.5% Total Debt/Equity 91.6%
Net Income Margin 9.9% Total Debt/Capital 47.2%
Asset Turnover 1.13
Current Ratio 2.01 Net Fixed Asset Turnover 3.53
Quick Ratio 1.00 Accounts receivable turnover-days 38.91
Debt to Assets 32.55% Inventory Days -
Tot Debt to Common Equity 91.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.41 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
Tate & Lyle PLCPrice/Volume
Valuation Analysis
841'705.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 54'732'171 11.74 21'342'208 09.11.2012 Investment Advisor
AEGON n/a ULT-AGG 35'187'693 7.55 (2'075'970) 01.09.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 24'317'861 5.22 292'950 01.09.2012 Investment Advisor
LLOYDS BANKING GROUP n/a ULT-AGG 23'537'971 5.05 9'638 31.10.2012 Investment Advisor
INVESCO LTD n/a RNS-MAJ 23'111'061 4.96 (21'930'011) 02.10.2012 Investment Advisor
TIAA CREF INVESTMENT n/a RNS-MAJ 18'849'408 4.04 3'552'033 05.10.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'765'408 4.03 13'544 30.09.2012 Investment Advisor
KAMES CAPITAL PLC n/a Co File 18'569'241 3.98 - 30.05.2012 Investment Advisor
LEHMAN BROTHERS INTE n/a Co File 18'122'510 3.89 - 30.05.2012 Bank
BARCLAYS GLOBAL INVE n/a Co File 17'568'133 3.77 - 30.05.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 17'273'969 3.71 3'432'832 01.09.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 16'781'425 3.6 (5'561'495) 28.09.2012 Unclassified
LEGAL & GENERAL n/a ULT-AGG 16'063'135 3.45 (2'101'826) 01.09.2012 Unclassified
HARBINGER HOLDINGS L n/a BUS 13'311'182 2.86 (4'933'557) 27.08.2010 Hedge Fund Manager
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 12'506'997 2.68 2'320'825 29.06.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 9'344'841 2 569'263 01.09.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 8'765'151 1.88 212'790 01.09.2012 Government
DEUTSCHE PRIVATE BAN Multiple Portfolios REG 8'591'308 1.84 8'045'076 01.09.2012 Unclassified
AVIVA INVESTORS Multiple Portfolios REG 8'464'958 1.82 (779'394) 01.09.2012 Investment Advisor
VAN ECK GLOBAL Multiple Portfolios REG 8'083'533 1.73 21'309 01.09.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale WARREN L ACKERMAN buy 5 M 815 12 month 12.11.2012
Canaccord Genuity Corp ALICIA FORRY buy 5 M 780 Not Provided 12.11.2012
Jefferies DIRK VAN VLAANDEREN buy 5 M 830 12 month 09.11.2012
Exane BNP Paribas JEFF STENT outperform 5 M 800 Not Provided 09.11.2012
Investec MARTIN DEBOO hold 3 M 700 12 month 08.11.2012
Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 08.11.2012
Berenberg Bank JAMES TARGETT hold 3 M 765 Not Provided 08.11.2012
Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 690 Not Provided 08.11.2012
Credit Suisse CHARLES MILLS outperform 5 M 750 Not Provided 02.11.2012
Mirabaud Securities JULIAN LAKIN hold 3 D 757 12 month 26.10.2012
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 10.10.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.09.2012
Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 667 12 month 29.08.2012
JPMorgan ANKUR GUPTA underweight 1 M 615 12 month 05.07.2012
Deutsche Bank HAROLD THOMPSON buy 5 M 900 12 month 14.05.2012
Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 25.01.2012
Holdings By:
Tate & Lyle PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Tyson Foods, Inc. produces, distributes, and markets chicken, beef, pork,
prepared foods and related allied products. The Company's products are marketed
and sold to national and regional grocery retailers, regional grocery
wholesalers, meat distributors, warehouse club stores, military commissaries,
and industrial food processing companies.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (19.02.2013) 24.31
52-Week Low (06.08.2012) 14.00
Daily Volume
24
52-Week High % Change -1.28% Dividend Yield 1.17
52-Week Low % Change 71.47% Beta 0.85
% 52 Week Price Range High/Low 96.99% Equity Float 278.63
Shares Out 29.12.2012 284.5 Short Int 11.14
8'508.83 1 Yr Total Return 22.63%
Total Debt 2'432.00 YTD Return 23.99%
Preferred Stock 0.0 Adjusted BETA 0.846
Minority Interest 30.0 Analyst Recs 14
Cash and Equivalents 1'071.00 Consensus Rating 4.000
Enterprise Value 10'007.83
Average Volume 5 Day 801'279
TSN UN EQUITY YTD Change - Average Volume 30 Day 1'071'685
TSN UN EQUITY YTD % CHANGE - Average Volume 3 Month 971'504
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 07/yy 06/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
26'862.0 26'704.0 28'430.0 32'266.0 33'278.0 31'303.0 33'309.0 34'452.2 35'225.0 8'577.2 8'706.3
0.28x 0.27x 0.27x 0.25x 0.21x 1.08x 1.02x 0.28x 0.25x 1.16x 1.14x
860.0 875.0 2'082.0 1'791.0 1'747.0 2'042.0 1'579.0 1'815.9 1'953.5 425.0 462.1
8.64x 8.23x 3.74x 4.42x 4.09x 4.32x 5.37x 5.51x 5.12x 5.48x 5.32x
86.0 (547.0) 780.0 750.0 583.0 866.0 495.0 747.1 836.3 168.9 191.2
37.32x 308.00x 7.42x 9.19x 8.43x 8.68x 11.84x 11.54x 10.12x 11.36x 10.87x
EBITDA 1'747.00 Long-Term Rating Date 11.02.2013
EBIT 1'248.00 Long-Term Rating BBB
Operating Margin 3.75% Long-Term Outlook STABLE
Pretax Margin 2.79% Short-Term Rating Date 11.10.2006
Return on Assets 5.19% Short-Term Rating NR
Return on Common Equity 10.16%
Return on Capital 9.71% EBITDA/Interest Exp. 4.91
Asset Turnover 2.89% (EBITDA-Capex)/Interest Exp. 2.97
Net Debt/EBITDA 0.78
Gross Margin 6.5% Total Debt/EBITDA 1.28
EBITDA Margin 5.7%
EBIT Margin 3.8% Total Debt/Equity 40.5%
Net Income Margin 1.8% Total Debt/Capital 28.7%
Asset Turnover 2.89
Current Ratio 1.91 Net Fixed Asset Turnover 8.41
Quick Ratio 0.87 Accounts receivable turnover-days 14.44
Debt to Assets 20.44% Inventory Days 32.31
Tot Debt to Common Equity 40.45% Accounts Payable Turnover Day 16.15
Accounts Receivable Turnover 25.21 Cash Conversion Cycle 31.01
Inventory Turnover 11.26
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tyson Foods IncPrice/Volume
Valuation Analysis
136'165.00
Current Price (3/dd/yy) Market Data
'
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30'000.0
35'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'846'543 5.77 486'609 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'401'484 5.62 (738'012) 31.07.2012 Investment Advisor
ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 14'224'115 4.87 1'019'819 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 12'343'976 4.23 86'417 30.06.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'087'847 4.14 1'134'934 30.09.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 10'180'976 3.49 (1'444'329) 30.09.2012 Hedge Fund Manager
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 9'776'876 3.35 1'355'726 30.06.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 7'926'260 2.72 (538'620) 30.06.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 7'777'262 2.66 732'732 30.06.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 5'664'372 1.94 (2'310'978) 30.09.2012 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'410'411 1.85 313'067 30.06.2012 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 5'053'940 1.73 5'053'940 30.09.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'477'986 1.53 128'695 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'468'090 1.53 (455'820) 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'357'300 1.49 112'820 30.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 3'818'474 1.31 2'454 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'661'268 1.25 (116'204) 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'486'641 1.19 292'381 30.06.2012 Investment Advisor
TYSON LP #N/A N/A PROXY 3'000'000 1.03 - 01.12.2011 Corporation
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 2'639'936 0.9 (2'866'931) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 23 12 month 07.11.2012
Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M #N/A N/A Not Provided 24.10.2012
Credit Suisse ROBERT MOSKOW neutral 3 M 18 Not Provided 24.10.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 17 Not Provided 12.10.2012
Stephens Inc FARHA ASLAM overweight 5 M 19 12 month 12.10.2012
Davenport & Co ANN H GURKIN buy 5 M 21 Not Provided 11.10.2012
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 18 12 month 06.09.2012
BB&T Capital Markets HEATHER L JONES buy 5 M 20 12 month 27.08.2012
Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 15 Not Provided 07.08.2012
D.A. Davidson & Co TIMOTHY S RAMEY neutral 3 D 15 12 month 06.08.2012
Cowen and Company COLIN GUHEEN neutral 3 M #N/A N/A Not Provided 06.08.2012
JPMorgan KENNETH GOLDMAN neutral 3 D 20 Not Provided 10.07.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Tyson Foods Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Uralkali OJSC produces potash. The Company operates mines and ore-treatment
mills in the Perm Territory, Russia. Uralkali extracts and processes potassium
ore and sells standard and granular muriate of potash for the agriculture and
chemical industries. The Company's main markets include Brazil, India, China,
Southeast Asia, Russia, the United States, and Europe.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (21.09.2012) 44.41
52-Week Low (23.05.2012) 33.51
Daily Volume
37.85
52-Week High % Change -14.77% Dividend Yield -
52-Week Low % Change 12.95% Beta 1.13
% 52 Week Price Range High/Low 38.62% Equity Float -
Shares Out 08.03.2013 587.2 Short Int -
22'225.64 1 Yr Total Return 0.72%
Total Debt 3'299.25 YTD Return -0.94%
Preferred Stock 0.0 Adjusted BETA 1.125
Minority Interest 12.5 Analyst Recs 19
Cash and Equivalents 1'017.94 Consensus Rating 3.737
Enterprise Value -
Average Volume 5 Day 1'293'956
URKA LI EQUITY YTD Change - Average Volume 30 Day 1'399'373
URKA LI EQUITY YTD % CHANGE - Average Volume 3 Month 1'285'304
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/11 Q4 03/12 Q1
1'154.3 2'533.6 1'069.1 1'699.4 3'495.9 527.9 677.9 3'887.7 4'347.3 - -
13.40x 1.77x 8.13x 8.91x 7.09x 0.00x 0.00x 6.34x 5.52x - -
473.4 1'668.2 517.9 800.4 2'068.2 0.0 0.0 2'369.6 2'625.3 - -
32.69x 2.69x 16.78x 18.91x 11.98x 0.00x 0.00x - - - -
314.7 885.0 287.4 548.4 1'184.0 185.7 207.8 1'511.8 1'756.6 - -
- - - - - 0.00x 0.00x 15.31x 13.02x - -
EBITDA 2'068.15 Long-Term Rating Date 18.06.2012
EBIT 1'690.67 Long-Term Rating BBB-
Operating Margin 48.36% Long-Term Outlook STABLE
Pretax Margin 38.25% Short-Term Rating Date -
Return on Assets 11.54% Short-Term Rating -
Return on Common Equity 18.41%
Return on Capital 13.43% EBITDA/Interest Exp. 41.64
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 34.28
Net Debt/EBITDA 0.85
Gross Margin 74.6% Total Debt/EBITDA 1.36
EBITDA Margin 62.9%
EBIT Margin 51.8% Total Debt/Equity 41.0%
Net Income Margin 33.9% Total Debt/Capital 29.0%
Asset Turnover 0.33
Current Ratio 2.74 Net Fixed Asset Turnover 1.35
Quick Ratio 1.81 Accounts receivable turnover-days -
Debt to Assets 26.05% Inventory Days 71.93
Tot Debt to Common Equity 41.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 73.09
Inventory Turnover 5.09
Fiscal Year Ended
Uralkali OJSCPrice/Volume
Valuation Analysis
794'326.00
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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3'500.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 10'674'400 1.82 (7'658) 12.11.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'299'964 0.73 634'400 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'618'215 0.62 1'145'700 09.11.2012 Investment Advisor
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 3'313'817 0.56 (671'400) 30.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'071'334 0.35 (36'321) 30.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'776'933 0.3 117'815 30.09.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'681'029 0.29 (308'490) 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'410'585 0.24 (74'663) 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'054'147 0.18 400'000 30.06.2012 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'052'001 0.18 (352'999) 30.11.2011 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 891'639 0.15 9'777 31.08.2012 Mutual Fund Manager
DWS INVESTMENT SA Multiple Portfolios MF-AGG 863'900 0.15 (423'000) 28.09.2012 Mutual Fund Manager
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 798'749 0.14 3'046 28.09.2012 Investment Advisor
UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 571'074 0.1 98'127 31.07.2012 Investment Advisor
PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 548'397 0.09 - 31.08.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 496'700 0.08 (1'500) 28.09.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 450'000 0.08 (50'000) 28.09.2012 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 435'520 0.07 39'469 31.10.2012 Investment Advisor
SEB n/a ULT-AGG 425'626 0.07 (31'698) 28.09.2012 Unclassified
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 362'300 0.06 - 30.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Uralsib ARTEM EGORENKOV hold 3 M 41 Not Provided 12.11.2012
Otkritie Capital DENIS GABRIELIK hold 3 M 41 Not Provided 12.11.2012
Alfa-Bank MARIA BOVYKINA equalweight 3 M 44 Not Provided 29.10.2012
JPMorgan YURIY A VLASOV neutral 3 M 37 Not Provided 25.10.2012
VTB Capital ELENA SAKHNOVA hold 3 M 44 12 month 23.10.2012
Gazprombank ALEKSEI ASTAPOV neutral 3 M 42 12 month 22.10.2012
Credit Suisse SEMYON MIRONOV neutral 3 M 37 Not Provided 12.10.2012
Goldman Sachs DZHUNI ASTOR neutral/attractive 3 M 49 12 month 11.10.2012
IFC Metropol SERGEY FILCHENKOV buy 5 M 47 12 month 12.09.2012
HSBC YONAH WEISZ overweight 5 M 52 Not Provided 06.09.2012
Sberbank CIB MIKHAIL STISKIN hold 3 M 43 Not Provided 06.08.2012
Renaissance Capital ANNA KUPRIYANOVA buy 5 M 45 12 month 21.05.2012
Deutsche Bank BOB KOMMERS hold 3 M 41 12 month 24.04.2012
Aton LLC MIKHAIL PAK hold 3 M 49 12 month 20.01.2012
RMG Securities DARIA KOZLOVA Under Review #N/A N/A M #N/A N/A Not Provided 09.03.2011
Holdings By:
Uralkali OJSC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Wilmar International Ltd. is an agribusiness company. The Company is involved
in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack
edible oils processing and merchandising, specialty fats, oleochemicals and
biodiesel manufacturing, and grains processing and merchandising. Wilmar also
manufactures and distributes fertilizers and owns a fleet of vessels.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (14.03.2012) 5.08
52-Week Low (13.09.2012) 2.99
Daily Volume
3.3
52-Week High % Change -35.04% Dividend Yield -
52-Week Low % Change 10.37% Beta 1.03
% 52 Week Price Range High/Low 14.83% Equity Float 2'313.87
Shares Out 11.03.2013 6'396.2 Short Int -
21'107.32 1 Yr Total Return -32.49%
Total Debt 22'245.27 YTD Return -1.20%
Preferred Stock 0.0 Adjusted BETA 1.030
Minority Interest 849.3 Analyst Recs 26
Cash and Equivalents 2'319.11 Consensus Rating 3.154
Enterprise Value 37'669.48
Average Volume 5 Day 10'774'600
WIL SP EQUITY YTD Change - Average Volume 30 Day 10'735'900
WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 12'124'770
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 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
29'145.2 23'885.1 30'377.5 44'710.0 45'463.4 42'280.1 45'358.6 49'323.7 55'156.0 12'684.0 12'935.0
0.52x 1.42x 1.29x 0.86x 0.84x 3.72x 3.29x 0.63x 0.56x - -
1'969.8 2'424.9 1'409.2 1'933.4 2'159.3 1'910.6 2'173.5 2'602.9 2'859.0 555.0 598.0
7.68x 13.97x 27.77x 19.77x 17.72x 20.26x 14.55x 14.47x 13.18x 14.67x 14.80x
1'531.0 1'882.0 1'324.0 1'600.8 1'255.5 1'419.4 1'278.8 1'393.6 1'525.5 245.0 288.0
8.10x 15.52x 21.19x 15.43x 13.95x 18.39x 13.32x 12.12x 11.14x 12.76x 13.21x
EBITDA 2'159.29 Long-Term Rating Date -
EBIT 1'616.09 Long-Term Rating -
Operating Margin 3.55% Long-Term Outlook -
Pretax Margin 3.64% Short-Term Rating Date -
Return on Assets 3.08% Short-Term Rating -
Return on Common Equity 9.06%
Return on Capital 4.98% EBITDA/Interest Exp. 3.53
Asset Turnover 1.11% (EBITDA-Capex)/Interest Exp. 0.77
Net Debt/EBITDA 8.82
Gross Margin 8.6% Total Debt/EBITDA 9.85
EBITDA Margin 5.0%
EBIT Margin 3.8% Total Debt/Equity 155.1%
Net Income Margin 2.8% Total Debt/Capital 59.4%
Asset Turnover 1.11
Current Ratio 1.11 Net Fixed Asset Turnover 5.55
Quick Ratio 0.29 Accounts receivable turnover-days 30.01
Debt to Assets 53.07% Inventory Days 63.40
Tot Debt to Common Equity 155.06% Accounts Payable Turnover Day 14.53
Accounts Receivable Turnover 12.20 Cash Conversion Cycle 78.89
Inventory Turnover 5.77
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Wilmar International LtdPrice/Volume
Valuation Analysis
24'667'000.00
Current Price (3/dd/yy) Market Data
'
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10'000.0
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45'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PPB GROUP BHD n/a Co File 1'172'614'755 18.33 - 06.03.2012 Corporation
GLOBAL COCOA HOLDING n/a Co File 356'399'775 5.57 - 06.03.2012 Other
WILMAR INTL HOLDINGS n/a Co File 354'961'795 5.55 - 06.03.2012 n/a
LONGHLIN ASIA LTD n/a Co File 336'009'921 5.25 - 06.03.2012 n/a
ARCHER-DANIELS-MIDLA n/a Co File 335'625'280 5.25 - 06.03.2012 Corporation
CAPITAL GROUP COMPAN n/a EXCH 317'267'061 4.96 (7'808'000) 23.02.2011 Investment Advisor
FIREFLY LTD n/a EXCH 294'801'479 4.61 - 05.10.2012 n/a
BOLNEY ENTERPRISES L n/a EXCH 294'801'372 4.61 - 05.10.2012 n/a
HARPOLE RESOURCES LT n/a Co File 256'211'778 4.01 - 06.03.2012 n/a
NOBLESPIRIT CORP n/a Co File 242'600'000 3.79 - 06.03.2012 n/a
HPR INVESTMENTS LTD n/a Co File 230'461'271 3.6 - 06.03.2012 n/a
HONG LEE HOLDINGS PT n/a Co File 179'204'971 2.8 - 06.03.2012 n/a
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 96'457'516 1.51 (88'000) 12.11.2012 Investment Advisor
BONOTO INVESTMENTS L n/a EXCH 51'267'514 0.8 - 05.10.2012 n/a
BLACKROCK n/a ULT-AGG 40'183'717 0.63 (1'182'000) 09.11.2012 Investment Advisor
KIM YONG TEO n/a Co File 33'852'274 0.53 - 21.01.2012 n/a
NATALON CO LTD n/a Co File 33'760'355 0.53 - 06.03.2012 n/a
DALEX INVESTMENTS LT n/a Co File 30'405'900 0.48 - 06.03.2012 Corporation
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 29'655'000 0.46 (41'727'000) 30.09.2012 Investment Advisor
MACROMIND INVESTMENT n/a Co File 26'836'649 0.42 - 06.03.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse TAN TING MIN neutral 3 M 3 Not Provided 12.11.2012
DBS Vickers BEN SANTOSO buy 5 U 4 12 month 12.11.2012
Kim Eng Securities JAMES KOH sell 1 M 3 12 month 12.11.2012
Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 U 3 Not Provided 12.11.2012
UOB Kay Hian TEAM COVERAGE sell 1 M 3 Not Provided 12.11.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 4 12 month 11.11.2012
CIMB IVY NG neutral 3 M 4 12 month 11.11.2012
Nomura TANUJ SHORI neutral 3 M 4 Not Provided 11.11.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 3 12 month 09.11.2012
JPMorgan YING-JIAN CHAN neutral 3 M 3 6 month 09.11.2012
HSBC THILAN WICKRAMASINGHE underweight 1 M 3 Not Provided 09.11.2012
OCBC Investment Research CAREY WONG buy 5 U 4 12 month 09.11.2012
AmResearch Sdn Bhd GAN HUEY LING hold 3 M 4 12 month 09.11.2012
TA Securities Holdings Berhad JAMES RATNAM hold 3 D 4 12 month 09.11.2012
Religare Capital Markets VINCENT FERNANDO sell 1 M 3 12 month 09.11.2012
Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 M 3 12 month 09.11.2012
Standard Chartered ADRIAN FOULGER in-line 3 M 4 12 month 07.11.2012
Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 4 12 month 01.11.2012
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 3 12 month 25.09.2012
Macquarie CONRAD WERNER neutral 3 M 3 12 month 21.08.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 5 12 month 18.07.2012
Jefferies ARYA SEN underperform 1 M 4 12 month 10.05.2012
IIFL ZUO LI sell 1 M 4 12 month 23.02.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Holdings By:
Wilmar International Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11.03.2013
Yara International ASA produces, distributes, and sells nitrogen-based mineral
fertilizers and related industrial products. The Company also distributes and
sells a range of phosphate and potash-based mineral fertilizers, as well as
complex and specialty mineral fertilizer products.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (17.09.2012) 305.50
52-Week Low (04.06.2012) 221.70
Daily Volume
278.8
52-Week High % Change -8.74% Dividend Yield -
52-Week Low % Change 25.76% Beta 1.04
% 52 Week Price Range High/Low 63.60% Equity Float 159.70
Shares Out 07.03.2013 284.2 Short Int -
79'236.98 1 Yr Total Return 8.64%
Total Debt 10'895.00 YTD Return 1.83%
Preferred Stock 0.0 Adjusted BETA 1.040
Minority Interest 1'745.0 Analyst Recs 31
Cash and Equivalents 9'941.00 Consensus Rating 3.742
Enterprise Value 81'935.98
Average Volume 5 Day 890'052
YAR NO EQUITY YTD Change - Average Volume 30 Day 999'039
YAR NO EQUITY YTD % CHANGE - Average Volume 3 Month 965'047
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
87'926.0 60'867.0 64'006.0 77'726.0 83'997.0 75'476.0 82'772.0 85'116.4 86'125.0 21'995.0 21'375.2
0.77x 1.52x 1.67x 0.95x 0.96x 4.80x 3.89x 0.94x 0.90x 3.68x 3.86x
14'376.0 3'698.0 9'907.0 15'917.0 14'756.0 14'031.0 16'127.0 14'843.8 14'320.0 4'200.8 3'775.3
4.73x 25.03x 10.80x 4.66x 5.46x 5.01x 5.30x 5.52x 5.72x 5.62x 5.58x
8'228.0 3'782.0 8'729.0 12'066.0 10'602.0 10'244.0 11'822.0 9'156.8 8'740.7 2'672.3 2'300.1
5.26x 20.16x 11.16x 5.72x 7.30x 6.40x 6.91x 8.45x 8.70x 8.91x 8.97x
EBITDA 14'756.00 Long-Term Rating Date 15.03.2010
EBIT 11'332.00 Long-Term Rating BBB
Operating Margin 13.49% Long-Term Outlook STABLE
Pretax Margin 15.78% Short-Term Rating Date 15.03.2010
Return on Assets 13.66% Short-Term Rating A-2
Return on Common Equity 22.85%
Return on Capital 19.86% EBITDA/Interest Exp. 12.29
Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 9.31
Net Debt/EBITDA 0.06
Gross Margin - Total Debt/EBITDA 0.74
EBITDA Margin 17.6%
EBIT Margin 13.5% Total Debt/Equity 22.6%
Net Income Margin 12.6% Total Debt/Capital 17.9%
Asset Turnover 1.08
Current Ratio 2.30 Net Fixed Asset Turnover 3.23
Quick Ratio 1.27 Accounts receivable turnover-days 36.44
Debt to Assets 13.41% Inventory Days -
Tot Debt to Common Equity 22.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.04 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Yara International ASAPrice/Volume
Valuation Analysis
640'967.00
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
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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: info@qmsadv.com |
11.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORWEGIAN GOVT MINIS n/a EXCH 102'915'622 35.78 - 05.11.2012 Government
STATE STREET BANK AN n/a EXCH 22'996'764 7.99 - 05.11.2012 Bank
GOVERNMENT PENSION F n/a EXCH 18'578'626 6.46 - 05.11.2012 Government
CLEARSTREAM BANKING n/a EXCH 10'642'112 3.7 - 05.11.2012 Bank
JP MORGAN CHASE BANK n/a EXCH 8'743'820 3.04 - 05.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'042'842 1.75 84 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 4'343'322 1.51 (3'998) 12.11.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'855'107 1.34 (1'570) 28.09.2012 Mutual Fund Manager
YARA INTERNATIONAL A n/a EXCH 3'642'587 1.27 - 05.11.2012 n/a
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 3'580'552 1.24 32'666 28.09.2012 Investment Advisor
BANK OF NEW YORK MEL n/a EXCH 3'003'390 1.04 - 05.11.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'428'226 0.84 825'403 30.06.2012 Investment Advisor
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 2'163'698 0.75 (124'846) 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'109'322 0.73 106'333 30.06.2012 Investment Advisor
DWPBANK AG n/a EXCH 1'629'306 0.57 - 05.11.2012 n/a
NORTHERN TRUST CO n/a EXCH 1'445'240 0.5 - 05.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'425'914 0.5 160'094 30.09.2012 Investment Advisor
LEGAL & GENERAL ASSU n/a EXCH 1'364'525 0.47 - 05.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'340'418 0.47 70'281 09.11.2012 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 1'250'000 0.43 500'000 30.06.2012 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JOEL JACKSON market perform 3 M 308 Not Provided 12.11.2012
SpareBank 1 Markets AS HENRIK SCHULTZ buy 5 U 290 12 month 12.11.2012
SEB Enskilda TRULS KOLSRUD ENGENE hold 3 D 280 Not Provided 09.11.2012
Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 270 Not Provided 09.11.2012
ABG Sundal Collier MARTIN MELBYE buy 5 M 320 6 month 08.11.2012
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 335 12 month 07.11.2012
Nomura JEAN DE WATTEVILLE buy 5 M 360 12 month 02.11.2012
AlphaValue VERONIQUE COLAS buy 5 M 352 6 month 01.11.2012
Pareto Securities EIRIK VEGEM DAHLE buy 5 M 400 6 month 31.10.2012
Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 300 12 month 29.10.2012
Handelsbanken ANNE GJOEN buy 5 M 365 Not Provided 29.10.2012
Societe Generale PATRICK LAMBERT buy 5 M 370 12 month 23.10.2012
Credit Suisse LARS KJELLBERG neutral 3 M 305 Not Provided 22.10.2012
JPMorgan NEIL C TYLER overweight 5 M 360 12 month 22.10.2012
Scotia Capital BEN ISAACSON sector perform 3 M 315 12 month 22.10.2012
Nordea Equity Research ANDRE HOLO ADOLFSEN buy 5 M 335 12 month 22.10.2012
DNB Markets KNUT-IVAR BAKKEN buy 5 M 320 Not Provided 22.10.2012
Morgan Stanley AMY WALKER Equalwt/In-Line 3 M 322 12 month 19.10.2012
Macquarie CHRISTIAN FAITZ outperform 5 M 400 12 month 19.10.2012
Carnegie BENGT JONASSEN sell 1 M #N/A N/A Not Provided 19.10.2012
Arctic Securities ASA THOMAS LORCK hold 3 D 290 Not Provided 19.10.2012
Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 350 Not Provided 19.10.2012
Euro Pacific Capital Inc DAVID KRATOCHVIL buy 5 M 340 12 month 19.10.2012
Swedbank First Securities HANS-ERIK JACOBSEN buy 5 M 330 Not Provided 19.10.2012
Goldman Sachs RICHARD LOGAN neutral/neutral 3 M 340 12 month 17.10.2012
Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 15.10.2012
Terra Markets AS TOMAS SKEIVYS buy 5 M 320 12 month 10.10.2012
HSBC YONAH WEISZ overweight 5 M 360 Not Provided 27.09.2012
Main First Bank AG THOMAS SWOBODA neutral 3 M 320 12 month 26.09.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 11.09.2012
Equita SIM SpA MASSIMO BONISOLI buy 5 M 320 12 month 30.04.2012
Holdings By:
Yara International ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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