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Fundamental Analysis & Analysts Recommendations - Eurostoxx 50 Index - SX5E Index
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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: [email protected] |
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Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 14368510 1931.296 1118 1118 205 221 221 101.29 110.63 110.63 15.41 15.41 14.11 14.11 18.78
Euro Stoxx 50 Pr EUR 2603016 5607.747 4687 4687 763 793 793 230.73 310.41 310.41 19.48 16.16 14.48 14.48 19.82
NIKKEI 225 JPY 2506820 186.1232 187 187 19 20 20 5.24 5.49 5.49 0.26 0.26 0.25 0.25 0.12
FTSE 100 INDEX GBP 2731129 11800.74 9677 9677 1464 1681 1681 535.25 824.01 824.01 27.50 - 17.87 17.87 22.82
SWISS MARKET INDEX CHF 1053334 11142.32 4121 4121 850 844 844 409.54 554.45 554.45 21.36 19.02 15.78 15.78 22.15
S&P/TSX COMPOSITE INDEX CAD 1686600 17095.62 7864 7864 1837 2074 2074 792.65 884.95 884.95 15.44 15.44 13.83 13.83 24.20
S&P/ASX 200 INDEX AUD 1412156 6837.547 2860 2860 599 696 696 250.45 340.52 340.52 21.58 17.19 15.87 15.87 22.04
HANG SENG INDEX HKD 1666231 3317.668 1628 1628 359 409 409 259.32 265.58 265.58 1.41 1.51 1.38 1.38 3.07
MSCI EM USD 7822323 1539.533 1068 1068 200 216 216 86.76 95.39 95.39 12.01 13.55 10.93 10.93 20.05
AIR LIQUIDE SA EUR 38606 389 312 9 0 0 1 46.83 19850 19850 21143 22677 4912 4912 - - 6.70 6.70 7.23 7.99 23.87 23.89 22.14 20.03 7.79 6.65 8.31 8.80 32.05 A 02.07.2007 - -
ALLIANZ SE-REG EUR 64457 2003 452 37 0 3 14 88.59 137806 125359 136358 140373 - - - - 14.79 14.79 15.72 16.43 12.38 12.29 11.65 11.14 28.18 4.76 - - - AA 27.01.2012 Aa3 03.05.2004
ANHEUSER-BUSCH INBEV NV EUR 153426 1022 1602 57 0 6 18 243.30 51493 51493 58294 63091 20010 20010 - - 5.78 5.87 6.42 7.24 27.24 27.61 24.89 22.06 2.36 19.37 1.30 22.98 50.33 A 01.05.2012 A3 27.03.2012
ARCELORMITTAL EUR 23964 6421 1549 33 0 4 6 63.12 109070 109070 112036 116925 8758 9260 1948 1948 0.01 -3.12 0.92 1.88 - 118.42 26.07 12.78 -13.45 -4.79 -41.04 -24.62 11.00 BB+ 02.08.2012 Ba1 06.11.2012
ASML HOLDING NV EUR 28854 911 407 1 0 0 3 26.34 6128 6128 6293 7865 1740 1740 181 181 3.47 3.50 2.96 4.58 26.04 26.13 30.72 19.87 -21.07 24.32 -33.20 9.24 36.77 - - Baa2 11.11.2010
ASSICURAZIONI GENERALI EUR 25407 6016 1541 30 0 4 28 31.32 105467 105402 99411 100735 - - - - 0.93 0.11 1.69 1.86 191.02 - 12.51 11.35 14.01 11.72 - - - A 23.01.2013 Baa2 *- 18.12.2012
AXA SA EUR 43534 6505 2389 14 8 3 40 20.83 148542 148542 129564 131529 - - - - 2.37 2.30 2.55 2.71 10.28 9.97 9.23 8.69 21.54 77.07 - - - A- 18.12.2012 A2 19.03.2003
BANCO BILBAO VIZCAYA ARGENTA EUR 52604 32785 5433 293 0 3 83 #VALUE! 45618 29609 30226 31843 - - - - 0.77 0.33 1.00 1.14 37.76 38.19 12.52 11.00 8.52 12.57 - - - BBB- 16.10.2012 Baa3 24.10.2012
BANCO SANTANDER SA EUR 78743 32490 10321 476 0 13 236 #VALUE! 56437 56437 57737 60400 - - - - 0.78 0.31 0.76 0.89 31.37 11.91 12.77 10.89 -57.17 12.35 - - - BBB 16.10.2012 (P)Baa2 24.10.2012
BASF SE EUR 87637 1626 918 17 0 2 2 104.19 101967 101967 105878 105024 16297 16297 4542 4542 6.48 6.88 7.77 8.36 17.97 19.08 15.89 14.79 9.22 8.50 7.95 4.82 20.70 A+ 10.05.2011 A1 17.11.2010
BAYER AG-REG EUR 83070 990 827 12 0 0 3 92.24 51496 51496 53737 56367 11658 11145 3258 3258 7.24 3.83 7.63 8.40 33.94 19.66 17.04 15.49 11.46 5.61 0.55 8.02 28.03 A- 30.04.2008 A3 17.07.2006
BAYERISCHE MOTOREN WERKE AG EUR 57619 971 656 88 0 0 15 132.36 99531 99531 103088 107606 15102 15133 - - 9.88 10.06 10.09 10.36 11.61 11.82 11.58 11.28 15.11 8.38 - 1.35 20.27 A 16.04.2012 A2 22.07.2011
BNP PARIBAS EUR 68058 4046 1240 1312 9 11 181 #VALUE! 126 K 126 K 52 K 53 K - - - - 7.09 6.90 6.60 7.48 10.28 9.78 10.74 9.48 48.36 14.76 - - - A+ 25.10.2012 A2 21.06.2012
CARREFOUR SA EUR 19726 1915 709 21 0 1 9 33.38 99455 99455 102558 105799 5043 3377 - - 0.28 0.30 1.86 2.11 120.03 44.78 19.38 17.04 -5.90 -3.27 - 1.49 4.21 BBB 15.03.2012 (P)Baa2 15.03.2012
COMPAGNIE DE SAINT-GOBAIN EUR 21325 976 531 16 0 1 5 32.85 55949 55949 55700 57603 3415 3415 - - 1.29 1.89 3.16 3.82 27.54 40.36 16.43 13.62 3.33 0.25 -61.54 -18.70 7.91 BBB 24.07.2009 Baa2 31.07.2009
CRH PLC EUR 16540 768 726 6 0 0 2 20.62 24167 24167 24701 26066 2124 2124 766 766 0.65 0.99 1.10 1.41 29.75 45.27 26.89 20.83 4.14 -2.39 -1.25 -13.62 11.38 BBB+ 17.12.2007 - -
DAIMLER AG-REGISTERED SHARES EUR 62661 2311 1068 110 0 2 19 154.90 148034 148034 151591 160611 15721 15792 - - 7.35 7.40 6.05 7.17 10.28 10.28 12.56 10.60 9.43 22.91 -0.83 -6.71 13.82 A- 23.02.2012 A3 01.10.2007
DANONE EUR 45073 986 606 12 0 0 3 54.23 27029 27029 28586 30352 4515 4565 - - 3.59 3.61 4.08 4.50 25.52 25.63 22.56 20.44 10.40 14.09 - 13.98 22.75 A- 25.07.2007 A3 06.11.2007
DEUTSCHE BANK AG-REGISTERED EUR 40028 4393 929 368 0 2 230 #VALUE! 43494 61069 43818 45103 - - - - 4.12 0.88 5.08 6.55 63.33 11.31 10.97 8.51 -46.92 -7.54 - - - A+ 25.01.2012 A2 21.06.2012
DEUTSCHE TELEKOM AG-REG EUR 47528 9737 4319 58 0 6 8 103.47 75339 75339 74835 74596 22961 22935 5604 5604 1.30 -1.59 0.92 0.95 - 6.73 15.56 15.05 -1.07 -1.80 -15.86 1.93 39.43 BBB+ 19.05.2008 Baa1 22.12.2011
E.ON SE EUR 33458 6242 1907 34 0 5 8 64.17 171083 171083 143633 146139 10935 10935 12339 12339 2.34 1.48 1.69 1.81 14.67 9.24 12.84 11.99 21.95 21.20 126.63 -6.82 8.28 A- 27.07.2012 A3 05.10.2011
EADS NV EUR 44911 3926 822 6 0 0 14 36.78 73151 73151 76062 81126 5086 5164 1396 1396 1.88 1.94 3.48 4.68 36.23 36.21 20.15 15.01 19.38 14.92 30.83 29.92 9.14 A- 22.09.2010 (P)A2 06.12.2012
ENEL SPA EUR 31617 29573 9403 86 0 21 13 126.21 107109 107109 103472 104835 20917 20917 - - 0.12 0.12 0.43 0.46 37.36 - 10.04 9.47 8.56 11.83 -7.89 13.92 25.29 BBB+ 08.03.2012 Baa2 05.11.2012
ENI SPA EUR 84442 8295 3634 32 0 5 10 110.23 164837 164837 155883 158771 31815 31815 9753 9753 0.85 3.10 2.53 2.69 9.71 10.91 11.89 11.20 20.90 7.67 -5.88 -1.36 25.00 A 17.01.2012 A3 16.07.2012
ESSILOR INTERNATIONAL EUR 23906 811 215 1 0 0 1 24.56 6461 6461 6941 7520 1419 1419 - - 3.63 3.64 4.01 4.42 39.64 39.70 35.96 32.60 24.71 15.05 24.80 14.76 28.44 - - - -
FRANCE TELECOM SA EUR 28791 8284 2627 51 0 3 11 71.31 56359 56359 54511 53700 16026 16026 4022 4022 0.95 0.40 1.42 1.38 35.06 14.76 9.88 10.17 -5.04 -4.62 -22.81 -10.95 36.83 A- *- 27.02.2013 A3 23.06.2005
GDF SUEZ EUR 45750 2573 2357 75 0 15 15 120.39 125681 125681 105001 105183 23832 23832 - - 1.73 0.92 1.75 1.82 26.60 14.20 13.99 13.48 9.09 9.27 18.78 26.76 24.56 A *- 29.01.2013 A1 03.07.2012
IBERDROLA SA EUR 32760 14892 6053 43 0 0 9 67.26 44296 45135 43243 44726 9296 9954 2965 2965 0.60 0.61 0.52 0.54 11.09 11.04 13.01 12.41 10.45 10.20 3.28 10.42 28.56 BBB 28.11.2012 (P)Baa1 05.11.2012
INDITEX EUR 82185 508 623 0 0 0 5 76.92 20653 20653 22951 25486 5067 5068 1073 1073 4.91 4.90 5.54 6.23 34.82 - 30.81 27.40 20.22 13.41 28.10 16.49 31.78 - - - -
ING GROEP NV-CVA EUR 30390 18374 3801 269 0 1 23 277.86 52821 54709 58796 60515 - - - - 0.95 0.97 1.27 1.40 10.58 9.88 8.06 7.35 -29.45 -12.01 - - - A 03.09.2009 A3 15.06.2012
INTESA SANPAOLO EUR 25253 144138 16434 149 0 1 52 #VALUE! 23071 22905 21730 22293 - - - - 0.12 0.17 0.15 0.20 11.92 17.00 13.47 10.05 -38.21 -15.28 - - - BBB+ 10.02.2012 Baa2 16.07.2012
KONINKLIJKE PHILIPS ELECTRON EUR 28320 1496 915 6 0 0 5 29.27 32105 32105 32284 33302 3190 3190 763 763 0.37 0.35 2.14 2.43 108.14 77.68 17.88 15.79 12.67 1.96 139.68 -4.59 12.87 A- 11.05.2005 A3 20.04.2006
L'OREAL EUR 94431 275 598 0 0 0 2 92.40 29093 29093 30365 32145 5684 5684 - - 6.14 6.22 6.62 7.17 32.55 32.57 30.57 28.23 13.49 7.49 14.21 6.18 25.31 - - - -
LVMH MOET HENNESSY LOUIS VUI EUR 87910 458 500 9 0 1 3 95.32 36398 36398 39150 42501 8988 9351 3658 3658 9.04 8.88 9.80 11.00 25.24 24.82 22.88 20.39 24.33 14.44 16.64 14.31 33.27 A 20.05.2011 - -
MUENCHENER RUECKVER AG-REG EUR 34238 537 179 8 0 0 4 38.95 85346 85656 72293 75043 - - - - 23.29 23.29 21.10 21.58 10.62 10.62 11.72 11.46 10.61 9.32 - - - AA- 22.12.2006 - -
REPSOL SA EUR 27838 2130 1256 25 0 1 8 45.38 76317 80745 79059 79776 9088 9472 2318 2318 2.13 2.26 2.14 2.24 12.42 - 13.12 12.55 20.41 9.10 27.18 -6.37 15.19 BBB- 19.04.2012 - -
RWE AG EUR 22628 1619 615 26 0 2 7 43.72 65757 65757 68685 69658 11728 11917 - - 2.52 2.76 5.03 4.60 17.36 17.36 9.52 10.41 4.26 5.31 12.02 3.97 23.47 BBB+ 27.07.2012 A3 19.07.2011
SANOFI EUR 129027 1058 1323 19 0 0 8 139.76 45262 45262 46385 48966 16039 16441 - - 5.65 4.87 7.78 8.68 25.87 22.31 16.19 14.51 6.04 6.21 -2.15 3.97 47.05 AA- 18.02.2011 A2 18.02.2011
SAP AG EUR 101895 1316 1229 7 0 0 3 105.30 21010 21012 23336 25720 6392 5925 1446 1446 3.08 3.07 4.52 5.13 35.00 35.07 23.78 20.95 18.10 12.56 0.71 13.92 36.52 - - - -
SCHNEIDER ELECTRIC SA EUR 42262 701 547 11 0 0 5 48.18 31014 31014 31586 33196 4970 4970 - - 4.61 4.39 5.37 5.98 22.45 21.40 18.37 16.48 9.28 10.29 3.89 5.86 20.75 A- 26.11.2008 A3 12.01.2009
SIEMENS AG-REG EUR 95300 2117 856 27 0 1 15 110.27 101407 101891 101313 105182 12502 13406 2649 2649 7.25 7.36 7.91 9.81 19.04 19.27 17.70 14.28 8.87 0.14 -10.36 2.16 17.04 A+ 05.06.2009 - -
SOCIETE GENERALE EUR 28943 5081 754 960 7 6 143 #VALUE! 56642 #VALUE! 30992 32057 - - - - 5.21 1.23 4.70 5.61 38.91 13.49 10.22 8.55 -12.85 - - - - A 23.01.2012 A2 21.06.2012
TELEFONICA SA EUR 65781 11397 4551 87 0 9 15 146.51 80762 80762 77022 77338 26985 27031 - - 1.06 1.15 1.48 1.54 16.34 - 12.68 12.17 -0.99 2.55 9.64 -2.34 43.35 BBB 20.12.2012 Baa2 18.10.2012
TOTAL SA EUR 118174 2899 2258 43 0 2 22 140.89 236108 236108 235632 233593 41890 41370 11241 11241 6.11 6.13 6.80 6.86 10.56 10.58 9.50 9.43 12.25 5.83 -2.27 1.34 22.69 AA- 12.04.2011 Aa1 30.08.2005
UNIBAIL-RODAMCO SE EUR 22300 165 92 15 0 2 0 39.71 2231 2231 2044 2237 1537 1537 - - 22.95 20.45 13.13 14.25 14.88 13.21 23.18 21.35 -14.50 13.38 0.32 20.08 89.25 A 27.06.2007 WR 16.07.2010
UNICREDIT SPA EUR 27323 82047 5789 374 0 5 106 #VALUE! 32444 32630 32032 33137 - - - - -0.04 0.25 0.30 0.54 24.20 - 20.07 11.28 -52.21 -4.52 - - - BBB+ 10.02.2012 Baa2 16.07.2012
UNILEVER NV-CVA EUR 121499 2195 2832 13 0 1 4 131.75 66473 66473 69273 73104 10605 10605 - - 1.97 2.05 2.18 2.37 25.36 26.33 23.78 21.91 13.54 6.92 12.60 5.04 20.66 A+ 05.10.2000 A1 11.07.2000
VINCI SA EUR 26533 907 536 26 0 1 8 45.20 50749 50037 50380 51402 7134 7063 - - 4.56 4.63 4.55 4.81 12.80 12.90 13.04 12.32 5.29 5.51 1.47 4.82 18.28 BBB+ 29.03.2007 Baa1 23.07.2002
VIVENDI EUR 26922 2705 1323 23 0 4 5 48.72 37552 37552 37315 37772 5798 8459 - - 0.37 0.18 2.34 2.50 142.62 54.64 11.23 10.54 0.81 9.04 -63.98 -8.56 29.17 BBB 26.10.2012 Baa2 13.09.2005
VOLKSWAGEN AG-PREF EUR 92472 805 465 152 0 6 34 216.88 249548 373079 263745 276989 31633 47755 5682 5682 59.94 84.84 28.88 32.83 3.14 3.14 9.22 8.11 27.10 73.12 18.54 13.01 16.58 A- 31.08.2009 A3 17.08.2009
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.33 1.28 1.40 9.96 9.96 9.70 8.86 9.96 8.75 8.75 8.08 7.57 8.75 14.11 14.11 12.65 11.44 14.11 2.21 2.21 2.36 2.57 2.21 1675.7 7.4%
Euro Stoxx 50 Pr 1.15 1.15 1.09 1.03 1.15 0.74 0.74 0.72 0.70 0.74 5.40 5.40 5.02 4.79 5.40 7.07 7.07 6.69 6.33 7.07 11.18 11.18 10.02 9.16 11.18 4.29 4.29 4.62 4.91 4.29 2898.3 8.2%
NIKKEI 225 1.48 1.48 1.38 1.30 1.48 0.69 0.69 0.65 0.64 0.69 9.24 9.24 7.98 7.47 9.24 9.54 9.54 8.34 7.83 9.54 23.45 23.45 18.44 14.35 23.45 1.69 1.69 1.69 1.97 1.69 11810.1 -3.4%
FTSE 100 INDEX 1.68 1.68 1.56 1.24 1.68 1.01 1.01 0.97 1.00 1.01 7.88 7.88 7.26 5.27 7.88 7.02 7.02 6.58 6.29 7.02 11.81 11.81 10.72 9.79 11.81 3.89 3.89 4.18 4.64 3.89 6790.8 5.6%
SWISS MARKET INDEX 2.39 2.39 2.22 2.05 2.39 2.00 2.00 1.90 1.83 2.00 12.22 12.22 11.19 9.89 12.22 13.21 13.21 12.21 11.40 13.21 14.88 14.88 13.33 12.12 14.88 3.30 3.30 3.65 4.14 3.30 8025.9 3.2%
S&P/TSX COMPOSITE INDEX 1.70 1.70 1.57 1.47 1.70 1.59 1.59 1.50 1.44 1.59 8.49 8.49 7.64 7.15 8.49 8.24 8.24 7.29 6.88 8.24 14.16 14.16 12.47 11.46 14.16 3.09 3.09 3.24 3.43 3.09 14548.4 13.4%
S&P/ASX 200 INDEX 1.90 1.90 1.80 1.70 1.90 1.82 1.82 1.71 1.62 1.82 11.21 11.21 10.00 9.13 11.21 9.82 9.82 8.63 8.00 9.82 15.29 15.29 13.61 12.48 15.29 4.34 4.34 4.64 5.00 4.34 5136.0 2.4%
HANG SENG INDEX 1.32 1.32 1.22 1.16 1.32 1.75 1.75 1.61 1.49 1.75 6.98 6.98 6.46 6.07 6.98 8.11 8.11 7.36 6.86 8.11 10.71 10.71 9.80 9.02 10.71 3.59 3.59 3.90 4.63 3.59 25103.6 13.7%
MSCI EM 1.46 1.46 1.33 1.24 1.46 0.98 0.98 0.91 0.87 0.98 6.95 6.95 6.40 6.01 6.95 7.13 7.13 6.54 6.18 7.13 10.93 10.93 9.82 9.13 10.93 5.38 5.38 6.64 8.72 5.38 1190.5 14.2%
AIR LIQUIDE SA 2.77 2.57 2.40 2.24 2.00 1.95 1.83 1.70 1.59 1.55 10.32 9.51 8.89 8.41 7.60 9.57 8.82 8.13 7.57 7.31 18.62 17.10 15.47 14.13 13.25 2.64 2.83 3.10 3.43 3.30 101.44 6.3%
ALLIANZ SE-REG 0.96 0.91 0.87 0.83 0.75 0.48 0.47 0.46 0.45 0.44 9.68 8.99 8.60 8.53 7.93 4.21 4.48 4.71 4.79 5.04 118.03 8.1%
ANHEUSER-BUSCH INBEV NV 3.56 3.31 3.07 2.84 2.43 3.85 3.40 3.14 2.99 2.92 13.59 12.67 11.76 10.93 9.62 12.09 10.66 9.63 8.99 8.84 20.37 19.22 17.04 15.27 14.18 2.00 2.42 2.77 3.34 3.78 75.39 2.3%
ARCELORMITTAL 0.42 0.42 0.41 0.39 0.37 0.28 0.28 0.26 0.26 0.25 4.65 4.93 3.59 2.98 2.12 6.99 6.31 5.20 4.63 4.07 83.94 20.13 9.87 6.79 5.32 3.93 1.49 2.17 2.58 1.74 13.89 25.0%
ASML HOLDING NV 5.27 4.54 3.87 3.14 4.70 4.58 3.67 3.07 2.50 18.47 21.31 13.78 11.30 14.79 16.36 11.14 8.61 7.32 21.84 23.72 15.34 11.37 8.51 0.84 1.01 1.15 1.32 53.78 -0.9%
ASSICURAZIONI GENERALI 0.98 0.92 0.86 0.78 0.25 0.26 0.25 0.26 0.23 14.82 9.66 8.76 7.74 7.92 2.27 3.46 3.98 4.65 4.52 13.55 7.6%
AXA SA 0.70 0.66 0.63 0.57 0.33 0.34 0.33 0.30 7.71 7.13 6.71 6.45 5.18 5.58 5.90 6.27 16.21 15.2%
BANCO BILBAO VIZCAYA ARGENTA 0.98 0.92 0.88 0.83 1.78 1.74 1.65 1.60 3.23 3.21 3.07 21.00 9.67 8.50 7.57 5.63 5.63 5.74 6.23 7.86 5.5%
BANCO SANTANDER SA 0.75 0.78 0.76 0.78 0.90 1.38 1.36 1.30 1.26 1.25 2.20 2.18 2.06 10.34 9.86 8.41 8.19 8.49 10.21 10.49 10.18 9.36 10.40 6.15 6.7%
BASF SE 2.60 2.53 2.35 2.19 1.88 0.87 0.83 0.83 0.80 0.80 8.41 7.98 7.37 7.20 6.16 6.50 6.12 5.83 5.53 5.18 13.57 12.27 11.42 10.72 10.05 3.50 3.71 3.89 4.10 4.14 76.71 4.1%
BAYER AG-REG 3.21 2.97 2.68 2.43 2.15 1.62 1.55 1.47 1.41 1.35 11.48 9.94 9.17 8.10 7.58 8.61 8.09 7.56 7.04 6.69 14.31 13.16 11.96 10.83 10.08 2.34 2.65 2.92 3.16 3.31 78.50 1.2%
BAYERISCHE MOTOREN WERKE AG 1.47 1.33 1.22 1.14 1.05 0.58 0.56 0.54 0.54 0.51 5.39 5.16 4.92 3.65 3.57 7.79 7.75 7.61 7.38 6.95 8.96 8.94 8.71 8.68 8.35 3.75 4.00 4.27 4.18 3.59 79.09 13.6%
BNP PARIBAS 0.68 0.64 0.61 0.58 1.34 1.31 1.27 1.24 5.30 4.72 4.22 5.29 7.77 8.29 7.32 6.81 3.55 4.11 4.98 5.89 52.18 23.4%
CARREFOUR SA 1.95 1.83 1.68 1.59 1.56 0.20 0.19 0.19 0.18 0.18 6.43 5.48 5.04 5.51 4.64 6.96 6.65 6.26 6.01 5.67 17.11 14.97 13.16 11.71 10.67 2.44 2.85 3.26 3.75 3.73 22.87 6.5%
COMPAGNIE DE SAINT-GOBAIN 0.91 0.91 0.87 0.82 0.38 0.38 0.37 0.35 0.35 5.84 5.83 5.33 4.68 5.79 5.72 5.27 4.77 4.32 13.19 12.69 10.52 8.48 7.16 3.76 4.27 4.29 4.47 33.45 7.9%
CRH PLC 1.17 1.16 1.13 1.07 0.68 0.67 0.63 0.59 0.50 9.87 8.84 7.81 6.56 9.94 9.23 8.06 6.93 5.64 23.93 20.76 16.09 12.43 10.21 3.59 3.64 3.73 4.01 15.75 -10.3%
DAIMLER AG-REGISTERED SHARES 1.13 1.08 1.00 0.91 0.84 0.43 0.41 0.39 0.37 0.37 5.50 5.17 4.59 3.66 3.17 9.34 9.41 8.30 7.38 6.29 9.80 9.70 8.18 7.11 7.03 4.72 4.52 4.98 5.59 47.17 4.1%
DANONE 2.63 2.48 2.34 2.17 1.90 1.68 1.58 1.49 1.39 1.32 12.94 12.51 10.78 9.51 9.14 11.59 11.09 10.34 9.54 8.75 18.18 17.42 15.78 14.50 13.06 2.66 2.76 3.02 3.33 3.83 54.08 -1.4%
DEUTSCHE BANK AG-REGISTERED 0.55 0.54 0.51 0.48 0.43 0.92 0.91 0.89 0.86 0.77 5.86 5.10 4.47 4.45 9.29 8.47 6.57 5.40 4.78 2.26 2.32 2.90 3.26 3.23 39.12 17.6%
DEUTSCHE TELEKOM AG-REG 1.29 1.29 1.24 1.22 1.36 0.63 0.64 0.64 0.63 0.63 2.75 2.88 2.83 3.37 3.90 4.43 4.60 4.59 4.49 4.42 13.23 12.01 11.62 10.87 10.59 8.23 6.30 6.03 6.14 6.88 9.20 8.3%
E.ON SE 0.65 0.65 0.63 0.61 0.61 0.23 0.23 0.23 0.22 0.20 3.16 3.87 3.87 3.72 3.64 4.59 5.20 5.10 5.12 4.88 5.76 9.92 9.26 9.49 8.89 8.47 5.69 5.90 5.66 6.04 13.30 3.0%
EADS NV 3.47 3.46 2.77 2.37 2.02 0.63 0.59 0.55 0.53 0.52 11.34 8.80 7.87 5.82 7.00 6.43 5.13 4.38 4.02 3.89 21.67 15.56 11.59 9.56 8.86 1.47 2.29 3.08 3.46 3.61 42.96 2.7%
ENEL SPA 0.60 0.59 0.57 0.54 0.52 0.30 0.31 0.30 0.30 0.29 2.71 2.66 2.42 2.57 2.72 5.87 6.02 5.94 5.77 5.67 7.07 7.75 7.31 6.74 6.78 5.78 5.39 5.55 6.12 5.89 3.09 18.9%
ENI SPA 1.09 1.04 0.98 0.92 0.88 0.54 0.54 0.53 0.52 0.56 3.90 3.57 3.33 3.17 3.71 2.89 2.97 2.86 2.73 2.78 8.93 9.18 8.65 8.06 9.57 6.01 6.10 6.24 6.47 6.35 20.11 12.1%
ESSILOR INTERNATIONAL 5.03 4.53 4.14 3.56 3.70 3.44 3.18 2.90 2.70 23.03 19.92 18.21 17.21 21.27 17.33 16.20 14.81 13.31 12.47 30.62 27.76 25.18 23.01 20.86 1.15 1.20 1.31 1.43 1.50 82.08 -4.5%
FRANCE TELECOM SA 0.81 0.84 0.82 0.79 0.81 0.51 0.53 0.54 0.54 0.55 2.20 2.26 2.33 2.41 2.38 4.03 4.27 4.39 4.48 4.50 6.52 7.63 7.85 7.72 7.47 9.57 9.27 8.96 8.67 9.14 9.60 14.4%
GDF SUEZ 0.52 0.52 0.53 0.54 0.51 0.38 0.44 0.43 0.43 0.40 2.93 3.27 3.19 3.43 3.15 5.45 6.59 6.52 6.35 5.84 9.39 10.80 10.41 9.83 8.49 10.25 9.96 9.99 9.10 9.64 16.47 12.5%
IBERDROLA SA 0.69 0.69 0.68 0.66 0.80 0.76 0.73 0.71 0.74 4.26 4.58 4.66 4.23 6.70 6.83 6.56 6.30 6.01 8.81 10.03 9.59 9.72 9.86 7.75 7.31 7.28 7.21 7.70 4.40 9.1%
INDITEX 7.45 6.81 5.92 5.15 3.87 3.97 3.58 3.22 2.92 2.64 19.67 17.90 15.97 14.25 14.96 13.49 12.04 10.85 9.68 26.58 23.76 21.17 18.94 16.96 2.23 2.47 2.81 3.13 3.58 108.25 6.3%
ING GROEP NV-CVA 0.46 0.44 0.41 0.40 0.55 0.52 0.50 0.44 7.91 6.23 5.68 5.26 6.38 0.00 0.28 3.35 4.48 7.96 30.1%
INTESA SANPAOLO 0.40 0.39 0.38 0.36 1.12 1.16 1.13 1.11 2.49 2.52 2.39 2.60 12.20 10.39 7.77 6.39 7.47 4.26 4.52 5.77 6.69 7.53 1.43 20.0%
KONINKLIJKE PHILIPS ELECTRON 1.83 1.82 1.71 1.47 1.40 0.88 0.88 0.85 0.81 0.81 11.13 9.13 7.77 6.77 6.68 8.20 6.60 6.04 5.51 5.58 19.12 13.80 12.19 10.94 9.78 3.32 3.45 3.71 3.97 4.14 24.07 5.4%
L'OREAL 3.82 3.34 3.08 2.85 2.38 3.26 3.11 2.94 2.75 2.63 20.07 18.58 17.21 16.05 15.22 16.09 15.06 14.02 13.10 12.32 25.22 23.60 21.80 19.89 18.81 1.83 2.03 2.21 2.48 2.64 113.27 -6.1%
LVMH MOET HENNESSY LOUIS VUI 2.69 2.48 2.25 2.04 1.65 2.42 2.25 2.07 1.91 1.78 14.12 13.11 11.87 11.20 11.36 10.47 9.65 8.73 7.91 7.60 18.55 17.67 15.75 14.08 12.56 2.24 2.45 2.77 3.08 3.24 152.43 14.0%
MUENCHENER RUECKVER AG-REG 0.99 0.93 0.88 0.82 0.81 0.47 0.47 0.46 0.44 0.38 8.34 9.05 8.85 8.90 9.78 4.61 4.75 4.88 5.13 5.31 145.93 -1.0%
REPSOL SA 0.79 0.75 0.72 0.68 0.59 0.36 0.35 0.35 0.38 0.40 4.30 4.20 4.00 4.09 4.11 4.98 4.74 4.59 4.47 4.15 10.67 10.13 9.69 9.50 8.83 5.29 5.52 5.68 5.83 5.92 18.75 11.9%
RWE AG 1.09 1.11 1.06 1.03 0.90 0.34 0.33 0.32 0.32 0.30 2.93 3.06 3.04 3.34 2.82 3.85 3.85 3.92 3.96 4.00 7.02 7.35 8.04 8.41 8.05 7.07 6.90 6.62 6.26 6.43 30.18 5.7%
SANOFI 1.72 1.69 1.62 1.53 1.43 2.86 2.78 2.63 2.50 2.40 10.67 10.67 9.82 8.20 7.73 8.02 8.20 7.57 6.95 6.68 12.13 12.50 11.20 10.15 9.40 3.69 3.91 4.34 4.84 5.37 79.78 6.2%
SAP AG 5.41 4.62 3.88 3.23 2.72 4.82 4.37 3.96 3.63 3.36 19.86 15.97 14.08 12.21 11.42 14.72 12.77 11.27 10.12 8.98 20.75 18.36 16.18 14.36 13.37 1.31 1.49 1.73 1.92 1.87 65.32 2.0%
SCHNEIDER ELECTRIC SA 1.90 1.82 1.69 1.59 1.36 1.34 1.27 1.19 11.97 11.45 10.18 9.70 9.82 9.14 8.38 7.81 15.32 14.18 12.72 11.69 2.99 3.29 3.59 3.91 59.26 0.9%
SIEMENS AG-REG 2.24 2.27 2.06 1.87 1.46 0.95 0.94 0.91 0.87 0.84 9.98 11.15 9.07 8.26 8.39 8.59 8.94 7.45 6.90 7.18 13.61 13.67 11.02 10.26 9.40 3.68 3.75 4.05 4.30 4.59 86.31 3.3%
SOCIETE GENERALE 0.51 0.48 0.46 0.43 0.97 0.93 0.90 0.87 4.37 3.91 3.55 4.44 10.34 7.89 6.61 5.90 1.76 3.55 4.67 6.00 33.99 18.7%
TELEFONICA SA 2.22 2.12 1.99 1.81 1.75 0.82 0.85 0.85 0.85 0.84 3.49 3.62 3.54 3.45 4.59 5.34 5.55 5.52 5.53 5.54 9.19 9.79 9.39 8.86 9.19 1.15 6.70 7.08 6.67 8.60 11.27 1.0%
TOTAL SA 1.18 1.10 1.01 0.93 0.93 0.51 0.50 0.51 0.52 0.52 3.99 3.83 3.73 3.47 3.31 3.22 3.22 3.15 3.06 2.71 7.07 7.34 7.28 6.84 6.33 6.06 6.15 6.28 6.57 6.74 45.69 18.5%
UNIBAIL-RODAMCO SE 1.37 1.24 1.15 1.05 0.88 13.00 10.91 9.97 9.38 8.49 18.19 17.61 16.28 14.52 12.66 23.31 21.89 20.22 18.78 18.15 19.10 17.90 16.49 15.08 13.75 4.63 4.87 5.23 5.62 5.94 182.08 0.3%
UNICREDIT SPA 0.34 0.34 0.33 0.32 0.83 0.85 0.82 0.80 2.08 2.04 1.85 1.66 25.47 15.50 8.71 6.05 1.59 2.09 3.60 4.59 4.08 12.1%
UNILEVER NV-CVA 5.60 5.12 4.51 3.99 3.55 1.83 1.75 1.66 1.56 1.49 15.58 14.32 13.28 12.05 11.34 12.34 11.58 10.83 9.98 9.58 19.57 18.36 16.91 15.55 14.38 3.07 3.27 3.49 3.72 4.03 31.48 1.8%
VINCI SA 1.45 1.37 1.30 1.22 1.04 0.53 0.53 0.52 0.50 0.47 5.17 5.01 4.88 4.61 4.32 6.38 6.30 6.13 5.86 5.48 10.24 10.07 9.51 8.95 8.01 5.06 5.11 5.32 5.81 5.94 43.76 23.8%
VIVENDI 1.00 1.03 0.99 0.98 1.00 0.73 0.72 0.71 0.70 0.69 3.44 3.71 3.58 3.48 3.46 4.73 4.83 4.71 4.65 4.45 7.82 8.68 8.13 8.06 8.24 6.38 6.29 6.55 6.98 8.91 17.84 13.6%
VOLKSWAGEN AG-PREF 0.95 0.87 0.78 0.71 0.66 0.37 0.35 0.33 0.32 0.31 3.33 3.35 2.99 3.02 2.95 7.67 6.95 6.22 5.50 5.18 7.40 7.12 6.26 5.22 4.85 2.43 2.88 3.51 4.84 4.13 193.08 21.6%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Air Liquide SA, through its subsidiaries, produces, markets, and sells
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.09.2012) 100.00
52-Week Low (18.05.2012) 83.45
Daily Volume
95.4
52-Week High % Change -4.61% Dividend Yield -
52-Week Low % Change 14.32% Beta 0.76
% 52 Week Price Range High/Low 77.46% Equity Float 310.90
Shares Out 08.03.2013 312.5 Short Int -
29'808.03 1 Yr Total Return 7.57%
Total Debt 7'273.70 YTD Return 0.37%
Preferred Stock 0.0 Adjusted BETA 0.760
Minority Interest 232.6 Analyst Recs 35
Cash and Equivalents 1'154.20 Consensus Rating 3.600
Enterprise Value 36'160.13
Average Volume 5 Day 858'291
AI FP EQUITY YTD Change - Average Volume 30 Day 913'021
AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 747'406
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
13'103.1 11'976.1 13'488.0 14'456.9 15'326.3 14'255.5 15'326.0 16'324.5 17'508.7 3'964.3 3'952.3
1.73x 2.25x 2.38x 2.25x 2.35x 0.00x 0.00x 2.20x 2.03x - 9.11x
2'941.8 2'969.0 3'374.3 3'563.6 3'792.3 0.0 0.0 4'096.0 4'445.7 - 1'976.0
7.71x 9.08x 9.50x 9.13x 9.50x 0.00x 0.00x 8.82x 8.13x - -
1'220.0 1'230.0 1'403.6 1'534.9 1'609.4 0.0 0.0 1'738.4 1'922.1 - 879.0
13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 17.10x 15.47x - -
EBITDA 3'792.30 Long-Term Rating Date 02.07.2007
EBIT 2'560.50 Long-Term Rating A
Operating Margin 16.71% Long-Term Outlook POS
Pretax Margin 14.63% Short-Term Rating Date 06.05.2004
Return on Assets 6.55% Short-Term Rating A-1
Return on Common Equity 16.12%
Return on Capital - EBITDA/Interest Exp. 14.00
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 7.11
Net Debt/EBITDA 1.61
Gross Margin - Total Debt/EBITDA 1.92
EBITDA Margin 24.7%
EBIT Margin 16.7% Total Debt/Equity 71.2%
Net Income Margin 10.5% Total Debt/Capital 41.1%
Asset Turnover 0.62
Current Ratio 1.03 Net Fixed Asset Turnover 1.23
Quick Ratio 0.77 Accounts receivable turnover-days 66.93
Debt to Assets 29.09% Inventory Days -
Tot Debt to Common Equity 71.23% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.47 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Air Liquide SAPrice/Volume
Valuation Analysis
388'658.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'647'329 1.81 119'140 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'574'174 1.46 - 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'548'431 1.46 85'185 31.01.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 3'524'993 1.13 4'486 14.03.2013 Investment Advisor
LANSDOWNE PARTNERS L n/a Short (1'936'514) -0.62 (343'575) 11.03.2013 Hedge Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 1'892'286 0.61 89'844 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'445'602 0.46 (836) 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'185'320 0.38 58'091 15.03.2013 Investment Advisor
AIR LIQUIDE n/a Co File 1'119'676 0.36 - 31.12.2011 Corporation
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 967'645 0.31 (15'196) 14.03.2013 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 965'341 0.31 (422) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 921'742 0.3 (6'180) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 902'774 0.29 (450'378) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 731'181 0.23 308'898 28.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 696'712 0.22 (19'889) 31.10.2012 Mutual Fund Manager
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 629'057 0.2 9'691 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 606'009 0.19 (7'465) 31.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 589'606 0.19 (121'484) 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 561'349 0.18 11'929 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 522'156 0.17 (44'516) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura JEAN DE WATTEVILLE neutral 3 M 108 12 month 18.03.2013
AlphaValue FABRICE FARIGOULE add 4 M 99 6 month 07.03.2013
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 105 12 month 05.03.2013
Day by Day VALERIE GASTALDY buy 5 U 107 3 month 05.03.2013
Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 102 Not Provided 04.03.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 108 12 month 27.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 25.02.2013
Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 105 6 month 22.02.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 103 Not Provided 20.02.2013
S&P Capital IQ JOHNSON IMODE hold 3 M 95 12 month 18.02.2013
Main First Bank AG THOMAS SWOBODA outperform 5 M 105 12 month 18.02.2013
Societe Generale PETER CLARK hold 3 M 100 12 month 15.02.2013
Deutsche Bank TIMOTHY JONES hold 3 M 99 12 month 15.02.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 103 Not Provided 15.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 100 12 month 15.02.2013
Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 111 12 month 15.02.2013
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 14.02.2013
Jefferies LAURENCE ALEXANDER hold 3 M 97 12 month 14.02.2013
HSBC GEOFF HAIRE overweight 5 M 112 Not Provided 14.02.2013
Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 93 Not Provided 14.02.2013
Barclays GUNTHER ZECHMANN underweight 1 M 100 Not Provided 04.02.2013
Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Liberum Capital Ltd ADAM COLLINS buy 5 M 121 Not Provided 13.12.2012
JPMorgan NEIL C TYLER neutral 3 M 100 9 month 07.12.2012
Macquarie CHRISTIAN FAITZ outperform 5 M 100 12 month 21.11.2012
CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 U 106 12 month 05.11.2012
CA Cheuvreux KLAUS RINGEL outperform 5 M 101 Not Provided 26.10.2012
Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 15.10.2012
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 08.10.2012
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 02.08.2012
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012
DZ Bank AG PETER SPENGLER buy 5 M 91 12 month 27.10.2011
Holdings By:
Air Liquide SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Allianz SE, through subsidiaries, offers insurance and financial services. The
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 114.05
52-Week Low (04.06.2012) 68.50
Daily Volume
109.15
52-Week High % Change -4.30% Dividend Yield -
52-Week Low % Change 59.34% Beta 1.24
% 52 Week Price Range High/Low 96.05% Equity Float 451.47
Shares Out 31.12.2012 456.0 Short Int -
49'766.94 1 Yr Total Return 22.65%
Total Debt 28'411.00 YTD Return 4.15%
Preferred Stock 0.0 Adjusted BETA 1.244
Minority Interest 2'338.0 Analyst Recs 43
Cash and Equivalents 10'492.00 Consensus Rating 4.326
Enterprise Value 68'398.94
Average Volume 5 Day 2'226'497
ALV GY EQUITY YTD Change - Average Volume 30 Day 1'941'754
ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'702'487
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
76'195.0 82'711.0 89'740.0 87'384.0 106'400.0 87'384.0 96'790.0 105'282.2 108'382.1 - -
0.69x 0.75x 0.67x 0.61x - 2.70x 1.86x 0.58x 0.56x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 2'545.0 5'169.0 5'444.5 5'676.8 - -
8.51x 8.37x 7.94x 13.13x 9.18x 12.79x 9.18x 8.99x 8.60x - -
EBITDA - Long-Term Rating Date 27.01.2012
EBIT - Long-Term Rating AA
Operating Margin 7.01% Long-Term Outlook NEG
Pretax Margin 5.45% Short-Term Rating Date 23.03.2009
Return on Assets 0.67% Short-Term Rating A-1+
Return on Common Equity 9.30%
Return on Capital 7.26% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin 4.9% Total Debt/Capital 37.5%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.43% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Allianz SEPrice/Volume
Valuation Analysis
2'003'149.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 32'047'039 7.03 - 14.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'563'293 1.88 175'318 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'365'290 1.4 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'736'439 1.26 (2'666'263) 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'764'728 1.05 4'899 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'712'687 1.03 1'113'916 28.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'513'764 0.99 546'507 28.09.2012 Investment Advisor
SOCIETE GENERALE SA n/a Research 4'475'337 0.98 - 28.02.2013 Unclassified
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'451'739 0.98 (153'349) 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'746'308 0.82 - 16.05.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'028'939 0.66 (352'189) 31.01.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'337'600 0.51 - 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'263'956 0.5 135'754 28.12.2012 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 1'843'650 0.4 - 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'630'559 0.36 (602'365) 30.11.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'516'111 0.33 303'500 28.12.2012 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'483'920 0.33 - 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'441'075 0.32 433'235 31.01.2013 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'399'861 0.31 (22'011) 14.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'000'446 0.22 48'589 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas THOMAS JACQUET outperform 5 M 125 Not Provided 14.03.2013
Bank of Valletta MALCOLM ABDILLA CASTILLO hold 3 M 117 Not Provided 12.03.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 95 12 month 08.03.2013
AlphaValue DIETER HEIN add 4 M 112 6 month 07.03.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 122 9 month 05.03.2013
Oddo & Cie NICOLAS JACOB buy 5 M 120 Not Provided 05.03.2013
Berenberg Bank PETER ELIOT buy 5 M 132 Not Provided 05.03.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 135 12 month 03.03.2013
S&P Capital IQ RODERICK WALLACE buy 5 M 122 12 month 01.03.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 27.02.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 105 12 month 26.02.2013
Helvea DANIEL BISCHOF accumulate 4 M 111 12 month 26.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 25.02.2013
Kepler Capital Markets FABRIZIO CROCE reduce 2 M 73 Not Provided 25.02.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 120 12 month 25.02.2013
Nord/LB VOLKER SACK buy 5 M 113 12 month 22.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 125 12 month 21.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 21.02.2013
Nomura MICHAEL KLIEN neutral 3 M 103 12 month 21.02.2013
Bankhaus Lampe ANDREAS SCHAEFER buy 5 N 122 Not Provided 20.02.2013
Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013
Credit Suisse RICHARD BURDEN neutral 3 M 113 Not Provided 08.02.2013
Barclays ANDREW BROADFIELD overweight 5 M 120 Not Provided 04.02.2013
Main First Bank AG MICHAEL HAID outperform 5 M 120 12 month 01.02.2013
Mediobanca SpA MARC THIELE neutral 3 M 123 6 month 30.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 133 Not Provided 29.01.2013
Deutsche Bank ROBIN BUCKLEY buy 5 M 120 12 month 24.01.2013
Macquarie HADLEY COHEN outperform 5 M 130 12 month 23.01.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 120 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC KAILESH MISTRY overweight 5 M 128 Not Provided 16.01.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 110 Not Provided 16.01.2013
Natixis BENOIT VALLEAUX buy 5 M 120 Not Provided 10.01.2013
Day by Day VALERIE GASTALDY buy 5 M 117 3 month 07.01.2013
Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 100 12 month 13.12.2012
CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 118 Not Provided 10.12.2012
Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 110 12 month 05.12.2012
Canaccord Genuity Corp BEN COHEN buy 5 M 100 Not Provided 26.11.2012
Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 09.11.2012
Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012
Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 92 Not Provided 11.11.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011
Holdings By:
Allianz SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager,
stout, and bitter beer. Anheuser-Busch InBev owns brands that are both
nationally and internationally prominent. The Company has production plants in
Europe, the Americas, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 74.69
52-Week Low (01.06.2012) 52.11
Daily Volume
73.72
52-Week High % Change -1.29% Dividend Yield -
52-Week Low % Change 41.47% Beta 0.76
% 52 Week Price Range High/Low 92.74% Equity Float -
Shares Out 08.03.2013 1'606.9 Short Int -
118'460.32 1 Yr Total Return 37.51%
Total Debt 44'341.00 YTD Return 12.14%
Preferred Stock 0.0 Adjusted BETA 0.764
Minority Interest 4'299.0 Analyst Recs 34
Cash and Equivalents 13'878.00 Consensus Rating 3.794
Enterprise Value 187'848.27
Average Volume 5 Day 1'585'620
ABI BB EQUITY YTD Change - Average Volume 30 Day 2'083'225
ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1'901'324
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
23'507.0 36'758.0 36'297.0 39'046.0 39'758.0 39'046.0 39'758.0 45'008.7 48'712.2 9'508.0 10'382.0
4.07x 3.57x 3.70x 3.49x 4.37x 3.49x 4.14x 4.26x 3.83x - -
7'734.0 12'925.0 13'768.0 15'297.0 15'450.0 15'297.0 11'768.0 17'556.9 19'429.5 - -
12.37x 10.15x 9.76x 8.91x 11.25x 8.91x 0.00x 10.66x 9.63x - -
1'927.0 4'613.0 4'026.0 5'855.0 7'243.0 5'855.0 7'244.0 8'012.5 8'973.9 1'593.0 1'700.0
11.99x 17.92x 22.61x 16.71x 19.15x 16.71x 19.04x 19.22x 17.04x 19.89x -
EBITDA 15'450.00 Long-Term Rating Date 01.05.2012
EBIT 12'765.00 Long-Term Rating A
Operating Margin 32.11% Long-Term Outlook STABLE
Pretax Margin 28.05% Short-Term Rating Date 01.05.2012
Return on Assets 6.16% Short-Term Rating A-1
Return on Common Equity 18.42%
Return on Capital 13.08% EBITDA/Interest Exp. 7.48
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 5.90
Net Debt/EBITDA 1.97
Gross Margin 58.6% Total Debt/EBITDA 2.87
EBITDA Margin 38.9%
EBIT Margin 32.1% Total Debt/Equity 107.8%
Net Income Margin 18.2% Total Debt/Capital 49.4%
Asset Turnover 0.34
Current Ratio 1.01 Net Fixed Asset Turnover 2.45
Quick Ratio 0.88 Accounts receivable turnover-days 37.49
Debt to Assets 36.16% Inventory Days 55.25
Tot Debt to Common Equity 107.78% Accounts Payable Turnover Day 306.82
Accounts Receivable Turnover 9.76 Cash Conversion Cycle -214.08
Inventory Turnover 6.62
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
Anheuser-Busch InBev NVPrice/Volume
Valuation Analysis
1'022'198.00
Current Price (3/dd/yy) Market Data
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20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STICHTING INBEV n/a 20F 663'074'830 41.26 - 29.08.2011 n/a
EUGENIE PATRI SEBAST n/a 20F 133'267'604 8.29 - 29.08.2011 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 35'079'819 2.18 (3'462'946) 31.12.2012 Investment Advisor
BRC SARL n/a 20F 32'666'460 2.03 - 29.08.2011 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'738'779 1.04 (2'422'646) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 16'641'237 1.04 (2'298'496) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 11'922'315 0.74 358'633 14.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 10'775'271 0.67 702'425 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'597'724 0.66 (128'959) 31.12.2012 Investment Advisor
ANHEUSER-BUSCH INBEV n/a 20F 7'601'955 0.47 - 29.08.2011 Corporation
VOORZITTER VERHELST n/a 20F 6'997'665 0.44 - 29.08.2011 Other
INBEV-BAILLET LATOUR n/a 20F 5'485'415 0.34 - 29.08.2011 Other
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'279'114 0.27 358'613 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4'160'120 0.26 89'672 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'438'936 0.21 1'647'249 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 2'774'083 0.17 341'787 15.03.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'301'760 0.14 (36'192) 14.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'153'869 0.13 166'567 31.05.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2'031'936 0.13 39'854 31.12.2012 Investment Advisor
WELLCOME TRUST LIMIT n/a Research 1'850'000 0.12 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies DIRK VAN VLAANDEREN buy 5 M 89 12 month 18.03.2013
Bank Degroof(ESN) HANS D'HAESE hold 3 M 74 12 month 18.03.2013
Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 82 12 month 14.03.2013
Grupo Santander ANTHONY J BUCALO buy 5 M 83 Not Provided 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 90 12 month 11.03.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 08.03.2013
Credit Suisse SANJEET AUJLA outperform 5 M 90 Not Provided 07.03.2013
AlphaValue ISABELLE COMBEMALE sell 1 M 45 6 month 07.03.2013
ING Bank MARCO GULPERS hold 3 M 68 12 month 06.03.2013
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 85 12 month 05.03.2013
KBC Securities WIM HOSTE hold 3 M 71 12 month 04.03.2013
JPMorgan MIKE J GIBBS not rated #N/A N/A M #N/A N/A Not Provided 01.03.2013
Societe Generale ANDREW HOLLAND buy 5 M 74 12 month 28.02.2013
HSBC LAUREN E TORRES overweight 5 M 78 Not Provided 28.02.2013
Nomura IAN SHACKLETON neutral 3 M 70 12 month 28.02.2013
Day by Day VALERIE GASTALDY buy 5 U 74 3 month 28.02.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 63 Not Provided 28.02.2013
Kempen & Co SANDER VAN OORT hold 3 M 68 12 month 27.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 73 12 month 27.02.2013
Petercam KRIS KIPPERS buy 5 M 80 Not Provided 27.02.2013
S&P Capital IQ CARL SHORT hold 3 M 73 12 month 27.02.2013
ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 61 Not Provided 27.02.2013
Rabobank International KAREL ZOETE buy 5 U 76 12 month 25.02.2013
Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 15.02.2013
Berenberg Bank PHILIP MORRISEY buy 5 M 64 Not Provided 14.02.2013
Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 60 12 month 04.02.2013
Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 75 6 month 01.02.2013
Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 01.02.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 72 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 65 Not Provided 14.09.2012
Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 10.09.2012
Deutsche Bank JONATHAN FELL restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012
Barclays SIMON HALES suspended coverage #N/A N/A M #N/A N/A Not Provided 29.06.2012
Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012
Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012
Kepler Capital Markets TEAM COVERAGE buy 5 N 50 Not Provided 27.09.2011
Holdings By:
Anheuser-Busch InBev NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
ArcelorMittal produces steel. The Company manufactures cold rolled,
electrogalvanized and coated steels, slabs, special quality bars, and wire
rods. Arcelor Mittal has steel making operations in Europe, the Americas,
Asia, and Africa.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.03.2012) 16.17
52-Week Low (01.06.2012) 10.60
Daily Volume
11.11
52-Week High % Change -31.29% Dividend Yield -
52-Week Low % Change 4.86% Beta 1.47
% 52 Week Price Range High/Low 14.71% Equity Float 976.79
Shares Out 15.01.2013 1'665.4 Short Int -
18'502.51 1 Yr Total Return -27.12%
Total Debt 25'752.00 YTD Return -14.11%
Preferred Stock 0.0 Adjusted BETA 1.468
Minority Interest 3'474.0 Analyst Recs 43
Cash and Equivalents 4'398.00 Consensus Rating 3.558
Enterprise Value 48'736.94
Average Volume 5 Day 10'615'700
MT NA EQUITY YTD Change - Average Volume 30 Day 9'455'042
MT NA EQUITY YTD % CHANGE - Average Volume 3 Month 8'912'229
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
124'936.0 61'021.0 78'025.0 93'973.0 84'213.0 93'973.0 84'213.0 86'503.4 90'277.6 20'455.2 21'846.8
0.50x 1.52x 1.05x 0.58x 0.61x 2.92x 2.47x 0.52x 0.47x 2.30x 2.14x
24'436.0 3'656.0 8'525.0 9'898.0 6'762.0 10'117.0 7'150.0 7'703.3 9'344.2 1'504.2 1'998.8
2.57x 25.37x 9.63x 5.47x 7.58x 5.35x 7.17x 6.31x 5.20x 6.53x 6.03x
9'399.0 157.0 2'916.0 2'263.0 (3'726.0) 2'263.0 (3'726.0) 1'187.1 2'530.0 (45.8) 324.5
3.49x 308.59x 17.66x 15.75x - 15.75x 0.00x 20.13x 9.87x 34.18x 16.99x
EBITDA 6'762.00 Long-Term Rating Date 02.08.2012
EBIT 1'809.00 Long-Term Rating BB+
Operating Margin 2.15% Long-Term Outlook NEG
Pretax Margin -6.85% Short-Term Rating Date 02.08.2012
Return on Assets -3.15% Short-Term Rating B
Return on Common Equity -6.87%
Return on Capital - EBITDA/Interest Exp. 3.33
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 1.02
Net Debt/EBITDA 2.99
Gross Margin 6.1% Total Debt/EBITDA 3.60
EBITDA Margin 8.5%
EBIT Margin 2.8% Total Debt/Equity 49.8%
Net Income Margin -4.4% Total Debt/Capital 31.8%
Asset Turnover 0.71
Current Ratio 1.33 Net Fixed Asset Turnover 1.56
Quick Ratio 0.40 Accounts receivable turnover-days 25.07
Debt to Assets 22.48% Inventory Days 96.59
Tot Debt to Common Equity 49.79% Accounts Payable Turnover Day 59.60
Accounts Receivable Turnover 14.60 Cash Conversion Cycle 61.20
Inventory Turnover 3.79
Fiscal Year Ended
ArcelorMittalPrice/Volume
Valuation Analysis
6'421'462.00
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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40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HSBC TRUSTEE CI LTD n/a Research 637'338'263 38.27 - 31.07.2012 Unclassified
STATE OF LUXEMBOURG n/a Research 38'965'330 2.34 - 17.05.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 34'288'654 2.06 (1'268'600) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'860'993 1.13 378'014 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 13'372'175 0.8 156'686 14.03.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 12'865'281 0.77 (98'613) 31.01.2013 Mutual Fund Manager
ARCELOR MITTAL n/a Research 11'807'964 0.71 - 17.05.2012 Corporation
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 8'889'425 0.53 361'598 31.01.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 5'391'818 0.32 (2'720) 28.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'718'274 0.28 2'490'635 31.12.2012 Investment Advisor
MANDARINE GESTION Multiple Portfolios MF-AGG 4'152'531 0.25 393'862 28.02.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 3'626'060 0.22 660'850 31.01.2013 Mutual Fund Manager
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 3'405'847 0.2 383'008 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 3'040'188 0.18 (511'043) 31.12.2012 Mutual Fund Manager
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'734'564 0.16 (1'183'540) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'731'472 0.16 - 31.07.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'683'198 0.16 (44'921) 14.03.2013 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 2'539'528 0.15 (67'376) 29.06.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'400'895 0.14 1'952'715 31.01.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 2'378'999 0.14 2'378'999 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander JUAN RAMON CORREAS hold 3 M 16 Not Provided 18.03.2013
Societe Generale ALAIN WILLIAM buy 5 M 15 12 month 18.03.2013
Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 M 13 12 month 18.03.2013
RBC Capital Markets TIMOTHY HUFF outperform 5 M 14 12 month 18.03.2013
Rabobank International FRANK CLAASSEN buy 5 M 14 12 month 18.03.2013
Espirito Santo Investment Bank ResearchRUI DIAS sell 1 M 10 Not Provided 18.03.2013
Exane BNP Paribas LUC PEZ neutral 3 M 13 Not Provided 18.03.2013
AlphaValue FABRICE FARIGOULE buy 5 M 15 6 month 18.03.2013
Macquarie JEFFREY LARGEY neutral 3 M 14 12 month 14.03.2013
Jefferies SETH ROSENFELD buy 5 M 16 12 month 13.03.2013
Nomura NEIL SAMPAT neutral 3 M 11 12 month 08.03.2013
JPMorgan ALESSANDRO ABATE overweight 5 M 14 9 month 06.03.2013
Liberum Capital Ltd RICHARD KNIGHTS sell 1 N 10 Not Provided 04.03.2013
Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 11 12 month 01.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 25.02.2013
HSBC THORSTEN ZIMMERMANN neutral 3 U 12 Not Provided 22.02.2013
Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 16 12 month 18.02.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 15 12 month 15.02.2013
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 11.02.2013
Nord/LB HOLGER FECHNER sell 1 M 10 12 month 07.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 14 12 month 07.02.2013
Kepler Capital Markets ROCHUS BRAUNEISER hold 3 M 13 Not Provided 07.02.2013
S&P Capital IQ JOHNSON IMODE sell 1 M 9 12 month 07.02.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 13 6 month 06.02.2013
Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE sell 1 M 12 Not Provided 06.02.2013
ING Bank FILIP DE PAUW hold 3 M 13 12 month 06.02.2013
Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 06.02.2013
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 19 Not Provided 06.02.2013
VTB Capital WIKTOR BIELSKI buy 5 M 21 12 month 05.02.2013
Theodoor Gilissen Securities TOM MULLER buy 5 M 18 Not Provided 22.01.2013
Petercam JUNIOR CUIGNIEZ hold 3 M 14 Not Provided 14.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 15 Not Provided 11.01.2013
BBVA LUIS DE TOLEDO underperform 1 M 15 Not Provided 10.01.2013
Natixis RAOUDHA BOUZEKRI neutral 3 M 13 Not Provided 10.01.2013
Davy TIM CAHILL neutral 3 U #N/A N/A Not Provided 10.01.2013
Kempen & Co DIRK VERBIESEN buy 5 M 17 12 month 06.01.2013
La Caixa ICIAR GOMEZ BOTAS overweight 5 D 13 Not Provided 23.11.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.11.2012
Main First Bank AG ALEXANDER HAUENSTEIN underperform 1 M 9 12 month 02.11.2012
Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 13 12 month 26.10.2012
Cyrrus JIRI SIMARA accumulate 4 M 18 12 month 30.01.2012
Daiwa Securities Co. Ltd. SCOTT FINLAY buy 5 N 30 12 month 08.06.2011
Holdings By:
ArcelorMittal ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
ASML Holding N.V. develops, produces, and markets semiconductor manufacturing
equipment. The Company's products allow semiconductor manufacturers to choose
the optimal numerical aperture and wavelength for their applications, assure
uniformity, and produce more using less floor space.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (04.02.2013) 58.09
52-Week Low (04.06.2012) 34.71
Daily Volume
54.29
52-Week High % Change -6.54% Dividend Yield -
52-Week Low % Change 56.41% Beta 0.90
% 52 Week Price Range High/Low 83.88% Equity Float 317.30
Shares Out 11.03.2013 410.4 Short Int -
22'278.33 1 Yr Total Return 80.06%
Total Debt 759.49 YTD Return 13.10%
Preferred Stock 0.0 Adjusted BETA 0.898
Minority Interest 0.0 Analyst Recs 36
Cash and Equivalents 2'697.60 Consensus Rating 3.583
Enterprise Value 20'340.22
Average Volume 5 Day 1'683'383
ASML NA EQUITY YTD Change - Average Volume 30 Day 1'318'122
ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 1'499'688
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'953.7 1'596.1 4'507.9 5'651.0 4'731.6 5'651.0 4'731.5 4'859.2 6'072.5 911.5 1'090.4
1.71x 6.29x 2.52x 2.02x 3.72x 7.30x 12.93x 4.10x 3.17x 22.02x 18.66x
406.2 (21.5) 1'402.1 1'806.4 1'343.4 1'806.4 1'343.4 1'238.8 1'818.8 139.5 235.0
12.42x - 8.11x 6.33x 13.11x 6.33x 13.11x 16.36x 11.14x 17.02x 13.50x
322.4 (150.9) 1'021.8 1'467.0 1'146.3 1'467.0 1'146.3 937.0 1'452.1 120.0 196.8
17.00x - 12.30x 9.41x 17.78x 9.41x 17.78x 23.72x 15.34x 22.72x 18.94x
EBITDA 1'343.39 Long-Term Rating Date -
EBIT 1'156.77 Long-Term Rating -
Operating Margin 24.45% Long-Term Outlook -
Pretax Margin 24.32% Short-Term Rating Date -
Return on Assets 15.63% Short-Term Rating -
Return on Common Equity 30.52%
Return on Capital - EBITDA/Interest Exp. 58.97
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 51.43
Net Debt/EBITDA -1.44
Gross Margin 42.4% Total Debt/EBITDA 0.57
EBITDA Margin 28.4%
EBIT Margin 24.4% Total Debt/Equity 18.7%
Net Income Margin 24.2% Total Debt/Capital 15.7%
Asset Turnover 0.65
Current Ratio 2.80 Net Fixed Asset Turnover 4.54
Quick Ratio 1.58 Accounts receivable turnover-days 57.47
Debt to Assets 10.25% Inventory Days 233.70
Tot Debt to Common Equity 18.67% Accounts Payable Turnover Day 39.17
Accounts Receivable Turnover 6.37 Cash Conversion Cycle 252.00
Inventory Turnover 1.57
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
ASML Holding NVPrice/Volume
Valuation Analysis
910'661.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STICHTING ADM MAKTSJ n/a 20F 62'977'877 15.35 - 06.02.2013 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 51'453'097 12.54 - 06.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 36'311'008 8.85 - 06.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 22'878'489 5.58 - 14.03.2013 Investment Advisor
STICHT ADM TSMC n/a 20F 20'992'625 5.12 - 06.02.2013 n/a
ASML HOLDING NV n/a Co File 8'980'030 2.19 - 01.07.2012 Corporation
WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'028'537 1.96 191'077 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'830'523 1.42 28'372 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'226'859 1.03 1'261'872 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'877'126 0.7 (575'136) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'645'738 0.4 39'872 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'451'319 0.35 (71'809) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'302'409 0.32 (144'363) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'164'538 0.28 700'111 31.01.2013 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'036'577 0.25 (17'371) 14.03.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'036'267 0.25 130'859 31.01.2013 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'033'604 0.25 291'747 31.01.2013 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 855'324 0.21 2'376 31.12.2012 Investment Advisor
SARASIN n/a ULT-AGG 843'696 0.21 (96'414) 31.01.2013 Unclassified
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 842'648 0.21 827'721 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Piper Jaffray JAGADISH IYER overweight 5 M 57 12 month 13.03.2013
AlphaValue LIONEL PELLICER reduce 2 M 53 6 month 07.03.2013
Societe Generale PETER KNOX hold 3 M 56 12 month 05.03.2013
Exane BNP Paribas JEROME RAMEL neutral 3 M 50 Not Provided 05.03.2013
Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 56 12 month 26.02.2013
Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 25.02.2013
Rabobank International PHILIP SCHOLTE hold 3 M 52 12 month 25.02.2013
Natixis STEPHANE HOURI buy 5 M 62 Not Provided 21.02.2013
JPMorgan SANDEEP S DESHPANDE overweight 5 M 65 12 month 12.02.2013
ING Bank MARC ZWARTSENBURG hold 3 M 60 12 month 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013
Day by Day VALERIE GASTALDY buy 5 M 63 3 month 28.01.2013
Deutsche Bank KAI KORSCHELT hold 3 U 47 12 month 22.01.2013
Liberum Capital Ltd JANARDAN MENON hold 3 U 45 Not Provided 22.01.2013
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 U 60 Not Provided 22.01.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 52 12 month 21.01.2013
Bank of Valletta TEAM COVERAGE overweight 5 M 59 Not Provided 21.01.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 M 43 Not Provided 18.01.2013
Credit Suisse SATYA KUMAR outperform 5 M 60 Not Provided 18.01.2013
Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 58 12 month 18.01.2013
Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 50 Not Provided 18.01.2013
CA Cheuvreux BERND LAUX outperform 5 M 59 Not Provided 18.01.2013
Petercam MARCEL ACHTERBERG hold 3 M 57 Not Provided 18.01.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 58 12 month 18.01.2013
Main First Bank AG JUERGEN WAGNER underperform 1 M 40 12 month 18.01.2013
Barclays ANDREW M GARDINER overweight 5 M 53 Not Provided 18.01.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 D 40 12 month 17.01.2013
Kepler Capital Markets PETER OLOFSEN reduce 2 M 40 Not Provided 17.01.2013
Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 50 Not Provided 15.01.2013
Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 40 6 month 07.01.2013
Kempen & Co ERWIN DUT hold 3 M 50 12 month 06.01.2013
Jefferies LEE SIMPSON hold 3 M #N/A N/A Not Provided 18.12.2012
Goldman Sachs SIMON F SCHAFER not rated #N/A N/A M #N/A N/A Not Provided 23.11.2012
SNS Securities(ESN) VICTOR BARENO suspended coverage #N/A N/A M #N/A N/A Not Provided 01.11.2012
Redburn Partners SUMANT WAHI neutral 3 U #N/A N/A Not Provided 11.07.2012
Holdings By:
ASML Holding NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance
throughout the world. The Company offers life, health, accident, automobile,
marine, aviation, transport, fire, general liability, and credit insurance and
reinsurance.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 14.65
52-Week Low (31.05.2012) 8.16
Daily Volume
12.6
52-Week High % Change -13.99% Dividend Yield -
52-Week Low % Change 54.51% Beta 1.04
% 52 Week Price Range High/Low 73.67% Equity Float 1'267.12
Shares Out 31.12.2012 1'556.9 Short Int -
19'616.60 1 Yr Total Return -4.20%
Total Debt 23'475.00 YTD Return -8.30%
Preferred Stock 0.0 Adjusted BETA 1.042
Minority Interest 2'740.0 Analyst Recs 31
Cash and Equivalents 21'646.00 Consensus Rating 2.677
Enterprise Value 24'185.60
Average Volume 5 Day 11'882'340
G IM EQUITY YTD Change - Average Volume 30 Day 8'490'905
G IM EQUITY YTD % CHANGE - Average Volume 3 Month 7'944'525
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
62'298.4 85'790.6 87'072.1 73'481.8 81'431.0 76'669.1 81'380.7 76'755.2 77'777.6 - -
0.61x 0.50x 0.40x 0.22x 0.32x 0.65x 0.26x 0.29x 0.28x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
860.9 1'309.1 1'701.9 856.1 90.0 3'467.1 90.0 2'033.5 2'241.3 - -
30.45x 20.68x 12.92x 20.77x 171.75x 5.21x 160.83x 9.66x 8.76x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A
Operating Margin 4.06% Long-Term Outlook NEG
Pretax Margin 2.01% Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover - (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 118.4%
Net Income Margin 0.1% Total Debt/Capital 51.0%
Asset Turnover -
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.31% Inventory Days -
Tot Debt to Common Equity 118.39% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Assicurazioni Generali SpAPrice/Volume
Valuation Analysis
6'016'385.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
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20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MEDIOBANCA SPA n/a EXCH 194'048'687 12.46 - 20.11.2012 Bank
BANCA D'ITALIA n/a EXCH 69'420'980 4.46 - 30.11.2012 Government
DEA PARTICIPATIONS S n/a EXCH 35'185'336 2.26 - 30.11.2012 Investment Advisor
EFFETI SPA n/a EXCH 33'488'344 2.15 - 30.11.2012 Corporation
DELFIN SARL n/a EXCH 31'168'603 2 - 30.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'969'315 1.41 460'550 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'375'350 1.05 17'863 14.03.2013 Investment Advisor
COMPASS SPA n/a EXCH 14'198'684 0.91 - 30.11.2012 Corporation
VIKING GLOBAL INVEST n/a Short (11'832'237) -0.76 1'245'499 13.03.2013 Hedge Fund Manager
VM 2006 SRL n/a EXCH 6'196'356 0.4 - 30.11.2012 Other
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3'880'843 0.25 (64'989) 14.03.2013 Investment Advisor
PANTHEON 2000 SPA n/a EXCH 3'502'965 0.23 - 30.11.2012 Other
MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 3'499'885 0.22 3'499'885 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'470'218 0.22 71'915 31.12.2012 Investment Advisor
CALTAGIRONE EDITORE n/a EXCH 3'144'884 0.2 - 30.11.2012 Corporation
GAMMA SRL n/a EXCH 2'958'059 0.19 - 30.11.2012 Holding Company
B&D FINANCE SA n/a EXCH 2'693'391 0.17 - 30.11.2012 Investment Advisor
FINANZIARIA ITALIA 2 n/a EXCH 2'646'685 0.17 - 30.11.2012 Unclassified
ARCA SGR SPA Multiple Portfolios MF-AGG 2'543'127 0.16 (5'402) 28.12.2012 Mutual Fund Manager
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'405'985 0.15 (1'800'486) 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 Not Provided 15.03.2013
Banca IMI ELENA PERINI hold 3 M 14 12 month 15.03.2013
CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 11 Not Provided 15.03.2013
Banca Akros(ESN) MARCO CAVALLERI hold 3 M 14 12 month 15.03.2013
S&P Capital IQ RODERICK WALLACE sell 1 M 11 12 month 15.03.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 16 12 month 15.03.2013
Credit Suisse RICHARD BURDEN underperform 1 M 14 Not Provided 14.03.2013
Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 15 12 month 14.03.2013
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 8 12 month 14.03.2013
Oddo & Cie NICOLAS JACOB neutral 3 M 14 Not Provided 14.03.2013
ICBPI ENRICO ESPOSTI neutral 3 M 15 12 month 14.03.2013
Nomura MICHAEL KLIEN reduce 2 M 12 12 month 14.03.2013
Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 13 Not Provided 14.03.2013
JPMorgan ANDREAS VAN EMBDEN neutral 3 M 14 3 month 13.03.2013
AlphaValue JEROME CASSAGNE add 4 U 13 6 month 07.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 04.03.2013
Barclays CLAUDIA GASPARI equalweight 3 M 12 Not Provided 04.03.2013
Independent Research GmbH STEFAN BONGARDT sell 1 M 13 12 month 25.02.2013
Kepler Capital Markets GIANANTONIO VILLANI buy 5 M 16 Not Provided 22.02.2013
Equita SIM SpA MATTEO GHILOTTI buy 5 M 16 12 month 18.01.2013
Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 13 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank ROBIN BUCKLEY hold 3 D 15 12 month 16.01.2013
HSBC KAILESH MISTRY neutral 3 M 16 Not Provided 16.01.2013
Societe Generale ABID HUSSAIN buy 5 M 16 12 month 15.01.2013
Natixis BENOIT VALLEAUX neutral 3 M 14 Not Provided 10.01.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 12 Not Provided 09.01.2013
Goldman Sachs COLIN L SIMPSON not rated #N/A N/A M #N/A N/A Not Provided 08.01.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 11.12.2012
Macquarie HADLEY COHEN neutral 3 M 13 12 month 13.11.2012
Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012
DZ Bank AG WERNER EISENMANN sell 1 M 10 12 month 21.12.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 16 Not Provided 16.05.2011
Holdings By:
Assicurazioni Generali SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
AXA SA is an insurance company which also provides related financial services.
The Company offers life and non-life insurance, reinsurance, savings and pension
products, and asset management services. AXA operates in both domestic and
international markets.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 14.68
52-Week Low (04.06.2012) 8.65
Daily Volume
14.065
52-Week High % Change -4.26% Dividend Yield -
52-Week Low % Change 62.60% Beta 1.50
% 52 Week Price Range High/Low 97.10% Equity Float 2'043.62
Shares Out 28.02.2013 2'389.8 Short Int -
33'612.85 1 Yr Total Return 14.34%
Total Debt 10'662.00 YTD Return 5.36%
Preferred Stock 6'059.0 Adjusted BETA 1.504
Minority Interest 2'355.0 Analyst Recs 34
Cash and Equivalents 30'546.00 Consensus Rating 4.176
Enterprise Value 16'083.85
Average Volume 5 Day 9'425'766
CS FP EQUITY YTD Change - Average Volume 30 Day 8'143'091
CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 6'962'747
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
51'235.0 122'704.0 117'414.0 98'334.0 114'689.0 0.0 0.0 100'036.2 101'553.8 - -
0.62x 0.36x 0.29x 0.18x 0.13x #DIV/0! #DIV/0! 0.46x 0.52x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
923.0 3'606.0 2'749.0 4'324.0 4'152.0 0.0 0.0 4'708.3 5'056.6 - -
51.67x 10.60x 12.33x 5.88x 7.53x 0.00x 0.00x 7.13x 6.71x - -
EBITDA - Long-Term Rating Date 18.12.2012
EBIT - Long-Term Rating A-
Operating Margin 5.81% Long-Term Outlook STABLE
Pretax Margin 5.03% Short-Term Rating Date 18.12.2012
Return on Assets 0.56% Short-Term Rating A-2
Return on Common Equity 8.33%
Return on Capital 7.16% EBITDA/Interest Exp. -
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 19.9%
Net Income Margin 3.6% Total Debt/Capital 16.0%
Asset Turnover 0.15
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 1.40% Inventory Days -
Tot Debt to Common Equity 19.87% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
AXA SAPrice/Volume
Valuation Analysis
6'505'245.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MUTUELLES AXA n/a Co File 342'767'775 14.34 - 31.12.2011 Insurance Company
AMUNDI n/a Research 91'682'238 3.84 (20'493'797) 15.05.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 80'052'305 3.35 57'461 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 65'131'985 2.73 2'125'718 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 50'254'088 2.1 (9'366) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 48'261'806 2.02 2'692'208 14.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 33'349'652 1.4 730'180 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 29'937'944 1.25 (2'074'025) 31.01.2013 Mutual Fund Manager
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 23'563'577 0.99 (32'130) 31.12.2012 Investment Advisor
LANSDOWNE UK EQUITY n/a Short (20'395'259) -0.85 (7'936'172) 16.09.2011 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'758'066 0.53 255'752 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 11'684'021 0.49 407'500 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 11'629'095 0.49 (143'415) 31.12.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 10'727'164 0.45 (27'579) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'960'208 0.33 (13'091'279) 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 7'008'017 0.29 - 31.10.2012 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'851'095 0.24 (97'991) 14.03.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'835'130 0.24 (52'090) 30.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'466'038 0.19 - 31.07.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'309'635 0.18 (9'429) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 14.03.2013
Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 08.03.2013
AlphaValue JEROME CASSAGNE buy 5 M 17 6 month 07.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 07.03.2013
Oddo & Cie NICOLAS JACOB buy 5 M 16 Not Provided 05.03.2013
Day by Day VALERIE GASTALDY buy 5 U 15 3 month 05.03.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 15 12 month 26.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 26.02.2013
Helvea DANIEL BISCHOF buy 5 M 16 12 month 26.02.2013
Berenberg Bank PETER ELIOT hold 3 M 18 Not Provided 25.02.2013
Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 24.02.2013
Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 18 12 month 22.02.2013
CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 17 Not Provided 22.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 14 12 month 22.02.2013
S&P Capital IQ RODERICK WALLACE buy 5 M 15 12 month 22.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 17 6 month 21.02.2013
Nomura MICHAEL KLIEN buy 5 M 23 12 month 21.02.2013
Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 21.02.2013
Banco Sabadell MARIO LODOS buy 5 M 15 12 month 15.02.2013
Kepler Capital Markets FABRIZIO CROCE hold 3 M 10 Not Provided 11.02.2013
Raymond James DANNY JACQUES strong buy 5 M 19 Not Provided 08.02.2013
Barclays CLAUDIA GASPARI underweight 1 M 14 Not Provided 04.02.2013
Mediobanca SpA MARC THIELE outperform 5 M 18 6 month 30.01.2013
Deutsche Bank OLIVER STEEL buy 5 M 16 12 month 24.01.2013
Macquarie NEIL WELCH outperform 5 M 16 12 month 23.01.2013
HSBC KAILESH MISTRY overweight 5 M 20 Not Provided 16.01.2013
Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 16 Not Provided 07.01.2013
Morgan Stanley JON HOCKING Overwt/In-Line 5 M 15 12 month 05.12.2012
Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012
JPMorgan ANDREAS VAN EMBDEN underweight 1 M 12 9 month 08.11.2012
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 07.11.2012
DZ Bank AG WERNER EISENMANN buy 5 M 14 12 month 20.12.2011
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 21 Not Provided 05.10.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 16 12 month 06.06.2011
BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011
Holdings By:
AXA SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail,
wholesale, and investment banking services. The Bank offers consumer and
mortgage loans, private banking, asset management, insurance, mutual funds, and
securities brokerage services. It operates in Europe, Latin America, United
States, China and Turkey.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.01.2013) 7.86
52-Week Low (23.07.2012) 4.31
Daily Volume
7.454
52-Week High % Change -5.18% Dividend Yield -
52-Week Low % Change 72.95% Beta 1.22
% 52 Week Price Range High/Low 98.11% Equity Float 5'268.16
Shares Out 31.12.2012 5'448.9 Short Int -
40'615.72 1 Yr Total Return 20.11%
Total Debt 226'217.00 YTD Return 8.49%
Preferred Stock 0.0 Adjusted BETA 1.219
Minority Interest 2'372.0 Analyst Recs 43
Cash and Equivalents 63'956.00 Consensus Rating 3.488
Enterprise Value -
Average Volume 5 Day 62'023'400
BBVA SQ EQUITY YTD Change - Average Volume 30 Day 41'656'640
BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 72'084'320
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
41'508.0 34'467.0 32'482.0 33'049.0 35'222.0 20'977.0 22'861.0 23'337.5 24'586.2 5'931.0 6'071.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
5'020.0 4'210.0 4'606.0 3'004.0 1'676.0 3'004.0 1'676.0 4'536.8 5'106.8 1'169.0 1'168.0
6.41x 11.37x 6.46x 11.74x 28.56x 11.25x 27.22x 9.67x 8.50x 10.96x -
EBITDA - Long-Term Rating Date 16.10.2012
EBIT - Long-Term Rating BBB-
Operating Margin 5.89% Long-Term Outlook NEG
Pretax Margin 6.89% Short-Term Rating Date 16.10.2012
Return on Assets 0.27% Short-Term Rating A-3
Return on Common Equity 4.21%
Return on Capital 0.88% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 546.0%
Net Income Margin 7.0% Total Debt/Capital 83.8%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 3.93
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 35.47% Inventory Days -
Tot Debt to Common Equity 546.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
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
Banco Bilbao Vizcaya Argentaria SAPrice/Volume
Valuation Analysis
32'784'876.00
Current Price (3/dd/yy) Market Data
!-.0123456
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012! !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BNP PARIBAS SA n/a EXCH 184'725'823 3.39 22'455'188 07.01.2013 Bank
INVERAVANTE INVERSIO n/a 13G 160'934'820 2.95 (86'470'698) 24.07.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 102'566'942 1.88 3'027'039 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 75'467'292 1.39 3'603'288 14.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 46'622'365 0.86 (9'202'865) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 38'166'132 0.7 587'169 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 34'957'092 0.64 5'434'312 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 31'561'973 0.58 166'236 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 18'375'918 0.34 268'712 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 16'862'629 0.31 (265'031) 14.03.2013 Investment Advisor
CORP GNRAL FINANCIER n/a Co File 10'870'987 0.2 - 19.10.2012 n/a
UMB BANK N A Multiple Portfolios MF-AGG 10'811'646 0.2 2'209'334 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'521'867 0.17 (3'610'744) 31.01.2013 Mutual Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'802'767 0.14 4'703'508 28.12.2012 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7'760'019 0.14 1'553'396 31.12.2012 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 7'718'009 0.14 (2'806'444) 30.09.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 7'276'581 0.13 126'951 31.01.2013 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'810'379 0.12 2'789'705 31.01.2013 Investment Advisor
PIONEER INVESTMENT M Multiple Portfolios MF-AGG 6'002'218 0.11 958'831 31.12.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'965'807 0.11 7'394 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE buy 5 M 8 Not Provided 14.03.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL strong buy 5 M 9 6 month 14.03.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 14.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 12.03.2013
Societe Generale CARLOS GARCIA GONZALEZ hold 3 U 7 12 month 11.03.2013
Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 8 12 month 11.03.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 8 Not Provided 11.03.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 7 Not Provided 11.03.2013
Bankia Bolsa (ESN) JAVIER BERNAT accumulate 4 U 9 12 month 08.03.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ buy 5 U 9 Not Provided 08.03.2013
BPI CARLOS JOAQUIM PEIXOTO strong buy 5 M 9 Not Provided 07.03.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 10 6 month 07.03.2013
Grupo Santander ARTURO DE FRIAS buy 5 M 9 Not Provided 04.03.2013
La Caixa DAVID FERNANDEZ buy 5 M 9 Not Provided 04.03.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 8 Not Provided 04.03.2013
Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.02.2013
Banco Sabadell MARIO LODOS buy 5 M 8 12 month 15.02.2013
Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 U 9 12 month 12.02.2013
Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 9 Not Provided 12.02.2013
JPMorgan JAIME BECERRIL neutral 3 U 7 18 month 11.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 07.02.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 6 12 month 06.02.2013
Mediobanca SpA ANDREA FILTRI neutral 3 M 7 12 month 04.02.2013
RBC Capital Markets PATRICK LEE sector perform 3 M 8 12 month 04.02.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ outperform 5 M 9 12 month 04.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 8 12 month 04.02.2013
Natixis FREDERIC TESCHNER neutral 3 M 7 Not Provided 04.02.2013
Nomura DARAGH QUINN buy 5 M 8 12 month 04.02.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 7 12 month 01.02.2013
Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 28.01.2013
Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 11 12 month 23.01.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 8 Not Provided 17.01.2013
HSBC CARLO DIGRANDI neutral 3 M 7 Not Provided 10.01.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 6 Not Provided 08.01.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012
DZ Bank AG SABINE BOHN sell 1 M 6 12 month 06.02.2012
Holdings By:
Banco Bilbao Vizcaya Argentaria SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Banco Santander SA attracts deposits and offers retail, commercial and private
banking, and asset management services. The Bank offers consumer credit,
mortgage loans, lease financing, factoring, mutual funds, pension funds,
insurance, commercial credit, investment banking services, structured finance,
and advice on mergers and acquisitions.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 6.68
52-Week Low (23.07.2012) 3.98
Daily Volume
5.769
52-Week High % Change -13.64% Dividend Yield -
52-Week Low % Change 45.10% Beta 1.16
% 52 Week Price Range High/Low 73.76% Equity Float 10'341.30
Shares Out 14.01.2013 10'538.7 Short Int -
60'797.66 1 Yr Total Return 3.06%
Total Debt 367'524.00 YTD Return -3.19%
Preferred Stock 0.0 Adjusted BETA 1.165
Minority Interest 9'672.0 Analyst Recs 41
Cash and Equivalents 182'116.00 Consensus Rating 2.805
Enterprise Value -
Average Volume 5 Day 83'760'990
SAN SQ EQUITY YTD Change - Average Volume 30 Day 70'118'580
SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month 80'072'700
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
70'114.3 69'736.2 68'965.5 78'009.0 43'575.0 44'219.0 43'575.0 44'578.8 46'635.0 11'268.0 11'390.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
8'876.4 8'942.5 8'180.9 5'351.0 2'205.0 5'351.0 2'205.0 6'278.7 7'521.8 1'408.0 1'407.0
5.74x 11.09x 8.39x 9.74x 26.44x 9.70x 25.61x 9.86x 8.41x 8.94x -
EBITDA - Long-Term Rating Date 16.10.2012
EBIT - Long-Term Rating BBB
Operating Margin 24.02% Long-Term Outlook NEG
Pretax Margin 12.39% Short-Term Rating Date 30.04.2012
Return on Assets 0.17% Short-Term Rating A-2
Return on Common Equity 2.92%
Return on Capital 0.65% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 492.3%
Net Income Margin 5.1% Total Debt/Capital 81.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 3.19
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 28.95% Inventory Days -
Tot Debt to Common Equity 492.30% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
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
Banco Santander SAPrice/Volume
Valuation Analysis
32'490'466.00
Current Price (3/dd/yy) Market Data
!
-
.
0
1
2
3
4
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012! !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 865'883'447 8.22 - 15.03.2013 Investment Advisor
BANK OF NEW YORK MEL n/a Co File 555'448'975 5.27 - 31.12.2011 Investment Advisor
BNP PARIBAS SA n/a EXCH 341'264'391 3.24 86'154'727 14.01.2013 Bank
CAPITAL GROUP COMPAN n/a ULT-AGG 243'314'406 2.31 - 31.12.2012 Investment Advisor
BARCLAYS PLC n/a ULT-AGG 227'263'557 2.16 (56'807'364) 03.05.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 219'115'525 2.08 10'545'834 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 151'682'411 1.44 2'709'200 14.03.2013 Investment Advisor
DE LOS RIOS EMILIO B n/a EXCH 79'184'471 0.75 (240'126) 05.03.2013 n/a
DODGE & COX Multiple Portfolios MF-AGG 53'673'238 0.51 447'012 29.01.2013 Investment Advisor
ASSICURAZIONI GENERA n/a EXCH 50'134'290 0.48 - 01.10.2011 Insurance Company
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 43'495'798 0.41 586'726 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 42'978'376 0.41 5'817'871 31.12.2012 Investment Advisor
BANCO SANTANDER SA n/a Co File 42'192'066 0.4 - 31.12.2011 Bank
CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'143'000 0.37 - 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 31'940'614 0.3 (502'019) 14.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 20'357'286 0.19 216'084 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 19'345'829 0.18 2'038'657 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 16'712'670 0.16 (436'850) 31.12.2012 Mutual Fund Manager
O'SHEA JAVIER BOTIN- n/a EXCH 16'280'026 0.15 937 31.01.2013 n/a
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 13'913'444 0.13 636'661 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 6 Not Provided 15.03.2013
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 6 Not Provided 14.03.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 6 month 14.03.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 14.03.2013
Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 13.03.2013
Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 11.03.2013
Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 6 12 month 11.03.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 11.03.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 7 12 month 10.03.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 08.03.2013
BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 07.03.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 9 6 month 07.03.2013
Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.02.2013
Banco Sabadell MARIO LODOS buy 5 M 7 12 month 15.02.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013
Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 7 12 month 12.02.2013
JPMorgan JAIME BECERRIL neutral 3 M 6 18 month 11.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 06.02.2013
Mediobanca SpA ANDREA FILTRI underperform 1 M 4 12 month 01.02.2013
RBC Capital Markets PATRICK LEE underperform 1 M 6 12 month 01.02.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 01.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 01.02.2013
Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 01.02.2013
Nomura DARAGH QUINN reduce 2 M 6 Not Provided 01.02.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 5 12 month 31.01.2013
Berenberg Bank NICK ANDERSON sell 1 M 6 Not Provided 28.01.2013
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 8 12 month 23.01.2013
BBVA IGNACIO ULARGUI outperform 5 M 8 Not Provided 14.01.2013
HSBC CARLO DIGRANDI neutral 3 M 6 Not Provided 10.01.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 08.01.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012
Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 5 Not Provided 22.08.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012
DZ Bank AG SABINE BOHN sell 1 M 4 Not Provided 23.05.2012
La Caixa DAVID FERNANDEZ buy 5 M 8 Not Provided 16.03.2012
Holdings By:
Banco Santander SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
BASF SE is a chemical company. The Company operates in six segments: Chemicals,
Plastics, Performance Products, Functional Solutions, Agricultural Solutions
and Oil & Gas. BASF offers products for the chemical, automotive, construction,
agriculture, oil, plastics, electrical / electronics, furniture and paper
industries, and provides a range of system solutions and services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 76.20
52-Week Low (28.06.2012) 51.13
Daily Volume
73.67
52-Week High % Change -3.39% Dividend Yield -
52-Week Low % Change 44.08% Beta 1.07
% 52 Week Price Range High/Low 95.57% Equity Float 854.55
Shares Out 31.12.2012 918.5 Short Int -
67'664.32 1 Yr Total Return 12.73%
Total Debt 13'355.00 YTD Return 3.54%
Preferred Stock 0.0 Adjusted BETA 1.065
Minority Interest 1'224.0 Analyst Recs 40
Cash and Equivalents 1'800.00 Consensus Rating 3.800
Enterprise Value 80'443.32
Average Volume 5 Day 3'126'851
BAS GY EQUITY YTD Change - Average Volume 30 Day 2'884'377
BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'632'660
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
62'304.0 50'693.0 63'873.0 73'497.0 78'729.0 73'497.0 78'729.0 81'748.2 81'088.9 21'684.0 20'118.0
0.62x 1.07x 1.09x 0.84x 0.99x 3.54x 3.62x 0.98x 0.96x 3.66x 3.99x
10'238.0 8'500.0 11'903.0 11'855.0 12'583.0 11'855.0 12'583.0 13'123.2 13'801.3 3'507.0 3'438.0
3.74x 6.36x 5.85x 5.20x 6.21x 5.20x 6.21x 6.12x 5.83x 6.32x -
2'912.0 1'410.0 4'557.0 6'188.0 4'879.0 6'188.0 4'879.0 5'398.9 5'801.8 1'629.5 1'602.0
8.86x 28.22x 12.04x 8.00x 13.40x 8.00x 13.40x 12.27x 11.42x 12.13x -
EBITDA 12'583.00 Long-Term Rating Date 10.05.2011
EBIT 9'022.00 Long-Term Rating A+
Operating Margin 11.46% Long-Term Outlook STABLE
Pretax Margin 10.72% Short-Term Rating Date 12.02.2009
Return on Assets 7.78% Short-Term Rating A-1
Return on Common Equity 20.03%
Return on Capital 14.67% EBITDA/Interest Exp. 16.73
Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 11.22
Net Debt/EBITDA 0.92
Gross Margin 26.3% Total Debt/EBITDA 1.06
EBITDA Margin 16.0%
EBIT Margin 11.5% Total Debt/Equity 54.3%
Net Income Margin 6.2% Total Debt/Capital 34.1%
Asset Turnover 1.25
Current Ratio 1.66 Net Fixed Asset Turnover 4.36
Quick Ratio 0.69 Accounts receivable turnover-days 48.87
Debt to Assets 20.76% Inventory Days 63.04
Tot Debt to Common Equity 54.33% Accounts Payable Turnover Day 31.03
Accounts Receivable Turnover 7.49 Cash Conversion Cycle 80.88
Inventory Turnover 5.81
Fiscal Year Ended
BASF SEPrice/Volume
Valuation Analysis
1'625'994.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 63'927'154 6.96 - 14.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'561'651 2.02 813'771 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 12'764'100 1.39 933'000 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'073'345 1.21 (193'934) 31.01.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 7'816'891 0.85 3'435 28.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'748'243 0.84 (1'896'056) 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'464'197 0.81 1'313'530 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'853'484 0.75 (261'018) 28.02.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3'833'502 0.42 150'348 28.12.2012 Mutual Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'562'928 0.39 4'200 30.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'387'204 0.37 113'181 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'844'421 0.31 (44'718) 14.03.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'395'986 0.26 9'000 28.12.2012 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'058'912 0.22 239'807 28.09.2012 Investment Advisor
SEB n/a ULT-AGG 2'000'933 0.22 85'942 31.01.2013 Unclassified
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'824'237 0.2 (5'061) 15.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'605'194 0.17 (18'792) 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'494'928 0.16 95'786 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'446'357 0.16 (1'093'863) 31.01.2013 Mutual Fund Manager
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'361'517 0.15 (143'697) 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
DZ Bank AG PETER SPENGLER buy 5 M 86 12 month 13.03.2013
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 75 12 month 12.03.2013
Jefferies LAURENCE ALEXANDER hold 3 M 73 12 month 08.03.2013
M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 D 78 12 month 07.03.2013
AlphaValue MARTIN SCHNEE add 4 M 80 6 month 07.03.2013
Exane BNP Paribas JAMES KNIGHT outperform 5 M 74 Not Provided 06.03.2013
Baader Bank NORBERT BARTH buy 5 M 85 12 month 05.03.2013
CA Cheuvreux MARTIN ROEDIGER outperform 5 M 80 Not Provided 01.03.2013
Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 83 6 month 28.02.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 78 Not Provided 28.02.2013
Bankhaus Lampe HEIKO FEBER buy 5 M 80 Not Provided 28.02.2013
S&P Capital IQ JOHNSON IMODE hold 3 D 78 12 month 28.02.2013
Societe Generale PETER CLARK hold 3 M 72 12 month 27.02.2013
Nord/LB THORSTEN STRAUSS hold 3 M 73 12 month 27.02.2013
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 87 12 month 27.02.2013
Macquarie CHRISTIAN FAITZ neutral 3 M 66 12 month 27.02.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 81 Not Provided 27.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 84 12 month 27.02.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.02.2013
Bankhaus Metzler LARS HETTCHE sell 1 D 68 12 month 27.02.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 D 85 12 month 27.02.2013
Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 85 12 month 26.02.2013
HSBC GEOFF HAIRE neutral 3 M 75 Not Provided 26.02.2013
Nomura JEAN DE WATTEVILLE buy 5 M 88 12 month 26.02.2013
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 18.02.2013
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013
Barclays ANDREAS HEINE equalweight 3 M 80 Not Provided 04.02.2013
Kepler Capital Markets MARKUS MAYER hold 3 M 75 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 45 Not Provided 20.12.2012
JPMorgan NEIL C TYLER neutral 3 M 60 9 month 07.12.2012
Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 06.12.2012
Main First Bank AG RONALD KOEHLER neutral 3 M 65 Not Provided 20.11.2012
Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 25.10.2012
Day by Day VALERIE GASTALDY buy 5 M 76 3 month 03.10.2012
Gilford Securities PAUL C CHRISTOPHERSON hold 3 D #N/A N/A Not Provided 26.09.2012
Silvia Quandt Research HARALD GRUBER neutral 3 M 65 12 month 27.02.2012
Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012
SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010
Holdings By:
BASF SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Bayer AG produces and markets healthcare and agricultural products, and
polymers. The Company manufactures products that include aspirin, antibiotics,
anti-infectives, and cardiovascular, oncology, and central nervous system
drugs, over-the-counter medications, diagnostics, animal health products, crop
protection products, plastics, and polyurethanes.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (06.03.2013) 79.48
52-Week Low (05.06.2012) 47.63
Daily Volume
77.56
52-Week High % Change -2.49% Dividend Yield -
52-Week Low % Change 62.86% Beta 0.96
% 52 Week Price Range High/Low 97.08% Equity Float 826.95
Shares Out 28.02.2013 826.9 Short Int -
64'138.07 1 Yr Total Return 47.13%
Total Debt 9'532.00 YTD Return 7.89%
Preferred Stock 0.0 Adjusted BETA 0.965
Minority Interest 100.0 Analyst Recs 38
Cash and Equivalents 2'551.00 Consensus Rating 3.816
Enterprise Value 71'219.07
Average Volume 5 Day 2'548'355
BAYN GY EQUITY YTD Change - Average Volume 30 Day 2'439'968
BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'228'950
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
32'918.0 31'168.0 35'088.0 36'528.0 39'760.0 36'528.0 39'760.0 41'490.5 43'521.1 10'466.3 10'606.5
1.40x 1.80x 1.53x 1.32x 1.67x 5.33x 5.89x 1.69x 1.55x - -
6'702.0 7'695.0 8'900.0 8'963.0 9'001.0 8'963.0 8'605.0 8'806.3 9'425.7 2'515.5 2'276.0
6.86x 7.30x 6.04x 5.36x 7.39x 5.36x 7.73x 8.09x 7.56x 8.07x -
1'719.0 1'359.0 1'301.0 2'470.0 2'446.0 2'470.0 2'446.0 4'722.2 5'213.9 1'482.5 1'325.0
18.72x 32.92x 35.22x 16.52x 24.29x 16.52x 24.29x 13.16x 11.96x 13.04x -
EBITDA 9'001.00 Long-Term Rating Date 30.04.2008
EBIT 6'041.00 Long-Term Rating A-
Operating Margin 15.19% Long-Term Outlook POS
Pretax Margin 8.17% Short-Term Rating Date 11.07.2006
Return on Assets 4.70% Short-Term Rating A-2
Return on Common Equity 12.98%
Return on Capital - EBITDA/Interest Exp. 12.11
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 9.52
Net Debt/EBITDA 0.81
Gross Margin 52.1% Total Debt/EBITDA 1.11
EBITDA Margin 21.6%
EBIT Margin 14.2% Total Debt/Equity 51.6%
Net Income Margin 6.2% Total Debt/Capital 33.9%
Asset Turnover 0.76
Current Ratio 1.45 Net Fixed Asset Turnover 4.04
Quick Ratio 0.76 Accounts receivable turnover-days 66.70
Debt to Assets 18.57% Inventory Days 128.16
Tot Debt to Common Equity 51.61% Accounts Payable Turnover Day 75.11
Accounts Receivable Turnover 5.49 Cash Conversion Cycle 119.75
Inventory Turnover 2.86
Fiscal Year Ended
Bayer AGPrice/Volume
Valuation Analysis
990'116.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 99'286'793 12.01 (3'516'978) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 63'777'813 7.71 (315'967) 14.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'541'075 2.12 (349'533) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 15'130'863 1.83 16'839 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 11'899'870 1.44 - 29.01.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 8'813'216 1.07 (517'968) 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 8'564'198 1.04 - 03.05.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'535'216 0.91 119'393 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'532'781 0.91 2'307'304 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'297'434 0.76 129'068 15.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 6'209'510 0.75 587'055 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'943'255 0.72 279'416 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'795'523 0.7 (211'094) 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'784'395 0.7 227'355 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'647'992 0.44 356'211 31.12.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 3'035'802 0.37 (32'100) 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'035'138 0.37 45'000 30.11.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'559'171 0.31 (40'223) 14.03.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'426'162 0.29 105'410 28.12.2012 Mutual Fund Manager
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'406'227 0.29 (149'624) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan RICHARD VOSSER overweight 5 M 95 12 month 15.03.2013
Jefferies JEFFREY HOLFORD hold 3 M 79 12 month 14.03.2013
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 75 12 month 12.03.2013
AlphaValue MARTIN SCHNEE reduce 2 M 72 6 month 07.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 07.03.2013
CA Cheuvreux LAURENT FLAMME outperform 5 M 82 Not Provided 06.03.2013
Societe Generale STEPHEN MCGARRY hold 3 M 74 12 month 05.03.2013
Baader Bank NORBERT BARTH hold 3 M 66 12 month 05.03.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 85 Not Provided 05.03.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 05.03.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 84 12 month 05.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.03.2013
Helvea ODILE RUNDQUIST accumulate 4 M 73 12 month 05.03.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 90 6 month 01.03.2013
Nord/LB THORSTEN STRAUSS sell 1 M 65 12 month 01.03.2013
Credit Suisse JOHANNA WALTON outperform 5 M 83 Not Provided 01.03.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 83 12 month 01.03.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 90 12 month 01.03.2013
DZ Bank AG PETER SPENGLER buy 5 M 80 12 month 01.03.2013
Exane BNP Paribas FLORENT CESPEDES neutral 3 M 76 Not Provided 01.03.2013
Barclays MARK PURCELL underweight 1 M 68 Not Provided 01.03.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 76 12 month 28.02.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 75 12 month 28.02.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 80 Not Provided 28.02.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 75 6 month 28.02.2013
Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 75 12 month 28.02.2013
S&P Capital IQ SHO MATSUBARA hold 3 M 78 12 month 28.02.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 82 12 month 27.02.2013
Kepler Capital Markets FABIAN WENNER buy 5 M 76 Not Provided 25.02.2013
Deutsche Bank TIM RACE buy 5 M 86 12 month 12.12.2012
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012
Main First Bank AG RONALD KOEHLER outperform 5 M 80 Not Provided 20.11.2012
Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 63 12 month 30.10.2012
Natixis BEATRICE MUZARD buy 5 M 77 Not Provided 28.09.2012
Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012
Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 76 Not Provided 15.09.2010
Holdings By:
Bayer AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and
motorcycles worldwide. The Company produces everything from convertible sports
cars to luxury sedans to touring motorcycles with large displacement engines.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.01.2013) 76.16
52-Week Low (26.06.2012) 53.16
Daily Volume
69.63
52-Week High % Change -8.57% Dividend Yield -
52-Week Low % Change 30.98% Beta 1.08
% 52 Week Price Range High/Low 73.22% Equity Float 320.86
Shares Out 31.12.2012 602.0 Short Int -
44'487.54 1 Yr Total Return -1.15%
Total Debt 67'977.00 YTD Return -4.52%
Preferred Stock 0.0 Adjusted BETA 1.083
Minority Interest 65.0 Analyst Recs 39
Cash and Equivalents 11'527.00 Consensus Rating 3.872
Enterprise Value 102'193.54
Average Volume 5 Day 2'125'904
BMW GY EQUITY YTD Change - Average Volume 30 Day 1'798'335
BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'668'772
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
53'197.0 50'681.0 60'477.0 68'821.0 76'848.0 68'821.0 76'848.0 79'594.3 83'082.2 - -
1.19x 1.40x 1.49x 1.31x - 5.13x 3.73x 0.57x 0.56x - -
11'231.0 9'311.0 9'087.0 11'660.0 - 11'544.0 9'165.0 13'185.6 13'431.2 - -
5.64x 7.59x 9.93x 7.76x - 7.83x 0.00x 7.75x 7.61x - -
324.0 204.0 3'227.0 4'881.0 5'122.0 4'806.0 5'122.0 5'137.9 5'254.1 - -
44.10x 102.58x 11.94x 6.95x 9.39x 7.05x 9.39x 8.94x 8.71x - -
EBITDA 11'660.00 Long-Term Rating Date 16.04.2012
EBIT 8'006.00 Long-Term Rating A
Operating Margin 11.63% Long-Term Outlook STABLE
Pretax Margin 10.73% Short-Term Rating Date 16.04.2012
Return on Assets 3.77% Short-Term Rating A-1
Return on Common Equity 17.16%
Return on Capital 5.63% EBITDA/Interest Exp. 12.36
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 8.46
Net Debt/EBITDA 4.93
Gross Margin 21.1% Total Debt/EBITDA 6.02
EBITDA Margin 15.6%
EBIT Margin 10.6% Total Debt/Equity 251.4%
Net Income Margin 6.7% Total Debt/Capital 71.5%
Asset Turnover 0.60
Current Ratio 1.04 Net Fixed Asset Turnover 2.18
Quick Ratio 0.31 Accounts receivable turnover-days 13.08
Debt to Assets 55.07% Inventory Days 65.98
Tot Debt to Common Equity 251.41% Accounts Payable Turnover Day 38.04
Accounts Receivable Turnover 27.97 Cash Conversion Cycle 41.93
Inventory Turnover 5.55
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bayerische Motoren Werke AGPrice/Volume
Valuation Analysis
970'529.00
Current Price (3/dd/yy) Market Data
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80'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QUANDT STEFAN n/a Co File 104'747'161 17.4 - 31.12.2011 n/a
QUANDT JOHANNA n/a Co File 100'533'195 16.7 - 31.12.2011 n/a
KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 36'185'871 6.01 (154'031) 14.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 14'833'170 2.46 113'170 31.12.2012 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'265'500 1.37 (130'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'035'674 1.17 203'484 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 6'403'800 1.06 - 29.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'371'993 1.06 289'797 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'474'386 0.58 (1'064'286) 28.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'992'094 0.5 120'402 28.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'918'350 0.48 7'129 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'667'376 0.44 (191'841) 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'407'518 0.4 (414'675) 28.02.2013 Investment Advisor
SEB n/a ULT-AGG 1'314'060 0.22 12'465 31.01.2013 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'310'054 0.22 28'645 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'200'968 0.2 380'695 30.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'161'310 0.19 (47'910) 31.12.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'149'062 0.19 2'500 28.12.2012 Mutual Fund Manager
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 953'838 0.16 27'487 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Creative Global Investments CARLO BESENIUS buy 5 M 87 Not Provided 18.03.2013
Societe Generale PHILIPPE BARRIER buy 5 M 83 12 month 15.03.2013
Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 70 Not Provided 15.03.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 90 12 month 15.03.2013
Oddo & Cie FRANCOIS MAURY reduce 2 M 60 Not Provided 15.03.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 84 12 month 15.03.2013
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 15.03.2013
DZ Bank AG MICHAEL PUNZET sell 1 M 62 12 month 15.03.2013
S&P Capital IQ RODERICK BRIDGE strong buy 5 M 83 12 month 14.03.2013
Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 13.03.2013
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 90 12 month 13.03.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 08.03.2013
AlphaValue HANS-PETER WODNIOK add 4 M 80 6 month 07.03.2013
Exane BNP Paribas RABIH FREIHA neutral 3 M 71 Not Provided 01.03.2013
Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 79 12 month 25.02.2013
Bankhaus Metzler JUERGEN PIEPER sell 1 D 64 12 month 19.02.2013
Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 12.02.2013
HSBC HORST SCHNEIDER neutral 3 M 82 Not Provided 01.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 83 Not Provided 01.02.2013
Kepler Capital Markets MICHAEL RAAB buy 5 M 83 Not Provided 28.01.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 23.01.2013
JPMorgan JOSE ASUMENDI overweight 5 M 95 9 month 18.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 D 92 12 month 10.01.2013
Credit Suisse ERICH HAUSER outperform 5 M 80 Not Provided 08.01.2013
Nord/LB FRANK SCHWOPE sell 1 M 57 12 month 18.12.2012
Day by Day VALERIE GASTALDY buy 5 M 80 3 month 14.12.2012
Natixis GEORGES DIENG buy 5 M 82 Not Provided 10.12.2012
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 77 12 month 26.11.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 08.11.2012
CA Cheuvreux THOMAS BESSON outperform 5 M 85 Not Provided 07.11.2012
Barclays KRISTINA CHURCH overweight 5 M 84 Not Provided 07.11.2012
Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF not rated #N/A N/A M #N/A N/A Not Provided 16.10.2012
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 81 12 month 06.06.2012
Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 26.03.2012
Steubing AG MICHAEL BROEKER buy 5 M 100 Not Provided 05.01.2012
Holdings By:
Bayerische Motoren Werke AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
BNP Paribas S.A. attracts deposits and offers commercial, retail, investment,
private and corporate banking services. The Bank also provides asset management
and investment advisory services to institutions and individuals in Europe, the
United States, Asia and the Emerging Markets.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.01.2013) 47.92
52-Week Low (30.05.2012) 24.54
Daily Volume
42.3
52-Week High % Change -11.78% Dividend Yield -
52-Week Low % Change 72.41% Beta 1.51
% 52 Week Price Range High/Low 83.21% Equity Float 1'096.19
Shares Out 31.12.2012 1'242.3 Short Int -
52'547.68 1 Yr Total Return 13.68%
Total Debt 1'012'615.00 YTD Return -0.67%
Preferred Stock 7'241.0 Adjusted BETA 1.506
Minority Interest 8'536.0 Analyst Recs 38
Cash and Equivalents 139'568.00 Consensus Rating 4.289
Enterprise Value -
Average Volume 5 Day 3'882'832
BNP FP EQUITY YTD Change - Average Volume 30 Day 4'579'629
BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'039'318
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
78'052.0 70'526.0 72'848.0 71'009.0 97'525.0 11'685.0 9'395.0 40'090.3 41'256.8 10'476.5 10'117.5
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
3'021.0 5'832.0 7'843.0 6'050.0 6'553.0 6'050.0 6'553.0 6'205.8 7'044.9 1'658.0 1'498.0
9.85x 10.75x 7.52x 6.30x 8.25x 6.02x 7.78x 8.29x 7.32x 9.04x -
EBITDA - Long-Term Rating Date 25.10.2012
EBIT - Long-Term Rating A+
Operating Margin 13.87% Long-Term Outlook NEG
Pretax Margin 13.87% Short-Term Rating Date 25.10.2012
Return on Assets 0.34% Short-Term Rating A-1
Return on Common Equity 8.93%
Return on Capital 0.63% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 1287.6%
Net Income Margin 8.8% Total Debt/Capital 91.5%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 4.07
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 53.09% Inventory Days -
Tot Debt to Common Equity 1287.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
BNP Paribas SAPrice/Volume
Valuation Analysis
4'045'632.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BELGIAN STATE n/a Co File 129'166'979 10.4 - 31.12.2012 Government
AXA n/a ULT-AGG 66'464'562 5.35 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 23'409'433 1.88 53'355 14.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'366'602 1.64 476'466 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 20'186'633 1.62 594'966 31.01.2013 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 16'235'239 1.31 760'566 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 16'045'948 1.29 (4'220'068) 31.01.2013 Investment Advisor
STATE OF LUXEMBOURG n/a Co File 12'540'483 1.01 - 31.12.2012 Government
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 10'643'346 0.86 (174'260) 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'991'341 0.8 215'029 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'099'906 0.65 (353'453) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 6'196'837 0.5 38'772 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 5'548'626 0.45 (313'400) 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 5'073'791 0.41 12'113 28.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 5'065'737 0.41 (65'407) 31.10.2012 Mutual Fund Manager
LBPAM Multiple Portfolios MF-AGG 4'981'512 0.4 (358'290) 31.12.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'846'472 0.31 304'820 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'752'776 0.3 (1'668'281) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'716'420 0.3 (79'687) 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 3'700'000 0.3 - 29.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
S&P Capital IQ WILLIAM HOWLETT buy 5 M 50 12 month 14.03.2013
Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 59 Not Provided 13.03.2013
Grupo Santander AURELIA FAURE buy 5 M 55 Not Provided 12.03.2013
JPMorgan DELPHINE LEE neutral 3 M 48 12 month 11.03.2013
Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 08.03.2013
AlphaValue CHRISTOPHE NIJDAM add 4 M 48 6 month 07.03.2013
Societe Generale SEBASTIEN LEMAIRE buy 5 M 56 12 month 05.03.2013
Macquarie PIERS BROWN underperform 1 M 41 12 month 05.03.2013
Day by Day VALERIE GASTALDY buy 5 U 48 3 month 05.03.2013
Barclays JEREMY SIGEE overweight 5 M 54 Not Provided 04.03.2013
HSBC ROBIN DOWN overweight 5 M 55 Not Provided 28.02.2013
Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 55 12 month 27.02.2013
Deutsche Bank FLORA BENHAKOUN hold 3 M 52 12 month 18.02.2013
Kepler Capital Markets BENOIT PETRARQUE buy 5 M 50 Not Provided 18.02.2013
Nomura JON PEACE buy 5 M 56 Not Provided 18.02.2013
Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 55 12 month 15.02.2013
RBC Capital Markets ANKE REINGEN outperform 5 M 55 12 month 15.02.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 48 Not Provided 15.02.2013
CA Cheuvreux CYRIL MEILLAND select list 5 M 56 Not Provided 15.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 15.02.2013
Banco Sabadell MARIO LODOS buy 5 M 48 12 month 15.02.2013
Natixis ALEX KOAGNE buy 5 M 61 Not Provided 15.02.2013
Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 15.02.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 55 12 month 15.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 53 12 month 14.02.2013
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 56 12 month 14.02.2013
Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 47 6 month 06.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 49 12 month 06.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 43 Not Provided 30.01.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 70 12 month 28.01.2013
Berenberg Bank JAMES CHAPPELL sell 1 N 25 Not Provided 28.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 50 Not Provided 19.06.2012
DZ Bank AG SABINE BOHN buy 5 M 39 Not Provided 08.05.2012
Holdings By:
BNP Paribas SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Carrefour SA operates chains of supermarkets, hypermarkets, discount, cash and
carry, and frozen food stores in Europe, the Americas, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (08.03.2013) 23.03
52-Week Low (11.07.2012) 12.87
Daily Volume
21.475
52-Week High % Change -6.75% Dividend Yield -
52-Week Low % Change 66.86% Beta 1.13
% 52 Week Price Range High/Low 85.58% Equity Float 561.21
Shares Out 31.12.2012 709.2 Short Int -
15'230.38 1 Yr Total Return 15.10%
Total Debt 16'244.00 YTD Return 11.01%
Preferred Stock 0.0 Adjusted BETA 1.126
Minority Interest 874.0 Analyst Recs 39
Cash and Equivalents 6'573.00 Consensus Rating 3.385
Enterprise Value 25'775.38
Average Volume 5 Day 3'059'248
CA FP EQUITY YTD Change - Average Volume 30 Day 3'197'709
CA FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'103'874
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 10/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
86'341.0 84'763.0 79'737.0 80'455.0 76'789.0 0.0 0.0 79'185.0 81'687.6 22'980.3 -
0.30x 0.37x 0.37x 0.25x 0.32x #DIV/0! #DIV/0! 0.26x 0.25x - -
4'044.0 4'599.0 4'380.0 3'894.0 - 0.0 0.0 3'871.1 4'117.1 - -
6.51x 6.75x 6.81x 5.08x - 0.00x 0.00x 6.65x 6.26x - -
1'269.0 276.0 433.0 371.0 1'233.0 0.0 0.0 989.0 1'132.8 - -
14.82x 67.12x 61.70x - 88.09x 0.00x 0.00x 14.97x 13.16x - -
EBITDA 3'894.00 Long-Term Rating Date 15.03.2012
EBIT 1'433.00 Long-Term Rating BBB
Operating Margin 1.87% Long-Term Outlook STABLE
Pretax Margin 0.81% Short-Term Rating Date 16.04.2010
Return on Assets 2.63% Short-Term Rating A-2
Return on Common Equity 17.48%
Return on Capital - EBITDA/Interest Exp. 6.25
Asset Turnover 1.64% (EBITDA-Capex)/Interest Exp. 2.51
Net Debt/EBITDA 3.99
Gross Margin 19.9% Total Debt/EBITDA 4.96
EBITDA Margin 3.3%
EBIT Margin 1.9% Total Debt/Equity 217.0%
Net Income Margin 1.6% Total Debt/Capital 66.0%
Asset Turnover 1.64
Current Ratio 0.90 Net Fixed Asset Turnover 5.84
Quick Ratio 0.40 Accounts receivable turnover-days 11.74
Debt to Assets 35.43% Inventory Days 37.20
Tot Debt to Common Equity 216.96% Accounts Payable Turnover Day 85.80
Accounts Receivable Turnover 31.18 Cash Conversion Cycle -36.86
Inventory Turnover 9.84
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
Carrefour SAPrice/Volume
Valuation Analysis
1'915'451.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLUE CAPITAL SARL n/a Co File 64'047'813 9.03 - 31.12.2011 Other
SOCIETE GENERALE n/a Research 31'310'832 4.41 (14'638'655) 20.06.2012 Bank
BLUE PARTICIPATIONS n/a Co File 25'359'996 3.58 - 31.12.2011 Holding Company
AMUNDI SA n/a Research 23'161'032 3.27 - 11.07.2011 Other
COLONY BLUE INVESTOR n/a Co File 15'166'770 2.14 - 31.12.2011 Other
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 12'514'112 1.76 1'806'945 30.09.2012 Hedge Fund Manager
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'463'287 1.62 (5'855) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'120'136 1.57 454'748 31.12.2012 Investment Advisor
SOCIETE GEN GESTION n/a Research 8'353'963 1.18 - 11.07.2011 Mutual Fund Manager
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 8'126'922 1.15 - 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 7'552'796 1.06 (724'500) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'456'604 0.91 (32'567) 14.03.2013 Investment Advisor
CARREFOUR SA n/a Co File 5'598'650 0.79 - 31.12.2011 Corporation
AKO CAPITAL LLP n/a Short (5'531'875) -0.78 290'035 17.01.2013 Investment Advisor
GROUPE ARNAULT SAS n/a Co File 5'156'752 0.73 - 31.12.2011 Holding Company
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'440'346 0.49 (194'077) 31.12.2012 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 2'553'188 0.36 25'590 30.06.2012 Investment Advisor
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 2'325'460 0.33 (675'190) 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 2'260'463 0.32 1'018'888 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'939'988 0.27 (214'082) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jyske Bank ROBERT JAKOBSEN strong buy 5 M 26 Not Provided 18.03.2013
Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 32 Not Provided 15.03.2013
AlphaValue VIRGINIE BLIN reduce 2 D 24 6 month 15.03.2013
Nomura NICK COULTER neutral 3 M 20 Not Provided 13.03.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 24 12 month 12.03.2013
Redburn Partners MARC DE SPEVILLE buy 5 U #N/A N/A Not Provided 12.03.2013
Deutsche Bank SALLY RONALD hold 3 M 25 12 month 11.03.2013
Credit Suisse XAVIER LE MENE outperform 5 M 25 Not Provided 11.03.2013
Main First Bank AG RICKIN THAKRAR outperform 5 M 24 12 month 11.03.2013
Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 08.03.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 23 Not Provided 08.03.2013
CM - CIC Securities(ESN) CHRISTIAN DEVISMES buy 5 M 26 12 month 08.03.2013
Oddo & Cie LAURENCE HOFMANN buy 5 M 27 Not Provided 08.03.2013
Natixis PIERRE-EDOUARD BOUDOT buy 5 M 25 Not Provided 08.03.2013
Exane BNP Paribas JOHN KERSHAW outperform 5 M 24 Not Provided 08.03.2013
Commerzbank Corporates & Markets JUERGEN ELFERS hold 3 M 22 6 month 07.03.2013
Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 25 12 month 07.03.2013
JPMorgan JAIME VAZQUEZ overweight 5 M 25 12 month 07.03.2013
Jefferies JAMES GRZINIC hold 3 M 20 12 month 07.03.2013
S&P Capital IQ WILLIAM MACK sell 1 M 19 12 month 07.03.2013
Barclays NICOLAS CHAMP equalweight 3 M 20 Not Provided 07.03.2013
Day by Day VALERIE GASTALDY buy 5 U 24 3 month 19.02.2013
Espirito Santo Investment Bank ResearchCAROLINE GULLIVER buy 5 M 25 Not Provided 18.02.2013
Banco Sabadell MARTA DIAZ sell 1 M 22 12 month 15.02.2013
Baader Bank VOLKER BOSSE sell 1 M 17 12 month 12.02.2013
Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 18.01.2013
Aurel - BGC JEAN-MARIE L'HOME buy 5 M 23 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Hammer Partners SA STEPHAN SEIP sell 1 M 15 Not Provided 17.01.2013
Kepler Capital Markets FABIENNE CARON buy 5 M 26 Not Provided 19.12.2012
Macquarie SREEDHAR MAHAMKALI outperform 5 M 22 12 month 12.12.2012
HSBC JEROME SAMUEL neutral 3 M 19 Not Provided 05.12.2012
Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 20 12 month 26.11.2012
CA Cheuvreux ARNAUD JOLY underperform 1 M 16 Not Provided 19.10.2012
Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 03.09.2012
Nord/LB WOLFGANG VASTERLING sell 1 M #N/A N/A Not Provided 10.07.2012
DZ Bank AG CHRISTIAN DOUGLAS sell 1 M 16 12 month 31.01.2012
Equita SIM SpA FABIO FAZZARI hold 3 M 22 12 month 12.01.2012
Holdings By:
Carrefour SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Compagnie de Saint-Gobain manufactures glass products, high-performance
materials, and construction materials. The Company produces flat glass,
insulation, and glass containers, high-performance ceramics, plastics, and
abrasives, and building materials such as roofing, wall facings, mortars, and
ductile cast iron pipe. Saint-Gobain also retails building materials.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.03.2012) 37.03
52-Week Low (02.08.2012) 23.90
Daily Volume
31
52-Week High % Change -16.31% Dividend Yield -
52-Week Low % Change 29.71% Beta 1.25
% 52 Week Price Range High/Low 57.68% Equity Float 460.13
Shares Out 29.01.2013 531.1 Short Int -
16'464.89 1 Yr Total Return -12.63%
Total Debt 12'669.00 YTD Return -3.79%
Preferred Stock 0.0 Adjusted BETA 1.249
Minority Interest 412.0 Analyst Recs 30
Cash and Equivalents 4'179.00 Consensus Rating 3.500
Enterprise Value 25'366.89
Average Volume 5 Day 2'139'989
SGO FP EQUITY YTD Change - Average Volume 30 Day 2'224'422
SGO FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'920'511
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
43'800.0 37'786.0 40'119.0 42'116.0 43'198.0 42'116.0 43'198.0 43'006.3 44'475.5 9'924.0 10'981.0
0.56x 0.75x 0.69x 0.57x 0.60x 0.00x 0.00x 0.57x 0.54x - -
5'263.0 3'821.0 4'785.0 5'024.0 2'637.0 0.0 0.0 4'425.2 4'804.0 - -
4.68x 7.39x 5.80x 4.80x 9.87x 0.00x 0.00x 5.72x 5.27x - -
1'378.0 202.0 1'129.0 1'284.0 766.0 0.0 0.0 1'260.1 1'562.0 - -
9.15x 88.53x 17.66x 12.16x 22.07x 0.00x 0.00x 12.69x 10.52x - -
EBITDA 2'637.00 Long-Term Rating Date 24.07.2009
EBIT 1'087.00 Long-Term Rating BBB
Operating Margin 2.52% Long-Term Outlook NEG
Pretax Margin 2.94% Short-Term Rating Date 30.04.2004
Return on Assets 1.63% Short-Term Rating A-2
Return on Common Equity 4.35%
Return on Capital 4.86% EBITDA/Interest Exp. 8.99
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 5.36
Net Debt/EBITDA 3.22
Gross Margin 6.1% Total Debt/EBITDA 4.80
EBITDA Margin 6.1%
EBIT Margin 2.5% Total Debt/Equity 72.6%
Net Income Margin 1.8% Total Debt/Capital 41.5%
Asset Turnover 0.92
Current Ratio 1.31 Net Fixed Asset Turnover 3.09
Quick Ratio 0.67 Accounts receivable turnover-days 43.88
Debt to Assets 26.66% Inventory Days 56.89
Tot Debt to Common Equity 72.65% Accounts Payable Turnover Day 55.34
Accounts Receivable Turnover 8.34 Cash Conversion Cycle 45.44
Inventory Turnover 6.43
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
Cie de St-GobainPrice/Volume
Valuation Analysis
976'389.00
Current Price (3/dd/yy) Market Data
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20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WENDEL INVESTISSEMEN n/a Co File 92'891'280 17.49 - 31.12.2010 Investment Advisor
FONDS DU PLAN D EPAR n/a Co File 41'402'970 7.8 - 31.12.2010 n/a
AMUNDI SA n/a Research 40'161'206 7.56 17'861'078 27.06.2012 Other
CAISSE DES DEPOTS ET n/a Co File 15'393'412 2.9 - 31.12.2010 Government
GROUPAMA SA n/a Co File 10'085'339 1.9 - 31.12.2010 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'458'234 1.4 180'416 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'617'178 1.25 - 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 6'300'232 1.19 (783'945) 31.01.2013 Mutual Fund Manager
COGEMA n/a Co File 5'838'880 1.1 - 31.12.2010 Corporation
CIE DE SAINT GOBAIN n/a Co File 4'777'266 0.9 - 31.12.2010 Corporation
BLACKROCK n/a ULT-AGG 4'722'070 0.89 274'360 14.03.2013 Investment Advisor
PREDICA n/a Co File 3'715'651 0.7 - 31.12.2010 Insurance Company
AVIVA PLC Multiple Portfolios MF-AGG 2'716'101 0.51 203'000 28.02.2013 Investment Advisor
SOCIETE GEN GESTION n/a Research 2'536'782 0.48 - 15.06.2011 Mutual Fund Manager
FMR LLC n/a ULT-AGG 2'317'780 0.44 (87'631) 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 1'784'591 0.34 - 29.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'671'822 0.31 (320'096) 31.12.2012 Mutual Fund Manager
JP MORGAN n/a ULT-AGG 1'522'906 0.29 50'015 31.01.2013 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'334'277 0.25 - 31.07.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'291'131 0.24 (21'634) 14.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank MICHAEL WATTS buy 5 M 35 Not Provided 18.03.2013
Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 15.03.2013
Exane BNP Paribas PAUL ROGER underperform 1 M 32 Not Provided 15.03.2013
Deutsche Bank LUIS PRIETO buy 5 M 38 12 month 11.03.2013
Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 11.03.2013
AlphaValue GAETAN DUPONT buy 5 M 40 6 month 11.03.2013
Societe Generale MURIEL FELLOUS buy 5 M 38 12 month 08.03.2013
Credit Suisse HARRY GOAD neutral 3 M 27 Not Provided 07.03.2013
Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 37 12 month 07.03.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.02.2013
Jefferies MICHAEL F BETTS buy 5 M 45 12 month 25.02.2013
Aurel - BGC ERIC LEMARIE buy 5 M 40 Not Provided 21.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 27 12 month 21.02.2013
Oddo & Cie VIRGINIE ROUSSEAU neutral 3 M 36 Not Provided 21.02.2013
Kepler Capital Markets JOSEP PUJAL hold 3 M 30 Not Provided 21.02.2013
Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 32 6 month 21.02.2013
Natixis RAFIC EL HADDAD buy 5 U 38 Not Provided 21.02.2013
S&P Capital IQ JAWAHAR HINGORANI sell 1 M 28 12 month 21.02.2013
Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 28 Not Provided 19.02.2013
Goldman Sachs WILL MORGAN neutral/neutral 3 D 34 12 month 12.02.2013
HSBC JOHN FRASER-ANDREWS underweight 1 D 31 Not Provided 29.01.2013
Morgan Stanley ALEJANDRA PEREDA Equalwt/In-Line 3 M 33 12 month 18.01.2013
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 M 37 12 month 18.01.2013
JPMorgan MICHAEL MORRIS overweight 5 M 35 9 month 15.01.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 33 Not Provided 15.01.2013
Day by Day VALERIE GASTALDY buy 5 M 36 3 month 14.12.2012
Davy TIM CAHILL outperform 5 U #N/A N/A Not Provided 09.08.2012
Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 44 Not Provided 30.07.2012
Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 09.03.2009
Holdings By:
Cie de St-Gobain ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
CRH plc manufactures cement, concrete products, aggregates, asphalt, clay
bricks, chemical lime, security fencing products, and roofing, insulation and
other building materials. The Group also operates some 136 builders merchant
locations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19
countries, including Ireland, the US, Spain, Germany and the Netherlands.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (15.03.2013) 18.03
52-Week Low (05.06.2012) 12.81
Daily Volume
17.565
52-Week High % Change -2.44% Dividend Yield 3.56
52-Week Low % Change 37.12% Beta 1.44
% 52 Week Price Range High/Low 92.14% Equity Float 683.26
Shares Out 14.03.2013 727.0 Short Int -
12'770.63 1 Yr Total Return 8.79%
Total Debt 4'915.00 YTD Return 17.82%
Preferred Stock 1.0 Adjusted BETA 1.441
Minority Interest 36.0 Analyst Recs 32
Cash and Equivalents 1'799.00 Consensus Rating 2.594
Enterprise Value 15'923.63
Average Volume 5 Day 1'220'329
CRH ID EQUITY YTD Change - Average Volume 30 Day 1'305'975
CRH ID EQUITY YTD % CHANGE - Average Volume 3 Month 1'255'122
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
20'887.0 17'373.0 17'173.0 18'081.0 18'659.0 - - 19'071.5 20'125.6 - -
0.78x 1.01x 0.86x 0.82x 0.76x - - 0.82x 0.77x - -
2'656.0 1'803.0 1'614.0 1'656.0 1'640.0 - - 1'724.8 1'974.8 - -
6.11x 9.69x 9.18x 9.01x 8.70x - - 9.23x 8.06x - -
1'248.0 592.0 432.0 590.0 552.0 - - 601.0 792.6 - -
7.66x 21.54x 25.28x 18.60x 20.01x - - 20.76x 16.09x - -
EBITDA 1'640.00 Long-Term Rating Date 17.12.2007
EBIT 845.00 Long-Term Rating BBB+
Operating Margin 4.53% Long-Term Outlook STABLE
Pretax Margin 3.61% Short-Term Rating Date 07.09.2001
Return on Assets 2.59% Short-Term Rating A-2
Return on Common Equity 5.25%
Return on Capital 5.03% EBITDA/Interest Exp. 5.92
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 3.84
Net Debt/EBITDA 1.90
Gross Margin 27.3% Total Debt/EBITDA 3.00
EBITDA Margin 8.8%
EBIT Margin 4.5% Total Debt/Equity 46.6%
Net Income Margin 3.0% Total Debt/Capital 31.7%
Asset Turnover 0.88
Current Ratio 1.84 Net Fixed Asset Turnover 2.15
Quick Ratio 1.15 Accounts receivable turnover-days 46.46
Debt to Assets 23.22% Inventory Days 63.19
Tot Debt to Common Equity 46.65% Accounts Payable Turnover Day 59.16
Accounts Receivable Turnover 7.88 Cash Conversion Cycle 50.49
Inventory Turnover 5.79
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
CRH PLCPrice/Volume
Valuation Analysis
767'692.00
Current Price (3/dd/yy) Market Data
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 29'533'102 4.06 (9'745'287) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 28'961'677 3.98 - 14.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 27'093'488 3.73 (7'581'034) 21.01.2013 Investment Advisor
UBS n/a ULT-AGG 26'647'653 3.67 (214'912) 31.01.2013 Unclassified
HARBOR CAPITAL ADVIS n/a 20F 21'999'275 3.03 - 23.03.2012 Investment Advisor
NORGES BANK n/a 20F 21'543'277 2.96 - 23.03.2012 Government
GRWTH FUND OF AMERIC n/a RNS-MAJ 21'114'087 2.9 - 15.02.2011 n/a
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 19'166'291 2.64 (6'909) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'600'947 1.87 318'307 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 11'276'498 1.55 1'580'407 30.09.2012 Hedge Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 9'473'610 1.3 1'038'793 31.12.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 7'703'980 1.06 3'376'460 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 5'345'457 0.74 2'283'455 30.11.2012 Unclassified
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4'922'840 0.68 (13'040) 30.11.2012 Investment Advisor
MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 4'196'785 0.58 2'571'785 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 3'206'686 0.44 1'180 15.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'811'878 0.39 92'614 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 2'762'000 0.38 342'000 30.11.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'746'054 0.38 850'506 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 2'573'720 0.35 (10'399) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 17 12 month 18.03.2013
Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 15.03.2013
Goldman Sachs WILL MORGAN neutral/neutral 3 M 17 12 month 08.03.2013
Credit Suisse HARRY GOAD underperform 1 M 13 Not Provided 07.03.2013
AlphaValue GAETAN DUPONT add 4 M 19 6 month 07.03.2013
Goodbody Stockbrokers Ltd ROBERT EASON sell 1 M 15 12 month 06.03.2013
Deutsche Bank LUIS PRIETO buy 5 M 18 12 month 01.03.2013
JPMorgan MICHAEL MORRIS neutral 3 M 14 9 month 28.02.2013
Natixis ABDELKADER BENCHIHA neutral 3 U 17 Not Provided 28.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.02.2013
Societe Generale MURIEL FELLOUS hold 3 M 16 12 month 27.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 18 12 month 27.02.2013
Berenberg Bank ROBERT MUIR sell 1 M 14 Not Provided 27.02.2013
Jefferies MICHAEL F BETTS buy 5 M 20 12 month 26.02.2013
Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 15 6 month 26.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 17 12 month 26.02.2013
Exane BNP Paribas PAUL ROGER neutral 3 M 18 Not Provided 26.02.2013
Numis Securities Ltd HOWARD SEYMOUR reduce 2 M 11 Not Provided 25.02.2013
Merrion Stockbrokers DAVID HOLOHAN sell 1 N 14 Not Provided 22.02.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 16 Not Provided 20.02.2013
Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 15 Not Provided 05.02.2013
Kepler Capital Markets JOSEP PUJAL hold 3 M 16 Not Provided 04.02.2013
HSBC JOHN FRASER-ANDREWS underweight 1 D 15 Not Provided 29.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley YURI SEROV Underwt/In-Line 1 M 16 12 month 13.12.2012
Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 14 Not Provided 09.11.2012
Redburn Partners WILLIAM JONES neutral 3 M #N/A N/A Not Provided 07.11.2012
Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 19.10.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 14.06.2012
Holdings By:
CRH PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Daimler AG develops, manufactures, distributes, and sells a wide range of
automotive products, mainly passenger cars, trucks, vans and buses. The Company
also provides financial and other services relating to its automotive
businesses.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 47.47
52-Week Low (27.06.2012) 32.86
Daily Volume
45.315
52-Week High % Change -4.53% Dividend Yield -
52-Week Low % Change 37.92% Beta 1.21
% 52 Week Price Range High/Low 89.94% Equity Float 944.56
Shares Out 28.02.2013 1'067.6 Short Int -
48'380.40 1 Yr Total Return 0.87%
Total Debt 84'642.00 YTD Return 9.67%
Preferred Stock 0.0 Adjusted BETA 1.211
Minority Interest 1'631.0 Analyst Recs 39
Cash and Equivalents 15'055.00 Consensus Rating 3.487
Enterprise Value 119'598.40
Average Volume 5 Day 4'121'975
DAI GY EQUITY YTD Change - Average Volume 30 Day 4'477'028
DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 4'082'821
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
95'873.0 78'924.0 97'761.0 106'540.0 114'297.0 106'540.0 114'297.0 117'043.6 124'007.8 - -
0.87x 1.15x 1.10x 0.93x 1.01x 3.70x 3.91x 0.47x 0.44x - -
11'685.0 3'032.0 10'489.0 12'216.0 12'138.0 12'265.0 12'193.0 12'689.4 14'397.5 - -
7.14x 29.84x 10.26x 8.09x 9.50x 8.06x 9.46x 9.41x 8.30x - -
1'348.0 (2'640.0) 4'498.0 5'667.0 6'095.0 5'667.0 6'095.0 4'990.0 5'979.2 1'313.0 1'314.0
15.61x - 11.85x 6.38x 7.24x 6.38x 7.24x 9.70x 8.18x 9.21x -
EBITDA 12'138.00 Long-Term Rating Date 23.02.2012
EBIT 8'071.00 Long-Term Rating A-
Operating Margin 7.06% Long-Term Outlook STABLE
Pretax Margin 6.75% Short-Term Rating Date 26.02.2001
Return on Assets 3.92% Short-Term Rating A-2
Return on Common Equity 14.60%
Return on Capital 6.94% EBITDA/Interest Exp. 5.24
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 3.16
Net Debt/EBITDA 5.71
Gross Margin 22.3% Total Debt/EBITDA 6.94
EBITDA Margin 10.7%
EBIT Margin 7.1% Total Debt/Equity 192.9%
Net Income Margin 5.3% Total Debt/Capital 65.0%
Asset Turnover 0.73
Current Ratio 1.13 Net Fixed Asset Turnover 2.58
Quick Ratio 0.38 Accounts receivable turnover-days 24.64
Debt to Assets 51.93% Inventory Days 71.73
Tot Debt to Common Equity 192.90% Accounts Payable Turnover Day 37.55
Accounts Receivable Turnover 14.85 Cash Conversion Cycle 58.83
Inventory Turnover 5.10
Fiscal Year Ended
Daimler AGPrice/Volume
Valuation Analysis
2'310'837.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 92'673'552 8.68 (830'853) 14.03.2013 Investment Advisor
KUWAIT INVESTMENT AU n/a Co File 73'577'854 6.89 - 06.02.2012 Government
MORGAN STANLEY n/a ULT-AGG 53'643'607 5.02 14'642 06.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 50'908'791 4.77 (2'451'600) 31.12.2012 Investment Advisor
AABAR INVESTMENTS PJ n/a Co File 33'056'717 3.1 - 06.02.2012 Government
NORGES BANK n/a Research 32'355'918 3.03 - 17.09.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'484'066 1.92 361'219 31.12.2012 Investment Advisor
NISSAN MOTOR CO LTD n/a Co File 16'448'378 1.54 - 31.03.2012 Corporation
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 12'065'091 1.13 17'008 28.02.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'511'692 0.98 3'324 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10'428'300 0.98 1'095'300 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'252'246 0.68 (488'209) 28.12.2012 Mutual Fund Manager
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'339'832 0.59 6'700 30.09.2012 Hedge Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'548'162 0.33 (1'704'912) 28.09.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 3'200'000 0.3 - 31.12.2011 Pension Fund (ERISA)
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3'041'741 0.28 (47'821) 14.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a Research 2'719'961 0.25 - 05.10.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'556'213 0.24 - 31.07.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'328'805 0.22 7'500 28.12.2012 Mutual Fund Manager
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 2'098'514 0.2 84'676 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 40 12 month 13.03.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 48 12 month 07.03.2013
AlphaValue HANS-PETER WODNIOK sell 1 D 41 6 month 07.03.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 60 6 month 04.03.2013
Exane BNP Paribas RABIH FREIHA outperform 5 M 46 Not Provided 01.03.2013
Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 60 12 month 28.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.02.2013
Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 53 12 month 26.02.2013
Credit Suisse ERICH HAUSER neutral 3 M 35 Not Provided 21.02.2013
Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 48 12 month 15.02.2013
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 62 12 month 13.02.2013
Kepler Capital Markets MICHAEL RAAB reduce 2 M 41 Not Provided 12.02.2013
Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 12.02.2013
DZ Bank AG MICHAEL PUNZET hold 3 M 44 12 month 11.02.2013
Barclays KRISTINA CHURCH equalweight 3 M 43 Not Provided 11.02.2013
Societe Generale STEPHEN REITMAN hold 3 M 46 12 month 08.02.2013
JPMorgan JOSE ASUMENDI neutral 3 M 46 9 month 08.02.2013
HSBC HORST SCHNEIDER overweight 5 M 52 Not Provided 08.02.2013
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 58 Not Provided 08.02.2013
Bankhaus Lampe CHRISTIAN LUDWIG sell 1 M 39 12 month 08.02.2013
Oddo & Cie FRANCOIS MAURY neutral 3 M 45 Not Provided 08.02.2013
M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 46 12 month 08.02.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 50 12 month 08.02.2013
Equinet Institutional Services(ESN) TIM SCHULDT hold 3 M 47 12 month 08.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 48 12 month 08.02.2013
Nord/LB FRANK SCHWOPE buy 5 M 51 12 month 07.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 07.02.2013
Natixis GEORGES DIENG neutral 3 M 38 Not Provided 06.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 37 12 month 31.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 43 12 month 26.11.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 35 12 month 16.11.2012
Cyrrus JIRI SIMARA hold 3 M 37 Not Provided 29.10.2012
Deutsche Bank JOCHEN GEHRKE hold 3 M 35 12 month 28.10.2012
CA Cheuvreux ALEXANDER NEUBERGER select list 5 M 48 Not Provided 26.10.2012
Steubing AG TEAM COVERAGE buy 5 M 76 Not Provided 10.01.2011
Holdings By:
Daimler AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Danone is a food processing company. The Company produces dairy products,
beverages, baby food and clinical/medical nutrition products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (08.03.2013) 55.78
52-Week Low (23.10.2012) 45.61
Daily Volume
54.86
52-Week High % Change -1.69% Dividend Yield -
52-Week Low % Change 20.29% Beta 0.66
% 52 Week Price Range High/Low 93.22% Equity Float 535.17
Shares Out 21.02.2013 634.4 Short Int -
34'801.10 1 Yr Total Return 6.33%
Total Debt 9'031.00 YTD Return 9.93%
Preferred Stock 0.0 Adjusted BETA 0.657
Minority Interest 98.0 Analyst Recs 43
Cash and Equivalents 2'141.00 Consensus Rating 3.256
Enterprise Value 41'871.10
Average Volume 5 Day 1'794'967
BN FP EQUITY YTD Change - Average Volume 30 Day 1'910'407
BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'604'095
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
15'220.0 14'982.0 17'010.0 19'318.0 20'869.0 19'318.0 20'868.0 22'071.1 23'434.6 5'388.0 5'667.8
2.09x 2.20x 2.11x 1.89x - 0.00x 0.00x 1.86x 1.71x - -
2'796.0 2'844.0 3'194.0 3'486.0 - 0.0 0.0 3'770.3 4'046.4 - -
11.35x 11.61x 11.23x 10.45x - 0.00x 0.00x 11.09x 10.34x - -
1'313.0 1'361.0 1'875.0 1'671.0 1'672.0 0.0 0.0 1'820.8 2'032.2 - -
19.75x 17.77x 15.42x 17.53x 17.93x 0.00x 0.00x 17.42x 15.78x 3.79x -
EBITDA 3'486.00 Long-Term Rating Date 25.07.2007
EBIT 2'747.00 Long-Term Rating A-
Operating Margin 13.16% Long-Term Outlook STABLE
Pretax Margin 12.84% Short-Term Rating Date 11.07.2007
Return on Assets 5.89% Short-Term Rating A-2
Return on Common Equity 14.55%
Return on Capital 9.57% EBITDA/Interest Exp. 14.46
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 10.79
Net Debt/EBITDA 1.99
Gross Margin 50.6% Total Debt/EBITDA 2.78
EBITDA Margin 17.6%
EBIT Margin 14.2% Total Debt/Equity 74.6%
Net Income Margin 8.0% Total Debt/Capital 42.5%
Asset Turnover 0.70
Current Ratio 0.88 Net Fixed Asset Turnover 5.03
Quick Ratio 0.59 Accounts receivable turnover-days 40.74
Debt to Assets 31.77% Inventory Days 40.58
Tot Debt to Common Equity 74.64% Accounts Payable Turnover Day 107.35
Accounts Receivable Turnover 8.98 Cash Conversion Cycle -21.32
Inventory Turnover 9.02
Fiscal Year Ended
Danone SAPrice/Volume
Valuation Analysis
986'300.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN LIFE FINANCIAL I n/a ULT-AGG 39'266'586 6.19 (1'786) 31.12.2012 Investment Advisor
GROUPE DANONE n/a Co File 35'825'460 5.65 - 31.12.2011 Corporation
AMUNDI SA n/a Research 28'864'287 4.55 (3'844'941) 15.05.2012 Other
EURAZEO n/a Co File 16'433'370 2.59 - 31.12.2011 Investment Advisor
SOFINA & HENEX GROUP n/a Co File 13'584'541 2.14 - 31.12.2011 Other
FMR LLC n/a ULT-AGG 12'738'384 2.01 4'630'386 31.01.2013 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 11'688'114 1.84 - 31.12.2011 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'254'856 1.77 (418'650) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'105'625 1.75 (289'157) 31.01.2013 Mutual Fund Manager
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9'939'780 1.57 (112'541) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 9'120'390 1.44 681'500 31.12.2012 Investment Advisor
FCPE FONDS GROUPE DA n/a Co File 8'804'680 1.39 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 6'580'039 1.04 (262'460) 14.03.2013 Investment Advisor
TRIAN FUND MANAGEMEN n/a Research 6'431'620 1.01 - 07.11.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'796'988 0.91 27'958 31.01.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'324'592 0.68 745'570 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'969'086 0.63 (54'102) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'201'585 0.5 (19'978) 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'563'427 0.4 (32'343) 31.10.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 2'209'019 0.35 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue SOPHIE CABO-BROSETA add 4 M 65 6 month 15.03.2013
Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 53 12 month 14.03.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 63 Not Provided 14.03.2013
Morgan Stanley EILEEN KHOO Underwt/In-Line 1 M 45 12 month 13.03.2013
S&P Capital IQ CARL SHORT buy 5 M 63 12 month 13.03.2013
Equita SIM SpA FABIO FAZZARI buy 5 M 66 12 month 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 59 12 month 11.03.2013
Kepler Capital Markets JON COX buy 5 M 59 Not Provided 11.03.2013
Day by Day VALERIE GASTALDY buy 5 M 58 3 month 11.03.2013
Credit Suisse ALEX MOLLOY underperform 1 M 54 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 43 12 month 05.03.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 49 12 month 26.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 26.02.2013
Berenberg Bank JAMES TARGETT sell 1 M 51 Not Provided 22.02.2013
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.02.2013
Grupo Santander PEDRO GIL underweight 1 M 46 Not Provided 20.02.2013
Societe Generale WARREN L ACKERMAN hold 3 M 53 12 month 20.02.2013
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 65 12 month 20.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 20.02.2013
CM - CIC Securities(ESN) FRANCIS PRETRE reduce 2 M 47 12 month 20.02.2013
Oddo & Cie LAURENCE HOFMANN neutral 3 M 54 Not Provided 20.02.2013
Nomura DAVID HAYES buy 5 M 60 Not Provided 20.02.2013
Exane BNP Paribas JEFF STENT neutral 3 U 54 Not Provided 20.02.2013
Helvea ANDREAS VON ARX accumulate 4 M 61 12 month 20.02.2013
Barclays LIAM ROWLEY equalweight 3 M 51 Not Provided 20.02.2013
Deutsche Bank JAMES ISENWATER hold 3 M 45 12 month 19.02.2013
JPMorgan CELINE PANNUTI neutral 3 M 56 9 month 19.02.2013
Jefferies ALEX HOWSON hold 3 M 48 12 month 19.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 55 12 month 19.02.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 49 12 month 19.02.2013
Banco Sabadell IGNACIO ROMERO sell 1 M 56 12 month 15.02.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 53 Not Provided 21.01.2013
Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 56 Not Provided 08.01.2013
Natixis PIERRE TEGNER neutral 3 D 56 Not Provided 14.12.2012
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 50 Not Provided 13.12.2012
HSBC CEDRIC BESNARD overweight 5 M 55 Not Provided 06.11.2012
DZ Bank AG ROBERT CZERWENSKY buy 5 M 56 12 month 22.10.2012
Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 51 Not Provided 27.07.2012
Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011
Holdings By:
Danone SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Deutsche Bank AG is a global financial service provider delivering commercial,
investment, private and retail banking. The Bank offers debt, foreign exchange,
derivatives, commodities, money markets, repo and securitization, cash equities,
research, equity prime services, loans, convertibles, advice on M&A and IPO's,
trade finance, retail banking, asset management and corporate investments.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 39.51
52-Week Low (26.07.2012) 22.11
Daily Volume
33.25
52-Week High % Change -15.87% Dividend Yield -
52-Week Low % Change 50.38% Beta 1.34
% 52 Week Price Range High/Low 68.91% Equity Float 889.66
Shares Out 31.12.2012 929.5 Short Int -
30'905.86 1 Yr Total Return -11.64%
Total Debt 284'516.00 YTD Return 0.91%
Preferred Stock 0.0 Adjusted BETA 1.338
Minority Interest 1'270.0 Analyst Recs 42
Cash and Equivalents 177'928.00 Consensus Rating 3.524
Enterprise Value -
Average Volume 5 Day 6'224'166
DBK GY EQUITY YTD Change - Average Volume 30 Day 6'473'735
DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 6'259'465
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
58'492.0 45'167.0 46'151.0 52'660.0 33'582.0 50'925.0 47'151.0 33'832.3 34'823.9 8'560.0 8'581.0
- - - - - 0.00x 0.00x 2.00x 1.98x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(3'835.0) 4'973.0 2'310.0 4'132.0 611.0 4'132.0 611.0 3'815.2 4'883.8 - -
- 6.24x 12.74x 6.61x 50.69x 6.64x 48.46x 8.47x 6.57x 7.51x -
EBITDA - Long-Term Rating Date 25.01.2012
EBIT - Long-Term Rating A+
Operating Margin 10.41% Long-Term Outlook NEG
Pretax Margin 4.16% Short-Term Rating Date 19.12.2008
Return on Assets 0.03% Short-Term Rating A-1
Return on Common Equity 1.13%
Return on Capital 0.85% EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin 1.8% Total Debt/Capital 83.9%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 9.56
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Deutsche Bank AGPrice/Volume
Valuation Analysis
4'392'726.00
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
100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 73'822'628 7.94 1'022'636 14.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 49'064'352 5.28 (3'318'049) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a Co File 24'888'999 2.68 - 31.12.2011 Investment Advisor
DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 24'458'657 2.63 (3'091'342) 31.12.2012 Bank
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 16'957'871 1.82 5'959'356 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'884'847 1.82 384'651 31.12.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'648'807 1.79 3'630'244 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a RNS-MAJ 15'177'158 1.63 - 17.12.2012 Investment Advisor
COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 14'797'901 1.59 10'133'323 31.12.2012 Bank
CREDIT SUISSE GROUP n/a Research 9'379'275 1.01 - 08.06.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'557'620 0.92 3'906'478 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'115'570 0.77 (629'994) 28.12.2012 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'864'207 0.74 164'636 28.09.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 5'952'018 0.64 (4'277'134) 31.12.2012 Unclassified
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'677'666 0.61 (3'004'857) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'654'972 0.5 (1'923'077) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'906'432 0.42 176'476 31.12.2012 Investment Advisor
DEUTSCHE TELEKOM n/a Research 3'832'262 0.41 - 13.11.2012 Unclassified
UBS n/a ULT-AGG 3'760'485 0.4 1'963'588 31.01.2013 Unclassified
ALLIANCE BERNSTEIN n/a ULT-AGG 3'350'113 0.36 (1'003'376) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander AURELIA FAURE underweight 1 M 30 12 month 14.03.2013
Exane BNP Paribas DANIEL DAVIES outperform 5 M 42 Not Provided 14.03.2013
JPMorgan KIAN ABOUHOSSEIN neutral 3 M 38 9 month 11.03.2013
Oddo & Cie JEAN SASSUS neutral 3 M 38 Not Provided 08.03.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 45 12 month 08.03.2013
Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 41 12 month 06.03.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 U 38 Not Provided 06.03.2013
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 39 12 month 05.03.2013
Macquarie PIERS BROWN neutral 3 M 36 12 month 05.03.2013
Goldman Sachs JERNEJ OMAHEN Sell/Neutral 1 D 37 12 month 28.02.2013
AlphaValue DIETER HEIN add 4 M 39 6 month 28.02.2013
Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 U 44 12 month 27.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 30 Not Provided 25.02.2013
Credit Suisse AMIT GOEL underperform 1 M 32 Not Provided 19.02.2013
Banco Sabadell MARIO LODOS buy 5 M 40 12 month 15.02.2013
Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 15.02.2013
Barclays JEREMY SIGEE overweight 5 M 46 Not Provided 12.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 39 Not Provided 07.02.2013
Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 41 6 month 04.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 04.02.2013
Canaccord Genuity Corp ARUN MELMANE buy 5 N 45 Not Provided 04.02.2013
DZ Bank AG CHRISTOPH BAST buy 5 M 40 12 month 04.02.2013
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 U 40 12 month 01.02.2013
CA Cheuvreux CYRIL MEILLAND underperform 1 M 37 Not Provided 01.02.2013
Natixis ANTOINE BURGARD neutral 3 M 37 Not Provided 01.02.2013
Nomura JON PEACE reduce 2 M 37 Not Provided 01.02.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 D 44 12 month 01.02.2013
Nord/LB MICHAEL SEUFERT buy 5 M 45 12 month 31.01.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 39 12 month 31.01.2013
M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 44 12 month 31.01.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 20 Not Provided 31.01.2013
Kepler Capital Markets DIRK BECKER buy 5 M 44 Not Provided 31.01.2013
S&P Capital IQ FRANK BRADEN hold 3 M 39 12 month 31.01.2013
Societe Generale DIRK HOFFMANN-BECKING buy 5 M 42 12 month 25.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013
HSBC ROBERT MURPHY overweight 5 M 39 Not Provided 05.09.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 03.07.2012
SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010
Holdings By:
Deutsche Bank AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Deutsche Telekom AG offers telecommunications services. The Company offers a
full range of fixed-line telephone services, mobile communications services,
Internet access, and combined information technology and telecommunications
services for businesses.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.09.2012) 10.06
52-Week Low (05.06.2012) 7.69
Daily Volume
8.492
52-Week High % Change -15.62% Dividend Yield -
52-Week Low % Change 10.46% Beta 0.78
% 52 Week Price Range High/Low 37.61% Equity Float 2'938.38
Shares Out 31.12.2012 4'321.3 Short Int -
36'696.64 1 Yr Total Return 3.92%
Total Debt 44'614.00 YTD Return -1.20%
Preferred Stock 0.0 Adjusted BETA 0.776
Minority Interest 4'623.0 Analyst Recs 43
Cash and Equivalents 6'046.00 Consensus Rating 3.209
Enterprise Value 79'887.64
Average Volume 5 Day 19'721'860
DTE GY EQUITY YTD Change - Average Volume 30 Day 17'329'850
DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 14'334'860
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
61'666.0 64'602.0 62'421.0 58'653.0 58'169.0 58'653.0 58'169.0 57'780.2 57'595.8 14'049.0 13'969.0
1.49x 1.46x 1.48x 1.45x 1.38x 6.25x 5.77x 1.38x 1.34x - -
17'535.0 17'335.0 17'726.0 20'202.0 17'728.0 19'004.0 17'708.0 17'379.8 17'408.9 4'327.0 4'436.0
5.24x 5.46x 5.20x 4.22x 4.53x 4.48x 4.54x 4.60x 4.59x 4.62x -
1'483.0 353.0 1'695.0 557.0 (5'255.0) 557.0 (5'255.0) 2'879.3 3'052.1 764.0 944.0
31.62x 128.63x 24.76x 68.19x - 68.19x 0.00x 12.01x 11.62x 9.87x -
EBITDA 17'728.00 Long-Term Rating Date 19.05.2008
EBIT 6'720.00 Long-Term Rating BBB+
Operating Margin 11.55% Long-Term Outlook STABLE
Pretax Margin -10.71% Short-Term Rating Date 08.04.2002
Return on Assets -4.56% Short-Term Rating A-2
Return on Common Equity -17.17%
Return on Capital - EBITDA/Interest Exp. 7.58
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 4.88
Net Debt/EBITDA 2.18
Gross Margin 41.2% Total Debt/EBITDA 2.52
EBITDA Margin 30.4%
EBIT Margin 11.5% Total Debt/Equity 172.1%
Net Income Margin -9.0% Total Debt/Capital 59.4%
Asset Turnover 0.50
Current Ratio 0.65 Net Fixed Asset Turnover 1.46
Quick Ratio 0.54 Accounts receivable turnover-days 40.50
Debt to Assets 41.33% Inventory Days 11.72
Tot Debt to Common Equity 172.12% Accounts Payable Turnover Day 68.88
Accounts Receivable Turnover 9.04 Cash Conversion Cycle -16.66
Inventory Turnover 31.23
Fiscal Year Ended
Deutsche Telekom AGPrice/Volume
Valuation Analysis
9'736'833.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
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40'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KREDITANSTALT FUER W n/a Research 734'624'287 17 - 30.09.2012 Investment Advisor
FEDERAL REPUBLIC OF n/a Research 648'197'900 15 - 30.09.2012 Government
BLACKROCK n/a ULT-AGG 248'614'176 5.75 (2'055'371) 14.03.2013 Investment Advisor
BLACKSTONE GROUP LP n/a Research 191'700'000 4.44 - 03.08.2012 Hedge Fund Manager
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 61'550'927 1.42 6'437'130 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 52'043'505 1.2 1'150'782 31.12.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 27'700'000 0.64 - 31.12.2011 Pension Fund (ERISA)
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 23'962'639 0.55 742'202 15.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 14'524'559 0.34 442'723 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 14'083'422 0.33 7'267'197 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'894'785 0.3 2'108'496 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 11'728'021 0.27 2'200'291 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'227'444 0.26 5'012'513 31.01.2013 Mutual Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 9'659'100 0.22 339'400 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 9'219'903 0.21 (144'913) 14.03.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 7'200'550 0.17 690'125 31.12.2012 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 6'597'919 0.15 (408'336) 15.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'173'053 0.12 (480'154) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'902'447 0.11 (1'302'759) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'803'788 0.11 51'120 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 15.03.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 10 12 month 15.03.2013
AlphaValue HEINZ STEFFEN add 4 M 10 6 month 12.03.2013
Jefferies ULRICH RATHE hold 3 M 8 12 month 08.03.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 08.03.2013
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 9 Not Provided 08.03.2013
JPMorgan HANNES C WITTIG not rated #N/A N/A M #N/A N/A Not Provided 07.03.2013
Berenberg Bank PAUL ANDREW MARSCH hold 3 M 11 Not Provided 06.03.2013
RBC Capital Markets JONATHAN ATKIN sector perform 3 M 10 12 month 04.03.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 04.03.2013
Morgan Stanley NICK DELFAS restricted #N/A N/A M #N/A N/A Not Provided 01.03.2013
Macquarie GUY R PEDDY underperform 1 M 8 12 month 01.03.2013
Oddo & Cie ALEXANDRE IATRIDES buy 5 M 11 Not Provided 01.03.2013
Natixis JACQUES DE GRELING reduce 2 M 7 Not Provided 01.03.2013
Nomura FREDERIC BOULAN buy 5 M 10 Not Provided 01.03.2013
S&P Capital IQ ALEXANDER WISCH sell 1 M 7 12 month 01.03.2013
DZ Bank AG KARSTEN OBLINGER sell 1 M 8 12 month 01.03.2013
Barclays JONATHAN DANN equalweight 3 M 9 Not Provided 01.03.2013
Grupo Santander JOHN DAVIES underweight 1 M 8 Not Provided 28.02.2013
Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 9 6 month 28.02.2013
Nord/LB WOLFGANG DONIE buy 5 N 11 12 month 28.02.2013
Raymond James STEPHANE BEYAZIAN outperform 5 M 11 12 month 28.02.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 9 12 month 28.02.2013
Bankhaus Lampe WOLFGANG SPECHT sell 1 M 8 Not Provided 28.02.2013
M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 10 12 month 28.02.2013
Equinet Institutional Services(ESN) ADRIAN PEHL buy 5 M 10 12 month 28.02.2013
New Street Research CHARLES GAYNOR reduce 2 M 7 Not Provided 28.02.2013
Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 9 12 month 26.02.2013
CA Cheuvreux PETER KURT NIELSEN select list 5 M 11 Not Provided 25.02.2013
Liberum Capital Ltd LAWRENCE SUGARMAN hold 3 N 8 Not Provided 19.02.2013
Banco Sabadell ANDRES BOLUMBURU sell 1 M 10 12 month 15.02.2013
Kepler Capital Markets JAVIER BORRACHERO buy 5 M 11 Not Provided 30.01.2013
Credit Suisse JUSTIN FUNNELL restricted #N/A N/A M #N/A N/A Not Provided 24.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 M 8 Not Provided 23.01.2013
Deutsche Bank MATTHEW BLOXHAM buy 5 M 10 12 month 16.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Steubing AG TEAM COVERAGE buy 5 M #N/A N/A Not Provided 14.01.2013
Day by Day VALERIE GASTALDY buy 5 M 10 3 month 10.01.2013
HSBC DOMINIK KLARMANN neutral 3 M 9 Not Provided 10.12.2012
Espirito Santo Investment Bank ResearchWILL DRAPER sell 1 M 8 Not Provided 10.12.2012
Bankhaus Metzler ULRICH TRABERT sell 1 M 9 12 month 09.11.2012
Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 11 12 month 08.11.2012
Holdings By:
Deutsche Telekom AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
E.ON SE operates in power generation and gas production businesses. The
Company's operations include electric generation at conventional, nuclear, and
renewable-source facilities, electric transmission via high-voltage wires
network, regional distribution of electricity, gas, and heat, power trading and
electricity, gas, and heat sales.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.09.2012) 19.74
52-Week Low (08.02.2013) 12.42
Daily Volume
12.91
52-Week High % Change -34.60% Dividend Yield -
52-Week Low % Change 3.95% Beta 1.10
% 52 Week Price Range High/Low 8.88% Equity Float 1'787.19
Shares Out 31.12.2012 2'001.0 Short Int -
25'832.91 1 Yr Total Return -26.36%
Total Debt 25'944.00 YTD Return -8.37%
Preferred Stock 0.0 Adjusted BETA 1.098
Minority Interest 3'862.0 Analyst Recs 39
Cash and Equivalents 6'097.00 Consensus Rating 2.487
Enterprise Value 49'541.91
Average Volume 5 Day 11'605'200
EOAN GY EQUITY YTD Change - Average Volume 30 Day 12'383'300
EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 11'722'370
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
86'753.0 81'817.0 92'863.0 112'954.0 132'093.0 112'954.0 132'093.0 110'898.9 112'834.1 - -
1.08x 1.11x 0.78x 0.52x 0.38x 2.19x 1.77x 0.44x 0.43x - -
5'403.0 12'703.0 13'006.0 4'269.0 8'443.0 4'269.0 7'990.0 9'526.7 9'711.3 - -
17.28x 7.18x 5.56x 13.73x 5.99x 13.73x 0.00x 5.20x 5.10x - -
1'266.0 8'396.0 5'853.0 (2'219.0) 2'217.0 (2'219.0) 2'217.0 2'510.3 2'655.0 - -
37.92x 6.50x 6.53x - 12.36x 0.00x 12.36x 9.92x 9.26x - -
EBITDA 8'443.00 Long-Term Rating Date 27.07.2012
EBIT 4'940.00 Long-Term Rating A-
Operating Margin 3.74% Long-Term Outlook STABLE
Pretax Margin 2.51% Short-Term Rating Date 27.07.2012
Return on Assets 1.51% Short-Term Rating A-2
Return on Common Equity 6.27%
Return on Capital 6.98% EBITDA/Interest Exp. 2.90
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 0.71
Net Debt/EBITDA 2.35
Gross Margin - Total Debt/EBITDA 3.07
EBITDA Margin 6.4%
EBIT Margin 3.7% Total Debt/Equity 74.2%
Net Income Margin 1.7% Total Debt/Capital 40.1%
Asset Turnover 0.90
Current Ratio 1.20 Net Fixed Asset Turnover 2.40
Quick Ratio 0.61 Accounts receivable turnover-days 47.34
Debt to Assets 18.48% Inventory Days -
Tot Debt to Common Equity 74.22% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.73 Cash Conversion Cycle -
Inventory Turnover -
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
E.ON SEPrice/Volume
Valuation Analysis
6'241'509.00
Current Price (3/dd/yy) Market Data
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40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 171'715'261 8.58 (9'531) 14.03.2013 Investment Advisor
GOVERNMENT OF NORWAY n/a Co File 118'276'492 5.91 - 31.12.2011 Government
E.ON AG n/a Co File 95'529'865 4.77 - 31.12.2011 Corporation
CREDIT SUISSE AG n/a Research 46'680'225 2.33 - 09.05.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'966'723 1.65 719'330 31.12.2012 Investment Advisor
MORGAN STANLEY n/a Research 25'888'854 1.29 - 10.05.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 25'026'728 1.25 16'104'093 28.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 13'832'519 0.69 (329'536) 28.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 9'655'320 0.48 (1'452'038) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'475'000 0.37 - 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'351'606 0.37 (544'741) 28.12.2012 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 6'192'566 0.31 (97'324) 14.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'756'410 0.29 187'361 31.12.2012 Investment Advisor
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 5'059'061 0.25 (402'620) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'940'060 0.25 (1'022'494) 31.01.2013 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 4'553'664 0.23 (6'792'748) 30.11.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'471'621 0.22 (16'517'402) 31.12.2012 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 4'387'057 0.22 137'407 15.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 3'863'245 0.19 254'908 31.05.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'154'858 0.16 (1'125'000) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 14 12 month 18.03.2013
DZ Bank AG MARC NETTELBECK hold 3 M 14 12 month 18.03.2013
RBC Capital Markets JOHN MUSK underperform 1 M 11 12 month 15.03.2013
Kepler Capital Markets INGO BECKER hold 3 M 13 Not Provided 15.03.2013
Societe Generale ALBERTO PONTI hold 3 M 13 12 month 14.03.2013
HSBC ADAM DICKENS underweight 1 M 11 Not Provided 14.03.2013
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 17 12 month 14.03.2013
S&P Capital IQ CLIVE ROBERTS buy 5 M 15 12 month 14.03.2013
Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 12 Not Provided 14.03.2013
Grupo Santander OSCAR NAJAR RIOS hold 3 M 16 12 month 13.03.2013
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 14 6 month 13.03.2013
Nord/LB HEINO HAMMANN hold 3 M 13 12 month 13.03.2013
Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.03.2013
Independent Research GmbH SVEN DIERMEIER sell 1 M 11 12 month 13.03.2013
Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 21 12 month 11.03.2013
AlphaValue EILEEN RYAN buy 5 M 18 6 month 07.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 14 12 month 15.02.2013
JPMorgan VINCENT DE BLIC underweight 1 M 13 9 month 06.02.2013
Berenberg Bank ROBERT CHANTRY sell 1 N 12 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 15 12 month 04.02.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 13 Not Provided 01.02.2013
Deutsche Bank ALEXANDER KARNICK sell 1 M 13 12 month 31.01.2013
Morgan Stanley BOBBY CHADA Underwt/In-Line 1 M 11 12 month 31.01.2013
Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 12 12 month 31.01.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 D #N/A N/A Not Provided 31.01.2013
Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 11 12 month 31.01.2013
Natixis PHILIPPE OURPATIAN reduce 2 M 12 Not Provided 31.01.2013
Nomura MARTIN YOUNG reduce 2 M 14 12 month 31.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013
Credit Suisse VINCENT GILLES underperform 1 M 11 Not Provided 30.01.2013
Barclays PETER BISZTYGA equalweight 3 M 15 Not Provided 25.01.2013
Main First Bank AG ANDREAS THIELEN outperform 5 M 17 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Redburn Partners AHMED FARMAN neutral 3 M #N/A N/A Not Provided 14.11.2012
CA Cheuvreux SEBASTIAN KAUFFMANN underperform 1 M 17 Not Provided 14.08.2012
Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 14.03.2012
Holdings By:
E.ON SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
European Aeronautic Defence and Space Company manufactures airplanes and
military equipment. The Company produces commercial aircraft including the
Airbus, military fighter aircraft, military and commercial helicopters,
missiles, satellites, and telecommunications and defense systems, and offers
military and commercial aircraft conversion and maintenance services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 42.59
52-Week Low (23.11.2012) 24.26
Daily Volume
41.83
52-Week High % Change -1.82% Dividend Yield -
52-Week Low % Change 72.46% Beta 0.75
% 52 Week Price Range High/Low 100.00% Equity Float 424.89
Shares Out 08.03.2013 829.0 Short Int -
34'675.70 1 Yr Total Return 36.86%
Total Debt 4'779.00 YTD Return 41.80%
Preferred Stock 0.0 Adjusted BETA 0.749
Minority Interest 25.0 Analyst Recs 31
Cash and Equivalents 11'084.00 Consensus Rating 4.323
Enterprise Value 28'395.70
Average Volume 5 Day 7'199'118
EAD FP EQUITY YTD Change - Average Volume 30 Day 3'045'430
EAD FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'527'325
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
43'265.0 42'822.0 45'752.0 49'128.0 56'480.0 49'128.0 56'480.0 58'727.4 62'637.6 11'786.3 14'051.0
0.09x 0.13x 0.17x 0.31x 0.32x 1.04x 1.39x 0.52x 0.48x - -
4'136.0 1'236.0 2'500.0 3'172.0 3'927.0 3'381.0 3'987.0 5'510.0 6'453.2 1'078.0 1'321.0
0.89x 4.62x 3.02x 4.81x 4.58x 4.51x 4.51x 5.13x 4.38x 5.14x -
1'572.0 (763.0) 553.0 1'033.0 1'228.0 1'033.0 1'228.0 2'108.7 2'691.5 373.0 489.0
6.17x - 25.65x 19.02x 19.67x 19.00x 19.73x 15.56x 11.59x 15.78x 15.90x
EBITDA 3'927.00 Long-Term Rating Date 22.09.2010
EBIT 1'890.00 Long-Term Rating A-
Operating Margin 3.35% Long-Term Outlook POS
Pretax Margin 2.97% Short-Term Rating Date 02.10.2012
Return on Assets 1.36% Short-Term Rating A-1
Return on Common Equity 12.75%
Return on Capital 11.04% EBITDA/Interest Exp. 7.52
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 1.26
Net Debt/EBITDA -1.58
Gross Margin 14.0% Total Debt/EBITDA 1.20
EBITDA Margin 7.1%
EBIT Margin 3.4% Total Debt/Equity 45.9%
Net Income Margin 2.2% Total Debt/Capital 31.4%
Asset Turnover 0.63
Current Ratio 0.93 Net Fixed Asset Turnover 3.83
Quick Ratio 0.37 Accounts receivable turnover-days 42.72
Debt to Assets 5.19% Inventory Days 172.57
Tot Debt to Common Equity 45.91% Accounts Payable Turnover Day 72.71
Accounts Receivable Turnover 8.57 Cash Conversion Cycle 142.58
Inventory Turnover 2.12
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
European Aeronautic Defence and Space Co NVPrice/Volume
Valuation Analysis
3'925'809.00
Current Price (3/dd/yy) Market Data
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0! ! 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOGEADE n/a Research 183'337'704 22.12 - 11.12.2012 Holding Company
DAIMLERCHRYSLER AERO n/a Research 122'225'136 14.74 (61'096'851) 11.12.2012 Corporation
SOCIEDAD ESTATAL DE n/a Research 44'690'871 5.39 - 11.12.2012 Holding Company
FEDERAL REPUBLIC OF n/a Research 22'725'182 2.74 - 06.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 22'700'810 2.74 3'758 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 22'605'402 2.73 472'675 14.03.2013 Investment Advisor
CAISSE DES DEPOTS ET n/a RNS-RUL8 15'584'382 1.88 - 25.09.2012 Government
AMUNDI SA n/a RNS-RUL8 15'385'347 1.86 (2'721) 10.10.2012 Other
VANGUARD GROUP INC n/a RNS-RUL8 12'117'860 1.46 3'341 09.10.2012 Investment Advisor
VIKING GLOBAL INVEST n/a RNS-RUL8 11'930'093 1.44 (1'079'438) 10.10.2012 Hedge Fund Manager
OLD MUTUAL n/a ULT-AGG 9'406'422 1.13 (41'413) 31.01.2013 Unclassified
OPPENHEIMERFUNDS INC n/a RNS-RUL8 9'211'702 1.11 (9'990) 05.10.2012 Investment Advisor
STATE STREET n/a ULT-AGG 8'701'420 1.05 18'091 15.03.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'140'559 0.86 (82'012) 31.01.2013 Mutual Fund Manager
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'266'690 0.76 60'000 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'590'746 0.55 (24'565) 31.01.2013 Investment Advisor
INVESCO LTD n/a RNS-RUL8 3'879'592 0.47 - 13.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'768'880 0.33 (65'726) 31.01.2013 Investment Advisor
BARCLAYS CAPITAL SEC n/a RNS-RUL8 2'644'421 0.32 (833'201) 10.10.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'581'514 0.31 (27'533) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 43 12 month 18.03.2013
Landesbank Baden-Wuerttemberg STEFAN MAICHL buy 5 M 48 Not Provided 14.03.2013
RBC Capital Markets ROBERT STALLARD sector perform 3 D 43 12 month 13.03.2013
AlphaValue THOMAS PICHERIT buy 5 U 51 6 month 13.03.2013
Barclays CARTER COPELAND overweight 5 M 49 Not Provided 11.03.2013
Jefferies SANDY MORRIS buy 5 M 45 12 month 08.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 08.03.2013
Credit Suisse OLIVER SLEATH neutral 3 N 40 Not Provided 06.03.2013
S&P Capital IQ UNAI FRANCO buy 5 M 45 12 month 05.03.2013
Nord/LB WOLFGANG DONIE hold 3 M 38 12 month 04.03.2013
Day by Day VALERIE GASTALDY buy 5 M 44 3 month 04.03.2013
Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 46 12 month 01.03.2013
Investec ANDREW GOLLAN buy 5 M 46 12 month 01.03.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 47 12 month 01.03.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY sell 1 M 27 Not Provided 01.03.2013
Exane BNP Paribas OLIVIER BROCHET outperform 5 M 48 Not Provided 01.03.2013
Societe Generale ZAFAR KHAN buy 5 M 42 12 month 28.02.2013
Deutsche Bank BEN FIDLER buy 5 M 48 12 month 28.02.2013
Bankhaus Lampe SEBASTIAN HEIN buy 5 M 43 Not Provided 28.02.2013
Oddo & Cie YAN DEROCLES buy 5 M 44 Not Provided 28.02.2013
DZ Bank AG MARKUS TURNWALD buy 5 M 42 12 month 28.02.2013
Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 44 6 month 27.02.2013
JPMorgan DAVID H. PERRY overweight 5 M 48 9 month 27.02.2013
CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX select list 5 M 42 Not Provided 27.02.2013
CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX reduce 2 M 27 12 month 27.02.2013
Kepler Capital Markets CHRISTOPHE MENARD buy 5 M 42 Not Provided 27.02.2013
Natixis ERIC CHADEYRAS buy 5 M 41 Not Provided 01.02.2013
Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 22.01.2013
Gabelli & Co JAMES FOUNG hold 3 M #N/A N/A Not Provided 10.10.2011
Holdings By:
European Aeronautic Defence and Space Co NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Enel S.p.A. generates, transmits, distributes, and trades electricity. The
Company operates hydroelectric, geothermal, and other generating plants. Enel,
through subsidiaries, also provides fixed-line and mobile telephone services,
installs public lighting systems, and operates real estate, factoring,
insurance, telecommunications, and Internet service provider businesses.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 3.30
52-Week Low (24.07.2012) 2.02
Daily Volume
2.596
52-Week High % Change -21.39% Dividend Yield -
52-Week Low % Change 28.51% Beta 0.98
% 52 Week Price Range High/Low 46.72% Equity Float 6'465.37
Shares Out 31.12.2012 9'403.4 Short Int -
24'411.12 1 Yr Total Return -2.79%
Total Debt 66'539.00 YTD Return -17.27%
Preferred Stock 0.0 Adjusted BETA 0.977
Minority Interest 16'387.0 Analyst Recs 31
Cash and Equivalents 9'891.00 Consensus Rating 3.290
Enterprise Value 97'446.12
Average Volume 5 Day 65'129'690
ENEL IM EQUITY YTD Change - Average Volume 30 Day 44'490'840
ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 41'908'280
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
59'577.0 62'498.0 71'943.0 77'573.0 82'699.0 77'573.0 82'699.0 79'890.7 80'942.9 - -
1.53x 1.85x 1.56x 1.34x 1.24x 5.64x 4.86x 1.03x 0.98x - -
13'722.0 15'883.0 16'768.0 17'198.0 16'150.0 17'198.0 16'150.0 16'182.5 16'397.4 - -
6.63x 7.29x 6.68x 6.03x 6.35x 6.03x 6.35x 6.02x 5.94x - -
5'293.0 5'586.0 4'390.0 4'148.0 865.0 4'148.0 865.0 3'213.0 3'369.3 - -
5.54x 5.90x 8.01x 7.13x 34.87x 7.08x 34.87x 7.75x 7.31x - -
EBITDA 16'150.00 Long-Term Rating Date 08.03.2012
EBIT 7'735.00 Long-Term Rating BBB+
Operating Margin 9.35% Long-Term Outlook NEG
Pretax Margin 5.83% Short-Term Rating Date 14.12.2007
Return on Assets 0.51% Short-Term Rating A-2
Return on Common Equity 2.29%
Return on Capital - EBITDA/Interest Exp. 6.25
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.72
Net Debt/EBITDA 3.51
Gross Margin - Total Debt/EBITDA 4.12
EBITDA Margin 19.5%
EBIT Margin 9.4% Total Debt/Equity 181.0%
Net Income Margin 1.0% Total Debt/Capital 55.6%
Asset Turnover 0.48
Current Ratio 1.09 Net Fixed Asset Turnover 1.01
Quick Ratio 0.61 Accounts receivable turnover-days 51.53
Debt to Assets 38.76% Inventory Days -
Tot Debt to Common Equity 180.96% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.10 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Enel SpAPrice/Volume
Valuation Analysis
29'572'971.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTERO DELL'ECONO n/a EXCH 2'937'984'993 31.24 - 20.11.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 120'746'699 1.28 2'529'990 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 99'401'141 1.06 668'841 14.03.2013 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 78'166'519 0.83 (3'333'832) 30.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 30'472'329 0.32 5'867'400 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 18'511'040 0.2 (309'981) 14.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 13'120'169 0.14 6'820'235 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 13'086'111 0.14 1'160'377 31.12.2012 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 12'645'186 0.13 - 28.12.2012 Mutual Fund Manager
STATE STREET BANQUE Multiple Portfolios MF-AGG 9'435'950 0.1 775'170 31.01.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 9'331'460 0.1 309'230 31.01.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 9'040'374 0.1 120'251 31.01.2013 Mutual Fund Manager
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 8'055'396 0.09 61'977 31.12.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 7'912'096 0.08 (241'490) 28.09.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'830'955 0.08 23'874 31.01.2013 Mutual Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'123'096 0.08 3'250'432 28.12.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'997'145 0.07 39'692 15.03.2013 Investment Advisor
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 6'929'768 0.07 - 31.01.2013 Mutual Fund Manager
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 5'732'826 0.06 185'790 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 5'710'733 0.06 (1'361'203) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 15.03.2013
Grupo Santander OSCAR NAJAR RIOS buy 5 M 4 12 month 14.03.2013
Societe Generale ALBERTO PONTI buy 5 M 3 12 month 14.03.2013
Banca IMI ROBERTO RANIERI Under Review #N/A N/A M #N/A N/A Not Provided 14.03.2013
HSBC ADAM DICKENS underweight 1 M 3 Not Provided 14.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 3 12 month 14.03.2013
ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 14.03.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 M 3 Not Provided 14.03.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 14.03.2013
Exane BNP Paribas PHILIP GOTTSCHALK underperform 1 M 3 Not Provided 14.03.2013
Morgan Stanley ANNA MARIA SCAGLIA Equalwt/In-Line 3 M 3 12 month 13.03.2013
Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.03.2013
Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 13.03.2013
Kepler Capital Markets CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 13.03.2013
Goldman Sachs DARIO CARRADORI neutral/neutral 3 M 4 12 month 11.03.2013
JPMorgan JAVIER GARRIDO neutral 3 M 3 Not Provided 07.03.2013
AlphaValue MYRIAM COHEN buy 5 M 4 6 month 07.03.2013
Credit Suisse STEFANO BEZZATO neutral 3 M 3 Not Provided 05.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.02.2013
Centrobanca EDOARDO MONTALBANO hold 3 M 3 Not Provided 08.02.2013
Nomura JAVIER SUAREZ reduce 2 M 3 12 month 08.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 3 12 month 06.02.2013
Berenberg Bank ANDREW FISHER hold 3 N 3 Not Provided 05.02.2013
S&P Capital IQ CLIVE ROBERTS buy 5 M 3 12 month 05.02.2013
Barclays SUSANNA INVERNIZZI equalweight 3 M 4 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 30.11.2012
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 3 Not Provided 09.03.2012
Hammer Partners SA CHRIS MOORE sell 1 D #N/A N/A Not Provided 08.03.2012
DZ Bank AG HASIM SENGUEL hold 3 M 3 12 month 18.11.2011
Holdings By:
Enel SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North
Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces
natural gas and imports it for sale in Italy and elsewhere in Europe. Eni
transports natural gas in pipelines. The Company generates and trades
electricity, refines oil, and operates gasoline service stations.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.01.2013) 19.59
52-Week Low (25.07.2012) 14.94
Daily Volume
17.94
52-Week High % Change -8.42% Dividend Yield -
52-Week Low % Change 20.08% Beta 0.86
% 52 Week Price Range High/Low 70.75% Equity Float 2'532.64
Shares Out 31.12.2012 3'634.2 Short Int -
65'197.29 1 Yr Total Return 3.21%
Total Debt 24'463.00 YTD Return -2.18%
Preferred Stock 0.0 Adjusted BETA 0.857
Minority Interest 3'514.0 Analyst Recs 38
Cash and Equivalents 8'066.00 Consensus Rating 4.105
Enterprise Value 85'108.29
Average Volume 5 Day 15'740'870
ENI IM EQUITY YTD Change - Average Volume 30 Day 13'955'330
ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 12'452'850
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
108'082.0 83'227.0 98'523.0 109'589.0 127'271.0 108'740.0 127'271.0 120'357.0 122'586.8 32'692.3 31'567.7
0.74x 1.10x 0.91x 0.83x 0.68x 3.31x 2.95x 0.68x 0.67x 2.52x 2.64x
26'939.0 20'817.0 24'992.0 25'732.0 24'564.0 25'213.0 24'564.0 28'666.7 29'802.1 7'530.0 7'527.0
2.98x 4.39x 3.58x 3.53x 3.52x 3.60x 3.52x 2.97x 2.86x 2.83x 2.76x
8'825.0 4'367.0 6'318.0 6'860.0 7'788.0 6'860.0 8'673.0 7'109.5 7'630.2 1'871.0 1'838.0
6.89x 14.71x 9.39x 8.47x 16.38x 8.45x 7.66x 9.18x 8.65x 9.48x 8.63x
EBITDA 24'564.00 Long-Term Rating Date 17.01.2012
EBIT 15'026.00 Long-Term Rating A
Operating Margin 11.81% Long-Term Outlook NEG
Pretax Margin 13.04% Short-Term Rating Date 19.05.2010
Return on Assets 6.12% Short-Term Rating A-1
Return on Common Equity 15.13%
Return on Capital - EBITDA/Interest Exp. 27.91
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 15.26
Net Debt/EBITDA 0.67
Gross Margin - Total Debt/EBITDA 1.00
EBITDA Margin 19.3%
EBIT Margin 11.8% Total Debt/Equity 41.3%
Net Income Margin 6.1% Total Debt/Capital 28.1%
Asset Turnover 0.90
Current Ratio 1.44 Net Fixed Asset Turnover 1.86
Quick Ratio 0.23 Accounts receivable turnover-days -
Debt to Assets 17.43% Inventory Days -
Tot Debt to Common Equity 41.32% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Eni SpAPrice/Volume
Valuation Analysis
8'294'946.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CASSA DEPOSITI E PRE n/a EXCH 958'298'322 26.37 - 20.11.2012 Other
MINISTERO DELL'ECONO n/a EXCH 142'968'850 3.93 - 20.11.2012 Government
BLACKROCK n/a ULT-AGG 64'405'013 1.77 1'036'639 14.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 52'399'753 1.44 (1'393'174) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 50'558'786 1.39 999'327 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 44'489'000 1.22 1'853'508 31.12.2012 Investment Advisor
BNP PARIBAS ARBITRAG n/a EXCH 41'175'319 1.13 - 20.11.2012 Investment Advisor
BNP PARIBAS SA n/a EXCH 28'455'671 0.78 - 20.11.2012 Bank
ABERDEEN n/a ULT-AGG 16'472'100 0.45 (210'232) 28.02.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'165'115 0.33 848'857 31.12.2012 Investment Advisor
BNP PARIBAS SEC SERV n/a EXCH 11'484'026 0.32 - 20.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 10'538'597 0.29 (5'148'586) 31.12.2012 Investment Advisor
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 9'887'544 0.27 (17'162) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'214'808 0.25 410'494 31.01.2013 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 8'281'090 0.23 (130'152) 14.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'859'973 0.19 1'748'290 31.01.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'925'800 0.16 (1'437'700) 31.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 5'679'489 0.16 463'987 31.01.2013 Unclassified
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'385'693 0.15 996'578 31.01.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'172'282 0.14 1'009'050 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse KIM FUSTIER outperform 5 M 21 Not Provided 18.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 20 Not Provided 18.03.2013
Societe Generale IRENE HIMONA hold 3 M 19 12 month 15.03.2013
Mediobanca SpA ANDREA SCAURI outperform 5 M 22 Not Provided 15.03.2013
Banca IMI ROBERTO RANIERI add 4 M #N/A N/A Not Provided 15.03.2013
Raymond James BERTRAND HODEE outperform 5 M 21 Not Provided 15.03.2013
Macquarie MARC B KOFLER outperform 5 M 21 12 month 15.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 20 12 month 15.03.2013
Equita SIM SpA ROBERTO LETIZIA buy 5 M 22 12 month 15.03.2013
Banca Akros(ESN) DARIO MICHI buy 5 M 23 12 month 15.03.2013
Canaccord Genuity Corp GORDON GRAY sell 1 M 17 12 month 15.03.2013
Natixis ANNE PUMIR neutral 3 M 20 Not Provided 15.03.2013
Barclays RAHIM KARIM overweight 5 M 21 Not Provided 15.03.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 21 12 month 14.03.2013
Jefferies IAIN REID buy 5 M 22 12 month 14.03.2013
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 20 12 month 14.03.2013
Nomura THEEPAN JOTHILINGAM buy 5 M 19 12 month 14.03.2013
JPMorgan NITIN SHARMA overweight 5 M 22 3 month 13.03.2013
Grupo Santander JASON KENNEY buy 5 M 21 Not Provided 12.03.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 23 12 month 12.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 18 6 month 07.03.2013
VTB Capital COLIN SMITH hold 3 M 19 12 month 01.03.2013
HSBC PAUL SPEDDING neutral 3 M 19 Not Provided 28.02.2013
Kepler Capital Markets ENRICO COCO hold 3 M 18 Not Provided 18.02.2013
Investec STUART JOYNER hold 3 U 16 12 month 15.02.2013
Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 21 12 month 15.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 12 month 15.02.2013
Day by Day VALERIE GASTALDY buy 5 M 20 3 month 14.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 20 Not Provided 09.01.2013
Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 U 20 12 month 27.11.2012
Hamburger Sparkasse INGO SCHMIDT hold 3 U #N/A N/A Not Provided 30.10.2012
Deutsche Bank MARK BLOOMFIELD buy 5 M 21 12 month 29.08.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 M 21 Not Provided 13.08.2012
Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010
Holdings By:
Eni SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Essilor International SA manufactures and sells plastic and glass ophthalmic
lenses. These include the Ormex, Transitions, Varilux, Essilor, Airwear, and
Crizal lenses. Essilor sells its products internationally.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.03.2013) 88.46
52-Week Low (23.04.2012) 63.62
Daily Volume
85.96
52-Week High % Change -2.86% Dividend Yield -
52-Week Low % Change 35.11% Beta 0.54
% 52 Week Price Range High/Low 100.00% Equity Float 197.12
Shares Out 14.01.2013 214.7 Short Int -
18'457.68 1 Yr Total Return 34.68%
Total Debt 916.25 YTD Return 13.08%
Preferred Stock 0.0 Adjusted BETA 0.541
Minority Interest 256.6 Analyst Recs 23
Cash and Equivalents 666.74 Consensus Rating 3.696
Enterprise Value 18'963.76
Average Volume 5 Day 705'509
EI FP EQUITY YTD Change - Average Volume 30 Day 614'638
EI FP EQUITY YTD % CHANGE - Average Volume 3 Month 516'719
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'074.4 3'268.0 3'891.6 4'189.5 4'988.8 3'333.4 4'518.6 5'359.5 5'805.9 - -
2.30x 2.68x 2.68x 2.87x 3.37x 0.00x 0.00x 3.50x 3.18x - -
696.7 754.4 900.2 919.3 1'095.4 0.0 0.0 1'170.3 1'280.3 - -
10.16x 11.63x 11.58x 13.09x 15.36x 0.00x 0.00x 16.20x 14.81x - -
382.4 390.7 462.0 505.6 584.0 0.0 0.0 649.9 715.4 - -
18.15x 22.09x 21.90x 22.36x 27.15x 0.00x 0.00x 27.76x 25.18x - -
EBITDA 1'095.35 Long-Term Rating Date -
EBIT 865.73 Long-Term Rating -
Operating Margin 17.35% Long-Term Outlook -
Pretax Margin 16.79% Short-Term Rating Date -
Return on Assets 8.94% Short-Term Rating -
Return on Common Equity 16.71%
Return on Capital 14.08% EBITDA/Interest Exp. 45.52
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 35.54
Net Debt/EBITDA 0.23
Gross Margin 55.8% Total Debt/EBITDA 0.84
EBITDA Margin 22.0%
EBIT Margin 17.4% Total Debt/Equity 25.0%
Net Income Margin 11.7% Total Debt/Capital 18.9%
Asset Turnover 0.76
Current Ratio 1.51 Net Fixed Asset Turnover 5.10
Quick Ratio 0.36 Accounts receivable turnover-days 84.68
Debt to Assets 13.27% Inventory Days 131.44
Tot Debt to Common Equity 25.01% Accounts Payable Turnover Day 154.58
Accounts Receivable Turnover 4.32 Cash Conversion Cycle -
Inventory Turnover 2.78
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
Cie Generale d'Optique Essilor International SAPrice/Volume
Valuation Analysis
810'569.00
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FCPE VALOPTEC INTERN n/a Co File 6'263'487 2.92 - 31.12.2011 n/a
CIE GENERALE D'OPTIQ n/a Co File 5'363'126 2.5 - 31.12.2011 Corporation
FCPE GROUPE ESSILOR n/a Co File 5'269'233 2.45 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'142'831 2.4 (20'616) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'201'430 1.96 - 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'747'995 1.75 226'402 31.01.2013 Mutual Fund Manager
FMR LLC n/a ULT-AGG 3'360'016 1.56 (208'426) 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'844'588 1.32 (511'731) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'833'718 1.32 (645'945) 14.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'790'407 0.83 (107'690) 28.02.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 959'216 0.45 (68'200) 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 938'921 0.44 74'350 31.12.2012 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 887'486 0.41 57'290 31.01.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 878'922 0.41 16'921 30.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 870'680 0.41 (179'060) 31.12.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 668'435 0.31 131'153 31.01.2013 Investment Advisor
SARASIN n/a ULT-AGG 637'895 0.3 (38'446) 31.01.2013 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 620'803 0.29 18'487 15.03.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 618'667 0.29 (10'353) 14.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 608'800 0.28 (3'800) 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI HUBERT D'AILLIERES buy 5 M 92 Not Provided 15.03.2013
Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 75 12 month 12.03.2013
HSBC SOPHIE DARGNIES overweight 5 M 94 Not Provided 08.03.2013
Berenberg Bank BASSEL CHOUGHARI hold 3 M 77 Not Provided 06.03.2013
Raymond James MARC WILLAUME outperform 5 M 83 12 month 05.03.2013
Barclays ALEXANDER KLEBAN overweight 5 M 89 Not Provided 05.03.2013
AlphaValue ARMELLE MOULIN reduce 2 M 75 6 month 05.03.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 73 12 month 04.03.2013
Societe Generale MARIE-LINE FORT hold 3 M 83 12 month 01.03.2013
Jefferies INGEBORG OIE hold 3 M 75 12 month 01.03.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 85 6 month 01.03.2013
Main First Bank AG MOURAD LAHMIDI outperform 5 N 95 12 month 01.03.2013
Exane BNP Paribas JULIEN DORMOIS neutral 3 M 78 Not Provided 01.03.2013
Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 60 12 month 28.02.2013
Kepler Capital Markets CLAIRE DERAY reduce 2 M 70 Not Provided 28.02.2013
S&P Capital IQ JACOB THRANE strong buy 5 M 92 12 month 28.02.2013
Redburn Partners PASCAL HAUTCOEUR buy 5 U #N/A N/A Not Provided 22.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013
Natixis STEPHANE SUMAR buy 5 M 90 Not Provided 10.01.2013
Day by Day VALERIE GASTALDY buy 5 M 82 3 month 11.12.2012
CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 15.03.2012
Holdings By:
Cie Generale d'Optique Essilor International SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
France Telecom SA provides telecommunications services to residential,
professional, and large business customers. The Company offers public
fixed-line telephone, leased lines and data transmission, mobile
telecommunications, cable television, Internet and wireless applications, and
broadcasting services, and telecommunications equipment sales and rentals.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.03.2012) 11.72
52-Week Low (01.03.2013) 7.20
Daily Volume
8.392
52-Week High % Change -28.43% Dividend Yield -
52-Week Low % Change 16.51% Beta 0.87
% 52 Week Price Range High/Low 28.87% Equity Float 2'273.08
Shares Out 31.12.2012 2'648.9 Short Int -
22'229.45 1 Yr Total Return -15.50%
Total Debt 39'214.00 YTD Return 0.64%
Preferred Stock 0.0 Adjusted BETA 0.868
Minority Interest 2'078.0 Analyst Recs 37
Cash and Equivalents 8'462.00 Consensus Rating 3.054
Enterprise Value 55'059.45
Average Volume 5 Day 17'004'350
FTE FP EQUITY YTD Change - Average Volume 30 Day 12'835'290
FTE FP EQUITY YTD % CHANGE - Average Volume 3 Month 10'846'520
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
46'712.0 44'845.0 45'503.0 45'277.0 43'515.0 45'277.0 43'515.0 42'087.7 41'461.4 10'817.4 -
1.92x 1.82x 1.64x 1.42x 1.26x 0.00x 0.00x 1.28x 1.27x - -
17'300.0 14'480.0 15'291.0 15'019.0 12'374.0 0.0 0.0 12'886.5 12'525.5 3'105.2 -
5.18x 5.64x 4.89x 4.29x 4.42x 0.00x 0.00x 4.27x 4.39x - -
4'073.0 3'018.0 4'880.0 3'895.0 820.0 0.0 0.0 2'933.8 2'838.5 - -
14.20x 16.37x 10.83x 8.26x 26.90x 0.00x 0.00x 7.63x 7.85x - -
EBITDA 12'374.00 Long-Term Rating Date 27.02.2013
EBIT 6'045.00 Long-Term Rating A- *-
Operating Margin 13.89% Long-Term Outlook -
Pretax Margin 5.37% Short-Term Rating Date 14.05.2003
Return on Assets 0.88% Short-Term Rating A-2
Return on Common Equity 3.16%
Return on Capital 2.88% EBITDA/Interest Exp. 6.99
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 3.17
Net Debt/EBITDA 2.49
Gross Margin - Total Debt/EBITDA 3.17
EBITDA Margin 28.4%
EBIT Margin 13.9% Total Debt/Equity 161.3%
Net Income Margin 1.9% Total Debt/Capital 59.8%
Asset Turnover 0.47
Current Ratio 0.65 Net Fixed Asset Turnover 1.84
Quick Ratio 0.53 Accounts receivable turnover-days 40.12
Debt to Assets 43.58% Inventory Days -
Tot Debt to Common Equity 161.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.12 Cash Conversion Cycle -
Inventory Turnover -
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
France Telecom SAPrice/Volume
Valuation Analysis
8'284'413.00
Current Price (3/dd/yy) Market Data
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30'000.0
40'000.0
50'000.0
60'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Research 360'248'428 13.6 - 08.03.2013 Government
SOCIETE GENERALE n/a Research 132'135'951 4.99 (27'339'807) 16.05.2012 Bank
AMUNDI n/a Research 129'217'007 4.88 (3'894'321) 11.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 38'053'493 1.44 4'937'505 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 30'516'336 1.15 2'318'978 31.01.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 27'442'754 1.04 (33'623) 14.03.2013 Investment Advisor
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 23'220'120 0.88 (948'834) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 16'710'250 0.63 1'541'187 31.12.2012 Investment Advisor
FRANCE TELECOM SA n/a Co File 15'456'045 0.58 - 31.12.2011 Corporation
DNCA FINANCE Multiple Portfolios MF-AGG 13'910'873 0.53 (368'000) 28.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 11'401'463 0.43 (255'991) 31.12.2012 Mutual Fund Manager
LBPAM Multiple Portfolios MF-AGG 7'761'976 0.29 (527'072) 31.12.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 7'460'542 0.28 (2'123) 28.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 6'358'665 0.24 34'421 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'620'725 0.21 (94'134) 14.03.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'174'475 0.2 (26'670) 30.11.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'580'800 0.17 (9'177'060) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'211'079 0.16 - 31.07.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'775'370 0.14 - 15.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'716'633 0.14 (59'716) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale STEPHANE SCHLATTER hold 3 M 9 12 month 15.03.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 7 12 month 15.03.2013
Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 10 12 month 14.03.2013
Nomura FREDERIC BOULAN neutral 3 M 8 12 month 14.03.2013
Exane BNP Paribas ANTOINE PRADAYROL outperform 5 M 10 Not Provided 08.03.2013
Oddo & Cie VINCENT MAULAY neutral 3 M 11 Not Provided 07.03.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 16 6 month 07.03.2013
Berenberg Bank STUART GORDON hold 3 M 8 Not Provided 06.03.2013
Kepler Capital Markets JAVIER BORRACHERO hold 3 M 8 Not Provided 06.03.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 28.02.2013
JPMorgan HANNES C WITTIG underweight 1 M 7 9 month 26.02.2013
Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 M 12 Not Provided 22.02.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 M 14 Not Provided 21.02.2013
Nord/LB WOLFGANG DONIE buy 5 M 10 12 month 21.02.2013
Macquarie GUY R PEDDY outperform 5 M 12 12 month 21.02.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 21.02.2013
Barclays JONATHAN DANN underweight 1 M 9 Not Provided 21.02.2013
Goldman Sachs ANDREW LEE Sell/Neutral 1 M 8 12 month 20.02.2013
Jefferies JEREMY A DELLIS buy 5 M 12 12 month 20.02.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 10 12 month 20.02.2013
S&P Capital IQ ALEXANDER WISCH sell 1 M 7 12 month 20.02.2013
New Street Research RUSSELL WALLER buy 5 M 10 Not Provided 20.02.2013
Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 12 month 15.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 D 7 Not Provided 07.02.2013
HSBC NICOLAS COTE-COLISSON overweight 5 M 11 Not Provided 31.01.2013
Credit Suisse JAKOB BLUESTONE neutral 3 M 9 Not Provided 24.01.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 13.12.2012
CM - CIC Securities(ESN) JEAN-MICHEL KOSTER hold 3 U 9 12 month 26.11.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.11.2012
Deutsche Bank MATTHEW BLOXHAM hold 3 M 10 12 month 26.10.2012
Natixis BENOIT MAYNARD buy 5 M 14 Not Provided 26.10.2012
CA Cheuvreux PETER KURT NIELSEN underperform 1 M 12 Not Provided 26.09.2012
Raymond James STEPHANE BEYAZIAN market perform 3 M 14 Not Provided 07.09.2012
Fincorp SAOG GAURAV RAMAIYA buy 5 M 15 Not Provided 23.10.2011
Holdings By:
France Telecom SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
GDF Suez offers a full range of electricity, gas and associated energy and
environment services throughout the world. The Company produces, trades,
transports, stores and distributes natural gas, and offers energy management and
climatic and thermal engineering services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.08.2012) 20.35
52-Week Low (01.03.2013) 14.05
Daily Volume
14.64
52-Week High % Change -28.08% Dividend Yield 10.25
52-Week Low % Change 4.20% Beta 1.06
% 52 Week Price Range High/Low 8.81% Equity Float 1'388.04
Shares Out 31.12.2012 2'412.8 Short Int -
35'323.75 1 Yr Total Return -20.61%
Total Debt 57'552.00 YTD Return -6.00%
Preferred Stock 0.0 Adjusted BETA 1.059
Minority Interest 11'462.0 Analyst Recs 29
Cash and Equivalents 11'383.00 Consensus Rating 3.276
Enterprise Value 92'954.75
Average Volume 5 Day 4'967'476
GSZ FP EQUITY YTD Change - Average Volume 30 Day 4'790'175
GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'601'817
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 12/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3
67'923.8 79'908.0 84'478.0 90'673.0 97'038.0 89'792.0 97'038.0 81'071.2 81'211.7 - 20'325.0
1.64x 1.32x 1.24x 1.18x 0.97x 0.00x 0.00x 1.01x 0.98x - -
9'605.7 13'781.0 15'918.0 16'071.0 18'401.0 0.0 0.0 14'095.7 14'243.0 - 3'489.8
11.61x 7.63x 6.59x 6.64x 5.13x 0.00x 0.00x 6.59x 6.52x - -
4'857.1 4'477.0 4'616.0 4'003.0 1'550.0 0.0 0.0 3'229.8 3'363.7 - -
11.85x 14.77x 12.79x 11.73x 22.90x 0.00x 0.00x 10.80x 10.41x - -
EBITDA 18'401.00 Long-Term Rating Date 29.01.2013
EBIT 9'520.00 Long-Term Rating A *-
Operating Margin 9.81% Long-Term Outlook -
Pretax Margin 4.96% Short-Term Rating Date 29.01.2013
Return on Assets 0.74% Short-Term Rating A-1 *-
Return on Common Equity 2.53%
Return on Capital 3.13% EBITDA/Interest Exp. 7.47
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 3.74
Net Debt/EBITDA 2.51
Gross Margin - Total Debt/EBITDA 3.13
EBITDA Margin 19.0%
EBIT Margin 9.8% Total Debt/Equity 96.3%
Net Income Margin 1.6% Total Debt/Capital 44.7%
Asset Turnover 0.46
Current Ratio 1.07 Net Fixed Asset Turnover 1.10
Quick Ratio 0.65 Accounts receivable turnover-days 91.09
Debt to Assets 28.01% Inventory Days -
Tot Debt to Common Equity 96.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.03 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
GDF SuezPrice/Volume
Valuation Analysis
2'573'373.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Co File 810'927'246 33.61 - 31.12.2011 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 209'718'616 8.69 (12'226'130) 31.12.2012 Investment Advisor
GROUPE BRUXELLES LAM n/a Research 116'911'820 4.85 - 15.03.2012 Holding Company
CAISSE DES DEPOTS ET n/a Co File 45'051'514 1.87 - 31.12.2011 Government
GDF SUEZ n/a Co File 38'293'787 1.59 - 31.12.2011 Corporation
CNP ASSURANCES n/a Co File 24'778'333 1.03 - 31.12.2011 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'983'907 0.99 639'284 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 21'353'850 0.89 (301'631) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 21'300'434 0.88 1'415'274 14.03.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 20'234'355 0.84 (1'618'965) 31.01.2013 Mutual Fund Manager
SOFINA SA n/a Co File 13'515'454 0.56 - 31.12.2011 Holding Company
BNP PARIBAS INV PART n/a ULT-AGG 12'206'447 0.51 233'493 31.12.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 10'301'897 0.43 (349'199) 30.11.2012 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 9'286'222 0.38 282'671 30.06.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 9'130'000 0.38 602'100 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 8'811'951 0.37 134'083 31.12.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 6'360'558 0.26 (1'446) 28.02.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'948'780 0.21 (698'442) 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 4'403'750 0.18 (69'223) 14.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'229'692 0.18 (10'748'086) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC ADAM DICKENS underweight 1 M 14 Not Provided 14.03.2013
Grupo Santander OSCAR NAJAR RIOS hold 3 M 17 Not Provided 12.03.2013
Goldman Sachs ANDREW MEAD Buy/Neutral 5 M 25 12 month 12.03.2013
Nomura MARTIN YOUNG neutral 3 M 19 Not Provided 12.03.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK buy 5 U 17 Not Provided 05.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 U 15 12 month 04.03.2013
Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 14 Not Provided 01.03.2013
Barclays JULIE ARAV equalweight 3 M 15 Not Provided 01.03.2013
Morgan Stanley EMMANUEL TURPIN Underwt/In-Line 1 M 15 12 month 28.02.2013
Raymond James EMMANUEL RETIF underperform 1 M 13 Not Provided 28.02.2013
KBC Securities DIETER FURNIERE hold 3 M 17 Not Provided 28.02.2013
CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 23 12 month 28.02.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 13 12 month 28.02.2013
AlphaValue MYRIAM COHEN buy 5 M 18 6 month 28.02.2013
Credit Suisse MICHEL DEBS neutral 3 M 15 Not Provided 26.02.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 17 Not Provided 20.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 18 12 month 15.02.2013
Berenberg Bank ANDREW FISHER sell 1 M 14 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 15 Not Provided 05.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
JPMorgan NATHALIE F CASALI underweight 1 D 14 9 month 10.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 20.12.2012
Macquarie ATALLAH ESTEPHAN outperform 5 M 17 12 month 10.12.2012
Deutsche Bank MARTIN BROUGH hold 3 D 18 12 month 06.12.2012
Nord/LB HEINO HAMMANN hold 3 M 17 Not Provided 06.12.2012
Societe Generale ALBERTO PONTI buy 5 M 25 12 month 26.11.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012
DZ Bank AG HASIM SENGUEL hold 3 M 22 12 month 01.11.2011
Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011
Holdings By:
GDF Suez ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Iberdrola S.A. generates, distributes, trades, and markets electricity in
the United Kingdom, United States, Spain, Portugal, and Latin America. The
Company specializes in clean energy and more specifically wind power.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.03.2012) 4.42
52-Week Low (26.07.2012) 2.63
Daily Volume
4.027
52-Week High % Change -8.88% Dividend Yield -
52-Week Low % Change 53.12% Beta 1.05
% 52 Week Price Range High/Low 82.63% Equity Float 5'243.95
Shares Out 03.01.2013 6'281.2 Short Int -
25'294.33 1 Yr Total Return -3.11%
Total Debt 32'884.10 YTD Return -0.67%
Preferred Stock 0.0 Adjusted BETA 1.055
Minority Interest 324.8 Analyst Recs 36
Cash and Equivalents 6'575.55 Consensus Rating 3.472
Enterprise Value 51'927.70
Average Volume 5 Day 39'613'880
IBE SQ EQUITY YTD Change - Average Volume 30 Day 39'952'540
IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 42'222'520
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
24'889.3 25'891.9 30'431.0 31'648.0 34'201.2 32'095.3 34'848.9 33'388.0 34'532.8 - -
2.53x 2.39x 1.90x 1.76x 1.52x 8.28x 5.91x 1.61x 1.52x - -
6'105.6 6'197.0 6'857.9 7'000.4 7'177.7 7'004.8 7'685.6 7'599.4 7'912.6 2'289.0 1'696.0
10.31x 10.00x 8.42x 7.95x 7.25x 7.94x 6.77x 6.83x 6.56x 6.79x -
2'553.7 2'824.3 2'870.9 2'804.5 2'840.7 2'804.6 2'840.7 2'492.2 2'701.5 916.0 440.0
11.20x 12.54x 10.95x 10.04x 9.14x 10.09x 8.92x 10.03x 9.59x - -
EBITDA 7'177.74 Long-Term Rating Date 28.11.2012
EBIT 3'828.04 Long-Term Rating BBB
Operating Margin 11.19% Long-Term Outlook STABLE
Pretax Margin 8.99% Short-Term Rating Date 26.11.2007
Return on Assets 2.93% Short-Term Rating A-2
Return on Common Equity 8.52%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 3.42
Gross Margin 36.8% Total Debt/EBITDA 4.28
EBITDA Margin 22.1%
EBIT Margin 12.4% Total Debt/Equity 97.4%
Net Income Margin 8.3% Total Debt/Capital 49.1%
Asset Turnover 0.36
Current Ratio 1.11 Net Fixed Asset Turnover -
Quick Ratio 0.92 Accounts receivable turnover-days 61.92
Debt to Assets 33.97% Inventory Days 34.18
Tot Debt to Common Equity 97.41% Accounts Payable Turnover Day 104.74
Accounts Receivable Turnover 5.91 Cash Conversion Cycle -6.92
Inventory Turnover 10.71
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
Iberdrola SAPrice/Volume
Valuation Analysis
14'892'470.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR INVESTMENT AUT #N/A N/A Co File 514'250'814 8.19 - 31.12.2012 Government
ACS ACTIVIDADES CONS n/a Co File 415'111'949 6.61 - 31.12.2012 Corporation
BANCAJA (VALENCIA CA #N/A N/A Co File 314'887'559 5.01 - 31.12.2012 Bank
BILBAO BIZKAIA KUTXA n/a EXCH 309'430'747 4.93 (13'299'908) 24.01.2013 Bank
NATIXIS #N/A N/A Co File 277'971'800 4.43 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 265'296'852 4.22 1'979'139 14.03.2013 Investment Advisor
SOCIETE GENERALE #N/A N/A Co File 182'216'094 2.9 - 17.01.2013 Bank
IBERDROLA SA #N/A N/A Co File 83'188'438 1.32 - 31.12.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 72'833'378 1.16 2'388'677 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 60'811'776 0.97 9'929'612 31.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 26'239'015 0.42 6'810'164 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 17'178'683 0.27 (1'716'033) 31.01.2013 Investment Advisor
DE URRUTIA VAL VICTO n/a EXCH 14'465'535 0.23 1'000'000 27.02.2013 n/a
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 13'420'411 0.21 (224'750) 14.03.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 13'214'700 0.21 7'602'990 28.09.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 8'811'697 0.14 (673'854) 31.01.2013 Investment Advisor
INVERCAIXA GESTION S Multiple Portfolios MF-AGG 8'353'126 0.13 1'181'206 31.01.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 8'200'000 0.13 - 30.11.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 7'236'945 0.12 263'277 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7'034'262 0.11 1'750'634 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC ADAM DICKENS neutral 3 M 4 Not Provided 14.03.2013
Goldman Sachs FRED BARASI neutral/neutral 3 M 5 12 month 11.03.2013
BPI GONZALO SANCHEZ-BORDONA buy 5 M 5 Not Provided 07.03.2013
Societe Generale JORGE ALONSO SUILS buy 5 M 5 12 month 04.03.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 4 6 month 04.03.2013
Day by Day VALERIE GASTALDY buy 5 U 4 3 month 04.03.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 4 Not Provided 20.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 4 12 month 20.02.2013
Grupo Santander BOSCO MUGUIRO buy 5 M 5 Not Provided 15.02.2013
Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 15.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 15.02.2013
Nomura JAVIER SUAREZ reduce 2 M 4 12 month 15.02.2013
Exane BNP Paribas MANUEL PALOMO underperform 1 M 4 Not Provided 15.02.2013
Morgan Stanley CAROLINA DORES Equalwt/In-Line 3 M 4 12 month 14.02.2013
Credit Suisse STEFANO BEZZATO outperform 5 M 5 Not Provided 14.02.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 4 12 month 14.02.2013
Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 6 12 month 14.02.2013
BBVA ISIDORO DEL ALAMO market perform 3 D 4 Not Provided 12.02.2013
JPMorgan JAVIER GARRIDO neutral 3 M 4 9 month 07.02.2013
Berenberg Bank ANDREW FISHER hold 3 N 4 Not Provided 05.02.2013
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 5 Not Provided 05.02.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA buy 5 M 5 Not Provided 04.02.2013
La Caixa FERNANDO MURILLO GUIRAO overweight 5 D 5 Not Provided 28.01.2013
Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS underweight 1 M 4 Not Provided 14.01.2013
BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 20.12.2012
Deutsche Bank VIRGINIA SANZ DE MADRID buy 5 U 5 12 month 29.10.2012
Natixis PHILIPPE OURPATIAN neutral 3 M 4 Not Provided 25.10.2012
Macquarie SHAI HILL underperform 1 M 3 12 month 19.10.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012
CA Cheuvreux JOSE PORTA SAUDAN select list 5 U 5 Not Provided 07.05.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER sell 1 M #N/A N/A Not Provided 24.02.2012
Holdings By:
Iberdrola SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs,
manufactures and distributes apparel. The Company operates retail chains in
Europe, the Americas, Asia, and Africa.
Latest Fiscal Year: 01/2013
LTM as of: 01/yy
52-Week High (19.12.2012) 111.80
52-Week Low (01.06.2012) 63.97
Daily Volume
101.8
52-Week High % Change -9.03% Dividend Yield -
52-Week Low % Change 59.14% Beta 0.70
% 52 Week Price Range High/Low 80.14% Equity Float 221.78
Shares Out 31.01.2013 623.3 Short Int -
63'455.04 1 Yr Total Return 45.95%
Total Debt 6.00 YTD Return -3.51%
Preferred Stock 0.0 Adjusted BETA 0.700
Minority Interest 36.0 Analyst Recs 41
Cash and Equivalents 4'104.00 Consensus Rating 3.341
Enterprise Value 59'393.04
Average Volume 5 Day 1'741'987
ITX SQ EQUITY YTD Change - Average Volume 30 Day 1'282'490
ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1'231'706
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
10'407.0 11'083.5 12'526.6 13'792.6 15'946.0 13'792.6 15'946.0 17'720.4 19'677.6 3'773.7 4'222.9
1.68x 2.36x 2.48x 2.76x 3.78x 10.68x 12.87x 3.29x 2.91x - -
2'186.9 2'353.1 2'966.2 3'214.6 3'912.0 3'214.6 3'913.0 4'398.6 4'932.8 828.8 934.0
7.97x 11.09x 10.46x 11.86x 15.40x 11.86x 15.40x 13.49x 12.04x 13.75x 13.39x
1'253.5 1'314.4 1'731.8 1'932.3 2'361.0 1'932.3 2'360.0 2'666.7 2'997.3 474.5 552.1
14.82x 21.63x 19.86x 21.51x 27.24x 21.51x 27.26x 23.76x 21.17x 24.04x 23.50x
EBITDA 3'912.00 Long-Term Rating Date -
EBIT 3'116.00 Long-Term Rating -
Operating Margin 19.54% Long-Term Outlook -
Pretax Margin 19.64% Short-Term Rating Date -
Return on Assets 19.79% Short-Term Rating -
Return on Common Equity 29.76%
Return on Capital - EBITDA/Interest Exp. 875.44
Asset Turnover 1.34% (EBITDA-Capex)/Interest Exp. 573.53
Net Debt/EBITDA -1.05
Gross Margin 59.8% Total Debt/EBITDA 0.00
EBITDA Margin 24.5%
EBIT Margin 19.5% Total Debt/Equity 0.1%
Net Income Margin 14.8% Total Debt/Capital 0.1%
Asset Turnover 1.34
Current Ratio 1.92 Net Fixed Asset Turnover 3.62
Quick Ratio 1.42 Accounts receivable turnover-days 15.83
Debt to Assets 0.05% Inventory Days 81.50
Tot Debt to Common Equity 0.07% Accounts Payable Turnover Day 160.21
Accounts Receivable Turnover 23.13 Cash Conversion Cycle -62.88
Inventory Turnover 4.49
Fiscal Year Ended
Inditex SAPrice/Volume
Valuation Analysis
508'365.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GARTLER SL n/a Co File 311'727'598 50.01 - 31.01.2013 Unclassified
PARTLER 2006 SL n/a Co File 57'872'465 9.28 - 31.01.2013 Corporation
ROSP CORUNNA n/a Co File 31'494'806 5.05 - 31.01.2013 Unclassified
JP MORGAN n/a ULT-AGG 18'823'336 3.02 (2'766) 30.11.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 7'598'170 1.22 759'500 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'989'503 1.12 86'426 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'664'919 1.07 (1'457'396) 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'779'721 0.77 893'049 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'129'492 0.5 (613'758) 14.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'887'450 0.46 (43'431) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'657'118 0.43 62'876 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'349'841 0.38 (73'498) 31.01.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'835'758 0.29 61'061 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1'192'900 0.19 119'400 31.12.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'105'737 0.18 (159'687) 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 871'124 0.14 (53'921) 31.01.2013 Investment Advisor
JENNISON ASSOCIATES Multiple Portfolios MF-AGG 753'341 0.12 (54'094) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 737'364 0.12 518'290 31.01.2013 Mutual Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 703'537 0.11 (38'466) 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 644'567 0.1 (14'010) 15.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander REBECCA MCCLELLAN buy 5 M 125 12 month 15.03.2013
Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 M 100 12 month 15.03.2013
La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 M 102 Not Provided 15.03.2013
Interdin Bolsa SOFIA REBUELTA VILLEGAS sell 1 M 84 Not Provided 15.03.2013
Societe Generale ANNE CRITCHLOW buy 5 M 131 12 month 14.03.2013
BPI JOSE RITO neutral 3 M 112 Not Provided 14.03.2013
Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 115 12 month 14.03.2013
CA Cheuvreux DANIEL OVIN underperform 1 D 95 Not Provided 14.03.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 106 Not Provided 14.03.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 96 12 month 14.03.2013
ISI Group OMAR SAAD strong buy 5 M 110 12 month 14.03.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 112 6 month 14.03.2013
Exane BNP Paribas BEN SPRUNTULIS neutral 3 D 110 Not Provided 14.03.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 118 12 month 14.03.2013
Credit Suisse SIMON IRWIN underperform 1 M 103 Not Provided 13.03.2013
Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 13.03.2013
HSBC PAUL ROSSINGTON overweight 5 M 120 Not Provided 13.03.2013
Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 98 12 month 13.03.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 115 12 month 13.03.2013
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU sell 1 M 82 Not Provided 13.03.2013
Bryan Garnier & Cie PETER FARREN sell 1 M 100 6 month 13.03.2013
Nomura FRASER RAMZAN buy 5 M 121 12 month 13.03.2013
S&P Capital IQ WILLIAM MACK buy 5 M 115 12 month 13.03.2013
Intermoney Valores ANTONIO PAUSA RODRIGUEZ hold 3 M 94 12 month 13.03.2013
Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 105 12 month 13.03.2013
Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 13.03.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 110 Not Provided 11.03.2013
AlphaValue VIRGINIE BLIN sell 1 M 87 6 month 07.03.2013
Deutsche Bank WARWICK OKINES buy 5 U 115 12 month 06.03.2013
Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 89 Not Provided 22.02.2013
BBVA ISABEL CARBALLO market perform 3 M 107 Not Provided 15.02.2013
Natixis JEAN BAPTISTE TEISSIER buy 5 N 125 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 18.12.2012
Day by Day VALERIE GASTALDY buy 5 U 114 3 month 23.11.2012
Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 125 12 month 07.11.2012
Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 108 Not Provided 20.09.2012
Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 67 12 month 21.03.2012
Holdings By:
Inditex SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
ING Groep N.V. offers financial services to individuals, corporations, and other
institutions. The Company offers corporate, investment, and private banking
services, asset and portfolio management, treasury services, and insurance. ING
Groep has offices throughout the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 7.91
52-Week Low (04.06.2012) 4.44
Daily Volume
6.124
52-Week High % Change -22.54% Dividend Yield -
52-Week Low % Change 37.93% Beta 1.79
% 52 Week Price Range High/Low 57.03% Equity Float -
Shares Out 31.12.2012 3'831.6 Short Int -
23'464.48 1 Yr Total Return -14.91%
Total Debt 207'649.00 YTD Return -13.27%
Preferred Stock 0.0 Adjusted BETA 1.791
Minority Interest 1'081.0 Analyst Recs 29
Cash and Equivalents 17'657.00 Consensus Rating 3.897
Enterprise Value 214'537.48
Average Volume 5 Day 17'099'580
INGA NA EQUITY YTD Change - Average Volume 30 Day 22'184'180
INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 18'795'270
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
64'680.0 46'025.0 51'411.0 52'787.0 40'783.0 46'023.0 42'241.0 45'396.2 46'723.3 - -
4.40x 5.41x 4.99x 4.38x 5.34x 22.59x 22.26x 0.71x 0.69x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(729.0) (935.0) 2'810.0 5'766.0 3'894.0 5'766.0 3'894.0 3'670.7 4'049.6 - -
- - 12.77x 6.70x 10.31x 6.43x 9.42x 6.23x 5.68x - -
EBITDA - Long-Term Rating Date 03.09.2009
EBIT - Long-Term Rating A
Operating Margin 15.18% Long-Term Outlook NEG
Pretax Margin 8.66% Short-Term Rating Date 31.03.2009
Return on Assets 0.32% Short-Term Rating A-1
Return on Common Equity 7.33%
Return on Capital 1.55% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 366.8%
Net Income Margin 9.5% Total Debt/Capital 78.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.77% Inventory Days -
Tot Debt to Common Equity 366.83% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
ING Groep NVPrice/Volume
Valuation Analysis
18'373'819.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 246'528'273 6.43 (1'815'377) 14.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 90'073'181 2.35 599'105 31.12.2012 Investment Advisor
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 78'279'662 2.04 (3'888'930) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 76'757'641 2 1'131'766 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'943'572 1.04 1'701'096 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 34'115'166 0.89 (5'732'308) 31.01.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 32'431'354 0.85 1'163'899 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 30'159'946 0.79 968'030 28.02.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 30'118'916 0.79 (555'256) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 29'591'400 0.77 893'606 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 29'586'084 0.77 (558'681) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 25'314'880 0.66 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 24'048'280 0.63 1'822'016 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23'087'088 0.6 1'256'401 31.12.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19'206'527 0.5 (493'114) 31.01.2013 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 18'894'298 0.49 3'885'289 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'193'846 0.47 201'990 31.12.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 15'020'303 0.39 (143'690) 30.11.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 12'979'708 0.34 1'406'958 31.01.2013 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11'951'453 0.31 (187'833) 14.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank JAMES CHAPPELL buy 5 M 8 Not Provided 14.03.2013
Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 8 Not Provided 14.03.2013
ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 10 Not Provided 13.03.2013
AlphaValue JEROME CASSAGNE buy 5 U 7 6 month 07.03.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 7 Not Provided 05.03.2013
Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 04.03.2013
Credit Suisse RICHARD BURDEN restricted #N/A N/A M #N/A N/A Not Provided 01.03.2013
Macquarie THOMAS STOEGNER neutral 3 U 7 12 month 26.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 26.02.2013
HSBC STEVEN HAYWOOD neutral 3 M 7 Not Provided 20.02.2013
Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 7 12 month 19.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 19.02.2013
Main First Bank AG FEDERICO SALERNO outperform 5 U 7 12 month 19.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 18.02.2013
SNS Securities(ESN) LEMER SALAH buy 5 M 9 12 month 15.02.2013
Rabobank International COR KLUIS buy 5 M 10 12 month 15.02.2013
Societe Generale PHILIP RICHARDS buy 5 M 9 12 month 14.02.2013
Deutsche Bank DAVID LOCK hold 3 M 7 12 month 14.02.2013
JPMorgan MICHAEL HUTTNER restricted #N/A N/A M #N/A N/A Not Provided 14.02.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 14.02.2013
Nomura DOMENICO SANTORO buy 5 M 9 Not Provided 14.02.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 8 12 month 14.02.2013
Petercam MATTHIAS DE WIT hold 3 M 8 Not Provided 13.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Kepler Capital Markets BENOIT PETRARQUE reduce 2 M 7 Not Provided 18.12.2012
Goldman Sachs MARTIN LEITGEB Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012
RBC Capital Markets GORDON AITKEN outperform 5 M 8 12 month 07.12.2012
Mediobanca SpA ALAIN TCHIBOZO outperform 5 M 9 12 month 20.11.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 7 Not Provided 08.11.2012
CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 05.10.2012
DZ Bank AG WERNER EISENMANN buy 5 M 8 12 month 13.01.2012
Theodoor Gilissen Securities TOM MULLER hold 3 M 10 Not Provided 27.10.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 9 12 month 17.06.2011
Natixis BENOIT VALLEAUX suspended coverage #N/A N/A M #N/A N/A Not Provided 17.03.2009
Holdings By:
ING Groep NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Intesa Sanpaolo attracts deposits and offers banking and financial services.
The Bank offers consumer credit, asset management, Internet banking, merchant
banking, securities brokerage, factoring, and lease financing services, and
manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and
offices elsewhere in Europe, Asia, and the United States.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.03.2012) 1.56
52-Week Low (23.07.2012) 0.85
Daily Volume
1.196
52-Week High % Change -23.54% Dividend Yield -
52-Week Low % Change 40.13% Beta 1.38
% 52 Week Price Range High/Low 53.21% Equity Float 13'656.70
Shares Out 02.01.2013 15'501.5 Short Int -
19'497.48 1 Yr Total Return -19.64%
Total Debt 114'813.00 YTD Return -8.00%
Preferred Stock 0.0 Adjusted BETA 1.384
Minority Interest 586.0 Analyst Recs 35
Cash and Equivalents 39'926.00 Consensus Rating 3.171
Enterprise Value -
Average Volume 5 Day #########
ISP IM EQUITY YTD Change - Average Volume 30 Day #########
ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
33'216.0 27'022.0 24'836.0 25'266.0 17'813.0 23'133.0 17'685.0 16'777.4 17'212.7 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'553.0 2'805.0 2'705.0 (8'190.0) 1'605.0 (8'190.0) 1'605.0 1'820.2 2'432.9 - -
23.67x 15.27x 12.90x - 12.56x 0.00x 10.00x 10.39x 7.77x 10.14x 9.34x
EBITDA - Long-Term Rating Date 10.02.2012
EBIT - Long-Term Rating BBB+
Operating Margin 46.43% Long-Term Outlook NEG
Pretax Margin 37.90% Short-Term Rating Date 10.02.2012
Return on Assets 0.24% Short-Term Rating A-2
Return on Common Equity 3.32%
Return on Capital -2.50% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 231.4%
Net Income Margin 19.1% Total Debt/Capital 84.8%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 1.37
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.05% Inventory Days -
Tot Debt to Common Equity 231.42% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Intesa Sanpaolo SpAPrice/Volume
Valuation Analysis
144'137'629.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COMPAGNIA DI SAN PAO n/a EXCH 1'532'766'787 9.89 - 20.11.2012 Other
FOND CR PROVINCIE LO n/a EXCH 725'460'008 4.68 - 20.11.2012 Bank
FONDAZIONE CASSA RIS n/a EXCH 647'953'597 4.18 - 20.11.2012 Bank
ENTE CASSA DI RISP F n/a EXCH 523'633'314 3.38 - 20.11.2012 Bank
FONDAZIONE CASSA RIS n/a EXCH 422'874'979 2.73 - 20.11.2012 Other
ALLEANZA TORO SPA n/a EXCH 286'308'683 1.85 - 20.11.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 212'362'489 1.37 21'857'253 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 208'195'861 1.34 (1'993'976) 14.03.2013 Investment Advisor
ASSICURAZIONI GENERA n/a EXCH 205'236'977 1.32 - 20.11.2012 Insurance Company
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 193'171'300 1.25 19'137'900 31.12.2012 Investment Advisor
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 119'541'898 0.77 (2'221'165) 31.12.2012 Investment Advisor
INA ASSITALIA SPA n/a EXCH 85'877'104 0.55 - 20.11.2012 Insurance Company
GENERALI VIE SA n/a EXCH 82'931'860 0.53 - 20.11.2012 Other
ALLIANZ ASSET MANAGE n/a ULT-AGG 57'605'428 0.37 24'865'982 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 40'577'320 0.26 (679'499) 14.03.2013 Investment Advisor
MANDARINE GESTION Multiple Portfolios MF-AGG 38'252'534 0.25 (1'653'708) 28.02.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 37'525'547 0.24 (363'082) 30.11.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 35'693'662 0.23 (6'397'175) 31.01.2013 Mutual Fund Manager
GENERALI VERSICHERUN n/a EXCH 34'722'872 0.22 - 20.11.2012 Holding Company
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 33'905'476 0.22 (2'160'992) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank ELENI PAPOULA hold 3 M 1 Not Provided 14.03.2013
Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 1 Not Provided 14.03.2013
Societe Generale CARLO TOMMASELLI sell 1 M 1 12 month 13.03.2013
Mediobanca SpA ANDREA FILTRI neutral 3 M 1 12 month 13.03.2013
Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 2 12 month 13.03.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 1 Not Provided 13.03.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 1 12 month 13.03.2013
Equita SIM SpA MATTEO GHILOTTI buy 5 M 2 12 month 13.03.2013
Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 13.03.2013
Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 1 12 month 13.03.2013
ICBPI LUCA COMI neutral 3 M 2 12 month 13.03.2013
Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 2 Not Provided 13.03.2013
Natixis STEVEN GOULD buy 5 M 1 Not Provided 13.03.2013
Nomura DOMENICO SANTORO buy 5 M 2 Not Provided 13.03.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 M 1 12 month 13.03.2013
Credit Suisse IGNACIO CEREZO outperform 5 M 2 Not Provided 12.03.2013
Keefe, Bruyette & Woods RONNY REHN underperform 1 M 1 12 month 11.03.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 08.03.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 2 6 month 07.03.2013
Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 06.03.2013
HSBC CARLO DIGRANDI neutral 3 U 1 Not Provided 25.02.2013
Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 2 12 month 19.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.02.2013
RBC Capital Markets PATRICK LEE underperform 1 M 1 12 month 28.01.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 1 12 month 25.01.2013
Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Centrobanca GUGLIELMO MARCO OPIPARI sell 1 N 1 12 month 11.01.2013
Barclays ANTONIO RIZZO underweight 1 M 1 Not Provided 30.11.2012
CA Cheuvreux ALDO COMI outperform 5 M 2 Not Provided 06.11.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 1 Not Provided 19.06.2012
Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012
Main First Bank AG ALBERTO SEGAFREDO neutral 3 M 2 12 month 29.07.2011
Holdings By:
Intesa Sanpaolo SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Koninklijke Philips Electronics N.V. manufactures medical systems, domestic
appliances, consumer electronics, and lighting. The Company produces imaging,
ultrasound and healthcare informatics equipment, shaving and beauty and health
and wellness products, displays, and peripherals, and lamps and luminaries.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.02.2013) 23.44
52-Week Low (07.05.2012) 13.57
Daily Volume
22.845
52-Week High % Change -2.52% Dividend Yield -
52-Week Low % Change 68.35% Beta 1.18
% 52 Week Price Range High/Low 96.05% Equity Float 908.50
Shares Out 31.12.2012 957.1 Short Int -
21'865.70 1 Yr Total Return 48.79%
Total Debt 4'534.00 YTD Return 14.83%
Preferred Stock 0.0 Adjusted BETA 1.179
Minority Interest 34.0 Analyst Recs 41
Cash and Equivalents 3'834.00 Consensus Rating 3.780
Enterprise Value 22'599.70
Average Volume 5 Day 3'637'841
PHIA NA EQUITY YTD Change - Average Volume 30 Day 3'540'997
PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'168'485
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
26'385.0 20'092.0 22'287.0 22'579.0 24'788.0 22'582.0 24'788.0 24'926.4 25'712.5 5'575.0 5'840.0
0.51x 0.95x 0.92x 0.70x 0.76x 3.02x 2.75x 0.91x 0.85x 3.93x 3.95x
1'883.0 2'055.0 3'436.0 1'185.0 2'463.0 1'186.0 2'463.0 3'418.2 3'734.9 589.0 713.0
7.11x 9.30x 5.98x 13.35x 7.69x 13.34x 7.69x 6.60x 6.04x 7.10x 8.72x
(91.0) 410.0 1'446.0 (1'295.0) 226.0 (1'295.0) 226.0 1'458.0 1'656.8 214.0 304.3
- 41.36x 14.60x - 71.05x 0.00x 72.71x 13.80x 12.19x 13.78x 12.92x
EBITDA 2'463.00 Long-Term Rating Date 11.05.2005
EBIT 1'030.00 Long-Term Rating A-
Operating Margin 4.16% Long-Term Outlook NEG
Pretax Margin 2.30% Short-Term Rating Date 26.02.2001
Return on Assets 0.78% Short-Term Rating A-2
Return on Common Equity 1.92%
Return on Capital 2.46% EBITDA/Interest Exp. 7.00
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 5.08
Net Debt/EBITDA 0.28
Gross Margin 38.0% Total Debt/EBITDA 1.84
EBITDA Margin 9.9%
EBIT Margin 4.2% Total Debt/Equity 40.7%
Net Income Margin 0.9% Total Debt/Capital 28.9%
Asset Turnover 0.85
Current Ratio 1.26 Net Fixed Asset Turnover 8.30
Quick Ratio 0.82 Accounts receivable turnover-days 63.03
Debt to Assets 15.59% Inventory Days 84.72
Tot Debt to Common Equity 40.70% Accounts Payable Turnover Day 74.10
Accounts Receivable Turnover 5.81 Cash Conversion Cycle 76.69
Inventory Turnover 4.32
Fiscal Year Ended
Koninklijke Philips Electronics NVPrice/Volume
Valuation Analysis
1'496'055.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KONINKLIJKE PHILIPS n/a Research 47'895'476 5 15'514'236 08.02.2013 Corporation
DODGE & COX n/a 13G 46'061'138 4.81 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 45'264'486 4.73 - 14.03.2013 Investment Advisor
SOUTHEASTERN ASSET M n/a 13G 41'502'897 4.34 (6'799'141) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'911'287 1.98 498'208 31.12.2012 Investment Advisor
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 10'607'004 1.11 (4'439'924) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'664'921 1.01 2'760'264 31.01.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 9'437'496 0.99 586'900 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'642'093 0.69 (220'951) 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'481'917 0.57 282'727 31.12.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 4'800'000 0.5 - 31.12.2011 Pension Fund (ERISA)
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 4'020'057 0.42 623'576 31.01.2013 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'920'784 0.41 153'795 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'875'475 0.4 2'263'827 28.02.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 3'472'591 0.36 (768'340) 30.11.2012 Investment Advisor
FORTIS INVESTMENTS Multiple Portfolios MF-AGG 3'003'859 0.31 (19'794) 31.10.2012 Mutual Fund Manager
BARCLAYS PLC n/a ULT-AGG 2'911'837 0.3 - 04.05.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'864'091 0.3 (615'665) 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'780'118 0.29 (46'545) 14.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'569'692 0.27 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 27 12 month 14.03.2013
Exane BNP Paribas OLIVIER ESNOU neutral 3 M 25 Not Provided 14.03.2013
Nomura DANIEL CUNLIFFE buy 5 M 25 12 month 12.03.2013
HSBC MICHAEL HAGMANN neutral 3 M 24 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 27 Not Provided 08.03.2013
Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 08.03.2013
Credit Suisse SIMON TOENNESSEN neutral 3 M 23 Not Provided 07.03.2013
AlphaValue THOMAS PICHERIT buy 5 M 27 6 month 07.03.2013
Rabobank International HANS SLOB buy 5 M 26 12 month 06.03.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 05.03.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 24 12 month 26.02.2013
Nord/LB WOLFGANG VASTERLING buy 5 M 24 12 month 26.02.2013
Societe Generale GAEL DE BRAY hold 3 D 24 12 month 19.02.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 27 12 month 19.02.2013
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 20 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 U 28 12 month 12.02.2013
Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 Not Provided 08.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 23 12 month 06.02.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 25 Not Provided 30.01.2013
CA Cheuvreux ANTOINE AZAR outperform 5 M 25 Not Provided 30.01.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 30.01.2013
Natixis LUDOVIC DEBAILLEUX buy 5 M 26 Not Provided 30.01.2013
Barclays DAVID VOS equalweight 3 M 21 Not Provided 30.01.2013
Deutsche Bank MARTIN WILKIE hold 3 M 23 12 month 29.01.2013
Kempen & Co ERWIN DUT buy 5 M 23 12 month 29.01.2013
JPMorgan ANDREAS WILLI neutral 3 M 24 9 month 29.01.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 24 12 month 29.01.2013
Petercam MARCEL ACHTERBERG hold 3 M 23 Not Provided 29.01.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 23 12 month 29.01.2013
ING Bank FABIAN SMEETS buy 5 M 27 12 month 29.01.2013
Kepler Capital Markets PETER OLOFSEN buy 5 M 23 Not Provided 24.01.2013
Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 23 12 month 17.01.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 25 Not Provided 08.01.2013
SNS Securities(ESN) VICTOR BARENO hold 3 M 15 12 month 22.10.2012
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 23 Not Provided 04.09.2012
DZ Bank AG THOMAS MAUL buy 5 M 17 12 month 27.06.2012
Jyske Bank ROBERT JAKOBSEN sell 1 M 23 Not Provided 29.03.2010
Holdings By:
Koninklijke Philips Electronics NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
L'Oreal SA manufactures, markets, and distributes health and beauty aids. The
Company produces colorants, styling, and hair care products for professional
hairdressers, hair care, cosmetics, and skin care products and perfumes for
consumers, luxury cosmetics and perfumes sold through department stores,
perfumeries and travel stores, and dermatological and pharmaceutical products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 121.40
52-Week Low (26.06.2012) 86.80
Daily Volume
120.65
52-Week High % Change -0.62% Dividend Yield -
52-Week Low % Change 39.00% Beta 0.69
% 52 Week Price Range High/Low 96.82% Equity Float 228.52
Shares Out 20.02.2013 604.3 Short Int -
72'910.44 1 Yr Total Return 38.21%
Total Debt 248.00 YTD Return 15.01%
Preferred Stock 0.0 Adjusted BETA 0.686
Minority Interest 4.8 Analyst Recs 39
Cash and Equivalents 1'823.20 Consensus Rating 3.308
Enterprise Value 71'340.04
Average Volume 5 Day 701'276
OR FP EQUITY YTD Change - Average Volume 30 Day 655'811
OR FP EQUITY YTD % CHANGE - Average Volume 3 Month 563'176
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
17'541.8 17'472.6 19'495.8 20'343.1 22'462.7 20'343.1 22'462.7 23'444.8 24'818.8 5'755.0 5'663.0
2.28x 2.72x 2.52x 2.33x 2.72x 0.00x 0.00x 3.00x 2.78x - -
3'441.7 3'368.7 3'757.5 3'955.1 4'388.9 0.0 0.0 4'735.7 5'085.2 - -
11.63x 14.12x 13.05x 12.00x 13.94x 0.00x 0.00x 15.06x 14.02x - -
1'948.3 1'792.2 2'239.7 2'438.4 2'867.7 0.0 0.0 3'090.1 3'346.8 - -
18.82x 25.41x 21.75x 19.64x 21.90x 0.00x 0.00x 23.60x 21.80x - -
EBITDA 4'388.90 Long-Term Rating Date -
EBIT 3'697.30 Long-Term Rating -
Operating Margin 16.46% Long-Term Outlook -
Pretax Margin 17.25% Short-Term Rating Date 05.06.2006
Return on Assets 10.17% Short-Term Rating A-1+
Return on Common Equity 14.87%
Return on Capital 14.49% EBITDA/Interest Exp. 127.21
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 99.53
Net Debt/EBITDA -0.36
Gross Margin 70.7% Total Debt/EBITDA 0.06
EBITDA Margin 19.5%
EBIT Margin 16.5% Total Debt/Equity 1.2%
Net Income Margin 12.8% Total Debt/Capital 1.2%
Asset Turnover 0.80
Current Ratio 1.29 Net Fixed Asset Turnover 7.69
Quick Ratio 0.79 Accounts receivable turnover-days 50.55
Debt to Assets 0.84% Inventory Days 113.50
Tot Debt to Common Equity 1.18% Accounts Payable Turnover Day 182.89
Accounts Receivable Turnover 7.24 Cash Conversion Cycle -18.84
Inventory Turnover 3.22
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
L'Oreal SAPrice/Volume
Valuation Analysis
275'101.00
Current Price (3/dd/yy) Market Data
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20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BETTENCOURT FAMILY n/a Co File 185'661'879 30.72 - 31.12.2011 n/a
NESTLE SA n/a Co File 178'381'021 29.52 - 31.12.2011 Corporation
L'OREAL SA n/a Co File 8'597'659 1.42 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'596'479 1.26 95'322 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'729'800 0.95 (1'345'900) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'446'174 0.74 - 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'234'916 0.7 (494'672) 31.01.2013 Mutual Fund Manager
OWEN-JONES LINDSAY n/a Co File 3'029'005 0.5 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 2'539'625 0.42 3'972 14.03.2013 Investment Advisor
BALYASNY ASSET MANAG n/a Short (2'309'774) -0.38 729'403 30.01.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 1'805'597 0.3 316'501 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'415'058 0.23 15'942 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'084'743 0.18 15'098 15.03.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'056'948 0.17 306'745 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 831'525 0.14 2'576 31.10.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 805'008 0.13 91 15.03.2013 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 725'628 0.12 - 30.06.2012 Pension Fund (ERISA)
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 692'376 0.11 (11'600) 14.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 511'365 0.08 - 31.08.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 457'965 0.08 30'221 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan CELINE PANNUTI overweight 5 M 120 12 month 14.03.2013
Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 95 12 month 14.03.2013
Kepler Capital Markets CATHERINE ROLLAND buy 5 M 125 Not Provided 14.03.2013
Grupo Santander PEDRO GIL hold 3 M 105 Not Provided 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 134 12 month 11.03.2013
Berenberg Bank SETH PETERSON hold 3 M 113 Not Provided 11.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 130 Not Provided 08.03.2013
Credit Suisse ALEX MOLLOY neutral 3 M 117 Not Provided 07.03.2013
AlphaValue ARMELLE MOULIN reduce 2 M 113 6 month 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 94 12 month 05.03.2013
Exane BNP Paribas EAMONN FERRY outperform 5 M 114 Not Provided 25.02.2013
Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 22.02.2013
Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 105 Not Provided 19.02.2013
Nomura GUILLAUME DELMAS reduce 2 M 97 Not Provided 18.02.2013
Main First Bank AG GAEL COLCOMBET outperform 5 M 120 12 month 18.02.2013
Barclays IAIN SIMPSON overweight 5 M 121 Not Provided 14.02.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 120 Not Provided 13.02.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 120 Not Provided 13.02.2013
Bryan Garnier & Cie LOIC MORVAN buy 5 M 118 6 month 13.02.2013
Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.02.2013
Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 112 12 month 12.02.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 113 6 month 12.02.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 105 12 month 12.02.2013
Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 143 12 month 12.02.2013
Jefferies ALEX HOWSON buy 5 M 106 12 month 12.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 111 12 month 12.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 12.02.2013
S&P Capital IQ CARL SHORT hold 3 M 115 12 month 12.02.2013
Telsey Advisory Group DAVID WU no rating system #N/A N/A M #N/A N/A Not Provided 12.02.2013
Natixis PIERRE TEGNER neutral 3 M 96 Not Provided 08.02.2013
HSBC CEDRIC BESNARD overweight 5 U 121 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 14.01.2013
Aurel - BGC DAVID DA MAIA not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012
Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 M 91 12 month 06.11.2012
Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 87 Not Provided 30.10.2012
Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012
DZ Bank AG THOMAS MAUL buy 5 M 97 12 month 30.07.2012
Holdings By:
L'Oreal SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The
Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,
watches and jewelry.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.01.2013) 143.40
52-Week Low (04.06.2012) 111.00
Daily Volume
133.7
52-Week High % Change -6.76% Dividend Yield 2.17
52-Week Low % Change 20.45% Beta 0.93
% 52 Week Price Range High/Low 71.60% Equity Float 254.93
Shares Out 11.02.2013 507.7 Short Int -
67'875.46 1 Yr Total Return 1.01%
Total Debt 6'812.00 YTD Return -3.67%
Preferred Stock 0.0 Adjusted BETA 0.926
Minority Interest 1'102.0 Analyst Recs 39
Cash and Equivalents 2'196.00 Consensus Rating 4.282
Enterprise Value 73'593.46
Average Volume 5 Day 1'022'852
MC FP EQUITY YTD Change - Average Volume 30 Day 806'039
MC FP EQUITY YTD % CHANGE - Average Volume 3 Month 703'686
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
17'193.0 17'053.0 20'320.0 23'659.0 28'103.0 23'659.0 28'103.0 30'228.0 32'814.8 - -
1.60x 2.41x 3.08x 2.56x 2.67x 0.00x 0.00x 2.37x 2.12x - -
4'323.0 4'055.0 5'106.0 6'150.0 6'940.0 0.0 0.0 7'622.1 8'421.6 - -
6.34x 10.13x 12.27x 9.84x 10.82x 0.00x 0.00x 9.65x 8.73x - -
2'026.0 1'755.0 3'032.0 3'065.0 3'424.0 0.0 0.0 3'848.0 4'301.0 - -
11.16x 21.13x 19.36x 17.45x 20.23x 0.00x 0.00x 17.67x 15.75x - -
EBITDA 6'940.00 Long-Term Rating Date 20.05.2011
EBIT 5'921.00 Long-Term Rating A
Operating Margin 21.07% Long-Term Outlook POS
Pretax Margin 20.39% Short-Term Rating Date 20.05.2011
Return on Assets 7.06% Short-Term Rating A-1
Return on Common Equity 14.57%
Return on Capital 12.72% EBITDA/Interest Exp. 41.81
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 31.51
Net Debt/EBITDA 0.64
Gross Margin 64.7% Total Debt/EBITDA 0.94
EBITDA Margin 25.7%
EBIT Margin 21.1% Total Debt/Equity 27.7%
Net Income Margin 12.2% Total Debt/Capital 21.0%
Asset Turnover 0.58
Current Ratio 1.51 Net Fixed Asset Turnover 3.35
Quick Ratio 0.44 Accounts receivable turnover-days 25.15
Debt to Assets 13.64% Inventory Days 287.68
Tot Debt to Common Equity 27.73% Accounts Payable Turnover Day 106.20
Accounts Receivable Turnover 14.55 Cash Conversion Cycle 206.64
Inventory Turnover 1.27
Fiscal Year Ended
LVMH Moet Hennessy Louis Vuitton SAPrice/Volume
Valuation Analysis
458'465.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GROUPE ARNAULT SAS n/a Research 235'886'503 46.46 (147'143) 01.10.2012 Holding Company
LVMH MOET HENNESSY L n/a Co File 9'536'678 1.88 - 31.12.2011 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'434'092 1.07 134'015 31.12.2012 Investment Advisor
QATAR HOLDINGS LLC n/a Research 5'230'723 1.03 - 15.03.2012 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 4'253'863 0.84 72'208 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'200'037 0.83 4'700 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'169'933 0.82 16'828 31.01.2013 Mutual Fund Manager
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'085'056 0.8 - 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'887'278 0.77 (479'815) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'405'773 0.67 (47'261) 14.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'117'342 0.42 189'000 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'732'620 0.34 41'590 31.01.2013 Investment Advisor
TRAPANI FRANCESCO n/a Co File 1'561'592 0.31 - 31.12.2011 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 1'528'000 0.3 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'412'781 0.28 9'742 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'387'366 0.27 (17'672) 31.01.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 1'355'126 0.27 (2'100) 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'150'592 0.23 43'392 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'042'404 0.21 (14'807) 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 928'889 0.18 (20'403) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 165 12 month 15.03.2013
Renaissance Capital REY WIUM hold 3 M 152 12 month 14.03.2013
Societe Generale THIERRY COTA hold 3 M 145 12 month 12.03.2013
AlphaValue VIRGINIE BLIN buy 5 M 172 6 month 07.03.2013
Exane BNP Paribas LUCA GIUSEPPE SOLCA neutral 3 M 135 Not Provided 05.03.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 141 Not Provided 22.02.2013
Aurel - BGC DAVID DA MAIA hold 3 M 145 Not Provided 20.02.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 157 12 month 20.02.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 144 12 month 15.02.2013
Berenberg Bank JOHN GUY hold 3 D 140 Not Provided 15.02.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 140 Not Provided 10.02.2013
Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 152 12 month 08.02.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 198 12 month 08.02.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 160 6 month 08.02.2013
Credit Suisse ROGERIO FUJIMORI neutral 3 M 148 Not Provided 05.02.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 165 12 month 04.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 160 12 month 04.02.2013
JPMorgan MELANIE A FLOUQUET neutral 3 M 142 9 month 01.02.2013
Raymond James MARC WILLAUME strong buy 5 M 163 Not Provided 01.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 123 12 month 01.02.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 158 Not Provided 01.02.2013
Natixis OLIVIER DELAHOUSSE buy 5 M 155 Not Provided 01.02.2013
ISI Group OMAR SAAD buy 5 M 160 Not Provided 01.02.2013
Nomura CHRISTOPHER WALKER buy 5 M 155 Not Provided 01.02.2013
S&P Capital IQ MICHAEL SOUERS strong buy 5 M 160 12 month 01.02.2013
Barclays JULIAN EASTHOPE overweight 5 M 151 Not Provided 01.02.2013
Kepler Capital Markets CATHERINE ROLLAND buy 5 M 168 Not Provided 31.01.2013
Day by Day VALERIE GASTALDY buy 5 M 151 3 month 28.01.2013
HSBC ANTOINE BELGE neutral 3 M 150 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank WARWICK OKINES hold 3 D 145 12 month 14.01.2013
Equita SIM SpA FABIO FAZZARI buy 5 N 178 12 month 10.12.2012
Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 19.10.2012
CA Cheuvreux THOMAS MESMIN outperform 5 M 140 Not Provided 17.10.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2012
DZ Bank AG THOMAS MAUL buy 5 M 147 Not Provided 02.05.2012
Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 02.04.2012
Holdings By:
LVMH Moet Hennessy Louis Vuitton SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 152.00
52-Week Low (04.06.2012) 95.85
Daily Volume
147.4
52-Week High % Change -3.09% Dividend Yield -
52-Week Low % Change 53.78% Beta 0.95
% 52 Week Price Range High/Low 96.88% Equity Float 178.94
Shares Out 31.12.2012 179.3 Short Int -
26'434.89 1 Yr Total Return 34.29%
Total Debt 6'256.00 YTD Return 8.38%
Preferred Stock 0.0 Adjusted BETA 0.947
Minority Interest 242.0 Analyst Recs 41
Cash and Equivalents 2'860.00 Consensus Rating 3.415
Enterprise Value 30'072.89
Average Volume 5 Day 912'080
MUV2 GY EQUITY YTD Change - Average Volume 30 Day 751'373
MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 675'958
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
47'151.0 53'891.0 59'111.0 60'908.0 65'896.0 61'764.0 66'135.0 55'817.8 57'940.5 - -
0.56x 0.44x 0.42x 0.33x 0.43x 1.29x 1.52x 0.58x - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'555.0 2'521.0 2'422.0 702.0 3'195.0 702.0 3'195.0 2'904.5 2'951.0 773.0 713.0
14.34x 8.39x 8.69x 24.03x 7.56x 23.74x 7.56x 9.05x 8.85x 8.86x -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating AA-
Operating Margin 6.64% Long-Term Outlook STABLE
Pretax Margin 6.19% Short-Term Rating Date -
Return on Assets 1.26% Short-Term Rating -
Return on Common Equity 12.72%
Return on Capital 11.01% EBITDA/Interest Exp. -
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 23.0%
Net Income Margin 4.8% Total Debt/Capital 18.6%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.42% Inventory Days -
Tot Debt to Common Equity 23.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Muenchener Rueckversicherungs AGPrice/Volume
Valuation Analysis
536'508.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 20'086'215 11.2 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'553'194 9.79 (11'368) 14.03.2013 Investment Advisor
PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'304'459 1.84 75'261 31.12.2012 Investment Advisor
CREDIT SUISSE AG n/a Research 3'097'431 1.73 - 25.04.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'272'202 1.27 (115'604) 28.02.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'798'228 1 263'657 31.12.2012 Investment Advisor
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 1'718'294 0.96 (215'600) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'714'045 0.96 107'041 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'374'140 0.77 (234'487) 28.12.2012 Mutual Fund Manager
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'057'071 0.59 715'207 31.01.2013 Mutual Fund Manager
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'050'506 0.59 97'400 31.12.2012 Investment Advisor
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 836'088 0.47 4'122 28.09.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 830'773 0.46 (8'647) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 619'738 0.35 6'554 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 590'450 0.33 131'232 30.11.2012 Investment Advisor
SARASIN n/a ULT-AGG 574'580 0.32 196'794 31.12.2012 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 550'331 0.31 1'200 28.12.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 547'896 0.31 (167'010) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie HADLEY COHEN neutral 3 M 150 12 month 18.03.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 165 12 month 18.03.2013
Societe Generale JASON KALAMBOUSSIS hold 3 M 133 12 month 15.03.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 171 12 month 15.03.2013
Nomura MICHAEL KLIEN reduce 2 M 140 Not Provided 15.03.2013
Nord/LB JULIA SIEKMANN hold 3 M 155 12 month 14.03.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 175 12 month 14.03.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 167 9 month 14.03.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 150 Not Provided 14.03.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 14.03.2013
Natixis BENOIT VALLEAUX neutral 3 M 140 Not Provided 14.03.2013
Exane BNP Paribas THOMAS JACQUET neutral 3 M 145 Not Provided 14.03.2013
Helvea DANIEL BISCHOF neutral 3 M 142 12 month 14.03.2013
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 106 12 month 13.03.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 160 12 month 12.03.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 150 12 month 12.03.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 136 6 month 12.03.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 125 12 month 12.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
AlphaValue DIETER HEIN reduce 2 M 139 6 month 07.03.2013
Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 145 Not Provided 20.02.2013
CA Cheuvreux FRANK KOPFINGER outperform 5 M 157 Not Provided 18.02.2013
Credit Suisse ADAM MCINALLY neutral 3 M 140 Not Provided 15.02.2013
Berenberg Bank TOM CARSTAIRS hold 3 M 140 Not Provided 11.02.2013
Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 08.02.2013
HSBC THOMAS FOSSARD underweight 1 M 135 Not Provided 07.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 06.02.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 150 12 month 06.02.2013
Kepler Capital Markets FABRIZIO CROCE buy 5 M 153 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 N 147 Not Provided 05.02.2013
Barclays ANDREW BROADFIELD overweight 5 M 157 Not Provided 04.02.2013
Main First Bank AG MICHAEL HAID underperform 1 M 145 12 month 01.02.2013
Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 152 12 month 31.01.2013
Mediobanca SpA MARC THIELE outperform 5 M 164 6 month 30.01.2013
RBC Capital Markets GORDON AITKEN underperform 1 M 115 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 142 Not Provided 09.01.2013
Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 118 Not Provided 02.02.2012
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 U 119 6 month 10.05.2011
Holdings By:
Muenchener Rueckversicherungs AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Repsol S.A., through subsidiaries, explores for and produces crude oil and
natural gas, refines petroleum, and transports petroleum products and liquefied
petroleum gas (LPG). The Company retails gasoline and other products through
its chain of gasoline filling stations. Repsol's petroleum reserves are in
Spain, Latin America, Asia, North Africa, and the Middle East and United States.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.03.2012) 20.47
52-Week Low (25.07.2012) 10.90
Daily Volume
16.76
52-Week High % Change -18.10% Dividend Yield -
52-Week Low % Change 53.76% Beta 1.07
% 52 Week Price Range High/Low 65.45% Equity Float 963.15
Shares Out 31.12.2012 1'282.4 Short Int -
21'493.84 1 Yr Total Return -4.30%
Total Debt 19'090.00 YTD Return 9.29%
Preferred Stock 0.0 Adjusted BETA 1.071
Minority Interest 770.0 Analyst Recs 42
Cash and Equivalents 6'318.00 Consensus Rating 4.167
Enterprise Value 35'035.84
Average Volume 5 Day 7'463'208
REP SQ EQUITY YTD Change - Average Volume 30 Day 11'450'550
REP SQ EQUITY YTD % CHANGE - Average Volume 3 Month 12'522'850
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
58'475.0 45'827.0 53'663.0 50'903.0 58'924.0 43'336.0 62'343.0 61'041.7 61'595.3 13'710.0 13'710.0
0.48x 0.87x 0.79x 0.91x 0.56x 3.17x 2.38x 0.57x 0.54x 2.42x 2.41x
8'009.0 6'686.0 11'919.0 5'800.0 7'017.0 5'544.0 7'313.0 7'398.9 7'640.4 1'790.0 1'931.0
3.49x 5.99x 3.56x 8.03x 4.68x 0.00x 4.49x 4.74x 4.59x 3.94x 3.91x
2'555.0 1'559.0 4'693.0 2'193.0 2'060.0 1'614.0 2'060.0 2'146.0 2'236.9 574.0 654.0
7.19x 14.63x 5.43x 18.27x 9.83x 0.00x 8.77x 10.13x 9.69x 9.42x 9.44x
EBITDA 7'017.00 Long-Term Rating Date 19.04.2012
EBIT 4'430.00 Long-Term Rating BBB-
Operating Margin 7.52% Long-Term Outlook STABLE
Pretax Margin 6.02% Short-Term Rating Date 19.04.2012
Return on Assets 3.03% Short-Term Rating A-3
Return on Common Equity 8.20%
Return on Capital - EBITDA/Interest Exp. 8.88
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 4.55
Net Debt/EBITDA 1.75
Gross Margin - Total Debt/EBITDA 2.61
EBITDA Margin 11.7%
EBIT Margin 7.6% Total Debt/Equity 71.5%
Net Income Margin 3.5% Total Debt/Capital 41.0%
Asset Turnover 0.92
Current Ratio 1.51 Net Fixed Asset Turnover 1.92
Quick Ratio 0.93 Accounts receivable turnover-days 37.09
Debt to Assets 29.40% Inventory Days -
Tot Debt to Common Equity 71.49% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.87 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Repsol SAPrice/Volume
Valuation Analysis
2'130'106.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAIXABANK n/a Research 157'399'192 12.27 - 08.10.2012 Investment Advisor
SACYR VALLEHERMOSO S n/a EXCH 122'208'433 9.53 - 17.01.2013 Corporation
PETROLEOS MEXICANOS n/a Research 115'884'040 9.04 - 08.10.2012 Unclassified
TEMASEK HOLDINGS PRI n/a ULT-AGG 80'700'000 6.29 - 04.03.2013 Government
BLACKROCK n/a ULT-AGG 45'734'606 3.57 9'636 14.03.2013 Investment Advisor
BNP PARIBAS SA #N/A N/A EXCH 43'098'518 3.36 4'142'554 13.03.2013 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'815'858 1.55 285'878 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'049'194 0.71 71'919 31.01.2013 Mutual Fund Manager
FMR LLC n/a ULT-AGG 8'114'930 0.63 (749'327) 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 6'131'360 0.48 5'796'040 31.12.2012 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'412'672 0.42 (11'325) 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'392'268 0.34 129'183 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'168'293 0.33 543'677 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'787'114 0.3 316'718 28.09.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 3'433'153 0.27 218'473 30.11.2012 Investment Advisor
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 3'112'193 0.24 (28'290) 31.12.2012 Investment Advisor
SOCIETE GENERALE Multiple Portfolios MF-AGG 2'729'638 0.21 2'019'082 31.10.2012 Bank
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'543'763 0.2 716'936 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 2'271'564 0.18 67'533 15.03.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'263'311 0.18 (37'903) 14.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 20 12 month 18.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 19 Not Provided 18.03.2013
HSBC PAUL SPEDDING overweight 5 M 22 Not Provided 12.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 18 12 month 12.03.2013
Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO buy 5 M 20 12 month 11.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 18 Not Provided 11.03.2013
NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 21 12 month 11.03.2013
BPI BRUNO ALMEIDA DA SILVA buy 5 M 20 Not Provided 07.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 D 17 6 month 07.03.2013
Grupo Santander JASON KENNEY hold 3 M 19 Not Provided 06.03.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 D 17 Not Provided 05.03.2013
Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 20 Not Provided 04.03.2013
Equita SIM SpA MASSIMO BONISOLI buy 5 M 18 12 month 04.03.2013
Day by Day VALERIE GASTALDY buy 5 M 18 3 month 04.03.2013
Banesto Bolsa SA Sociedad ROBERT JACKSON overweight 5 M 19 Not Provided 04.03.2013
Societe Generale IRENE HIMONA buy 5 M 18 12 month 01.03.2013
Morgan Stanley HAYTHEM RASHED Underwt/In-Line 1 M 17 12 month 01.03.2013
Raymond James BERTRAND HODEE outperform 5 M 19 12 month 01.03.2013
Macquarie MARC B KOFLER neutral 3 M 15 12 month 01.03.2013
Natixis ANNE PUMIR buy 5 U 19 Not Provided 01.03.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 19 12 month 01.03.2013
Barclays LYDIA RAINFORTH overweight 5 M 20 Not Provided 01.03.2013
Investec STUART JOYNER hold 3 M 15 12 month 28.02.2013
Goldman Sachs HENRY MORRIS not rated #N/A N/A M #N/A N/A Not Provided 27.02.2013
Canaccord Genuity Corp GORDON GRAY hold 3 M 18 12 month 27.02.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 20 Not Provided 27.02.2013
Nomura THEEPAN JOTHILINGAM neutral 3 M 16 12 month 27.02.2013
Intermoney Valores ALVARO NAVARRO buy 5 M 19 Not Provided 22.02.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 16 12 month 19.02.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 14.02.2013
Tudor Pickering & Co ANISH KAPADIA hold 3 M 22 Not Provided 13.02.2013
JPMorgan NITIN SHARMA neutral 3 M 16 3 month 06.02.2013
BBVA LUIS DE TOLEDO outperform 5 M 19 Not Provided 01.02.2013
Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 N 20 12 month 29.01.2013
Jefferies BRENDAN MICHAEL WARN hold 3 M 16 12 month 28.01.2013
Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 22 Not Provided 27.12.2012
Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 20 Not Provided 26.11.2012
La Caixa FERNANDO MURILLO GUIRAO buy 5 M 20 Not Provided 14.11.2012
Deutsche Bank MARK BLOOMFIELD hold 3 M 16 12 month 25.10.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 D 18 Not Provided 23.10.2012
Holdings By:
Repsol SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
RWE AG generates, distributes, and trades electricity to municipal, industrial,
commercial, and residential customers. The Company produces natural gas and oil,
mines coal, delivers and distributes gas, and supplies drinking water.
RWE AG operates mainly in Europe.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.03.2012) 37.12
52-Week Low (08.02.2013) 26.36
Daily Volume
28.555
52-Week High % Change -23.07% Dividend Yield -
52-Week Low % Change 8.35% Beta 1.05
% 52 Week Price Range High/Low 19.93% Equity Float 482.66
Shares Out 31.12.2012 575.7 Short Int -
17'471.05 1 Yr Total Return -18.06%
Total Debt 19'946.00 YTD Return -8.59%
Preferred Stock 0.0 Adjusted BETA 1.047
Minority Interest 1'613.0 Analyst Recs 40
Cash and Equivalents 5'276.00 Consensus Rating 2.600
Enterprise Value 33'754.05
Average Volume 5 Day 3'392'024
RWE GY EQUITY YTD Change - Average Volume 30 Day 3'765'690
RWE GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'367'579
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
47'500.0 46'191.0 50'722.0 49'153.0 50'771.0 49'153.0 50'771.0 53'031.9 53'783.0 - -
0.88x 1.10x 0.85x 0.65x 0.70x 2.84x 2.91x 0.64x 0.64x - -
7'903.0 9'655.0 9'230.0 8'286.0 9'055.0 6'912.0 9'201.0 8'775.6 8'605.6 - -
5.30x 5.28x 4.68x 3.88x 3.92x 4.66x 3.86x 3.85x 3.92x - -
2'558.0 3'571.0 3'308.0 1'806.0 1'306.0 1'806.0 1'306.0 2'412.8 2'214.2 - -
10.69x 10.33x 8.05x 8.10x 14.67x 8.13x 14.67x 7.35x 8.04x - -
EBITDA 9'055.00 Long-Term Rating Date 27.07.2012
EBIT 3'699.00 Long-Term Rating BBB+
Operating Margin 7.29% Long-Term Outlook STABLE
Pretax Margin 4.39% Short-Term Rating Date 08.06.2011
Return on Assets 1.44% Short-Term Rating A-2
Return on Common Equity 8.55%
Return on Capital 7.05% EBITDA/Interest Exp. 7.25
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 3.18
Net Debt/EBITDA 1.59
Gross Margin - Total Debt/EBITDA 2.17
EBITDA Margin 18.1%
EBIT Margin 7.6% Total Debt/Equity 134.6%
Net Income Margin 2.6% Total Debt/Capital 54.8%
Asset Turnover 0.56
Current Ratio 1.02 Net Fixed Asset Turnover 1.43
Quick Ratio 0.55 Accounts receivable turnover-days 55.87
Debt to Assets 22.61% Inventory Days -
Tot Debt to Common Equity 134.55% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.55 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
RWE AGPrice/Volume
Valuation Analysis
1'619'225.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RW ENERGIE-BETEILIGU n/a Co File 86'361'823 15 - 31.12.2012 Other
BLACKROCK n/a ULT-AGG 28'787'275 5 - 14.03.2013 Investment Advisor
CREDIT SUISSE GROUP n/a Research 28'008'409 4.86 - 04.05.2012 Investment Advisor
MONDRIAN INVESTMENT n/a Co File 17'272'365 3 - 16.05.2012 Hedge Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'058'752 1.57 196'272 31.12.2012 Investment Advisor
SOCIETE GENERALE SA n/a Research 6'421'155 1.12 - 19.02.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 5'726'000 0.99 4'226'000 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'509'049 0.96 3'963'686 28.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'919'473 0.51 78'546 28.09.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'882'791 0.5 (977'126) 30.11.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'349'710 0.41 (446'152) 28.12.2012 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'421'474 0.25 (23'809) 14.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'204'357 0.21 (345'398) 31.12.2012 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'137'433 0.2 (673) 15.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'066'091 0.19 (298'847) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 986'543 0.17 (1'416'019) 31.01.2013 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 928'678 0.16 79'174 31.10.2012 Mutual Fund Manager
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 900'000 0.16 900'000 31.01.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 845'432 0.15 (13'576) 31.01.2013 Investment Advisor
BARCLAYS ASSET MANAG Multiple Portfolios MF-AGG 774'677 0.13 774'677 30.12.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Redburn Partners AHMED FARMAN buy 5 M #N/A N/A Not Provided 18.03.2013
RBC Capital Markets JOHN MUSK sector perform 3 M 28 12 month 15.03.2013
HSBC ADAM DICKENS underweight 1 M 26 Not Provided 14.03.2013
Grupo Santander OSCAR NAJAR RIOS underweight 1 M #N/A N/A Not Provided 12.03.2013
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 29 6 month 12.03.2013
JPMorgan VINCENT DE BLIC underweight 1 M 28 9 month 12.03.2013
Nomura MARTIN YOUNG reduce 2 M 25 Not Provided 12.03.2013
AlphaValue EILEEN RYAN buy 5 M 34 6 month 12.03.2013
Goldman Sachs DEBORAH WILKENS neutral/neutral 3 M 36 12 month 11.03.2013
Raymond James EMMANUEL RETIF underperform 1 M 25 12 month 08.03.2013
DZ Bank AG MARC NETTELBECK buy 5 M 35 12 month 08.03.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK sell 1 M 25 Not Provided 07.03.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 07.03.2013
Societe Generale ALBERTO PONTI sell 1 M 24 12 month 06.03.2013
Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 33 12 month 06.03.2013
Nord/LB HEINO HAMMANN hold 3 M 31 12 month 06.03.2013
Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 25 12 month 06.03.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 29 12 month 06.03.2013
Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 30 Not Provided 06.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 30 12 month 05.03.2013
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 34 12 month 05.03.2013
Kepler Capital Markets INGO BECKER reduce 2 M 27 Not Provided 05.03.2013
Main First Bank AG ANDREAS THIELEN underperform 1 D 29 12 month 01.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 37 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
Credit Suisse VINCENT GILLES underperform 1 M 28 Not Provided 06.02.2013
Berenberg Bank LAWSON STEELE sell 1 N 25 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 34 Not Provided 28.01.2013
Barclays PETER BISZTYGA underweight 1 M 27 Not Provided 25.01.2013
Macquarie ROBERT SCHRAMM-FUCHS neutral 3 D 30 12 month 22.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Steubing AG MICHAEL BROEKER buy 5 M 60 Not Provided 14.01.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 35 12 month 11.01.2013
Deutsche Bank ALEXANDER KARNICK sell 1 D 27 12 month 07.01.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 34 Not Provided 05.11.2012
CA Cheuvreux SEBASTIAN KAUFFMANN outperform 5 D 38 Not Provided 14.06.2012
Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 06.03.2012
Holdings By:
RWE AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Sanofi is a global pharmaceutical company that researches, develops and
manufactures prescription pharmaceuticals and vaccines. The Company develops
cardiovascular, thrombosis, metabolic disorder, central nervous system,
internal medicine and oncology drugs, and vaccines.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 76.30
52-Week Low (04.06.2012) 53.20
Daily Volume
75.11
52-Week High % Change -1.56% Dividend Yield -
52-Week Low % Change 41.18% Beta 0.76
% 52 Week Price Range High/Low 98.18% Equity Float 1'187.62
Shares Out 15.01.2013 1'326.3 Short Int -
99'621.62 1 Yr Total Return 32.76%
Total Debt 14'531.00 YTD Return 5.21%
Preferred Stock 0.0 Adjusted BETA 0.758
Minority Interest 134.0 Analyst Recs 39
Cash and Equivalents 6'381.00 Consensus Rating 4.000
Enterprise Value 107'905.62
Average Volume 5 Day 2'760'736
SAN FP EQUITY YTD Change - Average Volume 30 Day 3'207'597
SAN FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'548'969
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
27'568.0 29'306.0 32'367.0 33'389.0 34'947.0 33'389.0 34'947.0 35'814.2 37'806.6 8'360.8 8'712.5
2.22x 2.61x 1.99x 2.59x 2.94x 5.23x 5.54x 2.92x 2.67x - -
9'940.0 12'805.0 13'156.0 12'593.0 12'384.0 2'463.0 2'704.0 13'135.5 14'248.3 - -
6.16x 5.97x 4.90x 6.88x 8.30x 0.00x 0.00x 8.20x 7.57x - -
3'851.0 5'265.0 5'467.0 5'693.0 4'967.0 5'693.0 4'967.0 7'935.7 8'766.9 1'813.3 1'803.7
15.94x 14.13x 11.42x 13.17x 18.99x 13.17x 18.99x 12.50x 11.20x 12.67x 12.22x
EBITDA 12'384.00 Long-Term Rating Date 18.02.2011
EBIT 7'787.00 Long-Term Rating AA-
Operating Margin 22.28% Long-Term Outlook STABLE
Pretax Margin 17.94% Short-Term Rating Date 18.02.2011
Return on Assets 4.94% Short-Term Rating A-1+
Return on Common Equity 8.75%
Return on Capital 7.62% EBITDA/Interest Exp. 29.70
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 25.83
Net Debt/EBITDA 0.64
Gross Margin 68.2% Total Debt/EBITDA 1.14
EBITDA Margin 36.3%
EBIT Margin 22.3% Total Debt/Equity 25.3%
Net Income Margin 14.2% Total Debt/Capital 20.2%
Asset Turnover 0.35
Current Ratio 1.65 Net Fixed Asset Turnover 3.28
Quick Ratio 1.00 Accounts receivable turnover-days 81.42
Debt to Assets 14.47% Inventory Days 204.60
Tot Debt to Common Equity 25.34% Accounts Payable Turnover Day 101.89
Accounts Receivable Turnover 4.50 Cash Conversion Cycle 184.13
Inventory Turnover 1.79
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
SanofiPrice/Volume
Valuation Analysis
1'057'861.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
L'OREAL SA n/a 20F 118'227'307 8.91 - 31.01.2013 Corporation
FMR LLC n/a ULT-AGG 33'212'415 2.5 345'441 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 27'514'327 2.07 1'487'319 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 20'712'317 1.56 10'735 14.03.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 20'386'123 1.54 1'598'407 31.01.2013 Mutual Fund Manager
SANOFI EMP SAVINGS P n/a 20F 17'191'116 1.3 - 31.01.2013 n/a
DODGE & COX Multiple Portfolios MF-AGG 16'748'982 1.26 - 29.01.2013 Investment Advisor
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 7'771'655 0.59 (1'415'640) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'704'936 0.51 490'404 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 6'421'935 0.48 (26'807) 28.02.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'954'817 0.45 - 30.09.2012 Hedge Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'830'996 0.44 250'522 31.01.2013 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 5'643'800 0.43 597'970 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'078'811 0.38 681'510 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 4'869'438 0.37 (67'746) 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 4'547'746 0.34 (42'392) 31.12.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'234'244 0.32 (345'054) 31.05.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'068'709 0.31 8'077 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'040'506 0.3 (16'108) 31.10.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'878'339 0.29 347'156 15.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan RICHARD VOSSER overweight 5 M 99 12 month 15.03.2013
Jefferies JEFFREY HOLFORD buy 5 M 85 12 month 14.03.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 14.03.2013
Societe Generale STEPHEN MCGARRY buy 5 M 92 12 month 08.03.2013
AlphaValue ARMELLE MOULIN add 4 M 82 6 month 07.03.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 76 12 month 05.03.2013
Helvea ODILE RUNDQUIST accumulate 4 M 82 12 month 04.03.2013
Oddo & Cie SEBASTIEN MALAFOSSE buy 5 M 82 Not Provided 19.02.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 80 6 month 19.02.2013
Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 81 12 month 18.02.2013
Banco Sabadell MARTA DIAZ buy 5 M 80 12 month 15.02.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 M 76 Not Provided 13.02.2013
Exane BNP Paribas VINCENT MEUNIER outperform 5 M 85 Not Provided 13.02.2013
Barclays MARK PURCELL equalweight 3 M 77 Not Provided 12.02.2013
Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 11.02.2013
CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 66 12 month 11.02.2013
Deutsche Bank MARK CLARK buy 5 M 82 12 month 08.02.2013
Credit Suisse LUISA HECTOR neutral 3 M 78 Not Provided 08.02.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 78 Not Provided 08.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 75 12 month 08.02.2013
Kepler Capital Markets FABIAN WENNER hold 3 D 73 Not Provided 08.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 81 Not Provided 07.02.2013
Nomura AMIT ROY neutral 3 M 65 12 month 07.02.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 81 12 month 07.02.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 U 73 12 month 28.01.2013
Natixis PHILIPPE LANONE buy 5 M 84 Not Provided 28.01.2013
Nord/LB THORSTEN STRAUSS hold 3 M #N/A N/A Not Provided 11.12.2012
Day by Day VALERIE GASTALDY buy 5 U 78 3 month 11.12.2012
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 10.12.2012
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 28.11.2012
CA Cheuvreux LAURENT FLAMME outperform 5 M 77 Not Provided 29.10.2012
Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 65 Not Provided 05.10.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Jyske Bank ROBERT JAKOBSEN sell 1 M 57 Not Provided 11.07.2012
Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012
Mirabaud Securities NICHOLAS TURNER accumulate 4 M 63 Not Provided 02.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 52 Not Provided 08.02.2012
DZ Bank AG ELMAR KRAUS buy 5 M 55 12 month 20.12.2011
Holdings By:
Sanofi ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
SAP AG is a multinational software company. The Company develops business
software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training
services. SAP markets its products and services worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 65.00
52-Week Low (04.06.2012) 43.62
Daily Volume
64.04
52-Week High % Change -1.46% Dividend Yield -
52-Week Low % Change 46.81% Beta 0.82
% 52 Week Price Range High/Low 99.06% Equity Float 912.18
Shares Out 04.03.2013 1'228.5 Short Int -
78'673.41 1 Yr Total Return 20.28%
Total Debt 5'247.00 YTD Return 5.52%
Preferred Stock 0.0 Adjusted BETA 0.816
Minority Interest 8.0 Analyst Recs 45
Cash and Equivalents 2'629.00 Consensus Rating 4.133
Enterprise Value 81'299.41
Average Volume 5 Day 3'229'601
SAP GY EQUITY YTD Change - Average Volume 30 Day 2'789'769
SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'943'507
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
11'575.0 10'672.0 12'464.0 14'233.0 16'222.0 14'233.0 16'223.0 18'017.4 19'858.6 3'807.2 4'324.5
2.71x 3.65x 3.71x 3.31x 4.76x 13.42x 16.09x 4.31x 3.76x 20.88x 18.41x
3'300.0 3'301.0 4'125.0 4'908.0 4'935.0 4'892.0 4'575.0 6'358.8 7'203.4 1'116.5 1'487.5
9.49x 11.81x 11.20x 9.60x 15.64x 9.63x 16.87x 12.77x 11.27x 12.48x 12.48x
1'847.0 1'748.0 1'811.0 3'438.0 2'826.0 3'438.0 2'827.0 4'015.5 4'591.3 692.0 938.4
16.28x 22.45x 25.07x 14.13x 25.61x 14.18x 25.61x 18.36x 16.18x 18.14x 17.82x
EBITDA 4'935.00 Long-Term Rating Date -
EBIT 4'072.00 Long-Term Rating -
Operating Margin 25.10% Long-Term Outlook -
Pretax Margin 23.56% Short-Term Rating Date -
Return on Assets 11.29% Short-Term Rating -
Return on Common Equity 21.05%
Return on Capital 16.33% EBITDA/Interest Exp. 28.20
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 25.10
Net Debt/EBITDA 0.57
Gross Margin 69.2% Total Debt/EBITDA 1.15
EBITDA Margin 28.2%
EBIT Margin 22.9% Total Debt/Equity 37.0%
Net Income Margin 17.4% Total Debt/Capital 27.0%
Asset Turnover 0.65
Current Ratio 0.99 Net Fixed Asset Turnover 9.95
Quick Ratio 0.92 Accounts receivable turnover-days 84.26
Debt to Assets 19.53% Inventory Days -
Tot Debt to Common Equity 37.04% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.34 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
SAP AGPrice/Volume
Valuation Analysis
1'316'350.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PLATTNER HASSO n/a 13G 121'324'707 9.88 - 31.12.2012 n/a
TSCHIRA KLAUS n/a Co File 93'079'595 7.58 - 08.03.2012 n/a
BLACKROCK n/a ULT-AGG 66'743'066 5.43 - 14.03.2013 Investment Advisor
HOPP DIETMAR n/a 13G 65'273'200 5.31 - 31.12.2012 n/a
SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'879'878 1.54 35'104 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 16'829'736 1.37 (2'037'626) 31.01.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'235'667 0.91 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'143'131 0.91 (631'155) 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 11'120'905 0.91 (241'626) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 8'459'500 0.69 972'000 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 8'277'322 0.67 (339'827) 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'820'713 0.64 (171'398) 28.12.2012 Mutual Fund Manager
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'081'368 0.58 (461'445) 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'576'011 0.54 176'532 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'875'072 0.48 337'221 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'387'259 0.44 974'790 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'264'797 0.43 (406'504) 28.02.2013 Investment Advisor
CREDIT SUISSE AG n/a Research 4'582'686 0.37 - 06.06.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'685'764 0.3 75'391 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 70 6 month 11.03.2013
JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 11.03.2013
Day by Day VALERIE GASTALDY buy 5 M 66 3 month 11.03.2013
Nomura RICHARD G SHERLUND buy 5 M 68 12 month 10.03.2013
Societe Generale RICHARD NGUYEN buy 5 M 71 12 month 07.03.2013
Deutsche Bank KAI KORSCHELT buy 5 M 70 12 month 07.03.2013
HSBC ANTONIN BAUDRY overweight 5 U 74 Not Provided 07.03.2013
AlphaValue HEINZ STEFFEN add 4 M 73 6 month 07.03.2013
Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 67 12 month 06.03.2013
Baader Bank KNUT WOLLER hold 3 M 63 12 month 06.03.2013
William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 06.03.2013
Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 06.03.2013
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 24.02.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013
Commerzbank Corporates & Markets THOMAS M BECKER add 4 U 65 6 month 04.02.2013
Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013
Exane BNP Paribas JOSEP BORI neutral 3 M 63 Not Provided 28.01.2013
Nord/LB WOLFGANG DONIE buy 5 U 70 12 month 24.01.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 65 Not Provided 24.01.2013
JPMorgan STACY E POLLARD overweight 5 M 65 12 month 24.01.2013
Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 24.01.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 24.01.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 69 12 month 24.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 70 Not Provided 24.01.2013
Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 24.01.2013
Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 57 Not Provided 23.01.2013
Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 86 12 month 23.01.2013
Jefferies ROSS MACMILLAN hold 3 M 62 12 month 23.01.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 57 Not Provided 23.01.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 63 12 month 23.01.2013
Kepler Capital Markets LAURENT DAURE buy 5 M 66 Not Provided 23.01.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 70 12 month 23.01.2013
DZ Bank AG OLIVER FINGER buy 5 M 66 12 month 23.01.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.01.2013
M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 67 12 month 17.01.2013
Natixis GWENAEL GIARD neutral 3 M 53 Not Provided 16.01.2013
Cross Research RICHARD T WILLIAMS hold 3 M 45 12 month 16.01.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 69 12 month 14.01.2013
Jyske Bank ROBERT JAKOBSEN reduce 2 M 65 Not Provided 09.01.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 65 12 month 24.10.2012
CA Cheuvreux MICHAEL BEUCHER underperform 1 M 46 Not Provided 02.02.2012
FBR Capital Markets DAVID M HILAL market perform 3 M 55 12 month 26.01.2012
Holdings By:
SAP AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Schneider Electric SA manufactures power distribution and automation systems.
The Company produces circuit breakers, remote installation management equipment,
panelboards, programmable logic controllers, industrial control products,
detectors, human-machine interfaces, and process controls. Schneider's products
are sold various brands.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 60.71
52-Week Low (27.06.2012) 39.40
Daily Volume
58.75
52-Week High % Change -3.24% Dividend Yield -
52-Week Low % Change 49.13% Beta 1.27
% 52 Week Price Range High/Low 92.02% Equity Float 525.90
Shares Out 01.03.2013 555.4 Short Int -
32'630.75 1 Yr Total Return 14.76%
Total Debt 8'132.00 YTD Return 7.15%
Preferred Stock 0.0 Adjusted BETA 1.273
Minority Interest 174.0 Analyst Recs 31
Cash and Equivalents 3'737.00 Consensus Rating 3.581
Enterprise Value 37'199.75
Average Volume 5 Day 1'363'987
SU FP EQUITY YTD Change - Average Volume 30 Day 1'492'743
SU FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'302'866
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
18'311.0 15'793.0 19'580.0 22'345.0 23'946.0 22'387.0 23'946.0 24'387.4 25'630.9 5'390.0 6'012.0
0.95x 1.51x 1.68x 1.23x 1.44x 0.00x 0.00x 1.49x 1.38x - -
3'321.0 2'575.0 3'575.0 3'725.0 3'837.0 0.0 0.0 4'068.3 4'435.2 - -
5.24x 9.26x 9.20x 7.36x 9.01x 0.00x 0.00x 9.14x 8.38x - -
1'682.0 824.0 1'720.0 1'793.0 1'840.0 0.0 0.0 2'305.6 2'566.4 - -
7.55x 24.63x 17.00x 12.18x 16.17x 0.00x 0.00x 14.18x 12.72x - -
EBITDA 3'837.00 Long-Term Rating Date 26.11.2008
EBIT 3'030.00 Long-Term Rating A-
Operating Margin 12.65% Long-Term Outlook STABLE
Pretax Margin 10.42% Short-Term Rating Date 14.03.2007
Return on Assets 5.11% Short-Term Rating A-2
Return on Common Equity 11.32%
Return on Capital 9.07% EBITDA/Interest Exp. 9.97
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 8.74
Net Debt/EBITDA 1.15
Gross Margin 37.8% Total Debt/EBITDA 2.12
EBITDA Margin 16.0%
EBIT Margin 12.7% Total Debt/Equity 48.9%
Net Income Margin 7.7% Total Debt/Capital 32.6%
Asset Turnover 0.67
Current Ratio 1.51 Net Fixed Asset Turnover 9.22
Quick Ratio 1.01 Accounts receivable turnover-days 81.70
Debt to Assets 22.49% Inventory Days 79.13
Tot Debt to Common Equity 48.86% Accounts Payable Turnover Day 103.63
Accounts Receivable Turnover 4.48 Cash Conversion Cycle 57.20
Inventory Turnover 4.63
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
Schneider Electric SAPrice/Volume
Valuation Analysis
701'056.00
Current Price (3/dd/yy) Market Data
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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: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 82'567'657 14.87 (10'012'679) 31.12.2012 Investment Advisor
AMUNDI n/a Research 27'220'485 4.9 (1'168'334) 16.05.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Research 20'349'002 3.66 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'925'730 2.87 477'308 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'849'337 1.95 (52'247) 31.12.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 10'102'524 1.82 95'500 29.01.2013 Investment Advisor
SCHNEIDER ELECTRIC S n/a Co File 9'164'952 1.65 - 31.12.2011 Corporation
FMR LLC n/a ULT-AGG 8'966'075 1.61 1'796'419 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'933'925 1.61 1'026'144 31.01.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 7'550'215 1.36 (184'164) 14.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 6'092'154 1.1 221'215 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'494'386 0.81 46'843 28.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'718'149 0.67 381'734 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'485'819 0.45 551'587 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'452'160 0.44 (404'495) 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 2'431'430 0.44 (100'486) 28.02.2013 Unclassified
AVIVA PLC Multiple Portfolios MF-AGG 1'836'557 0.33 (2'705) 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'775'165 0.32 (144'907) 31.12.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 1'725'770 0.31 27'078 15.03.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'708'138 0.31 (235'006) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas OLIVIER ESNOU outperform 5 M 66 Not Provided 14.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 53 12 month 08.03.2013
HSBC MICHAEL HAGMANN overweight 5 M 70 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 60 Not Provided 08.03.2013
AlphaValue LIONEL PELLICER add 4 M 66 6 month 07.03.2013
Day by Day VALERIE GASTALDY buy 5 M 66 3 month 04.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 04.03.2013
Barclays NICK WEBSTER equalweight 3 M 54 Not Provided 27.02.2013
Credit Suisse SIMON TOENNESSEN neutral 3 M 58 Not Provided 25.02.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 60 Not Provided 25.02.2013
Societe Generale GAEL DE BRAY buy 5 M 64 12 month 22.02.2013
Deutsche Bank MARTIN WILKIE hold 3 M 55 12 month 22.02.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 65 12 month 22.02.2013
CA Cheuvreux ALFRED GLASER outperform 5 M 62 Not Provided 22.02.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 65 12 month 22.02.2013
Natixis LUDOVIC DEBAILLEUX neutral 3 M 61 Not Provided 22.02.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 57 12 month 21.02.2013
JPMorgan ANDREAS WILLI overweight 5 M 65 9 month 21.02.2013
Kepler Capital Markets PIERRE BOUCHENY reduce 2 M 57 Not Provided 21.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 61 12 month 21.02.2013
Banco Sabadell MARIA CEBOLLERO buy 5 M 48 12 month 15.02.2013
Canaccord Genuity Corp JAMES STETTLER hold 3 M 60 Not Provided 08.02.2013
Goldman Sachs DANIELA COSTA Buy/Neutral 5 U 65 12 month 30.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 53 Not Provided 24.01.2013
CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 58 12 month 21.01.2013
Berenberg Bank WILLIAM MACKIE hold 3 M 60 Not Provided 08.01.2013
Nomura DANIEL CUNLIFFE neutral 3 M 45 12 month 27.11.2012
Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 08.10.2012
Holdings By:
Schneider Electric SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Siemens AG is an engineering and manufacturing company. The Company focuses on
three major business sectors including industrial, energy, and healthcare.
Siemens AG provides engineering solutions in automation and control, power,
transportation, medical, information and communication, and lighting.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (22.01.2013) 84.75
52-Week Low (26.06.2012) 62.13
Daily Volume
83.52
52-Week High % Change -1.46% Dividend Yield -
52-Week Low % Change 34.43% Beta 0.97
% 52 Week Price Range High/Low 94.39% Equity Float 771.11
Shares Out 31.12.2012 881.0 Short Int -
73'581.12 1 Yr Total Return 8.65%
Total Debt 20'706.00 YTD Return 5.36%
Preferred Stock 0.0 Adjusted BETA 0.970
Minority Interest 569.0 Analyst Recs 43
Cash and Equivalents 11'415.00 Consensus Rating 3.419
Enterprise Value 85'142.12
Average Volume 5 Day 2'875'882
SIE GY EQUITY YTD Change - Average Volume 30 Day 2'478'091
SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'380'495
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
77'327.0 76'651.0 68'978.0 73'275.0 78'296.0 73'702.0 78'670.0 78'224.0 81'211.0 18'927.1 19'267.1
0.82x 0.81x 1.07x 0.89x 0.98x 4.28x 3.87x 1.07x 1.00x 4.60x 4.54x
8'175.0 9'196.0 9'544.0 10'492.0 9'653.0 9'978.0 10'351.0 9'514.8 11'411.5 2'045.0 2'134.7
7.77x 6.77x 7.72x 6.19x 7.93x 7.27x 7.81x 8.94x 7.45x 8.99x 8.51x
5'725.0 2'292.0 3'899.0 6'145.0 4'458.0 5'793.0 4'215.0 5'148.9 6'465.0 1'193.3 1'117.5
34.66x 24.49x 16.42x 8.24x 13.50x 9.79x 14.47x 13.67x 11.02x 13.09x 12.56x
EBITDA 9'653.00 Long-Term Rating Date 05.06.2009
EBIT 6'909.00 Long-Term Rating A+
Operating Margin 8.82% Long-Term Outlook STABLE
Pretax Margin 9.30% Short-Term Rating Date 18.04.2011
Return on Assets 4.00% Short-Term Rating A-1+
Return on Common Equity 13.31%
Return on Capital 9.71% EBITDA/Interest Exp. 21.45
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 16.55
Net Debt/EBITDA 1.07
Gross Margin 28.4% Total Debt/EBITDA 2.14
EBITDA Margin 13.2%
EBIT Margin 9.7% Total Debt/Equity 67.4%
Net Income Margin 5.7% Total Debt/Capital 39.8%
Asset Turnover 0.75
Current Ratio 1.22 Net Fixed Asset Turnover 7.41
Quick Ratio 0.62 Accounts receivable turnover-days 73.95
Debt to Assets 19.12% Inventory Days 104.73
Tot Debt to Common Equity 67.37% Accounts Payable Turnover Day 44.53
Accounts Receivable Turnover 4.95 Cash Conversion Cycle 120.05
Inventory Turnover 3.49
Fiscal Year Ended
Siemens AGPrice/Volume
Valuation Analysis
2'117'393.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 58'395'240 6.63 (532'912) 14.03.2013 Investment Advisor
SIEMENS FAMILY n/a Research 54'852'206 6.23 - 10.11.2011 n/a
QATAR HOLDINGS LLC n/a Research 27'758'338 3.15 - 07.05.2012 Government
SIEMENS AG n/a Research 26'820'674 3.04 - 08.10.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'817'904 2.14 (179'474) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 9'880'200 1.12 (890'272) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 6'248'408 0.71 (142'619) 31.01.2013 Unclassified
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'391'186 0.61 (1'087'091) 28.09.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'203'888 0.59 (551'912) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'607'953 0.52 (420'157) 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'175'468 0.47 70'846 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'693'584 0.42 178'571 28.02.2013 Investment Advisor
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 3'679'641 0.42 (136'820) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'544'903 0.4 453'646 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'963'579 0.34 57'030 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'574'345 0.29 (40'455) 14.03.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 2'013'201 0.23 (38'813) 31.12.2012 Mutual Fund Manager
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'734'739 0.2 (47'600) 28.12.2012 Mutual Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'634'951 0.19 (5'200) 30.11.2012 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'567'485 0.18 (28'036) 15.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 88 12 month 15.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 72 12 month 14.03.2013
Exane BNP Paribas OLIVIER ESNOU underperform 1 M 88 Not Provided 14.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
HSBC MICHAEL HAGMANN neutral 3 M 87 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 81 Not Provided 08.03.2013
AlphaValue HEINZ STEFFEN add 4 M 85 6 month 07.03.2013
RBC Capital Markets ANDREW CARTER sector perform 3 M 86 12 month 19.02.2013
Canaccord Genuity Corp JAMES STETTLER hold 3 M 80 Not Provided 19.02.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 90 12 month 15.02.2013
DZ Bank AG JASKO TERZIC hold 3 M 77 12 month 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 85 12 month 04.02.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 96 Not Provided 28.01.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M 86 12 month 28.01.2013
Kepler Capital Markets ULRICH SCHOLZ hold 3 M 85 Not Provided 25.01.2013
Societe Generale GAEL DE BRAY hold 3 M 88 12 month 24.01.2013
Credit Suisse SIMON TOENNESSEN outperform 5 M 95 Not Provided 24.01.2013
CA Cheuvreux ALFRED GLASER outperform 5 M 94 Not Provided 24.01.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 93 12 month 24.01.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 94 Not Provided 24.01.2013
Natixis LUDOVIC DEBAILLEUX reduce 2 M 75 Not Provided 24.01.2013
Main First Bank AG CHRISTOPHER YOUL underperform 1 M 86 12 month 24.01.2013
Barclays NICK WEBSTER equalweight 3 M 84 Not Provided 24.01.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 83 6 month 23.01.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 90 12 month 23.01.2013
Nord/LB WOLFGANG DONIE hold 3 M 76 12 month 23.01.2013
JPMorgan ANDREAS WILLI neutral 3 M 90 9 month 23.01.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 79 12 month 23.01.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 85 12 month 23.01.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 85 12 month 23.01.2013
Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 23.01.2013
SRH AlsterResearch OLIVER DREBING buy 5 M 92 12 month 23.01.2013
Goldman Sachs DANIELA COSTA neutral/neutral 3 M 90 12 month 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank PETER REILLY sell 1 D 65 12 month 20.11.2012
Nomura DANIEL CUNLIFFE neutral 3 M 85 12 month 16.11.2012
Silvia Quandt Research EERIK KD BUDARZ avoid 1 M 58 12 month 08.11.2012
Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 Not Provided 12.10.2012
Holdings By:
Siemens AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Societe Generale attracts deposits and offers commercial, retail, investment,
and private banking services. The Bank offers consumer credit, vehicle lease
financing, information technology equipment leasing, life and non-life
insurance, custodian services, trade and project financing, currency exchange,
treasury services, and financial and commodities futures brokerage services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 34.40
52-Week Low (18.05.2012) 15.10
Daily Volume
28.64
52-Week High % Change -16.77% Dividend Yield -
52-Week Low % Change 89.67% Beta 1.84
% 52 Week Price Range High/Low 77.07% Equity Float 697.56
Shares Out 31.01.2013 780.3 Short Int -
22'347.05 1 Yr Total Return 13.56%
Total Debt 740'837.00 YTD Return 1.06%
Preferred Stock 5'270.0 Adjusted BETA 1.835
Minority Interest 4'288.0 Analyst Recs 37
Cash and Equivalents 110'225.00 Consensus Rating 3.541
Enterprise Value -
Average Volume 5 Day 4'316'328
GLE FP EQUITY YTD Change - Average Volume 30 Day 5'297'777
GLE FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'802'140
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
57'829.0 43'984.0 45'306.0 48'549.0 43'733.0 0.0 0.0 23'928.8 24'751.5 6'146.7 5'918.3
- - - - - #DIV/0! #DIV/0! - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'010.0 678.0 3'917.0 2'385.0 774.0 2'385.0 774.0 2'774.2 3'349.4 675.0 679.0
10.65x 108.78x 8.11x 5.38x 27.51x 5.37x 29.73x 7.89x 6.61x 8.67x -
EBITDA - Long-Term Rating Date 23.01.2012
EBIT - Long-Term Rating A
Operating Margin 8.87% Long-Term Outlook NEG
Pretax Margin 6.13% Short-Term Rating Date 07.05.2009
Return on Assets 0.06% Short-Term Rating A-1
Return on Common Equity 1.79%
Return on Capital 0.16% EBITDA/Interest Exp. -
Asset Turnover - (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 1663.3%
Net Income Margin 3.1% Total Debt/Capital 93.2%
Asset Turnover -
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 59.23% Inventory Days -
Tot Debt to Common Equity 1663.34% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Societe Generale SAPrice/Volume
Valuation Analysis
5'081'324.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012! !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 73'717'333 9.45 (479'358) 31.12.2012 Investment Advisor
LYXOR INTERNATIONAL n/a Research 50'619'422 6.49 - 26.09.2011 Investment Advisor
BLACKROCK INC n/a Research 39'030'082 5 - 24.01.2013 n/a
CAISSE DES DEPOTS ET n/a Co File 19'567'063 2.51 - 31.12.2011 Government
GROUPAMA SA n/a Research 15'059'288 1.93 (7'089'130) 21.02.2013 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'637'274 1.75 320'629 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 12'839'038 1.65 (788'008) 31.01.2013 Mutual Fund Manager
MEIJI YASUDA LIFE IN n/a Co File 11'069'312 1.42 - 31.12.2011 Insurance Company
SOCIETE GENERALE n/a Co File 8'987'016 1.15 - 31.12.2011 Bank
CNP ASSURANCES n/a Co File 8'976'936 1.15 - 31.12.2011 Insurance Company
BLACKROCK n/a ULT-AGG 8'920'728 1.14 (1'072'920) 14.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 6'423'755 0.82 (1'837'855) 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 4'315'613 0.55 (12'997) 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 3'648'601 0.47 219'286 31.12.2012 Mutual Fund Manager
BARCLAYS ASSET MANAG Multiple Portfolios MF-AGG 2'612'606 0.33 376'954 31.03.2012 Mutual Fund Manager
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 2'534'136 0.32 - 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'453'929 0.31 369'433 31.10.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'408'561 0.31 3'288 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'359'782 0.3 (753'334) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'287'940 0.29 31'592 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas GUILLAUME TIBERGHIEN outperform 5 M 38 Not Provided 14.03.2013
JPMorgan DELPHINE LEE overweight 5 M 37 12 month 11.03.2013
Oddo & Cie JEAN SASSUS neutral 3 M 34 Not Provided 08.03.2013
AlphaValue CHRISTOPHE NIJDAM add 4 M 34 6 month 07.03.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 U 31 Not Provided 06.03.2013
Macquarie PIERS BROWN underperform 1 M 29 12 month 05.03.2013
Day by Day VALERIE GASTALDY buy 5 U 34 3 month 05.03.2013
Barclays KIRI VIJAYARAJAH equalweight 3 M 31 Not Provided 04.03.2013
Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 36 12 month 27.02.2013
Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 41 Not Provided 26.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 20.02.2013
HSBC ROBIN DOWN overweight 5 U 40 Not Provided 19.02.2013
Kepler Capital Markets BENOIT PETRARQUE buy 5 M 41 Not Provided 18.02.2013
Deutsche Bank FLORA BENHAKOUN hold 3 M 31 12 month 14.02.2013
Morgan Stanley THIBAULT NARDIN Equalwt/In-Line 3 M 35 12 month 14.02.2013
RBC Capital Markets ANKE REINGEN sector perform 3 M 36 12 month 14.02.2013
Natixis ALEX KOAGNE neutral 3 M 37 Not Provided 14.02.2013
Nomura JON PEACE buy 5 M 36 12 month 14.02.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 42 12 month 13.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 38 12 month 13.02.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 M 34 12 month 13.02.2013
Main First Bank AG FEDERICO SALERNO underperform 1 M 31 12 month 13.02.2013
CA Cheuvreux CYRIL MEILLAND underperform 1 M 35 Not Provided 07.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 20 Not Provided 07.02.2013
Mediobanca SpA ANTONIO GUGLIELMI underperform 1 M 28 6 month 06.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 U 31 Not Provided 30.01.2013
Berenberg Bank JAMES CHAPPELL sell 1 N 16 Not Provided 28.01.2013
Grupo Santander AURELIA FAURE buy 5 M 36 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
CM - CIC Securities(ESN) PIERRE CHEDEVILLE accumulate 4 M 38 12 month 16.01.2013
Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 16.11.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Banco Sabadell MARIO LODOS buy 5 M 32 Not Provided 30.07.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 19.06.2012
DZ Bank AG SABINE BOHN hold 3 M 18 12 month 06.01.2012
Holdings By:
Societe Generale SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Telefonica S.A. provides telecommunications services mainly to countries in
Europe and Latin America. The Company offers fixed-line and mobile telephone,
Internet, and data transmission services to residential and corporate customers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.03.2012) 12.79
52-Week Low (26.07.2012) 7.90
Daily Volume
11.16
52-Week High % Change -12.76% Dividend Yield -
52-Week Low % Change 41.27% Beta 0.96
% 52 Week Price Range High/Low 72.86% Equity Float 4'396.29
Shares Out 31.12.2012 4'551.0 Short Int -
50'789.43 1 Yr Total Return -5.72%
Total Debt 66'853.00 YTD Return 9.52%
Preferred Stock 0.0 Adjusted BETA 0.960
Minority Interest 7'200.0 Analyst Recs 43
Cash and Equivalents 11'719.00 Consensus Rating 3.233
Enterprise Value 113'123.43
Average Volume 5 Day 30'940'500
TEF SQ EQUITY YTD Change - Average Volume 30 Day 29'812'760
TEF SQ EQUITY YTD % CHANGE - Average Volume 3 Month 31'597'860
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
57'946.0 56'731.0 60'737.0 62'837.0 62'356.0 62'837.3 62'356.0 59'469.0 59'712.6 - -
2.10x 2.42x 2.29x 1.99x 1.74x 8.42x 7.30x 1.79x 1.74x - -
22'919.0 22'603.0 25'777.0 19'392.0 20'835.0 19'392.5 20'871.0 20'379.2 20'478.2 - -
5.31x 6.07x 5.39x 6.46x 5.22x 6.46x 5.21x 5.55x 5.52x - -
7'592.0 7'776.0 10'167.0 5'402.9 3'928.0 5'402.7 3'928.0 5'160.5 5'345.3 - -
9.72x 11.43x 7.54x 11.18x 11.71x 11.25x 11.52x 9.79x 9.39x - -
EBITDA 20'835.00 Long-Term Rating Date 20.12.2012
EBIT 10'402.00 Long-Term Rating BBB
Operating Margin 16.68% Long-Term Outlook NEG
Pretax Margin 9.40% Short-Term Rating Date 20.12.2012
Return on Assets 3.03% Short-Term Rating A-2
Return on Common Equity 18.66%
Return on Capital - EBITDA/Interest Exp. 7.26
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.86
Net Debt/EBITDA 2.64
Gross Margin - Total Debt/EBITDA 3.20
EBITDA Margin 33.5%
EBIT Margin 16.7% Total Debt/Equity 326.7%
Net Income Margin 6.3% Total Debt/Capital 70.7%
Asset Turnover 0.48
Current Ratio 0.81 Net Fixed Asset Turnover 1.77
Quick Ratio 0.71 Accounts receivable turnover-days 58.28
Debt to Assets 51.52% Inventory Days -
Tot Debt to Common Equity 326.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.28 Cash Conversion Cycle -
Inventory Turnover -
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
Telefonica SAPrice/Volume
Valuation Analysis
11'397'328.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANCO BILBAO VIZCAYA n/a Research 258'217'137 5.67 - 19.10.2012 Bank
CAIXABANK n/a Research 246'898'917 5.43 - 19.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 177'257'649 3.89 - 14.03.2013 Investment Advisor
BNP PARIBAS SA n/a EXCH 127'368'869 2.8 (15'605'969) 12.05.2011 Bank
TELEFONICA SA n/a Co File 84'209'364 1.85 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 74'723'845 1.64 2'181'969 31.12.2012 Investment Advisor
CHINA UNICOM HONG KO n/a Co File 62'526'753 1.37 - 31.12.2011 Corporation
AMUNDI Multiple Portfolios MF-AGG 24'865'994 0.55 11'840'334 31.12.2012 Mutual Fund Manager
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 19'028'128 0.42 (646'697) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 14'952'055 0.33 8'202'010 31.01.2013 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 12'316'494 0.27 (193'575) 14.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'728'963 0.21 3'689'650 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8'058'783 0.18 (3'474'417) 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'972'644 0.13 (295'222) 28.09.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'631'439 0.12 168'134 31.01.2013 Mutual Fund Manager
WELLCOME TRUST LIMIT n/a Research 5'200'000 0.11 - 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'961'960 0.11 829'681 28.12.2012 Mutual Fund Manager
BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 4'866'264 0.11 (70'160) 30.09.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 4'645'859 0.1 (658'342) 28.09.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 4'607'391 0.1 - 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 13 Not Provided 18.03.2013
NMAS 1 Agencia de Valores JOSE RAMON OCINA buy 5 M 13 12 month 18.03.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 10 12 month 15.03.2013
Bankia Bolsa (ESN) DAVID CABEZA JARENO buy 5 M 14 12 month 15.03.2013
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU buy 5 M 13 Not Provided 15.03.2013
Deutsche Bank KEVAL KHIROYA hold 3 M 12 12 month 14.03.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 14 Not Provided 11.03.2013
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 11 Not Provided 08.03.2013
BPI PEDRO OLIVEIRA reduce 2 M 9 Not Provided 07.03.2013
Berenberg Bank PAUL ANDREW MARSCH sell 1 M 9 Not Provided 06.03.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 05.03.2013
JPMorgan TORSTEN ACHTMANN overweight 5 U 13 9 month 04.03.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 9 12 month 04.03.2013
Espirito Santo Investment Bank ResearchNUNO MATIAS neutral 3 U 10 Not Provided 04.03.2013
Banesto Bolsa SA Sociedad MARTA GOMEZ buy 5 M 12 Not Provided 04.03.2013
HSBC LUIGI MINERVA neutral 3 M 11 Not Provided 01.03.2013
Macquarie GUY R PEDDY underperform 1 M 9 12 month 01.03.2013
Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 10 Not Provided 01.03.2013
S&P Capital IQ ALEXANDER WISCH sell 1 M 9 12 month 01.03.2013
Barclays JONATHAN DANN equalweight 3 U 10 Not Provided 01.03.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 17 6 month 01.03.2013
Morgan Stanley LUIS PROTA Equalwt/In-Line 3 M 13 12 month 28.02.2013
Goldman Sachs TIMOTHY BODDY neutral/neutral 3 U 11 12 month 28.02.2013
Jefferies JEREMY A DELLIS underperform 1 M 8 12 month 28.02.2013
Raymond James STEPHANE BEYAZIAN underperform 1 M 10 12 month 28.02.2013
Interdin Bolsa BORJA MIJANGOS BLANCO buy 5 M 12 Not Provided 28.02.2013
Nomura FREDERIC BOULAN reduce 2 M 9 12 month 28.02.2013
New Street Research JAMES RATZER reduce 2 M #N/A N/A Not Provided 28.02.2013
BCP Investimento ALEXANDRA DELGADO buy 5 M 17 Not Provided 22.02.2013
BBVA IVON LEAL outperform 5 M 13 Not Provided 31.01.2013
Credit Suisse JUSTIN FUNNELL neutral 3 M 14 Not Provided 24.01.2013
La Caixa BORJA PAGOAGA buy 5 M 13 Not Provided 27.11.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 26.11.2012
Kepler Capital Markets JAVIER BORRACHERO buy 5 M 12 Not Provided 19.11.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 03.10.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 12 Not Provided 26.09.2012
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 12 Not Provided 26.07.2012
Natixis BENOIT MAYNARD neutral 3 M 14 Not Provided 14.05.2012
Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO overweight 5 M 19 12 month 24.02.2012
DZ Bank AG THORSTEN REIGBER buy 5 M 16 12 month 15.11.2011
Holdings By:
Telefonica SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Total SA explores for, produces, refines, transports, and markets oil and
natural gas. The Company also operates a chemical division which produces
polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and
resins. Total operates gasoline filling stations in Europe, the United States,
and Africa.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.03.2012) 42.39
52-Week Low (01.06.2012) 33.42
Daily Volume
38.565
52-Week High % Change -9.06% Dividend Yield 6.07
52-Week Low % Change 15.39% Beta 0.89
% 52 Week Price Range High/Low 64.05% Equity Float 2'033.04
Shares Out 31.01.2013 2'365.9 Short Int -
91'242.23 1 Yr Total Return -2.39%
Total Debt 33'290.00 YTD Return 0.37%
Preferred Stock 0.0 Adjusted BETA 0.885
Minority Interest 1'281.0 Analyst Recs 36
Cash and Equivalents 17'031.00 Consensus Rating 4.111
Enterprise Value 108'782.23
Average Volume 5 Day 4'385'890
FP FP EQUITY YTD Change - Average Volume 30 Day 5'019'095
FP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'391'208
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
160'331.0 112'153.0 140'476.0 166'550.0 182'299.0 166'550.0 182'299.0 181'931.5 180'357.3 45'141.7 45'995.0
0.62x 1.03x 0.74x 0.65x 0.58x 2.49x 2.27x 0.60x 0.62x 2.40x 2.35x
29'887.0 22'234.0 28'045.0 32'919.0 32'343.0 32'919.0 31'942.0 33'660.1 34'434.2 8'679.0 9'163.0
3.32x 5.22x 3.72x 3.28x 3.27x 3.28x 3.31x 3.22x 3.15x 3.00x 2.95x
10'590.0 8'447.0 10'571.0 12'276.0 10'694.0 12'276.0 10'694.0 12'046.7 12'344.8 2'587.0 2'917.0
8.21x 11.87x 8.38x 7.23x 8.23x 7.25x 8.25x 7.34x 7.28x 7.41x 7.44x
EBITDA 32'343.00 Long-Term Rating Date 12.04.2011
EBIT 21'862.00 Long-Term Rating AA-
Operating Margin 11.99% Long-Term Outlook STABLE
Pretax Margin 13.11% Short-Term Rating Date 13.09.1999
Return on Assets 6.37% Short-Term Rating A-1+
Return on Common Equity 15.17%
Return on Capital 10.66% EBITDA/Interest Exp. 48.20
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 18.54
Net Debt/EBITDA 0.51
Gross Margin - Total Debt/EBITDA 1.04
EBITDA Margin 17.5%
EBIT Margin 12.0% Total Debt/Equity 45.7%
Net Income Margin 5.9% Total Debt/Capital 31.0%
Asset Turnover 1.09
Current Ratio 1.38 Net Fixed Asset Turnover 2.73
Quick Ratio 0.74 Accounts receivable turnover-days 39.41
Debt to Assets 19.37% Inventory Days -
Tot Debt to Common Equity 45.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.29 Cash Conversion Cycle -
Inventory Turnover -
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
Total SAPrice/Volume
Valuation Analysis
2'899'342.00
Current Price (3/dd/yy) Market Data
!2
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0! ! 9
02 ! 9
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
200'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOTAL SA n/a Co File 108'732'635 4.6 - 31.12.2011 Corporation
GROUPE BRUXELLES LAM n/a Research 94'077'367 3.98 - 15.03.2012 Holding Company
AMUNDI n/a Research 78'390'326 3.31 - 06.01.2012 Investment Advisor
QATAR HOLDINGS LLC n/a Research 47'275'059 2 - 14.03.2012 Government
NORGES BANK n/a Research 47'038'683 1.99 - 31.12.2011 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 40'249'545 1.7 287'390 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 37'462'629 1.58 (915'311) 31.01.2013 Mutual Fund Manager
CIE NATIONALE A PORT n/a Co File 35'456'294 1.5 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 27'566'811 1.17 (690'595) 14.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 19'734'600 0.83 (2'024'000) 31.12.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 11'200'000 0.47 - 31.12.2011 Pension Fund (ERISA)
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10'724'478 0.45 256'626 15.03.2013 Investment Advisor
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 10'464'145 0.44 (205'460) 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 10'451'098 0.44 (9'605) 28.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 9'555'009 0.4 (23'778) 31.12.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8'031'246 0.34 21'870 31.05.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 7'707'489 0.33 (194'720) 31.12.2012 Mutual Fund Manager
WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'573'598 0.32 (6'360) 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'054'684 0.3 - 30.09.2012 Hedge Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 6'872'173 0.29 (108'025) 14.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 48 Not Provided 18.03.2013
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 51 12 month 13.03.2013
Grupo Santander JASON KENNEY buy 5 M 45 Not Provided 12.03.2013
Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 11.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 37 6 month 07.03.2013
VTB Capital COLIN SMITH buy 5 M 50 12 month 01.03.2013
HSBC PAUL SPEDDING overweight 5 M 46 Not Provided 27.02.2013
Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 46 Not Provided 27.02.2013
Canaccord Genuity Corp GORDON GRAY buy 5 U 45 12 month 21.02.2013
RBC Capital Markets PETER HUTTON outperform 5 M 44 12 month 19.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 47 12 month 15.02.2013
Societe Generale IRENE HIMONA buy 5 M 47 12 month 14.02.2013
Credit Suisse KIM FUSTIER neutral 3 M 44 Not Provided 14.02.2013
JPMorgan NITIN SHARMA overweight 5 M 49 3 month 14.02.2013
Jefferies IAIN REID buy 5 M 48 12 month 14.02.2013
Macquarie JASON D GAMMEL neutral 3 M 42 12 month 14.02.2013
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 14.02.2013
CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 14.02.2013
Nomura THEEPAN JOTHILINGAM neutral 3 M 40 12 month 14.02.2013
Barclays LYDIA RAINFORTH underweight 1 M 44 Not Provided 14.02.2013
Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 41 12 month 13.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 42 12 month 13.02.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 48 12 month 13.02.2013
Natixis ANNE PUMIR buy 5 M 47 Not Provided 07.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 49 12 month 06.02.2013
Day by Day VALERIE GASTALDY buy 5 M 45 3 month 05.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 45 Not Provided 09.01.2013
Deutsche Bank LUCAS HERRMANN buy 5 U 44 12 month 03.12.2012
Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 42 12 month 27.11.2012
Investec STUART JOYNER hold 3 M 38 12 month 02.07.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 M 44 Not Provided 30.04.2012
Holdings By:
Total SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Unibail-Rodamco leases and rents building space, finances real estate
investments, and renovates real estate for sale. The Company's properties,
mainly shopping centers, office buildings, and convention-exhibition centers,
are primarily located in city centers or near major access routes. The Company
opted for the SIIC legal status in 2003.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (28.12.2012) 188.50
52-Week Low (01.06.2012) 130.50
Daily Volume
181.45
52-Week High % Change -3.74% Dividend Yield -
52-Week Low % Change 39.04% Beta 0.97
% 52 Week Price Range High/Low 92.76% Equity Float 91.67
Shares Out 28.01.2013 94.9 Short Int -
17'218.15 1 Yr Total Return 22.57%
Total Debt 11'919.00 YTD Return -0.27%
Preferred Stock 0.0 Adjusted BETA 0.967
Minority Interest 1'583.1 Analyst Recs 31
Cash and Equivalents 63.10 Consensus Rating 3.355
Enterprise Value 30'657.15
Average Volume 5 Day 427'122
UL NA EQUITY YTD Change - Average Volume 30 Day 338'242
UL NA EQUITY YTD % CHANGE - Average Volume 3 Month 313'378
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
1'642.5 1'363.3 1'716.4 1'939.9 1'722.7 - - 1'577.9 1'727.4 - -
11.17x 17.14x 14.60x 12.81x 17.56x - - 19.48x 18.10x - -
1'309.7 931.4 1'254.8 1'184.2 1'187.1 - - 1'399.9 1'515.4 - -
14.01x 25.09x 19.97x 20.99x 25.48x - - 21.89x 20.22x - -
(1'116.0) (1'467.8) 2'187.6 1'327.8 1'458.6 - - 965.1 1'050.9 - -
- - 6.19x 9.61x 11.52x - - 17.90x 16.49x - -
EBITDA 1'187.10 Long-Term Rating Date 27.06.2007
EBIT 1'184.80 Long-Term Rating A
Operating Margin 30.90% Long-Term Outlook STABLE
Pretax Margin 105.67% Short-Term Rating Date 27.06.2007
Return on Assets 5.21% Short-Term Rating A-1
Return on Common Equity 11.89%
Return on Capital 6.71% EBITDA/Interest Exp. 1.82
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -0.27
Net Debt/EBITDA 9.99
Gross Margin - Total Debt/EBITDA 10.04
EBITDA Margin 68.9%
EBIT Margin - Total Debt/Equity 92.4%
Net Income Margin 84.7% Total Debt/Capital 45.1%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 40.31% Inventory Days -
Tot Debt to Common Equity 92.38% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Unibail-Rodamco SEPrice/Volume
Valuation Analysis
164'699.00
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
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
APG ASSET MANAGEMENT n/a Research 8'485'804 8.94 - 31.10.2012 Pension Fund (ERISA)
AMUNDI n/a Research 3'873'953 4.08 - 31.10.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'864'311 4.07 - 15.03.2013 Investment Advisor
COHEN & STEERS INC n/a Co File 3'642'122 3.84 - 01.03.2012 Corporation
NORTHERN CROSS LLC n/a Research 3'320'531 3.5 - 31.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'951'583 3.11 - 14.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'943'120 3.1 (27'121) 31.12.2012 Investment Advisor
COMMERZBANK AKTIENGE n/a Co File 2'585'395 2.72 - 01.03.2012 Bank
SOCIETE GENERALE n/a Research 2'351'985 2.48 (3'161'695) 21.05.2012 Bank
UBS n/a ULT-AGG 2'142'721 2.26 (5'627) 31.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'896'330 2 57'491 31.12.2012 Investment Advisor
NATIXIS n/a Co File 1'858'269 1.96 - 01.03.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'311'341 1.38 (15'157) 31.01.2013 Mutual Fund Manager
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'273'765 1.34 (255'982) 15.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 960'011 1.01 (14'564) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 929'896 0.98 19'761 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 830'851 0.88 169'706 31.12.2012 Investment Advisor
LASALLE INVESTMENT M Multiple Portfolios MF-AGG 823'883 0.87 13'769 21.08.2012 Investment Advisor
ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 798'051 0.84 92'667 17.07.2012 Investment Advisor
EUROPEAN INVESTORS I n/a Research 777'640 0.82 (186'289) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies ROBERT DUNCAN hold 3 M 185 12 month 12.03.2013
Espirito Santo Investment Bank ResearchMICHAEL BURT buy 5 M 209 Not Provided 11.03.2013
AlphaValue PIERRE-LOUP ETIENNE reduce 2 M 167 6 month 07.03.2013
JPMorgan HARM M MEIJER overweight 5 M 210 12 month 06.03.2013
Exane BNP Paribas VALERIE GUEZI underperform 1 M 172 Not Provided 05.03.2013
CA Cheuvreux BRUNO DUCLOS underperform 1 M 145 Not Provided 28.02.2013
Oddo & Cie MARINE LAFITTE neutral 3 M 194 Not Provided 19.02.2013
Morgan Stanley BART GYSENS Equalwt/Attractive 3 U 163 12 month 18.02.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 141 12 month 15.02.2013
Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 208 12 month 12.02.2013
Independent Research GmbH STEFAN BONGARDT sell 1 M 165 12 month 08.02.2013
Petercam STEPHAN VAN WEEREN hold 3 M 184 Not Provided 05.02.2013
Rabobank International MARTIJN VAN DEN EIJNDEN hold 3 M 190 Not Provided 04.02.2013
Societe Generale MICHEL VARALDO buy 5 M 210 12 month 01.02.2013
Kepler Capital Markets SAMUEL HENRY-DIESBACH hold 3 M 178 Not Provided 01.02.2013
Deutsche Bank MARTIN ALLEN buy 5 M 206 12 month 31.01.2013
HSBC STEPHANIE DOSSMANN neutral 3 M 183 Not Provided 31.01.2013
Bank Degroof(ESN) DRIES DURY hold 3 M 180 12 month 31.01.2013
Berenberg Bank KAI MALTE KLOSE buy 5 M 185 Not Provided 31.01.2013
Natixis SERGE DEMIRDJIAN neutral 3 M 164 Not Provided 31.01.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 M 180 12 month 31.01.2013
ING Bank JAAP KUIN hold 3 M 185 12 month 31.01.2013
ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG hold 3 M 163 Not Provided 31.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Kempen & Co BOUDEWIJN SCHOON neutral 3 M 175 12 month 14.01.2013
Credit Suisse STEVE BRAMLEY-JACKSON outperform 5 M 186 Not Provided 11.01.2013
Day by Day VALERIE GASTALDY buy 5 M 190 3 month 29.11.2012
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 175 Not Provided 06.11.2012
Barclays AARON GUY equalweight 3 M 176 Not Provided 31.08.2012
Holdings By:
Unibail-Rodamco SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
UniCredit SpA attracts deposits and offers commercial banking services. The
Bank offers consumer credit, mortgages, life insurance, business loan,
investment banking, asset management, and other services. UniCredit operates
worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.01.2013) 4.88
52-Week Low (23.07.2012) 2.25
Daily Volume
3.642
52-Week High % Change -25.41% Dividend Yield -
52-Week Low % Change 61.58% Beta 1.47
% 52 Week Price Range High/Low 59.94% Equity Float 4'425.69
Shares Out 30.09.2012 5'787.1 Short Int -
21'096.42 1 Yr Total Return -12.49%
Total Debt 288'748.00 YTD Return -1.73%
Preferred Stock 0.0 Adjusted BETA 1.472
Minority Interest 3'669.0 Analyst Recs 41
Cash and Equivalents 82'045.00 Consensus Rating 2.732
Enterprise Value -
Average Volume 5 Day 89'198'390
UCG IM EQUITY YTD Change - Average Volume 30 Day 98'046'770
UCG IM EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
65'266.9 47'278.6 41'223.4 41'968.2 25'050.0 26'027.8 25'194.0 24'731.6 25'585.1 6'407.0 6'245.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
4'011.8 1'702.3 1'323.3 (9'206.4) 865.0 (9'206.4) 865.0 1'294.0 2'405.0 - -
5.74x 23.66x 24.19x - 24.50x 0.00x 19.01x 15.50x 8.71x - -
EBITDA - Long-Term Rating Date 10.02.2012
EBIT - Long-Term Rating BBB+
Operating Margin 1.83% Long-Term Outlook NEG
Pretax Margin -1.26% Short-Term Rating Date 10.02.2012
Return on Assets 0.09% Short-Term Rating A-2
Return on Common Equity 1.51%
Return on Capital 0.33% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 459.9%
Net Income Margin 3.5% Total Debt/Capital 81.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 2.10
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 31.15% Inventory Days -
Tot Debt to Common Equity 459.91% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
UniCredit SpAPrice/Volume
Valuation Analysis
82'046'560.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AABAR LUX SARL n/a Research 376'220'171 6.5 - 07.03.2013 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 292'971'557 5.06 (44'865'281) 07.03.2013 Investment Advisor
PGFF LUX SARL #N/A N/A EXCH 290'000'000 5.01 - 18.03.2013 Other
PGFF LUX SARL n/a EXCH 289'992'198 5.01 - 07.03.2013 Other
FONDAZIONE CASSA RIS n/a Research 204'516'549 3.53 - 07.03.2013 Bank
CARIMONTE HOLDING SP n/a Research 173'381'885 3 - 07.03.2013 Unclassified
CENTRAL BANK OF LIBY n/a Research 152'258'925 2.63 - 07.03.2013 Government
FONDAZIONE CASSA RIS n/a Research 145'082'905 2.51 - 07.03.2013 Corporation
DODGE & COX Multiple Portfolios MF-AGG 126'635'987 2.19 - 29.01.2013 Investment Advisor
DELFIN SARL n/a Research 116'031'602 2 - 07.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 109'307'635 1.89 14'322'490 31.12.2012 Investment Advisor
FRANKLIN TEMPLETON C Multiple Portfolios MF-AGG 82'610'772 1.43 (118'640) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 75'951'463 1.31 4'688'441 14.03.2013 Investment Advisor
ALLIANZ SPA n/a Research 68'982'379 1.19 - 07.03.2013 Insurance Company
ALLIANZ FINANCE IV L n/a Research 42'130'178 0.73 - 07.03.2013 Other
CARMIGNAC GESTION Multiple Portfolios MF-AGG 41'185'296 0.71 (30'552'663) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 26'418'103 0.46 11'052'596 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 23'518'045 0.41 5'082'834 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 21'012'235 0.36 51'139 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 20'750'127 0.36 10'382'425 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale CARLO TOMMASELLI hold 3 M 4 12 month 18.03.2013
Mediobanca SpA ANDREA FILTRI outperform 5 M 6 12 month 18.03.2013
RBC Capital Markets ANKE REINGEN underperform 1 M 3 12 month 18.03.2013
Banca IMI MANUELA MERONI hold 3 M 4 12 month 18.03.2013
CA Cheuvreux ALDO COMI underperform 1 M 3 Not Provided 18.03.2013
Oddo & Cie JULIE LEGRAND reduce 2 M 3 Not Provided 18.03.2013
Banca Akros(ESN) LUIGI TRAMONTANA hold 3 M 4 12 month 18.03.2013
Natixis STEVEN GOULD neutral 3 M 4 Not Provided 18.03.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 3 12 month 18.03.2013
Exane BNP Paribas ANDREA VERCELLONE underperform 1 D 3 Not Provided 18.03.2013
Kepler Capital Markets ANNA MARIA BENASSI hold 3 M 4 Not Provided 17.03.2013
Morgan Stanley FRANCESCA TONDI Overwt/In-Line 5 M 6 12 month 15.03.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 4 Not Provided 15.03.2013
Keefe, Bruyette & Woods RONNY REHN underperform 1 M 3 12 month 15.03.2013
ICBPI LUCA COMI sell 1 M 4 12 month 15.03.2013
Nomura DOMENICO SANTORO neutral 3 M 5 12 month 15.03.2013
Centrobanca GUGLIELMO MARCO OPIPARI overvalued 1 U 3 12 month 11.03.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 6 12 month 08.03.2013
HSBC CARLO DIGRANDI neutral 3 U 4 Not Provided 07.03.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 5 6 month 07.03.2013
Grupo Santander TANIA GOLD underweight 1 M 3 Not Provided 06.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 04.03.2013
Equita SIM SpA GIOVANNI RAZZOLI buy 5 M 6 12 month 21.02.2013
Berenberg Bank ELENI PAPOULA hold 3 M 5 Not Provided 08.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 N 3 12 month 30.01.2013
Macquarie BENJIE CREELAN-SANDFORD outperform 5 M 5 12 month 25.01.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 5 12 month 22.01.2013
Deutsche Bank PAOLA SABBIONE buy 5 M 5 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 5 12 month 15.01.2013
JPMorgan MARTA BASTONI neutral 3 M 3 9 month 07.01.2013
DZ Bank AG CHRISTOPH BAST sell 1 M 3 12 month 12.12.2012
Barclays ANTONIO RIZZO equalweight 3 M 3 Not Provided 10.12.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 16.11.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 3 Not Provided 15.11.2012
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 02.11.2012
Nord/LB MICHAEL SEUFERT sell 1 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 2 Not Provided 19.06.2012
Banco Sabadell MARIO LODOS Under Review #N/A N/A M #N/A N/A Not Provided 05.03.2012
Holdings By:
UniCredit SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Unilever NV manufactures branded and packaged consumer goods, including food,
detergents, fragrances, home and personal care products. Dually-listed company
with ULVR LN.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (08.03.2013) 31.26
52-Week Low (13.04.2012) 24.51
Daily Volume
30.935
52-Week High % Change -1.02% Dividend Yield 3.07
52-Week Low % Change 26.24% Beta 0.60
% 52 Week Price Range High/Low 94.67% Equity Float -
Shares Out 25.01.2013 1'714.7 Short Int -
93'809.13 1 Yr Total Return 23.51%
Total Debt 10'221.00 YTD Return 8.18%
Preferred Stock 0.0 Adjusted BETA 0.604
Minority Interest 557.0 Analyst Recs 45
Cash and Equivalents 2'866.00 Consensus Rating 3.533
Enterprise Value 101'721.13
Average Volume 5 Day 4'275'114
UNA NA EQUITY YTD Change - Average Volume 30 Day 4'117'731
UNA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'683'937
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
40'523.0 39'823.0 44'262.0 46'467.0 51'324.0 46'467.0 51'324.0 53'485.6 56'443.3 12'678.3 13'837.2
1.41x 1.77x 1.64x 1.82x 1.75x 0.00x 0.00x 1.88x 1.75x - -
6'793.0 6'887.0 7'620.0 7'462.0 8'188.0 0.0 0.0 8'775.8 9'390.8 - -
8.39x 10.25x 9.54x 11.30x 10.94x 0.00x 0.00x 11.58x 10.83x - -
5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 2'235.0 0.0 4'914.8 5'355.3 - -
9.69x 18.80x 15.43x 17.60x 18.25x 0.00x 0.00x 18.36x 16.91x - -
EBITDA 8'188.00 Long-Term Rating Date 05.10.2000
EBIT 6'989.00 Long-Term Rating A+
Operating Margin 13.62% Long-Term Outlook STABLE
Pretax Margin 13.02% Short-Term Rating Date 05.10.2000
Return on Assets 9.56% Short-Term Rating A-1
Return on Common Equity 30.42%
Return on Capital 19.56% EBITDA/Interest Exp. 15.57
Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 11.81
Net Debt/EBITDA 0.90
Gross Margin 40.2% Total Debt/EBITDA 1.25
EBITDA Margin 16.0%
EBIT Margin 13.6% Total Debt/Equity 67.4%
Net Income Margin 8.7% Total Debt/Capital 39.4%
Asset Turnover 1.10
Current Ratio 0.77 Net Fixed Asset Turnover 5.63
Quick Ratio 0.36 Accounts receivable turnover-days 20.29
Debt to Assets 22.14% Inventory Days -
Tot Debt to Common Equity 67.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover 18.04 Cash Conversion Cycle -8.85
Inventory Turnover -
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
Unilever NVPrice/Volume
Valuation Analysis
2'194'971.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FOUNDATION UNILEVER n/a Co File 1'268'224'230 73.96 - 28.02.2011 Other
UNILEVER NV n/a Co File 141'560'629 8.26 - 31.12.2011 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 33'770'000 1.97 (1'842'700) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 30'880'146 1.8 903'626 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 21'253'511 1.24 (752'112) 14.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 16'696'377 0.97 533'131 31.01.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 11'633'435 0.68 (188'682) 31.05.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'447'002 0.55 (57'347) 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'028'108 0.47 8'028'108 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'859'035 0.46 (381'824) 31.01.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 7'200'000 0.42 - 31.12.2011 Pension Fund (ERISA)
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 7'180'977 0.42 (63'607) 31.01.2013 Mutual Fund Manager
ELMA EN UNITED HOLDS n/a Research 6'428'550 0.37 - 19.10.2011 Other
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'148'963 0.36 (33'266) 31.01.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'845'234 0.34 126'290 28.09.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'815'016 0.34 153'674 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'387'993 0.31 (102'210) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'339'055 0.31 (300'074) 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'281'693 0.31 5'249'645 28.02.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 4'868'252 0.28 (76'531) 14.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 34 12 month 15.03.2013
Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 27 12 month 13.03.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 32 12 month 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 31 12 month 11.03.2013
Kepler Capital Markets JON COX buy 5 M 33 Not Provided 10.03.2013
Credit Suisse CHARLES MILLS neutral 3 M 34 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 31 12 month 05.03.2013
Rabobank International KAREL ZOETE buy 5 M 34 12 month 25.02.2013
Banco Sabadell IGNACIO ROMERO sell 1 M 26 12 month 15.02.2013
Day by Day VALERIE GASTALDY buy 5 M 30 3 month 11.02.2013
HSBC CEDRIC BESNARD overweight 5 M 35 Not Provided 30.01.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 32 Not Provided 30.01.2013
Jefferies ALEX HOWSON hold 3 D 32 12 month 29.01.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 29.01.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 29 Not Provided 29.01.2013
Berenberg Bank JAMES TARGETT buy 5 M 35 Not Provided 25.01.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 37 Not Provided 25.01.2013
Societe Generale WARREN L ACKERMAN sell 1 M 28 12 month 24.01.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 30 12 month 24.01.2013
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 37 12 month 24.01.2013
SNS Securities(ESN) RICHARD WITHAGEN accumulate 4 M 35 12 month 24.01.2013
Nomura DAVID HAYES reduce 2 M 30 Not Provided 24.01.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 36 12 month 24.01.2013
Helvea ANDREAS VON ARX accumulate 4 M 33 12 month 24.01.2013
ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 30 Not Provided 24.01.2013
Grupo Santander PEDRO GIL buy 5 M 33 Not Provided 23.01.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 26 6 month 23.01.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 32 12 month 23.01.2013
Petercam FERNAND DE BOER hold 3 M 30 Not Provided 23.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 30 Not Provided 23.01.2013
S&P Capital IQ CARL SHORT hold 3 M 31 12 month 23.01.2013
Exane BNP Paribas JEFF STENT neutral 3 M 30 Not Provided 23.01.2013
Barclays IAIN SIMPSON overweight 5 M 34 Not Provided 23.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 30 Not Provided 21.01.2013
Natixis PIERRE TEGNER reduce 2 M 27 Not Provided 21.01.2013
ING Bank MARCO GULPERS hold 3 M 29 12 month 21.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Theodoor Gilissen Securities TOM MULLER buy 5 M 33 Not Provided 15.01.2013
Kempen & Co ERWIN DUT hold 3 M 29 12 month 06.01.2013
JPMorgan CELINE PANNUTI overweight 5 M 30 12 month 26.10.2012
Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012
DZ Bank AG ROBERT CZERWENSKY sell 1 M 22 12 month 03.02.2012
Equita SIM SpA FABIO FAZZARI buy 5 M 28 12 month 10.06.2011
Holdings By:
Unilever NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Vinci SA builds roads, offers electrical, mechanical, and civil engineering and
construction services, and operates toll roads. The Company builds and
maintains roads and produces road construction materials, builds electricity
and communications networks, installs fire protection and power and ventilation
systems, and operates toll highways, bridges, parking garages, and a stadium.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (19.03.2012) 40.68
52-Week Low (01.06.2012) 31.23
Daily Volume
35.345
52-Week High % Change -13.10% Dividend Yield 3.11
52-Week Low % Change 13.18% Beta 1.10
% 52 Week Price Range High/Low 52.46% Equity Float 506.38
Shares Out 06.02.2013 579.6 Short Int -
20'486.28 1 Yr Total Return -8.60%
Total Debt 20'193.80 YTD Return -1.71%
Preferred Stock 0.0 Adjusted BETA 1.099
Minority Interest 735.4 Analyst Recs 31
Cash and Equivalents 6'516.10 Consensus Rating 4.290
Enterprise Value 34'899.38
Average Volume 5 Day 1'746'224
DG FP EQUITY YTD Change - Average Volume 30 Day 1'754'445
DG FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'531'070
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
33'930.3 31'177.7 34'002.8 37'646.1 39'183.2 33'699.5 37'494.5 38'898.6 39'687.3 10'174.8 -
0.90x 1.09x 1.07x 0.86x 0.86x 0.00x 0.00x 0.86x 0.82x - -
5'009.2 4'813.1 5'165.6 5'445.9 5'507.8 0.0 0.0 5'534.1 5'693.7 - -
6.09x 7.03x 7.01x 5.93x 6.12x 0.00x 0.00x 6.30x 6.13x - -
1'591.4 1'596.0 1'775.9 1'904.3 1'916.7 0.0 0.0 1'933.8 2'023.0 - -
8.85x 12.07x 12.14x 9.59x 10.07x 0.00x 0.00x 10.07x 9.51x - -
EBITDA 5'507.80 Long-Term Rating Date 29.03.2007
EBIT 3'568.90 Long-Term Rating BBB+
Operating Margin 9.11% Long-Term Outlook STABLE
Pretax Margin 7.64% Short-Term Rating Date 24.04.2001
Return on Assets 3.14% Short-Term Rating A-2
Return on Common Equity 14.62%
Return on Capital 7.32% EBITDA/Interest Exp. 7.58
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 4.83
Net Debt/EBITDA 2.51
Gross Margin - Total Debt/EBITDA 3.70
EBITDA Margin 14.1%
EBIT Margin 9.3% Total Debt/Equity 151.4%
Net Income Margin 4.9% Total Debt/Capital 58.9%
Asset Turnover 0.63
Current Ratio 0.87 Net Fixed Asset Turnover 8.40
Quick Ratio 0.46 Accounts receivable turnover-days 56.37
Debt to Assets 32.79% Inventory Days -
Tot Debt to Common Equity 151.44% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.49 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Vinci SAPrice/Volume
Valuation Analysis
906'643.00
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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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VINCI SA n/a Research 40'940'297 7.06 - 31.12.2012 Corporation
COMET LUXEMBOURG HLD n/a Research 31'714'315 5.47 - 31.12.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 13'142'000 2.27 2'679'200 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'091'318 1.57 176'206 31.12.2012 Investment Advisor
ARTEMIS SA n/a Research 8'072'735 1.39 - 31.12.2012 Holding Company
FRANKLIN RESOURCES n/a ULT-AGG 7'751'826 1.34 235'656 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'392'270 1.28 (70'691) 31.01.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 5'076'483 0.88 8'930 14.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'788'712 0.83 1'061'863 31.01.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 2'633'758 0.45 (491) 28.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'147'140 0.37 (2'838) 31.12.2012 Mutual Fund Manager
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'141'244 0.37 (84'252) 30.11.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'945'486 0.34 19'058 31.12.2012 Mutual Fund Manager
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'663'965 0.29 133'200 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'658'463 0.29 (38'563) 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'470'742 0.25 (24'621) 14.03.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'457'470 0.25 53'000 28.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'336'179 0.23 (286'106) 31.01.2013 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 1'325'000 0.23 (180'000) 28.09.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 1'235'358 0.21 106'285 30.11.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James ARNAUD PALLIEZ outperform 5 M 45 12 month 15.03.2013
BPI FILIPE MARTINS LEITE buy 5 M 48 Not Provided 07.03.2013
Aurel - BGC ERIC LEMARIE hold 3 M 39 Not Provided 07.03.2013
AlphaValue GAETAN DUPONT buy 5 M 50 6 month 07.03.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 D #N/A N/A Not Provided 26.02.2013
Bryan Garnier & Cie SVEN EDELFELT buy 5 M 45 6 month 22.02.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 22.02.2013
Banco Sabadell MARIA CEBOLLERO buy 5 M 43 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013
Societe Generale MURIEL FELLOUS buy 5 M 48 12 month 11.02.2013
Natixis GREGOIRE THIBAULT buy 5 M 48 Not Provided 07.02.2013
HSBC PIERRE BOSSET neutral 3 M 40 Not Provided 06.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 40 12 month 06.02.2013
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 44 12 month 06.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 45 12 month 06.02.2013
S&P Capital IQ JAWAHAR HINGORANI strong buy 5 M 45 12 month 06.02.2013
Exane BNP Paribas NICOLAS MORA neutral 3 M 41 Not Provided 01.02.2013
Deutsche Bank LUIS PRIETO buy 5 M 47 12 month 30.01.2013
RBC Capital Markets OLIVIA PETERS sector perform 3 M 40 12 month 29.01.2013
Barclays SUSANNA INVERNIZZI overweight 5 M 45 Not Provided 23.01.2013
Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 42 12 month 15.01.2013
Goldman Sachs WILL MORGAN Buy/Neutral 5 M 46 12 month 14.01.2013
CA Cheuvreux NABIL AHMED outperform 5 M 43 Not Provided 21.11.2012
JPMorgan ELODIE RALL overweight 5 M 49 6 month 17.09.2012
DZ Bank AG MARC NETTELBECK buy 5 M 41 12 month 17.09.2012
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 37 Not Provided 01.08.2012
Oddo & Cie OLIVIER BECKER buy 5 M 49 Not Provided 01.08.2012
Kepler Capital Markets JOSEP PUJAL buy 5 M 50 Not Provided 01.08.2012
Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 14.06.2012
Holdings By:
Vinci SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Vivendi, through its subsidiaries, conducts operations ranging from music, games
and television to film and telecommunications. The Company provides digital and
pay television services, sells music compact discs (CDs), develops and
distributes interactive entertainment, and operates mobile and fixed-line
telecommunications.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.12.2012) 17.44
52-Week Low (19.04.2012) 12.01
Daily Volume
15.7
52-Week High % Change -9.95% Dividend Yield -
52-Week Low % Change 30.68% Beta 0.83
% 52 Week Price Range High/Low 75.37% Equity Float 1'147.24
Shares Out 06.03.2013 1'324.0 Short Int -
20'786.21 1 Yr Total Return 25.24%
Total Debt 17'757.00 YTD Return -7.37%
Preferred Stock 0.0 Adjusted BETA 0.828
Minority Interest 2'971.0 Analyst Recs 34
Cash and Equivalents 3'894.00 Consensus Rating 4.000
Enterprise Value 37'620.21
Average Volume 5 Day 5'526'826
VIV FP EQUITY YTD Change - Average Volume 30 Day 4'377'484
VIV FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'970'455
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
25'392.0 27'132.0 28'878.0 28'813.0 28'994.0 28'813.0 28'994.0 28'811.3 29'164.0 6'982.0 6'523.0
1.55x 1.44x 1.29x 1.24x 1.35x 5.00x 4.98x 1.27x 1.22x - -
6'774.0 7'682.0 8'020.0 8'847.0 4'477.0 8'847.0 6'531.0 7'776.8 7'980.1 - -
5.82x 5.07x 4.64x 4.03x 8.77x 4.03x 6.01x 4.83x 4.71x - -
2'603.0 830.0 2'198.0 2'681.0 164.0 2'681.0 164.0 2'310.1 2'390.5 - -
10.43x 30.14x 11.35x 7.83x 130.38x 7.83x 118.88x 8.68x 8.13x - -
EBITDA 4'477.00 Long-Term Rating Date 26.10.2012
EBIT 3'230.00 Long-Term Rating BBB
Operating Margin 11.14% Long-Term Outlook NEG
Pretax Margin 7.27% Short-Term Rating Date 26.10.2012
Return on Assets 0.28% Short-Term Rating A-2
Return on Common Equity 0.87%
Return on Capital 6.63% EBITDA/Interest Exp. 16.72
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 10.36
Net Debt/EBITDA 2.12
Gross Margin 50.5% Total Debt/EBITDA 2.72
EBITDA Margin 22.5%
EBIT Margin 11.6% Total Debt/Equity 96.2%
Net Income Margin 0.6% Total Debt/Capital 45.3%
Asset Turnover 0.50
Current Ratio 0.69 Net Fixed Asset Turnover 3.06
Quick Ratio 0.19 Accounts receivable turnover-days -
Debt to Assets 29.84% Inventory Days 19.66
Tot Debt to Common Equity 96.17% Accounts Payable Turnover Day 360.74
Accounts Receivable Turnover - Cash Conversion Cycle -282.51
Inventory Turnover 18.62
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
Vivendi SAPrice/Volume
Valuation Analysis
2'704'641.00
Current Price (3/dd/yy) Market Data
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 79'007'849 5.97 (9'412) 14.03.2013 Investment Advisor
CIE DE CORNOUAILLE S n/a Research 66'174'684 5 - 14.11.2012 Unclassified
SOCIETE GENERALE n/a Research 62'157'815 4.69 (36'465'062) 30.04.2012 Bank
AMUNDI n/a Research 57'756'435 4.36 (5'812'102) 14.05.2012 Investment Advisor
NATIXIS ASSET MANAGE n/a Research 57'389'860 4.33 29'924'444 10.05.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 48'191'364 3.64 - 31.12.2011 Government
PEG VIVENDI n/a Co File 33'192'445 2.51 - 31.12.2011 Other
BAUPOST GROUP LLC n/a Co File 26'349'991 1.99 - 31.12.2011 Hedge Fund Manager
NORGES BANK INVESTME n/a Co File 25'862'423 1.95 - 31.12.2011 Government
QATAR HOLDINGS LLC n/a Co File 25'789'649 1.95 - 31.12.2011 Government
FRANKLIN RESOURCES n/a ULT-AGG 24'472'861 1.85 435'019 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'528'321 1.78 673'572 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 22'114'872 1.67 1'230'331 31.01.2013 Mutual Fund Manager
BANK OF AMERICA CORP n/a Co File 19'320'712 1.46 - 31.12.2011 Investment Advisor
UBS n/a ULT-AGG 18'805'868 1.42 65'591 31.01.2013 Unclassified
CREDIT SUISSE SECURI n/a Co File 17'995'960 1.36 - 31.12.2011 Investment Advisor
GROUPE BOLLORE n/a Co File 14'021'059 1.06 - 31.12.2011 Holding Company
HSBC HOLDINGS PLC n/a Co File 13'811'784 1.04 - 31.12.2011 Investment Advisor
FMR LLC n/a ULT-AGG 13'716'052 1.04 (5'089'327) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 13'252'839 1 (33'301) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura MATTHEW WALKER neutral 3 D 18 12 month 18.03.2013
Credit Suisse OMAR SHEIKH outperform 5 M 19 Not Provided 15.03.2013
Macquarie ANGUS TWEEDIE outperform 5 M 17 12 month 15.03.2013
Oddo & Cie BRUNO HARENG buy 5 M 19 Not Provided 15.03.2013
Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 17 12 month 13.03.2013
Raymond James STEPHANE BEYAZIAN outperform 5 M 19 12 month 12.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 11.03.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 08.03.2013
Kepler Capital Markets CONOR O'SHEA buy 5 M 19 Not Provided 07.03.2013
Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 18 12 month 28.02.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 23 6 month 28.02.2013
Societe Generale CHRISTOPHE CHERBLANC buy 5 M 17 12 month 27.02.2013
CA Cheuvreux ANDREA BENEVENTI outperform 5 M 17 Not Provided 27.02.2013
S&P Capital IQ ALEXANDER WISCH strong buy 5 M 18 12 month 27.02.2013
Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 19 Not Provided 27.02.2013
Barclays JULIEN ROCH overweight 5 M 18 Not Provided 27.02.2013
Goldman Sachs RICHARD JONES neutral/neutral 3 M 18 12 month 26.02.2013
Jefferies WILL SMITH buy 5 M 19 12 month 26.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 17 12 month 26.02.2013
CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 17 12 month 26.02.2013
New Street Research RUSSELL WALLER neutral 3 M 17 Not Provided 26.02.2013
JPMorgan FILIPPO PIETRO LO FRANCO overweight 5 M 20 9 month 25.02.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 18 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.02.2013
HSBC NICOLAS COTE-COLISSON neutral 3 M 18 Not Provided 31.01.2013
Grupo Santander CARLOS JAVIER TREVINO buy 5 M 22 Not Provided 23.01.2013
Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 U 18 Not Provided 15.11.2012
Liberum Capital Ltd IAN WHITTAKER buy 5 M 20 Not Provided 24.10.2012
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 D 17 Not Provided 15.10.2012
Natixis JEROME BODIN buy 5 M 22 Not Provided 21.09.2012
Deutsche Bank PATRICK KIRBY hold 3 M 16 12 month 01.03.2012
DZ Bank AG HARALD HEIDER buy 5 M 23 12 month 06.12.2011
Holdings By:
Vivendi SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,
and commercial vehicles for sale worldwide. The Company produces the Passat,
Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
Seat and Skoda, which manufacture and sell cars in Spain and in southern and
eastern Europe, and Lamborghini, which makes sports cars in Italy.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.01.2013) 187.40
52-Week Low (26.06.2012) 115.95
Daily Volume
158.75
52-Week High % Change -15.29% Dividend Yield -
52-Week Low % Change 36.91% Beta 1.15
% 52 Week Price Range High/Low 62.07% Equity Float 143.79
Shares Out 04.03.2013 170.1 Short Int -
71'397.92 1 Yr Total Return 15.13%
Total Debt 117'663.00 YTD Return -7.78%
Preferred Stock 0.0 Adjusted BETA 1.152
Minority Interest 4'310.0 Analyst Recs 39
Cash and Equivalents 25'921.00 Consensus Rating 4.615
Enterprise Value 167'449.92
Average Volume 5 Day 1'851'214
VOW3 GY EQUITY YTD Change - Average Volume 30 Day 1'145'687
VOW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 938'918
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
113'808.0 105'187.0 126'875.0 159'337.0 192'676.0 159'337.0 288'054.0 203'637.8 213'863.0 54'027.0 53'617.0
1.22x 0.97x 0.83x 0.77x 0.90x 2.87x 2.08x 0.34x 0.31x 1.28x 1.29x
14'854.0 10'896.0 16'659.0 21'365.0 24'424.0 21'365.0 36'872.0 24'084.0 26'925.4 4'387.0 4'225.0
9.34x 9.35x 6.29x 5.76x 7.10x 5.76x 4.66x 6.95x 6.22x - -
4'753.0 960.0 6'835.0 15'409.0 21'717.0 15'409.0 30'491.0 10'361.7 11'863.9 2'360.0 2'247.0
20.97x 32.35x 6.98x 3.13x 3.51x 3.13x 2.48x 7.12x 6.26x - -
EBITDA 24'424.00 Long-Term Rating Date 31.08.2009
EBIT 11'310.00 Long-Term Rating A-
Operating Margin 5.87% Long-Term Outlook POS
Pretax Margin 13.23% Short-Term Rating Date 15.06.2004
Return on Assets 10.82% Short-Term Rating A-2
Return on Common Equity 45.15%
Return on Capital - EBITDA/Interest Exp. 17.46
Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 9.96
Net Debt/EBITDA 2.49
Gross Margin 18.2% Total Debt/EBITDA 3.19
EBITDA Margin 12.8%
EBIT Margin 6.2% Total Debt/Equity 151.8%
Net Income Margin 11.3% Total Debt/Capital 59.0%
Asset Turnover 1.02
Current Ratio 1.03 Net Fixed Asset Turnover 5.30
Quick Ratio 0.33 Accounts receivable turnover-days 13.07
Debt to Assets 38.00% Inventory Days 43.83
Tot Debt to Common Equity 151.79% Accounts Payable Turnover Day 26.06
Accounts Receivable Turnover 28.00 Cash Conversion Cycle 46.11
Inventory Turnover 8.35
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Volkswagen AGPrice/Volume
Valuation Analysis
805'385.00
Current Price (3/dd/yy) Market Data
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0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
20.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QATAR HOLDINGS LLC n/a EXCH 26'355'116 15.49 - 10.03.2011 Government
BLACKROCK n/a ULT-AGG 6'707'204 3.94 46'555 14.03.2013 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 6'373'641 3.75 (887'122) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'769'375 3.39 592'800 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'919'804 2.89 172'958 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'664'085 1.57 (51'122) 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'424'693 1.43 (136'382) 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'823'701 1.07 1'011'201 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'590'272 0.93 (57'788) 31.01.2013 Investment Advisor
BG MASTER FUND PLC n/a Short (1'208'014) -0.71 (153'129) 07.11.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'186'836 0.7 187'225 28.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'098'480 0.65 184'039 31.01.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 894'264 0.53 125'708 30.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 707'619 0.42 15'503 15.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 554'996 0.33 36'337 31.01.2013 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 545'030 0.32 (1'230) 28.12.2012 Mutual Fund Manager
UMB BANK N A Multiple Portfolios MF-AGG 442'029 0.26 - 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 435'288 0.26 (7'214) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 432'917 0.25 7'182 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 417'795 0.25 (6'989) 14.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan JOSE ASUMENDI overweight 5 M 207 12 month 18.03.2013
Societe Generale STEPHEN REITMAN buy 5 M 200 12 month 15.03.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 195 6 month 15.03.2013
Nord/LB FRANK SCHWOPE buy 5 M 195 12 month 15.03.2013
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 211 12 month 15.03.2013
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M #N/A N/A Not Provided 15.03.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 220 12 month 15.03.2013
Oddo & Cie FRANCOIS MAURY neutral 3 M 160 Not Provided 15.03.2013
Morgan Stanley STUART PEARSON Overwt/In-Line 5 M 190 12 month 14.03.2013
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 170 12 month 13.03.2013
DZ Bank AG MICHAEL PUNZET buy 5 M 188 12 month 13.03.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 215 12 month 07.03.2013
AlphaValue HANS-PETER WODNIOK add 4 M 187 6 month 07.03.2013
Exane BNP Paribas RABIH FREIHA outperform 5 M 194 Not Provided 01.03.2013
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 205 12 month 28.02.2013
HSBC HORST SCHNEIDER overweight 5 M 207 Not Provided 27.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 26.02.2013
Kepler Capital Markets MICHAEL RAAB buy 5 M 194 Not Provided 26.02.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 175 12 month 25.02.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 200 12 month 25.02.2013
Natixis GEORGES DIENG buy 5 M 195 Not Provided 25.02.2013
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 185 Not Provided 25.02.2013
S&P Capital IQ MARNIE COHEN buy 5 M 181 12 month 25.02.2013
Barclays MICHAEL TYNDALL overweight 5 M 192 Not Provided 25.02.2013
Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 22.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 12.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 181 Not Provided 05.02.2013
Day by Day VALERIE GASTALDY buy 5 M 202 3 month 28.01.2013
Credit Suisse ERICH HAUSER outperform 5 M 195 Not Provided 08.01.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 207 12 month 30.11.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 141 12 month 16.11.2012
Cyrrus JIRI SIMARA buy 5 M 170 Not Provided 29.10.2012
Hammer Partners SA ALBERTO ROLLA buy 5 M 168 Not Provided 18.10.2012
Deutsche Bank JOCHEN GEHRKE buy 5 M 200 12 month 02.08.2012
CA Cheuvreux ALEXANDER NEUBERGER outperform 5 M 200 Not Provided 30.04.2012
Holdings By:
Volkswagen AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |