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Fundamental Analysis & Analyst Recommendationsdocshare01.docshare.tips/files/15269/152697029.pdf ·...

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    July 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 14898194 1991.775 1117 1117 203 220 220 102.58 110.21 110.21 15.75 15.75 14.66 14.66 18.58

    Euro Stoxx 50 Pr EUR 2493756 5284.795 4561 4561 731 763 763 203.59 297.44 297.44 21.63 17.12 14.81 14.81 20.19

    NIKKEI 225 JPY 2727065 192.1279 192 192 18 22 22 5.38 7.90 7.90 0.26 0.27 0.18 0.18 0.11

    FTSE 100 INDEX GBP 2587478 11449.56 10098 10098 1411 1676 1676 586.95 805.96 805.96 24.84 21.83 18.09 18.09 21.26

    SWISS MARKET INDEX CHF 1017711 10776.65 4094 4094 859 827 827 416.04 556.80 556.80 20.57 17.07 15.37 15.37 22.10

    S&P/TSX COMPOSITE INDEX CAD 1566664 16493.48 8368 8368 1782 1970 1970 737.98 820.91 820.91 14.92 14.92 13.42 13.42 23.26

    S&P/ASX 200 INDEX AUD 1210714 5733.302 2686 2686 551 684 684 225.02 324.09 324.09 17.92 14.54 12.45 12.45 20.26

    HANG SENG INDEX HKD 1576584 2941 1673 1673 353 398 398 278.90 271.70 271.70 1.22 1.38 1.25 1.25 2.90

    MSCI EM USD 6919194 1278.432 973 973 188 180 180 82.52 90.76 90.76 11.05 11.20 10.05 10.05 19.18

    NESTLE SA-REG CHF 211531 4490 3189 29 0 2 10 232.27 96664 96664 100130 105807 17681 17681 - - 3.49 3.49 3.68 4.00 19.70 19.69 18.67 17.17 10.69 -2.92 10.18 -1.53 19.15 AA 16.08.2007 - -

    NOVARTIS AG-REG CHF 191964 2430 2421 21 0 0 9 216.74 59337 59631 59957 61899 17500 17431 - - 4.19 4.14 5.44 5.93 18.80 19.00 14.29 13.12 -3.38 8.07 -6.49 11.05 30.60 AA- 07.04.2008 Aa3 08.02.2013

    ROCHE HOLDING AG-GENUSSCHEIN CHF 215556 828 863 26 0 2 15 228.99 47638 47638 49735 51645 20312 20312 - - 14.43 11.78 15.67 16.91 22.22 18.13 16.70 15.48 7.31 0.11 8.81 2.80 44.64 AA 17.09.2012 - -

    UBS AG-REG CHF 65963 7090 3747 280 0 5 70 266.54 39529 39990 29345 30309 16259 - - - 0.55 -0.74 1.04 1.30 - 16.59 17.35 13.79 -8.01 -10.14 -11.60 -32.81 - A 29.11.2011 A2 21.06.2012

    ABB LTD-REG CHF 50337 3036 2296 11 0 1 9 55.45 41185 42031 43520 45896 5543 5752 1580 1580 1.25 1.21 1.57 1.80 19.63 18.68 15.19 13.25 3.71 4.83 -7.25 2.60 14.33 A 08.06.2010 - -

    CIE FINANCIERE RICHEMON-BR A CHF 51342 817 553 2 0 0 5 38.22 10627 10627 11553 12676 2949 2949 1755 1755 3.78 3.83 4.18 4.69 19.80 20.15 18.16 16.16 15.14 14.38 18.86 15.24 29.06 - - - -

    CREDIT SUISSE GROUP AG-REG CHF 43067 5495 1325 346 0 7 67 40114 40905 27713 28641 - - - - 2.31 1.63 2.73 3.15 17.59 9.76 10.46 9.07 -10.74 -5.44 - - - A- 02.07.2013 (P)A2 21.06.2012

    ZURICH INSURANCE GROUP AG CHF 38849 315 147 13 0 2 10 47.25 73758 74726 61516 62789 - - - - 27.73 27.08 29.71 31.21 10.61 10.60 9.67 9.20 34.52 46.26 - - - - - - -

    SYNGENTA AG-REG CHF 37013 170 92 4 0 2 40.60 14870 14870 15964 16938 3296 3296 - - 23.83 21.39 25.55 28.41 20.37 18.28 17.05 15.34 7.37 11.59 9.39 10.73 23.21 A 15.06.2007 - -

    SWISS RE AG CHF 27441 717 343 21 1 0 11 38.04 34673 35926 35664 37976 - - - - 11.58 13.21 9.69 9.06 6.14 6.57 8.38 8.95 20.03 13.92 - - - - - - -

    TRANSOCEAN LTD CHF 17310 271 13 0 0 5 26.00 9628 9986 10095 11364 2896 2837 951 951 - - 4.59 6.40 - - 11.47 8.23 15.25 -6.57 86.46 -4.03 29.75 - - - -

    SWATCH GROUP AG/THE-BR CHF 29357 116 54 0 0 0 2 27.46 8162 8162 9217 10171 2351 2351 1104 1104 31.01 31.03 34.35 38.49 18.92 18.93 17.09 15.25 15.97 6.93 22.84 9.77 30.15 - - - -

    HOLCIM LTD-REG CHF 23048 716 325 14 0 3 3 37.34 22557 22099 23074 24579 4171 4071 1365 1365 2.01 2.57 4.66 6.31 28.76 28.53 15.82 11.69 4.04 -4.61 0.69 -10.97 19.29 BBB 22.01.2009 Baa2 09.04.2009

    SGS SA-REG CHF 17265 18 8 1 0 0 1 17.68 5840 5840 6453 7059 1177 1177 - - 75.92 76.40 97.91 113.40 30.25 30.44 23.59 20.37 17.05 5.69 11.24 4.61 21.10 - - - -

    WEATHERFORD INTL LTD CHF 10704 29 9 0 0 0 20.29 15930 16188 16936 18506 2560 2622 717 717 - - 0.85 1.33 - - 18.02 11.55 17.95 12.81 0.09 1.94 16.96 - - - -

    SWISSCOM AG-REG CHF 22622 61 52 9 0 0 1 31.10 11919 11848 11845 11897 4300 4224 1130 1130 35.32 34.15 33.17 33.80 13.39 13.45 13.78 13.53 -0.76 -1.45 -4.70 -0.20 37.32 A 30.06.2009 A2 27.06.2007

    GEBERIT AG-REG CHF 9804 89 38 0 0 0 0 9.38 2010 2021 2381 2498 568 575 615 615 10.76 11.03 12.00 12.81 23.98 23.98 22.03 20.65 2.92 -1.35 2.05 -3.15 29.80 A- 25.05.2010 - -

    GIVAUDAN-REG CHF 12085 10 9 2 0 0 0 13.23 4457 4457 4642 4862 912 911 - - 46.96 47.27 59.24 66.45 28.99 29.18 23.13 20.62 9.15 0.28 16.09 -0.10 21.40 - - - -

    JULIUS BAER GROUP LTD CHF 8703 390 214 9 0 0 16 2124 2124 2248 2720 - - - - 2.23 1.56 2.29 2.95 26.11 27.02 17.81 13.78 -1.18 - - - - - - - -

    ADECCO SA-REG CHF 10820 273 185 2 0 0 1 9.89 21501 21000 20892 22191 867 807 - - 2.09 1.85 3.00 3.74 26.17 26.17 16.16 12.98 -0.05 -0.50 -12.38 -7.00 4.02 BBB 12.10.2011 Baa3 20.10.2009

    SCHINDLER HOLDING-PART CERT CHF 16171 84 116 1 0 0 3 14.25 8646 8646 9161 9724 1156 1161 1236 1236 6.31 6.34 6.74 7.47 23.20 23.32 21.84 19.71 5.39 3.67 19.19 3.01 14.06 - - - -

    ACTELION LTD-REG CHF 7298 214 113 0 0 0 1 6.54 1803 1821 1806 1848 527 598 135 135 2.69 3.25 3.84 4.04 19.57 18.47 16.53 15.71 0.56 7.50 16.28 4.53 34.39 - - - -

    KUEHNE & NAGEL INTL AG-REG CHF 13821 124 120 0 0 0 1 12.70 17925 18167 18655 19743 970 1039 254 254 4.54 4.83 5.41 6.11 24.98 23.58 22.29 19.74 5.82 -0.43 -5.97 -2.03 5.99 - - - -

    ARYZTA AG CHF 5176 122 88 2 0 0 1 5.39 4405 4569 4671 4987 565 577 - - 1.57 1.52 3.77 4.19 31.48 31.52 12.70 11.40 8.93 - 11.86 22.69 13.21 - - - -

    SWATCH GROUP AG/THE-REG CHF 29357 129 54 0 0 0 2 27.46 8162 8162 9266 10135 2351 2351 2680 2680 31.01 31.03 7.05 7.72 3.28 3.28 14.45 13.20 15.97 7.52 22.84 9.77 30.15 - - - -

    SIKA AG-BR CHF 6498 3 3 1 0 0 1 6.62 5056 5056 5306 5688 596 596 - - 137.43 144.77 137.53 156.98 18.76 18.76 19.75 17.30 6.26 1.31 20.07 -2.37 12.33 A- 02.05.2000 - -

    SONOVA HOLDING AG-REG CHF 7186 55 67 0 0 0 0 7.02 1880 1880 2025 2170 250 250 - - 1.74 1.74 5.57 6.28 64.46 64.46 20.11 17.83 11.34 9.35 -36.54 -8.52 13.90 - - - -

    BALOISE HOLDING AG - REG CHF 4963 171 47 2 0 0 3 4.06 9772 9772 8894 9061 - - - - 9.51 9.76 10.04 10.54 10.65 10.93 10.35 9.86 22.36 4.20 - - - - - - -

    SWISS PRIME SITE-REG CHF 4389 95 60 4 0 0 0 8.50 604 604 596 599 356 356 - - 2.84 6.00 3.65 3.77 12.77 25.47 21.00 20.34 0.93 28.50 -4.59 18.57 61.66 - - - -

    PARTNERS GROUP HOLDING AG CHF 7422 27 25 0 0 0 0 7.18 591 591 531 623 309 309 159 159 10.39 10.63 12.22 14.30 27.39 28.02 23.82 20.35 26.92 18.57 26.31 1.85 54.85 - - - -

    CLARIANT AG-REG CHF 4678 1413 296 4 0 0 2 6.53 6322 7262 6497 6769 808 812 220 220 0.99 0.83 1.11 1.31 17.84 14.64 13.27 11.24 -18.92 -5.72 -12.22 -0.08 11.71 BBB- 14.03.2011 Ba1 03.03.2009

    SWISS LIFE HOLDING AG-REG CHF 5327 111 32 3 0 0 7 1.48 19973 19973 19058 19355 - - - - 18.55 3.02 19.74 21.01 57.58 9.37 8.81 8.27 10.81 6.24 - - - BBB 03.05.2012 - -

    LINDT & SPRUENGLI AG-REG CHF 9459 0 0 0 0 0 1 8.89 2795 2795 3007 3223 479 490 535 535 1242.70 1239.21 1424.83 1576.77 37.48 37.37 32.59 29.45 7.61 -1.24 8.81 0.61 18.37 - - - -

    SULZER AG-REG CHF 5672 98 34 1 0 0 1 5.78 4211 4211 4441 4730 578 578 625 625 9.40 9.45 10.26 12.04 18.33 18.43 16.88 14.39 12.98 2.92 15.26 2.65 14.37 - - - -

    LONZA GROUP AG-REG CHF 3956 186 52 3 0 0 0 6.45 4110 4110 4148 4360 670 670 - - 3.68 3.69 4.87 5.85 21.24 21.26 16.08 13.39 47.96 6.64 20.08 -0.89 17.07 - - - -

    PSP SWISS PROPERTY AG-REG CHF 3943 43 46 2 0 0 0 5.81 297 295 287 292 184 229 60 60 3.69 8.84 3.76 3.72 10.18 24.62 23.93 24.21 -0.34 - -25.31 6.02 81.49 - - - -

    LINDT & SPRUENGLI AG-PC CHF 9459 1 0 0 0 0 1 8.89 2795 2795 3014 3233 479 490 116 116 1242.70 1239.21 138.34 151.94 3.21 3.20 28.72 26.15 7.61 -1.24 8.81 0.61 18.37 - - - -

    SCHINDLER HOLDING AG-REG CHF 16171 16 116 1 0 0 3 14.25 8646 8646 9161 9724 1156 1161 1236 1236 6.31 6.34 6.74 7.47 22.53 22.64 21.21 19.14 5.39 3.67 19.19 3.01 14.06 - - - -

    GAM HOLDING AG CHF 2889 466 165 0 0 0 1 1046 1045 671 728 - - - - 0.53 0.53 1.23 1.41 30.90 30.90 13.43 11.72 24.09 - - - - - - - -

    DUFRY AG-REG CHF 3669 162 29 1 0 0 0 4.81 3302 3315 3859 4349 465 448 147 147 4.62 4.09 8.22 11.10 31.62 31.95 15.75 11.66 20.48 - 30.32 13.20 14.15 BB+ 15.10.2012 - -

    GALENICA AG-REG CHF 4002 11 6 1 0 0 0 4.75 3778 3778 3737 3872 452 452 - - 41.66 41.01 41.46 43.64 15.72 15.79 15.55 14.77 3.83 7.67 8.22 18.44 12.52 - - - -

    HELVETIA HOLDING AG-REG CHF 3545 10 9 0 0 0 2 2.45 8342 8342 7635 8433 - - - - 39.91 39.90 42.20 44.04 10.75 10.75 10.16 9.74 6.58 5.46 - - - - - - -

    EMS-CHEMIE HOLDING AG-REG CHF 7010 15 23 0 0 0 0 6.74 1838 1838 1943 2058 364 - 214 214 12.22 12.22 12.38 13.21 25.68 25.68 25.34 23.76 6.15 2.63 - 2.85 - - - - -

    OC OERLIKON CORP AG-REG CHF 3993 1272 325 0 0 0 1 3.67 3043 3043 3057 3164 599 599 - - 0.70 0.71 0.75 0.85 18.01 18.28 16.99 15.10 6.71 -11.95 16.78 -4.23 20.61 - - - -

    BARRY CALLEBAUT AG-REG CHF 5132 9 5 1 0 0 0 6.18 5057 4967 5177 6445 462 - - - 48.54 47.58 49.74 55.71 20.58 20.66 19.68 17.57 8.68 -1.49 -3.88 0.31 - BB+ 28.03.2013 - -

    PARGESA HOLDING SA-BR CHF 5647 64 85 4 0 9 2 16.91 5146 5146 533 566 1486 1492 - - 5.66 5.17 5.15 6.10 13.46 12.31 13.52 11.41 4.12 -2.62 57.64 0.89 30.34 - - - -

    FISCHER (GEORG)-REG CHF 1899 19 4 1 0 0 0 2.26 3771 3771 3795 3947 376 376 - - 38.95 31.10 38.36 42.51 15.59 12.62 12.64 11.40 2.71 -3.74 -3.93 -5.91 10.44 - - - -

    FLUGHAFEN ZUERICH AG-REG CHF 3121 7 6 1 0 0 0 4.15 993 993 1012 1028 410 410 547 547 16.24 16.32 25.42 33.85 32.61 32.63 20.94 15.72 5.02 2.90 -20.15 -1.02 43.18 A 20.04.2012 - -

    DKSH HOLDING LTD CHF 5355 72 63 0 0 0 0 5.33 9249 9249 10582 11686 336 336 184 184 2.97 3.33 3.45 3.92 26.52 29.71 25.59 22.52 21.31 - 17.71 - 3.80 - - - -

    BUCHER INDUSTRIES AG-REG CHF 2435 19 10 1 0 0 1 2.49 2732 2732 2820 2920 319 319 - - 16.04 16.06 18.11 19.35 15.49 15.51 13.73 12.86 12.24 1.36 18.07 1.46 12.24 - - - -

    Valuation Measures I/II

    Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

  • Currency

    Market

    Capitalization (in mio

    USD)

    Daily

    Volume (M)

    Total

    Common

    Shares (M)

    Total Debt

    (USD)

    Preferred

    Stock (USD)

    Minority

    Interest

    (USD)

    Cash and

    Equivalents

    (USD)

    Enterprise

    Value

    (USD)

    Tot. Rev. -

    LFY

    Est. Tot.

    Rev. - Tr.

    12M

    Est. Tot.

    Rev. - 2013

    Est. Tot.

    Rev. - 2014 EBITDA - LFY

    Est. EBITDA -

    Tr. 12M

    Est. EBITDA -

    2013

    Est. EBITDA -

    2014 EPS - LFY

    Est. EPS -

    Tr. 12M

    Est. EPS -

    2013

    Est. EPS -

    2014

    P/E Ratio -

    LFY

    Est. P/E

    Ratio - Tr.

    12M

    Est. P/E

    Ratio - 2013

    Est. P/E

    Ratio - 2014

    Est.

    Revenue

    Growth - 1Y

    Est.

    Revenue

    Growth - 5Y

    Est. EBITDA

    Growth - 1Y

    Est. Est.

    EBITDA

    Growth - 5Y

    Est. EBITDA

    Margin -

    S&P LT

    Credit

    Rating -

    S&P LT Credit

    Rating Date

    Moody's LT

    Credit

    Rating

    Moody's LT Credit

    Rating Date

    S&P 500 INDEX USD 14898194 1991.775 1117 1117 203 220 220 102.58 110.21 110.21 15.75 15.75 14.66 14.66 18.58

    Euro Stoxx 50 Pr EUR 2493756 5284.795 4561 4561 731 763 763 203.59 297.44 297.44 21.63 17.12 14.81 14.81 20.19

    NIKKEI 225 JPY 2727065 192.1279 192 192 18 22 22 5.38 7.90 7.90 0.26 0.27 0.18 0.18 0.11

    FTSE 100 INDEX GBP 2587478 11449.56 10098 10098 1411 1676 1676 586.95 805.96 805.96 24.84 21.83 18.09 18.09 21.26

    SWISS MARKET INDEX CHF 1017711 10776.65 4094 4094 859 827 827 416.04 556.80 556.80 20.57 17.07 15.37 15.37 22.10

    S&P/TSX COMPOSITE INDEX CAD 1566664 16493.48 8368 8368 1782 1970 1970 737.98 820.91 820.91 14.92 14.92 13.42 13.42 23.26

    S&P/ASX 200 INDEX AUD 1210714 5733.302 2686 2686 551 684 684 225.02 324.09 324.09 17.92 14.54 12.45 12.45 20.26

    HANG SENG INDEX HKD 1576584 2941 1673 1673 353 398 398 278.90 271.70 271.70 1.22 1.38 1.25 1.25 2.90

    MSCI EM USD 6919194 1278.432 973 973 188 180 180 82.52 90.76 90.76 11.05 11.20 10.05 10.05 19.18

    TEMENOS GROUP AG-REG CHF 1712 159 69 0 0 0 0 1.92 471 475 499 537 113 126 31 31 0.37 0.60 1.19 1.40 43.67 43.67 21.89 18.60 -5.14 3.76 22.92 6.85 27.79 - - - -

    NOBEL BIOCARE HOLDING AG-REG CHF 1477 99 123 0 0 0 0 1.13 608 601 592 612 105 102 28 28 0.39 0.39 0.42 0.47 26.13 26.13 24.30 21.68 2.08 -1.84 -3.86 -16.90 17.79 - - - -

    ALLREAL HOLDING AG-REG CHF 2215 14 16 2 0 0 0 3.82 909 909 294 310 180 180 206 206 6.81 6.75 7.59 8.46 21.54 21.36 19.17 17.19 4.63 81.24 -5.91 6.62 20.77 - - - -

    BANQUE CANTONALE VAUDOIS-REG CHF 4334 5 9 9 0 0 7 1383 1383 1039 1067 - - - - - 37.83 34.66 35.80 13.94 - 15.21 14.73 -2.36 -4.69 - - - AA 05.12.2011 - -

    KABA HOLDING AG-REG B CHF 1452 5 4 0 0 0 0 1.44 992 993 1000 1023 161 157 67 67 23.20 23.35 21.91 23.88 17.07 17.07 18.19 16.69 0.25 -7.01 26.45 -3.49 16.58 - - - -

    VALIANT HOLDING AG-REG CHF 1394 21 16 7 0 0 2 646 646 393 419 - - - - 5.69 7.13 6.09 7.57 12.96 16.25 15.17 12.21 0.37 -2.12 - - - - - - -

    MOBIMO HOLDING AG-REG CHF 1240 10 6 1 0 0 0 2.25 264 264 137 138 88 88 104 104 7.66 12.91 9.08 9.09 16.20 27.31 23.03 23.00 10.18 5.86 3.32 6.84 34.73 - - - -

    PANALPINA WELTTRANSPORT -REG CHF 2683 22 24 0 0 0 0 2.29 6928 6992 7529 7869 38 96 41 41 -0.43 -0.69 3.10 4.38 - - 38.11 26.99 1.88 -5.17 -86.64 -38.82 1.44 - - - -

    LUZERNER KANTONALBANK AG-REG CHF 3061 2 8 6 0 0 3 718 713 447 456 - - - - 20.36 21.14 22.78 23.45 17.84 18.10 16.55 16.08 -4.95 -4.78 - - - AA+ 12.09.2008 - -

    BERNER KANTONALBANK AG-REG CHF 2207 4 9 2 0 0 3 694 694 - - - - 17.37 14.39 17.24 14.27 -4.01 -1.36 - - - - - - -

    AMS AG CHF 1114 69 14 0 0 0 0 0.89 406 400 429 479 123 115 23 23 6.34 5.87 6.04 7.39 11.10 11.73 10.80 8.83 42.51 24.73 71.91 19.85 30.20 - - - -

    KUONI REISEN HLDG-REG(CAT B) CHF 1311 13 4 0 0 0 0 1.21 6120 6120 6089 6315 179 179 - - -1.79 -2.61 25.70 31.62 - - 13.36 10.86 15.04 5.38 2.63 -2.77 3.07 - - - -

    BURCKHARDT COMPRESSION HOLDI CHF 1351 5 3 0 0 0 0 1.19 384 384 455 496 90 90 100 100 17.40 17.40 19.81 22.26 23.91 23.91 21.00 18.69 12.02 3.62 9.46 -2.07 24.68 - - - -

    STRAUMANN HOLDING AG-REG CHF 2373 24 15 0 0 0 0 2.22 719 719 704 726 100 100 - - 2.47 2.47 6.72 7.89 64.15 64.20 23.60 20.10 -1.11 -2.23 -19.00 -17.81 14.58 - - - -

    BELIMO HOLDING AG-REG CHF 1379 0 1 0 0 0 0 1.29 466 466 503 543 96 96 107 107 105.48 105.48 119.43 131.13 22.26 22.26 19.66 17.91 7.21 4.50 12.94 5.98 21.64 - - - -

    ST GALLER KANTONALBANK A-REG CHF 2042 2 6 6 0 0 3 745 745 515 524 - - - - 27.22 28.56 30.92 31.14 13.43 14.09 12.41 12.32 1.28 -4.48 - - - - - Aa1 02.12.2003

    LOGITECH INTERNATIONAL-REG CHF 1101 249 173 0 0 0 0 0.80 2199 2199 2089 2109 79 79 -1 -1 -0.15 -1.51 0.31 0.44 - - 24.20 17.27 -9.78 -2.89 -50.03 -27.03 3.76 - - - -

    TECAN GROUP AG-REG CHF 1054 8 11 0 0 0 0 0.91 409 409 431 473 66 66 73 73 4.02 4.08 4.51 5.43 23.62 23.99 21.37 17.77 3.93 -0.76 3.81 -2.75 16.75 - - - -

    GRAUBUENDNER KANTONALBANK-PC CHF 3268 0 2 3 0 0 2 518 518 405 418 - - - - 66.57 58.36 80.67 85.23 21.32 18.69 15.42 14.60 -3.19 -4.66 - - - AA+ 17.12.2010 - -

    ZUGER KANTONALBANK-BR CHF 1413 0 0 3 0 0 1 342 342 - - - - 222.41 222.42 23.07 23.07 -3.51 -3.38 - - - - - - -

    FORBO HOLDING AG-REG CHF 1446 3 2 0 0 0 0 1.18 1258 1258 1256 1277 216 - 170 170 60.16 59.31 47.86 53.57 11.35 11.35 14.06 12.57 -0.23 0.56 4.94 -2.85 - - - - -

    VONTOBEL HOLDING AG-REG CHF 2035 20 63 9 0 0 4 6.94 947 947 870 941 233 233 - - 2.11 2.15 2.39 2.80 15.27 15.50 13.69 11.72 1.67 -1.62 4.11 -12.12 25.72 A 30.03.2009 - -

    DAETWYLER HOLDING AG-BR CHF 1823 8 16 0 0 0 0 1.88 1242 1242 1474 1572 167 167 226 226 6.30 6.31 8.27 9.38 17.78 17.78 13.57 11.97 13.50 1.61 -3.18 -3.52 14.07 - - - -

    HUBER & SUHNER AG-REG CHF 909 9 20 0 0 0 0 0.82 731 731 797 860 80 33 94 94 1.17 1.17 2.37 2.82 40.20 40.20 19.88 16.72 -8.34 1.90 - -6.52 4.90 - - - -

    VALORA HOLDING AG-REG CHF 636 2 3 1 0 0 0 1.02 2982 2982 3042 3089 140 140 149 149 20.09 16.61 17.81 19.55 11.67 11.67 10.88 9.91 1.11 0.27 13.07 5.96 4.91 - - - -

    INFICON HOLDING AG-REG CHF 673 1 2 0 0 0 0 0.61 311 303 327 342 60 - - - 18.70 17.97 18.84 20.10 18.40 18.56 17.54 16.45 -4.99 7.94 -5.33 8.11 - - - - -

    MEYER BURGER TECHNOLOGY AG CHF 548 730 58 0 0 0 0 0.56 676 676 477 645 -34 -34 - - -2.03 -2.03 -1.38 -0.26 - - -53.33 40.27 - - -5.31 - - - -

    IMPLENIA AG-REG CHF 975 14 18 0 0 0 1 0.69 2822 2822 2956 3036 147 147 162 162 3.95 3.95 4.44 4.60 14.00 14.00 12.45 12.01 7.18 3.47 4.02 11.97 5.46 - - - -

    BASELLANDS KANTONALBANK-CERT CHF 2217 0 2 4 0 0 1 594 594 - - - - 77.47 53.97 19.82 13.81 -3.02 -3.42 - - - AAA 21.11.2001 - -

    BASILEA PHARMACEUTICA-REG CHF 695 29 10 0 0 0 0 0.34 61 61 46 65 -49 - -46 -46 -5.79 -5.79 -4.37 -3.16 - - -13.84 88.54 13.80 - - - - - -

    BASLER KANTONALBK - PC CHF 2629 6 30 8 0 0 6 1007 1007 - - - - 7.55 8.36 10.52 11.64 2.92 -3.54 - - - AA+ 18.10.2001 - -

    EMMI AG-REG CHF 1587 2 5 1 0 0 0 2.21 3121 3121 3368 3438 261 262 283 283 20.77 20.79 20.22 21.59 14.93 14.95 15.36 14.38 10.00 5.18 11.83 11.83 8.78 - - - -

    EFG INTERNATIONAL AG CHF 1804 6 147 2 0 0 5 1227 1227 796 859 - - - - 0.83 0.80 1.02 1.18 16.19 16.53 12.66 10.94 9.13 -12.38 - - - - - - -

    RIETER HOLDING AG-REG CHF 747 12 5 0 0 0 0 0.65 930 930 969 1092 70 70 73 73 3.67 6.70 4.26 12.55 24.96 45.55 39.25 13.33 -11.74 -25.31 -56.96 -33.05 7.87 - - - -

    BKW AG CHF 1611 10 48 1 0 0 1 2.18 2844 2844 2725 2826 433 433 453 453 2.92 2.92 3.62 4.11 10.94 10.94 8.83 7.78 8.92 0.50 200.19 -0.33 15.95 - - - -

    GATEGROUP HOLDING AG CHF 554 89 26 0 0 0 0 0.87 3133 3133 3236 3356 69 69 - - -2.34 -2.36 1.61 2.26 - - 13.43 9.60 11.86 - -63.49 - 2.30 BB- 11.06.2013 - -

    SCHWEITER TECHNOLOGIES AG-BR CHF 884 1 1 0 0 0 0 0.49 705 705 734 772 84 84 83 83 28.44 29.92 30.27 38.16 21.43 22.42 21.19 16.80 -3.68 73.15 -4.30 32.33 12.49 - - - -

    SCHWEIZERISCHE NATL-V AG-REG CHF 975 2 22 0 0 0 1 0.43 1666 1666 1705 1769 - - - - 4.90 4.90 4.90 5.19 9.45 9.45 9.45 8.93 0.80 -3.38 - - - NR 23.05.2006 - -

    METALL ZUG AG-SHS B-REG CHF 1002 0 0 0 0 0 0 0.64 876 876 885 906 117 - 104 104 145.69 145.69 193.47 148.91 16.03 16.03 12.07 15.68 -0.71 7.46 -23.51 -2.39 - - - - -

    VETROPACK HOLDING AG-BR CHF 793 0 0 0 0 0 0 0.75 633 633 642 664 122 - 140 140 213.57 208.61 154.44 167.52 9.71 - 13.11 12.09 2.66 -0.93 -9.94 -9.80 - - - - -

    VZ HOLDING AG CHF 1080 2 8 0 0 0 0 0.87 161 161 184 209 74 74 88 88 7.21 7.25 8.46 9.73 19.50 19.59 16.70 14.52 7.13 11.08 6.17 12.01 47.92 - - - -

    KUDELSKI SA-BR CHF 660 38 54 0 0 0 0 0.84 884 884 916 942 104 104 - - 0.32 0.32 1.00 1.11 40.64 40.64 12.90 11.60 -3.57 -1.32 11.73 -7.35 12.34 - - - -

    LIECHTENSTEIN LANDESBANK-BR CHF 1175 3 28 2 0 0 8 611 611 401 385 - - - - 3.48 3.48 3.26 3.60 11.50 11.50 12.27 11.09 5.48 -11.34 - - - - - - -

    ZEHNDER GROUP AG-BR CHF 526 8 12 0 0 0 0 0.41 548 548 562 589 59 59 61 61 2.42 2.42 2.60 3.02 15.72 15.72 14.64 12.58 1.71 - -18.54 0.19 11.33 - - - -

    LEM HOLDING SA-REG CHF 716 0 1 0 0 0 0 0.69 246 246 274 298 51 - - - 30.02 30.04 33.65 41.23 21.90 21.90 19.55 15.95 -0.61 4.79 15.24 7.11 - - - - -

    BOSSARD HOLDING AG-BR CHF 604 2 3 0 0 0 0 0.82 493 493 630 672 61 61 84 84 13.87 13.87 15.75 16.31 11.41 11.41 10.04 9.70 3.08 -2.65 -3.52 -0.40 12.91 - - - -

    AFG ARBONIA-FORSTER HOLD-REG CHF 492 35 18 0 0 0 0 0.63 1273 1273 1396 1429 115 115 125 125 -2.97 -2.97 2.10 2.77 - - 13.45 10.22 -4.10 -4.52 8.67 -6.79 9.44 - - - -

    ZUG ESTATES HOLDING AG-B SHR CHF 632 1 1 0 0 0 0 0.81 27 27 10 10 - - 17.17 84.38 90.92 15.46 75.97 14.35 -43.14 - -57.76 - 39.62 - - - -

    INTERSHOP HOLDINGS-BR CHF 704 1 2 1 0 0 0 1.24 94 101 91 98 73 63 75 75 25.33 27.99 22.62 24.76 12.53 13.85 15.51 14.17 -0.39 7.63 4.58 3.06 65.95 - - - -

    U-BLOX AG CHF 422 13 6 0 0 0 0 0.36 181 181 226 253 39 - 45 45 2.85 2.87 3.60 4.23 24.46 24.91 19.46 16.59 40.66 - 25.62 31.44 - - - - -

    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 2.26 2.26 2.07 1.88 2.26 1.45 1.45 1.38 1.33 1.45 10.18 10.18 9.51 9.83 10.18 9.03 9.03 8.33 7.78 9.03 14.66 14.66 13.11 11.96 14.66 2.17 2.17 2.34 2.44 2.17 1777.8 10.1%

    Euro Stoxx 50 Pr 1.15 1.15 1.09 1.02 1.15 0.75 0.75 0.73 0.71 0.75 5.69 5.69 5.23 4.76 5.69 6.93 6.93 6.55 6.19 6.93 11.46 11.46 10.21 9.21 11.46 4.36 4.36 4.64 5.00 4.36 2969.9 12.7%

    NIKKEI 225 1.52 1.52 1.43 1.32 1.52 0.73 0.73 0.71 0.69 0.73 8.97 8.97 8.30 7.60 8.97 8.85 8.85 8.19 7.71 8.85 17.73 17.73 15.75 14.19 17.73 1.64 1.64 1.79 1.94 1.64 14886.7 6.2%

    FTSE 100 INDEX 1.69 1.69 1.58 1.46 1.69 0.96 0.96 0.93 0.95 0.96 8.35 8.35 7.62 6.95 8.35 6.83 6.83 6.43 6.05 6.83 12.00 12.00 10.93 10.09 12.00 3.91 3.91 4.21 4.56 3.91 6995.7 9.0%

    SWISS MARKET INDEX 2.34 2.34 2.17 2.02 2.34 2.00 2.00 1.90 1.82 2.00 12.00 12.00 10.95 9.76 12.00 13.03 13.03 12.00 11.23 13.03 14.68 14.68 13.23 12.05 14.68 3.31 3.30 3.69 4.23 3.30 8617.2 10.4%

    S&P/TSX COMPOSITE INDEX 1.62 1.62 1.51 1.41 1.62 1.38 1.38 1.43 1.48 1.38 8.20 8.20 7.40 6.13 8.20 8.37 8.37 7.41 6.83 8.37 14.10 14.10 12.45 11.35 14.10 3.31 3.31 3.46 3.61 3.31 14176.6 16.5%

    S&P/ASX 200 INDEX 1.75 1.75 1.65 1.56 1.75 1.64 1.64 1.55 1.48 1.64 9.89 9.89 8.92 8.52 9.89 8.38 8.38 7.61 7.09 8.38 13.57 13.57 12.31 11.38 13.57 4.92 4.92 5.26 5.61 4.92 5209.5 8.6%

    HANG SENG INDEX 1.22 1.22 1.12 1.06 1.22 1.58 1.58 1.46 1.34 1.58 7.30 7.30 6.94 6.44 7.30 7.40 7.40 6.77 6.08 7.40 9.72 9.72 8.95 8.22 9.72 3.96 3.96 4.27 4.68 3.96 24849.3 21.4%

    MSCI EM 1.32 1.32 1.21 1.09 1.32 0.94 0.94 0.88 0.81 0.94 6.51 6.51 5.96 5.46 6.51 7.11 7.11 6.46 5.95 7.11 10.05 10.05 9.05 8.26 10.05 3.08 3.08 3.41 3.69 3.08 1126.2 23.5%

    NESTLE SA-REG 3.29 3.11 2.90 2.69 2.63 2.20 2.11 2.00 1.89 1.75 15.08 14.74 13.55 12.23 11.00 12.77 12.27 11.44 10.69 9.74 18.40 17.85 16.41 15.17 13.50 3.31 3.46 3.69 3.92 4.33 68.70 9.6%

    NOVARTIS AG-REG 2.44 2.38 2.26 2.16 1.91 3.40 3.35 3.24 3.13 3.04 11.89 11.62 10.90 9.75 9.86 12.15 12.28 11.50 10.85 10.54 13.53 13.63 12.52 11.50 10.92 3.44 3.50 3.71 3.97 4.30 72.91 7.7%

    ROCHE HOLDING AG-GENUSSCHEIN 12.57 9.64 7.56 6.19 5.00 4.56 4.34 4.18 4.04 3.93 15.35 13.18 12.23 11.36 11.55 12.23 10.89 10.34 9.86 9.65 17.46 15.95 14.78 13.80 13.21 3.07 3.36 3.67 3.98 4.26 270.60 13.4%

    UBS AG-REG 1.30 1.26 1.20 1.14 2.51 2.25 2.18 2.06 2.18 105.87 13.13 10.07 7.63 16.14 16.58 13.17 10.02 8.86 0.80 1.46 3.27 7.47 7.54 18.44 12.4%

    ABB LTD-REG 3.00 2.73 2.45 2.20 1.28 1.21 1.15 1.08 1.02 13.30 11.17 10.09 9.16 9.33 9.88 8.46 7.59 6.98 7.03 16.64 14.51 12.65 11.41 11.11 3.27 3.52 3.76 4.03 4.39 23.29 12.1%

    CIE FINANCIERE RICHEMON-BR A 3.68 3.17 2.74 2.40 2.01 7.13 6.54 3.28 3.01 2.80 17.54 14.84 13.04 11.99 23.92 13.09 11.78 10.59 9.59 9.14 19.46 17.32 15.42 14.03 13.05 0.91 1.36 1.60 1.79 2.00 95.64 12.1%

    CREDIT SUISSE GROUP AG-REG 0.98 0.95 0.89 0.84 0.77 1.69 1.55 1.50 1.49 1.40 16.72 7.10 6.53 5.74 10.84 9.99 8.66 7.89 7.96 2.66 3.11 4.21 5.05 4.54 28.40 8.9%

    ZURICH INSURANCE GROUP AG 1.15 1.10 1.05 1.01 0.92 0.63 0.66 0.65 0.66 0.56 11.75 9.23 8.79 8.49 7.94 7.07 6.87 6.98 7.13 7.38 269.36 7.7%

    SYNGENTA AG-REG 4.38 3.75 3.34 2.96 2.60 2.43 2.29 2.16 2.07 14.98 13.74 12.56 11.60 12.17 11.33 10.36 9.65 9.37 17.97 16.29 14.65 13.60 13.43 2.35 2.78 3.02 3.24 3.30 416.00 9.5%

    SWISS RE AG 0.79 0.79 0.76 0.73 0.65 0.84 0.81 0.76 0.71 0.69 7.79 10.00 8.32 7.71 7.25 8.00 8.55 8.41 8.75 5.13 6.09 6.03 6.21 6.13 76.61 8.4%

    TRANSOCEAN LTD 1.11 1.05 0.96 0.89 1.79 1.80 1.59 1.54 1.52 6.75 6.57 5.18 4.77 7.30 6.87 5.56 5.28 5.75 13.74 10.96 7.85 7.43 8.41 1.04 3.66 4.56 4.94 56.94 24.1%

    SWATCH GROUP AG/THE-BR 3.17 2.77 2.43 2.16 3.62 3.18 2.89 2.64 2.50 20.17 16.81 14.04 12.45 17.03 12.26 10.30 9.17 8.26 8.23 19.47 16.32 14.57 13.09 12.52 1.27 1.46 1.66 1.87 2.03 623.91 16.5%

    HOLCIM LTD-REG 1.25 1.22 1.12 1.05 0.89 1.01 1.00 0.94 0.87 0.80 7.15 6.39 5.42 4.79 3.97 8.53 7.75 6.59 5.98 5.23 19.65 15.11 11.16 9.50 7.58 1.61 2.06 2.78 3.39 3.71 80.07 19.0%

    SGS SA-REG 7.69 7.04 6.24 5.41 2.98 2.68 2.45 2.24 2.11 18.00 15.48 13.49 12.16 12.29 14.44 12.39 10.83 9.78 9.68 25.70 22.54 19.46 17.34 16.47 3.00 2.83 3.11 3.41 3.58 2401.79 13.9%

    WEATHERFORD INTL LTD 1.14 1.15 1.02 0.89 0.71 0.66 0.61 0.56 6.84 5.40 4.39 4.05 7.07 6.54 5.53 4.90 21.94 17.21 11.03 8.40 0.00 0.00 0.00 0.00 14.63 9.6%

    SWISSCOM AG-REG 4.33 4.27 3.90 3.58 3.43 1.91 1.91 1.90 1.89 1.92 6.11 5.68 5.73 5.71 5.83 6.82 6.95 6.87 6.81 6.72 12.42 13.16 12.92 12.76 13.03 5.28 5.29 5.43 5.59 5.64 435.13 4.3%

    GEBERIT AG-REG 6.60 5.78 5.34 5.02 4.28 4.12 3.92 3.77 3.77 18.56 17.25 16.34 15.30 14.71 16.52 15.26 14.36 13.55 12.75 23.31 21.04 19.71 18.46 17.73 2.72 3.03 3.22 3.44 2.54 224.20 -7.0%

    GIVAUDAN-REG 3.13 3.14 3.05 3.01 2.74 2.60 2.49 2.37 2.29 16.44 14.39 13.41 11.94 11.39 14.67 13.45 12.57 11.76 11.51 22.94 22.09 19.69 18.10 16.19 2.06 3.24 3.63 4.05 4.29 1196.53 -4.3%

    JULIUS BAER GROUP LTD 1.58 1.62 1.55 1.46 1.63 4.77 3.87 3.20 2.91 2.86 18.49 18.31 12.60 10.43 18.18 17.03 13.18 10.92 15.30 1.65 1.76 2.08 2.65 2.42 42.54 14.4%

    ADECCO SA-REG 2.16 2.10 1.93 1.75 1.43 0.41 0.42 0.39 0.37 0.33 13.07 12.80 10.87 9.22 9.44 10.58 10.30 8.55 7.45 6.26 15.85 15.42 12.38 10.55 8.83 3.11 3.36 3.83 4.42 4.50 57.89 6.1%

    SCHINDLER HOLDING-PART CERT 5.04 4.81 4.12 3.58 1.85 1.77 1.66 1.57 1.51 19.35 17.22 14.84 13.76 12.01 11.54 10.62 10.03 9.65 22.82 20.86 18.83 17.71 16.41 1.66 1.79 1.97 2.15 2.01 148.78 10.7%

    ACTELION LTD-REG 4.31 4.26 3.61 3.05 2.70 4.03 4.04 3.95 3.85 4.12 16.90 13.56 12.32 11.20 14.33 12.23 11.92 11.18 10.33 12.98 15.68 15.79 15.01 13.17 12.92 1.33 1.70 1.82 1.99 2.06 61.62 6.3%

    KUEHNE & NAGEL INTL AG-REG 5.45 5.07 4.68 4.29 3.79 0.77 0.74 0.70 0.66 0.66 18.53 16.25 14.90 13.64 13.63 13.52 12.26 11.14 10.31 9.49 23.27 21.28 18.85 17.35 15.60 3.33 3.51 3.86 4.24 4.83 112.17 2.0%

    ARYZTA AG 1.70 1.60 1.48 1.39 1.28 0.97 0.90 0.84 0.81 0.76 9.36 8.41 7.35 6.78 5.59 9.74 9.18 8.17 7.66 7.19 12.87 12.13 10.89 9.81 8.86 1.17 1.24 1.38 1.53 1.70 62.73 16.5%

    SWATCH GROUP AG/THE-REG 2.72 2.33 2.03 3.62 3.17 2.90 12.46 10.24 9.42 17.00 13.82 12.62 1.40 1.61 1.94 125.50 34.9%

    SIKA AG-BR 3.22 2.88 2.61 2.38 1.29 1.22 1.14 1.06 0.98 14.76 12.93 11.67 10.70 11.20 10.11 9.10 8.30 7.56 21.76 18.86 16.53 15.41 13.18 1.94 2.23 2.46 2.70 2369.67 -4.4%

    SONOVA HOLDING AG-REG 4.32 3.66 3.19 2.86 3.78 3.55 3.31 3.11 2.88 26.38 16.26 14.95 13.40 19.03 13.65 12.17 10.90 9.61 22.70 19.21 17.03 15.41 13.55 1.31 1.70 1.91 2.09 2.26 107.80 5.5%

    BALOISE HOLDING AG - REG 1.02 0.93 0.87 0.84 0.73 0.52 0.56 0.55 0.57 0.48 10.48 9.60 8.93 8.37 10.52 9.88 9.42 9.13 8.37 4.97 4.95 5.06 5.20 5.27 101.17 6.7%

    SWISS PRIME SITE-REG 1.07 1.06 1.05 1.04 9.92 7.36 7.32 7.62 9.19 20.16 17.97 16.83 17.15 18.58 21.41 22.02 21.85 21.73 22.13 19.30 20.06 19.42 18.96 18.58 5.15 5.11 5.08 5.04 5.15 73.50 5.2%

    PARTNERS GROUP HOLDING AG 11.21 8.60 7.17 6.11 16.69 13.98 11.91 10.68 9.63 26.63 24.50 18.72 16.41 25.82 21.10 17.92 15.72 14.51 27.45 22.75 19.44 17.25 2.23 2.62 3.03 3.38 257.20 -3.1%

    CLARIANT AG-REG 1.36 1.40 1.30 1.21 0.60 0.72 0.69 0.66 0.62 9.04 6.86 6.36 5.59 7.45 7.25 6.61 6.10 5.86 14.30 12.67 10.73 9.34 8.83 2.12 2.62 3.01 3.48 2.97 14.79 9.9%

    SWISS LIFE HOLDING AG-REG 0.52 0.50 0.48 0.46 0.45 0.29 0.28 0.28 0.26 0.25 8.78 8.41 7.90 7.26 6.60 2.88 2.94 3.09 3.36 4.41 167.33 5.5%

    LINDT & SPRUENGLI AG-REG 5.60 5.09 4.57 4.02 3.39 3.15 2.94 2.73 26.84 24.16 21.11 17.61 18.31 16.63 15.21 13.94 34.08 31.13 28.13 25.30 1.35 1.53 1.68 1.89 39200.00 -7.5%

    SULZER AG-REG 2.36 2.15 1.95 1.77 1.37 1.28 1.20 1.13 1.06 11.88 11.32 10.23 9.40 10.10 9.23 8.17 7.48 6.84 17.19 16.14 13.75 12.34 11.41 1.95 2.15 2.45 2.68 169.88 7.4%

    LONZA GROUP AG-REG 1.53 1.53 1.42 1.33 0.98 0.95 0.91 0.87 0.83 6.02 6.29 5.86 5.25 9.39 8.80 8.03 7.38 6.97 17.16 15.35 12.78 11.16 10.57 2.88 3.09 3.21 3.42 3.50 64.57 -9.6%

    PSP SWISS PROPERTY AG-REG 1.05 0.99 0.98 0.97 0.87 13.97 13.72 13.50 13.21 12.33 23.46 23.54 23.71 23.65 25.50 24.45 23.27 23.44 23.03 21.78 23.28 22.86 23.13 22.71 21.49 3.72 3.94 4.02 4.09 4.10 89.10 8.5%

    LINDT & SPRUENGLI AG-PC 5.05 4.07 3.62 3.41 3.37 3.38 3.14 2.93 2.73 2.56 23.67 22.22 17.63 13.95 16.34 18.47 16.72 15.28 14.04 12.83 30.19 27.43 24.98 22.69 19.52 1.55 1.79 1.99 2.17 2.41 3783.33 4.4%

    SCHINDLER HOLDING AG-REG 4.89 4.67 4.00 3.48 1.85 1.77 1.66 1.57 1.51 18.77 16.72 14.41 13.36 12.01 11.54 10.62 10.03 9.65 22.14 20.25 18.28 17.20 15.92 1.79 1.81 2.03 2.16 158.00 21.2%

    GAM HOLDING AG 1.24 1.16 1.06 0.96 4.88 4.31 3.97 3.65 3.70 16.91 12.44 10.99 9.68 17.38 12.83 11.20 9.63 3.32 3.76 4.27 4.84 18.21 21.0%

    DUFRY AG-REG 2.71 2.57 2.21 1.91 1.73 1.10 0.95 0.84 0.78 0.72 9.75 9.97 8.23 7.42 6.44 9.56 8.22 6.94 6.28 5.87 13.71 15.04 11.14 9.71 9.18 0.00 0.00 0.42 1.26 139.63 18.2%

    GALENICA AG-REG 2.84 2.50 2.22 1.98 1.77 1.07 1.07 1.03 0.98 0.91 12.93 11.22 10.78 10.24 8.64 10.85 10.63 10.09 8.95 6.34 15.79 14.85 14.11 12.26 8.91 1.61 1.99 2.11 2.42 3.49 623.33 6.0%

    HELVETIA HOLDING AG-REG 0.94 0.88 0.84 0.79 0.73 0.46 0.46 0.42 0.40 0.41 10.15 9.70 9.30 8.81 8.38 4.34 4.48 4.65 4.87 4.86 408.17 4.4%

    EMS-CHEMIE HOLDING AG-REG 5.91 5.67 5.29 4.94 3.81 3.61 3.41 3.28 2.96 24.78 19.78 17.80 17.21 17.68 16.34 15.32 14.60 12.61 26.10 24.21 22.69 21.76 18.05 2.63 3.19 3.33 3.56 232.50 -18.8%

    OC OERLIKON CORP AG-REG 2.06 1.99 1.83 1.62 1.34 1.31 1.26 1.23 1.14 8.80 9.88 9.21 8.74 8.60 6.63 6.80 6.21 5.94 5.81 17.36 16.23 14.43 13.59 14.10 2.00 2.51 2.56 2.74 2.99 13.20 12.8%

    BARRY CALLEBAUT AG-REG 3.36 2.75 2.52 2.27 2.01 1.04 0.99 0.80 0.75 0.70 14.69 11.67 12.84 11.08 12.34 13.67 12.82 10.88 9.77 9.34 18.80 18.80 16.78 14.56 13.58 1.59 1.78 1.95 2.15 2.47 931.25 4.3%

    PARGESA HOLDING SA-BR 0.69 0.71 0.71 0.67 0.93 10.60 9.99 10.19 15.76 15.64 10.48 11.55 41.73 39.20 33.93 29.74 40.97 12.91 10.90 9.91 3.59 4.23 4.49 4.93 74.63 17.5%

    FISCHER (GEORG)-REG 1.44 1.43 1.32 1.22 0.50 0.50 0.48 0.46 0.42 5.79 5.87 6.15 6.02 6.01 5.98 5.58 5.20 4.52 12.19 12.06 10.89 9.78 8.46 2.70 3.25 3.45 3.79 4.07 476.67 7.8%

    FLUGHAFEN ZUERICH AG-REG 1.62 1.49 1.37 1.28 3.16 3.08 3.04 2.92 2.91 9.58 8.10 7.10 6.65 7.81 7.58 7.52 7.18 16.78 20.00 15.02 13.88 1.82 2.00 2.34 2.64 486.25 0.2%

    DKSH HOLDING LTD 4.63 3.89 3.46 3.06 2.55 0.59 0.51 0.46 0.42 0.53 25.94 23.26 18.45 15.85 16.89 15.92 13.56 11.97 10.63 8.63 29.21 24.44 21.51 19.09 15.81 1.05 1.23 1.44 1.57 2.00 78.68 -2.3%

    BUCHER INDUSTRIES AG-REG 2.47 2.23 1.97 1.76 0.89 0.86 0.83 0.80 0.84 9.92 9.05 8.34 7.95 8.05 7.97 7.29 6.89 6.55 6.40 14.86 13.12 12.28 11.67 10.94 2.05 2.33 2.54 2.70 3.22 235.71 3.9%

    Price to Earnings Ratio

    Valuation Measures II/II

    Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

  • 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 2.26 2.26 2.07 1.88 2.26 1.45 1.45 1.38 1.33 1.45 10.18 10.18 9.51 9.83 10.18 9.03 9.03 8.33 7.78 9.03 14.66 14.66 13.11 11.96 14.66 2.17 2.17 2.34 2.44 2.17 1777.8 10.1%

    Euro Stoxx 50 Pr 1.15 1.15 1.09 1.02 1.15 0.75 0.75 0.73 0.71 0.75 5.69 5.69 5.23 4.76 5.69 6.93 6.93 6.55 6.19 6.93 11.46 11.46 10.21 9.21 11.46 4.36 4.36 4.64 5.00 4.36 2969.9 12.7%

    NIKKEI 225 1.52 1.52 1.43 1.32 1.52 0.73 0.73 0.71 0.69 0.73 8.97 8.97 8.30 7.60 8.97 8.85 8.85 8.19 7.71 8.85 17.73 17.73 15.75 14.19 17.73 1.64 1.64 1.79 1.94 1.64 14886.7 6.2%

    FTSE 100 INDEX 1.69 1.69 1.58 1.46 1.69 0.96 0.96 0.93 0.95 0.96 8.35 8.35 7.62 6.95 8.35 6.83 6.83 6.43 6.05 6.83 12.00 12.00 10.93 10.09 12.00 3.91 3.91 4.21 4.56 3.91 6995.7 9.0%

    SWISS MARKET INDEX 2.34 2.34 2.17 2.02 2.34 2.00 2.00 1.90 1.82 2.00 12.00 12.00 10.95 9.76 12.00 13.03 13.03 12.00 11.23 13.03 14.68 14.68 13.23 12.05 14.68 3.31 3.30 3.69 4.23 3.30 8617.2 10.4%

    S&P/TSX COMPOSITE INDEX 1.62 1.62 1.51 1.41 1.62 1.38 1.38 1.43 1.48 1.38 8.20 8.20 7.40 6.13 8.20 8.37 8.37 7.41 6.83 8.37 14.10 14.10 12.45 11.35 14.10 3.31 3.31 3.46 3.61 3.31 14176.6 16.5%

    S&P/ASX 200 INDEX 1.75 1.75 1.65 1.56 1.75 1.64 1.64 1.55 1.48 1.64 9.89 9.89 8.92 8.52 9.89 8.38 8.38 7.61 7.09 8.38 13.57 13.57 12.31 11.38 13.57 4.92 4.92 5.26 5.61 4.92 5209.5 8.6%

    HANG SENG INDEX 1.22 1.22 1.12 1.06 1.22 1.58 1.58 1.46 1.34 1.58 7.30 7.30 6.94 6.44 7.30 7.40 7.40 6.77 6.08 7.40 9.72 9.72 8.95 8.22 9.72 3.96 3.96 4.27 4.68 3.96 24849.3 21.4%

    MSCI EM 1.32 1.32 1.21 1.09 1.32 0.94 0.94 0.88 0.81 0.94 6.51 6.51 5.96 5.46 6.51 7.11 7.11 6.46 5.95 7.11 10.05 10.05 9.05 8.26 10.05 3.08 3.08 3.41 3.69 3.08 1126.2 23.5%

    TEMENOS GROUP AG-REG 4.36 3.92 3.44 2.95 3.86 3.59 3.34 3.09 2.94 21.72 17.62 14.95 12.85 15.62 13.09 11.41 10.06 28.36 20.90 17.76 15.20 0.00 1.41 1.55 1.70 21.73 -4.3%

    NOBEL BIOCARE HOLDING AG-REG 3.76 3.24 2.95 2.67 1.98 2.02 1.96 1.86 1.75 14.38 15.89 13.19 11.90 8.17 10.67 11.03 10.10 9.12 9.12 26.01 23.20 20.70 17.42 14.14 1.59 1.83 2.05 2.39 3.47 9.58 -16.0%

    ALLREAL HOLDING AG-REG 1.11 1.08 1.05 1.03 8.63 7.55 7.15 7.08 18.86 17.91 16.77 16.50 21.93 18.57 17.17 16.90 18.78 18.31 16.42 15.54 4.12 4.14 4.50 4.50 145.00 9.3%

    BANQUE CANTONALE VAUDOIS-REG 1.18 1.24 1.23 1.22 4.10 4.17 4.06 3.93 3.75 10.63 10.96 10.74 10.33 13.70 14.53 14.07 13.32 6.65 6.82 6.99 7.11 502.25 4.4%

    KABA HOLDING AG-REG B 2.74 2.33 2.15 1.97 1.45 1.45 1.42 1.37 1.34 11.71 12.07 11.58 10.74 8.80 9.41 8.86 8.10 7.57 16.43 17.37 15.94 14.23 11.90 2.13 2.66 2.89 3.12 3.30 370.00 1.8%

    VALIANT HOLDING AG-REG 0.69 0.65 0.60 0.55 3.45 3.55 3.33 3.18 3.05 11.58 14.48 11.66 10.37 3.80 3.80 3.80 4.27 100.00 18.6%

    MOBIMO HOLDING AG-REG 0.99 0.97 0.96 0.95 9.63 9.04 8.97 8.52 9.40 19.64 22.32 21.81 20.93 21.29 22.33 21.59 22.37 21.59 21.91 23.94 22.00 21.97 21.82 21.29 4.72 4.72 4.72 4.72 4.72

    PANALPINA WELTTRANSPORT -REG 3.08 3.20 2.94 2.66 0.39 0.36 0.34 0.33 0.34 45.15 22.44 19.71 16.78 317.35 15.92 15.50 11.90 10.00 7.96 36.45 36.40 25.78 20.75 18.86 1.20 1.65 1.91 2.27 91.19 -15.5%

    LUZERNER KANTONALBANK AG-REG 1.38 1.32 1.27 1.22 6.86 6.85 6.71 6.56 15.69 15.23 14.44 13.99 15.93 15.81 15.36 14.87 3.20 3.20 3.49 3.49

    BERNER KANTONALBANK AG-REG

    AMS AG 1.88 1.70 1.46 1.26 2.21 2.10 1.89 1.72 1.66 7.25 8.37 6.84 6.30 6.86 7.44 6.20 5.48 5.92 9.31 10.32 8.43 7.17 7.38 1.95 2.42 2.92 3.57 98.54 34.2%

    KUONI REISEN HLDG-REG(CAT B) 1.54 1.53 1.39 1.31 0.22 0.22 0.21 0.20 0.20 7.51 8.83 6.06 5.46 6.47 5.79 4.87 4.36 4.09 13.66 12.75 10.36 9.04 7.21 1.22 1.18 2.20 2.58 376.67 20.3%

    BURCKHARDT COMPRESSION HOLDI 3.85 3.37 3.09 3.06 3.35 2.97 2.72 2.57 2.65 16.78 15.60 14.45 14.25 13.32 11.94 10.74 9.85 11.13 22.72 20.05 17.85 16.38 19.83 2.29 2.91 3.36 3.58 355.67 -6.3%

    STRAUMANN HOLDING AG-REG 3.41 3.30 3.03 2.82 3.26 3.37 3.27 2.80 2.49 21.70 18.25 15.13 13.18 10.30 16.27 14.95 12.80 9.89 7.92 27.42 22.54 19.20 15.74 13.10 2.02 2.36 2.64 3.05 3.13 130.56 -9.7%

    BELIMO HOLDING AG-REG 5.10 4.49 4.05 3.65 2.96 2.74 2.54 2.35 2.18 17.14 14.72 13.64 12.78 13.52 12.02 11.01 10.11 9.20 21.47 18.78 17.10 15.55 2.63 3.07 3.33 3.62 3.50

    ST GALLER KANTONALBANK A-REG 1.01 0.99 0.96 0.93 4.06 3.96 3.90 3.84 11.59 19.95 10.72 10.66 12.54 11.85 11.77 11.74 4.29 3.71 4.48 4.95

    LOGITECH INTERNATIONAL-REG 1.41 1.44 1.36 1.33 0.52 0.55 0.55 0.54 10.36 10.71 9.47 7.16 7.23 6.51 5.41 5.21 32.29 23.11 16.49 11.85 6.19 3.30 3.39 3.56 6.48 -1.8%

    TECAN GROUP AG-REG 3.23 2.89 2.60 2.31 2.56 2.45 2.23 2.01 1.83 24.95 13.55 11.55 10.09 13.73 12.36 10.49 8.70 7.39 21.57 20.41 16.98 13.87 11.22 1.48 1.74 1.97 2.34 2.69 98.00 11.4%

    GRAUBUENDNER KANTONALBANK-PC 1.36 1.24 1.19 8.09 8.07 7.82 1.58 1.62 1.55 14.86 14.73 13.94 3.34 3.69 3.69

    ZUGER KANTONALBANK-BR

    FORBO HOLDING AG-REG 1.58 1.47 1.36 1.24 1.16 1.15 1.13 1.11 1.12 9.04 8.23 7.54 7.08 6.73 6.90 6.56 6.27 5.75 14.89 13.43 12.00 10.86 9.85 1.98 2.10 2.27 2.39 2.61 650.00 5.9%

    VONTOBEL HOLDING AG-REG 1.21 1.19 1.15 1.10 2.51 2.34 2.16 2.01 1.87 11.37 10.57 9.51 8.59 14.75 13.08 11.19 10.08 3.91 4.37 4.88 5.23 35.00 17.1%

    DAETWYLER HOLDING AG-BR 2.36 2.50 2.18 1.91 1.26 1.24 1.16 2.22 11.52 7.00 7.47 6.90 9.23 8.33 7.58 7.05 14.83 12.96 11.43 10.53 2.27 2.63 2.92 3.15

    HUBER & SUHNER AG-REG 1.44 1.38 1.31 1.24 1.25 1.14 1.06 1.00 17.37 12.03 10.32 9.60 11.88 8.77 7.84 7.35 36.29 18.98 15.97 14.66 1.27 2.09 2.43 2.57

    VALORA HOLDING AG-REG 1.07 1.03 0.99 0.94 0.21 0.21 0.21 0.20 0.20 5.92 4.81 4.75 4.39 4.96 8.64 6.88 6.58 6.14 6.13 10.75 10.39 9.47 8.29 8.07 5.79 7.40 7.87 8.70 7.65 171.67 -2.9%

    INFICON HOLDING AG-REG 3.43 3.72 3.61 3.48 2.27 2.16 2.06 1.98 12.93 13.96 11.96 10.82 10.49 9.49 8.95 8.50 18.07 16.75 15.71 14.90 5.06 5.61 5.69 5.78 318.50 10.6%

    MEYER BURGER TECHNOLOGY AG 0.56 0.67 0.73 0.85 0.85 1.15 0.85 0.70 9.58 6.85 4686.71 9.16 6.18 59.71 0.00 0.00 0.00 5.98 -3.7%

    IMPLENIA AG-REG 1.74 1.59 1.46 1.34 0.35 0.33 0.32 0.31 6.86 6.02 5.96 5.57 4.57 4.22 4.12 3.90 13.65 11.90 11.47 10.57 2.42 2.98 3.15 3.37

    BASELLANDS KANTONALBANK-CERT

    BASILEA PHARMACEUTICA-REG 1.55 8.82 15.08 6.54 11.66 15.30 10.64 6.38 3.09 3.70 5.02 57.00 5.02 160.16 6.22 0.00 0.00 0.00 77.50 11.9%

    BASLER KANTONALBK - PC

    EMMI AG-REG 1.56 1.42 1.31 1.23 0.51 0.47 0.46 0.45 6.53 6.56 6.35 6.13 8.35 7.81 7.61 7.39 15.78 14.67 13.74 12.85 1.27 1.34 1.43 1.47 302.50 6.8%

    EFG INTERNATIONAL AG 1.47 1.25 1.14 1.06 1.07 2.17 2.27 2.10 1.97 2.06 9.79 8.90 7.53 14.43 12.09 10.44 8.76 8.70 0.98 1.69 2.83 4.03 5.79 14.25 21.3%

    RIETER HOLDING AG-REG 1.90 1.87 1.69 1.55 0.82 0.77 0.68 0.62 0.64 11.33 10.34 8.50 7.72 9.50 8.92 4.80 4.16 4.18 41.36 37.48 12.73 10.08 1.52 1.30 2.47 3.17 185.00 21.2%

    BKW AG 0.51 0.55 0.53 0.50 0.62 0.59 0.57 0.54 0.54 3.06 3.37 3.14 2.84 4.74 4.80 4.46 4.36 8.66 8.44 7.43 6.97 6.27 4.85 4.77 5.18 5.32

    GATEGROUP HOLDING AG 1.12 1.71 1.55 1.36 0.18 0.17 0.17 0.16 4.76 4.89 4.01 3.55 4.95 4.90 4.34 4.01 13.36 12.82 9.16 8.34 2.28 1.34 2.60 3.44 21.67 9.7%

    SCHWEITER TECHNOLOGIES AG-BR 1.28 1.30 1.29 1.22 1.17 1.20 1.15 1.10 10.01 9.85 9.11 10.00 5.90 5.88 5.13 5.41 15.25 20.24 16.05 17.03 6.84 4.49 3.68 2.74 587.50 0.4%

    SCHWEIZERISCHE NATL-V AG-REG 1.07 0.99 0.93 0.88 0.85 0.58 0.57 0.55 0.55 0.51 8.92 9.02 8.53 7.83 7.81 4.44 4.33 4.54 5.05 5.37 46.75 10.7%

    METALL ZUG AG-SHS B-REG 1.26 1.35 1.28 1.25 1.15 1.13 1.11 1.08 5.84 6.08 5.47 5.14 19.66 11.53 14.98 13.55 2.58 2.58 2.58 2.58 2200.00 3.3%

    VETROPACK HOLDING AG-BR 1.19 1.13 1.05 0.98 1.26 1.24 1.20 1.15 6.45 5.87 5.40 4.93 6.08 5.37 5.08 4.81 14.64 12.52 11.54 11.19 2.49 1.96 2.11 2.25 1950.00 5.6%

    VZ HOLDING AG 4.44 3.80 3.15 2.87 6.97 5.88 5.16 4.53 18.87 14.22 12.58 11.11 12.57 9.74 8.33 7.14 20.11 15.95 13.87 12.03 1.97 2.33 2.68 3.06

    KUDELSKI SA-BR 1.47 1.33 1.21 1.11 0.73 0.72 1.25 0.68 6.14 6.15 5.71 5.27 8.56 6.45 6.10 5.85 15.52 12.32 11.07 9.98 0.94 1.45 1.68 2.32 13.80 17.4%

    LIECHTENSTEIN LANDESBANK-BR 0.63 0.61 0.59 2.93 3.05 2.90 8.89 7.89 6.59 11.72 10.60 8.40 4.12 4.66 5.49

    ZEHNDER GROUP AG-BR 1.64 1.57 1.45 1.33 0.77 0.76 0.72 0.68 0.65 6.69 7.19 6.53 5.85 6.36 6.64 5.87 5.10 4.63 12.66 13.98 12.02 10.20 7.81 2.61 2.37 2.74 3.20 3.52 42.00 -1.9%

    LEM HOLDING SA-REG 8.14 8.14 7.40 2.85 2.61 2.40 2.40 16.31 15.78 14.35 13.82 12.19 11.67 9.95 9.12 18.24 18.67 15.24 13.78 4.62 4.87 6.16 7.18 600.00 0.0%

    BOSSARD HOLDING AG-BR 3.38 3.29 2.71 2.27 1.21 0.96 0.90 1.42 1.33 9.37 8.54 7.60 7.08 6.89 13.34 9.80 9.06 8.46 7.18 11.92 9.59 9.26 8.69 7.65 3.36 3.91 4.21 4.55 5.23 154.26 6.9%

    AFG ARBONIA-FORSTER HOLD-REG 1.11 1.10 1.01 0.93 0.36 0.35 0.34 0.34 0.33 4.93 4.71 4.09 3.81 5.71 5.04 4.49 4.09 3.96 28.26 12.85 9.77 7.88 7.27 0.00 1.27 2.66 3.51 4.15 34.50 33.7%

    ZUG ESTATES HOLDING AG-B SHR 1.04 8.12 32.02 13.70 1.01

    INTERSHOP HOLDINGS-BR 1.23 1.20 1.19 1.17 7.63 7.72 7.18 7.51 14.38 14.78 13.50 14.35 16.40 16.66 15.28 16.12 15.23 14.81 13.53 14.38 6.09 6.09 6.25 6.25 330.00 3.1%

    U-BLOX AG 2.77 2.43 2.17 1.93 2.40 1.87 1.67 1.50 26.12 13.50 11.21 10.21 11.01 8.03 7.08 6.19 24.78 18.59 15.84 13.70 1.46 1.59 1.67 1.75 63.00 -1.6%

    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] |

  • 04.07.2013

    Nestle SA is a multinational packaged food company that manufactures and markets

    a wide range of food products. The Company's product line includes milk,

    chocolate, confectionery, bottled water, coffee, creamer, food seasoning and

    pet foods.

    Latest Fiscal Year: 12/2012

    LTM as of: 03/yy

    52-Week High (03.04.2013) 70.00

    52-Week Low (25.07.2012) 57.65

    Daily Volume

    62.7

    52-Week High % Change -10.43% Dividend Yield -

    52-Week Low % Change 8.76% Beta 0.76

    % 52 Week Price Range High/Low 33.60% Equity Float 3'122.19

    Shares Out 31.12.2012 3'224.8 Short Int -

    202'033.72 1 Yr Total Return 11.58%

    Total Debt 27'577.00 YTD Return 8.49%

    Preferred Stock 0.0 Adjusted BETA 0.763

    Minority Interest 1'657.0 Analyst Recs 42

    Cash and Equivalents 9'425.00 Consensus Rating 3.762

    Enterprise Value 221'842.72

    Average Volume 5 Day 5'240'317

    NESN VX EQUITY YTD Change - Average Volume 30 Day 6'888'541

    NESN VX EQUITY YTD % CHANGE - Average Volume 3 Month 6'231'884

    LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

    31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

    103'086.0 100'579.0 88'015.0 83'770.0 92'324.0 84'770 92'736 95'634 101'056 23'545 24'313

    1.64x 1.96x 2.08x 2.23x 2.27x 0.00x 0.00x 2.31x 2.17x - -

    15'533.0 16'048.0 15'611.0 15'390.0 16'887.0 0.0 0.0 18'117.8 19'428.0 - -

    10.89x 12.28x 11.72x 12.16x 12.43x 0.00x 0.00x 12.27x 11.44x - -

    18'039.0 10'428.0 34'233.0 9'487.0 10'611.0 0.0 0.0 11'149.0 12'122.4 - -

    20.80x 19.38x 21.06x 18.18x 17.90x 0.00x 0.00x 17.85x 16.41x - -

    EBITDA 16'887.00 Long-Term Rating Date 16.08.2007

    EBIT 13'903.00 Long-Term Rating AA

    Operating Margin 15.06% Long-Term Outlook STABLE

    Pretax Margin 15.72% Short-Term Rating Date 23.11.1981

    Return on Assets 8.83% Short-Term Rating A-1+

    Return on Common Equity 18.02%

    Return on Capital 13.46% EBITDA/Interest Exp. 29.73

    Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 20.28

    Net Debt/EBITDA 1.07

    Gross Margin 47.6% Total Debt/EBITDA 1.63

    EBITDA Margin 18.3%

    EBIT Margin 15.1% Total Debt/Equity 45.2%

    Net Income Margin 11.5% Total Debt/Capital 30.6%

    Asset Turnover 0.77

    Current Ratio 0.91 Net Fixed Asset Turnover 3.63

    Quick Ratio 0.50 Accounts receivable turnover-days 38.56

    Debt to Assets 21.85% Inventory Days 69.50

    Tot Debt to Common Equity 45.25% Accounts Payable Turnover Day 106.31

    Accounts Receivable Turnover 9.49 Cash Conversion Cycle 1.76

    Inventory Turnover 5.27

    Profitability S&P Issuer Ratings

    Credit Ratios

    Margin Analysis

    Reference

    Structure

    Net Income

    P/E

    Market Capitalization

    Average Daily Trading Volume

    Relative Stock Price Performance

    Total Revenue

    TEV/Revenue

    EBITDA

    TEV/EBITDA

    Fiscal Year Ended

    Nestle SAPrice/Volume

    Valuation Analysis

    4'489'672.00

    Current Price (7/dd/yy) Market Data

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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] |

  • 04.07.2013

    Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

    BLACKROCK n/a ULT-AGG 168'276'966 5.22 (53'397) 21.05.2013 Investment Advisor

    NORGES BANK Multiple Portfolios MF-AGG 82'413'972 2.56 - 31.12.2012 Government

    CAPITAL GROUP COMPAN n/a ULT-AGG 73'754'920 2.29 36'300 31.03.2013 Investment Advisor

    CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 43'813'238 1.36 (485'835) 27.03.2013 Investment Advisor

    FMR LLC n/a ULT-AGG 37'703'409 1.17 3'496'739 31.03.2013 Investment Advisor

    VANGUARD GROUP INC Multiple Portfolios MF-AGG 37'264'257 1.16 2'031'372 31.03.2013 Investment Advisor

    UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 27'916'687 0.87 (860'630) 31.01.2013 Investment Advisor

    SUN LIFE FINANCIAL I n/a ULT-AGG 24'921'099 0.77 575'775 31.03.2013 Investment Advisor

    MORGAN STANLEY n/a ULT-AGG 18'956'671 0.59 275'118 31.03.2013 Investment Advisor

    PICTET & CIE Multiple Portfolios MF-AGG 17'812'640 0.55 88'163 31.01.2013 Investment Advisor

    CARMIGNAC GESTION Multiple Portfolios MF-AGG 12'589'640 0.39 52'250 29.03.2013 Investment Advisor

    HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'887'345 0.37 (187'731) 31.03.2013 Investment Advisor

    T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 10'300'386 0.32 511'231 31.03.2013 Investment Advisor

    DEUTSCHE BANK AG Multiple Portfolios MF-AGG 10'246'989 0.32 70'813 31.03.2013 Investment Advisor

    SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 10'105'030 0.31 (24'019) 28.02.2013 Investment Advisor

    EATON VANCE MANAGEME Multiple Portfolios MF-AGG 8'282'472 0.26 (521'919) 31.03.2013 Investment Advisor

    FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'945'442 0.25 22'200 31.03.2013 Hedge Fund Manager

    ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'703'592 0.18 178'680 31.03.2013 Investment Advisor

    THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'513'463 0.17 192'700 31.03.2013 Investment Advisor

    ABERDEEN n/a ULT-AGG 5'259'965 0.16 97'700 30.04.2013 Unclassified

    Firm Name Analyst Recommendation Weighting Change Target Price Date Date

    SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 67 Not Provided 22.05.2013

    Helvea ANDREAS VON ARX neutral 3 M 69 12 month 22.05.2013

    Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 71 12 month 20.05.2013

    AlphaValue SOPHIE CABO-BROSETA add 4 M 71 6 month 16.05.2013

    First Global Stockbroking DEVINA MEHRA long-term outperform 5 M #N/A N/A Not Provided 08.05.2013

    Investec MARTIN DEBOO hold 3 M 67 Not Provided 07.05.2013

    Mirabaud Securities JULIAN LAKIN hold 3 M 65 12 month 02.05.2013

    Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 69 Not Provided 02.05.2013

    Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 68 12 month 30.04.2013

    RBC Capital Markets JAMES EDWARDES JONES outperform 5 U 80 12 month 24.04.2013

    Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 72 12 month 23.04.2013

    Bank am Bellevue MICHAEL STUDER hold 3 M 68 Not Provided 19.04.2013

    Nomura DAVID HAYES reduce 2 M 63 Not Provided 19.04.2013

    Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 19.04.2013

    Exane BNP Paribas JEFF STENT outperform 5 M 74 Not Provided 19.04.2013

    Deutsche Bank JAMES ISENWATER hold 3 M 63 12 month 18.04.2013

    Credit Suisse ALEX MOLLOY outperform 5 M 76 Not Provided 18.04.2013

    JPMorgan CELINE PANNUTI overweight 5 M 72 6 month 18.04.2013

    HSBC CEDRIC BESNARD neutral 3 M 67 Not Provided 18.04.2013

    Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 18.04.2013

    Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 65 Not Provided 18.04.2013

    Independent Research GmbH LARS LUSEBRINK hold 3 M 67 12 month 18.04.2013

    Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 18.04.2013

    Berenberg Bank JAMES TARGETT hold 3 M 68 Not Provided 18.04.2013

    Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 66 Not Provided 18.04.2013

    Kepler Cheuvreux JON COX hold 3 M 60 Not Provided 18.04.2013

    S&P Capital IQ CARL SHORT hold 3 M 66 12 month 18.04.2013

    Barclays LIAM ROWLEY overweight 5 M 77 Not Provided 18.04.2013

    Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 68 Not Provided 10.04.2013

    Jefferies ALEX HOWSON buy 5 M 74 12 month 21.03.2013

    EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 21.03.2013

    Day by Day VALERIE GASTALDY buy 5 M 79 3 month 18.03.2013

    Societe Generale WARREN L ACKERMAN buy 5 M 71 12 month 19.02.2013

    Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 18.02.2013

    Natixis PIERRE TEGNER buy 5 U 72 Not Provided 11.02.2013

    Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013

    Aurel - BGC JEAN-MARIE L'HOME hold 3 M 49 6 month 18.10.2012

    Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012

    DZ Bank AG ROBERT CZERWENSKY hold 3 D 63 12 month 16.08.2012

    Holdings By:

    Nestle SA ee

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

  • 04.07.2013

    Novartis AG manufactures pharmaceutical and consumer healthcare products. The

    Company produces pharmaceuticals for cardiovascular, respiratory and infectious

    diseases, oncology, neuroscience, transplantation, dermatology,

    gastrointestinal and urinary conditions, and arthritis, vaccines and

    diagnostics, vision, and animal health products.

    Latest Fiscal Year: 12/2012

    LTM as of: 03/yy

    52-Week High (22.05.2013) 73.75

    52-Week Low (04.07.2012) 53.65

    Daily Volume

    67.7

    52-Week High % Change -8.20% Dividend Yield -

    52-Week Low % Change 26.19% Beta 0.90

    % 52 Week Price Range High/Low 65.67% Equity Float 2'423.83

    Shares Out 31.03.2013 2'706.2 Short Int -

    183'344.58 1 Yr Total Return 30.24%

    Total Debt 19'726.00 YTD Return 22.19%

    Preferred Stock 0.0 Adjusted BETA 0.901

    Minority Interest 126.0 Analyst Recs 31

    Cash and Equivalents 8'119.00 Consensus Rating 3.968

    Enterprise Value 207'011.85

    Average Volume 5 Day 3'715'888

    NOVN VX EQUITY YTD Change - Average Volume 30 Day 4'421'043

    NOVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'158'569

    LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

    31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

    41'459.0 44'267.0 50'624.0 58'566.0 56'673.0 58'274.0 56'954.0 57'264.6 59'119.5 14'308.5 14'059.3

    2.76x 2.72x 3.08x 2.61x 2.89x 10.82x 11.74x 3.49x 3.30x - -

    12'109.0 12'318.0 15'866.0 17'818.0 16'714.0 17'219.0 16'648.0 16'863.8 18'014.2 - -

    9.44x 9.79x 9.81x 8.58x 9.82x 8.91x 11.40x 12.28x 11.50x - -

    8'195.0 8'400.0 9'794.0 9'113.0 9'505.0 8'590.0 9'598.0 12'505.7 14'110.9 3'165.8 3'149.0

    13.89x 14.73x 13.70x 14.94x 16.01x 15.59x 18.00x 13.63x 12.52x 13.92x 13.80x

    EBITDA 16'714.00 Long-Term Rating Date 07.04.2008

    EBIT 11'794.00 Long-Term Rating AA-

    Operating Margin 20.81% Long-Term Outlook STABLE

    Pretax Margin 19.84% Short-Term Rating Date 14.01.1997

    Return on Assets 7.98% Short-Term Rating A-1+

    Return on Common Equity 14.75%

    Return on Capital 11.76% EBITDA/Interest Exp. 23.09

    Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 19.36

    Net Debt/EBITDA 0.90

    Gross Margin 66.9% Total Debt/EBITDA 1.26

    EBITDA Margin 29.2%

    EBIT Margin 20.4% Total Debt/Equity 28.5%

    Net Income Margin 16.8% Total Debt/Capital 22.2%

    Asset Turnover 0.47

    Current Ratio 1.16 Net Fixed Asset Turnover 3.49

    Quick Ratio 0.76 Accounts receivable turnover-days 67.58

    Debt to Assets 15.88% Inventory Days 130.31

    Tot Debt to Common Equity 28.55% Accounts Payable Turnover Day 87.88

    Accounts Receivable Turnover 5.40 Cash Conversion Cycle 90.49

    Inventory Turnover 2.80

    Fiscal Year Ended

    Novartis AGPrice/Volume

    Valuation Analysis

    2'430'303.00

    Current Price (7/dd/yy) Market Data

    Net Income

    P/E

    Market Capitalization

    Average Daily Trading Volume

    Relative Stock Price Performance

    Total Revenue

    TEV/Revenue

    EBITDA

    TEV/EBITDA

    Profitability S&P Issuer Ratings

    Credit Ratios

    Margin Analysis

    Reference

    Structure

    !

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    0.0

    10'000.0

    20'000.0

    30'000.0

    40'000.0

    50'000.0

    60'000.0

    70'000.0

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    ! !!

    . !!

    1 !!

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    5 !!

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    !- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0

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    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

  • 04.07.2013

    Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

    CAPITAL GROUP COMPAN n/a ULT-AGG 123'887'381 4.58 2'999'400 31.03.2013 Investment Advisor

    NOVARTIS AG n/a EXCH 109'194'165 4.03 - 09.05.2012 Corporation

    BLACKROCK n/a ULT-AGG 105'579'360 3.9 5'153'293 21.05.2013 Investment Advisor

    EMASAN AG n/a Co File 87'859'938 3.25 - 31.12.2011 Hedge Fund Manager

    NOVARTIS FOUNDATION n/a EXCH 78'926'882 2.92 - 25.02.2013 n/a

    NORGES BANK Multiple Portfolios MF-AGG 60'347'393 2.23 - 31.12.2012 Government

    CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 36'646'471 1.35 (356'538) 27.03.2013 Investment Advisor

    VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'597'026 1.17 919'612 31.03.2013 Investment Advisor

    UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 23'017'102 0.85 (784'272) 31.01.2013 Investment Advisor

    PICTET & CIE Multiple Portfolios MF-AGG 14'689'249 0.54 167'961 31.01.2013 Investment Advisor

    HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 13'520'586 0.5 (548) 31.03.2013 Investment Advisor

    THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'144'896 0.49 - 31.03.2013 Investment Advisor

    BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'042'681 0.41 498'977 01.05.2013 Investment Advisor

    DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 9'358'243 0.35 1'077'635 30.04.2013 Investment Advisor

    FMR LLC n/a ULT-AGG 9'019'898 0.33 (1'680'234) 31.03.2013 Investment Advisor

    SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 8'772'019 0.32 (16'435) 28.02.2013 Investment Advisor

    INVESCO LTD n/a ULT-AGG 8'760'782 0.32 599'647 20.05.2013 Investment Advisor

    DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'565'448 0.28 171'213 31.03.2013 Investment Advisor

    ABERDEEN n/a ULT-AGG 5'670'897 0.21 (122'700) 30.04.2013 Unclassified

    SUN LIFE FINANCIAL I n/a ULT-AGG 5'442'923 0.2 152'480 31.03.2013 Investment Advisor

    Firm Name Analyst Recommendation Weighting Change Target Price Date Date

    Societe Generale STEPHEN MCGARRY buy 5 M 78 12 month 23.05.2013

    Exane BNP Paribas FLORENT CESPEDES outperform 5 M 79 Not Provided 23.05.2013

    AlphaValue ARMELLE MOULIN add 4 M 82 6 month 23.05.2013

    Helvea ODILE RUNDQUIST buy 5 M 76 12 month 22.05.2013

    Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 77 6 month 21.05.2013

    Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 76 12 month 17.05.2013

    Kepler Cheuvreux FABIAN WENNER hold 3 M 64 Not Provided 15.05.2013

    Berenberg Bank ALISTAIR CAMPBELL buy 5 M 80 Not Provided 14.05.2013

    Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 70 12 month 09.05.2013

    Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 76 12 month 09.05.2013

    Deutsche Bank TIM RACE hold 3 M 65 12 month 08.05.2013

    Jefferies JEFFREY HOLFORD buy 5 M 81 12 month 06.05.2013

    Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 30.04.2013

    Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.04.2013

    Bank am Bellevue BRUNO ESCHLI hold 3 M 62 Not Provided 26.04.2013

    Credit Suisse MATTHEW WESTON outperform 5 M 79 Not Provided 25.04.2013

    Bank Vontobel AG ANDREW C WEISS reduce 2 M 60 Not Provided 25.04.2013

    Natixis BEATRICE MUZARD neutral 3 M 65 Not Provided 25.04.2013

    JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 M 78 15 month 24.04.2013

    Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 75 Not Provided 24.04.2013

    Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 73 12 month 24.04.2013

    CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 12 month 24.04.2013

    S&P Capital IQ SHO MATSUBARA hold 3 M 69 12 month 24.04.2013

    Barclays MARK PURCELL equalweight 3 M 65 Not Provided 16.04.2013

    Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 26.03.2013

    EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013

    Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 10.12.2012

    Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 70 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

    Cyrrus TOMAS MENCIK hold 3 M 52 Not Provided 05.04.2012

    Mirabaud Securities NICHOLAS TURNER accumulate 4 M 61 Not Provided 02.04.2012

    DZ Bank AG ELMAR KRAUS buy 5 M 56 12 month 30.01.2012

    Holdings By:

    Novartis AG ee

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

  • 04.07.2013

    Roche Holding AG develops and manufactures pharmaceutical and diagnostic

    products. The Company produces prescription drugs in the areas of

    cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology,

    metabolic disorders, oncology, transplantation, and the central nervous system.

    Latest Fiscal Year: 12/2012

    LTM as of: 03/yy

    52-Week High (22.05.2013) 258.60

    52-Week Low (04.07.2012) 165.50

    Daily Volume

    238.7

    52-Week High % Change -7.70% Dividend Yield -

    52-Week Low % Change 44.23% Beta 0.94

    % 52 Week Price Range High/Low 74.76% Equity Float 701.88

    Shares Out 26.06.2013 702.6 Short Int -

    205'877.72 1 Yr Total Return 48.29%

    Total Debt 24'590.00 YTD Return 34.18%

    Preferred Stock 0.0 Adjusted BETA 0.940

    Minority Interest 2'234.0 Analyst Recs 33

    Cash and Equivalents 13'991.00 Consensus Rating 4.424

    Enterprise Value 218'710.71

    Average Volume 5 Day 1'319'029

    ROG VX EQUITY YTD Change - Average Volume 30 Day 1'580'152

    ROG VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'395'990

    LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

    31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

    45'617.0 49'051.0 47'473.0 42'531.0 45'499.0 42'438.0 46'061.0 47'501.5 49'326.4 11'633.7 11'511.7

    2.93x 3.62x 2.96x 3.65x 3.77x 0.00x 0.00x 4.49x 4.21x - -

    16'673.0 18'936.0 18'358.0 17'894.0 19'400.0 0.0 0.0 20'130.0 21'190.1 - -

    8.03x 9.38x 7.65x 8.68x 8.84x 0.00x 0.00x 10.89x 10.34x - -

    8'969.0 7'784.0 8'666.0 9'343.0 9'539.0 0.0 0.0 12'687.6 13'725.9 - -

    15.58x 19.38x 13.51x 14.46x 16.36x 0.00x 0.00x 15.95x 14.78x - -

    EBITDA 19'400.00 Long-Term Rating Date 17.09.2012

    EBIT 16'979.00 Long-Term Rating AA

    Operating Margin 37.32% Long-Term Outlook STABLE

    Pretax Margin 27.08% Short-Term Rating Date 01.02.2006

    Return on Assets 15.10% Short-Term Rating A-1+

    Return on Common Equity 71.75%

    Return on Capital 26.33% EBITDA/Interest Exp. 13.90

    Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 12.34

    Net Debt/EBITDA 0.55

    Gross Margin 73.8% Total Debt/EBITDA 1.27

    EBITDA Margin 42.6%

    EBIT Margin 37.3% Total Debt/Equity 169.7%

    Net Income Margin 21.0% Total Debt/Capital 59.5%

    Asset Turnover 0.72

    Current Ratio 1.55 Net Fixed Asset Turnover 2.88

    Quick Ratio 1.16 Accounts receivable turnover-days 77.48

    Debt to Assets 37.94% Inventory Days 162.62

    Tot Debt to Common Equity 169.66% Accounts Payable Turnover Day 58.94

    Accounts Receivable Turnover 4.72 Cash Conversion Cycle 181.16

    Inventory Turnover 2.25

    Fiscal Year Ended

    Roche Holding AGPrice/Volume

    Valuation Analysis

    828'049.00

    Current Price (7/dd/yy) Market Data

    Net Income

    P/E

    Market Capitalization

    Average Daily Trading Volume

    Relative Stock Price Performance

    Total Revenue

    TEV/Revenue

    EBITDA

    TEV/EBITDA

    Profitability S&P Issuer Ratings

    Credit Ratios

    Margin Analysis

    Reference

    Structure

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    0.0

    10'000.0

    20'000.0

    30'000.0

    40'000.0

    50'000.0

    60'000.0

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    ! !!

    . !!

    1 !!

    3 !!

    5 !!

    -! !!

    -. !!

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    !- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0

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    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

  • 04.07.2013

    Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

    VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'680'224 2.94 885'062 31.03.2013 Investment Advisor

    NORGES BANK Multiple Portfolios MF-AGG 16'154'814 2.3 - 31.12.2012 Government

    CAPITAL GROUP COMPAN n/a ULT-AGG 11'646'500 1.66 (306'800) 31.03.2013 Investment Advisor

    PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'599'295 1.51 (77'122) 31.03.2013 Investment Advisor

    CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 9'873'620 1.41 (107'030) 27.03.2013 Investment Advisor

    BLACKROCK n/a ULT-AGG 9'428'217 1.34 926'205 21.05.2013 Investment Advisor

    FRANKLIN RESOURCES n/a ULT-AGG 9'077'949 1.29 (1'464'142) 31.03.2013 Investment Advisor

    DODGE & COX Multiple Portfolios MF-AGG 7'716'200 1.1 120'000 31.03.2013 Investment Advisor

    FMR LLC n/a ULT-AGG 7'166'602 1.02 (221'043) 31.03.2013 Investment Advisor

    UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 6'179'902 0.88 (188'345) 31.01.2013 Investment Advisor

    HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'696'091 0.67 (65'916) 31.03.2013 Investment Advisor

    SUN LIFE FINANCIAL I n/a ULT-AGG 4'350'162 0.62 52'626 31.03.2013 Investment Advisor

    PICTET & CIE Multiple Portfolios MF-AGG 4'134'183 0.59 (5'494) 31.01.2013 Investment Advisor

    PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 4'098'284 0.58 - 31.03.2012 Investment Advisor

    THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'068'474 0.58 703'424 31.03.2013 Investment Advisor

    BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'600'257 0.51 (40'521) 01.05.2013 Investment Advisor

    DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'728'200 0.39 75'305 31.03.2013 Investment Advisor

    ABERDEEN n/a ULT-AGG 2'616'700 0.37 (9'500) 30.04.2013 Unclassified

    SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'261'083 0.32 (4'198) 28.02.2013 Investment Advisor

    INVESCO LTD n/a ULT-AGG 2'248'429 0.32 38'658 20.05.2013 Investment Advisor

    Firm Name Analyst Recommendation Weighting Change Target Price Date Date

    Societe Generale STEPHEN MCGARRY buy 5 M 301 12 month 23.05.2013

    Barclays MARK PURCELL overweight 5 M 258 Not Provided 23.05.2013

    AlphaValue ARMELLE MOULIN reduce 2 M 243 6 month 23.05.2013

    Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 290 Not Provided 22.05.2013

    EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 22.05.2013

    Exane BNP Paribas VINCENT MEUNIER neutral 3 M 250 Not Provided 21.05.2013

    Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 254 6 month 20.05.2013

    Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 310 12 month 17.05.2013

    S&P Capital IQ SHO MATSUBARA buy 5 M 265 12 month 17.05.2013

    Helvea ODILE RUNDQUIST accumulate 4 M 244 12 month 17.05.2013

    Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 292 12 month 16.05.2013

    Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 247 12 month 16.05.2013

    Berenberg Bank ALISTAIR CAMPBELL buy 5 M 270 Not Provided 14.05.2013

    Deutsche Bank TIM RACE buy 5 M 255 12 month 12.05.2013

    Mirabaud Securities NICHOLAS TURNER accumulate 4 M 262 12 month 10.05.2013

    Jefferies JEFFREY HOLFORD buy 5 M 255 12 month 06.05.2013

    Credit Suisse LUISA HECTOR outperform 5 M 270 Not Provided 22.04.2013

    Bank am Bellevue BRUNO ESCHLI buy 5 M 252 Not Provided 16.04.2013

    JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 M 280 12 month 15.04.2013

    Kepler Cheuvreux FABIAN WENNER buy 5 M 236 Not Provided 14.04.2013

    Bank Vontobel AG ANDREW C WEISS buy 5 M 250 Not Provided 12.04.2013

    Natixis PHILIPPE LANONE buy 5 M 255 Not Provided 12.04.2013

    Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 236 12 month 11.04.2013

    CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 206 12 month 11.04.2013

    Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 02.04.2013

    Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 25.02.2013

    Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 05.02.2013

    Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012

    Liberum Capital Ltd NARESH CHOUHAN neutral 3 M 190 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

    Cyrrus TOMAS MENCIK accumulate 4 M 176 Not Provided 05.04.2012

    DZ Bank AG ELMAR KRAUS buy 5 M 220 12 month 03.02.2012

    MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 160 Not Provided 14.11.2011

    Holdings By:

    Roche Holding AG ee

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

  • 04.07.2013

    UBS AG is a wealth management, investment banking, and asset management firm.

    The Company provides a variety of financial services to individuals,

    institutions, corporations, governments, and financial intermediaries around the

    world.

    Latest Fiscal Year: 12/2012

    LTM as of: 03/yy

    52-Week High (22.05.2013) 18.02

    52-Week Low (24.07.2012) 9.60

    Daily Volume

    16.41

    52-Week High % Change -8.93% Dividend Yield -

    52-Week Low % Change 70.95% Beta 1.34

    % 52 Week Price Range High/Low 76.49% Equity Float 3'469.45

    Shares Out 21.06.2013 3'839.2 Short Int -

    63'001.14 1 Yr Total Return 48.49%

    Total Debt 267'401.00 YTD Return 16.03%

    Preferred Stock 0.0 Adjusted BETA 1.340

    Minority Interest 4'353.0 Analyst Recs 43

    Cash and Equivalents 66'383.00 Consensus Rating 3.465

    Enterprise Value 254'575.14

    Average Volume 5 Day 8'979'306

    UBSN VX EQUITY YTD Change - Average Volume 30 Day 11'454'690

    UBSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 11'737'390

    LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

    31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

    67'219.0 44'658.0 46'526.0 40'880.0 37'754.0 38'838.0 38'194.0 28'027.6 28'948.1 6'662.0 6'937.0

    8.31x 9.51x 8.39x 9.20x 6.86x 37.10x 28.63x 39.14x 33.84x - -

    37'052.0 19'874.0 20'964.0 17'464.0 15'529.0 13'101.0 14'092.0 - - - -

    15.08x 21.36x 18.62x 21.53x 16.67x 0.00x 0.00x - - - -

    (21'292.0) (2'736.0) 7'534.0 4'159.0 (2'511.0) 3'253.0 (2'649.0) 3'687.4 4'749.0 373.0 625.0

    - - 7.71x 10.16x - 14.71x 0.00x 16.58x 13.17x 13.38x 12.60x

    EBITDA 15'529.00 Long-Term Rating Date 29.11.2011

    EBIT - Long-Term Rating A

    Operating Margin 5.80% Long-Term Outlook STABLE

    Pretax Margin -4.70% Short-Term Rating Date 19.12.2008

    Return on Assets -0.21% Short-Term Rating A-1

    Return on Common Equity -5.27%

    Return on Capital -0.64% 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 582.6%

    Net Income Margin -6.7% Total Debt/Capital 84.2%

    Asset Turnover 0.03

    Current Ratio - Net Fixed Asset Turnover 6.44

    Quick Ratio - Accounts receivable turnover-days -

    Debt to Assets 21.24% Inventory Days -

    Tot Debt to Common Equity 582.62% 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

    UBS AGPrice/Volume

    Valuation Analysis

    7'089'860.00

    Current Price (7/dd/yy) Market Data

    !.135

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    20'000.0

    40'000.0

    60'000.0

    80'000.0

    100'000.0

    120'000.0

    140'000.0

    160'000.0

    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] |

  • 04.07.2013

    Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

    GOVT OF SINGAPORE IN n/a ULT-AGG 245'633'960 6.4 (261'829) 31.12.2012 Government

    UBS n/a ULT-AGG 194'515'182 5.07 (8'935'476) 31.03.2013 Unclassified

    FMR LLC n/a ULT-AGG 146'651'661 3.82 11'786'423 31.03.2013 Investment Advisor

    NORGES BANK n/a EXCH 116'490'210 3.04 - 27.09.2011 Government

    CAPITAL GROUP COMPAN n/a ULT-AGG 51'552'964 1.34 (265'055) 31.03.2013 Investment Advisor

    CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 50'778'055 1.32 (302'978) 27.03.2013 Investment Advisor

    FRANKLIN RESOURCES n/a ULT-AGG 45'238'617 1.18 (24'168'795) 31.03.2013 Investment Advisor

    BLACKROCK n/a ULT-AGG 39'416'802 1.03 3'570'759 21.05.2013 Investment Advisor

    HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 34'619'235 0.9 217'405 31.03.2013 Investment Advisor

    UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 30'586'010 0.8 (990'916) 31.01.2013 Investment Advisor

    ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 26'619'971 0.69 1'173'223 31.03.2013 Investment Advisor

    WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 24'644'140 0.64 (16'336'113) 31.03.2013 Investment Advisor

    OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 22'943'686 0.6 347'856 31.03.2013 Investment Advisor

    PICTET & CIE Multiple Portfolios MF-AGG 21'246'924 0.55 225'605 31.01.2013 Investment Advisor

    JP MORGAN n/a ULT-AGG 18'640'917 0.49 10'670'747 31.03.2013 Investment Advisor

    CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 17'471'897 0.46 849'782 31.03.2013 Investment Advisor

    WELLS FARGO n/a ULT-AGG 15'515'975 0.4 14'908'877 31.03.2013 Investment Advisor

    PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 14'693'903 0.38 627'255 31.03.2013 Hedge Fund Manager

    BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 14'352'781 0.37 (603'939) 31.03.2013 Investment Advisor

    ALLIANCE BERNSTEIN n/a ULT-AGG 14'192'813 0.37 (2'344'835) 31.03.2013 Investment Advisor

    Firm Name Analyst Recommendation Weighting Change Target Price Date Date

    RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 18 12 month 23.05.2013

    Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 23.05.2013

    AlphaValue DIETER HEIN reduce 2 M 17 6 month 23.05.2013

    Credit Suisse AMIT GOEL neutral 3 M 15 Not Provided 21.05.2013

    JPMorgan KIAN ABOUHOSSEIN overweight 5 M 21 12 month 21.05.2013

    Keefe, Bruyette & Woods ANDREW STIMPSON underperform 1 D 17 12 month 21.05.2013

    Macquarie PIERS BROWN outperform 5 M 21 12 month 21.05.2013

    Helvea TIM DAWSON accumulate 4 M 19 12 month 17.05.2013

    Exane BNP Paribas DANIEL DAVIES neutral 3 M 18 Not Provided 16.05.2013

    Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 22 12 month 13.05.2013

    Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 18 Not Provided 08.05.2013

    Bank Vontobel AG TERESA NIELSEN buy 5 M 19 Not Provided 08.05.2013

    Independent Research GmbH STEFAN BONGARDT hold 3 M 18 12 month 06.05.2013

    Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.05.2013

    Rafferty Capital Markets RICHARD X BOVE SR hold 3 M 17 Not Provided 05.05.2013

    Natixis ANTOINE BURGARD buy 5 M 20 Not Provided 02.05.2013

    DZ Bank AG CHRISTOPH BAST sell 1 M 14 Not Provided 02.05.2013

    Barclays KIRI VIJAYARAJAH overweight 5 M 20 Not Provided 02.05.2013

    Deutsche Bank MATT SPICK buy 5 M 19 12 month 01.05.2013

    Nomura JON PEACE buy 5 M 19 Not Provided 01.05.2013

    Main First Bank AG KILIAN MAIER underperform 1 M 16 12 month 01.05.2013

    Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 18 12 month 30.04.2013

    Bank am Bellevue MARC DEUSTER hold 3 M 17 Not Provided 30.04.2013

    Oddo & Cie JEAN SASSUS neutral 3 M 18 Not Provided 30.04.2013

    Bankhaus Metzler GUIDO HOYMANN sell 1 M 13 12 month 30.04.2013

    Berenberg Bank JAMES CHAPPELL buy 5 M 17 Not Provided 30.04.2013

    S&P Capital IQ FRANK BRADEN buy 5 M 19 12 month 30.04.2013

    Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 16 6 month 25.04.2013

    Canaccord Genuity Corp ARUN MELMANE buy 5 M 24 Not Provided 23.04.2013

    Espirito Santo Investment Bank ResearchANDREW LIM buy 5 M 21 Not Provided 22.04.2013

    Bankhaus Lampe NEIL SMITH hold 3 N 15 Not Provided 17.04.2013

    Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 17 Not Provided 25.03.2013

    Liberum Capital Ltd CORMAC LEECH buy 5 M 18 Not Provided 25.03.2013

    Kepler Cheuvreux DIRK BECKER reduce 2 M 14 Not Provided 06.02.2013

    Societe Generale DIRK HOFFMANN-BECKING hold 3 M 16 12 month 25.01.2013

    EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013

    HSBC ROBERT MURPHY overweight 5 M 18 Not Provided 20.12.2012

    Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 07.11.2012

    Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 30.10.2012

    Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012

    Grupo Santander AURELIA FAURE underweight 1 M 11 Not Provided 18.09.2012

    Hammer Partners SA ENRICO RACIOPPI buy 5 M 11 Not Provided 03.07.2012

    Holdings By:

    UBS AG ee

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

  • 04.07.2013

    ABB Limited provides power and automation technologies. The Company operates

    under segments that include power products, power systems, automation products,

    process automation and robotics.

    Latest Fiscal Year: 12/2012

    LTM as of: 03/yy

    52-Week High (22.05.2013) 22.10

    52-Week Low (12.07.2012) 15.01

    Daily Volume

    20.77

    52-Week High % Change -6.02% Dividend Yield -

    52-Week Low % Change 38.38% Beta 1.28

    % 52 Week Price Range High/Low 76.17% Equity Float 2'145.67

    Shares Out 31.03.2013 2'314.7 Short Int -

    48'077.22 1 Yr Total Return 35.02%

    Total Debt 10'071.00 YTD Return 14.35%

    Preferred Stock 0.0 Adjusted BETA 1.276

    Minority Interest 540.0 Analyst Recs 42

    Cash and Equivalents 8'481.00 Consensus Rating 3.881

    Enterprise Value 52'956.64

    Average Volume 5 Day 4'410'545

    ABBN VX EQUITY YTD Change - Average Volume 30 Day 5'332'165

    ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 5'580'192

    LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

    31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

    34'912.0 31'795.0 31'589.0 37'990.0 39'336.0 38'495.0 40'144.0 41'566.1 43'835.7 10'230.1 10'181.8

    0.83x 1.18x 1.42x 1.10x 1.25x 4.84x 4.80x 1.24x 1.14x 5.28x 5.29x

    5'259.0 4'892.0 4'733.0 5'688.0 5'294.0 5'761.0 5'494.0 6'261.3 6'979.7 1'509.5 1'542.7

    5.48x 7.67x 9.49x 7.37x 9.31x 8.02x 9.91x 8.46x 7.59x 8.36x 8.22x

    3'118.0 2'901.0 2'561.0 3'168.0 2'704.0 3'198.0 2'683.0 3'411.9 3'939.4 829.0 855.9

    10.76x 15.27x 19.85x 13.65x 17.40x 14.76x 19.45x 14.51x 12.65x 14.40x 14.05x

    EBITDA 5'294.00 Long-Term Rating Date 08.06.2010

    EBIT 4'112.00 Long-Term Rating A

    Operating Margin 10.45% Long-Term Outlook STABLE

    Pretax Margin 9.76% Short-Term Rating Date 08.06.2010

    Return on Assets 5.92% Short-Term Rating A-1

    Return on Common Equity 15.72%

    Return on Capital 12.01% EBITDA/Interest Exp. 18.07

    Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 13.66

    Net Debt/EBITDA 0.38

    Gross Margin 28.9% Total Debt/EBITDA 1.66

    EBITDA Margin 13.7%

    EBIT Margin 10.6% Total Debt/Equity 59.6%

    Net Income Margin 6.9% Total Debt/Capital 36.6%

    Asset Turnover 0.89

    Current Ratio 1.48 Net Fixed Asset Turnover 7.34

    Quick Ratio 0.88 Accounts receivable turnover-days -

    Debt to Assets 20.52% Inventory Days 80.53

    Tot Debt to Common Equity 59.57% Accounts Payable Turnover Day 60.43

    Accounts Receivable Turnover - Cash Conversion Cycle 89.35

    Inventory Turnover 4.53

    Fiscal Year Ended

    ABB LtdPrice/Volume

    Valuation Analysis

    3'036'398.00

    Current Price (7/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

    !

    2

    -!

    -2

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    .2 ! 9

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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] |

  • 04.07.2013

    Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

    INVESTOR AB n/a Research 166'330'142 7.19 - 04.01.2011 Investment Advisor

    BLACKROCK n/a ULT-AGG 88'869'619 3.84 496'448 21.05.2013 Investment Advisor

    NORGES BANK Multiple Portfolios MF-AGG 53'617'789 2.32 - 31.12.2012 Government

    CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 33'841'332 1.46 (448'261) 27.03.2013 Investment Advisor

    VANGUARD GROUP INC Multiple Portfolios MF-AGG 30'975'960 1.34 1'713'762 31.03.2013 Investment Advisor

    HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25'109'683 1.08 - 31.03.2013 Investment Advisor

    NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 24'826'258 1.07 149'887 30.04.2013 Investment Advisor

    UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 20'941'814 0.9 (577'935) 31.01.2013 Investment Advisor

    SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 17'723'260 0.77 (1'214'343) 31.03.2013 Investment Advisor

    PICTET & CIE Multiple Portfolios MF-AGG 14'648'213 0.63 (40'148) 31.01.2013 Investment Advisor

    SEB n/a ULT-AGG 14'369'855 0.62 2'632'729 29.04.2013 Unclassified

    AMF FONDER AB Multiple Portfolios MF-AGG 11'080'901 0.48 1'637'501 31.03.2013 Investment Advisor

    SKAGEN AS Multiple Portfolios MF-AGG 10'421'737 0.45 - 27.03.2013 Investment Advisor

    CAPITAL GROUP COMPAN n/a ULT-AGG 9'900'000 0.43 4'300'000 31.03.2013 Investment Advisor

    INVESCO LTD n/a ULT-AGG 8'513'763 0.37 (2'513'786) 20.05.2013 Investment Advisor

    SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 7'788'248 0.34 (178'212) 28.02.2013 Investment Advisor

    FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 7'750'666 0.33 1'685'882 31.03.2013 Investment Advisor

    HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 7'122'022 0.31 129'754 31.03.2013 Investment Advisor

    CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 6'145'300 0.27 115'000 30.04.2013 Investment Advisor

    CARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 4'268'114 0.18 170'000 28.03.2013 Investment Advisor

    Firm Name Analyst Recommendation Weighting Change Target Price Date Date

    Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 25 12 month 23.05.2013

    Exane BNP Paribas OLIVIER ESNOU outperform 5 M 25 Not Provided 23.05.2013

    AlphaValue HEINZ STEFFEN reduce 2 M 22 6 month 23.05.2013

    Credit Suisse SIMON TOENNESSEN outperform 5 M 26 Not Provided 22.05.2013

    Handelsbanken HAMPUS ENGELLAU buy 5 M 28 12 month 20.05.2013

    Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.05.2013

    Kepler Cheuvreux CHRISTOPH LADNER hold 3 M 22 Not Provided 15.05.2013

    Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 19 12 month 10.05.2013

    Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 10.05.2013

    Helvea STEFAN GAECHTER buy 5 M 25 12 month 10.05.2013

    Berenberg Bank WILLIAM MACKIE hold 3 D 21 Not Provided 01.05.2013

    RBC Capital Markets ANDREW CARTER sector perform 3 M 23 12 month 30.04.2013

    ABG Sundal Collier ANDERS IDBORG buy 5 M 24 6 month 29.04.2013

    Societe Generale SEBASTIEN GRUTER buy 5 M 25 12 month 25.04.2013

    Bank am Bellevue MICHAEL ROOST hold 3 M 20 Not Provided 25.04.2013

    SEB Enskilda DANIEL SCHMIDT buy 5 M 22 Not Provided 25.04.2013

    Hamburger Sparkasse MARCO GUENTHER hold 3 D #N/A N/A Not Provided 25.04.2013

    Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 25.04.2013

    Nordea Equity Research ANDREAS BROCK hold 3 M 21 12 month 25.04.2013

    Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 25 Not Provided 25.04.2013

    Natixis ARNAUD SCHMIT neutral 3 M 20 Not Provided 25.04.2013

    Barclays NICK WEBSTER overweight 5 M 24 Not Provided 25.04.2013

    Deutsche Bank MARTIN WILKIE hold 3 U 20 12 month 24.04.2013

    Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 27 12 month 24.04.2013

    JPMorgan ANDREAS WILLI underweight 1 M 21 6 month 24.04.2013

    Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 25 Not Provided 24.04.2013

    Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 12 month 24.04.2013

    Nomura DANIEL CUNLIFFE buy 5 M 27 12 month 24.04.2013

    S&P Capital IQ JAWAHAR HINGORANI hold 3 M 22 12 month 24.04.2013

    Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 24.04.2013

    Danske Markets CARL GUSTAFSSON buy 5 M 23 12 month 24.04.2013

    Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 17.04.2013

    HSBC COLIN GIBSON neutral 3 M 23 Not Provided 08.03.2013

    Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 25 Not Provided 08.03.2013

    EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 20.02.2013

    Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 18.02.2013

    Swedbank MATS LISS buy 5 M 20 12 month 11.12.2012

    Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012

    Hammer Partners SA ALBERTO ROLLA buy 5 N 27 Not Provided 05.08.2010

    Holdings By:

    ABB Ltd ee

    Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

  • 04.07.2013

    Compagnie Financiere Richemont SA, through subsidiaries, manufactures and

    retails luxury goods. The Company produces jewelry, watches, leather goods,

    writing instruments, and men's and women's wear.

    Latest Fiscal Year: 03/2013

    LTM as of: 03/yy

    52-Week High (22.05.2013) 93.10

    52-Week Low (12.07.2012) 48.13

    Daily Volume

    85.35

    52-Week High % Change -8.32% Dividend Yield -

    52-Week Low % Change 77.33% Beta 1.36

    % 52 Week Price Range High/Low 77.54% Equity Float 521.72

    Shares Out 31.03.2013 522.0 Short Int -

    49'036.68 1 Yr Total Return 60.60%

    Total Debt 1'938.00 YTD Return 19.54%

    Preferred Stock 0.0 Adjusted BETA 1.355

    Minority Interest (1.0) Analyst Recs 37

    Cash and Equivalents 5'155.00 Consensus Rating 4.054

    Enterprise Value 36'507.59

    Average Volume 5 Day 1'277'726

    CFR VX EQUITY YTD Change - Average Volume 30 Day 1'635'857

    CFR VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'705'833

    LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

    31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2

    5'418.0 5'176.0 6'892.0 8'868.0 10'150.0 6'430.0 9'697.0 11'033.8 12'106.5 - -

    1.05x 2.82x 2.72x 2.56x 3.02x 0.00x 0.00x 3.20x 2.82x - -

    1'345.0 1'259.0 1'669.0 2'387.0 2'817.0 0.0 0.0 3'099.7 3'445.6 - -

    4.23x 11.59x 11.22x 9.50x 10.88x 0.00x 0.00x 11.78x 10.59x - -

    1'075.0 599.0 1'090.0 1'544.0 2'013.0 0.0 0.0 2'237.6 2'508.2 - -

    8.94x 26.38x 20.65x 16.70x 16.74x 0.00x 0.00x 17.32x 15.42x - -

    EBITDA 2'817.00 Long-Term Rating Date -

    EBIT 2'434.00 Long

of 205/205
Fundamental Analysis & Analyst Recommendations Swiss Performance Index Top 100 Companies by Cap. July 2013 Q.M.S Advisors Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] | This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.
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