Fundamental Analysis & Analyst Recommendations - QMS Smart Power FlexIndex

7/28/2019 Fundamental Analysis & Analyst Recommendations - QMS Smart Power FlexIndex

1/33

Fundamental Analysis &Analyst RecommendationsQMS Smart Power FlexIndex

July 2013

Q.M.S AdvisorsQ.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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Currency

Market

Capitalization(in mio

USD)

Daily

Volume(M)

Total

Common

Shares(M)

TotalDebt

(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 -

2 014 E PS - L FY

Est.EPS -

Tr. 12M

Est.EPS -

2013

Est.EPS -

2014

P/ERatio-

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&PLTCredit

RatingDate

Moody'sLT

Credit

Rating

Moody'sLT Credit

RatingDate

S&P 500 INDEX USD 15048494 2009.903 1116 1116 203 221 221 102.58 110.19 110.19 15.98 15.98 14.87 14.87 18.60

Euro Stoxx 50 Pr EUR 2506637 5265.382 4538 4538 730 761 761 202.56 295.84 295.84 21.64 17.13 14.82 14.82 20.16

NIKKEI 225 JPY 2707792 192.8223 190 190 18 21 21 5.33 7.82 7.82 0.26 0.27 0.18 0.18 0.11

FTSE 100 INDEX GBP 2620362 11452.66 10089 10089 1401 1681 1681 580.41 805.66 805.66 24.78 21.76 17.85 17.85 21.10

SWISS MARKET INDEX CHF 1021027 10730.92 4064 4064 852 824 824 411.99 553.08 553.08 20.52 17.03 15.28 15.28 21.91

S&P/TSX COMPOSITE INDEX CAD 1556223 16357.37 8297 8297 1773 1960 1960 733.31 816.05 816.05 14.86 14.86 13.36 13.36 23.15

S&P/ASX 200 INDEX AUD 1206178 5796.724 2668 2668 547 680 680 223.58 321.54 321.54 17.86 14.48 12.42 12.42 20.10

HANG SENG INDEX HKD 1583567 3023.299 1673 1673 355 399 399 278.81 271.56 271.56 1.23 1.39 1.26 1.26 2.92

MSCI EM USD 6946260 1281.009 971 971 188 179 179 82.45 90.53 90.53 11.13 11.30 10.14 10.14 19.19

CISCO SYSTEMS INC USD 130829.34 11445 5298 16.33 0.00 0.02 48.72 99.70 46061 47880 48591 51210 12971 13483 3829 3829 1.60 1.62 2.01 2.12 15.07 15.07 12.20 11.57 6.58 5.45 18.36 5.10 28.16 A+ 10.02.2006 A1 10.02.2006

QUANTA SERVICES INC USD 5624.39 1204 209 0.00 0.00 0.01 0.39 5.26 5920 6461 6332 6892 623 692 156 156 1.33 1.54 1.48 1.75 17.42 17.42 18.13 15.36 41.17 15.62 86.70 20.61 10.71 NR 02.09.2008 - -

SMA SOLAR TECHNOLOGY AG EUR 969.47 31 35 0.12 0.00 0.00 0.57 0.62 1882 1634 1439 1473 223 209 47 47 2.78 1.48 -0.77 0.16 24.29 24.29 - 219.99 -16.34 65.04 -51.60 23.34 16.49 - - - -

TRON INC USD 1661.66 109 39 0.42 0.00 0.02 0.14 1.98 2178 2054 2005 2155 262 223 50 50 2.74 2.25 2.79 3.59 18.80 18.80 15.15 11.77 -10.51 0.45 -18.86 7.06 10.84 BB 01.06.2011 - -

TC HOLDINGS CORP USD 4808.99 56 52 3.15 0.00 0.00 0.03 8.10 831 851 967 1144 538 548 170 170 4.14 4.33 4.93 5.61 21.25 21.25 18.66 16.40 9.66 8.93 9.10 16.60 64.39 BBB+ 05.12.2011 Baa2 16.04.2010

GENERAL CABLE CORP USD 1515.17 101 50 1.45 0.00 0.14 0.64 2.47 6014 6115 6799 7244 310 - 105 105 1.47 0.53 2.36 3.26 57.03 57.03 12.91 9.35 2.52 1.93 -9.31 -6.34 - BB- 09.11.2006 B1 23.07.2012

AMERICAN SUPERCONDUCTOR CORP USD 156.30 653 60 0.02 0.00 0.00 0.04 0.14 87 87 - #VALUE! -37 -37 - - -1.34 -1.35 - - - - - - 14.21 -1.99 59.71 - -42.06 - - - -

ESCO CORP USD - 0 35 0.29 0.00 0.02 0.06 - 1122 1122 - - 134 - - - 1.22 - - - - - - - 32.12 - 28.53 - - NR 28.01.2011 WR 24.02.2011

TELVENT GIT SA USD - 0 34 0.38 0.00 0.00 0.07 - 724 730 - - 92 - - - 1.06 0.62 - - - - - - -8.49 12.69 -15.82 23.71 - - - - -

WASION GROUP HOLDINGS LTD HKD 575.16 1388 929 0.08 0.00 0.00 0.08 0.46 316 316 369 463 59 59 67 67 0.04 0.05 0.05 0.06 1.40 - 1.20 1.02 3.17 2.88 3.06 1.48 2.40 - - - -

ENERNOC INC USD 448.85 106 29 0.00 0.00 0.00 0.12 0.33 278 286 379 462 5 4 -24 -24 -0.84 -0.97 1.19 1.50 - - 12.49 9.91 -3.01 15.18 -61.38 - 1.25 - - - -

ECHELON CORP USD 101.60 40 43 0.02 0.00 0.00 0.06 0.06 134 119 100 117 -3 -5 -3 -3 -0.27 -0.34 -0.23 -0.11 - - - - -14.36 2.37 34.11 - -4.31 - - - -

PIKE ELECTRIC CORP USD 386.39 79 35 0.12 0.00 0.00 0.00 0.57 685 1 K 929 1 K 64 108 20 20 0.30 1.04 1.14 0.79 11.75 11.75 10.69 15.40 15.38 10.40 31.94 -6.82 11.99 - - - -

COMVERGE INC USD - 0 26 0.03 0.00 0.00 0.02 - 136 150 - 199 -3 6 -3 -3 -0.52 -0.24 -0.24 0.04 - - - - 14.27 44.54 88.23 - 3.86 - - - -

JINPAN INTERNATIONAL LTD USD 81.03 13 16 0.05 0.00 0.00 0.03 0.10 211 203 232 252 20 17 6 6 0.84 0.67 0.85 1.03 7.38 7.38 5.81 4.80 -3.81 14.90 -33.55 -0.08 8.42 - - - -

Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

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


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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

500 INDEX 2.29 2.29 2.10 1.91 2.29 1.47 1.47 1.40 1.34 1.47 10.33 10.33 9.65 9.97 10.33 9.10 9.10 8.39 7.84 9.10 14.87 14.87 13.30 12.13 14.87 2.14 2.14 2.30 2.41 2.14 1777.9 8.5%

o Stoxx 50 Pr 1.15 1.15 1.09 1.03 1.15 0.75 0.75 0.73 0.71 0.75 5.73 5.73 5.26 4.79 5.73 6.92 6.92 6.53 6.19 6.92 11.52 11.52 10.28 9.27 11.52 4.34 4.34 4.62 4.97 4.34 2965.8 11.9%

KEI 225 1.53 1.53 1.43 1.33 1.53 0.74 0.74 0.71 0.69 0.74 9.04 9.04 8.35 7.65 9.04 8.98 8.98 8.31 7.83 8.98 17.85 17.85 15.84 14.29 17.85 1.63 1.63 1.78 1.92 1.63 14922.4 5.8%

E 100 INDEX 1.69 1.69 1.57 1.46 1.69 0.95 0.95 0.93 0.95 0.95 8.32 8.32 7.61 6.94 8.32 6.81 6.81 6.42 6.04 6.81 11.95 11.95 10.89 10.07 11.95 3.92 3.92 4.22 4.57 3.92 7105.8 10.2%

SS MARKET INDEX 2.35 2.35 2.18 2.03 2.35 2.01 2.01 1.91 1.83 2.01 12.05 12.05 10.99 9.80 12.05 13.03 13.03 12.00 11.23 13.03 14.74 14.74 13.26 12.07 14.74 3.30 3.30 3.68 4.21 3.30 8622.8 9.7%

/TSX COMPOSITE INDEX 1.63 1.63 1.52 1.41 1.63 1.39 1.39 1.43 1.48 1.39 8.20 8.20 7.40 6.10 8.20 8.34 8.34 7.38 6.79 8.34 14.13 14.13 12.48 11.35 14.13 3.30 3.30 3.45 3.61 3.30 14171.6 16.2%

/ASX 200 INDEX 1.76 1.76 1.66 1.56 1.76 1.64 1.64 1.55 1.48 1.64 9.94 9.94 8.97 8.56 9.94 8.52 8.52 7.74 7.21 8.52 13.63 13.63 12.36 11.43 13.63 4.90 4.90 5.23 5.60 4.90 5201.8 8.2%

NG SENG INDEX 1.22 1.22 1.13 1.07 1.22 1.59 1.59 1.46 1.35 1.59 7.34 7.34 6.99 6.49 7.34 7.57 7.57 6.94 6.30 7.57 9.77 9.77 8.99 8.25 9.77 3.94 3.94 4.25 4.66 3.94 24805.7 20.5%

CI EM 1.32 1.32 1.22 1.10 1.32 0.95 0.95 0.88 0.82 0.95 6.56 6.56 6.01 5.52 6.56 7.14 7.14 6.49 5.99 7.14 10.14 10.14 9.12 8.34 10.14 3.06 3.06 3.38 3.67 3.06 1125.3 22.6%

CO SYSTEMS INC 2.49 2.28 2.13 2.04 2.85 2.69 2.55 2.40 11.74 10.45 10.18 8.80 6.87 6.57 6.38 6.04 13.34 12.20 11.57 10.78 1.06 2.53 2.84 3.02 25.76 5.2%

ANTA SERVICES INC 1.50 1.40 1.29 1.16 0.91 0.89 0.82 0.69 15.65 13.93 11.99 8.70 8.47 8.04 6.89 5.65 18.81 18.13 15.36 12.10 33.91 26.5%

A SOLAR TECHNOLOGY AG 0.91 0.97 0.96 0.93 0.51 0.67 0.66 0.62 0.54 7.02 11.82 10.00 8.02 2.67 12.98 6.06 4.78 9.00 171.06 33.95 2.89 0.03 0.59 1.00 21.26 -2.1%

ON INC 1.64 1.56 1.43 1.33 0.78 0.83 0.77 0.75 8.33 11.99 7.50 7.48 7.23 8.96 7.50 6.54 11.49 15.15 11.77 10.32 0.00 0.00 0.00 0.00 45.31 7.2%

HOLDINGS CORP 3.43 3.01 2.68 2.40 5.64 4.98 4.21 3.65 2.28 13.71 11.31 10.05 9.05 14.12 11.79 10.24 9.12 22.25 18.66 16.40 14.49 12.09 1.60 1.77 1.99 2.31 95.17 3.5%

NERAL CABLE CORP 0.98 0.99 0.91 0.25 0.22 0.21 11.89 60.90 11.76 6.86 5.75 4.94 14.96 12.91 9.35 1.18 2.36 40.13 31.8%

ERICAN SUPERCONDUCTOR CORP 2.88 11.2%

O CORP

VENT GIT SA

SION GROUP HOLDINGS LTD 1.38 1.24 1.13 1.02 1.47 1.23 0.98 0.91 8.81 8.06 6.65 6.16 7.80 6.86 5.95 5.33 10.92 9.31 7.91 6.91 3.25 4.44 5.09 5.28 5.35 11.6%

RNOC INC 1.62 1.50 1.28 1.08 1.63 1.19 0.97 0.78 21.82 6.41 5.41 4.82 27.34 5.41 4.03 2.98 12.49 9.91 17.25 16.2%

ELON CORP 1.27 1.61 1.74 1 .87 0.76 1.02 0 .87 0.80 15.73 3.70 56.8%

E ELECTRIC CORP 1.58 1.57 1.44 0.57 0.42 0.43 0.38 8.58 4.98 6.23 5.51 32.31 10.69 15.40 12.72 15.07 23.4%

MVERGE INC 0.35 0.24 0.21

PAN INTERNATIONAL LTD 0.38 0.35 0.32 4.78 4.41 3.84 6.10 5.81 4.80 6.50 31.5%

Price to Earnings Ratio

Valuation Measures II/II

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

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


4/33

08.07.2013

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol

(IP)-based networking and other products related to the communications and

information technology (IT) industry and provide services associated with these

products and their use. The Company provides products for transporting data,

voice, and video within buildings, across campuses, and globally.

Latest Fiscal Year: 07/2012

LTM as of: 04/yy

52-Week High (18.06.2013) 24.98

52-Week Low (25.07.2012) 14.96

Daily Volume

24.48

52-Week High % Change -2.00% Dividend Yield 2.17

52-Week Low % Change 63.64% Beta 0.99

% 52 Week Price Range High/Low 95.91% Equity Float 5'334.68

Shares Out 16.05.2013 5'344.3 Short Int 59.50

130'829.34 1 Yr Total Return 50.38%

Total Debt 16'328.00 YTD Return 26.47%Preferred Stock 0.0 Adjusted BETA 0.995

Minority Interest 15.0 Analyst Recs 51

Cash and Equivalents 48'716.00 Consensus Rating 4.353

Enterprise Value 99'699.34

Average Volume 5 Day 29'023'866

CSCO US EQUITY YTD Change - Average Volume 30 Day 35'967'072

CSCO US EQUITY YTD % CHANGE - Average Volume 3 Month 40'781'332

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

31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 04/yy 04/yy 07/13 Y 07/14 Y 07/13 Q4 10/13 Q1

39'540 36'117 40'040 43'218 46'061 45'566 47'880 48'591 51'210 12'396 12'444

2.86x 2.82x 2.64x 1.37x 1.10x 6.19x 5.75x 2.00x 1.84x 7.73x 7.61x

11'189.0 9'153.0 11'194.0 10'959.0 12'971.0 12'632.0 13'483.0 15'193.6 15'645.5 3'829.0 3'767.0

10.09x 11.13x 9.46x 5.39x 3.91x 5.98x 5.84x 6.57x 6.38x 6.47x 6.38x

8'052.0 6'134.0 7'767.0 6'490.0 8'041.0 7'356 9'630 10'796 11'264 2'742 2'714

16.14x 20.17x 17.07x 13.03x 9.80x 14.72x 12.72x 12.20x 11.57x 11.81x 11.59x

EBITDA 12'971.00 Long-Term Rating Date 10.02.2006EBIT 10'369.00 Long-Term Rating A+

Operating Margin 22.51% Long-Term Outlook STABLE

Pretax Margin 22.06% Short-Term Rating Date 31.01.2011

Return on Assets 10.23% Short-Term Rating A-1+

Return on Common Equity 17.81%

Return on Capital 14.43% EBITDA/Interest Exp. 21.76

Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 19.87

Net Debt/EBITDA -2.31

Gross Margin 61.2% Total Debt/EBITDA 1.21

EBITDA Margin 28.2%

EBIT Margin 22.8% Total Debt/Equity 31.8%

Net Income Margin 17.5% Total Debt/Capital 24.1%

Asset Turnover 0.51

Current Ratio 3.49 Net Fixed Asset Turnover 13.75

Quick Ratio 3.20 Accounts receivable turnover-days 62.75

Debt to Assets 17.79% Inventory Days 28.86

Tot Debt to Common Equity 31.84% Accounts Payable Turnover Day 18.13

Accounts Receivable Turnover 5.80 Cash Conversion Cycle 77.17Inventory Turnover 12.61

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cisco Systems IncPrice/Volume

Valuation Analysis

11'445'423.00

Current Price (7/dd/yy) Market Data

0

5

10

15

20

25

30

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

50.0 M

100.0 M

150.0 M

200.0 M

250.0 M

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

31.07.2009 31.01.2010 31.07.2010 31.01.2011 31.07.2011 31.01.2012 31.07.2012 31.01.2013

Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow



5/33

08.07.2013

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

BLACKROCK n/a ULT-AGG 285'699'560 5.35 8'851'883 03.07.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 248'500'974 4.65 15'936'699 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 231'953'211 4.34 4'691'676 05.07.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 224'204'515 4.2 40'410'203 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 120'991'753 2.26 8'008'876 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 101'584'228 1.9 (2'683'669) 05.07.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 94'877'178 1.78 (3'464'088) 31.05.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 86'807'571 1.62 4'636'884 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 85'516'392 1.6 8'020'372 31.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 81'881'343 1.53 3'322'967 31.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 77'549'877 1.45 7'729'430 31.03.2013 Investment Advisor

GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 62'486'663 1.17 (7'941'844) 31.03.2013 Investment Advisor

YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 52'439'220 0.98 (3'941) 31.03.2013 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 46'236'225 0.87 5'849'630 31.03.2013 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 44'659'307 0.84 2'290'349 31.03.2013 Investment Advisor

NORGES BANK NORGES BANK 13F 43'095'418 0.81 - 31.12.2012 Government

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 42'112'414 0.79 (4'034'692) 31.03.2013 Hedge Fund ManagerLAZARD ASSET MANAGEM n/a ULT-AGG 41'609'629 0.78 (5'170'786) 31.03.2013 Unclassified

DEUTSCHE BANK AG n/a ULT-AGG 38'981'530 0.73 1'460'755 31.05.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 38'678'910 0.72 2'407'895 31.05.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 29 12 month 05.07.2013

JPMorgan ROD HALL underweight 1 M 18 12 month 02.07.2013

Deutsche Bank BRIAN T MODOFF buy 5 M 26 12 month 01.07.2013

Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 01.07.2013

Piper Jaffray TROY D JENSEN overweight 5 M 28 12 month 01.07.2013

FBR Capital Markets SCOTT S THOMPSON market perform 3 M 19 12 month 28.06.2013

Independent Research GmbH MARKUS FRIEBEL buy 5 M 29 12 month 28.06.2013

JMP Securities ERIK SUPPIGER market perform 3 M #N/A N/A Not Provided 28.06.2013

Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 24 12 month 27.06.2013Jefferies GEORGE C NOTTER hold 3 M 22 12 month 27.06.2013

Pacific Crest Securities BRENT A BRACELIN outperform 5 M 28 12 month 27.06.2013

Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 28 12 month 27.06.2013

William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 27.06.2013

Raymond James SIMON M LEOPOLD outperform 5 M 26 12 month 27.06.2013

Stifel SANJIV R WADHWANI buy 5 M 28 12 month 27.06.2013

Lazard Capital Markets RYAN HUTCHINSON neutral 3 M #N/A N/A Not Provided 27.06.2013

The Juda Group NATARAJAN SUBRAHMANYAN buy 5 M 27 12 month 27.06.2013

RBC Capital Markets MARK SUE outperform 5 M 25 12 month 26.06.2013

Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 22 12 month 26.06.2013

Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 26.06.2013

Wedbush ROHIT CHOPRA outperform 5 M 26 12 month 26.06.2013

Evercore Partners MARK A MCKECHNIE equalweight 3 M 26 12 month 26.06.2013

Oppenheimer & Co ITTAI KIDRON outperform 5 M 27 12 month 26.06.2013

ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 26.06.2013

Nomura STUART JEFFREY buy 5 M 27 12 month 26.06.2013

Barclays BENJAMIN A REITZES overweight 5 M 28 Not Provided 26.06.2013

BMO Capital Markets TIMOTHY P LONG outperform 5 M 27 Not Provided 25.06.2013Cowen and Company PAUL SILVERSTEIN outperform 5 M 32 12 month 25.06.2013

Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 19.06.2013

Argus Research Corp JAMES KELLEHER buy 5 M 29 Not Provided 13.06.2013

ACI Research EDWARD A ZABITSKY sell 1 M 18 12 month 12.06.2013

NYKREDIT MICHAEL DROSCHNER JORGEN outperform 5 M #N/A N/A Not Provided 07.06.2013

Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 26 Not Provided 05.06.2013

Sterne, Agee & Leach ALEX KURTZ buy 5 M 26 12 month 30.05.2013

Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 M #N/A N/A Not Provided 23.05.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 16 Not Provided 21.05.2013

Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 28 12 month 16.05.2013

Wunderlich Securities MATTHEW S ROBISON buy 5 M 26 18 month 16.05.2013

S&P Capital IQ JAMES G MOORMAN buy 5 M 28 12 month 16.05.2013

MKM Partners MICHAEL GENOVESE buy 5 M 28 12 month 16.05.2013

Northland Securities Inc CATHARINE TREBNICK outperform 5 M 26 12 month 16.05.2013

FBN Securities SHEBLY SEYRAFI outperform 5 M 27 12 month 16.05.2013

Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 16.04.2013

Holdings By:

Cisco Systems IncAll



6/33

08.07.2013

Quanta Services, Inc. provides specialized contracting services to electric

utilities, telecommunication and cable television operators, and governmental

entities. The Company also installs transportation control and lighting systems

and provides specialty electric power and communication services for industrial

and commercial customers. Quanta performs projects across the United States.


LTM as of: 03/yy

52-Week High (20.05.2013) 30.56

52-Week Low (23.07.2012) 21.63

Daily Volume

26.7989



% 52 Week Price Range High/Low 53.47% Equity Float 206.83

Shares Out 30.04.2013 209.4 Short Int 4.60

5'624.39 1 Yr Total Return 14.04%

Total Debt 0.01 YTD Return -1.80%Preferred Stock 0.0 Adjusted BETA 0.986


Cash and Equivalents 394.70 Consensus Rating 4.842



PWR US EQUITY YTD Change - Average Volume 30 Day 2'097'921

PWR US EQUITY YTD % CHANGE - Average Volume 3 Month 1'893'403


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

3'780.2 3'318.1 3'931.2 4'193.8 5'920.3 4'983.5 6'460.9 6'332.4 6'891.7 1'517.9 1'617.1

0.95x 1.07x 0.93x 0.99x 0.90x 3.16x 3.25x 0.83x 0.76x 3.57x 3.34x

403.1 367.9 402.3 333.8 623.1 487.4 692.1 654.1 763.2 155.7 172.3

8.89x 9.65x 9.12x 12.39x 8.54x 8.59x 8.13x 8.04x 6.89x 7.93x 7.43x

157.6 162.2 153.2 132.5 306.6 195.8 333.0 308.3 369.7 71.9 83.6

22.76x 29.94x 26.89x 34.82x 20.48x 21.29x 18.58x 18.13x 15.36x 17.89x 16.79x

EBITDA 623.12 Long-Term Rating Date 02.09.2008EBIT 465.12 Long-Term Rating NR

Operating Margin 7.86% Long-Term Outlook -

Pretax Margin 7.85% Short-Term Rating Date -

Return on Assets 6.72% Short-Term Rating -






EBITDA Margin 10.7%



Asset Turnover 1.30






Fiscal Year Ended

Quanta Services IncPrice/Volume

Valuation Analysis

1'204'329.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

5

10

15

20

25

30

35

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

1.0 M

2.0 M

3.0 M

4.0 M

5.0 M

6.0 M

7.0 M

8.0 M

9.0 M

10.0 M

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

20.00

40.00

60.00

80.00

100.00

120.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013




7/33

08.07.2013


T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'474'039 10.73 (493'520) 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 13'854'602 6.62 348'541 03.07.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'129'808 6.27 906'768 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 8'514'834 4.07 287'775 05.07.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 6'647'257 3.17 (683'953) 05.07.2013 Investment Advisor

FRONTIER CAPITAL MAN FRONTIER CAPITAL MAN 13F 5'303'918 2.53 (154'440) 31.03.2013 Hedge Fund Manager

GUGGENHEIM n/a ULT-AGG 5'298'463 2.53 66'062 31.05.2013 Unclassified

WELLS FARGO n/a ULT-AGG 4'217'067 2.01 3'428'017 30.04.2013 Investment Advisor

COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 3'860'000 1.84 (30'000) 31.03.2013 Investment Advisor

ALGER MANAGEMENT INC FRED ALGER MANAGEMEN 13F 3'809'104 1.82 (585'775) 31.03.2013 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'673'232 1.75 303'544 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'324'020 1.59 (985'860) 31.03.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 3'091'063 1.48 81'349 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'816'385 1.34 103'318 31.03.2013 Investment Advisor

HHR ASSET MANAGEMENT HHR ASSET MANAGEMENT 13F 2'711'500 1.29 (102'800) 31.03.2013 Investment Advisor

RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 2'589'750 1.24 881'110 31.03.2013 Investment Advisor

CI INVESTMENTS INC CI INVESTMENTS INC 13F 2'400'700 1.15 75'400 31.03.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2'380'811 1.14 (72'380) 31.05.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'211'246 1.06 7'177 31.03.2013 Investment Advisor

DELTA LLOYD NV n/a ULT-AGG 2'110'033 1.01 (35'241) 31.03.2013 Bank


Johnson Rice & Co MARTIN W MALLOY overweight 5 M 36 Not Provided 08.07.2013

Lazard Capital Markets WILL GABRIELSKI buy 5 M 35 12 month 27.06.2013

KeyBanc Capital Markets TAHIRA AFZAL buy 5 M 32 12 month 25.06.2013

Stephens Inc CHRIS GODBY overweight 5 M 34 12 month 21.06.2013

Robert W. Baird & Co ANDREW J WITTMANN neutral 3 M 34 12 month 17.06.2013

FBR Capital Markets ALEX J RYGIEL outperform 5 M 34 12 month 17.06.2013

Stifel NOELLE C DILTS buy 5 M 34 12 month 10.06.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 25.05.2013

BB&T Capital Markets ADAM ROBERT THALHIMER buy 5 M 33 12 month 17.05.2013Deutsche Bank VISHAL SHAH buy 5 M 33 12 month 09.05.2013

Kansas City Capital Associates JONATHAN P BRAATZ outperform 5 M 34 18 month 03.05.2013

Credit Suisse JAMIE L COOK outperform 5 M 33 Not Provided 02.05.2013

D.A. Davidson & Co JOHN B ROGERS buy 5 M 35 12 month 02.05.2013

Wedbush CRAIG IRWIN outperform 5 M 33 12 month 02.05.2013

Avondale Partners LLC DANIEL J MANNES market outperform 4 M 34 12 month 02.05.2013

Griffin Securities MORRIS B AJZENMAN buy 5 M 35 12 month 02.05.2013

S&P Capital IQ STEWART SCHARF buy 5 R 32 12 month 02.05.2013

Maxim Group LLC WILLIAM D BREMER buy 5 M 36 12 month 02.05.2013

Holdings By:

Quanta Services IncAll



8/33

08.07.2013

SMA Solar Technology AG manufactures solar inverters, alternating current

converters for solar generated electricity.


LTM as of: 03/yy

52-Week High (21.09.2012) 29.90

52-Week Low (16.11.2012) 15.61

Daily Volume

21.725

52-Week High % Change -27.34% Dividend Yield -



Shares Out 31.03.2013 34.7 Short Int -

753.86 1 Yr Total Return -13.78%

Total Debt 93.53 YTD Return 17.37%Preferred Stock 0.0 Adjusted BETA 0.770



Enterprise Value 479.42

Average Volume 5 Day 75'026

S92 GY EQUITY YTD Change - Average Volume 30 Day 70'348

S92 GY EQUITY YTD % CHANGE - Average Volume 3 Month 85'726


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

681.6 934.3 1'920.1 1'676.3 1'463.4 1'825.4 1'270.7 1'119.0 1'145.4 - -

1.64x 3.17x 1.05x 0.69x 0.21x 3.03x 1.59x 0.36x 0.34x - -

174.8 243.4 547.2 289.4 173.3 322.6 162.9 36.9 79.2 - -

6.39x 12.16x 3.68x 3.98x 1.79x 2.65x 2.28x 12.98x 6.06x - -

119.5 161.1 365.0 166.1 75.1 185.3 39.9 (20.9) 7.0 - -

10.90x 20.10x 6.61x 9.01x 8.80x 6.30x 16.18x - 171.06x - -

EBITDA 173.29 Long-Term Rating Date -EBIT 103.36 Long-Term Rating -









EBITDA Margin 12.8%



Asset Turnover 0.91






Fiscal Year Ended

SMA Solar Technology AGPrice/Volume

Valuation Analysis

31'343.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

5

10

15

20

25

30

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

.2 M

.4 M

.6 M

.8 M

1.0 M

1.2 M

1.4 M

1.6 M

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013




9/33

08.07.2013


POOL SMA SOLAR TECH n/a Co File 8'744'400 25.2 - 31.12.2011 Corporation

KLEINKAUF WERNER n/a Co File 2'512'280 7.24 - 31.12.2011 n/a

WETTLAUFER REINER n/a Co File 2'446'350 7.05 - 31.12.2011 n/a

DREWS PETER n/a Co File 2'446'350 7.05 - 31.12.2011 n/a

CRAMER GUENTHER n/a EXCH 2'439'410 7.03 - 05.08.2011 n/a

GUENTHER CRAMER FOUN n/a Co File 1'998'720 5.76 - 31.12.2011 n/a

PETER DREWS FOUNDATI n/a Co File 1'998'720 5.76 - 31.12.2011 Other

REINER WETTLAUFER FO n/a Co File 1'998'720 5.76 - 31.12.2011 Other

BAILLIE GIFFORD AND n/a Research 1'045'776 3.01 - 25.11.2011 Investment Advisor

RUANE CUNNIFF & GOLD n/a Research 1'002'885 2.89 - 12.07.2011 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 798'814 2.3 (18'158) 31.03.2013 Investment Advisor

ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 524'878 1.51 - 30.09.2012 Investment Advisor

BARRINGTON WILSHIRE n/a Short (402'520) -1.16 48'580 27.06.2013 Hedge Fund Manager

SOTHIC CAPITAL MANAG n/a Short (364'350) -1.05 41'640 05.07.2013 Other

INVESCO LTD n/a ULT-AGG 319'611 0.92 (4'248) 05.07.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 213'081 0.61 (4'692) 03.07.2013 Investment Advisor

DELTA LLOYD NV n/a ULT-AGG 138'970 0.4 31'910 28.02.2013 BankCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 127'411 0.37 - 05.07.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 98'000 0.28 50'000 28.09.2012 Investment Advisor

GUARDIAN LIFE GROUP n/a ULT-AGG 93'147 0.27 - 31.03.2013 Insurance Company


Equinet Institutional Services(ESN) STEFAN FREUDENREICH sell 1 M 19 12 month 04.07.2013

Deutsche Bank ALEXANDER KARNICK buy 5 M 25 12 month 03.07.2013

Commerzbank Corporates & Markets GEORG REMSHAGEN sell 1 M 16 6 month 28.06.2013

Macquarie ROBERT SCHRAMM-FUCHS neutral 3 M 21 12 month 25.06.2013

M.M. Warburg Investment Research CHRISTOPHER RODLER hold 3 M 24 12 month 25.06.2013

Independent Research GmbH SVEN DIERMEIER sell 1 M 19 12 month 24.06.2013

Montega ALEXANDER DREWS sell 1 M 19 12 month 21.06.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 24.05.2013

Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 15 12 month 16.05.2013HSBC CHRISTIAN DOMINIK RATH overweight 5 M 25 Not Provided 15.05.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 20 Not Provided 15.05.2013

Main First Bank AG ANDREAS THIELEN underperform 1 M 15 12 month 09.11.2012

Natureo Finance INGO QUEISER buy 5 M 45 12 month 17.04.2012

Hammer Partners SA ALBERTO ROLLA buy 5 N 119 Not Provided 04.10.2010

Holdings By:

SMA Solar Technology AGAll



10/33

08.07.2013

Itron, Inc. provides solutions for collecting, communicating, and analyzing

electric, gas, and water usage data. The Company sells its products to the

utility industry. Itron designs, manufactures, markets, sells, installs, and

services hardware, software, and integrated systems for handheld computer-based

electronic meter reading and automatic meter reading systems.


LTM as of: 03/yy

52-Week High (13.02.2013) 48.42

52-Week Low (01.11.2012) 36.87

Daily Volume

42.28





1'661.66 1 Yr Total Return -0.52%






ITRI US EQUITY YTD Change - Average Volume 30 Day 501'877

ITRI US EQUITY YTD % CHANGE - Average Volume 3 Month 390'165


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

1'909.6 1'687.4 2'259.3 2'434.1 2'178.2 2'442.1 2'054.1 2'005.1 2'155.1 486.4 514.1

1.68x 2.00x 1.19x 0.73x 0.94x 3.19x 4.01x 0.95x 0.82x 3.99x 3.72x

283.5 200.8 315.4 323.2 262.3 309.2 222.7 220.6 263.5 49.8 62.0

11.31x 16.80x 8.51x 5.46x 7.81x 6.84x 9.65x 8.96x 7.50x 7.90x 7.44x

19.8 (2.2) 104.8 (510.2) 108.3 (510.2) 85.5 107.2 143.1 22.7 32.4

20.36x 120.63x 18.59x - 16.28x 0.00x 20.63x 15.15x 11.77x 12.89x 11.80x

EBITDA 262.26 Long-Term Rating Date 01.06.2011EBIT 152.79 Long-Term Rating BB







Net Debt/EBITDA 1.33


EBITDA Margin 10.8%



Asset Turnover 1.00







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Itron IncPrice/Volume

Valuation Analysis

109'334.00


0

10

20

30

40

50

60

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

.5 M

1.0 M

1.5 M

2.0 M

2.5 M

3.0 M

3.5 M

4.0 M

4.5 M

5.0 M

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

5.00

10.00

15.00

20.00

25.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013




11/33

08.07.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 4'236'714 10.78 238'700 31.03.2013 Investment Advisor

FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 3'090'373 7.86 209'682 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 2'940'700 7.48 (177'561) 03.07.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'074'873 5.28 (65'290) 31.03.2013 Investment Advisor

NORGES BANK n/a 13G 1'944'948 4.95 (504'013) 17.02.2012 Government

EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 1'518'030 3.86 (3'407) 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 1'106'444 2.82 123'532 05.07.2013 Investment Advisor

IMPAX ASSET MANAGEME IMPAX ASSET MANAGEME 13F 1'051'464 2.68 267'265 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 1'033'763 2.63 (90'839) 31.03.2013 Investment Advisor

SAM SUSTAINABLE ASSE SAM SUSTAINABLE ASSE 13F 858'100 2.18 260'141 31.03.2013 Investment Advisor

NORGES BANK NORGES BANK 13F 846'036 2.15 - 31.12.2012 Government

THRIVENT FINANCIAL F THRIVENT FINANCIAL F 13F 718'949 1.83 165'349 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 628'283 1.6 39'421 31.03.2013 Investment Advisor

STERLING CAPITAL MAN STERLING CAPITAL MAN 13F 476'620 1.21 104'330 31.03.2013 Investment Advisor

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 463'947 1.18 (16'000) 31.12.2012 Investment Advisor

DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 460'775 1.17 146'118 31.03.2013 Investment Advisor

SARASIN n/a ULT-AGG 452'580 1.15 (21'800) 28.02.2013 UnclassifiedBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 425'659 1.08 10'637 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 416'306 1.06 (61'927) 31.05.2013 Investment Advisor

FRONTIER CAPITAL MAN FRONTIER CAPITAL MAN 13F 408'163 1.04 240'143 31.03.2013 Hedge Fund Manager


Brean Capital LLC MICHAEL E GAUGLER hold 3 M #N/A N/A Not Provided 08.07.2013

Argus Research Corp MICHAEL BURKE buy 5 M 49 Not Provided 25.06.2013

Janney Montgomery Scott LLC RYAN M CONNORS buy 5 M 48 12 month 11.06.2013

Needham & Co SEAN K F HANNAN hold 3 M #N/A N/A Not Provided 31.05.2013

Wedbush CRAIG IRWIN outperform 5 M 45 12 month 13.05.2013

Deutsche Bank VISHAL SHAH hold 3 M 41 12 month 09.05.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 07.05.2013

Jefferies SCOTT REYNOLDS hold 3 M 40 12 month 01.05.2013

Macquarie ANDREW WEISEL neutral 3 M 40 12 month 29.04.2013Canaccord Genuity Corp JOHN S QUEALY buy 5 M 48 Not Provided 29.04.2013

Lazard Capital Markets SANJAY K SHRESTHA buy 5 M 52 12 month 29.04.2013

Divine Capital Markets STEVEN CHAREST hold 3 M 41 12 month 29.04.2013

Credit Suisse PATRICK JOBIN neutral 3 M 47 Not Provided 26.04.2013

JPMorgan PAUL T COSTER neutral 3 M 41 6 month 26.04.2013

Robert W. Baird & Co BEN KALLO outperform 5 M 48 12 month 26.04.2013

Stifel JEFFREY D OSBORNE sell 1 M #N/A N/A Not Provided 26.04.2013

Holdings By:

Itron IncAll



12/33

08.07.2013

ITC Holdings Corporation is a holding company. Through subsidiaries, the

Company transmits electricity from electricity generating stations to local

electricity distribution facilities. ITC invests in electricity transmission

infrastructure improvements as a means to improve electricity reliability and

reduce congestion.


LTM as of: 03/yy

52-Week High (10.04.2013) 93.69

52-Week Low (09.07.2012) 69.52

Daily Volume

91.92





4'808.99 1 Yr Total Return 33.38%






ITC US EQUITY YTD Change - Average Volume 30 Day 238'452

ITC US EQUITY YTD % CHANGE - Average Volume 3 Month 258'288


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

617.9 621.0 696.8 757.4 830.5 774.7 851.1 966.5 1'143.5 240.0 249.0

7.05x 8.00x 7.96x 8.56x 8.60x 33.40x 33.48x 9.14x 8.16x 30.39x 29.27x

382.4 412.8 444.3 492.7 537.6 500.6 548.0 687.3 790.8 170.3 177.3

11.40x 12.04x 12.48x 13.15x 13.28x 13.43x 14.53x 11.79x 10.24x 11.46x 11.14x

109.2 130.9 145.7 171.7 187.9 175.7 192.0 257.6 328.6 63.1 66.9

19.95x 20.06x 21.60x 22.59x 18.58x 22.14x 20.64x 18.66x 16.40x 18.11x 17.71x

EBITDA 537.57 Long-Term Rating Date 05.12.2011EBIT 431.06 Long-Term Rating BBB+






Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. -1.70


Gross Margin - Total Debt/EBITDA 6.13

EBITDA Margin 64.4%



Asset Turnover 0.16



Debt to Assets 56.56% Inventory Days -

Tot Debt to Common Equity 222.44% Accounts Payable Turnover Day -

Accounts Receivable Turnover 11.07 Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

ITC Holdings CorpPrice/Volume

Valuation Analysis

56'237.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

10

20

30

40

50

60

70

80

90

100

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

.2 M

.4 M

.6 M

.8 M

1.0 M

1.2 M

1.4 M

1.6 M

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013




13/33

08.07.2013


BAMCO INC BAMCO INC 13F 5'089'181 9.73 170'845 31.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 4'642'042 8.87 573'432 31.03.2013 Investment Advisor


VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'637'959 5.04 140'893 31.03.2013 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'614'256 5 231'992 31.03.2013 Investment Advisor

BANK OF NOVA SCOTIA n/a ULT-AGG 2'270'139 4.34 (779'900) 31.03.2013 Bank

CANADA PENSION PLAN CANADA PENSION PLAN 13F 2'195'445 4.2 - 31.03.2013 Pension Fund (ERISA)

W H REAVES & COMPANY W H REAVES & COMPANY 13F 1'423'110 2.72 73'794 31.03.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'356'336 2.59 (110'723) 31.03.2013 Investment Advisor

MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 1'225'606 2.34 (35'367) 31.03.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 1'020'926 1.95 (422'048) 31.03.2013 Investment Advisor

COMMONWEALTH BANK OF COMMONWEALTH BANK OF 13F 955'908 1.83 129'897 31.03.2013 Bank

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 788'270 1.51 97'072 31.03.2013 Hedge Fund Manager

RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 757'635 1.45 217'090 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 747'250 1.43 28'822 31.03.2013 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 734'969 1.4 214'848 31.03.2013 Investment Advisor

ENERGY INCOME PARTNE ENERGY INCOME PARTNE 13F 715'932 1.37 142'751 31.03.2013 Investment AdvisorSANTA BARBARA ASSET SANTA BARBARA ASSET 13F 684'639 1.31 67'042 31.03.2013 Investment Advisor

D E SHAW & COMPANY I D E SHAW & CO 13F 673'025 1.29 (134'383) 31.03.2013 Hedge Fund Manager

GENEVA INVESTMENT MA GENEVA INVESTMENT MA 13F 629'529 1.2 79'040 31.03.2013 Investment Advisor


Credit Suisse KEVIN COLE neutral 3 M 94 Not Provided 05.07.2013

Wunderlich Securities JAMES L DOBSON buy 5 M 107 18 month 03.07.2013

Wells Fargo Securities, LLC NEIL A KALTON outperform 5 M #N/A N/A Not Provided 03.07.2013

ISI Group GREG GORDON neutral 3 M 88 12 month 24.06.2013

Edward Jones ANDREW PUSATERI buy 5 M #N/A N/A Not Provided 21.06.2013

D.A. Davidson & Co MICHAEL BATES buy 5 M 105 18 month 15.05.2013

Deutsche Bank JONATHAN ARNOLD hold 3 M 93 12 month 03.05.2013

Argus Research Corp GARY F HOVIS hold 3 M #N/A N/A Not Provided 01.05.2013

US Capital Advisors DANIEL M FIDELL hold 3 M 93 12 month 29.04.2013Barclays DANIEL F FORD suspended coverage #N/A N/A M #N/A N/A Not Provided 24.04.2013

Ameriprise Advisor Services, Inc LEZE THAQI buy 5 M #N/A N/A Not Provided 16.04.2013

S&P Capital IQ CHRISTOPHER MUIR strong buy 5 M 108 Not Provided 11.04.2013

JPMorgan CHRISTOPHER TURNURE restricted #N/A N/A M #N/A N/A Not Provided 27.03.2012

Holdings By:

ITC Holdings CorpAll



14/33

08.07.2013

General Cable Corporation designs, develops, manufactures, markets, and

distributes copper, aluminum, and fiber optic wire and cable products for

the communications, electrical, and energy markets. The Company operates around

the world.


LTM as of: 03/yy

52-Week High (11.04.2013) 37.14

52-Week Low (24.07.2012) 24.49

Daily Volume

30.45

52-Week High % Change -18.01% Dividend Yield -




1'515.17 1 Yr Total Return 12.92%






BGC US EQUITY YTD Change - Average Volume 30 Day 680'701

BGC US EQUITY YTD % CHANGE - Average Volume 3 Month 690'271


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

6'230.1 4'385.2 4'864.9 5'866.7 6'014.3 5'851.6 6'114.9 6'798.7 7'244.3 1'701.0 1'787.8

0.32x 0.48x 0.51x 0.34x 0.41x 0.72x 1.14x - - - -

514.5 281.6 323.7 341.5 309.7 122.6 235.7 429.2 499.6 105.3 126.3

3.91x 7.46x 7.67x 5.78x 7.95x 0.00x 0.00x 5.75x 4.94x 5.31x 5.06x

189.0 56.6 69.5 66.0 4.0 50.6 (62.2) 101.7 165.0 26.8 40.5

4.64x 16.16x 13.39x 14.56x 20.71x 17.82x 68.60x 12.91x 9.35x 11.40x 10.42x

EBITDA 309.70 Long-Term Rating Date 09.11.2006EBIT 194.80 Long-Term Rating BB-



Return on Assets -1.32% Short-Term Rating -

Return on Common Equity -

Return on Capital - EBITDA/Interest Exp. 2.90


Net Debt/EBITDA -

Gross Margin 10.2% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 1.30


Quick Ratio 0.92 Accounts receivable turnover-days -

Debt to Assets 29.47% Inventory Days -

Tot Debt to Common Equity 107.45% Accounts Payable Turnover Day -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

General Cable CorpPrice/Volume

Valuation Analysis

100'998.00


0

5

10

15

20

25

30

35

40

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

.5 M

1.0 M

1.5 M

2.0 M

2.5 M

3.0 M

3.5 M

4.0 M

4.5 M

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

5.00

10.00

15.00

20.00

25.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013




15/33

08.07.2013


CADIAN CAPITAL MANAG CADIAN CAPITAL MANAG 13F 4'945'000 9.94 - 31.03.2013 Hedge Fund Manager


DIMENSIONAL FUND ADV n/a ULT-AGG 3'326'601 6.69 141'635 31.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 3'112'788 6.26 432'378 31.03.2013 Investment Advisor


GUGGENHEIM n/a ULT-AGG 2'309'270 4.64 33'966 31.05.2013 Unclassified

ALLIANCE BERNSTEIN n/a ULT-AGG 2'008'715 4.04 (18'911) 31.05.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 1'524'592 3.06 136'900 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 1'501'932 3.02 169'718 31.03.2013 Investment Advisor

WEDGE CAPITAL MANAGE WEDGE CAPITAL MANAGE 13F 1'459'175 2.93 (47'595) 31.03.2013 Investment Advisor

EAGLE ASSET MANAGEME EAGLE ASSET MANAGEME 13F 1'226'431 2.46 55'375 31.03.2013 Investment Advisor

DREMAN VALUE MANAGEM DREMAN VALUE MANAGEM 13F 1'149'281 2.31 (27'242) 31.03.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 1'012'229 2.03 (205'616) 31.05.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 915'346 1.84 8'070 31.03.2013 Investment Advisor

AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 855'070 1.72 (144'900) 31.03.2013 Hedge Fund Manager

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 762'335 1.53 (86'595) 31.03.2013 Investment Advisor

AXA n/a ULT-AGG 734'200 1.48 650 31.05.2013 Investment AdvisorMONUMENTAL LIFE INSU MONUMENTAL LIFE INSU Sch-D (729'011) -1.47 (729'011) 31.03.2013 Insurance Company

HHR ASSET MANAGEMENT HHR ASSET MANAGEMENT 13F 717'500 1.44 (69'200) 31.03.2013 Investment Advisor

DNB NOR ASSET MANAGE DNB NOR ASSET MANAGE 13F 707'438 1.42 (133'413) 31.03.2013 Investment Advisor


CL King & Associates GARY A FARBER buy 5 M 41 12 month 03.07.2013

Sidoti & Company LLC RICHARD H WESOLOWSKI buy 5 M 42 12 month 03.07.2013

Longbow Research SHAWN M HARRISON neutral 3 M #N/A N/A Not Provided 28.06.2013

Stifel NOELLE C DILTS buy 5 M 40 12 month 21.05.2013

BB&T Capital Markets MATTHEW S MCCALL buy 5 M 38 12 month 21.05.2013

D.A. Davidson & Co BRENT THIELMAN buy 5 M 38 18 month 02.05.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

General Cable CorpAll



16/33

08.07.2013

American Superconductor Corporation is an energy technologies company that

offers solutions based upon its programmable power electronic converters and

high temperature superconductor (HTS) wires. The Company serves the utility,

industrial and wind power markets.


LTM as of: 03/yy

52-Week High (13.07.2012) 4.88

52-Week Low (18.06.2013) 2.12

Daily Volume

2.585











AMSC US EQUITY YTD Change - Average Volume 30 Day 814'802

AMSC US EQUITY YTD % CHANGE - Average Volume 3 Month 625'690


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

182.8 316.0 286.6 76.5 87.4 76.5 87.4 - - - -

3.50x 3.63x 3.56x 2.12x 1.60x 9.14x 7.69x - - - -

1.2 48.9 (116.7) (91.2) (36.8) (91.2) (36.8) - - - -

517.02x 23.45x - - - 0.00x 0.00x - - - -

(16.6) 16.2 (186.3) (136.8) (66.1) (136.8) (66.1) - - - -

- 78.11x - - - 0.00x 0.00x - - - -

EBITDA -36.77 Long-Term Rating Date -EBIT -49.82 Long-Term Rating -

Operating Margin -56.99% Long-Term Outlook -

Pretax Margin -75.95% Short-Term Rating Date -


Return on Common Equity -45.61%

Return on Capital - EBITDA/Interest Exp. -2.46


Net Debt/EBITDA -

Gross Margin 17.7% Total Debt/EBITDA -0.49

EBITDA Margin -42.1%

EBIT Margin -57.0% Total Debt/Equity 14.4%

Net Income Margin -75.6% Total Debt/Capital 12.6%

Asset Turnover 0.37







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

American Superconductor CorpPrice/Volume

Valuation Analysis

653'302.00


0

1

2

3

4

5

6

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

.5 M

1.0 M

1.5 M

2.0 M

2.5 M

3.0 M

3.5 M

4.0 M

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130.00

20.00

40.00

60.00

80.00

100.00

120.00

02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 02.04.2013




17/33

08.07.2013


DOUGLAS KEVIN n/a Form 4 13'792'507 22.81 - 13.02.2013 n/a



CAPITAL VENTURES INT n/a 13G 1'617'384 2.67 - 31.12.2012 Venture Capital

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 1'476'330 2.44 (401'934) 31.03.2013 Investment Advisor

IRONWOOD INVESTMENT IRONWOOD INVESTMENT 13F 875'380 1.45 190'673 31.03.2013 Hedge Fund Manager

STATE STREET n/a ULT-AGG 772'864 1.28 (30'115) 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 662'488 1.1 (16'655) 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 643'088 1.06 (158'098) 05.07.2013 Investment Advisor

MCGAHN DANIEL P n/a Form 4 542'911 0.9 (8'520) 23.05.2013 n/a

JACOBS LEVY EQUITY M JACOBS LEVY EQUITY M 13F 479'803 0.79 20'500 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 463'997 0.77 (600) 31.03.2013 Investment Advisor

CALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 377'290 0.62 51'000 31.03.2013 Pension Fund (ERISA)

HENRY DAVID A n/a Form 4 261'491 0.43 (4'683) 08.05.2013 n/a

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 249'856 0.41 (897) 31.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 247'538 0.41 2'268 31.05.2013 Investment Advisor

FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 238'894 0.4 16'545 31.03.2013 Investment AdvisorSCOPIA MANAGEMENT IN SCOPIA MANAGEMENT IN 13F 219'367 0.36 219'367 31.03.2013 Hedge Fund Manager

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 218'302 0.36 (3'042) 31.03.2013 Investment Advisor

MAGUIRE JAMES F n/a Form 4 216'136 0.36 187'906 25.10.2012 n/a


Ascendiant Capital Markets CARTER W DRISCOLL buy 5 N 3 12 month 27.06.2013

Ardour Capital JINMING LIU hold 3 M 3 12 month 17.06.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013

Needham & Co JAMES RICCHIUTI hold 3 M #N/A N/A Not Provided 12.10.2012

Holdings By:

American Superconductor CorpAll



18/33

08.07.2013

ESCO Corporation manufactures and distributes engineered parts and replacement

products. The Company markets its products to companies in surface mining,

industrial applications, infrastructure, power generation, and aerospace

services throughout the world.


LTM as of: 12/yy

52-Week High (#N/A Field Not Applicable) -

52-Week Low (#N/A Field Not Applicable) -

Daily Volume

-

52-Week High % Change - Dividend Yield -

52-Week Low % Change - Beta -

% 52 Week Price Range High/Low - Equity Float -

Shares Out #N/A N/A - Short Int -

- 1 Yr Total Return -

Total Debt 290.58 YTD Return -Preferred Stock 0.0 Adjusted BETA -


Cash and Equivalents 56.82 Consensus Rating -

Enterprise Value -

Average Volume 5 Day -

ESCO US EQUITY YTD Change - Average Volume 30 Day -

ESCO US EQUITY YTD % CHANGE - Average Volume 3 Month -


31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 12/yy 12/yy 12/11 Y 12/12 Y 03/11 Q1 06/11 Q2

690.9 790.5 939.9 680.4 849.5 849.5 1'122.3 - - - -

- - - - - 0.00x 0.00x - - - -

- - 108.2 87.6 103.9 24.8 65.8 - - - -

- - - - - 0.00x 0.00x - - - -

16.9 24.1 31.2 18.4 23.9 24.1 48.5 - - - -

- - - - - 0.00x 0.00x - - - -

EBITDA 133.57 Long-Term Rating Date 28.01.2011EBIT 98.84 Long-Term Rating NR




Return on Common Equity -



Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.00




Tot Debt to Common Equity 1153.35% Accounts Payable Turnover Day -114.95


Fiscal Year Ended

Esco CorpPrice/Volume

Valuation Analysis

0.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

0

0

1

1

1

1

.0 M

.0 M

.0 M

.0 M

.0 M

.0 M

.0 M

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 20110.00

0.20

0.40

0.60

0.80

1.00

1.20




19/33

08.07.2013


#N/A N/A


#N/A N/A

Holdings By:

Esco CorpAll



20/33

08.07.2013

Telvent GIT SA operates as information technology company. The Company

provides value added real time products and services solutions, as well as

provides systems integration, consulting, design and engineering services, and

software. Telvent operates internationally.


LTM as of: 03/yy

52-Week High (#N/A Field Not Applicable) -

52-Week Low (#N/A Field Not Applicable) -

Daily Volume

-

52-Week High % Change - Dividend Yield -

52-Week Low % Change - Beta -

% 52 Week Price Range High/Low - Equity Float 0.12


- 1 Yr Total Return -

Total Debt 375.36 YTD Return -Preferred Stock 0.0 Adjusted BETA -


Cash and Equivalents 72.47 Consensus Rating -

Enterprise Value -

Average Volume 5 Day -

TLVTF US EQUITY YTD Change - Average Volume 30 Day -

TLVTF US EQUITY YTD % CHANGE - Average Volume 3 Month -


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3

624.3 724.6 791.1 723.9 - 766.3 729.8 - - - -

0.98x 0.85x 1.44x 1.35x - 4.91x 4.91x - - - -

52.3 78.2 109.3 92.0 - 54.9 66.5 - - - -

11.65x 7.85x 10.45x 10.62x - 0.00x 0.00x - - - -

24.9 30.2 39.1 46.4 - 38.7 45.8 - - - -

20.73x 9.52x 23.86x 18.65x - 16.47x 33.09x - - - -








Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.59






Fiscal Year Ended

Telvent GIT SAPrice/Volume

Valuation Analysis

0.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

0

0

1

1

1

1

.0 M

.0 M

.0 M

.0 M

.0 M

.0 M

.0 M

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20100.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

04.01.200804.07.200804.01.200904.07.200904.01.201004.07 .201004.01.201104.07.201104.01.201204.07.201204.01.2013




21/33

08.07.2013


SCHNEIDER ELECTRIC S n/a 13D 33'483'146 98.21 1'333'318 29.09.2011 Corporation

GONZALEZ-DOMINGU IGN n/a 20F 120'000 0.35 - 16.03.2011 n/a

JARDINE DAVID n/a 20F 108'000 0.32 - 16.03.2011 n/a

PEREZ JOSE MONTOYA n/a 20F 106'620 0.31 - 16.03.2011 n/a

DEL BARRIO JOSE IGNA n/a 20F 82'500 0.24 - 16.03.2011 n/a

STACK LARRY n/a 20F 72'000 0.21 - 16.03.2011 n/a

SZNAIDER RONALD J n/a 20F 4'000 0.01 - 16.03.2011 n/a

VILLAZAN BERNARDO n/a 20F 600 0 - 16.03.2011 n/a

LEIFERMAN JOHN n/a 20F 400 0 - 16.03.2011 n/a


Jefferies ELAINE S KWEI buy 5 M 34 12 month 21.10.2011

Holdings By:

Telvent GIT SAAll



22/33

08.07.2013

Wasion Group Holdings Ltd. manufactures electronic power meters and data

collection terminals. The Company produces three-phase and single phase

electronic power meters used to measure the transfer of electricity between

power stations, power companies, and end users. Wasion also develops power

management software.


LTM as of: 01/yy

52-Week High (31.05.2013) 5.30

52-Week Low (05.09.2012) 2.57

Daily Volume

4.79





4'461.02 1 Yr Total Return 59.88%






3393 HK EQUITY YTD Change - Average Volume 30 Day 2'103'093

3393 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'249'760


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 - -

1'059.4 1'078.2 1'330.8 1'968.7 2'452.3 - - 2'863.5 3'593.1 - -

1.16x 5.96x 3.00x 0.93x 1.11x - - 1.03x 0.81x - -

363.4 352.8 282.0 369.4 457.1 - - 517.2 596.6 - -

3.39x 18.21x 14.17x 4.97x 5.98x - - 6.86x 5.95x - -

261.5 262.0 191.2 247.5 323.1 - - 379.3 446.1 - -

4.68x 23.04x 20.75x 6.91x 8.34x - - 9.31x 7.91x - -










EBITDA Margin 18.6%



Asset Turnover 0.56







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wasion Group Holdings LtdPrice/Volume

Valuation Analysis

1'388'000.00


0

1

2

3

4

5

6

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

2.0 M

4.0 M

6.0 M

8.0 M

10.0 M

12.0 M

14.0 M

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013




23/33

08.07.2013


WEI JI n/a EXCH 486'888'888 52.28 84'000 18.09.2012 n/a

JP MORGAN n/a ULT-AGG 46'767'028 5.02 - 19.03.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 27'300'000 2.93 (1'232'028) 30.06.2013 Investment Advisor

POWER CORP OF CANADA n/a ULT-AGG 17'500'000 1.88 - 28.02.2013 Holding Company

ALLIANZ ASSET MANAGE n/a ULT-AGG 11'882'000 1.28 (466'000) 31.05.2013 Investment Advisor

ALLIANZ GLOBAL INVES n/a EXCH 10'912'000 1.17 - 19.04.2012 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 9'291'291 1 - 29.03.2013 Investment Advisor

NOMURA n/a ULT-AGG 8'718'000 0.94 - 27.04.2012 Unclassified

LA FRANCAISE AM INTE Multiple Portfolios MF-AGG 6'676'000 0.72 2'290'000 31.01.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 6'327'369 0.68 - 31.12.2012 Government

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'294'796 0.46 202'796 31.12.2012 Investment Advisor

NESTOR INVESTMENT MA Multiple Portfolios MF-AGG 3'888'000 0.42 1'050'000 28.03.2013 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 3'320'000 0.36 1'770'000 31.05.2013 Investment Advisor

BANK OF NOVA SCOTIA n/a ULT-AGG 2'464'000 0.26 (1'954'000) 31.12.2012 Bank

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'284'000 0.25 - 31.03.2013 Investment Advisor

HEARTLAND ADVISORS I Multiple Portfolios MF-AGG 2'000'000 0.21 - 28.03.2013 Investment Advisor

XUE XIN WANG n/a EXCH 1'462'000 0.16 950'000 24.04.2013 n/aNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'428'000 0.15 900'000 28.03.2013 Investment Advisor

HARDING LOEVNER LP Multiple Portfolios MF-AGG 1'366'000 0.15 194'000 30.06.2012 Investment Advisor

STATE STREET n/a ULT-AGG 1'275'000 0.14 - 05.07.2013 Investment Advisor


DBS Vickers PATRICIA YEUNG buy 5 M 6 12 month 03.07.2013

Ji Asia TAY HER LIM buy 5 N 6 12 month 21.06.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 03.06.2013

KGI Securities JERRY WENG neutral 3 M 4 12 month 30.05.2013

Macquarie SAIYI HE neutral 3 D 4 12 month 27.05.2013

RHB Research Institute Sdn Bhd JOE CHAN buy 5 N 6 Not Provided 20.05.2013

UOB Kay Hian MARK PO buy 5 M 6 Not Provided 25.03.2013

First Shanghai Securities Ltd XIAOXIA CHEN buy 5 M 4 12 month 16.11.2012

Essence Securities PATRICK CHOI buy 5 M 4 6 month 22.08.2012GuoSen Securities Co Ltd VIVIAN FU buy 5 M 4 12 month 09.05.2012

Yuanta Securities Investment Consultin TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 04.05.2012

Hua Tai Securities Co., Ltd YUNFENG FAN neutral 3 M 3 6 month 22.08.2011

SWS Research Co Ltd TITUS WU underperform 1 D 2 Not Provided 29.03.2011

Holdings By:

Wasion Group Holdings LtdAll



24/33

08.07.2013

EnerNOC, Inc. develops and provides clean and intelligent power solutions to

commercial, institutional and industrial customers, as well as electric power

grid operators and utilities. The Company, through its network centers remotely

manages electricity consumption across a network of end-use customer sites.


LTM as of: 03/yy

52-Week High (22.05.2013) 19.08

52-Week Low (02.08.2012) 6.04

Daily Volume

14.84





448.85 1 Yr Total Return 114.76%






ENOC US EQUITY YTD Change - Average Volume 30 Day 437'999

ENOC US EQUITY YTD % CHANGE - Average Volume 3 Month 327'369


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

106.1 190.7 280.2 286.6 278.0 279.3 286.4 378.8 461.5 35.3 252.6

0.87x 3.23x 1.60x 0.73x 0.81x 2.99x 3.64x 0.78x 0.51x 10.94x 1.49x

(28.1) 7.0 27.1 12.5 4.8 4.3 3.6 61.6 82.6 (23.8) 113.1

- 88.13x 16.55x 16.75x 46.78x 28.64x 113.52x 5.41x 4.03x 4.41x 3.51x

(36.7) (6.8) 9.6 (13.4) (22.3) (21.8) (25.1) 28.0 40.9 (30.0) 110.3

- - 64.62x - - 0.00x 0.00x 12.49x 9.91x 13.74x 11.51x

EBITDA 4.83 Long-Term Rating Date -EBIT -20.39 Long-Term Rating -









EBITDA Margin 1.2%


Net Income Margin -8.0% Total Debt/Capital 0.0%

Asset Turnover 0.88







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EnerNOC IncPrice/Volume

Valuation Analysis

105'602.00


0

2

4

6

8

10

12

14

16

18

20

j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13

.0 M

.5 M

1.0 M

1.5 M

2.0 M

2.5 M

3.0 M

3.5 M

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013




25/33

08.07.2013



BROWN CAPITAL MANAGE BROWN CAPITAL MGMT I 13F 1'540'957 5.09 10'900 31.03.2013 Investment Advisor

BREWSTER DAVID B n/a Form 4 1'310'822 4.33 (10'000) 20.05.2013 n/a

FOUNDATION CAPITAL n/a 13G 1'269'259 4.2 - 31.12.2011 Venture Capital

HEALY TIMOTHY G n/a Form 4 1'162'877 3.84 (10'000) 18.06.2013 n/a

P SCHOENFELD ASSET M P SCHOENFELD ASSET M 13F 1'136'765 3.76 236'765 31.03.2013 Hedge Fund Manager

DNB NOR ASSET MANAGE DNB NOR ASSET MANAGE 13F 1'027'381 3.4 42'205 31.03.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 852'222 2.82 (338'784) 31.03.2013 Investment Advisor

DRAPER TIMOTHY C n/a 13G 827'682 2.74 - 31.12.2012 n/a

ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 800'284 2.65 (250'000) 31.03.2013 Hedge Fund Manager

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 724'738 2.4 (65'314) 31.03.2013 Hedge Fund Manager

DIMENSIONAL FUND ADV n/a ULT-AGG 590'343 1.95 220'400 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 447'843 1.48 46'138 31.03.2013 Investment Advisor

NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 416'272 1.38 - 31.03.2013 Pension Fund (ERISA)

MORGAN STANLEY n/a ULT-AGG 400'314 1.32 (144'258) 31.03.2013 Investment Advisor

DIXON GREGG M n/a Form 4 392'262 1.3 (6'712) 01.05.2013 n/a

DELTA LLOYD NV n/a ULT-AGG 389'298 1.29 (6'500) 31.03.2013 BankSAMUELS DAVID M n/a Form 4 385'688 1.28 (15'000) 27.02.2013 n/a

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 379'341 1.25 379'341 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 347'843 1.15 8'671 31.03.2013 Investment Advisor


Raymond James PAVEL MOLCHANOV strong buy 5 M 20 12 month 03.07.2013

JPMorgan PAUL T COSTER overweight 5 U 19 6 month 14.06.2013

Needham & Co SEAN K F HANNAN buy 5 M 18 12 month 29.05.2013

Credit Suisse PATRICK JOBIN neutral 3 D 18 Not Provided 28.05.2013

Robert W. Baird & Co BEN KALLO outperform 5 M 21 12 month 28.05.2013

Wedbush CRAIG IRWIN underperform 1 M 5 12 month 28.05.2013

Canaccord Genuity Corp JOHN S QUEALY buy 5 M 20 12 month 28.05.2013

Macquarie ANDREW WEISEL neutral 3 M 16 12 month 09.05.2013

Ardour Capital WALTER V NASDEO accumulate 4 M 20 12 month 06.05.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013

Jefferies ELAINE S KWEI hold 3 M 10 12 month 27.02.2012

Holdings By:

EnerNOC IncAll



26/33

08.07.2013

Echelon Corporation develops, markets, and supports a family of software

products and services that enables original equipment manufacturers and systems

integrators to design and implement open, interoperable, distributed control

networks. The Company's products allow groups of computer nodes to be linked

together and implemented across a variety of systems.


LTM as of: 03/yy

52-Week High (03.10.2012) 4.19

52-Week Low (15.01.2013) 2.07

Daily Volume

2.36











ELON US EQUITY YTD Change - Average Volume 30 Day 370'935

ELON US EQUITY YTD % CHANGE - Average Volume 3 Month 264'447


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

134.0 103.3 111.0 156.5 134.0 168.4 118.9 99.8 117.3 24.4 25.1

2.01x 4.06x 3.49x 1.09x 0.49x 5.55x 3.08x 0.51x 0.50x - -

(19.6) (24.1) (21.9) (5.3) (3.5) 1.1 (5.1) (15.4) (7.7) (2.7) (3.2)

- - - - - 136.30x 0.00x - - - -

(25.8) (32.0) (31.3) (13.0) (12.8) (6.2) (19.5) (10.0) (6.9) (2.8) (2.9)

- - - - - 0.00x 0.00x - - - -

EBITDA -3.48 Long-Term Rating Date -EBIT -10.06 Long-Term Rating -





Return on Capital - EBITDA/Interest Exp. -2.56


Net Debt/EBITDA -

Gross Margin 42.1% Total Debt/EBITDA -3.86

EBITDA Margin -4.3%


Net I

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