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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.
Fundamental Analysis & Analyst RecommendationsSTOXX Europe Large 200 IndexMarch 2012
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] |
28.02.2013
ABB LtdABB Limited provides power and automation technologies. The Company operates under segments that include power products, power systems, automation products, process automation and robotics. Price/Volume25 20 15 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5 0 f-12 m-12 5.0 M a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 .0 M f-13
Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (15.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABBN VX EQUITY YTD Change ABBN VX EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 34'912.0 0.83x 5'259.0 5.48x 3'118.0 10.76x 31.12.2009 31.12.2010 31'795.0 31'589.0 1.18x 1.42x 4'892.0 4'733.0 7.67x 9.49x 2'901.0 2'561.0 15.27x 19.85x Profitability 31.12.2011 37'990.0 1.10x 5'688.0 7.37x 3'168.0 13.65x 31.12.2012 39'336.0 1.25x 5'240.0 9.40x 2'704.0 17.40x 5'240.00 4'058.00 10.32% 9.76% 6.10% 16.55% 12.65% 0.89% 28.9% 13.8% 10.8% 6.9% 1.48 1.06 20.52% 59.57% 4.07 4.69 12/2012 12/yy 21.60 14.45 1'257'514.00 21.38 -1.06% 47.96% 93.85% 2'314.7 49'489.21 10'071.00 0.0 540.0 8'481.00 55'299.32
10
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 12/yy 37'990.0 5.09x 5'688.0 7.37x 3'168.0 13.65x LTM 12/yy 39'336.0 4.69x 5'420.0 9.09x 2'704.0 17.55x FY+1 FY+2 FQ+1 FQ+2
1.28 2'145.77 19.98% 14.03% 1.278 41 3.805 6'918'902 6'780'230 5'981'187
12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 41'566.0 43'746.9 9'585.5 10'338.2 1.30x 1.19x 5.73x 5.43x 6'298.4 6'953.3 1'413.7 1'587.3 8.78x 7.95x 8.74x 3'455.2 3'961.8 737.8 849.5 15.07x 13.30x 15.30x S&P Issuer Ratings 08.06.2010 A STABLE 08.06.2010 A-1 17.88 13.47 0.29 1.86 59.6% 36.6% 0.89 7.24 89.90 78.02 63.02 104.90
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover
25.00
45'000.0 40'000.0 35'000.0 30'000.0 25'000.0 20'000.0 15'000.0 10'000.0 5'000.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
20.00
15.00
10.00
5.00
0.00 01.01.2010
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
ABB LtdHoldings By:All
Holder Name INVESTOR AB BLACKROCK VANGUARD GROUP INC CREDIT SUISSE ASSET HARBOR CAPITAL ADVIS NORDEA FONDER AB/SWE UBS FUND MANAGEMENT PICTET & CIE SWEDBANK ROBUR FONDE SEB SKAGEN AS AMF FONDER AB INVESCO LTD SWISSCANTO FONDSLEIT HANDELSBANKEN FONDER T ROWE PRICE ASSOCIA FOLKSAM LO FOND AB CALAMOS ADVISORS LLC CAPITAL GROUP COMPAN VONTOBEL ASSET MANAG
Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios
Source Research ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG
Amt Held 166'330'142 88'383'685 46'622'931 35'969'759 25'109'683 24'404'999 21'512'467 14'688'361 14'044'104 12'616'326 10'421'737 9'443'400 8'568'106 8'070'678 7'074'030 6'861'907 6'064'784 6'040'300 5'600'000 3'823'948
% Out 7.19 3.82 2.01 1.55 1.08 1.05 0.93 0.63 0.61 0.55 0.45 0.41 0.37 0.35 0.31 0.3 0.26 0.26 0.24 0.17
Latest Chg 641'066 107'985 (250'775) 742'517 (228'817) 1'127'411 (1'721'905) 442'829 1'877'700 (2'579'835) 4'651 559'620 5'064'054 1'403 (135'000) (15'000)
File Dt 04.01.2011 26.02.2013 31.12.2012 28.12.2012 31.12.2012 31.01.2013 30.11.2012 30.11.2012 31.12.2012 25.02.2013 31.01.2013 31.12.2012 27.02.2013 28.12.2012 31.01.2013 31.12.2012 31.12.2012 31.01.2013 31.12.2012 31.10.2012
Inst Type Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Unclassified Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor
Firm Name
Analyst
Recommendation reduce outperform outperform buy buy sell sector perform outperform buy hold outperform overweight buy sell buy hold buy hold outperform buy buy Underwt/Cautious buy underweight hold buy neutral hold hold underperform Buy/Neutral hold neutral buy neutral buy neutral hold buy
Weighting 2 5 5 5 5 1 3 5 5 3 5 5 5 1 5 3 5 3 5 5 5 1 5 1 3 5 3 3 3 1 5 3 3 5 3 5 3 3 5
Change M M N M M D M M M D M M M M M M M M M M M M U M M M M M M M M M M M M M M M N
Target Price 21 25 26 25 25 #N/A N/A 21 #N/A N/A #N/A N/A 21 24 24 25 18 23 22 #N/A N/A 21 25 25 23 18 24 21 20 26 19 23 #N/A N/A 14 24 21 19 20 18 21 #N/A N/A 17 27
Date 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 6 month 9 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 6 month Not Provided
Date 28.02.2013 26.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 23.01.2013 17.01.2013 08.01.2013 21.12.2012 11.12.2012 29.11.2012 30.10.2012 08.10.2012 27.07.2012 05.08.2010
AlphaValue HEINZ STEFFEN Sanford C. Bernstein & Co MARTIN PROZESKY Credit Suisse SIMON TOENNESSEN Landesbank Baden-Wuerttemberg VOLKER STOLL Bank Vontobel AG TAKIS SPILIOPOULOS EVA Dimensions CRAIG STERLING RBC Capital Markets ANDREW CARTER Zuercher Kantonalbank RICHARD FREI Hamburger Sparkasse MARCO GUENTHER Kepler Capital Markets CHRISTOPH LADNER Main First Bank AG CHRISTOPHER YOUL Barclays NICK WEBSTER Societe Generale SEBASTIEN GRUTER Deutsche Bank MARTIN WILKIE SEB Enskilda DANIEL SCHMIDT Independent Research GmbH MARKUS FRIEBEL Carnegie KENNETH TOLL JOHANSSON Nordea Equity Research ANDREAS BROCK Exane BNP Paribas OLIVIER ESNOU Helvea STEFAN GAECHTER Danske Markets CARL GUSTAFSSON Morgan Stanley BEN UGLOW ABG Sundal Collier ANDERS IDBORG JPMorgan ANDREAS WILLI Canaccord Genuity Corp JAMES STETTLER Handelsbanken HAMPUS ENGELLAU Nomura DANIEL CUNLIFFE S&P Capital IQ JAWAHAR HINGORANI Day by Day VALERIE GASTALDY CA Cheuvreux ALFRED GLASER Goldman Sachs DANIELA COSTA Berenberg Bank WILLIAM MACKIE Natixis ARNAUD SCHMIT Swedbank MATS LISS HSBC COLIN GIBSON Espirito Santo Investment Bank Research VIRDEE ROB Redburn Partners JAMES MOORE Pareto Securities DAVID JACOBSSON Hammer Partners SA ALBERTO ROLLA
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Adidas AGAdidas AG manufactures sports shoes and sports equipment. The Company produces products that include footwear, sports apparel, and golf clubs and balls. Adidas sells its products worldwide. Price/Volume80 70 60 50 2.0 M 1.5 M 1.0 M .5 M .0 M f-13 40 3.0 M 2.5 M
Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (29.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADS GY EQUITY YTD Change ADS GY EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2007 10'299.0 1.18x 1'167.0 10.41x 551.0 18.79x 31.12.2008 31.12.2009 10'799.0 10'381.0 0.69x 0.85x 1'310.0 823.0 5.69x 10.72x 642.0 245.0 8.35x 30.22x Profitability 31.12.2010 11'990.0 0.87x 1'174.0 8.91x 567.0 18.04x
12/2011 09/yy 72.64 54.75 129'500.00 69.56 -4.38% 27.05% 81.61% 209.2 14'553.08 1'280.00 0.0 4.0 1'371.00 14'891.08
30 20 10 0 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q LTM 09/yy 14'777.0 3.33x 1'468.0 9.35x 817.0 16.45x FY+1 FY+2 FQ+1 FQ+2
0.77 209.22 19.87% 3.31% 0.773 40 3.950 960'899 831'914 755'077
31.12.2011 13'344.0 0.78x 1'264.0 8.25x 671.0 15.71x 1'264.00 1'011.00 7.58% 6.95% 7.16% 14.84% 1.30% 47.5% 9.9% 8.1% 5.0% 1.50 0.72 11.25% 24.03% 6.37 3.35
09/yy 12'922.0 3.36x 1'262.0 8.22x 659.0 14.58x
12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 14'934.2 15'751.7 3'433.6 3'994.5 0.97x 0.90x 1'468.7 1'699.3 93.5 503.0 10.13x 8.75x 9.26x 9.01x 801.2 949.2 (14.9) 308.5 18.23x 15.47x 16.33x 15.53x S&P Issuer Ratings 11.70 8.76 0.23 1.13 24.0% 19.4% 1.30 15.45 57.44 109.25 63.25 77.37
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover
600.00 500.00 400.00 300.00 200.00 100.00 0.00 02.01.2009
16'000.0 14'000.0 12'000.0 10'000.0 8'000.0 6'000.0 4'000.0 2'000.0 0.002.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Adidas AGHoldings By:All
Holder Name CAPITAL GROUP COMPAN BLACKROCK THORNBURG INVESTMENT VANGUARD GROUP INC DB PLATINUM ADVISORS DEUTSCHE BANK AG FMR LLC ALLIANZ ASSET MANAGE UNION INVESTMENT GMB JUPITER ASSET MANAGE INVESCO LTD MANNING & NAPIER ADV BROOKSIDE CAPITAL TR DEKA INVESTMENT GMBH TRIMARK INVESTMENT M BESSEMER GROUP INCOR SEB FRANKFURT TRUST INVE ADIG INVESTMENT AMUNDI
Portfolio Name n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios
Source ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Short MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG
Amt Held % Out 24'832'306 11.87 13'092'430 6.26 7'035'046 3.36 5'079'560 2.43 4'875'195 2.33 4'020'990 1.92 2'695'238 1.29 2'395'061 1.14 1'745'150 0.83 1'563'123 0.75 1'556'158 0.74 1'271'690 0.61 (1'234'376) -0.59 1'162'385 0.56 1'126'329 0.54 980'376 0.47 757'244 0.36 651'800 0.31 647'738 0.31 627'633 0.3
Latest Chg (190'000) (131'765) (787'289) (630'886) 1'800'000 (4'077) (5'477) (84'641) 7'200 8'590 11'310 (104'609) (54'247) 219'000 146'586 75'000 395'273
File Dt Inst Type 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 27.02.2013 Investment Advisor 31.12.2012 Investment Advisor 02.11.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.09.2012 Unclassified 31.10.2012 Investment Advisor 31.01.2013 Unclassified 28.12.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 30.11.2012 Mutual Fund Manager
Firm Name Main First Bank AG AlphaValue Equinet Institutional Services(ESN) Susquehanna Financial Group Morgan Stanley JPMorgan Deutsche Bank Cantor Fitzgerald Day by Day Barclays Baader Bank Exane BNP Paribas Telsey Advisory Group Redburn Partners DZ Bank AG National Bank AG Commerzbank Corporates & Markets EVA Dimensions Bryan Garnier & Cie Nomura Bankhaus Metzler Robert W. Baird & Co ISI Group Goldman Sachs HSBC Hamburger Sparkasse Landesbank Baden-Wuerttemberg Nord/LB Credit Suisse Independent Research GmbH M.M. Warburg Investment Research S&P Capital IQ Silvia Quandt Research Raymond James Bankhaus Lampe CA Cheuvreux Hammer Partners SA Equita SIM SpA Kepler Capital Markets
Analyst MATTHIAS EIFERT HANS-PETER WODNIOK INGBERT FAUST CHRISTOPHER SVEZIA LOUISE SINGLEHURST CHIARA BATTISTINI MICHAEL KUHN ALLEGRA PERRY VALERIE GASTALDY JULIAN EASTHOPE VOLKER BOSSE ANDREAS INDERST KELLY CHEN ANDREW MOBBS HERBERT STURM MANFRED JAISFELD ANDREAS RIEMANN CRAIG STERLING PETER FARREN CHRISTOPHER WALKER SEBASTIAN FRERICKS MITCHEL J KUMMETZ OMAR SAAD WILLIAM HUTCHINGS ERWAN RAMBOURG CHRISTIAN HAMANN BERND MUELL VOLKER SACK ROGERIO FUJIMORI ZAFER RUZGAR JOERG PHILIPP FREY WILLIAM MACK MARK JOSEFSON CEDRIC LECASBLE CHRISTOPH SCHLIENKAMP JUERGEN KOLB STEPHAN SEIP FABIO FAZZARI TEAM COVERAGE
Recommendation outperform reduce buy Positive Underwt/In-Line neutral buy sell hold equalweight buy outperform no rating system sell buy hold hold hold buy buy buy outperform neutral Buy/Neutral overweight hold buy hold outperform hold buy hold buy outperform hold outperform buy hold not rated
Weighting 5 2 5 4 1 3 5 1 3 3 5 5 #N/A N/A 1 5 3 3 3 5 5 5 5 3 5 5 3 5 3 5 3 5 3 5 5 3 5 5 3 #N/A N/A
Change M M M M M M M M M M M M M M M D M M M M M M D M M M M M M M M M M M M M M M M
Target Price 85 72 80 78 62 65 81 62 #N/A N/A 74 80 83 74 #N/A N/A 72 72 63 #N/A N/A 82 85 70 82 70 97 77 #N/A N/A 76 60 61 70 82 68 75 84 66 74 70 60 #N/A N/A
Date 12 month 6 month 12 month 12 month 12 month 9 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 6 month Not Provided 6 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided
Date 28.02.2013 28.02.2013 27.02.2013 25.02.2013 22.02.2013 22.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 14.02.2013 13.02.2013 10.02.2013 01.02.2013 23.01.2013 18.01.2013 17.01.2013 17.01.2013 16.01.2013 16.01.2013 11.01.2013 08.01.2013 04.01.2013 04.12.2012 28.11.2012 19.11.2012 13.11.2012 09.11.2012 09.11.2012 09.11.2012 08.11.2012 08.11.2012 08.11.2012 25.09.2012 24.09.2012 14.09.2012 02.08.2012 24.05.2012 31.10.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Aegon NVAEGON N.V. offers life and health insurance, and related pension, savings, and investment products in Europe and North America. The Company also offers property and casualty insurance in the Netherlands, Spain, and Hungary, and financial services including banking, equipment lease financing, and mortgage lending. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGN NA EQUITY YTD Change AGN NA EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 3'208.0 3.74x (1'082.0) 31.12.2009 31.12.2010 41'592.0 44'750.0 0.48x 0.44x 204.0 1'759.0 6.05x Profitability 31.12.2011 25'121.0 0.59x 869.0 31.12.2012 42'930.0 0.30x 1'570.0 6.96x 5.46% 4.44% 0.44% 5.42% 4.97% 0.11% 3.7% 3.54% 43.70% 12/2012 12/yy 5.26 3.12 2'055'856.00 4.563 -13.05% 46.30% 66.50% 1'972.0 8'998.37 12'974.00 6'853.0 13.0 9'653.00 12'332.37 Price/Volume6 5 4 3 2 1 0 f-12 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 .0 M f-13
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 12/yy 25'121.0 2.66x 0.0 0.00x 869.0 0.00x LTM 12/yy 40'160.0 1.48x 0.0 0.00x 1'570.0 6.96x FY+1 FY+2 FQ+1 FQ+2
1.64 1'971.57 22.48% -5.00% 1.641 36 3.528 12'265'640 8'723'121 7'793'220
12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 30'120.0 28'295.0 0.63x 0.67x 1'324.0 1'392.0 7.31x 6.92x 8.15x S&P Issuer Ratings 31.03.2009 ASTABLE 31.03.2009 A-2 43.7% 30.4% 0.11 -
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover
9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 01.01.2010
50'000.0 45'000.0 40'000.0 35'000.0 30'000.0 25'000.0 20'000.0 15'000.0 10'000.0 5'000.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Aegon NVHoldings By:All
Holder Name DODGE & COX FMR LLC VANGUARD GROUP INC BLACKROCK ACHMEA BELEGGINSFOND ING INTERNATIONAL AD ALLIANCE BERNSTEIN FRANKLIN RESOURCES AMERIPRISE FINANCIAL THRIVENT FINANCIAL F ROBECO FUND MANAGEME TAUBE HODSON STONEX SANFORD C BERNSTEIN SNS INVESTMENT FUND BRANDES INVESTMENT P DIMENSIONAL FUND ADV STOREBRAND FUND MANA JP MORGAN STATE STREET BANQUE AMUNDI
Portfolio Name n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios
Source Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG
Amt Held 145'133'708 96'406'786 32'464'728 16'465'793 10'982'748 7'093'254 6'579'517 5'805'289 5'182'047 5'083'550 4'802'291 3'919'013 3'704'372 3'640'000 3'455'894 3'243'816 3'091'098 2'999'325 2'948'624 2'822'679
% Out 7.36 4.89 1.65 0.83 0.56 0.36 0.33 0.29 0.26 0.26 0.24 0.2 0.19 0.18 0.18 0.16 0.16 0.15 0.15 0.14
Latest Chg 9'558'140 1'133'247 266'744 1'359 1'033'941 (340'436) 1'988 (19'659) 1'290'650 39'363 (215'630) (173'700) 716'574 (43'457) 1'923'228
File Dt Inst Type 10.02.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 28.09.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Investment Advisor 30.11.2012 Investment Advisor 29.06.2012 Investment Advisor 31.12.2012 Investment Advisor 31.07.2012 Investment Advisor 31.01.2013 Investment Advisor 31.12.2012 Unclassified 31.01.2013 Investment Advisor 30.11.2012 Mutual Fund Manager
Firm Name AlphaValue Credit Suisse RBC Capital Markets HSBC Hamburger Sparkasse Barclays ABN Amro Bank N.V. Goldman Sachs JPMorgan S&P Capital IQ Keefe, Bruyette & Woods Landesbank Baden-Wuerttemberg Oddo & Cie Exane BNP Paribas Raymond James SNS Securities(ESN) Petercam Rabobank International Bryan Garnier & Cie ING Bank Redburn Partners Morgan Stanley Deutsche Bank Ahorro Corporacion Financiera SA Main First Bank AG Day by Day Mediobanca SpA Macquarie EVA Dimensions Theodoor Gilissen Securities CA Cheuvreux Natixis Societe Generale Nomura Kepler Capital Markets DZ Bank AG Daiwa Securities Co. Ltd.
Analyst JEROME CASSAGNE RICHARD BURDEN GORDON AITKEN KAILESH MISTRY CHRISTIAN HAMANN CLAUDIA GASPARI JAN WILLEM WEIDEMA WILLIAM ELDERKIN ASHIK MUSADDI RODERICK WALLACE WILLIAM HAWKINS WERNER SCHIRMER NICOLAS JACOB FRANCOIS BOISSIN RAPHAEL CARUSO LEMER SALAH MATTHIAS DE WIT COR KLUIS OLIVIER PAUCHAUT ALBERT PLOEGH LANCE BURBIDGE DAVID ANDRICH ROBIN BUCKLEY VIRGINIA PEREZ REPES MICHAEL HAID VALERIE GASTALDY MARC THIELE NEIL WELCH AUSTIN BURKETT TOM MULLER HANS PLUIJGERS BENOIT VALLEAUX JASON KALAMBOUSSIS FAHAD CHANGAZI BENOIT PETRARQUE WERNER EISENMANN TIM PROUDLOVE
Recommendation add neutral sector perform overweight hold overweight sell neutral/neutral overweight buy underperform hold buy underperform market perform reduce reduce buy neutral hold buy Overwt/In-Line buy buy underperform hold neutral neutral overweight buy outperform buy hold neutral hold hold outperform
Weighting 4 3 3 5 3 5 1 3 5 5 1 3 5 1 3 2 2 5 3 3 5 5 5 5 1 3 3 3 5 5 5 5 3 3 3 3 5
Change M M M M M M D M M M M M M M M M M M M M M M M N M D M M M M D M M M M M M
Target Price 5 6 5 6 #N/A N/A 6 5 6 6 6 6 5 6 4 #N/A N/A 4 5 6 5 5 #N/A N/A 6 6 6 5 #N/A N/A 6 5 #N/A N/A 8 6 6 5 5 4 4 5
Date 6 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 9 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 6 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month
Date 28.02.2013 22.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 11.02.2013 07.02.2013 05.02.2013 04.02.2013 01.02.2013 31.01.2013 30.01.2013 23.01.2013 17.01.2013 15.01.2013 10.01.2013 10.01.2013 08.11.2012 08.10.2012 17.02.2012 24.01.2012 22.06.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Aggreko PLCAggreko plc provides specialist power and temperature control rental services in two main product areas, mobile electricity generators and temperature control equipment. Aggreko also supplies oil-free diesel compressors used to eliminate oil based contaminants in the food, pharmaceutical and textile industries. The Group operates through approximately 118 depots in 23 countries worldwide. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.09.2012) 52-Week Low (31.01.2013) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGK LN EQUITY YTD Change AGK LN EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2007 693.2 2.38x 227.3 7.24x 80.7 17.58x 31.12.2008 31.12.2009 946.6 1'023.9 1.65x 2.62x 318.4 403.4 4.90x 6.64x 122.7 168.4 9.74x 14.84x Profitability 31.12.2010 1'229.9 3.34x 472.9 8.69x 213.1 18.67x 31.12.2011 1'396.1 4.05x 526.9 10.72x 260.1 20.60x 526.90 337.80 24.20% 23.19% 14.91% 31.46% 21.41% 0.79% 58.7% 39.0% 24.7% 18.6% 1.22 0.66 23.57% 47.40% 4.88 3.72 12/2011 01/yy 2'415.00 1'548.00 88'623.00 1666 -31.01% 7.62% 14.99% 268.6 4'474.35 417.70 0.0 0.0 53.20 5'152.65 Price/Volume3000 2500 2000 1500 1000 500 0 f-12 m-12 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 .0 M f-13
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 01/yy LTM 01/yy FY+1 FY+2 FQ+1 FQ+2 -
1.31 1.01 257.86 -23.99% -4.25% 1.007 24 3.667 794'832 1'091'881 1'038'844
12/12 Y 12/13 Y 1'590.8 1'608.5 3.19x 3.06x 624.8 628.8 8.25x 8.20x 269.5 253.3 16.37x 17.39x S&P Issuer Ratings
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover
26.75 5.52 1.17 1.20 47.4% 32.2% 0.79 1.37 75.00 98.42 66.20
18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 02.01.2009
1'600.0 1'400.0 1'200.0 1'000.0 800.0 600.0 400.0 200.0 0.002.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Aggreko PLCHoldings By:All
Holder Name M&G INVESTMENT MANAG BAILLIE GIFFORD AND BLACKROCK CAPITAL GROUP COMPAN SALVESEN ALASTAIR ER LEGAL & GENERAL PRIVATE INDIVIDUALS FMR LLC LANSDOWNE PARTNERS VANGUARD GROUP INC NORGES BANK INVESTME UBS SPEIRS & JEFFERY STO SCOTTISH WIDOWS KIMBERLEY GRANGE INV DEUTSCHE PRIVATE BAN INVESTEC BANK (UK) L GE ASSET MANAGEMENT PEOPLES REPUBLIC OF AEGON
Portfolio Name Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a
Source REG REG ULT-AGG ULT-AGG RNS-MAJ ULT-AGG REG ULT-AGG Short MF-AGG REG ULT-AGG REG ULT-AGG REG REG REG REG REG ULT-AGG
Amt Held % Out 16'146'748 6.01 13'384'025 4.98 12'600'810 4.69 12'091'039 4.5 9'995'283 3.72 9'932'162 3.7 8'517'852 3.17 7'802'230 2.91 (7'727'861) -2.88 6'806'019 2.53 6'195'331 2.31 6'128'812 2.28 5'695'595 2.12 4'943'653 1.84 4'862'100 1.81 4'287'117 1.6 3'981'801 1.48 3'904'273 1.45 3'872'491 1.44 3'297'588 1.23
Latest Chg (619'982) (351'722) (3'930'510) (894'717) (54'102) (169'268) (634'391) (348'827) 1'888'342 143'820 (1'503'178) (44'566) 775'291 4'049'575 14'000 601'072 222'636 (3'732'303)
File Dt 01.11.2012 01.11.2012 26.02.2013 11.02.2013 27.12.2012 31.01.2013 01.11.2012 31.12.2012 02.01.2013 31.12.2012 01.11.2012 28.12.2012 01.11.2012 30.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012
Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Unclassified Other Investment Advisor Investment Advisor Investment Advisor Government Unclassified Unclassified Unclassified Unclassified Unclassified Unclassified Investment Advisor Government Unclassified
Firm Name
Analyst
Recommendation outperform hold hold buy buy neutral sell neutral hold hold hold Buy/Neutral neutral neutral buy hold hold hold buy overweight hold neutral sell
Weighting 5 3 3 5 5 3 1 3 3 3 3 5 3 3 5 3 3 3 5 5 3 3 1
Change M M M M M U M M M M M M M D M M M M M M M M N
Target Price 2'100 1'742 1'720 2'400 2'000 1'650 #N/A N/A 1'845 1'800 #N/A N/A 1'813 2'530 1'850 1'700 #N/A N/A #N/A N/A 2'300 1'680 2'500 2'360 1'450 1'450 #N/A N/A
Date 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided 9 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided
Date 27.02.2013 27.02.2013 26.02.2013 21.02.2013 20.02.2013 08.02.2013 17.01.2013 04.01.2013 02.01.2013 20.12.2012 19.12.2012 18.12.2012 18.12.2012 18.12.2012 18.12.2012 17.12.2012 17.12.2012 17.12.2012 23.10.2012 22.10.2012 27.03.2012 30.09.2011 16.10.2009
RBC Capital Markets ANDREW BROOKE Panmure Gordon & Co Limited PAUL JONES Berenberg Bank SIMON MEZZANOTTE AlphaValue LIONEL PELLICER Jefferies JUSTIN JORDAN HSBC ALEX MAGNI EVA Dimensions CRAIG STERLING JPMorgan Nicholas de la Grense Peel Hunt ANDREW NUSSEY Day by Day VALERIE GASTALDY Deutsche Bank ANDY CHU Goldman Sachs CHARLES WILSON Credit Suisse DAVID RIGBY Espirito Santo Investment Bank Research DAVID BROCKTON Oriel Securities Ltd HECTOR FORSYTHE Investec JOHN LAWSON S&P Capital IQ CLIVE ROBERTS Numis Securities Ltd MIKE MURPHY WH Ireland Ltd NICK SPOLIAR Barclays PAUL CHECKETTS Canaccord Genuity Corp JULIAN CATER Arden Partners Ltd GEOFF ALLUM McCall Aitken McKenzie & Co TEAM COVERAGE
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Air Liquide SAAir Liquide SA, through its subsidiaries, produces, markets, and sells industrial and healthcare gases worldwide. These gases include liquid nitrogen, argon, carbon dioxide, and oxygen. The Company also produces welding equipment, diving equipment, and technical-medical equipment. Air Liquide sells its products throughout Europe, the United States, Canada, Africa, and Asia. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.09.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 07.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AI FP EQUITY YTD Change AI FP EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 13'103.1 1.73x 2'941.8 7.71x 1'220.0 13.93x 31.12.2009 31.12.2010 11'976.1 13'488.0 2.25x 2.38x 2'969.0 3'374.3 9.08x 9.50x 1'230.0 1'403.6 17.67x 18.97x Profitability 31.12.2011 14'456.9 2.25x 3'563.6 9.13x 1'534.9 17.60x 31.12.2012 15'326.3 2.35x 3'792.3 9.50x 1'609.4 18.38x 3'792.30 2'560.50 16.71% 14.63% 6.55% 16.12% 0.62% 24.7% 16.7% 10.5% 1.03 0.77 29.09% 71.23% 5.47 12/2012 12/yy 100.00 83.45 136'192.00 92.95 -7.05% 11.38% 56.97% 312.2 29'019.67 7'273.70 0.0 232.6 1'154.20 35'371.77 Price/Volume120 100 80 60 40 20 0 f-12 m-12 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 .0 M f-13
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 09/yy 14'255.5 0.00x 0.0 0.00x 0.0 0.00x LTM 12/yy 15'326.0 0.00x 0.0 0.00x 0.0 0.00x FY+1 FY+2 FQ+1 FQ+2
0.77 310.66 7.84% -2.21% 0.768 35 3.486 1'102'385 834'332 690'965
12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 16'326.4 17'510.6 3'964.3 3'952.3 2.15x 1.99x 4'096.0 4'445.6 8.64x 7.96x 1'738.0 1'922.0 16.66x 15.07x S&P Issuer Ratings 02.07.2007 A POS 06.05.2004 A-1 14.00 7.11 1.61 1.92 71.2% 41.1% 0.62 1.23 66.93 -
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover
14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 01.01.2010
18'000.0 16'000.0 14'000.0 12'000.0 10'000.0 8'000.0 6'000.0 4'000.0 2'000.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Air Liquide SAHoldings By:All
Holder Name VANGUARD GROUP INC NATIXIS ASSET MANAGE THORNBURG INVESTMENT BLACKROCK AMUNDI MASSACHUSETTS FINANC DEUTSCHE BANK AG BANK OF NEW YORK MEL AIR LIQUIDE MERCURY ASSET MANAGE THREADNEEDLE INVESTM ALLIANZ ASSET MANAGE CAPITAL GROUP COMPAN FMR LLC SCHRODER INVESTMENT AMUNDI HARTFORD INVESTMENT LBPAM ARTISAN PARTNERS HOL HARDING LOEVNER LP
Portfolio Name Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios
Source MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG
Amt Held 5'647'329 4'574'842 4'574'174 3'568'694 2'688'376 1'814'483 1'445'902 1'126'821 1'119'676 1'028'653 983'348 924'128 902'774 886'970 730'867 716'601 629'057 606'009 561'349 509'650
% Out 1.81 1.47 1.47 1.14 0.86 0.58 0.46 0.36 0.36 0.33 0.31 0.3 0.29 0.28 0.23 0.23 0.2 0.19 0.18 0.16
Latest Chg 119'140 6'156 232'636 (65'449) 47'020 (10'563) 1'125 23'544 (61'527) (450'378) (92'423) 308'898 (9'134) 9'691 (7'465) 11'929 144'631
File Dt 31.12.2012 31.12.2012 31.12.2012 26.02.2013 30.11.2012 31.12.2012 31.12.2012 26.02.2013 31.12.2011 26.02.2013 31.10.2012 31.12.2012 31.12.2012 31.12.2012 28.09.2012 28.09.2012 31.01.2013 31.12.2012 31.12.2012 30.06.2012
Inst Type Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor
Firm Name Goldman Sachs Commerzbank Corporates & Markets Sanford C. Bernstein & Co AlphaValue Landesbank Baden-Wuerttemberg Exane BNP Paribas S&P Capital IQ Main First Bank AG Societe Generale Deutsche Bank Credit Suisse Independent Research GmbH Banco Sabadell Morgan Stanley Jefferies HSBC Berenberg Bank Nomura Barclays Kepler Capital Markets EVA Dimensions Day by Day Liberum Capital Ltd JPMorgan Macquarie Hamburger Sparkasse CM - CIC Securities(ESN) CA Cheuvreux Alembic Global Advisors Redburn Partners Natixis Canaccord Genuity Corp DZ Bank AG
Analyst RAKESH PATEL STEPHAN KIPPE JEREMY REDENIUS FABRICE FARIGOULE ULLE WORNER HEIDI VESTERINEN JOHNSON IMODE THOMAS SWOBODA PETER CLARK TIMOTHY JONES CHRIS COUNIHAN CHRISTOPH SCHOENDUBE PATRICIA GARCIA SANCHEZ PETER MACKEY LAURENCE ALEXANDER GEOFF HAIRE JOHN PHILIPP KLEIN JEAN DE WATTEVILLE GUNTHER ZECHMANN MARKUS MAYER CRAIG STERLING VALERIE GASTALDY ADAM COLLINS NEIL C TYLER CHRISTIAN FAITZ MARCO GUENTHER ARI AGOPYAN KLAUS RINGEL HASSAN I AHMED TONY JONES FREDERIC WILLIAMS-GOBEAUX PAUL W SATCHELL PETER SPENGLER
Recommendation neutral/neutral add outperform add buy neutral hold outperform hold hold outperform hold buy Equalwt/In-Line hold overweight hold neutral underweight hold underweight hold buy neutral outperform hold accumulate outperform neutral buy neutral hold buy
Weighting 3 4 5 4 5 3 3 5 3 3 5 3 5 3 3 5 3 3 1 3 1 3 5 3 5 3 4 5 3 5 3 3 5
Change M M M M M M M M M M M M M M M M M M M M M D M M M U U M M M M M M
Target Price 108 105 105 98 103 96 95 105 100 99 103 100 111 104 97 112 93 106 100 100 #N/A N/A #N/A N/A 121 100 100 #N/A N/A 106 101 95 #N/A N/A 83 82 91
Date 12 month 6 month 12 month 6 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 9 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month
Date 27.02.2013 22.02.2013 22.02.2013 21.02.2013 20.02.2013 19.02.2013 18.02.2013 18.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 04.02.2013 01.02.2013 15.01.2013 10.01.2013 13.12.2012 07.12.2012 21.11.2012 15.11.2012 05.11.2012 26.10.2012 15.10.2012 08.10.2012 02.08.2012 18.05.2012 27.10.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Akzo Nobel NVAkzo Nobel N.V. produces and markets chemicals, coatings, and paints. The Company's products include surfactants, polymer chemicals, pulp and paper chemicals, as well as lacquers and varnishes. Price/Volume60 50 40 5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M f-13
Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 10.01.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKZA NA EQUITY YTD Change AKZA NA EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 15'415.0 0.61x 1'310.0 7.14x (1'086.0) 31.12.2009 31.12.2010 13'028.0 14'640.0 1.00x 0.84x 1'414.0 2'449.0 9.19x 5.03x 285.0 754.0 42.57x 16.31x Profitability 31.12.2011 15'697.0 0.71x 1'663.0 6.73x 477.0 18.59x
30
12/2012 12/yy 52.84 34.85 176'386.00 49.23 -6.81% 41.28% 77.66% 239.0 11'768.31 4'050.00 0.0 465.0 1'752.00 14'531.31
20 10 0 f-12
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data 1.11 238.82 19.78% -1.04% 1.114 33 3.394 1'460'065 867'881 913'781 FY+2 FQ+1 FQ+2
Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q LTM 12/yy 16'331.0 3.32x 4'026.0 3.64x (2'169.0) 0.00x FY+1
31.12.2012 15'390.0 0.95x 3'657.0 4.01x (2'169.0) 3'657.00 862.00 5.60% -9.73% -11.47% -26.94% 0.86% 37.6% 24.7% 5.0% -14.1% 1.39 0.35 22.55% 58.76% 5.84
12/yy 15'697.0 3.02x 1'663.0 6.94x 477.0 18.59x
12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 15'799.7 16'330.2 3'626.7 4'037.0 0.91x 0.87x 4.32x 3.71x 2'011.1 2'208.1 408.7 555.3 7.22x 6.58x 8.00x 823.8 970.3 127.5 222.0 13.56x 11.89x 15.63x S&P Issuer Ratings 25.02.2009 BBB+ STABLE 28.06.2000 A-2 13.70 10.60 0.57 1.01 58.8% 35.5% 0.86 4.39 62.71 47.88
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover
80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 01.01.2010
18'000.0 16'000.0 14'000.0 12'000.0 10'000.0 8'000.0 6'000.0 4'000.0 2'000.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Akzo Nobel NVHoldings By:All
Holder Name CAPITAL GROUP COMPAN MASSACHUSETTS FINANC ONTARIO TEACHERS PEN VANGUARD GROUP INC DODGE & COX ALLIANZ ASSET MANAGE BNP PARIBAS INV PART SKAGEN AS FRANKLIN RESOURCES HARRIS ASSOCIATES LP TWEEDY BROWNE COMPAN BLACKROCK ACHMEA BELEGGINSFOND FMR LLC HARTFORD INVESTMENT FRANK RUSSELL TRUST TEMPLETON INVESTMENT CAUSEWAY CAPITAL MAN NEW YORK LIFE GROUP ING INVESTMENT MANAG
Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios
Source ULT-AGG MF-AGG Research MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG
Amt Held 8'322'900 6'995'056 5'100'000 5'075'719 4'598'291 3'217'767 3'046'145 2'565'119 2'546'361 2'474'010 2'436'793 2'256'713 1'639'488 1'496'246 1'184'020 1'170'845 1'126'384 1'054'310 1'054'117 917'981
% Out 3.48 2.93 2.13 2.12 1.92 1.35 1.27 1.07 1.07 1.03 1.02 0.94 0.69 0.63 0.5 0.49 0.47 0.44 0.44 0.38
Latest Chg (954'000) 133'919 106'690 2'468 791'178 575'475 (69'636) (281'868) 58'893 (559'598) (55'518) 193'027 1'164'397 24'506 (9'520) 217'455 316'600 (308'457)
File Dt Inst Type 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 Pension Fund (ERISA) 31.12.2012 Investment Advisor 29.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.01.2013 Mutual Fund Manager 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 31.05.2012 Investment Advisor 30.11.2012 Investment Advisor 31.12.2012 Investment Advisor 30.09.2012 Insurance Company 31.12.2012 Investment Advisor
Firm Name AlphaValue Goldman Sachs Credit Suisse S&P Capital IQ Exane BNP Paribas Sanford C. Bernstein & Co Societe Generale Nomura HSBC ING Bank Deutsche Bank Kempen & Co Morgan Stanley KBC Securities Commerzbank Corporates & Markets Macquarie SNS Securities(ESN) Rabobank International Redburn Partners ABN Amro Bank N.V. Berenberg Bank Barclays Canaccord Genuity Corp Kepler Capital Markets Petercam JPMorgan Theodoor Gilissen Securities EVA Dimensions Day by Day CA Cheuvreux
Analyst MARTIN SCHNEE RAKESH PATEL CHRIS COUNIHAN JOHNSON IMODE JAMES KNIGHT JEREMY REDENIUS PETER CLARK JEAN DE WATTEVILLE SEBASTIAN SATZ FABIAN SMEETS MARTIN DUNWOODIE ARUN RAMBOCUS PAUL R WALSH WIM HOSTE LUTZ GRUETEN CHRISTIAN FAITZ GERT STEENS MICHA TIEKINK TONY JONES MUTLU GUNDOGAN JAIDEEP PANDYA GUNTHER ZECHMANN PAUL W SATCHELL MARKUS MAYER Roderick Verhelst NEIL C TYLER TOM MULLER CRAIG STERLING VALERIE GASTALDY MARTIN ROEDIGER
Recommendation reduce neutral/neutral outperform hold outperform outperform buy reduce neutral hold buy buy Overwt/In-Line hold buy outperform hold buy buy hold hold equalweight buy reduce hold neutral hold underweight hold underperform
Weighting 2 3 5 3 5 5 5 2 3 3 5 5 5 3 5 5 3 5 5 3 3 3 5 2 3 3 3 1 3 1
Change M M M M M M M M M M M M M D M M M M M M M M M D M U M M M M
Target Price 47 53 56 49 57 65 60 54 51 54 58 59 60 49 65 53 38 60 #N/A N/A 42 58 53 54 45 47 50 50 #N/A N/A #N/A N/A 45
Date 6 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 9 month Not Provided Not Provided Not Provided Not Provided
Date 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 26.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 12.02.2013 07.02.2013 04.02.2013 01.02.2013 01.02.2013 25.01.2013 24.01.2013 22.01.2013 17.01.2013 07.01.2013 17.12.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Allianz SEAllianz SE, through subsidiaries, offers insurance and financial services. The Company offers property and casualty, life and health, credit, motor vehicle and travel insurance, and fund management services. Price/Volume120 100 80 10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13
Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALV GY EQUITY YTD Change ALV GY EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 76'195.0 0.69x (2'444.0) 8.51x 31.12.2009 31.12.2010 82'711.0 89'740.0 0.75x 0.67x 4'297.0 5'053.0 8.37x 7.94x Profitability 31.12.2011 87'384.0 0.61x 2'545.0 13.13x
60
12/2012 12/yy 108.65 68.50 511'490.00 104.35 -3.82% 52.34% 87.42% 456.0 47'578.38 28'411.00 0.0 2'338.0 10'492.00 66'210.38
40 20 0 f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data 1.24 455.95 21.09% -0.43% 1.239 43 4.372 2'663'762 1'702'802 1'612'530 FY+2 FQ+1 FQ+2
Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q LTM FY+1
31.12.2012 106'400.0 5'169.0 9.18x 7.01% 5.45% 0.67% 9.30% 7.26% 0.14% 4.9% 4.43% 0.00% -
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow
12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 96'790.0 105'205.6 108'287.8 1.86x 0.56x 0.54x 0.0 0.00x 5'169.0 5'442.6 5'676.6 9.18x 8.58x 8.20x S&P Issuer Ratings Long-Term Rating Date 27.01.2012 Long-Term Rating AA Long-Term Outlook NEG Short-Term Rating Date 23.03.2009 Short-Term Rating A-1+ Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 0.0% Total Debt/Capital 37.5% Asset Turnover 0.14 Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover
12/yy 87'384.0 2.70x 0.0 0.00x 2'545.0 12.79x
7.00 6.00 5.00 4.00
120'000.0 100'000.0 80'000.0 60'000.0
3.00
40'000.02.00 1.00 0.00 01.01.2010
20'000.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Allianz SEHoldings By:All
Holder Name BLACKROCK VANGUARD GROUP INC FMR LLC HARBOR CAPITAL ADVIS ALLIANZ ASSET MANAGE DEUTSCHE BANK AG UNION INVESTMENT GMB MORGAN STANLEY DB PLATINUM ADVISORS THORNBURG INVESTMENT HARRIS ASSOCIATES LP DEKA INVESTMENT GMBH ADIG INVESTMENT AMUNDI CAPITAL GROUP COMPAN FRANKFURT TRUST INVE MERCURY ASSET MANAGE OPPENHEIMERFUNDS INC NATIXIS ASSET MANAGE JP MORGAN
Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a
Source ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG
Amt Held 32'047'039 8'563'293 8'000'572 6'365'290 4'767'885 4'519'378 4'513'764 3'746'308 3'598'771 3'381'128 2'337'600 2'263'956 2'232'924 1'917'437 1'843'650 1'516'111 1'488'178 1'483'920 1'455'112 961'436
% Out 7.03 1.88 1.75 1.4 1.05 0.99 0.99 0.82 0.79 0.74 0.51 0.5 0.49 0.42 0.4 0.33 0.33 0.33 0.32 0.21
Latest Chg 175'318 (440'475) (13'563) (131'397) 546'507 972'739 135'754 (99'900) 2'699 303'500 388'780 8'714
File Dt 26.02.2013 31.12.2012 31.12.2012 31.12.2012 31.12.2012 31.12.2012 28.09.2012 16.05.2012 31.01.2013 31.12.2012 31.12.2012 28.12.2012 31.10.2012 30.11.2012 31.12.2012 28.12.2012 26.02.2013 30.12.2012 31.12.2012 31.12.2012
Inst Type Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Mutual Fund Manager Unclassified
Firm Name
Analyst
Recommendation add outperform market perform buy hold accumulate buy sell reduce buy buy buy buy buy buy neutral buy overweight outperform buy neutral overweight outperform neutral buy buy outperform Buy/Neutral buy overweight hold buy buy market perform outperform Equalwt/In-Line buy buy buy market perform buy neutral hold
Weighting 4 5 3 5 3 4 5 1 2 5 5 5 5 5 5 3 5 5 5 5 3 5 5 3 5 5 5 5 5 5 3 5 5 3 5 3 5 5 5 3 5 3 3
Change M M U M M M M M M M M M M M M M N M M M M M M M M M M M M M M M M M M M M M M M M M M
Target Price 110 130 135 132 105 111 120 85 73 120 113 120 133 125 118 103 122 122 125 114 113 120 120 123 133 120 130 120 #N/A N/A 128 110 120 117 100 118 110 100 #N/A N/A 100 #N/A N/A #N/A N/A 92 106
Date 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 6 month 12 month Not Provided 9 month Not Provided 12 month Not Provided Not Provided 12 month 6 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 3 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 6 month
Date 28.02.2013 27.02.2013 27.02.2013 26.02.2013 26.02.2013 26.02.2013 25.02.2013 25.02.2013 25.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 18.02.2013 18.02.2013 15.02.2013 08.02.2013 04.02.2013 01.02.2013 30.01.2013 29.01.2013 24.01.2013 23.01.2013 18.01.2013 17.01.2013 16.01.2013 16.01.2013 10.01.2013 07.01.2013 13.12.2012 10.12.2012 05.12.2012 26.11.2012 14.11.2012 09.11.2012 03.08.2012 15.03.2012 11.11.2011 12.05.2011
AlphaValue DIETER HEIN RBC Capital Markets GORDON AITKEN Keefe, Bruyette & Woods WILLIAM HAWKINS Berenberg Bank PETER ELIOT Equinet Institutional Services(ESN) PHILIPP HAESSLER Helvea DANIEL BISCHOF Oddo & Cie NICOLAS JACOB Bankhaus Metzler JOCHEN SCHMITT Kepler Capital Markets FABRIZIO CROCE DZ Bank AG THORSTEN WENZEL Nord/LB VOLKER SACK National Bank AG MANFRED JAISFELD S&P Capital IQ RODERICK WALLACE Independent Research GmbH STEFAN BONGARDT Bryan Garnier & Cie OLIVIER PAUCHAUT Nomura MICHAEL KLIEN Bankhaus Lampe ANDREAS SCHAEFER JPMorgan MICHAEL HUTTNER Exane BNP Paribas THOMAS JACQUET Banco Sabadell MARIO LODOS Credit Suisse RICHARD BURDEN Barclays ANDREW BROADFIELD Main First Bank AG MICHAEL HAID Mediobanca SpA MARC THIELE Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Deutsche Bank ROBIN BUCKLEY Macquarie HADLEY COHEN Goldman Sachs VINIT MALHOTRA EVA Dimensions AUSTIN BURKETT HSBC KAILESH MISTRY Landesbank Baden-Wuerttemberg WERNER SCHIRMER Natixis BENOIT VALLEAUX Day by Day VALERIE GASTALDY Sanford C. Bernstein & Co THOMAS SEIDL CA Cheuvreux ATANASIO PANTARROTAS Morgan Stanley JON HOCKING Canaccord Genuity Corp BEN COHEN Hamburger Sparkasse CHRISTIAN HAMANN Societe Generale JASON KALAMBOUSSIS Raymond James DANNY JACQUES Redburn Partners PAUL GOODHIND Espirito Santo Investment Bank Research FERNEYHOUGH JOY Daiwa Securities Co. Ltd. TIM PROUDLOVE
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Alstom SAAlstom S.A. serves the power generation market and the rail transport market. The Group offers a broad range of solutions for the rail industry, from tramways to high speed trains. Alstom also provides integrated power plants and associated services and equipment for a wide variety of energy sources, and offers technology solutions to eliminate pollutants and reduce emissions. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.02.2013) 52-Week Low (28.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALO FP EQUITY YTD Change ALO FP EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.03.2008 16'908.0 1.13x 1'557.0 12.28x 852.0 22.77x 31.03.2009 31.03.2010 18'739.0 19'650.0 0.51x 0.60x 1'971.0 2'212.0 4.89x 5.34x 1'109.0 1'217.0 10.07x 10.97x Profitability 31.03.2011 20'923.0 0.67x 2'244.0 6.28x 462.0 26.58x 31.03.2012 19'934.0 0.58x 2'032.0 5.73x 732.0 11.75x 2'032.00 1'406.00 7.05% 4.63% 2.53% 18.47% 10.51% 0.66% 19.0% 10.4% 7.3% 3.7% 0.92 0.39 16.18% 116.06% 3.86 4.89 03/2012 12/yy 34.44 22.71 634'119.00 33.695 -2.08% 48.40% 86.45% 308.0 10'379.32 5'022.00 0.0 107.0 2'104.00 13'784.32 Price/Volume40 35 30 25 20 15 10 5 0 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 12/yy 19'994.0 0.00x 0.0 0.00x 0.0 0.00x LTM 12/yy 20'343.0 0.00x 0.0 0.00x 0.0 0.00x FY+1 FY+2 FQ+1 FQ+2
1.17 207.06 7.79% 11.81% 1.171 32 3.844 1'129'861 1'124'900 1'114'955
03/13 Y 03/14 Y 03/13 Q4 06/13 Q1 20'830.6 21'752.3 6'069.0 0.62x 0.58x 1'957.6 2'111.9 7.05x 6.54x 935.3 1'071.2 10.55x 9.62x S&P Issuer Ratings 12.05.2011 BBB NEG 20.01.2010 A-2 11.35 6.81 1.56 2.34 116.1% 53.1% 0.66 7.22 94.71 74.91 92.08 87.81
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover
60.00 50.00 40.00 30.00 20.00 10.00 0.00 03.04.2009
30'000.0 25'000.0 20'000.0 15'000.0 10'000.0 5'000.0 0.003.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Alstom SAHoldings By:All
Holder Name BOUYGUES FRANKLIN RESOURCES NATIXIS ASSET MANAGE FMR LLC NORGES BANK AMUNDI NATIXIS ASSET MANAGE VANGUARD GROUP INC UBS INVESTMENT BANK GROUPAMA ASSET MANAG FMR LLC EDMOND DE ROTHSCHILD UBS CAISSE DES DEPOTS ET CITIGROUP GLOBAL MAR TEMPLETON INVESTMENT HSBC HOLDINGS PLC BLACKROCK CREDIT SUISSE LEGAL & GENERAL
Portfolio Name n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a
Source Research ULT-AGG MF-AGG Co File Co File Co File Co File MF-AGG Co File Co File ULT-AGG Co File ULT-AGG Co File Co File MF-AGG Co File ULT-AGG Co File ULT-AGG
Amt Held 90'543'867 22'992'941 8'866'611 7'229'711 5'835'364 5'432'726 4'438'557 3'812'822 3'680'708 3'511'872 3'468'278 3'435'566 3'343'360 3'155'418 2'596'414 2'409'031 1'710'061 1'686'171 1'665'544 1'512'457
% Out 29.39 7.46 2.88 2.35 1.89 1.76 1.44 1.24 1.19 1.14 1.13 1.12 1.09 1.02 0.84 0.78 0.56 0.55 0.54 0.49
Latest Chg 744'152 4'494'482 97'141 (1'263'275) (2'546) (16'250) (32'839) -
File Dt Inst Type 04.10.2012 Corporation 31.12.2012 Investment Advisor 31.12.2012 Mutual Fund Manager 31.03.2012 Unclassified 31.03.2012 Government 31.03.2012 Investment Advisor 31.03.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Bank 31.03.2012 Investment Advisor 31.12.2012 Investment Advisor 31.03.2012 Investment Advisor 28.12.2012 Unclassified 31.03.2012 Unclassified 31.03.2012 Investment Advisor 30.11.2012 Investment Advisor 31.03.2012 Investment Advisor 26.02.2013 Investment Advisor 31.03.2012 Investment Advisor 31.03.2012 Unclassified
Firm Name
Analyst
Recommendation buy market perform underperform buy buy hold buy Overwt/Cautious outperform buy underweight buy market perform sell overweight neutral/neutral neutral neutral reduce buy outperform hold buy hold overweight neutral buy select list hold buy hold buy
Weighting 5 3 1 5 5 3 5 5 5 5 1 5 3 1 5 3 3 3 2 5 5 3 5 3 5 3 5 5 3 5 3 5
Change M M M M U M M M M M M M M M M M M M M M M M M D M M M M M M M N
Target Price 47 33 27 40 43 30 38 38 37 42 31 37 34 28 39 32 27 33 25 38 41 #N/A N/A 37 35 38 #N/A N/A 34 35 31 41 44 42
Date 6 month 12 month 12 month 12 month 3 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 9 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 6 month Not Provided
Date 28.02.2013 26.02.2013 19.02.2013 14.02.2013 14.02.2013 08.02.2013 07.02.2013 04.02.2013 25.01.2013 24.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 23.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 22.01.2013 17.01.2013 15.01.2013 08.01.2013 29.11.2012 08.10.2012 02.10.2012 07.05.2012 23.03.2012 04.11.2011 21.07.2011 27.10.2010
AlphaValue LIONEL PELLICER Sanford C. Bernstein & Co MARTIN PROZESKY RBC Capital Markets ANDREW CARTER CM - CIC Securities(ESN) ARI AGOPYAN Day by Day VALERIE GASTALDY Canaccord Genuity Corp JAMES STETTLER Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES Morgan Stanley BEN UGLOW Exane BNP Paribas OLIVIER ESNOU Espirito Santo Investment Bank Research VIRDEE ROB Grupo Santander JOSE MANUEL ARROYAS Societe Generale GAEL DE BRAY William Blair & Co NICHOLAS P HEYMANN Landesbank Baden-Wuerttemberg VOLKER STOLL Barclays NICK WEBSTER Goldman Sachs DANIELA COSTA Credit Suisse ANDRE KUKHNIN JPMorgan ANDREAS WILLI Nomura DANIEL CUNLIFFE S&P Capital IQ JAWAHAR HINGORANI Main First Bank AG CHRISTOPHER YOUL EVA Dimensions CRAIG STERLING Natixis ARNAUD SCHMIT Berenberg Bank WILLIAM MACKIE HSBC MICHAEL HAGMANN Redburn Partners JAMES MOORE Kepler Capital Markets PIERRE BOUCHENY CA Cheuvreux ALFRED GLASER DZ Bank AG KARSTEN OBLINGER Deutsche Bank MARTIN WILKIE Independent Research GmbH ROSSEN KOEV CS Capital CHRISTOPHER PARKINSON
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Anglo American PLCAnglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American PLC has mining operations in Africa, Europe, North and South America, Asia and Australia. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.02.2012) 52-Week Low (16.11.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AAL LN EQUITY YTD Change AAL LN EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 26'311.0 1.61x 9'986.0 4.23x 5'215.0 5.19x 31.12.2009 31.12.2010 20'858.0 27'960.0 3.39x 2.84x 4'465.0 10'301.0 15.82x 7.71x 2'425.0 6'544.0 21.67x 9.58x Profitability 31.12.2011 30'580.0 1.77x 11'889.0 4.55x 6'169.0 7.23x 31.12.2012 28'761.0 2.00x 7'694.0 7.48x (1'493.0) 7'694.00 5'405.00 18.79% -0.83% -1.97% -3.89% 9.38% 0.38% 43.3% 26.8% 18.8% -5.2% 2.41 1.41 22.37% 47.15% 9.36 12/2012 01/yy 2'752.00 1'662.50 752'288.00 1918 -30.29% 15.37% 26.62% 1'393.1 26'720.28 17'754.00 0.0 6'130.0 9'094.00 55'305.96 Price/Volume3000 2500 2000 1500 1000 500 0 f-12 m-12 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 .0 M f-13
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 01/yy LTM 01/yy FY+1 FY+2 FQ+1 FQ+2 -
2.92 1.42 1'225.82 -25.94% 1.27% 1.418 32 3.031 3'361'866 3'079'506 3'129'120
12/13 Y 12/14 Y 34'446.7 36'034.4 1.66x 1.61x 9'887.9 10'889.3 5.59x 5.08x 2'988.7 3'662.5 12.30x 10.19x S&P Issuer Ratings
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover
18.04.2011 BBB+ NEG 19.04.2010 A-2 7.09 1.92 1.13 2.31 47.1% 28.8% 0.38 0.67 39.11 49.13
16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 01.01.2010
35'000.0 30'000.0 25'000.0 20'000.0 15'000.0 10'000.0 5'000.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Anglo American PLCHoldings By:All
Holder Name BLACKROCK PUBLIC INVESTMENT CO LEGAL & GENERAL TARL INVESTMENT HOLD EPOCH TWO INVESTMENT NORGES BANK INVESTME SCOTTISH WIDOWS FMR LLC VANGUARD GROUP INC E OPPENHEIMER & SON OPPENHEIMERFUNDS INC UBS PEOPLES REPUBLIC OF OPPENHEIMERFUNDS INC VANGUARD GROUP INC CORONATION ASSET MAN GOVT OF SINGAPORE IN AVIVA INVESTORS STATE STREET Northern Cross Inter
Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios
Source ULT-AGG REG ULT-AGG REG REG REG ULT-AGG ULT-AGG MF-AGG REG MF-AGG ULT-AGG REG REG REG MF-AGG ULT-AGG REG ULT-AGG REG
Amt Held 78'986'629 77'592'603 51'463'960 47'275'613 42'166'686 29'466'453 29'199'945 28'152'759 25'211'973 25'200'000 18'493'976 17'632'458 17'290'964 15'661'337 14'199'373 10'574'494 10'535'767 10'437'360 9'723'569 9'024'700
% Out 5.67 5.57 3.69 3.39 3.03 2.12 2.1 2.02 1.81 1.81 1.33 1.27 1.24 1.12 1.02 0.76 0.76 0.75 0.7 0.65
Latest Chg 540'016 (2'557'012) 3'632'677 (4'622'324) 549'175 1'751'397 523'597 6'944'224 1'122'571 1'982'164 1'922'748 (639'640) 393'514 95'026
File Dt 26.02.2013 01.11.2012 31.01.2013 01.11.2012 01.11.2012 01.11.2012 30.11.2012 31.12.2012 31.12.2012 01.11.2012 30.12.2012 28.12.2012 01.11.2012 01.11.2012 01.11.2012 30.09.2012 01.11.2012 01.11.2012 27.02.2013 01.11.2012
Inst Type Investment Advisor Government Unclassified Unclassified Unclassified Government Unclassified Investment Advisor Investment Advisor Other Investment Advisor Unclassified Government Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Unclassified
Firm Name AlphaValue Exane BNP Paribas Sanford C. Bernstein & Co RBC Capital Markets EVA Dimensions Jefferies Societe Generale Independent Research GmbH Deutsche Bank Credit Suisse JPMorgan Natixis Nomura SBG Securities S&P Capital IQ BMO Capital Markets Morgan Stanley Goldman Sachs HSBC Imara Investec Redburn Partners Barclays Macquarie Liberum Capital Ltd Day by Day Standard Chartered Avior Research CA Cheuvreux Daiwa Securities Co. Ltd. Panmure Gordon & Co Limited Prosdocimi
Analyst SACHIN KUMAR RAPHAEL VEVERKA PAUL GAIT DES KILALEA CRAIG STERLING Christopher LaFemina ALAIN WILLIAM SVEN DIERMEIER GRANT SPORRE LIAM FITZPATRICK FRASER JAMIESON RAOUDHA BOUZEKRI SAM CATALANO PETER DAVEY JOHNSON IMODE TONY ROBSON MENNO SANDERSE EUGENE KING ANDREW KEEN STEPHEN MEINTJES ALBERT MINASSIAN SIMON TOYNE IAN ROSSOUW KIERAN DALY ASH LAZENBY VALERIE GASTALDY SUBRAMANIAM VARADA CLINTON DUNCAN JOAKIM AHLBERG SCOTT FINLAY ALISON TURNER TEAM COVERAGE
Recommendation add underperform outperform sector perform underweight buy sell sell buy neutral underweight neutral neutral sell hold market perform Equalwt/In-Line sell/attractive overweight hold hold sell equalweight outperform hold hold in-line outperform outperform hold hold buy
Weighting 4 1 5 3 1 5 1 1 5 3 1 3 3 1 3 3 3 1 5 3 3 1 3 5 3 3 3 5 5 3 3 5
Change M M M M D U M M M M M M M M M M M M U N M D M M U M M M M N M M
Target Price 2'191 1'700 2'225 1'700 #N/A N/A 2'450 1'900 1'800 2'290 2'100 1'640 1'900 1'800 2'000 2'100 2'200 1'970 1'550 2'240 #N/A N/A 2'259 #N/A N/A 1'970 2'250 #N/A N/A #N/A N/A 1'960 2'338 2'250 3'329 2'756 #N/A N/A
Date 6 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided 9 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 6 month Not Provided Not Provided
Date 28.02.2013 27.02.2013 26.02.2013 25.02.2013 22.02.2013 21.02.2013 19.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 16.02.2013 15.02.2013 15.02.2013 11.02.2013 07.02.2013 17.01.2013 16.01.2013 16.01.2013 14.01.2013 10.01.2013 30.11.2012 03.10.2012 08.09.2012 27.08.2012 30.07.2012 21.04.2011 21.04.2011 10.06.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Anheuser-Busch InBev NVAnheuser-Busch InBev NV brews beer. The Company manufactures ale, lager, stout, and bitter beer. Anheuser-Busch InBev owns brands that are both nationally and internationally prominent. The Company has production plants in Europe, the Americas, and Asia. Price/Volume80 70 60 50 40 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 .0 M f-13
Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2013) 52-Week Low (29.02.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABI BB EQUITY YTD Change ABI BB EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 23'507.0 4.07x 7'734.0 12.37x 1'927.0 11.99x 31.12.2009 31.12.2010 36'758.0 36'297.0 3.57x 3.70x 12'925.0 13'768.0 10.15x 9.76x 4'613.0 4'026.0 17.92x 22.61x Profitability 31.12.2011 39'046.0 3.49x 15'297.0 8.91x 5'855.0 16.71x 31.12.2012 39'758.0 4.37x 15'450.0 11.25x 7'243.0 19.15x 15'450.00 12'765.00 32.11% 28.05% 6.16% 18.42% 13.08% 0.34% 58.6% 38.9% 32.1% 18.2% 1.01 0.88 36.16% 107.78% 9.76 6.62 12/2012 12/yy 71.74 49.79 540'520.00 71.2 -0.79% 43.00% 97.20% 1'606.8 114'403.27 44'341.00 0.0 4'299.0 13'878.00 184'756.12
30 20 10 0 f-12
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 12/yy 39'046.0 3.49x 15'297.0 8.91x 5'855.0 16.71x LTM 12/yy 39'758.0 4.14x 11'768.0 0.00x 7'244.0 19.04x FY+1 FY+2 FQ+1 FQ+2
0.78 44.29% 8.31% 0.775 35 3.714 2'462'573 2'289'935 1'827'882
12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 45'038.9 48'541.3 4.20x 3.78x 17'643.5 19'424.8 10.48x 9.52x 8'086.7 8'967.0 18.73x 16.66x S&P Issuer Ratings 01.05.2012 A STABLE 01.05.2012 A-1 7.48 5.90 1.97 2.87 107.8% 49.4% 0.34 2.45 37.49 55.25 306.82 -214.08
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover
14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 01.01.2010
45'000.0 40'000.0 35'000.0 30'000.0 25'000.0 20'000.0 15'000.0 10'000.0 5'000.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Anheuser-Busch InBev NVHoldings By:All
Holder Name STICHTING INBEV EUGENIE PATRI SEBAST CAPITAL GROUP COMPAN BRC SARL FMR LLC VANGUARD GROUP INC BLACKROCK HARBOR CAPITAL ADVIS BNP PARIBAS INV PART ANHEUSER-BUSCH INBEV VOORZITTER VERHELST INBEV-BAILLET LATOUR ARTISAN PARTNERS HOL ALLIANZ ASSET MANAGE T ROWE PRICE ASSOCIA INVESCO LTD MERCURY ASSET MANAGE AMUNDI GRANTHAM MAYO VAN OT THREADNEEDLE INVESTM
Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios
Source 20F 20F ULT-AGG 20F ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG 20F 20F 20F MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG
Amt Held 663'074'830 133'267'604 35'079'819 32'666'460 19'379'453 16'738'779 12'006'663 10'597'724 9'854'250 7'601'955 6'997'665 5'485'415 4'160'120 3'870'095 3'438'936 2'695'029 2'446'978 2'292'039 2'153'869 2'066'638
% Out 41.27 8.29 2.18 2.03 1.21 1.04 0.75 0.66 0.61 0.47 0.44 0.34 0.26 0.24 0.21 0.17 0.15 0.14 0.13 0.13
Latest Chg (3'462'946) (1'662'696) (2'422'646) 266'830 (128'959) 727'791 89'672 10'559 1'647'249 311'764 402'350 166'567 46'278
File Dt Inst Type 29.08.2011 n/a 29.08.2011 Corporation 31.12.2012 Investment Advisor 29.08.2011 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 29.08.2011 Corporation 29.08.2011 Other 29.08.2011 Other 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 27.02.2013 Investment Advisor 26.02.2013 Investment Advisor 30.11.2012 Mutual Fund Manager 31.05.2012 Investment Advisor 31.10.2012 Investment Advisor
Firm Name
Analyst
Recommendation buy overweight neutral underperform sell hold buy outperform hold hold hold buy hold hold reduce buy not rated neutral buy buy buy sell/attractive neutral buy buy outperform buy outperform sell neutral hold hold restricted suspended coverage buy not rated buy
Weighting 5 5 3 1 1 3 5 5 3 3 3 5 3 3 2 5 #N/A N/A 3 5 5 5 1 3 5 5 5 5 5 1 3 3 3 #N/A N/A #N/A N/A 5 #N/A N/A 5
Change M M M M M M M M M M M M M M M U M M M M M M M M M M M M M M M M M M M M N
Target Price 74 78 70 63 44 68 76 81 74 73 71 85 73 68 61 76 #N/A N/A 70 71 80 64 60 70 75 #N/A N/A 69 82 72 #N/A N/A 65 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 42 #N/A N/A 50
Date 12 month Not Provided 12 month Not Provided 6 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 6 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided
Date 28.02.2013 28.02.2013 28.02.2013 28.02.2013 28.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 27.02.2013 25.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 04.02.2013 01.02.2013 01.02.2013 01.02.2013 31.01.2013 25.01.2013 21.01.2013 17.01.2013 14.09.2012 10.09.2012 07.08.2012 29.06.2012 29.06.2012 05.03.2012 07.02.2012 27.09.2011
Societe Generale ANDREW HOLLAND HSBC LAUREN E TORRES Nomura IAN SHACKLETON Exane BNP Paribas JAVIER GONZALEZ LASTRA AlphaValue ISABELLE COMBEMALE Kempen & Co SANDER VAN OORT Jefferies DIRK VAN VLAANDEREN Sanford C. Bernstein & Co TREVOR STIRLING Bank Degroof(ESN) HANS D'HAESE Independent Research GmbH LARS LUSEBRINK KBC Securities WIM HOSTE Canaccord Genuity Corp EDDY HARGREAVES S&P Capital IQ CARL SHORT ING Bank MARCO GULPERS ABN Amro Bank N.V. ROBERT JAN VOS Rabobank International KAREL ZOETE JPMorgan MIKE J GIBBS Natixis OLIVIER DELAHOUSSE Grupo Santander ANTHONY J BUCALO Petercam KRIS KIPPERS Berenberg Bank PHILIP MORRISEY Goldman Sachs MITCHELL COLLETT Credit Suisse SANJEET AUJLA Bryan Garnier & Cie NIKOLAAS FAES Redburn Partners CHRIS PITCHER RBC Capital Markets JAMES EDWARDES JONES Liberum Capital Ltd PABLO ZUANIC CA Cheuvreux ERIC BOROIAN EVA Dimensions AUSTIN BURKETT Espirito Santo Investment Bank Research ALEX SMITH Nord/LB WOLFGANG VASTERLING Day by Day VALERIE GASTALDY Deutsche Bank JONATHAN FELL Barclays SIMON HALES Banco Sabadell IGNACIO ROMERO Shore Capital Stockbrokers PHIL CARROLL Kepler Capital Markets TEAM COVERAGE
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Antofagasta PLCAntofagasta plc owns and operates copper mines in Chile and conducts exploration activities in Chile and Peru. The Group also operates a rail network servicing the mining region of northern Chile, as well as operates a concession for the distribution of water in this region. Price/Volume1600 1400 1200 1000 800 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 .0 M f-13
Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.01.2013) 52-Week Low (01.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ANTO LN EQUITY YTD Change ANTO LN EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2007 3'826.7 3.37x 2'784.2 4.64x 1'382.1 10.14x 31.12.2008 31.12.2009 3'372.6 2'962.6 1.29x 5.22x 1'776.4 1'676.9 2.45x 9.23x 1'706.5 667.7 3.58x 23.65x Profitability 31.12.2010 4'577.1 5.42x 2'881.1 8.60x 1'051.8 23.56x 31.12.2011 6'076.0 3.14x 3'519.3 5.41x 1'236.6 15.02x 3'519.30 3'087.60 50.82% 50.63% 10.17% 19.40% 0.53% 64.8% 55.4% 47.9% 20.4% 4.79 4.05 18.29% 34.54% 6.33 3.99 12/2011 09/yy 1'392.00 972.00 312'006.00 1099 -20.98% 13.07% 34.05% 985.9 10'834.56 2'140.30 0.0 1'611.2 3'280.00 16'875.29
600 400 200 0 f-12 m-12
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 09/yy 4'172.9 0.00x 0.0 0.00x 0.0 0.00x LTM 09/yy 6'755.5 0.00x 0.0 0.00x 0.0 0.00x FY+1 FY+2 FQ+1 FQ+2
1.23 1.54 345.84 -15.25% -16.99% 1.544 29 2.793 2'470'585 1'964'332 1'610'025
12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 6'640.1 6'606.7 1'587.8 1'618.0 2.41x 2.41x 3'744.1 3'435.2 923.4 4.51x 4.91x 1'338.0 1'301.9 12.16x 12.53x S&P Issuer Ratings 79.09 64.11 -0.39 0.59 34.5% 21.5% 0.53 0.97 57.78 91.82 68.81 77.50
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow
Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover
25.00
7'000.0 6'000.0 5'000.0
20.00
15.00
4'000.0 3'000.0 2'000.0
10.00
5.00
1'000.0 0.002.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013
0.00 02.01.2009
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
Antofagasta PLCHoldings By:All
Holder Name METALINVEST ESTABLIS KUPFERBERG ESTABLISH BLACKROCK AUREBERG ESTABLISHME FRANKLIN RESOURCES LEGAL & GENERAL RS INVESTMENT MANAGE NORGES BANK INVESTME SCOTTISH WIDOWS RS INVESTMENT MANAGE JP MORGAN VANGUARD GROUP INC FMR LLC BAILLIE GIFFORD AND UBS MERRILL LYNCH & COMP T ROWE PRICE ASSOCIA PEOPLES REPUBLIC OF T ROWE PRICE ASSOCIA GH KLUGE & SONS LTD
Portfolio Name n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios
Source Co File REG ULT-AGG REG ULT-AGG ULT-AGG REG REG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG REG ULT-AGG REG REG REG MF-AGG REG
Amt Held 500'026'513 98'032'110 50'278'691 41'963'110 27'996'546 14'952'806 9'420'911 8'649'755 8'488'957 7'887'165 7'412'130 7'272'901 7'259'809 7'141'508 6'973'019 6'199'759 5'776'806 5'702'125 5'539'205 5'345'800
% Out 50.72 9.94 5.1 4.26 2.84 1.52 0.96 0.88 0.86 0.8 0.75 0.74 0.74 0.72 0.71 0.63 0.59 0.58 0.56 0.54
Latest Chg 877'100 (652'086) 348'840 (310'538) 2'136'431 387'806 185'093 188'245 5'090'993 49'137 (597'020) (2'450) (4'170'287) 557'168 (1'951'983) -
File Dt 12.03.2012 02.01.2013 26.02.2013 02.01.2013 02.01.2013 31.01.2013 02.01.2013 02.01.2013 02.01.2013 31.12.2012 02.01.2013 31.12.2012 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 02.01.2013 31.12.2012 02.01.2013
Inst Type Unclassified Unclassified Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Government Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Government Investment Advisor Unclassified
Firm Name AlphaValue JPMorgan Exane BNP Paribas Societe Generale RBC Capital Markets Day by Day GMP Jefferies HSBC Goldman Sachs Canaccord Genuity Corp Nomura Macquarie Deutsche Bank Credit Suisse Fox-Davies Capital Barclays Numis Securities Ltd Morgan Stanley EVA Dimensions Liberum Capital Ltd Redburn Partners BMO Capital Markets Natixis Larrain Vial Corredores de Bolsa S&P Capital IQ Grupo Santander Daiwa Securities Co. Ltd.
Analyst SACHIN KUMAR FRASER JAMIESON RAPHAEL VEVERKA ABHISHEK SHUKLA TIMOTHY HUFF VALERIE GASTALDY MATHEW FERNLEY Christopher LaFemina ANDREW KEEN FAWZI HANANO PETER MALLIN-JONES PATRICK JONES ALON OLSHA GRANT SPORRE LIAM FITZPATRICK PETER ROSE IAN ROSSOUW CAILEY BARKER ALAIN GABRIEL CRAIG STERLING BEN DAVIS SIMON TOYNE TEAM COVERAGE RAOUDHA BOUZEKRI JOSE PEDRO FUENZALIDA JOHNSON IMODE RODRIGO ORDONEZ SCOTT FINLAY
Recommendation buy overweight outperform sell outperform hold hold hold neutral sell/attractive hold neutral neutral hold underperform sell equalweight hold Underwt/In-Line overweight hold sell not rated neutral sell sell buy outperform
Weighting 5 5 5 1 5 3 3 3 3 1 3 3 3 3 1 1 3 3 1 5 3 1 #N/A N/A 3 1 1 5 5
Change M M M M U M D M U M M M M M D M M M M M U M M M M M M D
Target Price 1'457 1'400 1'350 970 1'200 #N/A N/A 1'220 1'350 1'160 1'075 1'175 1'250 1'170 1'260 1'150 984 1'100 1'230 1'100 #N/A N/A #N/A N/A #N/A N/A #N/A N/A 1'147 1'180 1'000 1'500 1'372
Date 6 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month
Date 28.02.2013 27.02.2013 27.02.2013 25.02.2013 22.02.2013 21.02.2013 11.02.2013 08.02.2013 07.02.2013 06.02.2013 06.02.2013 03.02.2013 01.02.2013 31.01.2013 31.01.2013 31.01.2013 30.01.2013 29.01.2013 23.01.2013 17.01.2013 14.01.2013 06.12.2012 22.11.2012 20.11.2012 19.11.2012 12.10.2012 15.03.2012 09.06.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
AP Moeller - Maersk A/SA.P. Moeller-Maersk A/S is a conglomerate with diversified holdings. The Company's fleet includes container vessels, tankers, supply ships, special vessels, and oil drilling rigs. A.P. Moeller-Maersk also operates industrial, and supermarket businesses, and explores for and produces oil and gas. The Company is active worldwide. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.01.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 27.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAERSKB DC EQUITY YTD Change MAERSKB DC EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 311'821.0 0.68x 83'945.0 2.52x 16'960.0 6.86x 31.12.2009 31.12.2010 260'336.0 315'396.0 1.01x 0.97x 49'262.0 89'218.0 5.34x 3.44x (7'027.0) 26'455.0 8.33x Profitability 31.12.2011 322'520.0 0.84x 78'506.0 3.44x 15'189.0 10.96x 31.12.2012 342'058.0 0.85x 72'897.0 4.00x 21'673.0 8.59x 72'897.00 41'924.00 12.26% 12.43% 5.25% 10.76% 0.83% 21.3% 12.3% 6.3% 1.15 0.67 26.40% 53.19% 12.20 Price/Volume50000 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 f-12 m-12 .0 M .0 M .0 M .0 M .0 M .0 M .0 M f-13
12/2012 12/yy 47'480.00 35'000.00 1'761.00 45680 -3.79% 30.51% 83.33% 2.2 196'834.95 111'064.00 0.0 13'744.0 15'171.00 306'471.96
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
1.02 3.97% 7.23% 1.017 31 3.677 5'834 4'800 4'522
EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow
12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 322'520.0 342'058.0 346'192.4 366'044.8 81'773.1 85'571.3 2.44x 3.40x 0.89x 0.83x 78'506.0 72'897.0 78'615.5 85'718.1 17'725.7 19'909.3 3.44x 4.06x 3.90x 3.58x 3.95x 3.78x 15'189.0 21'673.0 19'673.8 24'918.6 3'444.0 5'381.8 11.01x 8.61x 10.30x 8.27x 10.09x 9.27x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover
15.68 7.80 1.32 1.52 53.2% 33.3% 0.83 1.33 30.01 -
9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 01.01.2010
400'000.0 350'000.0 300'000.0 250'000.0 200'000.0 150'000.0 100'000.0 50'000.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
28.02.2013
AP Moeller - Maersk A/SHoldings By:All
Holder Name AP & CHASTINE MOLLER AP MOLLER C MCKINNEY FRANKLIN RESOURCES MC-KINNEY MOLLER MAE DEN AP MOLLERSKE STO VANGUARD GROUP INC AP MOLLER - MAERSK A SKAGEN AS NORDEA INV MANAGEMEN BLACKROCK SWEDBANK ROBUR FONDE CAPITAL GROUP COMPAN MANDARINE GESTION JANUS CAPITAL MANAGE SPARINVEST ING INTERNATIONAL AD T ROWE PRICE ASSOCIA SARASIN DANSKE INVEST A/S DEUTSCHE BANK AG
Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios
Source Co File Co File ULT-AGG Co File Co File MF-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG U
