1. This material does not constitute investment advice and
should not beviewed as a current or past recommendation or a
solicitation of anoffer to buy or sell any securities or to adopt
any investment strategy. Fundamental Analysis & Analyst
Recommendations STOXX Europe Large 200 Index March 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] |
2. 28.02.2013ABB LtdABB Limited provides power and automation
technologies. The Company operates Price/Volumeunder segments that
include power products, power systems, automation products, 25 35.0
Mprocess automation and robotics. 30.0 M 20 25.0 M 15 20.0 M
Valuation Analysis 10 15.0 MLatest Fiscal Year: 12/2012 10.0 MLTM
as of: 12/yy 5 5.0 M52-Week High (25.02.2013) 21.60 0 .0 M52-Week
Low (15.06.2012) 14.45 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12
n-12 d-12 j-13 f-13Daily Volume 1257514.00 Current Price (2/dd/yy)
21.38 Market Data 52-Week High % Change -1.06% Dividend Yield -
52-Week Low % Change 47.96% Beta 1.28 % 52 Week Price Range
High/Low 93.85% Equity Float 2145.77Shares Out 31.12.2012 2314.7
Short Int - Market Capitalization 49489.21 1 Yr Total Return
19.98%Total Debt 10071.00 YTD Return 14.03%Preferred Stock 0.0
Adjusted BETA 1.278Minority Interest 540.0 Analyst Recs 41Cash and
Equivalents 8481.00 Consensus Rating 3.805Enterprise Value 55299.32
Average Daily Trading Volume Relative Stock Price Performance
Average Volume 5 Day 6918902ABBN VX EQUITY YTD Change - Average
Volume 30 Day 6780230ABBN VX EQUITY YTD % CHANGE - Average Volume 3
Month 5981187 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy
12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 34912.0 31795.0
31589.0 37990.0 39336.0 37990.0 39336.0 41566.0 43746.9 9585.5
10338.2 TEV/Revenue 0.83x 1.18x 1.42x 1.10x 1.25x 5.09x 4.69x 1.30x
1.19x 5.73x 5.43x EBITDA 5259.0 4892.0 4733.0 5688.0 5240.0 5688.0
5420.0 6298.4 6953.3 1413.7 1587.3 TEV/EBITDA 5.48x 7.67x 9.49x
7.37x 9.40x 7.37x 9.09x 8.78x 7.95x 8.74x - Net Income 3118.0
2901.0 2561.0 3168.0 2704.0 3168.0 2704.0 3455.2 3961.8 737.8 849.5
P/E 10.76x 15.27x 19.85x 13.65x 17.40x 13.65x 17.55x 15.07x 13.30x
15.30x - Profitability S&P Issuer RatingsEBITDA 5240.00
Long-Term Rating Date 08.06.2010EBIT 4058.00 Long-Term Rating
AOperating Margin 10.32% Long-Term Outlook STABLEPretax Margin
9.76% Short-Term Rating Date 08.06.2010Return on Assets 6.10%
Short-Term Rating A-1Return on Common Equity 16.55% Credit
RatiosReturn on Capital 12.65% EBITDA/Interest Exp. 17.88Asset
Turnover 0.89% (EBITDA-Capex)/Interest Exp. 13.47Margin Analysis
Net Debt/EBITDA 0.29Gross Margin 28.9% Total Debt/EBITDA 1.86EBITDA
Margin 13.8% ReferenceEBIT Margin 10.8% Total Debt/Equity 59.6%Net
Income Margin 6.9% Total Debt/Capital 36.6%Structure Asset Turnover
0.89Current Ratio 1.48 Net Fixed Asset Turnover 7.24Quick Ratio
1.06 Accounts receivable turnover-days 89.90Debt to Assets 20.52%
Inventory Days 78.02Tot Debt to Common Equity 59.57% Accounts
Payable Turnover Day 63.02Accounts Receivable Turnover 4.07 Cash
Conversion Cycle 104.90Inventory Turnover 4.69Price/ Cash Flow
Sales/Revenue/Turnover 25.00 45000.0 40000.0 20.00 35000.0 30000.0
15.00 25000.0 20000.0 10.00 15000.0 10000.0 5.00 5000.0 0.00 0.0
01.01.2010 01.07.2010 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] |
3. 28.02.2013ABB LtdHoldings By: All Holder Name Portfolio Name
Source Amt Held % Out Latest Chg File Dt Inst TypeINVESTOR AB n/a
Research 166330142 7.19 - 04.01.2011 Investment AdvisorBLACKROCK
n/a ULT-AGG 88383685 3.82 641066 26.02.2013 Investment
AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 46622931 2.01
107985 31.12.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple
Portfolios MF-AGG 35969759 1.55 (250775) 28.12.2012 Mutual Fund
ManagerHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25109683
1.08 - 31.12.2012 Investment AdvisorNORDEA FONDER AB/SWE Multiple
Portfolios MF-AGG 24404999 1.05 742517 31.01.2013 Investment
AdvisorUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 21512467 0.93
(228817) 30.11.2012 Investment AdvisorPICTET & CIE Multiple
Portfolios MF-AGG 14688361 0.63 1127411 30.11.2012 Mutual Fund
ManagerSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 14044104
0.61 (1721905) 31.12.2012 Investment AdvisorSEB n/a ULT-AGG
12616326 0.55 442829 25.02.2013 UnclassifiedSKAGEN AS Multiple
Portfolios MF-AGG 10421737 0.45 - 31.01.2013 Mutual Fund ManagerAMF
FONDER AB Multiple Portfolios MF-AGG 9443400 0.41 1877700
31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG
8568106 0.37 (2579835) 27.02.2013 Investment AdvisorSWISSCANTO
FONDSLEIT Multiple Portfolios MF-AGG 8070678 0.35 4651 28.12.2012
Mutual Fund ManagerHANDELSBANKEN FONDER Multiple Portfolios MF-AGG
7074030 0.31 559620 31.01.2013 Investment AdvisorT ROWE PRICE
ASSOCIA Multiple Portfolios MF-AGG 6861907 0.3 5064054 31.12.2012
Investment AdvisorFOLKSAM LO FOND AB Multiple Portfolios MF-AGG
6064784 0.26 1403 31.12.2012 Investment AdvisorCALAMOS ADVISORS LLC
Multiple Portfolios MF-AGG 6040300 0.26 (135000) 31.01.2013
Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 5600000 0.24 -
31.12.2012 Investment AdvisorVONTOBEL ASSET MANAG Multiple
Portfolios MF-AGG 3823948 0.17 (15000) 31.10.2012 Investment
Advisor Firm Name Analyst Recommendation Weighting Change Target
Price Date DateAlphaValue HEINZ STEFFEN reduce 2 M 21 6 month
28.02.2013Sanford C. Bernstein & Co MARTIN PROZESKY outperform
5 M 25 12 month 26.02.2013Credit Suisse SIMON TOENNESSEN outperform
5 N 26 Not Provided 20.02.2013Landesbank Baden-Wuerttemberg VOLKER
STOLL buy 5 M 25 Not Provided 20.02.2013Bank Vontobel AG TAKIS
SPILIOPOULOS buy 5 M 25 Not Provided 20.02.2013EVA Dimensions CRAIG
STERLING sell 1 D #N/A N/A Not Provided 20.02.2013RBC Capital
Markets ANDREW CARTER sector perform 3 M 21 12 month
19.02.2013Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A
N/A Not Provided 18.02.2013Hamburger Sparkasse MARCO GUENTHER buy 5
M #N/A N/A Not Provided 18.02.2013Kepler Capital Markets CHRISTOPH
LADNER hold 3 D 21 Not Provided 18.02.2013Main First Bank AG
CHRISTOPHER YOUL outperform 5 M 24 12 month 18.02.2013Barclays NICK
WEBSTER overweight 5 M 24 Not Provided 18.02.2013Societe Generale
SEBASTIEN GRUTER buy 5 M 25 12 month 15.02.2013Deutsche Bank MARTIN
WILKIE sell 1 M 18 12 month 15.02.2013SEB Enskilda DANIEL SCHMIDT
buy 5 M 23 Not Provided 15.02.2013Independent Research GmbH MARKUS
FRIEBEL hold 3 M 22 12 month 15.02.2013Carnegie KENNETH TOLL
JOHANSSON buy 5 M #N/A N/A Not Provided 15.02.2013Nordea Equity
Research ANDREAS BROCK hold 3 M 21 12 month 15.02.2013Exane BNP
Paribas OLIVIER ESNOU outperform 5 M 25 Not Provided
15.02.2013Helvea STEFAN GAECHTER buy 5 M 25 12 month
15.02.2013Danske Markets CARL GUSTAFSSON buy 5 M 23 12 month
15.02.2013Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 18 12 month
14.02.2013ABG Sundal Collier ANDERS IDBORG buy 5 U 24 6 month
14.02.2013JPMorgan ANDREAS WILLI underweight 1 M 21 9 month
14.02.2013Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12
month 14.02.2013Handelsbanken HAMPUS ENGELLAU buy 5 M 26 12 month
14.02.2013Nomura DANIEL CUNLIFFE neutral 3 M 19 12 month
14.02.2013S&P Capital IQ JAWAHAR HINGORANI hold 3 M 23 12 month
14.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not
Provided 14.02.2013CA Cheuvreux ALFRED GLASER underperform 1 M 14
Not Provided 23.01.2013Goldman Sachs DANIELA COSTA Buy/Neutral 5 M
24 12 month 17.01.2013Berenberg Bank WILLIAM MACKIE hold 3 M 21 Not
Provided 08.01.2013Natixis ARNAUD SCHMIT neutral 3 M 19 Not
Provided 21.12.2012Swedbank MATS LISS buy 5 M 20 12 month
11.12.2012HSBC COLIN GIBSON neutral 3 M 18 Not Provided
29.11.2012Espirito Santo Investment Bank Research VIRDEE ROB buy 5
M 21 Not Provided 30.10.2012Redburn Partners JAMES MOORE neutral 3
M #N/A N/A Not Provided 08.10.2012Pareto Securities DAVID JACOBSSON
hold 3 M 17 6 month 27.07.2012Hammer Partners SA ALBERTO ROLLA buy
5 N 27 Not Provided 05.08.2010 Q.M.S Advisors | tel: +41 (0)78 922
08 77 | e-mail: [email protected] |
4. 28.02.2013Adidas AGAdidas AG manufactures sports shoes and
sports equipment. The Company produces Price/Volumeproducts that
include footwear, sports apparel, and golf clubs and balls. Adidas
80 3.0 Msells its products worldwide. 70 2.5 M 60 2.0 M 50 40 1.5 M
Valuation Analysis 30Latest Fiscal Year: 12/2011 1.0 M 20LTM as of:
09/yy .5 M 1052-Week High (20.02.2013) 72.64 0 .0 M52-Week Low
(29.06.2012) 54.75 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12
n-12 d-12 j-13 f-13Daily Volume 129500.00 Current Price (2/dd/yy)
69.56 Market Data 52-Week High % Change -4.38% Dividend Yield -
52-Week Low % Change 27.05% Beta 0.77 % 52 Week Price Range
High/Low 81.61% Equity Float 209.22Shares Out 30.09.2012 209.2
Short Int - Market Capitalization 14553.08 1 Yr Total Return
19.87%Total Debt 1280.00 YTD Return 3.31%Preferred Stock 0.0
Adjusted BETA 0.773Minority Interest 4.0 Analyst Recs 40Cash and
Equivalents 1371.00 Consensus Rating 3.950Enterprise Value 14891.08
Average Daily Trading Volume Relative Stock Price Performance
Average Volume 5 Day 960899ADS GY EQUITY YTD Change - Average
Volume 30 Day 831914ADS GY EQUITY YTD % CHANGE - Average Volume 3
Month 755077 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy
12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 10299.0 10799.0
10381.0 11990.0 13344.0 12922.0 14777.0 14934.2 15751.7 3433.6
3994.5 TEV/Revenue 1.18x 0.69x 0.85x 0.87x 0.78x 3.36x 3.33x 0.97x
0.90x - - EBITDA 1167.0 1310.0 823.0 1174.0 1264.0 1262.0 1468.0
1468.7 1699.3 93.5 503.0 TEV/EBITDA 10.41x 5.69x 10.72x 8.91x 8.25x
8.22x 9.35x 10.13x 8.75x 9.26x 9.01x Net Income 551.0 642.0 245.0
567.0 671.0 659.0 817.0 801.2 949.2 (14.9) 308.5 P/E 18.79x 8.35x
30.22x 18.04x 15.71x 14.58x 16.45x 18.23x 15.47x 16.33x 15.53x
Profitability S&P Issuer RatingsEBITDA 1264.00 Long-Term Rating
Date -EBIT 1011.00 Long-Term Rating -Operating Margin 7.58%
Long-Term Outlook -Pretax Margin 6.95% Short-Term Rating Date
-Return on Assets 7.16% Short-Term Rating -Return on Common Equity
14.84% Credit RatiosReturn on Capital - EBITDA/Interest Exp.
11.70Asset Turnover 1.30% (EBITDA-Capex)/Interest Exp. 8.76Margin
Analysis Net Debt/EBITDA 0.23Gross Margin 47.5% Total Debt/EBITDA
1.13EBITDA Margin 9.9% ReferenceEBIT Margin 8.1% Total Debt/Equity
24.0%Net Income Margin 5.0% Total Debt/Capital 19.4%Structure Asset
Turnover 1.30Current Ratio 1.50 Net Fixed Asset Turnover 15.45Quick
Ratio 0.72 Accounts receivable turnover-days 57.44Debt to Assets
11.25% Inventory Days 109.25Tot Debt to Common Equity 24.03%
Accounts Payable Turnover Day 63.25Accounts Receivable Turnover
6.37 Cash Conversion Cycle 77.37Inventory Turnover 3.35Price/ Cash
Flow Sales/Revenue/Turnover 600.00 16000.0 14000.0 500.00 12000.0
400.00 10000.0 300.00 8000.0 6000.0 200.00 4000.0 100.00 2000.0
0.00 0.0 02.01.2009 02.07.2009 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] |
5. 28.02.2013Adidas AGHoldings By: All Holder Name Portfolio
Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL
GROUP COMPAN n/a ULT-AGG 24832306 11.87 (190000) 31.12.2012
Investment AdvisorBLACKROCK n/a ULT-AGG 13092430 6.26 (131765)
26.02.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple
Portfolios MF-AGG 7035046 3.36 (787289) 31.12.2012 Investment
AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5079560 2.43
(630886) 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple
Portfolios MF-AGG 4875195 2.33 1800000 31.01.2013 Investment
AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 4020990 1.92
(4077) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 2695238
1.29 (5477) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a
ULT-AGG 2395061 1.14 (84641) 31.01.2013 Investment AdvisorUNION
INVESTMENT GMB Multiple Portfolios MF-AGG 1745150 0.83 7200
28.09.2012 Investment AdvisorJUPITER ASSET MANAGE Multiple
Portfolios MF-AGG 1563123 0.75 - 31.08.2012 Investment
AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1556158 0.74 8590
27.02.2013 Investment AdvisorMANNING & NAPIER ADV Multiple
Portfolios MF-AGG 1271690 0.61 11310 31.12.2012 Investment
AdvisorBROOKSIDE CAPITAL TR n/a Short (1234376) -0.59 (104609)
02.11.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple
Portfolios MF-AGG 1162385 0.56 (54247) 28.12.2012 Mutual Fund
ManagerTRIMARK INVESTMENT M Multiple Portfolios MF-AGG 1126329 0.54
- 30.09.2012 UnclassifiedBESSEMER GROUP INCOR Multiple Portfolios
MF-AGG 980376 0.47 219000 31.10.2012 Investment AdvisorSEB n/a
ULT-AGG 757244 0.36 146586 31.01.2013 UnclassifiedFRANKFURT TRUST
INVE Multiple Portfolios MF-AGG 651800 0.31 - 28.12.2012 Mutual
Fund ManagerADIG INVESTMENT Multiple Portfolios MF-AGG 647738 0.31
75000 31.10.2012 Investment AdvisorAMUNDI Multiple Portfolios
MF-AGG 627633 0.3 395273 30.11.2012 Mutual Fund Manager Firm Name
Analyst Recommendation Weighting Change Target Price Date DateMain
First Bank AG MATTHIAS EIFERT outperform 5 M 85 12 month
28.02.2013AlphaValue HANS-PETER WODNIOK reduce 2 M 72 6 month
28.02.2013Equinet Institutional Services(ESN) INGBERT FAUST buy 5 M
80 12 month 27.02.2013Susquehanna Financial Group CHRISTOPHER
SVEZIA Positive 4 M 78 12 month 25.02.2013Morgan Stanley LOUISE
SINGLEHURST Underwt/In-Line 1 M 62 12 month 22.02.2013JPMorgan
CHIARA BATTISTINI neutral 3 M 65 9 month 22.02.2013Deutsche Bank
MICHAEL KUHN buy 5 M 81 12 month 20.02.2013Cantor Fitzgerald
ALLEGRA PERRY sell 1 M 62 Not Provided 20.02.2013Day by Day VALERIE
GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013Barclays JULIAN
EASTHOPE equalweight 3 M 74 Not Provided 18.02.2013Baader Bank
VOLKER BOSSE buy 5 M 80 12 month 14.02.2013Exane BNP Paribas
ANDREAS INDERST outperform 5 M 83 Not Provided 13.02.2013Telsey
Advisory Group KELLY CHEN no rating system #N/A N/A M 74 Not
Provided 10.02.2013Redburn Partners ANDREW MOBBS sell 1 M #N/A N/A
Not Provided 01.02.2013DZ Bank AG HERBERT STURM buy 5 M 72 12 month
23.01.2013National Bank AG MANFRED JAISFELD hold 3 D 72 Not
Provided 18.01.2013Commerzbank Corporates & Markets ANDREAS
RIEMANN hold 3 M 63 6 month 17.01.2013EVA Dimensions CRAIG STERLING
hold 3 M #N/A N/A Not Provided 17.01.2013Bryan Garnier & Cie
PETER FARREN buy 5 M 82 6 month 16.01.2013Nomura CHRISTOPHER WALKER
buy 5 M 85 Not Provided 16.01.2013Bankhaus Metzler SEBASTIAN
FRERICKS buy 5 M 70 12 month 11.01.2013Robert W. Baird & Co
MITCHEL J KUMMETZ outperform 5 M 82 12 month 08.01.2013ISI Group
OMAR SAAD neutral 3 D 70 Not Provided 04.01.2013Goldman Sachs
WILLIAM HUTCHINGS Buy/Neutral 5 M 97 12 month 04.12.2012HSBC ERWAN
RAMBOURG overweight 5 M 77 Not Provided 28.11.2012Hamburger
Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided
19.11.2012Landesbank Baden-Wuerttemberg BERND MUELL buy 5 M 76 Not
Provided 13.11.2012Nord/LB VOLKER SACK hold 3 M 60 12 month
09.11.2012Credit Suisse ROGERIO FUJIMORI outperform 5 M 61 Not
Provided 09.11.2012Independent Research GmbH ZAFER RUZGAR hold 3 M
70 12 month 09.11.2012M.M. Warburg Investment Research JOERG
PHILIPP FREY buy 5 M 82 12 month 08.11.2012S&P Capital IQ
WILLIAM MACK hold 3 M 68 12 month 08.11.2012Silvia Quandt Research
MARK JOSEFSON buy 5 M 75 12 month 08.11.2012Raymond James CEDRIC
LECASBLE outperform 5 M 84 Not Provided 25.09.2012Bankhaus Lampe
CHRISTOPH SCHLIENKAMP hold 3 M 66 12 month 24.09.2012CA Cheuvreux
JUERGEN KOLB outperform 5 M 74 Not Provided 14.09.2012Hammer
Partners SA STEPHAN SEIP buy 5 M 70 Not Provided 02.08.2012Equita
SIM SpA FABIO FAZZARI hold 3 M 60 12 month 24.05.2012Kepler Capital
Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided
31.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail:
[email protected] |
6. 28.02.2013Aegon NVAEGON N.V. offers life and health
insurance, and related pension, savings, and Price/Volumeinvestment
products in Europe and North America. The Company also offers 6
40.0 Mproperty and casualty insurance in the Netherlands, Spain,
and Hungary, and 35.0 Mfinancial services including banking,
equipment lease financing, and mortgage 5 30.0 Mlending. 4 25.0 M 3
20.0 M Valuation Analysis 15.0 MLatest Fiscal Year: 12/2012 2 10.0
MLTM as of: 12/yy 1 5.0 M52-Week High (15.02.2013) 5.26 0 .0
M52-Week Low (04.06.2012) 3.12 f-12 m-12 a-12 m-12 j-12 j-12 a-12
s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 2055856.00 Current Price
(2/dd/yy) 4.563 Market Data 52-Week High % Change -13.05% Dividend
Yield - 52-Week Low % Change 46.30% Beta 1.64 % 52 Week Price Range
High/Low 66.50% Equity Float 1971.57Shares Out 31.12.2012 1972.0
Short Int - Market Capitalization 8998.37 1 Yr Total Return
22.48%Total Debt 12974.00 YTD Return -5.00%Preferred Stock 6853.0
Adjusted BETA 1.641Minority Interest 13.0 Analyst Recs 36Cash and
Equivalents 9653.00 Consensus Rating 3.528Enterprise Value 12332.37
Average Daily Trading Volume Relative Stock Price Performance
Average Volume 5 Day 12265640AGN NA EQUITY YTD Change - Average
Volume 30 Day 8723121AGN NA EQUITY YTD % CHANGE - Average Volume 3
Month 7793220 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy
12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 Total Revenue 3208.0 41592.0
44750.0 25121.0 42930.0 25121.0 40160.0 30120.0 28295.0 - -
TEV/Revenue 3.74x 0.48x 0.44x 0.59x 0.30x 2.66x 1.48x 0.63x 0.67x -
- EBITDA - - - - - 0.0 0.0 - - - - TEV/EBITDA - - - - - 0.00x 0.00x
- - - - Net Income (1082.0) 204.0 1759.0 869.0 1570.0 869.0 1570.0
1324.0 1392.0 - - P/E - - 6.05x - 6.96x 0.00x 6.96x 7.31x 6.92x
8.15x - Profitability S&P Issuer RatingsEBITDA - Long-Term
Rating Date 31.03.2009EBIT - Long-Term Rating A-Operating Margin
5.46% Long-Term Outlook STABLEPretax Margin 4.44% Short-Term Rating
Date 31.03.2009Return on Assets 0.44% Short-Term Rating A-2Return
on Common Equity 5.42% Credit RatiosReturn on Capital 4.97%
EBITDA/Interest Exp. -Asset Turnover 0.11% (EBITDA-Capex)/Interest
Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin - Total
Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin - Total
Debt/Equity 43.7%Net Income Margin 3.7% Total Debt/Capital
30.4%Structure Asset Turnover 0.11Current Ratio - Net Fixed Asset
Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to
Assets 3.54% Inventory Days -Tot Debt to Common Equity 43.70%
Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash
Conversion Cycle -Inventory Turnover -Price/ Cash Flow
Sales/Revenue/Turnover 9.00 50000.0 8.00 45000.0 7.00 40000.0
35000.0 6.00 30000.0 5.00 25000.0 4.00 20000.0 3.00 15000.0 2.00
10000.0 1.00 5000.0 0.00 0.0 01.01.2010 01.07.2010 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] |
7. 28.02.2013Aegon NVHoldings By: All Holder Name Portfolio
Name Source Amt Held % Out Latest Chg File Dt Inst TypeDODGE &
COX n/a Co File 145133708 7.36 - 10.02.2012 Investment AdvisorFMR
LLC n/a ULT-AGG 96406786 4.89 9558140 31.12.2012 Investment
AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 32464728 1.65
1133247 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 16465793
0.83 266744 26.02.2013 Investment AdvisorACHMEA BELEGGINSFOND
Multiple Portfolios MF-AGG 10982748 0.56 1359 31.12.2012 Mutual
Fund ManagerING INTERNATIONAL AD Multiple Portfolios MF-AGG 7093254
0.36 1033941 28.09.2012 Investment AdvisorALLIANCE BERNSTEIN n/a
ULT-AGG 6579517 0.33 (340436) 31.12.2012 Investment AdvisorFRANKLIN
RESOURCES n/a ULT-AGG 5805289 0.29 1988 31.12.2012 Investment
AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 5182047 0.26
(19659) 31.12.2012 Investment AdvisorTHRIVENT FINANCIAL F Multiple
Portfolios MF-AGG 5083550 0.26 1290650 31.10.2012 Investment
AdvisorROBECO FUND MANAGEME Multiple Portfolios MF-AGG 4802291 0.24
39363 31.12.2012 Investment AdvisorTAUBE HODSON STONEX Multiple
Portfolios MF-AGG 3919013 0.2 (215630) 30.11.2012 Investment
AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 3704372 0.19
- 30.11.2012 Investment AdvisorSNS INVESTMENT FUND Multiple
Portfolios MF-AGG 3640000 0.18 - 29.06.2012 Investment
AdvisorBRANDES INVESTMENT P Multiple Portfolios MF-AGG 3455894 0.18
(173700) 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple
Portfolios MF-AGG 3243816 0.16 - 31.07.2012 Investment
AdvisorSTOREBRAND FUND MANA Multiple Portfolios MF-AGG 3091098 0.16
- 31.01.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 2999325 0.15
716574 31.12.2012 UnclassifiedSTATE STREET BANQUE Multiple
Portfolios MF-AGG 2948624 0.15 (43457) 31.01.2013 Investment
AdvisorAMUNDI Multiple Portfolios MF-AGG 2822679 0.14 1923228
30.11.2012 Mutual Fund Manager Firm Name Analyst Recommendation
Weighting Change Target Price Date DateAlphaValue JEROME CASSAGNE
add 4 M 5 6 month 28.02.2013Credit Suisse RICHARD BURDEN neutral 3
M 6 Not Provided 22.02.2013RBC Capital Markets GORDON AITKEN sector
perform 3 M 5 12 month 21.02.2013HSBC KAILESH MISTRY overweight 5 M
6 Not Provided 20.02.2013Hamburger Sparkasse CHRISTIAN HAMANN hold
3 M #N/A N/A Not Provided 20.02.2013Barclays CLAUDIA GASPARI
overweight 5 M 6 Not Provided 20.02.2013ABN Amro Bank N.V. JAN
WILLEM WEIDEMA sell 1 D 5 12 month 20.02.2013Goldman Sachs WILLIAM
ELDERKIN neutral/neutral 3 M 6 12 month 19.02.2013JPMorgan ASHIK
MUSADDI overweight 5 M 6 9 month 19.02.2013S&P Capital IQ
RODERICK WALLACE buy 5 M 6 12 month 19.02.2013Keefe, Bruyette &
Woods WILLIAM HAWKINS underperform 1 M 6 12 month
18.02.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 5
Not Provided 18.02.2013Oddo & Cie NICOLAS JACOB buy 5 M 6 Not
Provided 18.02.2013Exane BNP Paribas FRANCOIS BOISSIN underperform
1 M 4 Not Provided 18.02.2013Raymond James RAPHAEL CARUSO market
perform 3 M #N/A N/A Not Provided 15.02.2013SNS Securities(ESN)
LEMER SALAH reduce 2 M 4 12 month 15.02.2013Petercam MATTHIAS DE
WIT reduce 2 M 5 Not Provided 15.02.2013Rabobank International COR
KLUIS buy 5 M 6 12 month 15.02.2013Bryan Garnier & Cie OLIVIER
PAUCHAUT neutral 3 M 5 6 month 15.02.2013ING Bank ALBERT PLOEGH
hold 3 M 5 12 month 15.02.2013Redburn Partners LANCE BURBIDGE buy 5
M #N/A N/A Not Provided 11.02.2013Morgan Stanley DAVID ANDRICH
Overwt/In-Line 5 M 6 12 month 07.02.2013Deutsche Bank ROBIN BUCKLEY
buy 5 M 6 12 month 05.02.2013Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES buy 5 N 6 12 month 04.02.2013Main First Bank
AG MICHAEL HAID underperform 1 M 5 12 month 01.02.2013Day by Day
VALERIE GASTALDY hold 3 D #N/A N/A Not Provided
31.01.2013Mediobanca SpA MARC THIELE neutral 3 M 6 6 month
30.01.2013Macquarie NEIL WELCH neutral 3 M 5 12 month 23.01.2013EVA
Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided
17.01.2013Theodoor Gilissen Securities TOM MULLER buy 5 M 8 Not
Provided 15.01.2013CA Cheuvreux HANS PLUIJGERS outperform 5 D 6 Not
Provided 10.01.2013Natixis BENOIT VALLEAUX buy 5 M 6 Not Provided
10.01.2013Societe Generale JASON KALAMBOUSSIS hold 3 M 5 12 month
08.11.2012Nomura FAHAD CHANGAZI neutral 3 M 5 Not Provided
08.10.2012Kepler Capital Markets BENOIT PETRARQUE hold 3 M 4 Not
Provided 17.02.2012DZ Bank AG WERNER EISENMANN hold 3 M 4 12 month
24.01.2012Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 5
12 month 22.06.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 |
e-mail: [email protected] |
8. 28.02.2013Aggreko PLCAggreko plc provides specialist power
and temperature control rental services in Price/Volumetwo main
product areas, mobile electricity generators and temperature
control 3000 7.0 Mequipment. Aggreko also supplies oil-free diesel
compressors used to eliminate 2500 6.0 Moil based contaminants in
the food, pharmaceutical and textile industries. TheGroup operates
through approximately 118 depots in 23 countries worldwide. 5.0 M
2000 4.0 M 1500 Valuation Analysis 3.0 MLatest Fiscal Year: 12/2011
1000 2.0 MLTM as of: 01/yy 500 1.0 M52-Week High (17.09.2012)
2415.00 0 .0 M52-Week Low (31.01.2013) 1548.00 f-12 m-12 a-12 m-12
j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13Daily Volume 88623.00
Current Price (2/dd/yy) 1666 Market Data 52-Week High % Change
-31.01% Dividend Yield 1.31 52-Week Low % Change 7.62% Beta 1.01 %
52 Week Price Range High/Low 14.99% Equity Float 257.86Shares Out
01.02.2013 268.6 Short Int - Market Capitalization 4474.35 1 Yr
Total Return -23.99%Total Debt 417.70 YTD Return -4.25%Preferred
Stock 0.0 Adjusted BETA 1.007Minority Interest 0.0 Analyst Recs
24Cash and Equivalents 53.20 Consensus Rating 3.667Enterprise Value
5152.65 Average Daily Trading Volume Relative Stock Price
Performance Average Volume 5 Day 794832AGK LN EQUITY YTD Change -
Average Volume 30 Day 1091881AGK LN EQUITY YTD % CHANGE - Average
Volume 3 Month 1038844 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1
FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy
01/yy 12/12 Y 12/13 Y - - Total Revenue 693.2 946.6 1023.9 1229.9
1396.1 - - 1590.8 1608.5 - - TEV/Revenue 2.38x 1.65x 2.62x 3.34x
4.05x - - 3.19x 3.06x - - EBITDA 227.3 318.4 403.4 472.9 526.9 - -
624.8 628.8 - - TEV/EBITDA 7.24x 4.90x 6.64x 8.69x 10.72x - - 8.25x
8.20x - - Net Income 80.7 122.7 168.4 213.1 260.1 - - 269.5 253.3 -
- P/E 17.58x 9.74x 14.84x 18.67x 20.60x - - 16.37x 17.39x - -
Profitability S&P Issuer RatingsEBITDA 526.90 Long-Term Rating
Date -EBIT 337.80 Long-Term Rating -Operating Margin 24.20%
Long-Term Outlook -Pretax Margin 23.19% Short-Term Rating Date
-Return on Assets 14.91% Short-Term Rating -Return on Common Equity
31.46% Credit RatiosReturn on Capital 21.41% EBITDA/Interest Exp.
26.75Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 5.52Margin
Analysis Net Debt/EBITDA 1.17Gross Margin 58.7% Total Debt/EBITDA
1.20EBITDA Margin 39.0% ReferenceEBIT Margin 24.7% Total
Debt/Equity 47.4%Net Income Margin 18.6% Total Debt/Capital
32.2%Structure Asset Turnover 0.79Current Ratio 1.22 Net Fixed
Asset Turnover 1.37Quick Ratio 0.66 Accounts receivable
turnover-days 75.00Debt to Assets 23.57% Inventory Days 98.42Tot
Debt to Common Equity 47.40% Accounts Payable Turnover Day
-Accounts Receivable Turnover 4.88 Cash Conversion Cycle
66.20Inventory Turnover 3.72Price/ Cash Flow Sales/Revenue/Turnover
18.00 1600.0 16.00 1400.0 14.00 1200.0 12.00 1000.0 10.00 800.0
8.00 600.0 6.00 400.0 4.00 200.0 2.00 0.00 0.0 02.01.2009
02.07.2009 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] |