fundamental equity analysis - nzx 50 index of the top 50 companies - new zealand exchange
DESCRIPTION
Fundamental Equity Analysis - NZX 50 Index of the top 50 companies - New Zealand ExchangeTRANSCRIPT
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September 2013
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Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 15145788 2013.182 1117 1117 203 220 220 104.18 110.45 110.45 15.87 15.87 14.97 14.97 18.56
Euro Stoxx 50 Pr EUR 2744155 5716.706 4623 4623 753 780 780 222.37 295.72 295.72 21.72 19.08 16.33 16.33 20.91
NIKKEI 225 JPY 2714150 192.9293 195 195 19 22 22 6.04 7.97 7.97 0.23 0.23 0.18 0.18 0.11
FTSE 100 INDEX GBP 2804877 32183.27 11159 11159 1938 2633 2633 531.15 805.13 805.13 30.03 22.77 19.81 19.81 27.69
SWISS MARKET INDEX CHF 1065719 10927.68 4135 4135 936 850 850 441.18 559.04 559.04 20.40 17.37 16.10 16.10 23.63
S&P/TSX COMPOSITE INDEX CAD 1649440 17200.25 7296 7296 1819 1934 1934 719.71 797.38 797.38 16.13 16.13 14.56 14.56 23.82
S&P/ASX 200 INDEX AUD 1296356 6254.839 2636 2636 529 673 673 206.48 315.52 315.52 20.82 22.91 13.63 13.63 19.33
HANG SENG INDEX HKD 1725755 3209.477 1662 1662 369 391 391 281.28 269.79 269.79 1.34 1.44 1.39 1.39 2.94
MSCI EM USD 7023096 1306.372 964 964 186 175 175 85.07 86.75 86.75 11.02 1.29 10.81 10.81 19.22
FLETCHER BUILDING LTD NZD 5095 4519 686 1 0 0 0 6.52 6721 6721 7306 7789 601 601 - - 0.37 0.38 0.43 0.53 15.60 - 13.50 11.02 -3.17 2.75 1.05 -1.28 7.06 - - - -
TELECOM CORP OF NEW ZEALAND NZD 3162 12440 1817 1 0 0 0 3.84 3149 3149 3173 3116 690 690 813 813 0.14 0.10 0.14 0.14 13.36 9.57 9.78 9.51 -6.43 -3.59 -14.50 -10.18 17.30 A- 11.11.2011 A3 17.02.2009
RYMAN HEALTHCARE LTD NZD 2670 449 498 0 0 0 0 2.85 142 142 220 252 38 38 127 127 0.08 0.22 0.21 0.24 19.51 - 20.48 18.01 13.44 14.62 13.38 20.01 21.13 - - - -
AUCKLAND INTL AIRPORT LTD NZD 3252 3093 1322 1 0 0 0 4.10 336 336 374 393 259 259 140 140 0.10 0.11 0.10 0.11 18.26 - 19.06 17.81 3.94 3.67 2.58 2.86 60.75 A- 29.05.2009 - -
SKY NETWORK TELEVISION LTD NZD 1753 979 389 0 0 0 0 2.12 683 683 720 748 264 264 290 290 0.28 0.28 0.32 0.35 12.78 - 11.18 10.19 3.98 4.72 4.16 3.63 30.46 - - - -
SKYCITY ENTERTAINMENT GROUP NZD 1739 1266 577 0 0 0 0 2.18 678 678 711 777 232 232 134 134 0.18 0.17 0.19 0.22 13.64 - 12.20 10.88 0.74 1.32 -0.46 -0.13 26.98 BBB- 13.07.2008 - -
FISHER & PAYKEL HEALTHCARE C NZD 1583 250 542 0 0 0 0 1.68 400 400 511 554 71 71 135 135 0.11 0.11 0.14 0.14 20.14 - 16.74 16.46 6.85 7.19 34.00 3.24 14.02 - - - -
CONTACT ENERGY LTD NZD 3021 465 733 1 0 0 0 4.04 1976 1976 1997 2078 466 466 461 461 - 0.22 0.22 0.25 14.98 - 14.56 13.16 -5.26 -0.57 16.07 0.65 18.63 BBB 28.06.2006 - -
TRADE ME GROUP LTD NZD 1429 1208 396 0 0 0 0 1.52 107 107 144 160 97 97 105 105 0.16 0.16 0.17 0.19 18.18 18.33 16.77 15.15 12.82 - 11.78 - 71.54 - - - -
MIGHTY RIVER POWER NZD 2453 2969 1 0 0 0 3.35 1066 1066 1205 1231 367 367 394 394 - 0.06 0.09 0.10 21.36 - 14.85 14.36 -6.82 -1.91 - 0.15 24.84 BBB+ 25.03.2004 - -
INFRATIL LTD NZD 1115 240 583 1 0 1 0 3.15 1873 1873 1846 2014 399 382 424 424 0.12 0.09 0.09 0.13 16.96 - 16.83 11.67 6.43 - 0.69 7.71 16.11 - - - -
XERO LTD NZD 1672 128 115 0 0 0 0 1.61 31 31 57 98 -9 -9 -14 -14 -0.10 -0.11 -0.17 -0.12 - - 80.11 - -52.54 - -22.26 - - - -
CHORUS LTD NZD 909 1111 389 1 0 0 0 2.28 825 825 838 823 526 526 513 513 0.33 0.35 0.30 0.26 5.31 5.56 6.11 7.17 59.68 - 52.68 - 50.37 BBB 01.12.2011 Baa2 20.03.2013
WESTPAC BANKING CORP NZD 89154 298 138 0 2 19 33387 31935 14887 15499 - - - - - - 1.75 1.80 - - 11.21 10.89 -1.21 4.16 - - - AA- 01.12.2011 Aa2 18.05.2011
KIWI INCOME PROPERTY TRUST NZD 905 569 996 1 0 0 0 1.53 157 157 115 123 95 95 102 102 0.07 0.08 0.05 0.05 8.42 8.42 14.51 13.63 -3.39 1.88 -7.62 0.98 47.93 - - - -
GOODMAN PROPERTY TRUST NZD 985 277 1202 1 0 0 0 1.54 119 119 107 113 83 83 99 99 0.05 0.06 0.06 0.06 10.75 - 10.75 10.34 2.83 3.24 1.84 2.59 55.23 BBB 04.11.2009 - -
PORT OF TAURANGA LTD NZD 1566 23 134 0 0 0 0 1.69 193 193 214 229 75 80 109 109 0.43 0.66 0.48 0.51 13.97 - 19.30 18.25 13.93 12.20 - 8.18 36.28 BBB+ 21.11.2001 - -
EBOS GROUP LTD NZD 1145 2 60 0 0 0 0 1.22 1438 1438 3680 3740 36 42 124 124 0.42 0.39 0.51 0.55 15.87 - 12.02 11.16 21.88 8.28 - 15.66 2.82 - - - -
MAINFREIGHT LTD NZD 831 38 99 0 0 0 0 1.01 1487 1487 1554 1671 102 108 115 115 0.53 0.53 0.58 0.65 12.60 - 11.44 10.14 3.17 10.51 -0.39 64.05 5.76 - - - -
PRECINCT PROPERTIES NEW ZEAL NZD 787 1462 997 0 0 0 0 1.16 101 104 94 97 63 64 84 84 0.12 0.12 0.05 0.05 5.00 15.06 12.94 12.73 - 2.68 - 1.77 48.64 - - - -
ARGOSY PROPERTY LTD NZD 592 824 688 0 0 0 0 0.85 70 70 64 72 50 50 59 59 0.06 0.05 0.05 0.04 11.25 10.27 11.66 13.29 -9.09 -2.60 31.50 -2.81 56.43 - - - -
FONTERRA SHAREHOLDERS FUND NZD 8789 511 1539 4 4 0 1 17.36 15601 15054 15878 17616 1133 1235 447 447 0.33 0.37 0.34 0.33 11.77 - 12.67 12.97 -0.41 - -6.04 - 6.47 A+ 03.11.2006 - -
GUINNESS PEAT GROUP PLC NZD 633 399 0 0 0 0 0.26 823 832 874 900 8 - 50 50 - - 0.01 0.01 - - 16.27 12.65 -1.19 -3.41 -69.84 -25.13 - - - - -
VECTOR LTD NZD 2122 97 1000 2 0 0 0 3.94 1009 1009 982 994 500 511 455 455 0.16 0.16 0.12 0.12 10.44 - 13.57 13.75 1.70 4.70 - 2.99 39.66 BBB+ 16.08.2005 Baa1 18.03.2008
AUST AND NZ BANKING GROUP NZD 74263 6 94 1 0 44 28384 27415 15546 15228 - - - - - - 1.82 1.91 - - 10.15 9.69 0.81 -0.03 - - - AA- 01.12.2011 Aa2 18.05.2011
FREIGHTWAYS LTD NZD 512 29 154 0 0 0 0 0.64 320 320 336 354 61 61 63 63 0.18 0.21 0.21 0.23 12.63 - 12.54 11.19 4.88 3.39 4.96 1.84 14.92 - - - -
NUPLEX INDUSTRIES LTD NZD 500 53 198 0 0 0 0 0.66 1314 1314 1359 1433 91 91 110 110 0.22 0.17 0.25 0.28 11.58 - 8.09 7.22 2.39 1.27 -7.43 -0.67 5.46 - - - -
KATHMANDU HOLDINGS LTD NZD 474 132 200 0 0 0 0 0.54 274 289 305 337 53 56 43 43 0.14 0.15 0.16 0.18 12.08 - 11.55 10.48 10.56 - -5.07 - 15.31 - - - -
PROPERTY FOR INDUSTRY LTD NZD 429 160 220 0 0 0 0 0.52 23 23 37 51 20 20 - - 0.10 0.10 0.06 0.06 8.37 7.90 14.88 14.08 -3.59 -1.10 -6.33 -0.67 67.98 - - - -
SUMMERSET GROUP HOLDINGS LTD NZD 504 144 215 0 0 0 0 0.56 22 22 41 49 4 4 10 10 0.02 0.05 0.08 0.10 33.56 122.40 23.13 19.15 7.87 - 12.13 - 16.16 - - - -
DNZ PROPERTY FUND LTD NZD 374 190 250 0 0 0 0 0.56 47 47 44 46 37 37 38 38 0.14 0.14 0.07 0.07 6.97 7.01 13.60 13.60 -1.12 20.48 -0.28 16.35 62.05 - - - -
DILIGENT BOARD MEMBER SVCS NZD 350 254 84 0 0 0 0 0.25 35 40 52 69 11 12 - - 0.06 0.06 0.07 0.13 47.06 47.06 37.02 20.59 113.19 - 628.74 - 23.96 - - - -
AIR NEW ZEALAND LTD NZD 1232 377 1095 1 0 0 1 1.61 3456 3456 3752 3910 574 574 616 616 0.14 0.13 0.16 0.17 6.78 - 5.57 5.35 2.43 -0.21 19.29 1.20 13.12 NR 19.06.2008 - -
A2 CORP LTD NZD 380 178 559 0 0 0 0 0.36 74 74 3 - - - 0.01 0.01 84.63 - 40.24 - - - - - - - -
METLIFECARE LTD NZD 531 56 207 0 0 0 0 0.65 72 72 92 102 4 3 42 42 0.52 0.52 0.18 0.22 3.80 - 10.98 8.92 34.16 4.60 - 5.91 4.04 - - - -
VITAL HEALTHCARE PROPERTY TR NZD 368 671 295 0 0 0 0 0.59 44 48 47 47 32 36 41 41 0.09 0.09 0.07 0.07 9.52 - 12.52 12.52 - 21.30 - 18.35 59.48 - - - -
TRUSTPOWER LTD NZD 1749 16 314 1 0 0 0 2.47 629 629 631 692 233 233 235 235 0.32 0.31 0.31 0.36 14.21 - 14.03 12.24 -0.18 1.71 -1.81 5.78 29.28 - - - -
NEW ZEALAND OIL & GAS LTD NZD 273 58 0 0 0 0 0 0.14 78 78 73 69 53 45 37 37 0.05 0.05 0.04 0.03 10.48 11.98 13.97 17.20 -11.61 -2.62 - - 40.68 - - - -
HEARTLAND NEW ZEALAND LTD NZD 264 213 389 2 0 0 0 1.69 179 179 94 98 120 120 - - 0.02 0.02 0.07 0.07 33.93 33.93 7.54 7.30 - - - - 53.23 BBB- 04.01.2011 - -
WAREHOUSE GROUP LIMITED/THE NZD 911 103 310 0 0 0 0 1.03 1367 1502 1782 2044 105 111 42 42 0.23 0.36 0.21 0.21 6.38 - 10.88 10.97 3.05 2.69 -8.27 -4.00 5.81 - - - -
NZX LTD NZD 254 294 254 0 0 0 0 0.25 44 47 49 51 17 17 11 11 0.03 0.04 0.04 0.05 19.69 - 18.08 15.54 1.85 11.10 -9.98 6.53 31.06 - - - -
OCEANAGOLD CORP NZD 491 138 0 0 0 0 0.56 304 345 399 426 114 148 31 31 - - 0.08 0.10 - - 12.70 10.16 -2.03 17.43 -9.50 52.94 33.89 - - - -
SKELLERUP HOLDINGS LTD NZD 242 39 193 0 0 0 0 0.24 149 149 156 165 27 - 31 31 - 0.08 0.09 0.10 12.71 - 11.10 10.20 -6.82 1.64 -14.71 10.74 - - - - -
RESTAURANT BRANDS NZ LTD NZD 212 27 98 0 0 0 0 0.22 247 247 256 272 30 30 33 33 0.14 0.13 0.16 0.18 13.14 - 11.02 9.73 0.99 0.78 -6.54 2.28 9.68 - - - -
STEEL & TUBE HOLDINGS LTD NZD 199 59 88 0 0 0 0 0.22 310 310 325 350 21 - 24 24 0.12 0.14 0.15 0.18 12.71 - 11.65 9.86 -2.34 -4.11 - -10.28 - - - - -
MICHAEL HILL INTL LTD NZD 420 5 383 0 0 0 0 0.44 433 433 456 495 45 46 55 55 0.08 0.08 0.09 0.09 10.48 - 10.16 9.38 5.88 5.68 - 4.27 8.67 - - - -
AMP LTD NZD 12548 55 10 0 0 3 18.21 13322 14736 5980 12547 - - - - - - 0.23 0.25 - - 12.49 11.55 166.16 - - - - - - - -
TOWER LTD NZD 289 81 269 0 0 0 0 0.15 333 234 12 25 - - - - 0.12 0.03 0.13 0.11 34.07 - 8.57 9.77 21.47 -3.53 - - - NR 14.03.2007 - -
HALLENSTEIN GLASSON HOLDINGS NZD 220 20 59 0 0 0 0 0.20 170 176 174 183 26 28 12 12 - 0.30 0.25 0.28 9.83 - 11.52 10.53 3.88 2.67 13.30 -0.76 12.64 - - - -
PUMPKIN PATCH LTD NZD 140 736 168 0 0 0 0 0.19 237 231 227 235 24 23 7 7 0.05 0.04 0.05 0.07 14.64 - 12.75 9.31 2.46 -3.45 -15.42 -8.83 7.93 - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.31 2.31 2.14 1.97 2.31 1.48 1.48 1.42 1.36 1.48 10.54 10.54 9.79 10.16 10.54 9.16 9.16 8.46 7.91 9.16 14.97 14.97 13.50 12.20 14.97 2.13 2.13 2.31 2.47 2.13 1843.0 11.5%
Euro Stoxx 50 Pr 1.22 1.22 1.16 1.09 1.22 0.79 0.79 0.77 0.74 0.79 6.18 6.18 5.67 5.13 6.18 7.33 7.33 6.92 6.54 7.33 12.36 12.36 10.97 9.85 12.35 4.14 4.14 4.37 4.72 4.14 3008.9 8.8%
NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.72 0.72 0.70 0.68 0.72 8.93 8.93 8.22 7.04 8.93 8.78 8.78 8.06 7.59 8.78 17.68 17.68 15.74 14.17 17.68 1.65 1.65 1.81 1.96 1.65 15109.2 7.4%
FTSE 100 INDEX 1.78 1.78 1.66 1.54 1.78 0.91 0.91 0.87 0.83 0.91 8.52 8.52 7.78 6.57 8.52 12.23 12.23 11.01 16.80 12.23 12.65 12.65 11.51 10.57 12.65 3.81 3.81 4.20 4.49 3.81 7055.0 8.5%
SWISS MARKET INDEX 2.41 2.41 2.24 2.08 2.41 2.04 2.04 1.95 1.86 2.04 12.79 12.79 11.51 10.28 12.79 12.86 12.86 11.91 11.11 12.86 15.08 15.08 13.66 12.41 15.08 3.26 3.26 3.64 4.12 3.26 8660.9 9.7%
S&P/TSX COMPOSITE INDEX 1.72 1.72 1.61 1.52 1.72 1.67 1.67 1.54 1.52 1.67 8.79 8.79 7.99 6.71 8.79 8.89 8.89 7.92 7.35 8.89 15.26 15.26 13.56 12.27 15.26 3.15 3.15 3.28 3.40 3.15 14254.9 11.7%
S&P/ASX 200 INDEX 1.88 1.88 1.78 1.70 1.88 1.78 1.78 1.68 1.61 1.78 10.73 10.73 9.85 9.23 10.73 9.29 9.29 8.45 7.89 9.29 14.90 14.90 13.52 12.45 14.90 4.59 4.59 4.89 5.27 4.59 5308.9 3.2%
HANG SENG INDEX 1.34 1.34 1.24 1.17 1.34 1.75 1.75 1.62 1.51 1.75 7.97 7.97 7.55 6.97 7.97 8.22 8.22 7.52 6.87 8.22 10.80 10.80 10.01 9.13 10.80 3.57 3.57 3.84 4.15 3.57 24916.5 10.3%
MSCI EM 1.35 1.35 1.23 1.04 1.35 0.97 0.97 0.91 0.85 0.97 6.99 6.99 6.35 5.32 6.99 7.48 7.48 6.78 6.26 7.48 10.81 10.81 9.67 8.84 10.81 2.90 2.90 3.18 3.44 2.90 1094.0 16.7%
FLETCHER BUILDING LTD 1.75 1.74 1.65 1.56 1.42 0.73 0.70 0.65 0.62 0.62 11.93 11.56 9.85 8.48 8.20 10.35 9.49 8.32 7.58 7.46 20.37 17.11 13.96 12.19 11.11 3.67 3.80 4.34 4.65 4.60 8.83 -6.1%
TELECOM CORP OF NEW ZEALAND 2.90 3.02 2.92 2.91 2.39 0.95 1.00 1.01 1.03 1.04 4.87 4.82 4.68 4.77 4.69 4.67 4.73 4.70 4.74 4.70 12.39 12.39 12.05 12.39 12.39 7.44 7.26 7.26 7.44 7.80 2.22 0.7%
RYMAN HEALTHCARE LTD 4.66 4.04 3.57 3.14 14.80 12.15 10.58 9.25 8.04 23.21 20.61 17.75 15.53 23.45 22.65 22.42 19.66 17.33 30.49 25.95 22.82 19.83 18.89 1.47 1.74 1.96 2.21 1.91 6.39 -6.0%
AUCKLAND INTL AIRPORT LTD 1.67 1.65 1.65 1.61 1.60 9.31 8.70 8.28 7.85 7.48 18.99 19.47 18.77 16.84 15.20 15.62 14.65 13.83 13.04 12.39 26.85 24.15 22.57 21.05 19.47 3.72 4.17 4.43 4.75 4.98 3.23 3.7%
SKY NETWORK TELEVISION LTD 1.91 1.81 1.78 1.73 2.53 2.43 2.34 2.26 2.30 8.36 8.16 7.82 7.85 8.04 7.78 7.32 7.07 6.98 7.20 17.25 14.17 12.92 12.44 11.54 7.90 4.97 5.97 5.95 5.95 5.95 4.2%
SKYCITY ENTERTAINMENT GROUP 2.59 2.55 2.44 2.33 2.53 2.45 2.24 2.08 1.80 10.30 9.97 9.12 8.53 7.72 8.94 8.81 7.96 7.31 7.01 16.12 15.47 13.79 12.86 11.75 5.18 5.31 5.65 5.97 6.81 4.38 14.7%
FISHER & PAYKEL HEALTHCARE C 5.30 4.80 4.42 4.01 3.59 3.10 2.86 2.59 2.63 19.84 16.46 15.96 14.51 15.63 12.47 12.34 11.14 11.72 26.21 21.21 20.85 18.44 17.07 3.27 3.27 3.27 3.43 3.27 3.68 0.2%
CONTACT ENERGY LTD 1.15 1.14 1.15 1.15 1.53 1.51 1.45 1.37 9.98 9.49 8.85 8.60 9.84 8.76 8.14 8.07 19.77 18.45 16.68 15.96 15.35 4.56 5.34 5.84 6.38 6.01 15.0%
TRADE ME GROUP LTD 2.77 2.69 2.61 2.54 2.44 10.91 9.96 8.95 8.16 7.57 20.87 19.04 16.93 15.76 14.60 15.79 14.51 13.09 11.99 11.17 22.96 21.26 19.20 17.25 15.49 3.46 3.74 4.16 4.64 5.10 4.71 3.1%
MIGHTY RIVER POWER 1.73 1.68 1.70 2.24 2.04 2.03 1.99 2.01 1.94 12.00 9.14 8.99 8.88 10.88 8.51 8.44 8.40 7.96 18.50 18.81 18.20 17.62 15.86 5.41 5.95 6.08 6.40 7.21 2.60 17.2%
INFRATIL LTD 1.47 1.47 1.40 1.33 0.60 0.60 0.55 0.51 0.48 10.71 10.04 9.09 7.53 7.40 7.43 6.55 6.08 6.62 26.78 21.33 14.79 11.87 12.05 3.65 4.11 4.73 5.48 4.56 2.82 17.0%
XERO LTD 15.02 16.38 19.17 22.81 52.33 29.35 17.09 10.65 43.95 47.25 78.35 24.35 0.00 0.00 0.00 0.00 14.60 -19.0%
CHORUS LTD 1.71 1.62 1.46 1.29 1.25 1.10 1.09 1.10 1.15 1.15 2.37 2.36 2.56 2.74 2.79 4.41 4.45 4.59 4.80 4.80 7.18 7.75 9.08 10.57 10.57 8.78 8.78 7.80 7.77 7.77 3.08 3.9%
WESTPAC BANKING CORP 2.21 2.15 2.09 2.02 1.92 5.46 5.18 4.97 4.77 4.51 14.49 13.05 12.66 12.18 12.00 15.33 14.21 13.79 13.26 12.53 5.26 5.95 5.96 6.03 6.28 36.34 -0.2%
KIWI INCOME PROPERTY TRUST 1.00 1.02 0.99 0.97 8.37 7.88 7.34 7.12 6.85 16.52 18.10 17.81 17.27 16.10 14.92 13.82 13.39 12.48 18.69 18.39 17.27 17.01 16.52 5.88 5.53 5.79 5.79 6.32 1.16 1.8%
GOODMAN PROPERTY TRUST 1.08 1.05 1.04 1.03 10.25 9.20 8.75 8.37 8.44 14.38 14.18 14.18 13.80 17.31 15.53 14.79 14.12 14.11 13.80 13.62 13.10 12.78 13.62 5.99 6.09 6.18 6.28 6.38 1.10 5.8%
PORT OF TAURANGA LTD 2.60 2.51 2.45 2.38 7.99 7.31 6.84 6.54 21.05 19.73 18.50 17.01 16.71 15.55 14.48 13.67 25.00 24.46 23.13 22.09 3.02 3.14 3.30 3.47 13.57 -8.3%
EBOS GROUP LTD 4.02 3.79 3.40 6.78 0.89 0.31 0.31 0.22 0.21 17.37 15.54 14.41 13.85 10.00 25.96 9.87 9.47 7.00 6.67 17.28 15.23 14.14 12.77 11.72 3.40 4.21 4.52 4.90 5.35 10.64 7.5%
MAINFREIGHT LTD 3.22 2.46 2.21 1.98 0.55 0.53 0.50 0.46 0.46 11.97 9.98 8.93 8.11 9.22 8.79 7.84 7.09 7.38 15.91 14.50 12.85 11.43 11.31 2.52 2.71 3.01 3.41 3.01 11.20 5.4%
PRECINCT PROPERTIES NEW ZEAL 1.10 0.99 0.97 0.95 9.78 8.39 8.07 7.85 8.14 18.87 16.39 15.87 15.63 16.23 13.77 13.19 12.81 13.51 17.54 16.39 16.13 15.87 14.71 5.10 5.40 5.70 5.80 5.90 1.06 6.0%
ARGOSY PROPERTY LTD 1.12 1.09 1.08 1.07 10.61 9.19 8.21 7.70 7.50 15.48 14.77 16.84 15.48 16.72 14.27 12.66 11.84 14.55 14.77 16.84 15.74 14.33 6.15 6.15 6.15 6.25 1.01 5.1%
FONTERRA SHAREHOLDERS FUND 1.92 1.88 1.80 0.55 0.50 0.49 0.47 8.87 9.55 8.18 7.83 14.43 13.58 11.98 11.21 16.06 16.44 13.48 11.56 4.59 4.73 5.32 5.88 7.25 4.1%
GUINNESS PEAT GROUP PLC 0.85 0.93 0.86 0.80 0.37 0.37 0.36 0.35 0.27 16.03 1.94 7.21 6.71 3.72 3.32 2.87 2.56 2.28 10.69 20.61 16.03 11.10 8.24 2.08 2.43 2.43 2.43 9.36 0.65 14.0%
VECTOR LTD 1.25 1.22 1.22 1.22 2.09 2.16 2.13 2.06 2.02 6.62 7.61 7.61 7.34 7.89 8.67 8.52 8.20 8.45 12.98 17.20 17.42 16.36 15.88 5.56 5.56 5.74 5.85 4.81 2.84 5.2%
AUST AND NZ BANKING GROUP 1.97 1.89 1.78 1.69 1.60 4.69 4.13 4.22 3.99 3.77 13.25 12.47 11.79 11.05 10.84 13.62 12.86 12.28 11.66 11.06 4.90 5.35 5.66 5.95 6.31 35.30 2.9%
FREIGHTWAYS LTD 3.63 3.36 3.16 2.96 1.59 1.52 1.45 1.38 12.95 12.27 11.29 10.40 10.46 10.05 9.29 8.63 16.71 15.89 14.18 12.84 4.51 4.75 5.34 5.94 4.22 0.1%
NUPLEX INDUSTRIES LTD 1.13 1.10 1.05 1.00 0.38 0.37 0.35 0.33 0.31 7.71 6.84 6.15 5.73 6.51 6.02 5.46 5.14 4.74 11.31 10.26 9.14 8.42 7.90 6.56 6.56 6.94 7.50 8.13 3.34 4.4%
KATHMANDU HOLDINGS LTD 2.26 2.00 1.86 1.73 1.61 1.75 1.55 1.41 1.28 1.22 19.74 13.39 11.41 10.14 11.41 11.02 9.21 8.20 7.47 6.89 19.11 14.63 13.27 11.81 10.64 2.97 3.73 4.30 4.77 5.27 2.83 -5.7%
PROPERTY FOR INDUSTRY LTD 1.23 1.10 1.08 1.07 0.98 18.46 11.45 8.44 8.26 8.02 19.41 19.13 17.37 17.37 17.14 25.03 15.96 11.62 11.37 11.03 19.70 18.86 17.84 17.60 16.92 5.15 5.38 5.53 5.61 5.83 1.31 -0.8%
SUMMERSET GROUP HOLDINGS LTD 2.58 2.39 2.23 2.06 1.62 14.50 12.18 10.22 8.45 6.46 23.13 17.94 16.17 12.08 6.96 36.77 24.60 20.47 15.93 12.55 48.52 29.31 24.26 18.05 15.34 0.78 1.32 1.59 2.09 2.94 3.48 17.7%
DNZ PROPERTY FUND LTD 1.04 0.98 0.97 0.96 8.92 8.46 8.10 7.87 7.63 17.05 17.80 17.05 16.36 15.60 14.79 14.13 13.70 17.05 17.23 17.23 16.70 15.73 5.56 5.56 5.62 5.74 1.75 7.7%
DILIGENT BOARD MEMBER SVCS 16.70 10.44 6.96 4.85 9.58 5.29 3.97 3.19 2.57 45.38 32.11 18.55 13.25 9.82 27.62 17.17 9.45 6.69 4.95 50.91 46.90 26.09 18.55 13.47 6.90 30.4%
AIR NEW ZEALAND LTD 0.88 0.82 0.77 0.72 0.34 0.33 0.31 0.30 0.30 2.61 2.44 2.39 2.20 2.80 2.61 2.47 2.28 2.47 8.48 7.05 6.79 6.42 6.48 5.12 6.53 7.09 7.44 6.81 1.84 28.9%
A2 CORP LTD
METLIFECARE LTD 0.98 0.87 0.81 0.75 6.09 5.79 5.22 4.94 14.22 13.33 11.64 10.00 16.81 15.44 13.33 12.32 15.24 13.91 11.31 10.32 10.00 0.84 1.34 1.81 2.28 4.00 25.0%
VITAL HEALTHCARE PROPERTY TR 1.36 1.33 1.32 1.29 8.18 7.88 7.86 7.61 8.05 16.24 16.05 15.86 15.51 14.98 14.43 14.39 13.89 15.45 16.05 15.86 15.86 15.51 15.68 5.80 5.94 6.01 6.09 6.16 1.35 -1.8%
TRUSTPOWER LTD 1.44 1.45 1.40 1.39 2.74 2.77 2.53 2.41 11.52 11.81 10.26 9.67 10.24 10.53 9.16 8.78 16.65 17.78 15.52 14.80 13.32 5.71 5.71 5.99 6.27 8.14 15.3%
NEW ZEALAND OIL & GAS LTD 0.97 0.96 0.97 0.93 3.55 3.74 3.94 4.37 4.54 7.52 6.91 7.46 9.77 12.69 3.70 3.70 4.08 4.61 6.19 18.89 17.71 21.79 20.73 30.36 7.18 6.71 6.24 4.94 2.35 1.00 18.2%
HEARTLAND NEW ZEALAND LTD 0.91 0.90 0.88 0.86 3.11 2.80 2.70 2.55 2.35 13.23 9.56 9.05 8.35 7.17 13.44 9.56 9.25 8.43 7.48 5.58 7.33 8.26 9.19 10.35 0.89 3.9%
WAREHOUSE GROUP LIMITED/THE 3.95 2.91 2.91 2.91 2.46 0.67 0.51 0.45 0.43 0.50 10.51 8.77 9.69 8.57 8.43 9.23 8.34 7.73 7.23 7.00 18.10 13.79 13.90 12.93 12.37 5.12 5.85 6.44 6.90 6.87 3.88 4.6%
NZX LTD 8.13 7.41 7.00 6.30 5.48 5.78 5.16 4.94 4.76 5.10 20.00 17.03 15.56 14.32 1.80 13.85 12.37 11.48 10.81 10.25 26.25 22.91 19.69 18.26 2.66 4.05 4.44 4.21 4.60 32.22 1.30 2.9%
OCEANAGOLD CORP 0.81 0.82 0.79 0.77 0.77 1.26 0.97 0.91 1.01 1.11 4.06 3.25 3.10 3.72 4.29 4.90 4.27 3.89 4.74 6.66 26.14 16.08 12.87 21.73 2.56 20.6%
SKELLERUP HOLDINGS LTD 2.80 2.66 2.56 2.43 1.62 1.55 1.47 1.39 11.36 10.60 9.94 9.64 8.89 7.76 7.36 7.01 16.06 14.07 12.93 12.23 11.36 5.03 5.22 5.53 6.10 1.53 -3.5%
RESTAURANT BRANDS NZ LTD 5.39 5.05 4.66 4.30 0.86 0.83 0.78 0.74 8.33 8.09 7.43 6.79 7.02 6.69 6.02 5.53 15.28 13.96 12.33 11.32 11.00 5.82 6.07 6.44 7.27 2.85 3.6%
STEEL & TUBE HOLDINGS LTD 1.68 1.68 1.62 1.57 0.62 0.61 0.57 0.54 10.44 12.03 10.07 9.28 9.51 9.12 7.93 7.25 16.47 14.77 12.50 11.18 10.56 4.91 5.44 6.49 7.37 2.69 -5.6%
MICHAEL HILL INTL LTD 2.57 2.40 2.19 1.92 0.98 0.92 0.85 0.79 0.80 9.93 8.69 8.18 8.69 8.18 9.03 7.88 7.05 6.39 6.71 14.04 12.87 11.88 10.94 10.30 4.60 5.32 5.61 5.90 5.83 1.58 13.4%
AMP LTD 1.84 1.76 1.74 1.69 1.64 1.75 1.81 0.86 0.82 11.33 11.98 10.91 9.92 14.68 15.83 14.64 13.05 13.08 5.31 5.03 5.52 6.02 6.02 5.55 2.8%
TOWER LTD 0.96 0.70 0.70 0.69 6.78 24.29 11.75 11.28 10.41 10.41 9.83 10.29 10.86 12.38 11.42 14.75 5.20 6.38 6.78 7.34 2.15 21.5%
HALLENSTEIN GLASSON HOLDINGS 4.28 4.20 4.10 3.96 1.26 1.20 1.15 1.27 10.54 9.73 9.34 18.31 7.71 7.04 6.71 7.87 14.15 14.59 13.34 12.42 13.23 7.19 7.28 7.71 6.85 4.89 4.7%
PUMPKIN PATCH LTD 7.50 4.57 3.68 3.09 0.54 0.62 0.60 0.58 9.63 9.13 6.18 5.53 8.63 9.15 7.74 7.06 3.83 18.75 16.15 11.80 10.00 7.50 1.24 0.00 1.52 3.62 7.71 1.12 6.7%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Fletcher Building Limited manufactures, distributes and sells materials for the
building industry including wood fiber-based products, cement and aggregates,
plasterboard, laminates, lumber and aluminium extrusion. The Company operates
primarily in New Zealand and Australia. The Company is also involved in
residential and commercial construction and operates distribution outlets.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (31.01.2013) 9.52
52-Week Low (06.09.2012) 6.47
Daily Volume
9.41
52-Week High % Change -1.16% Dividend Yield 3.61
52-Week Low % Change 45.44% Beta 1.77
% 52 Week Price Range High/Low 96.72% Equity Float 681.00
Shares Out 30.06.2013 686.1 Short Int -
6'456.17 1 Yr Total Return 51.86%
Total Debt 1'899.00 YTD Return 14.45%
Preferred Stock 0.0 Adjusted BETA 1.771
Minority Interest 35.0 Analyst Recs 12
Cash and Equivalents 123.00 Consensus Rating 2.500
Enterprise Value 8'267.17
Average Volume 5 Day 3'630'452
FBU NZ EQUITY YTD Change - Average Volume 30 Day 2'195'640
FBU NZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'091'653
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
7'103.0 6'799.0 7'416.0 8'873.0 8'517.0 - - 9'259 9'870 - -
0.75x 0.87x 1.05x 0.68x 0.89x - - 0.89x 0.83x - -
652.0 699.0 729.0 752.0 762.0 - - 870.8 993.4 - -
8.21x 8.43x 10.64x 7.98x 9.97x - - 9.49x 8.32x - -
(46.0) 272.0 283.0 185.0 326.0 - - 380.5 470.9 - -
- 17.48x 19.16x 21.58x 17.71x - - 17.11x 13.96x - -
EBITDA 762.00 Long-Term Rating Date -
EBIT 542.00 Long-Term Rating -
Operating Margin 6.36% Long-Term Outlook -
Pretax Margin 4.95% Short-Term Rating Date -
Return on Assets 4.47% Short-Term Rating -
Return on Common Equity 9.20%
Return on Capital 8.11% EBITDA/Interest Exp. 5.18
Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 3.60
Net Debt/EBITDA 2.33
Gross Margin 25.5% Total Debt/EBITDA 2.49
EBITDA Margin 8.9%
EBIT Margin 6.4% Total Debt/Equity 54.0%
Net Income Margin 3.8% Total Debt/Capital 34.8%
Asset Turnover 1.17
Current Ratio 1.89 Net Fixed Asset Turnover 3.70
Quick Ratio 0.97 Accounts receivable turnover-days 52.86
Debt to Assets 26.74% Inventory Days 80.15
Tot Debt to Common Equity 53.96% Accounts Payable Turnover Day 60.33
Accounts Receivable Turnover 6.90 Cash Conversion Cycle 72.68
Inventory Turnover 4.55
Fiscal Year Ended
Fletcher Building LtdPrice/Volume
Valuation Analysis
4'518'613.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN CHASE BANK n/a Research 93'603'360 13.64 - 21.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 42'945'596 6.26 (7'545'000) 11.07.2013 Investment Advisor
INCOME FUND OF AMERI n/a EXCH 34'239'000 4.99 - 18.10.2012 n/a
PERPETUAL LTD #N/A N/A EXCH 34'075'038 4.97 (243'431) 02.09.2013 Investment Advisor
AMP LIMITED n/a EXCH 33'917'697 4.94 (412'082) 22.03.2013 Investment Advisor
ACCIDENT COMPENSATIO n/a Research 23'276'176 3.39 - 21.06.2013 Insurance Company
SCHRODER INVESTMENT n/a EXCH 17'534'762 2.56 (17'598'492) 06.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 12'911'610 1.88 9'032 03.09.2013 Investment Advisor
VANGUARD n/a ULT-AGG 9'708'477 1.42 265'981 30.06.2013 Unclassified
RBC DEXIA INVESTOR S n/a Co File 8'737'528 1.27 - 31.07.2012 Corporation
FORSYTH BARR LTD n/a Co File 6'908'612 1.01 - 31.07.2012 Bank
NORGES BANK Multiple Portfolios MF-AGG 6'564'436 0.96 - 31.12.2012 Government
FLETCHER BUILD SHARE n/a Co File 2'679'775 0.39 - 31.07.2012 Corporation
FUNDHOST LIMITED ELEY GRIFFITHS GROUP MF-PART 2'183'847 0.32 - 30.06.2013 Investment Advisor
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 2'115'457 0.31 (8'400) 18.02.2013 Investment Advisor
ARGO INVESTMENTS LTD n/a Co File 1'350'701 0.2 - 31.07.2012 Investment Advisor
SMARTSHARES LIMITED SMARTENZ MF-PART 1'319'002 0.19 (13'761) 31.07.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'148'721 0.17 13'765 30.04.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'095'030 0.16 (28'827) 31.05.2012 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 1'038'694 0.15 (12'801) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 30.08.2013
Morgan Stanley JAMES RUTLEDGE Underwt/In-Line 1 M 8 12 month 22.08.2013
Forsyth Barr ANDREW BOWLEY hold 3 D 9 12 month 22.08.2013
Deutsche Bank EMILY BEHNCKE buy 5 M 10 12 month 21.08.2013
UBS DAVID LEITCH neutral 3 M 9 12 month 21.08.2013
JPMorgan JASON HARLEY STEED underweight 1 M 7 9 month 21.08.2013
Macquarie STEPHEN HUDSON neutral 3 M 8 12 month 21.08.2013
CIMB ANDREW G SCOTT neutral 3 M 9 12 month 21.08.2013
First NZ Capital KAR YUE YEO underperform 1 D 9 Not Provided 21.08.2013
Goldman Sachs MATTHEW HENRY neutral/neutral 3 D 9 12 month 08.02.2013
Holdings By:
Fletcher Building Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Telecom Corporation of New Zealand Limited provides telecommunications services
by offering local, national and international telephone services to households
and businesses. Telecom's other services include leased circuits, data
communications, directories, cellular, paging and Internet related services and
solutions.
Latest Fiscal Year: 06/2013
LTM as of: 12/yy
52-Week High (14.05.2013) 2.74
52-Week Low (13.12.2012) 2.14
Daily Volume
2.205
52-Week High % Change -19.53% Dividend Yield 7.26
52-Week Low % Change 3.04% Beta 1.37
% 52 Week Price Range High/Low 13.33% Equity Float 1'815.86
Shares Out 30.06.2013 1'817.1 Short Int -
4'006.68 1 Yr Total Return -2.63%
Total Debt 976.00 YTD Return 0.30%
Preferred Stock 0.0 Adjusted BETA 1.366
Minority Interest 6.0 Analyst Recs 12
Cash and Equivalents 118.00 Consensus Rating 2.833
Enterprise Value 4'870.68
Average Volume 5 Day 4'531'451
TEL NZ EQUITY YTD Change - Average Volume 30 Day 5'786'588
TEL NZ EQUITY YTD % CHANGE - Average Volume 3 Month 6'662'912
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 12/yy 12/yy 06/14 Y 06/15 Y 03/13 Q3 06/13 Q4
5'340.0 5'029.0 4'760.0 4'345.0 3'991.0 5'181.0 4'971.0 4'021.1 3'948.3 - -
1.40x 1.12x 1.37x 1.21x 1.24x 5.47x 4.78x 1.22x 1.22x - -
1'630.0 1'635.0 1'210.0 1'072.0 875.0 1'630.0 1'620.0 1'030.5 1'037.1 - -
4.60x 3.44x 5.37x 4.92x 5.66x 4.25x 3.79x 4.73x 4.70x - -
398.0 380.0 164.0 1'155.0 236.0 478.0 302.0 328.0 337.1 - -
12.41x 9.45x - 14.94x 17.31x 9.43x 14.28x 12.39x 12.05x - -
EBITDA 875.00 Long-Term Rating Date 11.11.2011
EBIT 336.00 Long-Term Rating A-
Operating Margin 8.42% Long-Term Outlook STABLE
Pretax Margin 8.54% Short-Term Rating Date 11.11.2011
Return on Assets 6.59% Short-Term Rating A-2
Return on Common Equity 15.59%
Return on Capital 11.00% EBITDA/Interest Exp. 14.11
Asset Turnover 1.11% (EBITDA-Capex)/Interest Exp. 7.84
Net Debt/EBITDA 0.98
Gross Margin - Total Debt/EBITDA 1.12
EBITDA Margin 21.9%
EBIT Margin 8.4% Total Debt/Equity 69.4%
Net Income Margin 5.9% Total Debt/Capital 40.9%
Asset Turnover 1.11
Current Ratio 0.77 Net Fixed Asset Turnover 2.79
Quick Ratio 0.43 Accounts receivable turnover-days 34.39
Debt to Assets 27.94% Inventory Days -
Tot Debt to Common Equity 69.37% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.61 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Telecom Corp of New Zealand LtdPrice/Volume
Valuation Analysis
12'439'607.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN CHASE BANK n/a Research 210'187'319 11.57 - 03.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 128'978'201 7.1 - 03.09.2013 Investment Advisor
AMP LTD n/a ULT-AGG 109'981'249 6.05 - 30.06.2012 Insurance Company
SCHRODER INVESTMENT n/a EXCH 91'743'368 5.05 (23'944'661) 16.02.2012 Investment Advisor
ACCIDENT COMPENSATIO n/a Research 67'429'655 3.71 - 03.05.2013 Insurance Company
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 53'490'415 2.94 - 03.09.2013 Investment Advisor
NEW ZEALAND SUP FUND n/a Co File 46'871'583 2.58 - 13.08.2012 n/a
JP MORGAN n/a ULT-AGG 36'117'556 1.99 3'962'246 30.06.2013 Investment Advisor
VANGUARD n/a ULT-AGG 22'364'362 1.23 1'741'168 30.06.2013 Unclassified
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 15'871'424 0.87 4'728'841 31.03.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 15'792'673 0.87 (12'469'070) 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 11'945'733 0.66 2'152'838 04.09.2013 Investment Advisor
ALLIANCE TRUST PLC/U Multiple Portfolios MF-AGG 9'157'736 0.5 (3'919'524) 31.05.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8'155'405 0.45 (214'692) 31.05.2012 Investment Advisor
LAZARD LTD HENDERSON FAR EAST I MF-PART 7'911'477 0.44 368'502 31.07.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 7'885'947 0.43 - 31.12.2012 Government
KEMPEN CAPITAL MANAG n/a ULT-AGG 7'586'800 0.42 1'371'800 30.06.2013 Unclassified
PRINCIPAL FINANCIAL n/a ULT-AGG 6'694'066 0.37 3'986'299 31.07.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 6'505'274 0.36 (386'653) 30.04.2013 Investment Advisor
UBS n/a ULT-AGG 6'112'481 0.34 (595'971) 28.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan PAUL BRUNKER neutral 3 M 2 9 month 04.09.2013
Deutsche Bank ARIE DEKKER hold 3 M 2 12 month 26.08.2013
Forsyth Barr BLAIR GALPIN hold 3 M 2 12 month 26.08.2013
Macquarie ANDREW LEVY neutral 3 M 2 12 month 24.08.2013
Goldman Sachs ADRIAN ALLBON neutral/neutral 3 M 2 12 month 23.08.2013
UBS RICHARD EARY neutral 3 U 2 12 month 23.08.2013
CIMB IAN MARTIN underperform 1 M 2 12 month 23.08.2013
First NZ Capital GREG MAIN outperform 5 M 2 Not Provided 23.08.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 25.07.2013
Holdings By:
Telecom Corp of New Zealand Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Ryman Healthcare Limited provides private health care services through its
development, management and operation of retirement villages, nursing homes and
geriatric hospitals. The Company's facilities are located in Christchurch,
Dunedin, Invercargill and Wellington.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (31.07.2013) 7.24
52-Week Low (05.09.2012) 3.83
Daily Volume
6.8
52-Week High % Change -6.08% Dividend Yield 1.47
52-Week Low % Change 77.55% Beta 0.59
% 52 Week Price Range High/Low 88.56% Equity Float 331.70
Shares Out 08.07.2013 497.6 Short Int -
3'383.54 1 Yr Total Return 80.08%
Total Debt 225.99 YTD Return 50.70%
Preferred Stock 0.0 Adjusted BETA 0.595
Minority Interest 0.0 Analyst Recs 7
Cash and Equivalents 0.53 Consensus Rating 3.143
Enterprise Value 3'609.00
Average Volume 5 Day 482'526
RYM NZ EQUITY YTD Change - Average Volume 30 Day 426'610
RYM NZ EQUITY YTD % CHANGE - Average Volume 3 Month 520'436
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -
91.5 109.1 129.1 154.1 180.4 - - 278.5 319.8 - -
9.22x 10.73x 10.35x 11.34x 15.15x - - 12.96x 11.28x - -
20.9 29.4 35.5 41.3 48.3 - - 161.0 183.6 - -
40.29x 39.81x 37.66x 42.32x 56.58x - - 22.42x 19.66x - -
66.1 78.4 100.2 120.8 136.7 - - 139.2 159.2 - -
10.60x 13.10x 11.79x 12.72x 18.33x - - 25.95x 22.82x - -
EBITDA 48.31 Long-Term Rating Date -
EBIT 39.92 Long-Term Rating -
Operating Margin 22.13% Long-Term Outlook -
Pretax Margin 83.32% Short-Term Rating Date -
Return on Assets 6.64% Short-Term Rating -
Return on Common Equity 19.79%
Return on Capital 15.70% EBITDA/Interest Exp. 4.27
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -12.07
Net Debt/EBITDA 4.67
Gross Margin - Total Debt/EBITDA 4.68
EBITDA Margin 26.8%
EBIT Margin 22.1% Total Debt/Equity 30.8%
Net Income Margin 75.8% Total Debt/Capital 23.5%
Asset Turnover 0.09
Current Ratio 1.06 Net Fixed Asset Turnover 0.09
Quick Ratio 1.02 Accounts receivable turnover-days 195.19
Debt to Assets 10.26% Inventory Days -
Tot Debt to Common Equity 30.77% Accounts Payable Turnover Day -
Accounts Receivable Turnover 1.87 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Ryman Healthcare LtdPrice/Volume
Valuation Analysis
449'490.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CUMMING GEOFFREY A n/a Co File 50'949'900 10.24 - 28.05.2013 n/a
HICKMAN KEVIN J n/a EXCH 35'834'955 7.2 - 07.06.2013 n/a
NGAI TAHU CAPITAL LT n/a Co File 30'000'000 6.03 - 28.05.2013 Other
ONEPATH (NZ) LIMITED n/a EXCH 24'637'020 4.95 - 06.06.2013 Investment Advisor
JP Morgan Chase Bank n/a Co File 15'879'834 3.19 1'809'862 28.05.2013 Unclassified
ACCIDENT COMPENSATIO n/a Co File 13'746'548 2.76 - 28.05.2013 Insurance Company
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'918'624 1.99 9'918'624 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 8'489'507 1.71 15'977 31.07.2013 Investment Advisor
MFL MUTUAL FUND LTD n/a Co File 5'982'133 1.2 (3'066'500) 28.05.2013 Other
YOVICH WALTER n/a Co File 4'278'680 0.86 - 28.05.2013 n/a
VANGUARD n/a ULT-AGG 2'537'698 0.51 1'019'452 30.06.2013 Unclassified
CHALLIES SIMON n/a EXCH 2'169'226 0.44 - 16.07.2013 n/a
BLACKROCK n/a ULT-AGG 2'080'974 0.42 (5'980) 03.09.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'897'233 0.38 - 30.04.2013 Investment Advisor
CLEMENTS ANDREW J n/a Co File 1'600'000 0.32 - 15.05.2013 n/a
THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 1'249'289 0.25 6'072 30.04.2013 Investment Advisor
SMARTSHARES LIMITED SMARTENZ MF-PART 961'303 0.19 (9'740) 31.07.2013 Investment Advisor
REYNEN BARBARA n/a EXCH 937'244 0.19 - 16.07.2013 n/a
SMARTSHARES LIMITED SMARTFONZ MF-PART 794'308 0.16 (34'075) 31.07.2013 Investment Advisor
MACLEOD GORDON n/a EXCH 480'786 0.1 - 16.07.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank STEPHEN RIDGEWELL hold 3 M 6 12 month 05.08.2013
Macquarie DANIEL FROST outperform 5 M 7 12 month 14.06.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
First NZ Capital JAMES SCHOFIELD outperform 5 M 8 Not Provided 21.05.2013
Forsyth Barr JEREMY SIMPSON accumulate 4 D 7 12 month 19.05.2013
Goldman Sachs MATTHEW HENRY neutral/neutral 3 M 7 12 month 16.05.2013
UBS WADE GARDINER sell 1 M 5 12 month 16.05.2013
Holdings By:
Ryman Healthcare Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Auckland International Airport Limited owns and operates the Auckland
International Airport. The Airport includes a single runway, an international
terminal and two domestic terminals. The Airport also has commercial facilities
which includes airfreight operations, car rental services, commercial banking
center and office buildings.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (21.08.2013) 3.30
52-Week Low (05.09.2012) 2.56
Daily Volume
3.115
52-Week High % Change -5.61% Dividend Yield 3.85
52-Week Low % Change 21.68% Beta 0.85
% 52 Week Price Range High/Low 76.35% Equity Float 1'026.57
Shares Out 31.12.2012 1'322.8 Short Int -
4'120.38 1 Yr Total Return 26.63%
Total Debt 1'141.95 YTD Return 19.10%
Preferred Stock 0.0 Adjusted BETA 0.848
Minority Interest 0.0 Analyst Recs 10
Cash and Equivalents 69.15 Consensus Rating 2.800
Enterprise Value 5'193.17
Average Volume 5 Day 6'917'743
AIA NZ EQUITY YTD Change - Average Volume 30 Day 4'444'358
AIA NZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'806'383
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
350.3 346.2 378.5 405.8 426.1 - - 473.5 497.9 - -
8.60x 10.13x 10.52x 10.58x 11.74x - - 11.10x 10.62x - -
276.8 274.8 296.9 317.6 328.0 - - 354.6 375.4 - -
10.89x 12.76x 13.41x 13.51x 15.24x - - 14.65x 13.83x - -
41.7 29.7 100.8 142.3 178.0 - - 169.2 181.3 - -
47.21x 77.92x 29.09x 22.68x 22.07x - - 24.15x 22.57x - -
EBITDA 328.02 Long-Term Rating Date 29.05.2009
EBIT 265.96 Long-Term Rating A-
Operating Margin 62.42% Long-Term Outlook POS
Pretax Margin 55.52% Short-Term Rating Date 29.05.2009
Return on Assets 4.56% Short-Term Rating A-2
Return on Common Equity 7.16%
Return on Capital 6.32% EBITDA/Interest Exp. 4.76
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. 3.49
Net Debt/EBITDA 3.27
Gross Margin - Total Debt/EBITDA 3.48
EBITDA Margin 77.0%
EBIT Margin 62.4% Total Debt/Equity 45.7%
Net Income Margin 41.8% Total Debt/Capital 31.4%
Asset Turnover 0.11
Current Ratio 0.48 Net Fixed Asset Turnover 0.12
Quick Ratio 0.35 Accounts receivable turnover-days 3.01
Debt to Assets 28.99% Inventory Days -
Tot Debt to Common Equity 45.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover 121.29 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Auckland International Airport LtdPrice/Volume
Valuation Analysis
3'093'486.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AUCKLAND CITY COUNCI n/a Co File 165'501'630 12.51 - 15.08.2012 Other
MANUKAU CITY COUNCIL n/a Co File 130'419'384 9.86 - 15.08.2012 Other
UBS n/a ULT-AGG 109'596'816 8.29 44'600 28.06.2013 Unclassified
JP MORGAN CHASE BANK n/a Co File 69'531'810 5.26 - 15.08.2012 Investment Advisor
ACCIDENT COMPENSATIO n/a Co File 48'354'820 3.66 - 15.08.2012 Insurance Company
BLACKROCK n/a ULT-AGG 16'682'323 1.26 105'000 03.09.2013 Investment Advisor
VANGUARD n/a ULT-AGG 11'094'041 0.84 1'118'160 30.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 8'797'386 0.67 - 31.12.2012 Government
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 5'530'557 0.42 (30'000) 18.02.2013 Investment Advisor
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 5'417'318 0.41 - 30.06.2013 Investment Advisor
MASFEN SECURITIES LI n/a Co File 4'437'919 0.34 - 15.08.2012 Other
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 3'946'842 0.3 (55'244) 30.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 3'687'306 0.28 12'852 30.04.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 3'210'865 0.24 - 30.04.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 2'682'616 0.2 (104'988) 31.07.2013 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 2'253'666 0.17 2'253'666 31.07.2013 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 2'065'398 0.16 160'570 03.09.2013 Investment Advisor
SMARTSHARES LIMITED SMARTENZ MF-PART 1'973'796 0.15 (20'062) 31.07.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 1'928'876 0.15 184'392 31.07.2013 Investment Advisor
SMARTSHARES LIMITED SMARTFONZ MF-PART 1'678'870 0.13 (73'006) 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UBS LANCE REYNOLDS neutral 3 M 3 12 month 22.08.2013
Forsyth Barr ANDREW BOWLEY hold 3 D 3 12 month 22.08.2013
Deutsche Bank GRANT SWANEPOEL hold 3 M 3 12 month 21.08.2013
Morgan Stanley SCOTT KELLY Equalwt/In-Line 3 M 3 12 month 21.08.2013
Goldman Sachs MARCUS CURLEY neutral/neutral 3 M 3 12 month 21.08.2013
JPMorgan CAROLYN HOLMES neutral 3 M 3 9 month 21.08.2013
Macquarie WARREN DOAK neutral 3 M 3 12 month 21.08.2013
CIMB MICHAEL NEWBOLD neutral 3 M 3 12 month 21.08.2013
First NZ Capital PAUL TURNBULL neutral 3 M 3 Not Provided 31.07.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
Holdings By:
Auckland International Airport Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Sky Network Television Limited is a pay-television operator in New Zealand. The
Company broadcasts various pay networks via UHF and Digital satellite platforms
and offers a variety of programming including news, sports, movies, digital
radio and pay-per-view events.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (31.05.2013) 5.90
52-Week Low (19.12.2012) 4.50
Daily Volume
5.71
52-Week High % Change -3.22% Dividend Yield 4.20
52-Week Low % Change 26.89% Beta 0.88
% 52 Week Price Range High/Low 85.71% Equity Float 360.47
Shares Out 30.06.2013 389.1 Short Int -
2'221.99 1 Yr Total Return 27.48%
Total Debt 483.79 YTD Return 21.80%
Preferred Stock 0.0 Adjusted BETA 0.885
Minority Interest 7.4 Analyst Recs 10
Cash and Equivalents 20.68 Consensus Rating 4.000
Enterprise Value 2'692.46
Average Volume 5 Day 2'642'457
SKT NZ EQUITY YTD Change - Average Volume 30 Day 1'610'837
SKT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 1'818'232
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
677.9 725.1 777.0 824.2 865.8 - - 912.6 947.8 - -
2.81x 3.13x 3.31x 2.83x 2.98x - - 2.89x 2.74x - -
247.2 271.1 302.1 317.4 334.2 - - 367.6 380.8 - -
7.72x 8.38x 8.51x 7.36x 7.73x - - 7.32x 7.07x - -
88.4 102.9 120.1 123.7 137.2 - - 156.5 170.0 - -
18.32x 17.75x 18.02x 15.20x 15.40x - - 14.17x 12.92x - -
EBITDA 334.19 Long-Term Rating Date -
EBIT 199.63 Long-Term Rating -
Operating Margin 23.06% Long-Term Outlook -
Pretax Margin 21.83% Short-Term Rating Date -
Return on Assets 7.10% Short-Term Rating -
Return on Common Equity 11.36%
Return on Capital 8.95% EBITDA/Interest Exp. 11.73
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 8.84
Net Debt/EBITDA 1.39
Gross Margin - Total Debt/EBITDA 1.45
EBITDA Margin 38.6%
EBIT Margin 23.1% Total Debt/Equity 41.2%
Net Income Margin 15.8% Total Debt/Capital 29.0%
Asset Turnover 0.45
Current Ratio 0.74 Net Fixed Asset Turnover 2.59
Quick Ratio 0.48 Accounts receivable turnover-days 27.37
Debt to Assets 25.46% Inventory Days -
Tot Debt to Common Equity 41.19% Accounts Payable Turnover Day -
Accounts Receivable Turnover 13.34 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Sky Network Television LtdPrice/Volume
Valuation Analysis
978'546.00
Current Price (9/dd/yy) Market Data
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100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ACCIDENT COMPENSATIO n/a EXCH 28'512'384 7.33 - 12.04.2013 Insurance Company
JCP INVESTMENT PARTN n/a EXCH 25'001'234 6.42 (6'086'396) 16.08.2013 Investment Advisor
HYPERION ASSET MANAG n/a EXCH 24'031'977 6.18 3'928'362 02.05.2013 Investment Advisor
BNP PARIBAS INV PART n/a EXCH 21'331'708 5.48 - 20.06.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 19'453'594 5 (49'441) 30.08.2013 Unclassified
UBS n/a ULT-AGG 19'090'483 4.91 - 05.06.2013 Unclassified
PERPETUAL LTD n/a EXCH 18'878'791 4.85 (750'000) 28.03.2013 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 10'133'840 2.6 - 13.08.2012 Investment Advisor
ONEPATH (NZ) LIMITED n/a Research 9'170'013 2.36 - 16.11.2012 Investment Advisor
VANGUARD n/a ULT-AGG 3'755'455 0.97 2'107'329 30.06.2013 Unclassified
AMP LTD n/a ULT-AGG 3'446'493 0.89 - 13.08.2012 Insurance Company
NORGES BANK Multiple Portfolios MF-AGG 2'465'018 0.63 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 1'712'484 0.44 74'630 03.09.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'305'914 0.34 - 30.04.2013 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 1'238'772 0.32 (10'500) 28.03.2013 Investment Advisor
SMARTSHARES LIMITED SMARTFONZ MF-PART 1'027'252 0.26 (45'398) 31.07.2013 Investment Advisor
SMARTSHARES LIMITED SMARTENZ MF-PART 748'728 0.19 (6'735) 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 628'122 0.16 - 03.09.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 586'669 0.15 (80'868) 30.06.2013 Investment Advisor
PARVEST INVESTMENT M Multiple Portfolios MF-AGG 560'874 0.14 70'000 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie WARREN DOAK outperform 5 M 6 12 month 05.09.2013
UBS TRISTAN JOLL neutral 3 D 6 12 month 04.09.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 28.08.2013
Forsyth Barr ROB MERCER buy 5 M 7 12 month 26.08.2013
Morgan Stanley MARK GOODRIDGE Equalwt/Cautious 3 U 5 12 month 25.08.2013
Deutsche Bank ARIE DEKKER buy 5 M 6 12 month 23.08.2013
Goldman Sachs ADRIAN ALLBON neutral/neutral 3 M 6 12 month 23.08.2013
JPMorgan JARROD MCDONALD neutral 3 M 6 9 month 23.08.2013
First NZ Capital GREG MAIN neutral 3 M 6 Not Provided 19.06.2013
Holdings By:
Sky Network Television Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
SKYCITY Entertainment Group Ltd. provides gaming and casino services. The
Company offers various casinos accompanied with various bars, hotels,
restaurants, and convention centers. SKYCITY Entertainment Group offers
services in Australia and New Zealand.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (01.05.2013) 4.58
52-Week Low (12.12.2012) 3.56
Daily Volume
3.82
52-Week High % Change -16.59% Dividend Yield 5.24
52-Week Low % Change 7.30% Beta 0.98
% 52 Week Price Range High/Low 25.49% Equity Float 543.27
Shares Out 30.06.2013 577.0 Short Int -
2'203.98 1 Yr Total Return 4.77%
Total Debt 615.23 YTD Return 3.41%
Preferred Stock 0.0 Adjusted BETA 0.979
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 51.13 Consensus Rating 3.667
Enterprise Value 2'768.08
Average Volume 5 Day 1'380'492
SKC NZ EQUITY YTD Change - Average Volume 30 Day 1'474'029
SKC NZ EQUITY YTD % CHANGE - Average Volume 3 Month 1'330'195
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
762.3 769.9 803.1 851.5 859.5 - - 901.4 985.1 - -
2.87x 2.84x 3.27x 3.03x 3.58x - - 3.12x 3.00x - -
296.3 283.6 290.3 295.6 293.9 - - 314.2 347.7 - -
7.37x 7.70x 9.04x 8.74x 10.48x - - 8.81x 7.96x - -
115.3 102.0 123.0 138.5 127.3 - - 143.2 159.7 - -
11.31x 18.51x 16.92x 14.17x 19.73x - - 15.47x 13.79x - -
EBITDA 293.88 Long-Term Rating Date 13.07.2008
EBIT 217.09 Long-Term Rating BBB-
Operating Margin 25.26% Long-Term Outlook STABLE
Pretax Margin 19.54% Short-Term Rating Date -
Return on Assets 7.56% Short-Term Rating -
Return on Common Equity 15.71%
Return on Capital 11.49% EBITDA/Interest Exp. 5.69
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 3.52
Net Debt/EBITDA 1.92
Gross Margin - Total Debt/EBITDA 2.09
EBITDA Margin 34.2%
EBIT Margin 25.3% Total Debt/Equity 75.7%
Net Income Margin 14.8% Total Debt/Capital 43.1%
Asset Turnover 0.51
Current Ratio 1.12 Net Fixed Asset Turnover 0.80
Quick Ratio 0.59 Accounts receivable turnover-days 5.32
Debt to Assets 37.24% Inventory Days -
Tot Debt to Common Equity 75.68% Accounts Payable Turnover Day -
Accounts Receivable Turnover 68.59 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
SKYCITY Entertainment Group LtdPrice/Volume
Valuation Analysis
1'265'907.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 42'061'564 7.29 (81'039) 03.09.2013 Investment Advisor
JP MORGAN CHASE BANK n/a Research 38'689'334 6.71 - 08.03.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 29'761'766 5.16 - 26.04.2013 Unclassified
INVESTORS MUTUAL LTD n/a EXCH 29'545'487 5.12 - 15.08.2013 Hedge Fund Manager
AMP LTD n/a ULT-AGG 28'799'163 4.99 (534'422) 04.04.2013 Insurance Company
ACCIDENT COMPENSATIO n/a EXCH 28'512'384 4.94 (375'000) 12.04.2013 Insurance Company
COOPER INVESTORS PTY n/a EXCH 21'858'783 3.79 - 16.08.2013 Hedge Fund Manager
ONEPATH (NZ) LIMITED n/a Research 9'873'859 1.71 (1'379'871) 08.03.2013 Investment Advisor
VANGUARD n/a ULT-AGG 6'384'141 1.11 (127'980) 30.06.2013 Unclassified
WESTPAC NZ SHR 2002 n/a Research 5'764'753 1 - 08.03.2013 Bank
NORGES BANK Multiple Portfolios MF-AGG 5'167'522 0.9 - 31.12.2012 Government
MASFEN SECURITIES LI n/a Research 4'956'260 0.86 - 08.03.2013 Other
DIMENSIONAL FUND ADV n/a ULT-AGG 3'606'133 0.63 2'351 30.04.2013 Investment Advisor
MORRISON NIGEL BARCL n/a EXCH 2'586'054 0.45 - 28.05.2013 n/a
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 2'351'890 0.41 - 18.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'226'408 0.39 (114'517) 04.09.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 2'004'525 0.35 - 30.04.2013 Investment Advisor
BT FUNDS MANAGEMENT BT INVESTMENT FUNDS- MF-PART 1'462'879 0.25 - 31.03.2013 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 1'425'539 0.25 238'933 03.09.2013 Investment Advisor
SMARTSHARES LIMITED SMARTFONZ MF-PART 1'163'470 0.2 (49'220) 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 23.08.2013
Macquarie WARREN DOAK neutral 3 M 4 12 month 15.08.2013
Forsyth Barr JEREMY SIMPSON buy 5 M 5 12 month 15.08.2013
Deutsche Bank ARIE DEKKER hold 3 M 4 12 month 14.08.2013
Goldman Sachs MARCUS CURLEY Buy/Neutral 5 M 5 12 month 14.08.2013
UBS SAM THEODORE neutral 3 M 4 12 month 14.08.2013
JPMorgan MATTHEW RYAN neutral 3 M 4 9 month 14.08.2013
Commonwealth Bank BEN BROWNETTE underweight 1 M 3 12 month 14.08.2013
Bell Potter LAFITANI SOTIRIOU buy 5 M 5 12 month 14.08.2013
First NZ Capital PAUL TURNBULL neutral 3 M 4 Not Provided 14.08.2013
Holdings By:
SKYCITY Entertainment Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Fisher & Paykel Healthcare Corporation Limited designs, manufactures and markets
heated humidification products and systems for use in respiratory care and the
treatment of sleep apnea. The Company also offers patient warming and neonatal
care products, including warming products and infant resuscitators.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (05.08.2013) 3.72
52-Week Low (14.09.2012) 2.11
Daily Volume
3.67
52-Week High % Change -1.34% Dividend Yield 3.38
52-Week Low % Change 73.93% Beta 0.92
% 52 Week Price Range High/Low 98.14% Equity Float 513.45
Shares Out 05.09.2013 546.6 Short Int -
2'006.17 1 Yr Total Return 78.02%
Total Debt 134.53 YTD Return 51.70%
Preferred Stock 0.0 Adjusted BETA 0.921
Minority Interest 0.0 Analyst Recs 8
Cash and Equivalents 7.71 Consensus Rating 3.250
Enterprise Value 2'132.99
Average Volume 5 Day 1'330'389
FPH NZ EQUITY YTD Change - Average Volume 30 Day 1'038'690
FPH NZ EQUITY YTD % CHANGE - Average Volume 3 Month 1'131'605
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -
485.5 474.8 467.7 466.7 507.3 - - 647.0 701.5 - -
3.55x 3.71x 3.69x 2.77x 3.05x - - 3.27x 2.99x - -
143.5 87.5 80.2 63.0 90.1 - - 171.0 172.8 - -
12.03x 20.16x 21.50x 20.54x 17.16x - - 12.47x 12.34x - -
62.2 71.6 52.5 64.1 77.1 - - 94.7 95.6 - -
25.90x 23.43x 30.78x 18.36x 18.32x - - 21.21x 20.85x - -
EBITDA 90.14 Long-Term Rating Date -
EBIT 63.73 Long-Term Rating -
Operating Margin 12.56% Long-Term Outlook -
Pretax Margin 21.56% Short-Term Rating Date -
Return on Assets 12.94% Short-Term Rating -
Return on Common Equity 21.39%
Return on Capital 16.61% EBITDA/Interest Exp. 18.38
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 6.44
Net Debt/EBITDA 1.41
Gross Margin 51.0% Total Debt/EBITDA 1.49
EBITDA Margin 17.8%
EBIT Margin 12.6% Total Debt/Equity 36.1%
Net Income Margin 15.2% Total Debt/Capital 26.5%
Asset Turnover 0.85
Current Ratio 2.36 Net Fixed Asset Turnover 1.54
Quick Ratio 0.88 Accounts receivable turnover-days 50.72
Debt to Assets 21.75% Inventory Days 127.50
Tot Debt to Common Equity 36.14% Accounts Payable Turnover Day 31.47
Accounts Receivable Turnover 7.20 Cash Conversion Cycle 146.74
Inventory Turnover 2.86
Fiscal Year Ended
Fisher & Paykel Healthcare Corp LtdPrice/Volume
Valuation Analysis
249'896.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 46'666'600 8.54 - 30.06.2013 Investment Advisor
ACCIDENT COMPENSATIO n/a EXCH 27'200'396 4.98 (638'326) 13.08.2013 Insurance Company
AMP LTD n/a ULT-AGG 27'083'276 4.95 (1'155'924) 06.08.2013 Insurance Company
SUN LIFE FINANCIAL I n/a ULT-AGG 11'422'541 2.09 48'765 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'137'434 1.12 (424'886) 30.06.2013 Investment Advisor
VANGUARD n/a ULT-AGG 5'164'464 0.94 1'499'301 30.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 4'725'484 0.86 - 31.12.2012 Government
FIDANTE PARTNERS LTD Multiple Portfolios MF-AGG 4'544'800 0.83 - 30.06.2013 Investment Advisor
MASFEN SECURITIES LI n/a Co File 4'308'805 0.79 - 23.05.2013 Other
BLACKROCK n/a ULT-AGG 3'705'203 0.68 (233'240) 03.09.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 3'440'550 0.63 - 30.04.2013 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 3'342'651 0.61 - 30.08.2013 Investment Advisor
EVANS NIGEL THOMAS n/a EXCH 1'569'034 0.29 417 05.07.2013 n/a
WOOLF FISHER TRUST I n/a Co File 1'542'415 0.28 - 23.05.2013 n/a
SMARTSHARES LIMITED SMARTFONZ MF-PART 1'435'241 0.26 (60'684) 31.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 1'262'362 0.23 - 04.09.2013 Investment Advisor
WILLIAMS JOHN JULIAN n/a Co File 1'135'160 0.21 - 23.05.2013 n/a
PAYKEL GARY ALBERT n/a Co File 1'095'125 0.2 - 31.03.2013 n/a
SMARTSHARES LIMITED SMARTENZ MF-PART 1'042'717 0.19 (10'560) 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 852'804 0.16 99'359 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 02.09.2013
Deutsche Bank STEPHEN RIDGEWELL buy 5 M 4 12 month 27.08.2013
Goldman Sachs MARCUS CURLEY neutral/neutral 3 M 4 12 month 27.08.2013
Macquarie DANIEL FROST outperform 5 M 4 12 month 27.08.2013
First NZ Capital SARNDRA URLICH neutral 3 D 4 Not Provided 27.08.2013
Forsyth Barr JOHN CAIRNS hold 3 D 4 12 month 11.08.2013
UBS TRISTAN JOLL neutral 3 M 4 12 month 31.07.2013
Holdings By:
Fisher & Paykel Healthcare Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Contact Energy Limited is a diversified and integrated energy company which
focuses on the generation of electricity and the sale of electricity and gas in
New Zealand.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (15.04.2013) 5.82
52-Week Low (05.09.2012) 4.85
Daily Volume
5.22
52-Week High % Change -10.31% Dividend Yield 4.79
52-Week Low % Change 7.63% Beta 1.01
% 52 Week Price Range High/Low 37.11% Equity Float 348.83
Shares Out 30.06.2013 733.3 Short Int -
3'827.84 1 Yr Total Return 10.54%
Total Debt 1'370.00 YTD Return 5.22%
Preferred Stock 0.0 Adjusted BETA 1.010
Minority Interest 0.0 Analyst Recs 10
Cash and Equivalents 80.00 Consensus Rating 4.400
Enterprise Value 5'117.84
Average Volume 5 Day 214'107
CEN NZ EQUITY YTD Change - Average Volume 30 Day 305'468
CEN NZ EQUITY YTD % CHANGE - Average Volume 3 Month 370'810
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
2'200.1 2'143.0 2'209.3 2'683.0 2'504.0 - - 2'531.0 2'632.8 - -
2.04x 2.20x 2.16x 1.77x 2.01x - - 2.05x 1.98x - -
425.3 405.6 419.9 491.0 591.0 - - 584.3 628.4 - -
10.54x 11.65x 11.35x 9.70x 8.54x - - 8.76x 8.14x - -
115.6 154.7 150.3 190.0 199.0 - - 206.9 229.0 - -
29.28x 22.24x 22.44x 17.92x 18.82x - - 18.45x 16.68x - -
EBITDA 591.00 Long-Term Rating Date 28.06.2006
EBIT 396.00 Long-Term Rating BBB
Operating Margin 15.81% Long-Term Outlook STABLE
Pretax Margin 10.50% Short-Term Rating Date 12.02.2003
Return on Assets 3.23% Short-Term Rating A-2
Return on Common Equity 5.72%
Return on Capital 5.20% EBITDA/Interest Exp. 5.28
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 2.71
Net Debt/EBITDA 2.18
Gross Margin - Total Debt/EBITDA 2.32
EBITDA Margin 23.6%
EBIT Margin 15.8% Total Debt/Equity 38.7%
Net Income Margin 7.9% Total Debt/Capital 27.9%
Asset Turnover 0.41
Current Ratio 0.47 Net Fixed Asset Turnover 0.49
Quick Ratio 0.22 Accounts receivable turnover-days 25.59
Debt to Assets 22.11% Inventory Days -
Tot Debt to Common Equity 38.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover 14.26 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Contact Energy LtdPrice/Volume
Valuation Analysis
464'966.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ORIGIN ENERGY LTD n/a Co File 384'150'707 52.39 - 14.08.2012 Corporation
COMMONWEALTH BANK OF n/a ULT-AGG 33'904'485 4.62 - 10.05.2011 Bank
JP MORGAN CHASE BANK n/a Co File 23'843'433 3.25 - 14.08.2012 Investment Advisor
ACCIDENT COMPENSATIO n/a Co File 19'889'366 2.71 - 14.08.2012 Insurance Company
NZ SUPERANNUATION FU n/a Co File 12'222'912 1.67 - 14.08.2012 n/a
AMP INVESTMENTS STRA n/a Co File 7'587'987 1.03 - 14.08.2012 n/a
ORIGIN ENERGY UNIVER n/a Co File 4'767'919 0.65 - 14.08.2012 Holding Company
VANGUARD n/a ULT-AGG 3'887'164 0.53 236'434 30.06.2013 Unclassified
BLACKROCK n/a ULT-AGG 3'556'037 0.48 (126'643) 03.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 3'160'360 0.43 - 31.12.2012 Government
MASFEN SECURITIES LI n/a Co File 3'099'330 0.42 - 14.08.2012 Other
SMARTSHARES LIMITED SMARTFONZ MF-PART 919'968 0.13 (38'657) 31.07.2013 Investment Advisor
SMARTSHARES LIMITED SMARTENZ MF-PART 706'992 0.1 (7'993) 31.07.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 550'939 0.08 (4'738) 31.05.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 500'870 0.07 4'864 30.04.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 483'789 0.07 - 31.12.2012 Investment Advisor
PICTET FUNDS n/a ULT-AGG 479'762 0.07 400 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 358'793 0.05 - 31.07.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 257'403 0.04 - 04.09.2013 Investment Advisor
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 235'158 0.03 - 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Forsyth Barr ANDREW HARVEY-GREEN buy 5 M 6 12 month 22.08.2013
Deutsche Bank GRANT SWANEPOEL buy 5 M 6 12 month 20.08.2013
Goldman Sachs MATTHEW HENRY Buy/Neutral 5 M 6 12 month 20.08.2013
JPMorgan CHRIS LAYBUTT neutral 3 M 5 9 month 20.08.2013
Macquarie STEPHEN HUDSON outperform 5 M 6 12 month 20.08.2013
First NZ Capital NEVILL GLUYAS neutral 3 M 6 Not Provided 19.08.2013
EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013
UBS WADE GARDINER buy 5 U 6 12 month 22.05.2013
Woodward Partners Group Ltd NICK R LEWIS buy 5 N 6 Not Provided 12.11.2012
Holdings By:
Contact Energy Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Trade Me Ltd. operates an online marketplace for New Zealanders. The website
features online auctions and fixed-price sales for new and used goods including
automobiles, real estate and employment advertising. Trade Me also offers
accommodations, dating and group buying advertisements.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (22.05.2013) 5.45
52-Week Low (07.01.2013) 3.85
Daily Volume
4.57
52-Week High % Change -16.15% Dividend Yield 3.46
52-Week Low % Change 18.70% Beta -
% 52 Week Price Range High/Low 36.25% Equity Float 327.17
Shares Out 21.08.2013 396.3 Short Int -
1'811.14 1 Yr Total Return 22.32%
Total Debt 165.86 YTD Return 17.53%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 48.86 Consensus Rating 3.067
Enterprise Value 1'928.14
Average Volume 5 Day 1'426'202
TME NZ EQUITY YTD Change - Average Volume 30 Day 1'887'413
TME NZ EQUITY YTD % CHANGE - Average Volume 3 Month 1'371'431
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y 09/12 Q1 12/12 Q2
96.0 114.4 104.2 116.3 135.2 - - 181.9 202.4 - -
- - - 13.79x 15.14x - - 10.51x 9.35x - -
73.7 86.5 98.1 106.6 122.6 - - 132.9 147.3 - -
- - - 15.04x 16.70x - - 14.51x 13.09x - -
55.3 63.6 69.7 75.6 78.6 - - 85.0 95.2 - -
- - - 19.53x 24.55x - - 21.26x 19.20x - -
EBITDA 122.57 Long-Term Rating Date -
EBIT 113.84 Long-Term Rating -
Operating Margin 84.20% Long-Term Outlook -
Pretax Margin 80.97% Short-Term Rating Date -
Return on Assets 9.44% Short-Term Rating -
Return on Common Equity 12.13%
Return on Capital 10.29% EBITDA/Interest Exp. 17.06
Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. 16.57
Net Debt/EBITDA 0.95
Gross Margin - Total Debt/EBITDA 1.35
EBITDA Margin 90.7%
EBIT Margin 84.2% Total Debt/Equity 25.2%
Net Income Margin 58.1% Total Debt/Capital 20.2%
Asset Turnover 0.16
Current Ratio 3.13 Net Fixed Asset Turnover 27.62
Quick Ratio 2.95 Accounts receivable turnover-days 12.99
Debt to Assets 19.71% Inventory Days -
Tot Debt to Common Equity 25.24% Accounts Payable Turnover Day -
Accounts Receivable Turnover 28.10 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Trade Me Group LtdPrice/Volume
Valuation Analysis
1'207'535.00
Current Price (9/dd/yy) Market Data
'
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0.0
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40.0
60.0
80.0
100.0
120.0
140.0
160.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HYPERION ASSET MANAG n/a EXCH 49'550'653 12.5 4'112'969 22.05.2013 Investment Advisor
BAILLIE GIFFORD OVER n/a EXCH 31'475'406 7.94 - 20.05.2013 Investment Advisor
BNP PARIBAS INV PART #N/A N/A EXCH 24'930'329 6.29 3'953'366 29.08.2013 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 23'034'251 5.81 - 31.08.2012 Investment Advisor
WESTPAC BANKING CORP n/a EXCH 20'883'017 5.27 (5'020'000) 21.05.2013 Bank
AMP LTD n/a ULT-AGG 19'753'816 4.98 (930'619) 09.08.2013 Insurance Company
GOLDMAN SACHS GROUP n/a ULT-AGG 19'713'592 4.97 (120'537) 28.12.2012 Investment Advisor
PERPETUAL LTD n/a EXCH 19'687'539 4.97 (2'730'847) 15.07.2013 Investment Advisor
BANK OF AMERICA CORP n/a EXCH 19'388'866 4.89 (1'648'175) 04.01.2013 Investment Advisor
ELLERSTON CAPITAL LT n/a EXCH 18'758'359 4.73 (1'730'708) 13.03.2013 Investment Advisor
UBS n/a ULT-AGG 18'340'426 4.63 (2'087'748) 09.05.2013 Unclassified
ACCIDENT COMPENSATIO n/a Co File 8'478'463 2.14 - 31.08.2012 Insurance Company
NORGES BANK Multiple Portfolios MF-AGG 6'921'647 1.75 - 31.12.2012 Government
NZ SUPERANNUATION FU n/a Co File 3'359'047 0.85 - 31.08.2012 n/a
VANGUARD n/a ULT-AGG 3'294'776 0.83 419'109 30.06.2013 Unclassified
HYPERION ASSET MANAG HYPERION AUSTRALIAN MF-PART 2'506'682 0.63 - 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'446'351 0.62 156'435 03.09.2013 Investment Advisor
HYPERION ASSET MANAG HYPERION SMALL GROWT MF-PART 1'617'961 0.41 - 30.06.2013 Investment Advisor
MORGAN SAMUEL GARETH n/a EXCH 1'564'668 0.39 - 02.03.2012 n/a
ING FUNDS MANAGEMENT ONEPATH ONEANS PS-IN MF-PART 1'108'659 0.28 - 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Evans & Partners Pty Ltd PETER STAMOULIS Positive 4 M #N/A N/A Not Provided 26.08.2013
First NZ Capital JAMES SCHOFIELD underperform 1 D 4 Not Provided 23.08.2013
Forsyth Barr BLAIR GALPIN hold 3 M 5 12 month 22.08.2013
Deutsche Bank STEPHEN RIDGEWELL buy 5 M 5 12 month 21.08.2013
Morgan Stanley ANDREW MCLEOD Overwt/Cautious 5 M 5 12 month 21.08.2013
Goldman Sachs ROBBIE AITKEN Buy/Neutral 5 M 5 12 month 21.08.2013
Credit Suisse SAMANTHA CARLETON underperform 1 D 4 Not Provided 21.08.2013
UBS RICHARD EARY neutral 3 U 4 12 month 21.08.2013
Macquarie DANIEL FROST neutral 3 M 5 12 month 21.08.2013
CIMB ALAN STUART outperform 5 U 5 12 month 21.08.2013
Commonwealth Bank ALICE BENNETT underweight 1 M 4 12 month 21.08.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 25.03.2013
Holdings By:
Trade Me Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Mighty River Power Ltd. provides utility services. The Company generates and
supplies electricity from hydro, geothermal, gas-fired, and wind power stations,
as well as owns and manages bio-energy power plants. Mighty River Power serves
customers throughout New Zealand.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (10.05.2013) 2.73
52-Week Low (26.08.2013) 2.16
Daily Volume
2.22
52-Week High % Change -18.68% Dividend Yield 3.85
52-Week Low % Change 2.78% Beta -
% 52 Week Price Range High/Low 15.79% Equity Float 659.70
Shares Out 10.05.2013 1'400.0 Short Int -
3'108.00 1 Yr Total Return -
Total Debt 1'181.37 YTD Return -
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.3 Analyst Recs 7
Cash and Equivalents 38.30 Consensus Rating 4.000
Enterprise Value 4'251.38
Average Volume 5 Day 1'388'035
MRP NZ EQUITY YTD Change - Average Volume 30 Day 2'319'291
MRP NZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'783'028
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
1'799.5 1'541.4 1'142.7 1'479.3 1'351.5 - - 1'527.3 1'559.8 - -
- - - - - - - 2.74x 2.65x - -
742.7 467.1 443.1 465.6 - - - 499.7 503.8 - -
- - - - - - - 8.51x 8.44x - -
266.2 120.6 127.1 67.8 114.7 - - 167.3 172.0 - -
- - - - 27.07x - - 18.81x 18.20x - -
EBITDA 465.56 Long-Term Rating Date 25.03.2004
EBIT 307.16 Long-Term Rating BBB+
Operating Margin 20.76% Long-Term Outlook STABLE
Pretax Margin 7.37% Short-Term Rating Date 30.03.2012
Return on Assets 1.20% Short-Term Rating A-2
Return on Common Equity 2.29%
Return on Capital 2.83% EBITDA/Interest Exp. 5.19
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. 1.71
Net Debt/EBITDA 2.46
Gross Margin - Total Debt/EBITDA 2.54
EBITDA Margin 31.5%
EBIT Margin 20.8% Total Debt/Equity 39.2%
Net Income Margin 8.5% Total Debt/Capital 28.2%
Asset Turnover 0.26
Current Ratio 0.61 Net Fixed Asset Turnover 0.30
Quick Ratio 0.55 Accounts receivable turnover-days 63.83
Debt to Assets 20.10% Inventory Days -
Tot Debt to Common Equity 39.20% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.73 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Mighty River Power LtdPrice/Volume
Valuation Analysis
2'969'397.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HER MAJESTY THE QUEE n/a EXCH 739'122'254 52.79 - 14.05.2013 Government
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 14'800'000 1.06 7'522'000 30.06.2013 Investment Advisor
SMARTSHARES LIMITED SMARTFONZ MF-PART 1'747'505 0.12 - 31.07.2013 Investment Advisor
SMARTSHARES LIMITED SMARTMIDZ MF-PART 1'400'709 0.1 - 31.07.2013 Investment Advisor
BARING INTERNATIONAL Multiple Portfolios MF-AGG 486'738 0.03 486'738 31.05.2013 Investment Advisor
WHINERAY FRASER n/a EXCH 205'680 0.01 (55'440) 24.06.2013 n/a
MEEK WILLIAM n/a EXCH 203'680 0.01 (55'440) 24.06.2013 n/a
HEFFERNAN DOUG n/a EXCH 179'900 0.01 - 14.05.2013 n/a
TRIGG MARK n/a EXCH 170'900 0.01 (39'600) 24.06.2013 n/a
MUNRO JAMES n/a EXCH 139'360 0.01 (39'600) 24.06.2013 n/a
SELENIUM CORPORATION n/a EXCH 90'400 0.01 - 28.05.2013 Corporation
PRUDENTIAL FINANCIAL n/a ULT-AGG 76'972 0.01 - 28.06.2013 Investment Advisor
WITHERS JOAN n/a EXCH 39'900 0 12'500 16.05.2013 n/a
JANES TREVOR DAVID n/a EXCH 34'200 0 - 28.05.2013 n/a
OLDE MATTHEW n/a EXCH 26'300 0 (9'900) 24.06.2013 n/a
FLACKS PRUDENCE n/a EXCH 23'474 0 - 14.05.2013 n/a
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 19'512 0 19'512 31.05.2013 Investment Advisor
SMITH KEITH RAYMOND n/a EXCH 17'368 0 - 14.05.2013 n/a
MILLER JAMES BRUCE n/a EXCH 16'200 0 2'000 28.05.2013 n/a
STRAWSON MARLENE n/a EXCH 16'080 0 (7'920) 24.06.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions DOUG WALTERS overweight 5 D #N/A N/A Not Provided 04.09.2013
Forsyth Barr ANDREW HARVEY-GREEN accumulate 4 U 2 12 month 29.08.2013
JPMorgan CHRIS LAYBUTT neutral 3 M 2 9 month 28.08.2013
Deutsche Bank GRANT SWANEPOEL hold 3 M 3 12 month 08.08.2013
Macquarie STEPHEN HUDSON outperform 5 M 3 12 month 15.07.2013
Goldman Sachs MATTHEW HENRY neutral/neutral 3 N 3 12 month 18.06.2013
UBS WADE GARDINER buy 5 N 3 12 month 13.05.2013
Holdings By:
Mighty River Power Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Infratil Limited is an infrastructure investment company. The Company invests
in airports, energy such as renewable and waste-energy, and public
transportation.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (30.01.2013) 2.52
52-Week Low (05.09.2012) 2.09
Daily Volume
2.41
52-Week High % Change -4.37% Dividend Yield 3.42
52-Week Low % Change 15.31% Beta 0.88
% 52 Week Price Range High/Low 74.42% Equity Float 451.33
Shares Out 21.06.2013 586.2 Short Int -
1'412.83 1 Yr Total Return 19.96%
Total Debt 1'794.10 YTD Return 8.90%
Preferred Stock 0.0 Adjusted BETA 0.884
Minority Interest 931.1 Analyst Recs 5
Cash and Equivalents 144.30 Consensus Rating 4.000
Enterprise Value 3'993.73
Average Volume 5 Day 332'526
IFT NZ EQUITY YTD Change - Average Volume 30 Day 342'051
IFT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 446'274
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 09/yy 06/yy 03/14 Y 03/15 Y 09/12 Q2 12/12 Q3
1'576.4 1'860.1 1'985.6 2'194.9 2'373.8 0.0 0.0 2'339.7 2'552.7 - -
2.37x 1.70x 1.81x 1.65x 1.68x #DIV/0! #DIV/0! 1.68x 1.47x - -
199.3 387.5 423.8 500.6 505.0 0.0 0.0 537.3 609.7 - -
18.72x 8.15x 8.49x 7.23x 7.89x 0.00x 0.00x 7.43x 6.55x - -
(191.0) 29.0 64.5 51.6 3.4 0.0 45.9 66.4 95.2 - -
- 33.08x 10.19x 12.70x 21.50x 0.00x 0.00x 21.33x 14.79x - -
EBITDA 505.00 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 7.02% Long-Term Outlook -
Pretax Margin 6.88% Short-Term Rating Date -
Return on Assets 0.06% Short-Term Rating -
Return on Common Equity 0.33%
Return on Capital 2.08% EBITDA/Interest Exp. -
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 3.40
Gross Margin - Total Debt/EBITDA 3.70
EBITDA Margin 20.4%
EBIT Margin - Total Debt/Equity 178.6%
Net Income Margin 0.1% Total Debt/Capital 48.1%
Asset Turnover 0.44
Current Ratio - Net Fixed Asset Turnover 0.60
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 32.98% Inventory Days -
Tot Debt to Common Equity 178.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Infratil LtdPrice/Volume
Valuation Analysis
240'095.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UTILICO INVESTMENT T n/a EXCH 73'038'296 12.46 (5'000'000) 15.03.2013 Investment Advisor
ACCIDENT COMPENSATIO n/a Co File 46'391'547 7.91 - 15.05.2012 Insurance Company
AMP LTD n/a ULT-AGG 42'013'037 7.17 - 15.05.2012 Insurance Company
LLOYD MORRISON TRUST n/a EXCH 40'348'730 6.88 - 13.12.2012 n/a
DIXIELAND TRUST n/a EXCH 40'348'730 6.88 - 13.12.2012 n/a
WOODWARD FUNDS MGMT n/a Research 36'348'730 6.2 - 21.06.2013 Other
PETAGNA LIBERATO n/a EXCH 5'765'503 0.98 (1'000'000) 13.12.2012 n/a
JML CAPITAL LTD n/a Research 5'765'503 0.98 - 21.06.2013 Other
BLACKROCK n/a ULT-AGG 3'975'431 0.68 230 03.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 3'205'036 0.55 - 31.12.2012 Government
VANGUARD n/a ULT-AGG 3'127'342 0.53 178'491 30.06.2013 Unclassified
DIMENSIONAL FUND ADV n/a ULT-AGG 2'781'099 0.47 - 30.04.2013 Investment Advisor
HEATLEY CRAIG & BENJ n/a Research 2'162'443 0.37 - 21.06.2013 n/a
NANCY HOLDINGS LTD n/a Research 1'893'953 0.32 - 21.06.2013 Other
SMARTSHARES LIMITED SMARTFONZ MF-PART 1'541'372 0.26 (66'974) 31.07.2013 Investment Advisor
MORRISON HUGH RICHMO n/a Research 1'456'860 0.25 - 21.06.2013 n/a
SMARTSHARES LIMITED SMARTENZ MF-PART 1'122'410 0.19 (10'047) 31.07.2013 Investment Advisor
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 779'757 0.13 589 28.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 772'500 0.13 - 03.09.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 582'665 0.1 (586'486) 31.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UBS WADE GARDINER buy 5 M 3 12 month 19.07.2013
First NZ Capital ROBERT BODE restricted #N/A N/A M #N/A N/A Not Provided 05.07.2013
EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013
Forsyth Barr ANDREW HARVEY-GREEN accumulate 4 M 3 12 month 15.05.2013
Deutsche Bank GRANT SWANEPOEL buy 5 M 3 12 month 14.05.2013
Goldman Sachs MATTHEW HENRY Buy/Neutral 5 M 3 12 month 29.01.2013
Holdings By:
Infratil Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Xero Limited offers an online accounting system. The software features bank
transaction importing, a cashbook, a general ledger, invoicing, accounts
receivable, accounts payable, financial reporting, and management of expense
claims.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (08.07.2013) 18.90
52-Week Low (11.09.2012) 4.82
Daily Volume
18.02
52-Week High % Change -4.66% Dividend Yield 0.00
52-Week Low % Change 273.86% Beta 0.74
% 52 Week Price Range High/Low 91.26% Equity Float 46.57
Shares Out 30.08.2013 117.6 Short Int -
2'119.26 1 Yr Total Return 266.26%
Total Debt 0.00 YTD Return 137.11%
Preferred Stock 0.0 Adjusted BETA 0.737
Minority Interest 0.0 Analyst Recs 2
Cash and Equivalents 78.24 Consensus Rating 1.500
Enterprise Value 2'041.02
Average Volume 5 Day 67'163
XRO NZ EQUITY YTD Change - Average Volume 30 Day 64'041
XRO NZ EQUITY YTD % CHANGE - Average Volume 3 Month 137'059
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -
1.0 3.2 9.3 19.4 39.0 - - 72.2 124.0 - -
- 38.79x 22.34x 19.59x 30.57x - - 28.74x 17.02x - -
- (8.1) (7.5) (6.6) (11.0) - - (17.8) (3.5) - -
- - - - - - - - - - -
(6.8) (8.5) (7.5) (7.9) (14.4) - - (23.8) (16.0) - -
- - - - - - - - - - -
EBITDA -11.01 Long-Term Rating Date -
EBIT -15.56 Long-Term Rating -
Operating Margin -39.85% Long-Term Outlook -
Pretax Margin -36.24% Short-Term Rating Date -
Return on Assets -17.17% Short-Term Rating -
Return on Common Equity -18.65%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin -28.2%
EBIT Margin -39.9% Total Debt/Equity 0.0%
Net Income Margin -37.0% Total Debt/Capital 0.0%
Asset Turnover 0.46
Current Ratio 10.83 Net Fixed Asset Turnover 6.81
Quick Ratio 10.34 Accounts receivable turnover-days 16.19
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 22.54 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Xero LtdPrice/Volume
Valuation Analysis
128'431.00
Current Price (9/dd/yy) Market Data
'.135
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DRURY RODNEY KENNETH n/a EXCH 21'719'779 18.47 (833'334) 30.11.2012 n/a
GIVIA PTY LTD n/a EXCH 18'454'545 15.69 (1'045'455) 30.11.2012 Corporation
EDWARDS HAMISH CRAIG n/a EXCH 5'792'298 4.93 (333'334) 30.11.2012 n/a
MORGAN SAMUEL GARETH n/a EXCH 5'122'609 4.36 (1'000'000) 20.12.2012 n/a
NEW ZEALAND CENTRAL n/a Co File 4'458'640 3.79 - 16.03.2012 Government
VALAR VENTURES LP n/a Co File 4'135'870 3.52 - 16.03.2012 Venture Capital
BANK OF NEW ZEALAND n/a Co File 2'177'778 1.85 - 16.03.2012 Unclassified
SHAW GRAHAM JOHN n/a Co File 1'336'010 1.14 - 31.03.2012 n/a
FNZ CUSTODIANS LTD n/a Co File 1'201'531 1.02 - 16.03.2012 Investment Advisor
GRIGG ALASTAIR n/a EXCH 1'199'115 1.02 4'688 09.07.2013 n/a
W5 LTD n/a Co File 965'561 0.82 - 16.03.2012 Corporation
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 750'400 0.64 750'400 28.06.2013 Investment Advisor
WALKER CRAIG n/a Co File 738'898 0.63 - 16.03.2012 n/a
GEORGE GAVIN n/a Co File 630'915 0.54 - 16.03.2012 n/a
SPENCE CORP TRUSTEE n/a Co File 630'915 0.54 - 16.03.2012 Other
NORMAN PHILIP JOHN n/a Co File 505'546 0.43 - 31.03.2012 n/a
RAVERE PTY LTD n/a Co File 503'636 0.43 - 16.03.2012 Corporation
KNOWLES IAN SAMUEL n/a EXCH 469'191 0.4 (100'000) 29.05.2013 n/a
BLACKROCK n/a ULT-AGG 416'756 0.35 - 03.09.2013 Investment Advisor
JENKINS ROSS n/a EXCH 362'228 0.31 (34'843) 09.07.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Forsyth Barr ANDREW HARVEY-GREEN reduce 2 D 15 12 month 04.08.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Xero Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Chorus Limited is a wholesale and retail telecommunications company. The
Company maintains and build the Chorus local access network which is made up of
local telephone exchanges, cabinets and copper and fiber cables that connects
New Zealand homes and businesses throughout the country.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (07.09.2012) 3.57
52-Week Low (21.06.2013) 2.26
Daily Volume
2.96
52-Week High % Change -17.09% Dividend Yield 8.61
52-Week Low % Change 30.97% Beta 1.07
% 52 Week Price Range High/Low 53.44% Equity Float 364.91
Shares Out 30.06.2013 389.3 Short Int -
1'152.33 1 Yr Total Return -7.36%
Total Debt 1'820.00 YTD Return 4.20%
Preferred Stock 0.0 Adjusted BETA 1.071
Minority Interest 0.0 Analyst Recs 10
Cash and Equivalents 80.00 Consensus Rating 3.400
Enterprise Value 2'892.33
Average Volume 5 Day 868'173
CNU NZ EQUITY YTD Change - Average Volume 30 Day 1'121'436
CNU NZ EQUITY YTD % CHANGE - Average Volume 3 Month 1'126'632
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
- - 1'050.0 595.0 1'045.0 - - 1'061.4 1'043.1 - -
- - - 4.70x 2.55x - - 2.89x 3.02x - -
- - 606.0 400.0 667.0 - - 650.4 630.1 - -
- - - 7.00x 4.00x - - 4.45x 4.59x - -
- - 128.0 102.0 171.0 - - 149.4 128.1 - -
- - - 12.08x 5.43x - - 7.75x 9.08x - -
EBITDA 667.00 Long-Term Rating Date 01.12.2011
EBIT 344.00 Long-Term Rating BBB
Operating Margin 32.92% Long-Term Outlook STABLE
Pretax Margin 22.58% Short-Term Rating Date -
Return on Assets 5.46% Short-Term Rating -
Return on Common Equity 29.71%
Return on Capital 10.79% EBITDA/Interest Exp. 5.56
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. -0.12
Net Debt/EBITDA 2.61
Gross Margin - Total Debt/EBITDA 2.73
EBITDA Margin 63.8%
EBIT Margin 32.9% Total Debt/Equity 291.7%
Net Income Margin 16.4% Total Debt/Capital 74.5%
Asset Turnover 0.33
Current Ratio 1.11 Net Fixed Asset Turnover 0.40
Quick Ratio 0.91 Accounts receivable turnover-days 63.57
Debt to Assets 54.61% Inventory Days -
Tot Debt to Common Equity 291.67% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.74 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Chorus LtdPrice/Volume
Valuation Analysis
1'110'652.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN CHASE BANK n/a Co File 41'216'955 10.59 - 28.08.2012 Investment Advisor
SCHRODER INVESTMENT n/a EXCH 38'288'978 9.84 (2'157'710) 04.02.2013 Investment Advisor
AMP LTD n/a ULT-AGG 30'679'376 7.88 (4'507'222) 06.12.2012 Insurance Company
BANK OF NEW YORK MEL n/a EXCH 28'681'648 7.37 5'414'706 28.12.2012 Investment Advisor
ACCIDENT COMPENSATIO n/a EXCH 24'046'750 6.18 - 18.07.2013 Insurance Company
NEW ZEALAND SUPERANN n/a Co File 9'111'766 2.34 - 28.08.2012 n/a
VANGUARD n/a ULT-AGG 7'923'643 2.04 778'817 30.06.2013 Unclassified
DUFF & PHELPS INVEST Multiple Portfolios MF-AGG 7'315'000 1.88 - 30.04.2013 Investment Advisor
AMP INV STRATEGIC EQ n/a Co File 6'826'199 1.75 - 28.08.2012 n/a
WESTPAC NZ SHR 2002 n/a Co File 5'618'511 1.44 - 28.08.2012 Bank
NORGES BANK Multiple Portfolios MF-AGG 3'450'243 0.89 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 2'985'685 0.77 340 03.09.2013 Investment Advisor
SCHRODERS ASIA LIMIT Multiple Portfolios MF-AGG 2'108'846 0.54 - 31.01.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'530'376 0.39 (353'982) 31.05.2012 Investment Advisor
ANALYTIC INVESTORS L ANALYTIC INVESTORS L 13F 982'313 0.25 982'313 30.06.2013 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 843'628 0.22 - 30.06.2013 Investment Advisor
SMARTSHARES LIMITED SMARTMIDZ MF-PART 826'299 0.21 (95'684) 31.07.2013 Investment Advisor
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 493'461 0.13 - 31.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 480'620 0.12 - 30.04.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 435'923 0.11 435'923 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
CIMB IAN MARTIN outperform 5 M 4 12 month 03.09.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 02.09.2013
Forsyth Barr BLAIR GALPIN buy 5 M 3 12 month 27.08.2013
Deutsche Bank ARIE DEKKER sell 1 M 3 12 month 26.08.2013
UBS RICHARD EARY buy 5 M 3 12 month 26.08.2013
JPMorgan PAUL BRUNKER overweight 5 M 4 9 month 26.08.2013
Macquarie ANDREW LEVY neutral 3 M 3 12 month 26.08.2013
Goldman Sachs ADRIAN ALLBON neutral/neutral 3 M 3 12 month 07.08.2013
First NZ Capital GREG MAIN neutral 3 M 3 Not Provided 07.08.2013
Holdings By:
Chorus Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Westpac Banking Corporation offers general and savings banking services. The
Company provides investment portfolio management and advice, insurance services,
consumer finance, and money market services among other services. Westpac
Banking Corp. serves individuals, businesses, and corporations worldwide.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (03.05.2013) 41.37
52-Week Low (11.09.2012) 29.91
Daily Volume
36.4
52-Week High % Change -12.02% Dividend Yield -
52-Week Low % Change 21.71% Beta 0.97
% 52 Week Price Range High/Low 60.55% Equity Float 3'040.04
Shares Out 13.05.2013 3'103.7 Short Int -
112'975.74 1 Yr Total Return 26.18%
Total Debt 174'646.00 YTD Return 13.99%
Preferred Stock 0.0 Adjusted BETA 0.967
Minority Interest 1'970.0 Analyst Recs 10
Cash and Equivalents 24'644.00 Consensus Rating 3.800
Enterprise Value -
Average Volume 5 Day 95'494
WBC NZ EQUITY YTD Change - Average Volume 30 Day 127'833
WBC NZ EQUITY YTD % CHANGE - Average Volume 3 Month 125'203
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -
33'007.0 35'313.0 39'173.0 42'969.0 42'308.0 - - 18'865.3 19'640.1 - -
- - - - - - - 4.16x 3.96x - -
- - - - - - - - - - -
- - - - - - - - - - -
3'859.0 3'446.0 6'346.0 6'991.0 5'970.0 - - 7'027.8 7'282.2 - -
- - - - - - - 14.21x 13.79x - -
EBITDA - Long-Term Rating Date 01.12.2011
EBIT - Long-Term Rating AA-
Operating Margin 50.04% Long-Term Outlook STABLE
Pretax Margin 49.41% Short-Term Rating Date 11.09.1996
Return on Assets 0.95% Short-Term Rating A-1+
Return on Common Equity 14.32%
Return on Capital 2.87% EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 394.7%
Net Income Margin 33.3% Total Debt/Capital 79.1%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover 36.52
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 25.87% Inventory Days -
Tot Debt to Common Equity 394.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Westpac Banking CorpPrice/Volume
Valuation Analysis
298'263.00
Current Price (9/dd/yy) Market Data
'2
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35'000.0
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05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIONAL AUSTRALIA B n/a ULT-AGG 137'126'097 4.42 (81'301'352) 31.07.2013 Bank
WESTPAC BANKING CORP n/a EXCH 60'312'493 1.94 4'631'708 22.11.2012 Bank
COMMONWEALTH BANK OF n/a ULT-AGG 58'192'816 1.87 (212) 31.05.2013 Bank
VANGUARD n/a ULT-AGG 54'818'364 1.77 1'311'684 30.06.2013 Unclassified
BLACKROCK n/a ULT-AGG 33'514'733 1.08 33'623 03.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 29'644'754 0.96 - 31.12.2012 Government
AUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 18'476'000 0.6 - 29.06.2012 Investment Advisor
PERENNIAL INVESTMENT PERENNIAL VALUE SHAR MF-PART 17'646'487 0.57 - 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 13'108'376 0.42 362'000 31.07.2013 Investment Advisor
MILTON CORP LTD Multiple Portfolios MF-AGG 10'417'683 0.34 - 30.06.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 10'176'077 0.33 - 30.06.2013 Investment Advisor
ARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 9'146'851 0.29 - 30.06.2011 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 7'255'337 0.23 241'347 31.08.2011 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'099'537 0.23 - 31.07.2013 Investment Advisor
PERPETUAL INVESTMENT PERPETUAL WHOLESALE MF-PART 7'046'220 0.23 - 30.06.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 5'548'058 0.18 (316'718) 30.06.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 4'669'874 0.15 (36'309) 31.05.2013 Investment Advisor
BT INVESTMENT MANAGE Multiple Portfolios MF-AGG 4'566'344 0.15 - 30.06.2013 Investment Advisor
PERPETUAL INVESTMENT PERPETUAL WHOLESALE MF-PART 4'337'627 0.14 - 31.07.2013 Investment Advisor
PERENNIAL INVESTMENT PERENNIAL GROWTH SHA MF-PART 4'273'227 0.14 - 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura VICTOR GERMAN neutral 3 M 38 Not Provided 05.09.2013
Bell Potter T S LIM buy 5 M 40 12 month 05.09.2013
Commonwealth Bank ROSS CURRAN overweight 5 M 37 12 month 26.08.2013
Goldman Sachs ANDREW LYONS Sell/Neutral 1 M 32 12 month 19.08.2013
BBY Limited BRETT LE MESURIER buy 5 M 36 12 month 08.08.2013
Macquarie MICHAEL WIBLIN outperform 5 U 37 12 month 25.07.2013
Shaw Stockbroking DAVID SPOTSWOOD hold 3 M 34 12 month 16.07.2013
EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013
Evans & Partners Pty Ltd LOU CAPPARELLI neutral 3 M #N/A N/A Not Provided 04.06.2013
Holdings By:
Westpac Banking Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Kiwi Income Property Trust is a property trust that invests in, manages and
develops a portfolio of diversified properties throughout New Zealand. The
Trust's properties include office, retail and industrial properties.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (10.05.2013) 1.23
52-Week Low (25.06.2013) 1.05
Daily Volume
1.14
52-Week High % Change -6.94% Dividend Yield 5.79
52-Week Low % Change 8.57% Beta 0.65
% 52 Week Price Range High/Low 51.43% Equity Float 998.32
Shares Out 25.06.2013 1'006.2 Short Int -
1'147.02 1 Yr Total Return 9.13%
Total Debt 799.95 YTD Return 1.95%
Preferred Stock 0.0 Adjusted BETA 0.648
Minority Interest 0.0 Analyst Recs 6
Cash and Equivalents 12.03 Consensus Rating 2.667
Enterprise Value 1'934.94
Average Volume 5 Day 470'961
KIP NZ EQUITY YTD Change - Average Volume 30 Day 759'136
KIP NZ EQUITY YTD % CHANGE - Average Volume 3 Month 1'092'850
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -
182.7 188.6 196.4 207.6 198.7 - - 145.5 156.2 - -
7.26x 6.68x 8.27x 8.44x 9.83x - - 13.06x 12.26x - -
121.5 122.8 129.4 133.6 120.7 - - 129.7 140.0 - -
10.92x 10.26x 12.56x 13.12x 16.19x - - 14.92x 13.82x - -
(168.9) (8.5) (26.4) 89.2 109.8 - - 61.8 67.9 - -
- - - 11.93x 11.67x - - 18.39x 17.27x - -
EBITDA 120.68 Long-Term Rating Date -
EBIT 120.68 Long-Term Rating -
Operating Margin 34.91% Long-Term Outlook -
Pretax Margin 59.20% Short-Term Rating Date -
Return on Assets 5.12% Short-Term Rating -
Return on Common Equity 9.96%
Return on Capital 5.82% EBITDA/Interest Exp. 1.91
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. 0.46
Net Debt/EBITDA 6.53
Gross Margin - Total Debt/EBITDA 6.63
EBITDA Margin 60.7%
EBIT Margin - Total Debt/Equity 70.7%
Net Income Margin 55.3% Total Debt/Capital 41.4%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 37.62% Inventory Days -
Tot Debt to Common Equity 70.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kiwi Income Property TrustPrice/Volume
Valuation Analysis
568'978.00
Current Price (9/dd/yy) Market Data
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05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ONEPATH (NZ) LIMITED n/a EXCH 66'533'040 6.61 - 17.06.2013 Investment Advisor
CBRE GROUP INC n/a ULT-AGG 27'667'800 2.75 - 23.07.2012 Corporation
BLACKROCK n/a ULT-AGG 15'490'160 1.54 25'951 03.09.2013 Investment Advisor
STATE STREET n/a ULT-AGG 11'505'108 1.14 - 04.09.2013 Investment Advisor
VANGUARD n/a ULT-AGG 10'140'102 1.01 1'903'534 30.06.2013 Unclassified
BOULDER INVESTMENT A Multiple Portfolios MF-AGG 9'807'826 0.97 (4'779'336) 31.05.2013 Investment Advisor
NOMURA n/a ULT-AGG 9'143'360 0.91 (530'000) 21.01.2013 Unclassified
KIWI INCOME PROP LTD n/a Research 6'054'933 0.6 - 21.06.2013 n/a
DIAM n/a ULT-AGG 3'752'708 0.37 - 21.01.2013 Unclassified
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 3'000'000 0.3 - 18.07.2012 Investment Advisor
GOLDMAN SACHS JBWERE Multiple Portfolios MF-AGG 2'879'632 0.29 - 17.07.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'033'429 0.2 119'559 04.09.2013 Investment Advisor
HAOCHEN INV LTD n/a Co File 2'002'135 0.2 - 20.04.2012 Other
SMARTSHARES LIMITED SMARTMIDZ MF-PART 1'920'197 0.19 (223'878) 31.07.2013 Investment Advisor
CROXEN INVESTMENTS L n/a Research 1'672'241 0.17 - 21.06.2013 Other
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 1'150'049 0.11 99'303 30.06.2013 Investment Advisor
EURO PACIFIC ASSET M Multiple Portfolios MF-AGG 846'152 0.08 - 31.05.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 829'385 0.08 - 31.05.2013 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 614'020 0.06 (56'200) 03.09.2013 Investment Advisor
ARROW INVESTMENT ADV Multiple Portfolios MF-AGG 507'287 0.05 (39'729) 28.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Forsyth Barr JEREMY SIMPSON hold 3 M 1 12 month 29.07.2013
Deutsche Bank CHRIS BYRNE hold 3 M 1 12 month 24.07.2013
Goldman Sachs ROBBIE AITKEN not rated #N/A N/A M #N/A N/A Not Provided 24.07.2013
UBS LANCE REYNOLDS neutral 3 M 1 12 month 24.06.2013
Macquarie NICK MAR underperform 1 M 1 12 month 14.06.2013
EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013
First NZ Capital JASON LINDSAY underperform 1 M 1 Not Provided 13.05.2013
Holdings By:
Kiwi Income Property Trust ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Goodman Property Trust is a property trust that invests in, manages and
develope portfolio of diversified property assets in Auckland. The Trust's
portfolio comprises of office, industrial and retail properties.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (13.05.2013) 1.17
52-Week Low (18.12.2012) 1.00
Daily Volume
1.035
52-Week High % Change -11.54% Dividend Yield 6.38
52-Week Low % Change 4.02% Beta 0.58
% 52 Week Price Range High/Low 31.43% Equity Float 1'070.31
Shares Out 27.06.2013 1'206.5 Short Int -
1'248.75 1 Yr Total Return 9.36%
Total Debt 701.20 YTD Return 5.56%
Preferred Stock 0.0 Adjusted BETA 0.575
Minority Interest 0.0 Analyst Recs 7
Cash and Equivalents 3.10 Consensus Rating 2.429
Enterprise Value 1'946.85
Average Volume 5 Day 631'006
GMT NZ EQUITY YTD Change - Average Volume 30 Day 708'441
GMT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 714'730
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -
129.6 132.7 137.5 145.1 150.3 - - 135.7 142.7 - -
9.43x 10.58x 10.52x 11.13x 13.00x - - 14.53x 13.88x - -
96.4 95.9 101.1 102.8 105.2 - - 125.3 131.7 - -
12.68x 14.63x 14.31x 15.71x 18.58x - - 15.53x 14.79x - -
(74.1) 2.8 36.7 40.5 77.9 - - 88.1 91.9 - -
- 303.03x 22.46x 24.58x 14.32x - - 13.62x 13.10x - -
EBITDA 105.20 Long-Term Rating Date 17.03.2011
EBIT 105.20 Long-Term Rating BBB
Operating Margin 55.56% Long-Term Outlook STABLE
Pretax Margin 61.01% Short-Term Rating Date -
Return on Assets 4.18% Short-Term Rating -
Return on Common Equity 7.35%
Return on Capital 4.57% EBITDA/Interest Exp. 2.16
Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. 1.56
Net Debt/EBITDA 6.64
Gross Margin - Total Debt/EBITDA 6.67
EBITDA Margin 70.0%
EBIT Margin - Total Debt/Equity 59.1%
Net Income Margin 51.8% Total Debt/Capital 37.2%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 34.17% Inventory Days -
Tot Debt to Common Equity 59.13% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Goodman Property TrustPrice/Volume
Valuation Analysis
277'308.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ACCIDENT COMPENSATIO n/a Research 66'290'962 5.49 - 21.06.2013 Insurance Company
FISHER HIGHBROOK LTD n/a Research 55'989'374 4.64 - 21.06.2013 Other
COLONIAL FIRST STATE Multiple Portfolios MF-AGG 30'123'493 2.5 1'118'801 08.05.2013 Investment Advisor
MFL MUTUAL FUND LTD n/a Research 16'448'107 1.36 - 21.06.2013 Other
WILLIAMS ALLAN GEORG n/a Research 11'734'694 0.97 - 21.06.2013 n/a
STATE STREET n/a ULT-AGG 11'710'874 0.97 - 04.09.2013 Investment Advisor
CBRE GROUP INC n/a ULT-AGG 9'050'000 0.75 - 31.12.2012 Corporation
VANGUARD n/a ULT-AGG 6'973'441 0.58 732'459 30.06.2013 Unclassified
BLACKROCK n/a ULT-AGG 6'672'486 0.55 885 03.09.2013 Investment Advisor
DIAM n/a ULT-AGG 3'240'374 0.27 - 21.01.2013 Unclassified
SMARTSHARES LIMITED SMARTMIDZ MF-PART 1'983'677 0.16 (233'255) 31.07.2013 Investment Advisor
SMITH KEITH RAYMOND n/a EXCH 835'724 0.07 - 12.08.2013 n/a
DAKIN JOHN n/a EXCH 737'208 0.06 - 30.08.2013 n/a
ARROW INVESTMENT ADV Multiple Portfolios MF-AGG 560'878 0.05 (44'436) 28.06.2013 Investment Advisor
FCA CORP Multiple Portfolios MF-AGG 364'809 0.03 5'850 30.04.2013 Investment Advisor
NOMURA n/a ULT-AGG 346'700 0.03 (40'000) 21.01.2013 Unclassified
WELLS FARGO n/a ULT-AGG 337'987 0.03 1'931 30.06.2013 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 256'147 0.02 - 03.09.2013 Investment Advisor
PATERSON SUSAN MARIE n/a EXCH 230'509 0.02 - 21.03.2013 n/a
SIMMONDS PETER n/a EXCH 188'981 0.02 570 21.03.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 02.09.2013
Goldman Sachs ROBBIE AITKEN Sell/Cautious 1 M 1 12 month 10.07.2013
UBS LANCE REYNOLDS sell 1 M 1 12 month 24.06.2013
Forsyth Barr JEREMY SIMPSON hold 3 M 1 12 month 20.06.2013
Macquarie NICK MAR outperform 5 M 1 12 month 14.06.2013
First NZ Capital JASON LINDSAY underperform 1 D 1 Not Provided 16.05.2013
Deutsche Bank CHRIS BYRNE hold 3 M 1 12 month 15.05.2013
Holdings By:
Goodman Property Trust ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Port of Tauranga Limited activities include the provision of wharf facilities,
back up land for the storage and transit of import and export cargo, berthage,
cranes, tug and pilotage services for exporters, importers and shipping
companies and the leasing of land and buildings. The Group also operates a
container terminal and has bulk cargo marshalling operations.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (24.04.2013) 15.74
52-Week Low (06.09.2012) 12.37
Daily Volume
14.8
52-Week High % Change -5.97% Dividend Yield 3.18
52-Week Low % Change 19.64% Beta 0.81
% 52 Week Price Range High/Low 72.11% Equity Float 44.50
Shares Out 31.12.2012 134.1 Short Int -
1'984.92 1 Yr Total Return 23.19%
Total Debt 196.04 YTD Return 14.12%
Preferred Stock 0.0 Adjusted BETA 0.805
Minority Interest (0.1) Analyst Recs 7
Cash and Equivalents 9.24 Consensus Rating 2.143
Enterprise Value 2'138.71
Average Volume 5 Day 16'886
POT NZ EQUITY YTD Change - Average Volume 30 Day 25'195
POT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 30'209
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
129.6 132.1 167.6 207.4 244.0 - - 271.4 290.0 - -
7.96x 8.25x 8.19x 8.06x - - - 8.29x 7.78x - -
63.9 65.0 77.3 94.8 - - - 137.5 147.7 - -
16.14x 16.77x 17.75x 17.64x - - - 15.55x 14.48x - -
45.2 38.0 58.4 73.6 112.1 - - 81.1 85.7 - -
18.25x 23.42x 20.30x 20.22x 16.63x - - 24.46x 23.13x - -
EBITDA 94.81 Long-Term Rating Date 21.11.2001
EBIT 77.71 Long-Term Rating BBB+
Operating Margin 37.47% Long-Term Outlook STABLE
Pretax Margin 46.91% Short-Term Rating Date 21.11.2001
Return on Assets 11.01% Short-Term Rating A-2
Return on Common Equity 15.34%
Return on Capital 13.61% EBITDA/Interest Exp. 6.81
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 4.03
Net Debt/EBITDA 1.51
Gross Margin - Total Debt/EBITDA 1.90
EBITDA Margin 46.0%
EBIT Margin 38.2% Total Debt/Equity 26.7%
Net Income Margin 46.0% Total Debt/Capital 21.1%
Asset Turnover 0.21
Current Ratio 1.25 Net Fixed Asset Turnover 0.25
Quick Ratio 1.07 Accounts receivable turnover-days 56.68
Debt to Assets 18.96% Inventory Days -
Tot Debt to Common Equity 26.71% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.46 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Port of Tauranga LtdPrice/Volume
Valuation Analysis
22'713.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
50.0
100.0
150.0
200.0
250.0
300.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QUAYSIDE SECURITIES n/a Research 73'687'536 54.94 - 29.08.2012 Other
NEW ZEALAND CENTRAL n/a Research 13'815'793 10.3 - 29.08.2012 Government
DIMENSIONAL FUND ADV n/a ULT-AGG 633'811 0.47 - 30.04.2013 Investment Advisor
MASFEN SECURITIES LI n/a Research 545'000 0.41 - 29.08.2012 Other
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 413'734 0.31 (23'252) 30.06.2013 Investment Advisor
GPERRY AND D A THOMP n/a Research 350'000 0.26 - 29.08.2012 n/a
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 330'402 0.25 (31'032) 31.05.2012 Investment Advisor
LLOYD JAMES CHRISTIE n/a Research 307'000 0.23 - 29.08.2012 n/a
PENSABENE KAREN MAUR n/a Research 260'000 0.19 - 29.08.2012 n/a
FORSYTH BARR LTD n/a Research 242'646 0.18 - 29.08.2012 Bank
F G MCKENZIE AND D A n/a Research 200'306 0.15 - 29.08.2012 n/a
SMARTSHARES LIMITED SMARTMIDZ MF-PART 128'058 0.1 (15'040) 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 68'598 0.05 - 03.09.2013 Investment Advisor
PARKER JOHN SUFFIELD n/a Co File 68'450 0.05 - 30.06.2011 n/a
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 56'739 0.04 - 30.04.2013 Investment Advisor
FCA CORP Multiple Portfolios MF-AGG 50'000 0.04 - 30.04.2013 Investment Advisor
SMITH MICHAEL JOHN n/a Co File 40'000 0.03 - 30.06.2011 n/a
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 37'108 0.03 - 30.04.2013 Investment Advisor
SPRING DRYDEN THOMAS n/a Co File 33'500 0.02 - 30.06.2011 n/a
REYNISH ANTHONY PETE n/a EXCH 26'712 0.02 4'000 27.02.2009 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Forsyth Barr ANDREW BOWLEY hold 3 M 14 12 month 25.08.2013
Macquarie STEPHEN HUDSON underperform 1 M 13 12 month 23.08.2013
Deutsche Bank ARIE DEKKER hold 3 M 15 12 month 22.08.2013
Goldman Sachs MARCUS CURLEY neutral/neutral 3 M 14 12 month 22.08.2013
First NZ Capital KAR YUE YEO underperform 1 M 14 Not Provided 22.08.2013
UBS LANCE REYNOLDS sell 1 M 12 12 month 11.06.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
Holdings By:
Port of Tauranga Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Ebos Group Limited supplies and distributes medical consumable products and
equipment to the hospital and primary care sectors of the New Zealand and
Australian healthcare markets. The Company's products include diagnostic
instruments, surgical instruments and prosthesis, feminine protection,
anesthetic equipment and other consumer products.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (24.07.2013) 10.62
52-Week Low (12.09.2012) 7.05
Daily Volume
9.9
52-Week High % Change -6.78% Dividend Yield 3.34
52-Week Low % Change 40.52% Beta 0.56
% 52 Week Price Range High/Low 77.90% Equity Float 131.98
Shares Out 05.07.2013 146.6 Short Int -
1'451.48 1 Yr Total Return 40.96%
Total Debt 141.75 YTD Return 39.60%
Preferred Stock 0.0 Adjusted BETA 0.557
Minority Interest 0.0 Analyst Recs 4
Cash and Equivalents 52.65 Consensus Rating 4.000
Enterprise Value 1'547.42
Average Volume 5 Day 29'239
EBO NZ EQUITY YTD Change - Average Volume 30 Day 78'774
EBO NZ EQUITY YTD % CHANGE - Average Volume 3 Month 167'473
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
1'340.9 1'315.1 1'341.0 1'426.5 1'822.0 - - 4'663.3 4'739.7 - -
0.22x 0.24x 0.24x 0.34x - - - 0.37x 0.36x - -
37.8 39.1 39.1 45.0 - - - 156.8 163.4 - -
7.76x 8.06x 8.11x 10.79x - - - 9.87x 9.47x - -
19.7 23.4 31.6 27.9 28.2 - - 75.2 82.1 - -
13.14x 15.57x 15.20x 14.20x 18.15x - - 15.23x 14.14x - -
EBITDA 45.00 Long-Term Rating Date -
EBIT 41.23 Long-Term Rating -
Operating Margin 2.89% Long-Term Outlook -
Pretax Margin 2.53% Short-Term Rating Date -
Return on Assets 4.82% Short-Term Rating -
Return on Common Equity 15.02%
Return on Capital 10.80% EBITDA/Interest Exp. 6.44
Asset Turnover 2.30% (EBITDA-Capex)/Interest Exp. 5.89
Net Debt/EBITDA 1.80
Gross Margin 11.4% Total Debt/EBITDA 2.59
EBITDA Margin 3.6%
EBIT Margin 3.3% Total Debt/Equity 68.0%
Net Income Margin 1.5% Total Debt/Capital 40.5%
Asset Turnover 2.30
Current Ratio 1.31 Net Fixed Asset Turnover 67.06
Quick Ratio 0.75 Accounts receivable turnover-days 44.26
Debt to Assets 21.54% Inventory Days 46.08
Tot Debt to Common Equity 67.95% Accounts Payable Turnover Day 76.19
Accounts Receivable Turnover 8.27 Cash Conversion Cycle 12.54
Inventory Turnover 7.94
Fiscal Year Ended
Ebos Group LtdPrice/Volume
Valuation Analysis
2'115.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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1
3
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0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WHYTE ADDER NO3 LTD n/a Research 4'946'561 3.37 - 21.06.2013 Other
MILFORD ASSET MGMT L n/a EXCH 4'268'009 2.91 606'823 11.12.2012 Investment Advisor
ACCIDENT COMPENSATIO n/a Research 4'185'191 2.85 - 21.06.2013 Insurance Company
TALLOTT BLAIR n/a EXCH 3'856'029 2.63 - 26.02.2013 n/a
JP MORGAN CHASE BANK n/a Research 1'015'639 0.69 - 21.06.2013 Investment Advisor
HERPA PROPERTIES LTD n/a Research 936'902 0.64 - 21.06.2013 Corporation
PETER MILES MERTON&C n/a Co File 540'947 0.37 - 31.07.2012 Corporation
DIMENSIONAL FUND ADV n/a ULT-AGG 219'178 0.15 - 30.04.2013 Investment Advisor
SMARTSHARES LIMITED SMARTMIDZ MF-PART 187'772 0.13 12'116 31.07.2013 Investment Advisor
DOHERTY DENNIS CONDO n/a EXCH 172'791 0.12 - 16.11.2012 n/a
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 61'352 0.04 - 03.09.2013 Investment Advisor
FCA CORP Multiple Portfolios MF-AGG 32'828 0.02 761 30.04.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 14'390 0.01 - 30.04.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 6'176 0 6'176 31.03.2013 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 918 0 - 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Forsyth Barr JOHN CAIRNS hold 3 M 10 12 month 22.08.2013
First NZ Capital SARNDRA URLICH outperform 5 M 11 Not Provided 10.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 08.07.2013
Deutsche Bank STEPHEN RIDGEWELL hold 3 M 7 12 month 14.11.2012
Holdings By:
Ebos Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Mainfreight Limited provides and supplies freight, warehousing and logistics
services throughout New Zealand and Australia. The Company provides freight
forwarding services by road, rail, sea and air along with providing
international freight forwarding services, customs clearance services and
specialized handling of hazardous substances.
Latest Fiscal Year: 03/2013
LTM as of: 09/yy
52-Week High (01.02.2013) 12.20
52-Week Low (27.05.2013) 9.21
Daily Volume
10.63
52-Week High % Change -12.87% Dividend Yield 2.45
52-Week Low % Change 15.42% Beta 0.96
% 52 Week Price Range High/Low 47.83% Equity Float 75.04
Shares Out 31.03.2013 99.0 Short Int -
1'052.62 1 Yr Total Return 12.92%
Total Debt 280.34 YTD Return -7.89%
Preferred Stock 0.0 Adjusted BETA 0.961
Minority Interest 0.0 Analyst Recs 7
Cash and Equivalents 48.09 Consensus Rating 4.000
Enterprise Value 1'284.87
Average Volume 5 Day 72'966
MFT NZ EQUITY YTD Change - Average Volume 30 Day 65'587
MFT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 83'523
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 09/yy 09/yy 03/14 Y 03/15 Y 12/12 Q3 03/13 Q4
1'264.5 1'131.1 1'339.9 1'812.0 1'884.7 1'587.9 1'855.4 1'968.7 2'117.7 - -
0.41x 0.63x 0.69x 0.66x 0.72x 2.65x 2.62x 0.66x 0.61x - -
73.2 70.1 84.7 130.4 129.7 114.2 127.3 146.2 163.8 - -
7.16x 10.09x 10.96x 9.13x 10.42x 10.64x 9.90x 8.79x 7.84x - -
35.5 36.4 25.7 80.5 65.9 38.3 79.1 71.5 80.1 - -
11.41x 17.17x 34.24x 11.80x 16.98x 25.28x 12.71x 14.50x 12.85x - -
EBITDA 129.74 Long-Term Rating Date -
EBIT 99.30 Long-Term Rating -
Operating Margin 5.27% Long-Term Outlook -
Pretax Margin 5.10% Short-Term Rating Date -
Return on Assets 7.08% Short-Term Rating -
Return on Common Equity 17.84%
Return on Capital 11.12% EBITDA/Interest Exp. 13.40
Asset Turnover 2.03% (EBITDA-Capex)/Interest Exp. 7.68
Net Debt/EBITDA 1.69
Gross Margin - Total Debt/EBITDA 2.04
EBITDA Margin 7.3%
EBIT Margin 5.7% Total Debt/Equity 72.0%
Net Income Margin 3.5% Total Debt/Capital 41.9%
Asset Turnover 2.03
Current Ratio 1.33 Net Fixed Asset Turnover 5.31
Quick Ratio 1.16 Accounts receivable turnover-days 45.35
Debt to Assets 29.73% Inventory Days -
Tot Debt to Common Equity 72.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.05 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Mainfreight LtdPrice/Volume
Valuation Analysis
37'962.00
Current Price (9/dd/yy) Market Data
'
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!3 E
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0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PLESTED BRUCE G n/a EXCH 16'715'562 16.88 26'000 03.05.2013 n/a
FISHER FUNDS MANAGEM n/a EXCH 6'020'675 6.08 - 18.06.2013 Investment Advisor
HARBOUR ASSET MANAGE n/a Co File 5'473'687 5.53 - 01.06.2012 Corporation
ONEPATH (NZ) LIMITED n/a Co File 5'017'032 5.07 - 01.06.2012 Investment Advisor
GRAHAM NEIL L n/a Research 5'000'517 5.05 - 08.03.2013 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'827'745 1.85 - 30.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'006'937 1.02 170 03.09.2013 Investment Advisor
HEPWORTH JOHN n/a EXCH 600'787 0.61 100'000 24.06.2011 n/a
ROWLANDS DONALD D n/a Research 569'482 0.58 - 16.11.2012 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 494'693 0.5 - 30.04.2013 Investment Advisor
VANGUARD n/a ULT-AGG 494'536 0.5 29'425 30.06.2013 Unclassified
NEWMAN MARK n/a EXCH 454'092 0.46 - 30.05.2013 n/a
NORGES BANK Multiple Portfolios MF-AGG 365'404 0.37 - 31.12.2012 Government
HOWARD-SMITH CARL G n/a Co File 220'000 0.22 - 31.03.2012 n/a
MOGRIDGE BRYAN WILLI n/a Co File 200'000 0.2 - 31.03.2012 n/a
SMARTSHARES LIMITED SMARTMIDZ MF-PART 172'346 0.17 (20'230) 31.07.2013 Investment Advisor
HOBBS EMMET JOHN n/a Co File 90'000 0.09 - 31.03.2012 n/a
PREBBLE RICHARD W n/a Co File 88'274 0.09 - 31.03.2012 n/a
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 62'959 0.06 - 03.09.2013 Investment Advisor
STATE STREET n/a ULT-AGG 60'363 0.06 - 04.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UBS WADE GARDINER neutral 3 D 11 12 month 31.07.2013
Macquarie WARREN DOAK neutral 3 D 11 12 month 31.07.2013
EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013
Forsyth Barr ANDREW BOWLEY accumulate 4 M 11 12 month 30.05.2013
Deutsche Bank CHRIS BYRNE buy 5 U 11 12 month 29.05.2013
Goldman Sachs MARCUS CURLEY neutral/neutral 3 M 11 12 month 29.05.2013
First NZ Capital KAR YUE YEO outperform 5 U 13 Not Provided 29.05.2013
Holdings By:
Mainfreight Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Precinct Properties New Zealand Ltd. invests in manages and leases commercial
office properties. The Company invests in properties in Auckland and Wellington.
Latest Fiscal Year: 06/2013
LTM as of: 06/yy
52-Week High (14.05.2013) 1.12
52-Week Low (05.09.2012) 0.97
Daily Volume
1
52-Week High % Change -10.71% Dividend Yield 6.34
52-Week Low % Change 3.63% Beta 0.42
% 52 Week Price Range High/Low 22.58% Equity Float 636.83
Shares Out 31.12.2012 997.1 Short Int -
997.07 1 Yr Total Return 8.24%
Total Debt 346.50 YTD Return 4.73%
Preferred Stock 0.0 Adjusted BETA 0.417
Minority Interest 0.0 Analyst Recs 6
Cash and Equivalents 0.70 Consensus Rating 2.833
Enterprise Value 1'473.07
Average Volume 5 Day 655'808
PCT NZ EQUITY YTD Change - Average Volume 30 Day 625'932
PCT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 717'521
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 06/yy 06/yy 06/14 Y 06/15 Y 09/13 Q1 12/13 Q2
133.7 138.1 137.2 127.5 - 138.1 137.2 118.8 123.5 - -
7.20x 7.01x 8.23x 10.02x - 29.78x 31.07x 13.18x 12.72x - -
89.1 91.2 92.1 79.5 - 91.2 92.1 107.0 111.7 - -
10.80x 10.61x 12.27x 16.08x - 10.61x 12.27x 13.77x 13.19x - -
(192.8) (43.0) 10.4 45.1 157.5 (43.0) 10.4 64.2 66.6 - -
- - 81.73x 20.64x 6.52x 0.00x 80.95x 16.39x 16.13x - -
EBITDA 79.50 Long-Term Rating Date -
EBIT 79.50 Long-Term Rating -
Operating Margin 45.88% Long-Term Outlook -
Pretax Margin 45.96% Short-Term Rating Date -
Return on Assets 3.52% Short-Term Rating -
Return on Common Equity 5.51%
Return on Capital 3.87% EBITDA/Interest Exp. 3.79
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -0.91
Net Debt/EBITDA 5.85
Gross Margin - Total Debt/EBITDA 5.92
EBITDA Margin 61.6%
EBIT Margin - Total Debt/Equity 39.5%
Net Income Margin 35.4% Total Debt/Capital 28.3%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 25.66% Inventory Days -
Tot Debt to Common Equity 39.50% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Precinct Properties New Zealand LtdPrice/Volume
Valuation Analysis
1'462'424.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HAUMI COMPANY LTD n/a EXCH 198'524'814 19.91 - 01.11.2010 Other
ACCIDENT COMPENSATIO n/a EXCH 76'876'378 7.71 (10'093'515) 08.05.2013 Insurance Company
AMP LTD n/a ULT-AGG 60'697'290 6.09 11'662'194 21.07.2011 Insurance Company
FORSYTH BARR LTD n/a Co File 23'431'141 2.35 - 31.08.2012 Bank
JP MORGAN CHASE BANK n/a Co File 19'741'983 1.98 - 31.08.2012 Investment Advisor
MFL MUTUAL FUND LTD n/a Co File 12'961'908 1.3 - 31.08.2012 Other
STATE STREET n/a ULT-AGG 9'087'650 0.91 - 04.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 6'027'231 0.6 - 31.12.2012 Government
VANGUARD n/a ULT-AGG 5'880'343 0.59 216'992 30.06.2013 Unclassified
BLACKROCK n/a ULT-AGG 5'876'523 0.59 1'055 03.09.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 2'801'120 0.28 927'041 04.09.2013 Investment Advisor
SMARTSHARES LIMITED SMARTMIDZ MF-PART 1'652'365 0.17 (197'120) 31.07.2013 Investment Advisor
ALBERT D MASON ALBERT D MASON 13F 1'580'600 0.16 (12'000) 30.06.2013 Investment Advisor
HORSLEY GRAEME n/a Co File 310'000 0.03 - 31.08.2012 n/a
WELLS FARGO n/a ULT-AGG 288'927 0.03 12'168 30.06.2013 Investment Advisor
HUSE DONALD WILLIAM n/a Co File 250'000 0.03 - 31.08.2012 n/a
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 165'923 0.02 - 31.05.2013 Investment Advisor
HANSAINVEST LUX SA Multiple Portfolios MF-AGG 132'000 0.01 132'000 31.07.2013 Investment Advisor
ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 116'726 0.01 - 31.03.2013 Government
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 105'880 0.01 - 03.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UBS LANCE REYNOLDS neutral 3 U 1 12 month 05.09.2013
Deutsche Bank CHRIS BYRNE hold 3 M 1 12 month 03.09.2013
Goldman Sachs ROBBIE AITKEN neutral/cautious 3 M 1 12 month 03.09.2013
Macquarie NICK MAR restricted #N/A N/A M #N/A N/A Not Provided 03.09.2013
Forsyth Barr JEREMY SIMPSON accumulate 4 M 1 12 month 22.08.2013
First NZ Capital STEPHEN REID neutral 3 N 1 Not Provided 20.08.2013
EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013
Holdings By:
Precinct Properties New Zealand Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Argosy Property Limited invests in and manages retail, commercial and
industrial properties in New Zealand.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (17.05.2013) 1.06
52-Week Low (10.09.2012) 0.86
Daily Volume
0.96
52-Week High % Change -9.29% Dividend Yield 6.18
52-Week Low % Change 11.56% Beta 0.26
% 52 Week Price Range High/Low 55.34% Equity Float 695.75
Shares Out 12.08.2013 781.3 Short Int -
750.00 1 Yr Total Return 16.82%
Total Debt 326.05 YTD Return 9.95%
Preferred Stock 0.0 Adjusted BETA 0.264
Minority Interest 0.0 Analyst Recs 5
Cash and Equivalents 2.27 Consensus Rating 3.400
Enterprise Value 1'073.78
Average Volume 5 Day 344'785
ARG NZ EQUITY YTD Change - Average Volume 30 Day 661'032
ARG NZ EQUITY YTD % CHANGE - Average Volume 3 Month 800'594
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -
108.7 96.6 92.0 99.8 88.3 - - 81.6 91.3 - -
8.68x 8.52x 11.27x - - 14.08x 12.74x - -
64.1 67.3 63.3 45.1 63.1 - - 75.3 84.9 - -
12.61x 18.84x 15.76x - - 14.27x 12.66x - -
(63.1) (59.0) 26.3 1.9 39.2 - - 49.1 44.5 - -
15.05x 240.00x 14.72x - - 14.77x 16.84x - -
EBITDA 63.11 Long-Term Rating Date -
EBIT 63.11 Long-Term Rating -
Operating Margin 44.67% Long-Term Outlook -
Pretax Margin 43.79% Short-Term Rating Date -
Return on Assets 4.07% Short-Term Rating -
Return on Common Equity 7.19%
Return on Capital 4.36% EBITDA/Interest Exp. 2.27
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. 1.71
Net Debt/EBITDA 5.13
Gross Margin - Total Debt/EBITDA 5.17
EBITDA Margin 71.5%
EBIT Margin - Total Debt/Equity 54.2%
Net Income Margin 44.4% Total Debt/Capital 35.2%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 32.84% Inventory Days -
Tot Debt to Common Equity 54.22% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Argosy Property LtdPrice/Volume
Valuation Analysis
823'831.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ACCIDENT COMPENSATIO n/a EXCH 76'900'212 9.84 - 09.08.2013 Insurance Company
MFL MUTUAL FUND LTD n/a EXCH 69'239'791 8.86 (7'212'680) 25.06.2013 Other
AMP LTD n/a ULT-AGG 44'678'051 5.72 - 07.01.2013 Insurance Company
ONEPATH (NZ) LIMITED n/a EXCH 28'527'443 3.65 - 20.11.2012 Investment Advisor
STATE STREET n/a ULT-AGG 8'809'481 1.13 - 04.09.2013 Investment Advisor
WHITING PETER JOHN n/a Co File 4'010'700 0.51 - 09.05.2012 n/a
UNV OF OTAGO FOUNDAT n/a Co File 3'961'509 0.51 - 09.05.2012 n/a
SOUTHERN CAPITAL LIM n/a Co File 3'500'000 0.45 - 09.05.2012 Corporation
ESSEX CASTLE LTD n/a Co File 2'700'000 0.35 - 09.05.2012 Corporation
REGUS HANSEN TRUSTEE n/a Co File 1'708'828 0.22 - 09.05.2012 Corporation
SMARTSHARES LIMITED SMARTMIDZ MF-PART 1'666'027 0.21 1'666'027 31.05.2013 Investment Advisor
FORHOMES INVESTMENTS n/a Co File 1'614'162 0.21 - 09.05.2012 Corporation
WINSTON BARRY n/a Co File 1'597'912 0.2 - 09.05.2012 n/a
SCOTT TREVOR DONALD n/a EXCH 1'508'778 0.19 - 31.03.2012 n/a
VANGUARD n/a ULT-AGG 1'035'870 0.13 396'095 30.06.2013 Unclassified
ARROW INVESTMENT ADV Multiple Portfolios MF-AGG 604'888 0.08 (47'838) 28.06.2013 Investment Advisor
FRASER SMITH HOLDING n/a Co File 504'389 0.06 - 31.03.2012 Private Equity
WELLS FARGO n/a ULT-AGG 248'707 0.03 18'568 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 215'328 0.03 - 03.09.2013 Investment Advisor
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 181'940 0.02 - 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Forsyth Barr JEREMY SIMPSON hold 3 M 1 12 month 05.08.2013
Macquarie NICK MAR neutral 3 M 1 12 month 15.07.2013
Goldman Sachs ROBBIE AITKEN neutral/cautious 3 M 1 12 month 11.07.2013
Deutsche Bank CHRIS BYRNE buy 5 M 1 12 month 01.07.2013
First NZ Capital JASON LINDSAY neutral 3 M 1 Not Provided 16.01.2013
Holdings By:
Argosy Property Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Fonterra Shareholders Fund is a unit trust that buys the economic rights of
shares in Fonterra Cooperative Group Ltd (FCG NZ). The Fund's dividends and
other distributions from these shares are passed through to unitholders, and
the return on the units depends on the performance of the co-operative.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (21.05.2013) 8.09
52-Week Low (05.12.2012) 6.37
Daily Volume
6.97
52-Week High % Change -13.84% Dividend Yield 2.24
52-Week Low % Change 9.41% Beta -
% 52 Week Price Range High/Low 36.60% Equity Float 101.98
Shares Out 10.06.2013 1'597.8 Short Int -
11'136.90 1 Yr Total Return -
Total Debt 4'991.00 YTD Return 1.27%
Preferred Stock 5'690.0 Adjusted BETA -
Minority Interest 35.0 Analyst Recs 7
Cash and Equivalents 1'033.00 Consensus Rating 3.286
Enterprise Value 22'001.90
Average Volume 5 Day 559'866
FSF NZ EQUITY YTD Change - Average Volume 30 Day 1'166'951
FSF NZ EQUITY YTD % CHANGE - Average Volume 3 Month 868'464
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -
- 16'035.0 16'726.0 19'871.0 19'769.0 - - 20'121.0 22'323.1 - -
- - - - - - - 1.05x 0.96x - -
- 1'399.0 1'398.0 1'555.0 1'436.0 - - 1'524.9 1'620.4 - -
- - - - - - - 14.43x 13.58x - -
- 599.0 669.0 754.0 609.0 - - 697.9 689.9 - -
- - - - - - - 16.06x 16.44x - -
EBITDA 1'436.00 Long-Term Rating Date 03.11.2006
EBIT 944.00 Long-Term Rating A+
Operating Margin 4.78% Long-Term Outlook STABLE
Pretax Margin 3.42% Short-Term Rating Date 03.11.2006
Return on Assets 4.25% Short-Term Rating A-1
Return on Common Equity 71.05%
Return on Capital 8.62% EBITDA/Interest Exp. 3.95
Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 2.10
Net Debt/EBITDA 2.90
Gross Margin 15.4% Total Debt/EBITDA 3.24
EBITDA Margin 8.2%
EBIT Margin 5.5% Total Debt/Equity 536.7%
Net Income Margin 3.1% Total Debt/Capital 42.9%
Asset Turnover 1.13
Current Ratio 1.62 Net Fixed Asset Turnover 4.22
Quick Ratio 0.77 Accounts receivable turnover-days 49.25
Debt to Assets 33.02% Inventory Days 113.57
Tot Debt to Common Equity 536.67% Accounts Payable Turnover Day 34.61
Accounts Receivable Turnover 7.43 Cash Conversion Cycle 88.74
Inventory Turnover 3.22
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Fonterra Cooperative Group LtdPrice/Volume
Valuation Analysis
511'135.00
Current Price (9/dd/yy) Market Data
'-.0123456
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LOCKUP SHARES #N/A N/A EXCH 1'492'534'917 93.41 - 05.09.2013 Other
PERPETUAL LTD n/a EXCH 12'081'057 0.76 1'348'686 21.08.2013 Investment Advisor
CALEDONIA PRIV INV P #N/A N/A EXCH 10'124'281 0.63 889'943 29.08.2013 Hedge Fund Manager
COMMONWEALTH BANK OF n/a ULT-AGG 8'942'504 0.56 (50'922) 02.09.2013 Bank
MACLEOD DAVID n/a Co File 2'393'694 0.15 - 25.09.2012 n/a
COLONIAL FIRST STATE #N/A N/A EXCH 1'692'482 0.11 - 02.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'361'806 0.09 - 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 594'323 0.04 - 31.12.2012 Government
WILSON JOHN n/a Co File 469'299 0.03 - 25.09.2012 n/a
NEW CAPITAL FUND MAN Multiple Portfolios MF-AGG 312'625 0.02 25'625 28.03.2013 Investment Advisor
SMARTSHARES LIMITED SMARTMIDZ MF-PART 224'355 0.01 (14'460) 31.07.2013 Investment Advisor
BARING INTERNATIONAL Multiple Portfolios MF-AGG 176'141 0.01 - 31.05.2013 Investment Advisor
JUBAK ASSET MANAGEME Multiple Portfolios MF-AGG 50'580 0 42'021 31.05.2013 Investment Advisor
T ROWE PRICE GLOBAL Multiple Portfolios MF-AGG 18'637 0 - 31.03.2013 Investment Advisor
SHEWAN JOHN n/a EXCH 13'828 0 - 24.04.2013 n/a
HEYDEN HENRY n/a EXCH 4'500 0 - 24.04.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ARIE DEKKER hold 3 M 7 12 month 05.08.2013
Forsyth Barr ANDREW BOWLEY sell 1 D 7 12 month 01.08.2013
UBS WADE GARDINER sell 1 D 7 12 month 31.07.2013
Ord Minnett STEPHEN SCOTT hold 3 M 7 Not Provided 30.07.2013
Goldman Sachs MARCUS CURLEY Buy/Neutral 5 M 8 12 month 25.07.2013
Macquarie STEPHEN HUDSON outperform 5 M 7 12 month 25.07.2013
First NZ Capital KAR YUE YEO outperform 5 U 8 Not Provided 25.07.2013
Holdings By:
Fonterra Cooperative Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Guinness Peat Group plc is an investment holding company operating in the
United Kingdom, Australia, New Zealand, and North America. Through
subsidiaries, the Company offers facilities management services, installs
electrical, mechanical, and instrumentation systems and fire prevention
equipment, wholesales produce, develops property, and offers testing services.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (14.03.2013) 0.61
52-Week Low (31.05.2013) 0.42
Daily Volume
0.57
52-Week High % Change -6.56% Dividend Yield -
52-Week Low % Change 35.71% Beta 0.73
% 52 Week Price Range High/Low 76.32% Equity Float 1'367.64
Shares Out 30.06.2013 1'407.2 Short Int -
802.08 1 Yr Total Return 12.87%
Total Debt 305.00 YTD Return -4.20%
Preferred Stock 0.0 Adjusted BETA 0.728
Minority Interest 24.0 Analyst Recs 6
Cash and Equivalents 332.00 Consensus Rating 3.333
Enterprise Value 328.00
Average Volume 5 Day 22'052'490
GPG NZ EQUITY YTD Change - Average Volume 30 Day 6'767'052
GPG NZ EQUITY YTD % CHANGE - Average Volume 3 Month 4'341'664
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
1'139.0 1'172.0 1'066.0 1'059.0 1'043.0 - - 1'108.0 1'141.0 - -
0.69x 0.64x 0.68x 0.48x 0.46x - - 0.33x 0.30x - -
58.0 66.0 170.0 87.0 10.0 - - 98.8 114.3 - -
13.48x 11.36x 4.24x 5.80x 47.46x - - 3.32x 2.87x - -
(50.0) (36.0) 53.0 1.0 (3.0) - - 12.4 26.1 - -
- - - - - - - 20.61x 16.03x - -
EBITDA 10.00 Long-Term Rating Date -
EBIT -24.00 Long-Term Rating -
Operating Margin -2.30% Long-Term Outlook -
Pretax Margin -6.33% Short-Term Rating Date -
Return on Assets 3.95% Short-Term Rating -
Return on Common Equity 12.51%
Return on Capital - EBITDA/Interest Exp. 0.20
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. -0.35
Net Debt/EBITDA -
Gross Margin 27.6% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 4.6% Total Debt/Equity 70.3%
Net Income Margin -0.3% Total Debt/Capital 40.0%
Asset Turnover 0.68
Current Ratio 2.87 Net Fixed Asset Turnover 4.22
Quick Ratio 1.40 Accounts receivable turnover-days -
Debt to Assets 21.36% Inventory Days 107.81
Tot Debt to Common Equity 70.28% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 80.79
Inventory Turnover 3.39
Fiscal Year Ended
Guinness Peat Group PLCPrice/Volume
Valuation Analysis
398'672.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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400.0
600.0
800.0
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1'400.0
1'600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 138'593'602 9.85 - 03.06.2013 Investment Advisor
SOROS FUND MANAGEMEN Multiple Portfolios REG 133'201'970 9.47 - 03.06.2013 Hedge Fund Manager
QUANTUM STRATEGIC PA n/a RNS-MAJ 133'201'970 9.47 5'011'637 11.03.2013 Investment Advisor
JP MORGAN CHASE BANK n/a Research 99'264'789 7.05 - 21.06.2013 Investment Advisor
AMP LTD n/a ULT-AGG 94'484'202 6.71 (1'446'765) 03.06.2013 Insurance Company
MSDC MANAGEMENT LP n/a RNS-MAJ 79'606'443 5.66 - 25.07.2013 Investment Advisor
ACCIDENT COMPENSATIO #N/A N/A RNS-MAJ 75'681'960 5.38 (9'446'927) 30.08.2013 Insurance Company
ONEPATH (NZ) LIMITED n/a Co File 69'836'986 4.96 - 31.12.2012 Investment Advisor
DEUTSCHE PRIVATE BAN Multiple Portfolios REG 59'751'177 4.25 - 03.06.2013 Unclassified
BT FUNDS MANAGEMENT( n/a RNS-MAJ 55'537'555 3.95 (6'680'553) 09.08.2013 Investment Advisor
WESTPAC BANKING CORP #N/A N/A RNS-MAJ 54'652'186 3.88 - 02.09.2013 Bank
SALT FUNDS MANAGEMEN #N/A N/A EXCH 54'599'146 3.88 - 30.08.2013 Other
ORBIS HOLDINGS LIMIT Multiple Portfolios REG 42'846'850 3.04 - 03.06.2013 Investment Advisor
DIRECTOR & RELATED H Multiple Portfolios REG 40'969'214 2.91 (9'020'000) 03.06.2013 Other
HARWOOD CAPITAL LLP NORTH ATLANTIC SMALL MF-PART 40'651'300 2.89 - 24.01.2013 Hedge Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 25'209'892 1.79 13'162'683 31.12.2012 Investment Advisor
LONGLEAF MANAGEMENT Multiple Portfolios MF-AGG 21'704'625 1.54 - 31.07.2013 Investment Advisor
NIXON BLAKE ANDREW n/a Research 17'811'406 1.27 - 21.06.2013 n/a
PRIVATE INDIVIDUALS Multiple Portfolios REG 10'598'366 0.75 334'461 03.06.2013 Other
BRIERLEY RONALD ALFR n/a Research 9'067'792 0.64 - 21.06.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Forsyth Barr JOHN CAIRNS hold 3 M 1 12 month 29.08.2013
Deutsche Bank DENNIS M LEE buy 5 M 1 12 month 28.08.2013
First NZ Capital GREG MAIN neutral 3 M 1 Not Provided 28.08.2013
Macquarie STEPHEN HUDSON outperform 5 M 1 12 month 14.06.2013
EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013
Goldman Sachs ADRIAN ALLBON neutral/neutral 3 D 1 12 month 08.05.2013
Holdings By:
Guinness Peat Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Vector Limited is an energy infrastructure company in New Zealand that provides
electricity and gas transmission and distribution along with metering. The
Company is also a wholesaler of LPG and natural gas. Vector also delivers
broadband voice and data communications in the Auckland and Wellington regions.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (17.04.2013) 2.97
52-Week Low (04.12.2012) 2.58
Daily Volume
2.7
52-Week High % Change -9.09% Dividend Yield 5.46
52-Week Low % Change 4.65% Beta 0.51
% 52 Week Price Range High/Low 33.33% Equity Float 222.91
Shares Out 27.03.2013 995.8 Short Int -
2'688.54 1 Yr Total Return 4.19%
Total Debt 2'457.54 YTD Return 4.80%
Preferred Stock 0.0 Adjusted BETA 0.506
Minority Interest 16.6 Analyst Recs 7
Cash and Equivalents 81.59 Consensus Rating 3.714
Enterprise Value 4'992.86
Average Volume 5 Day 145'798
VCT NZ EQUITY YTD Change - Average Volume 30 Day 185'470
VCT NZ EQUITY YTD % CHANGE - Average Volume 3 Month 239'157
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
1'173.9 1'185.8 1'194.7 1'252.2 1'279.2 - - 1'244.0 1'260.2 - -
3.95x 3.90x 4.06x 4.05x - - - 4.24x 4.23x - -
594.2 582.8 543.1 634.2 - - - 576.0 586.0 - -
7.81x 7.94x 8.93x 8.00x - - - 8.67x 8.52x - -
370.5 193.5 201.4 198.8 203.3 - - 155.5 152.8 - -
12.36x 11.13x 12.57x 13.40x 13.14x - - 17.20x 17.42x - -
EBITDA 634.23 Long-Term Rating Date 16.08.2005
EBIT 460.79 Long-Term Rating BBB+
Operating Margin 36.80% Long-Term Outlook STABLE
Pretax Margin 22.62% Short-Term Rating Date 30.04.2004
Return on Assets 3.73% Short-Term Rating NR
Return on Common Equity 9.85%
Return on Capital 7.25% EBITDA/Interest Exp. 3.56
Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. 2.10
Net Debt/EBITDA 3.53
Gross Margin - Total Debt/EBITDA 3.73
EBITDA Margin 50.3%
EBIT Margin 36.8% Total Debt/Equity 115.3%
Net Income Margin 15.9% Total Debt/Capital 53.4%
Asset Turnover 0.23
Current Ratio 1.17 Net Fixed Asset Turnover 0.35
Quick Ratio 0.99 Accounts receivable turnover-days 46.80
Debt to Assets 43.75% Inventory Days -
Tot Debt to Common Equity 115.29% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.82 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Vector LtdPrice/Volume
Valuation Analysis
97'159.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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400.0
600.0
800.0
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1'200.0
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AUCKLAND ENERGY CONS n/a Research 751'000'000 75.42 - 08.03.2013 Unclassified
ACCIDENT COMPENSATIO n/a Research 14'125'577 1.42 921'041 08.03.2013 Insurance Company
JP MORGAN CHASE BANK n/a Research 4'862'117 0.49 - 08.03.2013 Investment Advisor
VECTOR LIMITED n/a Research 4'244'923 0.43 - 08.03.2013 Corporation
INVESCO LTD n/a ULT-AGG 2'907'541 0.29 2'900'009 04.09.2013 Investment Advisor
VANGUARD n/a ULT-AGG 2'528'070 0.25 2'054'433 30.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 2'505'728 0.25 - 31.12.2012 Government
FORSYTH BARR LTD n/a Co File 1'804'713 0.18 - 31.07.2012 Bank
DIMENSIONAL FUND ADV n/a ULT-AGG 1'252'296 0.13 - 30.04.2013 Investment Advisor
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 999'683 0.1 - 30.06.2013 Investment Advisor
AXA ROSENBERG INTL Multiple Portfolios MF-AGG 798'586 0.08 299'587 31.12.2012 Investment Advisor
M A JANSSEN LTD n/a Co File 619'200 0.06 - 31.07.2012 Other
GIBBS ANTHONY IAN n/a Co File 552'460 0.06 - 31.07.2012 n/a
AMUNDI JAPAN Multiple Portfolios MF-AGG 511'019 0.05 - 27.08.2012 Investment Advisor
BOWLER RONALD VICTOR n/a Co File 500'000 0.05 - 31.07.2012 n/a
KERSHAW INV LTD n/a Co File 475'000 0.05 - 31.07.2012 Other
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 321'750 0.03 - 03.09.2013 Investment Advisor
TOKIO MARINE ASSET M Multiple Portfolios MF-AGG 179'000 0.02 - 15.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 125'035 0.01 - 31.07.2013 Unclassified
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 114'856 0.01 - 21.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Forsyth Barr ANDREW HARVEY-GREEN accumulate 4 U 3 12 month 25.08.2013
Deutsche Bank GRANT SWANEPOEL buy 5 M 3 12 month 22.08.2013
Goldman Sachs MATTHEW HENRY neutral/neutral 3 M 3 12 month 22.08.2013
UBS WADE GARDINER neutral 3 M 3 12 month 22.08.2013
Macquarie STEPHEN HUDSON outperform 5 M 3 12 month 22.08.2013
First NZ Capital GREG MAIN underperform 1 M 3 Not Provided 22.08.2013
EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 04.07.2013
Holdings By:
Vector Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Australia and New Zealand Banking Group Limited is an international bank with
activities in general banking, mortgage and installment lending, life insurance,
leasing, hire purchase and general finance. ANZ also provides international and
investment banking, investment and portfolio management and advisory services,
nominee and custodian services, stock broking and executor and trustee services.
Latest Fiscal Year: 09/2012
LTM as of: 03/yy
52-Week High (01.05.2013) 39.20
52-Week Low (26.11.2012) 29.86
Daily Volume
34.3
52-Week High % Change -12.50% Dividend Yield -
52-Week Low % Change 14.87% Beta 0.80
% 52 Week Price Range High/Low 52.89% Equity Float 2'669.22
Shares Out 02.09.2013 2'743.6 Short Int -
94'105.97 1 Yr Total Return 16.70%
Total Debt 118'987.00 YTD Return 11.53%
Preferred Stock 871.0 Adjusted BETA 0.796
Minority Interest 49.0 Analyst Recs 19
Cash and Equivalents 55'159.00 Consensus Rating 3.421
Enterprise Value -
Average Volume 5 Day 15'088
ANZ NZ EQUITY YTD Change - Average Volume 30 Day 61'162
ANZ NZ EQUITY YTD % CHANGE - Average Volume 3 Month 60'445
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
36'622.0 29'836.0 31'324.0 35'602.0 35'968.0 0.0 0.0 19'699.3 19'297.0 - -
- - - - - #DIV/0! #DIV/0! 0.39x 0.32x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
3'319.0 2'943.0 4'501.0 5'355.0 5'661.0 0.0 0.0 6'424.2 6'778.7 - -
- - - - - 0.00x 0.00x 12.86x 12.28x - -
EBITDA - Long-Term Rating Date 01.12.2011
EBIT - Long-Term Rating AA-
Operating Margin 45.92% Long-Term Outlook STABLE
Pretax Margin 45.58% Short-Term Rating Date 11.09.1996
Return on Assets 0.88% Short-Term Rating A-1+
Return on Common Equity 14.17%
Return on Capital 3.42% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 295.3%
Net Income Margin 32.3% Total Debt/Capital 74.3%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 16.65
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 18.53% Inventory Days -
Tot Debt to Common Equity 295.25% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Australia & New Zealand Banking Group LtdPrice/Volume
Valuation Analysis
6'178.00
Current Price (9/dd/yy) Market Data
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10'000.0
15'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIONAL AUSTRALIA B n/a ULT-AGG 113'925'737 4.15 (94'977'033) 31.07.2013 Bank
COMMONWEALTH BANK OF n/a ULT-AGG 48'957'362 1.78 400 31.05.2013 Bank
VANGUARD n/a ULT-AGG 48'481'898 1.77 1'083'201 30.06.2013 Unclassified
BLACKROCK n/a ULT-AGG 29'266'130 1.07 (818'139) 03.09.2013 Investment Advisor
AMP LTD n/a ULT-AGG 28'834'656 1.05 - 31.07.2013 Insurance Company
FMR LLC n/a ULT-AGG 27'351'155 1 (32'535) 31.07.2013 Investment Advisor
AUSTRALIA & NEW ZEAL n/a EXCH 23'949'166 0.87 (11'504) 14.08.2013 Bank
PERENNIAL INVESTMENT PERENNIAL VALUE SHAR MF-PART 22'032'929 0.8 - 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 21'707'393 0.79 - 31.12.2012 Government
ANZEST PTY LTD n/a Co File 17'899'078 0.65 - 12.10.2012 Other
RANCHLAND HOLDINGS P n/a EXCH 17'051'442 0.62 - 31.01.2013 Holding Company
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 12'078'524 0.44 - 31.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 11'687'086 0.43 2'714'560 31.07.2013 Investment Advisor
AUSTRALIAN FOUNDATIO n/a Co File 8'187'710 0.3 - 12.10.2012 Investment Advisor
ARGO INVESTMENTS LTD n/a Co File 7'902'915 0.29 - 12.10.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'898'710 0.29 995 03.09.2013 Investment Advisor
EQUITY TRUSTEES LTD ARNHEM CONCENTRATED MF-PART 7'482'155 0.27 - 30.06.2013 Investment Advisor
PERPETUAL INVESTMENT PERPETUAL WHOLESALE MF-PART 7'120'183 0.26 - 30.06.2013 Investment Advisor
BLUEKNIGHT CORP PTY n/a EXCH 7'000'000 0.26 - 29.01.2013 Unclassified
PERPETUAL TRUSTEE CO n/a Co File 6'936'856 0.25 - 12.10.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura VICTOR GERMAN neutral 3 M 36 Not Provided 05.09.2013
Bell Potter T S LIM hold 3 M 37 12 month 05.09.2013
CIMB JOHN BUONACCORSI outperform 5 M 35 12 month 03.09.2013
Commonwealth Bank ROSS CURRAN neutral 3 M 36 12 month 26.08.2013
Credit Suisse JARROD MARTIN neutral 3 M 35 Not Provided 19.08.2013
Deutsche Bank JAMES FREEMAN buy 5 M 38 12 month 16.08.2013
Morgan Stanley RICHARD E WILES Underwt/In-Line 1 M 29 12 month 16.08.2013
Goldman Sachs ANDREW LYONS neutral/neutral 3 M 33 12 month 16.08.2013
JPMorgan SCOTT MANNING underweight 1 D 35 3 month 16.08.2013
Macquarie MICHAEL WIBLIN outperform 5 M 40 12 month 16.08.2013
BBY Limited BRETT LE MESURIER buy 5 M 35 12 month 16.08.2013
Shaw Stockbroking DAVID SPOTSWOOD buy 5 M 34 Not Provided 16.08.2013
S&P Capital IQ SITI RUDZIAH SALIKIN hold 3 M 36 12 month 16.08.2013
UBS JONATHAN MOTT buy 5 U 34 12 month 13.06.2013
EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013
Evans & Partners Pty Ltd LOU CAPPARELLI neutral 3 M #N/A N/A Not Provided 04.06.2013
Paterson Securities TONY FARNHAM hold 3 M #N/A N/A Not Provided 08.11.2011
Holdings By:
Australia & New Zealand Banking Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Freightways Limited provides express package services throughout New Zealand
along with providing information management and business mail services. The
Company's courier services includes same day and overnight national and
international deliveries, freight forwarding services, computer media transport
and payroll data deliveries.
Latest Fiscal Year: 06/2013
LTM as of: 09/yy
52-Week High (15.03.2013) 4.60
52-Week Low (05.07.2013) 3.95
Daily Volume
4.21
52-Week High % Change -8.48% Dividend Yield 4.45
52-Week Low % Change 6.58% Beta 0.75
% 52 Week Price Range High/Low 44.62% Equity Float 138.01
Shares Out 30.06.2013 154.0 Short Int -
648.33 1 Yr Total Return 9.55%
Total Debt 161.00 YTD Return 1.03%
Preferred Stock 0.0 Adjusted BETA 0.751
Minority Interest 0.0 Analyst Recs 7
Cash and Equivalents 3.48 Consensus Rating 3.000
Enterprise Value 805.84
Average Volume 5 Day 257'525
FRE NZ EQUITY YTD Change - Average Volume 30 Day 213'045
FRE NZ EQUITY YTD % CHANGE - Average Volume 3 Month 239'718
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 12/yy 09/yy 06/14 Y 06/15 Y 12/12 Q2 03/13 Q3
339.5 328.5 352.5 382.5 406.1 0.0 185.3 425.8 448.0 - -
1.73x 1.76x 1.83x 1.97x 2.08x #DIV/0! 0.00x 1.89x 1.77x - -
66.5 63.4 66.8 72.3 76.8 0.0 0.0 80.2 86.8 - -
8.81x 9.12x 9.67x 10.44x 10.99x 0.00x 0.00x 10.05x 9.29x - -
34.6 23.2 29.9 37.0 40.3 0.0 16.0 40.8 45.4 - -
10.84x 18.36x 16.41x 15.77x 17.02x 0.00x 0.00x 15.89x 14.18x - -
EBITDA 76.80 Long-Term Rating Date -
EBIT 64.66 Long-Term Rating -
Operating Margin 15.92% Long-Term Outlook -
Pretax Margin 13.23% Short-Term Rating Date -
Return on Assets 9.27% Short-Term Rating -
Return on Common Equity 22.38%
Return on Capital 14.31% EBITDA/Interest Exp. 5.90
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 5.02
Net Debt/EBITDA 2.05
Gross Margin - Total Debt/EBITDA 2.10
EBITDA Margin 18.9%
EBIT Margin 15.9% Total Debt/Equity 86.0%
Net Income Margin 9.9% Total Debt/Capital 46.2%
Asset Turnover 0.93
Current Ratio 1.06 Net Fixed Asset Turnover 4.52
Quick Ratio 0.92 Accounts receivable turnover-days 45.49
Debt to Assets 37.16% Inventory Days -
Tot Debt to Common Equity 85.96% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.02 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Freightways LtdPrice/Volume
Valuation Analysis
29'262.00
Current Price (9/dd/yy) Market Data
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0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
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05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FISHER FUNDS MANAGEM n/a EXCH 14'327'703 9.3 6'450'458 02.04.2013 Investment Advisor
HARRIS ASSOCIATES LP #N/A N/A EXCH 11'547'501 7.5 - 30.08.2013 Investment Advisor
JP MORGAN CHASE BANK n/a Research 8'031'674 5.22 - 21.06.2013 Investment Advisor
AMP LTD n/a ULT-AGG 7'719'866 5.01 4'218'857 04.12.2012 Insurance Company
ACCIDENT COMPENSATIO n/a Research 6'924'667 4.5 (1'107'007) 21.06.2013 Insurance Company
NZ SUPERANNUATION FU n/a Co File 4'775'569 3.1 - 31.07.2012 n/a
PORT DEVON LTD n/a Research 3'453'469 2.24 - 21.06.2013 Other
BRACEWELL DEAN n/a EXCH 2'530'737 1.64 (350'000) 05.04.2012 n/a
BLACKROCK n/a ULT-AGG 2'105'224 1.37 (140) 03.09.2013 Investment Advisor
FORSYTH BARR LTD n/a Co File 1'815'096 1.18 - 31.07.2012 Bank
INVESCO LTD n/a ULT-AGG 1'770'681 1.15 - 31.03.2013 Investment Advisor
LUCERNE ROAD INVESTM n/a Research 1'652'896 1.07 - 21.06.2013 Other
NORGES BANK Multiple Portfolios MF-AGG 1'203'581 0.78 - 31.12.2012 Government
CARTREF PORTFOLIO PT n/a Research 1'167'227 0.76 - 21.06.2013 Other
VANGUARD n/a ULT-AGG 918'434 0.6 77'499 30.06.2013 Unclassified
DIMENSIONAL FUND ADV n/a ULT-AGG 862'303 0.56 1'860 30.04.2013 Investment Advisor
WELLS STEVE n/a EXCH 570'944 0.37 - 13.09.2011 n/a
MITCHELL-LOWE RICHAR n/a EXCH 515'920 0.34 - 13.09.2011 n/a
SMARTSHARES LIMITED SMARTMIDZ MF-PART 364'893 0.24 (25'790) 30.06.2013 Investment Advisor
TROUGHEAR MARK n/a EXCH 354'495 0.23 - 13.09.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Forsyth Barr ANDREW BOWLEY hold 3 U 4 12 month 14.08.2013
Macquarie WARREN DOAK neutral 3 M 4 12 month 13.08.2013
Deutsche Bank DENNIS M LEE hold 3 M 4 12 month 12.08.2013
Goldman Sachs MARCUS CURLEY neutral/neutral 3 M 4 12 month 12.08.2013
EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 10.07.2013
UBS WADE GARDINER neutral 3 M 4 12 month 05.07.2013
First NZ Capital KAR YUE YEO underperform 1 M 4 Not Provided 04.07.2013
Holdings By:
Freightways Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Nuplex Industries Limited is a chemical company specialising in the
manufacturer of resins for architectural, industrial and protective coatings.
The Company's products are used in the building and construction,
automotive and vehicle refinish industries as well as the metal, marine,
protective, wood and plastics markets.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (14.02.2013) 3.55
52-Week Low (06.06.2013) 2.70
Daily Volume
3.2
52-Week High % Change -9.86% Dividend Yield 6.56
52-Week Low % Change 18.52% Beta 1.22
% 52 Week Price Range High/Low 62.35% Equity Float 196.91
Shares Out 30.06.2013 198.1 Short Int -
634.00 1 Yr Total Return 16.00%
Total Debt 289.60 YTD Return 4.27%
Preferred Stock 0.0 Adjusted BETA 1.216
Minority Interest 7.4 Analyst Recs 7
Cash and Equivalents 91.79 Consensus Rating 3.857
Enterprise Value 839.17
Average Volume 5 Day 314'427
NPX NZ EQUITY YTD Change - Average Volume 30 Day 343'679
NPX NZ EQUITY YTD % CHANGE - Average Volume 3 Month 312'958
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
1'493.7 1'459.9 1'575.0 1'615.9 1'664.9 - - 1'722.2 1'815.8 - -
0.28x 0.42x 0.42x 0.45x 0.47x - - 0.51x 0.48x - -
83.1 136.4 132.5 127.2 115.2 - - 139.3 153.7 - -
5.10x 4.55x 4.94x 5.65x 6.77x - - 6.02x 5.46x - -
16.7 64.2 66.5 62.5 42.9 - - 61.8 69.4 - -
5.36x 8.26x 8.53x 7.81x 13.18x - - 10.26x 9.14x - -
EBITDA 115.24 Long-Term Rating Date -
EBIT 82.11 Long-Term Rating -
Operating Margin 4.93% Long-Term Outlook -
Pretax Margin 3.73% Short-Term Rating Date -
Return on Assets 3.46% Short-Term Rating -
Return on Common Equity 7.72%
Return on Capital 6.83% EBITDA/Interest Exp. 6.50
Asset Turnover 1.34% (EBITDA-Capex)/Interest Exp. 3.77
Net Debt/EBITDA 1.72
Gross Margin 21.1% Total Debt/EBITDA 2.51
EBITDA Margin 6.9%
EBIT Margin 4.9% Total Debt/Equity 52.1%
Net Income Margin 2.6% Total Debt/Capital 34.0%
Asset Turnover 1.34
Current Ratio 1.94 Net Fixed Asset Turnover 5.33
Quick Ratio 1.14 Accounts receivable turnover-days 70.71
Debt to Assets 23.02% Inventory Days 65.65
Tot Debt to Common Equity 52.14% Accounts Payable Turnover Day 83.21
Accounts Receivable Turnover 5.16 Cash Conversion Cycle 53.15
Inventory Turnover 5.56
Fiscal Year Ended
Nuplex Industries LtdPrice/Volume
Valuation Analysis
53'091.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ORBIS HOLDINGS LIMIT n/a EXCH 23'355'187 11.79 (2'072'601) 13.09.2012 Investment Advisor
ACCIDENT COMPENSATIO n/a EXCH 17'382'304 8.77 - 12.10.2012 Insurance Company
DELTA LLOYD NV n/a ULT-AGG 12'092'683 6.1 2'015'000 31.05.2013 Bank
AMP LTD n/a ULT-AGG 12'016'331 6.06 - 29.04.2013 Insurance Company
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 10'025'944 5.06 1'830'600 31.05.2013 Investment Advisor
MASFEN SECURITIES LI n/a Research 4'772'039 2.41 (1'000'000) 08.03.2013 Other
FMR LLC n/a ULT-AGG 3'682'663 1.86 - 30.04.2013 Investment Advisor
NZ SUPERANNUATION FU n/a Co File 3'653'778 1.84 - 30.06.2012 n/a
JP MORGAN CHASE BANK n/a Co File 3'643'609 1.84 - 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 3'572'023 1.8 - 30.04.2013 Investment Advisor
AXA ROSENBERG INTL Multiple Portfolios MF-AGG 1'479'200 0.75 133'267 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'390'486 0.7 85 03.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 1'108'436 0.56 - 31.12.2012 Government
VANGUARD n/a ULT-AGG 1'105'436 0.56 27'546 30.06.2013 Unclassified
BRAZIL FARMING PTY L n/a Research 550'000 0.28 - 03.08.2012 Corporation
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 455'000 0.23 455'000 31.03.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 312'294 0.16 - 03.09.2013 Investment Advisor
SEVERIN EMERY STEPHE n/a EXCH 240'000 0.12 - 13.06.2013 n/a
AITKEN ROBERT MURRAY n/a Co File 152'424 0.08 - 30.06.2012 n/a
STATE STREET n/a ULT-AGG 143'299 0.07 - 04.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 28.08.2013
Macquarie DANIEL FROST neutral 3 M 3 12 month 20.08.2013
Forsyth Barr JOHN CAIRNS hold 3 M 3 12 month 18.08.2013
Deutsche Bank DENNIS M LEE buy 5 M 4 12 month 15.08.2013
UBS TRISTAN JOLL neutral 3 M 3 12 month 15.08.2013
First NZ Capital GREG MAIN neutral 3 M 3 Not Provided 15.08.2013
Goldman Sachs ADRIAN ALLBON Buy/Neutral 5 M 4 12 month 15.07.2013
Holdings By:
Nuplex Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Kathmandu Holdings Ltd. provides clothing and equipment for the travel and
adventure market. The Company operates retail locations throughout Australia
and New Zealand.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (26.08.2013) 3.10
52-Week Low (21.09.2012) 1.64
Daily Volume
3
52-Week High % Change -3.23% Dividend Yield 3.33
52-Week Low % Change 82.93% Beta 1.34
% 52 Week Price Range High/Low 91.78% Equity Float 185.71
Shares Out 31.01.2013 200.2 Short Int -
600.65 1 Yr Total Return 68.85%
Total Debt 53.74 YTD Return 52.43%
Preferred Stock 0.0 Adjusted BETA 1.335
Minority Interest 0.0 Analyst Recs 10
Cash and Equivalents 1.81 Consensus Rating 4.000
Enterprise Value 681.69
Average Volume 5 Day 1'078'493
KMD NZ EQUITY YTD Change - Average Volume 30 Day 478'847
KMD NZ EQUITY YTD % CHANGE - Average Volume 3 Month 433'824
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -
- 215.6 245.8 306.1 347.1 - - 386.8 427.5 - -
- - 1.89x 1.58x 1.07x - - 1.68x 1.51x - -
- 48.7 37.9 72.0 67.3 - - 74.0 83.1 - -
- - 12.28x 6.71x 5.50x - - 9.21x 8.20x - -
- 14.9 9.4 39.1 34.9 - - 40.9 45.6 - -
- - - 11.28x 9.14x - - 14.63x 13.27x - -
EBITDA 67.34 Long-Term Rating Date -
EBIT 57.81 Long-Term Rating -
Operating Margin 16.65% Long-Term Outlook -
Pretax Margin 14.73% Short-Term Rating Date -
Return on Assets 10.34% Short-Term Rating -
Return on Common Equity 14.89%
Return on Capital 12.13% EBITDA/Interest Exp. 15.76
Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. 11.57
Net Debt/EBITDA 1.14
Gross Margin 63.3% Total Debt/EBITDA 1.15
EBITDA Margin 19.4%
EBIT Margin 16.6% Total Debt/Equity 19.2%
Net Income Margin 10.0% Total Debt/Capital 16.1%
Asset Turnover 0.97
Current Ratio 2.03 Net Fixed Asset Turnover 8.88
Quick Ratio 0.05 Accounts receivable turnover-days 3.97
Debt to Assets 14.41% Inventory Days 219.17
Tot Debt to Common Equity 19.22% Accounts Payable Turnover Day 68.21
Accounts Receivable Turnover 92.31 Cash Conversion Cycle 161.88
Inventory Turnover 1.67
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kathmandu Holdings LtdPrice/Volume
Valuation Analysis
132'420.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COMMONWEALTH BANK OF n/a ULT-AGG 16'609'706 8.3 2'132'238 03.04.2013 Bank
NATIONAL AUSTRALIA B n/a ULT-AGG 13'050'566 6.52 2'023'212 09.07.2013 Bank
ELEY GRIFFITHS GROUP n/a Co File 12'066'312 6.03 - 07.09.2012 Investment Advisor
ACCIDENT COMPENSATIO #N/A N/A EXCH 11'970'983 5.98 (2'037'056) 04.09.2013 Insurance Company
MILFORD ASSET MGMT L #N/A N/A EXCH 11'698'194 5.84 (3'075'883) 03.09.2013 Investment Advisor
FMR LLC n/a ULT-AGG 11'287'339 5.64 - 11.04.2013 Investment Advisor
AUSBIL DEXIA LIMITED n/a Co File 10'512'000 5.25 - 07.09.2012 Investment Advisor
HARBOUR ASSET MANAGE n/a EXCH 10'341'542 5.17 - 27.02.2013 Corporation
AMP LTD n/a ULT-AGG 10'113'837 5.05 - 04.09.2013 Insurance Company
AUSTRALIAN SUPER PTY n/a EXCH 10'110'349 5.05 - 05.07.2013 Pension Fund (ERISA)
TRIBECA INV PARTNERS n/a EXCH 9'810'674 4.9 (649'850) 22.08.2013 Investment Advisor
VANGUARD n/a ULT-AGG 2'313'893 1.16 1'114'789 30.06.2013 Unclassified
MACQUARIE GROUP n/a ULT-AGG 2'086'884 1.04 (128'071) 31.08.2011 Investment Advisor
HALKETT PETER THOMAS n/a EXCH 1'485'518 0.74 55'686 18.12.2012 n/a
FIDANTE PARTNERS LTD NOVAPORT SMALLER COM MF-PART 1'122'805 0.56 - 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 978'135 0.49 3'705 31.10.2012 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 883'700 0.44 114'300 30.06.2013 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 600'000 0.3 - 31.12.2012 Unclassified
TODD MARK ARCHIBALD n/a EXCH 370'480 0.19 9'062 18.12.2012 n/a
MUNDER CAPITAL MANAG Multiple Portfolios MF-AGG 363'730 0.18 (127'634) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bell Potter SAM HADDAD buy 5 M 3 12 month 03.09.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 02.09.2013
Deutsche Bank WASSIM KISIRWANI buy 5 M 3 12 month 30.08.2013
RBS Morgans JOSEPHINE LITTLE outperform 5 M 3 12 month 07.08.2013
Macquarie ADAM SIMPSON outperform 5 M 3 12 month 26.07.2013
Forsyth Barr CHELSEA LEADBETTER hold 3 D 3 12 month 06.06.2013
Goldman Sachs GEORGE BATSAKIS Buy/Neutral 5 M 3 12 month 31.05.2013
Moelis & Company TODD W GUYOT buy 5 M 2 12 month 02.05.2013
First NZ Capital SARNDRA URLICH neutral 3 M 3 Not Provided 17.04.2013
Octa Phillip Securities Ltd KEN WAGNER hold 3 M 3 Not Provided 28.03.2013
Holdings By:
Kathmandu Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Property for Industry Limited is a property company that invests in New Zealand
industrial properties. The Company's property portfolio includes sites in
Auckland, Hamilton, Tauranga, Wellington and Christchurch.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.07.2013) 1.44
52-Week Low (11.09.2012) 1.15
Daily Volume
1.32
52-Week High % Change -8.01% Dividend Yield 5.00
52-Week Low % Change 14.78% Beta 0.43
% 52 Week Price Range High/Low 64.91% Equity Float 397.63
Shares Out 01.07.2013 411.5 Short Int -
543.18 1 Yr Total Return 20.04%
Total Debt 114.20 YTD Return 12.61%
Preferred Stock 0.0 Adjusted BETA 0.429
Minority Interest 0.0 Analyst Recs 5
Cash and Equivalents 0.17 Consensus Rating 1.400
Enterprise Value 657.21
Average Volume 5 Day 162'048
PFI NZ EQUITY YTD Change - Average Volume 30 Day 378'045
PFI NZ EQUITY YTD % CHANGE - Average Volume 3 Month 454'443
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4
32.6 30.9 32.5 30.8 29.4 40.6 22.5 47.4 64.4 - -
10.60x - 11.03x 11.58x 13.02x 27.13x 48.39x 18.12x 13.33x - -
28.2 26.9 28.6 27.5 25.3 35.8 19.3 41.2 56.5 - -
12.23x - 12.56x 12.95x 15.12x 0.00x 0.00x 15.96x 11.62x - -
(31.9) (12.5) 10.0 16.3 26.9 (19.6) 13.3 22.4 30.6 - -
- - 24.57x 15.53x 9.97x 0.00x 0.00x 18.86x 17.84x - -
EBITDA 25.33 Long-Term Rating Date -
EBIT 25.33 Long-Term Rating -
Operating Margin 68.18% Long-Term Outlook -
Pretax Margin 108.71% Short-Term Rating Date -
Return on Assets 7.25% Short-Term Rating -
Return on Common Equity 11.05%
Return on Capital 7.65% EBITDA/Interest Exp. 4.80
Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -0.39
Net Debt/EBITDA 4.50
Gross Margin - Total Debt/EBITDA 4.51
EBITDA Margin 86.1%
EBIT Margin - Total Debt/Equity 45.7%
Net Income Margin 91.6% Total Debt/Capital 31.3%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 29.69% Inventory Days -
Tot Debt to Common Equity 45.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Property for Industry LtdPrice/Volume
Valuation Analysis
159'656.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ACCIDENT COMPENSATIO n/a Research 4'118'056 1 180 08.03.2013 Insurance Company
MASFEN PETER HANBURY n/a Research 4'000'905 0.97 - 08.03.2013 n/a
ONEPATH (NZ) LIMITED n/a Research 1'655'707 0.4 - 16.11.2012 Investment Advisor
PMG TRUST LIMITED n/a Research 1'502'148 0.37 - 08.03.2013 n/a
LYON CLIFFORD STUART n/a Research 1'047'750 0.25 - 16.11.2012 n/a
UNI OF OTAGO FOUNDAT n/a Research 1'008'739 0.25 - 16.11.2012 n/a
FORHOMES INVESTMENTS n/a Research 543'231 0.13 - 16.11.2012 Corporation
DUNEDIN CITY COUNCIL n/a Research 536'100 0.13 - 16.11.2012 Other
H B WILLIAMS TURANGA n/a Research 500'000 0.12 - 16.11.2012 n/a
FRIMLEY FOUNDATION n/a Research 500'000 0.12 - 16.11.2012 Other
FIRST STATE INVESTME Multiple Portfolios MF-AGG 438'610 0.11 438'610 31.05.2013 Investment Advisor
VANGUARD n/a ULT-AGG 335'395 0.08 217'623 30.06.2013 Unclassified
ROLLESTON HUMPHREY J n/a Co File 119'057 0.03 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 48'336 0.01 - 03.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
First NZ Capital STEPHEN REID underperform 1 M 1 Not Provided 28.08.2013
Macquarie NICK MAR underperform 1 D 1 12 month 06.08.2013
Forsyth Barr JEREMY SIMPSON hold 3 M 1 12 month 06.08.2013
Deutsche Bank CHRIS BYRNE sell 1 D 1 12 month 05.08.2013
Goldman Sachs ROBBIE AITKEN Sell/Cautious 1 M 1 12 month 10.07.2013
Holdings By:
Property for Industry Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Summerset Group Holdings Ltd. is a profit-oriented entity and develops, owns and
operates integrated retirement villages, rest homes and hospitals for the
elderly within New Zealand.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (01.05.2013) 3.25
52-Week Low (05.09.2012) 1.85
Daily Volume
2.96
52-Week High % Change -8.92% Dividend Yield 0.00
52-Week Low % Change 60.00% Beta 0.92
% 52 Week Price Range High/Low 81.43% Equity Float 74.97
Shares Out 30.06.2013 215.9 Short Int -
639.12 1 Yr Total Return 60.74%
Total Debt 78.21 YTD Return 33.47%
Preferred Stock 0.0 Adjusted BETA 0.925
Minority Interest 0.0 Analyst Recs 6
Cash and Equivalents 2.79 Consensus Rating 3.500
Enterprise Value 714.24
Average Volume 5 Day 210'662
SUM NZ EQUITY YTD Change - Average Volume 30 Day 295'197
SUM NZ EQUITY YTD % CHANGE - Average Volume 3 Month 378'131
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
- 17.8 22.4 24.9 27.3 - - 52.5 62.5 - -
- - - 13.99x 20.35x - - 14.11x 11.98x - -
- (8.7) 7.2 4.9 5.6 - - 29.0 34.9 - -
- - - 71.69x 99.40x - - 24.60x 20.47x - -
- 0.4 (1.9) 4.3 14.8 - - 21.7 26.4 - -
- - - 56.07x 32.18x - - 29.31x 24.26x - -
EBITDA 5.60 Long-Term Rating Date -
EBIT 4.02 Long-Term Rating -
Operating Margin 14.71% Long-Term Outlook -
Pretax Margin 52.70% Short-Term Rating Date -
Return on Assets 2.25% Short-Term Rating -
Return on Common Equity 6.15%
Return on Capital - EBITDA/Interest Exp. 0.89
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -11.04
Net Debt/EBITDA 13.47
Gross Margin - Total Debt/EBITDA 13.97
EBITDA Margin 20.5%
EBIT Margin 14.7% Total Debt/Equity 31.4%
Net Income Margin 54.2% Total Debt/Capital 23.9%
Asset Turnover 0.04
Current Ratio 0.51 Net Fixed Asset Turnover 0.04
Quick Ratio 0.17 Accounts receivable turnover-days 11.74
Debt to Assets 11.14% Inventory Days -
Tot Debt to Common Equity 31.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover 31.17 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Summerset Group Holdings LtdPrice/Volume
Valuation Analysis
143'702.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUMMERSET GRP HOLDIN n/a EXCH 124'097'647 57.47 - 01.11.2011 Unclassified
QPE FUNDS MANAGEMENT n/a EXCH 50'000'000 23.16 (30'761'132) 17.05.2013 Investment Advisor
ACCIDENT COMPENSATIO n/a EXCH 12'135'908 5.62 - 17.05.2013 Insurance Company
FIRST NZ CAPITAL SEC n/a EXCH 10'453'900 4.84 (28'002'511) 17.05.2013 Investment Advisor
MORRIS PAUL n/a EXCH 1'690'239 0.78 - 01.11.2011 n/a
BARLOW NORAH KATHLEE n/a Co File 1'231'413 0.57 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 1'197'140 0.55 6'375 03.09.2013 Investment Advisor
COOK JULIAN n/a EXCH 850'000 0.39 - 22.03.2012 n/a
OGDEN JAMES HAROLD n/a EXCH 365'000 0.17 - 19.03.2013 n/a
SAUNDERS TRISTAN n/a EXCH 315'897 0.15 - 28.05.2013 n/a
CATTO RICHARD n/a EXCH 230'028 0.11 (19'972) 26.02.2013 n/a
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 69'427 0.03 - 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 56'010 0.03 534 30.04.2013 Investment Advisor
VANGUARD n/a ULT-AGG 45'189 0.02 28'425 30.06.2013 Unclassified
CAMPBELL ROBERT JAME n/a Co File 35'000 0.02 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank STEPHEN RIDGEWELL hold 3 M 3 12 month 13.08.2013
UBS WADE GARDINER neutral 3 M 3 12 month 13.08.2013
Macquarie DANIEL FROST outperform 5 M 4 12 month 13.08.2013
Forsyth Barr JEREMY SIMPSON accumulate 4 M 4 12 month 13.08.2013
First NZ Capital JAMES SCHOFIELD outperform 5 M 4 Not Provided 13.08.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
Holdings By:
Summerset Group Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
DNZ Property Fund Ltd is a New Zealand property investment company. The Company
is a Portfolio Investment Entity (PIE) in which investors hold shares.
Latest Fiscal Year: 03/2013
LTM as of: 01/yy
52-Week High (23.04.2013) 1.80
52-Week Low (11.09.2012) 1.54
Daily Volume
1.62
52-Week High % Change -10.00% Dividend Yield 5.56
52-Week Low % Change 5.19% Beta 0.34
% 52 Week Price Range High/Low 44.23% Equity Float 259.51
Shares Out 05.07.2013 292.8 Short Int -
474.39 1 Yr Total Return 10.35%
Total Debt 246.37 YTD Return 6.44%
Preferred Stock 0.0 Adjusted BETA 0.338
Minority Interest 0.0 Analyst Recs 6
Cash and Equivalents 8.60 Consensus Rating 2.833
Enterprise Value 712.16
Average Volume 5 Day 173'692
DNZ NZ EQUITY YTD Change - Average Volume 30 Day 294'592
DNZ NZ EQUITY YTD % CHANGE - Average Volume 3 Month 322'504
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -
47.9 61.9 59.1 60.2 59.3 - - 56.1 58.5 - -
- - 9.36x 9.91x 11.29x - - 12.88x 12.35x - -
33.1 39.9 8.5 46.8 46.7 - - 48.2 50.4 - -
- - 65.46x 12.74x 14.36x - - 14.79x 14.13x - -
(19.2) (15.5) (35.1) 20.8 45.5 - - 26.4 27.4 - -
- - - 16.21x 9.41x - - 17.23x 17.23x - -
EBITDA 46.66 Long-Term Rating Date -
EBIT 46.66 Long-Term Rating -
Operating Margin 51.84% Long-Term Outlook -
Pretax Margin 90.21% Short-Term Rating Date -
Return on Assets 6.71% Short-Term Rating -
Return on Common Equity 11.54%
Return on Capital 6.99% EBITDA/Interest Exp. 2.94
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. 1.39
Net Debt/EBITDA 5.10
Gross Margin - Total Debt/EBITDA 5.28
EBITDA Margin 78.6%
EBIT Margin - Total Debt/Equity 60.3%
Net Income Margin 76.7% Total Debt/Capital 37.6%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 36.02% Inventory Days -
Tot Debt to Common Equity 60.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
DNZ Property Fund LtdPrice/Volume
Valuation Analysis
190'263.00
Current Price (9/dd/yy) Market Data
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30.0
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50.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ACCIDENT COMPENSATIO n/a EXCH 28'670'538 9.79 (2'401'459) 09.08.2013 Insurance Company
WESTPAC BANKING CORP n/a EXCH 16'069'918 5.49 - 24.05.2013 Bank
SALT FUNDS MANAGEMEN n/a EXCH 16'069'918 5.49 - 24.05.2013 Other
DUFFY PAUL JOHN n/a EXCH 8'908'363 3.04 (188'731) 13.12.2012 n/a
HAYPHIL INVESTMENTS n/a Co File 7'411'244 2.53 - 31.05.2012 Other
HASELL ALASTAIR n/a EXCH 5'946'036 2.03 - 16.08.2010 n/a
MFL MUTUAL FUND LTD n/a Co File 5'150'720 1.76 - 31.05.2012 Other
ONEPATH (NZ) LIMITED n/a EXCH 2'973'783 1.02 (18'015'133) 17.01.2013 Investment Advisor
ROSE STAR INV LTD n/a Co File 2'200'000 0.75 - 31.05.2012 Corporation
MORRIS ANTONY TREVOR n/a Co File 1'750'000 0.6 - 31.05.2012 n/a
DIAM n/a ULT-AGG 926'150 0.32 - 13.11.2012 Unclassified
VANGUARD n/a ULT-AGG 415'011 0.14 85'914 30.06.2013 Unclassified
BROWN PHIL n/a EXCH 317'081 0.11 - 10.06.2013 n/a
STATE STREET n/a ULT-AGG 248'359 0.08 - 04.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 110'523 0.04 - 03.09.2013 Investment Advisor
HARVEY EDWARD JOHN n/a EXCH 104'557 0.04 1'464 13.12.2012 n/a
STOREY TIMOTHY n/a EXCH 104'557 0.04 1'464 13.12.2012 n/a
STIASSNY MICHAEL PET n/a EXCH 104'557 0.04 1'464 13.12.2012 n/a
NOMURA n/a ULT-AGG 103'000 0.04 (10'000) 21.01.2013 Unclassified
NIKKO ASSET MANAGEME n/a ULT-AGG 52'797 0.02 - 15.08.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs ROBBIE AITKEN neutral/cautious 3 M 2 12 month 10.07.2013
Macquarie NICK MAR underperform 1 M 2 12 month 14.06.2013
EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 11.06.2013
Forsyth Barr JEREMY SIMPSON accumulate 4 M 2 12 month 26.05.2013
Deutsche Bank CHRIS BYRNE hold 3 M 2 12 month 22.05.2013
First NZ Capital JASON LINDSAY underperform 1 M 1 Not Provided 16.01.2013
Holdings By:
DNZ Property Fund Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Diligent Board Member Services Inc. provides board communication tools. The
Company offers users the ability to prepare, view, and approve board and
committee documents online.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (31.05.2013) 8.20
52-Week Low (24.10.2012) 3.50
Daily Volume
5.29
52-Week High % Change -35.49% Dividend Yield 0.00
52-Week Low % Change 51.14% Beta 0.73
% 52 Week Price Range High/Low 34.89% Equity Float 45.60
Shares Out 05.05.2013 83.8 Short Int -
443.18 1 Yr Total Return 37.40%
Total Debt 2.22 YTD Return -3.29%
Preferred Stock 4.9 Adjusted BETA 0.735
Minority Interest 0.0 Analyst Recs 2
Cash and Equivalents 33.31 Consensus Rating 5.000
Enterprise Value 320.25
Average Volume 5 Day 393'278
DIL NZ EQUITY YTD Change - Average Volume 30 Day 289'306
DIL NZ EQUITY YTD % CHANGE - Average Volume 3 Month 275'122
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
2.9 5.0 8.3 18.0 43.7 23.2 50.7 66.1 88.0 - -
2.28x 3.65x 5.50x 6.65x 8.04x 20.51x 24.37x 4.63x 3.19x - -
(11.5) (4.3) (1.9) 1.5 13.5 3.7 15.4 18.7 33.9 - -
- - - 79.33x 26.02x 55.86x 26.55x 17.17x 9.45x - -
(17.6) (3.9) 2.1 3.3 9.1 5.4 9.3 10.0 19.4 2.7 -
- - - 75.29x 56.49x 53.60x 74.66x 46.90x 26.09x - -
EBITDA 13.51 Long-Term Rating Date -
EBIT 12.30 Long-Term Rating -
Operating Margin 28.11% Long-Term Outlook -
Pretax Margin 28.42% Short-Term Rating Date -
Return on Assets 26.91% Short-Term Rating -
Return on Common Equity 85.37%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.47% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -2.23
Gross Margin 77.0% Total Debt/EBITDA 0.14
EBITDA Margin 30.4%
EBIT Margin 27.6% Total Debt/Equity 15.8%
Net Income Margin 20.9% Total Debt/Capital 10.5%
Asset Turnover 1.47
Current Ratio 1.67 Net Fixed Asset Turnover 14.36
Quick Ratio 1.60 Accounts receivable turnover-days 18.54
Debt to Assets 5.10% Inventory Days -
Tot Debt to Common Equity 15.79% Accounts Payable Turnover Day -
Accounts Receivable Turnover 19.69 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Diligent Board Member Services IncPrice/Volume
Valuation Analysis
254'292.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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45.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DANIELS SHARON KAY n/a Co File 6'868'666 8.2 - 01.03.2011 n/a
WASATCH ADVISORS INC n/a EXCH 6'279'960 7.5 - 27.03.2013 Investment Advisor
ACCIDENT COMPENSATIO #N/A N/A EXCH 6'186'563 7.38 867'437 30.08.2013 Insurance Company
HULJICH PETER n/a PROXY 5'823'697 6.95 - 01.05.2013 n/a
SPRING STREET PARTNE n/a EXCH 5'507'403 6.57 1'335'000 21.12.2012 Hedge Fund Manager
HENRY BRIAN n/a EXCH 4'927'096 5.88 - 14.05.2010 n/a
JP MORGAN n/a ULT-AGG 4'235'861 5.06 - 16.08.2013 Investment Advisor
CARROLL CAPITAL HOLD n/a PROXY 4'105'641 4.9 - 01.05.2013 Corporation
MILFORD ASSET MGMT L n/a EXCH 4'105'116 4.9 (340'314) 15.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'499'550 2.98 811'872 31.07.2013 Investment Advisor
SODI ALESSANDRO n/a PROXY 2'167'915 2.59 - 01.05.2013 n/a
LAWLER KEVIN n/a EXCH 1'005'000 1.2 145'000 03.08.2010 n/a
RUSE STEVEN n/a PROXY 673'350 0.8 - 01.05.2013 n/a
BLACKROCK n/a ULT-AGG 527'340 0.63 58'650 03.09.2013 Investment Advisor
BURKE TRICIA n/a EXCH 270'000 0.32 - 27.11.2009 n/a
NORTON JR ROBERT E n/a PROXY 165'500 0.2 - 01.05.2013 n/a
CANTALUPPI FAMILY TR n/a PROXY 150'000 0.18 - 01.05.2013 n/a
MEISNER DON n/a PROXY 100'000 0.12 - 01.05.2013 n/a
RUSSELL MARK n/a PROXY 85'957 0.1 - 01.05.2013 n/a
WELDON MARK RHYS n/a PROXY 75'000 0.09 - 01.05.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank STEPHEN RIDGEWELL buy 5 M 7 12 month 30.08.2013
First NZ Capital JAMES SCHOFIELD outperform 5 M 7 Not Provided 06.08.2013
Holdings By:
Diligent Board Member Services Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Air New Zealand Limited operates an airline business that provides international
and domestic air passenger and cargo transport services throughout New Zealand
and the South West Pacific. The Company also provides engineering and ground
handling services.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (10.06.2013) 1.55
52-Week Low (05.09.2012) 1.07
Daily Volume
1.425
52-Week High % Change -8.06% Dividend Yield 5.61
52-Week Low % Change 33.18% Beta 1.14
% 52 Week Price Range High/Low 70.83% Equity Float 276.60
Shares Out 30.06.2013 1'095.2 Short Int -
1'560.60 1 Yr Total Return 38.91%
Total Debt 1'629.00 YTD Return 12.29%
Preferred Stock 0.0 Adjusted BETA 1.139
Minority Interest 1.0 Analyst Recs 7
Cash and Equivalents 1'150.00 Consensus Rating 4.714
Enterprise Value 2'040.60
Average Volume 5 Day 494'919
AIR NZ EQUITY YTD Change - Average Volume 30 Day 358'635
AIR NZ EQUITY YTD % CHANGE - Average Volume 3 Month 678'210
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
4'439.0 3'882.0 4'132.0 4'248.0 4'379.0 - - 4'754.0 4'955.3 - -
0.15x 0.30x 0.39x 0.38x 0.48x - - 0.42x 0.47x - -
(12.0) 439.0 543.0 585.0 728.0 - - 781.2 825.7 - -
- 2.64x 2.98x 2.76x 2.89x - - 2.61x 2.47x - -
21.0 82.0 81.0 71.0 182.0 - - 220.5 232.2 - -
45.00x 14.08x 14.93x 13.23x 8.95x - - 7.05x 6.79x - -
EBITDA 728.00 Long-Term Rating Date 19.06.2008
EBIT 317.00 Long-Term Rating NR
Operating Margin 7.24% Long-Term Outlook -
Pretax Margin 5.85% Short-Term Rating Date 18.12.2003
Return on Assets 3.29% Short-Term Rating NR
Return on Common Equity 10.40%
Return on Capital 7.23% EBITDA/Interest Exp. 8.00
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 3.80
Net Debt/EBITDA 0.66
Gross Margin - Total Debt/EBITDA 2.24
EBITDA Margin 16.6%
EBIT Margin 7.2% Total Debt/Equity 89.8%
Net Income Margin 4.2% Total Debt/Capital 47.3%
Asset Turnover 0.79
Current Ratio 1.09 Net Fixed Asset Turnover 1.45
Quick Ratio 0.85 Accounts receivable turnover-days 25.38
Debt to Assets 29.03% Inventory Days -
Tot Debt to Common Equity 89.75% Accounts Payable Turnover Day -
Accounts Receivable Turnover 14.38 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Air New Zealand LtdPrice/Volume
Valuation Analysis
376'886.00
Current Price (9/dd/yy) Market Data
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVT OF NEW ZEALAND n/a Co File 804'191'058 73.43 - 01.08.2012 Government
ORBIS HOLDINGS LIMIT n/a EXCH 54'779'590 5 173'973 17.09.2012 Investment Advisor
ACCIDENT COMPENSATIO n/a Co File 25'383'819 2.32 - 01.08.2012 Insurance Company
JP MORGAN CHASE BANK n/a Co File 17'024'728 1.55 - 01.08.2012 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 11'218'064 1.02 - 30.04.2013 Investment Advisor
AMP INVEST S E G T F n/a Co File 9'795'503 0.89 - 01.08.2012 n/a
AIR NEW ZEALAND LTD n/a EXCH 8'552'702 0.78 130'000 19.12.2012 Corporation
NZ SUPERANNUATION FU n/a Co File 7'157'372 0.65 - 01.08.2012 n/a
PRUDENTIAL FINANCIAL n/a ULT-AGG 5'561'432 0.51 284'330 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'025'892 0.37 48'856 03.09.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 3'574'337 0.33 - 28.03.2013 Bank
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 2'880'373 0.26 2'880'373 28.06.2013 Investment Advisor
VANGUARD n/a ULT-AGG 2'763'518 0.25 705'120 30.06.2013 Unclassified
BARFOOT GARTH n/a Co File 1'942'241 0.18 - 01.08.2012 n/a
NORGES BANK Multiple Portfolios MF-AGG 1'685'101 0.15 - 31.12.2012 Government
FYFE ROBERT IAN n/a EXCH 1'449'809 0.13 257'488 21.12.2012 n/a
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'068'421 0.1 - 03.09.2013 Investment Advisor
MCDONALD ROBERT S n/a EXCH 405'189 0.04 - 12.06.2013 n/a
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 349'170 0.03 41'054 30.06.2013 Investment Advisor
STODDART VANESSA n/a EXCH 336'412 0.03 - 22.03.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TIMOTHY STANISH overweight 5 D #N/A N/A Not Provided 04.09.2013
UBS WADE GARDINER buy 5 M 2 12 month 02.09.2013
Forsyth Barr ROB MERCER buy 5 U 2 12 month 01.09.2013
Macquarie RUSSELL SHAW outperform 5 M 2 12 month 30.08.2013
Deutsche Bank CHRIS BYRNE buy 5 M 2 12 month 29.08.2013
Goldman Sachs MARCUS CURLEY Buy/Neutral 5 M 2 12 month 29.08.2013
First NZ Capital PAUL TURNBULL neutral 3 D 2 Not Provided 29.08.2013
Holdings By:
Air New Zealand Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
A2 Corporation Limited produces cow milk which is free of a protein called beta
casein A1. This protein is believed to cause heart disease in men and diabetes
in children. The Company sells its beta casein A2 milk products in Australia
and New Zealand.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (29.08.2013) 0.77
52-Week Low (05.09.2012) 0.49
Daily Volume
0.74
52-Week High % Change -3.90% Dividend Yield 0.00
52-Week Low % Change 51.02% Beta 1.16
% 52 Week Price Range High/Low 89.29% Equity Float 397.38
Shares Out 30.08.2013 650.1 Short Int -
481.05 1 Yr Total Return 51.02%
Total Debt 4.46 YTD Return 39.62%
Preferred Stock 0.0 Adjusted BETA 1.160
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 6.57 Consensus Rating 1.000
Enterprise Value 462.11
Average Volume 5 Day 2'043'651
ATM NZ EQUITY YTD Change - Average Volume 30 Day 908'400
ATM NZ EQUITY YTD % CHANGE - Average Volume 3 Month 823'141
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
0.4 0.0 42.2 62.5 94.3 - - - - - -
- - 1.58x 4.26x - - - - - - -
- (3.2) 2.6 3.9 - - - - - - -
- - 25.45x 67.93x - - - - - - -
(3.5) (2.2) 2.1 4.4 4.1 - - - - - -
- - 35.00x 64.86x 91.43x - - - - - -
EBITDA 3.92 Long-Term Rating Date -
EBIT 3.49 Long-Term Rating -
Operating Margin 5.58% Long-Term Outlook -
Pretax Margin 6.59% Short-Term Rating Date -
Return on Assets 3.32% Short-Term Rating -
Return on Common Equity 4.19%
Return on Capital - EBITDA/Interest Exp. 19.21
Asset Turnover 1.40% (EBITDA-Capex)/Interest Exp. -26.15
Net Debt/EBITDA -
Gross Margin 33.5% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 3.0% Total Debt/Equity 11.9%
Net Income Margin 4.4% Total Debt/Capital 10.7%
Asset Turnover 1.40
Current Ratio 2.03 Net Fixed Asset Turnover 7.98
Quick Ratio 1.89 Accounts receivable turnover-days 81.52
Debt to Assets 8.98% Inventory Days 2.92
Tot Debt to Common Equity 11.94% Accounts Payable Turnover Day 50.12
Accounts Receivable Turnover 4.49 Cash Conversion Cycle 52.97
Inventory Turnover 125.31
Fiscal Year Ended
A2 Corp LtdPrice/Volume
Valuation Analysis
178'224.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FREEDOM FOODS GROUP n/a EXCH 116'536'129 17.93 (39'500'000) 11.12.2012 Holding Company
AMP LTD n/a ULT-AGG 71'033'546 10.93 (1'975'378) 05.03.2013 Insurance Company
MILFORD ASSET MGMT L n/a EXCH 57'903'520 8.91 7'622'705 18.07.2013 Investment Advisor
MOUNTAIN ROAD INVEST n/a EXCH 57'558'701 8.85 (80'000'000) 11.12.2012 Corporation
GUARDIANS OF NZ SUPE n/a EXCH 33'605'576 5.17 - 15.04.2013 Other
EGI FUND 08 10 INV L n/a EXCH 30'000'000 4.61 (20'000'000) 12.12.2012 n/a
CHILD HEALTH RESEARC n/a Co File 13'915'962 2.14 - 06.09.2012 Other
ACCIDENT COMPENSATIO n/a Co File 13'660'743 2.1 - 06.09.2012 Insurance Company
HINTON GREG P n/a EXCH 8'101'872 1.25 (5'000'000) 07.12.2012 n/a
MCLACHLAN ULRIKE n/a Co File 7'178'563 1.1 - 06.09.2012 n/a
FMR LLC n/a ULT-AGG 5'307'650 0.82 307'650 31.03.2013 Investment Advisor
NZ PERMANENT TRUSTEE n/a Co File 4'500'000 0.69 - 06.09.2012 n/a
IDEA SPHERE INC n/a Co File 4'000'000 0.62 - 06.09.2012 Corporation
HINTON PETER BRUCE n/a Co File 3'293'064 0.51 - 06.09.2012 n/a
AMP CAPITAL NZ EQ OP n/a Co File 2'421'745 0.37 - 06.09.2012 n/a
PHIPPS JOHN GORDON n/a Co File 2'000'000 0.31 - 06.09.2012 n/a
QUINN DRACY FREDERIC n/a Co File 2'000'000 0.31 - 06.09.2012 n/a
INDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 323'908 0.05 - 03.09.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 66'528 0.01 - 30.04.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 30'797 0 30'797 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING sell 1 N #N/A N/A Not Provided 04.07.2013
Holdings By:
A2 Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Metlifecare Limited provides private health care services through its ownership,
operation and management of retirement villages, nursing homes and geriatric
hospitals along with the marketing of services allied to these facilities
throughout New Zealand.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (08.05.2013) 3.78
52-Week Low (06.09.2012) 2.78
Daily Volume
3.2
52-Week High % Change -15.34% Dividend Yield 0.31
52-Week Low % Change 15.11% Beta 0.67
% 52 Week Price Range High/Low 46.00% Equity Float 123.47
Shares Out 12.07.2013 210.5 Short Int -
673.48 1 Yr Total Return 14.64%
Total Debt 68.78 YTD Return 3.54%
Preferred Stock 0.0 Adjusted BETA 0.668
Minority Interest 0.0 Analyst Recs 4
Cash and Equivalents 9.22 Consensus Rating 3.750
Enterprise Value 820.34
Average Volume 5 Day 96'793
MET NZ EQUITY YTD Change - Average Volume 30 Day 147'417
MET NZ EQUITY YTD % CHANGE - Average Volume 3 Month 195'863
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
58.4 62.8 65.0 63.4 90.8 - - 116.3 129.1 - -
6.75x 6.36x 5.96x 5.72x - - - 6.15x 5.56x - -
8.7 8.5 8.9 5.5 - - - 53.1 61.5 - -
45.27x 47.19x 43.67x 66.19x - - - 15.44x 13.33x - -
(115.7) 67.5 20.8 (141.7) 120.3 - - 49.0 59.1 - -
- 3.45x 12.65x - 4.94x - - 13.91x 11.31x - -
EBITDA 5.47 Long-Term Rating Date -
EBIT 3.92 Long-Term Rating -
Operating Margin 6.18% Long-Term Outlook -
Pretax Margin -163.63% Short-Term Rating Date -
Return on Assets -3.91% Short-Term Rating -
Return on Common Equity -10.36%
Return on Capital - EBITDA/Interest Exp. 0.83
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -0.76
Net Debt/EBITDA 37.63
Gross Margin - Total Debt/EBITDA 38.22
EBITDA Margin 5.1%
EBIT Margin 2.8% Total Debt/Equity 15.7%
Net Income Margin 132.5% Total Debt/Capital 13.5%
Asset Turnover 0.05
Current Ratio 1.60 Net Fixed Asset Turnover 0.05
Quick Ratio 0.82 Accounts receivable turnover-days 70.88
Debt to Assets 5.61% Inventory Days -
Tot Debt to Common Equity 15.67% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.16 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Metlifecare LtdPrice/Volume
Valuation Analysis
56'442.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
-
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RETIREMENT VILLAGES n/a Co File 79'393'043 37.72 - 22.08.2012 Unclassified
ONEPATH (NZ) LIMITED n/a EXCH 18'589'919 8.83 2'007'971 25.01.2013 Investment Advisor
AMP LTD n/a ULT-AGG 14'287'578 6.79 752'775 22.08.2012 Insurance Company
ACCIDENT COMPENSATIO n/a EXCH 10'563'500 5.02 400'000 05.08.2013 Insurance Company
GOLDMAN SACHS TRANS- n/a EXCH 9'831'906 4.67 - 06.06.2013 n/a
DEVON FUNDS MANAGEME n/a EXCH 9'004'183 4.28 (960'390) 05.12.2012 Investment Advisor
MFL MUTUAL FUND LTD n/a Co File 6'590'101 3.13 - 22.08.2012 Other
AMP INVESTMENTS STRA n/a Co File 5'430'660 2.58 - 22.08.2012 n/a
ARROW INTERN GROUP L n/a Co File 3'140'878 1.49 - 22.08.2012 Other
WESTPAC NZ SHR 2002 n/a Co File 2'461'273 1.17 - 22.08.2012 Bank
JP MORGAN CHASE BANK n/a Co File 2'243'213 1.07 - 22.08.2012 Investment Advisor
SPECIAL MANAGED INV n/a Co File 1'970'478 0.94 - 22.08.2012 Other
FCA CORP Multiple Portfolios MF-AGG 120'385 0.06 60'385 30.04.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 22'467 0.01 47 30.04.2013 Investment Advisor
AIKEN CHRISTOPHER n/a EXCH 9'051 0 5'000 12.07.2013 n/a
RYAN ALISTAIR BRUCE n/a EXCH 6'676 0 676 12.07.2013 n/a
EDWARDS WYNTON ALAN n/a EXCH 6'551 0 4'051 12.07.2013 n/a
FLEXSHARES TRUST Multiple Portfolios MF-AGG 2'740 0 - 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Forsyth Barr JEREMY SIMPSON accumulate 4 D 4 12 month 26.08.2013
UBS WADE GARDINER buy 5 M 4 12 month 23.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 N #N/A N/A Not Provided 04.07.2013
Goldman Sachs MATTHEW HENRY Buy/Neutral 5 M 4 12 month 30.05.2013
Holdings By:
Metlifecare Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Vital Healthcare Property Trust is a property trust that invests in and manages
healthcare facilities in New Zealand and Australia.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (13.05.2013) 1.44
52-Week Low (18.12.2012) 1.20
Daily Volume
1.38
52-Week High % Change -4.16% Dividend Yield 4.16
52-Week Low % Change 15.32% Beta 0.48
% 52 Week Price Range High/Low 79.46% Equity Float 157.29
Shares Out 18.07.2013 337.7 Short Int -
466.09 1 Yr Total Return 18.98%
Total Debt 244.47 YTD Return 13.47%
Preferred Stock 0.0 Adjusted BETA 0.480
Minority Interest 0.0 Analyst Recs 4
Cash and Equivalents 1.33 Consensus Rating 2.500
Enterprise Value 743.24
Average Volume 5 Day 187'071
VHP NZ EQUITY YTD Change - Average Volume 30 Day 181'770
VHP NZ EQUITY YTD % CHANGE - Average Volume 3 Month 209'444
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
26.7 28.5 42.8 56.2 - - - 59.1 59.3 - -
10.35x 9.48x 12.49x 10.64x - - - 11.95x 11.85x - -
19.0 20.9 32.1 40.9 - - - 51.5 51.7 - -
14.53x 12.92x 16.69x 14.63x - - - 14.43x 14.39x - -
(2.2) 18.2 7.4 9.0 34.7 - - 28.5 28.8 - -
- 9.48x 35.33x 39.29x 11.90x - - 15.86x 15.86x - -
EBITDA 40.87 Long-Term Rating Date -
EBIT 40.87 Long-Term Rating -
Operating Margin 43.82% Long-Term Outlook -
Pretax Margin 14.79% Short-Term Rating Date -
Return on Assets 3.10% Short-Term Rating -
Return on Common Equity 6.14%
Return on Capital 3.36% EBITDA/Interest Exp. 2.39
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -1.73
Net Debt/EBITDA 6.04
Gross Margin - Total Debt/EBITDA 6.06
EBITDA Margin 75.4%
EBIT Margin - Total Debt/Equity 85.1%
Net Income Margin 16.0% Total Debt/Capital 46.0%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 42.09% Inventory Days -
Tot Debt to Common Equity 85.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Vital Healthcare Property TrustPrice/Volume
Valuation Analysis
670'653.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LANA PAUL DALLA n/a EXCH 76'616'382 22.68 - 23.08.2013 n/a
NORTHWEST VALUE PART #N/A N/A EXCH 76'616'382 22.68 11'000 27.08.2013 Corporation
MACQUARIE GROUP n/a ULT-AGG 61'406'812 18.18 - 27.08.2013 Investment Advisor
ONEPATH (NZ) LIMITED n/a EXCH 22'743'923 6.73 - 16.09.2011 Investment Advisor
MFL MUTUAL FUND LTD n/a Research 3'203'724 0.95 2'114'982 08.03.2013 Other
ACCIDENT COMPENSATIO n/a Research 2'582'894 0.76 (363'148) 08.03.2013 Insurance Company
VANGUARD n/a ULT-AGG 1'374'716 0.41 880'171 30.06.2013 Unclassified
MANSELL JAMES HARVEY n/a Co File 1'232'050 0.36 - 31.08.2012 n/a
DIAM n/a ULT-AGG 935'996 0.28 - 13.11.2012 Unclassified
FCA CORP Multiple Portfolios MF-AGG 564'063 0.17 8'468 30.04.2013 Investment Advisor
HORSLEY GRAEME n/a EXCH 337'165 0.1 172'627 17.12.2012 n/a
EVANS ANDREW HARDWIC n/a EXCH 262'706 0.08 - 17.12.2012 n/a
BLACKROCK n/a ULT-AGG 122'548 0.04 - 03.09.2013 Investment Advisor
NOMURA n/a ULT-AGG 115'000 0.03 - 21.01.2013 Unclassified
NIKKO ASSET MANAGEME n/a ULT-AGG 57'050 0.02 (14'143) 15.08.2012 Unclassified
SUMITOMO MITSUI TRUS n/a ULT-AGG 55'900 0.02 - 17.08.2012 Bank
CARR DAVID n/a EXCH 45'244 0.01 22'974 17.12.2012 n/a
MITSUB UFJ FINANCIAL n/a ULT-AGG 28'000 0.01 - 28.01.2013 Holding Company
HIGGINS CLAIRE n/a EXCH 15'232 0 - 17.12.2012 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 12'195 0 183 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
First NZ Capital STEPHEN REID underperform 1 M 1 Not Provided 02.09.2013
Forsyth Barr JEREMY SIMPSON hold 3 M 1 12 month 25.08.2013
Macquarie NICK MAR neutral 3 M 1 12 month 23.08.2013
Deutsche Bank CHRIS BYRNE hold 3 M 1 12 month 22.08.2013
Holdings By:
Vital Healthcare Property Trust ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
TrustPower Limited is a regional New Zealand power company which operates
electricity generation networks and also supplies and distributes electricity
and other related services to customers. TrustPower also has operations in
retailing electricity throughout New Zealand.
Latest Fiscal Year: 03/2013
LTM as of: 12/yy
52-Week High (26.10.2012) 8.75
52-Week Low (19.04.2013) 7.00
Daily Volume
7.06
52-Week High % Change -19.31% Dividend Yield 5.67
52-Week Low % Change 0.86% Beta 0.69
% 52 Week Price Range High/Low 4.00% Equity Float 48.76
Shares Out 05.09.2013 313.9 Short Int -
2'216.47 1 Yr Total Return -5.41%
Total Debt 965.41 YTD Return -14.07%
Preferred Stock 0.0 Adjusted BETA 0.687
Minority Interest 0.0 Analyst Recs 7
Cash and Equivalents 53.97 Consensus Rating 3.714
Enterprise Value 3'127.90
Average Volume 5 Day 27'588
TPW NZ EQUITY YTD Change - Average Volume 30 Day 22'183
TPW NZ EQUITY YTD % CHANGE - Average Volume 3 Month 21'376
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 12/yy 12/yy 03/14 Y 03/15 Y 03/13 Q4 06/13 Q1
778.2 755.7 760.2 799.2 797.3 513.4 312.0 799.7 876.7 - -
3.76x 3.98x 4.03x 3.80x 4.18x 13.13x 18.88x 4.19x 3.67x - -
261.3 274.5 274.5 302.7 295.8 147.7 97.9 297.2 341.3 - -
11.20x 10.97x 11.15x 10.04x 11.26x 0.00x 0.00x 10.53x 9.16x - -
105.1 119.4 112.4 131.7 123.4 68.7 56.9 123.8 141.8 - -
21.17x 19.15x 20.17x 17.30x 19.64x 0.00x 0.00x 17.78x 15.52x - -
EBITDA 295.80 Long-Term Rating Date -
EBIT 229.82 Long-Term Rating -
Operating Margin 28.82% Long-Term Outlook -
Pretax Margin 20.12% Short-Term Rating Date -
Return on Assets 4.27% Short-Term Rating -
Return on Common Equity 7.90%
Return on Capital 7.09% EBITDA/Interest Exp. 4.29
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 1.41
Net Debt/EBITDA 3.08
Gross Margin - Total Debt/EBITDA 3.26
EBITDA Margin 37.1%
EBIT Margin 28.8% Total Debt/Equity 62.2%
Net Income Margin 15.5% Total Debt/Capital 38.4%
Asset Turnover 0.28
Current Ratio 0.98 Net Fixed Asset Turnover 0.30
Quick Ratio 0.65 Accounts receivable turnover-days 34.61
Debt to Assets 32.44% Inventory Days -
Tot Debt to Common Equity 62.21% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.54 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
TrustPower LtdPrice/Volume
Valuation Analysis
15'650.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INFRATIL LTD n/a Co File 159'215'388 50.71 - 30.04.2013 Holding Company
TECT HOLDINGS LIMITE n/a Co File 103'878'838 33.09 - 30.04.2013 Holding Company
ACCIDENT COMPENSATIO n/a Co File 1'490'790 0.47 - 30.04.2013 Insurance Company
ACCRUED EQUITIES INC Multiple Portfolios MF-AGG 500'000 0.16 - 28.06.2013 Investment Advisor
HART BRETT ANTHONY n/a Co File 440'000 0.14 - 30.04.2013 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 137'222 0.04 - 30.04.2013 Investment Advisor
HARKER BRUCE JAMES n/a Co File 44'946 0.01 - 31.03.2013 n/a
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 41'749 0.01 - 30.04.2013 Investment Advisor
SWIER GEOFFREY n/a Co File 38'565 0.01 - 31.03.2013 n/a
FCA CORP Multiple Portfolios MF-AGG 30'000 0.01 30'000 30.04.2013 Investment Advisor
KNOWLES IAN SAMUEL n/a Co File 24'515 0.01 - 31.03.2013 n/a
COONEY MICHAEL JAMES n/a Co File 22'880 0.01 - 31.03.2013 n/a
AITKEN RICHARD HAMMO n/a Co File 11'418 0 - 31.03.2013 n/a
BOGOIEVSKI MARKO n/a Co File 10'160 0 - 31.03.2013 n/a
WELLS FARGO n/a ULT-AGG 7'603 0 (1) 30.06.2013 Investment Advisor
HAWKSWORTH VINCENT J n/a EXCH 6'700 0 - 31.07.2013 n/a
ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 5'985 0 - 31.03.2013 Government
PRINCIPAL FINANCIAL n/a ULT-AGG 3'356 0 3'356 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank GRANT SWANEPOEL buy 5 M 8 12 month 08.08.2013
Forsyth Barr ANDREW HARVEY-GREEN accumulate 4 M 8 12 month 01.08.2013
Macquarie STEPHEN HUDSON neutral 3 M 8 12 month 14.06.2013
EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013
UBS WADE GARDINER buy 5 U 9 12 month 15.05.2013
First NZ Capital JASON LINDSAY neutral 3 M 8 Not Provided 15.05.2013
Goldman Sachs MATTHEW HENRY neutral/neutral 3 M 8 12 month 10.05.2013
Holdings By:
TrustPower Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
New Zealand Oil and Gas Limited produces crude oil and natural gas primarily
through exploration in the Taranaki Basin of New Zealand. The Company also has
coking coal deposit operations in Westland, New Zealand.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (04.02.2013) 0.96
52-Week Low (20.09.2012) 0.78
Daily Volume
0.85
52-Week High % Change -11.46% Dividend Yield 10.59
52-Week Low % Change 8.97% Beta 0.78
% 52 Week Price Range High/Low 33.33% Equity Float 327.54
Shares Out 08.04.2013 407.3 Short Int -
346.16 1 Yr Total Return 8.08%
Total Debt 46.80 YTD Return 0.42%
Preferred Stock 0.0 Adjusted BETA 0.785
Minority Interest 0.0 Analyst Recs 7
Cash and Equivalents 209.22 Consensus Rating 4.000
Enterprise Value 175.17
Average Volume 5 Day 194'607
NZO NZ EQUITY YTD Change - Average Volume 30 Day 246'283
NZO NZ EQUITY YTD % CHANGE - Average Volume 3 Month 294'609
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
138.7 99.4 106.5 116.4 99.3 - - 92.6 87.8 - -
3.16x 4.23x 2.29x 1.47x - - - 2.01x 2.04x - -
62.5 33.1 52.6 67.2 - - - 47.3 42.9 - -
7.01x 12.70x 4.64x 2.55x - - - 3.70x 4.08x - -
53.2 (3.9) (76.5) 19.9 25.9 - - 19.7 16.0 - -
11.53x - - 16.60x 13.33x - - 17.71x 21.79x - -
EBITDA 67.21 Long-Term Rating Date -
EBIT 39.10 Long-Term Rating -
Operating Margin 33.60% Long-Term Outlook -
Pretax Margin 27.82% Short-Term Rating Date -
Return on Assets 5.39% Short-Term Rating -
Return on Common Equity 7.36%
Return on Capital 6.84% EBITDA/Interest Exp. 22.84
Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. 19.54
Net Debt/EBITDA -3.03
Gross Margin 54.7% Total Debt/EBITDA 0.67
EBITDA Margin 51.5%
EBIT Margin 28.1% Total Debt/Equity 13.2%
Net Income Margin 26.1% Total Debt/Capital 11.6%
Asset Turnover 0.23
Current Ratio 6.28 Net Fixed Asset Turnover 0.50
Quick Ratio 6.04 Accounts receivable turnover-days 47.88
Debt to Assets 9.65% Inventory Days 17.06
Tot Debt to Common Equity 13.18% Accounts Payable Turnover Day 118.11
Accounts Receivable Turnover 7.64 Cash Conversion Cycle 30.88
Inventory Turnover 21.45
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
New Zealand Oil & Gas LtdPrice/Volume
Valuation Analysis
57'522.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP Morgan Chase Bank n/a Co File 40'366'191 9.91 - 22.08.2012 Unclassified
ZETA RESOURCES LTD n/a EXCH 32'588'122 8 - 07.06.2013 Corporation
ACCIDENT COMPENSATIO n/a EXCH 24'423'374 6 1'974'259 26.11.2012 Insurance Company
RESOURCES TRUST LTD n/a Research 10'472'932 2.57 - 08.03.2013 n/a
AMP INV STR E G FUND n/a Co File 7'203'683 1.77 - 22.08.2012 n/a
SIK ON CHOW n/a Co File 5'500'000 1.35 - 22.08.2012 n/a
CHOW SIK-ON n/a Research 5'500'000 1.35 - 08.03.2013 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 4'201'281 1.03 - 30.04.2013 Investment Advisor
RIUO HAURAKI LTD n/a Research 4'009'792 0.98 181'500 08.03.2013 Other
RADFORD A R n/a Co File 3'332'768 0.82 - 22.08.2012 n/a
UTILICO INVESTMENTS n/a EXCH 3'248'878 0.8 (22'261'289) 07.06.2013 n/a
BLACKROCK n/a ULT-AGG 3'185'174 0.78 26'435 03.09.2013 Investment Advisor
FORTY TRADERS LTD n/a Research 2'952'200 0.72 925'943 08.03.2013 Unclassified
LEVERAGED EQUITIES F n/a Research 2'842'714 0.7 33'673 08.03.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'803'627 0.69 - 31.12.2012 Government
VANGUARD n/a ULT-AGG 2'294'409 0.56 182'801 30.06.2013 Unclassified
TAN CHUNG KING n/a Research 2'034'000 0.5 - 08.03.2013 n/a
ALAMGAMATED DAIRIES n/a Research 1'615'966 0.4 - 16.11.2012 n/a
MEHASU PTY LTD n/a Research 1'400'000 0.34 - 16.11.2012 Other
HUGH GREEN FOUNDATIO n/a Research 1'235'895 0.3 - 16.11.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Forsyth Barr ANDREW HARVEY-GREEN accumulate 4 M 1 12 month 04.08.2013
Macquarie STEPHEN HUDSON outperform 5 M 1 12 month 14.06.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
First NZ Capital JASON FAMILTON neutral 3 M 1 Not Provided 09.04.2013
UBS WADE GARDINER neutral 3 M 1 12 month 06.03.2013
Deutsche Bank GRANT SWANEPOEL hold 3 D 1 12 month 18.02.2013
Goldman Sachs MATTHEW HENRY Buy/Neutral 5 U 1 12 month 21.11.2012
Holdings By:
New Zealand Oil & Gas Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Heartland New Zealand Ltd. is a savings and loan. The company accepts
savings deposits and offers home, rural and commercial loans, term investments,
and foreign exchange services.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (07.08.2013) 0.88
52-Week Low (05.09.2012) 0.54
Daily Volume
0.86
52-Week High % Change -2.27% Dividend Yield 0.00
52-Week Low % Change 59.79% Beta 0.80
% 52 Week Price Range High/Low 97.07% Equity Float 195.56
Shares Out 31.12.2012 388.7 Short Int -
334.29 1 Yr Total Return 64.02%
Total Debt 1'939.49 YTD Return 27.96%
Preferred Stock 0.0 Adjusted BETA 0.797
Minority Interest 0.0 Analyst Recs 3
Cash and Equivalents 89.69 Consensus Rating 3.333
Enterprise Value 2'143.98
Average Volume 5 Day 3'116'722
HNZ NZ EQUITY YTD Change - Average Volume 30 Day 665'265
HNZ NZ EQUITY YTD % CHANGE - Average Volume 3 Month 466'873
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
- - 181.3 226.3 - - - 119.5 124.0 - -
- - 9.53x 9.08x - - - 18.88x 19.04x - -
- - 126.0 152.7 - - - - - - -
- - 13.71x 13.47x - - - - - - -
- - 7.1 23.6 6.9 - - 34.5 36.7 - -
- - 13.80x 8.83x 41.50x - - 9.56x 9.25x - -
EBITDA 152.67 Long-Term Rating Date 04.01.2011
EBIT - Long-Term Rating BBB-
Operating Margin 27.98% Long-Term Outlook STABLE
Pretax Margin 8.98% Short-Term Rating Date 04.01.2011
Return on Assets 1.06% Short-Term Rating A-3
Return on Common Equity 7.03%
Return on Capital 1.07% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 12.12
Gross Margin - Total Debt/EBITDA 12.70
EBITDA Margin 67.5%
EBIT Margin - Total Debt/Equity 517.5%
Net Income Margin 10.4% Total Debt/Capital 83.8%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 22.47
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 82.60% Inventory Days -
Tot Debt to Common Equity 517.48% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Heartland New Zealand LtdPrice/Volume
Valuation Analysis
213'361.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PYNE GOULD CORP LTD n/a EXCH 40'381'685 10.39 17'000'000 07.03.2012 Holding Company
TORCHLIGHT SECURITIE n/a EXCH 37'998'996 9.78 - 16.05.2012 Other
RAYMOND TOMLINSON GR n/a EXCH 36'695'489 9.44 - 18.03.2013 n/a
HARROGATE TRUSTEE LI n/a Co File 36'360'011 9.35 - 14.08.2012 Other
ACCIDENT COMPENSATIO n/a EXCH 23'351'310 6.01 - 13.02.2013 Insurance Company
TALLOTT BLAIR n/a EXCH 21'123'239 5.43 (3'930'397) 30.05.2013 n/a
CARTER PHILIP MAURIC n/a Co File 20'973'492 5.4 - 14.08.2012 n/a
PGG WRIGHTSON LTD n/a Co File 13'333'333 3.43 - 14.08.2012 Corporation
OCEANIA & EASTERN LT n/a Co File 12'285'439 3.16 - 14.08.2012 Other
IRVINE BRUCE ROBERTS n/a Co File 7'780'824 2 - 30.06.2012 n/a
GOULD HOLDINGS LTD n/a Co File 7'417'427 1.91 - 14.08.2012 Other
AMP INVESTMENT STR E n/a Co File 7'310'410 1.88 - 14.08.2012 n/a
HEARTLAND TRUST n/a Co File 5'365'007 1.38 - 14.08.2012 n/a
NZ SUPERANNUATION FU n/a Co File 3'776'134 0.97 - 14.08.2012 n/a
LEVERAGED EQUITIES F n/a Co File 3'094'818 0.8 - 14.08.2012 Investment Advisor
LORIS EQUITIES LTD n/a Co File 2'946'535 0.76 - 14.08.2012 Other
KENNEDY GRAHAM RUSSE n/a EXCH 2'116'225 0.54 (40'758) 12.04.2012 n/a
MAXIMA INVEST LTD n/a Co File 2'066'118 0.53 - 14.08.2012 Other
FCA CORP Multiple Portfolios MF-AGG 1'252'765 0.32 - 30.04.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 747'075 0.19 - 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank DENNIS M LEE hold 3 M 1 12 month 05.09.2013
Forsyth Barr JOHN CAIRNS accumulate 4 M 1 12 month 27.08.2013
First NZ Capital GREG MAIN neutral 3 D 1 Not Provided 26.08.2013
Holdings By:
Heartland New Zealand Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
The Warehouse Group Limited operates general merchandise and stationery supply
retail stores throughout New Zealand.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (08.05.2013) 4.40
52-Week Low (11.09.2012) 2.78
Daily Volume
3.71
52-Week High % Change -15.68% Dividend Yield 5.93
52-Week Low % Change 33.45% Beta 0.90
% 52 Week Price Range High/Low 58.02% Equity Float 64.92
Shares Out 27.01.2013 311.2 Short Int -
1'154.54 1 Yr Total Return 37.11%
Total Debt 228.98 YTD Return 29.39%
Preferred Stock 0.0 Adjusted BETA 0.898
Minority Interest 0.2 Analyst Recs 8
Cash and Equivalents 16.29 Consensus Rating 2.375
Enterprise Value 1'306.33
Average Volume 5 Day 52'737
WHS NZ EQUITY YTD Change - Average Volume 30 Day 91'523
WHS NZ EQUITY YTD % CHANGE - Average Volume 3 Month 89'373
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -
1'735.0 1'720.8 1'672.7 1'667.8 1'732.2 - - 2'258.0 2'590.7 - -
0.78x 0.74x 0.70x 0.74x 0.58x - - 0.59x 0.52x - -
151.0 161.9 159.7 148.4 132.9 - - 156.6 169.0 - -
8.92x 7.88x 7.33x 8.27x 7.62x - - 8.34x 7.73x - -
90.8 76.8 60.2 77.8 89.8 - - 85.4 83.5 - -
13.30x 16.02x 18.10x 14.10x 8.90x - - 13.79x 13.90x - -
EBITDA 132.88 Long-Term Rating Date -
EBIT 91.25 Long-Term Rating -
Operating Margin 5.27% Long-Term Outlook -
Pretax Margin 6.64% Short-Term Rating Date -
Return on Assets 16.74% Short-Term Rating -
Return on Common Equity 39.23%
Return on Capital 26.78% EBITDA/Interest Exp. 14.17
Asset Turnover 2.24% (EBITDA-Capex)/Interest Exp. 3.36
Net Debt/EBITDA 1.08
Gross Margin 35.9% Total Debt/EBITDA 1.25
EBITDA Margin 7.4%
EBIT Margin 5.1% Total Debt/Equity 72.2%
Net Income Margin 5.2% Total Debt/Capital 41.9%
Asset Turnover 2.24
Current Ratio 1.42 Net Fixed Asset Turnover 5.91
Quick Ratio 0.13 Accounts receivable turnover-days 5.34
Debt to Assets 31.19% Inventory Days 117.26
Tot Debt to Common Equity 72.20% Accounts Payable Turnover Day 45.74
Accounts Receivable Turnover 68.17 Cash Conversion Cycle 67.83
Inventory Turnover 3.10
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Warehouse Group Ltd/ThePrice/Volume
Valuation Analysis
102'807.00
Current Price (9/dd/yy) Market Data
'--..001122
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TINDALL STEPHEN ROBE n/a Research 84'058'283 27.01 1'000'000 08.03.2013 n/a
THE TINDALL FOUNDATI n/a Research 66'323'220 21.31 - 08.03.2013 Other
WOOLWORTHS LTD n/a Research 30'548'887 9.82 - 16.11.2012 Corporation
GENERAL DISTRIBUTERS n/a Research 30'548'887 9.82 - 08.03.2013 Corporation
CASH WHOLESALERS LTD n/a Research 10'373'363 3.33 - 08.03.2013 Other
WARDELL BROS & COY L n/a Research 10'373'363 3.33 - 08.03.2013 Other
JP MORGAN CHASE BANK n/a Research 3'421'760 1.1 362'053 08.03.2013 Investment Advisor
SRT FAMILY TRUST n/a EXCH 3'389'844 1.09 - 16.04.2012 n/a
TINDALL R G n/a Research 3'100'000 1 - 08.03.2013 n/a
ACCIDENT COMPENSATIO n/a Research 2'343'983 0.75 545'812 08.03.2013 Insurance Company
WAREHOUSE MGMT TRUST n/a EXCH 1'744'851 0.56 - 15.03.2013 Other
SMITH KEITH RAYMOND n/a EXCH 1'741'795 0.56 - 11.06.2013 n/a
POWELL MARK DAVID n/a EXCH 1'741'795 0.56 - 11.06.2013 n/a
MORRICE IAN R n/a Co File 1'000'000 0.32 - 07.09.2012 n/a
VANGUARD n/a ULT-AGG 993'106 0.32 289'868 30.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 958'839 0.31 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 836'908 0.27 680 03.09.2013 Investment Advisor
MERANI TRUST n/a EXCH 675'428 0.22 - 16.04.2012 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 646'866 0.21 - 30.04.2013 Investment Advisor
SELWYN TRUST n/a EXCH 406'928 0.13 - 16.04.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 02.09.2013
Deutsche Bank CHRIS BYRNE buy 5 U 4 12 month 02.07.2013
Forsyth Barr CHELSEA LEADBETTER reduce 2 M 3 12 month 20.06.2013
Macquarie WARREN DOAK neutral 3 M 4 12 month 14.06.2013
JPMorgan SHAUN COUSINS neutral 3 M 4 3 month 10.05.2013
First NZ Capital SARNDRA URLICH underperform 1 M 3 Not Provided 10.04.2013
Goldman Sachs MARCUS CURLEY Sell/Neutral 1 M 3 12 month 08.03.2013
Holdings By:
Warehouse Group Ltd/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
NZX Ltd. operates the New Zealand Stock Exchange, the country's primary
national stock exchange. NZX provides markets that facilitate the raising of
capital and the trading of corporate securities and operates markets for
equities, corporate and government bonds, fixed income securities and
alternative equity investments.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (20.05.2013) 1.49
52-Week Low (06.09.2012) 1.04
Daily Volume
1.26
52-Week High % Change -15.44% Dividend Yield 2.98
52-Week Low % Change 21.15% Beta 0.69
% 52 Week Price Range High/Low 48.89% Equity Float 215.69
Shares Out 27.05.2013 255.5 Short Int -
321.99 1 Yr Total Return 24.67%
Total Debt 8.97 YTD Return 7.11%
Preferred Stock 0.0 Adjusted BETA 0.689
Minority Interest 0.0 Analyst Recs 4
Cash and Equivalents 15.24 Consensus Rating 2.000
Enterprise Value 315.72
Average Volume 5 Day 1'177'098
NZX NZ EQUITY YTD Change - Average Volume 30 Day 625'354
NZX NZ EQUITY YTD % CHANGE - Average Volume 3 Month 360'133
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 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1
32.1 42.8 50.2 54.7 56.0 0.0 11.9 62.4 65.1 - -
16.22x 6.26x 3.41x 4.75x 5.38x #DIV/0! 0.00x 4.97x 4.70x - -
18.1 19.9 20.9 25.2 22.0 0.0 0.0 25.5 27.5 - -
28.81x 13.45x 8.19x 10.30x 13.67x 0.00x 0.00x 12.37x 11.48x - -
10.2 38.7 9.3 14.5 9.9 0.0 9.7 14.0 16.1 - -
51.96x 6.69x 20.00x 16.87x 32.61x 0.00x 0.00x 22.91x 19.69x - -
EBITDA 22.03 Long-Term Rating Date -
EBIT 15.30 Long-Term Rating -
Operating Margin 27.32% Long-Term Outlook -
Pretax Margin 26.00% Short-Term Rating Date -
Return on Assets 8.84% Short-Term Rating -
Return on Common Equity 14.26%
Return on Capital 13.76% EBITDA/Interest Exp. 54.67
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 51.62
Net Debt/EBITDA -0.28
Gross Margin - Total Debt/EBITDA 0.41
EBITDA Margin 39.4%
EBIT Margin 27.3% Total Debt/Equity 17.8%
Net Income Margin 17.6% Total Debt/Capital 15.1%
Asset Turnover 0.50
Current Ratio 1.04 Net Fixed Asset Turnover 39.22
Quick Ratio 0.49 Accounts receivable turnover-days 46.45
Debt to Assets 8.88% Inventory Days -
Tot Debt to Common Equity 17.77% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.88 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
NZX LtdPrice/Volume
Valuation Analysis
293'708.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ACCIDENT COMPENSATIO n/a Co File 19'904'698 7.79 - 31.01.2012 Insurance Company
NIGEL BABBAGE AND P n/a Co File 10'541'998 4.13 - 31.01.2012 n/a
WELDON MARK RHYS n/a EXCH 9'500'000 3.72 - 29.06.2012 n/a
ODLIN DAVID MITCHELL n/a Co File 5'885'930 2.3 - 31.01.2012 n/a
JPMORGAN BANK LUXEMB n/a Co File 5'534'056 2.17 - 31.01.2012 Bank
LEVERAGED EQUITIES F n/a Co File 3'890'472 1.52 - 31.01.2012 Investment Advisor
AMP INVES STRAT EQUI n/a Co File 3'491'466 1.37 - 31.01.2012 n/a
FORSYTH BARR LTD n/a Co File 3'194'898 1.25 - 31.01.2012 Bank
NORWICH UNION LIFE I n/a Co File 2'171'225 0.85 - 31.01.2012 Insurance Company
KBC GROUP NV Multiple Portfolios MF-AGG 1'119'929 0.44 20'674 28.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 937'613 0.37 - 30.04.2013 Investment Advisor
PAVIOUR-SMITH NEIL n/a Co File 500'104 0.2 - 31.12.2011 n/a
HARMOS ANDREW W n/a Co File 387'920 0.15 - 31.12.2011 n/a
HORIZON KINETICS n/a ULT-AGG 359'002 0.14 - 28.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 342'390 0.13 - 03.09.2013 Investment Advisor
WILLIAMS NIGEL HENRY n/a Co File 192'675 0.08 - 31.12.2011 n/a
GEDULD E E GEDULD E E 13F 157'500 0.06 - 30.06.2013 Hedge Fund Manager
MOLLER CHRISTOPHER n/a Co File 62'580 0.02 - 31.12.2011 n/a
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 45'243 0.02 - 30.04.2013 Investment Advisor
MILLER JAMES BRUCE n/a Co File 40'083 0.02 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 02.09.2013
Deutsche Bank STEPHEN RIDGEWELL sell 1 D 1 12 month 20.08.2013
Forsyth Barr JOHN CAIRNS hold 3 M 1 12 month 20.08.2013
First NZ Capital GREG MAIN underperform 1 M 1 Not Provided 19.08.2013
Holdings By:
NZX Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
OceanaGold Corporation is a gold mining and exploration company. The Company
currently owns interests in projects in New Zealand and the Philippines.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (23.10.2012) 4.50
52-Week Low (26.06.2013) 1.33
Daily Volume
2.12
52-Week High % Change -52.89% Dividend Yield -
52-Week Low % Change 59.40% Beta 1.30
% 52 Week Price Range High/Low 30.60% Equity Float 283.39
Shares Out 30.08.2013 293.6 Short Int -
622.38 1 Yr Total Return -36.90%
Total Debt 266.87 YTD Return -37.65%
Preferred Stock 0.0 Adjusted BETA 1.298
Minority Interest 0.0 Analyst Recs 4
Cash and Equivalents 96.50 Consensus Rating 4.000
Enterprise Value 706.35
Average Volume 5 Day 89'176
OGC NZ EQUITY YTD Change - Average Volume 30 Day 100'515
OGC NZ EQUITY YTD % CHANGE - Average Volume 3 Month 115'806
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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
217.2 237.1 305.6 395.6 385.4 385.3 437.0 505.3 539.3 127.0 152.0
0.77x 1.89x 3.30x 1.61x 2.62x 7.13x 8.57x 1.33x 1.10x 5.43x 4.48x
63.7 106.6 141.1 164.3 144.5 136.5 187.7 165.3 181.7 39.4 60.9
2.62x 4.20x 7.15x 3.88x 7.00x 4.84x 3.08x 4.27x 3.89x 3.46x 3.40x
(54.7) 54.5 44.4 44.2 20.7 22.1 (39.6) 5.0 38.7 (0.6) 15.5
- - - - - 0.00x 0.00x 16.08x 12.87x 16.73x 12.39x
EBITDA 144.50 Long-Term Rating Date -
EBIT 53.12 Long-Term Rating -
Operating Margin 13.78% Long-Term Outlook -
Pretax Margin 8.37% Short-Term Rating Date -
Return on Assets -4.46% Short-Term Rating -
Return on Common Equity -7.66%
Return on Capital - EBITDA/Interest Exp. 5.98
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. -6.04
Net Debt/EBITDA 1.15
Gross Margin 17.7% Total Debt/EBITDA 1.24
EBITDA Margin 42.9%
EBIT Margin 15.7% Total Debt/Equity 43.8%
Net Income Margin 5.4% Total Debt/Capital 30.4%
Asset Turnover 0.49
Current Ratio 0.93 Net Fixed Asset Turnover 0.66
Quick Ratio 0.56 Accounts receivable turnover-days 14.17
Debt to Assets 25.87% Inventory Days 78.35
Tot Debt to Common Equity 43.76% Accounts Payable Turnover Day 55.03
Accounts Receivable Turnover 25.76 Cash Conversion Cycle 17.15
Inventory Turnover 4.66
Fiscal Year Ended
OceanaGold CorpPrice/Volume
Valuation Analysis
137'900.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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150.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAN ECK ASSOCIATES C n/a ULT-AGG 23'372'747 7.96 - 04.09.2013 Investment Advisor
AMP LTD n/a ULT-AGG 14'660'107 4.99 (1'119'773) 21.01.2013 Insurance Company
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 8'700'000 2.96 - 28.02.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 5'252'926 1.79 - 30.04.2013 Investment Advisor
NEW ZEALAND CENTRAL n/a PROXY 5'005'882 1.71 - 02.04.2013 Government
ROYAL BANK OF CANADA n/a ULT-AGG 3'565'116 1.21 (4'700) 28.03.2013 Bank
FMR LLC n/a ULT-AGG 3'202'300 1.09 - 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'592'750 0.88 (3'629) 03.09.2013 Investment Advisor
US GLOBAL INVESTORS Multiple Portfolios MF-AGG 1'930'100 0.66 1'330'100 28.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 1'897'608 0.65 (32'694) 04.09.2013 Investment Advisor
VANGUARD n/a ULT-AGG 1'796'918 0.61 154'100 30.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 1'486'726 0.51 - 31.12.2012 Government
BOND STREET CUSTODIA n/a PROXY 1'289'396 0.44 - 02.04.2013 Other
YANDAL INVESTMENTS P n/a PROXY 1'123'653 0.38 - 02.04.2013 Investment Advisor
ASKEW JAMES EDWARD n/a PROXY 1'097'008 0.37 - 12.04.2013 n/a
INTERNATIONAL MINING n/a SEDI 1'097'008 0.37 10'000 30.12.2012 Other
SPROTT INC Multiple Portfolios MF-AGG 900'000 0.31 - 31.12.2012 Hedge Fund Manager
MD MANAGEMENT LTD Multiple Portfolios MF-AGG 816'400 0.28 816'400 30.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 806'705 0.27 (33'657) 31.07.2013 Investment Advisor
SFB INVESTMENTS PTY n/a PROXY 800'000 0.27 - 02.04.2013 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cormark Securities Inc. MIKE KOZAK buy 5 M 3 12 month 30.07.2013
Forsyth Barr ANDREW HARVEY-GREEN hold 3 D 2 12 month 28.07.2013
Macquarie MICHAEL SIPERCO outperform 5 M 3 12 month 27.07.2013
BMO Capital Markets BRIAN QUAST market perform 3 M 2 Not Provided 25.07.2013
Holdings By:
OceanaGold Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Skellerup Holdings Limited is a specialist manufacturer and distributor of
rubber and foam products and industrial vacuum pumps, for the construction,
mining, roofing, waterproofing, dairy, general agricultural and liquid waste
management industries.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (08.10.2012) 1.83
52-Week Low (08.07.2013) 1.27
Daily Volume
1.59
52-Week High % Change -13.11% Dividend Yield 5.03
52-Week Low % Change 25.20% Beta 0.94
% 52 Week Price Range High/Low 58.93% Equity Float 143.87
Shares Out 30.06.2013 192.8 Short Int -
306.56 1 Yr Total Return 1.24%
Total Debt 12.95 YTD Return 2.04%
Preferred Stock 0.0 Adjusted BETA 0.944
Minority Interest 0.0 Analyst Recs 4
Cash and Equivalents 10.78 Consensus Rating 4.000
Enterprise Value 308.73
Average Volume 5 Day 426'525
SKL NZ EQUITY YTD Change - Average Volume 30 Day 302'592
SKL NZ EQUITY YTD % CHANGE - Average Volume 3 Month 288'616
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
180.6 180.5 193.4 207.2 189.3 - - 197.7 208.7 - -
0.74x 0.87x 1.26x 1.34x 1.36x - - 1.56x 1.49x - -
24.4 30.2 34.6 41.7 34.0 - - 39.8 42.0 - -
5.50x 5.20x 7.04x 6.66x 7.56x - - 7.76x 7.36x - -
9.2 12.0 20.2 24.7 19.0 - - 22.2 23.5 - -
7.56x 9.99x 11.61x 11.10x 13.37x - - 14.07x 12.93x - -
EBITDA 33.96 Long-Term Rating Date -
EBIT 26.79 Long-Term Rating -
Operating Margin 14.15% Long-Term Outlook -
Pretax Margin 14.07% Short-Term Rating Date -
Return on Assets 10.61% Short-Term Rating -
Return on Common Equity 15.47%
Return on Capital - EBITDA/Interest Exp. 58.15
Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. 44.35
Net Debt/EBITDA -
Gross Margin 40.0% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 14.2% Total Debt/Equity 10.4%
Net Income Margin 10.1% Total Debt/Capital 9.4%
Asset Turnover 1.05
Current Ratio 2.05 Net Fixed Asset Turnover 4.47
Quick Ratio 1.10 Accounts receivable turnover-days 69.09
Debt to Assets 7.03% Inventory Days 114.57
Tot Debt to Common Equity 10.38% Accounts Payable Turnover Day 33.33
Accounts Receivable Turnover 5.28 Cash Conversion Cycle 149.89
Inventory Turnover 3.19
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Skellerup Holdings LtdPrice/Volume
Valuation Analysis
38'903.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AMP LTD n/a ULT-AGG 32'885'201 17.06 (2'203'032) 08.04.2013 Insurance Company
AMP INVEST STR EQ G n/a Co File 19'119'266 9.92 - 04.09.2012 n/a
ACCIDENT COMPENSATIO n/a EXCH 14'437'770 7.49 - 17.05.2013 Insurance Company
MILFORD ASSET MGMT L n/a EXCH 12'373'970 6.42 - 26.08.2013 Investment Advisor
GUARDIANS OF NZ SUPE n/a EXCH 12'028'343 6.24 2'106'804 27.08.2013 Other
H&G LTD n/a Co File 10'616'169 5.51 - 04.09.2012 Other
NZ PERMANENT TRUSTEE n/a Co File 4'010'000 2.08 - 04.09.2012 n/a
SK SHARES LTD n/a Co File 3'877'486 2.01 - 04.09.2012 Other
WILLIAM DAVID n/a Co File 2'427'506 1.26 - 04.09.2012 n/a
MAXIMA INVEST LTD n/a Co File 2'000'000 1.04 - 04.09.2012 Other
JP MORGAN CHASE BANK n/a Co File 1'814'776 0.94 - 04.09.2012 Investment Advisor
SEAJAY SECURITIES LT n/a Co File 1'457'642 0.76 - 04.09.2012 Investment Advisor
PGG WRIGHTSON EMPLOY n/a Co File 1'400'000 0.73 - 04.09.2012 n/a
COUTTS ELIZABETH MAR n/a EXCH 581'960 0.3 10'000 11.11.2011 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 331'983 0.17 - 30.04.2013 Investment Advisor
QUANTEX AG Multiple Portfolios MF-AGG 102'000 0.05 - 31.07.2013 Investment Advisor
PARTON IAN MURRY n/a EXCH 100'000 0.05 30'000 08.05.2013 n/a
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 48'111 0.02 - 30.04.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 27'563 0.01 - 28.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 23'498 0.01 8'018 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 02.09.2013
Deutsche Bank DENNIS M LEE buy 5 U 2 12 month 22.08.2013
Macquarie DANIEL FROST neutral 3 M 1 12 month 22.08.2013
Forsyth Barr JOHN CAIRNS buy 5 M 2 12 month 02.05.2013
Holdings By:
Skellerup Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Restaurant Brands New Zealand Limited operates fast food restaurant chains in
New Zealand & Australia. The Company operates close to 300 stores which operate
under the KFC, Pizza Hut and Starbucks restaurant names.
Latest Fiscal Year: 02/2013
LTM as of: 05/yy
52-Week High (14.05.2013) 3.08
52-Week Low (19.09.2012) 2.17
Daily Volume
2.75
52-Week High % Change -10.71% Dividend Yield 5.82
52-Week Low % Change 26.73% Beta 0.79
% 52 Week Price Range High/Low 62.64% Equity Float 83.43
Shares Out 16.08.2013 97.9 Short Int -
269.15 1 Yr Total Return 28.36%
Total Debt 14.90 YTD Return 7.69%
Preferred Stock 0.0 Adjusted BETA 0.787
Minority Interest 0.0 Analyst Recs 3
Cash and Equivalents 0.80 Consensus Rating 3.333
Enterprise Value 283.25
Average Volume 5 Day 15'322
RBD NZ EQUITY YTD Change - Average Volume 30 Day 47'840
RBD NZ EQUITY YTD % CHANGE - Average Volume 3 Month 85'315
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
28.02.2009 28.02.2010 28.02.2011 29.02.2012 28.02.2013 08/yy 05/yy 02/14 Y 02/15 Y 11/12 Q3 02/13 Q4
309.1 317.8 324.9 308.9 312.8 0.0 176.3 325.0 344.7 - -
0.33x 0.60x 0.76x 0.66x 0.94x #DIV/0! 0.00x 0.87x 0.81x - -
30.0 42.7 51.7 41.8 38.4 0.0 0.0 42.4 47.1 - -
3.36x 4.43x 4.81x 4.89x 7.63x 0.00x 0.00x 6.69x 6.02x - -
8.3 19.5 24.3 16.9 16.2 0.0 0.0 18.7 21.5 - -
8.12x 8.80x 9.84x 11.32x 17.25x 0.00x 0.00x 13.96x 12.33x - -
EBITDA 38.38 Long-Term Rating Date -
EBIT 23.74 Long-Term Rating -
Operating Margin 7.59% Long-Term Outlook -
Pretax Margin 7.00% Short-Term Rating Date -
Return on Assets 14.92% Short-Term Rating -
Return on Common Equity 26.91%
Return on Capital 22.63% EBITDA/Interest Exp. 41.86
Asset Turnover 2.89% (EBITDA-Capex)/Interest Exp. 17.42
Net Debt/EBITDA 0.37
Gross Margin 17.5% Total Debt/EBITDA 0.39
EBITDA Margin 12.3%
EBIT Margin 7.6% Total Debt/Equity 24.7%
Net Income Margin 5.2% Total Debt/Capital 19.8%
Asset Turnover 2.89
Current Ratio 0.15 Net Fixed Asset Turnover 3.82
Quick Ratio 0.03 Accounts receivable turnover-days -
Debt to Assets 13.33% Inventory Days 2.62
Tot Debt to Common Equity 24.70% Accounts Payable Turnover Day 17.00
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 139.39
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Restaurant Brands New Zealand LtdPrice/Volume
Valuation Analysis
27'106.00
Current Price (9/dd/yy) Market Data
'
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-!1 E
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270.0
280.0
290.0
300.0
310.0
320.0
330.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MILFORD ASSET MGMT L n/a EXCH 12'502'014 12.77 1'185'029 18.07.2013 Investment Advisor
SALT FUNDS MANAGEMEN n/a EXCH 9'710'131 9.92 - 24.05.2013 Other
WESTPAC BANKING CORP n/a EXCH 9'382'863 9.59 (1'100'520) 12.07.2013 Bank
ROBERTSHAWE PAUL n/a EXCH 8'254'140 8.43 (980'142) 11.06.2013 n/a
ACCIDENT COMPENSATIO n/a EXCH 8'104'140 8.28 - 11.06.2013 Insurance Company
DIAB DANIEL n/a Research 5'000'000 5.11 - 08.03.2013 n/a
JP Morgan Chase Bank n/a Co File 2'703'929 2.76 - 12.04.2012 Unclassified
JA-HONG KOO n/a Research 641'000 0.65 - 08.03.2013 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 581'292 0.59 - 30.04.2013 Investment Advisor
GOODSON MATTHEW n/a Research 496'666 0.51 - 08.03.2013 n/a
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 189'280 0.19 - 03.09.2013 Investment Advisor
LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 75'000 0.08 (50'000) 30.06.2013 Investment Advisor
VAN ARKEL FNZ EDUARD n/a Co File 50'000 0.05 - 12.04.2012 n/a
PRINCIPAL FINANCIAL n/a ULT-AGG 22'690 0.02 22'690 31.03.2013 Investment Advisor
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 21'157 0.02 - 30.04.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 19'670 0.02 - 30.04.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 16'718 0.02 - 28.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 9'982 0.01 - 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
First NZ Capital SARNDRA URLICH underperform 1 M 2 Not Provided 26.06.2013
Macquarie WARREN DOAK outperform 5 M 3 12 month 14.06.2013
Forsyth Barr CHELSEA LEADBETTER accumulate 4 U 3 12 month 27.05.2013
Holdings By:
Restaurant Brands New Zealand Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Steel & Tube Holdings Limited produces and distributes steel throughout New
Zealand and its products include steel fasteners, nuts, bolts and screws. The
Company's other activities include steel reinforcing.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (28.02.2013) 2.86
52-Week Low (06.11.2012) 2.13
Daily Volume
2.85
52-Week High % Change -0.35% Dividend Yield 4.56
52-Week Low % Change 33.80% Beta 0.76
% 52 Week Price Range High/Low 94.52% Equity Float 29.44
Shares Out 02.07.2013 88.4 Short Int -
252.07 1 Yr Total Return 32.34%
Total Debt 40.00 YTD Return 19.68%
Preferred Stock 0.0 Adjusted BETA 0.755
Minority Interest 0.0 Analyst Recs 5
Cash and Equivalents 3.68 Consensus Rating 4.000
Enterprise Value 276.67
Average Volume 5 Day 101'933
STU NZ EQUITY YTD Change - Average Volume 30 Day 252'329
STU NZ EQUITY YTD % CHANGE - Average Volume 3 Month 207'137
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
484.5 380.0 385.8 405.4 393.3 - - 412.0 443.8 - -
0.61x 0.63x 0.71x 0.54x - - - 0.68x 0.63x - -
49.9 22.4 32.5 26.1 - - - 30.4 34.9 - -
5.89x 10.67x 8.43x 8.40x - - - 9.12x 7.93x - -
26.1 5.7 17.0 13.1 15.6 - - 16.9 20.1 - -
9.46x 35.38x 13.76x 13.89x 13.48x - - 14.77x 12.50x - -
EBITDA 26.14 Long-Term Rating Date -
EBIT 19.93 Long-Term Rating -
Operating Margin 4.92% Long-Term Outlook -
Pretax Margin 4.50% Short-Term Rating Date -
Return on Assets 6.35% Short-Term Rating -
Return on Common Equity 9.22%
Return on Capital 7.94% EBITDA/Interest Exp. 15.14
Asset Turnover 1.82% (EBITDA-Capex)/Interest Exp. 12.56
Net Debt/EBITDA -
Gross Margin 20.0% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 5.3% Total Debt/Equity 26.2%
Net Income Margin 4.0% Total Debt/Capital 20.8%
Asset Turnover 1.82
Current Ratio 2.15 Net Fixed Asset Turnover 8.27
Quick Ratio 0.96 Accounts receivable turnover-days 53.50
Debt to Assets 17.36% Inventory Days 103.08
Tot Debt to Common Equity 26.20% Accounts Payable Turnover Day 31.06
Accounts Receivable Turnover 6.84 Cash Conversion Cycle 133.34
Inventory Turnover 3.55
Fiscal Year Ended
Steel & Tube Holdings LtdPrice/Volume
Valuation Analysis
58'785.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
100.0
200.0
300.0
400.0
500.0
600.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ONESTEEL LTD n/a Co File 44'452'354 50.26 - 10.08.2012 Corporation
ACCIDENT COMPENSATIO n/a EXCH 7'609'922 8.6 1'035'215 19.08.2013 Insurance Company
AMP LTD n/a ULT-AGG 5'415'039 6.12 886'773 15.01.2013 Insurance Company
MILFORD ASSET MGMT L n/a EXCH 4'694'279 5.31 - 26.08.2013 Investment Advisor
WESTPAC NZ SHR 2002 n/a Research 1'617'952 1.83 - 08.03.2013 Bank
JP MORGAN CHASE BANK n/a Research 1'016'054 1.15 - 08.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 433'800 0.49 - 30.04.2013 Investment Advisor
FORSYTH BARR LTD n/a Co File 424'451 0.48 - 10.08.2012 Bank
ELRICK JANIE n/a EXCH 280'210 0.32 - 16.08.2013 n/a
ANDERSON JOHN ANTHON n/a EXCH 280'210 0.32 - 16.08.2013 n/a
PLENZLER DOROTHY IZA n/a Co File 212'225 0.24 - 10.08.2012 n/a
GRINDELL DAVID n/a Co File 168'012 0.19 - 30.06.2012 n/a
TAYLOR DAVID WILLIAM n/a EXCH 104'210 0.12 - 16.08.2013 n/a
CANDY ANTHONY CHARLE n/a EXCH 22'185 0.03 - 16.08.2011 n/a
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 12'028 0.01 - 30.04.2013 Investment Advisor
URLWIN ANNE n/a EXCH 10'000 0.01 - 24.06.2013 n/a
SMITH JANINE LAUREL n/a Co File 10'000 0.01 - 30.06.2012 n/a
PRITCHARD DEAN ANTHO n/a Co File 10'000 0.01 - 30.06.2012 n/a
PRINCIPAL FINANCIAL n/a ULT-AGG 7'361 0.01 7'361 31.03.2013 Investment Advisor
WARNOCK ROSEMARY n/a Co File 2'500 0 - 30.06.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie STEPHEN HUDSON underperform 1 M 2 12 month 21.08.2013
Forsyth Barr JAMES BASCAND accumulate 4 M 3 12 month 19.08.2013
Deutsche Bank DENNIS M LEE buy 5 M 3 12 month 16.08.2013
First NZ Capital KAR YUE YEO outperform 5 M 3 Not Provided 16.08.2013
EVA Dimensions TIMOTHY STANISH overweight 5 N #N/A N/A Not Provided 26.07.2013
Holdings By:
Steel & Tube Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Michael Hill International Limited manufactures, wholesales and distributes
jewellery. The Company's products consist of rings, bracelets, watches and
other items. Michael Hill operates stores in New Zealand, Australia, Canada and
the United Staes.
Latest Fiscal Year: 06/2013
LTM as of: 01/yy
52-Week High (18.04.2013) 1.48
52-Week Low (05.09.2012) 1.10
Daily Volume
1.39
52-Week High % Change -6.08% Dividend Yield 4.32
52-Week Low % Change 26.36% Beta 0.73
% 52 Week Price Range High/Low 71.05% Equity Float 133.89
Shares Out 31.12.2012 382.8 Short Int -
532.16 1 Yr Total Return 32.45%
Total Debt 33.06 YTD Return 15.04%
Preferred Stock 0.0 Adjusted BETA 0.729
Minority Interest 0.0 Analyst Recs 4
Cash and Equivalents 12.06 Consensus Rating 4.500
Enterprise Value 552.85
Average Volume 5 Day 29'361
MHI NZ EQUITY YTD Change - Average Volume 30 Day 76'798
MHI NZ EQUITY YTD % CHANGE - Average Volume 3 Month 81'360
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -
412.0 443.3 489.1 511.2 549.3 - - 577.7 627.7 - -
0.65x 0.70x 0.78x 0.77x - - - 0.95x 0.88x - -
37.9 44.9 58.0 57.5 - - - 70.2 78.4 - -
7.03x 6.89x 6.57x 6.88x - - - 7.88x 7.05x - -
66.8 26.0 34.5 36.5 40.0 - - 43.3 45.4 - -
3.44x 10.15x 9.98x 10.27x 12.48x - - 12.87x 11.88x - -
EBITDA 57.55 Long-Term Rating Date -
EBIT 45.22 Long-Term Rating -
Operating Margin 8.85% Long-Term Outlook -
Pretax Margin 8.22% Short-Term Rating Date -
Return on Assets 10.58% Short-Term Rating -
Return on Common Equity 18.88%
Return on Capital 17.10% EBITDA/Interest Exp. 14.20
Asset Turnover 1.49% (EBITDA-Capex)/Interest Exp. 9.73
Net Debt/EBITDA 0.35
Gross Margin 61.9% Total Debt/EBITDA 0.58
EBITDA Margin 11.0%
EBIT Margin 8.6% Total Debt/Equity 17.0%
Net Income Margin 7.3% Total Debt/Capital 14.5%
Asset Turnover 1.49
Current Ratio 3.07 Net Fixed Asset Turnover 10.66
Quick Ratio 0.25 Accounts receivable turnover-days 13.10
Debt to Assets 10.21% Inventory Days 371.37
Tot Debt to Common Equity 17.01% Accounts Payable Turnover Day 115.15
Accounts Receivable Turnover 27.94 Cash Conversion Cycle 283.35
Inventory Turnover 0.99
Fiscal Year Ended
Michael Hill International LtdPrice/Volume
Valuation Analysis
5'000.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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0.0
100.0
200.0
300.0
400.0
500.0
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05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HILL RICHARD MICHAE n/a Research 202'644'452 52.93 - 08.03.2013 n/a
PETERS LESLIE WAYNE n/a EXCH 18'521'000 4.84 (3'700'000) 09.05.2013 n/a
PARSELL MICHAEL ROBI n/a Research 10'019'364 2.62 - 08.03.2013 n/a
EIM CAPITAL MANAGERS Multiple Portfolios MF-AGG 7'946'000 2.08 - 31.07.2013 Investment Advisor
PETERS MACGREGOR PTY n/a Research 7'000'000 1.83 - 08.03.2013 Other
DOUBLE DRAGON SUPER n/a Research 2'370'000 0.62 - 08.03.2013 Other
TAYLOR PHILIP ROY n/a Research 2'000'000 0.52 - 08.03.2013 n/a
NZ PERMANENT TRUSTEE n/a Co File 1'983'599 0.52 - 31.07.2012 n/a
GWYNNE GARY J n/a Research 1'922'000 0.5 - 08.03.2013 n/a
BUTLER WK & CK & ULR n/a Research 1'823'640 0.48 - 08.03.2013 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 1'606'452 0.42 - 30.04.2013 Investment Advisor
HILL EMMA J n/a Research 1'524'750 0.4 - 08.03.2013 n/a
JP MORGAN CHASE BANK n/a Co File 1'433'503 0.37 - 31.07.2012 Investment Advisor
STOCK KEVIN n/a Research 1'010'000 0.26 - 16.11.2012 n/a
MCKINNON ROSS n/a EXCH 500'000 0.13 (82'170) 23.05.2013 n/a
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 21'656 0.01 - 03.09.2013 Investment Advisor
BAGNALL NICHOLAS n/a EXCH 10'000 0 - 14.05.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 04.09.2013
Macquarie WARREN DOAK neutral 3 M 1 12 month 19.08.2013
Forsyth Barr CHELSEA LEADBETTER buy 5 M 2 12 month 19.08.2013
First NZ Capital SARNDRA URLICH outperform 5 M 2 Not Provided 12.08.2013
Holdings By:
Michael Hill International Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
AMP Limited provides life insurance, superannuation, asset management products,
pensions, retirement planning and other diversified financial services
throughout Australia and New Zealand. The Company services individual
customers, small businesses, corporations and associated superannuation funds.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (15.05.2013) 6.95
52-Week Low (03.07.2013) 4.93
Daily Volume
5.4
52-Week High % Change -22.30% Dividend Yield -
52-Week Low % Change 9.53% Beta 1.03
% 52 Week Price Range High/Low 19.31% Equity Float 2'810.94
Shares Out 30.06.2013 2'944.6 Short Int -
15'900.65 1 Yr Total Return 2.10%
Total Debt 12'493.00 YTD Return -6.33%
Preferred Stock 0.0 Adjusted BETA 1.028
Minority Interest 97.0 Analyst Recs 14
Cash and Equivalents 4'207.00 Consensus Rating 2.571
Enterprise Value 23'075.43
Average Volume 5 Day 13'963
AMP NZ EQUITY YTD Change - Average Volume 30 Day 68'950
AMP NZ EQUITY YTD % CHANGE - Average Volume 3 Month 111'722
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
(10'966.0) 10'742.0 7'462.0 5'436.0 16'882.0 - - 7'578.0 15'899.0 - -
- 2.21x 2.52x 3.54x 1.32x - - 2.88x 1.37x - -
- - - - - - - - - - -
- - - - - - - - - - -
580.0 739.0 775.0 688.0 704.0 - - 856.6 939.5 - -
- - - - - - - 15.83x 14.64x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 18.14% Long-Term Outlook -
Pretax Margin 8.20% Short-Term Rating Date -
Return on Assets 0.60% Short-Term Rating -
Return on Common Equity 9.40%
Return on Capital 5.35% EBITDA/Interest Exp. -
Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 168.1%
Net Income Margin 4.2% Total Debt/Capital 62.4%
Asset Turnover 0.16
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 10.52% Inventory Days -
Tot Debt to Common Equity 168.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
AMP LtdPrice/Volume
Valuation Analysis
54'560.00
Current Price (9/dd/yy) Market Data
'
-
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15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HARRIS ASSOCIATES LP n/a EXCH 179'159'581 6.08 29'790'007 12.08.2013 Investment Advisor
NATIONAL AUSTRALIA B n/a ULT-AGG 90'851'830 3.09 (74'443'778) 11.09.2012 Bank
CAPITAL GROUP COMPAN n/a ULT-AGG 85'146'691 2.89 - 30.06.2013 Investment Advisor
VANGUARD n/a ULT-AGG 52'290'488 1.78 1'212'209 30.06.2013 Unclassified
AMP LTD n/a ULT-AGG 41'034'891 1.39 2'424'016 28.08.2013 Insurance Company
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 37'284'092 1.27 (7'997'296) 03.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 29'623'614 1.01 77'331 03.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 26'081'614 0.89 - 31.12.2012 Government
AUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 20'665'000 0.7 - 29.06.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 15'782'655 0.54 1'254'657 28.06.2013 Investment Advisor
ARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 12'068'681 0.41 - 30.06.2011 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 5'894'102 0.2 - 21.09.2012 Holding Company
UBS n/a ULT-AGG 5'597'958 0.19 (421'812) 28.06.2013 Unclassified
DJERRIWARRH INVESTME Multiple Portfolios MF-AGG 5'518'000 0.19 - 30.06.2011 Investment Advisor
ABERDEEN n/a ULT-AGG 5'380'700 0.18 (263'700) 31.07.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'346'624 0.18 (2'301'317) 30.06.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 4'456'390 0.15 (6'172'492) 31.12.2012 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 4'393'921 0.15 (48'645) 31.05.2013 Investment Advisor
LEGG MASON ASSET MAN Multiple Portfolios MF-AGG 4'316'498 0.15 - 20.09.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 4'295'933 0.15 (2'764'302) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bell Potter LAFITANI SOTIRIOU buy 5 M 7 12 month 02.09.2013
EVA Dimensions DOUG WALTERS underweight 1 U #N/A N/A Not Provided 26.08.2013
Macquarie TIM LAWSON underperform 1 M 5 12 month 16.08.2013
Deutsche Bank KIEREN CHIDGEY hold 3 M 6 12 month 15.08.2013
Morgan Stanley DANIEL TOOHEY Overwt/Attractive 5 M 6 12 month 15.08.2013
Goldman Sachs RYAN FISHER neutral/neutral 3 M 6 12 month 15.08.2013
Credit Suisse ANDREW ADAMS neutral 3 M 6 Not Provided 15.08.2013
CIMB RICHARD COLES neutral 3 M 5 12 month 15.08.2013
BBY Limited BRETT LE MESURIER underperform 1 M 5 12 month 15.08.2013
Commonwealth Bank ROSS CURRAN underweight 1 M 5 12 month 15.08.2013
Nomura TOBY LANGLEY neutral 3 M 6 Not Provided 15.08.2013
Shaw Stockbroking DAVID SPOTSWOOD hold 3 M 6 Not Provided 15.08.2013
UBS JAMES COGHILL sell 1 M 5 12 month 24.06.2013
Holdings By:
AMP Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
TOWER Limited provides risk insurance and wealth management products and
services. The Company operates in general insurance, health & life insurance,
and investments and funds management.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (03.07.2013) 2.04
52-Week Low (21.08.2013) 1.65
Daily Volume
1.77
52-Week High % Change -13.24% Dividend Yield 6.21
52-Week Low % Change 7.27% Beta 0.83
% 52 Week Price Range High/Low 17.95% Equity Float 122.36
Shares Out 23.05.2013 207.2 Short Int -
366.73 1 Yr Total Return 7.18%
Total Debt 81.99 YTD Return -2.26%
Preferred Stock 0.0 Adjusted BETA 0.826
Minority Interest 1.4 Analyst Recs 4
Cash and Equivalents 186.48 Consensus Rating 3.000
Enterprise Value 194.98
Average Volume 5 Day 472'636
TWR NZ EQUITY YTD Change - Average Volume 30 Day 216'704
TWR NZ EQUITY YTD % CHANGE - Average Volume 3 Month 285'662
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -
453.4 481.8 564.2 331.9 422.2 - - 15.1 31.2 - -
0.81x 0.75x 0.63x 0.69x 0.91x - - 12.93x 6.19x - -
- - - - - - - - - - -
- - - - - - - - - - -
40.5 49.5 57.6 33.1 55.3 - - 35.4 27.2 - -
8.72x 6.87x 8.20x 15.60x 11.47x - - 10.86x 12.38x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating NR
Operating Margin 18.84% Long-Term Outlook -
Pretax Margin 17.05% Short-Term Rating Date -
Return on Assets 3.96% Short-Term Rating -
Return on Common Equity 15.28%
Return on Capital 13.61% EBITDA/Interest Exp. -
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 16.5%
Net Income Margin 13.1% Total Debt/Capital 14.1%
Asset Turnover 0.15
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.17% Inventory Days -
Tot Debt to Common Equity 16.49% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Tower LtdPrice/Volume
Valuation Analysis
80'782.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GUINNESS PEAT GROUP n/a EXCH 69'614'763 33.6 - 02.07.2012 Holding Company
DEVON FUNDS MANAGEME n/a EXCH 17'797'143 8.59 - 22.05.2013 Investment Advisor
ACCIDENT COMPENSATIO n/a EXCH 14'998'606 7.24 - 01.05.2013 Insurance Company
DIMENSIONAL FUND ADV n/a ULT-AGG 3'892'376 1.88 - 30.04.2013 Investment Advisor
JP MORGAN CHASE BANK n/a Research 2'313'924 1.12 - 08.03.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 1'215'388 0.59 - 31.12.2012 Government
WESTPAC NZ SHR 2002 n/a Research 1'196'910 0.58 - 08.03.2013 Bank
VANGUARD n/a ULT-AGG 808'989 0.39 674'359 30.06.2013 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 290'481 0.14 - 03.09.2013 Investment Advisor
FCA CORP Multiple Portfolios MF-AGG 169'723 0.08 (1) 30.04.2013 Investment Advisor
STIASSNY MICHAEL PET n/a EXCH 102'919 0.05 100'000 10.06.2013 n/a
PRINCIPAL FINANCIAL n/a ULT-AGG 87'277 0.04 87'277 31.03.2013 Investment Advisor
WOOD DENIS MICHAEL n/a EXCH 61'823 0.03 (38'461) 24.05.2012 n/a
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 43'254 0.02 (1) 30.04.2013 Investment Advisor
PIONEER n/a ULT-AGG 39'558 0.02 - 28.03.2013 Unclassified
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 36'652 0.02 - 03.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 21'880 0.01 - 03.09.2013 Investment Advisor
SPENCER JOHN L n/a EXCH 17'247 0.01 (5'174) 05.04.2013 n/a
FLEXSHARES TRUST Multiple Portfolios MF-AGG 16'924 0.01 3'076 31.05.2013 Investment Advisor
SMITH STEPHEN n/a EXCH 11'538 0.01 - 05.04.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs ADRIAN ALLBON Buy/Neutral 5 M 2 12 month 04.09.2013
EVA Dimensions DOUG WALTERS sell 1 D #N/A N/A Not Provided 11.06.2013
Forsyth Barr JOHN CAIRNS hold 3 D 2 12 month 19.05.2013
Holdings By:
Tower Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Hallenstein Glasson Holdings Limited owns and operates retail stores that sell
men's, women's, and young men's apparel products and sportswear. The stores are
located throughout New Zealand and Australia.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (09.04.2013) 5.85
52-Week Low (18.09.2012) 4.42
Daily Volume
4.67
52-Week High % Change -20.17% Dividend Yield 7.49
52-Week Low % Change 5.66% Beta 0.73
% 52 Week Price Range High/Low 19.58% Equity Float 44.13
Shares Out 01.02.2013 59.6 Short Int -
278.56 1 Yr Total Return 9.21%
Total Debt 0.00 YTD Return -8.39%
Preferred Stock 0.0 Adjusted BETA 0.725
Minority Interest 0.0 Analyst Recs 5
Cash and Equivalents 25.97 Consensus Rating 2.600
Enterprise Value 252.36
Average Volume 5 Day 15'712
HLG NZ EQUITY YTD Change - Average Volume 30 Day 29'226
HLG NZ EQUITY YTD % CHANGE - Average Volume 3 Month 45'662
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -
193.7 198.2 207.1 205.5 215.6 - - 220.8 231.4 - -
0.77x - 0.88x 0.91x 1.02x - - 1.16x 1.11x - -
28.3 23.9 34.4 28.7 33.5 - - 32.7 35.8 - -
5.30x - 5.29x 6.51x 6.55x - - 7.71x 7.04x - -
15.9 12.8 19.6 18.3 21.0 - - 19.0 21.0 - -
10.68x 12.81x 11.21x 11.58x 11.80x - - 14.59x 13.34x - -
EBITDA 33.55 Long-Term Rating Date -
EBIT 26.44 Long-Term Rating -
Operating Margin 12.26% Long-Term Outlook -
Pretax Margin 13.59% Short-Term Rating Date -
Return on Assets 27.45% Short-Term Rating -
Return on Common Equity 34.82%
Return on Capital 34.82% EBITDA/Interest Exp. -
Asset Turnover 2.73% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.73
Gross Margin 58.6% Total Debt/EBITDA 0.00
EBITDA Margin 16.0%
EBIT Margin 12.7% Total Debt/Equity 0.0%
Net Income Margin 9.8% Total Debt/Capital 0.0%
Asset Turnover 2.73
Current Ratio 2.23 Net Fixed Asset Turnover 5.94
Quick Ratio 1.21 Accounts receivable turnover-days 2.02
Debt to Assets 0.00% Inventory Days 55.77
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 49.59
Accounts Receivable Turnover 181.24 Cash Conversion Cycle 51.35
Inventory Turnover 6.56
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Hallenstein Glasson Holdings LtdPrice/Volume
Valuation Analysis
20'148.00
Current Price (9/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GLASSON TIMOTHY CHAR n/a Research 11'950'588 20.03 - 21.06.2013 n/a
FORSYTH BARR CUSTODI n/a Co File 1'116'801 1.87 - 01.08.2012 n/a
TEA CUSTODIANS LTD n/a Co File 859'384 1.44 - 01.08.2012 Other
ONEPATH WHOLESALE AU n/a Co File 737'807 1.24 - 01.08.2012 n/a
INVESTMENT CUST SERV n/a Co File 687'781 1.15 - 01.08.2012 Investment Advisor
JP MORGAN CHASE BANK n/a Research 602'425 1.01 - 21.06.2013 Investment Advisor
ACCIDENT COMPENSATIO n/a Research 586'593 0.98 - 21.06.2013 Insurance Company
PHP BAYLY LTD n/a Research 450'000 0.75 - 21.06.2013 Other
DIMENSIONAL FUND ADV n/a ULT-AGG 260'106 0.44 - 30.04.2013 Investment Advisor
POPPLEWELL GRAEME JA n/a EXCH 156'576 0.26 - 16.11.2012 n/a
HUMPHRIES DIANE HELE n/a Co File 147'000 0.25 - 01.08.2012 n/a
DUNEDIN CITY COUNCIL n/a Research 124'000 0.21 - 03.08.2012 Other
BELL WARREN JAMES n/a Co File 20'143 0.03 - 01.08.2012 n/a
DONOVAN MICHAEL JOHN n/a Co File 10'000 0.02 - 01.08.2012 n/a
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 6'326 0.01 - 30.04.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 3'370 0.01 3'370 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank CHRIS BYRNE hold 3 M 5 12 month 05.08.2013
Macquarie WARREN DOAK neutral 3 M 5 12 month 14.06.2013
Goldman Sachs MARCUS CURLEY neutral/neutral 3 M 5 12 month 13.06.2013
Forsyth Barr ANDREW BOWLEY hold 3 M 5 12 month 13.06.2013
First NZ Capital SARNDRA URLICH underperform 1 M 5 Not Provided 13.06.2013
Holdings By:
Hallenstein Glasson Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Pumpkin Patch Limited retails a wide range of children's apparel products, as
well as maternity clothing. The Company operates stores in New Zealand,
Australia, and the United Kingdom along with providing mail order and internet
retail services.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (14.01.2013) 1.48
52-Week Low (28.06.2013) 0.75
Daily Volume
1.05
52-Week High % Change -29.05% Dividend Yield 0.00
52-Week Low % Change 40.00% Beta 0.69
% 52 Week Price Range High/Low 30.14% Equity Float 83.58
Shares Out 31.07.2013 169.1 Short Int -
177.53 1 Yr Total Return -11.02%
Total Debt 60.00 YTD Return -21.64%
Preferred Stock 0.0 Adjusted BETA 0.689
Minority Interest 0.0 Analyst Recs 5
Cash and Equivalents 5.34 Consensus Rating 2.800
Enterprise Value 243.27
Average Volume 5 Day 47'391
PPL NZ EQUITY YTD Change - Average Volume 30 Day 50'851
PPL NZ EQUITY YTD % CHANGE - Average Volume 3 Month 151'734
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -
399.5 412.3 362.9 291.5 300.6 - - 288.3 298.3 - -
0.84x 0.69x 0.92x 0.81x 0.69x - - 0.80x 0.72x - -
53.9 44.3 54.2 37.3 30.0 - - 26.6 31.4 - -
6.20x 6.42x 6.14x 6.36x 6.93x - - 9.15x 7.74x - -
17.1 (26.7) 25.5 (1.9) (27.5) - - 10.2 14.8 - -
13.10x 145.45x 10.89x 10.82x 14.68x - - 16.15x 11.80x - -
EBITDA 30.00 Long-Term Rating Date -
EBIT 19.09 Long-Term Rating -
Operating Margin 6.35% Long-Term Outlook -
Pretax Margin 4.75% Short-Term Rating Date -
Return on Assets 4.62% Short-Term Rating -
Return on Common Equity 20.16%
Return on Capital 10.11% EBITDA/Interest Exp. 6.57
Asset Turnover 1.89% (EBITDA-Capex)/Interest Exp. 5.44
Net Debt/EBITDA 2.24
Gross Margin 54.4% Total Debt/EBITDA 2.28
EBITDA Margin 10.0%
EBIT Margin 6.4% Total Debt/Equity 179.3%
Net Income Margin -9.2% Total Debt/Capital 64.2%
Asset Turnover 1.89
Current Ratio 0.93 Net Fixed Asset Turnover 6.48
Quick Ratio 0.13 Accounts receivable turnover-days 18.58
Debt to Assets 38.57% Inventory Days 189.94
Tot Debt to Common Equity 179.33% Accounts Payable Turnover Day 56.53
Accounts Receivable Turnover 19.70 Cash Conversion Cycle 160.81
Inventory Turnover 1.93
Fiscal Year Ended
Pumpkin Patch Ltd/New ZealandPrice/Volume
Valuation Analysis
736'200.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
05.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NIGEL P SMITH & WYNA n/a Co File 20'000'000 11.83 - 31.08.2012 Other
DUKE RODNEY ADRIAN n/a Co File 16'674'086 9.86 - 31.08.2012 n/a
CAMERON JANET HEATHE n/a Co File 16'086'181 9.51 - 31.08.2012 n/a
ACCIDENT COMPENSATIO n/a EXCH 15'499'880 9.17 2'171'800 12.07.2013 Insurance Company
PRENDERGAST MAURICE n/a EXCH 10'570'000 6.25 (500'000) 09.05.2013 n/a
SYNNOTT SALLY R n/a Co File 9'506'800 5.62 - 31.08.2012 n/a
AMP LTD n/a ULT-AGG 9'321'674 5.51 - 31.08.2012 Insurance Company
MILFORD ASSET MGMT L n/a EXCH 5'638'962 3.34 - 05.06.2013 Investment Advisor
WALKLEY BRUCE M n/a EXCH 1'165'000 0.69 - 23.06.2013 n/a
WASHINGTON MATTHEW n/a EXCH 722'633 0.43 - 23.06.2013 n/a
DIMENSIONAL FUND ADV n/a ULT-AGG 644'130 0.38 - 30.04.2013 Investment Advisor
THESING ZARINA n/a EXCH 546'542 0.32 - 23.06.2013 n/a
COWIE NEIL n/a EXCH 196'885 0.12 - 23.06.2013 n/a
TATTERSFIELD KATE n/a EXCH 167'574 0.1 - 23.06.2013 n/a
HOFFMAN GLENYS n/a EXCH 141'589 0.08 - 10.12.2012 n/a
CARDWELL CHRIS n/a EXCH 128'767 0.08 - 23.06.2013 n/a
ROBERTSHAWE PAUL n/a EXCH 60'000 0.04 - 12.07.2013 n/a
JACKSON DAVID ALEXAN n/a Co File 50'000 0.03 - 31.07.2012 n/a
GREGORY BRIAN DE n/a EXCH 45'000 0.03 - 10.12.2012 n/a
JACOBSEN BRONNY n/a EXCH 41'774 0.02 - 23.06.2013 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 02.09.2013
Macquarie WARREN DOAK outperform 5 M 1 12 month 15.07.2013
Forsyth Barr ANDREW BOWLEY accumulate 4 M 1 12 month 01.07.2013
Goldman Sachs ROHAN KOREMAN-SMIT neutral/neutral 3 M 1 12 month 28.06.2013
First NZ Capital SARNDRA URLICH underperform 1 M 1 Not Provided 28.06.2013
Holdings By:
Pumpkin Patch Ltd/New Zealand ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |