fundamental equity analysis - qms advisors hdax flexindex 110
DESCRIPTION
Fundamental Equity Analysis - QMS Advisors HDAX FlexIndex 110 The HDAX Index is a total rate of return index of the 110 most highly capitalized stocks traded on the Frankfurt Stock Exchange. The HDAX has a base value of 500 as of December 31, 1987. As of June 18, 1999 only XETRA equity prices are used to calculate all DAX indices. All history from this data & prioruses floor traded equity prices. Successor to the DAX 100 Index. ADS GY Equity ADV GY Equity AFX GY Equity AIXA GY Equity ALV GY Equity ARL GY Equity BAS GY Equity BAYN GY Equity BBZA GY Equity BC8 GY Equity BEI GY Equity BMW GY Equity BNR GY Equity BOSS GY Equity CBK GY Equity CLS1 GY Equity COK GY Equity CON GY Equity COP GY Equity DAI GY Equity DB1 GY Equity DBK GY Equity DEQ GY Equity DLG GY Equity DPW GY Equity DRI GY Equity DRW3 GY Equity DTE GY Equity DUE GY Equity DWNI GY Equity EAD GY Equity EOAN GY Equity EVK GY Equity EVT GY Equity FIE GY Equity FME GY Equity FNTN GY Equity FPE3 GY Equity FRA GY Equity FRE GY Equity G1A GY Equity GBF GY Equity GFJ GY Equity GIB GY Equity GIL GY Equity GWI1 GY Equity GXI GY Equity HEI GY Equity HEN3 GY Equity HNR1 GY Equity HOT GY Equity IFX GY Equity JEN GY Equity KBC GY Equity KCO GY Equity KD8 GY Equity KRN GY Equity KU2 GY Equity LEG GY Equity LEO GY Equity LHA GY Equity LIN GY Equity LPK GY Equity LXS GY Equity MAN GY Equity MEO GY Equity MOR GY Equity MRK GY Equity MTX GY Equity MUV2 GY Equity NDA GY Equity NDX1 GY Equity NEM GY Equity NOEJ GY Equity O1BC GY Equity O2D GY Equity OSR GY Equity PFV GY Equity PSAN GY Equity PSM GY Equity QIA GY Equity QSC GY Equity RAA GY Equity RHK GY Equity RHM GY Equity RRTL GY Equity RWE GY Equity S92 GY Equity SAP GY Equity SAZ GY Equity SBS GY Equity SDF GY Equity SIE GY Equity SKYD GY Equity SOW GY Equity SPR GY Equity SRT3 GY Equity SY1 GY Equity SZG GY Equity SZU GY Equity TEG GY Equity TKA GY Equity TLX GY Equity TUI1 GY Equity UTDI GY Equity VOW3 GY Equity WCH GY Equity WDI GY Equity WIN GY Equity ZIL2 GY EquityTRANSCRIPT
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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 15589099 2072.157 1117 1117 203 219 219 104.06 110.23 110.23 16.29 16.29 15.38 15.38 18.48
Euro Stoxx 50 Pr EUR 2984944 6002.296 4677 4677 776 790 790 234.33 302.66 302.66 22.82 20.47 17.67 17.67 21.66
NIKKEI 225 JPY 2857793 203.0095 197 197 19 22 22 6.11 8.07 8.07 0.25 0.24 0.19 0.19 0.12
FTSE 100 INDEX GBP 2928075 12748.62 10012 10012 1524 1661 1661 538.12 807.42 807.42 31.40 24.43 20.93 20.93 22.98
SWISS MARKET INDEX CHF 1120741 11464.75 4198 4198 969 861 861 454.08 567.77 567.77 21.44 18.26 17.14 17.14 24.51
S&P/TSX COMPOSITE INDEX CAD 1697982 17615.94 7406 7406 1859 1968 1968 732.48 803.81 803.81 16.58 16.59 15.11 15.11 24.14
S&P/ASX 200 INDEX AUD 1366032 6451.078 2681 2681 547 684 684 215.80 320.53 320.53 21.50 17.78 14.48 14.48 19.99
HANG SENG INDEX HKD 1793920 3572.425 1668 1668 376 393 393 278.61 269.06 269.06 1.39 1.48 1.43 1.43 2.98
MSCI EM USD 7592957 1394.039 983 983 191 180 180 84.97 88.32 88.32 11.89 12.19 11.44 11.44 19.60
ADIDAS AG EUR 22492 669 209 2 0 0 3 22.60 20123 19843 19872 21355 1969 2019 723 723 3.41 3.56 5.63 6.87 40.88 40.88 25.82 21.18 15.84 8.71 28.03 6.12 13.75 - - - -
ADVA OPTICAL NETWORKING SE EUR 303 114 48 0 0 0 0 0.25 446 430 440 474 61 50 17 17 0.47 0.23 0.20 0.29 36.47 34.48 43.22 29.21 8.32 11.74 27.17 7.30 15.85 - - - -
CARL ZEISS MEDITEC AG - BR EUR 2446 36 81 0 0 0 0 2.51 1165 1190 1207 1291 190 194 57 57 1.19 1.41 1.48 1.56 28.93 28.93 27.50 26.02 18.37 9.80 20.18 15.41 22.10 - - - -
AIXTRON SE EUR 1798 284 101 0 0 0 0 1.51 308 305 306 505 -147 -225 -3 -3 -1.95 -2.80 -1.03 0.38 - - 61.91 -84.79 38.10 - - -99.79 - - - -
ALLIANZ SE-REG EUR 72745 1035 453 26 0 4 17 83.54 129827 131187 138510 142326 - - - - 15.72 32.71 17.69 18.21 6.59 12.33 12.19 11.84 13.36 4.48 - - - AA 27.01.2012 Aa3 03.05.2004
AAREAL BANK AG EUR 1779 107 60 39 0 0 5 25.15 1601 1470 904 956 923 - - - 2.37 2.31 2.23 2.83 17.38 17.38 18.06 14.22 -16.36 -16.34 -17.87 -24.98 - - - WR 26.03.2012
BASF SE EUR 89600 1467 918 17 0 1 2 107.75 97524 101517 100259 96009 13073 13327 3021 3021 7.10 6.67 7.24 7.95 19.79 19.79 18.21 16.60 -2.52 5.34 -24.93 -2.16 17.75 A+ 10.05.2011 A1 17.11.2010
BAYER AG-REG EUR 96615 998 827 13 0 0 3 108.69 53759 54290 55228 58268 12170 12569 2499 2499 7.56 4.75 7.77 8.77 33.29 23.57 20.33 18.02 11.96 5.76 0.57 8.37 31.30 A- 30.04.2008 A3 17.07.2006
BB BIOTECH AG-REG EUR 1828 12 2.43 - - - - - - - - - - - - - - - - -
BECHTLE AG EUR 1071 6 21 0 0 0 0 1.06 2835 2902 2985 3146 138 135 - - 3.64 3.47 3.89 4.41 19.84 19.84 17.71 15.64 6.91 12.12 2.61 10.05 6.27 - - - -
BEIERSDORF AG EUR 22341 275 227 0 0 0 2 20.20 8167 8303 8423 8889 1272 1352 339 339 2.76 2.87 3.14 3.58 41.82 41.82 38.16 33.48 9.77 0.37 16.44 4.43 22.02 - - - -
BAYERISCHE MOTOREN WERKE AG EUR 69715 818 656 94 0 0 18 147.43 103905 103368 106075 111608 21975 21677 - - 10.50 10.65 10.69 11.04 13.82 13.82 13.78 13.34 15.77 8.97 7.05 21.79 28.35 A 16.04.2012 A2 22.07.2011
BRENNTAG AG EUR 8586 30 52 2 0 0 0 10.73 13102 13221 13513 14207 951 921 253 253 8.77 8.25 8.82 10.09 27.33 27.33 25.55 22.33 15.74 - 9.46 15.70 9.42 BBB- 09.06.2011 - -
HUGO BOSS AG -ORD EUR 9113 42 69 1 0 0 0 9.45 3172 3217 3377 3671 712 718 260 260 6.17 6.02 6.73 7.71 29.09 28.35 26.00 22.69 18.85 15.04 16.77 17.39 30.18 - - - -
COMMERZBANK AG EUR 13523 28880 779 318 3 1 65 27044 25795 12930 13404 - - - - -0.01 -1.55 0.48 1.11 - - 33.37 14.50 -9.20 -7.68 - - - A- 28.05.2013 Baa1 23.04.2013
CELESIO AG EUR 3828 238 170 3 0 0 1 6.04 30112 29411 28973 29387 828 874 196 196 1.18 1.27 1.46 1.75 23.94 18.67 20.79 17.43 0.72 0.39 6.40 -9.49 4.02 - - - -
CANCOM SE EUR 342 60 11 0 0 0 0 0.35 755 764 785 820 38 40 41 41 1.55 1.62 1.78 2.05 24.90 24.90 22.76 19.75 3.40 18.11 16.54 43.42 7.04 - - - -
CONTINENTAL AG EUR 34060 210 200 13 0 1 4 44.66 44262 44354 45920 48784 6666 6739 1735 1735 12.99 13.68 14.34 16.43 16.83 16.53 16.05 14.02 9.89 10.27 20.65 19.16 20.54 BB 24.05.2013 Baa3 19.09.2013
COMPUGROUP MEDICAL AG EUR 1328 4 50 0 0 0 0 1.65 609 609 623 659 148 137 - - 0.91 0.80 1.34 1.71 42.29 42.29 25.15 19.69 18.12 27.82 68.77 23.16 30.43 - - - -
DAIMLER AG-REGISTERED SHARES EUR 83837 1787 1068 114 0 2 20 178.32 154539 154402 158756 169596 16412 14676 - - 7.67 8.48 6.49 7.49 12.50 25.40 16.33 14.14 9.84 6.13 -0.86 -7.01 12.85 A- 23.02.2012 A3 01.10.2007
DEUTSCHE BOERSE AG EUR 14514 282 184 2 0 0 1 15.97 2971 2948 2835 2999 1460 1342 370 370 4.64 4.42 4.90 5.54 23.00 23.07 20.76 18.34 -6.51 -4.91 -17.52 -5.18 61.58 AA 13.02.2012 WR 17.05.2006
DEUTSCHE BANK AG-REGISTERED EUR 47419 8609 929 377 0 1 199 70713 66671 45052 45880 - - - - 4.18 0.24 4.95 6.10 258.40 26.24 12.71 10.31 -0.93 -9.09 - - - A 02.07.2013 A2 21.06.2012
DEUTSCHE EUROSHOP AG EUR 2358 38 54 2 0 0 0 4.36 292 271 265 277 247 228 57 57 3.02 3.39 2.67 2.72 17.42 18.49 22.11 21.75 16.08 13.71 12.23 23.85 114.06 - - - -
DIALOG SEMICONDUCTOR PLC EUR 1387 480 65 0 0 0 0 1.22 1046 1054 1166 1401 169 169 - - 1.28 1.18 1.40 2.01 31.66 31.41 26.59 18.50 63.17 49.99 60.06 - 21.71 - - - -
DEUTSCHE POST AG-REG EUR 39331 4050 1209 7 0 0 4 43.69 75057 75053 77110 80392 5326 5489 1355 1355 1.98 2.06 2.04 2.19 21.40 23.14 21.57 20.06 6.87 1.25 10.03 -3.26 9.89 NR 27.11.2012 WR 31.07.2006
DRILLISCH AG EUR 1271 188 49 0 0 0 0 1.33 438 410 403 412 84 85 95 95 0.62 4.37 2.56 1.54 7.40 7.40 12.62 21.04 -9.84 -5.00 27.49 12.49 28.03 - - - -
DRAEGERWERK AG - PREF EUR 1931 7 17 1 0 0 0 2.18 3209 3247 3283 3401 405 390 387 387 10.32 9.78 9.89 10.98 18.03 18.31 17.81 16.05 7.05 6.20 11.46 14.47 16.23 - - - -
DEUTSCHE TELEKOM AG-REG EUR 63734 10287 4319 60 0 6 8 131.39 78649 78826 80111 81121 23970 23659 6082 6082 1.36 -1.60 0.86 0.94 - 13.85 22.58 20.69 -1.12 0.26 -16.56 2.01 40.58 BBB+ 19.05.2008 Baa1 22.12.2011
DUERR AG EUR 2529 39 35 0 0 0 0 2.55 3245 3202 3387 3503 278 293 80 80 4.20 4.57 4.94 5.15 21.63 21.57 19.99 19.17 33.62 17.06 55.64 32.40 12.35 NR 01.11.2010 - -
DEUTSCHE WOHNEN AG-BR EUR 2997 276 146 4 0 0 0 7.02 611 681 528 558 252 321 88 88 1.55 1.30 1.06 1.16 18.47 18.47 22.65 20.67 22.33 10.70 41.09 14.84 63.62 - - - -
EADS NV EUR 49616 90 6 0 0 15 47.71 76366 78256 79243 84362 5310 5896 1742 1742 - - 3.65 4.92 - - 23.34 17.32 20.23 9.98 32.18 31.24 10.19 A 06.09.2013 (P)A2 06.12.2012
E.ON SE EUR 36497 5180 1907 35 0 5 8 64.89 178601 177574 161688 164496 11416 13475 - - 2.45 1.66 1.68 1.61 14.83 9.60 14.69 15.33 22.91 13.33 132.20 -7.11 10.26 A- 27.07.2012 A3 05.10.2011
EVONIK INDUSTRIES AG EUR 17563 18 466 4 0 0 1 20.40 18428 17875 17469 18353 3637 3194 687 687 3.41 3.06 2.47 2.83 16.68 16.84 20.62 18.03 -8.47 -4.08 2.25 7.87 24.16 BBB+ 09.05.2012 Baa2 20.03.2013
EVOTEC AG EUR 517 293 119 0 0 0 0 0.46 118 111 131 149 8 2 21 21 0.06 -0.03 0.08 0.13 - - 76.38 45.35 12.04 32.50 -57.80 - 1.97 - - - -
FIELMANN AG EUR 4424 17 42 0 0 0 0 3.97 1497 1525 1573 1654 291 295 - - 4.07 4.14 4.35 4.67 34.42 34.42 32.75 30.51 6.88 6.48 4.26 7.28 26.15 - - - -
FRESENIUS MEDICAL CARE AG & EUR 20409 691 307 11 0 1 1 29.04 18659 19200 19722 20591 3815 3802 952 952 5.23 4.49 4.86 5.11 26.69 26.85 24.63 23.42 13.23 8.50 9.72 10.47 26.77 BB+ 19.09.2012 - -
FREENET AG EUR 3135 382 128 1 0 0 0 3.87 4177 4310 4366 4399 476 478 120 120 1.83 2.18 2.48 2.61 15.20 15.20 13.34 12.66 -7.35 37.19 6.34 13.88 14.99 - - - -
FUCHS PETROLUB SE -PREF EUR 5580 38 71 0 0 0 0 5.47 2460 2460 2532 2651 417 429 123 123 3.95 4.03 4.19 4.46 28.34 28.34 27.26 25.60 13.72 8.40 10.70 9.86 23.59 - - - -
FRAPORT AG FRANKFURT AIRPORT EUR 6416 28 92 6 0 0 1 11.80 3302 3381 3491 3591 1153 1165 - - 3.53 3.42 3.30 3.86 27.48 23.03 28.47 24.33 4.04 7.12 7.67 9.25 46.59 - - - -
FRESENIUS SE & CO KGAA EUR 22344 354 178 16 0 7 1 44.48 26082 27097 27857 30222 5082 5128 1317 1317 6.54 7.25 7.91 8.99 23.38 23.62 21.42 18.85 24.21 16.37 21.80 17.73 25.59 BB+ 19.09.2012 WR 30.04.2006
GEA GROUP AG EUR 7964 154 192 2 0 0 1 8.59 7734 7761 7974 8340 860 916 - - 2.30 2.50 2.71 3.08 22.36 22.73 20.66 18.16 7.58 4.09 9.37 11.81 15.96 - - - -
BILFINGER SE EUR 4794 109 44 2 0 0 1 5.13 11505 11505 11733 12275 935 935 - - 8.66 8.42 7.45 8.41 16.72 16.26 18.90 16.74 4.95 0.88 48.82 22.12 10.99 BBB+ 23.10.2012 - -
GAGFAH SA EUR 2809 140 195 7 0 0 0 9.55 1435 1436 1103 1116 484 457 - - 0.38 0.13 0.60 0.91 131.92 104.24 29.23 19.33 -25.60 3.50 -4.98 29.29 43.07 - - - -
GSW IMMOBILIEN AG EUR 2206 29 51 3 0 0 0 4.63 431 479 322 344 220 236 - - 2.37 4.33 2.61 2.65 13.65 24.24 22.61 22.31 -3.48 - 0.72 -0.22 66.71 - - - -
GILDEMEISTER AG EUR 2158 687 62 0 0 0 0 2.15 2755 2833 2825 2994 224 245 - - 1.73 1.76 1.75 2.02 20.99 20.99 21.18 18.29 28.02 7.56 23.41 1.36 11.67 NR 23.09.2009 - -
GERRY WEBER INTL AG EUR 1893 60 46 0 0 0 0 1.91 1085 1137 1161 1274 182 177 68 68 2.34 2.22 2.22 2.70 25.14 24.99 25.16 20.67 19.16 13.31 23.52 22.81 21.04 - - - -
GERRESHEIMER AG EUR 1901 257 31 1 0 0 0 2.64 1648 1704 1741 1854 309 316 84 84 2.60 2.51 3.66 4.40 32.55 32.55 22.38 18.62 15.36 4.80 11.86 4.21 25.08 BBB- 23.02.2011 Ba1 17.05.2011
HEIDELBERGCEMENT AG EUR 14879 450 188 11 0 1 2 25.86 18956 18929 19407 20400 3410 3757 1193 1193 1.61 2.29 4.74 6.18 46.95 46.95 22.61 17.36 11.72 0.60 8.74 1.61 26.84 NR 22.11.2012 (P)Ba2 31.05.2011
HENKEL AG & CO KGAA VORZUG EUR 41097 487 434 5 0 0 5 41.46 22323 22465 22759 23858 3761 3798 1018 1018 4.96 4.81 5.45 5.98 28.74 27.00 25.39 23.14 7.84 4.48 18.70 12.97 22.86 A 18.05.2011 A2 01.06.2011
HANNOVER RUECK SE EUR 8984 76 121 3 0 1 1 12.48 18604 19185 19210 19848 - - - - 9.63 9.65 9.30 9.26 10.43 10.43 10.83 10.88 18.22 18.46 - - - AA- 10.06.2006 - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 15589099 2072.157 1117 1117 203 219 219 104.06 110.23 110.23 16.29 16.29 15.38 15.38 18.48
Euro Stoxx 50 Pr EUR 2984944 6002.296 4677 4677 776 790 790 234.33 302.66 302.66 22.82 20.47 17.67 17.67 21.66
NIKKEI 225 JPY 2857793 203.0095 197 197 19 22 22 6.11 8.07 8.07 0.25 0.24 0.19 0.19 0.12
FTSE 100 INDEX GBP 2928075 12748.62 10012 10012 1524 1661 1661 538.12 807.42 807.42 31.40 24.43 20.93 20.93 22.98
SWISS MARKET INDEX CHF 1120741 11464.75 4198 4198 969 861 861 454.08 567.77 567.77 21.44 18.26 17.14 17.14 24.51
S&P/TSX COMPOSITE INDEX CAD 1697982 17615.94 7406 7406 1859 1968 1968 732.48 803.81 803.81 16.58 16.59 15.11 15.11 24.14
S&P/ASX 200 INDEX AUD 1366032 6451.078 2681 2681 547 684 684 215.80 320.53 320.53 21.50 17.78 14.48 14.48 19.99
HANG SENG INDEX HKD 1793920 3572.425 1668 1668 376 393 393 278.61 269.06 269.06 1.39 1.48 1.43 1.43 2.98
MSCI EM USD 7592957 1394.039 983 983 191 180 180 84.97 88.32 88.32 11.89 12.19 11.44 11.44 19.60
HOCHTIEF AG EUR 6766 98 74 6 0 2 4 11.75 34516 35323 34898 35392 1997 2439 - - 1.90 6.12 4.50 4.92 19.40 19.40 26.39 24.13 13.04 8.94 -15.90 44.19 9.34 - - - -
INFINEON TECHNOLOGIES AG EUR 11079 3277 1080 0 0 0 3 8.60 5279 5101 5190 5687 1191 982 349 349 0.53 0.34 0.32 0.54 41.00 41.00 42.70 25.75 -3.15 1.69 -26.72 3.55 26.02 - - - -
JENOPTIK AG EUR 864 30 57 0 0 0 0 0.97 791 791 821 883 114 110 - - 1.10 1.04 0.85 1.09 19.61 19.61 23.97 18.74 10.38 3.93 -12.74 3.69 18.84 NR 04.06.2008 WR 15.11.2007
KONTRON AG EUR 350 96 56 0 0 0 0 0.36 740 729 737 781 16 1 22 22 -0.80 -1.04 -0.23 0.20 - - 43.11 -9.77 3.76 -106.93 -35.31 0.21 - - - -
KLOECKNER & CO SE EUR 1387 287 100 1 0 0 1 2.06 9989 9196 9130 9509 81 73 47 47 -2.65 -2.26 -0.45 0.43 - - 43.32 5.58 5.76 -94.58 -39.67 1.08 B+ 27.03.2013 - -
KABEL DEUTSCHLAND HOLDING AG EUR 11239 26 89 5 0 0 1 15.10 2474 2502 2657 2872 1064 1041 311 311 3.77 3.22 3.99 4.73 53.34 53.34 43.04 36.28 10.36 9.67 3.18 17.12 56.27 BB *+ 02.08.2013 B1 *+ 25.07.2013
KRONES AG EUR 2671 56 32 0 0 0 0 2.52 3602 3721 3765 3962 243 265 72 72 2.99 3.46 5.06 5.77 33.03 33.03 22.60 19.80 10.02 5.94 40.45 -0.94 9.62 - - - -
KUKA AG EUR 1461 75 34 0 0 0 0 1.36 2352 2429 2508 2623 177 191 58 58 2.22 2.29 2.60 2.95 25.49 25.49 22.42 19.72 28.59 14.52 61.24 7.68 10.63 BB- 31.07.2013 - -
LEG IMMOBILIEN AG EUR 3002 26 53 3 0 0 0 6.22 700 700 652 690 256 256 - - 0.78 7.03 3.65 4.27 10.90 98.23 21.01 17.97 0.67 - 24.30 - 49.41 - - - -
LEONI AG EUR 1944 157 33 1 0 0 0 2.45 5150 5195 5178 5576 484 402 - - 6.75 4.25 4.36 6.11 18.95 18.99 18.45 13.17 3.93 10.52 1.65 14.37 10.45 - - - -
DEUTSCHE LUFTHANSA-REG EUR 9036 3667 460 10 0 0 7 10.97 40745 40684 41540 42951 3337 3396 1755 1755 1.34 2.80 1.49 2.33 9.49 20.05 17.84 11.39 6.59 7.04 -16.75 -3.14 11.29 BBB- 27.08.2009 Ba1 03.09.2009
LINDE AG EUR 37353 306 185 14 0 1 3 50.67 20660 22057 23106 24627 4655 5118 1375 1375 9.36 9.65 11.26 12.68 28.24 28.62 24.22 21.51 14.64 7.42 14.91 10.85 31.37 A 25.05.2012 A3 28.04.2010
LPKF LASER & ELECTRONICS EUR 408 43 22 0 0 0 0 0.43 156 182 164 181 38 49 39 39 0.82 1.14 0.90 0.98 21.69 21.69 27.69 25.21 35.57 37.54 57.32 38.59 36.07 - - - -
LANXESS AG EUR 5541 586 83 3 0 0 1 8.34 12296 11517 11321 12197 1705 1199 255 255 8.86 2.92 2.18 5.39 30.83 30.83 41.34 16.70 4.92 9.98 19.93 17.91 14.08 BBB 31.07.2007 - -
MAN SE EUR 17425 39 147 7 0 0 2 24.01 21325 21115 21306 22337 2011 1183 - - 2.78 -2.22 1.53 5.73 - - 104.73 27.99 -5.75 2.11 -50.12 -7.55 7.58 NR 20.12.2012 A3 30.04.2009
METRO AG EUR 13164 460 327 12 0 0 7 21.72 90237 89274 69582 88256 4478 4588 - - 0.87 0.50 0.07 2.87 108.93 100.73 789.78 18.97 1.67 -1.11 -14.28 1.56 6.95 BBB- 11.10.2012 Baa3 09.10.2012
MORPHOSYS AG EUR 1967 76 23 0 0 0 0 1.77 70 109 105 99 11 36 14 14 0.14 0.93 0.45 -0.03 111.03 112.66 230.06 -49.68 34.74 -63.13 -7.90 44.97 - - - -
MERCK KGAA EUR 33772 141 217 6 0 0 3 35.62 14522 14654 15182 15292 3945 4155 1047 1047 6.12 6.45 11.72 12.25 32.46 26.25 17.86 17.09 11.40 11.96 11.46 12.02 38.34 A 29.05.2013 A3 04.07.2013
MTU AERO ENGINES AG EUR 4917 166 51 1 0 0 0 5.61 4568 4965 5053 5437 664 663 - - 4.64 3.52 5.84 6.73 36.37 36.37 21.87 18.98 20.59 11.02 22.52 6.19 18.04 NR 11.05.2010 Baa3 08.06.2012
MUENCHENER RUECKVER AG-REG EUR 34772 461 179 8 0 0 4 37.21 89097 88606 73672 75241 - - - - 24.31 23.55 22.57 22.63 11.13 11.13 11.61 11.59 11.07 9.16 - - - AA- 22.12.2006 - -
AURUBIS AG EUR 2747 102 45 1 0 0 1 3.05 18644 17827 17416 17535 1007 602 104 104 10.86 -3.87 4.15 5.71 - - 19.88 14.47 4.60 9.31 38.71 20.08 4.40 - - - -
NORDEX SE EUR 1022 213 74 0 0 0 0 1.03 1454 1778 1766 1848 30 73 99 99 -1.68 -1.28 0.21 0.45 - - 87.42 41.99 23.37 18.40 - -20.89 5.58 - - - -
NEMETSCHEK AG EUR 587 0 10 0 0 0 0 0.53 237 242 253 273 54 57 - - 2.65 2.89 3.28 4.01 28.50 28.50 25.14 20.54 9.13 5.99 6.94 4.54 31.58 - - - -
NORMA GROUP SE EUR 1469 31 32 0 0 0 0 1.70 817 824 868 925 174 163 44 44 2.42 2.33 2.74 3.10 26.81 26.81 22.73 20.10 5.41 - 22.96 - 26.70 - - - -
XING AG EUR 570 8 5 0 0 0 0 0.48 98 104 113 128 34 36 32 32 1.93 2.08 2.55 3.61 66.29 68.05 54.18 38.19 14.58 26.96 -74.23 37.19 46.84 - - - -
TELEFONICA DEUTSCHLAND HOLDI EUR 8960 1173 1117 2 0 0 0 10.43 7048 7048 6777 6759 1733 1733 452 452 0.38 0.38 0.09 0.14 28.65 28.65 125.34 80.22 4.76 - 14.95 - 33.24 - - - -
OSRAM LICHT AG EUR 5002 98 0 0 0 0 4.97 7301 7301 7177 7417 535 535 99 99 - - 1.97 3.01 - - 32.86 21.47 9.91 - -55.45 - 9.90 - - - -
PFEIFFER VACUUM TECHNOLOGY EUR 1227 17 10 0 0 0 0 1.19 624 566 586 636 118 99 24 24 6.21 4.92 5.26 7.01 34.15 34.15 31.95 23.99 -15.14 42.86 6.76 12.57 23.54 - - - -
PSI AG EUR 244 123 16 0 0 0 0 0.21 245 247 258 280 23 23 23 23 0.81 0.59 0.74 1.13 35.47 35.47 28.30 18.52 9.05 10.09 20.98 26.00 12.34 - - - -
PROSIEBEN SAT.1 MEDIA AG-REG EUR 9351 382 212 4 0 0 1 10.52 3186 2955 3480 3684 927 896 195 195 2.08 2.15 2.50 2.75 26.88 27.05 23.10 21.01 9.65 -5.65 -0.45 7.55 40.99 - - WR 01.08.2007
QIAGEN N.V. EUR 4982 154 236 1 0 0 1 5.48 1696 1717 1770 1866 546 416 133 133 0.93 0.99 1.53 1.64 39.34 39.34 25.42 23.66 9.79 10.41 50.69 23.83 32.80 - - - -
QSC AG EUR 628 630 124 0 0 0 0 0.70 651 643 616 635 105 108 107 107 0.19 0.26 0.24 0.31 26.69 26.69 29.14 22.24 0.97 3.72 -4.94 24.29 22.77 - - - -
RATIONAL AG EUR 3431 3 11 0 0 0 0 3.29 588 597 618 678 176 - - - 11.09 10.78 11.15 12.65 37.86 37.86 36.59 32.26 14.94 6.02 27.58 7.69 - - - - -
RHOEN-KLINIKUM AG EUR 3495 255 138 1 0 0 0 4.61 3874 4031 4103 3764 394 450 115 115 0.88 0.88 1.10 1.27 38.90 38.69 31.10 26.93 12.12 9.99 -25.23 4.24 15.09 - - Baa3 03.12.2012
RHEINMETALL AG EUR 2263 91 38 1 0 0 1 2.82 6360 6102 6371 6620 648 437 54 54 6.82 2.87 2.35 5.25 26.96 26.96 32.86 14.73 7.59 4.73 -10.90 4.61 9.68 NR 12.12.2008 Baa3 *- 01.08.2013
RTL GROUP EUR 15487 2 0 0 1 1 16.35 8110 8061 8061 8280 1673 1736 1712 1712 - - 6.17 6.39 - - 21.92 21.18 5.46 -0.65 -2.99 10.37 29.12 BBB+ 23.05.2011 WR 31.08.2005
RWE AG EUR 20713 1943 615 27 4 2 7 48.69 68647 70383 72705 72014 12243 14331 - - 2.63 1.65 5.28 3.92 27.75 14.23 8.67 11.69 4.45 2.88 41.92 4.14 27.53 BBB+ 27.07.2012 Baa1 21.06.2013
SMA SOLAR TECHNOLOGY AG EUR 1164 22 35 0 0 0 1 0.80 1979 1475 1440 1497 234 150 - - 2.92 0.03 -0.89 0.11 1677.93 1677.93 394.81 -17.18 36.58 -54.25 24.54 13.75 - - - -
SAP AG EUR 93018 1833 1192 7 0 0 4 95.12 21935 22496 23334 25416 6763 6931 2018 2018 3.22 3.38 4.59 5.14 30.29 30.10 22.28 19.92 18.90 10.48 9.83 14.94 41.66 - - - -
STADA ARZNEIMITTEL AG EUR 2959 124 59 2 0 0 0 4.92 2485 2605 2713 2940 433 467 124 124 1.95 2.39 3.79 4.63 28.11 27.95 17.67 14.47 9.63 4.82 59.60 0.27 24.23 - - - -
STRATEC BIOMEDICAL AG EUR 491 6 12 0 0 0 0 0.48 166 167 179 203 28 28 33 33 1.61 1.54 1.81 2.19 36.67 36.35 31.20 25.85 6.80 17.91 -20.37 6.72 22.49 - - - -
K+S AG-REG EUR 5099 3998 191 2 0 0 1 5.59 5321 4943 5330 4988 1460 1375 222 222 4.06 3.65 3.22 1.56 9.87 9.79 11.20 23.11 -2.08 -3.68 -5.13 28.22 37.61 BBB+ *- 05.08.2013 Baa2 *- 07.08.2013
SIEMENS AG-REG EUR 107469 1267 856 30 0 1 15 125.54 105863 104232 103545 106699 13052 11766 2231 2231 7.57 7.37 7.40 9.44 22.38 22.59 22.29 17.46 9.26 0.28 -10.81 1.13 15.26 A+ 05.06.2009 - -
SKY DEUTSCHLAND AG EUR 8037 640 779 1 0 0 0 8.50 1803 1930 2106 2454 -69 12 16 16 -0.34 -0.23 -0.18 -0.03 - - 23.09 11.90 90.66 - 0.85 - - - -
SOFTWARE AG EUR 3061 101 87 0 0 0 0 3.18 1416 1348 1352 1422 394 361 - - 2.56 2.31 2.58 2.86 20.60 20.60 18.46 16.68 -6.28 12.11 -5.88 17.81 36.17 - - - -
AXEL SPRINGER AG EUR 5396 37 99 1 0 0 0 6.47 4476 4485 4576 4214 825 803 214 214 3.26 3.16 3.58 3.50 23.31 22.86 20.61 21.06 5.32 4.85 9.48 11.09 24.22 - - - -
SARTORIUS AG-VORZUG EUR 2008 3 17 0 0 0 2.57 1143 1169 1221 1301 243 261 234 234 3.20 4.20 5.40 6.19 34.75 34.75 27.06 23.59 20.77 11.03 29.28 24.17 30.12 - - - -
SYMRISE AG EUR 5177 102 118 1 0 0 0 5.93 2346 2431 2492 2625 458 481 134 134 1.80 1.92 2.21 2.44 30.85 31.07 26.74 24.30 12.92 10.07 9.81 6.07 26.77 - - - -
SALZGITTER AG EUR 2542 150 54 1 0 0 1 2.47 14058 13515 13361 13764 563 501 69 69 -2.08 -9.87 -7.18 1.53 - - 37.30 7.66 -3.32 -41.87 -30.39 5.02 - - - -
SUEDZUCKER AG EUR 5984 731 204 2 0 1 1 9.01 10653 10847 10773 10791 1688 1646 - - 4.02 3.52 3.01 2.96 11.27 11.82 13.16 13.38 17.15 9.27 29.20 29.39 20.52 BBB+ 05.06.2012 - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 15589099 2072.157 1117 1117 203 219 219 104.06 110.23 110.23 16.29 16.29 15.38 15.38 18.48
Euro Stoxx 50 Pr EUR 2984944 6002.296 4677 4677 776 790 790 234.33 302.66 302.66 22.82 20.47 17.67 17.67 21.66
NIKKEI 225 JPY 2857793 203.0095 197 197 19 22 22 6.11 8.07 8.07 0.25 0.24 0.19 0.19 0.12
FTSE 100 INDEX GBP 2928075 12748.62 10012 10012 1524 1661 1661 538.12 807.42 807.42 31.40 24.43 20.93 20.93 22.98
SWISS MARKET INDEX CHF 1120741 11464.75 4198 4198 969 861 861 454.08 567.77 567.77 21.44 18.26 17.14 17.14 24.51
S&P/TSX COMPOSITE INDEX CAD 1697982 17615.94 7406 7406 1859 1968 1968 732.48 803.81 803.81 16.58 16.59 15.11 15.11 24.14
S&P/ASX 200 INDEX AUD 1366032 6451.078 2681 2681 547 684 684 215.80 320.53 320.53 21.50 17.78 14.48 14.48 19.99
HANG SENG INDEX HKD 1793920 3572.425 1668 1668 376 393 393 278.61 269.06 269.06 1.39 1.48 1.43 1.43 2.98
MSCI EM USD 7592957 1394.039 983 983 191 180 180 84.97 88.32 88.32 11.89 12.19 11.44 11.44 19.60
TAG IMMOBILIEN AG EUR 1619 297 131 3 0 0 0 4.69 535 444 361 377 388 289 - - 1.93 1.07 0.75 0.93 15.68 20.37 22.19 18.00 127.45 43.00 192.65 79.37 88.11 - - - -
THYSSENKRUPP AG EUR 12654 6134 514 10 0 1 3 18.21 54251 49144 50192 52007 3483 3015 695 695 -0.51 -0.72 -0.21 1.49 - - 22.28 -8.23 -7.72 -49.06 -17.60 8.30 BB 06.06.2012 Ba1 24.01.2013
TALANX AG EUR 8502 132 208 5 0 6 3 16.96 35746 37600 37243 38720 - - - - 3.88 3.95 3.84 4.04 11.53 12.11 11.84 11.25 17.41 - - - - A- 20.06.2006 - -
TUI AG EUR 3100 385 252 3 0 0 3 3.51 24784 24870 24707 25453 1296 1146 1577 1577 -0.16 -0.72 0.37 0.81 - - 44.51 20.54 6.57 - 25.68 - 6.23 B 23.08.2013 Caa1 14.01.2011
UNITED INTERNET AG-REG SHARE EUR 7093 146 194 0 0 0 0 7.46 3240 3402 3578 3917 527 563 135 135 0.98 1.23 1.41 1.82 40.18 40.62 34.99 27.16 19.54 13.14 6.92 6.46 22.38 - - - -
VOLKSWAGEN AG-PREF EUR 108527 498 465 159 0 6 35 236.42 260514 264988 271085 284555 33023 33548 - - 62.58 51.08 28.57 33.04 6.29 6.31 11.25 9.72 28.29 17.14 19.36 13.58 17.12 A- 31.08.2009 A3 17.08.2009
WACKER CHEMIE AG EUR 5189 111 50 2 0 0 1 6.40 6267 6010 6171 6581 1167 1050 235 235 2.96 0.81 0.60 2.66 165.83 165.83 223.09 50.58 -7.57 2.40 -32.32 -3.81 23.63 - - - -
WIRECARD AG EUR 3779 107 112 0 0 0 1 3.40 534 585 641 757 148 157 46 46 0.89 0.92 1.02 1.30 49.53 49.53 44.55 34.97 29.06 26.24 39.81 29.72 36.25 - - - -
WINCOR NIXDORF AG EUR 2133 69 30 0 0 0 0 2.30 3168 3353 3334 3467 224 251 104 104 2.84 3.72 3.96 4.89 23.45 23.45 22.00 17.82 0.86 1.21 -32.18 -6.71 10.13 - - - -
ELRINGKLINGER AG EUR 2774 22 63 0 0 0 0 3.22 1524 1551 1613 1718 291 284 - - 1.80 1.85 2.14 2.50 31.96 31.96 27.71 23.68 12.35 17.37 -7.14 5.90 24.78 - - - -
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 2.38 2.38 2.21 2.03 2.38 1.52 1.52 1.45 1.39 1.52 10.59 10.59 9.57 8.75 10.59 9.47 9.47 8.73 8.18 9.47 15.38 15.38 13.86 12.53 15.38 2.07 2.07 2.25 2.40 2.07 1850.6 9.2%
Euro Stoxx 50 Pr 1.32 1.32 1.25 1.18 1.32 0.85 0.85 0.82 0.80 0.85 6.58 6.58 6.05 5.47 6.59 7.60 7.60 7.20 6.82 7.60 13.07 13.07 11.69 10.51 13.07 3.90 3.90 4.10 4.45 3.90 3026.5 3.5%
NIKKEI 225 1.56 1.56 1.46 1.37 1.56 0.75 0.75 0.72 0.70 0.75 9.20 9.20 8.49 7.30 9.20 9.07 9.07 8.30 7.80 9.07 18.36 18.36 16.37 14.74 18.36 1.59 1.59 1.74 1.88 1.59 15220.8 4.1%
FTSE 100 INDEX 1.81 1.81 1.69 1.39 1.81 1.05 1.05 1.02 0.99 1.05 8.83 8.83 7.96 7.27 8.83 7.67 7.67 7.03 6.62 7.67 13.02 13.02 11.84 10.86 13.02 3.72 3.73 4.15 4.42 3.72 7099.2 8.5%
SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.85 10.58 13.16 13.32 13.32 12.34 11.52 13.32 15.60 15.60 14.12 12.83 15.60 3.17 3.17 3.53 3.99 3.17 8666.5 7.5%
S&P/TSX COMPOSITE INDEX 1.76 1.76 1.64 1.52 1.76 1.69 1.69 1.55 1.51 1.69 8.92 8.92 8.05 6.79 8.92 8.95 8.95 7.95 7.36 8.95 15.56 15.56 13.71 12.44 15.56 3.11 3.11 3.23 3.35 3.11 14299.7 11.1%
S&P/ASX 200 INDEX 1.96 1.96 1.86 1.77 1.96 1.85 1.85 1.73 1.66 1.85 11.18 11.18 10.24 9.58 11.18 9.43 9.43 8.59 8.03 9.43 15.44 15.44 14.00 13.00 15.44 4.45 4.45 4.75 5.09 4.45 5383.9 2.0%
HANG SENG INDEX 1.38 1.38 1.28 1.19 1.38 1.79 1.79 1.66 1.54 1.79 8.16 8.16 7.71 7.19 8.16 9.08 9.08 8.31 7.66 9.08 11.12 11.12 10.33 9.38 11.12 3.49 3.49 3.74 4.08 3.49 25126.2 8.3%
MSCI EM 1.49 1.49 1.36 1.24 1.49 1.03 1.03 0.96 0.90 1.03 7.47 7.47 6.80 6.26 7.47 7.74 7.74 7.03 6.52 7.74 11.44 11.44 10.24 9.41 11.44 2.75 2.75 3.01 3.29 2.75 1124.6 11.3%
ADIDAS AG 2.86 2.83 2.53 2.25 1.77 1.11 1.13 1.05 0.99 0.93 17.63 14.93 13.04 10.98 9.39 11.43 10.63 8.92 7.70 6.88 20.98 19.10 15.66 13.15 11.93 1.53 2.00 2.50 3.05 3.27 91.46 15.0%
ADVA OPTICAL NETWORKING SE 1.49 1.36 1.28 1.19 0.68 0.69 0.64 0.60 0.13 6.41 16.67 8.14 9.33 4.49 4.74 4.11 3.73 14.95 31.97 21.61 18.82 0.00 4.43 -5.1%
CARL ZEISS MEDITEC AG - BR 2.83 2.54 2.38 2.22 2.06 2.10 2.03 1.89 1.80 1.73 20.17 20.38 17.14 15.89 13.91 13.00 12.46 11.36 10.49 10.11 24.45 20.34 19.25 17.63 16.12 1.56 2.31 2.19 2.42 2.47 23.81 7.0%
AIXTRON SE 2.64 3.49 3.27 2.83 2.64 6.04 5.87 3.56 2.66 2.29 59.11 18.66 14.95 22.04 10.20 9.56 45.79 19.07 19.70 0.32 0.00 0.58 1.59 1.38 11.52 -11.4%
ALLIANZ SE-REG 1.04 1.03 0.97 0.91 1.10 0.52 0.53 0.51 0.50 0.48 10.47 9.02 8.76 8.41 8.33 3.89 4.37 4.55 4.76 5.04 132.57 12.3%
AAREAL BANK AG 0.73 0.70 0.67 0.65 0.64 2.06 1.97 1.86 1.78 1.71 0.65 3.50 1.10 0.95 14.47 13.36 10.52 9.36 7.33 0.26 1.96 3.45 5.65 9.10 23.02 4.7%
BASF SE 2.55 2.48 2.34 2.13 1.85 0.85 0.89 0.93 0.89 0.86 8.24 8.75 8.07 7.86 6.47 6.43 7.84 7.32 6.81 6.22 13.29 13.47 12.27 11.16 9.86 3.58 3.72 3.91 4.14 4.40 74.75 3.6%
BAYER AG-REG 3.58 3.48 3.09 2.72 2.46 1.80 1.75 1.66 1.58 1.50 12.80 11.65 10.44 9.57 8.86 9.71 9.42 8.56 7.89 7.32 15.95 15.04 13.33 11.97 10.87 2.10 2.40 2.69 2.97 3.26 92.40 6.9%
BB BIOTECH AG-REG 116.49 12.0%
BECHTLE AG 1.76 1.60 1.48 1.35 1.20 0.38 0.36 0.34 0.32 0.31 10.82 10.63 10.09 9.23 7.33 7.85 7.53 6.83 6.39 5.65 13.84 13.10 11.57 10.54 9.24 2.44 2.68 2.97 3.22 3.67 40.63 7.7%
BEIERSDORF AG 4.64 4.21 3.76 3.40 3.08 2.74 2.65 2.52 2.37 2.24 24.87 21.99 20.44 19.04 17.21 17.03 15.62 14.13 12.88 11.98 30.77 28.25 24.78 22.32 19.85 1.20 1.22 1.36 1.48 1.66 68.77 4.9%
BAYERISCHE MOTOREN WERKE AG 1.70 1.57 1.42 1.29 1.15 0.67 0.66 0.62 0.60 0.57 6.24 5.23 5.05 4.67 3.73 8.31 8.58 8.29 7.80 6.90 10.37 10.19 9.87 9.45 8.89 3.24 3.35 3.62 3.90 4.23 81.79 1.5%
BRENNTAG AG 3.29 2.95 2.66 2.40 2.12 0.66 0.64 0.60 0.57 0.55 15.43 14.30 13.24 12.11 11.02 11.13 11.07 10.18 9.45 9.09 18.97 18.89 16.52 14.87 13.84 1.88 1.94 2.20 2.42 2.58 124.47 0.9%
HUGO BOSS AG -ORD 10.81 8.75 7.16 6.00 4.61 2.92 2.70 2.48 2.30 2.19 17.65 15.17 13.63 12.13 10.97 13.41 12.21 10.83 9.72 8.96 21.06 19.23 16.78 14.83 13.51 3.36 3.69 4.22 4.78 5.45 98.36 2.7%
COMMERZBANK AG 0.29 0.38 0.37 0.36 0.35 1.00 1.05 1.01 0.98 0.96 9.87 9.06 7.26 10.36 24.69 10.73 7.18 4.81 0.00 0.00 0.67 2.56 7.00 8.70 -1.0%
CELESIO AG 1.14 1.23 1.16 1.08 0.90 0.13 0.13 0.13 0.13 0.12 11.94 8.54 7.49 7.20 7.06 7.80 8.00 7.39 6.96 6.70 13.98 15.37 12.88 11.31 10.82 1.98 2.07 2.49 2.85 2.90 16.48 -1.0%
CANCOM SE 3.14 2.90 2.53 2.20 0.45 0.44 0.42 0.40 0.40 13.79 14.08 11.97 10.63 9.48 8.53 7.70 6.94 19.96 16.83 14.61 12.83 1.43 1.73 1.89 2.04 27.50 24.4%
CONTINENTAL AG 2.91 2.61 2.20 1.87 1.63 0.77 0.74 0.70 0.66 0.63 7.64 7.64 6.58 5.93 5.51 6.88 6.50 5.95 5.48 5.33 11.69 11.88 10.37 9.20 8.94 1.58 1.98 2.38 2.78 3.10 123.96 -1.6%
COMPUGROUP MEDICAL AG 4.72 4.59 3.86 3.32 2.17 2.13 2.02 1.93 1.83 12.68 11.34 10.92 10.24 9.92 11.61 12.39 10.64 9.79 9.26 25.81 18.60 14.57 12.67 10.67 1.86 1.88 2.12 2.33 3.03 18.80 1.9%
DAIMLER AG-REGISTERED SHARES 1.44 1.34 1.26 1.16 1.05 0.55 0.53 0.49 0.47 0.51 7.03 6.91 5.81 5.14 3.65 10.30 9.45 9.33 8.31 6.40 12.54 12.08 10.46 8.97 8.24 3.69 3.78 3.87 4.32 4.31 57.03 -1.6%
DEUTSCHE BOERSE AG 3.32 3.13 2.81 2.48 2.19 5.12 5.12 4.84 4.59 4.35 13.50 12.00 11.51 10.50 9.99 10.67 10.98 9.75 9.04 7.79 15.61 15.35 13.56 12.26 10.52 4.01 3.82 4.11 4.37 4.58 54.88 -1.3%
DEUTSCHE BANK AG-REGISTERED 0.57 0.60 0.58 0.54 1.04 1.05 1.03 1.01 0.95 6.07 7.71 6.12 4.54 9.61 9.40 7.63 6.21 5.88 2.19 2.39 3.00 4.39 3.27 40.45 17.6%
DEUTSCHE EUROSHOP AG 1.23 1.25 1.20 1.18 1.19 8.30 8.91 8.53 8.58 8.25 16.71 15.67 14.29 13.92 15.89 17.55 18.70 18.01 17.63 17.66 19.37 16.35 16.08 15.53 14.43 3.56 3.89 4.09 4.28 4.48 33.37 3.2%
DIALOG SEMICONDUCTOR PLC 3.81 3.06 2.55 2.05 1.85 1.81 1.61 1.34 1.18 1.11 20.68 16.47 11.52 8.85 7.46 10.91 9.15 6.87 5.62 5.45 17.72 19.67 13.68 10.65 9.77 0.00 0.00 0.00 0.00 15.79 4.8%
DEUTSCHE POST AG-REG 2.61 2.77 2.51 2.30 1.75 0.52 0.51 0.49 0.47 0.45 15.28 9.77 9.11 8.29 6.97 8.20 7.62 7.07 6.49 6.03 18.66 15.95 14.83 13.26 11.87 3.07 3.18 3.43 3.76 4.09 23.50 -2.3%
DRILLISCH AG 6.89 4.18 4.09 3.99 2.83 3.16 3.09 2.98 2.93 44.41 24.72 13.53 12.46 10.52 16.34 14.03 12.06 11.07 12.30 39.45 9.34 15.56 14.03 11.98 5.23 7.36 7.46 7.24 6.99 18.40 4.1%
DRAEGERWERK AG - PREF 2.12 1.94 1.67 1.46 1.49 0.60 0.59 0.57 0.55 0.52 9.16 12.21 8.98 8.67 8.19 5.60 5.64 5.11 4.69 4.19 12.32 13.17 11.87 10.54 9.03 0.91 0.95 2.08 2.30 2.52 103.45 7.3%
DEUTSCHE TELEKOM AG-REG 1.61 1.66 1.58 1.52 1.65 0.81 0.80 0.79 0.78 0.79 3.43 3.37 3.32 3.34 3.31 5.39 5.65 5.51 5.39 5.25 16.50 16.70 15.30 14.37 11.83 6.60 4.99 4.81 4.97 5.49 10.08 -4.8%
DUERR AG 4.25 3.67 3.14 2.73 2.30 0.78 0.75 0.72 0.70 0.70 23.27 12.01 11.54 11.24 11.54 9.74 8.40 7.95 7.63 7.47 18.17 14.79 14.18 13.56 12.60 1.76 2.39 2.57 2.61 2.90 54.97 1.7%
DEUTSCHE WOHNEN AG-BR 1.14 1.08 1.02 0.97 0.98 5.44 5.68 5.37 4.99 5.74 23.42 19.57 17.82 17.94 21.26 26.58 18.90 17.17 16.66 18.78 20.59 16.75 15.29 15.02 16.81 1.94 2.49 2.91 3.12 3.07 14.86 13.3%
EADS NV 3.87 3.73 3.02 2.43 2.02 0.67 0.63 0.59 0.55 0.54 12.64 11.86 8.89 6.26 6.66 8.00 6.36 5.39 4.82 4.83 24.15 17.26 12.81 10.73 10.33 1.32 2.06 2.79 3.38 3.34 50.52 8.4%
E.ON SE 0.68 0.71 0.69 0.67 0.64 0.24 0.23 0.22 0.22 0.21 3.30 3.81 4.11 4.07 4.34 4.45 5.13 5.25 5.31 5.44 6.02 10.86 11.33 11.30 12.16 8.10 5.09 4.81 4.83 4.43 12.66 -6.2%
EVONIK INDUSTRIES AG 1.92 1.79 1.66 1.51 1.01 0.96 0.90 0.83 6.81 8.79 7.94 6.93 7.54 6.97 6.33 5.49 15.25 13.34 11.92 9.60 3.26 3.43 3.70 4.11 29.82 7.0%
EVOTEC AG 2.44 2.41 2.25 2.01 1.87 4.29 3.95 3.47 2.95 2.77 23.33 30.09 21.90 17.13 12.63 29.40 22.46 16.42 11.11 8.45 41.28 56.49 33.54 19.17 18.61 0.00 0.00 0.00 3.60 11.8%
FIELMANN AG 5.91 5.53 5.32 5.13 4.72 2.94 2.81 2.67 2.54 2.43 20.11 18.78 18.51 17.64 15.69 13.51 12.86 12.12 11.49 10.62 25.78 24.22 22.57 21.23 19.01 3.44 3.67 3.90 4.16 4.50 74.70 -4.1%
FRESENIUS MEDICAL CARE AG & 2.28 2.06 1.90 1.77 1.56 1.49 1.40 1.34 1.26 1.18 11.49 11.61 10.68 9.79 9.06 9.88 9.92 9.58 8.83 7.90 17.65 18.22 17.32 15.34 13.35 1.37 1.45 1.49 1.62 1.79 52.33 7.9%
FREENET AG 2.01 1.83 1.73 1.65 1.57 0.76 0.72 0.71 0.71 0.72 8.64 8.86 8.57 8.79 8.68 8.22 8.01 7.86 7.83 7.88 12.71 9.87 9.36 9.08 8.73 6.51 7.87 8.31 8.58 9.35 19.49 7.6%
FUCHS PETROLUB SE -PREF 5.75 5.00 4.45 3.97 2.26 2.20 2.10 2.01 1.96 21.39 19.52 18.34 16.79 18.64 12.66 11.96 11.30 10.69 10.32 21.53 20.16 18.94 17.86 17.98 1.82 2.29 2.52 2.71 3.03 59.26 -5.1%
FRAPORT AG FRANKFURT AIRPORT 1.60 1.56 1.48 1.40 1.30 1.92 1.84 1.79 1.71 1.64 8.11 8.00 7.47 6.92 6.32 10.26 9.82 9.41 8.75 8.07 19.44 21.06 18.00 15.45 13.34 2.44 2.44 2.55 2.78 3.03 52.10 1.3%
FRESENIUS SE & CO KGAA 2.11 1.93 1.82 1.65 1.41 0.86 0.80 0.74 0.69 0.65 8.66 7.87 6.80 6.25 6.78 8.66 8.29 7.67 7.08 6.63 17.18 15.84 13.94 12.25 10.91 1.15 1.29 1.43 1.62 1.83 106.40 14.8%
GEA GROUP AG 2.47 2.38 2.12 1.93 1.68 1.03 1.00 0.95 0.91 0.89 13.69 12.17 10.44 9.80 8.68 9.98 9.08 8.18 7.68 7.32 16.58 15.28 13.43 12.28 11.60 1.87 2.09 2.38 2.55 2.97 32.98 7.8%
BILFINGER SE 1.72 1.65 1.56 1.48 1.32 0.42 0.41 0.39 0.37 0.35 9.60 8.61 8.00 7.50 6.46 6.58 6.83 6.14 5.71 4.83 13.61 13.98 12.38 11.14 9.30 3.75 3.74 4.04 4.42 4.41 83.23 8.0%
GAGFAH SA 0.89 0.88 0.85 0.81 0.75 2.50 2.55 2.52 2.48 2.49 20.34 24.85 16.87 15.42 13.74 20.34 20.75 19.69 18.92 19.79 23.69 21.61 14.29 13.45 10.99 0.00 0.09 2.15 3.98 3.61 11.13 15.7%
GSW IMMOBILIEN AG 1.14 1.05 0.99 0.95 0.89 7.34 6.85 6.41 6.30 6.72 26.76 23.25 20.69 19.20 19.03 25.72 21.25 20.17 19.51 20.32 25.31 16.72 16.50 15.52 18.80 2.67 2.99 3.24 3.40 3.38 34.74 7.6%
GILDEMEISTER AG 1.69 1.45 1.45 1.34 1.27 0.79 0.76 0.72 0.68 0.68 11.31 9.43 9.56 8.43 9.83 8.85 8.35 7.00 6.24 7.94 15.01 15.66 13.53 12.09 16.46 1.82 1.99 2.23 2.53 1.95 21.48 6.1%
GERRY WEBER INTL AG 3.99 3.50 3.07 2.71 2.40 1.74 1.63 1.49 1.37 1.25 16.00 14.79 12.98 11.29 10.35 10.70 10.76 9.01 7.96 7.26 17.96 18.61 15.29 13.25 11.55 2.48 2.60 3.07 3.47 3.85 35.01 14.8%
GERRESHEIMER AG 2.54 2.40 2.15 1.89 1.74 1.16 1.09 1.03 0.97 0.92 9.13 8.43 7.15 6.46 5.91 8.35 7.93 7.07 6.45 5.89 18.10 16.55 13.77 11.87 10.25 1.49 1.56 1.87 2.14 2.41 49.87 11.4%
HEIDELBERGCEMENT AG 0.84 0.84 0.80 0.75 0.70 0.79 0.77 0.73 0.68 0.64 6.85 6.81 6.04 5.05 4.08 7.82 7.42 6.69 5.99 5.26 21.91 16.72 12.84 10.07 8.13 0.85 1.39 2.10 2.80 3.88 61.04 4.0%
HENKEL AG & CO KGAA VORZUG 3.37 3.11 2.77 2.46 2.16 1.84 1.81 1.72 1.64 1.57 16.28 15.16 13.88 12.88 12.06 11.35 10.62 9.90 9.18 8.53 20.39 18.78 17.12 15.60 14.32 1.22 1.38 1.53 1.66 1.83 79.94 5.6%
HANNOVER RUECK SE 1.12 1.07 1.00 0.94 1.02 0.49 0.47 0.45 0.45 0.44 8.10 8.02 8.04 8.01 8.20 5.27 5.09 5.17 5.27 4.99 62.84 14.0%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.38 2.38 2.21 2.03 2.38 1.52 1.52 1.45 1.39 1.52 10.59 10.59 9.57 8.75 10.59 9.47 9.47 8.73 8.18 9.47 15.38 15.38 13.86 12.53 15.38 2.07 2.07 2.25 2.40 2.07 1850.6 9.2%
Euro Stoxx 50 Pr 1.32 1.32 1.25 1.18 1.32 0.85 0.85 0.82 0.80 0.85 6.58 6.58 6.05 5.47 6.59 7.60 7.60 7.20 6.82 7.60 13.07 13.07 11.69 10.51 13.07 3.90 3.90 4.10 4.45 3.90 3026.5 3.5%
NIKKEI 225 1.56 1.56 1.46 1.37 1.56 0.75 0.75 0.72 0.70 0.75 9.20 9.20 8.49 7.30 9.20 9.07 9.07 8.30 7.80 9.07 18.36 18.36 16.37 14.74 18.36 1.59 1.59 1.74 1.88 1.59 15220.8 4.1%
FTSE 100 INDEX 1.81 1.81 1.69 1.39 1.81 1.05 1.05 1.02 0.99 1.05 8.83 8.83 7.96 7.27 8.83 7.67 7.67 7.03 6.62 7.67 13.02 13.02 11.84 10.86 13.02 3.72 3.73 4.15 4.42 3.72 7099.2 8.5%
SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.85 10.58 13.16 13.32 13.32 12.34 11.52 13.32 15.60 15.60 14.12 12.83 15.60 3.17 3.17 3.53 3.99 3.17 8666.5 7.5%
S&P/TSX COMPOSITE INDEX 1.76 1.76 1.64 1.52 1.76 1.69 1.69 1.55 1.51 1.69 8.92 8.92 8.05 6.79 8.92 8.95 8.95 7.95 7.36 8.95 15.56 15.56 13.71 12.44 15.56 3.11 3.11 3.23 3.35 3.11 14299.7 11.1%
S&P/ASX 200 INDEX 1.96 1.96 1.86 1.77 1.96 1.85 1.85 1.73 1.66 1.85 11.18 11.18 10.24 9.58 11.18 9.43 9.43 8.59 8.03 9.43 15.44 15.44 14.00 13.00 15.44 4.45 4.45 4.75 5.09 4.45 5383.9 2.0%
HANG SENG INDEX 1.38 1.38 1.28 1.19 1.38 1.79 1.79 1.66 1.54 1.79 8.16 8.16 7.71 7.19 8.16 9.08 9.08 8.31 7.66 9.08 11.12 11.12 10.33 9.38 11.12 3.49 3.49 3.74 4.08 3.49 25126.2 8.3%
MSCI EM 1.49 1.49 1.36 1.24 1.49 1.03 1.03 0.96 0.90 1.03 7.47 7.47 6.80 6.26 7.47 7.74 7.74 7.03 6.52 7.74 11.44 11.44 10.24 9.41 11.44 2.75 2.75 3.01 3.29 2.75 1124.6 11.3%
HOCHTIEF AG 1.79 1.66 1.61 1.53 0.20 0.19 0.19 0.19 0.18 5.61 4.20 3.80 3.45 5.88 4.94 4.96 4.77 26.44 19.52 17.84 15.65 10.35 1.94 2.72 2.93 3.29 62.73 -3.5%
INFINEON TECHNOLOGIES AG 2.31 2.24 2.08 1.87 1.62 2.11 2.13 1.95 1.81 1.67 15.66 13.56 10.01 7.95 7.22 6.91 8.03 6.17 5.38 5.02 21.00 31.58 19.05 14.92 11.66 1.58 1.57 1.75 1.97 1.58 7.61 0.4%
JENOPTIK AG 1.88 1.79 1.62 1.46 1.37 1.10 1.05 0.98 0.93 0.90 10.58 10.43 10.22 9.21 7.60 9.03 9.37 8.15 7.45 7.06 16.43 17.73 13.86 12.47 12.01 1.48 1.57 1.84 1.98 1.07 10.92 -2.2%
KONTRON AG 0.88 0.95 1.01 0.93 0.93 0.47 0.48 0.45 0.43 0.40 26.91 13.73 14.41 7.18 4.39 28.97 16.12 8.00 4.78 3.80 31.88 13.49 9.70 2.36 1.37 1.91 2.86 6.44 4.12 -11.5%
KLOECKNER & CO SE 0.60 0.67 0.67 0.65 0.61 0.14 0.15 0.15 0.14 0.13 31.74 9.95 7.82 7.55 5.25 20.65 11.39 7.30 6.39 5.27 32.04 18.27 15.82 0.00 0.04 0.77 1.44 1.82 10.53 2.4%
KABEL DEUTSCHLAND HOLDING AG 4.53 4.23 3.91 3.66 3.41 15.47 12.42 11.04 10.68 12.98 11.92 10.76 9.89 9.14 28.87 31.83 26.84 24.43 20.96 2.73 3.37 3.89 3.85 4.32 84.03 -10.5%
KRONES AG 2.28 2.06 1.88 1.71 1.65 0.77 0.71 0.67 0.64 0.62 18.57 10.84 9.47 8.93 8.93 10.43 7.71 6.93 6.33 6.55 25.06 16.71 14.65 13.09 13.22 1.07 1.55 1.83 1.95 67.97 8.7%
KUKA AG 3.50 3.03 2.57 2.22 1.96 0.62 0.58 0.56 0.54 0.52 11.78 11.62 10.18 9.46 8.19 7.18 6.62 6.07 5.71 5.74 18.74 16.59 14.59 12.56 12.14 0.90 1.23 1.50 1.98 1.85 34.50 8.3%
LEG IMMOBILIEN AG 1.01 0.99 0.95 0.92 0.85 4.74 4.61 4.35 4.09 3.81 16.84 15.50 13.82 14.21 12.21 19.61 19.96 18.30 17.09 15.39 20.22 15.54 13.29 13.25 12.10 0.97 4.15 4.53 4.78 5.38 45.44 8.4%
LEONI AG 1.73 1.66 1.48 1.31 1.13 0.38 0.38 0.35 0.32 0.30 7.35 7.02 5.91 4.86 3.82 5.19 6.09 5.04 4.39 3.89 9.88 13.64 9.74 7.89 6.82 3.29 3.10 3.42 3.93 4.33 45.55 3.5%
DEUTSCHE LUFTHANSA-REG 0.82 0.96 0.90 0.78 0.66 0.22 0.22 0.21 0.20 0.19 2.70 2.74 2.46 2.10 2.23 3.35 2.82 2.49 2.12 2.03 28.38 13.20 8.42 5.63 5.42 1.57 2.09 4.54 6.46 6.45 17.48 20.3%
LINDE AG 2.00 2.02 1.89 1.75 1.61 1.81 1.62 1.52 1.41 1.35 9.93 8.67 8.17 7.56 6.73 10.71 9.27 8.58 7.93 7.40 19.12 17.91 15.91 14.12 12.61 1.78 1.96 2.19 2.42 2.73 162.33 8.8%
LPKF LASER & ELECTRONICS 5.54 4.69 4.07 3.54 3.05 2.77 2.49 2.26 2.04 1.84 20.63 13.87 11.44 12.95 8.86 12.81 10.81 9.54 8.22 7.13 25.20 20.48 18.65 16.18 14.58 1.76 2.03 2.29 2.60 3.10 13.27 -2.1%
LANXESS AG 1.64 1.74 1.59 1.41 1.29 0.45 0.49 0.45 0.43 0.40 4.88 7.71 5.86 4.71 3.78 5.17 8.40 6.12 5.26 4.69 7.43 30.57 12.35 8.90 7.47 1.94 1.79 2.21 2.56 2.62 52.72 7.0%
MAN SE 2.38 2.19 2.20 2.13 2.13 0.82 0.82 0.78 0.75 0.70 24.24 25.12 11.85 9.57 7.16 13.73 16.41 10.80 9.31 7.31 32.72 77.46 20.70 17.10 9.54 1.63 2.95 3.47 3.35 3.22 82.53 -6.0%
METRO AG 1.55 1.74 1.65 1.53 1.28 0.15 0.19 0.15 0.15 0.14 4.96 5.18 5.38 4.80 4.98 8.44 5.22 4.99 4.94 12.32 584.51 14.04 12.41 10.58 4.45 0.19 3.49 3.80 4.19 26.24 -12.0%
MORPHOSYS AG 6.47 4.49 4.44 4.15 4.32 27.89 18.71 19.82 16.49 15.38 193.38 25.24 92.13 515.09 169.72 125.51 8128.66 466.73 75.47 745.53 170.15 101.91 0.00 0.00 62.57 10.4%
MERCK KGAA 2.31 2.29 2.14 1.98 1.83 2.25 2.22 2.21 2.18 2.18 11.25 10.04 9.47 9.05 7.85 8.95 8.39 8.08 7.81 7.53 15.15 13.21 12.64 12.20 11.62 1.40 1.65 1.78 1.90 2.29 116.67 1.9%
MTU AERO ENGINES AG 3.39 2.90 2.56 2.29 2.05 1.07 0.97 0.90 0.84 0.79 10.90 13.19 11.57 9.10 7.38 8.53 8.38 7.60 6.85 6.34 15.27 16.18 14.04 12.45 11.35 1.98 2.08 2.28 2.56 3.63 72.57 3.8%
MUENCHENER RUECKVER AG-REG 0.96 0.94 0.90 0.85 0.89 0.47 0.47 0.46 0.46 0.42 8.11 8.59 8.57 8.24 8.64 4.75 5.00 5.17 5.33 5.64 154.48 7.7%
AURUBIS AG 1.02 0.93 0.88 0.84 0.83 0.15 0.16 0.16 0.15 0.15 6.33 8.63 6.75 6.68 5.38 3.95 6.58 5.23 4.92 4.61 7.80 14.70 10.70 9.71 8.94 2.66 2.79 2.94 3.05 3.28 50.08 10.8%
NORDEX SE 2.25 2.60 2.39 2.14 0.73 0.58 0.55 0.52 0.49 16.32 114.22 13.74 11.74 18.48 10.38 8.08 6.77 5.30 64.65 31.06 21.92 0.00 0.29 8.93 -13.1%
NEMETSCHEK AG 3.93 3.61 3.13 2.75 2.46 2.32 2.15 2.01 1.87 13.08 15.72 12.09 11.11 9.79 8.92 7.97 7.36 20.82 18.59 15.19 13.82 2.37 2.66 2.90 3.14 48.83 8.3%
NORMA GROUP SE 3.69 3.31 2.90 2.58 2.24 1.80 1.69 1.59 1.50 1.45 12.95 11.91 11.10 10.26 9.27 10.39 9.66 8.92 8.39 7.77 17.68 16.81 14.86 13.50 12.94 1.85 2.10 2.33 2.54 2.49 32.73 -4.0%
XING AG 8.13 7.06 6.01 5.05 5.78 5.05 4.45 3.98 3.57 22.86 21.78 18.08 15.13 9.64 16.96 15.13 11.85 9.96 8.16 44.33 40.07 28.25 22.32 16.48 0.82 0.88 1.10 1.56 2.45 66.33 -12.1%
TELEFONICA DEUTSCHLAND HOLDI 1.21 1.09 1.16 1.22 1.30 1.27 1.32 1.33 1.33 1.30 4.97 5.49 5.43 5.30 5.03 6.06 6.19 6.11 6.00 5.83 41.49 92.70 59.33 46.35 22.39 7.58 7.72 8.06 7.97 8.23 6.23 5.0%
OSRAM LICHT AG 1.92 1.71 1.58 1.41 0.69 0.70 0.67 0.64 0.62 10.05 9.88 8.04 6.32 8.04 7.75 5.88 4.90 4.22 24.30 15.88 11.96 10.53 0.00 0.00 1.92 3.05 35.23 -0.3%
PFEIFFER VACUUM TECHNOLOGY 3.18 3.20 2.98 2.80 2.35 1.93 2.09 1.93 1.81 1.66 13.25 14.91 13.64 12.30 9.81 10.02 12.15 9.63 8.35 6.97 19.45 23.63 17.74 14.94 12.88 3.82 3.16 4.14 4.92 5.68 82.79 -10.0%
PSI AG 2.30 2.29 2.06 1.79 1.56 1.00 0.95 0.87 0.81 0.74 15.89 11.76 10.35 8.33 6.11 9.00 9.18 6.89 5.65 4.43 19.21 20.93 13.69 10.64 7.37 2.55 2.51 3.58 4.48 6.79 14.32 24.7%
PROSIEBEN SAT.1 MEDIA AG-REG 4.44 8.38 7.11 6.27 6.27 2.38 2.69 2.54 2.41 2.36 5.61 7.80 7.23 6.42 6.47 9.06 9.95 9.29 8.82 8.73 17.15 17.09 15.54 14.32 14.55 17.74 4.61 5.19 5.56 5.30 33.04 4.5%
QIAGEN N.V. 1.86 1.83 1.70 1.59 1.54 4.02 3.81 3.61 3.39 3.23 16.52 16.40 13.08 12.47 10.85 13.46 12.45 11.35 10.61 10.33 21.05 18.80 17.50 15.96 13.91 0.00 0.00 0.00 0.00 0.00 15.76 0.2%
QSC AG 2.51 2.45 2.22 2.01 0.97 1.02 0.99 0.95 0.95 8.72 9.01 7.04 6.49 13.39 6.62 6.51 6.04 5.55 5.71 26.98 21.55 16.45 12.58 11.83 2.35 2.72 3.20 3.63 3.73 3.59 -4.3%
RATIONAL AG 10.45 9.51 8.74 7.84 7.92 5.72 5.56 5.06 4.60 4.24 25.07 25.70 22.68 20.41 18.18 17.90 18.65 16.53 14.89 13.42 25.91 27.09 23.86 21.44 19.41 3.10 3.08 3.30 3.68 4.14 212.75 -4.7%
RHOEN-KLINIKUM AG 1.62 1.55 1.46 1.37 1.27 0.91 0.85 0.93 0.90 0.88 11.40 10.33 10.17 8.83 9.03 11.51 10.41 10.58 9.67 9.64 26.23 23.00 19.91 16.94 14.59 1.86 1.81 6.38 2.47 2.35 20.54 9.8%
RHEINMETALL AG 1.06 1.17 1.09 1.00 0.91 0.35 0.36 0.34 0.33 0.31 4.05 6.61 4.97 4.16 3.39 4.26 6.44 4.49 3.82 3.35 8.90 24.30 10.89 7.97 6.40 4.02 2.31 3.62 4.45 6.09 41.67 -1.4%
RTL GROUP 2.57 3.58 3.67 3.54 2.83 1.97 1.92 1.87 1.81 1.78 11.92 12.15 11.47 11.06 13.10 9.89 9.58 9.15 8.65 8.48 16.09 16.21 15.66 14.73 17.13 6.88 7.85 6.20 6.31 4.73 78.47 6.0%
RWE AG 0.96 1.05 0.98 0.93 0.96 0.30 0.28 0.29 0.28 0.27 2.57 2.72 2.99 3.05 3.44 4.11 4.06 4.58 4.74 4.95 6.15 6.41 8.64 9.74 10.78 8.07 5.99 5.11 4.81 4.24 22.35 -10.7%
SMA SOLAR TECHNOLOGY AG 1.04 1.10 1.10 1.06 0.59 0.81 0.78 0.72 0.67 8.02 15.64 10.42 10.10 3.28 16.58 7.96 5.72 10.28 292.00 34.91 2.53 0.04 0.30 0.97 21.52 -13.3%
SAP AG 4.73 4.02 3.45 2.94 2.43 4.22 3.99 3.66 3.35 3.10 17.36 14.90 13.00 11.68 9.66 12.72 11.25 10.14 9.17 8.35 18.14 16.48 14.73 13.00 11.58 1.50 1.66 1.91 2.15 2.14 64.97 16.0%
STADA ARZNEIMITTEL AG 2.34 2.13 1.85 1.64 1.39 1.19 1.09 1.01 0.95 0.89 11.07 9.09 7.60 6.42 5.84 10.18 9.15 8.15 7.60 6.97 14.47 13.07 10.70 9.63 8.54 1.49 1.92 2.30 2.45 2.92 38.06 3.8%
STRATEC BIOMEDICAL AG 4.01 3.57 3.19 2.87 2.60 2.97 2.74 2.42 2.19 2.00 22.45 24.78 21.58 16.10 14.97 15.82 14.72 12.39 11.25 9.99 24.74 23.07 19.12 16.45 15.36 1.78 1.78 2.05 2.37 2.75 27.92 -9.7%
K+S AG-REG 1.12 1.04 1.01 0.97 0.93 0.94 0.96 1.02 0.99 0.91 4.66 5.10 8.53 9.46 6.55 3.89 4.42 6.48 6.34 5.28 7.08 8.29 17.09 17.22 12.94 6.97 5.36 2.52 2.44 4.48 17.62 -10.6%
SIEMENS AG-REG 2.42 2.55 2.33 2.13 1.66 1.02 1.04 1.01 0.97 0.93 10.78 13.00 10.23 8.78 8.69 9.36 10.76 8.55 7.84 7.19 14.70 16.49 12.92 11.60 10.09 3.40 3.44 3.64 3.87 3.93 90.34 0.1%
SKY DEUTSCHLAND AG 36.83 18.62 19.76 13.06 8.07 4.45 3.82 3.27 2.87 2.67 61.60 22.51 17.83 172.30 44.57 20.38 14.23 44.29 25.10 0.00 0.00 0.00 0.12 2.95 6.61 -2.4%
SOFTWARE AG 2.10 2.08 1.87 1.70 1.52 2.14 2.26 2.15 2.03 1.87 10.88 11.87 11.05 10.11 7.98 7.73 8.81 8.24 7.57 7.82 11.62 13.65 12.33 11.04 9.51 1.80 1.74 1.81 1.91 2.35 29.04 11.5%
AXEL SPRINGER AG 2.28 2.08 1.91 1.83 1.55 1.21 1.18 1.28 1.26 1.27 8.98 9.51 9.47 9.45 10.29 7.78 8.15 8.34 7.94 7.98 13.93 15.25 15.58 14.43 14.34 4.40 4.24 4.33 4.56 5.70 43.72 8.4%
SARTORIUS AG-VORZUG 4.06 3.62 3.22 2.82 1.74 1.64 1.54 1.46 1.38 19.03 11.13 10.04 9.29 8.98 11.86 11.01 9.97 9.20 8.31 21.66 20.01 17.45 15.66 13.46 1.23 1.42 1.67 1.87 2.06 86.71 8.5%
SYMRISE AG 3.95 3.97 3.58 3.24 2.79 2.23 2.08 1.97 1.88 1.80 16.08 14.65 13.37 12.58 10.80 12.94 11.66 10.91 10.26 9.70 22.95 19.77 17.96 16.73 15.53 2.12 2.32 2.53 2.77 2.99 32.58 0.6%
SALZGITTER AG 0.44 0.50 0.50 0.48 0.51 0.18 0.19 0.18 0.18 0.17 6.03 7.10 4.68 3.89 3.06 4.38 7.00 3.56 3.00 2.78 27.59 12.68 13.13 0.98 0.67 0.94 1.34 1.84 29.34 -6.2%
SUEDZUCKER AG 1.13 1.11 1.04 0.98 0.57 0.56 0.55 0.55 0.52 5.31 5.64 5.96 5.68 5.36 6.18 6.27 6.24 6.09 7.55 9.74 9.90 9.79 4.01 4.07 4.10 4.18 25.20 16.3%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.38 2.38 2.21 2.03 2.38 1.52 1.52 1.45 1.39 1.52 10.59 10.59 9.57 8.75 10.59 9.47 9.47 8.73 8.18 9.47 15.38 15.38 13.86 12.53 15.38 2.07 2.07 2.25 2.40 2.07 1850.6 9.2%
Euro Stoxx 50 Pr 1.32 1.32 1.25 1.18 1.32 0.85 0.85 0.82 0.80 0.85 6.58 6.58 6.05 5.47 6.59 7.60 7.60 7.20 6.82 7.60 13.07 13.07 11.69 10.51 13.07 3.90 3.90 4.10 4.45 3.90 3026.5 3.5%
NIKKEI 225 1.56 1.56 1.46 1.37 1.56 0.75 0.75 0.72 0.70 0.75 9.20 9.20 8.49 7.30 9.20 9.07 9.07 8.30 7.80 9.07 18.36 18.36 16.37 14.74 18.36 1.59 1.59 1.74 1.88 1.59 15220.8 4.1%
FTSE 100 INDEX 1.81 1.81 1.69 1.39 1.81 1.05 1.05 1.02 0.99 1.05 8.83 8.83 7.96 7.27 8.83 7.67 7.67 7.03 6.62 7.67 13.02 13.02 11.84 10.86 13.02 3.72 3.73 4.15 4.42 3.72 7099.2 8.5%
SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.85 10.58 13.16 13.32 13.32 12.34 11.52 13.32 15.60 15.60 14.12 12.83 15.60 3.17 3.17 3.53 3.99 3.17 8666.5 7.5%
S&P/TSX COMPOSITE INDEX 1.76 1.76 1.64 1.52 1.76 1.69 1.69 1.55 1.51 1.69 8.92 8.92 8.05 6.79 8.92 8.95 8.95 7.95 7.36 8.95 15.56 15.56 13.71 12.44 15.56 3.11 3.11 3.23 3.35 3.11 14299.7 11.1%
S&P/ASX 200 INDEX 1.96 1.96 1.86 1.77 1.96 1.85 1.85 1.73 1.66 1.85 11.18 11.18 10.24 9.58 11.18 9.43 9.43 8.59 8.03 9.43 15.44 15.44 14.00 13.00 15.44 4.45 4.45 4.75 5.09 4.45 5383.9 2.0%
HANG SENG INDEX 1.38 1.38 1.28 1.19 1.38 1.79 1.79 1.66 1.54 1.79 8.16 8.16 7.71 7.19 8.16 9.08 9.08 8.31 7.66 9.08 11.12 11.12 10.33 9.38 11.12 3.49 3.49 3.74 4.08 3.49 25126.2 8.3%
MSCI EM 1.49 1.49 1.36 1.24 1.49 1.03 1.03 0.96 0.90 1.03 7.47 7.47 6.80 6.26 7.47 7.74 7.74 7.03 6.52 7.74 11.44 11.44 10.24 9.41 11.44 2.75 2.75 3.01 3.29 2.75 1124.6 11.3%
TAG IMMOBILIEN AG 1.11 1.02 0.99 0.97 0.93 6.02 4.48 4.30 4.17 4.17 20.96 14.31 12.94 15.58 15.66 13.83 19.21 17.94 17.28 18.35 7.34 16.41 13.31 15.11 15.79 2.59 3.62 4.28 4.51 2.65 9.73 6.2%
THYSSENKRUPP AG 1.15 3.41 2.94 2.43 2.39 0.23 0.25 0.24 0.23 0.22 13.01 9.63 5.92 5.17 3.81 6.93 7.21 5.51 4.63 3.77 16.48 10.56 8.52 2.06 0.67 1.59 2.73 4.95 17.92 -1.5%
TALANX AG 0.87 0.87 0.82 0.76 0.24 0.23 0.22 0.21 0.21 9.21 8.76 8.32 7.89 8.06 4.46 4.69 4.99 5.24 26.28 5.6%
TUI AG 0.93 1.09 1.01 0.93 0.71 0.13 0.13 0.12 0.12 0.12 3.22 4.50 3.91 3.60 3.21 2.67 2.47 2.24 2.04 1.95 22.83 32.92 15.19 11.46 11.12 0.29 0.23 0.98 2.14 3.85 11.05 21.6%
UNITED INTERNET AG-REG SHARE 27.65 19.26 11.99 8.52 5.66 2.20 1.98 1.81 1.70 1.61 20.39 18.11 15.13 13.76 12.86 16.36 13.71 11.51 9.97 8.89 33.42 25.88 20.09 16.86 13.96 0.98 1.28 1.63 2.06 2.64 26.40 -2.4%
VOLKSWAGEN AG-PREF 1.06 1.00 0.88 0.79 0.74 0.42 0.40 0.38 0.36 0.35 3.69 3.85 3.47 3.40 3.02 8.01 7.37 6.60 6.13 5.52 8.19 8.32 7.19 6.47 5.75 2.20 2.40 3.10 3.74 4.96 205.35 16.8%
WACKER CHEMIE AG 1.43 1.60 1.53 1.46 1.49 0.83 0.84 0.79 0.74 0.71 5.78 8.28 5.94 5.12 4.03 6.28 7.04 5.89 5.17 4.54 45.91 165.00 37.41 23.16 17.53 0.77 0.26 0.81 1.31 1.58 64.78 -12.0%
WIRECARD AG 5.04 4.51 3.91 3.37 2.90 7.11 5.89 4.99 4.28 3.70 31.94 27.80 22.30 19.06 15.28 23.01 19.96 16.40 13.82 11.28 36.15 32.95 25.87 21.55 17.48 0.47 0.49 0.58 0.67 1.02 26.07 4.7%
WINCOR NIXDORF AG 4.33 3.71 3.13 2.70 2.48 0.68 0.64 0.62 0.59 0.58 12.45 10.20 9.42 8.25 7.16 10.05 8.66 7.42 6.89 7.01 22.22 16.26 13.18 11.86 11.96 2.15 2.98 3.79 4.20 3.93 48.29 1.3%
ELRINGKLINGER AG 3.21 3.01 2.68 2.40 2.07 1.85 1.72 1.62 1.52 1.41 13.85 12.44 10.99 10.00 8.22 10.16 9.97 9.01 8.27 7.51 21.62 20.49 17.51 15.57 13.63 1.71 1.63 1.89 2.15 2.08 26.91 -16.9%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Price to
Book
Ratio
Positive
Net
Income
Positive
Operati
ng Cash
Flow
Increasi
ng ROA
Quality
of
Earning
s
Long
Term
Debt
vs.
Assets
Current
ratio
Shares
Out -
Same
or Dec.
Inc.
Gross
Margin
Inc.
Asset
Turnov
er
Pitroski
F Score
Tangiable
Assets
Working
Captial
Retained
Earnings
Trailing
12M
Operating
Inc (Loss)
Market CapTotal
Liabilities
Net Sales
(T12M)
Total
Shareholder
s Equity
Altman Z
Score
Altman Z
Score
Bankruptcy
flag
PE PE < 40Price to
Sales
Price To
Sales <
10
Price to
Book
Price to
Book <
10
Price to
Cash
Flow
Price to
Cash
Flow <
10
Dividen
d Yield
Div
Yield >
7%
Final
Score
PEG <
0.75PE < 20
EPS
Growth >
15%
Relative
Strength
> 0
ROCE >
12%
Market
Cap >
20m
Market <
1000m
FINAL
SCORE
ADIDAS AG EUR 2.7 1 1 0 1 0 1 1 1 1 7 8552 2503 4454 1185 14087 6360 14883 5291 4.90 1.00 26.7 1 1 1 3 1 14 0 2.005 0 3 0 0 0 1 1 1 1 4
ADVA OPTICAL NETWORKING SE EUR 1.2 1 1 0 1 1 1 0 1 0 6 213 83 -201 19 190 130 330 154 1.71 1.00 11.4 1 1 1 1 1 4 1 0 0 4 - 1 0 1 1 1 0 4
CARL ZEISS MEDITEC AG - BR EUR 2.5 1 1 1 1 1 0 1 0 1 7 807 495 260 123 1613 267 862 696 8.41 1.00 22.5 1 2 1 2 1 18 0 1.5121 0 3 0 0 0 1 1 1 1 4
AIXTRON SE EUR 1.9 0 0 0 1 0 1 0 0 0 2 491 299 90 -125 896 90 228 470 6.54 1.00 - - 4 1 2 1 - - 0 0 2 - - - 1 - 1 1 3
ALLIANZ SE-REG EUR 0.9 1 1 1 1 1 - 0 - 1 6 681531 - 24738 10190 47492 638403 96020 56218 - - 4.6 1 0 1 1 1 5 1 4.2939 0 4 1 1 1 1 - 1 1 6
AAREAL BANK AG EUR 0.6 1 1 0 1 1 - 1 - 0 5 45698 - 800 176 940 43490 1184 2244 - - 9.0 1 1 1 1 1 0 1 0 0 4 - 1 0 1 - 1 1 4
BASF SE EUR 2.7 1 1 0 1 1 0 1 0 0 5 50533 10757 20247 6381 65350 37105 72129 25621 3.64 1.00 13.6 1 1 1 3 1 10 1 3.6543 0 4 0 1 0 1 1 1 1 5
BAYER AG-REG EUR 3.2 1 1 0 1 1 0 1 1 1 7 32579 5887 10185 6041 59449 32767 39760 18569 3.69 1.00 24.3 1 1 1 3 1 14 0 2.6429 0 3 0 0 0 1 1 1 1 4
BB BIOTECH AG-REG EUR - - - - - - - - - - 0 - - - - - - - - - - - - - - - - - - - - 0 - - - 1 - 1 1 3
BECHTLE AG EUR 1.4 1 1 0 0 0 1 1 1 0 5 687 258 292 81 644 387 2097 458 6.11 1.00 11.4 1 0 1 1 1 11 0 3.2626 0 3 0 1 0 1 1 1 0 4
BEIERSDORF AG EUR 4.3 1 1 1 1 0 1 1 1 1 8 5390 2047 2976 789 14036 2288 6040 3287 6.74 1.00 31.7 1 2 1 4 1 26 0 1.1312 0 3 0 0 1 1 1 1 1 5
BAYERISCHE MOTOREN WERKE AG EUR 1.6 1 1 0 0 1 1 0 0 1 5 126643 2046 27666 8298 47841 101448 76848 30402 1.42 1.00 9.4 1 1 1 2 1 10 1 3.4279 0 4 0 1 0 1 1 1 1 5
BRENNTAG AG EUR 2.6 1 1 1 1 1 0 1 0 1 7 3540 932 351 570 5121 3719 9690 1991 4.42 1.00 15.2 1 1 1 3 1 12 0 2.4138 0 3 0 1 1 1 1 1 1 6
HUGO BOSS AG -ORD EUR 9.0 1 1 0 1 1 0 1 1 1 7 1442 204 543 435 5507 947 2346 638 7.74 1.00 17.9 1 2 1 9 1 14 0 3.9098 0 3 0 1 0 1 1 1 1 5
COMMERZBANK AG EUR 0.4 1 0 0 0 1 - 0 - 1 3 632827 - 6261 1170 8358 608844 20002 27034 - - - - 0 1 0 1 - - 0 0 2 - - - 1 - 1 1 3
CELESIO AG EUR 1.0 0 1 0 1 0 1 1 1 1 6 5632 1395 758 440 2219 5733 22271 2196 5.04 1.00 21.7 1 0 1 1 1 7 1 2.2997 0 4 0 0 1 1 0 1 1 4
CANCOM SE EUR 1.9 1 1 0 1 1 1 0 - 0 5 160 40 18 21 154 128 558 81 6.38 1.00 11.7 1 0 1 2 1 9 1 2.5945 0 4 - 1 0 1 1 1 0 4
CONTINENTAL AG EUR 2.0 1 1 1 1 1 0 1 1 1 8 20771 -122 4100 3149 17519 18193 32736 9145 2.87 1.00 9.3 1 1 1 2 1 5 1 2.5688 0 4 1 1 1 1 1 1 1 7
COMPUGROUP MEDICAL AG EUR 4.0 1 1 1 1 1 0 1 - 1 7 195 -66 126 69 723 472 451 179 4.69 1.00 23.5 1 2 1 4 1 11 0 2.4022 0 3 0 0 1 1 - 1 0 3
DAIMLER AG-REGISTERED SHARES EUR 1.0 1 0 0 0 0 1 0 0 0 2 154093 8013 28790 8071 44130 117468 114297 45510 1.39 1.00 7.2 1 0 1 1 1 - - 5.3243 0 3 0 1 0 1 1 1 1 5
DEUTSCHE BOERSE AG EUR 2.9 1 1 0 1 1 0 0 - 0 4 213349 -328 1505 975 8505 213358 2197 3170 0.05 0.00 13.4 1 4 1 3 1 12 0 4.5445 0 3 0 1 0 1 - 1 1 4
DEUTSCHE BANK AG-REGISTERED EUR 0.6 1 0 0 0 0 - 0 - 0 1 1998110 - 27845 2905 30617 1957919 52299 54410 - - 131.8 1 1 1 1 1 - - 2.2762 0 3 0 0 0 1 - 1 1 3
DEUTSCHE EUROSHOP AG EUR 1.3 1 1 1 1 1 - 0 - 1 6 3549 - 306 111 1707 2227 216 1322 - - 13.4 1 8 1 1 1 13 0 3.7927 0 3 - 1 1 1 - 1 1 5
DIALOG SEMICONDUCTOR PLC EUR 3.0 1 1 0 0 0 1 0 0 0 3 656 421 126 93 1149 326 774 383 5.21 1.00 18.1 1 1 1 3 1 22 0 0 0 3 - 1 0 1 1 1 0 4
DEUTSCHE POST AG-REG EUR 1.7 1 0 1 0 0 1 1 - 1 5 21970 -336 8488 2895 20070 21957 55512 12164 3.92 1.00 12.1 1 0 1 2 1 - - 4.2169 0 3 0 1 1 1 1 1 1 6
DRILLISCH AG EUR 4.5 1 1 0 1 0 1 1 - 0 5 374 65 -25 55 543 402 324 120 5.50 1.00 24.2 1 2 1 5 1 9 1 11.664 1 5 0 0 0 1 - 1 0 2
DRAEGERWERK AG - PREF EUR 1.8 1 1 1 1 1 0 1 1 1 8 1819 631 520 234 1263 1374 2373 727 3.58 1.00 10.0 1 1 1 2 1 7 1 1.1239 0 4 0 1 0 1 1 1 1 5
DEUTSCHE TELEKOM AG-REG EUR 1.4 0 1 0 1 0 1 1 0 1 5 66210 -7989 -36649 6720 37125 77399 58169 30543 0.56 0.00 - - 1 1 1 1 3 1 8.1443 1 4 - - - 1 - 1 1 3
DUERR AG EUR 2.8 1 1 1 0 1 1 1 1 1 8 1481 283 179 177 1168 1376 2400 432 3.03 1.00 10.9 1 0 1 3 1 12 0 3.3333 0 3 - 1 1 1 1 1 1 6
DEUTSCHE WOHNEN AG-BR EUR 1.3 1 1 1 0 0 - 0 - 0 3 4905 - 604 74 2046 3298 452 1610 - - 12.2 1 4 1 1 1 30 0 1.5 0 3 0 1 1 1 - 1 1 5
EADS NV EUR - 1 1 1 1 1 1 - 1 1 8 78680 -3319 2329 1890 - 81668 56480 10434 1.17 1.00 - - - - - - - - - - 0 - - 1 1 1 1 1 5
E.ON SE EUR 0.8 1 1 1 1 1 1 0 - 1 7 120117 7257 19216 4940 26866 101607 132093 38819 1.77 1.00 12.4 1 0 1 1 1 3 1 7.807 1 5 - 1 - 1 0 1 1 4
EVONIK INDUSTRIES AG EUR - 1 1 1 1 1 0 1 0 1 7 13473 1495 5087 1890 - 9834 13629 6829 2.53 1.00 - - - - - - - - - - 0 - - 1 1 1 1 1 5
EVOTEC AG EUR 2.0 1 1 0 1 0 1 0 0 1 5 118 54 -632 -3 311 73 87 153 -4.32 0.00 131.3 1 4 1 2 1 26 0 0 0 3 - 0 0 1 - 1 0 2
FIELMANN AG EUR 5.4 1 1 0 1 1 1 1 - 1 7 694 309 424 180 3066 182 1107 571 13.54 1.00 24.3 1 3 1 5 1 10 0 3.6986 0 3 0 0 0 1 1 1 1 4
FRESENIUS MEDICAL CARE AG & EUR 2.4 1 1 0 1 0 1 0 1 0 5 10194 2957 5072 2219 21214 12595 13800 9731 4.71 1.00 17.8 1 2 1 2 1 10 0 - - 3 0 1 0 1 1 1 1 5
FREENET AG EUR 1.5 1 1 1 1 0 1 0 - 0 5 1000 33 325 204 1793 1283 3089 1191 5.67 1.00 10.4 1 1 1 2 1 7 1 9.6429 1 5 1 1 1 1 - 1 1 6
FUCHS PETROLUB SE -PREF EUR 4.8 1 1 1 1 0 1 1 1 0 7 996 396 709 281 3875 327 1819 782 11.52 1.00 18.3 1 2 1 5 1 18 0 2.4151 0 3 0 1 0 1 1 1 1 5
FRAPORT AG FRANKFURT AIRPORT EUR 1.4 1 1 0 1 0 1 0 - 1 5 8527 620 1401 500 4048 6695 2442 2946 1.16 1.00 17.0 1 2 1 1 1 7 1 2.8451 0 4 0 1 0 1 0 1 1 4
FRESENIUS SE & CO KGAA EUR 2.0 1 1 1 1 0 1 0 0 1 6 14366 2915 4230 2983 15520 17508 19290 13156 3.25 1.00 16.3 1 1 1 2 1 6 1 1.2629 0 4 0 1 1 1 1 1 1 6
GEA GROUP AG EUR 2.2 1 1 0 1 0 1 0 1 0 5 4208 690 426 493 4710 4263 5720 2166 2.97 1.00 14.5 1 1 1 2 1 11 0 2.2477 0 3 0 1 0 1 1 1 1 5
BILFINGER SE EUR 1.6 1 1 0 0 0 1 1 1 1 6 4960 266 1131 504 3222 4813 8509 2037 2.92 1.00 11.7 1 0 1 2 1 14 0 4.1096 0 3 0 1 1 1 1 1 1 6
GAGFAH SA EUR 0.8 1 1 1 1 1 - 1 - 0 6 8094 - 826 105 1730 6011 1062 2100 - - 40.3 1 2 1 1 1 28 0 0 0 3 - 0 - 1 - 1 1 3
GSW IMMOBILIEN AG EUR 1.1 1 1 1 0 1 - 0 - 0 4 3569 - 1061 64 1617 2129 319 1441 - - 10.6 1 5 1 1 1 60 0 2.8125 0 3 0 1 1 1 - 1 1 5
GILDEMEISTER AG EUR 1.3 1 1 1 1 1 0 0 - 1 6 1431 292 294 125 918 827 2037 788 3.01 1.00 11.6 1 0 1 1 1 5 1 2.2951 0 4 0 1 1 1 1 1 1 6
GERRY WEBER INTL AG EUR 4.4 1 1 0 1 1 0 1 - 0 5 435 147 215 118 1610 121 802 363 12.50 1.00 20.4 1 2 1 4 1 20 0 2.1389 0 3 0 0 1 1 1 1 1 5
GERRESHEIMER AG EUR 2.3 1 1 1 1 1 0 1 0 1 7 1028 120 -10 128 1238 978 1219 580 2.35 1.00 20.5 1 1 1 2 1 7 1 1.6483 0 4 0 0 1 1 - 1 1 4
HEIDELBERGCEMENT AG EUR 0.7 1 1 0 1 1 0 1 - 1 6 17098 784 6513 1654 8593 14292 14020 13713 2.07 1.00 40.6 1 1 1 1 1 6 1 1.0255 0 4 0 0 0 1 0 1 1 3
HENKEL AG & CO KGAA VORZUG EUR 2.9 1 1 1 1 1 0 1 1 1 8 10880 1746 8286 2373 27012 10014 16510 9511 5.39 1.00 17.9 1 2 1 3 1 11 0 - - 3 0 1 1 1 1 1 1 6
HANNOVER RUECK SE EUR 1.2 1 1 1 1 0 - 1 - 1 6 54753 - 5211 1396 7110 48071 13760 6740 - - 8.3 1 1 1 1 1 3 1 4.4098 0 4 - 1 1 1 - 1 1 5
Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis
FUNDAMENTAL SCORING
Pitroski F Score
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Price to
Book
Ratio
Positive
Net
Income
Positive
Operati
ng Cash
Flow
Increasi
ng ROA
Quality
of
Earning
s
Long
Term
Debt
vs.
Assets
Current
ratio
Shares
Out -
Same
or Dec.
Inc.
Gross
Margin
Inc.
Asset
Turnov
er
Pitroski
F Score
Tangiable
Assets
Working
Captial
Retained
Earnings
Trailing
12M
Operating
Inc (Loss)
Market CapTotal
Liabilities
Net Sales
(T12M)
Total
Shareholder
s Equity
Altman Z
Score
Altman Z
Score
Bankruptcy
flag
PE PE < 40Price to
Sales
Price To
Sales <
10
Price to
Book
Price to
Book <
10
Price to
Cash
Flow
Price to
Cash
Flow <
10
Dividen
d Yield
Div
Yield >
7%
Final
Score
PEG <
0.75PE < 20
EPS
Growth >
15%
Relative
Strength
> 0
ROCE >
12%
Market
Cap >
20m
Market <
1000m
FINAL
SCORE
HOCHTIEF AG EUR 1.2 1 1 1 1 0 1 0 - 1 6 16249 3144 1659 527 3234 12719 25528 4244 2.44 1.00 20.4 1 0 1 1 1 3 1 2.2763 0 4 0 0 - 1 1 1 1 4
INFINEON TECHNOLOGIES AG EUR 1.5 1 1 0 1 0 1 1 0 0 5 5752 1832 -4259 453 5365 2323 3904 3575 2.22 1.00 12.4 1 1 1 2 1 8 1 2.4155 0 4 0 1 0 1 - 1 1 4
JENOPTIK AG EUR 1.3 1 1 1 1 1 1 1 1 1 9 599 174 -13 62 423 339 585 330 2.65 1.00 9.2 1 1 1 1 1 7 1 2.4384 0 4 0 1 1 1 - 1 0 4
KONTRON AG EUR 0.8 0 1 0 1 0 0 1 0 0 3 298 126 -6 -32 229 174 547 287 2.46 1.00 - - 0 1 1 1 5 1 0.9723 0 3 - - - 1 - 1 0 2
KLOECKNER & CO SE EUR 0.6 0 1 0 1 0 1 1 0 0 4 3444 1779 462 -104 895 2270 7388 1635 2.82 1.00 - - 0 1 1 1 9 1 0 0 3 - - - 1 - 1 1 3
KABEL DEUTSCHLAND HOLDING AG EUR - 1 1 1 1 1 1 1 1 0 8 2221 82 -1638 426 6359 4344 1830 -1481 1.47 1.00 25.7 1 3 1 - - 12 0 3.4804 0 2 0 0 1 1 - 1 1 4
KRONES AG EUR 1.8 1 1 1 1 1 1 1 - 1 8 1950 366 729 103 1485 1233 2664 836 3.36 1.00 21.2 1 1 1 2 1 10 0 1.5957 0 3 0 0 1 1 0 1 1 4
KUKA AG EUR 3.2 1 1 1 1 1 1 1 1 1 9 1055 314 140 103 938 840 1739 298 3.12 1.00 16.9 1 1 1 3 1 8 1 0.7228 0 4 0 1 1 1 1 1 1 6
LEG IMMOBILIEN AG EUR - 1 1 1 1 0 - 1 - 0 5 5232 - 1572 -11 - 3152 518 2086 - - - - - - - - - - - - 0 - - - 1 - 1 1 3
LEONI AG EUR 1.1 1 1 0 1 1 0 1 0 0 5 2144 243 520 242 933 1539 3809 845 2.98 1.00 6.0 1 0 1 1 1 4 1 5.2539 0 4 1 1 0 1 1 1 1 6
DEUTSCHE LUFTHANSA-REG EUR 0.8 1 1 1 1 0 1 0 - 1 6 25901 1 5679 543 6550 20121 30135 8298 1.40 1.00 6.8 1 0 1 1 1 2 1 0 0 4 - 1 1 1 0 1 1 5
LINDE AG EUR 1.9 1 1 0 1 0 1 0 0 0 4 18897 -129 5922 1905 24445 19819 15280 13658 2.31 1.00 18.8 1 2 1 2 1 11 0 2.0455 0 3 0 1 0 1 1 1 1 5
LPKF LASER & ELECTRONICS EUR 3.1 1 1 1 1 1 0 0 - 1 6 93 30 40 21 175 43 115 59 6.33 1.00 12.9 1 2 1 3 1 11 0 3.1746 0 3 0 1 1 1 1 1 0 5
LANXESS AG EUR 2.4 1 1 0 1 0 1 1 1 0 6 7129 2107 1426 883 5514 5188 9094 2331 2.43 1.00 10.7 1 1 1 2 1 8 1 1.509 0 4 0 1 0 1 1 1 1 5
MAN SE EUR 2.1 1 0 0 0 0 1 1 0 0 3 17778 172 4379 781 11842 14299 15772 5619 1.79 1.00 67.3 1 1 1 2 1 - - 1.2384 0 3 0 0 0 1 0 1 1 3
METRO AG EUR 1.1 1 1 0 1 0 1 1 0 1 6 30579 -2593 2645 1689 6863 28665 66739 6101 3.02 1.00 2100.0 1 0 1 1 1 4 1 4.7619 0 4 0 0 0 1 0 1 1 3
MORPHOSYS AG EUR 3.4 1 1 0 0 0 1 0 - 0 3 189 168 3 2 677 22 52 202 26.20 1.00 293.0 1 13 0 3 1 377 0 0 0 2 - 0 0 1 0 1 1 3
MERCK KGAA EUR 2.1 1 1 0 1 1 0 1 0 1 6 10699 2065 5983 1521 21702 11229 10741 10415 3.90 1.00 38.2 1 2 1 2 1 9 1 1.7029 0 4 0 0 0 1 1 1 1 4
MTU AERO ENGINES AG EUR 3.2 1 1 0 1 0 1 0 0 1 5 2488 173 654 287 3491 3173 3379 1089 2.89 1.00 20.1 1 1 1 3 1 15 0 1.9622 0 3 0 0 0 1 1 1 1 4
MUENCHENER RUECKVER AG-REG EUR 0.9 1 1 1 1 0 - 0 - 1 5 253466 - 19791 4374 24390 230937 65896 27423 - - 7.6 1 0 1 1 1 4 1 5.1471 0 4 - 1 1 1 - 1 1 5
AURUBIS AG EUR 0.9 1 1 0 0 1 1 1 - 0 5 4798 1911 1736 583 2045 2691 13789 2197 4.61 1.00 5.7 1 0 1 1 1 6 1 2.968 0 4 - 1 0 1 1 1 1 5
NORDEX SE EUR 0.8 0 1 0 1 0 1 1 - 1 5 973 259 26 -47 220 787 1075 279 2.06 1.00 - - 0 1 1 1 2 1 0 0 3 - - 0 1 - 1 0 2
NEMETSCHEK AG EUR 2.9 1 1 0 1 1 1 1 - 1 7 81 27 60 28 320 53 175 112 9.27 1.00 16.9 1 2 1 3 1 9 1 3.4639 0 4 - 1 0 1 1 1 0 4
NORMA GROUP SE EUR 2.3 1 1 1 1 1 0 1 - 0 6 364 112 42 102 669 404 605 288 4.29 1.00 11.8 1 1 1 2 1 8 1 3.0952 0 4 0 1 1 1 1 1 1 6
XING AG EUR 4.4 1 1 1 1 0 1 0 - 1 6 72 32 29 17 229 40 72 52 5.72 1.00 29.1 1 3 1 4 1 12 0 1.3375 0 3 0 0 - 1 1 1 0 3
TELEFONICA DEUTSCHLAND HOLDI EUR 1.0 1 1 1 1 0 0 1 - 1 6 5792 -132 5311 146 6449 2641 5213 6429 3.82 1.00 20.6 1 1 1 1 1 4 1 7.7936 1 5 1 0 1 1 - 1 1 5
OSRAM LICHT AG EUR - 0 0 0 1 1 1 - 0 1 4 4818 563 1930 -260 - 3122 5400 1946 - - - - - - - - - - - - 0 - - - 1 - 1 1 3
PFEIFFER VACUUM TECHNOLOGY EUR 3.1 1 1 1 1 1 1 1 1 0 8 358 166 172 68 904 152 461 293 5.61 1.00 19.9 1 2 1 3 1 14 0 3.7676 0 3 0 1 0 1 1 1 0 4
PSI AG EUR 3.3 1 1 1 0 0 1 1 - 1 6 139 50 -2 13 242 113 181 74 3.19 1.00 25.7 1 1 1 3 1 230 0 1.9474 0 3 0 0 1 1 1 1 0 4
PROSIEBEN SAT.1 MEDIA AG-REG EUR 3.0 1 1 0 1 1 1 0 1 1 7 4350 1782 695 606 4522 3912 2356 1501 3.56 1.00 14.0 1 2 1 3 1 3 1 26.432 1 5 1 1 1 1 1 1 1 7
QIAGEN N.V. EUR 1.6 1 1 1 1 0 1 0 1 1 7 1474 722 994 206 4292 1363 1254 2724 4.54 1.00 26.4 1 3 1 2 1 17 0 0 0 3 - 0 1 1 1 1 1 5
QSC AG EUR 1.4 1 1 0 1 0 1 1 1 0 6 251 -3 -98 25 260 207 481 180 2.64 1.00 15.0 1 1 1 1 1 5 1 4.2735 0 4 1 1 0 1 1 1 0 5
RATIONAL AG EUR 10.4 1 1 1 1 0 1 1 1 1 8 325 202 198 123 2479 89 435 237 24.50 1.00 26.6 1 6 1 10 0 22 0 2.6147 0 2 0 0 1 1 1 1 1 5
RHOEN-KLINIKUM AG EUR 1.3 1 1 0 1 1 0 1 - 1 6 2753 67 840 151 2117 1577 2865 1607 2.86 1.00 23.6 1 1 1 1 1 15 0 1.6324 0 3 0 0 0 1 0 1 1 3
RHEINMETALL AG EUR 1.0 1 1 0 1 1 0 1 - 1 6 4555 741 942 285 1373 3438 4704 1461 1.98 1.00 7.3 1 0 1 1 1 4 1 4.9451 0 4 1 1 0 1 1 1 1 6
RTL GROUP EUR - 1 1 0 1 0 0 - - 1 4 4893 1208 -2280 1051 - 3040 5998 4858 3.97 1.00 - - - - - - - - - - 0 - - 0 1 1 1 1 4
RWE AG EUR 1.6 1 1 0 1 0 1 0 - 1 5 72185 596 8163 3699 19205 71765 50771 16437 1.23 1.00 14.7 1 0 1 2 1 4 1 6.402 0 4 - 1 0 1 0 1 1 4
SMA SOLAR TECHNOLOGY AG EUR 0.8 1 1 0 1 0 1 1 0 0 5 1262 564 667 103 660 508 1463 821 3.02 1.00 8.8 1 0 1 1 1 6 1 3.1562 0 4 - 1 0 1 0 1 0 3
SAP AG EUR 5.1 1 1 0 1 0 0 0 0 1 4 10327 -31 12442 4139 72342 12664 16223 14171 7.33 1.00 25.6 1 4 1 5 1 19 0 1.4006 0 3 0 0 0 1 1 1 1 4
STADA ARZNEIMITTEL AG EUR 1.6 1 1 1 1 1 0 0 1 0 6 1565 211 275 202 1446 2070 1838 912 2.62 1.00 16.7 1 1 1 2 1 7 1 2.0483 0 4 0 1 1 1 1 1 1 6
STRATEC BIOMEDICAL AG EUR 4.8 1 1 0 0 1 0 0 0 0 3 111 72 64 17 441 30 122 92 11.48 1.00 31.6 1 4 1 5 1 162 0 1.3282 0 3 0 0 0 1 1 1 0 3
K+S AG-REG EUR 1.9 1 1 1 0 0 1 1 0 0 5 5638 1801 2635 851 6699 3162 3935 3477 3.22 1.00 11.8 1 2 1 2 1 12 0 4 0 3 - 1 0 1 1 1 1 5
SIEMENS AG-REG EUR 2.2 1 1 0 1 0 1 1 0 1 6 86618 9492 21917 6909 66721 76980 78296 31302 2.14 1.00 13.5 1 1 1 2 1 11 0 3.8501 0 3 0 1 0 1 1 1 1 5
SKY DEUTSCHLAND AG EUR 76.5 0 0 1 1 1 0 0 1 1 5 441 -583 -2333 -125 3219 1106 1333 42 -0.26 0.00 - - 2 1 77 0 - - 0 0 1 - - 1 1 - 1 1 4
SOFTWARE AG EUR 2.6 1 1 0 1 1 1 0 1 0 6 801 274 930 240 2789 712 1047 1060 5.40 1.00 16.9 1 3 1 3 1 15 0 1.4328 0 3 0 1 0 1 1 1 1 5
AXEL SPRINGER AG EUR 1.7 1 1 0 1 1 1 0 - 0 5 2353 14 1745 444 3189 2555 3310 2253 4.06 1.00 13.4 1 1 1 2 1 7 1 5.2656 0 4 - 1 0 1 1 1 1 5
SARTORIUS AG-VORZUG EUR 3.3 1 1 1 0 1 0 1 1 1 7 478 36 230 139 1113 667 846 404 4.42 1.00 27.6 1 1 1 3 1 25 0 1.4395 0 3 0 0 0 1 1 1 1 4
SYMRISE AG EUR 3.7 1 1 1 1 1 1 1 0 1 8 1347 458 -212 253 3205 1275 1735 877 3.74 1.00 20.4 1 2 1 4 1 16 0 2.3968 0 3 0 0 0 1 1 1 1 4
SALZGITTER AG EUR 0.6 0 1 0 1 0 0 1 - 1 4 8817 3190 3235 61 2132 5286 10397 3644 2.19 1.00 - - 0 1 1 1 5 1 0.6341 0 3 - - - 1 - 1 1 3
SUEDZUCKER AG EUR 2.1 1 1 1 1 1 1 0 - 1 7 7615 2263 1445 971 6821 4757 7879 4047 2.93 1.00 10.8 1 1 1 2 1 8 1 2.6942 0 4 - 1 1 1 1 1 1 6
Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis
FUNDAMENTAL SCORING
Pitroski F Score
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Price to
Book
Ratio
Positive
Net
Income
Positive
Operati
ng Cash
Flow
Increasi
ng ROA
Quality
of
Earning
s
Long
Term
Debt
vs.
Assets
Current
ratio
Shares
Out -
Same
or Dec.
Inc.
Gross
Margin
Inc.
Asset
Turnov
er
Pitroski
F Score
Tangiable
Assets
Working
Captial
Retained
Earnings
Trailing
12M
Operating
Inc (Loss)
Market CapTotal
Liabilities
Net Sales
(T12M)
Total
Shareholder
s Equity
Altman Z
Score
Altman Z
Score
Bankruptcy
flag
PE PE < 40Price to
Sales
Price To
Sales <
10
Price to
Book
Price to
Book <
10
Price to
Cash
Flow
Price to
Cash
Flow <
10
Dividen
d Yield
Div
Yield >
7%
Final
Score
PEG <
0.75PE < 20
EPS
Growth >
15%
Relative
Strength
> 0
ROCE >
12%
Market
Cap >
20m
Market <
1000m
FINAL
SCORE
TAG IMMOBILIEN AG EUR 1.1 1 1 1 0 1 - 0 - 1 5 3798 - 265 188 1241 2644 396 1156 - - 5.1 1 2 1 1 1 52 0 2.633 0 3 - 1 1 1 - 1 1 5
THYSSENKRUPP AG EUR 2.4 0 0 0 1 1 0 1 0 1 4 33993 5266 -2442 1115 8571 33758 40124 4526 1.36 1.00 - - 0 1 2 1 - - 0 0 2 - - - 1 0 1 1 3
TALANX AG EUR 0.6 1 1 1 1 1 - 1 - 1 7 127461 - 5787 1760 4468 118611 26438 11643 - - 7.5 1 0 1 1 1 1 1 4.8883 0 4 - 1 0 1 - 1 1 4
TUI AG EUR 0.8 0 1 0 1 1 0 0 1 1 5 9275 -2937 480 560 1700 11146 18330 2067 1.77 1.00 - - 0 1 1 1 3 1 0 0 3 - - 0 1 - 1 1 3
UNITED INTERNET AG-REG SHARE EUR 16.8 1 1 0 1 1 0 0 0 1 5 600 -379 -52 251 3170 910 2397 198 7.80 1.00 29.1 1 1 1 17 0 12 0 1.8394 0 2 0 0 0 1 - 1 1 3
VOLKSWAGEN AG-PREF EUR 1.0 1 1 1 0 0 1 1 1 0 6 250486 3310 64815 11310 77316 227819 192676 81825 1.45 1.00 3.5 1 0 1 1 1 11 0 - - 3 1 1 1 1 1 1 1 7
WACKER CHEMIE AG EUR 0.9 1 1 0 1 0 0 1 0 0 4 6304 764 2181 335 2466 3712 4635 2618 1.76 1.00 21.9 1 1 1 1 1 7 1 1.2086 0 4 0 0 0 1 0 1 1 3
WIRECARD AG EUR 3.9 1 1 0 1 1 0 0 - 0 4 780 187 289 94 2087 586 395 542 4.01 1.00 27.8 1 5 1 4 1 22 0 0.5914 0 3 0 0 0 1 1 1 1 4
WINCOR NIXDORF AG EUR 2.8 1 1 0 1 0 1 1 0 0 5 1056 19 291 100 910 1074 2343 329 3.84 1.00 14.5 1 0 1 3 1 10 0 3.437 0 3 1 1 0 1 1 1 1 6
ELRINGKLINGER AG EUR 2.7 1 1 0 1 1 0 1 0 0 5 1133 190 428 136 1616 628 1127 640 3.46 1.00 18.8 1 1 1 3 1 14 0 1.7647 0 3 0 1 0 1 1 1 1 5
Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis
FUNDAMENTAL SCORING
Pitroski F Score
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Adidas AG manufactures sports shoes and sports equipment. The Company produces
products that include footwear, sports apparel, and golf clubs and balls. Adidas
sells its products worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (06.08.2013) 88.50
52-Week Low (16.11.2012) 62.60
Daily Volume
79.51
52-Week High % Change -10.16% Dividend Yield -
52-Week Low % Change 27.01% Beta 0.84
% 52 Week Price Range High/Low 64.13% Equity Float 209.22
Shares Out 30.06.2013 209.2 Short Int -
16'634.78 1 Yr Total Return 22.72%
Total Debt 1'487.00 YTD Return 20.00%
Preferred Stock 0.0 Adjusted BETA 0.837
Minority Interest (13.0) Analyst Recs 44
Cash and Equivalents 1'935.00 Consensus Rating 4.114
Enterprise Value 16'716.78
Average Volume 5 Day 1'630'456
ADS GY EQUITY YTD Change - Average Volume 30 Day 888'534
ADS GY EQUITY YTD % CHANGE - Average Volume 3 Month 829'117
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
10'799.0 10'381.0 11'990.0 13'322.0 14'883.0 14'326 14'676 14'698 15'794 4'000 3'480
0.69x 0.85x 0.87x 0.78x 0.92x 3.20x 4.23x 1.09x 0.99x - -
1'310.0 823.0 1'174.0 1'206.0 1'456.0 1'350.0 1'493.0 1'574.2 1'875.2 534.5 296.0
5.69x 10.72x 8.91x 8.64x 9.36x 9.02x 11.74x 10.63x 8.92x 9.36x 8.91x
642.0 245.0 567.0 613.0 526.0 718.0 552.0 871.1 1'074.4 340.8 50.9
8.35x 30.22x 18.04x 17.15x 26.72x 16.54x 31.71x 19.10x 15.66x 17.26x 16.22x
EBITDA 1'456.00 Long-Term Rating Date -
EBIT 1'185.00 Long-Term Rating -
Operating Margin 7.96% Long-Term Outlook -
Pretax Margin 5.72% Short-Term Rating Date -
Return on Assets 4.67% Short-Term Rating -
Return on Common Equity 10.06%
Return on Capital - EBITDA/Interest Exp. 15.01
Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 11.13
Net Debt/EBITDA 0.06
Gross Margin 49.5% Total Debt/EBITDA 0.88
EBITDA Margin 10.2%
EBIT Margin 6.5% Total Debt/Equity 28.0%
Net Income Margin 3.5% Total Debt/Capital 21.9%
Asset Turnover 1.24
Current Ratio 1.57 Net Fixed Asset Turnover 13.81
Quick Ratio 0.83 Accounts receivable turnover-days 51.57
Debt to Assets 12.76% Inventory Days 129.40
Tot Debt to Common Equity 28.04% Accounts Payable Turnover Day 89.16
Accounts Receivable Turnover 7.08 Cash Conversion Cycle 72.10
Inventory Turnover 2.82
Fiscal Year Ended
Adidas AGPrice/Volume
Valuation Analysis
669'047.00
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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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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 14'632'128 6.99 - 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 14'411'293 6.89 52'988 23.09.2013 Investment Advisor
THORNBURG INVESTMENT n/a Research 10'057'706 4.81 - 10.05.2013 Investment Advisor
ROYAL BANK OF SCOTLA n/a Research 9'347'766 4.47 - 23.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 4'886'922 2.34 - 31.12.2012 Government
DEUTSCHE BANK AG n/a ULT-AGG 3'827'742 1.83 9'596 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 3'592'510 1.72 (359'040) 30.06.2013 Unclassified
FMR LLC n/a ULT-AGG 3'542'843 1.69 144'194 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 3'121'077 1.49 11'113 28.06.2013 Unclassified
INVESCO LTD n/a ULT-AGG 2'725'139 1.3 30'371 24.09.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'769'586 0.85 24'436 28.03.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'667'034 0.8 75'000 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'453'723 0.69 18'626 31.07.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'271'690 0.61 11'310 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'175'770 0.56 (69'440) 30.04.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'154'890 0.55 1'154'890 30.06.2013 Investment Advisor
LANSDOWNE PARTNERS n/a Short (1'025'159) -0.49 41'844 02.09.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 840'376 0.4 (140'000) 30.04.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 758'189 0.36 658'995 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 636'863 0.3 - 24.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Equinet Institutional Services(ESN) INGBERT FAUST accumulate 4 M 85 12 month 25.09.2013
Credit Suisse ROGERIO FUJIMORI outperform 5 M 92 Not Provided 24.09.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 77 Not Provided 23.09.2013
Susquehanna Financial Group CHRISTOPHER SVEZIA Positive 4 M 100 12 month 23.09.2013
Redburn Partners ANDREW MOBBS sell 1 M #N/A N/A Not Provided 23.09.2013
AlphaValue HANS-PETER WODNIOK reduce 2 M 83 6 month 23.09.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 96 6 month 20.09.2013
Deutsche Bank MICHAEL KUHN hold 3 M 82 12 month 20.09.2013
Nord/LB JULIA SIEKMANN buy 5 M 92 12 month 20.09.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 104 12 month 20.09.2013
Baader Bank VOLKER BOSSE buy 5 M 95 12 month 20.09.2013
UBS FRED SPEIRS buy 5 M 90 12 month 20.09.2013
JPMorgan CHIARA BATTISTINI overweight 5 M 90 15 month 20.09.2013
Raymond James CEDRIC LECASBLE outperform 5 M 87 12 month 20.09.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 85 12 month 20.09.2013
Hauck & Aufhaeuser CHRISTIAN NIKOLAS SCHWENKENBECHER buy 5 M 103 12 month 20.09.2013
National Bank AG MARKUS GLOCKENMEIER sell 1 M #N/A N/A Not Provided 20.09.2013
M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 85 12 month 20.09.2013
Kepler Cheuvreux JUERGEN KOLB buy 5 M 91 Not Provided 20.09.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 93 6 month 20.09.2013
Nomura CHRISTOPHER WALKER buy 5 M 95 12 month 20.09.2013
S&P Capital IQ WILLIAM MACK strong buy 5 M 98 12 month 20.09.2013
DZ Bank AG HERBERT STURM buy 5 M 87 Not Provided 20.09.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 105 12 month 20.09.2013
Exane BNP Paribas ANDREAS INDERST outperform 5 M 96 Not Provided 20.09.2013
Barclays JULIAN EASTHOPE overweight 5 M 95 Not Provided 20.09.2013
Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 90 Not Provided 20.09.2013
Robert W. Baird & Co MITCHEL J KUMMETZ outperform 5 M 90 12 month 19.09.2013
Berenberg Bank JOHN GUY buy 5 M 96 Not Provided 16.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Equita SIM SpA FABIO FAZZARI hold 3 M 80 Not Provided 13.09.2013
HSBC ERWAN RAMBOURG overweight 5 M 95 Not Provided 12.09.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 14.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 13.08.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 96 Not Provided 12.08.2013
ISI Group OMAR SAAD neutral 3 M 90 Not Provided 10.08.2013
Bankhaus Lampe MICHAEL GORNY hold 3 M 84 Not Provided 09.08.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 91 12 month 09.08.2013
SRH AlsterResearch NEIL SCHMODDE buy 5 M 108 12 month 09.08.2013
Morgan Stanley LOUISE SINGLEHURST Underwt/In-Line 1 M 73 12 month 08.08.2013
KochBank Research MARK JOSEFSON buy 5 N 94 Not Provided 25.06.2013
Hammer Partners SA STEPHAN SEIP buy 5 M 104 Not Provided 17.06.2013
Bank of Valletta TEAM COVERAGE overweight 5 N 97 Not Provided 16.04.2013
Holdings By:
Adidas AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
ADVA AG Optical Networking designs, develops, and manufactures optical
networking products. The Company's products include wave length division
multiplexing (WDM) communications systems, high-speed fiber optic converters,
EDFA modules, and all-optical switches. ADVA's products are used in high-speed
centralized data storage and disaster recovery.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (17.10.2012) 5.42
52-Week Low (29.04.2013) 3.45
Daily Volume
4.667
52-Week High % Change -13.85% Dividend Yield -
52-Week Low % Change 35.28% Beta 0.99
% 52 Week Price Range High/Low 61.57% Equity Float 38.68
Shares Out 02.09.2013 48.0 Short Int -
223.84 1 Yr Total Return -8.40%
Total Debt 29.03 YTD Return 17.26%
Preferred Stock 0.0 Adjusted BETA 0.994
Minority Interest 0.0 Analyst Recs 6
Cash and Equivalents 70.27 Consensus Rating 3.000
Enterprise Value 183.53
Average Volume 5 Day 226'289
ADV GY EQUITY YTD Change - Average Volume 30 Day 154'744
ADV GY EQUITY YTD % CHANGE - Average Volume 3 Month 132'053
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
217.7 232.8 291.7 310.9 330.1 330.3 317.9 325.3 350.3 88.8 -
0.18x 0.40x 0.86x 0.46x 0.45x 1.96x 1.97x 0.57x 0.50x - -
12.3 20.3 30.0 37.6 45.1 45.6 37.3 38.7 44.6 12.8 -
3.17x 4.64x 8.40x 3.77x 3.30x 3.36x 3.88x 4.74x 4.11x - -
(8.9) 1.3 7.0 16.9 16.7 27.6 8.5 6.3 10.1 - -
- 84.33x 39.07x 10.07x 11.37x 6.90x 22.29x 31.97x 21.61x - -
EBITDA 45.12 Long-Term Rating Date -
EBIT 18.83 Long-Term Rating -
Operating Margin 5.71% Long-Term Outlook -
Pretax Margin 5.61% Short-Term Rating Date -
Return on Assets 2.98% Short-Term Rating -
Return on Common Equity 5.59%
Return on Capital 5.11% EBITDA/Interest Exp. 34.15
Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 27.19
Net Debt/EBITDA -1.08
Gross Margin 39.9% Total Debt/EBITDA 1.07
EBITDA Margin 11.7%
EBIT Margin 3.4% Total Debt/Equity 18.9%
Net Income Margin 5.1% Total Debt/Capital 15.9%
Asset Turnover 1.12
Current Ratio 1.90 Net Fixed Asset Turnover 14.24
Quick Ratio 1.37 Accounts receivable turnover-days 61.93
Debt to Assets 10.22% Inventory Days 74.44
Tot Debt to Common Equity 18.86% Accounts Payable Turnover Day 60.71
Accounts Receivable Turnover 5.89 Cash Conversion Cycle 68.79
Inventory Turnover 4.90
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
ADVA Optical Networking SEPrice/Volume
Valuation Analysis
113'926.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EGORA GROUP n/a Co File 8'655'909 18.05 - 31.12.2012 Unclassified
DEUTSCHE BANK AG n/a ULT-AGG 3'775'000 7.87 (225'000) 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'049'478 2.19 (33) 31.07.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 876'948 1.83 876'948 28.03.2013 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 761'697 1.59 34'662 31.05.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 482'788 1.01 (431) 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 450'000 0.94 - 28.03.2013 Investment Advisor
RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 395'500 0.82 (4'200) 28.06.2013 Investment Advisor
PROTIVA ERIC V n/a Co File 320'000 0.67 - 31.12.2012 n/a
BLACKROCK n/a ULT-AGG 298'620 0.62 (5'063) 23.09.2013 Investment Advisor
PROTIVA BRIAN n/a Co File 294'030 0.61 - 31.12.2012 n/a
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 186'356 0.39 93 28.03.2013 Investment Advisor
DNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 135'747 0.28 15'169 31.05.2013 Investment Advisor
UBS AG n/a ULT-AGG 109'745 0.23 (50'000) 31.05.2013 Unclassified
SKANDIA FONDER AB Multiple Portfolios MF-AGG 106'169 0.22 12'553 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 82'567 0.17 - 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 80'037 0.17 (63'310) 30.04.2013 Investment Advisor
KEPLER-FONDS KAGMBH Multiple Portfolios MF-AGG 66'118 0.14 2'666 28.03.2013 Investment Advisor
METZLER ASSET MANAGE Multiple Portfolios MF-AGG 62'600 0.13 10'500 30.04.2012 Investment Advisor
ACOMEA SGR Multiple Portfolios MF-AGG 50'500 0.11 - 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank ALI FARID KHWAJA hold 3 D 5 Not Provided 24.09.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 4 Not Provided 20.09.2013
Hauck & Aufhaeuser TIM OLIVER WUNDERLICH sell 1 M 3 12 month 20.09.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 01.08.2013
Deutsche Bank BENJAMIN KOHNKE hold 3 M 5 12 month 22.07.2013
Close Brothers Equity Markets VEYSEL TAZE buy 5 M 5 12 month 18.07.2013
WestLB Equity Markets THOMAS LANGER neutral 3 M #N/A N/A Not Provided 25.04.2012
Holdings By:
ADVA Optical Networking SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Carl Zeiss Meditec AG provides complete system solutions in the field of
medical technology for ophthalmology. The Company's products include screening,
diagnostic, and therapeutic systems for the treatment of vision defects,
cataracts, glaucoma, and retinal disorders. Carl Zeiss Meditec operates
worldwide with subsidiaries in the USA and Japan.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (15.07.2013) 26.89
52-Week Low (26.09.2012) 18.84
Daily Volume
22.25
52-Week High % Change -17.24% Dividend Yield -
52-Week Low % Change 18.13% Beta 0.50
% 52 Week Price Range High/Low 42.05% Equity Float 28.46
Shares Out 14.08.2013 81.3 Short Int -
1'809.14 1 Yr Total Return 19.72%
Total Debt 30.91 YTD Return 4.03%
Preferred Stock 0.0 Adjusted BETA 0.502
Minority Interest 40.8 Analyst Recs 14
Cash and Equivalents 9.53 Consensus Rating 2.786
Enterprise Value 1'860.06
Average Volume 5 Day 56'087
AFX GY EQUITY YTD Change - Average Volume 30 Day 48'861
AFX GY EQUITY YTD % CHANGE - Average Volume 3 Month 41'660
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 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1
600.2 640.1 676.7 758.8 861.9 834.1 880.1 892.7 954.7 234.5 -
1.13x 1.17x 1.00x 1.26x 1.94x 5.93x 8.72x 1.77x 1.61x - -
80.9 92.4 107.7 122.5 140.8 135.4 143.8 149.3 163.7 42.0 -
8.40x 8.13x 6.29x 7.81x 11.90x 10.50x 14.73x 12.46x 11.36x - -
54.0 50.5 54.9 66.9 71.9 70.8 85.2 89.2 93.8 23.3 -
15.30x 17.74x 16.88x 16.27x 22.55x 21.61x 24.46x 20.34x 19.25x - -
EBITDA 140.80 Long-Term Rating Date -
EBIT 122.90 Long-Term Rating -
Operating Margin 14.26% Long-Term Outlook -
Pretax Margin 13.48% Short-Term Rating Date -
Return on Assets 9.10% Short-Term Rating -
Return on Common Equity 12.95%
Return on Capital 13.07% EBITDA/Interest Exp. 23.15
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 20.76
Net Debt/EBITDA 0.10
Gross Margin 53.5% Total Debt/EBITDA 0.13
EBITDA Margin 16.3%
EBIT Margin 14.4% Total Debt/Equity 4.7%
Net Income Margin 8.3% Total Debt/Capital 4.3%
Asset Turnover 0.94
Current Ratio 3.32 Net Fixed Asset Turnover 17.95
Quick Ratio 0.68 Accounts receivable turnover-days 51.90
Debt to Assets 3.21% Inventory Days 138.52
Tot Debt to Common Equity 4.72% Accounts Payable Turnover Day 25.56
Accounts Receivable Turnover 7.03 Cash Conversion Cycle 154.50
Inventory Turnover 2.63
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
Carl Zeiss Meditec AGPrice/Volume
Valuation Analysis
36'147.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CARL ZEISS AG n/a Co File 52'851'241 65 - 30.09.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 1'565'000 1.92 - 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'500'000 1.84 (600'000) 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 662'129 0.81 7'400 30.06.2013 Investment Advisor
ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 576'659 0.71 - 30.09.2012 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 471'552 0.58 - 31.12.2012 Government
SEB n/a ULT-AGG 461'827 0.57 5'829 28.03.2013 Unclassified
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 300'000 0.37 - 28.03.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 269'630 0.33 269'630 31.12.2012 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 235'266 0.29 35'435 30.08.2013 Investment Advisor
FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 207'008 0.25 (10'000) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 174'805 0.21 - 30.06.2013 Unclassified
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 163'830 0.2 - 28.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 163'107 0.2 (4'064) 23.09.2013 Investment Advisor
ECCLESIASTICAL INSUR Multiple Portfolios MF-AGG 150'000 0.18 - 31.07.2013 Insurance Company
GROUPAMA ASSET MANAG Multiple Portfolios MF-AGG 145'234 0.18 10'984 28.03.2013 Investment Advisor
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 130'150 0.16 (437'918) 30.06.2013 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 122'190 0.15 - 30.06.2013 Investment Advisor
BARCLAYS ASSET MANAG Multiple Portfolios MF-AGG 79'145 0.1 (35'070) 30.03.2012 Investment Advisor
SEBINVEST A/S Multiple Portfolios MF-AGG 78'959 0.1 - 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 30.08.2013
Nord/LB HOLGER FECHNER buy 5 M 28 12 month 27.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 26.08.2013
DZ Bank AG SVEN OLAF KUERTEN sell 1 M 19 Not Provided 20.08.2013
Jefferies INGEBORG OIE underperform 1 D 20 12 month 16.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 27 12 month 15.08.2013
Kepler Cheuvreux OLIVER REINBERG reduce 2 M 21 Not Provided 15.08.2013
Montega THOMAS RAU buy 5 M 29 12 month 15.08.2013
Deutsche Bank GUNNAR ROMER hold 3 M 23 12 month 14.08.2013
JPMorgan DAVID J ADLINGTON neutral 3 M 24 9 month 14.08.2013
HSBC HENDRIK LOFRUTHE underweight 1 M 22 Not Provided 14.08.2013
Berenberg Bank SCOTT BARDO buy 5 M 26 Not Provided 14.08.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 24 Not Provided 14.05.2013
Commerzbank Corporates & Markets VOLKER BRAUN hold 3 M 25 6 month 07.05.2013
Equinet Institutional Services(ESN) EDOUARD AUBERY accumulate 4 M 16 12 month 09.12.2011
GSC Research MATTHIAS WAHLER sell 1 M #N/A N/A Not Provided 22.04.2010
Holdings By:
Carl Zeiss Meditec AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Aixtron SE engineers and manufactures metal organic chemical vapor deposition
(MOCVD) equipment for the semiconductor industry. The Company's customers use
its equipment to produce compound semiconductor layer structures for use in
LED, laser, solar cell, transistor, telecommunications, and other applications.
Aixtron markets its products worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (31.05.2013) 13.89
52-Week Low (12.12.2012) 8.38
Daily Volume
13.005
52-Week High % Change -6.37% Dividend Yield -
52-Week Low % Change 55.28% Beta 0.99
% 52 Week Price Range High/Low 81.96% Equity Float 93.81
Shares Out 25.09.2013 102.2 Short Int -
1'329.52 1 Yr Total Return 20.19%
Total Debt 0.00 YTD Return 46.47%
Preferred Stock 0.0 Adjusted BETA 0.994
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 209.49 Consensus Rating 2.733
Enterprise Value 1'113.66
Average Volume 5 Day 356'652
AIXA GY EQUITY YTD Change - Average Volume 30 Day 380'821
AIXA GY EQUITY YTD % CHANGE - Average Volume 3 Month 426'185
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
274.4 302.9 783.8 611.0 227.8 318.1 225.3 226.3 373.4 57.4 71.1
1.30x 6.73x 3.03x 1.14x 3.01x 10.73x 15.69x 5.09x 3.07x 19.43x 15.61x
43.2 75.3 288.9 127.3 (108.6) (36.4) (166.2) (69.0) 50.3 (2.2) 2.4
8.24x 27.09x 8.23x 5.47x - 0.00x 0.00x - 22.04x 78.55x 36.01x
23.0 44.8 192.5 79.5 (145.4) (34.8) (209.3) (83.7) 27.5 (5.6) (0.6)
18.31x 47.96x 14.30x 12.47x - 0.00x 0.00x - 45.79x 684.47x 120.42x
EBITDA -108.64 Long-Term Rating Date -
EBIT -125.28 Long-Term Rating -
Operating Margin -54.99% Long-Term Outlook -
Pretax Margin -57.03% Short-Term Rating Date -
Return on Assets -34.88% Short-Term Rating -
Return on Common Equity -43.16%
Return on Capital - EBITDA/Interest Exp. -3746.07
Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. -4289.79
Net Debt/EBITDA -
Gross Margin 0.2% Total Debt/EBITDA 0.00
EBITDA Margin -73.8%
EBIT Margin -81.5% Total Debt/Equity 0.0%
Net Income Margin -63.8% Total Debt/Capital 0.0%
Asset Turnover 0.38
Current Ratio 4.38 Net Fixed Asset Turnover 2.32
Quick Ratio 2.79 Accounts receivable turnover-days 46.14
Debt to Assets 0.00% Inventory Days 176.18
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 39.96
Accounts Receivable Turnover 7.91 Cash Conversion Cycle 310.27
Inventory Turnover 2.07
Fiscal Year Ended
Aixtron SEPrice/Volume
Valuation Analysis
283'523.00
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
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAMMA GMBH n/a 20F 7'650'000 7.48 - 28.02.2013 Corporation
ALLIANZ GLOBAL INVES n/a Research 5'102'037 4.99 - 17.07.2013 Investment Advisor
BAILLIE GIFFORD AND n/a Research 5'093'343 4.98 - 29.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'990'841 3.9 46'327 23.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 3'970'269 3.88 (486) 30.06.2013 Unclassified
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'460'000 3.38 (10'000) 31.05.2013 Investment Advisor
GENERATION INVESTMEN n/a 20F 3'089'151 3.02 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'818'556 2.76 - 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'379'360 2.33 - 31.12.2012 Government
UBS AG n/a ULT-AGG 2'157'086 2.11 - 16.08.2013 Unclassified
AQR CAPITAL MANAGEME n/a Short (1'921'736) -1.88 112'442 23.09.2013 Hedge Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'037'338 1.01 (142'747) 30.06.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'007'257 0.99 (116'049) 28.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 963'786 0.94 (76'512) 31.07.2013 Investment Advisor
OXFORD ASSET MANAGEM n/a Short (909'758) -0.89 91'998 16.09.2013 Hedge Fund Manager
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 895'479 0.88 (290'555) 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 873'820 0.85 (29'879) 31.08.2013 Investment Advisor
SCHINDELHAUER KIM n/a 20F 766'500 0.75 - 31.01.2013 n/a
SAEMOR CAPITAL BV n/a Short (643'986) -0.63 161'616 18.09.2013 Investment Advisor
BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 608'594 0.6 608'594 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe KARSTEN ILTGEN buy 5 M 16 12 month 23.09.2013
Goldman Sachs SIMON F SCHAFER neutral/neutral 3 M 17 12 month 11.09.2013
Exane BNP Paribas GERHARD ORGONAS outperform 5 M 15 Not Provided 10.09.2013
Natixis MAXIME MALLET buy 5 M 15 Not Provided 02.09.2013
Commerzbank Corporates & Markets THOMAS M BECKER hold 3 M 12 6 month 29.08.2013
Morgan Stanley ANDREW HUMPHREY Equalwt/Cautious 3 M 12 12 month 28.08.2013
Main First Bank AG JUERGEN WAGNER underperform 1 M 10 12 month 31.07.2013
Equinet Institutional Services(ESN) ADRIAN PEHL sell 1 M 7 12 month 30.07.2013
Deutsche Bank UWE SCHUPP buy 5 M 14 12 month 29.07.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 29.07.2013
Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 29.07.2013
Societe Generale PETER KNOX sell 1 M 9 12 month 26.07.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 13 12 month 26.07.2013
JPMorgan SANDEEP S DESHPANDE neutral 3 M 10 3 month 26.07.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 9 12 month 26.07.2013
Sterne, Agee & Leach ANDREW HUANG neutral 3 M #N/A N/A Not Provided 26.07.2013
Bankhaus Metzler STEPHAN BAUER sell 1 M 8 12 month 26.07.2013
Barclays ANDREW M GARDINER equalweight 3 M 12 Not Provided 26.07.2013
SRH AlsterResearch DANIEL PAWLOWSKI sell 1 M 10 12 month 26.07.2013
HSBC CHRISTIAN DOMINIK RATH neutral 3 M 13 Not Provided 25.07.2013
Landesbank Baden-Wuerttemberg WALTER SCHNEIDER sell 1 M 11 Not Provided 25.07.2013
Hauck & Aufhaeuser TIM OLIVER WUNDERLICH buy 5 M 13 12 month 25.07.2013
M.M. Warburg Investment Research MALTE SCHAUMANN sell 1 M 9 12 month 25.07.2013
Berenberg Bank ALI FARID KHWAJA hold 3 M 9 Not Provided 25.07.2013
Kepler Cheuvreux BERND LAUX hold 3 U 12 Not Provided 25.07.2013
DZ Bank AG HARALD SCHNITZER sell 1 M 10 Not Provided 25.07.2013
UBS DAVID MULHOLLAND neutral 3 M 13 12 month 22.07.2013
Close Brothers Equity Markets VEYSEL TAZE sell 1 M 10 12 month 15.07.2013
Liberum Capital Ltd JANARDAN MENON buy 5 M 13 Not Provided 13.05.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013
National Bank AG SVEN PAULSEN buy 5 M 35 Not Provided 28.07.2011
Holdings By:
Aixtron SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Allianz SE, through subsidiaries, offers insurance and financial services. The
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 122.10
52-Week Low (11.10.2012) 90.36
Daily Volume
118
52-Week High % Change -3.36% Dividend Yield -
52-Week Low % Change 30.59% Beta 1.23
% 52 Week Price Range High/Low 88.03% Equity Float 448.87
Shares Out 30.06.2013 456.0 Short Int -
53'802.10 1 Yr Total Return 28.40%
Total Debt 19'574.00 YTD Return 16.91%
Preferred Stock 0.0 Adjusted BETA 1.231
Minority Interest 2'665.0 Analyst Recs 39
Cash and Equivalents 12'437.00 Consensus Rating 4.256
Enterprise Value 61'786.10
Average Volume 5 Day 2'136'566
ALV GY EQUITY YTD Change - Average Volume 30 Day 1'676'291
ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'680'870
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
76'195.0 82'711.0 89'740.0 87'384.0 96'020.0 90'556.0 97'026.0 102'442.2 105'264.4 24'605.0 24'916.0
0.62x 0.64x 0.57x 0.50x 0.60x 2.07x 2.31x 0.67x 0.65x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 3'317.0 5'859.0 5'867.7 6'016.0 1'230.5 1'430.5
8.51x 8.37x 7.94x 13.13x 4.62x 10.58x 4.64x 9.02x 8.76x - -
EBITDA - Long-Term Rating Date 27.01.2012
EBIT - Long-Term Rating AA
Operating Margin 10.61% Long-Term Outlook STABLE
Pretax Margin 8.95% Short-Term Rating Date 23.03.2009
Return on Assets 0.86% Short-Term Rating A-1+
Return on Common Equity 12.22%
Return on Capital 10.33% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 36.6%
Net Income Margin 5.4% Total Debt/Capital 25.8%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.82% Inventory Days -
Tot Debt to Common Equity 36.55% 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
Allianz SEPrice/Volume
Valuation Analysis
1'034'967.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 32'047'039 7.03 - 23.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 9'837'831 2.16 - 31.12.2012 Government
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'365'290 1.4 - 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 5'480'394 1.2 122'040 30.06.2013 Unclassified
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'802'438 1.05 4'701'470 24.09.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 4'786'226 1.05 (19'548) 31.07.2013 Investment Advisor
SOCIETE GENERALE SA n/a Research 4'300'429 0.94 - 16.05.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'892'846 0.85 82'265 31.07.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'878'270 0.85 (1'408) 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'687'392 0.81 (372'988) 31.07.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 3'208'800 0.7 159'500 30.06.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'657'513 0.58 (1'139'274) 31.07.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'237'563 0.49 95'282 31.08.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'169'864 0.48 107'355 31.08.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 2'123'409 0.47 135'080 30.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'054'950 0.45 (153'200) 30.06.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'967'279 0.43 (89'450) 31.05.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'816'092 0.4 (2'277'427) 30.04.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'718'151 0.38 12'000 31.05.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'589'980 0.35 - 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan MICHAEL HUTTNER overweight 5 M 140 3 month 24.09.2013
Bankhaus Lampe ANDREAS SCHAEFER buy 5 M 135 12 month 23.09.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 135 12 month 20.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.09.2013
AlphaValue DIETER HEIN add 4 M 132 6 month 19.09.2013
Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 118 12 month 18.09.2013
Oddo & Cie NICOLAS JACOB buy 5 M 130 12 month 18.09.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 151 12 month 17.09.2013
Nomura MICHAEL KLIEN buy 5 M 140 12 month 13.09.2013
Main First Bank AG MICHAEL HAID outperform 5 M 150 12 month 09.09.2013
Helvea DANIEL BISCHOF buy 5 M 128 12 month 09.09.2013
Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 110 12 month 03.09.2013
Kepler Cheuvreux ATANASIO PANTARROTAS buy 5 M 140 Not Provided 03.09.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 M 135 Not Provided 22.08.2013
Societe Generale NICK HOLMES hold 3 M 125 12 month 09.08.2013
Berenberg Bank PETER ELIOT buy 5 M 144 Not Provided 06.08.2013
Credit Suisse RICHARD BURDEN neutral 3 M 132 Not Provided 05.08.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 140 12 month 05.08.2013
HSBC KAILESH MISTRY overweight 5 M 145 Not Provided 05.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 05.08.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 110 12 month 05.08.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 120 12 month 05.08.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 130 12 month 05.08.2013
Nord/LB JULIA SIEKMANN buy 5 M 132 12 month 02.08.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 02.08.2013
Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 02.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 125 Not Provided 02.08.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 145 12 month 02.08.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 140 6 month 02.08.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 134 Not Provided 02.08.2013
Deutsche Bank OLIVER STEEL buy 5 M 130 12 month 25.07.2013
Barclays ANDREW BROADFIELD overweight 5 M 118 Not Provided 22.07.2013
Mediobanca SpA MARC THIELE neutral 3 M 123 Not Provided 20.06.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
Natixis BENOIT VALLEAUX buy 5 M 130 Not Provided 16.05.2013
Bank of Valletta MALCOLM ABDILLA CASTILLO hold 3 M 117 Not Provided 12.03.2013
Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013
Holdings By:
Allianz SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Aareal Bank AG offers structured real estate financing, property management,
and information technology consulting services for the real estate industry.
Aareal operates in Europe and North America.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 23.33
52-Week Low (16.11.2012) 15.21
Daily Volume
21.985
52-Week High % Change -5.77% Dividend Yield -
52-Week Low % Change 44.59% Beta 1.50
% 52 Week Price Range High/Low 85.85% Equity Float 42.56
Shares Out 30.06.2013 59.9 Short Int -
1'315.96 1 Yr Total Return 30.75%
Total Debt 28'666.00 YTD Return 39.94%
Preferred Stock 300.0 Adjusted BETA 1.497
Minority Interest 243.0 Analyst Recs 13
Cash and Equivalents 3'667.00 Consensus Rating 3.538
Enterprise Value 18'599.96
Average Volume 5 Day 129'935
ARL GY EQUITY YTD Change - Average Volume 30 Day 164'956
ARL GY EQUITY YTD % CHANGE - Average Volume 3 Month 172'555
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
2'239.0 1'398.0 1'105.0 1'347.0 1'184.0 1'330.0 1'087.0 668.7 707.0 141.0 147.0
13.32x 19.92x 25.94x 21.00x 22.37x 86.25x 88.60x - - - -
1'787.0 815.0 588.0 787.0 683.0 0.0 0.0 - - - -
16.69x 34.18x 48.75x 35.94x 38.77x 0.00x 0.00x - - - -
47.0 49.0 76.0 114.0 105.0 113.0 103.0 97.5 121.2 26.0 31.0
5.23x 11.63x 12.81x 6.63x 8.98x 6.43x 10.45x 13.36x 10.52x - -
EBITDA 683.00 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 25.14% Long-Term Outlook -
Pretax Margin 14.86% Short-Term Rating Date -
Return on Assets 0.23% Short-Term Rating -
Return on Common Equity 5.78%
Return on Capital 0.45% EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 1685.2%
Net Income Margin 8.9% Total Debt/Capital 92.7%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 10.66
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 62.68% Inventory Days -
Tot Debt to Common Equity 1685.24% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Aareal Bank AGPrice/Volume
Valuation Analysis
106'831.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AAREAL HOLDING VERWA n/a Co File 17'298'731 28.9 - 31.12.2012 Holding Company
ALLIANZ GLOBAL INVES n/a Research 2'972'198 4.97 - 30.05.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'851'808 3.09 - 30.04.2013 Investment Advisor
NORGES BANK n/a Research 1'820'551 3.04 - 14.02.2013 Government
FMR LLC n/a ULT-AGG 1'801'832 3.01 - 30.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'779'715 2.97 - 23.09.2013 Investment Advisor
DWS INVESTMENT GMBH n/a Research 1'729'068 2.89 - 27.02.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'525'802 2.55 104'010 31.08.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'497'308 2.5 (150'000) 31.05.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'246'763 2.08 (279'431) 31.12.2012 Investment Advisor
UNIVERSAL INVESTMENT n/a Research 1'184'258 1.98 - 17.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'019'300 1.7 63'954 31.07.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 961'233 1.61 5'000 28.02.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 392'000 0.65 316'567 31.05.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 329'891 0.55 - 30.06.2013 Investment Advisor
LRI-FUND MANAGEMENT Multiple Portfolios MF-AGG 308'000 0.51 - 31.05.2013 Investment Advisor
MARSHALL WACE LLP n/a Short (293'300) -0.49 23'943 18.02.2013 Hedge Fund Manager
VANGUARD GROUP INC n/a ULT-AGG 284'993 0.48 19'238 30.06.2013 Unclassified
ACTIVEST MUNICH Multiple Portfolios MF-AGG 280'359 0.47 8'665 30.04.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 251'860 0.42 - 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale PHILIP RICHARDS hold 3 M 20 12 month 17.09.2013
EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 27.08.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 26 12 month 20.08.2013
Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 24 6 month 14.08.2013
Independent Research GmbH STEFAN BONGARDT hold 3 D 23 12 month 14.08.2013
Deutsche Bank BENJAMIN GOY buy 5 M 25 12 month 13.08.2013
Nord/LB MICHAEL SEUFERT hold 3 D 23 12 month 13.08.2013
HSBC JOHANNES THORMANN neutral 3 M 23 Not Provided 13.08.2013
Landesbank Baden-Wuerttemberg MARTIN PETER hold 3 D 22 Not Provided 13.08.2013
M.M. Warburg Investment Research ANDREAS PLAESIER hold 3 M 22 12 month 13.08.2013
Kepler Cheuvreux DIRK BECKER buy 5 M 28 Not Provided 13.08.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 D 21 Not Provided 13.08.2013
DZ Bank AG CHRISTOPH BAST hold 3 M 21 Not Provided 13.08.2013
Holdings By:
Aareal Bank AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
BASF SE is a chemical company. The Company operates in six segments: Chemicals,
Plastics, Performance Products, Functional Solutions, Agricultural Solutions
and Oil & Gas. BASF offers products for the chemical, automotive, construction,
agriculture, oil, plastics, electrical / electronics, furniture and paper
industries, and provides a range of system solutions and services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (04.06.2013) 76.39
52-Week Low (24.10.2012) 62.05
Daily Volume
72.15
52-Week High % Change -5.55% Dividend Yield -
52-Week Low % Change 16.28% Beta 1.11
% 52 Week Price Range High/Low 71.83% Equity Float 813.96
Shares Out 30.06.2013 918.5 Short Int -
66'268.24 1 Yr Total Return 10.17%
Total Debt 12'798.00 YTD Return 5.13%
Preferred Stock 0.0 Adjusted BETA 1.109
Minority Interest 1'010.0 Analyst Recs 39
Cash and Equivalents 1'661.00 Consensus Rating 3.538
Enterprise Value 79'690.24
Average Volume 5 Day 3'305'305
BAS GY EQUITY YTD Change - Average Volume 30 Day 2'627'891
BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'878'870
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
62'304.0 50'693.0 63'873.0 73'497.0 72'129.0 72'351.0 75'082.0 74'151.8 71'008.5 17'801.3 18'402.5
0.62x 1.07x 1.09x 0.84x 1.07x 3.45x 4.02x 1.07x 1.09x 4.50x 4.29x
10'238.0 8'500.0 11'903.0 11'855.0 9'669.0 11'258.0 9'857.0 10'139.1 10'866.0 2'234.0 2'311.7
3.74x 6.36x 5.85x 5.20x 8.02x 5.54x 7.79x 7.84x 7.32x - -
2'912.0 1'410.0 4'557.0 6'188.0 4'819.0 5'234.0 4'532.0 4'787.6 5'244.7 1'013.0 1'145.0
8.86x 28.22x 12.04x 8.00x 13.55x 9.60x 14.00x 13.47x 12.27x - -
EBITDA 9'669.00 Long-Term Rating Date 10.05.2011
EBIT 6'381.00 Long-Term Rating A+
Operating Margin 8.85% Long-Term Outlook STABLE
Pretax Margin 8.29% Short-Term Rating Date 12.02.2009
Return on Assets 7.13% Short-Term Rating A-1
Return on Common Equity 18.59%
Return on Capital 13.65% EBITDA/Interest Exp. 13.35
Asset Turnover 1.18% (EBITDA-Capex)/Interest Exp. 7.81
Net Debt/EBITDA 1.26
Gross Margin 24.8% Total Debt/EBITDA 1.49
EBITDA Margin 13.1%
EBIT Margin 9.1% Total Debt/Equity 52.0%
Net Income Margin 6.7% Total Debt/Capital 33.3%
Asset Turnover 1.18
Current Ratio 1.64 Net Fixed Asset Turnover 4.39
Quick Ratio 0.67 Accounts receivable turnover-days 54.33
Debt to Assets 20.40% Inventory Days 62.97
Tot Debt to Common Equity 52.00% Accounts Payable Turnover Day 32.21
Accounts Receivable Turnover 6.72 Cash Conversion Cycle 85.23
Inventory Turnover 5.80
Fiscal Year Ended
BASF SEPrice/Volume
Valuation Analysis
1'466'911.00
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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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 63'927'154 6.96 - 23.09.2013 Investment Advisor
NORGES BANK n/a Research 27'715'437 3.02 - 19.06.2013 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 16'676'000 1.82 3'046'200 30.06.2013 Investment Advisor
SEB AG n/a Research 12'879'295 1.4 - 29.04.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 12'487'374 1.36 294'832 30.06.2013 Unclassified
DEUTSCHE BANK AG n/a ULT-AGG 12'244'163 1.33 35'147 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 8'052'439 0.88 (303'374) 31.07.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'248'759 0.79 (222'398) 24.09.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'377'307 0.69 (439'057) 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'258'389 0.68 (27'981) 31.08.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3'845'199 0.42 153'482 31.08.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'224'267 0.35 (3'152'762) 31.08.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'179'430 0.35 45'000 31.05.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 3'111'311 0.34 (637'860) 31.08.2013 Unclassified
JP MORGAN n/a ULT-AGG 3'017'006 0.33 350'532 30.06.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'812'432 0.31 (569) 23.09.2013 Investment Advisor
UBS AG n/a ULT-AGG 2'770'972 0.3 (32'869) 24.09.2013 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'458'610 0.27 23'000 31.05.2013 Investment Advisor
SEB n/a ULT-AGG 2'086'640 0.23 248'150 30.04.2013 Unclassified
NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 2'024'615 0.22 196'938 31.07.2013 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UBS THOMAS GILBERT neutral 3 M 75 12 month 23.09.2013
Bankhaus Lampe HEIKO FEBER buy 5 M 75 12 month 23.09.2013
Jefferies LAURENCE ALEXANDER hold 3 M 74 12 month 20.09.2013
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 86 12 month 19.09.2013
AlphaValue MARTIN SCHNEE reduce 2 M 70 6 month 19.09.2013
Baader Bank NORBERT BARTH buy 5 M 75 12 month 16.09.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA hold 3 M 75 Not Provided 16.09.2013
Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 15.09.2013
Morgan Stanley PAUL RICHARD WALSH Overwt/In-Line 5 M 78 12 month 13.09.2013
JPMorgan MARTIN EVANS underweight 1 M 54 15 month 13.09.2013
Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 60 12 month 13.09.2013
HSBC GEOFF HAIRE overweight 5 M 82 Not Provided 11.09.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 10.09.2013
Macquarie CHRISTIAN FAITZ outperform 5 U 75 12 month 04.09.2013
Goldman Sachs MICHAEL RAE Sell/Neutral 1 M 68 12 month 30.08.2013
Day by Day VALERIE GASTALDY buy 5 U 77 3 month 23.08.2013
Exane BNP Paribas JAMES KNIGHT outperform 5 M 73 Not Provided 22.08.2013
M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 79 12 month 15.08.2013
Kepler Cheuvreux MARKUS MAYER buy 5 M 80 Not Provided 13.08.2013
Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 78 6 month 29.07.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 78 Not Provided 29.07.2013
DZ Bank AG PETER SPENGLER buy 5 M 81 Not Provided 29.07.2013
Societe Generale PETER CLARK hold 3 M 70 12 month 26.07.2013
Bankhaus Metzler LARS HETTCHE sell 1 M 61 12 month 26.07.2013
Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 26.07.2013
Barclays ANDREAS HEINE overweight 5 M 79 Not Provided 26.07.2013
Nord/LB THORSTEN STRAUSS hold 3 M 70 12 month 25.07.2013
Credit Suisse CHRIS COUNIHAN neutral 3 M 73 Not Provided 25.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 77 12 month 25.07.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 82 12 month 25.07.2013
S&P Capital IQ JACOB THRANE hold 3 M 72 12 month 25.07.2013
Main First Bank AG RONALD KOEHLER outperform 5 U 75 12 month 01.07.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 15.04.2013
Gilford Securities PAUL C CHRISTOPHERSON neutral 3 U #N/A N/A Not Provided 08.04.2013
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013
National Bank AG EKKEHARD D LINK hold 3 M 64 Not Provided 26.10.2012
Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012
SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010
Holdings By:
BASF SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Bayer AG produces and markets healthcare and agricultural products, and
polymers. The Company manufactures products that include aspirin, antibiotics,
anti-infectives, and cardiovascular, oncology, and central nervous system
drugs, over-the-counter medications, diagnostics, animal health products, crop
protection products, plastics, and polyurethanes.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (06.08.2013) 91.03
52-Week Low (15.11.2012) 64.65
Daily Volume
86.41
52-Week High % Change -5.08% Dividend Yield -
52-Week Low % Change 33.66% Beta 0.99
% 52 Week Price Range High/Low 82.71% Equity Float 801.82
Shares Out 30.06.2013 826.9 Short Int -
71'456.56 1 Yr Total Return 29.44%
Total Debt 9'532.00 YTD Return 23.07%
Preferred Stock 0.0 Adjusted BETA 0.987
Minority Interest 100.0 Analyst Recs 37
Cash and Equivalents 2'551.00 Consensus Rating 4.027
Enterprise Value 80'383.56
Average Volume 5 Day 2'757'768
BAYN GY EQUITY YTD Change - Average Volume 30 Day 1'852'729
BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'911'962
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
32'918.0 31'168.0 35'088.0 36'528.0 39'760.0 38'081.0 40'153.0 40'846.7 43'095.1 9'972.8 10'369.0
1.40x 1.80x 1.53x 1.32x 1.67x 5.12x 6.96x 1.91x 1.75x - -
6'702.0 7'695.0 8'900.0 8'963.0 9'001.0 9'332.0 9'296.0 8'519.5 9'378.8 1'848.0 2'050.5
6.86x 7.30x 6.04x 5.36x 7.39x 5.86x 8.24x 9.42x 8.56x - -
1'719.0 1'359.0 1'301.0 2'470.0 2'446.0 2'560.0 2'903.0 4'587.0 5'221.9 847.5 1'094.0
18.72x 32.92x 35.22x 16.52x 24.29x 18.24x 23.30x 15.04x 13.33x - -
EBITDA 9'001.00 Long-Term Rating Date 30.04.2008
EBIT 6'041.00 Long-Term Rating A-
Operating Margin 15.19% Long-Term Outlook POS
Pretax Margin 8.17% Short-Term Rating Date 11.07.2006
Return on Assets 5.50% Short-Term Rating A-2
Return on Common Equity 15.33%
Return on Capital - EBITDA/Interest Exp. 12.11
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 9.52
Net Debt/EBITDA 0.95
Gross Margin 52.1% Total Debt/EBITDA 1.22
EBITDA Margin 23.2%
EBIT Margin 16.0% Total Debt/Equity 51.6%
Net Income Margin 6.2% Total Debt/Capital 33.9%
Asset Turnover 0.76
Current Ratio 1.45 Net Fixed Asset Turnover 4.06
Quick Ratio 0.76 Accounts receivable turnover-days 79.64
Debt to Assets 18.57% Inventory Days 131.78
Tot Debt to Common Equity 51.61% Accounts Payable Turnover Day 70.17
Accounts Receivable Turnover 4.58 Cash Conversion Cycle 119.75
Inventory Turnover 2.77
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
Bayer AGPrice/Volume
Valuation Analysis
997'536.00
Current Price (9/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
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45'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 70'759'889 8.56 (743'466) 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 68'075'962 8.23 950'627 23.09.2013 Investment Advisor
SEB n/a ULT-AGG 41'431'997 5.01 (196'834) 26.04.2013 Unclassified
UBS AG n/a ULT-AGG 25'077'876 3.03 49'788 24.09.2013 Unclassified
CREDIT SUISSE GROUP n/a Research 20'623'972 2.49 - 15.05.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 19'085'378 2.31 - 31.12.2012 Government
FMR LLC n/a ULT-AGG 14'659'626 1.77 (72'770) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 11'899'744 1.44 216'614 30.06.2013 Unclassified
DODGE & COX Multiple Portfolios MF-AGG 10'591'070 1.28 (288'800) 30.06.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 10'532'903 1.27 372'207 31.07.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 10'217'170 1.24 (41'508) 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 8'107'914 0.98 (10'936) 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'636'225 0.8 (16'489) 24.09.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'795'359 0.7 (275'247) 31.08.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'363'504 0.65 68'682 31.08.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'911'757 0.59 (27'066) 31.07.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 4'763'064 0.58 (660'917) 31.08.2013 Unclassified
SOCIETE GENERALE SA n/a Research 4'502'247 0.54 - 10.05.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'999'285 0.48 80'895 30.06.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'467'578 0.42 (737'769) 24.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Helvea ODILE RUNDQUIST hold 3 M 90 12 month 23.09.2013
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 78 12 month 19.09.2013
Exane BNP Paribas FLORENT CESPEDES outperform 5 M 94 Not Provided 19.09.2013
AlphaValue MARTIN SCHNEE reduce 2 M 84 6 month 19.09.2013
Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 94 Not Provided 16.09.2013
Barclays MARK PURCELL equalweight 3 M 85 Not Provided 16.09.2013
Bryan Garnier & Cie MARTIAL DESCOUTURES buy 5 M 98 6 month 12.09.2013
Jefferies JEFFREY HOLFORD buy 5 M 98 12 month 10.09.2013
Deutsche Bank TIM RACE buy 5 M 99 12 month 04.09.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 98 12 month 04.09.2013
Societe Generale STEPHEN MCGARRY sell 1 M 79 12 month 27.08.2013
Day by Day VALERIE GASTALDY buy 5 U 95 3 month 23.08.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 97 Not Provided 16.08.2013
DZ Bank AG PETER SPENGLER buy 5 M 95 Not Provided 15.08.2013
Morgan Stanley AMY WALKER Equalwt/Attractive 3 M 95 12 month 14.08.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 08.08.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 D 97 Not Provided 06.08.2013
Kepler Cheuvreux FABIAN WENNER hold 3 M 84 Not Provided 03.08.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 97 6 month 02.08.2013
Goldman Sachs STEVE CHESNEY Buy/Neutral 5 M 105 12 month 02.08.2013
Credit Suisse JOHANNA WALTON outperform 5 M 95 Not Provided 01.08.2013
JPMorgan RICHARD VOSSER overweight 5 M 100 9 month 01.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 91 12 month 01.08.2013
Natixis BEATRICE MUZARD buy 5 M 98 Not Provided 01.08.2013
Liberum Capital Ltd NARESH CHOUHAN buy 5 M 110 Not Provided 01.08.2013
Nord/LB THORSTEN STRAUSS sell 1 M 69 12 month 31.07.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 89 12 month 31.07.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 87 12 month 31.07.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 96 12 month 31.07.2013
Main First Bank AG RONALD KOEHLER outperform 5 M 90 12 month 01.07.2013
Ahorro Corporacion Financiera SA JOSE VALLE buy 5 M 91 Not Provided 24.06.2013
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 14.06.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Nomura JEAN DE WATTEVILLE not rated #N/A N/A M #N/A N/A Not Provided 17.04.2013
National Bank AG EKKEHARD D LINK hold 3 M 80 Not Provided 12.04.2013
UBS ANDREW WHITNEY neutral 3 M 82 12 month 22.03.2013
Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012
Holdings By:
Bayer AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
BB Biotech AG is an investment company. The Company invests in biotech companies
that operate in areas that include oncology, cardiovascular diseases,
infectious diseases and autoimmune diseases.
Latest Fiscal Year: -
LTM as of: 03/yy
52-Week High (19.09.2013) 104.80
52-Week Low (09.11.2012) 66.85
Daily Volume
104
52-Week High % Change -0.76% Dividend Yield -
52-Week Low % Change 55.57% Beta 0.68
% 52 Week Price Range High/Low 96.84% Equity Float -
Shares Out 28.02.2013 13.0 Short Int -
1'352.00 1 Yr Total Return 38.06%
Total Debt - YTD Return 49.34%
Preferred Stock - Adjusted BETA 0.683
Minority Interest - Analyst Recs 5
Cash and Equivalents - Consensus Rating 4.600
Enterprise Value 1'796.01
Average Volume 5 Day 24'571
BBZA GY EQUITY YTD Change - Average Volume 30 Day 16'981
BBZA GY EQUITY YTD % CHANGE - Average Volume 3 Month 14'732
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2003 31.12.2004 31.12.2005 31.12.2006 31.12.2007 03/yy 03/yy 12/08 Y 12/09 Y - -
192.6 215.8 332.2 317.6 (211.4) 0.0 43.7 - - - -
8.65x 7.62x 6.74x 7.24x - #DIV/0! 30.50x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
179.3 202.8 318.0 297.4 (265.4) 0.0 39.6 - - - -
- - - - - 0.00x 0.00x - - - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin - Long-Term Outlook -
Pretax Margin - Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover - (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity -
Net Income Margin - Total Debt/Capital -
Asset Turnover -
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets - Inventory Days -
Tot Debt to Common Equity - 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
BB Biotech AGPrice/Volume
Valuation Analysis
12'395.00
Current Price (9/dd/yy) Market Data
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-400.0
-200.0
0.0
200.0
400.0
600.0
800.0
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1'200.0
1'400.0
1'600.0
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1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANK OF NEW YORK MEL n/a EXCH 1'247'797 9.6 (26'265) 19.06.2013 Investment Advisor
NEWTON INVESTMENT MA n/a EXCH 1'179'207 9.07 - 30.08.2013 Investment Advisor
BIOTECH TARGET NV #N/A N/A EXCH 342'246 2.63 (99'999) 20.09.2013 Other
DEUTSCHE BANK AG n/a ULT-AGG 190'000 1.46 - 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 134'300 1.03 (3'469) 23.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 80'233 0.62 67'588 30.06.2013 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 64'000 0.49 - 31.05.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 54'781 0.42 2'145 31.08.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 42'504 0.33 31'715 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 36'490 0.28 32'729 30.04.2013 Investment Advisor
OFI ASSET MGMT Multiple Portfolios MF-AGG 21'250 0.16 (8'750) 31.05.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 15'260 0.12 - 31.07.2013 Investment Advisor
HAUCK & AUFHAUSER IN Multiple Portfolios MF-AGG 12'500 0.1 500 31.07.2013 Investment Advisor
HANSAINVEST GMBH Multiple Portfolios MF-AGG 10'549 0.08 7'999 31.05.2013 Investment Advisor
MUNDER CAPITAL MANAG Multiple Portfolios MF-AGG 10'500 0.08 10'500 30.06.2012 Investment Advisor
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 10'000 0.08 - 28.03.2013 Investment Advisor
HAUCK & AUFHAEUSER I Multiple Portfolios MF-AGG 10'000 0.08 - 29.06.2012 Investment Advisor
BAYERNINVEST LUXEMBO Multiple Portfolios MF-AGG 9'764 0.08 3'964 28.03.2013 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 5'916 0.05 369 31.07.2013 Investment Advisor
BNY MELLON SERVICE K Multiple Portfolios MF-AGG 5'798 0.04 - 30.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank HOLGER BLUM buy 5 M 133 12 month 13.08.2013
Equinet Institutional Services(ESN) MARIETTA MIEMIETZ buy 5 M 115 12 month 22.07.2013
Close Brothers Equity Markets IVO VISIC buy 5 M 111 12 month 19.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 107 12 month 18.07.2013
Equita SIM SpA MARTINO DEAMBROGGI buy 5 M 108 12 month 25.03.2013
Holdings By:
BB Biotech AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Bechtle AG retails computer and office supplies. The Company markets personal
computers, workstations, computer peripherals, mobile devices, computer
software, computer networking products, presentation equipment, paper, computer
consumables, office furniture, and telecommunications equipment. Bechtle sells
its products through its catalog and Internet website.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (06.03.2013) 39.30
52-Week Low (16.11.2012) 26.75
Daily Volume
37.705
52-Week High % Change -4.06% Dividend Yield -
52-Week Low % Change 40.95% Beta 0.67
% 52 Week Price Range High/Low 89.56% Equity Float 12.74
Shares Out 30.06.2013 21.0 Short Int -
791.81 1 Yr Total Return 26.44%
Total Debt 73.71 YTD Return 26.38%
Preferred Stock 0.0 Adjusted BETA 0.669
Minority Interest 0.0 Analyst Recs 10
Cash and Equivalents 114.10 Consensus Rating 4.100
Enterprise Value 787.51
Average Volume 5 Day 22'153
BC8 GY EQUITY YTD Change - Average Volume 30 Day 19'191
BC8 GY EQUITY YTD % CHANGE - Average Volume 3 Month 17'013
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
1'431.5 1'379.3 1'722.9 1'994.9 2'096.8 2'064.7 2'146.4 2'207.9 2'327.0 527.0 642.0
0.16x 0.23x 0.31x 0.25x 0.29x 1.11x 1.26x 0.33x 0.29x - -
72.8 56.2 74.0 100.3 102.3 102.6 99.5 104.7 115.4 - -
3.09x 5.55x 7.12x 5.04x 5.90x 6.01x 7.35x 7.53x 6.83x - -
45.4 34.3 46.4 62.7 56.6 58.1 53.9 59.6 67.5 12.6 23.7
6.37x 11.46x 13.12x 8.76x 11.39x 10.50x 13.62x 13.10x 11.57x - -
EBITDA 102.27 Long-Term Rating Date -
EBIT 80.52 Long-Term Rating -
Operating Margin 3.84% Long-Term Outlook -
Pretax Margin 3.78% Short-Term Rating Date -
Return on Assets 6.91% Short-Term Rating -
Return on Common Equity 12.21%
Return on Capital 11.06% EBITDA/Interest Exp. 31.08
Asset Turnover 2.75% (EBITDA-Capex)/Interest Exp. 21.40
Net Debt/EBITDA -0.04
Gross Margin 15.2% Total Debt/EBITDA 0.70
EBITDA Margin 4.6%
EBIT Margin 3.6% Total Debt/Equity 16.1%
Net Income Margin 2.7% Total Debt/Capital 13.9%
Asset Turnover 2.75
Current Ratio 1.89 Net Fixed Asset Turnover 23.19
Quick Ratio 1.45 Accounts receivable turnover-days 46.80
Debt to Assets 8.72% Inventory Days 19.63
Tot Debt to Common Equity 16.08% Accounts Payable Turnover Day 26.07
Accounts Receivable Turnover 7.80 Cash Conversion Cycle 40.15
Inventory Turnover 18.59
Fiscal Year Ended
Bechtle AGPrice/Volume
Valuation Analysis
5'619.00
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
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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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCHICK KARIN n/a Co File 7'353'287 35.02 - 31.12.2012 n/a
FLOSSBACH VON STORCH n/a Research 2'114'862 10.07 - 01.01.2013 Investment Advisor
DWS INVESTMENT GMBH n/a Research 1'040'000 4.95 - 30.04.2013 Investment Advisor
GOVERNMENT OF NORWAY n/a Research 905'807 4.31 - 03.07.2013 Government
DEUTSCHE BANK AG n/a ULT-AGG 830'500 3.95 (107'203) 31.07.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 628'440 2.99 23'599 30.04.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 573'370 2.73 - 31.12.2012 Government
MORGAN STANLEY n/a ULT-AGG 523'586 2.49 - 20.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 279'865 1.33 (31'529) 31.08.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 119'169 0.57 94'202 30.04.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 114'011 0.54 483 30.04.2013 Investment Advisor
LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 101'428 0.48 36'428 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 86'937 0.41 (182) 30.06.2013 Unclassified
LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 73'900 0.35 - 28.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 73'465 0.35 (1'952) 23.09.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 67'316 0.32 2'853 31.05.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 64'422 0.31 15'075 31.05.2013 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 50'000 0.24 - 31.05.2013 Investment Advisor
DEUTSCHE POSTBANK CA Multiple Portfolios MF-AGG 42'000 0.2 - 28.12.2012 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 41'000 0.2 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
M.M. Warburg Investment Research ANDREAS WOLF buy 5 U 43 12 month 29.08.2013
Commerzbank Corporates & Markets THOMAS M BECKER add 4 M 39 6 month 28.08.2013
Deutsche Bank UWE SCHUPP hold 3 M 35 12 month 15.08.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 39 12 month 15.08.2013
DZ Bank AG JASKO TERZIC buy 5 M 45 Not Provided 15.08.2013
Landesbank Baden-Wuerttemberg THOMAS HOFMANN buy 5 M 40 Not Provided 14.08.2013
Hauck & Aufhaeuser TIM OLIVER WUNDERLICH buy 5 M 43 12 month 14.08.2013
Bankhaus Metzler ULRICH TRABERT sell 1 M 33 12 month 14.08.2013
Berenberg Bank BJOERN LIPPE buy 5 M 49 Not Provided 14.08.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 27.03.2013
GSC Research MATTHIAS SCHRADE buy 5 U #N/A N/A Not Provided 16.06.2011
Holdings By:
Bechtle AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Beiersdorf AG develops, manufactures, and markets personal care, disposable
medical, and adhesive products. The Company produces skin and hair care
products, bandages, surgical gloves, compression stockings, sun block lotion,
fastening systems, masking products, and packaging systems.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.04.2013) 73.45
52-Week Low (24.10.2012) 55.62
Daily Volume
65.57
52-Week High % Change -10.73% Dividend Yield -
52-Week Low % Change 17.89% Beta 0.64
% 52 Week Price Range High/Low 58.33% Equity Float 99.64
Shares Out 30.06.2013 252.0 Short Int -
16'523.64 1 Yr Total Return 16.52%
Total Debt 102.00 YTD Return 7.04%
Preferred Stock 0.0 Adjusted BETA 0.636
Minority Interest 12.0 Analyst Recs 38
Cash and Equivalents 1'760.00 Consensus Rating 2.947
Enterprise Value 14'937.64
Average Volume 5 Day 501'849
BEI GY EQUITY YTD Change - Average Volume 30 Day 392'581
BEI GY EQUITY YTD % CHANGE - Average Volume 3 Month 404'062
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
5'971.0 5'748.0 5'571.0 5'633.0 6'040.0 5'794.0 6'141.0 6'229.9 6'574.4 1'529.4 1'538.6
1.39x 1.54x 1.42x 1.50x 2.05x 6.30x 8.72x 2.32x 2.14x - -
815.0 788.0 876.0 839.0 941.0 860.0 1'000.0 956.1 1'056.8 251.0 218.0
10.15x 11.26x 9.02x 10.10x 13.17x 12.87x 15.35x 15.62x 14.13x 14.54x 14.15x
562.0 374.0 318.0 250.0 442.0 240.0 481.0 526.1 604.8 123.0 121.0
16.94x 27.84x 29.66x 39.84x 31.73x 48.14x 31.71x 28.25x 24.78x 28.81x 27.95x
EBITDA 941.00 Long-Term Rating Date -
EBIT 789.00 Long-Term Rating -
Operating Margin 13.06% Long-Term Outlook -
Pretax Margin 11.74% Short-Term Rating Date -
Return on Assets 8.51% Short-Term Rating -
Return on Common Equity 15.57%
Return on Capital - EBITDA/Interest Exp. 104.56
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 83.11
Net Debt/EBITDA -1.59
Gross Margin 63.3% Total Debt/EBITDA 0.10
EBITDA Margin 16.3%
EBIT Margin 13.8% Total Debt/Equity 3.1%
Net Income Margin 7.3% Total Debt/Capital 3.0%
Asset Turnover 1.09
Current Ratio 2.11 Net Fixed Asset Turnover 9.23
Quick Ratio 1.53 Accounts receivable turnover-days 73.14
Debt to Assets 1.83% Inventory Days 123.15
Tot Debt to Common Equity 3.11% Accounts Payable Turnover Day 173.18
Accounts Receivable Turnover 4.99 Cash Conversion Cycle 20.34
Inventory Turnover 2.96
Fiscal Year Ended
Beiersdorf AGPrice/Volume
Valuation Analysis
274'784.00
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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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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MAXINGVEST AG n/a Co File 127'184'400 50.47 - 31.12.2012 Unclassified
BEIERSDORF AG n/a Co File 25'174'800 9.99 - 31.12.2012 Corporation
BLACKROCK n/a ULT-AGG 3'659'582 1.45 54'896 23.09.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'261'385 0.9 67'456 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 2'047'989 0.81 77'256 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'014'317 0.8 - 31.12.2012 Government
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'427'260 0.57 500 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'224'509 0.49 19'229 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'145'883 0.45 (22'604) 30.06.2013 Unclassified
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 669'621 0.27 80'171 28.03.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 643'097 0.26 19'350 31.05.2013 Investment Advisor
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 491'959 0.2 (112'631) 31.05.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 422'658 0.17 6'163 31.07.2013 Investment Advisor
FEDERAL FINANCE GEST Multiple Portfolios MF-AGG 386'500 0.15 200'000 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 378'608 0.15 (75'209) 30.06.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 333'775 0.13 20'000 31.05.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 315'704 0.13 22'583 30.04.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 303'228 0.12 5'516 31.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 300'757 0.12 (8'000) 30.04.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 274'298 0.11 (51'009) 28.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 62 12 month 25.09.2013
Exane BNP Paribas EAMONN FERRY outperform 5 M 78 Not Provided 25.09.2013
Liberum Capital Ltd PABLO ZUANIC sell 1 M #N/A N/A Not Provided 20.09.2013
AlphaValue MARTIN SCHNEE sell 1 M 55 6 month 19.09.2013
Day by Day VALERIE GASTALDY buy 5 M 73 3 month 16.09.2013
Goldman Sachs ROSIE EDWARDS neutral/attractive 3 U 65 12 month 12.09.2013
Natixis PIERRE TEGNER reduce 2 M 61 Not Provided 12.09.2013
Baader Bank CHRISTIAN WEIZ hold 3 M 71 12 month 10.09.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 55 12 month 05.09.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN add 4 M 77 6 month 30.08.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 68 Not Provided 22.08.2013
Morgan Stanley ERIK SJOGREN Overwt/In-Line 5 M 78 12 month 14.08.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 14.08.2013
Credit Suisse NICOLAS SOCHOVSKY neutral 3 M 68 Not Provided 09.08.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 09.08.2013
DZ Bank AG THOMAS MAUL sell 1 M 56 Not Provided 09.08.2013
Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 70 12 month 08.08.2013
Raymond James HERMINE DE BENTZMANN market perform 3 M #N/A N/A Not Provided 08.08.2013
M.M. Warburg Investment Research JOERG PHILIPP FREY buy 5 M 85 12 month 08.08.2013
Bankhaus Metzler SEBASTIAN FRERICKS sell 1 M 52 12 month 08.08.2013
Kepler Cheuvreux CATHERINE ROLLAND hold 3 M 70 Not Provided 08.08.2013
Bryan Garnier & Cie LOIC MORVAN sell 1 M 65 6 month 08.08.2013
Nomura GUILLAUME DELMAS buy 5 M 72 12 month 08.08.2013
SRH AlsterResearch OLIVER DREBING buy 5 M 80 12 month 08.08.2013
Deutsche Bank HAROLD THOMPSON buy 5 M 85 12 month 07.08.2013
Nord/LB JULIA SIEKMANN hold 3 M 68 12 month 07.08.2013
JPMorgan CELINE PANNUTI underweight 1 M 63 15 month 07.08.2013
Independent Research GmbH LARS LUSEBRINK sell 1 D 65 12 month 07.08.2013
Bankhaus Lampe MICHAEL GORNY hold 3 M 71 Not Provided 07.08.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA sell 1 M 52 12 month 07.08.2013
S&P Capital IQ CARL SHORT strong buy 5 U 79 12 month 07.08.2013
Barclays IAIN SIMPSON underweight 1 M 58 Not Provided 07.08.2013
Berenberg Bank BASSEL CHOUGHARI Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013
HSBC CEDRIC BESNARD underweight 1 M 60 Not Provided 12.07.2013
Main First Bank AG GAEL COLCOMBET outperform 5 M 80 12 month 14.06.2013
UBS EVA QUIROGA buy 5 M 75 12 month 19.04.2013
Redburn Partners WILLIAM HOUSTON neutral 3 M #N/A N/A Not Provided 05.12.2012
Holdings By:
Beiersdorf AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and
motorcycles worldwide. The Company produces everything from convertible sports
cars to luxury sedans to touring motorcycles with large displacement engines.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 82.44
52-Week Low (01.10.2012) 56.51
Daily Volume
80.55
52-Week High % Change -2.29% Dividend Yield -
52-Week Low % Change 42.54% Beta 1.19
% 52 Week Price Range High/Low 93.68% Equity Float 320.86
Shares Out 30.06.2013 602.0 Short Int -
51'561.33 1 Yr Total Return 41.73%
Total Debt 69'507.00 YTD Return 14.29%
Preferred Stock 0.0 Adjusted BETA 1.189
Minority Interest 107.0 Analyst Recs 42
Cash and Equivalents 12'982.00 Consensus Rating 4.048
Enterprise Value 109'037.33
Average Volume 5 Day 1'891'948
BMW GY EQUITY YTD Change - Average Volume 30 Day 1'458'080
BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'524'828
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
53'197.0 50'681.0 60'477.0 68'821.0 76'848.0 72'391.0 76'451.0 78'452.7 82'545.0 20'993.0 22'876.7
1.19x 1.40x 1.49x 1.31x 1.36x 5.07x 5.27x 0.50x 0.46x - -
4'468.0 9'311.0 12'905.0 15'447.0 16'253.0 16'348.0 16'032.0 12'707.7 13'157.8 - -
14.18x 7.59x 6.99x 5.86x 6.43x 5.77x 6.34x 8.58x 8.29x - -
324.0 204.0 3'227.0 4'881.0 5'096.0 4'596.0 5'173.0 5'234.4 5'359.3 1'396.0 1'530.5
44.10x 102.58x 11.94x 6.95x 9.39x 8.11x 8.54x 10.19x 9.87x - -
EBITDA 16'253.00 Long-Term Rating Date 16.04.2012
EBIT 8'298.00 Long-Term Rating A
Operating Margin 10.80% Long-Term Outlook STABLE
Pretax Margin 10.17% Short-Term Rating Date 16.04.2012
Return on Assets 3.97% Short-Term Rating A-1
Return on Common Equity 17.36%
Return on Capital 5.69% EBITDA/Interest Exp. 17.80
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 12.07
Net Debt/EBITDA 3.58
Gross Margin 20.2% Total Debt/EBITDA 4.37
EBITDA Margin 21.0%
EBIT Margin 10.5% Total Debt/Equity 229.4%
Net Income Margin 6.6% Total Debt/Capital 69.6%
Asset Turnover 0.59
Current Ratio 1.04 Net Fixed Asset Turnover 2.06
Quick Ratio 0.32 Accounts receivable turnover-days 10.49
Debt to Assets 52.72% Inventory Days 63.30
Tot Debt to Common Equity 229.43% Accounts Payable Turnover Day 38.04
Accounts Receivable Turnover 34.80 Cash Conversion Cycle 36.53
Inventory Turnover 5.77
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
Bayerische Motoren Werke AGPrice/Volume
Valuation Analysis
818'110.00
Current Price (9/dd/yy) Market Data
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10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QUANDT STEFAN n/a Co File 104'747'161 17.4 - 31.12.2012 n/a
QUANDT JOHANNA n/a Co File 100'533'195 16.7 - 31.12.2012 n/a
KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2012 n/a
BLACKROCK n/a ULT-AGG 36'939'716 6.14 191'027 23.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 14'432'872 2.4 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 13'010'155 2.16 (1'906'900) 31.07.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 7'619'900 1.27 891'400 30.06.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 4'993'700 0.83 4'993'700 30.06.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'809'603 0.8 4'735'450 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 4'200'666 0.7 38'312 30.06.2013 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'045'326 0.67 541'749 30.06.2013 Investment Advisor
WADDELL & REED FINAN n/a ULT-AGG 3'907'100 0.65 (4'537'600) 30.06.2013 Investment Advisor
BESTINVER GESTION SG Multiple Portfolios MF-AGG 3'773'414 0.63 45'105 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 3'637'639 0.6 27'106 30.04.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'666'311 0.44 (188'230) 30.04.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'176'598 0.36 (311'830) 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'136'927 0.35 5'949 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'027'377 0.34 (2'324) 31.07.2013 Investment Advisor
SEB n/a ULT-AGG 1'380'299 0.23 123'139 30.04.2013 Unclassified
UBS AG n/a ULT-AGG 1'367'226 0.23 (9'906) 24.09.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 24.09.2013
Barclays KRISTINA CHURCH overweight 5 M 92 Not Provided 23.09.2013
National Bank AG EKKEHARD D LINK buy 5 M 85 Not Provided 20.09.2013
Day by Day VALERIE GASTALDY buy 5 M 84 3 month 19.09.2013
AlphaValue HANS-PETER WODNIOK add 4 M 93 6 month 19.09.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 17.09.2013
Natixis GEORGES DIENG neutral 3 M 77 Not Provided 13.09.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 90 12 month 11.09.2013
Oddo & Cie FRANCOIS MAURY reduce 2 M 63 Not Provided 11.09.2013
Calamatta Cuschieri TEAM COVERAGE overweight 5 M 94 12 month 10.09.2013
JPMorgan JOSE ASUMENDI neutral 3 M 78 15 month 06.09.2013
Exane BNP Paribas RABIH FREIHA neutral 3 M 76 Not Provided 06.09.2013
Nomura HARALD C HENDRIKSE buy 5 N 85 Not Provided 05.09.2013
ISI Group ARNDT ELLINGHORST strong buy 5 N 90 12 month 02.09.2013
DZ Bank AG MICHAEL PUNZET buy 5 M 80 Not Provided 27.08.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 22.08.2013
Baader Bank KLAUS BREITENBACH buy 5 M 80 12 month 08.08.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 08.08.2013
Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 M 85 12 month 07.08.2013
Nord/LB FRANK SCHWOPE sell 1 M 64 12 month 05.08.2013
Societe Generale PHILIPPE BARRIER buy 5 M 83 12 month 02.08.2013
Kepler Cheuvreux MICHAEL RAAB buy 5 M 88 Not Provided 02.08.2013
Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 01.08.2013
Morgan Stanley LAURA LEMBKE Equalwt/In-Line 3 M 79 12 month 01.08.2013
Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 72 Not Provided 01.08.2013
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 80 12 month 01.08.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 84 12 month 01.08.2013
Bankhaus Metzler JUERGEN PIEPER sell 1 D 68 12 month 01.08.2013
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 01.08.2013
S&P Capital IQ RODERICK BRIDGE buy 5 D 80 12 month 01.08.2013
HSBC HORST SCHNEIDER neutral 3 M 79 Not Provided 29.07.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 100 Not Provided 23.07.2013
Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 14.06.2013
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 82 12 month 13.06.2013
Creative Global Investments CARLO R BESENIUS buy 5 M 87 Not Provided 30.04.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 83 Not Provided 09.04.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.03.2013
Bank of Valletta TEAM COVERAGE neutral 3 M 71 Not Provided 20.03.2013
UBS PHILIPPE HOUCHOIS neutral 3 D 73 12 month 18.02.2013
Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012
Holdings By:
Bayerische Motoren Werke AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Brenntag AG sells and distributes industrial and specialty chemicals. The
Company also develops and prepares specific chemical compounds and offers
analysis services. Brenntag's customers include oil and gas, paint, cosmetic,
pharmaceutical, and water treatment companies.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (07.05.2013) 132.30
52-Week Low (07.11.2012) 90.26
Daily Volume
123.3
52-Week High % Change -6.80% Dividend Yield -
52-Week Low % Change 36.61% Beta 0.69
% 52 Week Price Range High/Low 77.88% Equity Float 49.38
Shares Out 30.06.2013 51.5 Short Int -
6'349.95 1 Yr Total Return 27.09%
Total Debt 1'829.50 YTD Return 26.58%
Preferred Stock 0.0 Adjusted BETA 0.686
Minority Interest 28.8 Analyst Recs 18
Cash and Equivalents 362.20 Consensus Rating 3.333
Enterprise Value 7'939.25
Average Volume 5 Day 84'597
BNR GY EQUITY YTD Change - Average Volume 30 Day 75'198
BNR GY EQUITY YTD % CHANGE - Average Volume 3 Month 95'242
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
7'379.6 6'364.6 7'649.1 8'679.3 9'689.9 9'254.5 9'778.0 9'994.3 10'507.8 2'596.0 2'596.0
- - 0.70x 0.60x 0.68x 2.41x 2.93x 0.77x 0.72x - -
481.0 476.8 596.6 657.3 703.3 688.5 681.1 717.0 779.8 187.0 191.0
- - 8.97x 7.92x 9.41x 8.86x 11.13x 11.07x 10.18x - -
(42.1) (0.1) 143.6 277.4 336.2 304.8 314.5 334.8 380.4 87.5 88.9
- - 26.04x 13.35x 15.23x 14.76x 19.08x 18.89x 16.52x - -
EBITDA 703.30 Long-Term Rating Date 09.06.2011
EBIT 570.20 Long-Term Rating BBB-
Operating Margin 5.88% Long-Term Outlook STABLE
Pretax Margin 4.94% Short-Term Rating Date -
Return on Assets 5.45% Short-Term Rating -
Return on Common Equity 16.81%
Return on Capital 10.00% EBITDA/Interest Exp. 7.62
Asset Turnover 1.69% (EBITDA-Capex)/Interest Exp. 6.68
Net Debt/EBITDA 2.29
Gross Margin 19.9% Total Debt/EBITDA 2.72
EBITDA Margin 7.0%
EBIT Margin 5.5% Total Debt/Equity 93.2%
Net Income Margin 3.5% Total Debt/Capital 47.9%
Asset Turnover 1.69
Current Ratio 1.58 Net Fixed Asset Turnover 11.43
Quick Ratio 1.02 Accounts receivable turnover-days 54.27
Debt to Assets 32.04% Inventory Days 35.24
Tot Debt to Common Equity 93.23% Accounts Payable Turnover Day 49.60
Accounts Receivable Turnover 6.73 Cash Conversion Cycle 35.39
Inventory Turnover 10.36
Fiscal Year Ended
Brenntag AGPrice/Volume
Valuation Analysis
29'652.00
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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4'000.0
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8'000.0
10'000.0
12'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 4'232'259 8.22 (12'936) 23.09.2013 Investment Advisor
THREADNEEDLE n/a ULT-AGG 3'510'607 6.82 270'387 30.06.2013 Unclassified
AMERIPRISE FINANCIAL n/a Co File 2'763'932 5.37 - 01.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a Co File 2'590'260 5.03 - 01.03.2013 Investment Advisor
BANKHAUS LAMPE n/a Research 2'093'922 4.07 - 18.06.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 1'935'492 3.76 64'086 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 1'654'277 3.21 733 28.06.2013 Unclassified
LONGVIEW PARTNERS (G n/a Co File 1'597'984 3.1 - 01.03.2013 Investment Advisor
MANNING & NAPIER ADV n/a Research 1'552'555 3.01 - 12.06.2013 Investment Advisor
PAULSON & CO n/a Research 1'539'263 2.99 - 21.07.2011 Hedge Fund Manager
ARTISAN PARTNERS HOL n/a Research 1'523'469 2.96 - 05.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA n/a Research 1'508'609 2.93 - 02.04.2013 Investment Advisor
BANK OF NEW YORK MEL n/a Research 1'506'085 2.92 - 24.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'270'423 2.47 10'906 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 1'209'437 2.35 - 31.12.2012 Government
DEUTSCHE BANK AG n/a ULT-AGG 994'938 1.93 (3'200) 31.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 867'209 1.68 (48'017) 30.06.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 703'939 1.37 (5'372) 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 636'725 1.24 265'454 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 622'614 1.21 24'033 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hauck & Aufhaeuser THOMAS WISSLER hold 3 M 117 12 month 25.09.2013
Credit Suisse ANDY GROBLER outperform 5 M 130 Not Provided 03.09.2013
Commerzbank Corporates & Markets GEORG REMSHAGEN hold 3 M 126 6 month 30.08.2013
Nord/LB THORSTEN STRAUSS hold 3 M 126 12 month 15.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 15.08.2013
Exane BNP Paribas GERHARD ORGONAS outperform 5 M 132 Not Provided 14.08.2013
Kepler Cheuvreux MARKUS MAYER buy 5 M 143 Not Provided 13.08.2013
Bankhaus Metzler LARS HETTCHE sell 1 M 90 12 month 09.08.2013
DZ Bank AG THOMAS MAUL sell 1 M 105 Not Provided 09.08.2013
Deutsche Bank ANDY CHU buy 5 M 130 12 month 08.08.2013
Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 153 12 month 08.08.2013
UBS RORY MCKENZIE buy 5 M 135 12 month 08.08.2013
Bankhaus Lampe HEIKO FEBER buy 5 M 135 Not Provided 08.08.2013
M.M. Warburg Investment Research CHRISTIAN COHRS sell 1 M 106 12 month 08.08.2013
Berenberg Bank SIMON MEZZANOTTE hold 3 M 121 Not Provided 08.08.2013
JPMorgan ROBERT PLANT overweight 5 M 147 6 month 07.08.2013
Main First Bank AG CHRISTIAN KORTH underperform 1 D 112 12 month 07.08.2013
HSBC JESKO MAYER-WEGELIN neutral 3 D 132 Not Provided 01.08.2013
Holdings By:
Brenntag AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Hugo Boss AG designs, produces, and markets brand name clothing. The Company's
products, which are marketed under branded names are sold through subsidiaries,
franchises, and retail outlets throughout the world. Hugo Boss licenses its
name for eyeglass frames, fragrances, watches, shoes, and leather goods.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 97.20
52-Week Low (26.09.2012) 65.00
Daily Volume
95.74
52-Week High % Change -1.50% Dividend Yield -
52-Week Low % Change 47.29% Beta 0.81
% 52 Week Price Range High/Low 96.24% Equity Float 29.59
Shares Out 30.06.2013 70.4 Short Int -
6'740.10 1 Yr Total Return 50.89%
Total Debt 395.44 YTD Return 24.32%
Preferred Stock 0.0 Adjusted BETA 0.810
Minority Interest 24.6 Analyst Recs 31
Cash and Equivalents 281.15 Consensus Rating 3.774
Enterprise Value 6'986.50
Average Volume 5 Day 132'283
BOSS GY EQUITY YTD Change - Average Volume 30 Day 106'175
BOSS GY EQUITY YTD % CHANGE - Average Volume 3 Month 119'544
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
1'686.1 1'561.9 1'729.4 2'058.8 2'345.9 2'206.3 2'379.0 2'497.4 2'714.9 703.5 685.8
1.07x 1.15x 2.10x 1.94x 2.41x 9.05x 9.63x 2.73x 2.49x - -
251.1 227.6 334.9 468.7 526.8 500.0 531.0 571.5 644.7 192.0 157.0
7.16x 7.92x 10.84x 8.54x 10.72x 11.41x 11.44x 12.21x 10.83x - -
112.1 104.0 185.9 284.9 307.4 305.9 307.1 344.7 395.2 116.0 93.2
10.68x 13.48x 18.23x 13.40x 17.93x 17.56x 18.97x 19.23x 16.78x - -
EBITDA 526.81 Long-Term Rating Date -
EBIT 434.87 Long-Term Rating -
Operating Margin 18.54% Long-Term Outlook -
Pretax Margin 17.46% Short-Term Rating Date -
Return on Assets 21.92% Short-Term Rating -
Return on Common Equity 62.30%
Return on Capital - EBITDA/Interest Exp. 14.04
Asset Turnover 1.70% (EBITDA-Capex)/Interest Exp. 10.10
Net Debt/EBITDA 0.41
Gross Margin 61.9% Total Debt/EBITDA 0.64
EBITDA Margin 22.3%
EBIT Margin 18.2% Total Debt/Equity 64.5%
Net Income Margin 13.1% Total Debt/Capital 38.3%
Asset Turnover 1.70
Current Ratio 1.26 Net Fixed Asset Turnover 7.54
Quick Ratio 0.62 Accounts receivable turnover-days 33.65
Debt to Assets 24.96% Inventory Days 194.07
Tot Debt to Common Equity 64.48% Accounts Payable Turnover Day 102.64
Accounts Receivable Turnover 10.85 Cash Conversion Cycle 116.70
Inventory Turnover 1.88
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
Hugo Boss AGPrice/Volume
Valuation Analysis
42'015.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RED & BLACK LUX SARL n/a Research 39'424'001 56 - 03.05.2013 Private Equity
HUGO BOSS AG n/a Co File 1'386'880 1.97 - 31.12.2012 Corporation
DEUTSCHE BANK AG n/a ULT-AGG 1'130'482 1.61 104'029 31.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 999'750 1.42 128'019 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 880'927 1.25 140'436 30.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 868'583 1.23 69'422 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 772'006 1.1 (56'909) 23.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 651'017 0.92 - 31.12.2012 Government
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 429'402 0.61 (48'650) 30.04.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 346'342 0.49 73'859 30.06.2013 Unclassified
MEDITOR CAPITAL MANA n/a Short (344'960) -0.49 49'280 19.04.2013 Investment Advisor
MARSHALL WACE LLP n/a Short (337'920) -0.48 14'080 02.05.2013 Hedge Fund Manager
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 308'345 0.44 42'457 31.12.2012 Investment Advisor
PICTET FUNDS n/a ULT-AGG 287'884 0.41 1'725 31.05.2013 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 277'642 0.39 68'867 28.06.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 244'529 0.35 37'178 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 236'225 0.34 1'688 24.09.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 168'460 0.24 168'460 30.08.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 160'524 0.23 47'072 31.05.2013 Investment Advisor
FIDELITY INVESTMENT Multiple Portfolios MF-AGG 159'903 0.23 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 24.09.2013
Independent Research GmbH LARS LUSEBRINK hold 3 D 103 12 month 20.09.2013
Societe Generale VISHNU REDDY buy 5 M 110 12 month 18.09.2013
Hauck & Aufhaeuser CHRISTIAN NIKOLAS SCHWENKENBECHER hold 3 D 95 12 month 18.09.2013
Nomura FRASER RAMZAN neutral 3 M 100 12 month 17.09.2013
DZ Bank AG HERBERT STURM buy 5 M 102 Not Provided 11.09.2013
Calamatta Cuschieri TEAM COVERAGE overweight 5 M 110 12 month 05.09.2013
Deutsche Bank WARWICK OKINES hold 3 M 96 12 month 02.09.2013
Bankhaus Lampe MICHAEL GORNY hold 3 M 92 12 month 27.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 13.08.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 06.08.2013
Landesbank Baden-Wuerttemberg Fabian Suessenguth buy 5 M 102 Not Provided 02.08.2013
Baader Bank VOLKER BOSSE buy 5 M 100 12 month 01.08.2013
Berenberg Bank ANNA PATRICE buy 5 M 102 Not Provided 01.08.2013
Close Brothers Equity Markets MARTIN DECOT hold 3 M 94 12 month 01.08.2013
Equinet Institutional Services(ESN) INGBERT FAUST hold 3 M 88 12 month 01.08.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 86 6 month 31.07.2013
Nord/LB WOLFGANG VASTERLING buy 5 M 98 12 month 31.07.2013
Credit Suisse ROGERIO FUJIMORI neutral 3 M 88 Not Provided 31.07.2013
JPMorgan MELANIE A FLOUQUET neutral 3 M 93 15 month 31.07.2013
M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 96 12 month 31.07.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 100 12 month 31.07.2013
Exane BNP Paribas ANDREAS INDERST outperform 5 M 97 Not Provided 31.07.2013
Barclays JULIAN EASTHOPE underweight 1 M 89 Not Provided 31.07.2013
SRH AlsterResearch NEIL SCHMODDE buy 5 N 105 12 month 31.07.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 96 12 month 04.07.2013
BHF-Bank PETER STEINER market weight 3 M 93 12 month 07.05.2013
HSBC ANTOINE BELGE overweight 5 M 110 Not Provided 08.03.2013
Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 107 12 month 27.02.2013
UBS FRED SPEIRS buy 5 M 96 12 month 07.02.2013
Hammer Partners SA STEPHAN SEIP sell 1 N 65 Not Provided 02.10.2012
Holdings By:
Hugo Boss AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Commerzbank AG attracts deposits and offers retail and commercial banking
services. The Bank offers mortgage loans, securities brokerage and asset
management services, private banking, foreign exchange, and treasury services
worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (11.01.2013) 12.96
52-Week Low (04.07.2013) 5.56
Daily Volume
8.785
52-Week High % Change -32.22% Dividend Yield -
52-Week Low % Change 58.06% Beta 1.28
% 52 Week Price Range High/Low 51.12% Equity Float 944.84
Shares Out 30.06.2013 1'138.5 Short Int -
10'001.78 1 Yr Total Return -22.11%
Total Debt 235'484.00 YTD Return -18.09%
Preferred Stock 2'376.0 Adjusted BETA 1.284
Minority Interest 888.0 Analyst Recs 35
Cash and Equivalents 47'922.00 Consensus Rating 2.857
Enterprise Value -
Average Volume 5 Day 9'556'615
CBK GY EQUITY YTD Change - Average Volume 30 Day 12'553'700
CBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 13'361'060
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
24'181.0 25'393.0 25'027.0 21'462.0 20'002.0 20'588.0 19'078.0 9'563.4 9'913.6 2'464.7 2'967.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
3.0 (4'537.0) 1'430.0 638.0 6.0 254.0 (689.0) 380.6 911.6 214.7 111.3
1870.42x - 4.59x 7.24x - 0.00x 0.00x 24.69x 10.73x 22.13x 17.33x
EBITDA - Long-Term Rating Date 28.05.2013
EBIT - Long-Term Rating A-
Operating Margin 10.65% Long-Term Outlook NEG
Pretax Margin 8.24% Short-Term Rating Date 28.05.2013
Return on Assets -0.11% Short-Term Rating A-2
Return on Common Equity -2.78%
Return on Capital -0.21% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 990.7%
Net Income Margin 0.1% Total Debt/Capital 89.7%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 12.74
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 37.03% Inventory Days -
Tot Debt to Common Equity 990.68% 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
Commerzbank AGPrice/Volume
Valuation Analysis
28'880'409.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FEDERAL REPUBLIC OF n/a Research 193'546'183 17 - 29.05.2013 Government
BLACKROCK n/a ULT-AGG 59'398'228 5.22 - 25.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 57'632'719 5.06 - 22.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 10'803'690 0.95 6'232'942 30.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 9'457'083 0.83 - 31.12.2012 Government
MARSHALL WACE LLP n/a Short (3'643'222) -0.32 2'277'014 08.08.2013 Hedge Fund Manager
DEUTSCHE BANK AG n/a ULT-AGG 2'013'297 0.18 - 31.07.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'906'385 0.17 1'826'285 31.05.2013 Investment Advisor
SAC GLOBAL INVESTORS n/a Short (1'480'059) -0.13 3'766'504 15.05.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 1'274'912 0.11 (4'757) 26.09.2013 Investment Advisor
CITIGROUP INCORPORAT n/a ULT-AGG 1'252'507 0.11 - 29.05.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'237'970 0.11 - 27.09.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 1'116'347 0.1 508'999 31.05.2013 Investment Advisor
UBS INVEST KAG Multiple Portfolios MF-AGG 1'092'000 0.1 1'092'000 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'056'602 0.09 19'633 31.07.2013 Investment Advisor
PRUDENTIAL OF AMERIC n/a ULT-AGG 934'131 0.08 934'131 30.06.2013 Insurance Company
DEKA INVESTMENT GMBH DEKA DAX(R) UCITS ET ETF 831'819 0.07 - 27.09.2013 Investment Advisor
BNY MELLON SERVICE K Multiple Portfolios MF-AGG 778'100 0.07 (3'185) 30.08.2013 Investment Advisor
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 700'513 0.06 374'049 21.08.2013 Investment Advisor
UBS AG n/a ULT-AGG 674'200 0.06 426'310 28.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas GUILLAUME TIBERGHIEN outperform 5 M 9 Not Provided 27.09.2013
Nomura OMAR KEENAN reduce 2 M 7 12 month 26.09.2013
AlphaValue DIETER HEIN reduce 2 U 8 6 month 26.09.2013
Keefe, Bruyette & Woods RONNY REHN market perform 3 M 9 12 month 24.09.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 D 10 Not Provided 24.09.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 10 Not Provided 18.09.2013
Main First Bank AG KILIAN MAIER outperform 5 M 9 12 month 18.09.2013
Macquarie THOMAS STOEGNER neutral 3 M 9 12 month 12.09.2013
JPMorgan JAIME BECERRIL neutral 3 M 9 15 month 11.09.2013
HSBC JOHANNES THORMANN neutral 3 D 10 Not Provided 10.09.2013
Oddo & Cie JEAN SASSUS reduce 2 M 6 Not Provided 06.09.2013
Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 02.09.2013
Independent Research GmbH STEFAN BONGARDT sell 1 M 7 12 month 30.08.2013
Bankhaus Lampe NEIL SMITH buy 5 M 11 12 month 26.08.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 U 14 12 month 23.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 20.08.2013
Barclays KIRI VIJAYARAJAH underweight 1 M 8 Not Provided 14.08.2013
EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 14.08.2013
Societe Generale PHILIP RICHARDS sell 1 M 7 12 month 09.08.2013
Mediobanca SpA RICCARDO ROVERE neutral 3 M 8 Not Provided 09.08.2013
RBC Capital Markets ANKE REINGEN sector perform 3 M 9 12 month 09.08.2013
Credit Suisse MAXENCE LE GOUVELLO neutral 3 M 9 Not Provided 09.08.2013
Deutsche Bank MATT SPICK hold 3 M 9 12 month 08.08.2013
Nord/LB MICHAEL SEUFERT hold 3 M 8 12 month 08.08.2013
S&P Capital IQ FRANK BRADEN hold 3 M 8 12 month 08.08.2013
DZ Bank AG CHRISTOPH BAST sell 1 M 4 Not Provided 08.08.2013
UBS MATTEO RAMENGHI neutral 3 N 7 12 month 24.07.2013
Grupo Santander TANIA GOLD hold 3 M 7 Not Provided 22.07.2013
Goldman Sachs MARTIN LEITGEB neutral/neutral 3 M 10 12 month 19.07.2013
Makor Capital ALBERT SAPORTA buy 5 M 13 Not Provided 04.07.2013
Morgan Stanley FRANCESCA TONDI Underwt/In-Line 1 M 8 12 month 17.05.2013
M.M. Warburg Investment Research ANDREAS PLAESIER hold 3 M 8 12 month 15.05.2013
Kepler Cheuvreux DIRK BECKER reduce 2 M 5 Not Provided 14.05.2013
Holdings By:
Commerzbank AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Celesio AG wholesales and retails pharmaceuticals to customers in Europe. The
Company wholesales pharmaceuticals, operates retail pharmacies, and provides
logistics and transportation services for pharmaceuticals at local, national and
European level.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (01.07.2013) 18.00
52-Week Low (28.11.2012) 12.81
Daily Volume
16.645
52-Week High % Change -7.53% Dividend Yield -
52-Week Low % Change 29.99% Beta 0.96
% 52 Week Price Range High/Low 76.42% Equity Float 85.02
Shares Out 30.06.2013 170.1 Short Int -
2'831.31 1 Yr Total Return 20.07%
Total Debt 2'082.90 YTD Return 29.96%
Preferred Stock 0.0 Adjusted BETA 0.965
Minority Interest 34.3 Analyst Recs 21
Cash and Equivalents 523.90 Consensus Rating 3.476
Enterprise Value 4'467.51
Average Volume 5 Day 229'488
CLS1 GY EQUITY YTD Change - Average Volume 30 Day 315'348
CLS1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 448'266
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
21'166.6 21'497.2 23'277.6 22'152.9 22'270.8 22'347.4 21'752.7 21'428.8 21'734.9 5'207.5 5'398.5
0.26x 0.24x 0.21x 0.17x 0.17x 0.68x 0.76x 0.21x 0.20x - -
657.4 595.9 664.7 584.9 612.6 524.5 646.1 557.8 604.2 145.0 154.0
8.32x 8.50x 7.37x 6.38x 6.22x 7.82x 6.92x 8.00x 7.39x - -
(21.0) 3.4 259.2 1.9 (156.1) (144.8) 110.6 183.0 222.9 51.1 54.1
- 885.00x 12.24x 28.47x 21.74x 30.63x 17.73x 15.37x 12.88x - -
EBITDA 612.60 Long-Term Rating Date -
EBIT 440.20 Long-Term Rating -
Operating Margin 1.98% Long-Term Outlook -
Pretax Margin 0.96% Short-Term Rating Date -
Return on Assets 1.37% Short-Term Rating -
Return on Common Equity 4.98%
Return on Capital 4.79% EBITDA/Interest Exp. 3.44
Asset Turnover 2.69% (EBITDA-Capex)/Interest Exp. 2.77
Net Debt/EBITDA 2.48
Gross Margin 10.9% Total Debt/EBITDA 3.13
EBITDA Margin 3.0%
EBIT Margin 2.2% Total Debt/Equity 96.4%
Net Income Margin -0.7% Total Debt/Capital 48.7%
Asset Turnover 2.69
Current Ratio 1.42 Net Fixed Asset Turnover 42.11
Quick Ratio 0.78 Accounts receivable turnover-days 37.09
Debt to Assets 26.27% Inventory Days 29.33
Tot Debt to Common Equity 96.36% Accounts Payable Turnover Day 44.44
Accounts Receivable Turnover 9.84 Cash Conversion Cycle 21.36
Inventory Turnover 12.45
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
Celesio AGPrice/Volume
Valuation Analysis
237'975.00
Current Price (9/dd/yy) Market Data
'.135
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0!2 F
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0.0
5'000.0
10'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANZ HANIEL & CIE G n/a Co File 85'067'013 50.01 - 31.12.2012 Holding Company
BLACKROCK n/a ULT-AGG 7'910'486 4.65 38'399 25.09.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'509'586 2.65 748'296 28.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'467'000 2.63 - 30.06.2013 Investment Advisor
AKO CAPITAL LLP n/a Short (4'218'480) -2.48 102'060 09.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'524'593 1.48 - 31.12.2012 Government
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 1'007'217 0.59 (14'636) 30.08.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 966'000 0.57 325'000 28.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 962'756 0.57 (52'031) 30.06.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 764'634 0.45 (125'623) 31.07.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 641'798 0.38 400'000 31.05.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 613'710 0.36 - 31.07.2013 Investment Advisor
ADELPHI CAPITAL LLP n/a Short (612'360) -0.36 119'070 23.07.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 558'200 0.33 43'600 28.03.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 466'591 0.27 211'052 26.09.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 452'513 0.27 - 30.04.2013 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 407'081 0.24 - 31.05.2013 Investment Advisor
DEKA INVESTMENT GMBH DEKAFONDS MF-DEU 400'000 0.24 - 28.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 382'285 0.22 71'000 31.07.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 256'300 0.15 - 27.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
M.M. Warburg Investment Research ULRICH HUWALD buy 5 M 20 12 month 24.09.2013
AlphaValue EILEEN RYAN reduce 2 M 16 6 month 19.09.2013
Morgan Stanley MICHAEL K JUNGLING Equalwt/In-Line 3 M 13 12 month 16.09.2013
Exane BNP Paribas ANDREAS INDERST neutral 3 M 18 Not Provided 16.09.2013
Equinet Institutional Services(ESN) KONRAD LIEDER accumulate 4 U 18 Not Provided 29.08.2013
Nord/LB THORSTEN STRAUSS hold 3 M 16 12 month 21.08.2013
Jefferies JAMES VANE-TEMPEST hold 3 M 15 12 month 20.08.2013
Berenberg Bank SCOTT BARDO hold 3 M 15 Not Provided 19.08.2013
Main First Bank AG MARCUS WIEPRECHT underperform 1 M 14 12 month 16.08.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 16 Not Provided 15.08.2013
DZ Bank AG THOMAS MAUL buy 5 M 19 Not Provided 15.08.2013
Deutsche Bank HOLGER BLUM hold 3 M 14 12 month 14.08.2013
Independent Research GmbH LARS LUSEBRINK hold 3 D 17 12 month 14.08.2013
Kepler Cheuvreux OLIVER REINBERG buy 5 M 19 Not Provided 14.08.2013
Bankhaus Metzler STEFAN WIMMER buy 5 M 18 12 month 05.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 24.06.2013
Commerzbank Corporates & Markets VOLKER BRAUN buy 5 M 19 6 month 20.06.2013
UBS IAN DOUGLAS-PENNANT sell 1 D 14 12 month 23.05.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 20 12 month 02.04.2013
Solventis WPH-Bank GmbH KLAUS SCHLOTE buy 5 N 16 12 month 30.01.2013
Holdings By:
Celesio AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
CANCOM SE is an integrated information technology (IT) services provider. The
Company provides IT products and services. CANCOM's products and services
include security, network and system solutions, communication, storage, backup
and archive services, and IT management.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (05.08.2013) 26.00
52-Week Low (22.10.2012) 10.60
Daily Volume
22.1
52-Week High % Change -14.98% Dividend Yield -
52-Week Low % Change 108.59% Beta 0.85
% 52 Week Price Range High/Low 68.93% Equity Float 10.41
Shares Out 30.06.2013 11.4 Short Int -
252.60 1 Yr Total Return 84.76%
Total Debt 12.02 YTD Return 67.16%
Preferred Stock 0.0 Adjusted BETA 0.846
Minority Interest 0.2 Analyst Recs 3
Cash and Equivalents 44.64 Consensus Rating 4.333
Enterprise Value 258.19
Average Volume 5 Day 59'258
COK GY EQUITY YTD Change - Average Volume 30 Day 99'519
COK GY EQUITY YTD % CHANGE - Average Volume 3 Month 111'769
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
364.1 422.5 474.6 544.4 558.1 560.9 565.2 580.3 606.3 - -
0.07x 0.08x 0.19x 0.13x 0.22x 0.77x 1.09x 0.37x 0.34x - -
8.8 10.4 19.0 25.0 28.1 27.6 29.4 30.2 33.5 - -
2.71x 3.20x 4.81x 2.83x 4.34x 5.43x 7.10x 8.53x 7.70x - -
2.7 5.1 7.8 11.5 11.5 12.1 13.3 15.0 17.3 - -
8.41x 7.96x 10.16x 7.73x 11.73x 10.50x 14.83x 16.83x 14.61x - -
EBITDA 28.06 Long-Term Rating Date -
EBIT 20.66 Long-Term Rating -
Operating Margin 3.70% Long-Term Outlook -
Pretax Margin 3.38% Short-Term Rating Date -
Return on Assets 7.74% Short-Term Rating -
Return on Common Equity 18.24%
Return on Capital 16.25% EBITDA/Interest Exp. 13.17
Asset Turnover 3.28% (EBITDA-Capex)/Interest Exp. 7.30
Net Debt/EBITDA 0.18
Gross Margin - Total Debt/EBITDA 0.39
EBITDA Margin 5.2%
EBIT Margin 3.7% Total Debt/Equity 14.9%
Net Income Margin 2.1% Total Debt/Capital 13.0%
Asset Turnover 3.28
Current Ratio 1.38 Net Fixed Asset Turnover 32.99
Quick Ratio 1.25 Accounts receivable turnover-days 54.41
Debt to Assets 5.76% Inventory Days -
Tot Debt to Common Equity 14.92% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.71 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
CANCOM SEPrice/Volume
Valuation Analysis
60'108.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALLIANZ GLOBAL INVES n/a Research 608'060 5.32 - 12.08.2013 Investment Advisor
SCHRODERS PLC n/a Research 327'130 2.86 - 08.04.2013 Investment Advisor
UBS AG n/a ULT-AGG 280'181 2.45 - 28.06.2013 Unclassified
SCHICK KARIN n/a Research 270'000 2.36 - 16.08.2013 n/a
KOBER STEFAN n/a Co File 261'289 2.29 - 31.12.2011 n/a
KOBER RAYMOND n/a Co File 260'891 2.28 - 31.12.2011 n/a
LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 260'000 2.27 130'000 30.06.2013 Investment Advisor
WEINMANN KLAUS n/a Co File 209'864 1.84 - 31.12.2011 n/a
AXXION SA n/a Research 162'500 1.42 - 04.04.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 137'614 1.2 (12'386) 30.06.2013 Unclassified
JP MORGAN n/a ULT-AGG 101'045 0.88 101'045 31.05.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 96'900 0.85 - 28.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 92'632 0.81 92'632 31.03.2013 Investment Advisor
COMINVEST ASSET MANA Multiple Portfolios MF-AGG 80'000 0.7 - 31.05.2013 Unclassified
OXFORD ASSET MANAGEM n/a Short (57'149) -0.5 - 25.09.2013 Hedge Fund Manager
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 50'557 0.44 (4'443) 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 47'451 0.42 - 25.09.2013 Investment Advisor
AMPEGAGERLING INVEST Multiple Portfolios MF-AGG 28'500 0.25 - 28.06.2013 Investment Advisor
SOCIETE DE GESTION P Multiple Portfolios MF-AGG 24'250 0.21 (3'400) 25.04.2013 Investment Advisor
PALATINE ASSET MANAG Multiple Portfolios MF-AGG 21'500 0.19 2'500 30.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hauck & Aufhaeuser TIM OLIVER WUNDERLICH buy 5 M 29 12 month 12.09.2013
M.M. Warburg Investment Research ANDREAS WOLF buy 5 U 26 12 month 29.08.2013
Deutsche Bank UWE SCHUPP hold 3 M 13 12 month 17.05.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 13 6 month 14.11.2011
Holdings By:
CANCOM SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Continental AG manufactures tires, automotive parts and industrial products.
The Company produces passenger car, truck, commercial vehicle, and bicycle
tires, braking systems, shock absorbers, hoses, drive belts, conveyor belting,
transmission products, and sealing systems. Continental markets its products
under such brands as Continental, Uniroyal, Gislaved, Viking, and Barum.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (11.09.2013) 128.60
52-Week Low (13.11.2012) 74.02
Daily Volume
125.95
52-Week High % Change -2.06% Dividend Yield -
52-Week Low % Change 70.16% Beta 1.26
% 52 Week Price Range High/Low 95.14% Equity Float 102.19
Shares Out 30.06.2013 200.0 Short Int -
25'190.75 1 Yr Total Return 64.74%
Total Debt 9'673.30 YTD Return 47.12%
Preferred Stock 0.0 Adjusted BETA 1.260
Minority Interest 377.4 Analyst Recs 31
Cash and Equivalents 2'719.00 Consensus Rating 3.742
Enterprise Value 33'033.05
Average Volume 5 Day 519'635
CON GY EQUITY YTD Change - Average Volume 30 Day 428'990
CON GY EQUITY YTD % CHANGE - Average Volume 3 Month 423'867
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
24'238.7 20'095.7 26'046.9 30'504.9 32'736.2 32'132.9 32'804.3 33'962.3 36'080.3 8'571.0 8'621.0
0.68x 0.77x 0.75x 0.60x 0.76x 2.46x 3.07x 0.91x 0.83x - -
3'042.6 2'246.6 3'709.8 4'277.0 4'930.1 4'700.7 4'984.3 5'081.4 5'559.4 1'283.0 1'310.0
5.41x 6.89x 5.25x 4.25x 5.04x 4.64x 5.69x 6.50x 5.95x - -
(1'123.5) (1'649.2) 576.0 1'242.2 1'883.5 1'562.4 2'022.2 2'111.9 2'415.7 480.0 520.0
- - 20.53x 7.74x 9.30x 8.36x 10.15x 11.88x 10.37x - -
EBITDA 4'930.10 Long-Term Rating Date 24.05.2013
EBIT 3'148.90 Long-Term Rating BB
Operating Margin 9.62% Long-Term Outlook STABLE
Pretax Margin 8.15% Short-Term Rating Date 27.01.2009
Return on Assets 7.34% Short-Term Rating B
Return on Common Equity 25.42%
Return on Capital 14.62% EBITDA/Interest Exp. 11.34
Asset Turnover 1.19% (EBITDA-Capex)/Interest Exp. 6.70
Net Debt/EBITDA 1.51
Gross Margin 21.6% Total Debt/EBITDA 1.89
EBITDA Margin 15.2%
EBIT Margin 9.7% Total Debt/Equity 110.3%
Net Income Margin 5.8% Total Debt/Capital 51.4%
Asset Turnover 1.19
Current Ratio 0.99 Net Fixed Asset Turnover 4.55
Quick Ratio 0.65 Accounts receivable turnover-days 65.30
Debt to Assets 35.38% Inventory Days 46.20
Tot Debt to Common Equity 110.33% Accounts Payable Turnover Day 61.90
Accounts Receivable Turnover 5.59 Cash Conversion Cycle 40.21
Inventory Turnover 7.90
Fiscal Year Ended
Continental AGPrice/Volume
Valuation Analysis
210'423.00
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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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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCHAEFFLER GROUP n/a Research 92'002'751 46 (7'800'241) 17.09.2013 Other
BLACKROCK n/a ULT-AGG 17'712'828 8.86 (35'471) 25.09.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 7'331'954 3.67 7'211'097 31.07.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 5'808'371 2.9 - 16.03.2012 Government
DEUTSCHE BANK AG n/a ULT-AGG 2'863'557 1.43 6'040 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'641'557 1.32 - 31.12.2012 Government
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'636'112 0.82 (9'954) 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'489'177 0.74 905'585 30.04.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'436'503 0.72 (53'281) 28.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'175'876 0.59 (28'767) 30.06.2013 Unclassified
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 1'171'800 0.59 1'171'800 30.06.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 1'100'000 0.55 - 31.12.2012 Pension Fund (ERISA)
NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 994'246 0.5 99'616 31.07.2013 Insurance Company
PIONEER n/a ULT-AGG 900'209 0.45 178'014 30.04.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 862'569 0.43 (60'060) 30.06.2013 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 837'422 0.42 188'502 31.03.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 803'980 0.4 (17'118) 31.05.2013 Unclassified
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 787'850 0.39 65'811 30.04.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 664'505 0.33 (469'705) 31.07.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 653'141 0.33 206'150 28.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oddo & Cie FRANCOIS MAURY neutral 3 M 105 Not Provided 26.09.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 94 6 month 26.09.2013
UBS DAVID LESNE neutral 3 M 120 12 month 19.09.2013
Baader Bank KLAUS BREITENBACH buy 5 M 150 12 month 17.09.2013
Equinet Institutional Services(ESN) TIM SCHULDT reduce 2 M 105 12 month 17.09.2013
Natixis MICHAEL FOUNDOUKIDIS neutral 3 M 116 Not Provided 13.09.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 144 12 month 11.09.2013
Exane BNP Paribas RABIH FREIHA neutral 3 M 118 Not Provided 06.09.2013
Deutsche Bank GAETAN TOULEMONDE buy 5 M 140 12 month 03.09.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 135 6 month 02.09.2013
Day by Day VALERIE GASTALDY buy 5 U 142 3 month 23.08.2013
Main First Bank AG LOTHAR LUBINETZKI underperform 1 M 118 12 month 20.08.2013
Barclays KRISTINA CHURCH overweight 5 M 124 Not Provided 16.08.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 15.08.2013
Societe Generale PHILIPPE BARRIER hold 3 M 119 12 month 09.08.2013
Kepler Cheuvreux THOMAS BESSON buy 5 M 130 Not Provided 09.08.2013
DZ Bank AG MICHAEL PUNZET buy 5 M 122 Not Provided 09.08.2013
Goldman Sachs STEPHAN PUETTER neutral/attractive 3 M 145 12 month 07.08.2013
JPMorgan JOSE ASUMENDI overweight 5 M 130 15 month 02.08.2013
Macquarie JENS SCHATTNER outperform 5 M 138 12 month 02.08.2013
Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 D 127 Not Provided 02.08.2013
Independent Research GmbH ZAFER RUZGAR hold 3 D 130 12 month 02.08.2013
Nord/LB FRANK SCHWOPE hold 3 M 110 12 month 01.08.2013
M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 124 12 month 26.07.2013
Bankhaus Lampe CHRISTIAN LUDWIG hold 3 M 110 12 month 25.07.2013
Morgan Stanley LAURA LEMBKE Equalwt/In-Line 3 M 104 12 month 17.07.2013
HSBC HORST SCHNEIDER overweight 5 M 123 Not Provided 04.06.2013
Steubing AG TOBIAS SCHMIDT buy 5 N 110 Not Provided 09.04.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Holdings By:
Continental AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
CompuGroup Medical AG provides information systems and data processing services
to dental offices, physicians offices, hospitals and clinics. Its computer
systems are involved in the management and administration of office records,
bills and invoices. The Company's information systems are also used for the
organization and controll of medical documentation and archives.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (11.07.2013) 20.00
52-Week Low (08.11.2012) 12.57
Daily Volume
18.455
52-Week High % Change -7.73% Dividend Yield -
52-Week Low % Change 46.82% Beta 0.51
% 52 Week Price Range High/Low 80.48% Equity Float 22.87
Shares Out 02.08.2013 53.2 Short Int -
982.16 1 Yr Total Return 31.78%
Total Debt 269.31 YTD Return 28.50%
Preferred Stock 0.0 Adjusted BETA 0.514
Minority Interest 0.0 Analyst Recs 7
Cash and Equivalents 19.12 Consensus Rating 4.714
Enterprise Value 1'222.21
Average Volume 5 Day 70'870
COP GY EQUITY YTD Change - Average Volume 30 Day 40'011
COP GY EQUITY YTD % CHANGE - Average Volume 3 Month 44'899
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
229.2 293.4 312.4 397.3 450.6 443.5 450.1 460.7 487.2 114.0 122.0
1.17x 1.68x 2.33x 1.71x 2.16x 6.49x 9.16x 2.64x 2.41x - -
50.2 59.3 67.0 72.5 109.4 102.9 101.3 98.7 114.8 - -
5.32x 8.29x 10.89x 9.39x 8.90x 7.42x 11.23x 12.39x 10.64x - -
1.7 12.0 16.6 9.6 30.7 32.2 21.5 37.5 49.6 8.2 9.7
100.67x 31.04x 33.45x 45.79x 23.50x 16.90x 30.65x 18.60x 14.57x - -
EBITDA 109.36 Long-Term Rating Date -
EBIT 68.56 Long-Term Rating -
Operating Margin 15.22% Long-Term Outlook -
Pretax Margin 10.74% Short-Term Rating Date -
Return on Assets 3.30% Short-Term Rating -
Return on Common Equity 12.28%
Return on Capital - EBITDA/Interest Exp. 5.33
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 4.43
Net Debt/EBITDA 2.37
Gross Margin - Total Debt/EBITDA 2.51
EBITDA Margin 22.5%
EBIT Margin 13.5% Total Debt/Equity 150.1%
Net Income Margin 6.8% Total Debt/Capital 60.0%
Asset Turnover 0.69
Current Ratio 0.62 Net Fixed Asset Turnover 7.56
Quick Ratio 0.51 Accounts receivable turnover-days 55.01
Debt to Assets 41.35% Inventory Days -
Tot Debt to Common Equity 150.14% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.63 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
CompuGroup Medical AGPrice/Volume
Valuation Analysis
3'897.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOTTHARDT FRANK n/a Research 17'855'075 33.55 - 31.08.2012 n/a
GOTTHARDT DANIEL n/a Research 3'624'234 6.81 - 31.08.2012 n/a
COMPUGROUP HOLDING A n/a Research 3'453'933 6.49 - 31.08.2012 Other
GOTTHARDT BRIGITTE n/a Research 3'368'782 6.33 - 31.08.2012 n/a
DEUTSCHE BANK AG n/a ULT-AGG 2'435'000 4.58 - 09.08.2013 Investment Advisor
KOOP REINHARD n/a Research 2'043'621 3.84 - 31.08.2012 n/a
FMR LLC n/a ULT-AGG 1'344'707 2.53 - 14.06.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 1'029'682 1.93 (2'232) 31.05.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 903'216 1.7 - 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 895'853 1.68 620'270 30.04.2013 Investment Advisor
KEMPEN CAPITAL MANAG n/a ULT-AGG 510'635 0.96 165'325 30.06.2013 Unclassified
DEKA INVESTMENT GMBH DEKAFONDS MF-DEU 448'700 0.84 - 28.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 448'700 0.84 - 28.12.2012 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 185'000 0.35 - 31.05.2013 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 160'317 0.3 (2'937) 31.07.2013 Investment Advisor
DEUTSCHE POSTBANK CA Multiple Portfolios MF-AGG 158'531 0.3 120'000 28.12.2012 Investment Advisor
GRANDEUR PEAK GLOBAL Multiple Portfolios MF-AGG 158'465 0.3 11'500 30.04.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 115'000 0.22 115'000 28.03.2013 Investment Advisor
GROUPAMA ASSET MANAG Multiple Portfolios MF-AGG 114'877 0.22 114'877 28.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 95'000 0.18 - 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets FLORIAN TREISCH buy 5 M 20 6 month 29.08.2013
Hauck & Aufhaeuser LARS DANNENBERG buy 5 M 20 12 month 27.08.2013
Deutsche Bank UWE SCHUPP buy 5 M 20 12 month 09.08.2013
EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 09.08.2013
Berenberg Bank GUNNAR COHRS hold 3 M 17 Not Provided 06.08.2013
HSBC HENDRIK LOFRUTHE overweight 5 M 18 Not Provided 05.08.2013
M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 19 12 month 05.08.2013
Holdings By:
CompuGroup Medical AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Daimler AG develops, manufactures, distributes, and sells a wide range of
automotive products, mainly passenger cars, trucks, vans and buses. The Company
also provides financial and other services relating to its automotive
businesses.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (20.09.2013) 59.56
52-Week Low (16.11.2012) 35.15
Daily Volume
57.98
52-Week High % Change -2.65% Dividend Yield -
52-Week Low % Change 64.97% Beta 1.25
% 52 Week Price Range High/Low 93.61% Equity Float 942.25
Shares Out 06.08.2013 1'069.4 Short Int -
62'005.90 1 Yr Total Return 54.77%
Total Debt 84'642.00 YTD Return 47.80%
Preferred Stock 0.0 Adjusted BETA 1.252
Minority Interest 1'631.0 Analyst Recs 39
Cash and Equivalents 15'055.00 Consensus Rating 3.615
Enterprise Value 131'881.90
Average Volume 5 Day 4'686'234
DAI GY EQUITY YTD Change - Average Volume 30 Day 3'132'799
DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'544'685
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
95'873.0 78'924.0 97'761.0 106'540.0 114'297.0 111'368.0 114'196.0 117'415.9 125'433.5 29'639.3 32'565.7
0.87x 1.15x 1.10x 0.93x 1.01x 3.69x 4.07x 0.67x 0.63x - -
11'685.0 3'032.0 10'489.0 12'216.0 12'138.0 12'317.0 10'854.0 13'943.5 14'111.9 - -
7.14x 29.84x 10.26x 8.09x 9.50x 8.78x 11.01x 9.45x 9.33x - -
1'348.0 (2'640.0) 4'498.0 5'667.0 6'095.0 5'825.0 6'700.0 5'457.6 5'923.3 1'283.5 1'390.5
15.61x - 11.85x 6.38x 7.24x 6.46x 7.40x 12.08x 10.46x - -
EBITDA 12'138.00 Long-Term Rating Date 23.02.2012
EBIT 8'071.00 Long-Term Rating A-
Operating Margin 7.06% Long-Term Outlook STABLE
Pretax Margin 6.75% Short-Term Rating Date 26.02.2001
Return on Assets 4.10% Short-Term Rating A-2
Return on Common Equity 16.82%
Return on Capital 7.41% EBITDA/Interest Exp. 20.54
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 12.37
Net Debt/EBITDA 6.38
Gross Margin 22.3% Total Debt/EBITDA 7.96
EBITDA Margin 9.5%
EBIT Margin 5.8% Total Debt/Equity 192.9%
Net Income Margin 5.3% Total Debt/Capital 65.0%
Asset Turnover 0.70
Current Ratio 1.13 Net Fixed Asset Turnover 2.46
Quick Ratio 0.38 Accounts receivable turnover-days 26.01
Debt to Assets 51.93% Inventory Days 77.76
Tot Debt to Common Equity 192.90% Accounts Payable Turnover Day 42.15
Accounts Receivable Turnover 14.03 Cash Conversion Cycle 58.83
Inventory Turnover 4.69
Fiscal Year Ended
Daimler AGPrice/Volume
Valuation Analysis
1'787'084.00
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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40'000.0
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100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DEUTSCHE BANK AG n/a ULT-AGG 154'191'572 14.42 - 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 93'971'771 8.79 (415'997) 23.09.2013 Investment Advisor
KUWAIT INVESTMENT AU n/a Co File 73'577'854 6.88 - 06.02.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 43'507'194 4.07 (2'675'000) 31.07.2013 Investment Advisor
COMMERZBANK AKTIENGE n/a Research 38'268'282 3.58 - 11.04.2013 Bank
AABAR INVESTMENTS PJ n/a Co File 33'056'717 3.09 - 06.02.2012 Government
NORGES BANK n/a Research 31'839'135 2.98 - 27.03.2013 Government
NISSAN MOTOR CO LTD n/a Co File 16'448'378 1.54 - 31.03.2013 Corporation
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 14'357'505 1.34 2'212'510 30.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 13'217'297 1.24 392'736 30.06.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'511'692 0.98 - 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'209'941 0.67 (461'045) 31.08.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'356'137 0.59 (34'395) 31.07.2013 Hedge Fund Manager
CREDIT SUISSE GROUP n/a Research 4'071'305 0.38 - 16.04.2013 Unclassified
DIMENSIONAL FUND ADV n/a ULT-AGG 3'437'987 0.32 8'169 31.07.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'314'133 0.31 (288'511) 31.07.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3'007'528 0.28 (609) 23.09.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 3'000'000 0.28 - 31.12.2012 Pension Fund (ERISA)
UBS AG n/a ULT-AGG 2'840'347 0.27 (28'922) 24.09.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 2'808'112 0.26 (2'291'565) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 55 12 month 24.09.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 66 6 month 23.09.2013
Deutsche Bank JOCHEN GEHRKE buy 5 M 62 12 month 23.09.2013
Morgan Stanley LAURA LEMBKE Equalwt/In-Line 3 M 46 12 month 23.09.2013
UBS PHILIPPE HOUCHOIS buy 5 M 62 12 month 23.09.2013
JPMorgan JOSE ASUMENDI overweight 5 M 66 15 month 23.09.2013
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 60 Not Provided 23.09.2013
Oddo & Cie FRANCOIS MAURY buy 5 M 68 Not Provided 23.09.2013
M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 60 12 month 23.09.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 66 12 month 23.09.2013
Kepler Cheuvreux MICHAEL RAAB reduce 2 M 52 Not Provided 23.09.2013
Natixis GEORGES DIENG buy 5 M 65 Not Provided 23.09.2013
Barclays KRISTINA CHURCH underweight 1 M 39 Not Provided 23.09.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 40 6 month 23.09.2013
ISI Group ARNDT ELLINGHORST buy 5 M 60 12 month 20.09.2013
Nomura HARALD C HENDRIKSE neutral 3 M 55 12 month 20.09.2013
Exane BNP Paribas RABIH FREIHA outperform 5 M 63 Not Provided 06.09.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 D #N/A N/A Not Provided 29.08.2013
Equinet Institutional Services(ESN) TIM SCHULDT reduce 2 M 46 12 month 27.08.2013
Baader Bank KLAUS BREITENBACH hold 3 M 55 12 month 12.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
DZ Bank AG MICHAEL PUNZET sell 1 M 43 Not Provided 09.08.2013
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 72 12 month 07.08.2013
Nord/LB FRANK SCHWOPE buy 5 M 59 12 month 02.08.2013
HSBC HORST SCHNEIDER overweight 5 M 60 Not Provided 30.07.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 30.07.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 76 Not Provided 29.07.2013
Societe Generale STEPHEN REITMAN buy 5 M 60 12 month 25.07.2013
Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 63 12 month 25.07.2013
S&P Capital IQ RODERICK BRIDGE hold 3 U 56 12 month 25.07.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 47 12 month 24.07.2013
Bankhaus Lampe CHRISTIAN LUDWIG hold 3 M 53 12 month 24.07.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 58 Not Provided 23.07.2013
Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 02.05.2013
Creative Global Investments CARLO R BESENIUS buy 5 M 52 Not Provided 16.04.2013
Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 48 12 month 15.02.2013
Cyrrus JIRI SIMARA hold 3 M 37 Not Provided 29.10.2012
Holdings By:
Daimler AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Deutsche Boerse AG provides a variety of stock exchange introduction, trading,
and operational services to institutions and private investors. The Company
offers electronic trading systems for buying and selling of securities on stock
exchanges in Europe. Deutsche Boerse offers indices such as DAX, MDAX, SDAX,
and XTF, as well as trading in options and futures.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (06.08.2013) 57.54
52-Week Low (01.11.2012) 40.93
Daily Volume
55.62
52-Week High % Change -3.34% Dividend Yield -
52-Week Low % Change 35.91% Beta 0.73
% 52 Week Price Range High/Low 88.44% Equity Float 180.36
Shares Out 30.06.2013 193.0 Short Int -
10'734.66 1 Yr Total Return 30.73%
Total Debt 1'160.10 YTD Return 25.78%
Preferred Stock 0.0 Adjusted BETA 0.732
Minority Interest 223.0 Analyst Recs 29
Cash and Equivalents 669.00 Consensus Rating 3.379
Enterprise Value 11'813.86
Average Volume 5 Day 724'375
DB1 GY EQUITY YTD Change - Average Volume 30 Day 483'475
DB1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 613'853
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
2'947.0 2'267.9 2'165.7 2'308.4 2'197.3 2'308.3 2'180.2 2'096.9 2'218.2 508.0 499.5
4.70x 3.62x 4.20x 15.31x 17.37x 5.63x 5.31x 24.06x 24.35x
1'627.6 1'133.7 1'090.6 1'240.5 1'079.8 1'200.9 992.9 1'075.0 1'210.6 273.5 253.0
9.34x 6.74x 8.54x 7.45x 10.40x 10.98x 9.75x 10.46x 10.28x
1'033.3 496.1 417.8 855.2 645.0 796.0 604.8 660.5 752.9 166.0 157.0
23.02x 9.37x 13.43x 9.99x 15.37x 15.35x 13.56x 14.94x 14.45x
EBITDA 1'079.80 Long-Term Rating Date 13.02.2012
EBIT 974.80 Long-Term Rating AA
Operating Margin 44.36% Long-Term Outlook NEG
Pretax Margin 38.08% Short-Term Rating Date 07.03.2005
Return on Assets 0.23% Short-Term Rating A-1+
Return on Common Equity 21.22%
Return on Capital - EBITDA/Interest Exp. 10.54
Asset Turnover 0.01% (EBITDA-Capex)/Interest Exp. 8.69
Net Debt/EBITDA 0.86
Gross Margin - Total Debt/EBITDA 1.55
EBITDA Margin 45.5%
EBIT Margin 40.4% Total Debt/Equity 39.4%
Net Income Margin 29.4% Total Debt/Capital 26.8%
Asset Turnover 0.01
Current Ratio 1.00 Net Fixed Asset Turnover 18.48
Quick Ratio 0.00 Accounts receivable turnover-days -
Debt to Assets 0.54% Inventory Days -
Tot Debt to Common Equity 39.37% 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
Deutsche Boerse AGPrice/Volume
Valuation Analysis
281'557.00
Current Price (9/dd/yy) Market Data
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3'000.0
3'500.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 12'579'327 6.52 18'423 23.09.2013 Investment Advisor
DEUTSCHE BOERSE AG n/a Research 9'533'068 4.94 - 17.02.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 8'076'523 4.18 - 30.07.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'952'862 3.08 - 24.09.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 5'566'859 2.88 - 31.07.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 4'742'000 2.46 - 30.06.2013 Investment Advisor
ROYAL BANK OF SCOTLA n/a Research 4'513'257 2.34 - 17.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 3'485'620 1.81 - 31.12.2012 Government
WARBURG INVEST n/a Research 3'108'037 1.61 - 21.05.2012 Investment Advisor
UBS AG n/a ULT-AGG 2'854'873 1.48 13'604 28.06.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'356'459 1.22 835'498 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 2'343'081 1.21 11'622 30.06.2013 Unclassified
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'724'740 0.89 138'139 31.03.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 1'671'000 0.87 777'000 30.04.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'567'000 0.81 (302'360) 28.03.2013 Investment Advisor
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'509'172 0.78 (300'000) 31.07.2013 Unclassified
FIL LIMITED n/a ULT-AGG 1'422'497 0.74 (294'154) 30.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'198'154 0.62 (858'271) 30.06.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 1'178'529 0.61 (131'120) 31.07.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 1'064'704 0.55 (58'322) 30.04.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 66 12 month 25.09.2013
HSBC JOHANNES THORMANN overweight 5 M 64 Not Provided 23.09.2013
AlphaValue DIETER HEIN reduce 2 M 56 6 month 19.09.2013
RBC Capital Markets PETER K LENARDOS sector perform 3 M 60 12 month 11.09.2013
Morgan Stanley BRUCE HAMILTON Equalwt/In-Line 3 M 55 12 month 04.09.2013
Day by Day VALERIE GASTALDY buy 5 U 71 3 month 04.09.2013
BMO Capital Markets JILLIAN MILLER market perform 3 M 58 Not Provided 03.09.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER sell 1 M 48 12 month 27.08.2013
Kepler Cheuvreux DIRK BECKER buy 5 M 60 Not Provided 30.07.2013
Deutsche Bank BENJAMIN GOY hold 3 M 51 12 month 29.07.2013
Credit Suisse GURJIT KAMBO neutral 3 M 51 Not Provided 29.07.2013
Main First Bank AG FEDERICO SALERNO underperform 1 M 52 12 month 29.07.2013
Nord/LB JULIA SIEKMANN hold 3 M 50 12 month 26.07.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 54 Not Provided 26.07.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 58 12 month 26.07.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 26.07.2013
M.M. Warburg Investment Research ANDREAS PLAESIER hold 3 M 52 12 month 26.07.2013
S&P Capital IQ FRANK BRADEN hold 3 M 54 12 month 26.07.2013
DZ Bank AG CHRISTOPH BAST buy 5 M 56 Not Provided 26.07.2013
JPMorgan RAE MAILE neutral 3 M 51 15 month 25.07.2013
Keefe, Bruyette & Woods TOM MILLS outperform 5 M 57 12 month 25.07.2013
Barclays DANIEL R GARROD underweight 1 M 47 Not Provided 19.07.2013
Macquarie NEIL WELCH neutral 3 M 48 12 month 02.07.2013
UBS ARNAUD GIBLAT buy 5 M 60 12 month 19.06.2013
EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013
Berenberg Bank PRAS JEYANANDHAN buy 5 M 54 Not Provided 04.03.2013
Goldman Sachs CHRIS M. TURNER neutral/neutral 3 M 53 12 month 24.01.2013
Nomura TEAM COVERAGE suspended coverage #N/A N/A M #N/A N/A Not Provided 27.09.2012
Banco Sabadell MARIO LODOS buy 5 M 70 Not Provided 23.02.2012
Holdings By:
Deutsche Boerse AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Deutsche Bank AG is a global financial service provider delivering commercial,
investment, private and retail banking. The Bank offers debt, foreign exchange,
derivatives, commodities, money markets, repo and securitization, cash equities,
research, equity prime services, loans, convertibles, advice on M&A and IPO's,
trade finance, retail banking, asset management and corporate investments.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (01.02.2013) 38.73
52-Week Low (18.04.2013) 29.41
Daily Volume
34.4
52-Week High % Change -11.18% Dividend Yield -
52-Week Low % Change 16.97% Beta 1.40
% 52 Week Price Range High/Low 64.91% Equity Float 1'013.93
Shares Out 30.06.2013 1'019.5 Short Int -
35'070.79 1 Yr Total Return 7.15%
Total Debt 278'501.00 YTD Return 6.64%
Preferred Stock 0.0 Adjusted BETA 1.399
Minority Interest 407.0 Analyst Recs 41
Cash and Equivalents 147'433.00 Consensus Rating 4.024
Enterprise Value -
Average Volume 5 Day 7'179'224
DBK GY EQUITY YTD Change - Average Volume 30 Day 5'292'410
DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 5'727'339
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
58'492.0 45'167.0 46'151.0 52'660.0 52'299.0 49'520.0 49'310.0 33'320.2 33'933.1 7'756.6 7'824.4
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(3'835.0) 4'973.0 2'310.0 4'132.0 237.0 2'916.0 190.0 3'853.3 4'528.0 749.8 780.8
- 6.24x 12.74x 6.61x 131.80x 9.08x 179.61x 9.40x 7.63x 8.32x -
EBITDA - Long-Term Rating Date 02.07.2013
EBIT - Long-Term Rating A
Operating Margin 8.08% Long-Term Outlook STABLE
Pretax Margin 2.18% Short-Term Rating Date 19.12.2008
Return on Assets 0.01% Short-Term Rating A-1
Return on Common Equity 0.34%
Return on Capital 0.06% EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 515.7%
Net Income Margin 0.7% Total Debt/Capital 83.7%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 9.91
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 13.84% Inventory Days -
Tot Debt to Common Equity 515.71% 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
Deutsche Bank AGPrice/Volume
Valuation Analysis
8'609'246.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 47'776'278 4.69 - 23.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 40'566'540 3.98 (1'003'950) 31.07.2013 Investment Advisor
DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 23'529'706 2.31 (982'040) 30.06.2013 Bank
NORGES BANK Multiple Portfolios MF-AGG 21'866'137 2.14 - 31.12.2012 Government
COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 19'790'330 1.94 (195'485) 30.06.2013 Bank
CREDIT SUISSE AG n/a ULT-AGG 17'110'481 1.68 2'100 31.05.2013 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 15'521'141 1.52 (891'299) 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 14'939'396 1.47 (8'703'861) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 11'760'269 1.15 1'253'747 30.06.2013 Unclassified
BANK OF AMERICA CORP BANK OF AMERICA 13F 10'724'776 1.05 5'157'052 30.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 9'222'003 0.9 6'873'841 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'105'620 0.7 (634'844) 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'023'986 0.69 5'835'740 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'738'764 0.66 2'080'863 30.06.2013 Investment Advisor
HSBC HOLDINGS PLC HSBC HOLDINGS PLC 13F 5'921'773 0.58 (11'954'777) 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 5'363'452 0.53 1'496'235 30.06.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'295'797 0.52 (162'624) 30.06.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'245'301 0.51 (639'919) 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 5'206'110 0.51 (2'647'720) 24.09.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 4'715'162 0.46 181'927 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC ROBERT MURPHY overweight 5 M 49 Not Provided 25.09.2013
Credit Suisse AMIT GOEL outperform 5 M 41 Not Provided 24.09.2013
Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 46 12 month 24.09.2013
JPMorgan KIAN ABOUHOSSEIN overweight 5 M 40 15 month 23.09.2013
Macquarie PIERS BROWN neutral 3 M 34 12 month 19.09.2013
AlphaValue DIETER HEIN add 4 M 41 6 month 19.09.2013
Grupo Santander AURELIA FAURE hold 3 M 37 Not Provided 18.09.2013
Main First Bank AG KILIAN MAIER outperform 5 M 42 12 month 18.09.2013
Exane BNP Paribas DANIEL DAVIES outperform 5 M 42 Not Provided 17.09.2013
Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 39 12 month 16.09.2013
UBS DANIELE BRUPBACHER buy 5 U 47 12 month 16.09.2013
Oddo & Cie JEAN SASSUS neutral 3 M 40 Not Provided 06.09.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 42 12 month 02.09.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 26 Not Provided 02.09.2013
Kepler Cheuvreux DIRK BECKER buy 5 M 40 Not Provided 20.08.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 15.08.2013
M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 45 12 month 15.08.2013
RBC Capital Markets FIONA SWAFFIELD sector perform 3 D 36 12 month 14.08.2013
Barclays JEREMY SIGEE overweight 5 M 47 Not Provided 14.08.2013
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 40 12 month 13.08.2013
Commerzbank Corporates & Markets MICHAEL DUNST buy 5 M 44 6 month 01.08.2013
Goldman Sachs JERNEJ OMAHEN Sell/Neutral 1 M 36 12 month 01.08.2013
Bankhaus Lampe NEIL SMITH buy 5 M 42 12 month 31.07.2013
Natixis ANTOINE BURGARD buy 5 M 44 Not Provided 31.07.2013
Nomura JON PEACE neutral 3 M 38 Not Provided 31.07.2013
Nord/LB MICHAEL SEUFERT hold 3 D 35 12 month 30.07.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 M 40 Not Provided 30.07.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 42 12 month 30.07.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 D 40 Not Provided 30.07.2013
S&P Capital IQ FRANK BRADEN buy 5 M 40 12 month 30.07.2013
Canaccord Genuity Corp ARUN MELMANE buy 5 M 45 12 month 26.07.2013
Redburn Partners NICHOLAS WATTS neutral 3 D #N/A N/A Not Provided 16.07.2013
Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 04.07.2013
Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 28 Not Provided 03.07.2013
Societe Generale GEOFF DAWES buy 5 M 43 12 month 29.05.2013
DZ Bank AG CHRISTOPH BAST buy 5 M 40 Not Provided 10.05.2013
Banco Sabadell MARIO LODOS buy 5 M 40 12 month 15.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
National Bank AG DIRK GOJNY buy 5 M 32 Not Provided 25.07.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 03.07.2012
SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010
Holdings By:
Deutsche Bank AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Deutsche Euroshop AG invests in shopping centers. The Company owns shopping
centers in locations throughout Europe. The properties are primarily in city
centers.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.05.2013) 34.55
52-Week Low (01.10.2012) 28.88
Daily Volume
32.33
52-Week High % Change -6.43% Dividend Yield -
52-Week Low % Change 11.97% Beta 0.71
% 52 Week Price Range High/Low 60.26% Equity Float 41.40
Shares Out 14.08.2013 53.9 Short Int -
1'744.06 1 Yr Total Return 12.88%
Total Debt 1'657.23 YTD Return 6.24%
Preferred Stock 0.0 Adjusted BETA 0.713
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 167.51 Consensus Rating 3.462
Enterprise Value 3'222.98
Average Volume 5 Day 140'692
DEQ GY EQUITY YTD Change - Average Volume 30 Day 101'896
DEQ GY EQUITY YTD % CHANGE - Average Volume 3 Month 102'817
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
120.2 130.8 147.6 193.1 216.1 180.2 200.2 195.7 204.5 48.6 49.7
15.07x 14.30x 20.30x 15.37x 14.79x 63.51x 60.51x 16.39x 15.58x 65.20x 63.31x
102.2 113.0 126.5 167.8 183.0 156.3 168.9 172.3 178.9 42.3 43.3
17.72x 16.55x 23.69x 17.69x 17.47x 18.34x 18.51x 18.70x 18.01x 18.81x 18.76x
68.9 34.4 81.8 99.0 122.5 104.4 131.7 108.9 107.5 26.6 27.7
12.15x 25.45x 16.10x 12.92x 13.41x 13.82x 12.16x 16.35x 16.08x 15.85x 15.62x
EBITDA 182.99 Long-Term Rating Date -
EBIT 182.96 Long-Term Rating -
Operating Margin 51.32% Long-Term Outlook -
Pretax Margin 54.98% Short-Term Rating Date -
Return on Assets 4.00% Short-Term Rating -
Return on Common Equity 10.67%
Return on Capital 5.74% EBITDA/Interest Exp. 2.54
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. 2.36
Net Debt/EBITDA 8.76
Gross Margin - Total Debt/EBITDA 9.26
EBITDA Margin 84.4%
EBIT Margin - Total Debt/Equity 125.4%
Net Income Margin 56.7% Total Debt/Capital 55.6%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 46.70% Inventory Days -
Tot Debt to Common Equity 125.37% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Deutsche Euroshop AGPrice/Volume
Valuation Analysis
38'331.00
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
'
2
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02
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0.0
50.0
100.0
150.0
200.0
250.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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2!''
-'!''
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'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0 '-!'4!.'-0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OTTO ALEXANDER n/a Co File 5'162'584 9.57 - 31.12.2012 n/a
OTTO BENJAMIN n/a Co File 4'175'382 7.74 - 31.12.2012 n/a
BLACKROCK n/a ULT-AGG 3'117'609 5.78 (20'710) 23.09.2013 Investment Advisor
HERTIE FOUNDATION n/a Co File 1'629'154 3.02 - 31.12.2012 Other
SOCIETE FEDERALE n/a Research 1'579'737 2.93 - 08.04.2013 n/a
NORGES BANK Multiple Portfolios MF-AGG 1'361'449 2.52 - 31.12.2012 Government
DEUTSCHE BANK AG n/a ULT-AGG 1'298'955 2.41 (7'650) 31.07.2013 Investment Advisor
WELLINGTON MANAGEMEN n/a Short (1'014'176) -1.88 26'973 24.09.2013 Investment Advisor
BAY POND PARTNERS LP n/a Short (681'534) -1.26 (51'631) 27.07.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 650'587 1.21 - 30.06.2013 Investment Advisor
BAY POND INVESTORS B n/a Short (423'377) -0.78 (41'305) 30.07.2012 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 401'271 0.74 18'497 30.06.2013 Unclassified
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 361'600 0.67 121'600 28.03.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 324'881 0.6 436 31.05.2013 Investment Advisor
AXA INVESTMENT MANAG Multiple Portfolios MF-AGG 324'689 0.6 (15'136) 31.08.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 307'007 0.57 (13'584) 31.05.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 263'480 0.49 (45'873) 28.02.2013 Unclassified
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 263'367 0.49 52'890 30.04.2013 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (258'938) -0.48 26'973 06.06.2013 Hedge Fund Manager
CQS UK LLP n/a Short (253'544) -0.47 59'340 10.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oddo & Cie MARINE LAFITTE reduce 2 M 29 Not Provided 12.09.2013
JPMorgan ANNELIES J VERMEULEN neutral 3 M 36 12 month 02.09.2013
M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 38 12 month 28.08.2013
Kempen & Co THOMAS VAN DER MEIJ neutral 3 M 33 12 month 26.08.2013
DZ Bank AG KARSTEN OBLINGER buy 5 U 34 Not Provided 26.08.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 35 12 month 22.08.2013
Close Brothers Equity Markets MANUEL MARTIN hold 3 M 32 12 month 21.08.2013
Nord/LB MICHAEL SEUFERT hold 3 M 33 12 month 19.08.2013
Societe Generale MICHEL VARALDO buy 5 M 39 12 month 16.08.2013
Baader Bank ANDRE REMKE hold 3 M 33 12 month 16.08.2013
Natixis SERGE DEMIRDJIAN reduce 2 M 29 6 month 16.08.2013
LFG Kronos Investment Services GmbH THOMAS ANEY buy 5 M 37 6 month 16.08.2013
Deutsche Bank MARKUS SCHEUFLER hold 3 M 33 12 month 15.08.2013
Bankhaus Lampe GEORG KANDERS hold 3 M 33 12 month 15.08.2013
Berenberg Bank KAI MALTE KLOSE buy 5 M 35 Not Provided 15.08.2013
Kepler Cheuvreux DIRK BECKER buy 5 M 39 Not Provided 15.08.2013
Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER hold 3 M 32 12 month 15.08.2013
Commerzbank Corporates & Markets THOMAS ROTHAEUSLER hold 3 M 31 6 month 12.08.2013
HSBC THOMAS MARTIN neutral 3 M 33 Not Provided 06.08.2013
Petercam CELINE DONNET reduce 2 M 29 Not Provided 01.08.2013
ABN Amro Bank N.V. MICHIEL DE JONGE reduce 2 M 27 Not Provided 09.07.2013
EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 37 12 month 13.05.2013
UBS KRISTIAN BANDY neutral 3 M 31 12 month 11.01.2013
GSC Research MATTHIAS SCHRADE buy 5 M #N/A N/A Not Provided 21.12.2012
Rabobank International MARTIJN VAN DEN EIJNDEN buy 5 U 34 Not Provided 15.11.2012
Holdings By:
Deutsche Euroshop AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Dialog Semiconductor PLC manufactures electronic products. The Company provides
mixed-signal circuits optimised for smartphones, tablets, ultrabooks, and other
portable devices. Dialog Semiconductor markets its products worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (25.09.2012) 16.75
52-Week Low (18.04.2013) 8.44
Daily Volume
15.07
52-Week High % Change -10.03% Dividend Yield -
52-Week Low % Change 78.66% Beta 0.94
% 52 Week Price Range High/Low 79.43% Equity Float 62.13
Shares Out 30.06.2013 68.1 Short Int -
1'025.80 1 Yr Total Return -6.92%
Total Debt 180.73 YTD Return 13.35%
Preferred Stock 0.0 Adjusted BETA 0.945
Minority Interest 0.0 Analyst Recs 20
Cash and Equivalents 315.56 Consensus Rating 4.300
Enterprise Value 899.68
Average Volume 5 Day 591'138
DLG GY EQUITY YTD Change - Average Volume 30 Day 736'890
DLG GY EQUITY YTD % CHANGE - Average Volume 3 Month 703'770
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
161.8 217.6 296.6 527.3 773.6 638.6 779.3 862.2 1'035.9 220.6 306.3
0.05x 2.55x 4.12x 1.77x 1.31x 7.19x 4.78x 1.65x 1.32x - -
13.5 35.3 52.9 86.5 124.9 99.2 125.1 133.4 177.8 - -
0.54x 15.70x 23.10x 10.80x 8.13x 10.90x 5.55x 9.15x 6.87x - -
6.8 32.7 42.5 57.4 62.5 57.6 56.8 69.9 99.8 17.8 39.5
6.40x 16.31x 32.27x 17.92x 18.12x 19.90x 14.50x 19.67x 13.68x 14.83x 13.72x
EBITDA 124.87 Long-Term Rating Date -
EBIT 92.58 Long-Term Rating -
Operating Margin 11.97% Long-Term Outlook -
Pretax Margin 11.13% Short-Term Rating Date -
Return on Assets 9.18% Short-Term Rating -
Return on Common Equity 15.67%
Return on Capital 11.95% EBITDA/Interest Exp. 19.31
Asset Turnover 1.26% (EBITDA-Capex)/Interest Exp. 12.97
Net Debt/EBITDA -1.31
Gross Margin 37.8% Total Debt/EBITDA 1.47
EBITDA Margin 16.1%
EBIT Margin 11.5% Total Debt/Equity 47.2%
Net Income Margin 8.1% Total Debt/Capital 32.1%
Asset Turnover 1.26
Current Ratio 3.95 Net Fixed Asset Turnover 15.37
Quick Ratio 2.79 Accounts receivable turnover-days 17.06
Debt to Assets 25.52% Inventory Days 82.03
Tot Debt to Common Equity 47.24% Accounts Payable Turnover Day 43.45
Accounts Receivable Turnover 21.40 Cash Conversion Cycle 62.27
Inventory Turnover 4.45
Fiscal Year Ended
Dialog Semiconductor PLCPrice/Volume
Valuation Analysis
479'540.00
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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-!2 F
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.!2 F
0!' F
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RHJ INTERNATIONAL SA n/a Research 4'739'691 6.96 - 23.07.2013 Investment Advisor
BLACK CREEK INVESTME n/a Research 3'488'384 5.12 - 08.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 3'412'511 5.01 - 02.09.2013 Investment Advisor
NORGES BANK n/a Research 2'743'836 4.03 - 28.05.2013 Government
KLEINWORT BENSON TRU n/a Research 2'719'002 3.99 - 12.11.2012 Unclassified
AQR CAPITAL MANAGEME n/a Short (2'225'854) -3.27 54'455 20.09.2013 Hedge Fund Manager
DIALOG SEMICONDUCTOR n/a Research 1'927'224 2.83 - 01.08.2011 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 1'899'961 2.79 (591'882) 30.06.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 1'681'579 2.47 212'978 30.04.2013 Unclassified
WADDELL & REED FINAN n/a ULT-AGG 1'243'784 1.83 (150'000) 30.06.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 1'106'976 1.63 (108'000) 31.05.2013 Investment Advisor
THREADNEEDLE n/a ULT-AGG 1'078'188 1.58 807'319 31.05.2013 Unclassified
AKO CAPITAL LLP n/a Short (878'089) -1.29 54'455 06.09.2013 Investment Advisor
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 725'675 1.07 - 28.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 699'954 1.03 699'954 31.10.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 696'699 1.02 233'927 28.06.2013 Investment Advisor
TREMBLANT CAPITAL LP n/a Short (687'496) -1.01 (40'841) 11.09.2013 Other
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 594'208 0.87 1'202 30.08.2013 Investment Advisor
PIONEER n/a ULT-AGG 535'874 0.79 (10'720) 30.04.2013 Unclassified
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 509'930 0.75 18'605 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hauck & Aufhaeuser TIM OLIVER WUNDERLICH buy 5 M 19 12 month 24.09.2013
Bankhaus Lampe KARSTEN ILTGEN buy 5 M 18 12 month 23.09.2013
Exane BNP Paribas JEROME RAMEL outperform 5 M 17 Not Provided 20.09.2013
Close Brothers Equity Markets VEYSEL TAZE buy 5 M 20 12 month 16.09.2013
Commerzbank Corporates & Markets THOMAS M BECKER buy 5 M 16 6 month 13.09.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 13 12 month 13.09.2013
Jefferies LEE SIMPSON buy 5 M 15 12 month 13.09.2013
HSBC CHRISTIAN DOMINIK RATH overweight 5 M 18 Not Provided 13.09.2013
Natixis STEPHANE HOURI buy 5 M 18 Not Provided 13.09.2013
Deutsche Bank UWE SCHUPP hold 3 M 13 12 month 12.09.2013
DZ Bank AG HARALD SCHNITZER buy 5 M 18 Not Provided 09.09.2013
Kepler Cheuvreux BERND LAUX buy 5 M 19 Not Provided 06.09.2013
Barclays ANDREW M GARDINER overweight 5 M 18 Not Provided 06.09.2013
Morgan Stanley FRANCOIS MEUNIER Equalwt/Cautious 3 M 11 12 month 24.07.2013
JPMorgan CHETAN UDESHI neutral 3 M 12 3 month 24.07.2013
Main First Bank AG JUERGEN WAGNER outperform 5 M 16 12 month 24.07.2013
Credit Suisse ACHAL SULTANIA neutral 3 M 11 Not Provided 23.07.2013
Berenberg Bank ALI FARID KHWAJA buy 5 M 15 Not Provided 23.07.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 21.03.2013
National Bank AG STEFFEN MANSKE sell 1 D 18 Not Provided 16.03.2012
Holdings By:
Dialog Semiconductor PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Deutsche Post AG provides mail delivery and other services to the public and
businesses. The Company offers domestic mail delivery, international parcel
and mail delivery services, and freight delivery and logistics services.
Deutsche Post also provides a variety of financial services including standard
banking services, retail and commercial lending, and brokerage services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (20.09.2013) 24.82
52-Week Low (08.11.2012) 14.40
Daily Volume
24.06
52-Week High % Change -3.04% Dividend Yield -
52-Week Low % Change 67.08% Beta 0.86
% 52 Week Price Range High/Low 87.95% Equity Float 954.92
Shares Out 30.06.2013 1'209.0 Short Int -
29'088.92 1 Yr Total Return 59.75%
Total Debt 4'816.00 YTD Return 50.03%
Preferred Stock 0.0 Adjusted BETA 0.865
Minority Interest 213.0 Analyst Recs 33
Cash and Equivalents 2'652.00 Consensus Rating 3.939
Enterprise Value 32'311.92
Average Volume 5 Day 18'312'200
DPW GY EQUITY YTD Change - Average Volume 30 Day 5'749'860
DPW GY EQUITY YTD % CHANGE - Average Volume 3 Month 4'650'401
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
54'474.0 46'201.0 51'481.0 52'829.0 55'512.0 54'315.0 55'509.0 57'030.7 59'458.1 14'371.8 15'426.0
0.37x 0.45x 0.36x 0.30x 0.40x 1.19x 1.68x 0.56x 0.53x 2.24x 2.06x
2'052.0 2'047.0 3'495.0 3'667.0 3'939.0 4'061.0 4'060.0 4'243.5 4'576.9 1'002.0 1'167.0
9.72x 10.15x 5.29x 4.35x 5.70x 4.48x 6.49x 7.62x 7.07x 7.41x 7.26x
(1'688.0) 644.0 2'541.0 1'163.0 1'658.0 1'285.0 1'844.0 1'842.3 2'007.9 441.0 562.3
- 79.32x 6.05x 12.38x 12.12x 13.10x 12.58x 15.95x 14.83x 15.52x 15.44x
EBITDA 3'939.00 Long-Term Rating Date 27.11.2012
EBIT 2'895.00 Long-Term Rating NR
Operating Margin 5.22% Long-Term Outlook -
Pretax Margin 4.03% Short-Term Rating Date 27.11.2012
Return on Assets 5.40% Short-Term Rating NR
Return on Common Equity 18.27%
Return on Capital - EBITDA/Interest Exp. 6.14
Asset Turnover 1.63% (EBITDA-Capex)/Interest Exp. 3.58
Net Debt/EBITDA 0.75
Gross Margin - Total Debt/EBITDA 1.27
EBITDA Margin 7.3%
EBIT Margin 4.9% Total Debt/Equity 40.3%
Net Income Margin 3.0% Total Debt/Capital 28.4%
Asset Turnover 1.63
Current Ratio 0.97 Net Fixed Asset Turnover 8.57
Quick Ratio 0.72 Accounts receivable turnover-days -
Debt to Assets 14.11% Inventory Days -
Tot Debt to Common Equity 40.30% 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
Deutsche Post AGPrice/Volume
Valuation Analysis
4'049'618.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KREDITANSTALT FUER W n/a Research 254'100'000 21.02 - 19.07.2013 Government
BLACKROCK n/a ULT-AGG 72'183'559 5.97 3'295'405 23.09.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 21'920'562 1.81 (45'737) 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 21'632'939 1.79 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 12'112'601 1 (666'347) 30.06.2013 Unclassified
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 10'193'761 0.84 1'427'231 31.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 9'448'034 0.78 1'225'625 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'753'080 0.64 345'493 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'413'037 0.61 (253'416) 31.07.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 6'519'419 0.54 2'703'143 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'656'891 0.47 301'405 24.09.2013 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 5'646'936 0.47 265'000 31.12.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 4'920'600 0.41 (60'000) 31.05.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'536'567 0.38 2'041'584 31.07.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'441'844 0.37 3'521'139 24.09.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 4'391'758 0.36 (50'000) 31.05.2013 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 4'023'554 0.33 (20'439) 30.08.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 3'315'674 0.27 21'426 28.02.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 3'127'004 0.26 (270'889) 31.05.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'731'776 0.23 42'948 23.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan CHRISTOPHER G COMBE overweight 5 M 27 15 month 25.09.2013
Cantor Fitzgerald ROBIN BYDE hold 3 M 23 Not Provided 23.09.2013
AlphaValue HEINZ STEFFEN reduce 2 M 24 6 month 19.09.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 28 12 month 17.09.2013
Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER hold 3 M 24 Not Provided 17.09.2013
Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 16.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
RBC Capital Markets DAMIAN BREWER outperform 5 M 24 12 month 13.09.2013
Credit Suisse NEIL GLYNN outperform 5 M 24 Not Provided 13.09.2013
Landesbank Baden-Wuerttemberg PER-OLA HELLGREN hold 3 D 24 Not Provided 13.09.2013
Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 26 12 month 11.09.2013
Calamatta Cuschieri TEAM COVERAGE overweight 5 M 28 12 month 10.09.2013
Deutsche Bank ANDY CHU buy 5 M 25 12 month 05.09.2013
National Bank AG MARKUS GLOCKENMEIER buy 5 M 26 Not Provided 02.09.2013
Main First Bank AG TOBIAS SITTIG outperform 5 M 23 Not Provided 02.09.2013
Commerzbank Corporates & Markets JOHANNES BRAUN buy 5 M 25 6 month 30.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 13.08.2013
HSBC JULIA WINARSO underweight 1 M 20 Not Provided 08.08.2013
Nord/LB VOLKER SACK buy 5 M 24 12 month 07.08.2013
Bankhaus Lampe SEBASTIAN HEIN buy 5 M 24 Not Provided 07.08.2013
Nomura MARK MCVICAR buy 5 M 24 Not Provided 07.08.2013
DZ Bank AG DIRK SCHLAMP buy 5 M 23 Not Provided 07.08.2013
Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A M 21 Not Provided 07.08.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 23 12 month 06.08.2013
S&P Capital IQ JAWAHAR HINGORANI buy 5 U 24 12 month 06.08.2013
Redburn Partners TIM MARSHALL neutral 3 M #N/A N/A Not Provided 06.08.2013
UBS DOMINIC EDRIDGE neutral 3 M 21 12 month 05.08.2013
Macquarie ROBERT JOYNSON underperform 1 M 15 12 month 30.07.2013
Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 26.07.2013
Barclays SUSANNA INVERNIZZI overweight 5 M 21 Not Provided 17.05.2013
Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 23 12 month 15.05.2013
Kepler Cheuvreux ANDRE MULDER buy 5 M 21 Not Provided 03.04.2013
Davy STEPHEN FURLONG outperform 5 M #N/A N/A Not Provided 10.11.2011
Thompson, Davis & Company DAVID P CAMPBELL hold 3 M 19 12 month 13.09.2010
Holdings By:
Deutsche Post AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Drillisch AG wholesales mobile telephone user equipment and provides mobile
telephone services. The Company operates T-Mobile, Vodafone-D2, and E-Plus
mobile networks.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 17.70
52-Week Low (25.09.2012) 9.18
Daily Volume
17.675
52-Week High % Change -0.14% Dividend Yield -
52-Week Low % Change 92.50% Beta 0.73
% 52 Week Price Range High/Low 96.36% Equity Float 38.93
Shares Out 30.06.2013 53.2 Short Int -
940.12 1 Yr Total Return 105.25%
Total Debt 333.39 YTD Return 73.12%
Preferred Stock 0.0 Adjusted BETA 0.726
Minority Interest 0.0 Analyst Recs 8
Cash and Equivalents 77.30 Consensus Rating 4.250
Enterprise Value 983.45
Average Volume 5 Day 221'212
DRI GY EQUITY YTD Change - Average Volume 30 Day 384'483
DRI GY EQUITY YTD % CHANGE - Average Volume 3 Month 306'820
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
350.1 344.5 362.5 349.1 323.7 356.3 303.1 297.8 304.6 - -
0.53x 0.94x 0.98x 1.48x 2.47x 6.54x 9.95x 3.24x 3.16x - -
40.6 50.7 46.1 51.4 61.9 59.0 62.8 69.9 81.3 - -
4.54x 6.36x 7.70x 10.04x 12.91x 11.06x 10.47x 14.03x 12.06x - -
(184.1) 101.1 31.0 41.0 23.5 30.1 156.0 126.0 54.7 - -
- 2.55x 10.52x 9.24x 24.23x 13.22x 3.96x 9.34x 15.56x - -
EBITDA 61.89 Long-Term Rating Date -
EBIT 55.45 Long-Term Rating -
Operating Margin 17.13% Long-Term Outlook -
Pretax Margin 6.42% Short-Term Rating Date -
Return on Assets 39.76% Short-Term Rating -
Return on Common Equity 97.98%
Return on Capital 58.65% EBITDA/Interest Exp. 5.33
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 3.35
Net Debt/EBITDA 0.69
Gross Margin - Total Debt/EBITDA 1.38
EBITDA Margin 20.7%
EBIT Margin 17.5% Total Debt/Equity 276.8%
Net Income Margin 7.2% Total Debt/Capital 73.5%
Asset Turnover 0.77
Current Ratio 1.99 Net Fixed Asset Turnover 221.93
Quick Ratio 1.81 Accounts receivable turnover-days 49.63
Debt to Assets 63.80% Inventory Days -
Tot Debt to Common Equity 276.78% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.35 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
Drillisch AGPrice/Volume
Valuation Analysis
187'986.00
Current Price (9/dd/yy) Market Data
'.135
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0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DRILLISCH AG n/a Co File 5'189'015 9.76 - 31.12.2012 Corporation
BRUCHERSEIFER MARC n/a Co File 3'719'295 6.99 - 31.12.2012 n/a
CHOULIDIS PASCHALIS n/a Co File 2'000'000 3.76 - 31.12.2012 n/a
CHOULIDIS VLASIOS n/a Co File 1'895'000 3.56 - 31.12.2012 n/a
ALLIANZ GLOBAL INVES n/a Research 1'807'852 3.4 - 27.03.2013 Other
FIL LIMITED n/a ULT-AGG 1'574'232 2.96 - 14.12.2012 Investment Advisor
JP MORGAN INVESTMENT n/a Research 1'564'194 2.94 - 10.08.2011 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'531'036 2.88 32'800 31.07.2013 Investment Advisor
FLOSSBACH VON STORCH n/a Research 1'440'000 2.71 - 25.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 608'897 1.14 78'890 31.05.2013 Investment Advisor
HAUCK & AUFHAUSER IN Multiple Portfolios MF-AGG 568'841 1.07 - 28.08.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 434'000 0.82 134'000 28.03.2013 Investment Advisor
HAUCK & AUFHAEUSER I Multiple Portfolios MF-AGG 430'000 0.81 52'634 29.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 364'826 0.69 35'679 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 280'376 0.53 19'288 24.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 253'446 0.48 (4'072) 23.09.2013 Investment Advisor
OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 221'493 0.42 1'850 28.06.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 218'000 0.41 - 28.03.2013 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (196'799) -0.37 69'146 26.08.2013 Hedge Fund Manager
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 155'000 0.29 - 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank USMAN GHAZI buy 5 M 20 Not Provided 24.09.2013
Bankhaus Lampe WOLFGANG SPECHT buy 5 M 20 12 month 18.09.2013
M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 17 12 month 16.09.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 D 17 Not Provided 05.09.2013
Hauck & Aufhaeuser SASCHA BERRESCH buy 5 M 19 12 month 04.09.2013
Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 14 6 month 09.08.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 21.05.2013
Kepler Cheuvreux THOMAS KARLOVITS buy 5 M 16 Not Provided 15.05.2013
Holdings By:
Drillisch AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Draegerwerk AG & Company KGAA manufactures medical, safety, and aerospace
equipment. The Company produces ventilators, monitoring equipment, transport
incubators, anesthesia machines, surgical lights, ward equipment, home care
equipment, systems for safe breathing in industry, mining and fire fighting,
and airplane crew and passenger oxygen systems.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (01.07.2013) 107.45
52-Week Low (16.11.2012) 68.80
Daily Volume
96.4
52-Week High % Change -10.28% Dividend Yield -
52-Week Low % Change 40.12% Beta 0.69
% 52 Week Price Range High/Low 71.00% Equity Float 1.82
Shares Out 30.06.2013 6.4 Short Int -
1'427.85 1 Yr Total Return 26.04%
Total Debt 406.38 YTD Return 27.16%
Preferred Stock 0.0 Adjusted BETA 0.693
Minority Interest 6.7 Analyst Recs 16
Cash and Equivalents 317.83 Consensus Rating 3.938
Enterprise Value 1'614.01
Average Volume 5 Day 17'501
DRW3 GY EQUITY YTD Change - Average Volume 30 Day 20'939
DRW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 22'573
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
1'924.5 1'911.1 2'177.3 2'255.8 2'373.5 2'295.2 2'401.4 2'428.4 2'515.6 - -
0.45x 0.32x 0.55x 0.50x 0.57x 2.49x 2.75x 0.66x 0.59x - -
175.6 149.9 257.4 276.2 299.6 280.4 288.2 286.0 316.1 - -
4.88x 4.09x 4.65x 4.07x 4.53x 5.40x 6.70x 5.64x 5.11x - -
31.8 14.9 90.7 120.7 126.4 124.7 119.7 125.6 140.0 - -
10.47x 25.48x 9.92x 8.60x 10.03x 10.34x 14.61x 13.17x 11.87x - -
EBITDA 299.61 Long-Term Rating Date -
EBIT 233.92 Long-Term Rating -
Operating Margin 9.86% Long-Term Outlook -
Pretax Margin 8.28% Short-Term Rating Date -
Return on Assets 5.94% Short-Term Rating -
Return on Common Equity 16.63%
Return on Capital 13.35% EBITDA/Interest Exp. 7.01
Asset Turnover 1.19% (EBITDA-Capex)/Interest Exp. 5.64
Net Debt/EBITDA 0.62
Gross Margin 49.2% Total Debt/EBITDA 1.31
EBITDA Margin 12.0%
EBIT Margin 9.2% Total Debt/Equity 56.4%
Net Income Margin 5.3% Total Debt/Capital 35.8%
Asset Turnover 1.19
Current Ratio 1.83 Net Fixed Asset Turnover 8.53
Quick Ratio 1.21 Accounts receivable turnover-days 79.86
Debt to Assets 19.34% Inventory Days 117.83
Tot Debt to Common Equity 56.40% Accounts Payable Turnover Day 41.48
Accounts Receivable Turnover 4.57 Cash Conversion Cycle 147.34
Inventory Turnover 3.10
Fiscal Year Ended
Draegerwerk AG & Co KGaAPrice/Volume
Valuation Analysis
6'580.00
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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500.0
1'000.0
1'500.0
2'000.0
2'500.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DRAEGER FAMILY n/a Co File 4'531'360 71.36 - 31.12.2012 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 278'646 4.39 1'817 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 257'637 4.06 - 31.12.2012 Government
BNP PARIBAS n/a ULT-AGG 237'149 3.73 (84'488) 30.04.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 172'259 2.71 (7'881) 30.06.2013 Investment Advisor
LAZARD FRERES GESTIO Multiple Portfolios MF-AGG 157'529 2.48 (37'471) 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 148'400 2.34 148'400 28.06.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 135'000 2.13 (2'722) 31.05.2013 Investment Advisor
KEMPEN CAPITAL MANAG n/a ULT-AGG 125'639 1.98 1'365 30.06.2013 Unclassified
FIL LIMITED n/a ULT-AGG 95'823 1.51 (3'639) 30.04.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 91'751 1.44 91'751 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 79'357 1.25 (1'000) 31.07.2013 Investment Advisor
HEALTHINVEST PARTNER Multiple Portfolios MF-AGG 62'972 0.99 5'344 28.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 61'847 0.97 7'317 31.05.2013 Investment Advisor
D E SHAW & CO UK LTD n/a Short (61'595) -0.97 - 02.11.2012 Other
ARROWGRASS CAPITAL P n/a Short (57'150) -0.9 (3'175) 08.02.2013 Hedge Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 53'300 0.84 (20'000) 28.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 52'795 0.83 (43'101) 30.06.2013 Unclassified
PARVEST INVESTMENT M Multiple Portfolios MF-AGG 49'134 0.77 4'434 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 48'244 0.76 12'564 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 110 Not Provided 13.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 104 12 month 12.08.2013
DZ Bank AG SVEN OLAF KUERTEN buy 5 M 106 Not Provided 06.08.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 05.08.2013
Berenberg Bank SCOTT BARDO buy 5 M 110 Not Provided 05.08.2013
Nord/LB HOLGER FECHNER buy 5 M 108 12 month 02.08.2013
HSBC JAN KEPPELER overweight 5 M 115 Not Provided 02.08.2013
M.M. Warburg Investment Research EGGERT KULS hold 3 D 103 12 month 02.08.2013
Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 D 109 6 month 01.08.2013
Deutsche Bank GUNNAR ROMER hold 3 D 100 12 month 01.08.2013
Hauck & Aufhaeuser TORBEN TEICHLER sell 1 M 73 12 month 01.08.2013
Close Brothers Equity Markets IGOR KIM hold 3 D 104 12 month 01.08.2013
Equinet Institutional Services(ESN) KONRAD LIEDER accumulate 4 M 105 12 month 01.08.2013
EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013
Montega THOMAS RAU buy 5 N 135 12 month 16.05.2013
Kepler Cheuvreux OLIVER REINBERG buy 5 M 110 Not Provided 14.05.2013
Holdings By:
Draegerwerk AG & Co KGaA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Deutsche Telekom AG offers telecommunications services. The Company offers a
full range of fixed-line telephone services, mobile communications services,
Internet access, and combined information technology and telecommunications
services for businesses.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (25.09.2013) 10.61
52-Week Low (21.02.2013) 7.98
Daily Volume
10.59
52-Week High % Change -0.14% Dividend Yield -
52-Week Low % Change 32.77% Beta 0.68
% 52 Week Price Range High/Low 100.00% Equity Float 3'031.21
Shares Out 30.06.2013 4'451.1 Short Int -
47'137.35 1 Yr Total Return 16.66%
Total Debt 44'614.00 YTD Return 32.58%
Preferred Stock 0.0 Adjusted BETA 0.682
Minority Interest 4'623.0 Analyst Recs 41
Cash and Equivalents 6'046.00 Consensus Rating 3.439
Enterprise Value 97'174.35
Average Volume 5 Day 18'199'840
DTE GY EQUITY YTD Change - Average Volume 30 Day 12'344'800
DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 12'452'250
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
61'666.0 64'602.0 62'421.0 58'653.0 58'169.0 58'392.0 58'300.0 59'250.2 59'997.2 14'894.7 15'444.3
1.49x 1.46x 1.48x 1.45x 1.38x 5.86x 5.76x 1.55x 1.50x 6.26x 5.99x
17'535.0 17'335.0 17'726.0 20'202.0 17'728.0 19'592.0 17'498.0 17'202.2 17'636.1 4'498.0 4'268.0
5.24x 5.46x 5.20x 4.22x 4.53x 4.31x 5.13x 5.65x 5.51x - -
1'483.0 353.0 1'695.0 557.0 (5'255.0) 756.0 (5'013.0) 2'771.0 3'047.8 590.5 500.0
31.62x 128.63x 24.76x 68.19x - 47.97x 0.00x 16.70x 15.30x - -
EBITDA 17'728.00 Long-Term Rating Date 19.05.2008
EBIT 6'720.00 Long-Term Rating BBB+
Operating Margin 11.55% Long-Term Outlook STABLE
Pretax Margin -10.71% Short-Term Rating Date 08.04.2002
Return on Assets -4.23% Short-Term Rating A-2
Return on Common Equity -17.40%
Return on Capital - EBITDA/Interest Exp. 7.58
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 4.88
Net Debt/EBITDA 2.46
Gross Margin 41.2% Total Debt/EBITDA 2.88
EBITDA Margin 30.0%
EBIT Margin 12.2% Total Debt/Equity 172.1%
Net Income Margin -9.0% Total Debt/Capital 59.4%
Asset Turnover 0.49
Current Ratio 0.65 Net Fixed Asset Turnover 1.48
Quick Ratio 0.54 Accounts receivable turnover-days -
Debt to Assets 41.33% Inventory Days 13.48
Tot Debt to Common Equity 172.12% Accounts Payable Turnover Day 63.93
Accounts Receivable Turnover - Cash Conversion Cycle -16.66
Inventory Turnover 27.07
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
Deutsche Telekom AGPrice/Volume
Valuation Analysis
10'287'142.00
Current Price (9/dd/yy) Market Data
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10'000.0
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40'000.0
50'000.0
60'000.0
70'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KREDITANSTALT FUER W n/a Research 774'494'730 17.4 - 30.06.2013 Government
FEDERAL REPUBLIC OF n/a Research 645'412'275 14.5 - 30.06.2013 Government
BLACKROCK n/a ULT-AGG 222'502'020 5 - 23.09.2013 Investment Advisor
BLACKSTONE n/a ULT-AGG 191'700'000 4.31 - 03.08.2012 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 68'078'517 1.53 - 31.12.2012 Government
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 38'107'769 0.86 10'489'242 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 34'696'477 0.78 2'274'262 30.06.2013 Unclassified
ONTARIO TEACHERS PEN n/a Research 27'700'000 0.62 - 31.12.2011 Pension Fund (ERISA)
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 26'195'871 0.59 (322'815) 24.09.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 15'537'470 0.35 2'371'042 06.09.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 13'921'182 0.31 6'672'723 30.04.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 13'370'877 0.3 11'676'421 31.05.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 12'178'782 0.27 (2'345'777) 28.03.2013 Investment Advisor
UBS AG n/a ULT-AGG 10'737'884 0.24 457'448 24.09.2013 Unclassified
PIONEER n/a ULT-AGG 9'833'493 0.22 986'203 30.04.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 9'303'981 0.21 932 23.09.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 8'361'214 0.19 (4'991) 31.07.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 8'327'504 0.19 1'309'266 31.08.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 7'795'757 0.18 1'144'699 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 6'870'673 0.15 - 25.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Independent Research GmbH MARKUS FRIEBEL hold 3 D 11 12 month 25.09.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 13 12 month 24.09.2013
Morgan Stanley RYAN FOX Underwt/In-Line 1 M 9 12 month 20.09.2013
Bankhaus Lampe WOLFGANG SPECHT hold 3 M 10 12 month 18.09.2013
Natixis JACQUES DE GRELING reduce 2 M 7 Not Provided 12.09.2013
AlphaValue HEINZ STEFFEN add 4 M 11 6 month 12.09.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 U #N/A N/A Not Provided 10.09.2013
Nomura FREDERIC BOULAN buy 5 M 11 12 month 10.09.2013
Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 06.09.2013
Deutsche Bank DAVID A WRIGHT buy 5 M 11 12 month 05.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 03.09.2013
Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 10 6 month 28.08.2013
Credit Suisse JUSTIN FUNNELL outperform 5 M 10 Not Provided 23.08.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 11 Not Provided 21.08.2013
Kepler Cheuvreux PETER KURT NIELSEN buy 5 M 11 Not Provided 15.08.2013
JPMorgan HANNES C WITTIG neutral 3 M 10 3 month 13.08.2013
Jefferies ULRICH RATHE buy 5 M 11 12 month 13.08.2013
Nord/LB WOLFGANG DONIE buy 5 M 12 12 month 12.08.2013
Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 10 12 month 12.08.2013
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 9 Not Provided 12.08.2013
Makor Capital ALBERT SAPORTA sell 1 N #N/A N/A Not Provided 12.08.2013
M.M. Warburg Investment Research JOCHEN REICHERT buy 5 U 12 12 month 09.08.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 10 12 month 09.08.2013
DZ Bank AG CHRISTOPH BAST sell 1 M 9 Not Provided 09.08.2013
Barclays JONATHAN DANN equalweight 3 M 10 Not Provided 09.08.2013
Grupo Santander JOHN DAVIES underweight 1 M 8 Not Provided 08.08.2013
Oddo & Cie ALEXANDRE IATRIDES buy 5 M 11 Not Provided 08.08.2013
Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 10 12 month 08.08.2013
S&P Capital IQ ALEXANDER WISCH hold 3 M 10 12 month 08.08.2013
New Street Research CHARLES GAYNOR reduce 2 M 8 Not Provided 08.08.2013
Macquarie GUY R PEDDY underperform 1 M 8 12 month 05.08.2013
Berenberg Bank PAUL ANDREW MARSCH hold 3 M 10 Not Provided 29.07.2013
Steubing AG TEAM COVERAGE buy 5 M 10 Not Provided 29.07.2013
Raymond James STEPHANE BEYAZIAN outperform 5 M 11 Not Provided 10.07.2013
HSBC DOMINIK KLARMANN neutral 3 M 10 Not Provided 27.05.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 M 8 Not Provided 05.04.2013
UBS POLO TANG neutral 3 M 9 12 month 01.04.2013
Banco Sabadell ANDRES BOLUMBURU sell 1 M 10 12 month 15.02.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Deutsche Telekom AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Duerr AG engineers and builds plants and manufactures machinery for the
automotive industry in Europe, North and South America, and Asia. Duerr designs
and constructs fully automatic paint finishing plants, final assembly systems,
and air purifier. Duerr also offers balancing and diagnostic systems and
produces cleaning filtration and automation equipment.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (06.08.2013) 56.12
52-Week Low (26.09.2012) 25.05
Daily Volume
54.06
52-Week High % Change -3.67% Dividend Yield -
52-Week Low % Change 115.81% Beta 0.93
% 52 Week Price Range High/Low 93.11% Equity Float 24.23
Shares Out 30.06.2013 34.6 Short Int -
1'870.53 1 Yr Total Return 113.35%
Total Debt 286.06 YTD Return 64.36%
Preferred Stock 0.0 Adjusted BETA 0.932
Minority Interest 8.3 Analyst Recs 21
Cash and Equivalents 349.28 Consensus Rating 4.238
Enterprise Value 1'882.89
Average Volume 5 Day 126'821
DUE GY EQUITY YTD Change - Average Volume 30 Day 113'817
DUE GY EQUITY YTD % CHANGE - Average Volume 3 Month 110'803
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
1'602.8 1'077.6 1'261.4 1'922.0 2'399.8 2'301.8 2'368.2 2'504.9 2'590.6 623.0 834.0
0.16x 0.28x 0.32x 0.30x 0.46x 1.18x 2.17x 0.71x 0.66x 2.92x 2.07x
134.4 84.2 85.5 145.7 205.6 207.5 216.3 224.3 236.9 59.2 82.4
1.91x 3.57x 4.67x 3.99x 5.41x 4.33x 7.49x 8.40x 7.95x - -
42.4 (26.9) 6.3 61.9 107.2 89.3 116.8 125.3 130.6 33.5 51.0
6.77x - 64.51x 9.50x 10.89x 9.40x 13.74x 14.79x 14.18x - -
EBITDA 205.62 Long-Term Rating Date 01.11.2010
EBIT 177.09 Long-Term Rating NR
Operating Margin 7.38% Long-Term Outlook -
Pretax Margin 6.16% Short-Term Rating Date -
Return on Assets 6.50% Short-Term Rating -
Return on Common Equity 28.76%
Return on Capital 20.60% EBITDA/Interest Exp. 6.06
Asset Turnover 1.32% (EBITDA-Capex)/Interest Exp. 5.40
Net Debt/EBITDA 0.03
Gross Margin 18.2% Total Debt/EBITDA 1.27
EBITDA Margin 9.1%
EBIT Margin 7.9% Total Debt/Equity 67.5%
Net Income Margin 4.5% Total Debt/Capital 39.8%
Asset Turnover 1.32
Current Ratio 1.29 Net Fixed Asset Turnover 13.32
Quick Ratio 1.07 Accounts receivable turnover-days 117.49
Debt to Assets 15.82% Inventory Days 32.38
Tot Debt to Common Equity 67.49% Accounts Payable Turnover Day 147.19
Accounts Receivable Turnover 3.11 Cash Conversion Cycle -6.77
Inventory Turnover 11.27
Fiscal Year Ended
Duerr AGPrice/Volume
Valuation Analysis
38'732.00
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
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HEINZ DUERR GMBH n/a Research 8'684'861 25.1 - 27.02.2013 Corporation
BLACKROCK n/a ULT-AGG 1'375'460 3.98 (17'642) 23.09.2013 Investment Advisor
HEINZ UND DUERR STIF n/a Research 1'200'000 3.47 - 01.07.2013 n/a
COLUMBIA WANGER ASSE n/a Research 1'034'330 2.99 - 01.11.2012 Investment Advisor
AMERIPRISE FINANCIAL n/a Research 1'026'340 2.97 - 05.11.2012 Investment Advisor
HARRIS ASSOCIATES LP n/a Research 1'009'374 2.92 - 05.04.2012 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 808'988 2.34 - 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 446'965 1.29 (32'919) 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 377'756 1.09 - 31.12.2012 Government
DWS INVESTMENTS Multiple Portfolios MF-AGG 355'600 1.03 122'000 30.04.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 312'640 0.9 1'548 30.04.2013 Investment Advisor
LANDESBANK BADEN WUR n/a Research 298'080 0.86 - 05.03.2012 Bank
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 285'614 0.83 - 31.03.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 221'008 0.64 (306'326) 30.04.2013 Unclassified
BARING FUND MANAGERS Multiple Portfolios MF-AGG 211'230 0.61 (20'350) 31.05.2013 Investment Advisor
HEUWING RALPH n/a Co File 207'606 0.6 - 31.12.2012 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 201'680 0.58 20'000 31.05.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 200'000 0.58 - 31.05.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 197'066 0.57 - 31.07.2013 Investment Advisor
KEMPEN CAPITAL MANAG n/a ULT-AGG 185'354 0.54 94'286 30.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nord/LB FRANK SCHWOPE hold 3 M 51 12 month 18.09.2013
M.M. Warburg Investment Research CHRISTIAN COHRS buy 5 M 60 12 month 05.09.2013
Main First Bank AG CHLOE LEMARIE outperform 5 N 64 12 month 03.09.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL buy 5 M 56 6 month 30.08.2013
Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 60 12 month 06.08.2013
Bankhaus Lampe GORDON SCHOENELL buy 5 M 60 Not Provided 05.08.2013
Close Brothers Equity Markets RALF MARINONI buy 5 M 57 12 month 05.08.2013
Deutsche Bank TIM ROKOSSA buy 5 M 58 12 month 01.08.2013
BHF-Bank HERMANN REITH market weight 3 M 48 12 month 01.08.2013
Baader Bank PETER ROTHENAICHER hold 3 M 53 12 month 01.08.2013
UBS SVEN WEIER buy 5 M 59 12 month 01.08.2013
HSBC RICHARD SCHRAMM neutral 3 M 50 Not Provided 01.08.2013
Landesbank Baden-Wuerttemberg HARALD REHMET hold 3 M 46 Not Provided 01.08.2013
Hauck & Aufhaeuser PHILIPPE LORRAIN hold 3 M 47 12 month 01.08.2013
Montega THOMAS RAU buy 5 M 57 12 month 01.08.2013
Kepler Cheuvreux STEFAN AUGUSTIN buy 5 M 54 Not Provided 24.07.2013
DZ Bank AG JASKO TERZIC buy 5 M 57 Not Provided 17.07.2013
Bankhaus Metzler HELENA WUESTENFELD buy 5 M 54 12 month 05.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Berenberg Bank BENJAMIN GLAESER hold 3 M 43 Not Provided 01.05.2013
Solventis WPH-Bank GmbH KLAUS SOER hold 3 M 37 12 month 24.01.2013
Holdings By:
Duerr AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Deutsche Wohnen AG develops, rents and sells residential properties.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (21.05.2013) 15.80
52-Week Low (24.06.2013) 12.36
Daily Volume
13.115
52-Week High % Change -16.97% Dividend Yield -
52-Week Low % Change 6.15% Beta 0.76
% 52 Week Price Range High/Low 26.02% Equity Float 142.78
Shares Out 15.07.2013 168.8 Short Int -
2'216.37 1 Yr Total Return -4.70%
Total Debt 2'768.64 YTD Return -4.97%
Preferred Stock 0.0 Adjusted BETA 0.757
Minority Interest 0.3 Analyst Recs 20
Cash and Equivalents 90.57 Consensus Rating 3.600
Enterprise Value 5'188.63
Average Volume 5 Day 620'439
DWNI GY EQUITY YTD Change - Average Volume 30 Day 425'437
DWNI GY EQUITY YTD % CHANGE - Average Volume 3 Month 363'014
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
417.0 404.4 479.7 387.6 451.6 382.2 504.0 390.4 412.6 89.9 88.9
5.57x 5.74x 5.42x 7.01x 10.46x 29.77x 38.38x 13.39x 13.08x 57.05x 58.98x
102.4 133.4 137.3 142.8 186.3 153.8 237.2 274.6 302.2 65.2 59.7
22.69x 17.40x 18.92x 19.02x 25.37x 20.51x 21.80x 18.90x 17.17x 19.23x 19.17x
(255.9) (13.3) 23.8 50.6 145.5 70.6 158.8 129.6 146.3 28.2 34.7
- - 36.21x 16.83x 12.17x 17.81x 13.55x 16.75x 15.29x 15.86x 16.46x
EBITDA 186.26 Long-Term Rating Date -
EBIT 182.43 Long-Term Rating -
Operating Margin 16.32% Long-Term Outlook -
Pretax Margin 45.54% Short-Term Rating Date -
Return on Assets 3.38% Short-Term Rating -
Return on Common Equity 9.11%
Return on Capital 3.78% EBITDA/Interest Exp. 1.71
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -11.17
Net Debt/EBITDA 12.50
Gross Margin - Total Debt/EBITDA 12.94
EBITDA Margin 47.1%
EBIT Margin - Total Debt/Equity 172.0%
Net Income Margin 32.2% Total Debt/Capital 63.2%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 56.41% Inventory Days -
Tot Debt to Common Equity 172.04% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Deutsche Wohnen AGPrice/Volume
Valuation Analysis
276'308.00
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
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN LIFE FINANCIAL I n/a ULT-AGG 12'414'465 7.35 509'176 31.07.2013 Investment Advisor
NORGES BANK #N/A N/A Research 8'693'809 5.15 - 18.09.2013 Government
SUN LIFE FINANCIAL I #N/A N/A Research 8'491'235 5.03 - 18.09.2013 Investment Advisor
BLACKSTONE n/a ULT-AGG 8'153'611 4.83 - 18.09.2013 Unclassified
FIRST EAGLE INVESTME #N/A N/A Research 7'967'918 4.72 - 18.09.2013 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 7'478'364 4.43 - 23.09.2013 Investment Advisor
INTL KAPITALANAGEGES n/a Research 6'802'161 4.03 - 16.08.2012 Unclassified
AERZTEVERSORGUNG WES #N/A N/A Research 5'621'434 3.33 - 18.09.2013 Other
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 5'569'716 3.3 992'658 30.06.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 5'465'097 3.24 27'140 18.09.2013 Investment Advisor
APG ALGEMENE PENSIOE #N/A N/A Research 5'283'810 3.13 - 18.09.2013 Pension Fund (ERISA)
MFS INTERNATIONAL LT #N/A N/A Research 5'199'404 3.08 - 18.09.2013 Investment Advisor
WILLIAM BLAIR & COMP #N/A N/A Research 5'148'761 3.05 (420'955) 18.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'098'117 3.02 - 18.09.2013 Investment Advisor
ZURICH DEUTSCHE HERO n/a Research 4'882'360 2.89 - 21.06.2013 Insurance Company
NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 4'618'527 2.74 579'275 31.07.2013 Insurance Company
COHEN & STEERS CAPIT n/a Research 4'391'101 2.6 - 19.09.2012 Investment Advisor
AXA n/a ULT-AGG 3'815'480 2.26 - 26.09.2012 Investment Advisor
ASSET VALUE INVESTOR n/a Research 2'953'855 1.75 - 12.03.2012 Investment Advisor
MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 2'504'060 1.48 2'504'060 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets THOMAS ROTHAEUSLER buy 5 M 17 6 month 12.09.2013
JPMorgan NEIL GREEN neutral 3 M 16 12 month 02.09.2013
Morgan Stanley BIANCA RIEMER Overwt/Attractive 5 M 17 12 month 28.08.2013
Goldman Sachs JULIAN LIVINGSTON-BOOTH not rated #N/A N/A M #N/A N/A Not Provided 27.08.2013
M.M. Warburg Investment Research TORSTEN KLINGNER buy 5 M 17 12 month 22.08.2013
HSBC THOMAS MARTIN neutral 3 M 14 Not Provided 21.08.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 12 12 month 21.08.2013
Berenberg Bank KAI MALTE KLOSE buy 5 M 16 Not Provided 21.08.2013
Kepler Cheuvreux THOMAS NEUHOLD hold 3 M 15 Not Provided 21.08.2013
Deutsche Bank MARKUS SCHEUFLER restricted #N/A N/A M #N/A N/A Not Provided 20.08.2013
Nord/LB MICHAEL SEUFERT buy 5 U 16 12 month 20.08.2013
Independent Research GmbH STEFAN BONGARDT sell 1 D 13 12 month 20.08.2013
Bankhaus Lampe GEORG KANDERS buy 5 M 15 12 month 20.08.2013
Close Brothers Equity Markets MANUEL MARTIN hold 3 M 14 12 month 20.08.2013
Baader Bank ANDRE REMKE hold 3 M 15 12 month 14.08.2013
DZ Bank AG KARSTEN OBLINGER buy 5 M 16 Not Provided 13.08.2013
ABN Amro Bank N.V. MICHIEL DE JONGE sell 1 M 13 Not Provided 13.08.2013
UBS HOWARD LESSER buy 5 U 14 12 month 26.07.2013
Barclays AARON GUY overweight 5 M 16 Not Provided 11.07.2013
EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013
Kempen & Co THOMAS VAN DER MEIJ neutral 3 M 15 Not Provided 25.04.2013
Holdings By:
Deutsche Wohnen AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
European Aeronautic Defence and Space Company manufactures airplanes and
military equipment. The Company produces commercial aircraft including the
Airbus, military fighter aircraft, military and commercial helicopters,
missiles, satellites, and telecommunications and defense systems, and offers
military and commercial aircraft conversion and maintenance services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (20.09.2013) 47.69
52-Week Low (23.11.2012) 24.24
Daily Volume
46.61
52-Week High % Change -2.25% Dividend Yield -
52-Week Low % Change 92.29% Beta 0.70
% 52 Week Price Range High/Low 93.39% Equity Float -
Shares Out 09.05.2013 787.3 Short Int -
36'695.73 1 Yr Total Return 87.46%
Total Debt 4'779.00 YTD Return 60.90%
Preferred Stock 0.0 Adjusted BETA 0.702
Minority Interest 25.0 Analyst Recs 29
Cash and Equivalents 11'084.00 Consensus Rating 4.414
Enterprise Value 35'288.73
Average Volume 5 Day 247'635
EAD GY EQUITY YTD Change - Average Volume 30 Day 121'726
EAD GY EQUITY YTD % CHANGE - Average Volume 3 Month 121'706
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
43'265.0 42'822.0 45'752.0 49'128.0 56'480.0 52'126.0 57'878.0 58'608.1 62'394.3 13'318.7 17'854.3
0.09x 0.13x 0.17x 0.31x 0.32x 1.33x 1.68x 0.56x 0.53x 2.38x 1.53x
4'136.0 1'236.0 2'500.0 3'172.0 3'927.0 3'881.0 4'361.0 5'531.4 6'531.0 1'288.5 1'835.0
0.89x 4.62x 3.02x 4.81x 4.58x 5.08x 7.33x 6.36x 5.39x - -
1'572.0 (763.0) 553.0 1'033.0 1'228.0 1'503.0 1'393.0 2'077.1 2'674.7 454.0 761.0
- - - - - 0.00x 0.00x 17.26x 12.81x 18.39x 19.30x
EBITDA 3'927.00 Long-Term Rating Date 06.09.2013
EBIT 1'890.00 Long-Term Rating A
Operating Margin 3.35% Long-Term Outlook STABLE
Pretax Margin 2.97% Short-Term Rating Date 02.10.2012
Return on Assets 1.53% Short-Term Rating A-1
Return on Common Equity 17.52%
Return on Capital 12.66% EBITDA/Interest Exp. 7.52
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 1.26
Net Debt/EBITDA -0.33
Gross Margin 14.0% Total Debt/EBITDA 1.54
EBITDA Margin 7.5%
EBIT Margin 4.0% Total Debt/Equity 45.9%
Net Income Margin 2.2% Total Debt/Capital 31.4%
Asset Turnover 0.64
Current Ratio 0.93 Net Fixed Asset Turnover 3.87
Quick Ratio 0.37 Accounts receivable turnover-days 40.20
Debt to Assets 5.19% Inventory Days 192.40
Tot Debt to Common Equity 45.91% Accounts Payable Turnover Day 65.53
Accounts Receivable Turnover 9.08 Cash Conversion Cycle 142.58
Inventory Turnover 1.90
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
European Aeronautic Defence and Space Co NVPrice/Volume
Valuation Analysis
89'751.00
Current Price (9/dd/yy) Market Data
'2
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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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRENCH STATE n/a Research 112'072'054 14.24 (12'977'088) 16.04.2013 Government
FEDERAL REPUBLIC OF n/a Research 83'837'750 10.65 61'112'568 02.04.2013 Government
EUROPEAN AERONAUTIC n/a Research 49'001'830 6.22 - 17.04.2013 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 39'788'818 5.05 1'188'304 25.07.2013 Investment Advisor
SOCIEDAD ESTATAL DE n/a Research 34'687'784 4.41 (53'355) 04.04.2013 Government
BLACKROCK n/a ULT-AGG 34'457'610 4.38 (459'400) 23.09.2013 Investment Advisor
VNESHECONOMBANK n/a Research 22'614'753 2.87 - 26.07.2013 Government
CAISSE DES DEPOTS ET n/a RNS-RUL8 15'584'382 1.98 - 25.09.2012 Government
AMUNDI SA n/a RNS-RUL8 15'385'347 1.95 (2'721) 10.10.2012 Other
VANGUARD GROUP INC n/a ULT-AGG 12'117'860 1.54 3'341 09.10.2012 Unclassified
VIKING GLOBAL INVEST n/a RNS-RUL8 11'930'093 1.52 (1'079'438) 10.10.2012 Hedge Fund Manager
STATE STREET CORP n/a ULT-AGG 9'563'259 1.21 36'287 24.09.2013 Investment Advisor
OLD MUTUAL n/a ULT-AGG 9'409'523 1.2 (18'074) 31.08.2013 Unclassified
OPPENHEIMERFUNDS INC n/a RNS-RUL8 9'211'702 1.17 (9'990) 05.10.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 6'100'000 0.77 - 31.12.2012 Pension Fund (ERISA)
INVESCO LTD n/a ULT-AGG 3'879'592 0.49 - 13.09.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'343'217 0.42 (81'263) 31.05.2013 Investment Advisor
UBS AG n/a ULT-AGG 2'956'286 0.38 24'783 24.09.2013 Unclassified
JP MORGAN n/a ULT-AGG 2'795'161 0.36 260'918 30.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'666'169 0.34 13'499 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue THOMAS PICHERIT buy 5 U 60 6 month 24.09.2013
Bankhaus Lampe SEBASTIAN HEIN buy 5 M 53 12 month 23.09.2013
Kepler Cheuvreux CHRISTOPHE MENARD buy 5 M 57 Not Provided 20.09.2013
Cantor Fitzgerald ANDREW CHAMBERS buy 5 M 55 Not Provided 19.09.2013
Investec ANDREW GOLLAN buy 5 M 50 12 month 18.09.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 46 12 month 16.09.2013
Oddo & Cie YAN DEROCLES buy 5 M 50 Not Provided 12.09.2013
Jefferies SANDY MORRIS buy 5 M 45 12 month 11.09.2013
Exane BNP Paribas OLIVIER BROCHET outperform 5 M 64 Not Provided 03.09.2013
Espirito Santo Investment Bank ResearchEDWARD STACEY sell 1 M 31 Not Provided 02.09.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 52 12 month 29.08.2013
Day by Day VALERIE GASTALDY sell 1 D 36 3 month 20.08.2013
Deutsche Bank BEN FIDLER buy 5 M 55 12 month 19.08.2013
Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 12.08.2013
Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 54 12 month 06.08.2013
Nord/LB WOLFGANG DONIE buy 5 U 53 12 month 05.08.2013
Societe Generale ZAFAR KHAN buy 5 M 53 12 month 01.08.2013
Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 53 6 month 01.08.2013
CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX reduce 2 M 34 12 month 01.08.2013
DZ Bank AG MARKUS TURNWALD buy 5 M 51 Not Provided 01.08.2013
JPMorgan DAVID H PERRY overweight 5 M 67 15 month 31.07.2013
Landesbank Baden-Wuerttemberg STEFAN MAICHL buy 5 M 50 Not Provided 31.07.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 52 12 month 31.07.2013
S&P Capital IQ UNAI FRANCO strong buy 5 M 53 12 month 31.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Barclays CARTER COPELAND overweight 5 M 49 Not Provided 15.05.2013
UBS CHARLES ARMITAGE buy 5 M 49 12 month 08.03.2013
Gabelli & Co JAMES FOUNG hold 3 M #N/A N/A Not Provided 10.10.2011
Holdings By:
European Aeronautic Defence and Space Co NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
E.ON SE operates in power generation and gas production businesses. The
Company's operations include electric generation at conventional, nuclear, and
renewable-source facilities, electric transmission via high-voltage wires
network, regional distribution of electricity, gas, and heat, power trading and
electricity, gas, and heat sales.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (25.09.2012) 19.19
52-Week Low (08.07.2013) 11.82
Daily Volume
13.49
52-Week High % Change -29.70% Dividend Yield -
52-Week Low % Change 14.18% Beta 1.04
% 52 Week Price Range High/Low 23.05% Equity Float 1'847.04
Shares Out 30.06.2013 2'001.0 Short Int -
26'993.49 1 Yr Total Return -23.52%
Total Debt 25'944.00 YTD Return 3.79%
Preferred Stock 0.0 Adjusted BETA 1.040
Minority Interest 3'862.0 Analyst Recs 36
Cash and Equivalents 6'097.00 Consensus Rating 2.778
Enterprise Value 47'989.49
Average Volume 5 Day 12'963'090
EOAN GY EQUITY YTD Change - Average Volume 30 Day 10'661'160
EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 9'707'990
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
86'753.0 81'817.0 92'863.0 112'954.0 132'093.0 100'850.0 103'107.0 119'584.2 121'661.5 - -
1.08x 1.11x 0.78x 0.52x 0.38x 2.38x 1.94x 0.40x 0.39x - -
5'403.0 12'703.0 13'006.0 4'269.0 8'443.0 4'407.0 7'043.0 9'353.1 9'140.6 - -
17.28x 7.18x 5.56x 13.73x 5.99x 0.00x 0.00x 5.13x 5.25x - -
1'266.0 8'396.0 5'853.0 (2'219.0) 2'217.0 (190.0) 2'559.0 2'391.4 2'313.3 - -
37.92x 6.50x 6.53x - 12.36x 0.00x 0.00x 10.86x 11.33x - -
EBITDA 8'443.00 Long-Term Rating Date 27.07.2012
EBIT 4'940.00 Long-Term Rating A-
Operating Margin 3.74% Long-Term Outlook STABLE
Pretax Margin 2.51% Short-Term Rating Date 27.07.2012
Return on Assets 1.69% Short-Term Rating A-2
Return on Common Equity 6.74%
Return on Capital 6.90% EBITDA/Interest Exp. 2.90
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 0.71
Net Debt/EBITDA 1.78
Gross Margin - Total Debt/EBITDA 2.38
EBITDA Margin 7.6%
EBIT Margin 4.9% Total Debt/Equity 74.2%
Net Income Margin 1.7% Total Debt/Capital 40.1%
Asset Turnover 0.93
Current Ratio 1.20 Net Fixed Asset Turnover 2.46
Quick Ratio 0.61 Accounts receivable turnover-days -
Debt to Assets 18.48% Inventory Days -
Tot Debt to Common Equity 74.22% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
E.ON SEPrice/Volume
Valuation Analysis
5'179'722.00
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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40'000.0
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80'000.0
100'000.0
120'000.0
140'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 174'509'590 8.72 (407'410) 23.09.2013 Investment Advisor
E.ON AG n/a Co File 95'529'865 4.77 - 31.12.2011 Corporation
GOVERNMENT OF NORWAY n/a Research 58'428'022 2.92 - 25.04.2013 Government
CREDIT SUISSE AG n/a ULT-AGG 47'239'166 2.36 - 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 44'456'040 2.22 - 31.12.2012 Government
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 26'967'138 1.35 23'123'001 31.07.2013 Investment Advisor
MORGAN STANLEY n/a Research 25'888'854 1.29 - 10.05.2012 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 21'153'194 1.06 668'398 30.06.2013 Unclassified
SOCIETE GENERALE SA n/a Research 19'195'947 0.96 - 14.05.2013 Unclassified
PICTET FUNDS n/a ULT-AGG 11'926'783 0.6 166'783 31.05.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 11'867'950 0.59 (1'964'569) 28.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'475'000 0.37 - 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'094'187 0.35 (1'000'703) 30.04.2013 Investment Advisor
PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 7'002'471 0.35 - 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'981'054 0.35 1'357'797 30.06.2013 Investment Advisor
UBS AG n/a ULT-AGG 6'535'966 0.33 (15'741) 24.09.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'763'980 0.29 (1'241) 23.09.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 5'705'123 0.29 (1'320'681) 31.08.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 4'778'300 0.24 (41'100) 31.05.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'438'987 0.22 254'908 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 13 6 month 24.09.2013
RBC Capital Markets JOHN MUSK underperform 1 M 11 12 month 20.09.2013
Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 13 Not Provided 20.09.2013
Societe Generale ALBERTO PONTI sell 1 M 12 12 month 19.09.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 15 12 month 12.09.2013
AlphaValue EILEEN RYAN buy 5 M 17 6 month 12.09.2013
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 16 12 month 11.09.2013
Grupo Santander OSCAR NAJAR RIOS hold 3 M 13 Not Provided 09.09.2013
Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 17 12 month 09.09.2013
HSBC ADAM DICKENS underweight 1 M 10 Not Provided 09.09.2013
JPMorgan NATHALIE F CASALI underweight 1 M 11 9 month 04.09.2013
Redburn Partners AHMED FARMAN neutral 3 M #N/A N/A Not Provided 04.09.2013
Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 15 12 month 02.09.2013
Credit Suisse VINCENT GILLES underperform 1 M 10 Not Provided 02.09.2013
Kepler Cheuvreux INGO BECKER hold 3 M 12 Not Provided 30.08.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 12 Not Provided 27.08.2013
Deutsche Bank ALEXANDER KARNICK hold 3 M 12 12 month 19.08.2013
EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 16.08.2013
Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 11 12 month 15.08.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 15.08.2013
Nord/LB HEINO HAMMANN hold 3 M 14 12 month 14.08.2013
Natixis PHILIPPE OURPATIAN reduce 2 M 12 Not Provided 14.08.2013
Barclays PETER BISZTYGA overweight 5 M 15 Not Provided 14.08.2013
Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.08.2013
Independent Research GmbH SVEN DIERMEIER sell 1 M 11 12 month 13.08.2013
S&P Capital IQ CLIVE ROBERTS buy 5 M 14 12 month 13.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Investec HAROLD HUTCHINSON reduce 2 M 12 Not Provided 07.08.2013
UBS PATRICK HUMMEL neutral 3 M 12 12 month 07.08.2013
Main First Bank AG ANDREAS THIELEN outperform 5 M 15 12 month 07.06.2013
Berenberg Bank TEAM COVERAGE sell 1 M 11 Not Provided 24.05.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 14 12 month 18.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 14 12 month 15.02.2013
National Bank AG STEFFEN MANSKE sell 1 M #N/A N/A Not Provided 31.01.2013
Holdings By:
E.ON SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Evonik Industries AG manufactures specialty chemicals. The Company
offers different products in the field of consumer goods, animal nutrition, and
pharmaceuticals. Evonik Industries serves customers worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (25.04.2013) 33.20
52-Week Low (08.07.2013) 23.97
Daily Volume
27.875
52-Week High % Change -16.02% Dividend Yield -
52-Week Low % Change 16.32% Beta -
% 52 Week Price Range High/Low 43.69% Equity Float 43.61
Shares Out 30.06.2013 466.0 Short Int -
12'989.75 1 Yr Total Return -
Total Debt 2'947.00 YTD Return -
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 111.0 Analyst Recs 15
Cash and Equivalents 741.00 Consensus Rating 3.467
Enterprise Value 15'087.75
Average Volume 5 Day 671'203
EVK GY EQUITY YTD Change - Average Volume 30 Day 225'682
EVK GY EQUITY YTD % CHANGE - Average Volume 3 Month 180'233
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
15'873.0 10'518.0 13'300.0 14'540.0 13'629.0 13'798.0 13'220.0 12'919.8 13'574.1 3'241.4 3'190.4
- - - - - 0.00x 1.12x 1.08x 1.07x - -
1'565.0 1'354.0 2'143.0 2'646.0 2'690.0 2'448.0 2'362.4 2'000.6 2'164.0 508.4 443.8
- - - - - 0.00x 6.27x 7.54x 6.97x - -
281.0 240.0 734.0 1'011.0 1'164.0 1'019.0 1'111.0 854.8 966.8 195.5 170.5
- - - - - 0.00x 12.08x 15.25x 13.34x 14.84x 14.53x
EBITDA 2'690.00 Long-Term Rating Date 09.05.2012
EBIT 1'890.00 Long-Term Rating BBB+
Operating Margin 13.87% Long-Term Outlook STABLE
Pretax Margin 11.83% Short-Term Rating Date 06.05.2011
Return on Assets 6.44% Short-Term Rating A-2
Return on Common Equity 19.41%
Return on Capital 15.61% EBITDA/Interest Exp. 6.86
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 4.26
Net Debt/EBITDA 0.84
Gross Margin 28.8% Total Debt/EBITDA 1.21
EBITDA Margin 17.9%
EBIT Margin 12.3% Total Debt/Equity 43.9%
Net Income Margin 8.5% Total Debt/Capital 30.1%
Asset Turnover 0.77
Current Ratio 1.35 Net Fixed Asset Turnover 2.95
Quick Ratio 0.58 Accounts receivable turnover-days 52.18
Debt to Assets 17.69% Inventory Days 67.27
Tot Debt to Common Equity 43.87% Accounts Payable Turnover Day 39.13
Accounts Receivable Turnover 6.99 Cash Conversion Cycle 68.21
Inventory Turnover 5.43
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
Evonik Industries AGPrice/Volume
Valuation Analysis
18'444.00
Current Price (9/dd/yy) Market Data
'
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16'000.0
18'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RAG-STIFTUNG n/a Research 316'880'000 68 - 25.04.2013 Corporation
GABRIEL ACQUISITIONS n/a Research 83'880'000 18 - 25.04.2013 Private Equity
TEMASEK HOLDINGS PRI n/a ULT-AGG 21'630'616 4.64 - 24.04.2013 Government
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'375'423 0.3 (109'808) 31.07.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 1'342'000 0.29 1'342'000 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 970'139 0.21 - 25.09.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 765'985 0.16 (62'045) 31.05.2013 Investment Advisor
UBI PRAMERICA SGR Multiple Portfolios MF-AGG 762'288 0.16 9'000 31.08.2013 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 725'000 0.16 (139'405) 30.08.2013 Investment Advisor
DJE INVESTMENT SA Multiple Portfolios MF-AGG 651'800 0.14 - 28.06.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 646'779 0.14 646'779 28.06.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 595'900 0.13 165'000 28.06.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 443'740 0.1 - 31.05.2013 Investment Advisor
ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 191'500 0.04 191'500 31.07.2013 Investment Advisor
LBBW ASSET MANAGEMEN Multiple Portfolios MF-AGG 180'200 0.04 50'200 28.06.2013 Investment Advisor
DEKA INTERNATIONAL S DEKALUX DEUTSCHLAND MF-LUX 160'000 0.03 - 28.03.2013 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 160'000 0.03 - 28.03.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 100'000 0.02 (23'795) 31.05.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 98'218 0.02 (35'460) 31.05.2013 Investment Advisor
UBI MANAGEMENT CO SA Multiple Portfolios MF-AGG 88'191 0.02 191 30.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley PAUL RICHARD WALSH Equalwt/In-Line 3 M 26 12 month 24.09.2013
Kepler Cheuvreux MARTIN ROEDIGER hold 3 M 31 Not Provided 24.09.2013
Main First Bank AG RONALD KOEHLER outperform 5 M 37 12 month 24.09.2013
Deutsche Bank TIMOTHY JONES hold 3 M 29 12 month 23.09.2013
HSBC GEOFF HAIRE neutral 3 N 32 Not Provided 23.09.2013
Baader Bank NORBERT BARTH buy 5 M 33 12 month 10.09.2013
UBS THOMAS GILBERT neutral 3 M 30 12 month 09.09.2013
DZ Bank AG PETER SPENGLER buy 5 M 32 Not Provided 05.09.2013
JPMorgan MARTIN EVANS overweight 5 M 32 15 month 04.09.2013
Bankhaus Metzler LARS HETTCHE sell 1 M 23 12 month 04.09.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 33 12 month 30.08.2013
Barclays ANDREAS HEINE overweight 5 M 33 Not Provided 02.08.2013
Credit Suisse CHRIS COUNIHAN neutral 3 M 26 Not Provided 01.08.2013
Commerzbank Corporates & Markets LUTZ GRUETEN add 4 M 28 6 month 24.07.2013
Holdings By:
Evonik Industries AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Evotec AG offers drug research, development, and manufacturing services. The
Company offers assay development and screening and compound optimization
services to pharmaceutical companies. Evotec also develops drugs on its own
for out-licensing.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (16.09.2013) 3.42
52-Week Low (19.04.2013) 2.06
Daily Volume
3.22
52-Week High % Change -5.79% Dividend Yield -
52-Week Low % Change 56.69% Beta 0.99
% 52 Week Price Range High/Low 86.21% Equity Float 83.31
Shares Out 30.06.2013 118.6 Short Int -
382.02 1 Yr Total Return 20.15%
Total Debt 17.64 YTD Return 22.62%
Preferred Stock 0.0 Adjusted BETA 0.985
Minority Interest 0.0 Analyst Recs 8
Cash and Equivalents 65.64 Consensus Rating 4.250
Enterprise Value 342.82
Average Volume 5 Day 1'095'099
EVT GY EQUITY YTD Change - Average Volume 30 Day 1'007'558
EVT GY EQUITY YTD % CHANGE - Average Volume 3 Month 637'143
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
39.6 42.7 55.3 80.1 87.3 88.8 81.9 96.8 110.1 - -
0.27x 4.37x 5.10x 2.86x 3.02x 10.85x 12.86x 3.41x 2.90x - -
(47.7) (14.7) 7.2 10.3 5.9 2.0 1.2 15.3 20.9 - -
- - 39.01x 22.24x 44.59x 0.00x 235.05x 22.46x 16.42x - -
(78.3) (45.5) 3.3 6.7 2.5 7.6 (3.8) 5.5 11.8 - -
- - 97.33x 38.95x 131.30x 33.90x 0.00x 56.49x 33.54x - -
EBITDA 5.91 Long-Term Rating Date -
EBIT -3.20 Long-Term Rating -
Operating Margin -3.67% Long-Term Outlook -
Pretax Margin -5.75% Short-Term Rating Date -
Return on Assets -1.75% Short-Term Rating -
Return on Common Equity -2.54%
Return on Capital - EBITDA/Interest Exp. 3.18
Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. -1.22
Net Debt/EBITDA -32.83
Gross Margin 35.6% Total Debt/EBITDA 15.10
EBITDA Margin 1.5%
EBIT Margin -10.9% Total Debt/Equity 11.6%
Net Income Margin 2.8% Total Debt/Capital 10.4%
Asset Turnover 0.38
Current Ratio 2.60 Net Fixed Asset Turnover 3.05
Quick Ratio 2.38 Accounts receivable turnover-days 60.38
Debt to Assets 7.82% Inventory Days 20.33
Tot Debt to Common Equity 11.56% Accounts Payable Turnover Day 40.89
Accounts Receivable Turnover 6.04 Cash Conversion Cycle 18.13
Inventory Turnover 17.96
Fiscal Year Ended
Evotec AGPrice/Volume
Valuation Analysis
292'675.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OETKER ROLAND n/a Co File 17'429'685 14.69 - 31.12.2012 n/a
TVM V LIFE SCIENCE V n/a Research 17'104'439 14.42 - 30.08.2013 Venture Capital
BVF INC n/a Research 11'400'584 9.61 - 30.08.2013 Hedge Fund Manager
DEUTSCHE BANK AG n/a ULT-AGG 3'940'755 3.32 - 31.05.2013 Investment Advisor
DEUTSCHE ASSET MGMT n/a Research 3'628'164 3.06 - 12.09.2013 Investment Advisor
LBBW ASSET MANAGEMEN n/a Research 3'360'000 2.83 - 20.08.2012 Unclassified
OXFORD ASSET MANAGEM n/a Short (699'966) -0.59 11'315 13.08.2013 Hedge Fund Manager
BLACKROCK ADVISORS U n/a Short (569'025) -0.48 130'401 16.05.2013 Investment Advisor
BLACKROCK INV MGMT U n/a Short (545'315) -0.46 142'256 15.05.2013 Investment Advisor
LANTHALER WERNER n/a Co File 516'494 0.44 - 31.12.2012 n/a
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 484'304 0.41 184'304 28.03.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 450'000 0.38 - 28.03.2013 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 400'000 0.34 - 31.05.2013 Investment Advisor
ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 350'000 0.3 - 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 233'035 0.2 - 30.04.2013 Investment Advisor
DEUTSCHE POSTBANK CA Multiple Portfolios MF-AGG 180'600 0.15 - 28.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG (177'488) -0.15 94'455 23.09.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 174'179 0.15 12'326 31.05.2013 Investment Advisor
MMA FINANCE Multiple Portfolios MF-AGG 130'000 0.11 130'000 29.06.2012 Investment Advisor
VOLKSBANKEN KAPITALA Multiple Portfolios MF-AGG 130'000 0.11 - 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Close Brothers Equity Markets IGOR KIM buy 5 M 4 12 month 02.09.2013
Montega STEFAN SCHROEDER buy 5 M 4 12 month 02.09.2013
Commerzbank Corporates & Markets VOLKER BRAUN buy 5 M 4 6 month 28.08.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 4 Not Provided 28.08.2013
Deutsche Bank GUNNAR ROMER hold 3 M 3 12 month 08.08.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
DZ Bank AG HEINZ MUELLER buy 5 M 4 Not Provided 17.05.2013
Kempen & Co MARK POSPISILIK buy 5 M 4 12 month 15.01.2013
Holdings By:
Evotec AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Fielmann AG produces and markets prescription eyeglasses, specialty glasses,
sunglasses, contact lenses, and optical supplies. The Company retails its
products through Fielmann stores in Europe.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (09.07.2013) 82.99
52-Week Low (18.03.2013) 69.51
Daily Volume
77.9
52-Week High % Change -6.13% Dividend Yield -
52-Week Low % Change 12.07% Beta 0.62
% 52 Week Price Range High/Low 60.83% Equity Float 11.91
Shares Out 30.06.2013 42.0 Short Int -
3'271.80 1 Yr Total Return 8.84%
Total Debt 2.60 YTD Return 10.45%
Preferred Stock 0.0 Adjusted BETA 0.617
Minority Interest 0.1 Analyst Recs 22
Cash and Equivalents 285.05 Consensus Rating 2.909
Enterprise Value 2'938.06
Average Volume 5 Day 31'818
FIE GY EQUITY YTD Change - Average Volume 30 Day 22'690
FIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 29'137
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
902.7 952.5 993.7 1'053.4 1'107.1 1'080.9 1'127.9 1'163.1 1'223.5 300.0 288.0
1.96x 2.08x 2.80x 2.75x 2.51x 10.59x 10.04x 2.57x 2.43x - -
190.5 192.3 200.4 208.3 214.9 211.2 218.2 228.6 242.5 - -
9.27x 10.29x 13.90x 13.92x 12.95x 13.26x 13.88x 12.86x 12.12x - -
110.6 111.1 117.8 122.2 126.4 124.2 128.6 133.8 144.0 43.0 34.0
17.68x 19.45x 25.41x 25.24x 24.25x 24.76x 26.16x 24.22x 22.57x - -
EBITDA 214.90 Long-Term Rating Date -
EBIT 180.26 Long-Term Rating -
Operating Margin 16.28% Long-Term Outlook -
Pretax Margin 16.32% Short-Term Rating Date -
Return on Assets 15.68% Short-Term Rating -
Return on Common Equity 20.71%
Return on Capital - EBITDA/Interest Exp. 103.72
Asset Turnover 1.38% (EBITDA-Capex)/Interest Exp. 89.56
Net Debt/EBITDA -1.53
Gross Margin - Total Debt/EBITDA 0.01
EBITDA Margin 19.3%
EBIT Margin 16.3% Total Debt/Equity 0.5%
Net Income Margin 11.4% Total Debt/Capital 0.5%
Asset Turnover 1.38
Current Ratio 2.96 Net Fixed Asset Turnover 5.67
Quick Ratio 2.05 Accounts receivable turnover-days -
Debt to Assets 0.34% Inventory Days -
Tot Debt to Common Equity 0.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Fielmann AGPrice/Volume
Valuation Analysis
17'114.00
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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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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FIELMANN FAMILIENSTI n/a Research 30'090'422 71.64 - 09.04.2013 Other
CREDIT SUISSE GROUP n/a Research 1'200'937 2.86 - 26.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 403'041 0.96 (106'369) 30.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 357'470 0.85 (6'304) 31.05.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 331'776 0.79 1'771 30.04.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 300'132 0.71 - 31.12.2012 Government
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 289'950 0.69 8'053 28.06.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 285'300 0.68 - 28.03.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 281'218 0.67 7'455 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 232'811 0.55 16'800 31.07.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 206'174 0.49 (9'000) 31.05.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 168'000 0.4 - 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 141'199 0.34 (14'146) 23.09.2013 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 134'201 0.32 - 31.05.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 123'707 0.29 - 31.05.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 120'621 0.29 14'000 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 112'092 0.27 81'160 30.06.2013 Unclassified
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 99'922 0.24 - 30.04.2013 Investment Advisor
FIDELITY INVESTMENT Multiple Portfolios MF-AGG 91'583 0.22 - 31.12.2012 Investment Advisor
SARASIN n/a ULT-AGG 63'000 0.15 63'000 30.04.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank ANNA PATRICE hold 3 M 82 Not Provided 16.09.2013
M.M. Warburg Investment Research THILO KLEIBAUER hold 3 M 77 12 month 05.09.2013
Bankhaus Metzler STEFAN WIMMER buy 5 M 84 12 month 04.09.2013
HSBC THOMAS TEETZ underweight 1 M 70 Not Provided 03.09.2013
DZ Bank AG THOMAS MAUL buy 5 M 85 Not Provided 03.09.2013
Nord/LB WOLFGANG VASTERLING hold 3 M 72 12 month 02.09.2013
Hauck & Aufhaeuser CHRISTIAN NIKOLAS SCHWENKENBECHER sell 1 M 64 12 month 02.09.2013
Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 M 74 12 month 02.09.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 02.09.2013
Equinet Institutional Services(ESN) KONRAD LIEDER accumulate 4 M 84 12 month 02.09.2013
Exane BNP Paribas ANDREAS INDERST underperform 1 M 69 Not Provided 02.09.2013
Deutsche Bank BENJAMIN GOY sell 1 M 67 12 month 30.08.2013
Landesbank Baden-Wuerttemberg JUERGEN GRAF hold 3 M 79 Not Provided 29.08.2013
SRH AlsterResearch CARSTEN MAINITZ sell 1 M 64 12 month 29.08.2013
Commerzbank Corporates & Markets GEORG REMSHAGEN hold 3 M 70 6 month 28.08.2013
Baader Bank VOLKER BOSSE sell 1 M 65 12 month 22.08.2013
Main First Bank AG GAEL COLCOMBET outperform 5 M 85 12 month 11.07.2013
Kepler Cheuvreux CRAIG ABBOTT reduce 2 M 67 Not Provided 14.05.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 02.05.2013
BHF-Bank PETER STEINER overweight 5 U 80 12 month 06.02.2013
Silvia Quandt Research KLAUS KRAENZLE neutral 3 M 77 12 month 08.11.2012
Hammer Partners SA STEPHAN SEIP sell 1 M 66 Not Provided 23.08.2012
GSC Research MATTHIAS SCHRADE buy 5 M #N/A N/A Not Provided 15.09.2011
Holdings By:
Fielmann AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and
manufactures and distributes equipment and products used in the treatment of
dialysis patients. The Company also offers clinical laboratory testing and
diagnostic testing services and provides home infusion, respiratory therapy,
ultrasound, and echo-cardiography. Fresenius operates worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.10.2012) 59.58
52-Week Low (31.07.2013) 46.52
Daily Volume
48.475
52-Week High % Change -18.64% Dividend Yield -
52-Week Low % Change 4.21% Beta 0.50
% 52 Week Price Range High/Low 14.43% Equity Float 213.17
Shares Out 30.06.2013 307.5 Short Int -
15'094.85 1 Yr Total Return -11.12%
Total Debt 8'298.48 YTD Return -5.99%
Preferred Stock 0.0 Adjusted BETA 0.498
Minority Interest 788.0 Analyst Recs 35
Cash and Equivalents 688.04 Consensus Rating 3.543
Enterprise Value 21'477.78
Average Volume 5 Day 886'807
FME GY EQUITY YTD Change - Average Volume 30 Day 599'888
FME GY EQUITY YTD % CHANGE - Average Volume 3 Month 830'987
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
10'612.3 11'247.5 12'053.5 12'570.5 13'800.3 13'016.8 14'200.0 14'586.5 15'228.8 3'658.0 3'846.7
1.81x 1.84x 1.88x 2.22x 2.15x 8.90x 8.40x 1.97x 1.86x 7.63x 7.20x
2'088.1 2'212.7 2'427.0 2'632.2 2'821.5 2'766.3 2'811.9 2'893.7 2'995.3 703.8 770.0
9.19x 9.33x 9.36x 10.62x 10.50x 10.89x 10.70x 9.92x 9.58x 10.00x 9.90x
817.6 891.1 978.5 1'071.2 1'186.8 1'249.5 1'015.0 1'104.3 1'148.3 275.8 323.8
17.10x 17.72x 17.64x 19.22x 17.78x 17.12x 21.35x 18.22x 17.32x 18.65x 18.22x
EBITDA 2'821.47 Long-Term Rating Date 19.09.2012
EBIT 2'218.57 Long-Term Rating BB+
Operating Margin 16.08% Long-Term Outlook POS
Pretax Margin 14.00% Short-Term Rating Date -
Return on Assets 4.61% Short-Term Rating -
Return on Common Equity 11.55%
Return on Capital 8.24% EBITDA/Interest Exp. 6.00
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 4.56
Net Debt/EBITDA 2.76
Gross Margin 33.3% Total Debt/EBITDA 2.97
EBITDA Margin 19.8%
EBIT Margin 15.4% Total Debt/Equity 92.8%
Net Income Margin 8.6% Total Debt/Capital 46.0%
Asset Turnover 0.64
Current Ratio 1.93 Net Fixed Asset Turnover -
Quick Ratio 0.26 Accounts receivable turnover-days -
Debt to Assets 37.17% Inventory Days -
Tot Debt to Common Equity 92.80% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 15.56
Inventory Turnover -
Fiscal Year Ended
Fresenius Medical Care AG & Co KGaAPrice/Volume
Valuation Analysis
691'187.00
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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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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRESENIUS SE & CO KG n/a 20F 94'380'382 30.69 - 18.02.2013 Corporation
BLACKROCK n/a ULT-AGG 22'445'395 7.3 (261'757) 23.09.2013 Investment Advisor
THORNBURG INVESTMENT n/a Research 15'147'822 4.93 - 06.02.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 5'276'888 1.72 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 4'757'197 1.55 1'148'961 30.06.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 4'252'100 1.38 (8'000) 30.06.2013 Investment Advisor
ROYAL BANK OF SCOTLA n/a Research 3'847'973 1.25 - 21.05.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 3'007'418 0.98 313'212 30.06.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 2'931'246 0.95 (34'150) 30.04.2013 Unclassified
THREADNEEDLE n/a ULT-AGG 2'719'607 0.88 242'472 31.05.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'926'998 0.63 (46'845) 31.08.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'864'820 0.61 97'496 31.07.2013 Investment Advisor
SARASIN n/a ULT-AGG 1'289'311 0.42 103'289 31.07.2013 Unclassified
INVESCO LTD n/a ULT-AGG 1'234'051 0.4 (11'363) 24.09.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'164'449 0.38 (1'548'545) 30.04.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'128'199 0.37 99'799 28.03.2013 Investment Advisor
FINANCIERE DE L'ECHI Multiple Portfolios MF-AGG 1'100'490 0.36 - 31.07.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 1'077'985 0.35 5'487 31.07.2013 Investment Advisor
RUFFER LLP Multiple Portfolios MF-AGG 1'077'120 0.35 - 28.02.2013 Investment Advisor
UBS AG n/a ULT-AGG 1'056'442 0.34 8'016 28.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue MARTIN SCHNEE add 4 M 59 6 month 19.09.2013
Redburn Partners ANITA VASU neutral 3 N #N/A N/A Not Provided 17.09.2013
JPMorgan DAVID J ADLINGTON underweight 1 M 45 9 month 16.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Main First Bank AG MARCUS WIEPRECHT outperform 5 U 53 12 month 16.09.2013
Sanford C. Bernstein & Co LISA BEDELL CLIVE outperform 5 M 57 12 month 04.09.2013
Commerzbank Corporates & Markets VOLKER BRAUN add 4 M 61 6 month 28.08.2013
Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 46 12 month 19.08.2013
Helvea OLAV ZILIAN hold 3 M 55 12 month 15.08.2013
Societe Generale JUSTIN SMITH hold 3 D 53 12 month 06.08.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 02.08.2013
Jefferies INGEBORG OIE hold 3 M 49 12 month 01.08.2013
DZ Bank AG SVEN OLAF KUERTEN hold 3 M 48 Not Provided 01.08.2013
Deutsche Bank HOLGER BLUM hold 3 M 46 12 month 31.07.2013
Nord/LB HOLGER FECHNER hold 3 M 50 12 month 31.07.2013
Credit Suisse CHRISTOPH GRETLER neutral 3 M 46 Not Provided 31.07.2013
HSBC JAN KEPPELER neutral 3 M 51 Not Provided 31.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 53 12 month 31.07.2013
Berenberg Bank TOM JONES buy 5 M 58 Not Provided 31.07.2013
Bryan Garnier & Cie MATHIEU CHABERT buy 5 M 54 6 month 31.07.2013
Barclays SALLY TAYLOR overweight 5 M 59 Not Provided 31.07.2013
Morgan Stanley MICHAEL K JUNGLING Overwt/In-Line 5 M 53 12 month 30.07.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 58 Not Provided 30.07.2013
M.M. Warburg Investment Research ULRICH HUWALD buy 5 M 58 12 month 30.07.2013
Equinet Institutional Services(ESN) KONRAD LIEDER accumulate 4 M 55 12 month 30.07.2013
S&P Capital IQ SHO MATSUBARA sell 1 D 44 12 month 30.07.2013
Exane BNP Paribas JULIEN DORMOIS neutral 3 M 53 Not Provided 30.07.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 54 12 month 03.07.2013
UBS MARTIN WALES buy 5 M 54 12 month 02.07.2013
Kepler Cheuvreux OLIVER REINBERG hold 3 M 47 Not Provided 02.07.2013
Erste Group HANS ENGEL hold 3 M #N/A N/A Not Provided 01.07.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
National Bank AG STEFFEN MANSKE hold 3 M 57 Not Provided 31.10.2012
SunTrust Robinson Humphrey DAVID S MACDONALD buy 5 M 63 12 month 02.11.2011
Holdings By:
Fresenius Medical Care AG & Co KGaA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Freenet AG provides internet and telecommunications services in Germany. The
company offers mobile and fixed line telephone, internet access services,
information and news services, its own internet catalog, DINO-Online, e-mail
accounts, e-commerce services and and set-up of homepages. Through its
subsidiary mobilcom is also the franchiser of the MobilCom retail shops.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (11.09.2013) 18.73
52-Week Low (26.09.2012) 11.67
Daily Volume
18.105
52-Week High % Change -3.34% Dividend Yield -
52-Week Low % Change 55.19% Beta 0.56
% 52 Week Price Range High/Low 89.38% Equity Float 113.94
Shares Out 30.06.2013 128.1 Short Int -
2'318.54 1 Yr Total Return 53.69%
Total Debt 656.55 YTD Return 39.25%
Preferred Stock 0.0 Adjusted BETA 0.556
Minority Interest 0.4 Analyst Recs 18
Cash and Equivalents 205.22 Consensus Rating 4.222
Enterprise Value 2'858.95
Average Volume 5 Day 591'663
FNTN GY EQUITY YTD Change - Average Volume 30 Day 400'104
FNTN GY EQUITY YTD % CHANGE - Average Volume 3 Month 480'970
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
2'776.5 3'601.8 3'339.5 3'266.6 3'089.0 3'233.4 3'187.5 3'229.2 3'253.8 775.0 774.0
0.66x 0.55x 0.49x 0.55x 0.73x 2.34x 3.11x 0.85x 0.82x - -
187.7 347.8 335.8 336.3 352.1 344.6 353.3 356.9 363.4 88.7 87.7
9.78x 5.73x 4.88x 5.38x 6.38x 5.93x 7.63x 8.01x 7.86x - -
112.2 256.5 112.4 143.8 173.1 179.2 206.3 229.8 245.3 - -
3.61x 67.07x 8.49x 8.93x 10.37x 8.24x 10.46x 9.87x 9.36x - -
EBITDA 352.06 Long-Term Rating Date -
EBIT 204.16 Long-Term Rating -
Operating Margin 6.61% Long-Term Outlook -
Pretax Margin 5.40% Short-Term Rating Date -
Return on Assets 8.75% Short-Term Rating -
Return on Common Equity 18.65%
Return on Capital 14.06% EBITDA/Interest Exp. 7.86
Asset Turnover 1.35% (EBITDA-Capex)/Interest Exp. 7.39
Net Debt/EBITDA 1.52
Gross Margin - Total Debt/EBITDA 1.88
EBITDA Margin 11.1%
EBIT Margin 7.9% Total Debt/Equity 55.2%
Net Income Margin 5.6% Total Debt/Capital 35.5%
Asset Turnover 1.35
Current Ratio 1.05 Net Fixed Asset Turnover 108.91
Quick Ratio 0.91 Accounts receivable turnover-days 44.11
Debt to Assets 26.54% Inventory Days -
Tot Debt to Common Equity 55.15% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.28 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
Freenet AGPrice/Volume
Valuation Analysis
381'841.00
Current Price (9/dd/yy) Market Data
'.135
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN n/a ULT-AGG 5'790'636 4.52 5'779 30.06.2013 Investment Advisor
DRILLISCH AG n/a Research 5'766'540 4.5 - 24.06.2013 Corporation
MPS HOLDING GMBH n/a Research 4'494'941 3.51 - 20.03.2013 n/a
POLARIS CAPITAL MANA n/a Research 3'921'847 3.06 - 09.08.2013 Investment Advisor
NORGES BANK n/a Research 3'863'574 3.02 - 11.06.2013 Government
FLOSSBACH VON STORCH n/a Research 3'841'524 3 - 09.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'918'510 1.5 189'408 30.06.2013 Unclassified
FIL LIMITED n/a ULT-AGG 1'569'991 1.23 (146'777) 30.04.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 1'498'075 1.17 601'675 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'253'140 0.98 60'618 23.09.2013 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 1'208'581 0.94 28'320 28.06.2013 Investment Advisor
PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 1'045'339 0.82 - 30.06.2013 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 1'013'936 0.79 - 31.05.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 954'434 0.75 - 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 952'064 0.74 278'866 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 889'943 0.69 119'000 31.05.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 879'457 0.69 323'890 31.07.2013 Investment Advisor
ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 873'375 0.68 32'058 30.06.2013 Government
PRUDENTIAL FINANCIAL n/a ULT-AGG 821'874 0.64 (101'350) 31.07.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 728'695 0.57 - 25.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe WOLFGANG SPECHT buy 5 M 21 12 month 18.09.2013
Deutsche Bank BENJAMIN KOHNKE hold 3 M 18 12 month 05.09.2013
Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 21 12 month 05.09.2013
Commerzbank Corporates & Markets HEIKE PAULS buy 5 M 22 6 month 28.08.2013
Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 12.08.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 21 12 month 08.08.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 20 Not Provided 07.08.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 20 12 month 07.08.2013
Hauck & Aufhaeuser SASCHA BERRESCH buy 5 M 20 12 month 07.08.2013
M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 16 12 month 07.08.2013
Berenberg Bank USMAN GHAZI hold 3 M 18 Not Provided 07.08.2013
Close Brothers Equity Markets MARCUS SILBE hold 3 M 18 12 month 07.08.2013
HSBC DOMINIK KLARMANN overweight 5 M 20 Not Provided 06.08.2013
DZ Bank AG KARSTEN OBLINGER buy 5 M 20 Not Provided 15.07.2013
UBS VIKRAM KARNANY buy 5 M 20 12 month 09.07.2013
Kepler Cheuvreux THOMAS KARLOVITS reduce 2 M 18 Not Provided 15.05.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Nomura HENRIK NYBLOM neutral 3 M 9 Not Provided 17.12.2010
Holdings By:
Freenet AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Fuchs Petrolub SE refines and produces industrial and automotive lubricants,
hydraulic oils, and polishing products. The Company also produces
biodegradable oils. Fuchs manufactures and markets its products worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (03.04.2013) 68.62
52-Week Low (26.09.2012) 47.96
Daily Volume
62.47
52-Week High % Change -8.96% Dividend Yield -
52-Week Low % Change 30.25% Beta 0.81
% 52 Week Price Range High/Low 72.27% Equity Float 35.49
Shares Out 30.06.2013 35.5 Short Int -
4'127.13 1 Yr Total Return 30.21%
Total Debt 8.90 YTD Return 13.55%
Preferred Stock 0.0 Adjusted BETA 0.812
Minority Interest 1.6 Analyst Recs 20
Cash and Equivalents 143.70 Consensus Rating 3.150
Enterprise Value 4'042.03
Average Volume 5 Day 103'609
FPE3 GY EQUITY YTD Change - Average Volume 30 Day 86'706
FPE3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 105'377
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
1'393.7 1'178.1 1'458.6 1'651.5 1'819.1 1'743.1 1'819.4 1'872.8 1'960.9 475.0 450.0
0.74x 1.19x 1.55x 1.26x 2.06x 5.57x 8.01x 2.09x 1.95x - -
193.5 202.2 266.0 285.7 308.3 293.4 317.4 337.9 357.6 91.1 85.8
5.34x 6.95x 8.51x 7.26x 12.14x 9.58x 11.40x 11.96x 11.30x - -
109.4 120.8 170.7 182.4 206.6 192.6 212.4 218.4 231.5 58.9 54.9
8.71x 11.89x 13.75x 11.76x 18.28x 14.87x 17.50x 20.16x 18.94x - -
EBITDA 308.30 Long-Term Rating Date -
EBIT 281.40 Long-Term Rating -
Operating Margin 15.47% Long-Term Outlook -
Pretax Margin 16.02% Short-Term Rating Date -
Return on Assets 19.90% Short-Term Rating -
Return on Common Equity 28.70%
Return on Capital - EBITDA/Interest Exp. 123.32
Asset Turnover 1.70% (EBITDA-Capex)/Interest Exp. 94.76
Net Debt/EBITDA -0.27
Gross Margin 36.6% Total Debt/EBITDA 0.02
EBITDA Margin 17.4%
EBIT Margin 16.0% Total Debt/Equity 1.1%
Net Income Margin 11.4% Total Debt/Capital 1.1%
Asset Turnover 1.70
Current Ratio 2.45 Net Fixed Asset Turnover 7.33
Quick Ratio 1.45 Accounts receivable turnover-days 57.70
Debt to Assets 0.80% Inventory Days 75.82
Tot Debt to Common Equity 1.14% Accounts Payable Turnover Day 46.16
Accounts Receivable Turnover 6.33 Cash Conversion Cycle 47.29
Inventory Turnover 4.81
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
Fuchs Petrolub SEPrice/Volume
Valuation Analysis
37'892.00
Current Price (9/dd/yy) Market Data
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0.0
200.0
400.0
600.0
800.0
1'000.0
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1'400.0
1'600.0
1'800.0
2'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'249'139 6.34 (70'681) 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'125'689 3.17 (9'471) 23.09.2013 Investment Advisor
MAWER INVESTMENT MAN n/a Research 1'060'114 2.99 - 09.05.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 862'037 2.43 - 31.07.2013 Investment Advisor
NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 841'280 2.37 991 31.07.2013 Insurance Company
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 741'142 2.09 - 28.06.2013 Investment Advisor
THREADNEEDLE n/a ULT-AGG 698'594 1.97 (204'136) 31.05.2013 Unclassified
MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 582'152 1.64 304'152 31.12.2012 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 384'528 1.08 130'751 30.06.2013 Unclassified
DWS INVESTMENTS Multiple Portfolios MF-AGG 346'361 0.98 843 31.05.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 291'090 0.82 - 28.02.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 259'969 0.73 (29'998) 31.07.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 185'100 0.52 110'100 28.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 146'800 0.41 (242'000) 30.06.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 130'700 0.37 - 30.06.2013 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 110'000 0.31 (5'000) 28.02.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 93'575 0.26 27'701 31.07.2013 Investment Advisor
MCINROY & WOOD LIMIT Multiple Portfolios MF-AGG 86'440 0.24 - 30.06.2013 Unclassified
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 82'000 0.23 (4'800) 31.05.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 80'043 0.23 - 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Metzler LARS HETTCHE buy 5 M 65 12 month 16.09.2013
Hauck & Aufhaeuser THOMAS WISSLER sell 1 M 49 12 month 13.09.2013
M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 64 12 month 13.09.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA reduce 2 M 48 12 month 13.09.2013
Macquarie CHRISTIAN FAITZ underperform 1 D 44 12 month 04.09.2013
Commerzbank Corporates & Markets LUTZ GRUETEN hold 3 M 56 6 month 28.08.2013
Main First Bank AG HOLGER OCHS outperform 5 U 70 12 month 16.08.2013
Landesbank Baden-Wuerttemberg ULLE WORNER hold 3 M 62 Not Provided 12.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 65 12 month 09.08.2013
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 69 6 month 08.08.2013
DZ Bank AG HEINZ MUELLER buy 5 U 67 Not Provided 06.08.2013
Nord/LB THORSTEN STRAUSS hold 3 M 64 12 month 05.08.2013
Deutsche Bank UWE SCHUPP hold 3 M 55 12 month 02.08.2013
Baader Bank NORBERT BARTH buy 5 M 67 12 month 02.08.2013
Bankhaus Lampe HEIKO FEBER sell 1 M 50 12 month 02.08.2013
Steubing AG TOBIAS SCHMIDT hold 3 M 56 12 month 02.08.2013
Kepler Cheuvreux MARTIN ROEDIGER buy 5 M 68 Not Provided 29.07.2013
Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 54 Not Provided 25.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
HSBC JESKO MAYER-WEGELIN underweight 1 M 48 Not Provided 14.01.2013
GSC Research MATTHIAS SCHRADE buy 5 M #N/A N/A Not Provided 24.05.2012
Holdings By:
Fuchs Petrolub SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Fraport AG Frankfurt Airport Services Worldwide offers airport services. The
Company operates the Frankfurt-Main, Frankfurt-Hahn and other German airports,
the airport in Lima, Peru, and the international terminal in Antalya, Turkey.
Fraport also provides services to domestic and international carriers including
traffic, facility and terminal management, ground handling, and security.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (16.09.2013) 53.00
52-Week Low (16.11.2012) 41.51
Daily Volume
51.42
52-Week High % Change -2.98% Dividend Yield -
52-Week Low % Change 23.87% Beta 0.80
% 52 Week Price Range High/Low 84.16% Equity Float 32.90
Shares Out 31.08.2013 92.3 Short Int -
4'745.21 1 Yr Total Return 13.15%
Total Debt 4'597.60 YTD Return 20.39%
Preferred Stock 0.0 Adjusted BETA 0.797
Minority Interest 35.7 Analyst Recs 30
Cash and Equivalents 821.90 Consensus Rating 3.767
Enterprise Value 8'725.71
Average Volume 5 Day 112'022
FRA GY EQUITY YTD Change - Average Volume 30 Day 88'086
FRA GY EQUITY YTD % CHANGE - Average Volume 3 Month 102'221
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
2'101.6 1'972.6 2'194.6 2'371.2 2'442.0 2'399.2 2'500.8 2'582.2 2'655.7 777.0 619.0
1.89x 2.94x 3.17x 2.89x 3.22x 12.40x 12.77x 3.28x 3.18x - -
613.0 567.5 719.8 807.1 852.9 806.4 861.8 887.8 926.2 - -
6.49x 10.23x 9.65x 8.49x 9.21x 9.60x 9.58x 9.82x 9.41x - -
189.7 150.0 262.9 240.4 238.3 215.2 232.9 227.5 265.6 133.0 12.3
14.93x 22.12x 16.49x 14.50x 16.96x 18.14x 18.33x 21.06x 18.00x 19.40x 21.79x
EBITDA 852.90 Long-Term Rating Date -
EBIT 500.20 Long-Term Rating -
Operating Margin 20.48% Long-Term Outlook -
Pretax Margin 14.99% Short-Term Rating Date -
Return on Assets 2.45% Short-Term Rating -
Return on Common Equity 8.17%
Return on Capital 5.43% EBITDA/Interest Exp. 3.76
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. 1.12
Net Debt/EBITDA 4.58
Gross Margin - Total Debt/EBITDA 5.34
EBITDA Margin 34.5%
EBIT Margin 19.9% Total Debt/Equity 158.0%
Net Income Margin 9.8% Total Debt/Capital 61.0%
Asset Turnover 0.26
Current Ratio 1.71 Net Fixed Asset Turnover 0.42
Quick Ratio 1.14 Accounts receivable turnover-days 32.68
Debt to Assets 47.69% Inventory Days -
Tot Debt to Common Equity 158.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.17 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Fraport AG Frankfurt Airport Services WorldwidePrice/Volume
Valuation Analysis
28'020.00
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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500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE OF HESSEN n/a Co File 28'954'491 31.38 - 31.12.2012 Other
CITY OF FRANKFURT n/a Co File 18'488'457 20.03 - 31.12.2012 Unclassified
DEUTSCHE LUFTHANSA A n/a Co File 9'119'742 9.88 - 31.12.2012 Corporation
ARTIO GLOBAL INVESTO n/a Research 4'509'210 4.89 - 29.02.2012 Investment Advisor
TREASURY GROUP INV S Multiple Portfolios MF-AGG 3'483'913 3.78 9'188 30.04.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 2'913'891 3.16 - 31.12.2012 Unclassified
RARE INFRASTRUCTURE n/a Co File 2'821'680 3.06 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'075'672 1.17 (9'355) 23.09.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'025'987 1.11 (220'301) 31.07.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 1'014'217 1.1 - 30.06.2013 Hedge Fund Manager
SPARINVEST n/a ULT-AGG 672'427 0.73 - 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 620'957 0.67 - 31.12.2012 Government
TAUBE HODSON STONEX Multiple Portfolios MF-AGG 480'501 0.52 (16'320) 31.07.2013 Investment Advisor
LANSDOWNE PARTNERS L n/a Short (461'083) -0.5 - 12.03.2013 Hedge Fund Manager
VANGUARD GROUP INC n/a ULT-AGG 423'393 0.46 (15'391) 30.06.2013 Unclassified
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 420'813 0.46 (12'660) 30.08.2013 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 329'602 0.36 167'618 30.06.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 293'416 0.32 60'443 31.05.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 261'488 0.28 42'698 30.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 251'826 0.27 (321'216) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James ARNAUD PALLIEZ outperform 5 M 53 12 month 20.09.2013
AlphaValue HANS-PETER WODNIOK reduce 2 M 46 6 month 19.09.2013
Bankhaus Lampe SEBASTIAN HEIN buy 5 M 54 12 month 11.09.2013
Natixis GREGOIRE THIBAULT reduce 2 M 42 6 month 11.09.2013
Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER buy 5 M 56 12 month 11.09.2013
Commerzbank Corporates & Markets FRANK SKODZIK buy 5 M 57 6 month 30.08.2013
Macquarie SAM DOBSON outperform 5 M 59 12 month 21.08.2013
M.M. Warburg Investment Research CHRISTIAN COHRS buy 5 M 55 12 month 15.08.2013
Nord/LB FRANK SCHWOPE hold 3 M 49 12 month 14.08.2013
RBC Capital Markets DAMIAN BREWER outperform 5 M 60 12 month 13.08.2013
Bankhaus Metzler GUIDO HOYMANN sell 1 M 44 12 month 13.08.2013
JPMorgan ELODIE RALL underweight 1 D 50 9 month 09.08.2013
Nomura PETER LARKIN buy 5 M 52 12 month 09.08.2013
Exane BNP Paribas NICOLAS MORA neutral 3 M 53 Not Provided 09.08.2013
HSBC JOSEPH P THOMAS neutral 3 M 51 Not Provided 08.08.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 51 12 month 08.08.2013
DZ Bank AG DIRK SCHLAMP buy 5 M 55 Not Provided 08.08.2013
Deutsche Bank MICHAEL KUHN buy 5 M 53 12 month 07.08.2013
Landesbank Baden-Wuerttemberg PER-OLA HELLGREN buy 5 M 54 Not Provided 07.08.2013
S&P Capital IQ JAWAHAR HINGORANI strong buy 5 M 55 12 month 07.08.2013
Main First Bank AG TOBIAS SITTIG outperform 5 M 53 12 month 02.08.2013
Morgan Stanley DANIEL RUIVO Equalwt/In-Line 3 M 54 12 month 16.07.2013
Kepler Cheuvreux RUXANDRA HARADAU-DOESER reduce 2 M 39 Not Provided 11.07.2013
Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 56 12 month 10.06.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
UBS ALEX BRIGNALL neutral 3 M 46 12 month 14.03.2013
Grupo Santander JOAQUIN FERRER buy 5 M 56 Not Provided 12.03.2013
Barclays SUSANNA INVERNIZZI overweight 5 U 52 Not Provided 23.01.2013
Equita SIM SpA GIANMARCO BONACINA not rated #N/A N/A M 46 Not Provided 10.09.2010
Holdings By:
Fraport AG Frankfurt Airport Services Worldwide ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Fresenius SE & Co KGaA i s a global health care group with products and services
for dialysis, the hospital and the medical care of patients at home. The
Company sells dialysis, infusion, transfusion, and diagnostics equipment and
systems, blood separators and plasma and hemofilters, nutritional liquids, and
solid and liquid pharmaceuticals.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.07.2013) 100.10
52-Week Low (11.01.2013) 81.83
Daily Volume
92.7
52-Week High % Change -7.39% Dividend Yield -
52-Week Low % Change 13.28% Beta 0.53
% 52 Week Price Range High/Low 58.78% Equity Float 130.04
Shares Out 30.06.2013 178.3 Short Int -
16'525.73 1 Yr Total Return 5.15%
Total Debt 11'464.00 YTD Return 7.65%
Preferred Stock 0.0 Adjusted BETA 0.532
Minority Interest 5'523.0 Analyst Recs 31
Cash and Equivalents 885.00 Consensus Rating 4.258
Enterprise Value 32'896.73
Average Volume 5 Day 498'164
FRE GY EQUITY YTD Change - Average Volume 30 Day 412'422
FRE GY EQUITY YTD % CHANGE - Average Volume 3 Month 412'709
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
12'336.0 14'164.0 15'972.0 16'361.0 19'290.0 17'593.0 20'041.0 20'603.0 22'352.1 5'091.5 5'488.8
1.43x 1.32x 1.40x 1.60x 1.64x 6.23x 6.51x 1.57x 1.44x - -
2'260.0 2'616.0 3'057.0 3'237.0 3'759.0 3'510.0 3'793.0 3'967.3 4'286.2 974.0 1'051.0
7.82x 7.17x 7.31x 8.08x 8.41x 8.79x 8.76x 8.29x 7.67x - -
270.0 494.0 622.0 690.0 926.0 875.0 946.0 1'029.6 1'168.2 254.5 302.0
21.19x 14.20x 16.30x 16.86x 16.28x 15.34x 17.63x 15.84x 13.94x - -
EBITDA 3'759.00 Long-Term Rating Date 19.09.2012
EBIT 2'983.00 Long-Term Rating BB+
Operating Margin 15.46% Long-Term Outlook POS
Pretax Margin 12.40% Short-Term Rating Date -
Return on Assets 3.06% Short-Term Rating -
Return on Common Equity 12.51%
Return on Capital - EBITDA/Interest Exp. 5.22
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 3.87
Net Debt/EBITDA 2.85
Gross Margin 32.6% Total Debt/EBITDA 3.07
EBITDA Margin 18.9%
EBIT Margin 14.8% Total Debt/Equity 150.2%
Net Income Margin 4.8% Total Debt/Capital 46.6%
Asset Turnover 0.65
Current Ratio 1.56 Net Fixed Asset Turnover 4.15
Quick Ratio 0.87 Accounts receivable turnover-days 66.38
Debt to Assets 37.39% Inventory Days 51.47
Tot Debt to Common Equity 150.19% Accounts Payable Turnover Day 21.78
Accounts Receivable Turnover 5.50 Cash Conversion Cycle 90.72
Inventory Turnover 7.09
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
Fresenius SE & Co KGaAPrice/Volume
Valuation Analysis
354'311.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ELSE KRONER FOUNDATI n/a Co File 48'231'698 27.06 - 31.12.2012 Other
BLACKROCK n/a ULT-AGG 10'492'176 5.89 (290'586) 23.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'557'985 3.12 - 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 3'403'434 1.91 - 31.12.2012 Government
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'459'255 1.38 (204'684) 31.08.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'197'333 1.23 (90'770) 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'090'697 1.17 (1'635) 31.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'060'272 1.16 526'497 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'904'216 1.07 84'616 30.06.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'816'577 1.02 (18'494) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'488'023 0.83 133'695 30.06.2013 Unclassified
ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'378'159 0.77 20'332 31.08.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'255'600 0.7 254'073 28.03.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'088'659 0.61 83'475 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 856'403 0.48 139'480 28.03.2013 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 773'703 0.43 - 31.07.2013 Investment Advisor
FINANCIERE DE L'ECHI Multiple Portfolios MF-AGG 686'797 0.39 51'401 30.08.2013 Unclassified
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 662'333 0.37 (2'550) 30.08.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 651'596 0.37 (20'000) 31.05.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 613'447 0.34 (707'964) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue MARTIN SCHNEE add 4 M 108 6 month 19.09.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 18.09.2013
M.M. Warburg Investment Research ULRICH HUWALD buy 5 M 110 12 month 18.09.2013
Societe Generale JUSTIN SMITH buy 5 M 126 12 month 17.09.2013
Bryan Garnier & Cie MATHIEU CHABERT buy 5 M 112 6 month 17.09.2013
Barclays SALLY TAYLOR equalweight 3 M 97 Not Provided 17.09.2013
Credit Suisse CHRISTOPH GRETLER outperform 5 M 109 Not Provided 16.09.2013
JPMorgan DAVID J ADLINGTON neutral 3 M 92 6 month 16.09.2013
Main First Bank AG MARCUS WIEPRECHT outperform 5 U 120 12 month 16.09.2013
Exane BNP Paribas JULIEN DORMOIS outperform 5 M 115 Not Provided 16.09.2013
Morgan Stanley MICHAEL K JUNGLING Equalwt/In-Line 3 M 104 12 month 13.09.2013
Nord/LB HOLGER FECHNER buy 5 M 110 12 month 13.09.2013
Jefferies INGEBORG OIE buy 5 M 111 12 month 13.09.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 100 12 month 13.09.2013
National Bank AG EKKEHARD D LINK buy 5 M 115 Not Provided 13.09.2013
Equinet Institutional Services(ESN) KONRAD LIEDER accumulate 4 M 104 12 month 13.09.2013
S&P Capital IQ SHO MATSUBARA hold 3 U 99 12 month 13.09.2013
Berenberg Bank TOM JONES buy 5 M 112 Not Provided 07.08.2013
DZ Bank AG SVEN OLAF KUERTEN buy 5 M 102 Not Provided 02.08.2013
HSBC JAN KEPPELER overweight 5 M 110 Not Provided 31.07.2013
Deutsche Bank HOLGER BLUM hold 3 M 91 12 month 30.07.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 100 Not Provided 30.07.2013
Bankhaus Metzler SEBASTIAN FRERICKS sell 1 M 89 12 month 30.07.2013
Day by Day VALERIE GASTALDY buy 5 M 103 3 month 17.07.2013
UBS MARTIN WALES buy 5 M 103 12 month 04.07.2013
Kepler Cheuvreux OLIVER REINBERG buy 5 M 103 Not Provided 02.07.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
Commerzbank Corporates & Markets VOLKER BRAUN add 4 M 97 6 month 26.04.2013
Goldman Sachs VERONIKA DUBAJOVA Buy/Neutral 5 M 109 12 month 27.02.2013
Equita SIM SpA GIANMARCO BONACINA not rated #N/A N/A D 57 Not Provided 02.03.2010
Holdings By:
Fresenius SE & Co KGaA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
GEA Group AG offers engineering services. The Company designs and constructs
factories that refine metals, produce hydrocarbon products and chemicals, and
treat sewage. GEA designs production lines for food processors, beverage
bottlers, and chemical, pharmaceuticals, and cosmetics manufacturers.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.08.2013) 32.64
52-Week Low (15.11.2012) 22.94
Daily Volume
30.6
52-Week High % Change -6.25% Dividend Yield -
52-Week Low % Change 33.42% Beta 1.05
% 52 Week Price Range High/Low 79.91% Equity Float 177.65
Shares Out 30.06.2013 192.5 Short Int -
5'890.36 1 Yr Total Return 31.41%
Total Debt 1'137.91 YTD Return 27.82%
Preferred Stock 0.0 Adjusted BETA 1.049
Minority Interest 2.6 Analyst Recs 33
Cash and Equivalents 909.76 Consensus Rating 3.939
Enterprise Value 6'352.54
Average Volume 5 Day 420'244
G1A GY EQUITY YTD Change - Average Volume 30 Day 373'273
G1A GY EQUITY YTD % CHANGE - Average Volume 3 Month 376'713
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
5'179.0 4'411.2 4'418.4 5'416.5 5'720.1 5'684.5 5'739.9 5'897.3 6'168.3 1'515.0 1'727.0
0.42x 0.62x 0.86x 0.79x 0.86x 3.12x 3.64x 1.06x 0.98x - -
542.3 382.8 371.9 594.7 635.9 596.8 677.4 698.3 775.2 - -
4.06x 7.09x 10.28x 7.21x 7.77x 7.46x 8.41x 9.08x 8.18x - -
99.6 160.6 129.3 312.0 314.4 305.2 345.2 381.7 440.6 106.0 178.0
6.43x 17.89x 30.90x 12.85x 14.48x 12.64x 14.69x 15.28x 13.43x - -
EBITDA 635.87 Long-Term Rating Date -
EBIT 492.87 Long-Term Rating -
Operating Margin 8.62% Long-Term Outlook -
Pretax Margin 7.08% Short-Term Rating Date -
Return on Assets 5.55% Short-Term Rating -
Return on Common Equity 16.13%
Return on Capital 13.06% EBITDA/Interest Exp. 6.09
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 4.54
Net Debt/EBITDA 0.68
Gross Margin 29.5% Total Debt/EBITDA 1.61
EBITDA Margin 11.8%
EBIT Margin 9.3% Total Debt/Equity 52.6%
Net Income Margin 5.5% Total Debt/Capital 34.4%
Asset Turnover 0.92
Current Ratio 1.31 Net Fixed Asset Turnover 8.03
Quick Ratio 0.96 Accounts receivable turnover-days 82.68
Debt to Assets 17.70% Inventory Days 75.04
Tot Debt to Common Equity 52.59% Accounts Payable Turnover Day 65.12
Accounts Receivable Turnover 4.41 Cash Conversion Cycle 72.37
Inventory Turnover 4.86
Fiscal Year Ended
GEA Group AGPrice/Volume
Valuation Analysis
153'764.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KUWAIT INVESTMENT AU n/a Co File 14'841'667 7.71 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 14'059'929 7.3 (135'715) 23.09.2013 Investment Advisor
SCHRODERS PLC n/a Research 5'845'491 3.04 - 09.08.2013 Investment Advisor
FMR LLC n/a Research 5'787'350 3.01 - 07.06.2013 Investment Advisor
AMUNDI n/a Research 5'765'163 2.99 - 15.03.2013 Investment Advisor
ALLIANZ GLOBAL INVES n/a Research 5'515'614 2.87 - 08.10.2012 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 4'666'371 2.42 (1'265'420) 30.06.2013 Unclassified
DEUTSCHE BANK AG n/a ULT-AGG 4'566'976 2.37 (76'297) 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 4'332'747 2.25 - 31.12.2012 Government
FMR LLC n/a ULT-AGG 4'023'095 2.09 38'989 31.07.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 3'017'703 1.57 (89'524) 30.04.2013 Unclassified
ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 2'434'860 1.26 11'662 31.08.2013 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 2'131'994 1.11 89'220 28.06.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 2'097'235 1.09 61'717 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'843'319 0.96 100'813 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'701'950 0.88 (338'575) 31.07.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 1'290'838 0.67 36'267 30.04.2013 Bank
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'272'944 0.66 (25'400) 28.03.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'052'938 0.55 (252'062) 31.05.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 946'125 0.49 (504'449) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe GORDON SCHOENELL buy 5 M 38 12 month 23.09.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 28 6 month 19.09.2013
Nomura KLAS BERGELIND buy 5 M 40 12 month 16.09.2013
Berenberg Bank BENJAMIN GLAESER hold 3 D 32 Not Provided 12.09.2013
Exane BNP Paribas ALEXIS DENAUD outperform 5 M 35 Not Provided 09.09.2013
EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 06.09.2013
Hauck & Aufhaeuser FINN HENNING BREITER hold 3 M 32 12 month 05.09.2013
Barclays ALLAN SMYLIE equalweight 3 D 34 Not Provided 05.09.2013
Commerzbank Corporates & Markets SEBASTIAN GROWE add 4 M 32 6 month 02.09.2013
Deutsche Bank PETER REILLY buy 5 M 34 12 month 02.09.2013
HSBC JUERGEN SIEBRECHT overweight 5 M 38 Not Provided 28.08.2013
Bankhaus Metzler HELENA WUESTENFELD buy 5 M 33 12 month 23.08.2013
Equita SIM SpA GIANMARCO BONACINA buy 5 M 36 12 month 13.08.2013
Hamburger Sparkasse INGO SCHMIDT sell 1 D 23 12 month 07.08.2013
Baader Bank PETER ROTHENAICHER buy 5 M 36 12 month 06.08.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 32 12 month 31.07.2013
M.M. Warburg Investment Research ROLAND RAPELIUS buy 5 M 33 12 month 31.07.2013
Kepler Cheuvreux HANS-JOACHIM HEIMBUERGER buy 5 M 33 Not Provided 31.07.2013
DZ Bank AG MARKUS TURNWALD buy 5 M 34 Not Provided 31.07.2013
Main First Bank AG CHRISTOPHER YOUL underperform 1 M 27 12 month 31.07.2013
Nord/LB HEINO HAMMANN buy 5 M 32 12 month 30.07.2013
UBS SVEN WEIER neutral 3 M 31 12 month 30.07.2013
JPMorgan GLEN H LIDDY neutral 3 M 30 15 month 30.07.2013
Landesbank Baden-Wuerttemberg HARALD REHMET hold 3 M 28 Not Provided 30.07.2013
Equinet Institutional Services(ESN) HOLGER SCHMIDT buy 5 M 32 12 month 30.07.2013
S&P Capital IQ UNAI FRANCO buy 5 U 36 12 month 30.07.2013
Montega THOMAS RAU hold 3 M 29 12 month 30.07.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 32 Not Provided 29.07.2013
Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 29 12 month 08.05.2013
National Bank AG EKKEHARD D LINK hold 3 M 26 Not Provided 12.03.2013
BHF-Bank HERMANN REITH market weight 3 M 25 12 month 06.02.2013
Holdings By:
GEA Group AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Bilfinger SE provides industrial services, power services, building and
facility services, construction, and concessions. The Company's industrial
services include repairs, maintenance, and modernization. Bilfinger also
provides power services which include maintenance, service, and efficiency
enhancements as well as building and facility services for real estate.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (20.03.2013) 82.98
52-Week Low (28.09.2012) 68.25
Daily Volume
77.04
52-Week High % Change -7.16% Dividend Yield 3.89
52-Week Low % Change 12.88% Beta 0.84
% 52 Week Price Range High/Low 65.31% Equity Float 43.24
Shares Out 30.06.2013 46.0 Short Int -
3'545.70 1 Yr Total Return 13.87%
Total Debt 1'180.90 YTD Return 9.78%
Preferred Stock 0.0 Adjusted BETA 0.837
Minority Interest 8.0 Analyst Recs 25
Cash and Equivalents 1'087.20 Consensus Rating 4.040
Enterprise Value 3'791.70
Average Volume 5 Day 211'622
GBF GY EQUITY YTD Change - Average Volume 30 Day 126'577
GBF GY EQUITY YTD % CHANGE - Average Volume 3 Month 129'994
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
9'757.1 7'381.5 8'006.7 8'208.5 8'508.8 8'350.5 8'493.8 8'677.8 9'078.6 2'273.7 2'333.3
0.26x 0.54x 0.54x 0.33x 0.39x 1.31x 1.67x 0.41x 0.38x - -
577.1 280.0 481.8 508.2 691.7 708.2 609.7 554.6 617.4 - -
4.39x 14.15x 8.92x 5.36x 4.81x 4.25x 5.53x 6.83x 6.14x - -
200.4 140.2 284.0 394.1 274.9 291.1 181.9 242.1 270.1 80.2 88.3
6.65x 24.85x 13.59x 13.20x 11.72x 9.33x 17.09x 13.98x 12.38x - -
EBITDA 691.70 Long-Term Rating Date 23.10.2012
EBIT 503.80 Long-Term Rating BBB+
Operating Margin 5.92% Long-Term Outlook STABLE
Pretax Margin 4.48% Short-Term Rating Date 23.10.2012
Return on Assets 3.77% Short-Term Rating A-2
Return on Common Equity 14.41%
Return on Capital 11.70% EBITDA/Interest Exp. 10.74
Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 8.71
Net Debt/EBITDA 0.14
Gross Margin 13.3% Total Debt/EBITDA 1.71
EBITDA Margin 8.1%
EBIT Margin 5.9% Total Debt/Equity 58.2%
Net Income Margin 3.2% Total Debt/Capital 36.7%
Asset Turnover 1.17
Current Ratio 1.09 Net Fixed Asset Turnover 12.73
Quick Ratio 0.96 Accounts receivable turnover-days 75.27
Debt to Assets 17.24% Inventory Days 9.20
Tot Debt to Common Equity 58.21% Accounts Payable Turnover Day 49.48
Accounts Receivable Turnover 4.86 Cash Conversion Cycle 34.98
Inventory Turnover 39.80
Fiscal Year Ended
Bilfinger SEPrice/Volume
Valuation Analysis
109'090.00
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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12'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CEVIAN CAPITAL AB n/a Research 6'990'563 15.19 - 15.01.2013 Venture Capital
BLACKROCK n/a ULT-AGG 2'346'566 5.1 (260'952) 23.09.2013 Investment Advisor
BILFINGER BERGER AG n/a Research 1'840'965 4 - 24.01.2013 Corporation
INVESCO LTD n/a ULT-AGG 1'370'341 2.98 - 01.02.2012 Investment Advisor
ALLIANZ GLOBAL INVES n/a Research 1'346'715 2.93 - 18.01.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'328'350 2.89 - 31.07.2013 Investment Advisor
DJE INVESTMENT SA Multiple Portfolios MF-AGG 1'211'051 2.63 45'329 31.08.2013 Investment Advisor
CREDIT SUISSE GROUP n/a Research 944'428 2.05 - 11.04.2013 Unclassified
UBS AG n/a ULT-AGG 901'166 1.96 - 31.05.2013 Unclassified
NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 894'012 1.94 4'113 31.07.2013 Insurance Company
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 859'455 1.87 (130'527) 30.04.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 833'084 1.81 - 31.12.2012 Government
THREADNEEDLE n/a ULT-AGG 761'204 1.65 (1'897) 31.05.2013 Unclassified
DIMENSIONAL FUND ADV n/a ULT-AGG 736'482 1.6 - 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 684'799 1.49 (14'974) 24.09.2013 Investment Advisor
MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 623'540 1.35 339'540 31.12.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 612'300 1.33 (65'000) 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 516'467 1.12 14'702 31.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 504'000 1.1 (15'000) 31.07.2013 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 475'300 1.03 (19'861) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 80 12 month 24.09.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN buy 5 M 90 Not Provided 23.09.2013
M.M. Warburg Investment Research FRANK LASER buy 5 M 92 12 month 23.09.2013
Deutsche Bank GUNNAR ROMER hold 3 M 77 12 month 20.09.2013
Bankhaus Lampe MARC GABRIEL buy 5 M 83 Not Provided 20.09.2013
Goldman Sachs JAMES RUTLAND Buy/Neutral 5 U 99 12 month 17.09.2013
Equita SIM SpA GIANMARCO BONACINA buy 5 U 86 12 month 03.09.2013
Commerzbank Corporates & Markets NORBERT KRETLOW buy 5 M 84 6 month 30.08.2013
Equinet Institutional Services(ESN) INGBERT FAUST hold 3 M 80 12 month 30.08.2013
Credit Suisse EUGENE KLERK neutral 3 M 74 Not Provided 13.08.2013
Natixis ABDELKADER BENCHIHA buy 5 M 84 Not Provided 13.08.2013
Nord/LB HEINO HAMMANN hold 3 M 81 12 month 12.08.2013
HSBC TOBIAS LOSKAMP underweight 1 M 67 Not Provided 12.08.2013
Bankhaus Metzler STEPHAN BAUER buy 5 M 84 12 month 12.08.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 D 79 12 month 12.08.2013
Exane BNP Paribas GERHARD ORGONAS neutral 3 M 77 Not Provided 12.08.2013
Berenberg Bank BENJAMIN GLAESER buy 5 M 84 Not Provided 06.08.2013
UBS GREGOR KUGLITSCH buy 5 U 82 12 month 01.08.2013
Main First Bank AG CHRISTIAN KORTH outperform 5 M 88 12 month 23.07.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
Kepler Cheuvreux CRAIG ABBOTT buy 5 U 84 Not Provided 14.05.2013
DZ Bank AG JASKO TERZIC buy 5 M 85 Not Provided 14.05.2013
SRH AlsterResearch CARSTEN MAINITZ buy 5 N 96 12 month 14.05.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 25.02.2013
BHF-Bank JENS JUNG overweight 5 M 79 12 month 13.02.2012
National Bank AG STEFFEN MANSKE buy 5 M 60 12 month 04.01.2010
Holdings By:
Bilfinger SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
GAGFAH SA acquires, owns and manages residential properties throughout Germany.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (20.05.2013) 10.48
52-Week Low (01.10.2012) 7.67
Daily Volume
9.62
52-Week High % Change -8.16% Dividend Yield -
52-Week Low % Change 25.37% Beta 0.84
% 52 Week Price Range High/Low 67.42% Equity Float 111.16
Shares Out 31.07.2013 216.0 Short Int -
2'077.46 1 Yr Total Return 22.97%
Total Debt 5'231.10 YTD Return 8.57%
Preferred Stock 0.0 Adjusted BETA 0.844
Minority Interest 30.6 Analyst Recs 16
Cash and Equivalents 176.00 Consensus Rating 4.500
Enterprise Value 7'062.46
Average Volume 5 Day 293'527
GFJ GY EQUITY YTD Change - Average Volume 30 Day 297'124
GFJ GY EQUITY YTD % CHANGE - Average Volume 3 Month 335'543
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
1'249.4 1'279.3 1'485.0 1'309.6 1'061.6 1'130.5 1'062.1 816.0 825.6 217.0 194.0
6.01x 5.89x 4.71x 4.67x 6.42x 22.38x 25.67x 8.56x 8.33x - -
454.0 448.0 435.6 371.9 358.2 361.3 338.3 340.1 358.4 - -
16.53x 16.83x 16.07x 16.46x 19.03x 18.46x 20.19x 20.75x 19.69x - -
41.2 (71.1) 7.7 (16.4) 43.2 5.4 18.8 89.3 143.2 - -
22.33x - 223.77x - 40.28x 213.31x 95.92x 21.61x 14.29x - -
EBITDA 358.20 Long-Term Rating Date -
EBIT 357.90 Long-Term Rating -
Operating Margin 9.84% Long-Term Outlook -
Pretax Margin 8.04% Short-Term Rating Date -
Return on Assets 0.23% Short-Term Rating -
Return on Common Equity 0.91%
Return on Capital 0.31% EBITDA/Interest Exp. 1.41
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. 1.40
Net Debt/EBITDA 14.64
Gross Margin - Total Debt/EBITDA 15.12
EBITDA Margin 31.9%
EBIT Margin - Total Debt/Equity 252.7%
Net Income Margin 4.1% Total Debt/Capital 71.4%
Asset Turnover 0.13
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 64.49% Inventory Days -
Tot Debt to Common Equity 252.73% 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
GAGFAH SAPrice/Volume
Valuation Analysis
139'571.00
Current Price (9/dd/yy) Market Data
'
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1'400.0
1'600.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FORTRESS INVESTMENT n/a Research 104'140'013 48.22 - 12.07.2013 Hedge Fund Manager
DEUTSCHE BANK AG n/a ULT-AGG 13'865'605 6.42 - 12.07.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 13'638'253 6.32 - 17.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'636'438 1.22 - 31.12.2012 Government
TAUBE HODSON STONEX Multiple Portfolios MF-AGG 2'399'085 1.11 20'739 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'654'898 0.77 324'432 23.09.2013 Investment Advisor
KEMPEN CAPITAL MANAG n/a ULT-AGG 1'071'026 0.5 (175'996) 30.06.2013 Unclassified
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'030'776 0.48 - 25.09.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 757'000 0.35 757'000 28.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 671'411 0.31 14'947 30.06.2013 Unclassified
GAGFAH SA n/a Research 648'507 0.3 - 12.07.2013 Corporation
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 641'000 0.3 - 28.03.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 332'638 0.15 96'141 24.09.2013 Investment Advisor
LEGG MASON INC Multiple Portfolios MF-AGG 303'846 0.14 - 30.06.2013 Investment Advisor
CARVETIAN CAPITAL MA Multiple Portfolios MF-AGG 291'418 0.13 - 31.08.2013 Investment Advisor
PARWORLD Multiple Portfolios MF-AGG 243'859 0.11 - 31.03.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 225'000 0.1 225'000 28.03.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 214'111 0.1 - 31.07.2013 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 199'716 0.09 4'019 31.07.2013 Investment Advisor
CCR GESTION Multiple Portfolios MF-AGG 165'937 0.08 (35'000) 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank MARKUS SCHEUFLER buy 5 U 12 12 month 19.09.2013
Berenberg Bank KAI MALTE KLOSE buy 5 M 12 Not Provided 16.09.2013
Commerzbank Corporates & Markets THOMAS ROTHAEUSLER buy 5 M 11 6 month 12.09.2013
Baader Bank ANDRE REMKE buy 5 M 12 12 month 10.09.2013
Kepler Cheuvreux THOMAS NEUHOLD buy 5 M 12 Not Provided 05.09.2013
JPMorgan HARM M MEIJER overweight 5 M 12 12 month 02.09.2013
Nord/LB MICHAEL SEUFERT hold 3 M 10 12 month 21.08.2013
HSBC THOMAS MARTIN overweight 5 M 12 Not Provided 16.08.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 12 12 month 15.08.2013
Bankhaus Lampe GEORG KANDERS buy 5 M 11 12 month 15.08.2013
Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 11 12 month 14.08.2013
M.M. Warburg Investment Research TORSTEN KLINGNER buy 5 M 12 12 month 14.08.2013
ABN Amro Bank N.V. MICHIEL DE JONGE buy 5 M 12 Not Provided 14.08.2013
Kempen & Co THOMAS VAN DER MEIJ underweight 1 M 8 Not Provided 10.07.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
Holdings By:
GAGFAH SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
GSW Immobilien AG owns and operates real estate. The Company owns apartment
buildings and manages apartment buildings owned by others.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (20.08.2013) 34.64
52-Week Low (24.06.2013) 27.88
Daily Volume
32.295
52-Week High % Change -6.77% Dividend Yield -
52-Week Low % Change 15.86% Beta 0.79
% 52 Week Price Range High/Low 69.25% Equity Float 44.22
Shares Out 30.06.2013 50.5 Short Int -
1'631.75 1 Yr Total Return 12.82%
Total Debt 1'967.50 YTD Return 4.11%
Preferred Stock 0.0 Adjusted BETA 0.788
Minority Interest 0.3 Analyst Recs 18
Cash and Equivalents 167.74 Consensus Rating 3.611
Enterprise Value 3'422.03
Average Volume 5 Day 180'928
GIB GY EQUITY YTD Change - Average Volume 30 Day 165'882
GIB GY EQUITY YTD % CHANGE - Average Volume 3 Month 135'860
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
224.3 176.4 199.2 326.9 318.5 392.5 354.0 238.3 254.4 62.2 58.4
- - - 8.04x 10.73x 26.86x 36.74x 15.22x 14.22x - -
194.4 136.7 116.1 161.8 162.7 180.3 174.6 161.1 169.6 - -
- - - 16.24x 21.00x 15.91x 18.83x 21.25x 20.17x - -
107.7 172.1 49.3 105.1 143.3 93.2 160.7 107.3 102.8 - 17.3
- - - 8.39x 10.60x 12.16x 9.27x 16.72x 16.50x - -
EBITDA 162.69 Long-Term Rating Date -
EBIT 162.51 Long-Term Rating -
Operating Margin 20.02% Long-Term Outlook -
Pretax Margin 43.99% Short-Term Rating Date -
Return on Assets 4.78% Short-Term Rating -
Return on Common Equity 11.55%
Return on Capital 4.96% EBITDA/Interest Exp. 1.65
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -0.21
Net Debt/EBITDA 10.25
Gross Margin - Total Debt/EBITDA 11.16
EBITDA Margin 49.3%
EBIT Margin - Total Debt/Equity 136.6%
Net Income Margin 45.0% Total Debt/Capital 57.7%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 55.11% Inventory Days -
Tot Debt to Common Equity 136.57% 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
GSW Immobilien AGPrice/Volume
Valuation Analysis
28'969.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN LIFE FINANCIAL I n/a Co File 5'052'630 10 - 28.02.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'509'692 8.93 8'821 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'110'938 8.14 (118'690) 23.09.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 3'132'631 6.2 - 28.02.2013 Government
NORGES BANK n/a Research 2'827'301 5.6 - 04.09.2013 Government
CREDIT SUISSE GROUP n/a Research 1'515'530 3 - 27.06.2013 Investment Advisor
PGGM VERMOGENSBEHEER n/a Research 1'506'102 2.98 - 08.10.2012 Investment Advisor
CBRE CLARION SECURIT n/a Research 1'505'943 2.98 - 08.04.2013 n/a
WELLINGTON MANAGEMEN n/a Research 1'497'459 2.96 - 08.10.2012 Investment Advisor
APG ALGEMENE PENSIOE n/a Research 1'424'494 2.82 - 28.08.2013 Pension Fund (ERISA)
F&C ASSET MANAGEMENT n/a Research 1'329'407 2.63 - 17.01.2012 Investment Advisor
THAMES RIVER CAPITAL n/a Research 1'170'946 2.32 - 16.02.2012 Investment Advisor
UBS AG n/a ULT-AGG 1'076'634 2.13 (3'392) 30.06.2013 Unclassified
FMR LLC n/a ULT-AGG 1'028'129 2.03 5'712 31.07.2013 Investment Advisor
AXA n/a ULT-AGG 911'491 1.8 - 22.02.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 717'746 1.42 74'296 30.04.2013 Unclassified
SKAGEN AS Multiple Portfolios MF-AGG 534'975 1.06 (14'000) 30.08.2013 Investment Advisor
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 502'555 0.99 (28'545) 28.02.2013 Investment Advisor
RUFFER LLP Multiple Portfolios MF-AGG 454'466 0.9 - 28.02.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 419'676 0.83 58'419 30.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets THOMAS ROTHAEUSLER add 4 M 35 6 month 12.09.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 29 12 month 04.09.2013
JPMorgan NEIL GREEN overweight 5 M 35 12 month 02.09.2013
Morgan Stanley BIANCA RIEMER Overwt/Attractive 5 M 41 12 month 28.08.2013
Goldman Sachs JULIAN LIVINGSTON-BOOTH not rated #N/A N/A M #N/A N/A Not Provided 27.08.2013
Bankhaus Lampe GEORG KANDERS buy 5 M 37 12 month 26.08.2013
ABN Amro Bank N.V. MICHIEL DE JONGE hold 3 M 32 Not Provided 26.08.2013
Societe Generale MARC MOZZI buy 5 M 36 12 month 22.08.2013
Nord/LB MICHAEL SEUFERT swap 1 M 35 12 month 22.08.2013
HSBC THOMAS MARTIN underweight 1 D 32 Not Provided 22.08.2013
Berenberg Bank KAI MALTE KLOSE buy 5 M 34 Not Provided 21.08.2013
Deutsche Bank MARKUS SCHEUFLER restricted #N/A N/A M #N/A N/A Not Provided 20.08.2013
M.M. Warburg Investment Research TORSTEN KLINGNER hold 3 D 35 12 month 20.08.2013
Close Brothers Equity Markets MANUEL MARTIN buy 5 M 36 12 month 20.08.2013
Kepler Cheuvreux THOMAS NEUHOLD hold 3 D 34 Not Provided 20.08.2013
S&P Capital IQ WILLIAM HOWLETT hold 3 M 36 12 month 20.08.2013
Baader Bank ANDRE REMKE buy 5 M 35 12 month 16.08.2013
DZ Bank AG KARSTEN OBLINGER hold 3 M 35 Not Provided 16.08.2013
Barclays AARON GUY overweight 5 M 35 Not Provided 11.07.2013
Kempen & Co THOMAS VAN DER MEIJ neutral 3 M 31 Not Provided 14.01.2013
Holdings By:
GSW Immobilien AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Gildemeister AG manufactures and markets machine tools including automatic
lathes, milling, turning, laser, and ultrasonic machines. The Company's
products are sold throughout Germany, the United States, Russia, and Europe.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (24.09.2013) 21.20
52-Week Low (25.09.2012) 12.54
Daily Volume
20.25
52-Week High % Change -4.48% Dividend Yield -
52-Week Low % Change 61.46% Beta 1.17
% 52 Week Price Range High/Low 93.42% Equity Float 64.92
Shares Out 30.08.2013 78.8 Short Int -
1'596.06 1 Yr Total Return 58.80%
Total Debt 12.27 YTD Return 39.07%
Preferred Stock 0.0 Adjusted BETA 1.168
Minority Interest 84.6 Analyst Recs 17
Cash and Equivalents 173.33 Consensus Rating 4.235
Enterprise Value 1'588.73
Average Volume 5 Day 762'109
GIL GY EQUITY YTD Change - Average Volume 30 Day 752'109
GIL GY EQUITY YTD % CHANGE - Average Volume 3 Month 457'783
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
1'904.0 1'181.2 1'376.8 1'687.7 2'037.4 1'829.8 2'095.6 2'089.5 2'214.6 547.0 585.0
0.24x 0.64x 0.71x 0.25x 0.41x 1.51x 1.72x 0.65x 0.60x - -
194.7 59.7 67.9 141.1 165.5 163.2 180.9 190.5 227.2 - -
2.36x 12.74x 14.37x 3.05x 5.08x 4.96x 5.66x 8.35x 7.00x - -
81.1 4.7 4.2 46.8 77.3 71.8 78.2 86.7 102.7 50.3 31.1
4.20x 113.30x 185.56x 11.47x 11.55x 9.61x 12.78x 15.66x 13.53x - -
EBITDA 165.55 Long-Term Rating Date 23.09.2009
EBIT 124.64 Long-Term Rating NR
Operating Margin 6.12% Long-Term Outlook -
Pretax Margin 5.89% Short-Term Rating Date -
Return on Assets 4.87% Short-Term Rating -
Return on Common Equity 11.63%
Return on Capital - EBITDA/Interest Exp. 11.71
Asset Turnover 1.31% (EBITDA-Capex)/Interest Exp. 7.73
Net Debt/EBITDA -0.54
Gross Margin - Total Debt/EBITDA 0.33
EBITDA Margin 8.6%
EBIT Margin 6.5% Total Debt/Equity 1.7%
Net Income Margin 3.8% Total Debt/Capital 1.5%
Asset Turnover 1.31
Current Ratio 1.38 Net Fixed Asset Turnover 8.19
Quick Ratio 0.53 Accounts receivable turnover-days 36.95
Debt to Assets 0.76% Inventory Days -
Tot Debt to Common Equity 1.74% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.88 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Gildemeister AGPrice/Volume
Valuation Analysis
687'261.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DMG MORI SEIKI CO LT #N/A N/A Co File 12'093'808 15.34 - 31.12.2012 Corporation
GOLDMAN SACHS GROUP n/a ULT-AGG 6'642'974 8.43 (2'110) 30.08.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'617'092 3.32 76'224 23.09.2013 Investment Advisor
GILDEMEISTER AG n/a Research 1'805'048 2.29 - 20.08.2013 Corporation
NORGES BANK Multiple Portfolios MF-AGG 1'453'091 1.84 - 31.12.2012 Government
DIMENSIONAL FUND ADV n/a ULT-AGG 1'034'162 1.31 - 30.04.2013 Investment Advisor
ACTIVEST MUNICH Multiple Portfolios MF-AGG 741'627 0.94 - 30.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 699'310 0.89 262'620 28.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 338'523 0.43 7'270 30.06.2013 Unclassified
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 310'723 0.39 87'757 30.06.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 242'104 0.31 71'800 31.07.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 170'400 0.22 41'279 24.09.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 162'967 0.21 162'967 30.06.2013 Investment Advisor
WELLS FARGO & COMPAN n/a ULT-AGG 156'264 0.2 149'001 31.07.2013 Investment Advisor
LA FINANCIERE RESPON Multiple Portfolios MF-AGG 131'541 0.17 - 28.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 122'421 0.16 (40'000) 31.07.2013 Investment Advisor
IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 114'870 0.15 3'869 26.08.2013 Investment Advisor
FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 105'578 0.13 (10'000) 31.07.2013 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 97'424 0.12 7'750 30.08.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 90'000 0.11 71'460 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Close Brothers Equity Markets RALF MARINONI buy 5 M 23 12 month 24.09.2013
Equinet Institutional Services(ESN) HOLGER SCHMIDT accumulate 4 M 22 12 month 24.09.2013
HSBC JUERGEN SIEBRECHT overweight 5 M 25 Not Provided 23.09.2013
EVA Dimensions TIMOTHY STANISH overweight 5 D #N/A N/A Not Provided 23.09.2013
Deutsche Bank FELICITAS VON BISMARCK buy 5 M 22 12 month 19.09.2013
Baader Bank PETER ROTHENAICHER buy 5 M 25 12 month 19.09.2013
Bankhaus Lampe GORDON SCHOENELL buy 5 M 23 12 month 19.09.2013
Kepler Cheuvreux STEFAN AUGUSTIN buy 5 U 24 Not Provided 19.09.2013
Montega THOMAS RAU buy 5 M 32 12 month 19.09.2013
Independent Research GmbH ZAFER RUZGAR hold 3 D 20 12 month 17.09.2013
Bankhaus Metzler STEPHAN BAUER buy 5 M 21 12 month 09.09.2013
DZ Bank AG JASKO TERZIC sell 1 M 13 Not Provided 04.09.2013
Commerzbank Corporates & Markets STEPHAN BOEHM hold 3 M 18 6 month 30.08.2013
Landesbank Baden-Wuerttemberg STEFAN MAICHL hold 3 M 18 Not Provided 29.08.2013
Berenberg Bank FELIX WIENEN hold 3 M 15 Not Provided 29.08.2013
Nord/LB HEINO HAMMANN buy 5 U 19 12 month 25.07.2013
BHF-Bank HERMANN REITH overweight 5 M 23 12 month 07.05.2013
Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 05.08.2009
Holdings By:
Gildemeister AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Gerry Weber International AG operates as a fashion and lifestyle company in
Germany and internationally. The company engages in the production, wholesale,
and retail of women's clothing and accessories under various brand names.
Latest Fiscal Year: 10/2012
LTM as of: 07/yy
52-Week High (11.12.2012) 39.42
52-Week Low (13.09.2013) 28.15
Daily Volume
30.495
52-Week High % Change -22.63% Dividend Yield -
52-Week Low % Change 8.33% Beta 0.81
% 52 Week Price Range High/Low 23.61% Equity Float 23.20
Shares Out 31.07.2013 45.9 Short Int -
1'399.90 1 Yr Total Return -5.73%
Total Debt 15.27 YTD Return -14.42%
Preferred Stock 0.0 Adjusted BETA 0.811
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 49.16 Consensus Rating 3.917
Enterprise Value 1'410.83
Average Volume 5 Day 151'380
GWI1 GY EQUITY YTD Change - Average Volume 30 Day 137'118
GWI1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 98'668
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 07/yy 07/yy 10/13 Y 10/14 Y 10/13 Q4 01/14 Q1
570.0 594.1 621.9 702.7 802.3 770.4 840.7 858.4 942.6 265.5 -
0.67x 0.87x 1.26x 1.37x 1.96x 6.59x 7.45x 1.57x 1.40x - -
74.7 85.2 101.1 114.5 134.5 129.5 130.8 131.1 156.6 50.6 -
5.09x 6.05x 7.76x 8.42x 11.72x 11.98x 11.85x 10.76x 9.01x - -
39.4 43.0 54.0 67.0 78.8 75.5 75.2 75.0 90.1 31.4 -
8.49x 10.68x 13.42x 15.21x 20.39x 18.03x 20.45x 18.61x 15.29x - -
EBITDA 134.46 Long-Term Rating Date -
EBIT 118.13 Long-Term Rating -
Operating Margin 14.72% Long-Term Outlook -
Pretax Margin 14.18% Short-Term Rating Date -
Return on Assets 16.57% Short-Term Rating -
Return on Common Equity 21.47%
Return on Capital 20.19% EBITDA/Interest Exp. 87.11
Asset Turnover 1.85% (EBITDA-Capex)/Interest Exp. 50.56
Net Debt/EBITDA 0.08
Gross Margin - Total Debt/EBITDA 0.24
EBITDA Margin 15.6%
EBIT Margin 13.3% Total Debt/Equity 4.2%
Net Income Margin 9.8% Total Debt/Capital 4.0%
Asset Turnover 1.85
Current Ratio 2.63 Net Fixed Asset Turnover 5.58
Quick Ratio 1.15 Accounts receivable turnover-days 24.15
Debt to Assets 3.16% Inventory Days -
Tot Debt to Common Equity 4.21% Accounts Payable Turnover Day -
Accounts Receivable Turnover 15.11 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Gerry Weber International AGPrice/Volume
Valuation Analysis
60'389.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WEBER GERHARD n/a Co File 13'262'974 28.89 - 31.10.2012 n/a
HARDIECK UDO n/a Co File 7'994'845 17.42 - 31.10.2012 n/a
WEBER RALF n/a Co File 1'372'352 2.99 - 31.10.2012 n/a
WILLIAM BLAIR & COMP n/a Co File 1'367'949 2.98 - 31.10.2012 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'241'526 2.7 (28'000) 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 827'162 1.8 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 646'026 1.41 73'900 23.09.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 618'451 1.35 30'795 31.08.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 598'603 1.3 11'654 31.07.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 512'061 1.12 1'600 28.02.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 469'475 1.02 (562'739) 30.06.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 450'151 0.98 10'000 31.05.2013 Investment Advisor
SAEMOR CAPITAL BV n/a Short (229'530) -0.5 - 20.08.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 171'066 0.37 (20'000) 28.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 155'671 0.34 144'824 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 148'006 0.32 4'327 30.06.2013 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 141'713 0.31 - 24.09.2013 Investment Advisor
LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 130'000 0.28 - 28.06.2013 Investment Advisor
THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 128'853 0.28 38'565 28.06.2013 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 107'117 0.23 - 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Close Brothers Equity Markets MARTIN DECOT buy 5 M 35 12 month 17.09.2013
Nord/LB WOLFGANG VASTERLING hold 3 M 31 12 month 16.09.2013
Baader Bank VOLKER BOSSE hold 3 M 36 12 month 16.09.2013
Hauck & Aufhaeuser CHRISTIAN NIKOLAS SCHWENKENBECHER buy 5 M 35 12 month 16.09.2013
M.M. Warburg Investment Research JOERG PHILIPP FREY buy 5 M 40 12 month 16.09.2013
Equinet Institutional Services(ESN) PHILIPP RIGTERS accumulate 4 U 34 Not Provided 16.09.2013
Montega TIM KRUSE buy 5 M 35 12 month 16.09.2013
Deutsche Bank MICHAEL KUHN buy 5 M 35 12 month 14.09.2013
Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 32 6 month 13.09.2013
Landesbank Baden-Wuerttemberg Fabian Suessenguth buy 5 M 37 Not Provided 13.09.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 32 12 month 13.09.2013
Bankhaus Lampe CHRISTOPH SCHLIENKAMP buy 5 M 40 12 month 13.09.2013
Berenberg Bank ANNA PATRICE hold 3 D 34 Not Provided 13.09.2013
DZ Bank AG HERBERT STURM hold 3 M 30 Not Provided 13.09.2013
Exane BNP Paribas ANDREAS INDERST neutral 3 M 34 Not Provided 13.09.2013
SRH AlsterResearch NEIL SCHMODDE buy 5 M 38 12 month 13.09.2013
Main First Bank AG GAEL COLCOMBET outperform 5 M 37 12 month 06.09.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 05.09.2013
HSBC THOMAS TEETZ underweight 1 M 31 Not Provided 04.09.2013
BHF-Bank PETER STEINER overweight 5 M 38 12 month 18.06.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 37 12 month 05.06.2013
Kepler Cheuvreux JUERGEN KOLB reduce 2 N 31 Not Provided 14.05.2013
National Bank AG STEFFEN MANSKE buy 5 M 40 Not Provided 23.01.2013
Solventis WPH-Bank GmbH ULF VON LENGERICH hold 3 D 28 12 month 27.02.2012
Holdings By:
Gerry Weber International AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Gerresheimer AG develops and produces specialty products made of glass and
plastic. The Company produces containers for a variety of substances and
medicines.
Latest Fiscal Year: 11/2012
LTM as of: 05/yy
52-Week High (28.05.2013) 47.99
52-Week Low (09.10.2012) 36.40
Daily Volume
44.78
52-Week High % Change -6.68% Dividend Yield -
52-Week Low % Change 23.02% Beta 0.67
% 52 Week Price Range High/Low 76.95% Equity Float 27.60
Shares Out 31.05.2013 31.4 Short Int -
1'406.09 1 Yr Total Return 12.25%
Total Debt 463.04 YTD Return 13.39%
Preferred Stock 0.0 Adjusted BETA 0.674
Minority Interest 45.0 Analyst Recs 18
Cash and Equivalents 91.41 Consensus Rating 4.500
Enterprise Value 1'952.68
Average Volume 5 Day 84'004
GXI GY EQUITY YTD Change - Average Volume 30 Day 80'144
GXI GY EQUITY YTD % CHANGE - Average Volume 3 Month 92'146
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.11.2008 30.11.2009 30.11.2010 30.11.2011 30.11.2012 05/yy 05/yy 11/13 Y 11/14 Y 08/13 Q3 11/13 Q4
1'060.1 1'000.2 1'024.8 1'094.7 1'219.1 1'156.3 1'260.1 1'287.6 1'371.3 320.5 342.7
1.24x 1.15x 1.21x 1.27x 1.36x 5.11x 5.79x 1.47x 1.35x - -
171.2 179.9 204.3 209.8 228.2 214.7 233.7 246.3 276.5 62.1 78.1
7.70x 6.37x 6.07x 6.62x 7.25x 7.43x 8.55x 7.93x 7.07x - -
0.7 5.8 43.2 50.5 60.2 54.2 58.5 78.8 96.9 21.4 31.7
1349.00x 128.06x 20.38x 19.30x 20.54x 20.46x 24.84x 16.55x 13.77x - -
EBITDA 228.17 Long-Term Rating Date 23.02.2011
EBIT 128.13 Long-Term Rating BBB-
Operating Margin 10.51% Long-Term Outlook STABLE
Pretax Margin 7.85% Short-Term Rating Date -
Return on Assets 3.66% Short-Term Rating -
Return on Common Equity 12.10%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 2.05
Gross Margin 29.3% Total Debt/EBITDA 2.45
EBITDA Margin 18.5%
EBIT Margin 10.5% Total Debt/Equity 86.5%
Net Income Margin 4.9% Total Debt/Capital 44.4%
Asset Turnover 0.79
Current Ratio 1.33 Net Fixed Asset Turnover 2.45
Quick Ratio 0.74 Accounts receivable turnover-days 53.70
Debt to Assets 29.72% Inventory Days 80.20
Tot Debt to Common Equity 86.53% Accounts Payable Turnover Day 52.33
Accounts Receivable Turnover 6.80 Cash Conversion Cycle 69.28
Inventory Turnover 4.55
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
Gerresheimer AGPrice/Volume
Valuation Analysis
257'394.00
Current Price (9/dd/yy) Market Data
'2
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0.0
200.0
400.0
600.0
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1'400.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AMERIPRISE FINANCIAL n/a Co File 1'582'560 5.04 - 30.11.2012 Investment Advisor
CREDIT SUISSE GROUP n/a Research 1'569'340 5 - 24.01.2013 Investment Advisor
ETON PARK CAPITAL MA n/a Co File 1'544'880 4.92 - 30.11.2012 Hedge Fund Manager
THREADNEEDLE n/a ULT-AGG 1'386'769 4.42 544'706 30.06.2013 Unclassified
HOUND PARTNERS LLC n/a Research 1'333'222 4.25 - 04.01.2013 Hedge Fund Manager
DEUTSCHE BANK AG n/a ULT-AGG 1'061'996 3.38 30'400 31.07.2013 Investment Advisor
EDINBURGH PARTNERS L n/a Co File 976'540 3.11 - 30.11.2012 Investment Advisor
BERG GILCHRIST B n/a Co File 973'400 3.1 - 30.11.2012 n/a
ALLIANZ GLOBAL INVES n/a Co File 957'700 3.05 - 30.11.2012 Other
FRANKLIN RESOURCES n/a ULT-AGG 948'376 3.02 - 28.06.2013 Investment Advisor
GOVERNANCE FOR OWNER n/a Research 939'380 2.99 - 24.11.2011 Other
BLACKROCK n/a ULT-AGG 936'348 2.98 - 23.09.2013 Investment Advisor
TREMBLANT HOLDINGS L n/a Research 932'893 2.97 - 14.10.2011 Other
EDGEPOINT INVESTMENT n/a Research 842'679 2.68 - 17.10.2012 Hedge Fund Manager
BLUE HARBOUR GROUP L n/a Research 839'697 2.67 - 05.07.2012 Hedge Fund Manager
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 717'957 2.29 198'923 30.06.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 699'869 2.23 - 31.05.2013 Investment Advisor
MORGAN STANLEY n/a Research 494'999 1.58 - 06.09.2013 Investment Advisor
DJE INVESTMENT SA Multiple Portfolios MF-AGG 436'935 1.39 (25'800) 28.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 406'198 1.29 6'000 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets DANIEL WENDORFF add 4 D 50 6 month 25.09.2013
Deutsche Bank GUNNAR ROMER hold 3 M 42 12 month 25.09.2013
Main First Bank AG MARCUS WIEPRECHT outperform 5 M 50 12 month 24.09.2013
HSBC JAN KEPPELER neutral 3 M 48 Not Provided 20.09.2013
Kepler Cheuvreux OLIVER REINBERG buy 5 M 48 Not Provided 20.09.2013
DZ Bank AG SVEN OLAF KUERTEN buy 5 U 56 Not Provided 02.09.2013
Berenberg Bank SCOTT BARDO buy 5 M 54 Not Provided 22.08.2013
Montega Robert-Jan van der Horst buy 5 N 56 12 month 29.07.2013
JPMorgan DAVID J ADLINGTON overweight 5 M 56 6 month 16.07.2013
SRH AlsterResearch ALEXANDER ZIENKOWICZ buy 5 N 55 12 month 16.07.2013
Jefferies INGEBORG OIE buy 5 M 51 12 month 12.07.2013
Credit Suisse CHRISTOPH GRETLER outperform 5 M 46 Not Provided 11.07.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 49 Not Provided 11.07.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 52 12 month 11.07.2013
Equinet Institutional Services(ESN) KONRAD LIEDER hold 3 M 45 12 month 11.07.2013
Hauck & Aufhaeuser THOMAS WISSLER hold 3 M 46 12 month 10.07.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 50 12 month 10.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Holdings By:
Gerresheimer AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
HeidelbergCement AG produces and markets aggregates. The Company also
manufactures building materials including cement and concrete in Europe, North
America, Asia, Australia and Africa.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (16.05.2013) 60.89
52-Week Low (16.11.2012) 38.41
Daily Volume
58.69
52-Week High % Change -3.61% Dividend Yield -
52-Week Low % Change 52.80% Beta 1.28
% 52 Week Price Range High/Low 89.01% Equity Float 140.42
Shares Out 30.06.2013 187.5 Short Int -
11'004.38 1 Yr Total Return 36.51%
Total Debt 8'209.20 YTD Return 29.12%
Preferred Stock 0.0 Adjusted BETA 1.285
Minority Interest 1'098.8 Analyst Recs 38
Cash and Equivalents 1'480.70 Consensus Rating 3.763
Enterprise Value 19'124.97
Average Volume 5 Day 886'400
HEI GY EQUITY YTD Change - Average Volume 30 Day 721'976
HEI GY EQUITY YTD % CHANGE - Average Volume 3 Month 734'152
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
14'187.1 11'117.0 11'761.8 12'901.9 14'020.2 13'486.2 13'999.7 14'353.7 15'087.9 3'963.3 3'632.0
1.11x 1.58x 1.45x 1.12x 1.17x 4.51x 4.92x 1.33x 1.23x - -
2'945.6 1'953.3 2'025.2 2'368.8 2'521.9 2'407.6 2'778.7 2'574.8 2'856.0 882.5 728.5
5.33x 8.97x 8.43x 6.12x 6.51x 6.43x 6.41x 7.42x 6.69x - -
1'808.2 42.6 342.7 348.1 301.2 322.3 495.9 667.0 871.6 361.7 205.0
7.04x 133.97x 23.69x 16.64x 40.56x 19.08x 30.59x 16.72x 12.84x 15.95x -
EBITDA 2'521.90 Long-Term Rating Date 22.11.2012
EBIT 1'654.30 Long-Term Rating NR
Operating Margin 11.80% Long-Term Outlook -
Pretax Margin 4.33% Short-Term Rating Date 22.11.2012
Return on Assets 1.72% Short-Term Rating NR
Return on Common Equity 3.94%
Return on Capital 5.52% EBITDA/Interest Exp. 4.06
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 2.77
Net Debt/EBITDA 2.54
Gross Margin - Total Debt/EBITDA 3.06
EBITDA Margin 19.8%
EBIT Margin 12.0% Total Debt/Equity 65.1%
Net Income Margin 2.1% Total Debt/Capital 37.4%
Asset Turnover 0.49
Current Ratio 1.18 Net Fixed Asset Turnover 1.29
Quick Ratio 0.68 Accounts receivable turnover-days 47.02
Debt to Assets 29.31% Inventory Days -
Tot Debt to Common Equity 65.08% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.76 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
HeidelbergCement AGPrice/Volume
Valuation Analysis
450'208.00
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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2'000.0
4'000.0
6'000.0
8'000.0
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14'000.0
16'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MERCKLE LUDWIG n/a Co File 47'081'250 25.11 - 31.12.2011 n/a
BLACKROCK n/a ULT-AGG 14'021'799 7.48 7'555 23.09.2013 Investment Advisor
FIRST EAGLE INVESTME n/a Co File 9'600'000 5.12 - 31.12.2011 Hedge Fund Manager
ARTISAN PARTNERS HOL n/a Research 5'584'953 2.98 - 08.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 4'613'905 2.46 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 3'712'804 1.98 246'762 30.06.2013 Unclassified
FMR LLC n/a ULT-AGG 2'921'374 1.56 3'024 31.07.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 1'255'040 0.67 19'800 30.08.2013 Investment Advisor
METROPOLE GESTION Multiple Portfolios MF-AGG 1'094'773 0.58 - 28.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'071'926 0.57 6'900 31.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'001'920 0.53 356'430 28.06.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 980'843 0.52 (11'875) 31.05.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 904'782 0.48 97'241 28.03.2013 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 763'937 0.41 51'800 30.04.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 734'949 0.39 (50'000) 31.05.2013 Investment Advisor
MANDARINE GESTION Multiple Portfolios MF-AGG 697'009 0.37 (16'252) 30.08.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 648'755 0.35 (258'925) 30.06.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 560'950 0.3 - 31.05.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 549'632 0.29 10'343 31.07.2013 Investment Advisor
ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 519'000 0.28 5'000 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UBS GREGOR KUGLITSCH neutral 3 M 62 12 month 24.09.2013
Natixis RAFIC EL HADDAD neutral 3 M 55 6 month 23.09.2013
Commerzbank Corporates & Markets NORBERT KRETLOW buy 5 M 74 6 month 20.09.2013
Raymond James ARNAUD PALLIEZ outperform 5 M 66 12 month 20.09.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN buy 5 M 65 Not Provided 20.09.2013
Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 54 Not Provided 20.09.2013
Helvea PATRICK APPENZELLER buy 5 M 66 12 month 20.09.2013
Deutsche Bank LUIS PRIETO buy 5 M 65 12 month 19.09.2013
Jefferies MICHAEL F BETTS buy 5 M 66 12 month 19.09.2013
AlphaValue GAETAN DUPONT reduce 2 D 59 6 month 19.09.2013
Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 66 12 month 18.09.2013
Goldman Sachs WILL MORGAN Buy/Neutral 5 U 64 12 month 17.09.2013
Baader Bank VOLKER BOSSE not rated #N/A N/A M #N/A N/A Not Provided 17.09.2013
Exane BNP Paribas YASSINE TOUAHRI neutral 3 M 54 Not Provided 12.09.2013
Davy ROBERT GARDINER outperform 5 U #N/A N/A Not Provided 03.09.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 28.08.2013
Cantor Fitzgerald IAN OSBURN buy 5 M 62 Not Provided 21.08.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 D #N/A N/A Not Provided 15.08.2013
Berenberg Bank ROBERT MUIR hold 3 M 50 Not Provided 12.08.2013
JPMorgan RAJESH PATKI overweight 5 M 63 9 month 09.08.2013
Main First Bank AG CHRISTIAN KORTH outperform 5 M 67 12 month 06.08.2013
Bankhaus Metzler STEPHAN BAUER buy 5 M 65 12 month 05.08.2013
Societe Generale MURIEL FELLOUS buy 5 M 64 12 month 01.08.2013
Nord/LB HEINO HAMMANN buy 5 M 62 12 month 31.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 60 12 month 31.07.2013
Bankhaus Lampe MARC GABRIEL buy 5 M 60 12 month 31.07.2013
Kepler Cheuvreux JOSEP PUJAL reduce 2 D 52 Not Provided 31.07.2013
Bryan Garnier & Cie SVEN EDELFELT sell 1 M 44 6 month 31.07.2013
S&P Capital IQ JAWAHAR HINGORANI buy 5 M 64 12 month 31.07.2013
SRH AlsterResearch ALEXANDER ZIENKOWICZ buy 5 N 65 12 month 31.07.2013
Morgan Stanley YURI SEROV Equalwt/In-Line 3 M 58 12 month 10.07.2013
HSBC JOHN FRASER-ANDREWS overweight 5 M 64 Not Provided 02.07.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
Credit Suisse HARRY GOAD neutral 3 M 58 Not Provided 20.05.2013
BHF-Bank JENS JUNG underweight 1 M 47 12 month 13.05.2013
Redburn Partners JOHN MESSENGER sell 1 D #N/A N/A Not Provided 12.04.2013
National Bank AG EKKEHARD D LINK hold 3 D 48 Not Provided 14.03.2013
Steubing AG TEAM COVERAGE buy 5 M 64 Not Provided 10.01.2011
Holdings By:
HeidelbergCement AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical
products. The Company produces reactive polyurethane and laminating adhesives,
labeling for glass and PET plastic bottles, corrosion inhibitors and surface
treatments, soaps, skin care products, hair dye, perfumes, detergents,
dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.05.2013) 78.77
52-Week Low (16.11.2012) 57.85
Daily Volume
75.67
52-Week High % Change -3.94% Dividend Yield -
52-Week Low % Change 30.80% Beta 0.72
% 52 Week Price Range High/Low 87.95% Equity Float 173.62
Shares Out 31.07.2013 178.2 Short Int -
30'395.41 1 Yr Total Return 21.24%
Total Debt 3'901.00 YTD Return 23.28%
Preferred Stock 0.0 Adjusted BETA 0.720
Minority Interest 135.0 Analyst Recs 37
Cash and Equivalents 3'681.00 Consensus Rating 3.703
Enterprise Value 30'664.41
Average Volume 5 Day 608'831
HEN3 GY EQUITY YTD Change - Average Volume 30 Day 432'129
HEN3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 471'972
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
14'131.0 13'573.0 15'092.0 15'605.0 16'510.0 16'043.0 16'615.0 16'832.5 17'645.1 4'361.0 4'204.8
1.00x 1.40x 1.37x 1.34x 1.66x 5.53x 6.99x 1.76x 1.61x - -
2'048.0 1'938.0 2'445.0 2'444.0 2'782.0 2'470.0 2'809.0 2'888.1 3'096.8 753.0 778.0
6.87x 9.84x 8.43x 8.55x 9.84x 9.65x 11.20x 10.62x 9.90x 9.94x 9.86x
1'221.0 602.0 1'118.0 1'161.0 1'510.0 1'265.0 1'551.0 1'740.1 1'913.3 463.3 439.3
54.66x 26.40x 18.11x 16.70x 17.93x 17.95x 20.36x 18.78x 17.12x - -
EBITDA 2'782.00 Long-Term Rating Date 18.05.2011
EBIT 2'373.00 Long-Term Rating A
Operating Margin 14.37% Long-Term Outlook STABLE
Pretax Margin 12.47% Short-Term Rating Date 18.05.2011
Return on Assets 8.02% Short-Term Rating A-1
Return on Common Equity 16.44%
Return on Capital - EBITDA/Interest Exp. 21.24
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 18.02
Net Debt/EBITDA 0.05
Gross Margin 46.8% Total Debt/EBITDA 1.15
EBITDA Margin 16.9%
EBIT Margin 14.3% Total Debt/Equity 41.6%
Net Income Margin 9.1% Total Debt/Capital 29.1%
Asset Turnover 0.86
Current Ratio 1.30 Net Fixed Asset Turnover 7.25
Quick Ratio 0.97 Accounts receivable turnover-days 55.88
Debt to Assets 19.98% Inventory Days 66.75
Tot Debt to Common Equity 41.61% Accounts Payable Turnover Day 117.03
Accounts Receivable Turnover 6.53 Cash Conversion Cycle 1.39
Inventory Turnover 5.47
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
Henkel AG & Co KGaAPrice/Volume
Valuation Analysis
487'119.00
Current Price (9/dd/yy) Market Data
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12'000.0
14'000.0
16'000.0
18'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 5'945'065 3.34 8'121 23.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 5'554'090 3.12 - 31.12.2012 Government
HENKEL KGAA n/a n/a 4'541'372 2.55 - 05.08.2011 Corporation
SUN LIFE FINANCIAL I n/a ULT-AGG 4'083'465 2.29 177'477 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 3'741'114 2.1 1'242'671 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'287'094 1.84 (37'922) 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'321'926 1.3 (4'281) 31.07.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'117'330 1.19 68'444 31.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'990'131 1.12 (9'067) 30.06.2013 Unclassified
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'899'300 1.07 (125'430) 28.03.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'646'626 0.92 (70'411) 30.04.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 1'232'318 0.69 (46'516) 30.04.2013 Bank
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'228'092 0.69 80'667 30.08.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'151'163 0.65 - 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 945'479 0.53 (14'140) 31.08.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 885'306 0.5 13'178 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 838'342 0.47 (65'859) 31.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 719'332 0.4 (277'565) 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 656'422 0.37 128 28.06.2013 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 644'150 0.36 30'000 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 85 12 month 25.09.2013
Exane BNP Paribas EAMONN FERRY neutral 3 M 75 Not Provided 25.09.2013
Main First Bank AG GAEL COLCOMBET outperform 5 M 88 12 month 24.09.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 20.09.2013
DZ Bank AG HERBERT STURM buy 5 M 86 Not Provided 17.09.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 86 12 month 16.09.2013
Nomura GUILLAUME DELMAS buy 5 M 79 12 month 09.09.2013
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 84 12 month 05.09.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 90 6 month 20.08.2013
M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 79 12 month 14.08.2013
Nord/LB JULIA SIEKMANN buy 5 M 86 12 month 12.08.2013
Goldman Sachs ROSIE EDWARDS neutral/attractive 3 M 82 12 month 12.08.2013
Baader Bank CHRISTIAN WEIZ hold 3 M 79 12 month 12.08.2013
Credit Suisse NICOLAS SOCHOVSKY underperform 1 M 73 Not Provided 12.08.2013
Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 87 12 month 09.08.2013
UBS EVA QUIROGA neutral 3 M 75 12 month 09.08.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 80 12 month 09.08.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 09.08.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 85 12 month 09.08.2013
Deutsche Bank HAROLD THOMPSON buy 5 M 80 12 month 08.08.2013
Morgan Stanley ERIK SJOGREN Overwt/In-Line 5 M 83 12 month 08.08.2013
JPMorgan CELINE PANNUTI underweight 1 M 65 15 month 08.08.2013
HSBC CEDRIC BESNARD underweight 1 M 63 Not Provided 08.08.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 87 12 month 08.08.2013
Bankhaus Lampe MICHAEL GORNY hold 3 M 73 12 month 08.08.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA sell 1 M 56 12 month 08.08.2013
S&P Capital IQ CARL SHORT hold 3 M 81 12 month 08.08.2013
Barclays IAIN SIMPSON overweight 5 M 83 Not Provided 08.08.2013
Berenberg Bank JAMES TARGETT Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 05.07.2013
Kepler Cheuvreux MARKUS MAYER hold 3 M 78 Not Provided 13.06.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 06.06.2013
Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.05.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 81 Not Provided 08.05.2013
Jefferies ALEX HOWSON hold 3 M 54 Not Provided 19.03.2013
National Bank AG STEFFEN MANSKE buy 5 M 76 Not Provided 19.11.2012
Holdings By:
Henkel AG & Co KGaA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Hannover Rueck SE provides reinsurance services. The Company offers
life, health, accident, damage, property, and high risk specialty reinsurance.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (30.04.2013) 64.85
52-Week Low (28.09.2012) 49.58
Daily Volume
55.1
52-Week High % Change -15.03% Dividend Yield -
52-Week Low % Change 11.13% Beta 0.78
% 52 Week Price Range High/Low 34.84% Equity Float 59.98
Shares Out 30.06.2013 120.6 Short Int -
6'644.90 1 Yr Total Return 14.55%
Total Debt 2'400.79 YTD Return -1.88%
Preferred Stock 0.0 Adjusted BETA 0.780
Minority Interest 684.5 Analyst Recs 33
Cash and Equivalents 572.19 Consensus Rating 3.485
Enterprise Value 9'229.23
Average Volume 5 Day 232'215
HNR1 GY EQUITY YTD Change - Average Volume 30 Day 211'973
HNR1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 201'417
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
7'343.2 10'569.4 11'418.9 12'125.7 13'759.6 12'723.1 14'189.4 14'207.9 14'679.5 - -
0.57x 0.52x 0.62x 0.55x 0.70x 2.19x 2.58x 0.68x 0.61x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(127.0) 733.7 748.9 606.0 858.3 792.8 860.8 835.2 828.3 165.0 235.0
- 5.38x 6.46x 7.63x 8.28x 7.11x 7.74x 8.02x 8.04x - -
EBITDA - Long-Term Rating Date 15.04.2003
EBIT - Long-Term Rating AA-
Operating Margin 10.15% Long-Term Outlook STABLE
Pretax Margin 9.46% Short-Term Rating Date -
Return on Assets 1.59% Short-Term Rating -
Return on Common Equity 15.56%
Return on Capital 12.39% EBITDA/Interest Exp. -
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 39.6%
Net Income Margin 6.2% Total Debt/Capital 26.3%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.38% Inventory Days -
Tot Debt to Common Equity 39.64% 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
Hannover Rueck SEPrice/Volume
Valuation Analysis
75'923.00
Current Price (9/dd/yy) Market Data
'
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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TALANX AG n/a Co File 60'539'744 50.2 - 31.12.2012 Insurance Company
BLACKROCK n/a ULT-AGG 3'622'528 3 - 23.09.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 3'248'731 2.69 (167'000) 31.07.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 1'101'269 0.91 20'750 30.08.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'054'230 0.87 (91'430) 30.06.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 782'514 0.65 267'058 31.07.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 760'214 0.63 (18'048) 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 688'917 0.57 15'031 30.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 582'283 0.48 - 31.12.2012 Government
DJE INVESTMENT SA Multiple Portfolios MF-AGG 567'800 0.47 (63'000) 28.06.2013 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 538'060 0.45 79'600 28.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 469'861 0.39 (26'440) 30.06.2013 Investment Advisor
WS MANAGEMENT LLLP n/a Short (434'150) -0.36 - 01.11.2012 Other
TAUBE HODSON STONEX Multiple Portfolios MF-AGG 370'606 0.31 (2'456) 31.07.2013 Investment Advisor
PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 276'100 0.23 - 30.06.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 274'894 0.23 2'776 31.05.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 266'569 0.22 45'506 31.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 265'058 0.22 (11'784) 31.08.2013 Investment Advisor
ACATIS Multiple Portfolios MF-AGG 138'737 0.12 44'000 28.03.2013 Investment Advisor
F&C ASSET MANAGEMENT Multiple Portfolios MF-AGG 131'601 0.11 (5'384) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas THOMAS JACQUET neutral 3 M 62 Not Provided 23.09.2013
Canaccord Genuity Corp BEN COHEN hold 3 M 62 12 month 20.09.2013
AlphaValue DIETER HEIN add 4 M 60 6 month 19.09.2013
Morgan Stanley MACIEJ WASILEWICZ Underwt/In-Line 1 M 58 12 month 18.09.2013
Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 62 12 month 13.09.2013
JPMorgan MICHAEL HUTTNER underweight 1 M 52 3 month 13.09.2013
Mediobanca SpA MARC THIELE neutral 3 M 65 12 month 11.09.2013
Commerzbank Corporates & Markets FRANK KOPFINGER hold 3 M 58 6 month 11.09.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 60 12 month 10.09.2013
Main First Bank AG MICHAEL HAID outperform 5 M 65 12 month 09.09.2013
Helvea DANIEL BISCHOF hold 3 M 57 12 month 09.09.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 70 12 month 06.09.2013
Kepler Cheuvreux FABRIZIO CROCE hold 3 M 63 Not Provided 26.08.2013
Nord/LB JULIA SIEKMANN buy 5 M 65 12 month 20.08.2013
EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 20.08.2013
Credit Suisse ADAM MCINALLY outperform 5 M 68 Not Provided 14.08.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 61 12 month 13.08.2013
Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 08.08.2013
HSBC THOMAS FOSSARD overweight 5 M 72 Not Provided 08.08.2013
Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 64 Not Provided 08.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 08.08.2013
Oddo & Cie NICOLAS JACOB neutral 3 M 55 Not Provided 08.08.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 65 Not Provided 08.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 63 Not Provided 07.08.2013
Berenberg Bank TOM CARSTAIRS buy 5 M 63 Not Provided 07.08.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 60 6 month 07.08.2013
Nomura MICHAEL KLIEN reduce 2 M 55 12 month 07.08.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER buy 5 M 70 12 month 07.08.2013
SRC Research STEFAN SCHARFF buy 5 U 67 Not Provided 07.08.2013
Barclays ANDREW BROADFIELD equalweight 3 M 61 Not Provided 22.07.2013
Societe Generale JASON KALAMBOUSSIS hold 3 M 58 12 month 07.03.2013
Holdings By:
Hannover Rueck SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Hochtief AG provides construction and construction related services worldwide.
The Company finances, designs, builds, constructs and operates a wide variety
of facilities through its five divisions, Airport, Development, Construction
Services Americas, Construction Services Asia Pacific, and Construction
Services Europe.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (25.09.2013) 64.99
52-Week Low (16.11.2012) 35.94
Daily Volume
64.99
52-Week High % Change 0.00% Dividend Yield -
52-Week Low % Change 80.85% Beta 1.16
% 52 Week Price Range High/Low 97.55% Equity Float 26.99
Shares Out 30.06.2013 77.0 Short Int -
5'004.23 1 Yr Total Return 76.43%
Total Debt 4'456.46 YTD Return 50.56%
Preferred Stock 0.0 Adjusted BETA 1.163
Minority Interest 1'603.4 Analyst Recs 23
Cash and Equivalents 3'143.58 Consensus Rating 3.261
Enterprise Value 8'692.63
Average Volume 5 Day 193'430
HOT GY EQUITY YTD Change - Average Volume 30 Day 182'097
HOT GY EQUITY YTD % CHANGE - Average Volume 3 Month 186'882
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
18'703.1 18'166.1 20'159.3 23'282.2 25'527.7 24'920.4 26'124.8 25'810.8 26'175.7 6'683.0 6'700.5
0.19x 0.28x 0.29x 0.26x 0.24x 1.01x 1.07x 0.27x 0.27x - -
622.0 1'029.1 1'480.3 1'674.2 1'477.3 1'591.5 1'803.8 1'756.6 1'750.6 - -
5.79x 4.97x 3.92x 3.55x 4.16x 4.01x 4.09x 4.94x 4.96x - -
156.7 191.7 288.0 (160.3) 158.1 (55.2) 333.5 235.2 267.7 75.7 30.9
15.81x 18.59x 14.74x - 20.43x 0.00x 11.14x 19.52x 17.84x - -
EBITDA 1'477.32 Long-Term Rating Date -
EBIT 527.16 Long-Term Rating -
Operating Margin 2.07% Long-Term Outlook -
Pretax Margin 2.14% Short-Term Rating Date -
Return on Assets 1.98% Short-Term Rating -
Return on Common Equity 13.22%
Return on Capital 10.00% EBITDA/Interest Exp. 4.55
Asset Turnover 1.55% (EBITDA-Capex)/Interest Exp. 0.81
Net Debt/EBITDA 1.18
Gross Margin - Total Debt/EBITDA 2.69
EBITDA Margin 6.9%
EBIT Margin 3.3% Total Debt/Equity 168.8%
Net Income Margin 0.6% Total Debt/Capital 51.2%
Asset Turnover 1.55
Current Ratio 1.35 Net Fixed Asset Turnover 12.58
Quick Ratio 0.94 Accounts receivable turnover-days 79.26
Debt to Assets 26.27% Inventory Days -
Tot Debt to Common Equity 168.78% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.61 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
Hochtief AGPrice/Volume
Valuation Analysis
97'627.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ACS ACTIVIDADES CONS n/a Research 38'423'000 49.9 - 31.12.2012 Corporation
QATAR INVESTMENT AUT n/a Co File 7'700'000 10 - 31.12.2011 Government
SOUTHEASTERN ASSET M n/a Research 3'980'943 5.17 - 20.04.2012 Investment Advisor
HOCHTIEF AG n/a ULT-AGG 3'883'553 5.04 - 03.07.2013 Corporation
BLACKROCK n/a ULT-AGG 3'066'749 3.98 (40'965) 23.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 1'546'134 2.01 - 31.12.2012 Government
SPARINVEST n/a ULT-AGG 690'127 0.9 - 31.07.2013 Investment Advisor
LANSDOWNE PARTNERS L n/a Short (385'000) -0.5 - 05.06.2013 Hedge Fund Manager
VANGUARD GROUP INC n/a ULT-AGG 353'374 0.46 (3'912) 30.06.2013 Unclassified
LONGLEAF MANAGEMENT Multiple Portfolios MF-AGG 325'700 0.42 - 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 225'659 0.29 (19'584) 30.06.2013 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 186'984 0.24 - 30.11.2012 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 145'417 0.19 - 31.05.2013 Investment Advisor
WITAN INVESTMENT TRU Multiple Portfolios MF-AGG 138'000 0.18 - 30.04.2013 Investment Advisor
AGICAM Multiple Portfolios MF-AGG 120'000 0.16 - 01.07.2013 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 105'799 0.14 7'375 31.03.2013 Investment Advisor
LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 93'000 0.12 - 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 85'178 0.11 (2'000) 31.07.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 74'572 0.1 19'456 28.03.2013 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 73'413 0.1 - 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale VICTOR ACITORES buy 5 M 73 12 month 25.09.2013
Goldman Sachs WILL MORGAN neutral/neutral 3 D 68 12 month 17.09.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 D 67 12 month 12.09.2013
UBS GREGOR KUGLITSCH neutral 3 M 56 12 month 10.09.2013
Equinet Institutional Services(ESN) INGBERT FAUST buy 5 M 69 12 month 10.09.2013
National Bank AG EKKEHARD D LINK hold 3 M 56 12 month 03.09.2013
DZ Bank AG JASKO TERZIC buy 5 M 63 Not Provided 21.08.2013
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 58 Not Provided 19.08.2013
Bankhaus Lampe MARC GABRIEL sell 1 M 55 12 month 19.08.2013
Nord/LB HEINO HAMMANN hold 3 D 62 12 month 16.08.2013
Natixis ABDELKADER BENCHIHA buy 5 M 63 Not Provided 16.08.2013
M.M. Warburg Investment Research FRANK LASER buy 5 M 65 12 month 14.08.2013
Bankhaus Metzler STEPHAN BAUER sell 1 M 55 12 month 14.08.2013
S&P Capital IQ JAWAHAR HINGORANI buy 5 M 64 12 month 14.08.2013
Commerzbank Corporates & Markets NORBERT KRETLOW hold 3 M 51 6 month 05.08.2013
HSBC TOBIAS LOSKAMP overweight 5 M 67 Not Provided 31.07.2013
Morgan Stanley ALEJANDRA PEREDA Underwt/In-Line 1 M 51 12 month 14.06.2013
Kepler Cheuvreux BORJA CASTRO PEREZ MANZUCO buy 5 M 57 Not Provided 13.06.2013
Berenberg Bank CHRIS MOORE hold 3 D 59 Not Provided 06.06.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
Espirito Santo Investment Bank ResearchJUAN CARLOS CALVO buy 5 M 69 Not Provided 15.05.2013
Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 12.03.2013
Main First Bank AG CHRISTIAN KORTH underperform 1 D 44 12 month 01.03.2013
Deutsche Bank MICHAEL KUHN restricted #N/A N/A M #N/A N/A Not Provided 27.09.2010
Holdings By:
Hochtief AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Infineon Technologies AG designs, manufactures, and markets semiconductors and
related products. The Company's products include microprocessors, memory
components, microcontrollers, integrated circuits, digital and analog sensors,
and fiber optics. Infineon markets its products to the communications,
automotive, industrial, and consumer electronics sectors.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 7.72
52-Week Low (28.09.2012) 4.87
Daily Volume
7.58
52-Week High % Change -1.76% Dividend Yield -
52-Week Low % Change 55.81% Beta 1.12
% 52 Week Price Range High/Low 94.25% Equity Float 1'076.83
Shares Out 30.08.2013 1'081.0 Short Int -
8'194.10 1 Yr Total Return 51.18%
Total Debt 295.00 YTD Return 25.95%
Preferred Stock 0.0 Adjusted BETA 1.118
Minority Interest 0.0 Analyst Recs 36
Cash and Equivalents 2'235.00 Consensus Rating 3.889
Enterprise Value 6'362.10
Average Volume 5 Day 7'025'219
IFX GY EQUITY YTD Change - Average Volume 30 Day 6'153'938
IFX GY EQUITY YTD % CHANGE - Average Volume 3 Month 7'192'639
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 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1
3'903.0 2'184.0 3'295.0 3'997.0 3'904.0 3'960.0 3'773.0 3'838.5 4'206.4 1'056.0 961.0
0.85x 1.66x 1.27x 0.91x 0.88x 4.58x 4.86x 1.62x 1.43x 5.84x 6.35x
702.0 292.0 687.0 1'098.0 881.0 958.0 726.0 791.1 1'029.9 258.0 217.0
4.73x 12.43x 6.07x 3.33x 3.89x 3.99x 7.00x 8.03x 6.17x 6.49x 6.36x
(2'935.0) (626.0) 659.0 1'119.0 427.0 414.0 267.0 258.9 439.3 113.0 90.3
- - 17.47x 8.17x 12.42x 10.62x 25.74x 31.58x 19.05x 18.90x 17.47x
EBITDA 881.00 Long-Term Rating Date -
EBIT 453.00 Long-Term Rating -
Operating Margin 11.60% Long-Term Outlook -
Pretax Margin 11.04% Short-Term Rating Date -
Return on Assets 4.71% Short-Term Rating -
Return on Common Equity 7.48%
Return on Capital - EBITDA/Interest Exp. 14.68
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. -0.15
Net Debt/EBITDA -2.52
Gross Margin 36.6% Total Debt/EBITDA 0.42
EBITDA Margin 19.2%
EBIT Margin 7.0% Total Debt/Equity 8.3%
Net Income Margin 10.9% Total Debt/Capital 7.6%
Asset Turnover 0.67
Current Ratio 2.09 Net Fixed Asset Turnover 2.37
Quick Ratio 1.65 Accounts receivable turnover-days 54.71
Debt to Assets 5.00% Inventory Days 82.76
Tot Debt to Common Equity 8.25% Accounts Payable Turnover Day 70.46
Accounts Receivable Turnover 6.67 Cash Conversion Cycle 34.53
Inventory Turnover 4.41
Fiscal Year Ended
Infineon Technologies AGPrice/Volume
Valuation Analysis
3'276'589.00
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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9'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 120'786'574 11.17 (2'545'211) 23.09.2013 Investment Advisor
DODGE & COX n/a Co File 108'178'569 10.01 - 30.09.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 99'420'189 9.2 (3'575'000) 30.06.2013 Investment Advisor
UBS AG n/a ULT-AGG 60'242'069 5.57 50'203 07.08.2013 Unclassified
ODEY ASSET MANAGEMEN n/a Research 31'138'315 2.88 - 04.04.2012 Investment Advisor
SUSQUEHANNA INTERNAT n/a Short (26'482'703) -2.45 (7'037'190) 04.09.2013 Other
NORGES BANK Multiple Portfolios MF-AGG 26'059'991 2.41 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 23'400'319 2.16 (2'713'840) 30.06.2013 Unclassified
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 11'352'777 1.05 10'936'220 31.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 10'657'123 0.99 2'439'755 30.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'970'072 0.83 2'987'928 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 8'966'202 0.83 (821'888) 28.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 8'912'009 0.82 1'032'356 31.07.2013 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (8'537'641) -0.79 216'143 12.06.2013 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 8'188'770 0.76 (3'080'757) 28.06.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 7'043'921 0.65 86'677 31.07.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 6'915'466 0.64 233'320 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 6'700'798 0.62 235'222 31.07.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'962'925 0.55 (499'000) 28.03.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 4'831'695 0.45 841'695 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nord/LB WOLFGANG DONIE buy 5 M 9 12 month 24.09.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 8 12 month 24.09.2013
Hauck & Aufhaeuser TIM OLIVER WUNDERLICH hold 3 M 7 12 month 24.09.2013
M.M. Warburg Investment Research MALTE SCHAUMANN hold 3 D 8 12 month 24.09.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 9 12 month 23.09.2013
Exane BNP Paribas JEROME RAMEL outperform 5 M 10 Not Provided 23.09.2013
Societe Generale PETER KNOX hold 3 M 7 12 month 19.09.2013
Jefferies LEE SIMPSON buy 5 M 8 12 month 19.09.2013
AlphaValue LIONEL PELLICER add 4 M 8 6 month 19.09.2013
Bankhaus Lampe KARSTEN ILTGEN sell 1 M 6 12 month 18.09.2013
Natixis STEPHANE HOURI neutral 3 M 8 6 month 17.09.2013
Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 10 12 month 11.09.2013
Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 8 12 month 11.09.2013
Berenberg Bank ADNAAN AHMAD hold 3 M 7 Not Provided 11.09.2013
Deutsche Bank KAI KORSCHELT hold 3 M 7 12 month 04.09.2013
Commerzbank Corporates & Markets THOMAS M BECKER add 4 M 8 6 month 29.08.2013
HSBC CHRISTIAN DOMINIK RATH neutral 3 M 8 Not Provided 16.08.2013
Landesbank Baden-Wuerttemberg THOMAS HOFMANN hold 3 M 7 Not Provided 16.08.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 09.08.2013
Kepler Cheuvreux BERND LAUX hold 3 M 7 Not Provided 01.08.2013
Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 01.08.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 7 12 month 31.07.2013
JPMorgan SANDEEP S DESHPANDE overweight 5 M 9 3 month 31.07.2013
Main First Bank AG JUERGEN WAGNER outperform 5 M 9 12 month 31.07.2013
Barclays ANDREW M GARDINER overweight 5 M 9 Not Provided 31.07.2013
Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 6 Not Provided 30.07.2013
Morgan Stanley FRANCOIS MEUNIER Equalwt/Cautious 3 M 6 12 month 30.07.2013
S&P Capital IQ JAMES CRAWSHAW sell 1 M 5 12 month 30.07.2013
DZ Bank AG HARALD SCHNITZER buy 5 M 8 Not Provided 30.07.2013
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 8 12 month 30.07.2013
UBS GARETH JENKINS buy 5 M 8 12 month 03.05.2013
Liberum Capital Ltd JANARDAN MENON buy 5 U 9 Not Provided 14.03.2013
National Bank AG STEFFEN MANSKE buy 5 M 8 Not Provided 31.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
CM - CIC Securities(ESN) FRANCOIS GOBRON suspended coverage #N/A N/A M #N/A N/A Not Provided 23.09.2008
Holdings By:
Infineon Technologies AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Jenoptik AG is an optoelectronics group that offers optical systems, lasers and
material processing. The Company also provides industrial metrology, Traffic
solutions, and defense & civil systems services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (11.09.2013) 11.32
52-Week Low (28.09.2012) 5.75
Daily Volume
11.17
52-Week High % Change -1.33% Dividend Yield -
52-Week Low % Change 94.26% Beta 0.73
% 52 Week Price Range High/Low 97.13% Equity Float 41.15
Shares Out 30.06.2013 57.2 Short Int -
639.35 1 Yr Total Return 91.39%
Total Debt 120.99 YTD Return 54.26%
Preferred Stock 0.0 Adjusted BETA 0.730
Minority Interest 0.3 Analyst Recs 13
Cash and Equivalents 45.92 Consensus Rating 3.923
Enterprise Value 720.44
Average Volume 5 Day 97'155
JEN GY EQUITY YTD Change - Average Volume 30 Day 88'955
JEN GY EQUITY YTD % CHANGE - Average Volume 3 Month 89'344
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
548.3 441.3 478.8 543.3 585.0 570.8 584.8 607.0 653.0 - -
0.87x 0.81x 0.81x 0.62x 0.85x 2.56x 3.53x 1.18x 1.10x - -
70.5 9.9 56.1 93.1 84.4 91.2 81.5 76.8 88.3 - -
6.75x 36.09x 6.93x 3.64x 5.90x 4.18x 7.62x 9.37x 8.15x - -
11.8 (37.9) 36.6 35.3 50.2 40.4 49.1 35.9 46.7 - -
21.74x - 33.74x 7.87x 9.23x 8.20x 12.24x 17.73x 13.86x - -
EBITDA 84.35 Long-Term Rating Date 04.06.2008
EBIT 62.10 Long-Term Rating NR
Operating Margin 10.61% Long-Term Outlook -
Pretax Margin 7.08% Short-Term Rating Date -
Return on Assets 7.47% Short-Term Rating -
Return on Common Equity 14.85%
Return on Capital - EBITDA/Interest Exp. 5.27
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 3.74
Net Debt/EBITDA 0.99
Gross Margin 34.8% Total Debt/EBITDA 1.44
EBITDA Margin 13.9%
EBIT Margin 10.2% Total Debt/Equity 36.7%
Net Income Margin 8.6% Total Debt/Capital 26.8%
Asset Turnover 0.89
Current Ratio 2.08 Net Fixed Asset Turnover 4.18
Quick Ratio 0.90 Accounts receivable turnover-days 61.92
Debt to Assets 18.07% Inventory Days 176.84
Tot Debt to Common Equity 36.66% Accounts Payable Turnover Day 41.13
Accounts Receivable Turnover 5.90 Cash Conversion Cycle 183.67
Inventory Turnover 2.06
Fiscal Year Ended
Jenoptik AGPrice/Volume
Valuation Analysis
30'397.00
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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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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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ECE INDUSTRIEBETEILI n/a Co File 8'019'058 14.01 - 28.02.2013 Corporation
THUERINGER INDUSTRIE n/a Co File 6'296'191 11 - 28.02.2013 Other
FRANKLIN RESOURCES n/a ULT-AGG 2'575'308 4.5 16'270 31.07.2013 Investment Advisor
ODDO ASSET MANAGEMEN n/a Research 1'747'653 3.05 - 24.01.2013 Investment Advisor
BT PENSION SCHEME n/a Research 1'608'393 2.81 - 16.01.2012 Pension Fund (ERISA)
DIMENSIONAL FUND ADV n/a ULT-AGG 1'051'902 1.84 - 30.04.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 748'394 1.31 - 31.12.2012 Government
BARING FUND MANAGERS Multiple Portfolios MF-AGG 657'624 1.15 - 31.05.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios MF-AGG 402'630 0.7 - 31.07.2013 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 245'000 0.43 (5'000) 31.12.2012 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 240'167 0.42 3'782 30.06.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 189'818 0.33 - 24.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 189'513 0.33 (6'135) 23.09.2013 Investment Advisor
THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 181'837 0.32 181'837 28.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 180'000 0.31 - 31.05.2013 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 165'000 0.29 165'000 30.04.2013 Investment Advisor
PIONEER INVESTMENTS Multiple Portfolios MF-AGG 136'797 0.24 17'576 30.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 97'732 0.17 (2'280) 31.05.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 90'000 0.16 - 28.03.2013 Investment Advisor
BAYERNINVEST LUXEMBO Multiple Portfolios MF-AGG 71'890 0.13 - 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
M.M. Warburg Investment Research MALTE SCHAUMANN buy 5 M 14 12 month 20.09.2013
Bankhaus Lampe KARSTEN ILTGEN hold 3 M 10 12 month 18.09.2013
Montega Robert-Jan van der Horst buy 5 N 13 12 month 12.09.2013
Commerzbank Corporates & Markets DENNIS SCHMITT hold 3 M 8 6 month 02.09.2013
Close Brothers Equity Markets IGOR KIM hold 3 M 11 12 month 20.08.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 11 12 month 14.08.2013
Baader Bank PETER ROTHENAICHER buy 5 M 12 12 month 13.08.2013
Berenberg Bank ALI FARID KHWAJA buy 5 M 9 Not Provided 13.08.2013
Deutsche Bank UWE SCHUPP hold 3 M 9 12 month 09.08.2013
DZ Bank AG DIRK SCHLAMP buy 5 M 11 Not Provided 02.08.2013
HSBC RICHARD SCHRAMM neutral 3 D 11 Not Provided 21.06.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 21.06.2013
Kepler Cheuvreux ULRICH SCHOLZ hold 3 D 9 Not Provided 29.01.2013
Holdings By:
Jenoptik AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Kontron AG develops, produces and markets embedded computer boards. The Company
provides its products to original equipment manufacturers, systems integrators,
and other end-users in high-tech industries such as telecommunications,
industrial automation, mobile computing, and the Internet.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (14.01.2013) 4.78
52-Week Low (14.11.2012) 3.11
Daily Volume
4.655
52-Week High % Change -2.62% Dividend Yield -
52-Week Low % Change 49.49% Beta 0.74
% 52 Week Price Range High/Low 95.56% Equity Float 37.36
Shares Out 30.06.2013 55.7 Short Int -
259.20 1 Yr Total Return 27.08%
Total Debt 14.53 YTD Return 14.29%
Preferred Stock 0.0 Adjusted BETA 0.737
Minority Interest 3.3 Analyst Recs 14
Cash and Equivalents 27.53 Consensus Rating 2.786
Enterprise Value 262.73
Average Volume 5 Day 132'104
KBC GY EQUITY YTD Change - Average Volume 30 Day 146'634
KBC GY EQUITY YTD % CHANGE - Average Volume 3 Month 125'295
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
496.7 468.9 509.5 589.6 547.0 584.0 539.1 545.3 577.3 - -
0.68x 0.83x 0.86x 0.48x 0.40x 2.05x 1.54x 0.47x 0.45x - -
57.5 42.3 46.1 55.3 11.6 44.8 0.8 16.2 32.6 - -
5.86x 9.22x 9.50x 5.17x 18.94x 5.85x 238.56x 16.12x 8.00x - -
33.8 21.6 (13.5) 21.9 (32.8) 14.5 (42.3) (13.1) 5.8 - -
10.85x 19.44x - 12.98x - 18.70x 0.00x - 31.88x - -
EBITDA 11.56 Long-Term Rating Date -
EBIT -32.26 Long-Term Rating -
Operating Margin -5.90% Long-Term Outlook -
Pretax Margin -6.31% Short-Term Rating Date -
Return on Assets -8.71% Short-Term Rating -
Return on Common Equity -14.00%
Return on Capital - EBITDA/Interest Exp. 8.02
Asset Turnover 1.11% (EBITDA-Capex)/Interest Exp. 3.23
Net Debt/EBITDA 0.56
Gross Margin 26.2% Total Debt/EBITDA 21.64
EBITDA Margin 0.2%
EBIT Margin -8.1% Total Debt/Equity 5.1%
Net Income Margin -6.0% Total Debt/Capital 4.8%
Asset Turnover 1.11
Current Ratio 1.95 Net Fixed Asset Turnover 24.95
Quick Ratio 1.03 Accounts receivable turnover-days 81.80
Debt to Assets 3.16% Inventory Days 99.35
Tot Debt to Common Equity 5.13% Accounts Payable Turnover Day 93.46
Accounts Receivable Turnover 4.46 Cash Conversion Cycle 92.69
Inventory Turnover 3.67
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
Kontron AGPrice/Volume
Valuation Analysis
95'698.00
Current Price (9/dd/yy) Market Data
'--..001122
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200.0
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600.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WARBURG PINCUS LLC n/a Co File 10'579'770 19 - 31.12.2012 Private Equity
TRITON III HOLDING n/a Research 7'166'500 12.87 - 20.03.2013 Other
SEB n/a ULT-AGG 3'337'400 5.99 - 05.06.2012 Unclassified
FMR LLC n/a ULT-AGG 1'596'713 2.87 - 16.04.2012 Investment Advisor
ALKEN FUND SICAV n/a Research 1'591'133 2.86 - 24.02.2012 n/a
NORGES BANK Multiple Portfolios MF-AGG 1'387'734 2.49 - 31.12.2012 Government
BNY MELLON SERVICE K Multiple Portfolios MF-AGG 980'521 1.76 349'010 30.08.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 913'024 1.64 - 30.04.2013 Investment Advisor
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 750'000 1.35 - 28.03.2013 Investment Advisor
NMAS1 ASSET MANAGEME Multiple Portfolios MF-AGG 690'369 1.24 - 31.07.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 562'500 1.01 - 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 382'311 0.69 (5'453) 23.09.2013 Investment Advisor
GEHRMANN ULRICH n/a Co File 280'000 0.5 - 31.12.2012 n/a
VANGUARD GROUP INC n/a ULT-AGG 273'705 0.49 6'634 30.06.2013 Unclassified
INVESCO LTD n/a ULT-AGG 237'353 0.43 30'033 24.09.2013 Investment Advisor
BANKINVEST ASSET MAN Multiple Portfolios MF-AGG 200'000 0.36 - 31.07.2013 Investment Advisor
NEVIN HUGH n/a Co File 189'366 0.34 - 31.12.2012 n/a
DEUTSCHE BANK AG n/a ULT-AGG 156'550 0.28 56'550 31.07.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 90'934 0.16 - 24.09.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 82'291 0.15 - 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Independent Research GmbH MARKUS FRIEBEL hold 3 M 5 12 month 17.09.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 D #N/A N/A Not Provided 23.08.2013
Kepler Cheuvreux BERND LAUX buy 5 M 7 Not Provided 22.08.2013
Hauck & Aufhaeuser TIM OLIVER WUNDERLICH sell 1 M 3 12 month 25.07.2013
M.M. Warburg Investment Research MALTE SCHAUMANN hold 3 M 4 12 month 25.07.2013
DZ Bank AG MARKUS TURNWALD sell 1 M 3 Not Provided 25.07.2013
Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 4 6 month 24.07.2013
Berenberg Bank ALI FARID KHWAJA hold 3 M 4 Not Provided 24.07.2013
Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 U 5 12 month 24.07.2013
Deutsche Bank UWE SCHUPP hold 3 M 4 12 month 22.07.2013
Bankhaus Metzler ULRICH TRABERT sell 1 M 3 12 month 10.07.2013
Landesbank Baden-Wuerttemberg THOMAS HOFMANN hold 3 M 4 Not Provided 09.07.2013
Close Brothers Equity Markets VEYSEL TAZE sell 1 N 4 12 month 10.04.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013
Holdings By:
Kontron AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Kloeckner & Co SE distributes a wide range of steel and metal products.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (06.03.2013) 11.98
52-Week Low (29.10.2012) 6.93
Daily Volume
10.285
52-Week High % Change -14.15% Dividend Yield -
52-Week Low % Change 48.52% Beta 1.19
% 52 Week Price Range High/Low 67.56% Equity Float 91.95
Shares Out 30.06.2013 99.8 Short Int -
1'025.93 1 Yr Total Return 27.76%
Total Debt 1'024.05 YTD Return 14.69%
Preferred Stock 0.0 Adjusted BETA 1.189
Minority Interest 23.0 Analyst Recs 30
Cash and Equivalents 610.22 Consensus Rating 3.433
Enterprise Value 1'525.56
Average Volume 5 Day 392'890
KCO GY EQUITY YTD Change - Average Volume 30 Day 462'525
KCO GY EQUITY YTD % CHANGE - Average Volume 3 Month 519'366
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
6'749.6 3'860.5 5'198.2 7'095.4 7'388.0 7'532.2 6'801.7 6'752.4 7'032.5 1'702.8 1'718.8
0.17x 0.27x 0.30x 0.21x 0.18x 0.81x 0.82x 0.22x 0.21x 0.97x 0.88x
596.3 (76.3) 233.4 199.9 60.1 110.2 54.2 134.5 209.7 34.9 37.2
1.93x - 6.59x 7.38x 22.16x 12.67x 24.28x 11.39x 7.30x - -
398.3 (188.5) 77.5 11.6 (194.9) (87.4) (166.5) (34.0) 32.5 (4.4) (0.3)
1.44x - 17.95x 70.86x - 0.00x 0.00x - 32.04x - -
EBITDA 60.08 Long-Term Rating Date 27.03.2013
EBIT -104.43 Long-Term Rating B+
Operating Margin -1.41% Long-Term Outlook NEG
Pretax Margin -2.42% Short-Term Rating Date -
Return on Assets -3.77% Short-Term Rating -
Return on Common Equity -10.19%
Return on Capital - EBITDA/Interest Exp. 0.67
Asset Turnover 1.54% (EBITDA-Capex)/Interest Exp. 0.04
Net Debt/EBITDA 8.82
Gross Margin 17.6% Total Debt/EBITDA 19.34
EBITDA Margin 0.8%
EBIT Margin -1.2% Total Debt/Equity 63.5%
Net Income Margin -2.6% Total Debt/Capital 38.5%
Asset Turnover 1.54
Current Ratio 2.79 Net Fixed Asset Turnover 11.18
Quick Ratio 1.40 Accounts receivable turnover-days 56.70
Debt to Assets 26.22% Inventory Days -
Tot Debt to Common Equity 63.54% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.44 Cash Conversion Cycle 78.61
Inventory Turnover -
Fiscal Year Ended
Kloeckner & Co SEPrice/Volume
Valuation Analysis
286'933.00
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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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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INTERFER HOLDING n/a Research 7'800'000 7.82 - 18.02.2013 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'590'173 3.6 (256'412) 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 3'185'285 3.19 - 28.06.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 2'726'397 2.73 4'434 30.04.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 2'410'068 2.42 (100'000) 31.05.2013 Investment Advisor
UBS AG n/a ULT-AGG 2'389'100 2.4 - 31.05.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 1'318'689 1.32 - 31.12.2012 Government
FEDERATED INVESTORS Multiple Portfolios MF-AGG 977'668 0.98 - 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 976'403 0.98 (512'408) 28.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 959'500 0.96 400'000 28.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 779'055 0.78 29'549 23.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 598'303 0.6 79'555 30.06.2013 Unclassified
OXFORD ASSET MANAGEM n/a Short (588'525) -0.59 89'775 20.09.2013 Hedge Fund Manager
DEUTSCHE BANK AG n/a ULT-AGG 567'000 0.57 (44'650) 31.07.2013 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (488'775) -0.49 189'525 14.03.2013 Hedge Fund Manager
AQR CAPITAL MANAGEME n/a Short (488'775) -0.49 89'775 17.09.2013 Hedge Fund Manager
SAEMOR CAPITAL BV n/a Short (478'800) -0.48 19'950 27.08.2013 Investment Advisor
MILLENNIUM PARTNERS n/a Short (458'850) -0.46 39'900 25.10.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 457'329 0.46 141'937 28.06.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 377'256 0.38 - 25.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura NEIL SAMPAT reduce 2 M 7 12 month 23.09.2013
Exane BNP Paribas ROMY KRUGER neutral 3 M 9 Not Provided 23.09.2013
Goldman Sachs STEPHEN BENSON Sell/Neutral 1 M 8 12 month 15.09.2013
Baader Bank CHRISTIAN OBST hold 3 D 12 12 month 12.09.2013
Jefferies SETH ROSENFELD hold 3 U 10 12 month 10.09.2013
JPMorgan BENJAMIN DEFAY overweight 5 M 13 9 month 06.09.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 9 6 month 02.09.2013
Bankhaus Metzler LARS HETTCHE buy 5 M 12 12 month 26.08.2013
DZ Bank AG DIRK SCHLAMP hold 3 M 10 Not Provided 21.08.2013
Morgan Stanley ALEXANDER HAISSL Underwt/Cautious 1 M 8 12 month 20.08.2013
M.M. Warburg Investment Research BJOERN VOSS buy 5 M 12 12 month 15.08.2013
HSBC JUERGEN SIEBRECHT overweight 5 M 13 Not Provided 12.08.2013
Nord/LB HOLGER FECHNER buy 5 M 13 12 month 09.08.2013
Macquarie DANIEL LURCH outperform 5 M 11 12 month 08.08.2013
Bankhaus Lampe MARC GABRIEL hold 3 M 11 12 month 08.08.2013
Berenberg Bank BJOERN LIPPE hold 3 M 9 Not Provided 08.08.2013
Main First Bank AG ALEXANDER HAUENSTEIN outperform 5 M 13 12 month 08.08.2013
Deutsche Bank MATTHIAS PFEIFENBERGER hold 3 M 9 12 month 07.08.2013
BHF-Bank HERMANN REITH overweight 5 M 11 12 month 07.08.2013
Credit Suisse MICHAEL SHILLAKER outperform 5 M 13 Not Provided 07.08.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 12 Not Provided 07.08.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 10 12 month 07.08.2013
Close Brothers Equity Markets RALF MARINONI buy 5 M 13 12 month 07.08.2013
Kepler Cheuvreux ROCHUS BRAUNEISER buy 5 M 12 Not Provided 07.08.2013
Steubing AG MICHAEL BROEKER hold 3 M 11 12 month 07.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
Montega WAIS SAMADZADA hold 3 U 10 Not Provided 31.05.2013
UBS CARSTEN RIEK sell 1 M 7 12 month 21.05.2013
Holdings By:
Kloeckner & Co SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Kabel Deutschland Holding AG, through its subsidiary, is a cable operator. The
Company offers its customers analog and digital TV, broadband Internet and
fixed line phone services via cable as well mobile services in cooperation with
an industry partner.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (23.09.2013) 94.80
52-Week Low (13.11.2012) 52.80
Daily Volume
93.9
52-Week High % Change -0.95% Dividend Yield -
52-Week Low % Change 77.84% Beta 0.48
% 52 Week Price Range High/Low 98.29% Equity Float 77.61
Shares Out 30.06.2013 88.5 Short Int -
8'312.30 1 Yr Total Return 72.84%
Total Debt 3'423.25 YTD Return 65.99%
Preferred Stock 0.0 Adjusted BETA 0.479
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 609.55 Consensus Rating 2.741
Enterprise Value 11'168.79
Average Volume 5 Day 727'313
KD8 GY EQUITY YTD Change - Average Volume 30 Day 372'234
KD8 GY EQUITY YTD % CHANGE - Average Volume 3 Month 481'689
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 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3
1'370.3 1'501.6 1'598.9 1'699.7 1'829.9 1'731.6 1'850.4 1'964.9 2'123.8 476.0 489.0
- 3.15x 3.80x 4.01x 5.01x 15.53x 19.05x 5.74x 5.39x - -
539.3 651.5 697.1 768.8 786.9 784.4 770.1 936.9 1'038.2 230.0 238.0
- 7.26x 8.71x 8.87x 11.66x 9.11x 13.40x 11.92x 10.76x - -
(145.2) (40.1) (45.3) 159.4 246.8 216.7 210.4 262.7 308.3 65.9 69.5
- - - 25.98x 25.75x 20.23x 35.41x 31.83x 26.84x 28.20x 27.14x
EBITDA 786.89 Long-Term Rating Date 02.08.2013
EBIT 425.96 Long-Term Rating BB *+
Operating Margin 23.28% Long-Term Outlook -
Pretax Margin 12.33% Short-Term Rating Date -
Return on Assets 8.13% Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 3.82
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 2.01
Net Debt/EBITDA 3.71
Gross Margin 54.3% Total Debt/EBITDA 4.20
EBITDA Margin 41.6%
EBIT Margin 21.4% Total Debt/Equity -
Net Income Margin 13.5% Total Debt/Capital 176.3%
Asset Turnover 0.72
Current Ratio 1.11 Net Fixed Asset Turnover 1.45
Quick Ratio 1.00 Accounts receivable turnover-days 19.72
Debt to Assets 119.58% Inventory Days 19.31
Tot Debt to Common Equity - Accounts Payable Turnover Day 115.88
Accounts Receivable Turnover 18.51 Cash Conversion Cycle -87.87
Inventory Turnover 18.90
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
Kabel Deutschland Holding AGPrice/Volume
Valuation Analysis
25'738.00
Current Price (9/dd/yy) Market Data
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200.0
400.0
600.0
800.0
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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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ELLIOTT CAPITAL ADVI n/a ULT-AGG 9'819'736 11.09 - 11.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'458'817 5.04 - 23.09.2013 Investment Advisor
VODAFONE GROUP PLC n/a Research 3'033'861 3.43 - 19.07.2013 Corporation
DAVIDSON KEMPNER CAP n/a Research 3'016'084 3.41 - 06.09.2013 Hedge Fund Manager
ZIEGLER CARLENE MURP n/a Research 2'823'982 3.19 - 10.01.2013 n/a
SCOUT CAPITAL MANAGE n/a Co File 2'725'000 3.08 - 31.03.2012 Hedge Fund Manager
FMR LLC n/a ULT-AGG 2'682'192 3.03 - 31.03.2012 Investment Advisor
STANDARD LIFE INVEST n/a Research 2'668'411 3.01 - 14.06.2013 Investment Advisor
ARTISAN PARTNERS HOL n/a Research 2'647'315 2.99 - 15.08.2013 Investment Advisor
NORGES BANK n/a Research 2'332'846 2.64 - 28.08.2013 Government
JP MORGAN n/a ULT-AGG 2'287'491 2.58 (13'343) 09.09.2013 Investment Advisor
THREADNEEDLE n/a ULT-AGG 1'239'384 1.4 190'552 31.05.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 1'014'509 1.15 17'135 30.06.2013 Unclassified
ROYAL BANK OF CANADA n/a ULT-AGG 926'378 1.05 (42'021) 30.04.2013 Bank
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 792'770 0.9 242'086 31.07.2013 Investment Advisor
SARASIN n/a ULT-AGG 773'576 0.87 (282'898) 31.07.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 717'715 0.81 (4'329) 31.08.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 600'315 0.68 (68'428) 28.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 516'804 0.58 - 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 503'192 0.57 (1'102'818) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 87 12 month 23.09.2013
Nord/LB HOLGER FECHNER sell 1 U 87 12 month 19.09.2013
Bankhaus Lampe WOLFGANG SPECHT hold 3 M 85 12 month 18.09.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 87 Not Provided 13.09.2013
M.M. Warburg Investment Research MALTE RAETHER hold 3 M 65 12 month 13.09.2013
New Street Research FRANK KNOWLES neutral 3 M 87 Not Provided 10.09.2013
Main First Bank AG STEPHAN VOLLERT underperform 1 D 87 12 month 10.09.2013
Societe Generale OTTAVIO ADORISIO hold 3 M 85 12 month 06.09.2013
Macquarie ALEX GRANT neutral 3 M 87 12 month 03.09.2013
Grupo Santander JOHN DAVIES hold 3 U 84 Not Provided 23.08.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 20.08.2013
Barclays JONATHAN DANN equalweight 3 D 87 Not Provided 16.08.2013
Commerzbank Corporates & Markets HEIKE PAULS reduce 2 M 87 6 month 14.08.2013
Jefferies ULRICH RATHE hold 3 M 82 12 month 14.08.2013
Makor Capital ALBERT SAPORTA hold 3 D 85 Not Provided 13.08.2013
Pivotal Research Group LLC JEFFREY WLODARCZAK sell 1 M 87 12 month 08.08.2013
Exane BNP Paribas MICHAEL WILLIAMS outperform 5 M 90 Not Provided 15.07.2013
HSBC DOMINIK KLARMANN neutral 3 D 87 Not Provided 12.07.2013
Deutsche Bank DAVID A WRIGHT restricted #N/A N/A M #N/A N/A Not Provided 09.07.2013
Hauck & Aufhaeuser SASCHA BERRESCH hold 3 M 90 12 month 03.07.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 D 87 Not Provided 26.06.2013
Bankhaus Metzler ULRICH TRABERT sell 1 M 62 12 month 25.06.2013
Equita SIM SpA GIANMARCO BONACINA hold 3 D 87 12 month 24.06.2013
UBS POLO TANG restricted #N/A N/A M #N/A N/A Not Provided 18.06.2013
Berenberg Bank STUART GORDON hold 3 M 85 Not Provided 18.06.2013
Morgan Stanley SAROOP PUREWAL restricted #N/A N/A M #N/A N/A Not Provided 13.06.2013
Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 12.06.2013
Credit Suisse JUSTIN FUNNELL neutral 3 M 70 Not Provided 01.05.2013
JPMorgan HANNES C WITTIG overweight 5 M 70 6 month 22.02.2013
Nomura HENRIK NYBLOM neutral 3 M 54 12 month 20.02.2013
Holdings By:
Kabel Deutschland Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Krones AG designs and manufactures production machinery and packaging robots for
breweries, soft drink and water bottlers, chemical manufacturers, and food
processors. The Company produces cleaning, filling, labeling, sorting, and
packaging production systems for the handling of plastic and glass containers.
Krones operates worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (12.09.2013) 68.00
52-Week Low (27.09.2012) 39.74
Daily Volume
62.53
52-Week High % Change -8.04% Dividend Yield -
52-Week Low % Change 57.37% Beta 0.74
% 52 Week Price Range High/Low 79.16% Equity Float 28.80
Shares Out 30.06.2013 31.6 Short Int -
1'975.51 1 Yr Total Return 53.90%
Total Debt 17.06 YTD Return 34.82%
Preferred Stock 0.0 Adjusted BETA 0.740
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 132.92 Consensus Rating 4.095
Enterprise Value 1'861.61
Average Volume 5 Day 76'067
KRN GY EQUITY YTD Change - Average Volume 30 Day 49'441
KRN GY EQUITY YTD % CHANGE - Average Volume 3 Month 48'516
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
2'381.4 1'864.9 2'173.3 2'480.3 2'664.2 2'512.5 2'752.0 2'784.5 2'930.5 645.0 748.0
0.39x 0.53x 0.62x 0.43x 0.51x 1.87x 2.15x 0.65x 0.60x - 2.31x
224.7 46.4 139.1 138.3 179.7 135.7 195.8 241.0 268.1 53.0 71.7
4.09x 21.44x 9.72x 7.79x 7.62x 9.29x 8.21x 7.71x 6.93x - -
107.0 (34.7) 50.8 43.7 67.0 38.9 78.4 115.4 132.3 24.5 35.2
9.17x - 27.95x 25.36x 21.17x 30.85x 21.29x 16.71x 14.65x - -
EBITDA 179.70 Long-Term Rating Date -
EBIT 103.02 Long-Term Rating -
Operating Margin 3.87% Long-Term Outlook -
Pretax Margin 3.68% Short-Term Rating Date -
Return on Assets 3.78% Short-Term Rating -
Return on Common Equity 9.25%
Return on Capital - EBITDA/Interest Exp. 51.82
Asset Turnover 1.33% (EBITDA-Capex)/Interest Exp. 31.13
Net Debt/EBITDA -0.58
Gross Margin - Total Debt/EBITDA 0.08
EBITDA Margin 7.1%
EBIT Margin 4.3% Total Debt/Equity 2.0%
Net Income Margin 2.5% Total Debt/Capital 2.0%
Asset Turnover 1.33
Current Ratio 1.34 Net Fixed Asset Turnover 6.15
Quick Ratio 0.64 Accounts receivable turnover-days 77.12
Debt to Assets 0.82% Inventory Days -
Tot Debt to Common Equity 2.04% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.73 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
Krones AGPrice/Volume
Valuation Analysis
55'943.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KRONSEDER FAMILY n/a Research 2'796'120 8.85 - 17.09.2013 n/a
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 969'077 3.07 - 31.03.2012 Investment Advisor
ALLIANZ GLOBAL INVES n/a Research 960'013 3.04 - 29.04.2013 Investment Advisor
ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 470'732 1.49 - 30.09.2012 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 384'684 1.22 - 31.12.2012 Government
FINANCIERE DE L'ECHI Multiple Portfolios MF-AGG 224'907 0.71 (32'315) 31.07.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 214'081 0.68 - 31.05.2013 Investment Advisor
SARASIN n/a ULT-AGG 210'858 0.67 75'272 30.04.2013 Unclassified
ADIG INVESTMENT Multiple Portfolios MF-AGG 199'531 0.63 9'700 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 185'473 0.59 (6'995) 23.09.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 142'611 0.45 30'046 31.07.2013 Investment Advisor
SOCIETE GENERALE Multiple Portfolios MF-AGG 94'519 0.3 94'519 30.04.2013 Bank
CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 84'000 0.27 - 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 78'439 0.25 5'928 30.06.2013 Unclassified
KEMPEN CAPITAL MANAG n/a ULT-AGG 77'133 0.24 - 30.06.2013 Unclassified
AMUNDI Multiple Portfolios MF-AGG 75'051 0.24 75'051 30.04.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 71'960 0.23 - 30.04.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 68'962 0.22 - 31.05.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 50'000 0.16 50'000 28.03.2013 Investment Advisor
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 49'478 0.16 4'545 16.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets YASMIN MOSCHITZ buy 5 M 71 6 month 20.09.2013
Baader Bank PETER ROTHENAICHER buy 5 M 73 12 month 20.09.2013
Hauck & Aufhaeuser TORBEN TEICHLER buy 5 M 73 12 month 20.09.2013
Bankhaus Lampe GORDON SCHOENELL sell 1 M 52 Not Provided 20.09.2013
M.M. Warburg Investment Research EGGERT KULS hold 3 M 68 12 month 20.09.2013
Bankhaus Metzler STEPHAN BAUER buy 5 M 69 12 month 20.09.2013
Equinet Institutional Services(ESN) HOLGER SCHMIDT accumulate 4 M 71 12 month 20.09.2013
DZ Bank AG MARKUS TURNWALD buy 5 M 74 Not Provided 12.09.2013
Deutsche Bank FELICITAS VON BISMARCK buy 5 M 72 12 month 10.09.2013
Independent Research GmbH LARS LUSEBRINK buy 5 U 74 12 month 29.07.2013
Nord/LB HEINO HAMMANN buy 5 U 70 12 month 26.07.2013
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 64 6 month 26.07.2013
Landesbank Baden-Wuerttemberg HARALD REHMET hold 3 D 63 Not Provided 26.07.2013
Kepler Cheuvreux STEFAN AUGUSTIN buy 5 M 67 Not Provided 26.07.2013
UBS SVEN WEIER neutral 3 M 62 12 month 25.07.2013
S&P Capital IQ UNAI FRANCO buy 5 U 72 12 month 25.07.2013
Montega THOMAS RAU hold 3 M 60 12 month 25.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
HSBC RICHARD SCHRAMM neutral 3 M 55 Not Provided 05.06.2013
Berenberg Bank BENJAMIN GLAESER hold 3 M 57 Not Provided 20.05.2013
BHF-Bank HERMANN REITH overweight 5 M 52 12 month 26.11.2012
Steubing AG MICHAEL BROEKER buy 5 M 68 12 month 18.05.2011
Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 27.04.2010
Holdings By:
Krones AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
KUKA AG manufactures production machinery and equipment, and offers production
engineering services. The Company designs and builds automobile factories, and
produces welding and assembly systems, industrial robots, turning machines,
packaging machinery, and measuring and control instruments for water and gas
suppliers. KUKA operates in Europe, the Americas, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (16.05.2013) 38.50
52-Week Low (26.09.2012) 21.95
Daily Volume
31.86
52-Week High % Change -17.25% Dividend Yield -
52-Week Low % Change 45.15% Beta 0.88
% 52 Week Price Range High/Low 61.36% Equity Float 22.41
Shares Out 30.06.2013 33.9 Short Int -
1'080.55 1 Yr Total Return 42.13%
Total Debt 201.50 YTD Return 15.83%
Preferred Stock 0.0 Adjusted BETA 0.881
Minority Interest 1.4 Analyst Recs 22
Cash and Equivalents 244.30 Consensus Rating 3.045
Enterprise Value 1'005.35
Average Volume 5 Day 151'284
KU2 GY EQUITY YTD Change - Average Volume 30 Day 106'683
KU2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 114'960
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
1'266.1 902.1 1'078.6 1'435.6 1'739.2 1'588.2 1'796.7 1'855.2 1'939.9 494.5 488.5
0.30x 0.43x 0.56x 0.36x 0.52x 1.44x 2.14x 0.56x 0.52x 1.99x 2.00x
78.0 (29.8) 39.8 90.3 131.2 111.2 141.3 151.9 165.6 42.8 45.5
4.81x - 15.13x 5.69x 6.84x 5.83x 7.26x 6.62x 6.07x 5.70x 5.63x
30.5 (75.7) (8.6) 29.8 55.6 44.2 57.0 64.9 73.1 20.5 20.3
10.74x - - 15.88x 16.87x 13.65x 19.20x 16.59x 14.59x 12.67x 12.30x
EBITDA 131.20 Long-Term Rating Date 31.07.2013
EBIT 102.50 Long-Term Rating BB-
Operating Margin 5.89% Long-Term Outlook STABLE
Pretax Margin 5.16% Short-Term Rating Date -
Return on Assets 4.69% Short-Term Rating -
Return on Common Equity 18.75%
Return on Capital 14.09% EBITDA/Interest Exp. 5.86
Asset Turnover 1.48% (EBITDA-Capex)/Interest Exp. 4.69
Net Debt/EBITDA -0.54
Gross Margin 22.2% Total Debt/EBITDA 1.64
EBITDA Margin 7.9%
EBIT Margin 6.1% Total Debt/Equity 68.1%
Net Income Margin 3.2% Total Debt/Capital 40.4%
Asset Turnover 1.48
Current Ratio 1.60 Net Fixed Asset Turnover 18.76
Quick Ratio 0.74 Accounts receivable turnover-days 36.63
Debt to Assets 17.72% Inventory Days 55.49
Tot Debt to Common Equity 68.05% Accounts Payable Turnover Day 54.71
Accounts Receivable Turnover 9.97 Cash Conversion Cycle 45.01
Inventory Turnover 6.58
Fiscal Year Ended
KUKA AGPrice/Volume
Valuation Analysis
75'337.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GRENZEBACH GROUP n/a Co File 8'275'358 24.4 - 08.02.2013 Corporation
OPPENHEIMER ASSET MA n/a Co File 1'763'601 5.2 - 08.02.2013 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 1'697'861 5.01 - 23.09.2013 Investment Advisor
AXA SA n/a Co File 1'088'684 3.21 - 08.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'017'462 3 - 28.06.2013 Investment Advisor
ALLIANZ GLOBAL INVES n/a Research 1'010'100 2.98 - 13.08.2012 Investment Advisor
WYSER-PRATTE GUY PAT n/a Research 862'758 2.54 - 23.05.2013 n/a
NORGES BANK Multiple Portfolios MF-AGG 808'425 2.38 - 31.12.2012 Government
RINVEST AG n/a Research 600'000 1.77 - 01.09.2011 Other
DEUTSCHE BANK AG n/a ULT-AGG 564'306 1.66 (12'000) 31.07.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 300'082 0.88 (60'000) 31.05.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 212'088 0.63 32'081 31.05.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 175'000 0.52 - 31.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 168'453 0.5 (2'350) 30.06.2013 Unclassified
CITADEL EUROPE LLP n/a Short (166'186) -0.49 13'566 09.08.2013 Investment Advisor
MYRIAD OPP MASTER FU n/a Short (166'186) -0.49 78'005 11.09.2013 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (166'185) -0.49 27'133 22.04.2013 Hedge Fund Manager
PRINCIPAL FINANCIAL n/a ULT-AGG 165'954 0.49 119'554 31.07.2013 Investment Advisor
GROUPAMA ASSET MANAG Multiple Portfolios MF-AGG 160'692 0.47 8'892 28.03.2013 Investment Advisor
B & G FUND PLC n/a Short (152'619) -0.45 33'916 24.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Canaccord Genuity Corp ANDREW BELL buy 5 M 38 12 month 23.09.2013
Equinet Institutional Services(ESN) HOLGER SCHMIDT accumulate 4 M 38 12 month 18.09.2013
Baader Bank PETER ROTHENAICHER hold 3 M 37 12 month 16.09.2013
Bankhaus Metzler STEPHAN BAUER buy 5 M 39 12 month 10.09.2013
Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 40 6 month 30.08.2013
M.M. Warburg Investment Research CHRISTIAN COHRS sell 1 M 30 12 month 13.08.2013
DZ Bank AG JASKO TERZIC sell 1 M 27 Not Provided 13.08.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 37 12 month 09.08.2013
Morgan Stanley LUCIE CARRIER Equalwt/Cautious 3 M 37 12 month 08.08.2013
Deutsche Bank TIM ROKOSSA hold 3 M 33 12 month 07.08.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 33 12 month 07.08.2013
Landesbank Baden-Wuerttemberg HARALD REHMET sell 1 M 28 Not Provided 07.08.2013
Bankhaus Lampe GORDON SCHOENELL hold 3 M 36 Not Provided 07.08.2013
Montega THOMAS RAU hold 3 M 36 12 month 07.08.2013
EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 21.06.2013
UBS SEBASTIAN UBERT buy 5 M 41 12 month 24.05.2013
Nord/LB FRANK SCHWOPE sell 1 M 31 12 month 22.05.2013
HSBC RICHARD SCHRAMM underweight 1 M 30 Not Provided 10.05.2013
Berenberg Bank BENJAMIN GLAESER hold 3 M 33 Not Provided 01.05.2013
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 D 38 6 month 03.04.2013
Kepler Cheuvreux STEFAN AUGUSTIN hold 3 M 34 Not Provided 27.03.2013
BHF-Bank HERMANN REITH market weight 3 D 33 12 month 05.02.2013
Holdings By:
KUKA AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
LEG Immobilien GmbH owns and operates apartments in North Rhine Westphalia,
Germany.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 46.19
52-Week Low (31.07.2013) 37.67
Daily Volume
41.925
52-Week High % Change -9.23% Dividend Yield 0.98
52-Week Low % Change 11.31% Beta -
% 52 Week Price Range High/Low 54.39% Equity Float 26.48
Shares Out 30.06.2013 53.0 Short Int -
2'220.49 1 Yr Total Return -
Total Debt 2'499.70 YTD Return -
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 24.9 Analyst Recs 14
Cash and Equivalents 133.10 Consensus Rating 4.357
Enterprise Value 4'599.79
Average Volume 5 Day 138'510
LEG GY EQUITY YTD Change - Average Volume 30 Day 68'965
LEG GY EQUITY YTD % CHANGE - Average Volume 3 Month 69'895
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
- - 503.8 515.1 517.7 0.0 265.9 482.1 510.3 138.0 138.0
- - - - - #DIV/0! 34.24x 9.90x 9.59x - -
- - 142.8 160.4 189.2 0.0 101.6 230.6 251.3 - -
- - - - - 0.00x 0.00x 19.96x 18.30x - -
- - 24.2 (11.5) 94.4 0.0 34.2 147.5 170.4 - -
- - - - - 0.00x 0.00x 15.54x 13.29x 14.46x -
EBITDA 189.20 Long-Term Rating Date -
EBIT 184.20 Long-Term Rating -
Operating Margin -2.09% Long-Term Outlook -
Pretax Margin 22.12% Short-Term Rating Date -
Return on Assets 1.85% Short-Term Rating -
Return on Common Equity 4.93%
Return on Capital 2.48% EBITDA/Interest Exp. 0.97
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. 0.49
Net Debt/EBITDA 12.51
Gross Margin - Total Debt/EBITDA 13.21
EBITDA Margin 36.5%
EBIT Margin - Total Debt/Equity 121.3%
Net Income Margin 18.2% Total Debt/Capital 54.5%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 47.72% Inventory Days -
Tot Debt to Common Equity 121.31% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
LEG Immobilien AGPrice/Volume
Valuation Analysis
26'134.00
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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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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SATUREA BV n/a Research 21'635'567 40.85 - 30.08.2013 Corporation
PERRY CAPITAL UK LLP n/a Research 4'846'155 9.15 - 30.08.2013 Investment Advisor
CBRE GROUP INC n/a ULT-AGG 2'113'241 3.99 - 30.08.2013 Corporation
BLACKROCK n/a ULT-AGG 797'938 1.51 107'973 23.09.2013 Investment Advisor
RUFFER LLP Multiple Portfolios MF-AGG 633'000 1.2 633'000 28.02.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 563'900 1.06 - 30.06.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 526'614 0.99 134'220 30.04.2013 Unclassified
PETERCAM SA Multiple Portfolios MF-AGG 493'100 0.93 - 30.04.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 461'100 0.87 461'100 28.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 440'822 0.83 108'787 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 437'072 0.83 (694'917) 31.07.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 293'710 0.55 153'890 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 283'369 0.54 (608) 31.07.2013 Investment Advisor
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 228'420 0.43 - 30.08.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 221'935 0.42 221'935 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 195'734 0.37 1'034 31.07.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 195'255 0.37 14'539 31.07.2013 Investment Advisor
GENERALI INVESTMENTS Multiple Portfolios MF-AGG 194'455 0.37 - 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 193'563 0.37 163'179 30.06.2013 Unclassified
PRINCIPAL FINANCIAL n/a ULT-AGG 184'685 0.35 11'537 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets THOMAS ROTHAEUSLER add 4 M 46 6 month 12.09.2013
Bankhaus Lampe GEORG KANDERS buy 5 M 47 12 month 05.09.2013
Deutsche Bank MARKUS SCHEUFLER buy 5 M 49 12 month 03.09.2013
JPMorgan NEIL GREEN overweight 5 M 48 12 month 02.09.2013
M.M. Warburg Investment Research TORSTEN KLINGNER buy 5 M 48 12 month 02.09.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 37 12 month 02.09.2013
Morgan Stanley BART GYSENS Equalwt/Attractive 3 M 43 12 month 30.08.2013
Nord/LB MICHAEL SEUFERT hold 3 M 43 12 month 30.08.2013
Berenberg Bank KAI MALTE KLOSE buy 5 M 48 Not Provided 30.08.2013
Kepler Cheuvreux THOMAS NEUHOLD buy 5 N 48 Not Provided 24.06.2013
Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 52 12 month 09.05.2013
Kempen & Co THOMAS VAN DER MEIJ overweight 5 N 48 Not Provided 19.03.2013
Erste Group GUENTHER ARTNER buy 5 N 51 12 month 14.03.2013
Holdings By:
LEG Immobilien AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Leoni AG manufactures and sells electric cables, wires, flexible cords, light
wave conductors, co-axial cables, high-tension wires and customized cable wiring
systems. The Company markets its products to the tool-machinery,
telecommunication, computer, automotive, electronic and appliance manufacturing
industries. Leoni operates in Europe, Asia and the United States.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 46.37
52-Week Low (16.11.2012) 23.41
Daily Volume
44
52-Week High % Change -5.10% Dividend Yield -
52-Week Low % Change 87.95% Beta 1.30
% 52 Week Price Range High/Low 92.86% Equity Float 32.64
Shares Out 30.06.2013 32.7 Short Int -
1'437.44 1 Yr Total Return 50.01%
Total Debt 554.16 YTD Return 61.30%
Preferred Stock 0.0 Adjusted BETA 1.300
Minority Interest 1.7 Analyst Recs 25
Cash and Equivalents 298.32 Consensus Rating 3.840
Enterprise Value 1'813.80
Average Volume 5 Day 189'032
LEO GY EQUITY YTD Change - Average Volume 30 Day 198'680
LEO GY EQUITY YTD % CHANGE - Average Volume 3 Month 186'053
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
2'912.0 2'160.1 2'955.7 3'701.5 3'809.0 3'783.8 3'842.4 3'829.6 4'123.9 935.5 938.0
0.31x 0.46x 0.49x 0.29x 0.31x 1.36x 1.42x 0.45x 0.42x - -
170.1 51.9 255.1 353.9 358.2 367.9 297.1 298.0 360.2 - -
5.25x 19.23x 5.65x 3.08x 3.32x 3.59x 5.46x 6.09x 5.04x - -
5.1 (138.1) 67.1 155.7 155.7 173.1 102.6 105.7 149.2 21.5 32.5
76.41x - 14.58x 5.16x 6.00x 5.60x 12.14x 13.64x 9.74x - -
EBITDA 358.22 Long-Term Rating Date -
EBIT 242.02 Long-Term Rating -
Operating Margin 6.35% Long-Term Outlook -
Pretax Margin 5.20% Short-Term Rating Date -
Return on Assets 4.29% Short-Term Rating -
Return on Common Equity 13.60%
Return on Capital 9.64% EBITDA/Interest Exp. 9.11
Asset Turnover 1.61% (EBITDA-Capex)/Interest Exp. 5.03
Net Debt/EBITDA 1.26
Gross Margin 17.7% Total Debt/EBITDA 1.80
EBITDA Margin 7.7%
EBIT Margin 4.6% Total Debt/Equity 65.7%
Net Income Margin 4.1% Total Debt/Capital 39.6%
Asset Turnover 1.61
Current Ratio 1.22 Net Fixed Asset Turnover 5.72
Quick Ratio 0.68 Accounts receivable turnover-days 49.49
Debt to Assets 23.24% Inventory Days 62.60
Tot Debt to Common Equity 65.70% Accounts Payable Turnover Day 71.85
Accounts Receivable Turnover 7.37 Cash Conversion Cycle 31.33
Inventory Turnover 5.83
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
Leoni AGPrice/Volume
Valuation Analysis
156'508.00
Current Price (9/dd/yy) Market Data
'2
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 1'302'124 3.99 (24'943) 23.09.2013 Investment Advisor
NORGES BANK n/a Research 1'071'287 3.28 - 20.05.2013 Government
ALLIANZ GLOBAL INVES n/a Research 890'293 2.73 - 22.06.2012 Investment Advisor
NUERNBERGER LEBENSVE n/a Co File 888'000 2.72 - 31.12.2011 n/a
DEUTSCHE BANK AG n/a ULT-AGG 690'000 2.11 540'000 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 538'547 1.65 (54'060) 30.06.2013 Unclassified
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 495'689 1.52 35'984 30.08.2013 Investment Advisor
THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 356'447 1.09 204'490 30.04.2013 Hedge Fund Manager
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 350'000 1.07 - 31.05.2013 Investment Advisor
CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 288'431 0.88 288'431 30.06.2013 Investment Advisor
KEMPEN CAPITAL MANAG n/a ULT-AGG 250'489 0.77 (29'381) 30.06.2013 Unclassified
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 230'587 0.71 - 31.03.2013 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 229'787 0.7 (41'515) 30.08.2013 Investment Advisor
LIONTRUST n/a ULT-AGG 195'908 0.6 - 28.02.2013 Unclassified
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 192'642 0.59 47'042 28.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 162'235 0.5 (32'903) 31.05.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 159'400 0.49 (335'900) 28.03.2013 Investment Advisor
MARSHALL WACE LLP n/a Short (150'277) -0.46 13'068 27.02.2013 Hedge Fund Manager
DWS INVESTMENTS Multiple Portfolios MF-AGG 140'600 0.43 25'000 31.05.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 140'149 0.43 787 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 62 12 month 23.09.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ hold 3 M 41 6 month 12.09.2013
Baader Bank KLAUS BREITENBACH buy 5 N 51 12 month 11.09.2013
Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 50 12 month 10.09.2013
Hauck & Aufhaeuser PHILIPPE LORRAIN buy 5 M 56 12 month 30.08.2013
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 50 Not Provided 21.08.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 20.08.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 50 12 month 20.08.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 20.08.2013
DZ Bank AG MICHAEL PUNZET sell 1 M 37 Not Provided 16.08.2013
Montega HENDRIK EMRICH buy 5 M 50 12 month 16.08.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 48 12 month 15.08.2013
Nord/LB FRANK SCHWOPE sell 1 M 33 12 month 13.08.2013
Goldman Sachs STEPHAN PUETTER buy/attractive 5 M 51 12 month 13.08.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 40 12 month 13.08.2013
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 48 Not Provided 13.08.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 42 12 month 13.08.2013
Close Brothers Equity Markets DANIEL KUKALJ buy 5 M 44 12 month 13.08.2013
Kepler Cheuvreux MICHAEL RAAB reduce 2 M 35 Not Provided 13.08.2013
Steubing AG TOBIAS SCHMIDT hold 3 D 41 12 month 13.08.2013
Exane BNP Paribas GERHARD ORGONAS neutral 3 M 40 Not Provided 13.08.2013
HSBC NIELS FEHRE overweight 5 M 43 Not Provided 01.08.2013
Deutsche Bank TIM ROKOSSA hold 3 D 40 12 month 22.07.2013
LFG Kronos Investment Services GmbH THOMAS ANEY neutral 3 M 35 6 month 14.02.2013
GSC Research MATTHIAS SCHRADE buy 5 M #N/A N/A Not Provided 21.12.2012
Holdings By:
Leoni AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Deutsche Lufthansa AG provides passenger and cargo air transportation services
worldwide. The Company offers flight and connection programs in cooperation
with Star Alliance airline partners from North America, Scandinavia, and Asia.
Lufthansa also provides travel agency, catering, and aircraft maintenance
services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (04.06.2013) 17.28
52-Week Low (28.09.2012) 10.47
Daily Volume
14.53
52-Week High % Change -15.89% Dividend Yield -
52-Week Low % Change 38.78% Beta 1.02
% 52 Week Price Range High/Low 53.05% Equity Float 444.85
Shares Out 30.06.2013 459.9 Short Int -
6'683.03 1 Yr Total Return 32.94%
Total Debt 7'108.00 YTD Return 2.04%
Preferred Stock 0.0 Adjusted BETA 1.017
Minority Interest 60.0 Analyst Recs 37
Cash and Equivalents 4'966.00 Consensus Rating 4.162
Enterprise Value 8'110.03
Average Volume 5 Day 3'147'301
LHA GY EQUITY YTD Change - Average Volume 30 Day 3'701'467
LHA GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'130'408
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
24'842.0 22'283.0 26'459.0 28'734.0 30'135.0 28'930.0 30'090.0 30'723.3 31'766.3 8'664.0 7'476.5
0.22x 0.36x 0.36x 0.24x 0.29x 0.94x 1.11x 0.29x 0.29x - -
2'810.0 1'696.0 2'928.0 2'817.0 2'468.0 2'969.0 2'512.0 2'874.0 3'250.6 1'298.0 621.0
1.97x 4.68x 3.25x 2.43x 3.55x 2.25x 3.42x 2.82x 2.49x - -
542.0 (34.0) 1'131.0 (13.0) 990.0 243.0 954.0 502.9 823.2 620.7 92.0
9.48x - 5.84x 15.57x 6.85x 7.91x 7.53x 13.20x 8.42x - -
EBITDA 2'468.00 Long-Term Rating Date 27.08.2009
EBIT 543.00 Long-Term Rating BBB-
Operating Margin 1.80% Long-Term Outlook STABLE
Pretax Margin 3.45% Short-Term Rating Date 05.12.2008
Return on Assets 3.21% Short-Term Rating A-3
Return on Common Equity 19.40%
Return on Capital 11.90% EBITDA/Interest Exp. 5.08
Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 0.12
Net Debt/EBITDA 0.54
Gross Margin - Total Debt/EBITDA 2.68
EBITDA Margin 8.3%
EBIT Margin 2.0% Total Debt/Equity 86.3%
Net Income Margin 3.3% Total Debt/Capital 46.1%
Asset Turnover 1.01
Current Ratio 1.00 Net Fixed Asset Turnover 2.00
Quick Ratio 0.79 Accounts receivable turnover-days -
Debt to Assets 25.01% Inventory Days -
Tot Debt to Common Equity 86.28% 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
Deutsche Lufthansa AGPrice/Volume
Valuation Analysis
3'667'157.00
Current Price (9/dd/yy) Market Data
'.135
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30'000.0
35'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 27'967'832 6.08 (588'931) 23.09.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 22'997'350 5 - 31.08.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 21'860'114 4.75 - 30.06.2013 Investment Advisor
GLEISS LUTZ HOOTZ HI n/a Research 14'234'585 3.09 - 01.11.2012 n/a
MACKENZIE FINANCIAL n/a Research 13'379'136 2.91 - 19.07.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 11'177'882 2.43 (540'278) 28.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'754'830 1.47 14'044 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 5'439'594 1.18 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 3'397'272 0.74 236'211 30.06.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'666'450 0.58 9'492 31.07.2013 Investment Advisor
WADDELL & REED FINAN n/a ULT-AGG 2'299'926 0.5 875'610 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'887'278 0.41 172'500 31.07.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'840'005 0.4 686'745 28.03.2013 Investment Advisor
ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 1'727'530 0.38 (45'964) 30.06.2013 Government
JP MORGAN n/a ULT-AGG 1'522'091 0.33 770'999 30.06.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'466'226 0.32 (260'000) 31.05.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 1'334'352 0.29 30'329 31.07.2013 Investment Advisor
FEDERAL FINANCE GEST Multiple Portfolios MF-AGG 1'068'012 0.23 (536'742) 31.05.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 966'850 0.21 (700'000) 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 880'000 0.19 (445'048) 24.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Natixis SARAH EMSELLEM buy 5 M 18 Not Provided 24.09.2013
Cantor Fitzgerald ROBIN BYDE buy 5 M 21 Not Provided 20.09.2013
Credit Suisse NEIL GLYNN outperform 5 M 20 Not Provided 19.09.2013
HSBC ANDREW DAVID LOBBENBERG overweight 5 M 20 Not Provided 19.09.2013
AlphaValue HANS-PETER WODNIOK add 4 M 15 6 month 19.09.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 13 12 month 17.09.2013
Oddo & Cie YAN DEROCLES neutral 3 M 17 Not Provided 17.09.2013
Bankhaus Lampe SEBASTIAN HEIN buy 5 M 18 12 month 16.09.2013
Goodbody Stockbrokers Ltd DONAL O'NEILL buy 5 M 21 12 month 16.09.2013
Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER hold 3 M 15 12 month 16.09.2013
Main First Bank AG LOIC SABATIER outperform 5 M 16 12 month 16.09.2013
Kepler Cheuvreux RUXANDRA HARADAU-DOESER hold 3 U 13 Not Provided 11.09.2013
Deutsche Bank MICHAEL KUHN buy 5 M 20 12 month 10.09.2013
Calamatta Cuschieri TEAM COVERAGE overweight 5 M 18 12 month 10.09.2013
UBS JARROD CASTLE buy 5 M 16 12 month 04.09.2013
Commerzbank Corporates & Markets FRANK SKODZIK buy 5 M 18 6 month 30.08.2013
Jefferies MARK IRVINE-FORTESCUE buy 5 M 20 12 month 29.08.2013
Day by Day VALERIE GASTALDY buy 5 U 17 3 month 23.08.2013
RBC Capital Markets DAMIAN BREWER sector perform 3 M 17 12 month 22.08.2013
Morgan Stanley PENNY BUTCHER Equalwt/Attractive 3 D 18 12 month 15.08.2013
Nomura ANDREW EVANS buy 5 M 19 12 month 14.08.2013
Nord/LB FRANK SCHWOPE buy 5 M 18 12 month 12.08.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 05.08.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 23 12 month 05.08.2013
DZ Bank AG DIRK SCHLAMP buy 5 M 17 Not Provided 05.08.2013
Landesbank Baden-Wuerttemberg PER-OLA HELLGREN hold 3 M 16 Not Provided 02.08.2013
S&P Capital IQ JAWAHAR HINGORANI buy 5 U 17 12 month 02.08.2013
Redburn Partners TIM MARSHALL buy 5 M #N/A N/A Not Provided 23.07.2013
JPMorgan JAMIE N BAKER neutral 3 D 16 3 month 17.07.2013
Goldman Sachs NICK EDELMAN neutral/neutral 3 U 17 12 month 15.07.2013
Raymond James JULIEN RICHER outperform 5 M 13 Not Provided 05.07.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
Macquarie SAM DOBSON outperform 5 M 20 12 month 04.06.2013
Barclays DAVID E FINTZEN equalweight 3 M 17 Not Provided 05.04.2013
Davy STEPHEN FURLONG outperform 5 U #N/A N/A Not Provided 25.03.2013
Investec ANDREW FITCHIE hold 3 N 17 12 month 22.11.2010
Steubing AG TEAM COVERAGE buy 5 M #N/A N/A Not Provided 04.01.2010
Holdings By:
Deutsche Lufthansa AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Linde AG is a gases and engineering company. The Gases Division offers a wide
range of industrial and medical gases mainly used in energy sector, steel
production, chemical processing, as well as in food processing. The Engineering
Division develops olefin plants, natural gas plants and air separation plants,
as well as hydrogen and synthesis gas plants.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.05.2013) 154.80
52-Week Low (16.11.2012) 125.00
Daily Volume
149.15
52-Week High % Change -3.65% Dividend Yield -
52-Week Low % Change 19.32% Beta 0.77
% 52 Week Price Range High/Low 77.68% Equity Float 179.31
Shares Out 30.06.2013 185.2 Short Int -
27'626.36 1 Yr Total Return 13.36%
Total Debt 10'204.00 YTD Return 15.04%
Preferred Stock 0.0 Adjusted BETA 0.766
Minority Interest 564.0 Analyst Recs 43
Cash and Equivalents 2'041.00 Consensus Rating 4.070
Enterprise Value 37'473.36
Average Volume 5 Day 530'621
LIN GY EQUITY YTD Change - Average Volume 30 Day 380'571
LIN GY EQUITY YTD % CHANGE - Average Volume 3 Month 397'103
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
12'663.0 11'211.0 12'868.0 13'787.0 15'280.0 14'438.0 16'313.0 17'089.2 18'213.9 4'259.5 4'458.3
1.34x 1.86x 1.97x 1.88x 2.17x 7.44x 8.62x 2.11x 1.94x 8.67x 8.22x
2'468.0 2'320.0 2'847.0 3'101.0 3'443.0 3'299.0 3'785.0 4'037.3 4'361.9 1'016.8 1'036.6
6.86x 8.97x 8.92x 8.37x 9.63x 8.66x 9.64x 9.27x 8.58x - -
717.0 591.0 1'005.0 1'174.0 1'250.0 1'194.0 1'319.0 1'480.2 1'681.6 364.5 369.0
14.02x 23.98x 19.12x 16.71x 18.78x 17.54x 20.10x 17.91x 15.91x - -
EBITDA 3'443.00 Long-Term Rating Date 25.05.2012
EBIT 1'905.00 Long-Term Rating A
Operating Margin 12.47% Long-Term Outlook STABLE
Pretax Margin 11.04% Short-Term Rating Date 25.05.2012
Return on Assets 4.13% Short-Term Rating A-1
Return on Common Equity 10.74%
Return on Capital - EBITDA/Interest Exp. 8.63
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 4.15
Net Debt/EBITDA 2.39
Gross Margin 36.2% Total Debt/EBITDA 2.87
EBITDA Margin 23.2%
EBIT Margin 12.6% Total Debt/Equity 77.9%
Net Income Margin 8.2% Total Debt/Capital 42.8%
Asset Turnover 0.51
Current Ratio 0.98 Net Fixed Asset Turnover 1.57
Quick Ratio 0.68 Accounts receivable turnover-days 59.44
Debt to Assets 30.48% Inventory Days 39.99
Tot Debt to Common Equity 77.93% Accounts Payable Turnover Day 94.31
Accounts Receivable Turnover 6.14 Cash Conversion Cycle -7.09
Inventory Turnover 9.13
Fiscal Year Ended
Linde AGPrice/Volume
Valuation Analysis
306'026.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 17'155'342 9.26 117'221 23.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 6'389'550 3.45 (201'215) 31.07.2013 Investment Advisor
NORGES BANK n/a Research 5'764'533 3.11 - 12.06.2013 Government
UBS AG n/a ULT-AGG 5'498'058 2.97 (1'248) 31.08.2013 Unclassified
CREDIT SUISSE AG n/a ULT-AGG 5'138'495 2.77 - 31.05.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'955'193 2.68 149'880 31.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'801'614 2.59 - 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 4'150'226 2.24 (34'694) 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'984'677 1.61 (232'450) 31.07.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'598'954 1.4 26'713 31.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 2'131'813 1.15 46'124 30.06.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'848'155 1 3'038 31.07.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'591'900 0.86 11'382 28.03.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 1'496'586 0.81 (16'539) 31.07.2013 Unclassified
FIL LIMITED n/a ULT-AGG 1'369'522 0.74 (335'452) 30.04.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'248'467 0.67 (16'377) 30.04.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 832'256 0.45 (248) 30.06.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 820'205 0.44 - 30.06.2013 Investment Advisor
MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 716'288 0.39 65 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 677'872 0.37 (1'834) 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 185 12 month 19.09.2013
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 141 12 month 13.09.2013
AlphaValue HANS-PETER WODNIOK add 4 M 168 6 month 12.09.2013
Societe Generale PETER CLARK buy 5 M 165 12 month 11.09.2013
Main First Bank AG THOMAS SWOBODA outperform 5 M 170 12 month 11.09.2013
Calamatta Cuschieri TEAM COVERAGE overweight 5 M 176 12 month 06.09.2013
JPMorgan MARCUS DIEBEL neutral 3 M 177 15 month 04.09.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 165 12 month 04.09.2013
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 187 12 month 30.08.2013
Commerzbank Corporates & Markets STEPHAN KIPPE buy 5 M 174 6 month 28.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.08.2013
Deutsche Bank TIMOTHY JONES buy 5 M 160 12 month 22.08.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 M 160 12 month 22.08.2013
Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 143 Not Provided 22.08.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 165 Not Provided 20.08.2013
Kepler Cheuvreux MARKUS MAYER buy 5 M 163 Not Provided 13.08.2013
Baader Bank NORBERT BARTH buy 5 M 164 12 month 08.08.2013
Jefferies LAURENCE ALEXANDER buy 5 M 164 12 month 06.08.2013
DZ Bank AG PETER SPENGLER buy 5 M 169 Not Provided 06.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 152 12 month 01.08.2013
HSBC SEBASTIAN SATZ overweight 5 M 166 Not Provided 31.07.2013
Bankhaus Lampe HEIKO FEBER buy 5 M 168 12 month 31.07.2013
M.M. Warburg Investment Research EGGERT KULS buy 5 M 170 12 month 31.07.2013
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 147 6 month 31.07.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 155 Not Provided 31.07.2013
SRH AlsterResearch CARSTEN MAINITZ buy 5 M 180 12 month 31.07.2013
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 155 12 month 30.07.2013
Nord/LB THORSTEN STRAUSS buy 5 M 170 12 month 30.07.2013
Credit Suisse CHRIS COUNIHAN underperform 1 M 140 Not Provided 30.07.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 30.07.2013
S&P Capital IQ JOHNSON IMODE buy 5 M 160 12 month 30.07.2013
Bankhaus Metzler LARS HETTCHE buy 5 M 156 12 month 24.07.2013
Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 175 Not Provided 23.07.2013
Barclays GUNTHER ZECHMANN equalweight 3 M 150 Not Provided 17.07.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
UBS THOMAS GILBERT neutral 3 M 144 12 month 10.05.2013
Liberum Capital Ltd ADAM COLLINS buy 5 M 156 Not Provided 23.04.2013
Equita SIM SpA MASSIMO BONISOLI buy 5 M 160 12 month 08.03.2013
National Bank AG EKKEHARD D LINK hold 3 M 140 Not Provided 07.03.2013
Alembic Global Advisors HASSAN I AHMED neutral 3 M 120 12 month 15.10.2012
Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 08.10.2012
Holdings By:
Linde AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
LPKF Laser & Electronics develops systems and process solutions for demanding
tasks in printed circuit board technology and microelectronics. The Company
develops and distributes systems used in electronics production, the automotive
industry, and in the manufacture of solar cells.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.08.2013) 14.90
52-Week Low (16.11.2012) 6.66
Daily Volume
13.555
52-Week High % Change -9.03% Dividend Yield -
52-Week Low % Change 103.68% Beta 0.87
% 52 Week Price Range High/Low 80.53% Equity Float 21.36
Shares Out 30.06.2013 22.3 Short Int -
301.86 1 Yr Total Return 68.24%
Total Debt 18.10 YTD Return 75.72%
Preferred Stock 0.0 Adjusted BETA 0.871
Minority Interest 2.0 Analyst Recs 8
Cash and Equivalents 5.02 Consensus Rating 3.500
Enterprise Value 315.31
Average Volume 5 Day 121'131
LPK GY EQUITY YTD Change - Average Volume 30 Day 188'207
LPK GY EQUITY YTD % CHANGE - Average Volume 3 Month 160'378
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
45.4 50.7 81.2 91.1 115.1 103.8 134.7 121.4 133.9 - -
0.57x 1.02x 1.53x 1.27x 1.66x 5.10x 6.58x 2.60x 2.36x - -
5.6 9.8 20.9 19.6 28.0 22.9 35.9 29.2 33.1 - -
4.58x 5.29x 5.95x 5.89x 6.81x 6.78x 7.74x 10.81x 9.54x - -
1.8 4.7 12.1 9.9 13.5 11.1 18.7 13.8 15.6 - -
11.76x 11.74x 10.95x 10.54x 12.91x 12.36x 14.04x 20.48x 18.65x - -
EBITDA 27.96 Long-Term Rating Date -
EBIT 20.78 Long-Term Rating -
Operating Margin 18.06% Long-Term Outlook -
Pretax Margin 17.01% Short-Term Rating Date -
Return on Assets 17.82% Short-Term Rating -
Return on Common Equity 34.09%
Return on Capital - EBITDA/Interest Exp. 33.09
Asset Turnover 1.28% (EBITDA-Capex)/Interest Exp. 24.72
Net Debt/EBITDA 0.31
Gross Margin - Total Debt/EBITDA 0.55
EBITDA Margin 26.7%
EBIT Margin 21.1% Total Debt/Equity 31.8%
Net Income Margin 11.7% Total Debt/Capital 23.5%
Asset Turnover 1.28
Current Ratio 1.95 Net Fixed Asset Turnover 4.69
Quick Ratio 0.82 Accounts receivable turnover-days 58.80
Debt to Assets 17.82% Inventory Days -
Tot Debt to Common Equity 31.77% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.21 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
LPKF Laser & Electronics AGPrice/Volume
Valuation Analysis
42'891.00
Current Price (9/dd/yy) Market Data
'
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20.0
40.0
60.0
80.0
100.0
120.0
140.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DEUTSCHE BANK AG n/a ULT-AGG 1'129'200 5.07 - 31.05.2013 Investment Advisor
WASATCH ADVISORS INC n/a Research 691'853 3.11 - 23.07.2013 Investment Advisor
HILDEBRANDT BERND n/a Research 602'354 2.7 - 15.08.2012 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 400'000 1.8 - 31.05.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 382'800 1.72 (12'000) 31.05.2013 Investment Advisor
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 377'194 1.69 (23'600) 28.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 268'782 1.21 24'696 30.06.2013 Investment Advisor
CLARIDEN SICAV Multiple Portfolios MF-AGG 252'218 1.13 32'218 30.03.2012 Investment Advisor
COMINVEST ASSET MANA Multiple Portfolios MF-AGG 240'000 1.08 - 31.05.2013 Unclassified
LAZARD FRERES GESTIO Multiple Portfolios MF-AGG 181'954 0.82 - 30.06.2013 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 160'000 0.72 - 31.05.2013 Investment Advisor
HACKMANN BERND n/a Co File 125'600 0.56 - 31.12.2012 n/a
HIGHBRIDGE CAPITAL M n/a Short (104'667) -0.47 6'681 26.08.2013 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 99'098 0.44 (9'070) 23.09.2013 Investment Advisor
LANGE BERND n/a Co File 95'020 0.43 - 31.12.2012 n/a
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 92'000 0.41 58'000 28.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 90'506 0.41 - 30.04.2013 Investment Advisor
MW GESTION SA Multiple Portfolios MF-AGG 70'000 0.31 - 29.06.2012 Investment Advisor
THREADNEEDLE n/a ULT-AGG 56'890 0.26 16'324 31.05.2013 Unclassified
BRETTHAUER INGO n/a Co File 50'000 0.22 - 31.12.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe KARSTEN ILTGEN buy 5 M 16 12 month 18.09.2013
Hauck & Aufhaeuser TIM OLIVER WUNDERLICH hold 3 U 12 12 month 29.08.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 21.08.2013
Solventis WPH-Bank GmbH KLAUS SOER sell 1 D 11 12 month 13.08.2013
DZ Bank AG DIRK SCHLAMP buy 5 M 15 Not Provided 07.08.2013
Close Brothers Equity Markets VEYSEL TAZE hold 3 D 14 12 month 05.08.2013
Bankhaus Metzler STEPHAN BAUER sell 1 D 13 12 month 02.08.2013
BHF-Bank JENS JUNG overweight 5 M 9 12 month 21.11.2012
Equinet Institutional Services(ESN) TIM SCHULDT hold 3 D 7 Not Provided 27.10.2010
GSC Research MATTHIAS WAHLER sell 1 D #N/A N/A Not Provided 21.10.2009
Holdings By:
LPKF Laser & Electronics AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
LANXESS AG is a specialty chemicals company. The Company's core business is the
development, manufacturing, and marketing of plastics, rubber, intermediates,
and specialty chemicals.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (20.02.2013) 69.99
52-Week Low (08.07.2013) 42.45
Daily Volume
49.255
52-Week High % Change -29.63% Dividend Yield -
52-Week Low % Change 16.04% Beta 1.09
% 52 Week Price Range High/Low 23.11% Equity Float 78.86
Shares Out 30.06.2013 83.2 Short Int -
4'098.15 1 Yr Total Return -25.24%
Total Debt 2'334.00 YTD Return -24.36%
Preferred Stock 0.0 Adjusted BETA 1.089
Minority Interest 16.0 Analyst Recs 38
Cash and Equivalents 803.00 Consensus Rating 3.526
Enterprise Value 6'166.15
Average Volume 5 Day 1'273'284
LXS GY EQUITY YTD Change - Average Volume 30 Day 745'024
LXS GY EQUITY YTD % CHANGE - Average Volume 3 Month 943'321
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
6'576.0 5'057.0 7'120.0 8'775.0 9'094.0 9'271.0 8'518.0 8'372.8 9'020.8 2'091.0 2'137.7
0.29x 0.57x 0.82x 0.56x 0.78x 2.36x 3.11x 0.71x 0.65x - -
635.0 417.0 910.0 1'099.0 1'261.0 1'156.0 887.0 734.0 1'008.5 188.6 190.0
3.01x 6.95x 6.40x 4.45x 5.60x 5.08x 6.68x 8.40x 6.12x - -
183.0 40.0 379.0 506.0 514.0 525.0 179.0 127.8 321.8 27.3 32.5
6.24x 54.88x 12.96x 6.58x 10.72x 7.82x 21.46x 30.57x 12.35x 10.12x 8.65x
EBITDA 1'261.00 Long-Term Rating Date 31.07.2007
EBIT 883.00 Long-Term Rating BBB
Operating Margin 9.71% Long-Term Outlook NEG
Pretax Margin 7.36% Short-Term Rating Date 31.07.2007
Return on Assets 2.51% Short-Term Rating A-2
Return on Common Equity 8.10%
Return on Capital 5.76% EBITDA/Interest Exp. 12.49
Asset Turnover 1.19% (EBITDA-Capex)/Interest Exp. 5.59
Net Debt/EBITDA 2.31
Gross Margin 23.2% Total Debt/EBITDA 2.73
EBITDA Margin 10.4%
EBIT Margin 5.5% Total Debt/Equity 100.8%
Net Income Margin 5.7% Total Debt/Capital 50.0%
Asset Turnover 1.19
Current Ratio 2.27 Net Fixed Asset Turnover 2.92
Quick Ratio 1.15 Accounts receivable turnover-days 54.46
Debt to Assets 31.04% Inventory Days 83.69
Tot Debt to Common Equity 100.82% Accounts Payable Turnover Day 37.19
Accounts Receivable Turnover 6.70 Cash Conversion Cycle 81.76
Inventory Turnover 4.36
Fiscal Year Ended
LANXESS AGPrice/Volume
Valuation Analysis
585'964.00
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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2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
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10'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 8'963'509 10.77 867'194 23.09.2013 Investment Advisor
SOCIETE GENERALE SA n/a Research 4'291'428 5.16 - 01.08.2013 Unclassified
DODGE & COX n/a Research 3'741'980 4.5 - 11.03.2013 Investment Advisor
ALLIANZ GLOBAL INVES n/a Research 2'467'489 2.97 - 04.10.2012 Investment Advisor
FIL LIMITED n/a ULT-AGG 2'454'787 2.95 - 01.08.2013 Investment Advisor
NORGES BANK n/a Research 2'242'769 2.7 - 14.05.2013 Government
DEUTSCHE BANK AG n/a ULT-AGG 2'041'226 2.45 (270'637) 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'813'479 2.18 (108'801) 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 961'090 1.16 56'411 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 947'062 1.14 23'829 30.06.2013 Unclassified
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 856'425 1.03 163'884 31.07.2013 Investment Advisor
CITADEL EUROPE LLP n/a Short (765'465) -0.92 (83'203) 12.08.2013 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 643'280 0.77 (19'280) 28.06.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 611'728 0.74 25'915 31.05.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 589'055 0.71 22'800 28.03.2013 Investment Advisor
BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 557'340 0.67 9'600 31.07.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 551'583 0.66 200'000 31.05.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 425'581 0.51 (277'963) 28.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 421'819 0.51 324'011 31.01.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 416'485 0.5 91'606 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Equita SIM SpA MASSIMO BONISOLI buy 5 M 53 12 month 24.09.2013
Nord/LB THORSTEN STRAUSS buy 5 U 54 12 month 23.09.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 52 12 month 23.09.2013
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 45 Not Provided 23.09.2013
Baader Bank NORBERT BARTH sell 1 M 43 12 month 20.09.2013
Credit Suisse CHRIS COUNIHAN underperform 1 M 39 Not Provided 20.09.2013
HSBC JESKO MAYER-WEGELIN neutral 3 M 50 Not Provided 20.09.2013
Hauck & Aufhaeuser NILS-PETER FITZL hold 3 M 47 12 month 20.09.2013
M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 64 12 month 20.09.2013
Bankhaus Metzler LARS HETTCHE buy 5 M 58 12 month 20.09.2013
Nomura PATRICK LAMBERT neutral 3 M 48 12 month 20.09.2013
DZ Bank AG PETER SPENGLER buy 5 M 55 Not Provided 20.09.2013
Exane BNP Paribas JAMES KNIGHT neutral 3 M 49 Not Provided 20.09.2013
Deutsche Bank MARTIN DUNWOODIE buy 5 M 58 12 month 19.09.2013
Bankhaus Lampe HEIKO FEBER buy 5 M 56 12 month 19.09.2013
AlphaValue MARTIN SCHNEE reduce 2 M 45 6 month 19.09.2013
Morgan Stanley PAUL RICHARD WALSH Equalwt/In-Line 3 M 50 12 month 18.09.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA hold 3 M 52 12 month 18.09.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 10.09.2013
JPMorgan MARTIN EVANS underweight 1 M 36 15 month 04.09.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 55 12 month 04.09.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 48 12 month 30.08.2013
Commerzbank Corporates & Markets STEPHAN KIPPE reduce 2 M 39 6 month 28.08.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 56 Not Provided 23.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 13.08.2013
Barclays ANDREAS HEINE equalweight 3 M 55 Not Provided 12.08.2013
S&P Capital IQ JACOB THRANE hold 3 M 48 12 month 07.08.2013
SRH AlsterResearch DANIEL PAWLOWSKI buy 5 M 54 12 month 06.08.2013
Kepler Cheuvreux MARTIN ROEDIGER buy 5 M 56 Not Provided 05.08.2013
Steubing AG MICHAEL BROEKER buy 5 M 70 Not Provided 29.07.2013
UBS JOE DEWHURST buy 5 M 62 12 month 09.07.2013
Main First Bank AG RONALD KOEHLER outperform 5 M 60 12 month 01.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.06.2013
Berenberg Bank JAIDEEP PANDYA hold 3 D 59 Not Provided 15.04.2013
Bank of Valletta TEAM COVERAGE overweight 5 M 75 Not Provided 18.03.2013
National Bank AG STEFFEN MANSKE hold 3 M 66 Not Provided 07.11.2012
Deutsche Bank VIRGINIE BOUCHER-FERTE dropped coverage #N/A N/A M #N/A N/A Not Provided 17.09.2007
Holdings By:
LANXESS AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
MAN SE manufactures vehicles, engines, turbines and defense products, and offers
engineering services. The Company manufactures trucks, buses, diesel engines,
compressors, turbines, and aerospace and defense systems, and offers industrial
plant design and project management services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (10.01.2013) 90.00
52-Week Low (26.09.2012) 70.80
Daily Volume
87.76
52-Week High % Change -2.49% Dividend Yield -
52-Week Low % Change 23.95% Beta 0.95
% 52 Week Price Range High/Low 87.34% Equity Float 35.05
Shares Out 30.06.2013 141.0 Short Int -
12'887.82 1 Yr Total Return 22.81%
Total Debt 5'299.00 YTD Return 9.98%
Preferred Stock 0.0 Adjusted BETA 0.953
Minority Interest 69.0 Analyst Recs 25
Cash and Equivalents 1'367.00 Consensus Rating 2.440
Enterprise Value 17'759.82
Average Volume 5 Day 146'193
MAN GY EQUITY YTD Change - Average Volume 30 Day 101'077
MAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 122'784
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
14'945.0 12'026.0 14'675.0 16'472.0 15'772.0 16'200.0 15'617.0 15'757.8 16'520.5 3'945.0 4'193.0
0.49x 0.89x 1.02x 0.75x 1.00x 3.50x 4.13x 1.01x 0.97x - -
1'803.0 974.0 1'194.0 2'363.0 1'487.0 2'308.0 875.0 1'082.4 1'644.4 - -
4.09x 10.97x 12.50x 5.24x 10.65x 6.83x 19.66x 16.41x 10.80x - -
1'233.0 (270.0) 713.0 238.0 177.0 (575.0) (241.0) 86.2 628.6 121.0 155.0
4.99x - 16.79x 14.87x 67.29x 0.00x 0.00x 77.46x 20.70x - -
EBITDA 1'487.00 Long-Term Rating Date 20.12.2012
EBIT 781.00 Long-Term Rating NR
Operating Margin 4.95% Long-Term Outlook -
Pretax Margin 1.97% Short-Term Rating Date 20.12.2012
Return on Assets -1.28% Short-Term Rating NR
Return on Common Equity -4.76%
Return on Capital -8.33% EBITDA/Interest Exp. 3.87
Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 1.91
Net Debt/EBITDA 5.49
Gross Margin 20.8% Total Debt/EBITDA 6.08
EBITDA Margin 5.6%
EBIT Margin 2.2% Total Debt/Equity 95.5%
Net Income Margin 1.1% Total Debt/Capital 48.5%
Asset Turnover 0.83
Current Ratio 1.02 Net Fixed Asset Turnover 3.40
Quick Ratio 0.44 Accounts receivable turnover-days 50.11
Debt to Assets 26.60% Inventory Days 108.22
Tot Debt to Common Equity 95.48% Accounts Payable Turnover Day 53.89
Accounts Receivable Turnover 7.28 Cash Conversion Cycle 88.59
Inventory Turnover 3.37
Fiscal Year Ended
MAN SEPrice/Volume
Valuation Analysis
38'791.00
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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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VOLKSWAGEN AG n/a Research 105'922'516 75.14 - 11.09.2013 Corporation
BLACKROCK n/a ULT-AGG 5'181'638 3.68 (121'974) 23.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 1'086'000 0.77 - 31.12.2012 Government
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 856'600 0.61 (36'950) 28.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 466'012 0.33 140'762 28.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 433'274 0.31 (33'828) 30.06.2013 Unclassified
MAINFIRST SICAV Multiple Portfolios MF-AGG 166'299 0.12 800 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 135'053 0.1 (55'405) 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 91'377 0.06 (28'700) 31.07.2013 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 81'912 0.06 - 31.05.2013 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 80'767 0.06 (45'063) 28.03.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 66'000 0.05 43'800 28.03.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 59'140 0.04 (107) 31.05.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 55'516 0.04 - 31.12.2012 Investment Advisor
STATE STREET CORP n/a ULT-AGG 54'190 0.04 478 24.09.2013 Investment Advisor
PRUDENTIAL OF AMERIC n/a ULT-AGG 51'884 0.04 51'884 30.06.2013 Insurance Company
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 51'359 0.04 51'359 31.12.2012 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 44'857 0.03 (38'350) 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 41'828 0.03 - 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 40'974 0.03 1'039 28.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Commerzbank Corporates & Markets SASCHA GOMMEL hold 3 M 85 6 month 02.09.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 66 6 month 15.08.2013
Barclays MICHAEL TYNDALL equalweight 3 M 81 Not Provided 13.08.2013
DZ Bank AG MICHAEL PUNZET hold 3 M 81 Not Provided 09.08.2013
Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 M 85 12 month 07.08.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 06.08.2013
M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 81 12 month 31.07.2013
Natixis KATHLEEN GAILLIOT neutral 3 M 81 Not Provided 31.07.2013
Nord/LB FRANK SCHWOPE sell 1 M 81 12 month 30.07.2013
Landesbank Baden-Wuerttemberg FRANK BILLER sell 1 M 81 Not Provided 30.07.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 81 12 month 30.07.2013
S&P Capital IQ RODERICK BRIDGE sell 1 M 81 12 month 30.07.2013
Berenberg Bank FREDERIK BITTER sell 1 M 81 Not Provided 26.07.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 95 Not Provided 23.07.2013
JPMorgan ALEXANDER WHIGHT neutral 3 M 79 3 month 09.07.2013
Deutsche Bank JOCHEN GEHRKE hold 3 M 82 12 month 05.07.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
UBS FREDRIC STAHL neutral 3 M 85 12 month 01.05.2013
Makor Capital ALBERT SAPORTA sell 1 M 85 Not Provided 30.04.2013
Morgan Stanley LAURA LEMBKE Equalwt/In-Line 3 M 80 12 month 19.04.2013
Equinet Institutional Services(ESN) TIM SCHULDT hold 3 M 85 12 month 22.03.2013
BHF-Bank HERMANN REITH market weight 3 M 90 12 month 30.10.2012
Bankhaus Metzler JUERGEN PIEPER sell 1 M 66 12 month 31.07.2012
Holdings By:
MAN SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Metro AG operates retail stores and markets products over the Internet. The
Company operates cash and carry stores, supermarkets and hypermarkets, consumer
electronics stores, department stores, theme stores, and online sales services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (16.09.2013) 30.46
52-Week Low (10.10.2012) 20.13
Daily Volume
29.81
52-Week High % Change -2.12% Dividend Yield -
52-Week Low % Change 48.12% Beta 0.85
% 52 Week Price Range High/Low 94.53% Equity Float 146.24
Shares Out 30.06.2013 324.1 Short Int -
9'735.73 1 Yr Total Return 24.50%
Total Debt 8'550.00 YTD Return 47.77%
Preferred Stock 0.0 Adjusted BETA 0.848
Minority Interest 77.0 Analyst Recs 36
Cash and Equivalents 5'321.00 Consensus Rating 2.917
Enterprise Value 16'060.73
Average Volume 5 Day 702'468
MEO GY EQUITY YTD Change - Average Volume 30 Day 821'573
MEO GY EQUITY YTD % CHANGE - Average Volume 3 Month 918'794
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 09/13 Y 09/14 Y 06/13 Q2 09/13 Q3
67'955.0 65'529.0 67'258.0 65'926.0 66'739.0 66'164.0 66'027.0 51'462.8 65'274.4 15'259.6 15'521.7
0.21x 0.28x 0.32x 0.20x 0.15x 0.97x 0.81x 0.31x 0.23x - -
3'246.0 3'005.0 3'333.0 3'703.0 3'312.0 3'529.0 3'393.0 1'902.9 3'078.4 - 563.0
4.37x 6.10x 6.36x 3.58x 3.07x 4.42x 4.18x 8.44x 5.22x - -
401.0 383.0 850.0 631.0 3.0 496.0 122.0 104.4 698.9 13.2 -
11.25x 36.38x 20.72x 14.61x 2100.00x 15.24x 65.61x 584.51x 14.04x - -
EBITDA 3'312.00 Long-Term Rating Date 11.10.2012
EBIT 1'689.00 Long-Term Rating BBB-
Operating Margin 2.53% Long-Term Outlook STABLE
Pretax Margin 1.21% Short-Term Rating Date 11.10.2012
Return on Assets 0.40% Short-Term Rating A-3
Return on Common Equity 2.25%
Return on Capital 2.30% EBITDA/Interest Exp. 4.84
Asset Turnover 2.16% (EBITDA-Capex)/Interest Exp. 2.93
Net Debt/EBITDA 1.86
Gross Margin 20.9% Total Debt/EBITDA 2.51
EBITDA Margin 5.1%
EBIT Margin 3.0% Total Debt/Equity 141.9%
Net Income Margin 0.0% Total Debt/Capital 58.4%
Asset Turnover 2.16
Current Ratio 0.87 Net Fixed Asset Turnover 5.75
Quick Ratio 0.29 Accounts receivable turnover-days 2.94
Debt to Assets 24.59% Inventory Days 45.74
Tot Debt to Common Equity 141.93% Accounts Payable Turnover Day 70.28
Accounts Receivable Turnover 123.99 Cash Conversion Cycle -44.45
Inventory Turnover 7.98
Fiscal Year Ended
Metro AGPrice/Volume
Valuation Analysis
460'420.00
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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27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANZ HANIEL & CIE G n/a Research 97'265'288 30.01 (13'709'836) 06.02.2013 Holding Company
SCHMIDT-RUTHENBECK n/a Research 51'112'077 15.77 - 08.02.2013 n/a
BEISHEIM OTTO n/a Research 29'493'970 9.1 - 08.08.2013 n/a
FRANKLIN RESOURCES n/a ULT-AGG 9'926'360 3.06 - 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'328'371 1.34 51'110 23.09.2013 Investment Advisor
AKO CAPITAL LLP n/a Short (3'856'904) -1.19 324'109 02.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 3'696'036 1.14 - 31.12.2012 Government
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3'607'350 1.11 (431'200) 28.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 2'466'019 0.76 30'513 30.06.2013 Unclassified
DWS INVESTMENTS Multiple Portfolios MF-AGG 1'581'404 0.49 (1'449'495) 31.05.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'151'814 0.36 127'170 28.03.2013 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 1'131'707 0.35 (60'462) 30.08.2013 Investment Advisor
BNY MELLON SERVICE K Multiple Portfolios MF-AGG 999'936 0.31 (55'340) 30.08.2013 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 980'000 0.3 880'000 28.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 963'946 0.3 146'981 31.07.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 656'163 0.2 (33'672) 31.01.2013 Investment Advisor
MASON STREET ADVISOR Multiple Portfolios MF-AGG 569'720 0.18 569'720 30.06.2013 Investment Advisor
WELLS FARGO & COMPAN n/a ULT-AGG 544'796 0.17 (14'777) 31.07.2013 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 541'466 0.17 41'583 31.05.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 511'951 0.16 (292'438) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 23.09.2013
AlphaValue EILEEN RYAN sell 1 M 26 6 month 19.09.2013
Nomura DAVID PAYNE neutral 3 M 26 12 month 18.09.2013
Commerzbank Corporates & Markets JUERGEN ELFERS hold 3 M 26 6 month 17.09.2013
Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 33 12 month 12.09.2013
M.M. Warburg Investment Research THILO KLEIBAUER hold 3 M 27 12 month 12.09.2013
Exane BNP Paribas JOHN KERSHAW underperform 1 M 25 Not Provided 10.09.2013
Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 30 Not Provided 27.08.2013
Kepler Cheuvreux FABIENNE CARON hold 3 M 29 Not Provided 16.08.2013
Credit Suisse ANDREW KASOULIS underperform 1 M 20 Not Provided 14.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 12.08.2013
Baader Bank VOLKER BOSSE buy 5 M 35 12 month 06.08.2013
UBS BENJAMIN PETERS buy 5 M 33 12 month 06.08.2013
DZ Bank AG HERBERT STURM sell 1 D 28 Not Provided 06.08.2013
Nord/LB WOLFGANG VASTERLING hold 3 M 26 12 month 05.08.2013
Deutsche Bank JAMES G COLLINS hold 3 M 27 12 month 02.08.2013
JPMorgan JAIME VAZQUEZ underweight 1 M 23 3 month 02.08.2013
Macquarie SREEDHAR MAHAMKALI neutral 3 M 22 12 month 02.08.2013
Independent Research GmbH ZAFER RUZGAR sell 1 D 27 12 month 02.08.2013
Societe Generale ARNAUD JOLY hold 3 M 26 12 month 01.08.2013
Jefferies JAMES GRZINIC hold 3 M 22 12 month 01.08.2013
Raymond James CEDRIC LECASBLE underperform 1 M 21 Not Provided 01.08.2013
HSBC JEROME SAMUEL underweight 1 M 22 Not Provided 01.08.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 26 Not Provided 01.08.2013
Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 M 23 12 month 01.08.2013
Bankhaus Metzler STEFAN WIMMER sell 1 M 22 12 month 01.08.2013
Barclays JAMES ANSTEAD equalweight 3 M 27 Not Provided 01.08.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 29 Not Provided 29.07.2013
Redburn Partners MARC DE SPEVILLE buy 5 M #N/A N/A Not Provided 04.07.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013
Oddo & Cie LAURENCE HOFMANN reduce 2 M 22 Not Provided 03.05.2013
Equita SIM SpA FABIO FAZZARI buy 5 M 30 12 month 16.04.2013
BHF-Bank PETER STEINER market weight 3 M 22 12 month 01.03.2013
Hammer Partners SA STEPHAN SEIP buy 5 M 32 Not Provided 17.01.2013
Goldman Sachs FRANKLIN WALDING not rated #N/A N/A M #N/A N/A Not Provided 03.12.2012
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 31 12 month 16.08.2012
Holdings By:
Metro AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
MorphoSys AG is a biotechnology company. The Company uses proprietary
technology to develop human antibodies tailored to treat specific diseases.
MorphoSys is developing medicines to treat cancer and inflammation.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (23.08.2013) 60.00
52-Week Low (25.09.2012) 22.90
Daily Volume
56.66
52-Week High % Change -5.57% Dividend Yield -
52-Week Low % Change 147.42% Beta 0.67
% 52 Week Price Range High/Low 91.00% Equity Float 23.57
Shares Out 23.09.2013 25.7 Short Int -
1'454.43 1 Yr Total Return 137.67%
Total Debt 0.07 YTD Return 93.38%
Preferred Stock 0.0 Adjusted BETA 0.667
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 119.43 Consensus Rating 4.500
Enterprise Value 1'308.20
Average Volume 5 Day 138'919
MOR GY EQUITY YTD Change - Average Volume 30 Day 113'855
MOR GY EQUITY YTD % CHANGE - Average Volume 3 Month 123'802
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
71.6 81.0 87.0 82.1 51.9 41.5 80.6 77.8 73.4 - -
3.95x 3.09x 3.62x 3.28x 10.74x 27.97x 29.65x 14.99x 16.22x - -
21.7 16.8 16.0 15.9 8.5 (8.5) 26.8 10.4 0.2 - -
13.07x 14.96x 19.75x 16.87x 65.59x 0.00x 30.98x 125.51x 8128.66x - -
13.2 9.0 9.2 8.2 1.9 (7.8) 21.9 9.3 0.3 - -
31.78x 42.60x 45.20x 48.69x 293.00x 0.00x 61.40x 170.15x - - -
EBITDA 8.50 Long-Term Rating Date -
EBIT 2.19 Long-Term Rating -
Operating Margin 4.22% Long-Term Outlook -
Pretax Margin 5.88% Short-Term Rating Date -
Return on Assets 9.31% Short-Term Rating -
Return on Common Equity 10.43%
Return on Capital 10.47% EBITDA/Interest Exp. 85.92
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 75.65
Net Debt/EBITDA -5.45
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 33.3%
EBIT Margin 26.4% Total Debt/Equity 0.0%
Net Income Margin 3.7% Total Debt/Capital 0.0%
Asset Turnover 0.34
Current Ratio 11.74 Net Fixed Asset Turnover 18.88
Quick Ratio 8.20 Accounts receivable turnover-days 91.78
Debt to Assets 0.03% Inventory Days 493.62
Tot Debt to Common Equity 0.04% Accounts Payable Turnover Day -4172.58
Accounts Receivable Turnover 3.98 Cash Conversion Cycle -
Inventory Turnover 0.74
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
Morphosys AGPrice/Volume
Valuation Analysis
75'559.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASSACHUSETTS MUTUAL n/a Research 1'697'540 6.61 - 27.08.2012 Insurance Company
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'526'167 5.95 - 31.07.2013 Investment Advisor
NOVARTIS PHARMA AG n/a Research 1'399'788 5.45 - 31.12.2012 Corporation
BNP PARIBAS n/a ULT-AGG 753'765 2.94 (9'240) 30.04.2013 Unclassified
INVESCO LTD n/a ULT-AGG 745'845 2.91 190'723 31.03.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 653'729 2.55 - 31.12.2012 Government
MORONEY SIMON E n/a Co File 419'885 1.64 - 31.12.2012 n/a
BLACKROCK n/a ULT-AGG 371'225 1.45 67'054 23.09.2013 Investment Advisor
MORPHOSYS AG n/a Co File 255'415 1 - 31.12.2012 Corporation
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 225'794 0.88 65'794 28.03.2013 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 158'664 0.62 16'983 28.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 144'752 0.56 49'095 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 131'079 0.51 11'110 30.06.2013 Unclassified
PICTET FUNDS n/a ULT-AGG 121'676 0.47 - 31.05.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 117'129 0.46 52'945 28.03.2013 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (112'119) -0.44 18'687 12.06.2013 Hedge Fund Manager
DEUTSCHE BANK AG n/a ULT-AGG 105'000 0.41 25'000 31.07.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 82'190 0.32 - 31.07.2013 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 68'892 0.27 - 31.05.2013 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 68'139 0.27 - 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 62 12 month 19.09.2013
DZ Bank AG PETER SPENGLER buy 5 M 65 Not Provided 19.09.2013
Helvea OLAV ZILIAN buy 5 M 72 12 month 19.09.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 65 6 month 28.08.2013
Nomura Code Securities GARY WAANDERS buy 5 M 60 6 month 20.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 13.08.2013
Deutsche Bank GUNNAR ROMER buy 5 M 61 12 month 12.08.2013
Close Brothers Equity Markets IGOR KIM buy 5 M 60 12 month 12.08.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 58 Not Provided 05.08.2013
Kempen & Co SACHIN SONI buy 5 M 60 12 month 18.07.2013
Vara Research THOMAS J SCHIESSLE buy 5 M 48 12 month 14.06.2013
Equinet Institutional Services(ESN) EDOUARD AUBERY buy 5 M 30 12 month 27.02.2013
Holdings By:
Morphosys AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Merck KGaA is a global pharmaceutical and chemicals company. The Company
researches drugs in the areas oncology and neurodegenerative as well as
autoimmune and inflammatory diseases. Also, it markets cardiovascular,
fertility, endocrinology, and over-the-counter products as well as products for
flat screens and the pharmaceutical, food, cosmetics, packaging, and coatings.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (06.08.2013) 128.50
52-Week Low (26.09.2012) 94.01
Daily Volume
114.5
52-Week High % Change -10.89% Dividend Yield -
52-Week Low % Change 21.80% Beta 0.63
% 52 Week Price Range High/Low 60.57% Equity Float 64.62
Shares Out 30.06.2013 64.6 Short Int -
24'977.99 1 Yr Total Return 23.03%
Total Debt 4'453.50 YTD Return 16.40%
Preferred Stock 0.0 Adjusted BETA 0.634
Minority Interest 53.4 Analyst Recs 32
Cash and Equivalents 2'527.60 Consensus Rating 2.750
Enterprise Value 26'343.49
Average Volume 5 Day 270'239
MRK GY EQUITY YTD Change - Average Volume 30 Day 196'797
MRK GY EQUITY YTD % CHANGE - Average Volume 3 Month 220'512
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
7'201.6 7'377.7 8'928.9 9'905.9 10'740.8 10'265.8 10'838.1 11'228.5 11'309.8 2'777.2 2'788.2
2.02x 1.96x 1.96x 2.05x 2.20x 7.52x 9.30x 2.35x 2.21x - -
2'436.5 1'675.8 2'497.0 2'689.8 2'917.8 2'394.1 3'073.1 3'140.6 3'258.6 774.3 777.3
5.98x 8.64x 7.02x 7.54x 8.12x 8.40x 8.74x 8.39x 8.08x - -
367.1 366.3 632.1 606.5 566.7 463.6 1'039.3 1'888.4 1'967.6 464.5 458.5
38.17x 38.79x 20.57x 27.61x 38.25x 36.97x 24.58x 13.21x 12.64x - -
EBITDA 2'917.80 Long-Term Rating Date 29.05.2013
EBIT 1'521.20 Long-Term Rating A
Operating Margin 14.16% Long-Term Outlook STABLE
Pretax Margin 6.60% Short-Term Rating Date 29.05.2013
Return on Assets 4.76% Short-Term Rating A-1
Return on Common Equity 9.91%
Return on Capital - EBITDA/Interest Exp. 13.15
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 11.67
Net Debt/EBITDA 0.43
Gross Margin 70.6% Total Debt/EBITDA 1.51
EBITDA Margin 28.4%
EBIT Margin 15.6% Total Debt/Equity 43.0%
Net Income Margin 5.3% Total Debt/Capital 30.0%
Asset Turnover 0.50
Current Ratio 1.45 Net Fixed Asset Turnover 3.85
Quick Ratio 1.02 Accounts receivable turnover-days 75.46
Debt to Assets 20.58% Inventory Days 188.84
Tot Debt to Common Equity 42.98% Accounts Payable Turnover Day 155.94
Accounts Receivable Turnover 4.84 Cash Conversion Cycle 116.89
Inventory Turnover 1.93
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
Merck KGaAPrice/Volume
Valuation Analysis
140'698.00
Current Price (9/dd/yy) Market Data
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10'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 6'419'685 9.93 - 23.09.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a Co File 6'175'369 9.56 - 31.12.2011 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 3'222'248 4.99 - 28.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'838'695 4.39 13'924 30.06.2013 Investment Advisor
MFS INSTITUTIONAL AD n/a Research 1'884'389 2.92 - 12.03.2012 Investment Advisor
CREDIT SUISSE GROUP n/a Research 1'860'448 2.88 - 12.08.2011 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 1'821'513 2.82 81'324 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 1'525'433 2.36 - 31.12.2012 Government
GOLDMAN SACHS GROUP n/a ULT-AGG 1'234'221 1.91 (2'577) 30.04.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'038'686 1.61 30'283 30.06.2013 Unclassified
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 744'289 1.15 46'500 28.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 495'844 0.77 (158) 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 493'896 0.76 (7'605) 31.08.2013 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 483'289 0.75 472'289 31.12.2012 Investment Advisor
MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 375'267 0.58 (28'691) 30.06.2013 Investment Advisor
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 368'739 0.57 14'602 31.05.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 322'797 0.5 (40'000) 31.05.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 278'218 0.43 98'234 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 232'156 0.36 - 17.04.2012 Investment Advisor
PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 228'148 0.35 14'221 31.08.2013 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 110 6 month 25.09.2013
Helvea ODILE RUNDQUIST hold 3 M 119 12 month 25.09.2013
Sanford C. Bernstein & Co AARON GAL market perform 3 M 125 12 month 23.09.2013
Exane BNP Paribas VINCENT MEUNIER neutral 3 M 118 Not Provided 19.09.2013
AlphaValue MARTIN SCHNEE reduce 2 M 108 6 month 19.09.2013
Barclays MICHAEL LEUCHTEN underweight 1 M 89 Not Provided 16.09.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 U 71 12 month 29.08.2013
Societe Generale STEPHEN MCGARRY sell 1 M 103 12 month 27.08.2013
Morgan Stanley AMY WALKER Overwt/Attractive 5 M 142 12 month 14.08.2013
DZ Bank AG PETER SPENGLER buy 5 M 135 Not Provided 14.08.2013
Nord/LB THORSTEN STRAUSS hold 3 M 128 12 month 08.08.2013
Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 133 12 month 08.08.2013
Credit Suisse MATTHEW WESTON neutral 3 M 126 Not Provided 07.08.2013
JPMorgan RICHARD VOSSER neutral 3 M 125 9 month 07.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 132 12 month 07.08.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 121 12 month 07.08.2013
Bankhaus Metzler SEBASTIAN FRERICKS sell 1 M 100 12 month 07.08.2013
Deutsche Bank HOLGER BLUM buy 5 M 148 12 month 06.08.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 M 118 Not Provided 06.08.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 M 92 Not Provided 06.08.2013
S&P Capital IQ JACOB THRANE sell 1 M 106 12 month 06.08.2013
Commerzbank Corporates & Markets DANIEL WENDORFF reduce 2 M 105 6 month 01.08.2013
Goldman Sachs STEVE CHESNEY Sell/Neutral 1 N 114 12 month 20.06.2013
Main First Bank AG MARCUS WIEPRECHT underperform 1 M 100 12 month 17.06.2013
EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013
UBS ANDREW WHITNEY buy 5 M 131 12 month 16.05.2013
Redburn Partners TEAM COVERAGE neutral 3 D #N/A N/A Not Provided 12.04.2013
Mirabaud Securities NICHOLAS TURNER reduce 2 D 89 Not Provided 24.12.2012
National Bank AG STEFFEN MANSKE sell 1 M #N/A N/A Not Provided 15.11.2012
Jefferies JEFFREY HOLFORD hold 3 M 88 12 month 10.10.2012
Cyrrus TOMAS MENCIK sell 1 M 77 Not Provided 05.04.2012
Equita SIM SpA GIANMARCO BONACINA not rated #N/A N/A M #N/A N/A Not Provided 23.02.2010
Holdings By:
Merck KGaA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
MTU Aero Engines AG develops and manufactures engines and offers
commercial engine services and support. The Company sells to manufacturers and
operators of engines and industrial gas turbines across the world.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 79.61
52-Week Low (27.09.2012) 60.25
Daily Volume
69.93
52-Week High % Change -12.16% Dividend Yield -
52-Week Low % Change 16.07% Beta 0.70
% 52 Week Price Range High/Low 46.85% Equity Float 50.63
Shares Out 30.06.2013 52.0 Short Int -
3'636.36 1 Yr Total Return 16.67%
Total Debt 618.90 YTD Return 3.56%
Preferred Stock 0.0 Adjusted BETA 0.704
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 198.40 Consensus Rating 3.560
Enterprise Value 4'147.46
Average Volume 5 Day 162'795
MTX GY EQUITY YTD Change - Average Volume 30 Day 133'182
MTX GY EQUITY YTD % CHANGE - Average Volume 3 Month 165'762
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
2'724.3 2'610.8 2'707.4 2'932.1 3'378.6 3'144.6 3'671.8 3'737.4 4'021.4 - -
0.45x 0.77x 0.95x 0.83x 1.16x 3.49x 4.36x 1.11x 1.02x - -
407.5 368.3 398.9 420.8 490.9 405.0 490.0 493.9 545.0 - -
2.99x 5.48x 6.43x 5.78x 7.97x 8.42x 8.73x 8.38x 7.60x - -
179.7 141.0 142.2 159.2 173.9 196.3 132.2 219.1 248.1 61.0 55.6
5.38x 13.21x 17.39x 15.17x 20.06x 14.72x 28.50x 16.18x 14.04x - -
EBITDA 490.90 Long-Term Rating Date 11.05.2010
EBIT 287.10 Long-Term Rating NR
Operating Margin 8.50% Long-Term Outlook -
Pretax Margin 8.04% Short-Term Rating Date -
Return on Assets 3.08% Short-Term Rating -
Return on Common Equity 12.47%
Return on Capital - EBITDA/Interest Exp. 76.70
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 61.22
Net Debt/EBITDA 1.04
Gross Margin 16.4% Total Debt/EBITDA 1.49
EBITDA Margin 13.3%
EBIT Margin 7.4% Total Debt/Equity 56.8%
Net Income Margin 5.1% Total Debt/Capital 36.2%
Asset Turnover 0.86
Current Ratio 1.11 Net Fixed Asset Turnover 6.11
Quick Ratio 0.47 Accounts receivable turnover-days 55.95
Debt to Assets 14.52% Inventory Days 99.91
Tot Debt to Common Equity 56.82% Accounts Payable Turnover Day 74.79
Accounts Receivable Turnover 6.52 Cash Conversion Cycle 92.76
Inventory Turnover 3.65
Fiscal Year Ended
MTU Aero Engines AGPrice/Volume
Valuation Analysis
165'883.00
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
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 12'823'558 24.66 (252'000) 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'689'061 5.17 100'542 31.08.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 2'554'394 4.91 - 06.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'337'166 4.49 (101'608) 23.09.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 1'966'413 3.78 - 11.05.2012 Investment Advisor
UBS AG n/a ULT-AGG 1'887'531 3.63 15 31.05.2013 Unclassified
ARTISAN PARTNERS HOL n/a Research 1'631'852 3.14 - 13.08.2013 Investment Advisor
GRYPHON INTERNATIONA n/a Co File 1'570'400 3.02 - 31.12.2011 Investment Advisor
AMERIPRISE FINANCIAL n/a Research 1'565'370 3.01 - 29.10.2012 Investment Advisor
INVESTEC ASSET MANAG n/a Research 1'557'292 2.99 - 15.05.2013 Investment Advisor
SCHRODERS PLC n/a Research 1'550'721 2.98 - 20.08.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'538'190 2.96 - 18.09.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'531'691 2.95 - 25.06.2012 Investment Advisor
MTU AERO ENGINES HOL n/a Research 1'367'315 2.63 (285) 23.01.2012 Other
DEUTSCHE BANK AG n/a ULT-AGG 1'341'474 2.58 (33'676) 31.07.2013 Investment Advisor
THREADNEEDLE n/a ULT-AGG 1'298'247 2.5 112'002 30.06.2013 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'102'838 2.12 78'927 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'052'807 2.02 (53'415) 30.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 917'776 1.76 - 31.12.2012 Government
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 430'000 0.83 - 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 73 12 month 25.09.2013
Societe Generale ZAFAR KHAN buy 5 M 80 12 month 20.09.2013
AlphaValue HEINZ STEFFEN reduce 2 M 66 6 month 19.09.2013
Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 82 12 month 30.08.2013
EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 19.08.2013
Berenberg Bank WILLIAM MACKIE hold 3 M 72 Not Provided 09.08.2013
UBS RAMI MYERSON neutral 3 M 70 12 month 02.08.2013
Landesbank Baden-Wuerttemberg STEFAN MAICHL buy 5 M 78 Not Provided 31.07.2013
Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 81 6 month 25.07.2013
Morgan Stanley RUPINDER VIG Equalwt/In-Line 3 M 63 12 month 25.07.2013
HSBC RICHARD SCHRAMM neutral 3 M 73 Not Provided 25.07.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 72 12 month 25.07.2013
Bankhaus Lampe SEBASTIAN HEIN hold 3 M 69 12 month 25.07.2013
Oddo & Cie YAN DEROCLES neutral 3 M 70 Not Provided 25.07.2013
Bankhaus Metzler HELENA WUESTENFELD buy 5 M 76 12 month 25.07.2013
Kepler Cheuvreux CHRISTOPHE MENARD hold 3 D 68 Not Provided 25.07.2013
DZ Bank AG MARKUS TURNWALD buy 5 M 79 Not Provided 25.07.2013
Deutsche Bank BEN FIDLER buy 5 M 72 12 month 24.07.2013
Nord/LB WOLFGANG DONIE buy 5 M 78 12 month 24.07.2013
JPMorgan DAVID H PERRY neutral 3 D 79 15 month 24.07.2013
Exane BNP Paribas OLIVIER BROCHET underperform 1 M 71 Not Provided 16.07.2013
Main First Bank AG CHLOE LEMARIE underperform 1 M 61 12 month 25.06.2013
Cantor Fitzgerald ANDREW CHAMBERS hold 3 N 82 Not Provided 06.06.2013
National Bank AG STEFFEN MANSKE buy 5 M 53 Not Provided 06.10.2010
Holdings By:
MTU Aero Engines AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (25.04.2013) 158.65
52-Week Low (01.10.2012) 121.20
Daily Volume
143.4
52-Week High % Change -9.61% Dividend Yield -
52-Week Low % Change 18.32% Beta 0.91
% 52 Week Price Range High/Low 63.55% Equity Float 178.32
Shares Out 30.06.2013 179.3 Short Int -
25'717.53 1 Yr Total Return 20.16%
Total Debt 6'256.00 YTD Return 10.40%
Preferred Stock 0.0 Adjusted BETA 0.913
Minority Interest 242.0 Analyst Recs 37
Cash and Equivalents 2'860.00 Consensus Rating 3.811
Enterprise Value 27'523.53
Average Volume 5 Day 809'656
MUV2 GY EQUITY YTD Change - Average Volume 30 Day 647'304
MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 619'329
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
47'151.0 53'891.0 59'111.0 60'908.0 65'896.0 64'012.0 65'533.0 54'487.5 55'648.3 - -
0.56x 0.44x 0.42x 0.33x 0.43x 1.33x 1.67x 0.57x 0.55x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'555.0 2'521.0 2'422.0 702.0 3'195.0 2'501.0 3'108.0 2'995.0 2'953.9 649.5 682.5
14.34x 8.39x 8.69x 24.03x 7.56x 7.88x 8.08x 8.59x 8.57x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating AA-
Operating Margin 6.64% Long-Term Outlook STABLE
Pretax Margin 6.19% Short-Term Rating Date -
Return on Assets 1.22% Short-Term Rating -
Return on Common Equity 12.30%
Return on Capital 10.97% EBITDA/Interest Exp. -
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 23.0%
Net Income Margin 4.8% Total Debt/Capital 18.6%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.42% Inventory Days -
Tot Debt to Common Equity 23.02% 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
Muenchener Rueckversicherungs AGPrice/Volume
Valuation Analysis
461'171.00
Current Price (9/dd/yy) Market Data
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 20'086'215 11.2 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'267'532 9.63 20'786 23.09.2013 Investment Advisor
PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2012 Unclassified
CREDIT SUISSE AG n/a ULT-AGG 5'357'374 2.99 238 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 3'648'401 2.03 - 31.12.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 2'269'183 1.27 (305'246) 31.08.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'096'418 1.17 (45'225) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'938'192 1.08 (80'357) 30.06.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'907'185 1.06 (28'081) 31.08.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'853'518 1.03 55'290 31.03.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'483'792 0.83 1'080'048 24.09.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'469'607 0.82 1'149'463 31.08.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'349'274 0.75 (239'245) 30.04.2013 Investment Advisor
SOCIETE GENERALE SA n/a Research 1'022'103 0.57 - 07.06.2013 Unclassified
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 835'251 0.47 763 28.03.2013 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 741'768 0.41 (139'206) 30.06.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 699'370 0.39 - 31.05.2013 Investment Advisor
UBS AG n/a ULT-AGG 652'610 0.36 (36'451) 24.09.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 629'490 0.35 10'227 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 117 12 month 23.09.2013
Day by Day VALERIE GASTALDY buy 5 M 157 3 month 23.09.2013
Exane BNP Paribas THOMAS JACQUET underperform 1 M 143 Not Provided 23.09.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 162 12 month 20.09.2013
AlphaValue DIETER HEIN add 4 M 153 6 month 19.09.2013
Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 155 12 month 18.09.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 179 12 month 13.09.2013
JPMorgan MICHAEL HUTTNER overweight 5 U 161 15 month 13.09.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 163 Not Provided 12.09.2013
Mediobanca SpA MARC THIELE outperform 5 M 167 12 month 11.09.2013
Commerzbank Corporates & Markets FRANK KOPFINGER add 4 M 158 6 month 11.09.2013
RBC Capital Markets KAMRAN HOSSAIN sector perform 3 M 142 12 month 10.09.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 155 12 month 10.09.2013
Independent Research GmbH STEFAN BONGARDT buy 5 U 165 12 month 09.09.2013
Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 150 12 month 09.09.2013
Main First Bank AG MICHAEL HAID outperform 5 U 155 12 month 09.09.2013
Helvea DANIEL BISCHOF hold 3 M 150 12 month 09.09.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 171 12 month 06.09.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 155 6 month 06.09.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 170 12 month 05.09.2013
Kepler Cheuvreux FABRIZIO CROCE buy 5 M 163 Not Provided 26.08.2013
Credit Suisse ADAM MCINALLY neutral 3 M 155 Not Provided 13.08.2013
Societe Generale JASON KALAMBOUSSIS hold 3 M 142 12 month 07.08.2013
HSBC THOMAS FOSSARD overweight 5 M 180 Not Provided 07.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 07.08.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 07.08.2013
Nord/LB JULIA SIEKMANN hold 3 M 154 12 month 06.08.2013
Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 06.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 150 Not Provided 06.08.2013
Berenberg Bank TOM CARSTAIRS buy 5 M 166 Not Provided 06.08.2013
Nomura MICHAEL KLIEN reduce 2 M 140 12 month 06.08.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 150 12 month 06.08.2013
Barclays ANDREW BROADFIELD overweight 5 M 159 Not Provided 22.07.2013
EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013
Natixis BENOIT VALLEAUX neutral 3 M 143 Not Provided 08.05.2013
Holdings By:
Muenchener Rueckversicherungs AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Aurubis AG operates copper smelting and refining facilities. The Company
primarily produces copper rod used in the manufacture of power cables, building
wires and other wiring used in electrical applications. Aurubis also produces
copper cakes, cathodes, billets and bars and markets precious metals, chemicals
and other metals produced as by-products of copper smelting.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (04.02.2013) 57.79
52-Week Low (05.07.2013) 38.55
Daily Volume
45.185
52-Week High % Change -21.81% Dividend Yield -
52-Week Low % Change 17.21% Beta 0.84
% 52 Week Price Range High/Low 32.56% Equity Float 32.32
Shares Out 13.08.2013 45.0 Short Int -
2'031.37 1 Yr Total Return 1.21%
Total Debt 774.47 YTD Return -13.91%
Preferred Stock 0.0 Adjusted BETA 0.840
Minority Interest 4.0 Analyst Recs 19
Cash and Equivalents 669.67 Consensus Rating 3.737
Enterprise Value 2'252.84
Average Volume 5 Day 196'921
NDA GY EQUITY YTD Change - Average Volume 30 Day 165'489
NDA GY EQUITY YTD % CHANGE - Average Volume 3 Month 191'336
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 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1
8'384.6 6'686.9 9'865.4 13'335.8 13'789.2 13'808.4 13'185.0 12'880.9 12'968.6 2'928.0 -
0.24x 0.23x 0.19x 0.15x 0.16x 0.58x 0.54x 0.17x 0.17x - -
374.8 77.3 581.4 579.0 744.7 639.0 296.6 341.3 429.8 77.0 -
5.28x 19.89x 3.28x 3.40x 2.89x 2.95x 0.00x 6.58x 5.23x - -
169.0 (47.1) 324.2 320.8 361.1 304.8 (128.4) 138.1 187.2 30.0 -
7.20x - 4.41x 5.23x 5.66x 5.62x 0.00x 14.70x 10.70x - -
EBITDA 744.73 Long-Term Rating Date -
EBIT 583.29 Long-Term Rating -
Operating Margin 4.23% Long-Term Outlook -
Pretax Margin 3.72% Short-Term Rating Date -
Return on Assets 3.08% Short-Term Rating -
Return on Common Equity 7.03%
Return on Capital 8.06% EBITDA/Interest Exp. 6.91
Asset Turnover 2.80% (EBITDA-Capex)/Interest Exp. 5.34
Net Debt/EBITDA 0.49
Gross Margin - Total Debt/EBITDA 1.38
EBITDA Margin 3.3%
EBIT Margin 2.1% Total Debt/Equity 35.3%
Net Income Margin 2.6% Total Debt/Capital 26.1%
Asset Turnover 2.80
Current Ratio 2.25 Net Fixed Asset Turnover 11.10
Quick Ratio 0.78 Accounts receivable turnover-days 15.66
Debt to Assets 15.84% Inventory Days -
Tot Debt to Common Equity 35.31% Accounts Payable Turnover Day -
Accounts Receivable Turnover 23.31 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
Aurubis AGPrice/Volume
Valuation Analysis
102'030.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SALZGITTER AG n/a Research 11'240'000 25 - 29.08.2011 Corporation
BLACKROCK n/a ULT-AGG 1'993'650 4.43 (25'860) 23.09.2013 Investment Advisor
NORGES BANK n/a Research 1'355'640 3.02 - 27.08.2013 Government
DJE INVESTMENT SA n/a Research 1'325'794 2.95 - 19.08.2011 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'295'644 2.88 - 06.01.2012 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'130'234 2.51 1'499 30.04.2013 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 508'501 1.13 - 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 450'000 1 - 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 383'815 0.85 (15'732) 31.07.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 371'600 0.83 - 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 276'516 0.62 70'903 30.06.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 231'753 0.52 20'742 30.06.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 193'957 0.43 19'131 28.03.2013 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 184'555 0.41 34'958 30.08.2013 Investment Advisor
ACATIS Multiple Portfolios MF-AGG 149'000 0.33 - 28.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 146'388 0.33 (3'854) 31.05.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 142'322 0.32 40'804 31.05.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 117'023 0.26 - 31.07.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 108'901 0.24 12'475 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 97'191 0.22 28'968 24.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 61 12 month 19.09.2013
Societe Generale AMIT PANSARI buy 5 M 51 12 month 11.09.2013
M.M. Warburg Investment Research EGGERT KULS hold 3 M 46 12 month 06.09.2013
Bankhaus Lampe MARC GABRIEL buy 5 U 53 12 month 04.09.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL buy 5 M 50 6 month 30.08.2013
Main First Bank AG ALEXANDER HAUENSTEIN outperform 5 M 53 12 month 29.08.2013
Baader Bank CHRISTIAN OBST buy 5 M 55 12 month 26.08.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 50 Not Provided 26.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 23.08.2013
Nord/LB HOLGER FECHNER buy 5 M 50 12 month 21.08.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 46 12 month 19.08.2013
DZ Bank AG DIRK SCHLAMP buy 5 M 47 Not Provided 16.08.2013
HSBC THORSTEN ZIMMERMANN neutral 3 M 45 Not Provided 14.08.2013
Deutsche Bank BENJAMIN KOHNKE hold 3 M 48 12 month 13.08.2013
SRH AlsterResearch OLIVER DREBING sell 1 M 38 12 month 13.08.2013
Kepler Cheuvreux ROCHUS BRAUNEISER buy 5 M 49 Not Provided 01.08.2013
Steubing AG MICHAEL BROEKER buy 5 M 67 Not Provided 29.07.2013
Morgan Stanley ALAIN GABRIEL Underwt/In-Line 1 M 38 12 month 24.06.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 15.02.2012
Solventis WPH-Bank GmbH KLAUS SOER buy 5 U 49 12 month 25.01.2012
Holdings By:
Aurubis AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Nordex SE develops, produces, installs, and maintains electricity-generating
wind turbines. The Company also designs and produces blades and control
systems.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (11.09.2013) 10.45
52-Week Low (30.10.2012) 2.57
Daily Volume
10.28
52-Week High % Change -1.63% Dividend Yield -
52-Week Low % Change 299.53% Beta 0.92
% 52 Week Price Range High/Low 96.83% Equity Float 55.14
Shares Out 30.06.2013 73.5 Short Int -
755.88 1 Yr Total Return 222.26%
Total Debt 245.15 YTD Return 243.47%
Preferred Stock 0.0 Adjusted BETA 0.915
Minority Interest 0.3 Analyst Recs 11
Cash and Equivalents 295.37 Consensus Rating 3.091
Enterprise Value 764.20
Average Volume 5 Day 570'888
NDX1 GY EQUITY YTD Change - Average Volume 30 Day 1'129'750
NDX1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 848'239
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
1'135.7 1'182.8 972.0 916.8 1'075.3 934.6 1'314.8 1'306.3 1'366.6 - -
0.49x 0.54x 0.38x 0.35x 0.16x 1.33x 1.24x 0.54x 0.52x - -
68.3 68.2 61.7 (8.6) 22.4 (21.5) 54.2 73.5 94.5 - -
8.13x 9.37x 5.92x - 7.60x 0.00x 7.40x 10.38x 8.08x - -
47.6 24.3 20.9 (48.5) (93.9) (68.1) (69.8) 12.9 22.8 - -
14.04x 29.11x 17.76x - - 0.00x 0.00x 64.65x 31.06x - -
EBITDA 22.37 Long-Term Rating Date -
EBIT -46.87 Long-Term Rating -
Operating Margin -4.36% Long-Term Outlook -
Pretax Margin -7.92% Short-Term Rating Date -
Return on Assets -6.83% Short-Term Rating -
Return on Common Equity -21.83%
Return on Capital - EBITDA/Interest Exp. 0.89
Asset Turnover 1.29% (EBITDA-Capex)/Interest Exp. -1.28
Net Debt/EBITDA 0.15
Gross Margin - Total Debt/EBITDA 3.90
EBITDA Margin 4.1%
EBIT Margin -1.4% Total Debt/Equity 87.9%
Net Income Margin -8.7% Total Debt/Capital 46.8%
Asset Turnover 1.29
Current Ratio 1.47 Net Fixed Asset Turnover 10.66
Quick Ratio 0.71 Accounts receivable turnover-days -
Debt to Assets 23.00% Inventory Days -
Tot Debt to Common Equity 87.90% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Nordex SEPrice/Volume
Valuation Analysis
212'694.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SKION MOMENTUM CAPIT n/a Co File 18'375'023 24.99 - 31.12.2012 Unclassified
JP MORGAN n/a ULT-AGG 2'259'643 3.07 - 23.08.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 1'356'490 1.84 - 31.12.2012 Government
DIMENSIONAL FUND ADV n/a ULT-AGG 960'950 1.31 - 30.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 868'425 1.18 301'876 31.07.2013 Investment Advisor
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 760'000 1.03 450'000 28.03.2013 Investment Advisor
HABBEL, POHLIG & PAR Multiple Portfolios MF-AGG 662'779 0.9 262'779 28.03.2013 Investment Advisor
FIRST TRUST n/a ULT-AGG 395'661 0.54 10'059 24.09.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 384'346 0.52 - 25.09.2013 Investment Advisor
ENNISMORE FUND MANAG n/a Short (360'295) -0.49 44'117 01.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 353'547 0.48 11'745 30.06.2013 Unclassified
PASSPORT CAPITAL LLC n/a Short (264'706) -0.36 169'118 25.04.2013 Hedge Fund Manager
HAUCK & AUFHAEUSER I Multiple Portfolios MF-AGG 250'000 0.34 - 29.06.2012 Investment Advisor
DIGITAL FUNDS Multiple Portfolios MF-AGG 241'609 0.33 129'548 31.05.2013 Investment Advisor
HAUCK & AUFHAUSER IN Multiple Portfolios MF-AGG 193'089 0.26 (4'363) 28.08.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 123'845 0.17 - 24.09.2013 Investment Advisor
RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 100'000 0.14 100'000 28.06.2013 Investment Advisor
GUINNESS ATKINSON AS Multiple Portfolios MF-AGG 70'100 0.1 - 31.07.2013 Investment Advisor
MEAG LUXEMBOURG SARL Multiple Portfolios MF-AGG 41'400 0.06 - 30.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG (25'274) -0.03 58'294 23.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue HEINZ STEFFEN add 4 U 12 6 month 19.09.2013
Commerzbank Corporates & Markets SEBASTIAN GROWE hold 3 M 9 6 month 18.09.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 11 12 month 18.09.2013
M.M. Warburg Investment Research CHRISTOPHER RODLER hold 3 D 9 12 month 18.09.2013
Montega WAIS SAMADZADA buy 5 U 13 12 month 11.09.2013
HSBC SEAN D MCLOUGHLIN neutral 3 M 9 Not Provided 06.09.2013
EVA Dimensions TIMOTHY STANISH overweight 5 D #N/A N/A Not Provided 30.08.2013
Nord/LB HOLGER FECHNER sell 1 M 7 12 month 19.08.2013
Deutsche Bank ALEXANDER KARNICK hold 3 M 6 12 month 15.08.2013
Macquarie SHAI HILL underperform 1 M 3 12 month 16.05.2013
UBS JEAN-FRANCOIS MEYMANDI neutral 3 N 3 12 month 09.10.2012
Holdings By:
Nordex SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Nemetschek AG provides standard software for designing, constructing and manag-
ing buildings and real estate. The Company's software offers cost estimation,
design, planning, account calculation, cost management, facilities management,
document management and B2B e-commerce capabilities. Nemetschek's software is
sold in approximately 52 countries and 13 languages.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (12.06.2013) 52.52
52-Week Low (13.11.2012) 31.90
Daily Volume
45.11
52-Week High % Change -14.11% Dividend Yield -
52-Week Low % Change 41.41% Beta 0.69
% 52 Week Price Range High/Low 65.16% Equity Float 4.21
Shares Out 30.06.2013 9.6 Short Int -
434.18 1 Yr Total Return 39.70%
Total Debt 2.67 YTD Return 39.41%
Preferred Stock 0.0 Adjusted BETA 0.687
Minority Interest 1.3 Analyst Recs 8
Cash and Equivalents 44.33 Consensus Rating 3.500
Enterprise Value 388.91
Average Volume 5 Day 15'345
NEM GY EQUITY YTD Change - Average Volume 30 Day 8'693
NEM GY EQUITY YTD % CHANGE - Average Volume 3 Month 8'075
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
150.4 135.6 149.7 164.0 175.1 169.3 179.1 187.0 201.6 44.8 49.4
0.86x 1.25x 2.01x 1.37x 1.59x 5.96x 7.73x 2.02x 1.77x - -
31.8 29.6 35.9 37.7 39.6 37.5 41.8 43.6 48.8 - -
4.07x 5.72x 8.37x 5.95x 7.05x 6.91x 10.06x 8.92x 7.97x - -
10.4 12.2 18.9 20.8 18.9 20.1 20.6 22.1 28.5 - -
9.61x 12.71x 16.18x 11.94x 16.94x 14.24x 22.64x 18.59x 15.19x - -
EBITDA 39.62 Long-Term Rating Date -
EBIT 27.99 Long-Term Rating -
Operating Margin 15.99% Long-Term Outlook -
Pretax Margin 16.30% Short-Term Rating Date -
Return on Assets 12.58% Short-Term Rating -
Return on Common Equity 19.58%
Return on Capital 22.25% EBITDA/Interest Exp. 12.47
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 10.52
Net Debt/EBITDA -1.12
Gross Margin - Total Debt/EBITDA 0.04
EBITDA Margin 23.4%
EBIT Margin 16.8% Total Debt/Equity 2.4%
Net Income Margin 10.8% Total Debt/Capital 2.3%
Asset Turnover 1.09
Current Ratio 1.59 Net Fixed Asset Turnover 36.23
Quick Ratio 1.40 Accounts receivable turnover-days 45.57
Debt to Assets 1.62% Inventory Days -
Tot Debt to Common Equity 2.41% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.01 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Nemetschek AGPrice/Volume
Valuation Analysis
354.00
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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40.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NEMETSCHEK ALEXANDER n/a Research 2'739'410 28.46 - 31.07.2012 n/a
NEMETSCHEK GEORG n/a Co File 2'416'838 25.11 - 31.12.2011 n/a
ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 359'457 3.73 - 30.09.2012 Investment Advisor
UNIVERSAL INVESTMENT n/a Research 289'062 3 - 21.11.2012 Investment Advisor
FINANCIERE DE L'ECHI n/a Research 286'845 2.98 - 29.08.2012 Investment Advisor
AXXION SA n/a Research 271'652 2.82 - 06.05.2013 Investment Advisor
ODDO ET CIE n/a Research 254'701 2.65 - 15.11.2012 n/a
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 199'294 2.07 3'800 31.07.2013 Investment Advisor
BNY MELLON SERVICE K Multiple Portfolios MF-AGG 140'711 1.46 (71'100) 30.08.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 100'000 1.04 100'000 28.03.2013 Investment Advisor
EVLI FUND MANAGEMENT Multiple Portfolios MF-AGG 73'063 0.76 73'063 28.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 54'775 0.57 19'375 31.03.2013 Investment Advisor
MANDARINE FUNDS Multiple Portfolios MF-AGG 50'062 0.52 50'062 30.08.2013 Investment Advisor
GROUPAMA ASSET MANAG Multiple Portfolios MF-AGG 46'302 0.48 46'302 28.03.2013 Investment Advisor
COMINVEST ASSET MANA Multiple Portfolios MF-AGG 45'000 0.47 - 31.05.2013 Unclassified
IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 39'216 0.41 (116) 31.05.2013 Investment Advisor
FINANCIERE DE L'OXER Multiple Portfolios MF-AGG 35'340 0.37 35'340 30.06.2013 Investment Advisor
ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 30'200 0.31 4'951 31.01.2013 Investment Advisor
RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 27'500 0.29 - 28.06.2013 Investment Advisor
BANK DELEN SA Multiple Portfolios MF-AGG 27'000 0.28 (3'000) 29.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs MOHAMMED MOAWALLA sell/attractive 1 M 44 12 month 11.09.2013
M.M. Warburg Investment Research ANDREAS WOLF hold 3 M 50 12 month 15.08.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 07.08.2013
Berenberg Bank SEBASTIAN GRABERT buy 5 M 57 Not Provided 01.08.2013
Close Brothers Equity Markets FELIX PARMANTIER hold 3 M 48 12 month 01.08.2013
Baader Bank KNUT WOLLER hold 3 M 48 12 month 31.07.2013
Montega ALEXANDER DREWS hold 3 M 46 12 month 31.07.2013
BHF-Bank JENS JUNG overweight 5 M 47 12 month 18.02.2013
GSC Research MATTHIAS SCHRADE hold 3 D #N/A N/A Not Provided 22.06.2012
Holdings By:
Nemetschek AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Norma Group SE develops and manufactures plastic and metal-based components and
systems in the field of connecting technology. The Company develops engineered
joining technology components for various applications, including cooling
system, air intake and induction, emission control, ancillary system and
infrastructure. NORMA Group operates worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 35.00
52-Week Low (12.11.2012) 17.49
Daily Volume
34.11
52-Week High % Change -2.54% Dividend Yield -
52-Week Low % Change 95.03% Beta 0.82
% 52 Week Price Range High/Low 92.26% Equity Float 31.06
Shares Out 30.06.2013 31.9 Short Int -
1'086.83 1 Yr Total Return 67.22%
Total Debt 246.59 YTD Return 66.27%
Preferred Stock 0.0 Adjusted BETA 0.825
Minority Interest 1.0 Analyst Recs 18
Cash and Equivalents 72.39 Consensus Rating 3.778
Enterprise Value 1'259.77
Average Volume 5 Day 65'180
NOEJ GY EQUITY YTD Change - Average Volume 30 Day 59'892
NOEJ GY EQUITY YTD % CHANGE - Average Volume 3 Month 69'020
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
457.6 329.8 490.4 581.4 604.6 603.2 609.7 642.1 684.1 160.0 158.0
- - - 1.18x 1.40x 4.63x 6.09x 1.93x 1.75x - -
63.0 33.8 90.6 110.1 128.8 122.1 120.4 130.3 141.1 32.2 32.2
- - - 6.24x 6.56x 6.12x 8.78x 9.66x 8.92x - -
(29.6) (18.2) 30.2 35.7 56.6 62.0 54.6 63.6 71.8 - -
- - - 13.45x 11.80x 8.71x 16.14x 16.81x 14.86x - -
EBITDA 128.76 Long-Term Rating Date -
EBIT 102.34 Long-Term Rating -
Operating Margin 16.93% Long-Term Outlook -
Pretax Margin 13.42% Short-Term Rating Date -
Return on Assets 7.86% Short-Term Rating -
Return on Common Equity 19.33%
Return on Capital - EBITDA/Interest Exp. 9.87
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 8.04
Net Debt/EBITDA 1.43
Gross Margin - Total Debt/EBITDA 1.95
EBITDA Margin 19.8%
EBIT Margin 15.0% Total Debt/Equity 85.8%
Net Income Margin 9.4% Total Debt/Capital 46.1%
Asset Turnover 0.88
Current Ratio 1.83 Net Fixed Asset Turnover 5.87
Quick Ratio 1.12 Accounts receivable turnover-days 61.06
Debt to Assets 35.63% Inventory Days -
Tot Debt to Common Equity 85.82% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.98 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
Norma Group SEPrice/Volume
Valuation Analysis
30'798.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AMERIPRISE FINANCIAL n/a Research 3'172'259 9.96 - 09.05.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 2'003'089 6.29 298'670 27.08.2013 Unclassified
THREADNEEDLE n/a ULT-AGG 1'944'873 6.1 (47'827) 31.05.2013 Unclassified
ALLIANZ GLOBAL INVES n/a Research 1'832'961 5.75 - 14.01.2013 Other
BLACKROCK n/a ULT-AGG 1'822'437 5.72 237'382 25.09.2013 Investment Advisor
MONDRIAN INVESTMENT n/a Research 1'700'937 5.34 - 15.06.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'374'867 4.32 (33'782) 31.08.2013 Investment Advisor
ODDO & CIE n/a Research 1'081'190 3.39 - 05.09.2012 Bank
T ROWE PRICE ASSOCIA n/a Co File 964'148 3.03 - 13.03.2012 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 949'650 2.98 - 31.07.2013 Investment Advisor
CONNECTING CAPITAL H n/a Research 800'595 2.51 - 01.10.2012 Corporation
OZ MANAGEMENT LP n/a Research 789'223 2.48 - 01.02.2012 Hedge Fund Manager
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 755'780 2.37 210 31.07.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 624'748 1.96 (23'341) 31.05.2013 Investment Advisor
ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 593'657 1.86 - 30.09.2012 Investment Advisor
FIL LIMITED n/a ULT-AGG 573'129 1.8 400'533 30.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 516'300 1.62 - 30.06.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 507'581 1.59 (39'425) 31.05.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 492'680 1.55 - 31.05.2013 Investment Advisor
SEB n/a ULT-AGG 415'852 1.31 5'271 28.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nord/LB FRANK SCHWOPE sell 1 M 26 12 month 19.09.2013
HSBC JOERG-ANDRE FINKE neutral 3 M 34 Not Provided 11.09.2013
Hauck & Aufhaeuser PHILIPPE LORRAIN buy 5 M 39 12 month 09.09.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 32 6 month 30.08.2013
Exane BNP Paribas GERHARD ORGONAS outperform 5 M 35 Not Provided 12.08.2013
Deutsche Bank TIM ROKOSSA buy 5 M 35 12 month 09.08.2013
DZ Bank AG JASKO TERZIC hold 3 M 32 Not Provided 09.08.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 30 12 month 08.08.2013
M.M. Warburg Investment Research CHRISTIAN COHRS hold 3 M 30 12 month 08.08.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 33 12 month 08.08.2013
Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 35 12 month 08.08.2013
LFG Kronos Investment Services GmbH THOMAS ANEY buy 5 M 35 12 month 08.08.2013
Baader Bank PETER ROTHENAICHER hold 3 M 33 12 month 07.08.2013
Close Brothers Equity Markets DANIEL KUKALJ hold 3 M 30 12 month 07.08.2013
Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 35 6 month 23.07.2013
Berenberg Bank BENJAMIN GLAESER buy 5 M 36 Not Provided 16.07.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
Holdings By:
Norma Group SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
XING AG provides an online community for professional networking. The Company's
web site allows business professionals to search for contacts in multiple
languages.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (23.08.2013) 78.40
52-Week Low (26.09.2012) 36.05
Daily Volume
75.5
52-Week High % Change -3.70% Dividend Yield -
52-Week Low % Change 109.43% Beta 0.83
% 52 Week Price Range High/Low 90.08% Equity Float 2.58
Shares Out 30.06.2013 5.6 Short Int -
421.31 1 Yr Total Return 105.72%
Total Debt 0.00 YTD Return 82.48%
Preferred Stock 0.0 Adjusted BETA 0.828
Minority Interest 0.0 Analyst Recs 9
Cash and Equivalents 58.77 Consensus Rating 3.444
Enterprise Value 356.99
Average Volume 5 Day 7'132
O1BC GY EQUITY YTD Change - Average Volume 30 Day 11'731
O1BC GY EQUITY YTD % CHANGE - Average Volume 3 Month 10'282
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
34.9 44.0 53.5 65.1 72.1 68.7 76.6 83.4 94.6 - -
2.79x 2.78x 2.55x 2.37x 2.37x 11.93x 9.24x 4.27x 3.63x - -
12.5 17.1 20.7 56.1 25.3 54.6 26.6 23.6 30.2 - -
7.83x 7.13x 6.59x 2.76x 6.75x 3.60x 8.38x 15.13x 11.85x - -
7.3 (1.7) 7.2 (4.6) 7.7 (5.7) 8.4 10.4 14.8 - -
19.15x - 26.53x - 29.08x 0.00x 33.38x 40.07x 28.25x - -
EBITDA 25.28 Long-Term Rating Date -
EBIT 16.94 Long-Term Rating -
Operating Margin 23.49% Long-Term Outlook -
Pretax Margin 16.72% Short-Term Rating Date -
Return on Assets 8.61% Short-Term Rating -
Return on Common Equity 16.61%
Return on Capital 16.63% EBITDA/Interest Exp. 1149.00
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 1025.14
Net Debt/EBITDA -2.42
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 34.6%
EBIT Margin 23.4% Total Debt/Equity 0.0%
Net Income Margin 10.7% Total Debt/Capital 0.0%
Asset Turnover 0.79
Current Ratio 1.89 Net Fixed Asset Turnover 13.87
Quick Ratio 1.80 Accounts receivable turnover-days 28.86
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.65 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
XING AGPrice/Volume
Valuation Analysis
8'328.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BURDA DIGITAL VENTUR n/a Co File 2'943'726 52.75 - 13.03.2013 Corporation
DEUTSCHE BANK AG n/a ULT-AGG 388'794 6.97 - 31.05.2013 Investment Advisor
SCHRODERS PLC n/a Co File 277'710 4.98 - 12.03.2013 Investment Advisor
ENNISMORE FUND MANAG n/a Research 276'438 4.95 - 26.08.2013 Investment Advisor
RUANE CUNNIFF & GOLD n/a Co File 166'626 2.99 - 12.03.2013 Investment Advisor
BAILLIE GIFFORD AND n/a Research 161'344 2.89 - 31.08.2012 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 160'168 2.87 (16'477) 30.06.2013 Unclassified
ALLIANZ GLOBAL INVES n/a Research 157'366 2.82 - 01.02.2012 Investment Advisor
INVESTOREN TGV n/a Research 155'720 2.79 - 05.07.2012 Investment Advisor
WHALE ROCK CAPITAL M n/a Research 97'778 1.75 - 18.12.2012 Hedge Fund Manager
NOMURA n/a ULT-AGG 92'000 1.65 - 13.08.2012 Unclassified
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 57'000 1.02 - 30.06.2013 Investment Advisor
XING AG n/a Co File 55'542 1 - 12.03.2013 Corporation
ALLIANZ ASSET MANAGE n/a ULT-AGG 51'154 0.92 51'154 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 20'388 0.37 - 25.09.2013 Investment Advisor
INVESTORS TFI SA Multiple Portfolios MF-AGG 14'290 0.26 14'290 31.12.2012 Investment Advisor
HANSAINVEST GMBH Multiple Portfolios MF-AGG 11'400 0.2 (7'450) 28.03.2013 Investment Advisor
COMINVEST ASSET MANA Multiple Portfolios MF-AGG 10'000 0.18 - 31.05.2013 Unclassified
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 8'600 0.15 - 28.03.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 6'000 0.11 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank SARAH SIMON buy 5 M 82 Not Provided 24.09.2013
JPMorgan NICOLAS J DUBOURG neutral 3 M 74 15 month 10.09.2013
Hauck & Aufhaeuser SASCHA BERRESCH sell 1 D 60 12 month 02.09.2013
Commerzbank Corporates & Markets HEIKE PAULS buy 5 M 78 6 month 28.08.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 20.08.2013
M.M. Warburg Investment Research JOCHEN REICHERT hold 3 D 68 12 month 13.08.2013
Montega ALEXANDER BRAUN sell 1 D 50 12 month 07.08.2013
Deutsche Bank BENJAMIN KOHNKE buy 5 M 73 12 month 06.08.2013
Close Brothers Equity Markets MARCUS SILBE buy 5 M 65 12 month 06.08.2013
Jefferies DAVID REYNOLDS underperform 1 M 32 12 month 14.08.2012
GSC Research MATTHIAS SCHRADE hold 3 M #N/A N/A Not Provided 17.03.2011
Holdings By:
XING AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Telefonica Deutschland Holding AG provides telecommunications services mainly
to countries in Europe and Latin America. The Company offers fixed-line and
mobile telephone, Internet, and data transmission services to residential and
corporate customers.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (04.02.2013) 6.51
52-Week Low (30.07.2013) 4.90
Daily Volume
5.933
52-Week High % Change -8.86% Dividend Yield 7.58
52-Week Low % Change 21.21% Beta -
% 52 Week Price Range High/Low 59.13% Equity Float 258.75
Shares Out 24.07.2013 1'116.9 Short Int -
6'626.84 1 Yr Total Return -
Total Debt 1'254.84 YTD Return 10.73%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 323.77 Consensus Rating 4.053
Enterprise Value 7'714.84
Average Volume 5 Day 1'682'544
O2D GY EQUITY YTD Change - Average Volume 30 Day 1'084'882
O2D GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'470'658
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
- 3'745.5 4'826.3 5'035.6 5'212.8 0.0 5'104.0 5'012.6 4'998.9 1'267.0 1'328.0
- - - - 1.42x #DIV/0! 4.36x 1.49x 1.48x 5.22x 4.98x
- 891.5 892.7 1'154.0 1'281.6 0.0 1'254.0 1'243.1 1'260.1 334.5 344.5
- - - - 5.76x 0.00x 5.82x 6.19x 6.11x - -
- (33.6) (102.5) 553.9 1'334.6 0.0 734.0 78.5 119.3 30.6 33.4
- - - - 20.62x 0.00x 24.94x 92.70x 59.33x - -
EBITDA 1'281.64 Long-Term Rating Date -
EBIT 145.89 Long-Term Rating -
Operating Margin 2.80% Long-Term Outlook -
Pretax Margin 2.68% Short-Term Rating Date -
Return on Assets 11.75% Short-Term Rating -
Return on Common Equity 14.26%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 0.73
Gross Margin - Total Debt/EBITDA 0.98
EBITDA Margin 24.6%
EBIT Margin 2.8% Total Debt/Equity 19.5%
Net Income Margin 25.6% Total Debt/Capital 16.3%
Asset Turnover 0.46
Current Ratio 0.91 Net Fixed Asset Turnover 1.71
Quick Ratio 0.86 Accounts receivable turnover-days 82.79
Debt to Assets 13.84% Inventory Days -
Tot Debt to Common Equity 19.52% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.42 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Telefonica Deutschland Holding AGPrice/Volume
Valuation Analysis
1'172'850.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TELEFONICA SA n/a ULT-AGG 858'195'400 76.83 - 31.12.2012 Corporation
BLACKROCK n/a ULT-AGG 61'024'024 5.46 (641'681) 25.09.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 12'809'910 1.15 757'288 30.04.2013 Unclassified
CI INVESTMENTS INC Multiple Portfolios MF-AGG 8'292'150 0.74 700'950 28.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 6'657'645 0.6 - 31.12.2012 Government
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 5'219'531 0.47 (65'596) 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'802'006 0.34 (352'374) 30.06.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'292'869 0.29 3'292'869 28.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 3'211'957 0.29 506'249 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 3'016'263 0.27 2'951'569 30.06.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 2'998'646 0.27 (15'217) 26.09.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 2'598'712 0.23 241'240 31.07.2013 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 2'038'469 0.18 - 31.05.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'683'750 0.15 196'363 28.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'620'617 0.15 (703'959) 30.06.2013 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 1'601'940 0.14 1'601'940 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 1'495'440 0.13 385 31.07.2013 Investment Advisor
FEDERAL FINANCE GEST Multiple Portfolios MF-AGG 1'280'800 0.11 773'400 31.05.2013 Investment Advisor
PARVEST INVESTMENT M Multiple Portfolios MF-AGG 1'223'976 0.11 144'270 30.04.2013 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1'223'940 0.11 (5'055) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 U 7 12 month 24.09.2013
Bankhaus Lampe WOLFGANG SPECHT hold 3 M 6 12 month 18.09.2013
Hauck & Aufhaeuser LEONHARD BAYER buy 5 N 7 12 month 17.09.2013
Credit Suisse JUSTIN FUNNELL outperform 5 N 7 Not Provided 13.09.2013
M.M. Warburg Investment Research MALTE RAETHER hold 3 M 6 12 month 12.09.2013
Jefferies GILES THORNE hold 3 M 5 12 month 02.09.2013
UBS POLO TANG buy 5 M 7 12 month 30.08.2013
Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 5 6 month 28.08.2013
Barclays JONATHAN DANN overweight 5 M 7 Not Provided 23.08.2013
Nomura FREDERIC BOULAN neutral 3 M 6 12 month 22.08.2013
Exane BNP Paribas MATHIEU ROBILLIARD outperform 5 M 6 Not Provided 16.08.2013
Makor Capital ALBERT SAPORTA buy 5 M #N/A N/A Not Provided 12.08.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 6 Not Provided 25.07.2013
Societe Generale OTTAVIO ADORISIO hold 3 D 6 12 month 24.07.2013
Deutsche Bank KEVAL KHIROYA restricted #N/A N/A M #N/A N/A Not Provided 23.07.2013
Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 23.07.2013
JPMorgan HANNES C WITTIG restricted #N/A N/A M #N/A N/A Not Provided 23.07.2013
New Street Research JAMES RATZER neutral 3 M #N/A N/A Not Provided 23.07.2013
Morgan Stanley RYAN FOX restricted #N/A N/A M #N/A N/A Not Provided 22.07.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 6 12 month 03.07.2013
HSBC DOMINIK KLARMANN overweight 5 M 7 Not Provided 03.05.2013
Gabelli & Co EVAN D MILLER hold 3 N #N/A N/A Not Provided 07.11.2012
Holdings By:
Telefonica Deutschland Holding AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Osram Licht AG manufactures lights. The Company produces lamps, light-emitting
diodes (LEDs), light engines, lighting management systems, specialty lighting,
indoor and outdoor LED luminaires, dimmers, and other related lighting
products. Osram Licht offers its products to customers around the world.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (27.09.2013) 35.75
52-Week Low (08.07.2013) 23.00
Daily Volume
35.335
52-Week High % Change -0.99% Dividend Yield -
52-Week Low % Change 53.66% Beta -
% 52 Week Price Range High/Low 99.79% Equity Float 80.99
Shares Out 01.07.2013 104.7 Short Int -
3'699.20 1 Yr Total Return -
Total Debt 48.50 YTD Return -
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 16.5 Analyst Recs 15
Cash and Equivalents 86.60 Consensus Rating 4.000
Enterprise Value 3'677.60
Average Volume 5 Day 696'100
OSR GY EQUITY YTD Change - Average Volume 30 Day 367'191
OSR GY EQUITY YTD % CHANGE - Average Volume 3 Month -
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 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1
- - 4'679.7 5'031.0 5'399.8 0.0 1'278.4 5'308.2 5'485.6 1'350.5 1'354.0
- - - - - #DIV/0! 0.00x 0.72x 0.67x - -
- - 812.1 670.3 395.4 0.0 111.8 477.6 630.2 73.1 121.0
- - - - - 0.00x 0.00x 7.75x 5.88x 6.50x 5.24x
- - 328.2 243.0 (379.2) 0.0 11.7 132.0 225.3 (1.5) 8.4
- - - - - 0.00x 0.00x 24.30x 15.88x 31.05x 20.76x
EBITDA 395.40 Long-Term Rating Date -
EBIT -259.80 Long-Term Rating -
Operating Margin -4.81% Long-Term Outlook -
Pretax Margin -6.41% Short-Term Rating Date -
Return on Assets -7.44% Short-Term Rating -
Return on Common Equity -22.86%
Return on Capital - EBITDA/Interest Exp. 3.74
Asset Turnover 1.06% (EBITDA-Capex)/Interest Exp. 1.97
Net Debt/EBITDA -0.10
Gross Margin 26.0% Total Debt/EBITDA 0.12
EBITDA Margin 7.3%
EBIT Margin -4.8% Total Debt/Equity 2.5%
Net Income Margin -7.0% Total Debt/Capital 2.4%
Asset Turnover 1.06
Current Ratio 1.23 Net Fixed Asset Turnover 3.77
Quick Ratio 0.37 Accounts receivable turnover-days 56.75
Debt to Assets 0.96% Inventory Days 98.97
Tot Debt to Common Equity 2.51% Accounts Payable Turnover Day 55.75
Accounts Receivable Turnover 6.45 Cash Conversion Cycle 99.97
Inventory Turnover 3.70
Fiscal Year Ended
OSRAM Licht AGPrice/Volume
Valuation Analysis
97'667.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SIEMENS AG n/a n/a 20'414'433 19.5 - 05.07.2013 Corporation
GOLDMAN SACHS GROUP n/a ULT-AGG 5'224'569 4.99 - 20.09.2013 Investment Advisor
DIC COMPANY LTD n/a n/a 3'286'039 3.14 - 05.07.2013 n/a
BLACKROCK n/a ULT-AGG 3'149'359 3.01 - 25.09.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 869'139 0.83 864'688 31.07.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 171'006 0.16 171'006 31.07.2013 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 158'873 0.15 108'421 30.08.2013 Investment Advisor
INTERFUND ADVISORY C Multiple Portfolios MF-AGG 112'000 0.11 87'000 30.08.2013 Investment Advisor
EDINBURGH PARTNERS L Multiple Portfolios MF-AGG 111'569 0.11 - 30.08.2013 Investment Advisor
STATE STREET CORP n/a ULT-AGG 109'717 0.1 92'514 26.09.2013 Investment Advisor
FMR LLC n/a ULT-AGG 84'687 0.08 84'687 31.07.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 81'516 0.08 - 30.08.2013 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 63'297 0.06 61'784 31.07.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 52'994 0.05 46'023 31.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 45'055 0.04 45'055 31.07.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 43'158 0.04 43'158 31.07.2013 Unclassified
RBC REGENT FUND MANA Multiple Portfolios MF-AGG 42'314 0.04 - 31.08.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 33'865 0.03 33'865 31.07.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 32'209 0.03 - 31.08.2013 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 29'276 0.03 - 02.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nord/LB WOLFGANG DONIE hold 3 N 36 12 month 23.09.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 32 12 month 18.09.2013
Commerzbank Corporates & Markets SEBASTIAN GROWE buy 5 M 34 6 month 02.09.2013
EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 28.08.2013
HSBC MICHAEL HAGMANN overweight 5 M 40 Not Provided 09.08.2013
Morgan Stanley LUCIE CARRIER Equalwt/Cautious 3 M 30 12 month 05.08.2013
Societe Generale ALOK KATRE sell 1 M 26 12 month 02.08.2013
Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 02.08.2013
JPMorgan ANDREAS WILLI underweight 1 M 30 15 month 01.08.2013
Landesbank Baden-Wuerttemberg WALTER SCHNEIDER buy 5 M 34 Not Provided 01.08.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 37 Not Provided 01.08.2013
Spin-Off Research TEAM COVERAGE buy 5 M 34 Not Provided 01.08.2013
Deutsche Bank UWE SCHUPP buy 5 M 33 12 month 31.07.2013
Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 48 12 month 31.07.2013
UBS FREDRIC STAHL buy 5 N 38 12 month 09.07.2013
Holdings By:
OSRAM Licht AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Pfeiffer Vacuum Technology AG designs, manufactures and services pumps. The
Company produces turbomolecular vacuum pumps, rotary vane pumps, root pumps,
customized vacuum systems, helium leak detection systems, gas analyzers, and
mass spectrometers. The Company markets and services its products in Europe,
the United States, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.05.2013) 98.82
52-Week Low (25.10.2012) 74.40
Daily Volume
91.94
52-Week High % Change -6.96% Dividend Yield -
52-Week Low % Change 23.58% Beta 0.91
% 52 Week Price Range High/Low 67.44% Equity Float 8.98
Shares Out 30.06.2013 9.9 Short Int -
907.23 1 Yr Total Return 13.94%
Total Debt 52.14 YTD Return 4.59%
Preferred Stock 0.0 Adjusted BETA 0.907
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 102.01 Consensus Rating 3.111
Enterprise Value 877.02
Average Volume 5 Day 19'124
PFV GY EQUITY YTD Change - Average Volume 30 Day 18'460
PFV GY EQUITY YTD % CHANGE - Average Volume 3 Month 21'136
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
198.1 182.0 220.5 519.5 461.3 476.8 419.0 433.3 470.2 113.0 119.0
1.66x 2.39x 3.44x 1.22x 1.85x 5.97x 7.62x 1.97x 1.76x - -
55.0 41.5 57.2 83.4 87.5 79.5 72.9 72.3 91.3 17.8 23.8
5.98x 10.48x 13.26x 7.63x 9.75x 9.62x 10.35x 12.15x 9.63x - -
38.0 27.6 38.1 41.4 45.3 34.3 35.9 39.2 50.4 9.8 12.2
10.76x 18.06x 20.00x 16.14x 19.95x 23.11x 21.85x 23.63x 17.74x - -
EBITDA 87.53 Long-Term Rating Date -
EBIT 67.69 Long-Term Rating -
Operating Margin 14.67% Long-Term Outlook -
Pretax Margin 14.36% Short-Term Rating Date -
Return on Assets 8.21% Short-Term Rating -
Return on Common Equity 13.54%
Return on Capital 11.43% EBITDA/Interest Exp. 38.99
Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. 34.41
Net Debt/EBITDA -0.41
Gross Margin 36.2% Total Debt/EBITDA 0.71
EBITDA Margin 17.4%
EBIT Margin 12.6% Total Debt/Equity 17.8%
Net Income Margin 9.8% Total Debt/Capital 15.1%
Asset Turnover 0.96
Current Ratio 3.04 Net Fixed Asset Turnover 4.59
Quick Ratio 1.93 Accounts receivable turnover-days 53.04
Debt to Assets 11.70% Inventory Days 107.33
Tot Debt to Common Equity 17.77% Accounts Payable Turnover Day 38.06
Accounts Receivable Turnover 6.88 Cash Conversion Cycle 113.17
Inventory Turnover 3.40
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
Pfeiffer Vacuum Technology AGPrice/Volume
Valuation Analysis
16'568.00
Current Price (9/dd/yy) Market Data
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100.0
200.0
300.0
400.0
500.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BNP PARIBAS n/a ULT-AGG 840'690 8.52 (1'254) 12.09.2013 Unclassified
AMERIPRISE FINANCIAL n/a Research 458'418 4.65 154'851 12.07.2013 Investment Advisor
HAKUTO CO LTD n/a Co File 311'899 3.16 (31'497) 31.03.2013 Corporation
BANKHAUS LAMPE n/a Research 303'680 3.08 - 23.05.2012 Unclassified
HIGHCLERE INTL INVES n/a Research 297'972 3.02 - 31.05.2013 Investment Advisor
FIERA CAPITAL CORPOR n/a Research 297'856 3.02 - 08.04.2013 Investment Advisor
MONTANARO ASSET MGMT n/a Research 296'244 3 - 10.06.2013 Investment Advisor
ROYCE AND ASSOCIATES n/a Research 294'140 2.98 - 15.06.2012 Investment Advisor
FIRST EAGLE FUNDS n/a Research 291'897 2.96 - 30.03.2012 Investment Advisor
ARNHOLD & S BLEICHRO n/a Research 291'897 2.96 - 30.03.2012 Investment Advisor
THREADNEEDLE n/a ULT-AGG 268'693 2.72 79'696 31.05.2013 Unclassified
WILLIAM BLAIR & COMP n/a Research 268'020 2.72 - 12.09.2012 Investment Advisor
SUN LIFE ASSURANCE C n/a ULT-AGG 262'301 2.66 - 11.05.2012 Insurance Company
NORGES BANK Multiple Portfolios MF-AGG 236'815 2.4 - 31.12.2012 Government
DANSKE INVEST A/S Multiple Portfolios MF-AGG 210'032 2.13 32'894 31.05.2013 Investment Advisor
SEB n/a ULT-AGG 158'339 1.6 9'669 28.03.2013 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 148'305 1.5 (9'142) 30.06.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 145'568 1.48 3'390 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 141'474 1.43 (3'230) 31.05.2013 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 112'848 1.14 20'244 28.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 108 12 month 25.09.2013
Bankhaus Lampe KARSTEN ILTGEN hold 3 M 80 12 month 18.09.2013
M.M. Warburg Investment Research EGGERT KULS hold 3 M 85 12 month 18.09.2013
Exane BNP Paribas GERHARD ORGONAS outperform 5 M 95 Not Provided 09.09.2013
Commerzbank Corporates & Markets NORBERT KRETLOW add 4 M 90 6 month 29.08.2013
DZ Bank AG HARALD SCHNITZER buy 5 U 95 Not Provided 23.08.2013
Bankhaus Metzler STEPHAN BAUER sell 1 M 73 12 month 22.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 15.08.2013
HSBC CHRISTIAN DOMINIK RATH overweight 5 U 96 Not Provided 07.08.2013
Deutsche Bank UWE SCHUPP sell 1 M 60 12 month 06.08.2013
Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 100 6 month 06.08.2013
Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 81 Not Provided 06.08.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 70 12 month 06.08.2013
Close Brothers Equity Markets VEYSEL TAZE sell 1 M 73 12 month 06.08.2013
Equinet Institutional Services(ESN) ADRIAN PEHL reduce 2 M 78 12 month 06.08.2013
Kepler Cheuvreux CRAIG ABBOTT hold 3 D 80 Not Provided 29.05.2013
Nord/LB WOLFGANG DONIE hold 3 M 95 12 month 07.05.2013
Berenberg Bank BENJAMIN GLAESER buy 5 U 107 Not Provided 01.05.2013
GSC Research THORSTEN RENNER hold 3 M #N/A N/A Not Provided 21.09.2012
Solventis WPH-Bank GmbH ULF VON LENGERICH hold 3 M 83 12 month 26.03.2012
National Bank AG STEFFEN MANSKE sell 1 D 80 Not Provided 17.02.2012
Holdings By:
Pfeiffer Vacuum Technology AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
PSI AG fuer Produkte und Systeme der Informationstechnologie develops computer
software. The Company produces software that helps manage large networks used
in the electricity, gas, oil, telecommunications, and public transportation
industries, production management for the steel, chemicals and automobile
industries and mechanical engineering, and information management.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (01.02.2013) 17.48
52-Week Low (24.09.2013) 11.38
Daily Volume
11.49
52-Week High % Change -34.27% Dividend Yield -
52-Week Low % Change 0.97% Beta 0.51
% 52 Week Price Range High/Low 4.43% Equity Float 11.37
Shares Out 30.04.2013 15.7 Short Int -
180.36 1 Yr Total Return -27.47%
Total Debt 9.35 YTD Return -23.96%
Preferred Stock 0.0 Adjusted BETA 0.514
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 33.34 Consensus Rating 3.417
Enterprise Value 152.69
Average Volume 5 Day 82'328
PSAN GY EQUITY YTD Change - Average Volume 30 Day 32'289
PSAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 25'840
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
128.9 147.0 158.7 169.5 180.9 179.0 182.9 190.5 207.0 - -
0.16x 0.82x 1.64x 1.18x 1.20x 5.19x 3.68x 0.96x 0.86x - -
8.8 11.4 13.9 14.6 16.9 16.0 12.8 16.7 22.2 - -
2.30x 10.53x 18.62x 13.68x 12.87x 14.22x 0.00x 9.18x 6.89x - -
4.1 6.6 7.0 7.4 9.4 9.7 6.9 8.7 13.2 - -
10.59x 19.24x 39.67x 31.32x 25.68x 26.02x 33.98x 20.93x 13.69x - -
EBITDA 16.92 Long-Term Rating Date -
EBIT 12.89 Long-Term Rating -
Operating Margin 7.12% Long-Term Outlook -
Pretax Margin 6.27% Short-Term Rating Date -
Return on Assets 5.10% Short-Term Rating -
Return on Common Equity 12.82%
Return on Capital 13.74% EBITDA/Interest Exp. 8.62
Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. 7.29
Net Debt/EBITDA -1.64
Gross Margin - Total Debt/EBITDA 0.50
EBITDA Margin 9.1%
EBIT Margin 7.0% Total Debt/Equity 12.7%
Net Income Margin 5.2% Total Debt/Capital 11.3%
Asset Turnover 0.98
Current Ratio 1.74 Net Fixed Asset Turnover 12.96
Quick Ratio 0.99 Accounts receivable turnover-days 59.02
Debt to Assets 5.01% Inventory Days -
Tot Debt to Common Equity 12.70% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.18 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
PSI AG Gesellschaft Fuer Produkte und Systeme der InformationstechnologiePrice/Volume
Valuation Analysis
122'740.00
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
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
200.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RWE AG n/a Research 2'794'131 17.8 - 25.01.2013 Corporation
SINGH HARVINDER n/a Research 1'271'487 8.1 - 25.01.2013 n/a
ALLIANZ GLOBAL INVES n/a Research 470'641 3 - 18.05.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 440'000 2.8 (10'000) 31.05.2013 Investment Advisor
THREADNEEDLE n/a ULT-AGG 381'633 2.43 85'974 31.05.2013 Unclassified
HANSAINVEST GMBH Multiple Portfolios MF-AGG 210'386 1.34 14'222 28.03.2013 Investment Advisor
ZUERICH INVESTMENTGE Multiple Portfolios MF-AGG 135'000 0.86 - 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 120'945 0.77 (2'010) 31.05.2013 Investment Advisor
TRIPPEL KARSTEN n/a Co File 109'750 0.7 - 31.12.2012 n/a
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 101'038 0.64 (5'380) 31.05.2013 Investment Advisor
CALVERT INVESTMENT C Multiple Portfolios MF-AGG 95'171 0.61 - 31.08.2013 Investment Advisor
UBS AG n/a ULT-AGG 84'784 0.54 - 31.05.2013 Unclassified
COMINVEST ASSET MANA Multiple Portfolios MF-AGG 80'000 0.51 - 31.05.2013 Unclassified
KBC GROUP NV Multiple Portfolios MF-AGG 79'693 0.51 - 31.07.2013 Investment Advisor
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 72'568 0.46 - 28.03.2013 Investment Advisor
SCHRIMPF HARALD n/a Co File 60'000 0.38 - 31.12.2012 n/a
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 55'000 0.35 10'000 30.06.2013 Investment Advisor
GOETZE WILFRIED n/a Co File 54'683 0.35 - 31.12.2012 n/a
GAMCO n/a ULT-AGG 54'300 0.35 (25'700) 28.06.2013 Unclassified
BLACKROCK n/a ULT-AGG 49'457 0.32 - 25.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
DZ Bank AG JASKO TERZIC buy 5 U 13 Not Provided 26.09.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 U 12 Not Provided 25.09.2013
WGZ Bank FRANK WOHLGEMUTH hold 3 M 16 12 month 24.09.2013
Bankhaus Lampe HEIKO FEBER buy 5 M 17 12 month 24.09.2013
Montega ALEXANDER DREWS sell 1 D 10 12 month 24.09.2013
Commerzbank Corporates & Markets FLORIAN TREISCH add 4 M 16 6 month 30.08.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 07.08.2013
Dr. Kalliwoda Equity Research NORBERT KALLIWODA accumulate 4 D 14 12 month 06.08.2013
First Berlin Equity Research Group SIMON SCHOLES add 4 M 15 12 month 01.08.2013
Solventis WPH-Bank GmbH KLAUS SCHLOTE buy 5 M 17 12 month 01.08.2013
Berenberg Bank MAGGIE PAXTON hold 3 M 17 Not Provided 20.05.2013
Deutsche Bank ALEXANDER KARNICK buy 5 M 18 12 month 30.04.2013
Holdings By:
PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
ProSiebenSat.1 Media AG operates as european broadcasting group. The Company
produces and broadcasts television programming. ProSiebenSat.1 provides TV
station brands to online video store, digital pay-TV programs, and mobile
services. ProSiebenSat.1 Media serves customers in Europe.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.07.2013) 35.92
52-Week Low (28.09.2012) 19.40
Daily Volume
31.61
52-Week High % Change -12.00% Dividend Yield -
52-Week Low % Change 62.98% Beta 1.04
% 52 Week Price Range High/Low 72.50% Equity Float 128.64
Shares Out 16.08.2013 218.8 Short Int -
6'916.18 1 Yr Total Return 85.27%
Total Debt 2'926.20 YTD Return 77.40%
Preferred Stock 0.0 Adjusted BETA 1.043
Minority Interest 5.0 Analyst Recs 31
Cash and Equivalents 702.30 Consensus Rating 3.419
Enterprise Value 7'782.38
Average Volume 5 Day 701'653
PSM GY EQUITY YTD Change - Average Volume 30 Day 763'062
PSM GY EQUITY YTD % CHANGE - Average Volume 3 Month 730'809
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
3'054.2 2'760.8 2'601.0 2'199.2 2'356.2 1'971.6 2'185.7 2'573.7 2'724.9 556.3 758.0
1.44x 1.97x 3.16x 2.43x 2.87x 11.64x 13.50x 3.23x 3.00x - -
833.8 652.5 684.9 688.1 685.8 628.2 662.6 781.9 836.7 144.0 298.0
5.29x 8.34x 11.99x 7.75x 9.84x 9.73x 12.04x 9.95x 9.29x - -
(129.1) 146.6 312.7 637.5 295.0 604.9 352.5 394.5 434.3 86.0 124.4
- - 20.64x 11.38x 14.01x 14.21x 20.99x 17.09x 15.54x 20.93x 20.01x
EBITDA 685.80 Long-Term Rating Date -
EBIT 606.30 Long-Term Rating -
Operating Margin 25.73% Long-Term Outlook -
Pretax Margin 19.37% Short-Term Rating Date -
Return on Assets 7.43% Short-Term Rating -
Return on Common Equity 23.28%
Return on Capital 11.50% EBITDA/Interest Exp. 4.39
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 3.82
Net Debt/EBITDA 1.29
Gross Margin 46.3% Total Debt/EBITDA 3.24
EBITDA Margin 30.3%
EBIT Margin 27.7% Total Debt/Equity 195.6%
Net Income Margin 12.5% Total Debt/Capital 66.1%
Asset Turnover 0.46
Current Ratio 2.53 Net Fixed Asset Turnover 10.23
Quick Ratio 0.83 Accounts receivable turnover-days 42.98
Debt to Assets 54.06% Inventory Days 0.26
Tot Debt to Common Equity 195.64% Accounts Payable Turnover Day 102.22
Accounts Receivable Turnover 8.49 Cash Conversion Cycle -63.02
Inventory Turnover 1398.59
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
ProSiebenSat.1 Media AGPrice/Volume
Valuation Analysis
381'942.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LAVENA HOLDING 1 GMB n/a Research 90'154'500 41.2 - 06.09.2013 n/a
BLACKROCK n/a ULT-AGG 7'951'761 3.63 - 25.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'787'000 3.56 - 04.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 5'437'208 2.49 - 31.12.2012 Government
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 4'233'371 1.93 1'636'290 31.08.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 4'109'120 1.88 (397'269) 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'228'778 1.02 (57'706) 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'133'425 0.98 (59'629) 31.07.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 1'639'350 0.75 1'462'991 28.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'294'866 0.59 (2'263'391) 30.04.2013 Investment Advisor
CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 943'782 0.43 3'082 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 820'430 0.37 455'462 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 749'424 0.34 (206'775) 30.06.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 732'131 0.33 (30'924) 26.09.2013 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 587'669 0.27 (45'345) 28.06.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 447'006 0.2 - 31.05.2013 Investment Advisor
ETOILE GESTION Multiple Portfolios MF-AGG 428'231 0.2 (171'506) 30.04.2013 Unclassified
INVESCO LTD n/a ULT-AGG 416'580 0.19 178'365 26.09.2013 Investment Advisor
HENDERSON GLOBAL INV HENDERSON EUROPEAN F MF-USA 400'000 0.18 400'000 31.03.2013 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 400'000 0.18 400'000 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue VERONIQUE CABIOC'H reduce 2 M 30 6 month 26.09.2013
Exane BNP Paribas ADRIEN DE SAINT HILAIRE neutral 3 M 33 Not Provided 25.09.2013
Barclays JULIEN ROCH overweight 5 M 35 Not Provided 19.09.2013
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 32 Not Provided 18.09.2013
Nomura WILLIAM MAIRS buy 5 M 35 12 month 13.09.2013
JPMorgan FILIPPO PIETRO LO FRANCO neutral 3 M 36 9 month 10.09.2013
Goldman Sachs LISA YANG Buy/Neutral 5 M 37 12 month 09.09.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 35 12 month 09.09.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 09.09.2013
Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 M 30 Not Provided 04.09.2013
Natixis JEROME BODIN neutral 3 M 27 Not Provided 04.09.2013
Commerzbank Corporates & Markets SONIA RABUSSIER hold 3 M 30 6 month 29.08.2013
Bankhaus Metzler STEFAN WIMMER buy 5 M 33 12 month 19.08.2013
Berenberg Bank SARAH SIMON sell 1 M 28 Not Provided 19.08.2013
HSBC CHRISTOPHER JOHNEN neutral 3 D 35 Not Provided 12.08.2013
Liberum Capital Ltd IAN WHITTAKER buy 5 U 35 Not Provided 05.08.2013
DZ Bank AG HARALD HEIDER sell 1 M 29 Not Provided 04.08.2013
Societe Generale CHRISTOPHE CHERBLANC hold 3 M 32 12 month 02.08.2013
Kepler Cheuvreux CONOR O'SHEA hold 3 U 32 Not Provided 02.08.2013
Deutsche Bank LAURIE DAVISON buy 5 M 33 12 month 01.08.2013
Morgan Stanley JULIEN ROSSI Equalwt/Attractive 3 M 32 12 month 01.08.2013
UBS TAMSIN GARRITY buy 5 M 32 12 month 12.07.2013
Main First Bank AG STEPHAN VOLLERT outperform 5 M 38 12 month 03.07.2013
Nord/LB HOLGER FECHNER buy 5 M 35 12 month 03.06.2013
Macquarie ANGUS TWEEDIE neutral 3 N 24 12 month 16.05.2013
Credit Suisse OMAR SHEIKH outperform 5 M 35 Not Provided 08.05.2013
Jefferies WILL SMITH hold 3 M 23 12 month 03.04.2013
Hammer Partners SA STEPHAN SEIP sell 1 M 19 Not Provided 18.12.2012
Close Brothers Equity Markets MARCUS SILBE hold 3 M 18 12 month 20.11.2012
Holdings By:
ProSiebenSat.1 Media AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
QIAGEN N.V. provides sample and assay technologies. The Company's technologies
(in the format of consumables and automated solutions) are used to process
biological samples and to analyze analytes contained therein, such as DNA and
RNA. QIAGEN provides these technologies to customers conducting molecular
diagnostics, applied testing, pharmaceutical R&D and academic research.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (02.04.2013) 16.77
52-Week Low (22.10.2012) 13.12
Daily Volume
15.725
52-Week High % Change -6.20% Dividend Yield 0.00
52-Week Low % Change 19.90% Beta 0.59
% 52 Week Price Range High/Low 66.85% Equity Float 226.70
Shares Out 30.06.2013 234.3 Short Int -
3'685.00 1 Yr Total Return 7.59%
Total Debt 846.99 YTD Return 14.36%
Preferred Stock 0.0 Adjusted BETA 0.592
Minority Interest 9.7 Analyst Recs 36
Cash and Equivalents 484.49 Consensus Rating 3.167
Enterprise Value 4'056.15
Average Volume 5 Day 471'243
QIA GY EQUITY YTD Change - Average Volume 30 Day 318'058
QIA GY EQUITY YTD % CHANGE - Average Volume 3 Month 350'815
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
893.0 1'009.8 1'087.4 1'169.7 1'254.5 1'226.9 1'269.6 1'309.2 1'380.0 321.1 365.9
4.61x 5.22x 4.13x 3.04x 3.72x 12.62x 15.74x 4.07x 3.68x 17.11x 14.88x
266.7 318.8 354.8 293.7 403.8 311.8 307.9 438.3 480.5 98.7 126.9
15.44x 16.52x 12.67x 12.12x 11.55x 13.93x 16.72x 12.45x 11.35x 12.81x 12.55x
89.0 137.8 144.3 96.0 129.5 96.7 35.8 267.2 286.2 62.5 84.6
22.81x 32.92x 29.99x 20.34x 26.39x 23.68x 27.25x 18.80x 17.50x 19.15x 18.81x
EBITDA 403.82 Long-Term Rating Date -
EBIT 205.93 Long-Term Rating -
Operating Margin 16.42% Long-Term Outlook -
Pretax Margin 11.57% Short-Term Rating Date -
Return on Assets 0.91% Short-Term Rating -
Return on Common Equity 1.37%
Return on Capital 1.88% EBITDA/Interest Exp. 17.22
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 12.87
Net Debt/EBITDA 1.54
Gross Margin 65.7% Total Debt/EBITDA 2.75
EBITDA Margin 24.3%
EBIT Margin 8.6% Total Debt/Equity 31.2%
Net Income Margin 10.3% Total Debt/Capital 23.7%
Asset Turnover 0.32
Current Ratio 3.67 Net Fixed Asset Turnover 3.19
Quick Ratio 2.72 Accounts receivable turnover-days 66.92
Debt to Assets 20.72% Inventory Days 105.93
Tot Debt to Common Equity 31.20% Accounts Payable Turnover Day 41.14
Accounts Receivable Turnover 5.45 Cash Conversion Cycle 137.06
Inventory Turnover 3.45
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
QIAGEN NVPrice/Volume
Valuation Analysis
154'070.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 15'776'355 6.73 968'805 25.09.2013 Investment Advisor
PRIMECAP MANAGEMENT n/a 13G 13'416'761 5.73 2'263'886 31.07.2013 Investment Advisor
MANNING & NAPIER ADV n/a Research 12'492'293 5.33 - 05.07.2013 Investment Advisor
PLATINUM INVESTMENT n/a Research 10'104'502 4.31 7'745'526 01.07.2013 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 9'606'384 4.1 (21'586) 30.06.2013 Investment Advisor
AMUNDI n/a Research 9'568'279 4.08 - 01.07.2013 Investment Advisor
GENERATION INVESTMEN n/a Research 9'567'367 4.08 - 01.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 7'930'930 3.38 6'447 01.07.2013 Unclassified
HARDING LOEVNER LP HARDING LOEVNER LP 13F 6'388'752 2.73 (4'736) 30.06.2013 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 6'303'028 2.69 133'480 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 5'542'855 2.37 - 31.12.2012 Government
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 4'872'700 2.08 77'800 30.06.2013 Investment Advisor
JOHNSTON ASSET MANAG JOHNSTON ASSET MANAG 13F 4'715'543 2.01 123'629 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 4'489'677 1.92 (377'611) 31.07.2013 Investment Advisor
COLPAN METIN n/a Research 4'192'553 1.79 767 30.04.2013 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 2'694'565 1.15 (140'929) 30.06.2013 Investment Advisor
ARROWGRASS CAPITAL P n/a Short (2'624'608) -1.12 2'985 30.08.2013 Hedge Fund Manager
STATE STREET CORP n/a ULT-AGG 2'537'109 1.08 (184'605) 26.09.2013 Investment Advisor
SWISS NATIONAL BANK SWISS NATIONAL BANK 13F 2'491'193 1.06 2'491'193 30.06.2013 Bank
PLATINUM INVESTMENT PLATINUM INVESTMENT 13F 2'358'976 1.01 - 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bryan Garnier & Cie MATHIEU CHABERT buy 5 M 17 6 month 26.09.2013
Jefferies PETER WELFORD hold 3 M 14 12 month 25.09.2013
ISI Group ROSS MUKEN neutral 3 M 17 12 month 25.09.2013
DZ Bank AG SVEN OLAF KUERTEN sell 1 D 15 Not Provided 19.09.2013
AlphaValue KAMLA SINGH reduce 2 M 16 6 month 19.09.2013
UBS MARTIN WALES neutral 3 M 17 12 month 17.09.2013
Cowen and Company DOUG SCHENKEL underperform 1 M 12 12 month 16.09.2013
Morgan Stanley DANIEL BRENNAN Equalwt/In-Line 3 N #N/A N/A Not Provided 06.09.2013
Leerink Swann & Co DANIEL L LEONARD market perform 3 M 17 12 month 29.08.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 29.08.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 28.08.2013
Janney Montgomery Scott LLC PAUL R KNIGHT neutral 3 M 18 12 month 26.08.2013
Wedbush ZARAK KHURSHID neutral 3 M 14 12 month 16.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 17 12 month 08.08.2013
Credit Suisse VAMIL DIVAN neutral 3 M 16 Not Provided 07.08.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 19 6 month 01.08.2013
Robert W. Baird & Co JEFF T ELLIOTT outperform 5 M 20 12 month 01.08.2013
William Blair & Co BRIAN WEINSTEIN market perform 3 M #N/A N/A Not Provided 01.08.2013
Macquarie JONATHAN P GROBERG neutral 3 M 16 12 month 01.08.2013
Deutsche Bank HOLGER BLUM buy 5 M 17 12 month 31.07.2013
Kempen & Co SACHIN SONI hold 3 M 16 12 month 31.07.2013
JPMorgan TYCHO W PETERSON overweight 5 M 18 15 month 31.07.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 16 Not Provided 31.07.2013
Berenberg Bank SCOTT BARDO hold 3 M 14 Not Provided 31.07.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 19 12 month 31.07.2013
Piper Jaffray WILLIAM R QUIRK neutral 3 M 16 12 month 31.07.2013
Exane BNP Paribas ROMAIN ZANA neutral 3 M 15 Not Provided 31.07.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 14 Not Provided 31.07.2013
Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 16 12 month 30.07.2013
HSBC JAN KEPPELER underweight 1 M 14 Not Provided 21.06.2013
Main First Bank AG MARCUS WIEPRECHT outperform 5 M 20 12 month 06.06.2013
Kepler Cheuvreux OLIVER REINBERG reduce 2 D 14 Not Provided 14.05.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 13 12 month 24.01.2013
Goldman Sachs ISAAC RO neutral/neutral 3 M 15 6 month 18.11.2012
Credit Suisse RAVI MEHROTRA restricted #N/A N/A M #N/A N/A Not Provided 04.04.2011
Holdings By:
QIAGEN NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
QSC AG offers small and mid-size enterprises a range of ICT services from
telephony, data transfer, housing and hosting right through to IT outsourcing
and IT consulting. The Company offers its services on the basis of its own Next
Generation Networks (NGN) and operates an open access platform, which unites a
range of broadband technologies.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (25.09.2013) 3.75
52-Week Low (02.11.2012) 1.99
Daily Volume
3.75
52-Week High % Change 0.00% Dividend Yield -
52-Week Low % Change 88.73% Beta 0.71
% 52 Week Price Range High/Low 94.89% Equity Float 52.75
Shares Out 12.08.2013 123.8 Short Int -
464.38 1 Yr Total Return 82.06%
Total Debt 90.53 YTD Return 84.31%
Preferred Stock 0.0 Adjusted BETA 0.712
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 37.78 Consensus Rating 4.417
Enterprise Value 516.98
Average Volume 5 Day 296'116
QSC GY EQUITY YTD Change - Average Volume 30 Day 400'449
QSC GY EQUITY YTD % CHANGE - Average Volume 3 Month 410'848
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
413.3 420.5 422.1 478.1 481.5 483.8 475.3 455.7 470.0 - -
0.41x 0.54x 1.00x 0.67x 0.65x 2.67x 2.88x 1.12x 1.04x - -
65.7 67.9 70.7 80.5 77.5 76.1 80.0 79.2 85.3 - -
2.60x 3.36x 5.96x 3.96x 4.04x 4.43x 4.47x 6.51x 6.04x - -
0.8 5.5 24.2 27.6 18.9 22.7 24.1 21.0 27.2 - -
124.00x 42.50x 18.33x 10.45x 15.04x 13.66x 14.58x 21.55x 16.45x - -
EBITDA 77.54 Long-Term Rating Date -
EBIT 24.61 Long-Term Rating -
Operating Margin 5.11% Long-Term Outlook -
Pretax Margin 4.30% Short-Term Rating Date -
Return on Assets 6.21% Short-Term Rating -
Return on Common Equity 12.93%
Return on Capital - EBITDA/Interest Exp. 16.78
Asset Turnover 1.23% (EBITDA-Capex)/Interest Exp. 12.20
Net Debt/EBITDA 0.66
Gross Margin 25.4% Total Debt/EBITDA 1.23
EBITDA Margin 16.8%
EBIT Margin 6.0% Total Debt/Equity 50.2%
Net Income Margin 3.9% Total Debt/Capital 33.4%
Asset Turnover 1.23
Current Ratio 0.97 Net Fixed Asset Turnover 3.51
Quick Ratio 0.92 Accounts receivable turnover-days 41.93
Debt to Assets 23.38% Inventory Days 1.68
Tot Debt to Common Equity 50.23% Accounts Payable Turnover Day 58.91
Accounts Receivable Turnover 8.71 Cash Conversion Cycle 0.21
Inventory Turnover 217.11
Fiscal Year Ended
QSC AGPrice/Volume
Valuation Analysis
629'543.00
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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500.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EICKERS GERD n/a Research 31'045'856 25.07 - 10.06.2013 n/a
SCHLOBOHM BERND n/a Co File 15'459'650 12.48 - 30.01.2013 n/a
QSC AG n/a Co File 13'593'413 10.98 - 31.12.2012 Corporation
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'866'904 5.55 140'000 18.07.2013 Investment Advisor
JO HAMBRO CAPITAL MA n/a Research 6'603'303 5.33 - 11.01.2013 Unclassified
KEMPEN CAPITAL MANAG n/a ULT-AGG 6'313'800 5.1 - 05.09.2013 Unclassified
NORGES BANK #N/A N/A Research 3'685'518 2.98 - 20.09.2013 Government
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'920'425 1.55 552'311 28.03.2013 Investment Advisor
TEACHERS INS & ANNUI TEACHERS INSURANCE & Sch-D 1'792'679 1.45 - 30.06.2013 Insurance Company
BNY MELLON SERVICE K Multiple Portfolios MF-AGG 1'130'328 0.91 - 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 632'095 0.51 - 25.09.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 590'000 0.48 - 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 517'111 0.42 - 30.06.2013 Unclassified
FLEMING FAMILY & PAR Multiple Portfolios MF-AGG 478'487 0.39 - 31.01.2012 Investment Advisor
MMA FINANCE Multiple Portfolios MF-AGG 340'000 0.27 340'000 29.06.2012 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 300'000 0.24 - 31.05.2013 Investment Advisor
3 BANKEN-GENERALI IN Multiple Portfolios MF-AGG 235'880 0.19 235'880 28.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 232'627 0.19 2'802 26.09.2013 Investment Advisor
HERMANN JURGEN n/a Co File 225'000 0.18 - 31.12.2012 n/a
MUNDER CAPITAL MANAG Multiple Portfolios MF-AGG 220'821 0.18 220'821 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank BENJAMIN KOHNKE hold 3 M 4 12 month 05.09.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 4 Not Provided 03.09.2013
Commerzbank Corporates & Markets HEIKE PAULS add 4 M 3 6 month 28.08.2013
Hauck & Aufhaeuser LEONHARD BAYER buy 5 M 5 12 month 20.08.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 3 12 month 12.08.2013
M.M. Warburg Investment Research MALTE RAETHER buy 5 M 4 12 month 12.08.2013
Berenberg Bank USMAN GHAZI buy 5 M 3 Not Provided 12.08.2013
Close Brothers Equity Markets MARCUS SILBE buy 5 M 3 12 month 12.08.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 4 12 month 01.08.2013
JPMorgan HANNES C WITTIG overweight 5 M 4 3 month 15.07.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 03.04.2013
Kepler Cheuvreux THOMAS KARLOVITS buy 5 M 4 Not Provided 19.02.2013
Exane BNP Paribas MICHAEL ZORKO underperform 1 M 2 Not Provided 14.03.2012
Holdings By:
QSC AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Rational AG manufactures and markets food preparation appliances/processors and
kitchen accessories for caterers and canteen kitchens. The Company's products
cook and reheat food. Rational sells primarily to hotels, restaurants,
canteens and caterers in Europe, the United States, and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.03.2013) 269.15
52-Week Low (12.10.2012) 186.05
Daily Volume
223.15
52-Week High % Change -17.09% Dividend Yield -
52-Week Low % Change 19.94% Beta 0.61
% 52 Week Price Range High/Low 45.19% Equity Float 3.32
Shares Out 30.06.2013 11.4 Short Int -
2'537.22 1 Yr Total Return 13.95%
Total Debt 25.29 YTD Return 4.81%
Preferred Stock 0.0 Adjusted BETA 0.614
Minority Interest 0.0 Analyst Recs 16
Cash and Equivalents 166.42 Consensus Rating 2.813
Enterprise Value 2'430.37
Average Volume 5 Day 5'059
RAA GY EQUITY YTD Change - Average Volume 30 Day 5'979
RAA GY EQUITY YTD % CHANGE - Average Volume 3 Month 8'594
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
343.0 314.4 350.1 391.7 435.0 415.9 441.4 457.1 501.4 - -
2.71x 3.97x 4.97x 4.62x 5.37x 18.23x 22.13x 5.21x 4.71x - -
92.0 96.8 110.6 107.9 129.9 0.0 0.0 130.3 147.0 - -
10.10x 12.89x 15.72x 16.78x 17.99x 0.00x 0.00x 18.65x 16.53x - -
61.7 67.3 79.8 78.7 93.3 85.2 90.6 94.1 105.3 - -
15.57x 20.02x 23.56x 24.27x 26.59x 25.13x 32.22x 27.09x 23.86x - -
EBITDA 129.92 Long-Term Rating Date -
EBIT 123.15 Long-Term Rating -
Operating Margin 28.31% Long-Term Outlook -
Pretax Margin 28.14% Short-Term Rating Date -
Return on Assets 32.41% Short-Term Rating -
Return on Common Equity 45.81%
Return on Capital 41.20% EBITDA/Interest Exp. 117.36
Asset Turnover 1.58% (EBITDA-Capex)/Interest Exp. 108.90
Net Debt/EBITDA -
Gross Margin 60.2% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 27.2% Total Debt/Equity 10.7%
Net Income Margin 21.4% Total Debt/Capital 9.6%
Asset Turnover 1.58
Current Ratio 4.18 Net Fixed Asset Turnover 8.03
Quick Ratio 3.69 Accounts receivable turnover-days 56.66
Debt to Assets 7.75% Inventory Days 54.72
Tot Debt to Common Equity 10.65% Accounts Payable Turnover Day 22.87
Accounts Receivable Turnover 6.44 Cash Conversion Cycle 91.65
Inventory Turnover 6.67
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
Rational AGPrice/Volume
Valuation Analysis
3'078.00
Current Price (9/dd/yy) Market Data
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27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MEISTER SIEGFRIED n/a Co File 7'161'411 62.99 - 31.12.2012 n/a
KURTZ WALTER n/a EXCH 887'997 7.81 - 23.06.2011 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 364'021 3.2 (18'656) 31.07.2013 Investment Advisor
MONTANARO ASSET MGMT Multiple Portfolios MF-AGG 192'473 1.69 4'001 31.07.2013 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 162'855 1.43 30 31.07.2013 Investment Advisor
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 135'811 1.19 (61'960) 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 96'836 0.85 - 31.12.2012 Government
FIL LIMITED n/a ULT-AGG 47'440 0.42 8'033 30.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 40'933 0.36 - 25.09.2013 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 36'779 0.32 - 31.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 30'526 0.27 (9'112) 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 26'410 0.23 1'030 28.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 24'949 0.22 4'656 30.06.2013 Unclassified
FMR LLC n/a ULT-AGG 24'320 0.21 8'000 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 23'059 0.2 6'000 31.07.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 19'877 0.17 - 30.04.2013 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 18'520 0.16 18'520 30.06.2013 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 16'430 0.14 16'430 31.05.2013 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 15'881 0.14 1'440 31.05.2013 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 12'276 0.11 1'560 26.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank FELICITAS VON BISMARCK hold 3 M 220 12 month 11.09.2013
Kepler Cheuvreux CRAIG ABBOTT reduce 2 D 205 Not Provided 27.08.2013
Baader Bank CHRISTIAN WEIZ sell 1 D 208 12 month 12.08.2013
Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 243 6 month 07.08.2013
Nord/LB WOLFGANG VASTERLING hold 3 U 206 12 month 07.08.2013
Independent Research GmbH LARS LUSEBRINK sell 1 M 200 12 month 07.08.2013
M.M. Warburg Investment Research ROLAND RAPELIUS hold 3 M 229 12 month 07.08.2013
DZ Bank AG MARKUS TURNWALD sell 1 M 183 Not Provided 17.07.2013
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 220 6 month 16.07.2013
HSBC RICHARD SCHRAMM neutral 3 M 220 Not Provided 11.07.2013
Landesbank Baden-Wuerttemberg HARALD REHMET hold 3 M 217 Not Provided 10.07.2013
Hauck & Aufhaeuser FINN HENNING BREITER hold 3 U 205 12 month 10.07.2013
Bankhaus Lampe GORDON SCHOENELL hold 3 U 200 12 month 10.07.2013
Bankhaus Metzler STEPHAN BAUER buy 5 M 260 12 month 10.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Berenberg Bank BENJAMIN GLAESER hold 3 M 225 Not Provided 01.05.2013
GSC Research MATTHIAS SCHRADE hold 3 M #N/A N/A Not Provided 24.05.2012
Holdings By:
Rational AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Rhoen-Klinikum AG operates general, rehabilitation, and emergency health care
facilities which offer inpatient and outpatient medical care to various
communities in Germany. These clinics and hospitals offer cardiological,
surgical, psychiatric, neurological and neurosurgical, orthopedic, addiction
treatment, and physical therapy services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (13.09.2013) 19.72
52-Week Low (08.11.2012) 14.49
Daily Volume
18.7
52-Week High % Change -5.17% Dividend Yield -
52-Week Low % Change 29.05% Beta 0.48
% 52 Week Price Range High/Low 80.50% Equity Float 100.22
Shares Out 30.06.2013 138.2 Short Int -
2'584.94 1 Yr Total Return 26.26%
Total Debt 1'034.67 YTD Return 23.82%
Preferred Stock 0.0 Adjusted BETA 0.476
Minority Interest 25.6 Analyst Recs 23
Cash and Equivalents 237.03 Consensus Rating 3.652
Enterprise Value 3'407.87
Average Volume 5 Day 530'821
RHK GY EQUITY YTD Change - Average Volume 30 Day 619'232
RHK GY EQUITY YTD % CHANGE - Average Volume 3 Month 492'639
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
2'130.3 2'320.1 2'550.4 2'629.1 2'864.9 2'721.2 2'981.4 3'034.3 2'784.2 755.0 774.0
1.14x 1.22x 1.13x 1.01x 1.03x 4.28x 4.11x 1.10x 1.06x - -
264.4 284.6 310.2 357.9 291.1 354.5 332.7 327.3 321.9 85.3 94.0
9.20x 9.95x 9.31x 7.45x 10.10x 9.69x 9.81x 10.41x 10.58x - -
117.3 125.7 139.7 156.1 89.7 123.2 89.8 113.5 147.7 31.3 34.1
15.11x 16.00x 16.31x 13.03x 23.56x 20.97x 27.18x 23.00x 19.91x - -
EBITDA 291.10 Long-Term Rating Date -
EBIT 151.20 Long-Term Rating -
Operating Margin 5.28% Long-Term Outlook -
Pretax Margin 3.97% Short-Term Rating Date -
Return on Assets 2.81% Short-Term Rating -
Return on Common Equity 5.71%
Return on Capital - EBITDA/Interest Exp. 6.69
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 2.25
Net Debt/EBITDA 2.41
Gross Margin - Total Debt/EBITDA 2.73
EBITDA Margin 11.2%
EBIT Margin 5.2% Total Debt/Equity 65.4%
Net Income Margin 3.1% Total Debt/Capital 39.2%
Asset Turnover 0.93
Current Ratio 1.09 Net Fixed Asset Turnover 1.55
Quick Ratio 0.92 Accounts receivable turnover-days 55.88
Debt to Assets 32.49% Inventory Days -
Tot Debt to Common Equity 65.41% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.53 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Rhoen Klinikum AGPrice/Volume
Valuation Analysis
255'317.00
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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1'000.0
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2'000.0
2'500.0
3'000.0
3'500.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MUENCH FAMILY n/a Co File 17'278'999 12.5 - 31.12.2012 n/a
ALECTA PENSIONSFORSA n/a Co File 13'684'967 9.9 - 31.12.2012 Pension Fund (ERISA)
BRAUN LUDWIG GEORG n/a Co File 6'911'600 5 - 31.12.2012 n/a
ASKLEPIOS KLINIKEN G n/a Co File 6'911'600 5 - 31.12.2012 Corporation
FRESENIUS SE & CO KG n/a Co File 6'911'600 5 - 31.12.2012 Corporation
PAULSON & CO n/a Co File 5'114'584 3.7 - 31.12.2012 Hedge Fund Manager
CREDIT SUISSE AG n/a ULT-AGG 5'114'410 3.7 - 13.06.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 4'563'552 3.3 - 18.09.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 3'810'642 2.76 - 27.04.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'174'394 2.3 - 25.09.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'039'416 2.2 144'422 31.08.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 2'009'941 1.45 37'000 30.08.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a Research 1'819'760 1.32 - 30.04.2012 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 1'699'549 1.23 - 31.12.2012 Government
DEUTSCHE BANK AG n/a ULT-AGG 1'466'710 1.06 - 31.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'251'267 0.91 - 31.07.2013 Investment Advisor
UNIVERSAL INVEST LUX Multiple Portfolios MF-AGG 820'000 0.59 - 28.03.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 797'284 0.58 (256'510) 28.06.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 712'650 0.52 624'765 28.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 680'879 0.49 - 26.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC JAN KEPPELER overweight 5 M 22 Not Provided 19.09.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 22 12 month 19.09.2013
AlphaValue EILEEN RYAN reduce 2 M 17 6 month 19.09.2013
Equinet Institutional Services(ESN) KONRAD LIEDER buy 5 M 24 12 month 17.09.2013
UBS MARTIN WALES neutral 3 M 21 12 month 16.09.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 D 21 Not Provided 16.09.2013
Berenberg Bank TOM JONES buy 5 U 23 Not Provided 16.09.2013
Close Brothers Equity Markets IGOR KIM hold 3 M 21 12 month 16.09.2013
Exane BNP Paribas JULIEN DORMOIS neutral 3 M 22 Not Provided 16.09.2013
S&P Capital IQ JACOB THRANE hold 3 M 21 12 month 14.09.2013
Nord/LB HOLGER FECHNER hold 3 D 20 12 month 13.09.2013
JPMorgan DAVID J ADLINGTON neutral 3 M 21 3 month 13.09.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 22 12 month 13.09.2013
Kepler Cheuvreux OLIVER REINBERG buy 5 U 21 Not Provided 12.09.2013
EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 09.09.2013
Bankhaus Lampe THERESA DICK hold 3 M 19 12 month 12.08.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 19 12 month 09.08.2013
Deutsche Bank HOLGER BLUM hold 3 M 17 12 month 08.08.2013
Jefferies INGEBORG OIE hold 3 M 18 12 month 08.08.2013
DZ Bank AG SVEN OLAF KUERTEN buy 5 M 18 12 month 27.06.2013
Commerzbank Corporates & Markets VOLKER BRAUN buy 5 M 21 6 month 17.06.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 14.06.2013
Main First Bank AG MARCUS WIEPRECHT outperform 5 U 20 12 month 25.02.2013
GSC Research MATTHIAS SCHRADE buy 5 U #N/A N/A Not Provided 20.07.2012
Hauck & Aufhaeuser THOMAS WISSLER sell 1 D 15 12 month 26.04.2012
Holdings By:
Rhoen Klinikum AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Rheinmetall AG is an automotive, electronics, defense, and engineering group.
The Company produces automotive pumps and components to supply air, reduce
emissions, and supply fuel, pistons for gasoline and diesel vehicle and
stationary engines, bearings for engines and other applications and aluminum
engine blocks, and offers aftermarket service to engine repair shops.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.02.2013) 43.75
52-Week Low (15.11.2012) 31.20
Daily Volume
42.265
52-Week High % Change -3.38% Dividend Yield -
52-Week Low % Change 35.46% Beta 1.13
% 52 Week Price Range High/Low 87.76% Equity Float 37.71
Shares Out 30.06.2013 39.6 Short Int -
1'673.65 1 Yr Total Return 15.79%
Total Debt 599.00 YTD Return 21.70%
Preferred Stock 0.0 Adjusted BETA 1.135
Minority Interest 111.0 Analyst Recs 26
Cash and Equivalents 501.00 Consensus Rating 3.615
Enterprise Value 2'082.65
Average Volume 5 Day 241'705
RHM GY EQUITY YTD Change - Average Volume 30 Day 170'760
RHM GY EQUITY YTD % CHANGE - Average Volume 3 Month 193'558
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
3'869.0 3'420.0 3'989.0 4'454.0 4'704.0 4'632.0 4'513.0 4'712.2 4'896.3 1'070.0 1'618.0
0.27x 0.51x 0.62x 0.35x 0.34x 1.72x 1.60x 0.47x 0.43x - -
407.0 178.0 445.0 521.0 479.0 525.0 323.0 323.0 463.3 40.0 337.0
2.58x 9.83x 5.55x 3.03x 3.30x 3.99x 5.47x 6.44x 4.49x - -
134.0 (58.0) 162.0 213.0 190.0 214.0 81.0 71.4 146.6 18.2 111.0
5.89x - 14.22x 6.17x 7.28x 6.87x 16.85x 24.30x 10.89x - -
EBITDA 479.00 Long-Term Rating Date 12.12.2008
EBIT 285.00 Long-Term Rating NR
Operating Margin 6.06% Long-Term Outlook -
Pretax Margin 5.08% Short-Term Rating Date 12.12.2008
Return on Assets 1.71% Short-Term Rating NR
Return on Common Equity 6.23%
Return on Capital 5.84% EBITDA/Interest Exp. 7.26
Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. 3.71
Net Debt/EBITDA 1.04
Gross Margin - Total Debt/EBITDA 1.78
EBITDA Margin 7.2%
EBIT Margin 2.8% Total Debt/Equity 44.4%
Net Income Margin 4.0% Total Debt/Capital 29.1%
Asset Turnover 0.95
Current Ratio 1.42 Net Fixed Asset Turnover 3.92
Quick Ratio 0.86 Accounts receivable turnover-days 86.30
Debt to Assets 12.23% Inventory Days -
Tot Debt to Common Equity 44.37% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.23 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
Rheinmetall AGPrice/Volume
Valuation Analysis
91'303.00
Current Price (9/dd/yy) Market Data
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500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
4'500.0
5'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'435'334 6.15 (951) 30.08.2013 Investment Advisor
RHEINMETALL AG n/a Co File 1'881'647 4.75 - 22.02.2013 Corporation
BLACKROCK n/a ULT-AGG 1'225'139 3.09 - 25.09.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'173'000 2.96 - 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'037'762 2.62 - 31.10.2011 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 686'200 1.73 - 31.12.2012 Government
DIMENSIONAL FUND ADV n/a ULT-AGG 547'601 1.38 1'174 30.04.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 368'000 0.93 150'000 31.05.2013 Investment Advisor
FEDERATED INVESTORS Multiple Portfolios MF-AGG 349'087 0.88 - 30.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 331'286 0.84 323'640 26.09.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 281'064 0.71 - 31.07.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 258'407 0.65 - 27.09.2013 Investment Advisor
DEKA INVESTMENT GMBH DEKA DAXPLUS(R) MAXI MF-DEU 258'407 0.65 - 27.09.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 245'800 0.62 - 28.03.2013 Investment Advisor
NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 245'500 0.62 22'200 28.03.2013 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 233'644 0.59 24'665 30.08.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 227'400 0.57 - 31.05.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 180'442 0.46 (151'637) 30.06.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 139'000 0.35 - 28.03.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 136'664 0.35 (228'223) 30.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Metzler JUERGEN PIEPER buy 5 M 45 12 month 27.09.2013
Hauck & Aufhaeuser PHILIPPE LORRAIN hold 3 M 43 12 month 26.09.2013
Bankhaus Lampe GORDON SCHOENELL buy 5 M 46 12 month 26.09.2013
Equinet Institutional Services(ESN) ADRIAN PEHL hold 3 D 45 Not Provided 26.09.2013
AlphaValue EILEEN RYAN reduce 2 M 42 6 month 26.09.2013
Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 U 49 6 month 17.09.2013
Nord/LB FRANK SCHWOPE buy 5 M 46 12 month 17.09.2013
Deutsche Bank TIM ROKOSSA hold 3 M 35 12 month 16.09.2013
M.M. Warburg Investment Research CHRISTIAN COHRS hold 3 M 37 12 month 16.09.2013
Close Brothers Equity Markets DANIEL KUKALJ hold 3 M 40 12 month 16.09.2013
DZ Bank AG MARKUS TURNWALD buy 5 M 52 Not Provided 16.09.2013
Exane BNP Paribas GERHARD ORGONAS neutral 3 M 37 Not Provided 16.09.2013
JPMorgan GLEN H LIDDY neutral 3 M 38 15 month 12.08.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 38 12 month 12.08.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 47 12 month 12.08.2013
Landesbank Baden-Wuerttemberg STEFAN MAICHL sell 1 M 34 Not Provided 09.08.2013
Steubing AG TOBIAS SCHMIDT buy 5 U 43 12 month 09.08.2013
S&P Capital IQ RODERICK BRIDGE buy 5 U 44 12 month 09.08.2013
Montega THOMAS RAU hold 3 M 35 12 month 09.08.2013
Kepler Cheuvreux MICHAEL RAAB hold 3 D 38 Not Provided 31.07.2013
HSBC RICHARD SCHRAMM overweight 5 M 47 Not Provided 30.07.2013
Berenberg Bank BENJAMIN GLAESER hold 3 M 40 Not Provided 30.07.2013
LFG Kronos Investment Services GmbH THOMAS ANEY hold 3 M 43 12 month 30.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
UBS SVEN WEIER neutral 3 M 39 12 month 08.02.2013
Holdings By:
Rheinmetall AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
RTL Group S.A. is a multimedia company. The Company operates television and
radio stations throughout Europe, produces programming, and operates websites.
RTL distributes movies on CD, co-produces feature films, markets broadcast
rights to sporting events, and offers entertainment over the Internet.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.09.2013) 75.69
52-Week Low (02.05.2013) 51.90
Daily Volume
74
52-Week High % Change -2.23% Dividend Yield -
52-Week Low % Change 42.57% Beta -
% 52 Week Price Range High/Low 93.95% Equity Float 37.37
Shares Out 30.06.2013 154.8 Short Int -
11'454.28 1 Yr Total Return -
Total Debt 29.00 YTD Return -
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 492.0 Analyst Recs 18
Cash and Equivalents 650.00 Consensus Rating 4.500
Enterprise Value 12'091.28
Average Volume 5 Day 160'627
RRTL GY EQUITY YTD Change - Average Volume 30 Day 78'143
RRTL GY EQUITY YTD % CHANGE - Average Volume 3 Month 53'532
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
5'774.0 5'156.0 5'532.0 5'765.0 5'998.0 5'476.0 8'777.0 5'961.9 6'124.1 - -
1.15x 1.46x 2.20x 1.97x 1.91x 0.00x 1.18x 2.04x 1.99x - -
639.0 966.0 1'285.0 1'265.0 1'237.0 0.0 376.0 1'265.9 1'325.9 - -
10.42x 7.80x 9.49x 8.99x 9.27x 0.00x 0.00x 9.58x 9.15x - -
194.0 205.0 611.0 696.0 597.0 0.0 418.0 707.1 728.9 - -
- - - - - 0.00x 0.00x 16.21x 15.66x - -
EBITDA 1'237.00 Long-Term Rating Date 23.05.2011
EBIT 1'051.00 Long-Term Rating BBB+
Operating Margin 17.52% Long-Term Outlook STABLE
Pretax Margin 16.14% Short-Term Rating Date 07.09.2006
Return on Assets 10.04% Short-Term Rating A-2
Return on Common Equity 20.44%
Return on Capital 19.34% EBITDA/Interest Exp. 58.90
Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 54.62
Net Debt/EBITDA 0.18
Gross Margin - Total Debt/EBITDA 0.42
EBITDA Margin 21.5%
EBIT Margin 18.3% Total Debt/Equity 0.7%
Net Income Margin 10.0% Total Debt/Capital 0.6%
Asset Turnover 0.81
Current Ratio 1.49 Net Fixed Asset Turnover 17.61
Quick Ratio 0.71 Accounts receivable turnover-days -
Debt to Assets 0.37% Inventory Days -
Tot Debt to Common Equity 0.66% 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
RTL Group SAPrice/Volume
Valuation Analysis
2'325.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERTELSMANN SE & CO n/a Research 116'245'486 75.1 (26'623'467) 30.04.2013 Corporation
DEUTSCHE BANK AG n/a ULT-AGG 2'265'804 1.46 245'204 31.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'451'767 0.94 1'451'767 28.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'238'065 0.8 825'800 25.09.2013 Investment Advisor
RTL GROUP SA n/a Co File 1'168'701 0.76 - 31.12.2012 Corporation
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 960'000 0.62 - 31.07.2013 Unclassified
CI INVESTMENTS INC Multiple Portfolios MF-AGG 688'100 0.44 688'100 28.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 432'446 0.28 211'546 31.07.2013 Investment Advisor
JENNISON ASSOCIATES Multiple Portfolios MF-AGG 343'727 0.22 (101'307) 31.07.2013 Investment Advisor
BANQUE ET CAISSE D'E Multiple Portfolios MF-AGG 310'000 0.2 40'000 28.06.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 298'628 0.19 64'628 31.05.2013 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 203'610 0.13 97'000 31.08.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 169'077 0.11 4'860 31.08.2013 Unclassified
BNP PARIBAS n/a ULT-AGG 142'744 0.09 (2'596) 30.04.2013 Unclassified
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 111'050 0.07 - 31.07.2013 Investment Advisor
ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 102'833 0.07 102'833 30.06.2013 Government
CULLEN CAPITAL MANAG CULLEN CAPITAL MANAG 13F 99'365 0.06 99'365 30.06.2013 Investment Advisor
AMERICAN BEACON ADVI Multiple Portfolios MF-AGG 99'047 0.06 2'568 31.07.2013 Investment Advisor
BANK DELEN SA Multiple Portfolios MF-AGG 98'219 0.06 (67'387) 29.03.2013 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 93'384 0.06 (1'000) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan FILIPPO PIETRO LO FRANCO overweight 5 M 84 9 month 26.09.2013
DZ Bank AG HARALD HEIDER sell 1 N 68 Not Provided 26.09.2013
Exane BNP Paribas ADRIEN DE SAINT HILAIRE outperform 5 M 82 Not Provided 25.09.2013
Liberum Capital Ltd IAN WHITTAKER buy 5 M 82 Not Provided 23.09.2013
Societe Generale LAURENT PICARD hold 3 M 70 12 month 20.09.2013
Morgan Stanley JULIEN ROSSI Overwt/Attractive 5 M 83 12 month 19.09.2013
Barclays JULIEN ROCH overweight 5 M 82 Not Provided 19.09.2013
Nomura WILLIAM MAIRS buy 5 U 82 Not Provided 13.09.2013
Petercam KRIS KIPPERS add 4 M 75 Not Provided 10.09.2013
Goldman Sachs LISA YANG Buy/Neutral 5 M 88 12 month 09.09.2013
KBC Securities MARGO JORIS accumulate 4 M 73 Not Provided 05.09.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 30.08.2013
Kepler Cheuvreux CONOR O'SHEA buy 5 M 80 Not Provided 27.08.2013
Commerzbank Corporates & Markets SONIA RABUSSIER add 4 M 77 6 month 23.08.2013
Deutsche Bank LAURIE DAVISON buy 5 M 80 12 month 22.08.2013
Credit Suisse NICK BERTOLOTTI outperform 5 N 77 Not Provided 02.08.2013
Bank Degroof(ESN) JEAN-MARIE CAUCHETEUX suspended coverage #N/A N/A M #N/A N/A Not Provided 03.12.2012
Holdings By:
RTL Group SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
RWE AG generates, distributes, and trades electricity to municipal, industrial,
commercial, and residential customers. The Company produces natural gas and oil,
mines coal, delivers and distributes gas, and supplies drinking water.
RWE AG operates mainly in Europe.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (04.10.2012) 36.07
52-Week Low (15.08.2013) 20.48
Daily Volume
25.04
52-Week High % Change -30.58% Dividend Yield -
52-Week Low % Change 22.30% Beta 1.01
% 52 Week Price Range High/Low 28.76% Equity Float 480.74
Shares Out 30.06.2013 575.7 Short Int -
15'319.10 1 Yr Total Return -24.05%
Total Debt 19'946.00 YTD Return -13.70%
Preferred Stock 2'702.0 Adjusted BETA 1.008
Minority Interest 1'613.0 Analyst Recs 36
Cash and Equivalents 5'276.00 Consensus Rating 2.167
Enterprise Value 36'008.10
Average Volume 5 Day 5'323'067
RWE GY EQUITY YTD Change - Average Volume 30 Day 4'609'155
RWE GY EQUITY YTD % CHANGE - Average Volume 3 Month 4'003'639
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
47'500.0 46'191.0 50'722.0 49'153.0 50'771.0 48'857.0 52'055.0 53'772.8 53'261.6 - -
0.88x 1.10x 0.89x 0.69x 0.75x 3.02x 2.93x 0.69x 0.65x - -
7'903.0 9'655.0 9'230.0 6'912.0 9'055.0 7'464.0 10'599.0 8'879.1 7'865.6 - -
5.30x 5.28x 4.87x 4.91x 4.22x 5.37x 3.38x 4.06x 4.58x - -
2'558.0 3'571.0 3'323.0 1'865.0 1'402.0 1'872.0 923.0 2'344.5 1'753.9 - -
10.69x 10.33x 8.05x 8.10x 14.67x 10.68x 20.12x 6.41x 8.64x - -
EBITDA 9'055.00 Long-Term Rating Date 27.07.2012
EBIT 3'699.00 Long-Term Rating BBB+
Operating Margin 7.29% Long-Term Outlook STABLE
Pretax Margin 4.39% Short-Term Rating Date 08.06.2011
Return on Assets 1.02% Short-Term Rating A-2
Return on Common Equity 6.15%
Return on Capital 5.28% EBITDA/Interest Exp. 7.25
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 2.85
Net Debt/EBITDA 1.53
Gross Margin - Total Debt/EBITDA 1.96
EBITDA Margin 20.4%
EBIT Margin 9.0% Total Debt/Equity 164.5%
Net Income Margin 2.8% Total Debt/Capital 54.8%
Asset Turnover 0.58
Current Ratio 1.02 Net Fixed Asset Turnover 1.48
Quick Ratio 0.55 Accounts receivable turnover-days 65.75
Debt to Assets 22.61% Inventory Days -
Tot Debt to Common Equity 164.54% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.55 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
RWE AGPrice/Volume
Valuation Analysis
1'942'693.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RW ENERGIE-BETEILIGU n/a Research 93'299'812 16.21 - 27.08.2013 Other
BLACKROCK n/a ULT-AGG 28'787'275 5 - 25.09.2013 Investment Advisor
MORGAN STANLEY #N/A N/A Research 27'450'078 4.77 - 18.09.2013 Investment Advisor
MONDRIAN INVESTMENT n/a Co File 17'272'365 3 - 31.12.2012 Hedge Fund Manager
CREDIT SUISSE GROUP n/a Research 15'649'001 2.72 - 16.04.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 13'471'707 2.34 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 5'831'000 1.01 105'000 30.06.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 5'591'881 0.97 82'729 30.06.2013 Unclassified
INVESCO LTD n/a ULT-AGG 3'751'229 0.65 578'976 26.09.2013 Investment Advisor
CQS UK LLP n/a Short (3'109'026) -0.54 - 05.07.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'050'805 0.53 2'803'171 31.07.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 2'873'145 0.5 39'303 31.05.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'542'090 0.44 (377'383) 28.03.2013 Investment Advisor
MARSHALL WACE LLP n/a Short (2'533'280) -0.44 - 06.09.2013 Hedge Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'266'506 0.39 (623'861) 30.04.2013 Investment Advisor
DEKA INVESTMENT GMBH DEKAFONDS MF-DEU 1'900'000 0.33 (350'000) 28.12.2012 Investment Advisor
FEDERAL FINANCE GEST Multiple Portfolios MF-AGG 1'733'929 0.3 54'506 30.08.2013 Investment Advisor
UBS AG n/a ULT-AGG 1'486'348 0.26 (30'026) 26.09.2013 Unclassified
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'409'997 0.24 - 25.09.2013 Investment Advisor
SOCIETE GENERALE SA n/a Research 1'403'905 0.24 - 07.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets TANJA MARKLOFF reduce 2 M 20 6 month 27.09.2013
AlphaValue EILEEN RYAN buy 5 M 32 6 month 26.09.2013
Grupo Santander OSCAR NAJAR RIOS underweight 1 M 26 Not Provided 20.09.2013
Societe Generale ALBERTO PONTI sell 1 M 21 12 month 20.09.2013
Deutsche Bank ALEXANDER KARNICK sell 1 M 20 12 month 20.09.2013
Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 26 12 month 20.09.2013
Nord/LB HEINO HAMMANN hold 3 M 27 12 month 20.09.2013
RBC Capital Markets JOHN MUSK underperform 1 M 20 12 month 20.09.2013
Credit Suisse VINCENT GILLES neutral 3 M 22 Not Provided 20.09.2013
Raymond James EMMANUEL RETIF underperform 1 M 25 12 month 20.09.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 22 Not Provided 20.09.2013
Independent Research GmbH SVEN DIERMEIER sell 1 M 20 12 month 20.09.2013
National Bank AG MARKUS GLOCKENMEIER hold 3 M 25 Not Provided 20.09.2013
Bankhaus Metzler GUIDO HOYMANN sell 1 M 22 12 month 20.09.2013
Kepler Cheuvreux INGO BECKER reduce 2 M 18 Not Provided 20.09.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 23 Not Provided 20.09.2013
S&P Capital IQ CLIVE ROBERTS sell 1 D 22 12 month 20.09.2013
Main First Bank AG ANDREAS THIELEN underperform 1 M 26 12 month 20.09.2013
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 28 12 month 11.09.2013
Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 29 12 month 09.09.2013
HSBC ADAM DICKENS underweight 1 M 18 Not Provided 09.09.2013
EVA Dimensions DOUG WALTERS overweight 5 D #N/A N/A Not Provided 09.09.2013
JPMorgan NATHALIE F CASALI neutral 3 U 22 9 month 04.09.2013
Exane BNP Paribas BENJAMIN LEYRE underperform 1 D 19 Not Provided 04.09.2013
Redburn Partners AHMED FARMAN sell 1 M #N/A N/A Not Provided 29.08.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 16.08.2013
Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 19 12 month 15.08.2013
UBS PATRICK HUMMEL sell 1 M 19 12 month 05.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 02.07.2013
Barclays PETER BISZTYGA underweight 1 M 23 Not Provided 21.06.2013
Berenberg Bank TEAM COVERAGE sell 1 M 21 Not Provided 24.05.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 35 12 month 15.05.2013
Steubing AG MICHAEL BROEKER buy 5 M 60 12 month 02.04.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 37 12 month 15.02.2013
Holdings By:
RWE AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
SMA Solar Technology AG manufactures solar inverters, alternating current
converters for solar generated electricity.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (27.09.2012) 29.07
52-Week Low (16.11.2012) 15.61
Daily Volume
24.82
52-Week High % Change -14.61% Dividend Yield -
52-Week Low % Change 59.00% Beta 0.96
% 52 Week Price Range High/Low 69.90% Equity Float 10.12
Shares Out 08.08.2013 34.7 Short Int -
861.25 1 Yr Total Return -5.73%
Total Debt 93.53 YTD Return 34.09%
Preferred Stock 0.0 Adjusted BETA 0.961
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 442.70 Consensus Rating 2.333
Enterprise Value 592.16
Average Volume 5 Day 49'737
S92 GY EQUITY YTD Change - Average Volume 30 Day 46'289
S92 GY EQUITY YTD % CHANGE - Average Volume 3 Month 50'417
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
681.6 934.3 1'920.1 1'676.3 1'463.4 1'795.1 1'091.2 1'064.8 1'107.1 - -
1.64x 3.17x 1.05x 0.69x 0.21x 2.11x 1.71x 0.57x 0.53x - -
174.8 243.4 547.2 289.4 173.3 277.7 111.0 35.6 74.0 - -
6.39x 12.16x 3.68x 3.98x 1.79x 2.40x 4.69x 16.58x 7.96x - -
119.5 161.1 365.0 166.1 75.1 152.0 0.7 (23.3) 4.6 - -
10.90x 20.10x 6.61x 9.01x 8.80x 6.15x 1137.75x - 292.00x - -
EBITDA 173.29 Long-Term Rating Date -
EBIT 103.36 Long-Term Rating -
Operating Margin 7.06% Long-Term Outlook -
Pretax Margin 7.16% Short-Term Rating Date -
Return on Assets 0.05% Short-Term Rating -
Return on Common Equity 0.09%
Return on Capital - EBITDA/Interest Exp. 161.35
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 93.46
Net Debt/EBITDA -2.42
Gross Margin 23.5% Total Debt/EBITDA 1.02
EBITDA Margin 10.2%
EBIT Margin 3.1% Total Debt/Equity 11.4%
Net Income Margin 5.1% Total Debt/Capital 10.2%
Asset Turnover 0.80
Current Ratio 3.31 Net Fixed Asset Turnover 2.90
Quick Ratio 2.30 Accounts receivable turnover-days 51.60
Debt to Assets 7.04% Inventory Days 109.37
Tot Debt to Common Equity 11.40% Accounts Payable Turnover Day 42.30
Accounts Receivable Turnover 7.07 Cash Conversion Cycle 78.85
Inventory Turnover 3.34
Fiscal Year Ended
SMA Solar Technology AGPrice/Volume
Valuation Analysis
21'682.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
POOL SMA SOLAR TECH n/a Co File 8'744'400 25.2 - 31.12.2011 Corporation
KLEINKAUF WERNER n/a Co File 2'512'280 7.24 - 31.12.2011 n/a
WETTLAUFER REINER n/a Co File 2'446'350 7.05 - 31.12.2011 n/a
DREWS PETER n/a Co File 2'446'350 7.05 - 31.12.2011 n/a
CRAMER GUENTHER n/a EXCH 2'439'410 7.03 - 05.08.2011 n/a
GUENTHER CRAMER FOUN n/a Co File 1'998'720 5.76 - 31.12.2011 n/a
PETER DREWS FOUNDATI n/a Co File 1'998'720 5.76 - 31.12.2011 Other
REINER WETTLAUFER FO n/a Co File 1'998'720 5.76 - 31.12.2011 Other
BAILLIE GIFFORD AND n/a Research 1'040'852 3 - 28.08.2013 Investment Advisor
RUANE CUNNIFF & GOLD n/a Research 1'002'885 2.89 - 12.07.2011 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 862'189 2.48 62'732 30.06.2013 Unclassified
ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 524'878 1.51 - 30.09.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 321'448 0.93 1'987 26.09.2013 Investment Advisor
SOTHIC CAPITAL MANAG n/a Short (294'950) -0.85 41'640 11.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 212'549 0.61 - 25.09.2013 Investment Advisor
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 205'040 0.59 - 26.09.2013 Investment Advisor
DELTA LLOYD NV n/a ULT-AGG 188'970 0.54 50'000 31.05.2013 Bank
BARRINGTON WILSHIRE n/a Short (163'090) -0.47 34'700 12.08.2013 Hedge Fund Manager
FIL LIMITED n/a ULT-AGG 78'201 0.23 78'201 31.10.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 66'167 0.19 (5'737) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ALEXANDER KARNICK buy 5 M 28 12 month 10.09.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 20.08.2013
Kempen & Co SERENA ZUIDEMA hold 3 M 22 12 month 13.08.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 27 Not Provided 13.08.2013
Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 15 12 month 09.08.2013
Equinet Institutional Services(ESN) STEFAN FREUDENREICH sell 1 M 19 12 month 09.08.2013
HSBC CHRISTIAN DOMINIK RATH neutral 3 D 25 Not Provided 08.08.2013
Independent Research GmbH SVEN DIERMEIER sell 1 M 19 12 month 08.08.2013
M.M. Warburg Investment Research CHRISTOPHER RODLER hold 3 M 24 12 month 08.08.2013
Montega ALEXANDER DREWS sell 1 M 19 12 month 08.08.2013
Commerzbank Corporates & Markets GEORG REMSHAGEN sell 1 M 16 6 month 31.07.2013
Natureo Finance INGO QUEISER buy 5 M 23 12 month 11.07.2013
Macquarie ROBERT SCHRAMM-FUCHS neutral 3 M 21 12 month 25.06.2013
Main First Bank AG ANDREAS THIELEN underperform 1 M 15 12 month 09.11.2012
Holdings By:
SMA Solar Technology AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
SAP AG is a multinational software company. The Company develops business
software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training
services. SAP markets its products and services worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (15.03.2013) 65.00
52-Week Low (23.10.2012) 52.62
Daily Volume
56
52-Week High % Change -13.85% Dividend Yield -
52-Week Low % Change 6.42% Beta 0.83
% 52 Week Price Range High/Low 22.54% Equity Float 913.65
Shares Out 30.06.2013 1'228.5 Short Int -
68'796.23 1 Yr Total Return 0.25%
Total Debt 5'248.00 YTD Return -6.36%
Preferred Stock 0.0 Adjusted BETA 0.831
Minority Interest 8.0 Analyst Recs 44
Cash and Equivalents 2'631.00 Consensus Rating 4.091
Enterprise Value 70'347.24
Average Volume 5 Day 3'288'091
SAP GY EQUITY YTD Change - Average Volume 30 Day 2'691'774
SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'931'640
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
11'575.0 10'672.0 12'464.0 14'233.0 16'223.0 15'157.0 16'638.0 17'258.0 18'797.3 4'216.7 5'404.6
2.71x 3.65x 3.71x 3.31x 4.62x 13.82x 17.12x 3.96x 3.48x 16.61x 12.78x
3'300.0 3'301.0 4'125.0 4'663.0 5'002.0 4'810.0 5'126.0 6'239.0 6'921.6 1'492.5 2'324.5
9.49x 11.81x 11.20x 10.10x 14.99x 11.69x 13.37x 11.25x 10.14x 10.98x 10.61x
1'847.0 1'748.0 1'811.0 3'438.0 2'823.0 3'553.0 2'967.0 3'921.3 4'394.6 958.5 1'547.1
16.28x 22.45x 25.07x 14.13x 25.61x 15.71x 22.47x 16.48x 14.73x 15.66x 15.22x
EBITDA 5'002.00 Long-Term Rating Date -
EBIT 4'139.00 Long-Term Rating -
Operating Margin 25.51% Long-Term Outlook -
Pretax Margin 23.57% Short-Term Rating Date -
Return on Assets 11.42% Short-Term Rating -
Return on Common Equity 21.86%
Return on Capital 17.00% EBITDA/Interest Exp. 28.58
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 25.49
Net Debt/EBITDA 0.30
Gross Margin 68.8% Total Debt/EBITDA 1.02
EBITDA Margin 30.8%
EBIT Margin 25.2% Total Debt/Equity 37.1%
Net Income Margin 17.4% Total Debt/Capital 27.0%
Asset Turnover 0.64
Current Ratio 1.00 Net Fixed Asset Turnover 9.77
Quick Ratio 0.94 Accounts receivable turnover-days 72.33
Debt to Assets 19.56% Inventory Days -
Tot Debt to Common Equity 37.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.05 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
SAP AGPrice/Volume
Valuation Analysis
1'832'827.00
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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12'000.0
14'000.0
16'000.0
18'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PLATTNER HASSO n/a 20F 120'857'498 9.84 - 07.03.2013 n/a
TSCHIRA KLAUS n/a 20F 92'079'595 7.5 - 07.03.2013 n/a
BLACKROCK n/a ULT-AGG 66'743'066 5.43 - 25.09.2013 Investment Advisor
HOPP DIETMAR n/a 20F 65'273'200 5.31 - 07.03.2013 n/a
SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation
MORGAN STANLEY n/a ULT-AGG 23'436'828 1.91 1'118'820 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 20'930'681 1.7 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 12'787'680 1.04 175'862 30.06.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'394'609 1.01 (29'995) 31.08.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'235'667 0.91 - 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 10'111'300 0.82 (238'190) 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 9'594'857 0.78 (1'249'000) 30.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 8'250'500 0.67 (132'500) 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'792'633 0.63 (229'175) 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'249'371 0.59 (192'396) 31.07.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'538'742 0.53 (4'744) 31.07.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'520'724 0.53 (550'635) 31.07.2013 Investment Advisor
DEKA INVESTMENT GMBH DEKAFONDS MF-DEU 6'015'000 0.49 (335'000) 28.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'573'465 0.45 (1'507'903) 31.07.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 5'180'145 0.42 (9'477) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Natixis GWENAEL GIARD neutral 3 M 59 Not Provided 20.09.2013
Baader Bank KNUT WOLLER buy 5 M 65 12 month 19.09.2013
Main First Bank AG CHANDRAMOULI SRIRAMAN outperform 5 M 68 12 month 19.09.2013
AlphaValue HEINZ STEFFEN buy 5 M 73 6 month 19.09.2013
Commerzbank Corporates & Markets THOMAS M BECKER add 4 U 62 6 month 18.09.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 70 Not Provided 18.09.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 U 61 Not Provided 11.09.2013
Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 90 12 month 11.09.2013
Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 69 6 month 11.09.2013
Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 67 12 month 06.09.2013
Exane BNP Paribas BRICE PRUNAS neutral 3 M 54 Not Provided 06.09.2013
Redburn Partners NEIL STEER sell 1 D #N/A N/A Not Provided 03.09.2013
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 29.08.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 U 65 Not Provided 15.08.2013
Day by Day VALERIE GASTALDY buy 5 U 65 3 month 14.08.2013
Jyske Bank ROBERT JAKOBSEN reduce 2 M 62 Not Provided 09.08.2013
UBS MICHAEL BRIEST neutral 3 M 62 12 month 09.08.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 68 12 month 31.07.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 65 12 month 29.07.2013
HSBC ANTONIN BAUDRY overweight 5 M 74 Not Provided 25.07.2013
Societe Generale RICHARD NGUYEN buy 5 M 68 12 month 22.07.2013
Jefferies ROSS MACMILLAN hold 3 M 60 12 month 22.07.2013
William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 22.07.2013
M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 64 12 month 22.07.2013
Cross Research RICHARD T WILLIAMS hold 3 M 59 12 month 22.07.2013
Nomura RICHARD G SHERLUND buy 5 M 68 12 month 21.07.2013
JPMorgan STACY E POLLARD neutral 3 D 62 6 month 19.07.2013
Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 19.07.2013
Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 19.07.2013
DZ Bank AG HARALD SCHNITZER buy 5 M 63 Not Provided 19.07.2013
Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 19.07.2013
Deutsche Bank KAI KORSCHELT hold 3 M 57 12 month 18.07.2013
Nord/LB WOLFGANG DONIE buy 5 M 68 12 month 18.07.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 63 12 month 18.07.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 18.07.2013
Kepler Cheuvreux LAURENT DAURE buy 5 M 66 Not Provided 18.07.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 65 12 month 18.07.2013
JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 17.07.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013
National Bank AG STEFFEN MANSKE buy 5 U 64 Not Provided 23.01.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.01.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 65 12 month 24.10.2012
Holdings By:
SAP AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Stada Arzneimittel AG manufactures pharmaceuticals. The Company produces
generics (products whose patents have expired), brand-name products, and cancer
therapy and other special pharmaceuticals. Stada avoids cost-intensive
research on active ingredients and concentrates on multi-source products. The
Company markets its products worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (23.08.2013) 38.30
52-Week Low (20.11.2012) 21.91
Daily Volume
36.67
52-Week High % Change -4.26% Dividend Yield -
52-Week Low % Change 67.37% Beta 0.79
% 52 Week Price Range High/Low 89.08% Equity Float 59.23
Shares Out 25.09.2013 59.7 Short Int -
2'188.34 1 Yr Total Return 61.39%
Total Debt 1'270.09 YTD Return 52.50%
Preferred Stock 0.0 Adjusted BETA 0.792
Minority Interest 10.7 Analyst Recs 26
Cash and Equivalents 128.87 Consensus Rating 3.808
Enterprise Value 3'637.59
Average Volume 5 Day 255'875
SAZ GY EQUITY YTD Change - Average Volume 30 Day 259'522
SAZ GY EQUITY YTD % CHANGE - Average Volume 3 Month 255'459
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
1'646.2 1'568.8 1'627.0 1'715.4 1'837.5 1'770.9 1'926.6 2'006.6 2'174.3 482.0 563.0
1.35x 1.48x 1.44x 1.17x 1.41x 5.12x 6.18x 1.75x 1.57x 5.34x 6.20x
256.0 278.7 268.5 222.1 320.0 227.2 345.2 397.6 446.1 91.7 102.0
8.71x 8.36x 8.75x 9.05x 8.12x 11.73x 9.93x 9.15x 8.15x - -
76.2 100.4 68.4 22.0 86.5 14.1 104.9 166.2 204.7 42.3 47.7
15.77x 14.15x 21.88x 52.03x 16.72x 104.96x 18.84x 13.07x 10.70x - -
EBITDA 320.03 Long-Term Rating Date -
EBIT 202.15 Long-Term Rating -
Operating Margin 11.00% Long-Term Outlook -
Pretax Margin 7.38% Short-Term Rating Date -
Return on Assets 3.41% Short-Term Rating -
Return on Common Equity 11.92%
Return on Capital 6.24% EBITDA/Interest Exp. 2.11
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 1.91
Net Debt/EBITDA 4.12
Gross Margin 49.3% Total Debt/EBITDA 5.14
EBITDA Margin 17.9%
EBIT Margin 12.1% Total Debt/Equity 140.9%
Net Income Margin 4.7% Total Debt/Capital 58.2%
Asset Turnover 0.63
Current Ratio 1.22 Net Fixed Asset Turnover 6.79
Quick Ratio 0.64 Accounts receivable turnover-days 90.55
Debt to Assets 42.59% Inventory Days 180.13
Tot Debt to Common Equity 140.89% Accounts Payable Turnover Day 93.18
Accounts Receivable Turnover 4.03 Cash Conversion Cycle 172.50
Inventory Turnover 2.03
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
Stada Arzneimittel AGPrice/Volume
Valuation Analysis
123'622.00
Current Price (9/dd/yy) Market Data
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200.0
400.0
600.0
800.0
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1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MORGAN STANLEY n/a ULT-AGG 2'030'577 3.4 - 01.07.2013 Investment Advisor
GRYPHON INTERNATIONA n/a Co File 1'898'634 3.18 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'875'300 3.14 (68'000) 31.07.2013 Investment Advisor
NORGES BANK #N/A N/A Research 1'802'792 3.02 - 23.09.2013 Government
DEUTSCHE BANK AG/LON n/a Research 1'802'000 3.02 - 16.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'008'829 1.69 - 25.09.2013 Investment Advisor
DJE INVESTMENT SA Multiple Portfolios MF-AGG 878'398 1.47 (50'370) 31.08.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 655'000 1.1 - 28.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 604'397 1.01 55'397 31.08.2013 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (470'214) -0.79 59'521 16.09.2013 Hedge Fund Manager
VANGUARD GROUP INC n/a ULT-AGG 358'784 0.6 16'191 30.06.2013 Unclassified
PICTET FUNDS n/a ULT-AGG 353'457 0.59 - 31.08.2012 Investment Advisor
SKAGEN AS n/a Research 349'622 0.59 - 24.08.2012 Investment Advisor
UBS INVEST KAG Multiple Portfolios MF-AGG 300'500 0.5 (20'000) 31.05.2013 Investment Advisor
TAPIOLA ASSET MANAGE Multiple Portfolios MF-AGG 296'807 0.5 117 31.07.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 295'388 0.49 10'679 31.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 259'231 0.43 1'075 30.06.2013 Investment Advisor
KBL RICHELIEU GESTIO Multiple Portfolios MF-AGG 224'400 0.38 - 28.02.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 218'500 0.37 - 31.05.2013 Investment Advisor
UNION BANCAIRE PRIVE Multiple Portfolios MF-AGG 216'606 0.36 216'606 28.06.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue FABRICE FARIGOULE add 4 M 39 6 month 26.09.2013
Bankhaus Lampe THERESA DICK buy 5 M 41 12 month 23.09.2013
Exane BNP Paribas FLORENT CESPEDES neutral 3 M 38 Not Provided 19.09.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 38 12 month 12.09.2013
Helvea ODILE RUNDQUIST buy 5 M 42 12 month 10.09.2013
Barclays SIMON MATHER underweight 1 N 28 Not Provided 05.09.2013
UBS GUILLAUME VAN RENTERGHEM buy 5 N 43 12 month 02.09.2013
Jefferies JAMES VANE-TEMPEST underperform 1 M 27 12 month 23.08.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 D #N/A N/A Not Provided 23.08.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 44 6 month 21.08.2013
DZ Bank AG THOMAS MAUL buy 5 M 42 Not Provided 20.08.2013
Nord/LB THORSTEN STRAUSS hold 3 M 38 12 month 19.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 42 12 month 19.08.2013
Main First Bank AG MARCUS WIEPRECHT outperform 5 M 45 12 month 19.08.2013
HSBC JAN KEPPELER neutral 3 M 41 Not Provided 09.08.2013
Bankhaus Metzler SEBASTIAN FRERICKS sell 1 M 24 12 month 09.08.2013
Close Brothers Equity Markets IGOR KIM buy 5 M 40 12 month 09.08.2013
Natixis PHILIPPE LANONE buy 5 M 42 Not Provided 09.08.2013
Deutsche Bank HOLGER BLUM buy 5 M 40 12 month 08.08.2013
JPMorgan DAVID J ADLINGTON overweight 5 M 42 15 month 08.08.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 37 Not Provided 08.08.2013
Berenberg Bank SCOTT BARDO buy 5 M 40 Not Provided 08.08.2013
Kepler Cheuvreux OLIVER REINBERG buy 5 M 42 Not Provided 08.08.2013
S&P Capital IQ JACOB THRANE strong buy 5 M 42 12 month 08.08.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
Equinet Institutional Services(ESN) MARTIN POSSIENKE hold 3 M 20 12 month 22.09.2011
KD Banka d.d. BOJAN IVANC buy 5 U 28 12 month 29.09.2010
Holdings By:
Stada Arzneimittel AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
STRATEC Biomedical AG develops, manufactures and markets automated equipment and
systems for the analysis of chemical and biological compounds. The Company's
systems are used primarily for the analysis of blood and other fluids and
include luminometers, fluorometers and pipette systems. Stratec markets its
products worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (25.02.2013) 40.00
52-Week Low (17.07.2013) 25.30
Daily Volume
30.92
52-Week High % Change -22.70% Dividend Yield -
52-Week Low % Change 22.21% Beta 0.51
% 52 Week Price Range High/Low 37.35% Equity Float 6.81
Shares Out 01.07.2013 11.7 Short Int -
363.24 1 Yr Total Return -9.15%
Total Debt 8.64 YTD Return -16.54%
Preferred Stock 0.0 Adjusted BETA 0.507
Minority Interest 0.0 Analyst Recs 9
Cash and Equivalents 13.58 Consensus Rating 2.556
Enterprise Value 357.06
Average Volume 5 Day 11'344
SBS GY EQUITY YTD Change - Average Volume 30 Day 9'162
SBS GY EQUITY YTD % CHANGE - Average Volume 3 Month 14'035
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
61.0 79.6 102.0 116.6 122.4 126.2 123.6 132.4 150.0 - -
2.29x 3.60x 3.56x 3.09x 3.57x 11.43x 13.30x 2.66x 2.31x - -
13.1 16.9 20.9 24.6 20.9 26.2 20.6 24.3 28.8 - -
10.66x 16.96x 17.37x 14.66x 20.89x 15.23x 19.13x 14.72x 12.39x - -
6.1 11.7 13.0 15.3 14.0 15.6 13.4 15.6 18.9 - -
25.09x 25.81x 27.99x 24.05x 31.63x 26.04x 29.86x 23.07x 19.12x - -
EBITDA 20.89 Long-Term Rating Date -
EBIT 17.13 Long-Term Rating -
Operating Margin 13.99% Long-Term Outlook -
Pretax Margin 14.18% Short-Term Rating Date -
Return on Assets 11.31% Short-Term Rating -
Return on Common Equity 15.16%
Return on Capital - EBITDA/Interest Exp. 66.74
Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 59.48
Net Debt/EBITDA -0.30
Gross Margin 32.3% Total Debt/EBITDA 0.40
EBITDA Margin 16.6%
EBIT Margin 13.0% Total Debt/Equity 9.4%
Net Income Margin 11.4% Total Debt/Capital 8.6%
Asset Turnover 1.04
Current Ratio 4.55 Net Fixed Asset Turnover 7.22
Quick Ratio 1.84 Accounts receivable turnover-days 52.94
Debt to Assets 7.09% Inventory Days -
Tot Debt to Common Equity 9.40% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.89 Cash Conversion Cycle 225.73
Inventory Turnover -
Fiscal Year Ended
STRATEC Biomedical AGPrice/Volume
Valuation Analysis
5'561.00
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
'2
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20.0
40.0
60.0
80.0
100.0
120.0
140.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LEISTNER HERMANN n/a Co File 4'925'139 41.92 - 31.12.2012 n/a
THREADNEEDLE n/a ULT-AGG 633'220 5.39 28'149 31.05.2013 Unclassified
MONTANARO ASSET MGMT n/a Research 588'192 5.01 - 17.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 391'726 3.33 (5'219) 31.05.2013 Investment Advisor
FINANCIERE DE L'ECHI n/a Research 354'900 3.02 - 11.03.2013 Investment Advisor
ALLIANZ GLOBAL INVES n/a Research 345'623 2.94 - 24.10.2012 Investment Advisor
BNP PARIBAS n/a ULT-AGG 341'290 2.91 - 30.04.2013 Unclassified
VANGUARD GROUP INC n/a ULT-AGG 143'522 1.22 (38'500) 30.06.2013 Unclassified
FIL LIMITED n/a ULT-AGG 112'771 0.96 (69'273) 31.10.2012 Investment Advisor
SEB n/a ULT-AGG 92'899 0.79 (89'680) 28.03.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 68'000 0.58 (16'000) 31.05.2013 Investment Advisor
UBS AG n/a ULT-AGG 57'260 0.49 - 31.05.2013 Unclassified
BLACKROCK n/a ULT-AGG (51'398) -0.44 1'174 25.09.2013 Investment Advisor
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 50'000 0.43 - 28.03.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 45'128 0.38 (19'832) 31.08.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 39'888 0.34 (992) 31.05.2013 Unclassified
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 35'000 0.3 - 30.06.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 32'079 0.27 26'079 30.06.2013 Investment Advisor
ETOILE GESTION Multiple Portfolios MF-AGG 30'000 0.26 - 30.04.2013 Unclassified
COGEFI GESTION Multiple Portfolios MF-AGG 29'000 0.25 - 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bryan Garnier & Cie MATHIEU CHABERT neutral 3 M 30 6 month 26.09.2013
Commerzbank Corporates & Markets DANIEL WENDORFF hold 3 M 26 6 month 28.08.2013
Berenberg Bank SCOTT BARDO hold 3 M 28 Not Provided 05.08.2013
Deutsche Bank GUNNAR ROMER hold 3 M 26 12 month 24.07.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 30 Not Provided 23.07.2013
DZ Bank AG SVEN OLAF KUERTEN sell 1 D 26 Not Provided 16.07.2013
HSBC JAN KEPPELER neutral 3 M 29 Not Provided 15.07.2013
Kepler Cheuvreux OLIVER REINBERG hold 3 D 29 Not Provided 15.07.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
Holdings By:
STRATEC Biomedical AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
K+S AG manufactures and markets within the fertilizer division standard and
speciality fertilizers to the agricultural and industrial industries worldwide.
In its salt business, the company produces de-icing salt, food grade salt,
industrial salt and salt for chemical use.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.10.2012) 39.80
52-Week Low (06.08.2013) 15.02
Daily Volume
19.705
52-Week High % Change -50.49% Dividend Yield -
52-Week Low % Change 31.19% Beta 0.78
% 52 Week Price Range High/Low 20.08% Equity Float 172.05
Shares Out 30.06.2013 191.4 Short Int -
3'771.54 1 Yr Total Return -46.03%
Total Debt 1'265.80 YTD Return -41.32%
Preferred Stock 0.0 Adjusted BETA 0.777
Minority Interest 3.6 Analyst Recs 38
Cash and Equivalents 786.80 Consensus Rating 2.316
Enterprise Value 4'134.84
Average Volume 5 Day 4'543'406
SDF GY EQUITY YTD Change - Average Volume 30 Day 3'997'039
SDF GY EQUITY YTD % CHANGE - Average Volume 3 Month 4'721'902
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
4'794.4 3'573.8 4'632.7 3'996.8 3'935.3 3'625.3 3'655.5 3'942.4 3'689.4 834.4 993.2
1.40x 2.35x 2.34x 1.68x 1.82x 8.05x 7.68x 1.11x 1.35x 5.81x 4.80x
1'464.3 460.2 972.2 1'122.5 1'079.9 1'055.8 1'016.9 931.0 635.3 164.5 217.3
4.57x 18.24x 11.14x 5.97x 6.65x 6.78x 5.75x 4.42x 6.48x 5.37x 5.27x
870.9 96.4 448.6 564.3 667.6 590.9 606.8 453.9 228.3 51.4 108.4
7.57x 68.95x 23.58x 10.98x 11.78x 13.22x 10.61x 8.29x 17.09x 12.55x 12.77x
EBITDA 1'079.90 Long-Term Rating Date 05.08.2013
EBIT 850.90 Long-Term Rating BBB+ *-
Operating Margin 21.62% Long-Term Outlook -
Pretax Margin 19.49% Short-Term Rating Date 05.08.2013
Return on Assets 9.13% Short-Term Rating A-2 *-
Return on Common Equity 18.41%
Return on Capital 16.00% EBITDA/Interest Exp. 6.49
Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 4.09
Net Debt/EBITDA 0.35
Gross Margin 45.1% Total Debt/EBITDA 1.25
EBITDA Margin 27.8%
EBIT Margin 21.3% Total Debt/Equity 36.4%
Net Income Margin 17.0% Total Debt/Capital 26.7%
Asset Turnover 0.55
Current Ratio 3.78 Net Fixed Asset Turnover 1.47
Quick Ratio 2.41 Accounts receivable turnover-days 66.90
Debt to Assets 19.07% Inventory Days 119.49
Tot Debt to Common Equity 36.44% Accounts Payable Turnover Day 41.32
Accounts Receivable Turnover 5.46 Cash Conversion Cycle 121.14
Inventory Turnover 3.05
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
K+S AGPrice/Volume
Valuation Analysis
3'998'063.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MERITUS TRUST CO LTD n/a Co File 19'139'999 10 - 31.12.2012 Other
GOLDMAN SACHS GROUP n/a ULT-AGG 9'070'622 4.74 (10'025) 19.09.2013 Investment Advisor
VIKING GLOBAL INVEST n/a Short (7'866'540) -4.11 (248'820) 13.09.2013 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 5'781'330 3.02 - 25.09.2013 Investment Advisor
PRUDENTIAL PLC n/a Research 5'726'980 2.99 - 29.05.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 5'003'039 2.61 119'799 31.05.2013 Investment Advisor
BLUE RIDGE CAPITAL L n/a Short (3'272'940) -1.71 (153'120) 10.09.2013 Hedge Fund Manager
NORGES BANK Multiple Portfolios MF-AGG 2'673'489 1.4 - 31.12.2012 Government
VAN ECK ASSOCIATES C n/a ULT-AGG 2'430'229 1.27 - 26.09.2013 Investment Advisor
ADAGE CAPITAL MANAGE n/a Short (2'335'080) -1.22 - 23.09.2013 Investment Advisor
CITADEL EUROPE LLP n/a Short (2'277'660) -1.19 95'700 24.09.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'196'261 1.15 (148'500) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 2'152'274 1.12 193'205 30.06.2013 Unclassified
POINTSTATE CAPITAL n/a Short (1'914'000) -1 (574'200) 24.09.2013 Hedge Fund Manager
PENNANT CAPITAL MANA n/a Short (1'703'460) -0.89 38'280 13.09.2013 Hedge Fund Manager
BOCAGE CAPITAL LLC n/a Short (1'263'240) -0.66 114'840 17.09.2013 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'208'420 0.63 348'156 31.07.2013 Investment Advisor
SOUTHPOINT CAPITAL A n/a Short (1'205'820) -0.63 (210'540) 16.08.2013 Hedge Fund Manager
MARSHALL WACE LLP n/a Short (1'148'400) -0.6 (114'840) 23.09.2013 Hedge Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'118'064 0.58 - 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas HEIDI VESTERINEN underperform 1 M 13 Not Provided 27.09.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 25 12 month 26.09.2013
AlphaValue EILEEN RYAN add 4 M 24 6 month 26.09.2013
BMO Capital Markets JOEL JACKSON underperform 1 M 16 Not Provided 25.09.2013
Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 15 12 month 24.09.2013
DZ Bank AG HEINZ MUELLER buy 5 M 27 Not Provided 17.09.2013
Hauck & Aufhaeuser NILS-PETER FITZL sell 1 M 15 12 month 11.09.2013
Morgan Stanley PETER MACKEY Underwt/In-Line 1 M 11 12 month 06.09.2013
Macquarie CHRISTIAN FAITZ outperform 5 U 24 12 month 05.09.2013
JPMorgan BEN SCARLETT underweight 1 M 12 15 month 04.09.2013
Scotia Capital BEN ISAACSON sector underperform 1 M 16 12 month 30.08.2013
Commerzbank Corporates & Markets LUTZ GRUETEN reduce 2 M 14 6 month 28.08.2013
M.M. Warburg Investment Research OLIVER SCHWARZ sell 1 M 15 12 month 28.08.2013
Bankhaus Lampe MARC GABRIEL hold 3 M 19 12 month 27.08.2013
Nomura PATRICK LAMBERT reduce 2 M 18 12 month 27.08.2013
Deutsche Bank VIRGINIE BOUCHER-FERTE sell 1 M 13 12 month 22.08.2013
HSBC JESKO MAYER-WEGELIN underweight 1 D 17 Not Provided 20.08.2013
Main First Bank AG THOMAS SWOBODA underperform 1 M 20 12 month 20.08.2013
Kepler Cheuvreux MARTIN ROEDIGER reduce 2 M 18 Not Provided 14.08.2013
Nord/LB THORSTEN STRAUSS buy 5 M 24 12 month 13.08.2013
Baader Bank NORBERT BARTH sell 1 M 15 12 month 13.08.2013
Landesbank Baden-Wuerttemberg ULLE WORNER hold 3 M 18 Not Provided 13.08.2013
Equita SIM SpA MASSIMO BONISOLI hold 3 M 19 12 month 13.08.2013
S&P Capital IQ JACOB THRANE hold 3 M 19 12 month 13.08.2013
Liberum Capital Ltd SOPHIE JOURDIER sell 1 M 15 Not Provided 13.08.2013
Barclays ANDREAS HEINE underweight 1 M 17 Not Provided 13.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Berenberg Bank JOHN PHILIPP KLEIN sell 1 M 14 Not Provided 09.08.2013
Redburn Partners NEIL TYLER sell 1 D #N/A N/A Not Provided 06.08.2013
UBS JOE DEWHURST sell 1 M 16 12 month 31.07.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 D #N/A N/A Not Provided 31.07.2013
Bankhaus Metzler LARS HETTCHE sell 1 D 17 12 month 30.07.2013
EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 06.06.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER buy 5 M 47 12 month 23.05.2013
National Bank AG EKKEHARD D LINK buy 5 M 52 Not Provided 24.04.2013
Societe Generale PETER CLARK hold 3 M 41 12 month 12.11.2012
Solventis WPH-Bank GmbH KLAUS SOER sell 1 M 25 12 month 19.03.2010
Holdings By:
K+S AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Siemens AG is an engineering and manufacturing company. The Company focuses on
four major business sectors including infrastructure and cities, healthcare,
industry and energy. Siemens AG also provides engineering solutions in
automation and control, power, transportation, and medical.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 91.33
52-Week Low (24.06.2013) 73.08
Daily Volume
90.22
52-Week High % Change -1.22% Dividend Yield -
52-Week Low % Change 23.45% Beta 0.94
% 52 Week Price Range High/Low 90.85% Equity Float 771.11
Shares Out 30.06.2013 881.0 Short Int -
79'483.82 1 Yr Total Return 21.77%
Total Debt 22'166.00 YTD Return 17.45%
Preferred Stock 0.0 Adjusted BETA 0.939
Minority Interest 569.0 Analyst Recs 38
Cash and Equivalents 11'415.00 Consensus Rating 4.000
Enterprise Value 92'846.82
Average Volume 5 Day 3'145'308
SIE GY EQUITY YTD Change - Average Volume 30 Day 1'990'623
SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'374'445
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 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1
77'327.0 76'651.0 68'978.0 73'275.0 78'296.0 76'980.0 77'090.0 76'581.6 78'914.6 20'662.4 18'579.5
0.82x 0.81x 1.09x 0.92x 1.00x 3.69x 4.24x 1.22x 1.15x 4.61x 5.22x
8'175.0 9'196.0 9'544.0 10'492.0 9'653.0 9'726.0 8'702.0 8'617.6 10'841.9 1'650.0 2'418.0
7.77x 6.77x 7.87x 6.40x 8.08x 6.83x 9.39x 10.76x 8.55x 9.55x 8.63x
5'725.0 2'292.0 3'899.0 6'145.0 4'458.0 4'185.0 4'491.0 4'432.2 5'928.5 1'103.8 1'397.0
34.66x 24.49x 16.42x 8.24x 13.50x 12.03x 14.30x 16.49x 12.92x 12.93x 12.16x
EBITDA 9'653.00 Long-Term Rating Date 05.06.2009
EBIT 6'909.00 Long-Term Rating A+
Operating Margin 8.82% Long-Term Outlook STABLE
Pretax Margin 9.30% Short-Term Rating Date 18.04.2011
Return on Assets 4.18% Short-Term Rating A-1+
Return on Common Equity 15.19%
Return on Capital 10.32% EBITDA/Interest Exp. 21.45
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 16.55
Net Debt/EBITDA 1.48
Gross Margin 28.4% Total Debt/EBITDA 2.62
EBITDA Margin 11.3%
EBIT Margin 7.7% Total Debt/Equity 72.1%
Net Income Margin 5.7% Total Debt/Capital 41.5%
Asset Turnover 0.72
Current Ratio 1.22 Net Fixed Asset Turnover 7.37
Quick Ratio 0.62 Accounts receivable turnover-days 75.68
Debt to Assets 20.47% Inventory Days 111.86
Tot Debt to Common Equity 72.12% Accounts Payable Turnover Day 48.72
Accounts Receivable Turnover 4.82 Cash Conversion Cycle 120.05
Inventory Turnover 3.26
Fiscal Year Ended
Siemens AGPrice/Volume
Valuation Analysis
1'267'398.00
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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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 58'512'114 6.64 238'657 25.09.2013 Investment Advisor
SIEMENS FAMILY n/a Research 54'852'206 6.23 - 10.11.2011 n/a
QATAR HOLDINGS LLC n/a Research 27'758'338 3.15 - 07.05.2012 Government
SIEMENS AG n/a Research 26'820'674 3.04 - 08.10.2012 Corporation
NORGES BANK Multiple Portfolios MF-AGG 20'908'158 2.37 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 13'033'963 1.48 (192'774) 30.06.2013 Unclassified
UBS AG n/a ULT-AGG 8'379'999 0.95 (98'669) 26.09.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 7'482'100 0.85 (1'112'700) 30.06.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 5'673'495 0.64 (200'368) 28.06.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'170'870 0.59 4'928'947 31.07.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'686'512 0.53 332'271 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 4'300'547 0.49 29'439 31.07.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'140'852 0.47 (693) 31.08.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'369'809 0.38 465'208 31.08.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'200'095 0.36 (2'141'123) 31.08.2013 Investment Advisor
DEKA INVESTMENT GMBH DEKAFONDS MF-DEU 2'900'000 0.33 (175'000) 28.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'833'230 0.32 272'315 31.07.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'546'129 0.29 765 25.09.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 2'060'439 0.23 (174'359) 30.04.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 1'876'127 0.21 289'105 31.07.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets ANDREW CARTER sector perform 3 M 83 12 month 26.09.2013
Nomura DANIEL CUNLIFFE buy 5 M 102 Not Provided 24.09.2013
JPMorgan ANDREAS WILLI neutral 3 M 98 15 month 23.09.2013
National Bank AG EKKEHARD D LINK hold 3 M 82 12 month 20.09.2013
Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 97 12 month 19.09.2013
AlphaValue HEINZ STEFFEN reduce 2 M 90 6 month 19.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Canaccord Genuity Corp ANDREW BELL hold 3 M 80 12 month 11.09.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 90 Not Provided 09.09.2013
Exane BNP Paribas OLIVIER ESNOU outperform 5 M 102 Not Provided 09.09.2013
Societe Generale GAEL DE BRAY buy 5 M 100 12 month 06.09.2013
Deutsche Bank PETER REILLY buy 5 M 95 12 month 05.09.2013
Barclays JAMES STETTLER overweight 5 U 100 Not Provided 05.09.2013
HSBC MICHAEL HAGMANN neutral 3 M 90 Not Provided 28.08.2013
Kepler Cheuvreux HANS-JOACHIM HEIMBUERGER buy 5 M 100 Not Provided 28.08.2013
EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 26.08.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL add 4 M 84 6 month 21.08.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 83 12 month 09.08.2013
Credit Suisse SIMON TOENNESSEN outperform 5 M 95 Not Provided 05.08.2013
DZ Bank AG JASKO TERZIC hold 3 M 83 Not Provided 05.08.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 90 12 month 02.08.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 D 90 Not Provided 02.08.2013
Nord/LB WOLFGANG DONIE hold 3 M 85 12 month 01.08.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 82 12 month 01.08.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M 83 12 month 01.08.2013
S&P Capital IQ UNAI FRANCO hold 3 M 88 12 month 01.08.2013
Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 01.08.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 93 12 month 01.08.2013
Goldman Sachs DANIELA COSTA neutral/neutral 3 M 80 12 month 31.07.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 87 12 month 31.07.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 95 Not Provided 30.07.2013
Natixis ARNAUD SCHMIT not rated #N/A N/A M #N/A N/A Not Provided 17.07.2013
Spin-Off Research TEAM COVERAGE hold 3 M 83 Not Provided 09.07.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 87 12 month 15.02.2013
UBS FREDRIC STAHL buy 5 M 85 12 month 31.01.2013
SRH AlsterResearch OLIVER DREBING buy 5 M 89 12 month 23.01.2013
Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 97 Not Provided 12.10.2012
Holdings By:
Siemens AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Sky Deutschland AG offers pay television subscription services in Germany. The
Company offers wide range of programming, including feature films, new series
and live sports, especially the Bundesliga, DFB Cup and the UEFA Champions
League in Germany and Austria. Sky Deutschland distributes its pay-TV channel
bouquet primarily via cable and satellite.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (11.09.2013) 7.00
52-Week Low (25.09.2012) 2.92
Daily Volume
6.776
52-Week High % Change -3.20% Dividend Yield -
52-Week Low % Change 132.10% Beta 1.12
% 52 Week Price Range High/Low 94.07% Equity Float 383.89
Shares Out 30.06.2013 877.2 Short Int -
5'943.91 1 Yr Total Return 125.99%
Total Debt 686.86 YTD Return 63.98%
Preferred Stock 0.0 Adjusted BETA 1.116
Minority Interest (0.1) Analyst Recs 30
Cash and Equivalents 4.29 Consensus Rating 3.467
Enterprise Value 6'290.23
Average Volume 5 Day 1'354'780
SKYD GY EQUITY YTD Change - Average Volume 30 Day 1'460'183
SKYD GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'892'383
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
941.1 902.1 977.8 1'138.7 1'333.2 1'237.6 1'427.5 1'557.3 1'815.2 385.3 426.3
0.82x 1.48x 1.66x 1.41x 2.93x 6.81x 11.25x 4.05x 3.49x - -
(77.2) (311.4) (317.7) (155.1) (51.1) (94.3) 9.0 36.5 140.9 12.2 (22.4)
- - - - - 0.00x 560.95x 172.30x 44.57x - -
(269.3) (676.2) (407.5) (277.5) (195.2) (224.0) (146.9) (116.4) (22.1) (19.0) (65.1)
- - - - - 0.00x 0.00x - - - -
EBITDA -51.10 Long-Term Rating Date -
EBIT -124.76 Long-Term Rating -
Operating Margin -9.36% Long-Term Outlook -
Pretax Margin -14.26% Short-Term Rating Date -
Return on Assets -11.93% Short-Term Rating -
Return on Common Equity -50.75%
Return on Capital - EBITDA/Interest Exp. -0.39
Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. -1.24
Net Debt/EBITDA 38.56
Gross Margin 16.0% Total Debt/EBITDA 58.61
EBITDA Margin 0.6%
EBIT Margin -5.2% Total Debt/Equity 1632.5%
Net Income Margin -14.6% Total Debt/Capital 94.2%
Asset Turnover 1.16
Current Ratio 0.27 Net Fixed Asset Turnover 7.38
Quick Ratio 0.11 Accounts receivable turnover-days 17.75
Debt to Assets 59.83% Inventory Days 7.91
Tot Debt to Common Equity 1632.47% Accounts Payable Turnover Day 75.75
Accounts Receivable Turnover 20.56 Cash Conversion Cycle -50.90
Inventory Turnover 46.14
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 Deutschland AGPrice/Volume
Valuation Analysis
639'631.00
Current Price (9/dd/yy) Market Data
'
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0
1
2
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0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TWENTY-FIRST CENTURY n/a ULT-AGG 466'566'947 53.19 - 15.01.2013 Corporation
ODEY ASSET MANAGEMEN n/a Research 88'360'698 10.07 - 26.07.2013 Investment Advisor
BAILLIE GIFFORD AND n/a Research 26'548'275 3.03 - 06.09.2013 Investment Advisor
TAUBE HODSON STONEX n/a Research 26'065'457 2.97 - 20.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 19'322'016 2.2 2'433'928 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 16'844'408 1.92 - 31.12.2012 Government
CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 12'924'590 1.47 (319'152) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8'136'303 0.93 779'006 30.06.2013 Investment Advisor
PENNANT CAPITAL MANA n/a Short (6'842'166) -0.78 - 09.08.2013 Hedge Fund Manager
CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 6'782'390 0.77 (1'862'000) 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 6'609'484 0.75 33'520 25.09.2013 Investment Advisor
PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 4'715'678 0.54 (105'851) 31.08.2013 Insurance Company
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 4'603'737 0.52 1'367'198 30.06.2013 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (4'210'563) -0.48 263'160 06.05.2013 Hedge Fund Manager
BARING FUND MANAGERS Multiple Portfolios MF-AGG 3'637'302 0.41 (261'030) 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'797'000 0.32 - 31.05.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'740'000 0.31 (700'000) 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 2'659'092 0.3 81'443 30.06.2013 Unclassified
SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 2'290'751 0.26 (352'574) 28.06.2013 Investment Advisor
ROBECO n/a ULT-AGG 2'200'000 0.25 200'000 30.04.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura MATTHEW WALKER buy 5 M 8 12 month 26.09.2013
Barclays NATASHA BRILLIANT equalweight 3 M 7 Not Provided 19.09.2013
AlphaValue VERONIQUE CABIOC'H sell 1 M 4 6 month 19.09.2013
Bankhaus Lampe WOLFGANG SPECHT hold 3 M 6 12 month 18.09.2013
Kepler Cheuvreux CONOR O'SHEA hold 3 M 7 Not Provided 13.09.2013
JPMorgan MARK O'DONNELL overweight 5 M 7 15 month 10.09.2013
Goldman Sachs VIGHNESH PADIACHY Buy/Neutral 5 M 9 12 month 09.09.2013
Commerzbank Corporates & Markets SONIA RABUSSIER hold 3 M 6 6 month 28.08.2013
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK sell 1 D 5 Not Provided 13.08.2013
Nord/LB HOLGER FECHNER buy 5 M 8 12 month 12.08.2013
Credit Suisse OMAR SHEIKH outperform 5 N 9 Not Provided 09.08.2013
UBS POLO TANG buy 5 M 7 12 month 09.08.2013
Macquarie ANGUS TWEEDIE outperform 5 M 8 12 month 08.08.2013
Main First Bank AG STEPHAN VOLLERT outperform 5 M 7 12 month 08.08.2013
Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 8 12 month 07.08.2013
HSBC CHRISTOPHER JOHNEN overweight 5 M 8 Not Provided 07.08.2013
Independent Research GmbH LARS LUSEBRINK sell 1 M 6 12 month 07.08.2013
Equita SIM SpA STEFANO GAMBERINI hold 3 M 6 12 month 07.08.2013
Bankhaus Metzler STEFAN WIMMER sell 1 M 4 12 month 07.08.2013
Berenberg Bank SARAH SIMON buy 5 M 8 Not Provided 07.08.2013
DZ Bank AG HARALD HEIDER buy 5 M 7 Not Provided 07.08.2013
Deutsche Bank LAURIE DAVISON hold 3 M 6 12 month 06.08.2013
Hauck & Aufhaeuser SASCHA BERRESCH sell 1 M 2 12 month 06.08.2013
M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 5 12 month 06.08.2013
Close Brothers Equity Markets MARCUS SILBE hold 3 D 6 12 month 06.08.2013
Espirito Santo Investment Bank ResearchMARK EVANS buy 5 M 6 Not Provided 06.06.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Silvia Quandt Research KLAUS KRAENZLE avoid 1 M 2 12 month 14.11.2012
Sphene Capital SUSANNE HASLER sell 1 M 1 12 month 23.04.2012
Holdings By:
Sky Deutschland AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Software AG provides business infrastructure software solutions. The Company's
products include solutions for managing data, enabling Service-Oriented
Architecture (SOA) and improving business processes.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.01.2013) 35.45
52-Week Low (24.06.2013) 22.34
Daily Volume
26.05
52-Week High % Change -26.52% Dividend Yield -
52-Week Low % Change 16.61% Beta 0.86
% 52 Week Price Range High/Low 28.91% Equity Float 59.26
Shares Out 30.06.2013 86.9 Short Int -
2'264.20 1 Yr Total Return -9.20%
Total Debt 266.01 YTD Return -17.45%
Preferred Stock 0.0 Adjusted BETA 0.863
Minority Interest 0.8 Analyst Recs 28
Cash and Equivalents 315.64 Consensus Rating 3.607
Enterprise Value 2'348.79
Average Volume 5 Day 276'139
SOW GY EQUITY YTD Change - Average Volume 30 Day 248'977
SOW GY EQUITY YTD % CHANGE - Average Volume 3 Month 290'055
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
720.6 847.4 1'119.5 1'098.3 1'047.3 1'081.8 996.8 999.8 1'051.5 253.0 283.0
1.69x 2.93x 2.94x 2.31x 2.62x 8.61x 9.68x 2.27x 2.04x - -
190.0 240.6 312.9 304.5 291.3 300.8 266.7 266.1 284.3 - -
6.40x 10.33x 10.52x 8.33x 9.41x 7.09x 7.46x 8.81x 8.24x - -
115.9 141.0 175.4 177.0 164.5 171.5 147.3 158.4 171.4 38.6 49.0
9.88x 15.53x 17.77x 13.93x 16.90x 12.38x 13.42x 13.65x 12.33x 14.12x 14.01x
EBITDA 291.27 Long-Term Rating Date -
EBIT 240.28 Long-Term Rating -
Operating Margin 22.94% Long-Term Outlook -
Pretax Margin 22.10% Short-Term Rating Date -
Return on Assets 8.46% Short-Term Rating -
Return on Common Equity 15.02%
Return on Capital - EBITDA/Interest Exp. 23.09
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 22.04
Net Debt/EBITDA 0.31
Gross Margin 63.9% Total Debt/EBITDA 1.34
EBITDA Margin 26.8%
EBIT Margin 21.5% Total Debt/Equity 25.1%
Net Income Margin 15.7% Total Debt/Capital 20.1%
Asset Turnover 0.57
Current Ratio 1.68 Net Fixed Asset Turnover 15.53
Quick Ratio 1.55 Accounts receivable turnover-days 102.99
Debt to Assets 15.01% Inventory Days 0.14
Tot Debt to Common Equity 25.11% Accounts Payable Turnover Day 47.30
Accounts Receivable Turnover 3.54 Cash Conversion Cycle 55.85
Inventory Turnover 2526.25
Fiscal Year Ended
Software AGPrice/Volume
Valuation Analysis
101'067.00
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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200.0
400.0
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1'200.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOFTWARE AG STIFTUNG n/a Co File 24'980'060 28.74 - 28.02.2013 Other
DEKA INVESTMENT GMBH n/a Research 4'337'659 4.99 - 24.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 3'731'952 4.29 (86'115) 28.06.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 3'000'186 3.45 - 10.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'000'000 3.45 (315'000) 30.04.2013 Investment Advisor
ALKEN LUXEMBOURG SAR n/a Research 2'677'591 3.08 - 02.08.2013 Investment Advisor
SOFTWARE AG n/a Research 2'648'095 3.05 - 09.04.2013 Corporation
T ROWE PRICE ASSOCIA n/a Research 2'607'522 3 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'607'522 3 - 31.05.2013 Investment Advisor
ALLIANZ GLOBAL INVES n/a Research 2'607'522 3 - 31.12.2012 Investment Advisor
AIKEN ASSET MGMT LLP n/a Research 2'591'127 2.98 - 14.05.2013 Other
UNIVERSAL INVESTMENT #N/A N/A Research 2'459'651 2.83 - 17.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 2'396'382 2.76 166'128 30.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 1'732'994 1.99 - 31.12.2012 Government
SEB n/a ULT-AGG 1'580'000 1.82 25'000 28.03.2013 Unclassified
ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 959'791 1.1 (41) 30.08.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 891'850 1.03 (12'600) 28.03.2013 Investment Advisor
CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 816'423 0.94 - 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 634'237 0.73 (16'260) 31.08.2013 Investment Advisor
BNP PARIBAS n/a ULT-AGG 625'400 0.72 18'798 30.04.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale DERRIC MARCON buy 5 M 34 12 month 20.09.2013
Baader Bank KNUT WOLLER buy 5 M 32 12 month 20.09.2013
Natixis GWENAEL GIARD reduce 2 M 26 Not Provided 20.09.2013
Deutsche Bank UWE SCHUPP buy 5 M 32 12 month 12.09.2013
Goldman Sachs MOHAMMED MOAWALLA neutral/attractive 3 M 31 12 month 11.09.2013
Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 30 6 month 11.09.2013
Commerzbank Corporates & Markets THOMAS M BECKER add 4 M 31 6 month 29.08.2013
Main First Bank AG CHANDRAMOULI SRIRAMAN underperform 1 N 23 12 month 28.08.2013
Morgan Stanley ADAM WOOD Equalwt/In-Line 3 M 25 12 month 20.08.2013
Exane BNP Paribas BRICE PRUNAS outperform 5 M 31 Not Provided 16.08.2013
Matelan Research GmbH ADRIAN HOPKINSON neutral 3 M 39 12 month 15.08.2013
Credit Suisse CHARLES BRENNAN underperform 1 M 23 Not Provided 13.08.2013
Mirabaud Securities SUSAN ANTHONY buy 5 M 35 12 month 07.08.2013
Berenberg Bank DAUD KHAN sell 1 M 21 Not Provided 05.08.2013
JPMorgan STACY E POLLARD underweight 1 M 27 6 month 29.07.2013
DZ Bank AG HARALD SCHNITZER buy 5 M 29 Not Provided 29.07.2013
UBS MICHAEL BRIEST buy 5 M 28 12 month 26.07.2013
Barclays GERARDUS VOS overweight 5 M 28 Not Provided 26.07.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 M 33 Not Provided 25.07.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 30 12 month 25.07.2013
M.M. Warburg Investment Research ANDREAS WOLF hold 3 D 26 12 month 25.07.2013
Kepler Cheuvreux SEBASTIEN SZTABOWICZ reduce 2 M 27 Not Provided 25.07.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 33 12 month 28.06.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 13.06.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 13.02.2013
HSBC ANTONIN BAUDRY neutral 3 D 33 Not Provided 30.01.2013
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 36 12 month 11.01.2013
Holdings By:
Software AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Axel Springer AG is a publisher. The Company publishes daily and weekly
newspapers, books, and magazines for young adults, families, and men and women.
Springer produces television and radio programming, holds interests in
television and radio stations, and offers electronic media on-line business
services. The Company also offers commercial printing services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (25.07.2013) 43.25
52-Week Low (24.06.2013) 30.90
Daily Volume
40.34
52-Week High % Change -6.73% Dividend Yield -
52-Week Low % Change 30.55% Beta 0.72
% 52 Week Price Range High/Low 76.32% Equity Float 36.13
Shares Out 13.07.2013 98.9 Short Int -
3'991.24 1 Yr Total Return 19.43%
Total Debt 705.10 YTD Return 31.44%
Preferred Stock 0.0 Adjusted BETA 0.718
Minority Interest 365.6 Analyst Recs 20
Cash and Equivalents 254.10 Consensus Rating 3.750
Enterprise Value 4'788.84
Average Volume 5 Day 184'128
SPR GY EQUITY YTD Change - Average Volume 30 Day 171'850
SPR GY EQUITY YTD % CHANGE - Average Volume 3 Month 228'497
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
2'728.5 2'611.6 2'893.9 3'184.9 3'310.3 3'279.8 3'317.2 3'384.1 3'116.9 793.0 912.0
0.71x 0.95x 1.43x 1.25x 1.21x 4.78x 4.83x 1.40x 1.43x - -
458.7 290.2 536.4 570.5 610.5 603.3 594.1 586.1 573.3 158.0 166.0
4.22x 8.56x 7.72x 7.00x 6.56x 6.74x 6.79x 8.15x 8.34x 8.11x 8.11x
560.1 303.5 252.7 257.8 238.1 264.7 231.6 249.8 251.5 - -
2.77x 7.36x 14.88x 12.67x 13.40x 12.15x 13.98x 15.25x 15.58x - -
EBITDA 610.50 Long-Term Rating Date -
EBIT 443.50 Long-Term Rating -
Operating Margin 13.40% Long-Term Outlook -
Pretax Margin 12.13% Short-Term Rating Date -
Return on Assets 5.11% Short-Term Rating -
Return on Common Equity 12.82%
Return on Capital - EBITDA/Interest Exp. 10.53
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 9.13
Net Debt/EBITDA 0.72
Gross Margin - Total Debt/EBITDA 1.15
EBITDA Margin 17.9%
EBIT Margin 12.9% Total Debt/Equity 37.4%
Net Income Margin 7.2% Total Debt/Capital 23.8%
Asset Turnover 0.73
Current Ratio 1.01 Net Fixed Asset Turnover 4.89
Quick Ratio 0.79 Accounts receivable turnover-days 50.41
Debt to Assets 14.66% Inventory Days -
Tot Debt to Common Equity 37.36% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.24 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Axel Springer AGPrice/Volume
Valuation Analysis
37'133.00
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
'2
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.!2 F
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0!2 F
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AXEL SPRINGER GESELL n/a Co File 50'954'101 51.5 - 31.12.2012 Corporation
SPRINGER FRIEDE n/a Co File 5'441'700 5.5 - 31.12.2012 n/a
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 4'295'627 4.34 228'109 31.03.2012 Investment Advisor
DOEPFNER MATHIAS n/a Co File 3'265'020 3.3 - 31.12.2012 n/a
COLMAR INVESTMENT HO n/a Research 2'948'924 2.98 - 05.03.2013 Other
DEUTSCHE BANK AG n/a ULT-AGG 2'933'511 2.96 - 16.09.2011 Investment Advisor
CADIAN CAPITAL MANAG n/a Short (1'246'644) -1.26 49'470 20.08.2013 Hedge Fund Manager
NORGES BANK Multiple Portfolios MF-AGG 1'026'727 1.04 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 1'025'945 1.04 (50'608) 23.09.2013 Investment Advisor
SEB n/a ULT-AGG 505'069 0.51 4'165 28.03.2013 Unclassified
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 500'000 0.51 - 31.07.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 471'132 0.48 33'612 31.07.2013 Investment Advisor
MAVERICK CAPITAL LTD n/a Short (465'018) -0.47 79'152 06.11.2012 Hedge Fund Manager
VANGUARD GROUP INC n/a ULT-AGG 464'097 0.47 36'843 30.06.2013 Unclassified
LUXOR CAPITAL GROUP n/a Short (455'124) -0.46 118'728 06.02.2013 Hedge Fund Manager
TWEEDY BROWNE CO LLC Multiple Portfolios MF-AGG 343'829 0.35 - 31.07.2013 Unclassified
DWS INVESTMENTS Multiple Portfolios MF-AGG 305'122 0.31 46'735 31.05.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 294'463 0.3 83'031 30.06.2013 Investment Advisor
CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 278'850 0.28 3'000 30.08.2013 Investment Advisor
EVLI FUND MANAGEMENT Multiple Portfolios MF-AGG 255'294 0.26 66'908 28.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 20.09.2013
HSBC CHRISTOPHER JOHNEN overweight 5 M 47 Not Provided 19.09.2013
Barclays NICK DEMPSEY overweight 5 U 46 Not Provided 19.09.2013
AlphaValue VERONIQUE CABIOC'H reduce 2 M 41 6 month 12.09.2013
JPMorgan NICOLAS J DUBOURG neutral 3 M 40 15 month 10.09.2013
Goldman Sachs VIGHNESH PADIACHY neutral/neutral 3 M 45 12 month 09.09.2013
Bankhaus Lampe CHRISTOPH SCHLIENKAMP buy 5 M 45 Not Provided 06.09.2013
Kepler Cheuvreux ANDREA BENEVENTI hold 3 U 40 Not Provided 05.09.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 45 Not Provided 04.09.2013
M.M. Warburg Investment Research JOCHEN REICHERT buy 5 U 43 12 month 29.08.2013
Morgan Stanley CHRISTOPHER SELLERS Underwt/Attractive 1 M 36 12 month 20.08.2013
Nord/LB HOLGER FECHNER buy 5 U 45 12 month 14.08.2013
Close Brothers Equity Markets MARCUS SILBE hold 3 M 40 12 month 13.08.2013
Societe Generale LAURENT PICARD hold 3 M 39 12 month 08.08.2013
Bankhaus Metzler STEFAN WIMMER buy 5 M 44 12 month 08.08.2013
Berenberg Bank SARAH SIMON hold 3 M 42 Not Provided 08.08.2013
Deutsche Bank MARK BRALEY buy 5 M 46 12 month 07.08.2013
Commerzbank Corporates & Markets SONIA RABUSSIER hold 3 M 35 6 month 31.07.2013
DZ Bank AG HARALD HEIDER buy 5 M 46 Not Provided 30.07.2013
Hammer Partners SA STEPHAN SEIP buy 5 M 52 Not Provided 26.07.2013
Equinet Institutional Services(ESN) MARTIN POSSIENKE buy 5 M 45 12 month 02.05.2011
Holdings By:
Axel Springer AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Sartorius AG manufactures and markets precision electronic equipment and
components. The Company produces precision scales for laboratory and industrial
uses and electrochemistry. Sartorius manufactures equipment for biomolecular
and microbial separations, cell culture, concentration, fermentation, and
purification. The Company markets its products worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (01.03.2013) 91.25
52-Week Low (25.09.2012) 58.43
Daily Volume
79.93
52-Week High % Change -12.41% Dividend Yield -
52-Week Low % Change 36.80% Beta 0.63
% 52 Week Price Range High/Low 63.22% Equity Float 8.52
Shares Out 31.03.2013 9.4 Short Int -
1'485.15 1 Yr Total Return 35.40%
Total Debt 343.32 YTD Return 20.40%
Preferred Stock - Adjusted BETA 0.631
Minority Interest 70.0 Analyst Recs 9
Cash and Equivalents 39.55 Consensus Rating 3.333
Enterprise Value 1'903.15
Average Volume 5 Day 14'755
SRT3 GY EQUITY YTD Change - Average Volume 30 Day 12'134
SRT3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 11'487
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
611.6 602.1 659.3 733.1 845.7 801.5 864.8 903.3 962.6 - -
0.71x 0.88x 1.11x 1.17x 1.76x 5.11x 7.99x 2.05x 1.88x - -
78.9 72.0 101.6 147.9 180.0 160.5 192.7 172.9 190.9 - -
5.48x 7.36x 7.19x 5.80x 8.26x 7.82x 10.52x 11.01x 9.97x - -
12.4 (7.3) 31.0 41.6 48.5 45.0 53.3 65.9 75.8 - -
13.77x - 15.57x 12.83x 27.55x 17.53x 27.65x 20.01x 17.45x - -
EBITDA 179.97 Long-Term Rating Date -
EBIT 139.34 Long-Term Rating -
Operating Margin 16.48% Long-Term Outlook -
Pretax Margin 11.11% Short-Term Rating Date -
Return on Assets 5.04% Short-Term Rating -
Return on Common Equity 16.14%
Return on Capital 10.73% EBITDA/Interest Exp. 11.16
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 8.58
Net Debt/EBITDA 1.78
Gross Margin 49.7% Total Debt/EBITDA 1.97
EBITDA Margin 22.3%
EBIT Margin 17.2% Total Debt/Equity 102.9%
Net Income Margin 5.7% Total Debt/Capital 46.0%
Asset Turnover 0.82
Current Ratio 1.13 Net Fixed Asset Turnover 4.11
Quick Ratio 0.56 Accounts receivable turnover-days 52.46
Debt to Assets 32.06% Inventory Days 108.70
Tot Debt to Common Equity 102.86% Accounts Payable Turnover Day 54.95
Accounts Receivable Turnover 6.96 Cash Conversion Cycle 91.38
Inventory Turnover 3.36
Fiscal Year Ended
Sartorius AGPrice/Volume
Valuation Analysis
2'876.00
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
'-'.'0'1'2'3'4'5'6'
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!- F
!- F
!- F
!- F
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
2!''
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SARTORIUS AG n/a Co File 840'983 8.98 - 31.12.2010 Corporation
FMR LLC n/a ULT-AGG 356'870 3.81 (48'923) 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 241'767 2.58 (68'035) 30.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 230'000 2.46 (500) 31.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 203'380 2.17 (13'964) 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 138'909 1.48 - 30.06.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 95'320 1.02 (5) 31.05.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 80'000 0.85 - 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 68'690 0.73 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 57'177 0.61 (16'792) 30.06.2013 Unclassified
JP MORGAN n/a ULT-AGG 56'914 0.61 5'957 31.05.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 55'488 0.59 - 31.07.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 52'250 0.56 - 28.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 49'573 0.53 (2'163) 23.09.2013 Investment Advisor
MANDARINE FUNDS Multiple Portfolios MF-AGG 41'864 0.45 19'578 30.08.2013 Investment Advisor
GROUPAMA ASSET MANAG Multiple Portfolios MF-AGG 41'507 0.44 18'507 28.03.2013 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 40'806 0.44 8'300 30.06.2013 Investment Advisor
ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 40'200 0.43 (2'000) 31.01.2013 Investment Advisor
MONTANARO ASSET MGMT Multiple Portfolios MF-AGG 37'228 0.4 1'455 31.08.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 35'500 0.38 - 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe THERESA DICK buy 5 M 100 12 month 23.09.2013
Berenberg Bank SCOTT BARDO buy 5 M 92 Not Provided 29.08.2013
Commerzbank Corporates & Markets DANIEL WENDORFF reduce 2 M 79 6 month 28.08.2013
Kepler Cheuvreux OLIVER REINBERG hold 3 M 80 Not Provided 06.08.2013
Nord/LB VOLKER SACK hold 3 M 80 12 month 30.07.2013
Deutsche Bank BENJAMIN GOY hold 3 M 77 12 month 23.07.2013
HSBC HENDRIK LOFRUTHE neutral 3 M 90 Not Provided 23.07.2013
DZ Bank AG SVEN OLAF KUERTEN buy 5 M 88 12 month 01.07.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
GSC Research MATTHIAS SCHRADE buy 5 M #N/A N/A Not Provided 14.07.2011
Holdings By:
Sartorius AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Symrise AG is a diversified chemical manufacturer. The Company produces perfume
oils, fragrance bases, cosmetic raw materials and ingredients, plant extracts,
aroma chemicals, flavorings, fruit powders, and seasonings. Symrise's customers
manufacture fragrances, cosmetics, soaps, hair care products, detergents,
household products, foods, beverages, and pharmaceuticals.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (13.08.2013) 35.73
52-Week Low (19.11.2012) 25.51
Daily Volume
32.4
52-Week High % Change -9.31% Dividend Yield -
52-Week Low % Change 27.03% Beta 0.65
% 52 Week Price Range High/Low 71.18% Equity Float 107.65
Shares Out 30.06.2013 118.2 Short Int -
3'828.82 1 Yr Total Return 23.99%
Total Debt 561.70 YTD Return 21.89%
Preferred Stock 0.0 Adjusted BETA 0.648
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 117.45 Consensus Rating 2.615
Enterprise Value 4'388.57
Average Volume 5 Day 179'390
SY1 GY EQUITY YTD Change - Average Volume 30 Day 138'301
SY1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 160'884
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
1'319.9 1'362.0 1'571.9 1'583.6 1'734.9 1'643.4 1'798.1 1'843.4 1'941.1 473.0 435.2
1.38x 1.74x 1.87x 1.84x 2.10x 7.25x 8.71x 2.35x 2.19x - -
262.1 269.5 337.0 315.9 338.9 332.6 356.1 377.8 403.8 98.8 86.8
6.95x 8.77x 8.74x 9.24x 10.77x 10.11x 11.88x 11.66x 10.91x - -
90.4 84.3 133.5 146.5 157.5 155.8 167.4 190.3 211.1 51.4 39.8
13.13x 21.10x 18.16x 16.63x 20.39x 18.15x 21.87x 19.77x 17.96x 18.67x 18.30x
EBITDA 338.85 Long-Term Rating Date -
EBIT 252.64 Long-Term Rating -
Operating Margin 14.56% Long-Term Outlook -
Pretax Margin 12.25% Short-Term Rating Date -
Return on Assets 7.60% Short-Term Rating -
Return on Common Equity 18.20%
Return on Capital 12.38% EBITDA/Interest Exp. 8.55
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 7.25
Net Debt/EBITDA 1.57
Gross Margin 40.4% Total Debt/EBITDA 1.89
EBITDA Margin 19.8%
EBIT Margin 15.0% Total Debt/Equity 64.1%
Net Income Margin 9.1% Total Debt/Capital 39.1%
Asset Turnover 0.82
Current Ratio 2.26 Net Fixed Asset Turnover 4.15
Quick Ratio 1.15 Accounts receivable turnover-days 71.04
Debt to Assets 26.10% Inventory Days 122.40
Tot Debt to Common Equity 64.07% Accounts Payable Turnover Day 47.60
Accounts Receivable Turnover 5.14 Cash Conversion Cycle 136.39
Inventory Turnover 2.98
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
Symrise AGPrice/Volume
Valuation Analysis
102'294.00
Current Price (9/dd/yy) Market Data
'
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRUDENTIAL PLC n/a ULT-AGG 17'700'530 14.98 - 03.09.2012 Unclassified
GERBERDING VERMOGENS n/a Research 6'924'955 5.86 - 30.11.2012 n/a
SUN LIFE FINANCIAL I n/a ULT-AGG 5'929'174 5.02 - 01.04.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'854'601 3.26 - 23.09.2013 Investment Advisor
MONDRIAN INVESTMENT n/a Research 3'727'760 3.15 - 01.04.2012 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 3'667'208 3.1 (17'500) 07.08.2013 Investment Advisor
JAHR GMBH n/a Research 3'600'000 3.05 - 01.04.2012 Other
STANDARD LIFE INVEST n/a Research 3'544'740 3 - 25.01.2013 Investment Advisor
AMERIPRISE FINANCIAL n/a Research 3'502'220 2.96 - 15.05.2012 Investment Advisor
SCHRODERS PLC n/a Research 3'495'642 2.96 - 22.03.2012 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'723'159 2.3 - 31.12.2012 Government
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'071'095 1.75 44'644 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 2'035'138 1.72 (111'134) 30.06.2013 Unclassified
FIL LIMITED n/a ULT-AGG 1'491'058 1.26 (930'573) 30.04.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'394'691 1.18 (254'387) 30.04.2013 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 1'270'707 1.08 (25'000) 31.05.2013 Investment Advisor
PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 895'769 0.76 67'834 31.08.2013 Insurance Company
THREADNEEDLE n/a ULT-AGG 870'156 0.74 (175'943) 31.05.2013 Unclassified
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 767'000 0.65 - 31.07.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 617'282 0.52 - 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue MARTIN SCHNEE sell 1 M 30 6 month 12.09.2013
JPMorgan MARTIN EVANS neutral 3 M 32 15 month 04.09.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 36 12 month 30.08.2013
Bankhaus Metzler LARS HETTCHE sell 1 M 30 12 month 30.08.2013
Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 33 12 month 22.08.2013
Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 37 Not Provided 22.08.2013
Landesbank Baden-Wuerttemberg ULLE WORNER hold 3 M 34 Not Provided 15.08.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA sell 1 D 26 Not Provided 13.08.2013
DZ Bank AG THOMAS MAUL buy 5 M 38 Not Provided 13.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 37 12 month 12.08.2013
Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 32 12 month 09.08.2013
Baader Bank NORBERT BARTH hold 3 M 34 12 month 09.08.2013
UBS THOMAS GILBERT sell 1 M 27 12 month 09.08.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 09.08.2013
Bankhaus Lampe HEIKO FEBER hold 3 M 35 Not Provided 08.08.2013
Kepler Cheuvreux CHRISTOPHER LADNER hold 3 M 35 Not Provided 08.08.2013
Main First Bank AG THOMAS SWOBODA underperform 1 M 34 12 month 08.08.2013
Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 30 6 month 07.08.2013
Nord/LB THORSTEN STRAUSS buy 5 M 40 12 month 07.08.2013
Nomura PATRICK LAMBERT neutral 3 M 34 12 month 07.08.2013
HSBC JESKO MAYER-WEGELIN underweight 1 M 25 Not Provided 11.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Liberum Capital Ltd ADAM COLLINS hold 3 M 33 Not Provided 08.05.2013
Berenberg Bank JAIDEEP PANDYA hold 3 M 32 Not Provided 15.04.2013
Davy JACK GORMAN outperform 5 N #N/A N/A Not Provided 21.06.2012
National Bank AG STEFFEN MANSKE buy 5 M 25 12 month 09.11.2010
Holdings By:
Symrise AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Salzgitter AG produces and trades a wide range of steel products and tubes.
The product spectrum includes flat rolled steel products, beams, plates and
tubes, both seamless and welded, as well as processed steel products. The
Company also provides industrial services such as research and development,
information technology and other services to group companies and third parties.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (03.01.2013) 41.56
52-Week Low (07.08.2013) 24.54
Daily Volume
31.285
52-Week High % Change -24.71% Dividend Yield -
52-Week Low % Change 27.51% Beta 1.16
% 52 Week Price Range High/Low 41.27% Equity Float 38.16
Shares Out 30.06.2013 60.1 Short Int -
1'880.13 1 Yr Total Return -0.16%
Total Debt 770.30 YTD Return -20.00%
Preferred Stock 0.0 Adjusted BETA 1.163
Minority Interest 8.2 Analyst Recs 33
Cash and Equivalents 1'011.10 Consensus Rating 2.515
Enterprise Value 1'826.93
Average Volume 5 Day 270'317
SZG GY EQUITY YTD Change - Average Volume 30 Day 276'327
SZG GY EQUITY YTD % CHANGE - Average Volume 3 Month 314'848
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
12'499.2 7'818.0 8'304.6 9'839.5 10'397.2 10'444.5 9'996.0 9'882.1 10'179.9 2'347.7 2'427.6
0.20x 0.28x 0.23x 0.19x 0.18x 0.64x 0.61x 0.22x 0.22x 1.14x 1.18x
1'297.7 97.2 121.3 602.9 416.2 474.1 370.9 260.5 512.6 50.8 96.2
1.97x 22.27x 15.69x 3.02x 4.56x 2.96x 3.54x 7.00x 3.56x - -
674.3 (383.7) (331.9) 233.0 (102.0) 115.4 (394.4) (294.1) 51.3 (46.1) 15.1
4.54x - 105.04x 8.96x - 15.33x 0.00x - 27.59x - -
EBITDA 416.20 Long-Term Rating Date -
EBIT 61.20 Long-Term Rating -
Operating Margin 0.59% Long-Term Outlook -
Pretax Margin -0.28% Short-Term Rating Date -
Return on Assets -4.42% Short-Term Rating -
Return on Common Equity -10.88%
Return on Capital - EBITDA/Interest Exp. 4.40
Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 1.01
Net Debt/EBITDA -0.16
Gross Margin - Total Debt/EBITDA 2.07
EBITDA Margin 3.7%
EBIT Margin -1.7% Total Debt/Equity 21.2%
Net Income Margin -1.0% Total Debt/Capital 17.5%
Asset Turnover 1.12
Current Ratio 2.64 Net Fixed Asset Turnover 4.14
Quick Ratio 1.31 Accounts receivable turnover-days 65.08
Debt to Assets 8.63% Inventory Days -
Tot Debt to Common Equity 21.19% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.61 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
Salzgitter AGPrice/Volume
Valuation Analysis
149'770.00
Current Price (9/dd/yy) Market Data
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27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE OF LOWER SAXON n/a Co File 15'925'705 26.5 - 31.12.2012 Government
SALZGITTER AG n/a Co File 6'009'700 10 - 31.12.2012 Corporation
UNIVERSAL INVESTMENT n/a Research 1'860'946 3.1 - 19.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 1'052'832 1.75 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 948'173 1.58 82'190 23.09.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 944'095 1.57 287'474 28.02.2013 Investment Advisor
SEB n/a ULT-AGG 800'716 1.33 200'000 28.03.2013 Unclassified
SPARINVEST n/a ULT-AGG 714'077 1.19 - 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 399'150 0.66 (36'365) 30.06.2013 Unclassified
TT INTERNATIONAL INV n/a Short (318'514) -0.53 - 04.04.2013 Investment Advisor
OXFORD ASSET MANAGEM n/a Short (300'485) -0.5 - 13.08.2013 Hedge Fund Manager
HIGHBRIDGE CAPITAL M n/a Short (288'466) -0.48 12'019 22.05.2013 Hedge Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 286'500 0.48 (163'900) 28.03.2013 Investment Advisor
MARSHALL WACE LLP n/a Short (282'456) -0.47 24'039 03.04.2013 Hedge Fund Manager
INVESCO LTD n/a ULT-AGG 243'092 0.4 (169'232) 24.09.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 195'981 0.33 (2'838) 30.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 180'000 0.3 (2'080) 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 149'800 0.25 38'700 28.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 127'163 0.21 - 30.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 101'031 0.17 (37'469) 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse JAMES GURRY outperform 5 M 42 Not Provided 24.09.2013
Nomura NEIL SAMPAT reduce 2 M 26 12 month 23.09.2013
Bankhaus Lampe MARC GABRIEL hold 3 M 32 12 month 17.09.2013
Equinet Institutional Services(ESN) STEFAN FREUDENREICH buy 5 M 36 12 month 17.09.2013
Goldman Sachs STEPHEN BENSON Buy/Neutral 5 M 35 12 month 15.09.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 16 6 month 12.09.2013
Jefferies SETH ROSENFELD hold 3 M 28 12 month 10.09.2013
Exane BNP Paribas SYLVAIN BRUNET underperform 1 M 26 Not Provided 10.09.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL reduce 2 M 24 6 month 02.09.2013
BHF-Bank HERMANN REITH overweight 5 M 40 12 month 29.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 21.08.2013
Morgan Stanley ALEXANDER HAISSL Underwt/Cautious 1 D 26 12 month 20.08.2013
Macquarie DANIEL LURCH underperform 1 M 24 12 month 16.08.2013
Independent Research GmbH SVEN DIERMEIER sell 1 M 23 12 month 16.08.2013
M.M. Warburg Investment Research BJOERN VOSS hold 3 M 29 12 month 16.08.2013
Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 32 12 month 15.08.2013
Nord/LB HOLGER FECHNER sell 1 M 22 12 month 15.08.2013
UBS CARSTEN RIEK neutral 3 M 31 12 month 15.08.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 M 28 Not Provided 15.08.2013
DZ Bank AG DIRK SCHLAMP sell 1 M 24 Not Provided 07.08.2013
Societe Generale ABHISHEK SHUKLA sell 1 D 24 12 month 06.08.2013
Baader Bank CHRISTIAN OBST hold 3 M 30 12 month 06.08.2013
HSBC THORSTEN ZIMMERMANN underweight 1 M 25 Not Provided 06.08.2013
Bankhaus Metzler LARS HETTCHE sell 1 M 20 12 month 06.08.2013
Kepler Cheuvreux ROCHUS BRAUNEISER buy 5 M 35 Not Provided 06.08.2013
Steubing AG MICHAEL BROEKER sell 1 N 31 12 month 06.08.2013
S&P Capital IQ JOHNSON IMODE sell 1 M 24 12 month 06.08.2013
JPMorgan ALESSANDRO ABATE neutral 3 D 32 9 month 05.08.2013
Main First Bank AG ALEXANDER HAUENSTEIN outperform 5 M 32 12 month 29.07.2013
Davy TIM CAHILL underperform 1 M #N/A N/A Not Provided 10.07.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 03.04.2013
Cyrrus JIRI SIMARA buy 5 M 57 12 month 30.01.2012
Holdings By:
Salzgitter AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Suedzucker AG operates in the traditional sugar industry in Eastern and Western
Europe. The Company, through its subsidiaries, produces functional food,
chilled frozen and starch and fruit concentrates. Suedzucker's other business
includes bioethanol activities.
Latest Fiscal Year: 02/2013
LTM as of: 05/yy
52-Week High (01.03.2013) 34.34
52-Week Low (24.09.2013) 20.54
Daily Volume
21.675
52-Week High % Change -36.88% Dividend Yield -
52-Week Low % Change 5.55% Beta 0.43
% 52 Week Price Range High/Low 4.06% Equity Float 97.93
Shares Out 31.05.2013 204.2 Short Int -
4'425.67 1 Yr Total Return -21.18%
Total Debt 1'779.40 YTD Return -27.39%
Preferred Stock 0.0 Adjusted BETA 0.426
Minority Interest 782.8 Analyst Recs 21
Cash and Equivalents 589.00 Consensus Rating 3.619
Enterprise Value 6'664.17
Average Volume 5 Day 727'255
SZU GY EQUITY YTD Change - Average Volume 30 Day 546'403
SZU GY EQUITY YTD % CHANGE - Average Volume 3 Month 511'425
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 05/yy 05/yy 02/14 Y 02/15 Y 08/13 Q2 11/13 Q3
5'871.3 5'718.2 6'160.8 6'991.9 7'878.8 7'239.5 8'022.5 7'968.1 7'981.1 - 2'072.0
0.94x 0.99x 0.98x 0.91x 1.12x 3.75x 3.98x 0.75x 0.72x - -
470.2 658.5 782.0 1'026.5 1'248.2 1'107.0 1'217.5 1'077.5 1'062.5 - -
11.73x 8.62x 7.73x 6.20x 7.05x 6.64x 6.21x 6.18x 6.27x - -
162.2 200.1 250.4 376.3 593.1 505.2 504.1 447.9 441.8 - -
15.93x 16.13x 15.23x 10.95x 10.85x 9.18x 10.03x 9.74x 9.90x - -
EBITDA 1'248.20 Long-Term Rating Date 05.06.2012
EBIT 971.20 Long-Term Rating BBB+
Operating Margin 12.33% Long-Term Outlook POS
Pretax Margin 10.67% Short-Term Rating Date 30.09.2010
Return on Assets 6.14% Short-Term Rating A-2
Return on Common Equity 16.38%
Return on Capital - EBITDA/Interest Exp. 15.02
Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. 10.95
Net Debt/EBITDA 1.17
Gross Margin - Total Debt/EBITDA 1.69
EBITDA Margin 15.2%
EBIT Margin 11.7% Total Debt/Equity 54.5%
Net Income Margin 7.5% Total Debt/Capital 30.5%
Asset Turnover 0.98
Current Ratio 1.99 Net Fixed Asset Turnover 3.09
Quick Ratio 0.70 Accounts receivable turnover-days 49.29
Debt to Assets 20.21% Inventory Days -
Tot Debt to Common Equity 54.51% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.41 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Suedzucker AGPrice/Volume
Valuation Analysis
730'520.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ZUCKERRUBENVERWERTUN #N/A N/A Research 106'175'310 52 - 24.09.2013 Corporation
ZUCKER INVEST GMBH #N/A N/A Research 20'418'329 10 - 24.09.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'074'931 1.02 (95'429) 23.09.2013 Investment Advisor
OVERLAND ADVISORS LL n/a Short (1'893'536) -0.93 - 07.11.2012 Hedge Fund Manager
NORGES BANK Multiple Portfolios MF-AGG 1'554'379 0.76 - 31.12.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 900'655 0.44 (7'359) 30.06.2013 Unclassified
CREDIT SUISSE AG n/a ULT-AGG 776'513 0.38 84'621 31.05.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 445'720 0.22 436'807 31.07.2013 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 396'009 0.19 23'100 02.09.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 362'219 0.18 19'734 31.08.2013 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 307'083 0.15 53'406 30.08.2013 Investment Advisor
FEDERAL FINANCE GEST Multiple Portfolios MF-AGG 294'853 0.14 14'830 31.05.2013 Investment Advisor
ALASKA PERMANENT FUN Multiple Portfolios MF-AGG 292'333 0.14 7'896 30.06.2013 Government
PRUDENTIAL FINANCIAL n/a ULT-AGG 291'896 0.14 14'435 31.07.2013 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 263'645 0.13 (111'359) 31.07.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 257'428 0.13 141'431 30.06.2013 Investment Advisor
THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 254'152 0.12 - 28.06.2013 Investment Advisor
VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 249'289 0.12 227'100 30.08.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 237'455 0.12 (6'251) 31.05.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 233'409 0.11 37'229 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Independent Research GmbH LARS LUSEBRINK hold 3 M 22 12 month 25.09.2013
Bankhaus Lampe MARC GABRIEL buy 5 M 28 12 month 25.09.2013
M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 28 12 month 25.09.2013
Exane BNP Paribas JEFF STENT underperform 1 M 15 Not Provided 25.09.2013
HSBC JESKO MAYER-WEGELIN overweight 5 M 29 Not Provided 24.09.2013
Landesbank Baden-Wuerttemberg WALTER SCHNEIDER buy 5 M 33 Not Provided 24.09.2013
Hauck & Aufhaeuser NILS-PETER FITZL sell 1 M 19 12 month 24.09.2013
Berenberg Bank JAMES TARGETT hold 3 M 23 Not Provided 24.09.2013
AlphaValue EILEEN RYAN add 4 N 23 6 month 24.09.2013
Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 16.09.2013
Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 18 12 month 12.09.2013
Nord/LB WOLFGANG VASTERLING hold 3 M 20 12 month 04.09.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 27 12 month 31.07.2013
Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 33 12 month 12.07.2013
Commerzbank Corporates & Markets DENNIS SCHMITT buy 5 M 33 6 month 11.07.2013
DZ Bank AG HEINZ MUELLER buy 5 M 33 12 month 11.07.2013
Barclays LIAM ROWLEY underweight 1 M 25 Not Provided 11.07.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 06.06.2013
Kepler Cheuvreux KLAUS RINGEL buy 5 M 33 Not Provided 20.05.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 24 12 month 17.05.2013
Silvia Quandt Research KLAUS KRAENZLE buy 5 M 40 12 month 19.11.2012
Holdings By:
Suedzucker AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
TAG Immobilien AG develops, sells, and rents commercial and residential
buildings and special-purpose properties.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (02.01.2013) 9.70
52-Week Low (25.09.2012) 8.03
Daily Volume
9.159
52-Week High % Change -5.60% Dividend Yield -
52-Week Low % Change 14.12% Beta 0.54
% 52 Week Price Range High/Low 67.36% Equity Float 123.69
Shares Out 30.06.2013 130.8 Short Int -
1'197.68 1 Yr Total Return 15.41%
Total Debt 2'390.68 YTD Return -0.65%
Preferred Stock 0.0 Adjusted BETA 0.539
Minority Interest 20.3 Analyst Recs 17
Cash and Equivalents 55.75 Consensus Rating 3.471
Enterprise Value 3'469.47
Average Volume 5 Day 399'624
TEG GY EQUITY YTD Change - Average Volume 30 Day 319'128
TEG GY EQUITY YTD % CHANGE - Average Volume 3 Month 322'270
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
123.3 96.0 93.1 203.9 396.0 310.8 328.5 267.1 278.7 66.5 67.2
5.05x 6.93x 9.52x 8.70x 9.08x 29.18x 40.60x 13.29x 12.71x - -
36.8 21.7 34.7 118.4 287.2 212.1 214.1 180.6 193.3 - -
16.91x 30.58x 25.52x 14.98x 12.52x 13.48x 15.72x 19.21x 17.94x - -
(30.6) (29.2) 18.5 66.9 179.1 153.4 89.1 77.3 94.4 15.0 31.5
- - 13.25x 5.87x 5.05x 3.85x 10.58x 16.41x 13.31x - -
EBITDA 287.20 Long-Term Rating Date -
EBIT 285.26 Long-Term Rating -
Operating Margin 47.37% Long-Term Outlook -
Pretax Margin 51.25% Short-Term Rating Date -
Return on Assets 2.59% Short-Term Rating -
Return on Common Equity 9.31%
Return on Capital 2.73% EBITDA/Interest Exp. 2.94
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. 2.81
Net Debt/EBITDA 10.51
Gross Margin - Total Debt/EBITDA 10.79
EBITDA Margin 65.2%
EBIT Margin - Total Debt/Equity 210.4%
Net Income Margin 45.2% Total Debt/Capital 67.4%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 62.91% Inventory Days -
Tot Debt to Common Equity 210.41% 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
TAG Immobilien AGPrice/Volume
Valuation Analysis
297'031.00
Current Price (9/dd/yy) Market Data
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400.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN LIFE FINANCIAL I n/a ULT-AGG 24'446'679 18.7 529'741 31.07.2013 Investment Advisor
RUFFER LLP n/a Co File 19'610'701 15 - 31.12.2012 Investment Advisor
FLOSSBACH VON STORCH Multiple Portfolios MF-AGG 9'639'712 7.37 (23'270) 31.08.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 9'085'714 6.95 - 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'603'272 5.81 (100'728) 23.09.2013 Investment Advisor
VERSORGUNGSANSTALT D n/a Research 7'079'834 5.41 - 21.08.2013 n/a
TAUBE HODSON STONEX n/a Research 6'960'665 5.32 - 24.06.2013 Investment Advisor
UNIVERSAL INVESTMENT n/a Research 6'907'633 5.28 - 20.08.2013 Investment Advisor
DWS INVESTMENT GMBH n/a Research 6'412'352 4.9 - 16.08.2013 Investment Advisor
THREADNEEDLE n/a ULT-AGG 5'408'685 4.14 (1'010'827) 31.05.2013 Unclassified
DEUTSCHE ASSET MGMT n/a Research 3'956'100 3.03 - 04.09.2013 Investment Advisor
LLOYDS BANKING GROUP n/a ULT-AGG 2'817'627 2.15 - 31.05.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 2'469'243 1.89 45'000 30.08.2013 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 2'353'880 1.8 4'210 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 1'953'725 1.49 806 30.06.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 1'854'901 1.42 267'994 28.02.2013 Unclassified
ROYAL BANK OF CANADA n/a ULT-AGG 1'747'351 1.34 (1'090) 30.04.2013 Bank
DWS INVESTMENTS Multiple Portfolios MF-AGG 1'291'408 0.99 - 31.05.2013 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 1'184'631 0.91 - 30.04.2013 Investment Advisor
HIGHBRIDGE CAPITAL M n/a Short (1'058'979) -0.81 (65'369) 29.08.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Commerzbank Corporates & Markets THOMAS ROTHAEUSLER buy 5 M 11 6 month 12.09.2013
Morgan Stanley BIANCA RIEMER Underwt/Attractive 1 M 7 12 month 28.08.2013
Berenberg Bank KAI MALTE KLOSE buy 5 M 11 Not Provided 19.08.2013
M.M. Warburg Investment Research TORSTEN KLINGNER hold 3 M 9 12 month 16.08.2013
Nord/LB MICHAEL SEUFERT hold 3 M 9 12 month 13.08.2013
Bankhaus Lampe GEORG KANDERS buy 5 M 10 12 month 09.08.2013
Baader Bank ANDRE REMKE hold 3 M 10 12 month 08.08.2013
Close Brothers Equity Markets MANUEL MARTIN buy 5 M 11 12 month 08.08.2013
S&P Capital IQ WILLIAM HOWLETT buy 5 M 10 12 month 08.08.2013
ABN Amro Bank N.V. MICHIEL DE JONGE hold 3 M 10 Not Provided 08.08.2013
Barclays AARON GUY overweight 5 M 12 Not Provided 11.07.2013
EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013
Kepler Cheuvreux THOMAS NEUHOLD buy 5 M 11 Not Provided 06.05.2013
DZ Bank AG KARSTEN OBLINGER sell 1 M 9 Not Provided 19.04.2013
Solventis WPH-Bank GmbH ULF VON LENGERICH buy 5 N 10 12 month 18.04.2013
Kempen & Co THOMAS VAN DER MEIJ neutral 3 M 10 Not Provided 14.01.2013
Holdings By:
TAG Immobilien AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
ThyssenKrupp AG manufactures industrial components. The Company produces flat
rolled and cast steel, automobile parts, elevators and escalators, machine
tools, bearings, nonferrous metals and plastics, develops and manages real
estate, and designs and constructs factories.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (10.01.2013) 19.25
52-Week Low (23.04.2013) 13.11
Daily Volume
18.19
52-Week High % Change -5.51% Dividend Yield -
52-Week Low % Change 38.75% Beta 1.20
% 52 Week Price Range High/Low 71.50% Equity Float 371.32
Shares Out 30.06.2013 514.5 Short Int -
9'358.56 1 Yr Total Return 7.98%
Total Debt 7'185.00 YTD Return 2.42%
Preferred Stock 0.0 Adjusted BETA 1.203
Minority Interest 967.0 Analyst Recs 35
Cash and Equivalents 2'510.00 Consensus Rating 3.257
Enterprise Value 13'469.56
Average Volume 5 Day 4'533'508
TKA GY EQUITY YTD Change - Average Volume 30 Day 3'231'440
TKA GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'365'580
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 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1
53'426.0 40'563.0 37'711.0 42'725.0 40'124.0 40'672.0 36'347.0 37'122.1 38'464.7 9'547.2 9'299.7
0.21x 0.34x 0.44x 0.32x 0.35x 1.47x 1.45x 0.41x 0.41x 1.59x 1.70x
4'842.0 876.0 2'412.0 4'043.0 2'576.0 3'803.0 2'230.0 1'863.9 2'438.1 514.2 600.0
2.31x 15.54x 6.80x 3.41x 5.52x 3.48x 5.34x 7.21x 5.51x 5.81x 5.60x
2'195.0 (1'857.0) 824.0 (1'291.0) (4'668.0) (2'855.0) (4'713.0) (371.5) 542.2 80.6 91.5
4.66x - 12.19x 5.15x - 4.49x 0.00x - 16.48x 16.84x 14.72x
EBITDA 2'576.00 Long-Term Rating Date 06.06.2012
EBIT 1'115.00 Long-Term Rating BB
Operating Margin 2.78% Long-Term Outlook NEG
Pretax Margin 0.79% Short-Term Rating Date 17.11.2009
Return on Assets -11.80% Short-Term Rating B
Return on Common Equity -94.78%
Return on Capital - EBITDA/Interest Exp. 5.41
Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. 3.20
Net Debt/EBITDA 1.54
Gross Margin 14.4% Total Debt/EBITDA 3.77
EBITDA Margin 6.1%
EBIT Margin 3.4% Total Debt/Equity 201.9%
Net Income Margin -11.6% Total Debt/Capital 61.4%
Asset Turnover 0.91
Current Ratio 1.26 Net Fixed Asset Turnover 3.87
Quick Ratio 0.38 Accounts receivable turnover-days 53.60
Debt to Assets 18.77% Inventory Days 87.05
Tot Debt to Common Equity 201.88% Accounts Payable Turnover Day 50.38
Accounts Receivable Turnover 6.81 Cash Conversion Cycle 76.56
Inventory Turnover 4.19
Fiscal Year Ended
ThyssenKrupp AGPrice/Volume
Valuation Analysis
6'133'779.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALFRIED KRUPP VON BO n/a Co File 130'320'067 25.33 - 30.09.2012 n/a
BLACKROCK n/a ULT-AGG 38'774'530 7.54 17'199 23.09.2013 Investment Advisor
CEVIAN CAPITAL AB #N/A N/A Research 26'753'429 5.2 - 25.09.2013 Venture Capital
FRANKLIN RESOURCES n/a ULT-AGG 26'046'328 5.06 - 30.06.2013 Investment Advisor
UBS AG n/a ULT-AGG 13'648'414 2.65 (712'918) 17.09.2013 Unclassified
NORGES BANK n/a Research 12'848'471 2.5 - 12.01.2012 Government
VANGUARD GROUP INC n/a ULT-AGG 4'457'975 0.87 79'591 30.06.2013 Unclassified
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'009'858 0.78 8'408 28.03.2013 Investment Advisor
MARSHALL WACE LLP n/a Short (3'601'423) -0.7 (463'040) 03.09.2013 Hedge Fund Manager
ROYAL BANK OF CANADA n/a ULT-AGG 2'282'600 0.44 2'282'600 31.07.2013 Bank
JANUS CAPITAL MANAGE n/a ULT-AGG 2'029'994 0.39 (6'926'210) 30.06.2013 Investment Advisor
OYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 1'709'400 0.33 160'000 28.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'205'497 0.23 968'786 28.02.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 1'026'242 0.2 (3'157) 31.05.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 968'052 0.19 (50'000) 31.05.2013 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 933'970 0.18 107'573 31.05.2013 Investment Advisor
INSTITUTIONAL CAPITA Multiple Portfolios MF-AGG 819'430 0.16 (183'200) 31.07.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 813'565 0.16 215'499 24.09.2013 Investment Advisor
FORTIS INVESTMENT MG Multiple Portfolios MF-AGG 790'686 0.15 - 30.04.2013 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 693'496 0.13 (542'135) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe MARC GABRIEL buy 5 M 19 12 month 23.09.2013
Nomura NEIL SAMPAT neutral 3 M 16 12 month 23.09.2013
Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 15 Not Provided 23.09.2013
Independent Research GmbH SVEN DIERMEIER sell 1 M 16 12 month 19.09.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 14 6 month 19.09.2013
Jefferies SETH ROSENFELD buy 5 M 21 12 month 10.09.2013
National Bank AG EKKEHARD D LINK hold 3 D 17 12 month 05.09.2013
Equinet Institutional Services(ESN) STEFAN FREUDENREICH hold 3 M 18 12 month 05.09.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL buy 5 M 18 6 month 02.09.2013
Nord/LB HOLGER FECHNER sell 1 M 13 12 month 20.08.2013
EVA Dimensions TIMOTHY STANISH overweight 5 D #N/A N/A Not Provided 20.08.2013
Main First Bank AG ALEXANDER HAUENSTEIN outperform 5 M 22 12 month 19.08.2013
DZ Bank AG DIRK SCHLAMP sell 1 D 15 Not Provided 15.08.2013
Societe Generale ALAIN WILLIAM hold 3 M 19 12 month 14.08.2013
Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 18 12 month 14.08.2013
BHF-Bank HERMANN REITH market weight 3 M 16 12 month 14.08.2013
RBC Capital Markets TIMOTHY HUFF sector perform 3 M 17 12 month 14.08.2013
Credit Suisse MICHAEL SHILLAKER outperform 5 M 24 Not Provided 14.08.2013
JPMorgan ALESSANDRO ABATE overweight 5 M 19 Not Provided 14.08.2013
HSBC THORSTEN ZIMMERMANN overweight 5 M 20 Not Provided 14.08.2013
Macquarie JEFFREY LARGEY outperform 5 M 22 12 month 14.08.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 M 15 Not Provided 14.08.2013
M.M. Warburg Investment Research BJOERN VOSS hold 3 M 17 12 month 14.08.2013
Kepler Cheuvreux ROCHUS BRAUNEISER reduce 2 D 14 Not Provided 14.08.2013
Steubing AG MICHAEL BROEKER buy 5 M 19 12 month 14.08.2013
S&P Capital IQ JOHNSON IMODE hold 3 M 17 12 month 14.08.2013
VTB Capital WIKTOR BIELSKI hold 3 M 18 12 month 05.08.2013
UBS CARSTEN RIEK sell 1 D 16 12 month 31.07.2013
Baader Bank CHRISTIAN OBST buy 5 M 25 12 month 16.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.07.2013
Davy TIM CAHILL outperform 5 M #N/A N/A Not Provided 10.07.2013
Bankhaus Metzler LARS HETTCHE sell 1 M 14 12 month 16.05.2013
Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 07.03.2013
Goldman Sachs STEPHEN BENSON not rated #N/A N/A M #N/A N/A Not Provided 09.09.2012
Cyrrus JIRI SIMARA accumulate 4 M 24 12 month 30.01.2012
Holdings By:
ThyssenKrupp AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Talanx AG operates as a holding company. The Company, through its subsidiaries,
provides insurance and financial services. Talanx offers retail, commercial,
private, and industrial insurance, reinsurance, and other related services.
Talanx operates worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (31.05.2013) 26.20
52-Week Low (03.10.2012) 18.39
Daily Volume
24.89
52-Week High % Change -4.98% Dividend Yield -
52-Week Low % Change 35.35% Beta -
% 52 Week Price Range High/Low 81.68% Equity Float 52.82
Shares Out 30.06.2013 252.6 Short Int -
6'287.85 1 Yr Total Return -
Total Debt 3'784.00 YTD Return 20.89%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 4'171.0 Analyst Recs 19
Cash and Equivalents 2'119.00 Consensus Rating 4.053
Enterprise Value 12'546.85
Average Volume 5 Day 154'675
TLX GY EQUITY YTD Change - Average Volume 30 Day 152'888
TLX GY EQUITY YTD % CHANGE - Average Volume 3 Month 214'696
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
17'523.0 19'943.0 22'846.0 23'422.0 26'438.0 12'369.0 27'809.0 27'544.8 28'637.6 - -
- - - - 0.39x 0.00x 1.23x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
187.0 485.0 216.0 520.0 630.0 354.0 684.0 708.9 740.4 110.0 182.0
- - - - 7.48x 0.00x 8.29x 8.76x 8.32x - -
EBITDA - Long-Term Rating Date 02.10.2009
EBIT - Long-Term Rating A-
Operating Margin 6.66% Long-Term Outlook STABLE
Pretax Margin 5.96% Short-Term Rating Date -
Return on Assets 0.53% Short-Term Rating -
Return on Common Equity 10.63%
Return on Capital 9.66% EBITDA/Interest Exp. -
Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 50.6%
Net Income Margin 2.4% Total Debt/Capital 24.5%
Asset Turnover 0.22
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.91% Inventory Days -
Tot Debt to Common Equity 50.64% 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
Talanx AGPrice/Volume
Valuation Analysis
132'013.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HDI VAG n/a Research 199'801'656 79.09 (8'198'344) 02.07.2013 Insurance Company
MEIJI YASUDA LIFE IN n/a Research 16'393'443 6.49 - 02.07.2013 Insurance Company
DEUTSCHE BANK AG n/a ULT-AGG 4'015'233 1.59 534'047 31.07.2013 Investment Advisor
ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 3'945'663 1.56 977'963 31.07.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 1'460'028 0.58 414'557 31.05.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 1'040'457 0.41 (39'886) 30.08.2013 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 445'800 0.18 - 30.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 417'499 0.17 72'770 23.09.2013 Investment Advisor
ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 412'390 0.16 26'898 28.03.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 284'570 0.11 31'720 28.03.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 280'000 0.11 (55'000) 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 276'439 0.11 276'439 30.06.2013 Unclassified
FRANKEN INVEST KAPIT Multiple Portfolios MF-AGG 194'210 0.08 (30'000) 31.05.2013 Investment Advisor
OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 193'374 0.08 55'764 31.05.2013 Investment Advisor
PIONEER n/a ULT-AGG 177'992 0.07 22'756 30.04.2013 Unclassified
JP MORGAN n/a ULT-AGG 167'519 0.07 (21'188) 31.05.2013 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 164'188 0.06 (212'214) 30.08.2013 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 145'000 0.06 - 30.04.2013 Investment Advisor
METZLER INVESTMENT G Multiple Portfolios MF-AGG 134'000 0.05 - 28.02.2013 Investment Advisor
UNION BANCAIRE PRIVE Multiple Portfolios MF-AGG 110'600 0.04 110'600 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 28 12 month 24.09.2013
AlphaValue DIETER HEIN add 4 M 26 6 month 19.09.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 28 12 month 17.09.2013
Main First Bank AG MICHAEL HAID underperform 1 M 22 12 month 09.09.2013
Berenberg Bank PETER ELIOT buy 5 M 28 Not Provided 20.08.2013
Bankhaus Lampe ANDREAS SCHAEFER buy 5 M 27 12 month 16.08.2013
Nord/LB JULIA SIEKMANN buy 5 M 28 12 month 15.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 15.08.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 27 12 month 15.08.2013
Deutsche Bank OLIVIA BRINDLE hold 3 M 25 12 month 14.08.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 24 12 month 14.08.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 27 Not Provided 14.08.2013
M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 28 12 month 08.08.2013
Barclays ANDREW BROADFIELD equalweight 3 M 24 Not Provided 22.07.2013
Mediobanca SpA MARC THIELE neutral 3 M 27 6 month 28.06.2013
EVA Dimensions DOUG WALTERS overweight 5 D #N/A N/A Not Provided 27.06.2013
HSBC KAILESH MISTRY neutral 3 M 26 Not Provided 31.05.2013
JPMorgan MICHAEL HUTTNER neutral 3 M 23 3 month 24.04.2013
Holdings By:
Talanx AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
TUI AG offers tourism and logistic services, and manufactures building
materials. The Company operates airlines, travel agencies, cruise ships,
resorts, and hotels. TUI provides maritime and inland container shipping,
freight forwarding and storage services around the world, and leases and sells
mobile buildings.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (06.08.2013) 9.92
52-Week Low (01.10.2012) 6.63
Daily Volume
9.086
52-Week High % Change -8.36% Dividend Yield -
52-Week Low % Change 37.04% Beta 1.24
% 52 Week Price Range High/Low 74.58% Equity Float 134.09
Shares Out 30.06.2013 252.4 Short Int -
2'293.08 1 Yr Total Return 30.36%
Total Debt 2'456.60 YTD Return 15.76%
Preferred Stock 0.0 Adjusted BETA 1.244
Minority Interest (15.2) Analyst Recs 22
Cash and Equivalents 2'278.40 Consensus Rating 4.182
Enterprise Value 2'596.88
Average Volume 5 Day 453'147
TUI1 GY EQUITY YTD Change - Average Volume 30 Day 589'868
TUI1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 613'012
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1
18'714.3 - 16'350.1 17'480.3 18'330.3 18'183.7 18'393.5 18'273.4 18'824.9 6'416.0 -
0.30x - 0.28x 0.11x 0.10x 0.56x 0.63x 0.14x 0.13x - -
852.2 - 860.1 805.6 958.6 (104.9) 847.5 1'049.1 1'157.4 1'166.0 -
6.51x - 5.34x 2.33x 1.94x 0.00x 3.07x 2.47x 2.24x - -
(121.3) - 101.8 23.9 (15.1) (21.3) (109.1) 49.0 163.9 380.0 -
- - 29.93x - - 0.00x 0.00x 32.92x 15.19x - -
EBITDA 958.60 Long-Term Rating Date 23.08.2013
EBIT 559.90 Long-Term Rating B
Operating Margin 3.05% Long-Term Outlook STABLE
Pretax Margin 1.38% Short-Term Rating Date -
Return on Assets -0.80% Short-Term Rating -
Return on Common Equity -5.80%
Return on Capital - EBITDA/Interest Exp. 2.25
Asset Turnover 1.34% (EBITDA-Capex)/Interest Exp. 1.12
Net Debt/EBITDA 0.56
Gross Margin 11.2% Total Debt/EBITDA 2.57
EBITDA Margin 4.6%
EBIT Margin 2.7% Total Debt/Equity 118.0%
Net Income Margin -0.1% Total Debt/Capital 54.3%
Asset Turnover 1.34
Current Ratio 0.61 Net Fixed Asset Turnover 6.87
Quick Ratio 0.58 Accounts receivable turnover-days -
Debt to Assets 18.59% Inventory Days 2.77
Tot Debt to Common Equity 117.98% Accounts Payable Turnover Day 59.25
Accounts Receivable Turnover - Cash Conversion Cycle -24.91
Inventory Turnover 131.87
Fiscal Year Ended
TUI AGPrice/Volume
Valuation Analysis
384'720.00
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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27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
S GROUP TRAVEL HOLDI n/a Co File 63'068'424 24.99 - 30.09.2012 Holding Company
FREDRIKSEN JOHN n/a Co File 37'841'055 14.99 - 30.09.2012 n/a
RIU HOTELS SA n/a Co File 12'613'685 5 - 30.09.2012 Corporation
DIMENSIONAL FUND ADV n/a ULT-AGG 8'894'252 3.52 6'804 30.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'592'227 3.01 - 23.09.2013 Investment Advisor
BAILLIE GIFFORD OVER n/a Research 7'261'186 2.88 - 24.05.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'601'800 2.22 (40'600) 28.03.2013 Investment Advisor
SUSQUEHANNA INTERNAT n/a Short (4'997'034) -1.98 - 30.08.2013 Other
MARATHON ASSET MANAG n/a RNS-RUL8 4'904'640 1.94 - 21.01.2013 Investment Advisor
NORGES BANK n/a RNS-RUL8 4'766'186 1.89 - 16.01.2013 Government
WOLVERINE ASSET MANA n/a Short (3'331'356) -1.32 (75'712) 09.07.2013 Hedge Fund Manager
CQS UK LLP n/a Short (3'028'505) -1.2 (201'900) 13.08.2013 Investment Advisor
PENNANT CAPITAL MANA n/a Short (2'270'466) -0.9 - 01.11.2012 Hedge Fund Manager
SOCIETE GENERALE SA n/a RNS-RUL8 2'105'036 0.83 (13'226) 22.01.2013 Unclassified
PINE RIVER CAPITAL M n/a Short (1'993'766) -0.79 25'238 15.08.2013 Hedge Fund Manager
BARCLAYS CAPITAL SEC n/a RNS-RUL8 1'690'782 0.67 8'429 22.01.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'576'103 0.62 43'100 31.07.2013 Investment Advisor
PENNANT WINDWARD MAS n/a Short (1'536'427) -0.61 - 27.04.2012 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'509'638 0.6 298'381 30.06.2013 Unclassified
STATE STREET CORP n/a ULT-AGG 1'478'319 0.59 - 24.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue HANS-PETER WODNIOK sell 1 M 6 6 month 19.09.2013
Commerzbank Corporates & Markets JOHANNES BRAUN hold 3 M 10 6 month 05.09.2013
Kepler Cheuvreux JUERGEN KOLB buy 5 M 11 Not Provided 04.09.2013
S&P Capital IQ WILLIAM MACK strong sell 1 D 8 12 month 23.08.2013
Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER buy 5 M 12 12 month 19.08.2013
JPMorgan JAAFAR MESTARI neutral 3 M 10 12 month 15.08.2013
Nord/LB WOLFGANG DONIE buy 5 M 12 12 month 13.08.2013
DZ Bank AG HERBERT STURM buy 5 M 11 Not Provided 13.08.2013
Deutsche Bank GEOF COLLYER buy 5 M 11 12 month 12.08.2013
Morgan Stanley JAMIE ROLLO Equalwt/In-Line 3 M 12 12 month 09.08.2013
UBS ALEX BRIGNALL buy 5 M 13 12 month 09.08.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 12 12 month 09.08.2013
Bankhaus Lampe SEBASTIAN HEIN buy 5 M 12 Not Provided 09.08.2013
Natixis GEOFFREY D'HALLUIN buy 5 M 11 Not Provided 09.08.2013
Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 11 Not Provided 09.08.2013
Landesbank Baden-Wuerttemberg PER-OLA HELLGREN hold 3 M 10 Not Provided 08.08.2013
KochBank Research STEFAN KICK buy 5 N 13 Not Provided 03.06.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 27.05.2013
Main First Bank AG TOBIAS SITTIG outperform 5 M 10 12 month 10.05.2013
Goldman Sachs NICK EDELMAN not rated #N/A N/A M #N/A N/A Not Provided 17.04.2013
Berenberg Bank ALEXANDRA SCHLEGEL buy 5 M 9 Not Provided 13.02.2013
Equita SIM SpA MASSIMO BONISOLI buy 5 M 10 12 month 20.12.2012
Fearnley Fonds RIKARD VABO sell 1 D 5 6 month 14.08.2012
Holdings By:
TUI AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
United Internet AG offers Internet access services. The Company serves home
users, small offices and home offices, and small-to medium-sized companies.
United Internet also offers hotline and help desk services to international
corporations.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (16.09.2013) 27.05
52-Week Low (14.11.2012) 14.75
Daily Volume
27.04
52-Week High % Change -0.04% Dividend Yield -
52-Week Low % Change 83.32% Beta 0.72
% 52 Week Price Range High/Low 99.19% Equity Float 104.88
Shares Out 30.06.2013 194.0 Short Int -
5'245.76 1 Yr Total Return 68.70%
Total Debt 300.28 YTD Return 68.08%
Preferred Stock 0.0 Adjusted BETA 0.717
Minority Interest 9.9 Analyst Recs 26
Cash and Equivalents 42.83 Consensus Rating 3.769
Enterprise Value 5'517.27
Average Volume 5 Day 265'265
UTDI GY EQUITY YTD Change - Average Volume 30 Day 307'693
UTDI GY EQUITY YTD % CHANGE - Average Volume 3 Month 329'342
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
1'570.4 1'658.9 1'907.1 2'094.1 2'396.6 2'248.2 2'516.1 2'646.4 2'896.8 698.0 724.0
1.24x 1.45x 1.55x 1.50x 1.43x 5.51x 6.06x 2.06x 1.83x - -
359.6 420.3 371.6 371.1 390.0 318.8 416.5 401.9 478.7 100.0 145.0
5.40x 5.74x 7.95x 8.47x 8.81x 9.63x 10.73x 13.71x 11.51x - -
(120.2) 279.9 129.1 162.3 107.8 101.0 175.3 203.5 252.6 27.5 84.7
- 7.56x 20.97x 17.47x 29.13x 27.71x 23.84x 25.88x 20.09x - -
EBITDA 390.03 Long-Term Rating Date -
EBIT 250.57 Long-Term Rating -
Operating Margin 10.46% Long-Term Outlook -
Pretax Margin 8.05% Short-Term Rating Date -
Return on Assets 15.63% Short-Term Rating -
Return on Common Equity 119.34%
Return on Capital - EBITDA/Interest Exp. 16.04
Asset Turnover 2.24% (EBITDA-Capex)/Interest Exp. 13.42
Net Debt/EBITDA 0.63
Gross Margin 34.3% Total Debt/EBITDA 0.71
EBITDA Margin 16.6%
EBIT Margin 12.8% Total Debt/Equity 159.5%
Net Income Margin 4.5% Total Debt/Capital 60.2%
Asset Turnover 2.24
Current Ratio 0.43 Net Fixed Asset Turnover 23.82
Quick Ratio 0.29 Accounts receivable turnover-days 18.40
Debt to Assets 27.11% Inventory Days 6.88
Tot Debt to Common Equity 159.48% Accounts Payable Turnover Day 47.31
Accounts Receivable Turnover 19.84 Cash Conversion Cycle -33.07
Inventory Turnover 53.07
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
United Internet AGPrice/Volume
Valuation Analysis
146'118.00
Current Price (9/dd/yy) Market Data
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27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DOMMERMUTH RALPH n/a Research 88'000'000 45.36 - 21.03.2013 n/a
DEUTSCHE BANK AG n/a ULT-AGG 9'698'975 5 - 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'869'744 4.06 17'291 23.09.2013 Investment Advisor
ALLIANZ GLOBAL INVES n/a Research 6'503'582 3.35 - 20.07.2012 Investment Advisor
OPPENHEIMERFUNDS INC n/a Research 5'873'094 3.03 - 12.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'603'828 2.37 (126'664) 31.08.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 3'204'726 1.65 - 31.12.2012 Government
MORGAN STANLEY n/a Research 2'439'828 1.26 - 05.08.2013 Other
FIL LIMITED n/a ULT-AGG 1'822'306 0.94 (44'107) 30.04.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 1'629'858 0.84 (195'553) 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'093'058 0.56 42'819 30.06.2013 Unclassified
MARBLE ARCH INVESTME n/a Short (892'400) -0.46 252'200 11.07.2013 Hedge Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 811'076 0.42 40'000 31.05.2013 Investment Advisor
SCHEEREN MICHAEL n/a Co File 600'000 0.31 - 31.12.2012 n/a
LANG NORBERT n/a Co File 524'232 0.27 - 31.12.2012 n/a
METZLER ASSET MANAGE Multiple Portfolios MF-AGG 461'500 0.24 (23'850) 28.02.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 456'460 0.24 392'193 30.04.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 400'000 0.21 50'000 28.03.2013 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 396'236 0.2 (39'209) 30.04.2013 Investment Advisor
NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 394'927 0.2 (212'112) 31.03.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank USMAN GHAZI buy 5 M 26 Not Provided 24.09.2013
AlphaValue HEINZ STEFFEN sell 1 M 17 6 month 19.09.2013
Bankhaus Lampe WOLFGANG SPECHT buy 5 M 29 12 month 18.09.2013
Deutsche Bank BENJAMIN KOHNKE buy 5 M 27 12 month 05.09.2013
HSBC DOMINIK KLARMANN overweight 5 M 30 Not Provided 27.08.2013
Hauck & Aufhaeuser LEONHARD BAYER sell 1 M 17 12 month 26.08.2013
Commerzbank Corporates & Markets HEIKE PAULS buy 5 M 32 6 month 22.08.2013
SRH AlsterResearch NEIL SCHMODDE buy 5 M 30 12 month 22.08.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 20.08.2013
Morgan Stanley RYAN FOX Overwt/In-Line 5 M 29 12 month 19.08.2013
UBS VIKRAM KARNANY neutral 3 M 25 12 month 19.08.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 24 12 month 19.08.2013
M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 26 12 month 19.08.2013
Equinet Institutional Services(ESN) ADRIAN PEHL hold 3 M 27 12 month 19.08.2013
Macquarie ALEX GRANT outperform 5 M 30 12 month 16.08.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 28 Not Provided 16.08.2013
JPMorgan HANNES C WITTIG overweight 5 M 30 3 month 15.08.2013
Matelan Research GmbH ADRIAN HOPKINSON buy 5 M 29 12 month 15.08.2013
Equita SIM SpA GIANMARCO BONACINA hold 3 M 27 12 month 14.08.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 25 12 month 03.07.2013
DZ Bank AG KARSTEN OBLINGER buy 5 M 24 12 month 27.05.2013
Goldman Sachs SIVA KRISHNA PRASAD BORRA Sell/Neutral 1 M 19 12 month 21.05.2013
Kepler Cheuvreux THOMAS KARLOVITS hold 3 M 22 Not Provided 15.05.2013
Exane BNP Paribas MICHAEL ZORKO neutral 3 M 19 Not Provided 19.04.2013
Nomura HENRIK NYBLOM neutral 3 M 11 12 month 22.11.2012
Close Brothers Equity Markets MARCUS SILBE hold 3 M 14 12 month 10.02.2012
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 M 17 12 month 22.03.2011
Holdings By:
United Internet AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,
and commercial vehicles for sale worldwide. The Company produces the Passat,
Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
Seat and Skoda, which manufacture and sell cars in Spain and in southern and
eastern Europe, and Lamborghini, which makes sports cars in Italy.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (28.01.2013) 187.40
52-Week Low (18.04.2013) 136.60
Daily Volume
175.8
52-Week High % Change -6.19% Dividend Yield -
52-Week Low % Change 28.70% Beta 1.19
% 52 Week Price Range High/Low 76.18% Equity Float 170.15
Shares Out 31.07.2013 170.1 Short Int -
80'266.33 1 Yr Total Return 18.24%
Total Debt 117'663.00 YTD Return 4.58%
Preferred Stock 0.0 Adjusted BETA 1.189
Minority Interest 4'310.0 Analyst Recs 38
Cash and Equivalents 25'921.00 Consensus Rating 4.316
Enterprise Value 174'859.33
Average Volume 5 Day 1'753'846
VOW3 GY EQUITY YTD Change - Average Volume 30 Day 1'009'653
VOW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 976'809
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
113'808.0 105'187.0 126'875.0 159'337.0 192'676.0 176'948.0 195'985.0 200'494.4 210'456.9 49'458.8 50'520.0
1.22x 0.97x 0.83x 0.77x 0.90x 2.83x 3.35x 0.38x 0.36x - -
14'854.0 10'896.0 16'659.0 21'365.0 24'424.0 23'081.0 24'812.0 23'721.3 26'502.5 - -
9.34x 9.35x 6.29x 5.76x 7.10x 5.98x 6.62x 7.37x 6.60x - -
4'753.0 960.0 6'835.0 15'409.0 21'717.0 17'936.0 17'801.0 10'114.9 11'672.1 - -
20.97x 32.35x 6.98x 3.13x 3.51x 3.06x 3.97x 8.32x 7.19x - -
EBITDA 24'424.00 Long-Term Rating Date 31.08.2009
EBIT 11'310.00 Long-Term Rating A-
Operating Margin 5.87% Long-Term Outlook POS
Pretax Margin 13.23% Short-Term Rating Date 15.06.2004
Return on Assets 5.99% Short-Term Rating A-2
Return on Common Equity 24.78%
Return on Capital - EBITDA/Interest Exp. 17.46
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 9.96
Net Debt/EBITDA 3.72
Gross Margin 18.2% Total Debt/EBITDA 4.89
EBITDA Margin 12.7%
EBIT Margin 5.4% Total Debt/Equity 151.8%
Net Income Margin 11.3% Total Debt/Capital 59.0%
Asset Turnover 0.66
Current Ratio 1.03 Net Fixed Asset Turnover 3.51
Quick Ratio 0.33 Accounts receivable turnover-days 68.67
Debt to Assets 38.00% Inventory Days 68.22
Tot Debt to Common Equity 151.79% Accounts Payable Turnover Day 40.43
Accounts Receivable Turnover 5.32 Cash Conversion Cycle 46.11
Inventory Turnover 5.35
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
Volkswagen AGPrice/Volume
Valuation Analysis
497'904.00
Current Price (9/dd/yy) Market Data
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100'000.0
150'000.0
200'000.0
250'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 7'532'736 4.43 410'649 23.09.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'156'855 3.03 (1'075'152) 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'574'181 2.1 85'097 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 2'350'802 1.38 728'811 30.06.2013 Unclassified
CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'684'876 0.99 (308'807) 28.06.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'676'441 0.99 606'771 30.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'493'911 0.88 (4'315) 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'366'008 0.8 28'028 30.04.2013 Investment Advisor
BG MASTER FUND PLC n/a Short (1'173'985) -0.69 17'015 22.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'072'158 0.63 (201'706) 31.08.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 996'683 0.59 (190'153) 28.03.2013 Investment Advisor
UBS AG n/a ULT-AGG 922'363 0.54 (3'484) 24.09.2013 Unclassified
JP MORGAN n/a ULT-AGG 899'281 0.53 (80'465) 30.06.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 784'624 0.46 (12'000) 31.05.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 708'483 0.42 271'648 30.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 637'199 0.37 (200'672) 24.09.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 455'360 0.27 19'700 31.05.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 414'370 0.24 (90) 23.09.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 399'140 0.23 15'158 31.05.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 373'977 0.22 (83'819) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan JOSE ASUMENDI overweight 5 M 214 15 month 25.09.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 217 12 month 25.09.2013
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 170 12 month 24.09.2013
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 215 12 month 23.09.2013
Barclays MICHAEL TYNDALL overweight 5 M 192 Not Provided 23.09.2013
Berenberg Bank ADAM HULL buy 5 M 240 Not Provided 20.09.2013
Natixis GEORGES DIENG buy 5 M 208 Not Provided 13.09.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 205 6 month 12.09.2013
AlphaValue HANS-PETER WODNIOK sell 1 M 160 6 month 12.09.2013
Deutsche Bank JOCHEN GEHRKE buy 5 M 240 12 month 10.09.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 210 12 month 10.09.2013
Oddo & Cie FRANCOIS MAURY neutral 3 M 170 Not Provided 10.09.2013
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 185 12 month 10.09.2013
Nomura HARALD C HENDRIKSE neutral 3 M 170 12 month 09.09.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 220 12 month 09.09.2013
Exane BNP Paribas RABIH FREIHA outperform 5 M 212 Not Provided 06.09.2013
Bankhaus Metzler JUERGEN PIEPER sell 1 M 165 12 month 04.09.2013
Redburn Partners CHARLES WINSTON neutral 3 M #N/A N/A Not Provided 04.09.2013
ISI Group ARNDT ELLINGHORST neutral 3 N 180 12 month 02.09.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 14.08.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.08.2013
Morgan Stanley LAURA LEMBKE Overwt/In-Line 5 M 220 12 month 09.08.2013
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 238 12 month 07.08.2013
Baader Bank KLAUS BREITENBACH buy 5 M 220 12 month 05.08.2013
Societe Generale STEPHEN REITMAN buy 5 M 220 12 month 01.08.2013
Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 200 12 month 01.08.2013
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 205 Not Provided 01.08.2013
Kepler Cheuvreux MICHAEL RAAB buy 5 M 210 Not Provided 01.08.2013
Nord/LB FRANK SCHWOPE buy 5 M 195 12 month 31.07.2013
S&P Capital IQ RODERICK BRIDGE buy 5 M 192 12 month 31.07.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 07.05.2013
HSBC HORST SCHNEIDER overweight 5 M 191 Not Provided 02.05.2013
Steubing AG TOBIAS SCHMIDT buy 5 M 227 Not Provided 09.04.2013
UBS PHILIPPE HOUCHOIS neutral 3 M 165 12 month 25.02.2013
Cyrrus JIRI SIMARA buy 5 M 170 Not Provided 29.10.2012
Hammer Partners SA ALBERTO ROLLA buy 5 M 168 Not Provided 18.10.2012
Holdings By:
Volkswagen AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Wacker Chemie AG is a globally active chemical company with a wide range of
specialty chemical products. The Company's products include hyperpure
polysilicon for the electronics and solar industries, semiconductor wafers, a
broad range of silicones, vinyl acetate based polymers, and biotech products.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (23.08.2013) 79.07
52-Week Low (16.11.2012) 40.48
Daily Volume
73.59
52-Week High % Change -6.93% Dividend Yield -
52-Week Low % Change 81.79% Beta 0.86
% 52 Week Price Range High/Low 81.68% Equity Float 18.39
Shares Out 30.06.2013 52.2 Short Int -
3'837.91 1 Yr Total Return 44.50%
Total Debt 1'197.20 YTD Return 49.93%
Preferred Stock 0.0 Adjusted BETA 0.865
Minority Interest 18.2 Analyst Recs 24
Cash and Equivalents 435.60 Consensus Rating 2.500
Enterprise Value 4'732.01
Average Volume 5 Day 75'153
WCH GY EQUITY YTD Change - Average Volume 30 Day 88'039
WCH GY EQUITY YTD % CHANGE - Average Volume 3 Month 114'091
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
4'298.1 3'719.3 4'748.4 4'909.7 4'634.9 4'709.0 4'444.7 4'563.9 4'867.6 1'194.2 1'111.8
0.86x 1.66x 1.36x 0.65x 0.70x 2.81x 3.14x 1.12x 1.05x - -
1'106.8 917.8 1'250.1 1'134.6 863.4 882.1 776.7 672.5 803.5 173.5 129.8
3.34x 6.71x 5.17x 2.80x 3.76x 3.70x 5.04x 7.04x 5.89x - -
439.4 (70.8) 490.7 352.6 112.8 144.3 30.2 19.2 83.6 12.7 (10.9)
8.45x - 13.22x 8.75x 21.87x 18.78x 96.53x 165.00x 37.41x - -
EBITDA 863.40 Long-Term Rating Date -
EBIT 334.60 Long-Term Rating -
Operating Margin 7.22% Long-Term Outlook -
Pretax Margin 4.17% Short-Term Rating Date -
Return on Assets 0.46% Short-Term Rating -
Return on Common Equity 1.38%
Return on Capital 1.35% EBITDA/Interest Exp. 16.48
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. -1.52
Net Debt/EBITDA 1.13
Gross Margin 17.5% Total Debt/EBITDA 1.89
EBITDA Margin 17.5%
EBIT Margin 5.4% Total Debt/Equity 46.1%
Net Income Margin 2.4% Total Debt/Capital 31.4%
Asset Turnover 0.67
Current Ratio 1.64 Net Fixed Asset Turnover 1.17
Quick Ratio 0.87 Accounts receivable turnover-days 57.11
Debt to Assets 18.91% Inventory Days 67.94
Tot Debt to Common Equity 46.05% Accounts Payable Turnover Day 35.95
Accounts Receivable Turnover 6.39 Cash Conversion Cycle 76.84
Inventory Turnover 5.37
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
Wacker Chemie AGPrice/Volume
Valuation Analysis
111'051.00
Current Price (9/dd/yy) Market Data
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0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DR ALEXANDER WACKER n/a Co File 26'076'300 50 - 31.12.2012 n/a
BLUE ELEPHANT HOLDIN n/a Co File 5'215'260 10 - 31.12.2012 Unclassified
WACKER CHEMIE AG n/a Co File 2'474'617 4.74 - 31.12.2012 Corporation
BLACKROCK n/a ULT-AGG 2'174'630 4.17 20'084 23.09.2013 Investment Advisor
DISCOVERY CAPITAL MA n/a Short (996'115) -1.91 (31'292) 14.02.2013 Hedge Fund Manager
DISCOVERY GLOBAL OPP n/a Short (824'011) -1.58 52'153 16.10.2012 Investment Advisor
SAMANA CAPITAL LP n/a Short (526'741) -1.01 93'875 26.06.2012 Hedge Fund Manager
ZBI EQUITIES LLC n/a Short (526'741) -1.01 - 06.02.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 351'594 0.67 (55'769) 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 240'337 0.46 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 228'000 0.44 - 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 189'575 0.36 (84'847) 30.06.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 176'900 0.34 12'400 28.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 168'814 0.32 6'976 31.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 163'043 0.31 34'127 30.06.2013 Unclassified
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 145'720 0.28 (36'911) 28.03.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 125'069 0.24 112'400 31.07.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 92'956 0.18 - 31.07.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 79'793 0.15 - 31.05.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 79'151 0.15 (9'919) 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue MARTIN SCHNEE sell 1 M 68 6 month 19.09.2013
Bankhaus Lampe HEIKO FEBER sell 1 M 60 12 month 18.09.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 80 12 month 06.09.2013
JPMorgan MARCUS DIEBEL neutral 3 U 72 15 month 04.09.2013
Hauck & Aufhaeuser NILS-PETER FITZL sell 1 M 40 12 month 03.09.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK sell 1 M 67 Not Provided 02.09.2013
DZ Bank AG PETER SPENGLER sell 1 M 50 Not Provided 16.08.2013
Commerzbank Corporates & Markets GEORG REMSHAGEN buy 5 U 84 6 month 09.08.2013
Nord/LB THORSTEN STRAUSS hold 3 M 68 12 month 01.08.2013
Equinet Institutional Services(ESN) STEFAN FREUDENREICH sell 1 M 58 12 month 01.08.2013
Deutsche Bank ALEXANDER KARNICK sell 1 M 39 12 month 30.07.2013
Morgan Stanley PETER MACKEY Underwt/In-Line 1 M 53 12 month 30.07.2013
Credit Suisse MATHEW WAUGH underperform 1 M 55 Not Provided 30.07.2013
HSBC CHRISTIAN DOMINIK RATH neutral 3 U 73 Not Provided 30.07.2013
Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 78 12 month 30.07.2013
Steubing AG TOBIAS SCHMIDT hold 3 D 68 12 month 30.07.2013
Main First Bank AG THOMAS SWOBODA outperform 5 U 85 12 month 29.07.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 70 Not Provided 18.07.2013
Natureo Finance INGO QUEISER sell 1 M 55 12 month 11.07.2013
UBS JEAN-FRANCOIS MEYMANDI buy 5 U 80 12 month 09.07.2013
Macquarie ROBERT SCHRAMM-FUCHS outperform 5 M 65 12 month 02.07.2013
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013
National Bank AG STEFFEN MANSKE sell 1 M #N/A N/A Not Provided 25.07.2012
Holdings By:
Wacker Chemie AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Wirecard AG offers Internet payment and processing services. The Company
provides software and systems for online payment, electronic funds transfer,
fraud protection and enterprise solutions. Wirecard also offers call center
services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (05.09.2013) 25.73
52-Week Low (31.01.2013) 16.73
Daily Volume
24.91
52-Week High % Change -3.17% Dividend Yield -
52-Week Low % Change 48.94% Beta 0.50
% 52 Week Price Range High/Low 90.83% Equity Float 105.57
Shares Out 30.06.2013 112.2 Short Int -
2'794.71 1 Yr Total Return 44.65%
Total Debt 94.97 YTD Return 34.65%
Preferred Stock 0.0 Adjusted BETA 0.501
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 442.50 Consensus Rating 4.000
Enterprise Value 2'511.69
Average Volume 5 Day 344'335
WDI GY EQUITY YTD Change - Average Volume 30 Day 285'703
WDI GY EQUITY YTD % CHANGE - Average Volume 3 Month 278'708
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
196.8 228.5 271.6 324.8 394.6 354.8 432.9 474.4 559.9 123.5 134.0
1.19x 3.13x 3.20x 3.47x 4.41x 13.77x 17.46x 5.43x 4.48x - -
52.4 60.3 73.1 84.4 109.3 98.5 116.0 125.6 152.8 34.2 37.2
4.46x 11.86x 11.90x 13.37x 15.92x 14.47x 17.74x 19.96x 16.40x - -
42.3 45.5 54.0 61.2 73.3 68.1 76.3 83.0 106.2 24.2 27.7
9.83x 21.44x 19.34x 20.70x 27.76x 23.35x 30.70x 32.95x 25.87x - -
EBITDA 109.25 Long-Term Rating Date -
EBIT 93.60 Long-Term Rating -
Operating Margin 23.72% Long-Term Outlook -
Pretax Margin 23.10% Short-Term Rating Date -
Return on Assets 7.44% Short-Term Rating -
Return on Common Equity 14.35%
Return on Capital 12.83% EBITDA/Interest Exp. 23.91
Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. 12.85
Net Debt/EBITDA -2.44
Gross Margin - Total Debt/EBITDA 1.07
EBITDA Margin 26.8%
EBIT Margin 22.3% Total Debt/Equity 17.5%
Net Income Margin 18.6% Total Debt/Capital 14.9%
Asset Turnover 0.42
Current Ratio 1.39 Net Fixed Asset Turnover 39.24
Quick Ratio 0.92 Accounts receivable turnover-days -
Debt to Assets 8.42% Inventory Days -
Tot Debt to Common Equity 17.53% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Wirecard AGPrice/Volume
Valuation Analysis
107'130.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JUPITER ASSET MANAGE n/a Co File 6'731'532 6 - 31.12.2012 Investment Advisor
MB BETEILGUNGSGESELL n/a Co File 6'619'340 5.9 - 31.12.2012 Unclassified
ALKEN LUXEMBOURG SAR n/a Research 5'546'187 4.94 - 04.09.2013 Investment Advisor
ARTISAN PARTNERS HOL n/a Co File 4'252'084 3.79 - 13.03.2013 Investment Advisor
AMERIPRISE FINANCIAL n/a Research 3'440'967 3.07 - 01.08.2013 Investment Advisor
WASATCH ADVISORS INC n/a Research 3'374'948 3.01 - 14.05.2013 Investment Advisor
MANNING & NAPIER ADV n/a Research 3'313'990 2.95 - 31.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'679'483 2.39 - 31.12.2012 Government
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'308'919 2.06 (244'783) 30.06.2013 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 2'141'532 1.91 (204'710) 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'641'343 1.46 (525'867) 30.04.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'606'351 1.43 962'113 30.06.2013 Investment Advisor
JUPITER GLOBAL ACTIV Multiple Portfolios MF-AGG 1'087'181 0.97 - 31.05.2013 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1'075'952 0.96 34'434 31.08.2013 Investment Advisor
MONTPENSIER FINANCE Multiple Portfolios MF-AGG 1'047'193 0.93 - 28.06.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 1'025'723 0.91 101'353 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'019'771 0.91 (95'455) 30.06.2013 Unclassified
BLACKROCK n/a ULT-AGG 998'801 0.89 (25'571) 23.09.2013 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 979'257 0.87 134'257 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 894'967 0.8 (102'980) 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 M 26 12 month 18.09.2013
Berenberg Bank BJOERN LIPPE buy 5 M 28 Not Provided 16.09.2013
M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 23 12 month 12.09.2013
Baader Bank KNUT WOLLER buy 5 M 26 12 month 10.09.2013
Goldman Sachs SIVA KRISHNA PRASAD BORRA Buy/Neutral 5 U 38 12 month 04.09.2013
Natixis MAXIME MALLET buy 5 M 27 Not Provided 02.09.2013
Commerzbank Corporates & Markets HEIKE PAULS buy 5 M 24 6 month 29.08.2013
Exane BNP Paribas ALEXANDRE FAURE neutral 3 M 21 Not Provided 21.08.2013
Equita SIM SpA GIANMARCO BONACINA buy 5 M 28 12 month 16.08.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 25 12 month 15.08.2013
Barclays GERARDUS VOS overweight 5 M 25 Not Provided 15.08.2013
Matelan Research GmbH ADRIAN HOPKINSON buy 5 M 29 12 month 15.08.2013
Landesbank Baden-Wuerttemberg THOMAS HOFMANN hold 3 M 24 Not Provided 14.08.2013
Hauck & Aufhaeuser SASCHA BERRESCH hold 3 M 20 12 month 14.08.2013
Main First Bank AG JUERGEN WAGNER outperform 5 M 26 12 month 08.08.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 13.05.2013
Deutsche Bank BENJAMIN KOHNKE hold 3 M 16 12 month 17.01.2013
Holdings By:
Wirecard AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
Wincor Nixdorf AG manufactures banking machines and cash registers.
The Company's products include ATMs, cash deposit systems, and Automated Teller
Safes.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (14.08.2013) 51.15
52-Week Low (04.10.2012) 29.50
Daily Volume
47.69
52-Week High % Change -6.76% Dividend Yield -
52-Week Low % Change 61.66% Beta 0.96
% 52 Week Price Range High/Low 84.06% Equity Float 29.78
Shares Out 30.06.2013 33.1 Short Int -
1'577.82 1 Yr Total Return 50.73%
Total Debt 237.27 YTD Return 38.19%
Preferred Stock 0.0 Adjusted BETA 0.965
Minority Interest 4.7 Analyst Recs 21
Cash and Equivalents 38.43 Consensus Rating 3.190
Enterprise Value 1'700.08
Average Volume 5 Day 79'804
WIN GY EQUITY YTD Change - Average Volume 30 Day 83'088
WIN GY EQUITY YTD % CHANGE - Average Volume 3 Month 93'676
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 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1
2'318.6 2'250.2 2'239.5 2'328.2 2'343.0 2'288.0 2'480.1 2'465.7 2'563.9 626.7 678.0
0.65x 0.69x 0.73x 0.51x 0.48x 1.97x 1.93x 0.71x 0.66x - -
240.4 224.7 214.5 217.0 165.3 168.7 185.8 196.3 229.1 76.7 57.0
6.31x 6.90x 7.63x 5.48x 6.73x 6.11x 7.32x 8.66x 7.42x 7.16x 5.48x
126.6 113.6 106.2 107.1 62.6 71.9 81.4 85.6 107.8 26.8 31.3
10.44x 12.26x 14.24x 9.71x 14.55x 11.84x 15.11x 16.26x 13.18x 13.30x 10.18x
EBITDA 165.32 Long-Term Rating Date -
EBIT 100.36 Long-Term Rating -
Operating Margin 4.28% Long-Term Outlook -
Pretax Margin 3.83% Short-Term Rating Date -
Return on Assets 5.79% Short-Term Rating -
Return on Common Equity 24.11%
Return on Capital - EBITDA/Interest Exp. 15.43
Asset Turnover 1.76% (EBITDA-Capex)/Interest Exp. 11.14
Net Debt/EBITDA 0.64
Gross Margin 20.9% Total Debt/EBITDA 0.84
EBITDA Margin 7.5%
EBIT Margin 5.0% Total Debt/Equity 73.1%
Net Income Margin 2.7% Total Debt/Capital 41.9%
Asset Turnover 1.76
Current Ratio 1.02 Net Fixed Asset Turnover 17.77
Quick Ratio 0.57 Accounts receivable turnover-days 55.47
Debt to Assets 16.91% Inventory Days 63.91
Tot Debt to Common Equity 73.10% Accounts Payable Turnover Day 57.44
Accounts Receivable Turnover 6.58 Cash Conversion Cycle 64.12
Inventory Turnover 5.71
Fiscal Year Ended
Wincor Nixdorf AGPrice/Volume
Valuation Analysis
68'799.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WINCOR NIXDORF AG n/a Co File 3'308'500 10 - 30.09.2012 Corporation
BLACKROCK n/a ULT-AGG 1'994'996 6.03 - 23.09.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'746'514 5.28 4'777 30.06.2013 Investment Advisor
WILLIAM BLAIR & COMP n/a Research 1'636'175 4.95 (110'339) 01.08.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'322'827 4 - 30.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 1'111'526 3.36 7'892 30.06.2013 Unclassified
ARTISAN PARTNERS HOL n/a Research 964'009 2.91 - 23.08.2013 Investment Advisor
AMUNDI n/a Research 961'330 2.91 - 24.04.2013 Investment Advisor
POLARIS CAPITAL MANA #N/A N/A Research 807'556 2.44 - 11.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 783'622 2.37 - 31.12.2012 Government
CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 666'660 2.01 30'000 30.06.2013 Investment Advisor
PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 448'050 1.35 - 30.06.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 432'634 1.31 - 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 405'261 1.22 3'100 31.05.2013 Investment Advisor
ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 339'594 1.03 - 30.09.2012 Investment Advisor
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 337'840 1.02 - 31.03.2013 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 329'277 1 - 31.05.2013 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 311'300 0.94 2'500 30.04.2013 Investment Advisor
TREMBLANT CAPITAL LP n/a Short (267'988) -0.81 (36'393) 02.04.2013 Other
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 262'563 0.79 (59'700) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Main First Bank AG JUERGEN WAGNER underperform 1 M 42 12 month 23.09.2013
Bankhaus Lampe HEIKO FEBER hold 3 M 49 12 month 18.09.2013
Landesbank Baden-Wuerttemberg THOMAS HOFMANN hold 3 M 52 Not Provided 10.09.2013
Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 38 6 month 29.08.2013
HSBC JOERG-ANDRE FINKE overweight 5 M 60 Not Provided 28.08.2013
Matelan Research GmbH ADRIAN HOPKINSON neutral 3 M 47 12 month 15.08.2013
Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 49 6 month 14.08.2013
Deutsche Bank UWE SCHUPP buy 5 M 54 12 month 29.07.2013
Nord/LB WOLFGANG DONIE buy 5 M 54 12 month 26.07.2013
Hauck & Aufhaeuser TORBEN TEICHLER buy 5 M 53 12 month 26.07.2013
Bankhaus Metzler STEPHAN BAUER sell 1 M 40 12 month 26.07.2013
Kepler Cheuvreux STEFAN AUGUSTIN hold 3 M 49 Not Provided 26.07.2013
Equinet Institutional Services(ESN) ADRIAN PEHL hold 3 D 49 12 month 26.07.2013
DZ Bank AG HARALD SCHNITZER hold 3 U 46 Not Provided 26.07.2013
UBS SVEN WEIER buy 5 M 52 12 month 25.07.2013
Wedbush GIL B LURIA neutral 3 M 50 12 month 25.07.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 47 12 month 25.07.2013
M.M. Warburg Investment Research BJOERN VOSS hold 3 D 47 12 month 25.07.2013
Berenberg Bank ALI FARID KHWAJA sell 1 M 30 Not Provided 08.07.2013
National Bank AG EKKEHARD D LINK buy 5 M 49 Not Provided 25.04.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Wincor Nixdorf AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.09.2013
ElringKlinger AG manufactures and distributes original equipment and replacement
parts for automobiles. The Company makes cylinder-head gaskets, seals, modules,
and elastomer gasket systems, and shielding systems. ElringKlinger offers
engine testing services. The Company owns real estate properties such as
industrial parks and warehouses.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (24.09.2013) 32.93
52-Week Low (02.10.2012) 20.27
Daily Volume
32.38
52-Week High % Change -1.67% Dividend Yield -
52-Week Low % Change 59.74% Beta 1.06
% 52 Week Price Range High/Low 95.70% Equity Float 30.41
Shares Out 30.06.2013 63.4 Short Int -
2'051.60 1 Yr Total Return 48.85%
Total Debt 314.71 YTD Return 29.12%
Preferred Stock 0.0 Adjusted BETA 1.057
Minority Interest 31.0 Analyst Recs 23
Cash and Equivalents 54.27 Consensus Rating 2.696
Enterprise Value 2'379.14
Average Volume 5 Day 60'376
ZIL2 GY EQUITY YTD Change - Average Volume 30 Day 66'340
ZIL2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 68'305
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
657.8 579.3 795.7 1'032.8 1'127.2 1'103.8 1'147.5 1'193.0 1'270.3 300.5 302.0
0.99x 1.97x 2.25x 1.42x 1.69x 5.37x 6.33x 1.95x 1.80x - -
138.8 135.6 199.8 227.5 215.5 233.9 210.3 238.7 264.2 - -
4.71x 8.42x 8.97x 6.45x 8.85x 6.40x 9.25x 9.97x 9.01x - -
39.8 33.2 65.6 94.9 85.9 104.8 86.4 99.3 116.6 25.2 25.7
10.07x 27.93x 23.87x 12.79x 18.75x 11.36x 18.65x 20.49x 17.51x - -
EBITDA 215.47 Long-Term Rating Date -
EBIT 136.09 Long-Term Rating -
Operating Margin 12.07% Long-Term Outlook -
Pretax Margin 10.98% Short-Term Rating Date -
Return on Assets 6.64% Short-Term Rating -
Return on Common Equity 14.19%
Return on Capital - EBITDA/Interest Exp. 16.03
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 8.36
Net Debt/EBITDA 1.40
Gross Margin 27.7% Total Debt/EBITDA 1.69
EBITDA Margin 18.3%
EBIT Margin 11.7% Total Debt/Equity 51.7%
Net Income Margin 7.6% Total Debt/Capital 33.0%
Asset Turnover 0.88
Current Ratio 1.58 Net Fixed Asset Turnover 2.03
Quick Ratio 0.73 Accounts receivable turnover-days 67.90
Debt to Assets 24.81% Inventory Days 102.30
Tot Debt to Common Equity 51.65% Accounts Payable Turnover Day 26.94
Accounts Receivable Turnover 5.38 Cash Conversion Cycle 133.56
Inventory Turnover 3.57
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
ElringKlinger AGPrice/Volume
Valuation Analysis
22'021.00
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] |
27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LECHLER FAMILY n/a Research 32'947'194 52 - 25.01.2013 n/a
ALKEN LUXEMBOURG SAR n/a Research 1'936'862 3.06 - 13.09.2013 Investment Advisor
AMERIPRISE FINANCIAL n/a Research 1'913'679 3.02 - 10.09.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'791'706 2.83 - 09.10.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'710'210 2.7 (1'833) 10.05.2013 Investment Advisor
NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 1'592'385 2.51 5'287 31.07.2013 Insurance Company
MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 1'104'277 1.74 533'277 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 935'450 1.48 34'500 31.07.2013 Investment Advisor
THREADNEEDLE n/a ULT-AGG 918'094 1.45 57'477 31.05.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 790'398 1.25 - 31.12.2012 Government
DANSKE INVEST A/S Multiple Portfolios MF-AGG 639'068 1.01 22'189 31.05.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 602'057 0.95 (35'927) 30.06.2013 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 525'330 0.83 3'330 31.07.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 346'397 0.55 8'173 31.07.2013 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 340'919 0.54 1'570 28.06.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 216'951 0.34 - 30.04.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 208'247 0.33 8'256 30.06.2013 Unclassified
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 200'000 0.32 - 30.06.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 192'793 0.3 17 31.05.2013 Investment Advisor
DWS INVESTMENTS Multiple Portfolios MF-AGG 155'599 0.25 2'802 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Steubing AG TOBIAS SCHMIDT hold 3 M 31 12 month 24.09.2013
Nord/LB FRANK SCHWOPE sell 1 M 23 12 month 16.09.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ reduce 2 M 23 6 month 12.09.2013
Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 32 12 month 10.09.2013
Hauck & Aufhaeuser PHILIPPE LORRAIN buy 5 U 33 12 month 04.09.2013
DZ Bank AG MICHAEL PUNZET hold 3 M 28 Not Provided 16.08.2013
Goldman Sachs STEPHAN PUETTER sell/attractive 1 M 21 12 month 14.08.2013
Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 33 12 month 12.08.2013
Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 28 Not Provided 12.08.2013
Close Brothers Equity Markets RALF MARINONI buy 5 M 33 12 month 12.08.2013
Kepler Cheuvreux MICHAEL RAAB reduce 2 M 26 Not Provided 12.08.2013
Exane BNP Paribas GERHARD ORGONAS neutral 3 M 29 Not Provided 12.08.2013
Deutsche Bank TIM ROKOSSA hold 3 M 23 12 month 09.08.2013
Independent Research GmbH ZAFER RUZGAR sell 1 D 25 12 month 09.08.2013
Bankhaus Lampe CHRISTIAN LUDWIG hold 3 M 27 12 month 09.08.2013
M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 28 12 month 09.08.2013
Bankhaus Metzler JUERGEN PIEPER sell 1 M 23 12 month 09.08.2013
Equinet Institutional Services(ESN) TIM SCHULDT reduce 2 M 20 12 month 09.08.2013
Montega HENDRIK EMRICH sell 1 M 22 12 month 09.08.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 05.08.2013
HSBC NIELS FEHRE neutral 3 M 28 Not Provided 23.07.2013
Berenberg Bank BENJAMIN GLAESER hold 3 M 25 Not Provided 01.05.2013
LFG Kronos Investment Services GmbH THOMAS ANEY hold 3 M 26 Not Provided 11.03.2013
GSC Research MATTHIAS SCHRADE buy 5 M #N/A N/A Not Provided 20.07.2012
Holdings By:
ElringKlinger AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |