fundamental equity analysis - qms global agriculture flexindex - the qms advisors' global...
DESCRIPTION
Fundamental Equity Analysis - QMS Global Agriculture FlexIndex - The QMS Advisors' Global Agriculture Flexible Index.xlsTRANSCRIPT
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August 2013
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Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 15506648 2068.725 1096 1096 203 220 220 104.09 110.31 110.31 16.20 16.20 15.28 15.28 18.58
Euro Stoxx 50 Pr EUR 2749994 5651.205 4694 4694 757 791 791 223.73 301.85 301.85 21.73 18.26 16.11 16.11 20.90
NIKKEI 225 JPY 2736710 192.8163 197 197 19 22 22 5.73 8.12 8.12 0.25 0.24 0.18 0.18 0.11
FTSE 100 INDEX GBP 2759715 11992.46 9815 9815 1443 1652 1652 593.10 805.86 805.86 25.70 22.35 18.92 18.92 21.68
SWISS MARKET INDEX CHF 1066765 10838.49 4153 4153 935 854 854 442.14 565.80 565.80 20.47 17.72 16.00 16.00 24.38
S&P/TSX COMPOSITE INDEX CAD 1656479 17399.98 8467 8467 1848 1991 1991 759.17 813.39 813.39 15.62 15.62 14.58 14.58 23.95
S&P/ASX 200 INDEX AUD 1255626 5951.052 2639 2639 548 676 676 221.54 314.90 314.90 18.63 15.09 13.11 13.11 20.13
HANG SENG INDEX HKD 1686961 3138.247 1669 1669 356 400 400 280.48 270.36 270.36 1.30 1.48 1.34 1.34 2.91
MSCI EM USD 7192424 1322.513 975 975 188 179 179 82.73 89.20 89.20 11.53 11.76 10.69 10.69 19.21
SYNGENTA AG-ADR USD 37036 332 3 0 2 14202 14327 15043 15731 3148 3058 - - - - 4.72 5.14 - - 16.85 15.48 7.04 3.12 8.97 10.25 21.34 A 15.06.2007 - -
MONSANTO CO USD 53540 4206 534 2 0 0 4 52.86 13504 14769 14961 16146 3760 4206 -119 -119 3.77 4.55 4.58 5.35 22.08 22.08 21.93 18.79 14.23 4.50 20.67 14.20 28.48 A+ 21.10.2008 A1 21.02.2012
ARCHER-DANIELS-MIDLAND CO USD 23738 3312 659 10 0 0 3 30.31 90559 91131 90117 92386 2827 2554 647 647 2.31 2.18 2.36 3.04 16.49 16.49 15.30 11.86 12.25 15.34 -20.72 0.61 2.80 A 03.05.2013 A2 *- 30.04.2013
DEERE & CO USD 32200 4001 388 6 0 0 5 34.35 35657 37235 35478 35629 5425 6116 1378 1378 7.20 7.79 8.51 8.59 10.65 10.65 9.75 9.66 13.03 7.19 12.76 11.23 16.43 A 14.12.2006 A2 08.02.2007
POTASH CORP OF SASKATCHEWAN USD 27397 106282 865 4 0 0 1 30.23 7927 8029 7550 7708 3589 3545 864 864 2.63 2.62 2.50 2.64 12.07 12.07 12.67 12.00 -9.04 10.97 -18.39 14.49 44.15 A- 15.11.2010 A3 07.06.2013
KUBOTA CORP-SPONS ADR USD 18482 78 461 0 52 111 1167628 1167628 1357415 1425261 142415 142415 191635 191635 - - 390.81 430.49 - - 18.39 16.70 15.83 2.32 9.90 -3.19 12.20 NR 09.01.2007 WR 30.09.2005
AGRIUM INC USD 12924 5189 149 4 0 0 1 16.27 16686 16281 16800 17580 2715 2668 1194 1194 9.46 9.38 9.27 9.32 9.22 9.22 9.33 9.28 7.86 26.96 0.33 26.26 16.39 BBB 24.11.2005 Baa2 18.03.2010
CF INDUSTRIES HOLDINGS INC USD 11694 4105 63 2 0 0 2 11.47 6104 5913 5590 5422 3332 3297 827 827 27.77 28.40 23.94 22.09 6.95 6.95 8.24 8.93 0.10 25.42 5.42 37.17 55.75 - - - -
BUNGE LTD USD 11201 1313 146 9 1 0 1 22.31 60991 64609 64492 65718 1580 1705 640 640 7.58 6.13 6.74 7.93 12.47 12.47 11.34 9.64 8.72 3.04 -7.98 0.50 2.64 BBB- 10.06.2010 - -
MOSAIC CO/THE USD 18655 61378 426 1 0 0 4 16.05 9974 9974 8958 10051 2814 2890 627 627 4.08 3.99 3.94 4.39 10.99 10.99 11.12 9.99 -10.21 2.11 -9.77 -2.55 28.98 BBB 28.04.2011 Baa1 12.10.2011
WILMAR INTERNATIONAL LTD SGD 15842 6355 6396 17 0 1 2 28.28 35744 35532 37426 41902 1613 1757 462 462 0.15 0.16 0.17 0.18 9.50 9.50 9.23 8.29 1.32 8.50 9.07 15.52 3.89 - - - -
FIAT INDUSTRIAL EUR 15077 2736 1223 28 0 1 6 39.76 34248 34472 35213 36951 3716 3699 976 976 1.02 0.88 1.10 1.30 18.54 17.44 14.88 12.62 8.52 - 25.19 - 14.37 BB+ 04.11.2010 - -
TRACTOR SUPPLY COMPANY USD 8384 416 70 0 0 0 0 8.33 4664 4893 5158 5693 526 560 117 117 3.80 4.17 4.48 5.25 28.81 28.81 26.82 22.90 10.19 10.17 21.41 20.02 11.45 - - - -
TYSON FOODS INC-CL A USD 9691 3389 359 2 0 0 1 11.38 33278 33502 34239 35034 1747 1655 505 505 1.93 2.16 2.12 2.60 12.62 12.62 12.89 10.49 3.14 6.01 -2.46 9.10 4.94 BBB 11.02.2013 Baa3 07.06.2012
YARA INTERNATIONAL ASA NOK 12552 623 284 2 0 0 2 13.02 14159 14393 14224 14569 2460 2246 533 533 - 5.35 5.07 4.91 1.39 - 1.47 1.52 1.36 0.29 -1.40 2.97 2.63 BBB 15.03.2010 Baa2 17.03.2010
URALKALI-SPON GDR-REG S USD 12 4 0 0 2 3950 3950 3839 4109 2311 2311 - - - - 2.32 2.58 - - 10.34 9.29 12.98 50.12 11.76 37.32 58.52 BBB- 18.06.2012 - -
AGCO CORP USD 5341 1067 97 1 0 0 1 6.26 9962 10092 10524 10719 946 960 317 317 5.25 5.22 5.63 5.95 10.51 10.51 9.75 9.23 13.55 7.99 20.74 11.69 9.51 BBB- 05.03.2010 WR 23.06.2005
IOI CORPORATION BHD MYR 10751 6055 6398 3 0 0 1 12.26 4774 4288 4550 4822 728 816 - - 0.08 0.10 0.08 0.09 5.12 5.41 6.14 5.80 -1.02 -0.05 -0.76 1.43 5.87 BBB 15.05.2013 - -
SMITHFIELD FOODS INC USD 4620 3103 139 3 0 0 0 6.83 13221 13221 13506 13828 744 744 181 181 1.80 1.79 2.69 3.12 18.62 18.62 12.35 10.66 0.97 3.00 -23.70 4.22 5.63 BB *- 29.05.2013 B1 *- 15.07.2013
K+S AG-REG EUR 5190 5823 191 2 0 0 1 5.50 5227 5017 5405 5306 1434 1418 303 303 3.98 3.77 3.63 3.11 9.55 9.17 9.93 11.58 -2.04 5.91 -5.04 27.73 37.54 BBB+ 08.09.2011 Baa2 10.10.2009
INCITEC PIVOT LTD AUD 3872 16737 1629 1 0 0 0 5.35 3164 3055 3084 3487 661 469 425 425 0.25 0.26 0.17 0.23 8.11 9.33 12.38 9.43 -1.13 21.04 -8.62 15.80 13.89 BBB 12.10.2009 Baa3 04.12.2009
NIPPON MEAT PACKERS INC JPY 3526 1169 199 2 0 0 1 4.38 10456 10688 10784 11027 489 489 - - 0.73 0.89 0.84 0.93 0.18 - 0.19 0.17 0.00 0.00 -0.14 0.03 0.05 NR 09.01.2007 WR 25.09.2008
ISRAEL CHEMICALS LTD ILs 10252 3837 1272 1 0 0 0 3.27 1871 1896 1888 1938 533 540 132 132 0.29 0.29 0.27 0.26 2.19 2.19 2.36 2.43 -1.57 1.72 -3.86 4.35 7.99 - - - -
CHAROEN POKPHAND INDONESI PT IDR 6874 14975 16398 0 0 0 0 6.95 2078 2247 2454 2835 349 338 - - - 0.02 0.02 0.02 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -
NUTRECO NV EUR 3288 22 69 1 0 0 0 3.65 6945 7004 7233 7599 408 408 - - 3.35 2.86 3.41 3.80 21.72 18.55 18.21 16.36 14.29 1.17 17.26 12.12 7.80 - - - -
TORO CO USD 2813 405 58 0 0 0 0 2.96 1959 1993 2008 2144 259 284 60 60 2.10 2.60 2.45 2.86 18.83 18.83 20.00 17.13 3.97 2.89 11.27 -0.49 14.23 BBB 30.04.2012 Baa3 22.01.1996
CHAROEN POKPHAND FOODS-NVDR THB 6920 8184 7743 5 0 1 0 12.08 11400 11845 12599 13951 493 390 101 101 - 0.03 0.04 0.07 0.85 - 0.77 0.42 2.34 0.72 -0.65 0.78 0.11 - - - -
GOLDEN AGRI-RESOURCES LTD SGD 5299 244851 12838 1 0 0 1 5.19 4758 4688 4389 4975 597 539 - - 0.03 0.02 0.03 0.03 11.31 - 9.54 8.32 1.31 21.84 -13.24 6.17 9.03 - - - -
KUALA LUMPUR KEPONG BHD MYR 6960 1079 1065 1 0 0 1 7.30 3239 2914 3067 3422 535 471 - - - 0.29 0.29 0.35 7.00 - 6.87 5.77 -0.53 1.68 -7.65 3.83 4.99 - - - -
MARINE HARVEST NOK 3788 3409 3748 1 0 0 0 4.87 2607 2596 3004 3461 205 247 182 182 - 0.03 0.09 0.12 5.11 - 1.84 1.40 -0.70 0.71 -11.10 0.46 1.61 - - - -
PPB GROUP BERHAD MYR 5445 561 1186 0 0 0 0 5.38 927 951 976 1019 94 84 121 121 - 0.23 0.24 0.26 6.05 - 5.97 5.44 3.65 0.48 7.35 -1.97 2.72 - - - -
FELDA GLOBAL VENTURES MYR 4948 1139 3648 1 0 0 2 4.01 3972 4269 3731 4001 296 360 - - 0.09 0.07 0.06 0.07 6.19 5.08 6.96 5.90 22.47 - -15.27 - 2.60 - - - -
TAIWAN FERTILIZER CO LTD TWD 2396 2528 980 0 0 0 0 2.35 593 593 589 706 46 46 - - 0.12 0.11 0.13 0.16 0.72 - 0.64 0.51 0.16 0.45 3.39 0.72 0.26 - - - -
QUIMICA Y MINERA CHIL-SP ADR USD 8333 6177 2 0 0 1 2429 2523 2375 2620 1096 1100 245 245 - - 2.26 2.50 - - 13.62 12.30 13.23 14.20 15.49 25.09 43.59 BBB 27.04.2009 Baa1 23.10.2006
TONGAAT HULETT LTD ZAr 1397 103 107 1 0 0 0 2.08 1458 1458 1528 1658 263 263 293 293 0.96 0.97 1.13 1.35 1.34 1.36 1.15 0.97 1.92 - 1.58 - 1.83 - - - -
ANDERSONS INC/THE USD 1117 116 19 0 0 0 0 1.82 5272 5407 5508 5672 160 156 63 63 4.23 3.93 4.13 5.18 15.20 15.20 14.46 11.54 15.20 13.09 -2.76 10.72 2.88 - - - -
LINDSAY CORP USD 962 289 13 0 0 0 0 0.79 551 670 701 671 78 116 22 22 3.75 5.34 5.60 5.09 14.00 14.00 13.34 14.69 15.11 14.06 14.14 20.32 17.37 - - - -
KERNEL HOLDING SA PLN 1284 10 79 0 0 0 0 0.70 675 831 846 819 100 99 32 32 0.81 0.55 0.62 0.88 2.85 2.86 2.54 1.79 4.26 7.73 1.16 14.79 3.71 - - - -
NUFARM LTD AUD 1069 787 262 1 0 0 0 1.97 1972 2037 2008 2111 192 207 161 161 0.23 0.17 0.27 0.37 22.12 - 13.42 9.92 4.25 0.40 27.45 -1.18 9.20 BB 21.02.2011 - -
FIRST RESOURCES LTD SGD 2092 926 1584 0 0 0 0 1.83 474 482 532 678 252 263 - - 0.12 0.13 0.10 0.12 6.51 6.51 7.93 6.88 17.30 25.16 7.31 - 42.93 - - - -
CHIQUITA BRANDS INTL USD 552 520 46 1 0 0 0 1.11 3078 3060 3026 3077 59 81 54 54 -4.79 -4.54 0.55 1.11 - - 21.62 10.71 -1.94 -3.63 -57.51 -14.73 2.66 B 03.09.2009 Caa1 18.03.2010
CHAODA MODERN AGRICULTURE HKD 467 0 3188 0 0 0 0 0.04 898 975 545 557 - - 0.15 0.15 0.09 0.10 1.76 3.19 2.43 3.69 7.37 NR 10.02.2012 WR 10.08.2011
CHINA BLUECHEMICAL LTD - H HKD 2128 17012 4610 0 0 0 0 1.53 1385 1385 1539 1613 445 445 - - 0.05 0.05 0.05 0.06 0.92 0.90 0.86 0.84 1.30 3.21 -0.35 1.42 4.14 - - - -
ASTRA AGRO LESTARI TBK PT IDR 2387 590 1575 0 0 0 0 2.60 1127 1113 1175 1344 383 344 97 97 0.15 0.13 0.13 0.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -
TURK TRAKTOR VE ZIRAAT MAKIN TRY 1672 11 53 0 0 0 0 1.72 1022 982 1112 1212 162 154 - - - 2.32 2.69 2.91 7.00 - 6.05 5.57 4.99 14.05 -1.56 12.88 8.14 - - - -
PP LONDON SUMATRA INDONES PT IDR 745 30598 6823 0 0 0 0 0.60 411 402 425 476 147 125 27 27 - 0.01 0.01 0.02 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -
INDOFOOD AGRI RESOURCES LTD SGD 998 1706 1434 5331 0 7101 3996 17120.44 10885204 10804410 10411263 11833522 2360097 2287499 2321007 2321007 576.85 426.13 480.03 641.52 10.35 9.32 9.19 6.89 7.73 3.23 -12.73 11.28 16.65 - - - -
SINOFERT HOLDINGS LTD HKD 1096 58465 7024 1 0 0 0 1.36 5311 5311 5407 5666 179 179 - - 0.01 0.02 0.02 0.02 0.99 - 0.99 0.83 1.58 1.29 2.26 -0.98 0.43 - - - -
CRESUD S.A.-SPONS ADR USD 377 56 4 0 2 1 3458 3585 2973 3138 893 493 - - - - 2.18 4.44 - - 18.98 9.30 36.12 96.83 -3.07 83.90 13.75 - - - -
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 2.35 2.35 2.17 1.99 2.35 1.54 1.54 1.45 1.39 1.54 10.71 10.71 10.02 10.41 10.71 9.42 9.42 8.68 8.11 9.42 15.28 15.28 13.78 12.46 15.28 2.09 2.09 2.25 2.41 2.09 1817.9 7.8%
Euro Stoxx 50 Pr 1.20 1.20 1.14 1.08 1.20 0.78 0.78 0.76 0.74 0.78 6.12 6.12 5.60 5.07 6.12 7.15 7.15 6.76 6.41 7.15 12.13 12.13 10.80 9.73 12.13 4.16 4.16 4.41 4.75 4.16 2982.2 8.2%
NIKKEI 225 1.48 1.48 1.38 1.29 1.48 0.71 0.71 0.69 0.67 0.71 8.67 8.67 8.02 7.41 8.67 8.67 8.67 7.96 7.53 8.67 17.22 17.22 15.31 13.84 17.22 1.69 1.69 1.85 1.99 1.69 15094.6 10.4%
FTSE 100 INDEX 1.75 1.75 1.63 1.51 1.75 1.02 1.02 0.99 0.98 1.02 8.47 8.47 7.80 7.11 8.47 7.26 7.26 6.68 6.28 7.26 12.42 12.42 11.29 10.40 12.42 3.81 3.81 4.09 4.44 3.81 7018.4 6.9%
SWISS MARKET INDEX 2.36 2.36 2.19 2.03 2.36 2.02 2.02 1.93 1.84 2.02 12.36 12.36 11.22 10.06 12.35 12.69 12.69 11.73 10.97 12.69 14.83 14.83 13.40 12.16 14.83 3.29 3.29 3.67 4.20 3.29 8688.5 11.7%
S&P/TSX COMPOSITE INDEX 1.69 1.69 1.58 1.47 1.69 1.44 1.44 1.48 1.50 1.44 8.64 8.64 7.86 6.50 8.64 8.74 8.74 7.79 7.26 8.74 15.02 15.02 13.30 12.09 15.02 3.20 3.20 3.34 3.47 3.20 14096.1 12.0%
S&P/ASX 200 INDEX 1.85 1.85 1.75 1.65 1.85 1.73 1.73 1.64 1.56 1.73 10.56 10.56 9.52 9.07 10.56 8.80 8.80 7.99 7.46 8.80 14.50 14.50 13.15 12.09 14.50 4.65 4.65 4.98 5.32 4.65 5217.1 3.3%
HANG SENG INDEX 1.30 1.30 1.20 1.14 1.30 1.69 1.69 1.56 1.44 1.69 7.78 7.78 7.40 6.86 7.77 7.85 7.85 7.19 6.53 7.85 10.43 10.43 9.59 8.78 10.43 3.68 3.68 3.98 4.32 3.68 24746.4 13.2%
MSCI EM 1.38 1.38 1.26 1.15 1.38 0.98 0.98 0.91 0.85 0.98 6.88 6.88 6.31 5.82 6.88 7.37 7.37 6.70 6.16 7.37 10.69 10.69 9.55 8.74 10.69 2.93 2.93 3.23 3.48 2.93 1126.3 18.1%
SYNGENTA AG-ADR 2.59 2.46 2.35 2.20 2.14 13.76 14.36 12.95 17.11 16.85 15.48 13.91 13.62 6.97 2.77 3.02 79.24 -0.4%
MONSANTO CO 4.49 4.07 3.58 3.11 3.91 3.58 3.32 3.08 3.10 20.36 18.66 15.69 13.59 14.10 12.57 10.75 9.66 9.93 27.02 21.93 18.79 16.62 15.53 1.14 1.50 1.58 1.61 117.62 17.1%
ARCHER-DANIELS-MIDLAND CO 1.25 1.19 1.11 1.04 0.27 0.26 0.26 0.25 8.22 10.98 8.54 10.63 9.79 9.66 7.84 8.25 15.33 15.30 11.86 11.51 1.87 1.99 2.05 2.17 36.38 1.0%
DEERE & CO 4.20 3.20 2.56 2.12 0.96 0.91 0.90 0.87 10.39 8.53 7.95 7.25 6.64 5.89 5.90 5.66 10.68 9.75 9.66 9.40 2.08 2.34 2.45 2.57 97.56 17.6%
POTASH CORP OF SASKATCHEWAN 2.79 2.47 2.26 2.21 3.49 3.63 3.55 3.49 3.11 8.61 8.67 9.28 8.18 7.64 7.97 7.83 7.71 11.26 12.67 12.00 11.58 1.90 3.82 4.22 4.30 37.77 19.4%
KUBOTA CORP-SPONS ADR 1.56 1.33 1.27 17.69 13.59 12.41 25.73 18.39 16.70 1.10 1.38 1.50 89.41 21.6%
AGRIUM INC 1.89 1.57 1.34 1.21 0.78 0.77 0.74 0.69 0.68 7.68 7.84 6.97 6.47 6.14 6.44 6.32 5.86 5.56 8.79 9.33 9.28 8.60 8.16 0.82 2.08 2.16 2.24 105.78 22.3%
CF INDUSTRIES HOLDINGS INC 2.11 1.80 1.54 1.40 1.88 2.09 2.16 2.11 1.94 5.73 7.55 8.76 12.60 7.15 3.38 4.13 4.55 4.57 3.90 7.10 8.24 8.93 8.74 7.50 0.81 0.81 0.81 0.81 211.47 7.2%
BUNGE LTD 0.96 0.92 0.85 0.78 0.17 0.17 0.17 0.16 7.98 7.44 7.75 11.23 10.14 9.45 9.09 12.30 11.34 9.64 9.35 1.30 1.37 1.55 1.66 83.82 9.7%
MOSAIC CO/THE 1.39 1.50 1.93 2.22 1.87 2.08 1.86 1.77 7.76 10.39 7.28 6.63 5.61 6.63 5.43 4.85 10.71 11.12 9.99 8.57 7.70 2.28 2.05 2.28 1.90 2.28 55.88 27.6%
WILMAR INTERNATIONAL LTD 1.11 1.03 0.95 0.89 0.35 0.33 0.30 0.27 9.17 10.07 11.16 10.41 16.07 14.23 12.96 12.00 14.15 11.74 10.54 9.64 1.70 1.90 2.10 2.34 3.76 19.3%
FIAT INDUSTRIAL 2.11 2.01 1.74 1.51 0.44 0.43 0.41 0.39 0.36 6.84 6.54 5.77 5.32 10.80 10.35 9.36 8.52 7.80 11.92 11.20 9.50 7.98 6.36 2.47 2.79 3.32 3.73 10.00 7.7%
TRACTOR SUPPLY COMPANY 7.58 7.03 6.13 4.89 5.16 1.80 1.63 1.47 1.34 1.20 29.16 20.77 19.02 15.27 15.93 13.88 12.10 10.59 9.53 32.25 26.82 22.90 19.44 17.06 0.60 0.76 0.89 0.93 1.15 130.83 8.9%
TYSON FOODS INC-CL A 1.69 1.52 1.35 1.22 0.29 0.28 0.28 0.26 10.64 8.93 7.31 7.40 6.68 6.16 5.43 5.12 15.17 12.89 10.49 9.88 0.59 0.79 0.73 0.73 29.90 9.5%
YARA INTERNATIONAL ASA 1.46 1.36 1.25 1.16 1.21 0.89 0.88 0.86 0.85 1.02 5.54 7.17 6.96 6.95 4.84 5.50 5.71 5.72 6.47 7.19 8.71 9.00 8.76 13.34 3.81 4.47 4.38 4.56 3.44 293.10 11.9%
URALKALI-SPON GDR-REG S 1.77 1.77 1.63 1.53 1.42 8.05 7.82 7.20 6.54 6.03 9.97 10.34 9.29 8.34 7.47 5.55 5.42 5.60 6.36 6.18
AGCO CORP 1.54 1.34 1.18 1.04 0.54 0.51 0.50 0.49 7.94 6.73 6.32 5.83 6.60 5.85 5.53 5.20 10.52 9.75 9.23 8.87 0.00 0.39 0.49 0.42 61.17 11.5%
IOI CORPORATION BHD 2.74 2.60 2.44 2.29 2.18 2.03 2.36 2.23 2.12 2.30 20.00 18.96 19.64 17.44 17.61 13.47 15.26 14.44 13.38 14.46 17.67 19.93 18.83 17.06 18.83 3.00 2.77 2.82 2.99 2.93 5.47 0.2%
SMITHFIELD FOODS INC 1.43 1.21 1.15 0.35 0.34 0.33 9.07 8.51 7.42 6.86 16.59 12.35 10.66 32.75 -1.5%
K+S AG-REG 1.16 1.05 0.98 0.91 0.82 0.98 0.96 0.98 0.95 0.90 4.83 5.17 5.71 6.11 4.35 3.92 4.08 4.65 4.71 4.47 7.33 7.48 8.72 9.38 8.78 6.73 5.74 5.00 4.79 5.14 30.11 47.5%
INCITEC PIVOT LTD 1.11 1.04 0.98 0.92 0.88 1.11 1.26 1.11 1.03 0.98 8.32 9.04 7.01 6.29 6.02 7.78 8.95 6.93 6.27 5.80 10.56 13.70 10.44 8.98 8.71 3.88 4.14 5.13 6.01 6.69 3.26 24.1%
NIPPON MEAT PACKERS INC 1.05 1.01 0.97 0.92 0.87 0.34 0.33 0.32 0.31 0.31 8.70 8.20 7.57 7.26 8.70 7.98 7.37 7.00 6.64 22.88 18.41 16.59 14.81 12.88 1.36 1.64 1.76 1.97 2.58 1626.25 7.7%
ISRAEL CHEMICALS LTD 3.04 2.78 2.56 2.36 1.90 1.51 1.52 1.48 1.42 1.31 6.22 7.02 7.28 6.64 5.07 5.93 6.32 6.28 5.72 4.83 7.83 8.41 8.66 7.89 5.84 9.15 8.02 7.24 7.80 11.92 4119.29 43.4%
CHAROEN POKPHAND INDONESI PT 8.49 6.62 5.33 4.54 3.28 2.80 2.43 2.12 22.15 20.15 16.89 12.44 17.61 15.37 13.08 11.73 23.55 20.33 17.00 14.52 1.19 1.45 2.03 2.55 4858.57 13.0%
NUTRECO NV 2.51 2.34 2.12 1.91 1.77 0.48 0.45 0.43 0.42 0.42 10.99 10.00 9.18 8.40 8.12 8.60 8.32 7.60 7.12 6.87 14.03 13.71 12.32 11.20 11.07 3.07 3.07 3.39 3.71 3.77 35.04 -0.6%
TORO CO 9.92 8.69 7.27 1.43 1.40 1.31 1.26 1.20 11.50 11.20 9.89 9.15 22.79 20.00 17.13 15.59 13.74 1.80 1.80 1.80 51.00 4.3%
CHAROEN POKPHAND FOODS-NVDR 2.12 1.85 1.70 1.52 0.62 0.55 0.50 0.45 0.35 16.25 11.48 11.21 12.76 18.20 15.85 11.98 10.40 10.14 26.74 24.26 13.24 10.69
GOLDEN AGRI-RESOURCES LTD 0.61 0.58 0.55 0.52 0.52 0.99 0.95 0.84 0.75 0.59 7.24 8.25 8.42 7.24 7.50 8.14 8.63 7.54 6.75 6.22 10.86 12.14 10.58 9.17 6.88 2.42 2.42 2.42 3.15 3.63 0.61 15.4%
KUALA LUMPUR KEPONG BHD 3.01 3.00 2.80 2.58 2.37 2.14 2.27 2.03 1.86 1.65 17.14 16.69 16.50 14.85 14.42 12.37 13.81 11.91 10.47 8.65 19.00 22.29 18.71 16.51 13.09 3.29 2.75 3.06 3.30 4.65 20.74 -2.2%
MARINE HARVEST 1.97 1.67 1.58 1.53 1.34 1.45 1.26 1.09 1.04 1.04 17.28 8.93 6.40 7.89 20.91 7.92 6.23 6.45 6.66 96.69 10.92 8.28 8.46 8.78 0.45 4.52 8.44 8.66 2.75 7.18 19.8%
PPB GROUP BERHAD 1.22 1.18 1.13 1.07 6.24 5.58 5.34 5.03 87.65 70.95 87.65 93.13 49.07 44.44 40.21 32.80 25.91 19.35 17.63 15.60 1.53 1.54 1.64 1.85 13.97 -6.3%
FELDA GLOBAL VENTURES 2.64 2.47 2.34 2.21 1.35 1.33 1.24 1.19 1.02 22.00 18.03 24.58 16.12 9.52 11.95 10.40 10.37 19.64 22.56 19.13 18.88 7.86 2.39 2.39 2.75 2.93 4.13 -6.1%
TAIWAN FERTILIZER CO LTD 1.36 1.32 1.24 1.16 4.04 4.06 3.39 3.54 19.83 17.25 15.14 13.70 34.04 49.05 24.90 27.11 20.91 19.16 15.39 15.17 3.35 3.72 4.36 4.83 88.08 20.2%
QUIMICA Y MINERA CHIL-SP ADR 3.61 3.18 2.75 2.60 3.39 3.51 3.18 2.91 2.82 10.07 8.11 7.98 12.11 13.62 12.30 11.33 10.39 3.45 3.94 3.84 4.35 51.86 68.6%
TONGAAT HULETT LTD 1.80 1.47 1.33 1.20 0.99 0.91 0.84 0.79 11.12 8.75 7.27 6.75 7.43 7.10 6.56 6.13 11.72 11.35 9.53 8.43 2.96 3.11 3.78 4.15 13645.00 7.6%
ANDERSONS INC/THE 1.84 1.66 1.47 0.22 0.20 0.20 7.87 6.66 10.14 9.90 8.56 13.80 14.46 11.54 1.00 1.04 1.04 57.20 -4.3%
LINDSAY CORP 1.74 1.37 1.43 1.30 1.21 9.25 6.48 6.97 6.13 5.60 19.60 13.34 14.69 12.94 11.72 0.50 0.62 0.65 0.69 0.70 83.40 11.5%
KERNEL HOLDING SA 1.09 0.93 0.81 0.71 0.71 0.59 0.47 0.49 0.44 0.40 8.10 6.58 4.75 4.36 3.04 6.70 6.93 5.93 5.39 4.90 6.05 8.10 5.73 5.01 4.68 0.00 0.00 1.73 5.91 15.89 64.43 25.1%
NUFARM LTD 0.80 0.86 0.80 0.74 0.57 0.55 0.53 0.51 0.48 0.44 8.56 11.48 5.47 6.26 7.15 8.13 8.46 7.43 6.94 6.56 11.42 14.85 10.98 9.96 8.57 2.73 1.91 2.78 3.27 3.38 4.96 10.2%
FIRST RESOURCES LTD 1.90 1.61 1.41 1.23 3.55 3.09 2.43 2.01 1.60 7.34 8.92 7.06 6.11 7.00 7.00 6.05 5.36 10.40 10.08 8.75 7.63 2.42 2.73 3.03 3.48 2.33 38.7%
CHIQUITA BRANDS INTL 0.18 0.18 0.18 12.39 7.76 6.67 21.62 10.71 15.50 30.4%
CHAODA MODERN AGRICULTURE 0.14 0.39 0.62 0.07 0.72 9.89
CHINA BLUECHEMICAL LTD - H 0.97 0.88 0.81 0.75 1.22 1.09 1.04 0.93 4.07 4.00 4.37 5.34 3.22 3.11 2.91 2.70 6.77 6.71 6.49 6.43 5.16 5.37 5.62 5.65 4.95 38.3%
ASTRA AGRO LESTARI TBK PT 2.73 2.52 2.25 2.04 1.80 2.16 2.03 1.78 1.59 1.64 8.82 9.48 7.94 6.82 7.92 7.61 7.56 6.41 5.91 6.77 11.04 11.99 10.58 9.06 8.62 5.51 4.66 4.32 5.42 3.93 18542.79 19.2%
TURK TRAKTOR VE ZIRAAT MAKIN 5.08 4.41 3.92 3.72 1.65 1.50 1.38 1.27 1.26 18.56 15.66 12.94 15.67 10.58 9.59 8.67 7.94 7.93 12.38 11.67 10.76 9.50 6.11 6.34 7.00 8.73 64.87 7.2%
PP LONDON SUMATRA INDONES PT 1.16 1.12 1.01 0.94 0.95 1.67 1.75 1.57 1.45 1.28 4.95 6.82 5.98 5.54 6.29 3.54 4.57 3.91 3.68 4.28 5.86 8.09 6.63 6.23 4.64 7.62 4.94 4.70 5.34 4.66 1690.75 51.0%
INDOFOOD AGRI RESOURCES LTD 0.75 0.70 0.65 0.60 0.59 0.75 0.77 0.68 0.62 0.50 4.19 7.61 5.01 3.62 2.82 6.22 7.38 6.03 5.78 4.45 8.70 11.71 8.76 7.52 3.91 1.11 0.81 0.96 1.11 1.10 24.3%
SINOFERT HOLDINGS LTD 0.49 0.46 0.43 0.40 0.16 0.16 0.15 0.16 4.35 4.16 3.98 7.05 7.26 6.57 5.39 7.71 7.65 6.42 6.38 2.09 1.99 2.61 2.51 1.80 49.0%
CRESUD S.A.-SPONS ADR 1.02 1.07 0.96 0.86 0.83 0.70 0.66 0.64 0.62 8.29 6.64 3.67 2.87 14.94 18.98 9.30 7.65 11.22 1.33 1.38 2.71 3.68 17.00 126.4%
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] |
31.07.2013
Syngenta AG produces crop protection products and seeds. The Company produces
herbicides, insecticides and fungicides, and seeds for field crops, vegetables,
and flowers.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (01.02.2013) 87.73
52-Week Low (02.08.2012) 67.01
Daily Volume
79.54
52-Week High % Change -9.34% Dividend Yield -
52-Week Low % Change 18.70% Beta 1.05
% 52 Week Price Range High/Low 60.47% Equity Float -
Shares Out 30.06.2013 465.6 Short Int 0.49
37'036.27 1 Yr Total Return 19.77%
Total Debt 3'348.00 YTD Return 0.86%
Preferred Stock - Adjusted BETA 1.047
Minority Interest 11.0 Analyst Recs 7
Cash and Equivalents 1'599.00 Consensus Rating 3.571
Enterprise Value -
Average Volume 5 Day 358'410
SYT US EQUITY YTD Change - Average Volume 30 Day 208'304
SYT US EQUITY YTD % CHANGE - Average Volume 3 Month 188'060
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 06/13 Q2 09/13 Q3
11'624.0 10'992.0 11'641.0 13'268.0 14'202.0 8'265 14'327 15'043 15'731 - -
1.68x 2.56x 2.45x 2.11x 2.72x 0.00x 0.00x 2.61x 2.48x - -
2'495.0 2'368.0 2'460.0 2'889.0 3'148.0 0.0 0.0 3'325.0 3'576.0 - -
7.84x 11.86x 11.60x 9.69x 12.26x 0.00x 0.00x - - - -
1'385.0 1'371.0 1'397.0 1'599.0 1'872.0 0.0 0.0 2'150.0 2'309.0 - -
- - - - - 0.00x 0.00x 16.85x 15.48x - -
EBITDA 3'148.00 Long-Term Rating Date 15.06.2007
EBIT 2'550.00 Long-Term Rating A
Operating Margin 17.96% Long-Term Outlook STABLE
Pretax Margin 15.15% Short-Term Rating Date 15.06.2007
Return on Assets 8.86% Short-Term Rating A-1
Return on Common Equity 20.64%
Return on Capital - EBITDA/Interest Exp. 22.17
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 18.59
Net Debt/EBITDA 1.03
Gross Margin 49.2% Total Debt/EBITDA 1.28
EBITDA Margin 21.3%
EBIT Margin 17.2% Total Debt/Equity 38.3%
Net Income Margin 13.2% Total Debt/Capital 27.7%
Asset Turnover 0.71
Current Ratio 1.71 Net Fixed Asset Turnover 4.65
Quick Ratio 0.75 Accounts receivable turnover-days 139.15
Debt to Assets 17.26% Inventory Days 205.65
Tot Debt to Common Equity 38.28% Accounts Payable Turnover Day 171.60
Accounts Receivable Turnover 2.62 Cash Conversion Cycle 154.33
Inventory Turnover 1.77
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
Syngenta AGPrice/Volume
Valuation Analysis
332'222.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAN ECK ASSOCIATES C n/a ULT-AGG 5'084'122 1.09 5'084'122 30.07.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 4'525'489 0.97 (681'375) 31.05.2013 Investment Advisor
SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 1'546'491 0.33 4'359 31.03.2013 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'530'995 0.33 - 31.05.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 1'103'763 0.24 5'186 31.03.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 1'006'378 0.22 264'763 31.03.2013 Investment Advisor
FISHER INVESTMENTS I FISHER INVESTMENTS 13F 881'667 0.19 176'018 31.03.2013 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 864'367 0.19 327'067 31.03.2013 Unclassified
WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 767'559 0.16 (35'599) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 667'554 0.14 33'577 30.07.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 561'409 0.12 26'396 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 534'400 0.11 (86'900) 31.03.2013 Investment Advisor
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 463'211 0.1 27'686 31.03.2013 Investment Advisor
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 308'796 0.07 (6'050) 30.04.2013 Investment Advisor
CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 265'361 0.06 - 28.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 262'699 0.06 (4'176) 31.03.2013 Investment Advisor
PAX WORLD MANAGEMENT PAX WORLD MANAGEMENT 13F 243'219 0.05 928 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 232'731 0.05 56'587 31.03.2013 Investment Advisor
PENN DAVIS MCFARLAND PENN DAVIS MCFARLAND 13F 228'461 0.05 (45'874) 31.03.2013 Investment Advisor
PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 215'106 0.05 (2'734) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 30.07.2013
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 80 12 month 25.07.2013
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 25.07.2013
Jefferies LAURENCE ALEXANDER hold 3 M 86 12 month 24.07.2013
Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 67 12 month 24.07.2013
Gilford Securities PAUL C CHRISTOPHERSON buy 5 M 88 12 month 07.11.2012
Holdings By:
Syngenta AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Monsanto Company provides agricultural products for farmers. The Company's
business segments are seeds and genomics. Monsanto produces a wide range of
seeds and develops biotechnology traits that assist farmers in controlling
insects and weeds as well as provides other seed companies with genetic material
and biotechnology traits for their seed brands.
Latest Fiscal Year: 08/2012
LTM as of: 05/yy
52-Week High (15.05.2013) 109.33
52-Week Low (15.11.2012) 82.70
Daily Volume
100.43
52-Week High % Change -8.14% Dividend Yield 1.42
52-Week Low % Change 21.44% Beta 1.04
% 52 Week Price Range High/Low 66.58% Equity Float 531.37
Shares Out 25.06.2013 533.1 Short Int 4.72
53'540.17 1 Yr Total Return 19.13%
Total Debt 2'074.00 YTD Return 7.31%
Preferred Stock 0.0 Adjusted BETA 1.043
Minority Interest 203.0 Analyst Recs 26
Cash and Equivalents 3'585.00 Consensus Rating 4.346
Enterprise Value 52'860.17
Average Volume 5 Day 3'581'945
MON US EQUITY YTD Change - Average Volume 30 Day 2'874'696
MON US EQUITY YTD % CHANGE - Average Volume 3 Month 2'778'915
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1
11'365.0 11'724.0 10'483.0 11'822.0 13'504.0 13'653.0 14'769.0 14'960.7 16'145.8 2'248.3 3'043.4
5.53x 3.89x 2.78x 3.08x 3.35x 11.45x 13.29x 3.46x 3.14x 23.05x 17.09x
3'458.0 4'175.0 2'529.0 3'116.0 3'760.0 3'948.0 4'206.0 4'206.8 4'919.2 (118.6) 767.0
18.18x 10.92x 11.51x 11.69x 12.03x 10.50x 12.61x 12.57x 10.75x 10.84x 10.66x
2'024.0 2'109.0 1'096.0 1'607.0 2'045.0 2'162.0 2'502.0 2'479.1 2'898.6 (235.4) 308.3
31.30x 18.65x 22.19x 23.28x 23.12x 19.08x 22.13x 21.93x 18.79x 19.52x 19.00x
EBITDA 3'760.00 Long-Term Rating Date 21.10.2008
EBIT 3'138.00 Long-Term Rating A+
Operating Margin 23.24% Long-Term Outlook STABLE
Pretax Margin 22.13% Short-Term Rating Date 24.10.2007
Return on Assets 12.01% Short-Term Rating A-1
Return on Common Equity 19.18%
Return on Capital 17.33% EBITDA/Interest Exp. 17.74
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 14.69
Net Debt/EBITDA -0.21
Gross Margin 52.2% Total Debt/EBITDA 0.52
EBITDA Margin 28.5%
EBIT Margin 24.3% Total Debt/Equity 17.5%
Net Income Margin 15.1% Total Debt/Capital 14.7%
Asset Turnover 0.71
Current Ratio 2.29 Net Fixed Asset Turnover 3.42
Quick Ratio 1.30 Accounts receivable turnover-days 90.66
Debt to Assets 10.26% Inventory Days 137.61
Tot Debt to Common Equity 17.53% Accounts Payable Turnover Day 32.21
Accounts Receivable Turnover 4.03 Cash Conversion Cycle 163.69
Inventory Turnover 2.65
Fiscal Year Ended
Monsanto CoPrice/Volume
Valuation Analysis
4'206'414.00
Current Price (7/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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 34'024'416 6.38 2'974'499 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 31'472'919 5.9 2'128'133 29.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 28'477'720 5.34 655'081 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 23'415'012 4.39 312'878 30.07.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 13'555'953 2.54 1'437'264 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 12'010'767 2.25 (277'362) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'618'944 2.18 158'090 30.06.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 9'200'094 1.73 (1'287'528) 31.03.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 9'188'909 1.72 (1'006'807) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'976'193 1.68 662'862 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'759'245 1.46 (325'311) 31.03.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 7'534'852 1.41 161'546 30.06.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 7'303'681 1.37 (54'371) 31.05.2013 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 6'662'550 1.25 1'304'240 31.03.2013 Hedge Fund Manager
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'378'309 1.2 (22'517) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 6'343'486 1.19 369'962 31.05.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'315'385 1.18 1'095'622 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'163'166 1.16 (132'927) 31.03.2013 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'748'918 1.08 (647'027) 31.03.2013 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 5'682'063 1.07 165'308 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 26.07.2013
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 121 12 month 25.07.2013
Wells Fargo Securities, LLC FRANK J MITSCH outperform 5 M #N/A N/A Not Provided 25.07.2013
Topeka Capital Markets Inc CHRISTOPHER KAPSCH buy 5 M 121 12 month 25.07.2013
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 125 12 month 24.07.2013
Jefferies LAURENCE ALEXANDER hold 3 M 110 12 month 18.07.2013
BGC Partners MARK R GULLEY buy 5 M 123 12 month 18.07.2013
Susquehanna Financial Group DONALD D CARSON Positive 4 M 128 12 month 16.07.2013
Piper Jaffray MICHAEL E COX overweight 5 M 135 12 month 16.07.2013
Stifel PAUL A MASSOUD hold 3 M #N/A N/A Not Provided 08.07.2013
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 02.07.2013
Macquarie COOLEY MAY outperform 5 M 117 12 month 29.06.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 120 Not Provided 27.06.2013
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 111 15 month 27.06.2013
Deutsche Bank DAVID I BEGLEITER buy 5 M 116 12 month 26.06.2013
Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 121 Not Provided 26.06.2013
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 104 12 month 26.06.2013
S&P Capital IQ KEVIN KIRKEBY hold 3 M 110 Not Provided 26.06.2013
Atlantic Equities LLP COLIN ISAAC underweight 1 M 90 12 month 26.06.2013
Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 M 119 12 month 29.05.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 09.04.2013
Goldman Sachs ROBERT KOORT buy/attractive 5 M 122 12 month 05.04.2013
UBS BILL CARROLL neutral 3 M 110 12 month 04.04.2013
Holdings By:
Monsanto Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Archer-Daniels-Midland Company procures, transports, stores, processes, and
merchandises agricultural commodities and products. The Company processes
oilseeds, corn, milo, oats, barley, peanuts, and wheat. Archer-Daniels-Midland
also processes produce products which have primarily two end uses including
food or feed ingredients.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (29.07.2013) 36.85
52-Week Low (15.11.2012) 24.38
Daily Volume
36.02
52-Week High % Change -2.25% Dividend Yield -
52-Week Low % Change 47.74% Beta 1.05
% 52 Week Price Range High/Low 93.34% Equity Float 643.95
Shares Out 30.04.2013 659.0 Short Int 10.40
23'738.25 1 Yr Total Return 41.58%
Total Debt 9'540.00 YTD Return 33.01%
Preferred Stock 0.0 Adjusted BETA 1.052
Minority Interest 211.0 Analyst Recs 13
Cash and Equivalents 3'007.00 Consensus Rating 3.154
Enterprise Value 30'310.25
Average Volume 5 Day 2'690'348
ADM US EQUITY YTD Change - Average Volume 30 Day 3'185'852
ADM US EQUITY YTD % CHANGE - Average Volume 3 Month 3'511'330
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
69'816.0 69'207.0 61'682.0 80'676.0 90'559.0 85'032.0 91'131.0 90'116.8 92'386.0 22'883.1 21'685.6
0.44x 0.33x 0.36x 0.36x 0.27x 1.45x 1.19x 0.30x 0.29x - -
3'176.0 3'457.0 3'357.0 3'566.0 2'827.0 3'707.0 2'554.0 3'138.9 3'868.1 647.0 772.8
9.74x 6.66x 6.54x 8.05x 8.77x 8.05x 11.28x 9.66x 7.84x 8.67x 7.99x
1'802.0 1'684.0 1'930.0 2'036.0 1'375.0 2'090.0 1'245.0 1'534.9 1'988.1 275.6 395.3
11.97x 9.39x 8.41x 7.37x 11.86x 7.48x 15.45x 15.30x 11.86x 13.50x 12.01x
EBITDA 2'827.00 Long-Term Rating Date 03.05.2013
EBIT 1'958.00 Long-Term Rating A
Operating Margin 2.16% Long-Term Outlook NEG
Pretax Margin 2.19% Short-Term Rating Date 03.05.2013
Return on Assets 2.93% Short-Term Rating A-1
Return on Common Equity 6.67%
Return on Capital - EBITDA/Interest Exp. 6.25
Asset Turnover 2.14% (EBITDA-Capex)/Interest Exp. 3.51
Net Debt/EBITDA 2.56
Gross Margin 4.0% Total Debt/EBITDA 3.47
EBITDA Margin 2.8%
EBIT Margin 1.8% Total Debt/Equity 50.4%
Net Income Margin 1.5% Total Debt/Capital 33.3%
Asset Turnover 2.14
Current Ratio 1.75 Net Fixed Asset Turnover 9.15
Quick Ratio 0.34 Accounts receivable turnover-days 13.28
Debt to Assets 21.14% Inventory Days 53.32
Tot Debt to Common Equity 50.42% Accounts Payable Turnover Day 13.85
Accounts Receivable Turnover 27.49 Cash Conversion Cycle 83.94
Inventory Turnover 6.85
Fiscal Year Ended
Archer-Daniels-Midland CoPrice/Volume
Valuation Analysis
3'311'798.00
Current Price (7/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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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
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 56'294'742 8.54 - 31.03.2013 Insurance Company
STATE STREET n/a ULT-AGG 34'619'003 5.25 1'265'690 30.07.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 34'048'900 5.17 (1'793) 31.03.2013 Insurance Company
VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'738'017 5.12 451'073 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 33'038'654 5.01 1'032'346 29.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 24'987'953 3.79 144'233 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 17'134'671 2.6 219'139 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 14'243'106 2.16 346'468 30.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'024'678 1.98 3'092'941 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 12'758'034 1.94 2'966'037 30.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 12'193'594 1.85 9'175 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 11'608'003 1.76 1'441'542 30.06.2013 Investment Advisor
CARTER MOLLIE HALE n/a Form 4 11'465'023 1.74 - 14.06.2013 n/a
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'609'601 1.61 963'522 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 8'959'993 1.36 77'814 31.03.2013 Unclassified
MACQUARIE GROUP n/a ULT-AGG 8'908'854 1.35 (194'664) 31.05.2013 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 8'142'599 1.24 (300'015) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'900'419 1.05 62'694 31.03.2013 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 6'174'096 0.94 1'196'048 31.03.2013 Hedge Fund Manager
DIMENSIONAL FUND ADV n/a ULT-AGG 5'856'914 0.89 10'295 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc FARHA ASLAM overweight 5 M 39 12 month 30.07.2013
Davenport & Co ANN H GURKIN buy 5 M 37 Not Provided 30.07.2013
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 36 Not Provided 22.07.2013
JPMorgan ANN DUIGNAN neutral 3 U 33 3 month 19.07.2013
Scotia Capital CHRISTINE HEALY sector perform 3 M 38 12 month 18.07.2013
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 39 12 month 11.07.2013
Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 13.05.2013
EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 13.05.2013
Credit Suisse ROBERT MOSKOW restricted #N/A N/A M #N/A N/A Not Provided 02.05.2013
CL King & Associates ERIC J LARSON buy 5 M 37 12 month 02.05.2013
Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 01.05.2013
S&P Capital IQ THOMAS GRAVES hold 3 U 29 12 month 26.09.2012
Holdings By:
Archer-Daniels-Midland Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Deere & Company manufactures and distributes a range of agricultural,
construction and forestry, and commercial and consumer equipment. The Company
supplies replacement parts for its own products and for those of other
manufacturers. Deere also provides product and parts financing services. Deere
and Company extends its services and products worldwide.
Latest Fiscal Year: 10/2012
LTM as of: 04/yy
52-Week High (30.01.2013) 95.60
52-Week Low (29.08.2012) 73.14
Daily Volume
82.98
52-Week High % Change -13.20% Dividend Yield 2.28
52-Week Low % Change 13.45% Beta 1.14
% 52 Week Price Range High/Low 43.81% Equity Float 387.70
Shares Out 30.04.2013 388.0 Short Int 16.30
32'199.93 1 Yr Total Return 10.53%
Total Debt 5'869.70 YTD Return -2.82%
Preferred Stock 0.0 Adjusted BETA 1.138
Minority Interest 19.9 Analyst Recs 24
Cash and Equivalents 5'009.40 Consensus Rating 3.750
Enterprise Value 34'346.23
Average Volume 5 Day 3'119'378
DE US EQUITY YTD Change - Average Volume 30 Day 3'131'145
DE US EQUITY YTD % CHANGE - Average Volume 3 Month 3'227'702
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 04/yy 04/yy 10/13 Y 10/14 Y 07/13 Q3 10/13 Q4
28'053.2 22'793.4 25'548.3 31'546.9 35'656.6 33'263.4 37'234.9 35'478.4 35'628.6 9'274.4 9'049.2
0.59x 0.84x 1.27x 0.98x 0.95x 4.05x 3.82x 1.32x 1.29x 6.62x 6.63x
3'698.6 2'011.7 3'625.0 4'810.5 5'424.5 5'142.7 6'115.9 5'826.6 5'824.0 1'377.5 1'246.7
4.50x 9.52x 8.97x 6.41x 6.27x 6.77x 6.02x 5.89x 5.90x 5.95x 5.72x
2'052.8 873.5 1'865.0 2'799.9 3'064.7 2'971.0 3'209.5 3'329.9 3'315.6 842.8 761.2
8.08x 13.13x 17.78x 11.41x 11.86x 12.54x 11.47x 9.75x 9.66x 9.98x 10.07x
EBITDA 5'424.50 Long-Term Rating Date 14.12.2006
EBIT 4'420.30 Long-Term Rating A
Operating Margin 12.40% Long-Term Outlook STABLE
Pretax Margin 13.27% Short-Term Rating Date 14.12.2006
Return on Assets 5.86% Short-Term Rating A-1
Return on Common Equity 41.03%
Return on Capital 8.48% EBITDA/Interest Exp. 29.10
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 17.72
Net Debt/EBITDA 0.35
Gross Margin 28.2% Total Debt/EBITDA 1.03
EBITDA Margin 16.4%
EBIT Margin 12.8% Total Debt/Equity 473.8%
Net Income Margin 8.6% Total Debt/Capital 82.5%
Asset Turnover 0.68
Current Ratio 0.89 Net Fixed Asset Turnover 5.23
Quick Ratio 0.52 Accounts receivable turnover-days 51.16
Debt to Assets 57.62% Inventory Days 84.21
Tot Debt to Common Equity 473.84% Accounts Payable Turnover Day 107.80
Accounts Receivable Turnover 7.13 Cash Conversion Cycle 73.75
Inventory Turnover 4.33
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
Deere & CoPrice/Volume
Valuation Analysis
4'001'146.00
Current Price (7/dd/yy) Market Data
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 36'739'200 9.47 1'135'348 30.06.2013 Investment Advisor
CASCADE INVESTMENT L n/a 13D 27'508'573 7.09 - 10.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 26'514'374 6.83 1'159'666 29.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 17'271'090 4.45 457'034 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 14'997'126 3.86 (145'784) 30.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 8'259'301 2.13 (1'671'216) 31.03.2013 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 7'697'260 1.98 61'039 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'837'227 1.5 57'539 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'763'386 1.49 898'034 31.03.2013 Investment Advisor
EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 4'779'705 1.23 58'555 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'479'960 1.15 104'688 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 4'427'576 1.14 177'170 30.07.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 3'978'767 1.03 - 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 3'966'027 1.02 545'471 31.05.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 3'367'203 0.87 - 31.12.2012 Government
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 3'166'517 0.82 (144'050) 31.03.2013 Investment Advisor
GAMCO n/a ULT-AGG 3'090'502 0.8 (24'208) 31.03.2013 Unclassified
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 2'743'544 0.71 (74'873) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 2'702'775 0.7 (79'133) 31.03.2013 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'619'236 0.67 1'020'948 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Longbow Research ELI S LUSTGARTEN neutral 3 D #N/A N/A Not Provided 30.07.2013
Wells Fargo Securities, LLC ANDREW M CASEY underperform 1 M #N/A N/A Not Provided 29.07.2013
Jefferies STEPHEN VOLKMANN hold 3 M 90 12 month 26.07.2013
Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 22.07.2013
Janney Montgomery Scott LLC RYAN M CONNORS neutral 3 M 88 12 month 19.07.2013
BMO Capital Markets JOEL G TISS outperform 5 M 110 Not Provided 15.07.2013
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 90 12 month 12.07.2013
JPMorgan ANN DUIGNAN underweight 1 M 76 15 month 10.07.2013
Robert W. Baird & Co MIRCEA DOBRE neutral 3 M 87 12 month 10.07.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 109 Not Provided 09.07.2013
ISI Group DAVID RASO buy 5 M 97 Not Provided 08.07.2013
Piper Jaffray MICHAEL E COX neutral 3 D 89 12 month 08.07.2013
RBC Capital Markets SETH R WEBER sector perform 3 M 95 12 month 01.07.2013
Daiwa Securities Co. Ltd. TAKUO KATAYAMA buy 5 U 102 Not Provided 12.06.2013
Goldman Sachs JERRY REVICH Sell/Neutral 1 D 85 12 month 17.05.2013
Macquarie SAMEER RATHOD neutral 3 M 95 12 month 16.05.2013
Barclays ANDY KAPLOWITZ overweight 5 M 101 Not Provided 16.05.2013
Credit Suisse JAMIE L COOK outperform 5 M 102 Not Provided 15.05.2013
UBS STEVEN FISHER neutral 3 M 96 12 month 15.05.2013
S&P Capital IQ MICHAEL JAFFE buy 5 M 120 Not Provided 15.05.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 16.01.2013
Holdings By:
Deere & Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Potash Corporation of Saskatchewan Inc. produces potash, phosphate, and
nitrogen to the agricultural and industrial industries worldwide. The Company
conducts operations in Canada, Chile, the United States, Brazil, and Trinidad.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (31.07.2012) 44.97
52-Week Low (30.07.2013) 29.00
Daily Volume
31.63
52-Week High % Change -29.66% Dividend Yield 3.32
52-Week Low % Change 9.07% Beta 1.19
% 52 Week Price Range High/Low 16.47% Equity Float 861.81
Shares Out 28.06.2013 866.2 Short Int 16.95
27'397.32 1 Yr Total Return -26.50%
Total Debt 4'081.00 YTD Return -20.62%
Preferred Stock 0.0 Adjusted BETA 1.194
Minority Interest 0.0 Analyst Recs 31
Cash and Equivalents 562.00 Consensus Rating 3.774
Enterprise Value 30'230.32
Average Volume 5 Day 29'889'012
POT US EQUITY YTD Change - Average Volume 30 Day 9'981'252
POT US EQUITY YTD % CHANGE - Average Volume 3 Month 6'985'845
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
9'446.5 3'976.7 6'539.0 8'715.0 7'927.0 8'328.0 8'029.0 7'550.3 7'708.1 1'760.8 1'730.3
2.59x 8.98x 7.55x 4.55x 4.88x 19.90x 19.06x 4.00x 3.90x 17.34x 17.50x
4'503.1 1'114.1 2'709.0 4'398.0 3'589.0 4'082.0 3'545.0 3'791.4 3'860.7 863.7 884.9
5.44x 32.06x 18.21x 9.02x 10.79x 10.09x 10.12x 7.97x 7.83x 8.10x 7.92x
3'495.2 980.7 1'775.0 3'081.0 2'079.0 2'522.0 2'265.0 2'210.0 2'317.1 483.2 505.3
6.77x 36.97x 25.85x 11.80x 15.47x 13.96x 14.55x 12.67x 12.00x 13.07x 12.44x
EBITDA 3'589.00 Long-Term Rating Date 15.11.2010
EBIT 3'011.00 Long-Term Rating A-
Operating Margin 37.98% Long-Term Outlook STABLE
Pretax Margin 36.65% Short-Term Rating Date 15.11.2010
Return on Assets 13.00% Short-Term Rating A-2
Return on Common Equity 23.72%
Return on Capital - EBITDA/Interest Exp. 31.48
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 12.77
Net Debt/EBITDA 0.80
Gross Margin 43.0% Total Debt/EBITDA 0.98
EBITDA Margin 44.2%
EBIT Margin 36.3% Total Debt/Equity 41.2%
Net Income Margin 26.2% Total Debt/Capital 29.2%
Asset Turnover 0.46
Current Ratio 1.35 Net Fixed Asset Turnover 0.72
Quick Ratio 0.89 Accounts receivable turnover-days 50.07
Debt to Assets 22.42% Inventory Days 56.31
Tot Debt to Common Equity 41.17% Accounts Payable Turnover Day 79.78
Accounts Receivable Turnover 7.29 Cash Conversion Cycle 13.30
Inventory Turnover 6.48
Fiscal Year Ended
Potash Corp of Saskatchewan IncPrice/Volume
Valuation Analysis
106'281'812.00
Current Price (7/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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9'000.0
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 40'135'200 4.63 (12'034'722) 30.06.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 31'161'388 3.6 1'235'078 30.04.2013 Bank
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 19'282'630 2.23 (1'689'608) 31.03.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 18'799'720 2.17 (394'334) 31.03.2013 Investment Advisor
JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 17'022'646 1.97 1'740'039 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 15'543'059 1.79 (1'271'000) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'083'717 1.63 (5'035'610) 31.03.2013 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 13'430'352 1.55 1'080'725 31.03.2013 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 12'853'694 1.48 379'778 31.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 12'766'856 1.47 19'762 31.03.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 11'954'313 1.38 2'307'750 31.03.2013 Hedge Fund Manager
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 10'768'976 1.24 (124'384) 31.03.2013 Investment Advisor
WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 10'726'888 1.24 (1'458'956) 31.03.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 10'716'000 1.24 10'716'000 31.12.2012 Investment Advisor
IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 10'581'716 1.22 1'284'275 31.03.2013 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 10'290'445 1.19 (2'430'183) 31.03.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 10'276'969 1.19 (876'809) 31.12.2012 Investment Advisor
ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 10'100'008 1.17 1'381'000 31.03.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 9'969'957 1.15 (2'637'609) 31.03.2013 Investment Advisor
NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 9'809'617 1.13 24'707 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James STEVEN P HANSEN market perform 3 M 30 12 month 31.07.2013
Macquarie DAVID PUPO neutral 3 D 31 12 month 31.07.2013
Barclays MATTHEW J KORN equalweight 3 M 32 Not Provided 31.07.2013
BMO Capital Markets JOEL JACKSON market perform 3 D 30 12 month 30.07.2013
Goldman Sachs ADAM SAMUELSON neutral/cautious 3 D 24 12 month 30.07.2013
CIBC World Markets JACOB BOUT sector perform 3 M 33 18 month 30.07.2013
Cantor Fitzgerald PETER PRATTAS hold 3 D 36 12 month 30.07.2013
Cowen and Company CHARLES NEIVERT underperform 1 M 35 12 month 30.07.2013
National Bank Financial ROBERT B WINSLOW sector perform 3 M 34 12 month 30.07.2013
Atlantic Equities LLP COLIN ISAAC neutral 3 M 32 12 month 30.07.2013
Alta Corp Capital Inc. JOHN CHU underperform 1 D 30 12 month 30.07.2013
Susquehanna Financial Group DONALD D CARSON neutral 3 M 37 12 month 29.07.2013
Accountability Research Corp HARRIET LI buy 5 M 44 Not Provided 29.07.2013
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 40 3 month 26.07.2013
Desjardins Securities JOHN F HUGHES buy 5 M 43 12 month 26.07.2013
Paradigm Capital Inc SPENCER CHURCHILL buy 5 M 48 12 month 26.07.2013
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 47 12 month 26.07.2013
BGC Partners MARK R GULLEY buy 5 M 43 12 month 26.07.2013
TD Securities PAUL D'AMICO buy 5 M 49 12 month 26.07.2013
Morgan Stanley VINCENT ANDREWS not rated #N/A N/A M #N/A N/A Not Provided 25.07.2013
Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 43 Not Provided 25.07.2013
UBS BRIAN T MACARTHUR buy 5 M 43 12 month 25.07.2013
Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 25.07.2013
Scotia Capital BEN ISAACSON sector perform 3 M 36 12 month 25.07.2013
Canaccord Genuity Corp KEITH CARPENTER hold 3 M 37 Not Provided 25.07.2013
HSBC YONAH WEISZ overweight 5 M 48 Not Provided 23.07.2013
Stifel PAUL A MASSOUD buy 5 M 49 12 month 08.07.2013
Salman Partners RAYMOND GOLDIE Under Review #N/A N/A M #N/A N/A Not Provided 24.06.2013
Dundee Securities Corp DAVID CHARLES Under Review #N/A N/A M #N/A N/A Not Provided 15.05.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 04.05.2013
S&P Capital IQ LEO LARKIN buy 5 M 52 12 month 31.01.2013
Oracle Investment Research LAURENCE BALTER buy 5 N 57 Not Provided 13.09.2012
Deutsche Bank DAVID I BEGLEITER hold 3 M 45 12 month 31.05.2012
Holdings By:
Potash Corp of Saskatchewan Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and
fluid piping systems. The Company's products include ductile iron pipes,
engines, tractors, combine harvesters, reaper binders, rice planters, and
excavators. Kubota also produces forged iron products, housing equipment, and
environmental control plants.
Latest Fiscal Year: 03/2013
LTM as of: 03/yy
52-Week High (22.05.2013) 88.38
52-Week Low (02.08.2012) 45.94
Daily Volume
73.55
52-Week High % Change -16.78% Dividend Yield -
52-Week Low % Change 60.10% Beta 1.11
% 52 Week Price Range High/Low 65.06% Equity Float -
Shares Out 30.06.2013 251.3 Short Int 0.27
18'481.93 1 Yr Total Return 58.60%
Total Debt 460'517.00 YTD Return 28.46%
Preferred Stock 0.0 Adjusted BETA 1.108
Minority Interest 52'093.0 Analyst Recs 2
Cash and Equivalents 110'535.00 Consensus Rating 3.000
Enterprise Value -
Average Volume 5 Day 44'498
KUBTY US EQUITY YTD Change - Average Volume 30 Day 78'373
KUBTY US EQUITY YTD % CHANGE - Average Volume 3 Month 88'476
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 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2
1'107'482.0 930'644.0 933'685.0 1'008'019.0 1'167'628.0 ######### ######### ######### ######### - -
0.76x 1.53x 1.38x 1.30x 1.78x 4.70x 5.38x - - - -
134'057.0 98'873.0 113'104.0 129'588.0 142'415.0 129'588.0 142'415.0 191'635.1 209'390.1 - -
6.28x 14.37x 11.42x 10.09x 14.62x 10.09x 14.62x - - - -
48'064.0 42'326.0 54'822.0 61'552.0 73'688.0 61'552.0 73'688.0 98'297.3 108'117.1 - -
- - - - - 0.00x 0.00x 18.39x 16.70x - -
EBITDA 142'415.00 Long-Term Rating Date 09.01.2007
EBIT 113'161.00 Long-Term Rating NR
Operating Margin 9.69% Long-Term Outlook -
Pretax Margin 10.44% Short-Term Rating Date -
Return on Assets 4.56% Short-Term Rating -
Return on Common Equity 10.44%
Return on Capital 7.03% EBITDA/Interest Exp. 111.26
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 74.82
Net Debt/EBITDA 2.46
Gross Margin 27.4% Total Debt/EBITDA 3.23
EBITDA Margin 12.2%
EBIT Margin 9.7% Total Debt/Equity 60.7%
Net Income Margin 6.3% Total Debt/Capital 36.2%
Asset Turnover 0.72
Current Ratio 1.71 Net Fixed Asset Turnover 4.86
Quick Ratio 1.20 Accounts receivable turnover-days 172.55
Debt to Assets 26.41% Inventory Days 93.23
Tot Debt to Common Equity 60.71% Accounts Payable Turnover Day 95.40
Accounts Receivable Turnover 2.12 Cash Conversion Cycle 170.39
Inventory Turnover 3.91
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
Kubota CorpPrice/Volume
Valuation Analysis
78'151.00
Current Price (7/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
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200'000.0
400'000.0
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1'400'000.0
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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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAN ECK ASSOCIATES C n/a ULT-AGG 3'878'789 1.54 3'878'789 30.07.2013 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 2'202'534 0.88 287'146 31.05.2013 Investment Advisor
SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 1'953'468 0.78 5'940 31.03.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'041'403 0.41 (45'001) 31.03.2013 Investment Advisor
CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 330'594 0.13 - 28.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 313'455 0.12 (17'825) 31.03.2013 Investment Advisor
BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 263'899 0.11 (90) 31.03.2013 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 256'168 0.1 38'906 31.03.2013 Investment Advisor
TODD-VEREDUS ASSET M TODD-VEREDUS ASSET M 13F 142'957 0.06 87 31.03.2013 Investment Advisor
TEACHERS RETIREMENT TEACHERS RETIREMENT 13F 141'000 0.06 - 31.03.2013 Pension Fund (ERISA)
ROYAL BANK OF CANADA n/a ULT-AGG 120'215 0.05 65'037 31.03.2013 Bank
JP MORGAN n/a ULT-AGG 118'043 0.05 (32'821) 31.03.2013 Investment Advisor
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 103'364 0.04 (34'550) 31.03.2013 Investment Advisor
JANE STREET HOLDING JANE STREET HOLDING 13F 74'677 0.03 51'902 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 70'249 0.03 (900) 31.03.2013 Investment Advisor
APERIO GROUP LLC APERIO GROUP LLC 13F 56'080 0.02 6'107 31.03.2013 Investment Advisor
PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 55'160 0.02 3'238 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 52'276 0.02 3'796 31.03.2013 Investment Advisor
WRIGHT INVESTORS SER WRIGHT INVESTORS SER 13F 50'185 0.02 35'070 30.06.2013 Investment Advisor
SANTA BARBARA ASSET SANTA BARBARA ASSET 13F 37'524 0.01 (1'512) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 16.07.2013
Holdings By:
Kubota Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Agrium Inc. supplies nitrogen, potash and phosphate for agricultural,
industrial, and specialty use. The Company operates throughout the Americas
while it markets its products globally.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (28.01.2013) 115.31
52-Week Low (24.06.2013) 83.33
Daily Volume
86.5
52-Week High % Change -24.98% Dividend Yield 1.73
52-Week Low % Change 3.80% Beta 1.29
% 52 Week Price Range High/Low 9.91% Equity Float 148.90
Shares Out 28.06.2013 149.4 Short Int 2.38
12'923.94 1 Yr Total Return -7.45%
Total Debt 3'961.00 YTD Return -12.45%
Preferred Stock 0.0 Adjusted BETA 1.295
Minority Interest 4.0 Analyst Recs 28
Cash and Equivalents 726.00 Consensus Rating 4.107
Enterprise Value 16'267.94
Average Volume 5 Day 1'878'314
AGU US EQUITY YTD Change - Average Volume 30 Day 932'199
AGU US EQUITY YTD % CHANGE - Average Volume 3 Month 946'616
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
10'031.0 9'129.0 10'743.0 15'470.0 16'686.0 16'087.0 16'281.0 16'799.6 17'580.0 6'978.3 3'208.1
0.74x 1.15x 1.55x 0.75x 1.08x 3.35x 4.16x 0.93x 0.86x 2.31x 5.13x
2'380.0 941.0 1'470.0 2'706.0 2'715.0 2'706.0 2'668.0 2'526.5 2'574.9 1'194.1 460.2
3.13x 11.15x 11.34x 4.30x 6.66x 5.28x 6.70x 6.44x 6.32x 6.31x 6.14x
1'322.0 366.0 713.0 1'371.0 1'494.0 1'352.0 1'482.0 1'345.9 1'352.3 747.1 218.2
3.54x 23.92x 19.92x 6.96x 10.53x 8.89x 10.39x 9.33x 9.28x 9.49x 9.29x
EBITDA 2'715.00 Long-Term Rating Date 24.11.2005
EBIT 2'271.00 Long-Term Rating BBB
Operating Margin 13.61% Long-Term Outlook STABLE
Pretax Margin 12.54% Short-Term Rating Date 10.12.2004
Return on Assets 9.17% Short-Term Rating NR
Return on Common Equity 21.83%
Return on Capital 15.94% EBITDA/Interest Exp. 21.05
Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 11.11
Net Debt/EBITDA 1.25
Gross Margin 26.9% Total Debt/EBITDA 1.47
EBITDA Margin 16.4%
EBIT Margin 13.5% Total Debt/Equity 57.3%
Net Income Margin 9.0% Total Debt/Capital 36.4%
Asset Turnover 1.01
Current Ratio 1.54 Net Fixed Asset Turnover 5.10
Quick Ratio 0.53 Accounts receivable turnover-days 55.49
Debt to Assets 24.79% Inventory Days 129.23
Tot Debt to Common Equity 57.27% Accounts Payable Turnover Day 139.01
Accounts Receivable Turnover 6.58 Cash Conversion Cycle 41.94
Inventory Turnover 2.82
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
Agrium IncPrice/Volume
Valuation Analysis
5'188'834.00
Current Price (7/dd/yy) Market Data
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4'000.0
6'000.0
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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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 7'366'040 4.93 - 28.06.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 4'642'138 3.11 (406'439) 30.04.2013 Bank
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4'296'877 2.88 87'300 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'144'101 2.77 3'006'091 30.04.2013 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 3'295'429 2.21 3'295'429 31.03.2013 Investment Advisor
CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 3'065'859 2.05 3'065'859 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 2'702'978 1.81 482'231 30.07.2013 Investment Advisor
CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'405'524 1.61 2'405'524 31.03.2013 Investment Advisor
LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 2'291'182 1.53 2'291'182 31.03.2013 Investment Advisor
WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 2'207'886 1.48 2'207'886 31.03.2013 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 2'178'388 1.46 2'178'388 31.03.2013 Investment Advisor
BANK OF NOVA SCOTIA n/a ULT-AGG 2'149'495 1.44 1'227'226 31.03.2013 Bank
INVESCO LTD n/a ULT-AGG 1'913'350 1.28 173'393 30.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'911'247 1.28 777'091 30.06.2013 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 1'887'452 1.26 (14'084) 31.03.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'855'820 1.24 1'855'820 31.03.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 1'832'868 1.23 (232'434) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 1'775'036 1.19 - 31.12.2012 Government
GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 1'770'924 1.19 (252'504) 30.06.2013 Investment Advisor
FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 1'560'048 1.04 1'560'048 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 31.07.2013
Barclays MATTHEW J KORN overweight 5 M 103 Not Provided 31.07.2013
Goldman Sachs ADAM SAMUELSON neutral/cautious 3 M 81 12 month 30.07.2013
CIBC World Markets JACOB BOUT sector outperform 5 M 113 18 month 30.07.2013
Salman Partners RAYMOND GOLDIE top pick 5 M 125 12 month 30.07.2013
Cowen and Company CHARLES NEIVERT underperform 1 M 88 12 month 30.07.2013
National Bank Financial ROBERT B WINSLOW underperform 1 M 83 12 month 30.07.2013
Susquehanna Financial Group DONALD D CARSON Positive 4 M 127 12 month 29.07.2013
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 114 Not Provided 25.07.2013
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 93 12 month 18.07.2013
Piper Jaffray MICHAEL E COX neutral 3 M 94 12 month 16.07.2013
TD Securities PAUL D'AMICO buy 5 M 115 12 month 12.07.2013
BMO Capital Markets JOEL JACKSON market perform 3 M 101 Not Provided 11.07.2013
BGC Partners MARK R GULLEY buy 5 M 122 12 month 11.07.2013
Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 09.07.2013
Stifel PAUL A MASSOUD buy 5 M 99 12 month 08.07.2013
Scotia Capital BEN ISAACSON sector outperform 5 M 110 12 month 08.07.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 08.07.2013
Desjardins Securities JOHN F HUGHES buy 5 M 119 12 month 04.07.2013
Alta Corp Capital Inc. JOHN CHU outperform 5 M 120 12 month 28.06.2013
JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 92 15 month 18.06.2013
Morgan Stanley VINCENT ANDREWS not rated #N/A N/A M #N/A N/A Not Provided 12.06.2013
Atlantic Equities LLP COLIN ISAAC neutral 3 M 101 12 month 30.05.2013
Macquarie DAVID PUPO neutral 3 M 102 12 month 17.05.2013
Dundee Securities Corp DAVID CHARLES Under Review #N/A N/A M #N/A N/A Not Provided 15.05.2013
Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 122 Not Provided 10.05.2013
UBS BRIAN T MACARTHUR buy 5 M 113 12 month 10.05.2013
HSBC YONAH WEISZ overweight 5 N 117 Not Provided 17.04.2013
Holdings By:
Agrium Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate
fertilizer products globally. The Company's principal products in the nitrogen
segment are ammonia, urea, urea ammonium nitrate solution, ammonium nitrate,
diesel exhaust fluid and aqua ammonia. The principal products in the phosphate
segment are diammonium phosphate and monoammonium phosphate.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.01.2013) 233.43
52-Week Low (02.07.2013) 169.33
Daily Volume
197.24
52-Week High % Change -15.50% Dividend Yield 0.81
52-Week Low % Change 16.48% Beta 1.25
% 52 Week Price Range High/Low 43.54% Equity Float 59.00
Shares Out 30.04.2013 59.3 Short Int 1.67
11'693.97 1 Yr Total Return 1.56%
Total Debt 1'605.00 YTD Return -2.53%
Preferred Stock 0.0 Adjusted BETA 1.248
Minority Interest 380.0 Analyst Recs 21
Cash and Equivalents 2'274.90 Consensus Rating 3.333
Enterprise Value 11'473.87
Average Volume 5 Day 2'330'682
CF US EQUITY YTD Change - Average Volume 30 Day 1'204'313
CF US EQUITY YTD % CHANGE - Average Volume 3 Month 1'024'832
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
3'921.1 2'608.4 3'965.0 6'097.9 6'104.0 6'451.5 5'912.9 5'589.7 5'422.3 1'664.1 1'223.2
0.45x 1.30x 2.82x 1.83x 2.05x 6.80x 8.55x 2.17x 2.32x - -
1'251.0 780.8 1'301.5 3'160.9 3'332.2 3'276.2 3'296.7 2'775.7 2'522.9 827.4 582.6
1.42x 4.34x 8.58x 3.52x 3.75x 3.76x 3.43x 4.13x 4.55x 4.36x 4.58x
684.6 365.6 349.2 1'539.2 1'848.7 1'625.6 1'886.8 1'442.5 1'262.4 464.9 280.9
3.84x 11.05x 17.73x 6.38x 7.32x 7.23x 6.70x 8.24x 8.93x 8.76x 9.12x
EBITDA 3'332.20 Long-Term Rating Date -
EBIT 2'912.40 Long-Term Rating -
Operating Margin 47.71% Long-Term Outlook -
Pretax Margin 47.31% Short-Term Rating Date -
Return on Assets 18.91% Short-Term Rating -
Return on Common Equity 35.39%
Return on Capital 27.48% EBITDA/Interest Exp. 23.04
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 19.42
Net Debt/EBITDA -0.18
Gross Margin 51.0% Total Debt/EBITDA 0.49
EBITDA Margin 55.8%
EBIT Margin 48.6% Total Debt/Equity 27.2%
Net Income Margin 30.3% Total Debt/Capital 20.3%
Asset Turnover 0.59
Current Ratio 2.95 Net Fixed Asset Turnover 1.55
Quick Ratio 2.62 Accounts receivable turnover-days 21.84
Debt to Assets 15.79% Inventory Days 41.91
Tot Debt to Common Equity 27.19% Accounts Payable Turnover Day 47.39
Accounts Receivable Turnover 16.71 Cash Conversion Cycle 36.83
Inventory Turnover 8.71
Fiscal Year Ended
CF Industries Holdings IncPrice/Volume
Valuation Analysis
4'104'945.00
Current Price (7/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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'237'326 7.15 207'447 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'174'930 7.04 (396'409) 29.07.2013 Investment Advisor
STATE STREET n/a ULT-AGG 2'945'820 4.97 (8'191) 30.07.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 1'603'582 2.7 1'347'210 31.03.2013 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 1'467'471 2.48 334'471 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'361'605 2.3 (141'856) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 1'213'212 2.05 278'140 30.07.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'187'973 2 5'521 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'129'521 1.91 (813'693) 30.06.2013 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'100'600 1.86 83'950 31.03.2013 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'074'320 1.81 103'496 31.03.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'071'396 1.81 105'973 30.04.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'054'616 1.78 24'033 31.05.2013 Investment Advisor
DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 1'028'059 1.73 419'500 31.03.2013 Hedge Fund Manager
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 1'003'765 1.69 (7'726) 31.03.2013 Investment Advisor
AJO, LP AJO, LP 13F 985'290 1.66 (27'700) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 793'377 1.34 14'856 31.03.2013 Investment Advisor
ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 774'990 1.31 (222'700) 31.03.2013 Hedge Fund Manager
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 771'875 1.3 (431'410) 31.03.2013 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 690'460 1.16 111'780 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JOEL JACKSON market perform 3 M 190 Not Provided 30.07.2013
Goldman Sachs ADAM SAMUELSON Sell/Cautious 1 M 179 12 month 30.07.2013
BGC Partners MARK R GULLEY sell 1 M 175 12 month 30.07.2013
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 30.07.2013
Feltl & Company BRENT R RYSTROM hold 3 M 207 12 month 30.07.2013
Piper Jaffray MICHAEL E COX neutral 3 M 204 12 month 30.07.2013
Scotia Capital BEN ISAACSON sector perform 3 M 210 12 month 29.07.2013
Susquehanna Financial Group DONALD D CARSON Positive 4 M 275 12 month 29.07.2013
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 250 12 month 23.07.2013
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 215 12 month 18.07.2013
Atlantic Equities LLP COLIN ISAAC neutral 3 M 184 12 month 12.07.2013
Barclays MATTHEW J KORN overweight 5 M 244 Not Provided 11.07.2013
Stifel PAUL A MASSOUD hold 3 M #N/A N/A Not Provided 08.07.2013
Cowen and Company CHARLES NEIVERT underperform 1 M 170 12 month 14.06.2013
Credit Suisse CHRISTOPHER PARKINSON neutral 3 M 230 Not Provided 12.06.2013
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 235 3 month 10.05.2013
S&P Capital IQ KEVIN KIRKEBY sell 1 M 175 Not Provided 09.05.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
CF Industries Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Bunge Limited is a global agribusiness and food company. The Company buys,
sells, stores, transports and processes oilseeds and grains to make protein meal
for animal feed and edible oil products for commercial customers and consumers.
Bunge also produces sugar and ethanol from sugarcane, mills wheat and corn, and
sells fertilizer.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (05.02.2013) 80.99
52-Week Low (04.09.2012) 63.18
Daily Volume
76.43
52-Week High % Change -5.63% Dividend Yield 1.41
52-Week Low % Change 20.97% Beta 0.94
% 52 Week Price Range High/Low 74.40% Equity Float 137.13
Shares Out 31.03.2013 146.6 Short Int 3.39
11'201.27 1 Yr Total Return 18.02%
Total Debt 8'897.00 YTD Return 5.93%
Preferred Stock 690.0 Adjusted BETA 0.941
Minority Interest 431.0 Analyst Recs 15
Cash and Equivalents 569.00 Consensus Rating 4.200
Enterprise Value 22'312.27
Average Volume 5 Day 1'369'758
BG US EQUITY YTD Change - Average Volume 30 Day 832'770
BG US EQUITY YTD % CHANGE - Average Volume 3 Month 842'721
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
52'574.0 41'926.0 45'707.0 56'097.0 60'991.0 59'307.0 64'609.0 64'491.7 65'718.1 17'084.7 17'023.3
0.21x 0.34x 0.33x 0.26x 0.33x 1.02x 1.26x 0.27x 0.26x - -
2'862.0 305.0 1'396.0 1'717.0 1'580.0 1'590.0 1'705.0 2'199.6 2'361.8 639.6 697.4
3.89x 46.71x 10.70x 8.49x 12.71x 10.62x 12.60x 10.14x 9.45x 9.36x 9.26x
1'064.0 361.0 2'354.0 942.0 64.0 760.0 14.0 1'040.0 1'204.0 365.1 356.6
7.66x 11.11x 12.82x 10.19x 9.58x 8.86x 11.55x 11.34x 9.64x 9.73x 9.41x
EBITDA 1'580.00 Long-Term Rating Date 10.06.2010
EBIT 1'010.00 Long-Term Rating BBB-
Operating Margin 1.66% Long-Term Outlook POS
Pretax Margin 0.61% Short-Term Rating Date -
Return on Assets 0.05% Short-Term Rating -
Return on Common Equity -0.39%
Return on Capital 2.16% EBITDA/Interest Exp. 5.15
Asset Turnover 2.26% (EBITDA-Capex)/Interest Exp. 1.58
Net Debt/EBITDA 6.50
Gross Margin 4.2% Total Debt/EBITDA 6.92
EBITDA Margin 2.6%
EBIT Margin 1.7% Total Debt/Equity 87.5%
Net Income Margin 0.1% Total Debt/Capital 44.1%
Asset Turnover 2.26
Current Ratio 1.49 Net Fixed Asset Turnover 11.38
Quick Ratio 0.26 Accounts receivable turnover-days 16.43
Debt to Assets 32.61% Inventory Days 42.20
Tot Debt to Common Equity 87.47% Accounts Payable Turnover Day 19.73
Accounts Receivable Turnover 22.22 Cash Conversion Cycle 33.35
Inventory Turnover 8.65
Fiscal Year Ended
Bunge LtdPrice/Volume
Valuation Analysis
1'312'951.00
Current Price (7/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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 10'326'901 7.05 752'559 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 7'945'545 5.42 1'231'351 31.03.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 7'328'780 5 27'132 28.03.2013 Government
BLACKROCK n/a ULT-AGG 6'029'750 4.11 224'748 29.07.2013 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 5'551'638 3.79 (98'392) 31.03.2013 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 4'837'495 3.3 1'457'424 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 3'902'619 2.66 (364'415) 31.03.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'857'710 2.63 (105'383) 30.04.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'693'091 2.52 (33'680) 31.03.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 2'955'366 2.02 (87'520) 30.04.2013 Bank
STATE STREET n/a ULT-AGG 2'887'691 1.97 (179'766) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 2'653'720 1.81 479'688 30.07.2013 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 2'567'487 1.75 (768'005) 31.03.2013 Investment Advisor
COMGEST S A Multiple Portfolios MF-AGG 2'400'000 1.64 - 31.12.2012 Unclassified
LAZARD ASSET MANAGEM n/a ULT-AGG 2'029'600 1.38 (126'994) 31.03.2013 Unclassified
CARLSON CAPITAL LP CARLSON CAPITAL LP 13F 1'778'625 1.21 1'107'235 31.03.2013 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'559'898 1.06 265'229 31.03.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 1'510'273 1.03 - 28.06.2013 Investment Advisor
GUGGENHEIM n/a ULT-AGG 1'383'148 0.94 747'025 30.06.2013 Unclassified
ALLIANCE BERNSTEIN n/a ULT-AGG 1'340'535 0.91 (16'592) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KENNETH B ZASLOW outperform 5 M 83 Not Provided 26.07.2013
Credit Suisse ROBERT MOSKOW restricted #N/A N/A M #N/A N/A Not Provided 26.07.2013
Barclays MATTHEW J KORN overweight 5 M 83 Not Provided 26.07.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 26.07.2013
Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 25.07.2013
JPMorgan ANN DUIGNAN overweight 5 M 80 3 month 25.07.2013
Scotia Capital CHRISTINE HEALY sector outperform 5 M 86 12 month 25.07.2013
Itau BBA Securities GIOVANA ARAUJO market perform 3 M 84 Not Provided 25.07.2013
Feltl & Company BRENT R RYSTROM hold 3 M 74 12 month 25.07.2013
Piper Jaffray MICHAEL E COX overweight 5 M 91 12 month 25.07.2013
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 80 12 month 11.07.2013
HSBC ALEXANDRE FALCAO neutral 3 M 74 Not Provided 05.06.2013
S&P Capital IQ THOMAS GRAVES buy 5 M 75 12 month 26.09.2012
Holdings By:
Bunge Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
The Mosaic Company produces and distributes crop nutrients to the agricultural
communities located in North America and other countries. The Company's
principal products include concentrated phosphates, and potash.
Latest Fiscal Year: 05/2013
LTM as of: 05/yy
52-Week High (08.05.2013) 64.65
52-Week Low (30.07.2013) 39.95
Daily Volume
43.81
52-Week High % Change -32.24% Dividend Yield 2.28
52-Week Low % Change 9.66% Beta 1.31
% 52 Week Price Range High/Low 15.63% Equity Float 277.13
Shares Out 12.07.2013 297.1 Short Int 4.68
18'655.22 1 Yr Total Return -23.19%
Total Debt 1'079.20 YTD Return -21.56%
Preferred Stock 0.0 Adjusted BETA 1.313
Minority Interest 17.5 Analyst Recs 23
Cash and Equivalents 3'697.10 Consensus Rating 3.783
Enterprise Value 16'054.82
Average Volume 5 Day 16'677'860
MOS US EQUITY YTD Change - Average Volume 30 Day 6'012'718
MOS US EQUITY YTD % CHANGE - Average Volume 3 Month 4'174'639
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 05/yy 05/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
10'298.0 6'759.1 9'937.8 11'107.8 9'974.1 11'107.8 9'974.1 8'957.6 10'051.3 2'503.3 2'646.8
2.24x 2.87x 2.88x 1.58x 2.34x 8.01x 8.90x 1.92x 1.69x - -
3'167.1 1'715.8 3'111.6 3'119.2 2'814.4 3'119.2 2'890.4 2'420.8 2'954.9 626.7 708.3
7.27x 11.31x 9.19x 5.62x 8.28x 5.62x 8.06x 6.63x 5.43x 5.86x 5.58x
2'350.2 827.1 2'514.6 1'930.2 1'888.7 1'930.2 1'888.7 1'682.2 1'774.7 379.0 407.5
12.55x 26.47x 15.94x 10.57x 14.91x 10.55x 15.26x 11.12x 9.99x 10.99x 10.29x
EBITDA 2'814.40 Long-Term Rating Date 28.04.2011
EBIT 2'209.60 Long-Term Rating BBB
Operating Margin 22.15% Long-Term Outlook STABLE
Pretax Margin 22.39% Short-Term Rating Date 29.08.2007
Return on Assets 10.86% Short-Term Rating NR
Return on Common Equity 14.87%
Return on Capital - EBITDA/Interest Exp. 54.12
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 23.58
Net Debt/EBITDA -0.91
Gross Margin 27.7% Total Debt/EBITDA 0.37
EBITDA Margin 29.0%
EBIT Margin 22.9% Total Debt/Equity 8.0%
Net Income Margin 18.9% Total Debt/Capital 7.4%
Asset Turnover 0.57
Current Ratio 3.90 Net Fixed Asset Turnover 1.24
Quick Ratio 2.67 Accounts receivable turnover-days 32.34
Debt to Assets 5.97% Inventory Days 70.94
Tot Debt to Common Equity 8.04% Accounts Payable Turnover Day 40.72
Accounts Receivable Turnover 11.29 Cash Conversion Cycle 62.45
Inventory Turnover 5.15
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
Mosaic Co/ThePrice/Volume
Valuation Analysis
61'378'375.00
Current Price (7/dd/yy) Market Data
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TEMASEK HOLDINGS PRI n/a ULT-AGG 19'417'191 6.54 (1'076'130) 31.03.2013 Government
BLACKROCK n/a ULT-AGG 14'763'584 4.97 (118'422) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'886'085 4.34 119'147 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 12'255'639 4.13 137'823 30.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 10'825'512 3.64 1'506'016 30.06.2013 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 10'075'180 3.39 (1'372'812) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'724'446 3.27 (681'915) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 6'455'793 2.17 894'611 30.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 6'342'537 2.14 (2'220'979) 31.05.2013 Investment Advisor
RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 6'036'574 2.03 534'920 31.03.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 5'514'100 1.86 (15'923) 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'402'924 1.82 (486'974) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'724'427 1.59 331'845 31.03.2013 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 3'821'456 1.29 3'687'562 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'058'740 1.03 115'744 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'977'994 1 (1'648'299) 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'874'983 0.97 (1'790'829) 31.03.2013 Investment Advisor
GREEN VALLEY INVESTO GREEN VALLEY INVESTO 13F 2'600'000 0.88 - 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 2'531'671 0.85 - 31.12.2012 Government
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'369'345 0.8 (474'053) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 31.07.2013
Barclays MATTHEW J KORN overweight 5 M 49 Not Provided 31.07.2013
BMO Capital Markets JOEL JACKSON market perform 3 D 43 12 month 30.07.2013
Goldman Sachs ADAM SAMUELSON neutral/cautious 3 D 35 12 month 30.07.2013
CIBC World Markets JACOB BOUT sector perform 3 M 50 18 month 30.07.2013
Cowen and Company CHARLES NEIVERT market perform 3 M 52 12 month 30.07.2013
Atlantic Equities LLP COLIN ISAAC neutral 3 D 50 12 month 30.07.2013
Piper Jaffray MICHAEL E COX neutral 3 M 57 12 month 30.07.2013
Susquehanna Financial Group DONALD D CARSON neutral 3 M 60 12 month 29.07.2013
Canaccord Genuity Corp KEITH CARPENTER hold 3 M 58 Not Provided 25.07.2013
Deutsche Bank DAVID I BEGLEITER hold 3 M 58 12 month 17.07.2013
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 70 12 month 17.07.2013
Credit Suisse CHRISTOPHER PARKINSON neutral 3 M 65 Not Provided 17.07.2013
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 60 Not Provided 17.07.2013
BGC Partners MARK R GULLEY hold 3 M #N/A N/A Not Provided 17.07.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 17.07.2013
Scotia Capital BEN ISAACSON sector outperform 5 M 64 12 month 16.07.2013
Stifel PAUL A MASSOUD buy 5 M 70 12 month 08.07.2013
UBS BILL CARROLL buy 5 M 68 12 month 13.05.2013
HSBC YONAH WEISZ neutral 3 N 66 Not Provided 17.04.2013
Macquarie DAVID PUPO outperform 5 M 71 12 month 01.04.2013
Holdings By:
Mosaic Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Wilmar International Ltd. is an agribusiness company. The Company is involved
in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack
edible oils processing and merchandising, specialty fats, oleochemicals and
biodiesel manufacturing, and grains processing and merchandising. Wilmar also
manufactures and distributes fertilizers and owns a fleet of vessels.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (28.01.2013) 3.92
52-Week Low (13.09.2012) 2.99
Daily Volume
3.15
52-Week High % Change -19.64% Dividend Yield -
52-Week Low % Change 5.35% Beta 1.03
% 52 Week Price Range High/Low 20.43% Equity Float 1'980.61
Shares Out 31.07.2013 6'396.8 Short Int -
20'149.86 1 Yr Total Return -1.29%
Total Debt 22'245.27 YTD Return -4.84%
Preferred Stock 0.0 Adjusted BETA 1.025
Minority Interest 849.3 Analyst Recs 25
Cash and Equivalents 2'319.11 Consensus Rating 3.680
Enterprise Value 35'968.71
Average Volume 5 Day 4'941'600
WIL SP EQUITY YTD Change - Average Volume 30 Day 8'532'033
WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 7'841'485
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
29'145.2 23'885.1 30'377.5 44'710.0 45'463.4 45'645.3 45'193.0 47'602.5 53'295.6 12'476.0 12'981.0
0.52x 1.42x 1.48x 1.00x 0.84x 4.03x 3.31x 0.63x 0.57x - -
1'969.8 2'424.9 1'409.2 1'839.5 2'051.8 2'374.3 2'234.2 2'528.5 2'776.0 588.0 674.0
7.68x 13.97x 31.82x 24.28x 18.65x 18.46x 16.97x 14.23x 12.96x 14.33x 14.40x
1'531.0 1'882.0 1'324.0 1'600.8 1'255.5 1'470.0 1'315.0 1'359.4 1'503.0 298.0 385.0
8.10x 15.52x 21.19x 15.43x 13.95x 17.03x 13.57x 11.74x 10.54x 11.96x 12.32x
EBITDA 2'051.83 Long-Term Rating Date -
EBIT 1'508.62 Long-Term Rating -
Operating Margin 3.32% Long-Term Outlook -
Pretax Margin 3.64% Short-Term Rating Date -
Return on Assets 3.16% Short-Term Rating -
Return on Common Equity 9.31%
Return on Capital 4.91% EBITDA/Interest Exp. 3.17
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 0.56
Net Debt/EBITDA 8.62
Gross Margin 8.6% Total Debt/EBITDA 10.60
EBITDA Margin 4.9%
EBIT Margin 3.7% Total Debt/Equity 155.1%
Net Income Margin 2.8% Total Debt/Capital 59.4%
Asset Turnover 1.09
Current Ratio 1.11 Net Fixed Asset Turnover 5.34
Quick Ratio 0.29 Accounts receivable turnover-days 28.68
Debt to Assets 53.07% Inventory Days 63.36
Tot Debt to Common Equity 155.06% Accounts Payable Turnover Day 11.66
Accounts Receivable Turnover 12.73 Cash Conversion Cycle 78.89
Inventory Turnover 5.76
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
Wilmar International LtdPrice/Volume
Valuation Analysis
6'355'000.00
Current Price (7/dd/yy) Market Data
'--..00112
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45'000.0
50'000.0
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KUOK BROTHERS SDN BH n/a ULT-AGG 1'172'844'755 18.33 - 21.03.2013 Holding Company
ARCHER-DANIELS-MIDLA n/a ULT-AGG 1'046'986'850 16.37 - 21.03.2013 Corporation
WILMAR INTL HOLDINGS n/a Co File 354'961'795 5.55 - 06.03.2012 Other
LONGHLIN ASIA LIMITE n/a Co File 336'009'921 5.25 - 21.03.2013 Other
FIREFLY LTD n/a Co File 294'801'479 4.61 - 21.03.2013 Other
BOLNEY ENTERPRISES L n/a Co File 294'801'372 4.61 - 21.03.2013 Other
KERRY GROUP LTD n/a ULT-AGG 283'352'941 4.43 - 19.07.2013 Other
HARPOLE RESOURCES LT n/a EXCH 256'211'778 4.01 - 19.07.2013 Other
HPR INVESTMENTS LTD n/a Co File 230'461'271 3.6 - 21.03.2013 Corporation
HONG LEE HOLDINGS PT n/a Co File 179'204'971 2.8 - 21.03.2013 Other
VAN ECK ASSOCIATES C n/a ULT-AGG 72'144'416 1.13 - 30.07.2013 Investment Advisor
BONOTO INVESTMENTS L n/a Co File 51'267'514 0.8 - 21.03.2013 Other
BLACKROCK n/a ULT-AGG 39'853'084 0.62 961'000 29.07.2013 Investment Advisor
KIM YONG TEO n/a Co File 33'852'274 0.53 - 21.03.2013 n/a
NATALON CO LTD n/a EXCH 33'760'355 0.53 - 19.07.2013 Holding Company
DALEX INVESTMENTS LT n/a EXCH 30'705'900 0.48 - 19.07.2013 Corporation
BRIGHT MAGIC INV LIM n/a EXCH 25'855'040 0.4 5'203'325 19.07.2013 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'205'991 0.32 1'166'000 30.06.2013 Investment Advisor
HPRY HOLDINGS LTD n/a Co File 13'630'073 0.21 - 21.03.2013 Other
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 10'718'220 0.17 (100'410) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse TAN TING MIN neutral 3 M 4 Not Provided 29.07.2013
CIMB IVY NG outperform 5 M 4 12 month 24.07.2013
Maybank Kim Eng JAMES KOH buy 5 M 5 12 month 23.07.2013
DBS Vickers BEN SANTOSO buy 5 M 3 12 month 11.07.2013
OCBC Investment Research CAREY WONG hold 3 M 3 12 month 11.07.2013
TA Securities Holdings Berhad JAMES RATNAM buy 5 M 4 Not Provided 11.07.2013
Nomura TANUJ SHORI neutral 3 M 4 Not Provided 03.07.2013
UOB Kay Hian TEAM COVERAGE buy 5 M 4 Not Provided 01.07.2013
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 4 12 month 28.06.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013
Jefferies ABHIJIT ATTAVAR buy 5 M 4 12 month 24.05.2013
Deutsche Bank MICHELLE FOONG hold 3 M 4 12 month 09.05.2013
Macquarie CONRAD WERNER neutral 3 M 4 12 month 09.05.2013
Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 M 4 Not Provided 09.05.2013
Standard Chartered ADRIAN FOULGER outperform 5 M 4 12 month 08.05.2013
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 3 12 month 08.05.2013
JPMorgan YING-JIAN CHAN overweight 5 M 4 9 month 08.05.2013
HSBC THILAN WICKRAMASINGHE underweight 1 M 3 Not Provided 08.05.2013
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 5 12 month 08.05.2013
AmResearch Sdn Bhd GAN HUEY LING buy 5 U 4 12 month 08.05.2013
Religare Capital Markets VINCENT FERNANDO sell 1 M 3 12 month 08.05.2013
UBS ANUBHAV GUPTA neutral 3 M 4 12 month 22.02.2013
IIFL ZUO LI sell 1 M 4 12 month 23.02.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
Holdings By:
Wilmar International Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Fiat Industrial SpA manufactures a wide range of branded trucks and tractors.
The Company also manufactures powertrains for industrial, and marine
applications as well as manufactures and supplies truck, bus, and diesel
engines, and engineers, manufactures, markets, and distributes agricultural and
construction equipment.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (29.01.2013) 9.80
52-Week Low (01.10.2012) 7.57
Daily Volume
9.285
52-Week High % Change -6.53% Dividend Yield -
52-Week Low % Change 22.66% Beta 0.88
% 52 Week Price Range High/Low 64.13% Equity Float 792.73
Shares Out 31.03.2013 1'222.6 Short Int -
11'351.55 1 Yr Total Return 19.13%
Total Debt 20'730.00 YTD Return 15.45%
Preferred Stock 0.0 Adjusted BETA 0.885
Minority Interest 787.0 Analyst Recs 22
Cash and Equivalents 4'615.00 Consensus Rating 3.909
Enterprise Value 29'934.55
Average Volume 5 Day 3'351'062
FI IM EQUITY YTD Change - Average Volume 30 Day 3'180'576
FI IM EQUITY YTD % CHANGE - Average Volume 3 Month 3'510'573
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
- 17'968.0 21'342.0 24'231.0 25'785.0 25'129.0 25'954.0 26'511.6 27'820.3 6'702.3 7'535.3
- - - 0.95x 1.05x 3.88x 3.22x 0.69x 0.64x 2.20x 1.83x
- 959.0 1'757.0 2'352.0 2'798.0 2'627.0 1'973.0 2'893.6 3'198.4 735.0 687.0
- - - 9.83x 9.65x 10.28x 0.00x 10.35x 9.36x 10.14x 9.98x
- (464.0) 341.0 624.0 810.0 707.0 818.0 1'049.3 1'269.5 276.3 277.0
- - - 13.54x 12.45x 13.80x 12.88x 11.20x 9.50x 9.96x 9.62x
EBITDA 2'798.00 Long-Term Rating Date 04.11.2010
EBIT 2'079.00 Long-Term Rating BB+
Operating Margin 8.06% Long-Term Outlook STABLE
Pretax Margin 5.76% Short-Term Rating Date 24.02.2011
Return on Assets 1.98% Short-Term Rating B
Return on Common Equity 15.99%
Return on Capital - EBITDA/Interest Exp. 8.94
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 4.63
Net Debt/EBITDA 6.37
Gross Margin 18.8% Total Debt/EBITDA 7.62
EBITDA Margin 10.8%
EBIT Margin 8.0% Total Debt/Equity 420.1%
Net Income Margin 3.1% Total Debt/Capital 78.4%
Asset Turnover 0.67
Current Ratio 1.67 Net Fixed Asset Turnover 5.85
Quick Ratio 0.36 Accounts receivable turnover-days 21.01
Debt to Assets 53.24% Inventory Days 97.18
Tot Debt to Common Equity 420.06% Accounts Payable Turnover Day 85.48
Accounts Receivable Turnover 17.38 Cash Conversion Cycle 19.55
Inventory Turnover 3.76
Fiscal Year Ended
Fiat Industrial SpAPrice/Volume
Valuation Analysis
2'736'031.00
Current Price (7/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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25'000.0
30'000.0
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EXOR SPA n/a Research 366'929'588 30.01 - 12.07.2013 Corporation
HARRIS ASSOCIATES LP n/a Research 61'458'536 5.03 - 12.07.2013 Investment Advisor
FIAT SPA n/a Research 34'219'702 2.8 - 12.07.2013 Corporation
GIC PRIVATE LIMITED n/a ULT-AGG 28'449'177 2.33 - 12.07.2013 Government
BLACKROCK n/a ULT-AGG 25'496'853 2.09 2'030'474 29.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'754'015 1.78 4'227'994 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 20'224'050 1.65 - 31.12.2012 Government
VAN ECK ASSOCIATES C n/a ULT-AGG 13'102'778 1.07 - 30.07.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 6'700'000 0.55 (1'337'500) 30.06.2013 Investment Advisor
CITADEL ADVISORS LLC n/a Short (6'112'844) -0.5 - 04.12.2012 Hedge Fund Manager
AXA FUNDS MANAGEMENT AXA WORLD FUNDS-FRAM MF-PART 4'502'702 0.37 - 28.06.2013 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 3'889'467 0.32 78 30.06.2012 Pension Fund (ERISA)
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'781'590 0.31 16'109 30.06.2013 Investment Advisor
UBS n/a ULT-AGG 3'724'812 0.3 (96'640) 28.03.2013 Unclassified
SOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 3'523'660 0.29 3'523'660 31.12.2012 Investment Advisor
GENERALI ASSET MANAG Multiple Portfolios MF-AGG 3'400'546 0.28 (242'980) 28.06.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'253'172 0.27 (6'964) 28.03.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 3'024'525 0.25 (5'879) 28.06.2013 Investment Advisor
AXA FUNDS MANAGEMENT AXA WORLD FUNDS-ITAL MF-PART 2'566'501 0.21 2'566'501 18.06.2013 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 2'218'614 0.18 130'000 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue HANS-PETER WODNIOK add 4 M 10 6 month 25.07.2013
Deutsche Bank PETER REILLY buy 5 M 12 12 month 23.07.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 11 Not Provided 23.07.2013
Barclays MICHAEL TYNDALL overweight 5 M 12 Not Provided 23.07.2013
Banca Akros(ESN) GABRIELE GAMBAROVA accumulate 4 M 10 12 month 22.07.2013
William Blair & Co LAWRENCE T DE MARIA outperform 5 M 10 12 month 11.07.2013
Mediobanca SpA MASSIMO VECCHIO outperform 5 M 10 12 month 10.07.2013
Natixis KATHLEEN GAILLIOT buy 5 M 11 Not Provided 10.07.2013
Banca IMI MONICA BOSIO hold 3 D 5 12 month 01.07.2013
Kepler Cheuvreux GIORGIO IANNELLA hold 3 M 9 Not Provided 26.06.2013
Equita SIM SpA MARTINO DEAMBROGGI buy 5 U 10 12 month 19.06.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
ICBPI LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 23.05.2013
Societe Generale STEPHEN REITMAN hold 3 M 10 12 month 02.05.2013
Bank am Bellevue MICHAEL STUDER buy 5 M 13 Not Provided 02.05.2013
Macquarie JENS SCHATTNER underperform 1 M 8 12 month 01.05.2013
Berenberg Bank ALEXANDER VIRGO sell 1 M 7 Not Provided 01.05.2013
Morgan Stanley LAURA LEMBKE Overwt/In-Line 5 M 10 12 month 30.04.2013
Centrobanca MARCO CRISTOFORI buy 5 M 10 Not Provided 05.11.2012
UBS FREDRIC STAHL neutral 3 D 9 12 month 02.11.2012
Goldman Sachs STEFAN BURGSTALLER not rated #N/A N/A M #N/A N/A Not Provided 30.05.2012
Holdings By:
Fiat Industrial SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Tractor Supply Company operates a retail farm store chain in the United States.
The Company provides farm maintenance products, animal products, general
maintenance products, lawn and garden products, light truck equipment, work
clothing, and other products. Customers include hobby, part-time, and full-time
farmers and ranchers, as well as rural customers, contractors, and tradesman.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (15.07.2013) 124.45
52-Week Low (04.12.2012) 82.39
Daily Volume
120.14
52-Week High % Change -3.46% Dividend Yield 0.72
52-Week Low % Change 45.82% Beta 0.93
% 52 Week Price Range High/Low 89.75% Equity Float 68.98
Shares Out 29.06.2013 69.8 Short Int 2.17
8'384.38 1 Yr Total Return 33.37%
Total Debt 1.28 YTD Return 36.55%
Preferred Stock 0.0 Adjusted BETA 0.926
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 138.63 Consensus Rating 4.069
Enterprise Value 8'329.95
Average Volume 5 Day 627'946
TSCO US EQUITY YTD Change - Average Volume 30 Day 517'398
TSCO US EQUITY YTD % CHANGE - Average Volume 3 Month 476'560
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
3'007.9 3'206.9 3'638.3 4'232.7 4'664.1 4'530.1 4'893.4 5'158.0 5'692.8 1'190.8 1'430.5
0.40x 0.55x 0.89x 1.14x 1.27x 4.76x 5.78x 1.59x 1.44x 7.01x 5.75x
196.3 257.8 336.0 433.1 525.8 501.3 560.2 600.0 688.6 117.5 170.1
6.16x 6.90x 9.67x 11.14x 11.30x 11.42x 14.55x 13.88x 12.10x 12.92x 12.56x
81.9 119.7 168.0 222.7 276.5 260.2 297.1 316.5 366.6 58.2 91.0
15.76x 16.50x 21.42x 23.27x 23.02x 23.43x 28.19x 26.82x 22.90x 24.80x 24.01x
EBITDA 525.77 Long-Term Rating Date -
EBIT 436.79 Long-Term Rating -
Operating Margin 9.36% Long-Term Outlook -
Pretax Margin 9.34% Short-Term Rating Date -
Return on Assets 16.65% Short-Term Rating -
Return on Common Equity 26.88%
Return on Capital 26.91% EBITDA/Interest Exp. 498.36
Asset Turnover 2.74% (EBITDA-Capex)/Interest Exp. 353.41
Net Debt/EBITDA -0.10
Gross Margin 33.6% Total Debt/EBITDA 0.00
EBITDA Margin 11.4%
EBIT Margin 9.6% Total Debt/Equity 0.1%
Net Income Margin 5.9% Total Debt/Capital 0.1%
Asset Turnover 2.74
Current Ratio 2.02 Net Fixed Asset Turnover 8.80
Quick Ratio 0.25 Accounts receivable turnover-days -
Debt to Assets 0.07% Inventory Days 113.55
Tot Debt to Common Equity 0.12% Accounts Payable Turnover Day 36.28
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 3.21
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
Tractor Supply CoPrice/Volume
Valuation Analysis
416'497.00
Current Price (7/dd/yy) Market Data
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3'000.0
3'500.0
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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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'543'358 6.51 1'444'840 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'297'683 6.16 228'057 29.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'305'237 4.74 30'645 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 3'275'888 4.69 - 31.05.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'343'578 3.36 (214'997) 31.03.2013 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 2'311'200 3.31 209'500 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 2'304'302 3.3 67'591 30.07.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'829'394 2.62 (33'078) 30.06.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'512'479 2.17 (151'510) 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'424'996 2.04 373'042 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'219'777 1.75 98'334 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'206'833 1.73 (14'730) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 1'173'717 1.68 1'165'056 30.07.2013 Investment Advisor
GENEVA CAPITAL MANAG GENEVA CAPITAL MANAG 13F 1'082'328 1.55 181'879 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 955'136 1.37 (29'214) 30.07.2013 Investment Advisor
LUTHER KING CAPITAL LUTHER KING CAPITAL 13F 894'633 1.28 4'445 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 893'944 1.28 24'787 31.03.2013 Investment Advisor
GENEVA INVESTMENT MA GENEVA INVESTMENT MA 13F 832'594 1.19 22'100 31.03.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 751'870 1.08 (7'167) 28.06.2013 Investment Advisor
TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 713'900 1.02 9'800 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 124 Not Provided 26.07.2013
BMO Capital Markets WAYNE HOOD market perform 3 M 127 Not Provided 25.07.2013
Deutsche Bank ADAM SINDLER buy 5 M 135 12 month 25.07.2013
Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 133 12 month 25.07.2013
Credit Suisse GARY BALTER neutral 3 M 128 Not Provided 25.07.2013
SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 140 12 month 25.07.2013
JPMorgan CHRISTOPHER HORVERS overweight 5 M 134 12 month 25.07.2013
Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 125 12 month 25.07.2013
Robert W. Baird & Co PETER S BENEDICT outperform 5 M 140 12 month 25.07.2013
Stephens Inc JOHN R LAWRENCE overweight 5 M 140 12 month 25.07.2013
Avondale Partners LLC JEFF BLACK market outperform 4 M 127 12 month 25.07.2013
BB&T Capital Markets ANDREW P WOLF hold 3 M #N/A N/A Not Provided 25.07.2013
Nomura ARAM RUBINSON neutral 3 M 124 12 month 25.07.2013
Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 25.07.2013
Feltl & Company BRENT R RYSTROM hold 3 M 117 12 month 25.07.2013
Piper Jaffray PETER J KEITH neutral 3 D 121 12 month 25.07.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 130 12 month 25.07.2013
RBC Capital Markets R SCOT CICCARELLI outperform 5 M 118 12 month 24.07.2013
Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 24.07.2013
Wedbush JOAN L STORMS outperform 5 M 135 12 month 24.07.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 24.07.2013
KeyBanc Capital Markets BRADLEY B THOMAS hold 3 M #N/A N/A Not Provided 24.07.2013
Raymond James DANIEL R WEWER JR strong buy 5 M 142 12 month 24.07.2013
Oppenheimer & Co BRIAN NAGEL outperform 5 M 125 18 month 24.07.2013
Barclays ALAN M RIFKIN overweight 5 M 135 Not Provided 24.07.2013
Northcoast Research CHARLES E CERANKOSKY buy 5 M 132 12 month 22.07.2013
UBS MICHAEL LASSER buy 5 M 134 12 month 18.07.2013
Argus Research Corp JOHN D STASZAK buy 5 M 128 12 month 20.05.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Tractor Supply Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Tyson Foods, Inc. produces, distributes, and markets chicken, beef, pork,
prepared foods and related allied products. The Company's products are marketed
and sold to national and regional grocery retailers, regional grocery
wholesalers, meat distributors, warehouse club stores, military commissaries,
and industrial food processing companies.
Latest Fiscal Year: 09/2012
LTM as of: 03/yy
52-Week High (16.07.2013) 27.54
52-Week Low (06.08.2012) 13.99
Daily Volume
27.31
52-Week High % Change -0.82% Dividend Yield 1.06
52-Week Low % Change 95.19% Beta 0.80
% 52 Week Price Range High/Low 98.34% Equity Float 278.68
Shares Out 30.03.2013 284.8 Short Int 17.11
9'690.74 1 Yr Total Return 84.62%
Total Debt 2'432.00 YTD Return 41.36%
Preferred Stock 0.0 Adjusted BETA 0.804
Minority Interest 30.0 Analyst Recs 14
Cash and Equivalents 1'071.00 Consensus Rating 4.286
Enterprise Value 11'382.74
Average Volume 5 Day 2'055'794
TSN US EQUITY YTD Change - Average Volume 30 Day 2'797'816
TSN US EQUITY YTD % CHANGE - Average Volume 3 Month 3'676'345
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4
26'862.0 26'704.0 28'430.0 32'266.0 33'278.0 33'248.0 33'502.0 34'239.2 35'034.4 8'654.2 8'770.3
- 0.27x 0.27x 0.25x 0.21x 1.03x 1.03x 0.32x 0.29x 1.29x 1.24x
860.0 875.0 2'082.0 1'791.0 1'747.0 1'559.0 1'655.0 1'848.4 2'094.7 504.7 562.7
- 8.23x 3.74x 4.42x 4.09x 5.47x 6.35x 6.16x 5.43x 5.54x 5.37x
86.0 (547.0) 780.0 750.0 583.0 615.0 529.0 767.4 931.3 215.1 247.5
37.32x - 7.70x 9.42x 8.30x 12.00x 11.47x 12.89x 10.49x 10.84x 10.37x
EBITDA 1'747.00 Long-Term Rating Date 11.02.2013
EBIT 1'248.00 Long-Term Rating BBB
Operating Margin 3.75% Long-Term Outlook STABLE
Pretax Margin 2.79% Short-Term Rating Date 11.10.2006
Return on Assets 4.61% Short-Term Rating NR
Return on Common Equity 8.83%
Return on Capital 8.77% EBITDA/Interest Exp. 4.77
Asset Turnover 2.92% (EBITDA-Capex)/Interest Exp. 2.89
Net Debt/EBITDA 1.00
Gross Margin 6.5% Total Debt/EBITDA 1.46
EBITDA Margin 4.9%
EBIT Margin 3.4% Total Debt/Equity 40.5%
Net Income Margin 1.8% Total Debt/Capital 28.7%
Asset Turnover 2.92
Current Ratio 1.91 Net Fixed Asset Turnover 8.43
Quick Ratio 0.87 Accounts receivable turnover-days 14.56
Debt to Assets 20.44% Inventory Days 32.10
Tot Debt to Common Equity 40.45% Accounts Payable Turnover Day 14.09
Accounts Receivable Turnover 24.99 Cash Conversion Cycle 31.01
Inventory Turnover 11.34
Fiscal Year Ended
Tyson Foods IncPrice/Volume
Valuation Analysis
3'389'093.00
Current Price (7/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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 18'081'673 6.35 1'032'482 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 17'396'102 6.11 2'057'292 29.07.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 14'110'483 4.95 (3'264'280) 31.05.2013 Investment Advisor
STATE STREET n/a ULT-AGG 13'037'776 4.58 (281'584) 30.07.2013 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 11'260'714 3.95 (80'489) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'415'244 2.95 (365'946) 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 8'160'358 2.87 (3'469'521) 31.03.2013 Investment Advisor
AJO, LP AJO, LP 13F 7'514'100 2.64 6'643'800 31.03.2013 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 7'448'059 2.61 (188'523) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 6'541'407 2.3 (967'339) 30.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 6'188'286 2.17 1'112'436 30.07.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 5'369'711 1.89 1'074'959 30.07.2013 Investment Advisor
ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 5'236'226 1.84 4'428'895 31.03.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 4'843'248 1.7 (828'506) 31.03.2013 Investment Advisor
SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 4'541'558 1.59 3'449'702 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'364'465 1.53 (1'332'274) 31.03.2013 Investment Advisor
AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 4'225'160 1.48 (24'900) 31.03.2013 Hedge Fund Manager
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 4'106'792 1.44 2'802'261 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'818'578 1.34 124'207 31.03.2013 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 3'483'354 1.22 1'300'430 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 32 12 month 31.07.2013
Credit Suisse ROBERT MOSKOW neutral 3 M 28 Not Provided 30.07.2013
Davenport & Co ANN H GURKIN buy 5 M 29 Not Provided 30.07.2013
Stephens Inc FARHA ASLAM overweight 5 M 30 12 month 26.07.2013
BMO Capital Markets KENNETH B ZASLOW outperform 5 M 31 Not Provided 22.07.2013
BB&T Capital Markets BRETT M HUNDLEY buy 5 M 31 12 month 15.07.2013
D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 34 18 month 10.07.2013
S&P Capital IQ THOMAS GRAVES hold 3 M 26 12 month 29.05.2013
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 29 12 month 21.05.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 07.05.2013
JPMorgan KENNETH GOLDMAN neutral 3 M 27 3 month 06.05.2013
Holdings By:
Tyson Foods Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Yara International ASA produces, distributes, and sells nitrogen-based mineral
fertilizers and related industrial products. The Company also distributes and
sells a range of phosphate and potash-based mineral fertilizers, as well as
complex and specialty mineral fertilizer products.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (17.09.2012) 305.50
52-Week Low (24.06.2013) 236.50
Daily Volume
262
52-Week High % Change -13.98% Dividend Yield -
52-Week Low % Change 10.78% Beta 1.13
% 52 Week Price Range High/Low 27.83% Equity Float 160.07
Shares Out 30.07.2013 284.2 Short Int -
74'462.30 1 Yr Total Return -3.70%
Total Debt 10'895.00 YTD Return 0.49%
Preferred Stock 0.0 Adjusted BETA 1.134
Minority Interest 1'745.0 Analyst Recs 32
Cash and Equivalents 9'941.00 Consensus Rating 3.969
Enterprise Value 77'219.30
Average Volume 5 Day 692'577
YAR NO EQUITY YTD Change - Average Volume 30 Day 830'592
YAR NO EQUITY YTD % CHANGE - Average Volume 3 Month 865'035
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
87'926.0 60'867.0 64'006.0 77'726.0 83'997.0 81'650.0 85'386.0 84'379.0 86'427.8 19'708.3 20'993.4
0.77x 1.52x 1.67x 0.95x 0.96x 3.76x 3.63x 0.91x 0.86x 3.89x 3.66x
14'376.0 3'698.0 9'907.0 15'917.0 14'591.0 17'701.0 13'323.0 14'038.2 13'532.9 3'161.5 3'014.2
4.73x 25.03x 10.80x 4.66x 5.52x 4.47x 5.26x 5.50x 5.71x 6.10x 6.21x
8'228.0 3'782.0 8'729.0 12'066.0 10'602.0 12'747.0 8'901.0 8'448.6 8'042.3 1'882.5 1'720.4
5.26x 20.16x 11.16x 5.72x 7.30x 5.81x 7.63x 8.71x 9.00x 9.64x 9.62x
EBITDA 14'591.00 Long-Term Rating Date 15.03.2010
EBIT 11'167.00 Long-Term Rating BBB
Operating Margin 13.29% Long-Term Outlook STABLE
Pretax Margin 15.78% Short-Term Rating Date 15.03.2010
Return on Assets 10.67% Short-Term Rating A-2
Return on Common Equity 18.21%
Return on Capital 15.87% EBITDA/Interest Exp. 12.28
Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 9.28
Net Debt/EBITDA 0.06
Gross Margin - Total Debt/EBITDA 0.80
EBITDA Margin 15.6%
EBIT Margin 11.6% Total Debt/Equity 22.6%
Net Income Margin 12.6% Total Debt/Capital 17.9%
Asset Turnover 1.02
Current Ratio 2.30 Net Fixed Asset Turnover 2.99
Quick Ratio 1.27 Accounts receivable turnover-days 39.79
Debt to Assets 13.41% Inventory Days -
Tot Debt to Common Equity 22.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.17 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Yara International ASAPrice/Volume
Valuation Analysis
623'037.00
Current Price (7/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
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70'000.0
80'000.0
90'000.0
100'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORWEGIAN GOVT MINIS n/a EXCH 102'915'622 36.21 - 22.07.2013 Government
STATE STREET n/a ULT-AGG 18'548'186 6.53 (1'705) 30.07.2013 Investment Advisor
GOVERNMENT PENSION F n/a EXCH 17'080'554 6.01 - 22.07.2013 Government
CLEARSTREAM BANKING n/a EXCH 12'895'857 4.54 - 22.07.2013 Bank
BANK OF NEW YORK MEL n/a EXCH 10'263'546 3.61 - 22.07.2013 Investment Advisor
JP MORGAN CHASE BANK n/a EXCH 6'600'900 2.32 - 22.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 5'552'306 1.95 401'408 30.06.2013 Investment Advisor
YARA INTERNATIONAL A n/a EXCH 4'079'677 1.44 - 22.07.2013 Corporation
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 3'232'349 1.14 89'319 30.04.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 3'114'824 1.1 - 30.07.2013 Investment Advisor
SEB n/a ULT-AGG 2'873'372 1.01 297'322 22.07.2013 Unclassified
DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'873'052 1.01 92'962 30.04.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'343'940 0.82 334'332 31.03.2013 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 2'169'026 0.76 373'327 28.06.2013 Investment Advisor
DWP BANK n/a EXCH 2'118'468 0.75 - 22.07.2013 Bank
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 2'116'639 0.74 74'305 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'930'919 0.68 465'427 30.06.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'917'789 0.67 11'087 30.06.2013 Investment Advisor
NORDEA FONDENE AS Multiple Portfolios MF-AGG 1'678'684 0.59 277'396 27.03.2013 Investment Advisor
KLP AKSJENORGE n/a EXCH 1'614'369 0.57 - 22.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 311 12 month 30.07.2013
Swedbank First Securities HANS-ERIK JACOBSEN buy 5 U 300 Not Provided 30.07.2013
Scotia Capital BEN ISAACSON sector perform 3 M 290 12 month 22.07.2013
Nordea Equity Research ANDRE HOLO ADOLFSEN buy 5 M 300 12 month 22.07.2013
Pareto Securities SIGURD-ERIK NISSEN-MEYER sell 1 N 220 6 month 22.07.2013
DNB Markets KNUT-IVAR BAKKEN hold 3 M 280 Not Provided 22.07.2013
Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 270 Not Provided 22.07.2013
Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 320 Not Provided 22.07.2013
AlphaValue FABRICE FARIGOULE buy 5 M 332 6 month 22.07.2013
Norne Securities AS TOMAS SKEIVYS buy 5 M 300 12 month 22.07.2013
Danske Markets MARTIN STENSHALL hold 3 M 265 12 month 22.07.2013
Handelsbanken ANNE GJOEN accumulate 4 M 287 12 month 20.07.2013
BMO Capital Markets JOEL JACKSON outperform 5 M 297 Not Provided 19.07.2013
Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 240 12 month 19.07.2013
Morgan Stanley PAUL R WALSH Equalwt/In-Line 3 M 316 12 month 19.07.2013
ABG Sundal Collier MARTIN MELBYE buy 5 M 290 6 month 19.07.2013
UBS JOE DEWHURST buy 5 M 318 12 month 19.07.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 366 12 month 19.07.2013
SEB Enskilda TRULS KOLSRUD ENGENE buy 5 U 280 Not Provided 19.07.2013
Carnegie BENGT JONASSEN hold 3 M #N/A N/A Not Provided 19.07.2013
Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 310 Not Provided 19.07.2013
Nomura JEAN DE WATTEVILLE buy 5 M 330 12 month 19.07.2013
Arctic Securities ASA THOMAS LORCK hold 3 M 265 Not Provided 19.07.2013
HSBC YONAH WEISZ underweight 1 D 230 Not Provided 17.07.2013
Redburn Partners NEIL TYLER neutral 3 M #N/A N/A Not Provided 24.06.2013
JPMorgan MARTIN EVANS neutral 3 M 254 3 month 07.06.2013
EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013
Fondsfinans AS PER HAAGENSEN buy 5 M 350 Not Provided 13.02.2013
Main First Bank AG THOMAS SWOBODA outperform 5 U 320 12 month 07.12.2012
Credit Suisse LARS KJELLBERG restricted #N/A N/A M #N/A N/A Not Provided 05.12.2012
SpareBank 1 Markets AS HENRIK SCHULTZ neutral 3 D 290 12 month 05.12.2012
Equita SIM SpA MASSIMO BONISOLI buy 5 M 320 12 month 30.04.2012
Holdings By:
Yara International ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Uralkali OJSC produces potash. The Company operates mines and ore-treatment
mills in the Perm Territory, Russia. Uralkali extracts and processes potassium
ore and sells standard and granular muriate of potash for the agriculture and
chemical industries. The Company's main markets include Brazil, India, China,
Southeast Asia, Russia, the United States, and Europe.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (25.09.2012) 43.25
52-Week Low (30.07.2013) 22.70
Daily Volume
23.95
52-Week High % Change -44.62% Dividend Yield -
52-Week Low % Change 5.51% Beta -
% 52 Week Price Range High/Low 6.08% Equity Float -
Shares Out #N/A N/A - Short Int 0.17
- 1 Yr Total Return -
Total Debt 3'942.35 YTD Return -36.26%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 8.3 Analyst Recs 0
Cash and Equivalents 1'665.58 Consensus Rating -
Enterprise Value -
Average Volume 5 Day 2'565
URALL US EQUITY YTD Change - Average Volume 30 Day 704
URALL US EQUITY YTD % CHANGE - Average Volume 3 Month 1'338
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 09/yy 09/yy 12/13 Y 12/14 Y 12/11 Q4 03/12 Q1
2'533.6 1'069.1 1'699.4 3'495.9 3'949.8 527.9 677.9 3'839.0 4'108.8 - -
1.77x 8.13x 8.80x 6.91x 6.15x 0.00x 0.00x - - - -
1'668.2 517.9 800.4 2'068.2 2'311.4 0.0 0.0 2'111.9 2'236.5 - -
2.69x 16.78x 18.69x 11.68x 10.52x 0.00x 0.00x - - - -
885.0 287.4 548.4 1'184.0 1'600.8 185.7 207.8 1'295.1 1'356.2 - -
- - - - - 0.00x 0.00x 10.34x 9.29x - -
EBITDA 2'311.35 Long-Term Rating Date 18.06.2012
EBIT 1'851.85 Long-Term Rating BBB-
Operating Margin 46.88% Long-Term Outlook STABLE
Pretax Margin 49.03% Short-Term Rating Date -
Return on Assets 11.88% Short-Term Rating -
Return on Common Equity 19.05%
Return on Capital 13.45% EBITDA/Interest Exp. 88.09
Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 72.86
Net Debt/EBITDA 0.99
Gross Margin 74.9% Total Debt/EBITDA 1.71
EBITDA Margin 58.5%
EBIT Margin 46.9% Total Debt/Equity 45.0%
Net Income Margin 40.5% Total Debt/Capital 31.0%
Asset Turnover 0.29
Current Ratio 1.99 Net Fixed Asset Turnover 1.21
Quick Ratio 1.39 Accounts receivable turnover-days 32.56
Debt to Assets 27.59% Inventory Days 89.72
Tot Debt to Common Equity 45.02% Accounts Payable Turnover Day 24.71
Accounts Receivable Turnover 11.24 Cash Conversion Cycle 97.57
Inventory Turnover 4.08
Fiscal Year Ended
Uralkali OJSCPrice/Volume
Valuation Analysis
12'075.00
Current Price (7/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
3'500.0
4'000.0
4'500.0
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAN ECK ASSOCIATES C n/a ULT-AGG 6'186'459 0 - 30.07.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'912'214 0 (1'342'150) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 2'135'782 0 (5'954) 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'113'797 0 70'152 29.07.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'959'792 0 440'665 31.03.2013 Investment Advisor
PRUDENTIAL PLC n/a ULT-AGG 1'850'000 0 200'000 31.03.2013 Unclassified
PICTET FUNDS n/a ULT-AGG 1'838'367 0 (588'014) 30.04.2013 Investment Advisor
BARING INTERNATIONAL Multiple Portfolios MF-AGG 1'529'996 0 (128'940) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'302'206 0 2'620 30.07.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'216'000 0 - 31.03.2013 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 1'040'000 0 (123'600) 30.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 869'541 0 (110'710) 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 800'000 0 (100'000) 31.05.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 710'617 0 (4'236) 28.03.2013 Investment Advisor
NEPTUNE INVESTMENT M NEPTUNE INVESTMENT F MF-PART 700'623 0 - 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 595'626 0 70'000 28.03.2013 Unclassified
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 536'250 0 (99'000) 28.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 529'569 0 (1'094) 30.04.2013 Investment Advisor
RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 520'516 0 (92'700) 30.04.2013 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 489'383 0 (64'000) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Uralkali OJSC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
AGCO Corporation manufactures and distributes agricultural equipment throughout
the world. The Company sells a range of agricultural equipment and related
replacement parts, including tractors, combines, hay tools, sprayers, and forage
equipment. AGCO markets its products under a variety of brand names, including
Massey Ferguson, AGCO, Tye, GLEANER, and Hesston.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.05.2013) 56.83
52-Week Low (04.09.2012) 41.17
Daily Volume
54.88
52-Week High % Change -3.43% Dividend Yield 0.18
52-Week Low % Change 33.30% Beta 1.52
% 52 Week Price Range High/Low 87.55% Equity Float 90.53
Shares Out 30.04.2013 97.3 Short Int 4.11
5'340.57 1 Yr Total Return 25.64%
Total Debt 1'286.80 YTD Return 12.13%
Preferred Stock 0.0 Adjusted BETA 1.518
Minority Interest 33.3 Analyst Recs 17
Cash and Equivalents 781.30 Consensus Rating 3.706
Enterprise Value 6'257.77
Average Volume 5 Day 1'051'926
AGCO US EQUITY YTD Change - Average Volume 30 Day 903'522
AGCO US EQUITY YTD % CHANGE - Average Volume 3 Month 907'952
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
8'424.6 6'516.4 6'896.6 8'773.2 9'962.2 9'249.2 10'091.6 10'524.5 10'718.9 2'811.5 2'440.5
0.27x 0.46x 0.68x 0.57x 0.53x 2.06x 2.24x 0.53x 0.49x 2.22x 2.54x
711.7 368.7 482.9 783.1 945.5 858.8 959.8 1'069.8 1'130.8 317.0 231.2
3.21x 8.10x 9.77x 6.33x 5.60x 6.74x 6.24x 5.85x 5.53x 5.90x 5.85x
385.9 135.7 220.5 583.3 522.1 623.5 519.9 556.4 593.6 178.8 115.6
5.97x 20.94x 21.82x 9.59x 9.35x 9.69x 9.98x 9.75x 9.23x 9.69x 9.67x
EBITDA 945.50 Long-Term Rating Date 05.03.2010
EBIT 715.60 Long-Term Rating BBB-
Operating Margin 7.18% Long-Term Outlook STABLE
Pretax Margin 6.57% Short-Term Rating Date -
Return on Assets 6.63% Short-Term Rating -
Return on Common Equity 15.43%
Return on Capital 11.32% EBITDA/Interest Exp. 12.17
Asset Turnover 1.29% (EBITDA-Capex)/Interest Exp. 7.79
Net Debt/EBITDA 0.92
Gross Margin 21.3% Total Debt/EBITDA 1.50
EBITDA Margin 9.5%
EBIT Margin 7.2% Total Debt/Equity 37.1%
Net Income Margin 5.2% Total Debt/Capital 26.9%
Asset Turnover 1.29
Current Ratio 1.60 Net Fixed Asset Turnover 7.56
Quick Ratio 0.69 Accounts receivable turnover-days 40.34
Debt to Assets 16.66% Inventory Days 92.77
Tot Debt to Common Equity 37.14% Accounts Payable Turnover Day 48.22
Accounts Receivable Turnover 9.05 Cash Conversion Cycle 69.57
Inventory Turnover 3.93
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
AGCO CorpPrice/Volume
Valuation Analysis
1'067'062.00
Current Price (7/dd/yy) Market Data
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 6'338'219 6.51 (430'116) 29.07.2013 Investment Advisor
TRACTORS & FARM EQUI n/a Form 4 5'767'864 5.93 8'300 05.07.2013 Corporation
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 4'644'120 4.77 (82'200) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 4'583'831 4.71 126'618 01.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'556'572 4.68 206'014 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'365'950 3.46 52'658 31.03.2013 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 3'170'144 3.26 (2'240'790) 31.03.2013 Investment Advisor
SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 3'122'699 3.21 420'213 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'970'841 3.05 (342'260) 31.03.2013 Investment Advisor
NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 2'646'139 2.72 (125'457) 30.06.2013 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 2'139'890 2.2 1'444'042 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 1'794'238 1.84 351'524 30.07.2013 Investment Advisor
AJO, LP AJO, LP 13F 1'709'500 1.76 (633'000) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'621'364 1.67 (83'015) 31.03.2013 Investment Advisor
APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 1'561'647 1.6 - 31.03.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'396'950 1.44 (4'263) 30.04.2013 Investment Advisor
CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 1'395'257 1.43 (23'192) 31.03.2013 Investment Advisor
SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 1'369'390 1.41 511'923 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'291'106 1.33 228'602 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 1'246'952 1.28 (1'387'329) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC ANDREW M CASEY underperform 1 M #N/A N/A Not Provided 29.07.2013
Piper Jaffray MICHAEL E COX overweight 5 M 67 12 month 21.07.2013
Janney Montgomery Scott LLC RYAN M CONNORS buy 5 M 60 12 month 19.07.2013
Jefferies STEPHEN VOLKMANN buy 5 M 62 12 month 18.07.2013
BMO Capital Markets JOEL G TISS outperform 5 M 63 Not Provided 15.07.2013
Macquarie SAMEER RATHOD neutral 3 N 56 12 month 12.07.2013
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 57 12 month 11.07.2013
JPMorgan ANN DUIGNAN neutral 3 M 57 3 month 10.07.2013
RBC Capital Markets SETH R WEBER sector perform 3 M 59 12 month 01.07.2013
Barclays ANDY KAPLOWITZ equalweight 3 M 64 Not Provided 01.05.2013
Credit Suisse JAMIE L COOK neutral 3 M 56 Not Provided 30.04.2013
UBS STEVEN FISHER neutral 3 M 58 12 month 04.04.2013
Goldman Sachs JERRY REVICH neutral/neutral 3 M 59 12 month 05.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ MICHAEL JAFFE hold 3 D 46 Not Provided 26.07.2012
Holdings By:
AGCO Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
IOI Corporation Berhad cultivates and processes oil palm and rubber. The
Company, through its subsidiaries, operates in property development and
investment, provides landscape services, and sells ornamental plants and turfing
grass. IOI Corporation also manufactures industrial and medical gases, and
provides building, engineering, and construction services.
Latest Fiscal Year: 06/2012
LTM as of: 03/yy
52-Week High (14.05.2013) 5.70
52-Week Low (15.03.2013) 4.58
Daily Volume
5.46
52-Week High % Change -4.21% Dividend Yield -
52-Week Low % Change 19.21% Beta 1.13
% 52 Week Price Range High/Low 79.46% Equity Float 2'809.99
Shares Out 31.07.2013 6'387.3 Short Int -
34'874.73 1 Yr Total Return 5.48%
Total Debt 8'268.94 YTD Return 8.58%
Preferred Stock 0.0 Adjusted BETA 1.126
Minority Interest 288.0 Analyst Recs 30
Cash and Equivalents 4'435.95 Consensus Rating 3.000
Enterprise Value 39'780.83
Average Volume 5 Day 3'712'440
IOI MK EQUITY YTD Change - Average Volume 30 Day 6'538'704
IOI MK EQUITY YTD % CHANGE - Average Volume 3 Month 7'127'916
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1
14'641.2 14'568.0 12'386.5 16'020.0 15'488.1 16'217.0 13'910.6 14'761.3 15'643.0 - 3'594.0
3.33x 2.17x 2.68x 2.30x 2.41x 8.87x 10.49x 2.60x 2.44x - -
2'919.6 2'682.5 1'723.8 2'422.4 2'362.4 2'583.9 2'647.5 2'607.0 2'755.5 - 665.0
16.68x 11.79x 19.23x 15.21x 15.80x 14.53x 13.20x 15.26x 14.44x - -
2'231.6 983.5 2'035.7 2'222.9 1'789.4 1'935.6 2'104.7 1'772.4 1'874.6 - 470.0
20.22x 28.40x 15.20x 15.25x 18.56x 17.72x 14.23x 19.93x 18.83x - -
EBITDA 2'362.40 Long-Term Rating Date 15.05.2013
EBIT 2'107.09 Long-Term Rating BBB
Operating Margin 13.60% Long-Term Outlook STABLE
Pretax Margin 15.36% Short-Term Rating Date -
Return on Assets 9.85% Short-Term Rating -
Return on Common Equity 16.54%
Return on Capital 12.00% EBITDA/Interest Exp. 11.59
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 3.36
Net Debt/EBITDA 1.75
Gross Margin 20.2% Total Debt/EBITDA 2.87
EBITDA Margin 19.0%
EBIT Margin 17.3% Total Debt/Equity 65.5%
Net Income Margin 11.6% Total Debt/Capital 39.0%
Asset Turnover 0.65
Current Ratio 4.17 Net Fixed Asset Turnover 1.61
Quick Ratio 2.63 Accounts receivable turnover-days 42.41
Debt to Assets 35.85% Inventory Days -
Tot Debt to Common Equity 65.48% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.61 Cash Conversion Cycle 84.57
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
IOI Corp BhdPrice/Volume
Valuation Analysis
6'054'800.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VERTICAL CAPACITY SD n/a EXCH 2'854'712'680 44.69 2'800'000 23.05.2013 Other
EMPLOYEES PROVIDENT #N/A N/A EXCH 649'535'008 10.17 - 24.07.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 101'872'019 1.59 12'045'500 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 73'964'372 1.16 (187'400) 29.07.2013 Investment Advisor
SHIN CHENG LEE n/a EXCH 62'630'600 0.98 - 12.06.2013 n/a
VAN ECK ASSOCIATES C n/a ULT-AGG 49'975'850 0.78 - 30.07.2013 Investment Advisor
PRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 44'923'879 0.7 - 30.06.2011 Investment Advisor
FIL LIMITED n/a ULT-AGG 21'440'058 0.34 (24'926'242) 31.10.2012 Investment Advisor
PENGURUSAN PELABURAN Multiple Portfolios MF-AGG 14'288'666 0.22 - 31.05.2011 Investment Advisor
EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 12'576'713 0.2 15'700 30.07.2013 Investment Advisor
CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 10'948'372 0.17 385'358 30.06.2013 Investment Advisor
GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 9'771'432 0.15 - 31.12.2010 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 9'686'370 0.15 - 31.12.2012 Investment Advisor
YEOW CHOR LEE n/a EXCH 8'340'400 0.13 - 23.05.2013 n/a
FLEXSHARES TRUST Multiple Portfolios MF-AGG 7'963'505 0.12 1'050'900 31.05.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 7'344'117 0.11 - 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'168'866 0.11 - 31.12.2012 Investment Advisor
PICTET FUNDS n/a ULT-AGG 5'570'900 0.09 (25'000) 30.04.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 4'991'600 0.08 (96'000) 31.05.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'218'200 0.07 106'100 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Alliance Research Sdn Bhd ARHNUE TAN neutral 3 M 5 12 month 31.07.2013
Standard Chartered ADRIAN FOULGER in-line 3 M 5 12 month 29.07.2013
Credit Suisse TAN TING MIN underperform 1 M 5 Not Provided 29.07.2013
UOB Kay Hian TEAM COVERAGE buy 5 M 6 Not Provided 23.07.2013
Goldman Sachs NIKHIL BHANDARI neutral/neutral 3 M 5 12 month 22.07.2013
Macquarie SUNAINA DHANUKA underperform 1 M 5 12 month 19.07.2013
RHB Research Institute Sdn Bhd HOE LEE LENG neutral 3 M 6 12 month 19.07.2013
Morgan Stanley CHARLES C SPENCER Underwt/Cautious 1 M 4 12 month 18.07.2013
KAF Seagroatt & Campbell VINCE NG buy 5 M 7 Not Provided 11.07.2013
Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 5 12 month 11.07.2013
DBS Vickers BEN SANTOSO buy 5 M 6 12 month 11.07.2013
Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 6 12 month 11.07.2013
TA Securities Holdings Berhad JAMES RATNAM hold 3 M 6 Not Provided 11.07.2013
BIMB Securities Sdn Bhd NG KEAT YUNG buy 5 M 6 12 month 11.07.2013
JF Apex Securities Bhd JESSICA JZE TIENG LOW buy 5 M 7 12 month 10.07.2013
Affin Securities Sdn Bhd ONG KENG WEE add 4 M 6 12 month 25.06.2013
CIMB IVY NG trading buy 5 M 6 3 month 21.06.2013
UBS SEBASTIAN TOBING buy 5 U 6 12 month 20.06.2013
Hong Leong Investment Bank Bhd CHYE WEN FEI hold 3 M 5 12 month 11.06.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013
JPMorgan YING-JIAN CHAN underweight 1 M 4 9 month 31.05.2013
Deutsche Bank MICHELLE FOONG sell 1 M 4 12 month 23.05.2013
Maybank Kim Eng ONG CHEE TING hold 3 M 6 12 month 22.05.2013
AmResearch Sdn Bhd GAN HUEY LING hold 3 M 6 12 month 22.05.2013
BNP Paribas Equity Research MICHAEL GREENALL reduce 2 M 4 12 month 15.05.2013
HSBC THILAN WICKRAMASINGHE neutral 3 U 5 Not Provided 06.02.2013
ECM Libra TEAM COVERAGE hold 3 M 5 12 month 20.11.2012
Holdings By:
IOI Corp Bhd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Smithfield Foods, Inc. processes pork and produces hogs through its meat
processing and hog production groups. The Company also produces and markets a
range of branded food products such as frozen barbecues and chilies, peanuts,
and pork products. Smithfield's products are sold on a wholesale basis, through
catalogs, through its retail stores, and via the Internet.
Latest Fiscal Year: 04/2013
LTM as of: 04/yy
52-Week High (29.05.2013) 33.96
52-Week Low (07.08.2012) 17.55
Daily Volume
33.25
52-Week High % Change -2.09% Dividend Yield 0.00
52-Week Low % Change 89.46% Beta 0.91
% 52 Week Price Range High/Low 95.67% Equity Float 135.74
Shares Out 11.06.2013 139.0 Short Int 19.08
4'620.17 1 Yr Total Return 79.73%
Total Debt 2'505.30 YTD Return 54.15%
Preferred Stock 0.0 Adjusted BETA 0.905
Minority Interest 13.4 Analyst Recs 14
Cash and Equivalents 310.60 Consensus Rating 3.000
Enterprise Value 6'828.27
Average Volume 5 Day 2'018'758
SFD US EQUITY YTD Change - Average Volume 30 Day 3'667'954
SFD US EQUITY YTD % CHANGE - Average Volume 3 Month 5'440'225
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2009 30.04.2010 30.04.2011 30.04.2012 30.04.2013 04/yy 04/yy 04/14 Y 04/15 Y 07/13 Q1 10/13 Q2
12'487.7 11'202.6 12'202.7 13'094.3 13'221.1 13'094.3 13'221.1 13'506.4 13'828.4 3'166.8 3'314.6
0.32x 0.51x 0.46x 0.38x 0.44x 1.24x 1.60x 0.47x 0.44x - -
96.7 266.5 1'156.2 975.3 744.2 745.4 744.2 920.4 995.3 181.0 236.0
41.79x 21.28x 4.90x 5.11x 7.81x 0.00x 7.81x 7.42x 6.86x 7.40x -
(198.4) (101.4) 521.0 361.3 183.8 361.3 183.8 370.1 427.2 59.7 93.5
- - 9.39x 8.42x 14.41x 8.22x 14.52x 12.35x 10.66x 12.80x -
EBITDA 744.20 Long-Term Rating Date 29.05.2013
EBIT 504.30 Long-Term Rating BB *-
Operating Margin 3.81% Long-Term Outlook -
Pretax Margin 1.74% Short-Term Rating Date -
Return on Assets 2.43% Short-Term Rating -
Return on Common Equity 5.67%
Return on Capital 5.81% EBITDA/Interest Exp. 4.29
Asset Turnover 1.75% (EBITDA-Capex)/Interest Exp. 2.58
Net Debt/EBITDA 2.95
Gross Margin 10.0% Total Debt/EBITDA 3.37
EBITDA Margin 5.6%
EBIT Margin 3.8% Total Debt/Equity 80.9%
Net Income Margin 1.4% Total Debt/Capital 44.6%
Asset Turnover 1.75
Current Ratio 2.03 Net Fixed Asset Turnover 5.78
Quick Ratio 0.56 Accounts receivable turnover-days 17.73
Debt to Assets 32.47% Inventory Days 67.60
Tot Debt to Common Equity 80.89% Accounts Payable Turnover Day 12.63
Accounts Receivable Turnover 20.53 Cash Conversion Cycle 72.70
Inventory Turnover 5.38
Fiscal Year Ended
Smithfield Foods IncPrice/Volume
Valuation Analysis
3'103'391.00
Current Price (7/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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 9'441'838 6.8 (350'929) 29.07.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 7'022'056 5.05 - 26.06.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'472'888 4.66 (48'612) 31.03.2013 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'818'284 4.19 121'259 31.03.2013 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 5'125'358 3.69 655'445 31.03.2013 Investment Advisor
SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 4'815'986 3.47 315'235 31.03.2013 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 4'258'333 3.06 (667'155) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 4'205'870 3.03 1'409'155 30.06.2013 Investment Advisor
STATE STREET n/a ULT-AGG 3'868'452 2.78 (41'562) 31.03.2013 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 3'600'000 2.59 (1'400'000) 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 3'482'463 2.51 (27'315) 30.04.2013 Investment Advisor
ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 3'440'638 2.48 440'872 31.03.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 3'436'600 2.47 (100'086) 31.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 3'273'231 2.36 2'086'166 31.05.2013 Investment Advisor
CITIGROUP INCORPORAT n/a ULT-AGG 2'843'366 2.05 611'134 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 2'522'361 1.82 690'948 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'416'647 1.74 (3'323'684) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 2'350'581 1.69 129'175 30.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'225'867 1.6 195'116 31.03.2013 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 1'942'383 1.4 1'942'383 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Davenport & Co ANN H GURKIN neutral 3 M 34 Not Provided 30.07.2013
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 34 Not Provided 22.07.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 22.06.2013
JPMorgan KENNETH GOLDMAN neutral 3 M 34 3 month 19.06.2013
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 24 12 month 19.06.2013
S&P Capital IQ THOMAS GRAVES hold 3 M 34 Not Provided 17.06.2013
Credit Suisse ROBERT MOSKOW outperform 5 M 34 Not Provided 14.06.2013
D.A. Davidson & Co TIMOTHY S RAMEY neutral 3 D 34 12 month 14.06.2013
BB&T Capital Markets BRETT M HUNDLEY hold 3 M #N/A N/A Not Provided 14.06.2013
Stephens Inc FARHA ASLAM equalweight 3 M 34 12 month 03.06.2013
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 29.05.2013
Knight TEAM COVERAGE buy 5 N 31 12 month 14.12.2012
R.W. Pressprich & Co SETH CRYSTALL market perform 3 M #N/A N/A Not Provided 28.09.2012
Holdings By:
Smithfield Foods Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
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: 03/yy
52-Week High (21.08.2012) 40.98
52-Week Low (30.07.2013) 19.40
Daily Volume
20.415
52-Week High % Change -50.41% Dividend Yield -
52-Week Low % Change 5.23% Beta 0.82
% 52 Week Price Range High/Low 7.97% Equity Float 172.05
Shares Out 31.03.2013 191.4 Short Int -
3'907.43 1 Yr Total Return -47.08%
Total Debt 1'265.80 YTD Return -39.22%
Preferred Stock 0.0 Adjusted BETA 0.818
Minority Interest 3.6 Analyst Recs 36
Cash and Equivalents 786.80 Consensus Rating 3.278
Enterprise Value 4'144.33
Average Volume 5 Day 11'379'820
SDF GR EQUITY YTD Change - Average Volume 30 Day 3'925'514
SDF GR EQUITY YTD % CHANGE - Average Volume 3 Month 2'717'434
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
4'794.4 3'573.8 4'632.7 3'996.8 3'935.3 3'450.5 3'777.5 4'069.1 3'994.7 925.7 893.8
1.40x 2.35x 2.34x 1.68x 1.82x 9.39x 7.78x 1.12x 1.27x 5.15x 5.51x
1'464.3 460.2 972.2 1'122.5 1'079.9 1'009.3 1'067.7 1'016.0 891.3 228.3 211.5
4.57x 18.24x 11.14x 5.97x 6.65x 7.47x 6.82x 4.08x 4.65x - -
870.9 96.4 448.6 564.3 667.6 482.1 642.9 512.6 439.5 108.2 89.0
7.57x 68.95x 23.58x 10.98x 11.78x 14.74x 12.96x 7.48x 8.72x 8.38x 8.61x
EBITDA 1'079.90 Long-Term Rating Date 08.09.2011
EBIT 850.90 Long-Term Rating BBB+
Operating Margin 21.62% Long-Term Outlook STABLE
Pretax Margin 19.49% Short-Term Rating Date 30.11.2009
Return on Assets 9.91% Short-Term Rating A-2
Return on Common Equity 18.79%
Return on Capital 17.32% EBITDA/Interest Exp. 6.49
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 4.09
Net Debt/EBITDA 0.22
Gross Margin 45.1% Total Debt/EBITDA 1.19
EBITDA Margin 28.3%
EBIT Margin 22.1% Total Debt/Equity 36.4%
Net Income Margin 17.0% Total Debt/Capital 26.7%
Asset Turnover 0.58
Current Ratio 3.78 Net Fixed Asset Turnover 1.57
Quick Ratio 2.41 Accounts receivable turnover-days 90.07
Debt to Assets 19.07% Inventory Days 114.92
Tot Debt to Common Equity 36.44% Accounts Payable Turnover Day 71.22
Accounts Receivable Turnover 4.05 Cash Conversion Cycle 121.14
Inventory Turnover 3.18
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
5'822'860.00
Current Price (7/dd/yy) Market Data
'2
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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] |
31.07.2013
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
PRUDENTIAL PLC n/a ULT-AGG 10'376'980 5.42 - 29.05.2013 Unclassified
BLACKROCK n/a ULT-AGG 10'312'371 5.39 (46'315) 29.07.2013 Investment Advisor
VIKING GLOBAL INVEST n/a Short (4'880'700) -2.55 (191'400) 10.07.2013 Hedge Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 4'782'511 2.5 193'143 30.04.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 2'812'285 1.47 - 30.07.2013 Investment Advisor
ZBI EQUITIES LLC n/a Short (2'775'300) -1.45 (287'100) 29.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'673'489 1.4 - 31.12.2012 Government
BROOKSIDE CAPITAL MA n/a Short (2'660'460) -1.39 880'440 30.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'309'050 1.21 (121'000) 31.05.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'901'377 0.99 129'069 30.06.2013 Investment Advisor
POINTSTATE CAPITAL n/a Short (1'741'740) -0.91 (133'980) 10.07.2013 Hedge Fund Manager
MARSHALL WACE LLP n/a Short (1'301'520) -0.68 76'560 29.07.2013 Hedge Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'118'064 0.58 - 28.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'095'792 0.57 (84'129) 30.06.2013 Investment Advisor
UNIVERSAL INVEST LUX Multiple Portfolios MF-AGG 1'020'000 0.53 - 28.03.2013 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (937'860) -0.49 57'420 19.06.2013 Hedge Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 864'244 0.45 (35'784) 30.04.2013 Investment Advisor
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 700'182 0.37 160'177 28.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 642'703 0.34 33'498 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Baader Bank NORBERT BARTH buy 5 M 42 12 month 31.07.2013
JPMorgan BEN SCARLETT underweight 1 M 17 3 month 31.07.2013
Macquarie CHRISTIAN FAITZ neutral 3 D 25 12 month 31.07.2013
Bankhaus Lampe MARC GABRIEL buy 5 M 40 12 month 31.07.2013
Exane BNP Paribas HEIDI VESTERINEN underperform 1 M 16 Not Provided 31.07.2013
Liberum Capital Ltd SOPHIE JOURDIER sell 1 M 15 Not Provided 31.07.2013
Barclays ANDREAS HEINE underweight 1 D 17 Not Provided 31.07.2013
Commerzbank Corporates & Markets LUTZ GRUETEN Under Review #N/A N/A M #N/A N/A Not Provided 30.07.2013
Deutsche Bank VIRGINIE BOUCHER-FERTE sell 1 M 15 12 month 30.07.2013
Nord/LB THORSTEN STRAUSS buy 5 M 34 12 month 30.07.2013
Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 25 12 month 30.07.2013
HSBC JESKO MAYER-WEGELIN neutral 3 D 23 Not Provided 30.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 35 12 month 30.07.2013
Nomura PATRICK LAMBERT reduce 2 M 38 12 month 30.07.2013
S&P Capital IQ JACOB THRANE hold 3 U 21 12 month 30.07.2013
Hauck & Aufhaeuser NILS-PETER FITZL buy 5 M 42 12 month 19.07.2013
Main First Bank AG THOMAS SWOBODA outperform 5 M 30 12 month 19.07.2013
AlphaValue EILEEN RYAN buy 5 M 40 6 month 18.07.2013
BMO Capital Markets JOEL JACKSON market perform 3 M 30 Not Provided 11.07.2013
UBS JOE DEWHURST sell 1 D 23 12 month 09.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.07.2013
Morgan Stanley PETER MACKEY Underwt/In-Line 1 M 30 12 month 03.07.2013
M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 41 12 month 03.07.2013
Kepler Cheuvreux MARTIN ROEDIGER reduce 2 M 30 Not Provided 26.06.2013
DZ Bank AG HEINZ MUELLER buy 5 M 41 Not Provided 19.06.2013
Bankhaus Metzler LARS HETTCHE buy 5 M 42 12 month 10.06.2013
EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 06.06.2013
Berenberg Bank JOHN PHILIPP KLEIN sell 1 M 28 Not Provided 04.06.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 40 Not Provided 24.05.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 23.05.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER buy 5 M 47 12 month 23.05.2013
Scotia Capital BEN ISAACSON sector underperform 1 M 31 12 month 14.05.2013
National Bank AG EKKEHARD D LINK buy 5 M 52 Not Provided 24.04.2013
Equita SIM SpA MASSIMO BONISOLI buy 5 M 43 12 month 07.12.2012
Societe Generale PETER CLARK hold 3 M 41 12 month 12.11.2012
Redburn Partners TONY JONES neutral 3 U #N/A N/A Not Provided 30.03.2011
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] |
31.07.2013
Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a
supplier for explosives products and services. The Company has operations
throughout the United States, Canada, Mexico and Australia.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (18.10.2012) 3.36
52-Week Low (23.07.2013) 2.49
Daily Volume
2.63
52-Week High % Change -21.73% Dividend Yield 4.75
52-Week Low % Change 5.62% Beta 1.16
% 52 Week Price Range High/Low 19.54% Equity Float 1'626.62
Shares Out 31.03.2013 1'628.7 Short Int 16.12
4'283.56 1 Yr Total Return -11.81%
Total Debt 1'441.00 YTD Return -17.61%
Preferred Stock 0.0 Adjusted BETA 1.161
Minority Interest 2.3 Analyst Recs 16
Cash and Equivalents 154.10 Consensus Rating 3.750
Enterprise Value 5'919.66
Average Volume 5 Day 8'810'170
IPL AU EQUITY YTD Change - Average Volume 30 Day 9'051'188
IPL AU EQUITY YTD % CHANGE - Average Volume 3 Month 9'907'679
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -
2'918.2 3'418.9 2'931.7 3'545.3 3'500.9 - - 3'412.5 3'858.2 - -
2.36x 1.84x 1.75x - - 1.66x 1.50x - -
1'022.0 524.1 760.5 808.4 731.3 - - 661.3 853.7 - -
9.09x 8.07x 8.40x - - 8.95x 6.93x - -
604.6 (221.4) 410.5 463.2 510.7 - - 313.6 415.4 - -
14.19x 11.51x 9.49x - - 13.70x 10.44x - -
EBITDA 731.30 Long-Term Rating Date 12.10.2009
EBIT 575.50 Long-Term Rating BBB
Operating Margin 16.44% Long-Term Outlook STABLE
Pretax Margin 20.33% Short-Term Rating Date 11.02.2010
Return on Assets 6.95% Short-Term Rating NR
Return on Common Equity 12.49%
Return on Capital 9.30% EBITDA/Interest Exp. 17.71
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 2.54
Net Debt/EBITDA 3.15
Gross Margin - Total Debt/EBITDA 3.22
EBITDA Margin 15.4%
EBIT Margin 10.6% Total Debt/Equity 35.8%
Net Income Margin 14.6% Total Debt/Capital 26.3%
Asset Turnover 0.49
Current Ratio 0.93 Net Fixed Asset Turnover 1.30
Quick Ratio 0.47 Accounts receivable turnover-days 40.64
Debt to Assets 20.55% Inventory Days -
Tot Debt to Common Equity 35.76% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.98 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Incitec Pivot LtdPrice/Volume
Valuation Analysis
16'737'254.00
Current Price (7/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
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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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HARRIS ASSOCIATES LP n/a EXCH 137'109'430 8.42 16'367'200 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 99'378'409 6.1 (3'034'136) 29.07.2013 Investment Advisor
COMMONWEALTH BANK OF n/a EXCH 98'572'385 6.05 (18'515'621) 29.05.2013 Bank
SCHRODER INVESTMENT n/a Co File 85'454'643 5.25 - 12.11.2012 Investment Advisor
NATIONAL AUSTRALIA B n/a ULT-AGG 83'182'746 5.11 3'064'258 23.04.2013 Bank
DWS INVESTMENT S A Multiple Portfolios MF-AGG 31'789'110 1.95 - 30.04.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 28'154'466 1.73 - 30.07.2013 Investment Advisor
AMP LIFE LTD n/a Co File 23'876'351 1.47 - 12.11.2012 Investment Advisor
AUSTRALIAN FOUNDATIO n/a Co File 21'209'411 1.3 - 12.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'210'925 1.24 (4'343'704) 30.06.2013 Investment Advisor
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 10'313'839 0.63 - 28.06.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 9'569'641 0.59 2'083'894 31.08.2011 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 9'144'480 0.56 - 31.12.2012 Government
QUEENSLAND INVESTMEN n/a Co File 7'738'572 0.48 - 12.11.2012 Government
CI INVESTMENTS INC Multiple Portfolios MF-AGG 7'266'295 0.45 552'230 31.12.2012 Investment Advisor
LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 6'544'000 0.4 6'544'000 31.03.2013 Investment Advisor
NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 5'871'268 0.36 (195'387) 28.03.2013 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 5'672'426 0.35 5'672'426 31.03.2013 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 4'322'970 0.27 347'516 31.05.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 4'180'604 0.26 (425'000) 30.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank MARK WILSON hold 3 M 3 12 month 31.07.2013
Goldman Sachs MATTHEW MCNEE neutral/neutral 3 M 3 12 month 29.07.2013
Macquarie JOHN PURTELL outperform 5 M 3 12 month 24.07.2013
BBY Limited DENNIS HULME strong buy 5 U 3 12 month 24.07.2013
Credit Suisse ANDREW PEROS neutral 3 M 3 Not Provided 23.07.2013
JPMorgan STUART JACKSON neutral 3 M 3 12 month 23.07.2013
CIMB ANDREW G SCOTT neutral 3 M 3 12 month 23.07.2013
Commonwealth Bank MICHAEL WARD neutral 3 M 3 12 month 23.07.2013
RBS Morgans BELINDA MOORE outperform 5 M 3 12 month 23.07.2013
UBS RAMOUN LAZAR buy 5 M 3 12 month 24.06.2013
EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013
Octa Phillip Securities Ltd PAUL JENSZ buy 5 M 4 Not Provided 22.05.2013
Morgan Stanley NICHOLAS ROBISON Equalwt/Cautious 3 M 3 12 month 13.05.2013
Holdings By:
Incitec Pivot Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
NIPPON MEAT PACKERS, INC., produces and sells ham, sausage, and processed meat
products. The Company also breeds and raises cattle through its subsidiary.
NIPPON MEAT PACKERS owns a professional baseball team, the Nippon Ham Fighters.
Latest Fiscal Year: 03/2013
LTM as of: 06/yy
52-Week High (19.07.2013) 1'678.00
52-Week Low (02.10.2012) 968.00
Daily Volume
1510
52-Week High % Change -10.01% Dividend Yield -
52-Week Low % Change 55.99% Beta 0.69
% 52 Week Price Range High/Low 79.72% Equity Float 189.91
Shares Out 30.06.2013 228.4 Short Int -
344'952.47 1 Yr Total Return 49.01%
Total Debt 159'211.00 YTD Return 28.31%
Preferred Stock 0.0 Adjusted BETA 0.692
Minority Interest 2'670.0 Analyst Recs 10
Cash and Equivalents 78'428.00 Consensus Rating 3.200
Enterprise Value 428'405.48
Average Volume 5 Day 1'150'200
2282 JP EQUITY YTD Change - Average Volume 30 Day 1'152'900
2282 JP EQUITY YTD % CHANGE - Average Volume 3 Month 1'311'159
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
1'028'449.0 953'616.0 990'338.0 1'022'706.0 1'022'839.0 ######### ######### ######### ######### 260'500.0 299'000.0
0.36x 0.35x 0.29x 0.30x 0.38x 1.17x 0.97x 0.39x 0.38x - -
46'063.0 49'953.0 58'848.0 55'669.0 47'802.0 53'150.0 37'816.0 53'695.4 58'120.4 - -
7.93x 6.76x 4.96x 5.43x 8.20x 5.57x 0.00x 7.98x 7.37x - -
1'657.0 15'721.0 16'731.0 11'655.0 16'459.0 10'005.0 17'732.0 16'775.0 18'802.7 3'400.0 7'500.0
211.78x 16.98x 13.33x 19.18x 19.53x 22.38x 17.48x 18.41x 16.59x - -
EBITDA 47'802.00 Long-Term Rating Date 09.01.2007
EBIT 28'021.00 Long-Term Rating NR
Operating Margin 2.74% Long-Term Outlook -
Pretax Margin 2.74% Short-Term Rating Date -
Return on Assets 2.74% Short-Term Rating -
Return on Common Equity 5.64%
Return on Capital 3.92% EBITDA/Interest Exp. 30.22
Asset Turnover 1.71% (EBITDA-Capex)/Interest Exp. 11.31
Net Debt/EBITDA 1.69
Gross Margin 19.1% Total Debt/EBITDA 3.33
EBITDA Margin 4.7%
EBIT Margin 2.6% Total Debt/Equity 54.3%
Net Income Margin 1.6% Total Debt/Capital 35.0%
Asset Turnover 1.71
Current Ratio 1.46 Net Fixed Asset Turnover 4.67
Quick Ratio 0.88 Accounts receivable turnover-days 43.36
Debt to Assets 26.09% Inventory Days 49.80
Tot Debt to Common Equity 54.26% Accounts Payable Turnover Day 43.87
Accounts Receivable Turnover 8.42 Cash Conversion Cycle 49.29
Inventory Turnover 7.33
Fiscal Year Ended
Nippon Meat Packers IncPrice/Volume
Valuation Analysis
1'169'000.00
Current Price (7/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
'.''1''3''5''
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-!' F
.!' F
0!' F
1!' F
2!' F
3!' F
4!' F
5!' F
840'000.0
860'000.0
880'000.0
900'000.0
920'000.0
940'000.0
960'000.0
980'000.0
1'000'000.0
1'020'000.0
1'040'000.0
1'060'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
'!''
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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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NIPPON MEAT PACKERS n/a Co File 29'466'000 12.9 (10'218) 31.03.2013 Corporation
MITSUBISHI UFJ FINAN n/a ULT-AGG 21'187'595 9.27 (11'898'489) 18.04.2013 Holding Company
MASTER TRUST BANK OF n/a Co File 17'115'000 7.49 (1'378'000) 31.03.2013 Bank
JAPAN TRUSTEE SERVIC n/a Co File 12'072'000 5.28 (8'320'000) 31.03.2013 Bank
HYAKUJUSHI BANK LTD/ n/a Co File 8'287'000 3.63 (750'000) 31.03.2013 Bank
MEIJI YASUDA LIFE IN n/a Co File 7'354'000 3.22 - 31.03.2013 Insurance Company
NIPPON LIFE INSURANC n/a ULT-AGG 7'298'000 3.19 - 31.03.2013 Insurance Company
SUMITOMO MITSUI TRUS n/a ULT-AGG 6'581'000 2.88 (1'894'000) 15.11.2012 Bank
NORINCHUKIN BANK LTD n/a Co File 5'926'000 2.59 - 31.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 5'216'419 2.28 60'000 16.07.2013 Unclassified
NIPPONKOA INSURANCE n/a Co File 4'990'000 2.18 - 31.03.2013 Insurance Company
SUMITOMO MITSUI FINA n/a ULT-AGG 4'650'000 2.04 - 31.03.2013 Bank
NIKKO ASSET MANAGEME n/a ULT-AGG 3'982'000 1.74 (152'000) 15.11.2012 Unclassified
VAN ECK ASSOCIATES C n/a ULT-AGG 3'951'000 1.73 - 30.07.2013 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 3'794'000 1.66 - 31.03.2013 Other
TOMONY HOLDINGS INC n/a Co File 3'074'700 1.35 - 31.03.2012 Corporation
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'435'000 1.07 (195'000) 30.04.2013 Holding Company
ASAHI KASEI CORP n/a Co File 2'117'728 0.93 - 31.03.2013 Corporation
BLACKROCK n/a ULT-AGG 1'962'712 0.86 4'000 29.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'914'647 0.84 126'000 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley TAIZO DEMURA Underwt/In-Line 1 M 1'400 12 month 25.07.2013
Barclays TAKAYUKI HAYANO equalweight 3 M 1'440 Not Provided 28.06.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013
Tokai Tokyo Securities TOMONOBU TSUNOYAMA neutral 3 M 1'470 6 month 03.06.2013
SMBC Nikko Securities Inc YOSHIYASU OKIHIRA outperform 5 M 2'060 12 month 03.06.2013
Mitsubishi UFJ Morgan Stanley SecuritieJUNICHI KANAMORI neutral 3 M 1'700 12 month 15.05.2013
Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI buy 5 M 1'870 Not Provided 14.05.2013
Goldman Sachs KEIKO YAMAGUCHI neutral/neutral 3 M 1'500 12 month 13.05.2013
UBS NAOMI A TAKAGI neutral 3 M 1'590 12 month 13.05.2013
Mizuho Securities HIROSHI SAJI neutral 3 M 1'450 12 month 13.05.2013
Nomura SATOSHI FUJIWARA suspended coverage #N/A N/A M #N/A N/A Not Provided 02.07.2012
Holdings By:
Nippon Meat Packers Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Israel Chemicals Limited, through its subsidiaries, develops, manufactures, and
markets chemical and fertilizer products in Israel. The Company markets its
products in Israel, Europe, and the Americas. Products include bromine
specialty chemicals, potash, phosphate fertilizers, and specialty performance
and industrial products.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (28.01.2013) 5'175.00
52-Week Low (31.07.2013) 2'812.00
Daily Volume
2872
52-Week High % Change -44.54% Dividend Yield 9.06
52-Week Low % Change 2.13% Beta 1.05
% 52 Week Price Range High/Low 3.27% Equity Float 428.47
Shares Out 13.06.2013 1'272.6 Short Int -
36'550.28 1 Yr Total Return -35.21%
Total Debt 2'044.27 YTD Return -34.09%
Preferred Stock 0.0 Adjusted BETA 1.053
Minority Interest 24.5 Analyst Recs 17
Cash and Equivalents 356.64 Consensus Rating 3.588
Enterprise Value 11'664.40
Average Volume 5 Day 5'346'834
ICL IT EQUITY YTD Change - Average Volume 30 Day 2'591'427
ICL IT EQUITY YTD % CHANGE - Average Volume 3 Month 2'072'405
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
6'904.0 4'554.3 5'691.5 7'067.8 6'672.2 7'038.9 6'760.6 6'732.0 6'910.9 1'753.5 1'656.0
1.47x 3.93x 4.02x 2.07x 2.54x 9.73x 9.88x 1.77x 1.74x 6.62x 7.03x
2'611.5 1'233.3 1'560.0 2'203.8 1'900.8 2'205.4 1'925.6 1'845.9 1'858.0 471.0 469.0
3.87x 14.51x 14.65x 6.65x 8.90x 7.06x 9.27x 6.32x 6.28x - -
2'004.2 770.4 1'024.7 1'511.8 1'300.5 1'521.3 1'316.9 1'218.5 1'216.3 315.5 304.0
4.44x 21.63x 21.18x 8.70x 11.67x 10.97x 12.52x 8.41x 8.66x - -
EBITDA 1'900.81 Long-Term Rating Date -
EBIT 1'613.75 Long-Term Rating -
Operating Margin 24.19% Long-Term Outlook -
Pretax Margin 22.87% Short-Term Rating Date -
Return on Assets 17.80% Short-Term Rating -
Return on Common Equity 39.71%
Return on Capital - EBITDA/Interest Exp. 32.95
Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. 21.37
Net Debt/EBITDA 0.72
Gross Margin 41.3% Total Debt/EBITDA 0.91
EBITDA Margin 28.5%
EBIT Margin 24.1% Total Debt/Equity 60.6%
Net Income Margin 19.5% Total Debt/Capital 37.5%
Asset Turnover 0.91
Current Ratio 1.73 Net Fixed Asset Turnover 2.29
Quick Ratio 0.75 Accounts receivable turnover-days 68.59
Debt to Assets 26.39% Inventory Days 129.39
Tot Debt to Common Equity 60.56% Accounts Payable Turnover Day 58.94
Accounts Receivable Turnover 5.32 Cash Conversion Cycle 141.18
Inventory Turnover 2.82
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
Israel Chemicals LtdPrice/Volume
Valuation Analysis
3'836'531.00
Current Price (7/dd/yy) Market Data
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1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ISRAEL CORP LTD #N/A N/A EXCH 665'485'881 52.29 - 29.07.2013 Holding Company
POTASH CORP OF SASKA #N/A N/A EXCH 176'088'630 13.84 - 29.07.2013 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 20'479'539 1.61 (11'101'591) 30.06.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 11'788'733 0.93 - 31.05.2013 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 9'905'230 0.78 2'949'970 30.06.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 7'569'728 0.59 - 30.07.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 6'400'000 0.5 1'984'000 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'850'741 0.46 (2'821) 30.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 4'631'249 0.36 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 4'266'236 0.34 (354'605) 29.07.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'163'369 0.33 4'163'369 31.03.2013 Investment Advisor
NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 3'927'978 0.31 19'720 31.05.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'867'652 0.3 268'912 30.06.2013 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 3'775'212 0.3 - 31.05.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'458'855 0.27 378'887 31.03.2013 Investment Advisor
POWER CORP OF CANADA n/a ULT-AGG 2'897'013 0.23 23'840 28.02.2013 Holding Company
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'389'717 0.19 (20'586) 31.05.2013 Investment Advisor
FERSON CHEMICALS LTD #N/A N/A EXCH 2'216'131 0.17 - 29.07.2013 Corporation
STATE STREET n/a ULT-AGG 2'212'749 0.17 (1'983) 30.07.2013 Investment Advisor
KEMPEN CAPITAL MANAG n/a ULT-AGG 2'121'199 0.17 226'900 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Liberum Capital Ltd SOPHIE JOURDIER hold 3 M 3'200 Not Provided 31.07.2013
Barclays JOSEPH WOLF overweight 5 M 3'600 Not Provided 31.07.2013
UBS RONI BIRON Under Review #N/A N/A M 4'600 12 month 30.07.2013
HSBC YONAH WEISZ underweight 1 D 1'830 Not Provided 30.07.2013
Psagot Investment House Ltd ILANIT SHERF hold 3 M 4'400 12 month 30.07.2013
Goldman Sachs YULIA CHEKUNAEVA Buy/Cautious 5 U 5'300 12 month 24.07.2013
BMO Capital Markets JOEL JACKSON market perform 3 M 3'700 Not Provided 22.07.2013
Morgan Stanley PETER MACKEY not rated #N/A N/A M #N/A N/A Not Provided 12.07.2013
Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 3'800 12 month 01.07.2013
Credit Suisse MIKHAIL PRIKLONSKY outperform 5 M 4'700 Not Provided 27.06.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
VTB Capital ELENA SAKHNOVA buy 5 M 5'140 12 month 14.05.2013
I.B.I. GUIL BASHAN neutral 3 M 4'600 12 month 13.05.2013
CLAL Finance Betucha JONATHAN KREIZMAN market perform 3 M 4'500 Not Provided 12.05.2013
Excellence Nessuah GILAD ALPER neutral 3 D 4'300 12 month 29.04.2013
DS Securities & Investments RICHARD GUSSOW market perform 3 N 4'600 12 month 02.04.2013
Bank Leumi ELLA FRIED market perform 3 M 5'000 Not Provided 01.01.2013
Holdings By:
Israel Chemicals Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
PT Charoen Pokphand Indonesia Tbk manufactures and distributes animal feeds,
woven plastic bags, and poultry equipment as well as processes chicken. Through
its subsidiaries, the Company also operates poultry farms and distributes its
products.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 5'550.00
52-Week Low (31.08.2012) 2'600.00
Daily Volume
4300
52-Week High % Change -22.52% Dividend Yield -
52-Week Low % Change 65.38% Beta 1.28
% 52 Week Price Range High/Low 59.32% Equity Float 7'291.62
Shares Out 31.03.2013 16'398.0 Short Int -
70'511'400.00 1 Yr Total Return 35.62%
Total Debt 1'936'794.00 YTD Return 18.90%
Preferred Stock 0.0 Adjusted BETA 1.282
Minority Interest 19'849.0 Analyst Recs 14
Cash and Equivalents 954'694.00 Consensus Rating 3.357
Enterprise Value 71'301'280.00
Average Volume 5 Day 7'865'900
CPIN IJ EQUITY YTD Change - Average Volume 30 Day 10'843'120
CPIN IJ EQUITY YTD % CHANGE - Average Volume 3 Month 10'321'140
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
13'212'988.0 14'569'267.0 15'077'822.0 17'957'972.0 21'310'925.0 ######### ######### ######### ######### - -
0.28x 0.54x 1.95x 1.97x 2.86x 9.05x 8.44x 2.77x 2.37x - -
1'079'802.0 2'191'280.0 2'904'288.0 3'156'347.0 3'582'749.0 ######### ######### ######### ######### - -
3.48x 3.60x 10.10x 11.23x 16.99x 14.68x 0.00x 15.37x 13.08x - -
253'977.0 1'612'710.0 2'210'266.0 2'355'475.0 2'684'064.0 ######### ######### ######### ######### 291'500.0 #########
5.65x 4.58x 13.63x 14.93x 22.26x 20.15x 33.39x 20.33x 17.00x - -
EBITDA 3'582'749.00 Long-Term Rating Date -
EBIT 3'329'607.00 Long-Term Rating -
Operating Margin 15.62% Long-Term Outlook -
Pretax Margin 15.84% Short-Term Rating Date -
Return on Assets 23.37% Short-Term Rating -
Return on Common Equity 33.10%
Return on Capital 28.90% EBITDA/Interest Exp. 29.96
Asset Turnover 1.97% (EBITDA-Capex)/Interest Exp. 14.69
Net Debt/EBITDA 0.22
Gross Margin 21.1% Total Debt/EBITDA 0.57
EBITDA Margin 15.7%
EBIT Margin 14.5% Total Debt/Equity 23.7%
Net Income Margin 12.6% Total Debt/Capital 19.2%
Asset Turnover 1.97
Current Ratio 3.31 Net Fixed Asset Turnover 5.17
Quick Ratio 1.27 Accounts receivable turnover-days 27.41
Debt to Assets 15.68% Inventory Days 51.53
Tot Debt to Common Equity 23.75% Accounts Payable Turnover Day 11.90
Accounts Receivable Turnover 13.32 Cash Conversion Cycle 72.25
Inventory Turnover 7.08
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
Charoen Pokphand Indonesia Tbk PTPrice/Volume
Valuation Analysis
14'974'500.00
Current Price (7/dd/yy) Market Data
'
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0.0
5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CENTRAL AGROMINA PT n/a Co File 9'106'385'410 55.53 - 30.09.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 207'776'685 1.27 16'419'000 30.06.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 142'379'504 0.87 (280'500) 30.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 140'090'615 0.85 146'000 29.07.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 104'051'990 0.63 - 30.04.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 43'749'451 0.27 (34'810'887) 31.10.2012 Investment Advisor
DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 27'627'000 0.17 - 31.12.2010 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 21'326'500 0.13 - 10.12.2012 Holding Company
FLEXSHARES TRUST Multiple Portfolios MF-AGG 20'432'500 0.12 266'000 31.05.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 19'803'500 0.12 - 31.12.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 18'869'000 0.12 (2'746'500) 28.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 18'521'008 0.11 - 30.07.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 11'345'500 0.07 (272'000) 31.05.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 10'333'000 0.06 (18'500) 31.05.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 9'561'000 0.06 2'844'000 31.05.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 8'776'000 0.05 - 31.05.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 8'633'984 0.05 - 31.05.2012 Investment Advisor
PICTET FUNDS n/a ULT-AGG 8'017'000 0.05 (200'000) 30.04.2013 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 7'976'500 0.05 - 28.03.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 7'534'687 0.05 (7'349) 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bahana Securities ADITYA EKA PRAKASA reduce 2 D #N/A N/A Not Provided 31.07.2013
UBS RONALD LIEM neutral 3 D 5'060 12 month 19.07.2013
Morgan Stanley DIVYA GANGAHAR KOTHIYAL Overwt/Attractive 5 M 5'400 12 month 09.07.2013
PT Batavia Prosperindo Sekuritas ROBERTUS YANUAR HARDY buy 5 M 5'500 12 month 03.07.2013
Macquarie LYALL TAYLOR underperform 1 D 3'000 12 month 01.07.2013
RHB Research Institute Sdn Bhd YUNIV TRENSENO neutral 3 M 4'850 Not Provided 23.06.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013
Maybank Kim Eng ADI N WICAKSONO hold 3 M 4'400 12 month 03.06.2013
AmCapital Indonesia VIVIET S PUTRI buy 5 N 5'400 Not Provided 25.04.2013
Sucorinvest Central Gani ARIEF BUDIMAN hold 3 M 4'500 12 month 18.04.2013
Standard Chartered NIRGUNAN TIRUCHELVAM in-line 3 M 3'317 12 month 09.04.2013
Trimegah Securities Tbk PT IVAN CHAMDANI hold 3 M 4'600 12 month 28.03.2013
Credit Suisse AGUS SANDIANTO outperform 5 N 5'400 Not Provided 25.02.2013
Deutsche Bank ADI PUTRA not rated #N/A N/A M #N/A N/A Not Provided 21.11.2012
Holdings By:
Charoen Pokphand Indonesia Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Nutreco NV is active in animal nutrition and fish feed. The Company produces
premixes and feed specialties for pigs, poultry, ruminants and fish globally.
They also operate in meat processing in Iberia.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (12.03.2013) 37.25
52-Week Low (26.10.2012) 27.83
Daily Volume
35.24
52-Week High % Change -5.15% Dividend Yield 2.91
52-Week Low % Change 26.65% Beta 0.67
% 52 Week Price Range High/Low 78.25% Equity Float 67.70
Shares Out 25.07.2013 70.2 Short Int -
2'475.16 1 Yr Total Return 24.29%
Total Debt 524.80 YTD Return 13.16%
Preferred Stock 0.0 Adjusted BETA 0.672
Minority Interest 9.1 Analyst Recs 12
Cash and Equivalents 263.00 Consensus Rating 3.583
Enterprise Value 2'746.06
Average Volume 5 Day 234'744
NUO NA EQUITY YTD Change - Average Volume 30 Day 221'896
NUO NA EQUITY YTD % CHANGE - Average Volume 3 Month 273'652
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
4'943.1 4'511.7 4'166.4 4'721.1 5'229.1 5'440.3 5'273.3 5'445.8 5'721.6 1'547.0 -
0.24x 0.36x 0.53x 0.43x 0.48x 0.00x 0.00x 0.51x 0.47x - -
203.7 231.8 243.6 271.7 307.0 0.0 0.0 330.5 361.6 - -
5.88x 6.94x 9.04x 7.46x 8.11x 0.00x 0.00x 8.32x 7.60x - -
114.8 90.3 111.4 130.5 176.8 0.0 0.0 176.7 198.0 - -
7.79x 15.05x 18.99x 14.16x 14.15x 0.00x 0.00x 13.71x 12.32x - -
EBITDA 307.00 Long-Term Rating Date -
EBIT 234.60 Long-Term Rating -
Operating Margin 4.49% Long-Term Outlook -
Pretax Margin 4.06% Short-Term Rating Date -
Return on Assets 6.59% Short-Term Rating -
Return on Common Equity 19.15%
Return on Capital 14.31% EBITDA/Interest Exp. 9.50
Asset Turnover 1.95% (EBITDA-Capex)/Interest Exp. 5.84
Net Debt/EBITDA 0.85
Gross Margin - Total Debt/EBITDA 1.71
EBITDA Margin 5.9%
EBIT Margin 4.5% Total Debt/Equity 54.0%
Net Income Margin 3.4% Total Debt/Capital 34.8%
Asset Turnover 1.95
Current Ratio 1.27 Net Fixed Asset Turnover 8.55
Quick Ratio 0.78 Accounts receivable turnover-days 49.57
Debt to Assets 18.62% Inventory Days -
Tot Debt to Common Equity 53.99% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.38 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Nutreco NVPrice/Volume
Valuation Analysis
22'375.00
Current Price (7/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
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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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ING GROEP NV n/a Co File 7'002'665 9.97 - 31.12.2012 Investment Advisor
NORGES BANK n/a Research 2'098'790 2.99 (96'347) 15.07.2013 Government
DJE INVESTMENT SA Multiple Portfolios MF-AGG 1'386'636 1.97 51'200 30.04.2013 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 1'175'242 1.67 - 30.04.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 1'100'343 1.57 - 30.07.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 940'538 1.34 (104'729) 31.03.2013 Investment Advisor
BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 738'888 1.05 43'844 30.04.2013 Investment Advisor
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 658'310 0.94 68'210 31.12.2012 Investment Advisor
ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 614'602 0.88 1'700 31.05.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 598'100 0.85 - 30.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 567'514 0.81 12'946 30.06.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 500'447 0.71 (40'329) 31.05.2013 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 458'752 0.65 - 28.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 419'091 0.6 (183'113) 30.06.2013 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 403'766 0.57 79'000 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 403'236 0.57 32'428 31.03.2013 Investment Advisor
BARING FUND MANAGERS Multiple Portfolios MF-AGG 387'100 0.55 16'158 31.03.2013 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 383'674 0.55 - 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 358'864 0.51 (55'362) 29.07.2013 Investment Advisor
ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 337'410 0.48 183'082 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs FULVIO CAZZOL neutral/neutral 3 M 39 12 month 29.07.2013
Equita SIM SpA GIANMARCO BONACINA buy 5 M 43 12 month 29.07.2013
KBC Securities PASCALE WEBER hold 3 M 36 Not Provided 26.07.2013
SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 35 12 month 26.07.2013
Petercam FERNAND DE BOER hold 3 M 17 Not Provided 25.07.2013
Rabobank International PATRICK ROQUAS hold 3 M 32 12 month 25.07.2013
ING Bank MARCO GULPERS buy 5 M 38 12 month 25.07.2013
AlphaValue SOPHIE CABO-BROSETA add 4 D 41 6 month 25.07.2013
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 42 Not Provided 25.07.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 10.06.2013
Kempen & Co ERWIN DUT hold 3 M 35 Not Provided 04.06.2013
Theodoor Gilissen Securities TOM MULLER hold 3 M 30 Not Provided 15.01.2013
Holdings By:
Nutreco NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
The Toro Company designs, manufactures, and markets a range of turf equipment.
The Company's products include professional turf maintenance equipment, turf and
agricultural irrigation systems, landscaping equipment, and residential yard
products. Toro's products are sold worldwide under trademarks such as Toro,
Wheel Horse, Lawn-Boy, Irritrol, and Dingo.
Latest Fiscal Year: 10/2012
LTM as of: 05/yy
52-Week High (11.07.2013) 49.88
52-Week Low (23.08.2012) 35.64
Daily Volume
48.91
52-Week High % Change -1.94% Dividend Yield 1.02
52-Week Low % Change 37.23% Beta 1.01
% 52 Week Price Range High/Low 93.19% Equity Float 56.23
Shares Out 28.05.2013 57.5 Short Int 0.74
2'812.73 1 Yr Total Return 31.67%
Total Debt 225.34 YTD Return 14.50%
Preferred Stock 0.0 Adjusted BETA 1.013
Minority Interest 0.0 Analyst Recs 6
Cash and Equivalents 125.86 Consensus Rating 3.333
Enterprise Value 2'956.16
Average Volume 5 Day 298'591
TTC US EQUITY YTD Change - Average Volume 30 Day 253'138
TTC US EQUITY YTD % CHANGE - Average Volume 3 Month 272'315
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 05/yy 05/yy 10/13 Y 10/14 Y 07/13 Q3 10/13 Q4
1'878.2 1'523.4 1'690.4 1'884.0 1'958.7 1'984.5 1'992.5 2'008.3 2'144.3 505.0 359.5
0.71x 0.84x 1.08x 0.93x 1.31x 4.94x 5.21x 1.45x 1.37x 5.77x 8.11x
246.6 159.7 196.3 233.0 259.2 255.7 283.6 264.0 299.0 60.2 13.0
5.38x 8.02x 9.33x 7.49x 9.87x 8.68x 9.69x 11.20x 9.89x 10.33x 10.11x
119.7 62.8 93.2 117.7 129.5 128.9 150.6 140.5 164.0 31.6 (0.8)
10.58x 20.58x 20.42x 13.61x 20.09x 17.30x 17.40x 20.00x 17.13x 18.70x 17.79x
EBITDA 259.25 Long-Term Rating Date 30.04.2012
EBIT 205.61 Long-Term Rating BBB
Operating Margin 10.50% Long-Term Outlook STABLE
Pretax Margin 10.02% Short-Term Rating Date -
Return on Assets 14.05% Short-Term Rating -
Return on Common Equity 44.06%
Return on Capital 28.59% EBITDA/Interest Exp. 15.11
Asset Turnover 1.86% (EBITDA-Capex)/Interest Exp. 12.59
Net Debt/EBITDA 0.51
Gross Margin 34.4% Total Debt/EBITDA 0.79
EBITDA Margin 14.2%
EBIT Margin 11.5% Total Debt/Equity 72.1%
Net Income Margin 6.6% Total Debt/Capital 41.9%
Asset Turnover 1.86
Current Ratio 1.62 Net Fixed Asset Turnover 11.02
Quick Ratio 0.71 Accounts receivable turnover-days 53.03
Debt to Assets 24.10% Inventory Days 79.53
Tot Debt to Common Equity 72.13% Accounts Payable Turnover Day 54.24
Accounts Receivable Turnover 6.86 Cash Conversion Cycle 60.45
Inventory Turnover 4.58
Fiscal Year Ended
Toro Co/ThePrice/Volume
Valuation Analysis
404'984.00
Current Price (7/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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'646'716 6.34 (325'103) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'488'197 6.07 (318'683) 29.07.2013 Investment Advisor
MAIRS & POWER INCORP MAIRS & POWER INC 13F 3'238'818 5.63 9'875 31.03.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'201'868 3.83 (25'814) 31.03.2013 Investment Advisor
COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2'077'536 3.61 (28'000) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 1'884'240 3.28 39'900 31.03.2013 Investment Advisor
KAYNE ANDERSON RUDNI KAYNE ANDERSON RUDNI 13F 1'582'756 2.75 (111'455) 31.03.2013 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 1'377'672 2.4 (175'520) 30.06.2013 Investment Advisor
STATE STREET n/a ULT-AGG 1'132'052 1.97 45'630 31.03.2013 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 1'111'040 1.93 65'836 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 1'085'497 1.89 1'085'497 30.07.2013 Investment Advisor
CS MCKEE LP C S MCKEE LP 13F 1'045'742 1.82 20'060 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 965'214 1.68 87'828 30.07.2013 Investment Advisor
FISHER INVESTMENTS I FISHER INVESTMENTS 13F 914'917 1.59 (710) 31.03.2013 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 656'550 1.14 - 31.03.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 641'454 1.12 327'852 31.03.2013 Investment Advisor
ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 628'846 1.09 (4'311) 31.03.2013 Investment Advisor
HOFFMAN MICHAEL J n/a Form 4 624'644 1.09 - 26.12.2012 n/a
PANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 601'907 1.05 30'774 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 600'755 1.04 (20'838) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Longbow Research DAVID S MACGREGOR neutral 3 M #N/A N/A Not Provided 29.07.2013
Sidoti & Company LLC ROBERT A KOSOWSKY neutral 3 M 51 12 month 26.07.2013
Raymond James SAMUEL J DARKATSH market perform 3 M #N/A N/A Not Provided 22.07.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 04.06.2013
CL King & Associates JAMES BARRETT neutral 3 M #N/A N/A Not Provided 23.05.2013
S&P Capital IQ RICHARD TORTORIELLO hold 3 D 44 12 month 05.12.2012
Holdings By:
Toro Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Charoen Pokphand Foods Public Company Limited produces a wide range of food
products. The Company's products include chicken, pork, shrimp, fish, eggs.
and duck.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (07.11.2012) 37.00
52-Week Low (25.06.2013) 21.60
Daily Volume
28
52-Week High % Change -24.32% Dividend Yield -
52-Week Low % Change 29.63% Beta 0.91
% 52 Week Price Range High/Low 43.18% Equity Float -
Shares Out 23.07.2013 7'742.9 Short Int -
216'802.38 1 Yr Total Return -12.84%
Total Debt 146'202.65 YTD Return -15.68%
Preferred Stock 0.0 Adjusted BETA 0.910
Minority Interest 16'259.0 Analyst Recs 0
Cash and Equivalents 12'258.40 Consensus Rating -
Enterprise Value 378'525.86
Average Volume 5 Day 7'316'864
CPF-R TB EQUITY YTD Change - Average Volume 30 Day 8'413'890
CPF-R TB EQUITY YTD % CHANGE - Average Volume 3 Month 6'836'469
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
156'237.6 165'063.0 189'048.5 206'099.5 357'175.2 233'834.9 371'119.4 394'719.8 437'093.7 95'434.9 97'711.0
0.42x 0.70x 1.14x 1.36x 1.15x 4.85x 4.33x 0.93x 0.85x - -
8'067.5 16'147.8 16'863.9 19'442.1 15'453.8 20'337.2 12'224.2 23'879.2 31'596.9 3'152.5 4'253.0
8.20x 7.17x 12.81x 14.44x 26.63x 19.21x 32.71x 15.85x 11.98x - -
3'128.4 10'190.2 13'562.6 16'116.9 18'789.9 24'553.2 7'703.4 7'925.6 14'753.4 261.0 2'456.5
7.23x 7.50x 12.11x 13.64x 13.03x 10.26x 31.13x 24.26x 13.24x - -
EBITDA 15'453.78 Long-Term Rating Date -
EBIT 8'077.37 Long-Term Rating -
Operating Margin 2.26% Long-Term Outlook -
Pretax Margin 6.63% Short-Term Rating Date -
Return on Assets 2.56% Short-Term Rating -
Return on Common Equity 7.55%
Return on Capital 5.93% EBITDA/Interest Exp. 2.42
Asset Turnover 1.23% (EBITDA-Capex)/Interest Exp. -0.74
Net Debt/EBITDA 11.89
Gross Margin 11.6% Total Debt/EBITDA 13.24
EBITDA Margin 3.3%
EBIT Margin 1.2% Total Debt/Equity 139.9%
Net Income Margin 5.3% Total Debt/Capital 54.8%
Asset Turnover 1.23
Current Ratio 1.15 Net Fixed Asset Turnover 4.38
Quick Ratio 0.37 Accounts receivable turnover-days 20.44
Debt to Assets 47.08% Inventory Days 51.20
Tot Debt to Common Equity 139.88% Accounts Payable Turnover Day 19.56
Accounts Receivable Turnover 17.86 Cash Conversion Cycle 43.01
Inventory Turnover 7.13
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
Charoen Pokphand Foods PCLPrice/Volume
Valuation Analysis
8'184'200.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 76'543'800 0.99 990'100 29.07.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 73'708'536 0.95 - 30.07.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 19'015'703 0.25 2'494'500 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 18'564'510 0.24 38'200 30.07.2013 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 9'328'800 0.12 749'400 31.05.2013 Investment Advisor
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 4'000'000 0.05 - 28.06.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2'845'600 0.04 - 30.04.2013 Investment Advisor
LION GLOBAL INVESTOR Multiple Portfolios MF-AGG 2'180'300 0.03 - 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 1'540'357 0.02 (183'300) 30.06.2013 Investment Advisor
RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 1'420'000 0.02 (1'000'000) 30.04.2013 Investment Advisor
BSI SA Multiple Portfolios MF-AGG 1'300'000 0.02 1'300'000 28.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 1'114'102 0.01 169'900 31.12.2012 Unclassified
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 1'054'000 0.01 - 30.07.2013 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 734'300 0.01 - 31.03.2013 Investment Advisor
CLARIDEN SICAV Multiple Portfolios MF-AGG 700'000 0.01 - 31.05.2013 Investment Advisor
OPPENHEIM PRAMERICA Multiple Portfolios MF-AGG 649'000 0.01 200'000 31.01.2013 Investment Advisor
WILLERFUNDS MANAGEME Multiple Portfolios MF-AGG 618'000 0.01 - 30.04.2013 Investment Advisor
FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 593'400 0.01 - 31.03.2013 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 395'500 0.01 (191'500) 31.03.2013 Investment Advisor
CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 376'700 0 376'700 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Charoen Pokphand Foods PCL ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and
sells crude palm oil and palm kernel. The Company also refines crude palm oil
into cooking oil, margarine, and shortening for sale and distribution.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (06.08.2012) 0.75
52-Week Low (31.07.2013) 0.52
Daily Volume
0.525
52-Week High % Change -29.53% Dividend Yield -
52-Week Low % Change 1.94% Beta 1.08
% 52 Week Price Range High/Low 11.11% Equity Float 6'424.15
Shares Out 31.07.2013 12'837.6 Short Int -
6'739.71 1 Yr Total Return -27.58%
Total Debt 1'854.54 YTD Return -18.36%
Preferred Stock 0.0 Adjusted BETA 1.080
Minority Interest 91.6 Analyst Recs 20
Cash and Equivalents 669.26 Consensus Rating 3.300
Enterprise Value 6'607.06
Average Volume 5 Day 39'937'800
GGR SP EQUITY YTD Change - Average Volume 30 Day 41'841'670
GGR SP EQUITY YTD % CHANGE - Average Volume 3 Month 53'728'830
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
2'985.9 2'293.7 3'504.7 5'952.9 6'051.7 6'009.0 5'962.7 5'582.7 6'327.2 - -
0.72x 2.11x 2.41x 1.27x 1.34x 5.03x 5.20x 1.16x 1.04x - -
588.9 386.9 640.5 912.4 758.7 877.4 684.9 765.9 876.2 - -
3.64x 12.51x 13.19x 8.27x 10.69x 9.71x 10.68x 8.63x 7.54x - -
1'382.5 607.0 1'423.0 1'268.0 409.6 1'199.3 360.4 422.3 491.1 - -
1.18x 6.92x 5.32x 5.28x 16.12x 6.43x 16.30x 12.14x 10.58x - -
EBITDA 758.72 Long-Term Rating Date -
EBIT 642.91 Long-Term Rating -
Operating Margin 10.62% Long-Term Outlook -
Pretax Margin 10.11% Short-Term Rating Date -
Return on Assets 2.84% Short-Term Rating -
Return on Common Equity 4.29%
Return on Capital 4.20% EBITDA/Interest Exp. 10.94
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 5.02
Net Debt/EBITDA 1.78
Gross Margin 26.6% Total Debt/EBITDA 2.67
EBITDA Margin 11.5%
EBIT Margin 9.5% Total Debt/Equity 21.8%
Net Income Margin 6.8% Total Debt/Capital 17.7%
Asset Turnover 0.47
Current Ratio 1.86 Net Fixed Asset Turnover 3.06
Quick Ratio 0.82 Accounts receivable turnover-days 23.39
Debt to Assets 13.96% Inventory Days 56.59
Tot Debt to Common Equity 21.75% Accounts Payable Turnover Day 46.68
Accounts Receivable Turnover 15.61 Cash Conversion Cycle 37.24
Inventory Turnover 6.45
Fiscal Year Ended
Golden Agri-Resources LtdPrice/Volume
Valuation Analysis
244'851'000.00
Current Price (7/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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FLAMBO INTERNATIONAL n/a EXCH 6'412'197'897 49.95 - 22.04.2013 Unclassified
BLACKROCK n/a ULT-AGG 168'198'121 1.31 (1'085'000) 29.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 163'474'082 1.27 3'074'000 30.06.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 132'800'000 1.03 - 30.04.2013 Bank
VAN ECK ASSOCIATES C n/a ULT-AGG 132'747'063 1.03 (255'000) 30.07.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 112'862'000 0.88 (3'000'000) 30.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 76'008'498 0.59 3'526'800 30.06.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 34'705'000 0.27 (914'000) 31.05.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 31'678'183 0.25 - 30.04.2013 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 30'101'379 0.23 4'151'422 30.06.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 29'310'934 0.23 13'308'844 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 29'171'480 0.23 173'000 30.06.2013 Investment Advisor
BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 26'581'350 0.21 4'888'350 31.03.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 19'170'600 0.15 1'000 30.06.2013 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 17'356'000 0.14 - 28.06.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 17'161'000 0.13 323'000 28.03.2013 Investment Advisor
F&C ASSET MANAGEMENT Multiple Portfolios MF-AGG 14'842'000 0.12 (1'351'000) 28.02.2013 Investment Advisor
AMUNDI JAPAN Multiple Portfolios MF-AGG 14'424'000 0.11 13'150'000 18.09.2012 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 12'828'000 0.1 2'637'000 31.03.2013 Investment Advisor
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 12'748'385 0.1 34'000 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered ADRIAN FOULGER underperform 1 D 0 12 month 29.07.2013
Credit Suisse TAN TING MIN outperform 5 M 1 Not Provided 29.07.2013
OCBC Investment Research CAREY WONG hold 3 D 1 12 month 29.07.2013
RHB Research Institute Sdn Bhd ALVIN TAI buy 5 M 1 12 month 24.07.2013
Goldman Sachs NIKHIL BHANDARI neutral/neutral 3 M 1 12 month 22.07.2013
Morgan Stanley CHARLES C SPENCER Overwt/In-Line 5 M 1 12 month 18.07.2013
UOB Kay Hian STEFANUS DARMAGIRI hold 3 M 1 Not Provided 01.07.2013
Nomura MUZHAFAR MUKHTAR neutral 3 M 1 Not Provided 25.06.2013
UBS SEBASTIAN TOBING neutral 3 D 1 12 month 20.06.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013
JPMorgan YING-JIAN CHAN neutral 3 U 1 9 month 01.06.2013
Deutsche Bank MICHELLE FOONG sell 1 M 1 12 month 23.05.2013
Macquarie CONRAD WERNER neutral 3 U 1 12 month 14.05.2013
Phillip Securities NICHOLAS HUAI GIM ONG neutral 3 M 1 Not Provided 14.05.2013
HSBC THILAN WICKRAMASINGHE overweight 5 M 1 Not Provided 13.05.2013
CIMB IVY NG neutral 3 M 1 12 month 13.05.2013
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 1 12 month 10.04.2013
Jefferies ARYA SEN buy 5 M 1 12 month 14.03.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
IIFL ZUO LI add 4 M 1 12 month 14.11.2011
Holdings By:
Golden Agri-Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Kuala Lumpur Kepong Berhad produces and processes palm products, natural rubber,
and cocoa on its plantations. Through its subsidiaries, the Company mills and
refines oil palm products, cultivates ramie, and manufactures oleochemicals,
soap, esters, latex gloves, toiletries, and parquet flooring products. Kuala
Lumpur Kepong also develops properties and operates holiday bungalows.
Latest Fiscal Year: 09/2012
LTM as of: 03/yy
52-Week High (13.08.2012) 24.02
52-Week Low (15.03.2013) 19.88
Daily Volume
21.2
52-Week High % Change -11.74% Dividend Yield -
52-Week Low % Change 6.64% Beta 0.77
% 52 Week Price Range High/Low 31.88% Equity Float 394.77
Shares Out 31.07.2013 1'065.0 Short Int -
22'577.27 1 Yr Total Return -7.97%
Total Debt 2'478.78 YTD Return -8.89%
Preferred Stock 0.0 Adjusted BETA 0.766
Minority Interest 397.8 Analyst Recs 31
Cash and Equivalents 2'358.91 Consensus Rating 2.548
Enterprise Value 23'672.21
Average Volume 5 Day 252'080
KLK MK EQUITY YTD Change - Average Volume 30 Day 510'767
KLK MK EQUITY YTD % CHANGE - Average Volume 3 Month 626'431
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4
7'789.7 6'620.4 7'450.0 10'691.9 10'507.3 11'263.2 9'453.1 9'948.7 11'099.5 - -
1.42x 2.34x 2.53x 2.18x 2.29x 8.86x 10.44x 2.35x 2.11x - -
1'636.9 1'223.7 1'471.5 2'306.8 1'734.4 2'310.0 1'529.1 1'713.8 1'987.4 - -
6.75x 12.64x 12.81x 10.09x 13.84x 11.75x 15.29x 13.81x 11.91x - -
1'040.7 612.5 1'012.3 1'571.4 1'211.2 1'449.3 1'125.9 997.4 1'204.3 - -
9.83x 24.00x 17.88x 14.30x 21.84x 17.64x 22.41x 22.29x 18.71x - -
EBITDA 1'734.40 Long-Term Rating Date -
EBIT 1'472.48 Long-Term Rating -
Operating Margin 14.01% Long-Term Outlook -
Pretax Margin 13.56% Short-Term Rating Date -
Return on Assets 10.18% Short-Term Rating -
Return on Common Equity 15.86%
Return on Capital 12.67% EBITDA/Interest Exp. 27.33
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 13.93
Net Debt/EBITDA 0.44
Gross Margin 23.1% Total Debt/EBITDA 1.57
EBITDA Margin 16.2%
EBIT Margin 13.3% Total Debt/Equity 34.9%
Net Income Margin 11.5% Total Debt/Capital 24.8%
Asset Turnover 0.85
Current Ratio 3.05 Net Fixed Asset Turnover 2.76
Quick Ratio 2.01 Accounts receivable turnover-days 47.52
Debt to Assets 21.78% Inventory Days -
Tot Debt to Common Equity 34.86% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.68 Cash Conversion Cycle 80.75
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
Kuala Lumpur Kepong BhdPrice/Volume
Valuation Analysis
1'078'900.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BATU KAWAN BHD n/a Co File 495'901'527 46.57 - 30.11.2012 Holding Company
EMPLOYEES PROVIDENT #N/A N/A EXCH 167'099'538 15.69 - 24.07.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'710'848 1.38 1'568'900 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 13'020'711 1.22 (185'900) 29.07.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 7'227'248 0.68 - 30.07.2013 Investment Advisor
PRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 4'825'100 0.45 - 30.06.2011 Investment Advisor
ENG KHOON YEOH n/a Co File 3'524'850 0.33 - 30.11.2012 n/a
JP MORGAN n/a ULT-AGG 2'753'200 0.26 (167'900) 31.03.2013 Investment Advisor
KUALA LUMPUR KEPONG n/a Co File 2'539'000 0.24 - 30.11.2012 Corporation
FRANKLIN RESOURCES n/a ULT-AGG 2'196'090 0.21 143'390 28.09.2012 Investment Advisor
FIL LIMITED n/a ULT-AGG 2'153'997 0.2 110'140 31.10.2012 Investment Advisor
GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 1'677'750 0.16 - 31.12.2010 Investment Advisor
CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 1'624'650 0.15 67'400 30.04.2011 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'447'641 0.14 - 31.12.2012 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 1'299'472 0.12 450'900 31.05.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'116'122 0.1 - 30.04.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 976'900 0.09 (25'600) 31.05.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 907'000 0.09 (6'000) 30.04.2013 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 797'100 0.07 7'300 28.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 710'000 0.07 - 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Alliance Research Sdn Bhd ARHNUE TAN neutral 3 M 20 12 month 31.07.2013
AmResearch Sdn Bhd GAN HUEY LING buy 5 M 23 12 month 30.07.2013
Standard Chartered ADRIAN FOULGER underperform 1 M 14 12 month 29.07.2013
Credit Suisse TAN TING MIN neutral 3 M 19 Not Provided 29.07.2013
RHB Research Institute Sdn Bhd HOE LEE LENG neutral 3 M 21 12 month 24.07.2013
Goldman Sachs NIKHIL BHANDARI Sell/Neutral 1 M 18 12 month 22.07.2013
DBS Vickers QUAH HE WEI fully valued 2 M 19 12 month 19.07.2013
CIMB IVY NG underperform 1 M 20 12 month 19.07.2013
Morgan Stanley CHARLES C SPENCER Underwt/Cautious 1 M 16 12 month 18.07.2013
KAF Seagroatt & Campbell VINCE NG hold 3 M 23 Not Provided 11.07.2013
Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 22 12 month 11.07.2013
Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 21 12 month 11.07.2013
TA Securities Holdings Berhad JAMES RATNAM hold 3 M 24 Not Provided 11.07.2013
BIMB Securities Sdn Bhd NG KEAT YUNG buy 5 M 23 12 month 11.07.2013
JF Apex Securities Bhd JESSICA JZE TIENG LOW hold 3 M 22 12 month 10.07.2013
UOB Kay Hian TEAM COVERAGE hold 3 M 23 Not Provided 01.07.2013
Nomura MUZHAFAR MUKHTAR neutral 3 M 24 Not Provided 25.06.2013
UBS SEBASTIAN TOBING neutral 3 D 22 12 month 20.06.2013
Hong Leong Investment Bank Bhd CHYE WEN FEI hold 3 M 19 12 month 11.06.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013
JPMorgan YING-JIAN CHAN neutral 3 U 19 12 month 31.05.2013
Maybank Kim Eng ONG CHEE TING sell 1 M 19 12 month 23.05.2013
Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 19 12 month 23.05.2013
HSBC THILAN WICKRAMASINGHE overweight 5 M 26 Not Provided 22.05.2013
Deutsche Bank MICHELLE FOONG sell 1 M 17 12 month 11.04.2013
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 22 12 month 10.04.2013
Macquarie SUNAINA DHANUKA underperform 1 M 18 12 month 26.03.2013
ECM Libra TEAM COVERAGE hold 3 M 20 12 month 22.11.2012
Holdings By:
Kuala Lumpur Kepong Bhd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Marine Harvest is a Norwegian based fish farming plant, raising mainly Atlantic
salmon. The Company operates hatcheries, processes and packages fish, as well
as sells and markets the products. Marine Harvest operates in Canada, Norway
and Scotland. The Company sells salmon worldwide through its sales companies in
Norway, Canada, the United Kingdom and the United States.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (08.07.2013) 6.44
52-Week Low (02.08.2012) 3.84
Daily Volume
5.995
52-Week High % Change -7.22% Dividend Yield -
52-Week Low % Change 55.96% Beta 0.98
% 52 Week Price Range High/Low 81.90% Equity Float 2'384.73
Shares Out 30.07.2013 3'748.3 Short Int -
22'471.31 1 Yr Total Return 51.15%
Total Debt 5'716.30 YTD Return 18.98%
Preferred Stock 0.0 Adjusted BETA 0.982
Minority Interest 69.0 Analyst Recs 17
Cash and Equivalents 335.30 Consensus Rating 4.412
Enterprise Value 28'862.11
Average Volume 5 Day 16'636'740
MHG NO EQUITY YTD Change - Average Volume 30 Day 15'947'180
MHG NO EQUITY YTD % CHANGE - Average Volume 3 Month 17'004'060
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 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
13'486.9 14'500.2 15'191.4 16'132.8 15'463.5 16'008.3 15'398.2 17'822.3 20'533.8 4'308.1 4'374.2
0.85x 1.40x 1.80x 0.98x 1.59x 4.32x 6.06x 1.63x 1.39x 6.59x 6.58x
2'599.5 2'566.8 3'849.4 3'560.2 1'215.2 2'849.9 1'466.9 3'645.2 4'634.3 1'079.5 1'022.9
4.40x 7.89x 7.10x 4.44x 20.28x 5.80x 18.19x 7.92x 6.23x 6.73x 6.32x
(2'852.6) 1'296.3 3'078.0 1'115.7 408.6 1'197.8 753.3 2'215.9 2'714.1 631.2 585.1
- 11.54x 7.17x 8.30x 44.94x 8.77x 27.41x 10.92x 8.28x 8.88x 8.41x
EBITDA 1'215.20 Long-Term Rating Date -
EBIT 537.50 Long-Term Rating -
Operating Margin 3.48% Long-Term Outlook -
Pretax Margin 5.10% Short-Term Rating Date -
Return on Assets 3.21% Short-Term Rating -
Return on Common Equity 6.42%
Return on Capital 5.56% EBITDA/Interest Exp. 3.17
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 1.26
Net Debt/EBITDA 4.30
Gross Margin 37.5% Total Debt/EBITDA 4.59
EBITDA Margin 9.5%
EBIT Margin 5.1% Total Debt/Equity 49.2%
Net Income Margin 2.6% Total Debt/Capital 32.8%
Asset Turnover 0.66
Current Ratio 2.92 Net Fixed Asset Turnover 3.65
Quick Ratio 0.64 Accounts receivable turnover-days -
Debt to Assets 24.52% Inventory Days 29.98
Tot Debt to Common Equity 49.20% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 18.76
Inventory Turnover 12.17
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
Marine Harvest ASAPrice/Volume
Valuation Analysis
3'408'515.00
Current Price (7/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
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GEVERAN TRADING CO L n/a EXCH 989'493'302 26.4 - 22.07.2013 Corporation
GOVERNMENT PENSION F n/a EXCH 329'763'771 8.8 - 22.07.2013 Government
STATE STREET n/a ULT-AGG 263'460'951 7.03 - 30.07.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 139'596'408 3.72 - 22.07.2013 Investment Advisor
LANSDOWNE DEVEL MKT n/a EXCH 130'000'000 3.47 - 22.07.2013 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 97'232'686 2.59 5'461'031 31.03.2013 Investment Advisor
CLEARSTREAM BANKING n/a EXCH 91'855'927 2.45 - 22.07.2013 Bank
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 81'642'648 2.18 5'914'757 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL n/a EXCH 66'455'854 1.77 - 22.07.2013 Investment Advisor
JP MORGAN CHASE BANK n/a EXCH 62'469'742 1.67 - 22.07.2013 Investment Advisor
DNB NORBANK ASA n/a EXCH 58'753'242 1.57 - 22.07.2013 Bank
VAN ECK ASSOCIATES C n/a ULT-AGG 46'964'932 1.25 - 30.07.2013 Investment Advisor
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 42'204'080 1.13 2'554'413 30.06.2013 Investment Advisor
DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 40'656'735 1.08 10'301'800 31.12.2012 Investment Advisor
STATOILS PENSJONSKAS n/a EXCH 38'707'509 1.03 - 22.07.2013 Pension Fund (ERISA)
CAPITA FINANCIAL MAN NEPTUNE EUROPEAN OPP MF-PART 31'694'397 0.85 31'694'397 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 31'002'632 0.83 - 22.07.2013 Unclassified
WEST COAST INVEST AS n/a EXCH 30'012'000 0.8 - 22.07.2013 Corporation
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 28'918'196 0.77 (1'150'000) 30.06.2013 Investment Advisor
NORDEA FONDENE AS Multiple Portfolios MF-AGG 23'671'074 0.63 705'780 27.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Carnegie MARIUS GAARD hold 3 D #N/A N/A Not Provided 28.07.2013
Nordea Equity Research KOLBJORN GISKEODEGARD strong buy 5 M 8 12 month 23.07.2013
Arctic Securities ASA THOMAS LORCK buy 5 M 7 Not Provided 22.07.2013
Pareto Securities HENNING LUND buy 5 M 7 6 month 16.07.2013
DNB Markets KNUT-IVAR BAKKEN buy 5 M 7 Not Provided 16.07.2013
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 15.07.2013
Handelsbanken KJETIL LYE buy 5 M 8 12 month 12.07.2013
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 7 Not Provided 12.07.2013
Equita SIM SpA GIANMARCO BONACINA hold 3 M 7 12 month 11.07.2013
ABG Sundal Collier GEORG LIASJO hold 3 M 6 6 month 08.07.2013
Rabobank International PATRICK ROQUAS buy 5 M 7 Not Provided 01.07.2013
Fondsfinans AS BENT ROLLAND buy 5 M 7 Not Provided 28.06.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013
SpareBank 1 Markets AS GEIR KRISTIANSEN buy 5 M 7 12 month 24.05.2013
SEB Enskilda PEDER STRAND buy 5 M 7 Not Provided 03.05.2013
Swedbank First Securities HENNING C STEFFENRUD buy 5 M 7 Not Provided 02.05.2013
Norne Securities AS ANDERS GJENDEMSJO buy 5 M 6 12 month 10.01.2013
Holdings By:
Marine Harvest ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
PPB Group Berhad is an investment holding company. The Company operations
include grains trading, flour and animal feed milling industry as well as
downstream activities including livestock farming, food processing and consumer
products distribution with primary focus in Indonesia, Malaysia, China, India
and Europe.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (26.07.2013) 15.32
52-Week Low (19.12.2012) 11.16
Daily Volume
14.9
52-Week High % Change -2.74% Dividend Yield -
52-Week Low % Change 33.51% Beta 0.94
% 52 Week Price Range High/Low 94.71% Equity Float 502.66
Shares Out 31.07.2013 1'185.5 Short Int -
17'663.95 1 Yr Total Return -0.51%
Total Debt 373.83 YTD Return 29.65%
Preferred Stock 0.0 Adjusted BETA 0.939
Minority Interest 494.0 Analyst Recs 5
Cash and Equivalents 1'050.08 Consensus Rating 3.000
Enterprise Value 17'451.13
Average Volume 5 Day 297'080
PEP MK EQUITY YTD Change - Average Volume 30 Day 497'767
PEP MK EQUITY YTD % CHANGE - Average Volume 3 Month 544'183
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
2'488.6 2'005.4 2'231.5 2'687.4 3'006.0 2'827.7 3'084.8 3'164.7 3'307.0 - -
4.62x 9.29x 8.90x 7.43x 4.51x 27.88x 19.87x 5.53x 5.24x - -
344.8 237.1 304.0 245.5 304.1 130.8 272.1 392.7 434.0 - -
33.31x 78.54x 65.32x 81.34x 44.62x 0.00x 54.29x 44.44x 40.21x - -
1'286.5 1'616.0 1'884.9 980.4 842.2 893.6 900.0 894.3 968.0 - -
9.58x 13.55x 19.56x 20.75x 16.34x 22.42x 16.65x 19.35x 17.63x - -
EBITDA 304.10 Long-Term Rating Date -
EBIT 201.30 Long-Term Rating -
Operating Margin 6.70% Long-Term Outlook -
Pretax Margin 30.50% Short-Term Rating Date -
Return on Assets 5.84% Short-Term Rating -
Return on Common Equity 6.30%
Return on Capital 6.21% EBITDA/Interest Exp. 35.55
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. 14.36
Net Debt/EBITDA -2.67
Gross Margin 14.7% Total Debt/EBITDA 1.12
EBITDA Margin 8.8%
EBIT Margin 5.4% Total Debt/Equity 2.6%
Net Income Margin 28.0% Total Debt/Capital 2.5%
Asset Turnover 0.20
Current Ratio 3.34 Net Fixed Asset Turnover 2.38
Quick Ratio 2.23 Accounts receivable turnover-days 65.80
Debt to Assets 2.40% Inventory Days -
Tot Debt to Common Equity 2.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.55 Cash Conversion Cycle 97.81
Inventory Turnover -
Fiscal Year Ended
PPB Group BhdPrice/Volume
Valuation Analysis
561'000.00
Current Price (7/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
'.135
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2'000.0
4'000.0
6'000.0
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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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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KUOK BROTHERS SDN BH n/a ULT-AGG 602'310'128 50.81 - 22.03.2013 Holding Company
EMPLOYEES PROVIDENT #N/A N/A EXCH 79'188'579 6.68 - 23.07.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'846'408 1.34 2'256'500 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 11'796'766 1 35'900 29.07.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 8'933'306 0.75 11'800 30.04.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 8'606'200 0.73 - 30.07.2013 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 1'508'700 0.13 (244'700) 31.05.2013 Investment Advisor
SIEW NAM OH n/a Co File 1'325'164 0.11 - 22.03.2013 n/a
SCOTTISH WIDOWS n/a ULT-AGG 1'168'500 0.1 6'100 28.02.2013 Unclassified
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 704'500 0.06 - 31.05.2013 Investment Advisor
JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 563'100 0.05 - 30.06.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 530'000 0.04 (25'000) 30.04.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 400'500 0.03 - 31.05.2013 Investment Advisor
CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 333'800 0.03 (87'700) 30.04.2011 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 319'631 0.03 - 28.03.2013 Unclassified
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 263'500 0.02 - 30.06.2013 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 253'100 0.02 - 31.05.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 238'428 0.02 (55) 31.05.2013 Investment Advisor
LIBRA INVEST BERHAD Multiple Portfolios MF-AGG 219'000 0.02 - 31.12.2010 Investment Advisor
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 214'200 0.02 - 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KAF Seagroatt & Campbell VINCE NG hold 3 M 14 Not Provided 11.07.2013
Kenanga Investment Bank Bhd LIM SEONG CHUN outperform 5 M 15 12 month 11.07.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013
DBS Vickers CHONG TJEN-SAN hold 3 M 13 12 month 20.05.2013
AmResearch Sdn Bhd GAN HUEY LING hold 3 M 13 12 month 28.02.2013
Holdings By:
PPB Group Bhd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Felda Global Ventures Holdings Berhad is an agricultural and agri-commodities
company. The Company owns and operates an oil palm plantation producing oil
palm and rubber plantation products, soybean and canola products, oleochemial
products and sugar products.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (31.07.2012) 5.17
52-Week Low (22.01.2013) 4.27
Daily Volume
4.4
52-Week High % Change -14.89% Dividend Yield -
52-Week Low % Change 3.04% Beta -
% 52 Week Price Range High/Low 23.33% Equity Float 1'393.69
Shares Out 31.07.2013 3'648.2 Short Int -
16'051.87 1 Yr Total Return -11.96%
Total Debt 2'439.94 YTD Return -2.95%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 857.8 Analyst Recs 21
Cash and Equivalents 5'673.00 Consensus Rating 2.190
Enterprise Value 12'992.37
Average Volume 5 Day 670'380
FGV MK EQUITY YTD Change - Average Volume 30 Day 906'887
FGV MK EQUITY YTD % CHANGE - Average Volume 3 Month 1'183'919
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
- 2'880.3 5'804.6 7'453.1 12'886.5 1'720.0 13'848.7 12'102.7 12'980.3 - -
- - - - 1.12x 0.00x 4.35x 1.20x 1.11x - -
- 692.2 1'657.9 1'902.9 960.5 284.3 1'168.3 1'087.0 1'249.5 - -
- - - - 15.08x 0.00x 11.75x 11.95x 10.40x - -
- 322.3 932.0 1'327.8 806.0 192.2 750.3 705.8 821.1 - -
- - - - 16.21x 0.00x 21.00x 22.56x 19.13x - -
EBITDA 960.48 Long-Term Rating Date -
EBIT 851.37 Long-Term Rating -
Operating Margin 6.61% Long-Term Outlook -
Pretax Margin 8.74% Short-Term Rating Date -
Return on Assets 5.24% Short-Term Rating -
Return on Common Equity 19.75%
Return on Capital 13.48% EBITDA/Interest Exp. 8.63
Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. 6.82
Net Debt/EBITDA -3.38
Gross Margin 12.2% Total Debt/EBITDA 1.96
EBITDA Margin 8.4%
EBIT Margin 7.8% Total Debt/Equity 40.0%
Net Income Margin 6.3% Total Debt/Capital 26.0%
Asset Turnover 0.97
Current Ratio 3.03 Net Fixed Asset Turnover 8.14
Quick Ratio 2.34 Accounts receivable turnover-days 10.65
Debt to Assets 14.79% Inventory Days 17.87
Tot Debt to Common Equity 39.98% Accounts Payable Turnover Day 10.75
Accounts Receivable Turnover 34.27 Cash Conversion Cycle 18.42
Inventory Turnover 20.42
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
Felda Global Ventures Holdings BhdPrice/Volume
Valuation Analysis
1'138'900.00
Current Price (7/dd/yy) Market Data
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14'000.0
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FEDERAL LAND DEVELOP n/a Co File 729'629'800 20 - 25.04.2013 Government
FELDA ASSET HOLDINGS n/a Co File 680'722'800 18.66 - 25.04.2013 Corporation
EMPLOYEES PROVIDENT n/a EXCH 305'865'870 8.38 199'200 22.07.2013 Government
LEMBAGA TABUNG HAJI n/a Co File 283'915'100 7.78 - 25.04.2013 Government
KUMPULAN WANG PERSAR n/a EXCH 253'214'500 6.94 115'000 11.07.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 48'110'350 1.32 12'857'600 30.06.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 24'593'900 0.67 - 30.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 22'132'300 0.61 405'800 29.07.2013 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 3'567'100 0.1 (1'925'400) 31.05.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 3'298'200 0.09 - 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'494'700 0.07 - 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 1'279'000 0.04 - 30.07.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 1'207'000 0.03 - 30.04.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'142'000 0.03 - 31.05.2013 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 805'700 0.02 - 31.05.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 776'200 0.02 147'400 28.03.2013 Unclassified
ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 672'800 0.02 - 31.05.2013 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 633'800 0.02 34'100 30.06.2013 Investment Advisor
PACIFIC MUTUAL FUND Multiple Portfolios MF-AGG 572'200 0.02 (31'200) 31.05.2013 Investment Advisor
NOMURA n/a ULT-AGG 518'800 0.01 137'700 29.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Alliance Research Sdn Bhd ARHNUE TAN sell 1 M 3 12 month 31.07.2013
Credit Suisse TAN TING MIN underperform 1 M 4 Not Provided 29.07.2013
Nomura MUZHAFAR MUKHTAR buy 5 M 6 Not Provided 26.07.2013
RHB Research Institute Sdn Bhd HOE LEE LENG neutral 3 M 4 12 month 24.07.2013
KAF Seagroatt & Campbell VINCE NG sell 1 M 4 Not Provided 23.07.2013
Deutsche Bank MICHELLE FOONG sell 1 M 3 12 month 19.07.2013
Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 5 12 month 19.07.2013
DBS Vickers QUAH HE WEI hold 3 M 4 12 month 19.07.2013
CIMB IVY NG neutral 3 M 5 12 month 19.07.2013
Public Investment Bank Berhad HOE LEONG CHONG underperform 1 M 4 12 month 19.07.2013
Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 4 12 month 19.07.2013
TA Securities Holdings Berhad JAMES RATNAM hold 3 M 5 Not Provided 19.07.2013
BIMB Securities Sdn Bhd NG KEAT YUNG trading buy 5 D 5 3 month 19.07.2013
Morgan Stanley CHARLES C SPENCER Underwt/Cautious 1 M 4 12 month 18.07.2013
JPMorgan YING-JIAN CHAN neutral 3 M 4 9 month 09.07.2013
Maybank Kim Eng ONG CHEE TING hold 3 M 4 12 month 01.07.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013
Macquarie SUNAINA DHANUKA underperform 1 M 4 12 month 26.03.2013
TA Securities Holdings Berhad TEAM COVERAGE sell 1 N 4 Not Provided 26.12.2012
ECM Libra TEAM COVERAGE hold 3 M 5 12 month 03.12.2012
Holdings By:
Felda Global Ventures Holdings Bhd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Taiwan Fertilizer Co., Ltd. manufactures and markets chemical fertilizers. The
Company predominately sells its products in Taiwan.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (17.09.2012) 82.40
52-Week Low (22.11.2012) 67.00
Daily Volume
73.3
52-Week High % Change -11.04% Dividend Yield -
52-Week Low % Change 9.40% Beta 1.07
% 52 Week Price Range High/Low 45.45% Equity Float 681.06
Shares Out 31.03.2013 980.0 Short Int 1.68
71'834.00 1 Yr Total Return 6.26%
Total Debt 3.40 YTD Return -3.30%
Preferred Stock 0.0 Adjusted BETA 1.065
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 1'424.65 Consensus Rating 3.588
Enterprise Value 70'412.76
Average Volume 5 Day 1'941'353
1722 TT EQUITY YTD Change - Average Volume 30 Day 3'185'000
1722 TT EQUITY YTD % CHANGE - Average Volume 3 Month 3'527'205
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
17'019.8 17'117.6 14'428.8 16'970.8 17'795.4 16'970.8 17'795.4 17'676.1 21'161.8 3'853.5 4'140.5
2.64x 5.93x 6.97x 3.88x 4.09x 17.21x 15.70x 3.76x 3.09x - -
606.5 2'126.5 1'076.4 677.7 1'367.0 677.7 1'367.0 1'435.4 2'827.8 - -
74.17x 47.74x 93.43x 97.17x 53.30x 97.17x 53.30x 49.05x 24.90x - -
2'191.7 1'266.9 1'723.6 3'011.1 3'339.0 3'011.1 3'339.0 3'761.9 4'597.0 546.6 624.4
23.30x 88.37x 61.93x 22.96x 22.23x 22.95x 22.23x 19.16x 15.39x 32.75x 30.44x
EBITDA 1'366.99 Long-Term Rating Date -
EBIT 1'114.68 Long-Term Rating -
Operating Margin 6.26% Long-Term Outlook -
Pretax Margin 21.07% Short-Term Rating Date -
Return on Assets 5.04% Short-Term Rating -
Return on Common Equity 6.41%
Return on Capital 6.41% EBITDA/Interest Exp. 27897.80
Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. -12437.51
Net Debt/EBITDA -1.04
Gross Margin 13.6% Total Debt/EBITDA 0.00
EBITDA Margin 7.7%
EBIT Margin 6.3% Total Debt/Equity 0.0%
Net Income Margin 18.8% Total Debt/Capital 0.0%
Asset Turnover 0.27
Current Ratio 4.42 Net Fixed Asset Turnover 0.50
Quick Ratio 2.28 Accounts receivable turnover-days 64.06
Debt to Assets 0.01% Inventory Days 73.21
Tot Debt to Common Equity 0.01% Accounts Payable Turnover Day 9.33
Accounts Receivable Turnover 5.71 Cash Conversion Cycle 127.94
Inventory Turnover 5.00
Fiscal Year Ended
Taiwan Fertilizer Co LtdPrice/Volume
Valuation Analysis
2'527'766.00
Current Price (7/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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14'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COUNCIL OF AGRICULTU n/a EXCH 236'000'000 24.08 113'624 31.05.2013 Government
CATHAY LIFE INSURANC n/a Co File 59'804'000 6.1 - 27.04.2013 Insurance Company
NAN SHAN LIFE INSURA n/a Co File 34'428'000 3.51 - 27.04.2013 Insurance Company
FUBON LIFE ASSURANCE n/a Co File 22'720'000 2.32 - 27.04.2013 Insurance Company
FMR LLC n/a ULT-AGG 21'528'485 2.2 1'037'865 30.06.2013 Investment Advisor
SAUDI ARABIAN MONETA n/a Co File 21'493'279 2.19 - 27.04.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'555'100 2.1 618'000 30.06.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 19'341'000 1.97 - 27.04.2013 Government
SHIN KONG LIFE INSUR n/a Co File 18'543'000 1.89 - 27.04.2013 Insurance Company
OLD LABOR RETIREMENT n/a Co File 15'922'000 1.62 - 27.04.2013 Pension Fund (ERISA)
VANGUARD EMS INDEX F n/a Co File 15'038'100 1.53 - 27.04.2013 n/a
BLACKROCK n/a ULT-AGG 14'199'000 1.45 (280'000) 29.07.2013 Investment Advisor
FIDELITY INTL FUND n/a Co File 13'482'000 1.38 - 27.04.2013 n/a
VAN ECK ASSOCIATES C n/a ULT-AGG 11'865'000 1.21 - 30.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 7'156'534 0.73 - 31.12.2012 Government
POLARIS SEC INVESTME Multiple Portfolios MF-AGG 6'880'402 0.7 (699'598) 31.05.2013 Investment Advisor
CHUNGHWA POST CO LTD n/a EXCH 5'565'000 0.57 - 31.05.2013 Government
DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 4'987'000 0.51 - 24.07.2012 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 3'757'000 0.38 30'000 30.04.2013 Investment Advisor
CATHAY SECURITIES IN Multiple Portfolios MF-AGG 3'223'000 0.33 6'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
CIMB ANDRE CHANG neutral 3 N 75 12 month 23.07.2013
Goldman Sachs TOMMY WONG neutral/cautious 3 M 80 12 month 22.07.2013
President Capital Management TOM HUNG neutral 3 D 78 6 month 09.07.2013
E Sun Securities AMBROSE WU buy on weakness 5 M #N/A N/A Not Provided 04.07.2013
EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013
SinoPac JERRY LU buy 5 U 94 Not Provided 30.05.2013
KGI Securities DAVE CHIOU neutral 3 M 85 12 month 23.05.2013
HSBC ABEL LEE overweight 5 M 101 Not Provided 21.05.2013
BNP Paribas Equity Research MICHELLE CHENG buy 5 M 91 12 month 15.05.2013
Barclays SIDNEY YEH overweight 5 M 100 Not Provided 09.05.2013
Credit Suisse CHUNG HSU neutral 3 M 77 Not Provided 28.03.2013
JPMorgan CAREN HUANG neutral 3 M 90 3 month 03.02.2013
IBT Securities Co Ltd TITAN HORNG buy 5 M #N/A N/A Not Provided 14.01.2013
Mega Securities YOU JIANHENG neutral 3 M 78 6 month 12.11.2012
UBS ALLY CHEN neutral 3 M 75 12 month 27.08.2012
Masterlink Securities CHANG WANCHEN buy 5 M 96 12 month 27.07.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 11.07.2012
Capital Securities Corp TEAM COVERAGE buy 5 M 90 12 month 16.04.2012
Holdings By:
Taiwan Fertilizer Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Sociedad Quimica y Minera de Chile SA produces and markets specialty fertilizers
including potassium nitrate, sodium nitrate, and potassium sulfate for the
agricultural industry. The Company also produces industrial chemicals, iodine
and lithium. SQM markets its products in over 100 countries.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (17.09.2012) 65.31
52-Week Low (30.07.2013) 30.13
Daily Volume
30.76
52-Week High % Change -52.90% Dividend Yield -
52-Week Low % Change 2.09% Beta 0.92
% 52 Week Price Range High/Low 1.79% Equity Float -
Shares Out 31.03.2013 120.4 Short Int 4.75
8'333.13 1 Yr Total Return -47.49%
Total Debt 1'599.04 YTD Return -46.32%
Preferred Stock 0.0 Adjusted BETA 0.917
Minority Interest 54.7 Analyst Recs 12
Cash and Equivalents 640.46 Consensus Rating 3.917
Enterprise Value -
Average Volume 5 Day 1'818'774
SQM US EQUITY YTD Change - Average Volume 30 Day 948'601
SQM US EQUITY YTD % CHANGE - Average Volume 3 Month 717'451
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
1'774.1 1'438.7 1'830.4 2'145.3 2'429.2 2'194.9 2'522.9 2'374.9 2'619.6 591.2 511.0
3.75x 7.90x 8.46x 6.99x 6.63x 28.55x 25.44x 3.82x 3.46x - -
743.4 573.2 654.5 949.4 1'096.4 1'006.8 1'099.6 1'046.0 1'130.9 245.3 195.0
8.95x 19.82x 23.66x 15.80x 14.70x 16.21x 14.19x - - - -
501.4 338.3 382.1 545.8 649.2 584.4 650.9 575.8 640.3 141.2 119.6
- - - - - 0.00x 0.00x 13.62x 12.30x 13.59x 13.04x
EBITDA 1'096.38 Long-Term Rating Date 27.04.2009
EBIT 900.23 Long-Term Rating BBB
Operating Margin 37.06% Long-Term Outlook STABLE
Pretax Margin 35.96% Short-Term Rating Date -
Return on Assets 15.05% Short-Term Rating -
Return on Common Equity 30.67%
Return on Capital 18.89% EBITDA/Interest Exp. 16.06
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 9.53
Net Debt/EBITDA 0.88
Gross Margin 42.3% Total Debt/EBITDA 1.47
EBITDA Margin 43.6%
EBIT Margin 35.6% Total Debt/Equity 75.0%
Net Income Margin 26.7% Total Debt/Capital 42.2%
Asset Turnover 0.58
Current Ratio 3.69 Net Fixed Asset Turnover 1.32
Quick Ratio 1.89 Accounts receivable turnover-days 81.35
Debt to Assets 36.21% Inventory Days 208.38
Tot Debt to Common Equity 74.97% Accounts Payable Turnover Day 44.29
Accounts Receivable Turnover 4.49 Cash Conversion Cycle 237.79
Inventory Turnover 1.75
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
Sociedad Quimica y Minera de Chile SAPrice/Volume
Valuation Analysis
6'176'613.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 5'038'735 4.19 759'630 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 4'138'457 3.44 (902'648) 29.07.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'582'536 2.98 (164'716) 30.06.2013 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 2'424'600 2.01 148'800 31.03.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'815'510 1.51 (319'012) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 1'728'308 1.44 (47'376) 30.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'610'826 1.34 (21'140) 31.03.2013 Investment Advisor
VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 1'415'289 1.18 1'415'289 31.03.2013 Investment Advisor
SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 1'406'557 1.17 6'263 31.03.2013 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'375'981 1.14 - 31.05.2013 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 814'400 0.68 (42'988) 31.03.2013 Investment Advisor
GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 727'730 0.6 (58'406) 31.03.2013 Corporation
STATE STREET n/a ULT-AGG 725'327 0.6 (98'897) 30.07.2013 Investment Advisor
COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 706'000 0.59 - 31.03.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 704'681 0.59 140'867 31.03.2013 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 586'950 0.49 51'800 31.03.2013 Investment Advisor
SARASIN & PARTNERS L SARASIN PARTNERS LLP 13F 559'413 0.46 (22'937) 31.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 495'264 0.41 56'535 31.03.2013 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 480'846 0.4 (383'238) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 457'827 0.38 - 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 52 12 month 30.07.2013
HSBC ALEXANDRE FALCAO underweight 1 D 29 Not Provided 30.07.2013
Itau BBA Securities GIOVANA ARAUJO market perform 3 M 65 Not Provided 30.07.2013
Scotia Capital BEN ISAACSON sector outperform 5 M 55 12 month 11.07.2013
Miller Tabak + Co., LLC TIM TIBERIO accumulate 4 U 53 12 month 02.07.2013
Banco BTG Pactual SA CESAR PEREZ-NOVOA buy 5 M 69 12 month 10.06.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
BICE Corredores de Bolsa LEONOR SKEWES hold 3 M 63 12 month 26.03.2013
Credit Suisse VICCENZO PATERNOSTRO outperform 5 M 75 Not Provided 05.03.2013
Grupo Santander RODRIGO ORDONEZ buy 5 U 68 Not Provided 12.11.2012
BBVA HERNAN GUERRERO HINOJOSA underperform 1 D 61 Not Provided 02.02.2012
Euroamerica Corredores de Bolsa ANDRES GALARCE hold 3 N 59 12 month 12.01.2012
JPMorgan LUCAS FERREIRA overweight 5 M 64 Not Provided 07.10.2011
BCI Corredora de Bolsa RODRIGO MUJICA neutral 3 M 63 18 month 08.03.2011
IM Trust JORGE MERINO hold 3 M 43 12 month 15.01.2010
Banchile Inversiones FELIPE MERCADO buy 5 M 48 12 month 03.12.2009
Holdings By:
Sociedad Quimica y Minera de Chile SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Tongaat Hulett Ltd is the holding company for a group of companies with a
diverse range of operations including sugar cane cultivation, raw sugar milling
and refining, and specialty starches and sweeteners. Other operations include
land management, bio-fuel production and electricity co-generation.
Latest Fiscal Year: 03/2013
LTM as of: 12/yy
52-Week High (15.03.2013) 14'940.00
52-Week Low (03.06.2013) 11'862.00
Daily Volume
12681
52-Week High % Change -15.12% Dividend Yield 2.68
52-Week Low % Change 6.90% Beta 0.31
% 52 Week Price Range High/Low 24.37% Equity Float 87.11
Shares Out 31.03.2013 108.6 Short Int -
13'777.61 1 Yr Total Return -4.64%
Total Debt 6'284.00 YTD Return -3.42%
Preferred Stock 0.0 Adjusted BETA 0.311
Minority Interest 1'371.0 Analyst Recs 8
Cash and Equivalents 917.00 Consensus Rating 3.000
Enterprise Value 20'515.61
Average Volume 5 Day 108'562
TON SJ EQUITY YTD Change - Average Volume 30 Day 160'534
TON SJ EQUITY YTD % CHANGE - Average Volume 3 Month 174'573
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.03.2011 31.03.2012 31.03.2013 03/yy 12/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2
7'106.0 9'110.0 9'681.0 12'081.0 14'373.0 0.0 0.0 15'069.2 16'352.2 - -
1.30x 1.59x 1.63x 1.42x 1.54x #DIV/0! #DIV/0! 1.27x 1.13x - -
1'581.0 1'975.0 1'661.0 2'242.0 2'591.0 0.0 0.0 2'888.2 3'129.3 - -
5.83x 7.35x 9.49x 7.65x 8.54x 0.00x 0.00x 7.10x 6.56x - -
649.0 2'868.0 833.0 889.0 1'070.0 0.0 0.0 1'265.3 1'441.0 - -
11.23x 12.18x 12.82x 12.40x 14.94x 0.00x 0.00x 11.35x 9.53x - -
EBITDA 2'591.00 Long-Term Rating Date -
EBIT 2'119.00 Long-Term Rating -
Operating Margin 14.74% Long-Term Outlook -
Pretax Margin 10.85% Short-Term Rating Date -
Return on Assets 5.48% Short-Term Rating -
Return on Common Equity 14.18%
Return on Capital 10.94% EBITDA/Interest Exp. 4.35
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 2.64
Net Debt/EBITDA 2.07
Gross Margin - Total Debt/EBITDA 2.43
EBITDA Margin 18.0%
EBIT Margin 14.7% Total Debt/Equity 75.0%
Net Income Margin 7.4% Total Debt/Capital 39.2%
Asset Turnover 0.74
Current Ratio 1.18 Net Fixed Asset Turnover 1.49
Quick Ratio 0.68 Accounts receivable turnover-days 54.31
Debt to Assets 29.50% Inventory Days -
Tot Debt to Common Equity 74.98% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.72 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
Tongaat Hulett LtdPrice/Volume
Valuation Analysis
103'314.00
Current Price (7/dd/yy) Market Data
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31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT EMP PENSI n/a SJ-REG 12'233'586 11.26 (1'659'884) 31.05.2013 Government
ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 8'010'427 7.37 (26'800) 31.03.2013 Investment Advisor
GEPF CORONATION FM n/a SJ-REG 2'603'578 2.4 348'700 31.05.2013 Other
GEPF KAGISO ASSET MG n/a SJ-REG 2'447'098 2.25 - 31.05.2013 Other
INV SOL INCUBATR EQ n/a SJ-REG 2'404'317 2.21 10'908 31.05.2013 Other
ESKOM PENSION & PROV n/a SJ-REG 2'394'998 2.2 156'201 31.05.2013 Pension Fund (ERISA)
JP MORGAN CUSTODIAN n/a SJ-REG 2'187'877 2.01 376'909 31.05.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'062'507 1.9 1'305'468 30.06.2013 Investment Advisor
BANK OF NEW YORK n/a SJ-REG 1'998'363 1.84 44'325 31.05.2013 Investment Advisor
CITIBANK NEW YORK n/a SJ-REG 1'748'003 1.61 19'011 31.05.2013 Unclassified
STATE STREET CUSTODI n/a ULT-AGG 1'661'371 1.53 122'644 31.05.2013 Other
VAN ECK ASSOCIATES C n/a ULT-AGG 1'558'819 1.43 - 30.07.2013 Investment Advisor
GLOBAL BALANCED PORT n/a SJ-REG 1'366'131 1.26 - 31.05.2013 Other
DIMENSIONAL FUND ADV n/a ULT-AGG 1'317'648 1.21 - 30.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'305'379 1.2 118'312 31.03.2013 Investment Advisor
BANK OF NY CUSTODIAN n/a SJ-REG 1'284'408 1.18 - 31.05.2013 Investment Advisor
IS ELEMENT INVESTMEN n/a SJ-REG 1'249'064 1.15 (212'189) 31.05.2013 Other
MACQUARIE GROUP n/a ULT-AGG 1'007'586 0.93 - 31.05.2013 Investment Advisor
SBSA ITF SYMM SAT EQ n/a SJ-REG 989'679 0.91 - 31.05.2013 Other
CITIBANK LONDON n/a SJ-REG 961'545 0.89 77'817 31.05.2013 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Cadiz Securities MPHO MATLALA hold 3 N 12'321 Not Provided 17.07.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 08.07.2013
SBG Securities BRENDAN GRUNDLINGH hold 3 M 13'500 12 month 24.06.2013
Avior Research JITEN BECHOO outperform 5 M 15'749 Not Provided 13.06.2013
Investec ANTHONY GEARD hold 3 M 13'500 Not Provided 31.05.2013
UBS RENIER SWANEPOEL sell 1 D 12'545 12 month 30.05.2013
Morgan Stanley VIKHYAT SHARMA Underwt/In-Line 1 M 12'200 12 month 24.05.2013
Renaissance Capital ROBYN COLLINS underweight 1 M 10'023 Not Provided 20.01.2010
Holdings By:
Tongaat Hulett Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
The Andersons, Inc. merchandises grain, operates grain elevator facilities,
distributes wholesale agricultural fertilizer, and distributes agricultural
inputs to dealers and farmers. The Company also manufactures lawn fertilizer
and corncob-based products, and purchases, sells, repairs, and leases railcars.
In addition, The Andersons operates retail stores and a distribution center.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.07.2013) 59.94
52-Week Low (24.10.2012) 35.45
Daily Volume
59.75
52-Week High % Change -0.32% Dividend Yield 1.02
52-Week Low % Change 68.55% Beta 0.99
% 52 Week Price Range High/Low 99.22% Equity Float 17.44
Shares Out 30.04.2013 18.7 Short Int 0.78
1'117.32 1 Yr Total Return 59.54%
Total Debt 466.61 YTD Return 40.13%
Preferred Stock 0.0 Adjusted BETA 0.993
Minority Interest 17.0 Analyst Recs 7
Cash and Equivalents 138.22 Consensus Rating 3.286
Enterprise Value 1'823.81
Average Volume 5 Day 117'464
ANDE US EQUITY YTD Change - Average Volume 30 Day 116'785
ANDE US EQUITY YTD % CHANGE - Average Volume 3 Month 122'620
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
3'489.5 3'025.3 3'393.8 4'576.3 5'272.0 4'711.8 5'406.8 5'508.3 5'671.8 1'442.0 1'149.4
0.17x 0.22x 0.35x 0.25x 0.22x 1.04x 1.03x 0.19x 0.18x - -
97.4 92.4 125.3 164.6 160.1 166.9 155.9 184.2 213.0 62.9 33.6
6.07x 7.12x 9.55x 6.96x 7.16x 9.02x 10.96x 9.90x 8.56x 9.46x 9.00x
32.9 38.4 64.7 95.1 79.5 96.2 73.7 75.7 98.6 28.8 11.3
9.21x 12.41x 10.45x 8.58x 10.14x 9.44x 13.62x 14.46x 11.54x 13.54x 12.47x
EBITDA 160.05 Long-Term Rating Date -
EBIT 111.08 Long-Term Rating -
Operating Margin 2.11% Long-Term Outlook -
Pretax Margin 2.28% Short-Term Rating Date -
Return on Assets 3.70% Short-Term Rating -
Return on Common Equity 12.81%
Return on Capital 6.64% EBITDA/Interest Exp. 7.22
Asset Turnover 2.72% (EBITDA-Capex)/Interest Exp. -0.92
Net Debt/EBITDA 4.42
Gross Margin 6.8% Total Debt/EBITDA 4.80
EBITDA Margin 2.9%
EBIT Margin 1.9% Total Debt/Equity 78.5%
Net Income Margin 1.5% Total Debt/Capital 43.3%
Asset Turnover 2.72
Current Ratio 1.31 Net Fixed Asset Turnover 19.59
Quick Ratio 0.35 Accounts receivable turnover-days 13.58
Debt to Assets 21.38% Inventory Days 55.63
Tot Debt to Common Equity 78.50% Accounts Payable Turnover Day 23.79
Accounts Receivable Turnover 26.88 Cash Conversion Cycle 22.48
Inventory Turnover 6.56
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Andersons Inc/ThePrice/Volume
Valuation Analysis
116'254.00
Current Price (7/dd/yy) Market Data
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 1'648'412 8.82 207'694 29.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'566'375 8.38 47'793 30.06.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'152'936 6.17 117'755 31.03.2013 Investment Advisor
ADVISORY RESEARCH IN ADVISORY RESEARCH IN 13F 1'000'863 5.35 51'995 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 808'257 4.32 37'126 30.04.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 439'897 2.35 8'448 31.03.2013 Investment Advisor
DEPRINCE RACE & ZOLL DEPRINCE RACE & ZOLL 13F 428'151 2.29 (308'559) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 374'647 2 (7'541) 31.03.2013 Investment Advisor
ANDERSON MICHAEL J n/a Form 4 363'672 1.94 (189) 24.06.2013 n/a
THOMPSON SIEGEL & WA THOMPSON SIEGEL & WA 13F 351'011 1.88 (18'451) 31.03.2013 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 340'527 1.82 (67'113) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 334'880 1.79 58'397 30.07.2013 Investment Advisor
AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 310'920 1.66 (33'200) 31.03.2013 Hedge Fund Manager
F&C ASSET MANAGEMENT F&C ASSET MANAGEMENT 13F 295'655 1.58 14'100 31.03.2013 Investment Advisor
ANDERSON DANIEL T n/a Form 4 293'754 1.57 - 19.03.2013 n/a
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 271'783 1.45 (24'779) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 244'751 1.31 (14'009) 31.03.2013 Investment Advisor
ANDERSON GERARD M n/a Form 4 213'648 1.14 1'389 01.03.2012 n/a
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 206'662 1.11 (110'141) 31.03.2013 Investment Advisor
SIGNIA CAPITAL MANAG SIGNIA CAPITAL MANAG 13F 205'305 1.1 (31'160) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BB&T Capital Markets BRETT M HUNDLEY buy 5 M 65 12 month 25.07.2013
BMO Capital Markets KENNETH B ZASLOW restricted #N/A N/A M #N/A N/A Not Provided 22.07.2013
Scotia Capital CHRISTINE HEALY sector perform 3 M 57 12 month 18.07.2013
Stephens Inc FARHA ASLAM equalweight 3 M 55 12 month 17.06.2013
Piper Jaffray MICHAEL E COX neutral 3 M 52 12 month 07.06.2013
Feltl & Company BRENT R RYSTROM buy 5 M 57 12 month 03.06.2013
CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 09.05.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 08.05.2013
Holdings By:
Andersons Inc/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Lindsay Corporation manufactures and markets center pivot and lateral move
irrigation equipment, as well as large diameter steel tubing, for use to
irrigate agricultural crops. The Company also provides outsourced
manufacturing and production services to original equipment manufacturers in
the United States.
Latest Fiscal Year: 08/2012
LTM as of: 05/yy
52-Week High (25.01.2013) 94.90
52-Week Low (28.08.2012) 64.46
Daily Volume
74.78
52-Week High % Change -21.20% Dividend Yield 0.62
52-Week Low % Change 16.01% Beta 1.51
% 52 Week Price Range High/Low 33.90% Equity Float 12.41
Shares Out 25.06.2013 12.9 Short Int 2.59
961.79 1 Yr Total Return 6.09%
Total Debt 4.29 YTD Return -6.42%
Preferred Stock 0.0 Adjusted BETA 1.512
Minority Interest 0.0 Analyst Recs 9
Cash and Equivalents 143.44 Consensus Rating 3.667
Enterprise Value 792.64
Average Volume 5 Day 145'801
LNN US EQUITY YTD Change - Average Volume 30 Day 171'218
LNN US EQUITY YTD % CHANGE - Average Volume 3 Month 171'174
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1
475.1 336.2 358.4 478.9 551.3 539.5 670.3 700.8 671.0 158.3 140.5
2.07x 1.35x 1.09x 1.44x 1.26x 4.88x 5.04x - - - -
71.5 32.9 48.6 68.3 78.0 74.9 116.4 122.3 113.7 21.9 26.0
13.75x 13.79x 8.03x 10.08x 8.88x 7.92x 7.52x 6.48x 6.97x 6.67x 6.55x
39.4 13.8 24.9 36.8 43.3 40.4 68.9 72.4 66.2 12.2 13.7
25.92x 35.37x 19.26x 20.29x 17.43x 15.17x 15.22x 13.34x 14.69x 14.70x 14.63x
EBITDA 77.98 Long-Term Rating Date -
EBIT 65.51 Long-Term Rating -
Operating Margin 11.88% Long-Term Outlook -
Pretax Margin 11.81% Short-Term Rating Date -
Return on Assets 14.74% Short-Term Rating -
Return on Common Equity 20.45%
Return on Capital 20.33% EBITDA/Interest Exp. 158.49
Asset Turnover 1.43% (EBITDA-Capex)/Interest Exp. 138.39
Net Debt/EBITDA -1.45
Gross Margin 26.9% Total Debt/EBITDA 0.01
EBITDA Margin 17.4%
EBIT Margin 15.5% Total Debt/Equity 1.4%
Net Income Margin 7.9% Total Debt/Capital 1.4%
Asset Turnover 1.43
Current Ratio 3.72 Net Fixed Asset Turnover 11.86
Quick Ratio 2.81 Accounts receivable turnover-days 61.70
Debt to Assets 1.03% Inventory Days 51.03
Tot Debt to Common Equity 1.38% Accounts Payable Turnover Day 35.54
Accounts Receivable Turnover 5.92 Cash Conversion Cycle 71.54
Inventory Turnover 7.15
Fiscal Year Ended
Lindsay CorpPrice/Volume
Valuation Analysis
288'942.00
Current Price (7/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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 1'322'131 10.28 - 31.05.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'191'238 9.26 (98'560) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 983'563 7.65 45'086 30.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 819'743 6.37 70'113 31.03.2013 Investment Advisor
FIRST TRUST n/a ULT-AGG 518'552 4.03 491'175 30.07.2013 Investment Advisor
BOSTON TRUST & INVES BOSTON TRUST & INVES 13F 495'718 3.85 68'863 31.03.2013 Investment Advisor
CS MCKEE LP C S MCKEE LP 13F 469'500 3.65 7'560 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 344'224 2.68 (70'886) 30.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 308'117 2.4 308'117 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 277'939 2.16 9'991 30.04.2013 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 267'682 2.08 2'100 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 255'321 1.99 281 31.03.2013 Investment Advisor
CENTURY CAPITAL MANA CENTURY CAPITAL MANA 13F 244'824 1.9 14'840 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 239'928 1.87 50'697 30.07.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 221'540 1.72 9'968 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 198'229 1.54 62'002 31.03.2013 Investment Advisor
VINIK ASSET MANAGEME VINIK ASSET MANAGEME 13F 195'300 1.52 195'300 31.03.2013 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 191'928 1.49 (3'547) 31.03.2013 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 187'362 1.46 48'774 31.03.2013 Investment Advisor
GAMCO n/a ULT-AGG 187'110 1.45 (1'520) 31.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel NATHAN JONES hold 3 M #N/A N/A Not Provided 26.07.2013
Janney Montgomery Scott LLC RYAN M CONNORS neutral 3 M 65 12 month 08.07.2013
Wedbush DAVID L ROSE neutral 3 M 80 12 month 26.06.2013
William Blair & Co BRIAN DRAB outperform 5 M #N/A N/A Not Provided 26.06.2013
Sidoti & Company LLC JOSEPH MONDILLO neutral 3 M 77 12 month 26.06.2013
BB&T Capital Markets C SCHON WILLIAMS hold 3 M #N/A N/A Not Provided 26.06.2013
Piper Jaffray MICHAEL E COX neutral 3 M 87 12 month 26.06.2013
Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 M 108 Not Provided 20.05.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 24.04.2013
Holdings By:
Lindsay Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Kernel Holding SA is a diversified agri-business company operating in
Ukraine. The Company produces, procures, transports, stores, processes and
merchandises agricultural commodities on the international markets through
Company-owned port transshipment facilities. Kernel also produces, refines,
packages and merchandizes bottled vegetable oil.
Latest Fiscal Year: 06/2012
LTM as of: 03/yy
52-Week High (22.08.2012) 76.00
52-Week Low (21.06.2013) 45.10
Daily Volume
51.5
52-Week High % Change -32.30% Dividend Yield -
52-Week Low % Change 14.19% Beta 1.07
% 52 Week Price Range High/Low 21.52% Equity Float 49.22
Shares Out 31.03.2013 79.7 Short Int -
4'103.70 1 Yr Total Return -26.32%
Total Debt 698.28 YTD Return -22.85%
Preferred Stock 0.0 Adjusted BETA 1.068
Minority Interest 31.0 Analyst Recs 12
Cash and Equivalents 82.53 Consensus Rating 3.750
Enterprise Value 2'237.55
Average Volume 5 Day 48'230
KER PW EQUITY YTD Change - Average Volume 30 Day 115'151
KER PW EQUITY YTD % CHANGE - Average Volume 3 Month 153'727
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1
663.1 1'047.1 1'020.5 1'899.1 2'157.4 2'056.1 2'656.5 2'704.3 2'617.8 698.0 -
1.36x 0.81x 1.50x 1.27x 0.97x 4.49x 3.75x 0.77x 0.75x - -
123.2 181.2 188.8 309.4 320.9 289.3 315.0 322.8 377.4 101.3 -
7.33x 4.70x 8.12x 7.78x 6.52x 8.73x 7.62x 6.93x 5.93x - -
83.2 135.5 152.0 226.3 206.7 201.3 141.0 150.2 208.9 66.9 -
8.32x 5.06x 8.15x 9.15x 6.99x 8.62x 10.25x 8.10x 5.73x - -
EBITDA 320.93 Long-Term Rating Date -
EBIT 255.43 Long-Term Rating -
Operating Margin 11.84% Long-Term Outlook -
Pretax Margin 8.99% Short-Term Rating Date -
Return on Assets 5.86% Short-Term Rating -
Return on Common Equity 11.83%
Return on Capital 10.11% EBITDA/Interest Exp. 6.89
Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 4.79
Net Debt/EBITDA 2.98
Gross Margin 21.4% Total Debt/EBITDA 3.32
EBITDA Margin 11.9%
EBIT Margin 9.0% Total Debt/Equity 59.2%
Net Income Margin 9.6% Total Debt/Capital 36.6%
Asset Turnover 1.10
Current Ratio 2.50 Net Fixed Asset Turnover 3.80
Quick Ratio 0.51 Accounts receivable turnover-days 20.39
Debt to Assets 32.95% Inventory Days 115.75
Tot Debt to Common Equity 59.19% Accounts Payable Turnover Day 7.74
Accounts Receivable Turnover 17.90 Cash Conversion Cycle 80.94
Inventory Turnover 3.15
Fiscal Year Ended
Kernel Holding SAPrice/Volume
Valuation Analysis
9'895.00
Current Price (7/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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NAMSEN LTD #N/A N/A EXCH 30'460'657 38.23 - 30.07.2013 Other
ING OFE Multiple Portfolios MF-AGG 3'894'020 4.89 - 31.12.2012 Pension Fund (ERISA)
AVIVA OFE Multiple Portfolios MF-AGG 2'438'641 3.06 - 31.12.2012 Pension Fund (ERISA)
JP MORGAN n/a ULT-AGG 2'418'459 3.04 76'274 30.06.2013 Investment Advisor
OFE PZU ZLOTA JESIEN Multiple Portfolios MF-AGG 2'287'086 2.87 - 31.12.2012 Pension Fund (ERISA)
CAPITAL GROUP COMPAN n/a ULT-AGG 2'189'102 2.75 93'952 30.06.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'239'484 1.56 - 30.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'188'156 1.49 79'707 29.07.2013 Investment Advisor
AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 906'557 1.14 - 30.06.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 865'263 1.09 (241'882) 31.12.2012 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 854'001 1.07 - 30.07.2013 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 676'809 0.85 22'700 31.10.2012 Investment Advisor
GENESIS INVESTMENT M GENESIS SMALLER COMP MF-PART 667'458 0.84 - 28.03.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 666'981 0.84 - 31.03.2013 Investment Advisor
NORDEA OFE Multiple Portfolios MF-AGG 600'634 0.75 - 31.12.2012 Pension Fund (ERISA)
ASSICURAZIONI GENERA Multiple Portfolios MF-AGG 482'163 0.61 - 31.12.2012 Insurance Company
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 464'025 0.58 (112'579) 31.05.2013 Investment Advisor
AEGON OFE Multiple Portfolios MF-AGG 400'693 0.5 - 31.12.2012 Pension Fund (ERISA)
AXA OFE Multiple Portfolios MF-AGG 399'575 0.5 - 31.12.2012 Pension Fund (ERISA)
VANGUARD GROUP INC Multiple Portfolios MF-AGG 396'165 0.5 (827'042) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ING Bank ADAM MILEWICZ sell 1 D 50 12 month 22.07.2013
Goldman Sachs ANTON FARLENKOV Buy/Neutral 5 M 72 12 month 11.07.2013
Sberbank CIB KONSTANTIN FASTOVETS buy 5 M 77 Not Provided 13.06.2013
Riedel Research Group Inc DAVID R RIEDEL buy 5 M 66 12 month 10.06.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013
Wood & Company PIOTR DROZD hold 3 D 57 12 month 04.06.2013
UniCredit Research MARCIN GATARZ hold 3 M 61 12 month 03.04.2013
VTB Capital IVAN KUSHCH buy 5 N 75 12 month 22.03.2013
Millennium Dom Maklerski ADAM KAPTUR accumulate 4 U 68 6 month 18.03.2013
Dom Inwestycyjny BRE Banku JAKUB SZKOPEK hold 3 D 61 Not Provided 04.03.2013
KBC Securities GERGELY PALFFY buy 5 M 83 12 month 13.02.2013
Ipopema Securities SA ZANETA MARZEC buy 5 U 78 12 month 09.01.2013
Investment Capital Ukraine LLC PAVLO BIDAK not rated #N/A N/A M #N/A N/A Not Provided 17.12.2012
Dragon Capital TAMARA LEVCHENKO Under Review #N/A N/A M #N/A N/A Not Provided 02.10.2012
ArtCapital ANDRIY PATIOTA sell 1 D 69 12 month 25.05.2012
Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 123 Not Provided 17.04.2012
Holdings By:
Kernel Holding SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Nufarm Limited manufactures and supplies a range of agricultural chemicals used
by farmers to protect crops from damage caused by weeds, pests and disease.
The Company has worldwide operations.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (21.01.2013) 6.47
52-Week Low (18.04.2013) 3.85
Daily Volume
4.5
52-Week High % Change -30.45% Dividend Yield 1.33
52-Week Low % Change 16.88% Beta 0.68
% 52 Week Price Range High/Low 22.52% Equity Float 223.94
Shares Out 10.05.2013 263.0 Short Int 14.78
1'183.29 1 Yr Total Return -16.74%
Total Debt 659.12 YTD Return -22.01%
Preferred Stock 246.9 Adjusted BETA 0.680
Minority Interest 0.6 Analyst Recs 14
Cash and Equivalents 191.32 Consensus Rating 3.714
Enterprise Value 2'177.70
Average Volume 5 Day 644'639
NUF AU EQUITY YTD Change - Average Volume 30 Day 730'750
NUF AU EQUITY YTD % CHANGE - Average Volume 3 Month 816'220
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -
2'492.5 2'677.1 2'168.6 2'083.6 2'181.6 - - 2'221.5 2'335.7 - -
1.72x 1.33x 0.86x 0.89x 0.99x - - 0.90x 0.83x - -
348.7 229.6 188.3 163.3 213.0 - - 257.4 293.2 - -
12.28x 15.46x 9.91x 11.32x 10.09x - - 8.46x 7.43x - -
137.9 79.9 (24.0) (49.9) 72.6 - - 78.8 108.9 - -
24.18x 32.36x - - 24.53x - - 14.85x 10.98x - -
EBITDA 212.96 Long-Term Rating Date 21.02.2011
EBIT 147.47 Long-Term Rating BB
Operating Margin 6.76% Long-Term Outlook STABLE
Pretax Margin 5.06% Short-Term Rating Date 15.08.2001
Return on Assets 2.01% Short-Term Rating NR
Return on Common Equity 3.83%
Return on Capital 4.46% EBITDA/Interest Exp. 3.45
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 2.68
Net Debt/EBITDA 3.24
Gross Margin 28.0% Total Debt/EBITDA 4.18
EBITDA Margin 10.2%
EBIT Margin 7.1% Total Debt/Equity 53.6%
Net Income Margin 3.3% Total Debt/Capital 30.9%
Asset Turnover 0.72
Current Ratio 1.83 Net Fixed Asset Turnover 6.00
Quick Ratio 1.06 Accounts receivable turnover-days 129.89
Debt to Assets 23.53% Inventory Days 165.03
Tot Debt to Common Equity 53.62% Accounts Payable Turnover Day 109.10
Accounts Receivable Turnover 2.82 Cash Conversion Cycle 126.82
Inventory Turnover 2.22
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Nufarm Ltd/AustraliaPrice/Volume
Valuation Analysis
787'208.00
Current Price (7/dd/yy) Market Data
'
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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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUMITOMO CHEMICAL CO n/a Co File 60'210'136 22.9 - 24.09.2012 Corporation
AMALGAMATED DAIRIES n/a Co File 14'430'798 5.49 - 24.09.2012 Corporation
SUN LIFE FINANCIAL I n/a EXCH 13'079'699 4.97 - 11.10.2012 Investment Advisor
RATHBONE DOUGLAS JOH n/a EXCH 11'692'880 4.45 50'000 05.04.2013 n/a
FALLS CREEK NO 2 PTY n/a Co File 10'763'092 4.09 - 24.09.2012 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 4'152'977 1.58 6'139 30.04.2013 Investment Advisor
CHALLENGE INVESTMENT n/a Co File 3'130'282 1.19 - 24.09.2012 Unclassified
VAN ECK ASSOCIATES C n/a ULT-AGG 3'090'915 1.18 - 30.07.2013 Investment Advisor
PRESTON EW & KEELING n/a Co File 2'364'282 0.9 - 24.09.2012 n/a
QUINTAL AARON CRAIG n/a Co File 1'900'000 0.72 - 24.09.2012 n/a
NORGES BANK Multiple Portfolios MF-AGG 1'565'238 0.6 - 31.12.2012 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 1'524'353 0.58 (6'968) 31.05.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'278'622 0.49 336'501 30.06.2013 Investment Advisor
QUEENSLAND INVESTMEN n/a Co File 1'263'419 0.48 - 24.09.2012 Government
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'200'730 0.46 - 28.06.2013 Investment Advisor
DOUGLAS INDUSTRIES L n/a Co File 1'170'866 0.45 - 24.09.2012 Unclassified
MOTURUA PROPERTIES L n/a Co File 964'455 0.37 - 24.09.2012 Other
AXA ROSENBERG INTL Multiple Portfolios MF-AGG 957'070 0.36 670'843 31.12.2012 Investment Advisor
EIM CAPITAL MANAGERS Multiple Portfolios MF-AGG 846'000 0.32 - 30.06.2013 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 837'412 0.32 819'023 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wilson HTM Investment Group JAMES FERRIER buy 5 M 5 Not Provided 23.07.2013
Ord Minnett STEPHEN SCOTT hold 3 D 5 Not Provided 22.07.2013
Goldman Sachs JAMES HANNAM neutral/neutral 3 M 5 12 month 17.07.2013
Deutsche Bank MARK WILSON sell 1 M 4 12 month 27.06.2013
JPMorgan STUART JACKSON neutral 3 D 5 9 month 20.06.2013
Credit Suisse LARRY GANDLER outperform 5 M 5 Not Provided 18.06.2013
Macquarie RIKKI BANNAN outperform 5 U 5 12 month 07.06.2013
EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013
CIMB ANDREW G SCOTT outperform 5 M 6 12 month 28.05.2013
UBS RAMOUN LAZAR neutral 3 M 5 12 month 11.04.2013
RBS Morgans BELINDA MOORE outperform 5 M 5 12 month 28.03.2013
Octa Phillip Securities Ltd PAUL JENSZ buy 5 M 6 Not Provided 28.03.2013
Holdings By:
Nufarm Ltd/Australia ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
First Resources Limited produces crude palm oil. The Company is an upstream
operator with primary business activities in the cultivation and harvesting of
oil palms, and the processing of fresh fruit bunches into crude palm oil for
local and export sales. The Company is also constructing a biodiesel plant
located in Dumai, Riau province, close to the Dumai port.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (27.08.2012) 2.23
52-Week Low (03.05.2013) 1.65
Daily Volume
1.68
52-Week High % Change -24.66% Dividend Yield -
52-Week Low % Change 2.13% Beta 0.84
% 52 Week Price Range High/Low 7.69% Equity Float 495.13
Shares Out 31.07.2013 1'584.1 Short Int -
2'661.24 1 Yr Total Return -9.56%
Total Debt 538.17 YTD Return -15.45%
Preferred Stock 0.0 Adjusted BETA 0.839
Minority Interest 51.2 Analyst Recs 18
Cash and Equivalents 391.79 Consensus Rating 5.000
Enterprise Value 2'324.48
Average Volume 5 Day 1'856'400
FR SP EQUITY YTD Change - Average Volume 30 Day 1'573'400
FR SP EQUITY YTD % CHANGE - Average Volume 3 Month 1'989'375
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
289.5 218.9 329.9 494.6 603.4 568.8 613.1 676.7 862.1 184.0 184.0
1.69x 5.18x 5.77x 3.86x 4.67x 13.67x 17.54x 3.41x 2.60x - -
161.0 121.0 202.8 293.4 320.7 323.6 334.8 331.9 384.5 - -
3.04x 9.36x 9.38x 6.51x 8.78x 7.39x 7.68x 7.00x 6.05x - -
113.6 112.5 143.1 196.4 237.1 214.8 251.7 200.9 234.9 - -
3.33x 8.78x 12.35x 8.71x 10.81x 10.40x 9.26x 10.08x 8.75x - -
EBITDA 320.70 Long-Term Rating Date -
EBIT 295.39 Long-Term Rating -
Operating Margin 48.95% Long-Term Outlook -
Pretax Margin 54.08% Short-Term Rating Date -
Return on Assets 14.17% Short-Term Rating -
Return on Common Equity 24.14%
Return on Capital 18.26% EBITDA/Interest Exp. 9.34
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 4.25
Net Debt/EBITDA 0.53
Gross Margin 63.3% Total Debt/EBITDA 1.52
EBITDA Margin 54.6%
EBIT Margin 50.4% Total Debt/Equity 48.6%
Net Income Margin 39.3% Total Debt/Capital 31.7%
Asset Turnover 0.35
Current Ratio 4.29 Net Fixed Asset Turnover 1.72
Quick Ratio 3.19 Accounts receivable turnover-days 15.77
Debt to Assets 27.87% Inventory Days 76.23
Tot Debt to Common Equity 48.64% Accounts Payable Turnover Day 46.45
Accounts Receivable Turnover 23.15 Cash Conversion Cycle 68.51
Inventory Turnover 4.79
Fiscal Year Ended
First Resources LtdPrice/Volume
Valuation Analysis
926'000.00
Current Price (7/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
300.0
400.0
500.0
600.0
700.0
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EIGHT CAPITAL INC n/a Co File 1'000'800'130 63.18 - 15.03.2013 Holding Company
KING FORTUNE INTERNA n/a Co File 88'000'000 5.56 - 15.03.2013 Holding Company
FMR LLC n/a ULT-AGG 79'209'422 5 (2'102'641) 31.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 39'362'758 2.48 8'096'000 31.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 23'312'000 1.47 (3'308'000) 31.03.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 19'523'096 1.23 (9'827'205) 31.12.2012 Investment Advisor
SEB n/a ULT-AGG 11'540'200 0.73 10'352'200 31.03.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 8'972'000 0.57 (534'000) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 8'477'000 0.54 - 30.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'793'629 0.43 156'000 31.03.2013 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 4'629'000 0.29 103'000 28.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'511'063 0.22 167'000 29.07.2013 Investment Advisor
POWER CORP OF CANADA n/a ULT-AGG 3'150'000 0.2 1'988'500 28.02.2013 Holding Company
OSK UOB UNIT TRUST M Multiple Portfolios MF-AGG 2'500'672 0.16 1'700'672 30.04.2013 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 2'496'000 0.16 - 30.06.2012 Unclassified
BARING INTERNATIONAL Multiple Portfolios MF-AGG 2'269'000 0.14 - 31.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'189'100 0.14 (3'635'000) 30.06.2013 Investment Advisor
FIDELITY INVT ASSET Multiple Portfolios MF-AGG 1'772'000 0.11 - 31.03.2013 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 1'521'000 0.1 713'000 31.03.2013 Investment Advisor
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'455'800 0.09 765'400 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered ADRIAN FOULGER outperform 5 M 2 12 month 29.07.2013
Credit Suisse PRISCILLA TJITRA outperform 5 M 2 Not Provided 29.07.2013
Nomura MUZHAFAR MUKHTAR buy 5 M 3 Not Provided 26.07.2013
RHB Research Institute Sdn Bhd ALVIN TAI buy 5 M 2 12 month 24.07.2013
Maybank Kim Eng ONG CHEE TING buy 5 M 2 12 month 23.07.2013
Goldman Sachs NIKHIL BHANDARI Buy/Neutral 5 M 2 12 month 22.07.2013
Morgan Stanley CHARLES C SPENCER Overwt/In-Line 5 M 2 12 month 18.07.2013
UOB Kay Hian TEAM COVERAGE buy 5 M 3 Not Provided 16.07.2013
DBS Vickers BEN SANTOSO buy 5 M 2 12 month 15.07.2013
UBS SEBASTIAN TOBING buy 5 M 2 12 month 20.06.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 06.06.2013
JPMorgan YING-JIAN CHAN overweight 5 M 3 9 month 01.06.2013
Macquarie CONRAD WERNER outperform 5 U 2 12 month 15.05.2013
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 2 12 month 10.04.2013
HSBC THILAN WICKRAMASINGHE overweight 5 M 3 Not Provided 27.02.2013
Holdings By:
First Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Chiquita Brands International, Inc. markets, produces, and distributes fresh
bananas and other fresh produce. The Company also distributes and markets
fresh-cut fruit and other branded fruit products.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (11.07.2013) 12.88
52-Week Low (02.08.2012) 4.85
Daily Volume
11.89
52-Week High % Change -7.69% Dividend Yield -
52-Week Low % Change 145.15% Beta 1.18
% 52 Week Price Range High/Low 87.67% Equity Float 42.85
Shares Out 03.05.2013 46.5 Short Int 2.46
552.43 1 Yr Total Return 129.54%
Total Debt 605.53 YTD Return 44.12%
Preferred Stock 0.0 Adjusted BETA 1.185
Minority Interest 0.0 Analyst Recs 4
Cash and Equivalents 51.03 Consensus Rating 4.000
Enterprise Value 1'114.22
Average Volume 5 Day 400'540
CQB US EQUITY YTD Change - Average Volume 30 Day 520'480
CQB US EQUITY YTD % CHANGE - Average Volume 3 Month 457'759
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
3'609.4 3'470.4 3'227.4 3'139.3 3'078.3 3'108.6 3'059.6 3'026.0 3'077.0 821.5 716.0
0.35x 0.39x 0.34x 0.29x 0.30x 1.20x 1.15x - - - -
163.5 205.5 139.1 139.8 59.4 99.8 81.3 143.5 167.0 53.8 19.2
7.81x 6.54x 8.00x 6.50x 15.77x 9.35x 11.34x 7.76x 6.67x 7.57x 7.24x
(328.7) 90.5 57.4 56.8 (405.0) 21.8 (393.9) 30.2 53.1 22.7 (5.5)
14.63x 7.33x 22.61x 4.32x - 0.00x 0.00x 21.62x 10.71x 17.23x 13.99x
EBITDA 59.40 Long-Term Rating Date 03.09.2009
EBIT -3.75 Long-Term Rating B
Operating Margin -0.12% Long-Term Outlook NEG
Pretax Margin -9.67% Short-Term Rating Date -
Return on Assets -21.20% Short-Term Rating -
Return on Common Equity -66.28%
Return on Capital - EBITDA/Interest Exp. 1.31
Asset Turnover 1.65% (EBITDA-Capex)/Interest Exp. 0.13
Net Debt/EBITDA 6.91
Gross Margin 10.9% Total Debt/EBITDA 7.54
EBITDA Margin 2.7%
EBIT Margin 0.6% Total Debt/Equity 163.5%
Net Income Margin -13.2% Total Debt/Capital 62.0%
Asset Turnover 1.65
Current Ratio 1.42 Net Fixed Asset Turnover 8.01
Quick Ratio 0.70 Accounts receivable turnover-days 37.47
Debt to Assets 35.67% Inventory Days 30.07
Tot Debt to Common Equity 163.48% Accounts Payable Turnover Day 38.72
Accounts Receivable Turnover 9.74 Cash Conversion Cycle 28.03
Inventory Turnover 12.14
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
Chiquita Brands International IncPrice/Volume
Valuation Analysis
520'347.00
Current Price (7/dd/yy) Market Data
'
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5
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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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 6'946'000 14.95 21'000 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 3'880'670 8.35 328'708 30.04.2013 Investment Advisor
PENTWATER CAPITAL MA PENTWATER CAPITAL MA 13F 3'011'800 6.48 2'782'269 31.03.2013 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 2'711'103 5.84 173'931 29.07.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'351'664 5.06 (20'066) 31.03.2013 Investment Advisor
SKAGEN FUNDS n/a 13D 2'284'610 4.92 - 28.09.2012 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 1'897'310 4.08 (75'230) 31.03.2013 Investment Advisor
SHAH CAPITAL MANAGEM SHAH CAPITAL MANAGEM 13F 1'641'447 3.53 (11'668) 31.03.2013 Hedge Fund Manager
PRINCIPLED ASSET ADM n/a 13G 1'623'683 3.49 - 28.01.2010 Hedge Fund Manager
AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 1'581'583 3.4 472'500 31.03.2013 Hedge Fund Manager
TOWLE & CO TOWLE & CO 13F 1'394'371 3 204'101 31.03.2013 Investment Advisor
AGUIRRE FERNANDO n/a Form 4 1'248'822 2.69 (18'146) 23.08.2012 n/a
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'064'303 2.29 324'490 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 863'584 1.86 (11'494) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 824'417 1.77 141'341 30.07.2013 Investment Advisor
WYNNEFIELD CAPITAL M WYNNEFIELD CAPITAL I 13F 765'000 1.65 65'000 31.03.2013 Hedge Fund Manager
FULLER & THALER ASSE FULLER & THALER ASSE 13F 728'500 1.57 440'500 31.03.2013 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 660'789 1.42 (9'360) 31.03.2013 Investment Advisor
PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 640'111 1.38 75'600 31.03.2013 Investment Advisor
IRONWOOD INVESTMENT IRONWOOD INVESTMENT 13F 357'169 0.77 53'369 31.03.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BB&T Capital Markets BRETT M HUNDLEY buy 5 U 15 12 month 24.06.2013
Janney Montgomery Scott LLC JONATHAN P FEENEY buy 5 M 16 12 month 20.06.2013
EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 29.05.2013
Imperial Capital LLC MARY ROSS-GILBERT outperform 5 U 8 12 month 15.08.2012
Holdings By:
Chiquita Brands International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Chaoda Modern Agriculture (Holdings) Limited, through its subsidiaries, grows
fruits and vegetables in China. The Company controls the entire production
chain from seeds to processing and marketing. Chaoda offers both fresh produce
and frozen produce.
Latest Fiscal Year: 06/2010
LTM as of: 01/yy
52-Week High (31.07.2012) 1.10
52-Week Low (31.07.2012) 1.10
Daily Volume
1.1
52-Week High % Change 0.00% Dividend Yield 8.86
52-Week Low % Change 0.00% Beta 0.70
% 52 Week Price Range High/Low 0.00% Equity Float 2'646.11
Shares Out 31.05.2013 3'291.3 Short Int -
3'620.43 1 Yr Total Return 0.00%
Total Debt 14.50 YTD Return 0.00%
Preferred Stock 0.0 Adjusted BETA 0.702
Minority Interest 263.7 Analyst Recs 0
Cash and Equivalents 2'044.35 Consensus Rating -
Enterprise Value 288.39
Average Volume 5 Day 0
682 HK EQUITY YTD Change - Average Volume 30 Day 0
682 HK EQUITY YTD % CHANGE - Average Volume 3 Month 0
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2006 30.06.2007 30.06.2008 30.06.2009 30.06.2010 01/yy 01/yy 06/11 Y 06/12 Y - -
2'797.7 3'849.9 5'032.6 6'126.8 6'963.7 - - - - - -
4.43x 4.06x 4.23x 1.73x 2.82x - - - - - -
1'515.1 2'136.4 2'961.2 3'556.1 4'225.1 - - - - - -
8.18x 7.31x 7.19x 2.98x 4.64x - - - - - -
1'358.2 1'732.7 1'955.8 3'986.4 3'658.9 - - - - - -
8.76x 8.06x 10.68x 2.59x 5.68x - - - - - -
EBITDA 4'225.06 Long-Term Rating Date 10.02.2012
EBIT 3'439.07 Long-Term Rating NR
Operating Margin 49.39% Long-Term Outlook -
Pretax Margin 52.52% Short-Term Rating Date -
Return on Assets 16.72% Short-Term Rating -
Return on Common Equity 18.01%
Return on Capital 17.06% EBITDA/Interest Exp. 57.42
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 13.05
Net Debt/EBITDA -0.66
Gross Margin 65.7% Total Debt/EBITDA 0.24
EBITDA Margin 57.2%
EBIT Margin 45.5% Total Debt/Equity 0.1%
Net Income Margin 52.5% Total Debt/Capital 0.1%
Asset Turnover 0.33
Current Ratio 16.56 Net Fixed Asset Turnover 0.56
Quick Ratio 10.74 Accounts receivable turnover-days 12.01
Debt to Assets 0.07% Inventory Days 7.73
Tot Debt to Common Equity 0.07% Accounts Payable Turnover Day 2.73
Accounts Receivable Turnover 30.39 Cash Conversion Cycle 22.49
Inventory Turnover 47.23
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
Chaoda Modern Agriculture Holdings LtdPrice/Volume
Valuation Analysis
0.00
Current Price (7/dd/yy) Market Data
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2'000.0
3'000.0
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31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HO KWOK n/a EXCH 645'092'644 19.6 - 28.01.2013 n/a
JANUS CAPITAL MANAGE n/a ULT-AGG 267'667'574 8.13 - 22.03.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 211'742'246 6.43 - 18.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 156'508'230 4.76 - 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 140'505'183 4.27 (51'831'000) 02.12.2011 Investment Advisor
UBS n/a ULT-AGG 96'771'927 2.94 - 18.07.2013 Unclassified
VAN ECK ASSOCIATES C n/a ULT-AGG 64'906'868 1.97 - 30.07.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 55'166'186 1.68 - 30.04.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 50'874'260 1.55 - 30.04.2013 Investment Advisor
JULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 48'812'649 1.48 (24'263) 29.02.2012 Investment Advisor
PYN RAHASTOYHTIO Multiple Portfolios MF-AGG 27'588'000 0.84 - 29.06.2013 Investment Advisor
FORTIS FUND MANAGERS Multiple Portfolios MF-AGG 27'500'000 0.84 - 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 22'459'306 0.68 - 30.06.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 20'670'000 0.63 - 31.03.2013 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 15'228'567 0.46 - 30.04.2013 Investment Advisor
BRANDES INVESTMENT P Multiple Portfolios MF-AGG 13'417'934 0.41 - 30.06.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 12'474'536 0.38 - 31.03.2013 Investment Advisor
SAM SUSTAINABLE ASSE Multiple Portfolios MF-AGG 12'418'000 0.38 - 18.09.2012 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 12'120'000 0.37 - 31.05.2012 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 11'452'166 0.35 - 15.02.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Chaoda Modern Agriculture Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
China BlueChemical Ltd. manufactures nitrogen fertilizers. The Company
produces ammonia and urea.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (10.01.2013) 5.87
52-Week Low (31.07.2013) 3.58
Daily Volume
3.58
52-Week High % Change -39.01% Dividend Yield 5.30
52-Week Low % Change 0.00% Beta 1.02
% 52 Week Price Range High/Low 5.02% Equity Float 1'663.77
Shares Out 28.02.2013 1'771.0 Short Int -
16'503.80 1 Yr Total Return -27.10%
Total Debt 23.10 YTD Return -28.50%
Preferred Stock 0.0 Adjusted BETA 1.021
Minority Interest 1'417.3 Analyst Recs 18
Cash and Equivalents 2'603.99 Consensus Rating 4.333
Enterprise Value 11'881.06
Average Volume 5 Day 4'225'927
3983 HK EQUITY YTD Change - Average Volume 30 Day 7'041'636
3983 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'430'427
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
6'811.8 5'794.6 6'867.3 9'756.3 10'739.2 - - 11'934.5 12'511.5 - -
1.48x 3.19x 3.06x 2.15x 1.69x - - 0.92x 0.82x - -
2'522.0 1'989.2 2'397.5 3'547.5 3'450.0 - - 3'825.0 4'076.6 - -
3.99x 9.29x 8.77x 5.92x 5.25x - - 3.11x 2.91x - -
1'608.5 984.7 1'175.3 1'985.8 1'810.5 - - 1'932.7 1'998.9 - -
8.00x 19.92x 18.89x 11.09x 10.73x - - 6.71x 6.49x - -
EBITDA 3'449.96 Long-Term Rating Date -
EBIT 2'663.96 Long-Term Rating -
Operating Margin 24.81% Long-Term Outlook -
Pretax Margin 24.28% Short-Term Rating Date -
Return on Assets 10.78% Short-Term Rating -
Return on Common Equity 14.29%
Return on Capital 13.92% EBITDA/Interest Exp. 163.19
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 89.29
Net Debt/EBITDA -0.75
Gross Margin 30.8% Total Debt/EBITDA 0.01
EBITDA Margin 32.1%
EBIT Margin 24.8% Total Debt/Equity 0.2%
Net Income Margin 16.9% Total Debt/Capital 0.2%
Asset Turnover 0.64
Current Ratio 2.33 Net Fixed Asset Turnover 1.05
Quick Ratio 1.25 Accounts receivable turnover-days 6.99
Debt to Assets 0.13% Inventory Days 77.45
Tot Debt to Common Equity 0.17% Accounts Payable Turnover Day 17.36
Accounts Receivable Turnover 52.36 Cash Conversion Cycle 67.08
Inventory Turnover 4.73
Fiscal Year Ended
China BlueChemical LtdPrice/Volume
Valuation Analysis
17'011'545.00
Current Price (7/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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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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COMMONWEALTH BANK OF n/a EXCH 195'818'000 11.06 - 04.02.2013 Bank
JP MORGAN n/a ULT-AGG 124'073'067 7.01 - 09.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 118'591'020 6.7 - 29.07.2013 Investment Advisor
GIC PRIVATE LIMITED n/a ULT-AGG 107'230'965 6.05 - 12.03.2013 Government
BANK OF NEW YORK MEL n/a EXCH 106'361'569 6.01 - 14.02.2013 Investment Advisor
MONDRIAN INVESTMENT n/a Co File 89'810'000 5.07 - 31.12.2011 Hedge Fund Manager
BANK OF NEW YORK MEL n/a Short (87'533'339) -4.94 - 18.07.2012 Investment Advisor
VALUE PARTNERS GROUP n/a ULT-AGG 81'730'000 4.61 - 18.07.2012 Corporation
DWS INVESTMENT S A Multiple Portfolios MF-AGG 57'738'398 3.26 - 30.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 52'038'796 2.94 3'566'000 30.06.2013 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 25'891'581 1.46 (5'110'500) 28.06.2013 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 21'764'000 1.23 - 31.12.2012 Unclassified
VAN ECK ASSOCIATES C n/a ULT-AGG 18'052'000 1.02 - 30.07.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 17'738'609 1 276'000 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 16'284'000 0.92 - 30.04.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 15'092'000 0.85 15'092'000 28.03.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 15'027'141 0.85 (137) 30.04.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 13'891'000 0.78 - 31.05.2013 Investment Advisor
TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 9'561'798 0.54 762'505 28.06.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'846'000 0.5 4'376'000 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs CAROL JIN neutral/cautious 3 D 4 12 month 18.07.2013
Jefferies JACK LU buy 5 U 4 12 month 08.07.2013
UBS BONAN LI sell 1 M 4 12 month 04.07.2013
JPMorgan SCOTT DARLING suspended coverage #N/A N/A M #N/A N/A Not Provided 12.06.2013
EVA Dimensions TIMOTHY STANISH buy 5 M #N/A N/A Not Provided 06.06.2013
BNP Paribas Equity Research GORDON WAI buy 5 M 6 12 month 03.06.2013
UOB Kay Hian WANG AOCHAO buy 5 M 7 Not Provided 22.04.2013
Essence Securities XU HAITAO add 4 D 5 6 month 26.03.2013
BOCOM International Holdings HE WEI long-term buy 5 M 5 Not Provided 25.03.2013
Macquarie LAURA SHI outperform 5 M 6 12 month 22.03.2013
China International Capital Corp BIN GUAN accumulate 4 M 6 12 month 22.03.2013
Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 6 12 month 01.03.2013
Citic Securities Co., Ltd YIN XIAODONG overweight 5 N 7 6 month 02.01.2013
SWS Research Co Ltd ALBERT MIAO neutral 3 D 6 Not Provided 20.12.2012
First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 M 6 12 month 12.12.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 5 Not Provided 12.12.2012
Deutsche Bank DAVID HURD buy 5 N 6 12 month 09.10.2012
Hua Tai Securities Co., Ltd YANG SHENKANG add 4 M 7 6 month 02.04.2012
Guoyuan Securities (HK) Ltd XU JINGSHUN buy 5 N 8 12 month 06.12.2011
Holdings By:
China BlueChemical Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking
oil. Through its subsidiaries, the Company also operates a variety of other
plantations such as palm oil, tea, and cocoa plantations.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (14.09.2012) 23'400.00
52-Week Low (26.07.2013) 15'500.00
Daily Volume
15550
52-Week High % Change -33.55% Dividend Yield -
52-Week Low % Change 0.32% Beta 0.92
% 52 Week Price Range High/Low 4.43% Equity Float 319.91
Shares Out 31.03.2013 1'574.7 Short Int -
24'487'284.00 1 Yr Total Return -29.81%
Total Debt 971'950.00 YTD Return -18.95%
Preferred Stock 0.0 Adjusted BETA 0.919
Minority Interest 336'232.0 Analyst Recs 32
Cash and Equivalents 227'769.00 Consensus Rating 3.625
Enterprise Value 26'674'098.75
Average Volume 5 Day 1'206'900
AALI IJ EQUITY YTD Change - Average Volume 30 Day 1'059'733
AALI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 1'424'766
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
8'161'217.0 7'424'283.0 8'843'721.0 10'772'582.0 11'564'319.0 ######### ######### ######### ######### ######### #########
1.81x 4.75x 4.55x 3.12x 2.78x 11.82x 11.44x 2.17x 1.87x - -
3'616'720.0 2'898'342.0 3'335'987.0 3'572'651.0 3'930'947.0 ######### ######### ######### ######### 993'690.0 862'814.0
4.08x 12.16x 12.07x 9.41x 8.17x 9.91x 9.41x 7.56x 6.41x - -
2'631'019.0 1'660'649.0 2'016'780.0 2'405'564.0 2'410'259.0 ######### ######### ######### ######### 632'718.0 483'971.0
5.87x 21.57x 20.46x 14.21x 12.87x 15.08x 14.31x 11.99x 10.58x - -
EBITDA 3'930'947.00 Long-Term Rating Date -
EBIT 3'453'729.00 Long-Term Rating -
Operating Margin 29.87% Long-Term Outlook -
Pretax Margin 30.48% Short-Term Rating Date -
Return on Assets 17.52% Short-Term Rating -
Return on Common Equity 25.59%
Return on Capital 22.55% EBITDA/Interest Exp. 134.64
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 44.54
Net Debt/EBITDA 0.53
Gross Margin 37.7% Total Debt/EBITDA 0.59
EBITDA Margin 30.9%
EBIT Margin 26.7% Total Debt/Equity 10.8%
Net Income Margin 20.8% Total Debt/Capital 9.4%
Asset Turnover 0.92
Current Ratio 0.68 Net Fixed Asset Turnover 1.18
Quick Ratio 0.10 Accounts receivable turnover-days 0.44
Debt to Assets 7.83% Inventory Days 43.86
Tot Debt to Common Equity 10.76% Accounts Payable Turnover Day 32.03
Accounts Receivable Turnover 838.76 Cash Conversion Cycle 26.10
Inventory Turnover 8.32
Fiscal Year Ended
Astra Agro Lestari Tbk PTPrice/Volume
Valuation Analysis
589'500.00
Current Price (7/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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2'000'000.0
4'000'000.0
6'000'000.0
8'000'000.0
10'000'000.0
12'000'000.0
14'000'000.0
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PT ASTRA INTERNATION n/a Co File 1'254'831'088 79.68 - 30.09.2012 Corporation
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 13'315'000 0.85 5'582'000 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 12'627'770 0.8 (166'000) 29.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'258'180 0.65 145'000 30.06.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 6'710'120 0.43 (13'500) 30.07.2013 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 5'297'000 0.34 - 31.12.2010 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'533'923 0.22 900'500 30.07.2013 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 2'659'000 0.17 - 31.05.2013 Investment Advisor
DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 2'618'600 0.17 - 31.12.2010 Investment Advisor
BAHANA TCW INVESTMEN Multiple Portfolios MF-AGG 1'986'500 0.13 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'789'286 0.11 4'000 30.07.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'736'000 0.11 29'000 30.04.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'695'500 0.11 - 28.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'533'000 0.1 - 31.12.2010 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 1'508'000 0.1 - 31.12.2010 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'367'000 0.09 577'000 31.05.2013 Investment Advisor
SUMITOMO MITSUI TRUS n/a ULT-AGG 1'110'625 0.07 - 12.11.2012 Bank
FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 971'500 0.06 - 31.12.2011 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 930'000 0.06 - 30.06.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 884'500 0.06 - 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 22'200 12 month 31.07.2013
Indo Premier Securities WILLIAM SIMADIPUTRA buy 5 M 22'500 12 month 31.07.2013
Credit Suisse PRISCILLA TJITRA neutral 3 M 19'800 Not Provided 30.07.2013
DBS Vickers BEN SANTOSO buy 5 U 19'550 12 month 30.07.2013
RHB Research Institute Sdn Bhd ALVIN TAI buy 5 M 19'940 12 month 30.07.2013
Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN hold 3 M 17'500 12 month 30.07.2013
Bahana Securities LEONARDO HENRY GAVAZA hold 3 M 15'000 Not Provided 30.07.2013
Nomura MUZHAFAR MUKHTAR buy 5 M 23'000 Not Provided 30.07.2013
Standard Chartered ADRIAN FOULGER in-line 3 M 17'223 12 month 29.07.2013
Deutsche Bank JOVIN NG hold 3 M 17'200 12 month 29.07.2013
Morgan Stanley CHARLES C SPENCER Underwt/In-Line 1 M 14'500 12 month 29.07.2013
Goldman Sachs NIKHIL BHANDARI neutral/neutral 3 M 18'500 12 month 29.07.2013
JPMorgan YING-JIAN CHAN overweight 5 M 19'200 9 month 29.07.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 26.07.2013
Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA sell 1 M 15'000 12 month 25.07.2013
Maybank Kim Eng PANDU ANUGRAH buy 5 M 20'000 12 month 23.07.2013
UBS BONNY BUDI SETIAWAN sell 1 D 17'850 12 month 20.06.2013
Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN buy 5 M 20'500 12 month 10.05.2013
Ciptadana Sekuritas SURAJ KHIANI buy 5 M 20'500 12 month 01.05.2013
CIMB ERINDRA KRISNAWAN neutral 3 M 19'000 12 month 26.04.2013
HSBC THILAN WICKRAMASINGHE neutral 3 M 19'100 Not Provided 24.04.2013
Sucorinvest Central Gani ISFHAN HELMY hold 3 M 19'700 12 month 11.04.2013
AmCapital Indonesia VIVIET S PUTRI buy 5 M 20'250 12 month 11.04.2013
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 22'817 12 month 10.04.2013
Macquarie SUNAINA DHANUKA underperform 1 M 14'400 12 month 26.03.2013
PT Batavia Prosperindo Sekuritas ARANDI NUGRAHA buy 5 M 21'887 12 month 08.03.2013
BNI Securities YASMIN SOULISA hold 3 M 20'500 Not Provided 04.03.2013
Trimegah Securities Tbk PT TEAM COVERAGE buy 5 M 22'000 12 month 01.03.2013
Danareksa HELMY KRISTANTO hold 3 M 20'500 12 month 27.02.2013
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
Holdings By:
Astra Agro Lestari Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Turk Traktor ve Ziraat Makineleri AS (Turk Traktor) manufactures and sells
agricultural tractors, individual tractor components and spare parts.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (29.04.2013) 69.50
52-Week Low (31.07.2012) 33.70
Daily Volume
60.5
52-Week High % Change -12.95% Dividend Yield -
52-Week Low % Change 79.53% Beta 0.61
% 52 Week Price Range High/Low 75.56% Equity Float -
Shares Out 31.03.2013 53.4 Short Int -
3'228.82 1 Yr Total Return 87.98%
Total Debt 355.77 YTD Return 10.69%
Preferred Stock 0.0 Adjusted BETA 0.608
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 378.97 Consensus Rating 3.211
Enterprise Value 3'313.08
Average Volume 5 Day 121'716
TTRAK TI EQUITY YTD Change - Average Volume 30 Day 151'341
TTRAK TI EQUITY YTD % CHANGE - Average Volume 3 Month 126'929
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
787.5 667.7 1'193.4 1'800.7 1'974.0 2'087.8 1'895.4 2'146.3 2'340.2 412.0 526.0
0.80x 1.09x 0.98x 1.00x 1.56x 3.56x 6.48x 1.52x 1.40x - -
87.0 61.1 248.6 322.9 313.1 308.3 297.9 345.6 381.9 - -
7.23x 11.86x 4.73x 5.56x 9.85x 5.84x 12.46x 9.59x 8.67x - -
66.8 31.0 179.7 277.4 268.2 275.4 239.1 283.6 308.5 - -
3.29x 15.60x 6.98x 6.50x 11.59x 5.91x 15.18x 11.67x 10.76x - -
EBITDA 313.15 Long-Term Rating Date -
EBIT 294.28 Long-Term Rating -
Operating Margin 14.91% Long-Term Outlook -
Pretax Margin 16.12% Short-Term Rating Date -
Return on Assets 17.15% Short-Term Rating -
Return on Common Equity 41.14%
Return on Capital 25.72% EBITDA/Interest Exp. 20.59
Asset Turnover 1.36% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 0.28
Gross Margin 21.4% Total Debt/EBITDA 1.24
EBITDA Margin 15.7%
EBIT Margin 14.6% Total Debt/Equity 53.6%
Net Income Margin 13.6% Total Debt/Capital 34.9%
Asset Turnover 1.36
Current Ratio 2.52 Net Fixed Asset Turnover 12.25
Quick Ratio 1.62 Accounts receivable turnover-days 91.26
Debt to Assets 26.96% Inventory Days 72.28
Tot Debt to Common Equity 53.60% Accounts Payable Turnover Day 76.20
Accounts Receivable Turnover 4.00 Cash Conversion Cycle 70.55
Inventory Turnover 5.05
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
Turk Traktor ve Ziraat Makineleri ASPrice/Volume
Valuation Analysis
10'761.00
Current Price (7/dd/yy) Market Data
'
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500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KOC HOLDING AS n/a Co File 20'013'375 37.5 - 31.12.2012 Holding Company
CNH GLOBAL NV n/a Co File 20'013'375 37.5 - 31.12.2012 Corporation
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 627'772 1.18 (193'463) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 622'216 1.17 272 30.07.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 585'220 1.1 - 31.12.2012 Government
PICTET FUNDS n/a ULT-AGG 525'070 0.98 200'877 30.04.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 399'582 0.75 15'027 31.05.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 397'334 0.74 54'774 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 382'736 0.72 43'011 29.07.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 381'652 0.72 83'635 30.04.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 306'485 0.57 106'485 31.03.2013 Investment Advisor
SEB n/a ULT-AGG 278'165 0.52 214'730 31.03.2013 Unclassified
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 263'469 0.49 (143'669) 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 249'683 0.47 - 30.07.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 230'641 0.43 - 30.07.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 179'226 0.34 (61'534) 31.12.2012 Investment Advisor
EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 130'399 0.24 - 30.07.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 107'144 0.2 - 30.04.2013 Investment Advisor
FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 106'200 0.2 13'000 31.03.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 86'904 0.16 - 28.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oyak Securities SERHAT KAYA market perform 3 U 63 Not Provided 30.07.2013
Tera Stock Brokers OGUZHAN AKBULUT sell 1 M 51 Not Provided 30.07.2013
Burgan Securities UMUT OZTURK hold 3 M 67 12 month 30.07.2013
FinansInvest EZGI GULBAS neutral 3 M 58 12 month 29.07.2013
Seker Securities KIVANC UYSAL market perform 3 M 63 12 month 29.07.2013
BNP Paribas Equity Research KENAN COSGUNER buy 5 U 72 12 month 29.07.2013
Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 59 Not Provided 18.07.2013
Goldman Sachs ASLI TUNCER neutral/neutral 3 D 77 12 month 11.07.2013
ATA Invest ERMAN TUTUNCUOGLU market perform 3 M 58 Not Provided 11.07.2013
Eczacibasi Securities AKIF DASIRAN underperform 1 M 63 Not Provided 02.07.2013
Global Menkul Degerler TEAM COVERAGE market perform 3 M 59 Not Provided 01.07.2013
EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 01.07.2013
Ak Investment ERKAN SAVRAN market perform 3 M 68 12 month 28.06.2013
Ekspres Invest KURTHAN ATMACA hold 3 U 67 Not Provided 24.06.2013
Yatirim Finansman Securities OZGUR UCUR market perform 3 M 60 12 month 04.06.2013
IS Investment & Securities ESRA SUNER market perform 3 M 71 Not Provided 31.05.2013
BGC Partners BERNA KURBAY buy 5 U 75 12 month 29.05.2013
Yapi Kredi Yatirim ve Menkul Degerler MEHMET A AGYUZ buy 5 U 68 12 month 28.05.2013
Sardis Securities HAYDAR ACUN strong buy 5 N 14 Not Provided 10.02.2010
Holdings By:
Turk Traktor ve Ziraat Makineleri AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk cultivates, harvests, and
processes palm oil, rubber, coconut, cocoa, coffee, and tea.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (08.08.2012) 2'925.00
52-Week Low (31.07.2013) 1'120.00
Daily Volume
1120
52-Week High % Change -61.71% Dividend Yield -
52-Week Low % Change 0.00% Beta 0.95
% 52 Week Price Range High/Low 1.13% Equity Float 2'764.44
Shares Out 31.03.2013 6'822.9 Short Int -
7'641'607.50 1 Yr Total Return -57.68%
Total Debt 0.00 YTD Return -49.40%
Preferred Stock 0.0 Adjusted BETA 0.948
Minority Interest (714.0) Analyst Recs 29
Cash and Equivalents 1'799'137.00 Consensus Rating 3.414
Enterprise Value 6'185'607.64
Average Volume 5 Day 24'602'500
LSIP IJ EQUITY YTD Change - Average Volume 30 Day 24'814'270
LSIP IJ EQUITY YTD % CHANGE - Average Volume 3 Month 23'726'890
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
3'846'154.0 3'199'687.0 3'592'658.0 4'686'457.0 4'211'578.0 ######### ######### ######### ######### ######### #########
1.00x 3.42x 4.56x 2.84x 3.30x 12.56x 13.84x 1.24x 0.98x - -
1'445'441.0 1'171'436.0 1'597'639.0 2'224'402.0 1'509'513.0 ######### ######### ######### ######### 280'032.0 267'466.0
2.65x 9.34x 10.25x 5.97x 9.20x 8.07x 9.10x 4.57x 3.91x - -
927'555.0 707'487.0 1'033'329.0 1'701'580.0 1'116'186.0 ######### 917'576.0 963'270.3 ######### 252'884.0 177'461.0
4.29x 15.90x 17.02x 9.04x 14.02x 12.23x 14.26x 8.09x 6.63x - -
EBITDA 1'509'513.00 Long-Term Rating Date -
EBIT 1'263'206.00 Long-Term Rating -
Operating Margin 29.99% Long-Term Outlook -
Pretax Margin 32.58% Short-Term Rating Date -
Return on Assets 12.41% Short-Term Rating -
Return on Common Equity 14.66%
Return on Capital 14.69% EBITDA/Interest Exp. 408.53
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 263.24
Net Debt/EBITDA -1.13
Gross Margin 39.9% Total Debt/EBITDA 0.00
EBITDA Margin 31.2%
EBIT Margin 25.1% Total Debt/Equity 0.0%
Net Income Margin 26.5% Total Debt/Capital 0.0%
Asset Turnover 0.56
Current Ratio 3.39 Net Fixed Asset Turnover 0.96
Quick Ratio 2.32 Accounts receivable turnover-days 7.58
Debt to Assets 0.00% Inventory Days 73.22
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 31.62
Accounts Receivable Turnover 48.14 Cash Conversion Cycle 52.57
Inventory Turnover 4.99
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
Perusahaan Perkebunan London Sumatra Indonesia Tbk PTPrice/Volume
Valuation Analysis
30'598'000.00
Current Price (7/dd/yy) Market Data
'
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500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
4'500'000.0
5'000'000.0
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SALIM IVOMAS PRATAMA n/a Co File 4'058'425'010 59.48 - 31.12.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 316'198'067 4.63 101'206'000 31.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 143'770'500 2.11 - 12.07.2013 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 63'140'000 0.93 - 31.12.2010 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 56'791'512 0.83 (111'000) 30.07.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 51'379'884 0.75 - 30.04.2013 Investment Advisor
SIA FUNDS AG Multiple Portfolios MF-AGG 40'575'000 0.59 20'468'000 30.04.2013 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 31'371'000 0.46 (8'388'500) 28.12.2012 Investment Advisor
DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 30'325'000 0.44 - 31.12.2010 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 20'546'752 0.3 - 30.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 20'325'000 0.3 - 29.07.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 14'898'500 0.22 - 28.03.2013 Investment Advisor
BARING INTERNATIONAL Multiple Portfolios MF-AGG 13'478'000 0.2 - 31.03.2013 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 12'057'500 0.18 - 31.12.2010 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 11'700'000 0.17 - 31.03.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 10'677'500 0.16 82'000 30.06.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 10'469'500 0.15 - 31.03.2013 Investment Advisor
UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 10'250'000 0.15 - 30.06.2011 Investment Advisor
BAHANA TCW INVESTMEN Multiple Portfolios MF-AGG 10'185'000 0.15 - 31.12.2012 Investment Advisor
FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 9'995'500 0.15 - 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered ADRIAN FOULGER in-line 3 D 1'297 12 month 29.07.2013
Credit Suisse PRISCILLA TJITRA neutral 3 M 1'600 Not Provided 29.07.2013
Bahana Securities LEONARDO HENRY GAVAZA reduce 2 D 1'000 Not Provided 29.07.2013
Nomura MUZHAFAR MUKHTAR buy 5 M 2'300 Not Provided 26.07.2013
RHB Research Institute Sdn Bhd ALVIN TAI buy 5 M 1'888 12 month 24.07.2013
Maybank Kim Eng PANDU ANUGRAH hold 3 M 1'500 12 month 23.07.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 18.07.2013
Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA sell 1 M 1'200 12 month 17.07.2013
DBS Vickers BEN SANTOSO fully valued 2 M 1'450 12 month 11.07.2013
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 2'300 Not Provided 01.07.2013
UBS BONNY BUDI SETIAWAN sell 1 D 1'180 12 month 20.06.2013
AmCapital Indonesia VIVIET S PUTRI buy 5 M 2'300 12 month 07.06.2013
Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN sell 1 M 1'500 12 month 30.05.2013
Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN hold 3 M 1'670 12 month 27.05.2013
PT Batavia Prosperindo Sekuritas ARANDI NUGRAHA hold 3 M 1'600 Not Provided 06.05.2013
Ciptadana Sekuritas SURAJ KHIANI buy 5 M 1'830 12 month 03.05.2013
Deutsche Bank JOVIN NG hold 3 M 1'900 12 month 30.04.2013
Indo Premier Securities WILLIAM SIMADIPUTRA hold 3 D 2'200 12 month 30.04.2013
JPMorgan YING-JIAN CHAN neutral 3 M 1'700 9 month 29.04.2013
CIMB ERINDRA KRISNAWAN neutral 3 M 1'800 12 month 29.04.2013
Sucorinvest Central Gani ISFHAN HELMY buy 5 M 2'200 12 month 11.04.2013
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 2'574 12 month 10.04.2013
Macquarie SUNAINA DHANUKA outperform 5 U 2'100 12 month 26.03.2013
BNI Securities YASMIN SOULISA hold 3 M 2'300 Not Provided 08.03.2013
Trimegah Securities Tbk PT TITO TAMBAYONG hold 3 M 2'100 Not Provided 28.02.2013
Danareksa HELMY KRISTANTO buy 5 M 3'170 12 month 27.02.2013
Holdings By:
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Indofood Agri Resources Limited is an integrated agribusiness company. The
Company and its subsidiaries are involved in research and development, oil palm
seed breeding, oil palm cultivation and milling. Indofood Agri Resources also
refines, brands and markets cooking oil, margarine, shortening and other palm
oil products.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.08.2012) 1.47
52-Week Low (31.07.2013) 0.88
Daily Volume
0.885
52-Week High % Change -39.80% Dividend Yield -
52-Week Low % Change 0.57% Beta 1.26
% 52 Week Price Range High/Low 2.59% Equity Float 400.08
Shares Out 31.07.2013 1'434.3 Short Int -
1'269.34 1 Yr Total Return -35.83%
Total Debt 6'780'217.00 YTD Return -33.18%
Preferred Stock 0.0 Adjusted BETA 1.265
Minority Interest 9'032'242.0 Analyst Recs 18
Cash and Equivalents 5'082'296.00 Consensus Rating 3.167
Enterprise Value 21'775'489.76
Average Volume 5 Day 1'119'600
IFAR SP EQUITY YTD Change - Average Volume 30 Day 1'461'000
IFAR SP EQUITY YTD % CHANGE - Average Volume 3 Month 1'772'141
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
11'840'499.0 9'040'325.0 9'484'281.0 12'605'311.0 13'844'891.0 ######### ######### ######### ######### - -
1.09x 3.46x 3.98x 1.76x 1.87x 7.36x 7.45x 1.58x 1.37x - -
3'283'546.0 2'619'890.0 3'044'846.0 3'581'819.0 3'001'808.0 ######### ######### ######### ######### - -
3.93x 11.95x 12.40x 6.19x 8.61x 7.15x 8.74x 7.38x 6.03x - -
795'284.0 1'526'829.0 1'402'013.0 1'489'946.0 1'049'322.0 ######### 779'210.0 842'037.8 ######### - -
7.60x 14.82x 20.11x 8.65x 14.42x 12.09x 17.86x 11.71x 8.76x - -
EBITDA 3'001'808.00 Long-Term Rating Date -
EBIT 2'412'215.00 Long-Term Rating -
Operating Margin 17.42% Long-Term Outlook -
Pretax Margin 17.64% Short-Term Rating Date -
Return on Assets 2.23% Short-Term Rating -
Return on Common Equity 5.75%
Return on Capital 5.78% EBITDA/Interest Exp. 6.04
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 1.93
Net Debt/EBITDA 0.85
Gross Margin 30.1% Total Debt/EBITDA 2.36
EBITDA Margin 21.2%
EBIT Margin 16.7% Total Debt/Equity 49.1%
Net Income Margin 7.6% Total Debt/Capital 22.9%
Asset Turnover 0.39
Current Ratio 1.80 Net Fixed Asset Turnover 1.71
Quick Ratio 1.27 Accounts receivable turnover-days 30.25
Debt to Assets 19.48% Inventory Days 70.58
Tot Debt to Common Equity 49.15% Accounts Payable Turnover Day 64.52
Accounts Receivable Turnover 12.07 Cash Conversion Cycle 67.49
Inventory Turnover 5.17
Fiscal Year Ended
Indofood Agri Resources LtdPrice/Volume
Valuation Analysis
1'706'000.00
Current Price (7/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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2'000'000.0
4'000'000.0
6'000'000.0
8'000'000.0
10'000'000.0
12'000'000.0
14'000'000.0
16'000'000.0
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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INDOFOOD SINGAPORE H n/a Co File 998'200'000 69.6 - 15.03.2013 Other
PT INDOFOOD SUKSES M n/a Co File 20'000'000 1.39 - 15.03.2013 Corporation
INDOFOOD AGRI RESOUR n/a Co File 13'500'000 0.94 - 15.03.2013 Corporation
BLACKROCK n/a ULT-AGG 10'476'000 0.73 803'000 29.07.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 7'436'520 0.52 - 30.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 4'847'995 0.34 4'847'995 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'083'747 0.28 697'000 30.06.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'359'000 0.23 265'000 31.03.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 2'709'000 0.19 - 31.08.2012 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 2'458'000 0.17 - 30.04.2013 Investment Advisor
MANDIRI SEKURITAS PT MANDIRI INVESTA ATRA MF-PART 2'135'820 0.15 2'135'820 31.05.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'000'000 0.14 - 28.03.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'999'000 0.14 34'000 31.05.2013 Investment Advisor
FIRST PACIFIC INVEST n/a Co File 1'125'344 0.08 - 15.03.2013 Unclassified
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'062'000 0.07 - 30.06.2013 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 1'014'000 0.07 - 14.09.2012 Unclassified
JP MORGAN n/a ULT-AGG 990'000 0.07 - 30.09.2012 Investment Advisor
FIRST PACIFIC INV BV n/a Co File 882'444 0.06 - 15.03.2013 Other
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 822'000 0.06 733'000 31.03.2013 Investment Advisor
NORINCHUKIN ZENKYORE Multiple Portfolios MF-AGG 518'000 0.04 - 18.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered ADRIAN FOULGER underperform 1 D 1 12 month 29.07.2013
Credit Suisse PRISCILLA TJITRA underperform 1 M 1 Not Provided 29.07.2013
Nomura MUZHAFAR MUKHTAR buy 5 M 2 Not Provided 26.07.2013
Goldman Sachs NIKHIL BHANDARI neutral/neutral 3 M 1 12 month 22.07.2013
Morgan Stanley CHARLES C SPENCER Overwt/In-Line 5 M 1 12 month 18.07.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 16.07.2013
DBS Vickers BEN SANTOSO hold 3 M 1 12 month 11.07.2013
TA Securities Holdings Berhad JAMES RATNAM buy 5 M 1 Not Provided 11.07.2013
Macquarie CONRAD WERNER neutral 3 M 1 12 month 05.07.2013
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 1 Not Provided 01.07.2013
UBS SEBASTIAN TOBING neutral 3 D 1 12 month 20.06.2013
JPMorgan YING-JIAN CHAN neutral 3 M 1 9 month 29.04.2013
CIMB IVY NG underperform 1 D 1 12 month 29.04.2013
AmResearch Sdn Bhd GAN HUEY LING hold 3 M 1 12 month 29.04.2013
BNP Paribas Equity Research MICHAEL GREENALL reduce 2 M 1 12 month 10.04.2013
HSBC THILAN WICKRAMASINGHE neutral 3 U 1 Not Provided 06.02.2013
Jefferies ARYA SEN hold 3 M 2 12 month 01.05.2012
IIFL ZUO LI reduce 2 D 1 12 month 31.10.2011
Holdings By:
Indofood Agri Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Sinofert Holdings Ltd. manufactures and distributes fertilizers. The Company
produces and imports potash fertilizers, phosphate-based and nitrogen-based
fertilizers, and compound fertilizers. Sinofert operates in the Peoples
Republic of China.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (23.01.2013) 2.19
52-Week Low (31.07.2013) 1.18
Daily Volume
1.21
52-Week High % Change -44.75% Dividend Yield 1.96
52-Week Low % Change 2.54% Beta 1.32
% 52 Week Price Range High/Low 8.33% Equity Float 1'762.48
Shares Out 31.12.2012 7'024.5 Short Int -
8'499.59 1 Yr Total Return -22.23%
Total Debt 4'705.26 YTD Return -34.64%
Preferred Stock 0.0 Adjusted BETA 1.323
Minority Interest 320.9 Analyst Recs 16
Cash and Equivalents 1'192.88 Consensus Rating 4.000
Enterprise Value 10'551.35
Average Volume 5 Day 4'766'779
297 HK EQUITY YTD Change - Average Volume 30 Day 7'080'281
297 HK EQUITY YTD % CHANGE - Average Volume 3 Month 9'040'403
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
45'392.9 27'010.7 29'271.1 36'685.0 41'190.1 - - 41'928.0 43'943.1 - -
0.72x 1.30x 1.07x 0.44x 0.35x - - 0.28x 0.25x - -
1'897.7 (2'200.4) 664.6 1'180.1 1'387.1 - - 1'454.0 1'606.2 - -
17.13x - 46.94x 13.75x 10.42x - - 7.26x 6.57x - -
1'912.6 (1'443.8) 535.7 678.0 878.4 - - 868.6 1'046.3 - -
12.06x - 44.67x 18.30x 12.10x - - 7.65x 6.42x - -
EBITDA 1'387.05 Long-Term Rating Date -
EBIT 916.45 Long-Term Rating -
Operating Margin 2.22% Long-Term Outlook -
Pretax Margin 2.48% Short-Term Rating Date -
Return on Assets 3.21% Short-Term Rating -
Return on Common Equity 6.55%
Return on Capital 6.67% EBITDA/Interest Exp. 3.77
Asset Turnover 1.50% (EBITDA-Capex)/Interest Exp. 2.74
Net Debt/EBITDA 2.53
Gross Margin 5.8% Total Debt/EBITDA 3.39
EBITDA Margin 3.4%
EBIT Margin 2.2% Total Debt/Equity 34.1%
Net Income Margin 2.1% Total Debt/Capital 25.0%
Asset Turnover 1.50
Current Ratio 1.26 Net Fixed Asset Turnover 9.32
Quick Ratio 0.26 Accounts receivable turnover-days 12.74
Debt to Assets 17.82% Inventory Days 60.54
Tot Debt to Common Equity 34.09% Accounts Payable Turnover Day 44.12
Accounts Receivable Turnover 28.73 Cash Conversion Cycle 29.16
Inventory Turnover 6.05
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
Sinofert Holdings LtdPrice/Volume
Valuation Analysis
58'465'000.00
Current Price (7/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SINOCHEM CORP n/a Co File 3'698'660'874 52.65 - 31.12.2012 Government
POTASH CORP OF SASKA n/a Co File 1'563'312'141 22.26 - 31.12.2012 Government
DIMENSIONAL FUND ADV n/a ULT-AGG 49'380'000 0.7 - 30.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 47'523'153 0.68 23'880'000 30.06.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 43'734'993 0.62 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 38'156'000 0.54 (86'714'000) 30.06.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 30'762'050 0.44 (281'992) 31.05.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 30'360'000 0.43 - 30.07.2013 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 27'302'000 0.39 21'628'000 30.06.2013 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 11'432'000 0.16 11'432'000 28.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 9'899'500 0.14 (300'000) 29.07.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 8'172'000 0.12 590'000 30.06.2011 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 5'088'715 0.07 - 29.07.2013 Investment Advisor
LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 4'652'000 0.07 - 30.06.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 4'200'000 0.06 - 31.08.2012 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 3'808'000 0.05 754'000 31.03.2013 Investment Advisor
CB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 3'000'000 0.04 - 28.06.2013 Investment Advisor
LEMANIK FUNDS Multiple Portfolios MF-AGG 3'000'000 0.04 - 28.06.2013 Investment Advisor
AMUNDI JAPAN Multiple Portfolios MF-AGG 2'900'000 0.04 2'900'000 25.01.2012 Investment Advisor
JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 2'892'000 0.04 - 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs CAROL JIN Buy/Cautious 5 U 2 12 month 18.07.2013
Essence Securities XU HAITAO buy 5 M 2 6 month 16.07.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Masterlink Securities LI XIN hold 3 M 2 Not Provided 04.06.2013
Macquarie LAURA SHI outperform 5 M 2 12 month 08.05.2013
UOB Kay Hian WANG AOCHAO hold 3 M 2 Not Provided 22.04.2013
BOCOM International Holdings HE WEI neutral 3 M 2 Not Provided 02.04.2013
China International Capital Corp BIN GUAN hold 3 M 2 12 month 29.03.2013
Jefferies JACK LU underperform 1 M 2 12 month 28.03.2013
BNP Paribas Equity Research GORDON WAI hold 3 M 2 12 month 15.03.2013
Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 2 12 month 01.03.2013
First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 M 2 12 month 28.12.2012
Hua Tai Securities Co., Ltd YUNFENG FAN buy 5 M 2 6 month 26.10.2012
Deutsche Bank DAVID HURD buy 5 N 2 12 month 06.09.2012
SWS Research Co Ltd SHI MING neutral 3 M 2 Not Provided 26.08.2011
Guotai Junan GRACE LIU accumulate 4 M 5 Not Provided 10.03.2011
Bank of China International NI XIAOMAN hold 3 M 4 Not Provided 22.03.2010
Holdings By:
Sinofert Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
31.07.2013
Cresud SACIF y A is an Argentine agricultural company, with a growing presence
in Latin American countries, engaged in a range of activities including crop
production, cattle raising and milk production. The Company's business model,
rolled out in Argentina, Brazil, Bolivia and Paraguay, focuses on the
acquisition, development and exploitation of agricultural properties.
Latest Fiscal Year: 06/2012
LTM as of: 03/yy
52-Week High (05.02.2013) 9.89
52-Week Low (24.06.2013) 7.00
Daily Volume
7.51
52-Week High % Change -24.06% Dividend Yield -
52-Week Low % Change 7.29% Beta 1.11
% 52 Week Price Range High/Low 17.65% Equity Float -
Shares Out 31.03.2013 50.2 Short Int 0.13
376.67 1 Yr Total Return -6.06%
Total Debt 3'883.18 YTD Return -9.74%
Preferred Stock 0.0 Adjusted BETA 1.113
Minority Interest 1'990.8 Analyst Recs 4
Cash and Equivalents 586.60 Consensus Rating 3.000
Enterprise Value -
Average Volume 5 Day 82'796
CRESY US EQUITY YTD Change - Average Volume 30 Day 84'486
CRESY US EQUITY YTD % CHANGE - Average Volume 3 Month 82'181
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1
322.4 1'427.2 1'882.4 2'540.3 3'457.8 3'033.2 3'584.9 2'973.0 3'137.5 891.0 797.0
6.58x 2.99x 2.99x 3.34x 2.23x 10.76x 9.95x 2.49x 2.32x - -
50.1 345.6 769.5 921.6 893.3 437.5 492.9 1'179.5 1'425.0 - -
42.35x 12.35x 7.32x 9.20x 8.62x 0.00x 21.54x - - - -
22.9 124.6 185.4 212.6 78.3 73.9 95.6 118.0 238.0 32.8 34.3
- - - - - 0.00x 0.00x 18.98x 9.30x - 15.01x
EBITDA 893.34 Long-Term Rating Date -
EBIT 654.49 Long-Term Rating -
Operating Margin 18.93% Long-Term Outlook -
Pretax Margin 5.38% Short-Term Rating Date -
Return on Assets 0.87% Short-Term Rating -
Return on Common Equity 3.98%
Return on Capital - EBITDA/Interest Exp. 2.21
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 1.61
Net Debt/EBITDA 8.74
Gross Margin 35.6% Total Debt/EBITDA 11.02
EBITDA Margin 13.7%
EBIT Margin 1.7% Total Debt/Equity 188.2%
Net Income Margin 2.3% Total Debt/Capital 48.9%
Asset Turnover 0.32
Current Ratio 0.92 Net Fixed Asset Turnover 0.92
Quick Ratio 0.55 Accounts receivable turnover-days 72.12
Debt to Assets 39.81% Inventory Days 49.83
Tot Debt to Common Equity 188.20% Accounts Payable Turnover Day 87.57
Accounts Receivable Turnover 5.06 Cash Conversion Cycle 83.55
Inventory Turnover 7.32
Fiscal Year Ended
Cresud SACIF y APrice/Volume
Valuation Analysis
56'016.00
Current Price (7/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] |
31.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MACQUARIE GROUP n/a ULT-AGG 1'879'565 3.75 - 31.05.2013 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 1'587'407 3.16 (4'088) 31.03.2013 Investment Advisor
TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 1'396'184 2.78 (176'404) 31.03.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'371'605 2.73 - 30.04.2013 Investment Advisor
HORIZON KINETICS n/a ULT-AGG 1'017'819 2.03 (7'760) 31.03.2013 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 974'048 1.94 (389'265) 31.03.2013 Hedge Fund Manager
PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 918'045 1.83 (122'320) 31.03.2013 Investment Advisor
VINIK ASSET MANAGEME VINIK ASSET MANAGEME 13F 725'300 1.45 (54'300) 31.03.2013 Hedge Fund Manager
ODYSSEY REINS CO ODYSSEY REINS CO Sch-D 723'012 1.44 - 31.03.2013 Insurance Company
FAIRFAX FINANCIAL HO FAIRFAX FINANCIAL HO 13F 723'012 1.44 - 31.03.2013 Investment Advisor
RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 605'247 1.21 - 31.03.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 602'413 1.2 (3'422) 31.03.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 579'164 1.15 (404'077) 31.03.2013 Investment Advisor
WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 577'000 1.15 - 28.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 454'346 0.91 (289'388) 30.07.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 423'761 0.84 - 31.05.2013 Investment Advisor
RIMA SENVEST MGMT LL RIMA SENVEST MANAGEM 13F 321'754 0.64 188'333 31.03.2013 Investment Advisor
FINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 250'413 0.5 250'413 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 231'073 0.46 35'456 31.03.2013 Investment Advisor
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 216'779 0.43 - 30.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions DOUG WALTERS sell 1 D #N/A N/A Not Provided 20.06.2013
Raymond James FEDERICO REY-MARINO outperform 5 M 17 12 month 20.05.2013
HSBC ALEXANDRE FALCAO overweight 5 M 17 Not Provided 20.05.2013
Grupo Santander WALTER CHIARVESIO underperform 1 D 10 Not Provided 07.01.2013
Holdings By:
Cresud SACIF y A ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |