fundamental equity analysis - s&p 100 index components (oex index)
DESCRIPTION
Fundamental Equity Analysis - S&P 100 Index Components (OEX Index)TRANSCRIPT
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April 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 14532230 1927.407 1114 1114 204 218 218 101.81 110.54 110.54 15.51 15.51 14.28 14.28 18.76
Euro Stoxx 50 Pr EUR 2601821 5534.746 4671 4671 766 785 785 223.45 308.77 308.77 20.27 16.93 14.67 14.67 20.41
NIKKEI 225 JPY 2648110 187.4584 188 188 18 21 21 4.96 6.63 6.63 0.28 0.28 0.21 0.21 0.11
FTSE 100 INDEX GBP 2708977 11778.28 9425 9425 1461 1659 1659 534.87 824.88 824.88 27.99 23.16 18.15 18.15 22.78
SWISS MARKET INDEX CHF 1044313 11048.75 4126 4126 868 836 836 409.25 555.77 555.77 21.36 18.19 15.73 15.73 22.49
S&P/TSX COMPOSITE INDEX CAD 1583702 16543.48 7831 7831 1857 2073 2073 793.82 866.68 866.68 14.47 14.47 13.26 13.26 24.31
S&P/ASX 200 INDEX AUD 1401328 6684.531 2820 2820 622 697 697 248.91 335.95 335.95 21.65 17.37 16.04 16.04 22.89
HANG SENG INDEX HKD 1659527 3297.874 1706 1706 360 403 403 271.14 269.04 269.04 1.36 1.46 1.37 1.37 2.96
MSCI EM USD 7576270 1402.106 1036 1036 195 195 195 84.43 95.25 95.25 11.96 12.94 10.60 10.60 19.63
3M CO USD 74195 107 687 6 0 0 6 74.97 29904 29904 31475 33193 7771 7771 1978 1978 6.32 6.35 6.83 7.45 16.93 16.93 15.75 14.43 0.99 3.87 4.82 3.91 25.99 AA- 18.03.2009 Aa2 01.05.2009
ABBOTT LABORATORIES USD 58335 191 1577 20 0 0 15 63.73 39874 35795 22472 23813 11156 11906 937 937 5.07 4.36 2.00 2.26 8.52 8.52 18.61 16.43 2.63 -1.44 17.82 11.64 29.86 A+ 26.10.2012 A1 22.09.2010
ABBVIE INC USD 71029 218 1577 18 0 0 8 80.96 18380 18440 18884 7255 - 1607 1607 3.47 - 3.12 3.22 - - 14.40 13.94 5.37 - 30.36 - - A 26.10.2012 Baa1 05.11.2012
ACCENTURE PLC-CL A USD 53514 163 677 0 0 0 7 48.37 29778 30090 29058 30926 4467 4603 1296 1296 3.84 4.31 4.30 4.67 17.90 17.90 17.93 16.52 8.87 4.71 12.08 8.55 15.30 A+ 22.01.2002 - -
ALLSTATE CORP USD 23782 120 479 6 0 0 1 29.28 33315 33315 33589 34250 - - - - 4.36 4.34 4.74 5.17 11.48 11.48 10.51 9.64 2.02 0.34 - - - A- 29.01.2009 A3 29.01.2009
ALTRIA GROUP INC USD 71792 328 2010 14 0 0 3 82.81 17500 17500 17692 18020 7539 7539 1747 1747 2.21 2.21 2.40 2.57 16.16 16.16 14.91 13.91 5.30 -8.61 15.22 -12.44 43.08 BBB 06.01.2009 Baa1 24.10.2006
AMAZON.COM INC USD 121844 159 454 4 0 0 11 114.78 61093 61093 75573 92886 2835 2834 944 944 -0.23 -0.46 3.46 5.76 - - 77.47 46.50 27.07 30.56 45.76 25.77 4.64 AA- 26.11.2012 Baa1 26.11.2012
AMERICAN ELECTRIC POWER USD 24596 89 486 19 0 0 1 42.73 14945 14945 15849 16152 4874 4529 1151 1151 3.09 3.10 3.16 3.32 16.33 16.33 16.03 15.27 -1.13 2.01 3.42 4.80 30.30 BBB 07.03.2003 Baa2 14.09.2005
AMERICAN EXPRESS CO USD 73808 163 1105 62 0 0 22 104.81 33808 34020 32932 34804 11658 11658 - - 4.40 4.48 4.79 5.32 15.00 15.00 14.05 12.64 4.73 1.17 3.11 -4.80 34.48 BBB+ 30.04.2009 A3 24.04.2009
AMGEN INC USD 78720 725 756 27 0 0 24 81.34 17265 17455 17947 18388 6665 6665 1638 1638 6.00 6.36 7.27 8.27 16.53 16.53 14.47 12.72 10.80 3.45 24.07 2.92 38.60 A+ 07.09.2007 Baa1 07.11.2011
ANADARKO PETROLEUM CORP USD 42033 129 501 13 0 1 2 54.08 14060 14058 15113 16958 6950 6948 2297 2297 2.25 4.12 4.16 5.22 20.08 20.08 19.90 15.83 2.96 6.49 -5.48 4.50 49.42 BBB- 08.09.2006 Baa3 23.03.2012
APACHE CORP USD 27899 171 392 12 1 0 0 41.31 16947 16947 17740 19128 12283 12283 3066 3066 9.63 9.56 9.18 9.96 7.44 7.44 7.75 7.15 0.81 12.13 -2.14 10.90 72.48 A- 26.01.2001 A3 29.11.2010
APPLE INC USD 375713 3871 939 0 0 0 121 231.03 156508 169104 176389 194633 58518 57381 11095 11095 44.15 41.89 41.90 46.08 9.56 9.56 9.55 8.67 44.58 43.06 64.36 65.35 33.93 AA+ 23.04.2013 Aa1 23.04.2013
AT&T INC USD 199404 3100 5581 70 0 0 5 270.00 127434 126968 128519 130750 31140 30948 11190 11190 2.31 2.37 2.52 2.72 15.51 15.51 14.60 13.53 0.56 0.41 2.08 -5.80 24.37 A- 06.12.2010 A3 29.01.2013
BAKER HUGHES INC USD 19816 350 441 5 0 0 1 23.81 21361 21236 21650 23457 3760 3640 901 901 3.07 2.95 3.06 4.09 15.22 15.22 14.67 10.96 7.72 17.86 -11.24 6.08 17.14 A 05.05.2006 A2 25.01.1995
BANK OF AMERICA CORP USD 132466 3660 10778 673 19 0 349 100078 100131 90794 92423 - - - - 1.13 0.87 1.03 1.32 14.07 14.07 11.87 9.24 -13.26 1.88 - - - A- 29.11.2011 Baa2 21.06.2012
BANK OF NEW YORK MELLON CORP USD 32116 185 1163 62 1 1 145 15089 15512 14735 15418 - - - - 2.34 2.30 2.25 2.56 12.02 12.02 12.26 10.82 -4.52 -2.90 - - - A+ 29.11.2011 Aa3 08.03.2012
BAXTER INTERNATIONAL INC USD 37820 131 546 6 0 0 3 40.52 14190 14250 15485 16909 3533 3563 988 988 4.52 4.56 4.66 5.16 15.26 15.26 14.94 13.48 2.14 3.79 -2.30 3.77 25.00 A 06.12.2012 A3 *- 04.12.2012
BERKSHIRE HATHAWAY INC-CL B USD 263174 190 63 0 4 187 143.09 162463 162463 29524 29524 - - - - - - 13.07 10.60 34.15 4.33 18.17 AA+ 04.02.2010 Aa2 04.02.2010
BOEING CO/THE USD 69015 719 756 10 0 0 14 66.43 81698 81208 83857 91482 8118 8057 2012 2012 5.11 5.31 6.37 7.14 17.14 17.14 14.28 12.76 18.86 4.17 8.53 2.21 9.92 A 29.07.2009 A2 15.03.2006
BRISTOL-MYERS SQUIBB CO USD 68673 313 1630 7 0 0 6 69.73 17621 17621 16565 17843 4771 4771 908 908 1.82 1.88 1.83 2.15 22.23 22.23 22.80 19.43 -17.05 -1.91 -35.94 3.29 27.08 A+ 06.09.2006 A2 12.09.2006
CAPITAL ONE FINANCIAL CORP USD 32891 76 582 50 0 0 11 63.64 23177 24303 22116 21995 13429 13343 - - 6.24 6.02 6.58 6.67 9.36 9.36 8.55 8.44 25.11 6.31 37.13 2.50 57.57 BBB 17.06.2009 Baa1 17.02.2012
CATERPILLAR INC USD 55234 261 655 10 0 0 3 62.13 65875 63104 59614 63901 11966 10923 2336 2336 8.62 7.44 7.12 8.29 11.29 11.29 11.80 10.13 9.54 6.15 23.62 12.24 17.31 A 24.06.2003 A2 15.06.1995
CHEVRON CORP USD 229627 238 1947 12 0 1 21 221.92 222580 222580 238330 232880 48426 48426 11617 11617 12.10 12.12 12.44 12.57 9.75 9.75 9.50 9.40 -5.80 -0.13 -5.44 7.12 21.76 AA 01.07.1987 Aa1 27.02.2009
CISCO SYSTEMS INC USD 108666 3255 5298 16 0 0 49 78.59 46061 47252 48711 51405 12971 13372 3802 3802 1.60 1.48 2.00 2.11 13.81 13.81 10.22 9.66 6.58 4.44 18.36 5.10 28.30 A+ 10.02.2006 A1 10.02.2006
CITIGROUP INC USD 142377 872 3029 624 3 2 36 800.44 90708 90629 78925 80916 41810 41647 - - 4.83 4.15 4.70 5.32 11.27 11.27 9.96 8.80 -11.58 -2.29 -21.93 -15.72 45.84 A- 29.11.2011 Baa2 21.06.2012
COCA-COLA CO/THE USD 189173 678 4469 33 0 0 17 206.28 48017 47915 48720 51082 12761 12686 4036 4036 2.01 2.02 2.15 2.35 21.11 21.11 19.75 18.13 3.17 9.37 5.23 8.68 26.48 AA- 13.09.2012 Aa3 16.08.2007
COLGATE-PALMOLIVE CO USD 55810 122 468 5 0 0 1 60.36 17085 17085 17696 18675 4314 4314 1089 1089 5.36 5.35 5.70 6.30 22.28 22.28 20.91 18.93 2.10 3.41 1.22 7.63 25.25 AA- 04.05.2001 Aa3 18.06.2001
COMCAST CORP-CLASS A USD 106604 498 2639 40 0 17 12 152.08 62570 62570 64180 67996 19977 19977 5003 5003 1.92 1.93 2.36 2.70 21.15 21.15 17.27 15.11 12.05 16.15 8.82 11.13 31.93 A- 14.02.2013 A3 13.02.2013
CONOCOPHILLIPS USD 71208 384 1220 22 0 0 4 89.76 57967 96888 54799 57508 19396 20383 5690 5690 5.37 6.09 5.49 6.03 9.58 9.58 10.62 9.68 -9.70 -13.33 -10.41 -8.76 21.04 A 07.02.2012 A1 26.04.2012
COSTCO WHOLESALE CORP USD 47202 146 432 1 0 0 5 46.59 99137 103128 106074 115137 3667 3874 932 932 3.96 4.35 4.55 5.03 24.84 24.84 23.76 21.50 11.50 8.06 11.02 10.87 3.76 A+ 28.11.2012 A1 26.03.2012
CVS CAREMARK CORP USD 71422 119 1231 10 0 0 1 79.87 123133 123133 125265 130146 8981 8981 2064 2064 3.20 3.20 3.97 4.41 18.13 18.13 14.63 13.16 14.97 7.65 13.71 8.81 7.29 BBB+ 23.03.2007 Baa2 13.02.2007
DEVON ENERGY CORPORATION USD 21693 135 406 12 0 0 7 26.36 9679 9651 9799 11129 5253 5225 1201 1201 3.30 3.27 3.52 4.86 16.34 16.34 15.18 11.01 -11.73 -3.07 -17.78 -6.57 54.14 BBB+ 18.03.2008 Baa1 21.09.2007
DOW CHEMICAL CO/THE USD 38528 272 1203 21 4 1 4 60.33 56786 56786 58998 61720 6645 6425 2121 2121 1.90 1.91 2.35 2.93 16.75 16.75 13.63 10.93 -5.33 0.57 -3.82 1.85 11.31 BBB 11.05.2011 Baa2 02.11.2012
EBAY INC USD 69185 987 1294 5 0 0 9 64.31 14072 14542 16325 19014 4088 4285 1247 1247 1.95 2.01 2.74 3.23 26.52 26.52 19.45 16.51 20.77 11.98 23.39 9.42 29.47 A 02.03.2010 A2 21.10.2010
DU PONT (E.I.) DE NEMOURS USD 48389 472 933 12 0 0 4 55.39 34812 36129 36053 38330 4794 4817 2153 2153 3.33 3.36 3.90 4.36 15.68 15.68 13.52 12.07 3.36 5.29 -4.99 2.35 13.33 A 17.05.2011 A2 15.07.2011
ELI LILLY & CO USD 64346 320 1144 6 0 0 6 64.20 22603 22603 22988 19862 6478 6477 1610 1610 3.39 3.61 3.90 2.82 15.78 15.78 14.59 20.23 -6.93 3.21 -15.78 2.06 28.66 AA- 19.08.2010 A2 08.11.2010
EMC CORP/MA USD 47602 1357 2107 3 0 1 6 43.95 21714 22007 23461 25451 5602 5659 1791 1791 1.26 1.26 1.86 2.07 17.95 17.95 12.17 10.94 8.53 9.81 12.92 15.81 25.71 A 25.06.2012 WR 01.08.2000
EMERSON ELECTRIC CO USD 39786 162 724 5 0 0 2 42.85 24412 24656 25181 26472 5155 5269 1124 1124 3.34 3.42 3.59 3.99 16.11 16.11 15.35 13.81 0.78 0.48 1.16 4.42 21.37 A 04.02.2002 A2 15.02.2002
EXELON CORP USD 31630 257 855 20 0 0 1 50.13 23489 23489 25691 25551 6550 6550 1670 1670 2.85 2.55 2.49 2.32 14.50 14.50 14.83 15.94 23.22 8.12 -3.45 -0.89 27.89 BBB 22.07.2009 Baa2 08.11.2012
EXXON MOBIL CORP USD 400911 451 4502 12 0 6 10 408.71 420714 426252 434881 442168 65769 67270 20192 20192 7.56 7.89 7.96 8.16 11.34 11.34 11.24 10.97 -2.96 2.37 -5.62 -1.21 15.78 AAA 16.12.1985 WR 16.08.1993
FEDEX CORP USD 30071 224 317 2 0 0 3 28.94 42680 43860 44352 46752 5433 5393 1619 1619 6.59 6.17 6.09 7.54 15.38 15.38 15.59 12.59 8.59 3.44 22.36 1.60 12.30 BBB 11.02.2004 Baa1 13.01.2012
FORD MOTOR CO USD 51104 2468 3946 14 0 0 24 42.90 134252 137607 134617 141218 12513 13404 2921 2921 1.40 1.33 1.42 1.70 9.98 9.98 9.37 7.80 -1.48 -0.20 -8.19 -0.09 9.98 BB+ 21.10.2011 Baa3 22.05.2012
FREEPORT-MCMORAN COPPER USD 28040 845 949 4 0 4 4 32.45 18010 17988 21856 23602 6934 6617 1941 1941 3.27 2.95 3.71 4.25 10.01 10.01 7.95 6.94 -13.75 4.92 -31.77 -2.37 36.79 BBB 29.07.2011 Baa3 13.10.2010
GENERAL DYNAMICS CORP USD 24854 269 354 4 0 0 3 25.02 31513 31338 31428 31243 3447 1428 1011 1011 6.48 6.48 6.67 7.12 10.86 10.86 10.54 9.89 -3.56 1.45 -21.98 -0.51 4.56 A 09.07.1999 A2 07.08.2003
GENERAL ELECTRIC CO USD 225049 2184 10406 17 0 5 16 220.55 144796 143566 148360 153732 25000 25000 7380 7380 1.54 1.53 1.67 1.82 14.18 14.18 13.00 11.94 1.81 -4.28 -0.16 -6.95 17.27 AA+ 12.03.2009 Aa3 03.04.2012
GILEAD SCIENCES INC USD 78616 1236 1519 8 0 0 3 84.50 9703 9703 10810 13038 4288 4288 1111 1111 1.69 1.68 2.08 3.00 30.79 30.79 24.79 17.22 15.71 19.77 4.80 14.12 44.20 A- 23.03.2011 Baa1 23.03.2011
GOLDMAN SACHS GROUP INC USD 68991 94 481 511 6 1 73 513.72 41664 41636 34266 35053 20446 20446 - - 15.03 15.25 14.31 15.25 9.42 9.42 10.04 9.42 13.24 -6.82 27.63 -19.57 49.07 A- 29.11.2011 A3 21.06.2012
GOOGLE INC-CL A USD 269758 143 330 6 0 0 50 223.33 50175 54703 47546 55173 15722 16160 5164 5164 34.02 34.99 46.21 53.30 23.29 23.29 17.64 15.29 32.37 22.23 15.66 21.04 29.54 AA 19.11.2012 Aa2 16.05.2011
HALLIBURTON CO USD 38068 796 929 5 0 0 2 40.89 28503 28609 29656 32652 5787 4729 1507 1507 3.02 2.17 3.18 4.02 18.84 18.84 12.86 10.18 14.80 13.05 -5.07 7.51 16.53 A 20.08.2007 A2 01.05.2007
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 14532230 1927.407 1114 1114 204 218 218 101.81 110.54 110.54 15.51 15.51 14.28 14.28 18.76
Euro Stoxx 50 Pr EUR 2601821 5534.746 4671 4671 766 785 785 223.45 308.77 308.77 20.27 16.93 14.67 14.67 20.41
NIKKEI 225 JPY 2648110 187.4584 188 188 18 21 21 4.96 6.63 6.63 0.28 0.28 0.21 0.21 0.11
FTSE 100 INDEX GBP 2708977 11778.28 9425 9425 1461 1659 1659 534.87 824.88 824.88 27.99 23.16 18.15 18.15 22.78
SWISS MARKET INDEX CHF 1044313 11048.75 4126 4126 868 836 836 409.25 555.77 555.77 21.36 18.19 15.73 15.73 22.49
S&P/TSX COMPOSITE INDEX CAD 1583702 16543.48 7831 7831 1857 2073 2073 793.82 866.68 866.68 14.47 14.47 13.26 13.26 24.31
S&P/ASX 200 INDEX AUD 1401328 6684.531 2820 2820 622 697 697 248.91 335.95 335.95 21.65 17.37 16.04 16.04 22.89
HANG SENG INDEX HKD 1659527 3297.874 1706 1706 360 403 403 271.14 269.04 269.04 1.36 1.46 1.37 1.37 2.96
MSCI EM USD 7576270 1402.106 1036 1036 195 195 195 84.43 95.25 95.25 11.96 12.94 10.60 10.60 19.63
HEWLETT-PACKARD CO USD 38939 939 1963 28 0 0 11 54.97 120357 118680 113062 111769 14384 14026 3445 3445 0.31 0.21 3.44 3.58 95.38 95.38 5.82 5.59 -5.41 0.09 -12.15 3.69 11.82 BBB+ 30.11.2011 Baa1 28.11.2012
HJ HEINZ CO USD 23257 69 320 5 0 0 1 27.22 11649 11601 11640 12040 1794 1919 659 659 3.35 3.56 3.58 3.81 20.31 20.31 20.25 19.01 8.80 2.60 -7.85 0.93 16.54 BBB+ *- 14.02.2013 Baa2 *- 14.02.2013
HOME DEPOT INC USD 109438 286 1484 11 0 0 2 117.74 74754 74754 76920 80427 9450 9450 2335 2335 3.10 3.07 3.53 4.12 24.00 24.00 20.87 17.87 6.19 1.22 13.27 0.65 12.64 A- 16.11.2011 A3 30.08.2011
HONEYWELL INTERNATIONAL INC USD 58867 260 783 7 0 0 5 61.68 37665 37686 39172 41451 5082 5220 1712 1712 4.84 4.95 4.95 5.53 15.12 15.12 15.11 13.53 3.11 1.38 43.93 2.19 13.85 A 03.07.2001 A2 12.10.2001
INTEL CORP USD 115267 2868 4944 13 0 0 23 106.73 53341 53015 53546 55881 22160 21148 4604 4604 2.13 2.00 1.92 2.03 11.65 11.65 12.16 11.49 -1.22 8.14 -5.87 10.34 39.89 A+ 17.02.1993 A1 14.09.2011
INTL BUSINESS MACHINES CORP USD 213561 231 1117 33 0 0 11 235.09 104507 103242 103589 106373 25119 25121 6332 6332 15.25 15.52 16.69 18.34 12.35 12.35 11.48 10.45 -2.25 -0.66 0.07 6.06 24.04 AA- 30.05.2012 Aa3 23.11.2010
JOHNSON & JOHNSON USD 237692 424 2778 16 0 0 21 232.77 67224 68590 70938 73794 20698 20698 5713 5713 5.10 5.19 5.41 5.78 16.37 16.37 15.71 14.72 3.37 1.71 7.18 2.84 30.79 AAA 17.09.1987 Aaa 10.08.1987
JPMORGAN CHASE & CO USD 183351 652 3804 696 9 0 472 108184 106713 99662 102507 - - - - 6.04 5.97 5.63 5.94 8.10 8.10 8.59 8.14 -2.39 0.82 - - - A 29.11.2011 A2 21.06.2012
LOCKHEED MARTIN CORP USD 31568 116 321 6 0 0 2 34.81 47182 46959 44956 43822 5470 5515 1335 1335 10.19 10.49 8.97 9.03 9.33 9.33 10.91 10.84 1.47 2.13 6.75 0.46 11.74 A- 27.04.2007 Baa1 26.01.2006
LOWE'S COS INC USD 41200 308 1110 9 0 0 1 49.61 50521 50521 52396 54326 5183 5182 1424 1424 1.69 1.74 2.09 2.53 21.75 21.75 18.08 14.94 0.62 1.41 6.73 -3.42 10.26 A- 19.09.2012 A3 14.11.2011
MASTERCARD INC-CLASS A USD 65436 15 123 0 0 0 5 60.44 7391 7391 8263 9276 4187 4187 1182 1182 22.04 22.05 25.42 30.12 24.17 24.17 20.97 17.69 10.08 12.15 13.87 27.78 56.65 A- 19.08.2011 - -
MCDONALD'S CORP USD 100881 289 1003 14 0 0 2 112.18 27567 27626 28608 30193 10101 10101 2608 2608 5.37 5.39 5.72 6.27 18.66 18.66 17.59 16.06 2.08 3.57 1.61 8.06 36.64 A 08.05.2003 A2 17.12.2010
MEDTRONIC INC USD 47101 159 1037 11 0 0 3 56.06 16184 16427 16517 17010 5680 5616 1588 1588 3.22 3.51 3.69 3.86 13.24 13.24 12.58 12.05 4.36 3.47 5.69 5.58 34.19 A+ 14.02.2012 A2 14.03.2013
MERCK & CO. INC. USD 146887 1231 3027 21 0 2 16 153.76 47267 47268 46114 46871 16855 17488 3571 3571 3.65 3.82 3.63 3.83 12.72 12.72 13.37 12.70 -1.62 16.18 -0.94 16.19 37.00 AA 24.11.2010 Aa3 05.11.2009
METLIFE INC USD 41414 349 1092 27 2 1 16 54.83 68150 68150 70029 72063 - - - - 5.28 5.27 5.28 5.65 7.19 7.19 7.17 6.70 -2.98 15.20 - - - A- 06.08.2010 A3 16.12.2009
MICROSOFT CORP USD 258216 3276 8381 12 0 0 63 197.93 73723 76012 78769 84913 30923 30645 8701 8701 2.73 2.68 2.77 3.08 11.54 11.54 11.15 10.03 5.40 7.53 3.33 9.15 40.32 AAA 22.09.2008 Aaa 11.05.2009
MONDELEZ INTERNATIONAL INC-A USD 56443 700 1778 19 0 0 4 71.53 35015 48783 36487 38535 5028 7727 1371 1371 1.39 2.24 1.56 1.76 14.17 14.17 20.29 18.05 -2.22 0.57 1.00 -0.96 15.84 BBB 02.02.2010 Baa2 02.02.2010
MONSANTO CO USD 55413 84 534 2 0 0 4 53.08 13504 14740 15150 16169 3760 4321 1487 1487 3.70 4.77 4.61 5.31 21.76 21.76 22.50 19.58 14.23 8.21 20.67 14.20 29.31 A+ 21.10.2008 A1 21.02.2012
MORGAN STANLEY USD 42368 397 1974 451 2 8 47 455.45 32036 33168 31901 34097 8020 8293 - - 1.58 1.57 2.05 2.54 13.76 13.76 10.56 8.49 -18.15 3.15 -44.32 -33.50 25.65 A- 29.11.2011 Baa1 21.06.2012
NATIONAL OILWELL VARCO INC USD 28653 147 427 3 0 0 3 28.60 20041 20041 22783 24456 4185 4185 1045 1045 5.91 5.90 5.96 6.85 11.38 11.38 11.28 9.81 36.72 18.90 19.85 13.13 20.88 A 25.04.2012 A2 14.05.2012
NEWS CORP-CL A USD 73030 651 2383 15 1 10 83.18 33706 34333 35733 38032 6646 6754 1688 1688 1.41 1.57 1.67 1.96 19.99 19.99 18.76 16.04 0.90 2.06 8.36 4.21 19.67 BBB+ 30.11.2012 - -
NIKE INC -CL B USD 55100 148 916 0 0 0 4 51.38 24128 25281 25342 27488 3413 3521 994 994 2.38 2.53 2.67 3.06 24.38 24.38 23.08 20.18 15.66 6.47 8.35 7.28 13.93 A+ 10.06.2005 A1 29.04.2008
NORFOLK SOUTHERN CORP USD 23575 138 314 9 0 0 1 31.37 11040 10989 11287 12006 4046 3994 1091 1091 5.37 5.36 5.59 6.38 13.96 13.96 13.39 11.73 -1.18 2.92 -0.88 3.72 36.35 BBB+ 18.07.2005 Baa1 06.05.1997
OCCIDENTAL PETROLEUM CORP USD 66796 154 806 8 0 0 2 72.86 24172 24172 26160 26510 13701 13701 3720 3720 7.09 7.09 7.08 7.55 11.69 11.69 11.71 10.98 0.97 4.02 -3.30 6.01 56.68 A 23.06.2008 A1 19.04.2012
ORACLE CORP USD 153238 1487 4905 16 0 0 31 140.02 37121 37149 37423 39512 16973 17286 5889 5889 2.00 2.16 2.69 2.93 15.06 15.06 12.10 11.10 4.21 11.70 9.33 18.51 46.53 A+ 24.04.2012 A1 24.06.2011
PEPSICO INC USD 129219 228 1544 28 0 0 7 151.76 65492 65645 67746 71006 11801 11733 3440 3440 4.10 4.11 4.42 4.78 20.32 20.32 18.90 17.47 -1.52 9.06 -4.60 6.54 17.87 A 17.03.2010 Aa3 24.02.2010
PFIZER INC USD 221749 1313 7276 37 0 0 33 226.96 58986 59506 57140 56427 27270 26532 6776 6776 2.19 2.21 2.27 2.39 13.96 13.96 13.58 12.91 -9.61 3.95 -9.21 6.42 44.59 AA 16.10.2009 A1 15.10.2009
PHILIP MORRIS INTERNATIONAL USD 154908 207 1654 23 0 2 3 178.11 31377 31513 32295 33995 14827 14603 3967 3967 5.22 5.24 5.62 6.27 18.00 18.00 16.77 15.03 0.90 5.33 2.72 8.64 46.34 A 05.03.2008 A2 11.09.2008
PROCTER & GAMBLE CO/THE USD 212714 1575 2748 30 1 1 4 239.06 83680 83724 84591 87505 18072 17876 4160 4160 3.85 4.01 4.06 4.37 19.42 19.42 19.17 17.85 1.36 0.76 -3.13 -0.55 21.35 AA- 10.05.2005 Aa3 01.07.2005
QUALCOMM INC USD 113826 809 1706 0 0 0 27 85.51 19121 20458 24158 26920 6579 7149 2463 2463 2.79 3.84 4.54 4.93 17.25 17.25 14.60 13.43 27.84 20.60 8.08 15.03 34.94 NR 19.12.2001 - -
RAYTHEON COMPANY USD 18860 87 328 5 0 0 4 19.71 24414 24414 23806 23344 3444 3444 749 749 6.20 6.22 5.31 5.53 9.29 9.29 10.88 10.46 -1.52 1.56 5.19 4.99 14.11 A- 04.09.2008 A3 17.10.2011
SCHLUMBERGER LTD USD 96805 421 1328 12 0 0 6 102.34 42149 42931 45719 50928 11020 11055 2982 2982 4.16 4.15 4.67 5.68 17.53 17.53 15.57 12.81 14.04 13.40 12.52 5.53 25.80 A+ 11.12.2002 A1 03.06.2003
SIMON PROPERTY GROUP INC USD 54472 45 310 23 0 1 1 77.60 4880 4880 5177 5440 3491 3483 933 933 4.72 4.74 3.51 4.09 37.07 37.07 50.11 43.00 13.32 5.52 15.76 7.34 71.37 A- 10.05.2010 - -
SOUTHERN CO/THE USD 41717 433 868 22 1 0 1 64.60 16537 16830 17736 18403 6589 6589 1563 1563 2.65 2.73 2.76 2.89 17.55 17.55 17.36 16.57 -6.34 1.48 4.94 6.49 39.84 A 21.12.2000 Baa1 12.08.2010
STARBUCKS CORP USD 44463 262 749 1 0 0 2 42.56 13300 13663 14930 16722 2367 2446 689 689 1.79 1.86 2.17 2.62 31.90 31.90 27.38 22.64 13.67 6.80 14.11 10.50 17.90 A- 24.02.2012 Baa3 13.05.2009
TARGET CORP USD 44673 241 645 18 0 0 1 61.54 73301 73301 75155 79905 7352 7353 1649 1649 4.76 4.56 4.90 5.50 15.27 15.27 14.22 12.67 4.92 2.75 -1.36 1.19 10.03 A+ 20.11.2007 A2 27.11.2007
TEXAS INSTRUMENTS INC USD 39397 810 1108 6 0 0 4 41.22 12825 12589 12217 12888 3986 3908 943 943 1.91 1.80 1.80 2.21 19.73 19.73 19.73 16.05 -6.63 1.54 -10.10 -2.68 31.04 A+ 23.09.2010 A1 25.05.2011
TIME WARNER INC USD 56321 110 932 20 0 0 3 73.35 28729 28729 29726 31060 7106 7106 1648 1648 3.36 3.37 3.68 4.27 17.89 17.89 16.37 14.11 -0.85 -5.96 3.33 -18.04 24.73 BBB 27.03.2009 Baa2 06.03.2006
UNION PACIFIC CORP USD 68402 62 469 9 0 0 1 76.35 20926 21104 22269 23904 8505 8635 2316 2316 8.24 8.49 9.52 10.88 17.26 17.26 15.40 13.47 7.00 5.33 15.86 12.61 40.92 A- 23.04.2012 Baa1 26.10.2012
UNITED PARCEL SERVICE-CL B USD 78802 249 953 13 0 0 8 83.83 54127 54127 56762 60184 3201 3201 2013 2013 4.53 4.53 4.99 5.70 18.39 18.39 16.71 14.62 1.92 1.83 -59.29 6.62 5.91 A+ 21.09.2012 Aa3 16.01.2013
UNITED TECHNOLOGIES CORP USD 84175 286 919 23 0 1 5 103.86 57708 59691 64726 68379 9208 9625 2830 2830 5.40 5.60 6.11 6.98 16.39 16.39 15.03 13.16 3.50 1.05 1.09 2.29 16.12 A 02.10.2003 A2 22.04.1993
UNITEDHEALTH GROUP INC USD 60573 327 1019 17 0 2 11 67.75 110618 113676 122595 133548 10563 10425 2458 2458 5.28 5.13 5.45 5.85 11.52 11.52 10.85 10.11 8.60 8.38 10.17 4.09 9.17 A 24.09.2012 A3 21.07.2011
US BANCORP USD 61156 297 1869 52 5 1 8 22202 22007 20024 20626 - - - - 2.87 2.93 3.04 3.25 11.20 11.20 10.78 10.11 3.58 0.22 - - - A+ 20.08.2012 A1 06.12.2012
VERIZON COMMUNICATIONS INC USD 146798 759 2859 52 52 4 247.82 115846 117024 120534 125264 29620 30737 10596 10596 2.91 3.00 2.80 3.21 17.13 17.13 18.36 15.98 4.48 4.38 0.83 -0.97 26.27 A- 06.12.2010 A3 29.10.2008
VISA INC-CLASS A SHARES USD 110416 92 811 0 0 0 6 104.23 10421 10720 11581 12900 6572 6769 1852 1852 6.20 6.52 7.34 8.51 25.63 25.63 22.77 19.64 13.42 13.86 14.28 37.44 63.14 A+ 20.05.2008 - -
WAL-MART STORES INC USD 260926 295 3314 54 0 5 8 312.68 469162 469162 491789 514317 36302 36302 8036 8036 5.02 5.02 5.35 5.88 15.79 15.79 14.82 13.48 4.97 3.61 4.65 5.13 7.74 AA 09.07.1999 Aa2 06.03.1996
WALGREEN CO USD 46446 299 944 5 0 0 1 50.37 71633 70788 72615 75965 4630 4516 1492 1492 2.53 2.41 3.26 3.71 20.34 20.34 15.02 13.22 -0.76 3.97 -8.48 3.89 6.38 BBB 02.08.2012 Baa1 02.08.2012
WALT DISNEY CO/THE USD 112244 318 1780 14 0 2 3 128.84 42278 42840 45161 47974 10850 - 2750 2750 3.13 3.09 3.45 3.89 20.15 20.15 18.04 15.99 3.39 1.83 12.76 5.45 - A 22.12.2009 A2 23.05.2007
WELLS FARGO & CO USD 196796 592 5266 185 13 1 159 91247 90651 84755 86148 - - - - 3.39 3.56 3.71 3.92 10.45 10.45 10.03 9.50 4.17 14.16 - - - A+ 29.11.2011 A2 21.09.2011
WILLIAMS COS INC USD 26035 131 681 11 0 3 1 38.61 7486 7517 8117 9196 2368 2382 675 675 1.21 1.12 0.97 1.39 34.11 34.11 39.38 27.53 -5.60 -3.35 -31.97 -4.73 31.69 BBB 05.03.2012 Baa3 15.11.2007
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 2.21 2.21 2.02 1.84 2.21 1.42 1.42 1.36 1.30 1.42 9.87 9.87 9.26 9.54 9.87 8.83 8.83 8.15 7.63 8.83 14.28 14.28 12.81 11.63 14.28 2.19 2.19 2.35 2.54 2.19 1713.4 8.5%
Euro Stoxx 50 Pr 1.16 1.16 1.10 1.03 1.16 0.75 0.75 0.72 0.70 0.75 5.53 5.53 5.16 4.79 5.53 7.05 7.05 6.67 6.34 7.05 11.28 11.28 10.09 9.21 11.27 4.28 4.28 4.60 4.91 4.28 2912.8 8.9%
NIKKEI 225 1.57 1.57 1.47 1.42 1.57 0.74 0.74 0.72 0.71 0.74 9.10 9.10 8.47 8.23 9.10 8.77 8.77 8.17 7.84 8.77 20.95 20.95 16.44 14.59 20.95 1.49 1.49 1.72 1.87 1.49 12967.3 -6.3%
FTSE 100 INDEX 1.69 1.69 1.57 1.36 1.69 1.04 1.04 1.00 0.98 1.04 8.31 8.31 7.55 6.02 8.31 7.10 7.10 6.66 6.32 7.10 11.88 11.88 10.76 9.89 11.88 3.90 3.90 4.19 4.59 3.90 6894.5 7.5%
SWISS MARKET INDEX 2.37 2.37 2.23 2.03 2.37 2.01 2.01 1.90 1.82 2.01 12.26 12.26 11.26 10.01 12.26 13.22 13.22 12.23 11.44 13.22 14.89 14.89 13.33 12.11 14.89 3.29 3.29 3.66 4.17 3.29 8232.9 5.2%
S&P/TSX COMPOSITE INDEX 1.61 1.61 1.49 1.39 1.61 1.50 1.50 1.42 1.36 1.50 8.07 8.07 7.27 6.73 8.07 7.98 7.98 7.09 6.67 7.98 13.60 13.60 12.04 11.06 13.60 3.29 3.29 3.45 3.67 3.29 14426.1 19.3%
S&P/ASX 200 INDEX 1.93 1.93 1.83 1.73 1.93 1.86 1.86 1.75 1.66 1.86 11.50 11.50 10.23 9.33 11.50 9.59 9.59 8.47 7.83 9.59 15.61 15.61 13.94 12.80 15.61 4.27 4.27 4.58 4.94 4.27 5161.4 1.2%
HANG SENG INDEX 1.32 1.32 1.21 1.11 1.32 1.68 1.68 1.55 1.43 1.68 7.92 7.92 7.44 7.10 7.92 8.18 8.18 7.46 6.90 8.18 10.62 10.62 9.75 8.81 10.62 3.64 3.64 3.93 4.35 3.64 24850.7 12.0%
MSCI EM 1.41 1.41 1.28 1.19 1.41 0.98 0.98 0.91 0.87 0.98 6.87 6.87 6.34 5.99 6.87 7.18 7.18 6.56 6.23 7.18 10.60 10.60 9.52 8.91 10.60 3.15 3.15 3.61 3.52 3.15 1179.5 16.8%
3M CO 4.28 3.84 3.40 3.02 2.49 2.36 2.24 2.12 14.52 12.81 11.82 9.87 9.66 9.10 8.47 7.86 17.03 15.75 14.43 13.20 2.20 2.35 2.53 2.56 110.67 2.9%
ABBOTT LABORATORIES 2.29 2.54 2.34 2.09 1.47 2.60 2.45 2.19 2.16 6.49 15.99 14.63 12.52 13.91 5.07 12.28 11.34 10.14 8.58 7.34 18.61 16.43 14.79 13.17 2.10 1.52 1.70 1.91 2.10 37.80 1.8%
ABBVIE INC 25.86 13.37 9.14 6.84 3.87 3.85 3.76 3.54 3.33 10.44 11.75 11.84 11.13 10.17 10.72 11.01 10.87 10.07 9.36 11.97 14.40 13.94 12.60 11.29 3.57 3.57 3.67 3.86 4.64 43.67 -2.7%
ACCENTURE PLC-CL A 10.98 8.95 7.23 6.45 1.92 1.84 1.72 1.62 1.49 15.27 13.21 13.33 12.20 11.02 9.96 9.53 8.97 8.32 20.13 17.94 16.52 15.32 1.67 2.10 2.31 2.42 79.63 3.2%
ALLSTATE CORP 1.18 1.09 1.00 0.91 0.72 0.71 0.69 0.69 13.48 10.51 9.64 9.01 1.77 1.96 2.08 2.17 52.83 6.1%
ALTRIA GROUP INC 18.51 17.26 16.07 14.65 4.13 4.06 3.98 4.02 20.73 17.07 15.81 14.31 10.97 10.73 10.30 10.04 16.19 14.91 13.91 13.08 4.79 5.16 5.59 6.01 36.25 1.5%
AMAZON.COM INC 15.92 13.09 10.69 8.12 6.44 1.96 1.61 1.31 1.08 0.88 41.33 29.11 19.63 14.66 7.90 35.71 24.84 18.11 13.20 9.27 139.33 77.51 46.50 26.55 17.80 0.00 0.00 0.00 0.00 315.00 17.7%
AMERICAN ELECTRIC POWER 1.61 1.54 1.48 1.42 1.59 1.55 1.52 1.54 1.55 7.30 6.97 7.16 7.24 8.96 8.91 8.63 8.65 14.78 16.64 16.03 15.27 14.71 14.30 3.71 3.82 3.99 4.16 4.33 50.56 -0.1%
AMERICAN EXPRESS CO 3.89 3.69 3.36 3.36 2.34 2.24 2.12 1.98 15.42 14.05 12.64 11.32 1.18 1.32 1.45 1.60 68.65 2.1%
AMGEN INC 4.11 3.45 3.03 2.64 4.57 4.39 4.28 4.26 4.24 12.76 14.21 12.94 14.52 27.75 10.94 11.04 9.86 9.60 16.19 14.47 12.72 12.19 11.89 1.36 1.78 2.18 2.40 2.26 109.18 3.8%
ANADARKO PETROLEUM CORP 1.97 1.76 1.57 1.36 3.15 2.78 2.48 2.28 2.19 5.58 5.19 4.63 3.84 4.10 6.48 5.55 4.91 4.40 4.35 24.71 19.89 15.83 14.03 13.60 0.44 0.44 0.44 0.44 107.63 30.1%
APACHE CORP 0.90 0.80 0.72 0.69 1.64 1.57 1.46 1.40 2.88 2.84 2.60 2.33 3.37 3.28 3.04 2.97 7.42 7.75 7.15 7.07 0.99 1.12 1.14 1.17 98.88 38.9%
APPLE INC 3.21 2.64 2.28 1.80 1.32 2.40 2.12 1.93 1.73 1.55 7.29 6.83 6.62 6.11 4.07 4.15 3.77 3.40 2.80 9.04 9.53 8.68 7.87 8.65 0.66 2.77 3.01 3.31 2.65 543.52 35.8%
AT&T INC 2.14 2.30 2.22 2.19 2.43 1.57 1.55 1.52 1.49 1.47 6.17 6.01 5.90 5.78 6.48 6.43 6.19 5.95 5.70 15.63 14.60 13.54 12.70 11.72 4.81 4.93 5.04 5.19 5.32 37.45 1.9%
BAKER HUGHES INC 1.14 1.08 1.00 0.92 0.94 0.91 0.84 0.79 7.94 6.90 5.67 5.40 6.20 6.07 5.06 4.53 14.01 14.65 10.96 9.35 1.41 1.34 1.34 1.37 50.27 12.1%
BANK OF AMERICA CORP 0.60 0.58 0.54 0.52 0.47 1.52 1.46 1.43 1.39 1.36 29.49 11.35 8.63 7.60 21.14 11.86 9.24 8.11 6.21 0.32 0.49 1.57 2.48 4.90 13.05 6.6%
BANK OF NEW YORK MELLON CORP 0.90 0.87 0.83 0.80 2.21 2.18 2.08 1.99 12.02 10.82 9.84 8.64 12.98 12.27 10.82 9.73 1.88 2.13 2.44 2.81 29.33 6.1%
BAXTER INTERNATIONAL INC 5.15 4.61 3.83 3.23 3.00 2.67 2.44 2.24 2.14 2.03 12.78 11.85 10.11 9.40 9.14 10.24 9.61 8.61 8.09 7.50 15.38 14.94 13.48 12.36 11.22 2.07 2.49 2.63 2.96 3.32 76.08 9.3%
BERKSHIRE HATHAWAY INC-CL B 119.00 11.5%
BOEING CO/THE 8.39 7.93 7.30 5.65 0.84 0.82 0.75 0.74 0.70 13.24 11.03 9.00 9.90 8.37 8.20 7.27 6.96 18.15 14.29 12.76 11.65 10.85 1.93 2.07 2.29 2.43 93.95 3.2%
BRISTOL-MYERS SQUIBB CO 4.37 5.14 4.88 4.72 3.91 4.15 3.85 3.81 3.58 15.02 17.84 15.54 16.75 13.24 16.69 13.91 14.60 12.59 21.35 22.80 19.43 19.91 18.05 3.26 3.35 3.41 3.49 3.65 38.77 -7.3%
CAPITAL ONE FINANCIAL CORP 0.81 0.75 0.70 0.67 1.53 1.49 1.50 1.44 7.82 9.10 8.56 8.44 8.01 0.36 1.73 2.55 2.84 64.65 14.8%
CATERPILLAR INC 3.07 2.72 2.29 1.97 0.84 0.93 0.86 0.81 0.54 6.98 7.76 6.92 6.08 5.41 6.78 5.92 5.30 9.25 11.80 10.13 8.77 2.34 2.34 2.54 2.70 99.70 18.7%
CHEVRON CORP 1.70 1.54 1.39 1.28 1.16 0.97 0.96 0.99 0.91 0.84 6.18 5.78 5.57 5.16 4.60 3.91 3.95 3.87 3.75 3.50 9.59 9.51 9.40 9.06 8.47 2.97 3.17 3.37 3.56 3.64 131.10 10.9%
CISCO SYSTEMS INC 2.07 1.87 1.73 1.64 2.36 2.23 2.11 1.98 9.77 9.06 8.78 8.16 5.45 5.20 5.04 4.84 11.11 10.21 9.66 8.95 1.28 2.80 2.98 3.30 23.97 17.6%
CITIGROUP INC 0.73 0.71 0.66 0.61 2.00 1.80 1.76 1.68 13.60 9.45 8.35 7.48 11.48 9.96 8.80 7.62 0.09 0.28 1.31 2.40 53.50 14.3%
COCA-COLA CO/THE 5.91 5.73 5.38 5.06 3.93 3.88 3.70 3.52 3.33 17.50 16.68 15.09 13.82 12.85 15.41 14.71 13.73 12.73 11.85 21.24 19.75 18.13 16.71 15.15 2.41 2.63 2.82 3.13 3.22 46.06 8.3%
COLGATE-PALMOLIVE CO 9.97 25.72 23.95 16.53 3.26 3.15 2.99 2.82 2.63 18.86 17.73 16.05 14.54 13.16 13.71 13.21 12.16 11.34 10.04 22.27 20.92 18.93 17.21 15.60 2.01 2.23 2.42 2.69 3.04 117.65 -1.4%
COMCAST CORP-CLASS A 2.17 2.15 2.06 1.86 1.91 1.71 1.67 1.57 1.51 1.44 7.80 7.25 6.65 6.10 7.70 7.25 6.83 6.46 6.15 20.72 17.28 15.11 12.99 11.17 1.56 1.89 2.15 2.42 2.51 46.43 13.8%
CONOCOPHILLIPS 1.34 1.29 1.20 1.09 1.15 1.30 1.24 1.28 5.28 4.73 4.39 4.35 4.23 3.86 4.10 3.79 3.83 4.11 10.22 10.62 9.68 9.78 9.39 4.57 4.61 4.74 4.78 4.53 63.07 8.2%
COSTCO WHOLESALE CORP 3.59 4.27 3.84 3.28 3.23 0.48 0.44 0.41 0.39 0.36 13.99 14.91 13.59 13.14 12.68 11.37 10.35 9.49 8.80 27.94 23.76 21.50 19.69 17.74 0.92 6.69 1.17 1.33 1.21 108.91 0.7%
CVS CAREMARK CORP 1.95 1.85 1.76 1.66 0.58 0.57 0.55 0.54 0.51 12.15 10.54 9.59 8.73 8.93 8.20 7.74 7.48 6.74 17.05 14.63 13.16 11.77 10.74 1.12 1.48 1.76 2.30 60.20 3.8%
DEVON ENERGY CORPORATION 0.98 0.94 0.85 0.78 2.47 2.21 1.95 1.89 4.61 4.32 3.62 3.17 5.34 4.68 3.97 3.70 16.55 15.19 11.01 9.96 1.36 1.57 1.63 1.66 70.88 32.7%
DOW CHEMICAL CO/THE 1.72 1.79 1.66 1.53 0.68 0.65 0.62 0.60 0.57 7.98 7.79 6.26 5.70 8.09 7.31 6.59 6.20 5.44 16.63 13.63 10.93 9.17 8.20 3.83 4.08 4.22 4.31 35.67 11.5%
EBAY INC 3.46 2.99 2.55 2.21 1.86 4.92 4.24 3.64 3.09 2.73 17.79 14.57 12.78 10.67 9.47 13.85 11.92 10.28 8.56 7.41 22.66 19.45 16.51 14.09 12.31 0.00 0.00 0.00 0.00 63.81 19.7%
DU PONT (E.I.) DE NEMOURS 4.81 3.66 3.02 2.79 1.39 1.34 1.26 1.19 1.11 12.13 10.56 9.06 8.24 8.73 8.14 7.62 6.88 6.64 16.00 13.52 12.07 10.63 9.84 3.21 3.32 3.51 3.59 3.27 54.00 2.6%
ELI LILLY & CO 4.08 3.75 3.64 3.48 2.87 2.80 3.24 3.15 2.96 12.93 10.98 14.84 13.68 10.34 9.54 12.57 11.75 11.59 17.12 14.59 20.23 18.06 15.60 3.44 3.44 3.45 3.45 3.44 56.00 -1.7%
EMC CORP/MA 2.12 1.86 1.68 1.40 2.19 2.03 1.87 1.70 1.55 8.29 7.47 6.70 7.07 6.98 6.04 5.60 5.19 13.36 12.17 10.94 9.82 7.83 0.00 0.00 0.00 0.00 29.85 32.0%
EMERSON ELECTRIC CO 3.69 3.54 3.17 2.77 1.63 1.58 1.50 1.41 12.24 11.62 10.61 9.82 8.89 8.54 7.91 7.47 16.49 15.35 13.81 12.45 2.90 2.97 3.18 3.46 61.67 11.9%
EXELON CORP 1.43 1.36 1.33 1.27 1.58 1.31 1.23 1.24 1.24 1.09 6.10 6.46 6.60 6.47 6.80 8.00 7.98 8.16 7.82 7.57 12.90 14.83 15.94 15.43 14.29 5.68 4.04 3.58 3.55 4.52 34.63 -6.3%
EXXON MOBIL CORP 2.45 2.22 2.04 1.84 1.66 0.87 0.92 0.91 0.92 0.92 7.57 7.35 7.02 6.53 5.61 4.69 5.09 4.97 4.67 4.53 11.37 11.24 10.97 10.40 9.40 2.42 2.66 2.85 3.05 3.28 94.37 5.5%
FEDEX CORP 1.76 1.92 1.69 1.49 1.12 0.70 0.68 0.64 0.61 0.58 6.76 7.32 6.34 5.53 5.43 5.31 4.56 3.95 3.48 14.60 15.59 12.59 10.44 9.04 0.55 0.59 0.66 0.79 0.85 113.92 20.0%
FORD MOTOR CO 2.62 2.37 1.94 1.54 1.29 0.41 0.38 0.36 0.34 0.34 7.95 5.74 4.93 4.26 4.21 4.20 3.89 3.42 2.89 2.48 9.89 9.37 7.80 6.64 6.10 1.67 3.01 3.09 3.28 3.58 15.00 13.0%
FREEPORT-MCMORAN COPPER 1.55 1.33 1.17 1.09 1.55 1.28 1.19 1.14 1.15 6.07 4.40 3.62 3.68 4.64 3.51 3.00 2.98 2.52 9.32 7.95 6.94 7.36 5.15 4.17 4.23 4.31 4.33 4.23 38.33 29.8%
GENERAL DYNAMICS CORP 1.72 1.98 1.84 1.69 0.77 0.79 0.80 0.80 0.79 8.39 8.42 7.73 7.83 5.72 6.10 5.95 5.90 5.69 10.14 10.55 9.89 9.41 9.55 2.84 3.03 3.40 3.53 75.50 7.3%
GENERAL ELECTRIC CO 1.83 1.79 1.68 1.63 1.54 1.52 1.46 1.42 10.59 9.99 8.55 7.72 8.28 7.41 6.87 6.41 14.44 13.00 11.94 10.99 3.17 3.56 3.97 4.29 25.80 18.9%
GILEAD SCIENCES INC 7.70 6.22 4.93 3.73 8.23 7.28 6.03 4.84 4.05 24.44 23.41 14.29 8.70 17.95 17.78 12.64 9.21 10.82 25.85 24.81 17.23 11.80 8.97 0.00 0.00 0.00 0.00 60.59 17.3%
GOLDMAN SACHS GROUP INC 1.01 0.92 0.84 0.79 2.10 2.01 1.97 2.01 9.35 7.87 7.64 7.28 11.78 10.04 9.42 8.92 1.28 1.39 1.49 1.55 157.87 9.9%
GOOGLE INC-CL A 3.78 3.18 2.68 2.21 1.92 6.48 5.68 4.89 4.28 3.83 16.87 14.80 12.49 10.61 9.53 12.17 10.46 8.86 7.60 6.65 20.52 17.63 15.29 12.90 11.23 0.00 0.00 0.00 0.00 895.83 9.9%
HALLIBURTON CO 2.43 2.15 1.83 1.54 1.35 1.29 1.17 1.08 9.27 8.07 6.84 6.11 6.77 6.47 5.37 4.74 13.75 12.87 10.18 8.74 1.02 1.18 1.32 1.50 50.59 23.7%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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 2.21 2.21 2.02 1.84 2.21 1.42 1.42 1.36 1.30 1.42 9.87 9.87 9.26 9.54 9.87 8.83 8.83 8.15 7.63 8.83 14.28 14.28 12.81 11.63 14.28 2.19 2.19 2.35 2.54 2.19 1713.4 8.5%
Euro Stoxx 50 Pr 1.16 1.16 1.10 1.03 1.16 0.75 0.75 0.72 0.70 0.75 5.53 5.53 5.16 4.79 5.53 7.05 7.05 6.67 6.34 7.05 11.28 11.28 10.09 9.21 11.27 4.28 4.28 4.60 4.91 4.28 2912.8 8.9%
NIKKEI 225 1.57 1.57 1.47 1.42 1.57 0.74 0.74 0.72 0.71 0.74 9.10 9.10 8.47 8.23 9.10 8.77 8.77 8.17 7.84 8.77 20.95 20.95 16.44 14.59 20.95 1.49 1.49 1.72 1.87 1.49 12967.3 -6.3%
FTSE 100 INDEX 1.69 1.69 1.57 1.36 1.69 1.04 1.04 1.00 0.98 1.04 8.31 8.31 7.55 6.02 8.31 7.10 7.10 6.66 6.32 7.10 11.88 11.88 10.76 9.89 11.88 3.90 3.90 4.19 4.59 3.90 6894.5 7.5%
SWISS MARKET INDEX 2.37 2.37 2.23 2.03 2.37 2.01 2.01 1.90 1.82 2.01 12.26 12.26 11.26 10.01 12.26 13.22 13.22 12.23 11.44 13.22 14.89 14.89 13.33 12.11 14.89 3.29 3.29 3.66 4.17 3.29 8232.9 5.2%
S&P/TSX COMPOSITE INDEX 1.61 1.61 1.49 1.39 1.61 1.50 1.50 1.42 1.36 1.50 8.07 8.07 7.27 6.73 8.07 7.98 7.98 7.09 6.67 7.98 13.60 13.60 12.04 11.06 13.60 3.29 3.29 3.45 3.67 3.29 14426.1 19.3%
S&P/ASX 200 INDEX 1.93 1.93 1.83 1.73 1.93 1.86 1.86 1.75 1.66 1.86 11.50 11.50 10.23 9.33 11.50 9.59 9.59 8.47 7.83 9.59 15.61 15.61 13.94 12.80 15.61 4.27 4.27 4.58 4.94 4.27 5161.4 1.2%
HANG SENG INDEX 1.32 1.32 1.21 1.11 1.32 1.68 1.68 1.55 1.43 1.68 7.92 7.92 7.44 7.10 7.92 8.18 8.18 7.46 6.90 8.18 10.62 10.62 9.75 8.81 10.62 3.64 3.64 3.93 4.35 3.64 24850.7 12.0%
MSCI EM 1.41 1.41 1.28 1.19 1.41 0.98 0.98 0.91 0.87 0.98 6.87 6.87 6.34 5.99 6.87 7.18 7.18 6.56 6.23 7.18 10.60 10.60 9.52 8.91 10.60 3.15 3.15 3.61 3.52 3.15 1179.5 16.8%
HEWLETT-PACKARD CO 1.18 1.48 1.27 1.03 0.32 0.34 0.35 0.35 4.33 4.13 3.97 3.88 3.39 3.95 4.03 4.09 4.96 5.81 5.59 5.59 2.52 2.58 2.67 2.87 19.29 -3.7%
HJ HEINZ CO 6.83 7.44 6.70 5.93 1.99 2.00 1.93 1.84 1.77 17.46 15.89 14.42 13.53 13.50 13.16 12.39 11.69 11.23 21.70 20.25 19.01 17.87 16.27 2.65 2.85 3.02 3.19 70.67 -2.4%
HOME DEPOT INC 6.29 6.51 6.59 7.43 8.72 1.47 1.42 1.36 1.31 1.25 17.71 15.28 12.91 12.18 12.38 11.26 10.30 9.77 9.14 24.15 20.87 17.87 15.79 13.96 1.47 2.14 2.47 2.72 3.01 73.26 -0.6%
HONEYWELL INTERNATIONAL INC 4.40 3.82 3.22 2.70 1.57 1.50 1.42 1.36 1.26 15.09 12.63 11.53 10.59 9.65 8.92 8.18 7.74 16.69 15.11 13.53 12.35 11.21 2.02 2.20 2.45 2.64 80.91 8.1%
INTEL CORP 2.37 2.11 1.93 1.86 2.16 2.15 2.06 2.00 2.08 6.60 6.69 6.09 6.00 4.91 5.11 4.74 4.78 5.18 10.49 12.17 11.49 11.94 11.96 3.73 3.90 3.98 4.15 23.28 -0.1%
INTL BUSINESS MACHINES CORP 8.56 8.17 6.50 6.97 10.92 2.05 2.06 2.01 1.96 1.88 10.56 9.17 8.40 7.59 6.70 8.93 8.44 8.01 7.47 7.10 12.67 11.48 10.45 9.48 8.81 1.70 1.82 1.96 2.04 2.56 220.95 15.3%
JOHNSON & JOHNSON 3.63 3.22 2.87 2.63 2.40 3.53 3.35 3.22 3.11 2.98 13.84 12.38 11.47 10.95 10.53 10.91 10.17 9.53 9.00 8.39 16.69 15.71 14.72 13.82 12.95 2.76 2.98 3.18 3.40 3.79 87.35 2.8%
JPMORGAN CHASE & CO 0.95 0.87 0.81 0.76 1.86 1.84 1.79 1.72 9.78 8.48 8.02 7.21 9.73 8.59 8.14 7.71 2.46 2.99 3.33 3.72 55.95 15.6%
LOCKHEED MARTIN CORP 13.35 39.75 22.14 13.23 0.68 0.70 0.72 0.73 0.71 8.35 8.21 8.24 7.97 6.69 6.47 6.48 6.19 5.19 11.60 10.91 10.84 10.01 10.65 4.25 4.78 5.17 5.66 100.92 3.1%
LOWE'S COS INC 3.05 3.21 3.33 3.31 3.73 0.82 0.79 0.76 0.73 0.70 12.74 10.36 8.76 8.57 10.35 9.63 8.79 8.15 7.44 6.80 21.85 18.09 14.94 12.03 10.09 1.62 1.85 2.05 2.57 3.36 40.27 6.4%
MASTERCARD INC-CLASS A 9.06 7.70 5.98 5.20 8.84 7.90 7.04 6.21 5.66 23.30 19.22 15.61 14.49 14.48 12.51 10.85 9.51 8.78 24.24 20.96 17.69 14.99 0.20 0.30 0.31 0.43 579.32 8.7%
MCDONALD'S CORP 7.19 6.32 5.94 5.17 3.32 3.67 3.53 3.34 3.14 2.92 14.71 13.60 12.48 11.45 11.27 10.78 10.12 9.39 8.69 18.93 17.60 16.06 14.48 13.01 2.85 3.13 3.43 3.75 107.00 6.4%
MEDTRONIC INC 2.70 2.56 2.26 2.00 1.89 2.89 2.85 2.77 2.69 2.60 10.73 10.33 9.90 9.25 9.15 9.24 9.30 9.02 8.66 8.49 13.49 12.58 12.05 11.32 10.61 2.12 2.27 2.45 2.68 2.97 50.93 9.6%
MERCK & CO. INC. 2.60 2.55 2.36 2.19 3.12 3.19 3.13 3.07 2.99 10.32 10.51 10.13 8.64 7.61 8.33 8.09 7.80 6.86 12.78 13.38 12.70 12.05 11.08 3.46 3.52 3.60 3.69 4.31 51.50 6.0%
METLIFE INC 0.71 0.68 0.62 0.56 0.61 0.59 0.57 0.55 7.27 7.17 6.70 6.21 2.05 2.54 2.99 3.27 45.00 18.8%
MICROSOFT CORP 3.70 3.25 2.65 2.31 3.50 3.28 3.04 2.87 2.91 9.22 8.53 7.62 7.13 6.42 6.16 5.57 5.22 5.38 11.52 11.15 10.03 9.25 2.50 2.92 3.13 3.39 32.62 5.5%
MONDELEZ INTERNATIONAL INC-A 1.70 1.67 1.57 1.53 1.61 1.55 1.46 1.37 1.31 120.68 16.28 13.13 11.20 12.76 12.13 11.27 10.38 9.69 22.18 20.29 18.05 15.98 13.95 1.63 1.67 1.85 2.18 2.17 30.74 -3.2%
MONSANTO CO 4.64 4.19 3.69 3.21 4.05 3.66 3.43 3.22 3.19 21.04 18.89 16.15 14.35 14.22 12.30 10.96 9.93 9.77 27.93 22.52 19.56 17.29 16.16 1.10 1.43 1.52 1.56 116.82 12.5%
MORGAN STANLEY 0.70 0.67 0.63 0.60 1.54 1.33 1.24 1.19 34.82 10.85 8.12 6.84 15.93 10.56 8.49 7.71 0.95 0.98 1.26 1.48 24.95 15.5%
NATIONAL OILWELL VARCO INC 1.42 1.27 1.14 1.01 0.94 1.46 1.26 1.17 1.10 1.09 11.81 9.26 8.01 7.79 8.30 6.68 6.34 5.66 5.10 6.08 11.48 11.28 9.81 8.86 8.96 0.70 0.76 0.79 0.85 0.74 85.56 27.4%
NEWS CORP-CL A 2.82 2.70 2.51 2.27 1.93 2.15 2.05 1.93 1.84 1.75 17.58 12.03 12.93 11.18 10.75 12.37 11.48 10.27 9.32 8.60 22.36 18.76 16.04 13.47 11.50 0.54 0.57 0.59 0.62 33.41 6.4%
NIKE INC -CL B 5.55 4.40 4.09 3.61 5.13 2.28 2.18 2.01 1.87 1.75 24.34 21.34 18.18 15.34 14.72 13.93 12.35 11.06 10.43 25.00 23.08 20.18 17.48 15.59 1.13 1.30 1.46 1.61 62.86 1.9%
NORFOLK SOUTHERN CORP 2.38 2.26 2.05 1.87 2.14 2.09 1.96 1.87 1.75 8.04 7.72 7.05 6.98 7.69 7.54 6.88 6.44 5.98 14.20 13.39 11.73 10.42 9.46 2.52 2.74 2.93 3.15 83.05 11.0%
OCCIDENTAL PETROLEUM CORP 1.63 1.50 1.37 1.28 2.82 2.55 2.52 2.57 5.94 5.48 5.12 4.58 5.17 4.59 4.26 4.33 11.96 11.71 10.98 10.51 2.65 2.95 3.33 3.52 100.33 21.0%
ORACLE CORP 3.68 3.37 2.74 2.32 4.13 4.09 3.88 3.68 3.40 12.23 10.79 10.21 9.38 7.56 7.67 7.00 6.49 13.44 12.10 11.10 10.13 0.74 0.91 0.80 0.90 37.69 15.9%
PEPSICO INC 6.05 5.52 5.37 5.27 1.98 1.91 1.82 1.73 1.64 15.26 13.34 12.64 11.13 8.96 12.34 11.71 11.03 10.34 9.43 20.56 18.89 17.47 15.99 14.13 2.54 2.70 2.90 3.11 3.37 86.09 3.0%
PFIZER INC 2.84 2.72 2.67 2.51 3.80 3.88 3.93 3.93 3.87 12.10 10.97 9.95 9.31 9.96 7.78 8.25 8.22 8.46 9.01 14.26 13.59 12.90 12.43 11.79 2.84 3.08 3.25 3.38 3.73 31.20 1.1%
PHILIP MORRIS INTERNATIONAL 4.92 4.80 4.56 4.36 4.05 15.45 13.97 12.77 12.18 11.94 11.53 10.77 10.10 9.58 18.11 16.77 15.03 13.59 12.61 3.47 3.81 4.23 4.68 5.15 97.47 3.3%
PROCTER & GAMBLE CO/THE 3.35 3.35 3.26 3.04 2.54 2.52 2.43 2.33 2.21 16.97 15.49 13.86 12.85 12.91 12.47 11.70 10.96 10.13 20.43 19.20 17.83 16.36 14.81 2.71 2.92 3.15 3.36 3.74 80.70 3.6%
QUALCOMM INC 3.45 3.01 2.12 2.34 6.02 4.71 4.23 3.99 16.62 13.55 12.76 12.49 11.66 8.86 8.01 7.25 18.21 14.60 13.43 12.74 1.35 1.54 1.75 2.12 76.25 15.1%
RAYTHEON COMPANY 2.21 2.56 2.39 1.92 0.77 0.79 0.81 0.82 0.75 10.57 9.80 10.03 7.91 5.84 6.32 6.27 5.63 10.42 10.88 10.46 8.58 9.46 3.40 3.77 4.15 4.43 56.75 -1.8%
SCHLUMBERGER LTD 2.74 2.54 2.19 1.86 2.29 2.12 1.90 1.73 12.07 10.40 8.78 8.42 9.15 8.34 7.28 6.36 17.37 15.57 12.80 11.00 1.51 1.68 1.77 1.87 90.04 23.8%
SIMON PROPERTY GROUP INC 8.95 9.59 10.00 10.32 11.34 10.54 10.02 9.94 26.17 24.38 21.46 18.87 21.74 19.76 18.63 16.68 41.62 50.11 43.00 24.93 2.36 2.69 2.92 3.23 3.58 177.00 0.7%
SOUTHERN CO/THE 2.18 2.11 2.03 1.94 2.39 2.35 2.27 2.19 1.94 9.29 9.40 9.03 8.63 10.51 10.00 9.48 8.95 8.07 18.27 17.36 16.57 15.76 15.20 4.07 4.22 4.36 4.52 4.70 46.82 -2.3%
STARBUCKS CORP 8.36 7.77 6.89 5.65 3.91 3.34 2.98 2.66 2.38 2.09 23.53 19.12 16.60 14.12 16.65 14.01 11.86 10.21 9.28 33.39 27.38 22.64 18.93 16.49 1.17 1.44 1.71 2.07 65.54 10.4%
TARGET CORP 2.76 2.61 2.42 2.24 1.96 0.61 0.59 0.56 0.53 0.50 8.66 5.86 7.09 6.60 5.67 8.26 8.40 7.58 7.16 6.64 14.61 14.22 12.67 10.96 9.56 1.89 2.21 2.33 2.95 72.27 3.8%
TEXAS INSTRUMENTS INC 3.64 3.53 3.39 3.25 3.08 3.22 3.06 2.93 2.75 13.75 12.34 10.68 10.39 11.78 11.01 9.51 9.10 9.14 21.54 19.73 16.05 14.58 15.44 2.00 2.84 3.04 3.14 35.04 -1.3%
TIME WARNER INC 1.82 1.81 1.66 1.49 1.61 1.95 1.89 1.81 1.74 1.65 13.51 11.83 11.08 9.81 10.62 9.80 9.06 8.48 7.90 18.78 16.37 14.11 12.36 10.57 1.73 1.89 2.03 2.13 2.54 61.75 2.5%
UNION PACIFIC CORP 3.48 3.17 2.84 2.54 3.26 3.07 2.86 2.71 2.60 11.52 10.08 9.20 8.70 8.94 8.16 7.42 6.86 6.42 17.78 15.40 13.47 12.03 10.91 1.67 1.92 2.13 2.37 156.75 7.0%
UNITED PARCEL SERVICE-CL B 10.29 13.49 11.65 11.00 4.27 1.46 1.39 1.31 1.23 1.14 12.58 11.18 9.46 9.42 9.43 8.85 8.10 7.46 6.16 18.17 16.71 14.62 13.00 11.01 2.72 2.96 3.21 3.46 3.90 91.91 10.3%
UNITED TECHNOLOGIES CORP 3.30 2.94 2.64 2.32 1.45 1.30 1.23 1.19 1.07 12.99 11.78 10.09 9.14 11.21 9.58 8.76 8.35 17.25 15.04 13.16 11.75 10.49 2.19 2.39 2.59 2.82 102.84 12.0%
UNITEDHEALTH GROUP INC 2.03 1.77 1.59 1.44 0.55 0.49 0.45 0.41 9.96 8.72 7.87 7.84 6.70 6.35 5.92 5.87 5.67 11.20 10.85 10.11 9.04 7.49 1.28 1.49 1.56 1.63 69.33 17.3%
US BANCORP 1.77 1.62 1.51 1.38 3.02 3.06 2.97 2.82 10.98 10.47 9.82 8.78 11.47 10.79 10.11 9.24 8.64 2.36 2.70 2.99 3.46 37.12 13.1%
VERIZON COMMUNICATIONS INC 3.67 4.10 3.72 3.65 1.27 1.22 1.17 1.14 1.10 4.79 4.09 3.91 3.67 6.53 5.95 5.57 5.30 5.10 21.64 18.35 15.98 14.44 13.50 3.93 4.05 4.15 4.30 4.30 53.71 4.7%
VISA INC-CLASS A SHARES 3.94 3.73 3.24 2.98 10.64 9.52 8.55 7.59 6.86 23.74 22.29 16.81 16.26 18.04 14.00 12.37 10.75 9.96 27.16 22.77 19.64 17.08 14.96 0.52 0.75 0.84 0.89 174.54 4.4%
WAL-MART STORES INC 3.44 3.15 2.90 2.53 2.21 0.56 0.53 0.51 0.47 0.46 10.13 9.35 8.76 7.86 6.79 8.56 8.29 7.83 7.50 7.57 16.12 14.82 13.48 12.19 10.93 2.03 2.36 2.58 2.95 78.21 -1.3%
WALGREEN CO 2.64 2.34 2.15 2.04 0.65 0.64 0.61 0.59 0.48 11.86 13.11 12.18 9.38 10.45 9.05 8.21 7.76 5.22 18.97 15.02 13.22 12.24 10.32 1.91 2.20 2.42 2.81 48.94 -0.2%
WALT DISNEY CO/THE 2.75 2.64 2.47 2.24 2.39 2.64 2.49 2.34 2.18 2.08 14.22 12.61 11.36 10.13 9.21 11.51 10.51 9.62 8.86 8.42 20.20 18.04 15.99 13.98 12.54 0.96 1.10 1.23 1.27 1.69 62.72 0.9%
WELLS FARGO & CO 1.37 1.25 1.16 1.08 2.30 2.32 2.28 2.22 10.43 9.63 9.17 7.97 11.15 10.03 9.50 8.97 8.55 2.36 3.04 3.38 3.78 40.71 9.4%
WILLIAMS COS INC 5.03 4.02 4.35 3.52 3.44 3.21 2.83 2.80 14.67 15.19 11.50 11.51 15.32 14.16 11.11 10.59 10.44 34.35 39.39 27.53 25.63 22.88 3.20 3.80 4.59 5.40 5.34 39.20 2.6%
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] |
24.04.2013
3M Co. conducts operations in electronics, telecommunications, industrial,
consumer and office, health care, safety, and other markets. The Company's
businesses share technologies, manufacturing operations, brands, marketing
channels, and other resources. 3M serves customers in countries located around
the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.04.2013) 108.71
52-Week Low (04.06.2012) 81.99
Daily Volume
107.53
52-Week High % Change -1.02% Dividend Yield 2.19
52-Week Low % Change 31.15% Beta 0.98
% 52 Week Price Range High/Low 95.06% Equity Float 689.13
Shares Out 31.01.2013 690.0 Short Int 9.93
74'194.65 1 Yr Total Return 24.72%
Total Debt 6'001.00 YTD Return 16.53%
Preferred Stock 0.0 Adjusted BETA 0.979
Minority Interest 465.0 Analyst Recs 21
Cash and Equivalents 5'693.00 Consensus Rating 3.857
Enterprise Value 74'967.65
Average Volume 5 Day 758'628
MMM UN EQUITY YTD Change - Average Volume 30 Day 755'019
MMM UN EQUITY YTD % CHANGE - Average Volume 3 Month 775'414
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
25'269.0 23'123.0 26'662.0 29'611.0 29'904.0 29'611 29'904 31'475 33'193 7'808 7'957
1.76x 2.61x 2.33x 1.95x 2.16x 8.30x 8.52x 2.44x 2.28x 9.95x 9.72x
6'394.0 5'971.0 7'038.0 7'414.0 7'771.0 7'414.0 7'771.0 8'249.4 8'866.4 1'978.3 2'112.3
6.96x 10.11x 8.84x 7.80x 8.31x 7.80x 8.31x 9.10x 8.47x 9.04x -
3'460.0 3'193.0 4'085.0 4'283.0 4'444.0 4'283.0 4'444.0 4'749.2 5'156.8 1'151.0 1'238.4
11.13x 17.63x 15.01x 13.71x 14.69x 13.71x 14.62x 15.75x 14.43x 15.75x -
EBITDA 7'771.00 Long-Term Rating Date 18.03.2009
EBIT 6'483.00 Long-Term Rating AA-
Operating Margin 21.68% Long-Term Outlook STABLE
Pretax Margin 21.24% Short-Term Rating Date 23.11.1981
Return on Assets 13.57% Short-Term Rating A-1+
Return on Common Equity 26.94%
Return on Capital 20.56% EBITDA/Interest Exp. 40.06
Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. 32.41
Net Debt/EBITDA 0.04
Gross Margin 47.5% Total Debt/EBITDA 0.77
EBITDA Margin 26.0%
EBIT Margin 21.7% Total Debt/Equity 34.1%
Net Income Margin 14.9% Total Debt/Capital 25.0%
Asset Turnover 0.91
Current Ratio 2.20 Net Fixed Asset Turnover 3.73
Quick Ratio 1.39 Accounts receivable turnover-days 48.52
Debt to Assets 17.71% Inventory Days 84.62
Tot Debt to Common Equity 34.15% Accounts Payable Turnover Day 38.69
Accounts Receivable Turnover 7.54 Cash Conversion Cycle 94.45
Inventory Turnover 4.33
Fiscal Year Ended
3M CoPrice/Volume
Valuation Analysis
107'411.00
Current Price (4/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!& 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 67'669'888 9.81 (176'403) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 41'038'740 5.95 - 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 34'962'057 5.07 588'236 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 19'002'823 2.75 (974'867) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 13'771'070 2 (184'132) 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 11'131'700 1.61 33'100 31.12.2012 Insurance Company
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'940'996 1.44 (35'455) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 8'915'016 1.29 2'510'797 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'874'449 1.14 (174'878) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'768'462 1.13 192'599 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'380'783 1.07 87'111 31.12.2012 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 7'094'958 1.03 37'123 31.12.2012 Investment Advisor
US BANCORP US BANCORP 13F 6'955'267 1.01 (408'394) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 6'497'326 0.94 721'198 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'497'093 0.94 1'596'070 28.02.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 5'714'251 0.83 60'000 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 5'326'652 0.77 169'424 31.12.2012 Government
UBS n/a ULT-AGG 4'327'360 0.63 (247'022) 28.02.2013 Unclassified
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'233'480 0.61 (400'148) 31.12.2012 Investment Advisor
LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 4'076'180 0.59 205'112 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays SCOTT R DAVIS equalweight 3 M 104 Not Provided 15.04.2013
FBR Capital Markets AJAY K KEJRIWAL outperform 5 M 110 12 month 12.04.2013
Sanford C. Bernstein & Co STEVEN E WINOKER market perform 3 M 116 12 month 10.04.2013
Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 09.04.2013
Goldman Sachs JOSEPH RITCHIE neutral/neutral 3 N 115 12 month 20.03.2013
Morgan Stanley NIGEL COE Overwt/In-Line 5 M 113 12 month 17.03.2013
William Blair & Co JOHN C KREGER market perform 3 M 101 12 month 17.03.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 06.03.2013
Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 13.02.2013
S&P Capital IQ RICHARD TORTORIELLO buy 5 M 110 12 month 06.02.2013
JPMorgan CHARLES STEPHEN TUSA underweight 1 M 97 6 month 28.01.2013
Deutsche Bank DAVID I BEGLEITER hold 3 M 108 12 month 25.01.2013
Jefferies LAURENCE ALEXANDER buy 5 M 115 12 month 25.01.2013
Nomura SHANNON O'CALLAGHAN neutral 3 M 105 12 month 25.01.2013
Credit Suisse JOHN P MCNULTY neutral 3 M 103 Not Provided 24.01.2013
Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 125 12 month 24.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 100 Not Provided 23.10.2012
McAdams Wright Ragen Inc MICHAEL ROARKE focus list 5 N 85 Not Provided 24.04.2009
Holdings By:
3M Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Abbott Laboratories discovers, develops, manufactures, and sells a broad and
diversified line of health care products and services. The Company's products
include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott
markets its products worldwide through affiliates and distributors.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (11.04.2013) 37.55
52-Week Low (05.06.2012) 28.46
Daily Volume
37.14
52-Week High % Change -1.25% Dividend Yield 3.50
52-Week Low % Change 30.50% Beta 0.69
% 52 Week Price Range High/Low 96.26% Equity Float 1'565.57
Shares Out 31.01.2013 1'570.7 Short Int 12.73
58'334.95 1 Yr Total Return 30.80%
Total Debt 20'475.96 YTD Return 19.45%
Preferred Stock 0.0 Adjusted BETA 0.688
Minority Interest 92.3 Analyst Recs 27
Cash and Equivalents 15'173.98 Consensus Rating 3.815
Enterprise Value 63'729.19
Average Volume 5 Day 1'751'185
ABT UN EQUITY YTD Change - Average Volume 30 Day 2'078'594
ABT UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'356'649
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
29'527.6 30'764.7 35'166.7 38'851.3 39'873.9 39'266.6 35'795.3 22'471.6 23'812.7 5'535.0 5'575.9
3.02x 2.94x 2.49x 2.46x 2.73x 9.66x 9.31x 2.44x 2.21x 10.52x 10.45x
8'315.9 9'212.3 9'025.1 9'468.3 11'155.7 10'062.0 9'165.4 5'193.0 5'623.7 936.7 1'115.7
10.73x 9.80x 9.71x 10.11x 9.74x 10.30x 0.00x 12.28x 11.34x 15.50x 15.28x
4'880.7 5'745.8 4'626.2 4'728.4 5'962.9 5'107.1 5'264.4 3'200.7 3'432.8 636.4 802.7
16.08x 14.51x 11.49x 12.07x 12.92x 12.61x 8.10x 18.61x 16.43x 17.82x 17.12x
EBITDA 11'155.72 Long-Term Rating Date 26.10.2012
EBIT 8'372.52 Long-Term Rating A+
Operating Margin 21.00% Long-Term Outlook STABLE
Pretax Margin 15.71% Short-Term Rating Date 26.10.2012
Return on Assets 9.35% Short-Term Rating A-1+
Return on Common Equity 23.31%
Return on Capital 14.96% EBITDA/Interest Exp. 18.25
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 15.31
Net Debt/EBITDA 0.45
Gross Margin 62.1% Total Debt/EBITDA 1.72
EBITDA Margin 29.9%
EBIT Margin 22.3% Total Debt/Equity 76.6%
Net Income Margin 15.0% Total Debt/Capital 43.3%
Asset Turnover 0.63
Current Ratio 2.36 Net Fixed Asset Turnover 5.00
Quick Ratio 1.72 Accounts receivable turnover-days 70.20
Debt to Assets 30.45% Inventory Days 86.37
Tot Debt to Common Equity 76.63% Accounts Payable Turnover Day 41.53
Accounts Receivable Turnover 5.21 Cash Conversion Cycle 114.66
Inventory Turnover 4.24
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
Abbott LaboratoriesPrice/Volume
Valuation Analysis
191'287.00
Current Price (4/dd/yy) Market Data
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 97'567'010 6.21 11'496'654 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 91'806'643 5.85 20'933'465 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 89'716'018 5.71 2'523'195 23.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 75'358'478 4.8 (2'293'700) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 29'915'736 1.9 (956'473) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'067'769 1.66 (918'489) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 25'816'792 1.64 1'555'575 28.02.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 17'459'656 1.11 (2'094'242) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 16'605'095 1.06 (2'827'969) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 15'524'333 0.99 (1'864'127) 28.02.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 15'061'000 0.96 - 31.12.2012 Insurance Company
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 14'592'726 0.93 156'217 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 14'404'871 0.92 (338'480) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'409'746 0.85 (1'857'915) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 12'625'176 0.8 1'276'928 31.12.2012 Government
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 11'768'897 0.75 261'139 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 11'093'907 0.71 (127'295) 28.02.2013 Unclassified
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 10'467'807 0.67 (914'813) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'699'080 0.55 (390'744) 31.01.2013 Investment Advisor
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 8'264'745 0.53 (175'391) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 24.04.2013
Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 22.04.2013
RBC Capital Markets GLENN J NOVARRO outperform 5 M 38 12 month 19.04.2013
Credit Suisse BRUCE NUDELL neutral 3 M 40 Not Provided 19.04.2013
Jefferies JEFFREY HOLFORD buy 5 M 43 12 month 19.04.2013
Wells Fargo Securities, LLC LAWRENCE BIEGELSEN outperform 5 M #N/A N/A Not Provided 19.04.2013
Deutsche Bank KRISTEN M STEWART hold 3 M 35 12 month 18.04.2013
William Blair & Co BENJAMIN C ANDREW outperform 5 M #N/A N/A Not Provided 18.04.2013
Raymond James JAYSON BEDFORD market perform 3 M #N/A N/A Not Provided 18.04.2013
Atlantic Equities LLP STEPHAN B GASTEYGER neutral 3 M 36 12 month 18.04.2013
Barclays MATTHEW TAYLOR equalweight 3 M 35 Not Provided 18.04.2013
BMO Capital Markets JOANNE K WUENSCH outperform 5 M 40 Not Provided 17.04.2013
Goldman Sachs DAVID H ROMAN neutral/neutral 3 M 38 12 month 17.04.2013
Edward Jones JEFF WINDAU buy 5 M #N/A N/A Not Provided 17.04.2013
Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 40 12 month 17.04.2013
JPMorgan MICHAEL N WEINSTEIN neutral 3 M 36 6 month 17.04.2013
Sanford C. Bernstein & Co DERRICK SUNG market perform 3 M 31 12 month 17.04.2013
Leerink Swann & Co DANIELLE ANTALFFY market perform 3 M #N/A N/A Not Provided 17.04.2013
Stifel FREDERICK A WISE buy 5 M 44 12 month 17.04.2013
Cowen and Company DOUG SCHENKEL neutral 3 M #N/A N/A Not Provided 11.04.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 36 Not Provided 29.11.2012
First Global Stockbroking KAVITA THOMAS long-term outperform 5 M #N/A N/A Not Provided 26.04.2012
Maxim Group LLC ANTHONY PETRONE not rated #N/A N/A M #N/A N/A Not Provided 27.01.2009
Holdings By:
Abbott Laboratories ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
AbbVie Inc. researches and develops pharmaceutical products. The Company
produces pharmaceutical drugs for specialty therapeutic areas such as
immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and
neuroscience. AbbVie also offers treatments for diseases including Multiple
Sclerosis, Parkinson's, and Alzheimer's disease.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (23.04.2013) 46.32
52-Week Low (17.12.2012) 32.51
Daily Volume
44.87
52-Week High % Change -3.35% Dividend Yield -
52-Week Low % Change 38.02% Beta -
% 52 Week Price Range High/Low 91.46% Equity Float 1'582.32
Shares Out 08.03.2013 1'583.0 Short Int 11.47
71'028.58 1 Yr Total Return -
Total Debt 17'911.00 YTD Return 34.14%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 7'976.00 Consensus Rating 3.800
Enterprise Value 80'963.58
Average Volume 5 Day 1'633'967
ABBV UN EQUITY YTD Change - Average Volume 30 Day 1'489'681
ABBV UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'538'684
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 03/13 Q1 06/13 Q2
- 14'214.2 15'637.7 17'444.0 18'380.0 - - 18'439.9 18'884.4 4'301.0 4'580.1
- - - - 3.47x - - 4.31x 4.15x - -
- 5'799.3 6'214.3 5'565.4 7'255.0 - - 7'383.4 7'478.1 1'607.3 1'866.3
- - - - 8.80x - - 11.01x 10.87x 11.02x 10.81x
- 4'636.5 4'177.9 3'433.1 5'275.0 - - 4'941.1 5'091.1 1'049.3 1'240.2
- - - - 9.84x - - 14.40x 13.94x 14.40x 14.25x
EBITDA 7'255.00 Long-Term Rating Date 26.10.2012
EBIT 6'105.00 Long-Term Rating A
Operating Margin 33.22% Long-Term Outlook POS
Pretax Margin 31.15% Short-Term Rating Date 26.10.2012
Return on Assets - Short-Term Rating A-1
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 86.37
Asset Turnover - (EBITDA-Capex)/Interest Exp. 82.40
Net Debt/EBITDA -
Gross Margin 75.5% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 532.6%
Net Income Margin 28.7% Total Debt/Capital 84.2%
Asset Turnover -
Current Ratio 2.27 Net Fixed Asset Turnover -
Quick Ratio 1.71 Accounts receivable turnover-days -
Debt to Assets 66.32% Inventory Days -
Tot Debt to Common Equity 532.59% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -260.37
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
AbbVie IncPrice/Volume
Valuation Analysis
217'896.00
Current Price (4/dd/yy) Market Data
&2
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P -. d -0 a -0 e -0 M -0!& 9
.!& 9
1!& 9
3!& 9
5!& 9
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-.!& 9
0.0
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
20'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012&!&&
&!.&
&!1&
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&!5&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 82'921'627 5.24 - 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 74'137'316 4.68 74'126'726 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 28'549'375 1.8 225'099 23.04.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 24'679'333 1.56 24'679'333 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 13'766'889 0.87 13'762'679 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'133'059 0.58 9'133'059 31.12.2012 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 8'339'139 0.53 8'339'139 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8'324'029 0.53 8'324'029 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 6'732'382 0.43 6'732'382 31.03.2013 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 4'906'295 0.31 4'906'295 31.03.2013 Investment Advisor
APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 4'618'953 0.29 4'618'953 31.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 4'604'731 0.29 1'649'590 28.02.2013 Investment Advisor
NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 4'085'419 0.26 4'085'419 31.03.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 4'080'714 0.26 (121'330) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'846'534 0.24 3'846'534 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 3'659'946 0.23 3'659'946 31.03.2013 Investment Advisor
US BANCORP US BANCORP 13F 3'236'292 0.2 3'236'292 31.03.2013 Investment Advisor
HEALTHCOR MANAGEMENT HEALTHCOR MANAGEMENT 13F 3'100'000 0.2 3'100'000 31.12.2012 Hedge Fund Manager
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 2'976'910 0.19 2'557'837 23.04.2013 Investment Advisor
BANK OF AMERICA CORP Multiple Portfolios MF-AGG 2'640'125 0.17 (442'457) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets ALEX ARFAEI market perform 3 M 43 Not Provided 23.04.2013
Wells Fargo Securities, LLC MICHAEL K TONG outperform 5 M #N/A N/A Not Provided 23.04.2013
Morgan Stanley DAVID R RISINGER Overwt/In-Line 5 U 49 12 month 22.04.2013
JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 38 6 month 18.04.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 41 Not Provided 15.04.2013
Jefferies JEFFREY HOLFORD buy 5 M 50 12 month 10.04.2013
Goldman Sachs JAMI E RUBIN buy/attractive 5 M 45 12 month 09.04.2013
Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 27.03.2013
Credit Suisse CATHERINE J ARNOLD neutral 3 N 37 Not Provided 07.02.2013
Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 30.01.2013
Atlantic Equities LLP RICHARD J PURKISS neutral 3 M 37 12 month 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
AbbVie Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Accenture PLC provides management and technology consulting services and
solutions. The Company delivers a range of specialized capabilities and
solutions to clients across all industries on a worldwide basis. Accenture's
network of businesses provides consulting, technology, outsourcing, and
alliances.
Latest Fiscal Year: 08/2012
LTM as of: 02/yy
52-Week High (08.03.2013) 78.46
52-Week Low (01.06.2012) 54.94
Daily Volume
77.16
52-Week High % Change -1.29% Dividend Yield 1.92
52-Week Low % Change 40.44% Beta 1.12
% 52 Week Price Range High/Low 90.82% Equity Float 647.57
Shares Out 14.03.2013 650.1 Short Int 6.61
53'514.06 1 Yr Total Return 25.56%
Total Debt 0.03 YTD Return 17.25%
Preferred Stock 0.0 Adjusted BETA 1.125
Minority Interest 478.6 Analyst Recs 30
Cash and Equivalents 6'642.79 Consensus Rating 4.167
Enterprise Value 48'365.12
Average Volume 5 Day 1'006'501
ACN UN EQUITY YTD Change - Average Volume 30 Day 810'314
ACN UN EQUITY YTD % CHANGE - Average Volume 3 Month 786'771
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 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4
25'313.8 23'171.0 23'094.1 27'352.9 29'778.0 29'227.4 30'090.4 29'058.4 30'925.7 7'432.8 7'354.6
1.08x 0.85x 0.90x 1.19x 1.19x 4.74x 5.19x 1.61x 1.46x 6.49x 6.46x
3'525.9 3'391.7 3'399.1 3'985.2 4'466.8 4'295.8 4'603.0 4'840.7 5'055.4 1'295.6 1'224.9
7.76x 5.79x 6.14x 8.16x 7.95x 8.41x 9.89x 9.96x 9.53x 9.65x 9.50x
1'691.8 1'590.0 1'780.7 2'277.7 2'553.5 2'526.0 3'068.1 3'055.2 3'194.2 790.6 743.7
15.55x 12.36x 13.71x 15.76x 16.04x 15.79x 17.25x 17.94x 16.52x 17.35x 16.92x
EBITDA 4'466.78 Long-Term Rating Date 22.01.2002
EBIT 3'873.24 Long-Term Rating A+
Operating Margin 13.01% Long-Term Outlook STABLE
Pretax Margin 13.11% Short-Term Rating Date -
Return on Assets 19.08% Short-Term Rating -
Return on Common Equity 61.85%
Return on Capital 61.50% EBITDA/Interest Exp. 296.58
Asset Turnover 1.87% (EBITDA-Capex)/Interest Exp. 271.88
Net Debt/EBITDA -1.22
Gross Margin 30.2% Total Debt/EBITDA 0.00
EBITDA Margin 15.3%
EBIT Margin 13.3% Total Debt/Equity 0.0%
Net Income Margin 8.6% Total Debt/Capital 0.0%
Asset Turnover 1.87
Current Ratio 1.55 Net Fixed Asset Turnover 37.93
Quick Ratio 1.20 Accounts receivable turnover-days 41.69
Debt to Assets 0.00% Inventory Days 25.15
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 15.49
Accounts Receivable Turnover 8.75 Cash Conversion Cycle 47.04
Inventory Turnover 14.51
Fiscal Year Ended
Accenture PLCPrice/Volume
Valuation Analysis
162'731.00
Current Price (4/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&-&.&0&1&2&3&4&5&6&
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN LIFE FINANCIAL I n/a ULT-AGG 41'454'159 6.38 3'033'970 28.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 32'973'189 5.07 258'351 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 31'192'429 4.8 766'395 22.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 30'378'721 4.67 2'002'254 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 30'074'388 4.63 129'091 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 27'506'823 4.23 4'281'683 28.02.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 19'497'911 3 (259'970) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 16'985'346 2.61 (301'242) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'402'622 2.52 443'115 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 16'389'070 2.52 (2'143'379) 31.12.2012 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 11'742'375 1.81 3'797'405 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'487'978 1.61 307'876 31.12.2012 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 7'831'119 1.2 516'205 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 7'454'100 1.15 (978'608) 31.12.2012 Investment Advisor
LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 7'325'230 1.13 643'228 31.12.2012 Hedge Fund Manager
CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 6'456'713 0.99 1'151'240 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'365'635 0.98 217'950 31.12.2012 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 6'257'039 0.96 (389'821) 31.12.2012 Investment Advisor
LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 6'213'974 0.96 268'050 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 6'107'559 0.94 712'564 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC EDWARD S CASO JR outperform 5 M #N/A N/A Not Provided 23.04.2013
Janney Montgomery Scott LLC JOSEPH D FORESI buy 5 M 84 12 month 19.04.2013
Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 79 12 month 19.04.2013
Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 19.04.2013
Deutsche Bank BRYAN KEANE buy 5 M 87 12 month 18.04.2013
JPMorgan TIEN-TSIN HUANG overweight 5 M 80 6 month 18.04.2013
Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 85 12 month 12.04.2013
Stifel DAVID M GROSSMAN buy 5 M 80 12 month 08.04.2013
Societe Generale RICHARD NGUYEN hold 3 M 74 12 month 02.04.2013
Argus Research Corp JAMES KELLEHER buy 5 M 86 12 month 02.04.2013
Evercore Partners DAVID M TOGUT overweight 5 M 86 12 month 02.04.2013
Berenberg Bank DAUD KHAN hold 3 M 69 Not Provided 02.04.2013
Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 01.04.2013
BB&T Capital Markets GEORGE A PRICE hold 3 M #N/A N/A Not Provided 01.04.2013
Credit Agricole Securities (USA) NIMISH JOSHI outperform 5 M 82 12 month 01.04.2013
Barclays DARRIN D PELLER equalweight 3 M 74 Not Provided 01.04.2013
BMO Capital Markets KEITH F BACHMAN market perform 3 M 74 Not Provided 31.03.2013
Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 77 12 month 28.03.2013
Credit Suisse GEORGE MIHALOS neutral 3 M 74 Not Provided 28.03.2013
Jefferies JASON KUPFERBERG hold 3 M 73 12 month 28.03.2013
Robert W. Baird & Co DAVID J KONING neutral 3 M 78 12 month 28.03.2013
Raymond James BRIAN GESUALE outperform 5 M 83 12 month 28.03.2013
BNP Paribas Equity Research ARVIND RAMNANI hold 3 M 73 12 month 28.03.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 88 12 month 28.03.2013
S&P Capital IQ DYLAN CATHERS buy 5 M 79 12 month 27.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs JULIO C QUINTEROS JR neutral/neutral 3 M 72 12 month 09.01.2013
Holdings By:
Accenture PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
The Allstate Corporation, through its subsidiaries, provides property-liability
insurance, as well as other types of insurance in the United States and Canada.
The Company primarily sells private passenger automobile and homeowners
insurance through independent and specialized brokers. Allstate also sells life
insurance, annuity, and group pension products through agents.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (12.04.2013) 50.56
52-Week Low (24.04.2012) 32.40
Daily Volume
49.81
52-Week High % Change -1.62% Dividend Yield 1.77
52-Week Low % Change 53.73% Beta 0.93
% 52 Week Price Range High/Low 95.81% Equity Float 469.32
Shares Out 01.02.2013 477.4 Short Int 11.29
23'781.60 1 Yr Total Return 55.39%
Total Debt 6'307.00 YTD Return 24.68%
Preferred Stock 0.0 Adjusted BETA 0.934
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 806.00 Consensus Rating 4.172
Enterprise Value 29'282.60
Average Volume 5 Day 900'917
ALL UN EQUITY YTD Change - Average Volume 30 Day 853'050
ALL UN EQUITY YTD % CHANGE - Average Volume 3 Month 827'565
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
29'394.0 32'013.0 31'400.0 32'654.0 33'315.0 32'654.0 33'315.0 33'588.8 34'249.9 8'296.7 8'387.6
0.78x 0.67x 0.71x 0.59x 0.74x 2.42x 2.81x 0.89x 0.87x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(1'679.0) 854.0 928.0 787.0 2'306.0 787.0 2'306.0 2'207.8 2'274.8 620.5 524.3
10.17x 8.63x 11.23x 21.58x 9.21x 21.08x 9.26x 10.51x 9.64x 10.17x 10.04x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A-
Operating Margin 11.09% Long-Term Outlook NEG
Pretax Margin 9.92% Short-Term Rating Date -
Return on Assets 1.83% Short-Term Rating -
Return on Common Equity 11.86%
Return on Capital 9.97% EBITDA/Interest Exp. -
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 30.6%
Net Income Margin 6.9% Total Debt/Capital 23.5%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.97% Inventory Days -
Tot Debt to Common Equity 30.65% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Allstate Corp/ThePrice/Volume
Valuation Analysis
119'976.00
Current Price (4/dd/yy) Market Data
&
-&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 27'137'872 5.68 472'879 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 23'926'482 5.01 282'667 22.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'671'855 4.75 (1'682'359) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 22'140'955 4.64 (151'704) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 19'984'076 4.19 (200'033) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 12'957'795 2.71 (362'127) 31.12.2012 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 10'485'305 2.2 (2'368'767) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 8'490'084 1.78 (955'355) 31.03.2013 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 7'389'120 1.55 80'488 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'163'891 1.5 (501'604) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO n/a Research 7'163'891 1.5 - 31.12.2012 Investment Advisor
PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 6'486'248 1.36 (3'897'691) 31.12.2012 Hedge Fund Manager
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 6'467'278 1.35 (117'260) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'149'311 1.29 480'660 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'104'700 1.28 (672'920) 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 5'864'695 1.23 (115'558) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'714'744 0.99 (41'867) 31.12.2012 Investment Advisor
AJO, LP AJO, LP 13F 4'545'300 0.95 (326'800) 31.12.2012 Investment Advisor
DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 4'353'350 0.91 2'484'100 31.12.2012 Hedge Fund Manager
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4'255'921 0.89 345'131 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 23.04.2013
Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 22.04.2013
Credit Suisse MICHAEL ZAREMSKI outperform 5 M 55 Not Provided 19.04.2013
Macquarie RAYMOND IARDELLA neutral 3 M 50 12 month 19.04.2013
Deutsche Bank JOSHUA D SHANKER buy 5 M 53 12 month 18.04.2013
Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 18.04.2013
Janney Montgomery Scott LLC ROBERT GLASSPIEGEL buy 5 M #N/A N/A Not Provided 18.04.2013
Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 50 12 month 18.04.2013
Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 57 12 month 18.04.2013
Sterne, Agee & Leach DANIEL FARRELL neutral 3 M 50 12 month 18.04.2013
Evercore Partners VINAY MISQUITH overweight 5 M 54 12 month 18.04.2013
JMP Securities MATTHEW J CARLETTI market perform 3 M #N/A N/A Not Provided 18.04.2013
MKM Partners HARRY FONG buy 5 M 60 12 month 18.04.2013
Barclays JAY H GELB overweight 5 M 57 Not Provided 18.04.2013
Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 15.04.2013
Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 15.04.2013
RBC Capital Markets MARK A DWELLE sector perform 3 M 51 12 month 11.04.2013
Raymond James C GREGORY PETERS strong buy 5 M 57 12 month 08.04.2013
Drexel Hamilton LLC GLORIA L VOGEL hold 3 M 49 12 month 02.04.2013
Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 U 58 12 month 25.03.2013
FBR Capital Markets RANDY BINNER market perform 3 M 45 12 month 25.03.2013
Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 50 12 month 19.03.2013
Argus Research Corp JOHN M EADE buy 5 M 51 Not Provided 08.02.2013
SunTrust Robinson Humphrey MARK D HUGHES neutral 3 M #N/A N/A Not Provided 07.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ CATHY SEIFERT hold 3 M 43 Not Provided 29.11.2012
Holdings By:
Allstate Corp/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Altria Group, Inc. is a holding company. The Company, through subsidiaries,
manufactures and sells cigarettes and other tobacco products, including cigars
and pipe tobacco. Altria holds an interest in a brewery company.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.08.2012) 36.29
52-Week Low (15.11.2012) 30.01
Daily Volume
35.72
52-Week High % Change -1.68% Dividend Yield 4.76
52-Week Low % Change 19.03% Beta 0.57
% 52 Week Price Range High/Low 87.90% Equity Float 2'003.17
Shares Out 15.02.2013 2'009.9 Short Int 23.83
71'792.03 1 Yr Total Return 18.69%
Total Debt 13'878.00 YTD Return 15.16%
Preferred Stock 0.0 Adjusted BETA 0.574
Minority Interest 36.0 Analyst Recs 18
Cash and Equivalents 2'900.00 Consensus Rating 4.222
Enterprise Value 82'806.03
Average Volume 5 Day 2'166'456
MO UN EQUITY YTD Change - Average Volume 30 Day 2'313'230
MO UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'231'027
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
15'957.0 16'824.0 16'892.0 16'619.0 17'500.0 16'619.0 17'500.0 17'692.0 18'020.0 4'033.0 4'614.5
1.92x 3.02x 3.63x 4.28x 4.24x 16.04x 17.62x 4.70x 4.59x 20.61x 17.98x
5'142.0 6'234.0 6'540.0 6'543.0 7'539.0 6'543.0 7'539.0 7'722.1 8'035.7 1'747.2 2'026.2
5.95x 8.16x 9.38x 10.86x 9.84x 10.86x 9.84x 10.73x 10.30x 10.71x 10.65x
4'930.0 3'206.0 3'905.0 3'390.0 4'180.0 3'390.0 3'958.0 4'787.4 5'072.9 1'059.4 1'258.1
9.13x 11.41x 12.96x 14.46x 14.23x 14.61x 14.23x 14.91x 13.91x 14.91x 14.71x
EBITDA 7'539.00 Long-Term Rating Date 06.01.2009
EBIT 7'314.00 Long-Term Rating BBB
Operating Margin 41.79% Long-Term Outlook STABLE
Pretax Margin 37.01% Short-Term Rating Date 18.09.2003
Return on Assets 10.98% Short-Term Rating A-2
Return on Common Equity 115.22%
Return on Capital 27.20% EBITDA/Interest Exp. 6.66
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 6.55
Net Debt/EBITDA 1.46
Gross Margin 54.6% Total Debt/EBITDA 1.84
EBITDA Margin 43.1%
EBIT Margin 41.8% Total Debt/Equity 438.1%
Net Income Margin 23.9% Total Debt/Capital 81.2%
Asset Turnover 0.49
Current Ratio 0.77 Net Fixed Asset Turnover 8.11
Quick Ratio 0.37 Accounts receivable turnover-days 4.82
Debt to Assets 39.28% Inventory Days 81.27
Tot Debt to Common Equity 438.07% Accounts Payable Turnover Day 22.09
Accounts Receivable Turnover 75.92 Cash Conversion Cycle 64.01
Inventory Turnover 4.50
Fiscal Year Ended
Altria Group IncPrice/Volume
Valuation Analysis
328'224.00
Current Price (4/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
2
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-2
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-.!& 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
2!&&
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 171'903'365 8.55 4'112'345 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 112'402'521 5.59 (302'903) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 104'951'046 5.22 2'097'289 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 96'161'381 4.78 4'127'835 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 38'237'065 1.9 1'048'361 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 32'029'388 1.59 (6'418'885) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 30'862'258 1.54 (930'685) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'701'157 1.33 (48'776) 31.12.2012 Investment Advisor
FAYEZ SAROFIM FAYEZ SAROFIM 13F 22'025'357 1.1 (2'738'787) 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 21'782'979 1.08 (2'350) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 18'565'911 0.92 3'183'643 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 18'083'698 0.9 931'916 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'006'213 0.8 1'413'846 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 15'034'549 0.75 (2'240'184) 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 14'995'935 0.75 (191'900) 31.12.2012 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 14'402'373 0.72 83'191 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 13'325'870 0.66 (1'381'488) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 11'886'434 0.59 (15'091'131) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 11'505'195 0.57 694'345 28.02.2013 Unclassified
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'089'326 0.55 (498'624) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC BONNIE HERZOG outperform 5 M #N/A N/A Not Provided 19.04.2013
Davenport & Co ANN H GURKIN buy 5 M 37 12 month 15.04.2013
JPMorgan RAE MAILE overweight 5 M 45 6 month 12.04.2013
Stifel CHRISTOPHER R GROWE buy 5 M 36 12 month 01.04.2013
Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 27.03.2013
Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 18.03.2013
Barclays MICHAEL J BRANCA equalweight 3 M 31 Not Provided 18.03.2013
Jefferies THILO WREDE hold 3 M 34 12 month 01.03.2013
S&P Capital IQ ESTHER KWON buy 5 M 37 Not Provided 20.02.2013
Morgan Stanley DAVID J ADELMAN Equalwt/In-Line 3 M 34 12 month 19.02.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 40 12 month 01.02.2013
Credit Agricole Securities (USA) MICHAEL LAVERY outperform 5 M 36 Not Provided 01.02.2013
Goldman Sachs JUDY E HONG neutral/neutral 3 M 36 12 month 31.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 21.01.2013
Holdings By:
Altria Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Amazon.com, Inc. is an online retailer that offers a wide range of products.
The Company's products include books, music, videotapes, computers,
electronics, home and garden, and numerous other products. Amazon offers
personalized shopping services, Web-based credit card payment, and direct
shipping to customers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 284.68
52-Week Low (24.04.2012) 186.57
Daily Volume
267.66
52-Week High % Change -5.48% Dividend Yield 0.00
52-Week Low % Change 43.46% Beta 1.19
% 52 Week Price Range High/Low 83.92% Equity Float 367.58
Shares Out 01.04.2013 455.2 Short Int 7.13
121'844.30 1 Yr Total Return 40.63%
Total Debt 4'385.00 YTD Return 6.58%
Preferred Stock 0.0 Adjusted BETA 1.191
Minority Interest 0.0 Analyst Recs 44
Cash and Equivalents 11'448.00 Consensus Rating 4.227
Enterprise Value 114'781.29
Average Volume 5 Day 723'013
AMZN UW EQUITY YTD Change - Average Volume 30 Day 793'785
AMZN UW EQUITY YTD % CHANGE - Average Volume 3 Month 881'980
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
19'166.0 24'509.0 34'204.0 48'077.0 61'093.0 48'077.0 61'093.0 75'573.3 92'885.6 16'143.0 15'924.6
0.98x 2.19x 2.15x 1.49x 1.75x 6.86x 6.55x 1.53x 1.20x 7.41x 7.48x
1'129.0 1'507.0 1'974.0 1'945.0 2'835.0 1'945.0 2'834.0 4'640.0 6'362.3 944.1 1'042.6
16.55x 35.69x 37.21x 36.75x 37.68x 36.75x 37.70x 24.84x 18.11x 24.56x 23.25x
645.0 902.0 1'152.0 631.0 (39.0) 632.0 (40.0) 1'500.4 2'462.8 262.4 322.4
36.89x 63.60x 71.15x 126.35x - 126.46x 0.00x 77.51x 46.50x 81.63x 73.39x
EBITDA 2'835.00 Long-Term Rating Date 26.11.2012
EBIT 676.00 Long-Term Rating AA-
Operating Margin 1.11% Long-Term Outlook STABLE
Pretax Margin 0.64% Short-Term Rating Date 13.06.2007
Return on Assets -0.14% Short-Term Rating NR
Return on Common Equity -0.50%
Return on Capital -0.44% EBITDA/Interest Exp. 30.82
Asset Turnover 2.11% (EBITDA-Capex)/Interest Exp. -10.33
Net Debt/EBITDA -2.49
Gross Margin 24.8% Total Debt/EBITDA 1.55
EBITDA Margin 4.6%
EBIT Margin 1.1% Total Debt/Equity 53.5%
Net Income Margin -0.1% Total Debt/Capital 34.9%
Asset Turnover 2.11
Current Ratio 1.12 Net Fixed Asset Turnover 10.65
Quick Ratio 0.78 Accounts receivable turnover-days 17.78
Debt to Assets 13.47% Inventory Days 43.88
Tot Debt to Common Equity 53.53% Accounts Payable Turnover Day 95.23
Accounts Receivable Turnover 20.59 Cash Conversion Cycle -33.57
Inventory Turnover 8.34
Fiscal Year Ended
Amazon.com IncPrice/Volume
Valuation Analysis
158'724.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BEZOS JEFFREY P n/a Form 4 86'970'020 19.11 (195'151) 15.02.2013 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 43'940'459 9.65 4'330'950 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20'211'207 4.44 1'315'756 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 18'884'410 4.15 713'291 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 18'327'122 4.03 118'768 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'433'434 3.61 465'988 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 15'535'787 3.41 (672'592) 28.02.2013 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 11'895'369 2.61 30'532 31.03.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 7'730'515 1.7 238'226 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 6'404'636 1.41 376'682 28.02.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'217'693 1.37 (801'059) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'767'335 1.27 (219'454) 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'407'626 1.19 (822'311) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'046'581 1.11 (13'747) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'666'295 1.03 (112'217) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 4'449'254 0.98 (666'569) 28.02.2013 Unclassified
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'405'355 0.97 (179'692) 31.12.2012 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'260'200 0.94 (100) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 3'087'754 0.68 16'229 28.02.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'037'780 0.67 (14'891) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 320 12 month 24.04.2013
Raymond James AARON M KESSLER market perform 3 M #N/A N/A Not Provided 24.04.2013
Nomura ARAM RUBINSON buy 5 M 315 12 month 24.04.2013
JPMorgan DOUGLAS ANMUTH neutral 3 M 300 6 month 23.04.2013
BGC Partners COLIN W GILLIS hold 3 M 245 12 month 23.04.2013
JMP Securities RONALD V JOSEY III market perform 3 M #N/A N/A Not Provided 23.04.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 350 12 month 23.04.2013
Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 320 12 month 22.04.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 300 12 month 22.04.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 329 12 month 22.04.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 330 12 month 21.04.2013
Evercore Partners KEN SENA overweight 5 M 330 12 month 21.04.2013
BMO Capital Markets EDWARD S WILLIAMS market perform 3 M 260 Not Provided 19.04.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 370 12 month 19.04.2013
Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 300 12 month 17.04.2013
Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 310 12 month 15.04.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 325 12 month 15.04.2013
Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 15.04.2013
Pacific Crest Securities CHAD BARTLEY outperform 5 M 346 12 month 12.04.2013
ISI Group GREGORY MELICH buy 5 M 320 Not Provided 12.04.2013
Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 12.04.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 260 Not Provided 12.04.2013
Deutsche Bank ROSS SANDLER buy 5 M 335 12 month 11.04.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 325 12 month 09.04.2013
Stifel JORDAN ROHAN buy 5 M 335 12 month 08.04.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 02.04.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 16.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 295 Not Provided 22.02.2013
Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 325 18 month 11.02.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 31.01.2013
Goldman Sachs HEATH P TERRY buy/attractive 5 M 330 12 month 30.01.2013
Credit Suisse STEPHEN JU outperform 5 M 334 Not Provided 30.01.2013
Jefferies BRIAN J PITZ buy 5 M 330 12 month 30.01.2013
Needham & Co KERRY RICE hold 3 M #N/A N/A Not Provided 30.01.2013
Macquarie BENJAMIN A SCHACHTER outperform 5 M 305 12 month 30.01.2013
B Riley & Company, Inc SCOTT TILGHMAN buy 5 M 341 Not Provided 30.01.2013
Benchmark Company LLC DANIEL L KURNOS buy 5 M 330 12 month 30.01.2013
Credit Agricole Securities (USA) JAMES LEE outperform 5 D 290 Not Provided 30.01.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 26.11.2012
McAdams Wright Ragen Inc DAN GEIMAN hold 3 M #N/A N/A Not Provided 26.10.2012
S&P Capital IQ MICHAEL SOUERS hold 3 M 250 Not Provided 26.10.2012
Battle Road Research TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.04.2012
First Global Stockbroking RITESH DOSHI market perform 3 M #N/A N/A Not Provided 27.07.2011
Holdings By:
Amazon.com Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
American Electric Power Company, Inc.(AEP)is a public utility holding company.
The Company provides electric service, consisting of generation, transmission
and distribution, on an integrated basis to their retail customers. AEP serves
portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan,
Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (24.04.2013) 50.78
52-Week Low (17.05.2012) 37.43
Daily Volume
50.63
52-Week High % Change 0.00% Dividend Yield 3.71
52-Week Low % Change 35.27% Beta 0.61
% 52 Week Price Range High/Low 100.00% Equity Float 485.72
Shares Out 25.02.2013 485.8 Short Int 4.37
24'595.57 1 Yr Total Return 38.37%
Total Debt 18'738.00 YTD Return 19.88%
Preferred Stock 0.0 Adjusted BETA 0.613
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 603.00 Consensus Rating 3.783
Enterprise Value 42'730.57
Average Volume 5 Day 623'563
AEP UN EQUITY YTD Change - Average Volume 30 Day 527'372
AEP UN EQUITY YTD % CHANGE - Average Volume 3 Month 585'265
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
14'440.0 13'489.0 14'427.0 15'116.0 14'945.0 15'116.0 14'945.0 15'848.7 16'152.3 3'787.3 3'679.3
2.18x 2.48x 2.41x 2.49x 2.60x 9.48x 10.15x 2.72x 2.71x 11.36x 11.71x
4'087.0 4'431.0 4'443.0 4'713.0 4'874.0 4'709.0 4'529.0 4'796.8 4'952.7 1'150.7 1'166.3
7.70x 7.55x 7.83x 7.98x 7.97x 7.99x 8.58x 8.91x 8.63x 9.22x 9.15x
1'383.0 1'360.0 1'214.0 1'946.0 1'259.0 1'946.0 1'259.0 1'543.6 1'628.2 388.7 391.3
10.30x 11.67x 11.87x 9.93x 13.81x 12.15x 13.77x 16.03x 15.27x 15.96x 15.81x
EBITDA 4'874.00 Long-Term Rating Date 07.03.2003
EBIT 2'956.00 Long-Term Rating BBB
Operating Margin 19.78% Long-Term Outlook STABLE
Pretax Margin 12.49% Short-Term Rating Date 07.03.2003
Return on Assets 2.36% Short-Term Rating A-2
Return on Common Equity 8.42%
Return on Capital 5.78% EBITDA/Interest Exp. 4.93
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 1.67
Net Debt/EBITDA 4.00
Gross Margin 64.7% Total Debt/EBITDA 4.14
EBITDA Margin 30.3%
EBIT Margin 17.5% Total Debt/Equity 123.0%
Net Income Margin 8.4% Total Debt/Capital 55.2%
Asset Turnover 0.28
Current Ratio 0.67 Net Fixed Asset Turnover -
Quick Ratio 0.36 Accounts receivable turnover-days 45.37
Debt to Assets 34.47% Inventory Days 97.43
Tot Debt to Common Equity 122.98% Accounts Payable Turnover Day 75.23
Accounts Receivable Turnover 8.07 Cash Conversion Cycle 67.56
Inventory Turnover 3.76
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
American Electric Power Co IncPrice/Volume
Valuation Analysis
88'798.00
Current Price (4/dd/yy) Market Data
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14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 35'315'086 7.27 (84'037) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 31'577'197 6.5 - 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 23'842'942 4.91 1'100'112 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 20'439'374 4.21 (307'490) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 8'727'914 1.8 765'779 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'522'338 1.55 (620'596) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'489'913 1.34 (889'770) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 6'466'295 1.33 652'462 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'273'613 1.29 73'373 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'475'438 1.13 (92'712) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 5'340'019 1.1 (2'148'216) 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'113'886 1.05 (468'393) 31.03.2013 Investment Advisor
EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 4'670'909 0.96 65'686 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'554'875 0.94 265'191 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 4'008'757 0.83 (202'475) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 3'757'975 0.77 (611'067) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 3'705'639 0.76 555'640 31.12.2012 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'591'404 0.74 (899'042) 31.12.2012 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 3'354'773 0.69 91'933 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 3'230'248 0.66 (293'161) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie ANGIE STOROZYNSKI neutral 3 M 49 12 month 24.04.2013
Barclays DANIEL F FORD overweight 5 M 54 Not Provided 24.04.2013
SunTrust Robinson Humphrey ALI AGHA neutral 3 D #N/A N/A Not Provided 23.04.2013
Wolfe Trahan & Co STEVEN I FLEISHMAN outperform 5 M 56 12 month 23.04.2013
Sanford C. Bernstein & Co HUGH WYNNE market perform 3 M 46 12 month 22.04.2013
KeyBanc Capital Markets PAUL T RIDZON buy 5 M 52 12 month 22.04.2013
RBC Capital Markets SHELBY G TUCKER sector perform 3 M 47 12 month 19.04.2013
Deutsche Bank JONATHAN ARNOLD hold 3 M 49 12 month 17.04.2013
Credit Suisse DANIEL EGGERS outperform 5 M 56 Not Provided 17.04.2013
BGC Partners KIT KONOLIGE buy 5 M 54 12 month 17.04.2013
Jefferies PAUL B FREMONT buy 5 M 55 12 month 16.04.2013
Wells Fargo Securities, LLC NEIL A KALTON market perform 3 D #N/A N/A Not Provided 15.04.2013
Morgan Stanley STEPHEN C BYRD Equalwt/In-Line 3 M 51 12 month 10.04.2013
Edward Jones ANDREW B SMITH hold 3 M #N/A N/A Not Provided 08.04.2013
ISI Group GREG GORDON buy 5 M 48 12 month 04.04.2013
Goldman Sachs MICHAEL J LAPIDES neutral/neutral 3 M 47 12 month 02.04.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 05.03.2013
Argus Research Corp MICHAEL BURKE buy 5 M 50 Not Provided 25.02.2013
BMO Capital Markets MICHAEL S WORMS market perform 3 M 46 Not Provided 19.02.2013
Hilliard Lyons DAVID B BURKS buy 5 M 49 12 month 19.02.2013
JPMorgan CHRISTOPHER TURNURE neutral 3 M 45 6 month 23.01.2013
Holdings By:
American Electric Power Co Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
American Express Company is a global payment and travel company. The Company's
principal products and services are charge and credit payment card products and
travel-related services offered to consumers and businesses around the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (02.04.2013) 67.75
52-Week Low (15.11.2012) 53.02
Daily Volume
67.22
52-Week High % Change -0.43% Dividend Yield 1.19
52-Week Low % Change 26.78% Beta 1.05
% 52 Week Price Range High/Low 97.96% Equity Float 1'094.78
Shares Out 31.03.2013 1'098.0 Short Int 14.08
73'807.56 1 Yr Total Return 18.20%
Total Debt 62'287.00 YTD Return 17.70%
Preferred Stock 0.0 Adjusted BETA 1.049
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 22'250.00 Consensus Rating 3.469
Enterprise Value 104'807.56
Average Volume 5 Day 1'800'692
AXP UN EQUITY YTD Change - Average Volume 30 Day 1'339'487
AXP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'253'556
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 03/13 Q1 06/13 Q2
31'920.0 26'730.0 30'005.0 32'282.0 33'808.0 32'846.0 34'020.0 32'931.9 34'803.9 8'001.1 8'262.1
2.19x 3.23x 3.49x 2.88x 3.06x 11.89x 12.09x 3.92x 3.76x - -
13'646.0 11'431.0 11'511.0 11'306.0 11'658.0 11'670.0 8'645.0 - - - -
5.13x 7.56x 9.11x 8.23x 8.88x 8.65x 0.00x - - - -
2'699.0 2'130.0 4'057.0 4'935.0 4'482.0 5'014.0 4'506.0 5'223.0 5'512.4 1'254.3 1'333.2
6.82x 27.38x 12.59x 11.45x 13.06x 13.74x 15.06x 14.05x 12.64x 14.12x 13.77x
EBITDA 11'658.00 Long-Term Rating Date 30.04.2009
EBIT - Long-Term Rating BBB+
Operating Margin 20.43% Long-Term Outlook STABLE
Pretax Margin 19.08% Short-Term Rating Date 30.04.2009
Return on Assets 2.92% Short-Term Rating A-2
Return on Common Equity 22.93%
Return on Capital 5.69% EBITDA/Interest Exp. -
Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 3.43
Gross Margin - Total Debt/EBITDA 5.34
EBITDA Margin 34.5%
EBIT Margin - Total Debt/Equity 329.8%
Net Income Margin 13.3% Total Debt/Capital 76.7%
Asset Turnover 0.22
Current Ratio - Net Fixed Asset Turnover 9.66
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 40.67% Inventory Days -
Tot Debt to Common Equity 329.81% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
American Express CoPrice/Volume
Valuation Analysis
163'490.00
Current Price (4/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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3!&&
5!&&
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 151'610'700 13.81 - 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 120'829'060 11 (2'488'800) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 66'077'540 6.02 219'194 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 55'564'075 5.06 (711'920) 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 45'114'042 4.11 244'110 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 42'336'064 3.86 (4'985'213) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 31'925'151 2.91 (1'263'930) 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 24'810'206 2.26 (331'152) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 17'491'143 1.59 1'245'221 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 17'395'732 1.58 (516'181) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 14'673'664 1.34 942'836 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 14'081'678 1.28 (784'674) 31.03.2013 Investment Advisor
FISHER INVESTMENTS I FISHER INVESTMENTS 13F 10'807'046 0.98 1'796'698 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 10'059'073 0.92 67'083 28.02.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 10'012'262 0.91 83'200 31.12.2012 Hedge Fund Manager
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 9'837'471 0.9 585'527 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 9'252'941 0.84 253'847 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'712'208 0.79 (688'138) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'428'533 0.77 1'777'874 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 7'962'831 0.73 887'959 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Drexel Hamilton LLC DAVID B HILDER buy 5 M 70 12 month 23.04.2013
Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 68 12 month 18.04.2013
RBC Capital Markets JASON ARNOLD underperform 1 M 54 12 month 18.04.2013
Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 18.04.2013
JPMorgan RICHARD SHANE JR underweight 1 M 63 6 month 18.04.2013
Janney Montgomery Scott LLC SAMEER GOKHALE neutral 3 M 67 12 month 18.04.2013
Jefferies DANIEL FURTADO hold 3 M 62 12 month 18.04.2013
Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 80 12 month 18.04.2013
Sanford C. Bernstein & Co JOHN E MCDONALD market perform 3 M 67 12 month 18.04.2013
William Blair & Co ROBERT P NAPOLI outperform 5 M #N/A N/A Not Provided 18.04.2013
FBR Capital Markets SCOTT VALENTIN market perform 3 M 62 12 month 18.04.2013
Sandler O'Neill & Partners, LP CHRISTOPHER R DONAT hold 3 M 67 Not Provided 18.04.2013
Stifel CHRISTOPHER C BRENDLER hold 3 M #N/A N/A Not Provided 18.04.2013
Nomura BILL CARCACHE buy 5 M 73 12 month 18.04.2013
Guggenheim Securities LLC DAVID W DARST neutral 3 M 64 12 month 18.04.2013
Portales Partners WILLIAM H RYAN underperform 1 M #N/A N/A Not Provided 18.04.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 72 12 month 18.04.2013
Piper Jaffray MICHAEL J GRONDAHL neutral 3 M 65 12 month 18.04.2013
Credit Agricole Securities (USA) CRAIG J MAURER buy 5 M 78 Not Provided 18.04.2013
Barclays MARK C DEVRIES overweight 5 M 72 Not Provided 18.04.2013
Goldman Sachs RYAN M. NASH neutral/attractive 3 M 70 12 month 17.04.2013
Credit Suisse MOSHE A ORENBUCH underperform 1 M 61 Not Provided 17.04.2013
Buckingham Research Group DAVID HOCHSTIM buy 5 M 73 12 month 17.04.2013
Evercore Partners BRADLEY BALL equalweight 3 M 66 12 month 17.04.2013
Wells Fargo Securities, LLC JOEL HOUCK market perform 3 M #N/A N/A Not Provided 17.04.2013
S&P Capital IQ SONIA PARECHANIAN strong buy 5 M 76 12 month 08.03.2013
Argus Research Corp DAVID RITTER buy 5 M 75 12 month 25.02.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE neutral 3 M 64 Not Provided 15.02.2013
Sterne, Agee & Leach HENRY J COFFEY JR not rated #N/A N/A M #N/A N/A Not Provided 15.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 17.10.2012
Holdings By:
American Express Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Amgen Inc. is an independent biotechnology medicines company that discovers,
develops, manufactures and markets medicines for grievous illnesses. The
Company focuses solely on human therapeutics and concentrates on innovating
novel medicines based on advances in cellular and molecular biology.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 114.95
52-Week Low (01.06.2012) 67.61
Daily Volume
105.18
52-Week High % Change -7.59% Dividend Yield 1.37
52-Week Low % Change 55.57% Beta 0.73
% 52 Week Price Range High/Low 95.37% Equity Float 747.54
Shares Out 18.02.2013 748.4 Short Int 10.25
78'719.87 1 Yr Total Return 56.22%
Total Debt 26'541.00 YTD Return 22.52%
Preferred Stock 0.0 Adjusted BETA 0.726
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 24'061.00 Consensus Rating 3.813
Enterprise Value 81'340.87
Average Volume 5 Day 1'740'029
AMGN UW EQUITY YTD Change - Average Volume 30 Day 1'642'546
AMGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'719'554
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
15'003.0 14'642.0 15'053.0 15'582.0 17'265.0 15'924.0 17'455.0 17'946.8 18'388.2 4'499.4 4'557.1
4.02x 3.65x 3.13x 3.33x 3.92x 12.60x 15.53x 4.18x 3.89x - -
6'287.0 6'728.0 6'679.0 5'372.0 6'665.0 5'542.0 4'929.0 7'358.0 8'244.5 1'637.5 1'713.5
9.59x 7.94x 7.05x 9.66x 10.15x 9.95x 0.00x 11.04x 9.86x - -
4'052.0 4'605.0 4'627.0 3'683.0 4'345.0 3'742.0 4'595.0 5'537.7 6'203.0 1'340.3 1'377.4
12.89x 11.71x 11.68x 12.87x 14.37x 12.97x 16.11x 14.47x 12.72x 14.21x 13.52x
EBITDA 6'665.00 Long-Term Rating Date 07.09.2007
EBIT 5'577.00 Long-Term Rating A+
Operating Margin 32.30% Long-Term Outlook STABLE
Pretax Margin 29.01% Short-Term Rating Date 31.05.2012
Return on Assets 9.11% Short-Term Rating A-1+
Return on Common Equity 23.95%
Return on Capital 12.22% EBITDA/Interest Exp. 6.18
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 5.54
Net Debt/EBITDA 0.37
Gross Margin 83.1% Total Debt/EBITDA 3.98
EBITDA Margin 38.6%
EBIT Margin 31.8% Total Debt/Equity 139.2%
Net Income Margin 25.2% Total Debt/Capital 58.2%
Asset Turnover 0.35
Current Ratio 3.81 Net Fixed Asset Turnover 3.27
Quick Ratio 3.24 Accounts receivable turnover-days 57.67
Debt to Assets 48.88% Inventory Days 320.34
Tot Debt to Common Equity 139.25% Accounts Payable Turnover Day 341.43
Accounts Receivable Turnover 6.33 Cash Conversion Cycle 296.17
Inventory Turnover 1.14
Fiscal Year Ended
Amgen IncPrice/Volume
Valuation Analysis
724'876.00
Current Price (4/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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3&
5&
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1!& 9
2!& 9
3!& 9
0.0
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
20'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
.!&&
1!&&
3!&&
5!&&
-&!&&
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&-!&-!.&-& &-!&4!.&-& &-!&-!.&-- &-!&4!.&-- &-!&-!.&-. &-!&4!.&-. &-!&-!.&-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 75'682'106 10.11 2'001'700 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 58'002'657 7.75 3'329'190 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 44'895'140 6 - 22.04.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 42'036'924 5.62 (2'963'375) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 41'758'645 5.58 254'412 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 34'837'876 4.65 446'107 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'832'328 2.92 (1'069'549) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 15'651'522 2.09 706'375 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 11'669'680 1.56 (4'012'947) 31.01.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 11'487'213 1.53 (484'470) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 11'107'530 1.48 3'592'934 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'496'023 1.4 (660'498) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 9'297'824 1.24 777'425 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'561'832 1.14 1'929'023 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'581'069 1.01 734'423 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 7'120'455 0.95 (145'272) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 6'263'455 0.84 5'419'529 31.12.2012 Government
SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 5'306'546 0.71 1'981'232 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'262'570 0.7 (102'800) 31.03.2013 Investment Advisor
LEGG MASON INC Multiple Portfolios MF-AGG 5'225'051 0.7 (176'156) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 83 Not Provided 24.04.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 115 12 month 24.04.2013
Morgan Stanley MARSHALL URIST Equalwt/In-Line 3 M #N/A N/A Not Provided 24.04.2013
RBC Capital Markets MICHAEL J YEE outperform 5 M 120 12 month 24.04.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 115 12 month 24.04.2013
Leerink Swann & Co HOWARD LIANG market perform 3 M #N/A N/A Not Provided 24.04.2013
Stifel JOEL D SENDEK hold 3 M #N/A N/A Not Provided 24.04.2013
Oppenheimer & Co BORIS PEAKER market perform 3 M 100 12 month 24.04.2013
Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 24.04.2013
Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 130 12 month 24.04.2013
Credit Suisse RAVI MEHROTRA neutral 3 M 115 Not Provided 23.04.2013
JPMorgan GEOFFREY MEACHAM neutral 3 M 115 6 month 23.04.2013
Jefferies EUN K YANG buy 5 M 123 12 month 23.04.2013
William Blair & Co JOHN S SONNIER market perform 3 M #N/A N/A Not Provided 23.04.2013
Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 125 12 month 23.04.2013
Piper Jaffray M IAN SOMAIYA neutral 3 D 107 12 month 23.04.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 105 Not Provided 23.04.2013
Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 101 12 month 22.04.2013
Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 100 12 month 17.04.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 D 115 12 month 03.04.2013
Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 22.03.2013
Brean Murray Carret & Co GENE MACK buy 5 M 98 12 month 20.03.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 20.03.2013
Guggenheim Securities LLC BRET HOLLEY neutral 3 M 95 12 month 20.03.2013
S&P Capital IQ STEVEN SILVER buy 5 M 104 Not Provided 20.03.2013
Argus Research Corp JOHN M EADE buy 5 M 96 Not Provided 15.03.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 92 12 month 01.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
First Global Stockbroking KAVITA THOMAS sector outperform 5 M #N/A N/A Not Provided 17.05.2012
Cyrrus TOMAS MENCIK buy 5 M 78 Not Provided 05.04.2012
Holdings By:
Amgen Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Anadarko Petroleum Corporation is an independent oil and gas exploration and
production company with international operations. In the United States, the
Company operates in Texas and surrounding states, the Rocky Mountain region,
Alaska, and the Gulf of Mexico. Internationally, Anadarko has exploration
and/or production operations in Africa, Asia, South America, and the Caribbean.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.03.2013) 89.19
52-Week Low (04.06.2012) 56.42
Daily Volume
82.71
52-Week High % Change -7.06% Dividend Yield 0.44
52-Week Low % Change 46.60% Beta 1.36
% 52 Week Price Range High/Low 76.75% Equity Float 506.56
Shares Out 19.03.2013 508.2 Short Int 7.34
42'033.04 1 Yr Total Return 15.31%
Total Debt 13'269.00 YTD Return 11.42%
Preferred Stock 0.0 Adjusted BETA 1.363
Minority Interest 1'253.0 Analyst Recs 33
Cash and Equivalents 2'471.00 Consensus Rating 4.697
Enterprise Value 54'084.04
Average Volume 5 Day 822'711
APC UN EQUITY YTD Change - Average Volume 30 Day 891'310
APC UN EQUITY YTD % CHANGE - Average Volume 3 Month 841'835
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
13'740.0 8'537.0 11'340.0 13'656.0 14'060.0 13'966.0 14'058.0 15'113.1 16'957.8 3'460.6 3'659.2
2.04x 4.74x 4.22x 3.77x 3.50x 13.85x 13.90x 3.54x 3.07x 15.64x 14.74x
7'596.0 3'561.0 6'055.0 7'353.0 6'950.0 7'628.0 6'948.0 9'744.4 11'029.2 2'297.3 2'366.1
3.70x 11.36x 7.91x 7.00x 7.09x 6.75x 7.09x 5.55x 4.91x 5.51x 5.32x
3'260.0 (135.0) 761.0 (2'649.0) 2'391.0 (2'649.0) 2'391.0 2'034.0 2'736.4 460.4 462.3
8.53x - 51.81x 23.06x 33.03x 22.65x 18.04x 19.89x 15.83x 20.07x 18.94x
EBITDA 6'950.00 Long-Term Rating Date 08.09.2006
EBIT 2'986.00 Long-Term Rating BBB-
Operating Margin 21.24% Long-Term Outlook POS
Pretax Margin 25.36% Short-Term Rating Date 15.09.2009
Return on Assets 4.58% Short-Term Rating NR
Return on Common Equity 12.35%
Return on Capital 8.52% EBITDA/Interest Exp. 7.22
Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. -0.30
Net Debt/EBITDA 1.55
Gross Margin 43.9% Total Debt/EBITDA 1.91
EBITDA Margin 49.4%
EBIT Margin 21.2% Total Debt/Equity 64.3%
Net Income Margin 17.0% Total Debt/Capital 37.7%
Asset Turnover 0.27
Current Ratio 1.70 Net Fixed Asset Turnover 0.37
Quick Ratio 0.99 Accounts receivable turnover-days 35.69
Debt to Assets 25.23% Inventory Days 8.99
Tot Debt to Common Equity 64.32% Accounts Payable Turnover Day 146.64
Accounts Receivable Turnover 10.25 Cash Conversion Cycle -101.97
Inventory Turnover 40.73
Fiscal Year Ended
Anadarko Petroleum CorpPrice/Volume
Valuation Analysis
129'369.00
Current Price (4/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&-&.&0&1&2&3&4&5&6&
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-!2 9
.!& 9
.!2 9
0!& 9
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
.!&&
1!&&
3!&&
5!&&
-&!&&
-.!&&
-1!&&
-3!&&
-5!&&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 36'093'242 7.1 - 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 33'766'711 6.64 (923'642) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 30'446'592 5.99 892'980 23.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 30'419'482 5.99 3'651'184 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 22'660'736 4.46 806'410 31.03.2013 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 15'580'800 3.07 15'580'800 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 12'911'593 2.54 (122'383) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 12'643'744 2.49 905'445 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'138'557 2 2'497'314 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 9'446'141 1.86 1'184'755 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'784'818 1.53 802'637 31.03.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 7'053'263 1.39 (109'435) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 6'990'611 1.38 2'118'749 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'592'195 1.3 226'160 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'423'262 1.07 (149'144) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 5'375'346 1.06 233'565 31.12.2012 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'277'034 1.04 (764'838) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4'717'115 0.93 20'436 31.12.2012 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 4'151'875 0.82 508'321 31.12.2012 Investment Advisor
HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 4'121'469 0.81 (700'000) 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Global Hunter Securities JOHN MALONE buy 5 M 110 12 month 23.04.2013
Jefferies SUBASH CHANDRA buy 5 M 96 12 month 22.04.2013
Sanford C. Bernstein & Co BOB BRACKETT outperform 5 M 97 Not Provided 22.04.2013
Wells Fargo Securities, LLC DAVID R TAMERON outperform 5 M #N/A N/A Not Provided 19.04.2013
Howard Weil Inc PETER KISSEL focus list 5 M 115 12 month 18.04.2013
Capital One Southcoast, Inc. ELIOT JAVANMARDI strong buy 5 M 138 Not Provided 18.04.2013
Raymond James ANDREW COLEMAN outperform 5 M 105 12 month 18.04.2013
Johnson Rice & Co CHARLES MEADE overweight 5 M #N/A N/A Not Provided 18.04.2013
Tudor Pickering & Co BRIAN LIVELY buy 5 M 118 Not Provided 18.04.2013
RBC Capital Markets SCOTT HANOLD outperform 5 M 100 12 month 17.04.2013
Barclays THOMAS R DRISCOLL overweight 5 M 102 Not Provided 16.04.2013
Alembic Global Advisors JAMES J SULLIVAN overweight 5 M 108 12 month 16.04.2013
Canaccord Genuity Corp JOHN J GERDES buy 5 M 127 12 month 15.04.2013
Societe Generale JOHN HERRLIN buy 5 M 103 12 month 12.04.2013
Macquarie JOSEPH MAGNER outperform 5 M 97 12 month 12.04.2013
Oppenheimer & Co FADEL GHEIT outperform 5 M 100 18 month 12.04.2013
Simmons & Company International DAVID W KISTLER overweight 5 M 125 Not Provided 12.04.2013
Morgan Stanley J EVAN CALIO Overwt/Attractive 5 M 101 12 month 08.04.2013
JPMorgan JOSEPH D ALLMAN neutral 3 M 94 6 month 08.04.2013
Buckingham Research Group ROBERT L CHRISTENSEN JR buy 5 M 110 12 month 04.04.2013
Guggenheim Securities LLC ROBERT CORDRAY buy 5 M 115 12 month 01.04.2013
Goldman Sachs BRIAN SINGER buy/attractive 5 M 108 12 month 31.03.2013
Credit Suisse ARUN JAYARAM outperform 5 M 109 Not Provided 26.03.2013
Deutsche Bank STEPHEN RICHARDSON buy 5 M 101 12 month 25.03.2013
Stifel AMIR ARIF buy 5 M 95 12 month 14.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 27.02.2013
Argus Research Corp PHILIP H WEISS hold 3 M #N/A N/A Not Provided 26.02.2013
S&P Capital IQ MICHAEL KAY buy 5 M 86 Not Provided 15.11.2012
FBR Capital Markets REHAN RASHID market perform 3 M 90 12 month 24.10.2012
Holdings By:
Anadarko Petroleum Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Apache Corporation is an independent energy company. The Company explores for,
develops, and produces natural gas, crude oil, and natural gas liquids. The
Company has operations in the United States, Canada, Egypt, Australia, offshore
the United Kingdom in the North Sea, and Argentina.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.05.2012) 98.20
52-Week Low (22.04.2013) 67.91
Daily Volume
71.17
52-Week High % Change -27.62% Dividend Yield 0.96
52-Week Low % Change 4.80% Beta 1.44
% 52 Week Price Range High/Low 8.42% Equity Float 389.98
Shares Out 14.02.2013 392.0 Short Int 6.04
27'898.64 1 Yr Total Return -21.33%
Total Debt 12'346.00 YTD Return -8.89%
Preferred Stock 1'227.0 Adjusted BETA 1.438
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 160.00 Consensus Rating 4.000
Enterprise Value 41'311.64
Average Volume 5 Day 1'189'185
APA UN EQUITY YTD Change - Average Volume 30 Day 856'733
APA UN EQUITY YTD % CHANGE - Average Volume 3 Month 822'420
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
12'327.8 8'573.9 12'183.0 16'810.0 16'947.0 16'810.0 16'947.0 17'740.1 19'127.9 4'283.6 4'325.5
2.27x 4.40x 4.50x 2.55x 2.61x 11.67x 10.83x 2.25x 2.21x 9.37x 9.30x
8'988.1 3'027.6 8'903.0 12'551.0 12'283.0 12'551.0 12'283.0 12'591.4 13'560.6 3'065.8 3'097.8
3.11x 12.46x 6.16x 3.42x 3.60x 3.42x 3.60x 3.28x 3.04x 3.28x 3.24x
712.0 (284.4) 3'032.0 4'584.0 2'001.0 4'584.0 2'001.0 3'675.6 4'213.4 880.8 853.1
35.66x 20.51x 13.34x 7.66x 8.15x 7.55x 8.21x 7.75x 7.15x 7.86x 7.78x
EBITDA 12'283.00 Long-Term Rating Date 26.01.2001
EBIT 5'174.00 Long-Term Rating A-
Operating Margin 30.53% Long-Term Outlook STABLE
Pretax Margin 28.78% Short-Term Rating Date 05.05.2000
Return on Assets 3.55% Short-Term Rating A-2
Return on Common Equity 6.65%
Return on Capital 5.53% EBITDA/Interest Exp. 14.57
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. 3.26
Net Debt/EBITDA 0.99
Gross Margin 33.7% Total Debt/EBITDA 1.01
EBITDA Margin 72.5%
EBIT Margin 30.5% Total Debt/Equity 41.0%
Net Income Margin 11.8% Total Debt/Capital 28.3%
Asset Turnover 0.30
Current Ratio 0.90 Net Fixed Asset Turnover 0.34
Quick Ratio 0.59 Accounts receivable turnover-days 66.57
Debt to Assets 20.33% Inventory Days 25.44
Tot Debt to Common Equity 41.01% Accounts Payable Turnover Day 34.07
Accounts Receivable Turnover 5.50 Cash Conversion Cycle 57.95
Inventory Turnover 14.39
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Apache CorpPrice/Volume
Valuation Analysis
171'413.00
Current Price (4/dd/yy) Market Data
&
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 29'315'198 7.48 220'162 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 23'710'179 6.05 - 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 22'933'441 5.85 279'575 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 17'684'349 4.51 553'677 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'141'893 3.1 6'805'021 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 9'201'248 2.35 169'616 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 8'543'355 2.18 (2'878'610) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'905'844 1.51 26'941 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 5'314'831 1.36 (3'411'669) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'984'105 1.27 (1'313'173) 31.03.2013 Investment Advisor
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'767'624 1.22 (535'856) 31.12.2012 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 4'578'799 1.17 1'168'725 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 3'783'049 0.97 (58'107) 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 3'529'916 0.9 (172'284) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3'175'642 0.81 531'384 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'112'459 0.79 25'144 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 2'901'702 0.74 72'762 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'808'677 0.72 317'481 31.12.2012 Government
LAZARD ASSET MANAGEM n/a ULT-AGG 2'680'709 0.68 (194'515) 31.12.2012 Unclassified
MANULIFE ASSET MANAG MANULIFE ASSET MANAG 13F 2'613'787 0.67 724'875 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Global Hunter Securities JOHN MALONE neutral 3 M 88 12 month 23.04.2013
Argus Research Corp PHILIP H WEISS hold 3 M #N/A N/A Not Provided 22.04.2013
Sanford C. Bernstein & Co BOB BRACKETT outperform 5 M 101 Not Provided 22.04.2013
Raymond James JOHN FREEMAN outperform 5 M 100 12 month 22.04.2013
Susquehanna Financial Group DUANE GRUBERT Positive 4 M 93 12 month 22.04.2013
Macquarie JOSEPH MAGNER neutral 3 M 96 12 month 20.04.2013
Wells Fargo Securities, LLC DAVID R TAMERON outperform 5 M #N/A N/A Not Provided 19.04.2013
JPMorgan JOSEPH D ALLMAN neutral 3 D 77 6 month 18.04.2013
Tudor Pickering & Co MATTHEW PORTILLO accumulate 4 M 101 Not Provided 18.04.2013
Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 17.04.2013
Oppenheimer & Co FADEL GHEIT market perform 3 D #N/A N/A Not Provided 17.04.2013
RBC Capital Markets LEO P MARIANI sector perform 3 M 95 12 month 16.04.2013
Barclays THOMAS R DRISCOLL overweight 5 M 111 Not Provided 16.04.2013
Alembic Global Advisors JAMES J SULLIVAN neutral 3 M 92 12 month 16.04.2013
Societe Generale JOHN HERRLIN buy 5 M 103 12 month 12.04.2013
Simmons & Company International PEARCE W HAMMOND overweight 5 M 123 Not Provided 12.04.2013
Howard Weil Inc PETER KISSEL sector outperform 5 M 97 12 month 11.04.2013
FBR Capital Markets REHAN RASHID market perform 3 M 100 12 month 09.04.2013
Morgan Stanley J EVAN CALIO Equalwt/Attractive 3 M 76 12 month 08.04.2013
Goldman Sachs BRIAN SINGER neutral/attractive 3 M 91 12 month 04.04.2013
Buckingham Research Group ROBERT L CHRISTENSEN JR buy 5 M 119 12 month 04.04.2013
Capital One Southcoast, Inc. ELIOT JAVANMARDI add 4 M 118 Not Provided 03.04.2013
Guggenheim Securities LLC ROBERT CORDRAY buy 5 M 93 12 month 28.03.2013
Deutsche Bank STEPHEN RICHARDSON hold 3 M 90 12 month 25.03.2013
Stifel AMIR ARIF buy 5 M 90 12 month 12.03.2013
Credit Suisse ARUN JAYARAM outperform 5 M 100 Not Provided 19.02.2013
Peters & Co Ltd KAM S SANDHAR sector perform 3 M 90 12 month 15.02.2013
S&P Capital IQ MICHAEL KAY strong buy 5 M 116 Not Provided 15.02.2013
Johnson Rice & Co CHARLES MEADE equalweight 3 M #N/A N/A Not Provided 14.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Apache Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Apple Inc. designs, manufactures, and markets personal computers and related
personal computing and mobile communication devices along with a variety of
related software, services, peripherals, and networking solutions. The Company
sells its products worldwide through its online stores, its retail stores, its
direct sales force, third-party wholesalers, and resellers.
Latest Fiscal Year: 09/2012
LTM as of: 03/yy
52-Week High (21.09.2012) 705.07
52-Week Low (19.04.2013) 385.10
Daily Volume
400.27
52-Week High % Change -42.68% Dividend Yield 1.99
52-Week Low % Change 3.94% Beta 0.97
% 52 Week Price Range High/Low 6.53% Equity Float 938.32
Shares Out 12.04.2013 938.6 Short Int 20.01
375'713.03 1 Yr Total Return -27.51%
Total Debt 0.00 YTD Return -24.48%
Preferred Stock 0.0 Adjusted BETA 0.971
Minority Interest 0.0 Analyst Recs 64
Cash and Equivalents 121'251.00 Consensus Rating 4.484
Enterprise Value 231'026.02
Average Volume 5 Day 5'601'236
AAPL UW EQUITY YTD Change - Average Volume 30 Day 3'697'636
AAPL UW EQUITY YTD % CHANGE - Average Volume 3 Month 4'054'688
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
37'491.0 42'905.0 65'225.0 108'249.0 156'508.0 142'360.0 169'104.0 176'388.7 194'633.0 37'180.9 41'418.4
2.39x 3.03x 3.32x 2.72x 3.23x 8.79x 9.16x 1.31x 1.28x 6.38x 5.56x
8'823.0 12'474.0 19'412.0 35'604.0 58'518.0 53'298.0 57'381.0 57'073.0 62'755.3 11'094.9 12'181.0
10.14x 10.43x 11.17x 8.26x 8.63x 8.45x 4.73x 4.15x 3.77x 4.07x 3.99x
6'119.0 8'235.0 14'013.0 25'922.0 41'733.0 38'617.0 39'672.0 39'338.2 43'176.1 7'938.7 9'133.0
18.91x 20.08x 19.30x 14.61x 15.11x 14.62x 10.57x 9.53x 8.68x 9.36x 9.00x
EBITDA 58'518.00 Long-Term Rating Date 23.04.2013
EBIT 55'241.00 Long-Term Rating AA+
Operating Margin 35.30% Long-Term Outlook STABLE
Pretax Margin 35.63% Short-Term Rating Date -
Return on Assets 22.95% Short-Term Rating -
Return on Common Equity 33.34%
Return on Capital 33.34% EBITDA/Interest Exp. -
Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -2.52
Gross Margin 43.9% Total Debt/EBITDA 0.00
EBITDA Margin 33.9%
EBIT Margin 30.9% Total Debt/Equity 0.0%
Net Income Margin 26.7% Total Debt/Capital 0.0%
Asset Turnover 0.98
Current Ratio 1.50 Net Fixed Asset Turnover 14.17
Quick Ratio 1.04 Accounts receivable turnover-days 15.20
Debt to Assets 0.00% Inventory Days 4.18
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 56.71
Accounts Receivable Turnover 23.94 Cash Conversion Cycle -52.97
Inventory Turnover 87.18
Fiscal Year Ended
Apple IncPrice/Volume
Valuation Analysis
3'870'971.00
Current Price (4/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
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40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 49'250'980 5.25 (317'024) 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 48'791'050 5.2 (42'266) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 43'247'824 4.61 1'164'484 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 41'472'347 4.42 (4'409'314) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 23'598'905 2.51 118'759 31.12.2012 Investment Advisor
SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 16'882'717 1.8 804'173 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 15'540'026 1.66 (903'792) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'550'305 1.44 90'528 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 12'868'847 1.37 (1'805'968) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12'562'591 1.34 (410'792) 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 10'155'052 1.08 974'700 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 8'086'335 0.86 813'609 28.02.2013 Investment Advisor
UBS n/a ULT-AGG 7'830'396 0.83 (879'709) 28.02.2013 Unclassified
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'768'584 0.83 (249'589) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'650'330 0.82 (7'786'595) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 7'531'087 0.8 677'078 31.12.2012 Government
WELLS FARGO n/a ULT-AGG 7'523'460 0.8 (400'118) 28.02.2013 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 6'897'211 0.73 6'499'377 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 6'361'655 0.68 (1'211'280) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'358'050 0.68 (559'069) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KEITH F BACHMAN market perform 3 D 435 Not Provided 24.04.2013
Societe Generale ANDY PERKINS buy 5 M 500 12 month 24.04.2013
Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 480 12 month 24.04.2013
Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 540 12 month 24.04.2013
Goldman Sachs WILLIAM C SHOPE JR Buy/Cautious 5 M 500 12 month 24.04.2013
RBC Capital Markets AMIT DARYANANI outperform 5 M 475 12 month 24.04.2013
Argus Research Corp JAMES KELLEHER buy 5 M 600 12 month 24.04.2013
JPMorgan MARK A MOSKOWITZ overweight 5 M 545 6 month 24.04.2013
Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 500 12 month 24.04.2013
Jefferies PETER J MISEK hold 3 M 420 12 month 24.04.2013
Needham & Co CHARLES WOLF buy 5 M 710 12 month 24.04.2013
Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 24.04.2013
Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 600 12 month 24.04.2013
William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 24.04.2013
FBR Capital Markets SCOTT S THOMPSON outperform 5 M 500 12 month 24.04.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 610 12 month 24.04.2013
Stifel AARON C RAKERS buy 5 M 600 12 month 24.04.2013
Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 600 12 month 24.04.2013
Evercore Partners ROBERT CIHRA overweight 5 M 550 12 month 24.04.2013
Nomura STUART JEFFREY neutral 3 M 420 12 month 24.04.2013
Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 24.04.2013
Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 24.04.2013
JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 24.04.2013
Lazard Capital Markets EDWARD PARKER buy 5 M 500 12 month 24.04.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 500 12 month 24.04.2013
Cross Research SHANNON S CROSS buy 5 M 530 12 month 24.04.2013
Credit Agricole Securities (USA) AVI SILVER outperform 5 M 475 Not Provided 24.04.2013
Barclays BENJAMIN A REITZES overweight 5 M 465 Not Provided 24.04.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 540 12 month 24.04.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 575 12 month 24.04.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 888 12 month 24.04.2013
Raymond James TAVIS C MCCOURT outperform 5 M 600 12 month 23.04.2013
Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 560 Not Provided 23.04.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 480 12 month 23.04.2013
Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 550 12 month 23.04.2013
ISI Group BRIAN MARSHALL strong buy 5 M 600 12 month 23.04.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 688 12 month 23.04.2013
Sterne, Agee & Leach SHAW WU suspended coverage #N/A N/A M #N/A N/A Not Provided 22.04.2013
BGC Partners COLIN W GILLIS buy 5 U 500 12 month 22.04.2013
Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 520 12 month 22.04.2013
Crowell, Weedon & Co JAMES D RAGAN buy 5 M 625 12 month 19.04.2013
Exane BNP Paribas ALEXANDER PETERC outperform 5 M 700 Not Provided 19.04.2013
Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 17.04.2013
Holdings By:
Apple Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
AT&T Inc. is a communications holding company. The Company, through its
subsidiaries and affiliates, provides local and long-distance phone service,
wireless and data communications, Internet access and messaging, IP-based and
satellite television, security services, telecommunications equipment, and
directory advertising and publishing.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 39.00
52-Week Low (24.04.2012) 31.13
Daily Volume
36.77
52-Week High % Change -5.13% Dividend Yield 4.84
52-Week Low % Change 18.12% Beta 0.75
% 52 Week Price Range High/Low 100.00% Equity Float 5'418.95
Shares Out 31.03.2013 5'423.0 Short Int 81.69
199'403.72 1 Yr Total Return 21.72%
Total Debt 69'844.00 YTD Return 11.83%
Preferred Stock 0.0 Adjusted BETA 0.746
Minority Interest 333.0 Analyst Recs 39
Cash and Equivalents 4'868.00 Consensus Rating 3.256
Enterprise Value 270'000.71
Average Volume 5 Day 4'814'053
T UN EQUITY YTD Change - Average Volume 30 Day 5'563'987
T UN EQUITY YTD % CHANGE - Average Volume 3 Month 5'435'310
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
124'028.0 122'513.0 124'280.0 126'723.0 127'434.0 127'298.0 126'968.0 128'519.2 130'750.2 31'799.0 32'062.8
1.94x 1.91x 1.92x 1.82x 1.99x 7.52x 8.43x 2.14x 2.11x 8.54x 8.50x
42'946.0 40'515.0 39'037.0 30'505.0 31'140.0 30'774.0 30'948.0 42'000.3 43'674.1 11'190.3 10'850.9
5.62x 5.78x 6.11x 7.56x 8.14x 8.03x 8.71x 6.43x 6.19x 6.35x 6.28x
12'867.0 12'138.0 19'864.0 3'944.0 7'264.0 4'120.0 7'380.0 13'785.9 14'511.8 3'883.6 3'628.8
12.28x 13.54x 12.77x 14.82x 14.59x 14.13x 15.48x 14.60x 13.54x 14.29x 13.99x
EBITDA 31'140.00 Long-Term Rating Date 06.12.2010
EBIT 12'997.00 Long-Term Rating A-
Operating Margin 10.20% Long-Term Outlook STABLE
Pretax Margin 8.19% Short-Term Rating Date 06.12.2010
Return on Assets 2.73% Short-Term Rating A-2
Return on Common Equity 7.65%
Return on Capital 6.13% EBITDA/Interest Exp. 8.40
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 3.15
Net Debt/EBITDA 2.27
Gross Margin 56.7% Total Debt/EBITDA 2.40
EBITDA Margin 24.4%
EBIT Margin 10.1% Total Debt/Equity 75.6%
Net Income Margin 5.7% Total Debt/Capital 43.0%
Asset Turnover 0.47
Current Ratio 0.71 Net Fixed Asset Turnover 1.17
Quick Ratio 0.55 Accounts receivable turnover-days 36.32
Debt to Assets 25.65% Inventory Days -
Tot Debt to Common Equity 75.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.05 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
AT&T IncPrice/Volume
Valuation Analysis
3'100'308.00
Current Price (4/dd/yy) Market Data
&2
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20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 325'320'158 6 (2'092'607) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 303'741'103 5.6 (15'537'356) 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 257'834'748 4.75 2'248'864 31.03.2013 Investment Advisor
EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 236'591'214 4.36 264'245 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 172'536'775 3.18 (35'791'594) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 85'043'230 1.57 1'678'743 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 78'531'043 1.45 (425'820) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 75'934'975 1.4 (5'965'540) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 72'522'164 1.34 (6'438'791) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 41'221'593 0.76 509'569 31.12.2012 Government
JP MORGAN n/a ULT-AGG 37'990'454 0.7 (4'382'266) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 37'606'981 0.69 (4'202'874) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 34'575'958 0.64 (1'599'808) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 32'596'443 0.6 148'516 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 32'340'952 0.6 (366'392) 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 29'793'395 0.55 - 31.12.2012 Insurance Company
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 29'566'054 0.55 (473'418) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 29'042'268 0.54 (418'660) 28.02.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 28'788'510 0.53 1'487'151 28.02.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 27'158'636 0.5 1'578'257 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank BRETT FELDMAN hold 3 M 34 12 month 24.04.2013
Morgan Stanley SIMON FLANNERY Equalwt/In-Line 3 D 37 12 month 24.04.2013
RBC Capital Markets JONATHAN ATKIN sector perform 3 M 38 12 month 24.04.2013
JPMorgan PHILIP CUSICK overweight 5 M 40 6 month 24.04.2013
Pacific Crest Securities MICHAEL BOWEN sector perform 3 M #N/A N/A Not Provided 24.04.2013
Raymond James FRANK G LOUTHAN market perform 3 M #N/A N/A Not Provided 24.04.2013
Stifel CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 24.04.2013
Canaccord Genuity Corp GREGORY MILLER hold 3 M 35 12 month 24.04.2013
Evercore Partners JONATHAN SCHILDKRAUT equalweight 3 M 39 12 month 24.04.2013
Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 42 12 month 24.04.2013
Nomura MICHAEL L MCCORMACK buy 5 M 38 12 month 24.04.2013
Guggenheim Securities LLC SHING YIN neutral 3 M 37 12 month 24.04.2013
Cowen and Company COLBY SYNESAEL neutral 3 M #N/A N/A Not Provided 24.04.2013
New Street Research JONATHAN CHAPLIN neutral 3 M 36 Not Provided 24.04.2013
Atlantic Equities LLP CHRISTOPHER WATTS neutral 3 M 37 12 month 24.04.2013
Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 40 12 month 24.04.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 42 Not Provided 24.04.2013
Jefferies THOMAS O SEITZ hold 3 M 38 12 month 23.04.2013
William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 23.04.2013
Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 23.04.2013
Robert W. Baird & Co WILLIAM V POWER neutral 3 M 37 12 month 15.04.2013
Scotia Capital JEFFREY FAN sector underperform 1 M 37 12 month 15.04.2013
Macquarie KEVIN SMITHEN underperform 1 M 35 12 month 10.04.2013
S&P Capital IQ TODD ROSENBLUTH hold 3 M 36 12 month 02.04.2013
Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 25.03.2013
Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 25.03.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 25.02.2013
HSBC RICHARD DINEEN overweight 5 M 39 Not Provided 20.02.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 32 12 month 30.01.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 28.01.2013
Hilliard Lyons DAVID B BURKS buy 5 M 38 12 month 25.01.2013
Daiwa Securities Co. Ltd. NACHI HOSHINO underperform 1 M 32 Not Provided 12.12.2012
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 26.11.2012
Gabelli & Co SERGEY DLUZHEVSKIY hold 3 M #N/A N/A Not Provided 12.11.2012
Goldman Sachs JASON ARMSTRONG neutral/neutral 3 M 36 12 month 24.10.2012
FBR Capital Markets DAVID DIXON outperform 5 M 38 12 month 15.08.2012
Janco Partners Inc GERARD HALLAREN buy 5 M 44 Not Provided 26.07.2012
Holdings By:
AT&T Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Baker Hughes Incorporated supplies reservoir-centered products, services, and
systems to the worldwide oil and gas industry. The Company provides products
and services for oil and gas exploration, drilling, completion, and production.
Baker Hughes also manufactures and markets a variety of roller cutter bits and
fixed cutter diamond bits.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.09.2012) 50.96
52-Week Low (26.06.2012) 37.09
Daily Volume
44.85
52-Week High % Change -11.79% Dividend Yield 1.34
52-Week Low % Change 20.92% Beta 1.46
% 52 Week Price Range High/Low 44.12% Equity Float 440.23
Shares Out 31.03.2013 441.8 Short Int 11.22
19'816.25 1 Yr Total Return 5.63%
Total Debt 4'916.00 YTD Return 10.19%
Preferred Stock 0.0 Adjusted BETA 1.457
Minority Interest 199.0 Analyst Recs 33
Cash and Equivalents 1'015.00 Consensus Rating 3.394
Enterprise Value 23'807.25
Average Volume 5 Day 1'492'343
BHI UN EQUITY YTD Change - Average Volume 30 Day 1'100'413
BHI UN EQUITY YTD % CHANGE - Average Volume 3 Month 959'844
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
11'864.0 9'664.0 14'414.0 19'831.0 21'361.0 20'547.0 21'236.0 21'649.7 23'456.9 5'233.9 5'509.0
0.87x 1.33x 1.88x 1.24x 1.04x 5.10x 4.39x 1.09x 0.98x 4.46x 4.22x
3'075.0 1'461.0 2'620.0 4'236.0 3'760.0 4'232.0 3'640.0 3'894.4 4'675.0 900.6 1'018.5
3.35x 8.78x 10.33x 5.78x 5.88x 5.27x 6.73x 6.07x 5.06x 5.74x 5.47x
1'635.0 421.0 812.0 1'739.0 1'311.0 1'737.0 1'199.0 1'354.4 1'828.1 285.7 358.7
5.88x 29.18x 25.18x 10.73x 13.32x 9.32x 15.75x 14.65x 10.96x 13.53x 12.66x
EBITDA 3'760.00 Long-Term Rating Date 05.05.2006
EBIT 2'192.00 Long-Term Rating A
Operating Margin 10.26% Long-Term Outlook STABLE
Pretax Margin 9.28% Short-Term Rating Date 05.05.2006
Return on Assets 4.55% Short-Term Rating A-1
Return on Common Equity 7.14%
Return on Capital 6.20% EBITDA/Interest Exp. 17.90
Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 4.05
Net Debt/EBITDA 1.10
Gross Margin 18.7% Total Debt/EBITDA 1.40
EBITDA Margin 17.1%
EBIT Margin 9.5% Total Debt/Equity 28.8%
Net Income Margin 6.1% Total Debt/Capital 22.2%
Asset Turnover 0.81
Current Ratio 2.53 Net Fixed Asset Turnover 2.57
Quick Ratio 1.41 Accounts receivable turnover-days 87.16
Debt to Assets 18.42% Inventory Days 78.83
Tot Debt to Common Equity 28.80% Accounts Payable Turnover Day 40.90
Accounts Receivable Turnover 4.19 Cash Conversion Cycle 120.65
Inventory Turnover 4.63
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Baker Hughes IncPrice/Volume
Valuation Analysis
350'193.00
Current Price (4/dd/yy) Market Data
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15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 43'960'093 9.95 (3'037'575) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 28'403'334 6.43 910'352 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 28'208'849 6.38 879'757 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 25'761'226 5.83 235'316 23.04.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 25'283'308 5.72 (508'506) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 22'117'370 5.01 914'925 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 19'903'469 4.5 671'618 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 10'787'021 2.44 2'788'880 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'743'941 1.98 (142'727) 31.03.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 7'811'853 1.77 (1'792'729) 27.03.2013 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 7'792'753 1.76 (2'713) 31.03.2013 Investment Advisor
PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 7'509'120 1.7 1'022'557 31.12.2012 Hedge Fund Manager
GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 7'033'639 1.59 752'965 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'416'357 1.45 11'254 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'165'135 1.4 (521'016) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'383'131 1.22 (354'486) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 4'016'339 0.91 (317'368) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 3'679'173 0.83 2'608'976 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'540'405 0.8 321'811 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 3'466'593 0.78 (606'071) 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale EDWARD C MUZTAFAGO hold 3 M 49 12 month 23.04.2013
JPMorgan J DAVID ANDERSON neutral 3 M 52 6 month 23.04.2013
Jefferies BRAD HANDLER hold 3 M 48 12 month 23.04.2013
Macquarie NIGEL BROWNE neutral 3 M 48 12 month 23.04.2013
Argus Research Corp PHILIP H WEISS sell 1 D #N/A N/A Not Provided 22.04.2013
Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 49 Not Provided 22.04.2013
Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 64 12 month 22.04.2013
Capital One Southcoast, Inc. LUKE M LEMOINE neutral 3 M 51 Not Provided 22.04.2013
Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 22.04.2013
Johnson Rice & Co DANIEL BURKE overweight 5 M #N/A N/A Not Provided 22.04.2013
FBR Capital Markets MEGAN REPINE market perform 3 M 48 12 month 22.04.2013
Guggenheim Securities LLC MICHAEL K LAMOTTE neutral 3 M 50 12 month 22.04.2013
Susquehanna Financial Group CHARLES P MINERVINO neutral 3 M 46 12 month 22.04.2013
Cowen Securities LLC JAMES D CRANDELL hold 3 M #N/A N/A Not Provided 22.04.2013
Credit Agricole Securities (USA) DAVID S HAVENS buy 5 M 54 Not Provided 22.04.2013
Global Hunter Securities BRIAN UHLMER neutral 3 M 45 12 month 22.04.2013
Deutsche Bank MICHAEL W URBAN buy 5 M 59 12 month 21.04.2013
Sterne, Agee & Leach STEPHEN D GENGARO neutral 3 M 47 12 month 21.04.2013
BMO Capital Markets ALAN D LAWS market perform 3 M 43 Not Provided 19.04.2013
Morgan Stanley OLE SLORER Equalwt/Attractive 3 M 47 12 month 19.04.2013
RBC Capital Markets KURT HALLEAD sector perform 3 M 50 12 month 19.04.2013
ISI Group JUDSON E BAILEY strong buy 5 M 52 12 month 19.04.2013
Wells Fargo Securities, LLC MATTHEW D CONLAN market perform 3 M #N/A N/A Not Provided 19.04.2013
Barclays JAMES C WEST overweight 5 M 54 Not Provided 19.04.2013
Credit Suisse JAMES WICKLUND neutral 3 M 40 Not Provided 15.04.2013
RS Platou Markets TURNER HOLM neutral 3 M 49 6 month 21.03.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 25.02.2013
Goldman Sachs WAQAR SYED neutral/attractive 3 M 55 12 month 14.02.2013
Tudor Pickering & Co BYRON POPE accumulate 4 M #N/A N/A Not Provided 04.02.2013
S&P Capital IQ STEWART GLICKMAN hold 3 M 48 12 month 15.01.2013
Holdings By:
Baker Hughes Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Bank of America Corporation accepts deposits and offers banking, investing,
asset management, and other financial and risk-management products and
services. The Company has a mortgage lending subsidiary, and an investment
banking and securities brokerage subsidiary.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (19.03.2013) 12.94
52-Week Low (21.05.2012) 6.72
Daily Volume
12.24
52-Week High % Change -5.04% Dividend Yield 0.33
52-Week Low % Change 82.14% Beta 1.56
% 52 Week Price Range High/Low 86.01% Equity Float 10'816.55
Shares Out 31.03.2013 10'822.4 Short Int 156.73
132'465.92 1 Yr Total Return 49.76%
Total Debt 673'162.00 YTD Return 5.61%
Preferred Stock 18'768.0 Adjusted BETA 1.560
Minority Interest 0.0 Analyst Recs 40
Cash and Equivalents 349'370.00 Consensus Rating 3.500
Enterprise Value -
Average Volume 5 Day 27'471'064
BAC UN EQUITY YTD Change - Average Volume 30 Day 22'678'082
BAC UN EQUITY YTD % CHANGE - Average Volume 3 Month 24'356'498
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
113'106.0 153'286.0 135'161.0 115'373.0 100'078.0 109'598.0 100'131.0 90'793.6 92'423.3 22'556.3 22'413.6
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
4'008.0 6'276.0 (2'238.0) 1'446.0 4'188.0 50.0 6'158.0 11'025.1 14'810.9 2'949.8 2'900.8
24.70x 39.63x 10.76x 5.73x 10.27x 9.86x 14.00x 11.86x 9.24x 11.40x 10.60x
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A-
Operating Margin 12.15% Long-Term Outlook NEG
Pretax Margin 3.69% Short-Term Rating Date 29.11.2011
Return on Assets 0.28% Short-Term Rating A-2
Return on Common Equity 2.16%
Return on Capital 0.66% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 308.5%
Net Income Margin 5.0% Total Debt/Capital 74.0%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 8.28
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 30.46% Inventory Days -
Tot Debt to Common Equity 308.52% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bank of America CorpPrice/Volume
Valuation Analysis
3'659'648.00
Current Price (4/dd/yy) Market Data
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40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 616'629'472 5.7 15'865'767 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 572'414'935 5.29 40'881'425 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 479'318'548 4.43 15'501'946 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 246'773'602 2.28 31'180'191 28.02.2013 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 225'212'961 2.08 225'166'546 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 159'341'503 1.47 4'585'610 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 144'154'448 1.33 13'419'434 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 142'985'000 1.32 (3'000'000) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 142'958'634 1.32 4'737'066 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 136'274'948 1.26 1'299'145 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 130'433'329 1.21 (2'686'520) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 124'553'207 1.15 66'959'607 28.02.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 117'521'551 1.09 (58'896'556) 31.12.2012 Investment Advisor
FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 100'506'715 0.93 (1'708'540) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 86'976'884 0.8 (18'565'990) 28.02.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 77'988'479 0.72 13'656'352 31.12.2012 Government
UBS n/a ULT-AGG 73'552'338 0.68 (4'484'027) 28.02.2013 Unclassified
KOREA INVESTMENT COR KOREA INVESTMENT COR 13F 73'090'645 0.68 (622'600) 31.03.2013 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 71'322'340 0.66 (6'444'529) 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 69'716'837 0.64 635'330 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOSEPH K MORFORD outperform 5 M 14 12 month 24.04.2013
Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 U 16 12 month 23.04.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 23.04.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 14 12 month 23.04.2013
Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO outperform 5 M 14 12 month 22.04.2013
Evercore Partners ANDREW A MARQUARDT overweight 5 M 14 12 month 21.04.2013
JPMorgan VIVEK JUNEJA overweight 5 M 14 6 month 18.04.2013
Robert W. Baird & Co DAVID A GEORGE neutral 3 M 12 12 month 18.04.2013
Sanford C. Bernstein & Co JOHN E MCDONALD market perform 3 M 13 12 month 18.04.2013
Raymond James ANTHONY J POLINI strong buy 5 M 15 12 month 18.04.2013
FBR Capital Markets PAUL J MILLER JR market perform 3 M 12 12 month 18.04.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 13 12 month 18.04.2013
Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 M 13 12 month 18.04.2013
Buckingham Research Group JAMES F MITCHELL buy 5 M 15 12 month 18.04.2013
Sterne, Agee & Leach TODD L HAGERMAN neutral 3 M 13 12 month 18.04.2013
Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 18.04.2013
Atlantic Equities LLP RICHARD STAITE overweight 5 M 15 12 month 18.04.2013
Barclays JASON M GOLDBERG equalweight 3 M 13 Not Provided 18.04.2013
Deutsche Bank MATTHEW D O'CONNOR hold 3 M 11 12 month 17.04.2013
Credit Suisse MOSHE A ORENBUCH neutral 3 M 12 Not Provided 17.04.2013
Edward Jones SHANNON L STEMM buy 5 M #N/A N/A Not Provided 17.04.2013
SunTrust Robinson Humphrey ERIC WASSERSTROM neutral 3 M 13 12 month 17.04.2013
Nomura GLENN P SCHORR neutral 3 M 12 12 month 17.04.2013
Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 15 12 month 17.04.2013
JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 17.04.2013
S&P Capital IQ ERIK M OJA hold 3 M 13 Not Provided 17.04.2013
Credit Agricole Securities (USA) MICHAEL L MAYO sell 1 M 10 Not Provided 17.04.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 15 12 month 11.04.2013
Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 09.04.2013
Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 09.04.2013
HSBC ROBERT MURPHY underweight 1 M 10 Not Provided 26.03.2013
Scotia Capital KEVIN R CHOQUETTE sector outperform 5 U 15 12 month 14.03.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE underperform 1 M 10 Not Provided 08.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs RICHARD N RAMSDEN neutral/attractive 3 M 13 12 month 07.01.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 17.10.2012
Phillip Securities MAGDALENE CHOONG neutral 3 M #N/A N/A Not Provided 26.01.2011
Holdings By:
Bank of America Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
The Bank of New York Mellon Corporation (BNY Mellon) is a global financial
services company. The Company provides financial services for institutions,
corporations and high-net-worth individuals, providing asset management and
wealth management, asset servicing, issuer services, clearing services and
treasury services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.03.2013) 29.11
52-Week Low (04.06.2012) 19.31
Daily Volume
27.64
52-Week High % Change -5.08% Dividend Yield 1.88
52-Week Low % Change 43.14% Beta 1.31
% 52 Week Price Range High/Low 83.98% Equity Float 1'153.85
Shares Out 31.01.2013 1'162.0 Short Int 11.24
32'116.35 1 Yr Total Return 21.54%
Total Debt 62'098.00 YTD Return 8.07%
Preferred Stock 1'068.0 Adjusted BETA 1.310
Minority Interest 1'011.0 Analyst Recs 28
Cash and Equivalents 145'340.00 Consensus Rating 3.214
Enterprise Value -
Average Volume 5 Day 1'681'732
BK UN EQUITY YTD Change - Average Volume 30 Day 1'414'853
BK UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'364'423
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
16'238.0 8'279.0 14'920.0 15'804.0 15'089.0 15'370.0 15'512.0 14'735.2 15'417.9 3'700.6 3'707.6
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'386.0 (1'367.0) 2'518.0 2'516.0 2'445.0 2'510.0 1'573.0 2'544.0 2'808.2 658.5 680.3
8.77x - 13.07x 9.35x 10.98x 10.97x 12.17x 12.27x 10.82x 11.89x 11.50x
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A+
Operating Margin 26.53% Long-Term Outlook NEG
Pretax Margin 22.69% Short-Term Rating Date 29.11.2011
Return on Assets 0.48% Short-Term Rating A-1
Return on Common Equity 4.40%
Return on Capital 1.69% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 175.6%
Net Income Margin 16.8% Total Debt/Capital 62.4%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 9.29
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.30% Inventory Days -
Tot Debt to Common Equity 175.60% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bank of New York Mellon Corp/ThePrice/Volume
Valuation Analysis
185'478.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 94'886'202 8.17 (9'347'696) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 69'388'717 5.97 477'788 28.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 69'140'566 5.95 2'715'027 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 63'782'833 5.49 3'066'473 22.04.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 61'860'295 5.32 (1'432'950) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 52'181'793 4.49 (14'336) 31.03.2013 Investment Advisor
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 45'007'723 3.87 (712'232) 31.12.2012 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 26'669'956 2.3 (15'821) 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 24'408'690 2.1 231'000 31.12.2012 Hedge Fund Manager
BERKSHIRE HATHAWAY I n/a ULT-AGG 19'633'915 1.69 - 31.12.2012 Investment Advisor
CI INVESTMENTS INC CI INVESTMENTS INC 13F 19'385'000 1.67 - 31.12.2012 Investment Advisor
LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 17'217'841 1.48 773'015 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'126'130 1.39 (103'322) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 16'104'634 1.39 (708'788) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 13'151'547 1.13 2'081'341 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'287'780 0.97 (230'785) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 11'184'513 0.96 (12'470) 31.12.2012 Investment Advisor
THIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 10'290'830 0.89 116'950 31.12.2012 Hedge Fund Manager
MACQUARIE GROUP n/a ULT-AGG 10'245'217 0.88 (119'165) 31.12.2012 Investment Advisor
CORTLAND ADVISERS LL CORTLAND ADVISERS LL 13F 9'050'000 0.78 9'050'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ISI Group BRIAN BEDELL neutral 3 M 28 12 month 22.04.2013
Argus Research Corp DAVID RITTER buy 5 M 35 Not Provided 19.04.2013
Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ market perform 3 M 27 12 month 19.04.2013
Nomura GLENN P SCHORR neutral 3 M 26 12 month 19.04.2013
Morgan Stanley BETSY L GRASECK Underwt/Attractive 1 M 25 12 month 18.04.2013
Macquarie JOHN MORAN neutral 3 M 29 12 month 18.04.2013
Guggenheim Securities LLC MARTY L MOSBY III neutral 3 M 29 12 month 18.04.2013
Barclays JASON M GOLDBERG overweight 5 M 30 Not Provided 18.04.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 18.04.2013
RBC Capital Markets GERARD S CASSIDY sector perform 3 M 28 12 month 17.04.2013
Credit Suisse HOWARD H CHEN neutral 3 M 28 Not Provided 17.04.2013
Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 17.04.2013
JPMorgan VIVEK JUNEJA neutral 3 M 28 6 month 17.04.2013
Jefferies KENNETH M USDIN hold 3 M 29 12 month 17.04.2013
Keefe, Bruyette & Woods ROBERT A LEE market perform 3 M 28 12 month 17.04.2013
Raymond James DAVID J LONG outperform 5 M 31 12 month 17.04.2013
Buckingham Research Group JAMES F MITCHELL buy 5 M 32 12 month 17.04.2013
Evercore Partners ANDREW A MARQUARDT equalweight 3 M 30 12 month 17.04.2013
Portales Partners CHARLES W PEABODY sector perform 3 M #N/A N/A Not Provided 17.04.2013
Credit Agricole Securities (USA) MICHAEL L MAYO underperform 1 M 27 Not Provided 17.04.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 40 Not Provided 11.04.2013
Goldman Sachs ALEXANDER BLOSTEIN Sell/Neutral 1 M 25 12 month 03.04.2013
Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 M 29 Not Provided 03.04.2013
S&P Capital IQ SONIA PARECHANIAN hold 3 M 33 12 month 08.03.2013
Stifel J JEFFREY HOPSON hold 3 M #N/A N/A Not Provided 18.10.2012
Holdings By:
Bank of New York Mellon Corp/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Baxter International Inc. develops, manufactures, and markets products and
technologies related to hemophilia, immune disorders, infectious diseases,
kidney disease, trauma and other chronic and acute medical conditions. The
Company's products are used by hospitals, kidney dialysis centers, nursing
homes, rehabilitation centers, doctors' offices, and research laboratories.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (01.04.2013) 72.85
52-Week Low (14.06.2012) 48.98
Daily Volume
69.6
52-Week High % Change -4.49% Dividend Yield 2.42
52-Week Low % Change 42.10% Beta 0.90
% 52 Week Price Range High/Low 87.43% Equity Float 542.12
Shares Out 11.03.2013 543.4 Short Int 6.43
37'819.81 1 Yr Total Return 30.67%
Total Debt 5'930.00 YTD Return 5.08%
Preferred Stock 0.0 Adjusted BETA 0.898
Minority Interest 40.0 Analyst Recs 23
Cash and Equivalents 3'270.00 Consensus Rating 4.304
Enterprise Value 40'519.81
Average Volume 5 Day 791'350
BAX UN EQUITY YTD Change - Average Volume 30 Day 722'041
BAX UN EQUITY YTD % CHANGE - Average Volume 3 Month 734'455
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
12'348.0 12'562.0 12'843.0 13'893.0 14'190.0 13'997.0 14'250.0 15'484.6 16'908.7 3'704.7 4'016.1
2.81x 2.93x 2.44x 2.18x 2.76x 9.80x 7.52x 2.80x 2.52x 12.07x 11.09x
3'195.0 3'515.0 2'821.0 3'616.0 3'533.0 3'581.0 3'563.0 4'226.7 4'716.7 988.2 1'059.2
10.84x 10.49x 11.11x 8.38x 11.07x 10.14x 0.00x 9.61x 8.61x 9.28x 8.74x
2'014.0 2'205.0 1'420.0 2'224.0 2'326.0 2'242.0 2'290.0 2'557.6 2'815.8 622.6 645.3
15.86x 15.44x 12.72x 11.48x 14.75x 14.03x 15.93x 14.94x 13.48x 14.55x 14.10x
EBITDA 3'533.00 Long-Term Rating Date 06.12.2012
EBIT 2'821.00 Long-Term Rating A
Operating Margin 19.88% Long-Term Outlook STABLE
Pretax Margin 20.36% Short-Term Rating Date 24.10.2008
Return on Assets 11.79% Short-Term Rating A-1
Return on Common Equity 34.40%
Return on Capital 19.73% EBITDA/Interest Exp. 16.28
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 10.93
Net Debt/EBITDA 0.75
Gross Margin 51.5% Total Debt/EBITDA 1.68
EBITDA Margin 25.0%
EBIT Margin 20.0% Total Debt/Equity 85.5%
Net Income Margin 16.4% Total Debt/Capital 45.9%
Asset Turnover 0.72
Current Ratio 1.95 Net Fixed Asset Turnover 2.44
Quick Ratio 1.20 Accounts receivable turnover-days 62.48
Debt to Assets 29.08% Inventory Days 144.27
Tot Debt to Common Equity 85.47% Accounts Payable Turnover Day 40.44
Accounts Receivable Turnover 5.86 Cash Conversion Cycle 166.31
Inventory Turnover 2.54
Fiscal Year Ended
Baxter International IncPrice/Volume
Valuation Analysis
130'664.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 56'167'155 10.34 1'767'548 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 32'898'510 6.05 406'646 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 27'389'435 5.04 (127'324) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 25'747'898 4.74 475'992 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 19'834'801 3.65 (397'384) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 13'214'861 2.43 5'534'571 28.02.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 13'167'494 2.42 - 31.12.2012 Insurance Company
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 12'154'926 2.24 197'569 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'341'473 1.9 (845'032) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'497'226 1.56 94'036 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 8'388'340 1.54 537'117 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'968'909 1.47 123'252 28.02.2013 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 7'956'219 1.46 (266'282) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'424'437 1.37 79'795 31.03.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 6'892'062 1.27 92'310 31.03.2013 Unclassified
JP MORGAN n/a ULT-AGG 6'242'064 1.15 (143'744) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'981'412 1.1 (43'557) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 5'433'812 1 98'641 28.02.2013 Unclassified
PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 5'353'132 0.99 (734'256) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'954'366 0.91 (372'012) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank KRISTEN M STEWART hold 3 M 75 12 month 19.04.2013
Morgan Stanley DAVID R LEWIS Overwt/In-Line 5 M 84 12 month 19.04.2013
RBC Capital Markets GLENN J NOVARRO outperform 5 M 72 12 month 19.04.2013
Sanford C. Bernstein & Co DERRICK SUNG outperform 5 M 82 12 month 19.04.2013
Piper Jaffray MATT MIKSIC overweight 5 M 81 12 month 19.04.2013
Barclays MATTHEW TAYLOR equalweight 3 M 70 Not Provided 19.04.2013
BMO Capital Markets JOANNE K WUENSCH outperform 5 M 77 Not Provided 18.04.2013
Edward Jones JEFF WINDAU buy 5 M #N/A N/A Not Provided 18.04.2013
JPMorgan MICHAEL N WEINSTEIN not rated #N/A N/A M #N/A N/A Not Provided 18.04.2013
William Blair & Co BENJAMIN C ANDREW market perform 3 M #N/A N/A Not Provided 18.04.2013
Raymond James LAWRENCE S KEUSCH outperform 5 M 75 18 month 18.04.2013
Leerink Swann & Co DANIELLE ANTALFFY outperform 5 M #N/A N/A Not Provided 18.04.2013
CL King & Associates ROBERT M GOLDMAN neutral 3 M #N/A N/A Not Provided 18.04.2013
Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 18.04.2013
Mizuho Securities USA Inc MICHAEL S MATSON neutral 3 M 72 12 month 18.04.2013
Cowen and Company JOSHUA JENNINGS outperform 5 M #N/A N/A Not Provided 18.04.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 76 Not Provided 18.04.2013
Credit Agricole Securities (USA) JONATHAN PALMER outperform 5 M 77 Not Provided 18.04.2013
Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 03.04.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 05.03.2013
Goldman Sachs DAVID H ROMAN not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012
Maxim Group LLC ANTHONY PETRONE not rated #N/A N/A M #N/A N/A Not Provided 16.10.2009
Holdings By:
Baxter International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety
of business sectors. The Company's principal operations are insurance business
conducted nationwide on a primary basis and worldwide on a reinsurance basis.
Berkshire's other operations include a railway company, a specialty chemical
company, and an international association of diversified businesses.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (16.04.2013) 107.49
52-Week Low (31.05.2012) 78.28
Daily Volume
106.74
52-Week High % Change -0.62% Dividend Yield -
52-Week Low % Change 36.36% Beta 0.87
% 52 Week Price Range High/Low 97.23% Equity Float 1'038.98
Shares Out 06.03.2013 1'126.0 Short Int 12.60
263'173.91 1 Yr Total Return 33.78%
Total Debt 62'736.00 YTD Return 19.00%
Preferred Stock 0.0 Adjusted BETA 0.874
Minority Interest 3'941.0 Analyst Recs 3
Cash and Equivalents 186'759.00 Consensus Rating 3.000
Enterprise Value 143'091.90
Average Volume 5 Day 1'699'969
BRK/B UN EQUITY YTD Change - Average Volume 30 Day 1'441'056
BRK/B UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'476'392
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
107'786.0 112'493.0 136'185.0 143'688.0 162'463.0 143'688.0 162'463.0 - - - -
0.58x 0.35x 0.78x 0.64x 0.62x 2.56x 2.38x - - - -
11'708.0 15'985.0 25'185.0 22'008.0 29'524.0 22'008.0 29'524.0 - - - -
5.38x 2.48x 4.23x 4.15x 3.39x 4.15x 3.39x - - - -
4'994.0 8'055.0 12'967.0 10'254.0 14'824.0 10'254.0 14'824.0 - - - -
- - - - - 0.00x 0.00x - - - -
EBITDA 29'524.00 Long-Term Rating Date -
EBIT 24'378.00 Long-Term Rating AA+
Operating Margin 15.01% Long-Term Outlook NEG
Pretax Margin 13.69% Short-Term Rating Date -
Return on Assets 3.62% Short-Term Rating -
Return on Common Equity 8.41%
Return on Capital 6.94% EBITDA/Interest Exp. 13.78
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 9.22
Net Debt/EBITDA -4.20
Gross Margin 23.5% Total Debt/EBITDA 2.12
EBITDA Margin 18.2%
EBIT Margin 15.0% Total Debt/Equity 33.4%
Net Income Margin 9.1% Total Debt/Capital 24.7%
Asset Turnover 0.40
Current Ratio 1.49 Net Fixed Asset Turnover 1.57
Quick Ratio 1.43 Accounts receivable turnover-days 76.04
Debt to Assets 14.68% Inventory Days 27.46
Tot Debt to Common Equity 33.43% Accounts Payable Turnover Day 99.67
Accounts Receivable Turnover 4.81 Cash Conversion Cycle 3.83
Inventory Turnover 13.33
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
Berkshire Hathaway IncPrice/Volume
Valuation Analysis
190'321.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 101'371'368 9 3'923'853 23.04.2013 Investment Advisor
GATES FOUNDATION BILL & MELINDA FOUND 13F 87'081'373 7.73 (6'250'000) 31.12.2012 Endowment
GATES FOUNDATION n/a 13D 81'043'573 7.2 (6'037'800) 26.03.2013 Endowment
BLACKROCK n/a ULT-AGG 80'579'175 7.16 3'504'853 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 60'047'926 5.33 5'117'354 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 20'791'931 1.85 249'896 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 18'831'232 1.67 955'203 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 18'336'741 1.63 2'396'700 28.02.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 12'060'161 1.07 (1'241'696) 31.12.2012 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 10'466'779 0.93 1'906'404 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 9'289'649 0.83 (896'170) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 8'702'620 0.77 1'508'652 31.12.2012 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 7'645'865 0.68 1'726'351 31.12.2012 Hedge Fund Manager
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 7'063'428 0.63 52'252 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'634'655 0.59 (89'373) 28.02.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 6'104'157 0.54 199'861 31.12.2012 Investment Advisor
NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 6'007'207 0.53 59'600 31.12.2012 Pension Fund (ERISA)
ALLIANCE BERNSTEIN n/a ULT-AGG 5'986'359 0.53 289'699 31.03.2013 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 5'672'149 0.5 3'185'272 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 5'434'465 0.48 177'503 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays JAY H GELB overweight 5 M 119 Not Provided 02.04.2013
EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 05.03.2013
S&P Capital IQ CATHY SEIFERT hold 3 M 101 Not Provided 16.01.2013
Holdings By:
Berkshire Hathaway Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
The Boeing Company, together with its subsidiaries, develops, produces, and
markets commercial jet aircraft, as well as provides related support services to
the commercial airline industry worldwide. The Company also researches,
develops, produces, modifies, and supports information, space, and defense
systems, including military aircraft, helicopters and space and missile systems.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (24.04.2013) 92.64
52-Week Low (05.06.2012) 66.84
Daily Volume
91.01
52-Week High % Change -1.45% Dividend Yield 1.99
52-Week Low % Change 36.16% Beta 1.11
% 52 Week Price Range High/Low 94.38% Equity Float 754.95
Shares Out 31.03.2013 758.3 Short Int 8.69
69'014.83 1 Yr Total Return 27.42%
Total Debt 10'409.00 YTD Return 21.55%
Preferred Stock 0.0 Adjusted BETA 1.113
Minority Interest 100.0 Analyst Recs 30
Cash and Equivalents 13'558.00 Consensus Rating 4.400
Enterprise Value 66'430.83
Average Volume 5 Day 934'862
BA UN EQUITY YTD Change - Average Volume 30 Day 1'131'883
BA UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'103'278
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
60'909.0 68'281.0 64'306.0 68'735.0 81'698.0 73'208.0 81'208.0 83'857.5 91'482.0 20'539.3 21'564.9
0.56x 0.60x 0.78x 0.81x 0.66x 2.99x 2.78x 0.79x 0.70x 3.32x 3.12x
5'437.0 3'786.0 6'692.0 7'480.0 8'118.0 8'097.0 8'057.0 8'123.1 9'149.4 2'012.0 2'088.8
6.26x 10.86x 7.47x 7.46x 6.64x 7.03x 7.76x 8.20x 7.27x - -
2'672.0 1'312.0 3'307.0 4'018.0 3'900.0 4'355.0 4'083.0 4'803.3 4'954.2 1'057.8 1'073.0
6.87x 28.64x 15.54x 15.35x 14.75x 14.27x 16.17x 14.29x 12.76x 13.76x 13.33x
EBITDA 8'118.00 Long-Term Rating Date 29.07.2009
EBIT 6'307.00 Long-Term Rating A
Operating Margin 7.72% Long-Term Outlook STABLE
Pretax Margin 7.23% Short-Term Rating Date 05.02.2002
Return on Assets 4.79% Short-Term Rating A-1
Return on Common Equity 65.39%
Return on Capital 26.23% EBITDA/Interest Exp. 15.12
Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. 11.95
Net Debt/EBITDA -0.33
Gross Margin 16.0% Total Debt/EBITDA 1.14
EBITDA Margin 9.9%
EBIT Margin 7.7% Total Debt/Equity 177.4%
Net Income Margin 4.8% Total Debt/Capital 63.6%
Asset Turnover 0.95
Current Ratio 1.27 Net Fixed Asset Turnover 8.49
Quick Ratio 0.43 Accounts receivable turnover-days 30.69
Debt to Assets 11.71% Inventory Days 196.40
Tot Debt to Common Equity 177.42% Accounts Payable Turnover Day 45.19
Accounts Receivable Turnover 11.89 Cash Conversion Cycle 170.08
Inventory Turnover 1.86
Fiscal Year Ended
Boeing Co/ThePrice/Volume
Valuation Analysis
719'365.00
Current Price (4/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
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 119'032'600 15.7 8'045'815 31.03.2013 Investment Advisor
EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 64'066'646 8.45 (5'838'781) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 47'426'795 6.25 203'503 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 39'190'668 5.17 (1'261'110) 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'607'508 4.43 1'203'025 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 31'191'388 4.11 (146'171) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'663'099 1.67 321'969 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'462'113 1.51 6'797'654 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'584'290 1.26 30'332 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 8'865'899 1.17 412'409 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'553'023 1.13 (337'665) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'414'497 1.11 415'223 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'348'581 1.1 655'156 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'969'980 0.92 (351'746) 28.02.2013 Investment Advisor
UBS n/a ULT-AGG 6'861'844 0.9 (243'678) 28.02.2013 Unclassified
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'830'861 0.9 (734'500) 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 6'676'786 0.88 37'916 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 5'251'259 0.69 1'198'120 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 4'994'679 0.66 64'287 28.02.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 4'693'498 0.62 (172'021) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank MYLES WALTON buy 5 M 95 12 month 24.04.2013
Jefferies HOWARD A RUBEL buy 5 M 115 12 month 24.04.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED outperform 5 M 98 12 month 24.04.2013
Sterne, Agee & Leach PETER J ARMENT buy 5 M 100 12 month 24.04.2013
Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN outperform 5 M #N/A N/A Not Provided 24.04.2013
Cowen and Company CAI VON RUMOHR outperform 5 M #N/A N/A Not Provided 24.04.2013
Stifel STEPHEN E LEVENSON buy 5 M 100 12 month 23.04.2013
JPMorgan JOSEPH B NADOL III overweight 5 M 94 6 month 22.04.2013
Imperial Capital LLC KEN HERBERT in-line 3 M 88 12 month 22.04.2013
Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 19.04.2013
D.A. Davidson & Co JB GROH neutral 3 M 83 18 month 18.04.2013
Credit Suisse ROBERT M SPINGARN outperform 5 M 94 Not Provided 16.04.2013
Barclays CARTER COPELAND overweight 5 M 95 Not Provided 15.04.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 94 12 month 10.04.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 96 Not Provided 09.04.2013
Goldman Sachs NOAH POPONAK buy/attractive 5 M 99 12 month 08.04.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 90 12 month 08.04.2013
Oppenheimer & Co YAIR REINER outperform 5 M 90 12 month 04.04.2013
Buckingham Research Group RICHARD SAFRAN buy 5 M 99 12 month 03.04.2013
Societe Generale ZAFAR KHAN sell 1 M 70 12 month 19.03.2013
CRT Capital Group MICHAEL W DERCHIN buy 5 M 87 Not Provided 19.03.2013
BB&T Capital Markets F CARTER LEAKE hold 3 U #N/A N/A Not Provided 13.03.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 13.03.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 18.02.2013
S&P Capital IQ RICHARD TORTORIELLO hold 3 M 82 Not Provided 17.01.2013
EarlyBirdCapital Inc ALEX P HAMILTON buy 5 M 88 12 month 18.07.2012
Gabelli & Co JAMES FOUNG buy 5 M #N/A N/A Not Provided 17.05.2012
McAdams Wright Ragen Inc SID PARAKH buy 5 M 60 24 month 02.06.2009
Holdings By:
Boeing Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company
develops, licenses, manufactures, markets, and sells pharmaceutical and
nutritional products. Bristol-Myers Squibb products and experimental therapies
address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis,
hepatitis, organ transplant rejection, and psychiatric disorders.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (23.04.2013) 42.87
52-Week Low (15.11.2012) 30.64
Daily Volume
41.8
52-Week High % Change -2.96% Dividend Yield 3.28
52-Week Low % Change 36.42% Beta 0.63
% 52 Week Price Range High/Low 95.34% Equity Float 1'639.93
Shares Out 14.03.2013 1'642.9 Short Int 35.15
68'673.09 1 Yr Total Return 27.93%
Total Debt 7'394.00 YTD Return 30.74%
Preferred Stock 0.0 Adjusted BETA 0.628
Minority Interest 15.0 Analyst Recs 24
Cash and Equivalents 6'352.00 Consensus Rating 3.500
Enterprise Value 69'730.09
Average Volume 5 Day 1'878'550
BMY UN EQUITY YTD Change - Average Volume 30 Day 2'064'735
BMY UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'151'731
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
17'715.0 18'808.0 19'484.0 21'244.0 17'621.0 21'244.0 17'621.0 16'565.3 17'843.0 3'874.6 4'108.0
2.49x 2.10x 2.07x 2.50x 3.07x 8.72x 12.50x 4.52x 4.16x - -
4'382.0 5'646.0 6'722.0 7'448.0 4'771.0 7'476.0 4'771.0 4'171.7 5'003.3 908.0 972.0
10.08x 7.01x 6.01x 7.13x 11.36x 7.11x 11.36x 16.69x 13.91x 18.01x -
5'247.0 10'612.0 3'102.0 3'709.0 1'960.0 3'709.0 1'960.0 3'008.1 3'509.3 691.9 726.1
15.60x 13.65x 12.26x 14.93x 17.91x 15.73x 17.34x 22.80x 19.43x 22.87x 21.74x
EBITDA 4'771.00 Long-Term Rating Date 06.09.2006
EBIT 4'090.00 Long-Term Rating A+
Operating Margin 23.21% Long-Term Outlook STABLE
Pretax Margin 13.28% Short-Term Rating Date 31.05.2012
Return on Assets 5.69% Short-Term Rating A-1+
Return on Common Equity 13.25%
Return on Capital - EBITDA/Interest Exp. 26.21
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 23.20
Net Debt/EBITDA 0.22
Gross Margin 73.8% Total Debt/EBITDA 1.55
EBITDA Margin 27.1%
EBIT Margin 23.2% Total Debt/Equity 54.3%
Net Income Margin 11.1% Total Debt/Capital 35.2%
Asset Turnover 0.51
Current Ratio 1.15 Net Fixed Asset Turnover 3.58
Quick Ratio 0.71 Accounts receivable turnover-days 70.89
Debt to Assets 20.60% Inventory Days 120.72
Tot Debt to Common Equity 54.28% Accounts Payable Turnover Day 180.08
Accounts Receivable Turnover 5.16 Cash Conversion Cycle 11.53
Inventory Turnover 3.03
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bristol-Myers Squibb CoPrice/Volume
Valuation Analysis
312'972.00
Current Price (4/dd/yy) Market Data
&2
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 144'783'672 8.81 (974'777) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 112'479'503 6.85 - 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 89'815'918 5.47 1'151'556 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 75'687'497 4.61 2'435'470 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 33'583'523 2.04 1'724'358 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 29'992'601 1.83 (40'039) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 25'494'507 1.55 928'900 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 25'314'216 1.54 8'154'571 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 20'114'226 1.22 (3'287'548) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 19'219'015 1.17 (843'092) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 18'223'853 1.11 (1'247'990) 31.12.2012 Investment Advisor
LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 15'355'097 0.93 183'535 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 14'090'289 0.86 3'273'194 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 13'555'466 0.83 (3'765'862) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 13'547'101 0.82 1'094'169 31.12.2012 Government
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 13'262'500 0.81 737'400 31.12.2012 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'602'907 0.77 57'630 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 11'241'133 0.68 (1'973'260) 31.12.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 11'107'989 0.68 4'523'311 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 10'925'254 0.66 (1'220'954) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 23.04.2013
Wells Fargo Securities, LLC MICHAEL K TONG outperform 5 M #N/A N/A Not Provided 23.04.2013
JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 38 6 month 18.04.2013
Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 18.04.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 42 Not Provided 15.04.2013
Cowen and Company STEVEN R SCALA outperform 5 M #N/A N/A Not Provided 12.04.2013
BMO Capital Markets ALEX ARFAEI market perform 3 M 43 Not Provided 11.04.2013
MKM Partners JON LECROY sell 1 M 26 12 month 11.04.2013
Jefferies JEFFREY HOLFORD buy 5 M 45 12 month 10.04.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 35 12 month 10.04.2013
ISI Group MARK J SCHOENEBAUM hold 3 M 36 Not Provided 10.04.2013
Morgan Stanley DAVID R RISINGER Equalwt/In-Line 3 M 35 12 month 04.04.2013
Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 22.03.2013
Goldman Sachs JAMI E RUBIN buy/attractive 5 M 44 12 month 21.03.2013
Argus Research Corp JOHN M EADE buy 5 M 44 Not Provided 21.02.2013
Credit Suisse CATHERINE J ARNOLD neutral 3 M 38 Not Provided 31.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 26.01.2013
Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 25.01.2013
S&P Capital IQ HERMAN SAFTLAS hold 3 M 38 12 month 24.01.2013
Atlantic Equities LLP RICHARD J PURKISS neutral 3 M 33 12 month 24.01.2013
Credit Agricole Securities (USA) KIM-LINH LINH VUKHAC outperform 5 M 38 Not Provided 24.01.2013
Cyrrus TOMAS MENCIK sell 1 M 32 Not Provided 05.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA underperform 1 M 26 Not Provided 31.01.2012
Holdings By:
Bristol-Myers Squibb Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Capital One Financial Corporation is a diversified bank. The Bank, through its
subsidiaries, offers a broad spectrum of financial products and services to
consumers, small businesses and commercial clients both domestically and
internationally. Capital One has bank locations in Connecticut, Louisiana, New
Jersey, New York, and Texas.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (07.01.2013) 62.92
52-Week Low (04.06.2012) 48.00
Daily Volume
56.32
52-Week High % Change -10.62% Dividend Yield 0.36
52-Week Low % Change 17.33% Beta 1.23
% 52 Week Price Range High/Low 55.90% Equity Float 578.91
Shares Out 31.03.2013 584.0 Short Int 8.87
32'890.88 1 Yr Total Return 3.98%
Total Debt 49'910.00 YTD Return -2.69%
Preferred Stock 0.0 Adjusted BETA 1.228
Minority Interest 0.0 Analyst Recs 34
Cash and Equivalents 11'058.00 Consensus Rating 4.441
Enterprise Value 63'636.88
Average Volume 5 Day 1'504'540
COF UN EQUITY YTD Change - Average Volume 30 Day 1'084'055
COF UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'263'314
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
17'856.0 15'950.0 19'067.0 18'525.0 23'177.0 18'737.0 24'303.0 22'116.2 21'994.9 5'519.1 5'599.7
1.75x 1.87x 2.94x 2.87x 3.13x 10.07x 10.84x - - - -
11'282.7 9'335.0 11'715.0 9'793.0 13'429.0 9'730.0 10'707.0 - - - -
2.77x 3.19x 4.78x 5.43x 5.40x 3.55x 0.00x - - - -
(46.0) 884.0 2'743.0 3'147.0 3'517.0 3'534.0 3'180.0 3'905.6 3'801.5 989.8 998.3
12.56x 16.31x 6.37x 6.02x 9.28x 8.75x 9.13x 8.56x 8.44x 8.79x 8.84x
EBITDA 13'429.00 Long-Term Rating Date 17.06.2009
EBIT - Long-Term Rating BBB
Operating Margin 22.96% Long-Term Outlook NEG
Pretax Margin 21.72% Short-Term Rating Date -
Return on Assets 1.07% Short-Term Rating -
Return on Common Equity 8.02%
Return on Capital 4.28% EBITDA/Interest Exp. -
Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 2.91
Gross Margin - Total Debt/EBITDA 3.74
EBITDA Margin 57.6%
EBIT Margin - Total Debt/Equity 123.2%
Net Income Margin 15.2% Total Debt/Capital 55.2%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover 7.15
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 15.95% Inventory Days -
Tot Debt to Common Equity 123.24% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Capital One Financial CorpPrice/Volume
Valuation Analysis
76'100.00
Current Price (4/dd/yy) Market Data
&
-&
.&
0&
1&
2&
3&
4&
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0!& 9
1!& 9
2!& 9
3!& 9
4!& 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
-!&&
.!&&
0!&&
1!&&
2!&&
3!&&
4!&&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DODGE & COX DODGE & COX 13F 48'554'603 8.31 (1'542'400) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 35'086'243 6.01 (851'720) 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 32'180'834 5.51 - 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 31'956'211 5.47 989'896 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 25'586'122 4.38 810'746 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 20'624'985 3.53 (134'860) 31.12.2012 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 13'668'594 2.34 3'609'418 31.12.2012 Hedge Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 11'815'098 2.02 999'398 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 11'019'492 1.89 1'959'330 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 9'786'945 1.68 (3'013'654) 28.02.2013 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 9'350'499 1.6 221'848 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 8'040'323 1.38 224'376 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'622'118 1.31 (683'457) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'550'047 1.29 (19'998) 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 6'291'144 1.08 42'746 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 6'151'810 1.05 4'422'017 31.03.2013 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 6'094'557 1.04 102'063 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'021'078 1.03 72'141 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 5'935'613 1.02 (824'229) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 5'456'223 0.93 1'486'111 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oppenheimer & Co CHRISTOPHER M KOTOWSKI outperform 5 M 69 18 month 23.04.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 70 12 month 23.04.2013
Jefferies DANIEL FURTADO buy 5 M 65 12 month 22.04.2013
RBC Capital Markets JASON ARNOLD outperform 5 M 65 12 month 21.04.2013
Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 M 70 12 month 19.04.2013
Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 19.04.2013
JPMorgan RICHARD SHANE JR overweight 5 M 60 6 month 19.04.2013
Janney Montgomery Scott LLC SAMEER GOKHALE neutral 3 M 59 12 month 19.04.2013
Robert W. Baird & Co DAVID A GEORGE outperform 5 M 65 12 month 19.04.2013
Sanford C. Bernstein & Co KEVIN ST PIERRE outperform 5 M 66 12 month 19.04.2013
William Blair & Co ROBERT P NAPOLI market perform 3 M #N/A N/A Not Provided 19.04.2013
FBR Capital Markets SCOTT VALENTIN outperform 5 M 63 12 month 19.04.2013
Stifel CHRISTOPHER C BRENDLER buy 5 M 65 12 month 19.04.2013
Buckingham Research Group DAVID HOCHSTIM buy 5 M 68 12 month 19.04.2013
Nomura BILL CARCACHE neutral 3 M 56 12 month 19.04.2013
Wells Fargo Securities, LLC JOEL HOUCK outperform 5 M #N/A N/A Not Provided 19.04.2013
Guggenheim Securities LLC DAVID W DARST neutral 3 M 57 12 month 19.04.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 69 12 month 19.04.2013
Credit Agricole Securities (USA) CRAIG J MAURER buy 5 M 68 Not Provided 19.04.2013
Barclays JASON M GOLDBERG overweight 5 M 68 Not Provided 19.04.2013
Credit Suisse MOSHE A ORENBUCH neutral 3 M 60 Not Provided 18.04.2013
Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 65 12 month 18.04.2013
Sterne, Agee & Leach TODD L HAGERMAN neutral 3 M 60 12 month 18.04.2013
Evercore Partners BRADLEY BALL overweight 5 M 63 12 month 18.04.2013
Portales Partners WILLIAM H RYAN sector perform 3 M #N/A N/A Not Provided 15.04.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 62 Not Provided 11.04.2013
Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 01.04.2013
Goldman Sachs RYAN M. NASH buy/attractive 5 M 65 12 month 22.03.2013
S&P Capital IQ SONIA PARECHANIAN buy 5 M 68 Not Provided 08.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 04.02.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 18.10.2012
Holdings By:
Capital One Financial Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Caterpillar Inc. designs, manufactures and markets construction, mining and
forestry machinery. The Company also manufactures engines and other related
parts for its equipment, and offers financing and insurance. Caterpillar
distributes its products through a worldwide organization of dealers.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (24.04.2012) 108.78
52-Week Low (12.07.2012) 78.25
Daily Volume
83.98
52-Week High % Change -22.74% Dividend Yield 2.41
52-Week Low % Change 7.32% Beta 1.31
% 52 Week Price Range High/Low 19.16% Equity Float 656.13
Shares Out 15.04.2013 657.7 Short Int 18.83
55'233.65 1 Yr Total Return -20.61%
Total Debt 10'486.00 YTD Return -5.65%
Preferred Stock 0.0 Adjusted BETA 1.311
Minority Interest 50.0 Analyst Recs 28
Cash and Equivalents 3'306.00 Consensus Rating 4.107
Enterprise Value 62'129.65
Average Volume 5 Day 1'978'678
CAT UN EQUITY YTD Change - Average Volume 30 Day 1'404'382
CAT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'340'127
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
51'324.0 32'396.0 42'588.0 60'138.0 65'875.0 63'170.0 63'104.0 59'613.8 63'901.0 15'117.3 15'439.3
0.66x 1.28x 1.50x 1.10x 1.00x 4.27x 4.08x 1.45x 1.16x 5.74x 5.61x
6'428.0 2'913.0 6'259.0 9'680.0 11'966.0 10'256.0 10'923.0 9'168.7 10'510.6 2'335.8 2'490.4
5.26x 14.19x 10.20x 6.86x 5.51x 7.62x 5.85x 6.78x 5.92x 6.41x 6.20x
3'557.0 895.0 2'700.0 4'928.0 5'681.0 5'289.0 4'975.0 4'688.3 5'370.2 1'207.7 1'290.8
7.89x 26.14x 21.83x 11.63x 10.40x 12.88x 11.69x 11.80x 10.13x 11.19x 10.93x
EBITDA 11'966.00 Long-Term Rating Date 24.06.2003
EBIT 9'153.00 Long-Term Rating A
Operating Margin 13.89% Long-Term Outlook STABLE
Pretax Margin 12.52% Short-Term Rating Date 04.04.1995
Return on Assets 5.76% Short-Term Rating A-1
Return on Common Equity 29.93%
Return on Capital 9.67% EBITDA/Interest Exp. 25.62
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 14.75
Net Debt/EBITDA 0.63
Gross Margin 27.4% Total Debt/EBITDA 0.96
EBITDA Margin 17.3%
EBIT Margin 12.8% Total Debt/Equity 229.0%
Net Income Margin 8.6% Total Debt/Capital 69.5%
Asset Turnover 0.73
Current Ratio 1.43 Net Fixed Asset Turnover 4.09
Quick Ratio 0.82 Accounts receivable turnover-days 106.93
Debt to Assets 44.92% Inventory Days 124.66
Tot Debt to Common Equity 228.97% Accounts Payable Turnover Day 59.40
Accounts Receivable Turnover 3.41 Cash Conversion Cycle 161.73
Inventory Turnover 2.93
Fiscal Year Ended
Caterpillar IncPrice/Volume
Valuation Analysis
261'085.00
Current Price (4/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!& 9
1!& 9
2!& 9
3!& 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 85'920'249 13.06 (1'824'299) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 43'263'971 6.58 - 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'563'714 5.1 727'036 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 23'843'150 3.63 9'693'821 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 19'707'800 3 - 31.12.2012 Insurance Company
GATES FOUNDATION BILL & MELINDA FOUND 13F 10'260'857 1.56 - 31.12.2012 Endowment
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'053'520 1.53 265'505 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'312'413 1.42 (139'073) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'179'234 1.09 (572'787) 28.02.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 6'004'419 0.91 556'251 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 5'923'800 0.9 292'300 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'204'841 0.79 (390'036) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 5'183'052 0.79 552'886 31.12.2012 Government
JP MORGAN n/a ULT-AGG 4'899'901 0.75 (538'358) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 4'610'728 0.7 (507'100) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 4'559'582 0.69 (253'929) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'302'834 0.65 (398'594) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3'701'077 0.56 (12'500) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'603'258 0.55 (520'786) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 3'273'467 0.5 (182'987) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies STEPHEN VOLKMANN buy 5 M 75 12 month 24.04.2013
BMO Capital Markets JOEL G TISS outperform 5 M 96 Not Provided 23.04.2013
Goldman Sachs JERRY REVICH neutral/neutral 3 M 100 12 month 23.04.2013
RBC Capital Markets SETH R WEBER sector perform 3 M 92 12 month 23.04.2013
JPMorgan ANN DUIGNAN overweight 5 U 100 6 month 23.04.2013
Robert W. Baird & Co MIRCEA DOBRE outperform 5 M 96 12 month 23.04.2013
Raymond James THEONI PILARINOS outperform 5 M 100 12 month 23.04.2013
Macquarie SAMEER RATHOD neutral 3 M 88 12 month 23.04.2013
Longbow Research ELI S LUSTGARTEN neutral 3 M #N/A N/A Not Provided 23.04.2013
Credit Agricole Securities (USA) ASHISH GUPTA buy 5 M 105 Not Provided 23.04.2013
Barclays ANDY KAPLOWITZ overweight 5 M 100 Not Provided 23.04.2013
Credit Suisse JAMIE L COOK outperform 5 M 103 Not Provided 22.04.2013
William Blair & Co LAWRENCE T DE MARIA outperform 5 M 95 12 month 22.04.2013
ISI Group DAVID RASO strong buy 5 M 119 12 month 22.04.2013
Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 22.04.2013
S&P Capital IQ MICHAEL JAFFE buy 5 M 109 Not Provided 22.04.2013
Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 115 12 month 22.04.2013
Piper Jaffray ALEXANDER E POTTER overweight 5 M 99 12 month 22.04.2013
Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 09.04.2013
Susquehanna Financial Group TED GRACE Positive 4 M 109 12 month 26.03.2013
Northcoast Research BRIAN M RAYLE neutral 3 M #N/A N/A Not Provided 20.03.2013
Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 11.03.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 126 Not Provided 31.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Caterpillar Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Chevron Corporation is an integrated energy company with operations in countries
located around the world. The Company produces and transports crude oil and
natural gas. Chevron also refines, markets, and distributes fuels as well as
is involved in chemical operations, mining operations, power generation and
energy services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 121.56
52-Week Low (04.06.2012) 95.74
Daily Volume
118.2
52-Week High % Change -2.74% Dividend Yield 2.97
52-Week Low % Change 23.46% Beta 1.09
% 52 Week Price Range High/Low 84.20% Equity Float 1'942.12
Shares Out 11.02.2013 1'942.7 Short Int 18.55
229'626.88 1 Yr Total Return 18.62%
Total Debt 12'192.00 YTD Return 10.15%
Preferred Stock 0.0 Adjusted BETA 1.087
Minority Interest 1'308.0 Analyst Recs 29
Cash and Equivalents 21'205.00 Consensus Rating 4.241
Enterprise Value 221'921.87
Average Volume 5 Day 1'940'284
CVX UN EQUITY YTD Change - Average Volume 30 Day 1'785'844
CVX UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'685'065
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
255'112.0 159'293.0 189'607.0 236'286.0 222'580.0 236'286.0 222'580.0 238'329.9 232'880.3 55'204.3 54'016.0
0.58x 0.99x 0.96x 0.87x 0.91x 3.41x 3.70x 0.96x 1.00x 4.05x 4.16x
44'538.0 26'432.0 38'438.0 51'210.0 48'426.0 51'210.0 48'426.0 56'229.2 57'497.3 11'617.4 14'305.5
3.32x 5.94x 4.71x 4.02x 4.19x 4.02x 4.19x 3.95x 3.87x 4.45x 4.26x
23'931.0 10'483.0 19'024.0 26'895.0 26'179.0 26'895.0 26'179.0 23'933.0 24'809.3 5'845.0 5'935.3
6.50x 13.53x 9.76x 7.92x 8.94x 8.07x 8.92x 9.51x 9.40x 9.49x 9.52x
EBITDA 48'426.00 Long-Term Rating Date 01.07.1987
EBIT 35'013.00 Long-Term Rating AA
Operating Margin 15.73% Long-Term Outlook STABLE
Pretax Margin 20.82% Short-Term Rating Date 01.07.1987
Return on Assets 11.83% Short-Term Rating A-1+
Return on Common Equity 20.30%
Return on Capital 18.65% EBITDA/Interest Exp. 200.11
Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 72.26
Net Debt/EBITDA -0.19
Gross Margin 18.6% Total Debt/EBITDA 0.25
EBITDA Margin 21.8%
EBIT Margin 15.7% Total Debt/Equity 8.9%
Net Income Margin 11.8% Total Debt/Capital 8.1%
Asset Turnover 1.01
Current Ratio 1.63 Net Fixed Asset Turnover 1.69
Quick Ratio 1.23 Accounts receivable turnover-days 35.18
Debt to Assets 5.23% Inventory Days 11.73
Tot Debt to Common Equity 8.93% Accounts Payable Turnover Day 44.95
Accounts Receivable Turnover 10.40 Cash Conversion Cycle 1.75
Inventory Turnover 31.20
Fiscal Year Ended
Chevron CorpPrice/Volume
Valuation Analysis
237'864.00
Current Price (4/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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-.&
-1&
M -. e -. d -. d -. M -. n -. j -. f -. P -. d -0 a -0 e -0 M -0!& 9
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.!& 9
0!& 9
1!& 9
2!& 9
3!& 9
4!& 9
5!& 9
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
-!&&
.!&&
0!&&
1!&&
2!&&
3!&&
4!&&
5!&&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 142'879'532 7.35 2'602'469 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 120'673'036 6.21 482'591 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 98'040'555 5.05 3'489'417 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 80'759'338 4.16 (1'546'231) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 36'837'320 1.9 (297'928) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 35'044'572 1.8 (7'149'791) 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 31'438'900 1.62 978'505 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 30'377'532 1.56 437'694 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 24'118'490 1.24 2'065'088 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 23'715'705 1.22 (1'202'262) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 18'756'856 0.97 365'233 31.01.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 16'772'113 0.86 374'539 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 16'404'385 0.84 2'165'560 31.12.2012 Government
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 16'281'400 0.84 - 31.12.2012 Insurance Company
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 12'946'149 0.67 (1'271'647) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 12'743'283 0.66 642'835 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 12'095'417 0.62 (35'876) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 12'063'338 0.62 (321'965) 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 11'831'726 0.61 (544'810) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 10'424'281 0.54 (754'835) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays PAUL Y CHENG overweight 5 M 133 Not Provided 24.04.2013
Tudor Pickering & Co ROBERT KESSLER hold 3 M 122 Not Provided 23.04.2013
Societe Generale JOHN HERRLIN hold 3 M 126 12 month 22.04.2013
JPMorgan KATHERINE LUCAS MINYARD neutral 3 M 121 6 month 18.04.2013
Jefferies IAIN REID buy 5 M 135 12 month 18.04.2013
ISI Group DOUGLAS T TERRESON buy 5 M 130 12 month 18.04.2013
Raymond James PAVEL MOLCHANOV outperform 5 M 125 12 month 15.04.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.04.2013
Deutsche Bank PAUL SANKEY buy 5 M 140 12 month 13.04.2013
Credit Suisse EDWARD WESTLAKE outperform 5 M 135 Not Provided 12.04.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 127 12 month 12.04.2013
Oppenheimer & Co FADEL GHEIT outperform 5 M 130 18 month 12.04.2013
Howard Weil Inc BLAKE FERNANDEZ sector outperform 5 M 140 Not Provided 11.04.2013
Macquarie JASON D GAMMEL outperform 5 M 148 12 month 11.04.2013
S&P Capital IQ MICHAEL KAY strong buy 5 M 142 Not Provided 11.04.2013
Morgan Stanley J EVAN CALIO Overwt/In-Line 5 M 135 12 month 10.04.2013
Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 05.04.2013
Cowen Securities LLC ASIT SEN buy 5 M 133 Not Provided 26.03.2013
Argus Research Corp PHILIP H WEISS buy 5 M 135 12 month 14.03.2013
Canaccord Genuity Corp GORDON GRAY buy 5 M 136 12 month 13.03.2013
VTB Capital COLIN SMITH hold 3 M 120 12 month 01.03.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 16.01.2013
Goldman Sachs ARJUN N MURTI neutral/attractive 3 M 125 12 month 13.12.2012
Phoenix Partners Group CHRIS KETTENMANN sell 1 N 83 Not Provided 24.07.2012
Holdings By:
Chevron Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol
(IP)-based networking and other products related to the communications and
information technology (IT) industry and provide services associated with these
products and their use. The Company provides products for transporting data,
voice, and video within buildings, across campuses, and globally.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (11.03.2013) 21.98
52-Week Low (25.07.2012) 14.97
Daily Volume
20.38
52-Week High % Change -7.46% Dividend Yield 2.16
52-Week Low % Change 36.18% Beta 1.00
% 52 Week Price Range High/Low 84.75% Equity Float 5'322.08
Shares Out 14.02.2013 5'332.0 Short Int 53.87
108'665.63 1 Yr Total Return 7.87%
Total Debt 16'328.00 YTD Return 4.55%
Preferred Stock 0.0 Adjusted BETA 1.001
Minority Interest 15.0 Analyst Recs 50
Cash and Equivalents 48'716.00 Consensus Rating 4.260
Enterprise Value 78'590.62
Average Volume 5 Day 10'515'175
CSCO UW EQUITY YTD Change - Average Volume 30 Day 9'195'847
CSCO UW EQUITY YTD % CHANGE - Average Volume 3 Month 9'039'598
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 04/13 Q3 07/13 Q4
39'540.0 36'117.0 40'040.0 43'218.0 46'061.0 44'844.0 47'252.0 48'711.2 51'404.6 12'199.8 12'527.3
2.86x 2.82x 2.64x 1.37x 1.10x 6.16x 5.76x 2.06x 1.72x 6.20x 5.90x
11'189.0 9'153.0 11'194.0 10'959.0 12'971.0 12'018.0 13'372.0 15'215.1 15'694.6 3'802.0 4'002.0
10.09x 11.13x 9.46x 5.39x 3.91x 6.27x 6.17x 5.20x 5.04x 5.03x 4.94x
8'052.0 6'134.0 7'767.0 6'490.0 8'041.0 6'998.0 9'317.0 10'661.9 11'131.5 2'630.9 2'720.4
16.14x 20.17x 17.07x 13.03x 9.80x 14.10x 14.33x 10.21x 9.66x 10.05x 9.88x
EBITDA 12'971.00 Long-Term Rating Date 10.02.2006
EBIT 10'369.00 Long-Term Rating A+
Operating Margin 22.51% Long-Term Outlook STABLE
Pretax Margin 22.06% Short-Term Rating Date 31.01.2011
Return on Assets 10.04% Short-Term Rating A-1+
Return on Common Equity 17.79%
Return on Capital 14.26% EBITDA/Interest Exp. 21.76
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 19.87
Net Debt/EBITDA -2.25
Gross Margin 61.2% Total Debt/EBITDA 1.22
EBITDA Margin 28.3%
EBIT Margin 22.7% Total Debt/Equity 31.8%
Net Income Margin 17.5% Total Debt/Capital 24.1%
Asset Turnover 0.51
Current Ratio 3.49 Net Fixed Asset Turnover 13.28
Quick Ratio 3.20 Accounts receivable turnover-days 60.78
Debt to Assets 17.79% Inventory Days 31.27
Tot Debt to Common Equity 31.84% Accounts Payable Turnover Day 16.63
Accounts Receivable Turnover 5.99 Cash Conversion Cycle 77.17
Inventory Turnover 11.64
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
Cisco Systems IncPrice/Volume
Valuation Analysis
3'255'413.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 299'578'360 5.62 (7'418'814) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 285'629'010 5.36 8'853'231 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 248'500'974 4.66 15'936'699 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 183'794'312 3.45 65'261'717 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 120'991'753 2.27 8'008'876 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 103'605'229 1.94 (10'779'595) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 98'236'097 1.84 12'933'673 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 86'751'700 1.63 19'583'032 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 82'170'147 1.54 (272'238) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 77'496'020 1.45 2'085'888 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 70'428'507 1.32 6'196'339 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 69'820'447 1.31 (4'001'080) 31.12.2012 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 52'443'161 0.98 (52'225) 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 47'813'820 0.9 (1'104'045) 31.03.2013 Unclassified
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 46'147'106 0.87 (540'834) 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 43'095'418 0.81 4'202'738 31.12.2012 Government
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 42'368'958 0.79 3'103'045 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 40'386'595 0.76 7'990'890 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 37'520'775 0.7 6'191'620 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 37'109'838 0.7 3'351'241 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets TIMOTHY P LONG outperform 5 M 25 Not Provided 23.04.2013
Sterne, Agee & Leach ALEX KURTZ buy 5 M 26 12 month 22.04.2013
Deutsche Bank BRIAN T MODOFF buy 5 M 24 12 month 21.04.2013
William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 17.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 16.04.2013
Raymond James SIMON M LEOPOLD outperform 5 M 25 12 month 15.04.2013
ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 15.04.2013
Evercore Partners MARK A MCKECHNIE equalweight 3 M 23 12 month 14.04.2013
Baden Hill LLP ROY CAMPBELL buy 5 N #N/A N/A Not Provided 12.04.2013
Stifel SANJIV R WADHWANI buy 5 M 25 12 month 11.04.2013
Wunderlich Securities MATTHEW S ROBISON buy 5 M 24 18 month 10.04.2013
Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 25 12 month 10.04.2013
Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 08.04.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 24 12 month 05.04.2013
S&P Capital IQ JAMES G MOORMAN buy 5 M 26 12 month 05.04.2013
Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 20 12 month 03.04.2013
Wedbush ROHIT CHOPRA outperform 5 M 24 12 month 03.04.2013
Pacific Crest Securities BRENT A BRACELIN outperform 5 M 25 12 month 02.04.2013
Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 25 12 month 02.04.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 01.04.2013
Barclays BENJAMIN A REITZES overweight 5 M 27 Not Provided 01.04.2013
Piper Jaffray TROY D JENSEN overweight 5 M 25 12 month 27.03.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 26 12 month 27.03.2013
Jefferies GEORGE C NOTTER hold 3 M 22 12 month 26.03.2013
FBR Capital Markets SCOTT S THOMPSON underperform 1 D 17 12 month 21.03.2013
RBC Capital Markets MARK SUE outperform 5 M 24 12 month 14.03.2013
Nomura STUART JEFFREY buy 5 M 25 12 month 14.03.2013
Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 24 Not Provided 06.03.2013
Berenberg Bank ADNAAN AHMAD sell 1 M 14 Not Provided 05.03.2013
Argus Research Corp JAMES KELLEHER buy 5 M 26 Not Provided 01.03.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 24 12 month 25.02.2013
Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 24 12 month 14.02.2013
JPMorgan ROD HALL underweight 1 M 18 6 month 14.02.2013
Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 14.02.2013
Davenport & Co F DRAKE JOHNSTONE buy 5 M 24 12 month 14.02.2013
JMP Securities ERIK SUPPIGER market perform 3 M #N/A N/A Not Provided 14.02.2013
Lazard Capital Markets RYAN HUTCHINSON neutral 3 M #N/A N/A Not Provided 14.02.2013
MKM Partners MICHAEL GENOVESE buy 5 M 25 12 month 14.02.2013
Northland Securities Inc CATHARINE TREBNICK outperform 5 N 26 12 month 14.02.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 25 12 month 14.02.2013
Wedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 25 12 month 09.12.2012
Holdings By:
Cisco Systems Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Citigroup Inc. is a diversified financial services holding company that provides
a broad range of financial services to consumer and corporate customers around
the world. The Company's services include investment banking, retail brokerage,
corporate banking, and cash management products and services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (11.03.2013) 47.91
52-Week Low (04.06.2012) 24.61
Daily Volume
46.79
52-Week High % Change -2.00% Dividend Yield 0.09
52-Week Low % Change 90.13% Beta 1.75
% 52 Week Price Range High/Low 93.78% Equity Float 2'923.85
Shares Out 31.03.2013 3'042.9 Short Int 39.94
142'377.30 1 Yr Total Return 40.17%
Total Debt 623'537.00 YTD Return 18.30%
Preferred Stock 2'562.0 Adjusted BETA 1.755
Minority Interest 1'948.0 Analyst Recs 36
Cash and Equivalents 36'453.00 Consensus Rating 4.250
Enterprise Value 800'441.29
Average Volume 5 Day 6'862'376
C UN EQUITY YTD Change - Average Volume 30 Day 7'034'314
C UN EQUITY YTD % CHANGE - Average Volume 3 Month 6'305'511
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
104'349.0 108'006.0 111'697.0 102'587.0 90'708.0 101'804.0 90'629.0 78'925.3 80'915.9 19'720.1 19'541.9
8.56x 7.34x 7.58x 6.95x 7.84x 31.62x 32.92x - - - -
37'722.0 61'666.0 66'021.0 53'554.0 41'810.0 52'843.0 28'769.0 - - - -
23.69x 12.86x 12.82x 13.31x 17.02x 15.42x 0.00x - - - -
(27'684.0) (1'606.0) 10'602.0 11'067.0 7'541.0 10'999.0 8'418.0 14'180.2 15'991.7 3'476.3 3'483.1
- - 13.32x 5.65x 8.19x 6.92x 10.66x 9.96x 8.80x 9.54x 9.21x
EBITDA 41'810.00 Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A-
Operating Margin 11.31% Long-Term Outlook NEG
Pretax Margin 8.75% Short-Term Rating Date 29.11.2011
Return on Assets 0.44% Short-Term Rating A-2
Return on Common Equity 4.52%
Return on Capital 0.96% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 14.10
Gross Margin - Total Debt/EBITDA 14.97
EBITDA Margin 45.8%
EBIT Margin - Total Debt/Equity 334.4%
Net Income Margin 8.3% Total Debt/Capital 76.6%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 33.44% Inventory Days -
Tot Debt to Common Equity 334.36% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Citigroup IncPrice/Volume
Valuation Analysis
871'575.00
Current Price (4/dd/yy) Market Data
&2
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20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 175'876'135 5.78 9'480'971 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 164'943'274 5.42 3'835'078 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 132'146'131 4.34 6'387'593 31.03.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 112'095'403 3.68 - 31.12.2009 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 96'681'349 3.18 (28'656'170) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 92'961'172 3.06 10'998'079 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 59'404'107 1.95 9'975'603 28.02.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 48'819'333 1.6 10'321'269 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 46'858'987 1.54 8'483'678 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 37'986'648 1.25 538'406 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 36'731'980 1.21 506'791 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 34'897'030 1.15 (1'040'903) 28.02.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 26'897'918 0.88 14'651'933 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 25'563'949 0.84 (2'769'898) 31.12.2012 Government
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 21'631'059 0.71 1'677'535 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 20'313'331 0.67 (65'161) 28.02.2013 Unclassified
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 20'120'093 0.66 5'652'735 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 19'528'829 0.64 57'528 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 19'463'937 0.64 (1'753'508) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 19'098'424 0.63 (4'136'138) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets GERARD S CASSIDY outperform 5 M 52 12 month 24.04.2013
Argus Research Corp DAVID RITTER sell 1 M #N/A N/A Not Provided 23.04.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI outperform 5 M 57 18 month 23.04.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 52 12 month 23.04.2013
Credit Agricole Securities (USA) MICHAEL L MAYO buy 5 M 60 12 month 22.04.2013
SunTrust Robinson Humphrey ERIC WASSERSTROM buy 5 M 53 12 month 19.04.2013
Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 52 12 month 19.04.2013
Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 M 52 12 month 16.04.2013
Edward Jones TOM LEWANDOWSKI buy 5 M #N/A N/A Not Provided 16.04.2013
JPMorgan VIVEK JUNEJA neutral 3 M 45 6 month 16.04.2013
Sanford C. Bernstein & Co JOHN E MCDONALD outperform 5 M 53 12 month 16.04.2013
Buckingham Research Group JAMES F MITCHELL buy 5 M 57 12 month 16.04.2013
Sterne, Agee & Leach TODD L HAGERMAN buy 5 M 54 12 month 16.04.2013
JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 16.04.2013
Barclays JASON M GOLDBERG overweight 5 M 54 Not Provided 16.04.2013
Deutsche Bank MATTHEW D O'CONNOR buy 5 M 53 12 month 15.04.2013
Credit Suisse MOSHE A ORENBUCH outperform 5 M 53 Not Provided 15.04.2013
Keefe, Bruyette & Woods FREDERICK CANNON outperform 5 M 55 12 month 15.04.2013
Raymond James ANTHONY J POLINI strong buy 5 M 56 12 month 15.04.2013
Evercore Partners ANDREW A MARQUARDT equalweight 3 M 46 12 month 15.04.2013
Nomura GLENN P SCHORR buy 5 M 50 12 month 15.04.2013
Wells Fargo Securities, LLC MATTHEW H BURNELL outperform 5 M #N/A N/A Not Provided 15.04.2013
Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 57 12 month 15.04.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 56 12 month 15.04.2013
S&P Capital IQ ERIK M OJA buy 5 M 52 Not Provided 15.04.2013
Atlantic Equities LLP RICHARD STAITE overweight 5 M 54 12 month 15.04.2013
Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 09.04.2013
Goldman Sachs RICHARD N RAMSDEN buy/attractive 5 M 56 12 month 24.03.2013
Scotia Capital KEVIN R CHOQUETTE focus stock 5 M 60 12 month 14.03.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE underperform 1 D 38 Not Provided 08.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
HSBC ROBERT MURPHY underweight 1 M 36 Not Provided 01.11.2012
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 16.10.2012
Phillip Securities MAGDALENE CHOONG hold 3 D #N/A N/A Not Provided 19.10.2011
Holdings By:
Citigroup Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
The Coca-Cola Company manufactures, markets, and distributes soft drink
concentrates and syrups. The Company also distributes and markets juice and
juice-drink products. Coca-Cola distributes its products to retailers and
wholesalers in the United States and internationally.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 42.95
52-Week Low (31.12.2012) 35.58
Daily Volume
42.53
52-Week High % Change -0.86% Dividend Yield 2.46
52-Week Low % Change 19.53% Beta 0.70
% 52 Week Price Range High/Low 96.61% Equity Float 4'009.99
Shares Out 29.03.2013 4'448.0 Short Int 32.33
189'173.44 1 Yr Total Return 17.97%
Total Debt 32'610.00 YTD Return 18.18%
Preferred Stock 0.0 Adjusted BETA 0.701
Minority Interest 378.0 Analyst Recs 27
Cash and Equivalents 16'551.00 Consensus Rating 3.963
Enterprise Value 206'277.43
Average Volume 5 Day 4'264'501
KO UN EQUITY YTD Change - Average Volume 30 Day 4'408'116
KO UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'101'162
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
31'944.0 30'990.0 35'119.0 46'542.0 48'017.0 47'162.0 47'915.0 48'720.4 51'082.0 13'172.2 12'565.0
3.42x 4.34x 4.65x 3.72x 3.72x 14.65x 15.70x 4.28x 4.06x 16.02x 16.79x
9'674.0 9'467.0 9'892.0 12'127.0 12'761.0 12'309.0 12'686.0 14'080.0 15'086.3 4'035.7 3'490.2
11.31x 14.20x 16.49x 14.28x 13.98x 14.85x 15.53x 14.71x 13.73x 14.78x 14.47x
5'807.0 6'824.0 11'809.0 8'584.0 9'019.0 8'732.0 8'716.0 9'660.8 10'377.2 2'912.9 2'511.9
14.33x 18.63x 18.85x 18.22x 18.03x 19.07x 20.07x 19.75x 18.13x 19.43x 18.95x
EBITDA 12'761.00 Long-Term Rating Date 13.09.2012
EBIT 10'779.00 Long-Term Rating AA-
Operating Margin 22.45% Long-Term Outlook STABLE
Pretax Margin 24.59% Short-Term Rating Date 13.09.2012
Return on Assets 10.11% Short-Term Rating A-1+
Return on Common Equity 26.57%
Return on Capital 13.76% EBITDA/Interest Exp. 32.06
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 25.08
Net Debt/EBITDA 1.32
Gross Margin 60.3% Total Debt/EBITDA 2.77
EBITDA Margin 26.5%
EBIT Margin 22.3% Total Debt/Equity 99.5%
Net Income Margin 18.8% Total Debt/Capital 49.6%
Asset Turnover 0.56
Current Ratio 1.09 Net Fixed Asset Turnover 3.21
Quick Ratio 0.77 Accounts receivable turnover-days 37.30
Debt to Assets 37.84% Inventory Days 67.42
Tot Debt to Common Equity 99.45% Accounts Payable Turnover Day 181.72
Accounts Receivable Turnover 9.76 Cash Conversion Cycle 58.52
Inventory Turnover 5.40
Fiscal Year Ended
Coca-Cola Co/ThePrice/Volume
Valuation Analysis
678'267.00
Current Price (4/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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0&!& 9
1&!& 9
2&!& 9
3&!& 9
4&!& 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
.!&&
1!&&
3!&&
5!&&
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-.!&&
-1!&&
-3!&&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 400'000'000 8.99 - 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 236'969'255 5.33 458'861 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 223'232'873 5.02 4'612'649 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 205'305'164 4.62 6'689'095 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 166'523'204 3.74 210'275 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 76'608'964 1.72 8'935'538 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 76'528'590 1.72 (254'538) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 57'044'985 1.28 (183'184) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 47'831'123 1.08 (1'570'807) 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 38'761'718 0.87 1'678'534 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 35'967'061 0.81 2'301'577 31.12.2012 Government
BANK OF AMERICA CORP BANK OF AMERICA 13F 34'645'733 0.78 (2'970'705) 31.12.2012 Investment Advisor
GATES FOUNDATION BILL & MELINDA FOUND 13F 34'002'000 0.76 10'638'000 31.12.2012 Endowment
FAYEZ SAROFIM FAYEZ SAROFIM 13F 33'439'754 0.75 (9'040'358) 31.12.2012 Investment Advisor
SUNTRUST BANKS INC n/a ULT-AGG 29'923'359 0.67 (14'210'334) 31.12.2012 Bank
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 28'196'392 0.63 (950'662) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 25'555'429 0.57 (2'600'433) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 25'506'796 0.57 2'212'780 28.02.2013 Unclassified
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 25'003'368 0.56 (5'664'077) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 23'346'817 0.52 6'324'289 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co ALI DIBADJ outperform 5 M 47 12 month 19.04.2013
Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 18.04.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 45 12 month 18.04.2013
Morgan Stanley DARA MOHSENIAN Equalwt/In-Line 3 M #N/A N/A Not Provided 17.04.2013
JPMorgan JOHN A FAUCHER neutral 3 M 43 6 month 17.04.2013
HSBC LAUREN E TORRES overweight 5 M 48 Not Provided 17.04.2013
Stifel MARK D SWARTZBERG hold 3 M #N/A N/A Not Provided 17.04.2013
Buckingham Research Group ALICE BEEBE LONGLEY buy 5 M 47 12 month 17.04.2013
Davenport & Co ANN H GURKIN neutral 3 M #N/A N/A Not Provided 17.04.2013
Barclays MICHAEL J BRANCA overweight 5 M 50 Not Provided 17.04.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 17.04.2013
Deutsche Bank WILLIAM G SCHMITZ buy 5 M 45 12 month 16.04.2013
Wells Fargo Securities, LLC BONNIE HERZOG outperform 5 M #N/A N/A Not Provided 16.04.2013
S&P Capital IQ ESTHER KWON strong buy 5 M 48 Not Provided 16.04.2013
Credit Agricole Securities (USA) CAROLINE S LEVY outperform 5 M 48 Not Provided 16.04.2013
Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 02.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 25.02.2013
Daiwa Securities Co. Ltd. TORU SUGIURA neutral 3 M 39 Not Provided 21.02.2013
Gabelli & Co DAMIAN WITKOWSKI buy 5 M #N/A N/A Not Provided 13.02.2013
Goldman Sachs JUDY E HONG neutral/neutral 3 M 41 12 month 11.01.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 10.05.2012
Holdings By:
Coca-Cola Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Colgate-Palmolive Company is a consumer products company that markets its
products throughout the world. The Company's products include toothpaste,
toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid,
and laundry products, as well as pet nutrition products for cats and dogs.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (23.04.2013) 121.44
52-Week Low (04.06.2012) 96.23
Daily Volume
119.26
52-Week High % Change -1.58% Dividend Yield 2.05
52-Week Low % Change 23.93% Beta 0.62
% 52 Week Price Range High/Low 99.96% Equity Float 464.91
Shares Out 31.01.2013 468.0 Short Int 4.25
55'810.07 1 Yr Total Return 23.99%
Total Debt 5'230.00 YTD Return 15.38%
Preferred Stock 0.0 Adjusted BETA 0.623
Minority Interest 201.0 Analyst Recs 29
Cash and Equivalents 884.00 Consensus Rating 3.276
Enterprise Value 60'357.07
Average Volume 5 Day 512'887
CL UN EQUITY YTD Change - Average Volume 30 Day 541'512
CL UN EQUITY YTD % CHANGE - Average Volume 3 Month 562'205
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 03/13 Q1 06/13 Q2
15'330.0 15'327.0 15'564.0 16'734.0 17'085.0 16'734.0 17'085.0 17'695.9 18'675.0 4'288.8 4'408.3
2.47x 2.84x 2.75x 2.89x 3.13x 11.06x 12.49x 3.44x 3.27x 14.11x 13.73x
3'449.0 3'966.0 3'865.0 4'262.0 4'314.0 4'262.0 4'314.0 4'586.4 4'983.1 1'088.5 1'147.8
10.99x 10.97x 11.09x 11.36x 12.39x 11.36x 12.39x 13.21x 12.16x 13.08x 12.85x
1'957.0 2'291.0 2'203.0 2'431.0 2'472.0 2'431.0 2'472.0 2'671.6 2'911.3 621.6 660.7
18.73x 18.80x 17.02x 18.38x 19.49x 18.38x 19.53x 20.92x 18.93x 20.89x 20.42x
EBITDA 4'314.00 Long-Term Rating Date 04.05.2001
EBIT 3'889.00 Long-Term Rating AA-
Operating Margin 22.76% Long-Term Outlook STABLE
Pretax Margin 22.67% Short-Term Rating Date 04.05.2001
Return on Assets 18.93% Short-Term Rating A-1+
Return on Common Equity 108.33%
Return on Capital - EBITDA/Interest Exp. 53.93
Asset Turnover 1.31% (EBITDA-Capex)/Interest Exp. 46.86
Net Debt/EBITDA 1.01
Gross Margin 58.1% Total Debt/EBITDA 1.21
EBITDA Margin 25.3%
EBIT Margin 22.8% Total Debt/Equity 238.9%
Net Income Margin 14.5% Total Debt/Capital 68.6%
Asset Turnover 1.31
Current Ratio 1.22 Net Fixed Asset Turnover 4.55
Quick Ratio 0.68 Accounts receivable turnover-days 35.81
Debt to Assets 39.05% Inventory Days 68.87
Tot Debt to Common Equity 238.92% Accounts Payable Turnover Day 64.49
Accounts Receivable Turnover 10.22 Cash Conversion Cycle 40.19
Inventory Turnover 5.31
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
Colgate-Palmolive CoPrice/Volume
Valuation Analysis
121'685.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 42'969'504 9.18 (398'369) 23.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 24'356'253 5.2 (1'327'263) 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 24'070'203 5.14 (809'254) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 23'756'425 5.08 669'349 22.04.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12'159'797 2.6 (57'762) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 9'255'306 1.98 497'045 28.02.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 7'018'424 1.5 (649'777) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'379'505 1.36 (40'655) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 6'232'525 1.33 (2'050) 31.03.2013 Investment Advisor
UBS n/a ULT-AGG 5'115'914 1.09 (449'634) 28.02.2013 Unclassified
JP MORGAN n/a ULT-AGG 5'018'342 1.07 (234'421) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'365'670 0.93 6'190 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 4'225'500 0.9 130'700 31.12.2012 Insurance Company
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 3'998'025 0.85 346'056 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 3'911'944 0.84 (105'267) 28.02.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 3'819'518 0.82 (33'737) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'813'050 0.81 1'818'470 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 3'808'948 0.81 251'195 31.12.2012 Government
SUNTRUST BANKS INC n/a ULT-AGG 3'658'362 0.78 (28'181) 31.12.2012 Bank
MORGAN STANLEY n/a ULT-AGG 3'440'368 0.74 164'815 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JASON M GERE sector perform 3 M 114 12 month 23.04.2013
B Riley & Company, Inc LINDA BOLTON WEISER neutral 3 M 108 Not Provided 23.04.2013
Buckingham Research Group ALICE BEEBE LONGLEY buy 5 M 131 12 month 23.04.2013
Sanford C. Bernstein & Co ALI DIBADJ market perform 3 M 118 12 month 19.04.2013
Deutsche Bank WILLIAM G SCHMITZ hold 3 M 120 12 month 15.04.2013
SunTrust Robinson Humphrey WILLIAM CHAPPELL neutral 3 M 115 12 month 12.04.2013
Barclays LAUREN R LIEBERMAN underweight 1 M 103 Not Provided 12.04.2013
William Blair & Co JON R ANDERSEN market perform 3 M #N/A N/A Not Provided 11.04.2013
Credit Suisse MICHAEL STEIB outperform 5 M 126 Not Provided 09.04.2013
BMO Capital Markets CONSTANCE M MANEATY market perform 3 M 121 Not Provided 08.04.2013
Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 05.04.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 102 12 month 04.04.2013
Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 21.03.2013
Morgan Stanley DARA MOHSENIAN Equalwt/In-Line 3 D #N/A N/A Not Provided 15.03.2013
Wells Fargo Securities, LLC TIMOTHY A CONDER market perform 3 M #N/A N/A Not Provided 15.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 25.02.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 25.02.2013
JPMorgan JOHN A FAUCHER neutral 3 M 114 6 month 11.02.2013
Oppenheimer & Co JOSEPH ALTOBELLO market perform 3 M #N/A N/A Not Provided 11.02.2013
S&P Capital IQ IAN GORDON hold 3 M 115 Not Provided 11.02.2013
Credit Agricole Securities (USA) CAROLINE S LEVY outperform 5 M 118 Not Provided 11.02.2013
Goldman Sachs JASON ENGLISH neutral/neutral 3 M 116 12 month 10.02.2013
Janney Montgomery Scott LLC JOHN SAN MARCO buy 5 M 121 12 month 08.02.2013
Argus Research Corp JOHN D STASZAK buy 5 M 126 Not Provided 05.02.2013
Daiwa Securities Co. Ltd. TORU SUGIURA outperform 5 M 115 Not Provided 05.02.2013
Atlantic Equities LLP VICTORIA COLLIN neutral 3 M 104 12 month 25.10.2012
Holdings By:
Colgate-Palmolive Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Comcast Corporation is a global media and technology company with two primary
businesses. The Company provides video, high-speed Internet and phone services
to residential and business customers. Comcast also operates news and
entertainment cable networks, a national and a Spanish broadcast network, TV
production operations, TV station groups, film studios, theme parks and resorts.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (03.04.2013) 42.61
52-Week Low (21.05.2012) 28.10
Daily Volume
40.81
52-Week High % Change -4.25% Dividend Yield 1.59
52-Week Low % Change 45.23% Beta 1.07
% 52 Week Price Range High/Low 88.22% Equity Float 2'119.87
Shares Out 31.12.2012 2'122.3 Short Int 32.59
106'603.79 1 Yr Total Return 41.68%
Total Debt 40'458.00 YTD Return 9.69%
Preferred Stock 0.0 Adjusted BETA 1.067
Minority Interest 17'438.0 Analyst Recs 33
Cash and Equivalents 12'415.00 Consensus Rating 4.515
Enterprise Value 152'084.79
Average Volume 5 Day 4'561'876
CMCSA UW EQUITY YTD Change - Average Volume 30 Day 4'150'323
CMCSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 4'080'867
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
34'423.0 35'756.0 37'937.0 55'842.0 62'570.0 55'842.0 62'570.0 64'180.3 67'996.2 15'425.5 16'001.4
2.33x 2.14x 2.28x 2.12x 2.30x 8.52x 8.83x 2.60x 2.43x 11.21x 10.74x
13'132.0 13'714.0 14'596.0 18'357.0 19'977.0 18'357.0 19'977.0 21'020.2 22'321.5 5'003.3 5'332.7
6.10x 5.58x 5.93x 6.44x 7.21x 6.44x 7.21x 7.25x 6.83x 7.26x 7.08x
2'547.0 3'638.0 3'635.0 4'160.0 6'203.0 4'160.0 6'203.0 6'336.1 7'137.5 1'334.9 1'622.6
18.55x 15.19x 16.77x 15.01x 19.46x 15.01x 19.36x 17.28x 15.11x 17.31x 16.55x
EBITDA 19'977.00 Long-Term Rating Date 14.02.2013
EBIT 12'179.00 Long-Term Rating A-
Operating Margin 19.46% Long-Term Outlook POS
Pretax Margin 18.55% Short-Term Rating Date 25.05.2004
Return on Assets 3.84% Short-Term Rating A-2
Return on Common Equity 12.84%
Return on Capital 9.11% EBITDA/Interest Exp. 7.92
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 5.66
Net Debt/EBITDA 1.40
Gross Margin 68.1% Total Debt/EBITDA 2.03
EBITDA Margin 31.9%
EBIT Margin 19.5% Total Debt/Equity 82.0%
Net Income Margin 9.9% Total Debt/Capital 37.7%
Asset Turnover 0.39
Current Ratio 1.20 Net Fixed Asset Turnover 2.28
Quick Ratio 1.07 Accounts receivable turnover-days 28.87
Debt to Assets 24.52% Inventory Days -
Tot Debt to Common Equity 81.97% Accounts Payable Turnover Day 59.15
Accounts Receivable Turnover 12.68 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Comcast CorpPrice/Volume
Valuation Analysis
498'374.00
Current Price (4/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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10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 170'286'499 8.02 (15'203'842) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 151'939'177 7.16 (296'363) 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 130'598'214 6.15 1'855'175 23.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 122'446'969 5.77 4'965'013 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 110'119'110 5.19 1'769'948 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 72'420'757 3.41 (11'233'339) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 63'251'006 2.98 (2'617'597) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 52'985'837 2.5 (6'273'501) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 39'408'571 1.86 6'566'470 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 35'046'497 1.65 4'920'619 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 33'384'322 1.57 6'326 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 26'200'994 1.23 1'422'866 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 24'679'889 1.16 (1'113'877) 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 23'978'448 1.13 710'946 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 22'993'590 1.08 1'226'195 31.12.2012 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 22'281'474 1.05 3'494'798 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 19'975'360 0.94 36'016 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 18'764'948 0.88 79'579 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 17'865'247 0.84 (1'760'635) 31.12.2012 Investment Advisor
GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 16'042'220 0.76 (436'600) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse MICHAEL SENNO outperform 5 M 48 Not Provided 23.04.2013
Jefferies THOMAS O SEITZ buy 5 M 45 12 month 23.04.2013
ISI Group VIJAY JAYANT buy 5 M 47 12 month 21.04.2013
Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 42 12 month 16.04.2013
Raymond James FRANK G LOUTHAN outperform 5 M 44 12 month 16.04.2013
Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 45 18 month 15.04.2013
Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 12.04.2013
Brean Murray Carret & Co TODD MITCHELL buy 5 M 48 12 month 09.04.2013
Guggenheim Securities LLC SHING YIN neutral 3 M 40 12 month 09.04.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 05.04.2013
Robert W. Baird & Co WILLIAM V POWER neutral 3 N 44 12 month 04.04.2013
JPMorgan PHILIP CUSICK overweight 5 M 49 6 month 25.03.2013
Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 47 12 month 24.03.2013
Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 48 12 month 06.03.2013
Macquarie AMY YONG neutral 3 D 45 12 month 22.02.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 19.02.2013
Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 48 12 month 19.02.2013
Evercore Partners BRYAN KRAFT overweight 5 M 46 12 month 15.02.2013
RBC Capital Markets JONATHAN ATKIN outperform 5 U 46 12 month 14.02.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 47 18 month 14.02.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 47 Not Provided 14.02.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 48 12 month 13.02.2013
Janney Montgomery Scott LLC TONY WIBLE buy 5 M 48 12 month 13.02.2013
Pacific Crest Securities ANDY HARGREAVES sector perform 3 D #N/A N/A Not Provided 13.02.2013
Stifel CHRISTOPHER C KING buy 5 M 45 12 month 13.02.2013
Scotia Capital JEFFREY FAN sector outperform 5 M 46 12 month 13.02.2013
Nomura MICHAEL L MCCORMACK buy 5 M 48 12 month 13.02.2013
S&P Capital IQ TUNA AMOBI buy 5 M 46 12 month 13.02.2013
Maxim Group LLC JOHN TINKER buy 5 M 48 12 month 13.02.2013
New Street Research CHARLES GAYNOR neutral 3 M 40 Not Provided 13.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
BTIG LLC RICHARD GREENFIELD neutral 3 M #N/A N/A Not Provided 26.01.2011
Holdings By:
Comcast Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
ConocoPhillips explores for, produces, transports and markets crude oil,
natural gas, natural gas liquids, liquefied natural gas and bitumen on a
worldwide basis.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.01.2013) 62.04
52-Week Low (04.06.2012) 50.63
Daily Volume
58.32
52-Week High % Change -5.77% Dividend Yield 4.53
52-Week Low % Change 15.19% Beta 0.98
% 52 Week Price Range High/Low 62.66% Equity Float 1'218.64
Shares Out 31.01.2013 1'221.0 Short Int 22.62
71'208.30 1 Yr Total Return 11.59%
Total Debt 21'725.00 YTD Return 1.72%
Preferred Stock 0.0 Adjusted BETA 0.980
Minority Interest 440.0 Analyst Recs 25
Cash and Equivalents 3'618.00 Consensus Rating 3.640
Enterprise Value 89'755.30
Average Volume 5 Day 1'816'534
COP UN EQUITY YTD Change - Average Volume 30 Day 1'633'615
COP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'643'227
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
225'424.0 136'016.0 175'752.0 64'196.0 57'967.0 102'785.0 96'888.0 54'798.9 57'508.0 13'454.6 12'320.4
0.46x 0.77x 0.63x 1.72x 1.54x 4.47x 4.03x 1.54x 1.48x 6.72x 6.97x
35'740.0 17'606.0 22'655.0 21'649.0 19'396.0 22'315.0 20'383.0 21'915.3 23'665.4 5'690.3 4'937.6
2.92x 5.94x 4.91x 5.10x 4.60x 4.95x 4.38x 4.10x 3.79x 4.27x 4.29x
(16'998.0) 4'414.0 11'358.0 12'436.0 8'428.0 12'436.0 8'428.0 6'706.6 7'682.2 1'710.2 1'461.7
4.81x 15.52x 11.50x 12.65x 10.80x 11.40x 9.52x 10.62x 9.68x 10.71x 10.66x
EBITDA 19'396.00 Long-Term Rating Date 07.02.2012
EBIT 12'816.00 Long-Term Rating A
Operating Margin 22.11% Long-Term Outlook STABLE
Pretax Margin 26.61% Short-Term Rating Date 07.02.2012
Return on Assets 6.23% Short-Term Rating A-1
Return on Common Equity 14.89%
Return on Capital 11.17% EBITDA/Interest Exp. 14.65
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 3.95
Net Debt/EBITDA 0.89
Gross Margin 27.3% Total Debt/EBITDA 1.07
EBITDA Margin 21.0%
EBIT Margin 14.1% Total Debt/Equity 45.3%
Net Income Margin 14.5% Total Debt/Capital 31.0%
Asset Turnover 0.72
Current Ratio 1.38 Net Fixed Asset Turnover 1.28
Quick Ratio 0.72 Accounts receivable turnover-days 44.53
Debt to Assets 18.55% Inventory Days 12.83
Tot Debt to Common Equity 45.27% Accounts Payable Turnover Day 65.16
Accounts Receivable Turnover 8.22 Cash Conversion Cycle -30.26
Inventory Turnover 28.54
Fiscal Year Ended
ConocoPhillipsPrice/Volume
Valuation Analysis
384'337.00
Current Price (4/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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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 71'071'346 5.82 - 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 67'007'379 5.49 (10'289) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 56'668'755 4.64 2'100'148 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 48'505'327 3.97 3'348'467 31.03.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 24'123'911 1.98 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 22'968'900 1.88 359'043 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 21'070'033 1.73 (181'253) 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 19'331'290 1.58 (953'208) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 17'621'867 1.44 (629'473) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 16'962'094 1.39 4'770'306 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'753'059 1.04 (372'312) 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 12'475'431 1.02 (606'369) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 10'750'899 0.88 (16'247) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 10'143'935 0.83 423'762 28.02.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 10'128'425 0.83 (661'756) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'790'251 0.8 31'163 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 9'343'737 0.77 115'546 31.12.2012 Government
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 9'078'430 0.74 (161'396) 31.03.2013 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 8'905'301 0.73 127'055 31.03.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 8'806'303 0.72 104'400 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cowen Securities LLC ASIT SEN hold 3 N #N/A N/A Not Provided 23.04.2013
Tudor Pickering & Co ROBERT KESSLER hold 3 M 57 Not Provided 23.04.2013
Barclays PAUL Y CHENG equalweight 3 M 62 Not Provided 23.04.2013
Raymond James PAVEL MOLCHANOV underperform 1 M #N/A N/A Not Provided 22.04.2013
JPMorgan KATHERINE LUCAS MINYARD overweight 5 M 70 6 month 18.04.2013
Jefferies IAIN REID hold 3 M 60 12 month 18.04.2013
ISI Group DOUGLAS T TERRESON buy 5 M 64 12 month 18.04.2013
Alembic Global Advisors JAMES J SULLIVAN overweight 5 M 72 12 month 16.04.2013
Deutsche Bank PAUL SANKEY hold 3 M 62 12 month 13.04.2013
Societe Generale JOHN HERRLIN buy 5 M 68 12 month 12.04.2013
Goldman Sachs ARJUN N MURTI neutral/attractive 3 M 64 12 month 12.04.2013
Credit Suisse EDWARD WESTLAKE neutral 3 M 70 Not Provided 12.04.2013
Oppenheimer & Co FADEL GHEIT outperform 5 M 70 18 month 12.04.2013
Simmons & Company International JEFFREY A DIETERT neutral 3 M #N/A N/A Not Provided 11.04.2013
Macquarie JASON D GAMMEL neutral 3 M 64 12 month 05.04.2013
Wells Fargo Securities, LLC ROGER D READ outperform 5 M #N/A N/A Not Provided 20.03.2013
RBC Capital Markets SCOTT HANOLD outperform 5 M 63 12 month 19.03.2013
Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 06.03.2013
Argus Research Corp PHILIP H WEISS buy 5 M 64 Not Provided 04.03.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 22.02.2013
Morgan Stanley J EVAN CALIO Underwt/Attractive 1 M 58 12 month 31.01.2013
S&P Capital IQ MICHAEL KAY buy 5 M 64 Not Provided 31.01.2013
Howard Weil Inc BLAKE FERNANDEZ restricted #N/A N/A M #N/A N/A Not Provided 07.01.2013
Holdings By:
ConocoPhillips ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Costco Wholesale Corporation operates wholesale membership warehouses in
multiple countries. The Company sells all kinds of food, automotive supplies,
toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty
aids, as well as other goods.
Latest Fiscal Year: 08/2012
LTM as of: 02/yy
52-Week High (24.04.2013) 108.21
52-Week Low (08.05.2012) 76.56
Daily Volume
108.17
52-Week High % Change -0.16% Dividend Yield 7.71
52-Week Low % Change 41.28% Beta 0.74
% 52 Week Price Range High/Low 98.43% Equity Float 432.19
Shares Out 13.03.2013 436.4 Short Int 5.50
47'202.29 1 Yr Total Return 35.64%
Total Debt 1'382.00 YTD Return 9.81%
Preferred Stock 0.0 Adjusted BETA 0.741
Minority Interest 157.0 Analyst Recs 30
Cash and Equivalents 4'854.00 Consensus Rating 4.033
Enterprise Value 46'592.29
Average Volume 5 Day 727'999
COST UW EQUITY YTD Change - Average Volume 30 Day 741'588
COST UW EQUITY YTD % CHANGE - Average Volume 3 Month 681'652
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 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4
72'483.0 71'422.0 77'946.0 88'915.0 99'137.0 93'396.0 103'128.0 106'073.9 115'136.6 24'249.9 33'108.9
0.39x 0.30x 0.28x 0.34x 0.39x 1.38x 1.49x 0.44x 0.41x 1.98x 1.45x
2'622.1 2'522.0 2'880.0 3'303.0 3'667.0 3'392.0 3'874.0 4'090.5 4'496.1 932.1 1'302.8
10.74x 8.39x 7.60x 9.28x 10.64x 9.91x 11.35x 11.37x 10.35x 10.97x 10.70x
1'282.7 1'086.0 1'303.0 1'462.0 1'709.0 1'516.0 1'958.0 2'001.7 2'197.0 450.2 638.1
22.66x 20.41x 19.09x 22.49x 24.69x 23.23x 23.46x 23.76x 21.50x 22.89x 22.25x
EBITDA 3'667.00 Long-Term Rating Date 28.11.2012
EBIT 2'759.00 Long-Term Rating A+
Operating Margin 2.78% Long-Term Outlook STABLE
Pretax Margin 2.79% Short-Term Rating Date 28.11.2012
Return on Assets 6.92% Short-Term Rating A-1
Return on Common Equity 17.53%
Return on Capital 13.59% EBITDA/Interest Exp. 34.92
Asset Turnover 3.64% (EBITDA-Capex)/Interest Exp. 20.83
Net Debt/EBITDA -0.20
Gross Margin 12.4% Total Debt/EBITDA 1.26
EBITDA Margin 3.8%
EBIT Margin 2.9% Total Debt/Equity 11.2%
Net Income Margin 1.7% Total Debt/Capital 9.9%
Asset Turnover 3.64
Current Ratio 1.10 Net Fixed Asset Turnover 7.96
Quick Ratio 0.48 Accounts receivable turnover-days 4.30
Debt to Assets 5.09% Inventory Days 29.84
Tot Debt to Common Equity 11.18% Accounts Payable Turnover Day 28.11
Accounts Receivable Turnover 86.23 Cash Conversion Cycle 3.64
Inventory Turnover 12.43
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Costco Wholesale CorpPrice/Volume
Valuation Analysis
145'791.00
Current Price (4/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 47'591'655 10.91 724'042 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 23'814'574 5.46 109'143 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 21'671'006 4.97 (3'954'786) 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 20'160'182 4.62 690'828 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 15'318'718 3.51 (2'770'670) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 13'559'317 3.11 914'367 28.02.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 8'972'856 2.06 187'224 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'834'546 1.8 (52'440) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 6'028'756 1.38 716'763 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'846'843 1.34 (762'123) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'510'453 1.26 (139'469) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 5'135'180 1.18 (571'875) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 4'427'681 1.01 1'674'312 31.12.2012 Government
JP MORGAN n/a ULT-AGG 4'378'833 1 1'416'393 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'345'534 1 403'832 31.12.2012 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 4'333'363 0.99 - 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'196'949 0.96 1'112'363 31.12.2012 Investment Advisor
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 3'799'389 0.87 (109'758) 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'546'132 0.81 (52'878) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 3'279'692 0.75 77'350 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KAREN SHORT outperform 5 M 115 Not Provided 23.04.2013
JPMorgan CHRISTOPHER HORVERS overweight 5 M 113 6 month 22.04.2013
Credit Suisse MICHAEL B EXSTEIN outperform 5 M 115 Not Provided 17.04.2013
Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 15.04.2013
Robert W. Baird & Co PETER S BENEDICT outperform 5 M 117 12 month 12.04.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 106 12 month 12.04.2013
ISI Group GREGORY MELICH strong buy 5 M 116 Not Provided 12.04.2013
Deutsche Bank PAUL TRUSSELL buy 5 M 110 12 month 11.04.2013
Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 116 12 month 11.04.2013
Jefferies DANIEL T BINDER hold 3 M 97 12 month 11.04.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 11.04.2013
Stifel DAVID A SCHICK buy 5 M 107 12 month 11.04.2013
McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 105 12 month 11.04.2013
Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 98 12 month 11.04.2013
Cowen and Company FAYE LANDES neutral 3 M #N/A N/A Not Provided 11.04.2013
Susquehanna Financial Group ROBERT SUMMERS negative 2 M 65 12 month 11.04.2013
Piper Jaffray SEAN NAUGHTON overweight 5 M 113 12 month 11.04.2013
Northcoast Research CHARLES E CERANKOSKY buy 5 M 115 12 month 25.03.2013
Morgan Stanley MARK WILTAMUTH Overwt/In-Line 5 M 113 12 month 19.03.2013
Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 108 Not Provided 15.03.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 115 Not Provided 13.03.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 110 12 month 13.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 13.03.2013
Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 12.03.2013
Oppenheimer & Co BRIAN NAGEL market perform 3 M 105 18 month 12.03.2013
S&P Capital IQ IAN GORDON hold 3 M 110 12 month 12.03.2013
Barclays ROBERT S DRBUL equalweight 3 M 105 Not Provided 12.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 27.02.2013
Holdings By:
Costco Wholesale Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
CVS Caremark Corporation is an integrated pharmacy health care provider. The
Company's offerings include pharmacy benefit management services, mail order,
retail and specialty pharmacy, disease management programs, and retail clinics.
The company operates drugstores throughout the U.S., the District of Columbia,
and Puerto Rico.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (23.04.2013) 58.49
52-Week Low (24.04.2012) 43.09
Daily Volume
58.01
52-Week High % Change -0.84% Dividend Yield 1.12
52-Week Low % Change 34.63% Beta 0.78
% 52 Week Price Range High/Low 96.95% Equity Float 1'228.54
Shares Out 08.02.2013 1'231.2 Short Int 10.59
71'421.58 1 Yr Total Return 35.65%
Total Debt 9'828.00 YTD Return 20.96%
Preferred Stock 0.0 Adjusted BETA 0.781
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 1'380.00 Consensus Rating 4.760
Enterprise Value 79'869.58
Average Volume 5 Day 1'571'710
CVS UN EQUITY YTD Change - Average Volume 30 Day 1'660'561
CVS UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'479'496
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
87'471.9 98'729.0 95'778.0 107'100.0 123'133.0 107'100.0 123'133.0 125'264.7 130'145.6 30'358.3 31'268.9
0.59x 0.56x 0.59x 0.57x 0.55x 2.13x 2.18x 0.64x 0.61x 2.64x 2.57x
7'320.4 7'827.0 7'606.0 7'898.0 8'981.0 7'898.0 8'981.0 9'759.8 10'340.2 2'063.9 2'354.3
7.10x 7.02x 7.37x 7.79x 7.57x 7.79x 7.57x 8.20x 7.74x 8.23x 8.08x
3'212.1 3'696.0 3'427.0 3'461.0 3'877.0 3'461.0 3'877.0 4'735.4 5'033.1 959.5 1'124.9
11.78x 12.29x 13.96x 15.75x 15.11x 15.62x 15.11x 14.63x 13.16x 14.65x 14.32x
EBITDA 8'981.00 Long-Term Rating Date 23.03.2007
EBIT 7'228.00 Long-Term Rating BBB+
Operating Margin 5.87% Long-Term Outlook STABLE
Pretax Margin 5.14% Short-Term Rating Date 29.04.2004
Return on Assets 5.94% Short-Term Rating A-2
Return on Common Equity 10.24%
Return on Capital 8.83% EBITDA/Interest Exp. 15.22
Asset Turnover 1.89% (EBITDA-Capex)/Interest Exp. 11.78
Net Debt/EBITDA 0.94
Gross Margin 18.3% Total Debt/EBITDA 1.09
EBITDA Margin 7.3%
EBIT Margin 5.9% Total Debt/Equity 26.1%
Net Income Margin 3.1% Total Debt/Capital 20.7%
Asset Turnover 1.89
Current Ratio 1.44 Net Fixed Asset Turnover 14.40
Quick Ratio 0.57 Accounts receivable turnover-days 18.61
Debt to Assets 14.91% Inventory Days 37.84
Tot Debt to Common Equity 26.07% Accounts Payable Turnover Day 17.05
Accounts Receivable Turnover 19.67 Cash Conversion Cycle 39.40
Inventory Turnover 9.67
Fiscal Year Ended
CVS Caremark CorpPrice/Volume
Valuation Analysis
119'319.00
Current Price (4/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&
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2!& 9
3!& 9
4!& 9
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 76'766'294 6.24 - 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 69'528'485 5.65 (413'116) 23.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 59'644'640 4.84 (2'342'171) 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 56'833'385 4.62 486'092 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 49'038'267 3.98 (9'508'072) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 47'574'729 3.86 1'525'580 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 36'413'422 2.96 (14'617'578) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 32'173'978 2.61 (2'468'337) 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 20'598'287 1.67 (142'490) 31.03.2013 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 19'163'549 1.56 (116'523) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 18'391'850 1.49 1'978'832 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'853'888 1.45 1'958'553 31.03.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 15'250'751 1.24 (2'232'154) 31.03.2013 Unclassified
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'329'925 1.16 125'365 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 11'288'289 0.92 (5'170'974) 28.02.2013 Unclassified
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 10'869'017 0.88 (32'206) 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 10'527'099 0.86 (156'583) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 10'256'556 0.83 686'407 31.12.2012 Government
INVESCO LTD n/a ULT-AGG 9'663'679 0.78 (4'367'748) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'711'966 0.71 (2'374'789) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Lazard Capital Markets THOMAS GALLUCCI buy 5 M 64 12 month 24.04.2013
Barclays MEREDITH ADLER overweight 5 M 57 Not Provided 24.04.2013
JPMorgan LISA C GILL overweight 5 M 59 6 month 23.04.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 64 12 month 22.04.2013
Credit Suisse EDWARD J KELLY outperform 5 M 62 Not Provided 22.04.2013
ISI Group ROSS MUKEN buy 5 M 61 12 month 18.04.2013
Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 60 12 month 12.04.2013
Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 05.04.2013
Raymond James JOHN W RANSOM outperform 5 M 58 12 month 01.04.2013
Cantor Fitzgerald AJAY JAIN buy 5 M 57 12 month 27.03.2013
BMO Capital Markets JENNIFER LYNCH outperform 5 M 59 Not Provided 20.03.2013
Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 60 12 month 15.03.2013
Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 60 12 month 04.03.2013
RBC Capital Markets FRANK G MORGAN outperform 5 M 59 12 month 28.02.2013
Macquarie DANE LEONE outperform 5 M 56 12 month 07.02.2013
Guggenheim Securities LLC JOHN HEINBOCKEL buy 5 M 60 12 month 07.02.2013
SunTrust Robinson Humphrey DAVID G MAGEE neutral 3 M #N/A N/A Not Provided 06.02.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 06.02.2013
Mizuho Securities USA Inc ANN HYNES buy 5 M 56 12 month 06.02.2013
JMP Securities TIM MCDONOUGH market outperform 4 M 58 12 month 06.02.2013
S&P Capital IQ JOSEPH AGNESE strong buy 5 M 62 12 month 06.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 16.01.2013
Holdings By:
CVS Caremark Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Devon Energy Corporation is an independent energy company that is involved
primarily in oil and gas exploration, development and production, the
transportation of oil, gas, and NGLs and the processing of natural gas. The
Company also has marketing and midstream operations primarily in North America
that include gas, crude oil and NGLs.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.05.2012) 71.08
52-Week Low (22.04.2013) 50.82
Daily Volume
53.43
52-Week High % Change -24.75% Dividend Yield 1.50
52-Week Low % Change 5.14% Beta 1.30
% 52 Week Price Range High/Low 10.41% Equity Float 380.01
Shares Out 06.02.2013 406.0 Short Int 7.99
21'692.58 1 Yr Total Return -18.86%
Total Debt 11'644.00 YTD Return 3.04%
Preferred Stock 0.0 Adjusted BETA 1.301
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 6'980.00 Consensus Rating 4.094
Enterprise Value 26'356.58
Average Volume 5 Day 817'987
DVN UN EQUITY YTD Change - Average Volume 30 Day 730'497
DVN UN EQUITY YTD % CHANGE - Average Volume 3 Month 745'873
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
13'615.0 8'136.0 10'017.0 10'965.0 9'679.0 10'783.0 9'651.0 9'799.3 11'129.2 2'139.5 2'335.1
2.56x 4.85x 3.66x 2.53x 2.66x 12.04x 11.76x 3.17x 2.89x 14.27x 13.29x
8'952.0 4'391.0 5'936.0 6'389.0 5'253.0 6'138.0 5'225.0 5'653.5 6'657.6 1'200.8 1'349.6
3.89x 8.99x 6.17x 4.35x 4.91x 4.52x 4.94x 4.68x 3.97x 4.66x 4.38x
(2'148.0) (2'479.0) 4'550.0 4'704.0 (206.0) 4'704.0 (206.0) 1'394.6 2'034.8 219.1 303.0
8.59x 22.41x 13.65x 24.70x 15.77x 10.16x 15.91x 15.19x 11.01x 15.29x 13.13x
EBITDA 5'253.00 Long-Term Rating Date 18.03.2008
EBIT 2'442.00 Long-Term Rating BBB+
Operating Margin 25.23% Long-Term Outlook STABLE
Pretax Margin -3.28% Short-Term Rating Date 29.08.2000
Return on Assets -0.49% Short-Term Rating A-2
Return on Common Equity -1.00%
Return on Capital - EBITDA/Interest Exp. 11.57
Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -6.55
Net Debt/EBITDA 0.89
Gross Margin 32.4% Total Debt/EBITDA 2.23
EBITDA Margin 54.1%
EBIT Margin 25.0% Total Debt/Equity 54.7%
Net Income Margin -2.1% Total Debt/Capital 35.4%
Asset Turnover 0.23
Current Ratio 1.49 Net Fixed Asset Turnover 0.37
Quick Ratio 1.37 Accounts receivable turnover-days 49.76
Debt to Assets 26.88% Inventory Days 5.93
Tot Debt to Common Equity 54.72% Accounts Payable Turnover Day 81.60
Accounts Receivable Turnover 7.36 Cash Conversion Cycle -26.06
Inventory Turnover 61.75
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
Devon Energy CorpPrice/Volume
Valuation Analysis
134'592.00
Current Price (4/dd/yy) Market Data
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24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 27'085'482 6.67 - 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 25'358'470 6.25 1'406'170 31.03.2013 Investment Advisor
MITCHELL GEORGE PHYD n/a 13D 23'372'374 5.76 - 07.03.2012 n/a
STATE STREET n/a ULT-AGG 22'011'780 5.42 (74'110) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 17'266'232 4.25 561'394 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 15'970'115 3.93 5'526'100 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'725'054 2.15 6'857'270 31.01.2013 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 8'347'437 2.06 25'663 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'030'292 1.98 (941'086) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 7'549'334 1.86 859'721 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 7'131'339 1.76 (2'772'487) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'095'512 1.5 812'580 31.12.2012 Investment Advisor
INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 5'580'292 1.37 330'608 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 5'338'369 1.31 (48'157) 31.03.2013 Unclassified
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 5'326'710 1.31 1'090'031 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'231'537 1.29 187'457 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'575'289 1.13 178'808 31.03.2013 Investment Advisor
GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 4'540'933 1.12 (119'365) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'933'971 0.97 (834'706) 31.03.2013 Investment Advisor
TWEEDY BROWNE COMPAN TWEEDY BROWNE COMPAN 13F 3'737'500 0.92 2'210'982 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Argus Research Corp PHILIP H WEISS hold 3 M #N/A N/A Not Provided 22.04.2013
Robert W. Baird & Co HSULIN PENG outperform 5 M 68 12 month 22.04.2013
Sanford C. Bernstein & Co BOB BRACKETT market perform 3 M 67 Not Provided 22.04.2013
Raymond James ANDREW COLEMAN outperform 5 M 69 12 month 22.04.2013
Susquehanna Financial Group DUANE GRUBERT Positive 4 M 74 12 month 22.04.2013
Simmons & Company International DAVID W KISTLER overweight 5 M 85 Not Provided 19.04.2013
Wells Fargo Securities, LLC DAVID R TAMERON market perform 3 M #N/A N/A Not Provided 18.04.2013
RBC Capital Markets SCOTT HANOLD outperform 5 M 72 12 month 17.04.2013
Barclays THOMAS R DRISCOLL equalweight 3 M 61 Not Provided 16.04.2013
Alembic Global Advisors JAMES J SULLIVAN overweight 5 M 70 12 month 16.04.2013
Societe Generale JOHN HERRLIN buy 5 M 65 12 month 12.04.2013
Macquarie JOSEPH MAGNER neutral 3 M 61 12 month 12.04.2013
Oppenheimer & Co FADEL GHEIT outperform 5 M 67 18 month 12.04.2013
Howard Weil Inc PETER KISSEL sector outperform 5 M 69 12 month 11.04.2013
FBR Capital Markets REHAN RASHID outperform 5 M 77 12 month 09.04.2013
Morgan Stanley J EVAN CALIO Equalwt/Attractive 3 M 55 12 month 08.04.2013
Buckingham Research Group ROBERT L CHRISTENSEN JR buy 5 M 78 12 month 08.04.2013
Goldman Sachs BRIAN SINGER buy/attractive 5 M 73 12 month 04.04.2013
Jefferies BIJU Z PERINCHERIL buy 5 M 71 12 month 04.04.2013
Capital One Southcoast, Inc. ELIOT JAVANMARDI neutral 3 M 79 Not Provided 03.04.2013
Guggenheim Securities LLC ROBERT CORDRAY buy 5 M 74 12 month 28.03.2013
Deutsche Bank STEPHEN RICHARDSON hold 3 M 66 12 month 25.03.2013
JPMorgan JOSEPH D ALLMAN overweight 5 M 62 6 month 27.02.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 25.02.2013
Credit Suisse ARUN JAYARAM outperform 5 M 75 Not Provided 20.02.2013
Johnson Rice & Co CHARLES MEADE equalweight 3 M #N/A N/A Not Provided 20.02.2013
Peters & Co Ltd KAM S SANDHAR sector outperform 5 M 75 12 month 20.02.2013
Tudor Pickering & Co BRIAN LIVELY hold 3 M 83 Not Provided 01.02.2013
Holdings By:
Devon Energy Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
The Dow Chemical Company is a diversified chemical company that provides
chemical, plastic, and agricultural products and services to various essential
consumer markets. The Company serves customers in countries around the world in
markets such as food, transportation, health and medicine, personal care, and
construction.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.04.2012) 36.08
52-Week Low (16.11.2012) 27.45
Daily Volume
31.99
52-Week High % Change -11.14% Dividend Yield 3.78
52-Week Low % Change 16.54% Beta 1.41
% 52 Week Price Range High/Low 48.78% Equity Float 1'199.16
Shares Out 31.01.2013 1'204.4 Short Int 20.09
38'527.61 1 Yr Total Return -3.75%
Total Debt 20'987.00 YTD Return -0.03%
Preferred Stock 4'000.0 Adjusted BETA 1.411
Minority Interest 1'137.0 Analyst Recs 25
Cash and Equivalents 4'318.00 Consensus Rating 3.120
Enterprise Value 60'333.61
Average Volume 5 Day 1'724'190
DOW UN EQUITY YTD Change - Average Volume 30 Day 1'721'721
DOW UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'695'142
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
57'361.0 44'875.0 53'674.0 59'985.0 56'786.0 59'985.0 56'786.0 58'997.5 61'719.8 14'931.3 15'204.0
0.41x 1.25x 1.14x 0.92x 1.07x 3.94x 4.23x 1.02x 0.96x 4.16x 4.10x
4'316.0 4'176.0 6'078.0 6'909.0 6'645.0 6'909.0 6'425.0 8'249.4 9'152.6 2'121.4 2'245.1
5.46x 13.38x 10.11x 7.99x 9.14x 7.99x 9.45x 7.31x 6.59x 7.36x 7.13x
579.0 648.0 2'310.0 2'742.0 1'182.0 2'742.0 1'182.0 2'781.1 3'482.6 764.1 841.6
25.58x 43.86x 17.42x 11.32x 17.02x 11.23x 16.93x 13.63x 10.93x 13.69x 12.59x
EBITDA 6'645.00 Long-Term Rating Date 11.05.2011
EBIT 3'947.00 Long-Term Rating BBB
Operating Margin 6.95% Long-Term Outlook STABLE
Pretax Margin 2.93% Short-Term Rating Date 11.05.2011
Return on Assets 1.70% Short-Term Rating A-2
Return on Common Equity 4.79%
Return on Capital 4.40% EBITDA/Interest Exp. 4.91
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 2.98
Net Debt/EBITDA 2.59
Gross Margin 15.0% Total Debt/EBITDA 3.27
EBITDA Margin 11.3%
EBIT Margin 6.6% Total Debt/Equity 124.4%
Net Income Margin 2.1% Total Debt/Capital 48.8%
Asset Turnover 0.82
Current Ratio 2.06 Net Fixed Asset Turnover 3.26
Quick Ratio 0.82 Accounts receivable turnover-days 32.14
Debt to Assets 30.15% Inventory Days 60.86
Tot Debt to Common Equity 124.35% Accounts Payable Turnover Day 36.43
Accounts Receivable Turnover 11.39 Cash Conversion Cycle 56.57
Inventory Turnover 6.01
Fiscal Year Ended
Dow Chemical Co/ThePrice/Volume
Valuation Analysis
271'990.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 206'669'684 17.16 (2'030'698) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 68'309'991 5.67 1'520'779 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 64'551'940 5.36 - 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 55'361'063 4.6 2'087'824 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 44'215'462 3.67 (1'803'882) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 34'641'653 2.88 2'675'416 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 29'819'338 2.48 22'392 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'678'443 1.38 289'327 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 13'203'659 1.1 (555'116) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 12'926'827 1.07 5'457'571 31.12.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 10'019'816 0.83 860'998 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 8'226'434 0.68 (1'674'777) 28.02.2013 Unclassified
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'946'302 0.66 438'661 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 7'892'282 0.66 1'240'403 31.12.2012 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 7'881'697 0.65 (743'820) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'876'069 0.65 1'219'436 28.02.2013 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 7'307'654 0.61 1'323'515 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 7'277'441 0.6 4'374'725 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 6'944'090 0.58 (945'071) 31.12.2012 Unclassified
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 6'647'334 0.55 268'398 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Alembic Global Advisors HASSAN I AHMED overweight 5 M 45 12 month 22.04.2013
Jefferies LAURENCE ALEXANDER hold 3 M 34 12 month 19.04.2013
Wells Fargo Securities, LLC FRANK J MITSCH market perform 3 M #N/A N/A Not Provided 18.04.2013
Susquehanna Financial Group DONALD D CARSON neutral 3 M 35 12 month 16.04.2013
SunTrust Robinson Humphrey ANDREW W CASH reduce 2 M 28 12 month 12.04.2013
Barclays DUFFY FISCHER equalweight 3 M 35 Not Provided 12.04.2013
Edward Jones MATT ARNOLD sell 1 M #N/A N/A Not Provided 02.04.2013
Monness, Crespi, Hardt & Co HERBERT A HARDT neutral 3 M #N/A N/A Not Provided 01.04.2013
Credit Suisse JOHN P MCNULTY outperform 5 M 39 Not Provided 18.03.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 13.03.2013
Macquarie COOLEY MAY outperform 5 M 39 12 month 05.03.2013
Cowen Securities LLC CHARLES NEIVERT hold 3 M #N/A N/A Not Provided 28.02.2013
Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 07.02.2013
RBC Capital Markets CHRIS NOCELLA sector perform 3 M 35 12 month 04.02.2013
Deutsche Bank DAVID I BEGLEITER hold 3 M 35 12 month 01.02.2013
Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 M #N/A N/A Not Provided 01.02.2013
Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 01.02.2013
JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 33 6 month 01.02.2013
Credit Agricole Securities (USA) MARK W CONNELLY underperform 1 M 33 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 01.02.2013
Goldman Sachs ROBERT KOORT buy/attractive 5 M 41 12 month 13.01.2013
Gilford Securities PAUL C CHRISTOPHERSON sell 1 M #N/A N/A Not Provided 18.09.2012
Holdings By:
Dow Chemical Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
eBay Inc. operates an online trading community. The Company's service is used
by buyers and sellers for the exchange of products and services such as coins,
collectibles, computers, memorabilia, stamps and toys, as well as concert and
sporting tickets. eBay also offers, through a subsidiary, secure online
payment services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (11.04.2013) 58.04
52-Week Low (01.06.2012) 38.00
Daily Volume
53.31
52-Week High % Change -8.65% Dividend Yield 0.00
52-Week Low % Change 40.29% Beta 1.25
% 52 Week Price Range High/Low 72.31% Equity Float 1'173.37
Shares Out 15.04.2013 1'297.8 Short Int 12.47
69'185.16 1 Yr Total Return 35.65%
Total Debt 4'519.00 YTD Return 4.49%
Preferred Stock 0.0 Adjusted BETA 1.246
Minority Interest 0.0 Analyst Recs 44
Cash and Equivalents 9'408.00 Consensus Rating 4.591
Enterprise Value 64'308.16
Average Volume 5 Day 5'000'733
EBAY UW EQUITY YTD Change - Average Volume 30 Day 3'810'221
EBAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'100'798
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
8'541.3 8'727.4 9'156.3 11'651.7 14'072.0 12'383.0 14'542.0 16'324.6 19'014.4 3'892.8 3'971.1
1.82x 2.93x 3.42x 3.02x 4.34x 12.55x 16.15x 3.87x 3.19x 16.23x 15.70x
2'844.6 2'305.9 2'837.5 3'313.0 4'088.0 3'489.4 4'285.0 5'358.2 6'217.1 1'247.1 1'287.2
5.46x 11.10x 11.03x 10.62x 14.95x 12.57x 15.25x 11.92x 10.28x 11.48x 11.00x
1'779.5 2'389.1 1'801.0 3'229.4 2'609.0 3'323.5 2'717.0 3'625.3 4'271.1 837.7 860.6
9.01x 15.90x 20.17x 17.23x 26.15x 20.16x 26.98x 19.45x 16.51x 18.73x 17.96x
EBITDA 4'088.00 Long-Term Rating Date 02.03.2010
EBIT 2'888.00 Long-Term Rating A
Operating Margin 20.52% Long-Term Outlook STABLE
Pretax Margin 21.92% Short-Term Rating Date 05.11.2010
Return on Assets 8.21% Short-Term Rating A-1
Return on Common Equity 13.65%
Return on Capital - EBITDA/Interest Exp. 64.89
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. 44.94
Net Debt/EBITDA -1.14
Gross Margin 70.0% Total Debt/EBITDA 1.06
EBITDA Margin 29.5%
EBIT Margin 20.9% Total Debt/Equity 21.7%
Net Income Margin 18.5% Total Debt/Capital 17.8%
Asset Turnover 0.44
Current Ratio 1.96 Net Fixed Asset Turnover 6.21
Quick Ratio 0.94 Accounts receivable turnover-days 17.27
Debt to Assets 12.19% Inventory Days -
Tot Debt to Common Equity 21.66% Accounts Payable Turnover Day 26.35
Accounts Receivable Turnover 21.14 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
eBay IncPrice/Volume
Valuation Analysis
987'259.00
Current Price (4/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
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OMIDYAR PIERRE M n/a Form 4 121'858'408 9.39 (30'000) 21.12.2012 n/a
FMR LLC n/a ULT-AGG 68'453'183 5.27 477'861 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 63'293'953 4.88 5'198'513 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 62'542'024 4.82 (961'276) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 53'402'102 4.11 1'439'219 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 45'140'231 3.48 4'482'329 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 40'275'490 3.1 (5'193'294) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 31'965'970 2.46 (4'169'104) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 28'907'848 2.23 (10'212'918) 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28'429'119 2.19 (2'197'027) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 26'035'739 2.01 (1'216'710) 28.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 20'441'029 1.58 (1'345'350) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 19'219'016 1.48 (2'197'523) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'219'103 1.33 (765'182) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 15'628'609 1.2 49'071 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 13'224'417 1.02 492'872 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 12'553'044 0.97 2'943'378 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 11'810'206 0.91 719'651 28.02.2013 Unclassified
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 11'256'041 0.87 2'454'742 31.12.2012 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 10'714'867 0.83 10'676'215 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 U #N/A N/A Not Provided 24.04.2013
JMP Securities RONALD V JOSEY III market outperform 4 M 67 12 month 23.04.2013
Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 65 12 month 22.04.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 64 12 month 22.04.2013
Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 66 12 month 19.04.2013
Raymond James AARON M KESSLER outperform 5 M 61 12 month 19.04.2013
BMO Capital Markets EDWARD S WILLIAMS outperform 5 M 64 Not Provided 18.04.2013
Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 62 12 month 18.04.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 64 12 month 18.04.2013
Credit Suisse STEPHEN JU neutral 3 M 55 Not Provided 18.04.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 18.04.2013
JPMorgan DOUGLAS ANMUTH overweight 5 M 63 6 month 18.04.2013
Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 65 12 month 18.04.2013
Jefferies BRIAN J PITZ buy 5 M 66 12 month 18.04.2013
Needham & Co KERRY RICE buy 5 M 60 12 month 18.04.2013
Pacific Crest Securities CHAD BARTLEY outperform 5 M 65 12 month 18.04.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 65 12 month 18.04.2013
Macquarie BENJAMIN A SCHACHTER neutral 3 D 58 12 month 18.04.2013
B Riley & Company, Inc SCOTT TILGHMAN buy 5 M 65 Not Provided 18.04.2013
Stifel JORDAN ROHAN buy 5 M 65 12 month 18.04.2013
Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 67 12 month 18.04.2013
Evercore Partners KEN SENA overweight 5 M 64 12 month 18.04.2013
BGC Partners COLIN W GILLIS buy 5 M 65 12 month 18.04.2013
Cowen and Company JOHN BLACKLEDGE neutral 3 M #N/A N/A Not Provided 18.04.2013
S&P Capital IQ SCOTT H KESSLER hold 3 M 65 12 month 18.04.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 66 12 month 18.04.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 62 12 month 18.04.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 63 12 month 18.04.2013
Benchmark Company LLC DANIEL L KURNOS buy 5 M 63 12 month 18.04.2013
Credit Agricole Securities (USA) JAMES LEE buy 5 M 70 Not Provided 18.04.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 60 Not Provided 18.04.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 75 12 month 18.04.2013
Compass Point Research & Trading LLC DOUGLAS GREINER neutral 3 M 63 12 month 18.04.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 65 12 month 18.04.2013
Deutsche Bank ROSS SANDLER hold 3 M 55 12 month 17.04.2013
Wedbush GIL B LURIA outperform 5 M 64 12 month 17.04.2013
Argus Research Corp DAVID RITTER buy 5 M 65 Not Provided 11.04.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 62 Not Provided 02.04.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs HEATH P TERRY buy/attractive 5 M 63 12 month 11.01.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 03.12.2012
Holdings By:
eBay Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
E. I. du Pont de Nemours and Company is a global chemical and life sciences
company, with businesses that include agriculture and industrial biotechnology,
chemistry, biology, materials science and manufacturing. The Company operates
globally and offers a wide range of products and services for markets including
agriculture and food, building and construction, electronics and communications.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (27.04.2012) 53.98
52-Week Low (16.11.2012) 41.68
Daily Volume
52.65
52-Week High % Change -2.87% Dividend Yield 3.27
52-Week Low % Change 26.32% Beta 1.14
% 52 Week Price Range High/Low 87.89% Equity Float 917.45
Shares Out 27.02.2013 919.1 Short Int 30.30
48'389.16 1 Yr Total Return 3.58%
Total Debt 11'740.00 YTD Return 18.14%
Preferred Stock 237.0 Adjusted BETA 1.144
Minority Interest 91.0 Analyst Recs 27
Cash and Equivalents 4'407.00 Consensus Rating 3.444
Enterprise Value 55'392.16
Average Volume 5 Day 2'638'788
DD UN EQUITY YTD Change - Average Volume 30 Day 1'670'889
DD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'396'928
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
30'529.0 26'109.0 31'505.0 33'681.0 34'812.0 36'975.0 36'129.0 36'053.1 38'329.8 10'194.4 7'709.8
0.96x 1.38x 1.58x 1.53x 1.43x 6.13x 6.07x 1.44x 1.31x 5.18x 6.81x
2'904.0 3'086.0 4'419.0 5'046.0 4'794.0 5'641.0 4'817.0 6'817.9 7'276.1 2'152.5 1'125.9
10.14x 11.67x 11.29x 10.23x 10.35x 10.90x 10.84x 8.14x 7.62x 7.72x 7.45x
2'007.0 1'755.0 3'031.0 3'474.0 2'788.0 3'531.0 4'648.0 3'628.8 4'076.4 1'292.3 504.6
9.10x 16.59x 15.21x 12.90x 13.51x 13.74x 14.64x 13.52x 12.07x 12.63x 12.16x
EBITDA 4'794.00 Long-Term Rating Date 17.05.2011
EBIT 3'081.00 Long-Term Rating A
Operating Margin 8.85% Long-Term Outlook STABLE
Pretax Margin 8.95% Short-Term Rating Date 17.05.2011
Return on Assets 9.22% Short-Term Rating A-1
Return on Common Equity 42.72%
Return on Capital 19.82% EBITDA/Interest Exp. 9.57
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 5.99
Net Debt/EBITDA 1.39
Gross Margin 26.5% Total Debt/EBITDA 2.76
EBITDA Margin 13.3%
EBIT Margin 8.7% Total Debt/Equity 119.2%
Net Income Margin 8.0% Total Debt/Capital 53.6%
Asset Turnover 0.72
Current Ratio 1.56 Net Fixed Asset Turnover 2.78
Quick Ratio 0.73 Accounts receivable turnover-days 83.73
Debt to Assets 23.60% Inventory Days 92.75
Tot Debt to Common Equity 119.18% Accounts Payable Turnover Day 55.15
Accounts Receivable Turnover 4.36 Cash Conversion Cycle 96.29
Inventory Turnover 3.94
Fiscal Year Ended
EI du Pont de Nemours & CoPrice/Volume
Valuation Analysis
471'750.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 65'314'228 7.11 587'288 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 59'317'304 6.45 - 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 43'184'430 4.7 1'602'674 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 39'894'000 4.34 - 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'549'700 1.8 503'318 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'072'793 1.75 483'739 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 14'592'180 1.59 4'288'437 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 11'197'805 1.22 (6'195'732) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 10'054'489 1.09 (5'490'577) 28.02.2013 Investment Advisor
DUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 9'974'422 1.09 - 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 9'902'768 1.08 1'920'348 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 9'417'027 1.02 1'631'539 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 8'569'404 0.93 (69'262) 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 7'362'469 0.8 (1'384'252) 31.03.2013 Unclassified
WILMINGTON TRUST COM WILMINGTON TRUST COM 13F 7'109'145 0.77 (903'445) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 6'914'198 0.75 1'562'855 31.12.2012 Government
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'828'540 0.74 (75'981) 28.02.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 6'717'535 0.73 (22'604) 31.12.2012 Insurance Company
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 6'563'988 0.71 266'865 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'131'865 0.67 (569'905) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 M #N/A N/A Not Provided 24.04.2013
RBC Capital Markets CHRIS NOCELLA sector perform 3 M 56 12 month 24.04.2013
SunTrust Robinson Humphrey ANDREW W CASH reduce 2 M 45 12 month 24.04.2013
JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 50 6 month 24.04.2013
Jefferies LAURENCE ALEXANDER hold 3 M 52 12 month 24.04.2013
Macquarie COOLEY MAY outperform 5 M 57 12 month 24.04.2013
Barclays DUFFY FISCHER equalweight 3 M 56 Not Provided 24.04.2013
Deutsche Bank DAVID I BEGLEITER buy 5 M 58 12 month 23.04.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 63 Not Provided 23.04.2013
Credit Suisse JOHN P MCNULTY neutral 3 M 55 Not Provided 23.04.2013
Oppenheimer & Co EDWARD H YANG market perform 3 M #N/A N/A Not Provided 23.04.2013
BGC Partners MARK R GULLEY buy 5 M 55 12 month 23.04.2013
Wells Fargo Securities, LLC FRANK J MITSCH market perform 3 M #N/A N/A Not Provided 23.04.2013
Susquehanna Financial Group DONALD D CARSON Positive 4 M 60 12 month 23.04.2013
Piper Jaffray MIKE J RITZENTHALER neutral 3 M 51 12 month 23.04.2013
Credit Agricole Securities (USA) MARK W CONNELLY underperform 1 M 52 Not Provided 23.04.2013
Alembic Global Advisors HASSAN I AHMED neutral 3 M 43 12 month 23.04.2013
Monness, Crespi, Hardt & Co HERBERT A HARDT neutral 3 M #N/A N/A Not Provided 01.04.2013
Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 27.03.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 19.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 30.01.2013
Goldman Sachs ROBERT KOORT neutral/attractive 3 M 50 12 month 27.01.2013
S&P Capital IQ LEO LARKIN hold 3 U 50 12 month 22.01.2013
Holdings By:
EI du Pont de Nemours & Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Eli Lilly and Company discovers, develops, manufactures, and sells
pharmaceutical products for humans and animals. The Company's products are
sold in countries around the world. Eli Lilly's products include neuroscience
products, endocrine products, anti-infectives, cardiovascular agents, oncology
products, and animal health products.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 58.40
52-Week Low (24.04.2012) 39.68
Daily Volume
56.96
52-Week High % Change -3.08% Dividend Yield 3.44
52-Week Low % Change 43.55% Beta 0.70
% 52 Week Price Range High/Low 99.63% Equity Float 990.93
Shares Out 25.03.2013 1'129.7 Short Int 13.74
64'346.50 1 Yr Total Return 48.75%
Total Debt 5'531.30 YTD Return 16.55%
Preferred Stock 0.0 Adjusted BETA 0.700
Minority Interest 8.7 Analyst Recs 23
Cash and Equivalents 5'684.30 Consensus Rating 3.348
Enterprise Value 64'202.19
Average Volume 5 Day 1'229'393
LLY UN EQUITY YTD Change - Average Volume 30 Day 1'162'288
LLY UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'182'703
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
20'371.9 21'836.0 23'076.0 24'286.5 22'603.4 24'049.3 22'603.3 22'987.6 19'862.3 5'859.5 5'705.7
2.47x 1.98x 1.76x 1.98x 2.49x 7.58x 7.08x 2.71x 3.04x 10.66x 10.89x
6'650.5 7'667.8 8'100.4 7'691.5 6'477.5 7'392.2 4'686.4 6'760.4 5'133.2 1'610.0 1'606.0
7.57x 5.63x 5.01x 6.27x 8.69x 6.39x 0.00x 9.54x 12.57x - -
(2'071.9) 4'328.8 5'069.5 4'347.7 4'088.6 4'302.9 4'625.4 4'282.1 2'998.0 1'102.2 1'086.9
10.02x 8.08x 7.42x 9.42x 14.55x 9.82x 15.73x 14.59x 20.23x 15.79x 17.59x
EBITDA 6'477.50 Long-Term Rating Date 19.08.2010
EBIT 5'015.30 Long-Term Rating AA-
Operating Margin 22.19% Long-Term Outlook STABLE
Pretax Margin 23.93% Short-Term Rating Date 27.01.1987
Return on Assets 12.01% Short-Term Rating A-1+
Return on Common Equity 28.89%
Return on Capital - EBITDA/Interest Exp. 41.31
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 35.54
Net Debt/EBITDA -0.02
Gross Margin 78.8% Total Debt/EBITDA 0.85
EBITDA Margin 28.7%
EBIT Margin 22.2% Total Debt/Equity 37.5%
Net Income Margin 18.1% Total Debt/Capital 27.2%
Asset Turnover 0.66
Current Ratio 1.55 Net Fixed Asset Turnover 2.91
Quick Ratio 1.08 Accounts receivable turnover-days 56.14
Debt to Assets 16.08% Inventory Days 188.61
Tot Debt to Common Equity 37.46% Accounts Payable Turnover Day 82.36
Accounts Receivable Turnover 6.52 Cash Conversion Cycle 162.39
Inventory Turnover 1.94
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
Eli Lilly & CoPrice/Volume
Valuation Analysis
320'405.00
Current Price (4/dd/yy) Market Data
&
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25'000.0
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LILLY ENDOWMENT INCO n/a Research 135'670'804 12.01 - 31.12.2012 Endowment
LILLY ENDOWMENT INCO LILLY ENDOWMENT INC 13F 135'670'804 12.01 - 31.03.2013 Endowment
BLACKROCK n/a ULT-AGG 63'874'976 5.65 - 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 56'617'542 5.01 (841'780) 23.04.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 49'889'615 4.42 2'321'387 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 48'617'689 4.3 300'400 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 47'847'118 4.24 984'730 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 21'081'001 1.87 (3'726'028) 28.02.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 20'063'900 1.78 - 31.12.2012 Insurance Company
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'589'715 1.56 887'828 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'797'820 1.22 180'726 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 12'205'068 1.08 2'692'255 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 9'729'663 0.86 2'149'044 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 9'140'536 0.81 689'057 31.12.2012 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'482'489 0.75 326'507 31.12.2012 Investment Advisor
CI INVESTMENTS INC CI INVESTMENTS INC 13F 8'401'723 0.74 (217'400) 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 8'108'905 0.72 (995'500) 31.12.2012 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 6'884'608 0.61 (651'010) 31.12.2012 Investment Advisor
PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 6'837'333 0.61 203'030 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'803'188 0.6 (613'797) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets ALEX ARFAEI market perform 3 M 52 Not Provided 24.04.2013
Morgan Stanley DAVID R RISINGER Underwt/In-Line 1 M 48 12 month 24.04.2013
Jefferies JEFFREY HOLFORD underperform 1 M 44 12 month 24.04.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 62 12 month 24.04.2013
Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 24.04.2013
Wells Fargo Securities, LLC MICHAEL K TONG market perform 3 M #N/A N/A Not Provided 24.04.2013
Cowen and Company STEVEN R SCALA neutral 3 M #N/A N/A Not Provided 24.04.2013
Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 60 12 month 24.04.2013
JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 55 6 month 18.04.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 55 Not Provided 15.04.2013
MKM Partners JON LECROY neutral 3 M 53 12 month 11.04.2013
Edward Jones JUDSON CLARK sell 1 M #N/A N/A Not Provided 27.03.2013
ISI Group MARK J SCHOENEBAUM neutral 3 M 55 Not Provided 27.02.2013
Credit Suisse CATHERINE J ARNOLD outperform 5 M 68 Not Provided 26.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 25.02.2013
Credit Agricole Securities (USA) KIM-LINH LINH VUKHAC sell 1 M 47 Not Provided 11.02.2013
Goldman Sachs JAMI E RUBIN neutral/attractive 3 M 56 12 month 30.01.2013
Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 30.01.2013
Argus Research Corp JOHN M EADE buy 5 M 60 Not Provided 29.01.2013
S&P Capital IQ HERMAN SAFTLAS hold 3 M 54 12 month 04.01.2013
Cyrrus TOMAS MENCIK accumulate 4 M 45 Not Provided 05.04.2012
First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 29.02.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 36 Not Provided 03.05.2011
Holdings By:
Eli Lilly & Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
EMC Corporation provides enterprise storage systems, software, networks, and
services. The Company's products store, retrieve, manage, protect, and share
information from all major computing environments and mainframe platforms. EMC
operates offices around the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (01.05.2012) 28.74
52-Week Low (19.04.2013) 21.45
Daily Volume
22.62
52-Week High % Change -21.36% Dividend Yield 0.00
52-Week Low % Change 5.45% Beta 1.19
% 52 Week Price Range High/Low 12.48% Equity Float 2'092.18
Shares Out 31.01.2013 2'104.4 Short Int 53.19
47'602.21 1 Yr Total Return -17.75%
Total Debt 3'420.25 YTD Return -10.59%
Preferred Stock 0.0 Adjusted BETA 1.189
Minority Interest 1'166.6 Analyst Recs 44
Cash and Equivalents 6'167.12 Consensus Rating 4.682
Enterprise Value 43'947.71
Average Volume 5 Day 5'401'697
EMC UN EQUITY YTD Change - Average Volume 30 Day 4'538'541
EMC UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'312'523
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
14'876.2 14'025.9 17'015.1 20'007.6 21'713.9 20'494.3 22'006.9 23'460.6 25'451.1 5'661.2 5'791.3
1.24x 2.34x 2.72x 2.20x 2.38x 9.83x 9.27x 1.73x 1.42x 7.51x 7.20x
2'957.0 2'594.9 3'935.2 4'961.4 5'602.2 5'163.7 5'659.1 7'249.3 7'825.9 1'791.4 1'885.5
6.23x 12.63x 11.75x 8.85x 9.23x 11.47x 8.22x 6.04x 5.60x 5.71x 5.70x
1'275.1 1'088.1 1'900.0 2'461.3 2'732.6 2'571.0 2'725.8 4'098.3 4'562.8 947.7 1'004.1
14.75x 26.88x 24.11x 18.89x 20.08x 24.90x 18.96x 12.17x 10.94x 11.81x 11.49x
EBITDA 5'602.21 Long-Term Rating Date 25.06.2012
EBIT 4'074.46 Long-Term Rating A
Operating Margin 18.76% Long-Term Outlook STABLE
Pretax Margin 17.52% Short-Term Rating Date -
Return on Assets 7.55% Short-Term Rating -
Return on Common Equity 12.76%
Return on Capital 12.15% EBITDA/Interest Exp. 71.00
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 60.62
Net Debt/EBITDA -0.85
Gross Margin 62.8% Total Debt/EBITDA 0.30
EBITDA Margin 25.7%
EBIT Margin 18.7% Total Debt/Equity 15.3%
Net Income Margin 12.6% Total Debt/Capital 12.7%
Asset Turnover 0.61
Current Ratio 1.18 Net Fixed Asset Turnover 7.28
Quick Ratio 0.93 Accounts receivable turnover-days 45.16
Debt to Assets 8.98% Inventory Days 49.38
Tot Debt to Common Equity 15.30% Accounts Payable Turnover Day 40.79
Accounts Receivable Turnover 8.08 Cash Conversion Cycle 56.37
Inventory Turnover 7.39
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
EMC Corp/MAPrice/Volume
Valuation Analysis
1'357'243.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 145'059'432 6.89 - 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 115'597'810 5.49 1'106'341 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 96'620'530 4.59 2'714'023 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 51'864'011 2.46 1'413'376 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 49'797'589 2.37 (2'575'764) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 39'287'693 1.87 (7'345'976) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 38'967'872 1.85 4'734'114 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 37'578'664 1.79 (3'047'485) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 37'186'977 1.77 888'760 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 33'525'090 1.59 (4'175'000) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 31'398'552 1.49 (5'151'604) 28.02.2013 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 31'140'612 1.48 8'094'720 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 28'760'389 1.37 (3'320'820) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 27'929'063 1.33 2'939'487 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 26'143'923 1.24 366'237 28.02.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 25'928'247 1.23 (1'773'823) 31.03.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 22'418'594 1.07 2'959'281 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 22'191'549 1.05 (34'200) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 21'128'294 1 (532'843) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 20'280'493 0.96 7'124'280 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 32 12 month 24.04.2013
Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 24.04.2013
RBC Capital Markets AMIT DARYANANI outperform 5 M 30 12 month 23.04.2013
Credit Suisse KULBINDER GARCHA outperform 5 M 30 Not Provided 22.04.2013
Piper Jaffray ANDREW J NOWINSKI overweight 5 M 29 12 month 22.04.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 30 12 month 22.04.2013
Jefferies PETER J MISEK buy 5 M 32 12 month 19.04.2013
Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 30 12 month 19.04.2013
Brean Murray Carret & Co ANANDA BARUAH buy 5 M 30 12 month 18.04.2013
Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 29 12 month 18.04.2013
William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 17.04.2013
Lazard Capital Markets EDWARD PARKER buy 5 M 28 12 month 17.04.2013
Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 28 12 month 16.04.2013
Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 27 12 month 16.04.2013
Raymond James BRIAN G ALEXANDER strong buy 5 M 30 12 month 16.04.2013
BMO Capital Markets KEITH F BACHMAN outperform 5 M 28 Not Provided 15.04.2013
Stifel AARON C RAKERS buy 5 M 33 12 month 15.04.2013
Sterne, Agee & Leach ALEX KURTZ buy 5 M 28 12 month 15.04.2013
Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 12.04.2013
ISI Group BRIAN MARSHALL strong buy 5 M 36 12 month 11.04.2013
Longbow Research JOE WITTINE buy 5 M 30 12 month 11.04.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 11.04.2013
Evercore Partners ROBERT CIHRA overweight 5 M 31 12 month 10.04.2013
Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 09.04.2013
Goldman Sachs WILLIAM C SHOPE JR Buy/Cautious 5 M 28 12 month 02.04.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 28 12 month 02.04.2013
Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 30 Not Provided 01.04.2013
JPMorgan MARK A MOSKOWITZ neutral 3 M 26 6 month 25.03.2013
Hilliard Lyons STEPHEN TURNER long-term buy 5 M 30 12 month 18.03.2013
Argus Research Corp JAMES KELLEHER buy 5 M 36 12 month 15.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 15.03.2013
Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 14.03.2013
Needham & Co GLENN HANUS buy 5 M 30 12 month 14.03.2013
FBR Capital Markets DANIEL H IVES outperform 5 M 31 12 month 14.03.2013
Credit Agricole Securities (USA) LOUIS R MISCIOSCIA outperform 5 M 28 Not Provided 14.03.2013
Barclays BENJAMIN A REITZES overweight 5 M 31 Not Provided 13.03.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 29 12 month 13.03.2013
Craig-Hallum Capital Group LLC RAJESH GHAI hold 3 M 28 12 month 05.03.2013
Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 27 Not Provided 04.02.2013
S&P Capital IQ ANGELO ZINO buy 5 M 30 12 month 29.01.2013
Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 03.05.2012
Holdings By:
EMC Corp/MA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Emerson Electric Co. designs and manufactures electronic and electrical
equipment, software, systems and services for industrial, commercial and
consumer markets worldwide through its network power, process management,
industrial automation, climate technologies and tools & storage divisions.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (19.02.2013) 58.66
52-Week Low (12.07.2012) 43.59
Daily Volume
55.1
52-Week High % Change -5.86% Dividend Yield 2.92
52-Week Low % Change 26.41% Beta 1.09
% 52 Week Price Range High/Low 73.32% Equity Float 717.69
Shares Out 31.01.2013 722.1 Short Int 14.02
39'786.20 1 Yr Total Return 11.69%
Total Debt 5'293.00 YTD Return 4.78%
Preferred Stock 0.0 Adjusted BETA 1.090
Minority Interest 147.0 Analyst Recs 29
Cash and Equivalents 2'367.00 Consensus Rating 3.759
Enterprise Value 42'853.20
Average Volume 5 Day 1'197'656
EMR UN EQUITY YTD Change - Average Volume 30 Day 924'425
EMR UN EQUITY YTD % CHANGE - Average Volume 3 Month 850'015
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 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
24'807.0 20'102.0 21'039.0 24'222.0 24'412.0 23'996.0 24'656.0 25'180.6 26'471.6 6'028.4 6'662.1
1.39x 1.66x 2.06x 1.40x 1.56x 6.88x 6.46x 1.68x 1.56x 7.19x 6.46x
4'789.0 3'871.0 4'325.0 5'096.0 5'155.0 4'930.0 5'269.0 5'018.9 5'417.4 1'124.5 1'422.1
7.18x 8.60x 10.00x 6.64x 7.38x 7.69x 7.85x 8.54x 7.91x 8.39x 8.21x
2'412.0 1'724.0 2'164.0 2'480.0 1'968.0 2'371.0 2'051.0 2'603.7 2'864.9 572.1 767.1
12.79x 15.84x 18.74x 12.75x 14.45x 14.79x 15.49x 15.35x 13.81x 14.95x 14.54x
EBITDA 5'155.00 Long-Term Rating Date 04.02.2002
EBIT 4'332.00 Long-Term Rating A
Operating Margin 17.75% Long-Term Outlook STABLE
Pretax Margin 12.76% Short-Term Rating Date 04.02.2002
Return on Assets 8.69% Short-Term Rating A-1
Return on Common Equity 19.85%
Return on Capital 14.09% EBITDA/Interest Exp. 23.01
Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 20.04
Net Debt/EBITDA 0.56
Gross Margin 40.0% Total Debt/EBITDA 1.04
EBITDA Margin 21.4%
EBIT Margin 18.0% Total Debt/Equity 51.4%
Net Income Margin 8.1% Total Debt/Capital 33.6%
Asset Turnover 1.04
Current Ratio 1.42 Net Fixed Asset Turnover 7.13
Quick Ratio 1.03 Accounts receivable turnover-days 63.80
Debt to Assets 22.22% Inventory Days 57.44
Tot Debt to Common Equity 51.41% Accounts Payable Turnover Day 58.81
Accounts Receivable Turnover 5.74 Cash Conversion Cycle 55.99
Inventory Turnover 6.37
Fiscal Year Ended
Emerson Electric CoPrice/Volume
Valuation Analysis
162'189.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 45'583'924 6.31 1'304'149 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 38'802'430 5.37 1'062'029 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 37'123'952 5.14 - 22.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 26'652'882 3.69 3'650'073 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 24'382'787 3.38 (6'154'354) 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 15'550'431 2.15 3'161'686 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'914'755 2.07 (2'017'167) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'243'037 1.97 1'571'839 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 11'325'887 1.57 (964'519) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'037'162 1.53 (94'255) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 9'848'611 1.36 (870'006) 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 8'024'040 1.11 324'800 31.12.2012 Insurance Company
WELLS FARGO n/a ULT-AGG 7'984'948 1.11 (442) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'671'473 0.92 (156'853) 28.02.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 5'868'203 0.81 494'983 31.12.2012 Government
UBS n/a ULT-AGG 5'483'636 0.76 56'037 28.02.2013 Unclassified
US BANCORP US BANCORP 13F 5'231'555 0.72 (174'276) 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'782'125 0.66 (458'894) 31.12.2012 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 4'445'933 0.62 157'866 31.03.2013 Investment Advisor
EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 3'769'330 0.52 1'183'090 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank JOHN G INCH buy 5 M 69 12 month 24.04.2013
Macquarie MICHAEL R WOOD neutral 3 M 55 12 month 24.04.2013
Nomura SHANNON O'CALLAGHAN buy 5 M 63 12 month 24.04.2013
Longbow Research MARK DOUGLASS neutral 3 M #N/A N/A Not Provided 24.04.2013
RBC Capital Markets JAMIE SULLIVAN outperform 5 M 70 12 month 23.04.2013
Credit Suisse JULIAN MITCHELL outperform 5 M 60 Not Provided 23.04.2013
Janney Montgomery Scott LLC JOHN A BALIOTTI II neutral 3 M 55 Not Provided 23.04.2013
Sanford C. Bernstein & Co STEVEN E WINOKER outperform 5 M 68 12 month 23.04.2013
Wells Fargo Securities, LLC RICHARD M KWAS outperform 5 M #N/A N/A Not Provided 23.04.2013
Barclays SCOTT R DAVIS equalweight 3 M 56 Not Provided 15.04.2013
Cowen and Company GAUTAM KHANNA neutral 3 M #N/A N/A Not Provided 11.04.2013
Robert W. Baird & Co MICHAEL HALLORAN outperform 5 M 68 12 month 09.04.2013
Morgan Stanley NIGEL COE Equalwt/In-Line 3 M 60 12 month 08.04.2013
Canaccord Genuity Corp JOHN S QUEALY hold 3 N 60 Not Provided 27.03.2013
Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 25.03.2013
Goldman Sachs JOSEPH RITCHIE neutral/neutral 3 N 62 12 month 20.03.2013
FBR Capital Markets AJAY K KEJRIWAL market perform 3 M 60 12 month 18.03.2013
Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 60 Not Provided 15.02.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 59 12 month 13.02.2013
Oppenheimer & Co CHRISTOPHER D GLYNN market perform 3 M 63 12 month 13.02.2013
Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 12.02.2013
JPMorgan CHARLES STEPHEN TUSA neutral 3 M 51 6 month 12.02.2013
Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 67 12 month 12.02.2013
MKM Partners JOSHUA C POKRZYWINSKI neutral 3 M 56 12 month 06.02.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 06.02.2013
Holdings By:
Emerson Electric Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Exelon Corporation is a utility services holding company. The Company, through
its subsidiaries distributes electricity to customers in Illinois and
Pennsylvania. Exelon also distributes gas to customers in the Philadelphia area
as well as operates nuclear power plants in states that include Pennsylvania and
New Jersey.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.08.2012) 39.75
52-Week Low (23.11.2012) 28.40
Daily Volume
36.97
52-Week High % Change -6.92% Dividend Yield 5.68
52-Week Low % Change 30.18% Beta 0.62
% 52 Week Price Range High/Low 74.63% Equity Float 854.22
Shares Out 01.03.2013 855.6 Short Int 18.38
31'630.01 1 Yr Total Return 3.23%
Total Debt 19'603.00 YTD Return 26.44%
Preferred Stock 280.0 Adjusted BETA 0.624
Minority Interest 106.0 Analyst Recs 26
Cash and Equivalents 1'486.00 Consensus Rating 3.231
Enterprise Value 50'133.01
Average Volume 5 Day 1'733'522
EXC UN EQUITY YTD Change - Average Volume 30 Day 1'542'267
EXC UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'509'231
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
18'859.0 17'318.0 18'644.0 19'063.0 23'489.0 19'064.0 23'489.0 25'691.1 25'551.4 5'080.8 6'614.5
2.57x 2.48x 2.08x 2.16x 1.87x 8.65x 8.30x 1.92x 1.96x 9.51x 7.58x
7'607.0 7'351.0 7'669.0 6'784.0 6'550.0 6'783.0 6'550.0 6'286.5 6'147.6 1'669.5 1'728.0
6.38x 5.84x 5.07x 6.08x 6.71x 6.08x 6.71x 7.98x 8.16x 7.20x 6.99x
2'737.0 2'707.0 2'563.0 2'495.0 1'160.0 2'495.0 1'160.0 2'140.7 2'011.4 595.3 486.0
13.24x 11.86x 10.26x 10.43x 10.44x 10.43x 11.66x 14.83x 15.94x 14.72x 14.96x
EBITDA 6'550.00 Long-Term Rating Date 22.07.2009
EBIT 2'471.00 Long-Term Rating BBB
Operating Margin 10.52% Long-Term Outlook STABLE
Pretax Margin 7.65% Short-Term Rating Date 22.07.2009
Return on Assets 1.74% Short-Term Rating A-2
Return on Common Equity 6.48%
Return on Capital 5.12% EBITDA/Interest Exp. 7.06
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 0.59
Net Debt/EBITDA 2.75
Gross Margin 56.8% Total Debt/EBITDA 2.99
EBITDA Margin 27.9%
EBIT Margin 10.5% Total Debt/Equity 91.5%
Net Income Margin 4.9% Total Debt/Capital 47.3%
Asset Turnover 0.35
Current Ratio 1.30 Net Fixed Asset Turnover -
Quick Ratio 0.75 Accounts receivable turnover-days 53.28
Debt to Assets 24.95% Inventory Days 33.84
Tot Debt to Common Equity 91.47% Accounts Payable Turnover Day 72.66
Accounts Receivable Turnover 6.87 Cash Conversion Cycle 14.46
Inventory Turnover 10.82
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
Exelon CorpPrice/Volume
Valuation Analysis
256'559.00
Current Price (4/dd/yy) Market Data
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 72'042'601 8.42 (48'429) 23.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 49'357'020 5.77 4'099'300 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 46'728'304 5.46 7'543'219 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 45'657'522 5.34 - 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 40'562'636 4.74 1'578'071 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 24'169'976 2.83 278'125 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 16'065'029 1.88 2'696'115 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 11'765'120 1.38 9'854'443 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 11'209'327 1.31 172'294 31.12.2012 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 11'040'768 1.29 122'542 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'542'576 1.23 180'784 31.03.2013 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 6'583'265 0.77 896'323 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 6'057'741 0.71 (2'041'265) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 5'620'271 0.66 (513'854) 31.12.2012 Investment Advisor
PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 4'138'375 0.48 (550'549) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 4'086'412 0.48 79'324 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 4'026'187 0.47 2'608'943 31.12.2012 Government
MORGAN STANLEY n/a ULT-AGG 3'921'720 0.46 875'462 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 3'870'799 0.45 115'284 31.12.2012 Unclassified
UBS n/a ULT-AGG 3'809'846 0.45 262'234 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie ANGIE STOROZYNSKI neutral 3 M 33 12 month 24.04.2013
Barclays DANIEL F FORD equalweight 3 M 35 Not Provided 24.04.2013
Wolfe Trahan & Co STEVEN I FLEISHMAN peerperform 3 M 36 12 month 23.04.2013
Goldman Sachs MICHAEL J LAPIDES neutral/neutral 3 M 34 12 month 22.04.2013
SunTrust Robinson Humphrey ALI AGHA neutral 3 M #N/A N/A Not Provided 22.04.2013
Sanford C. Bernstein & Co HUGH WYNNE market perform 3 M 32 12 month 22.04.2013
RBC Capital Markets SHELBY G TUCKER outperform 5 M 37 12 month 19.04.2013
JPMorgan CHRISTOPHER TURNURE neutral 3 M 35 6 month 19.04.2013
Wunderlich Securities JAMES L DOBSON buy 5 M 37 18 month 19.04.2013
Deutsche Bank JONATHAN ARNOLD buy 5 M 38 12 month 17.04.2013
BGC Partners KIT KONOLIGE hold 3 M #N/A N/A Not Provided 17.04.2013
Wells Fargo Securities, LLC NEIL A KALTON underperform 1 D #N/A N/A Not Provided 15.04.2013
Jefferies PAUL B FREMONT hold 3 M 37 12 month 12.04.2013
Morgan Stanley STEPHEN C BYRD Overwt/In-Line 5 M 39 12 month 10.04.2013
Drexel Hamilton LLC ANDREW L SMITH hold 3 M 35 12 month 09.04.2013
Credit Suisse DANIEL EGGERS neutral 3 M 33 Not Provided 08.04.2013
Edward Jones ANDREW PUSATERI hold 3 M #N/A N/A Not Provided 05.04.2013
Argus Research Corp MICHAEL BURKE hold 3 M #N/A N/A Not Provided 13.02.2013
ISI Group GREG GORDON buy 5 M 35 12 month 08.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 08.02.2013
BMO Capital Markets MICHAEL S WORMS market perform 3 M 32 Not Provided 07.02.2013
Atlantic Equities LLP NATHAN JUDGE neutral 3 M 29 12 month 07.02.2013
KeyBanc Capital Markets PAUL T RIDZON hold 3 M #N/A N/A Not Provided 22.01.2013
Tudor Pickering & Co NEEL MITRA hold 3 M 32 Not Provided 09.01.2013
Holdings By:
Exelon Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a
worldwide basis. The Company's operations include exploration and production of
oil and gas, electric power generation, and coal and minerals operations.
Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.10.2012) 93.60
52-Week Low (05.06.2012) 77.13
Daily Volume
89.48
52-Week High % Change -4.25% Dividend Yield 2.44
52-Week Low % Change 16.01% Beta 0.99
% 52 Week Price Range High/Low 73.89% Equity Float 4'469.54
Shares Out 31.01.2013 4'480.5 Short Int 38.19
400'910.66 1 Yr Total Return 6.42%
Total Debt 11'581.00 YTD Return 4.05%
Preferred Stock 0.0 Adjusted BETA 0.986
Minority Interest 5'797.0 Analyst Recs 29
Cash and Equivalents 9'582.00 Consensus Rating 3.621
Enterprise Value 408'706.65
Average Volume 5 Day 4'270'107
XOM UN EQUITY YTD Change - Average Volume 30 Day 4'027'192
XOM UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'826'320
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
425'071.0 275'564.0 341'578.0 433'526.0 420'714.0 433'526.0 426'252.0 434'881.4 442'168.4 109'529.6 103'587.8
0.89x 1.18x 1.10x 0.95x 0.94x 3.70x 3.82x 0.96x 0.95x 3.76x 4.00x
78'669.0 38'156.0 54'882.0 69'687.0 65'769.0 69'687.0 67'270.0 80'446.2 82'444.2 20'192.0 16'786.5
4.82x 8.54x 6.87x 5.91x 6.04x 5.91x 5.91x 5.09x 4.97x 5.39x 5.32x
45'220.0 19'280.0 30'460.0 41'060.0 44'880.0 41'060.0 44'880.0 35'009.5 36'286.9 9'114.3 8'404.9
9.46x 17.01x 11.76x 10.07x 11.45x 10.07x 10.97x 11.24x 10.97x 11.22x 11.26x
EBITDA 65'769.00 Long-Term Rating Date 16.12.1985
EBIT 49'881.00 Long-Term Rating AAA
Operating Margin 11.86% Long-Term Outlook STABLE
Pretax Margin 18.71% Short-Term Rating Date 16.12.1985
Return on Assets 13.50% Short-Term Rating A-1+
Return on Common Equity 28.03%
Return on Capital 26.52% EBITDA/Interest Exp. 78.95
Asset Turnover 1.28% (EBITDA-Capex)/Interest Exp. 37.81
Net Debt/EBITDA 0.03
Gross Margin 15.6% Total Debt/EBITDA 0.17
EBITDA Margin 15.8%
EBIT Margin 12.1% Total Debt/Equity 7.0%
Net Income Margin 10.7% Total Debt/Capital 6.3%
Asset Turnover 1.28
Current Ratio 1.01 Net Fixed Asset Turnover 1.93
Quick Ratio 0.69 Accounts receivable turnover-days 31.61
Debt to Assets 3.47% Inventory Days 15.24
Tot Debt to Common Equity 6.98% Accounts Payable Turnover Day 34.96
Accounts Receivable Turnover 11.58 Cash Conversion Cycle 12.30
Inventory Turnover 24.02
Fiscal Year Ended
Exxon Mobil CorpPrice/Volume
Valuation Analysis
450'756.00
Current Price (4/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&-&.&0&1&2&3&4&5&6&
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-&!& 9
-2!& 9
.&!& 9
.2!& 9
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
.!&&
1!&&
3!&&
5!&&
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&-!&-!.&-& &-!&4!.&-& &-!&-!.&-- &-!&4!.&-- &-!&-!.&-. &-!&4!.&-. &-!&-!.&-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 257'255'844 5.74 1'131'805 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 249'174'983 5.56 (77'903) 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 220'488'880 4.92 6'057'091 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 74'266'448 1.66 930'148 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 68'501'396 1.53 28'110 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 61'732'474 1.38 (2'806'001) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 56'507'048 1.26 3'762'110 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 48'971'230 1.09 (786'993) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 43'177'050 0.96 (645'464) 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 37'062'400 0.83 - 31.12.2012 Insurance Company
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 36'485'931 0.81 265'582 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 36'257'449 0.81 70'734 31.12.2012 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 30'181'103 0.67 (3'238'014) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 24'684'328 0.55 348'093 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 23'519'845 0.52 33'132 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 21'551'471 0.48 (158'983) 28.02.2013 Investment Advisor
UBS n/a ULT-AGG 20'975'730 0.47 (1'277'031) 28.02.2013 Unclassified
FAYEZ SAROFIM FAYEZ SAROFIM 13F 20'676'316 0.46 (778'742) 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 20'348'094 0.45 (225'351) 31.12.2012 Unclassified
ALLIANCE BERNSTEIN n/a ULT-AGG 20'082'588 0.45 1'915'793 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tudor Pickering & Co ROBERT KESSLER hold 3 M 80 Not Provided 23.04.2013
Barclays PAUL Y CHENG equalweight 3 M 93 Not Provided 23.04.2013
Societe Generale JOHN HERRLIN buy 5 M 103 12 month 22.04.2013
Raymond James PAVEL MOLCHANOV outperform 5 M 96 12 month 22.04.2013
Canaccord Genuity Corp GORDON GRAY hold 3 M 95 12 month 22.04.2013
Jefferies IAIN REID hold 3 M 85 12 month 19.04.2013
JPMorgan KATHERINE LUCAS MINYARD neutral 3 M 96 6 month 18.04.2013
ISI Group DOUGLAS T TERRESON buy 5 M 95 12 month 18.04.2013
Cowen Securities LLC ASIT SEN buy 5 M 100 12 month 16.04.2013
Deutsche Bank PAUL SANKEY hold 3 M 96 12 month 13.04.2013
Goldman Sachs ARJUN N MURTI neutral/attractive 3 M 91 12 month 12.04.2013
Credit Suisse EDWARD WESTLAKE neutral 3 M 90 Not Provided 12.04.2013
Oppenheimer & Co FADEL GHEIT market perform 3 M #N/A N/A Not Provided 12.04.2013
Howard Weil Inc BLAKE FERNANDEZ sector perform 3 M 97 12 month 11.04.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 11.04.2013
Morgan Stanley J EVAN CALIO Underwt/In-Line 1 D 85 12 month 10.04.2013
Macquarie JASON D GAMMEL neutral 3 M 99 12 month 05.04.2013
Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 01.04.2013
Argus Research Corp PHILIP H WEISS hold 3 M #N/A N/A Not Provided 08.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 93 12 month 07.03.2013
VTB Capital COLIN SMITH hold 3 M 90 12 month 01.03.2013
S&P Capital IQ MICHAEL KAY strong buy 5 M 104 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Phoenix Partners Group CHRIS KETTENMANN hold 3 N 77 Not Provided 24.07.2012
Holdings By:
Exxon Mobil Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
FedEx Corp. delivers packages and freight to multiple countries and
territories through an integrated global network. The Company provides
worldwide express delivery, ground small-parcel delivery, less-than-truckload
freight delivery, supply chain management services, customs brokerage services,
and trade facilitation and electronic commerce solutions.
Latest Fiscal Year: 05/2012
LTM as of: 02/yy
52-Week High (11.03.2013) 109.66
52-Week Low (05.06.2012) 83.80
Daily Volume
94.9
52-Week High % Change -13.39% Dividend Yield 0.59
52-Week Low % Change 13.25% Beta 1.02
% 52 Week Price Range High/Low 36.23% Equity Float 296.13
Shares Out 19.03.2013 316.9 Short Int 3.60
30'070.86 1 Yr Total Return 7.36%
Total Debt 1'667.00 YTD Return 3.60%
Preferred Stock 0.0 Adjusted BETA 1.020
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 2'843.00 Consensus Rating 4.212
Enterprise Value 28'940.86
Average Volume 5 Day 622'204
FDX UN EQUITY YTD Change - Average Volume 30 Day 724'897
FDX UN EQUITY YTD % CHANGE - Average Volume 3 Month 583'239
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 02/yy 02/yy 05/13 Y 05/14 Y 05/13 Q4 08/13 Q1
37'953.0 35'497.0 34'734.0 39'304.0 42'680.0 42'224.0 43'860.0 44'351.8 46'752.1 11'522.6 11'149.9
0.76x 0.50x 0.75x 0.74x 0.63x 2.56x 2.62x 0.67x 0.63x 2.48x 2.62x
4'903.0 3'926.0 3'974.0 4'440.0 5'433.0 5'288.0 5'393.0 5'441.7 6'336.0 1'618.8 1'436.6
5.91x 4.48x 6.59x 6.54x 4.98x 5.32x 5.99x 5.31x 4.56x 4.72x 4.56x
1'125.0 98.0 1'184.0 1'452.0 2'032.0 2'040.0 1'808.0 1'901.8 2'376.3 606.9 513.5
15.73x 19.66x 21.97x 19.11x 13.53x 14.22x 17.09x 15.59x 12.59x 13.31x 12.70x
EBITDA 5'433.00 Long-Term Rating Date 11.02.2004
EBIT 3'320.00 Long-Term Rating BBB
Operating Margin 7.78% Long-Term Outlook STABLE
Pretax Margin 7.36% Short-Term Rating Date 11.02.2004
Return on Assets 5.97% Short-Term Rating A-2
Return on Common Equity 11.06%
Return on Capital 10.14% EBITDA/Interest Exp. 39.66
Asset Turnover 1.45% (EBITDA-Capex)/Interest Exp. 10.41
Net Debt/EBITDA -0.21
Gross Margin 20.4% Total Debt/EBITDA 0.42
EBITDA Margin 12.3%
EBIT Margin 7.0% Total Debt/Equity 11.3%
Net Income Margin 4.8% Total Debt/Capital 10.2%
Asset Turnover 1.45
Current Ratio 1.69 Net Fixed Asset Turnover 2.49
Quick Ratio 1.40 Accounts receivable turnover-days 39.88
Debt to Assets 5.57% Inventory Days 4.79
Tot Debt to Common Equity 11.32% Accounts Payable Turnover Day 18.05
Accounts Receivable Turnover 9.15 Cash Conversion Cycle 26.68
Inventory Turnover 76.15
Fiscal Year Ended
FedEx CorpPrice/Volume
Valuation Analysis
223'608.00
Current Price (4/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 9
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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
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
.!&&
1!&&
3!&&
5!&&
-&!&&
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-1!&&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 20'106'485 6.35 (52'150) 31.12.2012 Investment Advisor
SMITH FREDERICK WALL n/a Form 4 19'748'475 6.23 48'004 04.04.2013 n/a
DODGE & COX DODGE & COX 13F 17'927'289 5.66 (279'800) 31.12.2012 Investment Advisor
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 16'295'086 5.14 (423'995) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 15'566'785 4.91 385'718 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 14'985'471 4.73 880'840 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'465'767 4.25 378'348 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'186'892 4.16 (61'196) 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 13'014'034 4.11 243'959 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'700'507 2.43 (1'806'730) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'671'351 1.79 (91'013) 31.03.2013 Investment Advisor
GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 4'514'239 1.42 (82'687) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'246'698 1.34 (158'550) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'911'036 1.23 5'891 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 3'648'632 1.15 (1'052'742) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'128'686 0.99 2'737'837 28.02.2013 Investment Advisor
GATES FOUNDATION BILL & MELINDA FOUND 13F 3'024'999 0.95 - 31.12.2012 Endowment
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'888'618 0.91 (294'348) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'720'292 0.86 163'544 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'506'681 0.79 188'156 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank JUSTIN B YAGERMAN buy 5 M 129 12 month 24.04.2013
Morgan Stanley WILLIAM J GREENE Overwt/Attractive 5 M 112 12 month 24.04.2013
RBC Capital Markets JOHN L BARNES III underperform 1 M 87 12 month 24.04.2013
JPMorgan THOMAS R WADEWITZ overweight 5 M 122 6 month 24.04.2013
Sanford C. Bernstein & Co DAVID VERNON market perform 3 M 100 12 month 24.04.2013
Stephens Inc JACK ATKINS overweight 5 M 125 12 month 24.04.2013
Raymond James ARTHUR W HATFIELD outperform 5 M 111 12 month 24.04.2013
Stifel DAVID G ROSS buy 5 M 131 12 month 24.04.2013
Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 115 12 month 24.04.2013
BB&T Capital Markets KEVIN W STERLING hold 3 M #N/A N/A Not Provided 24.04.2013
Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 24.04.2013
Cowen Securities LLC HELANE R BECKER buy 5 M 117 Not Provided 24.04.2013
Barclays BRANDON OGLENSKI overweight 5 M 120 Not Provided 24.04.2013
William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 23.04.2013
Avondale Partners LLC DONALD BROUGHTON market perform 3 M 105 12 month 22.04.2013
Robert W. Baird & Co BENJAMIN J HARTFORD outperform 5 M 112 12 month 16.04.2013
Credit Suisse CHRISTOPHER J CERASO neutral 3 M 108 Not Provided 12.04.2013
Nomura MARK MCVICAR neutral 3 M 105 12 month 11.04.2013
Jefferies H PETER NESVOLD hold 3 M 100 12 month 10.04.2013
Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 123 12 month 08.04.2013
Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 02.04.2013
Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 124 18 month 01.04.2013
Macquarie KELLY A DOUGHERTY outperform 5 M 119 12 month 22.03.2013
Atlantic Equities LLP RORRIE MARS neutral 3 M 108 12 month 22.03.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 115 Not Provided 21.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.03.2013
Wolfe Trahan & Co SCOTT H GROUP outperform 5 M 125 12 month 21.03.2013
S&P Capital IQ JAMES CORRIDORE strong buy 5 M 129 Not Provided 20.03.2013
Goldman Sachs TOM KIM buy/attractive 5 M 115 12 month 11.02.2013
Jyske Bank ROBERT JAKOBSEN sell 1 D 103 Not Provided 29.01.2013
Holdings By:
FedEx Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Ford Motor Company designs, manufactures, and services cars and trucks. The
Company also provides vehicle-related financing, leasing, and insurance through
its subsidiary.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (15.01.2013) 14.30
52-Week Low (02.08.2012) 8.82
Daily Volume
13.27
52-Week High % Change -6.99% Dividend Yield 1.88
52-Week Low % Change 50.45% Beta 1.29
% 52 Week Price Range High/Low 82.85% Equity Float 3'822.94
Shares Out 01.02.2013 3'851.4 Short Int 60.46
51'104.17 1 Yr Total Return 19.05%
Total Debt 14'300.00 YTD Return 3.21%
Preferred Stock 0.0 Adjusted BETA 1.287
Minority Interest 364.0 Analyst Recs 26
Cash and Equivalents 24'425.00 Consensus Rating 3.846
Enterprise Value 42'904.17
Average Volume 5 Day 5'433'674
F UN EQUITY YTD Change - Average Volume 30 Day 6'110'420
F UN EQUITY YTD % CHANGE - Average Volume 3 Month 6'141'383
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
145'114.0 116'283.0 128'954.0 136'264.0 134'252.0 135'595.0 137'607.0 134'617.3 141'217.9 33'695.5 32'173.9
0.11x 0.36x 0.48x 0.23x 0.31x 1.06x 0.70x 0.30x 0.30x 1.28x 1.34x
64.0 6'438.0 15'383.0 13'629.0 12'513.0 12'956.0 10'012.0 10'964.7 12'457.8 2'920.7 2'936.0
238.63x 6.54x 4.03x 2.34x 3.30x 2.97x 0.00x 3.89x 3.42x 3.53x 3.41x
(14'766.0) 2'717.0 6'561.0 20'213.0 5'665.0 19'058.0 5'880.0 5'616.4 6'619.6 1'417.9 1'342.6
- 111.11x 8.65x 7.13x 9.25x 8.10x 9.89x 9.37x 7.80x 8.80x 8.35x
EBITDA 12'513.00 Long-Term Rating Date 21.10.2011
EBIT 6'291.00 Long-Term Rating BB+
Operating Margin 4.69% Long-Term Outlook POS
Pretax Margin 5.75% Short-Term Rating Date 10.06.2008
Return on Assets 3.05% Short-Term Rating NR
Return on Common Equity 36.58%
Return on Capital 5.27% EBITDA/Interest Exp. 17.45
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 9.80
Net Debt/EBITDA -0.76
Gross Margin 13.8% Total Debt/EBITDA 1.07
EBITDA Margin 10.0%
EBIT Margin 5.3% Total Debt/Equity 658.8%
Net Income Margin 4.2% Total Debt/Capital 86.6%
Asset Turnover 0.72
Current Ratio 1.32 Net Fixed Asset Turnover 5.71
Quick Ratio 0.78 Accounts receivable turnover-days 13.06
Debt to Assets 54.61% Inventory Days 20.98
Tot Debt to Common Equity 658.79% Accounts Payable Turnover Day 56.43
Accounts Receivable Turnover 28.03 Cash Conversion Cycle -22.39
Inventory Turnover 17.45
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Ford Motor CoPrice/Volume
Valuation Analysis
2'467'752.00
Current Price (4/dd/yy) Market Data
&
.
1
3
5
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-.
-1
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20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
180'000.0
200'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 253'467'529 6.58 (8'395'514) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 192'681'999 5 - 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 190'125'783 4.94 3'522'526 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 172'157'358 4.47 13'003'144 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 145'150'035 3.77 30'923'869 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 47'409'620 1.23 698'720 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 47'153'420 1.22 (1'400) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 40'728'175 1.06 2'745'659 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 40'291'917 1.05 (465'751) 31.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 33'644'300 0.87 1'253'221 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 32'627'640 0.85 12'413'422 28.02.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 31'915'843 0.83 5'499'929 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 29'655'538 0.77 2'675'285 31.12.2012 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 25'299'010 0.66 (2'128'139) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 24'618'432 0.64 3'804'420 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 22'995'446 0.6 3'427'180 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 21'760'957 0.57 2'872'280 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 18'891'909 0.49 (438'567) 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 18'169'677 0.47 752'101 31.12.2012 Unclassified
BANK OF AMERICA CORP BANK OF AMERICA 13F 17'914'056 0.47 (954'844) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ROD LACHE hold 3 M 15 12 month 24.04.2013
Morgan Stanley ADAM JONAS Overwt/In-Line 5 M 17 12 month 24.04.2013
Stifel JAMES J ALBERTINE hold 3 M #N/A N/A Not Provided 24.04.2013
Sterne, Agee & Leach MICHAEL P WARD buy 5 M 17 12 month 24.04.2013
Credit Agricole Securities (USA) EMMANUEL ROSNER underperform 1 M 14 12 month 24.04.2013
Credit Suisse CHRISTOPHER J CERASO neutral 3 M 14 Not Provided 22.04.2013
JPMorgan RYAN BRINKMAN overweight 5 M 15 6 month 22.04.2013
Jefferies H PETER NESVOLD buy 5 M 16 12 month 22.04.2013
Wolfe Trahan & Co TIMOTHY J DENOYER peerperform 3 M #N/A N/A Not Provided 21.04.2013
Guggenheim Securities LLC MATTHEW T STOVER neutral 3 M 12 12 month 18.04.2013
Buckingham Research Group JOSEPH C AMATURO underperform 1 M 11 12 month 12.04.2013
Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 27.03.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 08.03.2013
RBC Capital Markets JOSEPH SPAK outperform 5 M 15 12 month 28.02.2013
Daiwa Securities Co. Ltd. TAKUO KATAYAMA neutral 3 D 13 Not Provided 06.02.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 19 Not Provided 05.02.2013
Craig-Hallum Capital Group LLC STEVEN L. DYER hold 3 D 14 12 month 30.01.2013
Barclays BRIAN A JOHNSON equalweight 3 M 15 Not Provided 30.01.2013
S&P Capital IQ EFRAIM LEVY buy 5 M 13 12 month 29.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs PATRICK ARCHAMBAULT buy/attractive 5 M 17 6 month 10.01.2013
KeyBanc Capital Markets BRETT D HOSELTON hold 3 M #N/A N/A Not Provided 04.12.2012
CRT Capital Group KIRK LUDTKE Fairly Valued 3 M 17 12 month 31.10.2012
Holdings By:
Ford Motor Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Freeport-McMoRan Copper & Gold Inc., through its subsidiary, is a copper, gold
and molybdenum mining company. The Company primarily mines for copper and owns
mining interests in Chile and Indonesia. Freeport-McMoRan Copper & Gold also,
through a subsidiary, is involved in smelting and refining of copper
concentrates.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.09.2012) 43.65
52-Week Low (18.04.2013) 27.24
Daily Volume
29.53
52-Week High % Change -32.39% Dividend Yield 4.23
52-Week Low % Change 8.41% Beta 1.54
% 52 Week Price Range High/Low 7.80% Equity Float 940.96
Shares Out 31.03.2013 949.5 Short Int 36.61
28'039.64 1 Yr Total Return -17.27%
Total Debt 3'527.00 YTD Return -12.05%
Preferred Stock 0.0 Adjusted BETA 1.544
Minority Interest 3'768.0 Analyst Recs 21
Cash and Equivalents 3'705.00 Consensus Rating 4.048
Enterprise Value 32'445.64
Average Volume 5 Day 3'606'770
FCX UN EQUITY YTD Change - Average Volume 30 Day 2'713'007
FCX UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'424'412
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
17'796.0 15'040.0 18'982.0 20'880.0 18'010.0 19'776.0 17'988.0 21'856.1 23'601.6 4'850.4 5'832.6
1.17x 2.84x 3.15x 1.75x 2.00x 7.92x 8.20x 1.82x 1.65x 6.68x 7.12x
6'154.0 7'736.0 10'196.0 10'162.0 6'934.0 8'995.0 6'617.0 9'267.7 10'831.8 1'940.5 2'566.0
3.40x 5.52x 5.87x 3.59x 5.20x 4.26x 5.42x 3.51x 3.00x 3.12x 2.84x
(11'067.0) 2'749.0 4'336.0 4'560.0 3'041.0 3'825.0 2'925.0 3'556.8 4'261.2 750.8 899.5
3.29x 13.27x 12.98x 7.62x 10.46x 8.85x 11.22x 7.95x 6.94x 7.49x 6.84x
EBITDA 6'934.00 Long-Term Rating Date 29.07.2011
EBIT 5'755.00 Long-Term Rating BBB
Operating Margin 31.95% Long-Term Outlook NEG
Pretax Margin 30.48% Short-Term Rating Date -
Return on Assets 7.75% Short-Term Rating -
Return on Common Equity 17.17%
Return on Capital 14.37% EBITDA/Interest Exp. 25.97
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 12.88
Net Debt/EBITDA 0.08
Gross Margin 35.8% Total Debt/EBITDA 1.53
EBITDA Margin 36.8%
EBIT Margin 29.9% Total Debt/Equity 20.1%
Net Income Margin 16.9% Total Debt/Capital 14.2%
Asset Turnover 0.48
Current Ratio 3.08 Net Fixed Asset Turnover 0.88
Quick Ratio 1.39 Accounts receivable turnover-days 22.80
Debt to Assets 9.95% Inventory Days 136.41
Tot Debt to Common Equity 20.10% Accounts Payable Turnover Day 72.73
Accounts Receivable Turnover 16.01 Cash Conversion Cycle 83.90
Inventory Turnover 2.68
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
Freeport-McMoRan Copper & Gold IncPrice/Volume
Valuation Analysis
845'490.00
Current Price (4/dd/yy) Market Data
&2
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 84'022'739 8.85 - 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 58'385'252 6.15 (406'766) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 43'753'478 4.61 1'518'805 31.03.2013 Investment Advisor
NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 22'073'413 2.32 83'144 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 21'073'569 2.22 (8'207'346) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 20'100'711 2.12 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 17'726'002 1.87 (1'331'561) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'160'387 1.6 330'535 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'011'243 1.48 675'169 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 12'266'280 1.29 (669'802) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 11'507'752 1.21 (2'321'040) 31.12.2012 Investment Advisor
SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 9'882'071 1.04 6'268'014 31.12.2012 Investment Advisor
BARCLAYS PLC n/a ULT-AGG 9'694'489 1.02 5'822'300 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 9'435'612 0.99 1'897'118 31.12.2012 Investment Advisor
PAULSON & CO PAULSON & CO 13F 9'000'000 0.95 9'000'000 31.12.2012 Hedge Fund Manager
MORGAN STANLEY n/a ULT-AGG 7'602'014 0.8 (164'820) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'199'028 0.76 (6'016'914) 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 6'766'762 0.71 (759'228) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'343'294 0.67 (489'327) 31.12.2012 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 6'335'670 0.67 383'714 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 45 12 month 22.04.2013
Goldman Sachs SAL THARANI Buy/Neutral 5 M 38 6 month 22.04.2013
Stifel PAUL A MASSOUD buy 5 M 45 12 month 22.04.2013
Macquarie ALDO J MAZZAFERRO JR neutral 3 M 35 12 month 19.04.2013
BB&T Capital Markets GARRETT S. NELSON buy 5 M 40 12 month 19.04.2013
Nomura CURTIS WOODWORTH neutral 3 M 36 12 month 19.04.2013
Cowen Securities LLC ANTHONY B RIZZUTO JR buy 5 M 45 12 month 19.04.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 19.04.2013
BMO Capital Markets TONY ROBSON market perform 3 M 30 Not Provided 18.04.2013
Deutsche Bank JORGE M BERISTAIN buy 5 M 40 12 month 18.04.2013
RBC Capital Markets FRASER PHILLIPS sector perform 3 M 35 12 month 18.04.2013
JPMorgan MICHAEL F GAMBARDELLA restricted #N/A N/A M #N/A N/A Not Provided 18.04.2013
Credit Agricole Securities (USA) DAVID A LIPSCHITZ outperform 5 M 32 Not Provided 18.04.2013
FBR Capital Markets MITESH B THAKKAR outperform 5 N 41 12 month 04.04.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 52 Not Provided 06.03.2013
Canaccord Genuity Corp GARY LAMPARD suspended coverage #N/A N/A M #N/A N/A Not Provided 19.02.2013
S&P Capital IQ LEO LARKIN sell 1 M 29 Not Provided 22.01.2013
Jefferies PETER D WARD restricted #N/A N/A M #N/A N/A Not Provided 04.01.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 11.12.2012
Hamburger Sparkasse INGO SCHMIDT hold 3 N #N/A N/A Not Provided 10.12.2012
Credit Suisse RICHARD GARCHITORENA restricted #N/A N/A M #N/A N/A Not Provided 05.12.2012
Barclays DAVID GAGLIANO suspended coverage #N/A N/A M #N/A N/A Not Provided 05.12.2012
Holdings By:
Freeport-McMoRan Copper & Gold Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
General Dynamics Corporation is a diversified defense company. The Company
offers a broad portfolio of products and services in business aviation, combat
vehicles, weapons systems and munitions, shipbuilding design and construction,
and information systems, technologies and services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (07.01.2013) 72.01
52-Week Low (02.08.2012) 61.09
Daily Volume
70.37
52-Week High % Change -1.94% Dividend Yield 3.64
52-Week Low % Change 15.19% Beta 0.98
% 52 Week Price Range High/Low 55.04% Equity Float 333.63
Shares Out 31.03.2013 353.2 Short Int 4.54
24'853.75 1 Yr Total Return 3.59%
Total Debt 3'908.00 YTD Return 2.41%
Preferred Stock 0.0 Adjusted BETA 0.976
Minority Interest 0.0 Analyst Recs 22
Cash and Equivalents 3'296.00 Consensus Rating 4.182
Enterprise Value 25'017.75
Average Volume 5 Day 778'004
GD UN EQUITY YTD Change - Average Volume 30 Day 695'282
GD UN EQUITY YTD % CHANGE - Average Volume 3 Month 713'163
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 04/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
29'300.0 31'981.0 32'466.0 32'677.0 31'513.0 32'458.0 31'338.0 31'427.9 31'243.3 7'808.4 7'896.2
0.84x 0.87x 0.83x 0.76x 0.80x 3.20x 3.17x 0.79x 0.78x 3.17x 3.15x
4'100.0 4'237.0 4'514.0 4'418.0 3'447.0 4'360.0 1'428.0 4'111.3 4'215.3 1'011.2 1'040.0
6.02x 6.58x 5.99x 5.65x 7.28x 6.36x 17.55x 6.10x 5.95x 5.96x 5.85x
2'459.0 2'394.0 2'624.0 2'526.0 (332.0) 2'472.0 (325.0) 2'335.4 2'418.2 571.7 594.7
9.26x 11.00x 10.40x 9.13x 10.69x 9.99x 10.88x 10.55x 9.89x 10.34x 10.23x
EBITDA 3'447.00 Long-Term Rating Date 09.07.1999
EBIT 2'827.00 Long-Term Rating A
Operating Margin 8.97% Long-Term Outlook STABLE
Pretax Margin 1.72% Short-Term Rating Date 09.07.1999
Return on Assets -0.93% Short-Term Rating A-1
Return on Common Equity -2.56%
Return on Capital -2.49% EBITDA/Interest Exp. 20.52
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 17.84
Net Debt/EBITDA 0.11
Gross Margin 16.2% Total Debt/EBITDA 2.74
EBITDA Margin 4.6%
EBIT Margin 2.6% Total Debt/Equity 34.3%
Net Income Margin -1.1% Total Debt/Capital 25.5%
Asset Turnover 0.90
Current Ratio 1.35 Net Fixed Asset Turnover 9.41
Quick Ratio 0.65 Accounts receivable turnover-days 51.96
Debt to Assets 11.39% Inventory Days 105.45
Tot Debt to Common Equity 34.31% Accounts Payable Turnover Day 36.80
Accounts Receivable Turnover 7.01 Cash Conversion Cycle 118.91
Inventory Turnover 3.47
Fiscal Year Ended
General Dynamics CorpPrice/Volume
Valuation Analysis
268'925.00
Current Price (4/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
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 35'739'700 10.12 1'940'000 31.12.2012 Investment Advisor
LONGVIEW ASSET MANAG LONGVIEW ASSET MANAG 13F 33'397'060 9.46 (254) 31.12.2012 Investment Advisor
EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 31'095'174 8.8 31'095'174 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 22'604'570 6.4 520'152 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 16'879'134 4.78 - 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'850'193 4.77 513'719 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 8'641'180 2.45 (202'750) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'921'899 2.24 344'373 31.12.2012 Investment Advisor
CROWN FUND n/a Form 4 7'753'112 2.2 - 06.03.2013 Unclassified
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'512'734 1.56 (357'633) 31.12.2012 Investment Advisor
HENRY CROWN AND CO n/a Form 4 5'424'092 1.54 - 06.03.2013 Holding Company
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'337'260 1.23 (7'048) 31.12.2012 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 3'877'122 1.1 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'771'394 1.07 (312'747) 31.03.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'680'628 1.04 616'732 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 3'541'889 1 (213'071) 28.02.2013 Unclassified
SANDERS CAPITAL LLC SANDERS CAPITAL LLC 13F 3'537'634 1 335'900 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 3'297'066 0.93 161'798 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 3'071'247 0.87 (96'268) 31.12.2012 Investment Advisor
ABRAMS BISON INVESTM ABRAMS BISON INVESTM 13F 2'870'000 0.81 40'000 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank MYLES WALTON buy 5 M 78 12 month 24.04.2013
Jefferies HOWARD A RUBEL buy 5 M 82 12 month 24.04.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 73 12 month 24.04.2013
Sterne, Agee & Leach PETER J ARMENT buy 5 M 82 12 month 24.04.2013
Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN outperform 5 M #N/A N/A Not Provided 24.04.2013
Cowen and Company CAI VON RUMOHR outperform 5 M #N/A N/A Not Provided 24.04.2013
Edward Jones CHRISTIAN MAYES buy 5 M #N/A N/A Not Provided 18.04.2013
Credit Suisse ROBERT M SPINGARN outperform 5 M 83 Not Provided 16.04.2013
CRT Capital Group BRIAN W RUTTENBUR sell 1 M 54 Not Provided 16.04.2013
Stifel WILLIAM R LOOMIS hold 3 M #N/A N/A Not Provided 15.04.2013
Barclays CARTER COPELAND overweight 5 M 87 Not Provided 15.04.2013
Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 U 65 12 month 11.04.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 77 12 month 10.04.2013
Goldman Sachs NOAH POPONAK Sell/Neutral 1 M 59 12 month 08.04.2013
Buckingham Research Group RICHARD SAFRAN neutral 3 M 70 12 month 05.04.2013
JPMorgan JOSEPH B NADOL III overweight 5 M 73 6 month 03.04.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 06.03.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 79 Not Provided 29.01.2013
Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 23.01.2013
Gabelli & Co BRIAN BETTS hold 3 D #N/A N/A Not Provided 06.03.2009
Holdings By:
General Dynamics Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
General Electric Company is a globally diversified technology and financial
services company. The Company's products and services include aircraft engines,
power generation, water processing, and household appliances to medical imaging,
business and consumer financing and industrial products.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (08.03.2013) 23.90
52-Week Low (05.06.2012) 18.03
Daily Volume
21.7
52-Week High % Change -8.87% Dividend Yield 3.32
52-Week Low % Change 20.35% Beta 1.13
% 52 Week Price Range High/Low 59.11% Equity Float 10'364.99
Shares Out 31.03.2013 10'370.9 Short Int 78.92
225'049.08 1 Yr Total Return 14.82%
Total Debt 17'469.00 YTD Return 4.23%
Preferred Stock 0.0 Adjusted BETA 1.133
Minority Interest 5'444.0 Analyst Recs 22
Cash and Equivalents 15'583.00 Consensus Rating 4.273
Enterprise Value 220'549.09
Average Volume 5 Day 12'732'710
GE UN EQUITY YTD Change - Average Volume 30 Day 9'164'509
GE UN EQUITY YTD % CHANGE - Average Volume 3 Month 8'978'765
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
180'929.0 154'272.0 148'442.0 142'224.0 144'796.0 142'145.0 143'566.0 148'360.5 153'732.3 36'357.9 36'935.0
0.99x 1.12x 1.28x 1.37x 1.56x 5.46x 6.51x 3.31x 3.09x 12.88x 12.68x
30'781.0 20'435.0 23'747.0 25'040.0 25'000.0 24'521.0 19'206.0 29'765.6 32'078.5 7'380.3 7'401.7
5.83x 8.45x 8.01x 7.76x 9.03x 8.89x 0.00x 7.41x 6.87x - -
17'410.0 11'025.0 11'644.0 14'151.0 13'641.0 13'752.0 14'134.0 17'052.8 18'173.1 3'844.6 4'058.2
8.39x 12.50x 16.04x 12.88x 13.63x 14.44x 15.11x 13.00x 11.94x 13.55x 13.31x
EBITDA 25'000.00 Long-Term Rating Date 12.03.2009
EBIT 15'654.00 Long-Term Rating AA+
Operating Margin 10.81% Long-Term Outlook STABLE
Pretax Margin 12.02% Short-Term Rating Date 23.11.1981
Return on Assets 2.05% Short-Term Rating A-1+
Return on Common Equity 11.61%
Return on Capital 3.04% EBITDA/Interest Exp. 18.10
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 7.15
Net Debt/EBITDA 0.08
Gross Margin 38.6% Total Debt/EBITDA 0.70
EBITDA Margin 17.3%
EBIT Margin 10.3% Total Debt/Equity 274.3%
Net Income Margin 9.4% Total Debt/Capital 72.4%
Asset Turnover 0.21
Current Ratio 1.12 Net Fixed Asset Turnover 2.14
Quick Ratio 1.02 Accounts receivable turnover-days 50.90
Debt to Assets 49.24% Inventory Days 60.06
Tot Debt to Common Equity 274.31% Accounts Payable Turnover Day 64.90
Accounts Receivable Turnover 7.17 Cash Conversion Cycle 48.22
Inventory Turnover 6.09
Fiscal Year Ended
General Electric CoPrice/Volume
Valuation Analysis
2'183'733.00
Current Price (4/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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180'000.0
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 576'721'308 5.56 18'281'472 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 539'508'123 5.2 2'855'053 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 480'968'947 4.64 13'238'328 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 278'628'320 2.69 (10'336'401) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 230'580'855 2.22 (5'371'018) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 160'078'193 1.54 26'355 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 156'799'970 1.51 1'466'803 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 112'531'041 1.09 (4'537'565) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 97'580'627 0.94 (7'016'523) 31.12.2012 Investment Advisor
GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 93'776'061 0.9 (583'868) 31.12.2012 Corporation
INVESCO LTD n/a ULT-AGG 90'118'119 0.87 (9'603'932) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 88'633'819 0.85 (10'550'455) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 84'939'335 0.82 (4'879'785) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 84'870'136 0.82 7'264'656 31.12.2012 Government
BANK OF AMERICA CORP BANK OF AMERICA 13F 70'379'614 0.68 7'653'656 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 69'397'689 0.67 (6'989'488) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 67'797'703 0.65 (6'895'934) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 58'199'736 0.56 1'474'442 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 58'153'584 0.56 (3'417'611) 28.02.2013 Investment Advisor
UBS n/a ULT-AGG 53'342'200 0.51 (334'057) 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank JOHN G INCH buy 5 M 28 12 month 24.04.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 25 Not Provided 23.04.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 23.04.2013
JPMorgan CHARLES STEPHEN TUSA neutral 3 D 22 6 month 22.04.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 24 12 month 22.04.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 26 12 month 22.04.2013
Nomura SHANNON O'CALLAGHAN neutral 3 M 23 12 month 22.04.2013
Barclays SCOTT R DAVIS overweight 5 M 26 Not Provided 22.04.2013
Credit Suisse JULIAN MITCHELL outperform 5 M 25 Not Provided 21.04.2013
Oppenheimer & Co CHRISTOPHER D GLYNN outperform 5 M 26 12 month 21.04.2013
Morgan Stanley NIGEL COE Equalwt/In-Line 3 M 23 12 month 19.04.2013
Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 19.04.2013
Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 27 12 month 19.04.2013
Sanford C. Bernstein & Co STEVEN E WINOKER market perform 3 M 25 12 month 19.04.2013
Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 30 Not Provided 08.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 06.03.2013
S&P Capital IQ RICHARD TORTORIELLO buy 5 M 26 Not Provided 13.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.01.2013
Gabelli & Co ZAHID SIDDIQUE buy 5 M #N/A N/A Not Provided 26.09.2011
Holdings By:
General Electric Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Gilead Sciences, Inc. is a research-based biopharmaceutical company that
discovers, develops, and commercializes therapeutics to advance the care of
patients suffering from life-threatening diseases. The Company's primary areas
of focus include HIV/AIDS, liver disease and serious cardiovascular and
respiratory conditions.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (23.04.2013) 55.16
52-Week Low (05.06.2012) 24.13
Daily Volume
51.64
52-Week High % Change -5.82% Dividend Yield -
52-Week Low % Change 114.05% Beta 0.90
% 52 Week Price Range High/Low 94.10% Equity Float 1'509.36
Shares Out 15.02.2013 1'522.4 Short Int 58.15
78'616.35 1 Yr Total Return 97.25%
Total Debt 8'224.05 YTD Return 40.61%
Preferred Stock 0.0 Adjusted BETA 0.898
Minority Interest 241.1 Analyst Recs 31
Cash and Equivalents 2'582.09 Consensus Rating 4.677
Enterprise Value 84'499.44
Average Volume 5 Day 3'957'440
GILD UW EQUITY YTD Change - Average Volume 30 Day 3'208'092
GILD UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'767'994
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
5'335.8 7'011.4 7'949.4 8'385.4 9'702.5 8'385.4 9'702.5 10'809.6 13'037.8 2'583.0 2'662.6
8.35x 5.18x 3.38x 3.41x 6.36x 14.21x 21.53x 7.54x 6.08x - -
2'845.0 3'742.2 4'227.7 4'092.1 4'288.4 4'092.1 4'288.4 4'695.6 6'611.6 1'110.8 1'131.8
15.67x 9.71x 6.35x 6.99x 14.38x 6.99x 14.38x 17.78x 12.64x 18.36x -
1'978.9 2'635.8 2'901.3 2'803.6 2'591.6 2'803.6 2'591.6 3'243.7 4'595.4 801.2 802.1
24.83x 15.12x 10.53x 11.34x 21.79x 11.33x 21.90x 24.81x 17.23x 25.26x 22.07x
EBITDA 4'288.38 Long-Term Rating Date 23.03.2011
EBIT 4'010.18 Long-Term Rating A-
Operating Margin 41.33% Long-Term Outlook STABLE
Pretax Margin 37.23% Short-Term Rating Date -
Return on Assets 13.45% Short-Term Rating -
Return on Common Equity 32.30%
Return on Capital 17.56% EBITDA/Interest Exp. 11.88
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 10.78
Net Debt/EBITDA 1.32
Gross Margin 74.5% Total Debt/EBITDA 1.92
EBITDA Margin 44.2%
EBIT Margin 41.3% Total Debt/Equity 88.3%
Net Income Margin 26.7% Total Debt/Capital 46.3%
Asset Turnover 0.50
Current Ratio 1.44 Net Fixed Asset Turnover 10.35
Quick Ratio 0.85 Accounts receivable turnover-days 69.83
Debt to Assets 38.72% Inventory Days 232.14
Tot Debt to Common Equity 88.34% Accounts Payable Turnover Day 164.03
Accounts Receivable Turnover 5.24 Cash Conversion Cycle 137.94
Inventory Turnover 1.58
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
Gilead Sciences IncPrice/Volume
Valuation Analysis
1'236'469.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 298'675'044 19.62 16'340'092 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 111'854'914 7.35 15'313'566 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 87'595'427 5.75 2'889'961 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 81'470'223 5.35 1'502'027 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 69'391'713 4.56 2'188'569 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 62'827'858 4.13 2'762'936 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 45'508'106 2.99 (6'740'462) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 29'696'606 1.95 9'207'940 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 25'991'274 1.71 (2'060'540) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 21'524'034 1.41 (5'825'112) 28.02.2013 Unclassified
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 21'435'057 1.41 (491'149) 31.03.2013 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 20'915'172 1.37 6'930'110 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 20'694'520 1.36 5'852'626 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 19'501'542 1.28 9'988'298 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 18'205'634 1.2 3'621'978 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'314'578 1.07 (761'396) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 15'814'906 1.04 (1'905'270) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 14'721'904 0.97 (2'927'484) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 13'389'278 0.88 137'974 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 12'682'844 0.83 (893'128) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 24.04.2013
BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 71 Not Provided 23.04.2013
RBC Capital Markets MICHAEL J YEE outperform 5 M 55 12 month 23.04.2013
William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 23.04.2013
S&P Capital IQ STEVEN SILVER buy 5 M 66 Not Provided 23.04.2013
Piper Jaffray M IAN SOMAIYA overweight 5 M 63 12 month 23.04.2013
Morgan Stanley MARSHALL URIST Overwt/In-Line 5 M 65 12 month 22.04.2013
Oppenheimer & Co DAVID FERREIRO outperform 5 M 59 18 month 22.04.2013
Maxim Group LLC JASON KOLBERT buy 5 M 97 12 month 22.04.2013
JPMorgan GEOFFREY MEACHAM overweight 5 M 75 6 month 19.04.2013
Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 18.04.2013
Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 63 12 month 18.04.2013
Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 54 12 month 17.04.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 69 12 month 16.04.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 63 12 month 16.04.2013
Barclays CHARLES ANTHONY BUTLER overweight 5 M 65 Not Provided 15.04.2013
Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 10.04.2013
Robert W. Baird & Co BRIAN P SKORNEY outperform 5 M 55 12 month 09.04.2013
Stifel JOEL D SENDEK buy 5 M 57 12 month 08.04.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 59 12 month 08.04.2013
Needham & Co ALAN CARR buy 5 M 45 12 month 05.04.2013
Credit Suisse RAVI MEHROTRA outperform 5 M 60 Not Provided 04.04.2013
Guggenheim Securities LLC BRET HOLLEY buy 5 M 50 12 month 22.03.2013
Jefferies THOMAS WEI hold 3 M 40 12 month 14.03.2013
Cowen and Company PHILIP NADEAU outperform 5 M #N/A N/A Not Provided 20.02.2013
Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 06.02.2013
Atlantic Equities LLP RICHARD J PURKISS neutral 3 D 41 12 month 05.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 04.02.2013
First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 09.02.2012
BWS Financial HAMED KHORSAND buy 5 M 24 12 month 21.04.2011
Holdings By:
Gilead Sciences Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
The Goldman Sachs Group, Inc., a bank holding company, is a global investment
banking and securities firm specializing in investment banking, trading and
principal investments, asset management and securities services. The Company
provides services to corporations, financial institutions, governments, and
high-net worth individuals.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (19.02.2013) 158.68
52-Week Low (26.06.2012) 90.43
Daily Volume
143.66
52-Week High % Change -9.44% Dividend Yield 1.34
52-Week Low % Change 58.86% Beta 1.27
% 52 Week Price Range High/Low 76.94% Equity Float 428.80
Shares Out 15.02.2013 465.5 Short Int 5.67
68'991.15 1 Yr Total Return 28.00%
Total Debt 510'691.00 YTD Return 13.00%
Preferred Stock 6'200.0 Adjusted BETA 1.266
Minority Interest 508.0 Analyst Recs 33
Cash and Equivalents 72'669.00 Consensus Rating 3.515
Enterprise Value 513'721.15
Average Volume 5 Day 780'729
GS UN EQUITY YTD Change - Average Volume 30 Day 758'809
GS UN EQUITY YTD % CHANGE - Average Volume 3 Month 767'157
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.11.2008 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
53'579.0 51'673.0 45'967.0 36'793.0 41'664.0 34'951.0 41'636.0 34'266.2 35'053.0 8'185.4 7'978.5
8.34x 10.25x 12.69x 14.05x 12.15x 62.22x 37.08x - - - -
35'318.0 28'272.0 22'067.0 16'020.0 20'446.0 15'103.0 14'980.0 - - - -
12.66x 18.74x 26.44x 32.28x 24.75x 36.35x 0.00x - - - -
2'322.0 13'385.0 8'354.0 4'442.0 7'475.0 3'816.0 7'626.0 7'237.0 7'364.8 1'485.7 1'403.0
17.67x 7.37x 11.05x 13.58x 8.49x 19.56x 9.65x 10.04x 9.42x 10.20x 9.89x
EBITDA 20'446.00 Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A-
Operating Margin 32.80% Long-Term Outlook NEG
Pretax Margin 26.90% Short-Term Rating Date 29.11.2011
Return on Assets 0.80% Short-Term Rating A-2
Return on Common Equity 10.66%
Return on Capital 1.27% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 21.42
Gross Margin - Total Debt/EBITDA 24.98
EBITDA Margin 49.1%
EBIT Margin - Total Debt/Equity 734.6%
Net Income Margin 17.9% Total Debt/Capital 87.0%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 4.93
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 54.41% Inventory Days -
Tot Debt to Common Equity 734.64% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Goldman Sachs Group Inc/ThePrice/Volume
Valuation Analysis
93'941.00
Current Price (4/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
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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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 27'890'245 5.99 - 31.03.2013 Investment Advisor
GOLDMAN SACHS SHRHLD n/a 13D 27'836'304 5.98 2'753'217 01.02.2013 Other
STATE STREET n/a ULT-AGG 25'476'148 5.47 308'780 23.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 22'829'405 4.9 (3'084'164) 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 19'620'649 4.21 182'279 31.03.2013 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 14'974'530 3.22 14'948'555 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 14'823'199 3.18 166'690 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 12'016'625 2.58 (325'300) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 8'054'096 1.73 (1'177'548) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 7'613'007 1.64 (1'781'598) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'216'113 1.34 (116'688) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'398'511 1.16 46'766 31.03.2013 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 5'297'697 1.14 3'206'803 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'769'976 1.02 396'208 31.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 4'036'825 0.87 285'653 31.12.2012 Bank
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'772'587 0.81 (886'020) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'018'933 0.65 (2'393'690) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'952'618 0.63 (312'610) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'935'340 0.63 657'450 28.02.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 2'838'208 0.61 590'981 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FBR Capital Markets STEVE STELMACH outperform 5 M 165 12 month 23.04.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 23.04.2013
Credit Agricole Securities (USA) MICHAEL L MAYO buy 5 M 176 12 month 22.04.2013
Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 19.04.2013
Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ outperform 5 M 170 12 month 19.04.2013
Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 140 12 month 17.04.2013
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 135 12 month 17.04.2013
JPMorgan KIAN ABOUHOSSEIN underweight 1 M 134 6 month 17.04.2013
Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 M 153 12 month 17.04.2013
Buckingham Research Group JAMES F MITCHELL neutral 3 M 150 12 month 17.04.2013
Credit Suisse HOWARD H CHEN outperform 5 M 180 Not Provided 16.04.2013
SunTrust Robinson Humphrey ERIC WASSERSTROM neutral 3 M 156 12 month 16.04.2013
Keefe, Bruyette & Woods FREDERICK CANNON market perform 3 M 155 12 month 16.04.2013
Evercore Partners CHRISTOPHER J ALLEN equalweight 3 M 145 12 month 16.04.2013
Nomura GLENN P SCHORR buy 5 M 157 12 month 16.04.2013
Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 16.04.2013
Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 175 12 month 16.04.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 185 12 month 16.04.2013
JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 16.04.2013
S&P Capital IQ KENNETH M LEON buy 5 U 160 Not Provided 16.04.2013
Portales Partners CHARLES W PEABODY sector perform 3 M #N/A N/A Not Provided 16.04.2013
Susquehanna Financial Group DOUGLAS C SIPKIN Positive 4 M 170 12 month 16.04.2013
Atlantic Equities LLP RICHARD STAITE neutral 3 M 146 12 month 16.04.2013
Barclays ROGER A FREEMAN equalweight 3 M 155 Not Provided 16.04.2013
Deutsche Bank MATTHEW D O'CONNOR hold 3 M 144 12 month 15.04.2013
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 146 Not Provided 25.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 05.03.2013
Macquarie EDWARD DITMIRE suspended coverage #N/A N/A M #N/A N/A Not Provided 15.02.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 U 163 Not Provided 08.02.2013
HSBC ROBERT MURPHY underweight 1 M 117 Not Provided 11.12.2012
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 16.10.2012
Holdings By:
Goldman Sachs Group Inc/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Google Inc. is a global technology company that provides a web based search
engine through its website. The Company offers a wide range of search options,
including web, image, groups, directory, and news searches.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (06.03.2013) 844.00
52-Week Low (14.06.2012) 556.55
Daily Volume
814.96
52-Week High % Change -3.48% Dividend Yield 0.00
52-Week Low % Change 46.43% Beta 0.96
% 52 Week Price Range High/Low 87.44% Equity Float 269.16
Shares Out 31.03.2013 270.2 Short Int 4.72
269'758.28 1 Yr Total Return 35.54%
Total Debt 5'537.00 YTD Return 14.89%
Preferred Stock 0.0 Adjusted BETA 0.959
Minority Interest 0.0 Analyst Recs 46
Cash and Equivalents 49'557.00 Consensus Rating 4.326
Enterprise Value 223'329.29
Average Volume 5 Day 901'463
GOOG UW EQUITY YTD Change - Average Volume 30 Day 632'816
GOOG UW EQUITY YTD % CHANGE - Average Volume 3 Month 641'945
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
21'795.6 23'650.6 29'321.0 37'905.0 50'175.0 39'975.0 54'703.0 47'546.3 55'173.4 11'356.0 11'893.4
3.72x 7.29x 5.42x 4.45x 3.77x 14.71x 13.98x 4.45x 3.52x 19.40x 18.19x
8'131.9 9'836.5 11'777.0 13'593.0 15'722.0 14'796.0 16'160.0 21'383.4 25'240.6 5'163.6 5'384.6
9.96x 17.53x 13.48x 12.41x 12.05x 11.10x 13.39x 10.46x 8.86x 9.92x 9.47x
4'226.9 6'520.4 8'505.0 9'737.0 10'737.0 10'829.0 11'193.0 15'640.1 18'150.5 3'632.5 3'781.3
18.44x 30.38x 22.58x 21.70x 20.79x 19.44x 22.70x 17.63x 15.29x 17.27x 16.57x
EBITDA 15'722.00 Long-Term Rating Date 19.11.2012
EBIT 12'760.00 Long-Term Rating AA
Operating Margin 25.43% Long-Term Outlook STABLE
Pretax Margin 26.68% Short-Term Rating Date 15.07.2010
Return on Assets 12.88% Short-Term Rating A-1+
Return on Common Equity 16.32%
Return on Capital 15.48% EBITDA/Interest Exp. 187.17
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 148.20
Net Debt/EBITDA -2.87
Gross Margin 58.9% Total Debt/EBITDA 0.32
EBITDA Margin 29.5%
EBIT Margin 23.4% Total Debt/Equity 7.7%
Net Income Margin 21.4% Total Debt/Capital 7.2%
Asset Turnover 0.63
Current Ratio 4.22 Net Fixed Asset Turnover 4.93
Quick Ratio 3.90 Accounts receivable turnover-days 42.62
Debt to Assets 5.90% Inventory Days 4.98
Tot Debt to Common Equity 7.72% Accounts Payable Turnover Day 21.37
Accounts Receivable Turnover 8.56 Cash Conversion Cycle 30.52
Inventory Turnover 73.22
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
Google IncPrice/Volume
Valuation Analysis
143'106.00
Current Price (4/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 18'215'530 6.74 (5'443) 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 15'347'658 5.68 534'588 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 14'009'274 5.19 (412'495) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'251'664 4.53 418'606 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'006'397 4.07 1'637'525 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'457'496 3.5 151'141 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 6'422'462 2.38 625'640 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'684'381 1.73 97'407 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'291'875 1.59 (228'560) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'824'800 1.42 (23'714) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 3'207'437 1.19 (39'630) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'756'412 1.02 597'897 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 2'715'974 1.01 (130'698) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'501'395 0.93 (90'008) 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 2'490'314 0.92 6'165 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 2'382'407 0.88 (12'971) 28.02.2013 Unclassified
WELLS FARGO n/a ULT-AGG 2'229'474 0.83 155'738 28.02.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'222'539 0.82 (122'117) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'173'908 0.8 320'943 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'120'450 0.78 (207'449) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Independent Research GmbH MARKUS FRIEBEL hold 3 M 890 12 month 23.04.2013
JMP Securities RONALD V JOSEY III market outperform 4 M 955 12 month 23.04.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 875 Not Provided 22.04.2013
Hilliard Lyons STEPHEN TURNER neutral 3 M #N/A N/A Not Provided 22.04.2013
William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 22.04.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 900 12 month 22.04.2013
Sterne, Agee & Leach SHAW WU suspended coverage #N/A N/A M #N/A N/A Not Provided 22.04.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.04.2013
BMO Capital Markets DANIEL SALMON market perform 3 M 790 Not Provided 19.04.2013
Deutsche Bank ROSS SANDLER buy 5 M 930 12 month 19.04.2013
Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 932 12 month 19.04.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 950 12 month 19.04.2013
Credit Suisse STEPHEN JU outperform 5 M 982 Not Provided 19.04.2013
JPMorgan DOUGLAS ANMUTH overweight 5 M 860 6 month 19.04.2013
Jefferies BRIAN J PITZ buy 5 M 1'000 12 month 19.04.2013
Needham & Co KERRY RICE buy 5 M 900 12 month 19.04.2013
Pacific Crest Securities EVAN S WILSON outperform 5 M 980 12 month 19.04.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 830 12 month 19.04.2013
Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 1'000 12 month 19.04.2013
Wedbush JAMES G DIX neutral 3 M 800 12 month 19.04.2013
Raymond James AARON M KESSLER outperform 5 M 875 12 month 19.04.2013
Macquarie BENJAMIN A SCHACHTER outperform 5 M 925 12 month 19.04.2013
B Riley & Company, Inc SAMEET SINHA buy 5 M 846 12 month 19.04.2013
Stifel JORDAN ROHAN hold 3 M #N/A N/A Not Provided 19.04.2013
Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 890 Not Provided 19.04.2013
Evercore Partners KEN SENA overweight 5 M 925 12 month 19.04.2013
Oppenheimer & Co JASON S HELFSTEIN market perform 3 M 820 12 month 19.04.2013
Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 19.04.2013
S&P Capital IQ SCOTT H KESSLER buy 5 U 925 12 month 19.04.2013
Atlantic Equities LLP HAMILTON FABER overweight 5 M 1'000 12 month 19.04.2013
Credit Agricole Securities (USA) JAMES LEE buy 5 M 1'000 Not Provided 19.04.2013
Barclays ANTHONY J DICLEMENTE overweight 5 M 875 Not Provided 19.04.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 870 12 month 19.04.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 19.04.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 950 12 month 19.04.2013
Pivotal Research Group LLC BRIAN WIESER hold 3 M 820 12 month 19.04.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 18.04.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 935 12 month 18.04.2013
BGC Partners COLIN W GILLIS hold 3 M 760 12 month 16.04.2013
Goldman Sachs HEATHER BELLINI neutral/neutral 3 M 760 12 month 26.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 20.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 925 Not Provided 15.03.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 22.02.2013
Holdings By:
Google Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Halliburton Company provides energy services and engineering and construction
services, as well as manufactures products for the energy industry. The Company
offers services and products and integrated solutions to customers in the
exploration, development, and production of oil and natural gas.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.02.2013) 43.95
52-Week Low (26.06.2012) 26.29
Daily Volume
40.89
52-Week High % Change -6.51% Dividend Yield 0.88
52-Week Low % Change 55.53% Beta 1.63
% 52 Week Price Range High/Low 75.88% Equity Float 873.28
Shares Out 18.03.2013 931.0 Short Int 17.62
38'068.28 1 Yr Total Return 23.93%
Total Debt 4'820.00 YTD Return 18.24%
Preferred Stock 0.0 Adjusted BETA 1.626
Minority Interest 25.0 Analyst Recs 35
Cash and Equivalents 2'484.00 Consensus Rating 4.600
Enterprise Value 40'886.28
Average Volume 5 Day 3'353'126
HAL UN EQUITY YTD Change - Average Volume 30 Day 2'658'655
HAL UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'442'741
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
18'279.0 14'675.0 17'973.0 24'829.0 28'503.0 26'415.0 28'609.0 29'656.4 32'652.0 7'265.1 7'560.8
0.97x 1.93x 2.17x 1.36x 1.21x 5.49x 4.83x 1.35x 1.19x 5.62x 5.38x
4'686.0 2'920.0 4'118.0 6'096.0 5'787.0 6'370.0 4'729.0 6'304.7 7'601.0 1'506.8 1'665.8
3.79x 9.71x 9.46x 5.54x 5.98x 5.15x 8.56x 6.47x 5.37x 6.11x 5.83x
2'224.0 1'145.0 1'835.0 2'839.0 2'635.0 2'955.0 1'990.0 2'952.4 3'714.3 680.7 788.3
4.98x 22.29x 19.92x 10.21x 11.49x 9.09x 18.62x 12.87x 10.18x 12.03x 11.37x
EBITDA 5'787.00 Long-Term Rating Date 20.08.2007
EBIT 4'159.00 Long-Term Rating A
Operating Margin 14.59% Long-Term Outlook STABLE
Pretax Margin 13.41% Short-Term Rating Date 20.08.2007
Return on Assets 7.60% Short-Term Rating A-1
Return on Common Equity 13.47%
Return on Capital 14.73% EBITDA/Interest Exp. 19.42
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 7.45
Net Debt/EBITDA 0.59
Gross Margin 15.6% Total Debt/EBITDA 1.02
EBITDA Margin 16.5%
EBIT Margin 10.6% Total Debt/Equity 30.6%
Net Income Margin 9.2% Total Debt/Capital 23.4%
Asset Turnover 1.09
Current Ratio 2.75 Net Fixed Asset Turnover 2.95
Quick Ratio 1.74 Accounts receivable turnover-days 73.65
Debt to Assets 17.58% Inventory Days 43.63
Tot Debt to Common Equity 30.57% Accounts Payable Turnover Day 28.58
Accounts Receivable Turnover 4.96 Cash Conversion Cycle 84.89
Inventory Turnover 8.39
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Halliburton CoPrice/Volume
Valuation Analysis
796'118.00
Current Price (4/dd/yy) Market Data
&2
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-&!& 9
-.!& 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 54'894'649 5.9 - 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 53'509'402 5.75 461'588 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 42'810'848 4.6 1'213'797 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 29'011'110 3.12 436'469 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 24'307'332 2.61 7'705'323 31.01.2013 Investment Advisor
PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 21'448'534 2.3 11'744'656 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 19'317'328 2.07 818'715 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 18'712'096 2.01 3'162'478 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 17'809'477 1.91 (710'735) 31.12.2012 Investment Advisor
CARMIGNAC GESTION CARMIGNAC GESTION 13F 15'733'400 1.69 15'733'400 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 13'805'580 1.48 (2'064'747) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'843'234 1.38 25'570 31.12.2012 Investment Advisor
VALUEACT HOLDINGS LP VALUEACT HOLDINGS LP 13F 12'821'400 1.38 (184'500) 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12'695'577 1.36 712'376 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 11'510'894 1.24 (1'255'755) 31.12.2012 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 11'200'505 1.2 743'817 23.04.2013 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 10'747'140 1.15 10'747'140 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 8'078'564 0.87 1'656'642 31.12.2012 Government
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 7'819'416 0.84 1'393'565 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 7'560'922 0.81 (191'365) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale EDWARD C MUZTAFAGO buy 5 M 49 12 month 24.04.2013
Argus Research Corp PHILIP H WEISS buy 5 M 48 12 month 24.04.2013
Morgan Stanley OLE SLORER Equalwt/Attractive 3 M 37 12 month 23.04.2013
Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 47 Not Provided 23.04.2013
JPMorgan J DAVID ANDERSON overweight 5 M 53 6 month 23.04.2013
Jefferies BRAD HANDLER buy 5 M 49 12 month 23.04.2013
Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 54 12 month 23.04.2013
Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 48 Not Provided 23.04.2013
Stephens Inc MICHAEL MARINO overweight 5 M 56 12 month 23.04.2013
Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 23.04.2013
Johnson Rice & Co DAVID C SMITH overweight 5 M #N/A N/A Not Provided 23.04.2013
FBR Capital Markets MEGAN REPINE outperform 5 M 50 12 month 23.04.2013
Macquarie NIGEL BROWNE outperform 5 M 49 12 month 23.04.2013
Guggenheim Securities LLC MICHAEL K LAMOTTE buy 5 M 52 12 month 23.04.2013
Susquehanna Financial Group CHARLES P MINERVINO Positive 4 M 48 12 month 23.04.2013
Cowen Securities LLC JAMES D CRANDELL buy 5 M 57 Not Provided 23.04.2013
Global Hunter Securities BRIAN UHLMER buy 5 M 48 12 month 23.04.2013
MLV & Co WILLIAM C CONROY buy 5 M 54 12 month 23.04.2013
BMO Capital Markets ALAN D LAWS outperform 5 M 56 Not Provided 22.04.2013
Deutsche Bank MICHAEL W URBAN buy 5 M 56 12 month 22.04.2013
RBC Capital Markets KURT HALLEAD outperform 5 M 45 12 month 22.04.2013
Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 45 12 month 22.04.2013
ISI Group JUDSON E BAILEY strong buy 5 M 50 12 month 22.04.2013
Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 22.04.2013
Credit Agricole Securities (USA) DAVID S HAVENS buy 5 M 45 Not Provided 22.04.2013
Barclays JAMES C WEST overweight 5 M 64 Not Provided 22.04.2013
Credit Suisse JAMES WICKLUND outperform 5 M 44 Not Provided 15.04.2013
RS Platou Markets TURNER HOLM buy 5 U 48 6 month 21.03.2013
Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 18.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 05.03.2013
Goldman Sachs WAQAR SYED buy/attractive 5 M 60 12 month 14.02.2013
Fearnley Fonds TRULS OLSEN not rated #N/A N/A M #N/A N/A Not Provided 28.01.2013
S&P Capital IQ STEWART GLICKMAN hold 3 D 40 12 month 20.09.2012
Tudor Pickering & Co JEFF TILLERY buy 5 M #N/A N/A Not Provided 05.04.2011
Holdings By:
Halliburton Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Hewlett-Packard Company provides imaging and printing systems, computing
systems, and information technology services for business and home. The
Company's products include laser and inkjet printers, scanners, copiers and
faxes, personal computers, workstations, storage solutions, and other computing
and printing systems. Hewlett-Packard sells its products worldwide.
Latest Fiscal Year: 10/2012
LTM as of: 01/yy
52-Week High (01.05.2012) 25.40
52-Week Low (20.11.2012) 11.35
Daily Volume
20.03
52-Week High % Change -21.26% Dividend Yield 3.21
52-Week Low % Change 76.48% Beta 1.22
% 52 Week Price Range High/Low 59.07% Equity Float 1'907.81
Shares Out 28.02.2013 1'944.0 Short Int 55.90
38'938.71 1 Yr Total Return -15.61%
Total Debt 28'436.00 YTD Return 41.44%
Preferred Stock 0.0 Adjusted BETA 1.217
Minority Interest 397.0 Analyst Recs 36
Cash and Equivalents 11'301.00 Consensus Rating 2.778
Enterprise Value 54'971.71
Average Volume 5 Day 4'942'375
HPQ UN EQUITY YTD Change - Average Volume 30 Day 4'965'921
HPQ UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'541'000
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 01/yy 01/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3
118'364.0 114'552.0 126'033.0 127'245.0 120'357.0 124'979.0 118'680.0 113'062.1 111'769.3 28'157.0 27'899.3
0.85x 1.00x 0.83x 0.60x 0.37x 2.68x 1.86x 0.46x 0.43x 1.93x 1.90x
14'185.0 15'798.0 17'736.0 16'373.0 14'384.0 14'944.0 14'026.0 13'992.4 13'722.2 3'445.2 3'476.7
7.05x 7.26x 5.88x 4.64x 3.11x 5.26x 3.44x 3.95x 4.03x 3.92x 3.95x
8'329.0 7'660.0 8'761.0 7'074.0 (12'650.0) 5'937.0 (12'886.0) 6'702.4 6'947.8 1'577.8 1'633.2
10.55x 12.33x 10.30x 7.25x 44.68x 7.93x 78.62x 5.81x 5.59x 5.78x 5.68x
EBITDA 14'384.00 Long-Term Rating Date 30.11.2011
EBIT 9'289.00 Long-Term Rating BBB+
Operating Margin 7.72% Long-Term Outlook STABLE
Pretax Margin -9.91% Short-Term Rating Date 30.11.2011
Return on Assets -11.05% Short-Term Rating A-2
Return on Common Equity -41.53%
Return on Capital - EBITDA/Interest Exp. 16.42
Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 12.19
Net Debt/EBITDA 1.11
Gross Margin 23.2% Total Debt/EBITDA 2.01
EBITDA Margin 11.8%
EBIT Margin 7.6% Total Debt/Equity 126.7%
Net Income Margin -10.5% Total Debt/Capital 55.5%
Asset Turnover 1.02
Current Ratio 1.09 Net Fixed Asset Turnover 9.97
Quick Ratio 0.66 Accounts receivable turnover-days 56.38
Debt to Assets 26.14% Inventory Days 27.41
Tot Debt to Common Equity 126.74% Accounts Payable Turnover Day 48.76
Accounts Receivable Turnover 6.49 Cash Conversion Cycle 33.38
Inventory Turnover 13.35
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Hewlett-Packard CoPrice/Volume
Valuation Analysis
939'208.00
Current Price (4/dd/yy) Market Data
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40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DODGE & COX DODGE & COX 13F 156'597'738 8.06 14'599'703 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 136'730'244 7.03 1'176'919 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 93'055'459 4.79 124'542 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 88'032'484 4.53 2'922'068 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 64'598'500 3.32 10'584'300 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 53'006'612 2.73 5'439'086 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 50'688'948 2.61 10'688'313 28.02.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 42'070'800 2.16 - 31.12.2012 Insurance Company
PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 41'107'891 2.11 6'234'572 31.12.2012 Hedge Fund Manager
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 38'023'270 1.96 6'878'389 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 36'017'347 1.85 7'846'019 31.03.2013 Investment Advisor
RELATIONAL INVESTORS RELATIONAL INVESTORS 13F 34'534'517 1.78 - 31.12.2012 Hedge Fund Manager
RELATIONAL INVESTORS #N/A N/A Form 4 34'534'517 1.78 - 20.04.2013 Hedge Fund Manager
ALLIANCE BERNSTEIN n/a ULT-AGG 32'394'117 1.67 (1'941'676) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 31'517'640 1.62 (23'243'182) 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 28'524'374 1.47 (854'081) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 25'976'745 1.34 (376'536) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 22'072'964 1.14 3'599'592 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 16'087'255 0.83 6'035'982 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 14'872'160 0.77 (380'197) 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 20 12 month 19.04.2013
Mizuho Securities USA Inc ABHEY R LAMBA underperform 1 M 14 12 month 18.04.2013
Deutsche Bank CHRISTOPHER WHITMORE sell 1 M 12 12 month 16.04.2013
Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 16.04.2013
BMO Capital Markets KEITH F BACHMAN market perform 3 M 20 Not Provided 15.04.2013
Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 15.04.2013
Evercore Partners ROBERT CIHRA underweight 1 M 15 12 month 15.04.2013
Topeka Capital Markets Inc BRIAN J WHITE sell 1 M 12 12 month 15.04.2013
RBC Capital Markets AMIT DARYANANI sector perform 3 M 23 12 month 14.04.2013
Jyske Bank ROBERT JAKOBSEN buy 5 D 25 Not Provided 12.04.2013
Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 29 12 month 12.04.2013
Edward Jones WILLIAM C KREHER sell 1 M #N/A N/A Not Provided 11.04.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 11.04.2013
Cross Research SHANNON S CROSS hold 3 M 19 12 month 09.04.2013
Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 08.04.2013
Brean Murray Carret & Co ANANDA BARUAH hold 3 M #N/A N/A Not Provided 05.04.2013
Credit Suisse KULBINDER GARCHA neutral 3 M 20 Not Provided 05.04.2013
Jefferies PETER J MISEK underperform 1 M 19 12 month 04.04.2013
Barclays BENJAMIN A REITZES equalweight 3 M 24 Not Provided 04.04.2013
Goldman Sachs WILLIAM C SHOPE JR Sell/Cautious 1 D 16 12 month 02.04.2013
Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 27 12 month 01.04.2013
Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 01.04.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 01.04.2013
ISI Group BRIAN MARSHALL neutral 3 M #N/A N/A Not Provided 12.03.2013
Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 21 Not Provided 08.03.2013
JPMorgan MARK A MOSKOWITZ neutral 3 M 22 6 month 22.02.2013
Needham & Co RICHARD J KUGELE underperform 1 M #N/A N/A Not Provided 22.02.2013
Raymond James BRIAN G ALEXANDER market perform 3 M #N/A N/A Not Provided 22.02.2013
Credit Agricole Securities (USA) AVI SILVER underperform 1 M 17 Not Provided 22.02.2013
FBN Securities SHEBLY SEYRAFI sector perform 3 M 20 12 month 22.02.2013
Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 22.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ ANGELO ZINO hold 3 R 16 Not Provided 04.10.2012
DZ Bank AG MICHAEL BISSINGER buy 5 M #N/A N/A Not Provided 16.08.2012
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 08.02.2011
Holdings By:
Hewlett-Packard Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
H.J. Heinz Company manufactures and markets processed food products throughout
the world. The Company's principal products include ketchup, condiments and
sauces, frozen food, soups, beans and pasta meals, infant nutrition and other
processed food products.
Latest Fiscal Year: 04/2012
LTM as of: 01/yy
52-Week High (22.02.2013) 72.70
52-Week Low (24.04.2012) 52.03
Daily Volume
72.41
52-Week High % Change -0.41% Dividend Yield 2.80
52-Week Low % Change 39.17% Beta 0.59
% 52 Week Price Range High/Low 98.84% Equity Float 318.32
Shares Out 18.03.2013 321.2 Short Int 2.25
23'257.18 1 Yr Total Return 43.22%
Total Debt 5'026.69 YTD Return 26.44%
Preferred Stock 0.1 Adjusted BETA 0.590
Minority Interest 166.0 Analyst Recs 18
Cash and Equivalents 1'330.44 Consensus Rating 3.000
Enterprise Value 27'219.58
Average Volume 5 Day 741'932
HNZ UN EQUITY YTD Change - Average Volume 30 Day 725'927
HNZ UN EQUITY YTD % CHANGE - Average Volume 3 Month 911'399
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1
10'070.8 10'011.3 10'495.0 10'706.6 11'649.1 11'410.3 11'601.4 11'639.8 12'039.8 3'064.0 2'858.3
1.91x 1.55x 1.78x 1.92x 1.79x 7.38x 7.64x 2.31x 2.21x 8.75x -
1'857.9 1'783.8 1'862.1 1'946.9 1'794.0 1'880.4 1'918.9 2'069.0 2'196.8 659.0 529.0
10.38x 8.67x 10.06x 10.55x 11.64x 11.21x 12.21x 13.16x 12.39x 11.72x 12.04x
844.9 923.1 864.9 989.5 923.2 971.7 992.4 1'151.6 1'223.0 268.0 283.5
17.88x 11.68x 15.94x 16.74x 15.85x 16.11x 17.04x 20.25x 19.01x 20.14x 19.20x
EBITDA 1'793.96 Long-Term Rating Date 14.02.2013
EBIT 1'451.17 Long-Term Rating BBB+ *-
Operating Margin 12.46% Long-Term Outlook -
Pretax Margin 10.16% Short-Term Rating Date 14.02.2013
Return on Assets 8.31% Short-Term Rating A-2 *-
Return on Common Equity 33.75%
Return on Capital 15.45% EBITDA/Interest Exp. 6.09
Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. 4.67
Net Debt/EBITDA 2.02
Gross Margin 34.3% Total Debt/EBITDA 2.60
EBITDA Margin 16.5%
EBIT Margin 13.5% Total Debt/Equity 182.2%
Net Income Margin 7.9% Total Debt/Capital 63.2%
Asset Turnover 0.97
Current Ratio 1.47 Net Fixed Asset Turnover 4.80
Quick Ratio 0.81 Accounts receivable turnover-days 28.39
Debt to Assets 41.95% Inventory Days 72.97
Tot Debt to Common Equity 182.22% Accounts Payable Turnover Day 62.68
Accounts Receivable Turnover 12.96 Cash Conversion Cycle 26.56
Inventory Turnover 5.04
Fiscal Year Ended
HJ Heinz CoPrice/Volume
Valuation Analysis
68'690.00
Current Price (4/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 22'897'748 7.13 (768'721) 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 17'885'217 5.57 245'661 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'797'710 4.61 127'087 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'678'228 3.64 (589'111) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'500'600 2.34 - 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 6'103'731 1.9 123'543 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'783'978 1.8 110'195 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 4'696'787 1.46 26'863 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 2'888'620 0.9 (196'223) 28.02.2013 Unclassified
LEGG MASON INC Multiple Portfolios MF-AGG 2'844'350 0.89 (375) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'838'035 0.88 (35'605) 31.12.2012 Investment Advisor
SCHAFER CULLEN CAPIT SCHAFER CULLEN CAPIT 13F 2'667'549 0.83 (43'373) 31.03.2013 Investment Advisor
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 2'632'387 0.82 199'032 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'587'791 0.81 231'732 31.12.2012 Government
INVESCO LTD n/a ULT-AGG 2'586'283 0.81 12'944 31.03.2013 Investment Advisor
M&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 2'573'206 0.8 (109'300) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 2'567'050 0.8 (116'751) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 2'504'553 0.78 169'787 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'374'823 0.74 (302'220) 31.12.2012 Investment Advisor
PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 2'317'809 0.72 (257'553) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel CHRISTOPHER R GROWE hold 3 M #N/A N/A Not Provided 23.04.2013
Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 18.04.2013
Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 73 12 month 16.04.2013
S&P Capital IQ THOMAS GRAVES hold 3 M 72 Not Provided 16.04.2013
Jefferies THILO WREDE hold 3 M 73 12 month 28.03.2013
Argus Research Corp JOHN D STASZAK sell 1 D #N/A N/A Not Provided 27.03.2013
Sanford C. Bernstein & Co ALEXIA HOWARD market perform 3 M 73 12 month 14.03.2013
RBC Capital Markets EDWARD AARON sector perform 3 M 73 12 month 11.03.2013
Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 62 Not Provided 11.03.2013
Morgan Stanley MATTHEW GRAINGER Equalwt/In-Line 3 M 73 12 month 22.02.2013
Barclays ANDREW LAZAR equalweight 3 M 73 Not Provided 22.02.2013
Davenport & Co ANN H GURKIN neutral 3 D #N/A N/A Not Provided 15.02.2013
Gabelli & Co SARAH DONNELLY hold 3 M #N/A N/A Not Provided 15.02.2013
Deutsche Bank ERIC R KATZMAN hold 3 D 73 12 month 14.02.2013
Goldman Sachs JASON ENGLISH neutral/neutral 3 U 61 12 month 14.02.2013
Credit Suisse ROBERT MOSKOW restricted #N/A N/A M #N/A N/A Not Provided 14.02.2013
JPMorgan KENNETH GOLDMAN restricted #N/A N/A M #N/A N/A Not Provided 14.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Holdings By:
HJ Heinz Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
The Home Depot, Inc. is a home improvement retailer that sells building
materials and home improvement products. The Company sells a wide assortment
of building materials, home improvement and lawn and garden products and
provide a number of services. Home Depot operates throughout the U.S.
(including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico.
Latest Fiscal Year: 01/2013
LTM as of: 02/yy
52-Week High (23.04.2013) 74.59
52-Week Low (21.05.2012) 46.37
Daily Volume
73.67
52-Week High % Change -1.13% Dividend Yield 1.57
52-Week Low % Change 58.87% Beta 0.97
% 52 Week Price Range High/Low 95.71% Equity Float 1'466.54
Shares Out 11.03.2013 1'485.5 Short Int 12.32
109'438.07 1 Yr Total Return 46.84%
Total Debt 10'796.00 YTD Return 19.77%
Preferred Stock 0.0 Adjusted BETA 0.973
Minority Interest 0.0 Analyst Recs 31
Cash and Equivalents 2'494.00 Consensus Rating 3.903
Enterprise Value 117'740.07
Average Volume 5 Day 1'964'225
HD UN EQUITY YTD Change - Average Volume 30 Day 1'710'264
HD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'640'242
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
71'288.0 66'176.0 67'997.0 70'395.0 74'754.0 70'395.0 74'754.0 76'919.5 80'427.3 18'620.2 21'695.9
0.67x 0.84x 1.01x 1.10x 1.45x 3.88x 5.11x 1.55x 1.49x 6.30x 5.42x
6'261.0 6'609.0 7'557.0 8'343.0 9'450.0 8'343.0 9'450.0 10'437.4 11'409.9 2'335.3 3'331.3
7.57x 8.45x 9.10x 9.32x 11.45x 9.32x 11.45x 11.26x 10.30x 11.26x 10.99x
2'260.0 2'661.0 3'338.0 3'883.0 4'535.0 3'883.0 4'535.0 5'116.2 5'689.3 1'124.2 1'739.4
12.10x 16.87x 18.08x 18.17x 21.71x 18.24x 21.92x 20.87x 17.87x 20.81x 20.49x
EBITDA 9'450.00 Long-Term Rating Date 16.11.2011
EBIT 7'766.00 Long-Term Rating A-
Operating Margin 10.39% Long-Term Outlook STABLE
Pretax Margin 9.66% Short-Term Rating Date 05.07.2007
Return on Assets 11.11% Short-Term Rating A-2
Return on Common Equity 25.42%
Return on Capital 17.23% EBITDA/Interest Exp. 14.88
Asset Turnover 1.83% (EBITDA-Capex)/Interest Exp. 12.82
Net Debt/EBITDA 0.88
Gross Margin 34.6% Total Debt/EBITDA 1.14
EBITDA Margin 12.6%
EBIT Margin 10.4% Total Debt/Equity 60.7%
Net Income Margin 6.1% Total Debt/Capital 37.8%
Asset Turnover 1.83
Current Ratio 1.34 Net Fixed Asset Turnover 3.08
Quick Ratio 0.34 Accounts receivable turnover-days 6.55
Debt to Assets 26.28% Inventory Days 79.78
Tot Debt to Common Equity 60.73% Accounts Payable Turnover Day 38.50
Accounts Receivable Turnover 56.63 Cash Conversion Cycle 47.82
Inventory Turnover 4.65
Fiscal Year Ended
Home Depot Inc/ThePrice/Volume
Valuation Analysis
285'700.00
Current Price (4/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
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
&!&&
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 259'169'876 17.45 (1'236'968) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 95'723'734 6.44 4'770'054 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 85'768'123 5.77 - 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 68'769'159 4.63 (403'909) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 44'561'903 3 6'942'036 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 32'694'252 2.2 454'463 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 24'129'181 1.62 (328'777) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 20'184'299 1.36 679'378 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 19'734'437 1.33 5'640'924 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 17'480'869 1.18 513'100 31.12.2012 Government
LANGONE KENNETH G n/a Form 4 16'521'656 1.11 - 24.05.2007 n/a
WELLS FARGO n/a ULT-AGG 13'541'835 0.91 589'361 28.02.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 12'513'691 0.84 1'928'136 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 12'038'677 0.81 347'500 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 11'864'087 0.8 (3'244'632) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 10'600'560 0.71 (225'788) 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 10'430'336 0.7 (942'663) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 9'930'641 0.67 (1'023'756) 31.12.2012 Investment Advisor
FISHER INVESTMENTS I FISHER INVESTMENTS 13F 8'082'478 0.54 (200'840) 31.03.2013 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 7'878'954 0.53 4'391'342 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 23.04.2013
Stifel DAVID A SCHICK hold 3 M #N/A N/A Not Provided 22.04.2013
Jefferies DANIEL T BINDER buy 5 M 85 12 month 18.04.2013
Piper Jaffray PETER J KEITH overweight 5 M 88 12 month 18.04.2013
Deutsche Bank MICHAEL BAKER hold 3 M 70 12 month 12.04.2013
JPMorgan CHRISTOPHER HORVERS overweight 5 M 74 6 month 12.04.2013
Robert W. Baird & Co PETER S BENEDICT outperform 5 M 78 12 month 12.04.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 71 12 month 12.04.2013
ISI Group GREGORY MELICH strong buy 5 M 79 Not Provided 12.04.2013
Nomura ARAM RUBINSON neutral 3 M 70 12 month 12.04.2013
Janney Montgomery Scott LLC DAVID S STRASSER neutral 3 M 60 12 month 08.04.2013
Longbow Research DAVID S MACGREGOR buy 5 M 78 12 month 01.04.2013
Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 27.03.2013
Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 21.03.2013
Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 61 12 month 21.03.2013
Barclays ALAN M RIFKIN overweight 5 M 78 Not Provided 20.03.2013
Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 75 12 month 10.03.2013
Oppenheimer & Co BRIAN NAGEL outperform 5 M 76 18 month 01.03.2013
Crowell, Weedon & Co JAMES D RAGAN buy 5 M 76 18 month 28.02.2013
Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 U 70 Not Provided 28.02.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 75 Not Provided 27.02.2013
Credit Suisse GARY BALTER outperform 5 M 78 Not Provided 27.02.2013
Landesbank Baden-Wuerttemberg PER-OLA HELLGREN sell 1 N 65 Not Provided 27.02.2013
Gabelli & Co ZAHID SIDDIQUE hold 3 M #N/A N/A Not Provided 27.02.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 75 12 month 27.02.2013
BMO Capital Markets WAYNE HOOD market perform 3 M 72 Not Provided 26.02.2013
RBC Capital Markets R SCOT CICCARELLI outperform 5 M 75 12 month 26.02.2013
S&P Capital IQ MICHAEL SOUERS sell 1 M 55 Not Provided 26.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
First Global Stockbroking RITESH DOSHI market perform 3 M #N/A N/A Not Provided 18.08.2011
Holdings By:
Home Depot Inc/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Honeywell International Inc. is a worldwide diversified technology and
manufacturing company providing aerospace products and services, control,
sensing and security technologies, turbochargers, automotive products, specialty
chemicals, electronic and advanced materials, process technology for refining
and petrochemicals, and energy efficient products and solutions.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (25.03.2013) 75.75
52-Week Low (28.06.2012) 52.21
Daily Volume
74.82
52-Week High % Change -1.16% Dividend Yield 2.09
52-Week Low % Change 43.31% Beta 1.19
% 52 Week Price Range High/Low 95.79% Equity Float 785.49
Shares Out 31.03.2013 786.8 Short Int 9.88
58'867.18 1 Yr Total Return 28.08%
Total Debt 7'496.00 YTD Return 18.57%
Preferred Stock 0.0 Adjusted BETA 1.194
Minority Interest 240.0 Analyst Recs 28
Cash and Equivalents 5'265.00 Consensus Rating 4.571
Enterprise Value 61'682.17
Average Volume 5 Day 935'492
HON UN EQUITY YTD Change - Average Volume 30 Day 895'222
HON UN EQUITY YTD % CHANGE - Average Volume 3 Month 828'914
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
36'556.0 30'908.0 32'350.0 36'529.0 37'665.0 37'164.0 37'686.0 39'172.1 41'451.4 9'709.5 9'903.5
0.83x 1.36x 1.40x 1.25x 1.38x 4.97x 5.59x 1.52x 1.39x 6.29x 6.13x
4'432.0 3'410.0 3'998.0 3'531.0 5'082.0 3'699.0 5'220.0 6'916.3 7'541.7 1'712.4 1'753.9
6.87x 12.34x 11.33x 12.91x 10.26x 13.81x 11.90x 8.92x 8.18x 8.63x 8.39x
2'792.0 1'548.0 2'022.0 2'067.0 2'926.0 2'185.0 3'069.0 3'943.6 4'413.2 963.2 989.4
7.08x 16.40x 17.49x 14.34x 13.11x 13.54x 15.22x 15.11x 13.53x 14.78x 14.34x
EBITDA 5'082.00 Long-Term Rating Date 03.07.2001
EBIT 4'156.00 Long-Term Rating A
Operating Margin 11.03% Long-Term Outlook STABLE
Pretax Margin 10.29% Short-Term Rating Date 03.07.2001
Return on Assets 7.47% Short-Term Rating A-1
Return on Common Equity 24.37%
Return on Capital 16.24% EBITDA/Interest Exp. 13.77
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 11.38
Net Debt/EBITDA 0.52
Gross Margin 24.9% Total Debt/EBITDA 1.50
EBITDA Margin 13.9%
EBIT Margin 11.3% Total Debt/Equity 57.8%
Net Income Margin 7.8% Total Debt/Capital 36.2%
Asset Turnover 0.92
Current Ratio 1.35 Net Fixed Asset Turnover 7.72
Quick Ratio 0.97 Accounts receivable turnover-days 71.93
Debt to Assets 17.91% Inventory Days 56.09
Tot Debt to Common Equity 57.77% Accounts Payable Turnover Day 58.27
Accounts Receivable Turnover 5.07 Cash Conversion Cycle 64.84
Inventory Turnover 6.51
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
Honeywell International IncPrice/Volume
Valuation Analysis
260'491.00
Current Price (4/dd/yy) Market Data
&
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25'000.0
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 83'491'839 10.61 (1'098'871) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 44'710'028 5.68 1'798'758 22.04.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 37'193'251 4.73 2'228'106 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 34'318'137 4.36 44'201 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 25'734'785 3.27 2'301'749 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 21'954'337 2.79 1'482'734 31.12.2012 Investment Advisor
EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 19'712'106 2.51 - 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 17'885'265 2.27 (2'082'738) 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 17'579'495 2.23 (124'743) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 17'017'142 2.16 298'914 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 14'345'000 1.82 135'000 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 13'293'381 1.69 (506'600) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 12'245'224 1.56 2'371'782 31.12.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 11'806'211 1.5 (371'685) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'804'107 1.5 336'816 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'085'986 1.28 (37'148) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 10'002'151 1.27 1'285'650 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'754'028 1.11 (1'644'686) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 8'377'799 1.06 (113'762) 31.12.2012 Investment Advisor
ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 6'687'234 0.85 619'978 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank JOHN G INCH buy 5 M 88 12 month 24.04.2013
JPMorgan CHARLES STEPHEN TUSA overweight 5 M 73 6 month 23.04.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 82 12 month 22.04.2013
Jefferies HOWARD A RUBEL buy 5 M 82 12 month 22.04.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 76 12 month 22.04.2013
FBR Capital Markets AJAY K KEJRIWAL market perform 3 M 76 12 month 22.04.2013
Stifel JEFFREY D OSBORNE buy 5 M 80 12 month 22.04.2013
Sterne, Agee & Leach PETER J ARMENT buy 5 M 81 12 month 22.04.2013
Nomura SHANNON O'CALLAGHAN buy 5 M 85 12 month 22.04.2013
Cowen and Company GAUTAM KHANNA outperform 5 M #N/A N/A Not Provided 22.04.2013
Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 81 12 month 22.04.2013
Barclays SCOTT R DAVIS overweight 5 M 80 Not Provided 22.04.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 85 12 month 22.04.2013
Credit Suisse JULIAN MITCHELL neutral 3 M 73 Not Provided 21.04.2013
Oppenheimer & Co CHRISTOPHER D GLYNN outperform 5 M 87 12 month 21.04.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 20.04.2013
Morgan Stanley NIGEL COE Overwt/In-Line 5 M 82 12 month 19.04.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 80 12 month 19.04.2013
Edward Jones CHRISTIAN MAYES buy 5 M #N/A N/A Not Provided 19.04.2013
Sanford C. Bernstein & Co STEVEN E WINOKER outperform 5 M 86 12 month 19.04.2013
Buckingham Research Group EDWARD WHEELER neutral 3 M 80 12 month 19.04.2013
Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 74 Not Provided 19.04.2013
Goldman Sachs JOSEPH RITCHIE Buy/Neutral 5 N 88 12 month 20.03.2013
S&P Capital IQ RICHARD TORTORIELLO buy 5 M 75 12 month 25.01.2013
Gabelli & Co JAMES FOUNG buy 5 M #N/A N/A Not Provided 23.10.2012
Holdings By:
Honeywell International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Intel Corporation designs, manufactures, and sells computer components and
related products. The Company's major products include microprocessors,
chipsets, embedded processors and microcontrollers, flash memory products,
graphics products, network and communications products, systems management
software, conferencing products, and digital imaging products.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (02.05.2012) 29.27
52-Week Low (21.11.2012) 19.23
Daily Volume
23.305
52-Week High % Change -20.29% Dividend Yield 3.80
52-Week Low % Change 21.19% Beta 0.99
% 52 Week Price Range High/Low 41.24% Equity Float 4'768.99
Shares Out 30.03.2013 4'946.0 Short Int 238.76
115'266.53 1 Yr Total Return -11.48%
Total Debt 13'448.00 YTD Return 14.17%
Preferred Stock 0.0 Adjusted BETA 0.986
Minority Interest 0.0 Analyst Recs 52
Cash and Equivalents 22'586.00 Consensus Rating 3.481
Enterprise Value 106'726.53
Average Volume 5 Day 17'212'746
INTC UW EQUITY YTD Change - Average Volume 30 Day 11'504'016
INTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 10'194'784
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
37'586.0 35'127.0 43'623.0 53'999.0 53'341.0 54'058.0 53'015.0 53'545.7 55'880.8 12'893.7 13'745.6
1.81x 2.84x 2.16x 2.10x 1.70x 8.44x 7.97x 2.06x 1.96x 8.53x 7.97x
14'280.0 10'994.0 20'226.0 23'541.0 22'160.0 23'536.0 21'148.0 20'828.6 22'479.9 4'604.1 5'422.4
4.76x 9.08x 4.65x 4.81x 4.10x 5.68x 4.70x 5.11x 4.74x 5.01x 4.86x
5'292.0 4'369.0 11'464.0 12'942.0 11'005.0 12'520.0 10'312.0 9'875.2 10'684.0 2'095.3 2'662.7
12.66x 16.80x 10.37x 9.59x 9.50x 11.62x 10.92x 12.17x 11.49x 11.78x 11.33x
EBITDA 22'160.00 Long-Term Rating Date 17.02.1993
EBIT 14'638.00 Long-Term Rating A+
Operating Margin 27.44% Long-Term Outlook STABLE
Pretax Margin 27.88% Short-Term Rating Date 17.02.1993
Return on Assets 13.31% Short-Term Rating A-1+
Return on Common Equity 21.05%
Return on Capital 18.78% EBITDA/Interest Exp. 67.15
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 33.74
Net Debt/EBITDA -0.40
Gross Margin 62.1% Total Debt/EBITDA 0.63
EBITDA Margin 39.9%
EBIT Margin 25.2% Total Debt/Equity 26.3%
Net Income Margin 20.6% Total Debt/Capital 20.8%
Asset Turnover 0.68
Current Ratio 2.43 Net Fixed Asset Turnover 1.98
Quick Ratio 1.71 Accounts receivable turnover-days 26.00
Debt to Assets 15.94% Inventory Days 76.44
Tot Debt to Common Equity 26.26% Accounts Payable Turnover Day 49.10
Accounts Receivable Turnover 14.00 Cash Conversion Cycle 52.88
Inventory Turnover 4.76
Fiscal Year Ended
Intel CorpPrice/Volume
Valuation Analysis
2'867'936.00
Current Price (4/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
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 280'171'846 5.66 4'665'085 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 276'369'330 5.59 1'063'793 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 228'240'221 4.61 3'877'756 31.03.2013 Investment Advisor
MOORE GORDON EARLE n/a Form 4 172'992'357 3.5 (1'255'200) 02.03.2005 n/a
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 107'138'879 2.17 (509'130) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 76'183'909 1.54 231'840 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 73'349'858 1.48 (7'774'199) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 71'696'575 1.45 2'772'732 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 64'099'640 1.3 3'284'665 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 62'474'851 1.26 1'886'682 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 49'437'200 1 (1'073'550) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 42'262'952 0.85 2'352'168 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 40'574'173 0.82 14'347'374 28.02.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 40'236'837 0.81 3'652'891 31.12.2012 Government
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 39'078'900 0.79 (11'739'300) 31.12.2012 Insurance Company
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 38'661'945 0.78 9'367'763 31.12.2012 Investment Advisor
LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 36'009'427 0.73 4'046'035 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 35'339'649 0.71 (2'267'980) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 33'702'161 0.68 (3'328'989) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 33'546'281 0.68 (736'637) 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FBR Capital Markets CHRISTOPHER ROLLAND market perform 3 M 23 12 month 23.04.2013
BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 21 Not Provided 22.04.2013
Robert W. Baird & Co TRISTAN GERRA outperform 5 M 26 12 month 22.04.2013
ISI Group SUMIT DHANDA buy 5 M 25 12 month 22.04.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 22.04.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 24 12 month 22.04.2013
Evercore Partners PATRICK WANG equalweight 3 M 22 12 month 21.04.2013
Crowell, Weedon & Co JAMES D RAGAN buy 5 M 26 18 month 19.04.2013
MKM Partners DANIEL A BERENBAUM buy 5 M 24 12 month 19.04.2013
Morgan Stanley JOSEPH MOORE Underwt/In-Line 1 M 20 12 month 17.04.2013
Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 17.04.2013
Roth Capital Partners KRISHNA SHANKAR neutral 3 M 20 12 month 17.04.2013
Credit Suisse JOHN W PITZER outperform 5 M 28 Not Provided 17.04.2013
JPMorgan CHRISTOPHER DANELY neutral 3 M 19 6 month 17.04.2013
Jefferies MARK J LIPACIS hold 3 M 24 12 month 17.04.2013
Needham & Co N QUINN BOLTON hold 3 M #N/A N/A Not Provided 17.04.2013
Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 17.04.2013
Sanford C. Bernstein & Co STACY A RASGON underperform 1 M 18 12 month 17.04.2013
Wedbush BETSY VAN HEES neutral 3 M 23 12 month 17.04.2013
Macquarie SHAWN WEBSTER outperform 5 M 25 12 month 17.04.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 26 12 month 17.04.2013
B Riley & Company, Inc CRAIG ELLIS neutral 3 M 23 Not Provided 17.04.2013
Stifel KEVIN E CASSIDY buy 5 M 28 12 month 17.04.2013
Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 20 12 month 17.04.2013
Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 17.04.2013
Nomura ROMIT SHAH reduce 2 M 18 12 month 17.04.2013
Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 17.04.2013
JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 17.04.2013
Gabelli & Co HENDI SUSANTO buy 5 M #N/A N/A Not Provided 17.04.2013
Lazard Capital Markets DANIEL L AMIR buy 5 M 26 12 month 17.04.2013
Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 17.04.2013
Maxim Group LLC ASHOK KUMAR buy 5 M 29 12 month 17.04.2013
Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 21 12 month 17.04.2013
Piper Jaffray AUGUSTE P RICHARD neutral 3 M 21 12 month 17.04.2013
Credit Agricole Securities (USA) SRINI PAJJURI underperform 1 M 22 Not Provided 17.04.2013
Barclays BLAYNE CURTIS equalweight 3 M 20 Not Provided 17.04.2013
Deutsche Bank ROSS C SEYMORE buy 5 M 26 12 month 16.04.2013
RBC Capital Markets DOUG FREEDMAN sector perform 3 M 24 12 month 16.04.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 16.04.2013
Raymond James HANS C MOSESMANN underperform 1 M #N/A N/A Not Provided 16.04.2013
Canaccord Genuity Corp ROBERT BURLESON hold 3 M 20 12 month 16.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 16.04.2013
S&P Capital IQ CHRISTIN ARMACOST hold 3 M 23 12 month 06.04.2013
Holdings By:
Intel Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
International Business Machines Corporation (IBM) provides computer solutions
through the use of advanced information technology. The Company's solutions
include technologies, systems, products, services, software, and financing. IBM
offers its products through its global sales and distribution organization, as
well as through a variety of third party distributors and resellers.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (15.03.2013) 215.90
52-Week Low (12.07.2012) 181.87
Daily Volume
191.619
52-Week High % Change -11.11% Dividend Yield 1.77
52-Week Low % Change 5.36% Beta 0.93
% 52 Week Price Range High/Low 28.62% Equity Float 1'113.10
Shares Out 31.03.2013 1'114.5 Short Int 15.56
213'561.25 1 Yr Total Return -2.53%
Total Debt 33'269.00 YTD Return 0.46%
Preferred Stock 0.0 Adjusted BETA 0.926
Minority Interest 124.0 Analyst Recs 32
Cash and Equivalents 11'129.00 Consensus Rating 3.844
Enterprise Value 235'088.25
Average Volume 5 Day 2'131'160
IBM UN EQUITY YTD Change - Average Volume 30 Day 1'269'323
IBM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'116'203
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
103'630.0 95'759.0 99'870.0 106'916.0 104'507.0 106'981.0 103'242.0 103'588.6 106'372.5 25'426.4 25'124.5
1.29x 1.91x 1.98x 2.18x 2.26x 8.80x 9.65x 2.29x 2.21x 9.40x 9.53x
21'388.0 22'009.0 22'981.0 25'101.0 25'119.0 25'216.0 20'332.0 27'868.5 29'375.5 6'332.4 6'621.3
6.25x 8.32x 8.59x 9.30x 9.41x 10.33x 0.00x 8.44x 8.01x 8.30x 8.06x
12'334.0 13'425.0 14'833.0 15'855.0 16'604.0 16'059.0 16'570.0 18'333.1 19'235.0 3'851.2 4'502.1
9.42x 13.08x 12.74x 13.68x 12.56x 15.05x 13.74x 11.48x 10.45x 11.26x 10.77x
EBITDA 25'119.00 Long-Term Rating Date 30.05.2012
EBIT 20'443.00 Long-Term Rating AA-
Operating Margin 19.56% Long-Term Outlook STABLE
Pretax Margin 20.96% Short-Term Rating Date 30.05.2012
Return on Assets 14.25% Short-Term Rating A-1+
Return on Common Equity 83.28%
Return on Capital 32.07% EBITDA/Interest Exp. 52.66
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 44.10
Net Debt/EBITDA 0.88
Gross Margin 48.1% Total Debt/EBITDA 1.32
EBITDA Margin 24.0%
EBIT Margin 19.6% Total Debt/Equity 176.4%
Net Income Margin 15.9% Total Debt/Capital 63.7%
Asset Turnover 0.89
Current Ratio 1.13 Net Fixed Asset Turnover 7.50
Quick Ratio 0.91 Accounts receivable turnover-days 90.85
Debt to Assets 27.91% Inventory Days 17.69
Tot Debt to Common Equity 176.40% Accounts Payable Turnover Day 50.29
Accounts Receivable Turnover 4.02 Cash Conversion Cycle 60.00
Inventory Turnover 20.63
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
International Business Machines CorpPrice/Volume
Valuation Analysis
231'229.00
Current Price (4/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 82'148'284 7.37 182'066 23.04.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 68'115'484 6.11 597'588 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 56'664'194 5.08 1'685'715 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 52'371'093 4.7 1'213'785 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 16'651'892 1.49 - 31.12.2012 Insurance Company
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'291'957 1.46 (210'207) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'001'921 1.44 631'840 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'350'421 1.02 407'981 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'957'628 0.89 (4'922'594) 28.02.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 9'228'652 0.83 70'243 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 9'205'654 0.83 (522'414) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 9'100'412 0.82 429'602 31.12.2012 Government
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'364'296 0.75 (98'584) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'652'324 0.69 (388'432) 28.02.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 7'050'925 0.63 (315'214) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 7'037'283 0.63 (762'456) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'023'173 0.63 (683'364) 31.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'610'385 0.5 (184'705) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 5'598'716 0.5 (112'134) 28.02.2013 Investment Advisor
UBS n/a ULT-AGG 5'531'563 0.5 (36'372) 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale RICHARD NGUYEN hold 3 M 203 12 month 22.04.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 197 12 month 22.04.2013
BMO Capital Markets KEITH F BACHMAN market perform 3 M 220 Not Provided 19.04.2013
Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 225 12 month 19.04.2013
Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 19.04.2013
Goldman Sachs WILLIAM C SHOPE JR Buy/Cautious 5 M 220 12 month 19.04.2013
RBC Capital Markets AMIT DARYANANI sector perform 3 M 200 12 month 19.04.2013
Argus Research Corp JAMES KELLEHER buy 5 M 235 Not Provided 19.04.2013
Credit Suisse KULBINDER GARCHA neutral 3 M 200 Not Provided 19.04.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 19.04.2013
JPMorgan MARK A MOSKOWITZ neutral 3 M 196 6 month 19.04.2013
Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 208 12 month 19.04.2013
Jefferies PETER J MISEK hold 3 M 225 12 month 19.04.2013
Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 225 12 month 19.04.2013
Macquarie BRAD A ZELNICK neutral 3 M 215 12 month 19.04.2013
Stifel DAVID M GROSSMAN buy 5 M 240 12 month 19.04.2013
Evercore Partners ROBERT CIHRA overweight 5 M 235 12 month 19.04.2013
Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 19.04.2013
Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 19.04.2013
Credit Agricole Securities (USA) EDWARD MAGUIRE outperform 5 M 225 Not Provided 19.04.2013
Barclays BENJAMIN A REITZES overweight 5 M 225 Not Provided 19.04.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 19.04.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 246 12 month 19.04.2013
ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 18.04.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 230 Not Provided 06.03.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 20.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.01.2013
S&P Capital IQ JIM YIN buy 5 M 227 12 month 23.01.2013
Holdings By:
International Business Machines Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Johnson & Johnson manufactures health care products and provides related
services for the consumer, pharmaceutical, and medical devices and diagnostics
markets. The Company sells products such as skin and hair care products,
acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical
equipment in countries located around the world.
Latest Fiscal Year: 12/2012
LTM as of: 04/yy
52-Week High (24.04.2013) 85.70
52-Week Low (01.06.2012) 61.71
Daily Volume
84.98
52-Week High % Change -0.98% Dividend Yield 2.87
52-Week Low % Change 37.71% Beta 0.64
% 52 Week Price Range High/Low 99.08% Equity Float 2'795.46
Shares Out 26.02.2013 2'797.0 Short Int 95.70
237'692.14 1 Yr Total Return 38.05%
Total Debt 16'165.00 YTD Return 22.20%
Preferred Stock 0.0 Adjusted BETA 0.640
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 21'089.00 Consensus Rating 3.846
Enterprise Value 232'768.14
Average Volume 5 Day 2'531'050
JNJ UN EQUITY YTD Change - Average Volume 30 Day 2'736'088
JNJ UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'599'789
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 04/yy 04/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
63'747.0 61'897.0 61'587.0 65'030.0 67'224.0 64'996.0 68'590.0 70'937.8 73'793.7 17'720.2 17'567.1
2.58x 2.79x 2.57x 2.55x 2.80x 10.27x 8.19x 3.18x 2.95x 13.19x 13.18x
19'001.0 19'550.0 19'466.0 19'311.0 20'698.0 19'292.0 15'361.0 22'919.2 24'456.0 5'713.2 5'511.4
8.67x 8.82x 8.14x 8.60x 9.09x 8.64x 0.00x 10.17x 9.53x 10.30x 10.13x
12'949.0 12'266.0 13'334.0 9'672.0 10'853.0 10'106.0 10'440.0 15'383.7 16'281.3 3'963.6 3'807.5
13.15x 13.91x 12.99x 13.12x 13.62x 13.14x 15.79x 15.71x 14.72x 15.51x 15.18x
EBITDA 20'698.00 Long-Term Rating Date 17.09.1987
EBIT 17'032.00 Long-Term Rating AAA
Operating Margin 25.34% Long-Term Outlook STABLE
Pretax Margin 20.49% Short-Term Rating Date 14.07.1987
Return on Assets 9.24% Short-Term Rating A-1+
Return on Common Equity 17.81%
Return on Capital 13.83% EBITDA/Interest Exp. 31.99
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 27.46
Net Debt/EBITDA -0.24
Gross Margin 67.8% Total Debt/EBITDA 0.78
EBITDA Margin 30.8%
EBIT Margin 25.4% Total Debt/Equity 24.9%
Net Income Margin 16.1% Total Debt/Capital 20.0%
Asset Turnover 0.57
Current Ratio 1.90 Net Fixed Asset Turnover 4.36
Quick Ratio 1.34 Accounts receivable turnover-days 59.26
Debt to Assets 13.32% Inventory Days 115.80
Tot Debt to Common Equity 24.94% Accounts Payable Turnover Day 91.97
Accounts Receivable Turnover 6.14 Cash Conversion Cycle 83.09
Inventory Turnover 3.14
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
Johnson & JohnsonPrice/Volume
Valuation Analysis
423'835.00
Current Price (4/dd/yy) Market Data
&-&.&0&1&2&3&4&5&6&
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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
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 199'649'230 7.14 4'014'122 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 157'784'759 5.64 6'120'090 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 128'541'211 4.6 5'636'646 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 53'650'809 1.92 1'652'521 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 52'447'830 1.88 1'200'224 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 43'710'806 1.56 10'359'056 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 40'796'847 1.46 322'072 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 38'245'458 1.37 3'447'100 31.03.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 37'878'592 1.35 - 31.12.2012 Insurance Company
SUN LIFE FINANCIAL I n/a ULT-AGG 33'450'656 1.2 6'057'892 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 28'243'897 1.01 (1'320'794) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 26'047'180 0.93 2'877'823 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 25'806'693 0.92 (36'200) 28.02.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 23'162'101 0.83 (1'886'750) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 22'053'497 0.79 1'865'427 31.12.2012 Government
ABERDEEN n/a ULT-AGG 21'650'673 0.77 214'400 31.03.2013 Unclassified
BANK OF AMERICA CORP BANK OF AMERICA 13F 20'926'506 0.75 (541'513) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 19'009'198 0.68 2'164'760 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 18'311'384 0.65 (1'617'668) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 17'526'131 0.63 218'880 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 24.04.2013
Leerink Swann & Co DANIELLE ANTALFFY outperform 5 M #N/A N/A Not Provided 22.04.2013
Jefferies JEFFREY HOLFORD hold 3 M 90 12 month 19.04.2013
Wells Fargo Securities, LLC LAWRENCE BIEGELSEN outperform 5 M #N/A N/A Not Provided 19.04.2013
RBC Capital Markets GLENN J NOVARRO sector perform 3 M 82 12 month 18.04.2013
Argus Research Corp DAVID H TOUNG buy 5 M 96 Not Provided 18.04.2013
Deutsche Bank KRISTEN M STEWART buy 5 M 87 12 month 17.04.2013
JPMorgan MICHAEL N WEINSTEIN neutral 3 M 83 6 month 17.04.2013
Sanford C. Bernstein & Co DERRICK SUNG outperform 5 M 89 12 month 17.04.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 73 12 month 17.04.2013
Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 17.04.2013
Piper Jaffray MATT MIKSIC neutral 3 M 87 12 month 17.04.2013
Goldman Sachs JAMI E RUBIN sell/attractive 1 M 80 12 month 16.04.2013
Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 16.04.2013
Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 95 12 month 16.04.2013
Raymond James JAYSON BEDFORD outperform 5 M 87 12 month 16.04.2013
CL King & Associates ROBERT M GOLDMAN neutral 3 M #N/A N/A Not Provided 16.04.2013
Cowen and Company JOSHUA JENNINGS outperform 5 M #N/A N/A Not Provided 16.04.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 90 12 month 16.04.2013
Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 90 12 month 16.04.2013
Barclays CHARLES ANTHONY BUTLER overweight 5 M 95 Not Provided 16.04.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 28.03.2013
Credit Suisse CATHERINE J ARNOLD underperform 1 D 73 Not Provided 07.02.2013
First Global Stockbroking KAVITA THOMAS short-term market perform 3 M #N/A N/A Not Provided 23.04.2012
Holdings By:
Johnson & Johnson ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
JPMorgan Chase & Co. provides global financial services and retail banking. The
Company provides services such as investment banking, treasury and securities
services, asset management, private banking, card member services, commercial
banking, and home finance. JP Morgan Chase serves business enterprises,
institutions, and individuals.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.03.2013) 51.00
52-Week Low (04.06.2012) 30.83
Daily Volume
48.38
52-Week High % Change -4.88% Dividend Yield 2.48
52-Week Low % Change 56.93% Beta 1.30
% 52 Week Price Range High/Low 85.97% Equity Float 3'765.63
Shares Out 31.03.2013 3'789.8 Short Int 39.48
183'350.53 1 Yr Total Return 15.04%
Total Debt 695'583.00 YTD Return 11.48%
Preferred Stock 9'058.0 Adjusted BETA 1.297
Minority Interest 0.0 Analyst Recs 41
Cash and Equivalents 471'833.00 Consensus Rating 4.512
Enterprise Value -
Average Volume 5 Day 5'373'717
JPM UN EQUITY YTD Change - Average Volume 30 Day 5'744'104
JPM UN EQUITY YTD % CHANGE - Average Volume 3 Month 5'193'260
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
101'491.0 115'632.0 115'475.0 110'838.0 108'184.0 111'162.0 106'713.0 99'662.3 102'507.3 24'896.1 24'838.8
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
5'605.0 11'728.0 17'370.0 18'976.0 21'284.0 18'345.0 22'889.0 22'024.6 22'730.6 5'447.0 5'410.9
30.32x 14.94x 8.52x 6.79x 7.28x 9.42x 7.95x 8.59x 8.14x 8.65x 8.51x
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A
Operating Margin 33.19% Long-Term Outlook STABLE
Pretax Margin 29.80% Short-Term Rating Date 19.12.2008
Return on Assets 0.97% Short-Term Rating A-1
Return on Common Equity 11.32%
Return on Capital 2.48% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 356.7%
Net Income Margin 21.9% Total Debt/Capital 77.3%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 7.42
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 29.48% Inventory Days -
Tot Debt to Common Equity 356.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
JPMorgan Chase & CoPrice/Volume
Valuation Analysis
651'988.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 246'313'313 6.5 7'346'783 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 227'604'078 6.01 3'545'048 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 176'729'122 4.66 6'968'246 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 104'126'743 2.75 (3'886'885) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 94'239'399 2.49 (1'910'070) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 73'182'828 1.93 243'420 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 70'456'808 1.86 (6'969'630) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 58'295'410 1.54 145'935 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 55'898'145 1.47 2'023'354 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 51'117'348 1.35 (463'400) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 48'681'008 1.28 1'451'400 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 48'071'251 1.27 61'260 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 39'671'589 1.05 3'556'897 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 38'706'660 1.02 5'009'599 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 30'298'369 0.8 998'725 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 30'224'093 0.8 685'077 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 29'613'933 0.78 (505'104) 28.02.2013 Unclassified
NORGES BANK NORGES BANK 13F 29'412'458 0.78 (2'185'085) 31.12.2012 Government
MORGAN STANLEY n/a ULT-AGG 25'869'156 0.68 2'154'863 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 25'172'588 0.66 188'511 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets GERARD S CASSIDY outperform 5 M 55 12 month 24.04.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI outperform 5 M 66 18 month 23.04.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 55 12 month 23.04.2013
Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 M 60 12 month 15.04.2013
Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 15.04.2013
Edward Jones SHANNON L STEMM buy 5 M #N/A N/A Not Provided 15.04.2013
Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO outperform 5 M 54 12 month 15.04.2013
Sanford C. Bernstein & Co JOHN E MCDONALD outperform 5 M 56 12 month 15.04.2013
Raymond James ANTHONY J POLINI outperform 5 M 55 12 month 15.04.2013
FBR Capital Markets PAUL J MILLER JR market perform 3 M 50 12 month 15.04.2013
Macquarie THOMAS ALONSO outperform 5 M 57 12 month 15.04.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 57 12 month 15.04.2013
Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 56 Not Provided 15.04.2013
Buckingham Research Group JAMES F MITCHELL buy 5 M 61 12 month 15.04.2013
Sterne, Agee & Leach TODD L HAGERMAN buy 5 M 54 12 month 15.04.2013
Evercore Partners ANDREW A MARQUARDT overweight 5 M 56 12 month 15.04.2013
Wells Fargo Securities, LLC MATTHEW H BURNELL outperform 5 M #N/A N/A Not Provided 15.04.2013
Barclays JASON M GOLDBERG overweight 5 M 60 Not Provided 15.04.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 13.04.2013
Deutsche Bank MATTHEW D O'CONNOR buy 5 M 53 12 month 12.04.2013
Credit Suisse MOSHE A ORENBUCH outperform 5 M 54 Not Provided 12.04.2013
SunTrust Robinson Humphrey ERIC WASSERSTROM buy 5 M 55 12 month 12.04.2013
Robert W. Baird & Co DAVID A GEORGE outperform 5 M 57 12 month 12.04.2013
Nomura GLENN P SCHORR buy 5 M 54 12 month 12.04.2013
Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 61 12 month 12.04.2013
JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 12.04.2013
S&P Capital IQ ERIK M OJA buy 5 M 55 Not Provided 12.04.2013
Atlantic Equities LLP RICHARD STAITE overweight 5 M 54 12 month 12.04.2013
Credit Agricole Securities (USA) MICHAEL L MAYO underperform 1 M 50 Not Provided 12.04.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 61 12 month 11.04.2013
Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 11.04.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 60 Not Provided 25.03.2013
Scotia Capital KEVIN R CHOQUETTE sector outperform 5 M 62 12 month 14.03.2013
Goldman Sachs RICHARD N RAMSDEN buy/attractive 5 M 56 12 month 13.03.2013
HSBC ROBERT MURPHY neutral 3 M 54 Not Provided 05.03.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE neutral 3 M 50 Not Provided 08.02.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M 43 12 month 12.10.2012
Oriel Securities Ltd VIVEK RAJA not rated #N/A N/A M #N/A N/A Not Provided 11.05.2012
Holdings By:
JPMorgan Chase & Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Lockheed Martin Corporation is a global security company that primarily
researches, designs, develops, manufactures, and integrates advanced technology
products and services. The Company's businesses span space, telecommunications,
electronics, information and services, aeronautics, energy, and systems
integration. Lockheed Martin operates worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 99.48
52-Week Low (05.06.2012) 80.14
Daily Volume
97.86
52-Week High % Change -1.61% Dividend Yield 4.39
52-Week Low % Change 22.11% Beta 0.75
% 52 Week Price Range High/Low 87.49% Equity Float 322.11
Shares Out 31.03.2013 322.6 Short Int 7.12
31'568.01 1 Yr Total Return 12.68%
Total Debt 6'308.00 YTD Return 7.42%
Preferred Stock 0.0 Adjusted BETA 0.749
Minority Interest 0.0 Analyst Recs 22
Cash and Equivalents 1'898.00 Consensus Rating 3.455
Enterprise Value 34'807.01
Average Volume 5 Day 388'874
LMT UN EQUITY YTD Change - Average Volume 30 Day 434'631
LMT UN EQUITY YTD % CHANGE - Average Volume 3 Month 510'641
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
42'731.0 43'995.0 45'671.0 46'499.0 47'182.0 47'166.0 46'959.0 44'955.8 43'822.2 11'143.5 11'336.2
0.81x 0.70x 0.58x 0.62x 0.72x 2.43x 2.79x 0.77x 0.78x 3.18x 3.13x
5'976.0 5'269.0 5'321.0 5'124.0 5'470.0 5'409.0 5'515.0 5'384.1 5'372.5 1'335.2 1'358.2
5.83x 5.87x 4.97x 5.63x 6.22x 5.93x 6.23x 6.47x 6.48x 6.41x 6.36x
3'217.0 3'024.0 2'878.0 2'655.0 2'745.0 2'793.0 2'838.0 2'919.4 2'871.1 712.1 733.1
11.14x 9.02x 8.38x 8.19x 9.06x 9.03x 9.20x 10.91x 10.84x 11.01x 10.98x
EBITDA 5'470.00 Long-Term Rating Date 27.04.2007
EBIT 4'482.00 Long-Term Rating A-
Operating Margin 9.50% Long-Term Outlook NEG
Pretax Margin 8.63% Short-Term Rating Date 18.04.2002
Return on Assets 7.28% Short-Term Rating A-2
Return on Common Equity 302.40%
Return on Capital 42.28% EBITDA/Interest Exp. 14.28
Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 11.82
Net Debt/EBITDA 0.59
Gross Margin 11.2% Total Debt/EBITDA 1.14
EBITDA Margin 11.7%
EBIT Margin 9.6% Total Debt/Equity 16174.4%
Net Income Margin 5.8% Total Debt/Capital 99.4%
Asset Turnover 1.21
Current Ratio 1.14 Net Fixed Asset Turnover 10.27
Quick Ratio 0.70 Accounts receivable turnover-days 54.07
Debt to Assets 16.32% Inventory Days 23.35
Tot Debt to Common Equity 16174.36% Accounts Payable Turnover Day 19.71
Accounts Receivable Turnover 6.86 Cash Conversion Cycle 54.03
Inventory Turnover 15.89
Fiscal Year Ended
Lockheed Martin CorpPrice/Volume
Valuation Analysis
115'567.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 64'463'592 19.98 (1'223'344) 23.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 55'460'876 17.19 258'017 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 17'648'870 5.47 (28'981) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'497'500 5.11 1'126'089 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'718'720 3.94 76'447 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'628'776 2.98 49'258 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'650'594 1.75 363'106 31.03.2013 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 4'526'170 1.4 392'943 31.12.2012 Hedge Fund Manager
VERITAS ASSET MANAGE VERITAS ASSET MANAGE 13F 3'861'202 1.2 (49'000) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'690'801 1.14 (359'666) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'618'686 1.12 (11'066) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'521'947 1.09 (245'594) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'870'824 0.89 (259'285) 31.12.2012 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 2'672'779 0.83 (582'028) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'406'231 0.75 (99'543) 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 1'892'599 0.59 (83'780) 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 1'869'657 0.58 (24'981) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 1'833'107 0.57 386'240 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 1'786'665 0.55 (168'115) 31.12.2012 Investment Advisor
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 1'768'094 0.55 (161'060) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank MYLES WALTON hold 3 M 96 12 month 24.04.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 115 12 month 24.04.2013
JPMorgan JOSEPH B NADOL III neutral 3 M 89 6 month 24.04.2013
Jefferies HOWARD A RUBEL hold 3 M 95 12 month 24.04.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED outperform 5 M 117 12 month 24.04.2013
FBR Capital Markets PATRICK J MCCARTHY outperform 5 M 110 12 month 24.04.2013
Sterne, Agee & Leach PETER J ARMENT neutral 3 M #N/A N/A Not Provided 24.04.2013
Cowen and Company CAI VON RUMOHR neutral 3 M #N/A N/A Not Provided 24.04.2013
Credit Suisse ROBERT M SPINGARN neutral 3 M 93 Not Provided 23.04.2013
Stifel WILLIAM R LOOMIS hold 3 M #N/A N/A Not Provided 23.04.2013
Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 23.04.2013
CRT Capital Group BRIAN W RUTTENBUR Fairly Valued 3 M #N/A N/A Not Provided 23.04.2013
Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN market perform 3 M #N/A N/A Not Provided 23.04.2013
Barclays CARTER COPELAND equalweight 3 M 95 Not Provided 23.04.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 U 110 12 month 23.04.2013
Goldman Sachs NOAH POPONAK neutral/neutral 3 M 94 12 month 08.04.2013
Buckingham Research Group RICHARD SAFRAN neutral 3 M 91 12 month 22.03.2013
Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 07.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Lockheed Martin Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Lowe's Companies, Inc. is a home improvement retailer that distributes building
materials and supplies through stores in the United States. The Company offers
a complete line of products and services for home decorating, maintenance,
repair, remodeling, and property maintenance.
Latest Fiscal Year: 01/2013
LTM as of: 02/yy
52-Week High (13.02.2013) 39.98
52-Week Low (02.08.2012) 24.77
Daily Volume
37.85
52-Week High % Change -5.15% Dividend Yield 1.64
52-Week Low % Change 52.81% Beta 0.88
% 52 Week Price Range High/Low 87.05% Equity Float 1'085.54
Shares Out 28.03.2013 1'088.5 Short Int 17.85
41'200.17 1 Yr Total Return 23.01%
Total Debt 9'077.00 YTD Return 7.48%
Preferred Stock 0.0 Adjusted BETA 0.876
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 666.00 Consensus Rating 3.741
Enterprise Value 49'611.17
Average Volume 5 Day 1'462'758
LOW UN EQUITY YTD Change - Average Volume 30 Day 1'607'123
LOW UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'807'036
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 02/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
48'230.0 47'220.0 48'815.0 50'208.0 50'521.0 50'209.0 50'521.0 52'396.5 54'326.4 13'505.3 14'941.3
0.67x 0.75x 0.81x 0.80x 1.01x 2.89x 3.49x 0.96x 0.96x 3.61x 3.32x
5'453.0 4'845.0 5'244.0 4'856.0 5'183.0 4'856.0 5'182.0 5'661.7 6'107.1 1'423.7 1'852.1
5.92x 7.35x 7.56x 8.25x 9.88x 8.25x 9.88x 8.79x 8.15x 8.74x 8.56x
2'195.0 1'783.0 2'010.0 1'839.0 1'959.0 1'838.0 1'958.0 2'218.5 2'498.0 562.5 826.2
12.26x 17.89x 17.53x 16.09x 22.82x 16.39x 22.16x 18.09x 14.94x 18.17x 17.50x
EBITDA 5'183.00 Long-Term Rating Date 19.09.2012
EBIT 3'560.00 Long-Term Rating A-
Operating Margin 7.05% Long-Term Outlook NEG
Pretax Margin 6.21% Short-Term Rating Date 15.11.2011
Return on Assets 5.91% Short-Term Rating A-2
Return on Common Equity 12.79%
Return on Capital 9.51% EBITDA/Interest Exp. 11.78
Asset Turnover 1.53% (EBITDA-Capex)/Interest Exp. 9.03
Net Debt/EBITDA 1.62
Gross Margin 34.3% Total Debt/EBITDA 1.75
EBITDA Margin 10.3%
EBIT Margin 7.0% Total Debt/Equity 65.5%
Net Income Margin 3.9% Total Debt/Capital 39.6%
Asset Turnover 1.53
Current Ratio 1.27 Net Fixed Asset Turnover 2.33
Quick Ratio 0.09 Accounts receivable turnover-days -
Debt to Assets 27.79% Inventory Days 92.96
Tot Debt to Common Equity 65.50% Accounts Payable Turnover Day 49.03
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 3.92
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
Lowe's Cos IncPrice/Volume
Valuation Analysis
308'391.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 82'361'574 7.57 (3'257'304) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 73'307'137 6.73 - 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 68'235'745 6.27 (829'364) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 58'408'238 5.37 (1'658'128) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 41'521'954 3.81 (1'185'350) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 31'778'608 2.92 13'167'175 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 27'575'900 2.53 (11'575) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 20'987'867 1.93 (4'469'501) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'212'596 1.49 (830'738) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 15'343'793 1.41 (426'607) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 14'947'601 1.37 (868'843) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 14'209'504 1.31 6'577'382 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 14'014'034 1.29 1'780'430 31.03.2013 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 13'130'326 1.21 12'469'043 31.12.2012 Investment Advisor
GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 12'040'454 1.11 (476'910) 31.12.2012 Investment Advisor
GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 9'865'393 0.91 (1'254'239) 31.12.2012 Corporation
MANULIFE ASSET MANAG MANULIFE ASSET MANAG 13F 9'494'338 0.87 (1'576'716) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 9'197'191 0.84 (2'680'099) 31.12.2012 Government
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 8'971'699 0.82 336'408 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 7'680'228 0.71 (649'700) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Janney Montgomery Scott LLC DAVID S STRASSER neutral 3 M 33 12 month 22.04.2013
Deutsche Bank MICHAEL BAKER buy 5 M 41 12 month 19.04.2013
Jefferies DANIEL T BINDER hold 3 M 35 12 month 18.04.2013
Piper Jaffray PETER J KEITH neutral 3 M 41 12 month 18.04.2013
Longbow Research DAVID S MACGREGOR buy 5 M 45 12 month 16.04.2013
JPMorgan CHRISTOPHER HORVERS neutral 3 M 40 6 month 12.04.2013
Robert W. Baird & Co PETER S BENEDICT outperform 5 M 45 12 month 12.04.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 43 12 month 12.04.2013
Nomura ARAM RUBINSON buy 5 M 44 12 month 12.04.2013
Stifel DAVID A SCHICK hold 3 M #N/A N/A Not Provided 11.04.2013
ISI Group GREGORY MELICH neutral 3 M 40 12 month 08.04.2013
Edward Jones ROBIN DIEDRICH buy 5 M #N/A N/A Not Provided 27.03.2013
Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 21.03.2013
Goldman Sachs MATTHEW J FASSLER Buy/Neutral 5 M 42 12 month 10.03.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 44 Not Provided 26.02.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 43 Not Provided 26.02.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 26.02.2013
BMO Capital Markets WAYNE HOOD market perform 3 M 37 Not Provided 25.02.2013
Morgan Stanley DAVID GOBER Overwt/In-Line 5 M 43 12 month 25.02.2013
RBC Capital Markets R SCOT CICCARELLI outperform 5 M 43 12 month 25.02.2013
Credit Suisse GARY BALTER outperform 5 M 44 Not Provided 25.02.2013
Canaccord Genuity Corp LAURA A CHAMPINE sell 1 M 27 12 month 25.02.2013
Oppenheimer & Co BRIAN NAGEL outperform 5 M 46 12 month 25.02.2013
S&P Capital IQ MICHAEL SOUERS sell 1 M 32 Not Provided 25.02.2013
Barclays ALAN M RIFKIN equalweight 3 M 35 Not Provided 25.02.2013
Gabelli & Co PATRICK TODD buy 5 M #N/A N/A Not Provided 07.03.2012
Holdings By:
Lowe's Cos Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
MasterCard, Inc. is a global payment solutions company that provides a variety
of services in support of the credit, debit and related payment programs of
financial institutions. The Company offers transaction processing services for
credit and debit cards, electronic cash, automated teller machines, and
travelers checks.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.04.2013) 546.87
52-Week Low (01.06.2012) 390.00
Daily Volume
532.99
52-Week High % Change -2.72% Dividend Yield 0.20
52-Week Low % Change 36.66% Beta 1.00
% 52 Week Price Range High/Low 89.88% Equity Float 105.66
Shares Out 07.02.2013 118.0 Short Int 1.42
65'435.51 1 Yr Total Return 24.24%
Total Debt 0.00 YTD Return 8.68%
Preferred Stock 0.0 Adjusted BETA 1.001
Minority Interest 12.0 Analyst Recs 42
Cash and Equivalents 5'003.00 Consensus Rating 4.333
Enterprise Value 60'444.51
Average Volume 5 Day 111'777
MA UN EQUITY YTD Change - Average Volume 30 Day 159'070
MA UN EQUITY YTD % CHANGE - Average Volume 3 Month 177'557
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
4'991.6 5'098.7 5'539.0 6'714.0 7'391.0 6'714.0 7'391.0 8'263.1 9'275.7 1'934.0 2'025.3
3.29x 6.26x 4.52x 6.38x 7.52x 21.02x 27.46x 7.23x 6.20x 31.27x 29.60x
2'060.3 2'408.2 2'905.0 3'677.0 4'187.0 3'677.0 4'187.0 4'820.4 5'553.8 1'181.5 1'203.4
7.96x 13.25x 8.62x 11.65x 13.27x 11.50x 13.27x 12.51x 10.85x 12.50x 12.08x
(253.9) 1'462.5 1'846.0 1'906.0 2'759.0 1'906.0 2'759.0 3'123.6 3'622.3 764.2 781.5
15.05x 21.55x 15.92x 19.92x 22.29x 19.91x 22.28x 20.96x 17.69x 20.97x 20.09x
EBITDA 4'187.00 Long-Term Rating Date 19.08.2011
EBIT 3'957.00 Long-Term Rating A-
Operating Margin 53.54% Long-Term Outlook POS
Pretax Margin 53.20% Short-Term Rating Date 13.10.2009
Return on Assets 23.83% Short-Term Rating A-2
Return on Common Equity 43.16%
Return on Capital 43.29% EBITDA/Interest Exp. 209.35
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 204.55
Net Debt/EBITDA -1.19
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 56.6%
EBIT Margin 53.5% Total Debt/Equity 0.0%
Net Income Margin 37.3% Total Debt/Capital 0.0%
Asset Turnover 0.64
Current Ratio 1.91 Net Fixed Asset Turnover 16.05
Quick Ratio 1.21 Accounts receivable turnover-days 42.91
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.53 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
Mastercard IncPrice/Volume
Valuation Analysis
14'667.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASTERCARD FOUNDATIO n/a Form 4 12'153'057 10.3 (16'639) 18.03.2013 Other
BLACKROCK n/a ULT-AGG 7'459'378 6.32 - 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'087'843 6.01 493'062 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'685'766 5.67 (296'141) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 5'453'783 4.62 9'227 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'949'310 4.2 94'131 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 3'780'665 3.2 425'776 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'066'857 2.6 (12'066) 31.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 2'752'857 2.33 (20'073) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'124'109 1.8 187'807 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 1'647'647 1.4 434'039 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'508'956 1.28 (5'795) 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 1'469'788 1.25 (58'439) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 1'449'038 1.23 (20'624) 28.02.2013 Unclassified
JANUS CAPITAL MANAGE n/a ULT-AGG 1'305'613 1.11 (178'745) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 1'296'157 1.1 (17'389) 28.02.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'291'394 1.09 (34'558) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'287'490 1.09 76'521 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'280'338 1.09 (314'311) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'211'518 1.03 107'349 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DANIEL R PERLIN outperform 5 M 608 12 month 23.04.2013
Robert W. Baird & Co DAVID J KONING neutral 3 M 575 12 month 23.04.2013
Evercore Partners DAVID M TOGUT overweight 5 M 613 12 month 21.04.2013
Janney Montgomery Scott LLC THOMAS C MCCROHAN neutral 3 M 425 12 month 19.04.2013
Jefferies JASON KUPFERBERG buy 5 M 623 12 month 19.04.2013
Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 496 12 month 19.04.2013
Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 19.04.2013
Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 19.04.2013
Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 623 12 month 17.04.2013
Buckingham Research Group DAVID HOCHSTIM buy 5 M 630 12 month 16.04.2013
Wedbush GIL B LURIA neutral 3 M 460 12 month 15.04.2013
Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 12.04.2013
Sterne, Agee & Leach GREGORY SMITH neutral 3 D #N/A N/A Not Provided 12.04.2013
Susquehanna Financial Group JAMES E FRIEDMAN neutral 3 M 548 12 month 12.04.2013
Deutsche Bank BRYAN KEANE buy 5 M 590 12 month 09.04.2013
SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 620 12 month 09.04.2013
William Blair & Co ROBERT P NAPOLI outperform 5 M #N/A N/A Not Provided 09.04.2013
Raymond James WAYNE JOHNSON outperform 5 M 550 12 month 09.04.2013
Guggenheim Securities LLC DAVID W DARST buy 5 M 625 12 month 09.04.2013
Credit Suisse MOSHE A ORENBUCH outperform 5 M 600 Not Provided 08.04.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 R #N/A N/A Not Provided 25.03.2013
Pacific Crest Securities JAMES FAUCETTE outperform 5 M 600 12 month 21.03.2013
BNP Paribas Equity Research ARVIND RAMNANI hold 3 N 560 12 month 18.03.2013
Nomura BILL CARCACHE buy 5 M 611 12 month 18.03.2013
Credit Agricole Securities (USA) CRAIG J MAURER buy 5 M 625 Not Provided 15.03.2013
Barclays DARRIN D PELLER overweight 5 M 575 Not Provided 13.03.2013
Argus Research Corp DAVID RITTER hold 3 D #N/A N/A Not Provided 06.03.2013
Stifel CHRISTOPHER C BRENDLER buy 5 M 630 12 month 27.02.2013
S&P Capital IQ SONIA PARECHANIAN hold 3 M 560 Not Provided 27.02.2013
Portales Partners WILLIAM H RYAN underperform 1 M #N/A N/A Not Provided 25.02.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 590 Not Provided 15.02.2013
FBR Capital Markets SCOTT VALENTIN outperform 5 M 575 12 month 01.02.2013
Macquarie KEVIN MCVEIGH outperform 5 M 600 12 month 01.02.2013
JPMorgan TIEN-TSIN HUANG overweight 5 M 612 6 month 31.01.2013
Oppenheimer & Co GLENN GREENE outperform 5 M 575 12 month 31.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 28.01.2013
Goldman Sachs JULIO C QUINTEROS JR Buy/Neutral 5 U 575 12 month 09.01.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY outperform 5 M 485 12 month 20.09.2012
Holdings By:
Mastercard Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
McDonald's Corporation franchises and operates fast-food restaurants in the
global restaurant industry. The Company's restaurants serve a variety of
value-priced menu products in countries around the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (12.04.2013) 103.70
52-Week Low (16.11.2012) 83.32
Daily Volume
100.6
52-Week High % Change -2.80% Dividend Yield 2.92
52-Week Low % Change 20.74% Beta 0.66
% 52 Week Price Range High/Low 80.67% Equity Float 1'001.97
Shares Out 31.01.2013 1'002.8 Short Int 11.31
100'880.85 1 Yr Total Return 9.87%
Total Debt 13'632.50 YTD Return 14.96%
Preferred Stock 0.0 Adjusted BETA 0.660
Minority Interest 0.0 Analyst Recs 34
Cash and Equivalents 2'336.10 Consensus Rating 4.088
Enterprise Value 112'177.25
Average Volume 5 Day 1'637'936
MCD UN EQUITY YTD Change - Average Volume 30 Day 1'335'856
MCD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'361'599
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
23'522.4 22'744.7 24'074.6 27'006.0 27'567.0 27'441.0 27'625.7 28'608.0 30'193.0 7'138.2 7'518.0
3.30x 3.34x 3.74x 4.17x 3.62x 15.31x 10.98x 3.95x 3.76x 15.75x 14.96x
7'656.7 7'996.1 8'778.4 9'940.8 10'101.1 10'105.1 7'771.8 10'418.5 11'094.4 2'608.1 2'812.0
10.12x 9.51x 10.25x 11.33x 9.87x 10.90x 0.00x 10.78x 10.12x 10.57x 10.37x
4'313.2 4'551.0 4'946.3 5'503.1 5'464.8 5'560.8 5'468.3 5'720.5 6'121.1 1'417.1 1'559.2
16.95x 15.69x 16.69x 19.04x 16.43x 18.30x 18.50x 17.60x 16.06x 17.29x 16.89x
EBITDA 10'101.10 Long-Term Rating Date 08.05.2003
EBIT 8'612.60 Long-Term Rating A
Operating Margin 31.24% Long-Term Outlook STABLE
Pretax Margin 29.31% Short-Term Rating Date 29.10.2001
Return on Assets 15.98% Short-Term Rating A-1
Return on Common Equity 36.82%
Return on Capital 20.83% EBITDA/Interest Exp. 18.96
Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 13.24
Net Debt/EBITDA 1.12
Gross Margin 56.3% Total Debt/EBITDA 1.35
EBITDA Margin 36.6%
EBIT Margin 31.1% Total Debt/Equity 89.1%
Net Income Margin 19.8% Total Debt/Capital 47.1%
Asset Turnover 0.81
Current Ratio 1.45 Net Fixed Asset Turnover 1.16
Quick Ratio 1.09 Accounts receivable turnover-days 17.99
Debt to Assets 38.52% Inventory Days 2.80
Tot Debt to Common Equity 89.14% Accounts Payable Turnover Day 24.67
Accounts Receivable Turnover 20.34 Cash Conversion Cycle -10.34
Inventory Turnover 130.80
Fiscal Year Ended
McDonald's CorpPrice/Volume
Valuation Analysis
289'073.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 71'179'328 7.1 1'212'238 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 63'088'837 6.29 1'849'125 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 53'687'338 5.35 2'661'172 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 31'079'641 3.1 (12'999'249) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 17'197'097 1.71 (25'435) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'391'778 1.53 778'208 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 14'958'279 1.49 1'452'933 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 12'208'476 1.22 1'387'592 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 10'348'155 1.03 4'011'574 28.02.2013 Investment Advisor
GATES FOUNDATION BILL & MELINDA FOUND 13F 9'872'500 0.98 - 31.12.2012 Endowment
WELLS FARGO n/a ULT-AGG 9'464'061 0.94 (315'190) 28.02.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 8'198'069 0.82 608'347 31.12.2012 Government
UBS n/a ULT-AGG 7'761'426 0.77 (101'348) 28.02.2013 Unclassified
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 7'512'944 0.75 484'550 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 6'907'531 0.69 (1'381'763) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'625'606 0.66 (664'990) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'183'404 0.62 (2'133'057) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'985'481 0.6 (450'841) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 5'711'740 0.57 46'649 31.12.2012 Investment Advisor
FAYEZ SAROFIM FAYEZ SAROFIM 13F 5'601'988 0.56 (1'850'264) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 23.04.2013
Deutsche Bank JASON WEST buy 5 M 110 12 month 22.04.2013
JPMorgan JOHN W IVANKOE overweight 5 M 101 6 month 22.04.2013
Sanford C. Bernstein & Co SARA H SENATORE market perform 3 M 100 12 month 22.04.2013
Stephens Inc WILL SLABAUGH overweight 5 M 120 Not Provided 22.04.2013
Raymond James BRYAN C ELLIOTT market perform 3 M #N/A N/A Not Provided 22.04.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 109 12 month 22.04.2013
Buckingham Research Group MITCHELL J SPEISER neutral 3 M 97 12 month 22.04.2013
Susquehanna Financial Group RACHAEL ROTHMAN Positive 4 M 109 12 month 22.04.2013
Atlantic Equities LLP ALISTAIR M SCOBIE neutral 3 M 96 12 month 22.04.2013
Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 D 111 Not Provided 22.04.2013
Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 103 12 month 22.04.2013
Sterne, Agee & Leach LYNNE COLLIER buy 5 M 107 12 month 21.04.2013
Oppenheimer & Co BRIAN J BITTNER market perform 3 M #N/A N/A Not Provided 21.04.2013
Lazard Capital Markets MATTHEW J DIFRISCO neutral 3 M #N/A N/A Not Provided 21.04.2013
Piper Jaffray NICOLE MILLER REGAN overweight 5 M 110 12 month 21.04.2013
BMO Capital Markets PHILLIP JUHAN market perform 3 M 103 Not Provided 19.04.2013
Morgan Stanley JOHN S GLASS Equalwt/In-Line 3 M #N/A N/A Not Provided 19.04.2013
Goldman Sachs MICHAEL KELTER neutral/neutral 3 M 107 12 month 19.04.2013
RBC Capital Markets LARRY A MILLER outperform 5 M 107 12 month 19.04.2013
Credit Suisse KEITH SIEGNER outperform 5 M 110 Not Provided 19.04.2013
Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 19.04.2013
Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 115 12 month 19.04.2013
Jefferies ANDREW M BARISH hold 3 M 91 12 month 19.04.2013
Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 105 12 month 19.04.2013
Davenport & Co JEFFREY F OMOHUNDRO buy 5 M 109 12 month 19.04.2013
Wells Fargo Securities, LLC JEFFREY D FARMER outperform 5 M #N/A N/A Not Provided 19.04.2013
Cowen and Company PAUL L WESTRA neutral 3 M #N/A N/A Not Provided 19.04.2013
Barclays JEFFREY A BERNSTEIN overweight 5 M 113 Not Provided 19.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 12.04.2013
S&P Capital IQ JIM YIN buy 5 M 110 Not Provided 10.04.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 16.01.2013
Holdings By:
McDonald's Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Medtronic, Inc. develops therapeutic and diagnostic medical products. The
Company's principal products include those for bradycardia pacing,
tachyarrhythmia management, atrial fibrillation management, heart failure
management, heart valve replacement, malignant and non-malignant pain, and
movement disorders. Medtronic's products are sold worldwide.
Latest Fiscal Year: 04/2012
LTM as of: 01/yy
52-Week High (11.04.2013) 47.98
52-Week Low (04.06.2012) 35.68
Daily Volume
46.46
52-Week High % Change -3.31% Dividend Yield 2.20
52-Week Low % Change 30.21% Beta 0.87
% 52 Week Price Range High/Low 88.70% Equity Float 1'010.54
Shares Out 01.03.2013 1'013.8 Short Int 9.96
47'101.43 1 Yr Total Return 28.23%
Total Debt 10'633.00 YTD Return 13.89%
Preferred Stock 0.0 Adjusted BETA 0.874
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 2'592.00 Consensus Rating 4.000
Enterprise Value 56'055.42
Average Volume 5 Day 1'086'812
MDT UN EQUITY YTD Change - Average Volume 30 Day 1'115'949
MDT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'165'971
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1
13'515.0 14'599.0 15'817.0 15'508.0 16'184.0 16'054.0 16'427.0 16'517.2 17'010.1 4'390.1 4'126.8
4.51x 2.62x 3.40x 3.36x 2.91x 11.96x 12.30x 3.39x 3.14x 12.84x 13.57x
4'724.0 5'273.0 5'902.0 5'374.0 5'680.0 5'662.0 5'616.0 6'023.8 6'213.0 1'587.7 1'462.5
12.90x 7.25x 9.10x 9.69x 8.30x 8.61x 9.97x 9.30x 9.02x 9.31x 9.20x
2'231.0 2'070.0 3'099.0 3'096.0 3'617.0 3'403.0 3'489.0 3'784.9 3'867.1 1'050.7 923.0
19.01x 10.04x 13.97x 12.87x 11.72x 12.23x 13.23x 12.58x 12.05x 12.18x 12.02x
EBITDA 5'680.00 Long-Term Rating Date 14.02.2012
EBIT 4'847.00 Long-Term Rating A+
Operating Margin 29.95% Long-Term Outlook STABLE
Pretax Margin 26.87% Short-Term Rating Date 13.12.2001
Return on Assets 10.44% Short-Term Rating A-1+
Return on Common Equity 19.93%
Return on Capital 13.27% EBITDA/Interest Exp. 16.09
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 14.72
Net Debt/EBITDA 1.59
Gross Margin 76.0% Total Debt/EBITDA 2.03
EBITDA Margin 34.2%
EBIT Margin 29.4% Total Debt/Equity 62.1%
Net Income Margin 22.3% Total Debt/Capital 38.3%
Asset Turnover 0.49
Current Ratio 1.62 Net Fixed Asset Turnover 6.59
Quick Ratio 1.09 Accounts receivable turnover-days 79.74
Debt to Assets 32.14% Inventory Days 167.08
Tot Debt to Common Equity 62.13% Accounts Payable Turnover Day 46.95
Accounts Receivable Turnover 4.56 Cash Conversion Cycle 197.72
Inventory Turnover 2.18
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
Medtronic IncPrice/Volume
Valuation Analysis
159'309.00
Current Price (4/dd/yy) Market Data
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12'000.0
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 61'971'023 6.11 (1'058'536) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 57'984'888 5.72 821'244 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 51'753'490 5.1 (1'023'381) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 51'680'037 5.1 (766'827) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 41'305'305 4.07 396'204 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 36'713'969 3.62 (2'349'030) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 30'645'200 3.02 (388'933) 28.02.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 29'373'065 2.9 (214'689) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 21'083'794 2.08 (576'628) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'960'085 1.38 94'161 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 12'197'795 1.2 (985'410) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'516'230 1.14 (300'000) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 10'844'773 1.07 61'993 28.02.2013 Unclassified
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 10'725'157 1.06 (199'113) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 10'365'919 1.02 (617'200) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 9'954'751 0.98 540'266 31.03.2013 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 9'067'910 0.89 (513'246) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 8'524'166 0.84 714'761 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 8'305'220 0.82 550'668 31.12.2012 Government
ALLIANCE BERNSTEIN n/a ULT-AGG 7'659'759 0.76 (50'577) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 24.04.2013
Oppenheimer & Co STEVEN LICHTMAN outperform 5 M 52 12 month 23.04.2013
Wells Fargo Securities, LLC LAWRENCE BIEGELSEN outperform 5 M #N/A N/A Not Provided 19.04.2013
William Blair & Co BENJAMIN C ANDREW market perform 3 M #N/A N/A Not Provided 16.04.2013
Mizuho Securities USA Inc MICHAEL S MATSON buy 5 M 52 12 month 16.04.2013
BMO Capital Markets JOANNE K WUENSCH outperform 5 M 52 Not Provided 15.04.2013
Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 15.04.2013
Deutsche Bank KRISTEN M STEWART hold 3 M 51 12 month 12.04.2013
Leerink Swann & Co DANIELLE ANTALFFY market perform 3 M #N/A N/A Not Provided 12.04.2013
JPMorgan MICHAEL N WEINSTEIN neutral 3 M 49 6 month 11.04.2013
Lazard Capital Markets SEAN D LAVIN neutral 3 M #N/A N/A Not Provided 11.04.2013
Argus Research Corp DAVID H TOUNG buy 5 M 54 Not Provided 04.04.2013
Credit Suisse BRUCE NUDELL outperform 5 M 50 Not Provided 04.04.2013
Sanford C. Bernstein & Co DERRICK SUNG outperform 5 M 55 12 month 27.03.2013
Piper Jaffray BROOKS E WEST overweight 5 M 50 12 month 27.03.2013
Edward Jones JEFF WINDAU hold 3 M #N/A N/A Not Provided 22.03.2013
Jefferies RAJ S DENHOY hold 3 M 48 12 month 14.03.2013
Barclays MATTHEW TAYLOR equalweight 3 M 48 Not Provided 06.03.2013
RBC Capital Markets GLENN J NOVARRO sector perform 3 M 47 12 month 20.02.2013
Cowen and Company JOSHUA JENNINGS outperform 5 M #N/A N/A Not Provided 20.02.2013
Wunderlich Securities GREGORY SIMPSON hold 3 M 46 18 month 19.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs DAVID H ROMAN neutral/neutral 3 M 46 12 month 12.12.2012
McAdams Wright Ragen Inc MICHAEL ROARKE focus list 5 M 45 12 month 19.05.2009
Maxim Group LLC ANTHONY PETRONE not rated #N/A N/A M #N/A N/A Not Provided 27.01.2009
Holdings By:
Medtronic Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Merck & Co., Inc. is a global health care company that delivers health
solutions through its prescription medicines, vaccines, biologic therapies,
animal health, and consumer care products, which it markets directly and
through its joint ventures. The Company has operations in pharmaceutical,
animal health, and consumer care.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (24.04.2013) 48.78
52-Week Low (23.05.2012) 37.02
Daily Volume
48.6
52-Week High % Change -0.66% Dividend Yield 3.48
52-Week Low % Change 31.28% Beta 0.79
% 52 Week Price Range High/Low 99.49% Equity Float 3'021.12
Shares Out 31.01.2013 3'022.4 Short Int 21.33
146'887.06 1 Yr Total Return 32.12%
Total Debt 20'569.00 YTD Return 19.85%
Preferred Stock 0.0 Adjusted BETA 0.789
Minority Interest 2'443.0 Analyst Recs 25
Cash and Equivalents 16'141.00 Consensus Rating 4.360
Enterprise Value 153'758.06
Average Volume 5 Day 4'155'723
MRK UN EQUITY YTD Change - Average Volume 30 Day 3'840'615
MRK UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'647'179
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
23'850.3 27'428.3 45'987.0 48'047.0 47'267.0 48'047.0 47'268.0 46'114.3 46'870.6 11'105.4 11'543.9
2.82x 4.52x 2.59x 2.49x 2.77x 9.35x 11.10x 3.13x 2.96x 13.53x 12.94x
8'070.3 7'314.7 11'166.0 17'015.0 16'855.0 17'296.0 17'488.0 18'505.4 19'048.9 3'571.0 3'858.0
8.33x 16.96x 10.67x 7.03x 7.76x 6.92x 7.48x 8.33x 8.09x 10.00x -
7'808.4 12'901.3 861.0 6'272.0 6'168.0 6'271.0 6'661.0 11'049.7 11'527.3 2'465.0 2'769.4
8.89x 11.31x 10.54x 10.13x 11.22x 10.08x 10.72x 13.38x 12.70x 13.41x 13.01x
EBITDA 16'855.00 Long-Term Rating Date 24.11.2010
EBIT 9'877.00 Long-Term Rating AA
Operating Margin 20.90% Long-Term Outlook STABLE
Pretax Margin 18.49% Short-Term Rating Date 23.11.1981
Return on Assets 6.31% Short-Term Rating A-1+
Return on Common Equity 12.39%
Return on Capital 9.75% EBITDA/Interest Exp. 23.61
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 20.87
Net Debt/EBITDA 0.25
Gross Margin 65.2% Total Debt/EBITDA 1.18
EBITDA Margin 37.0%
EBIT Margin 22.2% Total Debt/Equity 38.8%
Net Income Margin 13.0% Total Debt/Capital 27.1%
Asset Turnover 0.45
Current Ratio 1.90 Net Fixed Asset Turnover 2.92
Quick Ratio 1.30 Accounts receivable turnover-days 61.69
Debt to Assets 19.38% Inventory Days 143.60
Tot Debt to Common Equity 38.79% Accounts Payable Turnover Day 46.53
Accounts Receivable Turnover 5.93 Cash Conversion Cycle 157.88
Inventory Turnover 2.55
Fiscal Year Ended
Merck & Co IncPrice/Volume
Valuation Analysis
1'230'715.00
Current Price (4/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
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 212'356'280 7.03 (9'714'379) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 205'792'344 6.81 14'307'547 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 180'479'613 5.97 1'091'860 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 140'839'507 4.66 4'397'077 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 135'721'376 4.49 (1'638'084) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 90'387'720 2.99 12'766'310 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 87'405'341 2.89 (3'021'704) 31.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 71'240'324 2.36 158'083 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 56'828'888 1.88 2'714'341 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 52'449'719 1.74 (2'111'630) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 47'674'146 1.58 1'210'726 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 41'508'488 1.37 447'995 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 29'144'071 0.96 84'399 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 24'410'941 0.81 1'817'162 31.12.2012 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 20'136'718 0.67 (1'917'960) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 19'174'220 0.63 (487'816) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 18'983'436 0.63 3'129'566 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 18'895'196 0.63 (6'323'733) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 17'808'194 0.59 398'912 28.02.2013 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 16'546'547 0.55 431'091 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC MICHAEL K TONG outperform 5 M #N/A N/A Not Provided 23.04.2013
BMO Capital Markets ALEX ARFAEI outperform 5 M 51 Not Provided 19.04.2013
JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 52 6 month 18.04.2013
Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 18.04.2013
Barclays CHARLES ANTHONY BUTLER overweight 5 M 60 Not Provided 15.04.2013
MKM Partners JON LECROY buy 5 M 54 12 month 11.04.2013
Jefferies JEFFREY HOLFORD hold 3 M 48 12 month 10.04.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 51 12 month 10.04.2013
Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 05.04.2013
Morgan Stanley DAVID R RISINGER Underwt/In-Line 1 M #N/A N/A Not Provided 02.04.2013
Cowen and Company STEVEN R SCALA neutral 3 M #N/A N/A Not Provided 26.03.2013
Credit Suisse CATHERINE J ARNOLD outperform 5 M 52 Not Provided 12.03.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 46 Not Provided 12.03.2013
Credit Agricole Securities (USA) KIM-LINH LINH VUKHAC buy 5 M 54 Not Provided 12.03.2013
Argus Research Corp JOHN M EADE buy 5 M 50 Not Provided 04.02.2013
Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 01.02.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 51 12 month 01.02.2013
Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 49 12 month 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs JAMI E RUBIN neutral/attractive 3 M 46 12 month 11.01.2013
MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 50 Not Provided 16.10.2012
Cyrrus TOMAS MENCIK accumulate 4 M 43 Not Provided 05.04.2012
First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 21.06.2011
Crowell, Weedon & Co DOUGLAS A CHRISTOPHER buy 5 M 48 Not Provided 19.11.2009
Holdings By:
Merck & Co Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
MetLife, Inc. provides individual insurance, employee benefits and financial
services with operations throughout the United States and the regions of Latin
America, Europe, and Asia Pacific. The Company's products include life
insurance, annuities, automobile and homeowners insurance, retail banking and
other financial services to individuals as well as group insurance.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 40.64
52-Week Low (05.06.2012) 27.65
Daily Volume
37.87
52-Week High % Change -6.50% Dividend Yield 1.95
52-Week Low % Change 36.96% Beta 1.55
% 52 Week Price Range High/Low 77.68% Equity Float 890.85
Shares Out 19.02.2013 1'093.6 Short Int 25.39
41'414.27 1 Yr Total Return 9.39%
Total Debt 26'550.00 YTD Return 15.54%
Preferred Stock 2'100.0 Adjusted BETA 1.545
Minority Interest 505.0 Analyst Recs 24
Cash and Equivalents 15'738.00 Consensus Rating 4.333
Enterprise Value 54'831.26
Average Volume 5 Day 2'046'164
MET UN EQUITY YTD Change - Average Volume 30 Day 1'986'891
MET UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'919'515
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
50'984.0 41'057.0 52'265.0 70'241.0 68'150.0 70'242.0 68'150.0 70'029.0 72'062.6 17'352.5 17'509.8
0.53x 1.07x 1.34x 0.82x 0.72x 3.78x 2.92x 0.92x - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
3'209.0 (2'246.0) 2'790.0 6'423.0 1'324.0 6'423.0 1'324.0 5'847.5 6'299.8 1'421.6 1'434.4
9.63x 12.32x 10.31x 7.12x 6.24x 7.02x 6.25x 7.17x 6.70x 7.18x 7.11x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A-
Operating Margin 6.85% Long-Term Outlook STABLE
Pretax Margin 2.12% Short-Term Rating Date -
Return on Assets 0.16% Short-Term Rating -
Return on Common Equity 2.04%
Return on Capital 2.86% EBITDA/Interest Exp. -
Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 42.6%
Net Income Margin 1.9% Total Debt/Capital 29.0%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 3.17% Inventory Days -
Tot Debt to Common Equity 42.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
MetLife IncPrice/Volume
Valuation Analysis
348'730.00
Current Price (4/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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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
METLIFE POLICY HOLDE n/a 13D 201'024'039 18.38 (2'552'799) 26.02.2013 n/a
STATE STREET n/a ULT-AGG 64'297'151 5.88 4'715'154 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 52'341'350 4.79 (173'730) 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 43'224'464 3.95 1'807'774 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 36'642'769 3.35 (5'204'712) 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 35'491'327 3.25 781'032 28.02.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 25'570'083 2.34 1'541'128 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 23'055'085 2.11 617'793 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 18'136'084 1.66 6'030'319 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 18'025'332 1.65 605'225 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 17'492'065 1.6 1'940'893 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 15'626'592 1.43 (1'360'601) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 15'437'200 1.41 15'437'200 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'412'130 1.23 351'832 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 13'288'182 1.22 (484'406) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 9'241'988 0.85 (3'327'696) 31.12.2012 Government
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'118'347 0.83 (1'067'997) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'831'580 0.81 (4'077'272) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 8'745'373 0.8 (19'860) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 8'732'502 0.8 53'865 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank YARON KINAR hold 3 M 40 12 month 23.04.2013
Credit Suisse THOMAS GALLAGHER outperform 5 M 44 Not Provided 23.04.2013
Sterne, Agee & Leach JOHN M NADEL buy 5 M 51 12 month 23.04.2013
Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 23.04.2013
Barclays JAY H GELB equalweight 3 M 42 Not Provided 23.04.2013
Evercore Partners MARK FINKELSTEIN overweight 5 M 42 12 month 19.04.2013
Macquarie SEAN DARGAN outperform 5 M 45 12 month 18.04.2013
Portales Partners NINA GUPTA sector perform 3 M #N/A N/A Not Provided 15.04.2013
Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 44 12 month 14.04.2013
Sandler O'Neill & Partners, LP EDWARD SHIELDS buy 5 M 44 Not Provided 10.04.2013
Raymond James STEVEN D SCHWARTZ outperform 5 M 44 12 month 09.04.2013
JPMorgan JIMMY S BHULLAR overweight 5 M 42 6 month 03.04.2013
FBR Capital Markets RANDY BINNER outperform 5 M 50 12 month 26.03.2013
S&P Capital IQ CATHY SEIFERT buy 5 M 46 Not Provided 19.03.2013
Argus Research Corp JOHN M EADE buy 5 M 46 Not Provided 19.02.2013
Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M #N/A N/A Not Provided 15.02.2013
Morgan Stanley NIGEL P DALLY Overwt/In-Line 5 M 45 12 month 14.02.2013
RBC Capital Markets ERIC N BERG sector perform 3 M 50 12 month 14.02.2013
Scotia Capital JOANNE SMITH focus stock 5 M 47 12 month 14.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs CHRISTOPHER GIOVANNI buy/attractive 5 M 45 12 month 08.01.2013
Holdings By:
MetLife Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Microsoft Corporation develops, manufactures, licenses, sells, and supports
software products. The Company offers operating system software, server
application software, business and consumer applications software, software
development tools, and Internet and intranet software. Microsoft also develops
video game consoles and digital music entertainment devices.
Latest Fiscal Year: 06/2012
LTM as of: 03/yy
52-Week High (01.05.2012) 32.33
52-Week Low (05.12.2012) 26.26
Daily Volume
30.92
52-Week High % Change -4.14% Dividend Yield 2.88
52-Week Low % Change 17.75% Beta 0.90
% 52 Week Price Range High/Low 71.50% Equity Float 7'589.28
Shares Out 11.04.2013 8'351.1 Short Int 107.98
258'216.22 1 Yr Total Return -0.20%
Total Debt 11'944.00 YTD Return 16.62%
Preferred Stock 0.0 Adjusted BETA 0.897
Minority Interest 0.0 Analyst Recs 43
Cash and Equivalents 63'040.00 Consensus Rating 4.000
Enterprise Value 197'928.22
Average Volume 5 Day 23'159'998
MSFT UW EQUITY YTD Change - Average Volume 30 Day 14'513'730
MSFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 12'687'219
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
60'420.0 58'437.0 62'484.0 69'943.0 73'723.0 73'031.0 76'012.0 78'768.5 84'912.7 20'766.9 18'987.3
3.77x 3.18x 2.70x 2.53x 2.78x 10.16x 9.86x 2.39x 2.01x 9.34x 9.93x
24'548.0 23'255.0 26'830.0 29'927.0 30'923.0 30'601.0 30'645.0 32'055.8 35'428.6 8'700.8 8'027.3
9.29x 8.00x 6.28x 5.91x 6.64x 7.30x 5.83x 6.16x 5.57x 5.66x 5.56x
17'681.0 14'569.0 18'760.0 23'150.0 16'978.0 23'344.0 16'406.0 23'319.6 25'677.7 6'277.7 5'698.6
14.48x 13.66x 10.96x 9.85x 11.21x 11.73x 10.67x 11.15x 10.03x 10.18x 9.96x
EBITDA 30'923.00 Long-Term Rating Date 22.09.2008
EBIT 27'956.00 Long-Term Rating AAA
Operating Margin 37.92% Long-Term Outlook STABLE
Pretax Margin 30.20% Short-Term Rating Date 09.03.2011
Return on Assets 13.01% Short-Term Rating NR
Return on Common Equity 22.57%
Return on Capital 19.50% EBITDA/Interest Exp. 81.38
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 75.31
Net Debt/EBITDA -1.97
Gross Margin 76.2% Total Debt/EBITDA 0.46
EBITDA Margin 40.3%
EBIT Margin 35.6% Total Debt/Equity 18.0%
Net Income Margin 23.0% Total Debt/Capital 15.3%
Asset Turnover 0.60
Current Ratio 2.60 Net Fixed Asset Turnover 8.72
Quick Ratio 2.41 Accounts receivable turnover-days 55.11
Debt to Assets 9.85% Inventory Days 34.39
Tot Debt to Common Equity 18.00% Accounts Payable Turnover Day 77.76
Accounts Receivable Turnover 6.62 Cash Conversion Cycle 13.98
Inventory Turnover 10.61
Fiscal Year Ended
Microsoft CorpPrice/Volume
Valuation Analysis
3'275'661.00
Current Price (4/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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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 442'950'292 5.3 (2'504'131) 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 428'390'843 5.13 6'941'623 23.04.2013 Investment Advisor
GATES III WILLIAM HE n/a Form 4 421'411'775 5.05 (7'000'000) 06.02.2013 n/a
VANGUARD GROUP INC VANGUARD GROUP INC 13F 354'084'051 4.24 10'832'225 31.03.2013 Investment Advisor
BALLMER STEVEN ANTHO n/a PROXY 333'252'990 3.99 - 14.09.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 331'613'585 3.97 15'606'940 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 153'766'498 1.84 (12'771'101) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 149'932'600 1.8 15'559'051 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 120'328'290 1.44 (44'811'714) 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 113'173'129 1.36 (95'552) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 105'829'897 1.27 330'681 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 102'690'425 1.23 (36'166'932) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 84'045'210 1.01 1'827'246 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 75'890'522 0.91 3'691'438 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 73'457'901 0.88 (5'832'161) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 68'095'523 0.82 7'165'720 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 66'902'672 0.8 5'081'777 31.12.2012 Government
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 63'588'305 0.76 3'768'764 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 62'016'508 0.74 400'990 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 58'477'141 0.7 6'032'465 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 23.04.2013
Janney Montgomery Scott LLC YUN KIM neutral 3 M 28 12 month 23.04.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 31 12 month 22.04.2013
Stifel BRAD REBACK buy 5 M 36 12 month 22.04.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.04.2013
Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 35 12 month 22.04.2013
BMO Capital Markets KARL KEIRSTEAD market perform 3 M 30 Not Provided 21.04.2013
Deutsche Bank THOMAS ERNST JR buy 5 M 31 12 month 19.04.2013
Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 36 12 month 19.04.2013
RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 32 12 month 19.04.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 38 Not Provided 19.04.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 19.04.2013
Hilliard Lyons STEPHEN TURNER neutral 3 M #N/A N/A Not Provided 19.04.2013
JPMorgan JOHN DIFUCCI neutral 3 M 30 6 month 19.04.2013
Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 19.04.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 39 12 month 19.04.2013
Raymond James MICHAEL TURITS outperform 5 M 34 12 month 19.04.2013
FBR Capital Markets DAVID M HILAL market perform 3 M 30 12 month 19.04.2013
Oppenheimer & Co SHAUL EYAL outperform 5 M 34 12 month 19.04.2013
Griffin Securities JAY VLEESCHHOUWER buy 5 M 38 12 month 19.04.2013
Nomura RICHARD G SHERLUND neutral 3 M 32 12 month 19.04.2013
Cowen and Company GREGG MOSKOWITZ outperform 5 M #N/A N/A Not Provided 19.04.2013
Cross Research RICHARD T WILLIAMS buy 5 M 37 12 month 19.04.2013
MKM Partners ISRAEL HERNANDEZ neutral 3 M 27 12 month 19.04.2013
Credit Agricole Securities (USA) EDWARD MAGUIRE outperform 5 M 34 Not Provided 19.04.2013
Barclays RAIMO LENSCHOW equalweight 3 M 29 Not Provided 19.04.2013
Jefferies ROSS MACMILLAN hold 3 M 31 12 month 18.04.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 32 12 month 18.04.2013
Jyske Bank ROBERT JAKOBSEN reduce 2 D 29 Not Provided 16.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 16.04.2013
Goldman Sachs HEATHER BELLINI Sell/Neutral 1 D 27 12 month 11.04.2013
BGC Partners COLIN W GILLIS hold 3 D 31 12 month 10.04.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 31 Not Provided 01.03.2013
S&P Capital IQ ANGELO ZINO strong buy 5 M 35 12 month 25.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.11.2012
McAdams Wright Ragen Inc SID PARAKH buy 5 M 36 12 month 23.07.2012
Crowell, Weedon & Co JAMES D RAGAN buy 5 M 36 12 month 20.07.2012
Holdings By:
Microsoft Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Mondelez International Inc. is a food and beverage company. The Company
manufactures and markets packaged food products, including snacks, beverages,
cheese, convenient meals and various packaged grocery products. Mondelez
International sells its products throughout the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (24.04.2013) 32.09
52-Week Low (28.06.2012) 24.27
Daily Volume
31.74
52-Week High % Change -1.06% Dividend Yield 3.15
52-Week Low % Change 30.76% Beta -
% 52 Week Price Range High/Low 98.06% Equity Float 1'772.66
Shares Out 31.01.2013 1'778.3 Short Int 14.29
56'442.85 1 Yr Total Return -
Total Debt 19'425.00 YTD Return 25.15%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 140.0 Analyst Recs 26
Cash and Equivalents 4'475.00 Consensus Rating 4.154
Enterprise Value 71'532.85
Average Volume 5 Day 4'335'865
MDLZ UW EQUITY YTD Change - Average Volume 30 Day 3'491'572
MDLZ UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'336'493
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
41'932.0 38'754.0 49'207.0 35'810.0 35'015.0 49'356.0 48'783.0 36'487.2 38'534.5 8'677.9 8'808.7
1.40x 1.47x 1.65x 2.54x 1.72x 7.42x 7.67x 1.98x 1.84x 8.10x 7.88x
5'945.0 6'056.0 7'130.0 4'978.0 5'028.0 7'451.0 7'727.0 5'898.6 6'347.2 1'370.6 1'461.2
9.84x 9.44x 11.42x 18.30x 12.00x 12.23x 7.81x 12.13x 11.27x 12.16x 11.86x
2'884.0 3'021.0 4'114.0 3'527.0 3'028.0 3'527.0 3'028.0 2'794.1 3'147.4 603.3 684.5
22.95x 14.61x 15.60x 38.92x 18.31x 18.68x 11.36x 20.29x 18.05x 20.29x 19.58x
EBITDA 5'028.00 Long-Term Rating Date 02.02.2010
EBIT 3'683.00 Long-Term Rating BBB
Operating Margin 10.52% Long-Term Outlook STABLE
Pretax Margin 5.07% Short-Term Rating Date 09.11.2007
Return on Assets 3.58% Short-Term Rating A-2
Return on Common Equity 8.98%
Return on Capital 7.71% EBITDA/Interest Exp. 4.00
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 2.72
Net Debt/EBITDA 1.93
Gross Margin 37.3% Total Debt/EBITDA 2.51
EBITDA Margin 15.8%
EBIT Margin 13.1% Total Debt/Equity 60.3%
Net Income Margin 8.6% Total Debt/Capital 37.5%
Asset Turnover 0.58
Current Ratio 1.05 Net Fixed Asset Turnover 4.10
Quick Ratio 0.71 Accounts receivable turnover-days 46.85
Debt to Assets 25.74% Inventory Days 55.81
Tot Debt to Common Equity 60.30% Accounts Payable Turnover Day 64.13
Accounts Receivable Turnover 7.81 Cash Conversion Cycle 50.93
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
Mondelez International IncPrice/Volume
Valuation Analysis
699'833.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 110'899'034 6.24 (2'314'664) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 102'147'087 5.74 - 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 77'082'355 4.33 769'143 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 58'752'824 3.3 (32'266'184) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 38'664'443 2.17 1'351'496 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 36'535'564 2.05 7'699'176 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 35'590'525 2 (1'071'293) 31.03.2013 Investment Advisor
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 34'530'900 1.94 34'530'900 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 34'145'937 1.92 (4'781'275) 28.02.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 30'059'495 1.69 5'232'244 28.02.2013 Investment Advisor
SCOUT CAPITAL MANAGE SCOUT CAPITAL MANAGE 13F 27'575'000 1.55 19'075'000 31.12.2012 Hedge Fund Manager
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 26'271'862 1.48 15'142'594 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 23'690'658 1.33 7'047'320 31.12.2012 Investment Advisor
TRIAN FUND MANAGEMEN TRIAN FUND MANAGEMEN 13F 19'415'193 1.09 11'283'406 31.12.2012 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 19'018'669 1.07 (3'638'274) 28.02.2013 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 17'280'074 0.97 6'654'613 31.12.2012 Investment Advisor
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 16'605'595 0.93 1'537'174 31.12.2012 Investment Advisor
INDEPENDENT FRANCHIS INDEPENDENT FRANCHIS 13F 16'014'507 0.9 5'115'058 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 14'385'236 0.81 1'397'568 31.12.2012 Government
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 14'141'353 0.8 253'282 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 29 Not Provided 23.04.2013
Stifel CHRISTOPHER R GROWE buy 5 M 31 12 month 23.04.2013
Morgan Stanley MATTHEW GRAINGER Overwt/In-Line 5 M 32 12 month 22.04.2013
JPMorgan KENNETH GOLDMAN overweight 5 M 38 6 month 22.04.2013
Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 36 12 month 22.04.2013
Deutsche Bank ERIC R KATZMAN hold 3 M 29 12 month 19.04.2013
S&P Capital IQ THOMAS GRAVES hold 3 D 31 12 month 19.04.2013
Credit Suisse ROBERT MOSKOW outperform 5 M 33 Not Provided 17.04.2013
Barclays ANDREW LAZAR overweight 5 M 31 Not Provided 17.04.2013
Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 26 12 month 16.04.2013
Goldman Sachs JASON ENGLISH Buy/Neutral 5 M 34 12 month 10.04.2013
Wells Fargo Securities, LLC JOHN J BAUMGARTNER outperform 5 N #N/A N/A Not Provided 10.04.2013
Canaccord Genuity Corp ALICIA FORRY sell 1 M 26 12 month 04.04.2013
Jefferies THILO WREDE hold 3 M 29 12 month 28.03.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 23.03.2013
Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 21.03.2013
RBC Capital Markets EDWARD AARON outperform 5 M 31 12 month 11.03.2013
Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 07.03.2013
Davenport & Co ANN H GURKIN buy 5 M 32 12 month 27.02.2013
CL King & Associates ERIC J LARSON buy 5 M 31 12 month 19.02.2013
Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 14.02.2013
Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 30 Not Provided 13.02.2013
Holdings By:
Mondelez International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
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: 02/yy
52-Week High (12.04.2013) 107.24
52-Week Low (18.05.2012) 69.71
Daily Volume
103.8
52-Week High % Change -3.27% Dividend Yield 1.30
52-Week Low % Change 48.90% Beta 1.07
% 52 Week Price Range High/Low 90.70% Equity Float 532.06
Shares Out 01.04.2013 533.8 Short Int 3.97
55'412.68 1 Yr Total Return 39.47%
Total Debt 2'074.00 YTD Return 10.49%
Preferred Stock 0.0 Adjusted BETA 1.067
Minority Interest 203.0 Analyst Recs 26
Cash and Equivalents 3'585.00 Consensus Rating 4.192
Enterprise Value 53'083.68
Average Volume 5 Day 650'146
MON UN EQUITY YTD Change - Average Volume 30 Day 660'039
MON UN EQUITY YTD % CHANGE - Average Volume 3 Month 611'291
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 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4
11'365.0 11'724.0 10'483.0 11'822.0 13'504.0 13'042.0 14'740.0 15'150.5 16'168.6 4'479.6 2'198.9
5.53x 3.89x 2.78x 3.08x 3.35x 11.81x 12.53x 3.54x 3.25x 11.92x 24.56x
3'458.0 4'175.0 2'529.0 3'116.0 3'760.0 3'612.0 4'321.0 4'333.1 4'862.9 1'487.4 (51.2)
18.18x 10.92x 11.51x 11.69x 12.03x 11.13x 11.95x 12.30x 10.96x 11.45x 10.95x
2'024.0 2'109.0 1'096.0 1'607.0 2'045.0 1'917.0 2'530.0 2'509.0 2'893.6 922.1 (217.8)
31.30x 19.02x 21.94x 23.29x 23.54x 21.98x 21.18x 22.52x 19.56x 21.58x 20.63x
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 11.82% Short-Term Rating A-1
Return on Common Equity 20.05%
Return on Capital 18.03% EBITDA/Interest Exp. 17.74
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 14.69
Net Debt/EBITDA -0.59
Gross Margin 52.2% Total Debt/EBITDA 0.51
EBITDA Margin 29.3%
EBIT Margin 25.1% Total Debt/Equity 17.5%
Net Income Margin 15.1% Total Debt/Capital 14.7%
Asset Turnover 0.69
Current Ratio 2.29 Net Fixed Asset Turnover 3.40
Quick Ratio 1.30 Accounts receivable turnover-days 56.46
Debt to Assets 10.26% Inventory Days 154.67
Tot Debt to Common Equity 17.53% Accounts Payable Turnover Day 35.99
Accounts Receivable Turnover 6.46 Cash Conversion Cycle 163.69
Inventory Turnover 2.36
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
Monsanto CoPrice/Volume
Valuation Analysis
83'859.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 31'314'481 5.87 7'247'094 28.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 31'149'241 5.83 548'266 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 29'344'786 5.5 - 31.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 28'477'720 5.33 655'081 31.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 12'288'129 2.3 (48'800) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'118'689 2.27 292'881 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'460'854 2.15 (470'591) 31.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 10'487'622 1.96 (1'116'066) 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 10'195'716 1.91 (146'214) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'313'331 1.56 540'705 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'759'245 1.45 (325'311) 31.03.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 7'614'599 1.43 30'339 28.02.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 7'259'015 1.36 119'354 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 6'986'164 1.31 (40'414) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 6'577'579 1.23 335'338 28.02.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'400'826 1.2 551'005 31.12.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 6'395'945 1.2 (828'232) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'296'093 1.18 (755'882) 31.12.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 5'513'304 1.03 (648'871) 31.12.2012 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 5'358'310 1 (970'564) 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BGC Partners MARK R GULLEY buy 5 M 123 12 month 22.04.2013
Jefferies LAURENCE ALEXANDER hold 3 M 110 12 month 19.04.2013
Wells Fargo Securities, LLC FRANK J MITSCH outperform 5 M #N/A N/A Not Provided 18.04.2013
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 125 12 month 17.04.2013
Piper Jaffray MICHAEL E COX overweight 5 M 133 Not Provided 17.04.2013
Susquehanna Financial Group DONALD D CARSON Positive 4 M 128 12 month 16.04.2013
Atlantic Equities LLP COLIN ISAAC underweight 1 M 92 12 month 09.04.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 09.04.2013
Stifel PAUL A MASSOUD hold 3 N #N/A N/A Not Provided 08.04.2013
Goldman Sachs ROBERT KOORT buy/attractive 5 M 122 12 month 05.04.2013
Argus Research Corp WILLIAM V SELESKY buy 5 M 120 Not Provided 05.04.2013
Deutsche Bank DAVID I BEGLEITER buy 5 M 116 12 month 04.04.2013
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 108 6 month 04.04.2013
Macquarie COOLEY MAY neutral 3 M 105 12 month 04.04.2013
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 121 12 month 04.04.2013
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 04.04.2013
Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 120 Not Provided 03.04.2013
Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 03.04.2013
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 102 12 month 03.04.2013
Credit Agricole Securities (USA) MARK W CONNELLY buy 5 M 120 Not Provided 03.04.2013
Topeka Capital Markets Inc CHRISTOPHER KAPSCH buy 5 M 121 12 month 03.04.2013
Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 M 110 Not Provided 01.04.2013
Gilford Securities PAUL C CHRISTOPHERSON sell 1 M 67 12 month 26.04.2012
Holdings By:
Monsanto Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Morgan Stanley, a bank holding company, provides diversified financial services
on a worldwide basis. The Company operates a global securities business which
serves individual and institutional investors and investment banking clients.
Morgan Stanley also operates a global asset management business.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (20.02.2013) 24.47
52-Week Low (04.06.2012) 12.26
Daily Volume
21.61
52-Week High % Change -11.93% Dividend Yield 0.93
52-Week Low % Change 76.26% Beta 1.69
% 52 Week Price Range High/Low 76.58% Equity Float 1'393.40
Shares Out 31.03.2013 1'960.6 Short Int 17.78
42'368.20 1 Yr Total Return 25.65%
Total Debt 450'846.00 YTD Return 13.26%
Preferred Stock 1'508.0 Adjusted BETA 1.685
Minority Interest 7'628.0 Analyst Recs 34
Cash and Equivalents 46'904.00 Consensus Rating 3.647
Enterprise Value 455'446.20
Average Volume 5 Day 5'305'225
MS UN EQUITY YTD Change - Average Volume 30 Day 3'699'126
MS UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'507'190
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.11.2008 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
62'262.0 30'139.0 37'801.0 39'138.0 32'036.0 38'280.0 33'168.0 31'901.2 34'096.6 7'937.0 7'833.9
5.03x 16.65x 13.22x 10.82x 14.07x 47.95x 40.54x - - - -
40'604.0 8'912.0 14'064.0 14'405.0 8'020.0 12'279.0 6'114.0 - - - -
7.72x 56.30x 35.53x 29.41x 56.21x 0.00x 0.00x - - - -
1'707.0 1'346.0 4'703.0 4'110.0 68.0 3'048.0 1'059.0 3'959.8 4'951.7 945.6 967.7
9.58x 11.04x 13.40x - 12.10x 0.00x 14.00x 10.56x 8.49x 9.80x 9.18x
EBITDA 8'020.00 Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A-
Operating Margin 1.97% Long-Term Outlook NEG
Pretax Margin 1.61% Short-Term Rating Date 29.11.2011
Return on Assets 0.00% Short-Term Rating A-2
Return on Common Equity -0.20%
Return on Capital 0.12% EBITDA/Interest Exp. -
Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 48.71
Gross Margin - Total Debt/EBITDA 54.36
EBITDA Margin 25.6%
EBIT Margin - Total Debt/Equity 744.0%
Net Income Margin 0.2% Total Debt/Capital 86.6%
Asset Turnover 0.04
Current Ratio - Net Fixed Asset Turnover 5.21
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 57.73% Inventory Days -
Tot Debt to Common Equity 743.96% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Morgan StanleyPrice/Volume
Valuation Analysis
396'952.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MITSUBISHI UFJ FINAN n/a ULT-AGG 435'785'918 22.23 - 31.12.2012 Holding Company
STATE STREET n/a ULT-AGG 198'811'965 10.14 560'616 23.04.2013 Investment Advisor
CHINA INVESTMENT COR n/a ULT-AGG 125'114'454 6.38 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 69'427'014 3.54 651'209 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 63'417'451 3.23 2'438'317 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 55'959'047 2.85 1'673'423 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 50'958'532 2.6 4'509'118 28.02.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 43'865'735 2.24 15'731'120 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 31'000'858 1.58 (42) 31.03.2013 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 27'830'619 1.42 8'634'125 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 27'515'736 1.4 12'691'793 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 26'694'590 1.36 (8'716'903) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 25'510'305 1.3 7'544'877 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 20'222'613 1.03 2'733'187 28.02.2013 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 18'647'018 0.95 535'562 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'266'270 0.83 2'094'626 31.03.2013 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 15'043'837 0.77 7'146'861 31.12.2012 Hedge Fund Manager
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 14'662'576 0.75 877'566 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 11'500'000 0.59 11'500'000 29.03.2013 Investment Advisor
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 11'465'598 0.58 6'258'601 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SunTrust Robinson Humphrey ERIC WASSERSTROM buy 5 U 25 12 month 23.04.2013
FBR Capital Markets STEVE STELMACH outperform 5 M 27 12 month 23.04.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI outperform 5 M 27 18 month 23.04.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 27 12 month 23.04.2013
Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 26 12 month 22.04.2013
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 23 12 month 19.04.2013
JPMorgan KIAN ABOUHOSSEIN overweight 5 M 25 6 month 19.04.2013
Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ outperform 5 M 24 12 month 19.04.2013
Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 19.04.2013
JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 19.04.2013
Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 19.04.2013
Barclays ROGER A FREEMAN equalweight 3 M 25 Not Provided 19.04.2013
Deutsche Bank MATTHEW D O'CONNOR hold 3 M 20 12 month 18.04.2013
Credit Suisse HOWARD H CHEN neutral 3 M 23 Not Provided 18.04.2013
Edward Jones SHANNON L STEMM buy 5 M #N/A N/A Not Provided 18.04.2013
Buckingham Research Group JAMES F MITCHELL buy 5 M 28 12 month 18.04.2013
Evercore Partners CHRISTOPHER J ALLEN overweight 5 M 28 12 month 18.04.2013
Nomura GLENN P SCHORR neutral 3 M 24 12 month 18.04.2013
S&P Capital IQ KENNETH M LEON buy 5 M 26 Not Provided 18.04.2013
Susquehanna Financial Group DOUGLAS C SIPKIN neutral 3 M 22 12 month 18.04.2013
Atlantic Equities LLP RICHARD STAITE underweight 1 M 22 12 month 18.04.2013
Credit Agricole Securities (USA) MICHAEL L MAYO buy 5 M 30 Not Provided 18.04.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 30 12 month 11.04.2013
Guggenheim Securities LLC MARTY L MOSBY III neutral 3 M 25 12 month 10.04.2013
Mediobanca SpA CHRISTOPHER J WHEELER underperform 1 M 20 Not Provided 25.03.2013
Goldman Sachs RICHARD N RAMSDEN neutral/attractive 3 M 24 12 month 13.03.2013
HSBC ROBERT MURPHY neutral 3 M 25 Not Provided 26.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 12.02.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 26 Not Provided 08.02.2013
Argus Research Corp DAVID RITTER buy 5 M 26 12 month 28.01.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 18.10.2012
Holdings By:
Morgan Stanley ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
National Oilwell Varco Inc. is a worldwide provider of equipment and components
used in oil and gas drilling and production operations, oilfield services, and
supply chain integration services to the upstream oil and gas industry.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.09.2012) 89.25
52-Week Low (26.06.2012) 59.07
Daily Volume
67.16
52-Week High % Change -24.18% Dividend Yield 0.73
52-Week Low % Change 13.70% Beta 1.53
% 52 Week Price Range High/Low 23.62% Equity Float 425.66
Shares Out 14.02.2013 426.6 Short Int 6.08
28'653.13 1 Yr Total Return -13.31%
Total Debt 3'149.00 YTD Return -1.55%
Preferred Stock 0.0 Adjusted BETA 1.534
Minority Interest 117.0 Analyst Recs 35
Cash and Equivalents 3'319.00 Consensus Rating 4.571
Enterprise Value 28'600.13
Average Volume 5 Day 1'034'286
NOV UN EQUITY YTD Change - Average Volume 30 Day 886'833
NOV UN EQUITY YTD % CHANGE - Average Volume 3 Month 883'524
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
13'431.4 12'712.0 12'156.0 14'658.0 20'041.0 14'658.0 20'041.0 22'782.8 24'455.9 5'381.7 5'577.3
0.72x 1.32x 2.14x 1.77x 1.45x 7.23x 6.06x 1.22x 1.04x 5.45x 5.19x
3'319.1 2'952.0 2'954.0 3'492.0 4'185.0 3'492.0 4'185.0 4'511.5 5'058.2 1'044.8 1'099.2
2.90x 5.70x 8.80x 7.42x 6.96x 7.42x 6.96x 6.34x 5.66x 6.34x 6.15x
1'952.0 1'469.0 1'667.0 1'994.0 2'491.0 1'994.0 2'491.0 2'543.0 2'917.3 584.1 614.3
4.81x 11.33x 16.56x 14.25x 11.57x 14.28x 11.58x 11.28x 9.81x 11.32x 10.89x
EBITDA 4'185.00 Long-Term Rating Date 25.04.2012
EBIT 3'557.00 Long-Term Rating A
Operating Margin 17.75% Long-Term Outlook STABLE
Pretax Margin 17.49% Short-Term Rating Date -
Return on Assets 8.74% Short-Term Rating -
Return on Common Equity 13.16%
Return on Capital 12.06% EBITDA/Interest Exp. 85.41
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 73.51
Net Debt/EBITDA -0.04
Gross Margin 26.6% Total Debt/EBITDA 0.75
EBITDA Margin 20.9%
EBIT Margin 17.7% Total Debt/Equity 15.6%
Net Income Margin 12.4% Total Debt/Capital 13.4%
Asset Turnover 0.70
Current Ratio 2.78 Net Fixed Asset Turnover 7.44
Quick Ratio 1.35 Accounts receivable turnover-days 69.50
Debt to Assets 10.00% Inventory Days 146.27
Tot Debt to Common Equity 15.56% Accounts Payable Turnover Day 22.38
Accounts Receivable Turnover 5.27 Cash Conversion Cycle 193.26
Inventory Turnover 2.50
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
National Oilwell Varco IncPrice/Volume
Valuation Analysis
147'491.00
Current Price (4/dd/yy) Market Data
&-&.&0&1&2&3&4&5&6&
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25'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 30'642'899 7.18 - 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 25'186'988 5.9 550'621 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 19'747'022 4.63 468'948 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 18'049'001 4.23 (5'431'601) 28.02.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 9'422'878 2.21 335'621 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 8'339'871 1.95 1'475'345 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'217'551 1.93 (143'556) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'078'111 1.89 431'962 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 7'371'251 1.73 1'341'786 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 6'815'440 1.6 883'568 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 5'457'809 1.28 (646'995) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'444'048 1.28 (1'845'531) 31.12.2012 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 5'294'800 1.24 1'108'000 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 5'260'359 1.23 (55'991) 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 5'205'684 1.22 527'011 31.12.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'020'360 1.18 (1'307'778) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'932'898 1.16 (1'209'184) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'611'502 1.08 1'102'310 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 4'260'914 1 (938'713) 31.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 3'863'917 0.91 445'416 23.04.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co SCOTT GRUBER market perform 3 M 77 12 month 24.04.2013
RBC Capital Markets KURT HALLEAD sector perform 3 M 80 12 month 23.04.2013
Jefferies BRAD HANDLER buy 5 M 86 12 month 23.04.2013
Wells Fargo Securities, LLC THOMAS PATRICK CURRAN outperform 5 M #N/A N/A Not Provided 22.04.2013
ISI Group JUDSON E BAILEY buy 5 M 80 12 month 19.04.2013
Societe Generale EDWARD C MUZTAFAGO buy 5 M 81 12 month 18.04.2013
Macquarie NIGEL BROWNE outperform 5 M 84 12 month 18.04.2013
Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 17.04.2013
Raymond James J MARSHALL ADKINS outperform 5 M 90 12 month 17.04.2013
Credit Suisse JAMES WICKLUND neutral 3 M 74 Not Provided 15.04.2013
Global Hunter Securities BRIAN UHLMER buy 5 M 80 12 month 15.04.2013
Fearnley Fonds TRULS OLSEN accumulate 4 M 81 Not Provided 12.04.2013
Guggenheim Securities LLC DARREN GACICIA buy 5 M 85 12 month 11.04.2013
Susquehanna Financial Group CHARLES P MINERVINO Positive 4 M 83 12 month 10.04.2013
BMO Capital Markets ALAN D LAWS outperform 5 M 90 Not Provided 08.04.2013
JPMorgan J DAVID ANDERSON overweight 5 M 91 6 month 08.04.2013
William Blair & Co BRANDON DOBELL outperform 5 M #N/A N/A Not Provided 08.04.2013
Capital One Southcoast, Inc. JOSEPH D GIBNEY add 4 M 89 Not Provided 26.03.2013
Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 85 Not Provided 25.03.2013
Iberia Capital Partners LLC TREY STOLZ outperform 5 M 93 12 month 19.03.2013
Cowen Securities LLC JAMES D CRANDELL buy 5 M 95 Not Provided 11.02.2013
HSBC DAVID PHILLIPS overweight 5 M 97 Not Provided 08.02.2013
Argus Research Corp PHILIP H WEISS buy 5 M 85 Not Provided 07.02.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 07.02.2013
Morgan Stanley OLE SLORER Equalwt/Attractive 3 M 80 12 month 04.02.2013
Goldman Sachs WAQAR SYED buy/attractive 5 M 90 12 month 04.02.2013
Credit Agricole Securities (USA) DAVID S HAVENS outperform 5 M 80 Not Provided 04.02.2013
RS Platou Markets GORAN ANDREASSEN buy 5 M 87 6 month 04.02.2013
Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 86 12 month 03.02.2013
Johnson Rice & Co DAVID C SMITH equalweight 3 M #N/A N/A Not Provided 01.02.2013
S&P Capital IQ STEWART GLICKMAN strong buy 5 M 95 Not Provided 01.02.2013
Barclays JAMES C WEST overweight 5 M 93 Not Provided 01.02.2013
Tudor Pickering & Co JEFF TILLERY buy 5 M #N/A N/A Not Provided 12.09.2012
Holdings By:
National Oilwell Varco Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
News Corporation is a diversified global media company. The Company's
operations include the production and distribution of motion pictures and
television programming. The Company provides television, direct satellite, and
cable broadcasting and the publication of newspapers, magazines, books and
promotional inserts.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (23.04.2013) 31.91
52-Week Low (04.06.2012) 18.32
Daily Volume
31.39
52-Week High % Change -1.88% Dividend Yield 0.54
52-Week Low % Change 71.34% Beta 1.11
% 52 Week Price Range High/Low 98.01% Equity Float 1'525.49
Shares Out 04.02.2013 1'526.7 Short Int 37.40
73'029.77 1 Yr Total Return 64.26%
Total Debt 15'455.00 YTD Return 23.25%
Preferred Stock - Adjusted BETA 1.109
Minority Interest 1'142.0 Analyst Recs 27
Cash and Equivalents 9'626.00 Consensus Rating 4.741
Enterprise Value 83'182.77
Average Volume 5 Day 3'859'846
NWSA UW EQUITY YTD Change - Average Volume 30 Day 3'392'671
NWSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'777'982
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 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
32'996.0 30'423.0 32'778.0 33'405.0 33'706.0 34'152.0 34'333.0 35'732.6 38'032.5 9'074.2 9'195.6
1.49x 1.06x 1.12x 1.50x 1.78x 5.75x 7.24x 2.28x 2.13x 9.06x 8.95x
6'668.0 4'472.0 5'228.0 6'133.0 6'646.0 6'648.0 6'754.0 7'269.5 8'125.1 1'688.5 1'906.3
7.36x 7.23x 7.02x 8.17x 9.04x 7.73x 10.53x 11.48x 10.27x 10.85x 10.49x
5'387.0 (3'378.0) 2'539.0 2'739.0 1'179.0 3'117.0 3'998.0 3'906.1 4'329.7 813.1 1'025.3
12.23x 11.11x 10.31x 14.16x 15.81x 13.52x 16.25x 18.76x 16.04x 17.92x 16.86x
EBITDA 6'646.00 Long-Term Rating Date 30.11.2012
EBIT 5'379.00 Long-Term Rating BBB+
Operating Margin 15.96% Long-Term Outlook STABLE
Pretax Margin 6.56% Short-Term Rating Date -
Return on Assets 6.52% Short-Term Rating -
Return on Common Equity 14.38%
Return on Capital 11.39% EBITDA/Interest Exp. 6.18
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 5.30
Net Debt/EBITDA 1.28
Gross Margin - Total Debt/EBITDA 2.44
EBITDA Margin 19.7%
EBIT Margin 15.9% Total Debt/Equity 62.6%
Net Income Margin 3.5% Total Debt/Capital 37.4%
Asset Turnover 0.56
Current Ratio 2.02 Net Fixed Asset Turnover 5.82
Quick Ratio 1.69 Accounts receivable turnover-days 79.48
Debt to Assets 27.28% Inventory Days -
Tot Debt to Common Equity 62.61% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.61 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
News CorpPrice/Volume
Valuation Analysis
651'384.00
Current Price (4/dd/yy) Market Data
&
2
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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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3!&&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 106'117'879 6.95 566'560 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 102'775'929 6.73 3'935'254 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 87'698'670 5.74 1'759'231 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 81'642'663 5.35 (49'269'500) 31.03.2013 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 80'106'935 5.25 (449'404) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 73'990'044 4.85 (9'828'325) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 50'745'635 3.32 1'242'647 31.12.2012 Investment Advisor
CHILDRENS INV FUND M CHILDRENS INVESTMENT 13F 34'348'479 2.25 (12'657'102) 31.12.2012 Hedge Fund Manager
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 34'295'229 2.25 3'537'977 31.12.2012 Hedge Fund Manager
FMR LLC n/a ULT-AGG 31'661'527 2.07 1'655'264 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 28'811'418 1.89 (854'432) 31.03.2013 Investment Advisor
ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 28'100'000 1.84 9'100'000 31.12.2012 Hedge Fund Manager
HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 27'945'300 1.83 (3'592'000) 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 24'797'737 1.62 (375'426) 31.12.2012 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 22'180'447 1.45 1'184'087 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 19'150'391 1.25 (668) 31.12.2012 Government
INVESCO LTD n/a ULT-AGG 17'590'189 1.15 (3'322'085) 31.12.2012 Investment Advisor
EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 17'571'378 1.15 2'373'660 31.12.2012 Hedge Fund Manager
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 16'929'453 1.11 2'887'188 31.12.2012 Hedge Fund Manager
WADDELL & REED FINAN WADDELL & REED FINAN 13F 14'275'510 0.94 1'726'350 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 23.04.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 35 12 month 21.04.2013
Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 36 12 month 19.04.2013
Credit Suisse MICHAEL SENNO outperform 5 M 36 Not Provided 17.04.2013
Nomura MICHAEL NATHANSON buy 5 M 33 12 month 17.04.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 37 12 month 16.04.2013
Needham & Co LAURA A MARTIN buy 5 M 34 12 month 16.04.2013
Macquarie TIMOTHY W NOLLEN outperform 5 M 35 12 month 16.04.2013
Barclays ANTHONY J DICLEMENTE overweight 5 M 35 Not Provided 16.04.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 12.04.2013
RBC Capital Markets DAVID BANK outperform 5 M 34 12 month 10.04.2013
Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 32 12 month 08.03.2013
Susquehanna Financial Group VASILY KARASYOV Positive 4 M 34 12 month 07.03.2013
Wedbush JAMES G DIX outperform 5 M 26 12 month 06.03.2013
Davenport & Co MICHAEL C MORRIS buy 5 M 35 12 month 06.03.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 36 18 month 06.03.2013
S&P Capital IQ TUNA AMOBI buy 5 M 31 Not Provided 06.03.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 34 Not Provided 06.03.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 20.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 11.02.2013
Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 08.02.2013
Evercore Partners ALAN GOULD overweight 5 M 30 12 month 07.02.2013
Atlantic Equities LLP HAMILTON FABER overweight 5 M 33 12 month 07.02.2013
Goldman Sachs DREW BORST not rated #N/A N/A M #N/A N/A Not Provided 28.06.2012
BTIG LLC RICHARD GREENFIELD buy 5 M 30 Not Provided 27.06.2012
Holdings By:
News Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
NIKE, Inc. designs, develops, and markets athletic footwear, apparel,
equipment, and accessory products for men, women, and children. The Company
sells its products worldwide to retail stores, through its own stores,
subsidiaries, and distributors.
Latest Fiscal Year: 05/2012
LTM as of: 02/yy
52-Week High (24.04.2013) 62.00
52-Week Low (29.06.2012) 42.55
Daily Volume
61.66
52-Week High % Change -0.61% Dividend Yield 1.27
52-Week Low % Change 44.91% Beta 0.95
% 52 Week Price Range High/Low 98.71% Equity Float 705.12
Shares Out 28.02.2013 715.7 Short Int 5.95
55'100.27 1 Yr Total Return 17.28%
Total Debt 385.00 YTD Return 19.96%
Preferred Stock 0.0 Adjusted BETA 0.951
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 3'757.00 Consensus Rating 3.929
Enterprise Value 51'379.27
Average Volume 5 Day 955'008
NKE UN EQUITY YTD Change - Average Volume 30 Day 1'112'343
NKE UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'033'241
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 02/yy 02/yy 05/13 Y 05/14 Y 05/13 Q4 08/13 Q1
18'627.0 19'176.1 19'014.0 20'862.0 24'128.0 23'049.0 25'281.0 25'341.6 27'488.0 6'648.0 6'979.8
1.69x 1.31x 1.60x 1.71x 1.91x 6.96x 6.83x 2.03x 1.87x 7.75x 7.40x
2'737.3 2'789.8 2'797.7 3'150.0 3'413.0 3'432.0 3'521.0 3'690.4 4'162.4 994.2 1'063.3
11.48x 8.98x 10.87x 11.32x 13.53x 13.58x 12.77x 13.93x 12.35x 12.79x 12.53x
1'883.4 1'486.7 1'906.7 2'133.0 2'223.0 2'268.0 2'366.0 2'426.2 2'722.7 674.1 706.2
19.37x 13.12x 18.75x 19.24x 22.71x 22.30x 21.53x 23.08x 20.18x 20.76x 20.24x
EBITDA 3'413.00 Long-Term Rating Date 10.06.2005
EBIT 3'040.00 Long-Term Rating A+
Operating Margin 12.60% Long-Term Outlook STABLE
Pretax Margin 12.36% Short-Term Rating Date 05.11.1992
Return on Assets 15.56% Short-Term Rating A-1
Return on Common Equity 22.70%
Return on Capital - EBITDA/Interest Exp. 103.42
Asset Turnover 1.66% (EBITDA-Capex)/Interest Exp. 85.33
Net Debt/EBITDA -1.06
Gross Margin 43.4% Total Debt/EBITDA 0.09
EBITDA Margin 13.9%
EBIT Margin 12.3% Total Debt/Equity 3.7%
Net Income Margin 9.2% Total Debt/Capital 3.6%
Asset Turnover 1.66
Current Ratio 2.98 Net Fixed Asset Turnover 11.32
Quick Ratio 1.82 Accounts receivable turnover-days 47.12
Debt to Assets 2.49% Inventory Days 85.05
Tot Debt to Common Equity 3.71% Accounts Payable Turnover Day 32.36
Accounts Receivable Turnover 7.75 Cash Conversion Cycle 90.80
Inventory Turnover 4.29
Fiscal Year Ended
NIKE IncPrice/Volume
Valuation Analysis
147'667.00
Current Price (4/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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5'000.0
10'000.0
15'000.0
20'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 50'233'895 7.02 773'329 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 38'344'745 5.36 (52'139) 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 37'632'406 5.26 174'900 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 36'973'475 5.17 862'941 23.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 32'793'819 4.58 2'357'201 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 24'211'063 3.38 1'891'600 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 19'916'592 2.78 (546'826) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 16'151'936 2.26 (2'871'546) 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 14'774'160 2.06 505'172 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'753'217 1.78 (116'965) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 12'742'453 1.78 1'420'259 31.12.2012 Investment Advisor
LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 12'735'980 1.78 1'748'266 31.12.2012 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'696'770 1.77 (2'687'748) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 10'681'153 1.49 (1'178'785) 28.02.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 9'274'169 1.3 164'253 28.02.2013 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 9'150'278 1.28 (2'137'660) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 8'864'554 1.24 548'568 28.02.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'909'806 0.97 (10'556) 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 6'619'052 0.92 (705'708) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'835'517 0.82 2'132'933 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel JIM DUFFY buy 5 M 68 12 month 24.04.2013
Susquehanna Financial Group CHRISTOPHER SVEZIA neutral 3 M 53 12 month 22.04.2013
Janney Montgomery Scott LLC ERIC B TRACY neutral 3 M 57 12 month 18.04.2013
Cowen and Company FAYE LANDES outperform 5 M #N/A N/A Not Provided 16.04.2013
Piper Jaffray SEAN NAUGHTON neutral 3 N 64 12 month 11.04.2013
Credit Suisse CHRISTIAN BUSS neutral 3 M 60 Not Provided 10.04.2013
HSBC ERWAN RAMBOURG overweight 5 M 67 Not Provided 02.04.2013
Goldman Sachs LINDSAY DRUCKER MANN buy/attractive 5 N 70 6 month 28.03.2013
Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 26.03.2013
Hilliard Lyons JEFFREY S THOMISON neutral 3 M #N/A N/A Not Provided 25.03.2013
ISI Group OMAR SAAD strong buy 5 M 70 Not Provided 25.03.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 23.03.2013
Morgan Stanley KIMBERLY GREENBERGER Equalwt/In-Line 3 M #N/A N/A Not Provided 22.03.2013
D.A. Davidson & Co ANDREW BURNS neutral 3 M 60 18 month 22.03.2013
Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 22.03.2013
Robert W. Baird & Co MITCHEL J KUMMETZ neutral 3 M 60 12 month 22.03.2013
Wedbush CORINNA FREEDMAN neutral 3 M 56 12 month 22.03.2013
Buckingham Research Group JOHN M ZOLIDIS buy 5 M 64 12 month 22.03.2013
Sterne, Agee & Leach SAM POSER neutral 3 M 63 12 month 22.03.2013
Canaccord Genuity Corp CAMILO R LYON hold 3 M 57 12 month 22.03.2013
S&P Capital IQ JASON ASAEDA hold 3 M 61 Not Provided 22.03.2013
Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 63 Not Provided 22.03.2013
JPMorgan MATTHEW BOSS overweight 5 M 64 6 month 21.03.2013
Barclays ROBERT S DRBUL overweight 5 M 65 Not Provided 21.03.2013
McAdams Wright Ragen Inc SARA E HASAN hold 3 M #N/A N/A Not Provided 26.12.2012
Daiwa Securities Co. Ltd. TORU SUGIURA buy 5 U 61 Not Provided 24.12.2012
Holdings By:
NIKE Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Norfolk Southern Corporation provides rail transportation services. The Company
transports raw materials, intermediate products, and finished goods primarily
in the Southeast, East, and Midwest and, via interchange with rail carriers, to
and from the rest of the United States. Norfolk Southern also transports
overseas freight through several Atlantic and Gulf Coast ports
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (12.04.2013) 78.08
52-Week Low (16.11.2012) 56.05
Daily Volume
74.82
52-Week High % Change -3.66% Dividend Yield 2.63
52-Week Low % Change 33.49% Beta 1.13
% 52 Week Price Range High/Low 89.83% Equity Float 313.98
Shares Out 31.03.2013 315.1 Short Int 4.00
23'574.91 1 Yr Total Return 9.63%
Total Debt 8'682.00 YTD Return 21.87%
Preferred Stock 0.0 Adjusted BETA 1.131
Minority Interest 0.0 Analyst Recs 31
Cash and Equivalents 668.00 Consensus Rating 3.935
Enterprise Value 31'372.91
Average Volume 5 Day 425'064
NSC UN EQUITY YTD Change - Average Volume 30 Day 576'661
NSC UN EQUITY YTD % CHANGE - Average Volume 3 Month 618'835
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
10'661.0 7'969.0 9'516.0 11'172.0 11'040.0 11'341.0 10'989.0 11'286.8 12'005.6 2'856.3 2'818.5
2.18x 3.19x 2.98x 2.80x 2.49x 10.50x 10.73x 2.78x 2.63x 10.87x 11.05x
3'899.0 2'807.0 3'502.0 4'082.0 4'046.0 4'240.0 3'994.0 4'120.6 4'516.8 1'090.6 1'048.4
5.97x 9.05x 8.10x 7.67x 6.78x 6.75x 8.03x 7.54x 6.88x 7.37x 7.17x
1'716.0 1'034.0 1'496.0 1'916.0 1'749.0 2'001.0 1'789.0 1'764.0 1'968.2 476.9 449.3
10.36x 18.99x 16.07x 13.85x 11.52x 11.41x 14.38x 13.39x 11.73x 12.99x 12.47x
EBITDA 4'046.00 Long-Term Rating Date 18.07.2005
EBIT 3'124.00 Long-Term Rating BBB+
Operating Margin 28.30% Long-Term Outlook STABLE
Pretax Margin 24.98% Short-Term Rating Date 06.05.1997
Return on Assets 5.97% Short-Term Rating A-2
Return on Common Equity 17.93%
Return on Capital 11.59% EBITDA/Interest Exp. 7.86
Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. 3.50
Net Debt/EBITDA 1.95
Gross Margin - Total Debt/EBITDA 2.12
EBITDA Margin 36.3%
EBIT Margin 27.9% Total Debt/Equity 89.0%
Net Income Margin 15.8% Total Debt/Capital 47.1%
Asset Turnover 0.37
Current Ratio 1.08 Net Fixed Asset Turnover 0.43
Quick Ratio 0.85 Accounts receivable turnover-days 36.77
Debt to Assets 28.61% Inventory Days -
Tot Debt to Common Equity 88.95% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.93 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Norfolk Southern CorpPrice/Volume
Valuation Analysis
138'098.00
Current Price (4/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&-&.&0&1&2&3&4&5&6&
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0.0
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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3!&&
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 17'880'042 5.67 - 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 17'038'750 5.41 4'463 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'382'823 5.2 180'939 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'342'543 5.19 (10'520'724) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'342'353 2.33 6'552'293 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'930'217 1.88 (59'478) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'656'808 1.48 (605'312) 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 4'411'232 1.4 (1'467'278) 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 3'985'360 1.26 (2'248'653) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 3'656'688 1.16 312'547 28.02.2013 Unclassified
BARCLAYS PLC n/a ULT-AGG 3'640'027 1.16 3'093'778 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'162'408 1 (1'918) 31.12.2012 Investment Advisor
PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 2'733'633 0.87 1'184'644 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'513'088 0.8 482'528 31.12.2012 Government
BANK OF AMERICA CORP BANK OF AMERICA 13F 2'264'964 0.72 11'617 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'084'482 0.66 (238'126) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'038'112 0.65 (338'958) 31.12.2012 Investment Advisor
CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 1'817'999 0.58 (86'383) 31.12.2012 Investment Advisor
KEYBANK NATIONAL ASS KEYBANK NATIONAL ASS 13F 1'792'659 0.57 1'156'395 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'752'641 0.56 (823'739) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank JUSTIN B YAGERMAN buy 5 M 85 12 month 24.04.2013
RBC Capital Markets WALTER SPRACKLIN outperform 5 M 84 12 month 24.04.2013
Jefferies H PETER NESVOLD buy 5 M 90 12 month 24.04.2013
Sanford C. Bernstein & Co DAVID VERNON market perform 3 M 73 12 month 24.04.2013
Stephens Inc JUSTIN LONG overweight 5 M 87 12 month 24.04.2013
Raymond James PATRICK TYLER BROWN outperform 5 M 85 12 month 24.04.2013
Stifel JOHN G LARKIN buy 5 M 88 12 month 24.04.2013
Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 84 12 month 24.04.2013
BB&T Capital Markets MARK A LEVIN hold 3 M #N/A N/A Not Provided 24.04.2013
Atlantic Equities LLP RORRIE MARS overweight 5 M 86 12 month 24.04.2013
Cowen Securities LLC JASON H SEIDL buy 5 M 85 Not Provided 24.04.2013
Barclays BRANDON OGLENSKI equalweight 3 M 78 Not Provided 24.04.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 24.04.2013
BMO Capital Markets FADI CHAMOUN outperform 5 M 82 Not Provided 23.04.2013
Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 23.04.2013
JPMorgan THOMAS R WADEWITZ neutral 3 M 80 9 month 23.04.2013
Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 23.04.2013
Susquehanna Financial Group MATT TROY Positive 4 M 88 12 month 23.04.2013
TD Securities CHERILYN RADBOURNE buy 5 M 88 12 month 19.04.2013
Avondale Partners LLC DONALD BROUGHTON market perform 3 M 80 12 month 18.04.2013
Wolfe Trahan & Co SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 18.04.2013
Goldman Sachs TOM KIM neutral/neutral 3 M 74 12 month 15.04.2013
Credit Suisse CHRISTOPHER J CERASO outperform 5 M 87 Not Provided 12.04.2013
Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 12.04.2013
FBR Capital Markets JOHN R MIMS outperform 5 U 90 12 month 12.04.2013
Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 76 12 month 27.03.2013
Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 05.03.2013
S&P Capital IQ KEVIN KIRKEBY buy 5 M 85 Not Provided 25.10.2012
Holdings By:
Norfolk Southern Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Occidental Petroleum Corporation explores for, develops, produces, and markets
crude oil and natural gas. The Company also manufactures and markets a variety
of basic chemicals, vinyls and performance chemicals. Occidental also gathers,
treats, processes, transports, stores, trades and markets crude oil, natural
gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.05.2012) 93.78
52-Week Low (16.11.2012) 72.43
Daily Volume
82.91
52-Week High % Change -11.12% Dividend Yield 2.61
52-Week Low % Change 14.47% Beta 1.32
% 52 Week Price Range High/Low 43.37% Equity Float 793.76
Shares Out 13.03.2013 805.6 Short Int 8.59
66'795.85 1 Yr Total Return -3.37%
Total Debt 7'623.00 YTD Return 9.07%
Preferred Stock 0.0 Adjusted BETA 1.324
Minority Interest 32.0 Analyst Recs 27
Cash and Equivalents 1'592.00 Consensus Rating 4.370
Enterprise Value 72'858.85
Average Volume 5 Day 979'357
OXY UN EQUITY YTD Change - Average Volume 30 Day 1'133'403
OXY UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'069'367
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
24'217.0 14'814.0 19'045.0 23'939.0 24'172.0 23'939.0 24'172.0 26'160.1 26'509.6 6'025.9 6'286.1
2.05x 4.58x 4.32x 3.26x 2.80x 13.05x 12.14x 2.74x 2.62x 12.03x 11.55x
14'622.0 7'755.0 10'816.0 14'168.0 13'701.0 13'895.0 13'701.0 15'832.3 17'037.3 3'720.2 4'019.7
3.39x 8.75x 7.61x 5.51x 4.95x 5.62x 4.95x 4.59x 4.26x 4.53x 4.53x
6'857.0 2'915.0 4'530.0 6'771.0 4'598.0 6'771.0 4'598.0 5'717.8 6'167.8 1'247.0 1'440.5
6.70x 21.02x 17.12x 11.41x 10.81x 11.22x 10.81x 11.71x 10.98x 11.72x 11.32x
EBITDA 13'701.00 Long-Term Rating Date 23.06.2008
EBIT 9'190.00 Long-Term Rating A
Operating Margin 38.02% Long-Term Outlook STABLE
Pretax Margin 32.07% Short-Term Rating Date 23.06.2008
Return on Assets 7.40% Short-Term Rating A-1
Return on Common Equity 11.84%
Return on Capital 10.25% EBITDA/Interest Exp. 105.39
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 26.73
Net Debt/EBITDA 0.44
Gross Margin 46.1% Total Debt/EBITDA 0.56
EBITDA Margin 56.7%
EBIT Margin 38.0% Total Debt/Equity 19.0%
Net Income Margin 19.0% Total Debt/Capital 16.0%
Asset Turnover 0.39
Current Ratio 1.30 Net Fixed Asset Turnover 0.49
Quick Ratio 0.89 Accounts receivable turnover-days 78.06
Debt to Assets 11.87% Inventory Days 33.88
Tot Debt to Common Equity 19.05% Accounts Payable Turnover Day 137.66
Accounts Receivable Turnover 4.69 Cash Conversion Cycle -25.72
Inventory Turnover 10.80
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
Occidental Petroleum CorpPrice/Volume
Valuation Analysis
153'806.00
Current Price (4/dd/yy) Market Data
&-&.&0&1&2&3&4&5&6&
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20'000.0
25'000.0
30'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 52'918'905 6.57 - 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 45'662'026 5.67 582'906 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 42'890'499 5.32 7'307'518 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 27'838'692 3.46 644'741 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 23'940'747 2.97 (4'596'961) 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 23'578'949 2.93 188'048 28.02.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 15'707'401 1.95 (187'812) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'387'271 1.91 (599'066) 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 14'161'273 1.76 (96'926) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 13'803'708 1.71 (350'817) 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 11'697'856 1.45 (3'021'647) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'966'164 1.36 370'372 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 10'187'536 1.26 (4'364) 31.03.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 8'935'824 1.11 (208'912) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'016'543 1 (246'025) 31.12.2012 Investment Advisor
IRANI RAY R n/a Form 4 7'929'622 0.98 (49'245) 21.12.2012 n/a
INVESCO LTD n/a ULT-AGG 7'517'692 0.93 1'078'571 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 6'293'394 0.78 (15'413) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 6'266'259 0.78 (359'747) 31.12.2012 Government
UBS n/a ULT-AGG 5'944'926 0.74 191'139 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets LEO P MARIANI sector perform 3 M 90 12 month 23.04.2013
Argus Research Corp PHILIP H WEISS buy 5 M 105 Not Provided 22.04.2013
Sterne, Agee & Leach TIM A REZVAN buy 5 M 97 12 month 22.04.2013
Susquehanna Financial Group DUANE GRUBERT neutral 3 M 94 12 month 22.04.2013
JPMorgan KATHERINE LUCAS MINYARD overweight 5 M 110 6 month 18.04.2013
ISI Group DOUGLAS T TERRESON strong buy 5 M 105 12 month 18.04.2013
Tudor Pickering & Co MATTHEW PORTILLO buy 5 M 102 Not Provided 18.04.2013
Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 17.04.2013
Credit Suisse EDWARD WESTLAKE outperform 5 M 110 Not Provided 16.04.2013
Barclays THOMAS R DRISCOLL equalweight 3 M 94 Not Provided 16.04.2013
Deutsche Bank PAUL SANKEY hold 3 M 90 12 month 15.04.2013
Raymond James PAVEL MOLCHANOV outperform 5 M 100 12 month 15.04.2013
Oppenheimer & Co FADEL GHEIT outperform 5 M 100 12 month 15.04.2013
Societe Generale JOHN HERRLIN buy 5 M 99 12 month 12.04.2013
Goldman Sachs ARJUN N MURTI buy/attractive 5 M 99 12 month 12.04.2013
Howard Weil Inc PETER KISSEL sector outperform 5 M 109 12 month 11.04.2013
Morgan Stanley J EVAN CALIO Equalwt/Attractive 3 M 86 12 month 08.04.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 08.04.2013
Macquarie JASON D GAMMEL neutral 3 M 92 12 month 05.04.2013
Capital One Southcoast, Inc. ELIOT JAVANMARDI add 4 M 120 Not Provided 03.04.2013
Cowen Securities LLC ASIT SEN buy 5 M 98 12 month 01.04.2013
Wells Fargo Securities, LLC ROGER D READ market perform 3 M #N/A N/A Not Provided 19.03.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 28.02.2013
S&P Capital IQ MICHAEL KAY buy 5 M 100 Not Provided 31.01.2013
Holdings By:
Occidental Petroleum Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Oracle Corporation supplies software for enterprise information management. The
Company offers databases and relational servers, application development and
decision support tools, and enterprise business applications. Oracle's software
runs on network computers, personal digital assistants, set-top devices, PCs,
workstations, minicomputers, mainframes, and massively parallel computers.
Latest Fiscal Year: 05/2012
LTM as of: 02/yy
52-Week High (15.03.2013) 36.43
52-Week Low (18.05.2012) 25.33
Daily Volume
32.53
52-Week High % Change -10.71% Dividend Yield 1.11
52-Week Low % Change 28.42% Beta 1.12
% 52 Week Price Range High/Low 64.23% Equity Float 3'596.05
Shares Out 15.03.2013 4'710.7 Short Int 31.84
153'237.70 1 Yr Total Return 14.48%
Total Debt 16'474.00 YTD Return -2.37%
Preferred Stock 0.0 Adjusted BETA 1.124
Minority Interest 399.0 Analyst Recs 44
Cash and Equivalents 30'676.00 Consensus Rating 4.341
Enterprise Value 140'024.70
Average Volume 5 Day 7'686'602
ORCL UW EQUITY YTD Change - Average Volume 30 Day 7'825'439
ORCL UW EQUITY YTD % CHANGE - Average Volume 3 Month 6'284'858
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 02/yy 02/yy 05/13 Y 05/14 Y 05/13 Q4 08/13 Q1
22'430.0 23'252.0 26'820.0 35'622.0 37'121.0 36'980.0 37'149.0 37'423.1 39'512.1 11'138.7 8'563.0
5.25x 4.11x 4.10x 4.52x 3.13x 15.12x 14.54x 3.78x 3.37x 12.67x 16.01x
9'489.0 10'531.0 12'138.0 15'524.0 16'973.0 16'698.0 17'286.0 18'255.9 20'006.1 5'888.5 3'972.6
12.42x 9.08x 9.06x 10.37x 6.84x 7.85x 8.58x 7.67x 7.00x 7.27x 7.11x
5'521.0 5'593.0 6'135.0 8'547.0 9'981.0 9'739.0 10'570.0 13'049.3 13'945.2 4'199.8 2'776.0
18.27x 14.40x 16.60x 19.33x 13.24x 14.93x 15.85x 12.10x 11.10x 11.41x 11.09x
EBITDA 16'973.00 Long-Term Rating Date 24.04.2012
EBIT 14'057.00 Long-Term Rating A+
Operating Margin 37.87% Long-Term Outlook STABLE
Pretax Margin 34.92% Short-Term Rating Date 24.04.2012
Return on Assets 13.74% Short-Term Rating A-1+
Return on Common Equity 24.52%
Return on Capital 18.40% EBITDA/Interest Exp. 22.16
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 21.31
Net Debt/EBITDA -0.79
Gross Margin 78.8% Total Debt/EBITDA 1.14
EBITDA Margin 46.5%
EBIT Margin 38.6% Total Debt/Equity 37.7%
Net Income Margin 26.9% Total Debt/Capital 27.2%
Asset Turnover 0.48
Current Ratio 2.60 Net Fixed Asset Turnover 12.45
Quick Ratio 2.41 Accounts receivable turnover-days 43.35
Debt to Assets 21.03% Inventory Days 9.59
Tot Debt to Common Equity 37.71% Accounts Payable Turnover Day 19.99
Accounts Receivable Turnover 8.42 Cash Conversion Cycle 47.82
Inventory Turnover 38.07
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Oracle CorpPrice/Volume
Valuation Analysis
1'487'433.00
Current Price (4/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ELLISON LAWRENCE JOS n/a Form 4 1'112'434'580 23.62 7'200'000 28.12.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 249'496'992 5.3 (12'392'864) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 218'198'158 4.63 (4'294'558) 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 206'631'405 4.39 5'667'943 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 173'943'841 3.69 2'006'738 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 79'305'376 1.68 988'951 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 77'278'005 1.64 (4'612'811) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 76'926'341 1.63 (1'880'715) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 75'285'789 1.6 15'270'822 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 69'216'283 1.47 (2'631'607) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 56'379'053 1.2 (610'493) 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 49'190'816 1.04 (1'571'164) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 43'915'151 0.93 (11'515'608) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 39'724'493 0.84 4'197'117 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 38'397'212 0.82 1'152'929 31.12.2012 Government
JANUS CAPITAL MANAGE n/a ULT-AGG 32'702'179 0.69 (4'513'686) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 32'112'868 0.68 (1'663'800) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 28'440'138 0.6 (2'801'171) 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 26'789'941 0.57 (211'200) 31.03.2013 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 26'051'615 0.55 (6'302'603) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FBR Capital Markets DAVID M HILAL outperform 5 M 39 12 month 23.04.2013
JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 23.04.2013
Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 41 12 month 22.04.2013
BMO Capital Markets KARL KEIRSTEAD outperform 5 M 43 Not Provided 21.04.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 19.04.2013
Sanford C. Bernstein & Co MARK L MOERDLER market perform 3 M 34 12 month 19.04.2013
Stifel BRAD REBACK buy 5 M 37 12 month 15.04.2013
Nomura RICHARD G SHERLUND buy 5 M 39 12 month 15.04.2013
Wedbush STEVEN R KOENIG neutral 3 M 36 12 month 11.04.2013
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 44 12 month 10.04.2013
Cowen and Company PETER GOLDMACHER neutral 3 M #N/A N/A Not Provided 10.04.2013
Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 39 12 month 09.04.2013
Cross Research RICHARD T WILLIAMS hold 3 M 35 12 month 08.04.2013
RBC Capital Markets MATTHEW HEDBERG outperform 5 M 37 12 month 04.04.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 39 12 month 04.04.2013
Oppenheimer & Co BRIAN SCHWARTZ outperform 5 M 40 18 month 04.04.2013
Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 03.04.2013
Credit Agricole Securities (USA) EDWARD MAGUIRE underperform 1 M 35 Not Provided 03.04.2013
Societe Generale RICHARD NGUYEN hold 3 M 37 12 month 26.03.2013
Jefferies ROSS MACMILLAN hold 3 M 36 12 month 26.03.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 26.03.2013
William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 25.03.2013
Raymond James MICHAEL TURITS outperform 5 M 36 12 month 25.03.2013
Macquarie BRAD A ZELNICK neutral 3 M 36 12 month 25.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 36 Not Provided 25.03.2013
Barclays RAIMO LENSCHOW overweight 5 M 38 Not Provided 25.03.2013
Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 33 12 month 22.03.2013
Deutsche Bank THOMAS ERNST JR hold 3 M 29 12 month 21.03.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 40 Not Provided 21.03.2013
JPMorgan JOHN DIFUCCI overweight 5 M 40 6 month 21.03.2013
Janney Montgomery Scott LLC YUN KIM buy 5 M 43 12 month 21.03.2013
Davenport & Co F DRAKE JOHNSTONE buy 5 M 40 12 month 21.03.2013
Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 42 12 month 21.03.2013
Berenberg Bank DAUD KHAN buy 5 M 35 Not Provided 21.03.2013
Susquehanna Financial Group J DERRICK WOOD Positive 4 M 40 12 month 21.03.2013
Piper Jaffray MARK R MURPHY overweight 5 M 37 12 month 21.03.2013
MKM Partners ISRAEL HERNANDEZ buy 5 M 38 12 month 21.03.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 D 36 12 month 20.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 21.02.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 20.02.2013
Goldman Sachs HEATHER BELLINI Buy/Neutral 5 M 39 12 month 24.01.2013
Holdings By:
Oracle Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The
Company manufacture or uses contract manufacturers, market and sell a variety of
grain-based snacks, carbonated and non-carbonated beverages and foods in
countries throughout the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 84.32
52-Week Low (09.05.2012) 65.68
Daily Volume
83.56
52-Week High % Change -1.08% Dividend Yield 2.57
52-Week Low % Change 27.22% Beta 0.56
% 52 Week Price Range High/Low 98.82% Equity Float 1'543.43
Shares Out 11.04.2013 1'546.4 Short Int 13.83
129'218.55 1 Yr Total Return 29.48%
Total Debt 28'359.00 YTD Return 22.98%
Preferred Stock 41.0 Adjusted BETA 0.556
Minority Interest 105.0 Analyst Recs 24
Cash and Equivalents 6'619.00 Consensus Rating 4.167
Enterprise Value 151'761.54
Average Volume 5 Day 2'049'563
PEP UN EQUITY YTD Change - Average Volume 30 Day 1'439'034
PEP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'505'111
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
43'251.0 43'232.0 57'838.0 66'504.0 65'492.0 66'995.0 65'645.0 67'746.1 71'005.7 16'863.4 17'386.5
2.10x 2.31x 2.12x 1.90x 1.94x 7.60x 7.81x 2.22x 2.12x 8.87x 8.57x
8'478.0 9'679.0 10'659.0 12'370.0 11'801.0 12'398.0 11'733.0 13'009.6 13'817.0 3'439.9 3'604.6
10.70x 10.31x 11.51x 10.22x 10.75x 10.21x 10.13x 11.71x 11.03x 11.60x 11.46x
5'142.0 5'946.0 6'320.0 6'443.0 6'178.0 6'427.0 6'126.0 6'832.2 7'318.2 1'846.6 1'976.6
14.85x 16.45x 15.91x 15.08x 16.61x 14.98x 19.12x 18.89x 17.47x 18.83x 18.37x
EBITDA 11'801.00 Long-Term Rating Date 17.03.2010
EBIT 9'112.00 Long-Term Rating A
Operating Margin 13.91% Long-Term Outlook STABLE
Pretax Margin 12.68% Short-Term Rating Date 17.01.1989
Return on Assets 8.18% Short-Term Rating A-1
Return on Common Equity 27.27%
Return on Capital 13.37% EBITDA/Interest Exp. 13.05
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 10.05
Net Debt/EBITDA 1.91
Gross Margin 52.2% Total Debt/EBITDA 2.51
EBITDA Margin 17.9%
EBIT Margin 13.8% Total Debt/Equity 127.4%
Net Income Margin 9.4% Total Debt/Capital 55.9%
Asset Turnover 0.88
Current Ratio 1.10 Net Fixed Asset Turnover 3.38
Quick Ratio 0.80 Accounts receivable turnover-days 39.90
Debt to Assets 38.00% Inventory Days 47.39
Tot Debt to Common Equity 127.44% Accounts Payable Turnover Day 131.90
Accounts Receivable Turnover 9.12 Cash Conversion Cycle -56.84
Inventory Turnover 7.68
Fiscal Year Ended
PepsiCo IncPrice/Volume
Valuation Analysis
228'111.00
Current Price (4/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
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 84'179'181 5.44 1'071'434 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 81'747'020 5.29 3'601'157 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 77'141'209 4.99 (2'527'749) 22.04.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 50'436'720 3.26 (3'610'256) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 34'990'221 2.26 2'923'941 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 27'627'719 1.79 911'259 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 26'319'581 1.7 (879'872) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 23'728'395 1.53 (56'301) 31.12.2012 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 23'006'617 1.49 817'910 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 21'851'854 1.41 (550'261) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 18'557'481 1.2 1'645'102 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 16'993'527 1.1 (528'301) 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 16'124'354 1.04 326'300 31.03.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 14'460'657 0.94 173'735 31.01.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 13'041'546 0.84 541'771 28.02.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 12'850'479 0.83 (1'434'002) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 12'667'234 0.82 1'175'456 31.12.2012 Government
MORGAN STANLEY n/a ULT-AGG 12'361'686 0.8 (206'734) 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 10'915'630 0.71 347'665 31.03.2013 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 10'683'371 0.69 678'901 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Argus Research Corp JOHN D STASZAK buy 5 M 92 12 month 22.04.2013
Sanford C. Bernstein & Co ALI DIBADJ outperform 5 M 89 12 month 22.04.2013
Morgan Stanley DARA MOHSENIAN Overwt/In-Line 5 M 91 12 month 19.04.2013
JPMorgan JOHN A FAUCHER overweight 5 M 86 6 month 19.04.2013
HSBC LAUREN E TORRES overweight 5 M 89 Not Provided 19.04.2013
Stifel MARK D SWARTZBERG hold 3 M #N/A N/A Not Provided 19.04.2013
Davenport & Co ANN H GURKIN neutral 3 M #N/A N/A Not Provided 19.04.2013
Gabelli & Co DAMIAN WITKOWSKI buy 5 M #N/A N/A Not Provided 19.04.2013
Deutsche Bank WILLIAM G SCHMITZ buy 5 M 85 12 month 18.04.2013
Goldman Sachs JUDY E HONG neutral/neutral 3 M 78 12 month 18.04.2013
Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 18.04.2013
Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 82 12 month 18.04.2013
Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 18.04.2013
S&P Capital IQ ESTHER KWON buy 5 M 91 Not Provided 18.04.2013
Credit Agricole Securities (USA) CAROLINE S LEVY outperform 5 M 90 Not Provided 18.04.2013
Barclays MICHAEL J BRANCA overweight 5 M 87 Not Provided 18.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 25.02.2013
Daiwa Securities Co. Ltd. TORU SUGIURA neutral 3 M 78 Not Provided 21.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 16.01.2013
Atlantic Equities LLP VICTORIA COLLIN not rated #N/A N/A M #N/A N/A Not Provided 24.03.2010
Holdings By:
PepsiCo Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Pfizer Inc. is a research-based, global pharmaceutical company that discovers,
develops, manufactures, and markets medicines for humans and animals. The
Company's products include prescription pharmaceuticals, non-prescription
self-medications, and animal health products such as anti-infective medicines
and vaccines.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (23.04.2013) 31.14
52-Week Low (05.06.2012) 21.40
Daily Volume
30.86
52-Week High % Change -0.77% Dividend Yield 2.85
52-Week Low % Change 44.21% Beta 0.79
% 52 Week Price Range High/Low 99.38% Equity Float 7'180.95
Shares Out 27.02.2013 7'185.6 Short Int 54.59
221'748.98 1 Yr Total Return 41.46%
Total Debt 37'460.00 YTD Return 24.12%
Preferred Stock 39.0 Adjusted BETA 0.791
Minority Interest 418.0 Analyst Recs 27
Cash and Equivalents 32'708.00 Consensus Rating 4.333
Enterprise Value 226'957.98
Average Volume 5 Day 8'564'865
PFE UN EQUITY YTD Change - Average Volume 30 Day 7'731'223
PFE UN EQUITY YTD % CHANGE - Average Volume 3 Month 7'431'352
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
48'296.0 50'009.0 67'057.0 65'259.0 58'986.0 65'738.0 59'506.0 57'140.0 56'426.6 13'951.5 14'402.8
2.35x 3.40x 2.34x 2.71x 3.18x 10.39x 12.75x 4.15x 4.05x 16.91x 16.38x
22'146.0 21'810.0 29'319.0 30'037.0 27'270.0 29'012.0 26'532.0 27'544.0 27'672.2 6'775.5 7'063.0
5.12x 7.79x 5.35x 5.89x 6.88x 6.10x 7.07x 8.25x 8.22x 8.41x 8.64x
8'104.0 8'635.0 8'257.0 10'009.0 14'570.0 10'009.0 14'570.0 16'092.4 16'163.9 4'006.0 4'193.2
7.32x 6.64x 7.92x 9.53x 11.45x 9.49x 11.35x 13.59x 12.90x 13.61x 13.48x
EBITDA 27'270.00 Long-Term Rating Date 16.10.2009
EBIT 19'659.00 Long-Term Rating AA
Operating Margin 33.33% Long-Term Outlook STABLE
Pretax Margin 20.48% Short-Term Rating Date 23.11.1981
Return on Assets 7.80% Short-Term Rating A-1+
Return on Common Equity 17.83%
Return on Capital 13.13% EBITDA/Interest Exp. 17.42
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 16.58
Net Debt/EBITDA 0.18
Gross Margin 81.4% Total Debt/EBITDA 1.41
EBITDA Margin 44.6%
EBIT Margin 31.8% Total Debt/Equity 46.1%
Net Income Margin 24.7% Total Debt/Capital 31.4%
Asset Turnover 0.32
Current Ratio 2.15 Net Fixed Asset Turnover 3.92
Quick Ratio 1.58 Accounts receivable turnover-days 78.22
Debt to Assets 20.16% Inventory Days 221.02
Tot Debt to Common Equity 46.12% Accounts Payable Turnover Day 123.44
Accounts Receivable Turnover 4.68 Cash Conversion Cycle 179.54
Inventory Turnover 1.66
Fiscal Year Ended
Pfizer IncPrice/Volume
Valuation Analysis
1'312'916.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 474'300'574 6.6 6'614'619 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 427'902'307 5.95 3'198'591 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 336'677'440 4.69 5'309'166 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 157'905'984 2.2 (499'554) 28.02.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 156'030'667 2.17 (11'042'127) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 140'673'343 1.96 (1'695'593) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 121'260'105 1.69 (11'952'305) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 114'374'506 1.59 752'909 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 108'664'901 1.51 5'977'683 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 106'343'408 1.48 (7'649'631) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 97'163'184 1.35 1'015'817 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 85'223'148 1.19 (438'836) 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 79'999'525 1.11 - 31.12.2012 Insurance Company
INVESCO LTD n/a ULT-AGG 74'477'512 1.04 (4'301'522) 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 71'247'670 0.99 (3'406'089) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 68'795'682 0.96 1'905'697 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 61'377'548 0.85 1'849'248 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 60'070'940 0.84 3'524'346 31.12.2012 Government
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 57'986'630 0.81 (1'065'370) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 56'088'202 0.78 (1'026'074) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC MICHAEL K TONG outperform 5 M #N/A N/A Not Provided 19.04.2013
JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 33 6 month 18.04.2013
BMO Capital Markets ALEX ARFAEI outperform 5 M 33 Not Provided 16.04.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 32 Not Provided 15.04.2013
MKM Partners JON LECROY neutral 3 M 28 12 month 11.04.2013
Credit Agricole Securities (USA) KIM-LINH LINH VUKHAC buy 5 M 32 Not Provided 11.04.2013
Morgan Stanley DAVID R RISINGER Overwt/In-Line 5 M 31 12 month 10.04.2013
Jefferies JEFFREY HOLFORD buy 5 M 33 12 month 10.04.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 32 12 month 10.04.2013
Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 10.04.2013
Cowen and Company STEVEN R SCALA outperform 5 M #N/A N/A Not Provided 10.04.2013
Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 05.04.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 29 12 month 11.03.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 29 12 month 15.02.2013
Credit Suisse CATHERINE J ARNOLD neutral 3 M 29 Not Provided 07.02.2013
Goldman Sachs JAMI E RUBIN buy/attractive 5 M 32 12 month 30.01.2013
Argus Research Corp JOHN M EADE buy 5 M 32 Not Provided 30.01.2013
Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 32 12 month 29.01.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 31 Not Provided 29.01.2013
Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 33 12 month 29.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 16.01.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 27.11.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 U 21 Not Provided 08.08.2012
Cyrrus TOMAS MENCIK hold 3 M 24 Not Provided 05.04.2012
First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 09.02.2012
Fincorp SAOG GAURAV RAMAIYA buy 5 M 24 Not Provided 13.10.2011
McAdams Wright Ragen Inc PAUL C LATTA focus list 5 M 25 12 month 30.04.2009
Holdings By:
Pfizer Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Philip Morris International Inc., through its subsidiaries, affiliates and
their licensees, produces, sells, distributes, and markets a wide range of
branded cigarettes and tobacco products in markets outside of the United States
of America. The Company's portfolio comprises both international and local
brands.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (12.04.2013) 96.60
52-Week Low (05.06.2012) 81.10
Daily Volume
94.33
52-Week High % Change -2.36% Dividend Yield 3.52
52-Week Low % Change 16.31% Beta 0.78
% 52 Week Price Range High/Low 80.65% Equity Float 1'543.44
Shares Out 31.03.2013 1'642.2 Short Int 9.68
154'907.98 1 Yr Total Return 13.69%
Total Debt 22'839.00 YTD Return 13.83%
Preferred Stock 0.0 Adjusted BETA 0.779
Minority Interest 1'623.0 Analyst Recs 22
Cash and Equivalents 2'983.00 Consensus Rating 4.091
Enterprise Value 178'106.99
Average Volume 5 Day 1'587'990
PM UN EQUITY YTD Change - Average Volume 30 Day 1'388'148
PM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'404'744
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
25'705.0 25'035.0 27'208.0 31'097.0 31'377.0 31'754.0 31'513.0 32'294.9 33'994.6 8'279.9 8'274.8
3.82x 4.20x 4.48x 4.92x 5.09x 18.32x 21.30x 5.52x 5.31x - -
11'174.0 10'922.0 12'179.0 14'434.0 14'827.0 14'810.0 14'603.0 15'454.0 16'545.4 3'966.5 4'160.3
8.79x 9.64x 10.01x 10.60x 10.78x 11.50x 12.01x 11.53x 10.77x 11.35x 11.14x
6'890.0 6'342.0 7'259.0 8'591.0 8'800.0 8'833.0 8'764.0 9'137.0 9'799.4 2'361.0 2'457.4
13.11x 14.65x 15.12x 16.12x 16.02x 17.48x 17.69x 16.77x 15.03x 16.37x 15.87x
EBITDA 14'827.00 Long-Term Rating Date 05.03.2008
EBIT 13'929.00 Long-Term Rating A
Operating Margin 44.39% Long-Term Outlook STABLE
Pretax Margin 41.39% Short-Term Rating Date 05.03.2008
Return on Assets 23.75% Short-Term Rating A-1
Return on Common Equity -
Return on Capital 43.08% EBITDA/Interest Exp. 14.72
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 13.68
Net Debt/EBITDA 1.48
Gross Margin 66.9% Total Debt/EBITDA 1.75
EBITDA Margin 46.3%
EBIT Margin 44.1% Total Debt/Equity -
Net Income Margin 28.0% Total Debt/Capital 108.8%
Asset Turnover 0.85
Current Ratio 0.97 Net Fixed Asset Turnover 4.88
Quick Ratio 0.39 Accounts receivable turnover-days 39.60
Debt to Assets 60.63% Inventory Days 301.13
Tot Debt to Common Equity - Accounts Payable Turnover Day 34.86
Accounts Receivable Turnover 9.24 Cash Conversion Cycle 305.87
Inventory Turnover 1.22
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
Philip Morris International IncPrice/Volume
Valuation Analysis
207'339.00
Current Price (4/dd/yy) Market Data
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 145'010'698 8.83 (5'458'668) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 95'536'508 5.82 (769'321) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 92'372'880 5.62 - 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 78'917'908 4.81 1'302'339 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 32'064'748 1.95 996'199 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 30'701'447 1.87 575'138 28.02.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 25'397'031 1.55 (15'920) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 23'867'658 1.45 (357'832) 31.12.2012 Investment Advisor
FAYEZ SAROFIM FAYEZ SAROFIM 13F 21'903'361 1.33 (3'147'352) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 21'862'438 1.33 (1'918'464) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 21'801'786 1.33 (270'510) 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 21'113'825 1.29 (200'359) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 18'651'756 1.14 (2'427'618) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 15'259'175 0.93 (1'038'181) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 14'969'674 0.91 (304'054) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 14'822'177 0.9 (459'525) 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 14'136'327 0.86 (844'857) 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 13'996'344 0.85 (271'743) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 13'738'249 0.84 130'964 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 13'209'663 0.8 (200'280) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Argus Research Corp NATHANIEL GABRIEL buy 5 M 98 Not Provided 19.04.2013
Stifel CHRISTOPHER R GROWE buy 5 M 100 12 month 19.04.2013
Renaissance Capital REY WIUM hold 3 M 97 12 month 19.04.2013
Berenberg Bank ERIK BLOOMQUIST buy 5 M 100 Not Provided 19.04.2013
Nomura DAVID HAYES neutral 3 M 95 Not Provided 19.04.2013
Morgan Stanley DAVID J ADELMAN Overwt/In-Line 5 M 95 12 month 18.04.2013
Credit Suisse ROGERIO FUJIMORI neutral 3 M 90 Not Provided 18.04.2013
Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 18.04.2013
JPMorgan RAE MAILE neutral 3 M 108 6 month 18.04.2013
Jefferies THILO WREDE hold 3 M 95 12 month 18.04.2013
Davenport & Co ANN H GURKIN buy 5 M 100 12 month 18.04.2013
Wells Fargo Securities, LLC BONNIE HERZOG outperform 5 M #N/A N/A Not Provided 18.04.2013
S&P Capital IQ ESTHER KWON strong buy 5 M 103 Not Provided 18.04.2013
Credit Agricole Securities (USA) MICHAEL LAVERY outperform 5 M 100 Not Provided 18.04.2013
Barclays MICHAEL J BRANCA overweight 5 M 104 Not Provided 18.04.2013
Daiwa Securities Co. Ltd. TORU SUGIURA neutral 3 M 91 Not Provided 27.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 25.02.2013
Goldman Sachs JUDY E HONG Buy/Neutral 5 M 105 12 month 08.02.2013
Holdings By:
Philip Morris International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
The Procter & Gamble Company manufactures and markets consumer products in
countries throughout the world. The Company provides products in the laundry
and cleaning, paper, beauty care, food and beverage, and health care segments.
Procter & Gamble's products are sold primarily through mass merchandisers,
grocery stores, membership club stores, drug stores, and neighborhood stores.
Latest Fiscal Year: 06/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 82.54
52-Week Low (26.06.2012) 59.08
Daily Volume
77.87
52-Week High % Change -5.51% Dividend Yield 2.89
52-Week Low % Change 31.80% Beta 0.64
% 52 Week Price Range High/Low 100.00% Equity Float 2'729.76
Shares Out 31.12.2012 2'731.7 Short Int 21.33
212'713.67 1 Yr Total Return 21.07%
Total Debt 29'778.00 YTD Return 16.52%
Preferred Stock 1'195.0 Adjusted BETA 0.637
Minority Interest 596.0 Analyst Recs 33
Cash and Equivalents 4'436.00 Consensus Rating 3.788
Enterprise Value 239'060.67
Average Volume 5 Day 3'212'078
PG UN EQUITY YTD Change - Average Volume 30 Day 2'558'096
PG UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'724'006
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
81'748.0 76'694.0 78'938.0 82'559.0 83'680.0 84'328.0 83'724.0 84'590.6 87'505.1 20'942.7 21'480.9
2.68x 2.38x 2.52x 2.50x 2.34x 9.99x 10.32x 2.86x 2.75x 11.54x 11.33x
19'803.0 18'456.0 19'129.0 18'656.0 18'072.0 18'252.0 17'876.0 19'268.5 20'536.7 4'159.6 5'206.7
11.05x 9.91x 10.41x 11.08x 10.82x 11.79x 13.25x 12.47x 11.70x 11.95x 11.83x
12'075.0 13'436.0 12'736.0 11'797.0 10'756.0 9'635.0 13'068.0 11'842.4 12'553.6 2'370.4 3'226.7
17.08x 14.68x 16.34x 16.09x 15.91x 17.30x 19.22x 19.20x 17.83x 18.29x 17.90x
EBITDA 18'072.00 Long-Term Rating Date 10.05.2005
EBIT 14'868.00 Long-Term Rating AA-
Operating Margin 17.77% Long-Term Outlook STABLE
Pretax Margin 15.28% Short-Term Rating Date 10.05.2005
Return on Assets 9.55% Short-Term Rating A-1+
Return on Common Equity 19.61%
Return on Capital 13.77% EBITDA/Interest Exp. 23.50
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 18.35
Net Debt/EBITDA 1.47
Gross Margin 49.3% Total Debt/EBITDA 1.80
EBITDA Margin 21.4%
EBIT Margin 17.8% Total Debt/Equity 47.8%
Net Income Margin 12.9% Total Debt/Capital 31.7%
Asset Turnover 0.61
Current Ratio 0.88 Net Fixed Asset Turnover 4.03
Quick Ratio 0.42 Accounts receivable turnover-days 28.05
Debt to Assets 22.52% Inventory Days 62.81
Tot Debt to Common Equity 47.84% Accounts Payable Turnover Day 61.19
Accounts Receivable Turnover 13.01 Cash Conversion Cycle 17.96
Inventory Turnover 5.81
Fiscal Year Ended
Procter & Gamble Co/ThePrice/Volume
Valuation Analysis
1'574'739.00
Current Price (4/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
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 170'676'041 6.25 3'694'782 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 146'265'577 5.35 3'876'301 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 136'689'650 5 5'311'290 31.03.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 52'793'078 1.93 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 51'875'763 1.9 4'616'569 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 42'645'901 1.56 (231'272) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 41'437'961 1.52 144'389 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 34'430'434 1.26 291'175 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 29'428'901 1.08 (513'138) 31.12.2012 Investment Advisor
PERSHING SQUARE CAPI PERSHING SQUARE CAPI 13F 27'946'892 1.02 - 31.12.2012 Hedge Fund Manager
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 27'752'099 1.02 (29'254) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 27'648'772 1.01 1'182'258 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 24'860'139 0.91 1'054'432 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 22'102'179 0.81 1'884'347 31.12.2012 Government
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 22'029'700 0.81 196'666 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 20'374'341 0.75 (89'752) 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 20'372'600 0.75 288'300 31.12.2012 Insurance Company
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 18'112'918 0.66 7'436'710 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 18'110'048 0.66 (1'774'571) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 14'604'447 0.53 (1'464'771) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets CONSTANCE M MANEATY outperform 5 M 84 Not Provided 24.04.2013
Deutsche Bank WILLIAM G SCHMITZ buy 5 M 87 12 month 24.04.2013
Morgan Stanley DARA MOHSENIAN Equalwt/In-Line 3 M #N/A N/A Not Provided 24.04.2013
RBC Capital Markets JASON M GERE sector perform 3 M 77 12 month 24.04.2013
SunTrust Robinson Humphrey WILLIAM CHAPPELL neutral 3 M 80 12 month 24.04.2013
Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 24.04.2013
Buckingham Research Group ALICE BEEBE LONGLEY neutral 3 M 74 12 month 24.04.2013
Canaccord Genuity Corp ALICIA FORRY buy 5 M 87 12 month 24.04.2013
Oppenheimer & Co JOSEPH ALTOBELLO market perform 3 M #N/A N/A Not Provided 24.04.2013
Wells Fargo Securities, LLC TIMOTHY A CONDER market perform 3 M #N/A N/A Not Provided 24.04.2013
JPMorgan JOHN A FAUCHER overweight 5 M 80 6 month 23.04.2013
B Riley & Company, Inc LINDA BOLTON WEISER buy 5 M 87 Not Provided 23.04.2013
S&P Capital IQ IAN GORDON hold 3 M 83 Not Provided 22.04.2013
Sanford C. Bernstein & Co ALI DIBADJ outperform 5 M 86 12 month 19.04.2013
Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 16.04.2013
Barclays LAUREN R LIEBERMAN overweight 5 M 81 Not Provided 12.04.2013
William Blair & Co JON R ANDERSEN outperform 5 M #N/A N/A Not Provided 11.04.2013
Credit Suisse MICHAEL STEIB neutral 3 M 75 Not Provided 10.04.2013
Credit Agricole Securities (USA) CAROLINE S LEVY outperform 5 M 87 Not Provided 13.03.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 25.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 80 12 month 18.02.2013
Argus Research Corp JOHN D STASZAK buy 5 M 84 Not Provided 29.01.2013
Daiwa Securities Co. Ltd. TORU SUGIURA neutral 3 M 76 Not Provided 29.01.2013
Goldman Sachs JASON ENGLISH neutral/neutral 3 M 76 12 month 28.01.2013
Hilliard Lyons JEFFREY S THOMISON neutral 3 M #N/A N/A Not Provided 28.01.2013
Janney Montgomery Scott LLC JOHN SAN MARCO buy 5 M 81 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 16.01.2013
Atlantic Equities LLP VICTORIA COLLIN neutral 3 M 70 12 month 19.11.2012
Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 02.02.2009
Holdings By:
Procter & Gamble Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
QUALCOMM, Inc . manufactures digital wireless communications equipment. The
Company licenses its code division multiple access (CDMA) and orthogonal
frequency division multiplexing access intellectual property to other companies,
and produces CDMA-based integrated circuits, and produces equipment and software
used to track workers and assets, and software for wireless content enablement.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (05.03.2013) 68.49
52-Week Low (17.07.2012) 53.09
Daily Volume
66.25
52-Week High % Change -3.24% Dividend Yield 1.46
52-Week Low % Change 24.79% Beta 1.05
% 52 Week Price Range High/Low 79.32% Equity Float 1'696.72
Shares Out 28.01.2013 1'718.1 Short Int 13.66
113'826.11 1 Yr Total Return 8.84%
Total Debt 0.00 YTD Return 7.22%
Preferred Stock 0.0 Adjusted BETA 1.053
Minority Interest 22.0 Analyst Recs 49
Cash and Equivalents 26'837.00 Consensus Rating 4.633
Enterprise Value 85'507.11
Average Volume 5 Day 3'671'733
QCOM UW EQUITY YTD Change - Average Volume 30 Day 3'181'682
QCOM UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'179'381
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 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
11'142.0 10'416.0 10'982.0 14'957.0 19'121.0 16'291.0 20'458.0 24'158.4 26'920.3 6'088.4 5'875.7
5.80x 5.46x 4.96x 4.32x 4.17x 16.85x 15.34x 3.69x 3.03x 14.76x 15.15x
4'186.0 3'644.0 4'393.0 6'087.0 6'579.0 6'487.0 7'149.0 9'674.5 10'697.1 2'462.8 2'166.2
15.44x 15.60x 12.41x 10.62x 12.12x 10.96x 10.59x 8.86x 8.01x 9.04x 8.96x
3'160.0 1'592.0 3'247.0 4'260.0 6'109.0 4'491.0 6'614.0 8'034.0 8'875.3 2'054.0 1'823.9
21.73x 43.40x 18.96x 16.71x 22.39x 18.65x 15.79x 14.60x 13.43x 14.59x 14.39x
EBITDA 6'579.00 Long-Term Rating Date 19.12.2001
EBIT 5'682.00 Long-Term Rating NR
Operating Margin 29.72% Long-Term Outlook -
Pretax Margin 34.32% Short-Term Rating Date -
Return on Assets 16.04% Short-Term Rating -
Return on Common Equity 20.73%
Return on Capital 20.44% EBITDA/Interest Exp. 73.10
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 58.83
Net Debt/EBITDA -3.96
Gross Margin 62.9% Total Debt/EBITDA 0.00
EBITDA Margin 34.9%
EBIT Margin 30.4% Total Debt/Equity 0.0%
Net Income Margin 31.9% Total Debt/Capital 0.0%
Asset Turnover 0.50
Current Ratio 2.95 Net Fixed Asset Turnover 7.47
Quick Ratio 2.61 Accounts receivable turnover-days 24.32
Debt to Assets 0.00% Inventory Days 48.72
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 59.93
Accounts Receivable Turnover 15.26 Cash Conversion Cycle 13.58
Inventory Turnover 7.61
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
QUALCOMM IncPrice/Volume
Valuation Analysis
808'818.00
Current Price (4/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 98'505'360 5.73 1'057'384 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 92'090'095 5.36 2'591'704 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 78'646'090 4.58 2'470'673 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 65'989'412 3.84 (13'864'751) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 48'565'229 2.83 (1'402'853) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 37'221'715 2.17 (2'037'442) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 28'207'275 1.64 (3'531'699) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 28'102'183 1.64 3'842'992 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'620'183 1.55 (44'394) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 20'860'976 1.21 (267'148) 28.02.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 20'000'786 1.16 (101'415) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 18'682'764 1.09 (959'592) 28.02.2013 Unclassified
JACOBS IRWIN MARK n/a Form 4 18'545'579 1.08 (66'379) 05.03.2012 n/a
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 18'055'113 1.05 (97'239) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 17'971'145 1.05 (245'290) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'861'913 0.98 1'737'652 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 16'431'203 0.96 (5'446'906) 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 15'415'875 0.9 (4'025'353) 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 15'097'814 0.88 (2'711'518) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 15'092'976 0.88 3'254'562 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets TIMOTHY P LONG outperform 5 M 80 Not Provided 23.04.2013
Brean Murray Carret & Co MIKE BURTON buy 5 M 80 12 month 23.04.2013
FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 76 12 month 23.04.2013
RBC Capital Markets MARK SUE outperform 5 M 77 12 month 22.04.2013
Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 80 12 month 22.04.2013
William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 22.04.2013
Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 85 12 month 22.04.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 22.04.2013
Credit Agricole Securities (USA) SRINI PAJJURI outperform 5 M 74 12 month 22.04.2013
Deutsche Bank BRIAN T MODOFF buy 5 M 78 12 month 21.04.2013
Evercore Partners MARK A MCKECHNIE overweight 5 M 85 12 month 21.04.2013
Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 78 12 month 19.04.2013
MKM Partners DANIEL A BERENBAUM buy 5 M 74 12 month 19.04.2013
Exane BNP Paribas JEROME RAMEL outperform 5 M 75 Not Provided 19.04.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 17.04.2013
Societe Generale PETER KNOX hold 3 M 64 12 month 16.04.2013
D.A. Davidson & Co AALOK K SHAH neutral 3 M 65 18 month 16.04.2013
Nomura ROMIT SHAH buy 5 M 75 12 month 15.04.2013
JMP Securities ALEX GAUNA market outperform 4 M 75 12 month 15.04.2013
Lazard Capital Markets IAN ING buy 5 M 79 12 month 15.04.2013
Pacific Crest Securities JAMES FAUCETTE outperform 5 M 70 12 month 11.04.2013
Barclays BLAYNE CURTIS overweight 5 M 77 Not Provided 11.04.2013
Credit Suisse KULBINDER GARCHA outperform 5 M 85 Not Provided 09.04.2013
Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 75 12 month 09.04.2013
Argus Research Corp JAMES KELLEHER buy 5 M 80 12 month 08.04.2013
Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 08.04.2013
Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 85 12 month 05.04.2013
Raymond James TAVIS C MCCOURT strong buy 5 U 83 12 month 02.04.2013
Northland Securities Inc THOMAS SEPENZIS outperform 5 N 80 12 month 02.04.2013
Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 01.04.2013
Piper Jaffray AUGUSTE P RICHARD overweight 5 M 83 12 month 25.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 18.03.2013
Scotia Capital GUS PAPAGEORGIOU focus stock 5 M 81 12 month 05.03.2013
Berenberg Bank ADNAAN AHMAD sell 1 M 50 Not Provided 05.03.2013
S&P Capital IQ JAMES G MOORMAN strong buy 5 M 84 12 month 05.03.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 72 18 month 25.02.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 80 12 month 13.02.2013
JPMorgan ROD HALL neutral 3 D 70 6 month 12.02.2013
Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 71 Not Provided 04.02.2013
Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 80 12 month 31.01.2013
Macquarie SHAWN WEBSTER outperform 5 M 75 12 month 31.01.2013
Davenport & Co F DRAKE JOHNSTONE buy 5 M 72 12 month 31.01.2013
Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 31.01.2013
Holdings By:
QUALCOMM Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Raytheon Company is a technology company specializing in defense, homeland
security and other government markets throughout the world. The Company provides
electronics, mission systems integration and other capabilities in the areas of
sensing, effects, and command, control, communications and intelligence systems,
as well as mission support services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.12.2012) 59.34
52-Week Low (04.06.2012) 49.03
Daily Volume
57.79
52-Week High % Change -2.44% Dividend Yield 3.46
52-Week Low % Change 17.87% Beta 0.84
% 52 Week Price Range High/Low 81.09% Equity Float 324.41
Shares Out 11.02.2013 326.4 Short Int 4.61
18'860.06 1 Yr Total Return 13.09%
Total Debt 4'731.00 YTD Return 1.35%
Preferred Stock 0.0 Adjusted BETA 0.835
Minority Interest 164.0 Analyst Recs 22
Cash and Equivalents 4'044.00 Consensus Rating 3.545
Enterprise Value 19'711.06
Average Volume 5 Day 593'389
RTN UN EQUITY YTD Change - Average Volume 30 Day 492'552
RTN UN EQUITY YTD % CHANGE - Average Volume 3 Month 552'786
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
23'174.0 24'881.0 25'183.0 24'791.0 24'414.0 24'791.0 24'414.0 23'805.9 23'343.6 5'692.5 5'849.1
0.89x 0.77x 0.66x 0.69x 0.81x 2.87x 3.24x 0.83x 0.84x 3.51x 3.45x
3'010.0 3'444.0 3'027.0 3'274.0 3'444.0 3'274.0 3'444.0 3'124.9 3'147.2 749.3 768.0
6.83x 5.60x 5.53x 5.24x 5.73x 5.24x 5.73x 6.32x 6.27x 6.33x -
1'672.0 1'935.0 1'840.0 1'866.0 1'888.0 1'866.0 1'888.0 1'729.0 1'741.6 420.8 424.9
12.39x 10.64x 8.93x 8.27x 9.28x 8.27x 9.25x 10.88x 10.46x 10.85x 10.89x
EBITDA 3'444.00 Long-Term Rating Date 04.09.2008
EBIT 2'989.00 Long-Term Rating A-
Operating Margin 12.24% Long-Term Outlook STABLE
Pretax Margin 11.38% Short-Term Rating Date 15.07.2005
Return on Assets 7.19% Short-Term Rating A-2
Return on Common Equity 23.30%
Return on Capital 15.75% EBITDA/Interest Exp. 16.80
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 15.15
Net Debt/EBITDA 0.20
Gross Margin 21.8% Total Debt/EBITDA 1.37
EBITDA Margin 14.1%
EBIT Margin 12.2% Total Debt/Equity 58.9%
Net Income Margin 7.7% Total Debt/Capital 36.6%
Asset Turnover 0.93
Current Ratio 1.57 Net Fixed Asset Turnover 12.23
Quick Ratio 0.69 Accounts receivable turnover-days -
Debt to Assets 17.73% Inventory Days 93.80
Tot Debt to Common Equity 58.95% Accounts Payable Turnover Day 27.28
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 3.90
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Raytheon CoPrice/Volume
Valuation Analysis
87'023.00
Current Price (4/dd/yy) Market Data
&
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15'000.0
20'000.0
25'000.0
30'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 26'945'085 8.26 - 31.03.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 19'692'149 6.03 (332'076) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 18'009'379 5.52 357'587 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 15'664'626 4.8 422'562 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'102'277 3.4 639'326 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'797'692 2.08 (1'138'546) 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 5'854'375 1.79 (153'070) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'601'812 1.72 645'237 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'884'841 1.5 188'355 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'570'897 1.4 (259'395) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 4'457'200 1.37 200'003 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 4'343'343 1.33 (200'453) 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'246'576 1.3 46'495 31.12.2012 Investment Advisor
ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 4'165'967 1.28 3'206'200 31.12.2012 Hedge Fund Manager
MACQUARIE GROUP n/a ULT-AGG 4'113'579 1.26 81'201 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 3'535'471 1.08 (7'492) 31.12.2012 Investment Advisor
AJO, LP AJO, LP 13F 3'419'700 1.05 1'415'900 31.12.2012 Investment Advisor
SASCO CAPITAL INCORP SASCO CAPITAL INCORP 13F 3'407'480 1.04 (55'871) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 3'217'278 0.99 165'659 28.02.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 3'000'000 0.92 - 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies HOWARD A RUBEL buy 5 M 66 12 month 19.04.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED outperform 5 M 67 12 month 19.04.2013
Credit Suisse ROBERT M SPINGARN outperform 5 M 62 Not Provided 16.04.2013
CRT Capital Group BRIAN W RUTTENBUR Fairly Valued 3 M 49 Not Provided 16.04.2013
Deutsche Bank MYLES WALTON hold 3 M 60 12 month 15.04.2013
JPMorgan JOSEPH B NADOL III neutral 3 M 54 6 month 15.04.2013
Stifel WILLIAM R LOOMIS buy 5 M 63 12 month 15.04.2013
Barclays CARTER COPELAND overweight 5 M 60 Not Provided 15.04.2013
Cowen and Company CAI VON RUMOHR neutral 3 M #N/A N/A Not Provided 11.04.2013
RBC Capital Markets ROBERT STALLARD sector perform 3 M 54 12 month 10.04.2013
Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN outperform 5 M #N/A N/A Not Provided 10.04.2013
Sterne, Agee & Leach PETER J ARMENT neutral 3 M #N/A N/A Not Provided 09.04.2013
Goldman Sachs NOAH POPONAK Sell/Neutral 1 M 51 12 month 08.04.2013
Drexel Hamilton LLC PETER J SKIBITSKI hold 3 U 45 12 month 25.03.2013
Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 08.02.2013
FBR Capital Markets PATRICK J MCCARTHY market perform 3 M 56 12 month 25.01.2013
Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 16.01.2013
Buckingham Research Group RICHARD SAFRAN neutral 3 M #N/A N/A Not Provided 09.11.2012
Shore Capital Stockbrokers GREG JOHNSON hold 3 M #N/A N/A Not Provided 09.03.2011
Holdings By:
Raytheon Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Schlumberger Limited is an oil services company. The Company, through its
subsidiaries, provides a wide range of services, including technology, project
management and information solutions to the international petroleum industry as
well as advanced acquisition and data processing surveys.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.02.2013) 82.00
52-Week Low (26.06.2012) 59.12
Daily Volume
72.73
52-Week High % Change -10.56% Dividend Yield 1.51
52-Week Low % Change 23.02% Beta 1.37
% 52 Week Price Range High/Low 56.03% Equity Float 1'327.70
Shares Out 31.03.2013 1'331.0 Short Int 12.14
96'804.70 1 Yr Total Return 1.62%
Total Debt 11'630.00 YTD Return 5.37%
Preferred Stock 0.0 Adjusted BETA 1.373
Minority Interest 107.0 Analyst Recs 39
Cash and Equivalents 6'274.00 Consensus Rating 4.538
Enterprise Value 102'343.71
Average Volume 5 Day 2'930'048
SLB UN EQUITY YTD Change - Average Volume 30 Day 2'276'827
SLB UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'990'699
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
27'162.9 22'702.0 27'447.0 36'959.0 42'149.0 39'448.0 42'931.0 45'718.9 50'928.0 11'151.8 11'612.0
1.92x 3.47x 4.26x 2.61x 2.31x 10.22x 9.28x 2.20x 1.90x 9.19x 8.78x
8'966.9 6'596.0 7'133.0 9'794.0 11'020.0 10'337.0 8'433.0 12'260.9 14'039.4 2'982.1 3'171.1
5.82x 11.94x 16.40x 9.84x 8.85x 9.63x 0.00x 8.34x 7.28x 7.99x 7.71x
5'434.8 3'134.0 4'267.0 4'997.0 5'490.0 5'355.0 5'448.0 6'226.8 7'547.8 1'481.0 1'624.4
9.41x 23.41x 31.51x 19.08x 16.66x 18.07x 18.05x 15.57x 12.80x 14.81x 14.14x
EBITDA 11'020.00 Long-Term Rating Date 11.12.2002
EBIT 7'520.00 Long-Term Rating A+
Operating Margin 17.84% Long-Term Outlook STABLE
Pretax Margin 17.06% Short-Term Rating Date 11.12.2002
Return on Assets 9.25% Short-Term Rating A-1
Return on Common Equity 15.99%
Return on Capital 12.85% EBITDA/Interest Exp. 32.41
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 18.60
Net Debt/EBITDA 0.48
Gross Margin 21.6% Total Debt/EBITDA 1.05
EBITDA Margin 25.8%
EBIT Margin 17.8% Total Debt/Equity 33.5%
Net Income Margin 13.0% Total Debt/Capital 25.0%
Asset Turnover 0.73
Current Ratio 1.95 Net Fixed Asset Turnover 3.05
Quick Ratio 1.43 Accounts receivable turnover-days 93.11
Debt to Assets 18.90% Inventory Days 51.47
Tot Debt to Common Equity 33.47% Accounts Payable Turnover Day 86.78
Accounts Receivable Turnover 3.92 Cash Conversion Cycle 54.51
Inventory Turnover 7.11
Fiscal Year Ended
Schlumberger LtdPrice/Volume
Valuation Analysis
420'518.00
Current Price (4/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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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 80'907'864 6.08 3'503'199 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 73'838'059 5.55 640'357 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 61'838'785 4.65 1'709'323 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 53'188'079 4 894'326 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 34'796'152 2.61 (355'550) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 28'708'777 2.16 132'845 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 28'282'914 2.12 907'168 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 21'241'071 1.6 2'733'410 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 20'989'963 1.58 (84'487) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 20'010'014 1.5 (5'205'530) 28.02.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 16'502'135 1.24 204'573 31.12.2012 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 12'743'364 0.96 777'715 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 12'191'472 0.92 1'875'584 28.02.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 12'158'962 0.91 433'671 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 12'026'446 0.9 1'475'319 31.12.2012 Government
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 11'879'647 0.89 1'672'854 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 11'528'043 0.87 750'095 28.02.2013 Unclassified
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 11'095'990 0.83 449'374 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 10'688'425 0.8 (301'147) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 10'658'748 0.8 81'767 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse JAMES WICKLUND neutral 3 M 79 Not Provided 24.04.2013
Societe Generale EDWARD C MUZTAFAGO buy 5 M 90 12 month 23.04.2013
JPMorgan J DAVID ANDERSON overweight 5 M 97 6 month 23.04.2013
Jefferies BRAD HANDLER buy 5 M 86 12 month 23.04.2013
HSBC DAVID PHILLIPS overweight 5 M 92 Not Provided 23.04.2013
Macquarie NIGEL BROWNE outperform 5 M 91 12 month 23.04.2013
Howard Weil Inc WILLIAM SANCHEZ focus list 5 M 97 Not Provided 22.04.2013
Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 100 12 month 22.04.2013
Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 90 Not Provided 22.04.2013
Stephens Inc JOHN KELLER overweight 5 M 99 Not Provided 22.04.2013
Raymond James J MARSHALL ADKINS outperform 5 M 77 12 month 22.04.2013
FBR Capital Markets MEGAN REPINE outperform 5 M 93 12 month 22.04.2013
Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 22.04.2013
Guggenheim Securities LLC MICHAEL K LAMOTTE buy 5 M 87 12 month 22.04.2013
Susquehanna Financial Group CHARLES P MINERVINO Positive 4 M 85 12 month 22.04.2013
Cowen Securities LLC JAMES D CRANDELL buy 5 M 93 Not Provided 22.04.2013
Deutsche Bank MICHAEL W URBAN buy 5 M 91 12 month 21.04.2013
Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 93 12 month 21.04.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 20.04.2013
BMO Capital Markets ALAN D LAWS outperform 5 M 85 Not Provided 19.04.2013
Morgan Stanley OLE SLORER Overwt/Attractive 5 M 93 12 month 19.04.2013
RBC Capital Markets KURT HALLEAD outperform 5 M 85 12 month 19.04.2013
Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 19.04.2013
William Blair & Co BRANDON DOBELL market perform 3 M #N/A N/A Not Provided 19.04.2013
Johnson Rice & Co DANIEL BURKE equalweight 3 M #N/A N/A Not Provided 19.04.2013
ISI Group JUDSON E BAILEY strong buy 5 M 92 12 month 19.04.2013
Credit Agricole Securities (USA) DAVID S HAVENS buy 5 M 90 Not Provided 19.04.2013
Barclays JAMES C WEST overweight 5 M 103 Not Provided 19.04.2013
Global Hunter Securities JEFFREY SPITTEL neutral 3 M 80 12 month 19.04.2013
RS Platou Markets TURNER HOLM neutral 3 D 85 6 month 15.04.2013
Argus Research Corp PHILIP H WEISS buy 5 M 90 Not Provided 11.04.2013
S&P Capital IQ STEWART GLICKMAN hold 3 M 81 12 month 20.09.2012
Tudor Pickering & Co JEFF TILLERY buy 5 M #N/A N/A Not Provided 12.09.2012
Goldman Sachs WAQAR SYED buy/attractive 5 U 95 12 month 26.07.2012
Holdings By:
Schlumberger Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Simon Property Group, Inc. is a self-administered and self-managed,
real estate investment trust. The Company owns, develops, and manages retail
real estate properties including regional malls, outlet centers,
community/lifestyle centers, and international properties.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.04.2013) 176.69
52-Week Low (04.06.2012) 142.08
Daily Volume
175.73
52-Week High % Change -0.57% Dividend Yield 2.36
52-Week Low % Change 23.68% Beta 0.94
% 52 Week Price Range High/Low 98.12% Equity Float 306.90
Shares Out 28.02.2013 310.0 Short Int 5.07
54'472.05 1 Yr Total Return 19.73%
Total Debt 23'113.01 YTD Return 11.94%
Preferred Stock 39.8 Adjusted BETA 0.937
Minority Interest 1'160.5 Analyst Recs 26
Cash and Equivalents 1'184.52 Consensus Rating 4.538
Enterprise Value 77'600.87
Average Volume 5 Day 445'007
SPG UN EQUITY YTD Change - Average Volume 30 Day 450'566
SPG UN EQUITY YTD % CHANGE - Average Volume 3 Month 423'043
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'783.2 3'775.2 3'957.6 4'306.4 4'880.1 4'306.4 4'880.1 5'176.7 5'440.1 1'224.9 1'251.9
8.13x 10.16x 11.81x 13.18x 14.78x 48.20x 57.64x 15.40x 14.58x 67.70x 66.31x
2'553.0 2'630.0 2'799.2 3'015.6 3'491.0 3'010.9 3'482.9 3'931.6 4'168.8 933.4 946.9
12.04x 14.59x 16.70x 18.82x 20.66x 18.84x 20.71x 19.76x 18.63x 19.74x 19.33x
463.6 309.4 617.0 1'024.8 1'434.5 1'024.8 1'434.5 1'116.2 1'295.8 230.1 241.8
25.92x 40.51x 27.87x 37.05x 33.49x 37.05x 33.35x 50.11x 43.00x 51.44x 49.21x
EBITDA 3'490.98 Long-Term Rating Date 10.05.2010
EBIT 2'220.60 Long-Term Rating A-
Operating Margin 22.41% Long-Term Outlook STABLE
Pretax Margin 35.56% Short-Term Rating Date -
Return on Assets 4.88% Short-Term Rating -
Return on Common Equity 27.31%
Return on Capital 6.32% EBITDA/Interest Exp. 3.04
Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -0.91
Net Debt/EBITDA 6.30
Gross Margin - Total Debt/EBITDA 6.64
EBITDA Margin 71.4%
EBIT Margin - Total Debt/Equity 393.7%
Net Income Margin 29.4% Total Debt/Capital 76.6%
Asset Turnover 0.17
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 70.93% Inventory Days -
Tot Debt to Common Equity 393.70% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Simon Property Group IncPrice/Volume
Valuation Analysis
44'934.00
Current Price (4/dd/yy) Market Data
&.&1&3&5&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 36'658'923 11.82 1'937'887 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 23'968'032 7.73 1'711'321 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 22'813'451 7.36 730'203 23.04.2013 Investment Advisor
COHEN & STEERS CAPIT COHEN & STEERS CAPIT 13F 21'811'676 7.04 178'705 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 13'956'236 4.5 1'244'078 28.02.2013 Investment Advisor
DAIWA SECURITIES GRO DAIWA SECURITIES GRO 13F 10'337'973 3.33 (121'624) 31.12.2012 Holding Company
MORGAN STANLEY n/a ULT-AGG 9'910'670 3.2 32'918 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 8'015'366 2.59 (335'485) 31.12.2012 Investment Advisor
CBRE GROUP INC n/a ULT-AGG 7'152'907 2.31 (401'114) 31.12.2012 Corporation
APG ASSET MANAGEMENT APG ASSET MANAGEMENT 13F 6'861'136 2.21 (165'301) 31.03.2013 Pension Fund (ERISA)
PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 6'611'908 2.13 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 6'388'926 2.06 (158'699) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'831'802 1.88 53'902 31.03.2013 Investment Advisor
LASALLE INVESTMENT M LASALLE INVESTMENT M 13F 5'744'566 1.85 (448'519) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'573'381 1.8 (85'138) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'933'013 1.59 108'170 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 3'934'185 1.27 424'337 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'891'195 1.26 881'857 31.12.2012 Investment Advisor
AEW CAPITAL MANAGEME AEW CAPITAL MANAGEME 13F 3'219'600 1.04 39'800 31.12.2012 Hedge Fund Manager
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'200'694 1.03 1'143 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank VINCENT CHAO buy 5 M 181 12 month 22.04.2013
ISI Group STEVE SAKWA buy 5 M 188 Not Provided 22.04.2013
Imperial Capital LLC DAVID HARRIS in-line 3 M 168 12 month 18.04.2013
Hilliard Lyons CAROL L KEMPLE neutral 3 M #N/A N/A Not Provided 16.04.2013
Cowen and Company JAMES W SULLIVAN outperform 5 M #N/A N/A Not Provided 16.04.2013
BMO Capital Markets PAUL E ADORNATO market perform 3 N 175 Not Provided 10.04.2013
Edward Jones JOHN L SHEEHAN hold 3 M #N/A N/A Not Provided 08.04.2013
Barclays ROSS L SMOTRICH overweight 5 M 184 Not Provided 05.04.2013
Stifel NATHAN ISBEE buy 5 M 170 12 month 01.04.2013
Sandler O'Neill & Partners, LP ALEXANDER D GOLDFARB buy 5 M 185 12 month 18.03.2013
Jefferies OMOTAYO T OKUSANYA II buy 5 M 181 12 month 04.03.2013
Morgan Stanley PAUL MORGAN Equalwt/Attractive 3 M 173 12 month 01.03.2013
Wells Fargo Securities, LLC JEFFREY J DONNELLY outperform 5 M #N/A N/A Not Provided 01.03.2013
Argus Research Corp MICHAEL BURKE buy 5 M 170 Not Provided 07.02.2013
Raymond James RICHARD J MILLIGAN outperform 5 M 175 12 month 05.02.2013
RBC Capital Markets RICHARD C MOORE outperform 5 M 180 12 month 04.02.2013
JPMorgan MICHAEL W MUELLER overweight 5 M 178 6 month 04.02.2013
Evercore Partners BENJAMIN YANG equalweight 3 M 168 12 month 04.02.2013
S&P Capital IQ ROBERT MCMILLAN buy 5 M 176 Not Provided 04.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs ANDREW ROSIVACH Buy/Neutral 5 M 187 12 month 03.01.2013
Holdings By:
Simon Property Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
The Southern Company is a public utility holding company. The Company, through
its subsidiaries, generates, wholesales, and retails electricity in the
southeastern United States. The Company also offers wireless telecommunications
services, and provides businesses with two-way radio, telephone, paging, and
Internet access services as well as wholesales fiber optic solutions.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 48.74
52-Week Low (23.11.2012) 41.75
Daily Volume
47.9
52-Week High % Change -1.40% Dividend Yield 4.09
52-Week Low % Change 14.73% Beta 0.51
% 52 Week Price Range High/Low 98.71% Equity Float 870.64
Shares Out 25.03.2013 870.9 Short Int 12.41
41'716.83 1 Yr Total Return 8.99%
Total Debt 22'434.00 YTD Return 13.13%
Preferred Stock 1'082.0 Adjusted BETA 0.511
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 628.00 Consensus Rating 2.913
Enterprise Value 64'604.83
Average Volume 5 Day 902'490
SO UN EQUITY YTD Change - Average Volume 30 Day 994'414
SO UN EQUITY YTD % CHANGE - Average Volume 3 Month 968'587
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
17'127.0 15'743.0 17'456.0 17'657.0 16'537.0 17'249.0 16'830.0 17'735.7 18'402.7 4'326.2 5'440.6
2.79x 3.02x 3.07x 3.46x 3.63x 13.62x 10.98x 3.76x 3.75x 15.33x 12.15x
5'210.0 5'258.0 5'633.0 6'279.0 6'589.0 6'219.0 5'294.0 6'464.8 6'824.6 1'562.5 2'269.5
9.18x 9.05x 9.52x 9.72x 9.11x 9.81x 0.00x 10.00x 9.48x 10.22x 10.22x
1'807.0 1'708.0 2'040.0 2'268.0 2'415.0 2'214.0 2'128.0 2'426.5 2'564.5 590.0 1'017.3
15.68x 14.42x 16.20x 18.15x 16.15x 18.12x 17.19x 17.36x 16.57x 17.20x 16.94x
EBITDA 6'589.00 Long-Term Rating Date 21.12.2000
EBIT 4'444.00 Long-Term Rating A
Operating Margin 26.87% Long-Term Outlook STABLE
Pretax Margin 22.67% Short-Term Rating Date 21.12.2000
Return on Assets 3.95% Short-Term Rating A-1
Return on Common Equity 13.10%
Return on Capital 7.27% EBITDA/Interest Exp. 7.67
Asset Turnover 0.27% (EBITDA-Capex)/Interest Exp. 1.90
Net Debt/EBITDA 3.31
Gross Margin 66.1% Total Debt/EBITDA 3.40
EBITDA Margin 39.8%
EBIT Margin 27.0% Total Debt/Equity 122.6%
Net Income Margin 14.6% Total Debt/Capital 53.7%
Asset Turnover 0.27
Current Ratio 0.88 Net Fixed Asset Turnover -
Quick Ratio 0.33 Accounts receivable turnover-days 38.71
Debt to Assets 35.53% Inventory Days 166.27
Tot Debt to Common Equity 122.61% Accounts Payable Turnover Day 87.48
Accounts Receivable Turnover 9.46 Cash Conversion Cycle 117.50
Inventory Turnover 2.20
Fiscal Year Ended
Southern Co/ThePrice/Volume
Valuation Analysis
432'530.00
Current Price (4/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
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
20'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 61'749'898 7.09 (926'803) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 45'442'068 5.22 (6'117'420) 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 41'822'330 4.8 1'514'682 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 18'523'803 2.13 3'497'300 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'470'226 1.43 218'630 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'353'910 1.3 (1'998'500) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'856'924 1.25 333'297 31.03.2013 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 7'961'144 0.91 953'026 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 6'917'685 0.79 383'484 28.02.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 5'767'467 0.66 (548'110) 31.12.2012 Investment Advisor
PICTET ASSET MANAGEM PICTET ASSET MANAGEM 13F 5'645'334 0.65 1'488'523 31.12.2012 Investment Advisor
BARCLAYS PLC n/a ULT-AGG 5'212'118 0.6 486'331 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 4'751'098 0.55 (316'593) 28.02.2013 Unclassified
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 4'586'477 0.53 390'317 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 4'469'108 0.51 2'078'152 31.12.2012 Government
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'316'310 0.5 (2'984'433) 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 4'202'923 0.48 119'231 31.12.2012 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 3'903'388 0.45 732'071 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'788'591 0.44 329'715 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'656'974 0.42 (596'502) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie ANGIE STOROZYNSKI neutral 3 M 47 12 month 24.04.2013
ISI Group GREG GORDON neutral 3 M 45 12 month 24.04.2013
Wells Fargo Securities, LLC NEIL A KALTON outperform 5 M #N/A N/A Not Provided 24.04.2013
Atlantic Equities LLP NATHAN JUDGE underweight 1 M 41 12 month 24.04.2013
Barclays DANIEL F FORD equalweight 3 M 51 Not Provided 24.04.2013
Wolfe Trahan & Co STEVEN I FLEISHMAN peerperform 3 M 49 12 month 23.04.2013
SunTrust Robinson Humphrey ALI AGHA neutral 3 M #N/A N/A Not Provided 22.04.2013
RBC Capital Markets SHELBY G TUCKER outperform 5 M 48 12 month 19.04.2013
Deutsche Bank JONATHAN ARNOLD hold 3 M 48 12 month 17.04.2013
Credit Suisse DANIEL EGGERS underperform 1 M 50 Not Provided 17.04.2013
Edward Jones ANDREW PUSATERI sell 1 M #N/A N/A Not Provided 16.04.2013
Drexel Hamilton LLC ANDREW L SMITH hold 3 M 46 12 month 09.04.2013
Goldman Sachs MICHAEL J LAPIDES Sell/Neutral 1 M 42 12 month 02.04.2013
Jefferies PAUL B FREMONT buy 5 M 50 12 month 26.03.2013
Argus Research Corp MICHAEL BURKE hold 3 M #N/A N/A Not Provided 01.02.2013
Hilliard Lyons DAVID B BURKS neutral 3 M #N/A N/A Not Provided 31.01.2013
BGC Partners KIT KONOLIGE hold 3 M #N/A N/A Not Provided 31.01.2013
BMO Capital Markets MICHAEL S WORMS market perform 3 M 45 Not Provided 30.01.2013
KeyBanc Capital Markets PAUL T RIDZON hold 3 M #N/A N/A Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Southern Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Starbucks Corporation retails, roasts, and provides its own brand of specialty
coffee. The Company operates retail locations worldwide and sells whole bean
coffees through its sales group, direct response business, supermarkets, and on
the World Wide Web. Starbucks also produces and sells bottled coffee drinks and
a line of ice creams.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (26.04.2012) 61.15
52-Week Low (02.08.2012) 43.05
Daily Volume
59.34
52-Week High % Change -2.55% Dividend Yield 1.28
52-Week Low % Change 37.84% Beta 0.88
% 52 Week Price Range High/Low 90.28% Equity Float 728.61
Shares Out 23.01.2013 749.3 Short Int 9.78
44'463.46 1 Yr Total Return 3.75%
Total Debt 549.60 YTD Return 11.08%
Preferred Stock 0.0 Adjusted BETA 0.878
Minority Interest 5.5 Analyst Recs 32
Cash and Equivalents 2'037.00 Consensus Rating 4.438
Enterprise Value 42'559.06
Average Volume 5 Day 1'550'558
SBUX UW EQUITY YTD Change - Average Volume 30 Day 1'483'576
SBUX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'555'275
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 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
10'383.0 9'774.6 10'707.4 11'700.4 13'299.5 12'185.7 13'663.3 14'930.3 16'721.5 3'587.2 3'723.4
1.15x 1.50x 1.72x 2.25x 2.75x 9.39x 11.22x 2.93x 2.60x 12.08x 11.61x
1'261.7 1'335.8 1'865.1 2'074.6 2'367.3 2'126.5 2'445.7 3'035.7 3'585.6 689.1 750.2
9.47x 10.94x 9.85x 12.67x 15.42x 15.47x 15.34x 14.01x 11.86x 13.36x 12.84x
315.5 390.8 945.6 1'245.7 1'383.8 1'281.3 1'434.2 1'645.8 1'987.9 367.0 408.0
21.07x 23.89x 20.11x 23.45x 28.33x 28.05x 28.30x 27.38x 22.64x 25.77x 24.68x
EBITDA 2'367.30 Long-Term Rating Date 24.02.2012
EBIT 1'786.70 Long-Term Rating A-
Operating Margin 13.43% Long-Term Outlook STABLE
Pretax Margin 15.48% Short-Term Rating Date 28.08.2009
Return on Assets 17.57% Short-Term Rating A-2
Return on Common Equity 28.85%
Return on Capital 26.35% EBITDA/Interest Exp. 65.94
Asset Turnover 1.67% (EBITDA-Capex)/Interest Exp. 42.09
Net Debt/EBITDA -0.78
Gross Margin 56.3% Total Debt/EBITDA 0.22
EBITDA Margin 17.9%
EBIT Margin 13.6% Total Debt/Equity 10.8%
Net Income Margin 10.4% Total Debt/Capital 9.7%
Asset Turnover 1.67
Current Ratio 1.90 Net Fixed Asset Turnover 5.40
Quick Ratio 1.14 Accounts receivable turnover-days 11.99
Debt to Assets 6.69% Inventory Days 67.96
Tot Debt to Common Equity 10.76% Accounts Payable Turnover Day 23.01
Accounts Receivable Turnover 30.36 Cash Conversion Cycle 53.00
Inventory Turnover 5.36
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
Starbucks CorpPrice/Volume
Valuation Analysis
261'958.00
Current Price (4/dd/yy) Market Data
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4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 37'780'688 5.04 503'999 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 36'552'911 4.88 - 22.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 35'633'395 4.76 (2'111'027) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 34'345'408 4.58 (13'662'548) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'898'695 4.52 871'315 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 29'386'396 3.92 1'474'627 31.03.2013 Investment Advisor
SCHULTZ HOWARD D n/a Form 4 18'875'169 2.52 (1'050'000) 06.03.2013 n/a
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'738'762 1.7 (106'141) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 11'995'937 1.6 5'105'468 28.02.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 10'787'280 1.44 303'498 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 10'729'471 1.43 1'274'414 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'449'141 1.39 809'552 31.03.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 9'561'829 1.28 632'235 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 9'401'174 1.25 (2'276'793) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 8'540'739 1.14 (1'398'536) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 8'369'222 1.12 2'216'565 31.12.2012 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 7'623'782 1.02 7'567'551 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'680'224 0.89 (311'680) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 6'103'143 0.81 (518'406) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 5'994'504 0.8 528'915 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 65 12 month 23.04.2013
Williams Capital Group MARC RIDDICK market perform 3 M 55 12 month 23.04.2013
Stephens Inc WILL SLABAUGH overweight 5 M 66 Not Provided 22.04.2013
William Blair & Co SHARON M ZACKFIA outperform 5 M #N/A N/A Not Provided 22.04.2013
Buckingham Research Group MITCHELL J SPEISER buy 5 M 75 12 month 22.04.2013
Longbow Research ALTON K STUMP buy 5 M 65 12 month 22.04.2013
Piper Jaffray NICOLE MILLER REGAN overweight 5 M 65 12 month 22.04.2013
Morgan Stanley JOHN S GLASS Overwt/In-Line 5 M 68 12 month 18.04.2013
JPMorgan JOHN W IVANKOE overweight 5 M 65 6 month 18.04.2013
Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 64 12 month 18.04.2013
Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 68 12 month 16.04.2013
Barclays JEFFREY A BERNSTEIN equalweight 3 M 65 Not Provided 16.04.2013
Argus Research Corp JOHN D STASZAK buy 5 M 64 Not Provided 12.04.2013
Sanford C. Bernstein & Co SARA H SENATORE outperform 5 M 65 12 month 12.04.2013
Lazard Capital Markets MATTHEW J DIFRISCO buy 5 M 74 12 month 11.04.2013
S&P Capital IQ JIM YIN buy 5 M 66 Not Provided 09.04.2013
Jefferies ANDREW M BARISH buy 5 M 66 12 month 08.04.2013
Goldman Sachs MICHAEL KELTER Buy/Neutral 5 M 70 12 month 04.04.2013
Credit Suisse KEITH SIEGNER outperform 5 M 66 Not Provided 02.04.2013
Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 28.03.2013
Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 25.03.2013
BMO Capital Markets PHILLIP JUHAN outperform 5 M 64 Not Provided 19.03.2013
Oppenheimer & Co BRIAN J BITTNER outperform 5 M 62 12 month 07.03.2013
McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 58 12 month 25.01.2013
Cowen and Company PAUL L WESTRA neutral 3 M #N/A N/A Not Provided 25.01.2013
Atlantic Equities LLP ALISTAIR M SCOBIE overweight 5 M 65 12 month 25.01.2013
RBC Capital Markets LARRY A MILLER sector perform 3 M 63 12 month 24.01.2013
Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 69 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank JASON WEST buy 5 M 60 12 month 04.01.2013
Holdings By:
Starbucks Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Target Corporation operates general merchandise discount stores in the United
States. The Company's merchandising operations include general merchandise and
food discount stores and a fully integrated online business. Target also offers
credit to qualified applicants through its branded proprietary credit cards.
Latest Fiscal Year: 01/2013
LTM as of: 02/yy
52-Week High (24.04.2013) 70.46
52-Week Low (17.05.2012) 54.68
Daily Volume
69.65
52-Week High % Change -1.09% Dividend Yield 1.98
52-Week Low % Change 27.38% Beta 0.71
% 52 Week Price Range High/Low 98.56% Equity Float 639.44
Shares Out 15.03.2013 641.4 Short Int 21.22
44'672.62 1 Yr Total Return 25.59%
Total Debt 17'648.00 YTD Return 18.40%
Preferred Stock 0.0 Adjusted BETA 0.713
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 784.00 Consensus Rating 4.207
Enterprise Value 61'536.62
Average Volume 5 Day 1'054'875
TGT UN EQUITY YTD Change - Average Volume 30 Day 970'972
TGT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'172'999
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
64'948.0 65'357.0 67'390.0 69'865.0 73'301.0 69'865.0 73'301.0 75'155.4 79'905.1 16'879.3 17'424.8
0.64x 0.81x 0.78x 0.72x 0.77x 2.93x 3.11x 0.78x 0.74x 3.47x 3.37x
6'228.0 6'696.0 7'336.0 7'453.0 7'352.0 7'452.0 7'353.0 7'365.2 8'164.0 1'649.3 1'756.5
6.64x 7.88x 7.13x 6.73x 7.66x 6.73x 7.66x 8.40x 7.58x 8.40x 8.16x
2'214.0 2'488.0 2'920.0 2'929.0 2'999.0 2'929.0 2'999.0 2'977.8 3'386.6 759.7 678.5
10.91x 15.54x 14.08x 11.48x 12.85x 11.43x 13.41x 14.22x 12.67x 14.73x 14.68x
EBITDA 7'352.00 Long-Term Rating Date 20.11.2007
EBIT 5'210.00 Long-Term Rating A+
Operating Margin 7.11% Long-Term Outlook STABLE
Pretax Margin 6.29% Short-Term Rating Date 04.08.2000
Return on Assets 6.33% Short-Term Rating A-1
Return on Common Equity 18.52%
Return on Capital 10.36% EBITDA/Interest Exp. 7.97
Asset Turnover 1.55% (EBITDA-Capex)/Interest Exp. 4.42
Net Debt/EBITDA 2.29
Gross Margin 31.0% Total Debt/EBITDA 2.40
EBITDA Margin 10.0%
EBIT Margin 7.1% Total Debt/Equity 106.6%
Net Income Margin 4.1% Total Debt/Capital 51.6%
Asset Turnover 1.55
Current Ratio 1.17 Net Fixed Asset Turnover 2.45
Quick Ratio 0.47 Accounts receivable turnover-days 29.78
Debt to Assets 36.64% Inventory Days 58.04
Tot Debt to Common Equity 106.58% Accounts Payable Turnover Day 51.05
Accounts Receivable Turnover 12.46 Cash Conversion Cycle 36.76
Inventory Turnover 6.39
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Target CorpPrice/Volume
Valuation Analysis
241'141.00
Current Price (4/dd/yy) Market Data
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40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 70'885'563 11.05 299'729 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'278'157 5.19 44'755 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 32'170'816 5.02 2'027'281 22.04.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 24'745'101 3.86 22'497 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 20'612'264 3.21 (907'709) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 19'656'931 3.06 4'641'319 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 15'802'141 2.46 1'534'302 28.02.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 12'781'660 1.99 2'002'360 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'545'077 1.8 310'776 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 10'761'402 1.68 (773'480) 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 10'482'033 1.63 677'329 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 10'290'784 1.6 1'789'038 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'673'172 1.51 (29'624) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 9'408'897 1.47 103'972 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 6'996'127 1.09 163'093 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'920'779 1.08 94'852 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'962'141 0.93 5'034 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 5'785'050 0.9 (728'648) 31.12.2012 Government
MORGAN STANLEY n/a ULT-AGG 5'207'619 0.81 290'427 31.12.2012 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 4'951'744 0.77 164'363 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse MICHAEL B EXSTEIN neutral 3 M 62 Not Provided 19.04.2013
Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 72 12 month 19.04.2013
Robert W. Baird & Co PETER S BENEDICT outperform 5 M 76 12 month 19.04.2013
Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 19.04.2013
S&P Capital IQ IAN GORDON strong buy 5 M 79 Not Provided 19.04.2013
MKM Partners PATRICK G MCKEEVER JR buy 5 M 77 Not Provided 19.04.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 72 12 month 19.04.2013
BMO Capital Markets WAYNE HOOD outperform 5 M 71 Not Provided 18.04.2013
Deutsche Bank PAUL TRUSSELL buy 5 M 74 12 month 18.04.2013
Morgan Stanley MARK WILTAMUTH Overwt/In-Line 5 M 75 12 month 18.04.2013
Jefferies DANIEL T BINDER hold 3 M 58 12 month 18.04.2013
Stifel DAVID A SCHICK hold 3 M #N/A N/A Not Provided 18.04.2013
Buckingham Research Group JOHN M ZOLIDIS neutral 3 M 65 12 month 18.04.2013
Piper Jaffray SEAN NAUGHTON overweight 5 M 74 12 month 18.04.2013
Barclays ROBERT S DRBUL overweight 5 M 70 Not Provided 18.04.2013
Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 71 Not Provided 17.04.2013
Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 16.04.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN outperform 5 M 76 12 month 16.04.2013
William Blair & Co MARK R MILLER market perform 3 M #N/A N/A Not Provided 16.04.2013
ISI Group GREGORY MELICH strong buy 5 M 76 12 month 16.04.2013
Cowen and Company FAYE LANDES neutral 3 M #N/A N/A Not Provided 16.04.2013
Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 73 12 month 16.04.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 25.03.2013
Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 04.03.2013
JPMorgan CHRISTOPHER HORVERS overweight 5 M 74 6 month 28.02.2013
Crowell, Weedon & Co SCOTT M SWANSON buy 5 M 80 12 month 27.02.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 27.02.2013
Fincorp SAOG GAURAV RAMAIYA hold 3 M 55 Not Provided 17.11.2011
First Global Stockbroking RITESH DOSHI market perform 3 M #N/A N/A Not Provided 18.08.2011
Gilford Securities BERNARD SOSNICK hold 3 M #N/A N/A Not Provided 31.05.2011
Holdings By:
Target Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Texas Instruments Incorporated is a global semiconductor company that designs
and supplies analog technologies, digital signal processing (DSP) and
microcontroller (MCU) semiconductors. The Company also operates materials and
controls, and educational and productivity solutions businesses. Texas
Instruments has manufacturing or sales operations in countries around the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 36.23
52-Week Low (17.07.2012) 26.06
Daily Volume
35.52
52-Week High % Change -1.99% Dividend Yield 2.14
52-Week Low % Change 36.30% Beta -
% 52 Week Price Range High/Low 94.69% Equity Float 1'104.33
Shares Out 31.03.2013 1'109.2 Short Int 22.86
39'397.16 1 Yr Total Return 16.15%
Total Debt 5'686.00 YTD Return 15.54%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 46
Cash and Equivalents 3'965.00 Consensus Rating 3.174
Enterprise Value 41'218.16
Average Volume 5 Day 3'880'318
TXN UW EQUITY YTD Change - Average Volume 30 Day 2'791'979
TXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'620'253
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
12'501.0 10'427.0 13'966.0 13'735.0 12'825.0 13'465.0 12'589.0 12'217.3 12'888.1 3'057.0 3'200.8
1.38x 2.82x 2.50x 2.61x 2.80x 10.80x 11.48x 3.29x 3.05x 13.10x 12.45x
3'750.0 3'128.0 5'316.0 4'434.0 3'986.0 4'182.0 3'908.0 3'750.7 4'342.7 942.5 1'065.9
4.61x 9.40x 6.56x 8.08x 9.02x 9.80x 10.54x 11.01x 9.51x 10.58x 10.28x
1'920.0 1'470.0 3'228.0 2'236.0 1'759.0 1'836.0 1'856.0 2'009.3 2'454.3 494.0 596.1
9.82x 20.68x 12.70x 13.73x 16.17x 17.60x 19.70x 19.73x 16.05x 18.08x 17.08x
EBITDA 3'986.00 Long-Term Rating Date 23.09.2010
EBIT 2'687.00 Long-Term Rating A+
Operating Margin 20.95% Long-Term Outlook STABLE
Pretax Margin 15.09% Short-Term Rating Date 01.02.1986
Return on Assets 9.35% Short-Term Rating A-1
Return on Common Equity 16.86%
Return on Capital 11.75% EBITDA/Interest Exp. 46.89
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 41.07
Net Debt/EBITDA 0.47
Gross Margin 49.7% Total Debt/EBITDA 1.45
EBITDA Margin 31.0%
EBIT Margin 20.9% Total Debt/Equity 51.9%
Net Income Margin 13.7% Total Debt/Capital 34.2%
Asset Turnover 0.63
Current Ratio 2.40 Net Fixed Asset Turnover 3.14
Quick Ratio 1.51 Accounts receivable turnover-days 40.75
Debt to Assets 28.40% Inventory Days 101.65
Tot Debt to Common Equity 51.87% Accounts Payable Turnover Day 30.16
Accounts Receivable Turnover 8.96 Cash Conversion Cycle 109.62
Inventory Turnover 3.59
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Texas Instruments IncPrice/Volume
Valuation Analysis
809'872.00
Current Price (4/dd/yy) Market Data
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4'000.0
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8'000.0
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12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 193'119'021 17.41 14'033'650 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 61'637'232 5.56 - 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 58'594'757 5.28 24'569 23.04.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 57'763'753 5.21 (538'050) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 51'292'102 4.62 1'060'083 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 33'495'251 3.02 2'896'053 31.12.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 26'632'178 2.4 122'698 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 26'078'508 2.35 (608'552) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 23'430'134 2.11 1'968'204 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'542'986 1.94 352'635 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 15'877'608 1.43 (1'447'465) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 14'896'737 1.34 (1'266'900) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'882'074 1.34 (150'090) 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 12'143'612 1.09 2'472'433 31.12.2012 Hedge Fund Manager
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 11'142'097 1 36'568 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 10'104'317 0.91 194'285 28.02.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 9'548'425 0.86 1'713'499 28.02.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'524'297 0.86 1'013'978 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 8'945'581 0.81 (350'053) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 7'922'648 0.71 740'405 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 23.04.2013
Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 36 12 month 23.04.2013
Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 23.04.2013
Credit Suisse JOHN W PITZER neutral 3 M 35 Not Provided 23.04.2013
SunTrust Robinson Humphrey WILLIAM STEIN reduce 2 M 30 12 month 23.04.2013
JPMorgan CHRISTOPHER DANELY overweight 5 M 37 6 month 23.04.2013
Jefferies MARK J LIPACIS buy 5 M 42 12 month 23.04.2013
Needham & Co VERNON P ESSI JR hold 3 M #N/A N/A Not Provided 23.04.2013
Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 23.04.2013
Robert W. Baird & Co TRISTAN GERRA neutral 3 M 35 12 month 23.04.2013
Sanford C. Bernstein & Co STACY A RASGON market perform 3 M 38 12 month 23.04.2013
Wedbush BETSY VAN HEES outperform 5 M 37 12 month 23.04.2013
Raymond James J STEVEN SMIGIE market perform 3 M #N/A N/A Not Provided 23.04.2013
FBR Capital Markets CHRISTOPHER ROLLAND underperform 1 M 30 12 month 23.04.2013
Macquarie SHAWN WEBSTER neutral 3 M 38 12 month 23.04.2013
B Riley & Company, Inc CRAIG ELLIS buy 5 M 39 12 month 23.04.2013
Stifel TORE E SVANBERG hold 3 M #N/A N/A Not Provided 23.04.2013
Canaccord Genuity Corp ROBERT BURLESON hold 3 M 35 12 month 23.04.2013
Evercore Partners PATRICK WANG equalweight 3 M 35 12 month 23.04.2013
Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 23.04.2013
Nomura ROMIT SHAH neutral 3 M 30 12 month 23.04.2013
Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 23.04.2013
Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 23.04.2013
Gabelli & Co HENDI SUSANTO hold 3 M #N/A N/A Not Provided 23.04.2013
Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 32 12 month 23.04.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 29 12 month 23.04.2013
Credit Agricole Securities (USA) SRINI PAJJURI underperform 1 M 34 Not Provided 23.04.2013
Barclays BLAYNE CURTIS equalweight 3 M 31 Not Provided 23.04.2013
BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 Not Provided 22.04.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 32 12 month 22.04.2013
RBC Capital Markets DOUG FREEDMAN sector perform 3 M 35 12 month 22.04.2013
Sterne, Agee & Leach VIJAY R RAKESH underperform 1 M 30 12 month 22.04.2013
ISI Group SUMIT DHANDA buy 5 M 40 12 month 22.04.2013
Williams Financial Group CODY G ACREE buy 5 M 41 12 month 22.04.2013
Exane BNP Paribas JEROME RAMEL underperform 1 M 26 Not Provided 19.04.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 05.04.2013
S&P Capital IQ CHRISTIN ARMACOST buy 5 U 42 Not Provided 02.04.2013
Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 18.03.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 14.02.2013
Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 M 32 12 month 13.02.2013
Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 U 34 Not Provided 28.01.2013
Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 28.01.2013
JMP Securities ALEX GAUNA market outperform 4 M 33 12 month 17.10.2012
Holdings By:
Texas Instruments Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Time Warner Inc. is a media and entertainment company. The Company's businesses
include cable television networks that provide programming, feature films,
television and home video production and distribution, and magazine publishing.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (23.04.2013) 60.71
52-Week Low (01.06.2012) 33.62
Daily Volume
60.25
52-Week High % Change -1.09% Dividend Yield 1.73
52-Week Low % Change 79.21% Beta 1.06
% 52 Week Price Range High/Low 98.86% Equity Float 883.93
Shares Out 15.02.2013 934.8 Short Int 20.44
56'321.13 1 Yr Total Return 69.54%
Total Debt 19'871.00 YTD Return 26.66%
Preferred Stock 0.0 Adjusted BETA 1.056
Minority Interest 1.0 Analyst Recs 32
Cash and Equivalents 2'841.00 Consensus Rating 4.406
Enterprise Value 73'352.13
Average Volume 5 Day 1'241'123
TWX UN EQUITY YTD Change - Average Volume 30 Day 1'458'739
TWX UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'387'382
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
26'516.0 25'388.0 26'888.0 28'974.0 28'729.0 28'974.0 28'729.0 29'725.9 31'059.8 7'117.9 7'076.8
2.27x 1.78x 1.79x 1.77x 2.14x 6.98x 7.95x 2.41x 2.26x 9.78x 9.80x
5'541.0 5'748.0 6'413.0 6'877.0 7'106.0 8'681.0 7'106.0 7'493.2 8'110.9 1'648.5 1'641.1
10.88x 7.86x 7.52x 7.45x 8.67x 5.90x 8.67x 9.80x 9.06x 9.77x 9.56x
(13'402.0) 2'477.0 2'578.0 2'886.0 3'019.0 2'886.0 3'019.0 3'453.6 3'868.1 712.8 707.7
18.98x 15.02x 12.97x 12.34x 14.24x 12.30x 14.20x 16.37x 14.11x 16.33x 15.62x
EBITDA 7'106.00 Long-Term Rating Date 27.03.2009
EBIT 6'214.00 Long-Term Rating BBB
Operating Margin 21.63% Long-Term Outlook STABLE
Pretax Margin 15.81% Short-Term Rating Date 21.05.2008
Return on Assets 4.44% Short-Term Rating A-2
Return on Common Equity 10.09%
Return on Capital 7.90% EBITDA/Interest Exp. 5.23
Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. 4.75
Net Debt/EBITDA 2.40
Gross Margin 44.5% Total Debt/EBITDA 2.80
EBITDA Margin 24.7%
EBIT Margin 21.6% Total Debt/Equity 66.5%
Net Income Margin 10.5% Total Debt/Capital 39.9%
Asset Turnover 0.42
Current Ratio 1.35 Net Fixed Asset Turnover 7.27
Quick Ratio 1.04 Accounts receivable turnover-days 91.13
Debt to Assets 29.09% Inventory Days 45.37
Tot Debt to Common Equity 66.51% Accounts Payable Turnover Day 180.50
Accounts Receivable Turnover 4.02 Cash Conversion Cycle -44.00
Inventory Turnover 8.07
Fiscal Year Ended
Time Warner IncPrice/Volume
Valuation Analysis
109'677.00
Current Price (4/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
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 79'192'925 8.47 (4'233'233) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 49'944'190 5.34 - 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 47'955'651 5.13 767'234 23.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 47'640'424 5.1 (1'822'613) 28.02.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 42'579'068 4.55 (7'130'010) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 41'751'742 4.47 427'228 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 37'580'219 4.02 4'575'635 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 29'830'536 3.19 482'845 28.02.2013 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 22'075'622 2.36 (2'779'676) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20'189'390 2.16 (3'847'909) 31.12.2012 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 19'564'518 2.09 6'105'545 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 13'707'774 1.47 1'468'055 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'127'665 1.3 101'288 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 11'347'396 1.21 (2'854'231) 31.12.2012 Investment Advisor
COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 10'150'523 1.09 6'785'149 31.12.2012 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 10'104'209 1.08 (325'520) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 9'297'800 0.99 231'052 31.12.2012 Government
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 9'273'563 0.99 1'253 31.12.2012 Investment Advisor
LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 9'087'821 0.97 365'043 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 8'856'613 0.95 26'944 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barrington Research JAMES C GOSS outperform 5 M 61 12 month 23.04.2013
Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 23.04.2013
B Riley & Company, Inc DAVID W MILLER buy 5 M 65 Not Provided 22.04.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 64 12 month 21.04.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 20.04.2013
RBC Capital Markets DAVID BANK outperform 5 M 63 12 month 19.04.2013
Sanford C. Bernstein & Co TODD JUENGER market perform 3 M 60 12 month 19.04.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 70 18 month 19.04.2013
Credit Suisse MICHAEL SENNO outperform 5 M 66 Not Provided 17.04.2013
Nomura MICHAEL NATHANSON neutral 3 M 60 12 month 17.04.2013
Stifel DREW E CRUM buy 5 M 65 12 month 16.04.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 54 Not Provided 16.04.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 12.04.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 62 12 month 10.04.2013
Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 10.04.2013
JPMorgan ALEXIA S QUADRANI overweight 5 M 67 6 month 08.04.2013
Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 05.04.2013
Davenport & Co MICHAEL C MORRIS buy 5 M 67 Not Provided 05.04.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 68 Not Provided 22.03.2013
Susquehanna Financial Group VASILY KARASYOV Positive 4 M 71 12 month 14.03.2013
Gabelli & Co BRETT HARRISS hold 3 M #N/A N/A Not Provided 08.03.2013
Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 M 58 12 month 07.03.2013
Janney Montgomery Scott LLC TONY WIBLE neutral 3 M 59 12 month 07.03.2013
Wedbush JAMES G DIX outperform 5 M 60 12 month 07.03.2013
Evercore Partners ALAN GOULD overweight 5 M 57 12 month 07.03.2013
S&P Capital IQ TUNA AMOBI buy 5 M 57 12 month 07.03.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 66 Not Provided 07.03.2013
Atlantic Equities LLP HAMILTON FABER overweight 5 M 63 12 month 14.02.2013
Macquarie TIMOTHY W NOLLEN outperform 5 M 63 12 month 07.02.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 07.02.2013
Goldman Sachs DREW BORST buy/attractive 5 M 59 12 month 21.01.2013
D.A. Davidson & Co DONNA M JAEGERS buy 5 M #N/A N/A Not Provided 26.10.2011
Holdings By:
Time Warner Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Union Pacific Corporation is a rail transportation company. The Company's
railroad hauls a variety of goods, including agricultural, automotive, and
chemical products. Union Pacific offersslong-haul routes from all major West
Coast and Gulf Coast ports to eastern gateways as well as connects with
Canada's rail systems and serves the major gateways to Mexico.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 148.38
52-Week Low (04.06.2012) 105.16
Daily Volume
146.54
52-Week High % Change -0.81% Dividend Yield 1.76
52-Week Low % Change 39.35% Beta 1.08
% 52 Week Price Range High/Low 97.80% Equity Float 464.33
Shares Out 12.04.2013 466.8 Short Int 3.65
68'401.74 1 Yr Total Return 35.40%
Total Debt 8'997.00 YTD Return 17.16%
Preferred Stock 0.0 Adjusted BETA 1.084
Minority Interest 0.0 Analyst Recs 31
Cash and Equivalents 1'063.00 Consensus Rating 4.290
Enterprise Value 76'345.74
Average Volume 5 Day 659'129
UNP UN EQUITY YTD Change - Average Volume 30 Day 521'708
UNP UN EQUITY YTD % CHANGE - Average Volume 3 Month 516'841
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
17'970.0 14'143.0 16'965.0 19'557.0 20'926.0 20'179.0 21'104.0 22'269.1 23'904.3 5'502.0 5'757.4
1.77x 2.85x 3.17x 2.99x 3.20x 11.09x 12.81x 3.42x 3.17x 13.86x 13.23x
5'462.0 4'806.0 6'468.0 7'341.0 8'505.0 7'746.0 8'635.0 9'349.3 10'280.6 2'316.4 2'474.6
5.81x 8.38x 8.30x 7.97x 7.87x 7.63x 8.62x 8.16x 7.42x 8.00x 7.82x
2'338.0 1'890.0 2'780.0 3'292.0 3'943.0 3'516.0 4'037.0 4'436.0 4'962.9 1'095.5 1'195.3
10.53x 17.85x 16.49x 15.86x 15.26x 14.95x 16.77x 15.40x 13.47x 14.88x 14.39x
EBITDA 8'505.00 Long-Term Rating Date 23.04.2012
EBIT 6'745.00 Long-Term Rating A-
Operating Margin 32.23% Long-Term Outlook STABLE
Pretax Margin 30.19% Short-Term Rating Date 29.05.2002
Return on Assets 8.60% Short-Term Rating A-2
Return on Common Equity 20.76%
Return on Capital 15.16% EBITDA/Interest Exp. 15.90
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 8.91
Net Debt/EBITDA 0.92
Gross Margin - Total Debt/EBITDA 1.14
EBITDA Margin 40.9%
EBIT Margin 32.5% Total Debt/Equity 45.3%
Net Income Margin 18.8% Total Debt/Capital 31.2%
Asset Turnover 0.45
Current Ratio 1.16 Net Fixed Asset Turnover 0.51
Quick Ratio 0.77 Accounts receivable turnover-days 24.55
Debt to Assets 19.08% Inventory Days -
Tot Debt to Common Equity 45.26% Accounts Payable Turnover Day -
Accounts Receivable Turnover 14.87 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Union Pacific CorpPrice/Volume
Valuation Analysis
61'597.00
Current Price (4/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 9
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-!2 9
.!& 9
.!2 9
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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3!&&
5!&&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 70'095'330 15.02 (1'385'324) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 29'889'279 6.4 3'563'174 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 24'535'258 5.26 602'256 23.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 21'935'916 4.7 273'569 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 21'541'785 4.61 506'460 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 17'286'343 3.7 213'636 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 9'931'489 2.13 (149'623) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 8'227'099 1.76 (1'556'625) 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'158'736 1.53 (114'073) 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'989'063 1.5 (127'889) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'379'493 1.37 (12'390) 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 6'336'477 1.36 42'721 28.02.2013 Investment Advisor
WELLS FARGO n/a ULT-AGG 5'960'863 1.28 128'498 28.02.2013 Investment Advisor
UBS n/a ULT-AGG 5'045'372 1.08 (590'756) 28.02.2013 Unclassified
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'024'194 1.08 707'929 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 4'334'327 0.93 (75'902) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 4'213'790 0.9 244'075 31.12.2012 Government
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4'023'611 0.86 857 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'655'253 0.78 (170'243) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'626'935 0.78 (156'806) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley WILLIAM J GREENE Overwt/Attractive 5 M 157 12 month 24.04.2013
Deutsche Bank JUSTIN B YAGERMAN buy 5 M 164 12 month 22.04.2013
Atlantic Equities LLP RORRIE MARS neutral 3 M 155 12 month 22.04.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 155 Not Provided 19.04.2013
Credit Suisse CHRISTOPHER J CERASO outperform 5 M 175 Not Provided 19.04.2013
JPMorgan THOMAS R WADEWITZ overweight 5 M 156 6 month 19.04.2013
Jefferies H PETER NESVOLD buy 5 M 166 12 month 19.04.2013
Robert W. Baird & Co BENJAMIN J HARTFORD outperform 5 M 158 12 month 19.04.2013
Stephens Inc JUSTIN LONG equalweight 3 M 147 12 month 19.04.2013
Raymond James PATRICK TYLER BROWN outperform 5 M 150 12 month 19.04.2013
FBR Capital Markets JOHN R MIMS outperform 5 M 165 12 month 19.04.2013
Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 158 12 month 19.04.2013
BB&T Capital Markets MARK A LEVIN hold 3 M #N/A N/A Not Provided 19.04.2013
TD Securities CHERILYN RADBOURNE buy 5 M 161 12 month 19.04.2013
Wolfe Trahan & Co SCOTT H GROUP outperform 5 M 159 12 month 19.04.2013
BMO Capital Markets FADI CHAMOUN outperform 5 M 160 Not Provided 18.04.2013
Goldman Sachs TOM KIM neutral/neutral 3 M 154 12 month 18.04.2013
RBC Capital Markets WALTER SPRACKLIN sector perform 3 M 148 12 month 18.04.2013
Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 18.04.2013
Stifel JOHN G LARKIN hold 3 M #N/A N/A Not Provided 18.04.2013
Avondale Partners LLC DONALD BROUGHTON market outperform 4 M 157 12 month 18.04.2013
Wells Fargo Securities, LLC ANTHONY P GALLO outperform 5 M #N/A N/A Not Provided 18.04.2013
Susquehanna Financial Group MATT TROY Positive 4 M 161 12 month 18.04.2013
Cowen Securities LLC JASON H SEIDL buy 5 M 152 12 month 18.04.2013
Barclays BRANDON OGLENSKI overweight 5 M 160 Not Provided 18.04.2013
Sanford C. Bernstein & Co DAVID VERNON market perform 3 M 137 12 month 04.04.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Union Pacific Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
United Parcel Service, Inc.(UPS) delivers packages and documents throughout the
United States and in other countries and territories. The Company also provides
global supply chain services and less-than-truckload transportation, primarily
in the U.S. UPS's business consists of integrated air and ground pick-up and
delivery network
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.04.2013) 85.95
52-Week Low (15.11.2012) 69.56
Daily Volume
83.3
52-Week High % Change -2.84% Dividend Yield 2.74
52-Week Low % Change 19.75% Beta 0.89
% 52 Week Price Range High/Low 86.52% Equity Float 725.22
Shares Out 08.03.2013 725.6 Short Int 13.75
78'802.19 1 Yr Total Return 8.07%
Total Debt 12'870.00 YTD Return 13.83%
Preferred Stock 0.0 Adjusted BETA 0.886
Minority Interest 80.0 Analyst Recs 32
Cash and Equivalents 7'924.00 Consensus Rating 4.125
Enterprise Value 83'828.19
Average Volume 5 Day 926'084
UPS UN EQUITY YTD Change - Average Volume 30 Day 849'277
UPS UN EQUITY YTD % CHANGE - Average Volume 3 Month 848'529
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
51'486.0 45'297.0 49'545.0 53'105.0 54'127.0 53'105.0 54'127.0 56'762.3 60'184.5 13'461.8 13'973.4
1.24x 1.42x 1.59x 1.46x 1.39x 5.72x 5.80x 1.49x 1.39x 6.40x 6.17x
7'196.0 5'548.0 7'433.0 7'862.0 3'201.0 7'862.0 3'201.0 9'468.0 10'344.8 2'013.2 2'316.3
8.86x 11.63x 10.60x 9.85x 23.52x 9.85x 23.52x 8.85x 8.10x 8.96x 8.79x
3'003.0 2'152.0 3'338.0 3'804.0 807.0 3'804.0 807.0 4'671.8 5'191.3 960.5 1'166.5
15.76x 24.94x 21.28x 16.83x 16.28x 16.75x 16.28x 16.71x 14.62x 16.70x 16.11x
EBITDA 3'201.00 Long-Term Rating Date 21.09.2012
EBIT 1'343.00 Long-Term Rating A+
Operating Margin 2.48% Long-Term Outlook NEG
Pretax Margin 1.80% Short-Term Rating Date 21.09.2012
Return on Assets 2.19% Short-Term Rating A-1
Return on Common Equity 13.81%
Return on Capital 6.32% EBITDA/Interest Exp. 7.79
Asset Turnover 1.47% (EBITDA-Capex)/Interest Exp. 2.55
Net Debt/EBITDA 1.55
Gross Margin 12.0% Total Debt/EBITDA 4.02
EBITDA Margin 5.9%
EBIT Margin 2.5% Total Debt/Equity 276.6%
Net Income Margin 1.5% Total Debt/Capital 73.1%
Asset Turnover 1.47
Current Ratio 1.86 Net Fixed Asset Turnover 3.05
Quick Ratio 1.67 Accounts receivable turnover-days 41.78
Debt to Assets 33.12% Inventory Days -
Tot Debt to Common Equity 276.60% Accounts Payable Turnover Day 19.22
Accounts Receivable Turnover 8.76 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
United Parcel Service IncPrice/Volume
Valuation Analysis
249'155.00
Current Price (4/dd/yy) Market Data
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40'000.0
50'000.0
60'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 43'355'728 5.97 3'353'674 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 37'123'208 5.12 (119'979) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 34'060'767 4.69 787'559 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 27'475'687 3.79 (1'423'032) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 24'207'423 3.34 2'234'222 28.02.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 19'528'717 2.69 891'634 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 17'074'447 2.35 2'193'949 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 16'928'220 2.33 (4'689'765) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 11'700'444 1.61 (3'370'874) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 9'985'416 1.38 209'812 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 9'519'032 1.31 (210'820) 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 8'465'866 1.17 (803'153) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 7'300'438 1.01 (205'430) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'008'570 0.97 819'057 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 6'705'790 0.92 144'117 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'133'361 0.85 143'560 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 5'826'023 0.8 503'436 31.12.2012 Government
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 5'436'811 0.75 75'826 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'888'239 0.67 178'812 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 4'791'966 0.66 (624'757) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co DAVID VERNON outperform 5 M 92 12 month 24.04.2013
Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 23.04.2013
Macquarie KELLY A DOUGHERTY outperform 5 M 93 12 month 23.04.2013
Raymond James ARTHUR W HATFIELD strong buy 5 M 91 12 month 22.04.2013
Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 22.04.2013
Avondale Partners LLC DONALD BROUGHTON market perform 3 M 80 12 month 22.04.2013
Cowen Securities LLC HELANE R BECKER hold 3 M #N/A N/A Not Provided 22.04.2013
William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 19.04.2013
RBC Capital Markets JOHN L BARNES III outperform 5 U 100 12 month 18.04.2013
Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 18.04.2013
Deutsche Bank JUSTIN B YAGERMAN buy 5 M 99 12 month 16.04.2013
Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 93 12 month 16.04.2013
Goldman Sachs TOM KIM neutral/attractive 3 M 86 12 month 15.04.2013
Credit Suisse CHRISTOPHER J CERASO outperform 5 M 94 Not Provided 12.04.2013
JPMorgan THOMAS R WADEWITZ overweight 5 M 84 6 month 11.04.2013
Nomura MARK MCVICAR neutral 3 M 90 12 month 11.04.2013
Jefferies H PETER NESVOLD hold 3 M 82 12 month 10.04.2013
Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 100 12 month 10.04.2013
Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 105 12 month 08.04.2013
BB&T Capital Markets KEVIN W STERLING buy 5 M 90 12 month 04.04.2013
Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 95 18 month 01.04.2013
Barclays BRANDON OGLENSKI equalweight 3 M 87 Not Provided 01.04.2013
Stephens Inc JACK ATKINS equalweight 3 N 90 12 month 28.03.2013
Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 12.03.2013
Wolfe Trahan & Co SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 14.02.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 08.02.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 92 Not Provided 06.02.2013
Atlantic Equities LLP RORRIE MARS overweight 5 M 94 12 month 05.02.2013
S&P Capital IQ JAMES CORRIDORE buy 5 M 94 12 month 31.01.2013
Holdings By:
United Parcel Service Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
United Technologies Corporation provides technology products and support
services to customers in the aerospace and building industries worldwide. The
Company's products include aircraft engines, elevators and escalators, heating
and air conditioning equipment, helicopters, aerospace systems, fuel cell
systems, and fire and safety equipment.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (11.04.2013) 95.84
52-Week Low (05.06.2012) 70.72
Daily Volume
91.83
52-Week High % Change -3.88% Dividend Yield 2.21
52-Week Low % Change 29.85% Beta 1.11
% 52 Week Price Range High/Low 88.26% Equity Float 913.54
Shares Out 31.03.2013 916.6 Short Int 8.75
84'175.05 1 Yr Total Return 18.07%
Total Debt 23'221.00 YTD Return 12.64%
Preferred Stock 0.0 Adjusted BETA 1.115
Minority Interest 1'393.0 Analyst Recs 27
Cash and Equivalents 4'819.00 Consensus Rating 4.556
Enterprise Value 103'856.05
Average Volume 5 Day 1'268'472
UTX UN EQUITY YTD Change - Average Volume 30 Day 924'949
UTX UN EQUITY YTD % CHANGE - Average Volume 3 Month 890'323
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
59'757.0 52'920.0 54'326.0 55'754.0 57'708.0 55'505.0 59'691.0 64'726.1 68'379.3 16'418.2 16'401.8
0.98x 1.35x 1.47x 1.29x 1.65x 5.60x 6.38x 1.53x 1.42x 6.28x 6.25x
8'946.0 7'723.0 8'542.0 9'109.0 9'208.0 9'115.0 9'625.0 10'882.0 11'906.8 2'830.1 2'795.5
6.54x 9.28x 9.36x 7.89x 10.33x 8.82x 10.94x 9.58x 8.76x 9.36x 9.17x
4'689.0 3'829.0 4'373.0 4'979.0 5'130.0 4'297.0 6'066.0 5'563.8 6'295.0 1'434.8 1'434.8
10.78x 14.64x 16.19x 13.45x 15.19x 15.32x 16.68x 15.04x 13.16x 14.69x 14.18x
EBITDA 9'208.00 Long-Term Rating Date 02.10.2003
EBIT 7'684.00 Long-Term Rating A
Operating Margin 13.32% Long-Term Outlook STABLE
Pretax Margin 11.98% Short-Term Rating Date 28.01.1992
Return on Assets 8.08% Short-Term Rating A-1
Return on Common Equity 24.92%
Return on Capital 16.94% EBITDA/Interest Exp. 10.10
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 8.57
Net Debt/EBITDA 1.88
Gross Margin 27.0% Total Debt/EBITDA 2.37
EBITDA Margin 16.1%
EBIT Margin 13.4% Total Debt/Equity 89.6%
Net Income Margin 8.9% Total Debt/Capital 46.0%
Asset Turnover 0.79
Current Ratio 1.24 Net Fixed Asset Turnover 8.37
Quick Ratio 0.67 Accounts receivable turnover-days 60.00
Debt to Assets 25.97% Inventory Days 77.39
Tot Debt to Common Equity 89.61% Accounts Payable Turnover Day 46.04
Accounts Receivable Turnover 6.08 Cash Conversion Cycle 90.69
Inventory Turnover 4.72
Fiscal Year Ended
United Technologies CorpPrice/Volume
Valuation Analysis
285'793.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE STREET n/a ULT-AGG 127'977'947 13.96 1'534'921 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 57'724'464 6.3 - 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 46'229'438 5.04 942'203 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 46'126'231 5.03 (1'758'473) 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 30'836'328 3.36 2'177'314 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 27'174'081 2.96 1'520'614 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 23'209'820 2.53 1'465'717 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'724'157 2.48 5'706'073 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'478'906 1.69 288'579 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 15'374'285 1.68 5'877'913 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'534'360 1.59 (361'279) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 12'031'824 1.31 (1'863'319) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 12'011'379 1.31 (630'478) 28.02.2013 Unclassified
EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 11'056'795 1.21 (155) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 9'453'959 1.03 (204'955) 28.02.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 8'977'116 0.98 (42'200) 31.03.2013 Unclassified
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 8'447'561 0.92 (18'495) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'264'253 0.9 228'652 31.01.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 7'312'921 0.8 622'203 31.12.2012 Government
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 6'806'728 0.74 (102'157) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank MYLES WALTON buy 5 M 105 12 month 24.04.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 107 12 month 24.04.2013
JPMorgan JOSEPH B NADOL III overweight 5 M 98 6 month 24.04.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 98 12 month 24.04.2013
William Blair & Co NICHOLAS P HEYMANN outperform 5 M 108 12 month 24.04.2013
Sterne, Agee & Leach PETER J ARMENT buy 5 M 99 12 month 24.04.2013
Nomura SHANNON O'CALLAGHAN buy 5 M 103 12 month 24.04.2013
Cowen and Company CAI VON RUMOHR outperform 5 M #N/A N/A Not Provided 24.04.2013
Barclays CARTER COPELAND overweight 5 M 105 Not Provided 24.04.2013
Morgan Stanley NIGEL COE Overwt/In-Line 5 M 105 12 month 23.04.2013
Goldman Sachs NOAH POPONAK neutral/attractive 3 M 101 12 month 23.04.2013
Credit Suisse JULIAN MITCHELL outperform 5 M 98 Not Provided 23.04.2013
Jefferies HOWARD A RUBEL buy 5 M 105 12 month 23.04.2013
Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 23.04.2013
Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN outperform 5 M #N/A N/A Not Provided 23.04.2013
Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 108 12 month 23.04.2013
Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 Not Provided 23.04.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 100 12 month 01.04.2013
Edward Jones CHRISTIAN MAYES buy 5 M #N/A N/A Not Provided 25.03.2013
FBR Capital Markets AJAY K KEJRIWAL market perform 3 M 95 12 month 18.03.2013
Argus Research Corp NATHANIEL GABRIEL buy 5 M 100 12 month 31.01.2013
S&P Capital IQ RICHARD TORTORIELLO buy 5 M 98 Not Provided 23.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Gabelli & Co ZAHID SIDDIQUE hold 3 M #N/A N/A Not Provided 20.10.2011
Holdings By:
United Technologies Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
UnitedHealth Group Incorporated owns and manages organized health systems in the
United States and internationally. The Company provides employers products and
resources to plan and administer employee benefit programs. UnitedHealth also
serves the health needs of older Americans, provides specialized care services,
and provides health care information and research to providers and payers.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (02.04.2013) 63.95
52-Week Low (02.08.2012) 50.33
Daily Volume
59.1
52-Week High % Change -7.52% Dividend Yield 1.44
52-Week Low % Change 17.42% Beta 0.94
% 52 Week Price Range High/Low 60.28% Equity Float 1'008.26
Shares Out 31.03.2013 1'024.9 Short Int 17.38
60'573.09 1 Yr Total Return 2.22%
Total Debt 16'754.00 YTD Return 9.39%
Preferred Stock 0.0 Adjusted BETA 0.944
Minority Interest 2'121.0 Analyst Recs 24
Cash and Equivalents 11'437.00 Consensus Rating 4.708
Enterprise Value 67'753.09
Average Volume 5 Day 1'881'847
UNH UN EQUITY YTD Change - Average Volume 30 Day 1'481'661
UNH UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'394'427
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 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
81'186.0 87'138.0 94'155.0 101'862.0 110'618.0 103'712.0 113'676.0 122'594.8 133'548.2 30'490.3 30'712.8
0.45x 0.40x 0.42x 0.51x 0.57x 2.02x 2.14x 0.56x 0.49x 2.32x 2.27x
6'244.0 7'350.0 8'928.0 9'588.0 10'563.0 9'710.0 10'425.0 10'673.9 11'452.5 2'458.0 2'934.2
5.85x 4.77x 4.39x 5.45x 5.94x 6.12x 6.31x 6.35x 5.92x 6.29x 6.15x
2'977.0 3'822.0 4'634.0 5'142.0 5'526.0 5'184.0 5'330.0 5'585.8 5'967.5 1'297.2 1'571.3
9.02x 9.41x 8.57x 10.71x 10.27x 12.25x 11.15x 10.85x 10.11x 10.68x 10.43x
EBITDA 10'563.00 Long-Term Rating Date 03.11.1998
EBIT 9'254.00 Long-Term Rating A
Operating Margin 8.37% Long-Term Outlook STABLE
Pretax Margin 7.79% Short-Term Rating Date -
Return on Assets 6.84% Short-Term Rating -
Return on Common Equity 17.59%
Return on Capital 12.38% EBITDA/Interest Exp. 16.71
Asset Turnover 1.46% (EBITDA-Capex)/Interest Exp. 15.02
Net Debt/EBITDA 0.48
Gross Margin 25.2% Total Debt/EBITDA 1.73
EBITDA Margin 9.2%
EBIT Margin 8.0% Total Debt/Equity 53.7%
Net Income Margin 5.0% Total Debt/Capital 33.5%
Asset Turnover 1.46
Current Ratio 0.78 Net Fixed Asset Turnover 34.28
Quick Ratio 0.52 Accounts receivable turnover-days 9.43
Debt to Assets 20.71% Inventory Days -
Tot Debt to Common Equity 53.74% Accounts Payable Turnover Day 60.12
Accounts Receivable Turnover 38.71 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
UnitedHealth Group IncPrice/Volume
Valuation Analysis
326'726.00
Current Price (4/dd/yy) Market Data
&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 73'588'709 7.18 18'053'055 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 69'582'784 6.79 460'134 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 64'576'401 6.3 - 22.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 47'673'336 4.65 (14'012'914) 28.02.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 47'106'548 4.6 (2'024'107) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 46'796'851 4.57 518'905 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 32'483'867 3.17 (798'745) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 25'520'964 2.49 (2'011'693) 28.02.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 21'928'128 2.14 (454'919) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 17'780'543 1.73 (1'699'720) 31.03.2013 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 17'122'524 1.67 14'815'816 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'023'022 1.56 401'241 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 15'616'012 1.52 (1'424'182) 28.02.2013 Unclassified
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 13'485'685 1.32 810'210 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'342'649 1.2 (2'222'828) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'603'625 1.13 (570'600) 31.03.2013 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 9'804'453 0.96 752'534 31.12.2012 Investment Advisor
UNITED HEALTHCARE IN UNITED HEALTHCARE IN Sch-D 9'668'800 0.94 - 31.12.2012 Insurance Company
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 8'921'901 0.87 572'657 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 8'670'510 0.85 702'961 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank SCOTT J FIDEL hold 3 M 60 12 month 23.04.2013
JPMorgan JUSTIN LAKE restricted #N/A N/A M #N/A N/A Not Provided 19.04.2013
Wedbush SARAH JAMES outperform 5 M 70 12 month 19.04.2013
Raymond James MICHAEL J BAKER strong buy 5 M 70 12 month 19.04.2013
Oppenheimer & Co MICHAEL WIEDERHORN outperform 5 M 66 12 month 19.04.2013
S&P Capital IQ PHILLIP SELIGMAN buy 5 M 65 Not Provided 19.04.2013
Barclays JOSHUA R RASKIN overweight 5 M 70 Not Provided 19.04.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 19.04.2013
BMO Capital Markets JENNIFER LYNCH outperform 5 M 70 Not Provided 18.04.2013
Credit Suisse RALPH GIACOBBE outperform 5 M 71 Not Provided 18.04.2013
Jefferies DAVID H WINDLEY buy 5 M 71 12 month 18.04.2013
Cantor Fitzgerald JOSEPH D FRANCE buy 5 M 70 12 month 18.04.2013
Stifel THOMAS A CARROLL buy 5 M 70 12 month 18.04.2013
CRT Capital Group SHERYL R SKOLNICK buy 5 M 72 12 month 18.04.2013
Wells Fargo Securities, LLC PETER H COSTA outperform 5 M #N/A N/A Not Provided 18.04.2013
Cowen and Company CHRISTINE ARNOLD outperform 5 M #N/A N/A Not Provided 18.04.2013
Lazard Capital Markets STEVEN P HALPER buy 5 M 70 12 month 18.04.2013
Susquehanna Financial Group CHRIS RIGG Positive 4 M 72 12 month 18.04.2013
Goldman Sachs MATTHEW BORSCH Buy/Neutral 5 M 69 12 month 02.04.2013
Monness, Crespi, Hardt & Co BRIAN M WRIGHT buy 5 M 68 Not Provided 01.04.2013
Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 18.01.2013
Holdings By:
UnitedHealth Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
U.S. Bancorp is a diversified financial services company that provides lending
and depository services, cash management, foreign exchange and trust and
investment management services. The Company also provides credit card
services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp
operates in the Midwest and Western United States.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (05.10.2012) 35.46
52-Week Low (05.06.2012) 28.63
Daily Volume
32.82
52-Week High % Change -7.25% Dividend Yield 2.38
52-Week Low % Change 14.64% Beta 1.10
% 52 Week Price Range High/Low 61.35% Equity Float 1'860.59
Shares Out 31.01.2013 1'863.4 Short Int 16.31
61'156.29 1 Yr Total Return 6.29%
Total Debt 51'818.00 YTD Return 3.35%
Preferred Stock 4'769.0 Adjusted BETA 1.102
Minority Interest 1'269.0 Analyst Recs 40
Cash and Equivalents 8'252.00 Consensus Rating 3.775
Enterprise Value -
Average Volume 5 Day 2'420'083
USB UN EQUITY YTD Change - Average Volume 30 Day 2'485'472
USB UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'381'064
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
19'229.0 19'490.0 20'609.0 21'434.0 22'202.0 21'776.0 22'007.0 20'024.4 20'625.8 5'014.8 5'036.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'946.0 2'205.0 3'317.0 4'872.0 5'647.0 5'164.0 5'737.0 5'668.6 5'856.3 1'423.4 1'438.2
15.34x 17.18x 15.50x 11.27x 11.13x 12.42x 11.58x 10.79x 10.11x 10.68x 10.52x
EBITDA - Long-Term Rating Date 20.08.2012
EBIT - Long-Term Rating A+
Operating Margin 38.51% Long-Term Outlook STABLE
Pretax Margin 38.51% Short-Term Rating Date 17.06.2009
Return on Assets 1.65% Short-Term Rating A-1
Return on Common Equity 16.50%
Return on Capital 5.93% EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 151.4%
Net Income Margin 28.1% Total Debt/Capital 56.3%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover 8.34
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 14.64% Inventory Days -
Tot Debt to Common Equity 151.39% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
US BancorpPrice/Volume
Valuation Analysis
297'060.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 134'266'296 7.21 6'555'085 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 107'122'730 5.75 1'778'220 23.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 92'622'260 4.97 (4'769'856) 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 83'325'319 4.47 1'726'353 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 62'918'791 3.38 (1'113'706) 31.12.2012 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 61'264'601 3.29 - 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 41'983'190 2.25 1'665'000 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 30'342'116 1.63 408'532 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 25'616'477 1.37 1'376'167 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 21'720'184 1.17 (2'965'177) 31.03.2013 Investment Advisor
US BANCORP US BANCORP 13F 20'198'268 1.08 (330'389) 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 17'502'619 0.94 3'378'398 31.12.2012 Government
GENERAL RE NEW ENGLA GENERAL RE NEW ENGLA 13F 17'490'943 0.94 100 31.12.2012 Insurance Company
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'152'328 0.87 1'552'818 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 15'872'312 0.85 3'338'126 31.12.2012 Investment Advisor
GENERAL REINSURANCE GENERAL REINSURANCE Sch-D 14'559'100 0.78 - 31.12.2012 Insurance Company
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 14'441'311 0.78 (3'257'567) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 14'236'644 0.76 (2'660'473) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 13'776'088 0.74 1'191'783 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 13'547'948 0.73 (1'720'527) 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JON G ARFSTROM outperform 5 M 37 12 month 24.04.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 23.04.2013
Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO outperform 5 M 39 12 month 22.04.2013
Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 36 12 month 17.04.2013
Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 17.04.2013
FBR Capital Markets PAUL J MILLER JR outperform 5 M 36 12 month 17.04.2013
Sterne, Agee & Leach TODD L HAGERMAN neutral 3 M 35 12 month 17.04.2013
Barclays JASON M GOLDBERG overweight 5 M 40 Not Provided 17.04.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 40 12 month 17.04.2013
BMO Capital Markets PETER J WINTER market perform 3 M 36 Not Provided 16.04.2013
Deutsche Bank MATTHEW D O'CONNOR buy 5 M 38 12 month 16.04.2013
Credit Suisse MOSHE A ORENBUCH outperform 5 M 38 Not Provided 16.04.2013
Edward Jones SHANNON L STEMM hold 3 M #N/A N/A Not Provided 16.04.2013
SunTrust Robinson Humphrey ERIC WASSERSTROM neutral 3 M 35 12 month 16.04.2013
Hilliard Lyons ROSS A DEMMERLE neutral 3 M #N/A N/A Not Provided 16.04.2013
JPMorgan VIVEK JUNEJA neutral 3 M 38 6 month 16.04.2013
Jefferies KENNETH M USDIN hold 3 M 38 12 month 16.04.2013
Robert W. Baird & Co DAVID A GEORGE outperform 5 M 37 12 month 16.04.2013
Raymond James DAVID J LONG strong buy 5 M 38 12 month 16.04.2013
Sandler O'Neill & Partners, LP R SCOTT SIEFERS buy 5 M 37 12 month 16.04.2013
Evercore Partners ANDREW A MARQUARDT equalweight 3 M 35 12 month 16.04.2013
Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 16.04.2013
Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 41 12 month 16.04.2013
Portales Partners JENNIFER A THOMPSON outperform 5 M #N/A N/A Not Provided 16.04.2013
Credit Agricole Securities (USA) MICHAEL L MAYO underperform 1 M 34 Not Provided 16.04.2013
Compass Point Research & Trading LLC KEVIN BARKER neutral 3 M 35 12 month 16.04.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 42 12 month 11.04.2013
Sanford C. Bernstein & Co JOHN E MCDONALD market perform 3 M 37 12 month 08.04.2013
Susquehanna Financial Group JACK MICENKO Positive 4 M 40 12 month 08.04.2013
Atlantic Equities LLP RICHARD STAITE neutral 3 M 32 12 month 14.02.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 35 Not Provided 08.02.2013
Nomura KEITH MURRAY buy 5 N 38 12 month 05.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 17.01.2013
Scotia Capital KEVIN R CHOQUETTE sector perform 3 M 40 12 month 16.01.2013
S&P Capital IQ ERIK M OJA hold 3 D 34 Not Provided 16.01.2013
Goldman Sachs RICHARD N RAMSDEN neutral/attractive 3 M 36 12 month 03.01.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 18.07.2012
Holdings By:
US Bancorp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Verizon Communications Inc. is an integrated telecommunications company that
provides wire line voice and data services, wireless services, Internet
services, and published directory information. The Company also provides network
services for the federal government including business phone lines, data
services, telecommunications equipment and payphones.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.04.2013) 52.48
52-Week Low (24.04.2012) 38.69
Daily Volume
51.31
52-Week High % Change -2.06% Dividend Yield 3.99
52-Week Low % Change 32.62% Beta 0.70
% 52 Week Price Range High/Low 98.84% Equity Float 2'860.56
Shares Out 31.03.2013 2'861.0 Short Int 57.64
146'797.91 1 Yr Total Return 35.79%
Total Debt 51'987.00 YTD Return 21.25%
Preferred Stock - Adjusted BETA 0.700
Minority Interest 52'376.0 Analyst Recs 39
Cash and Equivalents 3'563.00 Consensus Rating 3.872
Enterprise Value 247'821.91
Average Volume 5 Day 3'244'433
VZ UN EQUITY YTD Change - Average Volume 30 Day 2'980'225
VZ UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'892'215
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
97'354.0 107'808.0 106'565.0 110'875.0 115'846.0 112'127.0 117'024.0 120'534.2 125'263.9 29'817.1 30'204.5
1.80x 1.82x 1.83x 1.85x 1.94x 7.23x 7.82x 2.00x 1.85x 8.26x 8.04x
32'830.0 32'512.0 31'050.0 29'376.0 29'620.0 30'122.0 30'737.0 41'677.6 44'512.0 10'596.2 10'694.1
5.34x 6.04x 6.28x 6.98x 7.58x 6.82x 7.86x 5.95x 5.57x 5.84x 5.75x
6'428.0 4'894.0 2'549.0 2'404.0 875.0 2'651.0 1'141.0 8'005.8 9'163.0 2'077.2 2'121.7
13.35x 11.71x 18.52x 13.48x 14.88x 37.98x 16.41x 18.35x 15.98x 17.50x 16.86x
EBITDA 29'620.00 Long-Term Rating Date 06.12.2010
EBIT 13'160.00 Long-Term Rating A-
Operating Margin 11.36% Long-Term Outlook STABLE
Pretax Margin 8.54% Short-Term Rating Date 06.12.2010
Return on Assets 0.51% Short-Term Rating A-2
Return on Common Equity 3.26%
Return on Capital - EBITDA/Interest Exp. 9.95
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 4.52
Net Debt/EBITDA 1.52
Gross Margin 60.1% Total Debt/EBITDA 1.72
EBITDA Margin 26.3%
EBIT Margin 12.1% Total Debt/Equity 156.8%
Net Income Margin 0.8% Total Debt/Capital 37.8%
Asset Turnover 0.52
Current Ratio 0.79 Net Fixed Asset Turnover 1.33
Quick Ratio 0.60 Accounts receivable turnover-days 35.94
Debt to Assets 23.08% Inventory Days 7.40
Tot Debt to Common Equity 156.79% Accounts Payable Turnover Day 109.05
Accounts Receivable Turnover 10.15 Cash Conversion Cycle -75.29
Inventory Turnover 49.32
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
Verizon Communications IncPrice/Volume
Valuation Analysis
759'173.00
Current Price (4/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 183'916'152 6.43 876'390 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 171'650'505 6 (1'548'209) 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 162'532'493 5.68 320'748 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 132'262'840 4.62 3'977'676 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 49'682'047 1.74 14'423'461 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 41'212'577 1.44 260'183 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 41'084'149 1.44 1'472'808 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 35'361'332 1.24 (2'244'169) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 22'251'005 0.78 2'517'583 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 21'837'780 0.76 (3'341'938) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 21'259'449 0.74 1'609'544 31.12.2012 Government
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 19'178'238 0.67 1'515'395 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 18'851'640 0.66 (1'785'920) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 17'255'772 0.6 (557'474) 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 16'818'901 0.59 (415'568) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'545'939 0.58 (2'890'277) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 14'621'077 0.51 (1'234'737) 28.02.2013 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 14'458'195 0.51 83'924 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 13'699'257 0.48 26'966 31.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 12'914'166 0.45 (124'322) 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies THOMAS O SEITZ buy 5 M 56 12 month 23.04.2013
Macquarie KEVIN SMITHEN neutral 3 D 53 12 month 22.04.2013
Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 56 12 month 22.04.2013
Accountability Research Corp KEVIN CHU buy 5 M 57 Not Provided 22.04.2013
Deutsche Bank BRETT FELDMAN hold 3 M 47 12 month 19.04.2013
Morgan Stanley SIMON FLANNERY Equalwt/In-Line 3 M #N/A N/A Not Provided 19.04.2013
RBC Capital Markets JONATHAN ATKIN sector perform 3 M 56 12 month 19.04.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 59 Not Provided 19.04.2013
Hilliard Lyons DAVID B BURKS buy 5 M 54 12 month 19.04.2013
Pacific Crest Securities MICHAEL BOWEN outperform 5 M 58 12 month 19.04.2013
FBR Capital Markets DAVID DIXON market perform 3 M 53 12 month 19.04.2013
Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 55 12 month 19.04.2013
Nomura MICHAEL L MCCORMACK buy 5 M 55 12 month 19.04.2013
Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 19.04.2013
Guggenheim Securities LLC SHING YIN neutral 3 M 50 12 month 19.04.2013
Cowen and Company COLBY SYNESAEL neutral 3 M #N/A N/A Not Provided 19.04.2013
S&P Capital IQ JAMES G MOORMAN hold 3 M 53 12 month 19.04.2013
Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 19.04.2013
New Street Research JONATHAN CHAPLIN neutral 3 M 49 Not Provided 19.04.2013
Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 56 12 month 19.04.2013
Goldman Sachs JASON ARMSTRONG Buy/Neutral 5 M 54 12 month 18.04.2013
Edward Jones DAVID HEGER hold 3 M #N/A N/A Not Provided 18.04.2013
JPMorgan PHILIP CUSICK neutral 3 M 53 6 month 18.04.2013
William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 18.04.2013
Raymond James FRANK G LOUTHAN outperform 5 M 54 18 month 18.04.2013
Janco Partners Inc GERARD HALLAREN strong buy 5 U #N/A N/A Not Provided 18.04.2013
Stifel CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 18.04.2013
Canaccord Genuity Corp GREGORY MILLER buy 5 M 55 Not Provided 18.04.2013
Evercore Partners JONATHAN SCHILDKRAUT equalweight 3 M 54 12 month 18.04.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 56 Not Provided 17.04.2013
Robert W. Baird & Co WILLIAM V POWER neutral 3 M 50 12 month 15.04.2013
Scotia Capital JEFFREY FAN sector outperform 5 M 56 12 month 15.04.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 25.03.2013
HSBC RICHARD DINEEN overweight 5 M 50 Not Provided 19.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
Daiwa Securities Co. Ltd. NACHI HOSHINO neutral 3 M 46 Not Provided 12.12.2012
McAdams Wright Ragen Inc SID PARAKH buy 5 N 37 Not Provided 30.01.2009
Holdings By:
Verizon Communications Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Visa Inc. operates a retail electronic payments network and manages global
financial services. The Company also offers global commerce through the
transfer of value and information among financial institutions, merchants,
consumers, businesses and government entities.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (28.03.2013) 170.96
52-Week Low (01.06.2012) 111.95
Daily Volume
167.1
52-Week High % Change -2.26% Dividend Yield 0.59
52-Week Low % Change 49.26% Beta 0.99
% 52 Week Price Range High/Low 91.02% Equity Float 528.62
Shares Out 01.02.2013 529.4 Short Int 6.91
110'416.18 1 Yr Total Return 41.64%
Total Debt 0.00 YTD Return 10.47%
Preferred Stock 0.0 Adjusted BETA 0.990
Minority Interest 0.0 Analyst Recs 41
Cash and Equivalents 6'100.00 Consensus Rating 4.195
Enterprise Value 104'230.18
Average Volume 5 Day 1'131'083
V UN EQUITY YTD Change - Average Volume 30 Day 948'142
V UN EQUITY YTD % CHANGE - Average Volume 3 Month 801'505
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 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
6'263.0 6'911.0 8'065.0 9'188.0 10'421.0 9'497.0 10'720.0 11'580.5 12'900.4 2'852.1 2'868.1
7.60x 7.98x 7.19x 7.13x 9.86x 28.09x 35.99x 9.04x 7.83x 36.76x 36.31x
2'939.0 3'766.0 4'809.0 5'751.0 6'572.0 6'016.0 6'769.0 7'430.2 8'410.3 1'852.4 1'809.1
16.20x 14.64x 12.06x 11.39x 15.64x 13.12x 17.09x 14.00x 12.37x 13.66x 13.24x
804.0 2'353.0 2'966.0 3'650.0 2'144.0 3'795.0 2'408.0 4'867.8 5'511.5 1'198.8 1'175.4
26.24x 21.40x 18.71x 17.18x 21.66x 19.30x 23.25x 22.77x 19.64x 22.20x 21.35x
EBITDA 6'572.00 Long-Term Rating Date 20.05.2008
EBIT 6'239.00 Long-Term Rating A+
Operating Margin 59.87% Long-Term Outlook STABLE
Pretax Margin 21.18% Short-Term Rating Date 20.05.2008
Return on Assets 6.72% Short-Term Rating A-1
Return on Common Equity 8.77%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.91
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 63.1%
EBIT Margin 59.9% Total Debt/Equity 0.0%
Net Income Margin 20.6% Total Debt/Capital 0.0%
Asset Turnover 0.30
Current Ratio 1.48 Net Fixed Asset Turnover 6.74
Quick Ratio 0.45 Accounts receivable turnover-days 24.41
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 14.99 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Visa IncPrice/Volume
Valuation Analysis
91'709.00
Current Price (4/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&
-&&-.&-1&-3&-5&
M -. e -. d -. d -. M -. n -. j -. f -. P -. d -0 a -0 e -0 M -0!& 9
!2 9
-!& 9
-!2 9
.!& 9
.!2 9
0!& 9
0!2 9
1!& 9
0.0
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
&!&&
2&!&&
-&&!&&
-2&!&&
.&&!&&
.2&!&&
&.!-&!.&&6 &.!&1!.&-& &.!-&!.&-& &.!&1!.&-- &.!-&!.&-- &.!&1!.&-. &.!-&!.&-. &.!&1!.&-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 32'709'933 6.18 3'347'680 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 32'152'079 6.07 - 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 26'634'934 5.03 71'420 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 24'131'820 4.56 692'139 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 13'565'267 2.56 1'219'070 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 13'282'579 2.51 (491'245) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 12'922'499 2.44 612'260 28.02.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 9'747'190 1.84 877'649 28.02.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 8'232'536 1.56 (1'430'201) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 7'827'335 1.48 (1'322'285) 28.02.2013 Unclassified
JP MORGAN n/a ULT-AGG 7'683'465 1.45 2'021'744 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 7'515'909 1.42 (524'079) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 7'012'049 1.32 (778'364) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'672'374 1.26 79'135 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 6'133'184 1.16 (42'613) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'106'684 1.15 796'826 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'907'360 1.12 462'691 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 5'207'365 0.98 (142'677) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 5'039'687 0.95 (165'100) 31.12.2012 Investment Advisor
SPO ADVISORY CORP SPO ADVISORY CORP 13F 4'961'653 0.94 (2'411'901) 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DANIEL R PERLIN outperform 5 M 176 12 month 23.04.2013
Robert W. Baird & Co DAVID J KONING neutral 3 M 168 12 month 23.04.2013
Raymond James WAYNE JOHNSON strong buy 5 M 185 12 month 22.04.2013
Evercore Partners DAVID M TOGUT overweight 5 M 169 12 month 21.04.2013
Jefferies JASON KUPFERBERG buy 5 M 196 12 month 19.04.2013
Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 149 12 month 19.04.2013
Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 19.04.2013
Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 19.04.2013
Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 18.04.2013
Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 186 12 month 17.04.2013
Buckingham Research Group DAVID HOCHSTIM buy 5 M 190 12 month 17.04.2013
Wedbush GIL B LURIA neutral 3 M 145 12 month 15.04.2013
Sterne, Agee & Leach GREGORY SMITH neutral 3 D #N/A N/A Not Provided 12.04.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 184 12 month 12.04.2013
SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 190 12 month 09.04.2013
William Blair & Co ROBERT P NAPOLI outperform 5 M #N/A N/A Not Provided 09.04.2013
Credit Suisse MOSHE A ORENBUCH outperform 5 M 175 Not Provided 08.04.2013
Janney Montgomery Scott LLC THOMAS C MCCROHAN neutral 3 M 135 12 month 05.04.2013
Barclays DARRIN D PELLER overweight 5 M 180 Not Provided 05.04.2013
Nomura BILL CARCACHE buy 5 M 172 12 month 01.04.2013
Guggenheim Securities LLC DAVID W DARST buy 5 M 185 12 month 27.03.2013
Credit Agricole Securities (USA) CRAIG J MAURER buy 5 M 195 Not Provided 27.03.2013
Oppenheimer & Co GLENN GREENE outperform 5 M 177 12 month 25.03.2013
Pacific Crest Securities JAMES FAUCETTE outperform 5 M 180 12 month 21.03.2013
JPMorgan TIEN-TSIN HUANG overweight 5 M 180 6 month 20.03.2013
FBR Capital Markets SCOTT VALENTIN market perform 3 M 170 12 month 20.03.2013
BNP Paribas Equity Research ARVIND RAMNANI hold 3 N 166 12 month 18.03.2013
Argus Research Corp DAVID RITTER hold 3 D #N/A N/A Not Provided 01.03.2013
Stifel CHRISTOPHER C BRENDLER buy 5 M 187 12 month 27.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 26.02.2013
Portales Partners WILLIAM H RYAN sector perform 3 M #N/A N/A Not Provided 25.02.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 172 Not Provided 15.02.2013
Macquarie KEVIN MCVEIGH outperform 5 M 175 12 month 11.02.2013
S&P Capital IQ SONIA PARECHANIAN hold 3 M 169 Not Provided 07.02.2013
Deutsche Bank BRYAN KEANE buy 5 M 177 12 month 22.01.2013
Goldman Sachs JULIO C QUINTEROS JR Buy/Neutral 5 M 188 12 month 09.01.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY outperform 5 M 134 12 month 25.07.2012
Fincorp SAOG GAURAV RAMAIYA buy 5 N 105 Not Provided 27.10.2011
Lazard Capital Markets JENNIFER DUGAN buy 5 M 105 12 month 10.06.2011
Holdings By:
Visa Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood
markets. The Company's discount stores and supercenters offer merchandise such
as apparel, housewares, small appliances, electronics, and hardware. Walmart's
markets offer a full-line supermarket and a limited assortment of general
merchandise. The Company operates nationally and internationally.
Latest Fiscal Year: 01/2013
LTM as of: 01/yy
52-Week High (24.04.2013) 79.49
52-Week Low (25.04.2012) 57.18
Daily Volume
79.25
52-Week High % Change -0.38% Dividend Yield 2.01
52-Week Low % Change 38.60% Beta 0.59
% 52 Week Price Range High/Low 99.14% Equity Float 1'652.79
Shares Out 22.03.2013 3'292.4 Short Int 26.37
260'926.14 1 Yr Total Return 40.51%
Total Debt 54'136.00 YTD Return 16.90%
Preferred Stock 0.0 Adjusted BETA 0.587
Minority Interest 5'395.0 Analyst Recs 35
Cash and Equivalents 7'781.00 Consensus Rating 3.771
Enterprise Value 312'676.14
Average Volume 5 Day 1'960'544
WMT UN EQUITY YTD Change - Average Volume 30 Day 2'180'948
WMT UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'261'880
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
404'374.0 408'085.0 421'849.0 446'950.0 469'162.0 446'950.0 469'162.0 491'789.2 514'317.2 116'245.0 119'787.9
0.55x 0.58x 0.57x 0.58x 0.60x 2.21x 2.44x 0.63x 0.60x 2.68x 2.60x
29'537.0 31'159.0 33'183.0 34'688.0 36'302.0 34'688.0 36'302.0 37'719.2 39'920.9 8'036.4 8'732.2
7.52x 7.63x 7.30x 7.53x 7.81x 7.53x 7.81x 8.29x 7.83x 8.70x 8.59x
13'400.0 14'370.0 16'389.0 15'699.0 16'999.0 15'699.0 16'999.0 17'583.4 18'753.5 3'819.4 4'262.9
13.82x 14.56x 13.78x 13.67x 13.93x 13.70x 13.93x 14.82x 13.48x 14.83x 14.49x
EBITDA 36'302.00 Long-Term Rating Date 09.07.1999
EBIT 27'801.00 Long-Term Rating AA
Operating Margin 5.93% Long-Term Outlook STABLE
Pretax Margin 5.49% Short-Term Rating Date 22.07.1983
Return on Assets 8.57% Short-Term Rating A-1+
Return on Common Equity 23.02%
Return on Capital 14.57% EBITDA/Interest Exp. 15.61
Asset Turnover 2.37% (EBITDA-Capex)/Interest Exp. 10.07
Net Debt/EBITDA 1.28
Gross Margin 24.9% Total Debt/EBITDA 1.49
EBITDA Margin 7.7%
EBIT Margin 5.9% Total Debt/Equity 70.9%
Net Income Margin 3.6% Total Debt/Capital 39.8%
Asset Turnover 2.37
Current Ratio 0.83 Net Fixed Asset Turnover 4.10
Quick Ratio 0.20 Accounts receivable turnover-days 4.96
Debt to Assets 26.65% Inventory Days 43.88
Tot Debt to Common Equity 70.91% Accounts Payable Turnover Day 38.44
Accounts Receivable Turnover 73.85 Cash Conversion Cycle 10.40
Inventory Turnover 8.34
Fiscal Year Ended
Wal-Mart Stores IncPrice/Volume
Valuation Analysis
294'614.00
Current Price (4/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&-&.&0&1&2&3&4&5&6&
M -. e -. d -. d -. M -. n -. j -. f -. P -. d -0 a -0 e -0 M -0!& 9
.!& 9
1!& 9
3!& 9
5!& 9
-&!& 9
-.!& 9
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
500'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
&!&&
.!&&
1!&&
3!&&
5!&&
-&!&&
-.!&&
&2!&.!.&-& &2!&5!.&-& &2!&.!.&-- &2!&5!.&-- &2!&.!.&-. &2!&5!.&-. &2!&.!.&-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WALTON ENTERPRISES L n/a Form 4 1'609'891'131 48.9 - 01.06.2012 Holding Company
STATE STREET n/a ULT-AGG 108'888'338 3.31 (498'123) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 91'727'332 2.79 (2'446'429) 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 89'771'128 2.73 (2'150'138) 31.03.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 47'501'182 1.44 793'040 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 42'960'886 1.3 (10'152'536) 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 34'338'581 1.04 1'735'672 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 22'816'164 0.69 (200'024) 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 16'800'850 0.51 - 31.12.2012 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 15'407'673 0.47 510'471 31.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 14'336'624 0.44 (313'625) 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 14'045'701 0.43 (682'369) 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 12'809'942 0.39 (150'335) 31.03.2013 Unclassified
BANK OF AMERICA CORP BANK OF AMERICA 13F 11'412'879 0.35 221'310 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 11'106'085 0.34 (1'112'337) 31.12.2012 Investment Advisor
GATES FOUNDATION BILL & MELINDA FOUND 13F 11'103'000 0.34 500'000 31.12.2012 Endowment
LEGAL & GENERAL n/a ULT-AGG 10'979'197 0.33 31'326 31.12.2012 Unclassified
WALTON JIM C n/a Form 4 10'499'215 0.32 2'735 01.06.2012 n/a
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 10'245'225 0.31 626'294 31.12.2012 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 9'320'246 0.28 718'645 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel DAVID A SCHICK buy 5 M 83 12 month 24.04.2013
Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 19.04.2013
Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 80 12 month 19.04.2013
Jefferies DANIEL T BINDER buy 5 M 88 12 month 19.04.2013
Morgan Stanley MARK WILTAMUTH Equalwt/In-Line 3 M #N/A N/A Not Provided 18.04.2013
Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 16.04.2013
Robert W. Baird & Co PETER S BENEDICT outperform 5 M 78 12 month 12.04.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 76 12 month 12.04.2013
William Blair & Co MARK R MILLER market perform 3 M #N/A N/A Not Provided 11.04.2013
ISI Group GREGORY MELICH neutral 3 M 76 12 month 08.04.2013
Cowen and Company FAYE LANDES neutral 3 M #N/A N/A Not Provided 04.04.2013
HSBC FRANCISCO J CHEVEZ overweight 5 M 87 Not Provided 03.04.2013
Northcoast Research CHARLES E CERANKOSKY neutral 3 M #N/A N/A Not Provided 25.03.2013
Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 18.03.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 27.02.2013
BMO Capital Markets WAYNE HOOD market perform 3 M 70 Not Provided 25.02.2013
Stephens Inc JOHN R LAWRENCE overweight 5 M 81 12 month 25.02.2013
Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 75 Not Provided 25.02.2013
Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 22.02.2013
JPMorgan CHRISTOPHER HORVERS neutral 3 M 75 6 month 22.02.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 67 12 month 22.02.2013
Buckingham Research Group JOHN M ZOLIDIS neutral 3 M 77 12 month 22.02.2013
Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 85 12 month 22.02.2013
MKM Partners PATRICK G MCKEEVER JR neutral 3 M 76 12 month 22.02.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 80 12 month 22.02.2013
Credit Suisse MICHAEL B EXSTEIN neutral 3 M 80 Not Provided 21.02.2013
Gilford Securities BERNARD SOSNICK buy 5 M #N/A N/A Not Provided 21.02.2013
Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 21.02.2013
Barclays ROBERT S DRBUL overweight 5 M 80 Not Provided 21.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 18.02.2013
Deutsche Bank PAUL TRUSSELL hold 3 M 68 12 month 15.02.2013
S&P Capital IQ IAN GORDON buy 5 R 76 Not Provided 18.12.2012
First Global Stockbroking RITESH DOSHI moderate outperform 4 M #N/A N/A Not Provided 18.08.2011
Crowell, Weedon & Co JAMES D RAGAN reduce 2 D 55 18 month 31.08.2010
Holdings By:
Wal-Mart Stores Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Walgreen Company operates retail drugstores that offer a wide variety of
prescription and non-prescription drugs as well as general goods. The Company
operates stores in the United States, the District of Columbia, Puerto Rico and
Guam. Walgreen's also offers health services, including primary and acute care,
wellness, pharmacy and disease management services and health and fitness.
Latest Fiscal Year: 08/2012
LTM as of: 02/yy
52-Week High (23.04.2013) 50.34
52-Week Low (20.06.2012) 28.53
Daily Volume
49.02
52-Week High % Change -2.21% Dividend Yield 2.14
52-Week Low % Change 71.82% Beta 0.71
% 52 Week Price Range High/Low 96.70% Equity Float 871.99
Shares Out 28.02.2013 947.5 Short Int 12.89
46'445.73 1 Yr Total Return 43.27%
Total Debt 5'392.00 YTD Return 33.33%
Preferred Stock 0.0 Adjusted BETA 0.707
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 1'297.00 Consensus Rating 3.880
Enterprise Value 50'371.73
Average Volume 5 Day 1'566'943
WAG UN EQUITY YTD Change - Average Volume 30 Day 1'609'523
WAG UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'455'908
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 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4
59'034.0 63'335.0 67'420.0 72'184.0 71'633.0 73'146.0 70'788.0 72'614.8 75'965.0 18'538.5 18'089.0
0.63x 0.53x 0.38x 0.45x 0.53x 1.81x 2.03x 0.68x 0.65x 2.71x 2.74x
4'281.0 4'222.0 4'488.0 5'059.0 4'630.0 4'905.0 4'516.0 5'596.3 6'166.1 1'492.0 1'324.6
8.65x 7.88x 5.74x 6.36x 8.18x 6.10x 9.46x 9.05x 8.21x 8.62x 8.46x
2'157.0 2'006.0 2'091.0 2'714.0 2'127.0 2'632.0 2'059.0 2'964.6 3'377.4 856.4 766.2
17.20x 16.77x 11.74x 13.19x 14.13x 12.61x 16.99x 15.02x 13.22x 14.03x 13.77x
EBITDA 4'630.00 Long-Term Rating Date 02.08.2012
EBIT 3'464.00 Long-Term Rating BBB
Operating Margin 4.84% Long-Term Outlook STABLE
Pretax Margin 4.71% Short-Term Rating Date 02.08.2012
Return on Assets 6.62% Short-Term Rating A-2
Return on Common Equity 12.19%
Return on Capital 10.02% EBITDA/Interest Exp. 47.73
Asset Turnover 2.28% (EBITDA-Capex)/Interest Exp. 31.75
Net Debt/EBITDA 0.87
Gross Margin 28.4% Total Debt/EBITDA 1.41
EBITDA Margin 6.4%
EBIT Margin 4.6% Total Debt/Equity 29.6%
Net Income Margin 3.0% Total Debt/Capital 22.8%
Asset Turnover 2.28
Current Ratio 1.23 Net Fixed Asset Turnover 5.96
Quick Ratio 0.40 Accounts receivable turnover-days 12.86
Debt to Assets 16.11% Inventory Days 53.04
Tot Debt to Common Equity 29.57% Accounts Payable Turnover Day 31.27
Accounts Receivable Turnover 28.37 Cash Conversion Cycle 32.26
Inventory Turnover 6.88
Fiscal Year Ended
Walgreen CoPrice/Volume
Valuation Analysis
298'628.00
Current Price (4/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
&
-&
.&
0&
1&
2&
3&
M -. e -. d -. d -. M -. n -. j -. f -. P -. d -0 a -0 e -0 M -0!& 9
-!& 9
.!& 9
0!& 9
1!& 9
2!& 9
3!& 9
4!& 9
5!& 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
.!&&
1!&&
3!&&
5!&&
-&!&&
-.!&&
&1!&6!.&&6 &1!&0!.&-& &1!&6!.&-& &1!&0!.&-- &1!&6!.&-- &1!&0!.&-. &1!&6!.&-. &1!&0!.&-0
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PESSINA STEFANO n/a Form 4 72'925'155 7.7 83'299 19.04.2013 n/a
STATE STREET n/a ULT-AGG 56'226'768 5.93 (1'381'653) 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 46'634'298 4.92 1'081'104 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 41'687'931 4.4 1'388'347 22.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 21'258'567 2.24 7'057'946 28.02.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 20'084'016 2.12 2'069'870 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 19'577'086 2.07 3'883'583 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'908'934 1.36 (31'420) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 12'839'154 1.36 (2'023'160) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 12'479'221 1.32 (1'205'326) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12'107'146 1.28 (305'410) 31.03.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 11'704'910 1.24 1'541'142 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 9'862'536 1.04 (49'918) 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 9'826'160 1.04 597'097 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 9'394'722 0.99 (339'452) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 8'706'780 0.92 507'813 28.02.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 7'571'619 0.8 (958'453) 31.12.2012 Government
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 7'038'081 0.74 (305'902) 31.12.2012 Investment Advisor
AJO, LP AJO, LP 13F 6'637'500 0.7 (370'000) 31.12.2012 Investment Advisor
KOHLBERG KRAVIS ROBE KOHLBERG KRAVIS ROBE 13F 6'424'340 0.68 - 31.12.2012 Private Equity
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Lazard Capital Markets THOMAS GALLUCCI neutral 3 M #N/A N/A Not Provided 24.04.2013
Credit Suisse EDWARD J KELLY neutral 3 M 50 Not Provided 22.04.2013
JPMorgan LISA C GILL overweight 5 M 55 6 month 19.04.2013
ISI Group ROSS MUKEN cautious 2 M 43 12 month 18.04.2013
Goldman Sachs MATTHEW J FASSLER Buy/Neutral 5 M 53 12 month 12.04.2013
Morgan Stanley MARK WILTAMUTH Equalwt/In-Line 3 M #N/A N/A Not Provided 05.04.2013
SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 53 12 month 03.04.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 03.04.2013
Raymond James JOHN W RANSOM outperform 5 M 50 12 month 03.04.2013
Scotia Capital PATRICIA A BAKER sector outperform 5 M 50 12 month 03.04.2013
BB&T Capital Markets ANDREW P WOLF buy 5 M 53 12 month 03.04.2013
Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 56 12 month 03.04.2013
Barclays MEREDITH ADLER equalweight 3 M 39 Not Provided 01.04.2013
Mizuho Securities USA Inc ANN HYNES buy 5 M 53 12 month 31.03.2013
Cantor Fitzgerald AJAY JAIN buy 5 M 49 12 month 27.03.2013
Macquarie DANE LEONE outperform 5 U 52 12 month 21.03.2013
Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 20.03.2013
Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 20.03.2013
Guggenheim Securities LLC JOHN HEINBOCKEL buy 5 M 50 12 month 20.03.2013
Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 13.03.2013
Barrington Research CHARLES R JONES outperform 5 M 45 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
JMP Securities CONSTANTINE DAVIDES market perform 3 M #N/A N/A Not Provided 27.03.2012
First Global Stockbroking RITESH DOSHI market perform 3 M #N/A N/A Not Provided 27.06.2011
Holdings By:
Walgreen Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
The Walt Disney Company is an entertainment company that conducts operations in
media networks, studio entertainment, theme parks and resorts, consumer
products, and interactive media. The Company produces motion pictures,
television programs, and musical recordings, as well as books and magazines.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (24.04.2013) 62.90
52-Week Low (24.04.2012) 41.97
Daily Volume
62.17
52-Week High % Change -1.07% Dividend Yield 1.21
52-Week Low % Change 48.13% Beta 1.12
% 52 Week Price Range High/Low 99.85% Equity Float 1'635.19
Shares Out 30.01.2013 1'805.4 Short Int 37.22
112'243.97 1 Yr Total Return 49.65%
Total Debt 14'311.00 YTD Return 24.86%
Preferred Stock 0.0 Adjusted BETA 1.117
Minority Interest 2'199.0 Analyst Recs 33
Cash and Equivalents 3'387.00 Consensus Rating 4.273
Enterprise Value 128'838.97
Average Volume 5 Day 2'140'325
DIS UN EQUITY YTD Change - Average Volume 30 Day 2'045'504
DIS UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'121'211
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 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
37'843.0 36'149.0 38'063.0 40'893.0 42'278.0 40'956.0 42'840.0 45'160.8 47'973.5 10'486.0 11'773.7
1.95x 1.67x 1.96x 1.65x 2.51x 7.91x 9.46x 2.80x 2.61x 12.13x 10.66x
8'986.0 7'328.0 8'439.0 9'622.0 10'850.0 9'912.0 8'173.0 12'301.5 13'444.7 2'749.6 3'762.8
8.20x 8.25x 8.86x 7.00x 9.79x 8.25x 0.00x 10.51x 9.62x 10.27x 10.07x
4'427.0 3'307.0 3'963.0 4'807.0 5'682.0 4'969.0 5'600.0 6'254.3 6'866.3 1'389.6 1'937.9
14.43x 14.99x 16.08x 11.80x 16.69x 14.11x 15.93x 18.04x 15.99x 17.51x 16.98x
EBITDA 10'850.00 Long-Term Rating Date 22.12.2009
EBIT 8'863.00 Long-Term Rating A
Operating Margin 20.96% Long-Term Outlook STABLE
Pretax Margin 21.90% Short-Term Rating Date 22.12.2009
Return on Assets 7.25% Short-Term Rating A-1
Return on Common Equity 14.31%
Return on Capital 11.15% EBITDA/Interest Exp. 19.24
Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 12.53
Net Debt/EBITDA -
Gross Margin 21.0% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 36.0%
Net Income Margin 13.4% Total Debt/Capital 25.4%
Asset Turnover 0.55
Current Ratio 1.07 Net Fixed Asset Turnover 2.07
Quick Ratio 0.77 Accounts receivable turnover-days 59.91
Debt to Assets 19.11% Inventory Days 15.82
Tot Debt to Common Equity 35.99% Accounts Payable Turnover Day 77.30
Accounts Receivable Turnover 6.08 Cash Conversion Cycle 21.82
Inventory Turnover 23.00
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
Walt Disney Co/ThePrice/Volume
Valuation Analysis
318'449.00
Current Price (4/dd/yy) Market Data
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LAURENE POWELL JOBS n/a PROXY 130'844'544 7.25 - 07.01.2013 n/a
STATE STREET n/a ULT-AGG 101'844'976 5.64 (2'973'462) 23.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 94'323'322 5.22 7'570'987 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 78'979'851 4.37 2'428'922 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 69'556'293 3.85 (7'038'536) 28.02.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 55'329'260 3.06 2'071'273 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 42'206'018 2.34 - 31.12.2012 Insurance Company
LUCAS GEORGE n/a Co File 37'076'679 2.05 - 06.02.2013 n/a
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 33'008'599 1.83 (11'125'745) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 30'420'487 1.68 275'056 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 30'368'292 1.68 (7'082'507) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 27'396'485 1.52 (157'367) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 18'401'648 1.02 (1'380'680) 31.03.2013 Investment Advisor
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 18'216'229 1.01 (1'042'061) 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 17'149'415 0.95 (5'518'017) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 15'390'772 0.85 2'355'573 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 14'991'213 0.83 2'438'830 31.12.2012 Government
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 14'062'839 0.78 (272'743) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 13'454'535 0.75 (418'243) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 12'799'183 0.71 4'266'795 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 66 12 month 24.04.2013
B Riley & Company, Inc DAVID W MILLER buy 5 M 65 Not Provided 23.04.2013
Cowen and Company DOUGLAS CREUTZ neutral 3 M #N/A N/A Not Provided 23.04.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 63 12 month 21.04.2013
RBC Capital Markets DAVID BANK outperform 5 M 63 12 month 19.04.2013
Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 67 12 month 19.04.2013
Credit Suisse MICHAEL SENNO outperform 5 M 66 Not Provided 17.04.2013
Nomura MICHAEL NATHANSON buy 5 M 63 12 month 17.04.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 56 Not Provided 16.04.2013
Wunderlich Securities MATTHEW HARRIGAN hold 3 M 58 18 month 15.04.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 12.04.2013
Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 10.04.2013
JPMorgan ALEXIA S QUADRANI overweight 5 M 67 8 month 08.04.2013
Davenport & Co MICHAEL C MORRIS buy 5 M 67 Not Provided 05.04.2013
Edward Jones ROBIN DIEDRICH buy 5 M #N/A N/A Not Provided 03.04.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 20.03.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 65 12 month 28.02.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 65 Not Provided 10.02.2013
Hilliard Lyons JEFFREY S THOMISON long-term buy 5 M 70 12 month 07.02.2013
Stifel DREW E CRUM buy 5 M 63 12 month 07.02.2013
Goldman Sachs DREW BORST buy/attractive 5 M 65 12 month 06.02.2013
Janney Montgomery Scott LLC TONY WIBLE neutral 3 M 58 12 month 06.02.2013
Macquarie TIMOTHY W NOLLEN neutral 3 M 60 12 month 06.02.2013
S&P Capital IQ TUNA AMOBI strong buy 5 M 63 12 month 06.02.2013
Gabelli & Co BRETT HARRISS hold 3 M #N/A N/A Not Provided 06.02.2013
Susquehanna Financial Group VASILY KARASYOV neutral 3 M 55 12 month 06.02.2013
Atlantic Equities LLP HAMILTON FABER overweight 5 M 65 12 month 06.02.2013
Piper Jaffray JAMES M MARSH JR neutral 3 M 50 12 month 06.02.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 06.02.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 06.02.2013
Evercore Partners ALAN GOULD overweight 5 M 58 12 month 05.02.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 63 12 month 04.02.2013
Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 05.08.2011
BTIG LLC RICHARD GREENFIELD buy 5 M 50 12 month 06.01.2011
Holdings By:
Walt Disney Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
Wells Fargo & Company is a diversified financial services company providing
banking, insurance, investments, mortgage, leasing, credit cards, and consumer
finance. The Company operates through physical stores, the Internet and other
distribution channels across North America and elsewhere internationally.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (15.03.2013) 38.20
52-Week Low (04.06.2012) 29.80
Daily Volume
37.21
52-Week High % Change -2.70% Dividend Yield 2.45
52-Week Low % Change 24.87% Beta 1.16
% 52 Week Price Range High/Low 87.26% Equity Float 5'270.36
Shares Out 31.03.2013 5'288.8 Short Int 41.44
196'796.25 1 Yr Total Return 15.57%
Total Debt 184'554.00 YTD Return 9.64%
Preferred Stock 12'883.0 Adjusted BETA 1.160
Minority Interest 1'357.0 Analyst Recs 42
Cash and Equivalents 159'173.00 Consensus Rating 4.024
Enterprise Value -
Average Volume 5 Day 4'376'742
WFC UN EQUITY YTD Change - Average Volume 30 Day 4'714'847
WFC UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'469'837
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
51'652.0 98'636.0 93'249.0 87'597.0 91'247.0 88'450.0 90'651.0 84'755.3 86'148.2 21'212.8 21'149.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'655.0 12'275.0 12'362.0 15'869.0 18'897.0 16'358.0 19'820.0 19'904.2 20'676.7 4'958.8 4'990.9
17.14x 9.78x 12.60x 9.10x 10.08x 11.34x 10.39x 10.03x 9.50x 10.06x 9.93x
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A+
Operating Margin 33.07% Long-Term Outlook NEG
Pretax Margin 33.07% Short-Term Rating Date 29.11.2011
Return on Assets 1.43% Short-Term Rating A-1
Return on Common Equity 13.45%
Return on Capital 5.98% EBITDA/Interest Exp. -
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 127.6%
Net Income Margin 22.0% Total Debt/Capital 53.7%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover 9.77
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 12.97% Inventory Days -
Tot Debt to Common Equity 127.57% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Wells Fargo & CoPrice/Volume
Valuation Analysis
592'199.00
Current Price (4/dd/yy) Market Data
&2
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M -. e -. d -. d -. M -. n -. j -. f -. P -. d -0 a -0 e -0 M -0!& 9
2!& 9
-&!& 9
-2!& 9
.&!& 9
.2!& 9
0&!& 9
02!& 9
1&!& 9
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
&!&&
.!&&
1!&&
3!&&
5!&&
-&!&&
-.!&&
-1!&&
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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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 439'857'861 8.32 17'308'316 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 283'953'116 5.37 4'757'505 22.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 277'549'602 5.25 7'642'693 23.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 230'401'864 4.36 17'604'566 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 196'348'826 3.71 (8'912'090) 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 181'298'396 3.43 (6'684'370) 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 113'152'549 2.14 (9'622'805) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 101'558'962 1.92 (5'760'895) 28.02.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 76'436'311 1.45 (5'150'437) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 73'468'045 1.39 397'475 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 70'577'131 1.33 (9'040'283) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 66'635'428 1.26 225'975 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 59'620'977 1.13 839'129 31.01.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 55'039'014 1.04 - 31.12.2012 Insurance Company
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 49'227'915 0.93 1'010'251 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 43'955'116 0.83 1'547'537 31.12.2012 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 43'201'460 0.82 (3'723'662) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 40'714'237 0.77 7'577'529 28.02.2013 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 40'654'593 0.77 290'356 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 36'502'225 0.69 2'574'121 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOSEPH K MORFORD outperform 5 M 40 12 month 24.04.2013
Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 23.04.2013
Drexel Hamilton LLC DAVID B HILDER buy 5 M 44 12 month 23.04.2013
Compass Point Research & Trading LLC KEVIN BARKER neutral 3 M 38 12 month 19.04.2013
Argus Research Corp DAVID RITTER sell 1 M #N/A N/A Not Provided 17.04.2013
Miller Tabak + Co., LLC TOM MITCHELL hold 3 M 35 12 month 16.04.2013
Jefferies KENNETH M USDIN buy 5 M 42 12 month 15.04.2013
Robert W. Baird & Co DAVID A GEORGE outperform 5 M 40 12 month 15.04.2013
Sanford C. Bernstein & Co JOHN E MCDONALD outperform 5 M 42 12 month 15.04.2013
Raymond James ANTHONY J POLINI strong buy 5 M 43 12 month 15.04.2013
FBR Capital Markets PAUL J MILLER JR outperform 5 M 42 12 month 15.04.2013
Macquarie THOMAS ALONSO outperform 5 M 44 12 month 15.04.2013
Buckingham Research Group JAMES F MITCHELL neutral 3 M 39 12 month 15.04.2013
Sterne, Agee & Leach TODD L HAGERMAN buy 5 M 42 12 month 15.04.2013
Atlantic Equities LLP RICHARD STAITE neutral 3 M 37 12 month 15.04.2013
Barclays JASON M GOLDBERG overweight 5 M 45 Not Provided 15.04.2013
BMO Capital Markets PETER J WINTER market perform 3 M 42 Not Provided 14.04.2013
Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 41 12 month 14.04.2013
Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO outperform 5 M 43 12 month 14.04.2013
Evercore Partners ANDREW A MARQUARDT equalweight 3 M 39 12 month 14.04.2013
Deutsche Bank MATTHEW D O'CONNOR hold 3 M 37 12 month 12.04.2013
Credit Suisse MOSHE A ORENBUCH neutral 3 M 38 Not Provided 12.04.2013
Edward Jones SHANNON L STEMM buy 5 M #N/A N/A Not Provided 12.04.2013
SunTrust Robinson Humphrey ERIC WASSERSTROM neutral 3 M 38 12 month 12.04.2013
JPMorgan VIVEK JUNEJA overweight 5 M 41 6 month 12.04.2013
Sandler O'Neill & Partners, LP R SCOTT SIEFERS buy 5 M 41 12 month 12.04.2013
Nomura KEITH MURRAY buy 5 M 42 12 month 12.04.2013
Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 47 12 month 12.04.2013
S&P Capital IQ ERIK M OJA hold 3 M 38 Not Provided 12.04.2013
Portales Partners JENNIFER A THOMPSON outperform 5 M #N/A N/A Not Provided 12.04.2013
Credit Agricole Securities (USA) MICHAEL L MAYO outperform 5 M 40 Not Provided 12.04.2013
Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 45 12 month 11.04.2013
Susquehanna Financial Group JACK MICENKO Positive 4 M 40 12 month 08.04.2013
Scotia Capital KEVIN R CHOQUETTE sector perform 3 M 43 12 month 14.03.2013
Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 40 Not Provided 08.02.2013
Keefe, Bruyette & Woods FREDERICK CANNON market perform 3 M 37 12 month 27.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs RICHARD N RAMSDEN neutral/attractive 3 M 38 12 month 14.01.2013
Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 12.10.2012
Holdings By:
Wells Fargo & Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
24.04.2013
The Williams Companies, Inc. is an integrated natural gas company that produces,
gathers, processes and transports natural gas. The Company's operations are
concentrated in the Pacific Northwest, Rocky Mountains, Gulf Coast, the Eastern
Seaboard, and the province of Alberta in Canada.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (23.04.2013) 38.40
52-Week Low (25.06.2012) 27.26
Daily Volume
38.2
52-Week High % Change -0.60% Dividend Yield 3.13
52-Week Low % Change 40.13% Beta 1.14
% 52 Week Price Range High/Low 96.86% Equity Float 680.05
Shares Out 21.02.2013 681.5 Short Int 15.21
26'034.55 1 Yr Total Return 23.03%
Total Debt 10'736.00 YTD Return 17.85%
Preferred Stock 0.0 Adjusted BETA 1.145
Minority Interest 2'675.0 Analyst Recs 16
Cash and Equivalents 839.00 Consensus Rating 4.438
Enterprise Value 38'606.55
Average Volume 5 Day 1'037'719
WMB UN EQUITY YTD Change - Average Volume 30 Day 1'279'714
WMB UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'270'765
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
11'890.0 8'255.0 6'638.0 7'930.0 7'486.0 7'930.0 7'517.0 8'116.9 9'195.8 1'966.0 1'964.0
1.28x 2.33x 3.64x 3.61x 4.66x 13.59x 16.63x 5.00x 4.57x 19.68x 19.74x
3'843.0 2'970.0 2'902.0 3'481.0 2'368.0 3'481.0 2'382.0 2'729.4 3'478.6 675.3 656.8
3.97x 6.49x 8.32x 8.23x 14.72x 8.23x 14.64x 14.16x 11.11x 14.44x 13.91x
1'418.0 285.0 (1'097.0) 376.0 859.0 376.0 859.0 652.0 950.4 166.0 145.8
6.55x 27.38x 27.78x 20.01x 27.06x 20.13x 29.23x 39.39x 27.53x 39.42x 35.95x
EBITDA 2'368.00 Long-Term Rating Date 05.03.2012
EBIT 1'612.00 Long-Term Rating BBB
Operating Margin 21.53% Long-Term Outlook STABLE
Pretax Margin 17.22% Short-Term Rating Date 19.03.2007
Return on Assets 4.21% Short-Term Rating NR
Return on Common Equity 28.41%
Return on Capital 9.72% EBITDA/Interest Exp. 4.17
Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. -0.28
Net Debt/EBITDA 4.15
Gross Margin 43.2% Total Debt/EBITDA 4.51
EBITDA Margin 31.7%
EBIT Margin 21.6% Total Debt/Equity 225.9%
Net Income Margin 11.5% Total Debt/Capital 59.1%
Asset Turnover 0.37
Current Ratio 1.24 Net Fixed Asset Turnover 0.54
Quick Ratio 0.99 Accounts receivable turnover-days 32.26
Debt to Assets 44.13% Inventory Days 12.51
Tot Debt to Common Equity 225.93% Accounts Payable Turnover Day 58.49
Accounts Receivable Turnover 11.35 Cash Conversion Cycle -22.04
Inventory Turnover 29.27
Fiscal Year Ended
Williams Cos Inc/ThePrice/Volume
Valuation Analysis
131'368.00
Current Price (4/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] |
24.04.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOROBAN CAPITAL PART n/a 13G 67'317'856 9.88 57'621'882 13.03.2013 Hedge Fund Manager
STATE STREET n/a ULT-AGG 40'796'411 5.99 1'995'853 23.04.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 37'975'558 5.57 543'760 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 33'870'156 4.97 788'667 22.04.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 32'171'940 4.72 838'930 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 29'388'541 4.31 (758'359) 28.02.2013 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 19'444'793 2.85 4'056'941 31.12.2012 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 18'504'991 2.72 3'300'543 28.02.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 14'042'214 2.06 1'341'306 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 13'368'373 1.96 3'111'343 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'393'996 1.53 696'790 31.12.2012 Investment Advisor
KAYNE ANDERSON CAPIT KAYNE ANDERSON CAPIT 13F 9'829'263 1.44 37'513 31.12.2012 Hedge Fund Manager
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 9'556'049 1.4 9'556'049 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'832'780 1.3 (1'851'454) 31.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 8'451'681 1.24 469'600 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'623'520 1.12 (866'238) 28.02.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 6'993'844 1.03 2'069'002 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'943'029 1.02 (607'665) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 6'427'059 0.94 (2'116'350) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'076'774 0.89 336'455 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse BRETT REILLY outperform 5 M 49 Not Provided 16.04.2013
Deutsche Bank CURTIS N LAUNER hold 3 M 39 12 month 15.04.2013
US Capital Advisors REBECCA G FOLLOWILL hold 3 M 35 Not Provided 15.04.2013
Howard Weil Inc HOLLY STEWART sector outperform 5 M 38 12 month 12.04.2013
Wells Fargo Securities, LLC SHARON LUI outperform 5 M #N/A N/A Not Provided 08.04.2013
JPMorgan JEREMY TONET overweight 5 M 41 6 month 02.04.2013
Barclays RICHARD GROSS overweight 5 M 39 Not Provided 26.03.2013
Raymond James DARREN HOROWITZ outperform 5 M 38 12 month 06.03.2013
Argus Research Corp MICHAEL BURKE buy 5 M 39 Not Provided 05.03.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 05.03.2013
BMO Capital Markets CARL L KIRST outperform 5 M 38 Not Provided 20.02.2013
Morgan Stanley STEPHEN J MARESCA Overwt/Attractive 5 M 42 12 month 12.12.2012
Goldman Sachs THEODORE DURBIN buy/attractive 5 M 45 12 month 05.11.2012
Tudor Pickering & Co BRADLEY OLSEN accumulate 4 D 37 Not Provided 19.10.2012
Holdings By:
Williams Cos Inc/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |