Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an

offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &

Analyst Recommendations
STOXX Europe Small 200 Index
March 2012
Q M S Advisors
.
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Aalberts Industries NV
Aalberts Industries N.V. provides industrial services and flow control systems.
The Company manufactures extrusion tooling, precision parts, bimetallic barrels,
and other industrial products. Aalberts also develops and produces valves,
dispensing systems for beer and soft drinks, and other distribution systems for
water, gas, and energy.
Price/Volume
.6 M
.5 M
12
.4 M
10
8
Latest Fiscal Year:

LTM as of:
52-Week High (04.02.2013)
52-Week Low (27.06.2012)
Daily Volume
Current Price (2/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AALB NA EQUITY YTD Change
AALB NA EQUITY YTD % CHANGE
12/2012
01/yy
16.89
11.40
322'539.00
16.72
-1.01%
46.67%
96.90%
109.4
1'829.60
541.60
0.0
11.1
0.10
2'382.20
.3 M
.2 M
.1 M
2
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.7 M
16
14
Valuation Analysis
31.12.2008
1'750.8
0.74x
251.6
5.16x
92.8
4.96x
18
31.12.2009
31.12.2010
1'404.9
1'682.8
1.22x
1.36x
168.8
248.2
10.14x
9.23x
41.5
104.4
19.78x
14.34x
Profitability
31.12.2011
1'937.4
1.04x
279.4
7.22x
131.3
10.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
31.12.2012
2'024.5
1.12x
296.1
7.67x
135.1
12.66x
296.10
202.10
9.98%
8.98%
6.95%
14.86%
1.04%
14.6%
10.0%
6.7%
1.10
0.34
27.70%
55.90%
10.02
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.20
84.06
12.65%
6.50%
1.197
12
4.417
246'672
184'675
171'517
FY+2
12/13 Y
12/14 Y
2'087.7
2'167.7
1.09x
0.99x
312.9
330.0
7.61x
7.22x
154.3
166.5
11.38x
10.58x
S&P Issuer Ratings
Long-Term Rating Date

Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
FQ+1
FQ+2
10.21
6.63
1.83
1.83
55.9%
35.6%
1.04
3.50
36.51
-
Sales/Revenue/Turnover
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
28.02.2013
Aalberts Industries NV
Holdings By:
All
Holder Name
AALBERTS BEHEER BV
FMR LLC
OPPENHEIMERFUNDS INC
FORTIS UTRECHT NV
NIB CAPITAL NV
COLUMBIA WANGER ASSE
CANTILLON CAPITAL MA
AALBERTS J
AALBERTS-VEEN J A M
MAWER INVESTMENT MAN
PICTET & CIE
FRANKLIN RESOURCES
LANDESBANK BERLIN IN
VANGUARD GROUP INC
BANQUE DE LUXEMBOURG
SEB
BLACKROCK
AMERIPRISE FINANCIAL
ALLIANZ ASSET MANAGE
MANULIFE ASSET MANAG
Firm Name
KBC Securities
Rabobank International
Kepler Capital Markets
Kempen & Co
SNS Securities(ESN)
Berenberg Bank
ING Bank
ABN Amro Bank N.V.
Theodoor Gilissen Securities
EVA Dimensions
CA Cheuvreux
Petercam
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
MICHAEL ROEG
DAVID TAILLEUR
PETER OLOFSEN
DIRK VERBIESEN
GERT STEENS
FELIX WIENEN
TIJS HOLLESTELLE
MAARTEN BAKKER
TOM MULLER
CRAIG STERLING
ROBERT VAN OVERBEEK
LUUK VAN BEEK
Source
Research
ULT-AGG
MF-AGG
EXCH
EXCH
Research
Research
Research
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
buy
hold
hold
hold
buy
buy
buy
buy
overweight
outperform
add
Amt Held
14'542'716
11'315'498
7'259'676
6'022'588
5'836'642
5'511'788
5'340'054
2'402'582
2'402'582
1'333'741
1'297'544
1'067'214
1'048'738
996'333
626'561
609'896
596'362
506'042
449'200
436'065
% Out
13.29
10.34
6.63
5.5
5.33
5.04
4.88
2.2
2.2
1.22
1.19
0.98
0.96
0.91
0.57
0.56
0.54
0.46
0.41
0.4
Weighting
Change
5
5
3
3
3
5
5
5
5
5
5
4
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
(164'650)
16'023
203'806
1'200
25'900
Target Price
20
19
17
17
17
18
19
19
20
#N/A N/A
17
17
File Dt
Inst Type
20.05.2011
Unclassified
30.09.2012
Investment Advisor
30.12.2012
Investment Advisor
09.04.2009
Other
09.04.2009
Venture Capital
20.05.2011
Investment Advisor
07.10.2010 Hedge Fund Manager
03.02.2011
n/a
03.02.2011
Other
30.11.2012
Investment Advisor
31.08.2012 Mutual Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
22.01.2013
15.01.2013
26.10.2012
24.10.2012
28.02.2013
Acciona SA
Acciona S.A. is a global developer and service provider of solutions in
renewable energy, large civil infrastructures and water treatment and reverse
osmosis desalination. The Company has sustainable development at the heart of
its strategy.
Price/Volume
70
2.5 M
60
2.0 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.01.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ANA SQ EQUITY YTD Change
ANA SQ EQUITY YTD % CHANGE
12/2011
09/yy
65.00
29.46
184'826.00
46.52
-28.43%
57.91%
48.00%
57.3
2'663.71
8'897.97
0.0
301.0
1'963.00
10'649.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
30
1.0 M
20
.5 M
10
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
7'952.6
4.24x
1'406.8
23.97x
950.4
14.92x
40
31.12.2008
31.12.2009
7'207.8
6'512.3
3.52x
2.03x
1'069.3
1'043.0
23.70x
12.68x
464.5
1'263.2
23.18x
39.19x
Profitability
LTM-4Q
31.12.2010
6'263.0
1.61x
1'211.2
8.35x
167.2
19.41x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
6'646.0
1.67x
1'312.0
8.46x
202.0
19.64x
1'312.00
595.00
8.95%
3.37%
0.17%
0.63%
0.34%
20.1%
9.3%
3.0%
1.07
0.69
43.77%
166.50%
3.30
-
Price/ Cash Flow
09/yy
6'489.0
6.87x
1'331.2
8.21x
380.2
9.87x
LTM
09/yy
7'015.0
6.08x
1'418.0
7.42x
2.0
0.00x
FY+1
1.04
23.34
-16.15%
-16.03%
1.042
23
2.652
287'745
379'770
254'713
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
6'820.6
6'861.3
1'816.2
1'744.0
1.54x
1.52x
1'399.7
1'348.2
375.8
567.0
7.61x
7.90x
5.89x
7.73x
160.6
101.4
42.5
247.0
16.96x
26.95x
5.21x
26.89x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.62
0.66
5.36
6.70
166.5%
61.2%
0.34
0.68
110.83
-
30.00
9'000.0
8'000.0
25.00
7'000.0
6'000.0
20.00
5'000.0
15.00
4'000.0
3'000.0
10.00
2'000.0
5.00
0.00
02.01.2009
1'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Acciona SA
Holdings By:
All
Holder Name
TUSSEN DE GRACHTEN B
ENTREAZCA BV
JELICO NETHERLANDS B
VANGUARD GROUP INC
BLACKROCK
EGERTON CAPITAL LIMI
ACCRUED EQUITIES INC
DIMENSIONAL FUND ADV
DOMECQ DANIEL ENTREC
DNB NOR ASSET MANAGE
SANTANDER ASSET MGMT
ABANTE ASESORES GEST
ENTRECANALES D JOSE
STATE STREET BANQUE
BBVA PATRIMONIOS GES
CASTELLANOS BORREGO
CREDIT SUISSE ASSET
ACCIONA SA
NATIONWIDE FUND ADVI
ESPIRITO SANTO GESTI
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
BPI
FLORA TRINDADE
Banesto Bolsa SA Sociedad
ANTONIO CRUZ
Banco Sabadell
MARIA CEBOLLERO
Grupo Santander
JOAQUIN FERRER
NMAS 1 Agencia de Valores
JOSE RAMON OCINA
Day by Day
VALERIE GASTALDY
Espirito Santo Investment Bank Research
FERNANDO GARCIA GARCIA
Exane BNP Paribas
MANUEL PALOMO
Goldman Sachs
MANUEL LOSA
Bankia Bolsa (ESN)
RAFAEL FERNANDEZ DE HEREDIA
Macquarie
SHAI HILL
CA Cheuvreux
JOSE PORTA SAUDAN
Ahorro Corporacion Financiera SA
JUAN MORENO
La Caixa
FERNANDO MURILLO GUIRAO
EVA Dimensions
AUSTIN BURKETT
HSBC
SEAN D MCLOUGHLIN
Deutsche Bank
VIRGINIA SANZ DE MADRID
Interdin Bolsa
PABLO ORTIZ DE JUAN
Intermoney Valores
ALVARO NAVARRO
EMILIO ROTONDO-INCLAN
BBVA
ISIDORO DEL ALAMO
Nomura
MARTIN YOUNG
AlphaValue
VINCENT DOARE
Renta 4 SA SVB
NURIA ALVAREZ
Source
EXCH
EXCH
EXCH
MF-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
EXCH
MF-AGG
Research
MF-AGG
MF-AGG
Recommendation
neutral
buy
sell
underweight
neutral
hold
sell
underperform
sell/attractive
hold
outperform
underperform
sell
underweight
overweight
neutral
hold
buy
buy
hold
market perform
suspended coverage
reduce
overweight
Amt Held
% Out
15'920'109
27.8
15'706'109 27.43
2'005'686
3.5
479'860
0.84
474'972
0.83
(297'750) -0.52
110'000
0.19
101'022
0.18
88'450
0.15
86'717
0.15
84'113
0.15
79'720
0.14
63'983
0.11
45'611
0.08
41'614
0.07
41'000
0.07
39'879
0.07
35'833
0.06
31'120
0.05
28'991
0.05
Weighting
3
5
1
1
3
3
1
1
1
3
5
1
1
1
5
3
3
5
5
3
3
#N/A N/A
2
5
Change
M
M
M
M
M
D
M
M
M
M
M
D
D
D
M
D
M
M
M
D
M
M
U
M
Latest Chg
32'626
75
(25'000)
(4'272)
(12'077)
8'297
(500)
7'000
7'591
(600)
Target Price
70
123
60
60
55
#N/A N/A
39
41
33
66
62
51
51
65
#N/A N/A
66
53
#N/A N/A
#N/A N/A
49
47
#N/A N/A
67
#N/A N/A
File Dt
Inst Type
27.06.2012
Holding Company
27.06.2012
Holding Company
27.06.2012
Other
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
27.06.2012
n/a
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
27.06.2012
n/a
31.01.2013
Investment Advisor
29.02.2012
Investment Advisor
16.03.2012
n/a
27.06.2012
Corporation
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Date
25.02.2013
22.02.2013
21.02.2013
18.02.2013
18.02.2013
15.02.2013
13.02.2013
13.02.2013
08.02.2013
08.02.2013
05.02.2013
04.02.2013
04.02.2013
28.01.2013
17.01.2013
10.01.2013
15.11.2012
14.11.2012
14.11.2012
22.10.2012
04.10.2012
11.02.2012
05.05.2010
02.03.2010
28.02.2013
Acerinox SA
Acerinox, S.A. manufactures and distributes hot and cold-rolled stainless steel
products including slabs, billets, and bars. The Company operates plants in
Spain, the United States and South Africa, and piers used to ship raw
materials. The Company markets its products primarily in Europe, Asia, and the
Americas.
Price/Volume
12
6.0 M
12/2011
09/yy
10.82
7.39
834'311.00
8.244
-23.78%
11.62%
25.02%
249.3
2'055.27
1'051.23
0.0
160.2
181.88
3'135.18
4.0 M
3.0 M
2.0 M
2
0
f-12
1.0 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
31.12.2009
5'050.6
2'993.4
0.76x
1.61x
169.8
(194.1)
22.59x
(10.5)
(229.2)
Profitability
LTM-4Q
31.12.2010
4'500.5
1.00x
379.9
11.82x
122.7
26.79x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
4'672.2
0.75x
339.2
10.32x
73.7
33.03x
339.22
192.44
4.12%
2.84%
-0.49%
-1.10%
1.10%
4.3%
1.1%
1.6%
1.51
0.58
25.82%
61.08%
8.90
-
Price/ Cash Flow
09/yy
4'773.6
3.52x
410.1
7.70x
128.0
16.58x
LTM
09/yy
4'568.6
3.01x
197.7
16.47x
(20.4)
0.00x
FY+1
0.84
120.90
-19.97%
-1.25%
0.844
24
3.250
1'124'419
1'031'388
994'987
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
4'569.9
4'997.2
1'053.0
1'235.0
0.67x
0.65x
2.66x
186.1
334.0
14.3
16.85x
9.39x
(19.0)
87.3
(29.2)
24.68x
80.04x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
5.33
2.54
5.46
6.83
61.1%
35.8%
1.10
41.11
-
20.00
8'000.0
18.00
7'000.0
16.00
6'000.0
14.00
5'000.0
12.00
10.00
4'000.0
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
02.01.2009
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (02.03.2012)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ACX SQ EQUITY YTD Change
ACX SQ EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
Valuation Analysis
31.12.2007
6'900.9
0.78x
654.8
8.17x
312.3
14.03x
8.0 M
10
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Acerinox SA
Holdings By:
All
Holder Name
ALBA PARTICIPACIONES
NISSHIN STEEL CO LTD
FEYNMAN CAPITAL SL
CASA GRANDE CARTAGEN
METAL ONE CORP
MARATHON ASSET MANAG
INDUSTRIAL DEVELOPME
LUXOR CAPITAL GROUP
PENNANT CAPITAL MANA
VANGUARD GROUP INC
AGF INVESTMENTS INC
BLACKROCK
MARCH GESTION DE FON
RENTA 4 GESTORA SGII
BPI FUNDOS GFIM SA/P
IBERCAJA GESTION, S.
BARCLAYS WEALTH MANA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Societe Generale
ALAIN WILLIAM
JPMorgan
ALESSANDRO ABATE
Exane BNP Paribas
SYLVAIN BRUNET
RUI DIAS
BPI
MANUEL DIAS COELHO
ROCHUS BRAUNEISER
Intermoney Valores
ANTONIO PAUSA RODRIGUEZ
ROBERT JACKSON
Goldman Sachs
STEPHEN BENSON
CESAR SANCHEZ-GRANDE
FRANCISCO RIQUEL
Day by Day
VALERIE GASTALDY
Interdin Bolsa
JAIME OJEDA DE DIEGO
Bankia Bolsa (ESN)
INIGO RECIO PASCUAL
Grupo Santander
PATRICIA LOPEZ DEL RIO
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
Credit Suisse
MICHAEL SHILLAKER
CA Cheuvreux
INIGO EGUSQUIZA CASTELLANOS
Deutsche Bank
BASTIAN SYNAGOWITZ
EVA Dimensions
CRAIG STERLING
La Caixa
ICIAR GOMEZ BOTAS
BBVA
LUIS DE TOLEDO
Link Securities
JUAN JOSE FERNANDEZ FIGARES
Mirabaud Finanzas Sociedad de ValoresGONZALO
S
SANZ
Nomura
NEIL SAMPAT
Renta 4 SA SVB
IVAN SAN FELIX
Source
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Short
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
underweight
neutral
buy
strong buy
hold
buy
Under Review
neutral/neutral
hold
buy
hold
buy
buy
buy
buy
neutral
select list
sell
sell
underweight
underperform
buy
underweight
neutral
overweight
Amt Held
% Out
60'437'949 24.24
38'144'820
15.3
29'533'292 11.85
12'465'247
5
9'361'560
3.76
7'785'588
3.12
7'733'332
3.1
(5'285'255) -2.12
(4'736'786)
-1.9
1'926'059
0.77
1'277'694
0.51
1'073'600
0.43
690'488
0.28
546'599
0.22
475'399
0.19
388'499
0.16
341'777
0.14
335'250
0.13
324'015
0.13
297'350
0.12
Weighting
3
1
3
5
5
3
5
#N/A N/A
3
3
5
3
5
5
5
5
3
5
1
1
1
1
5
1
3
5
Change
M
M
M
M
M
M
M
M
M
M
M
D
U
M
M
M
M
U
M
M
M
D
M
D
D
M
Latest Chg
(299'165)
(249'305)
1'066'022
(420'796)
(285'300)
48'257
3'072
32'454
(82'485)
71'400
103'000
60'000
62'300
Target Price
8
9
8
11
11
11
11
#N/A N/A
9
8
10
#N/A N/A
10
11
11
10
8
11
6
#N/A N/A
8
9
10
9
10
16
File Dt
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
13.02.2013
21.02.2013
29.02.2012
31.12.2012
28.09.2012
30.09.2012
26.02.2013
31.05.2012
30.11.2011
30.11.2012
31.12.2012
30.11.2011
31.12.2012
Date
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Other
Corporation
Other
Other
Corporation
Investment Advisor
Unclassified
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
27.02.2013
27.02.2013
27.02.2013
26.02.2013
25.02.2013
22.02.2013
22.02.2013
21.02.2013
20.02.2013
20.02.2013
20.02.2013
15.02.2013
05.02.2013
04.02.2013
01.02.2013
30.01.2013
25.01.2013
16.01.2013
15.01.2013
15.01.2013
27.11.2012
09.10.2012
26.09.2012
18.09.2012
11.10.2011
28.04.2010
28.02.2013
Ackermans & van Haaren NV

Ackermans & van Haaren NV is an industrial holding company. The Company's
holdings are in the contracting-dredging environmental services, financial
services, staffing services, and private equity investing.
Price/Volume
80
.1 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
.0 M
.0 M
70
60
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ACKB BB EQUITY YTD Change
ACKB BB EQUITY YTD % CHANGE
12/2012
01/yy
70.49
59.00
29'210.00
68.49
-2.84%
16.08%
82.59%
33.5
2'294.20
529.78
0.0
482.4
187.36
3'237.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
10
0
f-12
31.12.2009
31.12.2010
423.7
375.5
6.28x
8.67x
159.8
161.3
16.64x
20.17x
117.5
160.8
14.69x
12.86x
Profitability
31.12.2011
422.4
6.47x
167.2
16.35x
177.5
10.75x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
432.5
167.5
12.45x
167.22
19.58%
53.11%
2.31%
8.33%
4.01%
0.07%
38.7%
8.13%
28.14%
-
Price/ Cash Flow
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
1.01
12.92%
9.99%
1.008
8
3.625
31'309
30'161
29'840
LTM-4Q
LTM
FY+1
FY+2
FQ+1
FQ+2
01/yy
01/yy
12/13 Y
12/14 Y
03/12 Q1
06/12 Q2
203.0
231.0
11.66x
10.46x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.1%
18.3%
0.07
4.36
-
30.00
600.0
25.00
500.0
20.00
400.0
15.00
300.0
10.00
200.0
5.00
100.0
0.00
01.01.2010
m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
503.5
3.77x
258.0
7.36x
114.6
10.55x
30
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Ackermans & van Haaren NV

Holdings By:
All
Holder Name
SCALDIS INVEST
UNIVERSAL INVEST CON
ACKERMANS & VAN HAAR
VANGUARD GROUP INC
BNP PARIBAS INV PART
DEXIA ASSET MANAGEME
ING ASSET MANAGEMENT
BLACKROCK
PETERCAM SA
THIRD AVENUE MANAGEM
INVESCO LTD
KBC GROUP NV
ALPS MUTUAL FUNDS SE
INVESCO GESTION
LOMBARD ODIER DARIER
DEGROOF GESTION INST
BANK DELEN SA
BRINVEST
PETERCAM SA
Firm Name
KBC Securities
ABN Amro Bank N.V.
Exane BNP Paribas
Bank Degroof(ESN)
Petercam
ING Bank
Kempen & Co
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
TOM SIMONTS
MAURITS HELDRING
DAVID VAGMAN
HANS D'HAESE
MARC DEBROUWER
MATTHIAS MAENHAUT
COR KLUIS
ERWIN DUT
Source
Co File
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Recommendation
accumulate
hold
outperform
hold
hold
hold
buy
hold
Amt Held
11'054'000
477'867
341'700
251'627
216'340
163'009
155'000
137'982
119'468
104'684
98'729
81'406
79'357
71'986
68'093
65'000
56'000
54'500
51'300
42'962
% Out
33
1.43
1.02
0.75
0.65
0.49
0.46
0.41
0.36
0.31
0.29
0.24
0.24
0.21
0.2
0.19
0.17
0.16
0.15
0.13
Weighting
Change
4
3
5
3
3
3
5
3
Latest Chg
6'404
3'423
38'750
2'110
32'950
(37'788)
486
1'526
6'946
34'707
50'000
(5'000)
Target Price
M
M
M
M
M
M
M
M
74
61
74
72
70
64
75
64
File Dt
Inst Type
31.12.2010
Other
31.01.2013
Investment Advisor
31.12.2010
Holding Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012
Investment Advisor
28.09.2012
Investment Advisor
26.02.2013
Investment Advisor
31.07.2012
Investment Advisor
27.02.2013
Investment Advisor
31.01.2013
Investment Advisor
30.09.2012
Investment Advisor
31.01.2013
Investment Advisor
29.03.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2010
Other
30.12.2011
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
27.02.2013
27.02.2013
26.02.2013
28.01.2013
28.01.2013
28.01.2013
26.10.2012
10.06.2012
28.02.2013
Afren PLC
Afren PLC is an independent oil and gas company. The Company conducts
exploration, appraisal, and development operations. Afren is currently
producing from its assets in offshore Nigeria and Cote d'Ivoire. The Company
has interests in the Kurdistan region of Iraq, Ghana, Congo Brazzaville, Kenya,
Ethiopia, Madagascar, Seychelles, Tanzania and South Africa.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AFR LN EQUITY YTD Change
AFR LN EQUITY YTD % CHANGE
12/2011
09/yy
162.00
92.85
2'495'442.00
143.1
-11.67%
54.12%
72.67%
1'088.6
1'557.84
975.53
0.0
0.0
291.69
2'863.16
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
45.0 M
160
40.0 M
140
35.0 M
120
30.0 M
100
25.0 M
80
20.0 M
60
15.0 M
40
10.0 M
20
5.0 M
0
f-12 m-12
31.12.2008
31.12.2009
42.5
335.8
10.75x
3.47x
(14.0)
200.6
5.81x
(56.1)
(16.8)
Profitability
LTM-4Q
31.12.2010
319.4
7.39x
184.6
12.80x
45.3
45.12x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
596.7
3.54x
429.3
4.92x
121.7
10.81x
429.34
269.21
45.12%
37.10%
6.15%
14.62%
9.91%
0.46%
50.7%
74.0%
49.5%
20.4%
0.66
0.56
33.29%
80.80%
8.08
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
09/yy
396.8
19.81x
285.1
0.00x
71.0
0.00x
LTM
09/yy
1'361.4
7.78x
1'007.2
2.94x
181.5
13.23x
FY+1
0.00
1.76
1'040.52
6.95%
9.15%
1.763
32
4.375
4'315'082
7'320'910
5'140'602
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
1'569.1
1'529.9
1.80x
1.76x
1'132.8
1'124.2
513.0
2.53x
2.55x
302.2
287.9
8.51x
8.07x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.12.2011
B
STABLE
4.13
0.10
0.50
0.94
80.8%
44.7%
0.46
0.95
45.30
94.70
9.00
700.0
8.00
600.0
7.00
500.0
6.00
5.00
400.0
4.00
300.0
3.00
200.0
2.00
100.0
1.00
0.00
02.01.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
0.0
(35.1)
(39.0)
-
180
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Afren PLC
Holdings By:
All
Holder Name
STANDARD LIFE INVEST
SKAGEN FUNDS
VAN ECK ASSOCIATES C
JP MORGAN
HSBC CLIENT HOLDINGS
SKAGEN AS
VAN ECK GLOBAL
LANSDOWNE PARTNERS L
GLG PARTNERS LP
LEGAL & GENERAL
BLACKROCK
DEUTSCHE BANK AG
LGT BANK IN LIECHTEN
UBS
NORGES BANK INVESTME
NEUBERGER BERMAN LLC
CARMIGNAC GESTION
CARMIGNAC GESTION S
SCOTTISH WIDOWS
Firm Name
FirstEnergy Capital Corp
Canaccord Genuity Corp
RBC Capital Markets
Exane BNP Paribas
Macquarie
Finncap
Investec
HSBC
JPMorgan
SBG Securities
Oriel Securities Ltd
Liberum Capital Ltd
Global Hunter Securities
Morgan Stanley
Nomura
Tudor Pickering & Co
EVA Dimensions
Deutsche Bank
VSA Capital Ltd
Barclays
Goldman Sachs
Mirabaud Securities
CSL
N+1 Singer Ltd
Jefferies
Fox-Davies Capital
Credit Suisse
Merrion Stockbrokers
Renaissance Capital
Westhouse Securities
Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
GERRY F DONNELLY
THOMAS MARTIN
JAMES HOSIE
ALEJANDRO DEMICHELIS
MARK WILSON
WILLIAM ARNSTEIN
STUART JOYNER
PETER HITCHENS
JAMES THOMPSON
LIONEL THEROND
RICHARD GRIFFITH
ANDREW WHITTOCK
JOHN MALONE
JAMIE MADDOCK
TOM ROBINSON
ANISH KAPADIA
CRAIG STERLING
PHIL CORBETT
DOUGIE YOUNGSON
ALESSANDRO POZZI
CHRISTOPHOR JOST
TEAM COVERAGE
DAVID G STEDMAN
SIMON HAWKINS
LAURA LOPPACHER
STEPHANE FOUCAUD
THOMAS YOICHI ADOLFF
MUNA MULEYA
DRAGAN TRAJKOV
PETER BASSETT
Source
REG
REG
RNS-MAJ
ULT-AGG
Co File
MF-AGG
REG
RNS-MAJ
Co File
ULT-AGG
ULT-AGG
Co File
REG
ULT-AGG
REG
REG
ULT-AGG
MF-AGG
REG
ULT-AGG
Recommendation
market perform
buy
outperform
outperform
neutral
hold
hold
overweight
neutral
buy
buy
hold
buy
Overwt/Attractive
neutral
hold
overweight
buy
buy
overweight
buy/attractive
neutral
buy
buy
buy
buy
neutral
buy
buy
buy
Amt Held
84'499'588
62'409'542
54'041'493
54'037'599
52'931'686
52'905'498
52'009'659
43'806'532
38'651'941
38'620'343
33'707'211
32'317'318
29'442'634
26'382'092
25'311'996
23'891'511
23'127'394
22'476'440
22'448'383
21'667'551
% Out
7.76
5.73
4.96
4.96
4.86
4.86
4.78
4.02
3.55
3.55
3.1
2.97
2.7
2.42
2.33
2.19
2.12
2.06
2.06
1.99
Weighting
Change
3
5
5
5
3
3
3
5
3
5
5
3
5
5
3
3
5
5
5
5
5
3
5
5
5
5
3
5
5
5
M
M
N
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
N
M
M
Latest Chg
(1'842'426)
5'838'087
11'485'677
4'130'195
(1'992'400)
(28'244'649)
(918'691)
4'281'295
(20'000)
(2'180'739)
4'029'053
2'555'815
2'267'133
623'034
1'276'818
Target Price
145
200
210
201
148
150
138
200
195
170
#N/A N/A
123
190
220
175
180
#N/A N/A
165
245
210
224
#N/A N/A
210
160
155
250
170
218
170
#N/A N/A
File Dt
Inst Type
01.02.2013
Investment Advisor
01.02.2013
Investment Advisor
31.12.2012
Investment Advisor
01.02.2013
Unclassified
26.03.2012
Holding Company
01.02.2013
Unclassified
01.02.2013
Unclassified
26.02.2013
Investment Advisor
26.03.2012
Bank
01.02.2013
Investment Advisor
01.02.2013
Unclassified
01.02.2013
Government
01.02.2013
Investment Advisor
01.02.2013
Investment Advisor
31.12.2012
Investment Advisor
01.02.2013
Unclassified
01.02.2013
Unclassified
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
27.02.2013
25.02.2013
21.02.2013
11.02.2013
08.02.2013
05.02.2013
01.02.2013
01.02.2013
30.01.2013
28.01.2013
25.01.2013
22.01.2013
22.01.2013
21.01.2013
21.01.2013
17.01.2013
17.01.2013
10.01.2013
10.01.2013
08.01.2013
17.12.2012
12.12.2012
21.11.2012
07.11.2012
24.10.2012
24.10.2012
25.09.2012
24.09.2012
23.08.2012
25.01.2012
28.02.2013
Air France-KLM
Air France-KLM offers air transportation services. The Company operates
airlines and offers travel booking, catering, freight transportation, aircraft
maintenance, and pilot training services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.01.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AF FP EQUITY YTD Change
AF FP EQUITY YTD % CHANGE
12/2012
12/yy
8.95
3.01
3'584'360.00
7.976
-10.88%
164.90%
83.60%
300.2
2'394.55
11'256.00
0.0
56.0
3'420.00
10'286.55
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
23'970.0
0.32x
1'475.0
5.27x
(814.0)
-
10
9
8
7
6
5
4
3
2
1
0
f-12 m-12
31.03.2010
31.03.2011
23'310.0
24'363.0
0.49x
0.39x
1'695.0
1'344.0
6.72x
7.07x
289.0
(809.0)
13.91x
Profitability
LTM-4Q
31.12.2011
24'363.0
0.39x
1'344.0
7.07x
(809.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
25'633.0
0.39x
1'448.0
6.88x
(1'192.0)
1'448.00
-300.00
-1.17%
-4.53%
-4.35%
-21.74%
0.94%
5.3%
-1.2%
-4.7%
0.77
0.54
40.97%
228.59%
14.11
-
Price/ Cash Flow
LTM
12/yy
24'363.0
0.39x
2'109.0
4.50x
(809.0)
0.00x
12/yy
25'633.0
1.48x
1'356.0
7.35x
(1'192.0)
0.00x
FY+1
1.21
216.15
79.76%
13.96%
1.210
34
3.235
5'935'102
4'061'500
3'559'668
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
26'363.8
27'046.5
6'182.4
0.33x
0.31x
1'982.2
2'510.1
5.19x
4.10x
(26.9)
329.1
(123.9)
35.7
6.97x
30.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.32
-0.06
5.78
8.30
228.6%
69.3%
0.94
2.07
25.94
-
3.50
30'000.0
3.00
25'000.0
2.50
20'000.0
2.00
15'000.0
1.50
10'000.0
1.00
5'000.0
0.50
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Air France-KLM
Holdings By:
All
Holder Name
FRENCH STATE
CAPITAL GROUP COMPAN
CREDIT SUISSE
SMITH DONALD
PRIGEST
AIR FRANCE-KLM
UBS LONDRES
LONE CYPRESS LTD
ROTHSCHILD & COMPAGN
NATIXIS ASSET MANAGE
DNCA FINANCE
DNCA
HSBC HOLDINGS PLC
BNP PARIBAS SA
ING INVESTMENT MANAG
BLACKROCK
AMUNDI
FEDERAL GESTION
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
RBC Capital Markets

DAMIAN BREWER
Goldman Sachs
OLIVER NEAL
HSBC
ANDREW DAVID LOBBENBERG
Cantor Fitzgerald
ROBIN BYDE
Goodbody Stockbrokers Ltd
DONAL O'NEILL
EVA Dimensions
CRAIG STERLING
Societe Generale
PATRICK JOUSSEAUME
Oddo & Cie
YAN DEROCLES
Nomura
ANDREW EVANS
Investec
JAMES HOLLINS
Credit Suisse
NEIL GLYNN
CM - CIC Securities(ESN)
HARALD LIBERGE-DONDOUX
S&P Capital IQ
JAWAHAR HINGORANI
AlphaValue
HELENE COUMES
Deutsche Bank
MICHAEL KUHN
Commerzbank Corporates & Markets FRANK SKODZIK
Morgan Stanley
PENNY BUTCHER
JOS VERSTEEG
CA Cheuvreux
BEAT KEISER
Macquarie
SAM DOBSON
Davy
STEPHEN FURLONG
PIERRE BOUCHENY
Main First Bank AG
LOIC SABATIER
GERALD KHOO
Barclays
DAVID E FINTZEN
JPMorgan
DAVID PITURA
Day by Day
VALERIE GASTALDY
Natixis
SARAH EMSELLEM
Liberum Capital Ltd
ALEXIA DOGANI
Redburn Partners
TIM MARSHALL
Raymond James
JULIEN RICHER
Source
Co File
ULT-AGG
Co File
Co File
Co File
Co File
Co File
MF-AGG
Short
Co File
MF-AGG
Co File
MF-AGG
Co File
Co File
Co File
MF-AGG
ULT-AGG
Co File
MF-AGG
Recommendation
sector perform
neutral/neutral
overweight
buy
hold
hold
hold
buy
neutral
sell
neutral
buy
sell
add
hold
hold
Equalwt/In-Line
buy
underperform
underperform
neutral
reduce
outperform
sell
equalweight
underweight
hold
buy
buy
neutral
outperform
Amt Held
% Out
48'035'088
16
16'321'440
5.44
7'771'575
2.59
7'350'155
2.45
6'150'000
2.05
6'004'386
2
5'572'841
1.86
3'722'804
1.24
(3'122'281) -1.04
3'055'759
1.02
3'046'000
1.01
2'993'609
1
2'925'000
0.97
2'664'300
0.89
2'633'420
0.88
2'276'699
0.76
2'119'316
0.71
(1'879'889) -0.63
1'740'484
0.58
1'618'171
0.54
Weighting
Change
3
3
5
5
3
3
3
5
3
1
3
5
1
4
3
3
3
5
1
1
3
2
5
1
3
1
3
5
5
3
5
M
M
M
M
M
U
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
Latest Chg
(201'147)
(95'000)
95'000
2'291
(2'489)
-
Target Price
9
9
10
10
8
#N/A N/A
8
10
8
7
9
10
8
10
9
9
8
9
6
6
#N/A N/A
7
9
4
6
7
#N/A N/A
9
9
#N/A N/A
8
File Dt
31.12.2011
31.12.2012
08.03.2012
31.03.2011
23.09.2011
31.12.2011
24.02.2012
31.07.2012
19.04.2012
05.09.2011
31.12.2012
29.11.2011
28.09.2012
14.04.2010
01.07.2011
31.03.2011
31.12.2012
26.02.2013
05.01.2012
30.11.2012
Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Unclassified
n/a
Unclassified
Corporation
Other
Investment Advisor
Other
Government
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
18.02.2013
14.02.2013
12.02.2013
15.01.2013
14.01.2013
17.12.2012
11.12.2012
03.12.2012
03.12.2012
26.11.2012
22.11.2012
15.11.2012
07.11.2012
01.11.2012
01.11.2012
29.10.2012
19.03.2012
28.02.2013
Aixtron SE NA
Aixtron SE engineers and manufactures metal organic chemical vapor deposition
(MOCVD) equipment for the semiconductor industry. The Company's customers use
its equipment to produce compound semiconductor layer structures for use in
LED, laser, solar cell, transistor, telecommunications, and other applications.
Aixtron markets its products worldwide.
Price/Volume
16
4.0 M
10
12/2012
12/yy
14.85
8.38
1'035'491.00
9.292
-37.43%
10.95%
14.16%
102.0
947.55
0.00
0.0
0.0
295.22
738.53
3.0 M
2.0 M
4
1.0 M
2
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
12
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (12.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AIXA GY EQUITY YTD Change
AIXA GY EQUITY YTD % CHANGE
31.12.2008
274.4
1.30x
43.2
8.24x
23.0
18.31x
6.0 M
14
31.12.2009
31.12.2010
302.9
783.8
6.73x
3.03x
75.3
288.9
27.09x
8.23x
44.8
192.5
47.96x
14.30x
Profitability
LTM-4Q
31.12.2011
611.0
1.14x
127.3
5.47x
79.5
12.47x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
227.8
(145.4)
127.27
115.01
18.82%
18.82%
-15.59%
-19.67%
0.40%
37.9%
-39.1%
-44.0%
-63.8%
3.91
2.52
0.00%
0.00%
8.09
1.43
Price/ Cash Flow
12/yy
611.0
10.08x
127.3
5.47x
79.5
12.31x
LTM
12/yy
227.8
12.14x
(101.6)
0.00x
(145.4)
0.00x
FY+1
0.88
90.49
-24.01%
4.65%
0.878
31
3.000
879'775
925'686
791'407
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
305.6
445.1
60.8
66.3
2.46x
1.59x
11.1
78.4
(4.4)
(5.8)
63.76x
9.04x
10.9
50.7
(6.1)
(2.9)
89.35x
19.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
97.45
76.63
0.00
0.0%
0.0%
0.40
3.10
45.25
255.66
48.17
191.38
35.00
900.0
30.00
800.0
700.0
25.00
600.0
20.00
500.0
15.00
400.0
300.0
10.00
200.0
5.00
0.00
01.01.2010
100.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Aixtron SE NA
Holdings By:
All
Holder Name
MAVERICK CAPITAL LTD
CAMMA GMBH
ALLIANZ GLOBAL INVES
BAILLIE GIFFORD AND
VANGUARD GROUP INC
BLACKROCK
ADIG INVESTMENT
GENERATION INVESTMEN
CAPITAL GROUP INTERN
NORGES BANK
DWS INVESTMENT GMBH
JUPITER ASSET MANAGE
BARRINGTON WILSHIRE
PENNANT WINDWARD MAS
T ROWE PRICE ASSOCIA
AQR CAPITAL MANAGEME
Firm Name
Hauck & Aufhaeuser
Bankhaus Lampe
Sterne, Agee & Leach
CA Cheuvreux
Societe Generale
Baader Bank
Landesbank Baden-Wuerttemberg
M.M. Warburg Investment Research
Commerzbank Corporates & Markets
Equinet Institutional Services(ESN)
Bankhaus Metzler
DZ Bank AG
HSBC
Deutsche Bank
Exane BNP Paribas
Berenberg Bank
EVA Dimensions
JPMorgan
Barclays
Goldman Sachs
Maxim Group LLC
Morgan Stanley
Liberum Capital Ltd
Hamburger Sparkasse
Independent Research GmbH
Close Brothers Equity Markets
Natixis
Main First Bank AG
Redburn Partners
National Bank AG
Portfolio Name
n/a
n/a
#N/A N/A
#N/A N/A
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
TIM OLIVER WUNDERLICH
KARSTEN ILTGEN
ANDREW HUANG
KLAUS RINGEL
PETER KNOX
GUENTHER MICHAEL HOLLFELDER
WALTER SCHNEIDER
MALTE SCHAUMANN
THOMAS M BECKER
ADRIAN PEHL
STEPHAN BAUER
HARALD SCHNITZER
CHRISTIAN DOMINIK RATH
UWE SCHUPP
JEROME RAMEL
ALI FARID KHWAJA
ANDREW S ZAMFOTIS
SANDEEP S DESHPANDE
ANDREW M GARDINER
JONATHAN E DORSHEIMER
SIMON F SCHAFER
AARON CHEW
ANDREW HUMPHREY
JANARDAN MENON
INGO SCHMIDT
MARKUS FRIEBEL
VEYSEL TAZE
MAXIME MALLET
JUERGEN WAGNER
SUMANT WAHI
SVEN PAULSEN
Source
Short
Research
Research
Research
MF-AGG
ULT-AGG
MF-AGG
Research
Research
Research
Research
Research
Research
Short
Short
Short
ULT-AGG
MF-AGG
MF-AGG
Short
Recommendation
buy
buy
neutral
underperform
sell
buy
hold
sell
add
reduce
sell
hold
neutral
buy
outperform
hold
sell
neutral
equalweight
sell
Buy/Neutral
sell
Equalwt/Cautious
buy
buy
sell
buy
neutral
underperform
neutral
buy
Amt Held
% Out
(7'969'268) -7.81
7'650'000
7.5
5'035'959
4.94
4'973'896
4.88
4'421'020
4.34
4'221'361
4.14
3'982'352
3.91
3'089'151
3.03
3'010'974
2.95
2'896'348
2.84
2'858'380
2.8
2'818'556
2.76
2'613'333
2.56
(2'313'312) -2.27
(1'896'735) -1.86
(1'579'574) -1.55
1'403'808
1.38
1'230'347
1.21
1'186'736
1.16
(1'040'145) -1.02
Weighting
Change
5
5
3
1
1
5
3
1
4
2
1
3
3
5
5
3
1
3
3
1
5
1
3
5
5
1
5
3
1
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(635'351)
(104'296)
97'000
(163'160)
101'908
90'004
538'825
57'205
(81'580)
Target Price
13
14
#N/A N/A
8
9
15
#N/A N/A
9
11
8
8
9
10
14
15
9
#N/A N/A
10
10
8
13
6
12
13
#N/A N/A
8
12
11
8
#N/A N/A
35
File Dt
02.11.2012
12.10.2012
20.02.2013
19.02.2013
31.12.2012
26.02.2013
31.10.2012
30.05.2012
29.04.2011
15.10.2010
17.05.2011
17.08.2012
18.10.2011
01.11.2012
26.02.2013
29.10.2012
31.01.2013
31.12.2012
31.12.2012
25.02.2013
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Hedge Fund Manager
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Date
26.02.2013
25.02.2013
25.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
19.02.2013
19.02.2013
18.02.2013
18.02.2013
13.02.2013
08.02.2013
04.02.2013
18.01.2013
17.01.2013
14.01.2013
14.01.2013
13.01.2013
11.01.2013
19.11.2012
16.11.2012
02.11.2012
29.10.2012
26.10.2012
26.10.2012
26.10.2012
25.10.2012
14.03.2012
28.07.2011
28.02.2013
Allreal Holding AG
Allreal Holding AG develops and manages real estate. The Company operates as a
general contractor offering planning, architect, and construction management
services. Allreal also provides renovation services and manages a portfolio of
apartment, office, and commercial buildings.
Price/Volume
160
.1 M
140
.1 M
120
.1 M
100
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.04.2012)
52-Week Low (11.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ALLN SE EQUITY YTD Change
ALLN SE EQUITY YTD % CHANGE
12/2012
01/yy
143.48
131.80
19'017.00
135.1
-5.84%
2.50%
28.24%
15.9
2'153.72
1'352.00
0.0
0.0
33.90
3'560.62
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
215.8
723.8
13.28x
4.02x
137.9
170.3
20.78x
17.07x
88.6
116.4
15.75x
15.48x
Profitability
31.12.2011
251.7
13.74x
173.4
19.95x
140.8
13.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
.0 M
20
0
f-12
.0 M
m-12
a-12
LTM-4Q
LTM
01/yy
01/yy
98.0
22.29x
170.30
135.30
18.69%
20.86%
3.83%
8.12%
4.34%
0.16%
30.6%
16.1%
42.00%
86.32%
-
Price/ Cash Flow
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
-
0.54
15.30
-1.38%
-4.25%
0.544
4
2.500
20'382
20'510
17'295
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/12 Q1 06/12 Q2
292.7
295.0
13.62x
13.84x
194.5
211.5
18.31x
16.84x
130.7
134.0
18.97x
16.95x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.98
1.77
8.10
8.31
86.3%
46.3%
0.16
-
50.00
800.0
45.00
700.0
40.00
600.0
35.00
500.0
30.00
25.00
400.0
20.00
300.0
15.00
200.0
10.00
100.0
5.00
0.00
01.01.2010
.0 M
40
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
207.9
12.02x
136.9
18.25x
90.7
13.39x
.1 M
60
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Allreal Holding AG
Holdings By:
All
Holder Name
HELVETIA PATRIA GRUP
BVK PERSONALVORSORGE
SCHWEIZERISCHE MOBIL
CREDIT SUISSE ASSET
BLACKROCK
SWISSCANTO FONDSLEIT
VANGUARD GROUP INC
VONTOBEL ASSET MANAG
UBS FUND MANAGEMENT
PICTET & CIE
IAM INDEPENDENT ASSE
RAIFFEISEN SCHWEIZ L
JULIUS BAER ASSET MA
SEI INVESTMENT MANAG
ALLREAL HOLDING AG
KBC GROUP NV
BETTONI BRUNO
HOTTINGER CAPITAL CO
Firm Name
Bank Vontobel AG
EVA Dimensions
Zuercher Kantonalbank
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
STEFAN SCHUERMANN
AUSTIN BURKETT
MARKUS WAEBER
Source
EXCH
Co File
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
Co File
MF-AGG
Recommendation
hold
underweight
market perform
Amt Held
6'737'352
603'490
445'814
384'917
170'144
163'496
159'310
152'811
150'860
92'738
80'244
58'397
46'690
30'749
17'426
15'496
14'933
14'535
11'280
11'200
% Out
42.26
3.79
2.8
2.41
1.07
1.03
1
0.96
0.95
0.58
0.5
0.37
0.29
0.19
0.11
0.1
0.09
0.09
0.07
0.07
Weighting
Change
3
1
3
D
M
D
Latest Chg
382'059
(16'686)
254
(1'018)
3'391
(3'597)
(109)
(196)
1'260
(33'906)
(1'000)
(580)
-
Target Price
155
#N/A N/A
#N/A N/A
File Dt
20.09.2012
31.12.2009
11.05.2010
28.12.2012
26.02.2013
31.07.2012
28.12.2012
31.12.2012
31.10.2012
31.10.2012
30.11.2012
31.10.2012
31.10.2012
31.12.2012
31.01.2013
16.05.2012
31.10.2012
31.01.2013
31.12.2009
30.09.2012
Date
Not Provided
Not Provided
Not Provided
Inst Type
Other
Investment Advisor
Holding Company
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Holding Company
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
07.02.2013
17.01.2013
16.01.2013
28.02.2013
Amer Sports Oyj

Amer Sports Oyj, through subsidiaries, develops, manufactures, and markets
sports and fitness equipment. The Company makes golf, racquet sports, winter
sports, and team sports equipment, as well as diving gear and workout equipment.
Amer Sports products are sold in stores around the world.
Price/Volume
16
3.5 M
14
3.0 M
12
2.5 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (20.02.2013)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AMEAS FH EQUITY YTD Change
AMEAS FH EQUITY YTD % CHANGE
12/2012
12/yy
13.48
8.39
254'923.00
12.8
-5.04%
52.65%
86.65%
121.5
1'555.43
568.20
0.0
0.0
142.50
1'981.13
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
6
4
1.0 M
.5 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'576.6
0.62x
117.1
8.34x
33.9
11.47x
2.0 M
Valuation Analysis
31.12.2009
31.12.2010
1'533.4
1'740.4
0.72x
0.89x
78.8
132.6
14.06x
11.62x
31.3
68.8
21.84x
18.37x
Profitability
LTM-4Q
31.12.2011
1'880.8
0.76x
171.3
8.39x
90.8
11.88x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'064.0
0.85x
151.9
11.53x
57.5
23.03x
151.90
111.70
5.41%
3.96%
3.12%
7.25%
1.12%
43.6%
9.7%
6.6%
2.8%
1.59
0.96
30.51%
74.87%
3.99
3.34
Price/ Cash Flow
12/yy
1'880.8
3.24x
171.3
8.39x
90.8
11.88x
LTM
12/yy
2'064.0
3.19x
199.8
8.76x
57.5
23.24x
FY+1
0.97
29.98%
13.78%
0.969
13
3.692
251'354
289'022
234'379
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'170.9
2'297.5
524.0
377.4
0.90x
0.83x
207.8
235.9
43.5
(1.1)
9.53x
8.40x
9.20x
108.6
131.0
21.9
(13.0)
13.96x
11.47x
13.39x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.30
4.47
2.13
2.84
74.9%
42.8%
1.12
12.87
91.78
109.54
63.10
138.23
45.00
2'500.0
40.00
2'000.0
35.00
30.00
1'500.0
25.00
20.00
1'000.0
15.00
500.0
10.00
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Amer Sports Oyj

Holdings By:
All
Holder Name
VARMA MUTUAL PENSION
ILMARINEN MUTUAL PEN
MAA JA VESITEKNIIKAN
MANDATUM LIFE INSURA
LOCAL GOVERNMENT PEN
FMR LLC
BROTHERUS ILKKA
TAPIOLA MUTUAL PENSI
ODIN FORVALTNING AS
NORDEA INV MANAGEMEN
OP-FOCUS NON UCITS F
ODIN NORDEN
NORDEA INVESTMENT FU
DANSKE INVESTMENT FI
OP DELTA FUND
VANGUARD GROUP INC
HANDELSBANKEN FONDER
FINLAND STATE PENSIO
NORDEA FENNIA FUND
KALEVA MUTUAL INSURA
Firm Name
EVA Dimensions
Goldman Sachs
Pohjola Bank Plc (ESN)
SEB Enskilda
Nordea Equity Research
Handelsbanken
Evli Bank Plc
Danske Markets
JPMorgan
Carnegie
INDERES
Swedbank
FIM
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
CRAIG STERLING
MAYAN UTHAYAKUMAR
JARI RAISANEN
JUTTA RAHIKAINEN
RAULI JUVA
ROBIN SANTAVIRTA
MIKA KARPPINEN
KALLE KARPPINEN
CHIARA BATTISTINI
TOMMY ILMONI
SAULI VILEN
TOMI TIILOLA
MARTIN SUNDMAN
Source
Research
Research
Research
Research
Research
ULT-AGG
Research
Research
MF-AGG
MF-AGG
Research
Research
MF-AGG
Research
Research
MF-AGG
MF-AGG
Research
Co File
Research
Recommendation
underweight
neutral/neutral
accumulate
buy
hold
accumulate
buy
buy
neutral
buy
accumulate
neutral
hold
Amt Held
8'280'680
5'583'535
5'000'000
4'000'000
3'600'681
2'902'600
2'687'778
2'643'091
2'573'186
2'247'650
1'935'624
1'881'042
1'498'742
1'454'545
1'280'000
1'212'533
1'198'887
1'092'000
960'000
950'000
% Out
6.81
4.59
4.11
3.29
2.96
2.39
2.21
2.18
2.12
1.85
1.59
1.55
1.23
1.2
1.05
1
0.99
0.9
0.79
0.78
Weighting
Change
1
3
4
5
3
4
5
5
3
5
4
3
3
D
M
M
M
M
M
M
M
M
M
U
U
M
Latest Chg
(7'036)
(35'000)
(3'744)
21'580
50'000
-
Target Price
#N/A N/A
12
13
15
12
14
14
13
12
#N/A N/A
13
11
11
File Dt
Inst Type
30.11.2012
Insurance Company
30.11.2012
Insurance Company
30.11.2012
Other
30.11.2012
Insurance Company
30.11.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
06.12.2012
n/a
30.11.2012
Insurance Company
28.09.2012
Investment Advisor
30.11.2012
n/a
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Government
31.12.2011
n/a
30.11.2012
Insurance Company
Date
Not Provided
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
9 month
Not Provided
Not Provided
12 month
12 month
Date
20.02.2013
12.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
26.10.2012
26.10.2012
28.02.2013
Ashmore Group PLC

Ashmore Group plc is a specialist Emerging Markets asset manager which focuses
on eight broad investment themes: external debt (primarily US Dollar), local
currencies and local currency debt, corporate debt, blended debt, alternatives
(special situations/infrastructure/real estate), public equities,
overlay/liquidity and multi-strategy.
Price/Volume
450
16.0 M
400
14.0 M
350
12.0 M
300
10.0 M
250
Latest Fiscal Year:

LTM as of:
52-Week High (29.02.2012)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ASHM LN EQUITY YTD Change
ASHM LN EQUITY YTD % CHANGE
06/2012
01/yy
396.90
300.30
938'918.00
358.5
-9.67%
19.38%
60.25%
707.4
2'535.93
0.00
0.0
20.8
401.20
2'123.63
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
150
100
4.0 M
50
2.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
241.5
5.21x
178.3
7.05x
140.8
10.30x
8.0 M
200
Valuation Analysis
30.06.2009
30.06.2010
245.7
281.4
4.23x
4.73x
190.0
203.6
5.48x
6.53x
115.0
160.0
11.05x
10.19x
Profitability
30.06.2011
342.8
7.08x
248.1
9.78x
189.0
14.19x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
334.2
6.24x
230.9
9.03x
181.5
12.99x
230.90
223.10
66.76%
72.77%
26.10%
34.84%
0.46%
64.6%
54.3%
4.14
3.39
0.00%
0.00%
3.56
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.21
1.24
328.92
-3.22%
-0.25%
1.242
19
3.158
1'109'915
991'188
793'552
FY+2
06/13 Y
06/14 Y
332.5
370.7
6.53x
5.71x
225.7
252.8
9.41x
8.40x
172.8
189.9
14.46x
13.13x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
0.0%
0.0%
0.46
94.88
102.85
-
25.00
400.0
350.0
20.00
300.0
250.0
15.00
200.0
10.00
150.0
100.0
5.00
0.00
03.07.2009
50.0
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Ashmore Group PLC

Holdings By:
All
Holder Name
COOMBS MARK
FMR LLC
BOOTH JEROME
CAREY PENSIONS & BEN
BLACKROCK
ASHMORE GROUP PLC ES
UBS
WILLIAM BLAIR & COMP
ROYCE AND ASSOCIATES
LONE PINE CAPITAL LL
LEGAL & GENERAL
COLUMBIA UNIVERSITY
HOARES BANK
LIONTRUST
PRIVATE INDIVIDUALS
GOVT OF SINGAPORE IN
SEYMOUR PIERCE ELLIS
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
EVA Dimensions
AUSTIN BURKETT
Societe Generale
MICHAEL SANDERSON
RBC Capital Markets
PETER K LENARDOS
PHILIP DOBBIN
Numis Securities Ltd
DAVID MCCANN
Barclays
DANIEL R GARROD
JPMorgan
RAE MAILE
Macquarie
NEIL WELCH
ARUN MELMANE
SARAH ING
Morgan Stanley
ANIL SHARMA
Goldman Sachs
CHRIS M. TURNER
Credit Suisse
GURJIT KAMBO
Peel Hunt
STUART DUNCAN
HSBC
NITIN ARORA
Jefferies
JASON STREETS
Keefe, Bruyette & Woods
TOM MILLS
Arden Partners Ltd
JEREMY GRIME
Source
Co File
ULT-AGG
Co File
Co File
ULT-AGG
REG
ULT-AGG
13F
REG
REG
MF-AGG
ULT-AGG
REG
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
Recommendation
hold
buy
outperform
neutral
add
equalweight
neutral
underperform
buy
hold
Equalwt/In-Line
Buy/Neutral
underperform
hold
underweight
buy
underperform
buy
Amt Held
295'574'200
62'270'925
48'355'024
32'668'764
30'997'089
30'504'601
22'654'306
20'108'612
19'358'114
18'745'288
15'654'713
15'183'040
11'743'021
8'226'254
7'760'000
7'411'928
7'411'702
6'802'799
6'524'064
6'000'000
% Out
41.78
8.8
6.84
4.62
4.38
4.31
3.2
2.84
2.74
2.65
2.21
2.15
1.66
1.16
1.1
1.05
1.05
0.96
0.92
0.85
Weighting
Change
3
5
5
3
4
3
3
1
5
3
3
5
1
3
1
5
1
5
U
M
M
M
M
M
M
M
M
N
D
M
M
D
M
M
M
M
Latest Chg
587'284
(2'294'675)
(242'555)
6'440'171
(25'000)
(1'005'200)
1'337'778
(1'179'734)
10'000
259'347
(349'546)
740'647
-
Target Price
#N/A N/A
420
400
368
400
385
413
315
399
370
395
450
375
390
330
420
286
350
File Dt
Inst Type
30.06.2012
n/a
01.12.2012
Investment Advisor
10.09.2012
n/a
26.02.2013
Investment Advisor
01.12.2012
Unclassified
01.12.2012
Unclassified
31.12.2012
Investment Advisor
01.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
01.12.2012
Unclassified
01.12.2012
Government
01.12.2012
Unclassified
01.12.2012
Investment Advisor
31.12.2012
Unclassified
01.12.2012
Other
01.12.2012
Government
01.12.2012
Unclassified
Date
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Date
26.02.2013
25.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
11.02.2013
05.02.2013
15.01.2013
15.01.2013
15.01.2013
11.01.2013
03.01.2013
12.07.2012
05.10.2010
28.02.2013
Ashtead Group PLC

Ashtead Group plc operates as an investment holding and management company.
Through its subsidiaries, the Group hires out plant and machinery for the UK
and the US construction and allied industries. Ashtead has some 273 A-Plant and
41 UK Plant branches, supplying UK communications, petrochemical, defense and
retail customers. They also have 163 Sunbelt centers in 27 U.S. states.
Price/Volume
600
7.0 M
6.0 M
400
5.0 M
300
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.02.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AHT LN EQUITY YTD Change
AHT LN EQUITY YTD % CHANGE
04/2012
10/yy
510.00
212.20
934'814.00
508.5
-0.29%
139.63%
99.50%
503.3
2'559.50
877.70
0.0
0.0
23.40
3'628.20
30.04.2008
1'047.8
1.24x
361.3
3.61x
77.6
4.73x
4.0 M
3.0 M
200
2.0 M
100
1.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
500
30.04.2009
30.04.2010
1'073.5
838.4
1.26x
1.70x
403.2
252.7
3.36x
5.65x
63.0
2.1
157.50x
595.00x
Profitability
LTM-4Q
30.04.2011
948.5
1.89x
282.0
6.36x
0.9
1011.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.04.2012
1'134.6
1.86x
381.1
5.52x
88.5
13.99x
381.10
181.30
15.98%
11.88%
5.52%
18.92%
9.08%
0.64%
36.3%
18.9%
7.8%
0.77
0.66
46.58%
158.23%
6.04
-
Price/ Cash Flow
10/yy
1'039.7
6.47x
327.3
5.10x
37.9
20.33x
LTM
10/yy
1'239.5
7.59x
449.4
6.56x
107.4
17.34x
FY+1
0.79
1.46
499.02
108.47%
19.67%
1.463
16
4.188
1'003'425
1'075'828
1'183'193
FY+2
FQ+1
FQ+2
04/13 Y
04/14 Y
01/13 Q3 04/13 Q4
1'290.3
1'400.0
299.0
316.7
2.68x
2.40x
478.9
532.0
101.0
104.0
7.58x
6.82x
7.26x
7.11x
135.0
161.5
21.2
24.8
18.97x
16.19x
17.41x
16.95x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.02.2013
BB
STABLE
6.94
-0.45
2.38
2.38
158.2%
61.3%
0.64
0.94
60.59
-
8.00
1'200.0
7.00
1'000.0
6.00
800.0
5.00
4.00
600.0
3.00
400.0
2.00
200.0
1.00
0.00
01.05.2009
0.0
01.11.2009
01.05.2010
01.11.2010
01.05.2011
01.11.2011
01.05.2012
01.11.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Ashtead Group PLC

Holdings By:
All
Holder Name
AEGON
BLACKROCK
OLD MUTUAL
KAMES CAPITAL PLC
F&C ASSET MANAGEMENT
SCOTTISH WIDOWS
BAILLIE GIFFORD AND
LEGAL & GENERAL
FRANKLIN RESOURCES
JP MORGAN
AVIVA INVESTORS
AXA FRAMLINGTON INV
ROYAL LONDON ASSET M
TIAA CREF INVESTMENT
BANK OF NEW YORK MEL
THREADNEEDLE ASSET M
Firm Name
Jefferies
Cantor Fitzgerald
Panmure Gordon & Co Limited
Credit Suisse
Peel Hunt
EVA Dimensions
JPMorgan
Barclays
Investec
HSBC
Arden Partners Ltd
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JUSTIN JORDAN
MARK HOWSON
CAROLINE DE LA SOUJEOLE
PAUL JONES
EUGENE KLERK
ANDREW NUSSEY
CRAIG STERLING
JAMES GILBERT
VICTORIA PRIOR
JANE SPARROW
ANDREW GIBB
MIKE MURPHY
ALEX MAGNI
GEOFF ALLUM
Source
ULT-AGG
ULT-AGG
ULT-AGG
RNS-MAJ
REG
ULT-AGG
REG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
MF-AGG
REG
REG
REG
REG
REG
MF-AGG
REG
Recommendation
buy
buy
buy
hold
outperform
hold
underweight
buy
neutral
overweight
buy
add
neutral
buy
Amt Held
71'981'584
35'234'080
31'386'772
24'841'399
22'868'104
21'623'685
21'526'719
18'573'396
15'318'618
15'125'000
14'675'810
13'663'734
12'959'451
12'515'825
12'170'195
10'519'947
9'239'602
7'956'244
7'783'513
7'687'880
% Out
14.3
7
6.24
4.94
4.54
4.3
4.28
3.69
3.04
3
2.92
2.71
2.57
2.49
2.42
2.09
1.84
1.58
1.55
1.53
Weighting
Change
5
5
5
3
5
3
1
5
3
5
5
4
3
5
M
M
M
D
M
M
M
M
M
M
M
M
M
M
Latest Chg
(7'559'018)
(468'633)
(1'646'047)
2'692'525
(7'260'042)
(295'887)
(202'755)
(2'836'915)
1'202'610
(755'193)
1'439'319
250'176
(463'244)
3'685'912
3'153'451
891'091
(434'258)
Target Price
525
550
500
447
545
450
#N/A N/A
475
#N/A N/A
434
475
437
285
200
File Dt
01.11.2012
26.02.2013
31.12.2012
27.06.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
17.12.2012
01.11.2012
31.12.2012
01.11.2012
31.07.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
30.11.2012
01.11.2012
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.02.2013
15.02.2013
11.02.2013
07.02.2013
30.01.2013
23.01.2013
17.01.2013
04.01.2013
13.12.2012
12.12.2012
11.12.2012
11.12.2012
07.03.2012
03.10.2011
28.02.2013
ASM International NV
ASM International N.V. develops, manufactures, markets, and services machines
used to produce semiconductors. The Company manufactures machines that process
silicon wafers, and assemble and package semiconductors. ASM operates in
Europe, the United States, Japan, and elsewhere in Asia.
Price/Volume
35
1.8 M
30
1.6 M
1.4 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.07.2012)
52-Week Low (25.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ASM NA EQUITY YTD Change
ASM NA EQUITY YTD % CHANGE
12/2011
09/yy
32.98
23.81
214'397.00
29.975
-9.11%
25.89%
67.23%
63.1
1'891.30
195.41
0.0
297.9
390.25
2'133.91
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
15
.8 M
.6 M
10
.4 M
5
0
f-12
.2 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
955.2
1.09x
182.8
5.71x
61.0
14.82x
1.2 M
20
31.12.2008
31.12.2009
747.4
590.7
0.59x
1.71x
102.2
50.5
4.30x
20.07x
18.4
(106.6)
17.60x
Profitability
LTM-4Q
31.12.2010
1'222.9
1.22x
377.6
3.94x
110.6
12.56x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
1'634.3
0.83x
424.9
3.21x
186.8
6.73x
424.94
375.49
22.97%
21.59%
2.80%
6.86%
9.11%
0.92%
34.9%
19.0%
15.1%
11.4%
2.62
0.85
12.35%
29.62%
2.12
Price/ Cash Flow
09/yy
1'634.6
3.45x
397.6
2.81x
196.0
5.27x
LTM
09/yy
1'450.1
4.54x
276.2
6.12x
44.3
32.71x
FY+1
1.09
47.54
8.37%
10.38%
1.095
12
4.333
253'161
255'421
241'567
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
1'423.2
1'506.8
312.2
318.0
1.33x
1.23x
164.9
240.9
22.0
12.94x
8.86x
38.5
89.1
2.0
15.9
45.28x
18.77x
37.70x
20.41x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.04.2011
BBPOS
23.74
18.76
-0.25
0.83
29.6%
16.9%
0.92
5.53
172.26
66.75
-
60.00
1'800.0
1'600.0
50.00
1'400.0
1'200.0
40.00
1'000.0
30.00
800.0
600.0
20.00
400.0
10.00
0.00
02.01.2009
200.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
ASM International NV
Holdings By:
All
Holder Name
DEL PRADO ARTHUR H
ABERDEEN
TOKYO ELECTRON LTD
LAZARD ASSET MANAGEM
FMR LLC
MASSACHUSETTS FINANC
NORGES BANK
ROBECO FUND MANAGEME
ACHMEA BELEGGINSFOND
JO HAMBRO CAPITAL MA
VANGUARD GROUP INC
DAIWA CAPITAL MARKET
INVESCO LTD
HIGHBRIDGE CAPITAL M
Firm Name
ABN Amro Bank N.V.
Exane BNP Paribas
ING Bank
EVA Dimensions
KBC Securities
JPMorgan
Kempen & Co
Goldman Sachs
Petercam
Natixis
SNS Securities(ESN)
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
ROBIN VAN DEN BROEK
JEROME RAMEL
MARC ZWARTSENBURG
TEAM COVERAGE
MICHAEL ROEG
SANDEEP S DESHPANDE
PETER OLOFSEN
ERWIN DUT
SIMON F SCHAFER
PHILIP SCHOLTE
MARCEL ACHTERBERG
MAXIME MALLET
VICTOR BARENO
JOS VERSTEEG
Source
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
ULT-AGG
Short
MF-AGG
Recommendation
buy
outperform
buy
dropped coverage
hold
overweight
hold
buy
neutral/neutral
buy
buy
neutral
buy
Under Review
Amt Held
% Out
11'346'323 17.98
3'583'005
5.68
2'699'000
4.28
2'441'193
3.87
2'126'700
3.37
1'441'949
2.29
1'374'402
2.18
952'000
1.51
830'000
1.32
795'339
1.26
778'978
1.23
731'659
1.16
535'245
0.85
476'492
0.76
441'379
0.7
(428'938) -0.68
401'610
0.64
324'670
0.51
(290'242) -0.46
272'717
0.43
Weighting
5
5
5
#N/A N/A
3
5
3
5
3
5
5
3
5
#N/A N/A
Change
M
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
133'000
(275'542)
71'400
58'263
(48'178)
167'000
(60'575)
107'743
(110'191)
7'899
(74'070)
59'545
(4'003)
(75'715)
-
Target Price
39
30
37
#N/A N/A
30
35
30
33
32
30
38
25
37
#N/A N/A
File Dt
Inst Type
29.02.2012
n/a
31.12.2012
Unclassified
31.03.2012
Corporation
29.10.2010
Unclassified
31.03.2011
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Investment Advisor
27.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
27.02.2013
26.02.2013
21.01.2013
18.01.2013
15.01.2013
14.01.2013
08.01.2013
07.01.2013
16.11.2012
29.10.2012
26.10.2012
26.10.2012
25.10.2012
29.04.2010
28.02.2013
Aurubis AG
Aurubis AG operates copper smelting and refining facilities. The Company
primarily produces copper rod used in the manufacture of power cables, building
wires and other wiring used in electrical applications. Aurubis also produces
copper cakes, cathodes, billets and bars and markets precious metals, chemicals
and other metals produced as by-products of copper smelting.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NDA GY EQUITY YTD Change
NDA GY EQUITY YTD % CHANGE
09/2012
12/yy
57.79
35.15
147'102.00
53.74
-7.01%
52.91%
82.12%
45.0
2'415.97
774.47
0.0
4.0
669.67
2'480.79
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.7 M
60
.6 M
50
.5 M
40
.4 M
30
.3 M
20
.2 M
10
.1 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
8'384.6
0.24x
374.8
5.28x
169.0
7.20x
70
30.09.2009
30.09.2010
6'686.9
9'865.4
0.23x
0.19x
77.3
581.4
19.89x
3.28x
(47.1)
324.2
4.41x
Profitability
LTM-4Q
30.09.2011
13'335.8
0.15x
579.0
3.40x
320.8
5.23x
30.09.2012
13'789.2
0.16x
744.7
2.89x
361.1
5.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
744.73
583.29
4.23%
3.72%
4.94%
11.13%
11.29%
2.95%
4.0%
2.9%
2.6%
2.25
0.78
15.84%
35.31%
35.54
-
Price/ Cash Flow
LTM
12/yy
13'754.8
0.60x
665.4
3.19x
376.4
4.77x
12/yy
14'033.8
0.61x
564.8
4.40x
235.2
10.29x
FY+1
0.90
33.68
23.59%
-0.19%
0.896
17
3.235
153'726
144'034
133'923
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
14'049.0
14'348.6
3'618.0
3'578.0
0.18x
0.17x
473.8
507.3
5.22x
4.88x
221.5
236.5
10.91x
10.21x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.91
5.34
0.11
1.29
35.3%
26.1%
2.95
11.34
10.30
-
30.00
16'000.0
14'000.0
25.00
12'000.0
20.00
10'000.0
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
0.00
02.10.2009
2'000.0
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Aurubis AG
Holdings By:
All
Holder Name
SALZGITTER AG
BLACKROCK
DJE INVESTMENT SA
DEUTSCHE BANK AG
DELTA LLOYD FUND MAN
FMR LLC
VANGUARD GROUP INC
FRANKFURT TRUST INVE
S.A.C. GLOBAL INVEST
SCHRODER INVESTMENT
ADIG INVESTMENT
LBPAM
BARING FUND MANAGERS
GRANTHAM MAYO VAN OT
BANQUE DEGROOF
PRUDENTIAL FINANCIAL
SCHRODER INVESTMENT
Firm Name
Bankhaus Lampe
EVA Dimensions
Deutsche Bank
Nord/LB
HSBC
Hauck & Aufhaeuser
DZ Bank AG
Baader Bank
Morgan Stanley
SRH AlsterResearch
Main First Bank AG
Hamburger Sparkasse
Solventis WPH-Bank GmbH
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
MARC GABRIEL
CRAIG STERLING
BENJAMIN KOHNKE
INGO-MARTIN SCHACHEL
HOLGER FECHNER
THORSTEN ZIMMERMANN
SVEN DIERMEIER
FINN HENNING BREITER
EGGERT KULS
DIRK SCHLAMP
CHRISTIAN OBST
ROCHUS BRAUNEISER
ALAIN GABRIEL
JENS MUENSTERMANN
OLIVER DREBING
ALEXANDER HAUENSTEIN
INGO SCHMIDT
KLAUS SOER
Source
Research
ULT-AGG
Research
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
overweight
hold
hold
hold
underweight
hold
buy
buy
buy
buy
hold
Underwt/In-Line
hold
sell
outperform
hold
buy
Amt Held
% Out
11'240'000
25
1'886'104
4.2
1'325'794
2.95
1'295'644
2.88
1'107'494
2.46
510'600
1.14
450'000
1
376'952
0.84
371'600
0.83
268'061
0.6
252'208
0.56
(220'288) -0.49
210'951
0.47
192'606
0.43
185'586
0.41
165'707
0.37
146'388
0.33
106'100
0.24
105'757
0.24
85'000
0.19
Weighting
Change
3
5
3
3
3
1
3
5
5
5
5
3
1
3
1
5
3
5
M
D
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
U
Latest Chg
(1'154)
100'000
127'228
(17'661)
31'470
(35'312)
(2'202)
(3'854)
24'100
25'029
-
Target Price
60
#N/A N/A
58
50
53
55
56
76
68
56
65
55
48
53
45
55
#N/A N/A
49
File Dt
29.08.2011
26.02.2013
19.08.2011
06.01.2012
31.07.2012
31.10.2012
30.11.2012
31.12.2012
28.12.2012
28.12.2012
31.01.2013
14.05.2012
31.12.2012
31.10.2012
31.12.2012
31.10.2012
31.05.2012
01.02.2013
31.01.2013
28.09.2012
Date
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.02.2013
20.02.2013
19.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
07.02.2013
04.02.2013
24.01.2013
09.01.2013
14.12.2012
29.11.2012
15.02.2012
25.01.2012
28.02.2013
Aveva Group PLC

Aveva Group plc, a holding company, markets and develops computer software and
services for engineering and related solutions.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AVV LN EQUITY YTD Change
AVV LN EQUITY YTD % CHANGE
03/2012
01/yy
2'332.00
1'463.00
88'005.00
2315
-0.73%
58.24%
98.04%
68.1
1'576.03
0.22
0.0
0.0
48.89
1'525.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.5 M
2000
2.0 M
1500
1.5 M
1000
1.0 M
500
.5 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
127.6
5.39x
49.3
13.94x
34.2
22.42x
2500
31.03.2009
31.03.2010
164.0
148.3
1.59x
5.14x
63.1
52.3
4.14x
14.59x
42.2
33.4
9.06x
24.01x
Profitability
31.03.2011
174.0
6.14x
56.6
18.87x
34.5
31.76x
31.03.2012
195.9
5.50x
63.7
16.93x
40.0
28.15x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
63.67
58.06
29.63%
29.47%
14.53%
19.53%
20.36%
0.73%
91.8%
31.5%
28.6%
20.4%
3.21
1.46
0.07%
0.10%
4.13
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.93
0.85
67.45
36.87%
6.32%
0.846
18
3.222
72'553
106'793
107'268
FY+2
03/13 Y
03/14 Y
222.6
249.2
6.20x
5.39x
72.6
83.8
21.02x
18.21x
50.2
57.9
30.83x
26.79x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
23.37
22.42
-0.77
0.00
0.1%
0.1%
0.73
24.74
88.64
78.89
-
45.00
250.0
40.00
200.0
35.00
30.00
150.0
25.00
20.00
100.0
15.00
50.0
10.00
5.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Aveva Group PLC

Holdings By:
All
Holder Name
BLACKROCK
OLD MUTUAL
FMR LLC
LEGAL & GENERAL
BT PENSION SCHEME
SCOTTISH WIDOWS
NEWSMITH CAPITAL PAR
RCM
ABERDEEN
BAE SYSTEMS PENSION
ALLIANCE BERNSTEIN
Firm Name
Merchant Securities
JPMorgan
Morgan Stanley
Investec
Jefferies
Berenberg Bank
Exane BNP Paribas
N+1 Singer Ltd
EVA Dimensions
Barclays
Goldman Sachs
Credit Suisse
RBC Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
ROGER PHILLIPS
DAVID TOMS
STACY E POLLARD
ADAM WOOD
JULIAN YATES
MILAN RADIA
DAUD KHAN
GEORGE O'CONNOR
JOSEP BORI
TINTIN STORMONT
ANDREW S ZAMFOTIS
GERARDUS VOS
MOHAMMED MOAWALLA
CHARLES BRENNAN
ANDREW DUNN
JONATHAN IMLAH
Source
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
REG
RNS-MAJ
ULT-AGG
REG
REG
REG
MF-AGG
MF-AGG
REG
ULT-AGG
13F
REG
ULT-AGG
Recommendation
sell
buy
neutral
Overwt/In-Line
buy
buy
hold
hold
underperform
hold
hold
equalweight
buy/attractive
neutral
sector perform
hold
Amt Held
9'521'971
4'861'946
4'164'793
2'867'283
2'733'900
2'261'602
2'207'305
2'120'818
2'003'003
1'903'680
1'700'354
1'550'853
1'515'362
1'477'756
1'469'269
1'390'771
1'335'579
1'201'917
1'198'680
1'122'302
% Out
13.99
7.14
6.12
4.21
4.02
3.32
3.24
3.12
2.94
2.8
2.5
2.28
2.23
2.17
2.16
2.04
1.96
1.77
1.76
1.65
Weighting
Change
1
5
3
5
5
5
3
3
1
3
3
3
5
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
N
U
M
Latest Chg
1'130'294
65'541
39'182
654'059
(16'103)
(53'253)
128
(38'930)
46'256
(193'869)
22'300
338'169
150'910
(8'110)
12'600
(26'688)
(185'651)
(221'460)
Target Price
1'980
2'470
2'300
2'400
2'450
2'560
2'000
1'900
1'400
2'000
#N/A N/A
2'000
3'400
2'013
1'800
2'000
File Dt
Inst Type
26.02.2013
Investment Advisor
31.01.2013
Investment Advisor
02.01.2013
Unclassified
28.05.2012
Investment Advisor
11.01.2013
Investment Advisor
02.01.2013
Investment Advisor
02.01.2013
Unclassified
02.01.2013
Investment Advisor
02.01.2013
Unclassified
02.01.2013
Investment Advisor
02.01.2013
Investment Advisor
02.01.2013
Investment Advisor
30.12.2012
Investment Advisor
30.11.2012
Investment Advisor
02.01.2013
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
02.01.2013
Investment Advisor
Date
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Date
25.02.2013
31.01.2013
29.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
17.01.2013
14.01.2013
11.01.2013
19.11.2012
13.11.2012
13.11.2012
28.02.2013
Axel Springer AG
Axel Springer AG is a publisher. The Company publishes daily and weekly
newspapers, books, and magazines for young adults, families, and men and women.
Springer produces television and radio programming, holds interests in
television and radio stations, and offers electronic media on-line business
services. The Company also offers commercial printing services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2012)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SPR GY EQUITY YTD Change
SPR GY EQUITY YTD % CHANGE
12/2011
09/yy
39.87
30.92
213'424.00
35.86
-10.05%
15.98%
55.23%
98.9
3'547.99
726.60
0.0
236.6
244.00
4'154.49
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
35
.4 M
30
.3 M
25
.3 M
20
.2 M
15
.2 M
10
.1 M
.1 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
2'577.9
1.51x
411.6
9.48x
(299.6)
10.98x
40
31.12.2008
31.12.2009
2'728.5
2'611.6
0.71x
0.95x
458.7
290.2
4.22x
8.56x
560.1
303.5
2.77x
7.36x
Profitability
LTM-4Q
31.12.2010
2'893.9
1.43x
536.4
7.72x
252.7
14.88x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
3'184.9
1.25x
570.5
7.00x
257.8
12.67x
570.50
432.80
13.59%
13.23%
4.89%
12.08%
0.76%
17.5%
12.3%
8.1%
1.01
0.79
17.35%
42.89%
7.79
-
Price/ Cash Flow
09/yy
3'136.7
5.05x
558.4
5.82x
215.0
11.84x
LTM
09/yy
3'274.5
5.00x
574.6
6.88x
209.6
15.20x
FY+1
0.77
40.76
5.16%
11.07%
0.772
20
3.550
156'012
134'390
139'423
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
3'303.3
3'441.1
895.5
1.31x
1.20x
614.5
653.3
171.0
6.76x
6.36x
272.8
300.5
12.74x
11.77x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
12.57
10.08
0.35
1.06
42.9%
27.3%
0.76
4.76
46.96
-
16.00
3'500.0
14.00
3'000.0
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Axel Springer AG
Holdings By:
All
Holder Name
AXEL SPRINGER GESELL
SPRINGER FRIEDE
TWEEDY BROWNE COMPAN
DEUTSCHE BANK AG
CADIAN CAPITAL MANAG
BLACKROCK
VANGUARD GROUP INC
SEB
LUXOR CAPITAL GROUP
DWS INVESTMENT S A
AXEL SPRINGER AG
UNION INVESTMENT GMB
VERITAS SG INVESTMEN
SCHRODER INVESTMENT
LUXEMBOURGER KAPITAL
EVLI FUND MANAGEMENT
Firm Name
Bankhaus Metzler
AlphaValue
EVA Dimensions
HSBC
Barclays
Societe Generale
Goldman Sachs
Morgan Stanley
Hammer Partners SA
Berenberg Bank
DZ Bank AG
Silvia Quandt Research
Deutsche Bank
JPMorgan
CA Cheuvreux
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SONIA RABUSSIER
STEFAN WIMMER
VERONIQUE CABIOC'H
CRAIG STERLING
CHRISTOPHER JOHNEN
JOCHEN REICHERT
NICK DEMPSEY
LAURENT PICARD
VIGHNESH PADIACHY
CHRISTOPHER SELLERS
STEFAN BORSCHEID
STEPHAN SEIP
SARAH SIMON
HARALD HEIDER
MARCUS SILBE
CONOR O'SHEA
MARK JOSEFSON
MARK BRALEY
MARCUS DIEBEL
NIKLAS KRISTOFFERSSONN
MARTIN POSSIENKE
Source
Co File
Co File
MF-AGG
Research
Short
ULT-AGG
MF-AGG
ULT-AGG
Short
Short
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
add
hold
neutral
buy
underweight
hold
neutral/neutral
Underwt/Attractive
buy
buy
hold
buy
hold
hold
buy
hold
neutral
outperform
buy
Amt Held
% Out
50'954'101
51.5
6'925'800
7
4'295'627
4.34
2'933'511
2.96
(1'296'114) -1.31
962'667
0.97
873'197
0.88
555'904
0.56
(465'018) -0.47
(455'124) -0.46
363'299
0.37
326'945
0.33
311'900
0.32
296'820
0.3
285'500
0.29
235'100
0.24
208'000
0.21
204'400
0.21
173'472
0.18
160'000
0.16
Weighting
Change
3
5
4
3
3
5
1
3
3
1
5
5
3
5
3
3
5
3
3
5
5
M
M
M
D
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
228'109
(79'152)
1'979
(709'536)
(7'233)
79'152
118'728
(18'408)
(17'748)
30'600
23'300
42'185
(18'400)
3'258
30'000
Target Price
38
39
39
#N/A N/A
39
46
33
33
38
30
40
42
38
43
35
37
43
40
41
45
45
File Dt
31.12.2011
31.12.2011
31.03.2012
16.09.2011
20.02.2013
26.02.2013
31.12.2012
31.12.2012
06.11.2012
06.02.2013
28.12.2012
31.12.2012
28.12.2012
31.12.2011
28.09.2012
30.11.2012
31.12.2012
28.12.2012
31.12.2012
31.12.2012
Date
6 month
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Inst Type
Corporation
n/a
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Hedge Fund Manager
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Date
25.02.2013
21.02.2013
21.02.2013
21.02.2013
19.02.2013
05.02.2013
24.01.2013
16.01.2013
09.01.2013
17.12.2012
12.12.2012
12.12.2012
08.11.2012
08.11.2012
07.11.2012
07.11.2012
07.11.2012
30.10.2012
12.09.2012
29.03.2012
02.05.2011
28.02.2013
Banca Monte dei Paschi di Siena SpA

Banca Monte dei Paschi di Siena S.p.A. attracts deposits and offers commercial
banking services. The Bank offers credit, asset management services, insurance,
mutual funds, Internet banking, and investment banking services.
Price/Volume
0
1600.0 M
1400.0 M
1200.0 M
1000.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (02.03.2012)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BMPS IM EQUITY YTD Change
BMPS IM EQUITY YTD % CHANGE
12/2011
09/yy
0.44
0.14
216'756'886.00
0.2084
-52.55%
45.53%
22.03%
11'681.5
2'434.43
123'458.32
0.0
217.2
21'573.23
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
600.0 M
0
0
400.0 M
200.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
9'663.0
1'437.6
15.77x
800.0 M
Valuation Analysis
31.12.2008
31.12.2009
12'254.4
9'242.9
922.8
220.1
7.72x
804.19x
Profitability
LTM-4Q
31.12.2010
8'751.8
985.5
4.79x
31.12.2011
9'511.4
(4'685.3)
-9.17%
-84.69%
-2.78%
-50.04%
-5.35%
0.03%
-83.9%
51.29%
1146.90%
-
LTM
09/yy
9'116.1
0.00x
0.0
0.00x
932.1
2.97x
09/yy
7'592.3
0.00x
0.0
0.00x
(6'653.4)
0.00x
FY+1
1.21
6'508.14
-48.03%
-7.67%
1.206
25
1.880
#########
#########
#########
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
5'401.8
4'955.8
1'173.5
1'264.0
(406.4)
(50.8)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
31.01.2013
BB *05.12.2012
B
1146.9%
91.8%
0.03
-
14'000.0
12'000.0
10'000.0
0.80
8'000.0
0.60
6'000.0
0.40
4'000.0
2'000.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Banca Monte dei Paschi di Siena SpA

Holdings By:
All
Holder Name
FONDAZIONE MONTE DEI
FINAMONTE SRL
UNICOOP FIRENZE SOC
JP MORGAN SECURITIES
BLACKROCK
VANGUARD GROUP INC
ODEY ASSET MANAGEMEN
WELLINGTON MANAGEMEN
AXA FRANCE IARD
MARSHALL WACE LLP
AXA BELGIUM SA
PARVUS ASSET MANAGEM
MACKENZIE FINANCIAL
AXA ASSICURAZIONI
AXA
AXA AURORA IBERICA
AXA KONZERN AG
AXA WINTERTHUR SWITZ
Firm Name
Mediobanca SpA
Banca IMI
Exane BNP Paribas
Centrobanca
ICBPI
Banca Akros(ESN)
Nomura
AlphaValue
Goldman Sachs
CA Cheuvreux
Equita SIM SpA
Societe Generale
Morgan Stanley
Credit Suisse
Deutsche Bank
Grupo Santander
JPMorgan
HSBC
Natixis
EVA Dimensions
Main First Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
RONNY REHN
RICCARDO ROVERE
MANUELA MERONI
ANDREA VERCELLONE
GUGLIELMO MARCO OPIPARI
LUCA COMI
LUIGI TRAMONTANA
DOMENICO SANTORO
ANNA MARIA BENASSI
DAVID GRINSZTAJN
JEAN-FRANCOIS NEUEZ
ALDO COMI
GIOVANNI RAZZOLI
CARLO TOMMASELLI
FRANCESCA TONDI
ANDREA UNZUETA
PAOLA SABBIONE
TANIA GOLD
MARTA BASTONI
JASON KEPAPTSOGLOU
STEVEN GOULD
TEAM COVERAGE
ALBERTO SEGAFREDO
Source
EXCH
EXCH
EXCH
EXCH
Short
ULT-AGG
MF-AGG
Short
Short
EXCH
Short
EXCH
Short
MF-AGG
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
Recommendation
underperform
neutral
sell
underperform
sell
sell
hold
neutral
reduce
buy
neutral/neutral
sell
hold
sell
Underwt/In-Line
underperform
sell
underweight
underweight
underweight
reduce
overweight
buy
Amt Held
% Out
4'387'586'439 37.56
467'261'602
4
318'555'597
2.73
295'192'517
2.53
(130'833'248) -1.12
129'361'146
1.11
112'747'830
0.97
(92'284'166) -0.79
(80'602'626) -0.69
69'621'979
0.6
(59'575'854) -0.51
54'435'977
0.47
(50'230'622) -0.43
31'634'600
0.27
27'101'173
0.23
26'633'911
0.23
25'933'019
0.22
21'844'480
0.19
20'993'756
0.18
19'040'910
0.16
Weighting
Change
1
3
1
1
1
1
3
3
2
5
3
1
3
1
1
1
1
1
1
1
2
5
5
M
M
M
M
M
M
U
M
D
M
M
M
M
M
M
M
M
M
M
M
D
U
M
Latest Chg
(17'522'310)
304'188
2'768'423
(25'699'388)
1'168'154
(8'177'078)
12'849'694
(18'638'500)
-
Target Price
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
#N/A N/A
1
File Dt
Inst Type
20.09.2012
Other
20.09.2012
Other
20.09.2012
Other
20.09.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
01.02.2013
Investment Advisor
01.02.2013
Investment Advisor
20.09.2012
Insurance Company
20.09.2012
Insurance Company
15.01.2013
Investment Advisor
30.11.2012
Investment Advisor
20.09.2012
Unclassified
20.09.2012
Investment Advisor
20.09.2012
Insurance Company
20.09.2012
Insurance Company
31.12.2012
Investment Advisor
20.09.2012
Insurance Company
Date
12 month
6 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
27.02.2013
22.02.2013
22.02.2013
22.02.2013
20.02.2013
12.02.2013
08.02.2013
08.02.2013
31.01.2013
31.01.2013
28.01.2013
28.01.2013
28.01.2013
25.01.2013
22.01.2013
21.01.2013
17.01.2013
16.01.2013
07.01.2013
12.12.2012
15.11.2012
27.08.2012
26.08.2011
28.02.2013
Banca Popolare dell'Emilia Romagna Scrl

Banca Popolare dell'Emilia Romagna Scrl is a cooperative bank that operates
branches throughout Italy. The Bank attracts deposits and offers loans, credit
cards, pension plans, investment funds, insurance, and asset management and
online trading services.
Price/Volume
7
6.0 M
5.0 M
4.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BPE IM EQUITY YTD Change
BPE IM EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
2.0 M
1.0 M
1
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
3'118.8
374.5
10.81x
3.0 M
12/2011
09/yy
6.67
2.80
1'927'835.00
5.56
-16.64%
98.57%
71.32%
332.7
1'849.93
24'816.29
0.0
715.7
3'295.44
-
31.12.2008
31.12.2009
3'450.9
3'148.0
133.7
115.8
18.70x
24.71x
Profitability
LTM-4Q
31.12.2010
2'727.7
293.1
12.71x
31.12.2011
3'036.9
214.6
8.28x
22.48%
17.96%
0.35%
5.80%
0.72%
0.05%
9.5%
41.03%
631.34%
-
09/yy
2'879.3
0.00x
0.0
0.00x
161.1
40.04x
LTM
09/yy
3'268.1
0.00x
0.0
0.00x
217.1
7.82x
FY+1
1.12
326.06
-9.98%
6.31%
1.122
8
3.625
2'796'892
2'151'705
2'265'944
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'251.4
2'218.3
568.0
173.8
177.8
44.0
12.36x
9.93x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
03.08.2012
BB+
NEG
03.08.2012
B
631.3%
84.2%
0.05
3.33
-
4'000.0
3'500.0
3'000.0
0.80
0.60
2'500.0
2'000.0
1'500.0
0.40
0.20
1'000.0
500.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Banca Popolare dell'Emilia Romagna Scrl

Holdings By:
All
Holder Name
NORGES BANK
VANGUARD GROUP INC
BLACKROCK
UBI PRAMERICA SGR SP
ARCA SGR SPA
FIDEURAM GESTIONS SA
LBPAM
STATE STREET
AMUNDI
JULIUS BAER MULTICOO
PRINCIPAL FINANCIAL
LEMANIK FUNDS
BESSEMER GROUP INCOR
CREDIT SUISSE ASSET
UNION INVESTMENT LUX
GOLDMAN SACHS GROUP
Firm Name
Exane BNP Paribas
Equita SIM SpA
EVA Dimensions
Mediobanca SpA
Banca Akros(ESN)
ICBPI
Nomura
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ANNA MARIA BENASSI
ANDREA VERCELLONE
GIOVANNI RAZZOLI
AUSTIN BURKETT
RICCARDO ROVERE
LUIGI TRAMONTANA
MARCO SALLUSTIO
DOMENICO SANTORO
Source
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
outperform
hold
buy
outperform
hold
neutral
reduce
Amt Held
6'664'413
3'723'574
3'453'662
2'576'615
1'082'242
562'667
499'406
417'455
222'709
186'871
182'552
178'243
174'127
151'200
146'965
133'488
131'149
125'428
121'714
112'161
% Out
2
1.12
1.04
0.77
0.33
0.17
0.15
0.13
0.07
0.06
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.03
Weighting
Change
3
5
3
5
5
3
3
2
M
M
D
M
M
M
M
M
Latest Chg
65'640
6'984
12'000
172'888
(4'000)
(96'000)
8'806
30'082
151'200
120'970
13'847
22'458
90'000
(35'158)
Target Price
6
8
6
#N/A N/A
6
4
5
4
File Dt
20.09.2012
31.07.2012
31.12.2012
26.02.2013
30.11.2012
28.12.2012
31.12.2012
28.12.2012
31.01.2013
31.12.2012
27.02.2013
28.09.2012
30.11.2012
31.10.2012
31.01.2013
31.01.2013
31.10.2012
28.12.2012
28.09.2012
30.09.2012
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.02.2013
22.02.2013
28.01.2013
17.01.2013
14.01.2013
14.01.2013
11.12.2012
25.10.2012
28.02.2013
Banca Popolare di Milano Scarl

Banca Popolare di Milano Scarl (BPM) attracts deposits and offers commercial
banking services. The Bank offers brokerage, trust, lease financing, asset
management, private banking, and factoring services, manages mutual funds, and
offers insurance services. BPM serves its customers through a branch network
located primarily in Italy, London, and New York.
Price/Volume
1
Latest Fiscal Year:

LTM as of:
52-Week High (13.02.2013)
52-Week Low (29.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PMI IM EQUITY YTD Change
PMI IM EQUITY YTD % CHANGE
12/2011
09/yy
0.62
0.29
69'565'338.00
0.5175
-16.40%
76.02%
68.77%
3'229.6
1'671.33
23'721.76
0.0
48.1
2'345.32
-
150.0 M
100.0 M
0
50.0 M
0
0
f-12 m-12
31.12.2008
31.12.2009
2'950.3
2'600.8
75.3
103.6
22.98x
19.38x
Profitability
LTM-4Q
31.12.2010
1'968.6
106.0
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
2'128.8
(614.3)
-20.38%
-50.76%
-1.47%
-19.45%
-2.95%
0.04%
-44.1%
45.68%
590.90%
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
09/yy
2'047.6
0.00x
0.0
0.00x
44.9
0.00x
LTM
09/yy
2'244.1
0.00x
0.0
0.00x
(767.1)
0.00x
FY+1
1.30
2'658.46
5.35%
14.49%
1.305
16
2.500
75'466'260
73'262'750
63'627'160
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
1'522.3
1'485.1
356.0
88.0
102.3
(173.0)
20.70x
16.17x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
03.08.2012
BB+
NEG
03.08.2012
B
590.9%
85.4%
0.04
3.02
-
1.80
3'500.0
1.60
3'000.0
1.40
2'500.0
1.20
1.00
2'000.0
0.80
1'500.0
0.60
1'000.0
0.40
500.0
0.20
0.00
02.01.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200.0 M
Valuation Analysis
31.12.2007
3'102.5
323.8
11.95x
250.0 M
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Banca Popolare di Milano Scarl

Holdings By:
All
Holder Name
BI INVEST GP
TIME AND LIFE SA
CAISSE FED DU CREDIT
NORGES BANK
VANGUARD GROUP INC
BLACKROCK
SAEMOR CAPITAL BV
GLOBAL INVESTMENT SE
OXFORD ASSET MANAGEM
DISCOVERY CAPITAL MA
MARSHALL WACE LLP
FMR LLC
ARCA SGR SPA
ACOMEA SGR
SCHRODER INVESTMENT
LEMANIK FUNDS
Firm Name
Exane BNP Paribas
Mediobanca SpA
Banca IMI
ICBPI
Equita SIM SpA
Nomura
Goldman Sachs
Morgan Stanley
Deutsche Bank
EVA Dimensions
HSBC
JPMorgan
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RONNY REHN
ANNA MARIA BENASSI
ANDREA VERCELLONE
RICCARDO ROVERE
MANUELA MERONI
MARCO SALLUSTIO
GIOVANNI RAZZOLI
DOMENICO SANTORO
JEAN-FRANCOIS NEUEZ
FRANCESCA TONDI
PAOLA SABBIONE
AUSTIN BURKETT
JASON KEPAPTSOGLOU
KIAN ABOUHOSSEIN
Source
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
ULT-AGG
Short
MF-AGG
Short
Short
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
hold
outperform
outperform
hold
sell
buy
neutral
neutral/neutral
Underwt/In-Line
hold
underweight
underweight
underweight
Amt Held
% Out
277'812'027
8.6
266'992'796
8.27
221'778'097
6.87
82'161'567
2.54
71'568'409
2.22
32'669'426
1.01
24'853'869
0.77
(23'899'198) -0.74
22'182'180
0.69
(21'638'463) -0.67
(18'408'842) -0.57
(15'502'182) -0.48
13'226'506
0.41
9'080'000
0.28
7'648'479
0.24
5'824'609
0.18
5'785'784
0.18
5'524'140
0.17
5'130'336
0.16
4'502'877
0.14
Weighting
Change
1
3
5
5
3
1
5
3
3
1
3
1
1
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'271'889)
67'816
(7'105'167)
(1'677'800)
(4'198'508)
(645'925)
13'226'401
2'461'711
7'648'479
(5'863'000)
2'167'280
64'900
Target Price
0
1
1
1
0
0
1
0
0
0
0
#N/A N/A
0
0
File Dt
19.04.2012
19.04.2012
19.04.2012
19.04.2012
19.04.2012
31.12.2012
26.02.2013
08.02.2013
31.10.2012
12.02.2013
01.11.2012
26.02.2013
30.04.2012
28.12.2012
31.05.2012
28.12.2012
31.01.2013
30.11.2012
31.12.2012
31.01.2013
Date
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Other
Corporation
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Date
27.02.2013
25.02.2013
22.02.2013
21.02.2013
21.02.2013
18.02.2013
15.02.2013
04.02.2013
28.01.2013
22.01.2013
17.01.2013
17.01.2013
27.11.2012
28.05.2012
28.02.2013
Banca Popolare di Sondrio SCARL

Banca Popolare di Sondrio Scrl attracts deposits and offers co-operative
banking services. The Bank offers mortgage and other consumer loans, business
loans, closed-end funds, treasury and securities brokerage services, asset
management, and portfolio management. Banca Popolare operates in Italy,
Switzerland and Hong Kong.
Price/Volume
7
3.0 M
2.5 M
2.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.03.2012)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BPSO IM EQUITY YTD Change
BPSO IM EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.0 M
.5 M
1
0
f-12
31.12.2008
31.12.2009
1'105.0
1'125.3
43.6
201.1
46.15x
11.19x
Profitability
LTM-4Q
31.12.2010
908.8
135.1
14.02x
31.12.2011
1'111.4
74.4
25.74x
18.45%
18.82%
0.57%
8.92%
2.20%
0.05%
9.5%
25.93%
416.62%
-
09/yy
1'033.6
0.00x
0.0
0.00x
56.2
0.00x
a-12
m-12
j-12
j-12
LTM
09/yy
1'478.3
0.00x
0.0
0.00x
167.6
8.42x
a-12
s-12
o-12
n-12
d-12
j-13
0.84
301.98
-22.09%
7.85%
0.845
1
5.000
531'424
381'012
443'398
FY+1
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4
03/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
416.6%
80.1%
0.05
6.48
-
1.20
1'200.0
1.00
1'000.0
0.80
800.0
0.60
.0 M
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'064.2
147.3
19.89x
1.5 M
12/2011
09/yy
6.47
3.76
514'615.00
4.724
-26.99%
25.50%
35.48%
308.1
1'455.69
7'593.55
0.0
65.9
1'595.11
-
600.0
400.0
0.40
200.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Banca Popolare di Sondrio SCARL

Holdings By:
All
Holder Name
NORGES BANK
VANGUARD GROUP INC
BLACKROCK
ARCA SGR SPA
GOLDMAN SACHS GROUP
BNP PARIBAS ASSET MA
STATE STREET
OPTIMA SGR SPA
GOLDMAN SACHS ASSET
AMUNDI
BNP ASSET MANAGEMENT
CHARLES SCHWAB INVES
SANPAOLO IMI ASSET M
Firm Name
EVA Dimensions
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
BNP PARIBAS ACTIONS
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
AUSTIN BURKETT
Source
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-FRA
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
Amt Held
6'166'042
3'161'077
1'722'348
474'406
464'776
350'505
257'579
182'696
133'000
119'000
116'525
107'950
105'000
98'735
89'966
71'307
64'579
64'081
55'150
50'605
% Out
2
1.03
0.56
0.15
0.15
0.11
0.08
0.06
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
Weighting
Change
5
Latest Chg
11'268
86'237
26'363
(35'400)
52'772
(1'108)
(1'095)
1'903
(4'467)
(4'310)
Target Price
#N/A N/A
File Dt
19.02.2013
31.12.2012
26.02.2013
31.07.2012
28.12.2012
30.09.2012
31.05.2012
27.02.2013
30.11.2011
31.01.2013
31.10.2012
31.10.2012
28.09.2012
26.02.2013
28.09.2012
30.09.2012
30.09.2012
30.11.2012
27.02.2013
30.06.2011
Date
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
17.01.2013
28.02.2013
Banco Espirito Santo SA

Banco Espirito Santo, S.A. (BES) provides commercial and investment banking
services. The Bank offers commercial, consumer, and mortgage loans, foreign
exchange, mutual funds, government debt securities, project financing, advice on
corporate restructuring and privatization, and securities brokerage services,
and underwrites equity and debt securities.
Price/Volume
1
80.0 M
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.01.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BES PL EQUITY YTD Change
BES PL EQUITY YTD % CHANGE
12/2012
12/yy
1.19
0.43
21'090'253.00
0.935
-21.43%
115.44%
66.27%
4'017.9
3'756.76
32'245.86
193.3
669.4
7'485.14
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
30.0 M
20.0 M
10.0 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5'811.4
402.3
8.26x
40.0 M
31.12.2009
31.12.2010
4'978.2
5'001.7
522.1
556.9
9.33x
6.40x
Profitability
LTM-4Q
31.12.2011
5'127.0
(108.8)
-
31.12.2012
5'929.6
96.1
35.85x
18.14%
6.48%
0.12%
1.57%
0.29%
0.07%
3.0%
38.53%
469.37%
-
12/yy
5'220.5
0.00x
0.0
0.00x
(86.2)
0.00x
LTM
12/yy
5'929.6
0.00x
0.0
0.00x
96.1
31.05x
FY+1
1.73
2'233.81
-6.58%
4.47%
1.729
15
3.333
20'231'700
16'501'720
20'349'130
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'326.5
2'353.1
600.7
610.3
150.1
350.6
14.6
25.8
26.71x
10.51x
26.71x
22.26x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.02.2012
BBNEG
16.12.2011
B
469.4%
80.7%
0.07
6.65
-
7'000.0
6'000.0
5'000.0
0.80
4'000.0
0.60
3'000.0
0.40
2'000.0
1'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Banco Espirito Santo SA

Holdings By:
All
Holder Name
BESPAR SGPS SA
CREDIT AGRICOLE SA
SILCHESTER INTL INVE
BRADPORT
PORTUGAL TELECOM SGP
BANCO ESPIRITO SANTO
VANGUARD GROUP INC
BLACKROCK
FUNDO INV MOBILIARIO
NEW JERSEY DIVISION
THRIVENT FINANCIAL F
SANTANDER SGFIM SA
HARTFORD INVESTMENT
MILLENNIUM BCP GFI S
METZLER ASSET MANAGE
SWEDBANK ROBUR FONDE
SANTO SILVA RICARDO
Firm Name
AlphaValue
BPI
Nomura
Societe Generale
Caixa Banco de Investimento(ESN)
Macquarie
JPMorgan
BCP Investimento
Goldman Sachs
EVA Dimensions
Deutsche Bank
BBVA
Grupo Santander
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DAVID GRINSZTAJN
ANTONIO RAMIREZ
CARLOS JOAQUIM PEIXOTO
DARAGH QUINN
CARLOS GARCIA GONZALEZ
ANDRE RODRIGUES
BENJIE CREELAN-SANDFORD
JAIME BECERRIL
RITA SILVA
PAWEL DZIEDZIC
AUSTIN BURKETT
CARLOS BERASTAIN GONZALEZ
IGNACIO ULARGUI
MARIANO COLMENAR
Source
Research
Research
Research
Research
Research
EXCH
MF-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
Recommendation
reduce
market perform
neutral
reduce
buy
accumulate
neutral
neutral
buy
neutral/neutral
sell
hold
outperform
Under Review
Amt Held
1'418'328'749
433'936'274
229'021'923
192'860'566
84'376'498
81'297'790
51'574'005
36'811'941
23'062'536
22'407'642
20'026'833
11'095'612
9'070'000
6'047'688
4'433'077
4'023'089
3'960'000
3'850'000
3'806'915
3'543'839
% Out
35.3
10.8
5.7
4.8
2.1
2.02
1.28
0.92
0.57
0.56
0.5
0.28
0.23
0.15
0.11
0.1
0.1
0.1
0.09
0.09
Weighting
Change
2
3
3
2
5
4
3
3
5
3
1
3
5
#N/A N/A
U
M
M
M
M
M
M
D
U
M
M
M
M
M
Latest Chg
(6'455'740)
3'178'463
58'985
12'744'348
4'641'950
(1'250'000)
(1'508'447)
2'882'901
(592'000)
(40'000)
2'422'582
1'799'688
Target Price
1
1
1
1
1
1
1
1
1
1
#N/A N/A
1
1
#N/A N/A
File Dt
30.06.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
08.01.2013
30.11.2012
31.12.2012
26.02.2013
25.04.2012
30.06.2012
31.10.2012
31.12.2012
30.11.2012
31.01.2013
30.11.2012
31.08.2012
31.12.2012
11.05.2012
28.12.2012
Date
6 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
18 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Other
Investment Advisor
Investment Advisor
Other
Corporation
Investment Advisor
Bank
Investment Advisor
Investment Advisor
n/a
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Date
27.02.2013
26.02.2013
25.02.2013
25.02.2013
11.02.2013
08.02.2013
07.02.2013
06.02.2013
29.01.2013
28.01.2013
17.01.2013
26.11.2012
08.10.2012
07.09.2012
28.02.2013
Bank of Ireland
Bank of Ireland provides a range of banking, life insurance and other financial
services to customers in Ireland and United Kingdom. Services include branch
banking, personal and business loans, loan insurance, mortgages, foreign
exchange, correspondent banking, credit cards and stockbroking.
Price/Volume
0
350.0 M
300.0 M
250.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (16.03.2012)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BKIR ID EQUITY YTD Change
BKIR ID EQUITY YTD % CHANGE
12/2011
01/yy
0.15
0.08
63'537'400.00
0.133
-8.28%
68.35%
81.82%
30'132.5
4'007.62
52'084.00
0.0
50.0
16'683.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
150.0 M
0
0
100.0 M
50.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
9'386.0
1'651.0
9.29x
200.0 M
Valuation Analysis
31.12.2008
31.12.2009
13'173.0
10'236.0
1'699.0
69.0
5.35x
7.45x
Profitability
31.12.2010
5'983.0
(614.0)
-
31.12.2011
5'297.0
45.0
28.61x
-46.00%
-8.59%
-0.35%
-7.05%
-0.83%
0.03%
2.0%
33.63%
510.53%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
1.75
18'005.82
-1.48%
16.67%
1.752
11
2.364
49'452'030
93'212'090
80'928'590
FY+2
12/12 Y
12/13 Y
1'879.3
2'255.7
(1'424.4)
(741.8)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
20.01.2012
BB+
NEG
11.07.2011
B
510.5%
83.6%
0.03
14.36
-
2.00
14'000.0
1.80
12'000.0
1.60
1.40
10'000.0
1.20
8'000.0
1.00
6'000.0
0.80
4'000.0
0.60
0.40
2'000.0
0.20
0.00
04.04.2008 04.10.2008 04.04.2009 04.10.2009 04.04.2010 04.10.2010 04.04.2011 04.10.2011 04.04.2012 04.10.2012
0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Bank of Ireland
Holdings By:
All
Holder Name
NATIONAL PENSIONS RE
ROSS JR WILBUR LOUIS
WATSA V PREM
FMR LLC
EUROPACIFIC GROWTH F
HARRIS ASSOCIATES LP
FRIEDBERG GLBL MACRO
WENTWORTH INSURANCE
ODYSSEY REINS CO
ZENITH INSURANCE COM
VANGUARD GROUP INC
UNITED STATES FIRE I
CLEARWATER INS CO
TIG INSURANCE COMPAN
MACKAY SHIELDS LLC
BLACKROCK
ODEY ASSET MGMT LTD
ABERDEEN
Firm Name
Nomura
Deutsche Bank
AlphaValue
Credit Suisse
Goldman Sachs
EVA Dimensions
Davy
Bloxham Stockbrokers
Barclays
Prosdocimi
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
ODYSSEY REINS CO
ZENITH INSURANCE COM
Multiple Portfolios
UNITED STATES FIRE I
CLEARWATER INS CO
TIG INSURANCE COMPAN
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
EAMONN HUGHES
OMAR KEENAN
DAVID LOCK
DAVID GRINSZTAJN
MOHAMED SOUIDI
PAWEL DZIEDZIC
AUSTIN BURKETT
EMER LANG
KEVIN MCCONNELL
ROHITH CHANDRA-RAJAN
TEAM COVERAGE
Source
20F
RNS-DIR
RNS-DIR
ULT-AGG
ULT-AGG
RNS-MAJ
RNS-MAJ
20F
RNS-MAJ
Sch-D
Sch-D
MF-AGG
Sch-D
Sch-D
Sch-D
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
sell
buy
hold
reduce
underperform
neutral/neutral
underweight
neutral
market weight
suspended coverage
accumulate
Amt Held
4'558'025'000
2'933'636'858
2'807'563'858
2'416'635'336
2'121'604'203
1'818'681'676
1'195'893'491
912'346'577
848'528'493
498'000'000
409'000'000
265'438'889
250'000'000
170'000'000
139'000'000
126'580'000
122'445'864
117'327'280
102'509'430
53'806'226
% Out
15.13
9.74
9.32
8.02
7.04
6.04
3.97
3.03
2.82
1.65
1.36
0.88
0.83
0.56
0.46
0.42
0.41
0.39
0.34
0.18
Weighting
Change
1
5
3
2
1
3
1
3
3
#N/A N/A
4
M
M
M
M
D
M
M
D
M
M
N
Latest Chg
(346)
293'915'000
261'839'400
(274'081'500)
498'000'000
409'000'000
3'135'277
250'000'000
170'000'000
139'000'000
35'500'000
117'327'280
(89'270'244)
-
Target Price
0
0
0
0
0
0
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
20.03.2012
26.06.2012
27.06.2012
31.12.2012
05.02.2013
04.02.2013
28.01.2013
20.03.2012
15.08.2011
30.09.2012
30.09.2012
31.12.2012
30.09.2012
30.09.2012
30.09.2012
30.11.2012
26.02.2013
31.12.2012
31.01.2013
31.12.2012
Date
12 month
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
n/a
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Insurance Company
Insurance Company
Insurance Company
Investment Advisor
Insurance Company
Insurance Company
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
25.02.2013
21.02.2013
18.02.2013
14.02.2013
06.02.2013
28.01.2013
17.01.2013
14.08.2012
20.03.2012
12.01.2011
31.03.2010
28.02.2013
Bankia SA
Bankia SA accepts deposits and offers commercial banking services. The Bank
offers retail banking, business banking, corporate finance, capital markets, and
asset and private banking management services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.02.2012)
52-Week Low (25.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BKIA SQ EQUITY YTD Change
BKIA SQ EQUITY YTD % CHANGE
12/2011
09/yy
3.07
0.26
9'815'437.00
0.301
-90.18%
14.45%
1.36%
1'994.0
600.18
127'522.39
0.0
128.2
24'469.83
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
31.12.2008
-
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
f-12
31.12.2009
Profitability
LTM-4Q
31.12.2010
9'327.0
357.0
-
31.12.2011
9'527.4
(2'978.7)
-
a-12
m-12
j-12
-37.13%
-94.40%
-1.00%
-23.25%
-2.23%
0.03%
-65.3%
42.11%
1031.33%
-
LTM
03/yy
2'276.9
0.00x
0.0
0.00x
34.8
0.00x
j-12
09/yy
4'102.8
0.00x
0.0
0.00x
(5'670.7)
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
0.00
960.76
-90.09%
-23.02%
15
1.400
17'987'730
14'019'070
15'351'080
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
4'146.4
3'901.7
487.0
(15'209.3)
483.0 (14'619.0)
2.87x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.10.2012
BB *25.05.2012
B
1031.3%
91.1%
0.03
2.67
-
1.20
12'000.0
1.00
10'000.0
0.80
8'000.0
0.60
.0 M
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
6'000.0
4'000.0
0.40
2'000.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Bankia SA
Holdings By:
All
Holder Name
BANCO FINANCIERO Y D
CARTERA MAPFRE SL
VANGUARD GROUP INC
BLACKROCK
BANKIA SA
CREDIT SUISSE ASSET
STATE STREET BANQUE
INVERCAIXA GESTION S
FMR LLC
GESIURIS SA SGIIC
AMUNDI
SJUNDE AP FONDEN
PICTET & CIE
KBC GROUP NV
NATIONWIDE FUND ADVI
BANQUE DEGROOF
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BPI
CARLOS JOAQUIM PEIXOTO
Societe Generale
CARLOS GARCIA GONZALEZ
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
FRANCISCO RIQUEL
JUAN ALBERTO TUESTA VILANOVA
JUAN PABLO LOPEZ
Nomura
DARAGH QUINN
EVA Dimensions
AUSTIN BURKETT
ANTONIO RAMIREZ
Mediobanca SpA
ANDREA FILTRI
Natixis
FREDERIC TESCHNER
JPMorgan
JAIME BECERRIL
BBVA
SILVIA RIGOL CARNEIRO
Deutsche Bank
La Caixa
DAVID FERNANDEZ
Source
EXCH
Co File
MF-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
sell
sell
underperform
sell
Under Review
sell
reduce
overweight
underperform
underperform
reduce
underweight
not rated
sell
underweight
Amt Held
958'000'000
74'666'670
15'810'242
13'918'516
8'048'703
1'467'023
1'020'793
927'626
900'338
894'047
765'000
519'893
512'450
479'031
341'767
334'427
330'947
295'226
288'050
235'900
% Out
48.05
3.74
0.79
0.7
0.4
0.07
0.05
0.05
0.05
0.04
0.04
0.03
0.03
0.02
0.02
0.02
0.02
0.01
0.01
0.01
Weighting
Change
1
1
1
1
#N/A N/A
1
2
5
1
1
2
1
#N/A N/A
1
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
50'000'000
505'552
33'864
(12'673)
93'750
279'271
(131'615)
500'000
462'192
504'237
65'870
341'767
(1'303)
(435)
-
Target Price
0
0
0
0
#N/A N/A
0
0
#N/A N/A
0
1
0
0
#N/A N/A
1
#N/A N/A
File Dt
02.11.2012
31.12.2011
31.12.2012
26.02.2013
31.12.2011
28.12.2012
31.01.2013
30.11.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
28.09.2012
31.12.2012
31.10.2012
30.11.2012
31.01.2013
30.11.2012
30.09.2012
01.02.2013
Date
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
Inst Type
Bank
Holding Company
Investment Advisor
Investment Advisor
Bank
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.02.2013
15.02.2013
15.02.2013
14.02.2013
13.02.2013
23.01.2013
22.01.2013
17.01.2013
09.01.2013
01.10.2012
03.09.2012
26.06.2012
22.06.2012
28.05.2012
16.03.2012
28.02.2013
Banque Cantonale Vaudoise

Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private,
and corporate banking services. The Bank offers consumer loans, treasury
management, pension funds, and investment management services, trades in
commodities, advises on mergers and acquisitions, and offers securities
brokerage services. BCV operates primarily in the Canton of Vaud.
Price/Volume
600
400
300
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (07.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BCVN SE EQUITY YTD Change
BCVN SE EQUITY YTD % CHANGE
12/2012
12/yy
533.00
456.96
7'559.00
530
-0.56%
15.98%
96.05%
8.6
4'561.28
8'415.00
0.0
1.0
6'742.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
200
100
0
f-12
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'565.7
356.3
7.68x
.2 M
.2 M
.2 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
500
31.12.2009
31.12.2010
1'371.2
1'351.6
300.6
313.2
11.77x
13.49x
Profitability
LTM-4Q
31.12.2011
1'351.7
302.1
13.00x
31.12.2012
1'321.2
311.0
13.41x
36.52%
37.66%
0.80%
11.99%
2.88%
0.03%
29.1%
21.14%
322.41%
-
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
12/yy
1'229.4
0.00x
0.0
0.00x
311.0
13.74x
FY+1
0.79
2.82
18.57%
9.33%
0.790
5
2.200
13'332
12'568
10'503
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'029.3
1'050.3
252.0
254.0
311.7
316.0
14.65x
14.46x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.12.2011
AA
NEG
02.12.2008
A-1+
322.4%
76.3%
0.03
2.12
-
2'000.0
1'800.0
1.00
1'600.0
1'400.0
0.80
0.60
0.40
1'200.0
1'000.0
800.0
600.0
400.0
0.20
200.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Banque Cantonale Vaudoise

Holdings By:
All
Holder Name
CANTON OF VAUD
UBS FUND MANAGEMENT
BLACKROCK
VANGUARD GROUP INC
CREDIT SUISSE ASSET
THORNBURG INVESTMENT
NEW JERSEY DIVISION
PICTET & CIE
SCHRODER INVESTMENT
SCHRODER INVESTMENT
INTERNATIONAL VALUE
SARASIN
STEIMER OLIVIER
Firm Name
EVA Dimensions
Bank Vontobel AG
Main First Bank AG
Helvea
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
AUSTIN BURKETT
TERESA NIELSEN
ANDREAS VENDITTI
KILIAN MAIER
TIM DAWSON
Source
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
Recommendation
sell
hold
market perform
underperform
neutral
Amt Held
5'762'252
99'092
58'874
55'668
54'169
45'660
44'400
31'940
24'618
23'529
22'742
18'595
18'366
16'600
16'170
12'574
10'313
9'890
9'201
8'074
% Out
66.95
1.15
0.68
0.65
0.63
0.53
0.52
0.37
0.29
0.27
0.26
0.22
0.21
0.19
0.19
0.15
0.12
0.11
0.11
0.09
Weighting
Change
1
3
3
1
3
D
M
M
M
M
Latest Chg
(291)
7'695
1'997
(11'500)
775
(514)
(82)
3'950
(149)
3'350
191
(5'912)
-
Target Price
#N/A N/A
530
#N/A N/A
490
525
File Dt
01.01.2012
31.10.2012
26.02.2013
31.12.2012
31.07.2012
28.12.2012
31.12.2012
28.12.2012
30.06.2012
30.11.2012
31.12.2012
30.06.2012
31.12.2012
31.10.2012
28.09.2012
31.10.2012
31.01.2013
31.03.2012
30.11.2012
31.12.2011
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
n/a
Date
20.02.2013
19.02.2013
15.02.2013
14.02.2013
14.02.2013
28.02.2013
Barratt Developments PLC

Barratt Developments plc develops and builds properties. The Group's UK
Operations include the building of houses and housing complexes, general
building and civil engineering services, participation in urban renewal and the
development of commercial properties.
Price/Volume
300
18.0 M
16.0 M
250
14.0 M
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BDEV LN EQUITY YTD Change
BDEV LN EQUITY YTD % CHANGE
06/2012
01/yy
243.10
112.50
3'741'967.00
235.1
-3.29%
108.98%
93.87%
978.7
2'300.96
343.30
0.0
0.0
150.30
2'646.86
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
8.0 M
100
6.0 M
4.0 M
50
2.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
3'554.7
0.52x
555.6
3.34x
86.4
2.32x
12.0 M
150
30.06.2009
30.06.2010
2'285.2
2'035.2
0.80x
0.64x
38.9
93.7
46.70x
13.98x
(468.6)
(118.4)
Profitability
30.06.2011
2'035.4
0.71x
136.8
10.57x
(13.8)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
2'323.4
0.67x
192.7
8.05x
67.4
19.89x
192.70
191.10
8.23%
4.30%
1.84%
2.98%
4.56%
0.48%
12.7%
9.1%
9.1%
2.9%
3.38
0.15
7.22%
11.54%
39.79
0.60
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
1.36
917.45
59.71%
13.25%
1.356
19
3.789
3'711'827
3'220'564
2'933'936
FY+2
06/13 Y
06/14 Y
2'446.1
2'574.8
1.00x
0.93x
261.9
317.9
10.11x
8.33x
137.0
205.8
16.91x
11.52x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
1.97
1.95
1.63
1.70
11.5%
10.3%
0.48
464.34
9.20
613.24
-
25.00
4'000.0
3'500.0
20.00
3'000.0
2'500.0
15.00
2'000.0
10.00
1'500.0
1'000.0
5.00
0.00
03.07.2009
500.0
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Barratt Developments PLC

Holdings By:
All
Holder Name
FMR LLC
UBS
OLD MUTUAL
RUFFER INVESTMENT MA
POLARIS CAPITAL MANA
LEGAL & GENERAL
PHOENIX ASSET MANAGE
PRIVATE INDIVIDUALS
BLACKROCK
JP MORGAN
SEB
COLLINS STEWART LTD
TD WATERHOUSE GROUP
BARCLAYS PERSONAL IN
CO-OPERATIVE INSURAN
PRINCIPAL GLOBAL INV
Firm Name
Goldman Sachs
Liberum Capital Ltd
Northland Capital Partners Ltd
Peel Hunt
JPMorgan
Deutsche Bank
EVA Dimensions
Jefferies
Redburn Partners
Credit Suisse
HSBC
Investec
Shore Capital Stockbrokers
Davy
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
#N/A N/A
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CHRISTOPHER MILLINGTON
RACHAEL APPLEGATE
ESHAN TOORABALLY
CHARLIE CAMPBELL
SIMON BROWN
ROBIN HARDY
EMILY BIDDULPH
GLYNIS JOHNSON
CRAIG STERLING
ANTHONY CODLING
WILLIAM JONES
HARRY GOAD
JEFFREY G DAVIS
MIKE BESSELL
JON BELL
ALASTAIR STEWART
ROBERT GARDINER
Source
ULT-AGG
ULT-AGG
Co File
ULT-AGG
REG
REG
REG
ULT-AGG
RNS-MAJ
MF-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
REG
Recommendation
hold
hold
neutral/neutral
buy
add
sell
underweight
buy
overweight
buy
buy
neutral
overweight
buy
buy
sell
underperform
Amt Held
127'191'750
49'925'715
47'711'714
38'371'905
37'466'561
36'659'428
34'772'620
34'543'176
28'917'013
24'666'192
24'124'963
23'427'143
22'839'243
22'397'670
21'044'351
15'288'135
14'838'237
14'642'856
14'550'000
14'043'229
% Out
13
5.1
4.87
3.92
3.83
3.75
3.55
3.53
2.95
2.52
2.46
2.39
2.33
2.29
2.15
1.56
1.52
1.5
1.49
1.43
Weighting
Change
3
3
3
5
4
1
1
5
5
5
5
3
5
5
5
1
1
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
Latest Chg
5'920'676
10'379'817
569'530
1'273'047
(11'733'739)
1'253'394
1'615'402
(10'086'265)
(575'376)
941'561
(349'665)
846'697
(1'843'957)
(2'675'458)
(888'441)
(544'501)
2'232'513
Target Price
244
220
238
259
240
148
200
279
#N/A N/A
250
#N/A N/A
223
241
180
#N/A N/A
95
#N/A N/A
File Dt
01.11.2012
01.11.2012
13.09.2011
31.12.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
20.02.2013
31.07.2012
01.11.2012
26.02.2013
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Private Equity
Investment Advisor
Other
Investment Advisor
Government
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Corporation
Date
27.02.2013
27.02.2013
18.02.2013
05.02.2013
05.02.2013
04.02.2013
22.01.2013
17.01.2013
17.01.2013
16.01.2013
11.01.2013
17.12.2012
28.11.2012
13.08.2012
19.07.2012
16.05.2012
23.05.2011
28.02.2013
Barry Callebaut AG
Barry Callebaut AG manufactures cocoa, chocolate, and confectionery products.
The Company markets to industrial food manufacturers, chocolatiers, pastry
chefs, bakers, and retailers globally. Barry Callebaut also offers product
development, processing, training, and marketing services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.12.2012)
52-Week Low (06.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BARN SE EQUITY YTD Change
BARN SE EQUITY YTD % CHANGE
08/2012
11/yy
932.34
806.52
5'637.00
896.5
-3.84%
11.16%
71.51%
5.2
4'634.90
997.47
0.0
4.7
54.56
5'582.48
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
.1 M
.0 M
.0 M
.0 M
.0 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.08.2008
4'815.4
0.99x
422.6
11.30x
204.6
17.93x
1000
900
800
700
600
500
400
300
200
100
0
f-12 m-12
31.08.2009
31.08.2010
4'880.2
4'524.5
0.80x
0.99x
448.1
443.2
8.72x
10.15x
226.9
251.2
13.05x
15.32x
Profitability
LTM-4Q
31.08.2011
4'459.9
1.06x
458.3
10.34x
177.6
14.94x
31.08.2012
4'829.5
1.16x
441.3
12.72x
142.1
19.40x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
441.32
356.44
7.38%
5.76%
4.16%
11.04%
1.41%
13.9%
9.1%
7.4%
2.9%
1.73
0.30
27.89%
73.50%
16.16
3.82
Price/ Cash Flow
11/yy
3'787.8
2.88x
176.8
0.00x
118.9
0.00x
LTM
11/yy
4'804.8
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.72
1.80
2.93%
3.64%
0.715
13
2.692
4'996
5'135
6'001
FY+2
FQ+1
FQ+2
08/13 Y
08/14 Y
02/13 Q2 05/13 Q3
5'213.2
6'188.9
1'369.0
1'200.0
1.05x
0.91x
470.8
539.8
11.86x
10.34x
269.8
304.0
17.09x
15.58x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.12.2012
BBB- *6.01
3.58
2.14
2.26
73.5%
42.3%
1.41
6.64
22.66
95.70
46.74
71.62
40.00
6'000.0
35.00
5'000.0
30.00
4'000.0
25.00
20.00
3'000.0
15.00
2'000.0
10.00
1'000.0
5.00
0.00
04.09.2009
0.0
04.03.2010
04.09.2010
04.03.2011
04.09.2011
04.03.2012
04.09.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Barry Callebaut AG
Holdings By:
All
Holder Name
JACOBS HOLDINGS AG
JACOBS RENATA
JACOBS NATHALIE
JACOBS NICOLAS
CREDIT SUISSE ASSET
VANGUARD GROUP INC
UBS FUND MANAGEMENT
BLACKROCK
PICTET & CIE
IST FUND MANAGERS
FMR LLC
SCHMID ANDREAS
ABERDEEN
SARASIN
MANNING & NAPIER ADV
KEMPEN CAPITAL MANAG
Firm Name
Goldman Sachs
Berenberg Bank
Main First Bank AG
Helvea
Societe Generale
EVA Dimensions
Deutsche Bank
Credit Suisse
Bank Vontobel AG
Equita SIM SpA
CA Cheuvreux
GSC Research
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BENJAMIN MOORE
JAMES TARGETT
ALAIN-SEBASTIAN OBERHUBER
ANDREAS VON ARX
ALEX SLOANE
AUSTIN BURKETT
JON COX
CATHERINE FARRANT
PATRICK JNGLIN
DANIEL BUERKI
JEAN-PHILIPPE BERTSCHY
FABIO FAZZARI
CHRISTOPH WIRTZ
MATTHIAS SCHRADE
Source
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral/neutral
hold
underperform
neutral
hold
underweight
hold
hold
restricted
market perform
hold
buy
underperform
sell
Amt Held
2'590'687
438'416
159'236
159'236
78'613
55'200
32'174
28'886
23'213
16'081
14'885
13'303
9'784
8'790
8'591
8'570
6'292
6'027
5'790
5'263
% Out
50.11
8.48
3.08
3.08
1.52
1.07
0.62
0.56
0.45
0.31
0.29
0.26
0.19
0.17
0.17
0.17
0.12
0.12
0.11
0.1
Weighting
Change
3
3
1
3
3
1
3
3
#N/A N/A
3
3
5
1
1
M
M
M
M
M
M
D
D
M
M
M
U
M
M
Latest Chg
(754)
(338)
(324)
(359)
27
(151)
(19)
8'124
1'913
200
(105)
(30)
-
Target Price
1'081
940
800
900
885
#N/A N/A
900
1'000
#N/A N/A
#N/A N/A
900
1'109
730
#N/A N/A
File Dt
31.08.2012
31.08.2012
31.08.2012
31.08.2012
30.12.2012
28.12.2012
31.12.2012
28.12.2012
31.10.2012
26.02.2013
30.11.2012
31.12.2012
31.12.2012
31.08.2012
31.12.2012
31.12.2012
30.11.2012
31.12.2012
31.12.2012
31.12.2012
Date
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Corporation
n/a
n/a
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
n/a
Investment Advisor
Unclassified
Unclassified
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Date
06.02.2013
21.01.2013
18.01.2013
18.01.2013
17.01.2013
17.01.2013
21.12.2012
13.12.2012
13.12.2012
13.12.2012
12.12.2012
20.11.2012
06.07.2012
17.03.2011
28.02.2013
Bellway PLC
Bellway p.l.c. is a holding company whose subsidiaries build residential houses
and conduct associated trading activities. The subsidiaries build starter or
first time buyer homes, featuring two and three bedroom semi-detached houses,
apartments and terraced houses. The Company operates in England, Wales and
Scotland.
Price/Volume
Latest Fiscal Year:

LTM as of:
52-Week High (25.02.2013)
52-Week Low (25.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BWY LN EQUITY YTD Change
BWY LN EQUITY YTD % CHANGE
07/2012
01/yy
1'188.00
656.00
160'059.00
1134
-4.55%
72.87%
89.85%
121.6
1'379.01
82.00
0.0
(0.1)
21.41
1'439.53
.8 M
.7 M
.6 M
800
.5 M
600
.4 M
.3 M
400
.2 M
200
.1 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.9 M
1200
1000
Valuation Analysis
31.07.2008
1'149.5
0.68x
188.0
4.18x
27.0
20.26x
1400
31.07.2009
31.07.2010
683.8
768.3
1.32x
0.85x
47.8
52.7
18.88x
12.41x
(27.4)
35.8
19.52x
Profitability
31.07.2011
886.1
0.92x
76.6
10.62x
50.1
15.89x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.07.2012
1'004.2
1.03x
116.7
8.87x
79.3
12.26x
116.68
114.84
11.44%
10.48%
5.24%
7.18%
7.33%
0.66%
16.1%
11.6%
11.4%
7.9%
4.27
0.12
5.28%
7.24%
42.47
0.63
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.76
0.97
120.92
42.16%
9.67%
0.969
19
3.737
153'874
180'242
177'987
FY+2
07/13 Y
07/14 Y
1'069.3
1'139.8
1.35x
1.24x
135.8
159.2
10.60x
9.04x
99.0
113.7
14.32x
12.19x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
10.59
10.17
0.52
0.70
7.2%
6.7%
0.66
98.31
8.62
580.24
42.22
546.64
70.00
1'600.0
60.00
1'400.0
1'200.0
50.00
1'000.0
40.00
800.0
30.00
600.0
20.00
400.0
10.00
200.0
0.00
31.07.2009
0.0
31.01.2010
31.07.2010
31.01.2011
31.07.2011
31.01.2012
31.07.2012
31.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Bellway PLC
Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
JP MORGAN
KAMES CAPITAL PLC
LEGAL & GENERAL
FRANKLIN RESOURCES
AEGON
HBOS PLC
LEGAL & GENERAL
ABERDEEN
Firm Name
Goldman Sachs
Deutsche Bank
Jefferies
Liberum Capital Ltd
Peel Hunt
JPMorgan
EVA Dimensions
Redburn Partners
Credit Suisse
HSBC
Investec
Davy
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
ESHAN TOORABALLY
MARK HUGHES
GLYNIS JOHNSON
ANTHONY CODLING
CHARLIE CAMPBELL
SIMON BROWN
ROBIN HARDY
EMILY BIDDULPH
CRAIG STERLING
WILLIAM JONES
HARRY GOAD
JEFFREY G DAVIS
MIKE BESSELL
JON BELL
ALASTAIR STEWART
ROBERT GARDINER
Source
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
RNS-MAJ
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
Co File
REG
MF-AGG
RNS-MAJ
RNS-MAJ
RNS-MAJ
REG
ULT-AGG
Recommendation
neutral/neutral
hold
hold
hold
hold
hold
buy
hold
neutral
overweight
neutral
outperform
overweight
buy
hold
hold
neutral
Amt Held
29'170'741
13'183'635
11'283'607
10'107'747
5'351'751
5'124'717
4'855'643
4'774'922
4'605'274
4'529'189
4'519'440
4'506'849
4'261'453
4'017'927
3'661'814
3'658'355
3'559'321
3'488'215
3'027'099
3'015'567
% Out
23.99
10.84
9.28
8.31
4.4
4.21
3.99
3.93
3.79
3.72
3.72
3.71
3.5
3.3
3.01
3.01
2.93
2.87
2.49
2.48
Weighting
Change
3
3
3
3
3
3
5
3
3
5
3
5
5
5
3
3
3
M
M
M
M
M
M
M
M
D
M
M
M
M
U
D
M
M
Latest Chg
417'317
(1'438'985)
(318'200)
160'916
224'748
(45'599)
180'509
115'235
(270'275)
(1'038'663)
(665'331)
(233'982)
(108'799)
(400)
(209'391)
Target Price
1'174
1'072
1'188
1'100
1'012
1'189
1'350
750
1'130
#N/A N/A
#N/A N/A
1'202
1'259
925
#N/A N/A
765
#N/A N/A
File Dt
Inst Type
02.01.2013
Investment Advisor
26.02.2013
Investment Advisor
02.01.2013
Investment Advisor
02.01.2013
Unclassified
02.01.2013
Investment Advisor
31.12.2012
Investment Advisor
17.10.2012
Investment Advisor
02.01.2013
Investment Advisor
31.01.2013
Unclassified
02.01.2013
Investment Advisor
02.01.2013
Investment Advisor
02.01.2013
Unclassified
15.10.2012
Investment Advisor
02.01.2013
Investment Advisor
31.07.2012
Investment Advisor
09.01.2013
Investment Advisor
25.08.2011
Investment Advisor
02.01.2013
Government
31.01.2013
Unclassified
Date
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
18.02.2013
12.02.2013
07.02.2013
07.02.2013
06.02.2013
05.02.2013
05.02.2013
29.01.2013
22.01.2013
17.01.2013
11.01.2013
17.12.2012
28.11.2012
13.08.2012
19.07.2012
08.06.2012
17.05.2011
28.02.2013
BioMerieux
bioMerieux designs, develops, manufactures, and markets systems in the field of
in vitro diagnostics for medical and industrial applications. The Company is
specialized in the diagnosis of infectious diseases and pathologies.
bioMerieux is also active in the analysis of food, pharmaceuticals, and
environmental samples to determine their microbiological quality.
Price/Volume
90
.3 M
80
.3 M
70
60
.2 M
50
12/2011
06/yy
77.30
57.25
9'662.00
73.25
-5.24%
27.95%
79.80%
39.5
2'889.99
173.90
0.0
8.1
42.70
2'992.29
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
31.12.2008
31.12.2009
1'110.5
1'223.4
2.17x
2.64x
261.9
287.1
9.20x
11.24x
129.9
147.8
18.24x
21.78x
Profitability
.1 M
10
0
f-12
.0 M
m-12
LTM-4Q
31.12.2010
1'357.0
2.13x
335.3
8.62x
158.7
18.32x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
1'427.2
1.62x
341.2
6.79x
158.2
13.78x
341.20
257.60
18.05%
16.65%
9.96%
15.30%
14.12%
0.92%
53.3%
23.9%
18.1%
11.1%
1.36
0.86
9.87%
15.88%
3.66
3.27
Price/ Cash Flow
06/yy
589.5
0.00x
0.0
0.00x
0.0
0.00x
a-12
m-12
j-12
j-12
LTM
06/yy
1'383.9
0.00x
0.0
0.00x
0.0
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
0.62
14.17
18.81%
1.74%
0.616
17
3.176
18'419
31'146
25'703
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
09/11 Q3 12/11 Q4
1'566.6
1'626.2
1.89x
1.76x
358.2
375.7
8.35x
7.97x
169.5
178.8
17.00x
16.26x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
81.24
56.93
0.26
0.50
15.9%
13.6%
0.92
4.32
99.92
111.88
61.74
146.99
20.00
1'600.0
18.00
1'400.0
16.00
1'200.0
14.00
1'000.0
12.00
10.00
800.0
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
02.01.2009
.1 M
20
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'062.8
2.91x
239.9
12.90x
98.0
31.89x
.2 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.01.2013)
52-Week Low (22.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BIM FP EQUITY YTD Change
BIM FP EQUITY YTD % CHANGE
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
BioMerieux
Holdings By:
All
Holder Name
INSTITUT MERIEUX
GROUPE INDUSTRIEL MA
FMR LLC
HARTFORD INVESTMENTS
FIRST EAGLE INVESTME
FIRST PACIFIC ADVISO
AMUNDI
HSBC ASSET MGMT EURO
COVEA FINANCE SAS
FEDERAL GESTION
ZADIG GESTION (LUXEM
CIBC GLOBAL ASSET MA
NEUFLIZE OBC ASSET M
Firm Name
AlphaValue
Oddo & Cie
Societe Generale
Exane BNP Paribas
Jefferies
Portzamparc Societe de Bourse
Bryan Garnier & Cie
Gilbert Dupont
Piper Jaffray
Natixis
EVA Dimensions
Berenberg Bank
HSBC
CA Cheuvreux
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ARMELLE MOULIN
CHRISTOPHE-RAPHAEL GANET
JUSTIN SMITH
ROMAIN ZANA
PETER WELFORD
ARSENE GUEKAM
SAMUEL HENRY-DIESBACH
ARNAUD GUERIN
MATHIEU CHABERT
GUILLAUME CUVILLIER
WILLIAM R QUIRK
STEPHANE SUMAR
ANDREW S ZAMFOTIS
ADRIAN HOWD
MURIELLE ANDRE-PINARD
AMANDINE LATOUR
Source
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
neutral
hold
neutral
hold
hold
hold
hold
neutral
reduce
neutral
buy
hold
hold
underweight
outperform
Amt Held
23'240'090
2'013'470
469'355
183'769
178'660
155'217
142'387
112'645
96'788
91'590
89'450
89'020
76'366
65'000
62'500
58'941
55'600
54'600
50'000
45'888
% Out
58.9
5.1
1.19
0.47
0.45
0.39
0.36
0.29
0.25
0.23
0.23
0.23
0.19
0.16
0.16
0.15
0.14
0.14
0.13
0.12
Weighting
Change
5
3
3
3
3
3
3
3
3
2
3
5
3
3
1
5
M
M
M
D
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
117'450
26'130
128'660
10'870
(160)
(5'000)
65
900
800
-
Target Price
88
72
77
77
74
69
72
77
66
75
70
86
#N/A N/A
65
63
74
File Dt
31.12.2011
31.12.2011
31.12.2012
30.09.2012
30.12.2011
30.09.2012
31.12.2012
31.12.2012
28.09.2012
31.12.2012
31.10.2012
30.09.2011
31.12.2012
31.07.2012
30.11.2012
31.10.2012
28.12.2012
30.06.2012
31.12.2012
30.12.2011
Date
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
21.02.2013
28.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
17.01.2013
15.01.2013
20.11.2012
25.10.2012
31.05.2012
28.02.2013
Bolsas y Mercados Espanoles SA

Bolsas y Mercados Espanoles is made up of the Barcelona, Bilbao, Madrid, and
Valencia Stock Exchanges, MF Mercados Financeiros, and Iberclear. The Group
encompasses the equity, fixed-income and derivatives markets, and their
clearing and settlement systems.
Price/Volume
25
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
20
15
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (11.01.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BME SQ EQUITY YTD Change
BME SQ EQUITY YTD % CHANGE
12/2012
12/yy
21.94
13.87
352'961.00
19.975
-8.96%
44.02%
75.65%
83.6
1'670.22
36'059.48
0.0
0.2
36'328.84
1'401.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
f-12
31.12.2009
31.12.2010
297.0
314.0
5.09x
3.59x
209.8
223.0
7.20x
5.06x
150.0
154.2
12.50x
9.59x
Profitability
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.12.2011
316.1
4.35x
223.1
6.17x
155.1
11.18x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
292.1
4.36x
199.5
6.38x
135.5
11.32x
199.47
189.40
64.84%
65.62%
0.40%
31.86%
0.01%
68.3%
64.8%
46.4%
1.01
1.01
98.57%
8738.92%
13.83
-
Price/ Cash Flow
12/yy
316.1
12.91x
110.9
0.00x
155.1
11.15x
LTM
12/yy
292.1
15.65x
199.5
6.38x
135.5
11.38x
FY+1
0.71
76.20
11.39%
8.27%
0.711
21
2.762
600'425
425'716
427'984
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
301.6
303.7
73.7
4.70x
4.68x
201.1
201.3
6.97x
6.96x
137.4
137.0
12.09x
12.02x
12.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-1.35
180.78
8738.9%
98.9%
0.01
6.05
26.47
-
16.00
400.0
14.00
350.0
12.00
300.0
10.00
250.0
8.00
200.0
6.00
150.0
4.00
100.0
2.00
50.0
0.00
01.01.2010
m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
349.1
3.15x
250.0
4.40x
190.7
8.07x
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Bolsas y Mercados Espanoles SA

Holdings By:
All
Holder Name
BANCO DE ESPANA
BANCO BILBAO VIZCAYA
CAIXABANK
CORP FINANCIERA CAJA
BNP PARIBAS SA
BANCO SANTANDER SA
ADELPHI CAPITAL LLP
MARSHALL WACE LLP
VANGUARD GROUP INC
EMINENCE CAPITAL LLC
LIONTRUST
CAJA MADRID BOLSA SV
BLACKROCK
INVESCO LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Grupo Santander
JAVIER ECHANOVE
RODRIGO VAZQUEZ
BPI
TIAGO VEIGA ANJOS
MARIA LUZ PEREZ LOPEZ
Bankia Bolsa (ESN)
JAVIER BERNAT
Banco Sabadell
MARIO LODOS
Berenberg Bank
RICHARD PERROTT
ALEJANDRO RUYRA DE ANDRADE
JUAN MORENO
LUIS DE BLAS
AlphaValue
CHRISTOPHE NIJDAM
Morgan Stanley
ANIL SHARMA
Day by Day
VALERIE GASTALDY
Goldman Sachs
CHRIS M. TURNER
La Caixa
BORJA PAGOAGA
EVA Dimensions
AUSTIN BURKETT
TOM MILLS
BBVA
Renta 4 SA SVB
NATALIA AGUIRRE
Source
Co File
Co File
Co File
Co File
EXCH
EXCH
Short
Short
MF-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
buy
neutral
buy
hold
sell
sell
buy
hold
overweight
reduce
Underwt/In-Line
buy
Sell/Neutral
underweight
hold
market perform
market perform
hold
Amt Held
% Out
4'460'913
5.34
4'191'982
5.01
4'189'139
5.01
2'955'318
3.53
2'510'454
3
2'120'034
2.54
(986'664) -1.18
(836'156)
-1
717'785
0.86
688'240
0.82
(635'479) -0.76
572'300
0.68
439'036
0.53
419'941
0.5
411'389
0.49
389'837
0.47
383'337
0.46
356'892
0.43
317'906
0.38
263'199
0.31
Weighting
Change
3
5
3
5
3
1
1
5
3
5
2
1
5
1
1
3
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
U
M
D
M
M
D
M
Latest Chg
(12'829)
(100'339)
(50'169)
5'896
(8'584)
(49'334)
(9'875)
6'500
389'837
367'056
2'926
4'721
151'391
Target Price
20
23
21
23
20
17
19
26
21
21
22
18
24
22
19
#N/A N/A
18
17
24
File Dt
Inst Type
31.12.2011
Bank
31.12.2011
Bank
31.12.2011
Investment Advisor
31.12.2011
Other
23.03.2012
Bank
22.02.2010
Bank
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
23.05.2011
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2011
Investment Advisor
26.02.2013
Investment Advisor
27.02.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
3 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
26.02.2013
26.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
14.02.2013
08.02.2013
24.01.2013
21.01.2013
17.01.2013
29.10.2012
08.10.2012
06.02.2012
28.02.2013
Booker Group PLC

Booker Group PLC wholesales grocery products. The Company is an
Internet-enabled grocery wholesaler for the independent sector utilizing a
just-in-time distribution system, and also operates cash and carry outlets.
Price/Volume
140
30.0 M
120
25.0 M
100
20.0 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BOK LN EQUITY YTD Change
BOK LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
40
5.0 M
20
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
3'078.2
0.13x
62.3
6.49x
29.8
11.78x
15.0 M
60
03/2012
01/yy
117.40
72.05
2'807'309.00
115
-2.04%
59.61%
94.71%
1'727.0
1'986.05
0.10
0.0
0.0
63.50
1'916.35
31.03.2009
31.03.2010
3'179.2
3'386.9
0.13x
0.20x
72.3
80.6
5.75x
8.22x
39.2
47.6
9.97x
14.04x
Profitability
31.03.2011
3'595.8
0.24x
89.3
9.71x
59.1
14.96x
31.03.2012
3'932.8
0.32x
102.4
12.28x
74.9
17.46x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
102.40
89.60
2.28%
2.31%
8.15%
19.29%
19.76%
4.09%
3.8%
2.7%
2.4%
1.9%
0.85
0.23
0.01%
0.03%
16.48
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.03
0.76
1'376.28
57.37%
17.77%
0.755
12
3.667
1'882'351
2'436'369
2'478'821
FY+2
03/13 Y
03/14 Y
4'066.2
4'568.1
0.47x
0.41x
112.1
133.6
17.09x
14.34x
78.3
89.7
25.00x
22.12x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
20.08
15.35
-0.64
0.00
0.0%
0.0%
4.09
58.35
22.52
44.12
-9.69
25.00
4'500.0
4'000.0
20.00
3'500.0
3'000.0
15.00
2'500.0
2'000.0
10.00
1'500.0
1'000.0
5.00
500.0
0.00
27.03.2009
0.0
27.09.2009
27.03.2010
27.09.2010
27.03.2011
27.09.2011
27.03.2012
27.09.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Booker Group PLC

Holdings By:
All
Holder Name
METRO AG
DIRECTOR & RELATED H
LANSDOWNE PARTNERS L
BLACKROCK
WILSON CHARLES
M&G INVESTMENT MANAG
AXA FRAMLINGTON INV
AVIVA INVESTORS
THREADNEEDLE INVESTM
LEGAL & GENERAL
TD WATERHOUSE GROUP
SCHRODER INVESTMENT
BT PENSION SCHEME
BAE SYSTEMS PENSION
UBS
Firm Name
JPMorgan
Peel Hunt
Exane BNP Paribas
Investec
EVA Dimensions
Barclays
N+1 Singer Ltd
Goldman Sachs
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
JAIME VAZQUEZ
CHARLES HALL
ANDREW GWYNN
NICOLA MALLARD
DARREN SHIRLEY
PHILIP DORGAN
AUSTIN BURKETT
RICHARD TAYLOR
MATTHEW MCEACHRAN
FRANKLIN WALDING
Source
RNS-MAJ
REG
REG
REG
ULT-AGG
Co File
REG
Co File
REG
REG
MF-AGG
ULT-AGG
REG
REG
RNS-MAJ
REG
REG
REG
ULT-AGG
REG
Recommendation
overweight
buy
underperform
buy
sell
buy
underweight
overweight
sell
Buy/Neutral
Amt Held
156'621'525
131'457'289
130'143'108
123'980'364
118'215'535
108'241'986
98'214'643
89'669'972
72'202'961
70'099'462
65'631'455
56'260'614
51'563'038
49'629'034
45'575'805
39'023'729
37'778'157
37'030'840
36'783'215
35'170'652
% Out
9.07
7.61
7.54
7.18
6.85
6.27
5.69
5.19
4.18
4.06
3.8
3.26
2.99
2.87
2.64
2.26
2.19
2.14
2.13
2.04
Weighting
Change
5
5
1
5
1
5
1
5
1
5
N
M
M
M
M
M
M
M
M
M
Latest Chg
2'505'066
6'320'113
5'954'563
(13'906'934)
(200'750)
635'770
(175'349)
(108'967)
(2'133'597)
12'206'734
11'114'281
(12'696'179)
444'530
13'725'713
8'631'632
Target Price
122
110
85
108
#N/A N/A
108
#N/A N/A
115
95
121
File Dt
Inst Type
04.07.2012
Corporation
01.02.2013
Investment Advisor
01.02.2013
Other
26.02.2013
Investment Advisor
23.05.2012
n/a
01.02.2013
Investment Advisor
23.05.2012
Investment Advisor
01.02.2013
Investment Advisor
01.02.2013
Investment Advisor
31.10.2012
Investment Advisor
01.02.2013
Unclassified
01.02.2013
Investment Advisor
01.02.2013
Investment Advisor
01.02.2013
Government
01.02.2013
Investment Advisor
01.02.2013
Unclassified
01.02.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
18.02.2013
04.02.2013
25.01.2013
17.01.2013
17.01.2013
17.01.2013
15.01.2013
19.10.2012
19.10.2012
31.05.2012
28.02.2013
Britvic PLC
Britvic Plc supplies a wide range of soft drinks. The Company manufactures and
markets its own brand of soft drinks as well as supplies drinks manufactured by
other companies.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (11.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BVIC LN EQUITY YTD Change
BVIC LN EQUITY YTD % CHANGE
09/2012
12/yy
472.70
250.00
372'121.00
417.6
-11.66%
67.04%
75.26%
242.7
1'013.63
561.20
0.0
0.0
49.60
1'525.23
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.09.2009
30.09.2010
978.8
1'138.6
1.20x
1.47x
152.2
181.0
7.72x
9.22x
46.8
(48.2)
16.18x
Profitability
LTM-4Q
30.09.2011
1'290.4
1.00x
183.4
7.02x
58.4
12.97x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.09.2012
1'256.4
1.11x
159.0
8.77x
57.4
15.33x
159.00
115.10
9.16%
6.17%
5.49%
192.62%
13.13%
1.20%
50.3%
12.7%
9.2%
4.6%
1.02
0.69
54.71%
1512.67%
6.03
7.70
Price/ Cash Flow
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-12 m-12
j-12
j-12
LTM
12/yy
303.2
0.00x
0.0
0.00x
0.0
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
4.24
0.79
221.40
15.26%
2.63%
0.787
16
3.125
754'448
1'101'856
790'474
FY+2
09/13 Y
09/14 Y
1'310.8
1'358.4
1.11x
1.05x
176.6
189.4
8.64x
8.05x
77.4
87.0
13.47x
11.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
5.62
4.07
3.22
3.53
1512.7%
93.8%
1.20
5.23
60.38
47.29
139.30
-31.63
14.00
1'400.0
12.00
1'200.0
10.00
1'000.0
8.00
800.0
6.00
600.0
4.00
400.0
2.00
200.0
0.00
02.10.2009
9.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
926.5
0.93x
139.4
6.19x
31.8
14.40x
500
450
400
350
300
250
200
150
100
50
0
f-12 m-12
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Britvic PLC
Holdings By:
All
Holder Name
FMR LLC
PEPSICO INC
PRUDENTIAL PLC
ROUTE ONE INVESTMENT
BLACKROCK
HSBC INVESTMENTS UK
LEGAL & GENERAL
APG ALGEMENE PENSIOE
EMINENCE CAPITAL LLC
BRITVIC PLC ESOP
CREDIT SUISSE AG
ARTISAN PARTNERS LIM
JENNISON ASSOCIATES
ARTISAN PARTNERS HOL
TROY ASSET MANAGEMEN
STATE STREET
Firm Name
Nomura
Goldman Sachs
Societe Generale
Barclays
JPMorgan
EVA Dimensions
Deutsche Bank
Investec
Davy
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
CHARLES PICK
IAN SHACKLETON
CONOR PARSONS
ANDREW HOLLAND
PHIL CARROLL
WAYNE BROWN
DAMIAN MCNEELA
SIMON HALES
MATTHEW WEBB
AUSTIN BURKETT
JONATHAN FELL
NICOLA MALLARD
BARRY GALLAGHER
Source
ULT-AGG
RNS-MAJ
RNS-RUL8
RNS-RUL8
RNS-RUL8
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
RNS-RUL8
REG
REG
RNS-RUL8
RNS-RUL8
REG
RNS-RUL8
RNS-RUL8
REG
ULT-AGG
Recommendation
hold
buy
neutral/attractive
sell
buy
hold
hold
equalweight
underweight
sell
hold
buy
neutral
Amt Held
30'638'306
17'028'961
11'813'032
9'815'334
9'511'576
9'093'591
8'971'936
8'593'099
8'220'292
7'529'350
6'983'850
5'423'918
5'357'590
5'339'559
5'019'708
4'881'323
4'580'000
4'257'370
4'148'703
4'114'349
% Out
12.62
7.02
4.87
4.04
3.92
3.75
3.7
3.54
3.39
3.1
2.88
2.23
2.21
2.2
2.07
2.01
1.89
1.75
1.71
1.7
Weighting
Change
3
5
3
1
5
3
3
3
1
1
3
5
3
M
M
M
D
M
M
M
D
D
M
M
N
M
Latest Chg
343'448
361'050
1'073'912
(658)
(237'100)
(1'144'877)
716'519
(45'964)
(3'126)
(122'230)
5'300'640
46'245
533'000
474'232
749'994
(544'909)
4'027'585
109'532
Target Price
440
480
410
370
#N/A N/A
380
380
400
380
#N/A N/A
425
315
#N/A N/A
File Dt
Inst Type
14.02.2013
Investment Advisor
18.02.2013
Investment Advisor
18.09.2012
Corporation
28.01.2013
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Investment Advisor
07.02.2013
Unclassified
01.11.2012
Unclassified
01.11.2012
Investment Advisor
12.02.2013
Investment Advisor
07.12.2012
Investment Advisor
01.11.2012
Investment Advisor
11.12.2012
Investment Advisor
13.02.2013
Investment Advisor
01.11.2012
Government
27.02.2013
Investment Advisor
Date
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
Not Provided
Not Provided
Date
25.02.2013
19.02.2013
18.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
17.01.2013
28.11.2012
19.07.2012
12.07.2012
28.02.2013
BTG PLC
BTG plc licenses, develops and commercializes pharmaceuticals and has a
pipeline of development programs targeting neurological and other disorders,
including varicose veins. The Company also has a substantial and growing
revenue stream of milestone payments and royalties from out-licensed products.
Price/Volume
450
4.0 M
400
3.5 M
350
3.0 M
300
2.5 M
250
Latest Fiscal Year:

LTM as of:
52-Week High (04.07.2012)
52-Week Low (29.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BTG LN EQUITY YTD Change
BTG LN EQUITY YTD % CHANGE
03/2012
01/yy
426.00
297.00
516'326.00
327.8
-23.05%
10.37%
23.88%
328.3
1'076.07
0.00
0.0
0.0
111.90
925.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
150
100
1.0 M
50
.5 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
75.0
0.97x
18.6
3.92x
8.8
14.63x
2.0 M
200
Valuation Analysis
31.03.2009
31.03.2010
84.8
98.5
2.84x
3.84x
13.0
17.0
18.53x
22.24x
(13.1)
11.3
40.38x
Profitability
31.03.2011
111.4
6.04x
16.0
42.04x
9.2
66.43x
31.03.2012
197.2
4.97x
58.6
16.73x
14.6
74.51x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
58.60
23.50
11.92%
11.66%
3.92%
4.83%
4.83%
0.45%
73.6%
33.7%
12.9%
7.4%
2.99
2.27
0.00%
0.00%
3.26
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
0.94
222.65
-7.32%
-1.27%
0.936
10
4.000
423'095
565'578
431'765
FY+2
03/13 Y
03/14 Y
213.0
225.7
4.37x
3.93x
58.1
62.2
15.92x
14.87x
39.5
45.5
27.32x
24.65x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
36.63
34.31
-1.94
0.00
0.0%
0.0%
0.45
10.45
112.32
132.20
120.00
250.0
100.00
200.0
80.00
150.0
60.00
100.0
40.00
50.0
20.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
BTG PLC
Holdings By:
All
Holder Name
INVESCO LTD
PRUDENTIAL PLC
PERPETUAL INVESTMENT
LEGAL & GENERAL
AXA FRAMLINGTON INV
AVIVA INVESTORS
AEGON
SCHRODER INVESTMENT
BLACKROCK
FRANKLIN RESOURCES
STATE STREET
SCHRODER INVESTMENT
HARGREAVE
SARASIN
HUNTER HALL INVESTME
Firm Name
Nomura Code Securities
Peel Hunt
Daniel Stewart & Co
Finncap
EVA Dimensions
Deutsche Bank
Jefferies
JPMorgan
Ambrian Partners Ltd
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
GARY WAANDERS
PAUL CUDDON
VADIM K ALEXANDRE
DR KEITH REDPATH
ANDREW S ZAMFOTIS
RICHARD J PARKES
PETER WELFORD
JAMES D GORDON
SAVVAS NEOPHYTOU
BRIAN WHITE
CHRISTOPHER REDHEAD
Source
RNS-MAJ
RNS-MAJ
MF-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
BUS
ULT-AGG
REG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
Recommendation
neutral
hold
buy
hold
buy
buy
hold
overweight
hold
buy
buy
Amt Held
95'198'413
42'044'886
29'101'475
13'169'505
12'755'184
12'738'296
10'651'041
8'986'863
8'300'000
6'236'926
5'742'581
5'488'991
5'098'472
4'035'966
3'975'647
3'950'000
3'947'033
3'386'981
3'249'301
3'060'540
% Out
29
12.81
8.87
4.01
3.89
3.88
3.24
2.74
2.53
1.9
1.75
1.67
1.55
1.23
1.21
1.2
1.2
1.03
0.99
0.93
Weighting
Change
3
3
5
3
5
5
3
5
3
5
5
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
388'514
(2'044'362)
489'250
1'000'000
(746'780)
(2'664)
89'830
155'315
(22'280)
1'598'472
(122'722)
6'897
(500'000)
72'545
5'659
1'859'300
(1'319'643)
Target Price
360
352
430
270
#N/A N/A
420
375
425
400
#N/A N/A
#N/A N/A
File Dt
08.08.2012
13.12.2012
31.07.2012
31.01.2013
03.12.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
26.02.2013
03.12.2012
19.01.2011
03.12.2012
03.12.2012
27.02.2013
31.07.2012
03.12.2012
28.12.2012
03.12.2012
03.12.2012
Date
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Corporation
Investment Advisor
Date
04.02.2013
31.01.2013
31.01.2013
30.01.2013
17.01.2013
13.11.2012
12.11.2012
08.11.2012
08.11.2012
03.10.2012
31.08.2010
28.02.2013
Bwin.Party Digital Entertainment PLC

Bwin.Party Digital Entertainment PLC offers Internet gambling services. The
Company operates gambling websites offering sports betting, poker, casino
games, and audio and video streams of sporting events.
Price/Volume
180
35.0 M
160
30.0 M
140
25.0 M
120
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.03.2012)
52-Week Low (04.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BPTY LN EQUITY YTD Change
BPTY LN EQUITY YTD % CHANGE
12/2011
09/yy
166.50
91.05
9'102'204.00
150
-9.91%
64.74%
78.13%
806.9
1'210.31
33.20
0.0
(3.8)
328.70
1'180.74
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
80
15.0 M
60
10.0 M
40
5.0 M
20
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
347.8
4.43x
34.9
44.13x
30.4
191.66x
100
31.12.2008
31.12.2009
323.2
319.8
2.04x
3.48x
86.4
91.0
7.65x
12.22x
45.7
(19.1)
14.78x
22.33x
Profitability
LTM-4Q
31.12.2010
348.4
2.37x
80.0
10.30x
38.9
24.46x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
674.5
1.98x
(249.2)
(428.9)
-249.20
-395.70
-58.67%
-62.70%
-27.39%
-41.57%
0.55%
91.7%
-22.6%
-40.7%
-63.6%
1.38
1.05
2.54%
4.16%
15.44
210.40
Price/ Cash Flow
12/yy
89.6
0.00x
0.0
0.00x
0.0
0.00x
LTM
09/yy
707.2
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.89
1.00
622.67
-2.74%
34.89%
0.998
18
3.444
4'061'210
4'104'694
3'172'446
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
801.5
824.2
1.51x
1.35x
160.1
160.0
7.38x
7.38x
116.8
116.6
12.37x
12.46x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-27.38
-30.75
-0.16
4.2%
4.0%
0.55
24.96
23.71
1.74
56.19
-122.18
120.00
800.0
700.0
100.00
600.0
80.00
500.0
400.0
60.00
300.0
40.00
200.0
20.00
0.00
02.01.2009
100.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Bwin.Party Digital Entertainment PLC

Holdings By:
All
Holder Name
JANUS CAPITAL MANAGE
PARASOL RUTH
DELEON J RUSSELL
SRS INVESTMENT MANAG
FMR LLC
ANDROSCH PVT FOUNDAT
STEINBERG ASSET MANA
BLACKROCK
BODNER MANFRED
TEUFELBERGER NORBERT
AKRE CAPITAL MANAGEM
VANGUARD GROUP INC
HENDERSON GLOBAL INV
LEGG MASON CAPITAL M
F&C FUND MANAGEMENT
LEGG MASON INC
LEGAL & GENERAL
RYAN JAMES A
Firm Name
Daniel Stewart & Co
Morgan Stanley
Investec
AlphaValue
Barclays
Peel Hunt
Macquarie
Exane BNP Paribas
CA Cheuvreux
Davy
Deutsche Bank
EVA Dimensions
Equita SIM SpA
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
MICHAEL CAMPBELL
VAUGHAN LEWIS
JAMES HOLLINS
THOMAS PICHERIT
SIMON DAVIES
ED BIRKIN
IVOR JONES
NICHOLAS BATRAM
ANGUS TWEEDIE
GAVIN KELLEHER
SIMON FRENCH
GREG JOHNSON
ROBERTA CIACCIA
MARCO BACCAGLIO
DAVID JENNINGS
JEFFREY HARWOOD
RICHARD CARTER
TEAM COVERAGE
GIANMARCO BONACINA
Source
ULT-AGG
Co File
Co File
RNS-MAJ
ULT-AGG
Co File
RNS-MAJ
ULT-AGG
ULT-AGG
RNS-DIR
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
ULT-AGG
RNS-DIR
Recommendation
buy
Overwt/In-Line
hold
buy
hold
equalweight
buy
hold
underperform
sell
buy
buy
outperform
underperform
underperform
hold
buy
sell
not rated
Amt Held
% Out
72'129'136
8.94
58'498'667
7.25
58'498'666
7.25
40'645'349
5.04
40'366'940
5
38'650'591
4.79
20'305'696
2.52
14'833'262
1.84
12'306'219
1.53
12'298'427
1.52
12'298'427
1.52
10'000'000
1.24
7'805'994
0.97
5'324'831
0.66
4'959'300
0.61
(4'115'070) -0.51
2'775'543
0.34
2'410'379
0.3
2'354'059
0.29
2'255'758
0.28
Weighting
5
5
3
5
3
3
5
3
1
1
5
5
5
1
1
3
5
1
#N/A N/A
Change
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(8'419'479)
(2'205'651)
(1'031'513)
(81'556)
(846'843)
(2'056'972)
103'650
71'851
(244'608)
817'953
41'481
225'000
Target Price
173
200
140
193
122
130
145
124
100
95
157
#N/A N/A
155
100
#N/A N/A
#N/A N/A
195
#N/A N/A
#N/A N/A
File Dt
08.02.2013
19.03.2012
19.03.2012
08.05.2012
01.04.2011
19.03.2012
29.03.2011
26.02.2013
31.12.2012
31.08.2012
31.12.2011
31.12.2012
31.12.2012
31.12.2012
31.12.2012
12.02.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
Date
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
n/a
n/a
Hedge Fund Manager
Investment Advisor
Other
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Unclassified
n/a
Date
27.02.2013
26.02.2013
26.02.2013
21.02.2013
11.02.2013
11.02.2013
08.02.2013
29.01.2013
25.01.2013
16.01.2013
11.01.2013
04.12.2012
02.11.2012
03.09.2012
25.07.2012
27.06.2012
22.05.2012
30.11.2011
19.04.2011
28.02.2013
C&C Group PLC

C&C Group plc is a manufacturer, marketer and distributor of branded ciders and
beers. The Company's core markets are England & Wales, Ireland, Scotland and
Northern Ireland and it also exports to many countries Internationally.
Price/Volume
6
14.0 M
12.0 M
10.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (15.02.2013)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GCC ID EQUITY YTD Change
GCC ID EQUITY YTD % CHANGE
02/2012
01/yy
4.99
3.17
1'742'933.00
4.779
-4.23%
50.76%
88.41%
344.2
1'645.09
60.00
0.0
0.0
128.30
1'565.49
29.02.2008
597.5
2.79x
143.9
11.57x
234.9
15.85x
6.0 M
4.0 M
2.0 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
Valuation Analysis
28.02.2009
28.02.2010
514.4
362.7
1.04x
3.50x
119.8
91.6
4.47x
13.87x
(60.9)
73.5
14.89x
Profitability
28.02.2011
509.9
2.26x
122.2
9.44x
300.4
16.00x
29.02.2012
480.8
2.31x
131.5
8.45x
95.7
12.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
131.50
111.20
23.13%
23.07%
10.24%
14.11%
13.95%
0.49%
27.3%
23.0%
19.9%
1.26
0.98
6.24%
8.40%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.78
0.79
329.91
33.52%
4.87%
0.786
16
3.375
964'259
1'571'318
1'294'028
FY+2
02/13 Y
02/14 Y
488.3
735.3
3.67x
2.35x
134.6
157.8
11.63x
9.92x
94.2
106.6
16.77x
14.89x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
22.67
19.41
-0.61
0.00
8.4%
7.7%
0.49
2.58
-
25.00
800.0
700.0
20.00
600.0
500.0
15.00
400.0
10.00
300.0
200.0
5.00
0.00
06.03.2009
100.0
0.0
06.09.2009
06.03.2010
06.09.2010
06.03.2011
06.09.2011
06.03.2012
06.09.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
C&C Group PLC

Holdings By:
All
Holder Name
FRANKLIN RESOURCES
INVESCO LTD
TRIMARK INVESTMENT M
PRUDENTIAL PLC
INDEPENDENT FRANCHIS
DEUTSCHE BANK AG
INVESTEC ASSET MANAG
SOUTHEASTERN ASSET M
GLANCEY STEPHEN
DUNSMORE JOHN M
F&C FUND MANAGEMENT
ODIN FORVALTNING AS
VANGUARD GROUP INC
NEISON KENNY
SCHRODER INVESTMENT
Firm Name
Exane BNP Paribas
Societe Generale
JPMorgan
EVA Dimensions
Berenberg Bank
Nomura
Goldman Sachs
Davy
Natixis
Deutsche Bank
Bloxham Stockbrokers
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
LIAM IGOE
FRANCOIS MOSNIER
ANDREW HOLLAND
MIKE J GIBBS
AUSTIN BURKETT
PHIL CARROLL
WAYNE BROWN
JOSH PUDDLE
EDWARD MUNDY
CONOR PARSONS
BARRY GALLAGHER
OLIVIER DELAHOUSSE
JONATHAN FELL
JOE R GILL
Source
ULT-AGG
RNS-MAJ
RNS-MAJ
RNS-MAJ
MF-AGG
RNS-MAJ
RNS-MAJ
RNS-MAJ
Co File
MF-AGG
RNS-MAJ
RNS-MAJ
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Recommendation
buy
neutral
sell
neutral
underweight
buy
sell
buy
buy
buy/attractive
outperform
neutral
hold
market weight
Amt Held
24'272'307
19'053'987
18'719'580
15'543'674
14'133'822
13'803'563
13'422'336
13'185'114
10'890'718
10'884'958
10'187'990
9'626'623
9'524'604
5'120'000
5'120'000
4'592'547
3'475'870
3'424'748
2'561'530
2'335'629
% Out
7.05
5.54
5.44
4.52
4.11
4.01
3.9
3.83
3.16
3.16
2.96
2.8
2.77
1.49
1.49
1.33
1.01
0.99
0.74
0.68
Weighting
Change
5
3
1
3
1
5
1
5
5
5
5
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(229'270)
8'193'151
398'357
(8'111'578)
2'363'563
(6'877'129)
(1'653'323)
1'614'165
(3'208'322)
(2'446'027)
(91)
69'936
(66'592)
Target Price
6
4
4
4
#N/A N/A
#N/A N/A
4
5
6
6
#N/A N/A
4
4
#N/A N/A
File Dt
Inst Type
30.01.2013
Investment Advisor
01.02.2013
Investment Advisor
28.06.2012
Investment Advisor
09.11.2012
Investment Advisor
30.09.2012
Unclassified
09.10.2012
Investment Advisor
01.02.2013
Investment Advisor
27.06.2012
Investment Advisor
16.05.2012
Bank
31.12.2012
Investment Advisor
11.02.2013
Investment Advisor
15.02.2013
Investment Advisor
01.04.2011
Investment Advisor
29.02.2012
n/a
29.02.2012
n/a
31.12.2012
Investment Advisor
29.02.2012
n/a
31.07.2012
Investment Advisor
Date
12 month
Not Provided
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
27.02.2013
22.02.2013
17.01.2013
17.01.2013
17.01.2013
16.01.2013
16.01.2013
16.01.2013
16.01.2013
08.01.2013
06.11.2012
24.10.2012
17.10.2012
20.03.2012
28.02.2013
Cable & Wireless Communications PLC

Cable & Wireless Communications is a global full-service communications
business that operates through four regional units - the Caribbean, Panama,
Macau and Monaco & Islands. Services include mobile, broadband and domestic and
international fixed line services as well as pay TV, data centre and hosting,
carrier and managed service/social telecom solutions.
Price/Volume
45
25.0 M
40
20.0 M
35
30
15.0 M
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.02.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CWC LN EQUITY YTD Change
CWC LN EQUITY YTD % CHANGE
03/2012
01/yy
43.14
27.07
4'275'206.00
42.14
-2.32%
55.67%
93.78%
2'528.1
1'065.35
1'707.00
0.0
493.0
312.00
3'728.35
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
31.03.2009
31.03.2010
6'264.6
2'346.0
1.15x
1.37x
1'379.7
819.0
5.21x
3.93x
245.7
304.0
25.83x
17.16x
Profitability
31.03.2011
2'440.0
1.38x
820.0
4.10x
197.0
9.63x
31.03.2012
2'875.0
1.14x
889.0
3.67x
(77.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
889.00
531.00
18.47%
3.62%
-2.18%
4.07%
0.73%
31.2%
18.9%
-2.7%
0.54
0.34
45.44%
-
Price/ Cash Flow
0
f-12 m-12
.0 M
a-12 m-12
LTM-4Q
LTM
01/yy
01/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
-
10.42
1.03
2'356.04
40.06%
19.21%
1.029
16
3.375
4'659'672
5'947'733
5'317'351
FY+2
03/13 Y
03/14 Y
2'758.6
2'521.9
1.28x
1.25x
852.4
779.4
4.37x
4.78x
147.8
128.4
11.22x
12.54x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
26.03.2010
BB
NEG
23.01.2003
B
5.17
3.25
1.78
2.08
80.4%
0.73
1.54
-
4.00
9'000.0
3.50
8'000.0
3.00
7'000.0
6'000.0
2.50
5'000.0
2.00
4'000.0
1.50
3'000.0
1.00
2'000.0
0.50
1'000.0
0.00
03.04.2009
5.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
6'327.3
1.18x
1'425.3
5.25x
329.2
21.90x
10.0 M
15
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Cable & Wireless Communications PLC

Holdings By:
All
Holder Name
ORBIS HOLDINGS LIMIT
FRANKLIN RESOURCES
NEWTON INV MGMT
JP MORGAN
LEGAL & GENERAL
FMR LLC
BLACKROCK
LSV ASSET MANAGEMENT
AXA INVESTMENT MANAG
GLOBAL ASSET MANAGEM
STICHTING DEPOSITARY
INVESCO LTD
CABLE & WIRE ESOT
SCOTTISH WIDOWS
VANGUARD GROUP INC
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
AlphaValue
JEAN-MICHEL SALVADOR
Exane BNP Paribas
MICHAEL WILLIAMS
Deutsche Bank
DAVID A WRIGHT
HSBC
ADAM M RUMLEY
JPMorgan
CARL MURDOCK-SMITH
Jefferies
JEREMY A DELLIS
Nomura
JAMES BRITTON
Barclays
JOHN-PAUL DAVIDS
EVA Dimensions
ANDREW S ZAMFOTIS
Berenberg Bank
STUART GORDON
NICK BROWN
Goldman Sachs
ANDREW LEE
Morgan Stanley
TERENCE TSUI
Gabelli & Co
EVAN D MILLER
Liberum Capital Ltd
LAWRENCE SUGARMAN
Source
RNS-MAJ
ULT-AGG
REG
MF-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
REG
Co File
REG
REG
ULT-AGG
MF-AGG
REG
Recommendation
add
underperform
buy
neutral
not rated
hold
reduce
equalweight
hold
hold
buy
neutral/neutral
Equalwt/In-Line
buy
hold
Amt Held
370'326'609
292'295'344
211'999'285
158'092'684
128'893'539
92'630'235
91'582'818
80'940'656
80'448'316
74'063'345
48'435'096
45'634'817
44'273'584
42'540'648
37'524'230
36'364'142
32'492'883
31'109'974
29'534'037
29'004'556
% Out
14.65
11.56
8.39
6.25
5.1
3.66
3.62
3.2
3.18
2.93
1.92
1.81
1.75
1.68
1.48
1.44
1.29
1.23
1.17
1.15
Weighting
Change
4
1
5
3
#N/A N/A
3
2
3
3
3
5
3
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(13'555'337)
(50'544'061)
9'720'476
(79'521)
11'415'521
(1'326'605)
(4'004'418)
38'905'831
9'173'865
310'544
(116'787)
(244'318)
(1'967'130)
(4'351'325)
12'559'973
1'564'924
720'268
412'552
Target Price
49
39
53
41
#N/A N/A
40
42
41
#N/A N/A
40
50
46
44
#N/A N/A
33
File Dt
Inst Type
06.12.2012
Investment Advisor
01.01.2013
Investment Advisor
26.02.2013
Investment Advisor
01.01.2013
Unclassified
31.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
26.02.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Investment Advisor
31.03.2012
n/a
01.01.2013
Investment Advisor
01.01.2013
Other
01.01.2013
Unclassified
31.12.2012
Investment Advisor
01.01.2013
Investment Advisor
Date
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
21.02.2013
20.02.2013
19.02.2013
12.02.2013
08.02.2013
08.02.2013
08.02.2013
24.01.2013
15.01.2013
14.01.2013
14.01.2013
20.12.2012
18.12.2012
26.10.2012
28.09.2012
28.02.2013
Capital & Counties Properties PLC

Capital & Counties Properties PLC is a real estate company. The Company offers
retail and commercial property investment, management, and development services.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CAPC LN EQUITY YTD Change
CAPC LN EQUITY YTD % CHANGE
Price/Volume
12/2011
01/yy
258.90
184.60
1'290'157.00
252.4
-2.51%
36.73%
91.25%
752.7
1'899.81
553.30
0.0
0.0
89.60
2'302.91
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
6.0 M
250
5.0 M
200
4.0 M
150
3.0 M
100
2.0 M
50
1.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
98.3
48.7
2.1
-
300
31.12.2008
31.12.2009
148.1
126.4
53.7
66.1
(364.5)
(131.5)
Profitability
31.12.2010
113.6
12.44x
49.2
28.72x
131.6
7.12x
31.12.2011
108.4
15.92x
48.3
35.74x
153.7
7.95x
48.30
47.60
43.91%
149.35%
10.18%
16.30%
12.68%
0.06%
63.7%
46.1%
45.3%
141.8%
1.06
0.95
30.91%
50.16%
11.72
3.91
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.59
0.96
452.61
33.64%
4.30%
0.958
17
2.647
914'652
898'752
993'208
FY+2
12/12 Y
12/13 Y
110.8
81.3
18.90x
27.09x
40.7
38.2
56.57x
60.23x
11.7
13.1
168.27x
140.22x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
1.26
-2.95
8.73
9.88
50.2%
33.4%
0.06
0.06
31.23
93.67
141.33
-158.78
10'000.00
160.0
9'000.00
140.0
8'000.00
120.0
7'000.00
100.0
6'000.00
5'000.00
80.0
4'000.00
60.0
3'000.00
40.0
2'000.00
20.0
1'000.00
0.00
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013
0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Capital & Counties Properties PLC

Holdings By:
All
Holder Name
BLACKROCK
GORDON FAMILY
GORDON GRAEME JOHN
CORONATION FUND MANA
GORDON FAMILY INTERE
PUBLIC INVESTMENT CO
LEGAL & GENERAL
SCOTTISH WIDOWS
OLD MUTUAL
STATE STREET
CREDIT SUISSE PRIVAT
UBS
GREENVERT INVESTMENT
FMR LLC
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst

CHRISTOPHER SPEARING
Jefferies
ROBERT DUNCAN
Morgan Stanley
BART GYSENS
Exane BNP Paribas
NICK WEBB
Barclays
AARON GUY
Investec
ALAN CARTER
EVA Dimensions
AUSTIN BURKETT
Kempen & Co
RYAN PALECEK
MIRANDA COCKBURN
Deutsche Bank
MARTIN ALLEN
MICHAEL BURT
Peel Hunt
KEITH CRAWFORD
Credit Suisse
STEVE BRAMLEY-JACKSON
JPMorgan
HARM M MEIJER
Liberum Capital Ltd
ALISON WATSON
Source
ULT-AGG
RNS-MAJ
RNS-DIR
REG
REG
REG
RNS-MAJ
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
MF-AGG
REG
REG
ULT-AGG
Recommendation
hold
hold
Overwt/Attractive
underperform
overweight
sell
underweight
underweight
hold
hold
neutral
hold
underperform
underweight
buy
Amt Held
122'647'764
92'143'204
92'143'203
91'098'284
61'693'143
58'005'475
37'326'761
32'146'403
27'131'560
20'453'264
17'835'046
16'282'051
14'291'061
14'002'560
13'523'453
11'640'843
11'389'520
10'151'067
9'677'419
9'613'923
% Out
16.29
12.24
12.24
12.1
8.2
7.71
4.96
4.27
3.6
2.72
2.37
2.16
1.9
1.86
1.8
1.55
1.51
1.35
1.29
1.28
Weighting
Change
3
3
5
1
5
1
1
1
3
3
3
3
1
1
5
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
Latest Chg
(4'258'275)
1
36'308'994
1
20'748'110
483'579
1'327'237
47'853
1'586'096
(593'111)
2'075'767
2'731'617
(856'441)
2'347'684
6'028'949
Target Price
215
235
290
220
290
210
#N/A N/A
245
#N/A N/A
270
217
220
220
240
256
File Dt
Inst Type
26.02.2013
Investment Advisor
28.09.2012
n/a
01.11.2011
n/a
03.12.2012
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Government
13.02.2013
Government
03.12.2012
Other
31.01.2013
Unclassified
03.12.2012
Unclassified
03.12.2012
Government
31.12.2012
Unclassified
27.02.2013
Investment Advisor
03.12.2012
Bank
03.12.2012
Unclassified
31.12.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
Date
27.02.2013
25.02.2013
18.02.2013
01.02.2013
24.01.2013
21.01.2013
17.01.2013
14.01.2013
10.01.2013
20.12.2012
18.12.2012
27.11.2012
08.11.2012
07.11.2012
18.10.2012
28.02.2013
Carillion PLC
Carillion plc provides support and construction services in Europe, Canada, the
Middle East, North Africa, and the Caribbean. The Company offers services in
the areas of health, education and regeneration, road, rail, defense, and
commercial property.
Price/Volume
350
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
300
250
200
Valuation Analysis
150
Latest Fiscal Year:

LTM as of:
52-Week High (29.02.2012)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CLLN LN EQUITY YTD Change
CLLN LN EQUITY YTD % CHANGE
12/2012
01/yy
344.20
234.60
3'304'036.00
312.7
-9.15%
33.29%
71.26%
430.3
1'345.41
812.90
0.0
10.6
659.60
1'509.31
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
50
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
4'433.8
0.27x
137.1
8.84x
108.3
8.73x
100
31.12.2009
31.12.2010
4'504.2
4'236.5
0.26x
0.33x
168.0
183.8
7.07x
7.67x
132.4
147.2
9.10x
10.42x
Profitability
31.12.2011
4'153.2
0.33x
198.4
6.81x
134.6
9.41x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'666.2
0.42x
215.7
7.08x
160.1
8.52x
215.70
153.50
4.19%
4.90%
4.23%
16.24%
17.29%
0.97%
10.6%
5.9%
4.2%
4.4%
1.09
0.39
21.05%
81.38%
51.68
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.52
1.01
403.30
2.37%
-1.36%
1.010
14
3.286
1'678'271
1'363'480
1'362'836
FY+2
12/13 Y
12/14 Y
4'672.8
4'986.4
0.32x
0.29x
260.6
267.2
5.79x
5.65x
172.4
179.8
7.68x
7.38x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
1.62
1.51
0.71
3.77
81.4%
44.6%
0.97
28.06
7.08
-25.79
25.00
5'000.0
4'500.0
4'000.0
20.00
3'500.0
15.00
3'000.0
10.00
2'500.0
2'000.0
1'500.0
1'000.0
5.00
500.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Carillion PLC
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
EAGA PARTNERSHIP TRU
TEMPLETON GLOBAL ADV
SCHRODER INVESTMENT
BLACKROCK
LEGAL & GENERAL
ROYAL BANK OF CANADA
EAGA PSHIP TRUST
HBOS PLC
BREWIN DOLPHIN LIMIT
UBS INVESTMENT BANK
RATHBONE UNIT TRUST
SCHRODER INVESTMENT
Firm Name
Investec
Berenberg Bank
RBC Capital Markets
Peel Hunt
Credit Suisse
EVA Dimensions
Liberum Capital Ltd
Goldman Sachs
HSBC
JPMorgan
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
ANDREW GIBB
JAMES GILBERT
ANDY BROWN
HOWARD SEYMOUR
CHRIS MOORE
MARK HOWSON
OLIVIA PETERS
ANDREW NUSSEY
EUGENE KLERK
CRAIG STERLING
JOE BRENT
WILLIAM WYMAN
JEFFREY G DAVIS
EMILY BIDDULPH
Source
ULT-AGG
RNS-MAJ
REG
Co File
REG
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
RNS-MAJ
REG
REG
Co File
REG
Co File
REG
RNS-RUL8
REG
MF-AGG
Recommendation
buy
hold
buy
buy
buy
buy
sector perform
sell
neutral
overweight
sell
neutral/neutral
underweight
neutral
Amt Held
52'528'187
26'950'671
22'947'415
22'461'659
22'376'884
20'998'639
19'234'409
18'476'337
17'433'739
17'126'966
16'879'323
14'669'264
14'409'029
14'027'780
13'915'655
13'425'360
12'451'234
11'388'229
10'258'053
7'437'849
% Out
12.21
6.26
5.33
5.22
5.2
4.88
4.47
4.29
4.05
3.98
3.92
3.41
3.35
3.26
3.23
3.12
2.89
2.65
2.38
1.73
Weighting
Change
5
3
5
5
5
5
3
1
3
5
1
3
1
3
M
D
M
M
U
M
M
D
D
M
M
M
N
M
Latest Chg
(322'772)
4'343'933
4'199'735
(294'929)
(414'275)
91'709
(2'703'054)
2'788'593
(305'883)
10'666
(112'574)
Target Price
350
350
400
350
370
362
300
280
349
#N/A N/A
235
360
250
#N/A N/A
File Dt
31.12.2012
08.11.2012
01.11.2012
29.02.2012
01.11.2012
29.02.2012
29.02.2012
26.02.2013
31.01.2013
30.11.2012
28.01.2013
01.11.2012
01.11.2012
29.02.2012
01.11.2012
29.02.2012
01.11.2012
18.04.2011
01.11.2012
31.12.2012
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Bank
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
27.02.2013
27.02.2013
25.02.2013
20.02.2013
18.02.2013
15.02.2013
29.01.2013
22.01.2013
15.01.2013
15.01.2013
09.01.2013
31.10.2012
19.09.2012
05.09.2011
28.02.2013
Castellum AB
Castellum AB is a real estate investment company. The Company, through
subsidiaries, buys, develops, improves, and manages properties in selected
areas, with good service and communications, in Sweden. Castellum leases out
commercial space for stores, offices, schools, warehousing, and industrial use,
as well as apartments. The Company's properties are managed locally.
Price/Volume
1.2 M
1.0 M
.8 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (27.02.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CAST SS EQUITY YTD Change
CAST SS EQUITY YTD % CHANGE
12/2012
12/yy
97.55
76.30
415'125.00
97.4
-0.15%
27.65%
99.29%
172.0
16'753.45
19'094.00
0.0
0.0
44.00
35'803.45
.6 M
40
.4 M
20
.2 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.4 M
100
80
Valuation Analysis
31.12.2008
2'505.0
9.80x
1'603.0
15.32x
(663.0)
-
120
31.12.2009
31.12.2010
2'696.0
2'760.0
10.08x
11.15x
1'673.0
1'714.0
16.24x
17.96x
160.0
1'964.0
74.31x
7.64x
Profitability
LTM-4Q
31.12.2011
2'921.0
10.63x
1'841.0
16.87x
711.0
19.68x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'080.0
11.10x
1'945.0
17.58x
1'473.0
10.28x
1'945.00
1'945.00
40.75%
34.94%
4.16%
12.66%
4.95%
0.09%
63.1%
47.8%
52.13%
158.26%
-
Price/ Cash Flow
12/yy
2'921.0
42.76x
1'674.0
18.55x
711.0
19.68x
LTM
12/yy
3'073.0
42.44x
1'938.0
17.64x
1'473.0
10.27x
FY+1
0.86
16.75%
5.53%
0.862
15
3.333
318'050
309'937
338'784
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
3'257.6
3'403.2
801.8
811.3
11.10x
10.64x
45.42x
44.78x
2'051.8
2'153.8
469.0
531.3
17.45x
16.62x
17.45x
17.26x
1'224.5
1'300.6
254.2
330.0
13.17x
12.46x
13.18x
13.16x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.82
-1.24
9.83
9.85
158.3%
61.3%
0.09
-
16.00
3'500.0
14.00
3'000.0
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Castellum AB
Holdings By:
All
Holder Name
EUROPEAN INVESTORS I
SZOMBATFALVY LASZLO
SZOMBATFALVY MAGDALE
AFA SJUKFOERSAEKRING
BLACKROCK
LANNEBO FONDER AB
FJARDE AP-FONDEN
LANSFORSAKRINGAR FON
VANGUARD GROUP INC
STATE STREET
LANSFORSAKRINGAR FAS
CACEIS BANK18129
AMF PENSION INSURANC
TREDJE AP-FONDEN
ANDRA AP FONDEN
SCHRODER INVESTMENT
LIVFORSAKRINGS AB SK
Firm Name
SEB Enskilda
Goldman Sachs
Pareto Securities
Morgan Stanley
Carnegie
Danske Markets
ABG Sundal Collier
DNB Markets
Handelsbanken
EVA Dimensions
Swedbank
Kempen & Co
ABN Amro Bank N.V.
Edge Capital Research
Evli Bank Plc
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
BENGT CLAESSON
JULIAN LIVINGSTON-BOOTH
JOHAN EDBERG
BART GYSENS
TOBIAS KAJ
JONAS L ANDERSSON
PETER TRIGARSZKY
FREDRIC CYON
SIMEN MORTENSEN
ALBIN SANDBERG
AUSTIN BURKETT
ANDREAS DAAG
ROBERT WOERDEMAN
RUUD VAN MAANEN
GEIR ROENNESTAD
TEAM COVERAGE
Source
Research
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
Co File
Research
Co File
Co File
MF-AGG
Co File
Recommendation
hold
Buy/Neutral
hold
Overwt/Attractive
hold
hold
hold
hold
hold
accumulate
underweight
neutral
overweight
hold
neutral
Under Review
Amt Held
6'776'987
5'000'000
4'935'000
3'830'871
3'493'451
3'288'718
2'103'941
2'088'508
2'050'972
1'999'839
1'979'478
1'857'673
1'854'756
1'822'209
1'783'658
1'685'000
1'599'903
1'491'095
1'388'700
1'095'711
% Out
3.94
2.91
2.87
2.23
2.03
1.91
1.22
1.21
1.19
1.16
1.15
1.08
1.08
1.06
1.04
0.98
0.93
0.87
0.81
0.64
Weighting
Change
3
5
3
5
3
3
3
3
3
4
1
3
5
3
3
#N/A N/A
M
M
M
M
M
M
D
M
M
D
M
M
M
M
N
M
Latest Chg
5'488
(9'730)
342'885
65'283
54'874
15'272
20'109
326'500
-
Target Price
93
108
93
105
#N/A N/A
93
96
93
95
101
#N/A N/A
95
99
90
110
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
n/a
31.12.2012
n/a
31.12.2012
Insurance Company
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
27.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Insurance Company
31.12.2012
Bank
30.06.2012
Insurance Company
31.12.2012
Government
31.10.2012
Investment Advisor
31.12.2012
Corporation
Date
Not Provided
12 month
6 month
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Date
25.02.2013
12.02.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
22.01.2013
22.01.2013
21.01.2013
17.01.2013
14.01.2013
13.01.2013
05.07.2012
27.04.2011
19.10.2010
28.02.2013
Catlin Group Ltd

Catlin Group Limited underwrites specialty insurance and reinsurance worldwide.
The Group specializes in property and casualty treaty reinsurance, structured
risk and other coverages, as well as professional indemnity, property, general
liability, D&O and commercial crime coverage for UK policyholders.
Price/Volume
600
4.0 M
3.5 M
500
3.0 M
400
Latest Fiscal Year:

LTM as of:
52-Week High (07.02.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CGL LN EQUITY YTD Change
CGL LN EQUITY YTD % CHANGE
12/2012
01/yy
549.00
396.50
636'627.00
500
-8.93%
26.10%
67.87%
361.8
1'809.13
92.00
590.0
0.0
2'474.00
952.81
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.5 M
200
1.0 M
100
.5 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'486.8
(2.9)
-
2.5 M
300
Valuation Analysis
31.12.2009
31.12.2010
3'335.0
3'414.0
0.04x
0.01x
553.0
381.0
3.60x
5.90x
Profitability
31.12.2011
3'873.0
0.19x
82.0
56.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'755.0
0.29x
349.0
9.36x
9.40%
9.03%
2.59%
10.83%
14.79%
0.28%
9.3%
0.66%
3.15%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
6.06
0.90
337.64
27.50%
3.25%
0.904
21
3.476
1'236'647
874'471
709'060
FY+2
12/13 Y
12/14 Y
4'391.2
4'788.7
344.2
376.4
8.29x
7.56x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
3.1%
2.6%
0.28
-
6.00
4'500.0
4'000.0
5.00
3'500.0
3'000.0
4.00
2'500.0
3.00
2'000.0
1'500.0
2.00
1'000.0
1.00
0.00
01.01.2010
500.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Catlin Group Ltd

Holdings By:
All
Holder Name
INVESCO LTD
VERITAS ASSET MANAGE
CATLIN EBT
BLACKROCK
CATLIN STEPHEN
VANGUARD GROUP INC
LORD ABBETT & CO LLC
IG INVESTMENT MANAGE
FMR LLC
AVIVA INVESTORS FUND
ST JAMES' PLACE UNIT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

CHRISTOPHER HITCHINGS
EAMONN FLANAGAN
Credit Suisse
RICHARD BURDEN
Bank of Valletta
TEAM COVERAGE
Goldman Sachs
COLIN L SIMPSON
JPMorgan
ANDREAS VAN EMBDEN
BEN COHEN
Berenberg Bank
TOM CARSTAIRS
Nomura
FAHAD CHANGAZI
NICHOLAS JOHNSON
MARCUS BARNARD
JOANNA PARSONS
Barclays
OLIVIA BRINDLE
Peel Hunt
MARK WILLIAMSON
EVA Dimensions
AUSTIN BURKETT
RBC Capital Markets
KAMRAN HOSSAIN
HSBC
THOMAS FOSSARD
Morgan Stanley
MACIEJ WASILEWICZ
JOY FERNEYHOUGH
Source
Co File
RNS-MAJ
RNS-MAJ
RNS-DIR
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
RNS-DIR
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
hold
underperform
overweight
neutral/neutral
overweight
hold
sell
buy
hold
buy
neutral
overweight
hold
buy
outperform
neutral
Equalwt/In-Line
buy
Amt Held
36'241'220
17'192'617
16'563'125
16'121'068
9'749'377
9'576'827
7'951'939
7'557'967
5'832'717
5'564'887
4'950'000
4'425'161
3'852'789
3'214'505
3'162'069
2'780'000
2'667'707
2'595'045
1'905'260
1'530'605
% Out
10.02
4.75
4.58
4.46
2.69
2.65
2.2
2.09
1.61
1.54
1.37
1.22
1.06
0.89
0.87
0.77
0.74
0.72
0.53
0.42
Weighting
Change
1
3
1
5
3
5
3
1
5
3
5
3
5
3
5
5
3
3
5
M
M
D
M
D
M
M
D
M
M
M
M
M
M
M
U
D
M
M
Latest Chg
(1'538'412)
21'715
215'850
200'000
141'300
270'000
111'548
(496'194)
68'299
179'000
-
Target Price
455
#N/A N/A
495
580
570
520
530
530
555
540
570
530
620
471
#N/A N/A
600
582
503
535
File Dt
Inst Type
08.02.2012
Investment Advisor
05.04.2012
Investment Advisor
12.10.2011
n/a
31.03.2012
Investment Advisor
31.07.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
20.02.2012
n/a
31.10.2012
Investment Advisor
30.11.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
3 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
14.02.2013
14.02.2013
13.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
04.02.2013
17.01.2013
16.01.2013
16.01.2013
05.12.2012
12.06.2012
28.02.2013
Celesio AG
Celesio AG wholesales and retails pharmaceuticals to customers in Europe. The
Company wholesales pharmaceuticals, operates retail pharmacies, and provides
logistics and transportation services for pharmaceuticals at local, national and
European level.
Price/Volume
18
4.0 M
16
3.5 M
14
3.0 M
12
2.5 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (22.10.2012)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CLS1 GY EQUITY YTD Change
CLS1 GY EQUITY YTD % CHANGE
12/2011
09/yy
15.57
10.72
247'889.00
13.53
-13.07%
26.21%
58.00%
170.1
2'301.45
2'067.00
0.0
32.2
448.30
4'147.05
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
6
4
1.0 M
.5 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
22'349.5
0.43x
881.4
10.86x
430.6
16.73x
2.0 M
Valuation Analysis
31.12.2008
31.12.2009
21'166.6
21'497.2
0.26x
0.24x
657.4
595.9
8.32x
8.50x
(21.0)
3.4
885.00x
Profitability
LTM-4Q
31.12.2010
23'277.6
0.21x
664.7
7.37x
259.2
12.24x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
23'026.4
0.16x
486.6
7.67x
2.2
1224.00x
486.60
343.20
1.49%
0.45%
-1.12%
-3.76%
0.56%
2.78%
11.9%
2.6%
2.0%
0.0%
1.30
0.75
23.50%
81.20%
9.53
12.43
Price/ Cash Flow
LTM
09/yy
22'442.7
0.77x
631.5
5.42x
111.5
9.26x
09/yy
22'560.6
0.71x
597.0
7.05x
(91.1)
13.76x
FY+1
0.90
77.23
-0.63%
3.72%
0.902
24
3.875
361'736
354'790
418'192
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
22'542.0
22'562.5
5'657.0
0.18x
0.17x
554.7
612.1
145.0
7.47x
6.77x
195.5
231.6
66.1
11.31x
10.12x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.09
1.74
3.04
3.32
81.2%
44.5%
2.78
40.25
38.39
29.43
44.86
23.77
12.00
25'000.0
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Celesio AG
Holdings By:
All
Holder Name
FRANZ HANIEL & CIE G
BLACKROCK
TEMPLETON INVEST COU
AKO CAPITAL LLP
FRANKLIN RESOURCES
VANGUARD GROUP INC
ADELPHI CAPITAL LLP
DEKA INVESTMENT GMBH
ETHENEA INDEPENDENT
BANQUE DEGROOF
DWS INVESTMENT S A
DEUTSCHE BANK AG
Firm Name
AlphaValue
Nomura
Exane BNP Paribas
DZ Bank AG
EVA Dimensions
Steubing AG
Morgan Stanley
Berenberg Bank
Nord/LB
Deutsche Bank
Main First Bank AG
Jefferies
CA Cheuvreux
Bankhaus Metzler
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
EILEEN RYAN
VOLKER BRAUN
MARTIN BRUNNINGER
KLAUS SCHLOTE
ANDREAS INDERST
THOMAS MAUL
ANDREW S ZAMFOTIS
TOBIAS SCHMIDT
BARBARA AMBRUS
EDOUARD AUBERY
MICHAEL K JUNGLING
LARS LUSEBRINK
ULRICH HUWALD
SCOTT BARDO
MARTIN VOEGTLI
THORSTEN STRAUSS
CLAUDIA LAKATOS
HOLGER BLUM
MARCUS WIEPRECHT
INGEBORG OIE
OLIVER REINBERG
STEFAN WIMMER
Source
Co File
ULT-AGG
Research
ULT-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
add
buy
buy
buy
outperform
buy
hold
buy
hold
hold
Equalwt/In-Line
hold
buy
hold
hold
hold
neutral
hold
buy
hold
outperform
buy
Amt Held
% Out
92'874'603
54.6
7'421'570
4.36
5'051'067
2.97
4'467'000
2.63
(4'422'600)
-2.6
2'261'837
1.33
1'635'634
0.96
1'361'025
0.8
(1'258'740) -0.74
781'257
0.46
641'000
0.38
514'600
0.3
433'963
0.26
400'000
0.24
323'742
0.19
299'375
0.18
258'411
0.15
240'000
0.14
238'000
0.14
237'012
0.14
Weighting
Change
4
5
5
5
5
5
3
5
3
3
3
3
5
3
3
3
3
3
5
3
5
5
M
M
M
N
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
U
M
Latest Chg
97'201
(561'330)
1'014'435
35'206
111'913
(221'130)
(757)
255'000
(300)
23'810
7'000
200'000
78'000
(268'464)
Target Price
14
19
20
16
18
18
#N/A N/A
20
14
15
13
15
16
15
15
15
15
14
20
13
16
18
File Dt
Inst Type
31.12.2011
Holding Company
26.02.2013
Investment Advisor
07.03.2012
Investment Advisor
31.12.2012
Investment Advisor
02.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
04.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.07.2012
Investment Advisor
28.12.2012
Investment Advisor
30.12.2012
Investment Advisor
26.02.2013
Investment Advisor
01.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
6 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Date
21.02.2013
05.02.2013
04.02.2013
30.01.2013
25.01.2013
23.01.2013
15.01.2013
14.01.2013
08.01.2013
07.12.2012
03.12.2012
03.12.2012
28.11.2012
28.11.2012
28.11.2012
19.11.2012
14.11.2012
06.11.2012
21.08.2012
30.07.2012
08.06.2012
26.04.2012
28.02.2013
Close Brothers Group PLC

Close Brothers Group PLC is a specialist financial services group. The Company
makes loans, trades securities and provides advice and investment management
solutions to a wide range of clients. Close Brothers operates through three
divisions: Banking, Securities and Asset Management.
Price/Volume
1200
1.8 M
1.6 M
1000
1.4 M
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CBG LN EQUITY YTD Change
CBG LN EQUITY YTD % CHANGE
07/2012
01/yy
1'066.00
673.50
394'055.00
1040
-2.44%
54.42%
93.38%
147.5
1'534.29
1'651.50
0.0
3.7
816.80
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.07.2009
31.07.2010
676.7
624.4
71.7
65.9
15.86x
14.26x
Profitability
31.07.2011
694.7
14.6
25.48x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.07.2012
686.9
99.7
10.86x
22.38%
24.73%
1.60%
13.36%
4.01%
0.11%
18.3%
25.98%
215.57%
-
Price/ Cash Flow
.8 M
.6 M
.4 M
200
.2 M
0
f-12 m-12
.0 M
a-12 m-12
LTM-4Q
LTM
01/yy
01/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
-
3.99
1.02
128.58
48.22%
20.51%
1.017
12
3.833
417'715
430'536
408'581
FY+2
07/13 Y
07/14 Y
586.6
656.6
1.49x
1.30x
118.8
141.1
12.81x
10.84x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
215.6%
68.2%
0.11
10.01
-
80.00
900.0
70.00
800.0
60.00
700.0
600.0
50.00
500.0
40.00
400.0
30.00
300.0
20.00
200.0
10.00
100.0
0.00
31.07.2009
1.0 M
400
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.07.2008
687.2
90.0
10.25x
1.2 M
600
0.0
31.01.2010
31.07.2010
31.01.2011
31.07.2011
31.01.2012
31.07.2012
31.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Close Brothers Group PLC

Holdings By:
All
Holder Name
SCOTTISH WIDOWS
LLOYDS BANKING GROUP
CALEDONIA INVESTMENT
NORGES BANK
SCHRODER INVESTMENT
ARTEMIS INVESTMENT M
LEGAL & GENERAL
BLACKROCK
SCHRODER INVESTMENT
ABERDEEN
PRIVATE INDIVIDUALS
AVIVA INVESTORS
Firm Name
Peel Hunt
Macquarie
Berenberg Bank
Goldman Sachs
JPMorgan
EVA Dimensions
HSBC
Daniel Stewart & Co
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
STUART DUNCAN
NEIL WELCH
PRAS JEYANANDHAN
BENJAMIN MOORE
RAE MAILE
GARY GREENWOOD
ROBIN SAVAGE
JAMES HAMILTON
AUSTIN BURKETT
NITIN ARORA
SIMON WILLIS
Source
ULT-AGG
ULT-AGG
REG
RNS-MAJ
RNS-MAJ
Co File
REG
REG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
REG
REG
MF-AGG
MF-AGG
REG
MF-AGG
REG
Recommendation
buy
outperform
buy
neutral/neutral
overweight
hold
buy
hold
buy
neutral
buy
Amt Held
17'192'594
11'774'465
9'587'768
9'246'716
8'826'405
6'619'684
6'557'544
6'182'308
5'902'691
4'811'203
4'014'789
3'472'383
3'395'191
3'018'913
2'494'659
2'334'000
2'158'228
2'155'049
2'121'803
2'013'303
% Out
11.65
7.98
6.5
6.27
5.98
4.49
4.44
4.19
4
3.26
2.72
2.35
2.3
2.05
1.69
1.58
1.46
1.46
1.44
1.36
Weighting
Change
5
5
5
3
5
3
5
3
5
3
5
U
M
M
M
M
D
M
M
M
D
M
Latest Chg
(1'648'668)
(1'446'857)
(150'034)
(2'962'924)
(1'477'623)
344'977
(142'335)
(98'791)
467'830
146'784
155'613
(220'500)
119'024
100'558
64'657
(461)
145'043
Target Price
1'135
1'206
1'150
1'050
997
#N/A N/A
1'200
779
#N/A N/A
910
870
File Dt
02.01.2013
28.01.2013
02.01.2013
28.01.2013
22.02.2013
14.09.2012
02.01.2013
02.01.2013
31.01.2013
26.02.2013
31.12.2012
31.12.2012
02.01.2013
02.01.2013
02.01.2013
31.10.2012
26.02.2013
02.01.2013
31.07.2012
02.01.2013
Date
Not Provided
12 month
Not Provided
6 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Date
26.02.2013
13.02.2013
30.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
17.01.2013
08.10.2012
07.02.2012
28.02.2013
CNP Assurances
CNP Assurances offers group and individual life, health, accident, disability
and credit insurance, and pensions. The Company markets its products for
individuals through banks. CNP operates in parts of Europe and South America.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2012)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CNP FP EQUITY YTD Change
CNP FP EQUITY YTD % CHANGE
12/2012
09/yy
12.90
7.52
481'127.00
11.31
-12.33%
50.32%
70.42%
643.5
7'277.99
2'688.90
2'515.8
1'441.1
955.20
12'968.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.4 M
12
1.2 M
10
1.0 M
.8 M
.6 M
.4 M
.2 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
24'981.9
0.44x
730.6
11.64x
14
31.12.2009
31.12.2010
46'648.6
43'405.6
0.29x
0.30x
1'004.1
1'050.0
10.66x
8.09x
Profitability
LTM-4Q
31.12.2011
35'270.7
0.31x
871.9
6.51x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
41'374.1
0.32x
951.4
7.49x
5.99%
5.21%
0.28%
8.86%
7.90%
0.12%
2.3%
0.76%
23.12%
-
Price/ Cash Flow
LTM
06/yy
6'927.4
0.00x
0.0
0.00x
526.0
0.00x
09/yy
0.0
#DIV/0!
0.0
0.00x
783.0
0.00x
FY+1
1.13
186.16
13.85%
-2.54%
1.130
17
3.824
541'478
292'457
281'143
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
33'039.4
33'961.6
6'628.0
0.44x
0.43x
1'081.4
1'139.5
179.8
7.05x
6.77x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
A+
NEG
23.1%
14.7%
0.12
-
1.40
50'000.0
45'000.0
1.20
40'000.0
1.00
35'000.0
30'000.0
0.80
25'000.0
20'000.0
0.60
15'000.0
0.40
10'000.0
0.20
0.00
01.01.2010
5'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
CNP Assurances
Holdings By:
All
Holder Name
CAISSE DES DEPOTS ET
SOPASSURE
FRENCH STATE
VANGUARD GROUP INC
CNP ASSURANCES
BLACKROCK
SCHRODER INVESTMENT
BANQUE DEGROOF
INTERNATIONAL VALUE
LBPAM
STATE STREET BANQUE
STATE STREET
CREDIT SUISSE ASSET
LBBW ASSET MANAGEMEN
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst

Goldman Sachs
Credit Suisse
Oddo & Cie
Main First Bank AG
Bryan Garnier & Cie
AlphaValue
Exane BNP Paribas
JPMorgan
Raymond James
HSBC
Barclays
EVA Dimensions
Natixis
Day by Day
CA Cheuvreux
Nomura
RALPH HEBGEN
WILLIAM ELDERKIN
RICHARD BURDEN
NICOLAS JACOB
FEDERICO SALERNO
OLIVIER PAUCHAUT
JEROME CASSAGNE
THOMAS JACQUET
MICHAEL HUTTNER
DANNY JACQUES
THOMAS FOSSARD
CLAUDIA GASPARI
AUSTIN BURKETT
BENOIT VALLEAUX
VALERIE GASTALDY
ALEXIS ARQUIE
MICHAEL KLIEN
Source
Co File
Co File
MF-AGG
Co File
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
market perform
neutral/neutral
neutral
neutral
outperform
neutral
buy
neutral
overweight
market perform
overweight
equalweight
buy
buy
hold
outperform
neutral
Amt Held
237'660'516
210'821'912
8'883'341
6'475'364
4'462'071
2'367'164
1'471'898
1'381'975
1'092'782
891'035
552'975
490'998
447'301
341'969
307'000
261'595
254'535
233'711
225'351
214'148
% Out
36.93
32.76
1.38
1.01
0.69
0.37
0.23
0.21
0.17
0.14
0.09
0.08
0.07
0.05
0.05
0.04
0.04
0.04
0.04
0.03
Weighting
Change
3
3
3
3
5
3
5
3
5
3
5
3
5
5
3
5
3
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
177'150
11'406
(71'114)
(141)
(40'652)
14'000
(1'019'647)
(7'582)
36'000
6'133
105'843
23'157
28'306
(25'452)
Target Price
13
13
13
12
14
14
16
13
15
#N/A N/A
17
13
#N/A N/A
15
#N/A N/A
12
15
File Dt
31.12.2011
31.12.2011
31.03.2012
31.12.2011
31.12.2012
31.12.2011
26.02.2013
31.12.2012
31.01.2013
31.12.2012
01.02.2013
30.06.2012
31.12.2012
31.07.2012
31.10.2012
31.01.2013
31.01.2013
31.12.2012
28.12.2012
30.11.2012
Date
12 month
12 month
Not Provided
Not Provided
12 month
6 month
6 month
Not Provided
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Holding Company
Investment Advisor
Government
Investment Advisor
Insurance Company
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Date
27.02.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
22.02.2013
21.02.2013
15.02.2013
11.02.2013
08.02.2013
06.02.2013
04.02.2013
17.01.2013
10.01.2013
07.01.2013
22.06.2012
23.02.2012
28.02.2013
Cofinimmo
Cofinimmo is a Belgian real estate company that specialises in rental property.
The Company's main investment segments are office property, care homes and
distribution property networks. Cofinimmo is an independent company, which
manages its properties in-house.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.03.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
COFB BB EQUITY YTD Change
COFB BB EQUITY YTD % CHANGE
12/2012
12/yy
95.76
82.63
29'553.00
90.22
-5.79%
9.19%
57.81%
16.4
1'594.37
1'740.09
66.3
3.04
3'397.68
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
190.0
15.42x
170.8
17.15x
(5.3)
-
100
90
80
70
60
50
40
30
20
10
0
f-12
31.12.2009
31.12.2010
200.6
195.4
15.01x
15.29x
185.5
185.2
16.24x
16.13x
32.5
83.8
42.69x
17.27x
Profitability
LTM-4Q
31.12.2011
188.8
15.93x
178.0
16.89x
118.5
11.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
192.2
16.52x
98.1
13.99x
178.01
188.84
98.24%
55.65%
2.77%
6.77%
5.12%
0.05%
97.5%
51.0%
0.20
0.05
47.77%
117.89%
8.91
-
Price/ Cash Flow
12/yy
188.6
63.68x
0.0
0.00x
122.4
10.98x
LTM
12/yy
193.6
65.31x
0.0
0.00x
99.4
13.35x
FY+1
0.76
7.27%
0.69%
0.762
13
2.923
31'694
36'797
35'922
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
200.4
207.7
51.1
51.4
17.32x
16.82x
182.6
188.2
18.61x
18.05x
107.4
117.2
25.5
25.2
13.45x
12.66x
14.47x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
03.01.2007
BBB
NEG
18.01.2011
A-2
2.85
-0.27
117.9%
53.0%
0.05
0.06
41.09
-
16.00
250.0
14.00
200.0
12.00
10.00
150.0
8.00
100.0
6.00
4.00
50.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Cofinimmo
Holdings By:
All
Holder Name
COFINIMMO
BLACKROCK
VANGUARD GROUP INC
STATE STREET
COLONIAL FIRST STATE
LASALLE INVESTMENT M
MORGAN STANLEY
DIAM
PETERCAM SA
KBC GROUP NV
ING ASSET MANAGEMENT
BANK DELEN SA
AMUNDI
STATE STREET BANQUE
KREDIETRUST LUXEMBOU
Firm Name
Societe Generale
KBC Securities
Bank Degroof(ESN)
Petercam
Exane BNP Paribas
ING Bank
EVA Dimensions
ABN Amro Bank N.V.
Kempen & Co
JPMorgan
HSBC
Goldman Sachs
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
HENRI QUADRELLI
KOEN OVERLAET-MICHIELS
JEAN-MARIE CAUCHETEUX
JOEL GORSELE
NICK WEBB
JAAP KUIN
AUSTIN BURKETT
JAN WILLEM VAN KRANENBURG
ROBERT WOERDEMAN
ANNELIES J VERMEULEN
THOMAS MARTIN
KONSTANTIN BOYCHINOV
Source
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
hold
accumulate
hold
hold
neutral
hold
overweight
hold
neutral
underweight
overweight
Sell/Neutral
outperform
Amt Held
870'595
362'756
189'122
166'356
154'060
115'217
107'081
76'721
61'940
57'314
56'450
52'305
50'839
49'000
48'313
46'744
34'629
30'048
29'752
27'338
% Out
5.3
2.21
1.15
1.01
0.94
0.7
0.65
0.47
0.38
0.35
0.34
0.32
0.31
0.3
0.29
0.28
0.21
0.18
0.18
0.17
Weighting
Change
3
4
3
3
3
3
5
3
3
1
5
1
5
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
152
5'548
1'368
(32'940)
(8'912)
(516)
19'392
781
(4'700)
4'104
792
84
-
Target Price
94
97
93
92
90
91
#N/A N/A
85
88
97
104
83
107
File Dt
10.10.2012
26.02.2013
31.12.2012
27.02.2013
08.05.2012
21.08.2012
31.12.2012
31.12.2012
28.12.2012
11.01.2012
30.12.2011
31.01.2013
31.12.2012
28.09.2012
31.12.2012
28.09.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
12 month
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
12.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
21.01.2013
17.01.2013
17.01.2013
13.01.2013
09.01.2013
05.12.2012
27.11.2012
29.09.2011
28.02.2013
Daily Mail & General Trust PLC

Daily Mail and General Trust PLC owns and administers a wide range of media
interests. The Company specializes in the publication and printing of newspapers
and periodicals. Daily Mail is active in television, radio, teletext, magazines,
exhibitions, book publishing, and operates a number of internet sites.
Price/Volume
800
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
700
600
500
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.02.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DMGT LN EQUITY YTD Change
DMGT LN EQUITY YTD % CHANGE
09/2012
12/yy
708.50
361.40
2'660'271.00
705.5
-0.42%
95.21%
99.14%
357.8
2'633.44
728.00
0.0
95.3
104.70
3'352.04
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200
100
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
2'311.7
0.99x
377.1
6.09x
0.0
1621.25x
300
LTM-4Q
30.09.2009
30.09.2010
2'062.4
1'968.0
1.32x
1.47x
424.7
423.4
6.41x
6.82x
(303.4)
199.8
12.08x
Profitability
30.09.2011
1'748.5
1.23x
320.9
6.72x
108.5
12.23x
30.09.2012
1'746.8
1.47x
242.8
10.55x
257.2
9.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
242.80
104.50
5.98%
11.81%
11.79%
272.75%
0.80%
13.9%
6.0%
14.7%
0.65
0.41
33.53%
453.02%
7.62
-
Price/ Cash Flow
01/yy
1'485.0
0.00x
0.0
0.00x
0.0
0.00x
LTM
12/yy
1'754.8
0.00x
0.0
0.00x
0.0
0.00x
FY+1
2.55
1.07
281.04
70.43%
28.04%
1.073
21
3.667
1'240'130
743'290
684'811
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
1'806.5
1'828.4
1.82x
1.75x
360.8
373.7
9.29x
8.97x
194.4
204.8
13.83x
12.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.04.2009
BB+
POS
23.04.2009
B
3.79
2.85
2.57
3.00
453.0%
74.0%
0.80
6.43
47.77
-
14.00
2'500.0
12.00
2'000.0
10.00
1'500.0
8.00
6.00
1'000.0
4.00
500.0
2.00
0.00
09.10.2009
0.0
09.04.2010
09.10.2010
09.04.2011
09.10.2011
09.04.2012
09.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Daily Mail & General Trust PLC

Holdings By:
All
Holder Name
ROTHERMERE VISCOUNT
SCHRODER INVESTMENT
SCHRODER INVESTMENT
GREENLIGHT CAPITAL I
AVIVA INVESTORS
UBS
LINDSELL TRAIN INVES
IGNIS ASSET MANAGEME
RWC PARTNERS LTD
CAPITA FINANCIAL MAN
CAZENOVE CAPITAL MAN
CAZENOVE UNIT TRUST
HOARES BANK
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

ALEX DE GROOTE
Macquarie
ANGUS TWEEDIE
Liberum Capital Ltd
IAN WHITTAKER
HSBC
DAN GRAHAM
RODDY DAVIDSON
Deutsche Bank
MARK BRALEY
Exane BNP Paribas
WILLIAM PACKER
Barclays
NICK DEMPSEY
Investec
STEVEN LIECHTI
Credit Suisse
JOSEPH BARNET-LAMB
SIMON DAVIES
GARETH R DAVIES
Jefferies
DAVID REYNOLDS
EVA Dimensions
CRAIG STERLING
Peel Hunt
PATRICK YAU
MARK EVANS
JPMorgan
MARCUS DIEBEL
Goldman Sachs
VIGHNESH PADIACHY
Morgan Stanley
PATRICK WELLINGTON
N+1 Singer Ltd
JOHNATHAN BARRETT
Nomura
MATTHEW WALKER
Source
REG
Co File
ULT-AGG
REG
MF-AGG
Short
REG
REG
ULT-AGG
REG
REG
REG
REG
MF-AGG
REG
REG
MF-AGG
REG
MF-AGG
REG
Recommendation
buy
neutral
buy
underweight
neutral
hold
neutral
equalweight
buy
outperform
hold
buy
buy
overweight
hold
neutral
neutral
neutral/neutral
Equalwt/Attractive
not rated
reduce
Amt Held
% Out
76'699'940 21.44
75'134'502
21
51'342'798 14.35
41'950'846 11.73
25'584'806
7.15
(16'075'828) -4.49
11'461'879
3.2
11'061'849
3.09
11'013'707
3.08
10'392'638
2.9
8'283'870
2.32
7'163'435
2
6'881'450
1.92
6'766'162
1.89
6'759'755
1.89
6'186'108
1.73
5'372'218
1.5
5'368'892
1.5
5'165'200
1.44
4'880'860
1.36
Weighting
5
3
5
1
3
3
3
3
5
5
3
5
5
5
3
3
3
3
3
#N/A N/A
2
Change
M
U
M
M
N
U
U
M
M
M
M
M
N
U
M
N
M
M
M
M
M
Latest Chg
(99'002)
1'313'221
32'552
2'002'575
(217'732)
(60'365)
350'518
3'146'995
459'990
(23'949)
3'399'504
(2'246'924)
96'500
(6'437)
1'250'200
-
Target Price
635
650
625
490
604
630
620
675
665
700
600
705
683
#N/A N/A
556
555
642
590
545
#N/A N/A
440
File Dt
Inst Type
01.12.2012
Other
30.09.2012
n/a
31.12.2012
Investment Advisor
01.12.2012
Investment Advisor
31.10.2012
Investment Advisor
01.12.2012
Investment Advisor
01.12.2012
Investment Advisor
01.12.2012
Unclassified
01.12.2012
Investment Advisor
01.12.2012
Unclassified
01.12.2012
Investment Advisor
01.12.2012
Investment Advisor
31.03.2012
Investment Advisor
01.12.2012
Investment Advisor
01.12.2012
Investment Advisor
01.12.2012
Investment Advisor
31.12.2012
Investment Advisor
01.12.2012
Unclassified
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Date
26.02.2013
25.02.2013
21.02.2013
19.02.2013
12.02.2013
08.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
04.02.2013
29.01.2013
23.01.2013
14.01.2013
11.01.2013
09.01.2013
25.11.2012
24.02.2012
01.09.2011
28.02.2013
Davide Campari-Milano SpA

Davide Campari - Milano S.p.A. is a global producer and distributor of branded
spirits, wines, and soft drinks. The Company's products include aperitifs,
vodka, tequila, liquors, vermouths and various wines as well as flavored sodas.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.10.2012)
52-Week Low (30.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CPR IM EQUITY YTD Change
CPR IM EQUITY YTD % CHANGE
12/2011
09/yy
6.55
5.00
1'409'772.00
5.975
-8.71%
19.50%
63.11%
580.8
3'470.28
1'049.90
0.0
3.7
414.20
4'139.98
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
957.5
2.29x
220.1
9.97x
125.2
15.24x
31.12.2008
31.12.2009
942.3
1'008.4
1.80x
2.80x
214.7
260.8
7.92x
10.84x
126.5
137.1
10.91x
30.40x
Profitability
LTM-4Q
31.12.2010
1'163.0
2.99x
295.0
11.78x
156.2
18.04x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
1'274.2
2.83x
325.8
11.08x
159.2
19.06x
325.80
295.50
23.19%
19.68%
5.83%
12.29%
8.35%
0.47%
57.7%
25.6%
23.2%
12.5%
1.95
1.26
36.19%
76.99%
4.57
1.59
Price/ Cash Flow
09/yy
1'257.4
5.88x
322.0
0.00x
162.6
21.36x
LTM
09/yy
1'316.5
5.65x
332.8
0.00x
155.9
22.68x
FY+1
0.58
284.59
7.86%
3.02%
0.575
22
2.955
1'679'738
1'491'199
1'534'382
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
1'337.4
1'599.4
406.5
3.15x
2.65x
337.6
383.3
12.26x
10.80x
169.7
198.9
20.19x
17.47x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
7.26
6.36
2.00
3.14
77.0%
43.4%
0.47
4.11
80.09
230.56
114.16
177.97
30.00
1'400.0
25.00
1'200.0
1'000.0
20.00
800.0
15.00
600.0
10.00
400.0
5.00
200.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Davide Campari-Milano SpA

Holdings By:
All
Holder Name
ALICROS SPA
CEDAR ROCK CAPITAL L
MORGAN STANLEY
MORGAN STANLEY INVES
INDEPENDENT FRANCHIS
GAMCO
CAZENOVE UNIT TRUST
VANGUARD GROUP INC
CARMIGNAC GESTION
BLACKROCK
GCIC LTD/CANADA
AGF INVESTMENTS INC
FMR LLC
DEUTSCHE BANK AG
DWS INVESTMENT S A
Firm Name
JPMorgan
Exane BNP Paribas
Mediobanca SpA
Banca Akros(ESN)
Banca IMI
Liberum Capital Ltd
Barclays
EVA Dimensions
Nomura
Goldman Sachs
Societe Generale
Deutsche Bank
Berenberg Bank
Centrobanca
Equita SIM SpA
CA Cheuvreux
Natixis
Hammer Partners SA
Redburn Partners
Ricerca Finanza
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
MIKE J GIBBS
FRANCOIS MOSNIER
EMANUELA MAZZONI
CLAUDIO GIACOMIELLO
LUCA BACOCCOLI
PABLO ZUANIC
SAMAR CHAND
AUSTIN BURKETT
EDWARD MUNDY
MITCHELL COLLETT
NICOLAS CERON
LAETITIA DELAYE
JAMES ISENWATER
PHILIP MORRISEY
SIMONE RAGAZZI
PAOLA CARBONI
MARCO BACCAGLIO
OLIVIER DELAHOUSSE
ALBERTO ROLLA
CHRISTIAN DE ROUALLE
MASSIMO INTROPIDO
Source
EXCH
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
overweight
neutral
neutral
hold
hold
hold
underweight
underweight
neutral
sell/attractive
sell
reduce
hold
hold
buy
hold
select list
buy
buy
neutral
outperform
Amt Held
296'207'994
60'989'807
13'442'273
11'865'744
11'749'584
5'388'500
4'433'000
4'313'200
3'214'699
2'470'279
2'367'647
2'189'628
2'017'308
1'966'500
1'634'797
1'609'933
1'188'236
971'598
940'858
888'738
% Out
51
10.5
2.31
2.04
2.02
0.93
0.76
0.74
0.55
0.43
0.41
0.38
0.35
0.34
0.28
0.28
0.2
0.17
0.16
0.15
Weighting
Change
5
3
3
3
3
3
1
1
3
1
1
2
3
3
5
3
5
5
5
3
5
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
U
M
M
N
Latest Chg
(122'371)
92'000
29'694
579'022
(1'408'957)
30'818
1'835'922
117'649
893'989
37'408
970'419
38'290
Target Price
6
6
6
6
6
#N/A N/A
5
#N/A N/A
6
6
6
5
6
6
7
6
7
7
7
#N/A N/A
#N/A N/A
File Dt
Inst Type
05.11.2012
Investment Advisor
05.11.2012
Investment Advisor
31.12.2012
Investment Advisor
05.11.2012
Investment Advisor
05.11.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
30.06.2012
Investment Advisor
28.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
30.04.2012
Investment Advisor
28.12.2012
Investment Advisor
Date
6 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
26.02.2013
22.02.2013
18.02.2013
18.02.2013
05.02.2013
25.01.2013
23.01.2013
17.01.2013
16.01.2013
09.01.2013
04.12.2012
16.11.2012
13.11.2012
29.10.2012
04.10.2012
05.09.2012
04.09.2012
04.09.2012
04.09.2012
15.06.2010
01.06.2010
28.02.2013
DCC PLC
DCC is a sales, marketing, distribution and business support services Group.
The Group operates in the following sectors, energy, IT & entertainment
products, healthcare, environmental services and food & beverage. DCC's
strategy is to grow a sustainable, diversified business.
Price/Volume
30
.9 M
.8 M
25
.7 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.02.2013)
52-Week Low (10.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DCC ID EQUITY YTD Change
DCC ID EQUITY YTD % CHANGE
03/2012
01/yy
27.40
17.55
122'393.00
26.7
-2.55%
52.14%
92.89%
83.7
2'234.61
919.36
0.0
2.7
630.02
2'621.74
.5 M
31.03.2008
5'532.0
0.26x
213.1
6.63x
164.5
7.32x
.4 M
10
.3 M
.2 M
.1 M
0
f-12
31.03.2009
31.03.2010
6'400.1
6'725.0
0.19x
0.27x
224.6
239.8
5.39x
7.65x
116.3
130.8
8.01x
12.09x
Profitability
31.03.2011
8'680.6
0.24x
282.5
7.39x
145.1
12.88x
31.03.2012
10'690.3
0.18x
240.7
8.02x
102.4
15.12x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
240.73
173.92
1.63%
1.24%
3.03%
10.64%
7.62%
3.57%
7.1%
2.0%
1.4%
1.0%
1.37
1.05
24.29%
90.91%
33.65
Price/ Cash Flow
a-12
m-12
LTM-4Q
LTM
01/yy
01/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
-
2.99
0.71
77.90
44.16%
7.66%
0.708
4
3.500
179'766
223'229
177'450
FY+2
03/13 Y
03/14 Y
13'129.0
13'566.7
0.19x
0.18x
288.3
309.3
9.09x
8.48x
155.0
177.0
13.48x
12.44x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
4.77
3.38
1.54
3.90
90.9%
47.6%
3.57
26.95
10.88
8.06
12.00
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
03.04.2009
.0 M
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
15
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
DCC PLC
Holdings By:
All
Holder Name
FMR LLC
INVESCO LTD
PRUDENTIAL PLC
FRANKLIN RESOURCES
SETANTA ASSET MANAGE
FLAVIN JAMES FRANCIS
BESTINVER GESTION SG
VANGUARD GROUP INC
BLACKROCK
INVESCO CANADA LTD
TOCQUEVILLE ASSET MA
SCHRODER INVESTMENT
Firm Name
JPMorgan
EVA Dimensions
Davy
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
TOCQUEVILLE ASSET MA
Multiple Portfolios
Multiple Portfolios
Analyst
DAVID O'BRIEN
ROBERT PLANT
CRAIG STERLING
JOSHUA GOLDMAN
Source
ULT-AGG
RNS-MAJ
RNS-MAJ
MF-AGG
ULT-AGG
RNS-MAJ
Co File
RNS-MAJ
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
Recommendation
buy
neutral
sell
outperform
Amt Held
10'721'808
7'520'037
5'823'560
4'881'284
4'420'984
2'598'147
2'532'850
2'365'865
2'265'846
1'592'385
1'138'378
553'324
528'705
511'411
496'592
490'778
461'721
436'799
376'200
317'555
% Out
12.81
8.99
6.96
5.83
5.28
3.1
3.03
2.83
2.71
1.9
1.36
0.66
0.63
0.61
0.59
0.59
0.55
0.52
0.45
0.38
Weighting
Change
5
3
1
5
M
M
M
M
Latest Chg
(73'444)
804'091
(857'398)
(11'807)
(823'081)
(1'398)
24'042
86'668
57'759
(3'744)
33'418
84'324
(39'000)
1'200
(17'804)
Target Price
27
26
#N/A N/A
#N/A N/A
File Dt
Inst Type
22.10.2012
Investment Advisor
15.06.2012
Investment Advisor
01.02.2013
Investment Advisor
30.09.2012
Unclassified
31.12.2012
Investment Advisor
19.05.2011
Unclassified
31.03.2012
n/a
19.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
Date
27.02.2013
06.02.2013
17.01.2013
06.11.2012
28.02.2013
De La Rue PLC
De La Rue plc group specializes in the supply of cash handling equipment and
security products. The Company produces approximately 150 national currencies,
electric transaction solutions and identity systems. Their various security
items include stamps, vouchers, passports, travelers checks, drivers licenses
and ATM mechanisms, as well as security papers, threads and tear tapes.
Price/Volume
1200
1.2 M
1.0 M
600
Latest Fiscal Year:

LTM as of:
52-Week High (26.10.2012)
52-Week Low (10.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DLAR LN EQUITY YTD Change
DLAR LN EQUITY YTD % CHANGE
03/2012
01/yy
1'080.00
883.00
92'015.00
939
-13.06%
6.34%
28.43%
99.6
935.52
48.80
0.0
3.9
24.00
1'091.82
31.03.2008
467.0
2.62x
106.1
11.54x
88.1
20.43x
.8 M
.6 M
400
.4 M
200
.2 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
31.03.2010
502.4
561.1
1.93x
1.68x
123.0
124.7
7.89x
7.57x
363.0
69.9
18.76x
13.24x
Profitability
31.03.2011
463.9
1.77x
67.2
12.25x
66.9
11.76x
31.03.2012
528.3
1.75x
91.7
10.08x
31.6
28.28x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
91.70
65.10
12.32%
6.23%
8.74%
1.27%
17.8%
12.7%
6.0%
0.61
0.30
11.95%
6.18
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.50
0.32
94.15
2.94%
2.90%
0.316
8
3.750
121'175
235'772
222'903
FY+2
03/13 Y
03/14 Y
509.2
577.0
2.02x
1.80x
87.9
130.2
12.43x
8.39x
43.4
70.3
21.05x
13.28x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
20.84
13.55
1.60
1.85
1525.0%
1.27
3.31
60.06
-
40.00
800.0
35.00
700.0
30.00
600.0
25.00
500.0
20.00
400.0
15.00
300.0
10.00
200.0
5.00
100.0
0.00
03.04.2009
1.4 M
800
Valuation Analysis
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.6 M
1000
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
De La Rue PLC
Holdings By:
All
Holder Name
PRUDENTIAL PLC
MONDRIAN INVESTMENT
SCHRODERS PLC
KAMES CAPITAL PLC
AEGON
FRANKLIN RESOURCES
RUANE CUNNIFF & GOLD
BLACKROCK
LEGAL & GENERAL
LIONTRUST
MASSACHUSETTS MUTUAL
NORDEA BANK AB
ALTA ADVISERS LTD
NEWTON INV MGMT
Firm Name
Investec
JPMorgan
Goldman Sachs
EVA Dimensions
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
THOMAS RANDS
CHARLES PICK
ALEXANDER MEES
PAUL JONES
BENJAMIN MOORE
CRAIG STERLING
Source
RNS-MAJ
REG
RNS-MAJ
RNS-MAJ
ULT-AGG
ULT-AGG
REG
ULT-AGG
RNS-MAJ
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
Co File
MF-AGG
REG
REG
RNS-RUL8
RNS-RUL8
REG
Recommendation
buy
hold
overweight
hold
neutral/neutral
hold
Amt Held
14'753'114
7'709'584
6'135'926
6'011'600
5'673'342
5'520'290
5'320'663
5'166'224
5'072'695
4'641'718
4'518'593
4'218'601
3'934'027
3'008'890
2'790'500
2'790'500
2'431'250
2'403'582
2'334'296
2'297'322
% Out
14.81
7.74
6.16
6.03
5.69
5.54
5.34
5.19
5.09
4.66
4.54
4.23
3.95
3.02
2.8
2.8
2.44
2.41
2.34
2.31
Weighting
Change
5
3
5
3
3
3
M
M
M
M
M
M
Latest Chg
3'802'329
1'137'232
(213'180)
153'412
(254'498)
(1'086'690)
(126'757)
(4'460'412)
3'174'584
(1'788'681)
42'819
(1'011'241)
(130'550)
(130'550)
(3'781)
317
1'154'123
Target Price
960
1'009
1'170
932
1'175
#N/A N/A
File Dt
Inst Type
15.02.2013
Investment Advisor
18.06.2012
Investment Advisor
12.12.2012
Investment Advisor
03.12.2012
Unclassified
31.12.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
03.01.2013
Investment Advisor
27.08.2010
Investment Advisor
26.02.2013
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Unclassified
31.03.2012
Insurance Company
28.09.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Government
17.01.2011
Investment Advisor
06.12.2010
Other
Date
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Date
22.02.2013
04.02.2013
01.02.2013
01.02.2013
22.01.2013
15.01.2013
28.02.2013
Debenhams PLC
Debenhams PLC operates department stores in the United Kingdom and Ireland.
The Company's stores retail men's, women's, and children's clothes, cosmetics,
electrical appliances, home furnishings, bicycles, luggage, garden products,
flowers, and giftware. Their stores are situated in high street locations and
out of town retail parks.
Price/Volume
140
Latest Fiscal Year:

LTM as of:
52-Week High (02.11.2012)
52-Week Low (09.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DEB LN EQUITY YTD Change
DEB LN EQUITY YTD % CHANGE
08/2012
01/yy
124.80
70.05
5'708'248.00
93.6
-25.00%
33.62%
43.01%
1'255.9
1'175.53
412.70
0.0
0.0
44.00
1'544.23
80
15.0 M
60
10.0 M
40
5.0 M
20
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
100
Valuation Analysis
31.08.2008
1'839.2
0.78x
260.8
5.48x
77.1
5.55x
25.0 M
120
31.08.2009
31.08.2010
1'915.6
2'119.9
0.84x
0.60x
275.1
283.4
5.86x
4.49x
95.1
97.0
7.94x
7.79x
Profitability
31.08.2011
2'209.8
0.49x
263.1
4.12x
117.2
5.97x
31.08.2012
2'229.8
0.72x
252.0
6.39x
125.3
9.87x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
252.00
160.40
7.19%
7.10%
6.10%
18.98%
13.00%
1.09%
13.6%
11.3%
7.2%
5.6%
0.63
0.09
19.74%
62.44%
102.76
5.90
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.53
1.01
1'083.45
31.12%
-17.89%
1.015
23
3.870
6'925'337
6'661'620
5'687'607
FY+2
08/13 Y
08/14 Y
2'620.5
2'705.1
0.59x
0.56x
278.1
295.7
5.55x
5.22x
130.6
139.7
9.00x
8.14x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
14.08
8.41
1.46
1.64
62.4%
38.4%
1.09
3.44
3.54
61.71
56.82
8.44
8.00
2'500.0
7.00
2'000.0
6.00
5.00
1'500.0
4.00
1'000.0
3.00
2.00
500.0
1.00
0.00
04.09.2009
0.0
04.03.2010
04.09.2010
04.03.2011
04.09.2011
04.03.2012
04.09.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Debenhams PLC
Holdings By:
All
Holder Name
SCHRODER INVESTMENT
SCHRODER INVESTMENT
MILESTONE RESOURCES
DELTA LLOYD NV
MAJEDIE ASSET MANAGE
OLD MUTUAL
JP MORGAN
LEGAL & GENERAL
UBS
BESTINFOND FL
AEGON
SCOTTISH WIDOWS
GLOBEFLEX CAPITAL LP
Firm Name
Portfolio Name
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

SANJAY VIDYARTHI
EVA Dimensions
CRAIG STERLING
Cantor Fitzgerald
KATE CALVERT
Investec
BETHANY HOCKING
Nomura
FRASER RAMZAN
Redburn Partners
GEOFF LOWERY
JPMorgan
GEORGINA JOHANAN
N+1 Singer Ltd
MATTHEW MCEACHRAN
Morgan Stanley
GEOFFREY RUDDELL
EITHNE O'LEARY
Peel Hunt
JOHN STEVENSON
Exane BNP Paribas
BEN SPRUNTULIS
ANDREW WADE
Societe Generale
ANNE CRITCHLOW
Barclays
CHRISTODOULOS CHAVIARAS
HSBC
PAUL ROSSINGTON
CLIVE WILLIAM BLACK
JEAN ROCHE
Deutsche Bank
WARWICK OKINES
Goldman Sachs
FRANKLIN WALDING
Merchant Securities
AMISHA CHOHAN
Source
REG
MF-AGG
REG
ULT-AGG
RNS-MAJ
Co File
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
RNS-MAJ
ULT-AGG
REG
REG
ULT-AGG
MF-AGG
REG
13F
REG
Recommendation
buy
overweight
reduce
buy
neutral
sell
overweight
buy
Equalwt/Cautious
buy
buy
neutral
reduce
buy
equalweight
overweight
corporate
hold
hold
neutral/neutral
hold
Amt Held
191'851'820
127'246'115
89'183'155
74'272'310
66'480'510
61'554'348
61'131'734
51'411'547
46'538'959
42'795'709
38'881'131
38'168'003
33'044'727
32'263'085
31'815'149
31'046'972
29'351'769
20'718'087
20'377'423
18'839'419
% Out
15.28
10.13
7.1
5.91
5.29
4.9
4.87
4.09
3.71
3.41
3.1
3.04
2.63
2.57
2.53
2.47
2.34
1.65
1.62
1.5
Weighting
Change
5
5
2
5
3
1
5
5
3
5
5
3
2
5
3
5
#N/A N/A
3
3
3
3
M
U
M
M
M
D
M
M
D
M
M
M
D
M
M
M
M
M
M
M
M
Latest Chg
4'030'496
(5'865'286)
35'809'159
(1'261'230)
(1'938'087)
3'131'453
1'443'000
12'967'409
72'433
19'398'848
26'997'970
(3'522'070)
966'769
(317'000)
1'891'770
967'167
Target Price
125
#N/A N/A
95
130
120
#N/A N/A
137
122
110
150
130
105
95
130
105
135
#N/A N/A
112
120
121
#N/A N/A
File Dt
Inst Type
01.11.2012
Investment Advisor
31.10.2012
Investment Advisor
01.11.2012
Unclassified
15.02.2013
Bank
01.02.2013
Investment Advisor
19.10.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Unclassified
01.11.2012
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Unclassified
06.07.2012
n/a
01.11.2012
Unclassified
01.11.2012
Government
01.11.2012
Investment Advisor
01.11.2012
Unclassified
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
15.02.2013
15.02.2013
11.02.2013
07.02.2013
05.02.2013
05.02.2013
04.02.2013
31.01.2013
27.01.2013
25.01.2013
23.01.2013
22.01.2013
16.01.2013
09.01.2013
09.01.2013
08.01.2013
08.01.2013
08.01.2013
18.12.2012
06.12.2012
19.04.2012
28.02.2013
Delta Lloyd NV
Delta Lloyd N.V. provides insurance and financial services. The Company
provides life, health, and other types of insurance, as well as pension, asset
management, and banking products and services, to customers in the Netherlands,
Belgium, and Germany.
Price/Volume
16
45.0 M
14
40.0 M
12
35.0 M
30.0 M
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DL NA EQUITY YTD Change
DL NA EQUITY YTD % CHANGE
12/2012
09/yy
14.82
9.20
1'180'823.00
13.14
-11.31%
42.78%
70.15%
176.8
2'493.87
6'898.60
0.0
309.4
3'543.40
6'971.57
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
15.0 M
10.0 M
5.0 M
0
f-12 m-12
31.12.2009
31.12.2010
8'344.2
9'071.0
1.19x
1.10x
(124.4)
620.8
4.32x
Profitability
LTM-4Q
31.12.2011
9'743.6
0.60x
(312.7)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
(1'495.0)
2.68%
-4.25%
0.00%
0.16%
-3.2%
9.22%
0.00%
-
Price/ Cash Flow
j-12
LTM
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
j-12
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.37
166.65
4.09%
6.53%
1.368
18
3.944
1'156'153
876'260
1'506'467
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
10'127.5
8'996.0
1.07x
1.15x
427.1
437.0
5.11x
5.34x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
BBB+
STABLE
0.0%
62.3%
0.16
-
0.60
12'000.0
0.50
10'000.0
0.40
8'000.0
0.30
6'000.0
0.20
4'000.0
0.10
2'000.0
0.00
01.01.2010
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
7'123.3
(160.8)
-
25.0 M
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Delta Lloyd NV
Holdings By:
All
Holder Name
EINHORN D
VANGUARD GROUP INC
ROBECO FUND MANAGEME
BLACKROCK
SCHRODER INVESTMENT
FMR LLC
STICHTING FONDS NUTS
AMUNDI
PRINCIPAL FINANCIAL
LBPAM
LBBW ASSET MANAGEMEN
SMITH & WILLIAMSON H
MCLEAN BUDDEN LTD
Firm Name
ING Bank
JPMorgan
HSBC
Credit Suisse
Goldman Sachs
ABN Amro Bank N.V.
EVA Dimensions
Morgan Stanley
RBC Capital Markets
SNS Securities(ESN)
Societe Generale
Petercam
CA Cheuvreux
Deutsche Bank
Nomura
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ALBERT PLOEGH
ASHIK MUSADDI
STEVEN HAYWOOD
RICHARD BURDEN
COR KLUIS
COLIN L SIMPSON
JAN WILLEM WEIDEMA
TOM MULLER
AUSTIN BURKETT
DAVID ANDRICH
GORDON AITKEN
LEMER SALAH
JASON KALAMBOUSSIS
MATTHIAS DE WIT
HANS PLUIJGERS
ROBIN BUCKLEY
BENOIT PETRARQUE
TEAM COVERAGE
Source
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
neutral
neutral
neutral
buy
Buy/Neutral
buy
buy
sell
Overwt/In-Line
outperform
accumulate
buy
buy
underperform
hold
hold
neutral
Amt Held
8'931'508
4'959'228
3'680'409
1'598'468
1'439'716
1'400'000
1'281'336
1'257'156
1'200'523
1'199'012
1'068'790
1'064'840
961'123
869'791
778'658
649'695
533'762
502'900
495'800
487'150
% Out
5.05
2.81
2.08
0.9
0.81
0.79
0.72
0.71
0.68
0.68
0.6
0.6
0.54
0.49
0.44
0.37
0.3
0.28
0.28
0.28
Weighting
Change
5
3
3
3
5
5
5
5
1
5
5
4
5
5
1
3
3
3
M
M
N
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
518'728
61'787
225'296
(100'000)
21'144
(86'894)
206'917
(4'684)
247'801
381'594
96'645
(141'680)
Target Price
16
14
16
16
19
16
14
16
#N/A N/A
16
14
17
17
17
12
14
17
21
File Dt
31.12.2010
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
26.02.2013
31.07.2012
31.07.2012
31.12.2012
31.12.2009
31.10.2012
28.09.2012
31.01.2013
31.12.2012
30.12.2012
31.12.2012
30.11.2012
31.01.2013
30.11.2012
Date
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
27.02.2013
19.02.2013
11.02.2013
07.02.2013
21.01.2013
18.01.2013
18.01.2013
15.01.2013
15.01.2013
10.01.2013
09.01.2013
09.01.2013
04.12.2012
26.11.2012
20.11.2012
26.07.2012
12.04.2011
31.03.2011
28.02.2013
Deutsche Euroshop AG
Deutsche Euroshop AG invests in shopping centers. The Company owns shopping
centers in locations throughout Europe. The properties are primarily in city
centers.
Price/Volume
35
.9 M
30
.8 M
.7 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.12.2012)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DEQ GY EQUITY YTD Change
DEQ GY EQUITY YTD % CHANGE
12/2011
09/yy
32.45
25.36
75'760.00
31.19
-3.88%
23.01%
82.24%
53.9
1'682.56
1'472.15
0.0
280.1
64.41
3'080.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.5 M
15
.4 M
.3 M
10
.2 M
5
0
f-12
.1 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
100.8
17.00x
81.2
21.11x
94.2
8.64x
.6 M
20
31.12.2008
31.12.2009
120.2
130.8
15.07x
14.30x
102.2
113.0
17.72x
16.55x
68.9
34.4
12.15x
25.45x
Profitability
LTM-4Q
31.12.2010
147.6
20.30x
126.5
23.69x
81.8
16.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
193.1
15.37x
167.8
17.69x
93.4
13.70x
167.81
102.02
52.83%
74.62%
3.29%
8.96%
4.11%
0.07%
87.9%
48.4%
45.65%
123.39%
-
Price/ Cash Flow
09/yy
177.6
62.90x
152.0
18.82x
83.5
15.56x
LTM
09/yy
212.8
53.98x
186.9
15.50x
103.3
14.53x
FY+1
0.63
43.23
25.50%
-1.42%
0.626
26
3.462
72'074
77'430
98'279
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
209.1
216.3
52.5
54.4
16.66x
16.09x
60.47x
58.07x
184.3
190.9
44.3
48.7
16.70x
16.12x
16.16x
15.80x
100.7
105.8
32.0
21.4
18.02x
17.24x
16.04x
16.20x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.55
1.38
7.48
7.95
123.4%
50.0%
0.07
-
30.00
250.0
25.00
200.0
20.00
150.0
15.00
100.0
10.00
50.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Deutsche Euroshop AG
Holdings By:
All
Holder Name
OTTO ALEXANDER
OTTO BENJAMIN
BLACKROCK
HERTIE FOUNDATION
DEUTSCHE BANK AG
BAY POND PARTNERS LP
VANGUARD GROUP INC
BAY POND INVESTORS B
ADIG INVESTMENT
CQS UK LLP
DEXIA
SCOTTISH WIDOWS
ING INTERNATIONAL AD
COHEN & STEERS CAPIT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Commerzbank Corporates & Markets THOMAS ROTHAEUSLER

HSBC
THOMAS MARTIN
Deutsche Bank
MARKUS SCHEUFLER
Oddo & Cie
MARINE LAFITTE
Natixis
SERGE DEMIRDJIAN
Petercam
STEPHAN VAN WEEREN
EVA Dimensions
AUSTIN BURKETT
Kempen & Co
THOMAS VAN DER MEIJ
Bankhaus Lampe
GEORG KANDERS
GSC Research
MATTHIAS SCHRADE
Societe Generale
MICHEL VARALDO
Bankhaus Metzler
JOCHEN SCHMITT
STEFAN BONGARDT
Berenberg Bank
KAI MALTE KLOSE
M.M. Warburg Investment Research ANDREAS PLAESIER
DIRK BECKER
LFG Kronos Investment Services GmbH THOMAS ANEY
MANUEL MARTIN
DZ Bank AG
ULRICH GEIS
MARTIJN VAN DEN EIJNDEN
JOCHEN ROTHENBACHER
RALF GROENEMEYER
Baader Bank
ANDRE REMKE
ABN Amro Bank N.V.
MICHIEL DE JONGE
MARIYA PANAYOTOVA
Source
Research
Co File
ULT-AGG
Co File
Short
MF-AGG
ULT-AGG
Short
MF-AGG
Short
MF-AGG
MF-AGG
Short
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
neutral
hold
neutral
reduce
reduce
underweight
overweight
hold
buy
buy
buy
hold
buy
buy
hold
add
hold
hold
buy
hold
neutral
hold
reduce
outperform
Amt Held
% Out
5'163'390
9.57
3'996'270
7.41
3'162'039
5.86
1'559'268
2.89
(1'375'610) -2.55
1'202'605
2.23
912'183
1.69
(681'534) -1.26
569'244
1.06
(423'377) -0.78
366'492
0.68
317'700
0.59
(312'884) -0.58
262'977
0.49
247'831
0.46
245'000
0.45
240'000
0.44
224'674
0.42
210'000
0.39
178'745
0.33
Weighting
Change
3
3
3
3
2
2
1
5
3
5
5
5
3
5
5
3
4
3
3
5
3
3
3
2
5
M
M
M
M
M
M
M
U
M
M
U
M
M
M
M
M
M
M
M
U
M
M
M
M
M
Latest Chg
(6'070)
118'680
(15'500)
(1'462)
(51'631)
15'937
(41'305)
(144'000)
53'754
37'762
65'958
(16'700)
(50'596)
(47'876)
3'000
172'606
Target Price
31
33
33
34
27
29
#N/A N/A
33
33
#N/A N/A
35
33
32
34
34
32
34
30
30
34
30
31
33
27
30
File Dt
Inst Type
14.11.2012
n/a
31.12.2011
n/a
26.02.2013
Investment Advisor
31.12.2011
Other
09.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
27.07.2012
Unclassified
31.12.2012
Investment Advisor
30.07.2012
Investment Advisor
31.10.2012
Investment Advisor
14.02.2013
Investment Advisor
31.12.2011
Bank
28.09.2012
Investment Advisor
31.10.2012
Unclassified
28.09.2012
Investment Advisor
25.02.2013
Investment Advisor
Date
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Date
27.02.2013
26.02.2013
23.02.2013
29.01.2013
29.01.2013
22.01.2013
17.01.2013
13.01.2013
21.12.2012
21.12.2012
18.12.2012
12.12.2012
06.12.2012
05.12.2012
26.11.2012
26.11.2012
20.11.2012
19.11.2012
19.11.2012
15.11.2012
14.11.2012
14.11.2012
10.11.2012
14.08.2012
12.08.2011
28.02.2013
Deutsche Wohnen AG
Deutsche Wohnen AG develops, rents and sells residential properties.
Price/Volume
16
3.0 M
14
2.5 M
12
2.0 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.12.2012)
52-Week Low (06.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DWNI GY EQUITY YTD Change
DWNI GY EQUITY YTD % CHANGE
12/2011
09/yy
14.96
9.47
191'726.00
13.99
-6.45%
47.78%
82.42%
160.7
2'242.80
1'834.67
0.0
0.3
167.83
4'711.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2008
31.12.2009
417.0
404.4
5.57x
5.74x
102.4
133.4
22.69x
17.40x
(255.9)
(13.3)
Profitability
.5 M
2
0
f-12
.0 M
m-12
LTM-4Q
31.12.2010
479.7
5.42x
137.3
18.92x
23.8
36.21x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
387.6
7.01x
142.8
19.02x
50.6
16.83x
142.85
139.45
11.80%
22.14%
2.10%
6.80%
2.35%
0.11%
21.3%
13.0%
55.56%
169.40%
-
Price/ Cash Flow
09/yy
501.5
21.04x
145.2
18.52x
33.4
24.48x
a-12
m-12
j-12
j-12
LTM
09/yy
445.0
29.57x
95.0
47.08x
81.6
16.42x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
0.73
140.11
47.16%
-0.07%
0.729
23
3.261
226'149
282'891
331'328
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
328.8
413.3
64.3
72.1
14.64x
11.69x
72.12x
67.74x
194.7
248.1
46.8
57.4
24.20x
18.99x
21.34x
21.08x
85.9
122.1
39.9
27.3
21.39x
18.53x
17.21x
17.06x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.52
-1.25
25.99
27.70
169.4%
62.9%
0.11
-
1'200.00
600.0
1'000.00
500.0
800.00
400.0
600.00
300.0
400.00
200.0
200.00
100.0
0.00
02.01.2009 02.07.2009
1.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
266.7
10.08x
110.7
24.29x
29.8
15.83x
1.5 M
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Deutsche Wohnen AG
Holdings By:
All
Holder Name
BLACKROCK
INTL KAPITALANAGEGES
ZURICH DEUTSCHE HERO
SUN LIFE FINANCIAL I
MFS INTERNATIONAL LT
AXA INVESTMENT MGRS
AERZTEVERSORGUNG WES
ASSET VALUE INVESTOR
RUFFER LLP
OYSTER ASSET MGMT SA
VANGUARD GROUP INC
MACKAY SHIELDS LLC
Firm Name
HSBC
DZ Bank AG
Bankhaus Lampe
EVA Dimensions
Morgan Stanley
Berenberg Bank
Kempen & Co
Credit Suisse
Bankhaus Metzler
Deutsche Bank
Baader Bank
ABN Amro Bank N.V.
JPMorgan
Goldman Sachs
Barclays
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
THOMAS ROTHAEUSLER
THOMAS MARTIN
ULRICH GEIS
GEORG KANDERS
AUSTIN BURKETT
BIANCA RIEMER
STEFAN BONGARDT
TORSTEN KLINGNER
KAI MALTE KLOSE
MANUEL MARTIN
THOMAS VAN DER MEIJ
JOCHEN SCHMITT
MARKUS SCHEUFLER
ANDRE REMKE
MICHIEL DE JONGE
NEIL GREEN
BURKHARD SAWAZKI
RALF GROENEMEYER
AARON GUY
MARIYA PANAYOTOVA
Source
MF-AGG
ULT-AGG
Research
Research
Research
Co File
Research
Research
Research
Research
Co File
Research
Research
Research
13F
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
underweight
buy
hold
sell
Overwt/Attractive
sell
buy
buy
hold
neutral
outperform
sell
hold
hold
sell
neutral
neutral/neutral
buy
neutral
overweight
outperform
Amt Held
9'718'785
9'219'199
7'582'897
6'802'161
5'880'313
5'140'499
4'852'637
4'730'559
4'391'101
3'815'480
3'403'153
3'198'760
2'953'855
2'442'913
2'424'745
2'421'800
1'823'017
1'816'180
1'783'268
1'693'479
% Out
6.05
5.74
4.72
4.23
3.66
3.2
3.02
2.94
2.73
2.37
2.12
1.99
1.84
1.52
1.51
1.51
1.13
1.13
1.11
1.05
Weighting
Change
5
1
5
3
1
5
1
5
5
3
3
5
1
3
3
1
3
3
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
N
N
Latest Chg
290'949
(17'237)
1'592'288
95'682
75'815
200'268
188'406
Target Price
17
13
15
15
#N/A N/A
15
14
15
15
14
14
16
11
16
15
13
16
15
15
13
17
13
File Dt
31.12.2012
26.02.2013
17.01.2013
16.08.2012
27.06.2012
24.02.2012
19.02.2013
17.01.2013
19.09.2012
26.09.2012
24.02.2012
24.02.2012
12.03.2012
28.04.2011
31.12.2012
22.07.2011
31.10.2012
31.12.2012
30.11.2012
31.01.2013
Date
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
9 month
12 month
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Hedge Fund Manager
Unclassified
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.02.2013
26.02.2013
29.01.2013
24.01.2013
17.01.2013
16.01.2013
16.01.2013
16.01.2013
16.01.2013
14.01.2013
13.01.2013
11.01.2013
10.01.2013
17.12.2012
29.11.2012
26.11.2012
21.11.2012
13.11.2012
12.11.2012
12.11.2012
15.10.2012
07.04.2011
28.02.2013
Dufry AG
Dufry AG operates duty-free shops in countries such as Tunisia, Italy, Mexico,
France, Russia, the United Arab Emirates, Singapore, the Caribbean and the
United States.
Price/Volume
140
1.2 M
120
1.0 M
100
.8 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DUFN SE EQUITY YTD Change
DUFN SE EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2008
31.12.2009
2'113.5
2'378.7
0.79x
0.95x
277.3
288.1
6.02x
7.85x
95.0
38.5
8.62x
34.88x
Profitability
.2 M
20
0
f-12 m-12
LTM-4Q
31.12.2010
2'610.2
1.56x
328.0
12.43x
116.6
27.17x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
2'637.7
1.43x
344.3
10.94x
111.9
20.78x
344.30
212.80
8.07%
6.18%
4.50%
16.51%
9.60%
0.94%
58.2%
14.6%
9.3%
4.2%
1.33
0.40
47.03%
179.36%
45.16
3.13
Price/ Cash Flow
09/yy
2'523.0
5.86x
319.7
11.37x
112.2
18.79x
.0 M
a-12 m-12
j-12
j-12
LTM
09/yy
3'122.6
5.58x
457.3
9.71x
149.0
20.34x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.02
24.09
16.18%
6.27%
1.021
12
4.000
269'545
227'924
180'800
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
3'187.2
3'768.1
851.5
1.65x
1.36x
480.9
596.1
136.0
10.75x
8.67x
229.2
273.3
42.0
15.24x
12.97x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.10.2012
BB+
STABLE
6.24
5.06
2.79
3.18
179.4%
62.1%
0.94
12.60
8.11
116.85
73.25
53.93
12.00
3'000.0
10.00
2'500.0
8.00
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
02.01.2009
.4 M
40
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'930.3
1.22x
245.2
9.62x
75.0
23.55x
.6 M
60
12/2011
09/yy
133.20
101.60
147'822.00
127.1
-4.58%
25.10%
80.70%
29.7
3'771.54
1'560.40
0.0
84.1
199.10
5'168.54
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Dufry AG
Holdings By:
All
Holder Name
TRAVEL RETAIL INVEST
HUDSON MEDIA INC
ARTIO GLOBAL MANAGEM
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
HARTFORD INVESTMENT
VANGUARD GROUP INC
DEUTSCHE BANK AG
SCHRODER INVESTMENT
INVESCO LTD
CARMIGNAC GESTION
Firm Name
Goldman Sachs
Bank Vontobel AG
Exane BNP Paribas
EVA Dimensions
Grupo Santander
Credit Suisse
CA Cheuvreux
Natixis
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MAYAN UTHAYAKUMAR
RENE WEBER
ROBERTA CIACCIA
CRAIG STERLING
REBECCA MCCLELLAN
PATRICK JNGLIN
JON COX
MARCO BACCAGLIO
MATTHIEU DETROYAT
CHARLIE MUIR-SANDS
Source
EXCH
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Buy/Neutral
buy
neutral
underweight
buy
outperform
buy
underperform
buy
buy
Amt Held
3'912'464
1'154'677
804'639
730'057
502'706
481'071
450'386
325'827
301'972
279'892
267'504
259'351
251'929
230'042
227'802
217'039
202'091
177'210
175'007
171'545
% Out
13.18
3.89
2.71
2.46
1.69
1.62
1.52
1.1
1.02
0.94
0.9
0.87
0.85
0.78
0.77
0.73
0.68
0.6
0.59
0.58
Weighting
Change
5
5
3
1
5
5
5
1
5
5
M
M
D
M
M
M
M
M
M
M
Latest Chg
1'688'901
(492'317)
566'414
(10'660)
9'686
84
25'022
(31'284)
(381)
104'818
14'422
(3'499)
(1'589)
202'091
1'700
5'467
22'100
Target Price
176
140
123
#N/A N/A
141
140
140
114
140
150
File Dt
Inst Type
17.01.2013
Other
31.12.2011
Other
20.03.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Bank
30.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
31.10.2012
Investment Advisor
27.02.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
06.02.2013
04.02.2013
29.01.2013
17.01.2013
11.12.2012
05.12.2012
18.11.2012
06.11.2012
31.07.2012
08.05.2012
28.02.2013
easyJet PLC
easyJet plc, a low-cost passenger airline, conducts operations throughout the
United Kingdom and mainland Europe. The Company sells the majority of its
tickets through its Web site.
Price/Volume
1200
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
1000
800
600
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (05.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EZJ LN EQUITY YTD Change
EZJ LN EQUITY YTD % CHANGE
09/2012
12/yy
1'023.00
422.00
1'067'500.00
977.5
-4.45%
131.64%
92.43%
396.3
3'873.59
957.00
0.0
0.0
883.00
3'947.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200
0
f-12 m-12 a-12 m-12
30.09.2009
30.09.2010
2'666.8
2'973.0
0.62x
0.55x
108.9
259.0
15.22x
6.30x
71.2
121.0
22.47x
13.05x
Profitability
LTM-4Q
30.09.2011
3'452.0
0.40x
359.0
3.85x
225.0
6.56x
30.09.2012
3'854.0
0.62x
437.0
5.43x
255.0
9.29x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
437.00
332.00
8.61%
8.23%
5.82%
14.58%
9.56%
0.88%
11.3%
8.6%
6.6%
1.05
0.79
22.28%
53.34%
38.35
-
Price/ Cash Flow
12/yy
3'561.0
0.00x
0.0
0.00x
0.0
0.00x
j-12
LTM
12/yy
3'924.0
0.00x
0.0
0.00x
0.0
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
2.20
0.88
249.52
126.33%
30.50%
0.877
29
3.862
1'084'982
1'394'688
1'277'595
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
4'139.8
4'410.0
0.90x
0.80x
532.6
579.2
7.41x
6.82x
317.3
344.0
12.50x
11.58x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.48
2.32
0.17
2.19
53.3%
34.8%
0.88
1.70
9.54
-
16.00
4'500.0
14.00
4'000.0
12.00
3'500.0
3'000.0
10.00
2'500.0
8.00
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
02.10.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
2'362.8
0.46x
138.0
7.94x
83.2
15.88x
400
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
easyJet PLC
Holdings By:
All
Holder Name
EASYGROUP HOLDINGS L
POLYS HOLDINGS LTD
BLACKROCK
JP MORGAN
LEGAL & GENERAL
UBS
DEUTSCHE BANK PROP T
OLD MUTUAL
SCHRODER INVESTMENT
Easyjet plc LTIP
CAZENOVE UNIT TRUST
Firm Name
Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RBC Capital Markets

DAMIAN BREWER
Cantor Fitzgerald
ROBIN BYDE
AlphaValue
HELENE COUMES
WYN ELLIS
DONAL O'NEILL
EDWARD STANFORD
Main First Bank AG
LOIC SABATIER
Oddo & Cie
YAN DEROCLES
Nomura
ANDREW EVANS
Commerzbank Corporates & Markets JOHANNES BRAUN
Macquarie
SAM DOBSON
Redburn Partners
TIM MARSHALL
EVA Dimensions
CRAIG STERLING
Credit Suisse
NEIL GLYNN
Barclays
DAVID E FINTZEN
Deutsche Bank
GEOF COLLYER
Goldman Sachs
OLIVER NEAL
HSBC
ANDREW DAVID LOBBENBERG
GERALD KHOO
Morgan Stanley
PENNY BUTCHER
Investec
JAMES HOLLINS
GERT ZONNEVELD
Liberum Capital Ltd
PETER HYDE
Davy
STEPHEN FURLONG
CA Cheuvreux
BEAT KEISER
JPMorgan
DAVID PITURA
Source
REG
REG
RNS-MAJ
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
REG
ULT-AGG
REG
REG
REG
REG
MF-AGG
MF-AGG
MF-AGG
Recommendation
sector perform
hold
sell
add
buy
buy
outperform
buy
buy
hold
neutral
buy
hold
neutral
equalweight
buy
neutral/neutral
overweight
buy
Overwt/In-Line
hold
buy
buy
neutral
outperform
underweight
Amt Held
102'753'438
43'758'360
31'621'565
22'080'526
16'107'847
10'674'683
9'834'374
8'415'473
7'367'065
7'165'220
6'612'908
6'396'041
6'168'130
6'034'060
5'859'625
5'542'880
5'433'741
4'319'833
4'300'356
3'940'833
% Out
25.93
11.04
7.98
5.57
4.06
2.69
2.48
2.12
1.86
1.81
1.67
1.61
1.56
1.52
1.48
1.4
1.37
1.09
1.09
0.99
Weighting
Change
3
3
1
4
5
5
5
5
5
3
3
5
3
3
3
5
3
5
5
5
3
5
5
3
5
1
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
(388'952)
(183'796)
(134'424)
(2'459'832)
986'358
52'558
4'011'991
11'454
(1'764'690)
(467'463)
(47'085)
679'058
(252'401)
(6'540'359)
(290'596)
(20'325)
997'000
Target Price
930
920
746
1'075
1'050
#N/A N/A
1'130
1'036
1'020
980
1'000
#N/A N/A
#N/A N/A
1'000
950
1'040
1'010
1'100
1'025
1'060
900
1'000
930
#N/A N/A
900
625
File Dt
Inst Type
01.02.2013
Holding Company
01.02.2013
Unclassified
10.01.2013
Investment Advisor
01.02.2013
Investment Advisor
26.02.2013
Investment Advisor
01.02.2013
Unclassified
01.02.2013
Unclassified
01.02.2013
Unclassified
01.02.2013
Other
01.02.2013
Government
01.02.2013
Investment Advisor
01.02.2013
Unclassified
01.02.2013
Investment Advisor
01.02.2013
Investment Advisor
01.02.2013
Investment Advisor
01.02.2013
Unclassified
31.07.2012
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Date
27.02.2013
26.02.2013
21.02.2013
20.02.2013
19.02.2013
19.02.2013
18.02.2013
15.02.2013
07.02.2013
04.02.2013
01.02.2013
01.02.2013
29.01.2013
28.01.2013
28.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
16.01.2013
11.01.2013
19.11.2012
28.02.2013
Ebro Foods SA
Ebro Foods SA processes food products. The Company produces rice, pasta, dairy
products, and truffles.
Price/Volume
16
7.0 M
14
6.0 M
12
5.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (02.01.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EBRO SQ EQUITY YTD Change
EBRO SQ EQUITY YTD % CHANGE
12/2011
09/yy
15.25
12.16
675'820.00
14.48
-5.05%
19.10%
75.10%
153.9
2'227.97
489.15
0.0
1.2
102.08
2'586.54
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
6
4
2.0 M
1.0 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
2'004.2
1.47x
230.9
12.73x
99.5
31.91x
4.0 M
Valuation Analysis
31.12.2008
31.12.2009
2'367.9
1'765.4
1.04x
1.58x
264.8
228.2
9.30x
12.21x
130.6
176.5
19.86x
22.62x
Profitability
LTM-4Q
31.12.2010
1'702.0
1.44x
259.7
9.42x
388.8
18.78x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
1'804.1
1.41x
270.8
9.41x
151.5
14.44x
270.84
219.07
12.14%
12.33%
6.09%
10.38%
0.74%
15.4%
12.6%
8.4%
1.56
0.79
18.05%
30.82%
6.69
-
Price/ Cash Flow
09/yy
1'754.0
0.00x
0.0
0.00x
135.4
14.60x
LTM
09/yy
2'016.7
0.00x
0.0
0.00x
169.0
12.49x
FY+1
3.25
0.61
76.02
-0.41%
-2.41%
0.611
20
4.150
467'170
480'420
619'167
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'069.4
2'111.8
544.1
1.22x
1.16x
298.5
303.0
89.5
8.67x
8.54x
162.8
158.1
53.2
13.76x
13.96x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.79
22.46
1.17
1.50
30.8%
23.5%
0.74
4.30
54.68
-
45.00
3'000.0
40.00
2'500.0
35.00
2'000.0
30.00
25.00
1'500.0
20.00
1'000.0
15.00
10.00
500.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Ebro Foods SA
Holdings By:
All
Holder Name
ALIMENTOS Y ACEITES
CORP ECONOMICA DAMM
INST HISPANICO DEL A
ALBA PARTICIPACIONES
HISPAFOODS INVEST SL
UBS
CASA GRANDE CARTAGEN
DWS INVESTMENT S A
CASTELLO CLEMENTE FE
COMENGE SANCH JOSE I
BEGINDAU SL
HANDELSBANKEN FONDBO
VANGUARD GROUP INC
SOCIETE GENERALE
DEUTSCHE BANK AG
AMF FONDER AB
Y CALVO-SOT LEOPOLDO
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Grupo Santander
JOSE MANUEL ARROYAS
BPI
JOAO SAFARA SILVA
Intermoney Valores
ANTONIO PAUSA RODRIGUEZ
Exane BNP Paribas
FRANCISCO RUIZ
AlphaValue
SOPHIE CABO-BROSETA
Bankia Bolsa (ESN)
SERGIO RUIZ MARTIN
ANA FUENTES
JESUS DOMINGUEZ ANGULO
Interdin Bolsa
SOFIA REBUELTA VILLEGAS
Link Securities
PAULA SAMPEDRO
MANUEL ALBUQUERQUE
EVA Dimensions
AUSTIN BURKETT
CA Cheuvreux
JOAQUIN GARCIA-ROMANILLOS
Banco Sabadell
IGNACIO ROMERO
BBVA
JUAN ROS PADILLA
La Caixa
ANTONIO JOSE CASTELL NEYRA
Mirabaud Finanzas Sociedad de ValoresENRIQUE
S
YAGUEZ AVILES
Source
EXCH
Co File
EXCH
Co File
EXCH
ULT-AGG
Co File
MF-AGG
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
Recommendation
buy
neutral
buy
hold
outperform
buy
hold
neutral
overweight
neutral
accumulate
buy
underweight
select list
hold
buy
outperform
buy
overweight
Amt Held
15'880'688
14'850'000
13'725'601
12'498'830
10'707'282
6'164'894
5'193'290
3'031'982
2'307'828
2'027'279
1'267'851
1'200'000
896'867
751'185
702'669
686'008
573'204
562'698
546'000
529'292
% Out
10.32
9.65
8.92
8.12
6.96
4.01
3.38
1.97
1.5
1.32
0.82
0.78
0.58
0.49
0.46
0.45
0.37
0.37
0.35
0.34
Weighting
Change
5
3
5
3
5
5
3
3
5
3
4
5
1
5
3
5
5
5
5
M
M
M
D
M
M
M
M
M
N
M
M
M
M
D
M
M
M
M
Latest Chg
803'373
30'319
23'078
20'272
8'373
13'523
(6'426)
5'789
221'504
620
5'292
Target Price
16
16
16
14
16
20
15
16
17
15
16
18
#N/A N/A
17
16
17
17
17
16
File Dt
Inst Type
11.12.2012
Other
31.12.2011
Other
11.12.2012
Other
31.12.2011
Other
11.12.2012
Corporation
11.01.2013
Unclassified
31.12.2011
Other
11.12.2012
n/a
11.12.2012
n/a
31.12.2012
Investment Advisor
28.09.2012
Bank
31.12.2012
Investment Advisor
28.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
21.11.2012
n/a
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
27.02.2013
25.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
20.02.2013
18.02.2013
18.02.2013
15.02.2013
22.01.2013
21.01.2013
17.01.2013
16.01.2013
09.01.2013
21.11.2012
08.10.2012
14.09.2012
25.05.2012
28.02.2013
Eiffage SA
Eiffage SA is a contractor and a concessionaire. It operates through five
business lines, including concessions and public-private partnerships,
construction, public works, energy, metal. The Company is mainly active in
European countries and also in Senegal.
Price/Volume
40
3.0 M
35
2.5 M
30
2.0 M
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.01.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FGR FP EQUITY YTD Change
FGR FP EQUITY YTD % CHANGE
12/2012
09/yy
37.75
20.53
197'190.00
33.995
-9.95%
65.63%
78.20%
87.2
2'963.08
16'112.00
0.0
(1.0)
2'402.00
17'070.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
10
.5 M
5
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
13'673.0
1.14x
1'858.0
8.36x
293.0
11.57x
1.5 M
15
31.12.2009
31.12.2010
13'639.0
13'553.0
1.20x
1.25x
1'807.0
1'852.0
9.09x
9.11x
190.0
232.0
18.10x
12.36x
Profitability
LTM-4Q
31.12.2011
13'802.0
1.11x
1'939.0
7.90x
205.0
7.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
14'000.0
220.0
13.30x
1'939.00
1'104.00
8.00%
2.77%
0.80%
9.14%
4.33%
0.52%
14.3%
8.3%
1.6%
0.95
0.76
59.30%
686.20%
3.09
-
Price/ Cash Flow
LTM
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
09/yy
9'969.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.23
38.13
19.82%
1.27%
1.232
18
3.722
178'062
134'727
167'664
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
14'192.7
14'573.7
3'737.5
1.13x
1.08x
2'105.2
2'192.1
8.11x
7.79x
274.4
321.8
10.86x
9.64x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.91
2.60
7.13
7.97
686.2%
87.3%
0.52
9.84
118.49
-
6.00
16'000.0
14'000.0
5.00
12'000.0
4.00
10'000.0
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Eiffage SA
Holdings By:
All
Holder Name
PRO BTP FINANCE
FONDS STRATEGIQUE D'
EIFFAIME
GROUPAMA SA
BLACKROCK
EIFFAGE
MEDITOR CAPITAL MANA
VANGUARD GROUP INC
LBPAM
MM ASSET MANAGEMENT
BANQUE DEGROOF
ETOILE GESTION
CPR ASSET MANAGEMENT
SCHRODER INVESTMENT
Firm Name
BPI
Aurel - BGC
Exane BNP Paribas
AlphaValue
EVA Dimensions
Deutsche Bank
Societe Generale
Bryan Garnier & Cie
Natixis
Goldman Sachs
Day by Day
Raymond James
HSBC
Oddo & Cie
JPMorgan
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Source
Research
Co File
Co File
Co File
ULT-AGG
Co File
Short
MF-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
FILIPE MARTINS LEITE

ERIC LEMARIE
JOSEP PUJAL
NICOLAS MORA
GAETAN DUPONT
CRAIG STERLING
MANU RIMPELA
MURIEL FELLOUS
SVEN EDELFELT
GREGOIRE THIBAULT
WILL MORGAN
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
VALERIE GASTALDY
ARNAUD PALLIEZ
PIERRE BOSSET
OLIVIER BECKER
ELODIE RALL
BORJA CASTRO PEREZ MANZUCO
reduce
hold
reduce
outperform
add
hold
buy
hold
neutral
buy
neutral/neutral
buy
buy
market perform
overweight
buy
neutral
outperform
Amt Held
% Out
22'150'890 25.41
17'966'000 20.61
7'225'354
8.29
6'037'520
6.93
1'673'204
1.92
1'594'128
1.83
(950'067) -1.09
462'675
0.53
(409'662) -0.47
274'943
0.32
184'500
0.21
175'351
0.2
170'000
0.2
143'571
0.16
132'531
0.15
129'100
0.15
129'000
0.15
125'942
0.14
99'691
0.11
77'891
0.09
Weighting
Change
2
3
2
5
4
3
5
3
3
5
3
5
5
3
5
5
3
5
M
M
M
M
M
U
M
M
M
M
M
M
M
D
M
M
M
M
Latest Chg
955
8'716
10'926
190'013
83'200
(32'596)
14'621
(5'079)
1'000
15'000
45'585
(8'239)
(3'486)
Target Price
34
31
35
43
36
#N/A N/A
40
34
33
41
41
46
38
#N/A N/A
39
39
29
50
File Dt
Inst Type
15.12.2011
Unclassified
31.12.2011
Investment Advisor
31.12.2011
Other
31.12.2011
Insurance Company
26.02.2013
Investment Advisor
31.12.2011
Holding Company
21.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.07.2012
Investment Advisor
01.02.2013
Investment Advisor
28.09.2012
Investment Advisor
31.10.2012
Investment Advisor
31.07.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
6 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Date
25.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
15.02.2013
14.02.2013
11.02.2013
16.01.2013
14.01.2013
11.01.2013
09.01.2013
07.01.2013
07.01.2013
05.10.2012
30.08.2012
11.07.2011
28.02.2013
Electrocomponents PLC
Electrocomponents plc distributes electronics and maintenance products. The
Company offers products through catalogues, the internet, and at trade
counters. Electrocomponents PLC's products include electronics, electrical,
mechanical, automation, and health and safety components.
Price/Volume
300
16.0 M
14.0 M
250
12.0 M
200
Latest Fiscal Year:

LTM as of:
52-Week High (16.03.2012)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ECM LN EQUITY YTD Change
ECM LN EQUITY YTD % CHANGE
03/2012
01/yy
267.20
193.70
549'295.00
258.2
-3.37%
33.30%
87.76%
438.1
1'131.18
181.60
0.0
0.0
19.80
1'298.08
31.03.2008
924.8
1.02x
129.4
7.28x
63.9
12.37x
8.0 M
6.0 M
100
4.0 M
50
2.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
150
Valuation Analysis
31.03.2009
31.03.2010
974.6
972.6
0.77x
1.16x
141.4
108.9
5.29x
10.39x
66.2
52.6
8.23x
18.20x
Profitability
31.03.2011
1'182.2
1.12x
146.7
9.05x
78.2
14.88x
31.03.2012
1'267.4
0.98x
156.1
7.97x
84.9
12.73x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
156.10
128.20
10.12%
9.65%
8.83%
20.17%
14.28%
1.54%
46.8%
10.9%
8.9%
6.7%
2.20
1.00
21.34%
49.62%
6.24
2.65
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.55
1.13
437.49
13.06%
8.49%
1.131
17
2.765
1'079'506
1'060'452
1'069'383
FY+2
03/13 Y
03/14 Y
1'240.5
1'279.8
1.03x
0.99x
133.8
146.0
9.70x
8.89x
67.7
76.0
16.55x
15.01x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
20.54
15.49
1.22
1.31
49.6%
33.2%
1.54
11.29
58.70
138.27
100.75
124.16
16.00
1'400.0
14.00
1'200.0
12.00
1'000.0
10.00
800.0
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Electrocomponents PLC
Holdings By:
All
Holder Name
FMR LLC
SPRUCEGROVE INVESTME
LEGAL & GENERAL
SANDERSON ASSET MANA
UBS
HERONBRIDGE INVESTME
JP MORGAN
VANGUARD GROUP INC
CHEVIOT ASSET MANAGE
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Cantor Fitzgerald
CAROLINE DE LA SOUJEOLE
JULIAN CATER
Credit Suisse
DAVID RIGBY
STEVE WOOLF
RBC Capital Markets
DAVID GREENALL
ROBIN SPEAKMAN
ANDY BROWN
EVA Dimensions
ANDREW S ZAMFOTIS
Goldman Sachs
JOHN WOODMAN
GUY HEWETT
HSBC
MATTHEW LLOYD
Peel Hunt
HENRY CARVER
Jefferies
KEAN MARDEN
Deutsche Bank
ANDY CHU
Barclays
JANE SPARROW
Source
Co File
ULT-AGG
REG
Co File
RNS-MAJ
REG
ULT-AGG
Co File
Co File
MF-AGG
ULT-AGG
REG
REG
MF-AGG
REG
ULT-AGG
REG
REG
MF-AGG
REG
Recommendation
hold
buy
outperform
hold
sector perform
sell
sell
underweight
Buy/Neutral
neutral
neutral
sell
hold
hold
equalweight
Amt Held
83'089'855
43'083'056
38'553'549
33'046'296
22'304'805
19'632'721
19'194'146
18'240'445
17'649'626
16'824'897
11'526'266
10'515'308
8'496'918
7'720'725
7'691'702
6'441'928
5'595'725
4'968'000
4'889'172
4'871'655
% Out
18.97
9.83
8.8
7.54
5.09
4.48
4.38
4.16
4.03
3.84
2.63
2.4
1.94
1.76
1.76
1.47
1.28
1.13
1.12
1.11
Weighting
Change
3
5
5
3
3
1
1
1
5
3
3
1
3
3
3
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
Latest Chg
(2'907'836)
6'829'322
1'724'982
883'532
1'949'532
(187'549)
2'722'093
(4'975'126)
(2'180'000)
1'015'066
(2'495'167)
(2'870'000)
103'135
80'720
407'292
Target Price
250
265
280
260
260
#N/A N/A
175
#N/A N/A
314
200
225
190
200
205
216
File Dt
Inst Type
23.05.2012
Investment Advisor
01.12.2012
Investment Advisor
01.12.2012
Investment Advisor
23.05.2012
Investment Advisor
06.02.2013
Investment Advisor
01.12.2012
Investment Advisor
31.01.2013
Unclassified
23.05.2012
Investment Advisor
23.05.2012
Investment Advisor
31.10.2012
Investment Advisor
01.12.2012
Unclassified
01.12.2012
Government
01.12.2012
Investment Advisor
31.10.2012
Investment Advisor
01.12.2012
Investment Advisor
01.12.2012
Unclassified
01.12.2012
Investment Advisor
31.12.2012
Investment Advisor
01.12.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
21.02.2013
18.02.2013
07.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
17.01.2013
18.12.2012
07.12.2012
28.11.2012
23.11.2012
31.10.2012
17.10.2012
02.10.2012
28.02.2013
Elementis PLC
Elementis plc is a global specialty chemicals company. The Company comprises
three businesses. Specialty Products produces rheology additives that enhance
the flow characteristics of liquids in a wide range of applications, such as in
coatings, cosmetics and oilfield drilling. Surfactants produces surface active
ingredients. Chromium manufactures a range of chromium chemicals.
Price/Volume
300
12/2012
01/yy
246.60
160.20
881'436.00
242.2
-1.78%
51.19%
94.91%
453.6
1'098.55
19.10
0.0
1.6
63.10
1'624.32
3.0 M
2.5 M
2.0 M
100
1.5 M
1.0 M
50
.5 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2009
31.12.2010
569.5
697.4
0.84x
1.55x
68.3
124.4
6.98x
8.69x
(57.9)
74.1
13.34x
Profitability
31.12.2011
760.5
1.23x
157.9
5.91x
124.1
7.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
757.0
2.21x
165.2
10.11x
107.1
15.93x
165.20
143.90
19.01%
18.65%
13.08%
23.04%
22.72%
0.92%
38.5%
21.8%
19.0%
14.1%
2.56
1.50
2.21%
3.97%
7.26
3.75
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.11
1.04
429.65
49.04%
4.17%
1.040
9
3.444
1'153'203
1'032'636
792'560
FY+2
12/13 Y
12/14 Y
798.4
832.9
2.01x
1.90x
179.1
189.1
9.07x
8.59x
112.7
117.6
14.70x
13.76x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
35.15
27.00
-0.27
0.12
4.0%
3.8%
0.92
4.19
50.38
97.71
99.05
50.00
800.0
45.00
700.0
40.00
600.0
35.00
500.0
30.00
25.00
400.0
20.00
300.0
15.00
200.0
10.00
100.0
5.00
0.00
01.01.2010
3.5 M
150
Latest Fiscal Year:

LTM as of:
52-Week High (27.02.2013)
52-Week Low (29.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ELM LN EQUITY YTD Change
ELM LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
200
Valuation Analysis
31.12.2008
741.7
0.58x
135.6
3.17x
36.7
8.28x
4.5 M
250
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Elementis PLC
Holdings By:
All
Holder Name
SCHRODERS PLC
AXA FRAMLINGTON INV
NORGES BANK
BLACKROCK
SCHRODER INVESTMENT
LEGAL & GENERAL
FMR LLC
CAZENOVE UNIT TRUST
SCOTTISH WIDOWS
JP MORGAN
HARGREAVE
Firm Name
Goldman Sachs
Berenberg Bank
Barclays
N+1 Singer Ltd
EVA Dimensions
JPMorgan
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
RAKESH PATEL
CHARLES PICK
JAIDEEP PANDYA
GUNTHER ZECHMANN
JAMES TETLEY
CRAIG STERLING
MARTIN EVANS
RICKY PLATT
PAUL W SATCHELL
Source
Co File
REG
RNS-MAJ
RNS-MAJ
ULT-AGG
REG
MF-AGG
ULT-AGG
ULT-AGG
REG
13F
MF-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
neutral/neutral
hold
buy
underweight
corporate
overweight
neutral
suspended coverage
buy
Amt Held
44'613'178
40'437'780
23'037'188
22'734'503
22'051'259
19'546'152
19'541'689
17'219'369
14'618'386
12'674'250
12'232'908
11'365'000
10'732'682
10'223'019
9'818'242
9'756'885
9'662'042
8'756'597
8'425'685
8'393'379
% Out
9.84
8.92
5.08
5.01
4.86
4.31
4.31
3.8
3.22
2.79
2.7
2.51
2.37
2.25
2.16
2.15
2.13
1.93
1.86
1.85
Weighting
Change
3
3
5
1
#N/A N/A
5
3
#N/A N/A
5
M
M
M
M
M
M
M
M
M
Latest Chg
1'679'900
198'125
431'268
(3'122'498)
(5'304'843)
(8'359'130)
5'156'560
3'310'958
1'688'720
888'488
3'521'513
(209'994)
5'355'481
(309'235)
(4'125'012)
(498'145)
(186'437)
(1'476'165)
Target Price
265
220
275
203
#N/A N/A
#N/A N/A
200
#N/A N/A
223
File Dt
28.02.2012
01.12.2012
22.01.2013
11.09.2012
26.02.2013
01.12.2012
31.12.2012
22.01.2013
31.12.2012
01.12.2012
31.12.2012
31.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
31.01.2013
31.12.2012
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Date
27.02.2013
25.02.2013
21.02.2013
04.02.2013
28.01.2013
17.01.2013
07.12.2012
01.11.2012
26.10.2012
28.02.2013
EMS-Chemie Holding AG
Ems-Chemie Holding AG manufactures and markets performance polymers, high-grade
chemical intermediates, fine chemicals, and protective bonding, coating and
sealing products. The Company supplies its products to the automotive,
transportation, and textile industries.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (24.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EMSN SE EQUITY YTD Change
EMSN SE EQUITY YTD % CHANGE
Price/Volume
12/2012
03/yy
266.75
161.00
16'068.00
262.5
-1.59%
63.04%
95.98%
23.4
6'139.62
162.77
0.0
15.1
433.11
5'884.38
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
250
.5 M
200
.4 M
150
.3 M
100
.2 M
50
.1 M
0
f-12
31.12.2009
31.12.2010
1'197.7
1'595.6
2.02x
2.17x
272.2
351.4
8.91x
9.88x
216.1
225.9
12.82x
17.08x
Profitability
LTM-4Q
31.12.2011
1'657.7
2.09x
347.3
9.98x
237.1
15.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'755.0
273.0
18.45x
347.27
295.26
17.81%
17.79%
14.33%
21.17%
0.97%
18.1%
15.6%
2.87
1.83
9.96%
15.63%
4.96
-
Price/ Cash Flow
03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
a-12
m-12
j-12
LTM
03/yy
254.0
0.00x
0.0
0.00x
0.0
0.00x
j-12
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
0.81
7.08
57.95%
21.87%
0.813
6
3.333
25'411
28'217
39'506
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/12 Q2 09/12 Q3
1'836.8
1'936.6
434.0
3.12x
2.93x
391.6
416.2
15.03x
14.14x
272.4
290.4
22.50x
21.11x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
103.63
80.99
15.6%
13.3%
0.97
3.38
73.78
-
20.00
2'000.0
18.00
1'800.0
16.00
1'600.0
14.00
1'400.0
12.00
1'200.0
10.00
8.00
1'000.0
800.0
6.00
600.0
4.00
400.0
2.00
200.0
0.00
01.01.2010
.0 M
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'503.9
1.16x
283.2
6.15x
211.8
9.57x
300
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
EMS-Chemie Holding AG
Holdings By:
All
Holder Name
EMESTA HOLDING AG
BLOCHER MIRIAM
VANGUARD GROUP INC
IST FUND MANAGERS
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
BLACKROCK
PICTET & CIE
RAIFFEISEN SCHWEIZ L
SKANDIA GLOBAL FUNDS
SEB
LEGAL & GENERAL
ROBECO INVESTOR SERV
Firm Name
Main First Bank AG
EVA Dimensions
Bank Vontobel AG
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
MARTIN SCHREIBER
BERND POMREHN
BETTINA EDMONDSTON
CRAIG STERLING
PATRICK RAFAISZ
Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
market perform
outperform
reduce
overweight
reduce
Amt Held
14'225'190
2'079'282
159'531
81'618
68'686
68'620
65'943
64'216
48'320
37'766
27'500
24'450
11'991
11'100
10'929
9'750
9'087
8'953
8'947
8'123
% Out
60.82
8.89
0.68
0.35
0.29
0.29
0.28
0.27
0.21
0.16
0.12
0.1
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.03
Weighting
Change
3
5
2
5
2
M
U
M
M
D
Latest Chg
33'309
3'304
(580)
271
447
(782)
371
(465)
27'500
(3'250)
(1'070)
3'450
3'129
(6'175)
8'123
Target Price
#N/A N/A
265
200
#N/A N/A
180
File Dt
31.12.2011
31.12.2011
31.12.2012
31.12.2012
31.12.2012
28.12.2012
28.12.2012
31.10.2012
26.02.2013
30.11.2012
31.10.2012
28.12.2012
31.12.2012
31.10.2012
31.07.2012
31.12.2012
31.10.2012
28.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
n/a
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
Unclassified
Investment Advisor
Mutual Fund Manager
Date
11.02.2013
10.02.2013
09.02.2013
15.01.2013
16.11.2012
28.02.2013
Endesa SA
Endesa, S.A. generates, distributes, and trades electricity in Spain, Italy,
France, Portugal, North Africa, and Latin America. The Company distributes
natural gas, operates co-generation plants, and treats and distributes water.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.01.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ELE SQ EQUITY YTD Change
ELE SQ EQUITY YTD % CHANGE
12/2012
12/yy
17.88
11.30
1'223'600.00
17.18
-3.89%
52.04%
89.43%
1'058.8
18'189.36
10'860.00
0.0
5'716.0
7'423.00
27'342.36
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
22'836.0
2.10x
6'903.0
6.93x
7'169.0
13.26x
20
18
16
14
12
10
8
6
4
2
0
f-12 m-12
31.12.2009
31.12.2010
25'925.0
31'177.0
1.84x
1.02x
7'228.0
7'474.0
6.61x
4.25x
3'430.0
4'129.0
7.39x
4.95x
Profitability
LTM-4Q
31.12.2011
32'686.0
0.84x
7'265.0
3.80x
2'212.0
7.58x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
33'642.0
0.80x
7'310.0
3.70x
2'034.0
8.79x
7'310.00
4'723.00
14.04%
11.37%
3.46%
10.18%
0.57%
31.3%
21.9%
14.2%
6.0%
1.32
1.20
18.48%
52.58%
6.36
20.75
Price/ Cash Flow
LTM
12/yy
32'401.0
3.93x
7'288.0
3.79x
2'212.0
7.59x
12/yy
33'490.0
3.16x
7'336.0
3.68x
2'034.0
8.78x
FY+1
0.84
84.03
16.46%
1.84%
0.843
25
4.040
618'331
382'318
613'653
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
32'650.1
33'687.6
0.90x
0.78x
6'710.3
6'952.9
4.07x
3.93x
1'894.4
2'088.9
495.0
495.0
9.67x
8.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
08.03.2012
BBB+
NEG
14.12.2007
A-2
9.29
5.69
0.47
1.48
52.6%
29.2%
0.57
57.57
17.64
114.49
-53.94
6.00
40'000.0
35'000.0
5.00
30'000.0
4.00
25'000.0
20'000.0
3.00
15'000.0
2.00
10'000.0
1.00
0.00
01.01.2010
5'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Endesa SA
Holdings By:
All
Holder Name
ENEL SPA
VANGUARD GROUP INC
GAMCO
BLACKROCK
OFI ASSET MANAGEMENT
BPI FUNDOS GFIM SA/P
SYMPHONIA SGR SPA
F&C FUND MANAGEMENT
BNP PARIBAS ASSET MA
INVERCAIXA GESTION S
FRANK RUSSELL TRUST
Firm Name
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

ANTONIO CRUZ
Banco Sabadell
JORGE GONZALEZ SADORNIL
Goldman Sachs
FRED BARASI
FERNANDO LAFUENTE
Exane BNP Paribas
MANUEL PALOMO
Societe Generale
JORGE ALONSO SUILS
Berenberg Bank
ROBERT CHANTRY
Interdin Bolsa
ALEJANDRO MIRANDA FOURNIER
Grupo Santander
BOSCO MUGUIRO
FERNANDO GARCIA GARCIA
Nomura
JAVIER SUAREZ
La Caixa
FERNANDO MURILLO GUIRAO
S&P Capital IQ
CLIVE ROBERTS
Barclays
MONICA GIRARDI
EVA Dimensions
AUSTIN BURKETT
CA Cheuvreux
JOSE PORTA SAUDAN
Mirabaud Finanzas Sociedad de ValoresJOSE
S MARTIN-VIVAS
Bankia Bolsa (ESN)
VICTOR PEIRO PEREZ
Macquarie
ATALLAH ESTEPHAN
Morgan Stanley
ANNA MARIA SCAGLIA
BBVA
ISIDORO DEL ALAMO
Hammer Partners SA
CHRIS MOORE
JPMorgan
JAVIER GARRIDO
Natixis
PHILIPPE OURPATIAN
AlphaValue
VINCENT DOARE
Source
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
overweight
buy
neutral/attractive
buy
neutral
hold
buy
buy
buy
neutral
neutral
buy
hold
overweight
overweight
outperform
overweight
hold
underperform
Equalwt/In-Line
market perform
buy
neutral
reduce
buy
Amt Held
974'717'763
2'056'600
1'017'715
947'536
511'000
304'337
282'060
252'479
212'743
142'000
127'588
126'749
115'360
106'229
103'035
102'773
86'613
86'582
83'000
80'800
% Out
92.06
0.19
0.1
0.09
0.05
0.03
0.03
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
Weighting
Change
5
5
3
5
3
3
5
5
5
3
3
5
3
5
5
5
5
3
1
3
3
5
3
2
5
M
M
M
M
M
M
N
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
(3'000)
(21'018)
672
(30'000)
703
127'897
(8'000)
26'465
(37'057)
16'504
115'360
46'450
(28'087)
-
Target Price
22
20
23
20
19
17
20
21
24
18
16
24
17
22
#N/A N/A
19
18
18
15
21
16
17
19
18
32
File Dt
31.12.2011
31.01.2013
31.01.2013
31.12.2012
31.10.2012
26.02.2013
31.10.2012
30.11.2012
28.12.2012
31.12.2012
31.08.2012
31.12.2012
30.09.2012
26.02.2013
30.11.2012
31.05.2012
31.07.2012
31.08.2012
31.12.2012
30.03.2012
Date
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Inst Type
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
27.02.2013
26.02.2013
19.02.2013
18.02.2013
13.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
04.02.2013
30.01.2013
28.01.2013
28.01.2013
25.01.2013
17.01.2013
12.12.2012
19.10.2012
10.10.2012
20.09.2012
17.09.2012
16.09.2012
30.05.2012
27.01.2012
09.11.2011
05.05.2010
28.02.2013
Etablissements Maurel et Prom

Etablissements Maurel et Prom is a mid-size oil and gas company. The Company
has operations in Africa and Latin America.
Price/Volume
16
4.5 M
14
4.0 M
12
3.5 M
3.0 M
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MAU FP EQUITY YTD Change
MAU FP EQUITY YTD % CHANGE
12/2011
09/yy
15.05
10.16
477'609.00
14.155
-5.95%
39.32%
81.70%
121.5
1'719.74
349.24
0.0
0.0
60.77
2'122.43
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.5 M
1.0 M
.5 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
289.5
4.67x
93.9
14.38x
766.1
-
2.5 M
31.12.2008
31.12.2009
93.0
191.9
12.23x
7.76x
21.1
78.7
53.84x
18.92x
62.5
(50.7)
Profitability
LTM-4Q
31.12.2010
217.0
6.73x
125.1
11.67x
(138.8)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
373.6
4.41x
247.3
6.66x
164.6
8.91x
247.27
145.14
38.85%
66.07%
6.41%
13.04%
9.61%
0.21%
65.0%
25.7%
44.1%
1.23
0.62
23.47%
45.65%
3.94
-
Price/ Cash Flow
09/yy
52.9
0.00x
0.0
0.00x
0.0
0.00x
LTM
09/yy
346.2
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.98
86.62
2.89%
11.63%
0.980
9
3.667
459'704
621'654
455'362
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
452.7
534.6
4.81x
4.17x
323.2
399.2
6.57x
5.32x
95.6
151.9
20.69x
13.18x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.14
1.70
1.79
1.96
45.6%
31.3%
0.21
0.55
92.81
-
35.00
450.0
30.00
400.0
350.0
25.00
300.0
20.00
250.0
15.00
200.0
150.0
10.00
100.0
5.00
0.00
02.01.2009
50.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Etablissements Maurel et Prom

Holdings By:
All
Holder Name
PACIFICO
MACIF
MAUREL ET PROM
CARMIGNAC GESTION
VANGUARD GROUP INC
PEAR TREE ADVISORS I
BNP PARIBAS SA
MMA FINANCE
PALATINE ASSET MANAG
BLACKROCK
DEUTSCHE BANK AG
GENERALI FINANCES
LBPAM
DWS INVESTMENT SA
COVEA FINANCE SAS
Firm Name
Arkeon Finance
Societe Generale
SBG Securities
Exane BNP Paribas
EVA Dimensions
Goldman Sachs
Natixis
Oddo & Cie
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MATHIEU JASMIN
DAVID MIRZAI
LIONEL THEROND
ALEX TOPOUZOGLOU
JEAN-LUC ROMAIN
ANISH KAPADIA
CRAIG STERLING
CHRISTOPHOR JOST
JULIEN LAURENT
TEAM COVERAGE
OLIVIER BECKER
Source
Co File
Co File
Research
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
sell
sell
outperform
hold
buy
hold
buy/attractive
buy
buy
add
Amt Held
% Out
28'750'246 23.66
8'324'204
6.85
5'968'825
4.91
1'109'013
0.91
910'522
0.75
(814'006) -0.67
711'606
0.59
618'104
0.51
(595'318) -0.49
572'670
0.47
427'642
0.35
400'000
0.33
371'688
0.31
356'215
0.29
350'000
0.29
333'722
0.27
310'000
0.26
306'350
0.25
290'000
0.24
266'130
0.22
Weighting
Change
5
1
1
5
3
5
3
5
5
5
4
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
(301'293)
84'650
21'676
36'448
179'200
36'448
(58'590)
192'642
(100'000)
(4'800)
(60'000)
-
Target Price
16
13
13
19
15
24
#N/A N/A
21
20
16
9
File Dt
31.12.2011
31.12.2011
31.01.2012
31.12.2012
31.12.2012
20.02.2013
30.09.2012
31.12.2012
14.02.2013
29.06.2012
31.12.2012
31.01.2013
26.02.2013
28.09.2012
28.12.2012
29.11.2012
31.12.2012
31.12.2012
28.12.2012
30.09.2011
Date
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Insurance Company
Corporation
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Bank
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Date
27.02.2013
25.02.2013
19.02.2013
11.02.2013
08.02.2013
08.02.2013
17.01.2013
17.12.2012
22.11.2012
15.12.2011
21.01.2011
28.02.2013
Eurasian Natural Resources Corp PLC

Eurasian Natural Resources Corporation is a diversified international miner.
The Company's main products are ferrochrome, iron ore, alumina and aluminium,
copper, cobalt, coal and electricity. Eurasian Natural Resources has operations
in Kazakhstan, Russia, and the PRC.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.02.2012)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ENRC LN EQUITY YTD Change
ENRC LN EQUITY YTD % CHANGE
12/2011
01/yy
727.50
259.60
5'715'892.00
347
-52.30%
33.67%
18.68%
1'287.8
4'468.49
1'593.00
0.0
336.0
508.00
10'520.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
16.0 M
700
14.0 M
600
12.0 M
500
10.0 M
400
8.0 M
300
6.0 M
200
4.0 M
100
2.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
4'106.0
3.69x
1'883.0
8.05x
798.0
16.15x
800
31.12.2008
31.12.2009
6'823.0
3'831.0
0.66x
4.93x
4'233.0
1'408.0
1.07x
13.42x
2'642.0
1'045.0
2.34x
18.21x
Profitability
31.12.2010
6'605.0
3.24x
3'056.0
6.99x
2'185.0
9.63x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
7'705.0
1.83x
3'328.0
4.24x
1'974.0
6.43x
3'328.00
2'789.00
36.20%
35.76%
7.32%
11.63%
9.96%
0.40%
54.4%
36.4%
27.7%
25.6%
1.90
0.74
10.27%
14.61%
3.21
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.32
1.63
311.73
-49.31%
22.18%
1.626
25
3.440
4'987'453
4'131'952
3'825'492
FY+2
12/12 Y
12/13 Y
6'422.5
7'007.0
1.84x
1.78x
1'973.6
2'166.8
5.33x
4.86x
656.5
738.1
10.28x
9.27x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
15.02.2012
BBNEG
02.12.2009
B
18.09
6.56
1.34
1.95
14.6%
12.4%
0.40
0.67
114.12
99.94
25.00
9'000.0
8'000.0
20.00
7'000.0
6'000.0
15.00
5'000.0
4'000.0
10.00
3'000.0
2'000.0
5.00
1'000.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Eurasian Natural Resources Corp PLC

Holdings By:
All
Holder Name
KAZAKHMYS EURASIA BV
CHODIEV PATOKH
MACHKEVITCH ALEXANDE
The State Property &
REPUBLIC OF KAZAKHST
IBRAGIMOV ALIJAN
IBRAGIMOV FAMILY
BLACKROCK
Chodiev`s Family
SKAGEN AS
SKAGEN FUNDS
JP MORGAN
LEGAL & GENERAL
CAUSEWAY CAPITAL MAN
UBS
VANGUARD GROUP INC
Firm Name
Exane BNP Paribas
BMO Capital Markets
RBC Capital Markets
VTB Capital
Goldman Sachs
Macquarie
Halyk Finance
Centras Securities
EVA Dimensions
Societe Generale
Deutsche Bank
Credit Suisse
Sberbank CIB
Morgan Stanley
Liberum Capital Ltd
JPMorgan
Alfa-Bank
Nomura
Barclays
Visor Capital
Redburn Partners
Otkritie Capital
Renaissance Capital
Prosdocimi
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
RAPHAEL VEVERKA
TONY ROBSON
TIMOTHY HUFF
NIKOLAY SOSNOVSKIY
YULIA CHEKUNAEVA
ALON OLSHA
MARIYAM ZHUMADIL
MARZHAN IBRAYEVA
CRAIG STERLING
ABHISHEK SHUKLA
ROBERT CLIFFORD
LIAM FITZPATRICK
MIKHAIL STISKIN
ALAIN GABRIEL
ASH LAZENBY
FRASER JAMIESON
BARRY EHRLICH
PATRICK JONES
IAN ROSSOUW
STANISLAV CHUYEV
TIM JARRATT
DENIS GABRIELIK
EKATERINA GAZADZE
TEAM COVERAGE
Source
REG
Co File
Co File
REG
Co File
Co File
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
MF-AGG
REG
Recommendation
neutral
market perform
sector perform
hold
neutral/attractive
outperform
buy
market perform
hold
hold
buy
outperform
buy
Equalwt/In-Line
hold
neutral
equalweight
reduce
equalweight
buy
neutral
hold
buy
buy
Amt Held
331'216'976
187'836'250
187'836'250
150'047'116
150'047'116
113'836'250
74'000'000
35'026'781
33'783'625
14'369'377
13'373'609
10'691'761
10'270'539
9'855'942
9'287'929
8'167'419
5'635'291
5'560'767
5'092'032
4'871'600
% Out
25.72
14.59
14.59
11.65
11.65
8.84
5.75
2.72
2.62
1.12
1.04
0.83
0.8
0.77
0.72
0.63
0.44
0.43
0.4
0.38
Weighting
Change
3
3
3
3
3
5
5
3
3
3
5
5
5
3
3
3
3
2
3
5
3
3
5
5
M
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(11'035'331)
3'677'616
1'237'467
(1'976'745)
2'908'642
(457'684)
4'356'680
(527'435)
96'884
180'707
1'962'227
Target Price
340
350
325
420
400
430
340
652
#N/A N/A
385
562
400
424
380
#N/A N/A
300
378
275
341
427
#N/A N/A
400
985
#N/A N/A
File Dt
Inst Type
03.12.2012
Corporation
16.04.2012
n/a
16.04.2012
n/a
03.12.2012
Unclassified
16.04.2012
Government
16.04.2012
n/a
03.12.2012
Unclassified
26.02.2013
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Government
03.12.2012
Investment Advisor
03.12.2012
Government
31.12.2012
Unclassified
31.01.2013
Unclassified
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
28.12.2012
Unclassified
31.12.2012
Investment Advisor
03.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
27.02.2013
25.02.2013
25.02.2013
19.02.2013
15.02.2013
11.02.2013
08.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
28.01.2013
23.01.2013
18.01.2013
16.01.2013
16.01.2013
16.01.2013
14.01.2013
14.12.2012
11.12.2012
09.11.2012
03.02.2012
10.06.2010
28.02.2013
Eurazeo
Eurazeo is an investment company that invests in French mid to large-sized
companies. The Company is a long-term investor and works alongside management
to provide company transformation support. Eurazeo's investments include
buiness support services,transportation services, real estate & leisure, and
financial services sectors.
Price/Volume
.3 M
.3 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (25.02.2013)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RF FP EQUITY YTD Change
RF FP EQUITY YTD % CHANGE
12/2011
09/yy
42.78
27.21
40'719.00
41.125
-3.86%
51.14%
89.40%
66.0
2'715.13
6'990.45
0.0
444.4
511.98
9'985.08
25
.2 M
20
.2 M
15
.1 M
10
.1 M
5
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
40
35
Valuation Analysis
31.12.2007
4'253.0
2.92x
1'628.8
7.63x
901.1
5.39x
45
31.12.2008
31.12.2009
4'152.4
3'924.9
2.21x
2.35x
817.8
738.7
11.21x
12.49x
(68.0)
(199.3)
Profitability
LTM-4Q
31.12.2010
4'315.6
2.17x
1'038.4
9.03x
115.0
26.55x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
4'275.3
2.01x
798.6
10.77x
(97.5)
798.58
-1.92%
-1.81%
-0.80%
-3.47%
-1.18%
0.30%
17.2%
-2.3%
48.01%
203.47%
-
Price/ Cash Flow
03/yy
2'907.2
0.00x
0.0
0.00x
0.0
0.00x
LTM
09/yy
4'587.2
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.30
41.97
25.99%
13.59%
1.299
11
4.000
71'026
70'544
62'017
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
4'381.3
4'500.8
2.14x
2.09x
1'115.3
1'163.8
8.95x
8.58x
63.3
150.3
59.60x
17.59x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
8.86
9.90
203.5%
64.3%
0.30
5.25
-
35.00
5'000.0
4'500.0
30.00
4'000.0
25.00
3'500.0
3'000.0
20.00
2'500.0
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
0.00
02.01.2009
500.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Eurazeo
Holdings By:
All
Holder Name
CREDIT AGRICOLE SA
VINCENT MEYER
SOFINA SA
MONTREUX LLC
DAVID-WEILL MICHEL T
INDIVISION MDW
EURAZEO
DE SOLAGES AMAURY
DE SOLAGES JEAN-MANU
DE SOLAGES CONSTANCE
BERNHEIM-ORSINI MART
BERNHEIM PIERRE-ANTO
TAUBE HODSON STONEX
VANGUARD GROUP INC
BLACKROCK
SAYER PATRICK
SEB
SPARINVEST
GUYOT ALAIN
INVESCO LTD
Firm Name
AlphaValue
Societe Generale
Oddo & Cie
HSBC
Day by Day
Goldman Sachs
EVA Dimensions
Exane BNP Paribas
JPMorgan
CA Cheuvreux
Redburn Partners
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
PIERRE-YVES GAUTHIER
PATRICK JOUSSEAUME
CHRISTOPHE CHAPUT
PIERRE BOSSET
VALERIE GASTALDY
MARKUS IWAR
AUSTIN BURKETT
CHARLES-HENRI DE MORTEMART
CHRISTOPHER BROWN
DAVID CERDAN
PIERRE BOUCHENY
PASCAL HAUTCOEUR
Source
Co File
Research
Co File
Research
Research
Research
Co File
Research
Research
Research
Research
Research
MF-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Research
MF-AGG
Recommendation
add
buy
neutral
overweight
hold
neutral/neutral
overweight
neutral
neutral
suspended coverage
buy
sell
Amt Held
11'323'885
4'317'655
3'600'000
3'323'246
2'950'303
2'322'953
2'260'117
1'077'772
1'063'419
999'532
605'628
605'628
530'403
497'674
432'071
316'345
272'969
261'304
211'191
197'672
% Out
17.15
6.54
5.45
5.03
4.47
3.52
3.42
1.63
1.61
1.51
0.92
0.92
0.8
0.75
0.65
0.48
0.41
0.4
0.32
0.3
Weighting
Change
4
5
3
5
3
3
5
3
3
#N/A N/A
5
1
M
M
M
U
D
M
M
M
M
M
M
M
Latest Chg
241'725
158'249
140'489
110'616
51'321
50'638
47'597
28'812
28'812
(31'538)
3'787
(168'300)
548
(22'246)
30'056
590
Target Price
50
46
39
47
#N/A N/A
49
#N/A N/A
38
#N/A N/A
#N/A N/A
40
#N/A N/A
File Dt
31.12.2011
09.05.2012
31.12.2011
24.12.2012
24.12.2012
24.12.2012
31.12.2011
24.12.2012
24.12.2012
24.12.2012
24.12.2012
24.12.2012
30.11.2012
31.12.2012
26.02.2013
31.12.2011
31.12.2012
31.01.2013
24.12.2012
27.02.2013
Date
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
n/a
Holding Company
Other
n/a
Other
Investment Advisor
n/a
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Unclassified
Investment Advisor
n/a
Investment Advisor
Date
20.02.2013
18.02.2013
15.02.2013
31.01.2013
31.01.2013
25.01.2013
17.01.2013
28.11.2012
18.10.2012
10.05.2012
14.03.2012
08.06.2009
28.02.2013
Eurocommercial Properties NV
Eurocommercial Properties N.V. is a real estate investment company. The Company
owns and operates shopping centers in France, Italy and Sweden.
Price/Volume
35
.6 M
30
.5 M
25
.4 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.01.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ECMPA NA EQUITY YTD Change
ECMPA NA EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
10
.1 M
5
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
191.5
10.50x
144.5
13.92x
110.3
9.76x
.3 M
15
06/2012
12/yy
31.44
24.54
132'847.00
29.11
-7.40%
18.62%
66.28%
41.8
1'216.16
1'252.74
0.0
0.0
120.95
2'363.41
30.06.2009
30.06.2010
155.7
163.1
10.86x
12.34x
105.1
111.2
16.10x
18.12x
(180.7)
93.7
10.80x
Profitability
LTM-4Q
30.06.2011
180.1
13.30x
122.0
19.62x
201.3
6.92x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
192.6
11.67x
129.8
17.32x
(12.1)
129.81
129.81
40.89%
-5.37%
1.77%
3.76%
1.96%
0.07%
66.6%
-6.3%
44.06%
96.35%
-
Price/ Cash Flow
12/yy
186.5
49.45x
127.1
16.88x
60.6
16.46x
LTM
12/yy
200.6
46.78x
133.6
18.00x
48.2
25.76x
FY+1
1.03
33.57
15.19%
-3.42%
1.028
15
3.267
104'300
77'840
78'644
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
160.8
164.9
39.9
40.5
14.96x
14.70x
62.74x
61.34x
132.9
136.5
34.0
35.0
17.78x
17.32x
17.10x
16.94x
81.6
85.4
19.6
20.8
16.09x
14.54x
15.04x
14.81x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.54
0.81
8.58
8.87
96.4%
49.1%
0.07
-
40.00
250.0
35.00
200.0
30.00
25.00
150.0
20.00
100.0
15.00
10.00
50.0
5.00
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Eurocommercial Properties NV
Holdings By:
All
Holder Name
NORGES BANK
CBRE CLARION SECURIT
MORGAN STANLEY
BLACKROCK
SARASIN
VANGUARD GROUP INC
STATE STREET
SCOTTISH WIDOWS
PETERCAM SA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
Goldman Sachs
EVA Dimensions
AUSTIN BURKETT
Societe Generale
MICHEL VARALDO
MARTIJN TER LAAK
Berenberg Bank
KAI MALTE KLOSE
Petercam
STEPHAN VAN WEEREN
Exane BNP Paribas
NICK WEBB
ING Bank
JAAP KUIN
JON STEWART
Kempen & Co
ROBERT WOERDEMAN
JPMorgan
HARM M MEIJER
HSBC
THOMAS MARTIN
ABN Amro Bank N.V.
RUUD VAN MAANEN
CA Cheuvreux
BRUNO DUCLOS
AEK
HENK J BROUWER
Source
ULT-AGG
Research
Research
Research
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
neutral/neutral
sell
buy
hold
buy
hold
underperform
buy
buy
neutral
neutral
overweight
hold
underperform
outperform
Amt Held
% Out
5'138'696
12.3
3'026'247
7.24
2'100'963
5.03
2'055'866
4.92
2'049'234
4.91
885'990
2.12
739'948
1.77
662'172
1.58
517'304
1.24
479'835
1.15
405'055
0.97
(389'058) -0.93
321'984
0.77
284'598
0.68
273'715
0.66
229'086
0.55
208'088
0.5
198'454
0.48
192'000
0.46
183'031
0.44
Weighting
Change
3
1
5
3
5
3
1
5
5
3
3
5
3
1
5
M
D
M
M
M
M
M
U
N
M
M
M
M
M
M
Latest Chg
1'479
986
(100'828)
(2'238)
6'587
3'160
321'984
83'514
15'086
10'900
(1'822)
20'000
-
Target Price
30
#N/A N/A
35
31
34
30
29
34
35
30
33
34
30
34
#N/A N/A
File Dt
Inst Type
30.06.2010
Government
31.12.2011
Government
08.02.2013
Investment Advisor
19.03.2012
Investment Advisor
23.11.2010
Investment Advisor
26.02.2013
Investment Advisor
28.12.2012
Unclassified
08.05.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
27.02.2013
Investment Advisor
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor
21.08.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.10.2012
Unclassified
31.01.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
20.02.2013
13.02.2013
11.02.2013
11.02.2013
08.02.2013
04.02.2013
01.02.2013
21.01.2013
15.01.2013
14.01.2013
09.01.2013
27.11.2012
18.09.2012
02.08.2011
08.02.2010
28.02.2013
Evraz PLC
Evraz PLC mines iron ore and coal, and manufactures steel. The Company mines
iron ore in Russia and Ukraine, and coal in Western Siberia. Evraz produces
steel beams, channels, reinforcement bars, slabs, billets, railroad rails,
armor plate, and tubular products. The Company produces steel in Russia, North
America, Ukraine, Italy, the Czech Republic, and South Africa.
Price/Volume
12/2011
09/yy
428.00
206.80
1'403'491.00
270
-36.92%
30.56%
28.57%
1'472.6
3'975.97
7'245.00
0.0
236.0
801.00
12'297.35
25.0 M
250
20.0 M
200
15.0 M
150
10.0 M
100
5.0 M
50
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

-
30.0 M
300
Latest Fiscal Year:

LTM as of:
52-Week High (29.02.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EVR LN EQUITY YTD Change
EVR LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
35.0 M
400
350
Valuation Analysis
31.12.2007
450
31.12.2008
31.12.2009
20'380.0
9'772.0
5'335.0
1'057.0
1'797.0
(295.0)
Profitability
LTM-4Q
31.12.2010
13'394.0
2'203.0
486.0
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
16'400.0
0.88x
2'794.0
5.17x
461.0
16.31x
2'794.00
1'641.00
10.01%
5.32%
0.90%
2.67%
2.33%
0.85%
23.9%
14.7%
6.2%
2.8%
1.77
0.67
42.68%
130.66%
5.21
Price/ Cash Flow
LTM
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
09/yy
4'157.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
4.15
334.65
-31.68%
4.29%
27
3.741
3'029'118
3'261'932
3'022'907
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/11 Q4 03/12 Q1
14'495.1
15'025.4
3'923.0
0.88x
0.85x
2'014.8
2'172.0
6.10x
5.66x
115.8
260.7
77.29x
25.76x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.95
2.14
2.64
3.41
130.7%
55.6%
0.85
1.83
70.29
58.86
3.00
25'000.0
2.50
20'000.0
2.00
15'000.0
1.50
10'000.0
1.00
5'000.0
0.50
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Evraz PLC
Holdings By:
All
Holder Name
LANEBROOK LTD
KADRE ENTERPRISES LT
VEROCCHIO ENTERPRISE
TORCENSTA HOLDING LT
UBS
BLACKROCK
LEGAL & GENERAL
AVIVA INVESTORS
SEB
EAST CAPITAL ASSET M
HSBC PRIVATE BANKING
CITIBANK SWITZERLAND
CLEARSTREAM BANKING
JP Morgan Chase Bank
VANGUARD GROUP INC
NEPTUNE INVESTMENT M
Firm Name
Gazprombank
Uralsib
Raiffeisenbank AG
Goldman Sachs
Sovlink Securities
Renaissance Capital
Morgan Stanley
Credit Suisse
UFS-Finance Investment Company
Deutsche Bank
EVA Dimensions
Alfa-Bank
BCS
Otkritie Capital
Sberbank CIB
Societe Generale
VTB Capital
HSBC
Barclays
Nomos Bank
JPMorgan
Aton LLC
RMG Securities
Grandis Capital
Cyrrus
Portfolio Name
n/a
#N/A N/A
#N/A N/A
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SERGEI KANIN
VALENTINA BOGOMOLOVA
IRYNA TRYGUB-KAINZ
YULIA CHEKUNAEVA
ALEKSANDR MORIN
BORIS KRASNOJENOV
DMITRIY KOLOMYTSYN
SEMYON MIRONOV
ILYA BALAKIREV
GEORGE BUZHENITSA
CRAIG STERLING
BARRY EHRLICH
KIRILL CHUYKO
DENIS GABRIELIK
MIKHAIL STISKIN
SERGEY DONSKOY
IGOR LEBEDINETS
VLADIMIR ZHUKOV
VLADIMIR SERGIEVSKIY
YURI VOLOV
YURIY A VLASOV
DINNUR GALIKHANOV
ANDREY TRETELNIKOV
ANDREW KUCHEROV
JIRI SIMARA
Source
RNS-MAJ
RNS-MAJ
RNS-MAJ
RNS-MAJ
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
REG
REG
REG
REG
MF-AGG
REG
Recommendation
overweight
hold
hold
neutral/neutral
buy
buy
Overwt/No Rating
neutral
buy
buy
hold
equalweight
sell
buy
buy
sell
buy
overweight
underweight
buy
neutral
hold
buy
buy
buy
Amt Held
934'440'556
83'200'964
82'887'014
33'737'970
25'541'460
16'936'986
15'075'209
13'139'803
9'583'685
9'067'977
9'043'316
8'861'970
8'152'085
8'042'193
7'563'282
6'814'020
6'191'363
5'444'927
5'093'086
5'000'000
% Out
63.46
5.65
5.63
2.29
1.73
1.15
1.02
0.89
0.65
0.62
0.61
0.6
0.55
0.55
0.51
0.46
0.42
0.37
0.35
0.34
Weighting
Change
5
3
3
3
5
5
5
3
5
5
3
3
1
5
5
1
5
5
1
5
3
3
5
5
5
M
M
D
M
N
M
U
U
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
N
M
Latest Chg
(78'380'113)
(26'127'465)
(429'768)
(53'525)
2'214'818
(634'979)
199'685
1'400'034
3'123'716
2'132'998
6'537'693
(399'633)
(1'116'326)
(2'803'454)
94'551
-
Target Price
514
284
327
340
368
390
355
280
379
404
#N/A N/A
300
210
312
275
190
340
320
253
334
274
235
554
499
572
File Dt
04.02.2013
04.02.2013
04.02.2013
12.02.2013
01.11.2012
01.11.2012
26.02.2013
31.01.2013
01.11.2012
01.11.2012
01.11.2012
31.12.2012
31.12.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
31.12.2012
01.11.2012
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
12 month
12 month
Inst Type
Other
Other
Other
Unclassified
Bank
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Bank
Bank
Unclassified
Bank
Unclassified
Investment Advisor
Investment Advisor
Date
27.02.2013
25.02.2013
21.02.2013
20.02.2013
08.02.2013
07.02.2013
23.01.2013
23.01.2013
21.01.2013
17.01.2013
17.01.2013
16.01.2013
19.12.2012
29.11.2012
21.11.2012
13.11.2012
08.11.2012
25.10.2012
05.10.2012
04.10.2012
12.09.2012
03.09.2012
27.06.2012
12.04.2012
30.01.2012
28.02.2013
Exor SpA
EXOR S.p.a. is an Italy-based investment company. The Company makes medium to
long-term investments. Its investment portfolio consists of interests held in
companies from various sectors, including automobile, agricultural and
construction equipment, trucks and commercial vehicles, financial services,
real estate services, business services, tourism and entertainment.
Price/Volume
25
20
15
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (14.02.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EXO IM EQUITY YTD Change
EXO IM EQUITY YTD % CHANGE
12/2011
09/yy
22.77
15.38
397'020.00
21.26
-6.63%
38.23%
79.57%
160.3
5'207.82
48'901.00
0.0
13'568.0
23'494.00
46'103.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5
0
f-12
31.12.2008
31.12.2009
2'664.0
52'520.0
0.91x
302.0
(389.0)
Profitability
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.12.2010
57'762.0
0.55x
5'035.0
6.34x
137.0
44.81x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
84'359.0
0.50x
9'164.0
4.64x
504.0
6.91x
9'164.00
5'046.00
5.98%
3.89%
0.20%
3.64%
4.30%
0.86%
15.7%
10.8%
6.1%
0.6%
1.90
0.80
39.75%
763.72%
20.18
6.02
Price/ Cash Flow
LTM
09/yy
63'536.0
1.09x
0.0
0.00x
565.6
6.33x
09/yy
50'169.0
1.73x
0.0
0.00x
306.3
13.24x
FY+1
1.00
61.97
15.01%
11.89%
1.003
5
3.800
595'156
539'954
413'849
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
99'135.5 104'254.5
0.24x
9'229.0
10'242.5
5.00x
4.50x
362.5
464.5
7.39x
10.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
26.10.2005
BBB+
STABLE
30.06.2003
A-2
6.82
1.86
2.36
4.55
763.7%
71.0%
0.86
4.30
18.14
60.79
86.38
-7.54
45.00
90'000.0
40.00
80'000.0
35.00
70'000.0
30.00
60'000.0
25.00
50'000.0
20.00
40'000.0
15.00
30'000.0
10.00
20'000.0
5.00
10'000.0
0.00
02.01.2009
m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
2'661.0
444.0
-
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Exor SpA
Holdings By:
All
Holder Name
GIOVANNI AGNELLI & C
MACKENZIE FINANCIAL
EXOR SPA
VANGUARD GROUP INC
BLACKROCK
FMR LLC
LONGLEAF MANAGEMENT
IVY MANAGEMENT INCOR
ARCA SGR SPA
FIRST CANADIAN MUTUA
COUNSEL PORTFOLIO SE
GABETTI GIANLUIGI
DNCA FINANCE
SEB
FABBRI PIO TEODORANI
TRANSAMERICA INVESTM
Firm Name
Mediobanca SpA
Goldman Sachs
Banca IMI
CA Cheuvreux
Exane BNP Paribas
Equita SIM SpA
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
MASSIMO VECCHIO
MARKUS IWAR
MONICA BOSIO
MARCO BACCAGLIO
GIUSEPPE MARSELLA
MARTINO DEAMBROGGI
Source
EXCH
EXCH
EXCH
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
Recommendation
neutral
not rated
buy
outperform
neutral
buy
Amt Held
94'706'958
11'605'993
3'274'102
1'323'444
1'211'982
445'923
321'800
314'958
260'491
251'022
240'326
191'132
189'859
172'780
169'146
159'950
150'000
125'413
124'285
119'735
% Out
59.1
7.24
2.04
0.83
0.76
0.28
0.2
0.2
0.16
0.16
0.15
0.12
0.12
0.11
0.11
0.1
0.09
0.08
0.08
0.07
Weighting
Change
3
#N/A N/A
5
5
3
5
M
M
M
M
M
M
Latest Chg
44'316
1'839
(10'638)
(103'505)
14'100
(109'105)
25'326
23'500
(27'191)
653
18'800
Target Price
20
#N/A N/A
22
24
22
21
File Dt
Inst Type
24.09.2012
Holding Company
24.09.2012
Investment Advisor
24.09.2012
Corporation
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2011
n/a
31.10.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2011
n/a
31.12.2012
Investment Advisor
Date
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
08.11.2011
28.02.2013
Filtrona PLC
Filtrona Plc is an international supplier of specialty plastic and fiber
products. The Company produces plastic molded and adhesive coated foam and
metal products, custom bonded fiber and foam components, self adhesive tear
tape, labels, products and technologies for brand protection, document
authentication and personal identification, and cigarette filters.
Price/Volume
700
12/2012
01/yy
641.00
420.70
559'026.00
633.5
-1.17%
50.58%
96.60%
211.4
1'339.24
204.90
0.0
5.3
41.40
1'508.04
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
400
1.5 M
300
1.0 M
200
31.12.2009
31.12.2010
444.0
489.6
1.13x
1.23x
76.9
95.4
6.54x
6.29x
11.8
47.7
20.77x
12.15x
Profitability
31.12.2011
540.7
1.75x
105.2
8.99x
43.1
19.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
663.4
2.00x
127.9
10.40x
52.2
22.00x
127.90
97.00
14.62%
11.59%
8.84%
23.62%
16.11%
1.12%
19.3%
14.6%
7.9%
1.64
0.32
32.89%
87.19%
-
Price/ Cash Flow
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.97
0.82
207.65
44.07%
15.18%
0.821
8
3.500
1'007'390
394'468
356'988
FY+2
12/13 Y
12/14 Y
707.8
754.8
2.07x
1.89x
143.8
155.6
10.48x
9.69x
72.9
80.3
18.05x
16.24x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
6.30
4.14
1.28
1.60
87.2%
46.0%
1.12
3.81
-
18.00
700.0
16.00
600.0
14.00
500.0
12.00
10.00
400.0
8.00
300.0
6.00
200.0
4.00
100.0
2.00
0.00
01.01.2010
.5 M
100
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
431.7
1.09x
75.7
6.21x
35.0
9.24x
2.0 M
500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.02.2013)
52-Week Low (06.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FLTR LN EQUITY YTD Change
FLTR LN EQUITY YTD % CHANGE
2.5 M
600
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Filtrona PLC
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
AXA FRAMLINGTON INV
ALLIANCE BERNSTEIN
JP MORGAN
INVESCO LTD
ALLIANZ SE
LEGAL & GENERAL
IGNIS INVESTMENT SER
HERMES SPEC UK FOCUS
OLD MUTUAL
BT PENSION SCHEME
Firm Name
EVA Dimensions
Deutsche Bank
JPMorgan
WH Ireland Ltd
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
CRAIG STERLING
MICHAEL O'BRIEN
MIKE MURPHY
THOMAS SYKES
VICTORIA PRIOR
PAUL JONES
MATTHEW DAVIS
Source
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
ULT-AGG
ULT-AGG
RNS-MAJ
Co File
RNS-MAJ
Co File
Co File
ULT-AGG
REG
Co File
Co File
ULT-AGG
MF-AGG
REG
RNS-MAJ
Recommendation
hold
buy
hold
hold
neutral
hold
buy
Amt Held
37'435'215
22'726'972
16'615'477
14'816'147
12'212'865
11'599'656
11'385'341
10'469'124
10'423'740
10'134'152
10'005'955
9'901'509
8'607'330
8'467'235
8'188'590
8'125'922
7'783'386
7'284'707
6'886'074
6'092'208
% Out
17.71
10.75
7.86
7.01
5.78
5.49
5.39
4.95
4.93
4.79
4.73
4.68
4.07
4.01
3.87
3.84
3.68
3.45
3.26
2.88
Weighting
Change
3
5
3
3
3
3
5
D
M
M
M
M
M
M
Latest Chg
1'939'593
1'141'441
(182'500)
78'065
(1'073'753)
1'052'295
(382'387)
(225'619)
(482'387)
706'799
(1'646'474)
990'470
(125'654)
(898'859)
(2'126'936)
Target Price
#N/A N/A
690
568
490
524
445
290
File Dt
Inst Type
26.02.2013
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
30.12.2012
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Unclassified
06.12.2012
Investment Advisor
21.02.2012
Investment Advisor
24.05.2012
Investment Advisor
21.02.2012
Investment Advisor
21.02.2012
Insurance Company
03.12.2012
Unclassified
03.12.2012
Investment Advisor
21.02.2012
Investment Advisor
21.02.2012
n/a
31.12.2012
Unclassified
31.10.2012
Investment Advisor
03.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
9 month
Not Provided
12 month
Date
26.02.2013
22.02.2013
21.02.2013
03.12.2012
04.09.2012
14.06.2012
31.08.2010
28.02.2013
Finmeccanica SpA
Finmeccanica SpA manufactures high technology products and is very active in
aerospace, defence and security. The Group focuses heavily on helicopters,
defence and security electronics and aeronautics as well as a well-established
position on the global transport and power generation markets.
Price/Volume
6
40.0 M
35.0 M
30.0 M
4
Latest Fiscal Year:

LTM as of:
52-Week High (22.01.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FNC IM EQUITY YTD Change
FNC IM EQUITY YTD % CHANGE
12/2011
09/yy
5.17
2.61
7'288'042.00
3.766
-27.16%
44.40%
45.20%
578.2
2'177.31
5'885.00
0.0
303.0
1'371.00
8'144.31
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
15.0 M
10.0 M
1
5.0 M
0
f-12
31.12.2008
31.12.2009
15'037.0
18'176.0
0.70x
0.58x
1'832.0
2'119.0
5.74x
4.97x
571.0
654.0
8.42x
9.87x
Profitability
LTM-4Q
31.12.2010
18'695.0
0.49x
1'869.0
4.89x
493.0
9.96x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
17'318.0
0.37x
304.0
21.28x
(2'345.0)
304.00
-1'477.00
-8.53%
-14.16%
-6.03%
-35.62%
0.56%
8.6%
-1.5%
-13.5%
0.98
0.38
19.24%
136.83%
1.79
-
Price/ Cash Flow
a-12
m-12
j-12
LTM
09/yy
18'023.0
2.15x
560.0
15.91x
(149.0)
0.00x
j-12
09/yy
17'217.0
1.71x
1'487.0
5.45x
(1'869.0)
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.00
391.93
-0.84%
-13.47%
1.003
19
2.842
9'738'759
8'403'556
7'301'296
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
17'193.7
17'334.7
4'853.0
0.35x
0.32x
1.23x
1'668.6
1'767.4
4.88x
4.61x
267.5
380.1
11.6
7.70x
5.65x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
18.01.2013
BB+
STABLE
18.01.2013
B
0.94
-1.90
3.80
4.54
136.8%
56.1%
0.56
5.45
204.28
-
8.00
20'000.0
7.00
18'000.0
16'000.0
6.00
14'000.0
5.00
12'000.0
4.00
10'000.0
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
02.01.2009
.0 M
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
13'431.0
0.79x
1'793.0
5.93x
484.0
19.27x
25.0 M
Valuation Analysis
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Finmeccanica SpA
Holdings By:
All
Holder Name
MINISTERO DELL'ECONO
TRADEWINDS GLOBAL IN
AKO CAPITAL LLP
DEUTSCHE BANK TRUST
BLACKROCK
LIBYAN INVESTMENT AU
VANGUARD GROUP INC
AMBER CAPITAL LTD
NUVEEN ASSET MANAGEM
JOHN HANCOCK INVESTM
PRINCIPAL FINANCIAL
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Banca IMI
MONICA BOSIO
Banca Akros(ESN)
GABRIELE GAMBAROVA
Mediobanca SpA
MASSIMO VECCHIO
AlphaValue
THOMAS PICHERIT
Oddo & Cie
YAN DEROCLES
JPMorgan
DAVID H. PERRY
Societe Generale
ZAFAR KHAN
CA Cheuvreux
ANTOINE BOIVIN-CHAMPEAUX
EVA Dimensions
CRAIG STERLING
Exane BNP Paribas
TRISTAN SANSON
Barclays
CHRISTIAN LAUGHLIN
CHRISTOPHE MENARD
Deutsche Bank
MILENE KERNER
Morgan Stanley
RUPINDER VIG
EDWARD STACEY
Equita SIM SpA
MARTINO DEAMBROGGI
Hammer Partners SA
ALBERTO ROLLA
Centrobanca
MARCO CRISTOFORI
National Bank AG
STEFFEN MANSKE
Source
EXCH
EXCH
Short
EXCH
ULT-AGG
EXCH
EXCH
Short
MF-AGG
Short
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
Under Review
hold
underperform
buy
buy
neutral
sell
select list
hold
underperform
equalweight
reduce
sell
Equalwt/In-Line
neutral
hold
buy
hold
buy
Amt Held
% Out
174'601'418
30.2
28'791'889
4.98
(22'779'125) -3.94
20'813'414
3.6
12'950'569
2.24
11'794'268
2.04
11'620'823
2.01
(9'597'296) -1.66
7'448'228
1.29
(5'087'723) -0.88
4'841'276
0.84
4'107'141
0.71
(3'526'717) -0.61
2'357'935
0.41
1'482'695
0.26
1'345'927
0.23
1'097'588
0.19
885'960
0.15
820'000
0.14
788'824
0.14
Weighting
#N/A N/A
3
1
5
5
3
1
5
3
1
3
2
1
3
3
3
5
3
5
Change
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(404'705)
(1'040'671)
218'706
173'446
(532'114)
35'274
(161'787)
(30'821)
50'700
6'505
820'000
(5'200)
Target Price
#N/A N/A
4
3
6
7
4
5
6
#N/A N/A
3
4
4
3
4
4
4
4
10
12
File Dt
30.01.2013
30.01.2013
22.02.2013
30.01.2013
26.02.2013
30.01.2013
30.01.2013
25.02.2013
31.12.2012
27.12.2012
31.07.2012
31.01.2013
28.11.2012
30.11.2012
31.01.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.01.2013
Date
Not Provided
12 month
6 month
6 month
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
27.02.2013
27.02.2013
22.02.2013
21.02.2013
13.02.2013
11.02.2013
28.01.2013
21.01.2013
17.01.2013
16.01.2013
15.01.2013
04.01.2013
12.12.2012
15.11.2012
16.08.2012
11.07.2012
26.03.2012
04.03.2011
29.07.2010
28.02.2013
Firstgroup PLC
FirstGroup plc is an international passenger group which has bus and rail
operations in the United Kingdom and North America. The Group's operations
comprise bus and passenger rail franchises, in addition to transit management,
school bus operations, and fleet maintenance.
Price/Volume
300
25.0 M
250
20.0 M
200
Latest Fiscal Year:

LTM as of:
52-Week High (27.03.2012)
52-Week Low (21.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FGP LN EQUITY YTD Change
FGP LN EQUITY YTD % CHANGE
03/2012
01/yy
300.60
174.60
1'588'407.00
190.5
-36.63%
9.11%
12.62%
481.9
918.03
2'448.20
0.0
22.4
499.70
3'106.83
31.03.2008
4'707.6
1.00x
579.7
8.11x
120.4
20.35x
10.0 M
100
5.0 M
50
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
150
Valuation Analysis
31.03.2009
31.03.2010
6'187.3
6'261.9
0.61x
0.64x
772.2
849.6
4.86x
4.74x
143.3
132.1
8.86x
13.35x
Profitability
31.03.2011
6'416.7
0.56x
777.7
4.63x
103.2
16.32x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
6'678.7
0.47x
756.6
4.12x
196.2
5.57x
756.60
397.60
5.95%
4.19%
2.42%
16.58%
8.82%
1.30%
11.2%
5.7%
2.9%
0.83
0.62
46.08%
285.14%
14.48
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
12.43
0.89
479.93
-27.05%
-5.48%
0.886
20
2.600
1'935'746
1'746'321
2'011'240
FY+2
03/13 Y
03/14 Y
6'745.8
6'115.1
0.42x
0.47x
681.0
658.1
4.56x
4.72x
142.0
140.1
6.52x
6.37x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
23.04.2007
BBBNEG
23.04.2007
A-3
4.76
3.68
2.87
3.29
285.1%
73.5%
1.30
3.33
25.27
-
3.50
8'000.0
3.00
7'000.0
6'000.0
2.50
5'000.0
2.00
4'000.0
1.50
3'000.0
1.00
2'000.0
0.50
1'000.0
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Firstgroup PLC
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
BLACKROCK
LEGAL & GENERAL
EPOCH INVESTMENT PAR
UNIVERSITIES SUPERAN
SCOTTISH WIDOWS
ELLIOTT MANAGEMENT C
PRIVATE INDIVIDUALS
STATE STREET
SARASIN
BEUTEL GOODMAN & COM
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
HSBC
JOSEPH P THOMAS
RBC Capital Markets
DAMIAN BREWER
EDWARD STANFORD
GERT ZONNEVELD
GERALD KHOO
Liberum Capital Ltd
PETER HYDE
JPMorgan
DAVID PITURA
Jefferies
JOSEPH SPOONER
KARL BURNS
Nomura
ANDREW EVANS
EVA Dimensions
CRAIG STERLING
Morgan Stanley
JAIME ROWBOTHAM
Barclays
ADRIAN YANOSHIK
Goldman Sachs
OLIVER NEAL
Investec
JOHN LAWSON
Charles Stanley Securities
DOUGLAS MCNEILL
Deutsche Bank
ANAND DATE
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
REG
REG
REG
RNS-MAJ
MF-AGG
ULT-AGG
REG
ULT-AGG
REG
Short
REG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
underweight
sector perform
sell
hold
sell
buy
overweight
hold
hold
neutral
hold
Underwt/In-Line
equalweight
Buy/Neutral
hold
hold
sell
Amt Held
% Out
45'309'650
9.4
43'612'226
9.05
24'297'017
5.04
23'464'316
4.87
20'586'417
4.27
20'402'033
4.23
19'269'731
4
19'115'314
3.97
15'219'760
3.16
14'907'952
3.09
14'162'264
2.94
13'997'470
2.9
12'625'026
2.62
11'421'347
2.37
11'192'732
2.32
(11'180'214) -2.32
10'620'173
2.2
8'894'056
1.85
8'711'922
1.81
8'657'750
1.8
Weighting
Change
1
3
1
3
1
5
5
3
3
3
3
1
3
5
3
3
1
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
5'964'028
2'436'720
105'571
(803'434)
(3'174'468)
2'783'092
(2'004'024)
(2'849'911)
(60'861)
(578'287)
100'000
(1'045'273)
1'622'041
1'681'740
Target Price
180
230
#N/A N/A
200
170
230
237
190
#N/A N/A
204
#N/A N/A
195
190
238
180
240
175
File Dt
Inst Type
11.02.2013
Investment Advisor
01.01.2013
Investment Advisor
26.02.2013
Investment Advisor
23.05.2012
Investment Advisor
23.05.2012
Investment Advisor
31.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
11.01.2013
Investment Advisor
31.07.2012
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Government
01.01.2013
Other
27.02.2013
Investment Advisor
01.01.2013
Unclassified
31.01.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Date
04.02.2013
31.01.2013
31.01.2013
31.01.2013
28.01.2013
25.01.2013
24.01.2013
24.01.2013
21.01.2013
21.01.2013
17.01.2013
10.12.2012
03.12.2012
08.11.2012
07.11.2012
07.11.2012
05.10.2012
28.02.2013
Flughafen Zuerich AG
Flughafen Zuerich AG operates the Zurich Airport. The Company constructs,
leases, and maintains airport structures and equipment.
Price/Volume
450
.1 M
400
.1 M
350
.1 M
300
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.12.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FHZN SE EQUITY YTD Change
FHZN SE EQUITY YTD % CHANGE
12/2012
01/yy
432.50
316.00
12'821.00
427.75
-1.10%
35.36%
95.92%
6.1
2'626.55
1'217.03
0.0
0.0
69.51
3'700.29
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
200
.0 M
150
31.12.2009
31.12.2010
820.2
863.0
3.56x
3.83x
402.9
437.1
7.24x
7.57x
190.6
138.5
9.98x
16.93x
Profitability
31.12.2011
905.4
3.48x
485.7
6.48x
170.9
11.71x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
.0 M
50
0
f-12
.0 M
m-12
a-12
LTM-4Q
LTM
01/yy
01/yy
485.67
283.80
31.34%
23.39%
4.78%
9.99%
0.25%
54.4%
31.5%
18.9%
0.76
0.35
31.91%
67.54%
9.06
-
Price/ Cash Flow
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
-
0.95
3.60
25.65%
1.18%
0.949
18
4.000
11'702
13'151
10'881
FY+2
12/13 Y
12/14 Y
969.2
1'002.8
3.69x
3.52x
523.7
548.0
7.07x
6.75x
185.1
203.1
14.45x
13.21x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
20.04.2012
A
STABLE
8.08
2.54
2.14
2.30
67.5%
40.3%
0.25
0.32
40.38
-
9.00
1'000.0
8.00
900.0
7.00
800.0
700.0
6.00
600.0
5.00
4.00
500.0
400.0
3.00
300.0
2.00
200.0
1.00
100.0
0.00
02.01.2009
.0 M
100
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
855.1
3.14x
421.0
6.37x
121.3
12.61x
250
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Flughafen Zuerich AG
Holdings By:
All
Holder Name
CANTON OF ZURICH
CITY OF ZURICH
CREDIT SUISSE AG
TAUBE HODSON STONEX
COMMONWEALTH BANK OF
UBS FUND MANAGEMENT
BLACKROCK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
PICTET & CIE
FRANK RUSSELL TRUST
SCHRODER INVESTMENT
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Firm Name
Analyst
Goldman Sachs
Morgan Stanley
Main First Bank AG
Berenberg Bank
Barclays
Nomura
HSBC
RBC Capital Markets
Bank Vontobel AG
EVA Dimensions
Credit Suisse
CA Cheuvreux
JPMorgan
NICK EDELMAN
DANIEL RUIVO
JOHANNES BRAUN
CHRISTIAN KORTH
WILLIAM FOGGON
SUSANNA INVERNIZZI
PETER LARKIN
JOSEPH P THOMAS
ARMIN RECHBERGER
ANDREW JONES
JEAN-PHILIPPE BERTSCHY
CRAIG STERLING
PATRICK JNGLIN
CRAIG ABBOTT
ELODIE RALL
STEFAN KICK
RUXANDRA HARADAU-DOESER
Source
Co File
EXCH
Co File
ULT-AGG
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
neutral/neutral
Overwt/In-Line
buy
outperform
hold
underweight
reduce
overweight
outperform
sector perform
hold
overweight
outperform
outperform
overweight
buy
reduce
Amt Held
2'050'894
342'593
309'476
200'484
199'712
183'681
174'707
60'698
60'417
56'858
53'213
48'984
46'095
39'311
38'420
37'359
37'053
36'922
35'400
24'223
% Out
33.4
5.58
5.04
3.27
3.25
2.99
2.85
0.99
0.98
0.93
0.87
0.8
0.75
0.64
0.63
0.61
0.6
0.6
0.58
0.39
Weighting
Change
3
5
5
5
3
1
2
5
5
3
3
5
5
5
5
5
2
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
M
M
Latest Chg
7'800
(122'936)
(104'647)
(2'354)
(220)
2'479
212
(762)
94
(400)
153
12
(3'746)
35'400
24'223
Target Price
466
440
500
520
458
430
437
460
#N/A N/A
400
380
#N/A N/A
450
455
470
410
292
File Dt
Inst Type
31.12.2011
Government
19.07.2012
Investment Advisor
31.12.2011
Government
31.01.2013
Unclassified
21.11.2012
Investment Advisor
22.02.2012
Investment Advisor
21.05.2008
Investment Advisor
31.10.2012
Bank
31.10.2012
Investment Advisor
31.07.2012
Investment Advisor
26.02.2013
Investment Advisor
31.10.2012
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
31.05.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
Date
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
Date
21.02.2013
05.02.2013
04.02.2013
04.02.2013
24.01.2013
23.01.2013
21.01.2013
18.01.2013
18.01.2013
16.01.2013
15.01.2013
15.01.2013
10.01.2013
17.12.2012
27.11.2012
21.08.2012
22.03.2012
28.02.2013
Fonciere Des Regions

Fonciere des Regions manages a diversified real estate portfolio including
offices, residential building, and car parking lots. The Company opted for the
SIIC legal status in 2003.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.11.2012)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FDR FP EQUITY YTD Change
FDR FP EQUITY YTD % CHANGE
12/2012
06/yy
64.95
49.36
66'943.00
63.49
-2.25%
28.63%
90.64%
57.9
3'675.86
7'275.85
0.0
2'107.1
184.00
12'568.86
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
60
.3 M
50
.3 M
40
.2 M
30
.2 M
20
.1 M
10
.1 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
613.7
23.33x
409.1
35.00x
(556.5)
-
70
31.12.2009
31.12.2010
681.7
821.1
18.54x
16.10x
492.5
688.5
25.67x
19.20x
(262.1)
627.2
5.99x
Profitability
LTM-4Q
31.12.2011
805.0
14.77x
669.0
17.78x
349.5
7.80x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
(26.5)
668.98
340.46
42.29%
57.96%
0.44%
1.68%
0.62%
0.05%
81.4%
43.4%
49.69%
185.00%
-
Price/ Cash Flow
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
06/yy
410.2
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.96
40.08
25.84%
0.30%
0.962
16
3.250
55'822
44'140
49'159
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
494.4
498.4
22.49x
21.89x
454.5
455.9
27.65x
27.57x
296.1
306.3
11.96x
11.83x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.09.2012
BBBSTABLE
28.09.2012
A-3
2.14
11.99
12.32
185.0%
54.6%
0.05
-
25.00
1'200.0
1'000.0
20.00
800.0
15.00
600.0
10.00
400.0
5.00
0.00
01.01.2010
200.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Fonciere Des Regions

Holdings By:
All
Holder Name
DELFIN SARL
COVEA FINANCE SAS
CREDIT AGRICOLE SA
ACM VIE SA
BLACKROCK
SANLAM ASSET MANAGEM
VANGUARD GROUP INC
FONCIERE DES REGIONS
STATE STREET
MORGAN STANLEY
DIAM
PETERCAM SA
Firm Name
Societe Generale
Natixis
Morgan Stanley
AlphaValue
ABN Amro Bank N.V.
Exane BNP Paribas
Petercam
HSBC
EVA Dimensions
Kempen & Co
JPMorgan
Barclays
Goldman Sachs
Tradition Securities & Futures
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
HENRI QUADRELLI
VLADIMIR MINOT
CHRISTOPHER FREMANTLE
PIERRE-LOUP ETIENNE
NICK WEBB
JOEL GORSELE
STEPHANIE DOSSMANN
AUSTIN BURKETT
BOUDEWIJN SCHOON
HARM M MEIJER
JULIAN CAMPBELL-WOOD
LAETITIA D'EPREMESNIL
BRUNO DUCLOS
Source
Co File
Research
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
Recommendation
buy
buy
neutral
Equalwt/Attractive
buy
hold
outperform
hold
neutral
underweight
neutral
neutral
equalweight
buy
Sell/Neutral
underperform
reduce
underperform
Amt Held
17'188'789
4'887'123
4'686'137
3'474'342
782'607
683'787
671'728
628'792
525'826
473'468
449'930
398'263
269'002
213'490
182'495
181'416
166'559
161'200
141'507
124'000
% Out
29.69
8.44
8.09
6
1.35
1.18
1.16
1.09
0.91
0.82
0.78
0.69
0.46
0.37
0.32
0.31
0.29
0.28
0.24
0.21
Weighting
Change
5
5
3
3
5
3
5
3
3
1
3
3
3
5
1
1
2
1
M
M
M
M
M
M
M
D
M
M
D
M
M
M
M
N
M
M
Latest Chg
1'186
45'934
86'257
3'288
826
92'671
(39'004)
12'750
(4'232)
(1'513)
7'600
59
(6'000)
Target Price
71
73
68
59
79
65
66
63
67
#N/A N/A
63
69
65
66
48
51
72
72
File Dt
Inst Type
30.06.2012
Investment Advisor
28.12.2012
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
Insurance Company
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Corporation
21.08.2012
Investment Advisor
27.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
18.09.2012
Investment Advisor
31.12.2012
Investment Advisor
27.02.2012
Unclassified
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
26.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
01.02.2013
22.01.2013
17.01.2013
17.01.2013
14.01.2013
09.01.2013
08.08.2012
02.08.2012
02.07.2012
29.09.2011
06.07.2011
03.05.2011
28.02.2013
Fraport AG Frankfurt Airport Services Worldwide

Fraport AG offers airport services. The Company operates the Frankfurt-Main,
Frankfurt-Hahn and other airports in Germany, the airport in Lima, Peru, and
the international terminal in Antalya, Turkey. Fraport also provides services
to domestic and international carriers including traffic and terminal
management, ground handling, security, and real estate and facility management.
Price/Volume
.6 M
.5 M
.4 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (02.05.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FRA GY EQUITY YTD Change
FRA GY EQUITY YTD % CHANGE
12/2011
09/yy
49.84
39.66
97'568.00
44.905
-9.90%
13.22%
51.52%
92.2
4'140.98
4'253.90
0.0
29.4
927.10
7'820.88
.3 M
20
.2 M
10
0
f-12
.1 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.7 M
50
40
Valuation Analysis
31.12.2007
2'329.0
2.52x
612.7
9.58x
208.7
23.62x
60
31.12.2008
31.12.2009
2'101.6
1'972.6
1.89x
2.94x
613.0
567.5
6.49x
10.23x
189.7
150.0
14.93x
22.12x
Profitability
LTM-4Q
31.12.2010
2'194.6
3.17x
719.8
9.65x
262.9
16.49x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
2'371.2
2.89x
807.1
8.49x
240.4
14.50x
807.10
501.40
21.15%
14.65%
2.79%
9.17%
6.03%
0.26%
34.7%
21.1%
10.1%
1.57
1.17
46.12%
150.77%
11.14
-
Price/ Cash Flow
09/yy
2'348.7
12.80x
799.3
9.04x
325.0
12.60x
LTM
09/yy
2'434.4
12.47x
843.9
9.29x
261.3
15.83x
FY+1
0.84
30.07
0.12%
2.21%
0.838
29
4.000
133'172
124'603
130'431
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'477.0
2'604.5
680.0
587.0
3.03x
2.90x
11.42x
851.4
924.8
184.0
69.7
9.21x
8.48x
12.76x
13.77x
245.6
259.0
47.7
17.1
16.95x
16.35x
17.61x
16.04x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.21
0.06
4.32
5.16
150.8%
59.9%
0.26
0.43
32.86
-
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Fraport AG Frankfurt Airport Services Worldwide

Holdings By:
All
Holder Name
STATE OF HESSEN
CITY OF FRANKFURT
DEUTSCHE LUFTHANSA A
ARTIO GLOBAL INVESTO
RARE INFRASTRUCTURE
TAUBE HODSON STONEX
DEUTSCHE BANK AG
BLACKROCK
FMR LLC
VANGUARD GROUP INC
SPARINVEST
LAZARD GLOBAL ACTIVE
FRANK RUSSELL TRUST
LBPAM
DWS INVESTMENT S A
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst

Grupo Santander
Goldman Sachs
AlphaValue
DZ Bank AG
Main First Bank AG
RBC Capital Markets
Berenberg Bank
Barclays
Nomura
EVA Dimensions
Bankhaus Metzler
Natixis
CA Cheuvreux
Bankhaus Lampe
Raymond James
Macquarie
Morgan Stanley
JPMorgan
HSBC
Nord/LB
Deutsche Bank
Exane BNP Paribas
S&P Capital IQ
Equita SIM SpA
JOHANNES BRAUN
JOAQUIN FERRER
NICK EDELMAN
HANS-PETER WODNIOK
JOCHEN ROTHENBACHER
ROBERT CZERWENSKY
TOBIAS SITTIG
DAMIAN BREWER
WILLIAM FOGGON
SUSANNA INVERNIZZI
PETER LARKIN
CRAIG STERLING
GUIDO HOYMANN
GREGOIRE THIBAULT
CRAIG ABBOTT
SEBASTIAN HEIN
ARNAUD PALLIEZ
SAM DOBSON
DANIEL RUIVO
ELODIE RALL
JOSEPH P THOMAS
FRANK SCHWOPE
MICHAEL KUHN
NICOLAS MORA
JAWAHAR HINGORANI
STEFAN KICK
BARBARA AMBRUS
RUXANDRA HARADAU-DOESER
GIANMARCO BONACINA
Source
Research
Research
Research
Research
ULT-AGG
Research
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
Buy/Neutral
add
accumulate
buy
outperform
outperform
hold
overweight
buy
underweight
buy
reduce
outperform
buy
outperform
outperform
Equalwt/In-Line
overweight
underweight
hold
buy
neutral
buy
buy
buy
hold
not rated
Amt Held
28'956'902
18'492'324
9'122'022
4'509'210
3'269'159
2'822'978
2'753'171
2'241'237
1'014'217
959'809
901'249
856'288
699'754
694'199
338'288
293'416
230'845
214'077
212'410
209'652
% Out
31.4
20.05
9.89
4.89
3.55
3.06
2.99
2.43
1.1
1.04
0.98
0.93
0.76
0.75
0.37
0.32
0.25
0.23
0.23
0.23
Weighting
Change
3
5
5
4
4
5
5
5
3
5
5
1
5
2
5
5
5
5
3
5
1
3
5
3
5
5
5
3
#N/A N/A
M
N
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
D
M
M
N
M
M
M
D
M
Latest Chg
204'960
500'405
(524'035)
820
(445'932)
20'338
(16'224)
29'340
60'443
18'047
(61'480)
2'736
10'856
Target Price
47
56
54
49
50
52
53
60
48
52
55
#N/A N/A
56
36
54
54
54
58
48
51
42
43
60
53
52
52
58
50
46
File Dt
Inst Type
09.03.2012
Other
09.03.2012
Unclassified
09.03.2012
Corporation
29.02.2012
Investment Advisor
31.01.2013
Unclassified
28.11.2012
Other
29.04.2011
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.05.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
6 month
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
25.02.2013
22.02.2013
21.02.2013
21.02.2013
12.02.2013
12.02.2013
04.02.2013
28.01.2013
24.01.2013
23.01.2013
21.01.2013
17.01.2013
16.01.2013
16.01.2013
17.12.2012
14.12.2012
11.12.2012
05.12.2012
29.11.2012
27.11.2012
23.11.2012
14.11.2012
07.11.2012
07.11.2012
06.11.2012
06.11.2012
13.08.2012
02.02.2012
10.09.2010
28.02.2013
Freenet AG
Freenet AG provides internet and telecommunications services in Germany. The
company offers mobile and fixed line telephone, internet access services,
information and news services, its own internet catalog, DINO-Online, e-mail
accounts, e-commerce services and and set-up of homepages. Through its
subsidiary mobilcom is also the franchiser of the MobilCom retail shops.
Price/Volume
18
3.0 M
16
2.5 M
14
12
2.0 M
10
12/2011
09/yy
16.98
10.13
667'467.00
16.925
-0.32%
67.16%
99.20%
128.1
2'167.43
715.08
0.0
0.3
185.67
2'679.88
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
.5 M
2
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'690.8
0.93x
216.0
7.29x
(51.4)
-
1.5 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.02.2013)
52-Week Low (29.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FNTN GY EQUITY YTD Change
FNTN GY EQUITY YTD % CHANGE
31.12.2008
31.12.2009
2'776.5
3'601.8
0.66x
0.55x
187.7
347.8
9.78x
5.73x
112.2
256.5
3.61x
67.07x
Profitability
LTM-4Q
31.12.2010
3'339.5
0.49x
335.8
4.88x
112.4
8.49x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
3'217.9
0.56x
336.3
5.38x
143.8
8.93x
336.30
167.40
5.20%
3.65%
8.35%
17.44%
1.31%
11.4%
6.7%
4.5%
0.92
0.80
28.28%
61.06%
7.76
-
Price/ Cash Flow
09/yy
3'235.2
2.06x
338.4
5.03x
117.1
9.06x
LTM
09/yy
3'085.5
2.60x
352.8
6.07x
197.0
8.32x
FY+1
0.61
100.07
83.65%
20.89%
0.613
16
4.563
642'527
461'598
456'443
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
3'029.6
3'133.8
783.8
745.0
0.87x
0.81x
347.8
358.6
87.0
87.2
7.71x
7.47x
7.43x
4.24x
171.1
232.1
44.3
11.89x
9.29x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
5.99
5.59
1.45
1.60
61.1%
37.9%
1.31
108.67
47.18
-
12.00
4'000.0
3'500.0
10.00
3'000.0
8.00
2'500.0
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
0.00
02.01.2009
500.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Freenet AG
Holdings By:
All
Holder Name
DRILLISCH AG
FLOSSBACH VON STORCH
DWS INVESTMENT GMBH
JP MORGAN
VANGUARD GROUP INC
FMR LLC
CLASSIC FUND MGMT AG
DE SHAW & CO UK LTD
BLACKROCK
DWS INVESTMENT S A
SCHRODER INVESTMENT
S.A.C. GLOBAL INVEST
Firm Name
Hauck & Aufhaeuser
Deutsche Bank
DZ Bank AG
Bankhaus Metzler
EVA Dimensions
Berenberg Bank
HSBC
Nomura
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
SASCHA BERRESCH
BENJAMIN KOHNKE
ADRIAN PEHL
KARSTEN OBLINGER
STEFAN BORSCHEID
THOMAS KARLOVITS
HEIKE PAULS
MARCUS SILBE
JOCHEN REICHERT
ULRICH TRABERT
ANDREW S ZAMFOTIS
MARKUS FRIEBEL
USMAN GHAZI
DOMINIK KLARMANN
HENRIK NYBLOM
Source
Research
Research
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
Recommendation
buy
buy
hold
buy
buy
reduce
buy
buy
buy
buy
buy
hold
buy
overweight
neutral
Amt Held
% Out
27'994'136 21.86
6'318'741
4.93
6'198'153
4.84
4'366'479
3.41
2'486'924
1.94
1'746'660
1.36
1'147'257
0.9
(1'101'325) -0.86
920'703
0.72
898'777
0.7
898'167
0.7
840'177
0.66
793'771
0.62
781'674
0.61
740'000
0.58
627'350
0.49
607'800
0.47
582'291
0.45
561'559
0.44
(550'662) -0.43
Weighting
Change
5
5
3
5
5
2
5
5
5
5
5
3
5
5
3
M
M
M
M
M
M
M
U
M
M
M
M
M
U
M
Latest Chg
1'109
18'049
1'746'405
(806'429)
(102'449)
5'787
(101'400)
100'000
(22'705)
(31'116)
(17'057)
(20'200)
(45'000)
(181'717)
89'643
Target Price
19
17
16
17
18
12
18
18
17
18
#N/A N/A
16
16
15
9
File Dt
29.02.2012
01.01.2013
31.12.2010
31.12.2012
31.12.2012
30.04.2012
28.09.2012
04.02.2013
26.02.2013
31.07.2012
31.12.2012
31.10.2012
31.01.2013
28.09.2012
28.12.2012
31.12.2012
30.11.2012
31.10.2012
31.12.2012
05.11.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
n/a
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Mutual Fund Manager
Other
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Bank
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
26.02.2013
23.02.2013
22.02.2013
21.02.2013
19.02.2013
18.02.2013
15.02.2013
29.01.2013
23.01.2013
21.01.2013
15.01.2013
20.12.2012
10.12.2012
08.11.2012
17.12.2010
28.02.2013
Fuchs Petrolub AG
Fuchs Petrolub AG refines and produces industrial and automotive lubricants,
hydraulic oils, and polishing products. The Company also produces
biodegradable oils. Fuchs manufactures and markets its products worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (07.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FPE3 GY EQUITY YTD Change
FPE3 GY EQUITY YTD % CHANGE
12/2011
12/yy
60.90
37.37
69'858.00
59.47
-2.35%
59.14%
93.92%
35.5
4'041.60
16.20
0.0
1.5
81.50
3'959.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.7 M
60
.6 M
50
.5 M
40
.4 M
30
.3 M
20
.2 M
10
.1 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'393.7
0.74x
193.5
5.34x
109.4
8.71x
70
31.12.2009
31.12.2010
1'178.1
1'458.6
1.19x
1.55x
202.2
266.0
6.95x
8.51x
120.8
170.7
11.89x
13.75x
Profitability
LTM-4Q
31.12.2011
1'668.1
1.24x
288.4
7.19x
182.4
11.76x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'819.0
207.0
18.18x
288.40
261.60
15.68%
15.60%
19.62%
30.12%
1.74%
36.7%
17.0%
15.5%
11.4%
2.10
1.16
1.64%
2.47%
6.75
4.59
Price/ Cash Flow
12/yy
1'652.8
5.34x
286.0
7.25x
182.4
11.78x
LTM
12/yy
1'819.0
4.82x
233.9
0.00x
207.0
18.18x
FY+1
0.86
35.49
52.60%
5.84%
0.855
22
2.727
150'785
91'609
93'543
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'903.6
1'997.5
457.0
453.0
1.99x
1.85x
7.76x
7.83x
340.9
363.9
83.9
84.7
11.61x
10.88x
11.73x
11.49x
220.8
236.2
54.3
52.7
19.12x
17.83x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
55.46
48.23
-0.27
0.03
2.5%
2.4%
1.74
8.09
54.25
79.82
42.23
67.99
35.00
2'000.0
1'800.0
30.00
1'600.0
25.00
1'400.0
1'200.0
20.00
1'000.0
800.0
15.00
600.0
10.00
400.0
5.00
0.00
01.01.2010
200.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Fuchs Petrolub AG
Holdings By:
All
Holder Name
DEUTSCHE BANK AG
BAILLIE GIFFORD AND
BLACKROCK
MACKAY SHIELDS LLC
VANGUARD GROUP INC
DWS INVESTMENT SA
MARKETFIELD ASSET MA
MAINFIRST SICAV
ABERDEEN
DANSKE INVEST A/S
UNIVERSAL INVESTMENT
Firm Name
Goldman Sachs
Hauck & Aufhaeuser
Bankhaus Metzler
Nord/LB
Macquarie
Bankhaus Lampe
Berenberg Bank
Steubing AG
DZ Bank AG
Baader Bank
Main First Bank AG
EVA Dimensions
HSBC
CA Cheuvreux
GSC Research
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
CHRISTOPH SCHOENDUBE
BENJAMIN MOORE
ULLE WORNER
THOMAS WISSLER
LARS HETTCHE
THORSTEN STRAUSS
CHRISTIAN FAITZ
HEIKO FEBER
OLIVER SCHWARZ
JOHN PHILIPP KLEIN
NADESHDA DEMIDOVA
TOBIAS SCHMIDT
HEINZ MUELLER
NORBERT BARTH
LUTZ GRUETEN
MARKUS MAYER
HOLGER OCHS
CRAIG STERLING
JESKO MAYER-WEGELIN
ALBRECHT DENNINGHOFF
MARTIN ROEDIGER
MATTHIAS SCHRADE
Source
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
neutral/neutral
hold
sell
sell
hold
neutral
sell
hold
hold
reduce
hold
buy
buy
hold
reduce
underperform
overweight
underweight
neutral
underperform
buy
Amt Held
2'697'652
881'312
741'142
615'096
471'319
404'800
365'117
331'298
304'151
278'000
221'244
178'800
99'000
94'655
84'800
80'043
75'000
74'737
73'554
70'200
% Out
7.6
2.48
2.09
1.73
1.33
1.14
1.03
0.93
0.86
0.78
0.62
0.5
0.28
0.27
0.24
0.23
0.21
0.21
0.21
0.2
Weighting
Change
3
3
3
1
1
3
3
1
3
3
2
3
5
5
3
2
1
5
1
3
1
5
M
M
M
D
M
M
M
M
M
M
M
M
M
U
M
M
D
M
M
D
M
M
Latest Chg
(142'399)
(34'900)
(5'885)
59'319
(120'700)
(26'084)
7'600
8'018
93'000
85'644
800
(7'100)
(11'200)
(6'540)
(14'106)
17'000
Target Price
62
67
59
49
54
56
37
50
51
51
48
50
58
67
52
47
54
#N/A N/A
48
55
52
#N/A N/A
File Dt
31.12.2012
28.12.2012
30.11.2012
26.02.2013
30.11.2012
31.12.2012
31.12.2012
28.12.2012
31.12.2012
29.06.2012
31.10.2012
31.12.2012
31.07.2012
30.12.2012
28.12.2012
31.01.2013
28.09.2012
28.09.2012
31.12.2012
31.12.2012
Date
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Date
27.02.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
14.02.2013
01.02.2013
16.01.2013
15.01.2013
14.01.2013
05.11.2012
24.10.2012
24.05.2012
28.02.2013
GAM Holding AG
GAM Holding AG is an independent, well-diversified asset management business,
with a focus on the manufacturing and distribution of investment products and
services.
Price/Volume
18
12.0 M
16
10.0 M
14
12
8.0 M
10
12/2011
01/yy
16.30
9.92
846'448.00
15.7
-3.68%
58.27%
90.60%
183.4
2'878.67
17.50
0.0
0.0
600.10
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
2.0 M
2
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
4'831.2
939.8
21.47x
6.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (25.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GAM SE EQUITY YTD Change
GAM SE EQUITY YTD % CHANGE
31.12.2008
31.12.2009
4'144.8
1'020.2
661.2
3'636.9
12.53x
0.96x
Profitability
31.12.2010
964.9
10.2
309.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
812.2
(95.0)
-7.87%
-5.76%
-2.53%
-2.94%
-2.88%
0.41%
-11.7%
0.72%
0.83%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.32
143.87
36.83%
27.13%
1.320
9
3.667
526'353
635'867
862'464
FY+2
12/12 Y
12/13 Y
581.8
621.8
4.39x
4.15x
147.8
171.4
18.05x
14.39x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
0.8%
0.8%
0.41
43.61
-
45.00
6'000.0
40.00
5'000.0
35.00
4'000.0
30.00
25.00
3'000.0
20.00
2'000.0
15.00
10.00
1'000.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
GAM Holding AG
Holdings By:
All
Holder Name
GAM HOLDING LTD
BLACKROCK
UBS
GLOBAL ASSET MANAGEM
FMR LLC
CREDIT SUISSE FUNDS
CREDIT SUISSE ASSET
DAVIS SELECTED ADVIS
VANGUARD GROUP INC
FARALLON CAPITAL MAN
PICTET & CIE
UBS FUND MANAGEMENT
GAMCO
Firm Name
RBC Capital Markets
Goldman Sachs
EVA Dimensions
Credit Suisse
Bank Vontobel AG
Helvea
Main First Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
PETER K LENARDOS
CHRIS M. TURNER
AUSTIN BURKETT
GURJIT KAMBO
TERESA NIELSEN
TIM DAWSON
ANDREAS VENDITTI
KILIAN MAIER
Source
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
Co File
EXCH
ULT-AGG
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
neutral/neutral
hold
outperform
hold
neutral
market perform
outperform
Amt Held
18'507'694
18'370'281
16'257'398
13'197'709
12'175'617
11'048'680
8'862'325
6'715'501
6'130'364
5'706'882
5'610'993
4'019'068
3'194'408
2'912'206
2'613'850
2'576'107
2'372'736
1'664'000
1'246'000
985'000
% Out
10.09
10.02
8.87
7.2
6.64
6.03
4.83
3.66
3.34
3.11
3.06
2.19
1.74
1.59
1.43
1.4
1.29
0.91
0.68
0.54
Weighting
Change
5
3
3
5
3
3
3
5
M
M
M
U
M
M
M
U
Latest Chg
8'377'112
1'319'416
3'232'422
(312)
(4'785'293)
(1'687'436)
107'624
(743'800)
(2'133)
320'603
4
(42'570)
Target Price
17
18
#N/A N/A
15
13
13
#N/A N/A
14
File Dt
29.06.2012
05.12.2012
26.02.2013
31.10.2012
27.06.2012
30.06.2012
30.11.2012
31.12.2010
07.06.2011
19.02.2013
03.12.2012
31.12.2012
23.04.2012
30.11.2012
31.10.2012
28.12.2012
31.07.2012
31.12.2012
28.09.2012
31.10.2012
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
28.01.2013
24.01.2013
15.01.2013
11.01.2013
24.10.2012
24.10.2012
23.10.2012
23.10.2012
28.02.2013
Gecina SA
Gecina SA is a real estate investment company. It specializes in the rental of
commercial real estate and residential properties. Gecina develops, buys, sells
and rent properties in France. The Company's client base includes international
businesses and organizations from a wide range of sectors. The Company opted
for the SIIC legal status in 2003.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.01.2013)
52-Week Low (23.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GFC FP EQUITY YTD Change
GFC FP EQUITY YTD % CHANGE
12/2012
03/yy
89.90
64.92
28'467.00
85.4
-5.01%
31.55%
81.99%
62.8
5'361.17
5'059.93
0.0
43.9
33.25
10'562.72
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
555.8
13.96x
301.7
25.71x
(875.4)
-
100
90
80
70
60
50
40
30
20
10
0
f-12 m-12
31.12.2009
31.12.2010
559.8
626.9
17.05x
16.36x
304.7
391.6
31.33x
26.19x
(773.7)
998.2
5.02x
Profitability
LTM-4Q
31.12.2011
640.6
14.11x
403.6
22.39x
411.2
9.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
225.5
22.87x
403.58
207.39
32.37%
54.88%
0.70%
1.37%
0.74%
0.04%
57.3%
64.2%
42.07%
80.78%
-
Price/ Cash Flow
06/yy
0.0
#DIV/0!
0.0
0.00x
(1'548.5)
0.00x
LTM
03/yy
0.0
#DIV/0!
0.0
0.00x
79.9
0.00x
FY+1
1.07
24.68
26.05%
0.59%
1.072
18
3.167
36'988
39'114
71'670
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/12 Q2 09/12 Q3
587.7
612.1
16.28x
15.27x
491.1
508.1
21.51x
20.79x
314.8
330.8
16.65x
15.73x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.10.2012
BBB
STABLE
17.10.2012
A-2
2.11
17.59
17.60
80.8%
44.5%
0.04
-
30.00
1'000.0
900.0
25.00
800.0
700.0
20.00
600.0
15.00
500.0
400.0
10.00
300.0
200.0
5.00
0.00
01.01.2010
100.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Gecina SA
Holdings By:
All
Holder Name
METROVACESA
RIVERO JOAQUIN
MAG IMPORT
PREDICA
GECINA SA
BLACKROCK
VANGUARD GROUP INC
MORGAN STANLEY
STATE STREET
DIAM
DEUTSCHE ASSET MGMT
NIKKO ASSET MANAGEME
FRANK RUSSELL TRUST
Firm Name
Societe Generale
EVA Dimensions
Morgan Stanley
Oddo & Cie
ABN Amro Bank N.V.
AlphaValue
Exane BNP Paribas
Petercam
HSBC
Kempen & Co
Day by Day
JPMorgan
Natixis
Barclays
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
HENRI QUADRELLI
AUSTIN BURKETT
MARINE LAFITTE
PIERRE-LOUP ETIENNE
NICK WEBB
JOEL GORSELE
STEPHANIE DOSSMANN
BOUDEWIJN SCHOON
VALERIE GASTALDY
NEIL GREEN
SERGE DEMIRDJIAN
AARON GUY
Source
Co File
Co File
Research
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
overweight
Overwt/Attractive
reduce
hold
buy
reduce
outperform
reduce
underweight
overweight
hold
neutral
not rated
hold
equalweight
Sell/Neutral
neutral
hold
Amt Held
16'809'610
10'094'735
9'567'841
5'145'738
1'621'476
538'773
514'441
353'283
293'773
285'007
190'524
151'655
135'702
130'083
114'883
112'961
106'701
100'808
88'000
81'100
% Out
26.78
16.08
15.24
8.2
2.58
0.86
0.82
0.56
0.47
0.45
0.3
0.24
0.22
0.21
0.18
0.18
0.17
0.16
0.14
0.13
Weighting
Change
3
5
5
2
3
5
2
5
2
1
5
3
3
#N/A N/A
3
3
1
3
3
M
U
M
M
M
M
M
M
M
D
M
D
M
M
M
M
M
N
U
Latest Chg
3'464
16'595
1'701
(3'081)
2'336
(2'399)
14'750
(37'418)
29'425
106'701
94'220
8'250
(3'505)
Target Price
90
#N/A N/A
87
83
80
95
89
89
86
86
92
#N/A N/A
93
#N/A N/A
84
81
68
73
103
File Dt
Inst Type
31.12.2011
Corporation
31.12.2011
n/a
31.12.2011
Other
31.12.2011
Insurance Company
31.12.2011
Corporation
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
27.02.2013
Investment Advisor
21.08.2012
Investment Advisor
31.12.2012
Investment Advisor
25.02.2013
Investment Advisor
27.02.2012
Unclassified
18.04.2012
Investment Advisor
15.08.2012
Unclassified
28.09.2012
Investment Advisor
31.05.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
9 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
27.02.2013
26.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
01.02.2013
22.01.2013
17.01.2013
14.01.2013
10.01.2013
09.01.2013
29.10.2012
03.10.2012
08.08.2012
02.07.2012
29.09.2011
06.07.2011
28.02.2013
Georg Fischer AG
Georg Fischer AG produces automobile parts, piping systems, plastics processing
equipment, and tool and mold making machinery. The Company manufactures cast
and machined components for road vehicles and machinery, plastic and metal
pipes and fittings, electric discharge machines, milling centers, automation
equipment, and plastics factories and compounding systems.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2012)
52-Week Low (15.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FI/N SE EQUITY YTD Change
FI/N SE EQUITY YTD % CHANGE
Price/Volume
12/2012
01/yy
434.65
302.25
41'098.00
422
-2.91%
39.62%
90.44%
4.1
1'730.58
640.00
0.0
44.0
338.00
2'076.58
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
2'906.0
3'447.0
0.53x
0.72x
111.0
329.0
13.90x
7.56x
(246.0)
99.0
21.98x
Profitability
31.12.2011
3'638.0
0.45x
375.0
4.32x
160.0
8.23x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'602.0
0.52x
354.0
5.24x
121.0
9.95x
354.00
221.00
6.14%
5.25%
4.16%
10.00%
8.11%
1.24%
9.8%
6.1%
3.4%
1.89
1.03
22.08%
51.53%
6.87
-
Price/ Cash Flow
.1 M
.0 M
.0 M
.0 M
.0 M
.0 M
m-12
a-12
LTM-4Q
LTM
01/yy
01/yy
-
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
-
1.45
4.07
1.74%
14.67%
1.454
10
3.300
35'842
20'357
18'883
FY+2
12/13 Y
12/14 Y
3'616.1
3'737.6
0.54x
0.50x
363.3
386.6
5.72x
5.37x
152.4
165.9
11.38x
10.37x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
10.41
6.53
0.85
1.81
51.5%
33.2%
1.24
3.71
53.29
-
10.00
5'000.0
9.00
4'500.0
8.00
4'000.0
7.00
3'500.0
6.00
3'000.0
5.00
4.00
2'500.0
2'000.0
3.00
1'500.0
2.00
1'000.0
1.00
500.0
0.00
01.01.2010
.1 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
4'465.0
0.34x
390.0
3.87x
56.0
17.14x
500
450
400
350
300
250
200
150
100
50
0
f-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Georg Fischer AG
Holdings By:
All
Holder Name
BLACKROCK
UBS FUND MANAGEMENT
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
SARASIN
VANGUARD GROUP INC
NEW JERSEY DIVISION
IST FUND MANAGERS
PICTET & CIE
SCHRODER INVESTMENT
ODIN FORVALTNING AS
KBC GROUP NV
PIONEER ASSET MANAGE
Firm Name
Helvea
Credit Suisse
Bank Vontobel AG
Main First Bank AG
Goldman Sachs
EVA Dimensions
CA Cheuvreux
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CHRISTOPH LADNER
VOLKAN GOCMEN
PATRICK LAAGER
FABIAN HAECKI
TOBIAS FAHRENHOLZ
WILLIAM WYMAN
ARMIN RECHBERGER
CRAIG STERLING
OLIVER GIRAKHOU
Source
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
neutral
outperform
reduce
underperform
neutral/neutral
market perform
overweight
underperform
Amt Held
209'132
123'905
98'281
91'971
76'999
59'484
50'623
41'800
41'024
35'197
31'189
30'865
25'816
25'718
23'350
20'564
19'214
16'950
14'475
13'680
% Out
5.1
3.02
2.4
2.24
1.88
1.45
1.23
1.02
1
0.86
0.76
0.75
0.63
0.63
0.57
0.5
0.47
0.41
0.35
0.33
Weighting
Change
5
3
5
2
1
3
3
5
1
M
M
M
M
M
M
M
M
D
Latest Chg
(9'558)
(8'319)
(241)
(2'548)
(93)
(3'563)
(450)
(62)
(1'200)
112
(500)
(440)
(40)
15'540
3'975
(2'089)
(93)
Target Price
450
370
480
350
375
390
#N/A N/A
#N/A N/A
320
File Dt
26.02.2013
11.02.2012
31.10.2012
28.12.2012
28.12.2012
30.11.2012
31.01.2013
31.10.2012
31.12.2012
30.11.2012
30.06.2012
31.12.2012
31.01.2013
30.11.2012
31.12.2012
31.12.2012
31.10.2012
31.01.2013
31.01.2013
30.11.2012
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Unclassified
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Date
27.02.2013
27.02.2013
26.02.2013
26.02.2013
25.02.2013
12.02.2013
18.01.2013
15.01.2013
16.11.2012
28.02.2013
Gerresheimer AG
Gerresheimer AG develops and produces specialty products made of glass and
plastic. The Company produces containers for a variety of substances and
medicines.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.02.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GXI GY EQUITY YTD Change
GXI GY EQUITY YTD % CHANGE
11/2012
11/yy
44.78
31.34
77'799.00
43.95
-1.84%
40.23%
93.86%
31.4
1'380.03
463.04
0.0
45.0
91.41
1'796.68
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.11.2008
1'060.1
1.24x
171.2
7.70x
0.7
1349.00x
50
45
40
35
30
25
20
15
10
5
0
f-12
30.11.2009
30.11.2010
1'000.2
1'024.8
1.15x
1.21x
179.9
204.3
6.37x
6.07x
5.8
43.2
128.06x
20.38x
Profitability
LTM-4Q
30.11.2011
1'094.7
1.27x
209.8
6.62x
50.5
19.30x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.11.2012
1'219.1
1.36x
228.2
7.25x
60.2
20.54x
228.17
128.13
10.51%
7.85%
3.92%
11.50%
0.79%
29.3%
18.7%
10.5%
4.9%
1.33
0.74
29.72%
86.53%
7.12
4.94
Price/ Cash Flow
11/yy
1'094.7
5.19x
209.9
6.61x
50.5
19.35x
LTM
11/yy
1'219.1
5.28x
228.2
7.25x
60.2
20.54x
FY+1
0.68
27.60
34.13%
9.61%
0.681
18
4.611
127'200
168'471
133'349
FY+2
FQ+1
FQ+2
11/13 Y
11/14 Y
02/13 Q1 05/13 Q2
1'292.7
1'373.6
286.5
334.5
1.41x
1.28x
253.8
281.5
47.7
62.1
7.07x
6.38x
7.08x
86.1
103.0
11.2
21.7
15.82x
13.40x
15.45x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.02.2011
BBBSTABLE
1.63
2.03
86.5%
44.4%
0.79
2.45
51.38
74.09
56.20
69.28
10.00
1'400.0
9.00
1'200.0
8.00
7.00
1'000.0
6.00
800.0
5.00
600.0
4.00
400.0
3.00
2.00
200.0
1.00
0.00
04.12.2009
0.0
04.06.2010
04.12.2010
04.06.2011
04.12.2011
04.06.2012
04.12.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Gerresheimer AG
Holdings By:
All
Holder Name
BLACKROCK
CREDIT SUISSE GROUP
ETON PARK CAPITAL MA
HOUND PARTNERS LLC
DEUTSCHE BANK AG
EDINBURGH PARTNERS L
BERG GILCHRIST B
GOVERNANCE FOR OWNER
TREMBLANT HOLDINGS L
MORGAN STANLEY
EDGEPOINT INVESTMENT
BLUE HARBOUR GROUP L
DJE INVESTMENT SA
TD ASSET MANAGEMENT
NEW JERSEY DIVISION
VANGUARD GROUP INC
Firm Name
Jefferies
DZ Bank AG
Main First Bank AG
Deutsche Bank
Credit Suisse
JPMorgan
HSBC
CA Cheuvreux
National Bank AG
Bankhaus Metzler
Berenberg Bank
Hauck & Aufhaeuser
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
#N/A N/A
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
DANIEL WENDORFF
ULLE WORNER
INGEBORG OIE
ZAFER RUZGAR
SVEN OLAF KUERTEN
MARCUS WIEPRECHT
GUNNAR ROMER
CHRISTOPH GRETLER
DAVID J ADLINGTON
JAN KEPPELER
OLIVER REINBERG
MANFRED JAISFELD
SEBASTIAN FRERICKS
SCOTT BARDO
MAJA PATAKI
EDOUARD AUBERY
THOMAS WISSLER
ANDREW S ZAMFOTIS
Source
ULT-AGG
Co File
Research
Co File
Research
MF-AGG
Co File
Co File
Co File
Research
Research
Research
Research
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
hold
outperform
hold
outperform
overweight
overweight
outperform
buy
buy
buy
hold
accumulate
buy
overweight
Amt Held
1'603'519
1'582'560
1'569'340
1'544'880
1'333'222
990'736
976'540
973'400
957'700
939'380
932'893
886'544
842'679
839'697
478'035
452'780
389'165
306'929
300'000
276'863
% Out
5.11
5.04
5
4.92
4.25
3.16
3.11
3.1
3.05
2.99
2.97
2.82
2.68
2.67
1.52
1.44
1.24
0.98
0.96
0.88
Weighting
Change
5
5
5
5
3
5
3
5
5
5
5
5
5
5
3
4
5
5
M
M
M
U
M
M
M
M
M
M
U
M
M
M
M
M
M
M
Latest Chg
(21'300)
7'700
31'390
35'000
378
Target Price
51
49
50
50
44
50
45
46
56
48
48
49
51
50
40
47
48
#N/A N/A
File Dt
26.02.2013
30.11.2012
24.01.2013
30.11.2012
04.01.2013
31.12.2012
30.11.2012
30.11.2012
30.11.2012
24.11.2011
14.10.2011
21.02.2013
17.10.2012
05.07.2012
30.11.2012
31.12.2011
31.10.2012
31.07.2012
30.06.2012
31.12.2012
Date
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
Other
Other
Other
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.02.2013
19.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
17.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
15.01.2013
28.02.2013
Gjensidige Forsikring ASA

Gjensidige Forsikring ASA is a Norwegian insurance company. The Company offers
general insurance products to private individuals and businesses in Norway.
Gjensidige Forsikring provides property insurance and insurances of the person
in the household and the business markets.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GJF NO EQUITY YTD Change
GJF NO EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
95.00
63.90
425'862.00
90.6
-4.63%
41.78%
85.85%
500.0
45'300.00
5'355.50
0.0
0.0
2'331.50
48'324.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
16'024.5
252.3
-
100
90
80
70
60
50
40
30
20
10
0
f-12 m-12
31.12.2009
31.12.2010
19'195.2
21'050.3
1.50x
2'304.8
2'950.4
9.91x
Profitability
LTM-4Q
31.12.2011
21'325.6
1.71x
2'747.9
12.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
22'132.1
1.93x
4'280.1
9.28x
26.06%
25.45%
4.69%
17.52%
15.86%
0.24%
19.3%
5.68%
20.91%
-
Price/ Cash Flow
12/yy
21'325.6
6.53x
0.0
0.00x
2'747.9
12.61x
LTM
12/yy
22'131.9
7.21x
0.0
0.00x
4'280.0
9.28x
FY+1
0.66
168.19
44.67%
14.11%
0.663
21
2.810
522'360
790'263
730'334
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
19'257.5
19'524.0
3'583.6
3'645.4
800.3
969.0
12.60x
12.39x
12.72x
13.21x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
A
STABLE
20.9%
17.3%
0.24
-
50.00
25'000.0
45.00
20'000.0
40.00
35.00
15'000.0
30.00
25.00
10'000.0
20.00
15.00
5'000.0
10.00
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
19961997199819992000200120022003200420052006200720082009201020112012
28.02.2013
Gjensidige Forsikring ASA

Holdings By:
All
Holder Name
GJENSIDIGESTIFTELSEN
STATE STREET
GOVERNMENT PENSION F
DEUTSCHE BANK AG
CLEARSTREAM BANKING
SKAGEN AS
GOLDMAN SACHS & CO
SEB
VANGUARD GROUP INC
FMR LLC
DWS INVESTMENT SA
JP MORGAN CHASE BANK
ODIN FORVALTNING AS
DANSKE CAPITAL NORGE
BLACKROCK
STOREBRAND FUND MANA
KLP AKSJENORGE
Firm Name
Barclays
Macquarie
ABG Sundal Collier
SEB Enskilda
Carnegie
Handelsbanken
Pareto Securities
Berenberg Bank
DNB Markets
Credit Suisse
Arctic Securities ASA
Norne Securities AS
Danske Markets
Swedbank First Securities
Mediobanca SpA
EVA Dimensions
Morgan Stanley
Goldman Sachs
Fondsfinans AS
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
CLAUDIA GASPARI
HADLEY COHEN
RICKARD HENZE
CHRISTOFFER J ADAMS
GIANANDREA ROBERTI
THOMAS SVENDSEN
MATTI AHOKAS
VEGARD EID MEDIAS
SAMI TAIPALUS
HAKON FURE
CHRIS ESSON
FRIDTJOF BERENTS
ANDRIUS VALIVONIS
PER GRONBORG
BENGT KIRKOEN
KARL MORRIS
SIMONETTA CHIRIOTTI
AUSTIN BURKETT
JON HOCKING
VINIT MALHOTRA
ARILD NYSAETHER
Source
EXCH
ULT-AGG
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
EXCH
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
Recommendation
underweight
underperform
hold
hold
hold
sell
accumulate
hold
hold
hold
neutral
hold
Under Review
buy
reduce
outperform
underperform
overweight
Equalwt/In-Line
neutral/neutral
neutral
Amt Held
311'201'322
33'565'033
20'519'213
9'808'539
7'834'011
5'547'423
4'990'000
4'432'343
3'986'484
3'804'416
3'539'809
3'283'833
2'927'229
2'600'561
2'545'593
2'044'764
1'902'412
1'690'655
1'659'254
1'601'780
% Out
62.24
6.71
4.1
1.96
1.57
1.11
1
0.89
0.8
0.76
0.71
0.66
0.59
0.52
0.51
0.41
0.38
0.34
0.33
0.32
Weighting
Change
1
1
3
3
3
1
4
3
3
3
3
3
#N/A N/A
5
2
5
1
5
3
3
3
D
M
M
M
D
M
M
M
M
D
D
D
M
M
M
M
M
M
M
M
M
Latest Chg
(2'265)
(636'329)
1'067'756
180'341
61'607
(545'198)
(13'435)
(28'900)
7'274
2'986
-
Target Price
73
80
89
91
#N/A N/A
78
94
88
88
90
91
94
#N/A N/A
105
80
90
85
#N/A N/A
81
80
72
File Dt
Inst Type
18.02.2013
Corporation
27.02.2013
Investment Advisor
18.02.2013
Government
31.12.2012
Investment Advisor
18.02.2013
Bank
31.12.2012
Investment Advisor
18.02.2013
Investment Advisor
31.01.2013
Investment Advisor
18.02.2013
Investment Advisor
18.02.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
18.02.2013
Investment Advisor
28.09.2012
Investment Advisor
26.02.2013
Investment Advisor
31.01.2013
Investment Advisor
18.02.2013
Investment Advisor
Date
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Date
20.02.2013
19.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
11.02.2013
30.01.2013
17.01.2013
05.12.2012
11.10.2012
17.07.2012
28.02.2013
GN Store Nord A/S

GN Store Nord A/S (GN Great Nordic) is the parent company to an international
group of companies that manufactures and markets communication solutions. The
Company develops wireless technology and provides hand-free solutions, and
products for the hearing impaired. The Company also works with cable systems.
Price/Volume
120
3.5 M
100
3.0 M
2.5 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (25.02.2013)
52-Week Low (23.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GN DC EQUITY YTD Change
GN DC EQUITY YTD % CHANGE
12/2012
12/yy
105.50
57.90
954'125.00
102.4
-2.94%
76.86%
93.49%
193.7
19'834.58
399.00
0.0
0.0
169.00
20'064.58
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
40
1.0 M
20
.5 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5'624.0
0.65x
506.0
7.25x
(56.0)
-
2.0 M
60
Valuation Analysis
31.12.2009
31.12.2010
4'729.0
5'145.0
1.42x
2.12x
389.0
822.0
17.20x
13.27x
(70.0)
1'855.0
5.56x
Profitability
LTM-4Q
31.12.2011
5'564.0
1.91x
1'009.0
10.51x
865.0
11.23x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
6'251.0
2.27x
1'013.0
13.99x
321.0
45.57x
1'013.00
571.00
9.13%
7.37%
3.31%
5.17%
0.65%
58.0%
16.2%
9.1%
5.1%
1.57
0.97
4.87%
7.20%
4.78
5.14
Price/ Cash Flow
12/yy
5'564.0
7.33x
1'009.0
10.51x
865.0
11.23x
LTM
12/yy
6'251.0
2.27x
1'013.0
13.99x
321.0
46.01x
FY+1
.0 M
f-13
0.95
67.55%
25.18%
0.954
19
3.000
1'883'391
965'551
849'618
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
6'617.7
7'054.2
1'584.9
1'612.3
2.96x
2.76x
1'362.8
1'587.6
253.5
288.0
14.72x
12.64x
15.63x
14.50x
808.8
947.7
141.2
164.8
21.16x
17.75x
22.72x
21.07x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
144.71
130.00
0.23
0.39
7.2%
6.7%
0.65
24.23
76.64
71.16
69.82
77.99
25.00
8'000.0
7'000.0
20.00
6'000.0
5'000.0
15.00
4'000.0
10.00
3'000.0
2'000.0
5.00
0.00
01.01.2010
1'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
GN Store Nord A/S

Holdings By:
All
Holder Name
ATP
GN STORE NORD
VANGUARD GROUP INC
DANSKE INVEST A/S
DEUTSCHE BANK AG
FMR LLC
INTERFUND ADVISORY C
BLACKROCK
DWS INVESTMENT S A
CARNEGIE ASSET MANAG
FRANK RUSSELL TRUST
SPARINVEST
Firm Name
Goldman Sachs
Morgan Stanley
Alm Brand Markets
Jyske Bank
SEB Enskilda
Carnegie
Handelsbanken
Danske Markets
ABG Sundal Collier
Credit Suisse
NYKREDIT
DNB Markets
EVA Dimensions
Swedbank
Jefferies
Sydbank
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
VERONIKA DUBAJOVA
MICHAEL K JUNGLING
MICHAEL FRIIS JORGENSEN
JANNE VINCENT KJAER
NIELS GRANHOLM-LETH
CLAUS ALMER
SOREN V HOLM SORENSEN
KLAUS MADSEN
MAJA PATAKI
POUL ERNST JESSEN
MORTEN LARSEN
CHRISTOPH GRETLER
KRESTEN JOHNSEN
RUNE MAJLUND DAHL
OLIVER METZGER
ANDREW S ZAMFOTIS
JOHAN UNNERUS
INGEBORG OIE
MORTEN IMSGARD
Source
Co File
Research
Co File
13F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
neutral/neutral
Overwt/Attractive
sell
reduce
hold
hold
sell
accumulate
buy
hold
buy
underperform
neutral
hold
hold
underweight
neutral
hold
overweight
Amt Held
20'419'310
19'171'743
15'418'663
3'910'424
2'755'199
2'265'156
2'142'027
1'832'180
1'427'564
825'832
675'862
631'888
546'534
513'760
507'850
350'000
341'592
329'958
313'212
294'074
% Out
10.54
9.9
7.96
2.02
1.42
1.17
1.11
0.95
0.74
0.43
0.35
0.33
0.28
0.27
0.26
0.18
0.18
0.17
0.16
0.15
Weighting
Change
3
5
1
2
3
3
1
4
5
3
5
1
3
3
3
1
3
3
5
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
2'850'902
(840'000)
2'971
72'000
1'832'180
36'700
364'000
(493'644)
(163'145)
(2'849)
42'280
4'000
Target Price
96
110
95
105
104
#N/A N/A
90
110
105
102
115
85
#N/A N/A
100
97
#N/A N/A
84
65
#N/A N/A
File Dt
Inst Type
31.12.2011
Government
01.05.2012
Investment Advisor
31.12.2011
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
26.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.05.2012
Investment Advisor
31.07.2012
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
Date
26.02.2013
25.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
13.02.2013
17.01.2013
16.11.2012
09.08.2012
05.05.2011
28.02.2013
Great Portland Estates PLC

Great Portland Estates PLC invests and develops freehold and leasehold
properties. The Company's focus is in the office market in central London.
Price/Volume
600
4.5 M
4.0 M
500
3.5 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.12.2012)
52-Week Low (23.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GPOR LN EQUITY YTD Change
GPOR LN EQUITY YTD % CHANGE
03/2012
01/yy
502.00
342.90
375'163.00
488.2
-2.75%
42.37%
91.33%
343.9
1'679.05
538.70
0.0
0.0
4.00
2'418.45
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.5 M
2.0 M
200
1.5 M
1.0 M
100
.5 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
84.9
16.34x
31.6
43.90x
(4.1)
-
3.0 M
300
31.03.2009
31.03.2010
54.6
51.8
15.37x
23.51x
33.5
32.2
25.05x
37.82x
(436.1)
156.4
5.67x
Profitability
31.03.2011
63.7
24.87x
46.5
34.06x
260.1
4.60x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
46.4
35.78x
25.8
64.34x
155.2
7.16x
25.80
25.80
55.60%
334.48%
8.05%
12.36%
10.01%
0.03%
86.4%
58.5%
334.5%
0.31
0.04
27.43%
43.50%
6.84
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.74
0.92
302.98
41.17%
-0.18%
0.918
20
3.600
508'618
635'672
699'216
FY+2
03/13 Y
03/14 Y
68.0
78.9
34.34x
30.00x
37.4
48.0
64.60x
50.37x
20.4
29.2
77.49x
55.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
1.15
-5.93
43.5%
30.3%
0.03
0.03
53.53
868.47
-
180.00
120.0
160.00
100.0
140.00
80.0
120.00
100.00
60.0
80.00
40.0
60.00
40.00
20.0
20.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Great Portland Estates PLC

Holdings By:
All
Holder Name
NORGES BANK
BLACKROCK
PGGM VERMOGENSBEHEER
SCOTTISH WIDOWS
WESTBROOK PARTNERS L
OLD MUTUAL
ABERDEEN
STICHTING PENSIOENFO
INVESCO LTD
LEGAL & GENERAL
FMR LLC
ING INV MANAGEMENT E
DAIWA ASSET MANAGEME
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Jefferies
MICHAEL PREW
Peel Hunt
KEITH CRAWFORD
Exane BNP Paribas
NICK WEBB
Morgan Stanley
Credit Suisse
MATTHEW S SAPERIA
MARK HUGHES
EVA Dimensions
AUSTIN BURKETT
Investec
ALAN CARTER
Kempen & Co
RYAN PALECEK
JPMorgan
TIM LECKIE
Societe Generale
MARC MOZZI
MICHAEL BURT
Deutsche Bank
MARTIN ALLEN
Goldman Sachs
Liberum Capital Ltd
ALISON WATSON
Barclays
Source
RNS-MAJ
ULT-AGG
Research
Co File
Co File
ULT-AGG
RNS-MAJ
RNS-MAJ
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
REG
REG
REG
Recommendation
hold
add
hold
neutral
Overwt/Attractive
outperform
hold
hold
hold
add
underweight
overweight
sell
neutral
buy
neutral/neutral
buy
overweight
Amt Held
30'638'164
27'895'916
14'622'528
11'835'515
11'001'263
10'659'881
10'234'975
8'933'502
8'841'000
7'868'522
7'745'515
7'233'505
7'152'813
7'012'442
6'886'443
6'147'265
5'973'172
5'470'806
5'375'985
5'076'564
% Out
8.91
8.11
4.25
3.44
3.2
3.1
2.98
2.6
2.57
2.29
2.25
2.1
2.08
2.04
2
1.79
1.74
1.59
1.56
1.48
Weighting
Change
3
4
3
3
5
5
3
3
3
4
1
5
1
3
5
3
5
5
M
M
M
M
M
M
M
N
U
M
D
M
M
M
M
M
M
M
Latest Chg
6'750'000
(379'799)
2'081'218
187'716
(181'200)
(2'107'539)
53'000
(604'500)
1'901'310
334'278
(959'919)
918'300
1'414'771
741'800
479'400
(984'029)
Target Price
454
550
500
490
490
515
#N/A N/A
473
#N/A N/A
515
480
550
480
472
660
485
486
523
File Dt
Inst Type
19.11.2012
Government
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
14.05.2012
Investment Advisor
14.05.2012
Investment Advisor
01.11.2012
Unclassified
28.03.2012
Other
31.12.2012
Unclassified
31.12.2012
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
20.11.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
25.02.2013
25.02.2013
04.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
23.01.2013
21.01.2013
14.01.2013
09.01.2013
18.12.2012
18.12.2012
27.11.2012
15.11.2012
12.09.2012
19.07.2012
28.02.2013
Greene King PLC

Greene King PLC brews, wholesales, and retails beer, in addition to owning
managed and tenanted public houses. The Company's also operates inns across the
south of the United Kingdom.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (06.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GNK LN EQUITY YTD Change
GNK LN EQUITY YTD % CHANGE
04/2012
01/yy
717.00
470.70
223'693.00
693.5
-3.28%
47.33%
90.46%
217.8
1'510.58
1'530.00
0.0
0.0
43.00
2'965.78
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.6 M
700
1.4 M
600
1.2 M
500
1.0 M
400
.8 M
300
.6 M
200
.4 M
100
.2 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.04.2008
960.5
2.41x
283.3
8.16x
124.3
5.80x
800
30.04.2009
30.04.2010
954.6
984.1
2.50x
2.37x
267.3
264.4
8.93x
8.81x
39.5
79.9
20.65x
12.00x
Profitability
30.04.2011
1'042.7
2.37x
276.6
8.92x
106.8
9.85x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.04.2012
1'140.4
2.31x
292.0
9.01x
102.4
11.04x
292.00
236.20
20.71%
10.97%
4.02%
13.71%
8.17%
0.37%
25.5%
20.6%
9.0%
0.48
0.31
47.99%
161.85%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.64
0.78
216.03
44.03%
10.87%
0.784
17
3.765
235'330
249'868
315'792
FY+2
04/13 Y
04/14 Y
1'209.4
1'270.7
2.47x
2.34x
307.5
321.3
9.65x
9.23x
122.9
130.7
12.25x
11.58x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
3.35
1.90
4.84
5.02
161.9%
61.8%
0.37
0.54
-
9.00
1'200.0
8.00
1'000.0
7.00
800.0
6.00
5.00
600.0
4.00
400.0
3.00
2.00
200.0
1.00
0.00
08.05.2009
0.0
08.11.2009
08.05.2010
08.11.2010
08.05.2011
08.11.2011
08.05.2012
08.11.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Greene King PLC

Holdings By:
All
Holder Name
OLD MUTUAL
LEGAL & GENERAL
PRIVATE INDIVIDUALS
BLACKROCK
SANTANDER ASSET MANA
SCOTTISH WIDOWS
RATHBONE UNIT TRUST
BAE SYSTEMS PENSION
Firm Name
JPMorgan
Liberum Capital Ltd
Barclays
HSBC
Goldman Sachs
Peel Hunt
EVA Dimensions
Nomura
Deutsche Bank
Jefferies
Investec
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
VICTORIA GREER
PATRICK COFFEY
RICHARD TAYLOR
LENA THAKKAR
OLIVER NEAL
NICHOLAS BATRAM
JEFFREY HARWOOD
CRAIG STERLING
TIM BARRETT
DOUGLAS JACK
SIMON FRENCH
GEOF COLLYER
JAMES WHEATCROFT
KARL BURNS
JAMES HOLLINS
Source
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
REG
ULT-AGG
MF-AGG
REG
MF-AGG
ULT-AGG
MF-AGG
REG
REG
ULT-AGG
REG
REG
REG
Recommendation
overweight
buy
equalweight
overweight
neutral/neutral
buy
buy
hold
neutral
add
hold
buy
hold
buy
hold
Amt Held
19'645'639
17'453'075
10'483'106
8'908'696
8'212'568
7'589'262
7'567'854
5'746'121
5'612'477
5'288'801
4'948'515
4'883'980
3'710'417
3'151'548
3'109'317
3'103'784
3'066'699
3'001'428
2'529'636
2'474'779
% Out
9.02
8.01
4.81
4.09
3.77
3.48
3.47
2.64
2.58
2.43
2.27
2.24
1.7
1.45
1.43
1.42
1.41
1.38
1.16
1.14
Weighting
Change
5
5
3
5
3
5
5
3
3
4
3
5
3
5
3
M
M
M
U
D
M
M
M
M
M
M
M
M
M
N
Latest Chg
27'244
153'449
291'771
40'775
(92'174)
504'410
(32'900)
326'527
75'000
(91'214)
117'419
(38'283)
(408'735)
31'237
(6'000)
Target Price
740
709
735
750
720
702
#N/A N/A
#N/A N/A
585
710
607
750
625
#N/A N/A
530
File Dt
Inst Type
01.11.2012
Investment Advisor
25.02.2013
Investment Advisor
31.12.2012
Unclassified
01.11.2012
Investment Advisor
31.01.2013
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Other
26.02.2013
Investment Advisor
31.07.2012
Investment Advisor
01.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
Date
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Date
25.02.2013
12.02.2013
06.02.2013
31.01.2013
28.01.2013
25.01.2013
21.01.2013
17.01.2013
14.01.2013
14.01.2013
14.01.2013
19.12.2012
11.12.2012
04.12.2012
04.09.2012
28.02.2013
GSW Immobilien AG
GSW Immobilien AG owns and operates real estate. The Company owns apartment
buildings and manages apartment buildings owned by others.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.12.2012)
52-Week Low (07.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GIB GY EQUITY YTD Change
GIB GY EQUITY YTD % CHANGE
12/2011
09/yy
33.48
22.12
85'892.00
30.5
-8.89%
37.86%
73.79%
50.5
1'541.05
1'770.89
0.0
0.3
62.62
3'036.91
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.7 M
30
.6 M
25
.5 M
20
.4 M
15
.3 M
10
.2 M
.1 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
214.7
164.0
72.8
-
35
31.12.2008
31.12.2009
224.3
176.4
194.4
136.7
107.7
172.1
Profitability
LTM-4Q
31.12.2010
199.2
116.1
49.3
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
326.9
8.04x
161.8
16.24x
105.1
8.39x
161.83
160.89
15.50%
32.99%
3.08%
7.52%
3.20%
0.13%
45.0%
32.2%
58.26%
151.86%
-
Price/ Cash Flow
09/yy
241.3
19.19x
127.3
0.00x
45.8
0.00x
LTM
09/yy
386.9
28.96x
174.3
16.99x
91.8
13.66x
FY+1
0.72
47.58
36.99%
-4.69%
0.719
19
3.579
77'520
104'937
119'384
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
221.1
231.4
55.6
58.0
14.11x
14.10x
142.5
158.8
32.7
34.6
21.35x
19.16x
22.47x
22.36x
68.6
91.1
16.3
19.3
22.63x
17.82x
14.59x
11.25x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.47
1.29
8.58
9.92
151.9%
60.3%
0.13
-
50.00
350.0
45.00
300.0
40.00
35.00
250.0
30.00
200.0
25.00
150.0
20.00
100.0
15.00
10.00
50.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
GSW Immobilien AG
Holdings By:
All
Holder Name
BLACKROCK
PGGM VERMOGENSBEHEER
CREDIT SUISSE GROUP
THAMES RIVER CAPITAL
FMR LLC
AXA
MORGAN STANLEY
CAZENOVE UNIT TRUST
VANGUARD GROUP INC
SKAGEN AS
SCOTTISH WIDOWS
Firm Name
HSBC
Kempen & Co
Bankhaus Metzler
Morgan Stanley
JPMorgan
S&P Capital IQ
Berenberg Bank
DZ Bank AG
Goldman Sachs
Baader Bank
ABN Amro Bank N.V.
Barclays
Deutsche Bank
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
#N/A N/A
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
THOMAS ROTHAEUSLER
THOMAS MARTIN
THOMAS VAN DER MEIJ
MANUEL MARTIN
JOCHEN SCHMITT
TORSTEN KLINGNER
BURKHARD SAWAZKI
BIANCA RIEMER
NEIL GREEN
JACOB THRANE
RALF GROENEMEYER
KAI MALTE KLOSE
ULRICH GEIS
ANDRE REMKE
MICHIEL DE JONGE
AARON GUY
MARKUS SCHEUFLER
Source
Research
MF-AGG
ULT-AGG
ULT-AGG
Research
Research
Research
Research
Research
Research
ULT-AGG
Research
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
add
underweight
neutral
buy
sell
buy
hold
Overwt/Attractive
overweight
hold
neutral
buy
hold
neutral/neutral
hold
hold
overweight
buy
Amt Held
5'072'682
3'831'745
3'213'364
2'545'261
2'484'113
1'506'102
1'497'459
1'468'863
1'329'407
1'170'946
1'022'901
911'491
751'929
551'612
550'279
531'100
521'454
512'917
477'352
433'416
% Out
10.04
7.58
6.36
5.04
4.92
2.98
2.96
2.91
2.63
2.32
2.02
1.8
1.49
1.09
1.09
1.05
1.03
1.02
0.94
0.86
Weighting
Change
4
1
3
5
1
5
3
5
5
3
3
5
3
3
3
3
5
5
Latest Chg
126'735
(1'689)
(204'008)
(234'820)
(967)
50'000
13'049
1'402
10'400
(4'052)
Target Price
M
M
M
M
M
M
M
U
N
M
M
M
M
M
M
M
N
M
35
31
31
36
25
35
32
33
34
32
29
34
29
32
33
32
37
35
File Dt
Inst Type
04.09.2012
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
29.02.2012
Government
02.11.2012
n/a
08.10.2012
Investment Advisor
08.10.2012
Investment Advisor
14.02.2013
Investment Advisor
17.01.2012
Investment Advisor
16.02.2012
Investment Advisor
31.12.2012
Investment Advisor
22.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
05.07.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Unclassified
Date
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Date
27.02.2013
25.02.2013
14.01.2013
14.01.2013
02.01.2013
05.12.2012
27.11.2012
26.11.2012
21.11.2012
16.11.2012
16.11.2012
15.11.2012
15.11.2012
07.11.2012
05.11.2012
26.10.2012
15.10.2012
20.08.2012
28.02.2013
Halma PLC
Halma is a health and safety sensor technology group which manufactures products
that detect hazards and also protect assets and people at work in public and
commercial buildings. Halma develops technologies and products that are used for
analysis in safety, environmental and leisure related markets, including water,
to improve personal and public health. Operations are in Europe, USA, and Asia.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.02.2013)
52-Week Low (15.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HLMA LN EQUITY YTD Change
HLMA LN EQUITY YTD % CHANGE
03/2012
01/yy
500.50
371.00
406'383.00
496.6
-0.78%
33.85%
96.99%
377.8
1'876.09
64.01
0.0
0.0
45.31
1'950.20
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
500
2.5 M
400
2.0 M
300
1.5 M
200
1.0 M
100
.5 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
395.1
1.94x
84.1
9.10x
50.3
14.76x
600
31.03.2009
31.03.2010
455.9
459.1
1.39x
2.11x
96.1
105.0
6.61x
9.22x
52.6
60.4
11.05x
16.09x
Profitability
31.03.2011
518.4
2.66x
120.8
11.42x
72.4
18.46x
31.03.2012
579.9
2.52x
153.7
9.49x
86.7
16.54x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
153.73
126.06
21.74%
19.31%
14.31%
25.05%
21.55%
0.89%
26.6%
21.7%
15.0%
2.02
1.34
9.92%
16.08%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.02
1.03
360.68
29.38%
9.05%
1.032
12
3.250
414'265
438'609
555'751
FY+2
03/13 Y
03/14 Y
624.6
667.4
3.11x
2.85x
150.6
162.1
12.95x
12.03x
99.3
106.0
18.88x
17.49x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
13.35
12.03
0.47
0.74
16.1%
13.9%
0.89
8.23
-
20.00
700.0
18.00
600.0
16.00
14.00
500.0
12.00
400.0
10.00
300.0
8.00
200.0
6.00
4.00
100.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Halma PLC
Holdings By:
All
Holder Name
SCHRODER INVESTMENT
BARCLAYS GLOBAL INVE
LEGAL & GENERAL
NEPTUNE INVESTMENT M
PRIVATE INDIVIDUALS
SCOTTISH WIDOWS
BLACKROCK
UBS
Cantillon Capital
Firm Name
Investec
Credit Suisse
N+1 Singer Ltd
Peel Hunt
JPMorgan
Goldman Sachs
EVA Dimensions
Arden Partners Ltd
Barclays
Portfolio Name
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
CHRIS DYETT
JONATHAN HURN
SCOTT CAGEHIN
JON LIENARD
DOMINIC CONVEY
ANDREW J WILSON
ADAM PINCKARD
ANDREW S ZAMFOTIS
CHRIS THOMAS
RICHARD PAIGE
Source
REG
Co File
REG
Co File
Co File
ULT-AGG
REG
ULT-AGG
REG
REG
13F
REG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
REG
Recommendation
buy
outperform
add
hold
hold
neutral
neutral/neutral
hold
neutral
equalweight
Amt Held
24'809'564
22'317'670
18'609'469
15'724'354
14'891'762
14'106'538
13'934'280
11'636'850
10'883'858
9'699'028
8'558'344
8'526'358
8'508'765
8'244'102
7'418'935
6'811'919
6'619'831
6'405'060
6'144'514
5'878'086
% Out
6.57
5.91
4.93
4.16
3.94
3.73
3.69
3.08
2.88
2.57
2.27
2.26
2.25
2.18
1.96
1.8
1.75
1.7
1.63
1.56
Weighting
Change
5
5
4
3
3
3
3
3
3
3
M
M
M
M
M
M
M
M
M
D
Latest Chg
1'493'435
(362'779)
(273'243)
(65'720)
(82'054)
372'842
33'864
(127'655)
(810'135)
(523'108)
1'803'097
1'964'796
67'376
(2'463'143)
80'371
231'056
50'482
Target Price
550
510
530
491
395
435
484
#N/A N/A
#N/A N/A
430
File Dt
02.01.2013
20.06.2011
02.01.2013
20.06.2011
20.06.2011
31.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
31.12.2012
02.01.2013
02.01.2013
02.01.2013
26.02.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Unclassified
Unclassified
Investment Advisor
Date
22.02.2013
15.02.2013
15.02.2013
14.02.2013
04.02.2013
23.01.2013
17.01.2013
17.01.2013
01.10.2012
02.05.2012
28.02.2013
Hargreaves Lansdown PLC

Hargreaves Lansdown PLC provides investment management and financial planning
services. The Company's services include fund research, pension management,
financial planning, and currency services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.02.2013)
52-Week Low (29.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HL/ LN EQUITY YTD Change
HL/ LN EQUITY YTD % CHANGE
06/2012
12/yy
866.50
422.36
587'952.00
849
-2.02%
101.01%
96.06%
474.3
4'026.97
0.00
0.0
0.4
159.95
3'878.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
120.3
5.26x
59.0
10.72x
42.4
16.20x
1000
900
800
700
600
500
400
300
200
100
0
f-12 m-12 a-12 m-12
30.06.2009
30.06.2010
132.8
159.0
6.63x
9.63x
71.6
87.8
12.32x
17.44x
52.1
61.3
9.16x
25.66x
Profitability
LTM-4Q
30.06.2011
207.9
13.26x
126.8
21.75x
91.8
30.65x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
238.7
9.85x
153.0
15.37x
113.0
21.90x
153.03
150.61
63.09%
64.02%
47.03%
100.15%
100.23%
0.96%
65.4%
64.5%
47.3%
1.95
1.71
0.00%
0.00%
2.68
-
Price/ Cash Flow
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
12/yy
202.4
0.00x
0.0
0.00x
0.0
0.00x
FY+1
2.00
1.26
206.63
105.90%
24.67%
1.260
12
3.250
547'966
731'460
995'718
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
285.8
326.5
13.46x
11.62x
185.3
214.8
20.93x
18.05x
141.0
164.4
27.56x
23.72x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-0.86
0.00
0.0%
0.0%
0.96
44.60
136.80
-
40.00
300.0
35.00
250.0
30.00
200.0
25.00
20.00
150.0
15.00
100.0
10.00
50.0
5.00
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Hargreaves Lansdown PLC

Holdings By:
All
Holder Name
HARGREAVES PETER K
LANSDOWN STEPHEN PHI
HARGREAVES LANSDOWN
BAILLIE GIFFORD AND
BLACKROCK
LEGAL & GENERAL
BARRY THERESA
BARCLAYS PRIVATE BAN
Cantillon Capital
Hargreaves Lansdown
MSD CAPITAL EUROPE L
VANGUARD GROUP INC
AEGON
Firm Name
Jefferies
Peel Hunt
Macquarie
HSBC
Barclays
Credit Suisse
EVA Dimensions
Morgan Stanley
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
JASON STREETS
STUART DUNCAN
NEIL WELCH
SARAH ING
JAMES HAMILTON
NITIN ARORA
DANIEL R GARROD
GURJIT KAMBO
ROBIN SAVAGE
AUSTIN BURKETT
JON HOCKING
Source
REG
Co File
Co File
REG
REG
ULT-AGG
ULT-AGG
RNS-DIR
REG
REG
REG
REG
REG
MF-AGG
Short
REG
MF-AGG
MF-AGG
ULT-AGG
13F
Recommendation
buy
hold
neutral
add
hold
underweight
overweight
underperform
buy
overweight
Equalwt/In-Line
Amt Held
% Out
249'011'024
52.5
152'717'606
32.2
95'500'000 20.13
46'259'909
9.75
23'499'832
4.95
20'532'831
4.33
13'675'773
2.88
13'599'781
2.87
12'206'757
2.57
10'702'308
2.26
9'120'991
1.92
7'993'931
1.69
7'263'396
1.53
6'159'432
1.3
(5'976'414) -1.26
5'412'756
1.14
4'724'342
1
4'248'181
0.9
4'148'042
0.87
2'115'517
0.45
Weighting
Change
5
3
3
4
3
1
5
1
5
5
3
N
M
U
N
M
M
M
M
M
M
D
Latest Chg
2'227'361
151'230
(661'005)
225'071
1'481'200
58'000
(319'132)
(3'951'378)
4'468
(711'478)
(312'000)
(908'762)
1'000'629
880'226
Target Price
1'000
620
908
850
715
600
850
655
850
#N/A N/A
759
File Dt
Inst Type
01.11.2012
Other
30.06.2011
n/a
30.06.2011
n/a
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
26.02.2013
Investment Advisor
31.01.2013
Unclassified
08.11.2011
n/a
01.11.2012
Bank
01.11.2012
Investment Advisor
01.11.2012
Unclassified
01.11.2012
Unclassified
01.11.2012
Unclassified
06.02.2013
Investment Advisor
01.11.2012
Government
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Unclassified
31.12.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
26.02.2013
26.02.2013
21.02.2013
11.02.2013
08.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
15.01.2013
05.12.2012
28.02.2013
Havas SA
Havas SA offers advertising, and media consultation and production services.
The Company operates in many countries throughout Europe, North America, and
the Asia Pacific Region. Havas provides public relations, sales promotion,
media planning, and advertising services to major corporations.
Price/Volume
6
7.0 M
6.0 M
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (06.02.2013)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HAV FP EQUITY YTD Change
HAV FP EQUITY YTD % CHANGE
12/2011
09/yy
5.03
3.48
366'078.00
4.772
-5.03%
36.97%
83.58%
384.8
1'836.06
729.00
0.0
4.0
780.00
2'351.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
2.0 M
1.0 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'532.0
1.04x
204.0
7.81x
83.0
17.58x
4.0 M
Valuation Analysis
31.12.2008
31.12.2009
1'568.0
1'441.0
0.41x
0.76x
224.0
216.0
2.89x
5.06x
104.0
92.0
6.12x
13.29x
Profitability
LTM-4Q
31.12.2010
1'558.0
0.97x
239.0
6.35x
110.0
14.96x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
1'645.0
0.80x
256.0
5.17x
120.0
11.36x
256.00
219.00
13.31%
10.09%
2.70%
10.95%
8.15%
0.38%
15.3%
13.0%
7.3%
1.02
0.80
15.00%
55.99%
1.17
-
Price/ Cash Flow
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
09/yy
757.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.88
232.76
28.41%
14.46%
0.878
27
3.630
577'602
705'762
609'847
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
06/11 Q2 09/11 Q3
1'773.9
1'818.2
1.17x
1.09x
273.7
287.9
8.59x
8.16x
139.6
150.4
13.91x
12.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.10
1.33
1.95
3.52
56.0%
35.8%
0.38
11.59
312.89
-
14.00
2'500.0
12.00
2'000.0
10.00
1'500.0
8.00
6.00
1'000.0
4.00
500.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Havas SA
Holdings By:
All
Holder Name
FINANCIERE DE SAINTE
PARVUS ASSET MANAGEM
BOLLORE INVESTISSEME
RODES CASTANE LEOPOL
FINANCIERE DU LOCH
UBS
VANGUARD GROUP INC
KBL RICHELIEU GESTIO
AMF FONDER AB
BLACKROCK
MMA FINANCE
GAM INTERNATIONAL MA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
BNP PARIBAS MIDCAP F
Multiple Portfolios
n/a
Multiple Portfolios
BNP PARIBAS SMALLCAP
Multiple Portfolios
Analyst
AlphaValue
VERONIQUE CABIOC'H
Societe Generale
LAURENT PICARD
Goldman Sachs
RICHARD JONES
HSBC
OLIVIER MORAL
EMMANUEL CHEVALIER
Oddo & Cie
BRUNO HARENG
MARK EVANS
Nomura
MATTHEW WALKER
Liberum Capital Ltd
IAN WHITTAKER
Gilbert Dupont
JEAN BAPTISTE SERGEANT
Deutsche Bank
PATRICK KIRBY
Exane BNP Paribas
CHARLES BEDOUELLE
EVA Dimensions
CRAIG STERLING
Barclays
NATASHA BRILLIANT
Credit Suisse
NICK BERTOLOTTI
Natixis
JEROME BODIN
Macquarie
TIMOTHY W NOLLEN
Equita SIM SpA
FABIO FAZZARI
JPMorgan
NICOLAS J DUBOURG
CA Cheuvreux
THOMAS JORION
CONOR O'SHEA
IDMidcaps
TEAM COVERAGE
Morgan Stanley
JULIEN ROSSI
WYT Ltd
ANTHONY DE LARRINAGA
Source
Research
Research
Research
Co File
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-FRA
MF-AGG
ULT-AGG
MF-AGG
MF-FRA
MF-AGG
Recommendation
reduce
buy
Buy/Neutral
neutral
accumulate
buy
buy
neutral
hold
add
buy
outperform
underweight
overweight
underperform
buy
neutral
buy
neutral
underperform
hold
buy
Underwt/Attractive
hold
Amt Held
% Out
114'269'037
29.7
59'708'320 15.52
20'435'916
5.31
9'393'984
2.44
6'855'000
1.78
5'842'233
1.52
2'933'004
0.76
2'921'985
0.76
2'700'987
0.7
2'340'407
0.61
2'217'314
0.58
2'059'223
0.54
1'720'938
0.45
1'511'782
0.39
1'217'635
0.32
1'022'721
0.27
(988'147) -0.26
949'983
0.25
867'644
0.23
762'033
0.2
Weighting
Change
2
5
5
3
4
5
5
3
3
4
5
5
1
5
1
5
3
5
3
1
3
5
1
3
M
M
M
D
M
M
M
M
D
M
M
M
D
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
(11'766'343)
(49'739'089)
19'778
148'215
161'943
(3'431)
1'013'458
(40'034)
32'270
(4'837)
(125'200)
(130'017)
(276'489)
Target Price
5
5
6
5
6
6
7
5
5
5
5
6
#N/A N/A
5
3
5
5
5
4
4
5
5
4
4
File Dt
Inst Type
13.03.2012
Unclassified
29.06.2012
Investment Advisor
13.03.2012
Holding Company
31.12.2011
n/a
13.03.2012
Corporation
31.07.2012
Investment Advisor
30.03.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
6 month
12 month
12 month
Date
25.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
18.02.2013
15.02.2013
05.02.2013
29.01.2013
25.01.2013
21.01.2013
14.01.2013
03.01.2013
20.12.2012
12.12.2012
07.12.2012
11.10.2012
11.09.2012
25.04.2012
18.03.2012
28.02.2013
Hays PLC
Hays Plc provides specialist recruitment and human resource services for
clients and candidates requiring permanent and temporary, professional and
technical staff.
Price/Volume
120
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
100
80
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (18.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HAS LN EQUITY YTD Change
HAS LN EQUITY YTD % CHANGE
06/2012
01/yy
99.00
66.00
2'945'594.00
96.05
-2.98%
45.53%
91.06%
1'398.8
1'343.57
171.60
0.0
0.0
38.70
1'476.47
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
2'540.0
0.55x
265.1
5.30x
188.2
6.77x
40
30.06.2009
30.06.2010
2'447.7
2'691.1
0.51x
0.53x
169.6
95.1
7.40x
14.93x
105.8
9.3
11.11x
191.04x
Profitability
30.06.2011
3'256.0
0.50x
134.4
12.22x
80.1
18.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
3'654.6
0.33x
151.3
8.01x
86.5
13.46x
151.30
128.10
3.51%
3.35%
9.94%
44.70%
24.20%
4.20%
20.1%
4.1%
3.5%
2.4%
1.25
0.84
19.90%
90.03%
10.49
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.60
1.34
1'233.55
21.84%
16.71%
1.344
24
3.625
2'722'799
2'884'268
3'283'397
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
09/11 Q1 12/11 Q2
3'542.4
3'719.8
0.41x
0.38x
140.4
154.7
10.52x
9.54x
65.7
78.1
20.44x
17.79x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
22.92
21.00
0.88
1.13
90.0%
47.4%
4.20
153.55
34.90
13.97
-
60.00
4'000.0
3'500.0
50.00
3'000.0
40.00
2'500.0
2'000.0
30.00
1'500.0
20.00
1'000.0
10.00
0.00
03.07.2009
500.0
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Hays PLC
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
VIRTUS TRUST
FROST RONALD EDWIN
CEDAR ROCK CAPITAL L
MORGAN STANLEY
BAILLIE GIFFORD AND
TEMPLETON GLOBAL ADV
LEGAL & GENERAL
ALLIANCE BERNSTEIN
BLACKROCK
JP MORGAN
SG ASSET MANAGEMENT/
FMR LLC
LIONTRUST
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst

STEVE WOOLF
RBC Capital Markets
DAVID GREENALL
Berenberg Bank
KONRAD ZOMER
JPMorgan
ROBERT PLANT
Cantor Fitzgerald
KEVIN LAPWOOD
JAMES GILBERT
Investec
SEBASTIEN JANTET
Credit Suisse
ANDY GROBLER
Peel Hunt
HENRY CARVER
Exane BNP Paribas
LAURENT BRUNELLE
EVA Dimensions
CRAIG STERLING
PAUL JONES
HECTOR FORSYTHE
Barclays
PAUL CHECKETTS
Goldman Sachs
CHARLES WILSON
Jefferies
KEAN MARDEN
DAVID O'BRIEN
GUY HEWETT
Deutsche Bank
THOMAS SYKES
HSBC
RAJESH KUMAR
ANDY SMITH
CA Cheuvreux
HANS PLUIJGERS
Source
ULT-AGG
ULT-AGG
Co File
PRN
REG
ULT-AGG
Co File
Co File
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
REG
REG
ULT-AGG
ULT-AGG
Recommendation
hold
sector perform
hold
neutral
buy
buy
add
neutral
buy
outperform
sell
hold
hold
overweight
Buy/Neutral
buy
hold
neutral
hold
neutral
hold
underperform
Amt Held
151'279'781
91'310'129
80'315'146
80'000'000
74'021'823
69'476'770
69'476'770
69'476'770
60'600'441
50'306'191
43'283'555
42'704'229
40'633'279
35'122'131
33'362'796
28'027'013
27'187'429
26'847'960
25'304'917
19'952'199
% Out
10.81
6.53
5.74
5.72
5.29
4.97
4.97
4.97
4.33
3.6
3.09
3.05
2.9
2.51
2.39
2
1.94
1.92
1.81
1.43
Weighting
Change
3
3
3
3
5
5
4
3
5
5
1
3
3
5
5
5
3
3
3
3
3
1
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
Latest Chg
(2'045'133)
1'099'191
(856'536)
2'162'458
2'516'748
(13'277'058)
14'469'509
(4'789'349)
3'903'164
420'000
3'827'025
3'985'557
2'171'500
(14'423'945)
(4'981'799)
Target Price
80
90
95
71
100
110
94
95
100
107
#N/A N/A
84
#N/A N/A
100
110
105
#N/A N/A
85
81
80
90
95
File Dt
31.12.2012
31.12.2012
29.08.2012
09.06.2011
01.11.2012
31.12.2012
29.08.2012
29.08.2012
31.01.2013
01.11.2012
31.12.2012
01.11.2012
26.02.2013
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Unclassified
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
27.02.2013
25.02.2013
21.02.2013
18.02.2013
11.02.2013
11.02.2013
04.02.2013
30.01.2013
25.01.2013
23.01.2013
17.01.2013
16.01.2013
11.01.2013
11.01.2013
10.01.2013
10.01.2013
10.01.2013
18.10.2012
05.10.2012
11.09.2012
19.07.2012
22.09.2010
28.02.2013
Helvetia Holding AG
Helvetia Holding AG provides a broad range of life, casualty, liability,
accident and transportation insurance. The Company insures individuals,
property such as vehicles and buildings, and consumer goods and personal
belongings during transportation. Helvetia and subsidiaries operate in
Switzerland, in other European countries, and North America.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HELN SE EQUITY YTD Change
HELN SE EQUITY YTD % CHANGE
12/2011
01/yy
380.00
259.00
12'646.00
374.25
-1.51%
44.50%
95.25%
8.7
3'238.34
182.30
300.0
27.9
1'250.50
2'498.04
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
350
.0 M
300
.0 M
250
.0 M
200
.0 M
150
.0 M
100
.0 M
50
.0 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
6'372.1
0.53x
401.0
8.71x
400
31.12.2008
31.12.2009
5'559.2
7'279.3
0.35x
0.36x
230.6
323.4
8.52x
8.54x
Profitability
31.12.2010
7'366.2
0.36x
339.0
9.14x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
7'496.2
0.24x
287.0
9.06x
4.82%
4.79%
0.71%
8.56%
0.19%
3.8%
0.47%
5.48%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.22
6.04
23.61%
8.01%
1.224
11
3.727
14'746
12'648
11'696
FY+2
12/12 Y
12/13 Y
7'337.3
7'564.8
0.32x
0.31x
334.0
357.0
9.81x
9.17x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
5.5%
4.8%
0.19
-
14.00
8'000.0
12.00
7'000.0
6'000.0
10.00
5'000.0
8.00
4'000.0
6.00
3'000.0
4.00
2'000.0
2.00
1'000.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Helvetia Holding AG
Holdings By:
All
Holder Name
PATRIA GENOSSENSCHAF
VONTOBEL BETEILIGUNG
RAIFFEISEN SWITZERLA
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
VANGUARD GROUP INC
SCHRODER INVESTMENT
DJE INVESTMENT SA
PICTET & CIE
LB SWISS INVESTMENT
BLACKROCK
SCHRODER INVESTMENT
DEUTSCHE BANK AG
LLB FONDSLEITUNG AG
DWS INVESTMENT S A
Firm Name
Nomura
Main First Bank AG
Helvea
Mediobanca SpA
Bankhaus Metzler
EVA Dimensions
Berenberg Bank
Credit Suisse
Goldman Sachs
Bank Vontobel AG
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL KLIEN
RENE LOCHER
DANIEL BISCHOF
MARC THIELE
FABRIZIO CROCE
JOCHEN SCHMITT
GEORG MARTI
AUSTIN BURKETT
PETER ELIOT
RICHARD BURDEN
VINIT MALHOTRA
STEFAN SCHUERMANN
Source
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
underperform
neutral
neutral
buy
buy
outperform
buy
buy
underperform
neutral/neutral
not rated
Amt Held
2'603'658
346'116
346'116
164'913
136'521
130'401
126'990
91'011
80'975
59'744
49'523
39'585
35'013
31'587
31'140
26'100
24'000
22'132
21'700
18'941
% Out
30.09
4
4
1.91
1.58
1.51
1.47
1.05
0.94
0.69
0.57
0.46
0.4
0.37
0.36
0.3
0.28
0.26
0.25
0.22
Weighting
Change
5
1
3
3
5
5
5
5
5
1
3
#N/A N/A
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
(735)
(1'354)
1'029
20'422
(677)
1'550
(583)
(420)
6'113
943
1'560
Target Price
430
370
402
404
383
410
#N/A N/A
#N/A N/A
450
371
369
#N/A N/A
File Dt
31.12.2011
31.12.2011
31.12.2011
31.10.2012
28.12.2012
31.07.2012
31.12.2012
31.12.2012
28.12.2012
31.10.2012
31.10.2012
31.12.2012
30.11.2012
31.12.2012
26.02.2013
28.09.2012
28.12.2012
31.01.2013
31.12.2012
28.12.2012
Date
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
n/a
n/a
Unclassified
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
12.02.2013
01.02.2013
01.02.2013
30.01.2013
29.01.2013
28.01.2013
18.01.2013
17.01.2013
14.01.2013
31.10.2012
11.10.2012
07.10.2011
28.02.2013
Henderson Group PLC

Henderson Group PLC is a financial services group focused on asset management
operations in Europe, Asia and the United States. The Company provides its
institutional, retail and high net-worth clients with access to investment
advisors representing a broad range of asset classes, including equities, fixed
income, property and private equity.
Price/Volume
180
12.0 M
160
10.0 M
140
120
8.0 M
100
12/2012
01/yy
170.60
89.45
8'515'371.00
153.9
-9.79%
72.05%
79.42%
1'113.7
1'713.99
148.50
0.0
0.6
196.90
1'666.19
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60
4.0 M
40
2.0 M
20
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
340.7
1.34x
95.0
4.79x
(20.9)
-
6.0 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HGG LN EQUITY YTD Change
HGG LN EQUITY YTD % CHANGE
31.12.2009
31.12.2010
366.3
488.7
2.97x
2.32x
83.8
110.5
13.00x
10.25x
13.8
77.9
68.39x
13.71x
Profitability
31.12.2011
686.1
1.66x
186.2
6.13x
34.0
28.74x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
656.9
2.17x
153.2
9.31x
99.7
13.72x
153.20
12.85%
14.64%
6.27%
12.72%
9.95%
0.41%
23.3%
15.2%
9.97%
19.02%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.65
1.52
1'066.85
37.44%
16.33%
1.519
21
3.238
3'855'398
2'113'498
1'892'423
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/11 Q4 03/12 Q1
458.8
490.5
3.63x
3.29x
174.2
191.6
9.57x
8.70x
128.5
142.2
13.04x
11.75x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-0.32
0.97
19.0%
16.0%
0.41
34.85
-
80.00
6'000.0
70.00
5'000.0
60.00
4'000.0
50.00
40.00
3'000.0
30.00
2'000.0
20.00
1'000.0
10.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Henderson Group PLC

Holdings By:
All
Holder Name
PERPETUAL LTD
AMP LIMITED
COMMONWEALTH BANK OF
IOOF HOLDINGS LTD
BLACKROCK
WESTPAC BANKING CORP
JCP INVESTMENT PARTN
HEND EMPLOYEE TRUST
HEND EMPLOYY TRUST 2
HEND GR EMPLOYEE TR
VANGUARD GROUP INC
LEGAL & GENERAL
SCOTTISH WIDOWS
HSBC INVESTMENT FUND
JOHN HANCOCK ADVISER
UBS SECURITIES AUSTR
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
RBC Capital Markets

PETER K LENARDOS
Credit Suisse
GURJIT KAMBO
Barclays
DANIEL R GARROD
Societe Generale
MICHAEL SANDERSON
Morgan Stanley
HUBERT LAM
JPMorgan
RAE MAILE
Cantor Fitzgerald
CATHERINE HEATH
ARUN MELMANE
DAVID MCCANN
SARAH ING
OWEN JONES
Macquarie
NEIL WELCH
EVA Dimensions
AUSTIN BURKETT
HSBC
NITIN ARORA
Jefferies
JASON STREETS
Peel Hunt
STUART DUNCAN
PHILIP DOBBIN
N+1 Singer Ltd
ANDREW WATSON
Source
RNS-MAJ
RNS-MAJ
RNS-MAJ
RNS-MAJ
ULT-AGG
RNS-MAJ
RNS-MAJ
RNS-RUL8
RNS-RUL8
RNS-RUL8
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
RNS-RUL8
Recommendation
sector perform
outperform
underweight
sell
Equalwt/In-Line
neutral
hold
hold
hold
reduce
buy
neutral
sell
neutral
hold
buy
buy
hold
Amt Held
119'924'360
55'915'469
54'612'039
49'005'304
41'670'544
36'487'919
31'064'663
19'125'651
14'807'210
12'129'575
11'904'449
3'674'098
2'599'061
2'076'802
1'951'949
1'801'609
1'483'678
1'475'850
1'434'584
1'100'258
% Out
10.77
5.02
4.9
4.4
3.74
3.28
2.79
1.72
1.33
1.09
1.07
0.33
0.23
0.19
0.18
0.16
0.13
0.13
0.13
0.1
Weighting
Change
3
5
1
1
3
3
3
3
3
2
5
3
1
3
3
5
5
3
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
Latest Chg
(12'249'753)
(653'741)
(19'839'511)
5'225'293
(11'930'000)
238'280
528'949
272'200
-
Target Price
160
180
145
135
154
183
179
161
154
145
#N/A N/A
146
#N/A N/A
140
120
145
146
110
File Dt
Inst Type
07.12.2012
Investment Advisor
01.05.2012
Investment Advisor
03.04.2012
Bank
15.02.2013
Investment Advisor
26.02.2013
Investment Advisor
25.01.2013
Bank
03.02.2012
Investment Advisor
18.01.2011
n/a
18.01.2011
n/a
18.01.2011
n/a
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.10.2012
Unclassified
30.11.2012
Investment Advisor
30.11.2012
Investment Advisor
30.11.2012
Investment Advisor
31.07.2012
Investment Advisor
31.12.2012
Investment Advisor
18.01.2011
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
13.02.2013
15.01.2013
14.01.2013
03.01.2013
03.12.2012
08.11.2012
03.10.2012
28.02.2013
Hermes International
Hermes International designs, produces, and distributes personal luxury
accessories and apparel. The Company operates a chain of boutiques under the
Hermes name that sells items such as leather, scarves, men's clothes, ties,
women's fashions, perfume, watches, stationery, shoes, hats, gloves, and
jewelry.
Price/Volume
300
200
150
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.03.2012)
52-Week Low (25.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RMS FP EQUITY YTD Change
RMS FP EQUITY YTD % CHANGE
12/2011
09/yy
280.92
207.70
16'834.00
256.7
-8.62%
23.59%
66.92%
105.6
27'099.67
38.90
0.0
12.7
1'048.20
26'689.47
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100
50
0
f-12
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'625.1
5.37x
483.5
18.06x
288.0
31.90x
.5 M
.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
250
31.12.2008
31.12.2009
1'764.6
1'914.3
5.74x
4.89x
527.6
548.1
19.20x
17.08x
290.2
288.8
36.23x
33.93x
Profitability
LTM-4Q
31.12.2010
2'400.8
6.54x
769.2
20.41x
421.7
39.09x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
2'841.2
8.08x
1'004.0
22.88x
594.3
40.55x
1'004.00
885.20
31.16%
31.44%
21.50%
30.77%
29.94%
1.05%
68.8%
35.1%
31.3%
20.9%
2.41
1.58
1.20%
1.68%
18.29
1.67
Price/ Cash Flow
09/yy
2'724.7
0.00x
0.0
0.00x
0.0
0.00x
LTM
09/yy
3'292.5
0.00x
0.0
0.00x
0.0
0.00x
FY+1
2.92
0.55
13.54
-5.86%
14.10%
0.546
21
2.095
24'103
30'889
28'357
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
3'458.9
3'793.6
995.8
7.56x
6.79x
1'212.8
1'336.4
22.01x
19.97x
710.6
788.9
37.82x
34.07x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2510.00
2098.75
-0.38
0.10
1.7%
1.6%
1.05
3.39
20.01
219.04
73.51
125.63
45.00
3'000.0
40.00
2'500.0
35.00
2'000.0
30.00
25.00
1'500.0
20.00
1'000.0
15.00
10.00
500.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Hermes International
Holdings By:
All
Holder Name
FAMILY HERMES
LVMH MOET HENNESSY L
HERMES INTERNATIONAL
CARMIGNAC GESTION
DUMAS PIERRE-ALEXIS
ETHENEA INDEPENDENT
MOMMEJA RENAUD
PICTET ASSET MANAGEM
BAUER CHARLES-ERIC
GROUPAMA ASSET MGMT
CREDIT SUISSE ASSET
CLARIDEN SICAV
GCIC LTD/CANADA
BLACKROCK
SOCIETE GENERALE
Firm Name
AlphaValue
Exane BNP Paribas
Main First Bank AG
Goldman Sachs
Deutsche Bank
Raymond James
Oddo & Cie
Natixis
Credit Suisse
JPMorgan
Aurel - BGC
Bryan Garnier & Cie
S&P Capital IQ
Day by Day
HSBC
EVA Dimensions
Renaissance Capital
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
VIRGINIE BLIN
LUCA GIUSEPPE SOLCA
GAEL COLCOMBET
WILLIAM HUTCHINGS
FRANCESCA DI PASQUANTONIO
MARC WILLAUME
LEOPOLD AUTHIE
JOSEPHINE CHEVALLIER
ROGERIO FUJIMORI
MELANIE A FLOUQUET
DAVID DA MAIA
CATHERINE ROLLAND
LOIC MORVAN
MICHAEL SOUERS
VALERIE GASTALDY
SOPHIE DARGNIES
CRAIG STERLING
REY WIUM
THOMAS MESMIN
Source
Research
Research
Research
MF-AGG
Co File
13F
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-FRA
MF-AGG
ULT-AGG
MF-AGG
Recommendation
sell
underperform
outperform
neutral/neutral
sell
underperform
reduce
reduce
underperform
underweight
hold
reduce
neutral
sell
hold
neutral
hold
sell
underperform
Amt Held
66'373'512
23'518'942
1'477'927
1'194'734
416'309
168'783
121'216
121'139
90'880
88'948
79'775
67'970
57'896
50'919
43'937
41'000
39'978
38'400
34'737
34'342
% Out
62.87
22.28
1.4
1.13
0.39
0.16
0.11
0.11
0.09
0.08
0.08
0.06
0.05
0.05
0.04
0.04
0.04
0.04
0.03
0.03
Weighting
Change
1
1
5
3
1
1
2
2
1
1
3
2
3
1
3
3
3
1
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
148'481
168'783
16'216
(26)
(32'106)
(2'315)
(69)
(500)
(159)
38'400
(39)
815
Target Price
195
224
270
295
200
225
228
192
225
190
233
200
194
240
#N/A N/A
260
#N/A N/A
175
200
File Dt
Inst Type
20.02.2012
n/a
15.12.2011
Holding Company
31.05.2012
Corporation
31.12.2012
Investment Advisor
31.12.2011
n/a
31.12.2012
Investment Advisor
28.12.2012
Investment Advisor
31.12.2011
n/a
30.11.2012
Investment Advisor
31.12.2011
n/a
28.09.2012
Investment Advisor
28.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
28.12.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
26.02.2013
Investment Advisor
28.09.2012
Bank
Date
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
21.02.2013
19.02.2013
18.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
28.01.2013
24.01.2013
17.01.2013
03.12.2012
09.11.2012
28.02.2013
Hikma Pharmaceuticals PLC

Hikma Pharmaceuticals PLC is a multinational pharmaceutical group focused on
developing, manufacturing, and marketing a range of both branded and non-branded
generic and in-licensed pharmaceutical products. The Company's operations are
conducted in the United States, the Middle East, and North Africa region, as
well as Europe.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HIK LN EQUITY YTD Change
HIK LN EQUITY YTD % CHANGE
Price/Volume
12/2011
01/yy
888.00
598.50
288'614.00
862.5
-2.87%
44.11%
91.19%
197.0
1'699.44
472.01
0.0
22.1
94.72
3'070.76
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
448.8
4.19x
118.0
15.92x
62.6
25.37x
1000
900
800
700
600
500
400
300
200
100
0
f-12 m-12
31.12.2008
31.12.2009
580.7
636.9
1.82x
2.68x
127.3
152.4
8.31x
11.19x
57.1
77.7
16.78x
20.12x
Profitability
31.12.2010
730.9
3.46x
195.1
12.97x
98.8
24.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
918.0
2.49x
182.2
12.53x
80.1
23.30x
182.19
135.19
14.73%
10.23%
5.67%
11.25%
9.01%
0.69%
43.1%
19.8%
14.6%
8.7%
1.69
0.99
29.96%
60.78%
3.72
2.21
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.03
0.99
126.79
19.13%
13.34%
0.990
12
4.000
217'517
189'459
184'472
FY+2
12/12 Y
12/13 Y
1'104.3
1'237.7
2.69x
2.43x
212.4
255.6
14.46x
12.01x
108.5
141.4
23.33x
18.30x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
7.80
4.84
2.30
2.84
60.8%
37.1%
0.69
2.62
98.51
165.47
64.23
193.87
30.00
1'000.0
900.0
25.00
800.0
700.0
20.00
600.0
15.00
500.0
400.0
10.00
300.0
200.0
5.00
0.00
02.01.2009
100.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Hikma Pharmaceuticals PLC

Holdings By:
All
Holder Name
DARHOLD LTD
FMR LLC
HSBC PRIVATE BANKING
DUPONT CAPITAL MANAG
ARTIO GLOBAL INVESTO
DUPONT CAPITAL MANAG
ABERDEEN
PRIVATE INDIVIDUALS
LEGAL & GENERAL
PICTET & CIE
SECTORAL ASSET MANAG
HARDING LOEVNER LP
DARWAZAH SAMIH TALIB
Firm Name
Peel Hunt
EVA Dimensions
Jefferies
Credit Suisse
Morgan Stanley
JPMorgan
HSBC
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
SAVVAS NEOPHYTOU
PAUL CUDDON
ANDREW S ZAMFOTIS
JAMES VANE-TEMPEST
MARK WADLEY
SIMON MATHER
BRIAN WHITE
ALEXANDRA M HAUBER-SCHUELE
RAJ SINHA
Source
REG
ULT-AGG
ULT-AGG
REG
REG
RNS-MAJ
REG
RNS-MAJ
ULT-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
MF-AGG
MF-AGG
RNS-DIR
Recommendation
buy
hold
underweight
buy
outperform
Overwt/Attractive
buy
overweight
neutral
Amt Held
57'183'028
18'986'992
17'743'904
7'057'920
5'952'422
5'874'223
5'874'223
5'594'936
4'648'957
4'537'359
4'523'983
4'498'904
3'692'364
3'029'696
2'969'961
2'967'495
2'504'813
2'483'130
2'373'173
2'136'299
% Out
29.02
9.64
9.01
3.58
3.02
2.98
2.98
2.84
2.36
2.3
2.3
2.28
1.87
1.54
1.51
1.51
1.27
1.26
1.2
1.08
Weighting
Change
5
3
1
5
5
5
5
5
3
M
M
M
M
M
M
M
M
N
Latest Chg
1'090'595
1'910'189
(34'149)
(1'112'169)
(357'486)
285'000
(89'504)
(146'760)
621'801
352'832
2'278
(867'866)
(1'679)
692'700
-
Target Price
930
700
#N/A N/A
900
820
850
#N/A N/A
860
745
File Dt
Inst Type
01.11.2012
Other
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Bank
01.11.2012
Investment Advisor
08.03.2012
Investment Advisor
01.11.2012
Investment Advisor
06.08.2012
Investment Advisor
31.12.2012
Unclassified
01.11.2012
Other
01.11.2012
Other
31.01.2013
Unclassified
30.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Government
30.11.2012
Investment Advisor
30.06.2012
Investment Advisor
15.06.2012
n/a
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
9 month
Not Provided
Date
14.02.2013
04.02.2013
17.01.2013
15.01.2013
09.01.2013
13.12.2012
05.12.2012
18.09.2012
19.07.2012
28.02.2013
Hochtief AG
Hochtief AG provides construction and construction related services worldwide.
The Company finances, designs, builds, constructs and operates a wide variety
of facilities through its five divisions, Airport, Development, Construction
Services Americas, Construction Services Asia Pacific, and Construction
Services Europe.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.02.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HOT GY EQUITY YTD Change
HOT GY EQUITY YTD % CHANGE
12/2012
12/yy
55.54
34.64
188'296.00
55.54
0.00%
60.33%
100.00%
77.0
4'276.58
3'794.39
0.0
1'512.0
2'657.65
8'204.51
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
50
1.0 M
40
.8 M
30
.6 M
20
.4 M
10
.2 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
18'703.1
0.19x
622.0
5.79x
156.7
15.81x
60
31.12.2009
31.12.2010
18'166.1
20'159.3
0.28x
0.29x
1'029.1
1'480.3
4.97x
3.92x
191.7
288.0
18.59x
14.74x
Profitability
LTM-4Q
31.12.2011
23'282.2
0.26x
1'674.2
3.55x
(160.3)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
25'527.7
158.1
20.43x
1'674.21
696.01
2.99%
-0.55%
-0.07%
-0.44%
4.42%
1.64%
6.2%
2.3%
0.6%
1.25
0.86
24.02%
146.03%
5.26
-
Price/ Cash Flow
LTM
12/yy
23'282.2
1.08x
1'604.7
3.70x
(160.3)
0.00x
12/yy
25'527.7
0.79x
1'122.1
0.00x
158.1
20.43x
FY+1
1.04
24.09
5.97%
26.43%
1.040
22
4.182
215'530
183'806
174'246
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
26'698.1
27'961.6
5'850.0
6'767.0
0.27x
0.25x
1'667.9
1'796.9
4.88x
4.53x
285.1
364.9
14.62x
12.11x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.04
0.61
1.44
2.76
146.0%
48.0%
1.64
13.13
69.53
-
16.00
30'000.0
14.00
25'000.0
12.00
20'000.0
10.00
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Hochtief AG
Holdings By:
All
Holder Name
ACS ACTIVIDADES CONS
QATAR INVESTMENT AUT
SOUTHEASTERN ASSET M
HOCHTIEF AG
BLACKROCK
SPARINVEST
VANGUARD GROUP INC
MACKENZIE FINANCIAL
LONGLEAF MANAGEMENT
UBS INVEST KAG
LITMAN/GREGORY FUND
DEUTSCHE BANK AG
COUNSEL PORTFOLIO SE
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Main First Bank AG

CHRISTIAN KORTH
Goldman Sachs
WILL MORGAN
Commerzbank Corporates & Markets NORBERT KRETLOW
M.M. Warburg Investment Research FRANK LASER
INGBERT FAUST
Bankhaus Metzler
STEPHAN BAUER
DZ Bank AG
MARC NETTELBECK
Societe Generale
VICTOR ACITORES
JUAN CARLOS CALVO
HANS-PETER KUHLMANN
Bankhaus Lampe
MARC GABRIEL
EVA Dimensions
CRAIG STERLING
S&P Capital IQ
JAWAHAR HINGORANI
Berenberg Bank
CHRIS MOORE
EMILIO ROTONDO-INCLAN
CA Cheuvreux
BORJA CASTRO PEREZ MANZUCO
HSBC
TOBIAS LOSKAMP
Nord/LB
HEINO HAMMANN
National Bank AG
STEFFEN MANSKE
Hamburger Sparkasse
INGO SCHMIDT
Deutsche Bank
MICHAEL KUHN
Source
Research
Co File
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
Buy/Neutral
hold
buy
buy
buy
buy
hold
buy
buy
buy
sell
hold
hold
buy
buy
outperform
overweight
buy
hold
hold
restricted
Amt Held
41'794'571
7'700'000
3'980'943
3'418'800
3'012'459
709'937
610'326
206'428
189'435
145'417
131'400
99'335
93'000
87'264
68'800
61'063
53'550
50'000
49'414
46'946
% Out
54.28
10
5.17
4.44
3.91
0.92
0.79
0.27
0.25
0.19
0.17
0.13
0.12
0.11
0.09
0.08
0.07
0.06
0.06
0.06
Weighting
Change
5
5
3
5
5
5
5
3
5
5
5
1
3
3
5
5
5
5
5
3
3
#N/A N/A
M
M
M
M
M
M
M
M
N
M
M
M
M
M
U
U
U
M
U
M
M
M
Latest Chg
3'770
(65'689)
8'718
34'500
13'141
51'000
5'500
(2'000)
(4'004)
Target Price
55
67
51
60
60
61
52
57
65
58
60
#N/A N/A
50
42
51
50
50
60
46
42
#N/A N/A
#N/A N/A
File Dt
Inst Type
24.07.2012
Corporation
31.12.2011
Government
20.04.2012
Investment Advisor
31.12.2011
Corporation
26.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
28.09.2012
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.07.2012
Investment Advisor
30.11.2011
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
25.02.2013
24.02.2013
22.02.2013
21.02.2013
21.02.2013
20.02.2013
20.02.2013
19.02.2013
18.02.2013
13.02.2013
13.02.2013
17.01.2013
14.01.2013
13.12.2012
12.12.2012
28.11.2012
26.11.2012
19.11.2012
07.11.2012
07.11.2012
21.08.2012
27.09.2010
28.02.2013
Holmen AB
Holmen AB manufactures forest products. The Company owns and manages forest
land and produces sawn timber, pulp, paper, and paperboard. Holmen's main
products are papers for newsprint, magazines, directories, and advertising, and
paperboard for packaging and graphical applications. The Company produces and
markets in Europe, and owns sales offices in United States, Australia, and Asia.
Price/Volume
200
2.5 M
2.0 M
150
100
12/2012
12/yy
199.90
168.00
416'504.00
199.3
-0.30%
18.63%
98.12%
62.1
16'889.64
6'612.00
0.0
0.0
308.00
23'193.64
1.0 M
50
.5 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
1.5 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.02.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HOLMB SS EQUITY YTD Change
HOLMB SS EQUITY YTD % CHANGE
31.12.2008
19'334.0
1.22x
2'136.0
11.04x
642.0
25.41x
250
31.12.2009
31.12.2010
18'071.0
17'581.0
1.15x
1.39x
2'686.0
1'964.0
7.75x
12.43x
1'006.0
704.0
15.28x
26.42x
Profitability
LTM-4Q
31.12.2011
18'656.0
1.21x
6'750.0
3.35x
3'955.0
4.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
17'852.0
1.27x
2'588.0
8.75x
1'853.0
8.71x
2'588.00
1'275.00
7.14%
7.25%
4.99%
9.13%
0.48%
14.5%
7.2%
10.4%
0.78
0.32
17.85%
31.77%
7.67
-
Price/ Cash Flow
LTM
12/yy
18'656.0
4.93x
6'750.0
3.35x
3'955.0
4.20x
12/yy
17'853.0
4.91x
2'591.0
8.67x
1'853.0
8.76x
FY+1
0.84
8.26%
3.59%
0.837
11
3.182
287'713
227'530
259'142
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
17'503.0
17'511.3
4'435.6
4'414.5
1.35x
1.31x
2'859.6
2'994.5
705.8
688.0
8.11x
7.75x
8.32x
1'015.4
1'129.4
230.4
227.3
16.22x
14.62x
17.41x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
09.12.2009
BBB
STABLE
15.12.2010
A-2
26.89
19.70
2.43
2.55
31.8%
24.1%
0.48
1.42
47.73
-
14.00
25'000.0
12.00
20'000.0
10.00
15'000.0
8.00
6.00
10'000.0
4.00
5'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Holmen AB
Holdings By:
All
Holder Name
LE LUNDBERGFORETAGEN
KEMPE FOUNDATIONS
CARNEGIE FONDER AB/S
ALECTA PENSIONSFORSA
LANNEBO FONDER AB
GOVERNMENT OF NORWAY
SEB
AMF FONDER AB
SHB FUNDS
4TH NAT SWEDISH PENS
LUNDBERG FREDRIK
VANGUARD GROUP INC
BLACKROCK
KEMPE CARL
Firm Name
SEB Enskilda
AlphaValue
Credit Suisse
Carnegie
Swedbank
Danske Markets
ABG Sundal Collier
Handelsbanken
Goldman Sachs
EVA Dimensions
CA Cheuvreux
Alandsbanken Equities
Prime Predictions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
LINUS LARSSON
SACHIN KUMAR
LARS KJELLBERG
JOHAN SJOBERG
HARRI TAITTONEN
MARKO ZIVKOVIC
OSKAR LINDSTROM
MARTIN MELBYE
KARRI RINTA
ESHAN TOORABALLY
CRAIG STERLING
MIKAEL JAFS
PER HANSSON
PETER LJUNGGREN
Source
Research
Research
Research
Research
Research
Research
MF-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
Research
Co File
MF-AGG
ULT-AGG
MF-AGG
Short
Co File
Recommendation
hold
add
neutral
buy
sell
neutral
hold
buy
accumulate
Sell/Neutral
hold
outperform
neutral
underperform
Amt Held
% Out
19'323'332
31.1
4'349'303
7
4'316'000
6.95
2'236'784
3.6
1'863'987
3
1'491'190
2.4
1'478'008
2.38
1'242'658
2
1'065'772
1.72
1'037'507
1.67
841'900
1.35
807'728
1.3
807'217
1.3
745'595
1.2
734'424
1.18
586'699
0.94
565'915
0.91
547'724
0.88
(503'276) -0.81
386'000
0.62
Weighting
Change
3
4
3
5
1
3
3
5
4
1
3
5
3
1
M
M
M
M
D
M
M
M
M
M
M
M
M
D
Latest Chg
7'750
21'925
(87'000)
5'793
(224'695)
590
-
Target Price
199
214
210
#N/A N/A
190
200
200
215
205
165
#N/A N/A
225
240
226
File Dt
Inst Type
31.08.2012
Holding Company
31.08.2012
Other
10.01.2013
Investment Advisor
31.08.2012
Investment Advisor
31.08.2012
Government
31.07.2012
Investment Advisor
31.08.2012
Investment Advisor
31.12.2012
Unclassified
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.08.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
n/a
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
n/a
Date
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Date
25.02.2013
25.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
22.01.2013
17.01.2013
09.08.2011
09.05.2011
01.02.2011
28.02.2013
Howden Joinery Group PLC

Howden Joinery Group PLC designs, manufactures and sells 'fitted' kitchens. The
Company sells its products to small local builders throughout the United Kingdom
via its own network of 'depots'.
Price/Volume
250
9.0 M
8.0 M
200
7.0 M
6.0 M
150
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.02.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HWDN LN EQUITY YTD Change
HWDN LN EQUITY YTD % CHANGE
12/2012
01/yy
202.40
109.40
3'392'530.00
190.4
-5.93%
74.04%
87.10%
642.0
1'222.40
2.30
0.0
0.0
59.40
1'185.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.0 M
2.0 M
50
1.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
976.5
0.60x
94.9
6.20x
43.9
10.45x
5.0 M
100
31.12.2008
31.12.2009
805.7
769.5
0.19x
0.62x
102.3
109.4
1.51x
4.39x
(51.2)
45.7
1.58x
9.15x
Profitability
31.12.2010
807.9
0.73x
123.3
4.77x
66.9
8.85x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
853.8
0.67x
132.1
4.35x
73.3
7.44x
132.10
114.50
13.41%
12.88%
19.71%
116.63%
110.06%
2.27%
59.5%
15.3%
13.5%
8.6%
1.74
0.84
0.57%
3.28%
3.15
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.42
1.08
608.70
64.89%
10.12%
1.082
15
4.000
2'183'223
2'083'257
1'794'620
FY+2
12/12 Y
12/13 Y
892.7
935.7
1.31x
1.22x
135.3
144.3
8.76x
8.21x
87.0
92.9
14.21x
13.50x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
30.72
26.16
-0.28
0.02
3.3%
3.2%
2.27
10.93
115.59
81.13
30.00
1'600.0
1'400.0
25.00
1'200.0
20.00
1'000.0
800.0
15.00
600.0
10.00
400.0
5.00
0.00
01.01.2010
200.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Howden Joinery Group PLC

Holdings By:
All
Holder Name
BLACKROCK
OLD MUTUAL
JP MORGAN
FRANKLIN RESOURCES
HOWDEN EMP SHARE TRU
SCOTTISH WIDOWS
CAZENOVE UNIT TRUST
LEGAL & GENERAL
ABERFORTH PARTNERS
INVESCO LTD
ABERFORTH PARTNERS
JM FINN & CO
AEGON
UBS
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst

HOWARD SEYMOUR
ANDY BROWN
Peel Hunt
ANDREW NUSSEY
SARAH REILLY
Liberum Capital Ltd
CHARLIE CAMPBELL
EVA Dimensions
CRAIG STERLING
Redburn Partners
GEOFF LOWERY
Jefferies
ANTHONY CODLING
JPMorgan
ALEXANDER MEES
NFinance
PIERRE SCHANG
N+1 Singer Ltd
MATTHEW MCEACHRAN
GRAHAM BROWN
SANJAY VIDYARTHI
JON BELL
Source
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
Co File
REG
ULT-AGG
MF-AGG
ULT-AGG
REG
REG
REG
REG
MF-AGG
REG
ULT-AGG
ULT-AGG
REG
Recommendation
add
sell
hold
buy
buy
buy
buy
hold
overweight
buy
hold
hold
buy
hold
Amt Held
90'920'250
62'354'710
45'132'865
43'553'643
29'150'000
26'846'447
24'595'913
23'053'381
22'202'404
21'686'372
20'474'615
19'806'351
14'648'034
14'343'407
13'772'986
13'225'865
11'266'892
10'302'594
10'263'780
9'867'490
% Out
14.16
9.71
7.03
6.78
4.54
4.18
3.83
3.59
3.46
3.38
3.19
3.09
2.28
2.23
2.15
2.06
1.75
1.6
1.6
1.54
Weighting
Change
4
1
3
5
5
5
5
3
5
5
3
3
5
3
M
M
M
M
M
M
M
N
M
N
M
N
M
D
Latest Chg
1'097'618
(756'654)
(1'704'018)
272'102
(2'149'486)
491'800
(844'841)
2'657'124
1'814'372
(531'000)
1'692'309
28'182
(2'139'395)
(18'500)
(5'533'125)
3'491'388
2'491'158
(3'776'313)
Target Price
185
145
190
225
220
#N/A N/A
#N/A N/A
160
162
182
164
174
165
#N/A N/A
File Dt
Inst Type
08.02.2013
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Unclassified
01.11.2012
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
29.02.2012
n/a
01.11.2012
Investment Advisor
01.11.2012
Unclassified
31.12.2012
Investment Advisor
11.01.2013
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Government
31.01.2013
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Unclassified
01.11.2012
Unclassified
01.11.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
3 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
27.02.2013
25.02.2013
15.02.2013
13.02.2013
31.01.2013
17.01.2013
15.01.2013
07.01.2013
05.12.2012
04.12.2012
08.11.2012
10.10.2012
23.07.2012
16.11.2011
28.02.2013
Hufvudstaden AB
Hufvudstaden AB manages, acquires, develops and sells properties in Sweden.
The Company rents out centrally located residential and commercial properties
primarily in the Stockholm area. Hufvudstaden's holdings, which include the
NK-stores, consist of shops, offices, hotels, cinemas, restaurants, warehouses,
garages and apartments.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (19.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HUFVA SS EQUITY YTD Change
HUFVA SS EQUITY YTD % CHANGE
12/2012
12/yy
90.65
68.40
144'834.00
89
-1.82%
30.12%
92.58%
203.0
19'194.61
4'700.00
0.0
0.0
497.20
23'397.41
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'364.9
10.83x
924.2
15.99x
(449.2)
-
100
90
80
70
60
50
40
30
20
10
0
f-12 m-12
31.12.2009
31.12.2010
1'374.6
1'409.8
10.60x
14.56x
946.8
961.6
15.39x
21.35x
(357.5)
1'733.3
9.35x
Profitability
LTM-4Q
31.12.2011
1'450.3
12.72x
977.6
18.87x
1'435.3
10.07x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'541.7
13.69x
1'051.1
20.08x
1'939.4
8.72x
1'051.10
1'051.10
68.18%
96.36%
8.37%
14.69%
10.93%
0.07%
68.2%
125.8%
19.87%
33.76%
-
Price/ Cash Flow
12/yy
1'437.3
51.76x
932.9
19.81x
1'435.3
10.07x
LTM
12/yy
1'541.7
52.03x
1'051.1
20.08x
1'939.4
8.71x
FY+1
0.81
25.42%
8.60%
0.811
14
3.071
254'389
257'876
274'502
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'613.7
1'628.3
391.5
403.5
15.26x
15.08x
63.97x
61.68x
1'125.5
1'156.2
264.8
276.3
20.79x
20.24x
21.19x
20.83x
788.9
815.5
183.7
195.2
23.16x
22.48x
23.23x
23.09x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
7.23
0.22
4.00
4.47
33.8%
25.2%
0.07
-
35.00
1'800.0
30.00
1'600.0
1'400.0
25.00
1'200.0
20.00
1'000.0
15.00
800.0
600.0
10.00
400.0
5.00
0.00
01.01.2010
200.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Hufvudstaden AB
Holdings By:
All
Holder Name
LUNDBERGS
STATE STREET
SEB
MELLON FUNDS
JP MORGAN FUNDS
BLACKROCK
SIX SIS AG
LUNDBERG FREDRIK
VANGUARD GROUP INC
MORGAN STANLEY
PRINCIPAL FINANCIAL
SKANDIA FONDER AB
AMUNDI
Firm Name
SEB Enskilda
Goldman Sachs
Danske Markets
Kempen & Co
Carnegie
Handelsbanken
ABG Sundal Collier
DNB Markets
EVA Dimensions
Swedbank
Pareto Securities
ABN Amro Bank N.V.
Evli Bank Plc
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BENGT CLAESSON
PETER TRIGARSZKY
ROBERT WOERDEMAN
TOBIAS KAJ
JONAS L ANDERSSON
ALBIN SANDBERG
FREDRIC CYON
SIMEN MORTENSEN
AUSTIN BURKETT
ANDREAS DAAG
JOHAN EDBERG
RUUD VAN MAANEN
TEAM COVERAGE
Source
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
Sell/Neutral
hold
overweight
sell
buy
accumulate
hold
sell
hold
buy
sell
hold
Under Review
Amt Held
85'200'000
10'013'586
7'785'146
6'241'639
3'675'825
3'607'121
3'421'652
2'900'032
2'862'213
2'562'742
1'788'167
1'659'412
1'472'233
1'237'195
1'054'982
760'888
760'565
752'878
721'985
673'500
% Out
41.97
4.93
3.84
3.07
1.81
1.78
1.69
1.43
1.41
1.26
0.88
0.82
0.73
0.61
0.52
0.37
0.37
0.37
0.36
0.33
Weighting
Change
3
1
3
5
1
5
4
3
1
3
5
1
3
#N/A N/A
M
M
M
U
M
M
M
M
M
M
M
M
M
M
Latest Chg
(201'844)
4'733
110'843
37'462
(133'604)
89'269
37'067
(253'612)
47'005
-
Target Price
84
73
88
89
#N/A N/A
95
88
85
76
#N/A N/A
90
73
75
#N/A N/A
File Dt
Inst Type
31.12.2011
Corporation
31.12.2011
Investment Advisor
31.12.2012
Unclassified
31.12.2011
n/a
31.12.2011
Investment Advisor
31.12.2011
n/a
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
26.02.2013
Investment Advisor
31.12.2011
Bank
31.01.2013
Investment Advisor
31.12.2011
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Date
25.02.2013
19.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
17.01.2013
16.01.2013
15.01.2013
24.08.2012
19.10.2010
28.02.2013
Hugo Boss AG
Hugo Boss AG designs, produces, and markets brand name clothing. The Company's
products, which are marketed under branded names are sold through subsidiaries,
franchises, and retail outlets throughout the world. Hugo Boss licenses its
name for eyeglass frames, fragrances, watches, shoes, and leather goods.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.02.2013)
52-Week Low (26.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BOSS GY EQUITY YTD Change
BOSS GY EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
90.65
65.00
91'684.00
88.3
-2.59%
35.85%
90.84%
70.4
6'216.32
388.51
0.0
23.8
212.10
6'498.02
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
1'561.9
1'729.4
1.15x
2.10x
227.6
334.9
7.92x
10.84x
104.0
185.9
13.48x
18.23x
Profitability
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
m-12
LTM-4Q
31.12.2011
2'058.8
1.95x
467.5
8.58x
284.5
13.40x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'346.0
307.0
18.30x
467.51
394.09
19.14%
18.57%
21.02%
59.35%
1.62%
63.3%
21.6%
18.1%
13.1%
1.99
0.83
26.81%
77.79%
9.02
1.90
Price/ Cash Flow
12/yy
2'058.8
8.05x
467.5
8.58x
284.5
13.40x
a-12
m-12
j-12
LTM
12/yy
2'346.0
7.17x
389.0
0.00x
307.0
18.30x
j-12
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
0.87
23.72
29.24%
10.65%
0.868
32
3.938
135'286
126'950
121'771
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'510.3
2'729.3
2.51x
2.27x
584.8
657.4
11.07x
9.85x
359.0
408.0
17.13x
15.05x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.17
8.58
0.53
0.79
77.8%
42.6%
1.62
7.76
40.60
192.79
77.93
138.71
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
01.01.2010
.6 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'686.1
1.07x
251.1
7.16x
112.1
10.68x
100
90
80
70
60
50
40
30
20
10
0
f-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Hugo Boss AG
Holdings By:
All
Holder Name
RED & BLACK LUX SARL
DEUTSCHE BANK AG
FMR LLC
BLACKROCK
HUGO BOSS AG
VANGUARD GROUP INC
ADIG INVESTMENT
DANSKE INVEST A/S
FIDELITY INVESTMENT
DANSKE INVEST MANAGE
CAPITAL INTERNATIONA
Firm Name
Goldman Sachs
Berenberg Bank
Nord/LB
Bankhaus Lampe
Barclays
Baader Bank
Bankhaus Metzler
Main First Bank AG
Exane BNP Paribas
Deutsche Bank
Morgan Stanley
Credit Suisse
JPMorgan
Hauck & Aufhaeuser
Bryan Garnier & Cie
DZ Bank AG
HSBC
EVA Dimensions
Nomura
CA Cheuvreux
Hamburger Sparkasse
BHF-Bank
Hammer Partners SA
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Source
Research
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Research
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
WILLIAM HUTCHINGS
neutral/neutral
JOERG PHILIPP FREY
hold
ANNA PATRICE
buy
WOLFGANG VASTERLING
buy
CHRISTOPH SCHLIENKAMP
hold
JULIAN EASTHOPE
underweight
BERND MUELL
hold
VOLKER BOSSE
buy
LARS LUSEBRINK
buy
SEBASTIAN FRERICKS
buy
MATTHIAS EIFERT
outperform
ANDREAS INDERST
outperform
ANDREAS RIEMANN
buy
WARWICK OKINES
buy
ADRIENNE LIM
Overwt/In-Line
ROGERIO FUJIMORI
neutral
MELANIE A FLOUQUET
neutral
CHRISTIAN NIKOLAS SCHWENKENBECHER
buy
PETER FARREN
buy
INGBERT FAUST
hold
HERBERT STURM
buy
ANTOINE BELGE
overweight
CRAIG STERLING
underweight
FRASER RAMZAN
neutral
JUERGEN KOLB
outperform
CHRISTIAN HAMANN
hold
PETER STEINER
market weight
ANNA VON KLOPMANN
hold
STEPHAN SEIP
sell
MARK JOSEFSON
not rated
Amt Held
% Out
46'156'312 65.56
1'049'384
1.49
1'018'911
1.45
797'489
1.13
544'024
0.77
528'555
0.75
(492'800)
-0.7
436'031
0.62
433'750
0.62
429'249
0.61
381'766
0.54
280'231
0.4
211'430
0.3
204'316
0.29
175'000
0.25
162'788
0.23
140'000
0.2
133'056
0.19
120'865
0.17
104'950
0.15
Weighting
3
3
5
5
3
1
3
5
5
5
5
5
5
5
5
3
3
5
5
3
5
5
1
3
5
3
3
3
1
#N/A N/A
Change
M
M
M
M
D
M
N
U
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
N
M
Latest Chg
(171'088)
71'391
1'021
77'440
8'802
(25'250)
47'553
3'326
98
140'000
120'865
-
Target Price
107
84
106
96
92
83
93
100
104
92
100
97
94
96
95
88
85
99
95
80
102
105
#N/A N/A
90
92
#N/A N/A
82
80
65
#N/A N/A
File Dt
Inst Type
15.06.2012
Private Equity
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
27.02.2012
Corporation
08.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
30.09.2012
Unclassified
30.11.2012
Investment Advisor
28.09.2012
Investment Advisor
30.12.2011
Investment Advisor
29.06.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
9 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
27.02.2013
25.02.2013
22.02.2013
19.02.2013
18.02.2013
18.02.2013
14.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
24.01.2013
17.01.2013
16.01.2013
18.12.2012
20.11.2012
12.11.2012
31.10.2012
02.10.2012
14.03.2012
28.02.2013
Hunting PLC
Hunting PLC is an industrial holding company for a group of companies that
provide oil and gas services. The Group markets, transports and stores crude
oil, processes and markets liquid petroleum gas, and distributes propane.
Hunting also supplies oil process equipment, shipbroking services, shipping
consultancy and data services, in addition to manufacturing industrial coatings.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.03.2012)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HTG LN EQUITY YTD Change
HTG LN EQUITY YTD % CHANGE
12/2011
01/yy
977.00
680.50
294'671.00
850
-13.00%
24.91%
57.17%
147.0
1'249.92
291.50
0.0
16.8
71.20
1'459.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
398.7
2.72x
66.6
16.29x
57.4
42.07x
1000
900
800
700
600
500
400
300
200
100
0
f-12 m-12
31.12.2008
31.12.2009
418.5
359.9
0.45x
1.15x
74.7
58.3
2.51x
7.08x
304.2
28.7
32.01x
Profitability
31.12.2010
423.3
1.80x
73.4
10.40x
21.8
46.86x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
608.8
2.18x
105.8
12.54x
79.1
36.23x
105.80
69.60
11.43%
6.37%
3.82%
6.32%
6.10%
0.69%
33.6%
21.8%
14.8%
13.0%
1.88
0.86
22.54%
40.76%
2.58
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.82
1.33
117.00
5.32%
7.53%
1.327
17
3.824
604'510
318'216
316'930
FY+2
12/12 Y
12/13 Y
820.6
890.2
1.74x
1.58x
155.0
174.6
9.42x
8.36x
78.8
89.3
15.15x
13.51x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
18.56
11.93
1.15
1.68
40.8%
28.5%
0.69
3.75
142.00
84.12
199.63
250.00
2'000.0
1'800.0
1'600.0
200.00
1'400.0
150.00
1'200.0
100.00
1'000.0
800.0
600.0
400.0
50.00
200.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Hunting PLC
Holdings By:
All
Holder Name
AXA FRAMLINGTON INV
HUNTING INVESTMENTS
SCHRODER INVESTMENT
Mirabaud Asset Manag
BLACKROCK
SLALEY INVESTMENTS L
LEGAL & GENERAL
HUNTING FAMILY TRUST
OLD MUTUAL
FRANKLIN RESOURCES
Firm Name
RBC Capital Markets
JPMorgan
Nomura
Investec
EVA Dimensions
Arden Partners Ltd
HSBC
Liberum Capital Ltd
Deutsche Bank
VSA Capital Ltd
Finncap
Clarkson Capital Markets LLC
Barclays
Goldman Sachs
Fox-Davies Capital
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
KATHERINE TONKS
DAVID ROUND
ANDREW DOBBING
CHRISTYAN MALEK
KEITH ADAM MORRIS
CRAIG STERLING
BEN THEFAUT
PHILLIP LINDSAY
ANDREW WHITTOCK
SEBASTIAN YOSHIDA
DOUGIE YOUNGSON
DAVID BUXTON
TODD P SCHOLL
MICK PICKUP
WILLIAM WYMAN
PAUL SINGER
ANDREW MATHARU
Source
RNS-MAJ
REG
REG
REG
Co File
Co File
REG
REG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
MF-AGG
REG
REG
MF-AGG
Recommendation
outperform
buy
underweight
neutral
buy
underweight
neutral
overweight
hold
buy
not rated
buy
market perform
overweight
Buy/Neutral
buy
hold
Amt Held
17'016'457
13'862'520
10'884'743
10'726'037
8'150'409
7'535'972
7'434'297
7'358'050
7'250'294
6'411'679
5'221'034
4'737'296
3'189'896
3'151'599
3'126'818
2'900'453
2'574'200
2'263'487
2'146'578
2'089'062
% Out
11.57
9.43
7.4
7.29
5.54
5.12
5.06
5
4.93
4.36
3.55
3.22
2.17
2.14
2.13
1.97
1.75
1.54
1.46
1.42
Weighting
Change
5
5
1
3
5
1
3
5
3
5
#N/A N/A
5
3
5
5
5
3
M
M
D
M
R
M
D
M
M
M
M
M
M
M
M
M
M
Latest Chg
2'296'189
1'745'530
(2'394'948)
453
2'004'904
(150'922)
(136'213)
(357'315)
92'649
2'100'000
(3'501)
15'000
Target Price
1'050
#N/A N/A
761
745
975
#N/A N/A
#N/A N/A
1'020
770
1'000
#N/A N/A
980
900
1'060
1'100
1'025
#N/A N/A
File Dt
20.02.2013
01.12.2012
01.12.2012
01.12.2012
31.12.2011
31.12.2011
01.12.2012
01.12.2012
26.02.2013
01.12.2012
31.01.2013
01.12.2012
31.12.2012
01.12.2012
01.12.2012
01.12.2012
31.10.2012
01.12.2012
01.12.2012
30.11.2012
Date
12 month
Not Provided
9 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Unclassified
Unclassified
Unclassified
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Date
01.02.2013
30.01.2013
29.01.2013
29.01.2013
25.01.2013
17.01.2013
19.12.2012
18.12.2012
18.12.2012
17.12.2012
17.12.2012
17.12.2012
17.12.2012
16.12.2012
06.11.2012
12.03.2012
17.11.2011
28.02.2013
Husqvarna AB
Husqvarna AB manufactures outdoor maintenance and recreational products. The
Company produces chain saws, trimmers, blowers, commercial lawn mowers,
tillers, generators, snow blowers, stump grinders, and utility vehicles.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2012)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HUSQB SS EQUITY YTD Change
HUSQB SS EQUITY YTD % CHANGE
12/2012
12/yy
42.00
29.38
1'768'251.00
39.91
-4.98%
35.84%
83.44%
448.6
22'930.33
8'081.00
0.0
21.0
1'245.00
29'787.33
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
40
8.0 M
35
7.0 M
30
6.0 M
25
20
5.0 M
4.0 M
15
3.0 M
10
2.0 M
1.0 M
0
f-12
31.12.2009
31.12.2010
34'074.0
32'240.0
1.06x
1.18x
2'888.0
3'627.0
12.49x
10.48x
899.0
1'739.0
32.19x
18.51x
Profitability
LTM-4Q
31.12.2011
30'357.0
0.83x
2'659.0
9.46x
990.0
18.34x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
30'834.0
0.95x
2'677.0
11.00x
1'018.0
22.04x
2'677.00
1'615.00
5.24%
3.79%
3.56%
8.52%
1.08%
26.9%
8.7%
5.2%
3.3%
2.02
0.63
28.84%
69.88%
9.22
2.79
Price/ Cash Flow
a-12
m-12
j-12
LTM
12/yy
30'357.0
3.93x
2'663.0
9.44x
990.0
18.34x
j-12
12/yy
30'834.0
3.69x
2'677.0
11.00x
1'018.0
22.04x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.05
4.11%
1.84%
1.048
15
3.067
1'679'262
2'162'960
1'758'488
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
30'574.2
31'875.1
9'231.4
10'421.4
0.96x
0.90x
3.39x
2.87x
3'593.9
3'969.1
1'166.4
1'579.4
8.29x
7.50x
8.48x
8.28x
1'675.3
2'013.4
623.1
912.8
13.67x
11.37x
13.98x
12.73x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
7.19
5.29
2.55
3.02
69.9%
41.1%
1.08
8.29
39.72
130.99
44.79
125.91
50.00
40'000.0
45.00
35'000.0
40.00
30'000.0
35.00
25'000.0
30.00
25.00
20'000.0
20.00
15'000.0
15.00
10'000.0
10.00
5'000.0
5.00
0.00
01.01.2010
.0 M
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
32'342.0
0.86x
3'570.0
7.84x
1'278.0
12.38x
45
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Husqvarna AB
Holdings By:
All
Holder Name
INVESTOR AB
NORDEA FONDER AB/SWE
NORDEA FONDER AB
SEB
DIDNER & GERGE FONDE
SHB FUNDS
VANGUARD GROUP INC
DANSKE CAPITAL SVERI
FOLKSAM LO FOND AB
IF P&C INSURANCE LTD
LANNEBO FONDER AB
Firm Name
AlphaValue
EVA Dimensions
CA Cheuvreux
Erik Penser Bankaktiebolag AB
Handelsbanken
DNB Markets
Danske Markets
ABG Sundal Collier
Carnegie
SEB Enskilda
Goldman Sachs
Pareto Securities
Prime Predictions
Swedbank
Evli Bank Plc
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
HELENE COUMES
CRAIG STERLING
JOHAN ELIASON
STEFAN STJERNHOLM
JOHAN DAHL
RASMUS ENGBERG
CHRISTER MAGNERGARD
BJORN ENARSON
ANDREAS LUNDBERG
KENNETH TOLL JOHANSSON
STEFAN CEDERBERG
AARON IBBOTSON
DAVID JACOBSSON
PETER LJUNGGREN
CLAES RASMUSON
TEAM COVERAGE
Source
Research
Research
MF-AGG
Research
Research
MF-AGG
ULT-AGG
Research
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
Short
Research
MF-AGG
MF-AGG
Recommendation
buy
underweight
underperform
sell
buy
reduce
buy
buy
buy
sell
buy
Sell/Neutral
sell
hold
neutral
Under Review
Amt Held
% Out
49'643'014 11.07
36'376'350
8.11
30'479'080
6.79
29'703'270
6.62
28'721'210
6.4
11'761'201
2.62
10'319'901
2.3
10'210'000
2.28
9'456'892
2.11
8'223'565
1.83
7'899'215
1.76
7'366'256
1.64
7'295'000
1.63
6'898'408
1.54
6'490'623
1.45
6'231'184
1.39
(3'050'298) -0.68
2'249'321
0.5
1'828'112
0.41
1'740'000
0.39
Weighting
5
1
1
1
5
2
5
5
5
1
5
1
1
3
3
#N/A N/A
Change
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
845'978
526'105
(53'745)
68'044
142'606
(2'459'000)
322'727
258'723
224'286
(1'360'444)
Target Price
51
#N/A N/A
38
37
46
34
45
46
45
#N/A N/A
44
36
35
54
35
#N/A N/A
File Dt
Inst Type
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
26.10.2012
Investment Advisor
06.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Insurance Company
31.12.2012
Investment Advisor
Date
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Date
22.02.2013
20.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
13.02.2013
30.01.2013
17.01.2013
26.04.2012
18.11.2011
21.10.2011
16.09.2011
28.02.2013
ICADE
ICADE specializes in business real estate. The Company finances and leases
business parks. It offers customized rental design services and other services
such as telecommunication, catering, and maintenance. The Company opted for
the SIIC legal status in 2003.
Price/Volume
80
.5 M
.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
70
60
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.11.2012)
52-Week Low (13.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ICAD FP EQUITY YTD Change
ICAD FP EQUITY YTD % CHANGE
12/2012
12/yy
71.16
56.00
62'002.00
67.76
-4.78%
21.00%
77.57%
52.0
3'523.27
2'999.10
0.0
1.7
414.30
6'271.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
10
0
f-12
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'916.4
2.82x
575.3
9.38x
312.5
9.28x
30
31.12.2009
31.12.2010
2'057.5
2'650.2
2.64x
2.32x
789.4
1'511.4
6.88x
4.07x
527.1
1'218.0
6.17x
3.19x
Profitability
LTM-4Q
31.12.2011
1'536.6
3.72x
395.1
14.48x
93.0
33.77x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'499.3
52.7
66.00x
395.10
141.10
9.18%
9.25%
1.82%
4.63%
2.34%
0.22%
28.5%
3.5%
41.20%
109.52%
-
Price/ Cash Flow
09/yy
348.6
0.00x
0.0
0.00x
0.0
0.00x
LTM
12/yy
1'499.3
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.00
22.64
15.88%
1.26%
0.997
15
4.000
49'878
40'118
44'935
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'463.1
1'556.2
4.60x
4.41x
429.5
524.8
14.60x
11.95x
239.9
280.8
15.25x
14.08x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.75
-3.14
5.83
6.52
109.5%
52.3%
0.22
-
80.00
3'000.0
70.00
2'500.0
60.00
2'000.0
50.00
40.00
1'500.0
30.00
1'000.0
20.00
500.0
10.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
ICADE
Holdings By:
All
Holder Name
CAISSE DES DEPOTS ET
AMBER CAPITAL LP
BLACKROCK
VANGUARD GROUP INC
CM-CIC SECURITIES
ICADE
MORGAN STANLEY
SCHRODER INVESTMENT
ABN AMRO ASSET MGMT
NORTHERN TRUST CORPO
SCOTTISH WIDOWS
Firm Name
Morgan Stanley
Oddo & Cie
Exane BNP Paribas
AlphaValue
ABN Amro Bank N.V.
Petercam
HSBC
EVA Dimensions
Kempen & Co
Societe Generale
Barclays
Goldman Sachs
CA Cheuvreux
Natixis
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
MARINE LAFITTE
VALERIE GUEZI
PIERRE-LOUP ETIENNE
JOEL GORSELE
STEPHANIE DOSSMANN
AUSTIN BURKETT
BOUDEWIJN SCHOON
HENRI QUADRELLI
BRUNO DUCLOS
SERGE DEMIRDJIAN
Source
Co File
Research
Short
ULT-AGG
MF-AGG
Short
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
Equalwt/Attractive
buy
buy
outperform
add
sell
buy
overweight
sell
overweight
buy
not rated
overweight
neutral/neutral
outperform
neutral
buy
hold
Amt Held
% Out
28'895'228 55.57
1'531'645
2.95
(603'157) -1.16
586'026
1.13
556'902
1.07
(519'963)
-1
456'229
0.88
426'354
0.82
412'939
0.79
369'568
0.71
344'771
0.66
326'030
0.63
318'303
0.61
266'926
0.51
262'213
0.5
230'439
0.44
157'508
0.3
144'899
0.28
135'328
0.26
122'342
0.24
Weighting
3
5
5
5
4
1
5
5
1
5
5
#N/A N/A
5
3
5
3
5
3
Change
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
N
M
M
Latest Chg
130'146
57'196
739
29'645
4'159
(1'643)
(197)
44'400
51'089
(138'401)
(52'957)
12'150
(454)
(661)
(31'225)
(1'151)
Target Price
69
84
80
74
79
62
78
81
#N/A N/A
69
73
#N/A N/A
79
63
84
62
88
84
File Dt
Inst Type
31.12.2011
Government
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
17.10.2012
Other
31.12.2011
Corporation
31.12.2012
Investment Advisor
21.08.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.10.2012
Investment Advisor
17.07.2012
Investment Advisor
25.02.2013
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Unclassified
Date
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
22.01.2013
17.01.2013
17.01.2013
14.01.2013
29.11.2012
19.11.2012
08.08.2012
02.07.2012
07.02.2012
29.09.2011
27.09.2011
06.07.2011
28.02.2013
IG Group Holdings PLC

IG Group Holdings PLC runs a spread betting market, trades as principal and
market maker for foreign exchange, contracts for difference, and acts as a fixed
odds bookmaker. The Company hedges unmatched bets and trades, and offers
investment products worldwide to a retail and professional client base.
Price/Volume
600
4.5 M
4.0 M
500
3.5 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.02.2013)
52-Week Low (27.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IGG LN EQUITY YTD Change
IGG LN EQUITY YTD % CHANGE
05/2012
11/yy
505.50
413.80
563'637.00
492.8
-2.51%
19.09%
86.15%
364.8
1'797.73
0.00
0.0
0.1
228.16
1'689.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.05.2009
31.05.2010
257.1
350.2
1.15x
3.56x
157.0
169.2
1.88x
7.37x
78.0
101.3
5.04x
13.48x
Profitability
2.0 M
1.5 M
1.0 M
100
.5 M
0
f-12 m-12
LTM-4Q
31.05.2011
354.5
4.24x
178.0
8.44x
(25.5)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.05.2012
410.8
3.28x
195.4
6.88x
136.8
11.43x
195.43
184.67
44.96%
45.21%
22.00%
28.25%
28.64%
0.70%
89.6%
45.2%
42.4%
33.3%
2.95
2.89
0.00%
0.00%
1.61
-
Price/ Cash Flow
11/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
.0 M
a-12 m-12
j-12
j-12
LTM
11/yy
383.4
0.00x
0.0
0.00x
0.0
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
4.57
0.95
349.26
16.99%
10.88%
0.949
12
4.000
1'055'986
1'614'288
1'438'641
FY+2
FQ+1
FQ+2
05/13 Y
05/14 Y
02/13 Q3 05/13 Q4
349.3
372.7
83.1
87.5
4.51x
4.06x
180.6
195.3
9.36x
8.65x
127.4
140.9
14.33x
13.21x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
85.60
83.54
-0.63
0.00
0.0%
0.0%
0.70
24.06
227.91
410.00
-
900.00
450.0
800.00
400.0
700.00
350.0
600.00
300.0
500.00
250.0
400.00
200.0
300.00
150.0
200.00
100.0
100.00
50.0
0.00
05.06.2009
2.5 M
200
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.05.2008
184.0
4.24x
92.2
8.46x
67.3
18.53x
3.0 M
300
0.0
05.12.2009
05.06.2010
05.12.2010
05.06.2011
05.12.2011
05.06.2012
05.12.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
IG Group Holdings PLC

Holdings By:
All
Holder Name
Cantillon Capital
ALLIANCE BERNSTEIN
JP MORGAN
BLACKROCK
LEGAL & GENERAL
BAILLIE GIFFORD AND
CVC SHAREHOLDER GROU
INVESCO LTD
FMR LLC
Firm Name
Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Goldman Sachs
BENJAMIN MOORE
SARAH ING
JAMES HAMILTON
ROBIN SAVAGE
EVA Dimensions
AUSTIN BURKETT
PHILIP DOBBIN
Barclays
RICHARD TAYLOR
Investec
JAMES HOLLINS
TOM MILLS
Finncap
DUNCAN HALL
Source
REG
REG
ULT-AGG
ULT-AGG
RNS-MAJ
Co File
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
RNS-MAJ
MF-AGG
13F
REG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
Recommendation
Buy/Neutral
hold
buy
hold
hold
buy
overweight
buy
underperform
sell
Amt Held
27'931'135
21'385'396
20'057'882
19'650'815
18'246'245
17'774'188
17'292'297
16'860'700
12'964'441
12'031'327
11'646'010
10'616'628
9'636'199
9'603'081
9'268'528
8'680'904
8'297'393
8'076'918
8'042'973
8'042'009
% Out
7.66
5.86
5.5
5.39
5
4.87
4.74
4.62
3.55
3.3
3.19
2.91
2.64
2.63
2.54
2.38
2.27
2.21
2.2
2.2
Weighting
Change
5
3
5
3
3
5
5
5
1
1
M
N
M
M
D
M
M
M
M
D
Latest Chg
8'097'568
(467'793)
30'690
(743'113)
11'000
658'290
309'141
(163'027)
(3'338'251)
108'701
(185'023)
(1'396'240)
(4'740)
29'032
652'035
1'056'675
(1'631'426)
Target Price
745
500
556
400
#N/A N/A
510
500
560
357
470
File Dt
Inst Type
03.12.2012
Investment Advisor
03.12.2012
Unclassified
31.12.2012
Investment Advisor
03.12.2012
Unclassified
17.07.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Investment Advisor
23.07.2010
Holding Company
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
31.01.2013
Unclassified
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Date
18.02.2013
11.02.2013
06.02.2013
30.01.2013
23.01.2013
16.01.2013
16.01.2013
15.01.2013
17.07.2012
18.01.2011
28.02.2013
Imagination Technologies Group PLC

Imagination Technologies Group plc develops and licenses silicon and software
intellectual property for system-on-chip devices. The Company's products are
used in multimedia and communication applications. Products include add-in
boards, two and three dimensional graphics accelerators, silicon chips, game
consoles, and digital television set-top boxes.
Price/Volume
4.0 M
600
3.5 M
04/2012
01/yy
734.00
378.50
491'613.00
519
-29.29%
37.12%
39.52%
265.1
1'375.98
5.53
0.0
0.0
66.26
1'326.93
2.5 M
2.0 M
300
1.5 M
200
1.0 M
100
.5 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.04.2009
30.04.2010
64.1
80.9
3.34x
7.93x
3.6
11.7
59.69x
54.93x
8.1
14.2
27.39x
45.89x
Profitability
30.04.2011
98.0
12.72x
20.4
61.25x
19.3
64.90x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.04.2012
127.5
13.77x
37.5
46.82x
20.5
87.53x
37.51
31.70
24.86%
22.39%
9.98%
12.37%
12.02%
0.68%
83.5%
25.4%
21.1%
16.0%
4.20
3.39
2.60%
3.12%
3.00
2.50
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
1.29
192.67
-15.68%
31.26%
1.292
19
3.737
651'920
850'002
914'423
FY+2
04/13 Y
04/14 Y
155.9
195.9
8.39x
6.52x
46.0
60.4
28.88x
21.96x
31.8
43.8
41.52x
31.27x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
326.14
249.17
-1.36
0.15
3.1%
3.0%
0.68
5.44
122.17
146.12
64.07
140.00
140.0
120.00
120.0
100.00
100.0
80.00
80.0
60.00
60.0
40.00
40.0
20.00
20.0
0.00
01.05.2009
3.0 M
400
Latest Fiscal Year:

LTM as of:
52-Week High (19.04.2012)
52-Week Low (17.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IMG LN EQUITY YTD Change
IMG LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
700
500
Valuation Analysis
30.04.2008
60.0
2.58x
3.4
45.83x
2.3
71.16x
800
0.0
01.11.2009
01.05.2010
01.11.2010
01.05.2011
01.11.2011
01.05.2012
01.11.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Imagination Technologies Group PLC

Holdings By:
All
Holder Name
INTEL CORPORATION
INTEL CAPITAL CORP
AXA INVESTMENT MGRS
APPLE INC
AXA FRAMLINGTON INV
NORGES BANK
FMR LLC
LEGAL & GENERAL
KILLIK & CO
JP MORGAN
TD WATERHOUSE GROUP
BLACKROCK
AEGON
VANGUARD GROUP INC
SELFTRADE
Firm Name
Jefferies
Exane BNP Paribas
Morgan Stanley
Deutsche Bank
Peel Hunt
EVA Dimensions
Barclays
Investec
Finncap
Goldman Sachs
RBC Capital Markets
Credit Suisse
Liberum Capital Ltd
JPMorgan
Berenberg Bank
N+1 Singer Ltd
WH Ireland Ltd
Portfolio Name
n/a
Multiple Portfolios
#N/A N/A
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
LEE SIMPSON
JEROME RAMEL
FRANCOIS MEUNIER
JOHANNES SCHALLER
ALEXANDRA JARVIS
NICK JAMES
ANDREW S ZAMFOTIS
YOUSSEF ESSAEGH
JAMES GOODMAN
LORNE DANIEL
SIMON F SCHAFER
ANDREW DUNN
JUSTIS MCEVILLY
EOIN LAMBE
SANDEEP S DESHPANDE
ADNAAN AHMAD
BOB LIAO
PIA TAPLEY
ANNE MARGARET CROW
Source
Co File
REG
RNS-MAJ
REG
REG
REG
RNS-MAJ
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
MF-AGG
REG
Recommendation
buy
outperform
Overwt/Cautious
buy
buy
buy
underweight
overweight
hold
hold
Buy/Neutral
underperform
underperform
hold
overweight
sell
buy
buy
sell
Amt Held
38'396'664
38'396'664
28'141'542
25'885'805
23'047'770
22'743'465
9'990'160
6'841'714
6'788'282
6'085'514
5'273'332
5'050'216
4'623'309
4'220'221
4'189'151
3'069'811
2'782'972
2'670'366
2'379'508
2'187'416
% Out
14.48
14.48
10.61
9.76
8.69
8.58
3.77
2.58
2.56
2.3
1.99
1.9
1.74
1.59
1.58
1.16
1.05
1.01
0.9
0.83
Weighting
Change
5
5
5
5
5
5
1
5
3
3
5
1
1
3
5
1
5
5
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(20'128)
254'375
(593'304)
(1'041'542)
(1'257'403)
162'026
(2'813)
318'587
(41'061)
251'099
13'645
850'197
(612'208)
(42'769)
61'222
313'110
Target Price
628
610
570
600
630
590
#N/A N/A
650
490
375
600
400
347
415
750
360
570
625
300
File Dt
Inst Type
07.06.2012
Corporation
01.11.2012
Corporation
22.02.2013
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Corporation
01.11.2012
Investment Advisor
30.01.2013
Government
31.12.2012
Investment Advisor
01.11.2012
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
26.02.2013
Investment Advisor
01.11.2012
Unclassified
31.12.2012
Investment Advisor
01.11.2012
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
Not Provided
Date
27.02.2013
26.02.2013
18.02.2013
13.02.2013
07.02.2013
31.01.2013
17.01.2013
14.01.2013
07.01.2013
17.12.2012
13.12.2012
13.12.2012
13.12.2012
13.12.2012
12.12.2012
29.11.2012
07.11.2012
03.10.2012
17.03.2011
28.02.2013
Imerys SA
Imerys SA processes minerals and manufactures and sells building materials
worldwide. The Company produces pigments and additives such as kaolin, ground
calcium carbonate, and precipitated calcium carbonate, clay roofing tiles,
chimney blocks, bricks, and natural slate, ceramic materials used in tableware,
tiles, and sanitary ware, and minerals for refractories.
Price/Volume
60
.3 M
.3 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (15.02.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NK FP EQUITY YTD Change
NK FP EQUITY YTD % CHANGE
12/2012
09/yy
53.24
36.37
82'989.00
51.26
-3.72%
40.94%
88.26%
75.4
3'863.39
1'463.10
0.0
30.8
430.60
4'942.39
.2 M
.2 M
20
.1 M
10
0
f-12
.1 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
40
Valuation Analysis
31.12.2008
3'449.2
1.05x
590.3
6.14x
161.3
12.64x
.4 M
50
31.12.2009
31.12.2010
2'773.7
3'346.7
1.50x
1.39x
423.9
611.0
9.79x
7.64x
41.3
243.7
73.71x
15.44x
Profitability
LTM-4Q
31.12.2011
3'674.8
1.02x
679.9
5.49x
282.0
9.49x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'884.8
300.8
11.67x
679.90
476.70
12.97%
11.07%
6.04%
13.45%
9.40%
0.81%
18.4%
12.7%
7.7%
1.58
0.87
29.52%
67.11%
6.98
-
Price/ Cash Flow
09/yy
3'581.7
0.00x
0.0
0.00x
285.0
9.72x
LTM
09/yy
3'894.8
0.00x
0.0
0.00x
286.8
12.08x
FY+1
0.97
28.52
17.31%
6.37%
0.968
14
3.429
73'521
69'888
57'800
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
3'888.1
4'044.2
926.0
1.18x
1.10x
704.5
742.3
7.02x
6.66x
301.0
326.8
57.5
12.79x
11.75x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.50
7.66
1.47
1.95
67.1%
39.8%
0.81
2.18
52.42
-
30.00
4'500.0
4'000.0
25.00
3'500.0
3'000.0
20.00
2'500.0
15.00
2'000.0
1'500.0
10.00
1'000.0
5.00
0.00
01.01.2010
500.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Imerys SA
Holdings By:
All
Holder Name
BELGIAN SECURITIES
PRUDENTIAL PLC
THE VANGUARD GROUP
VANGUARD GROUP INC
SCHRODER INVESTMENT
PALATINE ASSET MANAG
CARMIGNAC GESTION
BLACKROCK
BUFFIERE GERARD
JP MORGAN
MANDARINE GESTION
AMUNDI
SCHRODER INVESTMENT
LBPAM
Firm Name
Exane BNP Paribas
AlphaValue
Natixis
Societe Generale
HSBC
Aurel - BGC
Oddo & Cie
Bryan Garnier & Cie
EVA Dimensions
Raymond James
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Source
Research
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
LUC PEZ
GAETAN DUPONT
RAFIC EL HADDAD
MURIEL FELLOUS
PIERRE BOSSET
ERIC LEMARIE
VIRGINIE ROUSSEAU
JOSEP PUJAL
SVEN EDELFELT
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
CRAIG STERLING
ARNAUD PALLIEZ
AMANDINE LATOUR
outperform
add
neutral
hold
underweight
hold
buy
hold
sell
accumulate
underweight
outperform
outperform
Amt Held
42'851'473
5'217'507
3'650'000
3'428'494
886'219
546'900
342'126
327'746
324'280
317'824
223'383
210'539
128'100
111'451
104'469
94'226
84'000
82'887
82'059
72'899
% Out
56.86
6.92
4.84
4.55
1.18
0.73
0.45
0.43
0.43
0.42
0.3
0.28
0.17
0.15
0.14
0.13
0.11
0.11
0.11
0.1
Weighting
Change
5
4
3
3
1
3
5
3
1
4
1
5
5
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(231'861)
31'880
3'200
8'797
721
18'300
(30'450)
69'158
(15'048)
(26'569)
18'198
-
Target Price
56
60
48
55
47
50
60
53
44
55
#N/A N/A
54
51
File Dt
04.05.2012
31.12.2011
31.12.2011
31.12.2012
28.09.2012
31.01.2013
31.12.2012
26.02.2013
31.12.2012
31.12.2012
30.09.2012
31.12.2011
31.12.2012
31.12.2012
28.09.2012
31.10.2012
28.09.2012
31.12.2012
31.12.2012
31.01.2013
Date
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Unclassified
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Unclassified
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Date
27.02.2013
21.02.2013
19.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
12.02.2013
17.01.2013
06.11.2012
04.09.2012
28.02.2013
Inchcape PLC
Inchcape PLC is a global automotive distributor and retailer. The Company acts
as a vehicle and parts distributor in multiple markets. In these markets,
Inchcape has exclusive responsibility for managing the value chain on behalf of
a focused portfolio of premium and luxury brand partners. Over two thirds of
the Group profit is derived from Asia Pacific and emerging markets.
Price/Volume
600
400
300
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
INCH LN EQUITY YTD Change
INCH LN EQUITY YTD % CHANGE
12/2011
09/yy
528.00
303.50
860'839.00
500.5
-5.21%
64.91%
87.75%
465.5
2'329.58
440.50
0.0
28.4
559.40
2'250.98
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200
100
0
f-12 m-12
31.12.2008
31.12.2009
6'259.8
5'583.7
0.12x
0.27x
272.0
208.2
2.81x
7.14x
51.4
92.0
3.28x
13.01x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.12.2010
5'885.4
0.27x
259.5
6.09x
127.9
12.80x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
5'826.3
0.22x
277.8
4.57x
142.2
9.48x
277.80
244.30
4.19%
3.49%
4.70%
11.01%
11.44%
1.90%
14.7%
4.7%
4.2%
2.4%
1.37
0.53
13.71%
33.14%
5.72
Price/ Cash Flow
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
09/yy
6'085.7
0.00x
0.0
0.00x
0.0
0.00x
FY+1
2.28
1.38
426.35
37.75%
16.15%
1.376
12
4.333
644'972
569'605
619'299
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
6'094.8
6'468.0
0.35x
0.33x
300.0
322.1
7.50x
6.99x
179.9
194.6
13.14x
12.12x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.87
2.75
-0.37
1.48
33.1%
24.5%
1.90
9.39
63.99
18.71
18.00
7'000.0
16.00
6'000.0
14.00
5'000.0
12.00
10.00
4'000.0
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
02.01.2009
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
6'056.8
0.34x
289.7
7.20x
176.4
9.96x
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
500
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Inchcape PLC
Holdings By:
All
Holder Name
PRUDENTIAL PLC
HORESH GEORGE
FMR LLC
SCHRODER INVESTMENT
BLACKROCK
LEGAL & GENERAL
AXA
LEGAL & GENERAL
VANGUARD GROUP INC
RONIN INVESTMENT MAN
FRANKLIN RESOURCES
UNION MOTORS LTD
BAILLIE GIFFORD AND
AEGON
JP MORGAN
Firm Name
Portfolio Name
#N/A N/A
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
Deutsche Bank
CHARLIE MUIR-SANDS
MATTHEW TAYLOR
Investec
BETHANY HOCKING
MIKE ALLEN
Exane BNP Paribas
BEN SPRUNTULIS
Nomura
FRASER RAMZAN
EVA Dimensions
CRAIG STERLING
Redburn Partners
GEOFF LOWERY
SANJAY VIDYARTHI
Source
RNS-MAJ
Co File
ULT-AGG
REG
ULT-AGG
RNS-MAJ
ULT-AGG
Co File
RNS-MAJ
MF-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
ULT-AGG
ULT-AGG
Recommendation
buy
hold
buy
hold
outperform
neutral
overweight
buy
buy
Amt Held
55'451'508
36'857'693
32'474'971
30'340'380
29'366'613
28'169'791
22'259'821
22'188'424
18'474'256
18'039'075
16'215'690
15'879'165
14'519'347
12'425'000
12'186'729
11'420'042
10'839'491
10'325'352
9'724'218
9'680'661
% Out
11.91
7.92
6.98
6.52
6.31
6.05
4.78
4.77
3.97
3.88
3.48
3.41
3.12
2.67
2.62
2.45
2.33
2.22
2.09
2.08
Weighting
Change
5
3
5
3
5
3
5
5
5
M
M
M
M
M
M
M
M
M
Latest Chg
(2'988'058)
3'137'127
4'552'167
250'000
1'098'639
84'239
(598'090)
(123'561)
(1'865'000)
1'120'605
4'822'781
(350'000)
1'381'762
518'317
Target Price
585
500
580
558
550
485
#N/A N/A
#N/A N/A
460
File Dt
25.02.2013
12.03.2012
02.01.2013
02.01.2013
26.02.2013
31.01.2013
31.01.2013
12.03.2012
13.08.2012
31.12.2012
02.01.2013
02.01.2013
21.02.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Government
Unclassified
Unclassified
Date
21.02.2013
21.02.2013
20.02.2013
20.02.2013
18.02.2013
05.02.2013
17.01.2013
23.11.2012
06.09.2012
28.02.2013
Industrivarden AB
Industrivarden AB is an investment company. The Company's holdings consists of
a portfolio of listed Nordic industrial companies.
Price/Volume
140
.9 M
120
.8 M
.7 M
100
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
INDUA SS EQUITY YTD Change
INDUA SS EQUITY YTD % CHANGE
12/2012
12/yy
124.80
87.55
140'934.00
118.4
-5.13%
35.24%
82.82%
268.5
45'169.36
18'493.00
0.0
0.0
141.00
63'521.36
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.5 M
60
.4 M
.3 M
40
.2 M
20
.1 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
31.12.2009
31.12.2010
21'078.0
15'256.0
2.13x
3.90x
19'152.0
16'540.0
2.34x
3.60x
20'699.0
14'870.0
1.65x
3.11x
Profitability
LTM-4Q
31.12.2011
2'403.0
21.01x
(15'647.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'391.0
25.59x
11'008.0
3.89x
16'540.00
11'591.00
484.78%
104.99%
17.51%
25.14%
460.4%
0.09
0.03
26.96%
38.18%
-
Price/ Cash Flow
LTM
12/yy
1'771.0
123.24x
0.0
0.00x
(15'745.0)
0.00x
12/yy
1'348.0
166.52x
0.0
0.00x
11'008.0
3.89x
a-12
s-12
o-12
n-12
d-12
j-13
1.15
17.22%
6.76%
1.148
6
2.667
140'990
127'411
152'270
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
1'554.0
1'829.0
40.88x
34.73x
1'303.0
1'578.0
38.69x
32.00x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.11.2011
ASTABLE
11.11.2011
A-2
30.97
38.2%
27.6%
-
60.00
30'000.0
50.00
20'000.0
40.00
10'000.0
0.0
30.00
-10'000.0
20.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
-20'000.0
10.00
-30'000.0
0.00
01.01.2010
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
(28'587.0)
(28'666.0)
(29'114.0)
-
.6 M
80
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
-40'000.0
28.02.2013
Industrivarden AB
Holdings By:
All
Holder Name
LE LUNDBERGFORETAGEN
HANDELSBANKEN PENSIO
HANDELSBANKEN PENSIO
JAN WALLANDER & TOM
SCA PENSION FOUNDATI
SCA GROUP HOLDING
SCA VORSORGE TREUHAN
SVENSKA HANDELSBANKE
LUNDBERG FREDRIK
SEB
VANGUARD GROUP INC
BLACKROCK
MEAG MUNICH ERGO KAG
E OHMAN J:OR FONDER
Firm Name
SEB Enskilda
Goldman Sachs
CA Cheuvreux
Swedbank
Handelsbanken
Evli Bank Plc
Carnegie
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SVANTE KROKFORS
MARKUS IWAR
BJORN GUSTAFSSON
NICLAS HOGLUND
ELIAS PORSE
TEAM COVERAGE
JOHAN SJOBERG
Source
Research
Research
Research
Research
Research
Research
Research
Research
Research
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
neutral/neutral
outperform
reduce
reduce
Under Review
hold
Amt Held
50'000'000
29'800'000
29'350'000
25'800'000
17'526'642
10'525'655
9'514'630
8'712'115
6'823'789
5'260'000
1'992'600
1'958'575
568'664
527'196
405'289
370'528
330'190
312'910
248'711
208'385
% Out
18.62
11.1
10.93
9.61
6.53
3.92
3.54
3.24
2.54
1.96
0.74
0.73
0.21
0.2
0.15
0.14
0.12
0.12
0.09
0.08
Weighting
Change
3
3
5
2
2
#N/A N/A
3
M
M
M
D
D
M
M
Latest Chg
26'484
(6'258)
156'781
9'904
18'854
(5'731)
68'530
550
40'995
Target Price
115
134
115
106
106
#N/A N/A
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
04.02.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012
26.02.2013
31.01.2013
30.09.2012
28.09.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Holding Company
Other
n/a
Other
Other
Holding Company
Other
Government
n/a
n/a
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
12.02.2013
08.02.2013
07.02.2013
07.02.2013
25.09.2012
23.03.2012
30.09.2011
28.02.2013
Ingenico
Ingenico manufactures, designs, and distributes electronic terminals, systems,
and related products for electronic payment transactions. The Company's products
include pin pad, countertop, wireless, Payment PDA's, signature capture,
unattended, satellite terminals, and WebPOS.
Price/Volume
60
1.4 M
50
1.2 M
1.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (04.02.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ING FP EQUITY YTD Change
ING FP EQUITY YTD % CHANGE
12/2012
12/yy
49.00
33.14
212'219.00
47.985
-2.07%
44.82%
93.60%
52.5
2'518.62
457.25
0.0
7.1
347.60
2'675.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
20
.4 M
10
0
f-12
.2 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
728.0
0.60x
97.9
4.44x
36.7
1.34x
.8 M
30
Valuation Analysis
31.12.2009
31.12.2010
700.7
907.0
1.37x
1.63x
98.0
128.4
9.78x
11.53x
26.8
39.6
29.24x
33.45x
Profitability
LTM-4Q
31.12.2011
1'001.1
1.54x
162.4
9.50x
56.5
25.14x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'206.0
97.0
23.12x
162.38
110.82
11.07%
8.05%
5.05%
12.69%
9.31%
0.72%
41.6%
15.7%
11.0%
8.0%
1.84
1.47
28.81%
73.34%
5.54
Price/ Cash Flow
06/yy
778.0
0.00x
0.0
0.00x
0.0
0.00x
LTM
12/yy
1'206.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.92
34.10
35.33%
11.59%
0.918
18
3.889
439'034
214'066
183'767
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'308.5
1'423.5
262.0
468.5
1.97x
1.73x
251.4
283.3
90.4
10.64x
9.44x
130.7
152.0
43.0
18.78x
16.26x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.11
4.81
0.89
2.70
73.3%
42.0%
0.72
34.08
66.10
133.26
-21.77
25.00
1'400.0
1'200.0
20.00
1'000.0
15.00
800.0
600.0
10.00
400.0
5.00
0.00
01.01.2010
200.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Ingenico
Holdings By:
All
Holder Name
MORPHO
FMR LLC
RAIFFEISEN CENTROBAN
BLACKROCK
CONSELLIOR
CANDEL & PARTNERS
HSBC BANK PLC
CADIAN CAPITAL MANAG
INGENICO
POUTREL THIBAULT
MALHOUITRE MICHEL
POUTREL NADEGE
POUTREL MAXIME
POUTREL TESSA
ITHAN CREEK MASTER I
Firm Name
Barclays
Morgan Stanley
Pacific Crest Securities
Wedbush
Exane BNP Paribas
Gilbert Dupont
Societe Generale
Goldman Sachs
HSBC
Oddo & Cie
Main First Bank AG
Berenberg Bank
EVA Dimensions
Mirabaud Securities
Natixis
CA Cheuvreux
IDMidcaps
Arkeon Finance
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Source
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Research
ULT-AGG
Co File
Research
Co File
Co File
Short
Co File
Co File
Co File
Short
Co File
Co File
Co File
Short
Analyst
YOUSSEF ESSAEGH
ANDREW HUMPHREY
JAMES FAUCETTE
GIL B LURIA
ALEXANDRE FAURE
JEAN-BAPTISTE ROUSSILLE
BENJAMIN MOORE
CHRISTOPHE QUARANTE
SEBASTIEN LIAGRE
EMMANUEL MATOT
JUERGEN WAGNER
SEBASTIEN SZTABOWICZ
ALI FARID KHWAJA
ANDREW S ZAMFOTIS
SUSAN ANTHONY
MAXIME MALLET
ODON DE LAPORTE
TEAM COVERAGE
STEPHAN DUBOSQ
Recommendation
overweight
Equalwt/No Rating
sector perform
neutral
outperform
buy
sell
neutral/neutral
overweight
accumulate
buy
outperform
buy
hold
sell
add
buy
outperform
reduce
Under Review
Amt Held
% Out
11'770'116 22.42
3'173'299
6.05
2'756'460
5.25
2'684'396
5.11
1'390'199
2.65
1'284'912
2.45
1'185'662
2.26
1'120'000
2.13
1'064'684
2.03
1'039'055
1.98
1'011'862
1.93
(897'540) -1.71
868'484
1.65
784'619
1.49
659'279
1.26
(524'877)
-1
517'668
0.99
445'556
0.85
443'179
0.84
(393'614) -0.75
Weighting
5
3
3
3
5
5
1
3
5
4
5
5
5
3
1
4
5
5
2
#N/A N/A
Change
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
Latest Chg
76'315
(157'898)
(537'142)
(31'493)
(36'742)
-
Target Price
51
37
#N/A N/A
45
52
55
36
59
53
52
55
54
53
46
#N/A N/A
46
49
49
35
#N/A N/A
File Dt
Inst Type
31.12.2011
Corporation
31.12.2012
Investment Advisor
25.01.2012
Investment Advisor
31.12.2011
Investment Advisor
30.11.2012
Investment Advisor
16.05.2011
Bank
26.02.2013
Investment Advisor
31.12.2011
Investment Advisor
16.05.2011
Investment Advisor
31.12.2011
Other
31.12.2011
Bank
31.12.2011
Corporation
31.12.2011
n/a
31.12.2011
n/a
15.02.2013
Investment Advisor
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
09.10.2012
Other
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Date
28.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
25.02.2013
22.02.2013
21.02.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
21.01.2013
18.01.2013
17.01.2013
25.10.2012
25.10.2012
02.08.2012
28.02.2012
28.04.2011
28.02.2013
Intermediate Capital Group PLC

Intermediate Capital Group PLC arranges and provides intermediate capital
funding services, which are used to help clients finance buyouts, corporate
reorganizations, expansions and acquisitions. The Group also offers fund
management services that focus on mezzanine opportunities throughout Europe.
Price/Volume
450
4.0 M
400
3.5 M
350
3.0 M
300
2.5 M
250
Latest Fiscal Year:

LTM as of:
52-Week High (25.02.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ICP LN EQUITY YTD Change
ICP LN EQUITY YTD % CHANGE
03/2012
01/yy
395.90
225.30
3'657'614.00
385.9
-2.53%
71.28%
94.14%
401.3
1'548.43
976.10
0.0
0.1
159.30
2'528.23
31.03.2008
429.1
6.44x
267.8
10.32x
154.8
7.33x
1.5 M
150
100
1.0 M
50
.5 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
200
Valuation Analysis
31.03.2009
31.03.2010
394.1
424.9
5.87x
5.76x
28.8
168.2
80.31x
14.56x
(73.2)
81.7
10.83x
Profitability
31.03.2011
438.7
5.47x
245.5
9.77x
128.2
10.03x
31.03.2012
437.5
4.52x
306.7
6.44x
188.3
6.08x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
306.70
64.38%
55.73%
5.07%
10.07%
5.41%
0.14%
43.0%
36.75%
67.29%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.00
1.44
398.72
53.39%
22.12%
1.439
13
3.769
1'626'460
1'188'921
1'045'458
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
06/12 Q1 09/12 Q2
355.2
388.4
6.31x
5.55x
134.6
146.4
18.79x
17.27x
115.9
143.3
14.29x
11.09x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
01.06.2011
BBBSTABLE
01.06.2011
A-3
67.3%
40.2%
0.14
71.89
-
14.00
500.0
450.0
12.00
400.0
10.00
350.0
300.0
8.00
250.0
200.0
6.00
150.0
4.00
100.0
2.00
0.00
03.04.2009
50.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Intermediate Capital Group PLC

Holdings By:
All
Holder Name
AVIVA PLC
NEWTON INV MGMT
BLACKROCK
BAILLIE GIFFORD AND
LEGAL & GENERAL
INTERMEDIATE CAPITAL
FRANKLIN RESOURCES
CAZENOVE UNIT TRUST
ACADIAN ASSET MANAGE
Firm Name
Macquarie
EVA Dimensions
Societe Generale
Deutsche Bank
JPMorgan
Jefferies
Goldman Sachs
HSBC
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
NEIL WELCH
JAMES HAMILTON
AUSTIN BURKETT
GARY GREENWOOD
BILL BARNARD
MATT SPICK
RAE MAILE
JASON STREETS
BENJAMIN MOORE
NITIN ARORA
ROBIN SAVAGE
Source
RNS-MAJ
REG
REG
ULT-AGG
MF-AGG
REG
ULT-AGG
REG
REG
MF-AGG
REG
ULT-AGG
REG
MF-AGG
MF-AGG
REG
REG
MF-AGG
REG
REG
Recommendation
neutral
hold
buy
hold
hold
hold
neutral
buy
neutral/neutral
overweight
buy
Amt Held
29'489'961
26'507'003
26'049'778
24'274'555
23'418'424
17'550'873
15'696'147
13'706'893
13'336'076
10'100'790
10'078'597
9'737'736
9'209'562
8'214'273
8'116'636
7'020'883
6'332'288
6'063'620
5'733'106
5'484'839
% Out
7.35
6.61
6.49
6.05
5.84
4.37
3.91
3.42
3.32
2.52
2.51
2.43
2.3
2.05
2.02
1.75
1.58
1.51
1.43
1.37
Weighting
Change
3
3
5
3
3
3
3
5
3
5
5
U
M
M
M
M
M
M
M
M
U
M
Latest Chg
(2'282'509)
(310'055)
(3'732'648)
(2'637'157)
391'197
1'420'927
840'560
(495'000)
(1'262'264)
(4'489'543)
2'409'273
(408'064)
1'961'096
419'689
943'700
2'030'737
Target Price
355
323
#N/A N/A
#N/A N/A
345
322
#N/A N/A
370
360
360
400
File Dt
Inst Type
20.09.2012
Investment Advisor
01.10.2012
Investment Advisor
26.02.2013
Investment Advisor
30.11.2012
Investment Advisor
01.10.2012
Investment Advisor
31.01.2013
Unclassified
01.10.2012
Investment Advisor
01.10.2012
Unclassified
01.10.2012
Government
01.10.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
01.10.2012
Investment Advisor
01.10.2012
Corporation
31.10.2012
Investment Advisor
01.10.2012
Investment Advisor
01.10.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Date
21.02.2013
24.01.2013
17.01.2013
16.01.2013
15.01.2013
15.01.2013
15.01.2013
15.01.2013
19.12.2012
27.11.2012
21.11.2012
28.02.2013
Jardine Lloyd Thompson Group PLC

Jardine Lloyd Thompson Group plc is an international group engaged in risk
management advice, insurance and reinsurance broking, underwriting services and
the provision of employee benefit services. JLT International Network enables
services to be provided in 135 countries.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.02.2013)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JLT LN EQUITY YTD Change
JLT LN EQUITY YTD % CHANGE
12/2011
01/yy
821.00
657.00
61'054.00
800
-2.56%
21.77%
87.20%
218.8
1'750.66
190.18
0.0
12.3
573.77
1'335.03
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.8 M
800
1.6 M
700
1.4 M
600
1.2 M
500
1.0 M
400
.8 M
300
.6 M
200
.4 M
100
.2 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
473.2
0.86x
91.7
4.42x
72.4
9.86x
900
31.12.2008
31.12.2009
536.1
612.9
0.93x
1.04x
105.8
133.0
4.73x
4.79x
63.6
70.9
14.78x
14.53x
Profitability
31.12.2010
740.7
1.30x
152.5
6.30x
90.7
15.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
812.0
1.40x
166.9
6.83x
88.7
16.95x
166.94
139.62
17.19%
16.56%
6.47%
30.06%
19.67%
0.58%
20.8%
17.4%
10.9%
1.21
1.09
14.18%
66.47%
3.78
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.05
0.79
126.02
17.89%
1.27%
0.787
8
3.750
68'968
72'302
85'045
FY+2
12/12 Y
12/13 Y
874.1
944.3
2.23x
2.08x
196.0
217.0
6.81x
6.15x
117.3
131.4
16.26x
14.52x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
22.63
21.41
-2.44
1.43
66.5%
38.9%
0.58
32.20
96.72
-
35.00
900.0
30.00
800.0
700.0
25.00
600.0
20.00
500.0
15.00
400.0
300.0
10.00
200.0
100.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Jardine Lloyd Thompson Group PLC

Holdings By:
All
Holder Name
JMH INVESTMENTS LTD
JP MORGAN
FMR LLC
JARDINE LLOYD THOMPS
BAILLIE GIFFORD AND
LEGAL & GENERAL
NEWTON INV MGMT
UBS
Firm Name
EVA Dimensions
Investec
JPMorgan
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BARRIE CORNES
NICHOLAS JOHNSON
EAMONN FLANAGAN
CRAIG STERLING
KEVIN RYAN
WILLIAM HAWKINS
BEN COHEN
ANDREAS VAN EMBDEN
Source
Co File
RNS-MAJ
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
REG
REG
MF-AGG
ULT-AGG
RNS-RUL8
MF-AGG
REG
REG
REG
ULT-AGG
REG
REG
MF-AGG
Recommendation
hold
hold
buy
overweight
hold
market perform
hold
overweight
Amt Held
87'701'454
15'266'479
13'145'335
11'539'323
10'344'651
9'038'939
8'692'411
6'655'085
6'576'619
6'386'346
5'968'138
5'826'172
4'103'500
3'877'308
3'647'682
3'542'443
3'359'010
2'800'000
2'791'704
2'400'000
% Out
40.08
6.98
6.01
5.27
4.73
4.13
3.97
3.04
3.01
2.92
2.73
2.66
1.88
1.77
1.67
1.62
1.53
1.28
1.28
1.1
Weighting
Change
3
3
5
5
3
3
3
5
M
M
M
M
M
M
M
M
Latest Chg
(993'783)
(435'389)
(240'660)
(993'701)
86'975
936'603
(44'306)
276'175
531'018
23'406
584'664
(84'483)
388'752
(121'289)
221'694
569'524
16'179
496'159
Target Price
760
775
#N/A N/A
#N/A N/A
758
750
730
#N/A N/A
File Dt
Inst Type
16.03.2012
Holding Company
22.06.2012
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Unclassified
16.03.2012
Bank
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Unclassified
10.10.2011
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Government
03.12.2012
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
28.09.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
27.02.2013
11.02.2013
01.02.2013
17.01.2013
07.01.2013
19.10.2012
19.10.2012
16.10.2012
28.02.2013
JCDecaux SA
JC Decaux SA offers advertising services. The Company sells advertising on
street furniture such as bus shelters, free standing panels, columns, and
automatic toilets, billboards, and posters on buses, trains, and subways, and at
railroad stations and airports.
Price/Volume
25
.8 M
.7 M
20
.6 M
.5 M
15
.4 M
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (27.03.2012)
52-Week Low (24.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DEC FP EQUITY YTD Change
DEC FP EQUITY YTD % CHANGE
12/2011
01/yy
23.48
15.75
130'146.00
20.535
-12.52%
30.38%
61.94%
222.2
4'562.03
438.60
0.0
(24.3)
288.70
4'738.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
0
f-12
.1 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
2'106.6
3.20x
533.5
12.63x
221.0
27.06x
.3 M
31.12.2008
31.12.2009
2'168.6
1'918.8
1.57x
2.29x
526.4
545.6
6.47x
8.06x
108.1
24.5
25.25x
154.86x
Profitability
LTM-4Q
31.12.2010
2'350.0
2.31x
766.5
7.09x
173.3
29.44x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
2'463.0
1.65x
557.3
7.31x
212.6
18.56x
557.30
327.10
13.28%
12.56%
4.76%
8.30%
0.60%
39.1%
22.4%
12.8%
8.6%
1.17
0.91
10.37%
17.59%
13.79
Price/ Cash Flow
06/yy
1'110.6
0.00x
0.0
0.00x
0.0
0.00x
LTM
01/yy
1'876.2
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.92
62.54
1.03%
14.18%
0.921
22
3.273
133'063
198'775
195'280
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
06/11 Q2 09/11 Q3
2'620.2
2'716.5
1.75x
1.64x
573.1
593.7
8.27x
7.98x
215.4
233.5
21.21x
19.50x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
22.09.2009
BBB
STABLE
13.10.2010
A-2
18.96
12.81
0.38
0.91
17.6%
15.1%
0.60
2.27
26.54
196.17
-85.81
16.00
3'000.0
14.00
2'500.0
12.00
2'000.0
10.00
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
JCDecaux SA
Holdings By:
All
Holder Name
JC DECAUX HOLDING
ING BANK NV
HARBOR CAPITAL ADVIS
DECAUX JEAN-CHARLES
NEW JERSEY DIVISION
FIL FUND MANAGEMENT
GARDNER RUSSO & GARD
DECAUX JEAN-FRANCOIS
VANGUARD GROUP INC
FMR LLC
BLACKROCK
DECAUX JEAN SEBASTIE
GROUPAMA ASSET MGMT
Firm Name
AlphaValue
Exane BNP Paribas
Berenberg Bank
Societe Generale
HSBC
Gilbert Dupont
Oddo & Cie
Natixis
Nomura
Barclays
EVA Dimensions
Deutsche Bank
Morgan Stanley
JPMorgan
Goldman Sachs
Credit Suisse
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
VERONIQUE CABIOC'H
CONOR O'SHEA
CHARLES BEDOUELLE
ERIC RAVARY
SARAH SIMON
LAURENT PICARD
OLIVIER MORAL
BRUNO HARENG
PAVEL GOVCIYAN
MATTHEW WALKER
JULIEN ROCH
CRAIG STERLING
PATRICK KIRBY
JULIEN ROSSI
FILIPPO PIETRO LO FRANCO
RICHARD JONES
OMAR SHEIKH
THOMAS JORION
Source
Co File
Research
ULT-AGG
MF-AGG
Co File
MF-AGG
Short
13F
Co File
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
add
buy
underperform
hold
buy
hold
underweight
add
buy
buy
neutral
equalweight
underweight
buy
Equalwt/Attractive
overweight
Sell/Neutral
neutral
underperform
Amt Held
% Out
156'030'573 70.23
11'090'203
4.99
8'537'000
3.84
8'446'271
3.8
1'712'210
0.77
1'394'000
0.63
(1'288'522) -0.58
1'248'440
0.56
1'156'179
0.52
1'120'610
0.5
989'375
0.45
850'363
0.38
592'215
0.27
445'295
0.2
435'000
0.2
329'398
0.15
261'037
0.12
227'822
0.1
210'000
0.09
195'754
0.09
Weighting
Change
4
5
1
3
5
3
1
4
5
5
3
3
1
5
3
5
1
3
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'337'174)
158'300
(790'578)
12'404
8'684
(934'865)
11'904
1'813
1'691
61'898
(30'600)
10'000
195'754
Target Price
23
24
17
20
22
18
19
22
24
22
22
20
#N/A N/A
25
19
23
16
18
17
File Dt
Inst Type
31.12.2011
Corporation
25.07.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
n/a
13.02.2013
Investment Advisor
31.12.2011
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
n/a
28.09.2012
Investment Advisor
28.12.2012
Investment Advisor
31.08.2012
Investment Advisor
31.10.2012
Investment Advisor
Date
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
3 month
12 month
Not Provided
Not Provided
Date
21.02.2013
19.02.2013
05.02.2013
29.01.2013
28.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
17.01.2013
08.11.2012
08.11.2012
08.11.2012
30.10.2012
31.07.2012
31.07.2012
28.02.2013
JM AB
JM AB manages property and constructs buildings. The Company projects, builds
and markets single-family housing, apartment houses and office buildings. JM
owns and manages commercial buildings primarily in and around the cities of
Stockholm, Gothenburg, Malmo and Uppsala in Sweden. The Company also owns
properties in Norway, Belgium and Portugal.
Price/Volume
180
3.0 M
160
2.5 M
140
120
2.0 M
100
12/2012
12/yy
154.50
106.75
330'176.00
147.75
-4.37%
38.41%
85.86%
83.7
12'361.24
877.00
0.0
0.0
2'475.00
10'763.24
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60
1.0 M
40
.5 M
20
0
f-12 m-12
31.12.2009
31.12.2010
8'778.0
9'136.0
1.08x
1.29x
762.0
886.0
12.44x
13.28x
379.0
594.0
27.01x
22.07x
Profitability
LTM-4Q
31.12.2011
12'001.0
0.65x
1'492.0
5.19x
1'042.0
8.95x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
12'480.0
0.62x
961.0
9.95x
1'492.00
1'469.00
11.77%
10.56%
8.41%
20.74%
1.09%
17.7%
11.8%
7.7%
2.53
0.55
7.59%
18.79%
-
Price/ Cash Flow
j-12
LTM
12/yy
12'001.0
3.21x
0.0
0.00x
1'042.0
8.95x
j-12
12/yy
12'480.0
2.73x
0.0
0.00x
961.0
9.97x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.33
28.96%
27.37%
1.334
12
4.167
371'462
512'483
408'591
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
12'898.3
13'726.5
3'086.3
3'202.5
0.87x
0.78x
1'465.0
1'624.8
333.5
353.0
7.35x
6.62x
7.25x
6.88x
1'053.8
1'168.8
236.1
334.7
11.40x
10.21x
11.28x
10.95x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.15
17.09
18.8%
15.8%
1.09
1.47
350.00
14'000.0
300.00
12'000.0
250.00
10'000.0
200.00
8'000.0
150.00
6'000.0
100.00
4'000.0
50.00
2'000.0
0.00
01.01.2010
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
12'229.0
0.32x
1'660.0
2.36x
818.0
4.52x
1.5 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (21.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JM SS EQUITY YTD Change
JM SS EQUITY YTD % CHANGE
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
JM AB
Holdings By:
All
Holder Name
SEB
NORDEA FONDER AB
AFA INSURANCE
AMF FONDER AB
HEIRLOOM ASSET MGMT
KYNIKOS ASSOCIATES L
FOLKSAM LO FOND AB
FJARDE AP-FONDEN
JM AB
ENTER FONDER AB
ANDRA AP FONDEN
FRANKLIN RESOURCES
Firm Name
SEB Enskilda
Carnegie
Swedbank
DNB Markets
Danske Markets
ABG Sundal Collier
Handelsbanken
EVA Dimensions
CA Cheuvreux
Evli Bank Plc
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
STEFAN ANDERSSON
TOBIAS KAJ
JONAS L ANDERSSON
NICLAS HOGLUND
SIMEN MORTENSEN
PETER TRIGARSZKY
FREDRIC CYON
ALBIN SANDBERG
CRAIG STERLING
BJORN GUSTAFSSON
ERIC RITZEN
Source
Research
ULT-AGG
Research
MF-AGG
Research
Research
MF-AGG
Research
Short
MF-AGG
MF-AGG
Research
Research
Research
Research
Research
ULT-AGG
13F
MF-AGG
MF-AGG
Recommendation
sell
buy
buy
buy
sell
buy
buy
accumulate
buy
outperform
accumulate
Amt Held
% Out
8'955'668
10.7
8'525'187 10.19
8'175'477
9.77
7'707'016
9.21
7'077'987
8.46
5'612'970
6.71
3'948'977
4.72
3'188'870
3.81
(2'878'014) -3.44
2'565'024
3.07
2'262'582
2.7
2'251'651
2.69
2'233'056
2.67
2'166'900
2.59
1'930'494
2.31
1'685'386
2.01
1'119'683
1.34
880'817
1.05
875'980
1.05
843'401
1.01
Weighting
Change
1
5
5
5
1
5
5
4
5
5
4
M
M
U
M
M
U
M
M
M
M
M
Latest Chg
902'682
(573'500)
36'591
(193'000)
(134'399)
763'239
(5'979)
94'654
(1'242'452)
147'394
Target Price
125
#N/A N/A
165
165
130
168
157
150
#N/A N/A
125
125
File Dt
31.10.2012
31.12.2012
15.02.2013
31.01.2013
31.10.2012
31.10.2012
31.12.2012
31.10.2012
12.02.2013
31.01.2013
31.12.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Unclassified
Insurance Company
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Other
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
25.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
17.01.2013
17.12.2012
22.11.2012
28.02.2013
Jupiter Fund Management PLC

Jupiter Fund Management plc. manages open-ended funds directed toward retail
investors. The Company also offers investment management services to
institutional clients, private clients, investment trusts and hedge funds.
Price/Volume
400
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
350
300
250
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JUP LN EQUITY YTD Change
JUP LN EQUITY YTD % CHANGE
12/2011
01/yy
350.60
193.70
361'389.00
329.5
-6.02%
70.11%
86.55%
457.7
1'508.12
141.40
0.0
0.0
190.40
1'456.52
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100
50
0
f-12 m-12
31.12.2008
31.12.2009
237.0
214.6
91.6
91.3
(15.6)
8.6
Profitability
31.12.2010
318.8
4.34x
116.8
11.85x
32.5
18.90x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
346.9
2.72x
125.3
7.54x
51.4
13.88x
125.30
84.80
24.45%
20.27%
5.95%
11.18%
9.45%
0.46%
32.2%
21.0%
14.8%
1.69
1.66
18.40%
33.30%
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.37
1.34
322.12
36.23%
18.31%
1.344
17
3.706
458'172
773'653
676'678
FY+2
12/12 Y
12/13 Y
244.1
274.4
5.95x
5.01x
124.0
140.7
11.75x
10.35x
88.1
103.8
17.25x
14.39x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
8.76
8.69
-0.44
0.96
33.3%
25.0%
0.46
279.00
-
16.00
400.0
14.00
350.0
12.00
300.0
10.00
250.0
8.00
200.0
6.00
150.0
4.00
100.0
2.00
50.0
0.00
02.01.2009
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
273.4
105.4
41.8
-
150
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Jupiter Fund Management PLC

Holdings By:
All
Holder Name
TA ASSOCIATES INC
BLACKROCK
Jupiter Fund Managem
PRIVATE INDIVIDUALS
INVESCO LTD
LEGAL & GENERAL
BAILLIE GIFFORD AND
FRANKLIN RESOURCES
CARTER EDWARD BONHAM
FMR LLC
LANDSDOWNE PARTNERS
CAZENOVE UNIT TRUST
Firm Name
RBC Capital Markets
Societe Generale
Cantor Fitzgerald
Macquarie
Barclays
Credit Suisse
EVA Dimensions
JPMorgan
Peel Hunt
HSBC
Jefferies
Portfolio Name
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PETER K LENARDOS
DAVID MCCANN
MICHAEL SANDERSON
OWEN JONES
CATHERINE HEATH
NEIL WELCH
SARAH ING
DANIEL R GARROD
ARUN MELMANE
GURJIT KAMBO
AUSTIN BURKETT
RAE MAILE
STUART DUNCAN
NITIN ARORA
JASON STREETS
TOM MILLS
Source
REG
ULT-AGG
REG
ULT-AGG
REG
REG
REG
REG
REG
ULT-AGG
REG
ULT-AGG
RNS-DIR
REG
ULT-AGG
REG
Co File
REG
MF-AGG
MF-AGG
Recommendation
sector perform
add
hold
corporate
buy
outperform
add
overweight
hold
neutral
sell
overweight
hold
neutral
buy
market perform
Amt Held
87'079'760
44'938'420
39'591'003
35'723'743
35'397'826
22'643'375
19'426'326
15'968'843
14'876'981
14'873'999
14'309'663
13'900'000
13'750'000
13'404'165
11'508'721
10'300'249
9'592'715
9'498'029
9'418'968
9'323'549
% Out
19.03
9.82
8.65
7.81
7.73
4.95
4.24
3.49
3.25
3.25
3.13
3.04
3
2.93
2.51
2.25
2.1
2.08
2.06
2.04
Weighting
Change
3
4
3
#N/A N/A
5
5
4
5
3
3
1
5
3
3
5
3
M
M
M
M
M
U
N
M
D
M
M
M
D
M
M
M
Latest Chg
(645'825)
(500'468)
(249'502)
(264'550)
13'398
3'702'654
184'556
1'782'202
13'261
725'000
(250'000)
2'592'924
3'102'172
(2'564'500)
279'985
(560'282)
(2'515'500)
Target Price
330
390
315
#N/A N/A
389
387
360
390
324
320
#N/A N/A
361
350
320
330
250
File Dt
03.12.2012
26.02.2013
03.12.2012
21.06.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.01.2013
03.12.2012
03.12.2012
02.04.2012
03.12.2012
31.12.2012
03.12.2012
14.03.2012
03.12.2012
31.12.2012
31.12.2012
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Unclassified
Other
Other
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.02.2013
27.02.2013
26.02.2013
26.02.2013
25.02.2013
21.02.2013
11.02.2013
05.02.2013
22.01.2013
17.01.2013
17.01.2013
16.01.2013
16.01.2013
14.01.2013
03.01.2013
06.08.2012
28.02.2013
Jyske Bank A/S

Jyske Bank A/S offers commercial banking services and investment services. The
Bank attracts deposits and offers commercial and mortgage loans, investment
advisory services, lease financing, securities brokerage services, foreign
exchange services, and manages mutual funds and portfolios. Jyske Bank operates
in Denmark, Switzerland, the United Kingdom, Spain, and Gibraltar.
Price/Volume
250
200
150
Valuation Analysis
100
Latest Fiscal Year:

LTM as of:
52-Week High (29.02.2012)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JYSK DC EQUITY YTD Change
JYSK DC EQUITY YTD % CHANGE
12/2012
12/yy
202.70
144.00
190'290.00
187
-7.75%
29.86%
73.25%
71.3
13'329.36
76'481.00
0.0
36.0
15'405.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
13'649.1
972.9
6.61x
50
31.12.2009
31.12.2010
10'386.0
8'632.7
463.9
757.2
23.54x
22.12x
Profitability
LTM-4Q
31.12.2011
9'058.0
490.0
18.58x
31.12.2012
9'489.0
593.0
18.49x
10.94%
11.09%
0.20%
3.36%
0.59%
0.04%
7.7%
29.62%
490.07%
-
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
f-13
LTM
12/yy
9'094.0
0.00x
0.0
0.00x
490.0
18.59x
12/yy
6'989.0
0.00x
0.0
0.00x
593.0
19.32x
FY+1
1.07
-6.59%
19.03%
1.067
10
3.800
264'073
198'640
190'894
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
7'172.5
7'385.2
1'754.5
1'753.5
-29.40x
-28.58x
1'398.6
1'767.4
331.7
369.3
9.27x
7.35x
9.84x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
01.12.2011
ASTABLE
01.12.2011
A-2
490.1%
83.0%
0.04
3.34
-
16'000.0
14'000.0
12'000.0
0.80
0.60
10'000.0
8'000.0
6'000.0
0.40
0.20
4'000.0
2'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Jyske Bank A/S

Holdings By:
All
Holder Name
BAILLIE GIFFORD AND
VANGUARD GROUP INC
DANSKE INVEST A/S
FMR LLC
SEB
DEUTSCHE BANK AG
JYSKE BANK
BLACKROCK
DWS INVESTMENT S A
UBS GLOBAL ASSET MAN
Firm Name
Alm Brand Markets
ABG Sundal Collier
Carnegie
Danske Markets
NYKREDIT
SEB Enskilda
EVA Dimensions
JPMorgan
Handelsbanken
Swedbank
LD Invest Markets
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
STIG NYMANN
SIMON CHRISTENSEN
JAKOB BRINK
ASBJORN MORK
LARS HOLM
MADS THINGGAARD
CLAUS GROEN THERP
AUSTIN BURKETT
SOFIE PETERZENS
PETER GRABE
ROBERT MATULIN
TORSTEN BECH
Source
Research
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
hold
buy
hold
hold
neutral
buy
hold
neutral
buy
neutral
buy
Amt Held
3'666'270
3'278'880
1'274'332
1'247'455
780'712
721'697
679'878
649'200
648'166
429'749
390'000
312'000
279'530
249'699
158'049
149'360
146'550
112'431
111'169
104'000
% Out
5.14
4.6
1.79
1.75
1.1
1.01
0.95
0.91
0.91
0.6
0.55
0.44
0.39
0.35
0.22
0.21
0.21
0.16
0.16
0.15
Weighting
Change
5
3
5
3
3
3
5
3
3
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
13'329
6'000
16'407
(16'850)
(90'000)
(22'301)
207'445
(1'024)
12'190
104'000
Target Price
220
205
215
#N/A N/A
195
#N/A N/A
210
#N/A N/A
200
215
185
270
File Dt
18.10.2012
31.12.2011
31.12.2012
31.01.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.12.2012
31.07.2012
31.12.2011
26.02.2013
30.09.2012
28.12.2012
31.01.2013
31.12.2012
26.03.2012
Date
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
18 month
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Date
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
05.02.2013
28.01.2013
17.01.2013
19.10.2012
18.10.2012
23.08.2011
26.10.2010
28.02.2013
Kaba Holding AG
Kaba Holding AG provides mechanical and electronic security systems. The
Company offers individually tailored "Total Access Control" including
high-security locking devices for heavy safes, modular access and time
management applications, as well as no-contact identification technology.
Price/Volume
450
.0 M
400
.0 M
350
300
.0 M
250
06/2012
01/yy
408.25
312.04
2'298.00
403.5
-1.16%
29.31%
95.06%
3.8
1'539.36
113.80
0.0
0.8
125.60
1'528.36
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
150
.0 M
100
.0 M
50
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
1'303.7
1.22x
206.3
7.73x
97.1
12.15x
.0 M
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KABN SE EQUITY YTD Change
KABN SE EQUITY YTD % CHANGE
30.06.2009
30.06.2010
1'166.1
952.1
0.94x
1.40x
174.6
166.8
6.25x
7.96x
70.7
86.9
10.86x
13.94x
Profitability
30.06.2011
945.2
1.50x
122.7
11.59x
221.6
25.54x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
947.5
1.43x
153.7
8.83x
88.2
16.00x
153.70
122.60
12.94%
12.38%
9.69%
17.48%
1.04%
16.2%
12.9%
9.3%
1.47
0.90
11.92%
20.60%
5.88
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.87
2.98
12.71%
4.13%
0.873
7
3.714
5'428
6'508
5'852
FY+2
06/13 Y
06/14 Y
986.1
1'012.0
1.50x
1.40x
162.9
172.6
9.38x
8.86x
93.2
100.4
16.81x
15.64x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
31.37
27.86
-0.08
0.74
20.6%
17.1%
1.04
5.96
62.21
-
16.00
1'400.0
14.00
1'200.0
12.00
1'000.0
10.00
800.0
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Kaba Holding AG
Holdings By:
All
Holder Name
BLACKROCK
FORRER KARIN
GEKLA AG
BREMI ULRICH
KUENZLE CREED
NG KIN SHEK
COLLEGE RETIREMENT E
PICTET & CIE
SARASIN
UBS FUND MANAGEMENT
DUBS-KUENZLE KARINA
CREDIT SUISSE ASSET
VANGUARD GROUP INC
IST FUND MANAGERS
Firm Name
Main First Bank AG
Helvea
EVA Dimensions
Credit Suisse
Bank Vontobel AG
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
TOBIAS FAHRENHOLZ
PATRICK APPENZELLER
CRAIG STERLING
PATRICK LAAGER
SERGE ROTZER
ANDREAS MUELLER
OLIVER GIRAKHOU
Source
ULT-AGG
Co File
Co File
Co File
Co File
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
accumulate
underweight
neutral
hold
outperform
underperform
Amt Held
172'780
153'020
140'000
138'228
127'452
113'000
112'815
101'785
88'117
72'400
67'350
55'691
51'128
35'744
35'261
33'500
31'457
31'244
27'844
24'983
% Out
4.53
4.01
3.67
3.62
3.34
2.96
2.96
2.67
2.31
1.9
1.77
1.46
1.34
0.94
0.92
0.88
0.82
0.82
0.73
0.65
Weighting
Change
5
4
1
3
3
5
1
M
M
M
M
M
M
M
Latest Chg
(5'253)
(60'274)
(15'539)
392
8'100
(1'300)
(683)
(2'517)
(988)
(751)
135
(39)
-
Target Price
425
420
#N/A N/A
400
370
#N/A N/A
410
File Dt
26.02.2013
30.06.2012
30.06.2012
30.06.2012
30.06.2012
07.09.2011
27.07.2009
08.10.2009
30.11.2012
31.12.2012
30.11.2012
28.12.2012
31.10.2012
30.06.2012
28.12.2012
31.10.2012
31.12.2012
31.12.2012
31.12.2012
30.12.2012
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
n/a
Corporation
n/a
n/a
Investment Advisor
n/a
Other
Mutual Fund Manager
Investment Advisor
Unclassified
Mutual Fund Manager
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
25.02.2013
08.02.2013
17.01.2013
05.12.2012
31.10.2012
20.09.2012
24.11.2011
28.02.2013
Kemira OYJ
Kemira Oyj a global water chemistry company serving customers in
water-intensive industries. The Company offers chemical products and integrated
systems that help customers in the water-intensive pulp and paper industry,
water treatment chemicals for municipalities and industrial customers,
and chemical extraction and process solutions for oil and mining industries.
Price/Volume
12/2012
12/yy
12.46
8.00
240'900.00
11.23
-9.87%
40.37%
72.42%
155.3
1'744.50
664.70
0.0
13.2
132.70
2'289.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
2
0
f-12
.2 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'832.7
0.63x
217.7
8.19x
(1.8)
-
1.8 M
12
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.01.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KRA1V FH EQUITY YTD Change
KRA1V FH EQUITY YTD % CHANGE
14
31.12.2009
31.12.2010
1'969.9
2'160.9
1.15x
1.08x
225.5
258.0
10.06x
9.06x
85.5
646.9
24.28x
15.31x
Profitability
LTM-4Q
31.12.2011
2'207.2
0.87x
248.7
7.74x
135.6
10.29x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'240.9
1.04x
178.5
13.11x
16.8
106.88x
178.50
31.70
1.41%
1.21%
0.65%
1.26%
0.87%
10.7%
8.0%
1.4%
0.7%
1.21
0.21
26.71%
51.07%
-
Price/ Cash Flow
12/yy
2'207.2
3.77x
259.6
7.41x
135.6
10.29x
LTM
12/yy
2'240.9
3.87x
178.5
13.11x
16.8
106.86x
FY+1
1.11
10.18%
-4.91%
1.113
16
2.875
316'491
305'643
262'599
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'242.0
2'293.9
552.3
558.6
0.98x
0.94x
281.3
315.8
56.5
67.8
8.14x
7.25x
9.08x
129.9
151.3
17.9
30.5
13.34x
11.34x
13.95x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
9.75
2.98
3.72
51.1%
33.6%
0.87
3.42
58.49
16.00
3'000.0
14.00
2'500.0
12.00
2'000.0
10.00
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Kemira OYJ
Holdings By:
All
Holder Name
ORAS INVEST LTD
SOLIDIUM OY
KEMIRA PLC
PICTET & CIE
DANSKE INVEST FUNDS
VANGUARD GROUP INC
NORDEA FONDENE AS
GYLLENBERG RAHASTOYH
GYLLENBERG FINLANDIA
SIGRID JUSELIUS FOUN
Firm Name
SEB Enskilda
Evli Bank Plc
INDERES
JPMorgan
Carnegie
Handelsbanken
FIM
Danske Markets
Morgan Stanley
Main First Bank AG
EVA Dimensions
Deutsche Bank
Swedbank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
ANTTI SAARI
RAULI JUVA
ARTEM BELETSKI
MARKKU JARVINEN
ANTTI-PEKKA VILJAKAINEN
MARTIN EVANS
CARL-HENRIK FREJBORG
MIKAEL DOEPEL
MARKUS LIIMATAINEN
PANU LAITINMAKI
PETER MACKEY
HOLGER OCHS
CRAIG STERLING
OLIVER REIFF
TOMI TIILOLA
PEKKA SPOLANDER
Source
Research
Research
Research
Research
Research
Research
Research
MF-AGG
MF-AGG
Short
ULT-AGG
Research
Research
MF-AGG
Research
Research
MF-AGG
MF-AGG
Research
Research
Recommendation
reduce
sell
buy
accumulate
reduce
neutral
hold
reduce
hold
hold
Underwt/In-Line
underperform
sell
buy
buy
accumulate
Amt Held
% Out
28'278'217
18.2
25'896'087 16.67
11'585'836
7.46
7'418'582
4.78
3'301'769
2.13
2'600'000
1.67
2'591'613
1.67
2'150'857
1.38
2'021'314
1.3
(1'755'371) -1.13
1'654'100
1.06
1'575'304
1.01
1'040'000
0.67
1'016'490
0.65
940'993
0.61
878'337
0.57
851'297
0.55
806'198
0.52
795'397
0.51
730'000
0.47
Weighting
Change
2
1
5
4
2
3
3
2
3
3
1
1
1
5
5
4
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(201'945)
3'706
161'200
(141'601)
-
Target Price
11
11
13
12
11
9
#N/A N/A
11
12
12
11
12
#N/A N/A
14
13
11
File Dt
30.11.2012
30.11.2012
30.11.2012
10.12.2012
30.11.2012
30.11.2012
30.11.2012
31.07.2012
31.08.2012
26.02.2013
31.12.2012
30.11.2012
30.11.2012
31.12.2012
30.11.2012
30.11.2012
30.11.2012
31.12.2012
30.11.2012
30.11.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
9 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Inst Type
Holding Company
Holding Company
Insurance Company
Insurance Company
Other
Insurance Company
Insurance Company
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Mutual Fund Manager
Insurance Company
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Other
Date
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
12.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
17.01.2013
17.01.2013
06.12.2012
25.10.2012
02.11.2011
28.02.2013
Kesko OYJ
Kesko Oyj, through subsidiaries, operates wholesale and retail stores. The
Company provides trading sector services such as hardware and builders' supplies
building and home improvement trade, interior decoration and home goods,
delivery sales and wholesale services, an animal feeds, chemicals and machinery,
import and market of passenger cars and commercial vehicles, and sporting goods.
Price/Volume
30
1.2 M
1.0 M
15
Latest Fiscal Year:

LTM as of:
52-Week High (08.01.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KESBV FH EQUITY YTD Change
KESBV FH EQUITY YTD % CHANGE
12/2012
12/yy
25.87
18.08
157'969.00
23.81
-7.96%
31.69%
73.56%
67.0
2'402.69
624.00
0.0
67.0
352.00
2'741.69
.8 M
.6 M
10
.4 M
5
.2 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.4 M
20
Valuation Analysis
31.12.2008
9'591.5
0.20x
265.1
7.37x
219.7
9.78x
1.6 M
25
31.12.2009
31.12.2010
8'446.8
8'776.8
0.27x
0.38x
255.8
370.5
8.95x
9.09x
125.2
204.5
18.03x
16.83x
Profitability
LTM-4Q
31.12.2011
9'460.4
0.29x
406.6
6.67x
181.5
14.05x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
9'686.0
0.29x
372.0
7.45x
128.0
18.91x
372.00
217.00
2.24%
2.22%
3.01%
5.90%
5.49%
2.26%
13.6%
3.8%
2.2%
1.3%
1.40
0.68
14.26%
28.36%
13.81
9.95
Price/ Cash Flow
LTM
12/yy
9'460.4
1.23x
406.6
6.72x
181.5
14.05x
12/yy
9'686.0
1.09x
372.0
7.44x
129.0
18.92x
FY+1
0.91
-0.84%
-3.88%
0.911
12
2.667
164'964
151'772
170'463
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
9'880.9
10'189.5
2'235.5
2'533.3
0.27x
0.26x
427.8
465.8
61.0
117.0
6.41x
5.89x
6.45x
175.3
199.3
12.0
49.1
13.67x
12.33x
14.15x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
21.88
-2.29
0.73
1.68
28.4%
21.6%
2.26
6.11
26.58
36.88
37.39
26.07
14.00
12'000.0
12.00
10'000.0
10.00
8'000.0
8.00
6'000.0
6.00
4'000.0
4.00
2'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Kesko OYJ
Holdings By:
All
Holder Name
VAHITTAISKAUPAN TAKA
KRUUNUVUOREN SATAMA
VALLUGA SIJOITUS OY
BLACKROCK
VANGUARD GROUP INC
FOUNDATION FOR VOCAT
OY THE ENGLISH TEARO
ETERA MUTUAL PENSION
KESKO OYJ
KESKO PENSION FUND
ADELPHI CAPITAL LLP
SKAGEN FUNDS
SKAGEN AS
HEIMO VALINEN OY
Firm Name
AlphaValue
FIM
Handelsbanken
Evli Bank Plc
Danske Markets
SEB Enskilda
Carnegie
INDERES
EVA Dimensions
CA Cheuvreux
Swedbank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst
VIRGINIE BLIN
MONA GRANNENFELT
JARI RAISANEN
RAULI JUVA
ROBIN SANTAVIRTA
MIKA KARPPINEN
KALLE KARPPINEN
JUTTA RAHIKAINEN
TOMMY ILMONI
SAULI VILEN
AUSTIN BURKETT
DANIEL OVIN
PETRI KARHUNKOSKI
Source
Research
Research
Research
Research
ULT-AGG
Research
Research
MF-AGG
Research
Research
Research
Research
Research
MF-AGG
Research
Short
Research
MF-AGG
Research
Research
Recommendation
sell
accumulate
accumulate
hold
accumulate
accumulate
hold
hold
sell
sell
underweight
suspended coverage
neutral
Amt Held
% Out
3'491'771
5.21
3'472'774
5.19
3'438'885
5.13
1'340'439
2
1'156'593
1.73
1'130'986
1.69
1'100'000
1.64
1'094'691
1.63
1'009'948
1.51
1'000'000
1.49
776'049
1.16
644'823
0.96
608'591
0.91
576'494
0.86
483'195
0.72
(435'339) -0.65
420'000
0.63
420'000
0.63
409'110
0.61
400'000
0.6
Weighting
1
4
4
3
4
4
3
3
1
1
1
#N/A N/A
3
Change
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
19'698
14'533
(9'387)
87'068
-
Target Price
21
29
26
25
27
25
25
25
#N/A N/A
23
#N/A N/A
#N/A N/A
25
File Dt
Inst Type
30.11.2012
Other
30.11.2012
Insurance Company
30.11.2012
Corporation
30.11.2012
Other
26.02.2013
Investment Advisor
30.11.2012
Insurance Company
30.11.2012
Insurance Company
31.12.2012
Investment Advisor
30.11.2012
Other
30.11.2012
Other
30.11.2012
Government
30.11.2012
Insurance Company
30.11.2012
Corporation
31.12.2012
Investment Advisor
06.02.2013
Investment Advisor
30.11.2012
Investment Advisor
30.11.2012
Other
30.11.2012
Corporation
Date
6 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
14.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
17.01.2013
19.11.2012
25.10.2012
28.02.2013
Konecranes OYJ
Konecranes Oyj is an engineering group that specializes in overhead lifting
equipment and maintenance services. The Company's product line includes
workstation cranes, industrial cranes, cranes for shipyards and ports, including
tailor made products, light lifting systems, and monorail systems. Konecranes
Oyj sells toindustrial companies, and to harbors and shipyards around the world.
Price/Volume
30
1.2 M
1.0 M
15
Latest Fiscal Year:

LTM as of:
52-Week High (22.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KCR1V FH EQUITY YTD Change
KCR1V FH EQUITY YTD % CHANGE
12/2012
12/yy
28.89
17.50
267'426.00
27.98
-3.15%
59.89%
92.01%
63.3
1'770.36
327.30
0.0
6.2
145.10
1'958.76
.8 M
.6 M
10
.4 M
5
0
f-12
.2 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.4 M
20
Valuation Analysis
31.12.2008
2'102.5
0.33x
274.6
2.54x
166.4
4.26x
1.6 M
25
31.12.2009
31.12.2010
1'671.3
1'546.3
0.60x
1.11x
129.8
143.0
7.67x
12.02x
63.6
79.4
17.67x
22.92x
Profitability
LTM-4Q
31.12.2011
1'896.4
0.56x
148.1
7.14x
65.5
13.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'170.2
0.76x
175.6
9.41x
84.0
17.41x
175.60
132.10
6.09%
5.71%
5.58%
18.94%
1.44%
8.1%
6.1%
3.9%
1.44
0.78
20.93%
72.11%
5.12
-
Price/ Cash Flow
12/yy
1'896.4
3.12x
147.8
7.15x
65.5
13.10x
LTM
12/yy
2'170.1
2.77x
175.5
9.41x
84.0
17.46x
FY+1
1.30
23.35%
9.51%
1.298
19
2.947
248'997
257'714
247'715
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'145.4
2'237.4
463.4
542.3
0.91x
0.86x
4.12x
3.60x
187.6
210.1
35.4
45.0
10.44x
9.32x
10.44x
9.90x
100.0
115.8
16.3
22.6
16.29x
13.91x
18.09x
17.47x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.72
8.78
1.04
1.86
72.1%
41.6%
1.44
16.76
71.50
-
1'600.00
2'500.0
1'400.00
2'000.0
1'200.00
1'000.00
1'500.0
800.00
1'000.0
600.00
400.00
500.0
200.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Konecranes OYJ
Holdings By:
All
Holder Name
HTT 2 HOLDING LTD
KONECRANES PLC
BLACKROCK
GUSTAVSON STIG GUNNA
BEUTEL GOODMAN & COM
NORDSTJERNAN AB
SEB
FONDITA FUNDS
FONDITA RAHASTOYHTIO
FOLKHALSAN
VANGUARD GROUP INC
Firm Name
FIM
SEB Enskilda
Carnegie
Handelsbanken
DNB Markets
Evli Bank Plc
ABG Sundal Collier
Pareto Securities
INDERES
Deutsche Bank
Goldman Sachs
EVA Dimensions
CA Cheuvreux
Swedbank
Danske Markets
HSBC
ICECAPITAL Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
SANNA KAJE
PEKKA SPOLANDER
TOMI RAILO
TIMO HEINONEN
JAN KAIJALA
TOM SKOGMAN
CHRISTER MAGNERGARD
ELINA RIUTTA
JOHAN EDVARDSSON
JARI HARJUNPAA
JUHA KINNUNEN
ANETTE LUOMANPERA
ESHAN TOORABALLY
CRAIG STERLING
JOHAN ELIASON
ERKKI VESOLA
ANTTI SUTTELIN
JUERGEN SIEBRECHT
LAURI LEINO
Source
Research
Research
ULT-AGG
Research
Research
Research
MF-AGG
Research
MF-AGG
Research
Co File
Co File
Research
MF-AGG
ULT-AGG
Research
MF-AGG
Research
MF-AGG
MF-AGG
Recommendation
hold
reduce
buy
hold
hold
accumulate
sell
reduce
hold
hold
reduce
hold
Buy/Neutral
sell
outperform
reduce
hold
underweight
hold
Amt Held
6'870'568
6'014'072
5'605'460
2'928'671
2'365'275
2'069'778
1'519'496
1'462'198
1'023'387
918'000
792'522
709'356
638'500
634'817
628'998
595'000
580'500
535'600
528'148
523'500
% Out
10.86
9.51
8.86
4.63
3.74
3.27
2.4
2.31
1.62
1.45
1.25
1.12
1.01
1
0.99
0.94
0.92
0.85
0.83
0.83
Weighting
Change
3
2
5
3
3
4
1
2
3
3
2
3
5
1
5
2
3
1
3
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
611'139
73'136
24'600
(144'728)
38'789
15'500
5'192
-
Target Price
26
24
29
#N/A N/A
26
27
20
23
23
26
24
24
31
#N/A N/A
28
23
24
21
22
File Dt
Inst Type
30.11.2012
Other
30.11.2012
Corporation
26.02.2013
Investment Advisor
30.11.2012
Insurance Company
30.11.2012
Insurance Company
30.11.2012
n/a
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Government
31.12.2011
Insurance Company
31.12.2011
Venture Capital
30.11.2012
Other
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.01.2013
Investment Advisor
30.11.2012
Other
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
6 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Date
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
22.01.2013
22.01.2013
17.01.2013
25.10.2012
25.10.2012
24.10.2012
17.10.2012
22.07.2010
28.02.2013
Ladbrokes PLC
Ladbrokes PLC has diversified interests in betting ventures. The Company
operates betting shops and call centers in the UK, Ireland, and Belgium.
Price/Volume
250
18.0 M
16.0 M
200
14.0 M
12.0 M
150
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (06.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LAD LN EQUITY YTD Change
LAD LN EQUITY YTD % CHANGE
12/2012
01/yy
233.70
147.90
5'262'063.00
223
-4.58%
50.78%
87.53%
908.7
2'026.42
406.30
0.0
1.3
19.40
2'414.62
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
6.0 M
4.0 M
50
2.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'151.2
1.91x
376.4
5.86x
200.7
5.93x
10.0 M
100
31.12.2009
31.12.2010
1'032.2
980.1
1.87x
1.64x
271.6
230.7
7.11x
6.96x
74.4
348.3
7.05x
2.96x
Profitability
31.12.2011
976.1
1.67x
237.7
6.88x
118.2
10.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'084.4
2.02x
288.2
7.60x
190.3
9.44x
288.20
233.20
21.50%
18.51%
18.12%
52.35%
27.08%
1.03%
34.3%
26.6%
21.5%
17.5%
0.64
0.13
38.23%
96.51%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.99
0.89
885.65
55.89%
12.46%
0.893
25
3.040
3'881'471
2'658'644
2'229'709
FY+2
12/13 Y
12/14 Y
1'149.7
1'214.3
2.07x
1.90x
260.1
277.5
9.28x
8.70x
160.6
177.4
12.97x
11.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
23.02.2006
BB
STABLE
9.61
7.92
1.34
1.41
96.5%
49.0%
1.03
5.21
-
9.00
12'000.0
8.00
10'000.0
7.00
8'000.0
6.00
5.00
6'000.0
4.00
3.00
4'000.0
2.00
2'000.0
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Ladbrokes PLC
Holdings By:
All
Holder Name
SCHRODER INVESTMENT
FMR LLC
SCHRODER INVESTMENT
BLACKROCK
LEGAL & GENERAL
INVESCO LTD
JP MORGAN PRIVATE BA
LIONTRUST
AVIVA INVESTORS
MELLON CAPITAL MANAG
Firm Name
Goldman Sachs
Nomura
EVA Dimensions
Morgan Stanley
Natixis
Gabelli & Co
Barclays
Investec
Daniel Stewart & Co
AlphaValue
JPMorgan
Deutsche Bank
Peel Hunt
Credit Suisse
Exane BNP Paribas
Jefferies
Davy
Prosdocimi
Portfolio Name
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
NICK EDELMAN
RICHARD STUBER
CRAIG STERLING
VAUGHAN LEWIS
GAVIN KELLEHER
MATTHIEU DETROYAT
AMIT KAPOOR
ED BIRKIN
JAMES HOLLINS
KARL BURNS
SIMON DAVIES
MICHAEL CAMPBELL
IVOR JONES
JEFFREY HARWOOD
SIMON FRENCH
BERENICE LACROIX
MATTHEW WEBB
RICHARD CARTER
NICHOLAS BATRAM
MATTHEW GERARD
ROBERTA CIACCIA
JAMES WHEATCROFT
DAVID JENNINGS
TEAM COVERAGE
Source
REG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
REG
RNS-MAJ
REG
REG
ULT-AGG
REG
RNS-RUL8
REG
REG
Recommendation
Sell/Neutral
neutral
overweight
Underwt/In-Line
hold
reduce
buy
equalweight
buy
hold
buy
sell
add
hold
hold
reduce
underweight
buy
hold
underperform
neutral
hold
neutral
buy
Amt Held
127'659'086
101'039'696
88'085'339
78'140'719
38'920'765
38'485'124
36'688'912
36'503'358
28'135'623
27'073'853
26'755'461
26'565'476
26'522'404
19'108'604
18'495'188
18'050'067
16'638'110
15'840'152
15'575'935
12'982'820
% Out
14.05
11.12
9.69
8.6
4.28
4.24
4.04
4.02
3.1
2.98
2.94
2.92
2.92
2.1
2.04
1.99
1.83
1.74
1.71
1.43
Weighting
Change
1
3
5
1
3
2
5
3
5
3
5
1
4
3
3
2
1
5
3
1
3
3
3
5
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
D
N
Latest Chg
426'374
(4'549'312)
(3'169'113)
(1'399'797)
8'363'025
80'359
(588'626)
(3'869'048)
(1)
(151'000)
506'756
1'180'871
100
647'755
2'826'889
Target Price
197
203
#N/A N/A
175
215
175
#N/A N/A
216
250
#N/A N/A
255
225
265
#N/A N/A
195
235
160
256
179
147
168
160
#N/A N/A
#N/A N/A
File Dt
02.01.2013
02.01.2013
31.12.2012
02.01.2013
26.02.2013
31.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
13.04.2012
02.01.2013
02.01.2013
02.01.2013
02.01.2013
04.10.2011
02.01.2013
02.01.2013
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.02.2013
26.02.2013
26.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
19.02.2013
28.01.2013
25.01.2013
24.01.2013
28.08.2012
03.08.2012
06.07.2012
06.04.2010
28.02.2013
Logitech International SA
Logitech International S.A. manufactures personal computer input devices. The
Company produces computer mice which help the user move the cursor around the
computer screen quickly, trackballs, game controllers, keyboards, PC video
cameras, and multimedia speakers. The Company sells its products worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2012)
52-Week Low (01.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LOGN SE EQUITY YTD Change
LOGN SE EQUITY YTD % CHANGE
03/2012
12/yy
9.91
6.03
774'663.00
6.36
-35.83%
5.47%
8.50%
173.1
1'100.96
0.00
0.0
0.0
478.37
862.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12.0 M
10
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
2'370.5
2.14x
335.9
15.09x
231.0
19.95x
12
31.03.2009
31.03.2010
2'208.8
1'966.7
0.61x
1.31x
182.4
151.0
7.44x
17.02x
107.0
65.0
17.19x
44.61x
Profitability
LTM-4Q
31.03.2011
2'362.9
1.17x
218.6
12.61x
128.5
24.74x
31.03.2012
2'316.2
0.35x
144.5
5.56x
71.5
19.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
144.48
71.98
3.11%
3.94%
-9.42%
-16.72%
1.24%
33.5%
5.4%
-7.5%
3.1%
2.18
1.44
0.00%
0.00%
7.42
4.95
Price/ Cash Flow
12/yy
2'331.9
2.80x
119.5
8.15x
45.9
28.94x
LTM
12/yy
2'162.8
2.32x
116.7
8.50x
(163.9)
0.00x
FY+1
1.19
145.52
-9.86%
-8.23%
1.191
16
2.563
717'224
1'294'272
1'080'147
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'145.9
2'054.5
475.7
442.5
0.39x
0.39x
1.82x
2.06x
125.3
144.0
21.9
(4.3)
6.88x
5.99x
10.81x
10.03x
64.2
82.1
8.0
(11.0)
21.93x
14.59x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
323.23
216.28
-2.76
0.00
0.0%
0.0%
1.24
25.87
49.35
73.95
93.63
36.24
18.00
2'500.0
16.00
2'000.0
14.00
12.00
1'500.0
10.00
8.00
1'000.0
6.00
500.0
4.00
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Logitech International SA
Holdings By:
All
Holder Name
LOGITECH INTERNATION
MORGAN STANLEY
BOREL DANIEL
FMR LLC
BLACKROCK
GOLDMAN SACHS GROUP
FRANKLIN RESOURCES
CREDIT SUISSE ASSET
CREDIT AGRICOLE SA
NEW JERSEY DIVISION
VANGUARD GROUP INC
THOMPSON SIEGEL & WA
DEUTSCHE BANK AG
Firm Name
Exane BNP Paribas
AlphaValue
Goldman Sachs
Credit Suisse
CA Cheuvreux
EVA Dimensions
Avondale Partners LLC
Bank Vontobel AG
Helvea
Barclays
Morgan Stanley
JPMorgan
Pacific Crest Securities
Raymond James
Wedge Partners
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
GOLDMAN SACHS GROUP
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
CREDIT AGRICOLE SA
Multiple Portfolios
Multiple Portfolios
THOMPSON SIEGEL & WA
DEUTSCHE BANK AKTIEN
Multiple Portfolios
n/a
ARTISAN PARTNERS LP
ROYCE & ASSOCIATES L
Analyst
ALEXANDER PETERC
HEINZ STEFFEN
ALEXANDER DUVAL
FELIX REMMERS
CHRISTOPH WIRTZ
ANDREW S ZAMFOTIS
ANDREAS MUELLER
JOHN F BRIGHT
MICHAEL FOETH
STEFAN GAECHTER
ANDREW M GARDINER
ANDREW HUMPHREY
PAUL T COSTER
ANDY HARGREAVES
TAVIS C MCCOURT
KIRK ADAMS
Source
EXCH
ULT-AGG
Form 4
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
13F
13F
MF-AGG
ULT-AGG
13F
13F
Recommendation
outperform
reduce
neutral/neutral
underperform
underperform
hold
market perform
market perform
hold
neutral
underweight
Equalwt/No Rating
underweight
sector perform
market perform
no rating system
Amt Held
15'111'187
12'754'367
11'397'944
9'619'094
8'524'642
5'986'336
4'231'897
4'185'433
4'148'006
3'476'391
3'280'000
3'164'411
2'400'000
1'817'333
1'761'859
1'637'468
1'372'688
1'369'484
1'348'600
1'294'100
% Out
8.73
7.37
6.58
5.56
4.92
3.46
2.44
2.42
2.4
2.01
1.89
1.83
1.39
1.05
1.02
0.95
0.79
0.79
0.78
0.75
Weighting
Change
5
2
3
1
1
3
3
3
3
3
1
3
1
3
3
#N/A N/A
M
D
M
M
M
D
M
D
M
M
M
M
M
M
M
M
Latest Chg
(25'743)
(169'415)
33'492
(257'959)
676'059
910'366
1'381'719
(55'871)
1'280'000
(101'412)
900'000
(9'370)
(928'547)
(230'617)
(174'809)
842'271
(59'800)
7'000
Target Price
9
7
7
5
5
#N/A N/A
#N/A N/A
6
7
7
6
8
7
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
04.01.2013
Unclassified
31.12.2012
Investment Advisor
06.09.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
30.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
Not Provided
Date
26.02.2013
21.02.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
10.01.2013
28.02.2013
London Stock Exchange Group PLC

London Stock Exchange Group plc is the United Kingdom's primary stock exchange.
The LSE provides markets that facilitate the raising of capital and the trading
of corporate securities, access to a trading environment, as well as real-time
pricing and reference information services worldwide. Market coverage includes
equities, derivatives and fixed-interest securities.
Price/Volume
1600
4.0 M
1000
800
03/2012
12/yy
1'403.00
864.00
273'919.00
1321
-5.84%
52.89%
84.79%
271.1
3'581.35
262.10
0.0
72.9
216.00
4'128.55
3.0 M
600
2.0 M
400
1.0 M
200
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
1200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (06.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LSE LN EQUITY YTD Change
LSE LN EQUITY YTD % CHANGE
31.03.2008
546.4
7.18x
337.4
11.63x
168.3
17.07x
6.0 M
1400
31.03.2009
31.03.2010
671.4
621.8
3.14x
3.88x
424.4
347.4
4.96x
6.94x
(338.0)
90.4
21.03x
Profitability
LTM-4Q
31.03.2011
667.2
3.88x
387.6
6.68x
151.6
14.75x
31.03.2012
806.7
3.62x
478.8
6.10x
522.0
5.34x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
478.80
383.50
47.54%
79.30%
0.40%
42.48%
29.83%
0.01%
94.3%
57.6%
43.2%
64.7%
1.00
0.00
0.26%
19.04%
10.14
-
Price/ Cash Flow
12/yy
701.4
0.00x
0.0
0.00x
0.0
0.00x
LTM
12/yy
733.6
0.00x
0.0
0.00x
0.0
0.00x
FY+1
2.17
1.17
173.84
50.90%
21.42%
1.173
18
3.167
340'767
420'421
369'420
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
819.9
903.3
209.0
212.0
4.95x
4.49x
467.0
468.2
8.84x
8.82x
290.1
241.5
14.27x
14.81x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.03.2012
A- *01.07.2011
A-2
8.31
8.02
0.99
1.47
19.0%
15.3%
0.01
11.87
36.09
-145.09
14.00
900.0
12.00
800.0
700.0
10.00
600.0
8.00
500.0
6.00
400.0
300.0
4.00
200.0
2.00
0.00
03.04.2009
100.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
London Stock Exchange Group PLC

Holdings By:
All
Holder Name
BORSE DUBAI LTD
FMR LLC
QATAR INVESTMENT AUT
Paulson Partners LP
LEGAL & GENERAL
BLACKROCK
Societe Generale Sec
UBS
DEKABANK DEUTSCHE GI
VANGUARD GROUP INC
JP MORGAN
PRIVATE INDIVIDUALS
Firm Name
Portfolio Name
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RBC Capital Markets

PETER K LENARDOS
BMO Capital Markets
JILLIAN MILLER
Macquarie
NEIL WELCH
AlphaValue
CHRISTOPHE NIJDAM
JAMES HAMILTON
Barclays
DANIEL R GARROD
HSBC
JOHANNES THORMANN
PHILIP DOBBIN
Goldman Sachs
CHRIS M. TURNER
JPMorgan
RAE MAILE
Berenberg Bank
RICHARD PERROTT
EVA Dimensions
AUSTIN BURKETT
Credit Suisse
GURJIT KAMBO
Morgan Stanley
BRUCE HAMILTON
TOM MILLS
Nomura
TEAM COVERAGE
Source
REG
ULT-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
MF-AGG
MF-AGG
REG
ULT-AGG
REG
REG
REG
Recommendation
outperform
market perform
neutral
reduce
hold
overweight
neutral
buy
Sell/Neutral
underweight
hold
hold
outperform
restricted
market perform
neutral
Amt Held
55'966'856
41'598'251
40'883'184
8'750'265
8'365'296
7'886'155
5'775'283
5'103'279
4'809'653
4'485'305
3'607'847
3'363'543
3'306'477
3'279'313
3'181'882
3'075'077
2'995'311
2'942'552
2'474'302
2'430'723
% Out
20.64
15.34
15.08
3.23
3.09
2.91
2.13
1.88
1.77
1.65
1.33
1.24
1.22
1.21
1.17
1.13
1.1
1.09
0.91
0.9
Weighting
Change
5
3
3
2
3
5
3
5
1
1
3
3
5
#N/A N/A
3
3
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
2'094'659
(157'380)
(469'643)
758'882
(2'644'640)
500'000
(810'225)
(1'050)
2'266'426
14'732
3'244'082
3'279'313
54'825
823'373
(992'107)
1'130'513
231'695
51'136
Target Price
1'300
1'100
1'267
1'182
1'136
1'500
1'300
1'315
1'110
1'050
1'150
#N/A N/A
1'030
#N/A N/A
1'010
967
File Dt
Inst Type
01.11.2012
Holding Company
31.12.2012
Investment Advisor
01.11.2012
Government
01.11.2012
Unclassified
01.11.2012
Unclassified
01.11.2012
Bank
01.11.2012
Unclassified
01.11.2012
Government
26.02.2013
Investment Advisor
01.11.2012
Unclassified
01.11.2012
Unclassified
01.11.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Other
Date
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
27.02.2013
25.02.2013
21.02.2013
21.02.2013
18.02.2013
15.02.2013
29.01.2013
25.01.2013
24.01.2013
24.01.2013
21.01.2013
17.01.2013
19.11.2012
16.11.2012
16.11.2012
12.03.2012
28.02.2013
Lonmin PLC
Lonmin PLC is a mineral resources group. The Group produces Platinum and other
Platinum group metals such as Palladium and Rhodium. The Company's operations
are located in the district of Marikana, near Rustenberg, in the North West
Province of South Africa.
Price/Volume
700
18.0 M
600
16.0 M
14.0 M
500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.02.2012)
52-Week Low (09.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LMI LN EQUITY YTD Change
LMI LN EQUITY YTD % CHANGE
09/2012
01/yy
607.43
226.96
1'113'087.00
345.2
-43.17%
52.10%
31.08%
568.6
1'962.65
736.00
0.0
257.0
315.00
3'655.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
300
8.0 M
6.0 M
200
4.0 M
100
2.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
2'231.0
3.16x
1'046.0
6.75x
455.0
13.91x
12.0 M
400
30.09.2009
30.09.2010
1'062.0
1'585.0
5.35x
3.82x
(2.0)
383.0
2841.63x
15.82x
(285.0)
112.0
46.10x
Profitability
30.09.2011
1'992.0
2.00x
409.0
9.73x
273.0
12.20x
30.09.2012
1'614.0
1.55x
776.0
3.23x
(410.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
776.00
50.00
3.10%
-43.25%
-8.65%
-15.13%
0.34%
48.1%
3.1%
-25.4%
1.37
0.73
15.92%
29.58%
28.07
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
1.40
511.81
-41.16%
21.46%
1.398
24
2.750
1'701'327
3'007'987
3'512'153
FY+2
09/13 Y
09/14 Y
1'611.5
2'009.9
1.90x
1.52x
167.1
410.8
21.88x
8.90x
19.3
171.8
654.67x
19.62x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
17.24
8.27
0.54
0.95
29.6%
21.1%
0.34
0.59
13.04
-
120.00
2'500.0
100.00
2'000.0
80.00
1'500.0
60.00
1'000.0
40.00
500.0
20.00
0.00
02.10.2009
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Lonmin PLC
Holdings By:
All
Holder Name
XSTRATA PLC
OLD MUTUAL
OLD MUTUAL INVESTMEN
LEGAL & GENERAL
BOCAGE CAPITAL LLC
VANGUARD GROUP INC
NOMURA INTERNATIONAL
SUNRISE PARTNERS LP
GUEVOURA FUND LTD
INVESTEC FUND GROUP
OCCITAN MASTER FUND
NEDCOR BANK MGMT CO
SCOTTISH WIDOWS
SARASIN
UBS
Firm Name
Exane BNP Paribas
AlphaValue
SBG Securities
Credit Suisse
Deutsche Bank
NOAH Capital Markets
BMO Capital Markets
Societe Generale
RBC Capital Markets
JPMorgan
Morgan Stanley
CIBC World Markets
EVA Dimensions
Goldman Sachs
Barclays
Nomura
Liberum Capital Ltd
Investec
BNP Paribas Cadiz Securities
Redburn Partners
Renaissance Capital
Portfolio Name
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
ROMY KRUGER
SACHIN KUMAR
PETER MALLIN-JONES
JUSTIN FRONEMAN
NIHAL SHAH
GRANT SPORRE
MICHAEL KAVANAGH
EDWARD STERCK
ABHISHEK SHUKLA
TIMOTHY HUFF
STEVE SHEPHERD
ALISON TURNER
CHRISTOPHER NICHOLSON
LEON ESTERHUIZEN
CRAIG STERLING
EUGENE KING
ANDREW BYRNE
TYLER BRODA
BEN DAVIS
MARC ELLIOTT
NIC DINHAM
SIMON TOYNE
EMMA TOWNSHEND
Source
REG
ULT-AGG
REG
RNS-MAJ
RNS-MAJ
ULT-AGG
Short
MF-AGG
Short
Short
Short
Short
Short
MF-AGG
Short
MF-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
Recommendation
neutral
sell
hold
buy
neutral
hold
hold
market perform
sell
underperform
overweight
buy
Equalwt/In-Line
sector underperform
overweight
sell/attractive
equalweight
buy
sell
not rated
hold
sell
hold
Amt Held
% Out
49'826'225
8.76
17'658'006
3.11
16'558'975
2.91
14'826'599
2.61
10'427'028
1.83
6'994'440
1.23
(5'969'820) -1.05
5'413'037
0.95
(4'775'862) -0.84
(4'377'874) -0.77
(3'809'319) -0.67
(3'411'326)
-0.6
(2'899'627) -0.51
2'531'389
0.45
(2'501'639) -0.44
2'380'621
0.42
2'253'376
0.4
2'198'640
0.39
2'047'739
0.36
1'768'712
0.31
Weighting
3
1
3
5
3
3
3
3
1
1
5
5
3
1
5
1
3
5
1
#N/A N/A
3
1
3
Change
M
M
M
M
D
U
N
M
M
M
U
M
M
M
U
M
M
U
M
M
M
M
M
Latest Chg
(6'456'174)
1'649'773
(3'068'233)
549'729
(397'988)
1'241'833
(1'705'665)
(1'080'255)
(284'277)
(113'711)
1'176'289
397'988
474'241
713'817
2'169'296
534'773
688'620
Target Price
270
240
395
400
350
361
345
300
38
260
410
506
336
117
#N/A N/A
200
275
457
#N/A N/A
#N/A N/A
271
#N/A N/A
1'037
File Dt
01.12.2012
01.12.2012
01.12.2012
23.11.2012
03.12.2012
31.01.2013
18.01.2013
31.12.2012
05.12.2012
07.11.2012
06.12.2012
25.02.2013
25.02.2013
30.09.2012
11.01.2013
30.09.2012
01.12.2012
01.12.2012
28.12.2012
01.12.2012
Date
Not Provided
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Corporation
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Unclassified
Unclassified
Date
27.02.2013
21.02.2013
11.02.2013
11.02.2013
08.02.2013
06.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
24.01.2013
17.01.2013
17.01.2013
10.01.2013
22.11.2012
19.11.2012
09.11.2012
06.11.2012
01.11.2012
31.10.2012
10.11.2011
28.02.2013
Lundbergforetagen AB
L E Lundbergforetagen AB is a real estate and investment company. The Company
owns, develops, rents out, and manages commercial and residential properties
located in central Sweden. Lundbergs is also a long term investor in mostly
publicly traded Swedish companies. The Company takes an active ownership role
in the companies. Moreover Lundbergs is engaged in securities trading.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LUNDB SS EQUITY YTD Change
LUNDB SS EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
274.80
194.60
61'497.00
267.4
-2.69%
37.41%
90.77%
76.0
33'157.60
14'136.00
0.0
21'650.0
1'198.00
66'610.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
250
.5 M
200
.4 M
150
.3 M
100
.2 M
50
.1 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
22'350.0
2.22x
3'971.0
12.49x
(2'244.0)
-
300
31.12.2009
31.12.2010
21'073.0
21'171.0
2.46x
2.97x
4'586.0
3'529.0
11.29x
17.82x
1'588.0
2'483.0
14.17x
12.48x
Profitability
LTM-4Q
31.12.2011
22'604.0
2.59x
4'876.0
12.02x
5'116.0
4.92x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
21'618.0
4'751.0
3'241.0
8.80x
4'751.00
3'225.00
14.92%
20.17%
3.69%
9.70%
0.25%
22.9%
16.7%
15.0%
0.74
0.42
0.00%
0.00%
-
Price/ Cash Flow
LTM
12/yy
22'603.0
2.59x
6'066.0
9.66x
5'117.0
4.93x
12/yy
21'617.0
0.00x
4'940.0
0.00x
3'241.0
8.80x
FY+1
0.82
18.87%
16.31%
0.816
3
3.333
119'196
57'886
62'953
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
20'719.0
20'871.0
5'517.0
5'608.0
12.07x
11.88x
1'243.0
988.0
38.53x
45.40x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
08.06.2007
A+
STABLE
24.01.2001
A-1
9.17
2.47
0.0%
21.5%
0.25
0.56
-
35.00
25'000.0
30.00
20'000.0
25.00
15'000.0
20.00
15.00
10'000.0
10.00
5'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Lundbergforetagen AB
Holdings By:
All
Holder Name
LUNDBERG FREDRIK
MARTINSON KATARINA
LINDH LOUISE
CARNEGIE FONDER AB/S
SEB FONDER AB
PLACERINGSFOND SMABO
SEB
SKANDIA FONDER AB
PRI FORSAKRINGSBOLAG
VANGUARD GROUP INC
BENNET CARL
CATELLA FONDFORVALTN
CARLSON FONDER AB
SPILTAN FONDER AB
Firm Name
Goldman Sachs
Handelsbanken
EVA Dimensions
Carnegie
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MARKUS IWAR
ELIAS PORSE
AUSTIN BURKETT
JOHAN SJOBERG
Source
Co File
Co File
Co File
MF-AGG
Co File
Co File
Co File
MF-AGG
Co File
ULT-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Sell/Neutral
accumulate
overweight
hold
Amt Held
66'158'000
9'338'602
9'338'602
2'399'783
1'748'000
1'748'000
1'672'000
1'632'148
1'216'000
1'070'416
1'064'000
608'000
608'000
404'645
265'730
200'000
122'070
110'994
95'760
95'754
% Out
87.05
12.29
12.29
3.16
2.3
2.3
2.2
2.15
1.6
1.41
1.4
0.8
0.8
0.53
0.35
0.26
0.16
0.15
0.13
0.13
Weighting
Change
1
4
5
3
M
M
M
M
Latest Chg
190'052
(250'000)
(173'265)
8'740
5'807
800
125
-
Target Price
239
250
#N/A N/A
#N/A N/A
File Dt
Inst Type
23.02.2012
n/a
23.02.2012
n/a
23.02.2012
n/a
31.01.2013
Investment Advisor
23.02.2012
Investment Advisor
31.12.2012
Investment Advisor
23.02.2012
n/a
31.12.2012
Unclassified
23.02.2012
Investment Advisor
23.02.2012
Other
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
23.02.2012
n/a
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
Date
22.02.2013
15.02.2013
17.01.2013
30.09.2011
28.02.2013
Mapfre SA
Mapfre SA offers insurance services. Through subsidiaries, the Company offers
health, life, homeowner's, commercial, industrial risk, burial, accident,
automobile, and third-party liability insurance policies. Mapfre operates in
Europe and the Americas.
Price/Volume
3
140.0 M
120.0 M
100.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (29.02.2012)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MAP SQ EQUITY YTD Change
MAP SQ EQUITY YTD % CHANGE
12/2012
12/yy
2.64
1.29
6'480'694.00
2.454
-6.94%
90.82%
86.45%
3'079.6
7'557.22
5'225.76
0.0
2'325.8
1'018.04
14'090.78
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
60.0 M
40.0 M
20.0 M
0
f-12 m-12
31.12.2009
31.12.2010
16'011.4
17'165.6
0.69x
0.49x
926.9
933.5
8.97x
6.63x
Profitability
LTM-4Q
31.12.2011
19'867.6
0.57x
963.0
7.75x
31.12.2012
20'030.3
0.68x
665.7
10.51x
8.25%
6.85%
1.19%
8.96%
0.36%
j-12
3.3%
9.17%
66.91%
-
12/yy
20'049.1
2.35x
0.0
0.00x
665.7
10.47x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
0.97
1'086.41
1.60%
6.00%
0.967
22
2.636
8'713'176
8'508'184
11'809'300
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
20'878.7
21'774.3
0.55x
970.5
1'018.1
7.69x
7.46x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
BBBNEG
66.9%
34.0%
0.36
-
25'000.0
1.00
20'000.0
0.60
j-12
LTM
12/yy
16'500.2
2.78x
0.0
0.00x
963.0
7.85x
1.20
0.80
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
14'844.0
0.66x
900.7
7.15x
80.0 M
Valuation Analysis
15'000.0
10'000.0
0.40
5'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Mapfre SA
Holdings By:
All
Holder Name
FUNDACION MAPFRE
BANCO FINANCIERO Y D
STEADFAST CAPITAL MA
VANGUARD GROUP INC
BLACKROCK
SCHRODER INVESTMENT
SHELTER INSURANCE GR
PICTET CONSEIL EN IN
STATE STREET
LA FRANCAISE AM INTE
Firm Name
EVA Dimensions
Bankia Bolsa (ESN)
Exane BNP Paribas
Morgan Stanley
CA Cheuvreux
Oddo & Cie
Berenberg Bank
Main First Bank AG
Goldman Sachs
JPMorgan
Barclays
Credit Suisse
Raymond James
Banco Sabadell
La Caixa
BBVA
Societe Generale
Renta 4 SA SVB
Nomura
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
AUSTIN BURKETT
MARIA RIVAS RODRIGUEZ
RODRIGO VAZQUEZ
NICCOLO DALLA PALMA
MACIEJ WASILEWICZ
ATANASIO PANTARROTAS
NAZIH BOUGUECHA
SAMI TAIPALUS
ALFREDO DEL CERRO
FEDERICO SALERNO
VINIT MALHOTRA
ANDREAS VAN EMBDEN
CLAUDIA GASPARI
RICHARD BURDEN
RAPHAEL CARUSO
MARIA PAZ OJEDA
DAVID FERNANDEZ
EMMANUELLE CALES
NURIA ALVAREZ
TEAM COVERAGE
Source
Research
Research
Short
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
sell
buy
strong buy
neutral
Overwt/In-Line
underperform
neutral
hold
neutral
outperform
neutral/neutral
underweight
equalweight
neutral
underperform
sell
underweight
outperform
sell
overweight
reduce
Amt Held
% Out
1'990'232'865 64.63
461'691'489 14.99
(18'477'319)
-0.6
14'081'575
0.46
13'051'147
0.42
9'529'791
0.31
6'056'185
0.2
4'496'231
0.15
4'128'000
0.13
2'883'405
0.09
2'692'660
0.09
2'642'837
0.09
2'107'305
0.07
1'964'812
0.06
1'643'815
0.05
1'597'011
0.05
1'496'050
0.05
1'436'543
0.05
1'206'958
0.04
1'198'630
0.04
Weighting
Change
1
5
5
3
5
1
3
3
3
5
3
1
3
3
1
1
1
5
1
5
2
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
U
N
M
M
Latest Chg
304'556
1'556'262
55'419
1'028'514
474'315
(2'026'700)
(19'369)
636'605
(156'889)
856'630
Target Price
#N/A N/A
3
3
2
3
2
3
3
3
2
2
2
3
3
2
2
2
3
2
3
3
File Dt
Inst Type
06.02.2012
Other
06.02.2012
Bank
02.11.2012
Other
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Insurance Company
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.08.2012
Investment Advisor
30.11.2012
Bank
29.02.2012
Investment Advisor
31.10.2012
Investment Advisor
27.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
26.02.2013
18.02.2013
13.02.2013
12.02.2013
11.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
05.02.2013
04.02.2013
14.01.2013
27.12.2012
07.11.2012
13.09.2012
20.07.2012
31.05.2012
04.08.2010
06.11.2008
28.02.2013
Marine Harvest ASA

Marine Harvest is a Norwegian based fish farming plant, raising mainly Atlantic
salmon. The Company operates hatcheries, processes and packages fish, as well
as sells and markets the products. Marine Harvest operates in Canada, Norway
and Scotland. The Company sells salmon worldwide through its sales companies in
Norway, Canada, the United Kingdom and the United States.
Price/Volume
7
80.0 M
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.02.2013)
52-Week Low (06.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MHG NO EQUITY YTD Change
MHG NO EQUITY YTD % CHANGE
12/2012
12/yy
6.00
2.62
17'677'143.00
5.98
-0.25%
128.24%
99.56%
3'581.1
21'415.22
5'716.30
0.0
69.0
335.30
26'865.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
20.0 M
10.0 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
13'486.9
0.85x
2'599.5
4.40x
(2'852.6)
-
40.0 M
31.12.2009
31.12.2010
14'500.2
15'191.4
1.40x
1.80x
2'566.8
3'849.4
7.89x
7.10x
1'296.3
3'078.0
11.54x
7.17x
Profitability
LTM-4Q
31.12.2011
16'132.8
0.98x
3'560.2
4.44x
1'115.7
8.30x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
15'463.5
1.59x
1'215.3
20.27x
408.6
46.56x
1'215.30
537.60
3.48%
5.10%
1.77%
3.65%
3.50%
0.67%
37.5%
7.9%
3.5%
2.6%
2.94
0.10
24.55%
49.19%
12.06
Price/ Cash Flow
LTM
12/yy
16'132.9
5.08x
3'562.1
4.44x
1'116.7
8.21x
12/yy
15'463.6
5.38x
1'215.5
20.27x
408.8
47.24x
FY+1
1.08
2'271.05
99.33%
16.80%
1.077
16
4.625
12'679'580
14'703'340
16'069'600
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'750.0
19'617.5
3'670.9
4'153.4
1.64x
1.39x
7.27x
6.35x
3'058.9
4'125.2
654.3
852.6
8.78x
6.51x
8.90x
7.82x
1'571.2
2'399.3
311.3
473.9
14.20x
9.49x
14.69x
12.15x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.17
1.26
4.43
4.70
49.2%
32.8%
0.67
3.74
30.34
12.75
14.00
18'000.0
12.00
16'000.0
14'000.0
10.00
12'000.0
8.00
10'000.0
6.00
8'000.0
6'000.0
4.00
4'000.0
2'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Marine Harvest ASA

Holdings By:
All
Holder Name
GEVERAN TRADING CO L
STATE STREET
MORGAN STANLEY
CLEARSTREAM BANKING
FRIENDMALL LTD
DNB NORBANK ASA
GOLDMAN SACHS & CO
STATOILS PENSJONSKAS
DANSKE CAPITAL NORGE
WEST COAST INVEST AS
VANGUARD GROUP INC
SEB
EUROCLEAR BANK SA
Firm Name
Pareto Securities
ABG Sundal Collier
Carnegie
Fondsfinans AS
SEB Enskilda
Handelsbanken
SpareBank 1 Markets AS
DNB Markets
ABN Amro Bank N.V.
EVA Dimensions
Equita SIM SpA
Norne Securities AS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
HENNING LUND
GEORG LIASJO
MARIUS GAARD
BENT ROLLAND
KOLBJORN GISKEODEGARD
PEDER STRAND
PATRICK ROQUAS
KJETIL LYE
GEIR KRISTIANSEN
KNUT-IVAR BAKKEN
THOMAS LORCK
MAARTEN BAKKER
HENNING C STEFFENRUD
AUSTIN BURKETT
GIANMARCO BONAICNA
ANDERS GJENDEMSJO
Source
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
EXCH
MF-AGG
ULT-AGG
EXCH
Recommendation
buy
buy
buy
buy
buy
hold
buy
buy
buy
buy
buy
buy
buy
sell
buy
buy
Amt Held
872'993'302
317'333'268
313'216'895
257'072'196
105'263'137
87'784'022
80'524'404
67'417'708
66'835'227
40'143'840
37'618'452
36'782'996
33'164'013
32'202'972
31'500'000
30'354'935
30'012'000
29'700'578
27'972'159
26'490'191
% Out
24.38
8.86
8.75
7.18
2.94
2.45
2.25
1.88
1.87
1.12
1.05
1.03
0.93
0.9
0.88
0.85
0.84
0.83
0.78
0.74
Weighting
Change
5
5
5
5
5
3
5
5
5
5
5
5
5
1
5
5
M
M
M
M
M
M
M
M
M
M
M
U
M
M
N
M
Latest Chg
16'368'248
4'574'325
(317'864)
23'800
617'064
-
Target Price
7
6
#N/A N/A
6
6
6
6
6
6
7
7
7
6
#N/A N/A
7
6
File Dt
Inst Type
18.02.2013
Corporation
27.02.2013
Investment Advisor
18.02.2013
Government
18.02.2013
Investment Advisor
18.02.2013
Bank
31.10.2012
Investment Advisor
18.02.2013
Unclassified
31.01.2013
Investment Advisor
18.02.2013
Bank
18.02.2013
Investment Advisor
18.02.2013
Investment Advisor
18.02.2013
Investment Advisor
31.01.2013
Investment Advisor
18.02.2013
Insurance Company
28.09.2012
Investment Advisor
18.02.2013
Corporation
31.12.2012
Investment Advisor
18.02.2013
Unclassified
18.02.2013
Bank
Date
6 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Date
21.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
17.01.2013
16.01.2013
10.01.2013
28.02.2013
Meda AB
Meda AB is a specialty pharmaceutical company. The Company imports and markets
pharmaceuticals, nutritional, and health-care products, and offers services
including clinical research, registration, and logistics. Meda's products are
sold in the Nordic countries and in the Baltic states on behalf of foreign
manufacturers. The Company markets to wholesale dealers and hospitals.
Price/Volume
4.0 M
60
3.5 M
3.0 M
2.5 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (23.01.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MEDAA SS EQUITY YTD Change
MEDAA SS EQUITY YTD % CHANGE
12/2012
12/yy
76.45
59.60
504'283.00
73.45
-3.92%
23.24%
82.20%
302.2
22'199.75
14'947.00
0.0
(4.0)
194.00
36'952.75
2.0 M
30
1.5 M
20
1.0 M
10
.5 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
70
50
Valuation Analysis
31.12.2008
10'675.0
2.91x
3'425.0
9.08x
954.0
15.06x
80
31.12.2009
31.12.2010
13'178.0
11'571.0
2.44x
2.44x
4'387.0
4'306.0
7.32x
6.55x
1'539.0
1'444.0
12.67x
10.72x
Profitability
LTM-4Q
31.12.2011
12'856.0
2.97x
4'683.0
8.16x
1'616.0
13.39x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
12'991.0
2.69x
3'935.0
8.89x
1'209.0
16.74x
3'935.00
1'791.00
13.79%
9.57%
3.21%
8.04%
0.35%
61.2%
30.3%
13.8%
9.3%
0.98
0.04
40.89%
98.90%
2.72
Price/ Cash Flow
LTM
12/yy
12'857.0
11.01x
4'649.0
8.22x
1'616.0
13.39x
12/yy
12'991.0
10.76x
3'935.0
8.89x
1'209.0
16.74x
FY+1
0.84
21.48%
9.71%
0.839
11
4.000
772'602
981'424
870'050
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
13'345.1
14'094.0
3'361.7
3'406.3
2.68x
2.38x
10.98x
10.77x
4'027.8
4'572.1
1'027.3
989.2
9.17x
8.08x
9.41x
2'389.9
2'665.8
447.0
458.0
9.97x
8.24x
21.32x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
7.79
7.59
3.75
3.80
98.9%
49.7%
0.35
16.18
134.72
123.62
10.00
14'000.0
9.00
12'000.0
8.00
7.00
10'000.0
6.00
8'000.0
5.00
6'000.0
4.00
4'000.0
3.00
2.00
2'000.0
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Meda AB
Holdings By:
All
Holder Name
STENA SESSAN REDERI
AMF PENSION
SEB FONDER AB
AMF FONDER AB
SSB CL OMNIBUS FUNDS
B&E PARTICIPATION AB
SKANDIA FONDER AB
LONNER ANDERS
FOLKSAM LO FOND AB
ENTER FONDER AB
Firm Name
SEB Enskilda
Credit Suisse
Carnegie
Handelsbanken
Pareto Securities
Danske Markets
ABG Sundal Collier
Swedbank
EVA Dimensions
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LARS HEVRENG
LUISA HECTOR
KRISTOFER LILJEBERG
ERIK HULTGARD
HANS MAHLER
YILMAZ MAHSHID
MATTIAS HAGGBLOM
PETER HUGREFFE
JOHAN UNNERUS
ANDREW S ZAMFOTIS
Source
Research
Research
MF-AGG
Research
Research
Research
MF-AGG
Research
Research
Research
Research
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
outperform
buy
sell
buy
buy
buy
buy
reduce
buy
Amt Held
68'741'898
15'423'140
8'985'791
8'590'634
8'485'123
8'000'000
7'290'634
7'287'741
6'955'000
6'588'545
5'890'695
5'059'318
4'950'000
4'605'482
4'403'439
3'547'100
3'373'126
3'147'728
3'076'500
2'768'905
% Out
22.74
5.1
2.97
2.84
2.81
2.65
2.41
2.41
2.3
2.18
1.95
1.67
1.64
1.52
1.46
1.17
1.12
1.04
1.02
0.92
Weighting
Change
3
5
5
1
5
5
5
5
2
5
M
M
M
M
M
M
M
M
D
M
Latest Chg
779'000
26'900
(50'000)
(933'573)
80'000
1'513'446
35'709
150'300
(536'774)
1'008'304
174'211
-
Target Price
76
88
#N/A N/A
64
100
90
85
100
69
#N/A N/A
File Dt
29.06.2012
23.01.2013
31.12.2012
29.06.2012
29.06.2012
29.06.2012
31.12.2012
29.06.2012
29.06.2012
29.06.2012
29.06.2012
31.01.2013
29.06.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
30.11.2012
31.12.2012
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
12 month
6 month
12 month
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
n/a
Other
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
25.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
19.02.2013
24.01.2013
15.01.2013
28.02.2013
Mediaset SpA
Mediaset S.p.A. operates television broadcasting, television production, signal
broadcasting management, and music production businesses. The Company owns and
operates Italian television stations Canale 5, Italia 1, and Retequattro.
Mediaset also produces and markets music record albums, sells advertising time,
and operates Internet portals and a library of television rights.
Price/Volume
3
80.0 M
2
60.0 M
50.0 M
40.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (02.03.2012)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MS IM EQUITY YTD Change
MS IM EQUITY YTD % CHANGE
12/2011
09/yy
2.35
1.14
10'962'259.00
1.657
-29.61%
44.84%
42.40%
1'181.2
1'957.29
1'906.30
0.0
817.4
209.40
4'408.89
30.0 M
20.0 M
10.0 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
Valuation Analysis
31.12.2007
4'032.8
2.32x
2'143.1
4.36x
506.8
15.34x
90.0 M
31.12.2008
31.12.2009
4'146.9
3'815.0
1.50x
2.15x
2'143.7
1'782.1
2.89x
4.61x
459.0
272.4
10.20x
23.84x
Profitability
LTM-4Q
31.12.2010
4'253.6
1.76x
1'995.1
3.75x
352.2
14.60x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
4'208.2
1.17x
1'827.3
2.71x
225.0
10.69x
1'827.30
539.60
12.82%
10.91%
1.41%
4.30%
0.54%
41.0%
8.7%
5.3%
0.53
0.43
24.83%
76.92%
3.81
-
Price/ Cash Flow
09/yy
4'258.1
6.22x
1'881.3
2.80x
326.2
8.17x
LTM
09/yy
3'841.3
3.64x
1'328.1
0.00x
13.1
97.40x
FY+1
1.13
636.42
-19.91%
6.49%
1.127
28
2.214
27'609'990
22'928'850
24'809'960
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
3'727.9
3'594.0
1'046.3
1.22x
1.21x
4.33x
1'344.9
1'348.9
160.0
3.28x
3.27x
(12.1)
12.1
(4.0)
97.47x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
41.53
37.61
1.01
1.16
76.9%
36.6%
0.54
6.67
96.03
-
4.00
4'500.0
3.50
4'000.0
3.00
3'500.0
3'000.0
2.50
2'500.0
2.00
2'000.0
1.50
1'500.0
1.00
1'000.0
0.50
500.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Mediaset SpA
Holdings By:
All
Holder Name
FININVEST SPA
MEDIASET SPA
MACKENZIE FINANCIAL
INTERNATIONAL VALUE
JOHN HANCOCK ADVISER
MARSHALL WACE LLP
SUNRISE PARTNERS LP
VANGUARD GROUP INC
HEADWATERS HOLDINGS
HARTFORD INVESTMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
Liberum Capital Ltd

IAN WHITTAKER
Nomura
WILLIAM MAIRS
AlphaValue
VERONIQUE CABIOC'H
Berenberg Bank
SARAH SIMON
Mediobanca SpA
FABIO PAVAN
Banca IMI
LAURA CARMIGNANI
Equita SIM SpA
STEFANO GAMBERINI
Exane BNP Paribas
ADRIEN DE SAINT HILAIRE
Barclays
JULIEN ROCH
Deutsche Bank
LAURIE DAVISON
Societe Generale
LAURENT PICARD
Credit Suisse
OMAR SHEIKH
Banca Akros(ESN)
ANDREA DEVITA
EVA Dimensions
CRAIG STERLING
JPMorgan
Goldman Sachs
LISA YANG
GIASONE SALATI
Sanford C. Bernstein & Co
CLAUDIO ASPESI
DANIELE RIDOLFI
S&P Capital IQ
ALEXANDER WISCH
Centrobanca
ORIANA CARDANI
Natixis
JEROME BODIN
ICBPI
STEFANO VULPIANI
HSBC
LUIGI MINERVA
Morgan Stanley
JULIEN ROSSI
CA Cheuvreux
MARCO BACCAGLIO
Source
EXCH
EXCH
EXCH
EXCH
MF-AGG
Short
Short
MF-AGG
Short
MF-AGG
Short
MF-AGG
MF-AGG
Short
Short
MF-AGG
MF-AGG
Short
ULT-AGG
Short
Recommendation
sell
reduce
add
buy
neutral
reduce
reduce
neutral
underweight
hold
sell
outperform
hold
sell
neutral
Sell/Neutral
buy
market perform
reduce
sell
sell
reduce
not rated
underweight
Underwt/Attractive
underperform
Amt Held
% Out
472'573'702 40.01
44'827'585
3.79
40'634'227
3.44
24'026'168
2.03
18'260'240
1.55
(13'111'626) -1.11
(12'166'644) -1.03
12'044'851
1.02
(10'276'680) -0.87
9'270'774
0.78
(9'095'452) -0.77
8'268'812
0.7
6'867'400
0.58
(5'906'138)
-0.5
(5'906'138)
-0.5
5'576'335
0.47
5'144'402
0.44
(4'606'787) -0.39
4'580'000
0.39
(3'779'928) -0.32
Weighting
1
2
4
5
3
2
2
3
1
3
1
5
3
1
3
1
5
3
2
1
1
2
#N/A N/A
1
1
1
Change
M
M
M
M
M
M
M
M
M
D
M
U
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
169'760
(236'246)
(2'244'333)
(1'299'350)
(18'024)
(2'679'136)
(7'582)
1'181'227
5'144'402
(3'189'314)
Target Price
1
1
2
3
1
1
2
2
2
2
2
3
1
#N/A N/A
2
1
2
1
1
1
1
1
#N/A N/A
1
1
1
File Dt
20.11.2012
20.11.2012
20.11.2012
20.11.2012
30.06.2012
10.01.2013
26.02.2013
31.12.2012
26.02.2013
31.01.2013
07.11.2012
31.12.2012
31.12.2012
15.11.2012
27.11.2012
31.03.2012
31.01.2013
17.01.2013
31.12.2012
22.02.2013
Date
Not Provided
12 month
6 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
9 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Date
21.02.2013
15.02.2013
14.02.2013
13.02.2013
07.02.2013
07.02.2013
06.02.2013
05.02.2013
24.01.2013
18.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
15.01.2013
09.01.2013
08.01.2013
07.01.2013
29.11.2012
15.11.2012
14.11.2012
13.11.2012
25.10.2012
06.08.2012
03.08.2012
06.06.2012
28.02.2013
Mediobanca SpA
Mediobanca S.p.A. is an investment bank in Italy, offering advisory services to
domestic and international customers, and providing finance in its various forms
from more traditional bank credit to the most sophisticated solutions available
on capital markets. Banking activities on the retail side include consumer
credit and mortgages offered alongside deposit gathering and wealth management.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MB IM EQUITY YTD Change
MB IM EQUITY YTD % CHANGE
Price/Volume
06/2012
12/yy
5.66
2.34
13'008'262.00
4.75
-16.08%
102.99%
72.59%
861.1
4'090.36
54'736.87
0.0
109.4
29.74
49'064.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
0.80
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
3'429.9
16.39x
2'810.0
20.00x
1'014.8
8.64x
30.06.2009
30.06.2010
3'879.2
3'451.7
15.70x
17.73x
3'079.5
2'633.2
19.78x
23.25x
2.4
400.9
2828.33x
12.81x
Profitability
LTM-4Q
30.06.2011
3'394.6
17.79x
2'511.7
24.04x
368.6
16.24x
30.06.2012
3'440.6
16.78x
2'605.0
22.17x
80.9
34.74x
2'605.05
12.21%
5.98%
0.20%
2.13%
0.23%
0.04%
70.3%
2.4%
69.57%
829.50%
-
12/yy
3'344.6
70.79x
2'478.0
23.10x
169.1
23.39x
LTM
12/yy
3'003.6
73.91x
2'110.3
23.21x
141.3
26.31x
FY+1
1.04
758.58
-1.75%
1.89%
1.042
13
3.308
8'960'054
5'865'471
6'428'371
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
1'816.1
1'922.4
715.0
764.0
68.62x
64.22x
392.0
520.8
10.22x
7.55x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.02.2012
BBB+
NEG
10.02.2012
A-2
21.26
25.58
829.5%
89.1%
0.04
5.93
-
4'500.0
4'000.0
3'500.0
3'000.0
2'500.0
0.60
2'000.0
1'500.0
0.40
0.20
1'000.0
500.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Mediobanca SpA
Holdings By:
All
Holder Name
UNICREDIT SPA
FINANCIERE DU PERGUE
GROUPAMA VIE
FONDIARIA-SAI SPA
MEDIOLANUM SPA
ITALMOBILIARE SPA
FONDAZIONE CASSA RIS
EDIZIONE HOLDING SPA
FININVEST SPA
FONDAZIONE CASSA RIS
GROUPAMA SA
BLACKROCK
PROTO ORGANIZATION
VANGUARD GROUP INC
MEDIOLANUM VITA SPA
MILANO ASSICURAZIONI
FINSAI INTERNATIONAL
ARCA SGR SPA
LBPAM
Firm Name
Banca IMI
CA Cheuvreux
Equita SIM SpA
Banca Akros(ESN)
ICBPI
Nomura
Centrobanca
AlphaValue
Morgan Stanley
EVA Dimensions
Main First Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MANUELA MERONI
RONNY REHN
ALDO COMI
MATTEO GHILOTTI
LUIGI TRAMONTANA
MARCO SALLUSTIO
ANNA MARIA BENASSI
DOMENICO SANTORO
GUGLIELMO MARCO OPIPARI
DAVID GRINSZTAJN
FRANCESCA TONDI
AUSTIN BURKETT
ALBERTO SEGAFREDO
Source
Research
Research
Research
Research
Research
Research
Research
Research
Research
Research
Research
ULT-AGG
Research
MF-AGG
Research
Research
Research
MF-AGG
MF-AGG
MF-AGG
Recommendation
add
market perform
underperform
hold
accumulate
neutral
buy
neutral
hold
buy
Underwt/In-Line
buy
buy
Amt Held
74'616'846
43'306'188
27'073'902
27'056'680
22'673'532
22'570'197
22'010'463
18'626'225
17'739'262
17'222'584
15'362'545
9'991'431
9'472'421
9'248'825
6'458'469
3'108'676
2'858'949
1'711'887
891'687
799'595
% Out
8.67
5.03
3.14
3.14
2.63
2.62
2.56
2.16
2.06
2
1.78
1.16
1.1
1.07
0.75
0.36
0.33
0.2
0.1
0.09
Weighting
Change
4
3
1
3
4
3
5
3
3
5
1
5
5
M
M
M
D
M
M
M
M
D
M
M
M
M
Latest Chg
(9'782'428)
17'894
157'966
160'273
(107'200)
Target Price
5
5
4
6
6
6
6
6
5
8
6
#N/A N/A
10
File Dt
Inst Type
30.01.2013
Bank
30.01.2013
Corporation
30.01.2013
Insurance Company
30.01.2013
Insurance Company
30.01.2013
Other
30.01.2013
Holding Company
30.01.2013
Other
30.01.2013
Holding Company
30.01.2013
Corporation
31.01.2013
Bank
30.01.2013
Insurance Company
26.02.2013
Investment Advisor
17.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.01.2013
Unclassified
30.01.2013
Insurance Company
30.01.2013
Insurance Company
31.07.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
6 month
12 month
Not Provided
12 month
Date
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
22.02.2013
21.02.2013
22.01.2013
17.01.2013
12.05.2011
28.02.2013
Michael Page International PLC

Michael Page International plc provides recruitment consultancy services. The
Group places candidates in permanent, contract, temporary, and interim
positions. Michael Page conducts operations in the United Kingdom, Europe,
Asia-Pacific, and the Americas, focusing on the areas of finance, marketing,
retail, sales, legal, technology, human resources, and various others.
Price/Volume
600
400
300
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.03.2012)
52-Week Low (13.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MPI LN EQUITY YTD Change
MPI LN EQUITY YTD % CHANGE
12/2011
01/yy
505.00
337.50
702'504.00
426.4
-15.56%
26.34%
53.07%
304.4
1'297.79
6.25
0.0
0.0
64.42
1'265.38
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200
100
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
831.6
1.12x
156.9
5.94x
101.7
9.27x
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
500
31.12.2008
31.12.2009
972.8
716.7
0.61x
1.52x
146.6
32.0
4.07x
34.01x
97.3
12.4
7.09x
98.05x
Profitability
31.12.2010
832.3
2.05x
82.6
20.64x
67.5
25.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
1'019.1
1.03x
97.8
10.70x
56.9
18.68x
97.78
86.12
8.45%
8.45%
12.54%
25.92%
22.16%
2.83%
54.3%
8.7%
7.5%
5.6%
1.59
1.34
1.79%
3.46%
6.00
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.35
1.17
269.39
-3.57%
7.95%
1.170
24
3.000
823'289
697'099
769'601
FY+2
12/12 Y
12/13 Y
977.4
994.6
1.27x
1.23x
78.8
89.2
16.06x
14.19x
42.7
49.1
30.68x
27.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
116.26
96.86
-0.37
0.28
3.5%
3.3%
2.83
32.01
61.00
4.64
-
35.00
1'200.0
30.00
1'000.0
25.00
800.0
20.00
600.0
15.00
400.0
10.00
200.0
5.00
0.00
02.01.2009 02.07.2009
0.0
02.01.2010
02.07.2010
02.01.2011 02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Michael Page International PLC

Holdings By:
All
Holder Name
FMR LLC
FRANKLIN RESOURCES
NOMAD INVESTMENT PAR
SLEEP ZAKARIA & COMP
MPI EMPLOYEE BENEFIT
BLACKROCK
MICHAEL PAGE INTERNA
BAILLIE GIFFORD AND
LEGAL & GENERAL
KAMES CAPITAL PLC
AEGON
LANSDOWNE PARTNERS
UBS AG/LONDON
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
#N/A N/A
Analyst
RBC Capital Markets

DAVID GREENALL
JPMorgan
ROBERT PLANT
Investec
SEBASTIEN JANTET
Peel Hunt
HENRY CARVER
Credit Suisse
ANDY GROBLER
Exane BNP Paribas
LAURENT BRUNELLE
EVA Dimensions
CRAIG STERLING
Berenberg Bank
KONRAD ZOMER
Natixis
OLIVIER LEBRUN
STEVE WOOLF
HECTOR FORSYTHE
DAVID O'BRIEN
JAMES GILBERT
PAUL JONES
Goldman Sachs
CHARLES WILSON
GUY HEWETT
Deutsche Bank
THOMAS SYKES
Barclays
PAUL CHECKETTS
Jefferies
KEAN MARDEN
HSBC
MATTHEW LLOYD
ANDY SMITH
CA Cheuvreux
HANS PLUIJGERS
Source
ULT-AGG
ULT-AGG
RNS-MAJ
REG
REG
ULT-AGG
REG
RNS-MAJ
ULT-AGG
RNS-MAJ
ULT-AGG
REG
REG
RNS-MAJ
ULT-AGG
RNS-MAJ
REG
ULT-AGG
Short
RNS-MAJ
Recommendation
outperform
neutral
sell
hold
underperform
neutral
sell
hold
reduce
add
hold
sell
hold
sell
neutral/neutral
neutral
hold
underweight
buy
overweight
buy
underperform
Amt Held
% Out
65'627'987 21.56
33'850'040 11.12
21'552'513
7.08
21'552'513
7.08
20'674'075
6.79
16'719'500
5.49
15'935'738
5.24
15'412'764
5.06
15'279'215
5.02
15'218'870
5
15'108'375
4.96
13'788'535
4.53
13'152'378
4.32
12'985'079
4.27
10'597'862
3.48
10'381'105
3.41
10'239'271
3.36
9'954'493
3.27
(9'496'019) -3.12
9'450'522
3.11
Weighting
Change
5
3
1
3
1
3
1
3
2
4
3
1
3
1
3
3
3
1
5
5
5
1
M
M
D
M
M
U
M
M
M
M
M
M
M
M
U
N
M
M
M
M
M
M
Latest Chg
(10'774'771)
5'270'670
3'285'000
1'123'626
(3'944'919)
3'083'014
41'681
(207'319)
1'323'215
(1'867'057)
(276'357)
(1'844'808)
398'910
(2'836'791)
(304'359)
-
Target Price
500
375
394
390
375
400
#N/A N/A
400
270
450
530
#N/A N/A
375
294
453
375
350
340
460
450
500
420
File Dt
Inst Type
31.12.2012
Investment Advisor
01.02.2013
Investment Advisor
11.04.2012
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
12.07.2012
n/a
26.02.2013
Investment Advisor
30.01.2013
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Investment Advisor
28.03.2012
Investment Advisor
31.01.2013
Unclassified
28.09.2012
Investment Advisor
03.12.2012
Unclassified
20.02.2013
Investment Advisor
21.02.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
25.02.2013
18.02.2013
04.02.2013
04.02.2013
30.01.2013
23.01.2013
17.01.2013
16.01.2013
16.01.2013
16.01.2013
16.01.2013
15.01.2013
15.01.2013
15.01.2013
18.12.2012
18.10.2012
17.10.2012
09.10.2012
08.10.2012
11.09.2012
19.07.2012
22.09.2010
28.02.2013
Mitie Group PLC

Mitie Group plc provides a variety of services to both owners and occupiers
of commercial and industrial properties. The Group divides its business into
two areas, building services and support services. Their building operations
encompass air conditioning, industrial painting, and engineering services, while
their support services include catering, cleaning, security, and waste services.
Price/Volume
350
Latest Fiscal Year:

LTM as of:
52-Week High (08.11.2012)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MTO LN EQUITY YTD Change
MTO LN EQUITY YTD % CHANGE
03/2012
01/yy
303.00
252.50
874'218.00
281.7
-7.03%
11.56%
57.82%
369.7
1'041.45
168.40
0.0
4.2
60.80
1'178.75
200
1.5 M
150
1.0 M
100
.5 M
50
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
250
Valuation Analysis
31.03.2008
1'407.2
0.57x
86.8
9.16x
45.0
16.90x
2.5 M
300
31.03.2009
31.03.2010
1'521.9
1'720.1
0.40x
0.47x
98.0
114.9
6.19x
7.02x
53.1
57.1
11.21x
13.55x
Profitability
31.03.2011
1'891.4
0.43x
136.9
5.93x
65.2
10.56x
31.03.2012
2'002.5
0.56x
141.7
7.93x
71.9
13.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
141.70
111.80
5.58%
4.72%
6.15%
16.86%
12.20%
1.88%
15.8%
7.0%
5.5%
3.6%
1.19
0.95
15.41%
40.86%
285.66
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.48
0.76
365.08
9.79%
7.15%
0.762
17
3.000
651'418
599'648
648'548
FY+2
03/13 Y
03/14 Y
2'174.0
2'324.6
0.58x
0.53x
144.8
164.2
8.14x
7.18x
85.0
94.3
11.89x
10.75x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
18.64
15.79
0.93
1.34
40.9%
28.8%
1.88
30.71
1.28
26.43
16.00
2'500.0
14.00
2'000.0
12.00
10.00
1'500.0
8.00
1'000.0
6.00
4.00
500.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Mitie Group PLC

Holdings By:
All
Holder Name
FMR LLC
PRIVATE INDIVIDUALS
AXA FRAMLINGTON INV
LEGAL & GENERAL
NEWTON INV MGMT
DENVER INVESTMENT AD
INVESCO LTD
BAE SYSTEMS PENSION
SCHRODER INVESTMENT
STATE TEACHERS RETIR
VANGUARD GROUP INC
BLACKROCK
Firm Name
HSBC
Goldman Sachs
Investec
Peel Hunt
EVA Dimensions
Credit Suisse
Liberum Capital Ltd
RBC Capital Markets
Jefferies
Barclays
Arden Partners Ltd
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
ALEX MAGNI
MAYAN UTHAYAKUMAR
ANDREW GIBB
HECTOR FORSYTHE
ANDY BROWN
CHRISTOPHER BAMBERRY
HOWARD SEYMOUR
CRAIG STERLING
EUGENE KLERK
WILLIAM SHIRLEY
ANDREW BROOKE
KEAN MARDEN
JANE SPARROW
JAMES GILBERT
BEN THEFAUT
Source
ULT-AGG
ULT-AGG
REG
REG
RNS-MAJ
REG
RNS-MAJ
ULT-AGG
REG
REG
13F
REG
REG
REG
REG
REG
MF-AGG
ULT-AGG
MF-AGG
REG
Recommendation
neutral
neutral/neutral
buy
add
buy
sell
reduce
hold
underperform
sell
sector perform
hold
overweight
hold
buy
Amt Held
82'358'608
35'411'000
28'056'949
25'209'806
18'473'652
17'965'859
17'752'112
14'696'133
9'289'784
8'237'659
8'110'641
6'520'213
6'389'355
6'212'253
4'387'628
4'250'791
4'017'999
3'903'600
3'808'632
3'799'692
% Out
22.28
9.58
7.59
6.82
5
4.86
4.8
3.98
2.51
2.23
2.19
1.76
1.73
1.68
1.19
1.15
1.09
1.06
1.03
1.03
Weighting
Change
3
3
5
4
5
1
2
3
1
1
3
3
5
3
5
M
M
M
M
M
M
M
M
D
M
U
M
M
M
M
Latest Chg
(2'298'246)
(1'421'053)
(354'398)
362'180
(295'426)
1'081'033
(516'760)
4'902'038
(1'272'378)
(984'656)
(783'165)
100'564
574'630
322'085
(9'100)
Target Price
280
360
330
315
310
250
245
#N/A N/A
250
240
260
300
320
270
#N/A N/A
File Dt
Inst Type
02.01.2013
Investment Advisor
02.01.2013
Investment Advisor
02.01.2013
Other
02.01.2013
Investment Advisor
15.02.2013
Investment Advisor
02.01.2013
Investment Advisor
19.11.2010
Insurance Company
31.01.2013
Unclassified
02.01.2013
Government
31.12.2012
Investment Advisor
02.01.2013
Investment Advisor
02.01.2013
Investment Advisor
02.01.2013
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
26.02.2013
Investment Advisor
02.01.2013
Investment Advisor
Date
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
27.02.2013
20.02.2013
28.01.2013
28.01.2013
28.01.2013
25.01.2013
25.01.2013
17.01.2013
15.01.2013
09.01.2013
05.12.2012
28.11.2012
22.11.2012
21.11.2012
01.07.2010
28.02.2013
Mobimo Holding AG
Mobimo Holding AG builds and renovates residential real estate and invests in
commercial real estate.
Price/Volume
250
.1 M
200
.1 M
.0 M
150
.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.08.2012)
52-Week Low (05.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MOBN SE EQUITY YTD Change
MOBN SE EQUITY YTD % CHANGE
100
12/2012
01/yy
228.00
205.56
24'176.00
211.2
-7.37%
2.75%
25.15%
6.2
1'311.32
1'062.91
0.0
3.5
97.65
2'280.05
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
197.2
6.14x
69.3
17.48x
45.0
13.65x
.0 M
50
31.12.2009
31.12.2010
258.7
177.3
6.61x
10.81x
74.4
69.6
22.97x
27.52x
62.5
66.0
12.50x
15.35x
Profitability
31.12.2011
230.0
9.10x
81.1
25.80x
80.5
13.45x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
252.4
9.22x
83.7
27.78x
76.3
17.75x
83.72
81.44
21.39%
37.11%
3.05%
6.44%
3.38%
0.10%
33.2%
30.2%
42.20%
88.76%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.59
5.58
1.34%
-3.52%
0.590
5
2.600
15'765
12'762
11'857
FY+2
12/13 Y
12/14 Y
125.3
129.7
19.13x
19.26x
96.2
97.0
23.69x
23.51x
59.1
58.0
23.89x
24.59x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
3.05
-1.29
11.53
12.70
88.8%
47.0%
0.10
-
70.00
300.0
60.00
250.0
50.00
200.0
40.00
150.0
30.00
100.0
20.00
50.0
10.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Mobimo Holding AG
Holdings By:
All
Holder Name
PENSIONSKASSE DES KA
MIGROS COOPERATIVE A
BLACKROCK
CREDIT SUISSE ASSET
MEILI ALFRED
UBS FUND MANAGEMENT
VANGUARD GROUP INC
REICHMUTH & CO
LEDERMANN URS
IAM INDEPENDENT ASSE
FMR LLC
PICTET & CIE
MIRABAUD & CIE
SARASIN
PETERCAM SA
KBC GROUP NV
Firm Name
EVA Dimensions
Kempen & Co
Bank Vontobel AG
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
AUSTIN BURKETT
MARKUS WAEBER
ROBERT WOERDEMAN
STEFAN SCHUERMANN
Source
Co File
Co File
ULT-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
sell
market perform
underweight
hold
Amt Held
209'861
204'894
190'613
185'671
134'560
83'235
80'463
77'897
41'500
34'650
30'754
29'687
26'514
26'350
25'622
20'154
19'000
12'147
11'800
11'107
% Out
3.38
3.3
3.07
2.99
2.17
1.34
1.3
1.25
0.67
0.56
0.5
0.48
0.43
0.42
0.41
0.32
0.31
0.2
0.19
0.18
Weighting
Change
1
3
1
3
M
D
M
M
Latest Chg
(23'328)
(13'762)
871
(26)
2'196
9'524
(188)
(1'486)
20
(6'000)
1'800
30
Target Price
#N/A N/A
#N/A N/A
210
210
File Dt
31.12.2012
31.12.2012
26.02.2013
28.12.2012
01.02.2011
31.10.2012
28.12.2012
31.12.2012
09.07.2010
31.12.2012
31.10.2012
30.09.2012
31.07.2012
30.11.2012
29.06.2012
30.11.2012
28.09.2012
31.12.2012
30.12.2011
31.01.2013
Date
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Other
Other
Investment Advisor
Mutual Fund Manager
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Unclassified
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Date
17.01.2013
16.01.2013
13.01.2013
27.11.2012
28.02.2013
Modern Times Group AB

Modern Times Group is an international entertainment broadcasting group in
Europe. The Company broadcasts free TV, satellite premium pay TV, and commercial
radio.
Price/Volume
400
3.5 M
350
3.0 M
300
2.5 M
250
Latest Fiscal Year:

LTM as of:
52-Week High (03.04.2012)
52-Week Low (26.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MTGB SS EQUITY YTD Change
MTGB SS EQUITY YTD % CHANGE
12/2012
12/yy
371.30
195.80
385'555.00
271.1
-26.99%
38.46%
42.91%
60.9
18'296.85
1'024.00
0.0
188.0
748.00
18'760.85
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
150
100
1.0 M
50
.5 M
0
f-12 m-12
31.12.2009
31.12.2010
12'427.0
13'101.0
2.04x
2.44x
5'158.0
2'266.0
4.92x
14.13x
(2'033.0)
3'522.0
16.96x
Profitability
LTM-4Q
31.12.2011
13'473.0
1.73x
(943.0)
(1'327.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
13'336.0
1.17x
1'842.0
8.45x
1'526.0
9.88x
1'842.00
1'695.00
12.71%
15.25%
13.29%
33.66%
1.16%
40.8%
12.7%
11.4%
1.16
0.16
8.76%
20.70%
4.91
Price/ Cash Flow
j-12
LTM
12/yy
13'473.0
8.04x
0.0
0.00x
(1'327.0)
0.00x
j-12
12/yy
13'336.0
6.29x
571.0
0.00x
1'527.0
9.88x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.10
-13.81%
19.64%
1.098
19
3.579
367'300
479'982
479'824
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
13'552.8
14'105.0
3'217.3
3'528.6
1.34x
1.24x
5.77x
5.34x
1'845.3
2'085.8
287.0
507.0
10.17x
8.99x
12.42x
1'381.1
1'587.7
335.0
391.0
13.08x
11.31x
13.02x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.09.2006
NR
54.18
-9.41
20.7%
16.6%
1.16
44.01
74.51
59.49
40.00
16'000.0
35.00
14'000.0
30.00
12'000.0
25.00
10'000.0
20.00
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
2'000.0
0.00
01.01.2010
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
13'166.0
1.13x
2'260.0
6.56x
2'851.0
3.90x
2.0 M
200
Valuation Analysis
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Modern Times Group AB

Holdings By:
All
Holder Name
KINNEVIK INVESTMENT
LANNEBO FONDER AB
AMF FONDER AB
AMF PENSION
NORDEA FONDER AB
SHB/SPP FUNDS
1ST SWEDISH NATIONAL
FMR LLC
SEB FONDER AB
ANDRA AP FONDEN
SKANDIA FONDER AB
4TH NAT SWEDISH PENS
Firm Name
AlphaValue
EVA Dimensions
S&P Capital IQ
Carnegie
Handelsbanken
Exane BNP Paribas
Danske Markets
Goldman Sachs
JPMorgan
Jefferies
Pareto Securities
SEB Enskilda
Prime Predictions
CA Cheuvreux
Swedbank
ABG Sundal Collier
Morgan Stanley
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
VERONIQUE CABIOC'H
CRAIG STERLING
ALEXANDER WISCH
MIKAEL LASEEN
JOHAN GRABE
RASMUS ENGBERG
BILE DAAR
LISA YANG
WILL SMITH
SERGEJ KAZATCHENKO
STEFAN NELSON
PETER LJUNGGREN
NIKLAS KRISTOFFERSSONN
CHRISTIAN ANDERSON
ANDERS HILLERBORG
PATRICK WELLINGTON
HUGO PETERSON
Source
13G
ULT-AGG
Research
MF-AGG
Research
MF-AGG
Research
Research
Research
Research
ULT-AGG
MF-AGG
Research
Research
MF-AGG
Research
MF-AGG
Research
MF-AGG
Research
Recommendation
buy
underweight
hold
buy
buy
reduce
outperform
buy
Buy/Neutral
underweight
buy
hold
buy
strong buy
underperform
neutral
hold
Equalwt/Attractive
neutral
Amt Held
8'384'365
3'674'300
3'569'994
3'226'405
2'552'798
2'535'500
2'191'200
2'169'477
1'750'090
1'698'783
1'288'945
1'226'288
1'206'657
1'142'647
1'003'855
1'000'575
918'626
898'560
817'776
803'975
% Out
13.77
6.03
5.86
5.3
4.19
4.16
3.6
3.56
2.87
2.79
2.12
2.01
1.98
1.88
1.65
1.64
1.51
1.48
1.34
1.32
Weighting
Change
5
1
3
5
5
2
5
5
5
1
5
3
5
5
1
3
3
3
3
M
D
M
M
M
M
M
M
M
M
M
D
M
U
M
M
M
N
M
Latest Chg
(55'700)
86'895
(178'500)
631'200
(556'307)
(471'291)
151'971
257'118
-
Target Price
363
#N/A N/A
280
#N/A N/A
290
258
310
300
322
271
300
270
265
287
190
210
370
343
472
File Dt
31.12.2012
31.12.2012
30.11.2012
31.01.2013
29.06.2012
31.12.2012
29.06.2012
29.06.2012
29.06.2012
29.06.2012
31.12.2012
31.01.2013
29.06.2012
29.06.2012
31.12.2012
29.06.2012
31.07.2012
29.06.2012
31.12.2012
29.06.2012
Date
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
9 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Government
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
21.02.2013
20.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
04.02.2013
14.01.2013
14.11.2012
19.10.2012
20.04.2012
14.11.2011
20.10.2010
28.02.2013
National Bank of Greece SA

National Bank of Greece S.A. offers retail and corporate banking services. The
Bank accepts deposits and offers loans, lease financing, mortgages, and
investing and insurance services to industrial, commercial, and consumer
clients. National Bank of Greece operates domestically and overseas.
Price/Volume
3
70.0 M
60.0 M
50.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (09.03.2012)
52-Week Low (26.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ETE GA EQUITY YTD Change
ETE GA EQUITY YTD % CHANGE
12/2011
09/yy
2.71
0.89
6'613'960.00
0.939
-65.35%
5.51%
2.69%
956.1
897.77
37'573.71
83.6
8'718.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
20.0 M
10.0 M
0
f-12
31.12.2008
31.12.2009
8'339.1
7'744.0
1'546.0
922.6
4.83x
12.23x
Profitability
LTM-4Q
31.12.2010
6'993.7
405.5
13.15x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
7'328.4
(12'344.0)
-35.73%
-35.70%
-12.13%
-32.32%
0.05%
-269.2%
35.16%
-
Price/ Cash Flow
09/yy
7'249.5
0.00x
0.0
0.00x
(1'199.4)
0.00x
a-12
m-12
j-12
j-12
LTM
09/yy
5'951.1
0.00x
0.0
0.00x
(13'261.5)
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.34
870.13
-60.04%
-27.21%
1.336
7
2.000
5'528'382
4'309'703
4'777'704
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
3'917.7
4'479.5
1'097.0
(296.8)
(41.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.06.2011
CCC
NEG
15.06.2011
C
100.7%
0.05
2.95
-
4.50
9'000.0
4.00
8'000.0
3.50
7'000.0
3.00
6'000.0
2.50
5'000.0
2.00
4'000.0
1.50
3'000.0
1.00
2'000.0
0.50
1'000.0
0.00
02.01.2009
.0 M
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
7'331.7
1'625.3
16.15x
40.0 M
Valuation Analysis
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
National Bank of Greece SA

Holdings By:
All
Holder Name
GREEK GOVERNMENT
VANGUARD GROUP INC
BLACKROCK
ALPHA MUTUAL FUND MA
DIETHNIKI MUTUAL FUN
ALICO MFC
ATE MUTUAL FUND MANA
ING PIRAEUS FUND MAN
MARFIN MUTUAL FUND M
ALPHA TRUST FUNDS
STATE STREET
SANPAOLO IMI ASSET M
LEGAL & GENERAL
ALLIANZ HELLENIC MUT
GAESCO GESTION SA SG
TT ELTA AEDAK
BPVI FONDI SGR SPA
Firm Name
Euroxx Securities
National Securities SA
Marfin Analysis (ESN)
Goldman Sachs
Mediobanca SpA
Piraeus Securities S.A.
Nomura
Eurobank EFG
EVA Dimensions
Deutsche Bank
JPMorgan
Natixis
ATE Securities S.A.
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MARIA KANELLOPOULOU
PANAGIOTIS KLADIS
KONSTANTINOS MANOLOPOULOS
PAWEL DZIEDZIC
ANTONIO RAMIREZ
ALEX TSIRIGOTIS
NATASHA ROUMANTZI
DARAGH QUINN
NICK KOSKOLETOS
TEAM COVERAGE
PAUL FORMANKO
ALEX KOAGNE
ANTHONY CHRISTOFIDIS
Source
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
equalweight
restricted
suspended coverage
Rating Suspended
underperform
underperform
neutral
reduce
Under Review
sell
restricted
underweight
reduce
overweight
Amt Held
85'378'883
9'577'777
5'840'172
4'155'861
3'773'696
2'100'930
1'307'000
830'000
714'622
635'000
588'617
583'598
497'853
464'894
455'011
396'300
350'000
248'826
234'506
217'355
% Out
8.93
1
0.61
0.43
0.39
0.22
0.14
0.09
0.07
0.07
0.06
0.06
0.05
0.05
0.05
0.04
0.04
0.03
0.02
0.02
Weighting
Change
3
#N/A N/A
#N/A N/A
#N/A N/A
1
1
3
2
#N/A N/A
1
#N/A N/A
1
2
5
M
M
M
M
M
D
M
D
M
D
M
M
D
M
Latest Chg
29'315
15'627
(1'483'952)
515'666
(96'000)
(697'000)
94'287
635'000
(103'000)
5'538
248'320
50'000
63'000
248'826
1'743
53'769
Target Price
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
0
1
#N/A N/A
1
#N/A N/A
#N/A N/A
#N/A N/A
1
1
14
File Dt
03.08.2012
31.12.2012
26.02.2013
31.12.2012
28.09.2012
31.07.2012
31.12.2012
31.12.2012
30.12.2011
30.03.2012
31.12.2012
27.02.2013
30.06.2011
28.12.2012
31.12.2012
31.10.2012
28.09.2012
30.11.2012
30.09.2012
31.10.2012
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Unclassified
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
27.02.2013
26.02.2013
14.01.2013
07.12.2012
03.12.2012
26.11.2012
10.10.2012
26.06.2012
05.06.2012
05.03.2012
06.02.2012
17.01.2012
18.10.2011
12.10.2010
28.02.2013
National Express Group PLC

National Express Group plc provides mass passenger transport services. The
Group operates express coaches, buses, and trains.
Price/Volume
300
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
250
200
150
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2012)
52-Week Low (28.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NEX LN EQUITY YTD Change
NEX LN EQUITY YTD % CHANGE
12/2011
01/yy
256.20
162.90
761'784.00
195.3
-23.77%
19.89%
34.73%
511.7
999.41
773.20
0.0
7.9
92.50
1'869.61
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
50
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
2'612.3
1.08x
289.8
9.71x
105.1
16.94x
100
31.12.2008
31.12.2009
2'767.0
2'711.1
0.70x
0.61x
347.9
269.7
5.59x
6.09x
118.8
(53.5)
5.70x
Profitability
31.12.2010
2'125.9
0.89x
304.0
6.24x
61.4
20.74x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
2'238.0
0.82x
329.8
5.54x
101.2
11.21x
329.80
173.50
7.75%
5.78%
3.23%
8.33%
6.85%
0.84%
15.6%
7.8%
4.5%
0.66
0.41
31.98%
80.75%
9.55
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.94
0.96
405.95
-12.48%
-4.31%
0.959
19
4.000
1'345'253
1'296'725
1'119'816
FY+2
12/12 Y
12/13 Y
1'807.1
1'775.1
1.01x
1.01x
317.2
307.8
5.89x
6.07x
123.3
111.8
8.17x
8.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
6.21
4.24
2.70
2.97
80.8%
44.5%
0.84
2.73
38.32
-
14.00
3'000.0
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
02.01.2009 02.07.2009
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
National Express Group PLC

Holdings By:
All
Holder Name
ELLIOTT CAPITAL ADVI
EUROPEAN EXPRESS ENT
PRUDENTIAL PLC
LEGAL & GENERAL
UBS
SCOTTISH WIDOWS
ABERFORTH PARTNERS
AVIVA INVESTORS
BLACKROCK
ABERFORTH PARTNERS
SCHRODER INVESTMENT
VANGUARD GROUP INC
CORUS UK LTD (BRITIS
SCHRODER INVESTMENT
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Morgan Stanley
JAIME ROWBOTHAM
HSBC
JOSEPH P THOMAS
RBC Capital Markets
DAMIAN BREWER
EDWARD STANFORD
GERALD KHOO
Nomura
ANDREW EVANS
EVA Dimensions
CRAIG STERLING
JPMorgan
DAVID PITURA
Investec
JOHN LAWSON
Jefferies
JOSEPH SPOONER
KARL BURNS
GERT ZONNEVELD
Deutsche Bank
ANAND DATE
Barclays
ADRIAN YANOSHIK
Liberum Capital Ltd
ALEXIA DOGANI
DOUGLAS MCNEILL
Goldman Sachs
OLIVER NEAL
Source
ULT-AGG
REG
RNS-MAJ
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
REG
MF-AGG
REG
MF-AGG
MF-AGG
MF-AGG
REG
MF-AGG
REG
Recommendation
Overwt/In-Line
overweight
outperform
add
neutral
neutral
overweight
neutral
hold
buy
buy
hold
hold
equalweight
hold
hold
not rated
Amt Held
108'470'737
88'845'591
66'764'762
17'356'251
16'716'138
15'701'163
13'989'690
12'231'904
9'798'825
9'714'591
8'866'511
8'747'045
8'700'679
8'383'431
7'964'901
7'697'686
6'451'277
5'988'277
5'600'000
4'922'354
% Out
21.2
17.36
13.05
3.39
3.27
3.07
2.73
2.39
1.91
1.9
1.73
1.71
1.7
1.64
1.56
1.5
1.26
1.17
1.09
0.96
Weighting
Change
5
5
5
4
3
3
5
3
3
5
5
3
3
3
3
3
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
5'726'270
(9'744)
4'973'653
(1'664'718)
(1'718'118)
1'504'547
(3'894'267)
(643'900)
4'922'748
(276'478)
237'200
(1'725'735)
(117'730)
(4'700'000)
-
Target Price
215
230
230
#N/A N/A
210
206
#N/A N/A
219
180
300
#N/A N/A
220
210
190
#N/A N/A
210
#N/A N/A
File Dt
Inst Type
01.11.2012
Investment Advisor
01.11.2012
Unclassified
09.11.2012
Investment Advisor
31.01.2013
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Unclassified
01.11.2012
Unclassified
01.11.2012
Government
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
26.02.2013
Investment Advisor
01.11.2012
Investment Advisor
31.01.2013
Investment Advisor
01.11.2012
Investment Advisor
31.07.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
01.11.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
28.02.2013
22.02.2013
07.02.2013
07.02.2013
23.01.2013
21.01.2013
17.01.2013
14.12.2012
13.12.2012
13.12.2012
13.12.2012
13.12.2012
10.12.2012
03.12.2012
25.10.2012
24.10.2012
14.09.2011
28.02.2013
NCC AB
NCC AB is a construction company. The Company plans, develops, constructs, and
renovates commercial buildings, schools, sports facilities, car parks, roads,
bridges, airports, and others. NCC also conducts surfacing work for roads and
produces asphalt mix, aggregates, and concrete and operates a machinery unit.
The Company also sells investment properties. NCC is active in northern Europe.
Price/Volume
180
2.5 M
160
2.0 M
140
120
1.5 M
100
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NCCB SS EQUITY YTD Change
NCCB SS EQUITY YTD % CHANGE
12/2011
12/yy
170.60
110.30
612'929.00
167.6
-1.76%
51.95%
95.02%
78.3
18'137.32
9'243.00
0.0
15.0
2'802.00
24'593.32
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40
.5 M
20
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
57'465.0
0.16x
2'806.0
3.19x
1'809.0
2.99x
1.0 M
60
31.12.2009
31.12.2010
56'005.0
49'420.0
0.27x
0.34x
3'213.0
2'751.0
4.64x
6.10x
1'654.0
1'524.0
7.73x
10.47x
Profitability
LTM-4Q
31.12.2011
52'535.0
0.33x
2'532.0
6.91x
1'310.0
10.06x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
57'227.0
0.37x
3'156.0
6.70x
1'894.0
7.77x
3'156.00
2'525.00
4.41%
3.95%
5.27%
21.95%
1.59%
9.6%
5.5%
4.4%
3.3%
1.69
0.56
23.73%
103.01%
7.64
85.36
Price/ Cash Flow
LTM
12/yy
52'536.0
1.45x
2'600.0
6.75x
1'310.0
10.05x
12/yy
57'226.0
1.52x
3'155.0
6.70x
1'894.0
7.76x
FY+1
1.15
22.83%
23.05%
1.153
11
3.727
601'040
508'669
392'169
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
55'940.6
58'204.7
9'958.3
14'451.1
0.45x
0.42x
3'006.8
3'143.0
(47.3)
917.8
8.18x
7.82x
8.16x
8.32x
1'695.0
1'824.3
(170.1)
549.9
10.56x
9.90x
10.03x
9.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.06
7.82
2.04
2.93
103.0%
50.7%
1.59
19.53
47.94
4.29
31.04
21.18
50.00
70'000.0
45.00
60'000.0
40.00
35.00
50'000.0
30.00
40'000.0
25.00
30'000.0
20.00
20'000.0
15.00
10.00
10'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
NCC AB
Holdings By:
All
Holder Name
SEB
LANNEBO FONDER AB
AFA INSURANCE
FJARDE AP-FONDEN
SHB FUNDS
AMF FONDER AB
BLACKROCK
NORDEA FONDER AB
FOLKSAM LO FOND AB
VANGUARD GROUP INC
ODIN FORVALTNING AS
Firm Name
SEB Enskilda
Carnegie
DNB Markets
ABG Sundal Collier
Handelsbanken
Danske Markets
EVA Dimensions
CA Cheuvreux
Swedbank
Evli Bank Plc
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
STEFAN ANDERSSON
TOBIAS KAJ
JONAS L ANDERSSON
SIMEN MORTENSEN
FREDRIC CYON
ALBIN SANDBERG
PETER TRIGARSZKY
CRAIG STERLING
BJORN GUSTAFSSON
NICLAS HOGLUND
ERIC RITZEN
Source
Research
ULT-AGG
Research
Research
Research
Research
MF-AGG
Research
MF-AGG
Research
MF-AGG
Research
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
hold
hold
buy
buy
accumulate
buy
hold
underperform
strong buy
accumulate
Amt Held
4'904'737
3'993'711
3'580'000
3'330'833
2'647'981
2'364'541
2'291'300
2'291'300
2'259'107
2'058'588
1'769'354
1'705'626
1'638'468
1'394'880
1'099'190
1'012'092
829'948
705'000
638'000
592'750
% Out
6.26
5.1
4.57
4.25
3.38
3.02
2.93
2.93
2.89
2.63
2.26
2.18
2.09
1.78
1.4
1.29
1.06
0.9
0.81
0.76
Weighting
Change
3
3
3
5
5
4
5
3
1
5
4
M
M
U
M
M
M
M
M
M
M
M
Latest Chg
9'741
(15'000)
739'226
104'665
(23'148)
930'403
16'450
55'000
-
Target Price
157
#N/A N/A
155
170
166
160
180
#N/A N/A
125
160
140
File Dt
Inst Type
31.10.2012
Investment Advisor
31.12.2012
Unclassified
31.10.2012
Investment Advisor
31.10.2012
Insurance Company
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Insurance Company
31.12.2012
Investment Advisor
31.03.2012
Government
31.01.2013
Investment Advisor
31.10.2012
Insurance Company
26.02.2013
Investment Advisor
31.03.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Date
25.02.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
21.01.2013
17.01.2013
17.12.2012
27.11.2012
30.10.2012
28.02.2013
Neopost SA
Neopost SA manufactures mailing and shipping equipment. The Company produces
electronic mailing systems, electronic postal scales, computerized shipping and
mail accounting systems, folders and inserters, letter openers, mailroom
furnishings, addressing printers, and software and mailroom supplies. Neopost
markets its machines worldwide.
Price/Volume
60
40
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.03.2012)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NEO FP EQUITY YTD Change
NEO FP EQUITY YTD % CHANGE
01/2012
10/yy
53.16
36.18
54'278.00
44.335
-16.60%
22.56%
48.04%
34.4
1'526.29
837.00
0.0
0.0
171.80
2'291.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
10
0
f-12
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2008
907.1
2.81x
302.5
8.42x
135.7
15.59x
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
50
31.01.2009
31.01.2010
918.1
913.1
2.83x
2.74x
301.2
297.1
8.61x
8.42x
157.0
147.9
12.37x
11.88x
Profitability
LTM-4Q
31.01.2011
965.6
2.91x
313.7
8.96x
155.7
13.33x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.01.2012
1'002.6
2.46x
319.1
7.73x
153.6
11.47x
319.10
256.50
25.58%
20.95%
7.50%
24.65%
12.31%
0.45%
77.8%
31.4%
25.1%
15.3%
0.67
0.33
37.46%
120.12%
5.80
3.09
Price/ Cash Flow
10/yy
986.6
0.00x
0.0
0.00x
0.0
0.00x
LTM
10/yy
1'047.2
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.68
26.55
-5.34%
15.62%
0.676
15
3.800
63'537
100'567
124'272
FY+2
FQ+1
FQ+2
01/13 Y
01/14 Y
01/13 Q4 04/13 Q1
1'080.0
1'111.5
295.0
2.12x
2.06x
336.5
345.5
6.81x
6.63x
168.5
172.1
8.93x
8.78x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
9.91
8.41
2.37
2.78
120.1%
54.6%
0.45
7.36
63.14
118.33
103.30
64.73
14.00
1'200.0
12.00
1'000.0
10.00
800.0
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
06.02.2009
0.0
06.08.2009
06.02.2010
06.08.2010
06.02.2011
06.08.2011
06.02.2012
06.08.2012
06.02.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Neopost SA
Holdings By:
All
Holder Name
BLACKROCK
MONDRIAN INVESTMENT
ALKEN LUXEMBOURG SAR
JUPITER ASSET MGMT L
CREDIT SUISSE GROUP
UBS
AKO CAPITAL LLP
MFS INVESTMENT MGMT
CAPITAL RESEARCH INT
FRANKLIN EQUITY GROU
FRANKLIN RESOURCES
Firm Name
Societe Generale
Gilbert Dupont
AlphaValue
Oddo & Cie
Natixis
EVA Dimensions
Main First Bank AG
Goldman Sachs
Exane BNP Paribas
Day by Day
HSBC
CA Cheuvreux
Redburn Partners
Portfolio Name
n/a
n/a
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
PATRICK JOUSSEAUME
CLAIRE DERAY
DENISE BOUCHET
LIONEL PELLICER
CHRISTIAN AUZANNEAU
JEAN-FRANCOIS GRANJON
ARNAUD SCHMIT
ANDREW S ZAMFOTIS
MOURAD LAHMIDI
BENJAMIN MOORE
PIERRE BERNARDIN
VALERIE GASTALDY
CHRISTOPHE QUARANTE
DAVID CERDAN
PASCAL HAUTCOEUR
Source
Research
ULT-AGG
Research
Co File
Co File
Research
Research
Research
Research
ULT-AGG
MF-AGG
Short
Co File
ULT-AGG
Co File
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
buy
buy
buy
buy
buy
hold
underperform
neutral/neutral
outperform
hold
underweight
outperform
sell
Amt Held
% Out
3'443'329
10
2'632'941
7.65
2'163'079
6.28
1'906'442
5.54
1'894'891
5.5
1'745'795
5.07
1'737'952
5.05
1'595'248
4.63
1'591'956
4.62
1'553'242
4.51
1'214'526
3.53
(1'138'484) -3.31
1'110'684
3.23
1'108'576
3.22
1'104'150
3.21
1'057'571
3.07
1'053'419
3.06
887'327
2.58
614'399
1.78
586'857
1.7
Weighting
Change
3
5
5
5
5
5
5
3
1
3
5
3
1
5
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
52'108
(361'125)
438'807
(428'868)
(175'952)
(365'884)
(13'758)
102'661
86'151
79'133
Target Price
42
62
52
69
54
50
49
#N/A N/A
40
43
54
#N/A N/A
40
63
#N/A N/A
File Dt
Inst Type
26.02.2013
Investment Advisor
10.08.2012
Investment Advisor
31.01.2012
Investment Advisor
25.02.2013
Investment Advisor
12.11.2012
Investment Advisor
14.02.2012
Investment Advisor
06.02.2012
Unclassified
18.12.2012
Unclassified
31.07.2012
Investment Advisor
27.12.2012
Investment Advisor
31.01.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2012
Unclassified
31.01.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
28.09.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
27.02.2013
26.02.2013
25.02.2013
21.02.2013
01.02.2013
29.01.2013
24.01.2013
17.01.2013
04.01.2013
19.12.2012
04.12.2012
12.11.2012
03.10.2012
02.04.2012
12.08.2009
28.02.2013
Neste Oil OYJ

Neste Oil OYJ is an independent northern European oil refining and marketing
company that focuses on high-quality traffic fuels and other high value-added
petroleum products with reduced environmental impact.
Price/Volume
14
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
12
10
8
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (01.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NES1V FH EQUITY YTD Change
NES1V FH EQUITY YTD % CHANGE
12/2012
12/yy
12.23
7.11
523'481.00
11.52
-5.81%
62.03%
86.13%
256.4
2'953.77
2'334.00
0.0
16.0
409.00
4'894.77
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
0
f-12
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
15'043.0
0.25x
396.0
9.39x
97.0
27.91x
31.12.2009
31.12.2010
9'636.0
11'892.0
0.53x
0.41x
549.0
567.0
9.31x
8.59x
221.0
229.0
14.38x
13.35x
Profitability
LTM-4Q
31.12.2011
15'420.0
0.27x
562.0
7.28x
158.0
12.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
17'853.0
0.25x
656.0
6.77x
157.0
15.93x
656.00
324.00
1.81%
1.31%
2.14%
6.26%
2.44%
3.7%
1.8%
0.9%
1.31
0.17
31.60%
91.10%
-
Price/ Cash Flow
LTM
12/yy
15'420.0
1.22x
562.0
7.28x
158.0
12.64x
12/yy
17'853.0
1.05x
656.0
6.77x
157.0
15.93x
FY+1
1.23
29.43%
17.91%
1.227
24
2.875
803'946
1'132'630
986'566
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
17'134.5
17'106.5
4'320.4
4'322.3
0.27x
0.26x
1.10x
1.11x
781.1
810.2
207.8
183.3
6.27x
6.04x
6.17x
6.42x
278.8
305.6
74.8
63.1
10.49x
9.59x
9.84x
9.97x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
7.59
2.99
2.93
3.56
91.1%
47.5%
2.44
4.56
-
30.00
20'000.0
18'000.0
25.00
16'000.0
14'000.0
20.00
12'000.0
10'000.0
15.00
8'000.0
10.00
6'000.0
4'000.0
5.00
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Neste Oil OYJ

Holdings By:
All
Holder Name
REPUBLIC OF FINLAND
VANGUARD GROUP INC
SOCIAL INSUR INSTITU
SAC CAPITAL ADVISORS
CITY OF KURIKKA
MARSHALL WACE LLP
DANSKE INVESTMENT SU
BLACKROCK
OP DELTA FUND
FENNIA MUTUAL INSURA
BLACKROCK INVESTMENT
NORDEA FENNIA FUND
WIPUNEN VARAINHALLIN
Firm Name
AlphaValue
Credit Suisse
Exane BNP Paribas
Evli Bank Plc
Jefferies
Societe Generale
SEB Enskilda
CA Cheuvreux
Nomura
Barclays
ABG Sundal Collier
Carnegie
Handelsbanken
Pareto Securities
INDERES
EVA Dimensions
Goldman Sachs
Danske Markets
Swedbank
Natixis
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
ALEXANDRE ANDLAUER
ALEX TOPOUZOGLOU
MARKKU JARVINEN
IAIN REID
MEHDI ENNEBATI
HENRI PARKKINEN
JUHA ISO-HERTTUA
MATTEO BONIZZONI
PASI VAISANEN
MATTHEW LOFTING
LYDIA RAINFORTH
PETTER NYSTROM
TIMO HEINONEN
KARRI RINTA
TEEMU VAINIO
JUHA KINNUNEN
CRAIG STERLING
HENRY MORRIS
ANTTI KOSKIVUORI
PETRI KARHUNKOSKI
HAGER BOUALI
Source
Research
Research
Research
MF-AGG
Research
Research
Short
MF-AGG
Research
Short
MF-AGG
MF-AGG
Research
ULT-AGG
Research
Research
Short
Research
MF-AGG
Research
Recommendation
sell
neutral
neutral
accumulate
hold
hold
accumulate
buy
underperform
buy
reduce
equalweight
hold
hold
accumulate
hold
reduce
hold
Sell/Cautious
hold
neutral
suspended coverage
Amt Held
% Out
128'458'247
50.1
8'806'390
3.43
4'128'970
1.61
2'694'745
1.05
2'648'424
1.03
2'540'000
0.99
(2'307'633)
-0.9
1'875'324
0.73
1'550'875
0.6
(1'410'220) -0.55
1'327'628
0.52
1'228'700
0.48
1'225'000
0.48
1'176'864
0.46
1'155'000
0.45
1'053'000
0.41
(1'051'255) -0.41
990'000
0.39
931'100
0.36
925'000
0.36
Weighting
1
3
3
4
3
3
4
5
1
5
2
3
3
3
4
3
2
3
1
3
3
#N/A N/A
Change
M
M
M
M
M
M
M
U
M
M
M
M
M
D
M
U
M
M
M
U
M
M
Latest Chg
(678'200)
249'829
(25'640)
54'528
(297'000)
3'317
282'044
285'050
-
Target Price
9
12
10
12
10
11
12
12
10
14
10
12
10
#N/A N/A
13
11
11
#N/A N/A
10
11
10
8
File Dt
30.11.2012
30.11.2012
30.11.2012
31.12.2012
30.11.2012
30.11.2012
07.02.2013
31.12.2012
30.11.2012
14.01.2013
31.07.2012
30.11.2012
30.11.2012
26.02.2013
30.11.2012
30.11.2012
30.01.2013
30.11.2012
31.10.2012
30.11.2012
Date
6 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Government
Insurance Company
Insurance Company
Investment Advisor
Government
Government
Hedge Fund Manager
Investment Advisor
Government
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
n/a
Investment Advisor
n/a
Date
21.02.2013
11.02.2013
11.02.2013
08.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
17.01.2013
07.01.2013
07.01.2013
26.10.2012
29.07.2011
28.02.2013
Nutreco NV
Nutreco NV, through subsidiaries, breeds livestock and manufactures animal and
fish feeds. The Company produces compound feeds for pigs, poultry, salmon and
trout, and breeds poultry and produces eggs. Nutreco operates throughout
Europe.
Price/Volume
80
1.2 M
70
1.0 M
60
.8 M
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.02.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NUO NA EQUITY YTD Change
NUO NA EQUITY YTD % CHANGE
12/2012
12/yy
70.93
49.62
172'648.00
70.77
-0.23%
42.62%
99.25%
34.6
2'448.64
524.80
0.0
9.1
263.00
2'719.54
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
20
.2 M
10
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
4'943.1
0.24x
203.7
5.88x
114.8
7.79x
.6 M
30
31.12.2009
31.12.2010
4'511.7
4'166.4
0.36x
0.53x
231.8
243.6
6.94x
9.04x
90.3
111.4
15.05x
18.99x
Profitability
LTM-4Q
31.12.2011
4'721.1
0.43x
271.7
7.46x
130.5
14.16x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
5'229.1
0.48x
307.0
8.11x
176.8
14.15x
307.00
234.60
4.49%
4.06%
6.59%
19.15%
14.31%
1.95%
5.9%
4.5%
3.4%
1.27
0.78
18.62%
53.99%
7.38
-
Price/ Cash Flow
12/yy
5'659.2
0.00x
0.0
0.00x
0.0
0.00x
LTM
12/yy
5'229.1
0.00x
0.0
0.00x
0.0
0.00x
FY+1
2.90
0.72
34.01
30.19%
10.41%
0.721
12
3.167
94'146
113'818
107'731
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'506.1
5'731.4
0.49x
0.45x
345.0
367.1
7.88x
7.41x
187.3
203.8
13.09x
11.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
9.50
5.84
0.85
1.71
54.0%
34.8%
1.95
8.55
49.57
-
14.00
6'000.0
12.00
5'000.0
10.00
4'000.0
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Nutreco NV
Holdings By:
All
Holder Name
ING GROEP NV
BLACKROCK
DJE INVESTMENT SA
ASR NEDERLAND NV
DWS INVESTMENT S A
ETHENEA INDEPENDENT
VANGUARD GROUP INC
ODIN FORVALTNING AS
TD ASSET MANAGEMENT
PRINCIPAL FINANCIAL
FRANKEN INVEST KAPIT
NUTRECO NV
Firm Name
Equita SIM SpA
AlphaValue
EVA Dimensions
KBC Securities
ING Bank
Kempen & Co
SNS Securities(ESN)
ABN Amro Bank N.V.
Petercam
Goldman Sachs
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
GIANMARCO BONACINA
PATRICK ROQUAS
SOPHIE CABO-BROSETA
AUSTIN BURKETT
PASCALE WEBER
MARCO GULPERS
ERWIN DUT
RICHARD WITHAGEN
MAARTEN BAKKER
FERNAND DE BOER
TOM MULLER
FULVIO CAZZOL
HANS PLUIJGERS
TEAM COVERAGE
Source
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
Recommendation
hold
hold
add
hold
accumulate
hold
hold
hold
hold
hold
hold
neutral/neutral
suspended coverage
buy
Amt Held
3'499'935
1'786'689
738'918
660'621
659'016
516'570
479'460
377'105
375'720
375'000
368'903
349'775
305'308
299'050
243'048
225'350
224'842
163'128
160'000
155'882
% Out
10.12
5.16
2.14
1.91
1.9
1.49
1.39
1.09
1.09
1.08
1.07
1.01
0.88
0.86
0.7
0.65
0.65
0.47
0.46
0.45
Weighting
Change
3
3
4
3
4
3
3
3
3
3
3
3
#N/A N/A
5
M
M
M
D
M
M
M
M
M
M
M
M
M
N
Latest Chg
(462'903)
7'318
50'542
81'000
7'150
(2'662)
(92'943)
7'620
50'000
(20'482)
(2'113)
(273)
13'680
19'185
-
Target Price
67
63
74
#N/A N/A
71
68
70
67
72
68
60
69
#N/A N/A
57
File Dt
25.06.2012
26.02.2013
31.01.2013
31.10.2012
30.11.2012
26.02.2013
31.12.2012
31.12.2010
28.12.2012
28.12.2012
31.12.2012
31.12.2012
31.12.2012
28.12.2012
31.01.2013
31.12.2011
31.01.2013
31.10.2012
28.12.2012
09.03.2011
Date
12 month
12 month
6 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Government
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Date
25.02.2013
25.02.2013
21.02.2013
20.02.2013
14.02.2013
12.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
15.01.2013
09.01.2013
10.05.2012
16.08.2011
28.02.2013
OC Oerlikon Corp AG
OC Oerlikon Corporation AG manufactures industrial equipment. The Company
produces equipment to manufacture solar energy modules, place coatings on tools
and components, extract processing gases using vacuum devices, manufacture
textiles, and transmit power using mechanatronic driveline components. OC
Oerlikon provides products internationally.
Price/Volume
14
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
12
10
8
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (20.02.2013)
52-Week Low (29.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OERL SE EQUITY YTD Change
OERL SE EQUITY YTD % CHANGE
12/2011
09/yy
11.85
6.64
1'677'785.00
11.55
-2.53%
74.02%
94.24%
323.1
3'732.08
856.00
0.0
24.0
750.00
3'822.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
5'404.0
1.39x
703.0
10.67x
314.0
20.58x
31.12.2008
31.12.2009
4'632.0
2'877.0
0.55x
0.73x
512.0
(71.0)
4.97x
(425.0)
(592.0)
Profitability
LTM-4Q
31.12.2010
3'601.0
0.53x
298.0
6.36x
3.0
490.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
4'182.0
0.42x
597.0
2.94x
220.0
7.40x
597.00
422.00
10.09%
7.53%
5.70%
16.72%
0.93%
25.8%
16.3%
12.3%
5.3%
1.51
0.93
18.72%
53.97%
6.28
5.07
Price/ Cash Flow
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
09/yy
957.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.33
165.46
72.50%
11.59%
1.330
10
4.600
1'516'004
1'066'918
1'252'500
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
06/12 Q2 09/12 Q3
2'958.1
2'969.6
968.3
936.8
1.16x
0.96x
533.1
526.0
7.17x
7.27x
241.1
240.6
62.0
16.74x
15.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
8.18
6.25
0.10
1.04
54.0%
34.7%
0.93
4.85
58.29
72.12
49.28
65.44
160.00
6'000.0
140.00
5'000.0
120.00
4'000.0
100.00
80.00
3'000.0
60.00
2'000.0
40.00
1'000.0
20.00
0.00
02.01.2009 02.07.2009
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
OC Oerlikon Corp AG
Holdings By:
All
Holder Name
VEKSELBERG VIKTOR F
BLACKROCK
CREDIT SUISSE ASSET
PICTET & CIE
UBS FUND MANAGEMENT
VANGUARD GROUP INC
CAZENOVE UNIT TRUST
ACATIS
BANK HOFMANN AG
OC OERLIKON CORP
LLB FONDSLEITUNG AG
CI INVESTMENTS INC
ZUERCHER KANTONALBAN
MIRABAUD & CIE
Firm Name
AlphaValue
Helvea
Bank Vontobel AG
EVA Dimensions
Credit Suisse
Berenberg Bank
Societe Generale
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RETO AMSTALDEN
MICHAEL FOETH
CRAIG STERLING
PATRICK LAAGER
BENJAMIN GLAESER
CHRISTOPH LADNER
ARMIN RECHBERGER
Source
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
add
accumulate
buy
buy
outperform
buy
buy
hold
outperform
Amt Held
156'210'954
9'720'390
4'411'952
3'922'326
3'151'969
2'266'149
1'842'380
1'390'000
917'706
845'506
801'777
737'733
631'946
619'403
605'000
589'011
525'000
517'500
514'000
511'445
% Out
48.34
3.01
1.37
1.21
0.98
0.7
0.57
0.43
0.28
0.26
0.25
0.23
0.2
0.19
0.19
0.18
0.16
0.16
0.16
0.16
Weighting
Change
4
4
5
5
5
5
5
3
5
M
M
M
M
M
M
M
M
U
Latest Chg
(1'100'000)
162'850
44'517
(7'731)
(422'042)
(47'939)
6'680
(75'000)
82'904
(41'838)
(42'000)
(50'000)
264'700
(34'000)
(383'555)
Target Price
13
11
13
#N/A N/A
14
11
13
11
#N/A N/A
File Dt
29.08.2012
26.02.2013
28.12.2012
30.11.2012
31.10.2012
28.12.2012
31.12.2012
31.10.2012
31.12.2012
28.09.2012
31.10.2012
31.12.2012
31.12.2012
31.07.2012
28.12.2012
31.12.2011
31.12.2012
30.06.2012
31.10.2012
29.06.2012
Date
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
n/a
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Date
21.02.2013
11.02.2013
30.01.2013
17.01.2013
10.01.2013
08.01.2013
17.12.2012
04.12.2012
02.05.2012
28.02.2013
OPAP SA
OPAP SA accepts bets on sporting events and lottery games. The Company
organizes and manages bets on soccer games.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.02.2013)
52-Week Low (13.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OPAP GA EQUITY YTD Change
OPAP GA EQUITY YTD % CHANGE
12/2011
09/yy
7.76
3.50
1'205'882.00
6.78
-12.63%
93.71%
77.00%
319.0
2'162.82
292.92
0.0
0.0
195.89
2'109.18
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
8.0 M
7.0 M
6.0 M
5
4
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
5'065.8
1.66x
814.4
10.31x
571.4
15.31x
31.12.2008
31.12.2009
5'519.6
5'440.9
1.08x
0.78x
1'056.9
966.8
5.65x
4.37x
728.5
593.8
9.06x
8.24x
Profitability
LTM-4Q
31.12.2010
5'140.0
0.67x
911.3
3.80x
575.8
7.17x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
4'358.5
0.52x
734.2
3.10x
537.5
4.05x
734.22
690.47
15.84%
16.05%
35.56%
55.78%
2.92%
19.5%
16.7%
15.6%
12.3%
1.50
1.31
19.47%
32.93%
84.98
5250.46
Price/ Cash Flow
09/yy
4'457.5
2.72x
764.6
2.34x
571.8
5.07x
LTM
09/yy
4'108.4
1.78x
684.6
1.79x
500.0
2.55x
FY+1
0.79
213.73
21.21%
25.56%
0.793
13
3.462
1'758'700
1'634'201
1'398'149
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
3'998.1
4'171.4
1'023.0
0.50x
0.52x
650.8
317.9
151.0
3.24x
6.64x
481.9
151.4
100.5
4.55x
14.27x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
82.04
79.77
-0.08
0.42
32.9%
24.8%
2.92
46.96
4.31
0.07
8.88
-5.36
9.00
6'000.0
8.00
5'000.0
7.00
4'000.0
6.00
5.00
3'000.0
4.00
2'000.0
3.00
2.00
1'000.0
1.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
OPAP SA
Holdings By:
All
Holder Name
HELLENIC REPUBLIC AS
BAUPOST GROUP LLC
FMR LLC
BLACKROCK
VANGUARD GROUP INC
ALPHA MUTUAL FUND MA
SEB
DIETHNIKI MUTUAL FUN
ALPHA TRUST FUNDS
EUROBANK EFG MUTUAL
HIRTLE CALLAGHAN & C
ATE MUTUAL FUND MANA
STARCAP AG
ALICO MFC
Firm Name
Euroxx Securities
National Securities SA
Marfin Analysis (ESN)
Piraeus Securities S.A.
AlphaValue
Goldman Sachs
Eurobank EFG
EVA Dimensions
Exane BNP Paribas
Morgan Stanley
Credit Suisse
Alpha Finance
Nomura
Deutsche Bank
ATE Securities S.A.
Portfolio Name
#N/A N/A
#N/A N/A
n/a
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
YIANNIS SINAPIS
IAKOVOS KOURTESIS
DIMITRIS BIRBOS
JOHN ARAPOGLOU
BERENICE LACROIX
NICK EDELMAN
STAMATIOS DRAZIOTIS
CRAIG STERLING
ROBERTA CIACCIA
VAUGHAN LEWIS
MATTHEW GERARD
ANGELOS CHORAFAS
TEAM COVERAGE
RICHARD CARTER
ANTHONY CHRISTOFIDIS
Source
EXCH
EXCH
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
overweight
restricted
buy
neutral
sell
neutral/neutral
buy
overweight
neutral
Equalwt/In-Line
restricted
neutral 1
suspended coverage
restricted
overweight
Amt Held
105'270'000
16'556'100
16'144'371
15'981'900
6'188'270
5'026'691
3'440'397
3'201'540
1'667'031
1'521'141
1'404'829
1'353'454
1'176'953
1'035'447
970'553
966'800
871'337
780'000
700'000
644'800
% Out
33
5.19
5.06
5.01
1.94
1.58
1.08
1
0.52
0.48
0.44
0.42
0.37
0.32
0.3
0.3
0.27
0.24
0.22
0.2
Weighting
Change
5
#N/A N/A
5
3
1
3
5
5
3
3
#N/A N/A
3
#N/A N/A
#N/A N/A
5
M
M
M
M
M
M
M
M
U
U
M
D
M
M
M
Latest Chg
2'080
55'208
523'484
(8'741'054)
536'074
135'658
54'637
(307'300)
585'500
(730'850)
349'000
5'500
Target Price
#N/A N/A
#N/A N/A
8
7
6
8
8
#N/A N/A
6
6
#N/A N/A
7
#N/A N/A
#N/A N/A
16
File Dt
Inst Type
22.02.2013
Government
22.02.2013
Investment Advisor
22.02.2013
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Unclassified
30.09.2012
Unclassified
28.09.2012
Bank
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.05.2012
Investment Advisor
30.09.2011
Investment Advisor
28.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
26.02.2013
26.02.2013
26.02.2013
22.02.2013
21.02.2013
19.02.2013
24.01.2013
17.01.2013
11.01.2013
07.01.2013
11.12.2012
05.09.2012
11.02.2012
18.05.2011
24.11.2010
28.02.2013
Ophir Energy PLC

Ophir Energy PLC is an international oil and gas exploration company. The
Company has an extensive portfolio of interests spread across the Continent of
Africa with the majority of these interests lying offshore in deep water
depths.
Price/Volume
700
12.0 M
600
10.0 M
500
8.0 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.06.2012)
52-Week Low (23.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OPHR LN EQUITY YTD Change
OPHR LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
31.12.2008
-
4.0 M
200
2.0 M
100
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
6.0 M
300
12/2011
06/yy
655.00
391.30
1'182'734.00
473.9
-27.65%
21.11%
31.32%
400.2
1'896.57
0.00
0.0
0.0
396.59
2'423.15
31.12.2009
Profitability
(28.8)
(43.3)
-
LTM-4Q
31.12.2010
(18.6)
(19.3)
-
31.12.2011
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
(18.0)
(19.1)
-18.00
-18.87
-3.29%
-3.57%
14.45
13.90
0.00%
0.00%
-
LTM
06/yy
0.1
0.00x
(11.3)
0.00x
(1.6)
0.00x
FY+1
1.2
1.00
1.0
0.80
0.8
0.60
0.6
0.40
0.4
0.20
0.2
0.00
0.0
1'391'438
1'558'660
1'155'434
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
09/11 Q3 12/11 Q4
1.3
0.7
2103.96x 4463.17x
(60.7)
(52.2)
(73.6)
(82.3)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.20
0.00
315.84
11.77%
-6.07%
21
4.476
0.00
0.0%
0.0%
-
28.02.2013
Ophir Energy PLC

Holdings By:
All
Holder Name
KULCZYK INVESTMENT H
KULCZYK GROUP
FMR LLC
OZ MANAGEMENT LP
MITTAL INVESTMENTS S
LEGAL & GENERAL
RS GLOBAL NATURAL RE
BLACKROCK
OLD MUTUAL
RS INVESTMENT MANAGE
RS INVESTMENT MANAGE
LANSDOWNE PARTNERS
TAYLOR JONATHAN MARK
Firm Name
VSA Capital Ltd
FirstEnergy Capital Corp
Societe Generale
Credit Suisse
Exane BNP Paribas
Morgan Stanley
RBC Capital Markets
JPMorgan
Ambrian Partners Ltd
Nomura
Investec
Jefferies
Deutsche Bank
HSBC
Goldman Sachs
SBG Securities
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DOUGIE YOUNGSON
KINGSLEY JIBUNOH
RICHARD GRIFFITH
DAVID MIRZAI
ALEX TOPOUZOGLOU
JAMIE MADDOCK
AL STANTON
JAMES THOMPSON
STUART AMOR
TOM ROBINSON
STUART JOYNER
LAURA LOPPACHER
PHIL CORBETT
PETER HITCHENS
CHRISTOPHOR JOST
ANISH KAPADIA
CHARLIE SHARP
LIONEL THEROND
Source
ULT-AGG
REG
Co File
ULT-AGG
REG
RNS-MAJ
ULT-AGG
ULT-AGG
RNS-MAJ
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
REG
REG
Short
REG
Co File
REG
Recommendation
buy
outperform
buy
buy
outperform
neutral
Overwt/Attractive
outperform
overweight
speculative buy
buy
hold
buy
hold
overweight
buy/attractive
buy
hold
buy
Amt Held
% Out
56'105'773 14.02
40'433'833
10.1
40'433'833
10.1
38'671'852
9.66
35'414'896
8.85
18'081'895
4.52
17'212'167
4.3
16'177'434
4.04
12'163'223
3.04
11'411'211
2.85
10'709'497
2.68
10'381'107
2.59
9'387'989
2.35
8'598'166
2.15
8'128'985
2.03
7'428'852
1.86
(7'203'675)
-1.8
7'024'795
1.76
6'836'320
1.71
6'425'173
1.61
Weighting
Change
5
5
5
5
5
3
5
5
5
4
5
3
5
3
5
5
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
Latest Chg
(8'668'572)
(162'474)
(18'081'895)
244'971
3'897'812
(5'063'807)
307'000
1'542'112
979'691
1'254'663
1'184'993
(946'539)
(1'052'400)
421'684
Target Price
800
645
#N/A N/A
600
930
650
735
700
770
809
750
667
800
495
656
860
870
550
800
File Dt
14.02.2013
01.11.2012
19.04.2012
31.12.2012
01.11.2012
07.02.2013
31.12.2012
31.01.2013
08.02.2013
26.02.2013
31.12.2012
01.11.2012
01.11.2012
31.12.2012
01.11.2012
01.11.2012
11.02.2013
01.11.2012
31.12.2011
01.11.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
n/a
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Bank
n/a
Investment Advisor
Date
26.02.2013
19.02.2013
19.02.2013
14.02.2013
11.02.2013
11.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
04.02.2013
01.02.2013
11.01.2013
10.01.2013
03.01.2013
17.12.2012
13.12.2012
29.10.2012
29.10.2012
28.02.2013
Oriflame Cosmetics SA
Oriflame Cosmetics SA markets a range of cosmetic products through an
independant sales force. The Company's products include skincare, color
cosmetics, fragrances, toiletries and fashion accessories.
Price/Volume
300
1.8 M
1.6 M
250
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.04.2012)
52-Week Low (13.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ORI SS EQUITY YTD Change
ORI SS EQUITY YTD % CHANGE
12/2012
12/yy
278.30
178.30
372'344.00
221.8
-20.30%
24.40%
43.50%
57.1
12'669.47
318.89
0.0
0.0
106.25
1'710.78
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
150
1.0 M
.8 M
100
.6 M
.4 M
50
.2 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'319.7
1.03x
209.0
6.47x
124.4
9.25x
1.4 M
200
31.12.2009
31.12.2010
1'316.6
1'513.6
1.92x
1.62x
168.3
183.3
15.00x
13.36x
100.3
117.5
23.51x
19.11x
Profitability
LTM-4Q
31.12.2011
1'493.8
1.09x
184.9
8.77x
99.8
13.92x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'489.3
1.06x
202.0
7.84x
121.5
11.27x
202.00
175.12
11.76%
10.27%
14.96%
50.93%
1.83%
70.7%
13.6%
11.8%
8.2%
2.26
0.49
40.19%
126.11%
1.83
Price/ Cash Flow
12/yy
1'493.8
5.30x
184.9
8.77x
99.8
13.92x
LTM
12/yy
1'489.3
4.69x
202.0
7.84x
121.5
11.27x
FY+1
0.92
3.97%
7.36%
0.924
19
2.842
208'665
348'471
321'903
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'484.7
1'531.2
374.1
355.0
1.20x
1.16x
202.0
216.6
52.0
48.9
8.47x
7.90x
8.54x
119.2
124.6
30.0
26.9
11.95x
11.18x
12.50x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.27
7.67
1.05
1.58
126.1%
55.8%
1.83
6.57
200.13
174.43
25.00
1'600.0
1'400.0
20.00
1'200.0
1'000.0
15.00
800.0
10.00
600.0
400.0
5.00
0.00
01.01.2010
200.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Oriflame Cosmetics SA
Holdings By:
All
Holder Name
STICHTING AF JOCHNIC
JOCHNICK ROBERT AF
JOCHNICK JONAS AF
BAILLIE GIFFORD AND
SEB
VANGUARD GROUP INC
FINANCIERE DE L'ECHI
FRANKLIN RESOURCES
MORTON HOLDINGS INC
PELHAM CAPITAL LONG/
JP MORGAN INVESTMENT
AKO CAPITAL LLP
JOCHNICK ALEXANDER A
Firm Name
Credit Suisse
EVA Dimensions
Morgan Stanley
Goldman Sachs
Berenberg Bank
ABG Sundal Collier
SEB Enskilda
CA Cheuvreux
Handelsbanken
Nomura
Danske Markets
JPMorgan
Carnegie
Pareto Securities
AlphaValue
DNB Markets
Swedbank
Wood & Company
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
NICOLAS SOCHOVSKY
AUSTIN BURKETT
ERIK SJOGREN
ROSIE EDWARDS
SETH PETERSON
ANDREAS LUNDBERG
STEFAN NELSON
DANIEL OVIN
STELLAN HELLSTROM
ERIK SANDSTEDT
GUILLAUME DELMAS
ANDERS HANSSON
CELINE PANNUTI
NIKLAS EKMAN
SERGEJ KAZATCHENKO
ARMELLE MOULIN
OLE-ANDREAS KROHN
CHRISTIAN ANDERSON
ERIK HEGEDUS
Source
ULT-AGG
Co File
Co File
Co File
Co File
Co File
Co File
ULT-AGG
Co File
MF-AGG
Co File
Co File
ULT-AGG
Short
Short
MF-AGG
Short
MF-AGG
MF-AGG
Co File
Recommendation
underperform
overweight
Equalwt/In-Line
sell/attractive
buy
sell
buy
underperform
sell
reduce
reduce
buy
underweight
hold
hold
add
hold
neutral
buy
Amt Held
% Out
9'781'655 17.12
6'327'001 11.08
4'473'851
7.83
4'470'312
7.83
4'303'500
7.53
2'472'512
4.33
2'128'594
3.73
1'924'246
3.37
1'895'440
3.32
1'535'425
2.69
1'472'633
2.58
1'388'600
2.43
1'283'320
2.25
(1'118'115) -1.96
(995'734) -1.74
946'509
1.66
(662'605) -1.16
598'500
1.05
489'723
0.86
418'884
0.73
Weighting
Change
1
5
3
1
5
1
5
1
1
2
2
5
1
3
3
4
3
3
5
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
6'560
642'161
635
150'540
142'803
223'500
114'223
-
Target Price
170
#N/A N/A
220
173
366
177
235
200
190
225
250
235
210
#N/A N/A
220
255
230
200
232
File Dt
Inst Type
31.01.2013
Unclassified
31.12.2011
Other
31.12.2011
n/a
31.12.2011
Investment Advisor
31.12.2011
n/a
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2011
Government
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Corporation
01.11.2012
Other
14.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
n/a
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
9 month
Not Provided
6 month
6 month
Not Provided
12 month
12 month
Date
20.02.2013
20.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
11.02.2013
07.02.2013
31.10.2012
28.02.2013
Orion OYJ
Orion Oyj develops and manufactures pharmaceuticals and diagnostic kits. The
Company produces hormone therapies and drugs to treat central nervous system
disorders, cardiovascular diseases and urological disorders, and in vitro
diagnostic kits used in doctor's offices and small laboratories.
Price/Volume
25
1.6 M
1.4 M
20
1.2 M
1.0 M
15
.8 M
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (08.01.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ORNBV FH EQUITY YTD Change
ORNBV FH EQUITY YTD % CHANGE
12/2012
12/yy
23.79
13.31
464'661.00
22.89
-3.78%
71.98%
91.41%
98.0
3'225.17
136.70
0.0
0.0
145.20
3'216.67
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
.2 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
710.7
2.35x
207.3
8.06x
136.3
12.49x
.6 M
31.12.2009
31.12.2010
771.5
849.9
2.70x
2.65x
241.5
293.9
8.62x
7.66x
151.4
184.7
14.01x
12.49x
Profitability
LTM-4Q
31.12.2011
917.9
2.27x
324.4
6.43x
209.5
10.12x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
980.4
3.18x
320.9
9.71x
208.9
14.96x
320.90
280.90
28.65%
28.49%
25.85%
41.32%
1.21%
64.3%
32.7%
28.6%
21.3%
2.94
1.71
16.33%
26.74%
6.39
2.12
Price/ Cash Flow
12/yy
917.9
9.92x
325.4
6.41x
209.5
10.12x
LTM
12/yy
980.4
9.93x
320.8
9.72x
208.9
14.96x
FY+1
0.74
55.05%
3.20%
0.743
13
1.615
394'351
437'621
369'199
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
973.6
941.3
249.5
239.8
3.31x
3.43x
297.5
264.9
87.1
76.5
10.81x
12.14x
10.76x
190.9
169.3
56.7
48.9
16.93x
19.17x
17.43x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-0.03
0.43
26.7%
21.1%
1.21
4.95
57.27
172.86
60.84
169.28
16.00
2'500.0
14.00
2'000.0
12.00
10.00
1'500.0
8.00
1'000.0
6.00
4.00
500.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Orion OYJ
Holdings By:
All
Holder Name
SEB
SOCIAL INSURANCE INS
VANGUARD GROUP INC
SCHRODER INVESTMENT
BLACKROCK
SWISS NATIONAL BANK
FINNISH CULTURAL FOU
AKO CAPITAL LLP
BRADE JOUKO
INVESCO LTD
ORION OYJ
ORION PENSION FUND
YLPPO JUKKA
Firm Name
EVA Dimensions
Jefferies
Credit Suisse
SEB Enskilda
Danske Markets
INDERES
ABG Sundal Collier
Carnegie
Goldman Sachs
AlphaValue
Evli Bank Plc
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
ANDREW S ZAMFOTIS
JAMES VANE-TEMPEST
KIMMO STENVALL
KERRY HOLFORD
LARS HEVRENG
SAMI SARKAMIES
MATTIAS HAGGBLOM
PETRI KAJAANI
PETER HUGREFFE
TIMO HEINONEN
ELEANOR FUNG
ARMELLE MOULIN
TEAM COVERAGE
Source
ULT-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
Research
MF-AGG
MF-AGG
Research
MF-AGG
Short
Research
MF-AGG
Research
MF-AGG
Research
Research
Recommendation
overweight
underperform
sell
underperform
hold
strong sell
sell
sell
sell
hold
Sell/Neutral
sell
Under Review
Amt Held
% Out
8'313'900
8.48
1'660'805
1.69
1'658'368
1.69
1'643'108
1.68
1'171'521
1.2
1'110'000
1.13
950'056
0.97
612'336
0.62
578'526
0.59
502'826
0.51
472'044
0.48
405'570
0.41
398'045
0.41
(342'967) -0.35
336'665
0.34
330'666
0.34
325'991
0.33
325'700
0.33
292'699
0.3
292'520
0.3
Weighting
5
1
1
1
3
1
1
1
1
3
1
1
#N/A N/A
Change
D
M
D
M
D
M
M
D
M
M
D
M
M
Latest Chg
240'484
50'588
57'015
1'875
(1'184)
25'889
790
215'579
181'277
(10'400)
-
Target Price
#N/A N/A
17
18
19
23
18
11
18
14
#N/A N/A
17
12
#N/A N/A
File Dt
31.12.2012
31.12.2012
30.11.2012
31.12.2012
31.12.2012
31.12.2012
26.02.2013
30.11.2012
30.11.2012
31.01.2013
31.12.2012
30.11.2012
31.12.2012
28.01.2013
30.11.2012
27.02.2013
30.11.2012
28.12.2012
30.11.2012
30.11.2012
Date
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 month
6 month
Not Provided
Inst Type
Investment Advisor
Unclassified
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Mutual Fund Manager
Mutual Fund Manager
Other
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Other
Mutual Fund Manager
n/a
Date
12.02.2013
08.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
29.01.2013
28.01.2013
01.11.2012
30.01.2009
28.02.2013
Outotec OYJ
Outotec Oyj provides technology solutions for the sustainable use of Earth's
natural resources. The Company designs, develops, and supplies tailored plants,
processes and equipment for the minerals and metals processing industries.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OTE1V FH EQUITY YTD Change
OTE1V FH EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
52.10
30.31
272'810.00
50.9
-2.30%
67.93%
94.49%
45.8
2'330.22
97.90
0.0
1.2
358.60
2'070.72
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
50
1.0 M
40
.8 M
30
.6 M
20
.4 M
10
.2 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'217.9
0.11x
141.7
0.99x
94.0
4.80x
60
31.12.2009
31.12.2010
877.7
969.6
1.07x
1.97x
71.3
82.5
13.13x
23.17x
42.3
26.7
24.47x
78.55x
Profitability
LTM-4Q
31.12.2011
1'385.6
0.96x
133.9
9.89x
79.3
20.83x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'087.4
0.79x
215.9
7.67x
127.8
15.18x
215.90
184.50
8.84%
8.61%
8.37%
29.04%
1.37%
20.8%
10.3%
8.8%
6.1%
1.20
0.37
6.01%
20.35%
10.04
Price/ Cash Flow
12/yy
1'385.6
3.92x
133.9
9.89x
79.3
20.96x
LTM
12/yy
2'087.4
2.76x
215.8
7.68x
127.7
15.16x
FY+1
1.27
13.03%
20.13%
1.267
21
3.476
277'762
307'418
293'782
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'172.9
2'182.3
460.3
556.4
0.90x
0.86x
4.49x
3.77x
234.6
236.8
43.5
54.3
8.83x
8.74x
8.57x
8.43x
146.2
151.9
23.5
31.5
15.90x
15.40x
16.21x
15.82x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
60.86
52.86
-1.21
0.45
20.4%
16.9%
1.37
30.30
36.45
62.72
50.00
2'500.0
45.00
40.00
2'000.0
35.00
1'500.0
30.00
25.00
1'000.0
20.00
15.00
500.0
10.00
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Outotec OYJ
Holdings By:
All
Holder Name
SOLIDIUM OY
TAMARES NORDIC INVES
BLACKROCK
FMR LLC
CARLSON CAPITAL UK L
SEB
OUTOTEC OYJ
VANGUARD GROUP INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
SEB Enskilda
TOMI RAILO
CA Cheuvreux
JOHAN ELIASON
FIM
SANNA KAJE
Deutsche Bank
ANETTE LUOMANPERA
ABG Sundal Collier
JOHANNES GRUNSELIUS
PEKKA SPOLANDER
JPMorgan
ALEXANDER WHIGHT
Carnegie
TIMO HEINONEN
JAN KAIJALA
Handelsbanken
TOM SKOGMAN
DNB Markets
SAMPSA KARHUNEN
Danske Markets
ANTTI SUTTELIN
INDERES
JUHA KINNUNEN
Goldman Sachs
AARON IBBOTSON
Evli Bank Plc
ELINA RIUTTA
Morgan Stanley
BEN UGLOW
EVA Dimensions
CRAIG STERLING
EDWARD STACEY
Swedbank
ERKKI VESOLA
ICECAPITAL Markets
LAURI LEINO
JARI RAISANEN
Source
Research
Research
Research
ULT-AGG
Research
ULT-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Short
Research
Research
ULT-AGG
Research
MF-AGG
Co File
MF-AGG
Recommendation
buy
outperform
accumulate
buy
buy
accumulate
underweight
buy
buy
accumulate
sell
buy
accumulate
Buy/Neutral
accumulate
Underwt/Cautious
underweight
buy
reduce
buy
reduce
Amt Held
% Out
3'801'373
8.3
2'938'343
6.42
2'511'419
5.49
2'491'489
5.44
2'205'785
4.82
1'788'847
3.91
1'051'616
2.3
(1'030'059) -2.25
1'010'330
2.21
936'608
2.05
744'330
1.63
702'797
1.54
(700'440) -1.53
669'138
1.46
576'421
1.26
542'661
1.19
500'000
1.09
477'566
1.04
466'478
1.02
429'554
0.94
Weighting
Change
5
5
4
5
5
4
1
5
5
4
1
5
4
5
4
1
1
5
2
5
2
M
M
M
M
M
U
D
M
M
M
D
M
M
M
M
M
M
M
M
M
M
Latest Chg
44'015
(13'200)
(64'093)
(147'221)
122'122
201'051
(84)
(27'468)
282'816
8'305
146'500
Target Price
56
57
55
55
56
56
43
#N/A N/A
55
55
46
58
52
62
44
29
#N/A N/A
56
33
33
22
File Dt
Inst Type
30.11.2012
Holding Company
30.11.2012
Insurance Company
30.11.2012
Other
26.02.2013
Investment Advisor
30.11.2012
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
19.02.2013
Corporation
30.11.2012
Government
31.12.2012
Unclassified
30.11.2012
Other
31.12.2012
Investment Advisor
31.12.2011
Insurance Company
31.01.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
9 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Date
18.02.2013
15.02.2013
12.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
17.01.2013
17.01.2013
30.10.2012
26.10.2012
24.05.2010
10.02.2010
28.02.2013
Pargesa Holding SA
Pargesa Holding SA acquires, sells, operates and manages investments in the
financial, commercial, and industrial sectors in Switzerland and other European
countries. The Company has a portfolio of a limited number of major long-term
holdings. Pargesa seeks to exercise control over or influence the activities of
its holdings as a strategic shareholder.
Price/Volume
.2 M
60
.1 M
.1 M
.1 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (25.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PARG SE EQUITY YTD Change
PARG SE EQUITY YTD % CHANGE
12/2011
09/yy
68.95
51.05
93'575.00
66.6
-3.41%
30.46%
86.87%
77.2
5'656.75
4'983.40
0.0
8'970.5
1'846.70
16'324.95
.1 M
30
.1 M
20
.0 M
10
.0 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
70
50
Valuation Analysis
31.12.2007
5'588.7
5.16x
1'360.4
21.19x
722.3
14.83x
80
31.12.2008
31.12.2009
5'475.2
4'189.5
3.64x
5.31x
799.9
1'077.2
24.95x
20.64x
(520.8)
791.7
4.83x
Profitability
LTM-4Q
31.12.2010
4'625.4
4.21x
888.7
21.93x
465.9
14.44x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
4'729.1
3.66x
915.2
18.92x
(64.9)
915.20
-193.40
-4.09%
5.92%
0.64%
1.92%
0.21%
28.8%
5.6%
-1.4%
2.16
1.46
21.50%
66.61%
6.82
-
03/yy
3'148.0
6.23x
0.0
0.00x
821.3
0.00x
LTM
09/yy
7'356.8
0.00x
0.0
0.00x
344.4
0.00x
FY+1
12.00
6'000.0
10.00
5'000.0
8.00
4'000.0
66'923
55'022
51'046
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
5'808.0
6'064.0
2.92x
2.75x
383.5
445.0
42.57x
36.69x
665.0
498.0
17.06x
11.32x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
Price/ Cash Flow
1.20
36.82
3.75%
6.30%
1.204
7
3.714
4.79
3.25
1.44
3.09
66.6%
23.2%
0.21
2.26
53.63
-
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.0
0.00
02.01.2009 02.07.2009
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
-1'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Pargesa Holding SA
Holdings By:
All
Holder Name
PARJOINTCO NV
BNP PARIBAS SA
CREDIT SUISSE ASSET
VANGUARD GROUP INC
UBS FUND MANAGEMENT
BLACKROCK
PARGESA HOLDING SA
AMUNDI LUXEMBOURG SA
PICTET & CIE
LITMAN/GREGORY FUND
UBS ETF
PETERCAM SA
SCHRODER INVESTMENT
Firm Name
AlphaValue
Goldman Sachs
Bank Vontobel AG
EVA Dimensions
Petercam
KBC Securities
BMO Capital Markets
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MARKUS IWAR
RENE WEBER
AUSTIN BURKETT
MARC DEBROUWER
TOM SIMONTS
DANIEL BUERKI
JOHN REUCASSEL
Source
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
Recommendation
add
neutral/neutral
hold
overweight
not rated
hold
market perform
not rated
Amt Held
40'076'000
9'586'556
6'109'439
1'351'855
573'417
469'645
440'190
435'371
318'098
297'800
227'716
208'884
180'873
116'599
116'444
93'500
55'024
48'000
47'566
29'150
% Out
51.9
12.42
7.91
1.75
0.74
0.61
0.57
0.56
0.41
0.39
0.29
0.27
0.23
0.15
0.15
0.12
0.07
0.06
0.06
0.04
Weighting
Change
4
3
3
5
#N/A N/A
3
3
#N/A N/A
M
M
M
M
M
M
M
M
Latest Chg
(2'620)
(6'904)
8'331
6'134
103'411
30'600
(5'257)
(1'855)
(192'482)
(11'500)
654
33'724
(275)
Target Price
70
82
70
#N/A N/A
#N/A N/A
68
#N/A N/A
#N/A N/A
File Dt
31.12.2011
05.09.2012
30.09.2012
31.12.2012
28.12.2012
31.10.2012
31.12.2012
31.10.2012
26.02.2013
12.03.2012
31.12.2012
28.09.2012
28.12.2012
30.11.2012
31.12.2012
28.12.2012
31.10.2012
30.12.2011
31.12.2012
31.12.2012
Date
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Holding Company
Bank
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Date
21.02.2013
25.01.2013
25.01.2013
17.01.2013
18.12.2012
10.12.2012
12.11.2012
22.02.2011
28.02.2013
Partners Group Holding AG

Partners Group Holding AG is a global private markets asset management firm
in private equity, private debt, private real estate and private
infrastructure. The firm manages a broad range of funds, structured products
and customized portfolios for an international clientele of institutional
investors, private banks and other financial institutions.
Price/Volume
250
.3 M
12/2011
01/yy
223.70
157.20
26'048.00
212
-5.23%
34.86%
82.41%
26.7
5'660.40
0.00
0.0
0.8
96.67
5'565.10
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
150
.2 M
100
.2 M
.1 M
50
.1 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
350.1
10.59x
270.8
13.69x
255.0
14.99x
.3 M
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PGHN SE EQUITY YTD Change
PGHN SE EQUITY YTD % CHANGE
.4 M
31.12.2008
31.12.2009
270.7
329.4
6.16x
9.30x
182.5
231.9
9.14x
13.21x
170.8
204.8
10.90x
15.75x
Profitability
31.12.2010
447.3
9.31x
320.8
12.98x
296.3
14.86x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
448.8
9.06x
236.2
17.21x
202.1
20.51x
236.19
48.76%
49.22%
33.99%
43.99%
43.93%
0.76%
52.0%
45.0%
0.00%
0.00%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.87
15.76
30.05%
0.38%
0.873
10
3.300
32'101
47'817
57'210
FY+2
12/12 Y
12/13 Y
424.7
511.6
13.08x
10.79x
266.8
327.3
20.86x
17.00x
250.6
306.5
21.94x
18.02x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
-0.38
0.00
0.0%
0.0%
0.76
35.61
-
35.00
500.0
450.0
30.00
400.0
25.00
350.0
300.0
20.00
250.0
15.00
200.0
150.0
10.00
100.0
5.00
0.00
02.01.2009 02.07.2009
50.0
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Partners Group Holding AG

Holdings By:
All
Holder Name
GROUP OF SHAREHOLDER
PARTNERS GROUP
BLACKROCK
MEISTER STEFFEN
CREDIT SUISSE ASSET
HALDNER FELIX
VANGUARD GROUP INC
FMR LLC
PICTET & CIE
ALLIANCE BERNSTEIN
DEUTSCHE BANK AG
SCHALI STEPHEN
WENGER JURG
NAF STEFAN
UBS FUND MANAGEMENT
Firm Name
Morgan Stanley
Bank Vontobel AG
Goldman Sachs
Helvea
EVA Dimensions
Credit Suisse
Main First Bank AG
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
BRUCE HAMILTON
TERESA NIELSEN
CHRIS M. TURNER
TIM DAWSON
AUSTIN BURKETT
GURJIT KAMBO
GEORG MARTI
KILIAN MAIER
CHRISTIAN STARK
Source
EXCH
EXCH
ULT-AGG
13F
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
Co File
Co File
MF-AGG
ULT-AGG
Recommendation
Overwt/In-Line
hold
Sell/Neutral
accumulate
hold
outperform
market perform
underperform
outperform
Amt Held
8'188'476
1'318'831
1'104'516
711'040
534'000
494'578
470'853
347'100
331'373
300'836
297'589
220'610
212'954
182'818
180'483
154'200
153'333
110'361
101'512
91'520
% Out
30.67
4.94
4.14
2.66
2
1.85
1.76
1.3
1.24
1.13
1.11
0.83
0.8
0.68
0.68
0.58
0.57
0.41
0.38
0.34
Weighting
Change
5
3
1
4
3
5
3
1
5
M
M
M
M
M
M
M
D
M
Latest Chg
(19'412)
15'912
(108'287)
68'380
(24'915)
50
44'942
(23'941)
15'212
(5'634)
2'536
(3'979)
(2'088)
3'955
Target Price
238
210
210
230
#N/A N/A
235
#N/A N/A
200
220
File Dt
Inst Type
08.11.2012
n/a
30.11.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
n/a
31.12.2012
Investment Advisor
31.12.2011
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
05.02.2013
25.01.2013
24.01.2013
21.01.2013
17.01.2013
16.01.2013
16.01.2013
14.01.2013
08.10.2012
28.02.2013
Petropavlovsk PLC
Petropavlovsk PLC is a gold and iron ore mining and exploration company in
Russia. The Company holds interests in exploration and production assets in a
number of regions across the Russian Federation with its core assets located in
the Amur Region.
Price/Volume
800
12.0 M
700
10.0 M
600
8.0 M
500
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.02.2012)
52-Week Low (22.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
POG LN EQUITY YTD Change
POG LN EQUITY YTD % CHANGE
12/2011
01/yy
753.50
297.80
1'546'660.00
307.2
-59.23%
3.16%
2.06%
187.9
577.11
1'006.84
0.0
275.1
213.56
2'276.19
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
200
2.0 M
100
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
226.4
9.37x
89.6
23.69x
38.7
50.98x
6.0 M
300
31.12.2008
31.12.2009
381.7
472.3
2.10x
6.33x
136.0
221.8
5.89x
13.48x
22.0
143.2
20.32x
16.97x
Profitability
31.12.2010
612.0
6.19x
198.1
19.13x
19.8
165.78x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
1'262.5
2.27x
541.2
5.29x
230.9
7.70x
541.19
408.99
32.40%
28.62%
4.30%
8.87%
6.00%
0.41%
42.9%
28.4%
18.3%
1.96
0.79
30.76%
61.66%
17.71
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.57
1.27
156.34
-56.06%
-14.90%
1.272
21
4.000
1'819'148
1'861'816
1'595'759
FY+2
12/12 Y
12/13 Y
1'334.7
1'414.3
1.72x
1.65x
500.7
590.2
4.55x
3.86x
132.2
205.4
7.18x
4.54x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
10.09
-4.85
1.98
2.31
61.7%
34.5%
0.41
0.73
20.66
-
80.00
1'400.0
70.00
1'200.0
60.00
1'000.0
50.00
800.0
40.00
600.0
30.00
400.0
20.00
200.0
10.00
0.00
02.01.2009 02.07.2009
0.0
02.01.2010
02.07.2010
02.01.2011 02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Petropavlovsk PLC
Holdings By:
All
Holder Name
BLACKROCK
MASLOVSKIY PAVEL ALE
VANGUARD GROUP INC
JP MORGAN
HAMBRO PETER C P
UBS
NORGES BANK
SCHRODER INVESTMENT
LEGAL & GENERAL
BNP PARIBAS INVESTME
ROTHSCHILD PRIVATE M
FMR LLC
SCHRODER INVESTMENT
BAILLIE GIFFORD AND
Firm Name
BMO Capital Markets
Uralsib
Societe Generale
VTB Capital
RBC Capital Markets
JPMorgan
HSBC
Raiffeisenbank AG
Goldman Sachs
Credit Suisse
Sberbank CIB
EVA Dimensions
Alfa-Bank
Liberum Capital Ltd
Otkritie Capital
Nomura
Aton LLC
Portfolio Name
n/a
n/a
#N/A N/A
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DAVID HAUGHTON
BRUCE ALWAY
NICK HATCH
NIKOLAY SOSNOVSKIY
JONATHAN GUY
ROGER BELL
PATRICK CHIDLEY
IRYNA TRYGUB-KAINZ
YULIA CHEKUNAEVA
MIKHAIL PRIKLONSKY
PETER MALLIN-JONES
MIKHAIL STISKIN
CAILEY BARKER
CRAIG STERLING
BARRY EHRLICH
KATE CRAIG
ANDY JONES
TYLER BRODA
ILYA MAKAROV
Source
ULT-AGG
RNS-DIR
RNS-MAJ
REG
ULT-AGG
REG
Co File
ULT-AGG
ULT-AGG
RNS-MAJ
REG
ULT-AGG
RNS-MAJ
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
Short
REG
Recommendation
market perform
buy
buy
buy
buy
underperform
overweight
overweight
hold
sell/attractive
underperform
buy
buy
add
buy
equalweight
buy
Under Review
buy
buy
Amt Held
% Out
16'776'225
8.93
14'903'486
7.93
13'500'000
7.19
9'797'907
5.22
9'524'898
5.07
9'042'648
4.81
8'672'558
4.62
8'309'411
4.42
7'534'114
4.01
7'523'884
4.01
6'733'069
3.58
6'548'906
3.49
5'600'369
2.98
4'482'545
2.39
4'338'268
2.31
4'056'600
2.16
3'970'866
2.11
2'868'111
1.53
(2'817'902)
-1.5
2'679'849
1.43
Weighting
3
5
5
5
5
1
5
5
3
1
1
5
5
4
5
3
5
#N/A N/A
5
5
Change
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
D
M
M
M
M
Latest Chg
(8'736)
105'000
2'115'678
311'224
(839'144)
5'820'542
1'610'897
708'300
61'618
(79'130)
(1'250'334)
392'589
(375'829)
3'750'567
618'490
(18'786)
(274'348)
Target Price
475
588
470
480
480
400
500
540
430
365
340
800
560
480
#N/A N/A
440
#N/A N/A
#N/A N/A
760
561
File Dt
26.02.2013
26.05.2011
21.02.2013
01.11.2012
01.11.2012
01.11.2012
27.03.2012
01.11.2012
31.12.2012
28.11.2012
01.11.2012
31.01.2013
04.02.2011
31.12.2012
01.11.2012
31.12.2012
01.11.2012
31.12.2012
26.02.2013
01.11.2012
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Unclassified
Other
n/a
Unclassified
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.02.2013
25.02.2013
22.02.2013
22.02.2013
18.02.2013
15.02.2013
15.02.2013
31.01.2013
28.01.2013
24.01.2013
23.01.2013
22.01.2013
18.01.2013
18.01.2013
17.01.2013
16.01.2013
16.01.2013
13.12.2012
10.10.2012
28.06.2012
28.02.2013
Peugeot SA
Peugeot SA manufactures automobiles and light comercial vehicles. The company,
through subsidiaries, also manufactures automobile components and motorcycles,
and provides logistics and financing services.
Price/Volume
16
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
14
12
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.02.2012)
52-Week Low (09.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UG FP EQUITY YTD Change
UG FP EQUITY YTD % CHANGE
12/2012
12/yy
14.02
4.32
2'651'347.00
5.778
-58.80%
33.75%
15.02%
354.8
2'050.32
32'553.00
0.0
735.0
7'678.00
27'660.32
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4
2
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
54'356.0
0.49x
3'742.0
7.06x
(363.0)
-
31.12.2009
31.12.2010
48'417.0
56'061.0
0.57x
0.51x
2'443.0
4'839.0
11.25x
5.95x
(1'161.0)
1'134.0
5.68x
Profitability
LTM-4Q
31.12.2011
58'509.0
0.48x
4'039.0
7.02x
588.0
6.16x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
55'446.0
0.50x
2'310.0
11.90x
(5'010.0)
2'310.00
-576.00
-1.04%
-8.94%
-7.49%
-42.35%
0.83%
14.2%
4.2%
-1.0%
-9.0%
1.04
0.23
50.20%
331.43%
27.40
7.43
Price/ Cash Flow
LTM
12/yy
59'912.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
55'446.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.29
222.97
-55.99%
5.61%
1.287
32
1.844
3'969'418
4'798'594
5'056'238
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
54'936.9
56'920.2
0.14x
0.14x
2'493.3
3'188.3
11.09x
8.68x
(510.7)
43.4
81.38x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.02.2013
BBNEG
06.08.2009
B
5.23
0.07
10.77
14.09
331.4%
75.5%
0.83
4.18
13.36
49.24
70.34
-7.74
3.00
70'000.0
2.50
60'000.0
50'000.0
2.00
40'000.0
1.50
30'000.0
1.00
20'000.0
0.50
10'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Peugeot SA
Holdings By:
All
Holder Name
PEUGEOT FAMILY
GENERAL MOTORS AUTOM
PEUGEOT SA
BLACKROCK
ONTARIO TEACHERS PEN
D E SHAW & COMPANY I
VANGUARD GROUP INC
SPARINVEST
MARSHALL WACE LLP
OXAM QUANT FUND LTD
MAGNETAR FINANCIAL L
AVIVA PLC
BNP PARIBAS SA
Firm Name
Exane BNP Paribas
AlphaValue
Barclays
Goldman Sachs
Societe Generale
JPMorgan
Macquarie
Natixis
S&P Capital IQ
Redburn Partners
Oddo & Cie
Morgan Stanley
HSBC
Day by Day
Credit Suisse
EVA Dimensions
Bankhaus Metzler
Main First Bank AG
CA Cheuvreux
Cyrrus
Deutsche Bank
Hammer Partners SA
National Bank AG
DZ Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
MAX WARBURTON
RABIH FREIHA
HANS-PETER WODNIOK
XAVIER CAROEN
KRISTINA CHURCH
STEFAN BURGSTALLER
STEPHEN REITMAN
SASCHA GOMMEL
JOSE ASUMENDI
JENS SCHATTNER
FLORENT COUVREUR
GEORGES DIENG
RODERICK BRIDGE
CHARLES WINSTON
FRANCOIS MAURY
LAURA LEMBKE
Fabian Suessenguth
HORST SCHNEIDER
VALERIE GASTALDY
ERICH HAUSER
CRAIG STERLING
JUERGEN PIEPER
BRUNO LAPIERRE
THOMAS BESSON
ALBRECHT DENNINGHOFF
JIRI SIMARA
GAETAN TOULEMONDE
ALBERTO ROLLA
MANFRED JAISFELD
MICHAEL PUNZET
Source
Research
Research
Co File
ULT-AGG
Short
Research
Short
Short
MF-AGG
MF-AGG
ULT-AGG
Short
Short
Short
Short
MF-AGG
MF-AGG
Short
MF-AGG
Short
Recommendation
market perform
neutral
sell
hold
underweight
neutral/attractive
hold
reduce
underweight
underperform
sell
neutral
sell
sell
neutral
Underwt/In-Line
sell
underweight
hold
underperform
sell
buy
underperform
underperform
neutral
sell
hold
sell
sell
buy
Amt Held
% Out
89'685'297 25.27
24'839'429
7
17'187'450
4.84
14'001'968
3.95
(8'055'072) -2.27
6'700'000
1.89
(5'748'554) -1.62
(4'613'037)
-1.3
4'283'966
1.21
3'195'000
0.9
3'149'267
0.89
(2'483'943)
-0.7
(2'129'094)
-0.6
(1'841'666) -0.52
(1'791'987)
-0.5
1'687'300
0.48
1'627'527
0.46
(1'419'396)
-0.4
1'241'612
0.35
(1'206'487) -0.34
Weighting
Change
3
3
1
3
1
3
3
2
1
1
1
3
1
1
3
1
1
1
3
1
1
5
1
1
3
1
3
1
1
5
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
N
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
17'057'191
3'264
1'383'911
(425'819)
(887'123)
100'258
125'000
(32'122)
(248'394)
(35'485)
1'671'200
25'796
354'849
190'814
674'213
Target Price
5
4
2
6
2
7
7
5
5
5
4
6
5
#N/A N/A
7
3
5
4
#N/A N/A
5
#N/A N/A
12
4
4
#N/A N/A
5
#N/A N/A
4
#N/A N/A
14
File Dt
29.03.2012
29.03.2012
31.12.2011
26.02.2013
06.02.2013
31.12.2011
06.02.2013
13.02.2013
31.12.2012
31.12.2012
31.01.2013
26.02.2013
08.11.2012
30.10.2012
20.03.2012
31.01.2013
31.12.2012
21.11.2012
31.12.2012
14.01.2013
Date
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
6 month
9 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Other
Corporation
Corporation
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Bank
Date
21.02.2013
21.02.2013
21.02.2013
18.02.2013
18.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
08.02.2013
07.02.2013
04.02.2013
01.02.2013
24.01.2013
17.01.2013
17.01.2013
03.01.2013
12.12.2012
26.11.2012
16.11.2012
29.10.2012
26.10.2012
23.10.2012
06.03.2012
29.02.2012
28.02.2013
Pirelli & C. SpA

Pirelli & C. SpA manufactures tires. The Company produces consumer tires for
automobiles, sports utility vehicles, light commercial vehicles and
motorcycles, and industrial tires for buses, heavy trucks, and agricultural
machinery. Pirelli also manufactures steel cord, the strengthening element for
radial tires.
Price/Volume
12
8
6
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.05.2012)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PC IM EQUITY YTD Change
PC IM EQUITY YTD % CHANGE
12/2011
09/yy
9.83
6.88
2'148'116.00
8.86
-9.87%
28.87%
67.17%
475.7
4'290.53
1'771.95
0.0
45.5
717.49
6'524.55
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4
2
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
6'504.5
0.64x
585.6
7.16x
164.5
30.73x
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
10
31.12.2008
31.12.2009
4'660.2
4'067.5
0.72x
0.88x
264.8
469.0
12.76x
7.62x
(347.5)
22.7
18.32x
Profitability
LTM-4Q
31.12.2010
4'848.4
0.76x
636.4
5.77x
21.8
12.01x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
5'654.8
0.76x
812.8
5.25x
451.6
7.02x
812.78
581.87
10.29%
8.40%
7.60%
24.20%
14.38%
0.88%
16.0%
11.8%
8.0%
1.07
0.55
25.33%
82.57%
6.36
-
Price/ Cash Flow
09/yy
5'410.9
3.05x
785.0
4.92x
364.1
5.42x
LTM
09/yy
5'963.1
3.80x
981.3
6.33x
502.6
8.01x
FY+1
0.95
308.86
16.93%
2.37%
0.948
22
3.318
3'391'568
2'532'692
2'487'439
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
6'100.4
6'449.5
1'530.2
0.91x
0.85x
3.65x
1'072.1
1'200.1
283.5
6.09x
5.44x
417.1
495.5
91.6
10.28x
8.64x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.87
2.61
2.35
2.57
82.6%
44.7%
0.88
2.56
57.55
-
25.00
9'000.0
8'000.0
20.00
7'000.0
6'000.0
15.00
5'000.0
4'000.0
10.00
3'000.0
2'000.0
5.00
1'000.0
0.00
02.01.2009 02.07.2009
0.0
02.01.2010
02.07.2010
02.01.2011 02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Pirelli & C. SpA

Holdings By:
All
Holder Name
CAMFIN CAM FINANZIAR
CAM 2012 SPA
EDIZIONE HOLDING SPA
ALLIANZ SPA
FONDIARIA-SAI SPA
MEDIOBANCA SPA
BLACKROCK
INA ASSITALIA SPA
ASSICURAZIONI GENERA
AKO CAPITAL LLP
GENERALI VIE
VANGUARD GROUP INC
DANSKE INVEST A/S
MARSHALL WACE LLP
ALTAIRIS INVESTMENTS
Firm Name
ICBPI
Mediobanca SpA
HSBC
AlphaValue
Societe Generale
Deutsche Bank
Exane BNP Paribas
Banca IMI
EVA Dimensions
Goldman Sachs
Main First Bank AG
Morgan Stanley
Equita SIM SpA
Banca Akros(ESN)
CA Cheuvreux
Natixis
Centrobanca
Barclays
Banca Profilo
Ricerca Finanza
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
STEFANO VULPIANI
MASSIMO VECCHIO
NIELS FEHRE
HANS-PETER WODNIOK
PHILIPPE BARRIER
GIANANTONIO VILLANI
GAETAN TOULEMONDE
MICHELE BALDELLI
MONICA BOSIO
CRAIG STERLING
STEPHAN PUETTER
BRUNO LAPIERRE
EDOARDO SPINA
MARTINO DEAMBROGGI
GABRIELE GAMBAROVA
GIORGIO IANNELLA
MICHAEL FOUNDOUKIDIS
ORIANA CARDANI
KRISTINA CHURCH
CARLO CAMPAGNA
FRANCESCO MANZI
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
EXCH
Short
EXCH
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
Short
Short
13F
Recommendation
neutral
underperform
overweight
reduce
hold
hold
hold
outperform
not rated
underweight
sell/attractive
underperform
Overwt/In-Line
buy
hold
outperform
buy
hold
underweight
buy
outperform
Amt Held
% Out
96'670'409 20.32
27'830'802
5.85
22'707'080
4.77
21'493'942
4.52
21'189'469
4.45
18'810'768
3.95
14'873'705
3.13
11'208'439
2.36
9'538'591
2
8'235'063
1.73
(5'899'179) -1.24
5'218'870
1.1
4'510'961
0.95
(4'234'088) -0.89
3'601'259
0.76
3'550'248
0.75
3'302'070
0.69
(2'806'867) -0.59
(2'759'293) -0.58
1'925'200
0.4
Weighting
3
1
5
2
3
3
3
5
#N/A N/A
1
1
1
5
5
3
5
5
3
1
5
5
Change
M
M
M
M
M
M
D
M
M
M
D
M
M
M
D
M
M
M
M
M
M
Latest Chg
7'121
(570'889)
131'026
475'740
2'276
66'308
(291'625)
47'574
(3'116'064)
Target Price
10
8
11
9
10
9
11
11
9
#N/A N/A
9
9
11
10
10
10
10
10
8
11
#N/A N/A
File Dt
Inst Type
24.10.2012
Other
24.10.2012
Other
24.10.2012
Holding Company
24.10.2012
Insurance Company
24.10.2012
Insurance Company
24.10.2012
Bank
26.02.2013
Investment Advisor
24.10.2012
Investment Advisor
24.10.2012
Insurance Company
24.10.2012
Insurance Company
19.12.2012
Investment Advisor
24.10.2012
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
29.06.2012
Investment Advisor
20.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
6 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
22.02.2013
21.02.2013
21.02.2013
21.02.2013
05.02.2013
28.01.2013
25.01.2013
25.01.2013
22.01.2013
17.01.2013
10.01.2013
21.12.2012
28.11.2012
23.11.2012
19.11.2012
14.11.2012
13.11.2012
31.10.2012
06.09.2012
09.08.2012
24.06.2010
28.02.2013
Pohjola Bank PLC

Pohjola Bank PLC provides non-life insurance and banking services. Non-life
insurance services include household, motor liability, accident, medical, and
travel insurance. Banking services include corporate and investment banking.
The Company also offers asset management services for institutions.
Price/Volume
14
2.5 M
12
2.0 M
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (10.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
POH1S FH EQUITY YTD Change
POH1S FH EQUITY YTD % CHANGE
12/2012
12/yy
12.81
7.46
506'641.00
12.08
-5.70%
61.93%
86.36%
251.9
3'860.48
20'884.00
0.0
0.0
14'458.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
1.0 M
31.12.2009
31.12.2010
2'643.0
2'321.0
194.0
229.0
9.04x
12.52x
Profitability
0
f-12
.0 M
m-12
LTM-4Q
31.12.2011
3'011.0
215.0
11.16x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'291.0
285.0
12.64x
36.51%
36.42%
0.66%
11.17%
1.18%
0.03%
27.8%
46.80%
754.21%
-
Price/ Cash Flow
12/yy
3'011.0
0.00x
0.0
0.00x
215.0
11.16x
a-12
m-12
j-12
j-12
LTM
12/yy
1'455.0
0.00x
0.0
0.00x
285.0
12.64x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.01
46.20%
7.19%
1.015
8
2.750
582'275
475'929
390'644
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'018.5
1'044.0
236.0
273.0
339.0
357.8
61.1
89.0
11.22x
10.67x
12.72x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.07.2005
AANEG
27.07.2005
A-1+
754.2%
88.3%
0.03
19.27
-
16.00
4'000.0
14.00
3'500.0
12.00
3'000.0
10.00
2'500.0
8.00
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
01.01.2010
.5 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'620.0
88.0
22.53x
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Pohjola Bank PLC

Holdings By:
All
Holder Name
OP-POHJOLA GROUP CEN
NORDEA BANK FINLAND
OP-ELAKEKASSA
OULUN OSUUSPANKKI
VANGUARD GROUP INC
OP-ELAKESAATIO
TURUN SEUDUN OSUUSPA
BLACKROCK
NORDEA FENNIA
TAMPEREEN SEUDUN OSU
SUUR-SAVON OSUUSPANK
ETELA-KARJALAN OSUUS
OP-DELTA FUND
AMUNDI
PIELISEN OSUUSPANKKI
Firm Name
SEB Enskilda
Carnegie
Handelsbanken
Evli Bank Plc
Danske Markets
EVA Dimensions
ABG Sundal Collier
JPMorgan
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
MIKA KOSKINEN
GIANANDREA ROBERTI
PAAVO AHONEN
MATTI AHOKAS
KIMMO RAMA
PER GRONBORG
AUSTIN BURKETT
RICKARD HENZE
ANDREAS VAN EMBDEN
Source
Research
Research
Research
Research
MF-AGG
Research
Research
MF-AGG
Research
MF-AGG
Research
Research
ULT-AGG
Research
Research
Research
Research
Research
MF-AGG
Research
Recommendation
hold
hold
sell
reduce
accumulate
hold
sell
buy
neutral
Amt Held
58'351'020
31'955'142
24'418'720
3'455'529
3'251'260
2'881'569
2'777'969
2'631'324
2'328'568
2'238'232
2'200'000
1'800'990
1'670'557
1'545'000
1'514'338
1'348'036
1'329'318
1'285'000
1'247'847
1'232'140
% Out
23.16
12.68
9.69
1.37
1.29
1.14
1.1
1.04
0.92
0.89
0.87
0.71
0.66
0.61
0.6
0.54
0.53
0.51
0.5
0.49
Weighting
Change
3
3
1
2
4
3
1
5
3
M
M
M
M
M
M
D
M
M
Latest Chg
80'781
(36'415)
1'840
(79'103)
-
Target Price
11
#N/A N/A
12
12
12
13
#N/A N/A
10
10
File Dt
Inst Type
30.11.2012
Bank
30.11.2012
Insurance Company
30.11.2012
Bank
31.07.2012
Investment Advisor
30.11.2012
Insurance Company
30.11.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Government
30.11.2012
n/a
26.02.2013
Investment Advisor
30.11.2012
n/a
30.11.2012
Other
30.11.2012
Bank
30.11.2012
Bank
30.11.2012
n/a
30.11.2012
n/a
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
Date
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
23.01.2013
04.05.2012
23.02.2012
28.02.2013
Polyus Gold International Ltd

Polyus Gold International Ltd is a gold mining company. The Company operates
mines and development/exploration projects located in gold mining regions of
Russia - the Krasnoyarsk Territory, the Irkutsk, Magadan, Amur regions, the
Republic of Sakha (Yakutia), as well as in the Republic of Kazakhstan, Romania
and Kyrgyzstan.
Price/Volume
200
25.0 M
20.0 M
15.0 M
100
12/2011
01/yy
233.00
180.50
807'456.00
220
-5.58%
21.88%
75.24%
3'032.2
6'670.73
798.68
235.3
657.45
9'834.20
10.0 M
50
5.0 M
0
j-12
.0 M
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
150
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.02.2013)
52-Week Low (28.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PGIL LN EQUITY YTD Change
PGIL LN EQUITY YTD % CHANGE
31.12.2007
177.0
7.63x
74.4
18.14x
19.4
65.54x
250
31.12.2008
31.12.2009
54.3
60.4
8.14x
11.13x
(220.8)
(52.6)
(257.0)
(142.9)
Profitability
31.12.2010
1'748.8
0.22x
714.6
0.54x
332.2
35.27x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
2'402.7
3.60x
1'130.0
7.66x
469.0
18.62x
1'130.02
942.07
39.21%
31.84%
14.27%
21.54%
21.73%
0.60%
49.7%
53.9%
43.9%
19.5%
1.63
0.73
18.93%
30.77%
2.99
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
385.40
7.45%
17
4.176
1'606'133
1'639'757
1'830'161
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'799.3
3'100.9
3.53x
3.28x
1'371.9
1'573.2
7.17x
6.25x
825.2
948.8
12.32x
10.94x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.83
11.02
-0.39
0.23
30.8%
22.0%
0.60
1.24
122.45
141.59
16.00
3'000.0
14.00
2'500.0
12.00
2'000.0
10.00
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
02.01.2009 02.07.2009
0.0
02.01.2010
02.07.2010
02.01.2011 02.07.2011
02.01.2012
02.07.2012
02.01.2013
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Polyus Gold International Ltd

Holdings By:
All
Holder Name
NAFTA MOSKVA
RECEZA LTD
LIZARAZU LTD
JENNINGTON INTERNATI
CHENGDONG INVESTMENT
VTB CAPITAL PLC
BLACKROCK
BENVOLIO HOLDING LTD
DWS INVESTMENT SA
DEUTSCHE BANK AG
NUVEEN ASSET MANAGEM
US GLOBAL INVESTORS
JP MORGAN
JP MORGAN INVESTMENT
SOCIETE GENERALE
RAIFFEISEN KAPITALAN
Firm Name
JPMorgan
Morgan Stanley
BMO Capital Markets
Uralsib
Credit Suisse
Alfa-Bank
Sberbank CIB
VTB Capital
Liberum Capital Ltd
Deutsche Bank
Otkritie Capital
Veles Capital
Goldman Sachs
ING Bank
Aton LLC
RMG Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
YURIY A VLASOV
DMITRIY KOLOMYTSYN
DAVID HAUGHTON
MIKHAIL PRIKLONSKY
BARRY EHRLICH
MIKHAIL STISKIN
ALEXANDER PUKHAEV
KATE CRAIG
ERIK DANEMAR
ANDY JONES
AIRAT KHALIKOV
YULIA CHEKUNAEVA
BIRAJ BORKHATARIA
ILYA MAKAROV
ANDREY TRETELNIKOV
Source
RNS-RUL8
Research
Research
Co File
RNS-RUL8
RNS-RUL8
ULT-AGG
RNS-RUL8
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
RNS-RUL8
MF-AGG
MF-AGG
Recommendation
overweight
Equalwt/In-Line
market perform
buy
outperform
equalweight
buy
buy
hold
buy
Under Review
buy
not rated
hold
hold
hold
Amt Held
1'219'680'676
585'204'931
560'947'732
227'411'243
151'607'496
101'577'689
72'983'498
53'475'052
5'964'921
5'018'000
3'881'064
1'700'909
1'568'685
1'093'500
1'061'396
1'000'000
990'100
663'368
597'226
533'860
% Out
40.22
19.3
18.5
7.5
5
3.35
2.41
1.76
0.2
0.17
0.13
0.06
0.05
0.04
0.04
0.03
0.03
0.02
0.02
0.02
Weighting
Change
5
3
3
5
5
3
5
5
3
5
#N/A N/A
5
#N/A N/A
3
3
3
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
(500'000)
(50'000)
662'399
5'018'000
(2'345'088)
1'093'500
(37'554)
10'900
Target Price
270
265
250
264
240
225
303
300
#N/A N/A
285
#N/A N/A
247
#N/A N/A
280
187
209
File Dt
Inst Type
18.09.2012
Investment Advisor
22.02.2013
n/a
22.02.2013
n/a
31.12.2011
n/a
12.09.2012
Investment Advisor
21.02.2013
Investment Advisor
26.02.2013
Investment Advisor
25.09.2012
Other
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
31.10.2012
Unclassified
30.12.2012
Investment Advisor
21.02.2013
Bank
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
27.02.2013
26.02.2013
25.02.2013
25.02.2013
22.02.2013
06.02.2013
29.01.2013
28.01.2013
11.01.2013
19.12.2012
13.12.2012
19.09.2012
12.09.2012
10.09.2012
28.06.2012
26.06.2012
28.02.2013
PostNL NV
PostNL NV collects, transports, stores, sorts, and distributes letters, printed
matter, parcels, documents, and freight items. The Company provides mail and
logistics services domestically and internationally.
Price/Volume
5
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2012)
52-Week Low (14.01.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PNL NA EQUITY YTD Change
PNL NA EQUITY YTD % CHANGE
12/2012
12/yy
4.32
1.70
6'165'088.00
1.845
-57.34%
8.53%
5.52%
440.0
811.75
1'618.00
0.0
11.0
391.00
2'049.75
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
3
2
30.0 M
20.0 M
10.0 M
1
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
10'983.0
0.60x
1'381.0
4.74x
556.0
9.00x
31.12.2009
31.12.2010
10'278.0
4'274.0
0.88x
2.10x
1'138.0
600.0
7.99x
14.95x
281.0
347.0
28.03x
26.55x
Profitability
LTM-4Q
31.12.2011
4'283.0
0.46x
529.0
3.74x
1'736.0
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'330.0
0.58x
541.0
4.66x
677.0
1.90x
541.00
293.00
6.77%
17.51%
15.43%
92.17%
32.36%
0.99%
6.8%
15.6%
2.05
0.69
34.75%
151.36%
10.20
-
Price/ Cash Flow
LTM
12/yy
4'283.0
3.71x
529.0
3.74x
1'736.0
0.00x
12/yy
4'330.0
2.37x
331.0
0.00x
677.0
1.96x
FY+1
1.34
418.59
-53.45%
-36.77%
1.335
23
3.391
9'155'633
7'024'369
6'209'901
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'364.4
4'418.6
0.45x
0.43x
475.4
509.4
4.31x
4.02x
223.5
244.7
4.11x
3.49x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.01.2013
BBB
NEG
10.03.2006
A-2
5.06
3.42
151.4%
60.0%
0.99
8.77
35.88
-
30.00
14'000.0
25.00
12'000.0
10'000.0
20.00
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
2'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
PostNL NV
Holdings By:
All
Holder Name
MACKENZIE FINANCIAL
BLACKROCK
ALBERTA INVESTMENT M
MORGAN STANLEY
VANGUARD GROUP INC
INVESCO LTD
FRANKLIN RESOURCES
BARCLAYS PLC
FMR LLC
WORLDQUANT LLC
Firm Name
Goldman Sachs
KBC Securities
RBC Capital Markets
SNS Securities(ESN)
Berenberg Bank
ING Bank
ABN Amro Bank N.V.
Nomura
Morgan Stanley
Barclays
EVA Dimensions
CA Cheuvreux
HSBC
Petercam
Davy
Credit Suisse
Kempen & Co
Main First Bank AG
JPMorgan
AlphaValue
Societe Generale
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
JOHN WOODMAN
DIETER FURNIERE
PHILIP SCHOLTE
ANDRE MULDER
DAMIAN BREWER
GERT STEENS
WILLIAM FOGGON
MARC ZWARTSENBURG
MAARTEN BAKKER
MARK MCVICAR
PENNY BUTCHER
DAVID E FINTZEN
CRAIG STERLING
ROBERT VAN OVERBEEK
JULIA WINARSO
MARCEL ACHTERBERG
JOSHUA GOLDMAN
NEIL GLYNN
ARUN RAMBOCUS
TOBIAS SITTIG
CHRISTOPHER G COMBE
JOS VERSTEEG
HELENE COUMES
MATTHEW O'KEEFFE
Source
Research
13G
MF-AGG
Research
ULT-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Short
ULT-AGG
Research
ULT-AGG
Short
Short
Recommendation
neutral/neutral
hold
hold
Under Review
sector perform
accumulate
hold
buy
buy
reduce
Equalwt/In-Line
overweight
hold
underperform
neutral
reduce
underperform
neutral
buy
outperform
overweight
Under Review
sell
hold
Amt Held
% Out
37'323'303
8.48
33'943'546
7.71
28'514'573
6.48
23'995'285
5.45
21'876'251
4.97
21'081'417
4.79
20'148'658
4.58
18'816'297
4.28
12'988'100
2.95
10'317'188
2.34
7'760'076
1.76
5'000'000
1.14
4'760'903
1.08
3'141'982
0.71
(3'079'813)
-0.7
2'520'142
0.57
2'379'798
0.54
2'200'620
0.5
(2'155'869) -0.49
(2'111'872) -0.48
Weighting
3
3
3
#N/A N/A
3
4
3
5
5
2
3
5
3
1
3
2
1
3
5
5
5
#N/A N/A
1
3
Change
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
Latest Chg
5'504'882
(525'149)
4'654
(289'095)
2'038'242
(2)
72'100
2'865'642
(879'947)
(2'335'823)
43'997
483'970
Target Price
2
2
2
#N/A N/A
2
3
3
3
3
2
2
2
#N/A N/A
2
2
2
#N/A N/A
3
4
4
5
#N/A N/A
6
8
File Dt
Inst Type
18.11.2011
Investment Advisor
31.12.2011
Investment Advisor
30.11.2012
Investment Advisor
15.03.2012
Investment Advisor
26.02.2013
Investment Advisor
24.02.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
23.09.2010
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
27.02.2013
Investment Advisor
25.02.2013
Investment Advisor
31.10.2012
Investment Advisor
24.02.2011
Investment Advisor
31.12.2012
Investment Advisor
29.01.2013
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
6 month
12 month
Date
26.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
22.02.2013
13.02.2013
21.01.2013
17.01.2013
16.01.2013
15.01.2013
14.01.2013
14.01.2013
11.01.2013
06.01.2013
09.11.2012
02.11.2012
27.10.2011
19.05.2011
21.02.2011
28.02.2013
ProSiebenSat.1 Media AG
ProSiebenSat.1 Media AG is a pan-European broadcasting group. The Company
produces and broadcasts television programming. ProSiebenSat.1's portfolio
ranges from TV station brands to online video store, digital pay-TV programs,
and mobile services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PSM GY EQUITY YTD Change
PSM GY EQUITY YTD % CHANGE
12/2011
09/yy
26.11
15.60
611'204.00
24.725
-5.29%
58.49%
86.86%
109.4
5'484.15
2'662.20
0.0
10.0
517.90
7'939.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
25
2.5 M
20
2.0 M
15
1.5 M
10
1.0 M
.5 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
2'710.4
2.69x
522.6
13.96x
89.4
39.71x
30
31.12.2008
31.12.2009
3'054.2
2'760.8
1.44x
1.97x
833.8
652.5
5.29x
8.34x
(129.1)
146.6
Profitability
LTM-4Q
31.12.2010
2'601.0
3.16x
684.9
11.99x
312.7
20.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
2'756.2
1.90x
726.3
7.22x
637.5
11.48x
726.30
606.70
22.01%
13.30%
6.48%
24.38%
10.88%
0.57%
45.5%
27.2%
22.7%
23.1%
1.51
1.39
52.89%
185.99%
10.45
976.50
Price/ Cash Flow
09/yy
2'711.4
10.66x
764.5
6.87x
689.0
10.13x
LTM
09/yy
2'868.7
8.54x
779.8
8.66x
325.9
12.60x
FY+1
1.17
82.81
35.47%
16.08%
1.172
30
3.567
654'309
544'982
543'578
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'910.3
2'721.7
887.8
2.49x
2.52x
8.19x
858.1
798.7
314.3
9.25x
9.94x
393.0
398.6
170.5
60.6
13.42x
13.32x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.50
3.07
3.15
3.79
186.0%
64.9%
0.57
12.89
35.03
0.37
89.44
-29.07
4.00
3'500.0
3.50
3'000.0
3.00
2'500.0
2.50
2'000.0
2.00
1'500.0
1.50
1'000.0
1.00
500.0
0.50
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
ProSiebenSat.1 Media AG
Holdings By:
All
Holder Name
LAVENA HOLDING 5
PROSIEBEN SAT1 MEDIA
FMR LLC
DEUTSCHE BANK AG
BLACKROCK
VANGUARD GROUP INC
CAZENOVE UNIT TRUST
CAPITAL AT WORK INTE
EPOCH INVESTMENT PAR
ADIG INVESTMENT
JOHN HANCOCK INVESTM
INVESCO LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Liberum Capital Ltd

IAN WHITTAKER
AlphaValue
VERONIQUE CABIOC'H
Deutsche Bank
LAURIE DAVISON
LARS LUSEBRINK
Nomura
WILLIAM MAIRS
DZ Bank AG
HARALD HEIDER
Commerzbank Corporates & Markets SONIA RABUSSIER
Exane BNP Paribas
JPMorgan
Credit Suisse
OMAR SHEIKH
Barclays
JULIEN ROCH
Societe Generale
CHRISTOPHE CHERBLANC
EVA Dimensions
CRAIG STERLING
Berenberg Bank
SARAH SIMON
Goldman Sachs
RICHARD JONES
Bankhaus Metzler
STEFAN WIMMER
Main First Bank AG
STEPHAN VOLLERT
CONOR O'SHEA
Natixis
JEROME BODIN
Hammer Partners SA
STEPHAN SEIP
Morgan Stanley
JULIEN ROSSI
RALPH SZYMCZAK
MARK EVANS
HSBC
CHRISTOPHER JOHNEN
MARCUS SILBE
Jefferies
WILL SMITH
JACQUES ABRAMOWICZ
CS Capital
CHRISTOPHER PARKINSON
Source
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
reduce
buy
hold
buy
hold
hold
underperform
neutral
outperform
overweight
hold
buy
hold
Buy/Neutral
buy
outperform
hold
neutral
sell
Equalwt/Attractive
hold
sell
neutral
hold
hold
neutral
buy
Amt Held
19'691'748
6'901'250
6'538'304
2'819'360
2'449'786
1'675'000
1'510'811
940'700
914'799
553'800
434'862
433'012
404'872
392'200
384'276
330'865
310'400
270'087
258'956
250'000
% Out
18
6.31
5.98
2.58
2.24
1.53
1.38
0.86
0.84
0.51
0.4
0.4
0.37
0.36
0.35
0.3
0.28
0.25
0.24
0.23
Weighting
Change
5
2
5
3
5
3
3
1
3
5
5
3
5
3
5
5
5
3
3
1
3
3
1
3
3
3
3
5
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
D
M
M
D
M
M
M
M
Latest Chg
(738'750)
299'157
(82'246)
315'000
33'947
(69'305)
(85'000)
15'469
(108'868)
(59'900)
370'000
(108'044)
(4'900)
442
33'352
-
Target Price
32
24
29
25
30
22
25
22
26
30
28
25
#N/A N/A
24
29
26
26
23
22
19
26
24
15
26
18
23
22
26
File Dt
31.08.2012
31.08.2012
31.12.2012
31.12.2012
26.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.10.2012
31.12.2012
30.11.2012
31.10.2012
31.12.2012
31.12.2012
30.09.2012
27.02.2013
31.12.2012
Date
Not Provided
6 month
12 month
12 month
Not Provided
12 month
6 month
Not Provided
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Holding Company
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.02.2013
21.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
13.02.2013
04.02.2013
24.01.2013
17.01.2013
17.01.2013
11.01.2013
09.01.2013
09.01.2013
19.12.2012
18.12.2012
18.12.2012
18.12.2012
17.12.2012
17.12.2012
17.12.2012
14.12.2012
20.11.2012
08.11.2012
08.11.2012
15.08.2011
28.02.2013
Provident Financial PLC

Provident Financial plc is a financial services group specialising in the
provision of personal credit products for consumers in the United Kingdom non
standard lending market. The Company's Consumer Credit division provides small,
unsecured loans, which they collect in weekly installments. The Company's
Credit Cards business is operated through Vanquis Bank.
Price/Volume
1800
1400
1200
1000
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (25.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PFG LN EQUITY YTD Change
PFG LN EQUITY YTD % CHANGE
12/2012
01/yy
1'527.00
1'064.00
241'271.00
1460
-4.39%
37.22%
85.53%
138.4
2'021.27
1'201.40
0.0
0.0
79.10
3'143.57
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
600
400
200
0
f-12 m-12
31.12.2009
31.12.2010
815.6
866.4
2.60x
2.45x
196.2
227.8
10.79x
9.31x
88.6
101.5
13.74x
11.39x
Profitability
31.12.2011
910.8
2.52x
246.7
9.29x
119.8
10.50x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
980.0
3.06x
269.4
11.14x
148.0
12.30x
269.40
255.80
26.10%
20.07%
9.35%
42.19%
13.83%
0.62%
27.5%
26.1%
15.1%
5.62
0.29
71.24%
320.03%
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.29
0.72
91.04
36.97%
7.51%
0.724
16
3.250
181'641
134'819
156'969
FY+2
12/13 Y
12/14 Y
1'057.3
1'136.2
2.94x
2.85x
266.3
284.3
11.81x
11.06x
151.4
166.7
12.95x
11.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
3.61
3.51
4.17
4.46
320.0%
76.2%
0.62
38.66
-
180.00
1'600.0
160.00
1'400.0
140.00
1'200.0
120.00
1'000.0
100.00
800.0
80.00
600.0
60.00
400.0
40.00
200.0
20.00
0.00
01.01.2010
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
751.2
2.58x
184.0
10.55x
92.1
12.13x
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
1600
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Provident Financial PLC

Holdings By:
All
Holder Name
INVESCO LTD
BLACKROCK
LEGAL & GENERAL
Cantillon Capital
BAILLIE GIFFORD AND
PICTET & CIE
LANSDOWNE PARTNERS
OLD MUTUAL
FMR LLC
ABERDEEN
LIONTRUST
JP MORGAN
PROVIDENT FINANCIAL
RWC PARTNERS LTD
Firm Name
Portfolio Name
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RBC Capital Markets

PETER K LENARDOS
GARY GREENWOOD
PHILIP DOBBIN
Goldman Sachs
BENJAMIN MOORE
JPMorgan
RAE MAILE
ARUN MELMANE
Peel Hunt
STUART DUNCAN
JAMES HAMILTON
Berenberg Bank
PRAS JEYANANDHAN
EVA Dimensions
AUSTIN BURKETT
Societe Generale
BILL BARNARD
TOM MILLS
HSBC
NITIN ARORA
ANDREW MITCHELL
Source
REG
MF-AGG
REG
RNS-MAJ
ULT-AGG
REG
ULT-AGG
REG
REG
REG
Short
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
Recommendation
outperform
hold
neutral
neutral/neutral
overweight
hold
hold
hold
hold
overweight
hold
market perform
neutral
hold
Amt Held
% Out
35'591'182 25.71
10'127'121
7.32
8'951'588
6.47
8'159'871
5.89
5'695'979
4.11
5'550'156
4.01
5'131'774
3.71
4'514'221
3.26
4'205'378
3.04
3'855'639
2.79
(3'578'121) -2.58
3'373'856
2.44
3'330'695
2.41
2'955'423
2.13
2'527'225
1.83
2'521'585
1.82
2'402'606
1.74
2'350'967
1.7
1'991'242
1.44
1'924'707
1.39
Weighting
Change
5
3
3
3
5
3
3
3
3
5
3
3
3
3
M
M
M
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
(590'435)
(38'693)
(104'306)
(432'136)
(583'280)
(153'821)
450'979
163'122
62'689
68'955
118'395
(19'690)
(4'273)
(365'700)
22'571
404'122
650'000
-
Target Price
1'600
#N/A N/A
1'494
1'700
1'678
1'250
1'570
1'601
1'290
#N/A N/A
1'335
1'460
1'390
1'250
File Dt
Inst Type
01.11.2012
Investment Advisor
31.07.2012
Investment Advisor
01.11.2012
Investment Advisor
12.09.2012
Investment Advisor
26.02.2013
Investment Advisor
01.11.2012
Investment Advisor
31.01.2013
Unclassified
01.11.2012
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
31.12.2012
Unclassified
01.11.2012
Government
01.11.2012
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Unclassified
01.11.2012
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Unclassified
01.11.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
6 month
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
21.02.2013
17.01.2013
15.01.2013
15.01.2013
12.11.2012
04.05.2012
28.02.2013
QinetiQ Group PLC

Qinetiq Group PLC is a science and technology research company formed from the
British Governments defense research and development organization.
Price/Volume
250
12.0 M
200
10.0 M
8.0 M
150
6.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
QQ/ LN EQUITY YTD Change
QQ/ LN EQUITY YTD % CHANGE
100
03/2012
01/yy
214.60
141.50
520'142.00
206.1
-3.96%
45.65%
88.37%
660.5
1'361.24
249.30
0.0
0.1
118.90
1'347.34
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'366.0
1.23x
187.2
8.96x
47.4
26.72x
4.0 M
50
31.03.2009
31.03.2010
1'617.3
1'625.4
0.88x
0.84x
225.2
245.8
6.33x
5.53x
93.6
(63.3)
9.22x
Profitability
31.03.2011
1'702.6
0.63x
216.9
4.95x
5.0
159.33x
31.03.2012
1'469.6
0.80x
220.9
5.35x
257.9
4.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
220.90
159.10
10.83%
22.56%
18.39%
49.82%
43.08%
1.02%
16.6%
13.0%
17.5%
0.94
0.71
17.44%
41.60%
4.63
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.50
0.83
600.62
38.89%
13.01%
0.826
10
3.800
822'630
1'909'660
1'430'233
FY+2
03/13 Y
03/14 Y
1'357.0
1'338.5
0.95x
0.92x
192.8
168.2
6.99x
8.01x
113.2
97.3
12.12x
13.93x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
1.96
1.76
-0.06
0.70
41.6%
29.4%
1.02
5.69
79.13
-
7.00
1'800.0
6.00
1'600.0
1'400.0
5.00
1'200.0
4.00
1'000.0
3.00
800.0
600.0
2.00
400.0
1.00
0.00
03.04.2009
200.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
QinetiQ Group PLC

Holdings By:
All
Holder Name
FMR LLC
Ruane Cunniff & Gold
SCHRODER INVESTMENT
FRANKLIN RESOURCES
LEGAL & GENERAL
NORGES BANK
BLACKROCK
QINETIQ GROUP EMPLOY
SCHRODER INVESTMENT
QINETIQ GROUP PLC SH
CHISHOLM JOHN
JP MORGAN
ACADIAN ASSET MANAGE
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Investec
ANDREW GOLLAN
JPMorgan
DAVID H. PERRY
EDWARD STACEY
Liberum Capital Ltd
WILLIAM SHIRLEY
EVA Dimensions
CRAIG STERLING
Barclays
RICHARD PAIGE
PAUL BRANT
Source
ULT-AGG
RNS-MAJ
RNS-MAJ
REG
REG
REG
ULT-AGG
ULT-AGG
RNS-MAJ
MF-AGG
ULT-AGG
MF-AGG
REG
MF-AGG
REG
REG
RNS-DIR
ULT-AGG
REG
REG
Recommendation
hold
neutral
buy
hold
overweight
equalweight
buy
Amt Held
100'889'213
92'608'147
64'117'000
55'751'638
48'945'895
36'357'943
30'347'644
29'027'398
27'181'242
26'585'581
23'974'040
23'161'200
19'153'952
17'978'940
17'533'890
12'273'431
11'501'026
10'007'236
9'313'304
9'287'768
% Out
15.28
14.02
9.71
8.44
7.41
5.5
4.59
4.39
4.12
4.03
3.63
3.51
2.9
2.72
2.65
1.86
1.74
1.52
1.41
1.41
Weighting
Change
3
3
5
3
5
3
5
M
M
M
M
U
M
M
Latest Chg
(37'816'485)
2'602'589
(8'535'402)
(7'621'530)
6'838'732
(873'174)
(571'999)
1'744'557
7'330'734
(1'103'579)
851'059
(599'153)
1'290'609
4
578'202
(1'974'463)
4'084'972
Target Price
180
210
230
180
#N/A N/A
160
155
File Dt
30.11.2012
05.10.2012
06.07.2012
01.10.2012
01.10.2012
01.10.2012
31.12.2012
31.01.2013
26.11.2012
31.12.2012
26.02.2013
31.12.2011
01.10.2012
31.12.2012
01.10.2012
01.10.2012
19.02.2010
31.10.2012
01.10.2012
01.10.2012
Date
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
n/a
Unclassified
Investment Advisor
Investment Advisor
Date
22.02.2013
11.02.2013
08.02.2013
05.02.2013
17.01.2013
02.05.2012
26.03.2012
28.02.2013
Raiffeisen Bank International AG

Raiffeisen Bank International AG is a bank holding company. The Bank offers
corporate, structured and trade financing, investment banking, factoring, lease
financing, and payment and custody services. Raiffeisen operates in Austria
and Central and Eastern Europe.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RBI AV EQUITY YTD Change
RBI AV EQUITY YTD % CHANGE
12/2012
12/yy
33.95
21.65
170'947.00
28.59
-15.79%
32.06%
56.42%
195.5
5'589.49
56'509.36
0.0
1'142.9
37'149.79
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
.8 M
35
.7 M
30
.6 M
25
.5 M
20
.4 M
15
.3 M
10
.2 M
.1 M
0
f-12
31.12.2009
31.12.2010
7'546.9
9'551.5
212.2
1'087.5
39.90x
8.99x
Profitability
LTM-4Q
31.12.2011
9'971.7
967.7
5.08x
31.12.2012
a-12
m-12
j-12
725.0
8.48x
19.72%
19.55%
0.72%
10.90%
1.67%
0.07%
13.8%
38.45%
577.04%
-
LTM
12/yy
9'971.7
0.00x
0.0
0.00x
967.7
4.51x
j-12
12/yy
7'465.0
0.00x
0.0
0.00x
725.0
10.66x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.47
9.74%
-9.11%
1.466
24
2.750
192'936
150'093
157'115
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'254.3
5'448.0
703.7
842.8
7.92x
6.61x
5.63x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.01.2012
A
NEG
25.01.2012
A-1
577.0%
83.8%
0.07
7.98
-
1.20
12'000.0
1.00
10'000.0
0.80
8'000.0
0.60
.0 M
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
8'425.6
982.0
3.02x
40
6'000.0
4'000.0
0.40
2'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Raiffeisen Bank International AG

Holdings By:
All
Holder Name
RAIFFEISEN ZENTRALBA
FRANKLIN RESOURCES
VANGUARD GROUP INC
FONDUL PROPRIETATEA
BLACKROCK
RINGTURM KAG
DWS INVESTMENT S A
PIONEER INVESTMENTS
ERSTE SPARINVEST KAG
KBC GROUP NV
SCHRODER INVESTMENT
BZ WBK TOWARZYSTWO F
SUNTRUST BANKS INC
BPH TFI SA
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst
Wood & Company

Macquarie
Berenberg Bank
AlphaValue
Banca IMI
HSBC
Nomura
Exane BNP Paribas
VTB Capital
Societe Generale
Barclays
Goldman Sachs
Morgan Stanley
EVA Dimensions
Credit Suisse
Deutsche Bank
Erste Bank
Mediobanca SpA
JPMorgan
J&T Banka
KBC Securities
MARK MACRAE
MICHAEL DUNST
THOMAS STOEGNER
ELENI PAPOULA
DIETER HEIN
MANUELA MERONI
JOHANNES THORMANN
DOMENICO SANTORO
ANDREA VERCELLONE
MIKHAIL SHLEMOV
ALAN WEBBORN
CRISTINA MARZEA
RONNY REHN
PAWEL DZIEDZIC
FRANCESCA TONDI
AUSTIN BURKETT
HUGO SWANN
ALEXANDER HENDRICKS
DIRK BECKER
GUENTER HOHBERGER
RICCARDO ROVERE
PAUL FORMANKO
MILAN LAVICKA
MARTA CZAJKOWSKA-BALDYGA
Source
Co File
ULT-AGG
Short
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
add
underperform
sell
buy
hold
neutral
reduce
underperform
sell
hold
underweight
underperform
neutral/neutral
Equalwt/In-Line
overweight
outperform
hold
hold
buy
neutral
overweight
hold
hold
Amt Held
% Out
153'471'501
78.5
1'146'500
0.59
(1'055'728) -0.54
948'314
0.49
853'564
0.44
713'109
0.36
660'000
0.34
484'628
0.25
415'895
0.21
374'900
0.19
254'120
0.13
154'748
0.08
140'416
0.07
126'694
0.06
110'000
0.06
108'355
0.06
100'895
0.05
98'410
0.05
95'686
0.05
85'252
0.04
Weighting
Change
3
4
1
1
5
3
3
2
1
1
3
1
1
3
3
5
5
3
3
5
3
5
3
3
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
Latest Chg
100'753
21'265
(232'042)
(2'708)
(50'000)
(16'351)
(294'985)
4'831
(13'105)
(6'151)
(25'938)
(780)
(2'519)
(7'334)
Target Price
32
33
30
27
50
29
36
26
31
27
35
30
28
39
29
#N/A N/A
35
29
30
36
29
35
44
45
File Dt
31.12.2011
30.09.2012
02.11.2012
31.12.2012
30.06.2012
26.02.2013
31.10.2012
28.12.2012
31.12.2012
31.05.2011
31.10.2012
31.01.2013
28.12.2012
31.12.2012
28.09.2012
30.06.2012
31.07.2012
31.01.2013
31.05.2012
30.06.2011
Date
12 month
6 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
9 month
12 month
Not Provided
Inst Type
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Mutual Fund Manager
Date
25.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
18.02.2013
01.02.2013
01.02.2013
31.01.2013
28.01.2013
17.01.2013
17.01.2013
15.01.2013
29.11.2012
28.11.2012
04.11.2012
24.08.2012
02.07.2012
22.08.2011
21.12.2010
28.02.2013
Ratos AB
Ratos AB is an equity company that operates in the Nordic private equity market
for investments in unlisted companies. The Company focuses on middle-segment
buyouts.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (23.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RATOB SS EQUITY YTD Change
RATOB SS EQUITY YTD % CHANGE
12/2012
12/yy
93.00
53.75
615'465.00
65.75
-29.30%
22.33%
30.57%
239.5
21'794.70
10'426.00
0.0
802.0
3'203.00
29'819.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
27'337.0
1.12x
3'064.0
10.03x
5'172.0
4.14x
100
90
80
70
60
50
40
30
20
10
0
f-12 m-12
31.12.2009
31.12.2010
26'862.0
28'582.0
1.49x
3.27x
3'143.0
3'300.0
12.69x
28.31x
842.0
2'255.0
34.74x
17.56x
Profitability
LTM-4Q
31.12.2011
30'039.0
1.25x
2'789.0
13.46x
521.0
49.45x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
27'425.0
1.02x
2'440.0
11.46x
606.0
32.90x
2'440.00
-1.93%
2.80%
1.65%
4.65%
2.08%
0.75%
8.9%
2.2%
31.06%
84.05%
-
Price/ Cash Flow
LTM
12/yy
30'039.0
7.25x
2'789.0
13.46x
521.0
49.56x
12/yy
27'425.0
4.79x
2'440.0
11.85x
606.0
36.36x
FY+1
1.09
-17.98%
5.20%
1.091
9
2.000
800'233
665'591
744'519
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
23'612.3
25'174.5
2'972.0
3'557.0
10.03x
8.38x
835.0
1'269.0
23.48x
16.52x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.96
4.27
84.0%
44.1%
0.75
7.08
-
25.00
35'000.0
30'000.0
20.00
25'000.0
15.00
20'000.0
15'000.0
10.00
10'000.0
5.00
0.00
01.01.2010
5'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Ratos AB
Holdings By:
All
Holder Name
TORSTEN SOEDERBERGS
RAGNAR SOEDERBERGS F
SOEDERBERG FAMILY
AMF PENSION
RATOS AB
JPMORGAN CHASE FUNDI
ANDRA AP FONDEN
VANGUARD GROUP INC
SEB
STENHAMMAR OLOF
BLACKROCK
INVESCO LTD
YORK CAPITAL MANAGEM
AMF FONDER AB
OMNIBUS FOR KU CLIEN
SPP FONDER AB
ALPS MUTUAL FUNDS SE
Firm Name
Goldman Sachs
Handelsbanken
SEB Enskilda
Swedbank
ABG Sundal Collier
EVA Dimensions
Carnegie
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MARKUS IWAR
ELIAS PORSE
SVANTE KROKFORS
CATRIN JANSSON
NICLAS HOGLUND
RICKARD HENZE
AUSTIN BURKETT
CHRISTIAN HELLMAN
BJORN GUSTAFSSON
Source
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
Short
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Recommendation
Buy/Neutral
reduce
sell
sell
neutral
sell
sell
hold
underperform
Amt Held
% Out
15'759'900
6.58
12'633'340
5.27
11'602'951
4.84
8'663'728
3.62
6'185'000
2.58
5'144'127
2.15
4'923'294
2.06
4'032'776
1.68
3'683'402
1.54
3'602'228
1.5
3'175'916
1.33
2'955'404
1.23
1'666'164
0.7
1'286'588
0.54
(1'005'916) -0.42
740'000
0.31
488'000
0.2
464'291
0.19
371'013
0.15
370'700
0.15
Weighting
Change
5
2
1
1
3
1
1
3
1
M
M
M
M
U
M
M
D
N
Latest Chg
51'506
(381'038)
9'726
6'246
502'958
(175'000)
52'501
42'070
177'700
Target Price
86
60
57
58
65
58
#N/A N/A
#N/A N/A
67
File Dt
Inst Type
31.12.2011
n/a
31.12.2011
Other
31.12.2011
n/a
31.12.2011
Investment Advisor
31.12.2011
Private Equity
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2011
n/a
26.02.2013
Investment Advisor
27.02.2013
Investment Advisor
30.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
Other
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Date
20.02.2013
20.02.2013
18.02.2013
18.02.2013
18.02.2013
17.02.2013
17.01.2013
09.01.2013
18.01.2012
28.02.2013
Remy Cointreau SA
Remy Cointreau SA manufactures and distributes premium wines and spirits
worldwide. The Company produces Remy Martin cognac, Cointreau, Passoa, Mount
Gay rum, Metaxa. Through its wholly-owned sales company, Remy sells throughout
the world.
Price/Volume
120
1.6 M
1.4 M
100
1.2 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (22.02.2013)
52-Week Low (29.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RCO FP EQUITY YTD Change
RCO FP EQUITY YTD % CHANGE
03/2012
12/yy
101.55
72.12
91'402.00
97
-4.48%
34.50%
84.54%
50.9
4'938.26
378.70
0.0
1.2
190.10
5'205.56
31.03.2008
817.8
2.96x
173.1
13.99x
98.4
21.08x
.8 M
.6 M
40
.4 M
20
.2 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
60
Valuation Analysis
31.03.2009
31.03.2010
714.1
807.6
1.92x
2.92x
151.8
158.1
9.05x
14.91x
86.1
86.3
9.70x
20.33x
Profitability
LTM-4Q
31.03.2011
907.8
3.26x
228.8
12.92x
70.5
35.43x
31.03.2012
1'026.1
3.76x
226.3
17.07x
110.8
30.91x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
226.30
207.70
20.24%
16.47%
7.16%
14.65%
11.83%
0.55%
61.4%
22.5%
21.2%
10.8%
2.20
0.64
19.04%
38.85%
4.53
0.55
Price/ Cash Flow
12/yy
1'033.9
0.00x
0.0
0.00x
0.0
0.00x
LTM
12/yy
1'169.4
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.51
21.27
35.12%
17.25%
0.508
25
3.200
74'061
70'677
72'782
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'214.4
1'338.2
4.25x
3.82x
279.7
317.9
18.61x
16.37x
165.4
195.3
28.35x
24.45x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.12.2012
BB+
POS
7.57
6.99
1.03
1.69
38.8%
28.0%
0.55
7.53
80.81
664.60
300.58
419.22
45.00
1'200.0
40.00
1'000.0
35.00
800.0
30.00
25.00
600.0
20.00
400.0
15.00
10.00
200.0
5.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Remy Cointreau SA
Holdings By:
All
Holder Name
ORPAR
RECOPART BV
FMR LLC
REMY COINTREAU SA
GROUPAMA SA
VANGUARD GROUP INC
GROUPAMA ASSET MGMT
CARMIGNAC GESTION
GAMCO
BLACKROCK
GENERALI ASSET MANAG
AMUNDI
CREDIT SUISSE ASSET
CAZENOVE UNIT TRUST
Firm Name
Raymond James
HSBC
Exane BNP Paribas
Deutsche Bank
EVA Dimensions
Liberum Capital Ltd
Gilbert Dupont
Barclays
Societe Generale
Nomura
Natixis
JPMorgan
Aurel - BGC
Bryan Garnier & Cie
Goldman Sachs
CA Cheuvreux
Berenberg Bank
Jefferies
Redburn Partners
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
HERMINE DE BENTZMANN
TREVOR STIRLING
SOPHIE DARGNIES
JAVIER GONZALEZ LASTRA
JAMES ISENWATER
AUSTIN BURKETT
PABLO ZUANIC
CHRISTINE ROPERT
SIMON HALES
NICOLAS CERON
IAN SHACKLETON
LAETITIA DELAYE
JOSEPHINE CHEVALLIER
MIKE J GIBBS
JEAN-MARIE L'HOME
FRANCIS PRETRE
NIKOLAAS FAES
MITCHELL COLLETT
ERIC BOROIAN
PHILIP MORRISEY
DIRK VAN VLAANDEREN
CHRISTIAN DE ROUALLE
ARNAUD GUERIN
Source
Co File
Co File
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
market perform
neutral
neutral
sell
sell
hold
reduce
equalweight
hold
neutral
buy
neutral
neutral
sell
buy
buy
buy/attractive
outperform
hold
hold
buy
hold
Amt Held
21'252'815
6'937'889
1'844'286
1'428'653
1'400'296
373'313
354'648
296'302
289'908
268'860
224'893
203'010
195'185
183'519
178'311
169'827
161'010
147'834
140'783
134'730
% Out
41.75
13.63
3.62
2.81
2.75
0.73
0.7
0.58
0.57
0.53
0.44
0.4
0.38
0.36
0.35
0.33
0.32
0.29
0.28
0.26
Weighting
Change
5
3
3
3
1
1
3
2
3
3
3
5
3
3
1
5
5
5
5
3
3
5
3
M
M
M
M
D
D
M
M
M
U
M
M
M
M
M
M
M
M
N
M
M
M
M
Latest Chg
220'490
6'212
(47)
14'037
(107'259)
81'020
(430)
56'000
(48'200)
(390)
(115'600)
53'670
(648)
134'730
Target Price
103
93
110
83
80
#N/A N/A
#N/A N/A
92
85
100
88
103
93
77
60
105
109
148
99
92
77
#N/A N/A
27
File Dt
Inst Type
31.03.2012
Other
31.03.2012
Other
31.12.2012
Investment Advisor
31.03.2012
Corporation
31.03.2012
Insurance Company
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Unclassified
31.10.2012
Investment Advisor
26.02.2013
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
9 month
6 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
28.02.2013
22.02.2013
22.02.2013
22.02.2013
08.02.2013
01.02.2013
25.01.2013
24.01.2013
23.01.2013
22.01.2013
22.01.2013
18.01.2013
18.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
09.01.2013
08.01.2013
29.11.2012
22.10.2012
24.07.2012
22.01.2009
28.02.2013
Rexel SA
Rexel SA distributes low voltage electrical equipment. The Company distributes
wires, cables, ducts, heating, light and ventilation equipment, security
equipment, household appliances, and products which connect computer peripherals
to networks. Rexel sells its products to electrical contractors, industrial and
service sector companies, homeowners, and government agencies.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RXL FP EQUITY YTD Change
RXL FP EQUITY YTD % CHANGE
12/2012
12/yy
17.92
12.70
445'581.00
17.605
-1.76%
38.62%
93.97%
271.9
4'787.16
2'921.50
0.0
8.3
291.80
7'425.16
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
12'864.5
0.32x
655.9
6.36x
230.2
5.29x
20
18
16
14
12
10
8
6
4
2
0
f-12
31.12.2009
31.12.2010
11'307.3
11'960.1
0.45x
0.54x
418.7
692.0
12.04x
9.40x
80.6
228.5
32.90x
18.68x
Profitability
LTM-4Q
31.12.2011
12'717.1
0.44x
794.8
7.07x
315.3
11.19x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
13'449.2
0.51x
841.2
8.09x
318.1
13.08x
841.20
708.40
5.27%
3.35%
3.18%
7.83%
6.56%
1.34%
24.6%
6.0%
5.2%
2.4%
1.34
0.74
28.32%
71.09%
6.33
7.60
Price/ Cash Flow
LTM
12/yy
12'717.1
1.96x
842.8
6.67x
316.1
11.00x
12/yy
13'449.2
1.98x
806.6
8.43x
318.8
12.91x
FY+1
1.12
105.78
11.36%
14.02%
1.119
18
4.000
499'895
546'417
415'054
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
13'754.6
14'264.1
3'144.0
3'357.0
0.53x
0.50x
2.34x
2.26x
877.3
960.4
191.0
207.0
8.46x
7.73x
8.79x
394.0
454.4
84.6
93.1
12.13x
10.35x
12.14x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.11.2011
BB
STABLE
12.05.2010
B
4.70
4.20
3.26
3.62
71.1%
41.5%
1.34
49.41
57.79
48.17
68.10
37.85
14.00
16'000.0
12.00
14'000.0
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Rexel SA
Holdings By:
All
Holder Name
RAY INVESTMENTS
BLACKROCK
REXEL SA
VANGUARD GROUP INC
HARTFORD INVESTMENT
REXEL FCPE
PAUZE JEAN-CHARLES
AMF FONDER AB
DNCA FINANCE
MARTIN PASCAL
AMUNDI
BANQUE DEGROOF
Firm Name
Nomura
Main First Bank AG
Exane BNP Paribas
Societe Generale
Morgan Stanley
HSBC
Natixis
JPMorgan
Berenberg Bank
Deutsche Bank
EVA Dimensions
Goldman Sachs
CA Cheuvreux
Redburn Partners
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
KLAS BERGELIND
CAROLE ROZEN
ARNAUD BROSSARD
PATRICK JOUSSEAUME
BEN UGLOW
PIERRE BOSSET
CHRISTIAN DEVISMES
PIERRE BOUCHENY
LUDOVIC DEBAILLEUX
ANDREAS WILLI
WILLIAM MACKIE
MILENE KERNER
CRAIG STERLING
JOHN WOODMAN
ANTOINE AZAR
PASCAL HAUTCOEUR
Source
Research
ULT-AGG
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Short
MF-AGG
Co File
MF-FRA
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
outperform
hold
Overwt/Cautious
neutral
hold
buy
buy
overweight
buy
buy
underweight
neutral/neutral
underperform
neutral
Amt Held
% Out
160'268'736 58.94
19'004'360
6.99
2'590'773
0.95
1'860'994
0.68
1'477'181
0.54
1'337'496
0.49
1'172'106
0.43
1'086'754
0.4
686'299
0.25
639'340
0.24
634'970
0.23
598'213
0.22
523'638
0.19
(516'649) -0.19
499'883
0.18
489'616
0.18
468'223
0.17
433'730
0.16
380'000
0.14
366'500
0.13
Weighting
Change
5
5
5
3
5
3
3
5
5
5
5
5
1
3
1
3
U
N
M
M
M
M
D
M
M
M
M
M
M
M
M
D
Latest Chg
(24'813'521)
(1'602'309)
23'802
48'099
(15'858)
5'485
323'340
80'000
(6'145)
(199'307)
1'114'875
(1'767)
(1'860)
(185'051)
6'500
Target Price
22
21
19
17
19
18
16
18
19
19
18
18
#N/A N/A
18
15
#N/A N/A
File Dt
Inst Type
29.02.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2011
Corporation
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2011
Other
31.12.2011
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
14.02.2013
Investment Advisor
30.09.2012
Investment Advisor
31.12.2011
n/a
30.09.2012
Investment Advisor
01.02.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
20.02.2013
18.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
22.01.2013
15.01.2013
18.12.2012
31.10.2012
31.10.2012
28.02.2013
Rheinmetall AG
Rheinmetall AG is an automotive, electronics, defense, and engineering group.
The Company produces automotive pumps and components to supply air, reduce
emissions, and supply fuel, pistons for gasoline and diesel vehicle and
stationary engines, bearings for engines and other applications and aluminum
engine blocks, and offers aftermarket service to engine repair shops.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2012)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RHM GY EQUITY YTD Change
RHM GY EQUITY YTD % CHANGE
12/2011
09/yy
47.60
31.00
133'670.00
41.855
-12.07%
35.02%
65.39%
39.6
1'657.42
665.00
0.0
137.0
535.00
2'373.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2008
31.12.2009
3'869.0
3'420.0
0.27x
0.51x
407.0
178.0
2.58x
9.83x
134.0
(58.0)
5.89x
Profitability
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
m-12
LTM-4Q
31.12.2010
3'989.0
0.62x
445.0
5.55x
162.0
14.22x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
4'454.0
0.35x
521.0
3.03x
213.0
6.17x
521.00
337.00
7.57%
6.62%
4.61%
16.02%
11.88%
1.00%
10.9%
6.7%
4.8%
1.48
0.90
13.76%
47.20%
4.25
-
Price/ Cash Flow
09/yy
4'374.0
2.35x
494.0
4.20x
184.0
7.42x
a-12
m-12
j-12
j-12
LTM
09/yy
4'624.0
1.73x
504.0
4.17x
213.0
6.56x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.19
38.04
-3.32%
14.99%
1.188
28
3.750
206'277
204'333
203'578
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
4'757.9
4'869.0
1'378.0
0.45x
0.42x
489.0
493.8
327.0
4.87x
4.82x
184.1
181.7
53.3
8.84x
8.99x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
12.12.2008
NR
12.12.2008
NR
8.02
4.98
1.18
1.38
47.2%
30.1%
1.00
4.11
86.08
-
18.00
5'000.0
16.00
4'500.0
14.00
4'000.0
3'500.0
12.00
3'000.0
10.00
2'500.0
8.00
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
02.01.2009 02.07.2009
1.4 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
4'005.0
0.54x
405.0
5.38x
145.0
13.10x
50
45
40
35
30
25
20
15
10
5
0
f-12
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Rheinmetall AG
Holdings By:
All
Holder Name
BLACKROCK
RHEINMETALL AG
FMR LLC
DWS INVESTMENT GMBH
VANGUARD GROUP INC
MORGAN STANLEY
BANKHAUS LAMPE
SCHRODER INVESTMENT
AVIVA PLC
NATIXIS INTERNATIONA
DEUTSCHE BANK AG
DWS INVESTMENT S A
LBPAM
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
HSBC
RICHARD SCHRAMM
AlphaValue
EILEEN RYAN
CA Cheuvreux
HANS-JOACHIM HEIMBUERGER
Bankhaus Metzler
JUERGEN PIEPER
DANIEL KUKALJ
Commerzbank Corporates & Markets STEPHAN BOEHM
STEFAN MAICHL
ZAFER RUZGAR
Hauck & Aufhaeuser
FINN HENNING BREITER
Bankhaus Lampe
GORDON SCHOENELL
M.M. Warburg Investment Research CHRISTIAN COHRS
Berenberg Bank
BENJAMIN GLAESER
ADRIAN PEHL
Steubing AG
TOBIAS SCHMIDT
DZ Bank AG
MARKUS TURNWALD
Montega
THOMAS RAU
LFG Kronos Investment Services GmbH THOMAS ANEY
Exane BNP Paribas
OLIVIER BROCHET
National Bank AG
MANFRED JAISFELD
EVA Dimensions
CRAIG STERLING
Deutsche Bank
TIM ROKOSSA
Main First Bank AG
CHRISTOPHER YOUL
Nord/LB
FRANK SCHWOPE
JPMorgan
GLEN H LIDDY
S&P Capital IQ
MARNIE COHEN
MICHAEL RAAB
Source
ULT-AGG
MF-AGG
Co File
ULT-AGG
Research
MF-AGG
Research
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
neutral
add
outperform
buy
hold
hold
sell
hold
buy
hold
buy
buy
hold
buy
buy
hold
neutral
neutral
buy
buy
hold
outperform
buy
neutral
hold
buy
Amt Held
2'723'279
2'485'800
1'547'842
1'497'779
1'173'000
698'804
590'573
522'511
352'302
345'697
249'210
245'800
245'477
245'260
232'900
200'400
174'433
150'000
148'598
139'000
% Out
6.88
6.28
3.91
3.78
2.96
1.76
1.49
1.32
0.89
0.87
0.63
0.62
0.62
0.62
0.59
0.51
0.44
0.38
0.38
0.35
Weighting
Change
3
4
5
5
3
3
1
3
5
3
5
5
3
5
5
3
3
3
5
5
3
5
5
3
3
5
D
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
13'737
(20'000)
(621'067)
(34'219)
(57'807)
(11'753)
(33'800)
(5'100)
15'000
15'700
(1'000)
20'000
(16'693)
(65'270)
Target Price
49
50
47
55
43
33
34
45
54
44
45
45
40
55
42
39
43
34
46
#N/A N/A
35
53
41
38
36
54
File Dt
26.02.2013
31.12.2012
09.02.2012
30.06.2012
01.11.2011
31.12.2012
18.05.2012
31.07.2012
18.05.2012
31.12.2012
31.01.2013
28.09.2012
31.01.2013
30.11.2012
31.01.2013
31.12.2012
31.12.2012
28.12.2012
31.10.2012
31.12.2012
Date
Not Provided
6 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
9 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Date
21.02.2013
21.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
24.01.2013
17.01.2013
09.01.2013
09.01.2013
19.11.2012
12.11.2012
12.11.2012
19.01.2012
28.02.2013
Rightmove PLC
Rightmove PLC operates a website that lists properties across Britain. The
Company also publishes the House Price Index, which shows changes in house
prices both annually and monthly and provides a view on the current state of the
property market in England and Wales.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (06.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RMV LN EQUITY YTD Change
RMV LN EQUITY YTD % CHANGE
Price/Volume
12/2011
01/yy
1'777.00
1'334.00
242'453.00
1738
-2.19%
30.28%
91.20%
103.3
1'794.64
0.00
0.0
0.0
21.77
1'780.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
56.7
10.75x
30.7
19.86x
18.6
30.61x
2000
1800
1600
1400
1200
1000
800
600
400
200
0
f-12 m-12
31.12.2008
31.12.2009
74.0
64.5
3.26x
9.25x
40.1
38.5
6.02x
15.48x
25.5
30.0
7.83x
18.92x
Profitability
31.12.2010
81.6
10.68x
53.0
16.44x
58.0
21.84x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
97.0
13.61x
63.6
20.76x
46.5
28.31x
63.61
62.67
64.59%
64.66%
108.81%
281.71%
282.19%
2.17%
68.4%
67.4%
47.9%
1.37
1.30
0.00%
0.00%
7.91
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.15
0.81
97.83
21.76%
21.03%
0.812
13
4.077
273'957
326'718
341'015
FY+2
12/12 Y
12/13 Y
116.3
130.7
15.26x
13.44x
82.9
95.2
21.48x
18.70x
60.5
69.9
28.97x
24.83x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
525.68
522.69
-0.20
0.00
0.0%
0.0%
2.17
77.32
46.25
-
35.00
120.0
30.00
100.0
25.00
80.0
20.00
60.0
15.00
40.0
10.00
20.0
5.00
0.00
02.01.2009 02.07.2009
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Rightmove PLC
Holdings By:
All
Holder Name
Cantillon Capital
BAILLIE GIFFORD AND
CALEDONIA INVESTMENT
AXA INVESTMENT MGRS
AEGON
KAMES CAPITAL PLC
AXA FRAMLINGTON INV
BLACKROCK
LEGAL & GENERAL
RIGHTMOVE ESOP
OLD MUTUAL
UBS
TREMBLANT CAPITAL GR
LIONTRUST
Firm Name
Goldman Sachs
Barclays
Jefferies
JPMorgan
NFinance
Peel Hunt
N+1 Singer Ltd
EVA Dimensions
Portfolio Name
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
#N/A N/A
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
RODDY DAVIDSON
GARETH R DAVIES
ALEX DE GROOTE
ESHAN TOORABALLY
NICK DEMPSEY
ANTHONY CODLING
MARCUS DIEBEL
PIERRE SCHANG
MALCOLM MORGAN
ROBIN SAVAGE
MARK C FLEETWOOD
TEAM COVERAGE
Source
REG
REG
REG
Co File
RNS-MAJ
Co File
ULT-AGG
RNS-MAJ
REG
ULT-AGG
RNS-MAJ
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
PRN
REG
ULT-AGG
MF-AGG
Recommendation
neutral
buy
buy
neutral/neutral
overweight
underperform
overweight
buy
sell
buy
buy
overweight
Amt Held
9'357'759
8'357'094
8'081'840
6'431'468
6'339'692
5'510'468
5'359'946
5'196'495
5'115'932
4'777'310
4'408'924
4'104'518
4'027'617
3'450'525
3'303'931
2'760'963
2'574'057
2'507'767
1'863'672
1'480'284
% Out
9.06
8.09
7.83
6.23
6.14
5.34
5.19
5.03
4.95
4.63
4.27
3.97
3.9
3.34
3.2
2.67
2.49
2.43
1.8
1.43
Weighting
Change
3
5
5
3
5
1
5
5
1
5
5
5
M
M
M
M
M
M
U
N
M
M
M
N
Latest Chg
(6'243)
(780'457)
308'989
885'180
(116'082)
(9'230)
(3'431'080)
725'768
69'268
(813'747)
409'345
(402'825)
(725'810)
347'343
(116'919)
Target Price
1'505
1'915
2'000
2'000
1'950
1'200
1'802
1'791
1'180
1'800
1'835
#N/A N/A
File Dt
Inst Type
01.11.2012
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
24.02.2012
Investment Advisor
07.02.2013
Investment Advisor
24.02.2012
Investment Advisor
01.11.2012
Unclassified
12.11.2012
Investment Advisor
01.11.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
01.11.2012
Unclassified
31.12.2012
Unclassified
01.11.2012
Unclassified
01.11.2012
Government
31.12.2012
Unclassified
26.02.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
25.02.2013
22.02.2013
20.02.2013
18.02.2013
24.01.2013
18.01.2013
06.12.2012
27.11.2012
21.11.2012
08.11.2012
03.10.2012
13.01.2012
28.02.2013
Royal Imtech NV
Royal Imtech NV offers technical services. The Company offers systems
integration, industrial automation, and electrical and mechanical engineering
services. Imtech operates in the Netherlands, Germany, Belgium, the United
Kingdom, and Spain.
Price/Volume
30
35.0 M
25
30.0 M
25.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (29.02.2012)
52-Week Low (27.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IM NA EQUITY YTD Change
IM NA EQUITY YTD % CHANGE
12/2011
01/yy
25.34
8.01
6'481'592.00
8.606
-66.04%
7.44%
3.44%
94.1
809.48
798.70
0.0
6.3
278.10
1'581.18
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
10
10.0 M
5.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
3'346.3
0.43x
180.5
7.88x
91.9
14.48x
20.0 M
15
Valuation Analysis
31.12.2008
31.12.2009
3'859.4
4'323.3
0.36x
0.44x
226.5
266.7
6.08x
7.19x
113.3
126.2
8.22x
11.63x
Profitability
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2010
4'480.9
0.65x
291.7
10.03x
140.4
16.70x
31.12.2011
5'113.8
0.45x
323.7
7.07x
150.4
11.64x
323.70
259.40
5.07%
4.06%
4.12%
17.13%
1.48%
6.2%
4.9%
2.9%
1.24
0.85
21.48%
86.24%
2.74
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.19
89.57
-64.65%
-50.51%
1.190
14
3.286
2'671'960
3'381'491
2'108'253
FY+2
12/12 Y
12/13 Y
5'662.4
5'883.7
0.29x
0.26x
253.2
328.9
6.25x
4.81x
134.1
162.9
5.41x
4.61x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
2.24
3.17
86.2%
46.1%
1.48
33.57
133.82
-
250.00
6'000.0
200.00
5'000.0
4'000.0
150.00
3'000.0
100.00
2'000.0
50.00
0.00
02.01.2009 02.07.2009
1'000.0
0.0
02.01.2010 02.07.2010 02.01.2011 02.07.2011
02.01.2012 02.07.2012 02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Royal Imtech NV
Holdings By:
All
Holder Name
DELTA LLOYD NV
WAM ACQUISITIONS GP
MORTON HOLDINGS INC
FMR LLC
GMT CAPITAL CORP
DEUTSCHE BANK AG
MARSHALL WACE LLP
VANGUARD GROUP INC
NAYA MASTER FUND LP
ODIN FORVALTNING AS
THIRD POINT LLC
SEB
PARVEST INVESTMENT M
Firm Name
KBC Securities
SNS Securities(ESN)
ING Bank
ABN Amro Bank N.V.
Exane BNP Paribas
CA Cheuvreux
Kempen & Co
Petercam
Credit Suisse
HSBC
EVA Dimensions
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
MICHAEL ROEG
EDWIN DE JONG
ANDRE MULDER
TIJS HOLLESTELLE
TEUN TEEUWISSE
DAVID VAGMAN
ROBERT VAN OVERBEEK
HANS SLOB
DIRK VERBIESEN
LUUK VAN BEEK
EUGENE KLERK
TOBIAS LOSKAMP
CRAIG STERLING
TOM MULLER
Source
ULT-AGG
Research
MF-AGG
Co File
Short
ULT-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
Recommendation
buy
hold
hold
hold
sell
neutral
outperform
hold
hold
hold
underperform
overweight
hold
buy
Amt Held
% Out
5'483'693
5.83
4'709'413
5.01
4'482'524
4.77
4'227'537
4.49
(3'038'135) -3.23
2'225'768
2.37
1'814'413
1.93
(1'608'424) -1.71
1'371'156
1.46
1'234'050
1.31
1'134'172
1.21
(837'133) -0.89
766'251
0.81
(752'479)
-0.8
704'881
0.75
701'000
0.75
681'772
0.72
(658'419)
-0.7
590'924
0.63
574'879
0.61
Weighting
Change
5
3
3
3
1
3
5
3
3
3
1
5
3
5
M
M
M
M
M
M
U
M
D
M
M
M
U
M
Latest Chg
32'666
480'787
(100'000)
98'632
(103'466)
(277'400)
581'921
(28'218)
6'094
(56'436)
45'633
43'000
147'103
83'175
Target Price
#N/A N/A
11
11
11
10
8
13
11
13
12
11
16
#N/A N/A
31
File Dt
21.11.2012
04.12.2012
31.12.2012
31.12.2009
04.02.2013
30.11.2012
31.12.2012
22.02.2013
31.12.2012
28.09.2012
28.12.2012
25.02.2013
31.12.2012
18.02.2013
31.12.2012
28.09.2012
31.01.2013
04.02.2013
31.12.2012
30.11.2012
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Bank
Investment Advisor
Investment Advisor
Other
Corporation
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Unclassified
Investment Advisor
Date
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
11.02.2013
08.02.2013
08.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
11.09.2012
28.02.2013
Rubis SCA
Rubis distributes liquefied petroleum gas and stores bulk liquids. The Company
stores hydrocarbons, chemicals, fertilizers and edible oils. Rubis also
distributes liquefied petroleum gas (LPG) in Europe.
Price/Volume
60
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
50
40
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RUI FP EQUITY YTD Change
RUI FP EQUITY YTD % CHANGE
12/2011
09/yy
54.65
37.55
47'232.00
53.04
-2.95%
41.27%
90.59%
32.8
1'738.76
483.73
0.0
18.4
231.77
2'139.79
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
0
f-12
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
851.9
0.91x
123.8
6.24x
37.5
16.71x
20
31.12.2008
31.12.2009
1'192.3
951.9
0.55x
0.91x
112.0
113.1
5.83x
7.63x
42.7
47.2
10.69x
13.77x
Profitability
LTM-4Q
31.12.2010
1'449.8
0.96x
147.4
9.44x
56.4
17.68x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
2'123.0
0.71x
298.5
5.02x
71.8
16.63x
298.54
120.30
5.67%
5.09%
4.71%
10.31%
7.24%
1.39%
13.6%
5.5%
3.4%
1.52
1.03
27.53%
57.66%
-
Price/ Cash Flow
06/yy
1'116.0
0.00x
0.0
0.00x
0.0
0.00x
LTM
09/yy
2'633.9
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.81
27.56
30.72%
2.39%
0.814
12
4.750
53'600
82'874
108'597
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'768.1
3'116.4
0.77x
0.69x
218.5
251.0
9.79x
8.53x
93.2
106.1
18.25x
15.99x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
22.95
15.78
1.12
1.94
57.7%
36.1%
1.39
3.49
-
20.00
2'500.0
18.00
16.00
2'000.0
14.00
1'500.0
12.00
10.00
1'000.0
8.00
6.00
500.0
4.00
2.00
0.00
02.01.2009 02.07.2009
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Rubis SCA
Holdings By:
All
Holder Name
DASSAULT BELGIQUE AV
HALISOL
ORFIM
VANGUARD GROUP INC
FCP RUBIS-AVENIR
SEB
NEUFLIZE OBC ASSET M
BLACKROCK
FRANK RUSSELL TRUST
Firm Name
Societe Generale
HSBC
Gilbert Dupont
Oddo & Cie
Exane BNP Paribas
Arkeon Finance
EVA Dimensions
Natixis
Day by Day
Goldman Sachs
IDMidcaps
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
NICOLAS ROYOT
MURIELLE ANDRE-PINARD
CHRISTINE ROPERT
EMMANUEL MATOT
MATHIEU JASMIN
AUSTIN BURKETT
JULIEN LAURENT
VALERIE GASTALDY
BENJAMIN MOORE
TEAM COVERAGE
Source
Research
Research
Research
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-FRA
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
add
buy
overweight
buy
buy
neutral
buy
overweight
buy
buy
Buy/Neutral
buy
Amt Held
1'680'500
1'618'759
1'605'552
1'511'024
666'000
477'663
324'150
315'907
271'366
247'819
242'660
219'428
159'079
150'961
141'005
132'885
122'578
117'656
111'768
104'475
% Out
5.13
4.94
4.9
4.61
2.03
1.46
0.99
0.96
0.83
0.76
0.74
0.67
0.49
0.46
0.43
0.41
0.37
0.36
0.34
0.32
Weighting
Change
4
5
5
5
5
3
5
5
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
302'281
392'000
97'000
(8'075)
(38'500)
11'464
69'758
(400)
15'000
(560)
(1'569)
21'250
(367)
1'454
29'019
Target Price
52
69
61
63
63
54
53
#N/A N/A
59
58
64
52
File Dt
10.12.2012
19.11.2012
21.06.2012
28.09.2011
31.10.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2009
31.12.2012
30.09.2012
30.12.2011
31.10.2012
31.12.2012
30.09.2012
31.12.2012
31.12.2012
27.02.2013
26.02.2013
31.05.2012
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
3 month
6 month
12 month
Inst Type
Corporation
Private Equity
Private Equity
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
15.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
17.01.2013
09.01.2013
04.01.2013
31.10.2012
10.09.2012
28.02.2013
Salzgitter AG
Salzgitter AG produces and trades a wide range of steel products and tubes.
The product spectrum includes flat rolled steel products, beams, plates and
tubes, both seamless and welded, as well as processed steel products. The
Company also provides industrial services such as research and development,
information technology and other services to group companies and third parties.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.02.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SZG GY EQUITY YTD Change
SZG GY EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
46.82
27.03
776'650.00
37.165
-20.62%
37.52%
51.23%
60.1
2'233.51
747.90
0.0
9.0
1'023.20
1'836.01
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
12'499.2
0.20x
1'297.7
1.97x
674.3
4.54x
50
45
40
35
30
25
20
15
10
5
0
f-12
31.12.2009
31.12.2010
7'818.0
8'304.6
0.28x
0.23x
97.2
121.3
22.27x
15.69x
(383.7)
(331.9)
105.04x
Profitability
LTM-4Q
31.12.2011
9'839.5
0.19x
602.9
3.02x
233.0
8.96x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
10'397.2
(99.8)
602.90
240.60
2.45%
2.05%
0.76%
1.75%
1.17%
3.9%
0.4%
-1.0%
2.92
1.41
8.50%
18.74%
6.33
-
Price/ Cash Flow
LTM
12/yy
9'839.5
0.77x
602.9
3.02x
233.0
9.05x
12/yy
10'397.2
0.42x
242.4
0.00x
(99.8)
0.00x
FY+1
1.16
54.09
-18.06%
-5.73%
1.160
32
3.156
433'426
369'912
316'909
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
10'544.4
10'811.4
2'628.3
2'636.0
0.18x
0.17x
0.65x
0.73x
508.9
615.1
106.0
137.0
3.60x
2.97x
4.03x
71.3
152.9
2.0
17.5
27.53x
12.77x
37.77x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
9.55
3.80
-1.00
1.94
18.7%
15.8%
1.17
4.13
57.83
-
450.00
14'000.0
400.00
12'000.0
350.00
10'000.0
300.00
250.00
8'000.0
200.00
6'000.0
150.00
4'000.0
100.00
2'000.0
50.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Salzgitter AG
Holdings By:
All
Holder Name
SALZGITTER AG
BLACKROCK
VANGUARD GROUP INC
SEB
SPARINVEST
INVESCO LTD
MAINFIRST SICAV
DEUTSCHE BANK AG
ADIG INVESTMENT
SEB FUND SERVICES SA
UBS INVEST KAG
Firm Name
Morgan Stanley
Goldman Sachs
JPMorgan
Bankhaus Lampe
Nomura
DZ Bank AG
Exane BNP Paribas
Baader Bank
AlphaValue
Credit Suisse
Nord/LB
Bankhaus Metzler
EVA Dimensions
Deutsche Bank
Jefferies
Societe Generale
Hamburger Sparkasse
S&P Capital IQ
Main First Bank AG
Davy
HSBC
BHF-Bank
Steubing AG
Cyrrus
Prosdocimi
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ALEXANDER HAISSL
STEPHEN BENSON
ALESSANDRO ABATE
SVEN DIERMEIER
MARC GABRIEL
BJOERN VOSS
NEIL SAMPAT
STEFAN FREUDENREICH
DIRK SCHLAMP
SYLVAIN BRUNET
CHRISTIAN OBST
HANS-PETER WODNIOK
MICHAEL SHILLAKER
HOLGER FECHNER
JENS MUENSTERMANN
ROCHUS BRAUNEISER
INGO-MARTIN SCHACHEL
LARS HETTCHE
CRAIG STERLING
BASTIAN SYNAGOWITZ
SETH ROSENFELD
ABHISHEK SHUKLA
INGO SCHMIDT
JOHNSON IMODE
ALEXANDER HAUENSTEIN
TIM CAHILL
JUERGEN SIEBRECHT
HERMANN REITH
MICHAEL BROEKER
JIRI SIMARA
TEAM COVERAGE
Source
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Equalwt/Cautious
Sell/Neutral
overweight
hold
hold
hold
neutral
hold
buy
neutral
hold
sell
neutral
sell
hold
hold
reduce
sell
overweight
hold
hold
buy
hold
hold
outperform
underperform
neutral
overweight
buy
buy
sell
Amt Held
6'009'700
2'386'616
722'309
620'816
534'493
450'400
279'386
266'018
235'119
208'000
154'465
140'000
129'960
121'426
121'365
112'613
111'100
107'790
85'000
74'764
% Out
10
3.97
1.2
1.03
0.89
0.75
0.46
0.44
0.39
0.35
0.26
0.23
0.22
0.2
0.2
0.19
0.18
0.18
0.14
0.12
Weighting
Change
3
1
5
3
3
3
3
3
5
3
3
1
3
1
3
3
2
1
5
3
3
5
3
3
5
1
3
5
5
5
1
M
M
U
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(12'556)
7'142
43'816
165'400
(11'828)
266'018
18'889
200'000
(84'800)
115'400
5'400
(2'838)
(74'000)
38'749
Target Price
35
29
43
37
36
34
34
34
36
31
35
31
42
30
37
35
34
26
#N/A N/A
41
40
44
#N/A N/A
33
41
#N/A N/A
32
56
68
57
#N/A N/A
File Dt
31.12.2011
26.02.2013
31.12.2012
31.12.2012
31.01.2013
28.09.2012
27.02.2013
31.10.2012
31.12.2012
28.12.2012
31.12.2012
31.10.2012
30.09.2012
28.09.2012
31.07.2012
31.01.2013
28.12.2012
31.05.2012
31.10.2012
28.09.2012
Date
12 month
12 month
9 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
21.02.2013
21.02.2013
01.02.2013
31.01.2013
30.01.2013
30.01.2013
25.01.2013
22.01.2013
17.01.2013
15.01.2013
10.01.2013
04.12.2012
19.11.2012
14.11.2012
06.11.2012
03.10.2012
05.09.2012
14.08.2012
21.03.2012
30.01.2012
10.06.2010
28.02.2013
SEB SA
SEB SA manufactures small household appliances. The Company produces cookware,
electric cookers, food and beverage preparation equipment, vacuum cleaners, and
personal care items. SEB's brand names include Tefal/T-Fal, Rowenta, Calor,
Arno, SEB, Moulinex, Krups and Samurai, and are sold in Europe, the Americas,
India, Egypt, Australia, New Zealand, Thailand, Korea, and elsewhere in Asia.
Price/Volume
70
.6 M
60
.5 M
50
.4 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.03.2012)
52-Week Low (16.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SK FP EQUITY YTD Change
SK FP EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
3'176.3
3'651.8
0.70x
1.11x
415.8
486.8
5.38x
8.29x
146.0
220.4
12.64x
16.72x
Profitability
.1 M
10
0
f-12
.0 M
m-12
LTM-4Q
31.12.2011
3'963.3
0.90x
510.5
6.98x
234.6
11.86x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'060.0
194.0
13.69x
510.50
409.40
10.33%
9.42%
6.77%
16.22%
11.24%
1.27%
39.6%
12.5%
9.9%
4.8%
1.51
0.83
25.76%
69.95%
7.28
3.32
Price/ Cash Flow
09/yy
730.3
0.00x
0.0
0.00x
0.0
0.00x
a-12
m-12
j-12
j-12
LTM
06/yy
3'356.5
0.00x
0.0
0.00x
0.0
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
0.84
22.15
-6.58%
3.14%
0.842
17
4.118
79'346
96'189
83'692
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
4'163.5
4'378.6
969.3
1'366.0
0.82x
0.75x
501.2
541.2
7.29x
6.75x
231.3
257.5
12.15x
10.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.11.1998
A-2
26.73
20.87
1.30
1.63
69.9%
38.9%
1.27
8.55
50.25
110.17
60.67
98.99
20.00
4'500.0
18.00
4'000.0
16.00
3'500.0
14.00
3'000.0
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
01.01.2010
.2 M
20
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'230.2
0.55x
394.1
4.52x
151.6
6.71x
.3 M
30
12/2012
06/yy
64.08
46.72
91'166.00
57.46
-10.33%
22.99%
61.87%
50.0
2'870.23
866.20
0.0
123.4
196.00
3'655.43
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
SEB SA
Holdings By:
All
Holder Name
FEDERACTIVE
VENELLE INVESTISSEME
SOCIETE FONCIERE FIN
SEB SA
FEVRE HUBERT
LESCURE CEDRIC
VANGUARD GROUP INC
SCHRODER INVESTMENT
BRAIDA-VALERI ANNE-D
AMUNDI
LBPAM
D'ARTAISE THIERRY DE
Firm Name
Societe Generale
Gilbert Dupont
Oddo & Cie
Main First Bank AG
Exane BNP Paribas
Bryan Garnier & Cie
AlphaValue
HSBC
BPI
Goldman Sachs
Natixis
EVA Dimensions
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
MARIE-LINE FORT
STEPHANIE LEFEBVRE
JEAN-PASCAL BRIVADY
CHRISTOPHE CHAPUT
LAETITIA DELAYE
MOURAD LAHMIDI
CEDRIC ROSSI
LAURENT VALLEE
HELENE COUMES
CHRISTOPHE QUARANTE
HUBERT D'AILLIERES
BENJAMIN MOORE
NICOLAS LANGLET
CRAIG STERLING
AMANDINE LATOUR
Source
Co File
Co File
Co File
Co File
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
Recommendation
hold
add
buy
neutral
buy
outperform
outperform
buy
add
add
overweight
buy
Buy/Neutral
neutral
hold
underperform
Amt Held
11'781'221
9'531'889
2'521'522
2'331'797
1'114'728
533'503
530'356
254'606
234'089
211'420
191'549
187'194
185'587
183'145
148'251
144'631
141'744
131'720
125'417
123'160
% Out
23.59
19.08
5.05
4.67
2.23
1.07
1.06
0.51
0.47
0.42
0.38
0.37
0.37
0.37
0.3
0.29
0.28
0.26
0.25
0.25
Weighting
Change
3
4
5
3
5
5
5
5
4
4
5
5
5
3
3
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
4'694
(42'923)
11'930
(400'956)
(5'682)
52'330
5'000
(15'832)
(86'760)
-
Target Price
63
67
67
58
70
68
63
70
67
69
69
64
75
59
#N/A N/A
49
File Dt
31.12.2011
31.12.2011
31.12.2011
31.12.2011
30.12.2012
31.12.2011
31.12.2011
31.12.2012
30.09.2012
30.11.2012
31.12.2012
31.12.2011
28.09.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2011
28.09.2012
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
6 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Inst Type
Unclassified
Unclassified
Holding Company
Corporation
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
n/a
Investment Advisor
Date
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
21.02.2013
21.02.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
17.01.2013
24.10.2012
28.02.2013
SGL Carbon SE
SGL Carbon SE produces carbon and graphite materials, specialty graphite,
corrosion protection products, and fibers and composites. The Company
manufactures graphite and carbon electrodes, cathodes, mold stock, mechanical
carbons, corrosion resistant products and systems, composites, and
carbon-ceramic brake discs. SGL markets its products worldwide.
Price/Volume
.6 M
.5 M
25
.4 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (29.02.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SGL GY EQUITY YTD Change
SGL GY EQUITY YTD % CHANGE
12/2011
09/yy
37.20
29.75
61'378.00
32.93
-11.48%
10.69%
42.68%
70.6
2'326.06
556.60
0.0
14.0
241.70
2'836.76
.3 M
15
10
.2 M
.1 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.7 M
35
30
Valuation Analysis
31.12.2007
1'373.0
1.90x
320.1
8.13x
133.5
17.66x
40
31.12.2008
31.12.2009
1'611.5
1'225.8
1.14x
1.35x
361.9
172.8
5.08x
9.61x
189.6
(60.4)
8.13x
Profitability
LTM-4Q
31.12.2010
1'381.8
1.55x
197.4
10.85x
52.2
33.77x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
1'540.2
1.94x
239.4
12.51x
73.2
34.95x
239.40
165.50
10.75%
5.43%
0.74%
1.68%
1.68%
0.72%
27.2%
11.8%
7.0%
4.8%
3.16
1.54
24.51%
53.46%
5.72
2.30
Price/ Cash Flow
09/yy
1'499.1
7.42x
182.3
0.00x
64.7
40.51x
LTM
09/yy
1'676.6
6.71x
198.1
13.72x
17.2
125.06x
FY+1
0.50
47.95
-8.97%
9.58%
0.496
20
1.550
91'507
97'582
100'359
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
1'704.9
1'793.7
426.6
439.0
1.70x
1.60x
6.62x
6.49x
243.9
258.9
48.3
75.6
11.66x
10.98x
9.72x
9.46x
59.1
86.6
7.4
29.6
38.79x
28.00x
21.05x
19.37x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.03.2007
BB
STABLE
4.91
2.06
2.50
3.90
53.5%
34.5%
0.72
1.95
63.95
159.15
39.13
167.92
60.00
1'800.0
1'600.0
50.00
1'400.0
1'200.0
40.00
1'000.0
30.00
800.0
600.0
20.00
400.0
10.00
0.00
02.01.2009 02.07.2009
200.0
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
SGL Carbon SE
Holdings By:
All
Holder Name
BAYERISCHE MOTOREN W
VOITH AG
VOLKSWAGEN AG
BLACKROCK
VANGUARD GROUP INC
HIGHSIDE CAPITAL MAN
SGL CARBON SE
PETERCAM SA
HABBEL, POHLIG & PAR
INVESCO LTD
DWS INVESTMENT SA
DEUTSCHE BANK AG
WARBURG INVEST
GENERALI INVESTMENTS
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst
Bankhaus Lampe
AlphaValue
Berenberg Bank
Baader Bank
DZ Bank AG
Goldman Sachs
EVA Dimensions
Hamburger Sparkasse
Nord/LB
S&P Capital IQ
JPMorgan
Credit Suisse
HSBC
Bankhaus Metzler
Deutsche Bank
CA Cheuvreux
National Bank AG
MARC GABRIEL
HEINZ STEFFEN
GUNNAR COHRS
CHRISTIAN OBST
DIRK SCHLAMP
AARON IBBOTSON
CRAIG STERLING
ULRICH SCHOLZ
YASMIN MOSCHITZ
MARCO GUENTHER
THORSTEN STRAUSS
JOHNSON IMODE
GLEN H LIDDY
ULLE WORNER
JONATHAN HURN
JUERGEN SIEBRECHT
LARS HETTCHE
GUNNAR ROMER
KLAUS SOER
STEFFEN MANSKE
Source
Co File
Co File
Co File
ULT-AGG
MF-AGG
Short
MF-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
sell
sell
sell
hold
sell
Sell/Neutral
sell
reduce
hold
hold
sell
sell
underweight
sell
neutral
underweight
sell
hold
underperform
sell
buy
Amt Held
% Out
10'749'037 15.22
6'249'758
8.85
5'593'328
7.92
437'046
0.62
394'266
0.56
(324'669) -0.46
179'000
0.25
117'674
0.17
100'000
0.14
85'217
0.12
55'000
0.08
53'322
0.08
47'000
0.07
40'539
0.06
40'000
0.06
36'507
0.05
35'000
0.05
34'436
0.05
32'700
0.05
32'000
0.05
Weighting
Change
1
1
1
3
1
1
1
2
3
3
1
1
1
1
3
1
1
3
1
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
10'025
151'828
(49'000)
(6'503)
(35'400)
(62'000)
(27'000)
(1'067)
-
Target Price
22
21
18
33
25
27
#N/A N/A
24
25
#N/A N/A
26
25
13
28
30
30
22
31
25
20
27
File Dt
31.12.2011
31.12.2011
31.12.2011
26.02.2013
31.12.2012
26.09.2012
28.12.2012
28.09.2012
31.10.2012
31.12.2011
30.12.2011
31.07.2012
30.09.2012
31.05.2012
28.09.2012
27.02.2013
28.12.2012
31.12.2012
30.04.2012
31.10.2012
Date
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Corporation
Corporation
Corporation
Investment Advisor
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Corporation
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
27.02.2013
21.02.2013
18.02.2013
05.02.2013
23.01.2013
17.01.2013
17.01.2013
21.11.2012
15.11.2012
15.11.2012
12.11.2012
09.11.2012
08.11.2012
08.11.2012
11.10.2012
05.09.2012
30.07.2012
20.03.2012
19.08.2011
09.11.2010
06.08.2009
28.02.2013
Shaftesbury PLC
Shaftesbury plc is a real estate company. The Company invests in commercial
properties and improves them through refurbishment and active management,
holding them for rental income and capital appreciation. Shaftesbury operates
in the United Kingdom.
Price/Volume
700
2.5 M
600
2.0 M
500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.02.2013)
52-Week Low (17.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SHB LN EQUITY YTD Change
SHB LN EQUITY YTD % CHANGE
09/2012
01/yy
585.00
473.90
230'601.00
574
-1.88%
21.12%
90.10%
251.7
1'444.66
561.60
0.0
0.0
5.30
2'000.96
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
300
1.0 M
200
.5 M
100
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
65.4
16.77x
46.2
23.72x
(216.1)
-
400
30.09.2009
30.09.2010
67.8
71.2
18.22x
21.12x
47.8
49.5
25.84x
30.37x
(58.4)
167.1
5.88x
Profitability
30.09.2011
81.4
20.46x
57.2
29.12x
113.8
9.83x
30.09.2012
87.0
21.66x
59.6
31.61x
93.0
14.25x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
59.60
59.40
68.28%
108.97%
5.23%
8.56%
7.56%
0.05%
81.6%
68.5%
68.3%
106.9%
0.66
0.51
30.27%
50.17%
7.63
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.09
0.88
229.81
19.83%
3.23%
0.879
14
3.000
352'408
330'585
302'582
FY+2
09/13 Y
09/14 Y
79.4
83.4
25.65x
24.73x
63.1
67.2
31.73x
29.79x
40.6
44.1
45.20x
42.21x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
1.99
-0.07
9.33
9.42
50.2%
33.4%
0.05
0.05
47.96
466.65
-
70.00
100.0
90.0
60.00
80.0
50.00
70.0
60.0
40.00
50.0
30.00
40.0
30.0
20.00
20.0
10.00
0.00
02.10.2009
10.0
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Shaftesbury PLC
Holdings By:
All
Holder Name
BLACKROCK
SCOTTISH WIDOWS
FMR LLC
STICHTING PENSIOEN F
LEGAL & GENERAL
FRANKLIN RESOURCES
STATE STREET
MONTANARO INVESTMENT
BAILLIE GIFFORD AND
OLD MUTUAL
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Jefferies
ROBERT DUNCAN
JPMorgan
TIM LECKIE
Peel Hunt
KEITH CRAWFORD
EVA Dimensions
AUSTIN BURKETT
Exane BNP Paribas
NICK WEBB
Investec
ALAN CARTER
MICHAEL BURT
LI SUN
Morgan Stanley
BIANCA RIEMER
Credit Suisse
Barclays
AARON GUY
Liberum Capital Ltd
ALISON WATSON
Goldman Sachs
Source
ULT-AGG
REG
ULT-AGG
RNS-MAJ
RNS-MAJ
ULT-AGG
REG
ULT-AGG
Co File
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
MF-AGG
ULT-AGG
REG
Recommendation
hold
hold
neutral
hold
hold
underperform
hold
neutral
hold
Overwt/Attractive
underperform
overweight
hold
Sell/Neutral
Amt Held
19'413'657
18'693'167
13'299'337
12'574'964
12'400'442
10'648'285
10'477'400
10'320'550
8'917'757
8'786'721
7'913'398
7'013'870
6'085'279
4'971'958
4'965'000
4'784'026
4'748'860
4'240'743
3'752'000
3'430'958
% Out
7.71
7.43
5.28
5
4.93
4.23
4.16
4.1
3.54
3.49
3.14
2.79
2.42
1.98
1.97
1.9
1.89
1.68
1.49
1.36
Weighting
Change
3
3
3
3
3
1
3
3
3
5
1
5
3
1
M
M
M
M
U
M
M
M
M
M
M
M
M
M
Latest Chg
301'000
1'421'169
45'478
518'987
(75'705)
(477'681)
144'697
484'170
563'508
250'000
1'070'000
316'561
(382'992)
569'621
-
Target Price
514
590
630
550
#N/A N/A
520
550
561
#N/A N/A
590
515
675
501
481
File Dt
Inst Type
26.02.2013
Investment Advisor
01.01.2013
Government
01.01.2013
Unclassified
07.08.2012
Investment Advisor
26.03.2012
Insurance Company
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
28.11.2011
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
27.02.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
30.11.2012
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Other
Date
12 month
Not Provided
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
25.02.2013
25.02.2013
21.02.2013
04.02.2013
04.02.2013
01.02.2013
21.01.2013
18.12.2012
06.12.2012
25.10.2012
26.09.2012
15.08.2012
01.02.2012
16.01.2012
28.02.2013
Sky Deutschland AG
Sky Deutschland AG offers pay television subscription services in Germany. The
Company offers wide range of programming, including feature films, new series
and live sports, especially the Bundesliga, DFB Cup and the UEFA Champions
League in Germany and Austria. Sky Deutschland distributes its pay-TV channel
bouquet primarily via cable and satellite.
Price/Volume
12/2011
09/yy
5.02
1.68
1'468'297.00
4.922
-1.99%
192.51%
97.01%
877.2
4'317.58
669.25
0.0
(0.1)
54.78
4'929.49
Price/ Cash Flow
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
f-12
31.12.2008
31.12.2009
941.1
902.1
0.82x
1.48x
(77.2)
(311.4)
(269.3)
(676.2)
Profitability
LTM-4Q
31.12.2010
977.8
1.66x
(317.7)
(407.5)
-
31.12.2011
1'138.7
1.41x
(155.1)
(277.5)
-155.11
-219.51
-19.28%
-23.97%
-17.13%
-123.60%
1.14%
8.4%
-4.4%
-9.7%
-24.4%
0.56
0.29
59.92%
751.25%
17.36
31.02
09/yy
1'094.1
8.20x
(97.0)
0.00x
(326.7)
0.00x
a-12
m-12
j-12
j-12
LTM
09/yy
1'284.3
7.49x
(57.1)
0.00x
(193.5)
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.22
410.47
138.06%
19.11%
1.216
28
3.571
1'886'651
2'326'221
2'443'235
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
1'335.3
1'565.5
362.6
359.0
3.68x
3.06x
(47.2)
51.2
(48.1)
6.6
96.22x 6047.26x
141.45x
(173.6)
(95.8)
(77.0)
(31.5)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-1.41
-2.29
-10.79
751.3%
88.3%
1.14
8.54
21.08
11.80
85.83
-33.57
1.20
1'200.0
1.00
1'000.0
0.80
800.0
0.60
.0 M
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (25.02.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SKYD GY EQUITY YTD Change
SKYD GY EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
35.0 M
5
4
Valuation Analysis
31.12.2007
937.2
1.80x
69.8
24.16x
(51.5)
-
600.0
400.0
0.40
200.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Sky Deutschland AG
Holdings By:
All
Holder Name
NEWS CORP
ODEY ASSET MGMT LTD
TAUBE HODSON STONEX
TAUBE HODSON STONEX
BLACKROCK
VANGUARD GROUP INC
PACIFIC LIFE INSURAN
BAILLIE GIFFORD AND
SKANDIA INVESTMENT M
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
M.M. Warburg Investment Research JOCHEN REICHERT

Bankhaus Lampe
WOLFGANG SPECHT
AlphaValue
VERONIQUE CABIOC'H
Commerzbank Corporates & Markets SONIA RABUSSIER
CONOR O'SHEA
DZ Bank AG
HARALD HEIDER
Barclays
NATASHA BRILLIANT
Morgan Stanley
PATRICK WELLINGTON
LARS LUSEBRINK
Nord/LB
HOLGER FECHNER
Goldman Sachs
VIGHNESH PADIACHY
EVA Dimensions
CRAIG STERLING
Berenberg Bank
SARAH SIMON
RALPH SZYMCZAK
Main First Bank AG
STEPHAN VOLLERT
Bankhaus Metzler
STEFAN WIMMER
Nomura
MATTHEW WALKER
MARK EVANS
Deutsche Bank
LAURIE DAVISON
HSBC
CHRISTOPHER JOHNEN
CA Cheuvreux
THOMAS JORION
KLAUS KRAENZLE
JPMorgan
MARK O'DONNELL
Equita SIM SpA
STEFANO GAMBERINI
Sphene Capital
SUSANNE HASLER
Credit Suisse
OMAR SHEIKH
Viscardi AG
PETER-THILO HASLER
Source
Research
Research
MF-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
hold
sell
buy
buy
buy
equalweight
Overwt/Attractive
hold
sell
Buy/Neutral
sell
buy
hold
outperform
sell
buy
buy
hold
overweight
outperform
avoid
neutral
buy
sell
underperform
sell
Amt Held
% Out
466'566'947 53.19
116'480'283 13.28
33'081'541
3.77
25'980'077
2.96
16'508'947
1.88
14'285'000
1.63
10'991'068
1.25
9'700'014
1.11
(7'399'643) -0.84
6'267'389
0.71
5'762'596
0.66
4'760'000
0.54
4'412'684
0.5
3'804'975
0.43
(3'508'803)
-0.4
3'124'367
0.36
2'505'000
0.29
2'432'051
0.28
2'392'751
0.27
2'237'692
0.26
Weighting
Change
5
3
1
5
5
5
3
5
3
1
5
1
5
3
5
1
5
5
3
5
5
1
3
5
1
1
1
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
D
M
Latest Chg
1'334'956
1'882'119
110'000
(1'500'353)
(477'390)
3'235'424
(621)
945'000
101'052
3'157'922
(812'236)
(29'534)
(1'906'904)
(292'073)
Target Price
5
4
3
6
5
5
5
5
5
4
6
#N/A N/A
5
5
6
3
5
5
5
5
4
2
3
3
1
1
0
File Dt
15.01.2013
13.06.2012
31.01.2013
07.02.2013
31.12.2012
31.01.2013
28.09.2012
30.11.2012
01.11.2012
31.12.2012
26.02.2013
31.12.2012
31.12.2012
28.09.2012
23.01.2013
31.01.2013
30.11.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
Not Provided
6 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
9 month
12 month
12 month
Not Provided
12 month
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Insurance Company
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Date
26.02.2013
22.02.2013
21.02.2013
18.02.2013
11.02.2013
06.02.2013
24.01.2013
23.01.2013
23.01.2013
22.01.2013
21.01.2013
17.01.2013
16.01.2013
15.01.2013
15.01.2013
14.01.2013
14.01.2013
14.12.2012
27.11.2012
20.11.2012
15.11.2012
14.11.2012
12.09.2012
08.08.2012
23.04.2012
15.12.2011
17.02.2009
28.02.2013
Smurfit Kappa Group PLC

Smurfit Kappa Group PLC manufactures containerboards, solid boards, graphic
boards, corrugated and solid board packaging products.
Price/Volume
14
30.0 M
12
25.0 M
10
20.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SKG ID EQUITY YTD Change
SKG ID EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
6'057.0
6'677.0
0.69x
0.74x
726.0
874.0
5.72x
5.62x
(122.0)
50.0
31.97x
Profitability
5.0 M
2
0
f-12 m-12
LTM-4Q
31.12.2011
7'357.0
0.54x
1'000.0
3.99x
206.0
5.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
7'335.0
0.69x
969.0
5.23x
249.0
8.10x
969.00
616.00
8.40%
4.51%
2.97%
11.76%
9.94%
0.87%
28.6%
13.2%
8.4%
3.4%
1.59
1.12
38.60%
144.24%
5.34
7.30
Price/ Cash Flow
12/yy
7'357.0
2.49x
998.0
4.00x
206.0
5.03x
.0 M
a-12 m-12
j-12
j-12
LTM
12/yy
7'334.0
2.51x
969.0
5.23x
250.0
8.09x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.74
1.54
205.49
58.82%
30.61%
1.542
9
5.000
982'868
1'933'356
1'393'526
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
8'040.7
8'366.6
1'913.0
1'933.0
0.67x
0.60x
1'120.9
1'185.7
5.08x
4.81x
293.9
353.1
53.3
64.1
8.57x
7.36x
8.46x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.02.2012
BB
POS
2.50
1.69
2.90
3.36
144.2%
56.9%
0.87
2.42
68.57
50.14
51.89
9.00
8'000.0
8.00
7'000.0
7.00
6'000.0
6.00
5'000.0
5.00
4'000.0
4.00
3'000.0
3.00
2'000.0
2.00
1'000.0
1.00
0.00
01.01.2010
10.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
7'062.0
0.45x
935.0
3.43x
(50.0)
-
15.0 M
12/2012
12/yy
11.98
4.75
256'093.00
11.755
-1.88%
147.47%
96.89%
227.9
2'678.50
3'254.00
0.0
212.0
447.00
5'697.50
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Smurfit Kappa Group PLC

Holdings By:
All
Holder Name
NORGES BANK
GMT CAPITAL CORP
VANGUARD GROUP INC
PRINCIPAL FINANCIAL
BLACKROCK
CALIFORNIA STATE TEA
TEACHERS INS & ANNUI
ODIN FORVALTNING AS
SMURFIT ANTHONY P J
CLAYMORE ADVISORS LL
FMR LLC
Firm Name
Credit Suisse
CA Cheuvreux
Goldman Sachs
EVA Dimensions
Davy
Imperial Capital LLC
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
CALIFORNIA STATE TEA
TEACHERS INSURANCE &
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
DAVID O'BRIEN
LARS KJELLBERG
MIKAEL JAFS
ESHAN TOORABALLY
CRAIG STERLING
BARRY DIXON
KEVIN COHEN
Source
Co File
RNS-MAJ
RNS-MAJ
RNS-MAJ
RNS-MAJ
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
13F
Sch-D
MF-AGG
RNS-DIR
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
outperform
outperform
Buy/Neutral
buy
outperform
outperform
Amt Held
20'025'712
15'916'535
9'010'473
8'571'449
6'506'656
6'102'303
5'000'000
2'250'300
1'948'584
1'468'678
1'459'010
1'083'875
1'045'942
1'031'736
1'020'000
1'013'497
962'193
895'099
890'093
883'130
% Out
8.79
6.99
3.95
3.76
2.86
2.68
2.19
0.99
0.86
0.64
0.64
0.48
0.46
0.45
0.45
0.44
0.42
0.39
0.39
0.39
Weighting
Change
5
5
5
5
5
5
5
M
M
M
M
M
M
M
Latest Chg
2'463'354
(2'336'754)
(2'147'501)
(31'295)
5'000'000
2'250'300
207'821
89'505
1'045'942
67'567
69'456
(945'158)
Target Price
14
16
11
13
#N/A N/A
#N/A N/A
14
File Dt
Inst Type
05.03.2012
Government
19.02.2013
Investment Advisor
14.01.2013
Investment Advisor
30.04.2010
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
31.07.2012
Investment Advisor
31.01.2013
Investment Advisor
30.09.2012
Investment Advisor
26.02.2013
Investment Advisor
30.09.2012
Insurance Company
03.12.2012
n/a
26.02.2013
Investment Advisor
30.09.2011
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
Date
13.02.2013
11.02.2013
07.02.2013
22.01.2013
15.01.2013
24.09.2012
20.07.2011
28.02.2013
Software AG
Software AG provides business infrastructure software solutions. The Company's
products include solutions for managing data, enabling Service-Oriented
Architecture (SOA) and improving business processes.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SOW GY EQUITY YTD Change
SOW GY EQUITY YTD % CHANGE
12/2012
12/yy
35.45
21.80
392'666.00
30.045
-15.25%
37.82%
60.40%
86.9
2'611.43
277.37
0.0
0.7
216.48
2'601.66
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
35
3.5 M
30
3.0 M
25
2.5 M
20
2.0 M
15
1.5 M
10
1.0 M
.5 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
720.6
1.69x
190.0
6.40x
115.9
9.88x
40
31.12.2009
31.12.2010
847.4
1'119.5
2.93x
2.94x
240.6
312.9
10.33x
10.52x
141.0
175.4
15.53x
17.77x
Profitability
LTM-4Q
31.12.2011
1'098.3
2.31x
304.5
8.33x
177.0
13.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'047.3
164.7
16.90x
304.50
258.22
23.51%
22.61%
9.77%
17.46%
0.63%
59.7%
27.2%
22.5%
15.7%
1.51
1.37
16.50%
29.17%
3.40
3070.74
Price/ Cash Flow
12/yy
1'098.3
10.80x
304.5
8.33x
177.0
13.93x
LTM
12/yy
1'047.3
6.68x
205.3
0.00x
164.6
16.99x
FY+1
0.93
61.65
7.28%
-6.42%
0.934
29
3.310
361'780
483'459
319'881
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'057.7
1'120.6
247.7
255.0
2.30x
2.04x
10.04x
9.75x
289.2
314.5
9.01x
8.28x
175.4
194.1
34.8
41.5
14.49x
13.01x
15.10x
14.93x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-0.04
0.91
29.2%
22.6%
0.63
16.74
107.52
0.12
42.82
58.51
18.00
1'200.0
16.00
1'000.0
14.00
800.0
12.00
10.00
600.0
8.00
400.0
6.00
4.00
200.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Software AG
Holdings By:
All
Holder Name
SOFTWARE AG STIFTUNG
FMR LLC
AIKEN ASSET MGMT LLP
DEUTSCHE BANK AG
DWS INVESTMENT GMBH
TEMPLETON INVEST COU
VANGUARD GROUP INC
SEB
DEKA INTERNATIONAL S
BLACKROCK
MASON STREET ADVISOR
CALAMOS ADVISORS LLC
Firm Name
Societe Generale
Baader Bank
Bankhaus Metzler
DZ Bank AG
Exane BNP Paribas
Morgan Stanley
EVA Dimensions
Hamburger Sparkasse
Mirabaud Securities
JPMorgan
Bryan Garnier & Cie
Matelan Research GmbH
Berenberg Bank
Credit Suisse
HSBC
Natixis
Barclays
Goldman Sachs
Dr. Kalliwoda Equity Research
Deutsche Bank
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
DERRIC MARCON
THOMAS M BECKER
KNUT WOLLER
ANDREAS WOLF
ULRICH TRABERT
OLIVER FINGER
JOSEP BORI
ADAM WOOD
ANDREW S ZAMFOTIS
MARCO GUENTHER
SUSAN ANTHONY
STACY E POLLARD
MARKUS FRIEBEL
GREGORY RAMIREZ
SEBASTIEN SZTABOWICZ
ADRIAN HOPKINSON
DAUD KHAN
CHARLES BRENNAN
ANTONIN BAUDRY
GWENAEL GIARD
GERARDUS VOS
MOHAMMED MOAWALLA
MIRKO MAIER
NORBERT KALLIWODA
UWE SCHUPP
MICHAEL BEUCHER
Source
Research
ULT-AGG
Research
Research
MF-AGG
Research
Research
Research
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
add
buy
buy
buy
buy
outperform
Underwt/In-Line
underweight
hold
buy
underweight
hold
sell
reduce
hold
hold
neutral
neutral
reduce
equalweight
neutral/attractive
buy
buy
buy
underperform
Amt Held
25'206'045
9'003'975
4'237'282
3'650'531
2'776'450
2'607'522
2'607'522
2'607'522
2'607'522
2'265'489
1'450'000
911'850
821'423
648'809
628'000
530'149
521'450
519'740
425'900
365'107
% Out
29
10.36
4.88
4.2
3.19
3
3
3
3
2.61
1.67
1.05
0.95
0.75
0.72
0.61
0.6
0.6
0.49
0.42
Weighting
Change
5
4
5
5
5
5
5
1
1
3
5
1
3
1
2
3
3
3
3
2
3
3
5
5
5
1
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
N
M
M
D
M
M
D
M
N
M
M
Latest Chg
381'047
(1'500)
(163'924)
(50'000)
20'000
178'958
45'011
50'000
(2)
217'980
233'000
(5'342)
Target Price
38
33
34
34
33
33
35
29
#N/A N/A
#N/A N/A
47
27
33
30
29
39
24
31
33
27
29
34
35
36
38
25
File Dt
31.12.2012
31.12.2012
30.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.12.2012
28.09.2012
28.09.2012
31.10.2012
28.09.2012
26.02.2013
28.12.2012
31.12.2012
31.01.2013
31.12.2012
Date
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Inst Type
Other
Investment Advisor
Mutual Fund Manager
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
20.02.2013
13.02.2013
12.02.2013
08.02.2013
08.02.2013
08.02.2013
06.02.2013
06.02.2013
01.02.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
11.01.2013
31.10.2012
30.05.2012
28.02.2013
Spirax-Sarco Engineering PLC

Spirax-Sarco Engineering plc provides consultation, service and products for the
control and efficient management of steam and industrial fluids. The Company
and its subsidiaries produce boiler controls, pressure controls, temperature
controls, steam traps, flowmeters, monitors, safety valves, humidifiers,
strainers, separators and fluid pumps. Spirax-Sarco sells its products globally
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SPX LN EQUITY YTD Change
SPX LN EQUITY YTD % CHANGE
Price/Volume
12/2011
01/yy
2'450.00
1'888.00
85'714.00
2400
-2.04%
27.12%
91.10%
78.1
1'874.16
47.90
0.0
0.8
60.17
1'865.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
2500
1.0 M
2000
.8 M
1500
.6 M
1000
.4 M
500
.2 M
0
f-12 m-12 a-12 m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
417.3
1.59x
82.6
8.03x
49.1
13.57x
3000
31.12.2008
31.12.2009
502.3
518.7
1.36x
1.83x
100.9
95.1
6.79x
10.00x
59.5
53.0
11.64x
17.82x
Profitability
31.12.2010
589.7
2.46x
141.7
10.23x
86.5
17.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
650.0
2.22x
154.8
9.32x
93.0
15.61x
154.79
133.96
20.61%
20.36%
13.43%
21.44%
21.10%
1.01%
23.6%
20.3%
14.3%
2.39
1.43
7.44%
12.00%
4.97
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.09
0.96
75.59
19.51%
5.82%
0.964
12
3.417
75'018
154'079
114'919
FY+2
12/12 Y
12/13 Y
663.3
694.7
2.76x
2.58x
155.6
169.2
11.99x
11.02x
96.5
102.0
19.40x
18.36x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
8.84
6.39
-0.06
0.44
12.0%
10.7%
1.01
3.85
73.65
-
30.00
700.0
25.00
600.0
500.0
20.00
400.0
15.00
300.0
10.00
200.0
5.00
100.0
0.00
02.01.2009 02.07.2009
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Spirax-Sarco Engineering PLC

Holdings By:
All
Holder Name
BLACKROCK
SCHRODERS PLC
FMR LLC
LEGAL & GENERAL
BAILLIE GIFFORD AND
ABERDEEN
FRANKLIN RESOURCES
MONDRIAN INVESTMENT
LIONTRUST
Cantillon Capital
PRIVATE INDIVIDUALS
Firm Name
Investec
Arden Partners Ltd
Peel Hunt
Goldman Sachs
Credit Suisse
EVA Dimensions
Jefferies
Liberum Capital Ltd
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL BLOGG
DAVID LARKAM
DOMINIC CONVEY
ADAM PINCKARD
JONATHAN HURN
CRAIG STERLING
ANDREW DOUGLAS
SCOTT CAGEHIN
BENJAMIN BOURNE
Source
ULT-AGG
RNS-MAJ
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
RNS-MAJ
ULT-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
Recommendation
hold
neutral
hold
Buy/Neutral
neutral
hold
hold
add
hold
Amt Held
6'701'161
5'088'147
3'582'887
2'993'016
2'934'853
2'761'624
2'383'412
2'338'803
2'290'366
1'950'664
1'823'868
1'735'999
1'691'520
1'665'068
1'598'683
1'566'418
1'360'992
1'352'795
1'324'138
1'315'469
% Out
8.58
6.52
4.59
3.83
3.76
3.54
3.05
3
2.93
2.5
2.34
2.22
2.17
2.13
2.05
2.01
1.74
1.73
1.7
1.68
Weighting
Change
3
3
3
5
3
3
3
4
3
M
M
M
M
M
M
M
M
M
Latest Chg
(978'032)
(39'718)
(464'495)
171'011
(283'101)
(54'167)
(60'668)
(64'656)
337'181
29'649
71'448
(124'459)
98'580
(17'339)
(575)
(28'753)
(49'670)
Target Price
2'315
2'300
1'850
2'856
2'340
#N/A N/A
2'045
2'300
1'940
File Dt
Inst Type
26.02.2013
Investment Advisor
12.11.2012
Investment Advisor
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
01.11.2012
Investment Advisor
31.12.2012
Unclassified
05.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Insurance Company
01.11.2012
Government
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
01.11.2012
Unclassified
01.11.2012
Other
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
22.02.2013
29.01.2013
28.01.2013
17.01.2013
17.01.2013
17.01.2013
08.11.2012
07.11.2012
07.11.2012
28.02.2013
Spirent Communications PLC

Spirent Communications plc provides electronic solutions for the technology
industry, including businesses in the telecommunications and medical sectors.
The Group specializes in telecommunications testing systems, including computer
software and hardware systems, cable management systems, and transmitters.
Spirent operates in the Americas, Europe and the Asia Pacific region.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (08.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SPT LN EQUITY YTD Change
SPT LN EQUITY YTD % CHANGE
12/2011
09/yy
176.30
134.10
806'411.00
165.8
-5.96%
23.64%
75.12%
650.5
1'078.50
0.00
0.0
0.0
236.50
1'401.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
474.2
1.87x
74.2
11.92x
35.2
20.88x
200
180
160
140
120
100
80
60
40
20
0
f-12 m-12
31.12.2008
31.12.2009
477.6
427.2
0.71x
2.21x
108.2
107.8
3.15x
8.75x
138.5
91.2
3.58x
12.05x
Profitability
LTM-4Q
31.12.2010
482.2
2.76x
126.6
10.52x
79.1
19.58x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
528.2
1.85x
136.5
7.16x
94.6
12.90x
136.50
120.40
22.79%
23.34%
16.10%
21.52%
21.57%
0.90%
66.1%
26.9%
23.5%
17.9%
2.92
2.51
0.00%
0.00%
4.26
Price/ Cash Flow
10/yy
522.3
5.20x
0.0
0.00x
86.6
14.81x
LTM
09/yy
511.4
4.71x
0.0
0.00x
91.9
17.98x
FY+1
1.22
0.88
648.85
19.22%
10.02%
0.881
14
4.214
1'322'847
1'266'298
1'256'673
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
496.1
537.0
127.7
116.5
2.82x
2.50x
136.5
155.8
34.0
23.0
10.27x
9.00x
11.04x
9.73x
86.8
99.5
18.63x
16.23x
19.20x
16.88x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
341.25
289.25
-1.65
0.00
0.0%
0.0%
0.90
16.03
86.70
93.05
20.00
1'200.0
18.00
1'000.0
16.00
14.00
800.0
12.00
600.0
10.00
8.00
400.0
6.00
4.00
200.0
2.00
0.00
02.01.2009 02.07.2009
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Spirent Communications PLC

Holdings By:
All
Holder Name
BLACKROCK
AXA FRAMLINGTON INV
LEGAL & GENERAL
FMR LLC
AVIVA INVESTORS
AEGON UK GROUP
SUN LIFE ASSURANCE C
SCOTTISH WIDOWS
KAMES CAPITAL PLC
OLD MUTUAL
HERMES EQUITY OWNERS
BAILLIE GIFFORD AND
FRANKLIN RESOURCES
Firm Name
Jefferies
N+1 Singer Ltd
EVA Dimensions
Deutsche Bank
Barclays
Goldman Sachs
Investec
JPMorgan
Morgan Stanley
Portfolio Name
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
NICK JAMES
GEORGE O'CONNOR
LEE SIMPSON
PIA TAPLEY
ANDREW S ZAMFOTIS
JOHANNES SCHALLER
JOHN KING
ALEXANDER DUVAL
JAMES GOODMAN
ALEXANDER MEES
JONATHAN IMLAH
FRANCOIS MEUNIER
Source
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
Co File
REG
RNS-MAJ
REG
Co File
ULT-AGG
RNS-MAJ
ULT-AGG
RNS-MAJ
REG
ULT-AGG
MF-AGG
REG
REG
REG
Recommendation
add
buy
buy
hold
underweight
hold
overweight
Buy/Neutral
buy
neutral
buy
Overwt/In-Line
Amt Held
74'482'073
56'866'309
47'446'272
46'665'533
39'640'718
38'520'235
37'106'272
27'310'447
25'903'979
23'382'347
18'978'008
18'507'514
17'372'000
16'804'058
15'433'512
15'000'000
14'272'476
13'825'289
13'255'380
12'422'541
% Out
11.45
8.74
7.29
7.17
6.09
5.92
5.7
4.2
3.98
3.59
2.92
2.85
2.67
2.58
2.37
2.31
2.19
2.13
2.04
1.91
Weighting
Change
4
5
5
3
1
3
5
5
5
3
5
5
M
M
M
D
M
D
M
M
M
M
R
M
Latest Chg
(1'170'707)
(5'211'526)
(15'725)
2'752'832
61'600
873'896
367'012
10'226'722
(1'583'122)
(7'261'806)
(5'438'525)
(5'311'975)
576'293
(1'832'779)
3'072'979
60'042
272'377
(451'800)
Target Price
165
192
196
165
#N/A N/A
155
195
205
185
153
180
170
File Dt
01.11.2012
26.02.2013
01.11.2012
01.11.2012
01.11.2012
31.12.2011
01.11.2012
12.08.2011
01.11.2012
31.12.2011
01.11.2012
02.02.2012
31.12.2012
18.01.2012
01.11.2012
01.11.2012
31.12.2012
01.11.2012
01.11.2012
01.11.2012
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
9 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Date
27.02.2013
26.02.2013
21.02.2013
19.02.2013
17.01.2013
14.01.2013
14.01.2013
13.01.2013
08.01.2013
15.11.2012
08.11.2012
06.08.2012
28.02.2013
SSAB AB
SSAB AB manufactures sheet and plate steel. The Company's main products
include hot-rolled, cold-rolled and organic-coated steel sheet. SSAB sells its
products to the automotive, engineering, and construction industries.
Price/Volume
80
14.0 M
70
12.0 M
60
10.0 M
50
Latest Fiscal Year:

LTM as of:
52-Week High (29.02.2012)
52-Week Low (11.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SSABA SS EQUITY YTD Change
SSABA SS EQUITY YTD % CHANGE
12/2012
12/yy
70.90
45.10
2'833'397.00
50.85
-28.28%
12.75%
22.29%
240.8
15'903.21
19'382.00
0.0
0.0
3'004.00
32'281.21
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
30
20
4.0 M
10
2.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
54'329.0
0.72x
10'784.0
3.64x
6'935.0
3.42x
8.0 M
40
Valuation Analysis
31.12.2009
31.12.2010
29'838.0
39'883.0
1.84x
1.36x
290.0
3'409.0
189.44x
15.87x
(1'002.0)
552.0
51.12x
Profitability
LTM-4Q
31.12.2011
44'640.0
0.86x
4'813.0
8.01x
1'560.0
12.59x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
38'923.0
0.89x
2'458.0
14.12x
15.0
1221.09x
2'458.00
-128.00
-0.33%
-1.78%
0.02%
0.05%
0.64%
7.2%
6.3%
-0.3%
0.0%
2.62
1.06
33.06%
67.37%
7.69
3.42
Price/ Cash Flow
LTM
12/yy
44'640.0
3.94x
4'813.0
8.01x
1'560.0
12.59x
12/yy
38'923.0
3.58x
2'458.0
14.12x
15.0
1221.09x
FY+1
1.50
-24.37%
-10.08%
1.505
23
2.304
3'038'414
3'209'282
3'090'045
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
39'454.9
41'646.4
9'664.0
10'235.1
0.79x
0.70x
3'828.2
4'842.9
797.3
1'096.1
8.43x
6.67x
8.54x
7.33x
600.1
1'513.3
77.3
288.2
25.97x
10.87x
24.17x
14.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
06.12.2010
BB+
NEG
06.12.2010
B
10.07
3.56
6.66
7.89
67.4%
40.3%
0.64
2.14
47.57
106.99
41.95
112.60
800.00
60'000.0
700.00
50'000.0
600.00
40'000.0
500.00
400.00
30'000.0
300.00
20'000.0
200.00
10'000.0
100.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
SSAB AB
Holdings By:
All
Holder Name
INDUSTRIVARDEN AB
NORDEA FONDER AB
LKAB
KYNIKOS ASSOCIATES L
FOLKSAM LO FOND AB
AMF PENSION
SEB
SKANDIA FONDER AB
ANDRA AP FONDEN
AMF FONDER AB
VANGUARD GROUP INC
Firm Name
Nomura
AlphaValue
Jefferies
Carnegie
Handelsbanken
Swedbank
DNB Markets
Danske Markets
ABG Sundal Collier
JPMorgan
SEB Enskilda
Morgan Stanley
Credit Suisse
Goldman Sachs
EVA Dimensions
Deutsche Bank
CA Cheuvreux
S&P Capital IQ
VTB Capital
Cyrrus
Prime Predictions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
NEIL SAMPAT
FABRICE FARIGOULE
SETH ROSENFELD
ALEXANDER VILVAL
CHRISTIAN KOPFER
FREDRIK AGARDH
MATS LISS
SAMPSA KARHUNEN
CARL GUSTAFSSON
JOHANNES GRUNSELIUS
GUSTAV SANDSTROM
ALESSANDRO ABATE
JULIAN BEER
ALEXANDER HAISSL
MICHAEL SHILLAKER
STEPHEN BENSON
CRAIG STERLING
BASTIAN SYNAGOWITZ
JOAKIM AHLBERG
JOHNSON IMODE
WIKTOR BIELSKI
JIRI SIMARA
PER HANSSON
PETER LJUNGGREN
Source
Co File
Co File
Co File
Co File
Co File
Short
Co File
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
add
hold
hold
sell
reduce
neutral
hold
hold
sell
sell
underweight
hold
Equalwt/Cautious
underperform
Sell/Neutral
hold
sell
select list
sell
hold
sell
reduce
underperform
Amt Held
% Out
56'860'957 23.62
23'234'047
9.65
12'520'631
5.2
12'344'064
5.13
8'513'500
3.54
(5'802'456) -2.41
5'604'125
2.33
5'526'014
2.3
5'209'000
2.16
4'354'814
1.81
4'082'137
1.7
4'041'568
1.68
3'849'721
1.6
3'842'615
1.6
3'684'400
1.53
3'276'684
1.36
2'570'000
1.07
2'237'762
0.93
2'198'288
0.91
2'019'064
0.84
Weighting
Change
5
4
3
3
1
2
3
3
3
1
1
1
3
3
1
1
3
1
5
1
3
1
2
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
U
M
M
M
M
D
Latest Chg
(1'058'927)
116'425
1'424'542
(41'618)
2'785'000
(670'000)
(3'161'689)
561'659
(642'280)
Target Price
55
55
55
#N/A N/A
50
42
55
50
52
42
42
51
54
53
52
43
#N/A N/A
42
70
41
48
69
105
104
File Dt
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
01.11.2012
31.12.2011
31.01.2013
31.12.2011
31.12.2012
31.12.2012
31.07.2012
31.12.2012
31.12.2011
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
Date
12 month
6 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
6 month
Not Provided
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Government
Hedge Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.02.2013
21.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
10.02.2013
10.02.2013
08.02.2013
08.02.2013
28.01.2013
25.01.2013
17.01.2013
17.01.2013
15.01.2013
19.12.2012
24.10.2012
15.10.2012
30.01.2012
02.05.2011
09.10.2010
28.02.2013
Stada Arzneimittel AG
Stada Arzneimittel AG manufactures pharmaceuticals. The Company produces
generics (products whose patents have expired), brand-name products, and cancer
therapy and other special pharmaceuticals. Stada avoids cost-intensive
research on active ingredients and concentrates on multi-source products. The
Company markets its products worldwide.
Price/Volume
35
12/2011
09/yy
29.74
20.93
199'453.00
28.975
-2.57%
38.47%
91.32%
59.3
1'719.18
1'221.06
0.0
10.0
354.60
2'957.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
1.5 M
15
1.0 M
10
.5 M
5
0
f-12
.0 M
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'570.5
2.19x
316.9
10.86x
104.2
23.46x
2.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (07.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAZ GY EQUITY YTD Change
SAZ GY EQUITY YTD % CHANGE
2.5 M
30
31.12.2008
31.12.2009
1'646.2
1'568.8
1.35x
1.48x
256.0
278.7
8.71x
8.36x
76.2
100.4
15.77x
14.15x
Profitability
LTM-4Q
31.12.2010
1'627.0
1.44x
268.5
8.75x
68.4
21.88x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
1'715.4
1.17x
222.1
9.05x
22.0
52.03x
222.12
120.06
7.00%
4.05%
3.57%
11.28%
7.94%
0.66%
48.2%
18.0%
11.7%
1.3%
1.86
1.18
43.61%
143.00%
4.18
2.10
Price/ Cash Flow
09/yy
1'700.9
5.37x
220.0
8.04x
23.1
39.64x
LTM
09/yy
1'796.2
5.51x
323.5
7.99x
96.9
13.93x
FY+1
0.91
58.85
28.17%
18.70%
0.914
30
3.733
244'871
336'232
319'256
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
1'834.7
1'953.0
504.0
1.60x
1.46x
357.2
394.2
104.0
8.28x
7.50x
148.4
168.0
39.0
11.43x
10.22x
11.50x
11.41x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.78
1.60
3.79
4.13
143.0%
58.6%
0.66
6.29
87.53
174.62
81.77
160.34
16.00
2'000.0
14.00
1'800.0
1'600.0
12.00
1'400.0
10.00
1'200.0
8.00
1'000.0
800.0
6.00
600.0
4.00
400.0
2.00
200.0
0.00
02.01.2009 02.07.2009
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Stada Arzneimittel AG
Holdings By:
All
Holder Name
GRYPHON INTERNATIONA
DEUTSCHE BANK AG/LON
DEUTSCHE BANK AG
BLACKROCK
VANGUARD GROUP INC
ADELPHI CAPITAL LLP
SKAGEN AS
DJE INVESTMENT SA
KBL RICHELIEU GESTIO
BANQUE DEGROOF
MACQUARIE GROUP LTD
TAPIOLA ASSET MANAGE
CAPITAL AT WORK INTE
Firm Name
AlphaValue
DZ Bank AG
Bankhaus Lampe
Nomura
Exane BNP Paribas
Natixis
Bankhaus Metzler
EVA Dimensions
Jefferies
JPMorgan
Morgan Stanley
Helvea
HSBC
Main First Bank AG
Nord/LB
S&P Capital IQ
Hamburger Sparkasse
Berenberg Bank
Deutsche Bank
CA Cheuvreux
KD Banka d.d.
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
FABRICE FARIGOULE
THOMAS MAUL
THERESA DICK
DANIEL WENDORFF
MARTIN BRUNNINGER
FLORENT CESPEDES
MARTIN VOEGTLI
ULRICH HUWALD
PHILIPPE LANONE
SEBASTIAN FRERICKS
ANDREW S ZAMFOTIS
JAMES VANE-TEMPEST
DAVID J ADLINGTON
SIMON MATHER
ODILE RUNDQUIST
JAN KEPPELER
MARCUS WIEPRECHT
THORSTEN STRAUSS
JACOB THRANE
IGOR KIM
TIMO KUERSCHNER
MARCO GUENTHER
SCOTT BARDO
CLAUDIA LAKATOS
HOLGER BLUM
OLIVER REINBERG
MARTIN POSSIENKE
BOJAN IVANC
Source
Co File
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
Short
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
add
buy
buy
buy
reduce
neutral
hold
hold
buy
sell
buy
hold
neutral
Equalwt/Attractive
neutral
neutral
outperform
hold
buy
hold
buy
buy
buy
hold
neutral
buy
outperform
hold
buy
Amt Held
% Out
1'884'109
3.18
1'576'000
2.66
1'394'000
2.35
892'270
1.5
655'000
1.1
624'946
1.05
(605'200) -1.02
(427'193) -0.72
359'452
0.61
349'622
0.59
263'523
0.44
258'156
0.44
247'230
0.42
237'520
0.4
236'000
0.4
231'239
0.39
207'800
0.35
200'000
0.34
145'724
0.25
145'600
0.25
Weighting
Change
4
5
5
5
2
3
3
3
5
1
5
3
3
3
3
3
5
3
5
3
5
5
5
3
3
5
5
3
5
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
U
M
M
M
U
M
M
M
M
M
M
M
U
Latest Chg
50'000
10'424
(53'410)
(65'265)
(2'357)
(15'747)
178'130
1'500
13'000
231'239
7'800
(27'000)
95'100
Target Price
33
33
32
37
15
27
29
30
31
20
#N/A N/A
23
31
24
26
25
28
23
27
25
26
28
#N/A N/A
27
23
30
28
20
28
File Dt
31.12.2011
24.10.2012
28.12.2012
26.02.2013
28.09.2012
31.12.2012
11.02.2013
24.01.2013
30.11.2012
24.08.2012
31.10.2012
31.12.2012
30.11.2012
30.11.2012
01.02.2013
31.12.2012
31.07.2011
31.01.2013
31.01.2013
31.12.2012
Date
6 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Date
21.02.2013
14.02.2013
13.02.2013
04.02.2013
04.02.2013
04.02.2013
30.01.2013
29.01.2013
29.01.2013
25.01.2013
17.01.2013
15.01.2013
03.01.2013
13.12.2012
29.11.2012
16.11.2012
13.11.2012
12.11.2012
12.11.2012
09.11.2012
09.11.2012
08.11.2012
08.11.2012
08.11.2012
08.11.2012
09.08.2012
09.08.2012
22.09.2011
29.09.2010
28.02.2013
Stagecoach Group PLC

Stagecoach Group plc provides and operates public transport services in the
United Kingdom, USA and overseas. The Group supplies bus and train services, in
addition to owning a rolling stock company which provides stock to train
companies. Stagecoach also owns overseas bus and ferry operations in Hong Kong,
Australia, USA and New Zealand.
Price/Volume
350
8.0 M
300
7.0 M
250
6.0 M
5.0 M
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.01.2013)
52-Week Low (13.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SGC LN EQUITY YTD Change
SGC LN EQUITY YTD % CHANGE
04/2012
01/yy
321.50
227.90
731'483.00
299.3
-6.91%
31.33%
76.28%
576.1
1'724.27
776.90
0.0
0.0
241.00
2'299.27
30.04.2008
1'763.6
1.23x
247.6
8.79x
249.1
8.07x
3.0 M
100
2.0 M
50
1.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
150
30.04.2009
30.04.2010
2'103.3
2'164.4
0.62x
0.79x
345.5
243.2
3.75x
7.07x
133.5
111.7
7.02x
13.05x
Profitability
30.04.2011
2'389.8
0.87x
281.8
7.36x
176.4
11.22x
30.04.2012
2'590.7
0.76x
303.3
6.48x
188.3
8.41x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
303.30
203.40
7.85%
9.26%
11.78%
51.09%
1.55%
12.8%
8.9%
7.3%
0.72
0.51
46.52%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.67
0.81
426.04
14.58%
-1.73%
0.806
20
4.000
631'050
496'851
643'574
FY+2
04/13 Y
04/14 Y
2'830.5
2'992.6
0.83x
0.76x
350.0
353.3
6.57x
6.51x
164.3
159.2
10.54x
10.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
15.03.2007
BBBSTABLE
27.06.2005
NR
7.94
3.33
1.66
2.44
108.0%
1.55
2.73
-
9.00
3'000.0
8.00
2'500.0
7.00
2'000.0
6.00
5.00
1'500.0
4.00
1'000.0
3.00
2.00
500.0
1.00
0.00
01.05.2009
0.0
01.11.2009
01.05.2010
01.11.2010
01.05.2011
01.11.2011
01.05.2012
01.11.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Stagecoach Group PLC

Holdings By:
All
Holder Name
HIGHLAND GLOBAL TRAN
JP MORGAN
AEGON
BLACKROCK
AVIVA INVESTORS
KAMES CAPITAL PLC
UBS
LEGAL & GENERAL
ELLIOTT MANAGEMENT C
SCOTTISH WIDOWS
FRANKLIN RESOURCES
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
HSBC
JOSEPH P THOMAS
EDWARD STANFORD
Goldman Sachs
OLIVER NEAL
GERALD KHOO
Nomura
ANDREW EVANS
EVA Dimensions
CRAIG STERLING
GERT ZONNEVELD
Jefferies
JOSEPH SPOONER
JPMorgan
DAVID PITURA
RBC Capital Markets
DAMIAN BREWER
Morgan Stanley
JAIME ROWBOTHAM
Barclays
ADRIAN YANOSHIK
Investec
JOHN LAWSON
GREG JOHNSON
Liberum Capital Ltd
ALEXIA DOGANI
DOUGLAS MCNEILL
Deutsche Bank
ANAND DATE
Source
RNS-MAJ
REG
RNS-MAJ
ULT-AGG
ULT-AGG
Co File
ULT-AGG
REG
REG
MF-AGG
RNS-MAJ
ULT-AGG
ULT-AGG
Short
REG
ULT-AGG
MF-AGG
REG
ULT-AGG
REG
Recommendation
neutral
buy
neutral/neutral
buy
buy
hold
buy
hold
neutral
sector perform
Equalwt/In-Line
overweight
buy
buy
buy
hold
buy
Amt Held
% Out
149'397'730 25.93
135'189'654 23.47
40'972'773
7.11
34'978'083
6.07
29'008'051
5.04
28'804'999
5
28'228'899
4.9
26'536'543
4.61
26'396'064
4.58
22'968'448
3.99
21'252'371
3.69
18'236'477
3.17
17'624'352
3.06
(15'266'649) -2.65
13'271'671
2.3
11'471'859
1.99
11'285'455
1.96
9'940'658
1.73
7'725'000
1.34
7'715'755
1.34
Weighting
Change
3
5
3
5
5
3
5
3
3
3
3
5
5
5
5
3
5
D
M
M
M
M
M
M
D
M
M
D
M
M
M
M
M
M
Latest Chg
509'140
6'406'774
(1'335'379)
(1'982'301)
(1'852'145)
1'814'524
15'232
(7'430'155)
(1'016'888)
(828'514)
(133'929)
1'254'484
149'656
(763'924)
6'533'196
Target Price
315
302
340
345
310
#N/A N/A
350
330
324
320
310
345
320
#N/A N/A
327
280
310
File Dt
Inst Type
28.09.2012
Other
01.11.2012
Other
07.11.2012
Investment Advisor
01.11.2012
Unclassified
01.11.2012
Unclassified
26.06.2012
Investment Advisor
26.02.2013
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
31.10.2012
Investment Advisor
20.02.2013
Investment Advisor
01.11.2012
Unclassified
31.01.2013
Unclassified
01.11.2012
Government
01.11.2012
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
04.02.2013
31.01.2013
28.01.2013
23.01.2013
21.01.2013
17.01.2013
11.01.2013
08.01.2013
14.12.2012
12.12.2012
10.12.2012
06.12.2012
05.12.2012
05.12.2012
23.10.2012
09.07.2012
04.07.2012
28.02.2013
Storebrand ASA
Storebrand ASA offers insurance, asset management, and banking services. The
Company offers life insurance and pension plans, manages equity and fixed-income
funds, and attracts deposits and offers residential mortgages, other credit, and
Internet and telephone banking services.
Price/Volume
35
18.0 M
30
16.0 M
14.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2012)
52-Week Low (13.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
STB NO EQUITY YTD Change
STB NO EQUITY YTD % CHANGE
12/2012
12/yy
31.43
16.37
3'746'117.00
26.03
-17.18%
59.01%
64.14%
449.9
11'711.15
25'108.00
0.0
98.0
29'041.15
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
15
8.0 M
6.0 M
10
4.0 M
2.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
24'542.0
(2'228.0)
-
12.0 M
20
31.12.2009
31.12.2010
46'443.0
50'118.0
928.0
1'471.0
19.67x
13.23x
Profitability
LTM-4Q
31.12.2011
38'157.0
674.0
18.91x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
52'432.0
1'006.0
11.94x
4.93%
2.97%
0.25%
5.23%
3.42%
0.13%
1.9%
5.98%
126.57%
-
Price/ Cash Flow
LTM
12/yy
38'137.0
0.00x
0.0
0.00x
674.0
18.50x
12/yy
52'433.0
0.00x
0.0
0.00x
1'007.0
11.92x
FY+1
1.61
317.83
-2.84%
-2.95%
1.610
19
4.158
2'750'606
3'074'271
2'494'919
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
21'025.0
22'354.0
1'852.6
2'047.9
388.8
395.6
6.08x
5.43x
6.06x
5.81x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.12.2008
BBB
STABLE
126.6%
55.7%
0.13
-
10.00
60'000.0
9.00
50'000.0
8.00
7.00
40'000.0
6.00
30'000.0
5.00
4.00
20'000.0
3.00
2.00
10'000.0
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Storebrand ASA
Holdings By:
All
Holder Name
GJENSIDIGE FORSIKRIN
STATE STREET
FMR LLC
NORTHERN TRUST CO
CLEARSTREAM BANKING
SEB
VANGUARD GROUP INC
NORDEA FONDENE AS
PRUDENTIAL ASSURANCE
DWP BANK
SEB LONDON
Firm Name
AlphaValue
Macquarie
Berenberg Bank
Credit Suisse
Carnegie
Handelsbanken
Pareto Securities
ABG Sundal Collier
SpareBank 1 Markets AS
Norne Securities AS
SEB Enskilda
EVA Dimensions
Deutsche Bank
Morgan Stanley
JPMorgan
DNB Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
JEROME CASSAGNE
HADLEY COHEN
PETER ELIOT
CHRIS ESSON
GIANANDREA ROBERTI
THOMAS SVENDSEN
MATTI AHOKAS
VEGARD EID MEDIAS
FRIDTJOF BERENTS
RICKARD HENZE
KARL MORRIS
NILS CHRISTIAN OYEN
ANDRIUS VALIVONIS
BENGT KIRKOEN
CHRISTOFFER J ADAMS
AUSTIN BURKETT
ROBIN BUCKLEY
DAVID ANDRICH
ANDREAS VAN EMBDEN
JAN ERIK GJERLAND
Source
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
Recommendation
buy
neutral
buy
outperform
hold
buy
buy
buy
buy
buy
outperform
sell
hold
buy
buy
underweight
buy
Overwt/In-Line
neutral
hold
Amt Held
109'458'254
22'156'365
18'647'756
14'495'794
14'368'322
12'867'504
12'064'314
8'816'096
8'000'000
6'816'907
6'223'510
6'172'868
5'971'013
5'042'178
4'977'674
4'942'801
4'000'000
3'397'316
3'308'133
2'993'410
% Out
24.33
4.92
4.14
3.22
3.19
2.86
2.68
1.96
1.78
1.52
1.38
1.37
1.33
1.12
1.11
1.1
0.89
0.76
0.74
0.67
Weighting
Change
5
3
5
5
3
5
5
5
5
5
5
1
3
5
5
1
5
5
3
3
M
M
M
M
M
M
M
M
U
M
M
D
M
M
U
M
M
M
M
M
Latest Chg
(11'421'765)
(152'817)
94'915
(128'315)
869'585
4'964'153
(1'801'635)
3'100
(570'000)
Target Price
42
30
45
34
#N/A N/A
33
39
35
32
38
30
24
33
34
33
#N/A N/A
34
35
34
36
File Dt
Inst Type
18.02.2013
Insurance Company
18.02.2013
Government
27.02.2013
Investment Advisor
30.09.2012
Investment Advisor
18.02.2013
Investment Advisor
18.02.2013
Bank
18.02.2013
Insurance Company
18.02.2013
Unclassified
18.02.2013
Insurance Company
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
18.02.2013
Investment Advisor
18.02.2013
Bank
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
18.02.2013
Investment Advisor
28.12.2012
Investment Advisor
18.02.2013
Unclassified
31.01.2013
Investment Advisor
Date
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
6 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
21.02.2013
18.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
04.02.2013
17.01.2013
08.01.2013
05.12.2012
23.02.2012
27.10.2011
28.02.2013
Suedzucker AG
Suedzucker AG operates in the traditional sugar industry in Eastern and Western
Europe. The Company, through its subsidiaries, produces functional food,
chilled frozen and starch and fruit concentrates. Suedzucker's other business
includes bioethanol activities.
Price/Volume
35
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
30
25
20
Valuation Analysis
15
Latest Fiscal Year:

LTM as of:
52-Week High (20.02.2013)
52-Week Low (29.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SZU GY EQUITY YTD Change
SZU GY EQUITY YTD % CHANGE
02/2012
11/yy
33.41
21.59
190'366.00
33.16
-0.73%
53.63%
97.93%
204.2
6'770.72
2'189.30
0.0
669.1
609.60
8'738.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5
0
f-12
28.02.2009
28.02.2010
5'871.3
5'718.2
0.94x
0.99x
470.2
658.5
11.73x
8.62x
162.2
200.1
15.93x
16.13x
Profitability
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
28.02.2011
6'160.8
0.98x
782.0
7.73x
250.4
15.23x
29.02.2012
6'991.9
0.91x
1'026.5
6.20x
376.3
10.95x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
1'026.50
762.10
10.90%
9.07%
7.14%
21.97%
0.88%
16.3%
12.9%
5.4%
1.69
0.56
26.41%
83.68%
7.25
-
Price/ Cash Flow
11/yy
6'737.2
3.85x
975.0
6.75x
316.7
14.10x
LTM
11/yy
7'794.7
3.75x
1'271.9
6.41x
629.6
9.07x
FY+1
0.53
79.26
56.34%
7.00%
0.531
19
3.947
316'493
327'578
367'696
FY+2
FQ+1
FQ+2
02/13 Y
02/14 Y
02/13 Q4 05/13 Q1
7'783.5
7'788.6
1'851.7
1'887.0
1.08x
1.04x
1'241.1
1'183.9
7.03x
7.37x
576.5
518.8
94.4
145.0
11.39x
13.05x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.06.2012
BBB+
POS
30.09.2010
A-2
8.76
6.40
0.93
1.49
83.7%
40.0%
0.88
3.04
50.46
-
18.00
8'000.0
16.00
7'000.0
14.00
6'000.0
12.00
5'000.0
10.00
4'000.0
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
06.03.2009
m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

29.02.2008
5'779.6
0.96x
466.9
11.86x
19.6
145.20x
10
0.0
06.09.2009
06.03.2010
06.09.2010
06.03.2011
06.09.2011
06.03.2012
06.09.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Suedzucker AG
Holdings By:
All
Holder Name
ZUCKER INVEST GMBH
OVERLAND ADVISORS LL
BLACKROCK
VANGUARD GROUP INC
ADIG INVESTMENT
PRINCIPAL FINANCIAL
CREDIT SUISSE ASSET
DEUTSCHE BANK AG
INVESCO LTD
BANQUE DEGROOF
JP MORGAN
STATE STREET BANQUE
SUMITOMO MITSUI ASSE
CI INVESTMENTS INC
Firm Name
Nord/LB
Hauck & Aufhaeuser
DZ Bank AG
Berenberg Bank
EVA Dimensions
HSBC
Bankhaus Lampe
Bankhaus Metzler
Barclays
Goldman Sachs
Deutsche Bank
CA Cheuvreux
Mirabaud Securities
Exane BNP Paribas
Davy
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
WOLFGANG VASTERLING
NILS-PETER FITZL
HEINZ MUELLER
JAMES TARGETT
BERND MUELL
AUSTIN BURKETT
JESKO MAYER-WEGELIN
LARS LUSEBRINK
MARC GABRIEL
DANIEL SEIDENSPINNER
DENNIS SCHMITT
OLIVER SCHWARZ
LIAM ROWLEY
ROSIE EDWARDS
HAROLD THOMPSON
KLAUS RINGEL
KLAUS KRAENZLE
JULIAN LAKIN
JAMES BUSHNELL
JACK GORMAN
Source
Research
Short
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
hold
buy
hold
buy
buy
overweight
buy
buy
buy
buy
hold
underweight
neutral/neutral
hold
select list
buy
hold
neutral
outperform
Amt Held
% Out
124'847'782 61.14
(1'893'536) -0.93
1'688'974
0.83
1'341'724
0.66
740'672
0.36
591'710
0.29
482'592
0.24
352'217
0.17
345'857
0.17
319'332
0.16
277'878
0.14
269'809
0.13
262'450
0.13
258'000
0.13
256'959
0.13
237'455
0.12
226'000
0.11
217'739
0.11
216'634
0.11
211'300
0.1
Weighting
Change
3
3
5
3
5
5
5
5
5
5
5
3
1
3
3
5
5
3
3
5
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
5'865
119'089
(87'000)
(1'183)
49'376
21'622
(515)
(2'134)
11'450
11'000
(12'090)
258'000
62'898
(6'251)
(6'834)
801
195'354
33'600
Target Price
34
33
38
30
38
#N/A N/A
35
37
41
33
35
31
28
30
31
35
40
29
28
#N/A N/A
File Dt
Inst Type
01.02.2013
Investment Advisor
07.11.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
27.02.2013
Investment Advisor
31.12.2012
Investment Advisor
01.02.2013
Investment Advisor
31.10.2012
Investment Advisor
31.05.2012
Investment Advisor
31.12.2012
Unclassified
31.01.2013
Investment Advisor
24.08.2012
Investment Advisor
30.06.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
20.02.2013
14.02.2013
30.01.2013
21.01.2013
18.01.2013
17.01.2013
14.01.2013
11.01.2013
11.01.2013
11.01.2013
10.01.2013
10.01.2013
10.01.2013
09.01.2013
18.12.2012
26.11.2012
19.11.2012
22.10.2012
19.10.2012
25.01.2012
28.02.2013
Sydbank A/S
Sydbank A/S attracts deposits and offers commercial banking services. The Bank
offers mortgages, automobile and other consumer loans, agricultural loans,
investment and private banking, interest rate hedging, cash management
services, and life insurance. Sydbank operates throughout Denmark, in northern
Germany, and Switzerland.
Price/Volume
140
.8 M
120
.7 M
100
.6 M
.5 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.02.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SYDB DC EQUITY YTD Change
SYDB DC EQUITY YTD % CHANGE
12/2012
09/yy
115.70
89.05
83'815.00
114.9
-0.69%
29.03%
97.00%
74.3
8'531.33
48'392.00
0.0
0.0
9'465.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.3 M
40
.2 M
20
.1 M
0
f-12
31.12.2009
31.12.2010
7'530.0
5'984.0
781.0
411.0
11.46x
27.07x
Profitability
LTM-4Q
31.12.2011
5'717.0
188.0
34.65x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
467.0
15.58x
8.43%
6.72%
0.32%
4.86%
0.88%
0.04%
4.2%
31.54%
504.35%
-
Price/ Cash Flow
a-12
m-12
j-12
LTM
09/yy
5'559.0
0.00x
0.0
0.00x
111.0
63.90x
09/yy
6'032.0
0.00x
0.0
0.00x
475.0
16.91x
j-12
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
.0 M
f-13
0.94
7.18%
15.25%
0.943
9
3.444
251'531
160'444
157'086
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
4'583.6
4'651.0
1'113.2
1'107.5
-27.64x
-27.28x
894.0
1'161.6
25.0
203.3
9.43x
7.15x
12.71x
9.66x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
504.3%
83.5%
0.04
5.49
-
5.00
10'000.0
4.50
9'000.0
4.00
8'000.0
3.50
7'000.0
3.00
6'000.0
2.50
5'000.0
2.00
4'000.0
1.50
3'000.0
1.00
2'000.0
0.50
1'000.0
0.00
01.01.2010
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
9'002.0
606.0
6.73x
.4 M
60
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Sydbank A/S
Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
PUTNAM INVESTMENT MA
SCHRODER INVESTMENT
SEB
HANDELSINVEST INVEST
VALIC CO I
DANSKE INVEST A/S
FMR LLC
Firm Name
Jyske Bank
Alm Brand Markets
ABG Sundal Collier
Carnegie
Danske Markets
EVA Dimensions
SEB Enskilda
Handelsbanken
NYKREDIT
Swedbank
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
CHRISTIAN HEDE
SIMON CHRISTENSEN
STIG NYMANN
JAKOB BRINK
ASBJORN MORK
LARS HOLM
AUSTIN BURKETT
CLAUS GROEN THERP
PETER GRABE
MADS THINGGAARD
ROBERT MATULIN
Source
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
reduce
buy
neutral
hold
hold
hold
buy
hold
accumulate
underperform
buy
Amt Held
7'451'793
2'202'543
1'492'610
1'434'283
1'229'198
857'127
311'356
286'571
214'335
204'634
200'653
200'000
191'800
145'000
137'300
107'336
97'000
81'098
76'112
74'877
% Out
10.04
2.97
2.01
1.93
1.66
1.15
0.42
0.39
0.29
0.28
0.27
0.27
0.26
0.2
0.18
0.14
0.13
0.11
0.1
0.1
Weighting
Change
2
5
3
3
3
3
5
3
4
1
5
M
U
M
M
M
M
M
M
M
N
M
Latest Chg
84'197
1'899
150'000
(47'092)
2'590
3'970
(1'339)
6'000
137'300
10'000
(722)
100
-
Target Price
120
135
110
120
#N/A N/A
120
#N/A N/A
110
117
#N/A N/A
125
File Dt
Inst Type
21.03.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
21.02.2013
21.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
17.01.2013
19.12.2012
18.12.2012
23.02.2012
17.08.2011
28.02.2013
Taylor Wimpey PLC

Taylor Wimpey plc, through its subsidiaries, conducts business in the housing,
construction and engineering, and property development and investment sectors.
The Group has international housing activities in the United Kingdom and Spain.
Price/Volume
90
70.0 M
80
60.0 M
70
50.0 M
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TW/ LN EQUITY YTD Change
TW/ LN EQUITY YTD % CHANGE
12/2011
01/yy
80.80
40.00
7'284'029.00
80.2
-0.74%
100.50%
98.53%
3'230.6
2'590.92
264.60
0.0
1.5
147.70
2'727.52
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
30
20.0 M
20
10.0 M
10
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
4'142.8
0.86x
479.5
7.41x
(197.9)
-
40.0 M
50
40
31.12.2008
31.12.2009
3'467.7
2'595.6
0.48x
0.77x
204.8
41.9
8.18x
47.63x
(1'841.3)
(640.4)
Profitability
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2010
1'767.7
0.94x
104.9
15.85x
259.3
5.73x
31.12.2011
1'808.0
0.72x
160.0
8.19x
99.0
20.83x
160.00
158.30
8.76%
4.35%
5.99%
12.63%
0.49%
32.6%
10.1%
10.1%
5.5%
3.45
0.23
7.85%
14.43%
0.58
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.71
1.21
3'145.59
63.23%
21.88%
1.208
19
3.632
9'419'997
9'058'217
9'345'724
FY+2
12/12 Y
12/13 Y
1'977.7
2'123.2
1.36x
1.25x
225.2
272.2
12.11x
10.02x
147.3
176.4
19.56x
15.42x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
09.05.2012
BBSTABLE
2.18
2.16
0.70
1.35
14.4%
12.6%
0.49
318.72
626.13
659.92
120.00
4'500.0
4'000.0
100.00
3'500.0
3'000.0
80.00
2'500.0
60.00
2'000.0
1'500.0
40.00
1'000.0
20.00
0.00
02.01.2009 02.07.2009
500.0
0.0
02.01.2010 02.07.2010 02.01.2011 02.07.2011
02.01.2012 02.07.2012 02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Taylor Wimpey PLC

Holdings By:
All
Holder Name
SCHRODERS PLC
FMR LLC
SCHRODER INVESTMENT
JP MORGAN
LEGAL & GENERAL
BLACKROCK
LEGAL & GENERAL
AEGON
TD WATERHOUSE GROUP
SCOTTISH WIDOWS
UBS
TAYLOR WIMPEY ESOP2
Firm Name
Goldman Sachs
Liberum Capital Ltd
Redburn Partners
Peel Hunt
JPMorgan
EVA Dimensions
Deutsche Bank
Jefferies
Credit Suisse
HSBC
Investec
Davy
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst
RACHAEL APPLEGATE
ESHAN TOORABALLY
CHARLIE CAMPBELL
SIMON BROWN
WILLIAM JONES
ROBIN HARDY
EMILY BIDDULPH
CRAIG STERLING
GLYNIS JOHNSON
ANTHONY CODLING
HARRY GOAD
JEFFREY G DAVIS
MIKE BESSELL
JON BELL
ALASTAIR STEWART
ROBERT GARDINER
Source
RNS-MAJ
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
RNS-MAJ
Co File
REG
MF-AGG
REG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
RNS-DIR
Recommendation
hold
hold
neutral/neutral
buy
hold
buy
sell
neutral
hold
buy
buy
outperform
overweight
buy
hold
sell
neutral
Amt Held
386'654'426
319'122'050
304'550'662
170'516'957
141'855'641
139'339'223
125'599'013
121'358'178
117'917'692
103'437'214
96'850'301
92'226'910
79'761'426
74'453'355
72'073'931
66'552'706
66'053'229
65'587'745
50'193'209
40'874'717
% Out
11.97
9.88
9.43
5.28
4.39
4.31
3.89
3.76
3.65
3.2
3
2.85
2.47
2.3
2.23
2.06
2.04
2.03
1.55
1.27
Weighting
Change
3
3
3
5
3
5
1
3
3
5
5
5
5
5
3
1
3
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
160'387
95'123'919
(5'171'047)
(2'644'837)
(9'315'412)
(737'290)
6'777'805
(12'340'405)
(48'275'509)
4'616'277
(1'151'213)
(1'091'476)
49'182'785
251'641
1'326'638
2'664'155
6'117'831
Target Price
67
77
75
83
75
#N/A N/A
39
78
#N/A N/A
78
85
75
82
58
#N/A N/A
37
#N/A N/A
File Dt
Inst Type
11.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Unclassified
03.12.2012
Investment Advisor
26.02.2013
Investment Advisor
29.11.2012
Investment Advisor
28.02.2012
Investment Advisor
03.12.2012
Investment Advisor
31.07.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Government
03.12.2012
Unclassified
03.12.2012
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Unclassified
03.08.2012
n/a
Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
21.02.2013
20.02.2013
18.02.2013
05.02.2013
05.02.2013
01.02.2013
28.01.2013
22.01.2013
17.01.2013
15.01.2013
14.01.2013
17.12.2012
28.11.2012
13.08.2012
19.07.2012
16.05.2012
17.05.2011
28.02.2013
Tecnicas Reunidas SA
Tecnicas Reunidas SA offers engineering and construction services. The Company
primarily designs and constructs a variety of industrial plants as well as
power.
Price/Volume
45
4.0 M
40
3.5 M
35
30
3.0 M
2.5 M
25
Latest Fiscal Year:

LTM as of:
52-Week High (25.02.2013)
52-Week Low (23.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TRE SQ EQUITY YTD Change
TRE SQ EQUITY YTD % CHANGE
12/2011
09/yy
39.61
27.23
349'856.00
38.89
-1.82%
42.82%
94.18%
55.9
2'173.80
35.29
0.0
8.7
783.05
1'462.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
10
1.0 M
.5 M
0
f-12
31.12.2008
31.12.2009
2'478.5
2'634.3
0.19x
0.52x
148.3
155.9
3.11x
8.78x
137.1
145.8
7.39x
14.97x
Profitability
.0 M
m-12
LTM-4Q
31.12.2010
2'771.4
0.77x
162.9
13.08x
103.9
24.93x
31.12.2011
2'612.6
0.29x
159.5
4.72x
129.5
11.52x
159.53
151.28
5.79%
5.94%
4.58%
31.32%
0.89%
6.0%
5.7%
5.0%
1.14
1.04
1.30%
10.36%
1.33
-
09/yy
2'700.2
2.23x
163.4
4.19x
109.2
12.32x
a-12
m-12
j-12
j-12
LTM
09/yy
2'565.6
1.71x
154.0
8.51x
131.3
15.33x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
0.97
32.93
33.80%
12.90%
0.974
25
3.520
474'922
568'740
496'433
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'685.5
2'904.4
716.5
0.53x
0.46x
160.4
174.0
42.8
9.12x
8.41x
136.4
146.7
34.8
15.73x
14.63x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
37.41
35.39
-4.62
0.21
10.4%
9.2%
0.89
28.91
276.22
-
1.20
3'000.0
1.00
2'500.0
0.80
2'000.0
0.60
1.5 M
15
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
2'005.2
1.01x
113.3
17.92x
104.7
23.41x
2.0 M
20
Valuation Analysis
1'500.0
1'000.0
0.40
500.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Tecnicas Reunidas SA
Holdings By:
All
Holder Name
ARALTEC SL
ARAGONESAS PROM OBRA
TECNICAS REUNIDAS SA
SCHRODERS PLC
BLACKROCK
BILBAO VIZCAYA HOLDI
BBVA ELCANO EMPRESAR
BBVA ELCANO EMPRESAR
FRANKLIN RESOURCES
FMR LLC
PRINCIPAL FINANCIAL
VANGUARD GROUP INC
SCHRODER INVESTMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

NUNO ESTACIO
BPI
MANUEL DIAS COELHO
JPMorgan
ANDREW DOBBING
AlphaValue
GAETAN DUPONT
Bankia Bolsa (ESN)
INIGO RECIO PASCUAL
Banco Sabadell
JAVIER ESTEBAN
FERNANDO LAFUENTE
ROBERT JACKSON
Exane BNP Paribas
ANTONIO LOPEZ SILVESTRE
Grupo Santander
PATRICIA LOPEZ DEL RIO
Natixis
ALAIN PARENT
Nomura
CHRISTYAN MALEK
EVA Dimensions
CRAIG STERLING
Goldman Sachs
MICHAEL RAE
Interdin Bolsa
JAIME OJEDA DE DIEGO
Barclays
MICK PICKUP
Link Securities
JUAN JOSE FERNANDEZ FIGARES
La Caixa
ICIAR GOMEZ BOTAS
BBVA
LUIS DE TOLEDO
Morgan Stanley
ROBERT PULLEYN
NATALIA BOBO BJOERK
CA Cheuvreux
S
YAGUEZ AVILES
Intermoney Valores
ESTHER MARTIN
Renta 4 SA SVB
NATALIA AGUIRRE
Source
Co File
Co File
EXCH
Co File
EXCH
ULT-AGG
Co File
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
buy
neutral
buy
accumulate
buy
buy
neutral
buy
outperform
buy
neutral
reduce
hold
neutral/neutral
neutral
equalweight
accumulate
underweight
outperform
Underwt/Attractive
buy
underperform
overweight
buy
overweight
Amt Held
17'882'564
2'848'383
2'797'034
2'154'324
1'700'435
1'680'806
1'262'070
1'213'533
1'213'533
443'949
425'187
292'231
290'141
285'980
285'911
241'698
240'143
189'938
187'374
167'742
% Out
31.99
5.1
5
3.85
3.04
3.01
2.26
2.17
2.17
0.79
0.76
0.52
0.52
0.51
0.51
0.43
0.43
0.34
0.34
0.3
Weighting
Change
3
5
3
5
4
5
5
3
5
5
5
3
2
3
3
3
3
4
1
5
1
5
1
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
D
M
M
M
M
M
U
M
Latest Chg
17'359
(19'840)
(17'611)
11'163
2'108
744
(125'640)
(9'713)
24'212
2'294
(975'342)
Target Price
38
47
44
53
44
45
41
38
42
45
42
37
31
#N/A N/A
41
39
44
41
39
40
41
43
34
39
36
37
File Dt
Inst Type
31.12.2011
Corporation
31.12.2011
Unclassified
14.02.2012
Investment Advisor
31.12.2011
Corporation
21.04.2011
Investment Advisor
26.02.2013
Investment Advisor
31.12.2011
Bank
31.12.2011
Venture Capital
31.12.2011
Venture Capital
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2011
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.05.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
9 month
6 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
27.02.2013
25.02.2013
21.02.2013
20.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
12.02.2013
12.02.2013
07.02.2013
07.02.2013
29.01.2013
17.01.2013
08.01.2013
10.12.2012
15.11.2012
22.10.2012
10.10.2012
27.09.2012
12.09.2012
10.09.2012
01.08.2012
26.06.2012
12.12.2011
16.09.2011
28.02.2013
Telecity Group PLC

Telecity Group PLC designs, builds, and manages technical, web, and Internet
infrastructure for corporate clients.
Price/Volume
1200
4.0 M
3.5 M
1000
3.0 M
800
Latest Fiscal Year:

LTM as of:
52-Week High (16.10.2012)
52-Week Low (01.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TCY LN EQUITY YTD Change
TCY LN EQUITY YTD % CHANGE
12/2012
01/yy
963.50
684.00
434'601.00
934.5
-3.01%
36.62%
89.62%
201.5
1'882.57
277.29
0.0
0.0
20.97
2'138.89
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.5 M
400
1.0 M
200
.5 M
0
f-12 m-12 a-12 m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
133.0
2.84x
31.0
12.16x
25.3
13.58x
2.5 M
600
Valuation Analysis
31.12.2009
31.12.2010
169.4
196.4
4.85x
5.04x
63.9
83.4
12.84x
11.85x
34.7
38.0
21.57x
27.26x
Profitability
31.12.2011
239.8
6.05x
106.2
13.67x
42.6
29.86x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
283.0
6.50x
129.5
14.22x
58.1
27.07x
129.46
87.30
30.85%
26.91%
8.12%
17.74%
11.44%
0.40%
57.5%
45.8%
30.9%
20.5%
0.45
0.17
34.61%
77.68%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.80
0.81
168.88
35.91%
18.82%
0.808
19
4.000
715'748
834'770
745'051
FY+2
12/13 Y
12/14 Y
331.0
380.5
6.46x
5.52x
157.6
185.5
13.57x
11.53x
75.2
91.2
25.33x
20.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
9.90
-3.42
1.98
2.14
77.7%
43.7%
0.40
0.55
-
18.00
300.0
16.00
250.0
14.00
200.0
12.00
10.00
150.0
8.00
100.0
6.00
4.00
50.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Telecity Group PLC

Holdings By:
All
Holder Name
ALLIANCE BERNSTEIN
LEGAL & GENERAL
PIONEER ASSET MANAGE
BUTTERFIELD PRIVATE
BLACKROCK
KAMES CAPITAL PLC
GRACE JR OLIVER R
AEGON
OLD MUTUAL
DWS INVESTMENT SA
PICTET & CIE
CREDIT SUISSE SECURI
GCIC LTD/CANADA
DEUTSCHE BANK AG
NEWSMITH CAPITAL PAR
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Evercore Partners
JONATHAN SCHILDKRAUT
Goldman Sachs
SIVA KRISHNA PRASAD BORRA
RBC Capital Markets
JONATHAN ATKIN
Investec
JAMES GOODMAN
Berenberg Bank
ALI FARID KHWAJA
Liberum Capital Ltd
WILLIAM SHIRLEY
JPMorgan
CARL MURDOCK-SMITH
Jefferies
MILAN RADIA
JONATHAN IMLAH
Peel Hunt
PAUL GILMER MORLAND
WILL WALLIS
Barclays
MAURICE PATRICK
EVA Dimensions
ANDREW S ZAMFOTIS
VIJAY ANAND
HSBC
ADAM M RUMLEY
Deutsche Bank
MATTHEW BLOXHAM
Cenkos Securities Ltd
ANDREW BRYANT
Source
ULT-AGG
REG
ULT-AGG
RNS-MAJ
RNS-MAJ
REG
ULT-AGG
REG
Co File
Research
ULT-AGG
ULT-AGG
REG
REG
REG
REG
MF-AGG
REG
REG
MF-AGG
Recommendation
equalweight
Buy/Neutral
outperform
buy
buy
sell
overweight
buy
hold
sell
add
overweight
sell
neutral
overweight
buy
buy
Amt Held
17'732'110
16'731'224
12'342'864
12'061'844
9'494'587
8'718'151
7'233'487
6'697'615
6'189'975
5'498'893
5'085'666
5'077'195
4'097'550
4'011'378
3'534'957
3'342'196
3'158'416
2'776'557
2'737'942
2'733'926
% Out
8.8
8.31
6.13
5.99
4.71
4.33
3.59
3.32
3.07
2.73
2.52
2.52
2.03
1.99
1.75
1.66
1.57
1.38
1.36
1.36
Weighting
Change
3
5
5
5
5
1
5
5
3
1
4
5
1
3
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(136'327)
(454'798)
(3'444'102)
(1'578'063)
(555'444)
(131'530)
(95'840)
(3'416'675)
361'000
522'831
1'984'977
(73'300)
5'000
333'101
(409'404)
20'770
Target Price
940
1'160
1'030
1'000
990
720
#N/A N/A
1'020
870
740
1'000
1'100
#N/A N/A
760
990
1'055
500
File Dt
Inst Type
31.12.2012
Investment Advisor
03.12.2012
Government
31.01.2013
Unclassified
14.02.2013
Investment Advisor
22.08.2011
Other
03.12.2012
Unclassified
26.02.2013
Investment Advisor
03.12.2012
Investment Advisor
10.02.2012
Investment Advisor
24.10.2012
n/a
03.12.2012
Unclassified
31.12.2012
Unclassified
03.12.2012
Unclassified
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
30.11.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
21.02.2013
18.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
15.01.2013
23.11.2012
07.11.2012
05.11.2012
19.07.2010
28.02.2013
Telekom Austria AG
Telekom Austria AG offers telecommunications services. The Company offers fixed
-line and mobile telephone, Internet access, and data transmission services.
Telekom Austria also offers Internet access and mobile services in Liechtenstein
, Slovenia, Bulgaria, Belarus and Croatia.
Price/Volume
9
8.0 M
7.0 M
7
6
6.0 M
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (29.02.2012)
52-Week Low (12.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TKA AV EQUITY YTD Change
TKA AV EQUITY YTD % CHANGE
12/2012
12/yy
8.95
4.51
499'131.00
4.86
-45.67%
7.76%
7.89%
443.0
2'152.98
3'949.24
0.0
0.9
625.92
5'364.18
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
3
2
2.0 M
1.0 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5'170.3
1.55x
1'300.4
6.15x
(48.8)
-
4.0 M
Valuation Analysis
31.12.2009
31.12.2010
4'802.0
4'650.8
1.57x
1.72x
1'794.1
1'645.9
4.21x
4.87x
95.1
195.4
45.23x
23.91x
Profitability
LTM-4Q
31.12.2011
4'454.6
1.66x
1'527.4
4.85x
(252.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'329.7
103.8
24.43x
1'527.36
226.08
5.08%
-5.71%
-1.95%
-16.75%
0.60%
34.0%
4.7%
2.4%
0.73
0.55
53.02%
447.67%
5.84
-
Price/ Cash Flow
12/yy
4'454.6
6.63x
1'527.4
4.85x
(252.0)
0.00x
LTM
12/yy
4'329.7
4.53x
1'136.6
0.00x
103.7
24.12x
FY+1
0.67
-41.48%
-15.33%
0.670
22
2.500
533'611
402'958
609'107
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'131.9
4'096.1
1'013.0
1'024.0
1.36x
1.31x
5.53x
5.46x
1'269.0
1'258.3
311.0
307.0
4.23x
4.26x
4.33x
104.8
122.9
26.4
22.5
18.84x
14.51x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.03.2010
BBB
STABLE
25.06.2003
A-2
7.05
3.64
2.18
2.61
447.7%
81.7%
0.60
1.82
62.64
-
7.00
6'000.0
6.00
5'000.0
5.00
4'000.0
4.00
3'000.0
3.00
2'000.0
2.00
1'000.0
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Telekom Austria AG
Holdings By:
All
Holder Name
OSTERREICHISCHE INDU
AMERICA MOVIL SAB DE
INMOBILIARIA CARSO
DODGE & COX
RINGTURM KAG
VANGUARD GROUP INC
BLACKROCK
PIONEER INVESTMENTS
SCHRODER INVESTMENT
GAMCO
IBERCAJA GESTION, S.
TEMPLETON INVESTMENT
FIRST TRUST
TELEKOM AUSTRIA AG
CREDIT SUISSE ASSET
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Morgan Stanley
LUIS PROTA
Erste Bank
VERA SUTEDJA
STEFAN BORSCHEID
Berenberg Bank
USMAN GHAZI
Exane BNP Paribas
MICHAEL ZORKO
AlphaValue
HEINZ STEFFEN
Goldman Sachs
TIMOTHY BODDY
Credit Suisse
JAKOB BLUESTONE
Barclays
MICHAEL BISHOP
JPMorgan
HANNES C WITTIG
Raiffeisenbank AG
BERND MAURER
EVA Dimensions
ANDREW S ZAMFOTIS
Nomura
VIKRAM KARNANY
HSBC
DOMINIK KLARMANN
Deutsche Bank
CAROLA BARDELLI
Macquarie
ALEX GRANT
Societe Generale
OTTAVIO ADORISIO
ANDREW HOGLEY
JAVIER BORRACHERO
Gabelli & Co
EVAN D MILLER
Source
Research
Research
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
Recommendation
Underwt/In-Line
sell
hold
sell
neutral
buy
Sell/Neutral
neutral
equalweight
neutral
hold
underweight
reduce
neutral
hold
underperform
hold
sell
hold
hold
Amt Held
125'917'735
100'826'800
13'910'200
13'722'690
4'450'000
4'402'099
4'214'160
2'655'281
1'839'000
1'299'323
1'273'238
1'150'937
1'078'000
707'000
661'579
633'470
492'912
436'031
412'472
344'745
% Out
28.42
22.76
3.14
3.1
1
0.99
0.95
0.6
0.42
0.29
0.29
0.26
0.24
0.16
0.15
0.14
0.11
0.1
0.09
0.08
Weighting
Change
1
1
3
1
3
5
1
3
3
3
3
1
2
3
3
1
3
1
3
3
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
Latest Chg
307'581
50'000
29'382
(134'891)
(225'000)
389'180
382'672
1'284
15'000
(263'000)
169'523
2'391
Target Price
6
5
6
5
6
6
5
7
5
6
6
#N/A N/A
5
7
7
4
9
3
6
#N/A N/A
File Dt
Inst Type
15.06.2012
Government
25.09.2012
Corporation
15.06.2012
Corporation
29.01.2013
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.05.2011
Investment Advisor
28.09.2012
Investment Advisor
30.06.2012
Investment Advisor
31.10.2012
Investment Advisor
28.09.2012
Unclassified
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2011
Corporation
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
9 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
28.02.2013
27.02.2013
27.02.2013
25.02.2013
25.02.2013
21.02.2013
25.01.2013
24.01.2013
24.01.2013
21.01.2013
17.01.2013
17.01.2013
16.01.2013
14.01.2013
09.01.2013
07.01.2013
04.12.2012
19.11.2012
04.10.2012
14.09.2012
28.02.2013
Telenet Group Holding NV

Telenet Group Holding NV provides telephone and internet services through a
network of fiber-optic and coaxial cable. The company offers customized
packages to businesses and individual clients in Belgium.
Price/Volume
45
4.0 M
40
3.5 M
35
30
3.0 M
2.5 M
25
Latest Fiscal Year:

LTM as of:
52-Week High (13.02.2013)
52-Week Low (07.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TNET BB EQUITY YTD Change
TNET BB EQUITY YTD % CHANGE
12/2012
12/yy
38.91
25.87
326'434.00
38.495
-1.07%
48.80%
96.82%
113.3
4'364.05
3'843.00
0.0
6.2
906.30
7'306.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
1'197.4
1'299.0
3.69x
4.27x
600.5
658.3
7.36x
8.43x
233.1
89.3
9.54x
36.85x
Profitability
10
1.0 M
.5 M
0
f-12
.0 M
m-12
LTM-4Q
31.12.2011
1'376.3
4.33x
679.0
8.78x
16.8
196.60x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'488.8
4.69x
768.3
9.08x
33.2
122.93x
768.30
389.70
26.18%
4.52%
0.87%
0.39%
42.7%
51.6%
26.2%
2.2%
1.52
1.38
93.71%
14.59
63.38
Price/ Cash Flow
12/yy
1'376.3
17.08x
679.0
8.78x
16.8
196.60x
a-12
m-12
j-12
j-12
LTM
12/yy
1'488.8
17.91x
768.3
9.08x
33.2
118.83x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
0.71
48.26%
7.98%
0.708
27
3.444
187'562
200'328
176'967
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'640.0
1'744.8
406.0
410.0
4.69x
4.41x
834.0
886.2
204.0
206.0
8.76x
8.25x
8.74x
122.1
151.9
33.71x
25.68x
113.22x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.08.2012
B+
STABLE
3.40
2.31
3.82
5.00
122.8%
0.39
1.13
25.09
5.78
62.79
-31.92
8.00
1'600.0
7.00
1'400.0
6.00
1'200.0
5.00
1'000.0
4.00
800.0
3.00
600.0
2.00
400.0
1.00
200.0
0.00
01.01.2010
1.5 M
15
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'018.8
3.70x
500.3
7.53x
(15.2)
-
2.0 M
20
Valuation Analysis
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Telenet Group Holding NV

Holdings By:
All
Holder Name
BINAN INVESTMENTS
BNP PARIBAS INVESTME
NORGES BANK
AXA SA
SCHRODER INVESTMENT
VANGUARD GROUP INC
PETERCAM SA
TELENET GROUP HOLDIN
BLACKROCK
GAMCO
STATE STREET
ROBECO INVESTOR SERV
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
BNP PARIBAS ACTIONS
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Morgan Stanley
PATRICK WELLINGTON
Berenberg Bank
USMAN GHAZI
New Street Research
FRANK KNOWLES
Barclays
MICHAEL BISHOP
Kempen & Co
SANDER VAN OORT
MATTHIJS VAN LEIJENHORST
ABN Amro Bank N.V.
MARC HESSELINK
Raymond James
STEPHANE BEYAZIAN
KBC Securities
TOM SIMONTS
Petercam
STEFAAN GENOE
FRANK CLAASSEN
ING Bank
EMMANUEL CARLIER
Exane BNP Paribas
ANTOINE PRADAYROL
Nomura
HENRIK NYBLOM
JPMorgan
AKHIL DATTANI
EVA Dimensions
ANDREW S ZAMFOTIS
Deutsche Bank
DAVID A WRIGHT
HSBC
NICOLAS COTE-COLISSON
Goldman Sachs
MARK WALKER
ANDREW HOGLEY
Credit Suisse
PAUL SIDNEY
Macquarie
ALEX GRANT
CA Cheuvreux
ROBERT VAN OVERBEEK
Grupo Santander
JOHN DAVIES
Bank Degroof(ESN)
SIDDY JOBE
Source
Research
Research
Research
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
MF-FRA
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
Equalwt/In-Line
hold
reduce
overweight
hold
hold
buy
outperform
accumulate
buy
hold
buy
neutral
buy
overweight
underweight
hold
neutral
neutral/neutral
neutral
outperform
neutral
underperform
hold
suspended coverage
Amt Held
56'844'400
5'592'018
4'695'152
3'791'020
3'682'527
1'393'065
1'039'784
820'767
602'976
509'691
506'231
427'787
347'333
328'173
321'965
300'000
294'000
281'513
273'565
250'000
% Out
50.18
4.94
4.15
3.35
3.25
1.23
0.92
0.72
0.53
0.45
0.45
0.38
0.31
0.29
0.28
0.26
0.26
0.25
0.24
0.22
Weighting
Change
3
3
2
5
3
3
5
5
4
5
3
5
3
5
5
1
3
3
3
3
5
3
1
3
#N/A N/A
M
M
D
M
M
D
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
U
M
Latest Chg
257'332
103'836
13'439
(309'469)
(155'270)
(714'397)
(28'653)
50'706
(28'378)
6'842
294'000
-
Target Price
35
26
33
38
38
38
40
43
39
40
38
40
37
41
40
#N/A N/A
35
40
42
37
34
35
35
31
#N/A N/A
File Dt
Inst Type
06.04.2012
Other
06.04.2012
Investment Advisor
06.04.2012
Government
06.04.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Bank
06.04.2012
Corporation
26.02.2013
Investment Advisor
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.10.2012
Unclassified
27.02.2013
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
27.02.2013
21.02.2013
21.02.2013
19.02.2013
15.02.2013
14.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
11.02.2013
21.01.2013
17.01.2013
16.01.2013
15.01.2013
14.01.2013
10.01.2013
19.12.2012
05.12.2012
17.10.2012
20.09.2012
13.08.2012
28.02.2013
Teleperformance
Teleperformance offers customer relationship management services. The Company
operates call centers, conducts programs to attract new customers, offers
customer service and technical support services, collects debts, offers market
research services, conducts telemarketing, and develops customer relationship
management software.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.01.2013)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RCF FP EQUITY YTD Change
RCF FP EQUITY YTD % CHANGE
12/2012
09/yy
31.45
16.06
342'169.00
30.11
-4.26%
87.54%
91.30%
56.6
1'704.17
134.54
0.0
4.4
159.61
1'694.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.7 M
30
.6 M
25
.5 M
20
.4 M
15
.3 M
10
.2 M
.1 M
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'784.8
0.63x
250.7
4.45x
116.4
9.53x
35
31.12.2009
31.12.2010
1'847.7
2'058.5
0.69x
0.70x
206.9
210.8
6.16x
6.80x
88.2
71.9
14.54x
19.88x
Profitability
LTM-4Q
31.12.2011
2'126.2
0.44x
249.8
3.73x
92.3
10.47x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'347.1
127.5
11.92x
249.83
152.91
7.19%
6.93%
5.58%
8.26%
7.88%
1.17%
12.2%
7.7%
5.4%
1.46
1.19
7.19%
10.57%
4.68
-
Price/ Cash Flow
09/yy
425.5
0.00x
0.0
0.00x
0.0
0.00x
LTM
09/yy
2'197.8
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.81
47.83
53.67%
9.79%
0.814
18
4.667
169'385
213'875
194'094
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
2'434.5
2'533.2
624.3
0.63x
0.57x
324.8
346.5
5.22x
4.89x
143.7
155.7
11.64x
10.81x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.06
18.37
-0.06
0.50
10.6%
9.5%
1.17
8.73
78.26
-
10.00
2'500.0
9.00
8.00
2'000.0
7.00
1'500.0
6.00
5.00
1'000.0
4.00
3.00
500.0
2.00
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Teleperformance
Holdings By:
All
Holder Name
INTERNATIONAL VALUE
PARTICIPANTEN DOCHTE
GRYPHON INT INVT COR
TELEPERFORMANCE
MACKENZIE FINANCIAL
DOUCE OLIVIER
JULIEN DANIEL
EDINBURGH PARTNERS L
VANGUARD GROUP INC
SCHRODER INVESTMENT
MMA FINANCE
FMR LLC
MACQUARIE GROUP LTD
BLACKROCK
Firm Name
Societe Generale
HSBC
Gilbert Dupont
Oddo & Cie
Exane BNP Paribas
AlphaValue
Main First Bank AG
EVA Dimensions
Natixis
Day by Day
BPI
IDMidcaps
CA Cheuvreux
NFinance
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
PATRICK JOUSSEAUME
ANTONIN BAUDRY
STEPHANIE LEFEBVRE
EMMANUEL CHEVALIER
CHRISTOPHE CHAPUT
FELIX LEVIOUS
LAURENT GELEBART
LAURENT VALLEE
VERONIQUE CABIOC'H
MOURAD LAHMIDI
CRAIG STERLING
CELINE CHERUBIN
VALERIE GASTALDY
PIERRE BUCAILLE
TEAM COVERAGE
DAVID CERDAN
TEAM COVERAGE
Source
Research
Co File
Co File
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
overweight
add
accumulate
buy
reduce
outperform
buy
add
outperform
buy
buy
buy
buy
buy
outperform
buy
Amt Held
5'701'848
3'959'087
2'266'900
1'131'961
737'535
736'769
735'774
700'241
658'314
653'975
622'578
604'289
565'596
537'144
496'000
416'488
391'191
370'776
369'828
286'128
% Out
10.07
7
4.01
2
1.3
1.3
1.3
1.24
1.16
1.16
1.1
1.07
1
0.95
0.88
0.74
0.69
0.66
0.65
0.51
Weighting
Change
5
5
4
4
5
2
5
5
4
5
5
5
5
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
U
M
Latest Chg
(398'582)
6'420
72'900
2'934
(30'000)
(67'892)
32'536
(13'260)
(131'952)
48'270
Target Price
34
34
35
34
35
33
31
34
32
35
#N/A N/A
34
31
37
29
28
27
File Dt
Inst Type
15.11.2012
Investment Advisor
31.12.2011
Other
31.12.2011
Other
31.12.2011
Corporation
30.11.2012
Investment Advisor
31.03.2012
Investment Advisor
31.12.2011
n/a
31.07.2012
Investment Advisor
31.12.2011
n/a
31.12.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
12 month
Date
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
21.02.2013
21.02.2013
24.01.2013
15.01.2013
09.01.2013
14.12.2012
15.11.2012
14.11.2012
09.11.2012
09.11.2012
28.02.2013
ThromboGenics NV
ThromboGenics NV is a biopharmaceutical company focused on the development of
therapeutics for conditions related to the vascular system. The Company is
focused on developing medicines to treat visual disorders, cardiovascular
diseases, and cancer, conditions which result from abnormalities to the
vascular system.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.01.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
THR BB EQUITY YTD Change
THR BB EQUITY YTD % CHANGE
Price/Volume
12/2011
06/yy
47.82
17.10
102'530.00
40.2
-15.93%
135.09%
75.20%
35.9
1'441.58
0.00
0.0
0.0
80.38
1'255.51
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1.5
134.11x
(17.1)
(16.0)
-
50
45
40
35
30
25
20
15
10
5
0
f-12 m-12
31.12.2008
31.12.2009
30.4
4.2
3.98x
76.45x
11.0
(14.5)
11.00x
12.1
(14.1)
14.89x
Profitability
LTM-4Q
31.12.2010
6.1
103.62x
(14.2)
(13.9)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
2.4
217.94x
(24.4)
(21.6)
-24.39
-24.77
-1013.17%
-884.91%
22.84%
23.63%
0.38%
91.2%
55.5%
54.8%
-884.9%
7.94
7.49
0.00%
0.00%
-
Price/ Cash Flow
06/yy
3.6
0.00x
0.0
0.00x
0.0
0.00x
LTM
06/yy
75.7
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.12
85.25%
-4.40%
1.118
6
4.333
149'756
232'812
192'019
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
09/12 Q3 12/12 Q4
75.2
131.6
17.16x
9.39x
33.2
76.9
37.85x
16.33x
35.0
71.2
39.26x
19.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-813.00
-845.77
-4.47
0.00
0.0%
0.0%
0.38
49.21
-
40.00
35.0
35.00
30.0
30.00
25.0
25.00
20.0
20.00
15.0
15.00
10.0
10.00
5.0
5.00
0.00
02.01.2009 02.07.2009
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
ThromboGenics NV
Holdings By:
All
Holder Name
CLAY LANDON THOMAS
BIGGAR LTD
BAKER BROS ADVISORS
OPPENHEIMER FUNDS IN
CLAY MATHEMATICS INS
PERCEPTIVE ADVISORS
ADAGE CAPITAL PARTNE
FMR LLC
PETERCAM SA
ORBIMED ADVISORS LLC
GROUPAMA ASSET MGMT
VANGUARD GROUP INC
PETERCAM SA
BANK DELEN SA
Firm Name
Petercam
KBC Securities
EVA Dimensions
Nomura Code Securities
Kempen & Co
Jefferies
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Roderick Verhelst
JAN DE KERPEL
ANDREW S ZAMFOTIS
SAMIR DEVANI
MARK POSPISILIK
PETER WELFORD
Source
Research
Research
Research
MF-AGG
Research
Research
Short
Short
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
Recommendation
buy
buy
overweight
sell
buy
buy
Amt Held
% Out
2'337'035
6.52
1'828'138
5.1
1'471'586
4.1
1'167'900
3.26
1'121'517
3.13
995'104
2.77
(735'134) -2.05
(616'795) -1.72
603'266
1.68
597'841
1.67
446'072
1.24
430'000
1.2
(347'844) -0.97
336'034
0.94
324'542
0.91
305'457
0.85
238'300
0.66
194'863
0.54
180'000
0.5
172'000
0.48
Weighting
Change
5
5
5
1
5
5
M
M
U
M
M
M
Latest Chg
(60'962)
(139'854)
(6'105)
319'432
(10'980)
25'000
(35'860)
(43'676)
2'025
(20'000)
25'000
194'863
1'000
Target Price
50
48
#N/A N/A
26
48
56
File Dt
29.03.2012
29.03.2012
29.03.2012
30.12.2012
29.03.2012
29.03.2012
19.02.2013
22.02.2013
31.12.2012
31.12.2012
30.12.2011
31.01.2013
20.02.2013
28.09.2012
31.12.2012
30.12.2011
31.01.2013
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Inst Type
n/a
Unclassified
Hedge Fund Manager
Investment Advisor
Unclassified
Unclassified
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
11.02.2013
01.02.2013
31.01.2013
28.01.2013
15.01.2013
15.01.2013
28.02.2013
Tod's SpA
Tod's S.p.A. manufactures and retails men's, women's, and sports shoes. The
Company's signature shoe is a loafer with rubber spikes on the sole and heel.
Brand names include Tod's, Hogan, and Fay. The Company operates owned and
franchised stores in Europe, the United States, Asia, and the Middle East.
Price/Volume
120
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
100
80
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (16.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TOD IM EQUITY YTD Change
TOD IM EQUITY YTD % CHANGE
12/2011
09/yy
109.70
68.55
130'771.00
109
-0.64%
59.01%
98.30%
30.6
3'336.42
77.01
0.0
5.6
187.76
3'262.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
657.1
2.11x
154.4
9.00x
77.3
18.83x
40
31.12.2008
31.12.2009
707.6
713.1
1.20x
1.99x
160.3
164.4
5.30x
8.61x
82.8
85.7
11.10x
18.53x
Profitability
LTM-4Q
31.12.2010
787.5
2.76x
197.9
10.98x
109.1
20.76x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
893.6
2.04x
234.2
7.79x
135.0
14.30x
234.22
194.63
21.78%
22.03%
14.26%
22.20%
0.93%
25.9%
21.5%
15.1%
2.41
1.35
7.37%
11.27%
6.69
-
Price/ Cash Flow
09/yy
877.5
3.15x
191.6
0.00x
0.0
0.00x
LTM
09/yy
944.5
4.41x
169.2
0.00x
0.0
0.00x
FY+1
0.78
12.18
45.57%
13.96%
0.785
24
3.000
158'964
130'510
126'698
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
965.7
1'046.1
213.7
3.31x
3.01x
248.9
274.5
49.1
13.11x
11.89x
147.6
163.8
73.9
22.64x
20.35x
19.29x
21.12x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
144.49
120.27
-0.33
0.31
11.3%
10.1%
0.93
5.05
54.72
-
30.00
1'000.0
900.0
25.00
800.0
700.0
20.00
600.0
500.0
15.00
400.0
10.00
300.0
200.0
5.00
0.00
02.01.2009 02.07.2009
100.0
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Tod's SpA
Holdings By:
All
Holder Name
DI VI FINANZIARIA SA
DELPHINE SAS
DIEGO DELLA VALLE &
FMR LLC
VALLE DIEGO DELLA
GCIC LTD/CANADA
VANGUARD GROUP INC
SCOPUS ASSET MANAGEM
SOCIETE GENERALE
Firm Name
HSBC
Nomura
Cantor Fitzgerald
Telsey Advisory Group
Goldman Sachs
Mediobanca SpA
Banca Akros(ESN)
EVA Dimensions
Banca IMI
Barclays
Raymond James
Aurel - BGC
Oddo & Cie
Bryan Garnier & Cie
Deutsche Bank
Morgan Stanley
JPMorgan
CA Cheuvreux
Equita SIM SpA
Centrobanca
Natixis
Banca Profilo
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
SCOPUS ASSET MANAGEM
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
SOPHIE DARGNIES
CHRISTOPHER WALKER
ALLEGRA PERRY
DAVID WU
WILLIAM HUTCHINGS
CHIARA ROTELLI
GIADA MARIA CABRINO
CRAIG STERLING
GIAN LUCA PACINI
HELEN NORRIS
MARC WILLAUME
DAVID DA MAIA
LEOPOLD AUTHIE
PETER FARREN
FRANCESCA DI PASQUANTONIO
DANIELE RIDOLFI
LOUISE SINGLEHURST
MELANIE A FLOUQUET
THOMAS MESMIN
PAOLA CARBONI
SIMONE RAGAZZI
OLIVIER DELAHOUSSE
MELANIA GRIPPO
Source
EXCH
ULT-AGG
EXCH
EXCH
EXCH
13F
ULT-AGG
EXCH
MF-AGG
ULT-AGG
Short
MF-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
Recommendation
overweight
neutral
hold
no rating system
neutral/neutral
neutral
hold
hold
reduce
underweight
market perform
hold
reduce
sell
hold
hold
Equalwt/In-Line
neutral
outperform
hold
sell
neutral
hold
Amt Held
% Out
16'426'228 53.66
2'283'347
7.46
1'520'981
4.97
1'059'697
3.46
696'364
2.27
489'488
1.6
376'895
1.23
251'915
0.82
186'967
0.61
155'333
0.51
(149'986) -0.49
142'100
0.46
138'757
0.45
(137'742) -0.45
126'604
0.41
126'498
0.41
100'250
0.33
93'000
0.3
83'704
0.27
79'732
0.26
Weighting
5
3
3
#N/A N/A
3
3
3
3
2
1
3
3
2
1
3
3
3
3
5
3
1
3
3
Change
M
M
M
M
M
M
M
U
M
M
M
N
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
112'725
45'524
817
3'061
142'100
9'350
82'646
504
(17'229)
100'250
(1'389)
493
(427)
Target Price
130
112
96
95
117
102
101
#N/A N/A
93
81
#N/A N/A
100
95
80
90
87
97
86
93
88
73
88
77
File Dt
Inst Type
18.12.2012
Corporation
31.12.2012
Investment Advisor
18.12.2012
Investment Advisor
18.12.2012
Other
18.12.2012
Other
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
18.12.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
28.12.2012
Investment Advisor
04.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Bank
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
9 month
Not Provided
12 month
12 month
Not Provided
12 month
Date
25.02.2013
19.02.2013
13.02.2013
10.02.2013
05.02.2013
04.02.2013
04.02.2013
30.01.2013
29.01.2013
28.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
14.01.2013
21.12.2012
14.12.2012
14.11.2012
14.11.2012
10.08.2012
09.08.2012
15.03.2012
23.01.2012
28.02.2013
Topdanmark A/S
Topdanmark A/S provides non-life and life insurance products to in Denmark.
The Company's product line includes property insurance, commercial, industrial,
and marine insurance, as well as health and disability insurance, accident
policies, flexible life insurance schemes, pension funds, and reinsurance
products. Topdanmark sells to individuals, businesses, and corporations.
Price/Volume
1400
.2 M
1200
.1 M
1000
.1 M
.1 M
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.02.2013)
52-Week Low (06.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TOP DC EQUITY YTD Change
TOP DC EQUITY YTD % CHANGE
12/2011
09/yy
1'321.00
914.50
23'480.00
1321
0.00%
44.45%
100.00%
13.8
18'163.75
7'219.00
0.0
0.0
241.00
24'391.75
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
400
.0 M
200
.0 M
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
11'799.0
1.08x
1'271.0
9.79x
.1 M
600
31.12.2008
31.12.2009
8'380.0
14'460.0
2.28x
1.24x
(189.0)
1'446.0
7.63x
Profitability
LTM-4Q
31.12.2010
13'725.0
1.10x
1'168.0
9.55x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
12'284.0
1.54x
1'023.0
12.02x
11.67%
10.98%
2.78%
36.07%
14.90%
0.23%
8.3%
11.83%
158.07%
-
Price/ Cash Flow
LTM
09/yy
11'631.0
6.22x
0.0
0.00x
1'161.0
8.13x
09/yy
14'412.0
5.49x
0.0
0.00x
1'719.0
8.36x
FY+1
0.62
39.35%
8.90%
0.619
21
2.905
20'773
27'864
29'780
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
12'668.8
12'495.8
2'883.0
1.39x
1.41x
1'682.5
1'243.2
313.2
274.8
10.03x
12.66x
12.71x
12.66x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
158.1%
61.3%
0.23
-
14.00
16'000.0
12.00
14'000.0
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
02.01.2009 02.07.2009
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Topdanmark A/S
Holdings By:
All
Holder Name
TOPDANMARK
ATP
DANSKE INVEST A/S
VANGUARD GROUP INC
BLACKROCK
SEB
MACKENZIE FINANCIAL
THOMAS WHITE INTERNA
DIGITAL FUNDS
JP MORGAN
Firm Name
Jyske Bank
Carnegie
Danske Markets
Handelsbanken
Barclays
ABG Sundal Collier
Credit Suisse
DNB Markets
Goldman Sachs
JPMorgan
EVA Dimensions
SEB Enskilda
Morgan Stanley
Alm Brand Markets
Macquarie
CA Cheuvreux
Berenberg Bank
NYKREDIT
Sydbank
LD Invest Markets
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
CHRISTIAN HEDE
GIANANDREA ROBERTI
PER GRONBORG
MATTI AHOKAS
KARL MORRIS
SIMON CHRISTENSEN
CLAUDIA GASPARI
JAKOB BRINK
CHRIS ESSON
HAKON FURE
VINIT MALHOTRA
ANDREAS VAN EMBDEN
AUSTIN BURKETT
CLAUS GROEN THERP
ADRIENNE LIM
STIG NYMANN
HADLEY COHEN
HANS PLUIJGERS
SAMI TAIPALUS
RICKY S RASMUSSEN
BJORN SCHWARZ
TORSTEN BECH
Source
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
reduce
hold
hold
accumulate
outperform
hold
underweight
buy
underperform
buy
Sell/Neutral
underweight
hold
hold
Equalwt/In-Line
neutral
neutral
underperform
hold
outperform
overweight
buy
Amt Held
2'312'840
1'482'590
845'076
741'295
148'905
146'180
124'002
104'667
96'958
78'062
65'177
52'553
50'441
46'100
41'071
37'808
28'200
27'937
24'684
23'025
% Out
16.82
10.78
6.15
5.39
1.08
1.06
0.9
0.76
0.71
0.57
0.47
0.38
0.37
0.34
0.3
0.27
0.21
0.2
0.18
0.17
Weighting
Change
2
3
3
4
5
3
1
5
1
5
1
1
3
3
3
3
3
1
3
5
5
5
M
M
M
M
U
D
M
M
D
M
M
D
M
D
M
M
M
M
M
M
M
M
Latest Chg
(2'600)
(10'000)
(370)
1'249
8'244
23'061
(8'238)
(5'100)
(5'500)
(1'121)
-
Target Price
1'350
#N/A N/A
1'400
1'300
1'411
1'300
1'091
1'326
1'250
1'350
1'182
933
#N/A N/A
1'300
1'177
1'250
1'240
1'125
1'096
#N/A N/A
#N/A N/A
780
File Dt
Inst Type
31.12.2011
Insurance Company
29.02.2012
Unclassified
31.12.2011
Insurance Company
31.12.2011
Government
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
26.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Unclassified
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
3 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
22.02.2013
22.02.2013
21.02.2013
17.02.2013
12.02.2013
05.02.2013
04.02.2013
28.01.2013
24.01.2013
23.01.2013
18.01.2013
18.01.2013
17.01.2013
16.01.2013
05.12.2012
21.11.2012
17.11.2012
14.11.2012
14.11.2012
12.10.2012
17.05.2011
26.08.2010
28.02.2013
Trelleborg AB
Trelleborg AB manufactures and distributes industrial products. The Company
produces noise supression and anti-vibration systems for the automobile industry
and complete wheel systems for forest and farm machines and other equipment.
Trelleborg also develops and makes industrial fluid systems and polymer and
bitumen based building products. The Company markets worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TRELB SS EQUITY YTD Change
TRELB SS EQUITY YTD % CHANGE
12/2012
12/yy
93.10
58.75
571'461.00
90.8
-2.47%
54.55%
93.30%
242.6
24'613.32
7'375.00
0.0
35.0
660.00
31'363.32
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
24'769.0
27'196.0
0.93x
0.96x
1'974.0
3'097.0
11.71x
8.42x
409.0
1'162.0
32.92x
15.29x
Profitability
LTM-4Q
31.12.2011
29'106.0
0.80x
3'302.0
7.04x
1'819.0
10.39x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
21'262.0
1.34x
3'015.0
9.48x
2'042.0
12.32x
3'015.00
2'339.00
11.00%
10.86%
7.31%
14.87%
0.84%
32.3%
14.2%
11.0%
9.6%
1.33
0.09
27.16%
52.18%
4.47
Price/ Cash Flow
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-12 m-12
j-12
LTM
12/yy
27'102.0
3.46x
3'211.0
7.24x
1'819.0
10.58x
j-12
12/yy
23'363.0
4.56x
3'312.0
8.63x
2'042.0
11.88x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.31
32.17%
12.73%
1.307
15
3.867
865'735
1'183'027
1'165'967
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
23'213.0
24'334.3
5'695.5
5'770.7
1.28x
1.20x
5.35x
5.43x
3'319.2
3'764.4
795.8
859.0
9.45x
8.33x
9.74x
9.30x
1'898.1
2'236.9
442.5
491.2
12.94x
10.98x
13.29x
12.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.93
9.40
2.03
2.23
52.2%
34.2%
0.84
4.30
81.84
62.55
14.00
35'000.0
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
7.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
31'263.0
0.55x
2'688.0
6.45x
(258.0)
-
100
90
80
70
60
50
40
30
20
10
0
f-12 m-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Trelleborg AB
Holdings By:
All
Holder Name
DUNKER FUNDS & FOUND
LANNEBO FONDER AB
HANDELSBANKEN/SPP&FU
CITIBANK NA
SEB
SEB FONDER AB
UNIONEN
STATE STREET BANK
AMF FONDER AB
VANGUARD GROUP INC
PIONEER INVESTMENT M
Firm Name
Pareto Securities
EVA Dimensions
Carnegie
DNB Markets
Danske Markets
ABG Sundal Collier
SEB Enskilda
Handelsbanken
Berenberg Bank
CA Cheuvreux
Deutsche Bank
Swedbank
Evli Bank Plc
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ERIK PAULSSON
JOHAN DAHL
CRAIG STERLING
AGNIESZKA VILELA
ANDREAS BROCK
LARS BRORSON
BJORN ENARSON
ERIK PETTERSSON-GOLRANG
DANIEL SCHMIDT
HAMPUS ENGELLAU
FREDERIK BITTER
JOAKIM HOGLUND
JOHAN WETTERGREN
MATS LISS
MAGNUS AXEN
Source
Research
Research
Research
Research
Research
Research
ULT-AGG
MF-AGG
Research
Research
Research
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
overweight
buy
buy
sell
hold
hold
buy
reduce
hold
underperform
buy
buy
buy
Amt Held
29'000'000
17'300'000
11'027'462
9'658'612
8'492'428
8'282'318
7'509'819
7'210'651
6'904'967
6'741'901
6'143'858
5'787'366
4'704'704
3'226'695
2'859'000
2'847'574
2'539'896
2'103'469
1'805'047
1'749'084
% Out
11.96
7.13
4.55
3.98
3.5
3.41
3.1
2.97
2.85
2.78
2.53
2.39
1.94
1.33
1.18
1.17
1.05
0.87
0.74
0.72
Weighting
Change
5
5
5
5
5
1
3
3
5
2
3
1
5
5
5
M
M
D
M
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
327'800
(957'990)
105'622
345'000
110'000
34'696
2'103'469
(295'776)
(85'399)
Target Price
100
105
#N/A N/A
#N/A N/A
100
82
93
86
88
85
85
60
100
88
80
File Dt
Inst Type
28.09.2012
n/a
28.09.2012
Investment Advisor
28.09.2012
Investment Advisor
28.09.2012
Investment Advisor
28.09.2012
n/a
28.09.2012
Bank
31.12.2012
Unclassified
31.07.2012
Investment Advisor
28.09.2012
Investment Advisor
28.09.2012
Corporation
28.09.2012
Unclassified
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
Date
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Date
26.02.2013
19.02.2013
18.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
29.01.2013
21.01.2013
06.12.2012
15.02.2012
28.02.2013
Tryg A/S
Tryg A/S offers general insurance services. The Company operates in Sweden,
Denmark, Norway, and Finland. Tryg sells general insurance products in private
lines, commercial and corporate. The Company's subsidiary sells guarantee
insurances in the Nordic region.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.02.2013)
52-Week Low (29.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TRYG DC EQUITY YTD Change
TRYG DC EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
467.00
293.50
66'594.00
447.7
-4.13%
52.54%
88.88%
61.3
27'451.22
1'611.00
0.0
0.0
504.00
28'558.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
31.12.2009
31.12.2010
18'571.0
19'517.0
1.26x
1.06x
2'008.0
593.0
10.95x
23.84x
Profitability
LTM-4Q
31.12.2011
19'498.0
1.06x
1'140.0
16.79x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
20'217.0
1.35x
2'208.0
11.85x
15.39%
14.92%
4.11%
22.10%
20.54%
0.38%
10.9%
2.97%
14.67%
-
Price/ Cash Flow
.5 M
.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
16'372.0
1.39x
846.0
25.63x
500
450
400
350
300
250
200
150
100
50
0
f-12 m-12
LTM
12/yy
19'498.0
4.66x
0.0
0.00x
1'140.0
16.79x
12/yy
20'217.0
4.78x
0.0
0.00x
2'208.0
11.84x
FY+1
0.59
52.81%
4.97%
0.592
22
2.318
76'913
112'913
93'349
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
20'561.3
21'073.2
5'238.5
5'830.5
1'872.8
1'990.9
343.8
542.5
14.27x
13.22x
14.62x
13.40x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.7%
12.8%
0.38
-
18.00
25'000.0
16.00
20'000.0
14.00
12.00
15'000.0
10.00
8.00
10'000.0
6.00
5'000.0
4.00
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Tryg A/S
Holdings By:
All
Holder Name
TRYGHEDSGRUPPEN SMBA
DANSKE INVEST A/S
VANGUARD GROUP INC
BLACKROCK
UBS
UBS INSTITUTIONAL FU
SPARINVEST
SCHRODER INVESTMENT
CREDIT SUISSE ASSET
VANTAGEPOINT INVESTM
HANDELSINVEST INVEST
WORLD INVEST ADVISOR
Firm Name
JPMorgan
Danske Markets
Macquarie
Jyske Bank
ABG Sundal Collier
CA Cheuvreux
Carnegie
Handelsbanken
Berenberg Bank
Barclays
Alm Brand Markets
Goldman Sachs
Credit Suisse
DNB Markets
EVA Dimensions
SEB Enskilda
NYKREDIT
Pareto Securities
Morgan Stanley
LD Invest Markets
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ANDREAS VAN EMBDEN
PER GRONBORG
HADLEY COHEN
CHRISTIAN HEDE
JAKOB BRINK
HANS PLUIJGERS
GIANANDREA ROBERTI
SIMON CHRISTENSEN
MATTI AHOKAS
SAMI TAIPALUS
CLAUDIA GASPARI
STIG NYMANN
VINIT MALHOTRA
CHRIS ESSON
KARL MORRIS
HAKON FURE
AUSTIN BURKETT
CLAUS GROEN THERP
RICKY S RASMUSSEN
VEGARD EID MEDIAS
JON HOCKING
TORSTEN BECH
Source
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underweight
buy
underperform
buy
hold
underperform
buy
buy
reduce
hold
underweight
neutral
Sell/Neutral
underperform
underperform
sell
sell
sell
underperform
hold
Equalwt/In-Line
buy
Amt Held
36'789'661
554'053
469'128
444'386
317'308
291'279
177'233
109'111
104'855
101'048
94'142
90'844
75'883
70'050
54'932
46'000
37'480
36'591
36'322
35'773
% Out
60
0.9
0.77
0.72
0.52
0.48
0.29
0.18
0.17
0.16
0.15
0.15
0.12
0.11
0.09
0.08
0.06
0.06
0.06
0.06
Weighting
Change
1
5
1
5
3
1
5
5
2
3
1
3
1
1
1
1
1
1
1
3
3
5
M
M
M
M
M
M
M
M
M
M
M
D
M
M
D
M
M
D
M
M
M
M
Latest Chg
(5'000)
(10'350)
5'340
14'185
1'100
(31'182)
1'908
11'393
1'880
(24'700)
14'100
(5'435)
Target Price
330
560
405
500
450
400
#N/A N/A
515
450
429
372
490
374
415
454
350
#N/A N/A
386
#N/A N/A
400
430
370
File Dt
31.12.2011
31.01.2013
31.12.2012
31.12.2012
26.02.2013
31.01.2013
31.12.2012
31.10.2012
31.10.2012
31.12.2012
31.10.2012
31.01.2013
31.01.2013
30.09.2012
31.12.2012
30.06.2012
28.12.2012
31.01.2013
05.02.2013
31.07.2012
Date
3 month
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
20.02.2013
14.02.2013
09.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
17.01.2013
16.01.2013
11.01.2013
13.12.2012
06.12.2012
16.08.2010
28.02.2013
TUI Travel PLC

Tui Travel PLC operates as an international leisure travel group in the
European and North American market. The Company offers accommodations in
flights, hotels, tours, cruises, car hire, and retail shops. Tui services
business and personal travelers.
Price/Volume
350
25.0 M
300
20.0 M
250
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TT/ LN EQUITY YTD Change
TT/ LN EQUITY YTD % CHANGE
09/2012
12/yy
334.60
156.50
2'089'643.00
317
-5.26%
102.56%
90.12%
1'118.0
3'544.09
938.00
0.0
44.0
849.00
3'677.09
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
150
10.0 M
100
5.0 M
50
0
f-12 m-12
30.09.2009
30.09.2010
13'851.0
13'514.0
0.23x
0.20x
644.0
649.0
4.89x
4.07x
(67.0)
(123.0)
Profitability
LTM-4Q
30.09.2011
14'687.0
0.12x
685.0
2.47x
85.0
19.44x
30.09.2012
14'460.0
0.19x
709.0
3.88x
138.0
18.80x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
709.00
490.00
3.39%
1.39%
1.56%
7.99%
10.05%
1.64%
10.3%
4.9%
3.4%
1.0%
0.42
0.27
10.88%
59.94%
28.66
199.46
Price/ Cash Flow
j-12
LTM
12/yy
14'818.0
0.36x
0.0
0.00x
67.0
27.57x
j-12
12/yy
14'333.0
0.43x
0.0
0.00x
122.0
25.63x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
3.69
1.18
409.47
69.59%
12.21%
1.176
23
3.522
1'960'040
2'552'486
3'078'091
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
14'789.6
15'129.5
0.24x
0.22x
729.8
770.4
5.04x
4.77x
322.7
354.1
11.49x
10.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.62
2.15
0.13
1.32
59.9%
36.8%
1.64
13.79
12.77
1.83
81.79
-67.19
80.00
16'000.0
70.00
14'000.0
60.00
12'000.0
50.00
10'000.0
40.00
8'000.0
30.00
6'000.0
20.00
4'000.0
10.00
2'000.0
0.00
02.10.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
13'931.8
0.18x
837.4
3.01x
(270.7)
-
200
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
TUI Travel PLC

Holdings By:
All
Holder Name
TUI AG
Monteray Enterprises
BLACKROCK
KAMES CAPITAL PLC
STATE STREET
AEGON
LEGAL & GENERAL
JP MORGAN
D E SHAW & CO UK LTD
NORGES BANK
BNP PARIBAS SA
MORTON HOLDINGS INC
VANGUARD GROUP INC
UBS
Firm Name
AlphaValue
HSBC
Day by Day
Morgan Stanley
Goldman Sachs
JPMorgan
Natixis
Deutsche Bank
Peel Hunt
Nomura
Exane BNP Paribas
Barclays
Investec
Jefferies
EVA Dimensions
Credit Suisse
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
BERENICE LACROIX
LENA THAKKAR
SIMON FRENCH
VALERIE GASTALDY
JAMIE ROLLO
NICK EDELMAN
JAAFAR MESTARI
GEOFFREY D'HALLUIN
GEOF COLLYER
NICHOLAS BATRAM
RICHARD STUBER
WYN ELLIS
JEFFREY HARWOOD
MATTHIAS DESMARAIS
ED BIRKIN
JAMES HOLLINS
IAN RENNARDSON
CRAIG STERLING
GREG JOHNSON
TIM RAMSKILL
DOUGLAS MCNEILL
Source
RNS-MAJ
REG
ULT-AGG
RNS-RUL8
RNS-RUL8
RNS-RUL8
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Short
ULT-AGG
RNS-RUL8
RNS-RUL8
Short
RNS-RUL8
Short
REG
MF-AGG
ULT-AGG
Recommendation
add
neutral
hold
buy
Equalwt/In-Line
neutral/neutral
overweight
neutral
hold
hold
neutral
hold
add
underperform
overweight
hold
hold
hold
buy
neutral
buy
Amt Held
% Out
630'988'003 56.44
60'053'493
5.37
35'802'936
3.2
30'510'998
2.73
25'931'986
2.32
23'703'451
2.12
23'509'046
2.1
23'375'256
2.09
20'331'627
1.82
18'262'417
1.63
(14'422'339) -1.29
13'550'880
1.21
12'460'188
1.11
12'336'641
1.1
(11'739'113) -1.05
11'664'890
1.04
(9'838'495) -0.88
9'745'527
0.87
9'002'854
0.81
8'137'046
0.73
Weighting
Change
4
3
3
5
3
3
5
3
3
3
3
3
4
1
5
3
3
3
5
3
5
D
M
U
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(17'260)
819'254
(2'577)
(2'450)
(617'237)
894'551
18'894'499
142'817
(3'490'097)
670'806
(59'021)
25'800
(1'341'613)
115'000
(1'139'789)
171'020
3'201'597
Target Price
378
290
303
347
280
310
350
300
275
321
168
310
#N/A N/A
280
325
270
300
#N/A N/A
#N/A N/A
210
240
File Dt
06.02.2013
01.01.2013
26.02.2013
17.01.2013
21.01.2013
16.01.2013
27.02.2013
01.01.2013
31.01.2013
21.01.2013
13.02.2013
22.01.2013
25.01.2013
16.01.2013
20.02.2013
17.01.2013
01.11.2012
01.01.2013
31.12.2012
01.01.2013
Date
6 month
Not Provided
Not Provided
3 month
12 month
6 month
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Unclassified
Other
Investment Advisor
Government
Investment Advisor
Bank
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Unclassified
Date
21.02.2013
19.02.2013
15.02.2013
14.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
17.01.2013
16.01.2013
15.01.2013
04.12.2012
13.09.2012
30.11.2011
28.02.2013
UBM PLC
UBM PLC is a global business information service provider. The Company provides
news distribution, events, online, business information and publishing services
to the technology, healthcare, built environment, trade & transportation, pulp
& paper and many other industries worldwide.
Price/Volume
900
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
800
700
600
500
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.02.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UBM LN EQUITY YTD Change
UBM LN EQUITY YTD % CHANGE
12/2011
03/yy
795.00
509.00
537'158.00
765
-3.77%
50.29%
89.51%
245.5
1'877.83
633.10
0.0
27.0
106.70
2'443.93
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200
100
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
801.6
2.18x
193.7
9.01x
108.8
16.12x
300
31.12.2008
31.12.2009
887.0
847.6
1.71x
1.62x
184.6
181.7
8.23x
7.54x
76.4
75.2
16.05x
15.01x
Profitability
LTM-4Q
31.12.2010
889.2
2.47x
184.6
11.89x
90.8
18.50x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
972.3
1.77x
215.1
8.01x
75.7
15.36x
215.10
160.80
16.54%
10.49%
4.85%
20.44%
11.18%
0.60%
22.5%
17.2%
7.8%
0.63
0.47
37.57%
164.44%
-
Price/ Cash Flow
03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
03/yy
264.2
0.00x
0.0
0.00x
0.0
0.00x
FY+1
3.49
1.17
243.35
37.00%
6.25%
1.174
26
3.692
673'266
828'861
693'576
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
06/12 Q2 09/12 Q3
961.1
978.7
2.53x
2.33x
219.5
226.5
11.13x
10.79x
139.9
145.3
13.37x
12.97x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.03.2005
BBBSTABLE
02.03.2005
A-3
7.32
6.64
2.37
2.85
164.4%
60.6%
0.60
26.16
-
25.00
1'200.0
20.00
1'000.0
800.0
15.00
600.0
10.00
400.0
5.00
0.00
02.01.2009 02.07.2009
200.0
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
UBM PLC
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
PRUDENTIAL PLC
AVIVA PLC
KAMES CAPITAL PLC
SCHRODER INVESTMENT
VANGUARD GROUP INC
SCOTTISH WIDOWS
FRANKLIN RESOURCES
TD ASSET MANAGEMENT
SAEMOR CAPITAL BV
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Investec
STEVEN LIECHTI
Liberum Capital Ltd
IAN WHITTAKER
AlphaValue
VERONIQUE CABIOC'H
GARETH R DAVIES
Exane BNP Paribas
WILLIAM PACKER
SIMON DAVIES
ALEX DE GROOTE
Peel Hunt
PATRICK YAU
Nomura
MATTHEW WALKER
JPMorgan
MARK O'DONNELL
Deutsche Bank
MARK BRALEY
Macquarie
ANGUS TWEEDIE
MARK EVANS
Barclays
NICK DEMPSEY
Morgan Stanley
PATRICK WELLINGTON
RODDY DAVIDSON
Credit Suisse
JOSEPH BARNET-LAMB
EVA Dimensions
CRAIG STERLING
Goldman Sachs
VIGHNESH PADIACHY
HSBC
DAN GRAHAM
N+1 Singer Ltd
JOHNATHAN BARRETT
Berenberg Bank
SARAH SIMON
CA Cheuvreux
ANDREA BENEVENTI
Source
ULT-AGG
ULT-AGG
RNS-MAJ
Co File
ULT-AGG
ULT-AGG
RNS-MAJ
RNS-MAJ
RNS-MAJ
RNS-RUL8
RNS-MAJ
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
Recommendation
hold
buy
reduce
hold
outperform
hold
buy
hold
buy
neutral
buy
neutral
sell
overweight
Overwt/Attractive
add
outperform
underweight
Buy/Neutral
overweight
hold
buy
underperform
Amt Held
% Out
44'003'352 17.93
24'530'627
9.99
12'678'727
5.17
12'249'815
4.99
11'727'687
4.78
9'876'720
4.02
8'965'583
3.65
7'383'690
3.01
7'261'965
2.96
7'150'713
2.91
7'118'247
2.9
4'600'000
1.87
3'111'291
1.27
2'719'430
1.11
2'296'671
0.94
2'259'533
0.92
2'224'080
0.91
1'674'600
0.68
1'536'000
0.63
(1'497'357) -0.61
Weighting
Change
3
5
2
3
5
3
5
3
5
3
5
3
1
5
5
4
5
1
5
5
3
5
1
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'267'241
4'000'496
501'073
(4'922'412)
(2'531'308)
(30'804)
48'225
(344'212)
(384'370)
214'422
-
Target Price
745
890
793
766
870
745
900
791
900
770
840
700
480
830
850
829
800
#N/A N/A
910
725
744
670
600
File Dt
26.02.2013
30.09.2012
17.07.2012
31.12.2011
31.12.2011
16.09.2011
03.10.2011
04.10.2011
14.02.2012
03.12.2012
24.01.2013
31.07.2012
31.12.2012
31.12.2012
31.07.2012
31.10.2012
31.12.2012
31.12.2011
30.11.2012
20.02.2013
Date
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
9 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.02.2013
22.02.2013
21.02.2013
20.02.2013
19.02.2013
18.02.2013
18.02.2013
15.02.2013
13.02.2013
08.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
21.01.2013
17.01.2013
09.01.2013
23.10.2012
16.10.2012
06.08.2012
14.05.2012
28.02.2013
Ultra Electronics Holdings PLC

Ultra Electronics Holdings plc designs, manufactures, and supports electronic
and electromechanical systems, sub-systems, and products for defense, security,
and aerospace applications worldwide. The Group focuses on sensing, control,
communication, and display systems which an emphasis on integrated information
technology solutions.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2012)
52-Week Low (01.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ULE LN EQUITY YTD Change
ULE LN EQUITY YTD % CHANGE
12/2011
01/yy
1'787.00
1'420.00
109'089.00
1684
-5.76%
18.59%
71.93%
69.4
1'169.30
87.20
0.0
0.4
41.05
1'237.51
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
412.9
2.30x
65.2
14.53x
41.2
22.58x
2000
1800
1600
1400
1200
1000
800
600
400
200
0
f-12 m-12
31.12.2008
31.12.2009
515.3
651.0
1.62x
1.49x
85.1
139.6
9.83x
6.94x
1.8
78.5
435.77x
11.95x
Profitability
31.12.2010
710.0
1.62x
120.9
9.49x
66.3
17.52x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
731.7
1.46x
135.1
7.89x
65.9
15.36x
135.09
96.52
13.19%
12.46%
8.54%
22.71%
18.75%
1.03%
29.6%
18.1%
12.4%
9.0%
0.83
0.62
11.24%
30.62%
4.92
11.28
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.32
0.87
65.61
2.29%
1.20%
0.868
13
3.308
97'028
100'215
92'838
FY+2
12/12 Y
12/13 Y
771.4
789.3
1.58x
1.49x
131.7
134.3
9.40x
9.21x
83.7
86.0
13.84x
13.35x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
16.21
14.76
0.49
0.97
30.6%
23.4%
1.03
15.68
74.12
32.35
91.01
12.90
14.00
800.0
12.00
700.0
600.0
10.00
500.0
8.00
400.0
6.00
300.0
4.00
200.0
2.00
100.0
0.00
02.01.2009 02.07.2009
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Ultra Electronics Holdings PLC

Holdings By:
All
Holder Name
SCHRODER INVESTMENT
FMR LLC
LEGAL & GENERAL
MONDRIAN INVESTMENT
BLACKROCK
VANGUARD GROUP INC
SCHRODER INVESTMENT
INVESCO LTD
SCOTTISH WIDOWS
BAILLIE GIFFORD AND
AEGON
Firm Name
Portfolio Name
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Investec
ANDREW GOLLAN
JPMorgan
DAVID H. PERRY
EDWARD STACEY
EVA Dimensions
CRAIG STERLING
Deutsche Bank
BEN FIDLER
CHRISTOPHE MENARD
Liberum Capital Ltd
BENJAMIN BOURNE
Arden Partners Ltd
GRAHAM J WEBSTER
Barclays
RICHARD PAIGE
PAUL BRANT
Source
REG
ULT-AGG
REG
RNS-MAJ
ULT-AGG
RNS-MAJ
REG
REG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
REG
ULT-AGG
REG
REG
REG
REG
ULT-AGG
MF-AGG
Recommendation
hold
neutral
neutral
hold
sell
buy
buy
neutral
equalweight
hold
Amt Held
5'160'968
4'487'079
3'588'390
3'460'241
3'386'854
3'298'333
3'253'409
3'207'283
3'128'739
2'910'296
2'769'566
2'740'965
2'240'676
1'987'299
1'892'360
1'848'595
1'734'877
1'649'407
1'512'474
1'485'359
% Out
7.43
6.46
5.17
4.98
4.88
4.75
4.69
4.62
4.51
4.19
3.99
3.95
3.23
2.86
2.73
2.66
2.5
2.38
2.18
2.14
Weighting
Change
3
3
3
3
1
5
5
3
3
3
M
M
D
M
D
N
M
M
U
M
Latest Chg
396'188
31'176
151'178
(30'652)
103'240
(673'002)
22'627
(16'556)
250'581
(1'014)
(226'464)
72'772
(82'707)
(93'820)
(138'010)
(214'265)
224'136
412'472
Target Price
1'480
1'820
1'700
#N/A N/A
1'400
1'830
1'850
#N/A N/A
1'840
1'530
File Dt
Inst Type
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Investment Advisor
31.01.2013
Unclassified
23.04.2010
Investment Advisor
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Government
01.11.2012
Unclassified
30.11.2012
Investment Advisor
Date
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
22.02.2013
11.02.2013
21.01.2013
17.01.2013
12.12.2012
28.11.2012
16.11.2012
01.10.2012
02.05.2012
26.03.2012
28.02.2013
United Internet AG
United Internet AG offers Internet access services. The Company serves home
users, small offices and home offices, and small-to medium-sized companies.
United Internet also offers hotline and help desk services to international
corporations.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UTDI GY EQUITY YTD Change
UTDI GY EQUITY YTD % CHANGE
12/2011
09/yy
18.00
12.49
231'000.00
17.735
-1.44%
42.05%
95.28%
194.0
3'440.59
524.59
0.0
9.6
64.87
3'823.68
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2008
31.12.2009
1'570.4
1'658.9
1.24x
1.45x
359.6
420.3
5.40x
5.74x
(120.2)
279.9
7.56x
Profitability
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
m-12
LTM-4Q
31.12.2010
1'907.1
1.55x
371.6
7.95x
129.1
20.97x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
2'094.1
1.50x
371.1
8.47x
162.3
17.47x
371.05
276.02
13.18%
11.97%
8.69%
58.66%
1.98%
34.3%
13.9%
7.5%
7.8%
0.53
0.29
44.19%
361.48%
22.19
72.29
Price/ Cash Flow
09/yy
2'035.3
6.04x
386.7
7.70x
156.8
0.00x
a-12
m-12
j-12
j-12
LTM
09/yy
2'323.5
5.54x
322.9
10.73x
101.7
38.73x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
0.78
102.86
25.25%
8.74%
0.776
23
4.000
198'203
269'892
363'784
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'384.7
2'634.7
628.5
1.59x
1.41x
338.9
409.8
100.8
11.35x
9.38x
137.3
203.1
52.4
23.40x
16.51x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.68
12.53
1.16
1.30
361.5%
77.2%
1.98
21.89
16.50
5.06
44.78
-36.41
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
02.01.2009 02.07.2009
3.5 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'487.4
2.83x
308.8
13.62x
220.2
17.88x
20
18
16
14
12
10
8
6
4
2
0
f-12
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
United Internet AG
Holdings By:
All
Holder Name
DOMMERMUTH RALPH
DEUTSCHE BANK AG
DWS INVESTMENT GMBH
BLACKROCK
VANGUARD GROUP INC
FMR LLC
MARBLE ARCH INVESTME
DWS INVESTMENT S A
SCHEEREN MICHAEL
DWS INVESTMENT SA
LANG NORBERT
MACKAY SHIELDS LLC
MADISON SQUARE INVES
METZLER INVESTMENT G
Firm Name
HSBC
AlphaValue
Goldman Sachs
Bankhaus Lampe
JPMorgan
Macquarie
EVA Dimensions
DZ Bank AG
Berenberg Bank
Deutsche Bank
Bankhaus Metzler
Nomura
Exane BNP Paribas
Equita SIM SpA
Dr. Kalliwoda Equity Research
Portfolio Name
n/a
Multiple Portfolios
#N/A N/A
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ADRIAN HOPKINSON
DOMINIK KLARMANN
HEIKE PAULS
HEINZ STEFFEN
TIMOTHY BODDY
WOLFGANG SPECHT
TORSTEN ACHTMANN
ALEX GRANT
ANDREW S ZAMFOTIS
MARKUS FRIEBEL
ADRIAN PEHL
KARSTEN OBLINGER
USMAN GHAZI
BENJAMIN KOHNKE
STEFAN BORSCHEID
ULRICH TRABERT
HENRIK NYBLOM
MICHAEL ZORKO
JOCHEN REICHERT
THOMAS KARLOVITS
MARCUS SILBE
GIANMARCO BONACINA
NORBERT KALLIWODA
Source
Co File
MF-AGG
Research
ULT-AGG
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
Short
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
overweight
buy
sell
Sell/Neutral
buy
neutral
outperform
hold
hold
accumulate
buy
buy
buy
buy
buy
neutral
neutral
buy
hold
hold
hold
buy
Amt Held
% Out
90'000'000 46.39
10'349'651
5.33
9'708'975
5
8'185'777
4.22
6'503'582
3.35
5'873'094
3.03
4'580'040
2.36
1'676'451
0.86
1'606'128
0.83
(1'420'000) -0.73
917'984
0.47
700'000
0.36
675'000
0.35
491'500
0.25
444'730
0.23
442'877
0.23
394'927
0.2
376'113
0.19
355'100
0.18
350'000
0.18
Weighting
Change
5
5
5
1
1
5
3
5
3
3
4
5
5
5
5
5
3
3
5
3
3
3
5
N
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
Latest Chg
109'127
34'733
(210'033)
28'096
(48'987)
(1'000)
46'777
(25'000)
(41'600)
371'166
(212'112)
500
150'000
Target Price
23
20
22
15
15
20
17
21
#N/A N/A
17
18
19
20
19
18
18
11
15
21
14
14
13
17
File Dt
31.12.2011
31.12.2012
19.02.2013
26.02.2013
20.07.2012
12.02.2013
31.12.2012
31.12.2012
31.12.2012
09.01.2013
28.12.2012
31.12.2011
28.12.2012
31.08.2012
28.12.2012
31.12.2011
31.03.2012
31.12.2012
31.08.2012
28.09.2012
Date
12 month
Not Provided
6 month
6 month
12 month
12 month
9 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
n/a
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
07.02.2013
05.02.2013
04.02.2013
04.02.2013
25.01.2013
23.01.2013
21.01.2013
21.01.2013
15.01.2013
08.01.2013
08.01.2013
05.12.2012
04.12.2012
23.11.2012
22.11.2012
22.11.2012
22.11.2012
22.11.2012
24.10.2012
23.05.2012
10.02.2012
17.08.2011
22.03.2011
28.02.2013
Valiant Holding
Valiant Holding AG, through its subsidiaries, provides financial services in
Switzerland. The company offers a range of products and services in the areas
of retail banking, business banking, private banking, and asset management.
Price/Volume
120
.5 M
.4 M
100
.4 M
.3 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (02.03.2012)
52-Week Low (31.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VATN SE EQUITY YTD Change
VATN SE EQUITY YTD % CHANGE
12/2011
01/yy
111.64
74.35
21'290.00
85.1
-23.77%
14.46%
28.83%
15.8
1'343.94
6'379.30
0.0
0.0
1'946.12
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
.2 M
40
.2 M
.1 M
20
.1 M
0
f-12
.0 M
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
669.8
152.5
19.71x
.3 M
60
Valuation Analysis
31.12.2008
31.12.2009
731.7
731.2
148.6
148.5
21.96x
22.77x
Profitability
31.12.2010
707.1
122.5
16.88x
31.12.2011
693.4
127.6
14.72x
30.02%
36.50%
0.50%
6.93%
1.52%
0.03%
29.5%
25.30%
351.20%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.62
15.44
-22.15%
-2.07%
0.615
2
3.000
16'327
21'171
40'395
FY+2
12/12 Y
12/13 Y
386.0
391.0
114.0
107.0
11.69x
12.44x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
351.2%
77.8%
0.03
3.44
-
800.0
700.0
600.0
0.80
0.60
500.0
400.0
300.0
0.40
0.20
200.0
100.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Valiant Holding
Holdings By:
All
Holder Name
UBS FUND MANAGEMENT
VANGUARD GROUP INC
VALIANT HOLDING AG
CREDIT SUISSE ASSET
PICTET & CIE
BLACKROCK
HAEUSERRMANN MARKUS
STREIT KURT
BEYELER ROLF
HOBMEIER MICHAEL
NYFFELER PAUL
ZGRAGGEN EDUARD
UBS GLOBAL ASSET MAN
GAFNER MARTIN
ADVISORY RESEARCH IN
SWISSCANTO ANLAGESTI
GERIFONDS SA
Firm Name
Main First Bank AG
EVA Dimensions
Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
KILIAN MAIER
AUSTIN BURKETT
Source
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
underweight
Amt Held
219'696
165'729
145'350
135'678
72'023
64'985
60'020
40'105
36'272
31'598
27'445
26'149
19'638
16'576
16'305
15'430
12'330
11'484
11'105
8'760
% Out
1.39
1.05
0.92
0.86
0.46
0.41
0.38
0.25
0.23
0.2
0.17
0.17
0.12
0.1
0.1
0.1
0.08
0.07
0.07
0.06
Weighting
Change
5
1
M
M
Latest Chg
131'976
2'645
617
(1'403)
2'180
16'305
5'927
5'124
(3'594)
Target Price
100
#N/A N/A
File Dt
31.10.2012
31.12.2012
28.06.2011
28.12.2012
30.11.2012
30.11.2012
31.07.2012
26.02.2013
31.12.2010
31.12.2010
31.12.2010
31.12.2010
31.12.2010
31.12.2010
31.10.2012
31.12.2010
31.10.2012
30.11.2012
30.09.2012
31.12.2012
Date
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Corporation
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
n/a
n/a
n/a
n/a
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Date
31.01.2013
17.01.2013
28.02.2013
Vedanta Resources PLC

Vedanta Resources Plc mines and processes metals. The Company mines copper,
aluminum, and zinc in India and Australia and operates refineries and smelters.
Price/Volume
1600
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
1400
1200
1000
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.02.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VED LN EQUITY YTD Change
VED LN EQUITY YTD % CHANGE
03/2012
12/yy
1'519.00
821.00
537'971.00
1180
-22.32%
43.73%
51.43%
266.3
3'142.41
16'955.40
0.0
13'768.9
6'885.30
28'854.76
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
400
200
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12 d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
8'203.7
1.86x
3'003.9
5.07x
879.0
13.63x
600
31.03.2009
31.03.2010
6'578.9
7'930.5
1.13x
2.54x
1'856.1
2'035.7
4.01x
9.90x
219.4
602.3
12.64x
19.21x
Profitability
LTM-4Q
31.03.2011
11'427.2
1.87x
3'490.6
6.14x
770.8
13.50x
31.03.2012
14'005.3
2.12x
4'465.0
6.64x
59.8
89.55x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
4'465.00
3'056.60
21.82%
12.46%
0.53%
4.40%
8.19%
0.39%
25.4%
35.7%
22.0%
0.4%
1.30
0.95
36.91%
364.59%
5.69
Price/ Cash Flow
LTM
12/yy
8'194.9
0.00x
0.0
0.00x
0.0
0.00x
12/yy
17'631.3
0.00x
0.0
0.00x
0.0
0.00x
FY+1
3.13
1.90
81.48
-15.02%
1.99%
1.899
12
3.417
965'973
873'234
785'480
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
14'789.6
17'353.3
3'605.0
3'892.0
1.90x
1.56x
4'959.8
5'893.9
5.82x
4.90x
396.8
705.9
11.97x
7.11x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.02.2011
NEG
3.81
1.43
1.85
3.20
364.6%
47.9%
0.39
0.58
64.34
18.10
12.00
16'000.0
14'000.0
10.00
12'000.0
8.00
10'000.0
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
0.00
03.04.2009
2'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Vedanta Resources PLC

Holdings By:
All
Holder Name
VOLCAN INVESTMENTS L
BLACKROCK
DEUTSCHE PRIVATE BAN
HANSBERGER GLOBAL IN
LEGAL & GENERAL
HSBC Investment Fund
UBS
VANGUARD GROUP INC
Gorey Investments Lt
BLACKROCK INVESTMENT
HSBC ASSET MANAGEMEN
HSBC INVESTMENTS UK
TD WATERHOUSE GROUP
VANGUARD GROUP INC
HSBC INVESTMENTS HON
Firm Name
Liberum Capital Ltd
RBC Capital Markets
AlphaValue
Jefferies
HSBC
Deutsche Bank
Morgan Stanley
EVA Dimensions
Credit Suisse
Barclays
JPMorgan
Goldman Sachs
Nomura
KD Banka d.d.
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ASH LAZENBY
TIMOTHY HUFF
SACHIN KUMAR
Christopher LaFemina
THORSTEN ZIMMERMANN
GRANT SPORRE
ALAIN GABRIEL
CRAIG STERLING
LIAM FITZPATRICK
DAVID BUTLER
ROGER BELL
FAWZI HANANO
PATRICK JONES
MATJAZ MALETIC
Source
RNS-DIR
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
Short
Short
REG
REG
MF-AGG
REG
REG
REG
MF-AGG
Recommendation
buy
sector perform
reduce
hold
neutral
buy
Equalwt/In-Line
sell
outperform
overweight
restricted
not rated
suspended coverage
accumulate
Amt Held
% Out
173'042'443 64.98
11'096'207
4.17
10'058'168
3.78
7'877'904
2.96
4'978'482
1.87
4'277'050
1.61
4'063'012
1.53
3'535'160
1.33
2'225'915
0.84
2'035'503
0.76
1'704'333
0.64
(1'674'505) -0.63
(1'570'720) -0.59
1'234'024
0.46
1'092'318
0.41
1'091'394
0.41
1'082'995
0.41
1'072'462
0.4
1'057'436
0.4
947'280
0.36
Weighting
5
3
2
3
3
5
3
1
5
5
#N/A N/A
#N/A N/A
#N/A N/A
4
Change
M
D
D
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
2'590'562
900'910
960'688
(1'273'111)
(1'422)
510'753
(17'729)
868'840
(40'875)
60'853
265'950
(58'797)
(298'390)
(203'234)
(94'824)
92'937
280'048
Target Price
#N/A N/A
1'300
1'281
1'150
1'310
1'485
1'320
#N/A N/A
1'500
1'445
#N/A N/A
#N/A N/A
#N/A N/A
2'541
File Dt
Inst Type
07.02.2013
Investment Advisor
03.12.2012
Government
26.02.2013
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Investment Advisor
31.01.2013
Unclassified
03.12.2012
Unclassified
03.12.2012
Unclassified
31.12.2012
Investment Advisor
03.12.2012
Unclassified
01.11.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
26.02.2013
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
12.03.2012
Investment Advisor
Date
Not Provided
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
27.02.2013
25.02.2013
14.02.2013
08.02.2013
07.02.2013
04.02.2013
31.01.2013
17.01.2013
14.01.2013
14.01.2013
09.08.2012
28.06.2012
11.02.2012
11.02.2010
28.02.2013
Verbund AG
Verbund AG provides integrated electric generations, transmission, and
distribution services. The Company produces power through the operation of
hydro-electric, thermal, and wind power generators. Verbund transmits and
distributes power to customers both domestically and internationally.
Price/Volume
25
.8 M
.7 M
20
.6 M
.5 M
15
.4 M
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (21.03.2012)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VER AV EQUITY YTD Change
VER AV EQUITY YTD % CHANGE
12/2011
09/yy
23.20
14.50
392'541.00
15.72
-32.24%
8.41%
14.02%
170.2
5'461.38
4'233.69
0.0
605.9
333.24
10'053.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2008
31.12.2009
3'744.7
3'483.1
3.50x
3.91x
1'280.3
1'244.2
10.24x
10.96x
686.6
644.4
14.60x
14.22x
Profitability
0
f-12
.1 M
.0 M
m-12
LTM-4Q
31.12.2010
3'307.9
4.24x
1'057.6
13.27x
400.8
21.78x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
3'865.4
3.03x
1'240.1
9.44x
352.6
20.53x
1'240.07
998.40
25.83%
16.58%
3.01%
8.24%
6.82%
0.28%
48.1%
31.4%
9.1%
1.49
0.59
35.70%
97.92%
-
Price/ Cash Flow
09/yy
3'107.7
18.00x
1'093.0
10.88x
381.6
19.53x
a-12
m-12
j-12
j-12
LTM
09/yy
3'351.4
13.58x
1'611.6
6.32x
355.9
15.78x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
0.84
-23.28%
-16.20%
0.836
22
2.136
187'562
235'894
207'670
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
3'651.1
3'584.4
1'237.0
2.78x
2.80x
1'181.3
1'166.8
8.51x
8.62x
403.6
376.8
13.32x
14.30x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
21.09.2009
ASTABLE
5.95
3.24
2.47
2.50
97.9%
46.2%
0.28
0.51
-
20.00
4'500.0
18.00
4'000.0
16.00
3'500.0
14.00
3'000.0
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
02.01.2009 02.07.2009
.2 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
3'038.3
5.69x
1'098.1
15.74x
579.2
25.47x
.3 M
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Verbund AG
Holdings By:
All
Holder Name
REPUBLIC OF AUSTRIA
EVN & WIENER STADTWE
TIWAG
DEUTSCHE BANK AG
UMB BANK N A
VANGUARD GROUP INC
BLACKROCK
RINGTURM KAG
PIONEER INVESTMENTS
SCOTTISH WIDOWS
BZ WBK TOWARZYSTWO F
DZ BANK INTERNATIONA
AMUNDI
Firm Name
Raymond James
Morgan Stanley
AlphaValue
Berenberg Bank
Erste Bank
Barclays
EVA Dimensions
Exane BNP Paribas
Deutsche Bank
Goldman Sachs
Raiffeisenbank AG
Nomura
HSBC
Macquarie
Credit Suisse
Main First Bank AG
Natixis
GSC Research
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
EMMANUEL RETIF
ANNE N AZZOLA
EILEEN RYAN
LAWSON STEELE
CHRISTOPH SCHULTES
PETER BISZTYGA
AUSTIN BURKETT
PHILIP GOTTSCHALK
INGO BECKER
ALEXANDER KARNICK
DEBORAH WILKENS
TERESA SCHINWALD
MARTIN YOUNG
TANJA MARKLOFF
STEPHAN WULF
ADAM DICKENS
ROBERT SCHRAMM-FUCHS
VINCENT GILLES
ANDREAS THIELEN
PHILIPPE OURPATIAN
ROLAND PUMBERGER
Source
Research
Research
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
Underwt/In-Line
add
sell
hold
underweight
underweight
outperform
reduce
sell
buy/attractive
buy
reduce
hold
hold
underweight
underperform
underperform
neutral
neutral
hold
Amt Held
86'819'189
42'558'426
8'511'685
1'991'329
1'796'874
1'272'360
1'204'383
960'000
676'097
507'536
494'173
468'902
324'544
249'612
242'565
151'000
144'260
130'653
117'146
115'990
% Out
51
25
5
1.17
1.06
0.75
0.71
0.56
0.4
0.3
0.29
0.28
0.19
0.15
0.14
0.09
0.08
0.08
0.07
0.07
Weighting
Change
1
1
4
1
3
1
1
5
2
1
5
5
2
3
3
1
1
1
3
3
3
D
D
M
N
D
D
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
16'400
27'955
(354'447)
(110'000)
268
(109)
82'695
(21'000)
(100'183)
-
Target Price
16
15
20
15
16
15
#N/A N/A
22
17
15
24
21
18
18
18
16
15
15
25
23
#N/A N/A
File Dt
23.01.2013
23.01.2013
23.01.2013
31.12.2012
31.12.2012
31.12.2012
26.02.2013
31.10.2012
31.10.2012
31.08.2012
31.05.2011
28.12.2012
31.10.2012
30.09.2012
31.01.2013
30.11.2012
30.06.2012
28.12.2012
28.09.2012
28.09.2012
Date
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Government
Corporation
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
27.02.2013
26.02.2013
21.02.2013
05.02.2013
28.01.2013
25.01.2013
17.01.2013
14.01.2013
08.01.2013
07.01.2013
18.12.2012
12.12.2012
12.12.2012
05.12.2012
05.12.2012
27.11.2012
22.11.2012
21.11.2012
30.03.2012
28.10.2011
14.04.2011
28.02.2013
Victrex PLC
Victrex plc manufactures and sells a thermoplastic, under the trade mark PEEK.
Their PEEK products are used primarily by compounders and processors, in order
to manufacture products in a range of industrial applications.
Price/Volume
1800
.6 M
1600
.5 M
1400
1200
.4 M
1000
09/2012
01/yy
1'670.00
1'164.00
184'809.00
1604
-3.95%
37.80%
86.96%
84.6
1'357.25
0.00
0.0
0.0
83.90
1'273.35
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
600
.2 M
400
.1 M
200
0
f-12 m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
141.1
4.03x
62.3
9.13x
39.1
14.95x
.3 M
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.12.2012)
52-Week Low (17.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VCT LN EQUITY YTD Change
VCT LN EQUITY YTD % CHANGE
30.09.2009
30.09.2010
103.8
189.5
5.93x
5.22x
34.1
83.6
18.08x
11.84x
17.8
54.0
35.24x
19.61x
Profitability
30.09.2011
215.8
3.92x
102.6
8.25x
71.2
12.80x
30.09.2012
219.8
4.70x
103.6
9.97x
71.9
15.42x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
103.60
94.00
42.77%
42.99%
23.44%
29.19%
0.72%
66.3%
47.1%
42.8%
32.7%
4.51
2.92
0.00%
0.00%
9.77
1.58
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.33
1.07
75.17
24.05%
0.94%
1.068
12
3.000
144'367
175'749
194'669
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/11 Q2 06/11 Q3
227.4
244.6
5.58x
5.16x
108.2
118.2
11.77x
10.77x
73.6
80.4
18.33x
16.69x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1036.00
766.00
-0.81
0.00
0.0%
0.0%
0.72
1.63
37.47
231.16
26.61
242.01
45.00
250.0
40.00
200.0
35.00
30.00
150.0
25.00
20.00
100.0
15.00
50.0
10.00
5.00
0.00
02.10.2009
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Victrex PLC
Holdings By:
All
Holder Name
BLACKROCK
SCHRODERS PLC
MONDRIAN INVESTMENT
LEGAL & GENERAL
AEGON
MONTANARO ASSET MGMT
SCHRODER INVESTMENT
HUMMEL DAVID RICHARD
KAMES CAPITAL PLC
BAILLIE GIFFORD AND
ABERDEEN
FMR LLC
PRIVATE INDIVIDUALS
Firm Name
Goldman Sachs
Morgan Stanley
Peel Hunt
N+1 Singer Ltd
JPMorgan
EVA Dimensions
Main First Bank AG
Deutsche Bank
WH Ireland Ltd
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RAKESH PATEL
PAUL R WALSH
DOMINIC CONVEY
JAMES TETLEY
CHARLES PICK
MARTIN EVANS
CRAIG STERLING
HOLGER OCHS
MARTIN DUNWOODIE
MATTHEW DAVIS
Source
ULT-AGG
Co File
REG
ULT-AGG
ULT-AGG
RNS-MAJ
MF-AGG
REG
RNS-DIR
RNS-MAJ
REG
13F
REG
ULT-AGG
ULT-AGG
REG
REG
REG
MF-AGG
REG
Recommendation
Buy/Neutral
Underwt/In-Line
hold
buy
hold
neutral
hold
underperform
buy
outperform
Amt Held
12'298'606
4'424'382
4'304'022
3'727'763
3'563'133
3'447'557
3'412'694
3'310'462
3'280'582
2'796'839
2'661'581
2'488'669
2'098'740
2'088'161
2'061'345
2'055'624
2'045'081
2'035'868
1'635'843
1'587'100
% Out
14.53
5.23
5.09
4.41
4.21
4.07
4.03
3.91
3.88
3.31
3.15
2.94
2.48
2.47
2.44
2.43
2.42
2.41
1.93
1.88
Weighting
Change
5
1
3
5
3
3
3
1
5
5
M
M
M
U
M
M
M
D
U
U
Latest Chg
103'424
420'798
107'672
(2'821)
(44'007)
(293'515)
(449'749)
(448'665)
(1'370'156)
130'359
340'763
(344'334)
(150'689)
(2'292'738)
307'391
35'008
189'962
(15'250)
Target Price
1'850
1'550
1'500
1'645
1'593
1'400
#N/A N/A
1'550
1'825
1'430
File Dt
Inst Type
26.02.2013
Investment Advisor
30.09.2012
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Unclassified
25.01.2013
Investment Advisor
31.12.2012
Investment Advisor
01.01.2013
Other
18.12.2012
n/a
03.01.2013
Investment Advisor
01.01.2013
Investment Advisor
31.12.2012
Investment Advisor
01.01.2013
Insurance Company
31.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Government
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
30.11.2012
Investment Advisor
01.01.2013
Other
Date
12 month
12 month
Not Provided
12 month
Not Provided
9 month
Not Provided
12 month
12 month
Not Provided
Date
27.02.2013
22.02.2013
07.02.2013
07.02.2013
06.02.2013
05.02.2013
17.01.2013
12.12.2012
05.12.2012
07.12.2010
28.02.2013
Vienna Insurance Group AG Wiener Versicherung Gruppe

Vienna Insurance Group AG Wiener Versicherung Gruppe is an Austrian insurance
company. The Company offers property and casualty, life, healthcare, and
reinsurance. Vienna Insurance operates through a network of offices in
Austria and Eastern Europe.
Price/Volume
45
.3 M
40
.3 M
35
30
.2 M
25
12/2011
09/yy
41.22
26.78
50'444.00
38.6
-6.36%
44.14%
81.86%
128.0
4'940.80
3'232.79
0.0
419.0
568.12
8'253.41
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
.1 M
10
.1 M
5
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
7'111.2
1.11x
312.6
18.46x
.2 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.01.2013)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VIG AV EQUITY YTD Change
VIG AV EQUITY YTD % CHANGE
31.12.2008
31.12.2009
8'141.0
8'419.7
0.60x
0.81x
408.5
340.5
7.07x
13.53x
Profitability
LTM-4Q
31.12.2010
9'179.9
0.86x
379.8
13.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
9'285.7
0.75x
406.7
9.64x
7.27%
6.02%
1.06%
8.83%
6.01%
0.25%
4.4%
8.13%
69.81%
-
Price/ Cash Flow
LTM
09/yy
9'206.7
3.26x
0.0
0.00x
402.1
2.91x
09/yy
10'044.5
2.69x
0.0
0.00x
434.8
2.72x
FY+1
1.02
20.93%
-4.40%
1.021
19
3.316
58'148
52'003
72'058
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
9'678.9
9'857.0
2'151.5
431.8
461.1
107.5
11.67x
10.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
A+
STABLE
69.8%
39.0%
0.25
-
3.50
10'000.0
9'000.0
3.00
8'000.0
2.50
7'000.0
6'000.0
2.00
5'000.0
1.50
4'000.0
1.00
3'000.0
2'000.0
0.50
0.00
02.01.2009
1'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Vienna Insurance Group AG Wiener Versicherung Gruppe

Holdings By:
All
Holder Name
WIENER STAEDTISCHE W
RINGTURM KAG
VANGUARD GROUP INC
BLACKROCK
PIONEER INVESTMENTS
NEW JERSEY DIVISION
ABERDEEN
MAINFIRST SICAV
TD ASSET MANAGEMENT
INVESCO LTD
FORTIS INVESTMENT MG
Firm Name
Raiffeisenbank AG
Barclays
Komercni Banka AS
Main First Bank AG
Raymond James
Deutsche Bank
Morgan Stanley
J&T Banka
Nomura
Goldman Sachs
EVA Dimensions
HSBC
Credit Suisse
Erste Bank
Berenberg Bank
JPMorgan
CA Cheuvreux
UniCredit Research
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
BNP PARIBAS ACTIONS
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BERND MAURER
CLAUDIA GASPARI
MIROSLAV ADAMKOVIC
MICHAEL HAID
RAPHAEL CARUSO
ROBIN BUCKLEY
MACIEJ WASILEWICZ
RALPH HEBGEN
MILAN LAVICKA
MICHAEL KLIEN
VINIT MALHOTRA
AUSTIN BURKETT
DHRUV GAHLAUT
RICHARD BURDEN
CHRISTOPH SCHULTES
SAMI TAIPALUS
THOMAS NEUHOLD
ANDREAS VAN EMBDEN
FRANK KOPFINGER
RADENA GEORGIEVA
Source
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-FRA
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
equalweight
hold
underperform
market perform
hold
Equalwt/In-Line
market perform
buy
buy
neutral/neutral
buy
neutral
underperform
buy
buy
buy
neutral
suspended coverage
buy
Amt Held
89'600'000
2'663'817
1'411'279
1'289'028
998'082
810'467
752'094
584'265
472'265
401'600
400'000
339'500
329'133
310'797
299'187
271'272
226'022
186'226
158'073
156'840
% Out
70
2.08
1.1
1.01
0.78
0.63
0.59
0.46
0.37
0.31
0.31
0.27
0.26
0.24
0.23
0.21
0.18
0.15
0.12
0.12
Weighting
Change
3
3
3
1
3
3
3
3
5
5
3
5
3
1
5
5
5
3
#N/A N/A
5
M
M
D
M
M
D
D
M
M
M
M
M
D
D
M
M
M
M
M
M
Latest Chg
446'318
68'411
5'347
(50'000)
19'584
(1'214)
(26'572)
(5'000)
(14'300)
4'502
(26'423)
14'681
18'818
374
-
Target Price
42
42
42
37
#N/A N/A
40
39
42
43
45
39
#N/A N/A
45
40
42
43
39
35
50
45
File Dt
Inst Type
31.12.2011
Insurance Company
31.12.2012
Investment Advisor
30.09.2012
Unclassified
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
26.02.2013
Investment Advisor
30.09.2012
Investment Advisor
31.05.2011
Investment Advisor
31.12.2012
Unclassified
30.09.2012
Investment Advisor
31.10.2012
Investment Advisor
30.09.2012
Investment Advisor
30.11.2012
Investment Advisor
31.10.2012
Investment Advisor
31.12.2011
Investment Advisor
27.02.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
9 month
Not Provided
12 month
Date
04.02.2013
04.02.2013
01.02.2013
01.02.2013
28.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
18.01.2013
17.01.2013
16.01.2013
14.01.2013
28.11.2012
28.11.2012
27.11.2012
21.11.2012
24.01.2012
30.07.2010
28.02.2013
Viscofan SA
Viscofan, S.A., manufactures artificial casings made of cellulose, collagen, and
plastic for use in the meat industry. The Company also processes and cans
olives, asparagus, other vegetables, and fruit byproducts. Viscofan operates
in Europe, Asia, and the Americas.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VIS SQ EQUITY YTD Change
VIS SQ EQUITY YTD % CHANGE
12/2011
09/yy
43.00
30.12
135'116.00
39.9
-7.21%
32.47%
75.93%
46.6
1'859.49
86.26
0.0
0.0
26.27
1'924.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.4 M
40
1.2 M
35
30
1.0 M
25
.8 M
20
.6 M
15
31.12.2008
31.12.2009
551.8
583.4
1.44x
1.57x
105.3
129.0
7.54x
7.12x
51.4
64.3
12.78x
12.88x
Profitability
.2 M
5
0
f-12
.0 M
m-12
LTM-4Q
31.12.2010
633.7
2.18x
154.2
8.98x
81.3
16.25x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
666.8
2.09x
162.2
8.61x
101.2
13.19x
162.18
120.13
18.02%
19.18%
14.25%
22.95%
0.99%
24.3%
18.1%
15.2%
2.10
0.91
12.37%
19.19%
5.25
-
Price/ Cash Flow
09/yy
653.2
8.28x
155.8
8.45x
94.9
13.27x
a-12 m-12
j-12
j-12
LTM
09/yy
736.1
8.71x
182.3
9.46x
104.4
15.90x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
0.40
41.69
31.99%
-6.80%
0.398
19
3.474
155'242
209'653
242'324
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
751.6
797.4
189.5
2.56x
2.39x
185.8
199.1
46.8
10.36x
9.67x
107.1
113.4
28.7
17.46x
16.29x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
46.46
27.55
0.45
0.63
19.2%
16.1%
0.99
2.22
69.66
-
18.00
800.0
16.00
700.0
14.00
600.0
12.00
500.0
10.00
400.0
8.00
300.0
6.00
200.0
4.00
100.0
2.00
0.00
02.01.2009 02.07.2009
.4 M
10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
506.0
1.53x
98.6
7.88x
46.2
14.82x
45
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012 02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Viscofan SA
Holdings By:
All
Holder Name
ONCHENA SL
GOVERNANCE FOR OWNER
BLACKROCK
BNP PARIBAS SA
VANGUARD GROUP INC
SEB
ODIN FORVALTNING AS
ABERDEEN
DANSKE INVEST A/S
BASTERRA LARROUDE NE
FMR LLC
OPPENHEIM KAPITALANL
INVESCO LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst

ANA FUENTES
BPI
JOAO SAFARA SILVA
NUNO ESTACIO
Grupo Santander
JOSE MANUEL ARROYAS
Exane BNP Paribas
FRANCISCO RUIZ
JESUS DOMINGUEZ ANGULO
Societe Generale
ALEX SLOANE
ELENA FERNANDEZ
EVA Dimensions
AUSTIN BURKETT
JOAQUIN GARCIA-ROMANILLOS
Bankia Bolsa (ESN)
DAVID CABEZA JARENO
Link Securities
INIGO ISARDO
CA Cheuvreux
La Caixa
ANTONIO JOSE CASTELL NEYRA
Goldman Sachs
BENJAMIN MOORE
Banco Sabadell
MARTA DIAZ
BBVA
ISABEL CARBALLO
S
YAGUEZ AVILES
Source
Co File
EXCH
EXCH
13F
Co File
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
neutral
neutral
buy
hold
outperform
buy
hold
hold
overweight
hold
hold
accumulate
underperform
underweight
Buy/Neutral
sell
market perform
overweight
Amt Held
2'366'070
2'297'473
2'236'061
1'802'434
1'700'103
1'660'131
1'411'837
502'023
425'430
270'270
226'486
219'900
218'169
212'452
186'581
184'400
171'323
165'032
144'407
133'901
% Out
5.08
4.93
4.8
3.87
3.65
3.56
3.03
1.08
0.91
0.58
0.49
0.47
0.47
0.46
0.4
0.4
0.37
0.35
0.31
0.29
Weighting
Change
3
3
5
3
5
5
3
3
5
3
3
4
1
1
5
1
3
5
M
M
M
M
M
M
M
M
M
D
D
U
M
D
U
M
M
U
Latest Chg
(42'034)
(47'982)
6'095
38'691
23'737
70'000
1'364
(6'377)
(35'903)
33'498
7'300
49'872
Target Price
38
42
44
42
45
40
42
39
#N/A N/A
40
41
42
39
38
55
34
32
38
File Dt
Inst Type
31.12.2011
Other
11.10.2012
Investment Advisor
03.01.2013
Other
31.12.2012
Investment Advisor
31.12.2011
Investment Advisor
26.02.2013
Investment Advisor
21.12.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Unclassified
31.01.2013
Investment Advisor
13.12.2012
n/a
31.12.2012
Investment Advisor
29.06.2012
Investment Advisor
31.12.2012
Investment Advisor
27.02.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Date
26.02.2013
25.02.2013
25.02.2013
22.02.2013
21.02.2013
18.02.2013
08.02.2013
23.01.2013
17.01.2013
11.01.2013
10.01.2013
03.12.2012
28.11.2012
27.11.2012
23.11.2012
25.10.2012
08.10.2012
19.09.2012
28.02.2013
Wereldhave NV
Wereldhave N.V. is an investment company qualifying as an Investment Institution
under Dutch Law . The Company develops, invests in, and manages commercial real
estate properties. Wereldhave NV invests in office buildings, shopping centers,
industrial property and apartment buildings. Properties are located in Belgium,
France, the Netherlands, Spain, the United Kingdom, and the United States.
Price/Volume
60
.7 M
.6 M
.5 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (19.03.2012)
52-Week Low (24.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WHA NA EQUITY YTD Change
WHA NA EQUITY YTD % CHANGE
12/2012
12/yy
61.35
40.03
102'050.00
53.3
-13.12%
33.15%
62.24%
21.7
1'155.52
1'288.78
0.0
147.2
44.41
2'547.08
.4 M
20
.3 M
.2 M
10
0
f-12
.1 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.8 M
40
Valuation Analysis
31.12.2008
219.5
9.77x
146.6
14.62x
0.5
3150.00x
.9 M
50
31.12.2009
31.12.2010
212.3
232.5
10.50x
12.06x
128.4
145.8
17.36x
19.24x
(107.1)
88.7
17.60x
Profitability
LTM-4Q
31.12.2011
240.6
10.39x
148.6
16.82x
51.3
21.56x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
179.2
13.58x
109.4
22.24x
(98.4)
44.04x
109.39
79.08
44.14%
5.28%
-3.15%
-6.60%
-2.99%
0.07%
54.6%
-54.9%
42.90%
92.75%
-
Price/ Cash Flow
12/yy
243.4
43.31x
151.4
16.51x
51.3
21.56x
LTM
12/yy
227.8
44.83x
124.3
19.56x
(98.5)
0.00x
FY+1
0.91
21.67
3.43%
11.04%
0.911
16
3.750
97'756
146'034
138'466
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
164.9
158.4
45.3
39.4
12.79x
13.81x
46.30x
55.14x
116.9
115.8
32.6
27.9
21.80x
22.00x
21.80x
22.67x
82.4
75.8
22.0
19.5
15.68x
14.77x
14.03x
14.52x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.61
-3.27
10.01
10.37
92.7%
45.6%
0.07
-
18.00
300.0
16.00
250.0
14.00
200.0
12.00
10.00
150.0
8.00
100.0
6.00
4.00
50.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Wereldhave NV
Holdings By:
All
Holder Name
NIKKO ASSET MANAGEME
ABN AMRO ASSET MGMT
BLACKROCK
VANGUARD GROUP INC
STATE STREET
PRINCIPAL FINANCIAL
MORGAN STANLEY
SNS INVESTMENT FUND
BANQUE DEGROOF
FORTIS INVESTMENTS
PETERCAM SA
Firm Name
AlphaValue
Societe Generale
S&P Capital IQ
JPMorgan
Petercam
ING Bank
ABN Amro Bank N.V.
Natixis
Kempen & Co
HSBC
CA Cheuvreux
Goldman Sachs
EVA Dimensions
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PIERRE-LOUP ETIENNE
MICHEL VARALDO
WILLIAM HOWLETT
HARM M MEIJER
STEPHAN VAN WEEREN
MARTIJN TER LAAK
JAAP KUIN
RUUD VAN MAANEN
SERGE DEMIRDJIAN
ROBERT WOERDEMAN
THOMAS MARTIN
BRUNO DUCLOS
TEAM COVERAGE
Source
ULT-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
add
buy
hold
overweight
add
buy
buy
buy
buy
neutral
underweight
underperform
Sell/Neutral
overweight
Amt Held
1'075'013
929'090
896'736
701'764
700'257
450'142
444'751
352'968
294'936
264'105
245'025
241'707
226'816
195'594
157'572
133'831
122'235
105'770
105'000
104'320
% Out
4.96
4.29
4.14
3.24
3.23
2.08
2.05
1.63
1.36
1.22
1.13
1.11
1.05
0.9
0.73
0.62
0.56
0.49
0.48
0.48
Weighting
Change
4
5
3
5
4
5
5
5
5
3
1
1
1
5
M
M
M
M
M
M
M
M
M
D
M
M
D
U
Latest Chg
149'271
26'018
(128'858)
(3'428)
(15'609)
(1'136)
7'587
1'928
198'316
(6'464)
(384)
7'300
(35'111)
(8'000)
(3'295)
Target Price
56
59
53
61
59
53
60
58
61
52
41
45
43
#N/A N/A
File Dt
27.09.2011
31.12.2012
09.06.2011
17.07.2012
21.08.2012
08.05.2012
26.02.2013
31.12.2012
28.09.2012
31.12.2012
27.02.2013
31.01.2013
31.01.2013
31.12.2012
31.12.2012
29.06.2012
01.02.2013
31.10.2012
30.12.2011
31.12.2012
Date
6 month
12 month
12 month
9 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Date
21.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
29.01.2013
13.01.2013
27.11.2012
03.10.2012
25.07.2012
12.06.2012
28.02.2013
William Demant Holding A/S

William Demant Holding A/S, through subsidiaries, develops, manufactures, and
sells hearing aids, audiometers, tympanometers, diagnostic instruments for
respiratory irregularities, and wireless communication equipment for the
hearing-impaired, as well as telephone headsets for professional use. The
Company sells the products in selected countries worldwide.
Price/Volume
700
3.0 M
600
2.5 M
500
2.0 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.07.2012)
52-Week Low (27.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WDH DC EQUITY YTD Change
WDH DC EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
200
.5 M
100
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5'373.7
2.77x
1'214.3
12.24x
682.4
18.83x
1.5 M
300
12/2012
01/yy
596.50
448.00
362'346.00
450.5
-24.48%
0.56%
1.68%
58.3
26'286.62
2'713.00
0.0
(2.0)
307.00
28'690.62
31.12.2009
31.12.2010
5'701.2
6'892.4
4.30x
3.82x
1'317.0
1'621.0
18.61x
16.22x
794.9
988.4
28.79x
24.34x
Profitability
31.12.2011
8'041.0
3.68x
1'905.0
15.52x
1'198.0
23.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
8'555.0
3.49x
1'153.0
24.47x
1'641.00
19.18%
17.78%
14.04%
31.33%
1.04%
71.6%
19.2%
13.5%
0.81
0.49
30.91%
66.81%
4.94
2.32
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.79
-13.03%
-6.90%
0.788
28
3.107
208'680
102'595
98'898
FY+2
12/13 Y
12/14 Y
9'250.2
9'867.8
3.00x
2.76x
2'174.0
2'378.0
13.20x
12.07x
1'362.8
1'514.5
18.32x
16.14x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
66.8%
40.1%
1.04
6.46
74.12
157.98
58.62
173.47
40.00
9'000.0
35.00
8'000.0
30.00
7'000.0
6'000.0
25.00
5'000.0
20.00
4'000.0
15.00
3'000.0
10.00
2'000.0
5.00
1'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
William Demant Holding A/S

Holdings By:
All
Holder Name
FMR LLC
ATP INVESTMENT MANAG
NORGES BANK
DANSKE BANK A/S
FONDSMGLERSELSKABET
DANSKE INVEST A/S
VANGUARD GROUP INC
BLACKROCK
JP MORGAN
APG ASSET MANAGEMENT
GAMCO
FIDELITY INVESTMENT
Firm Name
Deutsche Bank
Morgan Stanley
Jyske Bank
ABG Sundal Collier
Credit Suisse
JPMorgan
Carnegie
Danske Markets
Alm Brand Markets
SEB Enskilda
DNB Markets
Exane BNP Paribas
Helvea
Swedbank
Handelsbanken
AlphaValue
Goldman Sachs
EVA Dimensions
HSBC
CA Cheuvreux
NYKREDIT
Jefferies
Sydbank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
YI-DAN WANG
MICHAEL K JUNGLING
JANNE VINCENT KJAER
MORTEN LARSEN
CHRISTOPH GRETLER
DAVID J ADLINGTON
CLAUS ALMER
SOREN V HOLM SORENSEN
MAJA PATAKI
MARTIN PARKHOI
MICHAEL FRIIS JORGENSEN
NIELS GRANHOLM-LETH
RUNE MAJLUND DAHL
ROMAIN ZANA
SIMON GOETSCHMANN
JOHAN UNNERUS
KLAUS MADSEN
OLIVER METZGER
KAMLA SINGH
VERONIKA DUBAJOVA
ANDREW S ZAMFOTIS
HENDRIK LOFRUTHE
DANIEL JELOVCAN
KRESTEN JOHNSEN
INGEBORG OIE
MORTEN IMSGARD
Source
ULT-AGG
ULT-AGG
Research
Research
Research
Research
Research
Research
MF-AGG
MF-AGG
Research
Research
ULT-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
sell
Equalwt/Attractive
reduce
hold
neutral
neutral
hold
hold
hold
buy
neutral
buy
sell
neutral
reduce
reduce
accumulate
buy
add
neutral/neutral
hold
neutral
outperform
neutral
underperform
neutral
Amt Held
3'481'771
3'000'944
838'464
703'351
684'245
516'011
401'467
392'427
249'787
248'420
227'337
182'896
178'743
170'038
169'444
132'900
115'859
110'000
80'005
70'000
% Out
5.97
5.14
1.44
1.21
1.17
0.88
0.69
0.67
0.43
0.43
0.39
0.31
0.31
0.29
0.29
0.23
0.2
0.19
0.14
0.12
Weighting
Change
1
3
2
3
3
3
3
3
3
5
3
5
1
3
2
2
4
5
4
3
3
3
5
3
1
3
D
M
U
U
M
M
D
M
D
U
U
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
Latest Chg
(160'602)
(146'000)
(20'896)
(915)
(21'343)
40'000
(2'000)
-
Target Price
370
442
500
425
475
450
#N/A N/A
490
500
520
480
525
430
440
433
465
530
600
539
550
#N/A N/A
510
540
#N/A N/A
465
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
Unclassified
28.09.2012
Investment Advisor
31.08.2012
Investment Advisor
31.12.2011
Government
31.08.2012
Bank
31.12.2011
Investment Advisor
31.10.2012
Investment Advisor
31.01.2013
Investment Advisor
30.09.2012
Investment Advisor
31.08.2012
Investment Advisor
26.02.2013
Investment Advisor
31.12.2012
Unclassified
31.01.2013
Investment Advisor
28.09.2012
Unclassified
30.12.2011
Investment Advisor
Date
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
6 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
22.02.2013
19.02.2013
14.02.2013
30.01.2013
15.01.2013
14.01.2013
08.11.2012
07.11.2012
16.08.2012
12.05.2011
28.02.2013
Wincor Nixdorf AG
Wincor Nixdorf AG manufactures banking machines and cash registers.
The Company's products include ATMs, cash deposit systems, and Automated Teller
Safes.
Price/Volume
45
1.2 M
40
1.0 M
35
30
.8 M
25
09/2012
12/yy
41.79
26.41
74'311.00
38.815
-7.12%
47.00%
80.66%
33.1
1'284.19
237.27
0.0
4.7
38.43
1'414.66
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
.4 M
10
.2 M
5
0
f-12
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
2'318.6
0.65x
240.4
6.31x
126.6
10.44x
.6 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.03.2012)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WIN GY EQUITY YTD Change
WIN GY EQUITY YTD % CHANGE
30.09.2009
30.09.2010
2'250.2
2'239.5
0.69x
0.73x
224.7
214.5
6.90x
7.63x
113.6
106.2
12.26x
14.24x
Profitability
LTM-4Q
30.09.2011
2'328.2
0.51x
217.0
5.48x
107.1
9.71x
30.09.2012
2'343.0
0.48x
165.3
6.73x
62.6
14.55x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
165.32
100.36
4.28%
3.83%
4.51%
18.25%
1.69%
20.9%
6.9%
4.2%
2.7%
1.02
0.57
16.91%
73.10%
5.83
6.40
Price/ Cash Flow
12/yy
2'301.6
2.55x
205.8
5.63x
98.7
10.76x
LTM
12/yy
2'404.4
1.85x
165.0
7.19x
64.1
16.41x
FY+1
0.88
29.78
-2.23%
12.47%
0.877
24
3.042
104'583
144'200
138'361
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
2'417.1
2'491.5
592.5
552.5
0.61x
0.57x
191.9
216.5
38.9
35.9
7.38x
6.54x
6.72x
6.45x
86.5
101.9
20.3
18.2
13.00x
11.46x
12.66x
12.50x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.43
11.14
0.76
1.17
73.1%
41.9%
1.69
17.13
62.83
57.19
61.38
64.12
14.00
2'500.0
12.00
2'000.0
10.00
1'500.0
8.00
6.00
1'000.0
4.00
500.0
2.00
0.00
02.10.2009
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Wincor Nixdorf AG
Holdings By:
All
Holder Name
WINCOR NIXDORF AG
DEUTSCHE BANK AG
DWS INVESTMENT GMBH
VANGUARD GROUP INC
AMUNDI
BLACKROCK
DWS INVESTMENT SA
MACKENZIE FINANCIAL
CI INVESTMENTS INC
INTERNATIONAL VALUE
TREMBLANT CAPITAL LP
UBS INVEST KAG
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst

Bankhaus Metzler
Goldman Sachs
DZ Bank AG
Nord/LB
Wedbush
HSBC
Hauck & Aufhaeuser
Bankhaus Lampe
National Bank AG
Berenberg Bank
Deutsche Bank
EVA Dimensions
Main First Bank AG
CA Cheuvreux
ADRIAN HOPKINSON
THOMAS HOFMANN
SVEN DIERMEIER
STEPHAN BAUER
BENJAMIN MOORE
BJOERN VOSS
THORSTEN REIGBER
YASMIN MOSCHITZ
WOLFGANG DONIE
GIL B LURIA
JOERG-ANDRE FINKE
TORBEN TEICHLER
HEIKO FEBER
STEFFEN MANSKE
FREDERIK BITTER
ADRIAN PEHL
STEFAN AUGUSTIN
UWE SCHUPP
ANDREW S ZAMFOTIS
JUERGEN WAGNER
EERIK KD BUDARZ
Source
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
13F
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
Recommendation
neutral
hold
hold
sell
neutral/neutral
hold
sell
hold
hold
neutral
overweight
hold
sell
buy
hold
accumulate
hold
buy
underweight
underperform
buy
underperform
Amt Held
% Out
3'308'500
10
2'655'128
8.03
1'654'250
5
1'242'741
3.76
1'179'199
3.56
1'111'032
3.36
992'550
3
992'550
3
714'367
2.16
618'069
1.87
488'414
1.48
411'500
1.24
406'750
1.23
397'600
1.2
287'250
0.87
265'600
0.8
242'395
0.73
(231'595)
-0.7
231'546
0.7
160'300
0.48
Weighting
Change
3
3
3
1
3
3
1
3
3
3
5
3
1
5
3
4
3
5
1
1
5
1
N
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
(96'723)
4'773
121'579
153'796
9'074
(949)
(53'900)
2'600
25'900
242'395
(6'617)
-
Target Price
47
41
42
33
39
44
34
29
40
44
40
42
37
49
33
44
41
50
#N/A N/A
38
38
29
File Dt
Inst Type
30.09.2012
Corporation
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
26.02.2013
Investment Advisor
28.09.2012
Investment Advisor
30.11.2012
Investment Advisor
28.09.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
Investment Advisor
01.02.2013
Other
30.04.2012
Investment Advisor
31.10.2012
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
6 month
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Date
07.02.2013
29.01.2013
23.01.2013
23.01.2013
22.01.2013
22.01.2013
22.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
17.01.2013
16.01.2013
15.01.2013
14.01.2013
07.12.2012
24.04.2012
28.02.2013
Wirecard AG
Wirecard AG offers Internet payment and processing services. The Company
provides software and systems for online payment, electronic funds transfer,
fraud protection and enterprise solutions. Wirecard also offers call center
services.
Price/Volume
25
3.0 M
20
2.5 M
2.0 M
15
1.5 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (07.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WDI GY EQUITY YTD Change
WDI GY EQUITY YTD % CHANGE
10
12/2011
09/yy
20.31
12.82
238'105.00
19.72
-2.90%
53.88%
92.13%
112.2
2'212.43
86.02
0.0
0.0
222.40
1'856.54
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
0
f-12
.5 M
.0 M
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
134.2
6.43x
40.5
21.32x
30.5
30.16x
1.0 M
31.12.2008
31.12.2009
196.8
228.5
1.19x
3.13x
52.4
60.3
4.46x
11.86x
42.3
45.5
9.83x
21.44x
Profitability
LTM-4Q
31.12.2010
271.6
3.20x
73.1
11.90x
54.0
19.34x
31.12.2011
324.8
3.47x
84.4
13.37x
61.2
20.70x
84.40
75.91
23.37%
22.76%
9.00%
17.02%
16.03%
0.47%
28.0%
24.1%
18.8%
1.59
0.86
12.17%
25.24%
-
Price/ Cash Flow
09/yy
308.5
12.99x
79.1
12.80x
56.1
21.26x
LTM
09/yy
372.0
14.82x
104.0
15.76x
71.8
26.54x
FY+1
0.62
101.07
34.02%
6.02%
0.618
18
4.111
366'961
536'312
365'669
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
393.8
472.2
113.3
100.0
5.08x
4.11x
108.8
126.2
31.6
27.2
17.13x
14.77x
14.81x
13.81x
75.7
88.0
21.8
18.7
28.58x
24.87x
25.28x
22.93x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
56.27
31.46
-3.42
0.55
25.2%
20.2%
0.47
62.76
-
450.00
350.0
400.00
300.0
350.00
250.0
300.00
250.00
200.0
200.00
150.0
150.00
100.0
100.00
50.0
50.00
0.00
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013
0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
28.02.2013
Wirecard AG
Holdings By:
All
Holder Name
MB BETEILGUNGSGESELL
ALKEN FUND SICAV
MANNING & NAPIER GRO
WASATCH ADVISORS INC
FMR LLC
VANGUARD GROUP INC
GCIC LTD/CANADA
INTERNATIONAL VALUE
BLACKROCK
QVT FUND V LP
Firm Name
Exane BNP Paribas
DZ Bank AG
Berenberg Bank
Equita SIM SpA
Hauck & Aufhaeuser
Bankhaus Lampe
Barclays
Deutsche Bank
EVA Dimensions
Main First Bank AG
Natixis
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
ALEXANDRE FAURE
JOCHEN REICHERT
THORSTEN REIGBER
ALEXANDRA SCHLEGEL
ADRIAN HOPKINSON
HEIKE PAULS
THOMAS HOFMANN
LARS LUSEBRINK
GIANMARCO BONACINA
SASCHA BERRESCH
CHRISTOPH SCHLIENKAMP
GERARDUS VOS
BENJAMIN KOHNKE
ANDREW S ZAMFOTIS
JUERGEN WAGNER
MAXIME MALLET
BENJAMIN MOORE
Source
Co File
Co File
Co File
Research
Research
Research
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
13F
13F
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Short
Recommendation
neutral
hold
buy
buy
buy
buy
buy
hold
buy
hold
hold
overweight
hold
overweight
outperform
buy
neutral/neutral
Amt Held
% Out
7'737'036
6.9
6'372'874
5.68
5'090'155
4.54
3'385'024
3.02
3'349'664
2.99
3'336'766
2.97
3'135'535
2.79
2'876'958
2.56
2'569'276
2.29
2'562'889
2.28
2'313'464
2.06
1'611'101
1.44
1'598'960
1.43
1'424'833
1.27
1'254'378
1.12
1'223'810
1.09
1'010'821
0.9
955'628
0.85
860'241
0.77
(806'281) -0.72
Weighting
Change
3
3
5
5
5
5
5
3
5
3
3
5
3
5
5
5
3
M
M
M
U
N
M
M
M
M
M
M
M
M
M
N
M
M
Latest Chg
224'780
(38'526)
(185'083)
2'313'464
(90'464)
79'451
834'864
(167'383)
302'480
895'200
(976'235)
-
Target Price
21
16
22
25
23
21
21
19
22
20
17
21
16
#N/A N/A
23
21
21
File Dt
Inst Type
31.12.2011
Unclassified
31.12.2011
Investment Advisor
31.12.2011
n/a
03.01.2013
n/a
16.08.2012
Investment Advisor
25.01.2013
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
30.06.2012
Investment Advisor
26.02.2013
Investment Advisor
26.03.2012
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Date
27.02.2013
25.02.2013
25.02.2013
12.02.2013
07.02.2013
04.02.2013
04.02.2013
04.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
17.01.2013
17.01.2013
13.12.2012
15.11.2012
31.10.2012
28.02.2013
YIT OYJ
YIT Oyj (YIT) offers construction, installation, and fixed and mobile network
services. The Company's services include construction, renovations, and
maintenance of commercial and residential buildings, water treatment plants,
roads and bridges, pipelines, alarm systems, and telecommunications networks.
YIT is primarily active in the Nordic countries, the Baltic rim, and Russia.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
YTY1V FH EQUITY YTD Change
YTY1V FH EQUITY YTD % CHANGE
12/2012
12/yy
17.88
11.87
282'551.00
17.15
-4.08%
44.48%
87.85%
127.2
2'181.88
922.00
0.0
3.3
175.70
2'931.48
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
3'485.6
3'787.6
0.66x
0.78x
201.7
256.2
11.44x
11.46x
68.4
140.3
26.46x
16.62x
Profitability
LTM-4Q
31.12.2011
4'382.1
0.52x
233.0
9.84x
124.4
12.46x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'705.9
0.55x
303.9
8.56x
178.7
10.37x
303.90
259.00
5.50%
5.06%
4.98%
18.33%
1.31%
6.5%
5.5%
3.8%
1.61
0.09
25.04%
89.34%
-
Price/ Cash Flow
12/yy
4'382.1
2.41x
233.0
9.84x
124.4
12.46x
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
j-12
j-12
LTM
12/yy
4'705.8
2.25x
303.8
8.57x
178.8
10.40x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
1.12
7.95%
16.04%
1.122
17
3.882
380'485
370'266
331'091
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'729.3
4'947.8
1'116.8
1'207.6
0.60x
0.56x
2.48x
2.38x
329.9
380.8
71.2
85.9
8.89x
7.70x
8.91x
8.19x
192.9
230.5
40.2
50.9
11.17x
9.35x
10.93x
10.04x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
12.20
10.63
2.46
3.03
89.3%
47.1%
1.31
42.51
-
450.00
5'000.0
400.00
4'500.0
350.00
4'000.0
3'500.0
300.00
3'000.0
250.00
2'500.0
200.00
2'000.0
150.00
1'500.0
100.00
1'000.0
50.00
500.0
0.00
01.01.2010
1.4 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'939.7
0.31x
287.4
4.29x
132.9
4.38x
20
18
16
14
12
10
8
6
4
2
0
f-12 m-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
YIT OYJ
Holdings By:
All
Holder Name
STRUCTOR SA
SOCIETY OF SWEDISH L
ODIN FORVALTNING AS
BROTHERUS ILKKA
VANGUARD GROUP INC
OP DELTA FUND
NORDEA FENNIA FUND
FONDITA RAHASTOYHTIO
DANSKE FINNISH INSTL
ETERA MUTUAL PENSION
AKTIA FUND MANAGEMEN
Firm Name
Goldman Sachs
EVA Dimensions
Berenberg Bank
Pareto Securities
Deutsche Bank
ABG Sundal Collier
SEB Enskilda
Carnegie
Evli Bank Plc
Danske Markets
Handelsbanken
INDERES
CA Cheuvreux
Swedbank
FIM
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
WILLIAM WYMAN
CRAIG STERLING
CHRIS MOORE
JONI GRONQVIST
MANU RIMPELA
ROBERT REDIN
MATIAS RAUTIONMAA
JUTTA RAHIKAINEN
TOMMY ILMONI
PAAVO AHONEN
MIKA KARPPINEN
ARI JARVINEN
ALBIN SANDBERG
SAULI VILEN
BJORN GUSTAFSSON
TOMI TIILOLA
JAAKKO TYRVAINEN
Source
Research
Research
Research
Research
Research
MF-AGG
Research
MF-AGG
Research
Research
Research
MF-AGG
Research
Research
MF-AGG
MF-AGG
MF-AGG
Research
Research
MF-AGG
Recommendation
neutral/neutral
hold
hold
buy
buy
hold
hold
buy
sell
suspended coverage
buy
hold
accumulate
accumulate
outperform
strong buy
accumulate
Amt Held
15'430'000
10'000'000
4'841'255
4'594'606
1'859'200
1'803'611
1'685'541
1'604'008
1'324'740
1'321'807
1'247'348
1'159'702
1'065'000
1'010'000
937'000
922'146
722'300
676'743
662'500
661'000
% Out
12.13
7.86
3.81
3.61
1.46
1.42
1.32
1.26
1.04
1.04
0.98
0.91
0.84
0.79
0.74
0.72
0.57
0.53
0.52
0.52
Weighting
Change
3
3
3
5
5
3
3
5
1
#N/A N/A
5
3
4
4
5
5
4
M
U
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
Latest Chg
(84'115)
17'460
65'000
(101'350)
(50'000)
Target Price
20
#N/A N/A
17
19
20
17
19
20
#N/A N/A
#N/A N/A
20
19
16
20
15
19
15
File Dt
Inst Type
31.12.2011
Corporation
31.12.2011
Insurance Company
31.12.2011
Insurance Company
31.12.2011
Insurance Company
31.12.2011
Insurance Company
31.12.2012
Investment Advisor
31.12.2011
n/a
31.12.2011
Government
31.12.2011
Insurance Company
31.12.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
n/a
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2011
n/a
31.12.2011
Insurance Company
31.12.2012
Investment Advisor
Date
6 month
Not Provided
Not Provided
6 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Date
12.02.2013
12.02.2013
08.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
17.12.2012
31.10.2012
26.07.2012
28.02.2013
Zardoya Otis SA
Zardoya Otis SA manufactures, installs and services elevators and elevator
equipment. The Company also exports manufactured elevator equipment to be
installed by Otis Elevator subsidiaries around the world.
Price/Volume
14
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
12
10
8
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (10.01.2013)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ZOT SQ EQUITY YTD Change
ZOT SQ EQUITY YTD % CHANGE
12/2012
11/yy
11.73
8.09
255'848.00
10.69
-8.87%
32.14%
71.43%
385.2
4'118.23
32.82
0.0
24.1
37.56
4'137.57
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
936.6
4.54x
296.6
14.32x
201.1
20.65x
31.12.2009
31.12.2010
885.1
862.8
5.16x
4.32x
299.5
305.5
15.24x
12.20x
202.1
205.1
22.89x
18.46x
Profitability
LTM-4Q
31.12.2011
819.1
4.63x
289.2
13.10x
193.6
19.78x
31.12.2012
809.1
5.17x
278.0
15.04x
181.1
22.04x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
277.98
261.22
32.28%
32.26%
32.35%
77.49%
1.45%
34.4%
32.3%
22.4%
1.13
0.93
5.85%
13.78%
8.17
-
Price/ Cash Flow
11/yy
819.1
0.00x
0.0
0.00x
194.0
19.65x
LTM
11/yy
809.1
0.00x
0.0
0.00x
181.1
22.40x
FY+1
0.62
145.70
16.51%
-1.02%
0.615
11
1.364
283'333
208'999
320'389
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
863.8
905.3
4.78x
4.55x
292.3
304.3
14.16x
13.60x
191.0
199.3
21.91x
20.84x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
737.67
730.54
-0.02
0.12
13.8%
11.1%
1.45
15.53
48.57
-
30.00
1'000.0
900.0
25.00
800.0
700.0
20.00
600.0
500.0
15.00
400.0
10.00
300.0
200.0
5.00
0.00
04.12.2009
100.0
0.0
04.06.2010
04.12.2010
04.06.2011
04.12.2011
04.06.2012
04.12.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
28.02.2013
Zardoya Otis SA
Holdings By:
All
Holder Name
UNITED TECHNOLOGIES
EURO SYNS SA
CENON INVESTMENTS SL
DALTON STRATEGIC PAR
VANGUARD GROUP INC
FRANKLIN RESOURCES
BLACKROCK
ABAJO GARCIA MARIO
LBPAM
AMUNDI
CREDIT SUISSE ASSET
LOIZAGA VIGURI JOSE
STATE STREET BANQUE
FMR LLC
SPP FONDER AB
LEGAL & GENERAL
STATE STREET GLOBAL
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
BPI
MANUEL DIAS COELHO
Goldman Sachs
MAYAN UTHAYAKUMAR
La Caixa
BORJA PAGOAGA
AlphaValue
LIONEL PELLICER
Exane BNP Paribas
FRANCISCO RUIZ
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
ROBERT JACKSON
Grupo Santander
JAVIER ECHANOVE
EVA Dimensions
CRAIG STERLING
Bankia Bolsa (ESN)
INIGO RECIO PASCUAL
BBVA
LURDES SAIZ DE QUEVEDO
VIRGINIA PEREZ REPES
Mirabaud Finanzas Sociedad de ValoresGONZALO
S
SANZ
Intermoney Valores
ESTHER MARTIN
Source
EXCH
EXCH
EXCH
Short
MF-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
sell
Sell/Neutral
sell
reduce
underperform
sell
sell
hold
underweight
reduce
underperform
sell
underweight
hold
Amt Held
% Out
192'659'576 50.01
41'683'407 10.82
3'816'325
0.99
(2'658'166) -0.69
2'578'189
0.67
2'467'406
0.64
1'732'937
0.45
1'125'649
0.29
353'605
0.09
231'066
0.06
228'501
0.06
208'291
0.05
207'101
0.05
136'113
0.04
115'637
0.03
114'365
0.03
79'827
0.02
74'937
0.02
71'958
0.02
71'680
0.02
Weighting
Change
1
1
1
2
1
1
1
3
1
2
1
1
1
3
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'984'925
181'730
38'524
32'419
80'155
4'034
73'295
73'688
9'918
264
11'074
(8'102)
-
Target Price
8
9
9
11
7
9
11
10
#N/A N/A
9
8
8
9
12
File Dt
02.08.2012
20.08.2012
20.08.2012
15.02.2013
31.12.2012
31.12.2012
26.02.2013
11.09.2012
31.12.2012
30.11.2012
28.12.2012
02.08.2012
31.01.2013
31.12.2012
31.01.2013
29.02.2012
30.11.2012
28.12.2012
31.07.2012
31.10.2012
Date
Not Provided
6 month
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Inst Type
Corporation
Other
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Unclassified
Investment Advisor
Mutual Fund Manager
Date
25.02.2013
18.02.2013
07.02.2013
07.02.2013
05.02.2013
30.01.2013
30.01.2013
21.01.2013
17.01.2013
28.12.2012
05.10.2012
30.01.2012
30.01.2012
13.04.2011

Fundamental Equity Analysis &amp; Analyst Recommendations - STOXX Europe Small 200 Index Components

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Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components