Fundamental Equity Analysis - SPI Index - Swiss Performance Index Top 100 Companies

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
Swiss Performance Index
Top 100 Companies by Cap.
July 2013
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 |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
14898194
1991.775
1117
1117
203
220
220
102.58
110.21
110.21
15.75
15.75
14.66
14.66
18.58
Euro Stoxx 50 Pr
EUR
2493756
5284.795
4561
4561
731
763
763
203.59
297.44
297.44
21.63
17.12
14.81
14.81
20.19
NIKKEI 225
JPY
2727065
192.1279
192
192
18
22
22
5.38
7.90
7.90
0.26
0.27
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2587478
11449.56
10098
10098
1411
1676
1676
586.95
805.96
805.96
24.84
21.83
18.09
18.09
21.26
SWISS MARKET INDEX
CHF
1017711
10776.65
4094
4094
859
827
827
416.04
556.80
556.80
20.57
17.07
15.37
15.37
22.10
S&P/TSX COMPOSITE INDEX
CAD
1566664
16493.48
8368
8368
1782
1970
1970
737.98
820.91
820.91
14.92
14.92
13.42
13.42
23.26
S&P/ASX 200 INDEX
AUD
1210714
5733.302
2686
2686
551
684
684
225.02
324.09
324.09
17.92
14.54
12.45
12.45
20.26
HANG SENG INDEX
HKD
1576584
2941
1673
1673
353
398
398
278.90
271.70
271.70
1.22
1.38
1.25
1.25
2.90
MSCI EM
USD
6919194
1278.432
973
973
188
180
180
82.52
90.76
90.76
11.05
11.20
10.05
10.05
19.18
NESTLE SA-REG
CHF
211531
4490
3189
29
10
232.27
96664
96664
100130
105807
17681
17681
4.00
19.70
19.69
18.67
17.17
10.69
-2.92
10.18
-1.53
19.15
AA
16.08.2007
NOVARTIS AG-REG
CHF
191964
2430
2421
21
216.74
59337
59631
59957
61899
17500
17431
4.19
4.14
5.44
5.93
18.80
19.00
14.29
13.12
-3.38
8.07
-6.49
11.05
30.60
AA-
07.04.2008
Aa3
08.02.2013
ROCHE HOLDING AG-GENUSSCHEIN
CHF
215556
828
863
26
15
228.99
47638
47638
49735
51645
20312
20312
14.43
11.78
15.67
16.91
22.22
18.13
16.70
15.48
7.31
0.11
8.81
2.80
44.64
AA
17.09.2012
UBS AG-REG
CHF
65963
7090
3747
280
70
266.54
39529
39990
29345
30309
16259
0.55
-0.74
1.04
1.30
16.59
17.35
13.79
-8.01
-10.14
-11.60
-32.81
29.11.2011
A2
21.06.2012
ABB LTD-REG
CHF
50337
3036
2296
11
55.45
41185
42031
43520
45896
5543
5752
1580
1580
1.25
1.21
1.57
1.80
19.63
18.68
15.19
13.25
3.71
4.83
-7.25
2.60
14.33
08.06.2010
CIE FINANCIERE RICHEMON-BR A
CHF
51342
817
553
38.22
10627
10627
11553
12676
2949
2949
1755
1755
3.78
3.83
4.18
4.69
19.80
20.15
18.16
16.16
15.14
14.38
18.86
15.24
29.06
CREDIT SUISSE GROUP AG-REG
CHF
43067
5495
1325
346
67
40114
40905
27713
28641
2.31
1.63
2.73
3.15
17.59
9.76
10.46
9.07
-10.74
-5.44
A-
02.07.2013
(P)A2
21.06.2012
ZURICH INSURANCE GROUP AG
CHF
38849
315
147
13
10
47.25
73758
74726
61516
62789
27.73
27.08
29.71
31.21
10.61
10.60
9.67
9.20
34.52
46.26
SYNGENTA AG-REG
CHF
37013
170
92
40.60
14870
14870
15964
16938
3296
3296
23.83
21.39
25.55
28.41
20.37
18.28
17.05
15.34
7.37
11.59
9.39
10.73
23.21
15.06.2007
SWISS RE AG
CHF
27441
717
343
21
11
38.04
34673
35926
35664
37976
11.58
13.21
9.69
9.06
6.14
6.57
8.38
8.95
20.03
13.92
TRANSOCEAN LTD
CHF
17310
271
13
26.00
9628
9986
10095
11364
2896
2837
951
951
4.59
6.40
11.47
8.23
15.25
-6.57
86.46
-4.03
29.75
SWATCH GROUP AG/THE-BR
CHF
29357
116
54
27.46
8162
8162
9217
10171
2351
2351
1104
1104
31.01
31.03
34.35
38.49
18.92
18.93
17.09
15.25
15.97
6.93
22.84
9.77
30.15
HOLCIM LTD-REG
CHF
23048
716
325
14
37.34
22557
22099
23074
24579
4171
4071
1365
1365
2.01
2.57
4.66
6.31
28.76
28.53
15.82
11.69
4.04
-4.61
0.69
-10.97
19.29
BBB
22.01.2009
Baa2
09.04.2009
SGS SA-REG
CHF
17265
18
17.68
5840
5840
6453
7059
1177
1177
75.92
76.40
97.91
113.40
30.25
30.44
23.59
20.37
17.05
5.69
11.24
4.61
21.10
WEATHERFORD INTL LTD
CHF
10704
29
20.29
15930
16188
16936
18506
2560
2622
717
717
0.85
1.33
18.02
11.55
17.95
12.81
0.09
1.94
16.96
SWISSCOM AG-REG
CHF
22622
61
52
31.10
11919
11848
11845
11897
4300
4224
1130
1130
35.32
34.15
33.17
33.80
13.39
13.45
13.78
13.53
-0.76
-1.45
-4.70
-0.20
37.32
30.06.2009
A2
27.06.2007
GEBERIT AG-REG
CHF
9804
89
38
9.38
2010
2021
2381
2498
568
575
615
615
10.76
11.03
12.00
12.81
23.98
23.98
22.03
20.65
2.92
-1.35
2.05
-3.15
29.80
A-
25.05.2010
GIVAUDAN-REG
CHF
12085
10
13.23
4457
4457
4642
4862
912
911
46.96
47.27
59.24
66.45
28.99
29.18
23.13
20.62
9.15
0.28
16.09
-0.10
21.40
JULIUS BAER GROUP LTD
CHF
8703
390
214
16
2124
2124
2248
2720
2.23
1.56
2.29
2.95
26.11
27.02
17.81
13.78
-1.18
ADECCO SA-REG
CHF
10820
273
185
9.89
21501
21000
20892
22191
867
807
2.09
1.85
3.00
3.74
26.17
26.17
16.16
12.98
-0.05
-0.50
-12.38
-7.00
4.02
BBB
12.10.2011
Baa3
20.10.2009
SCHINDLER HOLDING-PART CERT
CHF
16171
84
116
14.25
9724
1156
1161
1236
1236
6.31
6.34
6.74
7.47
23.20
23.32
21.84
19.71
5.39
3.67
19.19
3.01
14.06
ACTELION LTD-REG
CHF
7298
214
113
6.54
1803
1821
1806
1848
527
598
135
135
2.69
3.25
3.84
4.04
19.57
18.47
16.53
15.71
0.56
7.50
16.28
4.53
34.39
KUEHNE & NAGEL INTL AG-REG
CHF
13821
124
120
12.70
17925
18167
18655
19743
970
1039
254
254
4.54
4.83
5.41
6.11
24.98
23.58
22.29
19.74
5.82
-0.43
-5.97
-2.03
5.99
ARYZTA AG
CHF
5176
122
88
5.39
4405
4569
4671
4987
565
577
1.57
1.52
3.77
4.19
31.48
31.52
12.70
11.40
8.93
11.86
22.69
13.21
SWATCH GROUP AG/THE-REG
CHF
29357
129
54
27.46
8162
8162
9266
10135
2351
2351
2680
2680
31.01
31.03
7.05
7.72
3.28
3.28
14.45
13.20
15.97
7.52
22.84
9.77
30.15
SIKA AG-BR
CHF
6498
6.62
5056
5056
5306
5688
596
596
137.43
144.77
137.53
156.98
18.76
18.76
19.75
17.30
6.26
1.31
20.07
-2.37
12.33
A-
02.05.2000
SONOVA HOLDING AG-REG
CHF
7186
55
67
7.02
1880
1880
2025
2170
250
250
1.74
1.74
5.57
6.28
64.46
64.46
20.11
17.83
11.34
9.35
-36.54
-8.52
13.90
BALOISE HOLDING AG - REG
CHF
4963
171
47
4.06
9772
9772
8894
9061
9.51
9.76
10.04
10.54
10.65
10.93
10.35
9.86
22.36
4.20
SWISS PRIME SITE-REG
CHF
4389
95
60
8.50
604
604
596
599
356
356
2.84
6.00
3.65
3.77
12.77
25.47
21.00
20.34
0.93
28.50
-4.59
18.57
61.66
PARTNERS GROUP HOLDING AG
CHF
7422
27
25
7.18
591
591
531
623
309
309
159
159
10.39
10.63
12.22
14.30
27.39
28.02
23.82
20.35
26.92
18.57
26.31
1.85
54.85
CLARIANT AG-REG
CHF
4678
1413
296
6.53
6322
7262
6497
6769
808
812
220
220
0.99
0.83
1.11
1.31
17.84
14.64
13.27
11.24
-18.92
-5.72
-12.22
-0.08
11.71
BBB-
14.03.2011
Ba1
03.03.2009
SWISS LIFE HOLDING AG-REG
CHF
5327
111
32
1.48
19973
19973
19058
19355
18.55
3.02
19.74
21.01
57.58
9.37
8.81
8.27
10.81
6.24
BBB
03.05.2012
LINDT & SPRUENGLI AG-REG
CHF
9459
8.89
2795
2795
3007
3223
479
490
535
535
1242.70
1239.21
1424.83
1576.77
37.48
37.37
32.59
29.45
7.61
-1.24
8.81
0.61
18.37
SULZER AG-REG
CHF
5672
98
34
5.78
4211
4211
4441
4730
578
578
625
625
9.40
9.45
10.26
12.04
18.33
18.43
16.88
14.39
12.98
2.92
15.26
2.65
14.37
LONZA GROUP AG-REG
CHF
3956
186
52
6.45
4110
4110
4148
4360
670
670
3.68
3.69
4.87
5.85
21.24
21.26
16.08
13.39
47.96
6.64
20.08
-0.89
17.07
PSP SWISS PROPERTY AG-REG
CHF
3943
43
46
5.81
297
295
287
292
184
229
60
60
3.69
8.84
3.76
3.72
10.18
24.62
23.93
24.21
-0.34
-25.31
6.02
81.49
LINDT & SPRUENGLI AG-PC
CHF
9459
8.89
2795
2795
3014
3233
479
490
116
116
1242.70
1239.21
138.34
151.94
3.21
3.20
28.72
26.15
7.61
-1.24
8.81
0.61
18.37
SCHINDLER HOLDING AG-REG
CHF
16171
16
116
14.25
8646
8646
9161
9724
1156
1161
1236
1236
6.31
6.34
6.74
7.47
22.53
22.64
21.21
19.14
5.39
3.67
19.19
3.01
14.06
GAM HOLDING AG
CHF
2889
466
165
1046
1045
671
728
0.53
0.53
1.23
1.41
30.90
30.90
13.43
11.72
24.09
DUFRY AG-REG
CHF
3669
162
29
4.81
3302
3315
3859
4349
465
448
147
147
4.62
4.09
8.22
11.10
31.62
31.95
15.75
11.66
20.48
30.32
13.20
14.15
BB+
15.10.2012
GALENICA AG-REG
CHF
4002
11
4.75
3778
3778
3737
3872
452
452
41.66
41.01
41.46
43.64
15.72
15.79
15.55
14.77
3.83
7.67
8.22
18.44
12.52
HELVETIA HOLDING AG-REG
CHF
3545
10
2.45
8342
8342
7635
8433
39.91
39.90
42.20
44.04
10.75
10.75
10.16
9.74
6.58
5.46
EMS-CHEMIE HOLDING AG-REG
CHF
7010
15
23
6.74
1838
1838
1943
2058
364
214
214
12.22
12.22
12.38
13.21
25.68
25.68
25.34
23.76
6.15
2.63
2.85
OC OERLIKON CORP AG-REG
CHF
3993
1272
325
3.67
3043
3043
3057
3164
599
599
0.70
0.71
0.75
0.85
18.01
18.28
16.99
15.10
6.71
-11.95
16.78
-4.23
20.61
BARRY CALLEBAUT AG-REG
CHF
5132
6.18
5057
4967
5177
6445
462
48.54
47.58
49.74
55.71
20.58
20.66
19.68
17.57
8.68
-1.49
-3.88
0.31
BB+
28.03.2013
PARGESA HOLDING SA-BR
CHF
5647
64
85
16.91
5146
5146
533
566
1486
1492
5.66
5.17
5.15
6.10
13.46
12.31
13.52
11.41
4.12
-2.62
57.64
0.89
30.34
FISCHER (GEORG)-REG
CHF
1899
19
2.26
3771
3771
3795
3947
376
376
38.95
31.10
38.36
42.51
15.59
12.62
12.64
11.40
2.71
-3.74
-3.93
-5.91
10.44
FLUGHAFEN ZUERICH AG-REG
CHF
3121
4.15
993
993
1012
1028
410
410
547
547
16.24
16.32
25.42
33.85
32.61
32.63
20.94
15.72
5.02
2.90
-20.15
-1.02
43.18
20.04.2012
DKSH HOLDING LTD
CHF
5355
72
63
5.33
9249
9249
10582
11686
336
336
184
184
2.97
3.33
3.45
3.92
26.52
29.71
25.59
22.52
21.31
17.71
3.80
BUCHER INDUSTRIES AG-REG
CHF
2435
19
10
2.49
2732
2732
2820
2920
319
319
16.04
16.06
18.11
19.35
15.49
15.51
13.73
12.86
12.24
1.36
18.07
1.46
12.24
8646
8646
9161
3.49
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
3.49
3.68
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
14898194
1991.775
1117
1117
203
220
220
102.58
110.21
110.21
15.75
15.75
14.66
14.66
18.58
Euro Stoxx 50 Pr
EUR
2493756
5284.795
4561
4561
731
763
763
203.59
297.44
297.44
21.63
17.12
14.81
14.81
20.19
NIKKEI 225
JPY
2727065
192.1279
192
192
18
22
22
5.38
7.90
7.90
0.26
0.27
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2587478
11449.56
10098
10098
1411
1676
1676
586.95
805.96
805.96
24.84
21.83
18.09
18.09
21.26
SWISS MARKET INDEX
CHF
1017711
10776.65
4094
4094
859
827
827
416.04
556.80
556.80
20.57
17.07
15.37
15.37
22.10
CAD
1566664
16493.48
8368
8368
1782
1970
1970
737.98
820.91
820.91
14.92
14.92
13.42
13.42
23.26
S&P/ASX 200 INDEX
AUD
1210714
5733.302
2686
2686
551
684
684
225.02
324.09
324.09
17.92
14.54
12.45
12.45
20.26
HANG SENG INDEX
HKD
1576584
2941
1673
1673
353
398
398
278.90
271.70
271.70
1.22
1.38
1.25
1.25
2.90
MSCI EM
USD
6919194
1278.432
973
973
188
180
180
82.52
90.76
90.76
11.05
11.20
10.05
10.05
19.18
TEMENOS GROUP AG-REG
CHF
1712
159
69
1.92
471
475
499
537
113
126
31
0.37
0.60
1.19
1.40
43.67
43.67
21.89
18.60
-5.14
3.76
22.92
6.85
27.79
NOBEL BIOCARE HOLDING AG-REG
CHF
1477
99
123
1.13
608
601
592
612
105
102
28
28
0.39
0.39
0.42
0.47
26.13
26.13
24.30
21.68
2.08
-1.84
-3.86
-16.90
17.79
ALLREAL HOLDING AG-REG
CHF
2215
14
16
3.82
909
909
294
310
180
180
206
206
6.81
6.75
7.59
8.46
21.54
21.36
19.17
17.19
4.63
81.24
-5.91
6.62
20.77
BANQUE CANTONALE VAUDOIS-REG
CHF
4334
1383
1383
1039
1067
37.83
34.66
35.80
13.94
15.21
14.73
-2.36
-4.69
AA
05.12.2011
KABA HOLDING AG-REG B
CHF
1452
992
993
1000
1023
161
157
67
67
23.20
23.35
21.91
23.88
17.07
17.07
18.19
16.69
0.25
-7.01
26.45
-3.49
16.58
VALIANT HOLDING AG-REG
CHF
1394
21
16
646
646
393
419
5.69
7.13
6.09
7.57
12.96
16.25
15.17
12.21
0.37
-2.12
MOBIMO HOLDING AG-REG
CHF
1240
10
2.25
264
264
137
138
88
88
104
104
7.66
12.91
9.08
9.09
16.20
27.31
23.03
23.00
10.18
5.86
3.32
6.84
34.73
PANALPINA WELTTRANSPORT -REG
CHF
2683
22
24
2.29
6928
6992
7529
7869
38
96
41
41
-0.43
-0.69
3.10
4.38
38.11
26.99
1.88
-5.17
-86.64
-38.82
1.44
LUZERNER KANTONALBANK AG-REG
CHF
3061
718
713
447
456
20.36
21.14
22.78
23.45
17.84
18.10
16.55
16.08
-4.95
-4.78
AA+
12.09.2008
BERNER KANTONALBANK AG-REG
CHF
2207
694
694
17.37
14.39
17.24
14.27
-4.01
-1.36
AMS AG
CHF
1114
69
14
0.89
406
400
429
479
123
115
23
23
6.34
5.87
6.04
7.39
11.10
11.73
10.80
8.83
42.51
24.73
71.91
19.85
30.20
KUONI REISEN HLDG-REG(CAT B)
CHF
1311
13
1.21
6120
6120
6089
6315
179
179
-1.79
-2.61
25.70
31.62
13.36
10.86
15.04
5.38
2.63
-2.77
3.07
BURCKHARDT COMPRESSION HOLDI
CHF
1351
1.19
384
384
455
496
90
90
100
100
17.40
17.40
19.81
22.26
23.91
23.91
21.00
18.69
12.02
3.62
9.46
-2.07
24.68
STRAUMANN HOLDING AG-REG
CHF
2373
24
15
2.22
719
719
704
726
100
100
2.47
2.47
6.72
7.89
64.15
64.20
23.60
20.10
-1.11
-2.23
-19.00
-17.81
14.58
BELIMO HOLDING AG-REG
CHF
1379
1.29
466
466
503
543
96
96
107
107
105.48
105.48
119.43
131.13
22.26
22.26
19.66
17.91
7.21
4.50
12.94
5.98
21.64
ST GALLER KANTONALBANK A-REG
CHF
2042
745
745
515
524
27.22
28.56
30.92
31.14
13.43
14.09
12.41
12.32
1.28
-4.48
Aa1
02.12.2003
LOGITECH INTERNATIONAL-REG
CHF
1101
249
173
0.80
2199
2199
2089
2109
79
79
-1
-1
-0.15
-1.51
0.31
0.44
24.20
17.27
-9.78
-2.89
-50.03
-27.03
3.76
TECAN GROUP AG-REG
CHF
1054
11
0.91
409
409
431
473
66
66
73
73
4.02
4.08
4.51
5.43
23.62
23.99
21.37
17.77
3.93
-0.76
3.81
-2.75
16.75
GRAUBUENDNER KANTONALBANK-PC
CHF
3268
518
518
405
418
66.57
58.36
80.67
85.23
21.32
18.69
15.42
14.60
-3.19
-4.66
AA+
17.12.2010
ZUGER KANTONALBANK-BR
CHF
1413
342
342
222.41
222.42
23.07
23.07
-3.51
-3.38
FORBO HOLDING AG-REG
CHF
1446
1.18
1258
1258
1277
216
170
170
60.16
59.31
47.86
53.57
11.35
11.35
14.06
12.57
-0.23
0.56
4.94
-2.85
VONTOBEL HOLDING AG-REG
CHF
2035
20
63
6.94
947
947
870
941
233
233
2.11
2.15
2.39
2.80
15.27
15.50
13.69
11.72
1.67
-1.62
4.11
-12.12
25.72
30.03.2009
DAETWYLER HOLDING AG-BR
CHF
1823
16
1.88
1242
1242
1474
1572
167
167
226
226
6.30
6.31
8.27
9.38
17.78
17.78
13.57
11.97
13.50
1.61
-3.18
-3.52
14.07
HUBER & SUHNER AG-REG
CHF
909
20
0.82
731
731
797
860
80
33
94
94
1.17
1.17
2.37
2.82
40.20
40.20
19.88
16.72
-8.34
1.90
-6.52
4.90
VALORA HOLDING AG-REG
CHF
636
1.02
2982
2982
3042
3089
140
140
149
149
20.09
16.61
17.81
19.55
11.67
11.67
10.88
9.91
1.11
0.27
13.07
5.96
4.91
INFICON HOLDING AG-REG
CHF
673
0.61
311
303
327
342
60
18.70
17.97
18.84
20.10
18.40
18.56
17.54
16.45
-4.99
7.94
-5.33
8.11
MEYER BURGER TECHNOLOGY AG
CHF
548
730
58
0.56
676
676
477
645
-34
-34
-2.03
-2.03
-1.38
-0.26
-53.33
40.27
-5.31
IMPLENIA AG-REG
CHF
975
14
18
0.69
2822
2822
2956
3036
147
147
162
162
3.95
3.95
4.44
4.60
14.00
14.00
7.18
3.47
4.02
11.97
5.46
BASELLANDS KANTONALBANK-CERT
CHF
2217
594
594
77.47
53.97
19.82
13.81
-3.02
-3.42
AAA
21.11.2001
BASILEA PHARMACEUTICA-REG
CHF
695
29
10
61
61
-49
-46
-46
-5.79
-5.79
-13.84
88.54
13.80
BASLER KANTONALBK - PC
CHF
2629
30
1007
1007
7.55
8.36
10.52
11.64
2.92
-3.54
AA+
18.10.2001
EMMI AG-REG
CHF
1587
3121
3121
3368
3438
261
262
283
283
20.77
20.79
20.22
21.59
14.93
14.95
15.36
14.38
10.00
5.18
11.83
11.83
8.78
EFG INTERNATIONAL AG
CHF
1804
147
1227
1227
796
859
0.83
0.80
1.02
1.18
16.19
16.53
12.66
10.94
9.13
-12.38
RIETER HOLDING AG-REG
CHF
747
12
0.65
930
930
969
1092
70
70
73
73
3.67
6.70
4.26
12.55
24.96
45.55
39.25
13.33
-11.74
-25.31
-56.96
-33.05
7.87
BKW AG
CHF
1611
10
48
2.18
2844
2844
2725
2826
433
433
453
453
2.92
2.92
3.62
4.11
10.94
10.94
8.83
7.78
8.92
0.50
200.19
-0.33
15.95
GATEGROUP HOLDING AG
CHF
554
89
26
0.87
3133
3133
3236
3356
69
69
-2.34
-2.36
1.61
2.26
13.43
9.60
11.86
-63.49
2.30
BB-
11.06.2013
SCHWEITER TECHNOLOGIES AG-BR
CHF
884
0.49
705
705
734
772
84
84
83
83
28.44
29.92
30.27
38.16
21.43
22.42
21.19
16.80
-3.68
73.15
-4.30
32.33
12.49
SCHWEIZERISCHE NATL-V AG-REG
CHF
975
22
0.43
1666
1666
1705
1769
4.90
4.90
4.90
5.19
9.45
9.45
9.45
8.93
0.80
-3.38
NR
23.05.2006
METALL ZUG AG-SHS B-REG
CHF
1002
0.64
876
876
885
906
117
104
104
145.69
145.69
193.47
148.91
16.03
16.03
12.07
15.68
-0.71
7.46
-23.51
-2.39
VETROPACK HOLDING AG-BR
CHF
793
0.75
633
633
642
664
122
140
140
213.57
208.61
154.44
167.52
9.71
13.11
12.09
2.66
-0.93
-9.94
-9.80
VZ HOLDING AG
CHF
1080
0.87
161
161
184
209
74
74
88
88
7.21
7.25
8.46
9.73
19.50
19.59
16.70
14.52
7.13
11.08
6.17
12.01
47.92
KUDELSKI SA-BR
CHF
660
38
54
0.84
884
884
916
942
104
104
0.32
0.32
1.00
1.11
40.64
40.64
12.90
11.60
-3.57
-1.32
11.73
-7.35
12.34
LIECHTENSTEIN LANDESBANK-BR
CHF
1175
28
611
611
401
385
3.48
3.48
3.26
3.60
11.50
11.50
12.27
11.09
5.48
-11.34
ZEHNDER GROUP AG-BR
CHF
526
12
0.41
548
548
562
589
59
59
61
61
2.42
2.42
2.60
3.02
15.72
15.72
14.64
12.58
1.71
-18.54
0.19
11.33
LEM HOLDING SA-REG
CHF
716
0.69
246
246
274
298
51
30.02
30.04
33.65
41.23
21.90
21.90
19.55
15.95
-0.61
4.79
15.24
7.11
BOSSARD HOLDING AG-BR
CHF
604
0.82
493
493
630
672
61
61
84
84
13.87
13.87
15.75
16.31
11.41
11.41
10.04
9.70
3.08
-2.65
-3.52
-0.40
12.91
AFG ARBONIA-FORSTER HOLD-REG
CHF
492
35
18
0.63
1273
1273
1396
1429
115
115
125
125
-2.97
-2.97
2.10
2.77
13.45
10.22
-4.10
-4.52
8.67
-6.79
9.44
ZUG ESTATES HOLDING AG-B SHR
CHF
632
0.81
27
27
10
10
17.17
84.38
90.92
15.46
75.97
14.35
-43.14
-57.76
39.62
INTERSHOP HOLDINGS-BR
CHF
704
1.24
94
101
91
98
73
63
75
75
25.33
27.99
22.62
24.76
12.53
13.85
15.51
14.17
-0.39
7.63
4.58
3.06
65.95
U-BLOX AG
CHF
422
13
0.36
181
181
226
253
39
45
45
2.85
2.87
3.60
4.23
24.46
24.91
19.46
16.59
40.66
25.62
31.44
1.44
0.34
2.21
1256
46
65
31
-4.37
-3.16
12.45
12.01
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
%D to Spot
S&P 500 INDEX
2.26
2.26
2.07
1.88
2.26
1.45
1.45
1.38
1.33
1.45
10.18
10.18
9.51
9.83
10.18
9.03
9.03
8.33
7.78
9.03
14.66
14.66
13.11
11.96
14.66
2.17
2.17
2.34
2.44
2.17
1777.8
10.1%
Euro Stoxx 50 Pr
1.15
1.15
1.09
1.02
1.15
0.75
0.75
0.73
0.71
0.75
5.69
5.69
5.23
4.76
5.69
6.93
6.93
6.55
6.19
6.93
11.46
11.46
10.21
9.21
11.46
4.36
4.36
4.64
5.00
4.36
2969.9
12.7%
NIKKEI 225
1.52
1.52
1.43
1.32
1.52
0.73
0.73
0.71
0.69
0.73
8.97
8.97
8.30
7.60
8.97
8.85
8.85
8.19
7.71
8.85
17.73
17.73
15.75
14.19
17.73
1.64
1.64
1.79
1.94
1.64
14886.7
6.2%
FTSE 100 INDEX
1.69
1.69
1.58
1.46
1.69
0.96
0.96
0.93
0.95
0.96
8.35
8.35
7.62
6.95
8.35
6.83
6.83
6.43
6.05
6.83
12.00
12.00
10.93
10.09
12.00
3.91
3.91
4.21
4.56
3.91
6995.7
9.0%
SWISS MARKET INDEX
2.34
2.34
2.17
2.02
2.34
2.00
2.00
1.90
1.82
2.00
12.00
12.00
10.95
9.76
12.00
13.03
13.03
12.00
11.23
13.03
14.68
14.68
13.23
12.05
14.68
3.31
3.30
3.69
4.23
3.30
8617.2
10.4%
1.62
1.62
1.51
1.41
1.62
1.38
1.38
1.43
1.48
1.38
8.20
8.20
7.40
6.13
8.20
8.37
8.37
7.41
6.83
8.37
14.10
14.10
12.45
11.35
14.10
3.31
3.31
3.46
3.61
3.31
14176.6
16.5%
S&P/ASX 200 INDEX
1.75
1.75
1.65
1.56
1.75
1.64
1.64
1.55
1.48
1.64
9.89
9.89
8.92
8.52
9.89
8.38
8.38
7.61
7.09
8.38
13.57
13.57
12.31
11.38
13.57
4.92
4.92
5.26
5.61
4.92
5209.5
8.6%
HANG SENG INDEX
1.22
1.22
1.12
1.06
1.22
1.58
1.58
1.46
1.34
1.58
7.30
7.30
6.94
6.44
7.30
7.40
7.40
6.77
6.08
7.40
9.72
9.72
8.95
8.22
9.72
3.96
3.96
4.27
4.68
3.96
24849.3
21.4%
MSCI EM
1.32
1.32
1.21
1.09
1.32
0.94
0.94
0.88
0.81
0.94
6.51
6.51
5.96
5.46
6.51
7.11
7.11
6.46
5.95
7.11
10.05
10.05
9.05
8.26
10.05
3.08
3.08
3.41
3.69
3.08
1126.2
23.5%
NESTLE SA-REG
3.29
3.11
2.90
2.69
2.63
2.20
2.11
2.00
1.89
1.75
15.08
14.74
13.55
12.23
11.00
12.77
12.27
11.44
10.69
9.74
18.40
17.85
16.41
15.17
13.50
3.31
3.46
3.69
3.92
4.33
68.70
9.6%
NOVARTIS AG-REG
2.44
2.38
2.26
2.16
1.91
3.40
3.35
3.24
3.13
3.04
11.89
11.62
10.90
9.75
9.86
12.15
12.28
11.50
10.85
10.54
13.53
13.63
12.52
11.50
10.92
3.44
3.50
3.71
3.97
4.30
72.91
7.7%
ROCHE HOLDING AG-GENUSSCHEIN
12.57
9.64
7.56
6.19
5.00
4.56
4.34
4.18
4.04
3.93
15.35
13.18
12.23
11.36
11.55
12.23
10.89
10.34
9.86
9.65
17.46
15.95
14.78
13.80
13.21
3.07
3.36
3.67
3.98
4.26
270.60
13.4%
UBS AG-REG
1.30
1.26
1.20
1.14
2.51
2.25
2.18
2.06
2.18
105.87
13.13
10.07
7.63
16.14
16.58
13.17
10.02
8.86
0.80
1.46
3.27
7.47
7.54
18.44
12.4%
ABB LTD-REG
3.00
2.73
2.45
2.20
1.28
1.21
1.15
1.08
1.02
13.30
11.17
10.09
9.16
9.33
9.88
8.46
7.59
6.98
7.03
16.64
14.51
12.65
11.41
11.11
3.27
3.52
3.76
4.03
4.39
23.29
12.1%
CIE FINANCIERE RICHEMON-BR A
3.68
3.17
2.74
2.40
2.01
7.13
6.54
3.28
3.01
2.80
17.54
14.84
13.04
11.99
23.92
13.09
11.78
10.59
9.59
9.14
19.46
17.32
15.42
14.03
13.05
0.91
1.36
1.60
1.79
2.00
95.64
12.1%
CREDIT SUISSE GROUP AG-REG
0.98
0.95
0.89
0.84
0.77
1.69
1.55
1.50
1.49
1.40
16.72
7.10
6.53
5.74
10.84
9.99
8.66
7.89
7.96
2.66
3.11
4.21
5.05
4.54
28.40
8.9%
ZURICH INSURANCE GROUP AG
1.15
1.10
1.05
1.01
0.92
0.63
0.66
0.65
0.66
0.56
11.75
9.23
8.79
8.49
7.94
7.07
6.87
6.98
7.13
7.38
269.36
7.7%
SYNGENTA AG-REG
4.38
3.75
3.34
2.96
2.60
2.43
2.29
2.16
2.07
17.97
16.29
14.65
13.60
13.43
2.35
2.78
3.02
3.24
3.30
416.00
9.5%
SWISS RE AG
0.79
0.79
0.76
0.73
0.84
0.81
0.76
0.71
0.69
7.25
8.00
8.55
8.41
8.75
5.13
6.09
6.03
6.21
6.13
76.61
8.4%
TRANSOCEAN LTD
1.11
1.05
0.96
0.89
1.79
1.80
1.59
1.54
1.52
56.94
24.1%
SWATCH GROUP AG/THE-BR
3.17
2.77
2.43
2.16
3.62
3.18
2.89
2.64
HOLCIM LTD-REG
1.25
1.22
1.12
1.05
1.01
1.00
0.94
0.87
SGS SA-REG
7.69
7.04
6.24
5.41
2.98
2.68
2.45
2.24
1.14
1.15
1.02
0.89
0.71
0.66
0.61
0.56
SWISSCOM AG-REG
4.33
4.27
3.90
3.58
1.91
1.91
1.90
1.89
GEBERIT AG-REG
6.60
5.78
5.34
5.02
4.28
4.12
3.92
GIVAUDAN-REG
3.13
3.14
3.05
3.01
2.74
2.60
JULIUS BAER GROUP LTD
1.58
1.62
1.55
1.46
1.63
4.77
3.87
ADECCO SA-REG
2.16
2.10
1.93
1.75
1.43
0.41
SCHINDLER HOLDING-PART CERT
5.04
4.81
4.12
3.58
1.85
ACTELION LTD-REG
4.31
4.26
3.61
3.05
2.70
KUEHNE & NAGEL INTL AG-REG
5.45
5.07
4.68
4.29
3.79
ARYZTA AG
1.70
1.60
1.48
1.39
1.28
SWATCH GROUP AG/THE-REG
2.72
2.33
2.03
SIKA AG-BR
3.22
2.88
2.61
2.38
SONOVA HOLDING AG-REG
4.32
3.66
3.19
2.86
BALOISE HOLDING AG - REG
1.02
0.93
0.87
0.84
SWISS PRIME SITE-REG
1.07
1.06
1.05
PARTNERS GROUP HOLDING AG
11.21
8.60
CLARIANT AG-REG
1.36
SWISS LIFE HOLDING AG-REG
0.52
LINDT & SPRUENGLI AG-REG
13.74
12.56
11.60
7.79
10.00
8.32
6.75
6.57
5.18
4.77
2.50
20.17
16.81
14.04
12.45
0.80
7.15
6.39
5.42
4.79
2.11
18.00
15.48
13.49
12.16
6.84
5.40
4.39
4.05
1.92
6.11
5.68
5.73
5.71
3.77
3.77
18.56
17.25
16.34
2.49
2.37
2.29
16.44
14.39
3.20
2.91
2.86
18.49
18.31
0.42
0.39
0.37
0.33
13.07
12.80
10.87
9.22
1.77
1.66
1.57
1.51
19.35
17.22
14.84
13.76
4.03
4.04
3.95
3.85
4.12
16.90
13.56
12.32
11.20
0.77
0.74
0.70
0.66
0.66
18.53
16.25
14.90
13.64
0.97
0.90
0.84
0.81
0.76
9.36
8.41
7.35
6.78
3.62
3.17
2.90
1.29
1.22
1.14
1.06
0.98
14.76
12.93
11.67
10.70
3.78
3.55
3.31
3.11
2.88
26.38
16.26
14.95
13.40
0.52
0.56
0.55
0.57
0.48
10.48
9.60
8.93
8.37
1.04
9.92
7.36
7.32
7.62
9.19
20.16
17.97
16.83
17.15
18.58
7.17
6.11
16.69
13.98
11.91
10.68
9.63
26.63
24.50
18.72
1.40
1.30
1.21
0.60
0.72
0.69
0.66
0.62
9.04
6.86
6.36
0.50
0.48
0.46
0.29
0.28
0.28
0.26
0.25
5.60
5.09
4.57
4.02
3.39
3.15
2.94
2.73
SULZER AG-REG
2.36
2.15
1.95
1.77
1.37
1.28
1.20
1.13
LONZA GROUP AG-REG
1.53
1.53
1.42
1.33
0.98
0.95
0.91
0.87
PSP SWISS PROPERTY AG-REG
1.05
0.99
0.98
0.97
0.87
13.97
13.72
13.50
LINDT & SPRUENGLI AG-PC
5.05
4.07
3.62
3.41
3.37
3.38
3.14
2.93
SCHINDLER HOLDING AG-REG
4.89
4.67
4.00
3.48
1.85
1.77
GAM HOLDING AG
1.24
1.16
1.06
0.96
4.88
DUFRY AG-REG
2.71
2.57
2.21
1.91
1.73
1.10
GALENICA AG-REG
2.84
2.50
2.22
1.98
1.77
HELVETIA HOLDING AG-REG
0.94
0.88
0.84
0.79
0.73
EMS-CHEMIE HOLDING AG-REG
5.91
5.67
5.29
4.94
OC OERLIKON CORP AG-REG
2.06
1.99
1.83
1.62
BARRY CALLEBAUT AG-REG
3.36
2.75
2.52
2.27
PARGESA HOLDING SA-BR
0.69
0.71
0.71
FISCHER (GEORG)-REG
1.44
1.43
FLUGHAFEN ZUERICH AG-REG
1.62
1.49
DKSH HOLDING LTD
4.63
BUCHER INDUSTRIES AG-REG
2.47
0.65
0.89
3.43
0.73
0.45
14.98
12.17
11.33
10.36
9.65
9.37
7.71
7.30
6.87
5.56
5.28
5.75
13.74
10.96
7.85
7.43
8.41
1.04
3.66
4.56
4.94
17.03
12.26
10.30
9.17
8.26
8.23
19.47
16.32
14.57
13.09
12.52
1.27
1.46
1.66
1.87
2.03
623.91
16.5%
3.97
8.53
7.75
6.59
5.98
5.23
19.65
15.11
11.16
9.50
7.58
1.61
2.06
2.78
3.39
3.71
80.07
19.0%
12.29
14.44
12.39
10.83
9.78
9.68
25.70
22.54
19.46
17.34
16.47
3.00
2.83
3.11
3.41
3.58
2401.79
13.9%
7.07
6.54
5.53
4.90
21.94
17.21
11.03
8.40
0.00
0.00
0.00
0.00
14.63
9.6%
5.83
6.82
6.95
6.87
6.81
6.72
12.42
13.16
12.92
12.76
13.03
5.28
5.29
5.43
5.59
5.64
435.13
4.3%
15.30
14.71
16.52
15.26
14.36
13.55
12.75
23.31
21.04
19.71
18.46
17.73
2.72
3.03
3.22
3.44
2.54
224.20
-7.0%
13.41
11.94
11.39
14.67
13.45
12.57
11.76
11.51
22.94
22.09
19.69
18.10
16.19
2.06
3.24
3.63
4.05
4.29
1196.53
-4.3%
12.60
10.43
18.18
17.03
13.18
10.92
15.30
1.65
1.76
2.08
2.65
2.42
42.54
14.4%
9.44
10.58
10.30
8.55
7.45
6.26
15.85
15.42
12.38
10.55
8.83
3.11
3.36
3.83
4.42
4.50
57.89
6.1%
12.01
11.54
10.62
10.03
9.65
22.82
20.86
18.83
17.71
16.41
1.66
1.79
1.97
2.15
2.01
148.78
10.7%
14.33
12.23
11.92
11.18
10.33
12.98
15.68
15.79
15.01
13.17
12.92
1.33
1.70
1.82
1.99
2.06
61.62
6.3%
13.63
13.52
12.26
11.14
10.31
9.49
23.27
21.28
18.85
17.35
15.60
3.33
3.51
3.86
4.24
4.83
112.17
2.0%
5.59
9.74
9.18
8.17
7.66
7.19
12.87
12.13
10.89
9.81
8.86
1.17
1.24
1.38
1.53
1.70
62.73
16.5%
12.46
10.24
9.42
17.00
13.82
12.62
1.40
1.61
1.94
11.20
10.11
9.10
8.30
7.56
21.76
18.86
16.53
15.41
13.18
1.94
2.23
2.46
2.70
19.03
13.65
12.17
10.90
9.61
22.70
19.21
17.03
15.41
13.55
1.31
1.70
1.91
2.09
10.52
9.88
9.42
9.13
8.37
4.97
4.95
5.06
18.58
5.15
5.11
2.23
125.50
34.9%
2369.67
-4.4%
2.26
107.80
5.5%
5.20
5.27
101.17
6.7%
5.08
5.04
5.15
73.50
5.2%
2.62
3.03
3.38
257.20
-3.1%
9.9%
21.41
22.02
21.85
21.73
22.13
19.30
20.06
19.42
18.96
16.41
25.82
21.10
17.92
15.72
14.51
27.45
22.75
19.44
17.25
5.59
7.45
7.25
6.61
6.10
5.86
14.30
12.67
10.73
9.34
8.83
2.12
2.62
3.01
3.48
2.97
14.79
8.78
8.41
7.90
7.26
6.60
2.88
2.94
3.09
3.36
4.41
167.33
5.5%
34.08
31.13
28.13
25.30
1.35
1.53
1.68
1.89
39200.00
-7.5%
26.84
24.16
21.11
17.61
18.31
16.63
15.21
13.94
1.06
11.88
11.32
10.23
9.40
10.10
9.23
8.17
7.48
6.84
17.19
16.14
13.75
12.34
11.41
1.95
2.15
2.45
2.68
0.83
6.02
6.29
5.86
5.25
9.39
8.80
8.03
7.38
6.97
17.16
15.35
12.78
11.16
10.57
2.88
3.09
3.21
3.42
3.50
13.21
12.33
23.46
23.54
23.71
23.65
25.50
24.45
23.27
23.44
23.03
21.78
23.28
22.86
23.13
22.71
21.49
3.72
3.94
4.02
4.09
2.73
2.56
23.67
22.22
17.63
13.95
16.34
18.47
16.72
15.28
14.04
12.83
30.19
27.43
24.98
22.69
19.52
1.55
1.79
1.99
2.17
1.66
1.57
1.51
18.77
16.72
14.41
13.36
12.01
11.54
10.62
10.03
9.65
22.14
20.25
18.28
17.20
15.92
1.79
1.81
2.03
2.16
4.31
3.97
3.65
3.70
16.91
12.44
10.99
9.68
17.38
12.83
11.20
9.63
3.32
3.76
4.27
0.95
0.84
0.78
0.72
9.75
9.97
8.23
7.42
6.44
9.56
8.22
6.94
6.28
5.87
13.71
15.04
11.14
9.71
9.18
0.00
0.00
0.42
1.07
1.07
1.03
0.98
0.91
12.93
11.22
10.78
10.24
8.64
10.85
10.63
10.09
8.95
6.34
15.79
14.85
14.11
12.26
8.91
1.61
1.99
2.11
2.42
0.46
0.46
0.42
0.40
0.41
10.15
9.70
9.30
8.81
8.38
4.34
4.48
4.65
4.87
3.81
3.61
3.41
3.28
2.96
1.34
1.31
1.26
1.23
1.14
8.80
9.88
9.21
8.74
8.60
6.63
1.04
0.99
0.80
0.75
0.70
14.69
11.67
12.84
11.08
12.34
13.67
0.67
0.93
10.60
9.99
10.19
15.76
15.64
10.48
11.55
41.73
1.32
1.22
0.50
0.50
0.48
0.46
0.42
5.79
5.87
6.15
6.02
1.37
1.28
3.16
3.08
3.04
2.92
2.91
9.58
8.10
7.10
6.65
3.89
3.46
3.06
0.59
0.51
0.46
0.42
0.53
25.94
23.26
18.45
15.85
2.23
1.97
1.76
0.89
0.86
0.83
0.80
0.84
9.92
9.05
8.34
7.95
2.01
2.55
24.78
19.78
17.80
17.21
17.68
16.34
169.88
7.4%
64.57
-9.6%
4.10
89.10
8.5%
2.41
3783.33
4.4%
158.00
21.2%
4.84
18.21
21.0%
1.26
139.63
18.2%
3.49
623.33
6.0%
4.86
408.17
4.4%
232.50
-18.8%
12.8%
15.32
14.60
12.61
26.10
24.21
22.69
21.76
18.05
2.63
3.19
3.33
3.56
6.80
6.21
5.94
5.81
17.36
16.23
14.43
13.59
14.10
2.00
2.51
2.56
2.74
2.99
13.20
12.82
10.88
9.77
9.34
18.80
18.80
16.78
14.56
13.58
1.59
1.78
1.95
2.15
2.47
931.25
4.3%
39.20
33.93
29.74
40.97
12.91
10.90
9.91
3.59
4.23
4.49
4.93
74.63
17.5%
6.01
5.98
5.58
5.20
12.19
12.06
10.89
9.78
2.70
3.25
3.45
3.79
476.67
7.8%
7.81
7.58
7.52
7.18
16.78
20.00
15.02
13.88
1.82
2.00
2.34
2.64
16.89
15.92
13.56
11.97
10.63
8.63
29.21
24.44
21.51
19.09
15.81
1.05
1.23
1.44
1.57
8.05
7.97
7.29
6.89
6.55
6.40
14.86
13.12
12.28
11.67
10.94
2.05
2.33
2.54
2.70
4.52
8.46
4.07
486.25
0.2%
2.00
78.68
-2.3%
3.22
235.71
3.9%
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
%D to Spot
S&P 500 INDEX
2.26
2.26
2.07
1.88
2.26
1.45
1.45
1.38
1.33
1.45
10.18
10.18
9.51
9.83
10.18
9.03
9.03
8.33
7.78
9.03
14.66
14.66
13.11
11.96
14.66
2.17
2.17
2.34
2.44
2.17
1777.8
10.1%
Euro Stoxx 50 Pr
1.15
1.15
1.09
1.02
1.15
0.75
0.75
0.73
0.71
0.75
5.69
5.69
5.23
4.76
5.69
6.93
6.93
6.55
6.19
6.93
11.46
11.46
10.21
9.21
11.46
4.36
4.36
4.64
5.00
4.36
2969.9
12.7%
NIKKEI 225
1.52
1.52
1.43
1.32
1.52
0.73
0.73
0.71
0.69
0.73
8.97
8.97
8.30
7.60
8.97
8.85
8.85
8.19
7.71
8.85
17.73
17.73
15.75
14.19
17.73
1.64
1.64
1.79
1.94
1.64
14886.7
6.2%
FTSE 100 INDEX
1.69
1.69
1.58
1.46
1.69
0.96
0.96
0.93
0.95
0.96
8.35
8.35
7.62
6.95
8.35
6.83
6.83
6.43
6.05
6.83
12.00
12.00
10.93
10.09
12.00
3.91
3.91
4.21
4.56
3.91
6995.7
9.0%
SWISS MARKET INDEX
2.34
2.34
2.17
2.02
2.34
2.00
2.00
1.90
1.82
2.00
12.00
12.00
10.95
9.76
12.00
13.03
13.03
12.00
11.23
13.03
14.68
14.68
13.23
12.05
14.68
3.31
3.30
3.69
4.23
3.30
8617.2
10.4%
1.62
1.62
1.51
1.41
1.62
1.38
1.38
1.43
1.48
1.38
8.20
8.20
7.40
6.13
8.20
8.37
8.37
7.41
6.83
8.37
14.10
14.10
12.45
11.35
14.10
3.31
3.31
3.46
3.61
3.31
14176.6
16.5%
S&P/ASX 200 INDEX
1.75
1.75
1.65
1.56
1.75
1.64
1.64
1.55
1.48
1.64
9.89
9.89
8.92
8.52
9.89
8.38
8.38
7.61
7.09
8.38
13.57
13.57
12.31
11.38
13.57
4.92
4.92
5.26
5.61
4.92
5209.5
8.6%
HANG SENG INDEX
1.22
1.22
1.12
1.06
1.22
1.58
1.58
1.46
1.34
1.58
7.30
7.30
6.94
6.44
7.30
7.40
7.40
6.77
6.08
7.40
9.72
9.72
8.95
8.22
9.72
3.96
3.96
4.27
4.68
3.96
24849.3
21.4%
MSCI EM
1.32
1.32
1.21
1.09
1.32
0.94
0.94
0.88
0.81
0.94
6.51
6.51
5.96
5.46
6.51
7.11
10.05
10.05
9.05
8.26
10.05
3.08
3.08
3.41
3.69
3.08
1126.2
23.5%
TEMENOS GROUP AG-REG
4.36
3.92
3.44
2.95
3.86
3.59
3.34
3.09
2.94
21.72
17.62
14.95
12.85
28.36
20.90
17.76
15.20
0.00
1.41
1.55
1.70
NOBEL BIOCARE HOLDING AG-REG
3.76
3.24
2.95
2.67
1.98
2.02
1.96
1.86
1.75
14.38
15.89
13.19
11.90
26.01
23.20
20.70
17.42
1.59
1.83
2.05
2.39
ALLREAL HOLDING AG-REG
1.11
1.08
1.05
1.03
8.63
7.55
7.15
7.08
18.86
17.91
16.77
16.50
18.78
18.31
16.42
15.54
4.12
4.14
4.50
BANQUE CANTONALE VAUDOIS-REG
1.18
1.24
1.23
1.22
4.10
4.17
4.06
3.93
3.75
10.63
10.96
10.74
10.33
13.70
14.53
14.07
13.32
6.65
6.82
6.99
KABA HOLDING AG-REG B
2.74
2.33
2.15
1.97
1.45
1.45
1.42
1.37
1.34
11.71
12.07
11.58
10.74
16.43
17.37
15.94
14.23
2.13
2.66
2.89
3.12
VALIANT HOLDING AG-REG
0.69
0.65
0.60
0.55
3.45
3.55
3.33
3.18
3.05
11.58
14.48
11.66
10.37
3.80
3.80
3.80
4.27
MOBIMO HOLDING AG-REG
0.99
0.97
0.96
0.95
9.63
9.04
8.97
8.52
9.40
19.64
22.32
21.81
20.93
21.29
22.33
21.59
22.37
21.59
21.91
23.94
22.00
21.97
21.82
21.29
4.72
4.72
4.72
4.72
PANALPINA WELTTRANSPORT -REG
3.08
3.20
2.94
2.66
0.39
0.36
0.34
0.33
0.34
45.15
22.44
19.71
16.78
317.35
15.92
15.50
11.90
10.00
7.96
36.45
36.40
25.78
20.75
18.86
1.20
1.65
1.91
2.27
LUZERNER KANTONALBANK AG-REG
1.38
1.32
1.27
1.22
6.86
6.85
6.71
6.56
15.69
15.23
14.44
13.99
15.93
15.81
15.36
14.87
3.20
3.20
3.49
3.49
AMS AG
1.88
1.70
1.46
1.26
2.21
2.10
1.89
1.72
1.66
7.25
8.37
6.84
6.30
6.86
7.44
6.20
5.48
5.92
9.31
10.32
8.43
7.17
7.38
1.95
2.42
2.92
KUONI REISEN HLDG-REG(CAT B)
1.54
1.53
1.39
1.31
0.22
0.22
0.21
0.20
0.20
7.51
8.83
6.06
5.46
6.47
5.79
4.87
4.36
4.09
13.66
12.75
10.36
9.04
7.21
1.22
1.18
2.20
BURCKHARDT COMPRESSION HOLDI
3.85
3.37
3.09
3.06
3.35
2.97
2.72
2.57
2.65
16.78
15.60
14.45
14.25
13.32
11.94
10.74
9.85
11.13
22.72
20.05
17.85
16.38
19.83
2.29
2.91
STRAUMANN HOLDING AG-REG
3.41
3.30
3.03
2.82
3.26
3.37
3.27
2.80
2.49
21.70
18.25
15.13
13.18
16.27
14.95
12.80
9.89
7.92
27.42
22.54
19.20
15.74
13.10
2.02
BELIMO HOLDING AG-REG
5.10
4.49
4.05
3.65
2.96
2.74
2.54
2.35
2.18
17.14
14.72
13.64
12.78
13.52
12.02
11.01
10.11
9.20
21.47
18.78
17.10
15.55
ST GALLER KANTONALBANK A-REG
1.01
0.99
0.96
0.93
4.06
3.96
3.90
3.84
11.59
19.95
10.72
10.66
12.54
11.85
11.77
LOGITECH INTERNATIONAL-REG
1.41
1.44
1.36
1.33
0.52
0.55
0.55
0.54
10.36
10.71
9.47
7.16
7.23
6.51
5.41
5.21
32.29
23.11
16.49
TECAN GROUP AG-REG
3.23
2.89
2.60
2.31
2.56
2.45
2.23
2.01
24.95
13.55
11.55
13.73
12.36
10.49
8.70
21.57
20.41
16.98
13.87
GRAUBUENDNER KANTONALBANK-PC
1.36
1.24
1.19
8.09
8.07
7.82
1.62
1.55
14.86
14.73
13.94
FORBO HOLDING AG-REG
1.58
1.47
1.36
1.24
1.16
1.15
1.13
1.11
1.12
9.04
8.23
7.54
7.08
14.89
13.43
12.00
10.86
VONTOBEL HOLDING AG-REG
1.21
1.19
1.15
1.10
2.51
2.34
2.16
2.01
1.87
11.37
10.57
9.51
8.59
14.75
13.08
11.19
10.08
DAETWYLER HOLDING AG-BR
2.36
2.50
2.18
1.91
1.26
1.24
1.16
2.22
11.52
7.00
7.47
6.90
9.23
8.33
7.58
7.05
14.83
12.96
11.43
HUBER & SUHNER AG-REG
1.44
1.38
1.31
1.24
1.25
1.14
1.06
1.00
17.37
12.03
10.32
9.60
11.88
8.77
7.84
7.35
36.29
18.98
15.97
VALORA HOLDING AG-REG
1.07
1.03
0.99
0.94
0.21
0.21
0.21
0.20
5.92
4.81
4.75
4.39
8.64
6.88
6.58
6.14
10.75
10.39
9.47
8.29
INFICON HOLDING AG-REG
3.43
3.72
3.61
3.48
2.27
2.16
2.06
1.98
12.93
13.96
11.96
10.82
10.49
9.49
8.95
8.50
18.07
16.75
15.71
MEYER BURGER TECHNOLOGY AG
0.56
0.67
0.73
0.85
0.85
1.15
0.85
0.70
9.58
6.85
4686.71
9.16
6.18
IMPLENIA AG-REG
1.74
1.59
1.46
1.34
0.35
0.33
0.32
0.31
6.86
6.02
5.96
5.57
4.57
4.12
3.90
13.65
11.90
11.47
1.55
8.82
15.08
6.54
11.66
15.30
10.64
6.38
EMMI AG-REG
1.56
1.42
1.31
1.23
0.51
0.47
0.46
0.45
EFG INTERNATIONAL AG
1.47
1.25
1.14
1.06
2.17
2.27
2.10
1.97
2.06
RIETER HOLDING AG-REG
1.90
1.87
1.69
1.55
0.82
0.77
0.68
0.62
0.64
BKW AG
0.51
0.55
0.53
0.50
0.62
0.59
0.57
0.54
0.54
1.12
1.71
1.55
1.36
0.18
0.17
0.17
SCHWEITER TECHNOLOGIES AG-BR
1.28
1.30
1.29
1.22
1.17
1.20
1.15
SCHWEIZERISCHE NATL-V AG-REG
1.07
0.99
0.93
0.88
0.58
0.57
0.55
0.55
METALL ZUG AG-SHS B-REG
1.26
1.35
1.28
1.25
1.15
1.13
1.11
1.08
5.84
6.08
5.47
VETROPACK HOLDING AG-BR
1.19
1.13
1.05
0.98
1.26
1.24
1.20
1.15
6.45
5.87
5.40
4.93
6.08
5.37
5.08
VZ HOLDING AG
4.44
3.80
3.15
2.87
6.97
5.88
5.16
4.53
18.87
14.22
12.58
11.11
12.57
9.74
KUDELSKI SA-BR
1.47
1.33
1.21
1.11
0.73
0.72
1.25
0.68
6.14
6.15
5.71
5.27
8.56
6.45
0.63
0.61
0.59
2.93
3.05
2.90
8.89
7.89
6.59
1.33
0.77
0.76
0.72
0.68
2.85
2.61
2.40
2.40
8.17
7.11
7.11
6.46
5.95
15.62
13.09
11.41
10.06
10.67
11.03
10.10
9.12
21.93
18.57
17.17
16.90
8.80
9.41
8.86
8.10
9.12
7.57
14.14
11.90
21.73
-4.3%
9.58
-16.0%
4.50
145.00
9.3%
7.11
502.25
4.4%
3.47
3.30
370.00
1.8%
100.00
18.6%
91.19
-15.5%
3.57
98.54
34.2%
2.58
376.67
20.3%
3.36
3.58
355.67
-6.3%
2.36
2.64
3.05
3.13
130.56
-9.7%
2.63
3.07
3.33
3.62
3.50
11.74
4.29
3.71
4.48
4.95
11.85
6.19
3.30
3.39
3.56
6.48
-1.8%
1.48
1.74
1.97
2.34
2.69
98.00
11.4%
3.34
3.69
3.69
1.98
2.10
2.27
2.39
2.61
650.00
5.9%
3.91
4.37
4.88
5.23
35.00
17.1%
10.53
2.27
2.63
2.92
3.15
14.66
1.27
2.09
2.43
2.57
5.79
7.40
7.87
8.70
14.90
5.06
5.61
5.69
5.78
59.71
0.00
0.00
0.00
10.57
2.42
2.98
3.15
0.00
0.00
0.00
1.27
1.34
1.43
1.47
0.98
1.69
2.83
4.03
1.52
1.30
2.47
3.17
4.85
4.77
5.18
5.32
4.72
BERNER KANTONALBANK AG-REG
1.83
1.58
10.30
10.09
7.39
11.22
ZUGER KANTONALBANK-BR
0.20
6.73
4.96
6.90
4.22
6.56
6.27
5.75
6.13
9.85
8.07
7.65
171.67
-2.9%
318.50
10.6%
5.98
-3.7%
77.50
11.9%
3.37
BASELLANDS KANTONALBANK-CERT
BASILEA PHARMACEUTICA-REG
3.09
3.70
5.02
57.00
5.02
160.16
6.22
BASLER KANTONALBK - PC
LIECHTENSTEIN LANDESBANK-BR
1.07
0.85
6.56
6.35
6.13
9.79
8.90
7.53
11.33
10.34
8.50
7.72
9.50
8.92
4.80
4.16
3.06
3.37
3.14
2.84
4.74
4.80
4.46
4.36
0.16
4.76
4.89
4.01
3.55
4.95
4.90
4.34
1.10
10.01
9.85
9.11
10.00
5.90
5.88
5.13
ZEHNDER GROUP AG-BR
1.64
1.57
1.45
LEM HOLDING SA-REG
8.14
8.14
7.40
BOSSARD HOLDING AG-BR
3.38
3.29
2.71
2.27
1.21
0.96
0.90
1.42
AFG ARBONIA-FORSTER HOLD-REG
1.11
1.10
1.01
0.93
0.36
0.35
0.34
0.34
ZUG ESTATES HOLDING AG-B SHR
1.04
INTERSHOP HOLDINGS-BR
1.23
1.20
1.19
1.17
7.63
7.72
7.18
U-BLOX AG
2.77
2.43
2.17
1.93
2.40
1.87
1.67
6.53
8.35
7.81
7.61
7.39
15.78
14.67
13.74
12.85
14.43
12.09
10.44
8.76
41.36
37.48
12.73
10.08
8.66
8.44
7.43
6.97
4.01
13.36
12.82
9.16
8.34
2.28
1.34
2.60
5.41
15.25
20.24
16.05
17.03
6.84
4.49
3.68
8.92
9.02
8.53
7.83
4.44
4.33
4.54
5.05
5.14
19.66
11.53
14.98
13.55
2.58
2.58
2.58
4.81
14.64
12.52
11.54
11.19
2.49
1.96
2.11
8.33
7.14
20.11
15.95
13.87
12.03
1.97
2.33
2.68
3.06
6.10
5.85
15.52
12.32
11.07
9.98
0.94
1.45
1.68
2.32
11.72
10.60
8.40
4.12
4.66
5.49
12.66
13.98
12.02
10.20
2.61
2.37
2.74
3.20
18.24
18.67
15.24
13.78
4.62
4.87
6.16
7.18
4.18
0.51
0.65
6.27
7.81
6.8%
14.25
21.3%
185.00
21.2%
3.44
21.67
9.7%
2.74
587.50
0.4%
46.75
10.7%
2.58
2200.00
3.3%
2.25
1950.00
5.6%
13.80
17.4%
42.00
-1.9%
600.00
0.0%
5.37
6.69
7.19
6.53
5.85
6.36
6.64
5.87
5.10
15.78
14.35
13.82
12.19
11.67
9.95
9.12
1.33
9.37
8.54
7.60
7.08
13.34
9.80
9.06
8.46
7.18
11.92
9.59
9.26
8.69
7.65
3.36
3.91
4.21
4.55
5.23
154.26
6.9%
0.33
4.93
4.71
4.09
3.81
5.71
5.04
4.49
4.09
3.96
28.26
12.85
9.77
7.88
7.27
0.00
1.27
2.66
3.51
4.15
34.50
33.7%
7.51
14.38
14.78
13.50
14.35
16.40
16.66
15.28
16.12
15.23
14.81
13.53
14.38
6.09
6.09
6.25
6.25
330.00
3.1%
1.50
26.12
13.50
11.21
10.21
11.01
8.03
7.08
6.19
24.78
18.59
15.84
13.70
1.46
1.59
1.67
1.75
63.00
-1.6%
8.12
32.02
13.70
7.81
302.50
5.79
16.31
6.89
4.63
8.70
3.52
1.01
04.07.2013
Nestle SA
Nestle SA is a multinational packaged food company that manufactures and markets
a wide range of food products. The Company's product line includes milk,
chocolate, confectionery, bottled water, coffee, creamer, food seasoning and
pet foods.
Price/Volume
80
25.0 M
70
20.0 M
60
50
Latest Fiscal Year:

LTM as of:
52-Week High (03.04.2013)
52-Week Low (25.07.2012)
Daily Volume
Current Price (7/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
NESN VX EQUITY YTD Change
NESN VX EQUITY YTD % CHANGE
12/2012
03/yy
70.00
57.65
4'489'672.00
62.7
-10.43%
8.76%
33.60%
3'224.8
202'033.72
27'577.00
0.0
1'657.0
9'425.00
221'842.72
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
30
20
5.0 M
10
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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

31.12.2008
103'086.0
1.64x
15'533.0
10.89x
18'039.0
20.80x
15.0 M
40
Valuation Analysis
31.12.2009
31.12.2010
100'579.0
88'015.0
1.96x
2.08x
16'048.0
15'611.0
12.28x
11.72x
10'428.0
34'233.0
19.38x
21.06x
Profitability
LTM-4Q
31.12.2011
83'770.0
2.23x
15'390.0
12.16x
9'487.0
18.18x
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
92'324.0
2.27x
16'887.0
12.43x
10'611.0
17.90x
16'887.00
13'903.00
15.06%
15.72%
8.83%
18.02%
13.46%
0.77%
47.6%
18.3%
15.1%
11.5%
0.91
0.50
21.85%
45.25%
9.49
5.27
Price/ Cash Flow
LTM
03/yy
84'770
0.00x
0.0
0.00x
0.0
0.00x
03/yy
92'736
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.76
3'122.19
11.58%
8.49%
0.763
42
3.762
5'240'317
6'888'541
6'231'884
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
95'634
101'056
23'545
24'313
2.31x
2.17x
18'117.8
19'428.0
12.27x
11.44x
11'149.0
12'122.4
17.85x
16.41x
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
16.08.2007
AA
STABLE
23.11.1981
A-1+
29.73
20.28
1.07
1.63
45.2%
30.6%
0.77
3.63
38.56
69.50
106.31
1.76
Sales/Revenue/Turnover
20.00
120'000.0
18.00
100'000.0
16.00
14.00
80'000.0
12.00
60'000.0
10.00
8.00
40'000.0
6.00
4.00
20'000.0
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
04.07.2013
Nestle SA
Holdings By:
All
Holder Name
BLACKROCK
NORGES BANK
CAPITAL GROUP COMPAN
CREDIT SUISSE ASSET
FMR LLC
VANGUARD GROUP INC
UBS FUND MANAGEMENT
SUN LIFE FINANCIAL I
MORGAN STANLEY
PICTET & CIE
CARMIGNAC GESTION
HARBOR CAPITAL ADVIS
T ROWE PRICE ASSOCIA
DEUTSCHE BANK AG
SWISSCANTO FONDSLEIT
EATON VANCE MANAGEME
FIRST EAGLE INVESTME
ARTISAN PARTNERS HOL
THORNBURG INVESTMENT
ABERDEEN
Firm Name
Portfolio Name
n/a
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
SNS Securities(ESN)
RICHARD WITHAGEN
Helvea
ANDREAS VON ARX
Sanford C. Bernstein & Co
ANDREW WOOD
AlphaValue
SOPHIE CABO-BROSETA
First Global Stockbroking
DEVINA MEHRA
Investec
MARTIN DEBOO
Mirabaud Securities
JULIAN LAKIN
Canaccord Genuity Corp
EDDY HARGREAVES
Morgan Stanley
EILEEN KHOO
RBC Capital Markets
JAMES EDWARDES JONES
Goldman Sachs
ALEXIS COLOMBO
Bank am Bellevue
MICHAEL STUDER
Nomura
DAVID HAYES
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
Exane BNP Paribas
JEFF STENT
Deutsche Bank
JAMES ISENWATER
Credit Suisse
ALEX MOLLOY
JPMorgan
CELINE PANNUTI
HSBC
CEDRIC BESNARD
Zuercher Kantonalbank
PATRIK SCHWENDIMANN
Landesbank Baden-Wuerttemberg
BARBARA AMBRUS
Independent Research GmbH
LARS LUSEBRINK
Hamburger Sparkasse
TINA HECKING-VELTMAN
Berenberg Bank
JAMES TARGETT
Bank Vontobel AG
JEAN-PHILIPPE BERTSCHY
Kepler Cheuvreux
JON COX
S&P Capital IQ
CARL SHORT
Barclays
LIAM ROWLEY
Espirito Santo Investment Bank Research
ALEX SMITH
Jefferies
ALEX HOWSON
EVA Dimensions
AUSTIN BURKETT
Day by Day
VALERIE GASTALDY
Societe Generale
WARREN L ACKERMAN
Redburn Partners
JEREMY FIALKO
Natixis
PIERRE TEGNER
Liberum Capital Ltd
PABLO ZUANIC
Aurel - BGC
JEAN-MARIE L'HOME
Nord/LB
WOLFGANG VASTERLING
DZ Bank AG
ROBERT CZERWENSKY
Source
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
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
MF-AGG
ULT-AGG
Recommendation
hold
neutral
market perform
add
long-term outperform
hold
hold
hold
Overwt/In-Line
outperform
neutral/neutral
hold
reduce
outperform
outperform
hold
outperform
overweight
neutral
outperform
hold
hold
buy
hold
hold
hold
hold
overweight
neutral
buy
underweight
buy
buy
buy
buy
hold
hold
buy
hold
Amt Held
168'276'966
82'413'972
73'754'920
43'813'238
37'703'409
37'264'257
27'916'687
24'921'099
18'956'671
17'812'640
12'589'640
11'887'345
10'300'386
10'246'989
10'105'030
8'282'472
7'945'442
5'703'592
5'513'463
5'259'965
% Out
5.22
2.56
2.29
1.36
1.17
1.16
0.87
0.77
0.59
0.55
0.39
0.37
0.32
0.32
0.31
0.26
0.25
0.18
0.17
0.16
Weighting
Change
3
3
3
4
5
3
3
3
5
5
3
3
2
5
5
3
5
5
3
5
3
3
5
3
3
3
3
5
3
5
1
5
5
5
5
3
3
5
3
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
U
M
M
M
U
M
M
M
D
Latest Chg
(53'397)
36'300
(485'835)
3'496'739
2'031'372
(860'630)
575'775
275'118
88'163
52'250
(187'731)
511'231
70'813
(24'019)
(521'919)
22'200
178'680
192'700
97'700
Target Price
67
69
71
71
#N/A N/A
67
65
69
68
80
72
68
63
70
74
63
76
72
67
#N/A N/A
65
67
#N/A N/A
68
66
60
66
77
68
74
#N/A N/A
79
71
#N/A N/A
72
#N/A N/A
49
#N/A N/A
63
File Dt
Inst Type
21.05.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
27.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Unclassified
Date
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
3 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Date
22.05.2013
22.05.2013
20.05.2013
16.05.2013
08.05.2013
07.05.2013
02.05.2013
02.05.2013
30.04.2013
24.04.2013
23.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
10.04.2013
21.03.2013
21.03.2013
18.03.2013
19.02.2013
18.02.2013
11.02.2013
25.01.2013
18.10.2012
10.09.2012
16.08.2012
04.07.2013
Novartis AG
Novartis AG manufactures pharmaceutical and consumer healthcare products. The
Company produces pharmaceuticals for cardiovascular, respiratory and infectious
diseases, oncology, neuroscience, transplantation, dermatology,
gastrointestinal and urinary conditions, and arthritis, vaccines and
diagnostics, vision, and animal health products.
Price/Volume
16.0 M
60
14.0 M
12.0 M
10.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (22.05.2013)
52-Week Low (04.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NOVN VX EQUITY YTD Change
NOVN VX EQUITY YTD % CHANGE
12/2012
03/yy
73.75
53.65
2'430'303.00
67.7
-8.20%
26.19%
65.67%
2'706.2
183'344.58
19'726.00
0.0
126.0
8'119.00
207'011.85
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
m-12
LTM-4Q
31.12.2009
31.12.2010
44'267.0
50'624.0
2.72x
3.08x
12'318.0
15'866.0
9.79x
9.81x
8'400.0
9'794.0
14.73x
13.70x
Profitability
31.12.2011
58'566.0
2.61x
17'818.0
8.58x
9'113.0
14.94x
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
56'673.0
2.89x
16'714.0
9.82x
9'505.0
16.01x
16'714.00
11'794.00
20.81%
19.84%
7.98%
14.75%
11.76%
0.47%
66.9%
29.2%
20.4%
16.8%
1.16
0.76
15.88%
28.55%
5.40
2.80
Price/ Cash Flow
j-12
a-12
s-12
LTM
03/yy
58'274.0
10.82x
17'219.0
8.91x
8'590.0
15.59x
o-12
03/yy
56'954.0
11.74x
16'648.0
11.40x
9'598.0
18.00x
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
FY+1
0.90
2'423.83
30.24%
22.19%
0.901
31
3.968
3'715'888
4'421'043
4'158'569
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
57'264.6
59'119.5
14'308.5
14'059.3
3.49x
3.30x
16'863.8
18'014.2
12.28x
11.50x
12'505.7
14'110.9
3'165.8
3'149.0
13.63x
12.52x
13.92x
13.80x
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
07.04.2008
AASTABLE
14.01.1997
A-1+
23.09
19.36
0.90
1.26
28.5%
22.2%
0.47
3.49
67.58
130.31
87.88
90.49
14.00
70'000.0
12.00
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
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

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
70
50
Valuation Analysis
31.12.2008
41'459.0
2.76x
12'109.0
9.44x
8'195.0
13.89x
80
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
04.07.2013
Novartis AG
Holdings By:
All
Holder Name
NOVARTIS AG
BLACKROCK
EMASAN AG
NOVARTIS FOUNDATION
NORGES BANK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
UBS FUND MANAGEMENT
PICTET & CIE
BANK OF NEW YORK MEL
DB PLATINUM ADVISORS
FMR LLC
INVESCO LTD
DEUTSCHE BANK AG
ABERDEEN
Firm Name
Societe Generale
Exane BNP Paribas
AlphaValue
Helvea
Bryan Garnier & Cie
Goldman Sachs
Kepler Cheuvreux
Berenberg Bank
Morgan Stanley
Deutsche Bank
Jefferies
Day by Day
Hamburger Sparkasse
Bank am Bellevue
Credit Suisse
Bank Vontobel AG
Natixis
JPMorgan
CM - CIC Securities(ESN)
S&P Capital IQ
Barclays
EVA Dimensions
Redburn Partners
Liberum Capital Ltd
Main First Bank AG
Cyrrus
Mirabaud Securities
DZ Bank AG
Portfolio Name
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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
STEPHEN MCGARRY
FLORENT CESPEDES
ARMELLE MOULIN
ODILE RUNDQUIST
ERIC LE BERRIGAUD
KEYUR PAREKH
FABIAN WENNER
ALISTAIR CAMPBELL
PETER VERDULT
TIMOTHY M ANDERSON
TIM RACE
JEFFREY HOLFORD
VALERIE GASTALDY
MARCO GUENTHER
BRUNO ESCHLI
MATTHEW WESTON
ANDREW C WEISS
BEATRICE MUZARD
ALEXANDRA M HAUBER-SCHUELE
TIMO KUERSCHNER
CHRISTOPH SCHOENDUBE
ARSENE GUEKAM
SHO MATSUBARA
MARK PURCELL
MICHAEL NAWRATH
ANDREW S ZAMFOTIS
TEAM COVERAGE
NARESH CHOUHAN
TIM FRANKLIN
TOMAS MENCIK
NICHOLAS TURNER
ELMAR KRAUS
Source
ULT-AGG
EXCH
ULT-AGG
Co File
EXCH
MF-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
ULT-AGG
ULT-AGG
Recommendation
buy
outperform
add
buy
buy
neutral/neutral
hold
buy
Equalwt/Attractive
outperform
hold
buy
hold
hold
hold
outperform
reduce
neutral
overweight
buy
hold
hold
hold
equalweight
outperform
overweight
buy
overweight
suspended coverage
hold
accumulate
buy
Amt Held
123'887'381
109'194'165
105'579'360
87'859'938
78'926'882
60'347'393
36'646'471
31'597'026
23'017'102
14'689'249
13'520'586
13'144'896
11'042'681
9'358'243
9'019'898
8'772'019
8'760'782
7'565'448
5'670'897
5'442'923
% Out
4.58
4.03
3.9
3.25
2.92
2.23
1.35
1.17
0.85
0.54
0.5
0.49
0.41
0.35
0.33
0.32
0.32
0.28
0.21
0.2
Weighting
Change
5
5
4
5
5
3
3
5
3
5
3
5
3
3
3
5
2
3
5
5
3
3
3
3
5
5
5
5
#N/A N/A
3
4
5
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
M
M
M
M
Latest Chg
2'999'400
5'153'293
(356'538)
919'612
(784'272)
167'961
(548)
498'977
1'077'635
(1'680'234)
(16'435)
599'647
171'213
(122'700)
152'480
Target Price
78
79
82
76
77
76
64
80
70
76
65
81
#N/A N/A
#N/A N/A
62
79
60
65
78
75
73
55
69
65
#N/A N/A
#N/A N/A
#N/A N/A
70
#N/A N/A
52
61
56
File Dt
Inst Type
31.03.2013
Investment Advisor
09.05.2012
Corporation
21.05.2013
Investment Advisor
25.02.2013
n/a
31.12.2012
Government
27.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
01.05.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
20.05.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Unclassified
31.03.2013
Investment Advisor
Date
12 month
Not Provided
6 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
15 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
23.05.2013
23.05.2013
23.05.2013
22.05.2013
21.05.2013
17.05.2013
15.05.2013
14.05.2013
09.05.2013
09.05.2013
08.05.2013
06.05.2013
30.04.2013
29.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
16.04.2013
26.03.2013
17.01.2013
10.12.2012
05.10.2012
20.07.2012
05.04.2012
02.04.2012
30.01.2012
04.07.2013
Roche Holding AG
Roche Holding AG develops and manufactures pharmaceutical and diagnostic
products. The Company produces prescription drugs in the areas of
cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology,
metabolic disorders, oncology, transplantation, and the central nervous system.
Price/Volume
300
250
200
150
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (04.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ROG VX EQUITY YTD Change
ROG VX EQUITY YTD % CHANGE
12/2012
03/yy
258.60
165.50
828'049.00
238.7
-7.70%
44.23%
74.76%
702.6
205'877.72
24'590.00
0.0
2'234.0
13'991.00
218'710.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
50
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-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
45'617.0
2.93x
16'673.0
8.03x
8'969.0
15.58x
100
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-13 m-13
LTM-4Q
31.12.2009
31.12.2010
49'051.0
47'473.0
3.62x
2.96x
18'936.0
18'358.0
9.38x
7.65x
7'784.0
8'666.0
19.38x
13.51x
Profitability
31.12.2011
42'531.0
3.65x
17'894.0
8.68x
9'343.0
14.46x
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
45'499.0
3.77x
19'400.0
8.84x
9'539.0
16.36x
19'400.00
16'979.00
37.32%
27.08%
15.10%
71.75%
26.33%
0.72%
73.8%
42.6%
37.3%
21.0%
1.55
1.16
37.94%
169.66%
4.72
2.25
Price/ Cash Flow
LTM
03/yy
42'438.0
0.00x
0.0
0.00x
0.0
0.00x
03/yy
46'061.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.94
701.88
48.29%
34.18%
0.940
33
4.424
1'319'029
1'580'152
1'395'990
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
47'501.5
49'326.4
11'633.7
11'511.7
4.49x
4.21x
20'130.0
21'190.1
10.89x
10.34x
12'687.6
13'725.9
15.95x
14.78x
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
17.09.2012
AA
STABLE
01.02.2006
A-1+
13.90
12.34
0.55
1.27
169.7%
59.5%
0.72
2.88
77.48
162.62
58.94
181.16
16.00
60'000.0
14.00
50'000.0
12.00
40'000.0
10.00
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
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
04.07.2013
Roche Holding AG
Holdings By:
All
Holder Name
VANGUARD GROUP INC
NORGES BANK
PRIMECAP MANAGEMENT
CREDIT SUISSE ASSET
BLACKROCK
FRANKLIN RESOURCES
DODGE & COX
FMR LLC
UBS FUND MANAGEMENT
PICTET & CIE
PERPETUAL INVESTMENT
DEUTSCHE BANK AG
ABERDEEN
INVESCO LTD
Firm Name
Societe Generale
Barclays
AlphaValue
EVA Dimensions
Exane BNP Paribas
Bryan Garnier & Cie
Goldman Sachs
S&P Capital IQ
Helvea
Morgan Stanley
Berenberg Bank
Deutsche Bank
Mirabaud Securities
Jefferies
Credit Suisse
Bank am Bellevue
JPMorgan
Kepler Cheuvreux
Bank Vontobel AG
Natixis
Day by Day
Hamburger Sparkasse
Redburn Partners
Liberum Capital Ltd
Main First Bank AG
Cyrrus
DZ Bank AG
MP Advisors Pvt Ltd
Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
PRIMECAP MANAGEMENT
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
STEPHEN MCGARRY
MARK PURCELL
ARMELLE MOULIN
TIMO KUERSCHNER
ANDREW S ZAMFOTIS
VINCENT MEUNIER
ERIC LE BERRIGAUD
KEYUR PAREKH
SHO MATSUBARA
ODILE RUNDQUIST
PETER VERDULT
TIMOTHY M ANDERSON
ALISTAIR CAMPBELL
TIM RACE
NICHOLAS TURNER
JEFFREY HOLFORD
LUISA HECTOR
BRUNO ESCHLI
ALEXANDRA M HAUBER-SCHUELE
FABIAN WENNER
ANDREW C WEISS
PHILIPPE LANONE
CHRISTOPH SCHOENDUBE
ARSENE GUEKAM
VALERIE GASTALDY
MICHAEL NAWRATH
MARCO GUENTHER
TEAM COVERAGE
NARESH CHOUHAN
TIM FRANKLIN
TOMAS MENCIK
ELMAR KRAUS
VISHAL MANCHANDA
Source
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
buy
overweight
reduce
buy
overweight
neutral
neutral
Buy/Neutral
buy
accumulate
Overwt/Attractive
outperform
buy
buy
accumulate
buy
outperform
buy
overweight
buy
buy
buy
hold
hold
hold
outperform
hold
neutral
neutral
suspended coverage
accumulate
buy
outperform
Amt Held
20'680'224
16'154'814
11'646'500
10'599'295
9'873'620
9'428'217
9'077'949
7'716'200
7'166'602
6'179'902
4'696'091
4'350'162
4'134'183
4'098'284
4'068'474
3'600'257
2'728'200
2'616'700
2'261'083
2'248'429
% Out
2.94
2.3
1.66
1.51
1.41
1.34
1.29
1.1
1.02
0.88
0.67
0.62
0.59
0.58
0.58
0.51
0.39
0.37
0.32
0.32
Weighting
Change
5
5
2
5
5
3
3
5
5
4
5
5
5
5
4
5
5
5
5
5
5
5
3
3
3
5
3
3
3
#N/A N/A
4
5
5
M
M
M
M
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
M
M
M
M
Latest Chg
885'062
(306'800)
(77'122)
(107'030)
926'205
(1'464'142)
120'000
(221'043)
(188'345)
(65'916)
52'626
(5'494)
703'424
(40'521)
75'305
(9'500)
(4'198)
38'658
Target Price
301
258
243
290
#N/A N/A
250
254
310
265
244
292
247
270
255
262
255
270
252
280
236
250
255
236
206
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
190
#N/A N/A
176
220
160
File Dt
31.03.2013
31.12.2012
31.03.2013
31.03.2013
27.03.2013
21.05.2013
31.03.2013
31.03.2013
31.03.2013
31.01.2013
31.03.2013
31.03.2013
31.01.2013
31.03.2012
31.03.2013
01.05.2013
31.03.2013
30.04.2013
28.02.2013
20.05.2013
Date
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Government
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
Date
23.05.2013
23.05.2013
23.05.2013
22.05.2013
22.05.2013
21.05.2013
20.05.2013
17.05.2013
17.05.2013
17.05.2013
16.05.2013
16.05.2013
14.05.2013
12.05.2013
10.05.2013
06.05.2013
22.04.2013
16.04.2013
15.04.2013
14.04.2013
12.04.2013
12.04.2013
11.04.2013
11.04.2013
02.04.2013
25.02.2013
05.02.2013
26.11.2012
05.10.2012
20.07.2012
05.04.2012
03.02.2012
14.11.2011
04.07.2013
UBS AG
UBS AG is a wealth management, investment banking, and asset management firm.
The Company provides a variety of financial services to individuals,
institutions, corporations, governments, and financial intermediaries around the
world.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UBSN VX EQUITY YTD Change
UBSN VX EQUITY YTD % CHANGE
12/2012
03/yy
18.02
9.60
7'089'860.00
16.41
-8.93%
70.95%
76.49%
3'839.2
63'001.14
267'401.00
0.0
4'353.0
66'383.00
254'575.14
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
44'658.0
46'526.0
9.51x
8.39x
19'874.0
20'964.0
21.36x
18.62x
(2'736.0)
7'534.0
7.71x
Profitability
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
j-12
LTM-4Q
31.12.2011
40'880.0
9.20x
17'464.0
21.53x
4'159.0
10.16x
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
37'754.0
6.86x
15'529.0
16.67x
(2'511.0)
15'529.00
5.80%
-4.70%
-0.21%
-5.27%
-0.64%
0.03%
-6.7%
21.24%
582.62%
-
Price/ Cash Flow
j-12
a-12
s-12
LTM
03/yy
38'838.0
37.10x
13'101.0
0.00x
3'253.0
14.71x
o-12
03/yy
38'194.0
28.63x
14'092.0
0.00x
(2'649.0)
0.00x
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
FY+1
1.34
3'469.45
48.49%
16.03%
1.340
43
3.465
8'979'306
11'454'690
11'737'390
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
28'027.6
28'948.1
6'662.0
6'937.0
39.14x
33.84x
3'687.4
4'749.0
373.0
625.0
16.58x
13.17x
13.38x
12.60x
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
29.11.2011
A
STABLE
19.12.2008
A-1
582.6%
84.2%
0.03
6.44
-
5.00
160'000.0
4.50
140'000.0
4.00
120'000.0
3.50
100'000.0
3.00
2.50
80'000.0
2.00
60'000.0
1.50
40'000.0
1.00
20'000.0
0.50
0.00
01.01.2010
60.0 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
67'219.0
8.31x
37'052.0
15.08x
(21'292.0)
-
20
18
16
14
12
10
8
6
4
2
0
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
04.07.2013
UBS AG
Holdings By:
All
Holder Name
GOVT OF SINGAPORE IN
UBS
FMR LLC
NORGES BANK
CREDIT SUISSE ASSET
FRANKLIN RESOURCES
BLACKROCK
UBS FUND MANAGEMENT
ZURCHER KANTONALBANK
WELLINGTON MANAGEMEN
OPPENHEIMERFUNDS INC
PICTET & CIE
JP MORGAN
CREDIT AGRICOLE SA
WELLS FARGO
PZENA INVESTMENT MAN
ALLIANCE BERNSTEIN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
ZURCHER KANTONALBANK
Multiple Portfolios
Multiple Portfolios
n/a
CREDIT AGRICOLE SA
n/a
PZENA INVESTMENT MAN
n/a
Analyst
RBC Capital Markets

FIONA SWAFFIELD
Redburn Partners
NICHOLAS WATTS
AlphaValue
DIETER HEIN
Credit Suisse
AMIT GOEL
JPMorgan
KIAN ABOUHOSSEIN
Keefe, Bruyette & Woods
ANDREW STIMPSON
Macquarie
PIERS BROWN
Helvea
TIM DAWSON
Exane BNP Paribas
DANIEL DAVIES
Goldman Sachs
JERNEJ OMAHEN
INGO FROMMEN
Bank Vontobel AG
TERESA NIELSEN
STEFAN BONGARDT
Day by Day
VALERIE GASTALDY
Rafferty Capital Markets
RICHARD X BOVE SR
Natixis
ANTOINE BURGARD
DZ Bank AG
CHRISTOPH BAST
Barclays
KIRI VIJAYARAJAH
Deutsche Bank
MATT SPICK
Nomura
JON PEACE
Main First Bank AG
KILIAN MAIER
Morgan Stanley
HUW VAN STEENIS
Bank am Bellevue
MARC DEUSTER
Oddo & Cie
JEAN SASSUS
Bankhaus Metzler
GUIDO HOYMANN
Berenberg Bank
JAMES CHAPPELL
S&P Capital IQ
FRANK BRADEN
Commerzbank Corporates & Markets MICHAEL DUNST
ARUN MELMANE
ANDREW LIM
Bankhaus Lampe
NEIL SMITH
Mediobanca SpA
CHRISTOPHER J WHEELER
Liberum Capital Ltd
CORMAC LEECH
Kepler Cheuvreux
DIRK BECKER
Societe Generale
DIRK HOFFMANN-BECKING
EVA Dimensions
AUSTIN BURKETT
HSBC
ROBERT MURPHY
Hamburger Sparkasse
CHRISTIAN HAMANN
ANDREAS VENDITTI
Nord/LB
MICHAEL SEUFERT
Grupo Santander
AURELIA FAURE
Hammer Partners SA
ENRICO RACIOPPI
Source
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
13F
MF-AGG
MF-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
Recommendation
sector perform
buy
reduce
neutral
overweight
underperform
outperform
accumulate
neutral
Buy/Neutral
hold
buy
hold
hold
hold
buy
sell
overweight
buy
buy
underperform
Overwt/In-Line
hold
neutral
sell
buy
buy
hold
buy
buy
hold
neutral
buy
reduce
hold
sell
overweight
hold
outperform
hold
underweight
buy
Amt Held
245'633'960
194'515'182
146'651'661
116'490'210
51'552'964
50'778'055
45'238'617
39'416'802
34'619'235
30'586'010
26'619'971
24'644'140
22'943'686
21'246'924
18'640'917
17'471'897
15'515'975
14'693'903
14'352'781
14'192'813
% Out
6.4
5.07
3.82
3.04
1.34
1.32
1.18
1.03
0.9
0.8
0.69
0.64
0.6
0.55
0.49
0.46
0.4
0.38
0.37
0.37
Weighting
Change
3
5
2
3
5
1
5
4
3
5
3
5
3
3
3
5
1
5
5
5
1
5
3
3
1
5
5
3
5
5
3
3
5
2
3
1
5
3
5
3
1
5
M
M
M
M
M
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
N
M
M
M
M
M
M
M
U
M
M
M
Latest Chg
(261'829)
(8'935'476)
11'786'423
(265'055)
(302'978)
(24'168'795)
3'570'759
217'405
(990'916)
1'173'223
(16'336'113)
347'856
225'605
10'670'747
849'782
14'908'877
627'255
(603'939)
(2'344'835)
Target Price
18
#N/A N/A
17
15
21
17
21
19
18
22
18
19
18
#N/A N/A
17
20
14
20
19
19
16
18
17
18
13
17
19
16
24
21
15
17
18
14
16
#N/A N/A
18
#N/A N/A
#N/A N/A
#N/A N/A
11
11
File Dt
Inst Type
31.12.2012
Government
31.03.2013
Unclassified
31.03.2013
Investment Advisor
27.09.2011
Government
31.03.2013
Investment Advisor
27.03.2013
Investment Advisor
31.03.2013
Investment Advisor
21.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
Not Provided
6 month
Not Provided
12 month
12 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
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
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
Date
23.05.2013
23.05.2013
23.05.2013
21.05.2013
21.05.2013
21.05.2013
21.05.2013
17.05.2013
16.05.2013
13.05.2013
08.05.2013
08.05.2013
06.05.2013
06.05.2013
05.05.2013
02.05.2013
02.05.2013
02.05.2013
01.05.2013
01.05.2013
01.05.2013
30.04.2013
30.04.2013
30.04.2013
30.04.2013
30.04.2013
30.04.2013
25.04.2013
23.04.2013
22.04.2013
17.04.2013
25.03.2013
25.03.2013
06.02.2013
25.01.2013
17.01.2013
20.12.2012
07.11.2012
30.10.2012
23.10.2012
18.09.2012
03.07.2012
04.07.2013
ABB Ltd
ABB Limited provides power and automation technologies. The Company operates
under segments that include power products, power systems, automation products,
process automation and robotics.
Price/Volume
25
35.0 M
30.0 M
20
25.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ABBN VX EQUITY YTD Change
ABBN VX EQUITY YTD % CHANGE
12/2012
03/yy
22.10
15.01
3'036'398.00
20.77
-6.02%
38.38%
76.17%
2'314.7
48'077.22
10'071.00
0.0
540.0
8'481.00
52'956.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
10
15.0 M
10.0 M
5.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
34'912.0
0.83x
5'259.0
5.48x
3'118.0
10.76x
15
LTM-4Q
31.12.2009
31.12.2010
31'795.0
31'589.0
1.18x
1.42x
4'892.0
4'733.0
7.67x
9.49x
2'901.0
2'561.0
15.27x
19.85x
Profitability
31.12.2011
37'990.0
1.10x
5'688.0
7.37x
3'168.0
13.65x
31.12.2012
39'336.0
1.25x
5'294.0
9.31x
2'704.0
17.40x
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
5'294.00
4'112.00
10.45%
9.76%
5.92%
15.72%
12.01%
0.89%
28.9%
13.7%
10.6%
6.9%
1.48
0.88
20.52%
59.57%
4.53
Price/ Cash Flow
LTM
03/yy
38'495.0
4.84x
5'761.0
8.02x
3'198.0
14.76x
03/yy
40'144.0
4.80x
5'494.0
9.91x
2'683.0
19.45x
FY+1
1.28
2'145.67
35.02%
14.35%
1.276
42
3.881
4'410'545
5'332'165
5'580'192
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
41'566.1
43'835.7
10'230.1
10'181.8
1.24x
1.14x
5.28x
5.29x
6'261.3
6'979.7
1'509.5
1'542.7
8.46x
7.59x
8.36x
8.22x
3'411.9
3'939.4
829.0
855.9
14.51x
12.65x
14.40x
14.05x
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
08.06.2010
A
STABLE
08.06.2010
A-1
18.07
13.66
0.38
1.66
59.6%
36.6%
0.89
7.34
80.53
60.43
89.35
25.00
45'000.0
40'000.0
20.00
35'000.0
30'000.0
15.00
25'000.0
20'000.0
10.00
15'000.0
10'000.0
5.00
5'000.0
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
04.07.2013
ABB Ltd
Holdings By:
All
Holder Name
INVESTOR AB
BLACKROCK
NORGES BANK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
NORDEA FONDER AB/SWE
UBS FUND MANAGEMENT
SWEDBANK ROBUR FONDE
PICTET & CIE
SEB
AMF FONDER AB
SKAGEN AS
INVESCO LTD
FOLKSAM LO FOND AB
HANDELSBANKEN FONDER
CALAMOS ADVISORS LLC
CARNEGIE FONDER AB/S
Firm Name
Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

MARTIN PROZESKY
Exane BNP Paribas
OLIVIER ESNOU
AlphaValue
HEINZ STEFFEN
Credit Suisse
SIMON TOENNESSEN
Handelsbanken
HAMPUS ENGELLAU
Day by Day
VALERIE GASTALDY
Kepler Cheuvreux
CHRISTOPH LADNER
Morgan Stanley
BEN UGLOW
JAMES STETTLER
Helvea
STEFAN GAECHTER
Berenberg Bank
WILLIAM MACKIE
RBC Capital Markets
ANDREW CARTER
ABG Sundal Collier
ANDERS IDBORG
Societe Generale
SEBASTIEN GRUTER
Bank am Bellevue
MICHAEL ROOST
SEB Enskilda
DANIEL SCHMIDT
Hamburger Sparkasse
MARCO GUENTHER
Carnegie
KENNETH TOLL JOHANSSON
Nordea Equity Research
ANDREAS BROCK
Bank Vontobel AG
TAKIS SPILIOPOULOS
Natixis
ARNAUD SCHMIT
Barclays
NICK WEBSTER
Deutsche Bank
MARTIN WILKIE
Goldman Sachs
DANIELA COSTA
JPMorgan
ANDREAS WILLI
VOLKER STOLL
MARKUS FRIEBEL
Nomura
DANIEL CUNLIFFE
S&P Capital IQ
JAWAHAR HINGORANI
Main First Bank AG
CHRISTOPHER YOUL
Danske Markets
CARL GUSTAFSSON
Redburn Partners
JAMES MOORE
HSBC
COLIN GIBSON
ROB VIRDEE
EVA Dimensions
CRAIG STERLING
RICHARD FREI
Swedbank
MATS LISS
Pareto Securities
DAVID JACOBSSON
Hammer Partners SA
ALBERTO ROLLA
Source
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
outperform
reduce
outperform
buy
hold
hold
Underwt/Cautious
hold
buy
hold
sector perform
buy
buy
hold
buy
hold
buy
hold
buy
neutral
overweight
hold
Buy/Neutral
underweight
buy
hold
buy
hold
outperform
buy
neutral
neutral
buy
sell
outperform
buy
hold
buy
Amt Held
166'330'142
88'869'619
53'617'789
33'841'332
30'975'960
25'109'683
24'826'258
20'941'814
17'723'260
14'648'213
14'369'855
11'080'901
10'421'737
9'900'000
8'513'763
7'788'248
7'750'666
7'122'022
6'145'300
4'268'114
% Out
7.19
3.84
2.32
1.46
1.34
1.08
1.07
0.9
0.77
0.63
0.62
0.48
0.45
0.43
0.37
0.34
0.33
0.31
0.27
0.18
Weighting
Change
5
5
2
5
5
3
3
1
3
5
3
3
5
5
3
5
3
5
3
5
3
5
3
5
1
5
3
5
3
5
5
3
3
5
1
5
5
3
5
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
N
Latest Chg
496'448
(448'261)
1'713'762
149'887
(577'935)
(1'214'343)
(40'148)
2'632'729
1'637'501
4'300'000
(2'513'786)
(178'212)
1'685'882
129'754
115'000
170'000
Target Price
25
25
22
26
28
#N/A N/A
22
19
20
25
21
23
24
25
20
22
#N/A N/A
#N/A N/A
21
25
20
24
20
27
21
25
22
27
22
24
23
#N/A N/A
23
25
#N/A N/A
#N/A N/A
20
17
27
File Dt
04.01.2011
21.05.2013
31.12.2012
27.03.2013
31.03.2013
31.03.2013
30.04.2013
31.01.2013
31.03.2013
31.01.2013
29.04.2013
31.03.2013
27.03.2013
31.03.2013
20.05.2013
28.02.2013
31.03.2013
31.03.2013
30.04.2013
28.03.2013
Date
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Government
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.05.2013
23.05.2013
23.05.2013
22.05.2013
20.05.2013
20.05.2013
15.05.2013
10.05.2013
10.05.2013
10.05.2013
01.05.2013
30.04.2013
29.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
17.04.2013
08.03.2013
08.03.2013
20.02.2013
18.02.2013
11.12.2012
27.07.2012
05.08.2010
04.07.2013
Cie Financiere Richemont SA

Compagnie Financiere Richemont SA, through subsidiaries, manufactures and
retails luxury goods. The Company produces jewelry, watches, leather goods,
writing instruments, and men's and women's wear.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CFR VX EQUITY YTD Change
CFR VX EQUITY YTD % CHANGE
03/2013
03/yy
93.10
48.13
817'490.00
85.35
-8.32%
77.33%
77.54%
522.0
49'036.68
1'938.00
0.0
(1.0)
5'155.00
36'507.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2010
31.03.2011
5'176.0
6'892.0
2.82x
2.72x
1'259.0
1'669.0
11.59x
11.22x
599.0
1'090.0
26.38x
20.65x
Profitability
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
j-12
LTM-4Q
31.03.2012
8'868.0
2.56x
2'387.0
9.50x
1'544.0
16.70x
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
31.03.2013
10'150.0
3.02x
2'817.0
10.88x
2'013.0
16.74x
2'817.00
2'434.00
23.98%
23.40%
15.33%
21.45%
0.77%
64.2%
27.8%
24.0%
19.8%
3.05
1.66
13.37%
18.97%
19.21
0.91
Price/ Cash Flow
j-12
a-12
s-12
LTM
03/yy
6'430.0
0.00x
0.0
0.00x
0.0
0.00x
o-12
03/yy
9'697.0
0.00x
0.0
0.00x
0.0
0.00x
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
FY+1
1.36
521.72
60.60%
19.54%
1.355
37
4.054
1'277'726
1'635'857
1'705'833
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
06/13 Q1 09/13 Q2
11'033.8
12'106.5
3.20x
2.82x
3'099.7
3'445.6
11.78x
10.59x
2'237.6
2'508.2
17.32x
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
74.13
58.55
-1.14
0.69
19.0%
15.9%
0.77
6.12
19.01
401.84
112.06
308.78
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
02.04.2010
6.0 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

31.03.2009
5'418.0
1.05x
1'345.0
4.23x
1'075.0
8.94x
100
90
80
70
60
50
40
30
20
10
0
m-12
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
04.07.2013
Cie Financiere Richemont SA

Holdings By:
All
Holder Name
NORGES BANK
CARMIGNAC GESTION
BLACKROCK
VANGUARD GROUP INC
GARDNER RUSSO & GARD
CREDIT SUISSE ASSET
JANUS CAPITAL MANAGE
UBS FUND MANAGEMENT
ALLIANZ ASSET MANAGE
FMR LLC
PICTET & CIE
HARRIS ASSOCIATES LP
PICTET ASSET MANAGEM
ALLIANCE BERNSTEIN
Firm Name
Cantor Fitzgerald
Exane BNP Paribas
Societe Generale
Deutsche Bank
Morgan Stanley
Goldman Sachs
Raymond James
Macquarie
Oddo & Cie
Bank Vontobel AG
Kepler Cheuvreux
Bryan Garnier & Cie
Natixis
Redburn Partners
Telsey Advisory Group
Credit Suisse
JPMorgan
Aurel - BGC
Renaissance Capital
ISI Group
S&P Capital IQ
Main First Bank AG
Barclays
AlphaValue
Nomura
HSBC
Investec
Day by Day
EVA Dimensions
Berenberg Bank
BNP Paribas Cadiz Securities
Avior Research
Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
GARDNER RUSSO & GARD
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
ALLEGRA PERRY
LUCA GIUSEPPE SOLCA
THIERRY COTA
FRANCESCA DI PASQUANTONIO
LOUISE SINGLEHURST
WILLIAM HUTCHINGS
MARC WILLAUME
WYNAND VAN ZYL
LEOPOLD AUTHIE
RENE WEBER
JON COX
LOIC MORVAN
JOSEPHINE CHEVALLIER
ANNABEL GLEESON
DANA TELSEY
ROGERIO FUJIMORI
MELANIE A FLOUQUET
MARIO ORTELLI
DAVID DA MAIA
LARS LUSEBRINK
REY WIUM
OMAR SAAD
WILLIAM MACK
MATTHIAS EIFERT
HELEN NORRIS
VIRGINIE BLIN
CHRISTOPHER WALKER
PATRIK SCHWENDIMANN
ERWAN RAMBOURG
THANE DUFF
VALERIE GASTALDY
CRAIG STERLING
JOHN GUY
SHAMIL ISMAIL
MATHEW MENEZES
Source
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
hold
outperform
buy
buy
Equalwt/In-Line
Buy/Neutral
strong buy
outperform
buy
hold
buy
buy
neutral
buy
no rating system
outperform
neutral
outperform
buy
buy
hold
strong buy
buy
outperform
overweight
reduce
buy
outperform
neutral
hold
hold
underweight
hold
hold
neutral
Amt Held
12'658'931
12'427'709
10'283'497
9'166'906
7'863'873
7'325'847
7'219'883
5'374'706
4'587'858
3'600'686
3'024'307
2'868'956
2'844'271
2'734'006
2'569'300
1'679'200
1'514'522
1'291'101
1'099'153
1'063'018
% Out
2.43
2.38
1.97
1.76
1.51
1.4
1.38
1.03
0.88
0.69
0.58
0.55
0.54
0.52
0.49
0.32
0.29
0.25
0.21
0.2
Weighting
Change
3
5
5
5
3
5
5
5
5
3
5
5
3
5
#N/A N/A
5
3
5
5
5
3
5
5
5
5
2
5
5
3
3
3
1
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
D
U
M
D
D
Latest Chg
923'559
99'220
342'370
(95'414)
76'698
(146'830)
(50'618)
(250'628)
(204'947)
81'569
(4'415)
590'400
12'400
12'292
(2'744)
61'971
(7'275)
Target Price
90
100
100
86
80
121
100
96
100
90
100
95
75
#N/A N/A
91
97
84
105
#N/A N/A
100
84
105
100
83
100
76
83
#N/A N/A
82
87
#N/A N/A
#N/A N/A
72
64
70
File Dt
31.12.2012
29.03.2013
21.05.2013
31.03.2013
31.03.2013
31.03.2013
27.03.2013
31.03.2013
31.01.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.01.2013
31.03.2013
31.03.2013
28.02.2013
31.01.2013
31.03.2013
31.03.2013
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
9 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Government
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.05.2013
22.05.2013
20.05.2013
19.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
24.04.2013
23.04.2013
27.03.2013
25.03.2013
21.03.2013
21.03.2013
15.02.2013
27.11.2012
05.09.2012
04.07.2013
Credit Suisse Group AG

Credit Suisse Group AG is an international financial services group. The Group
provides investment banking, private banking, and asset management services to
customers located around the world.
Price/Volume
35
40.0 M
30
35.0 M
25
30.0 M
25.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.05.2013)
52-Week Low (03.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CSGN VX EQUITY YTD Change
CSGN VX EQUITY YTD % CHANGE
12/2012
03/yy
29.32
15.53
5'495'482.00
26.08
-11.05%
67.91%
68.96%
1'577.8
41'133.08
330'510.00
0.0
6'786.0
63'708.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
10
10.0 M
5.0 M
0
m-12
LTM-4Q
31.12.2009
31.12.2010
51'547.0
50'345.0
6'724.0
5'098.0
9.96x
9.59x
Profitability
31.12.2011
42'693.0
1'953.0
16.11x
31.12.2012
38'313.0
1'349.0
27.15x
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
6.73%
9.34%
0.28%
7.19%
0.75%
0.04%
5.8%
35.76%
931.07%
-
Price/ Cash Flow
j-12
a-12
s-12
LTM
03/yy
40'294.0
0.00x
0.0
0.00x
858.0
59.84x
o-12
03/yy
39'068.0
0.00x
0.0
0.00x
2'742.0
15.67x
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
FY+1
1.53
1'445.69
50.74%
20.47%
1.535
41
3.585
5'414'549
6'388'767
6'412'415
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
26'468.4
27'355.1
6'805.5
6'453.0
33.05x
31.89x
4'230.7
4'967.9
1'108.7
1'008.7
9.99x
8.66x
9.61x
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
02.07.2013
ASTABLE
27.07.2012
NR
931.1%
88.7%
0.04
6.27
-
10.00
100'000.0
9.00
90'000.0
8.00
80'000.0
7.00
70'000.0
6.00
60'000.0
5.00
4.00
50'000.0
40'000.0
3.00
30'000.0
2.00
20'000.0
1.00
10'000.0
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
48'697.0
(8'218.0)
-
20.0 M
15
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
04.07.2013
Credit Suisse Group AG

Holdings By:
All
Holder Name
FRANKLIN RESOURCES
CRESCENT HOLDING GMB
QATAR INVESTMENT AUT
DODGE & COX
NORGES BANK
BLACKROCK
MORGAN STANLEY
AXA
VANGUARD GROUP INC
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
ONTARIO TEACHERS PEN
PICTET & CIE
WILLIAM BLAIR & COMP
FMR LLC
CREDIT SUISSE
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
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
RBC Capital Markets

FIONA SWAFFIELD
AlphaValue
DIETER HEIN
ANDREW STIMPSON
Macquarie
PIERS BROWN
Exane BNP Paribas
DANIEL DAVIES
Morgan Stanley
HUW VAN STEENIS
Goldman Sachs
JERNEJ OMAHEN
Commerzbank Corporates & Markets MICHAEL DUNST
Barclays
JEREMY SIGEE
Main First Bank AG
KILIAN MAIER
EVA Dimensions
AUSTIN BURKETT
Bank am Bellevue
MARC DEUSTER
Bank Vontobel AG
TERESA NIELSEN
JPMorgan
KIAN ABOUHOSSEIN
STEFAN BONGARDT
Bankhaus Metzler
GUIDO HOYMANN
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
Helvea
TIM DAWSON
Deutsche Bank
MATT SPICK
INGO FROMMEN
Oddo & Cie
JEAN SASSUS
ARUN MELMANE
Berenberg Bank
JAMES CHAPPELL
Kepler Cheuvreux
DIRK BECKER
S&P Capital IQ
FRANK BRADEN
DZ Bank AG
CHRISTOPH BAST
Liberum Capital Ltd
CORMAC LEECH
Bankhaus Lampe
NEIL SMITH
Day by Day
VALERIE GASTALDY
Redburn Partners
NICHOLAS WATTS
Societe Generale
DIRK HOFFMANN-BECKING
Mediobanca SpA
CHRISTOPHER J WHEELER
ANDREAS VENDITTI
ANDREW LIM
HSBC
ROBERT MURPHY
Nord/LB
MICHAEL SEUFERT
Grupo Santander
AURELIA FAURE
Hammer Partners SA
ENRICO RACIOPPI
Source
ULT-AGG
EXCH
Co File
Co File
EXCH
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
13F
ULT-AGG
MF-AGG
EXCH
Recommendation
outperform
reduce
outperform
outperform
outperform
Overwt/In-Line
neutral/neutral
hold
equalweight
outperform
overweight
hold
hold
overweight
buy
sell
neutral
buy
neutral
hold
hold
neutral
hold
sell
buy
hold
sell
hold
sell
buy
neutral
buy
outperform
market perform
neutral
neutral
hold
hold
sell
Amt Held
91'438'170
90'633'111
83'884'014
67'648'398
40'786'715
40'589'039
40'589'039
40'357'258
33'619'326
32'783'489
19'269'892
17'707'730
13'146'592
10'341'225
6'965'852
6'347'665
4'706'327
4'584'868
4'420'673
4'392'336
% Out
5.8
5.75
5.32
4.29
2.59
2.57
2.57
2.56
2.13
2.08
1.22
1.12
0.83
0.66
0.44
0.4
0.3
0.29
0.28
0.28
Weighting
Change
5
2
5
5
5
5
3
3
3
5
5
3
3
5
5
1
3
5
3
3
3
3
3
1
5
3
1
3
1
5
3
5
5
3
3
3
3
3
1
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
M
M
N
U
M
M
M
M
M
D
M
M
M
Latest Chg
400'669
5'478'521
12'363'324
(27'286'190)
400'668
(729'700)
1'975'777
(347'619)
59'178
1'642'359
2'866'587
395'606
(33'747'664)
Target Price
33
29
34
33
31
31
30
28
28
32
#N/A N/A
25
26
33
32
22
24
31
26
28
26
27
28
13
29
27
23
24
24
30
#N/A N/A
32
30
#N/A N/A
25
23
#N/A N/A
19
21
File Dt
Inst Type
31.03.2013
Investment Advisor
25.02.2013
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
12.03.2013
Government
21.05.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
27.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
05.04.2013
Investment Advisor
Date
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
18 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
23.05.2013
23.05.2013
21.05.2013
21.05.2013
16.05.2013
13.05.2013
13.05.2013
06.05.2013
02.05.2013
30.04.2013
30.04.2013
29.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
18.04.2013
17.04.2013
10.04.2013
08.04.2013
03.04.2013
25.03.2013
11.02.2013
30.01.2013
07.11.2012
23.10.2012
18.09.2012
03.07.2012
04.07.2013
Zurich Insurance Group AG

Zurich Insurance Group AG provides insurance-based financial services. The
Company offers general and life insurance products and services for individuals,
small businesses, commercial enterprises, mid-sized and large corporations, and
multinational companies.
Price/Volume
300
1.4 M
250
1.2 M
1.0 M
200
Latest Fiscal Year:

LTM as of:
52-Week High (15.05.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ZURN VX EQUITY YTD Change
ZURN VX EQUITY YTD % CHANGE
12/2012
03/yy
270.90
194.43
314'601.00
250.2
-7.64%
28.69%
68.88%
148.3
37'104.69
12'521.00
0.0
2'368.0
9'098.00
45'128.04
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
100
.4 M
50
.2 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
32'331.0
0.99x
3'039.0
9.86x
.8 M
150
Valuation Analysis
LTM-4Q
31.12.2009
31.12.2010
70'123.0
67'819.0
0.50x
0.64x
3'963.0
3'428.0
7.83x
10.92x
Profitability
31.12.2011
52'978.0
0.73x
3'750.0
8.80x
31.12.2012
70'446.0
0.64x
3'878.0
10.08x
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
8.34%
7.48%
0.93%
11.39%
8.94%
0.18%
5.5%
3.06%
36.30%
-
Price/ Cash Flow
LTM
03/yy
59'206.0
2.72x
0.0
0.00x
4'250.0
9.22x
03/yy
71'371.0
2.46x
0.0
0.00x
3'791.0
10.77x
FY+1
1.17
148.14
22.67%
9.82%
1.165
39
3.308
396'881
434'151
461'900
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
58'754.0
59'970.0
0.92x
0.90x
4'304.1
4'510.0
991.5
976.5
9.23x
8.79x
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
36.3%
25.4%
0.18
-
14.00
80'000.0
12.00
70'000.0
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
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
04.07.2013
Zurich Insurance Group AG

Holdings By:
All
Holder Name
BLACKROCK
ABERDEEN
NORGES BANK
FMR LLC
CREDIT SUISSE
CREDIT SUISSE ASSET
FRANKLIN RESOURCES
VANGUARD GROUP INC
UBS FUND MANAGEMENT
PICTET & CIE
TWEEDY BROWNE COMPAN
SCHRODER INVESTMENT
MORGAN STANLEY
UMB BANK N A
DIMENSIONAL FUND ADV
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
Credit Suisse
RICHARD BURDEN
Exane BNP Paribas
NICCOLO DALLA PALMA
Barclays
ANDREW BROADFIELD
Societe Generale
JASON KALAMBOUSSIS
THOMAS SEIDL
RALPH HEBGEN
Macquarie
HADLEY COHEN
Bank am Bellevue
ANDREAS FRICK
Oddo & Cie
NICOLAS JACOB
BEN COHEN
Bankhaus Metzler
JOCHEN SCHMITT
Berenberg Bank
PETER ELIOT
Bank Vontobel AG
STEFAN SCHUERMANN
Kepler Cheuvreux
ATANASIO PANTARROTAS
S&P Capital IQ
RODERICK WALLACE
Helvea
DANIEL BISCHOF
RBC Capital Markets
GORDON AITKEN
WERNER SCHIRMER
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Nomura
MICHAEL KLIEN
Main First Bank AG
RENE LOCHER
AlphaValue
DIETER HEIN
Mediobanca SpA
MARC THIELE
HSBC
DHRUV GAHLAUT
JPMorgan
MICHAEL HUTTNER
Day by Day
VALERIE GASTALDY
Raymond James
DANNY JACQUES
EVA Dimensions
AUSTIN BURKETT
Morgan Stanley
MARCUS RIVALDI
STEFAN BONGARDT
GEORG MARTI
Banca Akros(ESN)
MARCO CAVALLERI
Deutsche Bank
ROBIN BUCKLEY
JOY FERNEYHOUGH
Goldman Sachs
VINIT MALHOTRA
DZ Bank AG
WERNER EISENMANN
Daiwa Securities Co. Ltd.
TIM PROUDLOVE
Source
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
neutral
outperform
underweight
hold
market perform
market perform
neutral
hold
buy
hold
buy
hold
hold
buy
sell
neutral
outperform
sell
buy
buy
underperform
buy
neutral
neutral
neutral
hold
outperform
overweight
Equalwt/In-Line
hold
market perform
hold
hold
buy
Buy/Neutral
buy
underperform
Amt Held
6'581'764
4'526'701
4'495'862
2'842'166
2'525'492
2'158'045
1'903'059
1'813'810
1'354'516
760'859
716'240
673'346
554'678
496'279
444'000
438'522
386'690
374'403
374'222
346'877
% Out
4.44
3.05
3.03
1.92
1.7
1.46
1.28
1.22
0.91
0.51
0.48
0.45
0.37
0.33
0.3
0.3
0.26
0.25
0.25
0.23
Weighting
Change
3
5
1
3
3
3
3
3
5
3
5
3
3
5
1
3
5
1
5
5
1
5
3
3
3
3
5
5
3
3
3
3
3
5
5
5
1
D
U
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
27'698
(18'119)
(697'712)
787
(18'382)
13
(113'475)
(33'805)
4'556
(13'585)
15'133
(26'773)
7'472
13'784
10'208
3'046
30'949
Target Price
283
315
250
252
269
300
275
240
300
265
290
280
270
300
220
265
290
220
320
290
265
322
292
275
263
#N/A N/A
297
#N/A N/A
261
270
#N/A N/A
245
265
300
292
240
216
File Dt
21.05.2013
30.04.2013
23.06.2011
31.03.2013
23.03.2010
27.03.2013
31.03.2013
31.03.2013
31.01.2013
31.01.2013
31.03.2012
31.03.2013
31.03.2013
28.02.2013
28.02.2013
31.03.2013
31.03.2013
28.03.2013
31.01.2013
30.04.2013
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
6 month
6 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
6 month
Inst Type
Investment Advisor
Unclassified
Government
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
Investment Advisor
Investment Advisor
Date
22.05.2013
22.05.2013
21.05.2013
20.05.2013
20.05.2013
19.05.2013
18.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
15.05.2013
03.05.2013
25.04.2013
19.04.2013
17.04.2013
22.03.2013
21.03.2013
26.02.2013
19.02.2013
18.02.2013
13.02.2013
24.01.2013
08.01.2013
11.10.2012
05.12.2011
06.05.2011
04.07.2013
Syngenta AG
Syngenta AG produces crop protection products and seeds. The Company produces
herbicides, insecticides and fungicides, and seeds for field crops, vegetables,
and flowers.
Price/Volume
450
.7 M
400
.6 M
350
.5 M
300
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SYNN VX EQUITY YTD Change
SYNN VX EQUITY YTD % CHANGE
12/2012
03/yy
416.00
312.60
169'591.00
379.8
-8.70%
21.50%
57.16%
93.1
35'350.69
3'348.00
11.0
1'599.00
38'774.49
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
200
.3 M
150
.2 M
100
.1 M
50
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
11'624.0
1.68x
2'495.0
7.84x
1'385.0
12.86x
250
LTM-4Q
31.12.2009
31.12.2010
10'992.0
11'641.0
2.56x
2.45x
2'368.0
2'460.0
11.86x
11.60x
1'371.0
1'397.0
19.06x
19.37x
Profitability
31.12.2011
13'268.0
2.11x
2'889.0
9.69x
1'599.0
16.84x
31.12.2012
14'202.0
2.72x
3'148.0
12.26x
1'872.0
19.65x
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
3'148.00
2'550.00
17.96%
15.15%
10.22%
23.06%
0.78%
49.2%
22.2%
18.0%
13.2%
1.71
0.75
17.26%
38.28%
4.79
1.62
Price/ Cash Flow
LTM
03/yy
4'304.0
0.00x
0.0
0.00x
0.0
0.00x
03/yy
14'468.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
m-13
0.90
92.99
17.89%
6.12%
0.902
32
4.063
254'579
279'621
268'328
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
15'247.6
16'177.1
4'571.5
4'028.7
2.51x
2.32x
3'426.8
3'744.1
2'274.0
11.33x
10.36x
2'262.4
2'492.6
1'565.0
16.29x
14.65x
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
15.06.2007
A
STABLE
15.06.2007
A-1
22.17
18.59
0.56
1.06
38.3%
27.7%
0.78
4.57
76.37
226.25
148.30
154.33
35.00
16'000.0
30.00
14'000.0
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
0.0
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
04.07.2013
Syngenta AG
Holdings By:
All
Holder Name
BLACKROCK
BANK OF NEW YORK
FMR LLC
NORGES BANK
VANGUARD GROUP INC
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
JUPITER ASSET MANAGE
MANNING & NAPIER ADV
PICTET & CIE
THREADNEEDLE INVESTM
DWS INVESTMENT S A
INVESCO LTD
SCHRODER INVESTMENT
DEUTSCHE BANK AG
FLEXSHARES TRUST
Firm Name
Jefferies
AlphaValue
Deutsche Bank
Kepler Cheuvreux
Exane BNP Paribas
Goldman Sachs
Morgan Stanley
Credit Suisse
Bank Vontobel AG
Nomura
Liberum Capital Ltd
Bank am Bellevue
Berenberg Bank
S&P Capital IQ
Barclays
Day by Day
HSBC
JPMorgan
EVA Dimensions
Redburn Partners
Equita SIM SpA
Macquarie
Bankhaus Metzler
Hamburger Sparkasse
DZ Bank AG
Main First Bank AG
Societe Generale
Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LAURENCE ALEXANDER
FABRICE FARIGOULE
JEREMY REDENIUS
VIRGINIE BOUCHER-FERTE
MARTIN ROEDIGER
JAMES KNIGHT
RAKESH PATEL
AMY WALKER
CHRIS COUNIHAN
PATRICK RAFAISZ
PATRICK LAMBERT
SOPHIE JOURDIER
BRUNO ESCHLI
JOHN PHILIPP KLEIN
JACOB THRANE
PAUL W SATCHELL
ANDREAS HEINE
VALERIE GASTALDY
GEOFF HAIRE
MARTIN EVANS
CRAIG STERLING
TONY JONES
MASSIMO BONISOLI
CHRISTIAN FAITZ
DANIEL SEIDENSPINNER
MARCO GUENTHER
HEINZ MUELLER
RONALD KOEHLER
PETER CLARK
MARTIN SCHREIBER
Source
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
underperform
buy
buy
neutral
Buy/Neutral
Equalwt/In-Line
outperform
hold
buy
hold
buy
buy
hold
buy
equalweight
hold
neutral
neutral
hold
buy
hold
outperform
buy
sell
buy
outperform
buy
market perform
Amt Held
4'640'124
4'634'983
3'907'159
2'363'704
2'118'825
1'825'264
1'664'500
1'369'218
932'280
828'905
592'749
589'680
536'300
496'141
408'606
393'768
377'345
363'011
274'518
237'786
% Out
4.98
4.98
4.2
2.54
2.28
1.96
1.79
1.47
1
0.89
0.64
0.63
0.58
0.53
0.44
0.42
0.41
0.39
0.29
0.26
Weighting
Change
3
5
1
5
5
3
5
3
5
3
5
3
5
5
3
5
3
3
3
3
3
5
3
5
5
1
5
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
D
M
M
M
M
M
M
M
M
D
Latest Chg
42'023
86'915
69'115
(9'023)
(26'762)
(53'196)
(308)
(76'790)
7'247
20'021
42'715
6'822
109'146
15'930
30'082
Target Price
400
519
313
430
440
376
470
406
450
390
470
400
457
515
420
430
403
#N/A N/A
430
375
#N/A N/A
#N/A N/A
390
430
450
#N/A N/A
400
415
450
#N/A N/A
File Dt
21.05.2013
31.03.2013
26.02.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
27.03.2013
31.03.2013
31.01.2013
31.03.2013
31.01.2013
31.12.2012
31.01.2013
28.02.2013
28.03.2013
20.05.2013
31.03.2013
31.03.2013
30.04.2013
Date
12 month
6 month
12 month
12 month
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
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
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
Date
23.05.2013
23.05.2013
17.05.2013
16.05.2013
14.05.2013
13.05.2013
22.04.2013
21.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
18.04.2013
18.04.2013
18.04.2013
17.04.2013
17.04.2013
04.04.2013
27.03.2013
20.03.2013
13.02.2013
11.02.2013
08.02.2013
07.02.2013
07.02.2013
06.02.2013
30.11.2012
20.11.2012
25.10.2012
19.09.2012
04.07.2013
Swiss Re AG
Swiss Re AG offers reinsurance, insurance and insurance linked financial
market products. The Company offers automobile, liability, accident,
engineering, marine, aviation, life, and health insurance. Swiss Re also
manages fixed-income and equity investments for itself and other insurance
companies.
Price/Volume
3.0 M
60
2.5 M
2.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (10.05.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SREN VX EQUITY YTD Change
SREN VX EQUITY YTD % CHANGE
12/2012
03/yy
75.65
53.28
716'931.00
70.7
-6.54%
32.70%
75.19%
370.7
26'208.98
19'898.00
1'102.0
24.0
10'837.00
36'329.52
1.5 M
30
20
1.0 M
10
.5 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
3.5 M
70
50
Valuation Analysis
31.12.2008
24'011.8
1.03x
(800.3)
-
80
LTM-4Q
31.12.2009
31.12.2010
30'624.0
28'484.0
0.50x
1.13x
467.4
863.0
33.44x
21.30x
Profitability
31.12.2011
27'797.0
1.02x
2'626.0
6.64x
31.12.2012
33'116.0
1.06x
4'201.0
6.09x
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
17.37%
16.51%
1.89%
13.63%
9.55%
0.15%
12.7%
9.22%
60.48%
-
Price/ Cash Flow
LTM
03/yy
30'050.0
3.90x
0.0
0.00x
4'432.0
4.93x
03/yy
34'313.0
3.82x
0.0
0.00x
4'419.0
6.45x
FY+1
.0 M
m-13
1.11
369.70
27.57%
18.28%
1.114
36
3.444
1'058'707
1'204'448
1'292'795
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
34'062.2
36'271.1
1.07x
1.00x
3'305.8
3'077.2
655.0
627.0
8.00x
8.55x
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
60.5%
36.9%
0.15
-
14.00
40'000.0
12.00
35'000.0
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
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
04.07.2013
Swiss Re AG
Holdings By:
All
Holder Name
SWISS RE
FRANKLIN RESOURCES
BLACKROCK
BERKSHIRE HATHAWAY I
DODGE & COX
VANGUARD GROUP INC
NORGES BANK
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
SARASIN
JP MORGAN
TEMPLETON INVESTMENT
ETHENEA INDEPENDENT
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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
AlphaValue
DIETER HEIN
THOMAS SEIDL
Helvea
DANIEL BISCHOF
Credit Suisse
ADAM MCINALLY
Barclays
ANDREW BROADFIELD
Bank am Bellevue
ANDREAS FRICK
Kepler Cheuvreux
FABRIZIO CROCE
Morgan Stanley
MACIEJ WASILEWICZ
Nord/LB
JULIA SIEKMANN
Oddo & Cie
NICOLAS JACOB
BEN COHEN
Bank Vontobel AG
STEFAN SCHUERMANN
S&P Capital IQ
RODERICK WALLACE
Societe Generale
JASON KALAMBOUSSIS
Mediobanca SpA
GIANLUCA FERRARI
RBC Capital Markets
GORDON AITKEN
WILLIAM HAWKINS
Raymond James
DANNY JACQUES
WERNER SCHIRMER
Hamburger Sparkasse
CHRISTIAN HAMANN
Bankhaus Metzler
JOCHEN SCHMITT
Berenberg Bank
TOM CARSTAIRS
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Nomura
MICHAEL KLIEN
Exane BNP Paribas
NICCOLO DALLA PALMA
Main First Bank AG
RENE LOCHER
Macquarie
HADLEY COHEN
GEORG MARTI
JPMorgan
MICHAEL HUTTNER
Goldman Sachs
VINIT MALHOTRA
Day by Day
VALERIE GASTALDY
EVA Dimensions
AUSTIN BURKETT
HSBC
THOMAS FOSSARD
DZ Bank AG
THORSTEN WENZEL
JOY FERNEYHOUGH
Source
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
reduce
underperform
neutral
neutral
overweight
buy
buy
Equalwt/In-Line
buy
buy
buy
buy
buy
buy
neutral
sector perform
underperform
underperform
hold
buy
buy
sell
sell
reduce
neutral
underperform
neutral
market perform
overweight
neutral/neutral
hold
buy
neutral
sell
neutral
Amt Held
27'282'124
24'549'095
15'918'781
11'262'000
11'178'539
11'104'278
8'899'361
6'819'188
5'288'972
2'801'749
2'201'596
1'851'274
1'522'449
1'424'952
1'267'120
1'232'919
1'125'402
1'050'000
954'050
874'042
% Out
7.36
6.62
4.29
3.04
3.02
3
2.4
1.84
1.43
0.76
0.59
0.5
0.41
0.38
0.34
0.33
0.3
0.28
0.26
0.24
Weighting
Change
2
1
3
3
5
5
5
3
5
5
5
5
5
5
3
3
1
1
3
5
5
1
1
2
3
1
3
3
5
3
3
5
3
1
3
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
Latest Chg
(1'396'672)
(461'908)
120'264
58'816
(1'472'124)
(80'148)
(72'460)
27'594
196'282
41'129
22'735
(32'769)
3'138
1'125'402
980'000
800'000
608'042
Target Price
73
58
80
69
78
89
83
72
84
82
80
85
88
75
78
80
82
63
78
#N/A N/A
83
67
80
67
76
72
67
#N/A N/A
74
75
#N/A N/A
#N/A N/A
75
58
48
File Dt
29.03.2012
31.03.2013
21.05.2013
31.12.2012
16.05.2013
06.05.2013
31.03.2013
31.12.2012
27.03.2013
31.01.2013
31.01.2013
28.03.2013
28.02.2013
31.03.2013
28.02.2013
31.01.2013
31.03.2013
28.03.2013
31.03.2013
31.03.2013
Date
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.05.2013
20.05.2013
13.05.2013
10.05.2013
09.05.2013
07.05.2013
07.05.2013
03.05.2013
03.05.2013
03.05.2013
03.05.2013
03.05.2013
03.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
23.04.2013
18.03.2013
01.03.2013
22.02.2013
21.02.2013
14.02.2013
17.01.2013
16.01.2013
10.09.2012
12.01.2012
04.07.2013
Transocean Ltd
Transocean Ltd. is an offshore drilling contractor. The Company owns or
operates mobile offshore drilling units, inland drilling barges, and other
assets utilized in the support of offshore drilling activities worldwide.
Transocean specializes in technically demanding segments of the offshore
drilling business, including deepwater and harsh environment drilling services.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (27.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RIGN VX EQUITY YTD Change
RIGN VX EQUITY YTD % CHANGE
Price/Volume
12/2012
03/yy
54.70
40.18
270'623.00
45.88
-16.12%
14.19%
31.96%
360.3
16'532.70
12'459.00
0.0
(15.0)
5'134.00
24'830.82
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
3.0 M
50
2.5 M
40
2.0 M
30
1.5 M
20
1.0 M
10
.5 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
12'674.0
2.17x
6'430.0
4.27x
4'031.0
-
60
31.12.2009
31.12.2010
11'556.0
9'466.0
3.22x
3.17x
5'926.0
4'048.0
6.28x
7.42x
3'181.0
961.0
Profitability
LTM-4Q
31.12.2011
8'027.0
2.87x
1'515.0
15.22x
(5'754.0)
-
31.12.2012
9'196.0
2.54x
2'766.0
8.45x
(219.0)
2'766.00
1'685.00
18.32%
9.42%
0.27%
0.56%
2.71%
0.28%
21.4%
28.4%
16.5%
-2.4%
1.58
1.34
36.37%
79.13%
4.38
11.73
LTM
03/yy
8'568.0
12.07x
1'763.0
16.34x
(6'063.0)
0.00x
03/yy
9'538.0
10.36x
2'710.0
9.68x
92.0
0.00x
FY+1
.0 M
m-13
1.21
339.89
3.76%
14.97%
1.205
44
4.023
421'237
508'319
482'084
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
9'641.5
10'853.4
2'413.3
2'492.8
2.67x
2.38x
10.41x
10.14x
3'621.9
4'474.1
908.6
970.0
6.87x
5.56x
6.45x
6.13x
1'587.0
2'208.5
387.0
430.2
10.96x
7.85x
10.18x
9.28x
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
3.56
1.88
2.78
4.14
79.1%
44.2%
0.28
0.44
83.33
31.13
40.06
67.67
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Transocean Ltd
Holdings By:
All
Holder Name
ICAHN ASSOCIATES COR
BLACKROCK
FRANKLIN RESOURCES
FMR LLC
NORGES BANK
WENTWORTH HAUSER AND
DAVIS SELECTED ADVIS
CREDIT SUISSE ASSET
PRIMECAP MANAGEMENT
OMEGA ADVISORS
DEUTSCHE BANK AG
EARNEST PARTNERS LLC
LAZARD ASSET MANAGEM
UBS FUND MANAGEMENT
HIGHBRIDGE CAPITAL M
APPALOOSA MANAGEMENT
Firm Name
Goldman Sachs
ISI Group
EVA Dimensions
Howard Weil Inc
Capital One Southcoast, Inc.
Guggenheim Securities LLC
Cowen Securities LLC
Iberia Capital Partners LLC
Macquarie
BMO Capital Markets
Credit Suisse
Edward Jones
JPMorgan
Stephens Inc
FBR Capital Markets
Barclays
Clarkson Capital Markets LLC
Deutsche Bank
Raymond James
Wells Fargo Securities, LLC
Gabelli & Co
Susquehanna Financial Group
Credit Agricole Securities (USA)
Global Hunter Securities
RBC Capital Markets
Jefferies
Argus Research Corp
Pareto Securities
Main First Bank AG
Johnson Rice & Co
Swedbank First Securities
Bank Vontobel AG
Fearnley Fonds
Nordea Equity Research
HSBC
DNB Markets
Arctic Securities ASA
Tudor Pickering & Co
Morgan Stanley
S&P Capital IQ
RS Platou Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
NORGES BANK
Multiple Portfolios
PRIMECAP MANAGEMENT
OMEGA ADVISORS INC
DEUTSCHE BANK AKTIEN
OPPENHEIMER FUNDS IN
EARNEST PARTNERS LLC
n/a
Multiple Portfolios
HIGHBRIDGE CAPITAL M
APPALOOSA MANAGEMENT
Analyst
WAQAR SYED
JUDSON E BAILEY
CRAIG STERLING
DAVID T WILSON
SCOTT GRUBER
LUKE M LEMOINE
DARREN GACICIA
JAMES D CRANDELL
TREY STOLZ
NIGEL BROWNE
ALAN D LAWS
GREGORY LEWIS
BRIAN YOUNGBERG
J DAVID ANDERSON
JOHN KELLER
MEGAN REPINE
JAMES C WEST
HAITHUM NOKTA
MICHAEL W URBAN
J MARSHALL ADKINS
MATTHEW D CONLAN
ANDREA SHARKEY
CHARLES P MINERVINO
DAVID S HAVENS
BRIAN UHLMER
#N/A N/A
BRAD HANDLER
PHILIP H WEISS
FRANK HARESTAD
BERND POMREHN
DAVID C SMITH
BJORN THORESEN
FABIAN HAECKI
TRULS OLSEN
DAVID BHATTI
DAVID PHILLIPS
MARTIN SCHREIBER
MARTIN HUSEBY KARLSEN
KRISTOFFER RIIS IDEN
BYRON POPE
OLE SLORER
STEWART GLICKMAN
ANDERS BERGLAND
Source
13F
13D
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
MF-AGG
13F
13F
Recommendation
neutral/attractive
strong buy
overweight
sector perform
outperform
add
buy
buy
outperform
neutral
outperform
neutral
hold
neutral
equalweight
outperform
overweight
outperform
sell
market perform
outperform
buy
neutral
outperform
buy
outperform
hold
buy
buy
underperform
overweight
buy
hold
buy
buy
overweight
market perform
hold
buy
hold
restricted
hold
buy
Amt Held
20'154'035
20'154'035
19'705'570
18'706'254
12'972'379
9'548'259
7'568'140
6'851'908
5'168'965
4'831'570
3'433'300
3'293'744
3'174'545
3'144'768
3'132'933
3'111'484
2'931'192
2'927'088
2'901'422
2'560'167
% Out
5.59
5.59
5.47
5.19
3.6
2.65
2.1
1.9
1.43
1.34
0.95
0.91
0.88
0.87
0.87
0.86
0.81
0.81
0.81
0.71
Weighting
Change
3
5
5
3
5
4
5
5
5
3
5
3
3
3
3
5
5
5
1
3
5
5
3
5
5
5
3
5
5
1
5
5
3
5
5
5
3
3
5
3
#N/A N/A
3
5
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
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
14'315'649
1'297'393
650'155
3'112'775
(315'813)
(914'546)
(160'437)
(276'355)
(107'900)
40'681
59'000
173'296
14'620
(20'633)
2'931'192
(100'293)
1'736'422
1'059'912
Target Price
61
65
#N/A N/A
58
60
60
68
61
71
56
60
58
#N/A N/A
56
55
58
70
63
43
#N/A N/A
#N/A N/A
#N/A N/A
54
56
62
58
58
59
70
45
#N/A N/A
61
52
56
62
71
#N/A N/A
56
56
#N/A N/A
#N/A N/A
#N/A N/A
62
File Dt
31.03.2013
19.04.2013
31.03.2013
21.05.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
27.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.01.2013
31.03.2013
31.03.2013
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Inst Type
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Date
23.05.2013
22.05.2013
21.05.2013
20.05.2013
20.05.2013
20.05.2013
20.05.2013
20.05.2013
20.05.2013
18.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
15.05.2013
13.05.2013
10.05.2013
10.05.2013
10.05.2013
09.05.2013
03.05.2013
19.04.2013
19.04.2013
18.04.2013
06.03.2013
06.03.2013
04.03.2013
04.03.2013
04.02.2013
29.01.2013
03.01.2013
16.04.2012
04.07.2013
Swatch Group AG/The

Swatch Group AG manufactures watches, watch components, jewelry, miniature
batteries, LCD displays, and scoreboards. The Company produces watches under
various branded names. Swatch also operates retail boutiques.
Price/Volume
700
600
500
400
Valuation Analysis
300
Latest Fiscal Year:

LTM as of:
52-Week High (21.05.2013)
52-Week Low (16.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UHR VX EQUITY YTD Change
UHR VX EQUITY YTD % CHANGE
12/2012
01/yy
602.00
341.70
115'815.00
535.5
-11.05%
56.72%
68.69%
30.8
28'038.60
135.00
0.0
19.0
1'967.00
26'225.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100
0
m-12
31.12.2009
31.12.2010
5'142.0
6'108.0
2.54x
3.33x
1'123.0
1'658.0
11.63x
12.26x
759.0
1'074.0
18.10x
20.56x
Profitability
31.12.2011
6'764.0
2.50x
1'843.0
9.17x
1'269.0
14.96x
31.12.2012
7'796.0
2.96x
2'245.0
10.29x
1'600.0
15.56x
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
2'245.00
1'984.00
25.45%
25.87%
15.22%
18.41%
0.74%
28.8%
25.4%
20.5%
6.50
2.51
1.20%
1.45%
7.98
-
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.20
30.22
42.46%
17.53%
1.202
31
3.935
165'732
176'952
153'532
FY+2
12/13 Y
12/14 Y
8'802.7
9'714.8
3.02x
2.64x
2'545.6
2'858.8
10.30x
9.17x
1'781.3
1'998.3
16.32x
14.57x
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
748.33
602.33
-0.82
0.06
1.4%
1.4%
0.74
4.39
45.87
-
45.00
9'000.0
40.00
8'000.0
35.00
7'000.0
30.00
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
j-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
5'677.0
1.29x
1'421.0
5.17x
834.0
9.25x
200
.5 M
.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
m-13
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
04.07.2013
Swatch Group AG/The

Holdings By:
All
Holder Name
NORGES BANK
SWATCH GROUP AG
VANGUARD GROUP INC
CREDIT SUISSE ASSET
BLACKROCK
FMR LLC
PICTET & CIE
CALAMOS ADVISORS LLC
UBS FUND MANAGEMENT
WINTERGREEN ADVISERS
SCHRODER INVESTMENT
SCOPUS ASSET MANAGEM
BNP PARIBAS INV PART
ROYAL BANK OF CANADA
GRETHER ESTHER
DB PLATINUM ADVISORS
Firm Name
AlphaValue
Raymond James
Exane BNP Paribas
Societe Generale
Goldman Sachs
Morgan Stanley
Cantor Fitzgerald
Credit Suisse
Redburn Partners
Aurel - BGC
Deutsche Bank
Nomura
Kepler Cheuvreux
Bryan Garnier & Cie
Day by Day
HSBC
ISI Group
Oddo & Cie
Renaissance Capital
Bank Vontobel AG
Main First Bank AG
Barclays
Berenberg Bank
JPMorgan
S&P Capital IQ
EVA Dimensions
Portfolio Name
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
SCOPUS ASSET MANAGEM
n/a
n/a
n/a
Multiple Portfolios
Analyst
VERONIQUE CABIOC'H
MARC WILLAUME
LUCA GIUSEPPE SOLCA
THIERRY COTA
WILLIAM HUTCHINGS
LOUISE SINGLEHURST
ALLEGRA PERRY
PATRICK JNGLIN
MARIO ORTELLI
ANNABEL GLEESON
DAVID DA MAIA
FRANCESCA DI PASQUANTONIO
CHRISTOPHER WALKER
JON COX
LOIC MORVAN
VALERIE GASTALDY
ANTOINE BELGE
OMAR SAAD
LEOPOLD AUTHIE
REY WIUM
RENE WEBER
MATTHIAS EIFERT
HELEN NORRIS
JOHN GUY
MELANIE A FLOUQUET
WILLIAM MACK
CRAIG STERLING
PATRIK SCHWENDIMANN
Source
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
ULT-AGG
Co File
MF-AGG
Recommendation
reduce
outperform
outperform
buy
Buy/Neutral
Overwt/In-Line
buy
outperform
market perform
neutral
hold
buy
buy
buy
buy
hold
neutral
strong buy
buy
hold
buy
outperform
equalweight
buy
neutral
sell
underweight
outperform
Amt Held
1'383'153
935'958
505'000
484'570
433'692
364'120
290'174
255'065
246'404
232'055
222'578
188'807
184'025
178'394
174'820
150'944
149'368
124'236
114'000
111'350
% Out
4.48
3.03
1.64
1.57
1.41
1.18
0.94
0.83
0.8
0.75
0.72
0.61
0.6
0.58
0.57
0.49
0.48
0.4
0.37
0.36
Weighting
Change
2
5
5
5
5
5
5
5
3
3
3
5
5
5
5
3
3
5
5
3
5
5
3
5
3
1
1
5
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
U
Latest Chg
(62'160)
20'729
(5'556)
16'555
(186'998)
15'790
(9'535)
(7'946)
(7'585)
(621)
30'488
97'992
4'726
11'596
25'500
Target Price
601
600
710
650
770
602
600
600
600
#N/A N/A
550
600
620
630
555
#N/A N/A
590
650
620
541
600
650
550
625
505
480
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.12.2012
Government
31.12.2011
Corporation
31.03.2013
Investment Advisor
27.03.2013
Investment Advisor
21.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
30.04.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Bank
31.12.2011
n/a
30.04.2013
Investment Advisor
Date
6 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Date
23.05.2013
22.05.2013
22.05.2013
20.05.2013
17.05.2013
16.05.2013
16.05.2013
15.05.2013
14.05.2013
08.05.2013
30.04.2013
29.04.2013
24.04.2013
18.04.2013
08.04.2013
04.04.2013
27.03.2013
24.03.2013
19.03.2013
14.03.2013
07.03.2013
07.03.2013
07.03.2013
15.02.2013
04.02.2013
04.02.2013
17.01.2013
13.09.2012
04.07.2013
Holcim Ltd
Holcim Ltd. produces building materials. The Company produces and markets
ready-mixed concrete, cement, clinker, and admixtures. The Company also
provides consulting and engineering services in all areas of the cement
manufacturing process. Holcim, through subsidiaries, operates cement
manufacturing facilities around the world.
Price/Volume
3.0 M
2.5 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (21.05.2013)
52-Week Low (13.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HOLN VX EQUITY YTD Change
HOLN VX EQUITY YTD % CHANGE
12/2012
03/yy
79.10
50.64
716'354.00
67.3
-14.92%
32.89%
51.16%
327.1
22'012.91
13'507.00
0.0
2'889.0
3'146.00
35'663.91
50
2.0 M
40
1.5 M
30
1.0 M
20
.5 M
10
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
3.5 M
80
70
Valuation Analysis
31.12.2008
25'157.0
1.32x
5'333.0
6.23x
1'782.0
8.84x
90
LTM-4Q
31.12.2009
31.12.2010
21'132.0
21'653.0
2.02x
1.71x
4'630.0
4'513.0
9.20x
8.19x
1'471.0
1'182.0
16.33x
19.15x
Profitability
31.12.2011
20'744.0
1.47x
3'958.0
7.69x
275.0
58.43x
31.12.2012
21'544.0
1.63x
3'984.0
8.79x
622.0
34.84x
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
3'984.00
1'816.00
8.43%
7.35%
1.91%
4.73%
4.91%
0.51%
40.8%
18.4%
8.2%
2.9%
1.00
0.70
32.60%
79.69%
7.46
5.74
Price/ Cash Flow
LTM
03/yy
20'747.0
6.30x
3'921.0
8.61x
275.0
68.49x
03/yy
21'107.0
6.62x
3'888.0
9.88x
799.0
30.88x
FY+1
.0 M
m-13
1.29
227.77
27.20%
2.29%
1.292
35
4.057
1'029'487
1'014'205
956'896
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
22'038.0
23'475.0
5'764.3
6'018.0
1.57x
1.42x
6.30x
5.97x
4'604.3
5'413.7
1'304.0
1'441.0
7.75x
6.59x
1'460.4
1'967.8
549.0
615.0
15.11x
11.16x
14.57x
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
22.01.2009
BBB
STABLE
01.04.2005
A-2
5.84
3.29
2.77
3.56
79.7%
40.5%
0.51
0.95
48.92
63.62
57.83
35.39
10.00
30'000.0
9.00
25'000.0
8.00
7.00
20'000.0
6.00
15'000.0
5.00
4.00
10'000.0
3.00
2.00
5'000.0
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
04.07.2013
Holcim Ltd
Holdings By:
All
Holder Name
SCHMIDHEINY THOMAS
EUROCEMENT HOLDING A
NORGES BANK
VANGUARD GROUP INC
CREDIT SUISSE ASSET
COMMONWEALTH BANK OF
BLACKROCK
TIAA CREF INVESTMENT
UBS FUND MANAGEMENT
PICTET & CIE
MORGAN STANLEY
SARASIN
Firm Name
AlphaValue
Raymond James
Credit Suisse
JPMorgan
Jefferies
Kepler Cheuvreux
Exane BNP Paribas
Bank am Bellevue
Equita SIM SpA
Bankhaus Metzler
Bank Vontobel AG
Helvea
Societe Generale
Deutsche Bank
Oddo & Cie
Bryan Garnier & Cie
S&P Capital IQ
Goldman Sachs
HSBC
Day by Day
Berenberg Bank
Liberum Capital Ltd
Natixis
Morgan Stanley
Main First Bank AG
EVA Dimensions
Aurel - BGC
Redburn Partners
DZ Bank AG
Davy
Societe Generale
Portfolio Name
n/a
n/a
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
Multiple Portfolios
n/a
n/a
Analyst
Source
Co File
EXCH
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
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
PHIL ROSEBERG
GAETAN DUPONT
ARNAUD PALLIEZ
HARRY GOAD
ELODIE RALL
MICHAEL F BETTS
JOSEP PUJAL
PAUL ROGER
MICHAEL ROOST
GIUSEPPE MAPELLI
STEPHAN BAUER
SERGE ROTZER
PATRICK APPENZELLER
MURIEL FELLOUS
GLYNIS JOHNSON
VIRGINIE ROUSSEAU
SVEN EDELFELT
JAWAHAR HINGORANI
WILL MORGAN
JOHN FRASER-ANDREWS
VALERIE GASTALDY
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
ROBERT MUIR
CHARLIE CAMPBELL
MARTIN HUESLER
RAFIC EL HADDAD
YURI SEROV
CHRISTIAN KORTH
CRAIG STERLING
ERIC LEMARIE
JOHN MESSENGER
MARC NETTELBECK
TIM CAHILL
MIKE BRIDGES
outperform
reduce
outperform
neutral
overweight
buy
buy
outperform
hold
hold
sell
hold
buy
buy
hold
buy
buy
hold
neutral/neutral
neutral
hold
accumulate
buy
buy
outperform
neutral
Equalwt/In-Line
outperform
sell
not rated
neutral
sell
outperform
hold
Amt Held
65'774'099
33'091'556
9'685'325
8'823'981
5'637'149
3'150'310
3'100'075
2'755'317
2'568'131
2'484'800
1'839'810
1'735'900
1'700'606
1'601'986
1'514'910
1'183'680
1'003'067
975'977
734'252
428'647
% Out
20.11
10.12
2.96
2.7
1.72
0.96
0.95
0.84
0.79
0.76
0.56
0.53
0.52
0.49
0.46
0.36
0.31
0.3
0.22
0.13
Weighting
Change
5
2
5
3
5
5
5
5
3
3
1
3
5
5
3
5
5
3
3
3
3
4
5
5
5
3
3
5
1
#N/A N/A
3
1
5
3
M
M
M
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
U
M
Latest Chg
(6'310'975)
182'596
(49'165)
73'632
643'402
(161'700)
1'839'810
221'420
(28'829)
(58'267)
1'506'860
(2'961)
(122'296)
(1'622)
5'595
14'968
Target Price
93
76
80
72
85
83
86
90
75
71
68
76
83
97
69
91
83
77
81
80
#N/A N/A
80
80
71
#N/A N/A
72
74
85
#N/A N/A
#N/A N/A
#N/A N/A
55
#N/A N/A
54
File Dt
31.12.2011
12.09.2011
31.03.2013
31.03.2013
31.12.2012
31.03.2013
27.03.2013
31.01.2013
21.05.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.01.2013
31.03.2013
31.01.2013
28.02.2013
31.01.2013
31.03.2013
31.01.2013
Date
12 month
6 month
Not Provided
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 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
12 month
Not Provided
12 month
Inst Type
n/a
Private Equity
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
23.05.2013
23.05.2013
21.05.2013
20.05.2013
16.05.2013
16.05.2013
15.05.2013
14.05.2013
13.05.2013
13.05.2013
13.05.2013
13.05.2013
13.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
01.05.2013
30.04.2013
23.04.2013
14.03.2013
13.03.2013
11.03.2013
08.03.2013
01.03.2013
28.02.2013
25.02.2013
17.01.2013
07.11.2012
07.11.2012
16.10.2012
08.10.2012
30.11.2011
04.07.2013
SGS SA
SGS SA provides industrial inspection, analysis, testing, and verification
services. The Company inspects, samples, analyzes, and monitors raw materials,
petroleum, food, crops, chemicals, consumer goods, and production machinery for
compliance with industrial standards and local regulatory requirements,
including tax and duty. SGS serves business worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2013)
52-Week Low (04.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SGSN VX EQUITY YTD Change
SGSN VX EQUITY YTD % CHANGE
12/2012
01/yy
2'421.16
1'794.63
17'516.00
2108
-12.93%
17.46%
44.11%
7.8
16'489.70
1'323.00
0.0
58.0
989.00
16'881.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
2500
.1 M
2000
.0 M
1500
.0 M
1000
.0 M
500
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
4'818.0
1.66x
1'024.0
7.82x
692.0
12.08x
3000
31.12.2009
31.12.2010
4'712.0
4'757.0
2.06x
2.46x
1'223.0
1'286.0
7.93x
9.09x
566.0
588.0
17.90x
20.21x
Profitability
31.12.2011
4'797.0
2.48x
1'015.0
11.73x
534.0
22.05x
31.12.2012
5'578.0
2.84x
1'124.0
14.11x
556.0
27.76x
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
1'124.00
843.00
15.11%
14.49%
11.40%
27.42%
1.14%
20.2%
15.1%
10.0%
2.06
1.60
26.49%
64.22%
6.05
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.96
4.86
17.95%
6.66%
0.956
25
3.440
17'633
17'453
15'390
FY+2
12/13 Y
12/14 Y
6'163.7
6'742.5
2.73x
2.48x
1'356.1
1'551.4
12.39x
10.83x
714.5
837.1
22.54x
19.46x
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
FQ+1
FQ+2
29.58
19.39
0.30
1.18
64.2%
38.4%
1.14
5.85
60.53
-
25.00
6'000.0
5'000.0
20.00
4'000.0
15.00
3'000.0
10.00
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
04.07.2013
SGS SA
Holdings By:
All
Holder Name
EXOR GROUP SA
VON FINCK AUGUST
VON FINCK AUGUST FRA
SGS INVESTMENT LTD
CAPITAL GROUP INTERN
SGS GROUP
NORGES BANK
CREDIT SUISSE ASSET
FMR LLC
VANGUARD GROUP INC
UBS FUND MANAGEMENT
BLACKROCK
PICTET & CIE
SCHRODER INVESTMENT
Firm Name
AlphaValue
Credit Suisse
Oddo & Cie
Goldman Sachs
Helvea
Main First Bank AG
Kepler Cheuvreux
Barclays
Morgan Stanley
Exane BNP Paribas
HSBC
EVA Dimensions
Bank Vontobel AG
Societe Generale
Jefferies
Natixis
RBC Capital Markets
JPMorgan
Berenberg Bank
S&P Capital IQ
Redburn Partners
Deutsche Bank
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
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
HEINZ STEFFEN
DAVID RIGBY
GUILLAUME RASCOUSSIER
JOHN WOODMAN
CHRISTIAN BURGER
MOURAD LAHMIDI
BETTINA EDMONDSTON
PAUL D A SULLIVAN
ALLEN WELLS
LAURENT BRUNELLE
RAJESH KUMAR
CRAIG STERLING
DANIEL BUERKI
PATRICK JOUSSEAUME
WILLIAM KIRKNESS
OLIVIER LEBRUN
ANDREW BROOKE
ROBERT PLANT
KONRAD ZOMER
JOHNSON IMODE
PASCAL HAUTCOEUR
THOMAS SYKES
Source
Co File
Co File
Co File
EXCH
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
Recommendation
sell
neutral
buy
Buy/Neutral
accumulate
outperform
hold
equalweight
Equalwt/In-Line
neutral
neutral
hold
buy
outperform
hold
hold
neutral
underperform
neutral
hold
hold
buy
hold
Amt Held
1'173'360
1'171'013
439'515
235'364
234'342
234'021
228'873
194'461
131'155
86'682
62'974
57'021
51'535
46'813
46'301
43'264
38'759
29'307
25'763
20'887
% Out
15
14.97
5.62
3.01
3
2.99
2.93
2.49
1.68
1.11
0.81
0.73
0.66
0.6
0.59
0.55
0.5
0.37
0.33
0.27
Weighting
Change
1
3
5
5
4
5
3
3
3
3
3
3
5
5
3
3
3
1
3
3
3
5
3
M
M
M
M
M
M
M
M
N
M
M
U
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
(40'224)
(1'646)
(30'048)
(6'000)
(638)
(8'551)
2'220
3'453
(7'584)
98
289
370
515
(16)
(6'474)
Target Price
1'888
2'250
2'800
2'650
2'450
2'450
2'000
2'650
2'500
2'650
2'400
#N/A N/A
2'550
#N/A N/A
2'240
2'000
2'200
1'500
1'860
1'740
2'040
#N/A N/A
1'799
File Dt
31.12.2011
31.12.2011
31.12.2011
29.03.2011
29.06.2011
20.03.2013
30.01.2012
31.03.2013
31.12.2012
27.03.2013
31.03.2013
31.03.2013
31.01.2013
31.01.2013
21.05.2013
31.01.2013
31.03.2013
31.03.2013
28.02.2013
31.01.2013
Date
6 month
Not Provided
Not Provided
12 month
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
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Inst Type
Holding Company
n/a
n/a
Holding Company
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.05.2013
20.05.2013
20.05.2013
08.05.2013
06.05.2013
02.05.2013
24.04.2013
24.04.2013
17.04.2013
15.04.2013
09.04.2013
02.04.2013
07.02.2013
30.01.2013
22.01.2013
18.01.2013
18.01.2013
17.01.2013
17.01.2013
14.01.2013
21.11.2012
15.05.2012
27.04.2012
04.07.2013
Weatherford International Ltd/Switzerland

Weatherford International Ltd. is a Swiss-based, multinational oilfield
service company. The Company provides mechanical solutions, technology and
services for the drilling and production sectors of the oil and gas industry.
Price/Volume
16
1.2 M
14
1.0 M
12
.8 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WFT SE EQUITY YTD Change
WFT SE EQUITY YTD % CHANGE
12/2012
03/yy
14.20
8.43
28'582.00
13.35
-5.99%
58.36%
79.20%
765.8
10'223.00
8'634.00
0.0
32.0
300.00
19'381.26
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
.4 M
4
.2 M
2
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
9'600.6
1.41x
2'710.4
5.00x
1'393.2
-
.6 M
31.12.2009
31.12.2010
8'833.0
10'221.0
2.22x
2.27x
1'596.8
1'829.0
12.28x
12.67x
170.1
(152.0)
Profitability
LTM-4Q
31.12.2011
12'988.0
1.40x
2'443.0
7.46x
189.0
-
31.12.2012
15'215.0
1.11x
2'445.0
6.90x
(778.0)
2'445.00
1'163.00
7.64%
-1.89%
-3.95%
-9.46%
0.69%
22.1%
16.2%
7.6%
-5.1%
1.58
0.73
37.88%
98.27%
4.29
3.56
LTM
03/yy
13'723.0
5.50x
2'664.0
7.20x
282.0
0.00x
03/yy
15'461.0
4.77x
2'504.0
7.54x
(879.0)
0.00x
FY+1
.0 M
m-13
1.41
680.02
8.10%
37.63%
1.409
34
3.882
55'506
87'098
94'885
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
16'176.0
17'675.5
3'895.4
4'122.0
1.17x
1.04x
4.98x
4.66x
2'969.5
3'512.0
684.6
788.3
6.54x
5.53x
6.13x
5.82x
616.6
978.0
120.5
175.7
17.21x
11.03x
14.87x
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
5.03
0.55
3.45
3.57
98.3%
49.5%
0.69
1.95
85.08
102.61
54.43
136.67
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
04.07.2013
Weatherford International Ltd/Switzerland

Holdings By:
All
Holder Name
INVESCO LTD
ORBIS HOLDINGS LIMIT
CLEARBRIDGE INVESTME
LEGG MASON INC
DODGE & COX
BLACKROCK
VANGUARD GROUP INC
LEGG MASON INC
GAMCO
THRIVENT FINANCIAL F
ROBECO INVESTMENT MG
WELLS FARGO
SAC CAPITAL ADVISORS
TRADEWINDS GLOBAL IN
VAN ECK ASSOCIATES C
SOUND SHORE MANAGEME
MORGAN STANLEY
Firm Name
Goldman Sachs
JPMorgan
EVA Dimensions
Gabelli & Co
Macquarie
Credit Suisse
Jefferies
Guggenheim Securities LLC
ISI Group
Wells Fargo Securities, LLC
Global Hunter Securities
Iberia Capital Partners LLC
Societe Generale
Deutsche Bank
Howard Weil Inc
Capital One Southcoast, Inc.
Raymond James
Johnson Rice & Co
FBR Capital Markets
Susquehanna Financial Group
Credit Agricole Securities (USA)
Sterne, Agee & Leach
BMO Capital Markets
Morgan Stanley
RBC Capital Markets
Cowen Securities LLC
Barclays
Main First Bank AG
Tudor Pickering & Co
S&P Capital IQ
Portfolio Name
n/a
n/a
ORBIS HOLDINGS LIMIT
CLEARBRIDGE INVESTME
n/a
n/a
n/a
VANGUARD GROUP INC
Multiple Portfolios
n/a
ROBECO INVESTMENT MA
n/a
n/a
TRADEWINDS GLOBAL IN
n/a
SOUND SHORE MANAGEME
n/a
Analyst
WAQAR SYED
J DAVID ANDERSON
CRAIG STERLING
SCOTT GRUBER
ANDREA SHARKEY
NIGEL BROWNE
JAMES WICKLUND
BRAD HANDLER
MICHAEL K LAMOTTE
JUDSON E BAILEY
MATTHEW D CONLAN
BRIAN UHLMER
TREY STOLZ
EDWARD C MUZTAFAGO
MICHAEL W URBAN
WILLIAM SANCHEZ
LUKE M LEMOINE
J MARSHALL ADKINS
DANIEL BURKE
MEGAN REPINE
CHARLES P MINERVINO
DAVID S HAVENS
STEPHEN D GENGARO
ALAN D LAWS
OLE SLORER
KURT HALLEAD
JAMES D CRANDELL
JAMES C WEST
BERND POMREHN
BYRON POPE
STEWART GLICKMAN
Source
EXCH
ULT-AGG
13F
13F
EXCH
13F
EXCH
ULT-AGG
13F
MF-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
EXCH
13F
ULT-AGG
13F
ULT-AGG
Recommendation
neutral/attractive
overweight
underweight
market perform
buy
outperform
neutral
hold
buy
neutral
outperform
neutral
outperform
hold
buy
sector perform
add
outperform
overweight
outperform
neutral
outperform
buy
underperform
Overwt/Attractive
sector perform
buy
overweight
underperform
accumulate
buy
Amt Held
73'798'060
69'790'134
53'800'564
47'084'008
41'878'236
27'078'891
25'663'719
24'843'166
23'231'610
20'857'160
20'143'589
14'887'600
13'227'038
11'437'113
10'260'266
9'932'643
9'386'645
9'382'418
9'031'262
7'782'972
% Out
9.64
9.11
7.03
6.15
5.47
3.54
3.35
3.24
3.03
2.72
2.63
1.94
1.73
1.49
1.34
1.3
1.23
1.23
1.18
1.02
Weighting
Change
3
5
1
3
5
5
3
3
5
3
5
3
5
3
5
3
4
5
5
5
3
5
5
1
5
3
5
5
1
4
5
M
M
N
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(470'690)
(6'032'242)
3'271'850
(2'558'265)
6'308'237
(400'321)
3'583'585
474'300
4'323'073
4'567'393
(1'963'638)
235'206
1'327'574
378'209
Target Price
15
17
#N/A N/A
14
#N/A N/A
16
12
14
16
#N/A N/A
#N/A N/A
12
15
14
19
13
15
15
#N/A N/A
16
13
14
15
10
17
14
17
16
9
#N/A N/A
12
File Dt
Inst Type
23.03.2013
Corporation
20.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
12.07.2012
Investment Advisor
31.03.2013
Investment Advisor
01.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
20.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
6 month
Not Provided
12 month
Not Provided
12 month
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
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
23.05.2013
21.05.2013
21.05.2013
16.05.2013
15.05.2013
14.05.2013
13.05.2013
13.05.2013
13.05.2013
10.05.2013
10.05.2013
09.05.2013
07.05.2013
06.05.2013
06.05.2013
06.05.2013
06.05.2013
06.05.2013
06.05.2013
06.05.2013
06.05.2013
06.05.2013
05.05.2013
03.05.2013
03.05.2013
03.05.2013
03.05.2013
03.05.2013
27.02.2013
04.02.2013
17.12.2012
04.07.2013
Swisscom AG
Swisscom AG operates public telecommunications networks and offers network
application services. The Company provides local, long-distance, and mobile
telephone services, integrated voice and data digital services, network
solutions to national and international telecommunications operators, and
Internet access services, and owns and operates pay telephones.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SCMN VX EQUITY YTD Change
SCMN VX EQUITY YTD % CHANGE
12/2012
03/yy
446.30
370.50
60'702.00
417
-6.57%
12.55%
60.82%
51.8
21'606.59
8'783.00
0.0
24.0
578.00
29'705.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.3 M
.2 M
.2 M
.1 M
.1 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
12'198.0
2.35x
4'496.0
6.37x
1'756.0
10.01x
500
450
400
350
300
250
200
150
100
50
0
m-12
31.12.2009
31.12.2010
12'001.0
11'988.0
2.53x
2.54x
4'402.0
4'348.0
6.89x
7.01x
1'926.0
1'813.0
10.64x
11.75x
Profitability
LTM-4Q
31.12.2011
11'467.0
2.35x
4'300.0
6.26x
683.0
26.98x
31.12.2012
11'384.0
2.51x
4'107.0
6.97x
1'755.0
11.62x
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
4'107.00
2'157.00
18.95%
19.04%
8.49%
34.39%
13.93%
0.57%
35.6%
18.3%
15.4%
0.91
0.72
43.71%
212.56%
-
Price/ Cash Flow
LTM
03/yy
11'407.0
9.84x
4'272.0
6.41x
656.0
28.82x
03/yy
11'316.0
10.30x
4'034.0
7.65x
1'690.0
13.46x
FY+1
.0 M
m-13
0.69
22.31
15.48%
11.52%
0.694
25
3.600
122'998
128'326
120'219
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
11'313.1
11'362.4
2'801.3
2'814.0
2.62x
2.60x
10.88x
10.63x
4'277.7
4'331.1
1'079.3
1'099.0
6.95x
6.87x
1'632.1
1'658.9
409.8
410.5
13.16x
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
30.06.2009
A
STABLE
15.38
5.79
2.00
2.18
212.6%
67.9%
0.57
1.35
-
7.00
16'000.0
6.00
14'000.0
12'000.0
5.00
10'000.0
4.00
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
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
04.07.2013
Swisscom AG
Holdings By:
All
Holder Name
SWISS CONFEDERATION
BLACKROCK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
NORGES BANK
FMR LLC
RUFFER LLP
UBS FUND MANAGEMENT
INVESCO LTD
PICTET & CIE
JOHN HANCOCK INVESTM
EPOCH INVESTMENT PAR
DJE INVESTMENT SA
ALLIANCE BERNSTEIN
MORGAN STANLEY
NOMURA
DANSKE INVEST A/S
Firm Name
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
AlphaValue
HEINZ STEFFEN
Credit Suisse
JAKOB BLUESTONE
Goldman Sachs
TIMOTHY BODDY
JPMorgan
HANNES C WITTIG
Macquarie
ALEX GRANT
Bank am Bellevue
MICHAEL STUDER
Deutsche Bank
CAROLA BARDELLI
Barclays
MICHAEL BISHOP
Societe Generale
STEPHANE SCHLATTER
Morgan Stanley
LUIS PROTA
HSBC
NICOLAS COTE-COLISSON
STEFAN BORSCHEID
Berenberg Bank
USMAN GHAZI
Nomura
VIKRAM KARNANY
S&P Capital IQ
ALEXANDER WISCH
New Street Research
JAKUB DUBANIEWICZ
Exane BNP Paribas
MICHAEL ZORKO
EVA Dimensions
ANDREW S ZAMFOTIS
Bank Vontobel AG
SERGE ROTZER
MICHAEL INAUEN
Natixis
JACQUES DE GRELING
ANDREW HOGLEY
Gabelli & Co
EVAN D MILLER
Source
Co File
MF-AGG
ULT-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
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
reduce
underperform
Buy/Neutral
overweight
outperform
hold
hold
overweight
buy
Underwt/In-Line
overweight
hold
hold
neutral
hold
neutral
outperform
hold
hold
outperform
neutral
sell
buy
Amt Held
29'475'281
420'000
401'791
317'237
249'170
216'190
198'716
192'800
182'185
118'003
117'897
101'803
82'299
80'955
67'128
66'372
60'824
59'732
56'633
51'927
% Out
56.9
0.81
0.78
0.61
0.48
0.42
0.38
0.37
0.35
0.23
0.23
0.2
0.16
0.16
0.13
0.13
0.12
0.12
0.11
0.1
Weighting
Change
2
1
5
5
5
3
3
5
5
1
5
3
3
3
3
3
5
3
3
5
3
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
Latest Chg
86'000
(31'471)
(3'356)
17'620
7'796
(2'719)
14'314
(2'010)
(3'505)
502
8'000
14'375
(10)
528
3'758
(2'283)
(3'115)
Target Price
437
355
510
460
450
392
440
440
440
430
500
430
385
415
450
364
480
#N/A N/A
410
#N/A N/A
394
300
#N/A N/A
File Dt
Inst Type
31.12.2011
Government
28.02.2013
Investment Advisor
21.05.2013
Investment Advisor
27.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
27.12.2012
Investment Advisor
31.01.2013
Investment Advisor
20.05.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
15.01.2013
Unclassified
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
6 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
12 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
Not Provided
Not Provided
Date
16.05.2013
14.05.2013
09.05.2013
07.05.2013
07.05.2013
06.05.2013
03.05.2013
03.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
20.02.2013
12.02.2013
08.02.2013
08.02.2013
09.11.2012
14.10.2011
04.07.2013
Geberit AG
Geberit AG manufactures and supplies water supply pipes and
fittings, installation systems, drainage and flushing systems such as visible
cisterns, and other sanitary systems for the commercial and residential
construction markets. The Company sells its products in Germany, Italy,
Switzerland, Austria, the Netherlands, France, and Belgium.
Price/Volume
300
1.4 M
1.2 M
1.0 M
150
Latest Fiscal Year:

LTM as of:
52-Week High (22.05.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GEBN VX EQUITY YTD Change
GEBN VX EQUITY YTD % CHANGE
12/2012
03/yy
250.80
183.28
88'518.00
241.1
-3.87%
31.55%
81.49%
38.8
9'363.63
14.70
0.0
0.0
423.10
8'955.23
.8 M
100
.6 M
.4 M
50
.2 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
1.6 M
200
Valuation Analysis
31.12.2008
2'179.0
1.95x
649.1
6.56x
466.3
9.50x
1.8 M
250
LTM-4Q
31.12.2009
31.12.2010
1'931.0
1'900.0
3.57x
4.23x
611.0
573.7
11.27x
14.01x
397.5
406.8
18.03x
20.95x
Profitability
31.12.2011
1'867.6
3.49x
532.0
12.24x
384.0
18.43x
31.12.2012
1'919.6
3.73x
542.4
13.20x
392.3
19.57x
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
542.40
462.30
24.08%
23.71%
18.36%
26.03%
0.89%
28.5%
24.3%
20.4%
2.79
1.99
0.73%
1.03%
-
Price/ Cash Flow
03/yy
1'868.2
7.32x
527.8
0.00x
374.3
19.64x
LTM
03/yy
1'929.8
7.26x
549.3
0.00x
399.4
22.19x
FY+1
0.96
36.44
30.49%
23.30%
0.958
15
2.333
125'776
114'017
105'602
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
2'274.5
2'385.6
3.91x
3.67x
587.5
624.5
15.26x
14.36x
431.0
458.0
21.04x
19.71x
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
25.05.2010
ASTABLE
91.93
77.36
1.0%
1.0%
0.89
3.77
-
20.00
2'500.0
18.00
2'000.0
16.00
14.00
1'500.0
12.00
10.00
1'000.0
8.00
6.00
500.0
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
04.07.2013
Geberit AG
Holdings By:
All
Holder Name
BARCLAYS PLC
BLACKROCK
CAPITAL GROUP COS
GEBERIT AG
MARATHON ASSET MANAG
CREDIT SUISSE FUND A
VANGUARD GROUP INC
NORGES BANK
CREDIT SUISSE ASSET
PICTET & CIE
UBS FUND MANAGEMENT
COLUMBIA WANGER ASSE
MARKETFIELD ASSET MA
VONTOBEL ASSET MANAG
INVESCO LTD
UNION INVESTMENT GMB
Firm Name
Bank am Bellevue
Bank Vontobel AG
Helvea
Goldman Sachs
Berenberg Bank
EVA Dimensions
Kepler Cheuvreux
Main First Bank AG
HSBC
Credit Suisse
Morgan Stanley
Davy
Portfolio Name
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
n/a
Multiple Portfolios
Analyst
MICHAEL ROOST
CHRISTIAN ARNOLD
PATRICK APPENZELLER
DANIELA COSTA
MICHAEL WATTS
CRAIG STERLING
MARTIN HUESLER
CHRISTOPH LADNER
CHRISTIAN KORTH
TOBIAS LOSKAMP
ANDRE KUKHNIN
ALEJANDRA PEREDA
FLORENCE O'DONOGHUE
Source
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
Co File
EXCH
Co File
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
hold
neutral
neutral/neutral
hold
hold
market perform
hold
underperform
overweight
underperform
Underwt/In-Line
underperform
Amt Held
3'773'401
2'095'110
1'844'617
1'720'160
1'234'508
1'189'345
1'164'630
988'526
911'384
683'953
619'862
580'309
535'503
320'805
276'100
263'982
183'003
124'177
109'653
100'400
% Out
9.72
5.4
4.75
4.43
3.18
3.06
3
2.55
2.35
1.76
1.6
1.49
1.38
0.83
0.71
0.68
0.47
0.32
0.28
0.26
Weighting
Change
3
3
3
3
3
3
3
3
1
5
1
1
1
M
M
M
M
M
U
M
M
M
M
M
M
D
Latest Chg
3'569
(6'120)
48'365
(25'926)
(6'236)
619
15'136
(11'187)
(24'999)
(1'683)
183'003
(15'760)
128
11'700
Target Price
205
230
240
233
210
#N/A N/A
#N/A N/A
230
215
244
185
194
#N/A N/A
File Dt
31.03.2013
14.03.2007
21.05.2013
11.05.2006
31.12.2012
29.01.2013
31.12.2012
31.03.2013
31.12.2012
31.03.2013
27.03.2013
31.01.2013
31.03.2013
31.01.2013
28.02.2013
28.03.2013
31.12.2012
31.01.2013
20.05.2013
28.09.2012
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.05.2013
02.05.2013
01.05.2013
30.04.2013
30.04.2013
25.03.2013
13.03.2013
13.03.2013
25.02.2013
29.01.2013
15.01.2013
29.11.2012
09.11.2012
04.07.2013
Givaudan SA
Givaudan SA manufactures and markets fragrances and flavors from natural and
synthetic ingredients. The Company sells its products to manufacturers of
perfumes, beverages, prepared foods, and consumer goods. Givaudan operates
worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (11.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GIVN VX EQUITY YTD Change
GIVN VX EQUITY YTD % CHANGE
12/2012
03/yy
1'293.00
857.06
9'585.00
1250
-3.33%
45.85%
88.30%
9.2
11'541.98
1'521.00
0.0
0.0
425.00
12'637.98
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
1200
.1 M
1000
.1 M
800
.1 M
600
.1 M
400
.0 M
200
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
4'087.0
2.20x
822.0
10.95x
111.0
53.20x
1400
LTM-4Q
31.12.2009
31.12.2010
3'959.0
4'239.0
2.31x
2.47x
758.0
866.0
12.04x
12.10x
199.0
340.0
32.97x
26.64x
Profitability
31.12.2011
3'915.0
2.44x
755.0
12.63x
252.0
32.30x
31.12.2012
4'257.0
2.32x
871.0
11.33x
411.0
21.33x
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
871.00
608.00
14.28%
12.07%
6.29%
11.46%
8.76%
0.65%
42.2%
20.4%
14.3%
9.7%
2.23
1.28
23.95%
41.33%
5.21
3.14
Price/ Cash Flow
03/yy
3'963.0
0.00x
0.0
0.00x
0.0
0.00x
LTM
03/yy
4'285.6
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.79
7.27
38.28%
33.83%
0.788
22
3.409
20'724
24'515
23'567
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
4'433.1
4'644.0
1'130.0
1'153.0
2.82x
2.64x
942.3
1'008.2
13.45x
12.57x
509.8
568.9
22.09x
19.69x
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
12.10
9.93
1.26
1.75
41.3%
29.2%
0.65
3.09
70.20
116.39
55.72
130.87
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
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
04.07.2013
Givaudan SA
Holdings By:
All
Holder Name
GATES III WILLIAM HE
NESTLE SA
BLACKROCK
NORGES BANK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
HOFFMANN ANDRE SEREN
NEW JERSEY DIVISION
UMB BANK N A
UBS FUND MANAGEMENT
FMR LLC
SCHRODER INVESTMENT
CAUSEWAY CAPITAL MAN
PICTET & CIE
HIRTLE CALLAGHAN & C
Firm Name
AlphaValue
Kepler Cheuvreux
Exane BNP Paribas
Liberum Capital Ltd
Bank am Bellevue
Nomura
Main First Bank AG
Helvea
Barclays
Deutsche Bank
Morgan Stanley
Credit Suisse
Berenberg Bank
Bank Vontobel AG
JPMorgan
HSBC
Goldman Sachs
EVA Dimensions
Davy
Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MARTIN SCHNEE
CHRISTOPH LADNER
HEIDI VESTERINEN
ADAM COLLINS
ROLF KUNZ
PATRICK LAMBERT
BERND POMREHN
ANDREAS VON ARX
GUNTHER ZECHMANN
VIRGINIE BOUCHER-FERTE
ERIK SJOGREN
PATRICK JNGLIN
JAIDEEP PANDYA
CELINE PANNUTI
SEBASTIAN SATZ
RAKESH PATEL
CRAIG STERLING
DANIEL BUERKI
JACK GORMAN
Source
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
reduce
buy
outperform
buy
buy
neutral
outperform
neutral
equalweight
hold
Equalwt/In-Line
neutral
sell
hold
overweight
underweight
Sell/Neutral
hold
market perform
neutral
Amt Held
950'137
926'130
281'272
230'326
164'285
146'371
118'875
112'700
88'563
86'929
80'000
72'247
70'664
46'952
46'275
34'458
34'162
26'036
24'726
24'654
% Out
10.29
10.03
3.05
2.49
1.78
1.59
1.29
1.22
0.96
0.94
0.87
0.78
0.77
0.51
0.5
0.37
0.37
0.28
0.27
0.27
Weighting
Change
2
5
5
5
5
3
5
3
3
3
3
3
1
3
5
1
1
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
9'981
19'000
5'024
666
(39'960)
4'106
(13'567)
(1'516)
10'160
(1'747)
(1'752)
(6'430)
(4'613)
(585)
Target Price
1'131
1'300
1'310
1'236
1'250
1'290
1'200
1'130
1'170
1'030
1'150
1'050
900
1'100
1'120
940
1'060
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2011
n/a
31.12.2011
Corporation
21.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
27.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2011
n/a
28.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
30.09.2011
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
23.05.2013
15.05.2013
09.05.2013
18.04.2013
17.04.2013
17.04.2013
17.04.2013
17.04.2013
17.04.2013
16.04.2013
16.04.2013
16.04.2013
16.04.2013
16.04.2013
15.04.2013
27.03.2013
27.02.2013
13.02.2013
05.02.2013
21.06.2012
04.07.2013
Julius Baer Group Ltd

Julius Baer Group Ltd. offers private banking services. The bank advises on
wealth management, financial planning and investments, and offers mortgage and
other lending, foreign exchange, securities trading, custody and execution
services.
Price/Volume
45
3.0 M
40
2.5 M
35
30
2.0 M
25
12/2012
01/yy
40.96
29.45
389'553.00
37.17
-9.25%
26.21%
62.12%
223.8
8'312.28
8'190.75
0.0
2.3
15'606.04
-
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
15
1.0 M
10
.5 M
5
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
2'480.1
356.9
-
1.5 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.05.2013)
52-Week Low (04.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BAER VX EQUITY YTD Change
BAER VX EQUITY YTD % CHANGE
31.12.2009
31.12.2010
1'883.7
2'075.2
388.7
352.0
19.35x
25.61x
Profitability
31.12.2011
2'052.0
257.9
28.93x
31.12.2012
2'028.9
297.4
21.99x
19.37%
19.37%
0.55%
6.48%
2.21%
0.04%
15.4%
14.93%
168.13%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.19
213.52
11.08%
16.87%
1.189
27
3.704
597'316
643'702
630'491
FY+2
12/13 Y
12/14 Y
2'147.5
2'597.7
-1.09x
-1.89x
478.5
613.6
17.03x
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
.0 M
m-13
FQ+1
FQ+2
168.1%
62.7%
0.04
5.59
-
4'500.0
4'000.0
1.00
0.80
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
04.07.2013
Julius Baer Group Ltd

Holdings By:
All
Holder Name
BLACKROCK
BANK OF AMERICA CORP
BOFA MERRILL LYNCH
AXA
NORGES BANK
VANGUARD GROUP INC
CREDIT SUISSE ASSET
JULIUS BAER GROUP LT
INVESCO LTD
UBS FUND MANAGEMENT
HARTFORD INVESTMENT
PICTET & CIE
UNITED SERVICES AUTO
SCHRODER INVESTMENT
Firm Name
Barclays
Bank am Bellevue
Berenberg Bank
AlphaValue
Deutsche Bank
Morgan Stanley
Credit Suisse
Oddo & Cie
S&P Capital IQ
Main First Bank AG
Helvea
Mediobanca SpA
Natixis
Macquarie
Bank Vontobel AG
EVA Dimensions
Nomura
Kepler Cheuvreux
JPMorgan
HSBC
Equita SIM SpA
Goldman Sachs
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JEREMY SIGEE
ANDREW STIMPSON
MARC DEUSTER
ELENI PAPOULA
DIETER HEIN
MATT SPICK
HUBERT LAM
GURJIT KAMBO
JEAN SASSUS
FRANK BRADEN
KILIAN MAIER
TIM DAWSON
GIANLUCA FERRARI
ANTOINE BURGARD
JIA WANG
TERESA NIELSEN
AUSTIN BURKETT
ANDREAS BRUN
JON PEACE
DIRK BECKER
KIAN ABOUHOSSEIN
ROBERT MURPHY
MATTEO GHILOTTI
MARTIN LEITGEB
Source
ULT-AGG
Co File
ULT-AGG
Co File
Co File
Co File
EXCH
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
equalweight
underperform
buy
hold
buy
buy
Equalwt/In-Line
outperform
buy
strong buy
outperform
neutral
neutral
buy
outperform
reduce
sell
market perform
buy
reduce
overweight
neutral
reduce
not rated
Amt Held
21'990'182
18'333'412
12'554'839
11'095'398
8'776'634
8'148'183
7'375'149
6'696'246
6'132'638
5'706'091
3'808'352
2'864'705
2'599'046
2'567'478
2'489'955
2'285'990
1'893'142
1'658'124
1'267'174
1'044'806
% Out
9.83
8.19
5.61
4.96
3.92
3.64
3.3
2.99
2.74
2.55
1.7
1.28
1.16
1.15
1.11
1.02
0.85
0.74
0.57
0.47
Weighting
Change
3
1
5
3
5
5
3
5
5
5
5
3
3
5
5
2
1
3
5
2
5
3
2
#N/A N/A
M
D
M
M
M
M
M
M
M
M
M
M
M
N
M
M
D
M
M
D
M
M
N
M
Latest Chg
25'701
(87'559)
(2'711'160)
422'350
78'190
324'752
278'714
114'473
98'288
47'107
27'163
303'012
Target Price
41
40
44
39
47
43
43
40
44
44
41
41
40
44
41
26
#N/A N/A
#N/A N/A
39
29
41
35
31
#N/A N/A
File Dt
31.03.2013
31.12.2012
21.05.2013
31.12.2012
31.12.2012
31.12.2012
10.08.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
27.03.2013
31.12.2012
31.03.2013
20.05.2013
31.01.2013
31.03.2013
31.01.2013
28.02.2013
31.03.2013
Date
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 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
Government
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.05.2013
21.05.2013
16.05.2013
16.05.2013
16.05.2013
15.05.2013
15.05.2013
15.05.2013
15.05.2013
15.05.2013
15.05.2013
15.05.2013
25.03.2013
22.03.2013
19.03.2013
13.03.2013
12.02.2013
08.02.2013
05.02.2013
04.02.2013
23.01.2013
04.12.2012
03.10.2012
23.08.2012
04.07.2013
Adecco SA
Adecco SA is a personnel and temporary employment company. The Company supplies
personnel and temporary help, and offers permanent placement services for
professionals and specialists in a range of occupations. Adecco conducts its
placement services internationally.
Price/Volume
70
2.5 M
60
2.0 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ADEN VX EQUITY YTD Change
ADEN VX EQUITY YTD % CHANGE
12/2012
03/yy
57.50
37.91
272'891.00
54.55
-5.13%
43.90%
82.65%
189.3
10'333.79
2'077.00
0.0
3.0
1'105.00
9'445.23
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
30
1.0 M
20
.5 M
10
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
19'965.0
0.24x
992.0
4.84x
495.0
8.51x
40
LTM-4Q
31.12.2009
31.12.2010
14'797.0
18'656.0
0.46x
0.50x
380.0
809.0
17.88x
11.58x
8.0
423.0
959.73x
22.41x
Profitability
31.12.2011
20'545.0
0.31x
939.0
6.82x
519.0
11.89x
31.12.2012
20'536.0
0.41x
828.0
10.05x
377.0
19.90x
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
828.00
673.00
3.28%
2.84%
3.45%
8.79%
6.74%
2.09%
17.9%
3.8%
3.1%
1.8%
1.27
1.19
21.60%
56.20%
5.57
-
Price/ Cash Flow
LTM
03/yy
20'665.0
1.50x
976.0
8.52x
531.0
14.08x
03/yy
20'057.0
1.67x
771.0
11.88x
332.0
24.15x
FY+1
.0 M
m-13
1.39
144.83
30.26%
17.68%
1.388
28
3.393
436'712
591'720
662'893
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
19'954.1
21'194.4
4'977.5
5'261.0
0.47x
0.43x
1.93x
1.87x
918.6
1'106.1
10.30x
8.55x
514.5
640.6
135.5
153.5
15.42x
12.38x
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
12.10.2011
BBB
STABLE
12.10.2011
A-2
10.89
9.74
1.39
2.61
56.2%
36.0%
2.09
67.53
65.49
-
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
04.07.2013
Adecco SA
Holdings By:
All
Holder Name
JACOBS HOLDING
AKILA FINANCE SA
FRANKLIN RESOURCES
ADECCO SA
NORGES BANK
VANGUARD GROUP INC
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
FMR LLC
PICTET & CIE
BLACKROCK
SEB
MFS FINANCIAL SERVIC
AMERICAN CENTURY COM
Firm Name
Portfolio Name
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
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
AlphaValue
HEINZ STEFFEN
Day by Day
VALERIE GASTALDY
Bank am Bellevue
ROLF KUNZ
Goldman Sachs
CHARLES WILSON
Credit Suisse
ANDY GROBLER
Kepler Cheuvreux
HANS PLUIJGERS
S&P Capital IQ
CLIVE ROBERTS
JPMorgan
Nicholas de la Grense
Deutsche Bank
THOMAS SYKES
EVA Dimensions
CRAIG STERLING
Berenberg Bank
KONRAD ZOMER
Bank Vontobel AG
MICHAEL FOETH
Helvea
CHRISTIAN BURGER
Barclays
PAUL D A SULLIVAN
RBC Capital Markets
ANDREW BROOKE
Jefferies
KEAN MARDEN
Bryan Garnier & Cie
BRUNO DE LA ROCHEBROCHARD
Exane BNP Paribas
LAURENT BRUNELLE
ABN Amro Bank N.V.
TEUN TEEUWISSE
GUY HEWETT
Main First Bank AG
HSBC
MATTHEW LLOYD
Rabobank International
DAVID TAILLEUR
MARCO STRITTMATTER
Natixis
OLIVIER LEBRUN
Source
Co File
Co File
MF-AGG
ULT-AGG
EXCH
RNS-MAJ
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
reduce
hold
buy
Sell/Neutral
neutral
buy
sell
overweight
buy
underweight
buy
buy
neutral
equalweight
top pick
hold
sell
outperform
buy
sell
outperform
neutral
hold
market perform
buy
Amt Held
34'824'485
10'163'580
8'632'400
7'020'723
6'284'378
5'808'211
5'694'349
3'607'208
2'750'351
2'236'720
1'905'151
1'689'708
1'320'708
1'309'760
1'076'663
1'065'894
501'890
461'247
458'345
387'400
% Out
18.4
5.37
4.56
3.71
3.32
3.07
3.01
1.91
1.45
1.18
1.01
0.89
0.7
0.69
0.57
0.56
0.27
0.24
0.24
0.2
Weighting
Change
2
3
5
1
3
5
1
5
5
1
5
5
3
3
5
3
1
5
5
1
5
3
3
3
5
M
M
U
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
Latest Chg
1'531'600
(1'128'662)
689'034
19'900
242'345
678'600
102'827
(23'272)
(39'311)
(152'445)
(12'826)
(889)
161'600
4'780
39'363
(11'150)
Target Price
54
#N/A N/A
66
44
55
60
49
60
58
#N/A N/A
62
60
57
59
65
58
52
62
58
42
70
59
55
#N/A N/A
58
File Dt
31.12.2012
31.12.2012
31.03.2013
28.03.2013
12.03.2013
13.03.2013
31.03.2013
31.12.2012
31.03.2013
31.12.2012
31.03.2013
27.03.2013
31.01.2013
31.03.2013
31.01.2013
21.05.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
Date
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Private Equity
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.05.2013
20.05.2013
16.05.2013
15.05.2013
14.05.2013
14.05.2013
14.05.2013
13.05.2013
10.05.2013
10.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
07.05.2013
07.05.2013
07.05.2013
07.05.2013
07.05.2013
02.05.2013
26.04.2013
16.04.2013
21.03.2013
19.03.2013
07.02.2013
04.07.2013
Schindler Holding AG
Schindler Holding AG manufactures and installs elevators, escalators, and moving
walkways internationally. The Company's products are used in airports, subway
stations, railroad terminals, shopping centers, cruise ships, hotels, and office
buildings. Schindler also offers maintenance services.
Price/Volume
160
.6 M
140
.5 M
120
.4 M
100
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (04.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SCHP VX EQUITY YTD Change
SCHP VX EQUITY YTD % CHANGE
12/2012
03/yy
146.90
107.90
84'210.00
134.4
-8.51%
24.56%
64.62%
46.2
15'444.64
754.00
0.0
33.0
2'626.00
13'605.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
40
.1 M
20
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
14'027.0
0.34x
1'018.0
4.70x
615.0
9.34x
.3 M
60
LTM-4Q
31.12.2009
31.12.2010
8'281.0
8'187.0
0.95x
1.35x
996.0
1'089.0
7.86x
10.16x
625.0
677.0
15.44x
20.11x
Profitability
31.12.2011
7'854.0
1.39x
933.0
11.68x
576.0
23.83x
31.12.2012
8'258.0
1.63x
1'104.0
12.16x
702.0
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
1'104.00
985.00
11.93%
11.90%
9.12%
26.00%
1.07%
13.4%
12.0%
8.5%
1.55
1.22
9.64%
27.12%
5.86
-
Price/ Cash Flow
LTM
03/yy
7'603.0
0.00x
0.0
0.00x
657.0
0.00x
03/yy
8'334.0
0.00x
0.0
0.00x
740.0
23.11x
FY+1
.0 M
m-13
0.88
46.16
25.48%
3.43%
0.880
10
3.400
113'666
114'169
114'304
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
8'749.9
9'287.7
1.52x
1.39x
1'180.2
1'282.4
11.54x
10.62x
737.7
825.4
20.86x
18.83x
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
25.67
22.60
-1.69
0.68
27.1%
21.1%
1.07
16.43
62.49
-
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
04.07.2013
Holdings By:
All
Holder Name
FMR LLC
CREDIT SUISSE ASSET
NORGES BANK
FRANKLIN RESOURCES
UBS FUND MANAGEMENT
VANGUARD GROUP INC
BLACKROCK
PICTET & CIE
GAM INTERNATIONAL MA
ABERDEEN
INTERNATIONAL VALUE
MIRABAUD & CIE
NATCAN INVESTMENT MA
DEUTSCHE BANK AG
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
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
Multiple Portfolios
Multiple Portfolios
Analyst

JAMES STETTLER
Bank am Bellevue
MICHAEL ROOST
Credit Suisse
ANDRE KUKHNIN
Bank Vontobel AG
SERGE ROTZER
Helvea
VOLKAN GOCMEN
Goldman Sachs
AARON IBBOTSON
MARTIN HUESLER
ROB VIRDEE
Main First Bank AG
TOBIAS FAHRENHOLZ
Kepler Cheuvreux
CHRISTOPH LADNER
Exane BNP Paribas
ALEXIS DENAUD
EVA Dimensions
TEAM COVERAGE
Source
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
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
Recommendation
buy
hold
outperform
hold
buy
neutral/neutral
market perform
sell
outperform
hold
outperform
underweight
Amt Held
1'924'680
1'313'229
1'283'074
1'118'218
880'079
631'866
629'254
598'118
594'244
541'264
523'641
522'668
471'948
259'100
213'841
203'900
168'524
164'000
152'206
121'949
% Out
4.1
2.8
2.74
2.38
1.88
1.35
1.34
1.28
1.27
1.15
1.12
1.11
1.01
0.55
0.46
0.43
0.36
0.35
0.32
0.26
Weighting
Change
5
3
5
3
5
3
3
1
5
3
5
1
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
(15'323)
44'560
(1'414)
(830'705)
(2'999)
102'995
213
12'818
(3'200)
6'856
(199)
(14'140)
9'368
(644)
43'000
(788)
(1'186)
Target Price
160
121
155
145
165
147
#N/A N/A
115
155
140
124
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
27.03.2013
Investment Advisor
31.12.2012
Government
28.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
21.05.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Bank
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
30.04.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
17.05.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
19.04.2013
28.03.2013
08.03.2013
25.02.2013
20.02.2013
05.04.2012
05.03.2012
04.07.2013
Actelion Ltd
Actelion Ltd. is a pharmaceutical company that develops and markets synthetic
small-molecule drugs against diseases related to the endothelium. The Company's
drugs, Veletri and Tracleer, are used in the treatment of heart and pulmonary
conditions.
Price/Volume
70
4.0 M
60
3.5 M
50
3.0 M
2.5 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.05.2013)
52-Week Low (04.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ATLN VX EQUITY YTD Change
ATLN VX EQUITY YTD % CHANGE
12/2012
03/yy
60.00
38.49
214'250.00
57.95
-3.42%
50.55%
87.91%
120.3
6'969.99
235.43
0.0
0.0
1'123.02
6'248.91
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
20
1.0 M
10
.5 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
1'428.9
4.58x
414.2
15.80x
306.1
22.93x
2.0 M
30
LTM-4Q
31.12.2009
31.12.2010
1'698.0
1'826.3
3.32x
2.80x
403.4
536.1
13.98x
9.53x
311.3
390.6
21.07x
15.61x
Profitability
31.12.2011
1'713.0
1.56x
435.6
6.14x
(146.3)
-
31.12.2012
1'722.1
2.34x
503.4
8.00x
303.2
16.68x
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
503.36
421.47
24.47%
20.82%
12.99%
22.66%
20.19%
0.63%
88.6%
32.9%
28.2%
17.6%
3.54
3.34
8.74%
15.50%
3.53
3.37
Price/ Cash Flow
03/yy
1'678.7
7.84x
337.6
10.71x
(247.6)
0.00x
LTM
03/yy
1'739.0
10.31x
571.3
8.91x
356.1
16.63x
FY+1
.0 M
m-13
1.15
97.93
48.94%
35.60%
1.154
21
4.190
343'414
411'760
456'701
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'724.7
1'765.2
420.8
417.5
3.54x
3.30x
14.16x
13.98x
524.6
559.6
128.5
121.0
11.92x
11.18x
387.2
399.5
112.0
81.5
15.79x
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
6.02
5.56
-1.26
0.41
15.5%
13.4%
0.63
4.26
103.36
108.44
219.37
26.24
25.00
2'000.0
1'800.0
1'600.0
20.00
1'400.0
15.00
1'200.0
10.00
1'000.0
800.0
600.0
400.0
5.00
200.0
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
04.07.2013
Actelion Ltd
Holdings By:
All
Holder Name
ACTELION LTD
ORBIS INVESTMENT MAN
CLOZEL JEAN-PAUL
BLACKROCK
TRIDENT MERGER
MAAG RUDOLF
BB BIOTECH AG
VANGUARD GROUP INC
NORGES BANK
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
ALLIANCE BERNSTEIN
FMR LLC
CAWTHORN ROBERT E
SANFORD C BERNSTEIN
LAZARD GLOBAL ACTIVE
FROSTROW CAPITAL LLP
Firm Name
AlphaValue
Credit Suisse
Helvea
Barclays
Deutsche Bank
Bryan Garnier & Cie
Nomura Code Securities
EVA Dimensions
JPMorgan
Bank am Bellevue
Jefferies
Bank Vontobel AG
Kepler Cheuvreux
S&P Capital IQ
Exane BNP Paribas
Berenberg Bank
Goldman Sachs
Redburn Partners
Matrix
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
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
FABRICE FARIGOULE
RAVI MEHROTRA
OLAV ZILIAN
MICHAEL LEUCHTEN
RICHARD J PARKES
ERIC LE BERRIGAUD
SAMIR DEVANI
ANDREW S ZAMFOTIS
JAMES D GORDON
STEPHEN LEVENTHAL
PETER WELFORD
ANDREW C WEISS
FABIAN WENNER
JACOB THRANE
NICOLAS GUYON-GELLIN
ADRIAN HOWD
SIBYLLE BISCHOFBERGER FRICK
KEYUR PAREKH
TEAM COVERAGE
ANNIE J CHENG
Source
Co File
Co File
Co File
ULT-AGG
EXCH
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
add
outperform
buy
equalweight
buy
buy
buy
buy
neutral
buy
buy
buy
buy
buy
neutral
buy
market perform
neutral/neutral
neutral
buy
Amt Held
12'677'300
6'338'650
5'262'883
4'514'052
4'083'119
3'803'190
3'803'190
3'799'517
3'564'770
2'581'512
1'868'363
1'291'503
1'170'222
937'601
542'119
507'552
497'770
448'169
419'151
347'200
% Out
10
5
4.15
3.56
3.22
3
3
3
2.81
2.04
1.47
1.02
0.92
0.74
0.43
0.4
0.39
0.35
0.33
0.27
Weighting
Change
4
5
5
3
5
5
5
5
3
5
5
5
5
5
3
5
3
3
3
5
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
753'893
2'284'521
(56'147)
251'792
(13'174)
1'425
330'196
181'433
(61'407)
33
-
Target Price
65
66
72
51
60
65
65
#N/A N/A
54
63
61
69
60
62
50
57
#N/A N/A
44
#N/A N/A
54
File Dt
31.12.2012
31.12.2012
31.12.2012
21.05.2013
02.05.2012
31.12.2012
31.12.2012
11.04.2013
31.03.2013
31.12.2012
27.03.2013
31.01.2013
31.01.2013
31.03.2013
31.03.2013
04.05.2012
30.11.2012
31.03.2013
31.03.2013
31.12.2012
Date
6 month
Not Provided
12 month
Not Provided
12 month
6 month
6 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
Other
Investment Advisor
n/a
Investment Advisor
Other
n/a
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
23.05.2013
17.05.2013
16.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
30.04.2013
22.04.2013
17.04.2013
17.04.2013
17.04.2013
17.04.2013
17.04.2013
17.04.2013
16.04.2013
14.02.2013
28.01.2013
18.04.2012
30.08.2011
04.07.2013
Kuehne + Nagel International AG

Kuehne + Nagel International AG transports freight worldwide. The Company
operates sea, land, and rail freight transportation businesses and warehousing
and distribution facilities. Kuehne + Nagel also provides related special
services.
Price/Volume
120
.7 M
100
.6 M
.5 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (18.01.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KNIN VX EQUITY YTD Change
KNIN VX EQUITY YTD % CHANGE
12/2012
03/yy
116.50
97.70
123'584.00
110
-5.58%
12.59%
56.91%
120.0
13'200.00
68.00
0.0
29.0
1'083.00
12'128.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.3 M
40
.2 M
20
.1 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
17'992.0
0.39x
1'038.0
6.80x
585.0
13.62x
.4 M
60
Valuation Analysis
LTM-4Q
31.12.2009
31.12.2010
14'336.0
16'858.0
0.77x
0.85x
905.0
1'038.0
12.26x
13.75x
467.0
601.0
25.44x
25.69x
Profitability
31.12.2011
16'218.0
0.73x
994.0
11.92x
601.0
20.93x
31.12.2012
17'120.0
0.71x
885.0
13.77x
485.0
27.09x
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
926.00
706.00
4.12%
3.77%
8.62%
22.07%
2.72%
35.6%
5.7%
4.5%
2.8%
1.26
1.08
1.08%
2.84%
7.23
42.75
Price/ Cash Flow
LTM
03/yy
16'188.0
3.19x
882.0
15.35x
514.0
28.20x
03/yy
17'351.0
2.69x
951.0
11.93x
550.0
22.45x
FY+1
.0 M
m-13
0.95
55.01
11.35%
3.26%
0.953
28
2.964
176'385
150'679
152'343
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
17'817.7
18'856.1
4'450.0
4'553.5
0.68x
0.63x
2.76x
2.66x
989.2
1'088.4
243.0
255.0
12.26x
11.14x
11.82x
11.52x
619.4
696.9
148.6
162.3
21.28x
18.85x
20.58x
19.88x
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
185.20
152.60
-1.10
0.07
2.8%
2.7%
2.72
15.33
50.47
8.54
39.98
16.55
25.00
20'000.0
18'000.0
16'000.0
20.00
14'000.0
15.00
12'000.0
10.00
10'000.0
8'000.0
6'000.0
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
04.07.2013
Kuehne + Nagel International AG

Holdings By:
All
Holder Name
KUEHNE KLAUS-MICHAEL
NORGES BANK
CREDIT SUISSE ASSET
KUEHNE & NAGEL INTL
PICTET & CIE
VANGUARD GROUP INC
UBS FUND MANAGEMENT
FMR LLC
BLACKROCK
SANFORD C BERNSTEIN
DANSKE INVEST MANAGE
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Firm Name
Analyst
AlphaValue
Thompson, Davis & Company
Cantor Fitzgerald
HSBC
Bank Vontobel AG
Main First Bank AG
Goldman Sachs
Morgan Stanley
Bank am Bellevue
RBC Capital Markets
Stifel
Bankhaus Metzler
Nomura
Helvea
Commerzbank Corporates & Markets
Deutsche Bank
Credit Suisse
JPMorgan
Berenberg Bank
EVA Dimensions
Macquarie
Kepler Cheuvreux
Liberum Capital Ltd
Davy
Equita SIM SpA
Barclays
HEINZ STEFFEN
DAVID P CAMPBELL
ROBIN BYDE
JULIA WINARSO
MICHAEL FOETH
TOBIAS SITTIG
NICK EDELMAN
PENNY BUTCHER
ROLF KUNZ
DAMIAN BREWER
DAVID G ROSS
GUIDO HOYMANN
MARK MCVICAR
CHRISTIAN BURGER
FRANK SKODZIK
JOSE FRANCISCO RUIZ SOLERA
NEIL GLYNN
CHRISTOPHER G COMBE
WILLIAM FOGGON
CRAIG STERLING
ROBERT JOYNSON
MARCO STRITTMATTER
BETTINA EDMONDSTON
PETER HYDE
STEPHEN FURLONG
GIANMARCO BONACINA
DAVID E FINTZEN
Source
Co File
EXCH
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
buy
sell
underweight
hold
outperform
neutral/neutral
Underwt/In-Line
hold
sector perform
hold
buy
neutral
neutral
buy
hold
underperform
neutral
buy
underweight
outperform
outperform
hold
hold
underperform
reduce
underweight
Amt Held
63'900'000
3'664'427
2'816'693
2'125'524
1'647'050
1'404'587
1'265'039
877'480
819'835
777'930
627'768
566'963
543'527
526'255
507'481
412'261
352'378
351'717
296'476
273'029
% Out
53.25
3.05
2.35
1.77
1.37
1.17
1.05
0.73
0.68
0.65
0.52
0.47
0.45
0.44
0.42
0.34
0.29
0.29
0.25
0.23
Weighting
Change
5
5
1
1
3
5
3
1
3
3
3
5
3
3
5
3
1
3
5
1
5
5
3
3
1
2
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
D
M
Latest Chg
(120'080)
370'240
(4'051)
19'682
88'972
5'816
24'427
(3'781)
(1'253'545)
32
(129'942)
71'060
202'323
22'069
Target Price
134
184
95
87
110
115
118
95
98
110
#N/A N/A
134
115
112
125
106
102
118
123
#N/A N/A
120
#N/A N/A
105
#N/A N/A
#N/A N/A
103
105
File Dt
Inst Type
31.12.2010
n/a
21.06.2012
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
27.03.2013
Investment Advisor
31.12.2010
Corporation
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
21.05.2013
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
Date
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
23.05.2013
20.05.2013
30.04.2013
26.04.2013
18.04.2013
18.04.2013
17.04.2013
16.04.2013
16.04.2013
16.04.2013
16.04.2013
16.04.2013
16.04.2013
16.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
15.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
25.01.2013
22.01.2013
09.01.2013
04.07.2013
Aryzta AG
Aryzta AG produces and retails specialty bakery products. The Company produces
French breads, pastries, continental breads, confections, artisan breads,
homestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and
sweet baked goods. Aryzta operates in North America, South America, Europe,
South East Asia, Australia and New Zealand.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.05.2013)
52-Week Low (03.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ARYN SE EQUITY YTD Change
ARYN SE EQUITY YTD % CHANGE
07/2012
01/yy
60.25
44.22
122'135.00
53.85
-10.62%
21.77%
60.69%
91.8
4'944.00
1'591.57
0.0
86.2
547.47
5'146.20
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
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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

31.07.2008
2'660.9
232.4
129.8
-
70
31.07.2009
31.07.2010
3'212.3
3'009.7
0.83x
1.31x
342.7
340.5
7.74x
11.62x
54.0
151.7
35.77x
16.43x
Profitability
LTM-4Q
31.07.2011
3'876.9
1.10x
485.1
8.80x
212.7
14.81x
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
31.07.2012
4'207.7
1.11x
540.0
8.68x
146.3
26.80x
540.04
337.87
8.03%
4.45%
2.58%
5.87%
0.83%
28.1%
12.6%
7.9%
3.5%
1.11
0.88
28.64%
65.68%
11.15
9.34
Price/ Cash Flow
01/yy
3'894.1
0.00x
0.0
0.00x
0.0
0.00x
LTM
01/yy
4'364.2
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
m-13
0.89
86.71
12.94%
16.31%
0.888
12
4.417
186'456
212'327
198'212
FY+2
FQ+1
FQ+2
07/13 Y
07/14 Y
07/13 Q4 10/13 Q1
4'461.3
4'762.7
1'185.7
1.17x
1.04x
560.3
629.0
9.18x
8.17x
324.7
334.5
12.13x
10.89x
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
1.93
2.89
65.7%
38.8%
0.83
4.36
32.83
39.17
88.32
-30.71
14.00
4'500.0
12.00
4'000.0
3'500.0
10.00
3'000.0
8.00
2'500.0
6.00
2'000.0
1'500.0
4.00
1'000.0
2.00
0.00
31.07.2009
500.0
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
04.07.2013
Aryzta AG
Holdings By:
All
Holder Name
FMR LLC
ARYZTA AG
ARI LTIP TRUSTEE LTD
INVESCO LTD
MASSACHUSETTS MUTUAL
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
NORGES BANK
ODDO ASSET MANAGEMEN
PICTET & CIE
BLACKROCK
VANGUARD GROUP INC
DWS INVESTMENT S A
KILLIAN OWEN
INVESTEC ASSET MANAG
CI INVESTMENTS INC
Firm Name
Kepler Cheuvreux
Goldman Sachs
Societe Generale
Main First Bank AG
EVA Dimensions
Goodbody Stockbrokers Ltd
Helvea
Credit Suisse
Bank Vontobel AG
Davy
Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CHRISTOPH LADNER
FULVIO CAZZOL
ALEX SLOANE
AUSTIN BURKETT
LIAM IGOE
ANDREAS VON ARX
PATRICK JNGLIN
PATRIK SCHWENDIMANN
JOHN O'REILLY
Source
ULT-AGG
EXCH
Co File
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
RNS-DIR
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
Buy/Neutral
hold
outperform
overweight
buy
accumulate
outperform
market perform
hold
outperform
Amt Held
5'122'862
3'772'859
3'772'859
3'275'594
2'799'110
2'464'653
2'363'013
1'817'992
1'783'949
1'246'090
1'161'500
1'150'144
976'543
974'953
967'239
848'562
823'731
723'304
520'000
506'457
% Out
5.58
4.11
4.11
3.57
3.05
2.68
2.57
1.98
1.94
1.36
1.27
1.25
1.06
1.06
1.05
0.92
0.9
0.79
0.57
0.55
Weighting
Change
5
5
3
5
5
5
4
5
3
3
5
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
(25'097)
(1'661'689)
15'925
6'836
(20'301)
41'825
(9'921)
(18'748)
(12'644)
(176'219)
59'779
48'124
6'773
(15'000)
503'567
Target Price
65
74
57
65
#N/A N/A
61
68
60
#N/A N/A
54
#N/A N/A
File Dt
05.04.2013
21.11.2011
31.07.2012
20.05.2013
02.05.2013
31.03.2013
27.03.2013
31.01.2013
31.12.2012
30.09.2012
28.02.2013
28.02.2013
31.01.2013
21.05.2013
31.03.2013
28.03.2013
26.09.2011
28.02.2013
31.12.2012
31.03.2013
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Corporation
Other
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
15.05.2013
23.04.2013
15.04.2013
11.04.2013
05.04.2013
04.04.2013
03.04.2013
13.03.2013
12.03.2013
11.03.2013
31.10.2012
04.07.2013
Swatch Group AG/The

Swatch Group AG manufactures watches, watch components, jewelry, miniature
batteries, LCD displays, and scoreboards. The Company produces watches under
various branded names. Swatch also operates retail boutiques.
Price/Volume
120
.7 M
100
.6 M
.5 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (21.05.2013)
52-Week Low (16.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UHRN SE EQUITY YTD Change
UHRN SE EQUITY YTD % CHANGE
12/2011
01/yy
103.80
60.00
128'552.00
93
-10.40%
55.00%
68.84%
124.0
28'038.60
135.00
0.0
19.0
1'967.00
26'225.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.3 M
40
.2 M
20
.1 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
5'677.0
1.29x
1'421.0
5.17x
834.0
9.25x
.4 M
60
Valuation Analysis
31.12.2009
31.12.2010
5'142.0
6'108.0
2.54x
3.33x
1'123.0
1'658.0
11.63x
12.26x
759.0
1'074.0
18.10x
20.56x
Profitability
31.12.2011
6'764.0
2.50x
1'843.0
9.17x
1'269.0
14.96x
31.12.2012
7'796.0
2.96x
2'245.0
10.29x
1'600.0
15.56x
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
2'245.00
1'984.00
25.45%
25.87%
15.22%
18.41%
18.26%
0.74%
28.8%
25.4%
20.5%
6.50
2.51
1.20%
1.45%
7.98
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
7.26
1.20
51.20
40.77%
19.77%
1.202
3
5.000
110'604
129'530
121'891
FY+2
12/13 Y
12/14 Y
8'850.0
9'680.0
2.98x
2.63x
2'560.0
2'785.0
10.24x
9.42x
1'809.0
1'990.0
13.82x
12.62x
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
.0 M
m-13
FQ+1
FQ+2
748.33
602.33
-0.82
0.06
1.4%
1.4%
0.74
4.39
45.87
-
7.00
9'000.0
6.00
8'000.0
7'000.0
5.00
6'000.0
4.00
5'000.0
3.00
4'000.0
3'000.0
2.00
2'000.0
1.00
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
04.07.2013
Swatch Group AG/The

Holdings By:
All
Holder Name
HAYEK SR NICOLAS G
GRETHER ESTHER
SWATCH GROUP AG
CREDIT SUISSE ASSET
PICTET & CIE
UBS FUND MANAGEMENT
VANGUARD GROUP INC
BLACKROCK
LOMBARD ODIER DARIER
AMERIPRISE FINANCIAL
FMR LLC
IST FUND MANAGERS
MIRABAUD & CIE
JULIUS BAER MULTICOO
ZUERCHER KANTONALBAN
Firm Name
Bank Vontobel AG
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
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
Multiple Portfolios
Analyst
RENE WEBER
PATRIK SCHWENDIMANN
Source
Co File
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
Amt Held
55'704'144
10'963'000
5'487'745
1'544'111
1'006'170
778'841
705'214
679'698
511'021
501'861
496'821
323'474
289'139
288'249
269'495
215'537
204'737
190'000
181'061
134'500
% Out
44.91
8.84
4.42
1.24
0.81
0.63
0.57
0.55
0.41
0.4
0.4
0.26
0.23
0.23
0.22
0.17
0.17
0.15
0.15
0.11
Weighting
Change
5
5
M
U
Latest Chg
52'747
87'261
10'297
35'315
13'376
(3'889)
48'780
(20'521)
(659)
(4'856)
753
1'910
(2'778)
47'138
2'122
500
Target Price
120
#N/A N/A
File Dt
Inst Type
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
Corporation
27.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
21.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
Not Provided
Not Provided
Date
07.03.2013
13.09.2012
04.07.2013
Sika AG
Sika AG manufactures construction materials and offers related services. The
Company produces concrete and mixtures, mortar, sealants and adhesives, tooling
resins, anti-static industrial flooring, acoustic materials for automobiles,
and waterproof membranes. Sika also offers specialized contracting services.
Price/Volume
3000
.0 M
2500
.0 M
.0 M
2000
Latest Fiscal Year:

LTM as of:
52-Week High (21.06.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SIK VX EQUITY YTD Change
SIK VX EQUITY YTD % CHANGE
12/2012
03/yy
2'595.00
1'736.00
3'239.00
2478
-4.51%
42.74%
82.65%
2.2
6'205.87
1'097.00
0.0
14.9
994.20
6'323.57
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
1000
.0 M
500
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
4'624.5
0.59x
556.1
4.89x
266.7
8.41x
.0 M
1500
Valuation Analysis
LTM-4Q
31.12.2009
31.12.2010
4'154.9
4'416.0
1.89x
1.21x
560.0
576.7
14.00x
9.27x
225.9
310.5
17.74x
14.13x
Profitability
31.12.2011
4'556.4
1.05x
477.4
9.99x
213.3
17.84x
31.12.2012
4'828.9
1.13x
568.9
9.63x
279.5
16.08x
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
568.90
428.80
8.88%
8.14%
6.91%
14.64%
10.56%
1.19%
11.8%
8.9%
5.8%
2.39
1.79
25.74%
55.06%
5.53
-
Price/ Cash Flow
03/yy
4'588.1
0.00x
0.0
0.00x
55.8
0.00x
LTM
03/yy
4'819.1
0.00x
0.0
0.00x
97.6
0.00x
FY+1
1.07
1.00
34.91%
20.33%
1.073
10
4.000
5'598
6'642
5'894
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
5'067.6
5'432.4
1'335.0
1'425.0
1.23x
1.13x
625.1
694.3
10.11x
9.10x
328.1
375.0
18.86x
16.53x
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
02.05.2000
ASTABLE
02.05.2000
A-2
18.59
14.49
0.18
1.93
55.1%
35.3%
1.19
5.57
66.21
-
16.00
6'000.0
14.00
5'000.0
12.00
4'000.0
10.00
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
04.07.2013
Sika AG
Holdings By:
All
Holder Name
SCHENKER WINKLER HOL
THREADNEEDLE ASSET M
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
NORGES BANK
FMR LLC
PICTET & CIE
BLACKROCK
VANGUARD GROUP INC
BANQUE DE LUXEMBOURG
SARASIN
Firm Name
Bank am Bellevue
Bank Vontobel AG
Helvea
Credit Suisse
Main First Bank AG
Goldman Sachs
EVA Dimensions
Kepler Cheuvreux
Portfolio Name
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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
MICHAEL ROOST
SERGE ROTZER
PATRICK APPENZELLER
PATRICK LAAGER
BERND POMREHN
BENJAMIN MOORE
CRAIG STERLING
CHRISTOPH LADNER
MARTIN HUESLER
Source
Co File
EXCH
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
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
hold
hold
neutral
neutral
outperform
Buy/Neutral
buy
buy
market perform
Amt Held
1'140'136
129'571
55'318
44'912
39'941
39'104
37'752
31'086
30'525
24'893
20'663
20'416
19'573
17'707
14'709
13'785
13'091
11'364
10'640
10'416
% Out
53
6.02
2.57
2.09
1.86
1.82
1.75
1.45
1.42
1.16
0.96
0.95
0.91
0.82
0.68
0.64
0.61
0.53
0.49
0.48
Weighting
Change
3
3
3
3
5
5
5
5
3
M
M
M
M
M
M
U
M
M
Latest Chg
590
322
1'759
522
(46)
(6'177)
1'211
535
(398)
200
5'107
(1'720)
249
(167)
Target Price
2'018
2'200
2'300
2'200
2'600
3'100
#N/A N/A
2'650
#N/A N/A
File Dt
31.12.2011
03.11.2011
27.03.2013
28.02.2013
31.03.2013
28.02.2013
31.01.2013
31.12.2012
31.03.2013
31.01.2013
30.09.2012
21.05.2013
31.03.2013
28.03.2013
31.03.2013
31.01.2013
31.01.2013
31.03.2013
31.01.2013
31.03.2013
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
17.04.2013
17.04.2013
17.04.2013
16.04.2013
09.04.2013
03.04.2013
25.03.2013
04.03.2013
01.03.2013
04.07.2013
Sonova Holding AG
Sonova Holding AG provides hearing healthcare solutions. The Company develops
and manufactures hearing systems, such as wireless communication systems for
audio applications and cochlear implant systems. Sonova also provides solutions
for hearing protection.
Price/Volume
140
.9 M
120
.8 M
.7 M
100
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.04.2013)
52-Week Low (24.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SOON VX EQUITY YTD Change
SOON VX EQUITY YTD % CHANGE
03/2013
01/yy
115.75
82.11
55'179.00
102.2
-11.71%
24.47%
56.45%
67.2
6'862.92
248.97
0.0
28.4
439.41
6'700.92
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
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
1'249.2
3.42x
366.0
11.68x
284.8
15.82x
.6 M
80
31.03.2010
31.03.2011
1'500.3
1'616.7
5.84x
3.43x
459.6
373.7
19.05x
14.82x
217.2
231.0
39.46x
23.39x
Profitability
31.03.2012
1'619.8
4.16x
366.1
18.39x
246.8
27.04x
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
31.03.2013
1'795.3
4.17x
238.3
31.40x
110.9
68.61x
238.33
156.68
8.73%
8.35%
4.47%
7.20%
0.72%
69.1%
13.3%
8.7%
6.2%
2.36
1.73
9.29%
15.49%
5.29
3.01
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.80
48.55
9.82%
2.35%
0.799
23
3.435
117'756
146'297
188'472
FY+2
03/14 Y
03/15 Y
1'933.9
2'072.7
3.35x
3.04x
490.6
549.8
13.65x
12.17x
361.4
408.3
19.21x
17.03x
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 M
m-13
FQ+1
FQ+2
40.28
26.37
-0.80
1.04
15.5%
13.2%
0.72
7.31
69.04
121.16
44.23
145.97
25.00
2'000.0
1'800.0
1'600.0
20.00
1'400.0
15.00
1'200.0
10.00
1'000.0
800.0
600.0
400.0
5.00
200.0
0.00
02.04.2010
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
04.07.2013
Sonova Holding AG
Holdings By:
All
Holder Name
DIETHELM BEDA
RIHS ANDREAS E
RIHS HANS-UELI
AKO CAPITAL LLP
HARDING LOEVNER LP
CREDIT SUISSE ASSET
POWER CORP OF CANADA
NORGES BANK
PICTET & CIE
UBS FUND MANAGEMENT
VANGUARD GROUP INC
BLACKROCK
MFS FINANCIAL SERVIC
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst
Helvea
Credit Suisse
JPMorgan
Bank Vontobel AG
Kepler Cheuvreux
Main First Bank AG
Barclays
AlphaValue
Deutsche Bank
Morgan Stanley
Bank am Bellevue
HSBC
Exane BNP Paribas
Goldman Sachs
EVA Dimensions
Jefferies
SEB Enskilda
SIMON GOETSCHMANN
CHRISTOPH GRETLER
DAVID J ADLINGTON
CARLA BAENZIGER
MAJA PATAKI
STEPHAN VOLLERT
SALLY TAYLOR
FABRICE FARIGOULE
YI-DAN WANG
MICHAEL K JUNGLING
GINA FRANCIOLI
LISA BEDELL CLIVE
HENDRIK LOFRUTHE
ROMAIN ZANA
OLIVER METZGER
VERONIKA DUBAJOVA
ANDREW S ZAMFOTIS
INGEBORG OIE
NIELS GRANHOLM-LETH
Source
ULT-AGG
Co File
Co File
Co File
ULT-AGG
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
neutral
outperform
overweight
buy
hold
underperform
equalweight
add
hold
Overwt/Attractive
hold
underperform
neutral
underperform
buy
neutral/neutral
underweight
market perform
hold
not rated
Amt Held
6'995'204
6'638'137
5'604'598
4'217'013
3'301'123
2'031'623
2'010'767
1'994'034
1'304'558
1'264'637
1'260'086
1'218'792
771'734
702'027
681'362
641'519
593'568
440'268
261'520
210'502
% Out
10.42
9.89
8.35
6.28
4.92
3.03
2.99
2.97
1.94
1.88
1.88
1.81
1.15
1.05
1.01
0.96
0.88
0.66
0.39
0.31
Weighting
Change
3
5
5
5
3
1
3
4
3
5
3
1
3
1
5
3
1
3
3
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
334'796
(55'193)
(9'050)
(9'471)
(2'717)
(20'200)
38'853
223'961
(4'684)
(11'480)
90'216
(157)
(27'950)
2'184
Target Price
92
125
113
120
114
101
105
121
93
115
#N/A N/A
98
112
93
136
112
#N/A N/A
#N/A N/A
85
#N/A N/A
File Dt
25.04.2013
31.03.2012
31.03.2012
31.03.2012
29.04.2013
05.02.2013
01.06.2012
12.04.2013
27.03.2013
31.03.2013
31.01.2013
31.12.2012
31.03.2013
31.01.2013
31.01.2013
28.02.2013
31.03.2013
21.05.2013
31.01.2013
31.03.2013
Date
12 month
Not Provided
9 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.05.2013
22.05.2013
22.05.2013
22.05.2013
22.05.2013
22.05.2013
22.05.2013
22.05.2013
21.05.2013
21.05.2013
21.05.2013
21.05.2013
21.05.2013
21.05.2013
07.05.2013
11.04.2013
17.01.2013
15.11.2012
30.07.2012
22.10.2010
04.07.2013
Baloise Holding AG
Baloise Holding AG offers group and individual life, health, accident, liability
property, and transportation insurance to customers in Europe. The Company also
offers private banking and asset management services.
Price/Volume
120
.5 M
.4 M
100
.4 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.05.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BALN VX EQUITY YTD Change
BALN VX EQUITY YTD % CHANGE
12/2012
12/yy
96.35
60.55
170'892.00
94.8
-1.61%
56.56%
93.44%
50.0
4'740.00
2'017.60
0.0
42.1
2'923.70
3'876.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.3 M
.2 M
40
.2 M
.1 M
20
.1 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
7'807.9
0.46x
358.3
10.70x
.3 M
60
LTM-4Q
31.12.2009
31.12.2010
9'464.6
9'420.2
0.34x
0.37x
414.1
433.4
9.95x
9.95x
Profitability
31.12.2011
7'691.1
0.31x
60.8
49.68x
31.12.2012
9'333.4
0.30x
436.6
8.42x
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
5.78%
5.30%
0.61%
10.05%
8.02%
0.13%
4.7%
2.74%
41.77%
-
Price/ Cash Flow
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
.0 M
m-13
1.06
44.93
54.09%
26.61%
1.060
17
3.294
193'662
200'943
208'719
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
8'495.0
8'654.5
0.22x
0.22x
454.7
476.8
9.88x
9.42x
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
41.8%
29.3%
0.13
-
80.00
12'000.0
70.00
10'000.0
60.00
8'000.0
50.00
40.00
6'000.0
30.00
4'000.0
20.00
2'000.0
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
04.07.2013
Baloise Holding AG
Holdings By:
All
Holder Name
BLACKROCK
SIGNAL IDUNA GRUPPE
BALOISE HOLDING AG
CREDIT SUISSE GROUP
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
NORGES BANK
VANGUARD GROUP INC
PICTET & CIE
KEMPEN CAPITAL MANAG
IG INVESTMENT MANAGE
DANSKE INVEST A/S
SARASIN
IST FUND MANAGERS
OEKOWORLD LUX SA
PRUDENTIAL FINANCIAL
MIRABAUD & CIE
Firm Name
AlphaValue
Kepler Cheuvreux
EVA Dimensions
Credit Suisse
HSBC
Bank am Bellevue
Main First Bank AG
Goldman Sachs
Berenberg Bank
Bank Vontobel AG
Nomura
Helvea
Bankhaus Metzler
JPMorgan
Mediobanca SpA
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DIETER HEIN
FABRIZIO CROCE
AUSTIN BURKETT
RICHARD BURDEN
DHRUV GAHLAUT
ANDREAS FRICK
RALPH HEBGEN
GEORG MARTI
RENE LOCHER
WILLIAM ELDERKIN
PETER ELIOT
STEFAN SCHUERMANN
MICHAEL KLIEN
DANIEL BISCHOF
JOCHEN SCHMITT
MICHAEL HUTTNER
MARC THIELE
Source
ULT-AGG
Co File
Co File
Co File
Co File
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
ULT-AGG
MF-AGG
Recommendation
sell
hold
hold
neutral
neutral
buy
market perform
market perform
underperform
neutral/neutral
buy
hold
buy
accumulate
sell
neutral
neutral
Amt Held
2'950'000
2'500'000
2'264'287
1'500'000
1'500'000
1'335'395
1'033'406
647'923
491'603
475'143
394'872
369'250
305'153
286'500
266'565
259'523
168'532
167'400
138'332
135'989
% Out
5.9
5
4.53
3
3
2.67
2.07
1.3
0.98
0.95
0.79
0.74
0.61
0.57
0.53
0.52
0.34
0.33
0.28
0.27
Weighting
Change
1
3
3
3
3
5
3
3
1
3
5
3
5
4
1
3
3
M
D
D
M
M
M
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
19'413
12'755
25'014
(18'564)
1'356
10'900
1'500
(18'752)
10'098
34'133
81'500
4'800
65'000
Target Price
80
93
#N/A N/A
91
98
103
100
#N/A N/A
95
95
107
95
100
98
80
93
96
File Dt
21.05.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
27.03.2013
31.12.2012
28.02.2013
31.03.2013
31.01.2013
31.01.2013
28.02.2013
31.01.2013
31.01.2013
31.03.2013
31.01.2013
31.03.2013
28.12.2012
31.03.2013
31.12.2012
Date
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
6 month
Inst Type
Investment Advisor
Unclassified
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Government
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
16.05.2013
07.05.2013
12.04.2013
28.03.2013
27.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
11.03.2013
30.01.2013
04.07.2013
Swiss Prime Site AG

Swiss Prime Site AG is a real estate investment company. The Company owns
business and mixed-use business/residential buildings in commercial centers in
Switzerland.
Price/Volume
90
3.0 M
80
2.5 M
70
60
2.0 M
50
12/2012
01/yy
78.85
67.55
94'821.00
69.85
-11.41%
3.40%
11.95%
60.0
4'191.81
4'125.09
0.0
0.0
199.36
8'117.54
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
31.12.2009
31.12.2010
293.7
601.1
25.04x
13.01x
171.5
357.9
42.87x
21.86x
187.4
235.0
9.52x
16.07x
Profitability
31.12.2011
571.6
13.78x
355.2
22.17x
355.1
10.80x
31.12.2012
576.7
14.75x
339.6
25.05x
316.3
13.26x
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
339.59
316.80
34.64%
71.33%
3.54%
8.59%
4.04%
0.06%
58.9%
54.8%
44.61%
105.14%
-
Price/ Cash Flow
.5 M
10
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
.0 M
m-13
0.58
56.19
-6.93%
-4.03%
0.580
6
2.333
118'834
146'968
133'452
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/10 Q2 09/10 Q3
569.4
572.4
13.75x
14.00x
368.8
371.6
22.02x
21.85x
221.0
223.8
20.06x
19.42x
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
2.90
0.53
11.56
12.15
105.1%
51.3%
0.06
-
180.00
700.0
160.00
600.0
140.00
500.0
120.00
100.00
400.0
80.00
300.0
60.00
200.0
40.00
100.0
20.00
0.00
01.01.2010
1.0 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
209.6
15.65x
158.8
20.65x
116.4
10.26x
1.5 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.05.2013)
52-Week Low (25.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SPSN VX EQUITY YTD Change
SPSN VX 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
04.07.2013
Swiss Prime Site AG

Holdings By:
All
Holder Name
BLACKROCK
CREDIT SUISSE FUND M
CREDIT SUISSE ASSET
WECKEN KLAUS RUDOLF
FUST WALTER
FRANKLIN RESOURCES
NORGES BANK
UBS FUND MANAGEMENT
SWISS FURNISHING INS
STATE STREET
SANLAM ASSET MANAGEM
VANGUARD GROUP INC
JELMOLI HOLDING AG
PICTET & CIE
SCOTTISH WIDOWS
MORGAN STANLEY
MIRABAUD & CIE
Firm Name
Bank Vontobel AG
ABN Amro Bank N.V.
Kempen & Co
EVA Dimensions
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
STEFAN SCHUERMANN
RUUD VAN MAANEN
ROBERT WOERDEMAN
AUSTIN BURKETT
MARKUS WAEBER
Source
ULT-AGG
Co File
MF-AGG
Co File
EXCH
ULT-AGG
MF-AGG
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
sell
neutral
underweight
market perform
Amt Held
4'867'593
3'301'716
2'910'623
2'070'000
1'619'979
1'596'908
1'591'970
1'548'912
861'000
842'715
762'132
708'474
594'064
532'478
314'293
291'561
212'696
199'810
190'359
157'826
% Out
8.11
5.5
4.85
3.45
2.7
2.66
2.65
2.58
1.43
1.4
1.27
1.18
0.99
0.89
0.52
0.49
0.35
0.33
0.32
0.26
Weighting
Change
3
1
3
1
3
M
M
M
D
M
Latest Chg
11'355
64'073
(717'875)
6'167
(1'624)
(8'600)
54'357
(5'990)
12'343
25'000
6'873
157'826
Target Price
74
68
78
#N/A N/A
#N/A N/A
File Dt
21.05.2013
31.12.2012
27.03.2013
31.12.2012
31.07.2012
04.01.2010
31.12.2012
30.11.2012
29.09.2009
22.05.2013
28.02.2013
30.04.2013
31.03.2013
21.04.2010
28.02.2013
31.01.2013
31.01.2013
31.01.2013
31.03.2013
31.12.2012
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Government
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.05.2013
16.05.2013
25.04.2013
26.03.2013
18.12.2012
04.07.2013
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
.3 M
.3 M
.2 M
150
Latest Fiscal Year:

LTM as of:
52-Week High (04.07.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PGHN SE EQUITY YTD Change
PGHN SE EQUITY YTD % CHANGE
12/2012
01/yy
265.75
171.20
27'065.00
265.5
-0.09%
55.08%
100.00%
26.7
7'088.85
0.00
0.0
0.9
234.65
6'855.07
.2 M
100
.1 M
50
.1 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
250
200
Valuation Analysis
31.12.2008
270.7
6.16x
182.5
9.14x
170.8
10.90x
300
31.12.2009
31.12.2010
329.4
447.3
9.30x
9.31x
231.9
320.8
13.21x
12.98x
204.8
296.3
15.75x
14.86x
Profitability
31.12.2011
448.8
9.06x
236.2
17.21x
202.1
20.51x
31.12.2012
564.2
9.12x
295.5
17.42x
257.3
20.81x
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
295.53
48.95%
49.76%
32.37%
40.67%
40.63%
0.71%
52.4%
45.6%
0.00%
0.00%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.79
16.10
54.52%
28.99%
0.791
10
3.300
41'170
57'120
54'865
FY+2
12/13 Y
12/14 Y
507.0
595.3
13.51x
11.47x
324.6
382.9
21.10x
17.92x
305.3
356.6
22.75x
19.44x
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
.0 M
m-13
FQ+1
FQ+2
-0.79
0.00
0.0%
0.0%
0.71
31.03
-
35.00
600.0
30.00
500.0
25.00
400.0
20.00
300.0
15.00
200.0
10.00
100.0
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
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Partners Group Holding AG

Holdings By:
All
Holder Name
GANTNER ALFRED
WIETLISBACH URS
ERNI MARCEL
BLACKROCK
PARTNERS GROUP
MEISTER STEFFEN
CREDIT SUISSE ASSET
NORGES BANK
HALDNER FELIX
ROYCE AND ASSOCIATES
FMR LLC
PICTET & CIE
ALLIANCE BERNSTEIN
VANGUARD GROUP INC
WENGER JUERG
SCHAELI STEPHEN
UBS FUND MANAGEMENT
Firm Name
EVA Dimensions
Bank Vontobel AG
Main First Bank AG
Credit Suisse
Helvea
Morgan Stanley
Goldman Sachs
Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
GEORG MARTI
AUSTIN BURKETT
TERESA NIELSEN
KILIAN MAIER
GURJIT KAMBO
TIM DAWSON
BRUCE HAMILTON
CHRIS M. TURNER
Source
Co File
Co File
Co File
ULT-AGG
Co File
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
MF-AGG
Recommendation
market perform
overweight
hold
underperform
outperform
accumulate
Overwt/In-Line
Sell/Neutral
Amt Held
2'673'659
2'673'659
2'673'659
1'517'488
1'218'791
728'667
534'000
504'204
360'910
347'100
338'863
319'204
319'195
259'065
210'741
202'096
190'144
140'333
129'200
128'397
% Out
10.01
10.01
10.01
5.68
4.56
2.73
2
1.89
1.35
1.3
1.27
1.2
1.2
0.97
0.79
0.76
0.71
0.53
0.48
0.48
Weighting
Change
3
5
3
1
5
4
5
1
M
U
M
M
M
M
M
M
Latest Chg
282'095
17'627
7'578
(132'415)
(1'819)
17'136
38'455
(2'134)
2'540
20'317
(395)
Target Price
#N/A N/A
#N/A N/A
250
210
250
230
238
210
File Dt
31.12.2012
31.12.2012
31.12.2012
21.05.2013
31.12.2012
31.03.2013
31.12.2012
27.03.2013
31.12.2012
31.12.2012
31.03.2013
28.03.2013
31.03.2013
31.01.2013
31.03.2013
28.02.2013
31.03.2013
31.12.2012
31.12.2012
31.01.2013
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Inst Type
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Government
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Date
22.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
05.02.2013
24.01.2013
04.07.2013
Clariant AG
Clariant, AG. develops, produces, markets and sales specialty chemical products.
The Company provides dyes and chemicals for the textile, leather and paper
industries, pigments for the use in paints, printing inks, decorative paints,
plastics, cosmetics, concentrated pigment and additive preparations for
engineering plastics, spin dyeing, and packaging.
Price/Volume
12.0 M
12
10.0 M
8.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (22.05.2013)
52-Week Low (09.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CLN VX EQUITY YTD Change
CLN VX EQUITY YTD % CHANGE
12/2012
03/yy
14.60
9.37
1'413'104.00
13.46
-7.81%
43.66%
76.10%
331.9
4'467.90
3'476.00
0.0
86.0
1'667.00
6'237.90
6.0 M
6
4
4.0 M
2.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
14.0 M
14
10
Valuation Analysis
31.12.2008
8'071.0
0.36x
746.0
3.85x
(45.0)
-
16
LTM-4Q
31.12.2009
31.12.2010
6'614.0
7'120.0
0.51x
0.71x
470.0
880.0
7.14x
5.76x
(206.0)
180.0
23.38x
Profitability
31.12.2011
7'370.0
0.60x
874.0
5.10x
227.0
10.78x
31.12.2012
6'038.0
0.92x
772.0
7.19x
217.0
17.64x
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
772.00
456.00
7.55%
4.07%
2.62%
8.54%
0.74%
28.9%
11.2%
6.7%
3.6%
1.55
0.80
36.49%
117.67%
6.49
4.56
Price/ Cash Flow
LTM
03/yy
7'166.0
2.94x
776.0
7.13x
135.0
25.43x
03/yy
6'936.0
3.15x
776.0
7.93x
246.0
16.71x
FY+1
1.51
251.23
39.64%
11.71%
1.513
22
3.455
1'943'185
1'535'270
1'766'834
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
6'205.6
6'465.2
1'555.9
1'535.8
0.91x
0.85x
860.8
944.0
209.9
210.3
7.25x
6.61x
336.4
402.9
88.9
92.5
12.67x
10.73x
11.17x
10.31x
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
14.03.2011
BBBSTABLE
14.03.2011
A-3
4.98
2.97
2.16
4.14
117.7%
53.3%
0.74
3.03
56.20
80.03
103.65
33.53
18.00
12'000.0
16.00
10'000.0
14.00
8'000.0
12.00
10.00
6'000.0
8.00
4'000.0
6.00
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
04.07.2013
Clariant AG
Holdings By:
All
Holder Name
SHAREHOLDER GROUP
FMR LLC
AXA
CLARIANT AG
STOCKHAUSEN DOLF
WINTERSTEIN KONSTANT
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
AMUNDI
NORGES BANK
SCHRODER INVESTMENT
PICTET & CIE
VANGUARD GROUP INC
BLACKROCK
CREDIT SUISSE AG
SPARINVEST
Firm Name
AlphaValue
Exane BNP Paribas
Deutsche Bank
Main First Bank AG
Credit Suisse
Societe Generale
Bank Vontobel AG
Barclays
Morgan Stanley
Macquarie
HSBC
Kepler Cheuvreux
Nomura
Berenberg Bank
EVA Dimensions
JPMorgan
Goldman Sachs
Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
MARTIN SCHNEE
JAMES KNIGHT
TIMOTHY JONES
BERND POMREHN
CHRIS COUNIHAN
PETER CLARK
PATRICK RAFAISZ
GUNTHER ZECHMANN
PETER MACKEY
CHRISTIAN FAITZ
JESKO MAYER-WEGELIN
MARKUS MAYER
PATRICK LAMBERT
PAUL W SATCHELL
JAIDEEP PANDYA
CRAIG STERLING
MARTIN EVANS
RAKESH PATEL
MARTIN SCHREIBER
Source
EXCH
ULT-AGG
ULT-AGG
EXCH
Co File
EXCH
MF-AGG
Co File
EXCH
Co File
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
Recommendation
reduce
underperform
hold
outperform
neutral
sell
buy
overweight
Overwt/In-Line
outperform
underweight
buy
reduce
hold
buy
overweight
neutral
Sell/Neutral
outperform
Amt Held
44'738'756
21'034'200
15'053'731
13'197'597
11'461'304
11'018'080
9'341'341
9'168'284
9'128'414
9'079'559
8'964'927
7'157'588
4'001'804
3'753'455
3'687'266
3'059'854
2'854'785
2'033'710
1'858'261
1'767'987
% Out
13.48
6.34
4.54
3.98
3.45
3.32
2.81
2.76
2.75
2.74
2.7
2.16
1.21
1.13
1.11
0.92
0.86
0.61
0.56
0.53
Weighting
Change
2
1
3
5
3
1
5
5
5
5
1
5
2
3
5
5
3
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
U
Latest Chg
1'598'001
2'213'657
(2'155'824)
623'884
1'604'975
792'771
17'925
41'696
661'234
1'314'063
(74'290)
(2'088'800)
-
Target Price
15
13
12
16
14
13
18
16
15
18
13
19
15
12
16
#N/A N/A
12
14
#N/A N/A
File Dt
31.12.2011
10.05.2013
31.12.2011
13.03.2013
31.12.2011
14.01.2013
27.03.2013
31.12.2011
17.11.2012
31.12.2011
18.02.2013
31.12.2012
31.01.2013
31.01.2013
28.02.2013
31.03.2013
21.05.2013
31.01.2013
01.05.2013
31.03.2013
Date
6 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Inst Type
Other
Investment Advisor
Investment Advisor
Corporation
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.05.2013
20.05.2013
16.05.2013
16.05.2013
15.05.2013
02.05.2013
02.05.2013
01.05.2013
30.04.2013
30.04.2013
24.04.2013
22.04.2013
18.04.2013
17.04.2013
15.04.2013
21.03.2013
20.03.2013
27.02.2013
07.11.2012
04.07.2013
Swiss Life Holding AG

Swiss Life Holding is a financial services company. The Company provides life
and property insurance, institutional investment management, and private banking
services.
Price/Volume
180
.7 M
160
.6 M
140
.5 M
120
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SLHN VX EQUITY YTD Change
SLHN VX EQUITY YTD % CHANGE
12/2012
09/yy
164.60
83.48
111'028.00
158.6
-3.65%
89.98%
90.01%
32.1
5'088.06
2'768.00
0.0
33.0
6'480.00
1'409.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
80
.3 M
60
.2 M
40
.1 M
20
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
15'356.0
350.0
-
100
31.12.2009
31.12.2010
17'816.0
17'844.0
278.0
557.0
12.74x
7.74x
Profitability
LTM-4Q
31.12.2011
17'291.0
0.02x
605.0
4.55x
31.12.2012
19'076.0
0.01x
92.0
42.10x
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
4.99%
1.21%
0.06%
0.95%
1.16%
0.12%
0.5%
1.69%
27.00%
-
Price/ Cash Flow
LTM
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
.0 M
m-13
1.39
32.02
74.96%
34.68%
1.387
19
3.421
121'836
155'435
152'150
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
18'201.9
18'485.9
-0.07x
-0.07x
594.9
631.7
140.0
8.41x
7.90x
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
03.05.2012
BBB
STABLE
27.0%
21.2%
0.12
-
3.50
25'000.0
3.00
20'000.0
2.50
15'000.0
2.00
1.50
10'000.0
1.00
5'000.0
0.50
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
04.07.2013
Swiss Life Holding AG

Holdings By:
All
Holder Name
TALANX BETEILIGUNGSDODGE & COX
BLACKROCK
NORGES BANK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
PICTET & CIE
UBS FUND MANAGEMENT
IST FUND MANAGERS
MIRABAUD & CIE
HOTTINGER CAPITAL CO
SCHRODER INVESTMENT
UBS ETF
Firm Name
Nomura
Helvea
AlphaValue
JPMorgan
Kepler Cheuvreux
EVA Dimensions
HSBC
Berenberg Bank
Mediobanca SpA
Goldman Sachs
Credit Suisse
Main First Bank AG
Bank Vontobel AG
Bankhaus Metzler
Morgan Stanley
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
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
Analyst
MICHAEL KLIEN
DANIEL BISCHOF
DIETER HEIN
MICHAEL HUTTNER
FABRIZIO CROCE
AUSTIN BURKETT
DHRUV GAHLAUT
GEORG MARTI
PETER ELIOT
MARC THIELE
WILLIAM ELDERKIN
RICHARD BURDEN
RENE LOCHER
RALPH HEBGEN
STEFAN SCHUERMANN
JOCHEN SCHMITT
DAVID ANDRICH
Source
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
overweight
hold
overweight
neutral
outperform
hold
neutral
neutral/neutral
underperform
outperform
market perform
buy
sell
Underwt/In-Line
Amt Held
1'614'988
1'590'600
1'160'758
737'441
684'329
413'529
374'629
326'518
207'297
203'582
198'536
180'662
173'465
156'204
142'900
107'394
106'465
99'300
94'150
63'328
% Out
5.03
4.96
3.62
2.3
2.13
1.29
1.17
1.02
0.65
0.63
0.62
0.56
0.54
0.49
0.45
0.33
0.33
0.31
0.29
0.2
Weighting
Change
5
5
5
5
3
5
3
5
3
3
3
1
5
3
5
1
1
M
M
M
M
M
D
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
(1'359'700)
(2'134)
12'195
547
346
16'573
(3'690)
(43'502)
2'000
(2'089)
2'987
(3'375)
11'000
9'391
62'465
99'300
22'245
559
Target Price
185
165
210
212
153
#N/A N/A
165
#N/A N/A
190
177
146
138
175
182
180
94
114
File Dt
16.04.2013
31.03.2013
21.05.2013
31.12.2012
27.03.2013
31.01.2013
28.02.2013
31.03.2013
31.03.2013
31.01.2013
31.03.2013
31.01.2013
28.02.2013
31.03.2013
31.01.2013
31.03.2013
31.12.2012
31.12.2012
31.03.2013
31.01.2013
Date
12 month
12 month
6 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Insurance Company
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.05.2013
23.05.2013
22.05.2013
17.05.2013
07.05.2013
26.03.2013
14.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
03.03.2013
01.03.2013
28.02.2013
08.01.2013
05.12.2012
04.07.2013
Lindt & Spruengli AG

Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery
products. The Company markets its products through its own specialty stores and
boutiques, as well as through retail outlets and catalog sales. Lindt operates
subsidiaries in Europe, North America and Asia and also sells its products
through various distributors in other world regions.
Price/Volume
45000
.0 M
40000
.0 M
35000
30000
.0 M
25000
12/2012
01/yy
42'895.03
33'075.92
70.00
42365
-1.24%
28.08%
91.85%
0.1
9'033.81
12.00
0.0
0.0
555.00
8'490.81
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15000
31.12.2009
31.12.2010
2'524.8
2'579.3
2.03x
2.42x
382.5
423.3
13.41x
14.77x
193.1
241.9
29.86x
28.38x
Profitability
31.12.2011
2'488.6
2.68x
421.9
15.83x
246.5
28.95x
31.12.2012
2'669.5
2.70x
457.4
15.75x
271.9
28.80x
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
457.40
362.50
13.58%
13.55%
10.59%
16.25%
1.04%
17.5%
13.6%
10.2%
2.50
1.77
0.46%
0.69%
4.05
-
Price/ Cash Flow
.0 M
5000
0
m-12
j-12
j-12
LTM-4Q
LTM
01/yy
01/yy
-
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-13
FY+1
-
0.66
0.10
21.53%
24.43%
0.658
10
3.000
147
157
144
FY+2
12/13 Y
12/14 Y
2'872.2
3'078.0
2.97x
2.73x
510.7
558.7
16.63x
15.21x
306.6
338.4
31.13x
28.13x
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
117.28
81.85
-1.16
0.03
0.7%
0.7%
1.04
3.53
90.29
-
35.00
3'500.0
30.00
3'000.0
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
.0 M
10000
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
2'573.2
1.85x
466.1
10.21x
261.5
19.52x
.0 M
20000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.03.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LISN SE EQUITY YTD Change
LISN SE 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
04.07.2013

Holdings By:
All
Holder Name
LINDT & SPRUENGLI AG
NORGES BANK
TANNER ERNST
CREDIT SUISSE ASSET
AXA FUNDS MANAGEMENT
CAISSE DE DEPOT ET P
VANGUARD GROUP INC
SPRUENGLI RUDOLF K
BULGHERONI ANTONIO
BLACKROCK
UBS FUND MANAGEMENT
PICTET & CIE
FMR LLC
UBS ETF
IAM INDEPENDENT ASSE
NOMURA
Firm Name
Goldman Sachs
Bank Vontobel AG
EVA Dimensions
Berenberg Bank
Natixis
Kepler Cheuvreux
HSBC
GSC Research
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
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
n/a
Analyst
ALEXIS COLOMBO
AUSTIN BURKETT
JAMES TARGETT
NICOLAS LANGLET
JON COX
FLORENCE DOHAN
PATRIK SCHWENDIMANN
MATTHIAS SCHRADE
Source
Research
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
Sell/Neutral
not rated
hold
hold
neutral
hold
underweight
outperform
hold
Amt Held
29'144
4'630
2'803
2'262
1'400
1'285
1'106
1'014
1'000
878
754
707
593
521
327
299
205
193
185
175
% Out
21.32
3.39
2.05
1.65
1.02
0.94
0.81
0.74
0.73
0.64
0.55
0.52
0.43
0.38
0.24
0.22
0.15
0.14
0.14
0.13
Latest Chg
-
Weighting
Change
Target Price
1
#N/A N/A
3
3
3
3
1
5
3
D
M
U
M
M
M
M
U
U
2
30
(2)
(23)
(7)
5
2
40
1
12
(70)
8
42'000
#N/A N/A
#N/A N/A
41'000
39'000
38'000
35'500
#N/A N/A
#N/A N/A
File Dt
Inst Type
16.03.2013
n/a
31.12.2012
Government
31.12.2011
n/a
27.03.2013
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2011
n/a
31.12.2011
n/a
28.02.2013
Investment Advisor
21.05.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Unclassified
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
23.04.2013
12.04.2013
02.04.2013
21.03.2013
18.03.2013
17.03.2013
16.01.2013
15.01.2013
27.04.2012
04.07.2013
Sulzer AG
Sulzer AG manufactures machinery and equipment, and operates in a surfacing
technology business. The Company provides pumping and surface technology
solution and services, services and repair of thermal turbo machinery, and
service for separation columns and static mixing.
Price/Volume
180
.3 M
160
.3 M
140
120
.2 M
100
12/2012
03/yy
171.00
115.30
97'867.00
158.2
-7.49%
37.21%
73.25%
34.3
5'416.88
609.00
0.0
6.8
513.10
5'519.58
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60
.1 M
40
.1 M
20
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
3'713.5
0.47x
575.3
3.06x
322.9
6.26x
.2 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (09.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SUN VX EQUITY YTD Change
SUN VX EQUITY YTD % CHANGE
LTM-4Q
31.12.2009
31.12.2010
3'350.4
3'183.7
0.62x
1.34x
471.2
508.0
4.38x
8.38x
270.4
300.4
10.06x
15.98x
Profitability
31.12.2011
3'577.9
1.04x
481.8
7.76x
279.8
12.17x
31.12.2012
4'021.6
1.25x
552.0
9.07x
307.1
15.96x
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
552.00
420.60
10.46%
10.30%
6.72%
13.98%
11.37%
0.88%
31.0%
13.7%
10.5%
7.6%
1.66
1.07
13.26%
26.51%
3.96
4.28
Price/ Cash Flow
03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
03/yy
987.6
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
m-13
1.27
23.06
35.72%
11.98%
1.270
15
3.667
80'255
81'939
78'936
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
4'241.7
4'518.0
1.25x
1.12x
597.4
675.5
9.23x
8.17x
328.1
385.9
16.14x
13.75x
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
24.53
18.94
0.17
1.10
26.5%
20.9%
0.88
6.34
92.48
85.58
54.15
123.92
35.00
4'500.0
30.00
4'000.0
3'500.0
25.00
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
04.07.2013
Sulzer AG
Holdings By:
All
Holder Name
RENOVA GROUP
BLACKROCK
NORGES BANK
CREDIT SUISSE ASSET
PICTET & CIE
SULZER LTD
DANSKE INVEST A/S
DANSKE INVEST MANAGE
NORDEA INV MANAGEMEN
UBS FUND MANAGEMENT
VANGUARD GROUP INC
DEUTSCHE BANK AG
SARASIN
NEUBERGER BERMAN LLC
Firm Name
Helvea
Berenberg Bank
Bank am Bellevue
Bank Vontobel AG
Credit Suisse
Goldman Sachs
HSBC
EVA Dimensions
Kepler Cheuvreux
Main First Bank AG
Barclays
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
VOLKAN GOCMEN
ALEXANDER VIRGO
MICHAEL ROOST
FABIAN HAECKI
PATRICK LAAGER
WILLIAM WYMAN
JOERG-ANDRE FINKE
CRAIG STERLING
CHRISTOPH LADNER
BERND POMREHN
RIZK MAIDI
ARMIN RECHBERGER
Source
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
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
MF-AGG
Recommendation
buy
hold
hold
buy
neutral
Buy/Neutral
neutral
underweight
buy
outperform
underweight
market perform
Amt Held
10'699'797
1'430'332
863'020
774'033
556'774
457'863
412'218
358'316
327'551
321'892
300'601
270'413
250'635
249'064
183'675
175'586
149'706
142'642
122'648
117'721
% Out
31.23
4.17
2.52
2.26
1.63
1.34
1.2
1.05
0.96
0.94
0.88
0.79
0.73
0.73
0.54
0.51
0.44
0.42
0.36
0.34
Weighting
Change
5
3
3
5
3
5
3
1
5
5
1
3
M
M
M
M
M
M
M
U
M
M
M
D
Latest Chg
(22'088)
(171)
9'148
(3'419)
(23'888)
49'422
(515)
(917)
(25'350)
496
(1'032)
4'533
3'220
(60)
(15'047)
Target Price
195
165
139
180
160
210
175
#N/A N/A
185
170
125
#N/A N/A
File Dt
05.08.2011
21.05.2013
31.12.2012
27.03.2013
31.01.2013
31.12.2011
28.02.2013
31.03.2013
31.12.2012
30.04.2013
31.01.2013
28.02.2013
31.01.2013
31.03.2013
30.09.2012
31.03.2013
31.01.2013
31.03.2013
31.03.2013
28.02.2013
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Corporation
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
Date
16.05.2013
01.05.2013
17.04.2013
17.04.2013
16.04.2013
03.04.2013
08.03.2013
25.02.2013
18.02.2013
18.02.2013
18.02.2013
23.07.2012
04.07.2013
Lonza Group AG
Lonza Group AG produces organic fine chemicals, biocides, active ingredients,
and biotechnology products. The Company offers custom chemical manufacturing
and fermentation processing and manufactures its products for the life sciences,
pharmaceuticals, food processing, and agricultural products industries. Lonza
operates production sites in Europe, the United States, and China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (09.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LONN VX EQUITY YTD Change
LONN VX EQUITY YTD % CHANGE
12/2012
01/yy
74.90
38.83
185'856.00
71.4
-4.67%
83.89%
91.41%
52.9
3'778.50
2'815.00
0.0
(1.0)
429.00
6'163.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.6 M
70
1.4 M
60
1.2 M
50
1.0 M
40
.8 M
30
.6 M
20
.4 M
10
.2 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
2'937.0
2.20x
691.0
9.36x
420.0
11.07x
80
31.12.2009
31.12.2010
2'690.0
2'680.0
1.91x
1.91x
517.0
647.0
9.91x
7.91x
162.0
291.0
22.88x
13.50x
Profitability
31.12.2011
2'692.0
2.07x
537.0
10.37x
154.0
18.62x
31.12.2012
3'925.0
1.26x
640.0
7.73x
182.0
14.02x
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
640.00
336.00
8.56%
5.63%
2.57%
7.64%
0.55%
25.6%
16.3%
8.6%
4.6%
1.51
0.81
39.65%
116.95%
5.93
3.84
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
.0 M
m-13
1.18
50.70
77.04%
49.92%
1.176
16
2.625
206'598
271'375
303'534
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
3'962.0
4'164.1
1.53x
1.42x
700.2
767.9
8.80x
8.03x
246.6
302.4
15.35x
12.78x
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
5.00
2.69
3.73
4.40
117.0%
53.9%
0.55
1.46
61.73
95.26
35.85
121.14
14.00
4'500.0
12.00
4'000.0
3'500.0
10.00
3'000.0
8.00
2'500.0
6.00
2'000.0
1'500.0
4.00
1'000.0
2.00
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
04.07.2013
Lonza Group AG
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
HARDING LOEVNER LP
BLACKROCK
AFFILIATED MANAGING
NORGES BANK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
UBS FUND MANAGEMENT
PICTET & CIE
CI INVESTMENTS INC
FMR LLC
MIRABAUD & CIE
Firm Name
AlphaValue
S&P Capital IQ
Jefferies
Bank am Bellevue
Helvea
Credit Suisse
Bank Vontobel AG
EVA Dimensions
Main First Bank AG
Deutsche Bank
Kempen & Co
JPMorgan
Portfolio Name
n/a
Multiple Portfolios
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
n/a
Multiple Portfolios
n/a
n/a
Analyst
FABRICE FARIGOULE
JACOB THRANE
PETER WELFORD
BRUNO ESCHLI
OLAV ZILIAN
LUISA HECTOR
STEPHAN KIPPE
CARLA BAENZIGER
ANDREW S ZAMFOTIS
MARTIN SCHREIBER
BERND POMREHN
HOLGER BLUM
SACHIN SONI
RICHARD VOSSER
Source
ULT-AGG
MF-AGG
Co File
EXCH
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
reduce
sell
hold
hold
accumulate
neutral
hold
hold
underweight
market perform
underperform
hold
hold
neutral
Amt Held
5'249'354
2'801'813
2'658'885
2'642'891
2'058'923
1'912'949
1'400'896
1'127'002
671'354
557'239
354'339
334'411
276'233
229'793
172'103
172'000
171'966
162'619
162'251
150'404
% Out
9.92
5.29
5.02
4.99
3.89
3.61
2.65
2.13
1.27
1.05
0.67
0.63
0.52
0.43
0.33
0.33
0.32
0.31
0.31
0.28
Weighting
Change
2
1
3
3
4
3
3
3
1
3
1
3
3
3
M
M
M
M
M
M
M
M
U
M
M
M
D
M
Latest Chg
(151'722)
(816'138)
1'241
(1'632)
(64'331)
35'372
(755)
30'210
20'832
1'555
147'000
20'353
162'619
1'337
40'379
Target Price
73
60
63
57
72
61
55
52
#N/A N/A
#N/A N/A
57
47
58
40
File Dt
02.04.2013
31.12.2012
31.12.2012
08.03.2013
21.05.2013
31.12.2012
31.12.2012
27.03.2013
28.02.2013
31.03.2013
31.01.2013
31.03.2013
28.02.2013
31.01.2013
31.01.2013
31.12.2012
31.03.2013
31.12.2012
31.01.2013
31.03.2013
Date
6 month
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Government
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
Date
23.05.2013
02.05.2013
01.05.2013
26.04.2013
26.04.2013
22.04.2013
04.02.2013
31.01.2013
30.01.2013
25.01.2013
25.01.2013
22.01.2013
15.01.2013
10.08.2012
04.07.2013
PSP Swiss Property AG

PSP Swiss Property AG owns and manages real estate. The Company owns a
portfolio of office and business premises at exclusive locations in
Switzerland's key economic centers, including Zurich, Geneva, Basel, Bern and
Lausanne.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.05.2013)
52-Week Low (24.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PSPN SE EQUITY YTD Change
PSPN SE EQUITY YTD % CHANGE
12/2012
03/yy
91.25
79.10
42'656.00
82.1
-10.03%
3.79%
16.46%
45.9
3'765.75
1'808.29
0.0
0.0
33.60
5'550.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
205.7
20.75x
147.4
28.96x
224.0
9.96x
100
90
80
70
60
50
40
30
20
10
0
m-12
LTM-4Q
31.12.2009
31.12.2010
271.1
270.4
17.16x
19.18x
214.0
215.8
21.74x
24.04x
231.2
280.8
10.73x
11.52x
Profitability
31.12.2011
284.2
18.75x
231.3
23.04x
404.0
8.36x
31.12.2012
283.3
20.28x
175.4
32.75x
368.6
10.54x
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
175.39
174.82
47.81%
165.05%
6.13%
10.77%
7.06%
0.05%
77.8%
130.1%
28.46%
48.89%
-
Price/ Cash Flow
03/yy
238.5
90.92x
231.6
23.26x
405.3
8.50x
LTM
03/yy
281.5
81.25x
219.1
26.25x
381.8
10.24x
FY+1
.0 M
m-13
0.70
31.94
0.78%
-1.50%
0.699
12
3.333
88'100
100'657
98'033
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
274.5
278.9
66.0
69.8
20.42x
20.41x
86.01x
238.4
236.7
56.9
63.4
23.27x
23.44x
165.7
163.3
40.9
45.7
22.86x
23.13x
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
3.84
1.80
8.14
8.30
48.9%
32.8%
0.05
-
40.00
350.0
35.00
300.0
30.00
250.0
25.00
200.0
20.00
150.0
15.00
100.0
10.00
50.0
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
04.07.2013
PSP Swiss Property AG

Holdings By:
All
Holder Name
HETZ NATHAN
ALONY HETZ PROPERTIE
BLACKROCK
CREDIT SUISSE ASSET
NORGES BANK
UBS FUND MANAGEMENT
STATE STREET
MORGAN STANLEY
ING INVESTMENT MANAG
VANGUARD GROUP INC
SCOTTISH WIDOWS
SNS INVESTMENT FUND
PICTET & CIE
ING INTERNATIONAL AD
GABRIEL LUCIANO
Firm Name
Exane BNP Paribas
Bank Vontobel AG
Berenberg Bank
Goldman Sachs
EVA Dimensions
Morgan Stanley
JPMorgan
Deutsche Bank
ABN Amro Bank N.V.
Kempen & Co
Portfolio Name
n/a
n/a
n/a
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
n/a
Multiple Portfolios
Analyst
VALERIE GUEZI
STEFAN SCHUERMANN
MARKUS WAEBER
KAI MALTE KLOSE
JULIAN LIVINGSTON-BOOTH
AUSTIN BURKETT
BIANCA RIEMER
TIM LECKIE
MARKUS SCHEUFLER
RUUD VAN MAANEN
ROBERT WOERDEMAN
Source
Co File
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Recommendation
neutral
hold
market perform
hold
Sell/Neutral
overweight
Equalwt/Attractive
overweight
hold
hold
neutral
Amt Held
7'000'000
6'685'000
2'351'954
1'534'222
1'239'420
593'580
535'250
496'354
390'386
374'797
342'001
323'278
219'364
188'001
168'533
161'793
156'928
155'034
143'251
136'660
% Out
15.26
14.57
5.13
3.34
2.7
1.29
1.17
1.08
0.85
0.82
0.75
0.7
0.48
0.41
0.37
0.35
0.34
0.34
0.31
0.3
Weighting
Change
3
3
3
3
1
5
3
5
3
3
3
M
M
D
M
M
D
M
M
M
M
M
Latest Chg
(668'972)
51'442
18'904
(9'074)
1'538
15'977
(54'986)
9'200
79'872
(1'959)
(11'261)
(25'110)
4'108
1'161
4'500
11'772
10'200
Target Price
90
90
#N/A N/A
90
81
#N/A N/A
89
99
93
85
90
File Dt
31.12.2011
31.08.2012
21.05.2013
27.03.2013
31.12.2012
31.01.2013
22.05.2013
31.03.2013
28.02.2013
31.03.2013
31.03.2013
28.02.2013
31.01.2013
31.01.2013
31.12.2012
31.01.2013
31.01.2013
31.03.2013
31.12.2011
31.01.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
9 month
12 month
Not Provided
Not Provided
Inst Type
n/a
Other
Investment Advisor
Investment Advisor
Government
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
n/a
Investment Advisor
Date
17.05.2013
14.05.2013
13.05.2013
13.05.2013
19.04.2013
21.03.2013
06.03.2013
06.03.2013
05.03.2013
01.03.2013
13.01.2013
04.07.2013

Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery
products. The Company markets its products through its own specialty stores and
boutiques, as well as through retail outlets and catalog sales. Lindt operates
subsidiaries in Europe, North America and Asia and also sells its products
through various distributors in other world regions.
Price/Volume
4000
.0 M
2500
2000
12/2011
01/yy
3'736.21
2'793.29
974.00
3625
-2.98%
29.78%
86.40%
0.9
9'033.81
12.00
0.0
0.0
555.00
8'490.81
.0 M
1500
.0 M
1000
.0 M
500
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
.0 M
3000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2013)
52-Week Low (10.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LISP SE EQUITY YTD Change
LISP SE EQUITY YTD % CHANGE
31.12.2008
2'573.2
1.85x
466.1
10.21x
261.5
19.52x
.0 M
3500
31.12.2009
31.12.2010
2'524.8
2'579.3
2.03x
2.42x
382.5
423.3
13.41x
14.77x
193.1
241.9
29.86x
28.38x
Profitability
31.12.2011
2'488.6
2.68x
421.9
15.83x
246.5
28.95x
31.12.2012
2'669.5
2.70x
457.4
15.75x
271.9
28.80x
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
457.40
362.50
13.58%
13.55%
10.59%
16.25%
1.04%
17.5%
13.6%
10.2%
2.50
1.77
0.46%
0.69%
4.05
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.77
0.88
22.28%
23.59%
0.771
10
3.600
2'249
2'144
2'032
FY+2
12/13 Y
12/14 Y
2'878.3
3'088.0
2.96x
2.71x
508.2
555.8
16.72x
15.28x
306.5
338.3
27.43x
24.98x
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
117.28
81.85
-1.16
0.03
0.7%
0.7%
1.04
3.53
90.29
-
3.00
3'500.0
2.50
3'000.0
2'500.0
2.00
2'000.0
1.50
1'500.0
1.00
1'000.0
0.50
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
04.07.2013

Holdings By:
All
Holder Name
PICTET & CIE
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
BLACKROCK
VANGUARD GROUP INC
VIRTUS INVESTMENT AD
IST FUND MANAGERS
EVERETT HARRIS & COM
TANNER ERNST
NATIXIS ASSET MANAGE
RAIFFEISEN SCHWEIZ L
SARASIN
KLINGLER HANSJUERG
Firm Name
AlphaValue
Bank Vontobel AG
Credit Suisse
Helvea
Berenberg Bank
Deutsche Bank
Main First Bank AG
S&P Capital IQ
Jefferies
Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
EVERETT HARRIS & COM
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
SOPHIE CABO-BROSETA
PATRICK JNGLIN
ANDREAS VON ARX
JAMES TARGETT
CATHERINE FARRANT
CARL SHORT
PATRIK SCHWENDIMANN
DIRK VAN VLAANDEREN
Source
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
EXCH
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
Recommendation
sell
hold
neutral
neutral
buy
hold
outperform
hold
outperform
buy
Amt Held
22'444
18'681
17'941
13'903
13'306
11'723
10'421
9'190
7'855
6'757
5'434
4'976
4'873
4'175
3'580
3'531
3'462
2'920
2'775
2'650
% Out
2.51
2.09
2.01
1.55
1.49
1.31
1.16
1.03
0.88
0.76
0.61
0.56
0.54
0.47
0.4
0.39
0.39
0.33
0.31
0.3
Weighting
Change
1
3
3
3
5
3
5
3
5
5
M
M
M
M
M
M
U
M
U
M
Latest Chg
1'042
165
431
(114)
19
(210)
20
586
795
816
2
(96)
522
70
462
204
-
Target Price
2'828
3'850
3'300
3'720
4'100
3'500
4'200
3'630
#N/A N/A
3'470
File Dt
Inst Type
31.01.2013
Investment Advisor
27.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
21.05.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.03.2013
Insurance Company
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2010
n/a
31.01.2013
Investment Advisor
28.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Unclassified
31.12.2010
n/a
Date
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Date
23.05.2013
12.04.2013
04.04.2013
03.04.2013
21.03.2013
19.03.2013
18.03.2013
15.03.2013
15.01.2013
31.10.2012
04.07.2013
Schindler Holding AG manufactures and installs elevators, escalators, and moving
walkways internationally. The Company's products are used in airports, subway
stations, railroad terminals, shopping centers, cruise ships, hotels, and office
buildings. Schindler also offers maintenance services.
Price/Volume
160
140
120
100
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (04.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SCHN SE EQUITY YTD Change
SCHN SE EQUITY YTD % CHANGE
12/2011
03/yy
142.00
108.10
15'992.00
130.4
-8.17%
20.63%
61.65%
70.9
15'444.64
754.00
0.0
33.0
2'626.00
13'605.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40
20
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
14'027.0
0.34x
1'018.0
4.70x
615.0
9.34x
60
LTM-4Q
31.12.2009
31.12.2010
8'281.0
8'187.0
0.95x
1.35x
996.0
1'089.0
7.86x
10.16x
625.0
677.0
15.44x
20.11x
Profitability
31.12.2011
7'854.0
1.39x
933.0
11.68x
576.0
23.83x
31.12.2012
8'258.0
1.63x
1'104.0
12.16x
702.0
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
1'104.00
985.00
11.93%
11.90%
9.12%
26.00%
1.07%
13.4%
12.0%
8.5%
1.55
1.22
9.64%
27.12%
5.86
-
Price/ Cash Flow
.2 M
.2 M
.2 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
m-13
LTM
03/yy
7'603.0
0.00x
0.0
0.00x
657.0
0.00x
03/yy
8'334.0
0.00x
0.0
0.00x
740.0
23.11x
FY+1
0.83
18.45
21.58%
2.09%
0.829
7
3.429
36'839
31'328
31'552
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
8'749.9
9'287.7
1.52x
1.39x
1'180.2
1'282.4
11.54x
10.62x
737.7
825.4
20.25x
18.28x
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
25.67
22.60
-1.69
0.68
27.1%
21.1%
1.07
16.43
62.49
-
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
04.07.2013
Holdings By:
All
Holder Name
SCHINDLER FAMILY
FMR LLC
SCHINDLER HOLDING AG
FRANKLIN RESOURCES
VANGUARD GROUP INC
CREDIT SUISSE ASSET
PICTET & CIE
FIDELITY INVESTMENT
BLACKROCK
UBS FUND MANAGEMENT
ABERDEEN
FIDELITY INVESTMENTS
IST FUND MANAGERS
CREDIT SUISSE ASSET
NOMURA
Firm Name
AlphaValue
Bank Vontobel AG
Exane BNP Paribas
HSBC
EVA Dimensions
Helvea
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
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
Analyst
EILEEN RYAN
SERGE ROTZER
ALEXIS DENAUD
MARTIN HUESLER
MICHAEL HAGMANN
CRAIG STERLING
VOLKAN GOCMEN
Source
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
reduce
hold
neutral
market perform
overweight
hold
neutral
Amt Held
51'033'236
1'758'868
1'327'102
454'029
246'872
233'545
215'836
210'852
194'593
151'893
116'185
106'200
97'932
75'000
45'630
43'121
28'765
27'164
25'000
22'463
% Out
71.44
2.46
1.86
0.64
0.35
0.33
0.3
0.3
0.27
0.21
0.16
0.15
0.14
0.1
0.06
0.06
0.04
0.04
0.03
0.03
Weighting
Change
2
3
3
3
5
3
3
M
M
M
M
N
U
M
Latest Chg
(129'092)
(224'906)
18'878
477
6'289
4'464
22'535
(672)
(65'221)
234
(155)
2'492
500
Target Price
139
145
150
#N/A N/A
175
#N/A N/A
90
File Dt
31.12.2010
31.03.2013
31.12.2010
28.03.2013
31.03.2013
28.02.2013
27.03.2013
31.01.2013
31.12.2012
21.05.2013
31.01.2013
31.03.2013
31.03.2013
31.01.2013
31.12.2010
31.03.2013
30.11.2012
31.12.2012
31.03.2012
31.01.2013
Date
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
n/a
Investment Advisor
Corporation
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
Unclassified
Investment Advisor
Investment Advisor
Date
16.05.2013
22.04.2013
22.04.2013
28.03.2013
27.02.2013
26.02.2013
16.12.2011
04.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.05.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GAM SE EQUITY YTD Change
GAM SE EQUITY YTD % CHANGE
12/2012
01/yy
17.95
10.06
465'736.00
15.05
-16.16%
49.58%
56.27%
183.4
2'759.49
23.40
0.0
2.0
504.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
4'144.8
661.2
12.53x
20
18
16
14
12
10
8
6
4
2
0
m-12
31.12.2009
31.12.2010
1'020.2
964.9
3'636.9
10.2
0.96x
309.00x
Profitability
31.12.2011
812.2
(95.0)
-
31.12.2012
999.1
86.7
24.22x
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
11.87%
11.99%
3.67%
4.28%
4.30%
0.42%
8.7%
1.02%
1.20%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.37
153.12
41.44%
25.98%
1.374
11
3.545
614'212
558'897
589'780
FY+2
12/13 Y
12/14 Y
640.4
694.9
3.59x
3.12x
182.0
206.3
12.83x
11.20x
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
FQ+1
FQ+2
1.2%
1.2%
0.42
40.91
-
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
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
04.07.2013
GAM Holding AG
Holdings By:
All
Holder Name
GAM HOLDING LTD
SILCHESTER INTL INVE
BLACKROCK
GLOBAL ASSET MANAGEM
FMR LLC
CREDIT SUISSE FUNDS
CREDIT SUISSE ASSET
NORGES BANK
UBS FUND MANAGEMENT
FARALLON CAPITAL MAN
PICTET & CIE
VANGUARD GROUP INC
FIDELITY INVESTMENT
PACIFIC LIFE INSURAN
Firm Name
Bank am Bellevue
RBC Capital Markets
Credit Suisse
Bank Vontobel AG
Helvea
Goldman Sachs
Main First Bank AG
EVA Dimensions
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MARC DEUSTER
PETER K LENARDOS
GURJIT KAMBO
TERESA NIELSEN
TIM DAWSON
CHRIS M. TURNER
KILIAN MAIER
ANDREAS VENDITTI
AUSTIN BURKETT
Source
EXCH
Co File
ULT-AGG
EXCH
ULT-AGG
Co File
EXCH
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
outperform
hold
buy
neutral/neutral
underperform
market perform
hold
Amt Held
19'878'827
18'500'519
16'488'705
12'175'617
11'235'345
8'269'310
6'130'364
5'731'524
5'610'663
5'418'466
4'870'611
4'111'896
3'194'408
3'045'343
2'891'706
2'541'267
2'480'672
1'998'682
1'605'355
1'543'704
% Out
10.84
10.09
8.99
6.64
6.13
4.51
3.34
3.13
3.06
2.96
2.66
2.24
1.74
1.66
1.58
1.39
1.35
1.09
0.88
0.84
Weighting
Change
5
5
5
3
5
3
1
3
3
M
M
M
M
M
M
D
M
M
Latest Chg
(416'861)
(4'785'293)
577'723
132'266
14'127
370'631
133'137
(107'166)
(34'467)
1'848
149'993
Target Price
20
19
19
17
21
18
17
#N/A N/A
#N/A N/A
File Dt
Inst Type
08.03.2013
Investment Advisor
31.12.2012
Investment Advisor
21.05.2013
Investment Advisor
27.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
n/a
07.06.2011
Investment Advisor
19.02.2013
Unclassified
31.12.2012
Investment Advisor
27.03.2013
Investment Advisor
31.12.2012
Government
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
30.04.2013
Insurance Company
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Date
19.04.2013
17.04.2013
17.04.2013
17.04.2013
17.04.2013
12.03.2013
07.03.2013
06.03.2013
15.01.2013
04.07.2013
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
160
1.2 M
140
1.0 M
120
.8 M
100
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (26.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DUFN SE EQUITY YTD Change
DUFN SE EQUITY YTD % CHANGE
12/2012
03/yy
136.50
110.70
162'472.00
118.1
-13.48%
6.68%
20.54%
29.7
3'504.48
1'385.30
0.0
128.4
434.00
4'590.78
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
40
.2 M
20
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
2'113.5
0.79x
277.3
6.02x
95.0
8.62x
.6 M
60
LTM-4Q
31.12.2009
31.12.2010
2'378.7
2'610.2
0.95x
1.56x
288.1
328.0
7.85x
12.43x
38.5
116.6
34.88x
27.17x
Profitability
31.12.2011
2'637.7
1.43x
344.3
10.94x
111.9
20.78x
31.12.2012
3'153.6
1.45x
444.0
10.33x
122.4
26.82x
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
444.00
275.70
8.74%
6.26%
3.09%
9.94%
7.72%
0.92%
58.9%
13.5%
8.2%
3.9%
1.75
0.83
39.29%
111.83%
63.96
3.12
Price/ Cash Flow
03/yy
2'790.0
5.57x
375.1
12.41x
120.2
26.40x
LTM
03/yy
3'166.1
5.74x
427.8
10.71x
106.1
30.13x
FY+1
1.08
23.80
1.03%
-1.25%
1.076
14
4.357
216'079
187'310
192'987
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
3'685.4
4'153.7
925.0
1'021.0
1.34x
1.11x
558.4
661.0
140.0
173.5
8.22x
6.94x
192.9
266.0
35.9
68.4
15.04x
11.14x
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
15.10.2012
BB+
STABLE
5.58
4.53
2.22
3.36
111.8%
50.3%
0.92
12.69
5.71
117.07
65.31
48.44
12.00
3'500.0
10.00
3'000.0
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
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
04.07.2013
Dufry AG
Holdings By:
All
Holder Name
TRAVEL RETAIL INVEST
CREDIT SUISSE GROUP
HUDSON MEDIA INC
ARTIO GLOBAL MANAGEM
NORGES BANK
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
HARTFORD INVESTMENT
FRANKLIN RESOURCES
SCHRODER INVESTMENT
INVESTEC ASSET MANAG
DEUTSCHE BANK AG
FMR LLC
Firm Name
Bank am Bellevue
Credit Suisse
Exane BNP Paribas
Deutsche Bank
Grupo Santander
Main First Bank AG
Bank Vontobel AG
Goldman Sachs
Mirabaud Securities
Kepler Cheuvreux
EVA Dimensions
Natixis
Portfolio Name
n/a
n/a
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
n/a
n/a
Analyst
MICHAEL HEIDER
PATRICK JNGLIN
ROBERTA CIACCIA
CHARLIE MUIR-SANDS
REBECCA MCCLELLAN
GAEL COLCOMBET
RENE WEBER
MAYAN UTHAYAKUMAR
THOMAS BAUMANN
JON COX
CRAIG STERLING
MATTHIEU DETROYAT
Source
EXCH
EXCH
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
outperform
neutral
hold
buy
outperform
buy
Buy/Neutral
accumulate
buy
underweight
buy
Amt Held
3'912'464
1'577'361
1'154'677
804'639
741'234
522'095
472'495
467'822
444'751
362'775
295'855
289'624
279'892
276'404
270'662
262'127
250'327
230'042
221'476
194'050
% Out
13.18
5.32
3.89
2.71
2.5
1.76
1.59
1.58
1.5
1.22
1
0.98
0.94
0.93
0.91
0.88
0.84
0.78
0.75
0.65
Weighting
Change
5
5
3
3
5
5
5
5
4
5
1
5
M
M
M
M
M
M
M
M
U
M
M
M
Latest Chg
1'688'901
(492'317)
11'177
(24'262)
(3'103)
(54'633)
(14'603)
136'614
(12'037)
74'313
535
(26'969)
5'615
53'706
(138'980)
Target Price
161
145
120
130
141
140
135
175
137
140
#N/A N/A
140
File Dt
17.01.2013
05.03.2013
31.12.2011
20.03.2012
31.03.2013
31.12.2012
27.03.2013
31.01.2013
28.03.2013
31.03.2013
28.03.2013
31.12.2012
31.03.2013
31.01.2013
28.02.2013
31.03.2013
28.02.2013
31.01.2013
31.01.2013
31.03.2013
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Other
Investment Advisor
Other
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
15.05.2013
15.05.2013
10.05.2013
09.05.2013
07.05.2013
01.05.2013
23.04.2013
22.04.2013
25.03.2013
17.03.2013
17.01.2013
31.07.2012
04.07.2013
Galenica AG
Galenica AG manufactures and distributes pharmaceuticals and offers related
services. The Company produces prescription and over-the-counter drugs,
toiletries and hygiene products, and operates pharmacies.
Price/Volume
700
.1 M
600
.1 M
500
.1 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GALN SE EQUITY YTD Change
GALN SE EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
200
.0 M
100
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
3'128.1
0.94x
470.1
6.26x
188.2
11.80x
.1 M
300
12/2012
01/yy
635.00
479.25
11'295.00
588
-7.40%
22.69%
70.14%
6.5
3'822.00
1'038.04
0.0
32.3
356.88
4'535.47
31.12.2009
31.12.2010
3'279.1
3'446.6
1.14x
1.37x
401.6
443.7
9.28x
10.65x
210.2
230.4
11.55x
15.91x
Profitability
31.12.2011
3'480.6
1.26x
399.9
10.99x
223.1
15.89x
31.12.2012
3'608.0
1.15x
431.3
9.62x
253.5
13.55x
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
431.34
355.28
9.85%
8.90%
8.10%
20.26%
1.15%
40.6%
12.0%
9.8%
7.0%
1.45
0.93
32.99%
77.14%
7.14
6.34
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.95
4.51
-1.92%
12.87%
0.947
13
2.692
14'480
14'687
17'430
FY+2
12/13 Y
12/14 Y
3'569.1
3'697.9
1.21x
1.12x
426.7
449.4
10.63x
10.09x
260.3
272.9
14.85x
14.11x
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
.0 M
m-13
FQ+1
FQ+2
11.56
10.35
1.58
2.41
77.1%
43.0%
1.15
8.14
51.24
57.77
62.91
46.11
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
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
04.07.2013
Galenica AG
Holdings By:
All
Holder Name
ALLIANCE BOOTS LTD
CREDIT SUISSE AG
PATINEX AG
ALECTA PENSIONSFORSA
NORGES BANK
CREDIT SUISSE ASSET
JORNOD ETIENNE
LB SWISS INVESTMENT
PICTET & CIE
UBS FUND MANAGEMENT
BZ BANK AG
IST FUND MANAGERS
VANGUARD GROUP INC
SARASIN
DWS INVESTMENTS SCHW
GALENICA AG
BLACKROCK
Firm Name
AlphaValue
Kepler Cheuvreux
Helvea
Bank Vontobel AG
Main First Bank AG
Bank am Bellevue
Credit Suisse
Goldman Sachs
Berenberg Bank
EVA Dimensions
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
ARMELLE MOULIN
MAJA PATAKI
OLAV ZILIAN
CARLA BAENZIGER
MARCUS WIEPRECHT
STEPHEN LEVENTHAL
CHRISTOPH GRETLER
VERONIKA DUBAJOVA
ADRIAN HOWD
ANDREW S ZAMFOTIS
HOLGER BLUM
Source
EXCH
EXCH
EXCH
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
Recommendation
sell
buy
buy
reduce
underperform
hold
neutral
market perform
Sell/Neutral
sell
overweight
buy
Amt Held
1'656'172
379'607
234'177
210'000
124'460
103'633
47'261
41'562
37'258
34'875
32'796
32'581
32'500
28'819
27'634
21'916
21'891
20'185
20'075
17'096
% Out
25.48
5.84
3.6
3.23
1.91
1.59
0.73
0.64
0.57
0.54
0.5
0.5
0.5
0.44
0.43
0.34
0.34
0.31
0.31
0.26
Weighting
Change
1
5
5
2
1
3
3
3
1
1
5
5
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
116'645
1'957
52
(972)
4'162
(20'140)
1'546
(286)
147
1'995
1'130
15
1'400
1'974
Target Price
524
650
720
527
500
532
600
#N/A N/A
454
500
#N/A N/A
660
File Dt
Inst Type
10.05.2013
Corporation
12.03.2013
Investment Advisor
10.05.2013
Private Equity
31.12.2012
Government
27.03.2013
Investment Advisor
31.12.2012
n/a
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
27.02.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Unclassified
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Corporation
21.05.2013
Investment Advisor
Date
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
23.05.2013
14.05.2013
15.04.2013
28.03.2013
20.03.2013
13.03.2013
13.03.2013
12.03.2013
30.01.2013
17.01.2013
17.01.2013
12.01.2012
04.07.2013
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
450
.0 M
400
.0 M
350
.0 M
300
.0 M
250
Latest Fiscal Year:

LTM as of:
52-Week High (03.06.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HELN SE EQUITY YTD Change
HELN SE EQUITY YTD % CHANGE
12/2012
01/yy
402.50
270.22
9'693.00
391
-2.86%
44.70%
86.01%
8.7
3'385.44
179.90
300.0
39.6
1'565.20
2'339.74
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
150
100
.0 M
50
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
5'559.2
0.35x
230.6
8.52x
.0 M
200
Valuation Analysis
31.12.2009
31.12.2010
7'279.3
7'366.2
0.36x
0.36x
323.4
339.0
8.54x
9.14x
Profitability
31.12.2011
7'496.2
0.24x
288.2
9.02x
31.12.2012
7'967.0
0.24x
339.6
9.09x
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
5.50%
5.39%
0.83%
9.55%
8.58%
0.20%
4.3%
0.42%
4.78%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.24
6.00
37.96%
17.95%
1.236
12
3.500
10'967
16'319
15'926
FY+2
12/13 Y
12/14 Y
7'292.0
8'054.0
353.5
368.6
9.70x
9.30x
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
.0 M
m-13
FQ+1
FQ+2
4.8%
4.2%
0.20
-
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
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
04.07.2013
Helvetia Holding AG
Holdings By:
All
Holder Name
PATRIA GENOSSENSCHAF
RAIFFEISEN SWITZERLA
VONTOBEL BETEILIGUNG
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
VANGUARD GROUP INC
SCHRODER INVESTMENT
DJE INVESTMENT SA
NORGES BANK
HELVETIA HOLDING AG
PICTET & CIE
BLACKROCK
LB SWISS INVESTMENT
SCHRODER INVESTMENT
PRINCIPAL FINANCIAL
DEUTSCHE BANK AG
Firm Name
Kepler Cheuvreux
Bank am Bellevue
Credit Suisse
Helvea
Goldman Sachs
Bankhaus Metzler
Berenberg Bank
Bank Vontobel AG
Nomura
Main First Bank AG
Mediobanca SpA
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
FABRIZIO CROCE
ANDREAS FRICK
RICHARD BURDEN
DANIEL BISCHOF
WILLIAM ELDERKIN
GEORG MARTI
JOCHEN SCHMITT
PETER ELIOT
STEFAN SCHUERMANN
MICHAEL KLIEN
RENE LOCHER
MARC THIELE
AUSTIN BURKETT
Source
Co File
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
hold
underperform
neutral
neutral/neutral
outperform
buy
buy
not rated
buy
underperform
neutral
buy
Amt Held
2'604'523
346'116
346'116
163'668
137'859
134'112
98'730
95'799
80'927
59'744
49'123
46'666
44'328
40'436
40'222
36'413
31'587
26'100
24'046
23'886
% Out
30.1
4
4
1.89
1.59
1.55
1.14
1.11
0.94
0.69
0.57
0.54
0.51
0.47
0.46
0.42
0.37
0.3
0.28
0.28
Weighting
Change
3
3
1
3
3
5
5
5
#N/A N/A
5
1
3
5
D
N
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'786)
278
142
2'055
14'133
110
(400)
(2'633)
5'209
10'476
86
Target Price
403
384
390
412
400
#N/A N/A
446
470
#N/A N/A
430
400
404
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.12.2012
31.01.2013
27.03.2013
31.01.2013
31.03.2013
31.03.2013
28.02.2013
28.12.2012
31.01.2013
28.02.2013
31.12.2012
31.12.2012
31.01.2013
21.05.2013
31.12.2012
28.09.2012
30.04.2013
31.03.2013
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Inst Type
n/a
Unclassified
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
21.05.2013
11.04.2013
11.04.2013
11.04.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
30.01.2013
17.01.2013
04.07.2013
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.
Price/Volume
350
.6 M
300
.5 M
250
.4 M
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (10.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EMSN SE EQUITY YTD Change
EMSN SE EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
50
0
m-12
j-12
LTM-4Q
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
31.12.2011
1'657.7
2.09x
347.3
9.98x
237.1
15.69x
31.12.2012
1'755.0
273.0
18.45x
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
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
j-12
a-12
s-12
LTM
03/yy
254.0
0.00x
0.0
0.00x
0.0
0.00x
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
.0 M
m-13
0.86
7.08
65.06%
32.89%
0.864
6
2.667
18'972
21'326
22'950
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/12 Q2 09/12 Q3
1'855.8
1'965.8
434.0
3.46x
3.24x
395.8
422.2
16.34x
15.32x
276.2
294.8
24.21x
22.69x
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
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
.2 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
1'503.9
1.16x
283.2
6.15x
211.8
9.57x
.3 M
150
12/2012
03/yy
295.25
174.00
15'026.00
286.25
-3.05%
64.51%
90.72%
23.4
6'695.11
162.77
0.0
15.1
433.11
6'439.87
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
04.07.2013
EMS-Chemie Holding AG
Holdings By:
All
Holder Name
EMESTA HOLDING AG
BLOCHER MIRIAM
NORGES BANK
VANGUARD GROUP INC
IST FUND MANAGERS
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
ALLIANCE BERNSTEIN
BLACKROCK
PICTET & CIE
LUXEMBOURGER KAPITAL
DEXIA ASSET MANAGEME
SEB
DIGITAL FUNDS
NATIXIS ASSET MANAGE
SKANDIA GLOBAL FUNDS
Firm Name
Bank Vontobel AG
Main First Bank AG
Kepler Cheuvreux
EVA Dimensions
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PATRICK RAFAISZ
BERND POMREHN
MARTIN SCHREIBER
BETTINA EDMONDSTON
CRAIG STERLING
Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
reduce
underperform
market perform
reduce
overweight
Amt Held
14'225'190
2'079'282
391'357
85'834
81'052
70'428
68'445
65'013
61'497
59'400
59'252
38'213
24'419
21'300
18'282
15'605
15'413
13'450
13'013
11'476
% Out
60.82
8.89
1.67
0.37
0.35
0.3
0.29
0.28
0.26
0.25
0.25
0.16
0.1
0.09
0.08
0.07
0.07
0.06
0.06
0.05
Weighting
Change
2
1
3
2
5
M
D
M
M
M
Latest Chg
(3'540)
(271)
89
1'115
(30)
2'371
13'473
1'299
447
7'711
(5'700)
212
5'855
2'000
880
(181)
Target Price
200
265
#N/A N/A
200
#N/A N/A
File Dt
31.12.2011
31.12.2011
31.12.2012
31.03.2013
31.03.2013
28.02.2013
31.03.2013
27.03.2013
31.01.2013
31.03.2013
21.05.2013
31.01.2013
28.02.2013
28.02.2013
28.03.2013
28.03.2013
31.01.2013
31.01.2013
28.03.2013
28.02.2013
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
n/a
Government
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
10.04.2013
08.04.2013
11.02.2013
09.02.2013
15.01.2013
04.07.2013
OC Oerlikon Corp AG
OC Oerlikon Corporation AG manufactures industrial equipment. The Company
produces vacuum pumps and solutions, equipment to supply PVD coatings for tools
and precision components, man-made textile machines and transmission driveline
equipment.
Price/Volume
14
9.0 M
12
8.0 M
7.0 M
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.03.2013)
52-Week Low (13.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OERL SE EQUITY YTD Change
OERL SE EQUITY YTD % CHANGE
12/2012
09/yy
12.74
7.22
1'272'380.00
11.7
-8.18%
62.15%
73.90%
326.0
3'813.78
322.00
0.0
24.0
654.00
3'505.78
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
4.0 M
3.0 M
2.0 M
2
0
m-12
1.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
4'632.0
0.55x
512.0
4.97x
(425.0)
-
6.0 M
31.12.2009
31.12.2010
2'877.0
3'601.0
0.73x
0.53x
(71.0)
298.0
6.36x
(592.0)
3.0
490.00x
Profitability
LTM-4Q
31.12.2011
2'731.0
0.64x
493.0
3.55x
220.0
10.48x
31.12.2012
2'906.0
1.05x
572.0
5.34x
382.0
15.22x
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
572.00
421.00
14.49%
11.49%
8.75%
22.18%
0.67%
28.5%
19.7%
14.5%
13.1%
1.75
0.83
7.74%
17.33%
5.24
4.29
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
.0 M
m-13
1.25
168.24
44.27%
15.70%
1.248
11
4.000
626'293
1'062'325
1'459'548
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/12 Q2 09/12 Q3
2'919.4
3'021.8
968.3
936.8
0.96x
0.88x
511.1
559.0
6.80x
6.21x
240.4
262.3
62.0
16.23x
14.43x
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
13.95
9.54
-0.58
0.56
17.3%
14.6%
0.67
3.56
69.84
85.38
72.23
82.99
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
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
04.07.2013
OC Oerlikon Corp AG
Holdings By:
All
Holder Name
VEKSELBERG VIKTOR
BLACKROCK
NORGES BANK
CREDIT SUISSE ASSET
PICTET & CIE
UBS FUND MANAGEMENT
VANGUARD GROUP INC
SCHRODER INVESTMENT
BARING FUND MANAGERS
MIRABAUD & CIE
CAZENOVE UNIT TRUST
OC OERLIKON CORP
HOTTINGER CAPITAL CO
ACATIS
IST FUND MANAGERS
PRINCIPAL FINANCIAL
Firm Name
AlphaValue
Bank Vontobel AG
Helvea
Credit Suisse
Societe Generale
Bank am Bellevue
Berenberg Bank
EVA Dimensions
Kepler Cheuvreux
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
PIERRE-YVES GAUTHIER
MICHAEL FOETH
RETO AMSTALDEN
PATRICK LAAGER
JEAN-BAPTISTE ROUSSILLE
MICHAEL STUDER
BENJAMIN GLAESER
CRAIG STERLING
ARMIN RECHBERGER
CHRISTOPH LADNER
Source
Co File
ULT-AGG
MF-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
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
add
buy
neutral
outperform
hold
hold
buy
sell
outperform
buy
Amt Held
156'210'954
9'416'760
6'219'474
5'075'864
3'855'299
3'414'373
2'436'055
1'280'000
988'244
986'060
966'378
955'027
922'120
902'248
872'000
845'506
817'471
766'361
715'128
714'673
% Out
47.92
2.89
1.91
1.56
1.18
1.05
0.75
0.39
0.3
0.3
0.3
0.29
0.28
0.28
0.27
0.26
0.25
0.24
0.22
0.22
Weighting
Change
4
5
3
5
3
3
5
1
5
5
M
M
M
M
M
M
M
D
M
M
Latest Chg
(284'377)
779'435
(67'027)
(92'135)
(5'910)
20'000
46'405
479'024
164'601
443'582
4'414
872'000
426'984
266'123
560'642
-
Target Price
12
15
13
15
11
12
14
#N/A N/A
#N/A N/A
15
File Dt
31.12.2012
21.05.2013
31.12.2012
27.03.2013
31.01.2013
31.01.2013
28.02.2013
31.01.2013
31.03.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
28.09.2012
31.03.2013
31.03.2013
30.04.2013
31.01.2013
Date
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
n/a
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.05.2013
14.05.2013
14.05.2013
13.05.2013
08.05.2013
08.05.2013
01.05.2013
12.03.2013
07.03.2013
06.03.2013
04.07.2013
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 (22.05.2013)
52-Week Low (05.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BARN SE EQUITY YTD Change
BARN SE EQUITY YTD % CHANGE
08/2012
02/yy
934.00
812.42
9'312.00
893
-4.39%
9.92%
58.46%
5.5
4'901.55
997.47
0.0
4.7
54.56
5'899.75
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
.1 M
.0 M
.0 M
.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
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
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
31.08.2012
4'829.5
1.16x
441.3
12.72x
142.1
19.40x
441.32
356.44
7.38%
5.76%
4.36%
12.05%
1.28%
13.9%
7.5%
2.9%
1.73
0.30
27.89%
73.50%
3.59
Price/ Cash Flow
02/yy
3'841.8
1.89x
176.8
0.00x
70.1
0.00x
LTM
02/yy
4'744.2
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.69
2.12
6.06%
3.23%
0.689
12
3.000
9'487
10'618
9'153
FY+2
FQ+1
FQ+2
08/13 Y
08/14 Y
08/13 Q4 11/13 Q1
4'944.5
6'155.2
1'491.0
1.17x
1.03x
459.5
541.4
12.82x
10.88x
242.8
283.4
18.80x
16.78x
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
28.03.2013
BB+
NEG
6.01
3.58
73.5%
42.3%
1.28
6.00
101.81
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
04.03.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Barry Callebaut AG
Holdings By:
All
Holder Name
JACOBS HOLDINGS AG
JACOBS RENATA
JACOBS NATHALIE
JACOBS NICOLAS
CREDIT SUISSE ASSET
NORGES BANK
VANGUARD GROUP INC
BLACKROCK
PICTET & CIE
UBS FUND MANAGEMENT
ABERDEEN
FMR LLC
IST FUND MANAGERS
SCHMID ANDREAS
SARASIN
Firm Name
Equita SIM SpA
Societe Generale
Helvea
Bank Vontobel AG
Kepler Cheuvreux
Main First Bank AG
Deutsche Bank
Goldman Sachs
Berenberg Bank
EVA Dimensions
Credit Suisse
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
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
FABIO FAZZARI
ALEX SLOANE
ANDREAS VON ARX
DANIEL BUERKI
JON COX
CATHERINE FARRANT
BENJAMIN MOORE
JAMES TARGETT
AUSTIN BURKETT
PATRICK JNGLIN
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
ULT-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
hold
neutral
market perform
hold
hold
underperform
hold
neutral/neutral
hold
underweight
restricted
sell
Amt Held
2'590'687
438'416
159'236
159'236
92'847
54'090
52'423
23'591
18'999
18'045
14'432
11'448
10'550
8'950
8'861
8'791
8'790
8'615
5'790
5'263
% Out
50.11
8.48
3.08
3.08
1.8
1.05
1.01
0.46
0.37
0.35
0.28
0.22
0.2
0.17
0.17
0.17
0.17
0.17
0.11
0.1
Weighting
Change
5
3
3
3
3
3
1
3
3
3
1
#N/A N/A
1
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
4'050
1'239
(573)
715
3
(453)
(5'912)
(300)
(2'197)
(2'970)
919
-
Target Price
1'100
900
1'000
#N/A N/A
900
900
800
950
1'081
940
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
31.08.2012
31.08.2012
31.08.2012
31.08.2012
31.03.2013
27.03.2013
31.12.2012
28.02.2013
31.03.2013
21.05.2013
31.01.2013
31.01.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.08.2012
31.01.2013
31.12.2012
28.02.2013
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Unclassified
Investment Advisor
Investment Advisor
Date
07.05.2013
15.04.2013
10.04.2013
09.04.2013
09.04.2013
09.04.2013
09.04.2013
08.04.2013
06.02.2013
21.01.2013
17.01.2013
13.12.2012
17.03.2011
04.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (09.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PARG SE EQUITY YTD Change
PARG SE EQUITY YTD % CHANGE
12/2012
03/yy
68.95
56.00
64'224.00
63.5
-7.90%
13.39%
53.28%
77.2
5'393.45
4'022.50
0.0
8'781.4
2'050.40
16'146.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
70
.1 M
60
.1 M
50
.1 M
40
.1 M
30
.1 M
20
.0 M
10
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
5'475.2
3.64x
799.9
24.95x
(520.8)
-
80
LTM-4Q
31.12.2009
31.12.2010
4'189.5
4'625.4
5.31x
4.21x
1'077.2
888.7
20.64x
21.93x
791.7
465.9
4.83x
14.44x
Profitability
31.12.2011
4'729.1
3.66x
915.2
18.92x
(64.9)
-
31.12.2012
4'915.4
3.27x
1'419.0
11.33x
417.9
12.68x
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
1'419.00
757.20
15.40%
23.69%
1.85%
5.68%
0.22%
29.0%
15.4%
8.5%
2.51
1.62
18.33%
55.59%
7.04
-
Price/ Cash Flow
09/yy
3'271.4
5.99x
0.0
0.00x
780.6
0.00x
LTM
03/yy
6'192.5
0.00x
0.0
0.00x
589.2
0.00x
FY+1
.0 M
m-13
1.12
37.40
12.83%
5.35%
1.121
7
3.714
48'797
58'690
66'722
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
509.0
540.5
32.75x
30.12x
412.0
476.0
39.20x
33.93x
418.0
476.5
12.91x
10.90x
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
7.84
6.02
1.38
2.82
55.6%
20.1%
0.22
2.11
52.00
-
12.00
6'000.0
10.00
5'000.0
8.00
4'000.0
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.0
0.00
01.01.2010
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
-1'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Pargesa Holding SA
Holdings By:
All
Holder Name
PARJOINTCO NV
BNP PARIBAS SA
NORGES BANK
CREDIT SUISSE ASSET
THIRD AVENUE MANAGEM
UBS FUND MANAGEMENT
BLACKROCK
PARGESA HOLDING SA
VANGUARD GROUP INC
TRANSAMERICA INVESTM
FRERE GERALD
AMUNDI LUXEMBOURG SA
RAIFFEISEN KAPITALAN
PICTET & CIE
SCHRODER INVESTMENT
UBS ETF
Firm Name
AlphaValue
KBC Securities
Goldman Sachs
EVA Dimensions
Bank Vontobel AG
Petercam
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PIERRE-YVES GAUTHIER
JAN-WILLEM BILLIET
MARKUS IWAR
AUSTIN BURKETT
DANIEL BUERKI
RENE WEBER
MARC DEBROUWER
JOHN REUCASSEL
Source
Research
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
add
hold
neutral/neutral
buy
market perform
hold
not rated
not rated
Amt Held
39'301'000
9'586'556
6'871'239
1'351'855
892'349
585'506
469'645
465'094
353'701
297'800
262'578
227'651
216'654
208'884
177'877
130'000
118'098
111'274
89'000
52'404
% Out
50.9
12.42
8.9
1.75
1.16
0.76
0.61
0.6
0.46
0.39
0.34
0.29
0.28
0.27
0.23
0.17
0.15
0.14
0.12
0.07
Weighting
Change
4
3
3
5
3
3
#N/A N/A
#N/A N/A
M
M
M
U
M
M
M
M
Latest Chg
761'800
(790)
14'083
(27'611)
10'532
(65)
(7'124)
1'499
62'936
238
Target Price
77
68
77
#N/A N/A
#N/A N/A
70
#N/A N/A
#N/A N/A
File Dt
Inst Type
01.03.2013
Holding Company
14.03.2013
Bank
31.03.2013
Investment Advisor
31.12.2012
Government
27.03.2013
Investment Advisor
31.01.2013
Investment Advisor
21.05.2013
Investment Advisor
12.03.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
n/a
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
22.05.2013
10.05.2013
09.05.2013
16.04.2013
07.03.2013
06.03.2013
18.12.2012
22.02.2011
04.07.2013
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.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FI/N SE EQUITY YTD Change
FI/N SE EQUITY YTD % CHANGE
12/2012
01/yy
460.00
294.65
18'517.00
442
-3.91%
50.01%
84.28%
4.1
1'813.62
640.00
0.0
44.0
338.00
2'159.62
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
357.0
13.90x
6.97x
(246.0)
99.0
21.98x
Profitability
31.12.2011
3'511.0
0.46x
373.0
4.34x
160.0
8.23x
31.12.2012
3'602.0
0.52x
359.0
5.17x
121.0
9.95x
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
359.00
226.00
6.27%
5.25%
4.16%
10.00%
8.11%
1.24%
10.0%
6.3%
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
j-12
j-12
LTM-4Q
LTM
01/yy
01/yy
-
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
.0 M
m-13
1.45
4.07
35.56%
24.60%
1.450
10
3.700
22'068
20'747
23'122
FY+2
12/13 Y
12/14 Y
3'624.8
3'769.8
0.57x
0.53x
360.9
386.7
5.98x
5.58x
152.4
168.3
12.06x
10.89x
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
10.56
6.68
0.84
1.78
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
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
04.07.2013
Georg Fischer AG
Holdings By:
All
Holder Name
BLACKROCK
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
NORGES BANK
SARASIN
RUFFER LLP
NEW JERSEY DIVISION
IST FUND MANAGERS
PICTET & CIE
LANDESBANK BERLIN IN
VANGUARD GROUP INC
SCHRODER INVESTMENT
KBC GROUP NV
PIONEER ASSET MANAGE
Firm Name
Main First Bank AG
Kepler Cheuvreux
Helvea
Credit Suisse
EVA Dimensions
Goldman Sachs
Bank Vontobel AG
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
TOBIAS FAHRENHOLZ
CHRISTOPH LADNER
VOLKAN GOCMEN
PATRICK LAAGER
CRAIG STERLING
WILLIAM WYMAN
ARMIN RECHBERGER
FABIAN HAECKI
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
underperform
buy
reduce
outperform
overweight
neutral/neutral
market perform
hold
Amt Held
210'119
123'905
93'377
80'709
80'453
54'924
42'667
37'800
33'997
31'189
30'375
27'968
24'100
23'848
23'205
22'316
21'218
14'682
13'919
12'088
% Out
5.12
3.02
2.28
1.97
1.96
1.34
1.04
0.92
0.83
0.76
0.74
0.68
0.59
0.58
0.57
0.54
0.52
0.36
0.34
0.29
Weighting
Change
1
5
2
5
5
3
3
3
M
M
M
M
U
M
M
U
Latest Chg
(18'546)
629
5'612
(4'824)
8'509
2'800
(495)
2'250
(2'216)
1'480
639
(4'215)
(606)
-
Target Price
455
500
370
490
#N/A N/A
400
#N/A N/A
400
File Dt
Inst Type
21.05.2013
Investment Advisor
11.02.2012
Investment Advisor
27.03.2013
Investment Advisor
31.12.2012
Government
28.02.2013
Investment Advisor
31.01.2013
Unclassified
27.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Date
17.05.2013
15.05.2013
13.05.2013
18.04.2013
11.04.2013
11.03.2013
28.02.2013
27.02.2013
04.07.2013
Flughafen Zuerich AG
Flughafen Zuerich AG operates the Zurich Airport. The Company constructs,
leases, and maintains airport structures and equipment.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.07.2013)
52-Week Low (10.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FHZN SE EQUITY YTD Change
FHZN SE EQUITY YTD % CHANGE
12/2012
01/yy
486.00
338.25
6'753.00
485.5
-0.10%
43.53%
94.25%
6.1
2'981.15
1'354.22
0.0
0.0
368.71
3'966.66
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
484.6
6.50x
169.8
11.78x
31.12.2012
948.8
3.77x
391.3
9.15x
94.7
27.24x
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
391.32
171.94
18.12%
12.37%
2.40%
5.17%
4.54%
0.24%
41.2%
18.1%
10.0%
1.60
1.17
33.29%
72.82%
9.19
-
Price/ Cash Flow
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
j-12
j-12
LTM-4Q
LTM
01/yy
01/yy
-
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
.0 M
m-13
0.90
3.61
44.92%
17.41%
0.902
18
3.667
13'526
12'646
13'354
FY+2
12/13 Y
12/14 Y
966.5
981.5
4.05x
3.91x
522.4
527.0
7.58x
7.52x
137.8
197.0
20.00x
15.02x
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
20.04.2012
A
STABLE
6.75
3.38
2.52
3.46
72.8%
42.1%
0.24
0.32
39.82
-
8.00
1'000.0
7.00
900.0
800.0
6.00
700.0
5.00
600.0
4.00
500.0
400.0
3.00
300.0
2.00
200.0
1.00
100.0
0.00
01.01.2010
.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
855.1
3.14x
421.0
6.37x
121.3
12.61x
500
450
400
350
300
250
200
150
100
50
0
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
04.07.2013
Flughafen Zuerich AG
Holdings By:
All
Holder Name
CANTON OF ZURICH
UNIVERSITIES SUPERAN
CITY OF ZURICH
CREDIT SUISSE AG
ARTIO GLOBAL MANAGEM
TAUBE HODSON STONEX
NORGES BANK
COMMONWEALTH BANK OF
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
BLACKROCK
PICTET & CIE
FRANK RUSSELL TRUST
DEUTSCHE BANK AG
ZADIG GESTION (LUXEM
Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst
Credit Suisse
Bank Vontobel AG
Morgan Stanley
Goldman Sachs
Nomura
HSBC
EVA Dimensions
RBC Capital Markets
Berenberg Bank
Kepler Cheuvreux
Main First Bank AG
Barclays
JPMorgan
Silvia Quandt Research
PATRICK JNGLIN
PASCAL FURGER
DANIEL RUIVO
NICK EDELMAN
PETER LARKIN
JOHANNES BRAUN
ARMIN RECHBERGER
JOSEPH P THOMAS
CRAIG STERLING
ANDREW JONES
WILLIAM FOGGON
RUXANDRA HARADAU-DOESER
CHRISTIAN KORTH
SUSANNA INVERNIZZI
ELODIE RALL
STEFAN KICK
Source
Co File
EXCH
Co File
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
hold
Overwt/In-Line
neutral/neutral
reduce
buy
outperform
overweight
sell
sector perform
hold
reduce
outperform
underweight
overweight
buy
Amt Held
2'046'595
342'593
309'476
199'712
185'229
183'681
174'707
79'876
59'066
53'815
48'979
46'084
45'925
40'620
39'390
36'922
35'400
33'700
32'160
30'207
% Out
33.33
5.58
5.04
3.25
3.02
2.99
2.85
1.3
0.96
0.88
0.8
0.75
0.75
0.66
0.64
0.6
0.58
0.55
0.52
0.49
Weighting
Change
5
3
5
3
2
5
5
5
1
3
3
2
5
1
5
5
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
M
Latest Chg
1'900
(122'936)
(104'647)
(5'315)
(1'395)
(14'058)
(784)
(7'200)
2'337
(3'746)
19'500
(5'200)
(9'292)
Target Price
500
440
470
472
437
530
#N/A N/A
490
#N/A N/A
410
458
374
520
430
470
410
File Dt
31.12.2012
19.07.2012
31.12.2012
21.11.2012
17.08.2012
22.02.2012
21.05.2008
31.12.2012
31.01.2013
31.01.2013
28.02.2013
31.01.2013
27.03.2013
21.05.2013
31.01.2013
31.05.2012
31.03.2013
29.03.2013
31.01.2013
31.12.2012
Date
Not Provided
Not Provided
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
Inst Type
Government
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
15.05.2013
14.05.2013
16.04.2013
16.04.2013
11.04.2013
05.04.2013
05.04.2013
03.04.2013
26.03.2013
22.03.2013
20.03.2013
20.03.2013
04.02.2013
23.01.2013
27.11.2012
21.08.2012
04.07.2013
DKSH Holding AG
DKSH Holding Limited is an international marketing and services group. The
Company offers a comprehensive package of services that includes organizing and
running the entire value chain for any product: from sourcing, research and
analysis, marketing, sales, distribution and logistics to after-sales services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.03.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DKSH SE EQUITY YTD Change
DKSH SE EQUITY YTD % CHANGE
12/2012
01/yy
88.47
49.13
71'784.00
80.55
-8.96%
63.95%
77.32%
63.5
5'114.92
199.40
0.0
33.4
253.60
5'094.12
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
100
90
80
70
60
50
40
30
20
10
0
m-12
31.12.2009
31.12.2010
6'356.4
7'295.4
168.3
241.6
72.7
128.4
Profitability
31.12.2011
7'340.0
274.3
147.1
-
31.12.2012
8'834.1
0.47x
320.7
12.98x
201.2
20.72x
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
320.70
278.00
3.15%
3.26%
6.26%
18.57%
16.03%
2.75%
3.6%
3.1%
2.3%
1.48
0.94
5.94%
17.03%
5.64
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
25.51
58.81%
23.63%
11
3.182
107'948
128'021
137'359
FY+2
12/13 Y
12/14 Y
10'107.1
11'161.0
0.50x
0.45x
377.1
427.3
13.56x
11.97x
212.2
242.1
24.44x
21.51x
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
.0 M
m-13
FQ+1
FQ+2
34.12
29.04
-0.17
0.62
17.0%
14.2%
2.75
60.61
64.95
-
30.00
10'000.0
9'000.0
25.00
8'000.0
7'000.0
20.00
6'000.0
15.00
5'000.0
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
04.07.2013
DKSH Holding AG
Holdings By:
All
Holder Name
DIETHELM KELLER HOLD
BLACKROCK
CREDIT SUISSE ASSET
RUFFER LLP
MATTHEWS INTERNATION
FMR LLC
PICTET & CIE
VIRTUS INVESTMENT AD
UBS FUND MANAGEMENT
FIDELITY INVESTMENT
DEUTSCHE BANK AG
WASATCH ADVISORS INC
DEKA INVESTMENT GMBH
MIRABAUD & CIE
Firm Name
Deutsche Bank
Kepler Cheuvreux
Religare Capital Markets
HSBC
Credit Suisse
Main First Bank AG
Helvea
Berenberg Bank
Bank Vontobel AG
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ANDY CHU
BETTINA EDMONDSTON
PETER WILLIAMSON
RAJESH KUMAR
ANDY GROBLER
CHRISTIAN BURGER
MARCO STRITTMATTER
KONRAD ZOMER
Source
EXCH
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
MF-AGG
MF-AGG
Recommendation
hold
hold
buy
underweight
neutral
outperform
neutral
market perform
sell
hold
Amt Held
37'989'380
2'219'369
1'300'425
657'394
394'500
386'901
340'230
294'266
223'653
206'032
157'740
128'359
105'544
103'880
100'000
98'269
95'000
94'688
93'500
85'496
% Out
59.83
3.5
2.05
1.04
0.62
0.61
0.54
0.46
0.35
0.32
0.25
0.2
0.17
0.16
0.16
0.15
0.15
0.15
0.15
0.13
Weighting
Change
3
3
5
1
3
5
3
3
1
3
M
M
M
N
M
M
M
M
D
M
Latest Chg
8'721'650
438'593
(3'338)
386'901
332'248
10'810
68'723
2'576
220
324
(3'874)
7'500
100
(33'000)
94'688
25'000
13'807
Target Price
89
80
85
50
83
95
74
#N/A N/A
72
75
File Dt
17.04.2013
21.05.2013
31.03.2013
27.03.2013
27.12.2012
31.12.2012
31.10.2012
31.01.2013
28.03.2013
29.03.2013
31.03.2013
28.02.2013
31.01.2013
31.12.2012
31.10.2012
31.03.2013
28.03.2013
31.03.2013
28.12.2012
31.12.2012
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
24.04.2013
24.04.2013
24.04.2013
22.04.2013
14.03.2013
13.03.2013
13.03.2013
12.03.2013
12.03.2013
12.03.2013
04.07.2013
Bucher Industries AG
Bucher Industries AG manufactures food processing machinery, vehicles, and
hydraulic components. The Company produces fruit and vegetable juice processing
machinery, fodder harvesters, plows, seed drills, feed mixers, plant sprayers,
spreaders, tractors, street sweepers, and snow blowers. Bucher operates
worldwide.
Price/Volume
200
.1 M
.0 M
.0 M
100
12/2012
09/yy
238.00
153.10
18'615.00
226.9
-4.66%
48.20%
85.87%
10.3
2'325.72
499.70
0.0
35.4
480.30
2'380.52
.0 M
50
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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 M
150
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BUCN SE EQUITY YTD Change
BUCN SE EQUITY YTD % CHANGE
31.12.2008
2'788.9
0.42x
262.3
4.45x
143.3
7.30x
250
LTM-4Q
31.12.2009
31.12.2010
2'142.1
2'033.7
0.58x
0.86x
113.1
151.6
11.08x
11.50x
(26.0)
95.4
18.33x
Profitability
31.12.2011
2'336.0
0.73x
260.1
6.57x
124.7
13.12x
31.12.2012
2'609.0
0.70x
305.0
5.95x
149.9
11.73x
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
305.00
229.80
8.81%
8.30%
6.66%
18.05%
1.16%
11.7%
8.8%
5.7%
1.68
0.98
22.15%
56.76%
6.28
-
Price/ Cash Flow
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
09/yy
550.5
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
m-13
1.18
8.18
43.67%
29.06%
1.182
11
3.818
8'075
13'333
14'899
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
2'693.8
2'788.7
575.0
669.3
0.87x
0.81x
326.6
345.4
7.29x
6.89x
168.0
179.6
67.4
13.12x
12.28x
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
18.05
12.50
0.06
1.64
56.8%
35.3%
1.16
5.63
58.25
-
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
04.07.2013
Bucher Industries AG
Holdings By:
All
Holder Name
HAUSER MICHAEL
BUCHER INDUSTRIES AG
BUCHER BETEILIGUNGSHAUSER ANITA
BLACKROCK
NORGES BANK
UBS FUND MANAGEMENT
SARASIN
IST FUND MANAGERS
NEW JERSEY DIVISION
CREDIT SUISSE ASSET
MOSIMANN PHILIP
SCHRODER INVESTMENT
ODIN FORVALTNING AS
Firm Name
Goldman Sachs
Berenberg Bank
Bank am Bellevue
Helvea
Kepler Cheuvreux
Bank Vontobel AG
Credit Suisse
Mirabaud Securities
EVA Dimensions
Portfolio Name
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ESHAN TOORABALLY
FREDERIK BITTER
MICHAEL ROOST
STEFAN GAECHTER
CHRISTOPH LADNER
FABIAN HAECKI
PATRICK LAAGER
ARMIN RECHBERGER
THOMAS BAUMANN
CRAIG STERLING
Source
Co File
Co File
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral/neutral
hold
hold
accumulate
buy
hold
neutral
outperform
buy
overweight
Amt Held
604'008
465'073
440'750
438'779
345'239
264'680
151'197
122'780
114'708
100'520
93'035
81'900
79'564
60'000
58'695
52'478
49'020
47'361
46'069
45'620
% Out
5.89
4.54
4.3
4.28
3.37
2.58
1.48
1.2
1.12
0.98
0.91
0.8
0.78
0.59
0.57
0.51
0.48
0.46
0.45
0.45
Weighting
Change
3
3
3
4
5
3
3
5
5
5
M
M
M
M
M
M
M
U
M
M
Latest Chg
27'996
(3'080)
(4'744)
(205)
3'400
(1'288)
13'317
(1'246)
38'558
1'360
(186)
Target Price
212
220
225
255
250
240
230
#N/A N/A
250
#N/A N/A
File Dt
Inst Type
31.12.2012
n/a
31.12.2012
Corporation
31.12.2012
Corporation
31.12.2012
n/a
21.05.2013
Investment Advisor
31.12.2012
Government
31.01.2013
Investment Advisor
31.01.2013
Unclassified
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
27.03.2013
Investment Advisor
31.12.2012
n/a
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
08.05.2013
01.05.2013
29.04.2013
26.04.2013
27.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
17.01.2013
04.07.2013
Temenos Group AG
Temenos Group AG provides integrated software for the banking sector. The
Company develops, distributes, implements, and supports its process-oriented,
real-time enterprise software designed for the management of administrative
tasks at banks and financial services companies. Temenos operates offices in
Europe, North America, Asia, and the Middle East.
Price/Volume
30
7.0 M
6.0 M
5.0 M
15
Latest Fiscal Year:

LTM as of:
52-Week High (10.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TEMN SE EQUITY YTD Change
TEMN SE EQUITY YTD % CHANGE
12/2012
03/yy
23.89
9.83
158'815.00
22.7
-4.97%
130.89%
88.35%
72.0
1'634.93
215.84
0.0
0.0
117.73
1'829.77
4.0 M
10
3.0 M
2.0 M
1.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
20
Valuation Analysis
31.12.2008
406.9
2.23x
100.2
9.04x
64.7
11.83x
9.0 M
25
31.12.2009
31.12.2010
370.3
448.0
4.56x
6.65x
127.4
123.1
13.25x
24.19x
68.6
61.6
22.14x
42.37x
Profitability
LTM-4Q
31.12.2011
473.5
2.61x
88.5
13.95x
(28.3)
-
31.12.2012
450.2
2.91x
107.9
12.13x
24.2
50.07x
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
107.92
48.12
10.69%
8.17%
4.53%
10.61%
7.66%
0.52%
68.3%
26.5%
13.6%
5.4%
1.27
1.27
23.91%
55.81%
1.92
-
Price/ Cash Flow
03/yy
470.7
13.29x
93.1
15.76x
(28.8)
0.00x
LTM
03/yy
453.5
12.67x
120.3
15.20x
39.2
41.70x
FY+1
1.52
63.29
47.87%
43.71%
1.521
16
3.563
277'177
224'397
289'432
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
476.2
513.1
112.0
120.0
3.73x
3.33x
16.67x
15.21x
140.1
160.7
29.9
38.0
13.09x
11.41x
12.03x
11.60x
72.8
90.0
14.8
21.7
20.90x
17.76x
19.89x
19.40x
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
15.41
14.62
0.98
1.75
55.8%
35.8%
0.52
32.75
190.06
-
35.00
500.0
450.0
30.00
400.0
25.00
350.0
300.0
20.00
250.0
200.0
15.00
150.0
10.00
100.0
5.00
0.00
01.01.2010
50.0
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
04.07.2013
Temenos Group AG
Holdings By:
All
Holder Name
MASSACHUSETTS MUTUAL
PATINEX AG
ALKEN LUXEMBOURG SAR
TEMENOS GROUP AG
BLACKROCK
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
AVIVA PLC
STANDARD LIFE INVEST
ZADIG GESTION LUXEMB
NORGES BANK
CLASSIC FUND MGMT AG
ZADIG GESTION (LUXEM
PICTET & CIE
YORK CAPITAL MANAGME
Firm Name
Bank am Bellevue
Bryan Garnier & Cie
Bank Vontobel AG
Morgan Stanley
Bankhaus Metzler
Baader Bank
Berenberg Bank
Exane BNP Paribas
Helvea
Barclays
Goldman Sachs
Kepler Cheuvreux
EVA Dimensions
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
MICHAEL STUDER
GREGORY RAMIREZ
TAKIS SPILIOPOULOS
ADAM WOOD
ULRICH TRABERT
KNUT WOLLER
DAUD KHAN
JOSEP BORI
STEFAN GAECHTER
GERARDUS VOS
MOHAMMED MOAWALLA
ANDREAS MUELLER
FELIX LEVIOUS
ANDREW S ZAMFOTIS
Source
EXCH
MF-AGG
Co File
Co File
EXCH
ULT-AGG
Co File
Co File
Co File
Co File
RNS-RUL8
EXCH
RNS-RUL8
MF-AGG
MF-AGG
RNS-RUL8
MF-AGG
MF-AGG
RNS-RUL8
MF-AGG
Recommendation
hold
buy
buy
Overwt/In-Line
sell
sell
sell
outperform
neutral
overweight
neutral/attractive
outperform
buy
sell
Amt Held
7'245'349
6'496'490
3'722'992
3'638'595
2'450'500
2'316'060
2'189'949
2'177'404
2'176'515
2'170'741
2'038'000
1'875'000
1'331'523
1'270'000
1'173'500
1'083'505
1'057'245
1'038'084
975'000
958'652
% Out
10.06
9.02
5.17
5.05
3.4
3.22
3.04
3.02
3.02
3.01
2.83
2.6
1.85
1.76
1.63
1.5
1.47
1.44
1.35
1.33
Weighting
Change
3
5
5
5
1
1
1
5
3
5
3
5
5
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
54'885
15'157
(42'009)
(94'634)
(1'254'000)
7'394
125'000
(6'000)
(48'736)
1'879
105'000
(60'586)
Target Price
25
28
25
24
17
16
12
22
22
24
25
#N/A N/A
24
#N/A N/A
File Dt
Inst Type
03.05.2013
Insurance Company
31.03.2013
Investment Advisor
27.03.2013
Private Equity
27.03.2013
Investment Advisor
23.04.2013
Corporation
21.05.2013
Investment Advisor
27.03.2013
Investment Advisor
27.03.2013
Investment Advisor
27.03.2013
Investment Advisor
27.03.2013
Investment Advisor
08.03.2012
Investment Advisor
16.04.2013
Other
10.02.2012
Government
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
Date
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
21.05.2013
21.05.2013
16.05.2013
15.05.2013
25.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
09.04.2013
26.03.2013
25.03.2013
17.01.2013
04.07.2013
Nobel Biocare Holding AG

Nobel Biocare Holding AG develops and produces dental implants and dental
prosthetics. The Company manufactures permanent replacements for tooth roots,
and dental crowns and bridges. Nobel Biocare sells under the brand names
Branemark System, Steri-Oss/Replace, and Procera on the global market.
Price/Volume
14
4.0 M
12
3.5 M
3.0 M
10
2.5 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.06.2013)
52-Week Low (21.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NOBN SE EQUITY YTD Change
NOBN SE EQUITY YTD % CHANGE
12/2012
03/yy
12.80
6.94
99'076.00
11.4
-10.94%
64.16%
74.38%
123.8
1'411.14
99.51
0.0
0.0
154.94
1'076.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
1.0 M
.5 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
619.2
2.93x
161.1
11.26x
109.7
15.96x
2.0 M
LTM-4Q
31.12.2009
31.12.2010
581.4
576.6
4.95x
3.02x
169.4
114.5
16.98x
15.22x
105.8
45.7
27.21x
38.35x
Profitability
31.12.2011
569.2
1.97x
104.6
10.71x
39.8
28.05x
31.12.2012
580.5
1.26x
100.7
7.29x
45.8
17.37x
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
100.72
68.69
11.83%
10.51%
7.44%
15.09%
11.88%
0.94%
75.4%
17.0%
11.6%
7.9%
2.24
1.86
16.57%
30.61%
5.33
6.51
Price/ Cash Flow
03/yy
573.3
8.84x
110.4
10.60x
40.4
29.31x
LTM
03/yy
574.4
6.24x
97.6
9.22x
45.4
21.11x
FY+1
.0 M
m-13
1.46
107.96
17.78%
50.03%
1.459
24
2.000
264'213
369'578
478'374
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
565.3
584.4
144.3
126.8
1.90x
1.76x
7.71x
8.70x
97.6
106.6
27.0
21.7
11.03x
10.10x
10.55x
10.32x
48.5
54.9
13.4
7.9
23.20x
20.70x
21.98x
21.83x
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
19.81
18.32
-0.68
1.02
30.6%
23.4%
0.94
7.66
68.48
56.09
38.54
76.25
25.00
700.0
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
04.07.2013
Nobel Biocare Holding AG

Holdings By:
All
Holder Name
FRANKLIN RESOURCES
INVESCO LTD
GOVERNANCE FOR OWNER
NORGES BANK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
NEW JERSEY DIVISION
UNION INVESTMENT GMB
MASON STREET ADVISOR
UNION INVESTMENT LUX
NOBEL BIOCARE HOLDIN
UBS FUND MANAGEMENT
PICTET & CIE
VALIC CO I
SCHRODER INVESTMENT
SOCIETE GENERALE
Portfolio Name
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst

Barclays
Deutsche Bank
Jefferies
Northcoast Research
Kepler Cheuvreux
Helvea
Bank am Bellevue
HSBC
Berenberg Bank
Bank Vontobel AG
S&P Capital IQ
Main First Bank AG
Morgan Stanley
Credit Suisse
JPMorgan
Exane BNP Paribas
Goldman Sachs
Bryan Garnier & Cie
EVA Dimensions
LISA BEDELL CLIVE

ALEXANDER KLEBAN
YI-DAN WANG
OLIVER METZGER
INGEBORG OIE
EDWIN SNYDER
MAJA PATAKI
SIMON GOETSCHMANN
GINA FRANCIOLI
HENDRIK LOFRUTHE
TOM JONES
CARLA BAENZIGER
JACOB THRANE
STEPHAN VOLLERT
MICHAEL K JUNGLING
CHRISTOPH GRETLER
DAVID J ADLINGTON
JULIEN DORMOIS
VERONIKA DUBAJOVA
MATHIEU CHABERT
ANDREW S ZAMFOTIS
Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
EXCH
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
MF-AGG
Recommendation
market perform
underweight
sell
hold
hold
sell
reduce
neutral
sell
underweight
buy
hold
hold
underperform
Underwt/Attractive
neutral
underweight
underperform
underperform
neutral/neutral
sell
underweight
Amt Held
17'582'488
12'626'019
11'555'987
6'808'148
3'961'104
3'768'834
2'529'645
2'252'015
2'183'120
2'000'000
1'714'400
1'350'000
1'323'847
1'315'904
981'139
679'476
528'050
470'472
365'670
348'312
% Out
14.2
10.2
9.34
5.5
3.2
3.04
2.04
1.82
1.76
1.62
1.38
1.09
1.07
1.06
0.79
0.55
0.43
0.38
0.3
0.28
Weighting
Change
3
1
1
3
3
1
2
3
1
1
5
3
3
1
1
3
1
1
1
3
1
1
M
M
M
M
M
M
D
M
M
M
M
M
U
M
M
M
M
M
M
M
M
D
Latest Chg
8'705'317
336'218
(101)
626'219
(232'723)
1'714'400
435
(7'020)
(1'628)
70'200
(154'692)
5'967
Target Price
10
7
6
10
10
7
10
10
8
9
12
11
12
10
7
11
8
9
#N/A N/A
9
9
#N/A N/A
File Dt
Inst Type
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
20.05.2013
Investment Advisor
31.12.2012
Government
31.12.2012
Other
05.02.2013
Government
27.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Unclassified
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Bank
Date
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Date
23.05.2013
22.05.2013
09.05.2013
02.05.2013
02.05.2013
01.05.2013
29.04.2013
29.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
18.03.2013
20.02.2013
19.02.2013
23.01.2013
04.07.2013
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
140
120
100
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
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
139.50
126.57
13'605.00
132.7
-4.87%
4.84%
37.34%
15.9
2'115.46
1'563.60
0.0
0.0
26.10
3'652.96
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40
20
0
m-12
31.12.2009
31.12.2010
215.8
656.0
13.28x
4.84x
137.9
170.3
20.78x
18.66x
88.6
116.4
15.75x
15.48x
Profitability
31.12.2011
831.8
4.16x
182.6
18.93x
146.8
12.93x
31.12.2012
868.6
4.36x
172.3
21.97x
98.0
22.29x
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
172.30
171.20
15.75%
14.76%
2.57%
5.56%
2.90%
0.23%
19.8%
11.3%
39.81%
81.83%
-
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.55
15.30
-0.90%
-2.09%
0.550
4
2.500
20'384
18'166
15'934
FY+2
12/13 Y
12/14 Y
280.3
296.0
13.52x
12.88x
196.7
212.7
18.57x
17.17x
123.3
137.0
18.31x
16.42x
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
3.92
-0.79
8.92
9.07
81.8%
45.0%
0.23
-
50.00
1'000.0
45.00
900.0
40.00
800.0
35.00
700.0
30.00
600.0
25.00
20.00
500.0
400.0
15.00
300.0
10.00
200.0
5.00
100.0
0.00
01.01.2010
j-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
207.9
12.02x
136.9
18.25x
90.7
13.39x
60
.1 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
.0 M
.0 M
m-13
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
04.07.2013
Allreal Holding AG
Holdings By:
All
Holder Name
HELVETIA PATRIA GRUP
BVK PERSONALVORSORGE
SCHWEIZERISCHE MOBIL
CREDIT SUISSE ASSET
NORGES BANK
BLACKROCK
UBS FUND MANAGEMENT
PICTET & CIE
VANGUARD GROUP INC
JULIUS BAER ASSET MA
SEI INVESTMENT MANAG
ALLREAL HOLDING AG
KBC GROUP NV
BETTONI BRUNO
Firm Name
Bank Vontobel AG
EVA Dimensions
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
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
STEFAN SCHUERMANN
AUSTIN BURKETT
MARKUS WAEBER
Source
EXCH
Co File
EXCH
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
EXCH
MF-AGG
Co File
Recommendation
hold
sell
market perform
Amt Held
6'737'352
603'490
445'814
378'370
223'408
222'715
172'497
150'863
148'330
92'335
89'079
84'673
41'800
36'897
28'658
25'943
19'200
15'496
14'536
11'280
% Out
42.26
3.79
2.8
2.37
1.4
1.4
1.08
0.95
0.93
0.58
0.56
0.53
0.26
0.23
0.18
0.16
0.12
0.1
0.09
0.07
Weighting
Change
3
1
3
M
D
D
Latest Chg
382'059
(2'647)
1'310
956
(1'231)
270
(428)
8'835
7'901
(4'890)
(21'500)
(279)
(800)
(33'906)
(1)
-
Target Price
150
#N/A N/A
#N/A N/A
File Dt
20.09.2012
31.12.2009
11.05.2010
27.03.2013
31.12.2012
21.05.2013
31.01.2013
28.02.2013
31.01.2013
31.01.2013
31.01.2013
31.03.2013
31.01.2013
31.01.2013
31.03.2013
30.04.2013
31.01.2013
16.05.2012
31.03.2013
31.12.2009
Date
Not Provided
Not Provided
Not Provided
Inst Type
Other
Investment Advisor
Holding Company
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
n/a
Date
13.03.2013
12.03.2013
16.01.2013
04.07.2013
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
500
400
300
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.04.2013)
52-Week Low (24.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BCVN SE EQUITY YTD Change
BCVN SE EQUITY YTD % CHANGE
12/2012
12/yy
549.04
445.00
5'014.00
481
-12.39%
8.09%
31.48%
8.6
4'139.58
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
100
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
200
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
13.43x
36.52%
37.66%
0.80%
11.99%
2.88%
0.03%
29.1%
21.14%
322.41%
-
.2 M
.2 M
.2 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
m-13
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
0.83
2.81
1.45%
5.27%
0.835
7
2.714
10'966
12'444
10'772
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
992.8
1'018.8
252.0
247.0
284.0
293.8
14.53x
14.07x
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
05.12.2011
AA
STABLE
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
04.07.2013
Banque Cantonale Vaudoise

Holdings By:
All
Holder Name
CANTON OF VAUD
NORGES BANK
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
VANGUARD GROUP INC
BLACKROCK
SCHRODER INVESTMENT
NEW JERSEY DIVISION
PICTET & CIE
SCHRODER INVESTMENT
SARASIN
KIENER PASCAL
PARVEST INVESTMENT M
Firm Name
EVA Dimensions
Bank am Bellevue
Bank Vontobel AG
Helvea
Main First Bank AG
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
AUSTIN BURKETT
MARC DEUSTER
TERESA NIELSEN
TIM DAWSON
KILIAN MAIER
ANDREAS VENDITTI
Source
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
Recommendation
underweight
hold
hold
neutral
underperform
market perform
Amt Held
5'766'154
87'516
78'642
44'474
44'400
34'769
29'650
28'972
24'900
24'618
23'928
20'887
19'800
17'437
16'170
15'833
12'574
9'201
8'355
8'293
% Out
67
1.02
0.91
0.52
0.52
0.4
0.34
0.34
0.29
0.29
0.28
0.24
0.23
0.2
0.19
0.18
0.15
0.11
0.1
0.1
Weighting
Change
1
3
3
3
1
3
U
M
M
M
M
M
Latest Chg
(16'496)
(1'391)
3'856
(11'381)
45
6'305
399
(600)
(1'071)
915
666
Target Price
#N/A N/A
480
510
519
490
#N/A N/A
File Dt
Inst Type
31.12.2012
Government
31.12.2012
Government
31.01.2013
Investment Advisor
27.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
21.05.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.12.2012
n/a
28.02.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Date
22.05.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
15.02.2013
04.07.2013
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
.1 M
400
.1 M
350
.1 M
300
.1 M
250
Latest Fiscal Year:

LTM as of:
52-Week High (12.03.2013)
52-Week Low (24.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KABN SE EQUITY YTD Change
KABN SE EQUITY YTD % CHANGE
06/2012
01/yy
412.25
338.25
5'296.00
363.5
-11.83%
7.46%
25.68%
3.8
1'386.76
113.80
0.0
0.8
125.60
1'377.16
30.06.2008
1'303.7
1.22x
206.3
7.73x
97.1
12.15x
.0 M
150
100
.0 M
50
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
.0 M
200
Valuation Analysis
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
30.06.2012
947.5
1.43x
153.7
8.83x
88.2
16.00x
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
153.70
122.60
12.94%
12.38%
9.26%
16.65%
1.02%
15.8%
12.5%
9.3%
1.47
0.90
11.92%
20.60%
6.29
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.81
2.98
3.08%
-6.19%
0.806
7
3.286
6'591
8'192
9'069
FY+2
06/13 Y
06/14 Y
955.5
976.8
1.41x
1.33x
146.3
155.5
9.41x
8.86x
80.6
87.1
17.37x
15.94x
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
.0 M
m-13
FQ+1
FQ+2
31.37
27.86
-0.07
0.83
20.6%
17.1%
1.02
5.97
58.16
-
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
03.07.2009
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
04.07.2013
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
NORGES BANK
SARASIN
UBS FUND MANAGEMENT
DUBS-KUENZLE KARINA
CREDIT SUISSE ASSET
IST FUND MANAGERS
Firm Name
Main First Bank AG
Bank Vontobel AG
Helvea
Credit Suisse
EVA Dimensions
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
SERGE ROTZER
PATRICK APPENZELLER
PATRICK LAAGER
CRAIG STERLING
ANDREAS MUELLER
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
hold
neutral
neutral
hold
market perform
Amt Held
172'981
153'020
140'000
138'228
127'452
113'000
112'815
101'785
95'153
93'398
65'800
56'760
50'729
35'744
34'484
32'000
31'472
27'183
24'983
17'605
% Out
4.53
4.01
3.67
3.62
3.34
2.96
2.96
2.67
2.49
2.45
1.72
1.49
1.33
0.94
0.9
0.84
0.82
0.71
0.65
0.46
Weighting
Change
5
3
3
3
3
3
M
M
M
M
U
D
Latest Chg
(3'432)
(60'274)
(15'539)
7'036
(1'550)
(52)
(432)
13
(1'000)
(90)
(662)
6'840
Target Price
400
360
370
350
#N/A N/A
#N/A N/A
File Dt
21.05.2013
30.06.2012
30.06.2012
30.06.2012
30.06.2012
07.09.2011
27.07.2009
08.10.2009
31.01.2013
31.12.2012
31.01.2013
28.02.2013
31.01.2013
30.06.2012
27.03.2013
31.01.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
n/a
Corporation
n/a
n/a
Investment Advisor
n/a
Other
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.04.2013
23.04.2013
23.04.2013
22.04.2013
21.03.2013
13.03.2013
04.07.2013
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
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.07.2012)
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
12/2012
01/yy
104.01
73.16
20'885.00
84.3
-18.95%
15.23%
29.96%
15.8
1'331.30
6'510.11
0.0
0.0
1'814.22
-
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
.3 M
.2 M
40
.2 M
.1 M
20
.1 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
731.7
148.6
21.96x
.3 M
60
31.12.2009
31.12.2010
731.2
707.1
148.5
122.5
22.77x
16.88x
Profitability
31.12.2011
693.4
127.6
14.72x
31.12.2012
629.3
127.0
10.82x
26.59%
33.34%
0.43%
6.48%
1.33%
0.02%
28.3%
25.93%
389.86%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.61
14.97
-16.57%
0.71%
0.612
2
3.000
27'862
23'515
24'451
FY+2
12/13 Y
12/14 Y
375.0
400.0
91.0
113.0
14.48x
11.66x
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
.0 M
m-13
FQ+1
FQ+2
389.9%
79.6%
0.02
3.47
-
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Valiant Holding
Holdings By:
All
Holder Name
HIGHCLERE INTL INVES
NORGES BANK
UBS FUND MANAGEMENT
VALIANT HOLDING AG
PICTET & CIE
CREDIT SUISSE ASSET
VANGUARD GROUP INC
BLACKROCK
HAEUSERRMANN MARKUS
STREIT KURT
BEYELER ROLF
HOBMEIER MICHAEL
UBS GLOBAL ASSET MAN
NYFFELER PAUL
ZGRAGGEN EDUARD
GAFNER MARTIN
Firm Name
EVA Dimensions
Main First Bank AG
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
AUSTIN BURKETT
KILIAN MAIER
Source
EXCH
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
Co File
Co File
Co File
MF-AGG
Co File
MF-AGG
Co File
Co File
Recommendation
underweight
outperform
Amt Held
482'652
381'893
306'637
145'350
139'528
132'152
88'795
68'774
53'000
42'572
41'436
36'272
31'598
27'445
26'149
21'030
19'638
17'752
16'576
15'430
% Out
3.06
2.42
1.94
0.92
0.88
0.84
0.56
0.44
0.34
0.27
0.26
0.23
0.2
0.17
0.17
0.13
0.12
0.11
0.1
0.1
Weighting
Change
1
5
U
M
Latest Chg
11'608
67'505
(456)
5'544
(10'857)
17'752
-
Target Price
#N/A N/A
100
File Dt
27.03.2013
31.12.2012
31.01.2013
28.06.2011
31.01.2013
27.03.2013
31.03.2013
31.01.2013
31.01.2013
21.05.2013
28.02.2013
31.12.2010
31.12.2010
31.12.2010
31.12.2010
31.01.2013
31.12.2010
31.01.2013
31.12.2010
31.12.2010
Date
Not Provided
12 month
Inst Type
Investment Advisor
Government
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
n/a
n/a
Investment Advisor
n/a
Investment Advisor
n/a
n/a
Date
22.04.2013
06.03.2013
04.07.2013
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 (03.07.2013)
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
218.54
185.10
9'520.00
190.8
-12.69%
3.08%
8.97%
6.2
1'184.66
1'062.91
0.0
3.5
97.65
2'153.39
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
31.12.2012
252.4
9.22x
83.7
27.78x
76.3
17.75x
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
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
-
0.62
5.58
-9.82%
-9.00%
0.618
5
2.600
17'413
13'455
12'103
FY+2
12/13 Y
12/14 Y
131.0
132.0
17.25x
18.42x
99.7
96.2
21.59x
22.37x
58.5
57.7
22.00x
21.97x
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
.0 M
m-13
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
04.07.2013
Mobimo Holding AG
Holdings By:
All
Holder Name
PENSIONSKASSE DES KA
MIGROS COOPERATIVE A
CREDIT SUISSE ASSET
BLACKROCK
NORGES BANK
MEILI ALFRED
UBS FUND MANAGEMENT
VANGUARD GROUP INC
REICHMUTH & CO
LEDERMANN URS
FMR LLC
PICTET & CIE
MORGAN STANLEY
SARASIN
MIRABAUD & CIE
STATE STREET
Firm Name
Bank Vontobel AG
EVA Dimensions
Kempen & Co
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
STEFAN SCHUERMANN
AUSTIN BURKETT
MARKUS WAEBER
ROBERT WOERDEMAN
Source
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
sell
market perform
underweight
Amt Held
209'861
204'894
199'386
190'613
172'512
134'560
85'955
81'809
43'128
41'500
34'650
31'042
30'405
26'534
26'469
21'769
20'194
12'777
12'380
12'299
% Out
3.38
3.3
3.21
3.07
2.78
2.17
1.38
1.32
0.69
0.67
0.56
0.5
0.49
0.43
0.43
0.35
0.33
0.21
0.2
0.2
Weighting
Change
3
1
3
1
M
M
D
M
Latest Chg
12'577
(13'762)
3'169
704
3'957
2'124
390
(4'220)
119
(1'481)
60
(12'845)
278
266
Target Price
210
#N/A N/A
#N/A N/A
210
File Dt
31.12.2012
31.12.2012
27.03.2013
21.05.2013
31.12.2012
01.02.2011
31.01.2013
28.02.2013
31.03.2013
09.07.2010
31.12.2012
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.03.2013
31.01.2013
31.12.2012
22.05.2013
31.03.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Other
Other
Investment Advisor
Investment Advisor
Government
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
13.03.2013
17.01.2013
16.01.2013
13.01.2013
04.07.2013
Panalpina Welttransport Holding AG

Panalpina Welttransport Holding AG offers freight shipping and supply chain
management services. The Company transports freight by air and ship, and
offers warehousing and distribution services. Panalpina operates worldwide.
Price/Volume
120
100
80
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.07.2013)
52-Week Low (13.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PWTN SE EQUITY YTD Change
PWTN SE EQUITY YTD % CHANGE
12/2012
03/yy
108.50
75.74
22'280.00
107.9
-0.55%
42.47%
94.78%
23.8
2'562.63
1.87
0.0
9.2
393.06
2'182.41
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
8'877.6
0.12x
239.9
4.42x
112.7
12.55x
40
31.12.2009
31.12.2010
5'957.9
7'164.2
0.17x
0.33x
79.2
62.1
13.06x
37.55x
8.5
(27.4)
182.78x
Profitability
LTM-4Q
31.12.2011
6'499.6
0.26x
212.2
7.99x
126.3
18.02x
31.12.2012
6'616.6
0.27x
36.6
49.57x
(70.5)
-
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
36.60
-19.25
-0.29%
-0.63%
-0.74%
-1.88%
3.21%
22.1%
1.4%
0.5%
-1.1%
1.49
1.34
0.10%
0.25%
6.70
67.57
Price/ Cash Flow
.2 M
.2 M
.2 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
m-13
LTM
03/yy
6'387.6
1.07x
131.0
12.64x
50.7
45.28x
03/yy
6'678.3
0.98x
91.5
17.48x
(15.3)
0.00x
FY+1
0.90
9.82
33.38%
18.59%
0.905
24
2.333
35'002
28'146
36'212
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
7'191.3
7'515.7
1'724.7
1'774.7
0.31x
0.29x
1.21x
1.16x
141.6
184.4
39.1
42.8
15.50x
11.90x
14.31x
13.82x
69.9
97.1
18.9
22.7
36.40x
25.78x
37.47x
33.72x
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
25.03
-9.66
-4.25
0.03
0.3%
0.2%
3.21
55.25
54.49
5.40
39.08
20.39
300.00
10'000.0
9'000.0
250.00
8'000.0
7'000.0
200.00
6'000.0
150.00
5'000.0
4'000.0
100.00
3'000.0
2'000.0
50.00
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
04.07.2013
Panalpina Welttransport Holding AG

Holdings By:
All
Holder Name
ERNST GOEHNER FOUNDA
CEVIAN CAPITAL AB
BESTINVER GESTION SG
NORGES BANK
UBS FUND MANAGEMENT
FRANKLIN RESOURCES
CREDIT SUISSE ASSET
FMR LLC
PANALPINA WELTTRANSP
VANGUARD GROUP INC
PICTET & CIE
ERIE INSURANCE GROUP
BRANDES INVESTMENT P
RIBAR MONIKA
SENTINEL ASSET MANAG
Firm Name
Thompson, Davis & Company
RBC Capital Markets
Stifel
Credit Suisse
EVA Dimensions
Bank Vontobel AG
Macquarie
Bank am Bellevue
HSBC
Helvea
Liberum Capital Ltd
Deutsche Bank
Goldman Sachs
Cantor Fitzgerald
Berenberg Bank
Nomura
Morgan Stanley
Main First Bank AG
Kepler Cheuvreux
Davy
Barclays
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
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
Analyst
DAVID P CAMPBELL
DAMIAN BREWER
DAVID G ROSS
NEIL GLYNN
CRAIG STERLING
MICHAEL FOETH
ROBERT JOYNSON
ROLF KUNZ
JULIA WINARSO
CHRISTIAN BURGER
PETER HYDE
JOSE FRANCISCO RUIZ SOLERA
NICK EDELMAN
ROBIN BYDE
WILLIAM FOGGON
MARK MCVICAR
PENNY BUTCHER
TOBIAS SITTIG
BETTINA EDMONDSTON
JOSHUA GOLDMAN
DAVID E FINTZEN
MARCO STRITTMATTER
Source
Co File
Co File
EXCH
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
sector perform
hold
underperform
hold
hold
underperform
reduce
underweight
neutral
hold
sell
neutral/neutral
sell
buy
reduce
Overwt/In-Line
underperform
hold
underperform
equalweight
underperform
Amt Held
10'910'750
2'842'875
2'387'268
1'263'500
475'224
398'900
228'316
190'420
127'015
114'013
108'988
99'750
80'546
69'342
65'857
47'326
35'596
33'325
32'673
30'000
% Out
45.94
11.97
10.05
5.32
2
1.68
0.96
0.8
0.53
0.48
0.46
0.42
0.34
0.29
0.28
0.2
0.15
0.14
0.14
0.13
Weighting
Change
3
3
3
1
3
3
1
2
1
3
3
1
3
1
5
2
5
1
3
1
3
1
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
M
N
M
D
Latest Chg
12'720
86'200
(1'868)
(45'980)
(25'859)
(20'372)
4'708
(13'147)
9'890
(108)
(1'307)
30'000
Target Price
148
95
#N/A N/A
75
#N/A N/A
98
68
62
78
92
93
73
95
80
110
65
110
80
77
#N/A N/A
95
#N/A N/A
File Dt
31.12.2012
31.12.2012
12.03.2013
31.12.2012
31.12.2012
31.03.2013
31.01.2013
31.03.2013
28.02.2013
27.03.2013
31.12.2012
31.12.2012
31.03.2013
31.01.2013
31.12.2012
28.03.2013
31.12.2012
28.12.2012
31.01.2013
30.11.2012
Date
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
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Other
Venture Capital
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Insurance Company
Date
20.05.2013
17.05.2013
16.05.2013
13.05.2013
13.05.2013
10.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
07.05.2013
07.05.2013
07.05.2013
07.05.2013
06.05.2013
16.04.2013
19.03.2013
07.03.2013
25.01.2013
09.01.2013
02.11.2012
04.07.2013
Luzerner Kantonalbank AG
Luzerner Kantonalbank is a Swiss regional bank. The Bank offers deposits, loans
including mortgage loans, investment counseling and asset management. Luzerner
Kantonalbank serves the Canton of Lucerne through numerous full and secondary
branches.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.05.2013)
52-Week Low (30.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LUKN SE EQUITY YTD Change
LUKN SE EQUITY YTD % CHANGE
12/2012
03/yy
380.05
320.09
1'640.00
344
-9.49%
7.47%
46.96%
8.5
2'924.00
5'639.41
0.0
0.0
2'920.51
-
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
.0 M
350
.0 M
300
.0 M
250
.0 M
200
.0 M
150
.0 M
100
.0 M
50
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
871.3
143.3
14.72x
400
31.12.2009
31.12.2010
754.2
730.0
140.7
149.4
16.61x
17.69x
Profitability
LTM-4Q
31.12.2011
719.4
158.6
16.73x
31.12.2012
685.4
168.3
16.92x
44.91%
43.49%
0.62%
11.08%
2.30%
0.02%
37.2%
20.11%
364.20%
-
03/yy
709.8
0.00x
0.0
0.00x
160.0
16.75x
LTM
03/yy
680.6
0.00x
0.0
0.00x
171.7
17.93x
FY+1
.0 M
m-13
0.49
3.25
7.64%
5.71%
0.495
2
2.000
4'080
4'391
3'244
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
427.0
436.0
183.0
189.0
15.81x
15.36x
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
12.09.2008
AA+
NEG
29.08.2002
A-1+
364.2%
78.5%
0.02
4.28
-
1'000.0
900.0
1.00
800.0
700.0
0.80
0.60
0.40
600.0
500.0
400.0
300.0
200.0
0.20
100.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Luzerner Kantonalbank AG
Holdings By:
All
Holder Name
CANTON OF LUCERNE
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
SCHRODER INVESTMENT
KOBLER BERNARD
FELDER JOSEF ANTON
SCHRODER INVESTMENT
SWISSCANTO ANLAGESTI
HURSCHLER MARCEL
IST FUND MANAGERS
BACHMANN MARK
SALZMANN DANIEL
HODEL BEAT
GRUETER LEO
BESSEMER GROUP INCOR
Firm Name
EVA Dimensions
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
ANDREAS VENDITTI
AUSTIN BURKETT
Source
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
Recommendation
market perform
sell
Amt Held
5'225'800
25'981
20'141
17'666
14'104
9'092
5'958
5'740
4'155
3'240
2'722
2'688
2'291
2'167
2'043
2'014
1'723
1'629
1'482
1'434
% Out
61.48
0.31
0.24
0.21
0.17
0.11
0.07
0.07
0.05
0.04
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
Weighting
Change
3
1
M
D
Latest Chg
(155)
49
(211)
294
118
575
91
13
(85)
-
Target Price
#N/A N/A
#N/A N/A
File Dt
31.12.2012
27.03.2013
28.02.2013
31.01.2013
31.01.2013
28.09.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.03.2013
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.01.2013
Date
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Date
12.02.2013
12.02.2013
04.07.2013
Berner Kantonalbank AG
Berner Kantonalbank is a Swiss regional bank. The Bank offers traditional
banking services such as mortgage loans and various types of deposits. Berner
Kantonalbank operates through a network of branches.
Price/Volume
300
250
200
150
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.05.2013)
52-Week Low (04.07.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BEKN SE EQUITY YTD Change
BEKN SE EQUITY YTD % CHANGE
12/2012
01/yy
259.34
225.50
4'133.00
226.2
-12.78%
0.31%
3.86%
9.3
2'108.18
1'661.67
0.0
0.0
2'671.52
-
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
50
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
829.2
112.7
18.51x
100
31.12.2009
31.12.2010
947.6
869.1
119.0
125.0
17.99x
18.05x
Profitability
31.12.2011
689.7
130.1
17.92x
31.12.2012
663.3
128.1
18.49x
38.82%
32.14%
0.50%
8.70%
4.04%
0.03%
25.3%
6.30%
109.74%
-
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
m-13
0.38
4.33
-6.06%
-7.26%
0.379
1
1.000
6'595
5'912
4'636
LTM-4Q
LTM
FY+1
FY+2
FQ+1
01/yy
01/yy
12/13 Y
12/14 Y
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+2
-
109.7%
52.3%
0.03
3.27
-
1'000.0
900.0
1.00
800.0
700.0
0.80
0.60
0.40
600.0
500.0
400.0
300.0
200.0
0.20
100.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Berner Kantonalbank AG
Holdings By:
All
Holder Name
KANTON BERN
BERNER KANTONALBANK
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
NOBILI JEAN-CLAUDE
STARCAP AG
DJE INVESTMENT SA
IST FUND MANAGERS
RIEBEN JUERG
RUFER THOMAS
RUEFENACHT HANSPETER
WEHRLI RUDOLF
ANDEREGG-DIETRICH KA
GERBER STEFAN
HOPF JOHANNES
JONES HEWARD INVESTM
Firm Name
EVA Dimensions
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
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
Analyst
AUSTIN BURKETT
Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
Recommendation
sell
Amt Held
4'799'800
160'349
54'896
36'239
24'559
22'121
8'317
7'283
7'155
4'100
3'780
3'223
2'876
2'781
2'700
2'352
2'301
2'250
2'220
2'211
% Out
51.5
1.72
0.59
0.39
0.26
0.24
0.09
0.08
0.08
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
Weighting
Change
1
Latest Chg
(5'246)
43
(62)
3
(1'276)
799
332
-
Target Price
#N/A N/A
File Dt
31.12.2012
31.12.2012
28.02.2013
27.03.2013
31.01.2013
31.01.2013
31.01.2013
31.12.2012
30.12.2011
28.02.2013
28.02.2013
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
22.05.2013
Date
Not Provided
Inst Type
Government
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Investment Advisor
Date
17.01.2013
04.07.2013
ams AG
AMS AG develops and manufactures high-performance analog semiconductors. ams'
product range includes sensor, sensor interfaces, power management ICs and
wireless ICs for customers in the consumer, industrial, medical, mobile
communications and automotive markets. The Company is based in Austria.
Price/Volume
140
.9 M
120
.8 M
.7 M
100
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.02.2013)
52-Week Low (09.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AMS SE EQUITY YTD Change
AMS SE EQUITY YTD % CHANGE
12/2012
03/yy
122.00
64.30
69'210.00
73.45
-39.80%
14.23%
13.34%
14.5
1'064.20
80.84
0.0
0.0
86.85
846.49
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
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
184.7
0.66x
48.2
2.52x
12.3
7.48x
.6 M
80
LTM-4Q
31.12.2009
31.12.2010
137.2
209.4
1.36x
1.77x
4.0
49.7
47.09x
7.45x
(16.7)
23.1
16.01x
Profitability
31.12.2011
275.7
1.65x
69.9
6.53x
35.3
10.38x
31.12.2012
387.6
2.96x
117.9
9.73x
81.9
12.74x
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
117.87
84.57
21.82%
21.51%
11.75%
18.69%
0.62%
52.3%
28.8%
20.0%
21.1%
2.43
1.60
12.75%
19.74%
7.61
3.26
Price/ Cash Flow
03/yy
311.2
6.95x
82.8
9.37x
47.1
13.56x
LTM
03/yy
381.8
11.17x
110.1
11.45x
72.6
15.69x
FY+1
.0 M
m-13
1.20
11.26
9.49%
-23.58%
1.200
17
4.529
100'646
149'689
177'139
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
410.1
457.3
89.9
112.2
2.03x
1.65x
9.81x
7.65x
114.2
137.1
22.0
34.8
7.44x
6.20x
7.11x
6.70x
78.5
95.4
15.8
23.9
10.32x
8.43x
9.70x
8.98x
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
22.24
16.61
-0.14
0.72
19.7%
16.5%
0.62
2.91
47.97
111.97
54.60
108.89
14.00
450.0
12.00
400.0
350.0
10.00
300.0
8.00
250.0
6.00
200.0
150.0
4.00
100.0
2.00
0.00
01.01.2010
50.0
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
04.07.2013
ams AG
Holdings By:
All
Holder Name
TWILIGHT S LLC
BLACKROCK
PICTET & CIE
UBS FUND MANAGEMENT
ODIN FORVALTNING AS
DEUTSCHE BANK AG
OEKOWORLD LUX SA
CREDIT SUISSE ASSET
CI INVESTMENTS INC
MIRABAUD & CIE
LANDESBANK BERLIN IN
DWS INVESTMENT S A
ACTIVEST MUNICH
ZUERICH INVESTMENTGE
GROUPAMA ASSET MGMT
JP MORGAN
Firm Name
Hauck & Aufhaeuser
Helvea
Baader Bank
Jefferies
EVA Dimensions
Goldman Sachs
HSBC
Bank Vontobel AG
Natixis
Erste Group
Berenberg Bank
Raiffeisenbank AG
Kepler Cheuvreux
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
TIM OLIVER WUNDERLICH
RETO AMSTALDEN
GUENTHER MICHAEL HOLLFELDER
LEE SIMPSON
ANDREW S ZAMFOTIS
SIMON F SCHAFER
CHRISTIAN DOMINIK RATH
MICHAEL FOETH
MAXIME MALLET
ANDREAS MUELLER
DANIEL LION
ALI FARID KHWAJA
DANIEL DAMASKA
CHRISTOPH LADNER
Source
Co File
ULT-AGG
13F
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
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
neutral
buy
buy
overweight
Buy/Neutral
overweight
buy
buy
market perform
buy
buy
hold
buy
Amt Held
2'715'684
928'187
352'816
299'394
261'926
226'829
220'453
173'048
166'410
134'944
108'235
102'500
95'000
88'200
82'372
75'260
74'930
70'000
55'850
54'997
% Out
18.74
6.41
2.44
2.07
1.81
1.57
1.52
1.19
1.15
0.93
0.75
0.71
0.66
0.61
0.57
0.52
0.52
0.48
0.39
0.38
Weighting
Change
5
3
5
5
5
5
5
5
5
3
5
5
3
5
M
M
M
M
U
M
M
M
M
D
U
M
D
M
Latest Chg
269'601
(18'036)
30'925
77'939
(1'000)
84'319
256
13'283
5'343
95'000
2'000
(31'800)
13'865
4'591
Target Price
128
90
110
114
#N/A N/A
115
112
125
154
#N/A N/A
116
130
108
130
File Dt
31.12.2011
21.05.2013
31.03.2013
31.01.2013
31.01.2013
30.04.2013
31.03.2013
28.12.2012
28.02.2013
27.03.2013
28.02.2013
31.12.2012
31.01.2013
31.12.2012
30.04.2013
28.03.2013
28.02.2013
28.03.2013
31.12.2012
31.03.2013
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Inst Type
Other
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
16.05.2013
16.05.2013
15.05.2013
09.05.2013
07.05.2013
03.05.2013
24.04.2013
24.04.2013
24.04.2013
23.04.2013
22.04.2013
19.04.2013
18.04.2013
27.03.2013
04.07.2013
Kuoni Reisen Holding AG

Kuoni Reisen Holding AG operates travel agencies and provides travel planning
services. The Company provides leisure travel services as well as offers tours
and support services for overseas travelers in Europe. Kuoni Reisen operates
subsidiaries and affiliates around the world.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.05.2013)
52-Week Low (24.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KUNN SE EQUITY YTD Change
KUNN SE EQUITY YTD % CHANGE
12/2012
12/yy
318.50
227.91
13'260.00
313
-1.73%
37.33%
89.51%
3.7
1'252.50
233.54
0.0
8.1
334.55
1'159.57
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
300
.1 M
250
.1 M
200
.0 M
150
.0 M
100
.0 M
50
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
4'855.0
0.14x
199.6
3.39x
150.7
7.26x
350
LTM-4Q
31.12.2009
31.12.2010
3'893.6
3'983.6
0.17x
0.24x
67.5
113.2
9.80x
8.54x
0.2
21.3
4362.50x
61.14x
Profitability
31.12.2011
5'111.3
0.16x
167.0
5.01x
31.8
24.40x
31.12.2012
5'845.5
0.17x
171.2
5.82x
(14.8)
-
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
171.19
64.70
1.11%
0.13%
-0.60%
-1.97%
2.38%
18.9%
2.9%
1.1%
-0.3%
0.60
0.48
9.69%
31.85%
15.17
-
Price/ Cash Flow
12/yy
5'298.2
0.13x
270.7
0.00x
254.7
0.00x
LTM
12/yy
5'338.4
0.12x
89.7
0.00x
87.4
0.00x
FY+1
.0 M
m-13
0.95
3.12
14.86%
15.49%
0.955
16
3.750
13'219
14'051
11'354
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'815.5
6'031.0
0.23x
0.20x
200.5
238.2
5.79x
4.87x
76.2
112.9
12.75x
10.36x
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
14.67
12.33
-0.59
1.36
31.8%
24.0%
2.38
30.34
24.13
-
30.00
7'000.0
25.00
6'000.0
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
04.07.2013
Kuoni Reisen Holding AG

Holdings By:
All
Holder Name
MIGROS GENOSSEN
UBS FUND MANAGEMENT
PICTET & CIE
KUONI REISEN HOLDING
VANGUARD GROUP INC
NORGES BANK
SPARINVEST
SCHRODER INVESTMENT
CREDIT SUISSE ASSET
FMR LLC
BLACKROCK
IST FUND MANAGERS
TRANSAMERICA INVESTM
Portfolio Name
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
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst
AlphaValue
EVA Dimensions
JPMorgan
Goldman Sachs
Helvea
Deutsche Bank
Credit Suisse
Bank Vontobel AG
Kepler Cheuvreux
Natixis
Main First Bank AG
Exane BNP Paribas
BERENICE LACROIX
CRAIG STERLING
JAAFAR MESTARI
NICK EDELMAN
CHRISTIAN BURGER
JOHANNES BRAUN
GEOF COLLYER
PATRICK JNGLIN
MARCO STRITTMATTER
JON COX
GEOFFREY D'HALLUIN
MATTHIAS DESMARAIS
Source
Co File
Co File
EXCH
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
add
sell
neutral
Buy/Neutral
accumulate
hold
buy
neutral
market perform
buy
buy
neutral
outperform
neutral
Amt Held
755'062
474'014
156'556
146'240
136'791
89'777
74'620
73'959
65'188
61'663
61'579
52'947
31'019
24'932
24'413
24'349
23'734
19'451
14'251
13'000
% Out
20.14
12.65
4.18
3.9
3.65
2.4
1.99
1.97
1.74
1.65
1.64
1.41
0.83
0.67
0.65
0.65
0.63
0.52
0.38
0.35
Weighting
Change
4
1
3
5
4
3
5
3
3
5
5
3
5
3
M
D
D
M
M
M
U
M
M
M
M
M
M
U
Latest Chg
(9'746)
5'347
(1'340)
(926)
(2'500)
64
17'723
51
1'606
(21'984)
(1'006)
(1'392)
(230)
3'707
Target Price
351
#N/A N/A
310
345
330
280
358
300
#N/A N/A
350
350
300
350
300
File Dt
31.12.2011
31.12.2011
09.11.2012
31.01.2013
31.12.2011
31.03.2013
31.01.2013
31.12.2012
31.03.2013
31.01.2013
28.02.2013
31.12.2012
27.03.2013
31.03.2013
31.10.2012
21.05.2013
31.01.2013
31.03.2013
31.03.2013
31.03.2013
Date
6 month
Not Provided
12 month
6 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Other
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.05.2013
22.05.2013
17.04.2013
10.04.2013
05.04.2013
28.03.2013
27.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
04.07.2013
Burckhardt Compression Holding AG

Burckhardt Compression Holding AG manufactures reciprocating compressors. The
Company produces compressors for oil refining, the chemical and petrochemical
industries, industrial gases, and gas transport and storage.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.07.2013)
52-Week Low (03.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BCHN SE EQUITY YTD Change
BCHN SE EQUITY YTD % CHANGE
03/2013
01/yy
390.75
240.30
5'186.00
379.5
-2.88%
57.93%
91.69%
3.4
1'290.30
39.16
0.0
0.0
189.99
1'139.46
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
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
424.5
0.55x
102.1
2.29x
72.8
4.94x
400
31.03.2010
31.03.2011
343.2
355.6
1.83x
2.43x
83.7
71.7
7.50x
12.06x
56.0
45.1
12.47x
21.33x
Profitability
31.03.2012
328.9
2.09x
79.3
8.67x
50.5
16.26x
31.03.2013
366.7
2.87x
86.4
12.19x
55.5
21.37x
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
86.42
75.35
20.55%
19.89%
9.85%
17.86%
0.65%
37.1%
23.6%
20.5%
15.1%
2.22
1.53
6.56%
11.55%
3.80
2.18
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.86
2.74
58.87%
29.48%
0.860
9
2.778
7'701
5'812
4'734
FY+2
03/14 Y
03/15 Y
434.5
473.8
2.52x
2.26x
95.3
105.8
11.94x
10.74x
64.1
71.5
20.05x
17.85x
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
.0 M
m-13
FQ+1
FQ+2
65.67
53.15
-1.75
0.45
11.5%
10.4%
0.65
2.81
95.97
167.54
29.48
234.02
60.00
450.0
400.0
50.00
350.0
300.0
40.00
250.0
30.00
200.0
150.0
20.00
100.0
10.00
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
03.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Burckhardt Compression Holding AG

Holdings By:
All
Holder Name
ING GROEP NV
VOGT VALENTIN
COLLEGE RETIREMENT E
BLACKROCK
DEUTSCHE BANK AG
UBS FUND MANAGEMENT
ROYCE & ASSOCIATES
NORGES BANK
BURCKHARDT COMPRESSI
KELLER LEONHARD
HELLER MARTIN
PAWLICEK MARCEL
Firm Name
Bank am Bellevue
Helvea
Berenberg Bank
Goldman Sachs
Bank Vontobel AG
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
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
MICHAEL ROOST
VOLKAN GOCMEN
FREDERIK BITTER
WILLIAM WYMAN
FABIAN HAECKI
CRAIG STERLING
BERND POMREHN
ARMIN RECHBERGER
Source
Co File
ULT-AGG
Co File
#N/A N/A
ULT-AGG
Co File
Co File
EXCH
Co File
EXCH
MF-AGG
Co File
EXCH
EXCH
13F
MF-AGG
Co File
Co File
Co File
Co File
Recommendation
hold
neutral
hold
Buy/Neutral
hold
hold
outperform
market perform
Amt Held
241'400
222'828
202'633
176'332
174'173
166'600
112'200
109'610
108'800
107'548
107'501
102'000
99'988
99'450
97'261
81'201
76'255
71'563
57'500
52'045
% Out
7.1
6.55
5.96
5.19
5.12
4.9
3.3
3.22
3.2
3.16
3.16
3
2.94
2.92
2.86
2.39
2.24
2.1
1.69
1.53
Weighting
Change
3
3
3
5
3
3
5
3
M
M
M
M
M
M
M
M
Latest Chg
5'779
23'578
10'287
(5'475)
(3'468)
(379)
-
Target Price
354
240
355
490
270
#N/A N/A
360
#N/A N/A
File Dt
31.03.2012
30.04.2013
31.03.2012
30.04.2012
21.05.2013
31.03.2012
31.03.2012
30.03.2012
31.03.2012
12.04.2013
28.02.2013
31.03.2012
30.04.2012
06.12.2011
31.03.2013
31.12.2012
31.03.2012
31.03.2012
31.03.2012
31.03.2012
Date
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
n/a
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Government
Corporation
n/a
n/a
n/a
Date
17.05.2013
16.05.2013
01.05.2013
19.04.2013
18.01.2013
17.01.2013
05.12.2012
06.11.2012
04.07.2013
Straumann Holding AG
Straumann Holding AG develops, produces and sells dental implants. The Company
manufactures metal devices implantable in the jaw, in place of missing teeth,
to which prosthetic teeth are attached. Straumann has subsidiaries throughout
Europe and North America. The Company sells its products worldwide.
Price/Volume
180
.6 M
160
.5 M
140
120
.4 M
100
12/2012
03/yy
144.70
97.90
23'913.00
144.6
-0.07%
47.70%
96.74%
15.7
2'266.83
0.06
0.0
0.0
146.74
2'120.14
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60
.2 M
40
.1 M
20
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
778.7
3.59x
101.0
27.70x
8.1
356.73x
.3 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.07.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
STMN SE EQUITY YTD Change
STMN SE EQUITY YTD % CHANGE
LTM-4Q
31.12.2009
31.12.2010
736.4
737.6
5.86x
4.07x
217.9
211.3
19.81x
14.20x
146.4
131.1
31.18x
25.57x
Profitability
31.12.2011
693.6
3.07x
116.7
18.26x
71.0
35.70x
31.12.2012
686.3
2.31x
95.6
16.56x
36.4
47.46x
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
95.56
60.97
8.88%
8.15%
4.60%
5.60%
0.87%
77.5%
13.9%
8.9%
5.3%
2.96
2.23
0.01%
0.01%
7.38
2.37
Price/ Cash Flow
03/yy
381.5
0.00x
0.0
0.00x
0.0
0.00x
LTM
03/yy
676.2
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
m-13
1.03
7.40
8.82%
33.21%
1.030
21
2.952
28'735
38'367
46'348
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
672.6
693.8
178.8
176.0
3.12x
2.93x
141.7
165.6
14.95x
12.80x
95.7
115.2
22.54x
19.20x
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
131.27
110.59
-1.53
0.00
0.0%
0.0%
0.87
6.60
49.57
154.51
57.56
146.52
25.00
900.0
800.0
20.00
700.0
600.0
15.00
500.0
400.0
10.00
300.0
200.0
5.00
100.0
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
04.07.2013
Straumann Holding AG
Holdings By:
All
Holder Name
STRAUMANN THOMAS
MAAG RUDOLF
DE MOURA CUNHA SIMON
STRAUMANN GABRIELLA
PARVUS ASSET MANAGEM
SPRUCEGROVE INVESTME
BAILLIE GIFFORD AND
NORGES BANK
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
CARMIGNAC GESTION
HENDERSON GLOBAL INV
PICTET & CIE
FIDEURAM GESTIONS SA
VANGUARD GROUP INC
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst

Barclays
Berenberg Bank
Kepler Cheuvreux
Credit Suisse
Bank am Bellevue
Jefferies
Bank Vontobel AG
Morgan Stanley
Helvea
Northcoast Research
Deutsche Bank
HSBC
Main First Bank AG
Exane BNP Paribas
Goldman Sachs
EVA Dimensions
LISA BEDELL CLIVE

ALEXANDER KLEBAN
TOM JONES
MAJA PATAKI
CHRISTOPH GRETLER
OLIVER METZGER
GINA FRANCIOLI
INGEBORG OIE
CARLA BAENZIGER
MICHAEL K JUNGLING
SIMON GOETSCHMANN
EDWIN SNYDER
YI-DAN WANG
HENDRIK LOFRUTHE
STEPHAN VOLLERT
JULIEN DORMOIS
VERONIKA DUBAJOVA
ANDREW S ZAMFOTIS
Source
Research
ULT-AGG
Co File
Co File
Co File
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
underweight
buy
hold
outperform
reduce
hold
hold
hold
Underwt/Attractive
neutral
neutral
buy
overweight
underperform
underperform
neutral/neutral
sell
underperform
Amt Held
2'712'936
2'162'323
1'912'533
924'914
533'001
495'304
474'035
465'447
461'120
215'259
179'329
149'052
126'682
97'000
63'087
61'136
54'310
53'820
47'665
42'618
% Out
17.31
13.79
12.2
5.9
3.4
3.16
3.02
2.97
2.94
1.37
1.14
0.95
0.81
0.62
0.4
0.39
0.35
0.34
0.3
0.27
Weighting
Change
3
1
5
3
5
2
3
3
3
1
3
3
5
5
1
1
3
1
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
(1'566'749)
2'115'096
80'833
(4'939)
336
44'851
126'682
(779)
43
(9'165)
858
36'357
(4'337)
Target Price
128
127
150
118
155
115
116
110
119
93
134
#N/A N/A
135
145
115
120
120
#N/A N/A
#N/A N/A
File Dt
27.11.2012
27.11.2012
31.12.2011
31.12.2011
31.12.2011
05.04.2013
23.08.2012
22.06.2012
18.01.2013
31.12.2012
27.03.2013
31.01.2013
29.03.2013
31.03.2013
31.03.2013
28.02.2013
31.01.2013
31.01.2013
02.05.2013
31.03.2013
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
n/a
Government
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.05.2013
22.05.2013
15.05.2013
15.05.2013
13.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
01.05.2013
01.05.2013
01.05.2013
30.04.2013
30.04.2013
30.04.2013
30.04.2013
24.04.2013
17.01.2013
21.08.2012
04.07.2013
Belimo Holding AG
Belimo Holding AG manufactures heating, ventilation and air conditioning
equipment (HVAC). The Company develops and manufactures damper actuators for
general purposes, special motorized fire and smoke dampers and air-volume
controls for HVAC systems. Belimo offers sales and consulting services
worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.03.2013)
52-Week Low (29.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BEAN SE EQUITY YTD Change
BEAN SE EQUITY YTD % CHANGE
12/2012
01/yy
2'280.00
1'559.00
122.00
2142
-6.05%
37.40%
81.28%
0.6
1'317.33
21.20
0.0
0.0
105.69
1'232.85
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
2000
.0 M
1500
.0 M
1000
.0 M
500
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
403.8
1.15x
78.6
5.91x
46.1
9.88x
2500
31.12.2009
31.12.2010
385.9
426.4
1.76x
2.29x
74.9
96.6
9.08x
10.11x
49.3
61.3
14.14x
16.72x
Profitability
31.12.2011
416.0
2.35x
81.8
11.96x
51.6
20.03x
31.12.2012
444.6
2.23x
91.9
10.79x
61.4
17.50x
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
91.90
76.30
17.16%
16.86%
18.94%
24.96%
1.37%
20.7%
17.2%
13.8%
5.17
3.55
6.17%
8.11%
8.53
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.75
0.45
33.37%
24.82%
0.754
6
3.500
200
275
286
FY+2
12/13 Y
12/14 Y
480.8
518.6
2.56x
2.37x
102.6
112.0
12.02x
11.01x
69.7
76.5
18.78x
17.10x
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
141.17
115.54
-0.92
0.23
8.1%
7.5%
1.37
4.88
42.88
-
25.00
500.0
450.0
400.0
20.00
350.0
15.00
300.0
10.00
250.0
200.0
150.0
100.0
5.00
50.0
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
04.07.2013
Belimo Holding AG
Holdings By:
All
Holder Name
GROUPE LINSI
RONER WERNER
MONTANARO ASSET MGMT
SARASIN
IST FUND MANAGERS
LINSI WALTER
PICTET & CIE
LB SWISS INVESTMENT
NORGES BANK
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
SCHRODER INVESTMENT
Firm Name
EVA Dimensions
Bank Vontobel AG
Helvea
Main First Bank AG
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
CRAIG STERLING
RICHARD FREI
SERGE ROTZER
PATRICK APPENZELLER
TOBIAS FAHRENHOLZ
Source
Co File
ULT-AGG
Co File
Co File
MF-AGG
Co File
EXCH
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
hold
market perform
hold
accumulate
outperform
Amt Held
118'572
61'377
34'994
28'413
24'516
22'140
19'822
18'300
10'804
10'263
10'187
9'620
8'353
8'155
5'810
5'576
5'139
4'918
3'072
2'150
% Out
19.28
9.98
5.69
4.62
3.99
3.6
3.22
2.98
1.76
1.67
1.66
1.56
1.36
1.33
0.94
0.91
0.84
0.8
0.5
0.35
Weighting
Change
3
3
3
4
5
D
M
M
M
N
Latest Chg
(165)
(703)
(560)
160
497
35
(56)
(11)
313
(15)
450
(150)
Target Price
#N/A N/A
#N/A N/A
2'100
2'350
2'150
File Dt
31.12.2012
31.03.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
07.01.2013
31.08.2012
31.03.2013
31.01.2013
31.12.2012
31.01.2013
31.03.2013
31.12.2012
31.12.2012
31.01.2013
28.02.2013
27.03.2013
31.12.2012
30.04.2013
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Other
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
21.03.2013
12.03.2013
12.03.2013
12.03.2013
25.02.2013
04.07.2013
St Galler Kantonalbank AG
St. Galler Kantonalbank AG is a Swiss regional bank. The Bank offers retail and
commercial banking as well as private and institutional banking. SGKB also
provides asset management and financial planning services. The Bank offers its
services in the Canton of St. Gall through a network of branches.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (18.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SGKN SE EQUITY YTD Change
SGKN SE EQUITY YTD % CHANGE
12/2012
01/yy
414.00
322.50
1'998.00
350
-15.46%
8.53%
28.96%
5.6
1'950.70
5'469.21
0.0
0.0
2'748.50
-
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
.0 M
400
.0 M
350
.0 M
300
.0 M
250
.0 M
200
.0 M
150
.0 M
100
.0 M
50
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
928.6
171.1
12.44x
450
31.12.2009
31.12.2010
795.9
731.9
168.1
146.3
15.24x
17.82x
Profitability
31.12.2011
702.9
135.7
14.45x
31.12.2012
711.5
151.4
13.78x
34.63%
36.54%
0.56%
7.97%
2.11%
0.03%
29.2%
19.79%
282.78%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.62
2.47
7.75%
-3.42%
0.618
4
3.000
3'521
4'335
3'157
FY+2
12/13 Y
12/14 Y
492.0
500.5
164.0
165.0
11.85x
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
.0 M
m-13
FQ+1
FQ+2
282.8%
73.9%
0.03
3.97
-
1'000.0
900.0
1.00
800.0
700.0
0.80
0.60
0.40
600.0
500.0
400.0
300.0
200.0
0.20
100.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
St Galler Kantonalbank AG
Holdings By:
All
Holder Name
KANTON ST GALLEN
NORGES BANK
ST GALLER KANTONALBA
CREDIT SUISSE ASSET
SCHRODER INVESTMENT
VANGUARD GROUP INC
UBS FUND MANAGEMENT
PICTET & CIE
SCHRODER INVESTMENT
LLB FONDSLEITUNG AG
LEDERGERBER ROLAND
OESCH FRANZ PETER
BUSCHOR FELIX
IST FUND MANAGERS
Firm Name
EVA Dimensions
Bank Vontobel AG
Helvea
Portfolio Name
n/a
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
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
AUSTIN BURKETT
TERESA NIELSEN
ANDREAS BRUN
TIM DAWSON
Source
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
Recommendation
underweight
hold
market perform
suspended coverage
Amt Held
3'054'223
78'741
40'745
35'804
28'226
20'165
14'030
13'921
13'305
11'995
10'445
9'400
9'100
6'712
5'871
2'955
2'760
2'555
2'400
2'105
% Out
54.8
1.41
0.73
0.64
0.51
0.36
0.25
0.25
0.24
0.22
0.19
0.17
0.16
0.12
0.11
0.05
0.05
0.05
0.04
0.04
Latest Chg
-
Weighting
Change
Target Price
1
3
3
#N/A N/A
U
M
M
M
57
11'030
835
(119)
(2'222)
200
1'159
80
445
#N/A N/A
430
#N/A N/A
#N/A N/A
File Dt
31.12.2012
28.02.2013
31.12.2012
28.02.2013
31.12.2012
27.03.2013
31.12.2012
31.03.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
28.09.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.01.2013
28.02.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Government
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
21.03.2013
21.02.2013
15.02.2013
19.04.2012
04.07.2013
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 (05.07.2012)
52-Week Low (29.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LOGN SE EQUITY YTD Change
LOGN SE EQUITY YTD % CHANGE
03/2013
03/yy
9.44
5.73
248'568.00
6.6
-30.11%
15.18%
21.00%
159.3
1'051.41
0.00
0.0
0.0
333.82
766.90
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
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
2'208.8
0.61x
182.4
7.44x
107.0
17.19x
10
9
8
7
6
5
4
3
2
1
0
m-12
31.03.2010
31.03.2011
1'966.7
2'362.9
1.31x
1.17x
151.0
218.6
17.02x
12.61x
65.0
128.5
44.61x
24.74x
Profitability
LTM-4Q
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
31.03.2013
2'099.9
0.40x
75.5
11.12x
(228.1)
75.45
7.96
0.38%
-12.08%
-14.12%
-24.22%
1.30%
33.7%
3.6%
-9.7%
-10.9%
1.86
1.13
0.00%
0.00%
10.43
4.99
Price/ Cash Flow
03/yy
2'316.2
1.97x
144.5
5.56x
71.5
19.02x
LTM
03/yy
2'099.9
2.41x
75.5
11.12x
(228.1)
0.00x
FY+1
.0 M
m-13
0.98
126.95
-29.94%
-4.76%
0.980
17
3.118
590'722
840'155
803'453
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
06/13 Q1 09/13 Q2
1'995.4
2'013.9
421.3
501.0
0.35x
0.33x
1.94x
1.65x
117.9
141.8
(0.7)
39.6
6.51x
5.41x
5.96x
5.76x
50.5
70.7
(1.6)
11.8
23.11x
16.49x
23.75x
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
323.23
216.28
-4.42
0.00
0.0%
0.0%
1.30
23.01
35.00
73.15
76.29
31.85
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
02.04.2010
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
04.07.2013
Logitech International SA
Holdings By:
All
Holder Name
LOGITECH INTERNATION
FMR LLC
MORGAN STANLEY
BOREL DANIEL
MARATHON ASSET MANAG
NORGES BANK
DNB NOR ASSET MANAGE
FRANKLIN RESOURCES
CREDIT SUISSE ASSET
GOLDMAN SACHS GROUP
CREDIT AGRICOLE SA
NEW JERSEY DIVISION
UBS FUND MANAGEMENT
ROYCE AND ASSOCIATES
DEUTSCHE BANK AG
SKANDIA FONDER AB
Firm Name
Helvea
AlphaValue
EVA Dimensions
Raymond James
Avondale Partners LLC
Goldman Sachs
Credit Suisse
Bank Vontobel AG
Exane BNP Paribas
Barclays
Morgan Stanley
Bank am Bellevue
JPMorgan
Pacific Crest Securities
S&P Capital IQ
Wedge Partners
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
GOLDMAN SACHS GROUP
CREDIT AGRICOLE SA
n/a
Multiple Portfolios
Multiple Portfolios
ROYCE & ASSOCIATES L
DEUTSCHE BANK AKTIEN
Multiple Portfolios
Multiple Portfolios
Analyst
STEFAN GAECHTER
HEINZ STEFFEN
ANDREW S ZAMFOTIS
TAVIS C MCCOURT
JOHN F BRIGHT
ALEXANDER DUVAL
FELIX REMMERS
MICHAEL FOETH
ALEXANDER PETERC
ANDREW M GARDINER
ANDREW HUMPHREY
MICHAEL STUDER
PAUL T COSTER
ANDY HARGREAVES
ANGELO ZINO
KIRK ADAMS
ANDREAS MUELLER
Source
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
Form 4
EXCH
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
13F
ULT-AGG
MF-AGG
MF-AGG
13F
13F
MF-AGG
MF-AGG
Recommendation
neutral
add
overweight
market perform
market underperform
neutral/neutral
underperform
hold
outperform
underweight
Equalwt/No Rating
sell
underweight
sector perform
sell
no rating system
market perform
Amt Held
16'410'000
15'111'187
13'235'375
12'733'094
10'744'944
5'358'296
5'293'034
4'980'898
3'910'807
3'519'285
3'500'000
3'485'019
2'555'026
2'524'641
2'400'000
1'507'552
1'358'900
1'352'035
1'276'157
1'224'362
% Out
9.48
8.73
7.65
7.36
6.21
3.1
3.06
2.88
2.26
2.03
2.02
2.01
1.48
1.46
1.39
0.87
0.79
0.78
0.74
0.71
Weighting
Change
3
4
5
3
2
3
1
3
5
1
3
1
1
3
1
#N/A N/A
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(25'743)
(186'780)
1'627
(150'000)
634'686
(462'346)
(8'730)
(746'878)
(609'385)
1'171'980
900'000
555'608
64'800
(285'433)
541'398
-
Target Price
6
7
#N/A N/A
#N/A N/A
5
7
5
6
8
6
7
#N/A N/A
6
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
04.01.2013
Unclassified
19.04.2013
Investment Advisor
31.03.2013
Investment Advisor
11.04.2013
n/a
05.04.2013
Investment Advisor
25.04.2013
Government
27.03.2013
Investment Advisor
31.03.2013
Investment Advisor
27.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
23.05.2013
23.05.2013
21.05.2013
15.05.2013
01.05.2013
29.04.2013
29.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
26.03.2013
25.01.2013
04.07.2013
Tecan Group AG
Tecan AG develops, manufactures and distributes laboratory automation
components and systems. The Company produces robotic sample processors,
stand-alone separation and detection devices, laser scanners, integrated
systems, and pumps and valves for high precision liquid handling. The products
are mainly used by research and diagnostic laboratories.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (03.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TECN SE EQUITY YTD Change
TECN SE EQUITY YTD % CHANGE
12/2012
12/yy
89.63
62.01
7'709.00
88
-1.82%
41.91%
90.83%
11.4
1'007.12
4.90
0.0
0.0
144.53
867.49
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
356.2
370.5
2.14x
2.11x
68.7
64.7
11.08x
12.07x
49.3
16.2
17.03x
17.33x
Profitability
.1 M
.1 M
.1 M
.0 M
.0 M
j-12
LTM-4Q
31.12.2011
377.0
1.50x
60.4
9.38x
47.6
15.19x
31.12.2012
391.1
1.77x
62.6
11.09x
42.2
19.62x
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
62.57
52.31
13.37%
13.42%
10.39%
14.74%
0.96%
50.7%
16.0%
13.4%
10.8%
3.39
2.19
1.16%
1.62%
5.07
2.17
Price/ Cash Flow
09/yy
307.7
0.00x
0.0
0.00x
8.4
0.00x
j-12
a-12
s-12
LTM
12/yy
405.9
2.10x
0.0
0.00x
40.6
21.60x
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
.0 M
m-13
0.50
10.10
36.01%
17.07%
0.499
8
4.000
26'124
24'337
24'822
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
411.9
451.9
2.06x
1.75x
70.0
82.5
12.36x
10.49x
48.3
58.1
20.41x
16.98x
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
744.86
636.63
-2.23
0.08
1.6%
1.6%
0.96
21.38
72.20
168.30
17.93
222.57
400.00
450.0
350.00
400.0
300.00
350.0
300.0
250.00
250.0
200.00
200.0
150.00
150.0
100.00
100.0
50.00
50.0
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
396.0
0.93x
56.7
6.53x
25.6
16.60x
100
90
80
70
60
50
40
30
20
10
0
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
04.07.2013
Tecan Group AG
Holdings By:
All
Holder Name
ING GROEP NV
UBS FUND MANAGEMENT
TECAN GROUP AG
PICTET & CIE
FMR LLC
CREDIT SUISSE ASSET
SUVA
NORGES BANK
CREDIT SUISSE ASSET
SCHRODER INVESTMENT
MIRABAUD & CIE
NORDEA INV MANAGEMEN
Firm Name
Helvea
EVA Dimensions
HSBC
Credit Suisse
Berenberg Bank
Bank Vontobel AG
Main First Bank AG
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SIMON GOETSCHMANN
ANDREW S ZAMFOTIS
JAN KEPPELER
CHRISTOPH GRETLER
SCOTT BARDO
CARLA BAENZIGER
STEPHAN VOLLERT
Source
Co File
Co File
Co File
EXCH
MF-AGG
ULT-AGG
EXCH
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
overweight
neutral
market perform
outperform
buy
hold
outperform
Amt Held
1'052'903
583'675
572'230
566'302
518'253
431'917
368'034
366'227
354'783
343'338
258'719
214'179
211'025
151'500
133'600
130'431
112'961
100'761
99'000
98'488
% Out
9.2
5.1
5
4.95
4.53
3.77
3.22
3.2
3.1
3
2.26
1.87
1.84
1.32
1.17
1.14
0.99
0.88
0.87
0.86
Weighting
Change
5
5
3
3
5
5
3
5
M
U
N
M
M
M
M
M
Latest Chg
(177'060)
(36'835)
26'922
7'112
214'179
(1'317)
114'200
55'900
31'431
57'245
(40'000)
-
Target Price
95
#N/A N/A
98
#N/A N/A
100
105
87
96
File Dt
31.12.2012
31.12.2012
31.12.2012
23.01.2013
31.01.2013
12.04.2013
13.03.2012
31.12.2012
31.12.2012
31.12.2012
27.03.2013
31.03.2013
28.02.2013
31.03.2013
31.12.2012
31.12.2012
30.04.2013
30.09.2012
31.01.2013
31.03.2013
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
17.05.2013
07.05.2013
08.04.2013
11.03.2013
08.03.2013
08.03.2013
08.03.2013
01.02.2013
04.07.2013
Graubuendner Kantonalbank
Graubuendner Kantonalbank is a Swiss bank which provides standard banking
services such as deposits and real estate mortgage loans, along with other
financial services. The Bank serves the Canton of Graubuenden through numerous
branches.
Price/Volume
1400
.0 M
1200
.0 M
1000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.10.2012)
52-Week Low (12.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GRKP SE EQUITY YTD Change
GRKP SE EQUITY YTD % CHANGE
12/2012
01/yy
1'203.00
1'123.00
216.00
1135
-5.65%
1.07%
21.25%
0.8
3'121.25
2'869.60
0.0
30.5
1'847.61
-
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 M
600
.0 M
400
.0 M
200
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
618.9
121.5
19.22x
800
31.12.2009
31.12.2010
548.9
509.9
141.6
149.5
20.45x
20.36x
Profitability
31.12.2011
509.8
149.6
19.59x
31.12.2012
494.3
153.3
20.69x
46.98%
40.18%
0.82%
18.74%
4.36%
0.03%
38.1%
14.82%
338.91%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.37
0.75
0.06%
1.71%
0.371
2
4.000
218
222
220
FY+2
12/13 Y
12/14 Y
387.0
399.0
191.0
202.0
14.73x
13.94x
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
FQ+1
FQ+2
17.12.2010
AA+
NEG
02.09.2002
A-1+
338.9%
76.6%
0.03
3.97
-
700.0
600.0
500.0
0.80
400.0
0.60
300.0
0.40
200.0
100.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Graubuendner Kantonalbank
Holdings By:
All
Holder Name
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
IST FUND MANAGERS
UBS ETF
KBC GROUP NV
LB SWISS INVESTMENT
Firm Name
EVA Dimensions
Portfolio Name
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
AUSTIN BURKETT
ANDREAS BRUN
Source
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
market perform
Amt Held
6'142
3'932
3'203
721
626
472
293
105
101
20
7
-
% Out
0.82
0.52
0.43
0.1
0.08
0.06
0.04
0.01
0.01
0
0
0
Latest Chg
Weighting
Change
Target Price
5
3
M
U
33
(28)
22
113
131
24
(26)
2
2
(1'835)
#N/A N/A
#N/A N/A
File Dt
27.03.2013
31.01.2013
31.01.2013
31.03.2013
28.02.2013
28.02.2013
31.03.2013
31.01.2013
31.01.2013
28.02.2013
31.03.2013
31.12.2012
Date
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
Date
17.01.2013
05.09.2012
04.07.2013
Zuger Kantonalbank AG
Zuger Kantonalbank is a Swiss regional bank. The Bank provides standard banking
and other financial services. Zuger Kantonalbank emphasizes mortgage lending
and corporate finance. The Bank operates through a number of branches in the
Canton Zug.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.04.2013)
52-Week Low (19.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ZG SE EQUITY YTD Change
ZG SE EQUITY YTD % CHANGE
Price/Volume
12/2012
01/yy
5'075.00
4'644.00
213.00
4680
-7.78%
0.78%
11.14%
0.3
1'349.19
2'706.64
0.0
0.0
1'022.47
-
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
.0 M
5000
.0 M
4000
.0 M
3000
.0 M
2000
.0 M
1000
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
376.5
61.3
17.40x
6000
31.12.2009
31.12.2010
336.9
334.9
61.4
61.1
19.96x
23.56x
Profitability
31.12.2011
338.0
61.0
23.81x
31.12.2012
326.6
61.2
22.62x
44.74%
33.87%
0.51%
11.95%
1.98%
0.03%
28.2%
21.98%
237.42%
-
0.50
0.14
-3.07%
0.82%
0.497
1
1.000
62
73
58
LTM-4Q
LTM
FY+1
FY+2
FQ+1
01/yy
01/yy
12/13 Y
12/14 Y
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+2
-
237.4%
70.4%
0.03
3.15
-
450.0
400.0
1.00
0.80
350.0
300.0
250.0
0.60
200.0
150.0
0.40
0.20
100.0
50.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Zuger Kantonalbank AG
Holdings By:
All
Holder Name
KANTON ZUG
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
IST FUND MANAGERS
PRINCIPAL FINANCIAL
UBS ETF
FLEXSHARES TRUST
JP MORGAN
Firm Name
EVA Dimensions
Portfolio Name
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
n/a
Analyst
AUSTIN BURKETT
Source
Co File
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
ULT-AGG
Recommendation
underweight
Amt Held
144'438
1'143
746
601
183
164
115
69
65
42
31
31
18
4
4
-
% Out
50.1
0.4
0.26
0.21
0.06
0.06
0.04
0.02
0.02
0.01
0.01
0.01
0.01
0
0
0
Weighting
Change
1
Latest Chg
(21)
(10)
13
20
6
(5)
31
(130)
Target Price
#N/A N/A
File Dt
31.12.2011
27.03.2013
31.01.2013
31.01.2013
31.01.2013
31.03.2013
28.02.2013
28.02.2013
31.03.2013
31.01.2013
31.12.2012
31.01.2013
31.01.2013
30.04.2013
28.02.2013
30.06.2012
Date
Not Provided
Inst Type
Government
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
Date
17.01.2013
04.07.2013
Forbo Holding AG
Forbo Holding AG produces floor coverings, adhesives, and belts for conveying
and power transmission. Forbo operates worldwide.
Price/Volume
700
.0 M
600
.0 M
500
.0 M
.0 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.03.2013)
52-Week Low (24.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FORN SE EQUITY YTD Change
FORN SE EQUITY YTD % CHANGE
12/2012
01/yy
635.46
512.00
3'279.00
614
-3.38%
19.92%
78.97%
2.3
1'381.50
135.10
0.0
0.0
393.40
1'123.20
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
200
.0 M
100
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
1'918.7
0.44x
198.7
4.22x
16.0
28.43x
.0 M
300
31.12.2009
31.12.2010
1'782.4
1'291.2
0.58x
1.10x
188.2
227.7
5.45x
6.25x
76.1
163.3
10.10x
9.01x
Profitability
31.12.2011
1'203.8
0.94x
197.2
5.74x
146.5
8.37x
31.12.2012
1'201.1
0.78x
206.5
4.56x
197.2
10.44x
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
206.50
167.10
13.91%
13.08%
13.91%
24.16%
0.85%
36.5%
13.9%
16.4%
2.12
1.43
10.13%
16.53%
7.76
3.48
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.08
1.22
9.91%
7.09%
1.075
7
4.429
2'753
4'097
4'348
FY+2
12/13 Y
12/14 Y
1'199.3
1'219.7
0.89x
0.84x
162.5
170.8
6.90x
6.56x
94.8
103.0
13.43x
12.00x
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
.0 M
m-13
FQ+1
FQ+2
23.20
19.53
16.5%
14.2%
0.85
3.36
47.14
105.07
41.01
111.20
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
04.07.2013
Forbo Holding AG
Holdings By:
All
Holder Name
PIEPER MICHAEL W
FORBO HOLDING AG
UBS FUND MANAGEMENT
SCHNEIDER THIS E
NORGES BANK
VANGUARD GROUP INC
SCHRODER INVESTMENT
CREDIT SUISSE ASSET
SARASIN
PUTNAM INVESTMENT MA
PICTET & CIE
BANCOPOSTA FONDI SPA
LORD ABBETT & CO LLC
GNAEGI ALBERT
GOLDMAN SACHS GROUP
Firm Name
Credit Suisse
EVA Dimensions
Bank Vontobel AG
Helvea
Main First Bank AG
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
PATRICK LAAGER
CRAIG STERLING
MARTIN HUESLER
CHRISTIAN ARNOLD
PATRICK APPENZELLER
TOBIAS FAHRENHOLZ
Source
Co File
EXCH
EXCH
Co File
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
Co File
MF-AGG
Recommendation
outperform
overweight
outperform
buy
neutral
outperform
Amt Held
681'628
196'117
99'447
77'653
64'898
34'941
27'616
20'231
19'568
18'290
12'800
11'326
8'520
6'703
6'421
5'725
5'574
5'481
4'903
4'885
% Out
30.29
8.72
4.42
3.45
2.88
1.55
1.23
0.9
0.87
0.81
0.57
0.5
0.38
0.3
0.29
0.25
0.25
0.24
0.22
0.22
Weighting
Change
5
5
5
5
3
5
M
U
M
M
M
M
Latest Chg
(179'360)
745
10'237
30
1'303
243
(249)
2'964
959
4'885
Target Price
730
#N/A N/A
#N/A N/A
740
650
800
File Dt
31.12.2012
22.01.2013
03.01.2013
31.12.2012
31.12.2012
31.03.2013
31.12.2012
28.02.2013
27.03.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.03.2013
31.03.2013
31.01.2013
28.02.2013
28.03.2013
31.12.2012
31.01.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
n/a
Corporation
Investment Advisor
n/a
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
27.03.2013
26.03.2013
20.03.2013
20.03.2013
20.03.2013
14.03.2013
04.07.2013
Vontobel Holding AG
Vontobel Holding AG offers wealth management services for private and
institutional clients, and investment banking services. The bank offers
portfolio management services, derivative and structured products, securities
brokerage, capital market transactions, custodian services, institutional asset
management and investment funds.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VONN SE EQUITY YTD Change
VONN SE EQUITY YTD % CHANGE
12/2012
01/yy
33.40
18.00
19'935.00
29.9
-10.48%
66.11%
74.68%
65.0
1'943.50
8'900.30
0.0
0.0
4'216.70
6'627.10
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
30
.1 M
25
.1 M
20
.1 M
15
.1 M
10
.0 M
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
931.8
8.69x
256.0
31.63x
112.8
12.36x
35
31.12.2009
31.12.2010
903.3
951.8
11.08x
10.99x
232.9
242.8
42.96x
43.08x
138.9
147.8
13.62x
15.41x
Profitability
31.12.2011
890.7
6.50x
213.9
27.06x
113.7
11.80x
31.12.2012
904.9
7.15x
222.3
29.11x
130.6
13.76x
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
222.30
17.58%
17.27%
0.66%
8.51%
1.34%
0.05%
24.6%
14.4%
42.20%
565.60%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.06
20.74
61.68%
10.36%
1.063
10
3.200
27'634
37'075
40'312
FY+2
12/13 Y
12/14 Y
830.6
898.4
147.7
173.0
13.08x
11.19x
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
.0 M
m-13
FQ+1
FQ+2
30.03.2009
A
NEG
30.03.2009
A-1
21.07
40.04
565.6%
85.0%
0.05
4.75
-
6.00
1'400.0
5.00
1'200.0
1'000.0
4.00
800.0
3.00
600.0
2.00
400.0
1.00
200.0
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
04.07.2013
Vontobel Holding AG
Holdings By:
All
Holder Name
VONTOBEL HANS
RAIFFEISEN SCHWEIZ
VONTRUST AG
VONTOBEL FOUNDATION
DE LA COUR-VONTOBEL
PELLEGRINUS HOLDING
VONTOBEL HOLDING AG
NORGES BANK
FRANKLIN RESOURCES
SCHEIDT HERBERT JULI
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
STAUB ZENO
VANGUARD GROUP INC
STUDER ROGER
LLB FONDSLEITUNG AG
BLACKROCK
Firm Name
Main First Bank AG
Berenberg Bank
EVA Dimensions
Helvea
Goldman Sachs
Nomura
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
KILIAN MAIER
ELENI PAPOULA
AUSTIN BURKETT
TIM DAWSON
ANDREW STIMPSON
ANDREAS VENDITTI
MARTIN LEITGEB
JON PEACE
Source
Co File
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
ULT-AGG
Recommendation
outperform
hold
underweight
neutral
underperform
market perform
Buy/Neutral
reduce
Amt Held
11'765'000
8'125'000
8'125'000
7'085'000
3'575'000
2'730'000
1'625'000
707'829
647'022
618'025
531'506
385'658
250'400
182'568
176'339
167'453
151'334
138'583
132'500
128'391
% Out
18.1
12.5
12.5
10.9
5.5
4.2
2.5
1.09
1
0.95
0.82
0.59
0.39
0.28
0.27
0.26
0.23
0.21
0.2
0.2
Weighting
Change
5
3
1
3
1
3
5
2
M
U
D
M
M
M
M
N
Latest Chg
(197'790)
(55'900)
271'417
(8'400)
426
8'747
(7'500)
51'141
Target Price
33
25
#N/A N/A
31
30
#N/A N/A
38
33
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
31.03.2013
31.12.2012
31.03.2013
31.01.2013
31.03.2013
28.02.2013
27.03.2013
31.12.2012
31.03.2013
31.12.2012
31.03.2013
21.05.2013
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
n/a
Investment Advisor
Other
Other
n/a
Other
Bank
Government
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Date
15.05.2013
07.03.2013
13.02.2013
08.02.2013
07.02.2013
07.02.2013
28.01.2013
16.12.2010
04.07.2013
Daetwyler Holding AG
Daetwyler Holding AG manufactures rubber components and sealing solutions
for the automotive, pharmaceutical and civil engineering industries. The
company also distributes electronic, automation, engineering and IT components
and accessories.
Price/Volume
120
100
80
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.01.2013)
52-Week Low (09.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DAE SE EQUITY YTD Change
DAE SE EQUITY YTD % CHANGE
12/2012
01/yy
109.55
64.95
8'368.00
102.4
-6.53%
57.66%
78.59%
12.6
1'740.80
304.90
0.0
0.0
248.50
1'797.20
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
m-12
31.12.2009
31.12.2010
1'122.2
1'319.5
0.76x
0.88x
134.0
176.6
6.35x
6.57x
63.7
98.2
14.04x
12.19x
Profitability
31.12.2011
1'050.5
0.73x
164.4
4.68x
96.2
9.28x
31.12.2012
1'185.9
1.29x
159.4
9.56x
127.5
14.34x
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
159.40
107.30
9.05%
8.87%
12.94%
21.35%
1.20%
24.9%
13.4%
9.0%
10.8%
2.18
1.47
28.26%
55.35%
7.41
-
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.91
4.46
55.07%
21.66%
0.912
4
4.000
6'959
8'352
9'675
FY+2
12/13 Y
12/14 Y
1'407.7
1'501.0
1.23x
1.09x
215.7
237.0
8.33x
7.58x
122.0
138.3
12.96x
11.43x
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
FQ+1
FQ+2
79.70
42.20
0.35
1.91
55.3%
35.6%
1.20
3.20
49.41
92.84
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
01.01.2010
j-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
1'294.9
0.53x
197.3
3.50x
109.6
6.03x
40
.1 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
m-13
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
04.07.2013
Daetwyler Holding AG
Holdings By:
All
Holder Name
PEMA HOLDINGS AG
DAETWYLER HOLDING AG
SARASIN
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
LB SWISS INVESTMENT
BLACKROCK
PICTET & CIE
SCHRODER INVESTMENT
NORGES BANK
HAELG PAUL J
Firm Name
EVA Dimensions
Bank Vontobel AG
Helvea
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
CRAIG STERLING
SERGE ROTZER
STEFAN GAECHTER
RICHARD FREI
Source
Co File
Co File
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
Co File
MF-AGG
Recommendation
sell
buy
buy
outperform
Amt Held
6'633'900
1'415'347
476'500
343'783
267'860
217'357
160'724
112'160
93'184
88'271
76'845
64'186
58'000
53'569
52'211
43'201
36'629
27'911
24'500
23'971
% Out
52.65
11.23
3.78
2.73
2.13
1.73
1.28
0.89
0.74
0.7
0.61
0.51
0.46
0.43
0.41
0.34
0.29
0.22
0.19
0.19
Weighting
Change
1
5
5
5
D
M
M
U
Latest Chg
(24'200)
(10'120)
37'919
13'600
(23'700)
210
(1'268)
5'933
(8'000)
5'000
(5'910)
(434)
2'500
Target Price
#N/A N/A
125
125
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.01.2013
31.03.2012
31.01.2013
29.03.2013
31.01.2013
27.03.2013
31.12.2012
28.02.2013
31.01.2013
31.01.2013
28.02.2013
31.03.2013
31.12.2012
31.12.2012
31.01.2013
30.04.2013
31.12.2012
28.12.2012
Date
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Holding Company
Corporation
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
Government
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
15.04.2013
18.03.2013
18.03.2013
30.10.2012
04.07.2013
Huber & Suhner AG

Huber & Suhner AG manufactures telecommunications products and polymer systems.
The Company produces antenna systems, lightning protection, fiber optic cables
and connectors, and hybrid cables.
Price/Volume
60
.0 M
.0 M
50
.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (28.01.2013)
52-Week Low (06.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HUBN SE EQUITY YTD Change
HUBN SE EQUITY YTD % CHANGE
12/2012
01/yy
50.00
37.50
9'166.00
43
-14.00%
14.67%
47.60%
20.2
868.60
0.00
0.0
0.0
84.84
783.77
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
631.1
799.5
0.93x
1.32x
80.8
142.3
7.26x
7.40x
48.4
79.0
15.94x
15.80x
Profitability
31.12.2011
758.5
0.78x
76.4
7.73x
49.8
15.43x
31.12.2012
698.1
1.14x
21.8
38.84x
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
76.36
24.46
3.50%
3.04%
3.02%
3.80%
3.09%
0.96%
30.7%
4.7%
3.5%
3.1%
3.97
2.22
0.00%
0.00%
4.96
2.90
Price/ Cash Flow
.0 M
.0 M
10
.0 M
0
m-12
j-12
j-12
LTM-4Q
LTM
01/yy
01/yy
-
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
.0 M
m-13
0.86
12.94
8.70%
-0.05%
0.865
4
2.250
4'795
8'670
7'594
FY+2
12/13 Y
12/14 Y
761.3
821.3
0.95x
0.88x
89.4
100.0
8.77x
7.84x
43.4
52.4
18.98x
15.97x
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
FQ+1
FQ+2
1908.98
977.93
-4.79
0.02
0.0%
0.0%
0.96
3.98
73.74
126.05
146.81
45.00
900.0
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
01.01.2010
.0 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
760.2
0.76x
114.3
5.06x
60.2
11.97x
.0 M
30
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
04.07.2013
Huber & Suhner AG

Holdings By:
All
Holder Name
BODMER HENRY CARL MA
METROHM AG
HOFFMAN-SUHNER SYLVI
LODH SWISS CAP
HUBER & SUHNER AG
HUWA FINANZ UND BETE
EGS BETEILIGUNGEN AG
SARASIN
IST FUND MANAGERS
NORGES BANK
LB SWISS INVESTMENT
CREDIT SUISSE ASSET
MAINFIRST SICAV
UBS FUND MANAGEMENT
VANGUARD GROUP INC
PICTET & CIE
Firm Name
Helvea
EVA Dimensions
Bank Vontobel AG
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
RICHARD FREI
RETO AMSTALDEN
CRAIG STERLING
ANDY SCHNYDER
Source
Co File
Co File
Co File
Co File
Co File
Co File
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
Recommendation
market perform
accumulate
sell
not rated
Amt Held
2'399'760
2'145'240
1'268'560
959'500
746'663
640'340
607'195
580'170
350'000
322'458
278'369
205'739
145'810
115'024
111'198
79'669
74'970
70'883
51'800
47'000
% Out
11.88
10.62
6.28
4.75
3.7
3.17
3.01
2.87
1.73
1.6
1.38
1.02
0.72
0.57
0.55
0.39
0.37
0.35
0.26
0.23
Weighting
Change
3
4
1
#N/A N/A
M
M
M
M
Latest Chg
1'311
(13'841)
(72)
(353)
2'226
(3'653)
(2'600)
-
Target Price
#N/A N/A
50
#N/A N/A
#N/A N/A
File Dt
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
04.06.2012
31.01.2013
31.03.2013
31.03.2013
31.12.2012
31.12.2012
28.02.2013
27.03.2013
31.01.2013
31.01.2013
31.03.2013
31.01.2013
31.01.2013
31.01.2013
Date
Not Provided
12 month
Not Provided
Not Provided
Inst Type
n/a
Corporation
n/a
Other
Corporation
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
14.03.2013
12.03.2013
17.01.2013
27.09.2012
04.07.2013
Valora Holding AG
Valora Holding AG is a holding company. The company owns and operates kiosks,
self-service stores, food, coffee and snack shops and restaurants, and
wholesale outlets. Valora also owns and manages commercial real estate in
Switzerland.
Price/Volume
250
.1 M
.1 M
200
.1 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (03.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VALN SE EQUITY YTD Change
VALN SE EQUITY YTD % CHANGE
12/2012
01/yy
203.30
140.37
2'325.00
176.8
-13.03%
25.95%
53.44%
3.4
607.41
511.71
0.0
5.1
147.15
977.03
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
100
.0 M
.0 M
50
31.12.2009
31.12.2010
2'897.0
2'877.7
0.24x
0.32x
101.7
122.8
6.87x
7.51x
54.0
63.4
13.46x
14.60x
Profitability
31.12.2011
2'817.9
0.21x
118.7
4.95x
56.3
9.71x
31.12.2012
2'847.9
0.35x
133.5
7.46x
45.4
11.87x
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
133.48
78.03
2.74%
1.88%
3.36%
8.84%
2.11%
33.0%
4.7%
2.7%
1.6%
1.37
0.68
31.94%
89.73%
16.59
8.13
Price/ Cash Flow
j-12
j-12
LTM-4Q
LTM
01/yy
01/yy
-
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
.0 M
m-13
0.96
2.53
9.63%
2.22%
0.962
8
2.125
2'880
6'814
7'480
FY+2
12/13 Y
12/14 Y
2'905.4
2'950.0
0.33x
0.33x
142.1
148.7
6.88x
6.58x
56.7
63.8
10.39x
9.47x
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
FQ+1
FQ+2
9.36
5.81
2.73
3.83
89.7%
47.1%
2.11
12.67
22.06
45.03
53.74
13.36
20.00
3'200.0
18.00
3'100.0
16.00
3'000.0
14.00
2'900.0
12.00
10.00
2'800.0
8.00
2'700.0
6.00
2'600.0
4.00
2'500.0
2.00
0.00
01.01.2010
.0 M
0
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
2'931.1
0.15x
100.4
4.38x
38.6
19.90x
150
2'400.0
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
04.07.2013
Valora Holding AG
Holdings By:
All
Holder Name
DITSCH ERNST PETER
UBS FUND MANAGEMENT
CREDIT SUISSE AG
SILVER GRANT GROUP L
NORGES BANK
CREDIT SUISSE ASSET
BLACKROCK
PICTET & CIE
VALORA HOLDING AG
IST FUND MANAGERS
WARBURG INVEST LUXEM
FRANKLIN RESOURCES
BENEDICK ROLANDO
VOLLMOELLER THOMAS
VANGUARD GROUP INC
Firm Name
Kepler Cheuvreux
Credit Suisse
EVA Dimensions
Berenberg Bank
Bank Vontobel AG
Main First Bank AG
GSC Research
Portfolio Name
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
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CHRISTOPH LADNER
PATRICK JNGLIN
CRAIG STERLING
ANNA PATRICE
RENE WEBER
STEPHAN VOLLERT
MARCO STRITTMATTER
MATTHIAS WAHLER
Source
EXCH
Co File
EXCH
EXCH
EXCH
MF-AGG
ULT-AGG
EXCH
MF-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
Recommendation
reduce
neutral
underweight
hold
hold
underperform
market perform
buy
Amt Held
635'599
184'297
143'763
137'757
120'741
96'278
91'276
82'205
66'355
51'011
42'746
39'815
37'700
27'500
26'400
22'709
22'269
18'611
16'488
14'863
% Out
18.5
5.36
4.18
4.01
3.51
2.8
2.66
2.39
1.93
1.48
1.24
1.16
1.1
0.8
0.77
0.66
0.65
0.54
0.48
0.43
Weighting
Change
2
3
1
3
3
1
3
5
M
M
D
M
M
M
D
N
Latest Chg
3'494
(1'272)
5'381
(53'334)
30
(2'119)
63
4'700
8'400
2'569
(20)
Target Price
170
175
#N/A N/A
179
200
180
#N/A N/A
#N/A N/A
File Dt
09.11.2012
31.12.2011
09.11.2012
08.08.2012
27.03.2013
27.03.2013
21.05.2013
22.08.2012
31.03.2013
19.04.2013
31.01.2013
31.03.2013
31.01.2013
28.03.2013
31.12.2012
31.12.2011
31.12.2011
31.01.2013
31.03.2013
28.02.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
n/a
Investment Advisor
Investment Advisor
Corporation
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
15.05.2013
14.05.2013
02.04.2013
27.03.2013
27.03.2013
27.03.2013
26.03.2013
18.03.2009
04.07.2013
Inficon Holding AG
Inficon Holding AG develops, manufactures and markets vacuum instruments used to
monitor and control production processes. The Company's products help
semiconductor manufacturers to monitor and control their manufacturing processes
and prepare computer chips for packaging. Inficon also manufactures
refrigerant and helium leak detectors, and vacuum control products.
Price/Volume
350
.0 M
300
.0 M
.0 M
250
.0 M
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.05.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IFCN SE EQUITY YTD Change
IFCN SE EQUITY YTD % CHANGE
12/2012
03/yy
292.75
172.94
1'064.00
288
-1.62%
66.53%
93.53%
2.2
643.03
2.32
0.0
0.0
92.24
583.36
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 M
100
.0 M
50
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
256.5
0.53x
42.0
3.27x
24.3
7.33x
.0 M
150
31.12.2009
31.12.2010
181.7
265.4
1.18x
1.32x
12.9
48.4
16.60x
7.21x
2.3
27.1
106.96x
15.25x
Profitability
LTM-4Q
31.12.2011
312.1
0.92x
59.9
4.78x
40.3
8.90x
31.12.2012
297.2
1.51x
56.9
7.88x
39.9
13.32x
56.86
50.11
16.86%
17.90%
1.29%
1.66%
1.03%
49.5%
13.4%
4.12
3.21
1.08%
1.35%
6.43
-
03/yy
311.0
0.00x
0.0
0.00x
43.2
11.22x
LTM
03/yy
289.2
0.00x
0.0
0.00x
38.3
17.20x
FY+1
.0 M
m-13
1.00
1.39
54.97%
38.99%
1.004
6
4.333
2'772
2'985
3'641
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
312.0
326.5
1.86x
1.77x
61.6
65.2
9.49x
8.95x
40.6
43.2
8.2
10.5
16.75x
15.71x
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
148.85
131.45
1.4%
1.3%
1.03
6.71
56.75
107.02
350.0
300.0
250.0
0.80
200.0
0.60
150.0
0.40
100.0
50.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Inficon Holding AG
Holdings By:
All
Holder Name
KWE BETEILIGUNGEN AG
7 INDUSTRIES HOLDING
WETHMEIMER RUTH
BLACKROCK
UBS FUND MANAGEMENT
CREDIT SUISSE AG
POLAR CAPITAL LLP
PICTET & CIE
CREDIT SUISSE ASSET
IST FUND MANAGERS
WIRZ GUSTAV A
FISCHER RICHARD
SCHRODER INVESTMENT
SCOTIA ASSET MANAGEM
UNION BANCAIRE PRIVE
Firm Name
Bank am Bellevue
Bank Vontobel AG
Helvea
EVA Dimensions
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL STUDER
MICHAEL FOETH
RETO AMSTALDEN
ANDREW S ZAMFOTIS
MICHAEL INAUEN
Source
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
neutral
overweight
market perform
Amt Held
440'482
226'752
111'458
111'127
110'303
67'713
59'066
51'547
51'146
33'932
32'593
30'076
24'988
22'000
21'000
18'558
14'987
12'900
11'974
11'934
% Out
19.73
10.16
4.99
4.98
4.94
3.03
2.65
2.31
2.29
1.52
1.46
1.35
1.12
0.99
0.94
0.83
0.67
0.58
0.54
0.53
Weighting
Change
5
5
3
5
3
M
M
M
U
N
Latest Chg
71'254
30'382
1'850
(370)
59
2'400
598
500
(3'580)
1'214
-
Target Price
384
310
270
#N/A N/A
#N/A N/A
File Dt
29.04.2013
20.09.2012
09.03.2011
21.05.2013
19.02.2013
04.10.2012
14.08.2012
31.01.2013
31.03.2013
28.02.2013
27.03.2013
31.03.2013
31.12.2011
31.01.2013
31.12.2011
31.01.2013
31.03.2013
28.02.2013
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Other
Holding Company
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.04.2013
19.04.2013
19.04.2013
03.04.2013
05.07.2012
04.07.2013
Meyer Burger Technology AG

Meyer Burger Technology AG supplies systems and production equipment to the
photovoltaic, semiconductor and optoelectronic industries. The company produces
equipment for solar production from wafers to building integrated solar
systems.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.08.2012)
52-Week Low (29.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MBTN SE EQUITY YTD Change
MBTN SE EQUITY YTD % CHANGE
12/2012
01/yy
12.34
4.65
729'818.00
6.21
-49.69%
33.42%
14.25%
84.3
523.19
133.81
0.0
12.7
134.59
535.13
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
12
3.0 M
10
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
m-12
31.12.2009
31.12.2010
420.9
826.0
1.98x
1.13x
63.7
191.7
13.08x
4.88x
29.2
97.9
27.79x
13.13x
Profitability
31.12.2011
1'315.0
0.36x
280.4
1.70x
40.8
16.90x
31.12.2012
645.2
0.52x
(32.7)
(111.1)
-
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
-32.75
-134.95
-20.91%
-22.41%
-8.97%
-16.42%
0.52%
75.5%
-5.1%
-20.9%
-17.2%
1.61
0.71
12.16%
21.75%
11.14
0.82
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.26
76.22
-46.82%
10.52%
1.256
12
2.333
453'439
689'400
774'174
FY+2
12/13 Y
12/14 Y
455.4
616.4
1.03x
0.78x
(43.9)
58.1
9.16x
(108.2)
(28.2)
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 M
m-13
FQ+1
FQ+2
-5.89
-16.58
-4.09
21.7%
17.6%
0.52
4.36
32.86
446.13
147.92
331.07
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
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
448.4
0.80x
82.7
4.35x
35.0
10.36x
14
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
04.07.2013
Meyer Burger Technology AG

Holdings By:
All
Holder Name
VONTOBEL FONDS SERVI
PAULI PETER
FMR LLC
PLATINUM INVESTMENT
GENERATION INVESTMEN
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
CLAYMORE ADVISORS LL
ROTH DIETMAR
UBS
VANGUARD GROUP INC
MIRABAUD & CIE
HOFER-NOSER PATRICK
SARASIN
Firm Name
HSBC
Bank Vontobel AG
Helvea
Macquarie
Axiom Capital
EVA Dimensions
Kepler Cheuvreux
Credit Suisse
Nomura Code Securities
Natureo Finance
Performaxx AG
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
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
CHRISTIAN DOMINIK RATH
MICHAEL FOETH
STEFAN GAECHTER
ROBERT SCHRAMM-FUCHS
GORDON L JOHNSON
CRAIG STERLING
RICHARD FREI
CHRISTOPH LADNER
ERKAN AYCICEK
FELIX REMMERS
JOHN-MARC BUNCE
INGO QUEISER
HOLGER STEFFEN
Source
EXCH
EXCH
ULT-AGG
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
Recommendation
neutral
hold
neutral
underperform
sell
hold
market perform
Under Review
hold
neutral
neutral
hold
overweight
Amt Held
2'966'948
2'890'882
2'647'947
2'547'892
2'451'332
1'339'622
1'092'543
1'054'174
863'963
561'558
534'842
502'968
490'468
444'066
287'069
258'358
233'152
217'714
162'662
158'493
% Out
3.52
3.43
3.14
3.02
2.91
1.59
1.3
1.25
1.03
0.67
0.63
0.6
0.58
0.53
0.34
0.31
0.28
0.26
0.19
0.19
Weighting
Change
3
3
3
1
1
3
3
#N/A N/A
3
3
3
3
5
U
M
U
M
M
D
M
M
M
M
M
M
M
Latest Chg
665'000
1'106'815
848'955
(129'899)
68'976
5'879
2'406
313'685
(59'746)
4'593
25'976
33'535
131'775
-
Target Price
6
6
6
6
3
#N/A N/A
#N/A N/A
5
5
6
12
14
23
File Dt
Inst Type
10.05.2013
Investment Advisor
07.05.2013
n/a
14.05.2013
Investment Advisor
04.05.2012
Investment Advisor
19.04.2012
Investment Advisor
31.01.2013
Investment Advisor
27.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
20.05.2013
Investment Advisor
31.12.2011
n/a
31.01.2013
Investment Advisor
31.01.2013
Unclassified
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
n/a
31.01.2013
Unclassified
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Date
10.05.2013
08.05.2013
08.05.2013
30.04.2013
02.04.2013
02.04.2013
27.03.2013
26.03.2013
25.03.2013
08.03.2013
01.06.2012
17.04.2012
16.09.2010
04.07.2013
Implenia AG
Implenia AG provides construction, civil and underground engineering services.
The Company's projects include residential and industrial buildings, tunnels,
bridges and roads. Implenia also provides real estate and facilities management
and marketing services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.03.2013)
52-Week Low (09.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IMPN SE EQUITY YTD Change
IMPN SE EQUITY YTD % CHANGE
12/2012
01/yy
54.03
28.62
13'857.00
50.4
-6.72%
76.08%
78.23%
18.5
930.99
212.90
0.0
12.5
500.95
655.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
50
.1 M
40
.1 M
30
.1 M
20
.0 M
10
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
2'326.4
0.22x
85.2
5.88x
41.0
12.95x
60
31.12.2009
31.12.2010
2'279.8
2'388.4
0.18x
0.19x
100.4
105.4
4.11x
4.21x
45.9
51.5
11.33x
11.09x
Profitability
31.12.2011
2'522.6
0.10x
135.4
1.92x
60.3
7.15x
31.12.2012
2'695.8
0.17x
140.6
3.25x
69.1
10.58x
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
140.61
98.94
3.67%
3.45%
3.55%
12.34%
9.30%
1.38%
5.2%
3.7%
2.6%
1.42
0.86
10.60%
36.27%
5.81
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.60
9.88
72.54%
29.73%
0.601
4
5.000
19'649
19'018
20'236
FY+2
12/13 Y
12/14 Y
2'823.0
2'899.7
0.22x
0.19x
155.0
158.7
4.22x
4.12x
77.8
80.7
11.90x
11.47x
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
.0 M
m-13
FQ+1
FQ+2
70.66
52.40
-2.05
1.51
36.3%
26.2%
1.38
11.78
63.05
-
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
01.01.2010
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
04.07.2013
Implenia AG
Holdings By:
All
Holder Name
PARMINO HOLDING AG
MAAG RUDOLF
AMMANN GROUP HOLDING
RUSSIAN LAND LTD
CAZENOVE CAPITAL MAN
CHIGRINSKIY SHALVA
BLACKROCK
CAZENOVE UNIT TRUST
SCHRODER INVESTMENT
IMPLENIA AG
AFFENTRANGER ANTON
MIRABAUD & CIE
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
PICTET & CIE
JP MORGAN
Firm Name
EVA Dimensions
Bank Vontobel AG
Helvea
Portfolio Name
n/a
n/a
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
CRAIG STERLING
CHRISTIAN ARNOLD
PATRICK APPENZELLER
MARTIN HUESLER
Source
Co File
Co File
EXCH
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
overweight
buy
buy
outperform
Amt Held
2'952'200
2'000'000
1'556'438
970'882
891'209
594'730
507'442
505'664
392'839
300'143
221'794
211'017
209'179
205'341
197'037
158'572
101'398
99'855
92'000
91'548
% Out
15.98
10.83
8.43
5.26
4.82
3.22
2.75
2.74
2.13
1.62
1.2
1.14
1.13
1.11
1.07
0.86
0.55
0.54
0.5
0.5
Weighting
Change
5
5
5
5
D
M
M
M
Latest Chg
(58'791)
(32'700)
32'200
479
2'133
(37'030)
456
(50'000)
8'295
(14)
39'634
(8'000)
7'069
Target Price
#N/A N/A
60
60
#N/A N/A
File Dt
31.12.2010
31.12.2010
18.12.2011
11.02.2008
05.04.2011
19.01.2009
21.05.2013
31.01.2013
28.02.2013
31.01.2013
31.03.2013
31.12.2010
31.12.2010
28.02.2013
31.12.2012
31.01.2013
27.03.2013
31.01.2013
31.01.2013
31.01.2013
Date
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Holding Company
n/a
Holding Company
Corporation
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
11.03.2013
27.02.2013
27.02.2013
26.02.2013
04.07.2013
Basellandschaftliche Kantonalbank
Basellandschaftliche Kantonalbank is a Swiss regional bank that attracts
deposits and offers universal banking services. The Bank offers mortgage
loans, consumer loans, and loans to small and medium-sized companies,
investment advice, asset management, securities brokerage, and financial
planning services.
Price/Volume
Latest Fiscal Year:

LTM as of:
52-Week High (06.07.2012)
52-Week Low (20.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BLKB SE EQUITY YTD Change
BLKB SE EQUITY YTD % CHANGE
12/2012
01/yy
1'298.00
940.00
111.00
976
-24.81%
3.83%
12.57%
0.6
2'117.92
3'711.32
0.0
0.0
775.55
-
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 M
.0 M
.0 M
800
.0 M
600
.0 M
.0 M
400
.0 M
200
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
.0 M
1200
1000
Valuation Analysis
31.12.2008
688.4
96.1
22.03x
1400
31.12.2009
31.12.2010
621.0
595.2
106.3
108.9
21.15x
25.51x
Profitability
31.12.2011
584.1
109.0
25.88x
31.12.2012
567.3
111.9
21.53x
47.06%
30.33%
0.59%
13.14%
2.47%
0.03%
30.3%
19.29%
427.56%
-
0.41
0.57
-21.56%
-9.41%
0.405
1
1.000
158
335
287
LTM-4Q
LTM
FY+1
FY+2
FQ+1
01/yy
01/yy
12/13 Y
12/14 Y
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+2
-
21.11.2001
AAA
NEG
21.11.2001
A-1+
427.6%
81.0%
0.03
3.49
-
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Basellandschaftliche Kantonalbank
Holdings By:
All
Holder Name
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
IST FUND MANAGERS
BAUMANN URS DANIEL
SCHENK DANIEL L
SCHUDEL HANS ULRICH
GREINER DORIS
SCHIRMER-MOSSET ELIS
BALLMER ADRIAN
JANIAK CLAUDE
HANSEN WILHELM
VOELLMIN DIETER
FORTUNA INVESTMENT A
UBS ETF
AXA ROSENBERG INTL
STATE STREET
Firm Name
EVA Dimensions
Portfolio Name
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
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
Analyst
AUSTIN BURKETT
Source
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Co File
Co File
MF-AGG
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
underweight
Amt Held
4'567
3'149
2'809
758
457
413
410
380
290
268
260
240
227
160
140
130
100
73
62
15
% Out
0.8
0.55
0.49
0.13
0.08
0.07
0.07
0.07
0.05
0.05
0.05
0.04
0.04
0.03
0.02
0.02
0.02
0.01
0.01
0
Latest Chg
Weighting
Change
Target Price
32
2
(89)
58
81
28
(26)
2
62
-
#N/A N/A
File Dt
27.03.2013
31.01.2013
31.01.2013
31.03.2013
28.02.2013
28.02.2013
31.12.2011
31.12.2011
31.12.2011
31.03.2013
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
30.04.2013
31.01.2013
31.12.2012
22.05.2013
Date
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
n/a
Investment Advisor
n/a
n/a
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
14.05.2013
04.07.2013
Basilea Pharmaceutica
Basilea Pharmaceutica AG is a biotechnology company conducting research into the
development of drugs for the treatment of infectious diseases and dermatological
problems. The Company develops anti-bacterial and anti-fungal compounds which
destroy infectious organisms.
Price/Volume
80
.4 M
70
.3 M
60
.3 M
50
Latest Fiscal Year:

LTM as of:
52-Week High (29.05.2013)
52-Week Low (20.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BSLN SE EQUITY YTD Change
BSLN SE EQUITY YTD % CHANGE
12/2012
01/yy
72.90
37.76
28'837.00
69.25
-5.01%
83.38%
91.04%
9.6
664.07
0.00
0.0
0.0
343.96
320.11
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
30
20
.1 M
10
.1 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
12.0
94.50x
(148.4)
(143.5)
-
.2 M
40
Valuation Analysis
31.12.2009
31.12.2010
26.8
116.2
2.93x
(116.2)
111.7
3.04x
(120.7)
107.6
5.79x
Profitability
31.12.2011
66.7
2.18x
(54.4)
(57.6)
-
31.12.2012
57.9
1.45x
(47.2)
(53.0)
-
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
-47.21
-50.85
-87.85%
-90.43%
-17.32%
-40.99%
0.19%
92.4%
-87.9%
-91.6%
6.14
6.00
0.00%
0.00%
6.43
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.26
7.56
62.32%
69.23%
1.260
4
4.500
28'920
44'904
50'453
FY+2
12/13 Y
12/14 Y
43.5
62.5
8.25x
5.88x
(44.2)
(30.7)
(48.2)
(34.6)
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 M
m-13
FQ+1
FQ+2
0.0%
0.0%
0.19
3.79
56.96
-1229.73
12.00
140.0
10.00
120.0
100.0
8.00
80.0
6.00
60.0
4.00
40.0
2.00
20.0
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
04.07.2013
Basilea Pharmaceutica
Holdings By:
All
Holder Name
HBM HEALTHCARE INVES
MORGAN STANLEY
ROCHE HOLDING AG
FRANKLIN RESOURCES
NORGES BANK
CREDIT SUISSE ASSET
IA CLARINGTON INVEST
BLACKROCK
MASON STREET ADVISOR
OPPENHEIM PRAMERICA
UBS FUND MANAGEMENT
PICTET & CIE
VANGUARD GROUP INC
Firm Name
Helvea
Bank Vontobel AG
EVA Dimensions
Kepler Cheuvreux
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
OLAV ZILIAN
ANDREW C WEISS
ANDREW S ZAMFOTIS
FABIAN WENNER
Source
Co File
ULT-AGG
Co File
Co File
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
MF-AGG
Recommendation
buy
hold
buy
buy
Amt Held
1'524'428
590'539
479'380
287'875
256'250
180'774
163'955
115'000
107'470
107'167
101'450
95'191
94'882
87'430
71'106
64'995
54'201
47'683
40'158
39'454
% Out
15.9
6.16
5
3
2.67
1.89
1.71
1.2
1.12
1.12
1.06
0.99
0.99
0.91
0.74
0.68
0.57
0.5
0.42
0.41
Latest Chg
-
Weighting
Change
Target Price
5
3
5
5
M
M
U
M
30
3'000
(163)
(46'469)
13'252
3'082
(742)
1'829
324
105
50
#N/A N/A
110
File Dt
31.12.2012
24.04.2013
31.12.2012
25.07.2012
28.03.2013
31.12.2012
27.03.2013
31.12.2012
28.02.2013
21.05.2013
28.12.2012
31.03.2013
31.12.2012
31.03.2013
28.03.2013
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.03.2013
Date
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Venture Capital
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Government
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
Date
29.04.2013
10.04.2013
20.02.2013
08.02.2013
04.07.2013
Basler Kantonalbank
Basler Kantonalbank is a Swiss regional bank. The Bank accepts deposits and
offers mortgage and other loans, portfolio management, foreign currency trading,
precious metals trading and other banking services. Basler Kantonalbank
operates through a network of branches in the Canton of Basel.
Price/Volume
120
100
80
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.07.2012)
52-Week Low (21.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BSKP SE EQUITY YTD Change
BSKP SE EQUITY YTD % CHANGE
12/2012
01/yy
109.70
68.85
5'711.00
80.2
-26.89%
16.49%
24.60%
5.9
2'511.20
8'006.26
0.0
346.0
5'276.57
-
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
20
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
1'154.9
145.6
23.63x
40
31.12.2009
31.12.2010
1'076.0
1'001.4
222.7
194.9
16.05x
21.86x
Profitability
31.12.2011
935.8
182.1
22.07x
31.12.2012
961.9
238.7
12.44x
39.24%
40.31%
0.61%
8.69%
2.43%
0.02%
33.6%
20.46%
286.67%
-
.1 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
m-13
0.49
5.57
-24.14%
-16.43%
0.494
1
5.000
3'365
8'346
7'630
LTM-4Q
LTM
FY+1
FY+2
FQ+1
01/yy
01/yy
12/13 Y
12/14 Y
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+2
-
18.10.2001
AA+
NEG
18.10.2001
A-1+
286.7%
71.8%
0.02
4.68
-
1'400.0
1'200.0
1'000.0
0.80
800.0
0.60
600.0
0.40
400.0
200.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Basler Kantonalbank
Holdings By:
All
Holder Name
BASLER KANTONALBANK
NORGES BANK
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
VANGUARD GROUP INC
SEI INVESTMENT MANAG
CHARLES SCHWAB INVES
BAYERNINVEST KAPITAL
ALLSTATE CORP
UBS ETF
Firm Name
EVA Dimensions
Main First Bank AG
Portfolio Name
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
AUSTIN BURKETT
KILIAN MAIER
Source
Co File
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
ULT-AGG
MF-AGG
MF-AGG
Recommendation
overweight
suspended coverage
Amt Held
330'400
91'768
47'374
30'439
25'947
24'690
9'099
5'334
4'744
2'881
2'799
2'216
1'330
1'013
930
837
788
148
% Out
5.6
1.56
0.8
0.52
0.44
0.42
0.15
0.09
0.08
0.05
0.05
0.04
0.02
0.02
0.02
0.01
0.01
0
Weighting
Change
5
#N/A N/A
D
M
Latest Chg
(286)
(347)
5
236
978
852
24
3
Target Price
#N/A N/A
#N/A N/A
File Dt
31.12.2010
31.12.2012
27.03.2013
31.01.2013
28.02.2013
31.01.2013
31.01.2013
31.03.2013
28.02.2013
31.01.2013
31.03.2013
30.04.2013
31.01.2013
22.05.2013
28.03.2013
31.12.2012
31.01.2013
28.02.2013
Date
Not Provided
Not Provided
Inst Type
Bank
Government
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
Insurance Company
Investment Advisor
Investment Advisor
Date
15.05.2013
30.08.2012
04.07.2013
Emmi AG
Emmi AG is a Swiss producer of dairy products. The Company markets fresh milk,
cream, butter, yogurt, quark, pudding and an assortment of cheeses. Emmi also
produces a variety of fruit juices and iced tea.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.05.2013)
52-Week Low (04.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EMMN SE EQUITY YTD Change
EMMN SE EQUITY YTD % CHANGE
12/2012
01/yy
297.00
186.62
1'935.00
283.25
-4.63%
51.78%
78.94%
5.3
1'515.33
599.02
0.0
177.3
182.83
2'108.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
300
.0 M
250
.0 M
200
.0 M
150
.0 M
100
.0 M
50
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
2'670.8
0.34x
188.7
4.85x
58.7
9.02x
350
31.12.2009
31.12.2010
2'619.3
2'683.7
0.38x
0.54x
211.8
231.9
4.67x
6.25x
75.3
86.1
9.13x
13.04x
Profitability
31.12.2011
2'721.3
0.55x
224.1
6.73x
83.0
12.57x
31.12.2012
2'981.2
0.61x
249.4
7.31x
106.2
11.58x
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
249.42
145.48
4.88%
5.10%
4.97%
11.25%
1.40%
8.4%
4.9%
3.6%
1.51
0.94
25.79%
60.64%
7.28
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.67
1.93
47.12%
24.74%
0.668
6
2.500
2'202
2'210
3'523
FY+2
12/13 Y
12/14 Y
3'216.8
3'283.6
0.64x
0.60x
270.0
276.8
7.81x
7.61x
97.3
101.6
14.67x
13.74x
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 M
m-13
FQ+1
FQ+2
17.28
8.61
1.66
2.40
60.6%
34.0%
1.40
3.40
50.28
-
8.00
3'500.0
7.00
3'000.0
6.00
2'500.0
5.00
2'000.0
4.00
1'500.0
3.00
1'000.0
2.00
500.0
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
04.07.2013
Emmi AG
Holdings By:
All
Holder Name
ZMP
ZENTRALSCHWEIZER MIL
LOMBARD ODIER ASSET
MIBA MILCHVERBAND NO
IST FUND MANAGERS
BLACKROCK
DWS INVESTMENT S A
BAER STEPHAN
RUFFER LLP
DJE INVESTMENT SA
NORGES BANK
CREDIT SUISSE ASSET
EMMI WOHLFAHRTSFONDS
UBS FUND MANAGEMENT
PICTET & CIE
SCHRODER INVESTMENT
Firm Name
Kepler Cheuvreux
Helvea
Bank Vontobel AG
EVA Dimensions
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
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CHRISTOPH LADNER
ANDREAS VON ARX
PATRIK SCHWENDIMANN
RENE WEBER
AUSTIN BURKETT
Source
Co File
Co File
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
accumulate
underperform
hold
underweight
Amt Held
2'904'941
251'441
246'091
192'593
164'100
111'453
81'616
62'284
55'039
49'000
43'656
42'073
35'280
32'700
20'999
16'446
16'049
13'734
9'709
8'500
% Out
54.3
4.7
4.6
3.6
3.07
2.08
1.53
1.16
1.03
0.92
0.82
0.79
0.66
0.61
0.39
0.31
0.3
0.26
0.18
0.16
Weighting
Change
3
4
1
3
1
M
M
D
M
M
Latest Chg
(1'642)
(26'307)
9'980
(2'557)
(576)
6
(53)
(2'250)
(6'441)
-
Target Price
290
315
#N/A N/A
260
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.01.2013
28.03.2013
31.12.2012
31.01.2013
28.02.2013
27.12.2012
28.02.2013
31.12.2012
27.03.2013
31.12.2012
29.03.2013
31.01.2013
28.09.2012
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Unclassified
n/a
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Date
15.05.2013
09.04.2013
28.03.2013
28.03.2013
17.01.2013
04.07.2013
EFG International AG
EFG International AG is a bank holding company. The Bank offers private
banking and asset management services.
Price/Volume
14
.6 M
12
.5 M
10
.4 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EFGN SE EQUITY YTD Change
EFGN SE 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
.2 M
.1 M
2
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
1'621.3
221.9
14.06x
.3 M
12/2012
01/yy
13.14
4.73
5'612.00
11.75
-10.57%
148.41%
81.70%
146.7
1'723.37
2'075.10
0.0
104.3
4'757.70
-
31.12.2009
31.12.2010
1'106.6
596.9
101.1
(721.8)
25.09x
Profitability
31.12.2011
1'078.2
(294.1)
-
31.12.2012
1'172.2
111.0
11.71x
17.16%
14.99%
0.50%
10.10%
4.36%
0.05%
11.6%
8.78%
171.20%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.42
44.41
116.93%
33.08%
1.420
13
3.462
33'305
70'604
57'979
FY+2
12/13 Y
12/14 Y
759.9
820.4
127.2
158.2
12.09x
10.44x
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
.0 M
m-13
FQ+1
FQ+2
171.2%
61.2%
0.05
32.93
-
1'800.0
1'600.0
1.00
0.80
1'400.0
1'200.0
1'000.0
0.60
800.0
600.0
0.40
0.20
400.0
200.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
EFG International AG
Holdings By:
All
Holder Name
EFG BANK EUROPEAN FI
HOWELL LAWRENCE D
CUONI JEAN-PIERRE
NORGES BANK
UBS FUND MANAGEMENT
LLB FONDSLEITUNG AG
MAINFIRST SICAV
CREDIT SUISSE ASSET
LORD ABBETT & CO LLC
VANGUARD GROUP INC
NOMURA
PICTET & CIE
MILLENNIUM BCP GFI S
Firm Name
AlphaValue
Main First Bank AG
Bank Vontobel AG
Mediobanca SpA
Nomura
Berenberg Bank
Helvea
Deutsche Bank
Goldman Sachs
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
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
Multiple Portfolios
Multiple Portfolios
Analyst
DIETER HEIN
KILIAN MAIER
TERESA NIELSEN
GIANLUCA FERRARI
JON PEACE
ELENI PAPOULA
TIM DAWSON
MATT SPICK
MARTIN LEITGEB
AUSTIN BURKETT
Source
Co File
Co File
Co File
EXCH
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
MF-AGG
MF-AGG
Recommendation
sell
outperform
buy
neutral
reduce
buy
neutral
hold
neutral/neutral
sell
Amt Held
82'545'117
8'052'705
6'909'500
4'379'472
2'894'667
2'055'577
1'103'435
891'787
619'788
539'072
434'497
390'000
389'161
370'796
350'115
289'323
282'897
254'072
192'925
175'308
% Out
56.28
5.49
4.71
2.99
1.97
1.4
0.75
0.61
0.42
0.37
0.3
0.27
0.27
0.25
0.24
0.2
0.19
0.17
0.13
0.12
Weighting
Change
1
5
5
3
2
5
3
3
3
1
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'147'415)
(580'112)
(47'512)
73'597
134'316
(20'000)
370'796
(140'855)
18'116
6'269
(27'033)
Target Price
11
15
15
15
11
14
14
12
12
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.12.2012
02.02.2012
31.03.2013
31.01.2013
28.02.2013
31.01.2013
31.12.2012
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.01.2013
27.03.2013
28.03.2013
31.03.2013
15.05.2012
31.01.2013
28.02.2013
Date
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Bank
n/a
n/a
Government
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
Date
23.05.2013
15.05.2013
03.05.2013
25.03.2013
15.03.2013
12.03.2013
12.03.2013
28.02.2013
28.01.2013
17.01.2013
04.07.2013
Rieter Holding AG
Rieter Holding AG manufactures spinning systems and chemical fiber systems.
The Company's spinning and chemical fiber systems are used to process cotton
and man-made fibers. Rieter produces its products throughout Europe and sells
internationally.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (02.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RIEN SE EQUITY YTD Change
RIEN SE EQUITY YTD % CHANGE
12/2012
01/yy
188.56
120.92
11'937.00
152.6
-19.07%
26.20%
43.58%
4.7
713.00
256.30
0.0
5.0
351.90
622.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
1'882.7
812.1
0.58x
2.02x
(45.7)
115.6
14.19x
(223.9)
26.5
19.03x
Profitability
31.12.2011
1'000.7
0.50x
146.5
3.43x
267.2
5.46x
31.12.2012
888.5
0.73x
66.8
9.67x
29.5
24.91x
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
66.80
33.60
3.78%
3.95%
2.70%
7.86%
0.81%
7.5%
3.8%
3.3%
2.33
1.44
23.95%
68.93%
10.14
-
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
.1 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
.0 M
.0 M
m-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.39
3.02
9.35%
-2.58%
1.387
8
2.875
20'514
13'015
14'798
FY+2
12/13 Y
12/14 Y
925.3
1'043.4
0.67x
0.55x
69.8
129.6
8.92x
4.80x
16.6
55.8
37.48x
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
FQ+1
FQ+2
4.34
-0.96
-1.43
3.84
68.9%
40.5%
0.81
3.66
36.09
-
100.00
4'000.0
90.00
3'500.0
80.00
3'000.0
70.00
2'500.0
60.00
50.00
2'000.0
40.00
1'500.0
30.00
1'000.0
20.00
500.0
10.00
0.00
01.01.2010
j-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
3'011.9
0.26x
281.9
2.79x
(405.9)
-
200
180
160
140
120
100
80
60
40
20
0
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
04.07.2013
Rieter Holding AG
Holdings By:
All
Holder Name
SPUHLER PETER
PIEPER MICHAEL W
SPARINVEST
CAZENOVE CAPITAL MAN
NORGES BANK
CAZENOVE UNIT TRUST
BLACKROCK
RIETER HOLDING AG
SCHRODER INVESTMENT
FMR LLC
CREDIT SUISSE ASSET
PICTET & CIE
UBS FUND MANAGEMENT
LB SWISS INVESTMENT
CAZENOVE FUND MANAGE
Firm Name
Credit Suisse
Helvea
Bank Vontobel AG
Kepler Cheuvreux
EVA Dimensions
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PATRICK LAAGER
VOLKAN GOCMEN
FABIAN HAECKI
CHRISTOPH LADNER
CRAIG STERLING
ARMIN RECHBERGER
Source
Co File
Co File
ULT-AGG
EXCH
Co File
EXCH
MF-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
buy
hold
hold
sell
underperform
Amt Held
896'561
538'695
270'036
235'908
183'274
140'652
121'120
78'278
73'321
50'938
44'712
43'920
37'777
37'407
36'775
29'831
27'717
25'565
23'161
22'280
% Out
19.19
11.53
5.78
5.05
3.92
3.01
2.59
1.68
1.57
1.09
0.96
0.94
0.81
0.8
0.79
0.64
0.59
0.55
0.5
0.48
Weighting
Change
3
5
3
3
1
1
M
M
M
M
D
D
Latest Chg
30'104
(500)
17'854
2'133
43'920
8'214
6'977
(982)
62
4'291
4'869
Target Price
160
245
175
160
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
n/a
31.12.2012
n/a
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
27.03.2013
Government
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
21.05.2013
Investment Advisor
31.12.2012
n/a
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
27.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
03.05.2013
29.04.2013
22.03.2013
22.03.2013
21.03.2013
25.07.2012
04.07.2013
BKW AG
BKW AG is a Swiss producer of energy power from sources that
include photovoltaics, wind energy, small-scale hydropower and biomass.
Price/Volume
40
.1 M
35
.1 M
30
.1 M
25
Latest Fiscal Year:

LTM as of:
52-Week High (22.10.2012)
52-Week Low (18.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BKW SE EQUITY YTD Change
BKW SE EQUITY YTD % CHANGE
12/2012
01/yy
36.35
27.05
10'214.00
29.15
-19.81%
7.76%
21.51%
52.8
1'539.12
1'336.00
0.0
36.7
826.00
2'085.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
15
10
.0 M
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
3'391.5
471.3
137.8
-
.1 M
20
Valuation Analysis
31.12.2009
31.12.2010
3'131.1
2'677.5
504.0
502.0
298.4
226.8
Profitability
31.12.2011
2'503.0
0.92x
142.1
16.20x
(68.2)
-
31.12.2012
2'716.2
0.75x
413.8
4.94x
132.5
11.25x
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
413.80
224.50
8.27%
6.13%
1.82%
5.00%
5.73%
0.37%
15.2%
8.3%
4.9%
2.61
1.81
17.92%
49.73%
4.28
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
.0 M
m-13
10.96
-4.87%
-3.66%
4
4.500
12'313
15'905
16'447
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/12 Q2 09/12 Q3
2'603.0
2'699.0
0.91x
0.89x
433.0
466.0
4.80x
4.46x
164.5
186.5
8.44x
7.43x
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
3.57
1.88
1.23
3.23
49.7%
32.9%
0.37
0.96
85.50
-
7.00
4'000.0
6.00
3'500.0
3'000.0
5.00
2'500.0
4.00
2'000.0
3.00
1'500.0
2.00
1'000.0
1.00
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
04.07.2013
BKW AG
Holdings By:
All
Holder Name
KANTON BERN
GROUPE E SA
BKW AG
EON ENERGIE AG
NORGES BANK
IST FUND MANAGERS
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
UNIVERSAL INVESTMENT
VANGUARD GROUP INC
PICTET & CIE
FORWARD MANAGEMENT L
BLACKROCK
LB SWISS INVESTMENT
EASTSPRING INVESTMEN
Firm Name
EVA Dimensions
Main First Bank AG
Portfolio Name
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
AUSTIN BURKETT
ANDREAS THIELEN
SVEN BUCHER
Source
Co File
Co File
Co File
Co File
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
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
outperform
Amt Held
27'741'120
5'280'000
5'111'040
3'711'840
416'316
312'563
293'417
247'613
209'830
125'986
85'903
66'111
65'000
56'855
50'731
49'893
36'261
14'826
13'700
13'400
% Out
52.54
10
9.68
7.03
0.79
0.59
0.56
0.47
0.4
0.24
0.16
0.13
0.12
0.11
0.1
0.09
0.07
0.03
0.03
0.03
Weighting
Change
5
5
5
U
M
M
Latest Chg
(15'991)
(15'930)
(790)
(84)
38'337
(10'343)
4'000
3'211
371
2'207
4'486
-
Target Price
#N/A N/A
45
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.03.2013
27.03.2013
31.01.2013
28.02.2013
28.09.2012
31.03.2013
31.01.2013
31.01.2013
31.03.2013
31.01.2013
28.02.2013
21.05.2013
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
Inst Type
Government
Corporation
Holding Company
Corporation
Investment Advisor
Government
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
Date
26.03.2013
17.09.2012
14.09.2012
04.07.2013
Gategroup Holding AG
Gategroup Holding AG, through its subsidiaries, provides a wide range of
services for airlines. The Company specializes in catering and hospitality,
provisioning and logistics, and onboard solutions to companies that serve
people on the move. Gategroups customers include airlines, railroads and
hotels around the world.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.07.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GATE SE EQUITY YTD Change
GATE SE EQUITY YTD % CHANGE
12/2012
03/yy
28.90
16.55
89'283.00
19.75
-31.66%
19.34%
25.10%
26.8
529.03
429.10
0.0
8.2
170.60
828.53
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
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
35
LTM-4Q
31.12.2009
31.12.2010
2'712.3
2'700.0
0.42x
0.56x
158.5
188.1
7.15x
8.05x
35.5
49.5
18.52x
21.05x
Profitability
31.12.2011
2'688.1
0.28x
166.9
4.48x
49.6
12.04x
31.12.2012
2'992.5
0.30x
65.7
13.58x
(58.8)
-
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
65.70
15.70
0.52%
-1.41%
-3.59%
-19.15%
1.83%
2.2%
0.5%
-2.0%
1.17
0.80
28.00%
174.15%
10.92
-
Price/ Cash Flow
03/yy
2'664.5
1.61x
107.8
0.00x
10.7
0.00x
LTM
03/yy
3'021.8
0.83x
69.5
0.00x
(49.3)
0.00x
FY+1
.0 M
m-13
1.05
23.81
-30.82%
-17.71%
1.048
6
3.333
37'047
56'817
66'147
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
3'090.8
3'205.3
809.0
849.0
0.25x
0.22x
169.0
190.8
4.90x
4.34x
32.2
47.6
12.82x
9.16x
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
11.06.2013
BBSTABLE
1.49
0.25
3.93
6.53
174.1%
62.8%
1.83
9.27
33.52
-
40.00
3'500.0
35.00
3'000.0
30.00
2'500.0
25.00
2'000.0
20.00
1'500.0
15.00
1'000.0
10.00
500.0
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
04.07.2013
Gategroup Holding AG
Holdings By:
All
Holder Name
RAINER-MARC FREY
H21 GLOBAL OPPORTUNI
UBS FUND MANAGEMENT
SCHRODER INVESTMENT
VANGUARD GROUP INC
SILVER POINT CAPITAL
CREDIT SUISSE ASSET
NORGES BANK
PICTET & CIE
WARBURG INVEST LUXEM
SCHMID ANDREAS
FMR LLC
LLB FONDSLEITUNG AG
Firm Name
Credit Suisse
Bank Vontobel AG
Helvea
Goldman Sachs
Kepler Cheuvreux
EVA Dimensions
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
PATRICK JNGLIN
RENE WEBER
ANDREAS VON ARX
MAYAN UTHAYAKUMAR
JON COX
CRAIG STERLING
Source
Co File
Co File
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
Co File
MF-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
Recommendation
neutral
hold
neutral
neutral/neutral
Under Review
underweight
Amt Held
1'429'415
1'416'081
1'337'000
1'292'382
960'500
818'806
804'664
796'280
719'537
718'628
705'009
631'153
574'877
555'213
526'436
447'031
300'000
247'067
204'567
164'251
% Out
5.34
5.29
4.99
4.82
3.59
3.06
3
2.97
2.69
2.68
2.63
2.36
2.15
2.07
1.97
1.67
1.12
0.92
0.76
0.61
Weighting
Change
3
3
3
3
#N/A N/A
1
M
M
M
M
M
D
Latest Chg
306'482
441'024
20'000
(54'974)
(7'424)
(9'659)
(434'373)
17'290
(309'213)
(5)
80'000
49'361
25'000
Target Price
20
22
23
19
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
n/a
31.12.2012
Investment Advisor
26.03.2013
n/a
31.08.2012
Investment Advisor
16.05.2013
Investment Advisor
23.08.2012
Investment Advisor
31.01.2013
Investment Advisor
04.01.2013
Investment Advisor
31.12.2012
Holding Company
31.03.2013
Investment Advisor
22.05.2012
Investment Advisor
27.03.2013
Investment Advisor
31.12.2012
Government
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
n/a
31.10.2012
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Date
17.05.2013
17.05.2013
17.05.2013
03.04.2013
27.03.2013
26.03.2013
04.07.2013
Schweiter Technologies AG
Schweiter Technologies AG, through its wholly owned subsidiaries, is
a core material, composite construction company. The Company also manufactures
textile machinery used primarily in the production and treatment of yarn,
thread, and textile samples. Schweiter also produces machines for the
assembly and packaging of semiconductor devices.
Price/Volume
700
600
500
400
Valuation Analysis
300
Latest Fiscal Year:

LTM as of:
52-Week High (06.05.2013)
52-Week Low (07.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SWTQ SE EQUITY YTD Change
SWTQ SE EQUITY YTD % CHANGE
12/2012
01/yy
592.20
420.75
770.00
585
-1.22%
39.04%
94.63%
1.4
844.55
5.59
0.0
0.0
382.60
467.53
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
147.8
16.9
450.7
-
200
31.12.2009
31.12.2010
129.9
932.1
3.53x
0.81x
(16.2)
100.3
7.55x
(20.4)
49.6
20.67x
Profitability
31.12.2011
698.0
0.57x
83.8
4.75x
47.5
16.51x
31.12.2012
673.5
0.56x
80.4
4.70x
60.8
18.46x
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
80.37
52.02
7.72%
7.55%
6.98%
9.33%
0.77%
11.9%
7.7%
9.0%
5.47
4.19
0.63%
0.84%
7.84
-
Price/ Cash Flow
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
m-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.74
0.71
34.13%
19.12%
0.743
5
4.200
1'000
929
996
FY+2
12/13 Y
12/14 Y
701.0
737.5
0.71x
0.69x
79.6
91.1
5.88x
5.13x
41.9
53.0
20.24x
16.05x
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
FQ+1
FQ+2
29.88
23.31
-4.69
0.07
0.8%
0.8%
0.77
3.84
46.67
-
120.00
1'000.0
900.0
100.00
800.0
700.0
80.00
600.0
60.00
500.0
400.0
40.00
300.0
200.0
20.00
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
04.07.2013
Schweiter Technologies AG
Holdings By:
All
Holder Name
KWE BETEILIGUNGEN AG
WIDMER HANS
CORISOL HOLDING AG
SCHWEITER TECHNOLOGI
SIEGRIST BEAT
GCIC LTD/CANADA
UBS FUND MANAGEMENT
CREDIT SUISSE FUNDS
SARASIN
CREDIT SUISSE ASSET
IST FUND MANAGERS
PICTET & CIE
SCHRODER INVESTMENT
LLB FONDSLEITUNG AG
VANGUARD GROUP INC
MIRABAUD & CIE
NORGES BANK
Firm Name
Bank Vontobel AG
EVA Dimensions
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PATRICK RAFAISZ
CRAIG STERLING
ANDREAS MUELLER
VOLKAN GOCMEN
BERND POMREHN
Source
EXCH
EXCH
EXCH
Co File
Co File
Co File
EXCH
EXCH
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
hold
hold
outperform
buy
suspended coverage
Amt Held
364'973
192'143
168'347
86'861
83'917
80'427
60'587
48'184
31'010
28'700
23'915
22'261
22'161
20'923
13'360
10'749
8'259
5'014
4'021
3'808
% Out
25.28
13.31
11.66
6.02
5.81
5.57
4.2
3.34
2.15
1.99
1.66
1.54
1.54
1.45
0.93
0.74
0.57
0.35
0.28
0.26
Weighting
Change
3
3
5
5
#N/A N/A
M
D
M
U
M
Latest Chg
(20'276)
9'372
(2'365)
200
8
35
550
(535)
(20)
17
44
(1'232)
-
Target Price
570
#N/A N/A
#N/A N/A
780
#N/A N/A
File Dt
27.07.2012
08.05.2012
14.05.2009
31.12.2011
31.12.2011
31.12.2011
03.01.2013
13.03.2012
31.01.2013
31.01.2013
27.03.2013
31.03.2013
31.01.2013
31.12.2012
31.03.2013
28.02.2013
31.03.2013
31.03.2013
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Other
n/a
Venture Capital
Corporation
n/a
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
Government
Date
10.04.2013
03.04.2013
11.03.2013
04.03.2013
19.10.2012
04.07.2013
Schweizerische National-Versicherungs-Gesellschaft AG
Schweizerische National-Versicherungs-Gesellschaft AG offers insurance products
in Europe. The Company's products include reinsurance, health, transport,
legal, technical, life, accident, travel, automobile, fire and theft insurance.
Schweizerische National has a network of offices in Switzerland and
subsidiaries located throughout Europe.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (05.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NATN SE EQUITY YTD Change
NATN SE EQUITY YTD % CHANGE
12/2012
01/yy
47.70
33.15
2'139.00
42.25
-11.43%
27.45%
64.26%
22.1
931.61
0.00
0.0
8.3
525.81
414.07
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
31.12.2009
31.12.2010
1'585.5
1'653.6
0.18x
76.2
91.6
10.13x
8.81x
Profitability
31.12.2011
1'579.1
0.07x
164.5
4.47x
31.12.2012
1'591.1
0.24x
103.0
8.65x
.1 M
.0 M
.0 M
.0 M
.0 M
j-12
j-12
8.01%
8.07%
1.65%
12.31%
12.25%
0.26%
6.5%
0.00%
0.00%
-
LTM
01/yy
01/yy
-
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
.0 M
m-13
0.58
16.21
29.85%
8.37%
0.578
7
3.143
7'558
18'118
15'223
FY+2
12/13 Y
12/14 Y
1'628.3
1'689.5
103.3
109.2
9.02x
8.53x
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
FQ+1
FQ+2
NR
0.0%
0.0%
0.26
-
2'500.0
1.00
2'000.0
0.60
.1 M
LTM-4Q
1.20
0.80
.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
1'853.9
0.06x
64.5
9.31x
50
45
40
35
30
25
20
15
10
5
0
m-12
1'500.0
1'000.0
0.40
500.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Schweizerische National-Versicherungs-Gesellschaft AG
Holdings By:
All
Holder Name
HELVETIA HOLDING AG
SUED-KAPITAL-BETEILI
SCHWEIZERISCHE MOBIL
BASLER LEBENSVERSICH
VHV ALLGEMEINE VERSI
NUERNBERGER BETEILIG
GEBAUDEVERSICHERUNG
PATRIA
ODIN FORVALTNING AS
LB SWISS INVESTMENT
PICTET & CIE
AMUNDI
CREDIT SUISSE ASSET
VANGUARD GROUP INC
Firm Name
Kepler Cheuvreux
Bank Vontobel AG
Nomura
Helvea
Main First Bank AG
EVA Dimensions
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
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
FABRIZIO CROCE
STEFAN SCHUERMANN
MICHAEL KLIEN
DANIEL BISCHOF
GEORG MARTI
RENE LOCHER
AUSTIN BURKETT
Source
EXCH
Co File
EXCH
Co File
Co File
Co File
Co File
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
hold
reduce
neutral
market perform
underperform
buy
Amt Held
2'657'780
2'503'137
2'503'137
2'197'650
2'055'323
1'435'833
1'239'000
961'800
418'291
307'851
171'138
141'000
110'269
104'723
94'236
88'595
85'829
66'500
58'528
54'469
% Out
12.05
11.35
11.35
9.97
9.32
6.51
5.62
4.36
1.9
1.4
0.78
0.64
0.5
0.47
0.43
0.4
0.39
0.3
0.27
0.25
Weighting
Change
5
3
2
3
3
1
5
M
M
M
M
M
M
M
Latest Chg
348
383
39'500
342
8'716
3'015
148
1'500
4'061
-
Target Price
53
45
42
44
#N/A N/A
45
#N/A N/A
File Dt
29.08.2012
31.12.2011
29.08.2012
31.12.2011
31.12.2011
31.12.2011
31.12.2011
07.12.2007
31.01.2013
30.04.2013
28.02.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.01.2013
27.03.2013
31.01.2013
31.03.2013
31.12.2012
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Inst Type
Insurance Company
Venture Capital
Holding Company
Other
Insurance Company
n/a
Insurance Company
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
06.05.2013
23.04.2013
28.03.2013
28.03.2013
27.03.2013
22.03.2013
17.01.2013
04.07.2013
Metall Zug AG
Metall Zug AG operates as a holding company. The Company, through its
subsidiaries, manufactures appliances, sterilization equipment, wires and
cables, and operates resorts. Metall Zug provides its products in Switzerland.
Price/Volume
2500
.0 M
.0 M
2000
.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.07.2012)
52-Week Low (12.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
METN SE EQUITY YTD Change
METN SE EQUITY YTD % CHANGE
12/2012
01/yy
2'399.00
1'868.00
127.00
2130
-11.21%
14.03%
51.22%
0.3
956.55
31.32
0.0
0.0
380.93
606.94
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
.0 M
1000
.0 M
.0 M
500
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
.0 M
a-13 m-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
787.8
0.86x
127.0
5.31x
31.8
28.34x
1500
31.12.2009
31.12.2010
770.1
832.1
1.15x
1.62x
104.7
153.0
8.48x
8.80x
71.7
92.3
15.23x
16.94x
Profitability
31.12.2011
842.5
1.72x
143.7
10.06x
63.4
25.78x
31.12.2012
836.8
0.61x
111.4
4.57x
61.5
13.95x
111.41
66.58
7.96%
8.96%
5.27%
7.95%
0.72%
8.0%
7.4%
3.00
2.26
3.28%
4.53%
7.40
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.81
0.19
-3.49%
16.85%
0.814
2
4.000
176
197
183
FY+2
12/13 Y
12/14 Y
845.0
865.0
0.69x
0.62x
99.8
111.0
6.08x
5.47x
55.6
64.0
11.53x
14.98x
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
4.5%
4.3%
0.72
2.09
49.46
-
900.0
800.0
1.00
0.80
700.0
600.0
500.0
0.60
400.0
300.0
0.40
0.20
200.0
100.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Metall Zug AG
Holdings By:
All
Holder Name
WEBER WERNER O
STOECKLI URSULA
METALL ZUG AG
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
DORMANN JUERGEN
PICTET & CIE
SCHRODER INVESTMENT
BUHOFER HEINZ M
LB SWISS INVESTMENT
WIPFLI MARTIN
NEXTAM PARTNERS SGR
GOLDMAN SACHS ASSET
Firm Name
Bank Vontobel AG
EVA Dimensions
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
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
CHRISTIAN ARNOLD
CRAIG STERLING
Source
Co File
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
overweight
Amt Held
41'600
17'006
6'475
5'950
3'305
1'986
1'364
835
624
301
300
274
266
256
176
158
148
100
85
70
% Out
16.31
6.67
2.54
2.33
1.3
0.78
0.53
0.33
0.24
0.12
0.12
0.11
0.1
0.1
0.07
0.06
0.06
0.04
0.03
0.03
Weighting
Change
3
5
M
U
Latest Chg
(524)
1
(376)
30
(325)
23
17
85
16
Target Price
2'200
#N/A N/A
File Dt
31.12.2011
31.12.2011
31.01.2013
31.12.2011
31.01.2013
27.03.2013
31.12.2011
31.01.2013
31.03.2013
03.05.2012
31.12.2012
31.01.2013
31.12.2011
21.06.2012
28.12.2012
28.02.2013
31.01.2013
31.03.2013
31.12.2012
28.02.2013
Date
Not Provided
Not Provided
Inst Type
n/a
n/a
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
21.05.2013
17.04.2013
04.07.2013
Vetropack Holding AG
Vetropack Holding AG designs and manufactures glass bottles and containers.
The Company produces beverage bottles, jars, and other glass containers for the
food, chemical, and pharmaceutical industries. Vetropack also offers
production plant engineering, glass packaging design, and recycling services.
Price/Volume
2500
2000
1500
Valuation Analysis
1000
Latest Fiscal Year:

LTM as of:
52-Week High (14.05.2013)
52-Week Low (22.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VET SE EQUITY YTD Change
VET SE EQUITY YTD % CHANGE
12/2012
01/yy
1'990.00
1'581.00
181.00
1847
-7.19%
16.82%
63.08%
0.2
756.97
14.80
0.0
4.5
58.90
717.37
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
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-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
697.8
0.86x
198.3
3.01x
78.5
6.85x
500
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
a-13 m-13
31.12.2009
31.12.2010
671.5
642.6
1.10x
1.11x
158.1
139.2
4.68x
5.13x
78.4
38.7
9.36x
19.45x
Profitability
31.12.2011
589.4
1.09x
128.5
4.99x
59.0
11.39x
31.12.2012
604.4
1.08x
116.3
5.60x
83.6
8.27x
116.30
61.50
10.18%
17.80%
10.87%
13.94%
0.79%
10.2%
13.8%
3.18
1.68
1.92%
2.34%
6.18
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.76
0.21
10.74%
11.52%
0.757
4
3.000
125
285
269
FY+2
12/13 Y
12/14 Y
613.3
634.0
1.15x
1.09x
134.0
141.7
5.37x
5.08x
61.2
65.2
12.52x
11.54x
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
96.92
12.92
2.3%
2.3%
0.79
1.49
59.22
-
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
Vetropack Holding AG
Holdings By:
All
Holder Name
CORNAZ LTD HOLDING O
LB SWISS INVESTMENT
NORGES BANK
CREDIT SUISSE ASSET
IST FUND MANAGERS
UBS FUND MANAGEMENT
OPPENHEIM PRAMERICA
VANGUARD GROUP INC
PICTET & CIE
1741 ASSET MANAGEMEN
PEAR TREE ADVISORS I
PIONEER ASSET MANAGE
Firm Name
Helvea
EVA Dimensions
Bank Vontobel AG
Portfolio Name
#N/A 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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RETO AMSTALDEN
CRAIG STERLING
CHRISTIAN ARNOLD
MARTIN HUESLER
Source
Co File
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
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
underweight
hold
market perform
Amt Held
19'853
11'579
10'465
7'746
3'236
3'086
3'011
2'934
2'500
1'632
1'582
1'300
1'273
1'188
1'100
957
950
886
784
768
% Out
8.49
4.95
4.48
3.31
1.38
1.32
1.29
1.25
1.07
0.7
0.68
0.56
0.54
0.51
0.47
0.41
0.41
0.38
0.34
0.33
Latest Chg
-
Weighting
Change
Target Price
5
1
3
3
M
D
M
M
85
(274)
(164)
577
(48)
3
197
(88)
94
(38)
1
(65)
(8)
(110)
2'100
#N/A N/A
1'800
#N/A N/A
File Dt
31.12.2012
28.02.2013
31.12.2012
28.02.2013
28.02.2013
31.12.2012
31.01.2013
27.03.2013
31.01.2013
31.03.2013
29.03.2013
31.01.2013
31.03.2013
31.01.2013
31.01.2013
31.01.2013
28.03.2013
30.09.2012
31.03.2013
28.02.2013
Date
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
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
Date
08.05.2013
02.05.2013
08.04.2013
27.03.2013
04.07.2013
VZ Holding AG
VZ Holding AG provides independent financial advice to private individuals and
companies. The Company consults on investment, tax and inheritance planning and
provides advice regarding insurance products and coverage.
Price/Volume
140
.0 M
120
.0 M
.0 M
100
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VZN SE EQUITY YTD Change
VZN SE EQUITY YTD % CHANGE
12/2012
01/yy
142.00
85.00
1'833.00
128.9
-9.23%
51.65%
75.44%
8.0
1'031.20
29.87
0.0
0.1
233.24
827.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
60
.0 M
31.12.2009
31.12.2010
110.3
133.1
2.37x
5.15x
49.0
63.9
5.35x
10.71x
37.6
49.3
16.50x
19.14x
Profitability
31.12.2011
143.8
2.76x
66.4
5.99x
51.0
14.89x
31.12.2012
153.6
4.55x
70.3
9.95x
54.3
16.62x
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
70.30
43.52%
43.49%
5.18%
24.93%
23.25%
0.15%
45.8%
35.4%
2.88%
12.72%
-
Price/ Cash Flow
.0 M
20
.0 M
0
m-12
j-12
j-12
LTM-4Q
LTM
01/yy
01/yy
-
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
.0 M
m-13
0.71
2.51
49.44%
14.35%
0.707
5
3.200
3'109
3'634
3'383
FY+2
12/13 Y
12/14 Y
175.3
200.0
84.3
98.5
9.74x
8.33x
63.6
73.1
15.95x
13.87x
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
FQ+1
FQ+2
-2.89
0.42
12.7%
11.3%
0.15
24.46
-
200.00
180.0
180.00
160.0
160.00
140.0
140.00
120.0
120.00
100.0
100.00
80.0
80.00
60.0
60.00
40.0
40.00
20.0
20.00
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
104.7
0.50x
45.2
1.17x
34.3
9.29x
.0 M
80
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
VZ Holding AG
Holdings By:
All
Holder Name
REINHART MATTHIAS
MIGROS GENOSSENSCHAF
FMR LLC
UBS FUND MANAGEMENT
DEUTSCHE BANK AG
DWS INVESTMENT GMBH
PICTET & CIE
KINDLE FRED
STOCKER PETER
BLACKROCK
SCHRODER INVESTMENT
FRIESS TOM
HEIM LORENZ
MAWER INVESTMENT MAN
CREDIT SUISSE ASSET
THURNHERR STEFAN
FELDMANN URS
Firm Name
EVA Dimensions
Bank Vontobel AG
Helvea
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
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
AUSTIN BURKETT
TERESA NIELSEN
ANDREAS BRUN
TIM DAWSON
Source
Co File
Co File
ULT-AGG
Co File
EXCH
Co File
ULT-AGG
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
Co File
Co File
Recommendation
sell
hold
outperform
accumulate
Amt Held
4'860'415
337'600
291'930
266'400
245'000
244'800
240'000
114'186
90'960
81'000
80'943
72'721
70'807
60'091
50'825
50'373
43'210
41'397
31'639
28'076
% Out
60.76
4.22
3.65
3.33
3.06
3.06
3
1.43
1.14
1.01
1.01
0.91
0.89
0.75
0.64
0.63
0.54
0.52
0.4
0.35
Weighting
Change
1
3
5
4
D
M
U
M
Latest Chg
6'079
(4'500)
17'730
13'000
-
Target Price
#N/A N/A
140
#N/A N/A
121
File Dt
31.12.2012
31.12.2012
31.01.2013
31.12.2012
12.11.2010
31.12.2012
31.03.2013
31.01.2013
31.12.2012
31.01.2013
31.12.2012
31.01.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012
30.04.2013
27.03.2013
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
Not Provided
12 month
Inst Type
n/a
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
n/a
n/a
Date
14.03.2013
13.03.2013
05.03.2013
05.03.2013
04.07.2013
Kudelski SA
Kudelski SA designs and manufactures digital security products. The Company
produces digital security systems for digital television operators and content
providers, smart cards for e-commerce, electronic voting and health cards,
software for pay-per-view and video-on-demand television, encryption technology
for digital television, digital recorders, and ticketing and access systems.
Price/Volume
14
.6 M
12
.5 M
10
.4 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KUD SE EQUITY YTD Change
KUD SE EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
.1 M
2
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
1'027.5
0.85x
100.6
8.72x
(14.6)
-
.3 M
12/2012
01/yy
12.88
6.96
37'556.00
11.75
-8.79%
68.83%
74.97%
49.0
630.06
268.76
0.0
9.4
110.09
798.15
31.12.2009
31.12.2010
1'052.3
1'035.2
1.46x
1.25x
139.6
177.2
11.02x
7.32x
49.0
65.7
25.33x
16.24x
Profitability
31.12.2011
873.9
0.79x
89.5
7.76x
(18.1)
-
31.12.2012
844.1
0.80x
99.5
6.83x
16.3
31.48x
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
99.50
35.71
4.23%
2.76%
1.56%
3.84%
3.26%
0.81%
11.8%
4.2%
1.9%
1.82
1.29
29.50%
62.75%
3.98
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.33
34.53
63.77%
25.45%
1.327
8
3.250
48'790
66'125
70'809
FY+2
12/13 Y
12/14 Y
874.4
899.9
0.86x
0.79x
123.7
130.9
6.45x
6.10x
51.8
57.7
12.32x
11.07x
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
.0 M
m-13
FQ+1
FQ+2
6.32
4.63
1.59
2.70
62.7%
38.0%
0.81
5.26
92.06
-
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
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
04.07.2013
Kudelski SA
Holdings By:
All
Holder Name
KUDELSKI ANDRE
NORGES BANK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
UBS FUND MANAGEMENT
SALADINI MAURO
PICTET & CIE
FORWARD MANAGEMENT L
DIGITAL FUNDS
1741 ASSET MANAGEMEN
BLACKROCK
STATE STREET
ROY PIERRE
CIBC GLOBAL ASSET MA
OPPENHEIM PRAMERICA
Firm Name
Helvea
Goldman Sachs
Credit Suisse
EVA Dimensions
Exane BNP Paribas
Bank Vontobel AG
Portfolio Name
n/a
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
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
RETO AMSTALDEN
SIMON F SCHAFER
FELIX REMMERS
ANDREW S ZAMFOTIS
ALEXANDRE FAURE
ANDREAS MUELLER
MICHAEL FOETH
Source
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
Recommendation
buy
neutral/neutral
neutral
hold
neutral
market perform
hold
Amt Held
14'234'423
1'175'484
276'681
267'764
255'768
243'570
227'935
210'000
177'757
159'783
158'232
152'185
141'000
130'579
84'750
72'615
70'057
52'880
46'442
40'000
% Out
29.05
2.4
0.56
0.55
0.52
0.5
0.47
0.43
0.36
0.33
0.32
0.31
0.29
0.27
0.17
0.15
0.14
0.11
0.09
0.08
Weighting
Change
5
3
3
3
3
3
3
M
M
M
D
M
M
M
Latest Chg
76'216
2'424
12'026
19'935
15'000
(355)
12'161
30'758
40'000
11'609
-
Target Price
14
12
11
#N/A N/A
12
#N/A N/A
12
File Dt
16.03.2013
31.12.2012
27.03.2013
28.02.2013
31.01.2013
31.01.2013
31.03.2013
31.01.2013
31.01.2013
31.12.2012
31.01.2013
28.02.2013
28.12.2012
31.01.2013
31.01.2013
21.05.2013
22.05.2013
31.12.2012
31.12.2012
31.01.2013
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
n/a
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Date
17.04.2013
19.03.2013
11.03.2013
05.03.2013
04.03.2013
01.03.2013
01.03.2013
04.07.2013
Liechtensteinische Landesbank AG
Liechtensteinische Landesbank AG attracts deposits and offers corporate and
private banking services. The Bank offers business start-up loans, corporate
financing, home mortgages, asset management services, and investment funds.
Liechtensteinische Landesbank operates in Liechtenstein and Switzerland.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.05.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LLB SE EQUITY YTD Change
LLB SE EQUITY YTD % CHANGE
12/2012
01/yy
42.15
25.50
2'698.00
36.45
-13.52%
42.94%
66.67%
30.8
1'122.66
1'960.37
0.0
100.4
7'897.57
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
40
.2 M
35
.1 M
30
.1 M
25
.1 M
20
.1 M
15
.1 M
10
.0 M
.0 M
0
m-12
31.12.2009
31.12.2010
720.4
605.5
174.2
102.8
11.27x
20.22x
Profitability
31.12.2011
555.0
11.0
109.21x
31.12.2012
584.0
94.2
8.75x
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
22.35%
22.35%
0.44%
6.01%
2.74%
0.03%
19.0%
9.19%
122.75%
-
Price/ Cash Flow
j-12
LTM-4Q
LTM
01/yy
01/yy
-
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
.0 M
m-13
0.75
13.00
8.89%
30.25%
0.753
2
3.000
8'021
11'731
14'620
FY+2
12/13 Y
12/14 Y
383.0
368.0
88.5
97.8
11.72x
10.60x
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
122.7%
53.6%
0.03
3.16
-
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
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
980.8
144.7
9.94x
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
04.07.2013
Liechtensteinische Landesbank AG
Holdings By:
All
Holder Name
PRINCIPALITY OF LIEC
LLB FONDSLEITUNG AG
NORGES BANK
SCHRODER INVESTMENT
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
SCHRODER INVESTMENT
IFM - INDEPENDENT FU
FEHR JOSEF
VANGUARD GROUP INC
MATT ROLAND
MUELLER URS
MAEDER KURT
FORTUNA INVESTMENT A
Firm Name
EVA Dimensions
Main First Bank AG
Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
AUSTIN BURKETT
ANDREAS VENDITTI
KILIAN MAIER
Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
Co File
Co File
MF-AGG
Recommendation
underweight
outperform
suspended coverage
Amt Held
17'771'600
1'377'064
226'520
153'969
135'862
94'670
85'600
55'585
46'567
30'715
23'800
22'999
11'974
8'844
8'707
7'448
5'768
4'860
4'275
4'150
% Out
57.7
4.47
0.74
0.5
0.44
0.31
0.28
0.18
0.15
0.1
0.08
0.07
0.04
0.03
0.03
0.02
0.02
0.02
0.01
0.01
Weighting
Change
1
5
#N/A N/A
D
U
M
Latest Chg
21'224
240
(1'000)
(1'500)
1'824
1'265
-
Target Price
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
31.12.2011
31.12.2011
31.03.2013
28.02.2013
31.12.2012
28.09.2012
27.03.2013
31.01.2013
31.01.2013
31.12.2012
31.03.2013
31.01.2013
31.03.2013
31.12.2011
28.02.2013
31.12.2012
31.12.2011
31.12.2011
31.12.2011
30.04.2013
Date
Not Provided
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
n/a
n/a
n/a
Investment Advisor
Date
21.05.2013
26.03.2013
30.03.2012
04.07.2013
Zehnder Group AG
Zehnder Group AG, through its subsidiaries, manufactures a variety of
radiators. The Company produces bathroom radiators, electric and aluminum
radiators, as well as steel radiators. Zehnder sells its products to the
construction industry.
Price/Volume
70
60
50
40
Valuation Analysis
30
Latest Fiscal Year:

LTM as of:
52-Week High (16.08.2012)
52-Week Low (17.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ZEH SE EQUITY YTD Change
ZEH SE EQUITY YTD % CHANGE
12/2012
01/yy
61.55
38.90
8'337.00
42.8
-30.46%
10.03%
13.25%
9.8
502.30
27.20
0.0
9.5
53.50
390.14
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
454.1
0.40x
34.3
5.32x
2.5
64.00x
20
31.12.2009
31.12.2010
436.5
475.9
0.60x
1.06x
62.0
68.0
4.23x
7.41x
32.8
37.4
8.35x
14.27x
Profitability
31.12.2011
515.4
0.92x
68.9
6.87x
40.0
12.38x
31.12.2012
523.8
0.78x
56.7
7.19x
27.1
15.78x
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
56.70
38.50
7.35%
7.24%
6.66%
11.63%
1.29%
10.8%
7.4%
5.2%
1.98
1.21
6.68%
11.42%
5.88
-
Price/ Cash Flow
.2 M
.2 M
.2 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
m-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.94
9.58
-23.01%
-0.59%
0.943
5
2.600
7'107
12'109
13'242
FY+2
12/13 Y
12/14 Y
536.5
562.3
0.73x
0.69x
58.7
66.3
6.64x
5.87x
29.1
33.8
13.98x
12.02x
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
6.37
2.18
-0.46
0.48
11.4%
9.9%
1.29
3.25
62.29
-
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
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
04.07.2013
Zehnder Group AG
Holdings By:
All
Holder Name
ALECTA PENSIONSFORSA
BESTINVER GESTION SG
BLACKROCK
FMR LLC
SCHRODER INVESTMENT
NORGES BANK
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
MIRABAUD & CIE
IST FUND MANAGERS
ZEHNDER HANS-PETER
VANGUARD GROUP INC
PICTET & CIE
Firm Name
Main First Bank AG
EVA Dimensions
Bank Vontobel AG
Helvea
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
TOBIAS FAHRENHOLZ
CRAIG STERLING
CHRISTIAN ARNOLD
PATRICK APPENZELLER
MARTIN HUESLER
Source
Co File
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
hold
hold
neutral
market perform
Amt Held
849'224
584'320
497'819
417'840
287'742
228'553
224'999
219'795
160'653
154'655
145'206
131'000
117'637
102'776
60'735
56'991
54'320
42'984
40'275
38'000
% Out
8.7
5.99
5.1
4.28
2.95
2.34
2.31
2.25
1.65
1.59
1.49
1.34
1.21
1.05
0.62
0.58
0.56
0.44
0.41
0.39
Weighting
Change
1
3
3
3
3
M
D
M
M
D
Latest Chg
(1'599)
76'418
(642)
(775)
20'655
(101'677)
(9'518)
(395)
3'332
(46'000)
Target Price
42
#N/A N/A
45
48
#N/A N/A
File Dt
Inst Type
16.02.2011
Investment Advisor
21.05.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.01.2013
Investment Advisor
27.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2011
n/a
28.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
25.04.2013
03.04.2013
02.04.2013
22.03.2013
12.11.2012
04.07.2013
LEM Holding SA
Lem Holding SA manufactures electrical components. The Company produces
transducers and sensors which measure high voltage currents, variable speed
drives, uninterrupted power supplies, and testers for semiconductors. Lem's
components are used in locomotives, trams, trolleys, and the French TGV
high-speed trains. The Company sells its products internationally.
Price/Volume
700
.0 M
600
.0 M
500
.0 M
.0 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.06.2013)
52-Week Low (03.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LEHN SE EQUITY YTD Change
LEHN SE EQUITY YTD % CHANGE
03/2013
12/yy
618.00
451.00
470.00
600
-2.91%
33.04%
83.23%
1.1
684.00
0.00
0.0
0.0
27.63
656.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
200
.0 M
100
.0 M
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
196.8
0.74x
38.8
3.73x
23.8
7.17x
.0 M
300
31.03.2010
31.03.2011
185.5
296.2
1.94x
2.09x
24.1
62.4
14.95x
9.91x
10.5
39.6
36.96x
16.43x
Profitability
LTM-4Q
31.03.2012
236.3
2.30x
42.5
12.78x
28.5
19.69x
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
31.03.2013
235.0
2.74x
48.7
13.20x
32.6
20.54x
48.70
41.04
17.47%
16.83%
23.95%
39.09%
1.73%
42.0%
17.5%
13.9%
2.06
1.47
0.00%
0.00%
5.51
5.43
Price/ Cash Flow
12/yy
228.8
0.00x
0.0
0.00x
24.6
0.00x
LTM
12/yy
235.0
0.00x
0.0
0.00x
36.5
15.61x
FY+1
.0 M
m-13
0.71
0.61
27.71%
24.67%
0.705
3
3.000
440
605
563
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
03/13 Q4 06/13 Q1
262.0
284.5
75.7
2.52x
2.29x
56.3
66.0
11.67x
9.95x
40.6
44.7
18.67x
15.24x
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
918.87
783.40
0.0%
0.0%
1.73
9.48
66.19
67.24
47.40
86.04
25.00
350.0
300.0
20.00
250.0
15.00
200.0
150.0
10.00
100.0
5.00
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
03.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
04.07.2013
LEM Holding SA
Holdings By:
All
Holder Name
WEBER WERNER O
7 INDUSTRIES HOLDING
SARASIN
STUDER ERWIN
MONTANARO GROUP
IMPAX ASSET MANAGEME
RUFFER LLP
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
BANQUE DE LUXEMBOURG
PARVEST INVESTMENT M
PICTET & CIE
VANGUARD GROUP INC
RUTISHAUSER PETER
COLOMBEL LUC
BARCLAYS MULTI-MANAG
Firm Name
Berenberg Bank
Kepler Cheuvreux
EVA Dimensions
Bank Vontobel AG
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
FREDERIK BITTER
CHRISTOPH LADNER
ANDREW S ZAMFOTIS
ANDY SCHNYDER
Source
Co File
Co File
ULT-AGG
EXCH
EXCH
Co File
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
Co File
MF-AGG
Recommendation
hold
hold
hold
not rated
Amt Held
382'500
144'581
101'044
100'000
58'289
56'777
38'216
34'112
8'711
7'891
5'834
5'583
5'200
4'445
3'637
3'368
2'721
2'606
2'100
2'000
% Out
33.55
12.68
8.86
8.77
5.11
4.98
3.35
2.99
0.76
0.69
0.51
0.49
0.46
0.39
0.32
0.3
0.24
0.23
0.18
0.18
Weighting
Change
3
3
3
#N/A N/A
M
M
M
M
Latest Chg
3'038
98
2'093
(327)
179
274
-
Target Price
600
600
#N/A N/A
#N/A N/A
File Dt
31.03.2012
31.03.2012
31.03.2012
27.06.2012
15.10.2012
31.03.2012
28.02.2013
14.08.2012
27.12.2012
28.02.2013
31.01.2013
27.03.2013
28.03.2013
30.11.2012
31.01.2013
31.01.2013
31.03.2013
31.03.2012
31.03.2012
30.04.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
n/a
Holding Company
Unclassified
n/a
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
n/a
n/a
Investment Advisor
Date
01.05.2013
24.04.2013
17.01.2013
27.09.2012
04.07.2013
Bossard Holding AG
Bossard Holding AG supplies fastening devices, industrial adhesives, and tools.
The Company offers its customers engineering assistance in solving fastening
problems. Bossard markets its products in Europe, the United States, and Asia.
Price/Volume
160
.0 M
140
.0 M
120
.0 M
.0 M
100
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BOS SE EQUITY YTD Change
BOS SE EQUITY YTD % CHANGE
12/2012
03/yy
155.68
99.58
1'540.00
144.3
-7.31%
44.90%
72.04%
3.3
577.20
227.81
0.0
3.4
25.63
782.81
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60
.0 M
20
.0 M
0
m-12
j-12
LTM-4Q
31.12.2009
31.12.2010
379.9
458.7
0.57x
0.78x
30.5
57.8
7.15x
6.22x
15.1
44.3
11.77x
7.39x
Profitability
31.12.2011
457.7
0.74x
60.1
5.67x
44.3
6.85x
31.12.2012
471.2
1.29x
58.1
10.50x
42.9
9.32x
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
58.08
47.63
10.11%
10.42%
12.12%
34.38%
16.95%
1.33%
39.8%
12.3%
10.1%
9.1%
1.43
0.57
60.54%
488.02%
5.70
1.84
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
03/yy
156.1
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
m-13
3.67
1.10
1.17
36.16%
21.02%
1.098
5
3.400
2'897
3'914
4'793
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
601.8
641.5
1.14x
1.05x
79.9
86.4
9.80x
9.06x
51.6
56.8
9.59x
9.26x
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
25.72
16.21
3.48
3.92
488.0%
82.0%
1.33
6.24
64.19
199.43
44.61
219.01
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
.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
542.8
0.44x
57.0
4.19x
32.1
4.27x
.0 M
.0 M
80
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
04.07.2013
Bossard Holding AG
Holdings By:
All
Holder Name
BOSSARD FAMILIES
KOLIN HOLDING AG
SARASIN
BOSSARD HOLDING AG
UBS FUND MANAGEMENT
MIRABAUD & CIE
CREDIT SUISSE ASSET
JP MORGAN
VANGUARD GROUP INC
WETTER-BOSSARD HELEN
GROB BEATRICE
DEAN DAVID
PICTET & CIE
SIF SWISS INVESTMENT
Firm Name
Berenberg Bank
Bank Vontobel AG
Helvea
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ARMIN RECHBERGER
FREDERIK BITTER
PATRICK RAFAISZ
STEFAN GAECHTER
CRAIG STERLING
Source
Co File
EXCH
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
hold
neutral
underweight
Amt Held
1'502'900
407'455
267'737
185'000
58'251
51'817
23'500
19'598
15'225
14'165
13'379
12'910
11'545
10'555
10'038
9'214
8'600
8'248
8'000
5'995
% Out
45.2
12.25
8.05
5.56
1.75
1.56
0.71
0.59
0.46
0.43
0.4
0.39
0.35
0.32
0.3
0.28
0.26
0.25
0.24
0.18
Weighting
Change
5
5
3
3
1
M
M
M
M
U
Latest Chg
1'201
78
(500)
2'509
13'317
2'936
(521)
4'079
(115)
1'054
(1'000)
2'000
Target Price
#N/A N/A
170
150
143
#N/A N/A
File Dt
31.12.2012
22.03.2013
31.01.2013
31.12.2012
31.01.2013
28.02.2013
31.12.2012
27.03.2013
31.01.2013
31.03.2013
31.01.2013
31.01.2013
31.03.2013
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.01.2013
30.04.2012
27.03.2013
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
n/a
Other
Unclassified
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
07.05.2013
01.05.2013
16.04.2013
15.04.2013
21.03.2013
04.07.2013
AFG Arbonia-Forster Holding AG

AFG Arbonia-Forster Holding AG has positions as an integrated construction
industry supplier, and in selected areas of technology. The Company is
comprised of five divisions: Heating Technology and Sanitary Equipment,
Kitchens and Refrigeration, Windows and Doors, Steel Technology and Surface
Technology. AFG has a presence in countries worldwide.
Price/Volume
30
25
20
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.04.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AFGN SE EQUITY YTD Change
AFGN SE EQUITY YTD % CHANGE
12/2012
01/yy
27.60
15.30
34'778.00
25.8
-6.52%
68.63%
86.99%
18.2
470.22
395.19
0.0
0.8
264.06
602.13
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
1'570.6
0.44x
153.2
4.55x
48.0
5.31x
10
31.12.2009
31.12.2010
1'384.2
1'413.5
0.49x
0.49x
106.0
121.1
6.38x
5.77x
(22.5)
14.1
36.25x
Profitability
31.12.2011
1'265.0
0.38x
101.2
4.73x
(70.2)
-
31.12.2012
1'215.5
0.45x
109.6
4.94x
(74.5)
-
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
109.62
-17.80
-1.46%
-4.18%
-6.17%
-16.03%
1.01%
9.0%
-1.5%
-6.1%
2.04
1.29
34.56%
90.84%
11.44
-
Price/ Cash Flow
.2 M
.2 M
.2 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
m-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.62
14.21
44.54%
11.69%
1.618
6
4.000
22'359
20'941
28'681
FY+2
12/13 Y
12/14 Y
1'333.0
1'364.4
0.49x
0.45x
119.4
134.2
5.04x
4.49x
35.1
46.1
12.85x
9.77x
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
FQ+1
FQ+2
5.98
2.94
1.20
3.61
90.8%
47.6%
1.01
2.53
32.00
-
12.00
1'800.0
1'600.0
10.00
1'400.0
1'200.0
8.00
1'000.0
6.00
800.0
600.0
4.00
400.0
2.00
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
04.07.2013
AFG Arbonia-Forster Holding AG

Holdings By:
All
Holder Name
OEHLER EDGAR
AFG ARBONIA FORSTER
UBS FUND MANAGEMENT
NORGES BANK
IST FUND MANAGERS
PETERCAM SA
LLB FONDSLEITUNG AG
CREDIT SUISSE ASSET
VANGUARD GROUP INC
PICTET & CIE
SIF SWISS INVESTMENT
MUNDER CAPITAL MANAG
Firm Name
Helvea
Bank Vontobel AG
EVA Dimensions
Main First Bank AG
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PATRICK APPENZELLER
CHRISTIAN ARNOLD
CRAIG STERLING
TOBIAS FAHRENHOLZ
MARTIN HUESLER
Source
EXCH
Co File
Co File
EXCH
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
MF-AGG
Recommendation
buy
buy
hold
underperform
outperform
Amt Held
3'353'893
716'266
570'461
549'831
409'483
381'035
343'488
309'221
293'917
293'689
163'700
123'225
118'756
83'368
67'100
65'410
65'000
60'000
55'000
39'916
% Out
18.4
3.93
3.13
3.02
2.25
2.09
1.88
1.7
1.61
1.61
0.9
0.68
0.65
0.46
0.37
0.36
0.36
0.33
0.3
0.22
Weighting
Change
5
5
3
1
5
M
U
D
M
U
Latest Chg
(508'459)
17'327
40'000
371
999
30'200
(4'275)
730
(18'250)
(13'000)
10'000
39'916
Target Price
35
31
#N/A N/A
25
#N/A N/A
File Dt
19.04.2013
31.12.2011
31.12.2011
11.03.2013
31.12.2012
31.03.2013
31.03.2013
31.01.2013
28.02.2013
31.01.2013
31.01.2013
31.03.2013
27.03.2013
31.03.2013
28.03.2013
31.01.2013
31.01.2013
31.01.2013
30.04.2012
31.03.2013
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
n/a
Investment Advisor
Holding Company
Investment Advisor
Government
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
Date
18.04.2013
02.04.2013
21.03.2013
06.03.2013
22.05.2012
04.07.2013
Zug Estates Holding AG

Zug Estates Holding AG is a holding company. The Company, through it
subsidiaries, plan, develop, market and manage real estate properties. Zug
Estates operates its own hotels, services apartments and associated restaurants.
Price/Volume
1400
.0 M
1200
.0 M
1000
.0 M
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.07.2012)
52-Week Low (24.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ZUGN SE EQUITY YTD Change
ZUGN SE EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
-
.0 M
400
.0 M
200
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-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
.0 M
600
12/2012
01/yy
1'318.85
1'111.00
547.00
1190
-9.77%
7.11%
39.45%
0.3
603.97
250.00
0.0
0.0
75.69
778.29
31.12.2010
Profitability
31.12.2011
44.5
22.1
50.1
-
31.12.2012
26.2
29.69x
9.9
78.48x
41.1
14.89x
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
9.90
7.78
29.73%
187.75%
4.48%
7.09%
4.95%
0.03%
37.8%
157.1%
26.43%
41.53%
-
Price/ Cash Flow
0.29
-6.29%
0.35%
1
3.000
217
250
204
LTM-4Q
LTM
FY+1
FY+2
FQ+1
01/yy
01/yy
12/13 Y
12/14 Y
46.8
44.3
13.70x
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+2
-
17.61
25.25
41.5%
29.3%
0.03
-
60.00
50.0
45.0
50.00
40.0
35.0
40.00
30.0
30.00
25.0
20.0
20.00
15.0
10.0
10.00
0.00
01.01.2010
5.0
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
04.07.2013
Zug Estates Holding AG

Holdings By:
All
Holder Name
BUHOFER TRUST II
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
SCHRODER INVESTMENT
PICTET & CIE
VANGUARD GROUP INC
LB SWISS INVESTMENT
UNIVERSAL INVESTMENT
GERIFONDS SA
UBS ETF
BLACKROCK
Firm Name
Bank Vontobel AG
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
STEFAN SCHUERMANN
Source
EXCH
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
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
Amt Held
24'796
6'822
6'597
2'158
1'830
1'726
1'453
1'310
300
297
254
250
244
170
131
93
70
54
52
25
% Out
7.87
2.16
2.09
0.68
0.58
0.55
0.46
0.42
0.1
0.09
0.08
0.08
0.08
0.05
0.04
0.03
0.02
0.02
0.02
0.01
Weighting
Change
3
Latest Chg
859
(24)
3
1'726
44
165
20
36
40
244
9
-
Target Price
1'380
File Dt
07.05.2013
31.01.2013
27.03.2013
31.01.2013
28.02.2013
31.12.2012
31.01.2013
31.03.2013
31.12.2012
31.01.2013
28.02.2013
28.12.2012
28.12.2012
31.12.2012
31.03.2013
28.02.2013
31.01.2013
21.05.2013
31.01.2013
31.01.2013
Date
Not Provided
Inst Type
n/a
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.11.2012
04.07.2013
Intershop Holdings
Intershop Holding AG invests in Swiss property, primarily commercial real
estate. The Company's portfolio includes properties in Zurich, Berne and
Geneva and other business centers. Intershop also develops and buys and sells
real estate.
Price/Volume
350
300
250
200
Valuation Analysis
150
Latest Fiscal Year:

LTM as of:
52-Week High (02.04.2013)
52-Week Low (20.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IS SE EQUITY YTD Change
IS SE EQUITY YTD % CHANGE
12/2012
01/yy
339.00
310.00
602.00
320
-5.60%
3.23%
31.90%
2.1
672.00
538.86
0.0
0.0
23.78
1'187.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
50
0
m-12
31.12.2009
31.12.2010
89.4
143.4
12.81x
7.97x
65.6
85.3
17.47x
13.39x
50.6
57.6
12.38x
11.06x
Profitability
31.12.2011
89.6
12.99x
66.6
17.48x
55.0
12.22x
31.12.2012
89.3
13.40x
69.5
17.22x
56.1
12.15x
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
69.52
69.52
60.19%
77.06%
4.49%
10.25%
5.20%
0.08%
63.0%
62.8%
42.62%
97.21%
-
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.34
1.02
4.33%
4.73%
0.340
3
3.000
2'333
2'786
2'895
FY+2
12/13 Y
12/14 Y
87.1
93.6
13.90x
12.70x
71.3
77.7
16.66x
15.28x
45.4
49.7
14.81x
13.53x
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
FQ+1
FQ+2
4.41
0.22
8.51
8.90
97.2%
49.3%
0.08
-
20.00
160.0
18.00
140.0
16.00
120.0
14.00
100.0
12.00
10.00
80.0
8.00
60.0
6.00
40.0
4.00
20.0
2.00
0.00
01.01.2010
j-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
115.9
9.77x
65.9
17.18x
58.9
10.16x
100
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
m-13
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
04.07.2013
Intershop Holdings
Holdings By:
All
Holder Name
PATINEX AG
CPV/CAP PENSIONSKASS
RELAG HOLDING AG
GENERAL ORIENTAL INV
GRAPAL HOLDING AG
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
VANGUARD GROUP INC
PICTET & CIE
SCHNEUWLY CYRILL M
LLB FONDSLEITUNG AG
MARMET DIETER
WIRZ ANDREAS
OYSTER ASSET MANAGEM
JP MORGAN
Firm Name
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
MARKUS WAEBER
AUSTIN BURKETT
Source
Co File
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
market perform
hold
Amt Held
840'000
210'000
92'400
71'400
65'100
36'078
12'992
11'829
6'400
6'026
4'962
4'831
3'950
3'000
1'918
1'700
1'452
1'383
1'284
1'045
% Out
40
10
4.4
3.4
3.1
1.72
0.62
0.56
0.3
0.29
0.24
0.23
0.19
0.14
0.09
0.08
0.07
0.07
0.06
0.05
Weighting
Change
3
3
M
U
Latest Chg
(74)
209
46
380
1
1'250
117
506
Target Price
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2011
Private Equity
31.12.2011
Holding Company
31.12.2011
Unclassified
31.12.2011
Unclassified
27.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2011
n/a
31.03.2013
Investment Advisor
31.12.2011
n/a
31.12.2011
n/a
22.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
30.11.2012
Investment Advisor
30.06.2012
Investment Advisor
Date
Not Provided
Not Provided
Date
05.03.2013
12.02.2013
04.07.2013
U-Blox AG
U-Blox AG develops global positioning systems (GPS) for a range of markets. The
Company develops systems for navigation, automatic vehicle location, security,
traffic navigation, security, traffic control, location based services, timing,
and surveying.
Price/Volume
70
.2 M
60
.2 M
.1 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.07.2013)
52-Week Low (09.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UBXN SE EQUITY YTD Change
UBXN SE EQUITY YTD % CHANGE
12/2012
12/yy
64.90
36.31
12'986.00
64
-1.39%
76.25%
95.10%
6.3
403.52
2.83
0.0
0.0
60.59
345.76
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
30
.1 M
.1 M
20
.0 M
10
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
74.5
0.47x
12.9
2.71x
8.8
13.68x
.1 M
40
LTM-4Q
31.12.2009
31.12.2010
73.5
112.8
1.35x
2.12x
14.1
30.7
7.04x
7.79x
3.3
12.9
49.53x
24.30x
Profitability
31.12.2011
124.7
1.41x
29.8
5.91x
16.5
15.61x
31.12.2012
173.1
1.09x
37.1
5.10x
17.2
14.29x
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
37.08
24.84
14.35%
12.44%
9.68%
12.00%
0.97%
46.9%
14.3%
9.9%
4.00
3.08
1.47%
1.89%
8.88
4.63
Price/ Cash Flow
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
12/yy
112.8
0.00x
0.0
0.00x
12.9
0.00x
FY+1
.0 M
m-13
0.76
5.62
69.63%
66.81%
0.758
4
3.500
28'317
25'729
28'889
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
215.7
241.3
1.58x
1.36x
43.0
48.9
8.03x
7.08x
22.0
26.9
18.59x
15.84x
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
1612.00
1423.78
1.9%
1.9%
0.97
27.90
41.23
79.07
29.12
91.18
35.00
200.0
180.0
30.00
160.0
25.00
140.0
120.0
20.00
100.0
80.0
15.00
60.0
10.00
40.0
5.00
0.00
01.01.2010
20.0
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
04.07.2013
U-Blox AG
Holdings By:
All
Holder Name
LB SWISS INVESTMENT
DUBACH WERNER
BLACKROCK
UBS FUND MANAGEMENT
SWISS REINSURANCE
MIRABAUD & CIE
CREDIT SUISSE ASSET
SEILER THOMAS
THIEL ANDREAS
WYSS JEAN-PIERRE
AMMANN DANIEL
MUELLER HANS-ULRICH
TROSTER GERHARD
VANGUARD GROUP INC
PICTET & CIE
CB-ACCENT LUX SICAV
FAHRNI FRITZ
Firm Name
Credit Suisse
EVA Dimensions
Bank Vontobel AG
Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
FELIX REMMERS
ANDREW S ZAMFOTIS
ANDREAS MUELLER
MICHAEL FOETH
Source
Co File
Co File
ULT-AGG
Co File
Co File
EXCH
MF-AGG
MF-AGG
Co File
Co File
Co File
Co File
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Recommendation
outperform
hold
outperform
hold
Amt Held
398'953
312'794
234'874
197'916
190'424
174'786
133'413
124'352
96'748
62'860
60'110
56'000
50'000
38'151
35'760
28'189
21'663
20'000
11'000
10'271
% Out
6.33
4.96
3.73
3.14
3.02
2.77
2.12
1.97
1.53
1
0.95
0.89
0.79
0.61
0.57
0.45
0.34
0.32
0.17
0.16
Weighting
Change
5
3
5
3
M
D
M
M
Latest Chg
11'329
(320)
4'334
(5'665)
-
Target Price
63
#N/A N/A
#N/A N/A
52
File Dt
31.12.2012
31.12.2012
21.05.2013
31.12.2012
31.12.2012
29.04.2013
31.12.2012
27.03.2013
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
28.03.2013
31.12.2011
31.03.2013
31.01.2013
30.04.2013
31.12.2011
31.01.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
n/a
n/a
n/a
n/a
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
13.05.2013
12.04.2013
22.03.2013
22.03.2013

Fundamental Equity Analysis - SPI Index - Swiss Performance Index Top 100 Companies

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Fundamental Equity Analysis - SPI Index - Swiss Performance Index Top 100 Companies

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This material does not constitute investment advice and should not be

viewed as a current or past recommendation or a solicitation of an

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

ROCHE HOLDING AG-GENUSSCHEIN

CIE FINANCIERE RICHEMON-BR A

CREDIT SUISSE GROUP AG-REG

ZURICH INSURANCE GROUP AG

SWATCH GROUP AG/THE-BR

WEATHERFORD INTL LTD

JULIUS BAER GROUP LTD

SCHINDLER HOLDING-PART CERT

KUEHNE & NAGEL INTL AG-REG

SWATCH GROUP AG/THE-REG

SONOVA HOLDING AG-REG

BALOISE HOLDING AG - REG

SWISS PRIME SITE-REG

PARTNERS GROUP HOLDING AG

SWISS LIFE HOLDING AG-REG

LINDT & SPRUENGLI AG-REG

LONZA GROUP AG-REG

PSP SWISS PROPERTY AG-REG

LINDT & SPRUENGLI AG-PC

SCHINDLER HOLDING AG-REG

HELVETIA HOLDING AG-REG

EMS-CHEMIE HOLDING AG-REG

OC OERLIKON CORP AG-REG

BARRY CALLEBAUT AG-REG

PARGESA HOLDING SA-BR

FLUGHAFEN ZUERICH AG-REG

DKSH HOLDING LTD

BUCHER INDUSTRIES AG-REG

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

TEMENOS GROUP AG-REG

NOBEL BIOCARE HOLDING AG-REG

ALLREAL HOLDING AG-REG

BANQUE CANTONALE VAUDOIS-REG

KABA HOLDING AG-REG B