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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


offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis &


Analyst Recommendations
QMS Advisors HDAX FlexIndex
August 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

15542560

2063.949

1115

1115

203

220

220

103.82

110.30

110.30

16.32

16.32

15.36

15.36

18.57

Euro Stoxx 50 Pr

EUR

2834541

5821.056

4627

4627

756

788

788

224.74

298.31

298.31

22.26

18.97

16.76

16.76

20.68

NIKKEI 225

JPY

2747255

190.3515

196

196

19

22

22

6.13

8.05

8.05

0.24

0.24

0.18

0.18

0.12

FTSE 100 INDEX

GBP

2825284

12239.81

10133

10133

1471

1653

1653

568.27

799.70

799.70

27.75

22.57

19.72

19.72

21.98

SWISS MARKET INDEX

CHF

1087020

11076.23

4130

4130

943

857

857

443.54

559.99

559.99

20.72

17.65

16.41

16.41

23.84

S&P/TSX COMPOSITE INDEX

CAD

1651860

17014.96

7380

7380

1834

1929

1929

722.96

800.41

800.41

16.26

16.26

14.69

14.69

24.11

S&P/ASX 200 INDEX

AUD

1291622

6050.025

2653

2653

543

672

672

195.97

316.42

316.42

21.78

15.50

13.49

13.49

19.90

HANG SENG INDEX

HKD

1736331

3209.65

1667

1667

354

395

395

277.24

270.32

270.32

1.35

1.46

1.39

1.39

2.89

MSCI EM

USD

7282698

1354.316

999

999

185

186

186

83.50

88.68

88.68

11.57

11.82

10.89

10.89

18.95

ADIDAS AG

EUR

23637

209

23.75

19987

21330

1930

1979

776

776

3.34

3.49

5.86

7.00

42.96

42.96

25.57

21.39

15.53

8.54

27.48

6.00

13.49

ADVA OPTICAL NETWORKING SE

EUR

264

48

0.21

438

421

436

468

60

49

17

17

0.46

0.23

0.19

0.29

31.88

30.14

37.77

25.53

8.15

11.51

26.64

7.16

15.54

CARL ZEISS MEDITEC AG - BR

EUR

2701

81

2.78

1143

1157

1195

1284

187

189

1.17

1.22

1.40

1.57

36.11

36.11

31.43

28.06

18.01

9.93

19.79

15.11

21.61

AIXTRON SE

EUR

1721

64

101

1.43

302

299

298

497

-144

-220

-3

-3

-1.91

-2.74

-1.02

0.39

57.46

-83.14

37.36

-97.84

ALLIANZ SE-REG

EUR

71357

13

453

38

16

95.32

127297

128631

138411

142253

15.41

32.07

17.28

17.83

6.47

12.09

12.02

11.65

13.10

4.39

AA

27.01.2012

Aa3

03.05.2004

AAREAL BANK AG

EUR

1693

60

38

34.16

1570

1497

886

933

905

2.32

2.27

2.19

2.76

16.54

16.54

17.14

13.61

-16.04

-15.48

-17.52

-24.50

WR

26.03.2012

BASF SE

EUR

82837

48

918

17

100.63

95624

97500

98261

94613

12819

2974

2974

6.96

6.51

7.14

7.83

18.37

18.37

16.76

15.28

-2.47

5.23

-24.45

-2.12

A+

10.05.2011

A1

17.11.2010

BAYER AG-REG

EUR

95248

18

827

13

107.08

52711

53232

54279

57272

11933

11799

2421

2421

7.41

4.65

7.62

8.60

32.81

23.24

20.04

17.75

11.73

5.65

0.56

8.21

29.39

A-

30.04.2008

A3

17.07.2006

BB BIOTECH AG-REG

EUR

1715

BECHTLE AG

EUR

1052

21

1.01

2780

2846

2935

3086

136

132

144

144

3.57

3.40

3.92

4.40

19.54

19.54

16.94

15.10

6.78

11.89

2.56

9.86

6.22

BEIERSDORF AG

EUR

23015

27

227

20.91

8007

8141

8274

8734

1248

1326

333

333

2.70

2.81

3.09

3.52

43.08

43.08

39.18

34.43

9.58

0.37

16.12

4.34

21.59

BAYERISCHE MOTOREN WERKE AG

EUR

63123

34

656

92

17

139.32

101880

101354

103540

108351

15927

15544

10.30

10.45

10.43

10.75

12.49

12.49

12.51

12.14

15.46

8.80

3.83

12.34

20.33

16.04.2012

A2

22.07.2011

BRENNTAG AG

EUR

8183

52

10.29

12846

12963

13250

13932

932

903

248

248

8.60

8.09

8.65

9.90

26.05

26.05

24.32

21.28

15.44

9.28

15.39

9.23

BBB-

09.06.2011

HUGO BOSS AG -ORD

EUR

8644

69

8.97

3110

3154

3305

3588

698

704

255

255

6.05

5.90

6.59

7.57

27.59

26.89

24.70

21.51

18.48

14.74

16.45

17.05

29.59

BAYWA-BAYERISCHE WARENVERMIT

EUR

1734

34

4.13

13961

18126

21144

22038

442

39107

130

130

5.13

5.77

3.90

4.22

11.50

10.80

17.00

15.71

13.08

19.76

33.05

16.37

286.02

COMMERZBANK AG

EUR

12110

131

779

312

64

26517

25292

12719

13201

-0.01

-1.52

0.50

1.15

28.06

12.31

-9.02

-7.53

A-

28.05.2013

Baa1

23.04.2013

CELESIO AG

EUR

3552

97

170

5.74

29525

28838

28622

29063

812

797

192

192

1.16

1.23

1.59

1.81

22.45

17.49

17.28

15.24

0.71

0.38

6.28

-9.30

3.62

CANCOM SE

EUR

351

11

0.35

740

749

769

804

37

37

40

40

1.52

1.60

1.74

2.01

25.44

25.44

23.38

20.29

3.34

17.76

16.22

42.58

6.73

CONTINENTAL AG

EUR

31567

200

13

41.96

43399

43490

45042

47819

6536

6608

12.73

13.42

14.13

15.94

15.60

15.32

14.80

13.12

9.70

10.07

20.24

18.78

20.14

BB

24.05.2013

Ba1

12.08.2013

DAIMLER AG-REGISTERED SHARES

EUR

77468

61

1068

112

20

170.10

151527

151393

155537

166276

16092

14462

7.52

8.31

6.31

7.34

11.55

11.55

15.23

13.08

9.65

6.01

-0.85

-6.87

12.66

A-

23.02.2012

A3

01.10.2007

DEUTSCHE BOERSE AG

EUR

13873

184

15.30

2913

2890

2774

2939

1432

1316

374

374

4.55

4.34

4.86

5.47

21.98

22.05

19.61

17.42

-6.38

-4.81

-17.17

-5.08

60.38

AA

13.02.2012

WR

17.05.2006

DEUTSCHE BANK AG-REGISTERED

EUR

46069

123

929

369

195

69334

65372

44521

45380

4.10

0.24

5.15

6.18

251.04

25.50

11.63

9.69

-0.91

-8.91

02.07.2013

A2

21.06.2012

DEUTSCHE EUROSHOP AG

EUR

2310

54

3.89

286

273

266

275

243

231

54

54

2.97

3.21

2.49

2.57

17.70

18.75

22.78

22.08

15.77

13.20

11.99

23.39

112.05

DIALOG SEMICONDUCTOR PLC

EUR

1236

37

65

1.07

1026

1033

1141

1358

166

166

1.26

1.15

1.40

1.95

27.68

27.45

22.87

16.34

61.93

49.02

58.89

21.28

DEUTSCHE POST AG-REG

EUR

35126

62

1209

39.40

73594

73590

75900

79127

5222

5382

1328

1328

1.94

2.02

1.96

2.11

19.11

20.67

19.68

18.23

6.73

1.23

9.83

-3.20

9.70

NR

27.11.2012

WR

31.07.2006

DRILLISCH AG

EUR

1005

10

49

1.21

429

407

401

409

82

84

92

92

0.61

4.28

1.07

1.43

5.85

5.85

23.33

17.53

-9.65

-3.76

26.96

12.25

26.70

DRAEGERWERK AG - PREF

EUR

1889

17

2.14

3147

3184

3227

3348

397

382

382

382

10.12

9.59

9.88

11.05

17.91

18.18

17.37

15.53

6.91

6.08

11.24

14.19

15.91

DEUTSCHE TELEKOM AG-REG

EUR

58384

200

4319

59

124.72

77117

77290

78117

79088

23503

23198

5909

5909

1.33

-1.56

0.86

0.93

12.69

20.29

18.67

-1.09

0.25

-16.24

1.97

39.79

BBB+

19.05.2008

Baa1

22.12.2011

DUERR AG

EUR

2488

35

2.50

3182

3140

3333

3432

273

287

78

78

4.12

4.48

4.84

5.00

21.27

21.22

19.69

19.05

32.96

16.72

54.55

31.77

12.11

NR

01.11.2010

DEUTSCHE WOHNEN AG-BR

EUR

3197

146

6.77

599

667

499

524

247

279

85

85

1.52

1.27

0.97

1.10

19.46

19.46

25.46

22.46

21.90

10.17

40.29

14.55

58.67

EADS NV

EUR

15

74877

76731

77761

82877

5206

5782

1726

1726

3.54

4.83

22.32

16.37

19.84

9.78

31.56

30.63

9.99

A-

22.09.2010

(P)A2

06.12.2012

E.ON SE

EUR

33173

188

1907

34

61.01

175120

174114

155967

156415

11193

13212

2.40

1.63

1.69

1.71

13.48

8.73

13.05

12.85

22.46

13.07

129.62

-6.98

10.06

A-

27.07.2012

A3

05.10.2011

EUROMICRON AG

EUR

149

0.26

438

438

469

498

33

33

40

40

1.71

1.63

2.36

2.98

18.15

18.15

12.52

9.92

10.74

21.24

-24.09

14.57

9.91

EVOTEC AG

EUR

429

119

0.38

116

109

129

147

20

20

0.05

-0.03

0.07

0.14

68.29

35.48

11.81

31.86

-56.67

1.93

FIELMANN AG

EUR

4372

42

3.94

1468

1476

1542

1622

285

285

3.99

3.99

4.25

4.56

34.58

34.58

32.44

30.29

6.75

6.57

4.17

7.13

25.61

FRESENIUS MEDICAL CARE AG &

EUR

20558

11

307

11

29.02

18295

18825

19336

20206

3741

3728

933

933

5.13

4.40

4.88

5.13

26.30

26.46

23.73

22.55

12.97

8.33

9.53

10.26

26.25

BB+

19.09.2012

FREENET AG

EUR

3155

12

128

3.87

4095

4226

4281

4314

467

468

118

118

1.80

2.13

2.44

2.56

15.30

15.30

13.41

12.74

-7.21

36.47

6.22

13.61

14.69

FUCHS PETROLUB SE -PREF

EUR

5280

71

5.17

2412

2412

2488

2601

409

421

121

121

3.87

3.95

4.09

4.38

26.69

26.69

25.76

24.10

13.45

8.24

10.49

9.67

23.13

FRAPORT AG FRANKFURT AIRPORT

EUR

6212

92

11.49

3237

3315

3416

3504

1131

1143

3.46

3.35

3.23

3.77

26.61

22.30

27.64

23.67

3.96

6.98

7.52

9.07

45.69

FRESENIUS SE & CO KGAA

EUR

22578

178

15

43.17

25573

26569

27378

28872

4983

4983

1291

1291

6.41

7.11

7.81

8.74

23.63

23.50

21.51

19.20

23.73

16.05

21.38

17.39

25.83

BB+

19.09.2012

WR

30.04.2006

GEA GROUP AG

EUR

8067

192

8.68

7583

7610

7829

8173

843

898

2.26

2.45

2.66

3.02

22.65

23.03

20.85

18.41

4.01

9.19

11.58

15.64

BILFINGER SE

EUR

4579

44

5.21

11280

11280

11538

12088

917

917

8.49

8.26

7.31

8.27

15.97

15.53

18.05

15.94

4.85

0.87

47.87

21.69

10.78

BBB+

23.10.2012

GAGFAH SA

EUR

2596

22

195

9.27

1407

1407

1078

1142

475

463

0.37

0.13

0.63

0.78

121.32

89.79

25.21

20.31

-25.11

-0.04

-4.88

28.71

43.63

GSW IMMOBILIEN AG

EUR

2102

51

4.46

422

439

333

337

216

224

51

51

2.33

4.10

2.26

2.36

13.47

24.17

24.39

23.40

-3.41

0.71

-0.21

67.58

GILDEMEISTER AG

EUR

1358

60

1.35

2701

2778

2760

2855

219

240

148

148

1.74

1.78

1.85

2.07

16.84

16.84

16.16

14.48

27.47

7.42

22.96

1.34

11.44

NR

23.09.2009

GERRY WEBER INTL AG

EUR

2113

46

2.07

1064

1101

1155

1282

178

176

2.29

2.21

2.44

2.92

27.56

27.39

25.03

20.88

18.78

11.14

23.06

22.36

21.17

GERRESHEIMER AG

EUR

1933

31

2.66

1616

1671

1715

1825

302

310

85

85

2.55

2.47

3.53

4.28

33.10

33.10

23.09

19.09

15.06

4.70

11.62

4.13

24.59

BBB-

23.02.2011

Ba1

17.05.2011

HEIDELBERGCEMENT AG

EUR

14626

10

188

11

25.39

18587

18560

19063

20087

3343

3684

1180

1180

1.58

2.24

4.70

6.17

46.16

46.16

22.01

16.76

11.49

0.59

8.57

1.58

26.31

NR

22.11.2012

(P)Ba2

31.05.2011

HENKEL AG & CO KGAA VORZUG

EUR

40730

434

41.09

21888

22027

22369

23445

3688

3664

4.86

4.72

5.35

5.87

28.82

27.64

25.44

23.18

7.69

4.39

18.33

12.71

22.05

18.05.2011

A2

01.06.2011

HANNOVER RUECKVERSICHERU-REG

EUR

9118

121

12.54

18242

18809

18837

19480

9.44

9.46

9.14

9.13

10.60

10.59

10.97

10.97

17.86

18.09

AA-

10.06.2006

19731

19456

2.31

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

7.43

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

15542560

2063.949

1115

1115

203

220

220

103.82

110.30

110.30

16.32

16.32

15.36

15.36

18.57

Euro Stoxx 50 Pr

EUR

2834541

5821.056

4627

4627

756

788

788

224.74

298.31

298.31

22.26

18.97

16.76

16.76

20.68

NIKKEI 225

JPY

2747255

190.3515

196

196

19

22

22

6.13

8.05

8.05

0.24

0.24

0.18

0.18

0.12

FTSE 100 INDEX

GBP

2825284

12239.81

10133

10133

1471

1653

1653

568.27

799.70

799.70

27.75

22.57

19.72

19.72

21.98

SWISS MARKET INDEX

CHF

1087020

11076.23

4130

4130

943

857

857

443.54

559.99

559.99

20.72

17.65

16.41

16.41

23.84

S&P/TSX COMPOSITE INDEX

CAD

1651860

17014.96

7380

7380

1834

1929

1929

722.96

800.41

800.41

16.26

16.26

14.69

14.69

24.11

S&P/ASX 200 INDEX

AUD

1291622

6050.025

2653

2653

543

672

672

195.97

316.42

316.42

21.78

15.50

13.49

13.49

19.90

HANG SENG INDEX

HKD

1736331

3209.65

1667

1667

354

395

395

277.24

270.32

270.32

1.35

1.46

1.39

1.39

2.89

MSCI EM

USD

7282698

1354.316

999

999

185

186

186

83.50

88.68

88.68

11.57

11.82

10.89

10.89

18.95

HOCHTIEF AG

EUR

5853

74

11.32

33843

34634

33708

34543

1959

2176

1.86

6.00

4.13

5.08

16.80

16.80

24.37

19.85

12.79

8.76

-15.59

43.33

8.55

INFINEON TECHNOLOGIES AG

EUR

10246

84

1080

7.82

5176

5002

5076

5557

1168

962

342

342

0.52

0.33

0.31

0.53

37.92

37.92

40.34

23.82

-3.08

1.66

-26.20

3.48

25.51

JENOPTIK AG

EUR

784

57

0.88

776

775

805

864

112

110

1.08

1.02

0.83

1.06

17.79

17.79

21.85

17.06

10.18

3.85

-12.49

3.62

19.01

NR

04.06.2008

WR

15.11.2007

KONTRON AG

EUR

286

56

0.29

725

715

723

765

15

21

21

-0.78

-1.02

-0.17

0.21

32.77

-9.58

3.69

-104.84

-34.63

0.20

KLOECKNER & CO SE

EUR

1426

42

100

2.09

9795

9017

8960

9353

80

72

50

50

-2.60

-2.21

-0.44

0.42

45.39

5.47

5.65

-92.74

-38.89

1.06

B+

27.03.2013

KABEL DEUTSCHLAND HOLDING AG

EUR

10005

89

13.73

2426

2453

2609

2808

1043

1043

297

297

3.70

3.16

3.89

4.56

47.49

47.49

38.53

32.88

10.15

9.48

3.11

16.79

57.01

KRONES AG

EUR

2743

32

2.59

3532

3648

3695

3890

238

260

70

70

2.94

3.39

4.96

5.65

33.92

33.92

23.22

20.38

9.83

5.82

39.66

-0.92

9.43

KUKA AG

EUR

1548

34

1.45

2306

2382

2459

2569

174

187

57

57

2.17

2.24

2.56

2.91

27.00

27.00

23.62

20.77

28.04

14.24

60.05

7.53

10.43

BB-

31.07.2013

LEG IMMOBILIEN AG

EUR

2853

53

6.03

686

686

656

691

251

251

0.77

6.89

3.55

4.09

10.36

93.36

20.12

17.47

0.66

23.83

48.45

LEONI AG

EUR

1747

33

2.17

5050

5094

5044

5426

475

407

6.62

4.17

4.36

5.89

16.99

17.03

16.26

12.04

3.85

10.32

1.62

14.09

10.71

DEUTSCHE LUFTHANSA-REG

EUR

9110

42

460

11.00

39951

39891

40870

42266

3272

3330

1721

1721

1.31

2.74

1.55

2.32

9.57

20.22

16.94

11.33

6.46

6.90

-16.42

-3.08

11.07

BBB-

27.08.2009

Ba1

03.09.2009

LINDE AG

EUR

35569

185

14

48.62

20257

21627

22670

24234

4564

5018

1358

1358

9.18

9.47

11.04

12.45

26.90

27.25

23.07

20.45

14.36

7.28

14.62

10.63

30.76

25.05.2012

A3

28.04.2010

LPKF LASER & ELECTRONICS

EUR

418

11

22

0.43

153

179

161

177

37

43

0.80

1.11

0.91

1.14

22.31

22.31

27.20

21.87

34.88

36.81

56.20

37.84

33.87

LANXESS AG

EUR

5353

34

83

8.09

12056

11293

11116

12006

1672

1176

266

266

8.68

2.86

2.35

5.52

29.79

29.79

36.23

15.47

4.82

9.78

19.54

17.56

13.81

BBB

31.07.2007

MAN SE

EUR

16736

147

23.19

20909

20704

20990

22023

1971

1160

2.73

-2.17

1.78

5.73

84.90

26.42

-5.63

2.07

-49.15

-7.40

7.43

NR

20.12.2012

A3

30.04.2009

METRO AG

EUR

12610

327

11

21.00

88478

87534

67249

86458

4391

4498

0.86

0.49

0.18

2.81

104.89

96.99

281.24

18.30

09.10.2012

MORPHOSYS AG

EUR

1797

23

1.60

69

107

100

95

11

36

0.13

0.91

0.42

-0.01

111.28

112.92

242.23

MERCK KGAA

EUR

34547

217

36.36

14239

14368

14897

15058

3868

4074

1046

1046

6.00

6.32

11.42

12.03

33.55

27.13

18.56

MTU AERO ENGINES AG

EUR

4807

51

5.48

4479

4868

4965

5335

651

650

4.55

3.45

5.84

6.57

35.56

35.56

MUENCHENER RUECKVER AG-REG

EUR

34237

179

36.63

87360

86879

72553

74188

23.84

23.09

22.23

22.36

10.96

10.96

AURUBIS AG

EUR

2640

45

2.93

18281

17480

17201

17268

987

591

10.65

-3.79

4.45

5.58

NORDEX SE

EUR

728

74

0.76

1426

1506

1624

1701

30

42

-1.65

-1.59

0.13

0.30

NORMA GROUP SE

EUR

1367

32

1.60

802

808

851

907

171

160

43

43

2.37

2.28

2.69

3.04

XING AG

EUR

533

0.45

96

102

111

125

34

35

31

31

1.90

2.04

2.50

3.54

TELEFONICA DEUTSCHLAND HOLDI

EUR

7875

1117

9.32

6911

6911

6663

6635

1696

1696

445

445

0.37

0.37

0.10

PFEIFFER VACUUM TECHNOLOGY

EUR

1123

10

1.08

612

555

570

624

116

97

24

24

6.09

4.83

PSI AG

EUR

290

16

0.25

240

243

254

277

22

22

25

25

0.80

PROSIEBEN SAT.1 MEDIA AG-PRF

EUR

9034

25

212

10.18

3124

2898

3401

3584

909

878

191

191

PUMA SE

EUR

4465

15

4.09

4336

4204

4107

4272

248

431

137

QIAGEN N.V.

EUR

5101

236

5.59

1663

1683

1760

1860

535

513

130

QSC AG

EUR

543

19

124

0.61

638

630

604

623

103

105

RATIONAL AG

EUR

3422

11

3.23

577

585

608

667

172

RHOEN-KLINIKUM AG

EUR

3353

138

4.45

3798

3953

4025

4192

386

RHEINMETALL AG

EUR

1993

38

2.53

6236

5983

6242

6491

RWE AG

EUR

18223

154

615

26

44.04

67309

69787

70814

70168

SMA SOLAR TECHNOLOGY AG

EUR

1234

35

0.88

1940

1447

1465

1512

SAP AG

EUR

92101

26

1192

94.16

21507

22058

23212

STADA ARZNEIMITTEL AG

EUR

2943

59

4.86

2436

2554

STRATEC BIOMEDICAL AG

EUR

461

12

0.45

162

K+S AG-REG

EUR

4638

40

191

5.12

5217

SGL CARBON SE

EUR

2297

71

2.96

2266

2290

2196

2375

266

188

60

60

0.75

SIEMENS AG-REG

EUR

97841

67

856

29

15

115.56

103800

102201

101527

105141

12797

11537

2187

2187

7.43

7.23

7.13

9.37

20.38

20.57

SKY DEUTSCHLAND AG

EUR

7704

19

779

8.16

1767

1893

2062

2410

-68

12

16

16

-0.33

-0.23

-0.17

-0.03

SUESS MICROTEC AG

EUR

189

19

0.16

217

201

202

230

26

0.53

-0.30

-0.38

0.56

SOFTWARE AG

EUR

2768

87

2.88

1388

1321

1326

1397

386

354

2.51

2.27

2.54

2.82

18.63

18.63

AXEL SPRINGER AG

EUR

5217

99

6.13

4389

4398

4491

4230

809

812

209

209

3.20

3.10

3.46

3.47

22.53

SARTORIUS AG-VORZUG

EUR

2112

17

2.67

1121

1147

1198

1277

239

255

232

232

3.14

4.12

5.31

6.09

SYMRISE AG

EUR

5493

118

6.24

2300

2384

2442

2570

449

472

131

131

1.76

1.88

2.16

SALZGITTER AG

EUR

2310

54

2.19

13784

13252

13081

13521

552

552

95

95

-2.04

-9.68

SUEDZUCKER AG

EUR

6594

204

9.56

10445

10636

10552

10591

1655

1614

3.94

3.45

BB

*+

02.08.2013

B1

*+

25.07.2013

1.63

-1.09

-14.00

1.53

6.81

BBB-

11.10.2012

Baa3

-48.72

34.07

-61.90

-7.75

44.10

17.62

11.17

11.73

11.24

11.79

37.59

29.05.2013

A3

04.07.2013

20.95

18.65

20.19

10.80

22.09

6.07

17.69

NR

11.05.2010

Baa3

08.06.2012

11.40

11.32

10.86

8.98

AA-

22.12.2006

17.49

13.95

4.51

9.13

37.95

19.69

4.31

99.19

44.28

22.91

11.17

-20.49

3.68

24.94

24.94

21.14

18.71

5.30

22.51

26.18

61.97

63.63

50.60

35.71

14.30

26.43

-72.79

36.47

45.93

0.14

25.18

25.18

89.24

65.28

4.67

14.97

32.53

4.98

6.93

31.25

31.25

30.31

21.76

-14.85

42.02

6.63

12.33

23.08

0.58

0.87

1.20

42.22

42.22

28.24

20.48

8.87

9.89

20.57

25.50

12.10

2.04

2.11

2.45

2.69

26.13

26.30

22.45

20.46

9.46

-5.54

-0.44

7.41

40.19

WR

01.08.2007

137

24.51

3.30

14.45

16.12

118.89

26.90

27.16

24.35

11.53

5.24

-71.20

-19.72

13.59

130

0.91

0.96

1.50

1.63

38.85

38.85

24.98

22.97

9.60

10.21

49.70

23.37

40.65

105

105

0.19

0.25

0.24

0.31

23.10

23.10

24.68

19.00

0.95

3.65

-4.85

23.81

21.86

10.87

10.53

11.04

12.49

37.89

37.89

36.16

31.96

14.65

5.91

27.04

7.54

423

113

113

0.87

0.86

1.08

1.42

37.31

37.31

29.80

22.63

11.89

9.80

-24.74

4.15

14.40

Baa3

03.12.2012

635

428

53

53

6.68

2.81

2.26

5.10

23.73

23.73

29.56

13.09

7.44

4.64

-10.69

4.53

9.49

NR

12.12.2008

Baa3 *-

01.08.2013

12005

12063

2.58

1.62

5.26

4.04

24.17

27.37

7.44

9.69

4.36

4.23

41.10

4.06

23.58

BBB+

27.07.2012

Baa1

21.06.2013

230

147

2.86

0.03

-0.89

0.18

1778.14

1778.14

263.43

-16.84

35.86

-53.19

24.06

13.48

25301

6631

6523

1979

1979

3.15

3.31

4.52

5.06

29.99

29.86

21.99

19.64

18.54

10.27

9.64

14.65

39.20

2645

2838

424

458

252

252

1.91

2.34

3.73

4.49

28.03

27.87

17.56

14.59

9.44

4.73

58.44

0.26

23.75

164

176

199

28

27

32

32

1.58

1.51

1.78

2.14

34.46

34.16

29.31

24.29

6.67

17.56

-19.97

6.59

22.05

4846

5268

4912

1432

1348

248

248

3.98

3.58

3.20

1.66

8.98

8.90

10.04

19.31

-2.04

-3.60

-5.03

27.67

36.88

BBB+ *-

05.08.2013

Baa2 *-

07.08.2013

0.05

-4.87

-2.73

57.67

14.54

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

3.44

-21.54

-11.84

10.90

BB-

08.07.2013

WR

16.05.2013

9.08

0.28

-10.60

1.11

14.97

A+

05.06.2009

22.64

11.67

88.90

0.83

23.32

-8.77

1.33

-28.13

6.59

3.51

16.65

15.00

-6.16

11.87

-5.76

17.46

35.47

21.01

20.22

20.12

5.22

4.75

9.30

10.88

24.42

35.09

35.09

27.22

23.76

20.36

10.81

28.71

23.70

29.54

2.38

32.74

32.97

28.53

25.88

12.66

9.87

9.62

5.96

26.25

-3.18

1.63

31.30

7.51

-3.26

-41.05

-29.80

5.40

3.04

2.96

12.42

13.02

14.44

16.82

9.09

28.63

28.81

20.12

BBB+

05.06.2012

20.64

14.10

15.71

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

15542560

2063.949

1115

1115

203

220

220

103.82

110.30

110.30

16.32

16.32

15.36

15.36

18.57

Euro Stoxx 50 Pr

EUR

2834541

5821.056

4627

4627

756

788

788

224.74

298.31

298.31

22.26

18.97

16.76

16.76

20.68

NIKKEI 225

JPY

2747255

190.3515

196

196

19

22

22

6.13

8.05

8.05

0.24

0.24

0.18

0.18

0.12

FTSE 100 INDEX

GBP

2825284

12239.81

10133

10133

1471

1653

1653

568.27

799.70

799.70

27.75

22.57

19.72

19.72

21.98

SWISS MARKET INDEX

CHF

1087020

11076.23

4130

4130

943

857

857

443.54

559.99

559.99

20.72

17.65

16.41

16.41

23.84

S&P/TSX COMPOSITE INDEX

CAD

1651860

17014.96

7380

7380

1834

1929

1929

722.96

800.41

800.41

16.26

16.26

14.69

14.69

24.11

S&P/ASX 200 INDEX

AUD

1291622

6050.025

2653

2653

543

672

672

195.97

316.42

316.42

21.78

15.50

13.49

13.49

19.90

HANG SENG INDEX

HKD

1736331

3209.65

1667

1667

354

395

395

277.24

270.32

270.32

1.35

1.46

1.39

1.39

2.89

MSCI EM

USD

7282698

1354.316

999

999

185

186

186

83.50

88.68

88.68

11.57

11.82

10.89

10.89

18.95

TAG IMMOBILIEN AG

EUR

1545

131

4.53

525

437

375

375

381

294

1.89

1.05

0.79

0.94

14.96

19.48

19.73

16.74

124.97

42.46

188.90

77.83

86.54

THYSSENKRUPP AG

EUR

11510

294

514

10

16.96

53194

48186

49391

51256

3415

2956

671

671

-0.50

-0.70

0.36

1.52

81.65

19.49

-8.07

-7.57

-48.10

-17.26

8.13

BB

06.06.2012

Ba1

24.01.2013

TALANX AG

EUR

8182

101

208

17.07

35050

36736

36541

37981

3.80

3.87

3.76

3.99

11.09

11.65

11.43

10.77

17.07

A-

20.06.2006

TUI AG

EUR

3287

12

252

3.69

24301

24385

24281

25070

1271

1124

1546

1546

-0.16

-0.70

0.44

0.83

39.35

20.91

6.45

25.18

6.11

B-

30.07.2010

Caa1

14.01.2011

UNITED INTERNET AG-REG SHARE

EUR

6353

19

194

6.61

3177

3247

3494

3796

517

545

123

123

0.96

0.85

1.41

1.79

51.16

51.16

30.77

24.26

19.16

12.59

6.78

6.34

22.23

VOLKSWAGEN AG-PREF

EUR

112266

15

465

156

34

237.67

255437

259824

266323

280091

32380

32894

61.36

50.09

28.51

33.21

6.51

6.54

11.44

9.82

27.74

16.81

18.98

13.32

16.78

A-

31.08.2009

A3

17.08.2009

WACKER CHEMIE AG

EUR

5273

50

6.46

6145

5892

6045

6449

1145

1030

229

229

2.90

0.80

0.61

2.56

168.52

168.52

219.41

52.31

-7.42

2.36

-31.69

-3.74

23.17

WIRECARD AG

EUR

3436

112

3.01

523

574

625

738

145

149

45

45

0.87

0.90

1.00

1.26

45.10

45.10

40.62

32.20

28.49

25.73

39.04

29.14

36.14

WINCOR NIXDORF AG

EUR

2172

30

2.33

3106

3288

3262

3388

219

246

102

102

2.78

3.65

3.90

4.76

23.87

23.87

22.34

18.28

0.84

1.19

-31.55

-6.58

9.93

ELRINGKLINGER AG

EUR

2436

63

2.84

1494

1521

1581

1683

286

276

1.76

1.82

2.09

2.44

27.98

27.98

24.33

20.86

12.11

17.03

-7.00

5.78

24.45

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

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

2.37

2.37

2.19

2.02

2.37

1.52

1.52

1.45

1.38

1.52

10.80

10.80

10.07

10.50

10.80

9.39

9.39

8.65

8.08

9.39

15.36

15.36

13.85

12.53

15.36

2.09

2.09

2.25

2.39

2.09

1837.3

8.4%

Euro Stoxx 50 Pr

1.25

1.25

1.19

1.12

1.25

0.81

0.82

0.79

0.76

0.81

6.31

6.31

5.80

5.24

6.31

7.39

7.39

6.97

6.59

7.39

12.64

12.65

11.21

10.09

12.64

4.03

4.03

4.27

4.61

4.03

2996.5

5.3%

NIKKEI 225

1.51

1.51

1.42

1.32

1.51

0.73

0.73

0.71

0.69

0.73

8.96

8.96

8.27

7.65

8.96

8.62

8.62

7.91

7.48

8.62

17.75

17.75

15.78

14.25

17.75

1.65

1.65

1.80

1.93

1.65

15121.1

7.6%

FTSE 100 INDEX

1.79

1.79

1.68

1.55

1.79

1.01

1.01

0.98

0.94

1.01

8.59

8.59

7.88

6.62

8.59

7.40

7.40

6.78

6.36

7.40

12.77

12.77

11.57

10.63

12.77

3.76

3.76

4.07

4.41

3.76

7026.3

6.3%

SWISS MARKET INDEX

2.46

2.46

2.28

2.13

2.46

2.08

2.08

1.99

1.90

2.08

13.06

13.06

11.72

10.49

13.06

12.93

12.93

11.97

11.21

12.93

15.37

15.37

13.94

12.65

15.37

3.19

3.19

3.56

4.02

3.19

8671.3

7.5%

S&P/TSX COMPOSITE INDEX

1.72

1.72

1.60

1.50

1.72

1.65

1.65

1.54

1.52

1.65

8.71

8.71

7.92

6.65

8.71

8.82

8.82

7.83

7.30

8.82

15.23

15.23

13.48

12.27

15.23

3.17

3.17

3.30

3.43

3.17

14124.5

11.7%

S&P/ASX 200 INDEX

1.90

1.90

1.79

1.69

1.90

1.77

1.77

1.67

1.60

1.77

10.76

10.76

9.72

9.24

10.76

9.01

9.01

8.20

7.62

9.01

14.83

14.83

13.45

12.42

14.83

4.57

4.57

4.88

5.23

4.57

5237.1

1.5%

HANG SENG INDEX

1.34

1.34

1.24

1.17

1.34

1.74

1.74

1.61

1.49

1.74

8.04

8.04

7.62

7.04

8.04

8.12

8.12

7.44

6.75

8.12

10.75

10.75

9.93

9.08

10.75

3.57

3.57

3.86

4.18

3.57

24685.6

9.5%

MSCI EM

1.41

1.41

1.28

1.16

1.41

0.97

0.97

0.91

0.84

0.97

7.06

7.06

6.41

5.92

7.06

7.28

7.28

6.65

6.16

7.28

10.89

10.89

9.74

8.89

10.89

2.87

2.87

3.16

3.41

2.87

1118.7

15.8%

ADIDAS AG

3.07

3.01

2.68

2.38

1.88

1.19

1.18

1.11

1.04

0.98

18.89

15.33

13.15

11.24

9.80

12.27

10.83

9.27

8.05

6.93

22.49

19.29

16.13

13.64

11.61

1.43

1.93

2.38

2.88

3.42

95.11

11.6%

ADVA OPTICAL NETWORKING SE

1.33

1.21

1.14

1.06

0.60

0.61

0.56

0.54

0.11

5.71

10.15

6.24

8.08

3.91

4.26

3.68

3.03

13.33

28.49

19.26

16.77

CARL ZEISS MEDITEC AG - BR

3.19

2.88

2.68

2.46

2.32

2.37

2.26

2.10

1.99

1.91

22.72

21.17

18.93

18.00

15.61

14.54

13.60

12.29

11.31

11.07

27.54

23.71

21.17

19.28

17.77

1.38

1.83

2.00

2.23

2.27

AIXTRON SE

2.58

3.40

3.18

2.75

2.58

5.90

5.77

3.46

2.59

2.24

604.76

57.99

17.99

14.60

20.95

9.88

9.29

43.34

18.57

19.24

0.33

0.00

0.61

1.66

ALLIANZ SE-REG

1.04

1.00

0.94

0.89

0.80

0.52

0.52

0.50

0.49

0.49

10.49

9.06

8.78

8.59

8.29

3.89

4.33

4.54

4.72

AAREAL BANK AG

0.71

0.68

0.64

0.62

0.54

2.00

1.91

1.82

1.74

1.59

0.63

3.40

1.06

0.92

14.05

12.92

10.26

9.17

6.57

0.27

1.83

3.24

BASF SE

2.40

2.33

2.21

2.01

1.75

0.80

0.84

0.88

0.84

0.80

7.77

8.22

7.57

7.37

6.11

6.14

7.48

6.97

6.49

5.63

12.54

12.64

11.52

10.50

8.59

3.79

3.95

BAYER AG-REG

3.60

3.49

3.10

2.73

2.45

1.81

1.75

1.66

1.58

1.51

12.87

11.48

10.39

9.58

8.60

9.77

9.45

8.61

7.94

7.40

16.04

15.11

13.39

12.02

10.95

2.08

2.39

0.00

4.39

5.5%

24.39

-2.7%

1.42

11.34

-10.7%

4.96

132.06

11.9%

5.24

5.85

22.58

5.8%

4.15

4.39

4.67

74.19

9.0%

2.66

2.92

3.10

89.63

3.2%

116.49

17.1%

BB BIOTECH AG-REG
BECHTLE AG

1.77

1.61

1.49

1.36

1.21

0.38

0.36

0.34

0.33

0.31

10.85

10.19

9.79

8.94

7.46

7.53

6.96

6.41

6.06

5.57

13.88

12.77

11.39

10.40

9.40

2.43

2.63

2.86

3.16

3.60

39.69

5.0%

BEIERSDORF AG

4.88

4.43

3.96

3.59

3.23

2.88

2.78

2.63

2.48

2.35

26.12

23.13

21.59

20.18

18.07

17.83

16.34

14.79

13.42

12.37

32.33

29.55

25.97

23.37

20.84

1.15

1.16

1.30

1.41

1.58

69.31

0.6%

BAYERISCHE MOTOREN WERKE AG

1.56

1.45

1.31

1.19

1.06

0.62

0.61

0.58

0.56

0.53

5.75

4.83

4.69

4.32

3.45

8.01

8.31

8.04

7.50

6.66

9.56

9.44

9.15

8.75

8.20

3.52

3.63

3.92

4.25

4.59

BRENNTAG AG

3.20

2.87

2.59

2.33

2.06

0.64

0.62

0.59

0.56

0.54

15.00

14.10

12.81

11.86

10.70

10.89

10.83

9.96

9.22

8.90

18.44

18.37

16.05

14.42

13.44

1.94

2.00

2.26

2.50

2.65

124.36

3.8%

HUGO BOSS AG -ORD

10.46

8.47

7.05

5.95

5.34

2.83

2.62

2.41

2.23

2.11

17.08

14.74

13.17

11.74

10.61

12.95

11.82

10.47

9.38

8.66

20.38

18.63

16.23

14.34

13.07

3.48

3.80

4.36

4.94

5.64

97.14

4.9%

BAYWA-BAYERISCHE WARENVERMIT

1.43

1.34

1.22

1.12

0.13

0.08

0.08

0.08

0.07

8.72

6.21

6.19

5.52

4.85

11.13

8.47

8.37

7.94

7.80

21.22

12.82

11.85

10.82

9.33

1.77

1.94

2.07

2.36

2.45

43.29

14.7%

COMMERZBANK AG

0.26

0.35

0.35

0.33

0.30

0.92

0.95

0.92

0.89

0.87

9.01

8.27

6.63

9.46

21.17

9.29

6.04

4.81

0.00

0.00

0.81

3.02

7.20

8.04

0.2%

CELESIO AG

1.08

1.15

1.07

1.00

0.83

0.12

0.12

0.12

0.12

0.12

11.25

7.53

6.95

6.58

6.25

7.63

7.54

7.06

6.66

6.34

13.18

13.11

11.54

10.27

9.27

2.10

2.41

2.83

3.22

3.39

16.28

3.4%

CANCOM SE

3.29

3.04

2.65

2.31

0.47

0.46

0.44

0.42

0.42

14.45

14.75

12.54

11.13

9.56

8.60

7.76

7.00

20.92

17.64

15.31

13.44

1.37

1.65

1.87

1.94

23.17

0.0%

CONTINENTAL AG

2.75

2.47

2.10

1.80

1.54

0.73

0.70

0.66

0.62

0.60

7.22

7.13

6.19

5.63

5.21

6.58

6.22

5.72

5.32

5.23

11.05

11.17

9.90

8.99

8.43

1.67

2.11

2.51

2.91

3.26

119.45

0.3%

DAIMLER AG-REGISTERED SHARES

1.36

1.27

1.19

1.10

0.99

0.51

0.50

0.47

0.44

0.48

6.63

6.54

5.45

4.97

3.44

10.04

8.93

8.99

8.02

6.24

11.82

11.49

9.87

8.45

7.77

3.92

4.01

4.10

4.60

4.58

DEUTSCHE BOERSE AG

3.24

3.05

2.68

2.38

2.13

4.99

5.00

4.72

4.50

4.24

13.16

11.68

11.19

10.21

9.73

10.36

10.66

9.41

8.76

7.55

15.22

14.79

13.14

11.92

10.26

4.11

3.92

4.22

4.49

4.70

54.18

-0.1%

DEUTSCHE BANK AG-REGISTERED

0.57

0.59

0.56

0.53

1.03

1.03

1.02

0.99

0.93

6.01

7.63

6.05

4.49

9.52

8.78

7.31

6.05

5.20

2.21

2.41

3.07

4.13

4.25

39.32

15.3%

DEUTSCHE EUROSHOP AG

1.23

1.22

1.18

1.15

1.19

8.29

8.70

8.39

8.35

7.31

16.70

15.35

14.47

13.89

15.64

16.04

16.81

16.13

15.91

15.03

19.36

17.18

16.65

15.90

14.62

3.56

3.91

4.11

4.31

4.49

33.35

3.2%

DIALOG SEMICONDUCTOR PLC

3.39

2.74

2.27

1.93

1.73

1.61

1.44

1.21

1.08

1.02

18.44

14.86

10.50

8.21

8.69

9.60

7.90

6.05

5.04

5.10

15.79

17.25

12.32

9.81

10.29

0.00

0.00

0.00

0.00

14.69

7.2%

DEUTSCHE POST AG-REG

2.38

2.55

2.31

2.11

1.59

0.48

0.46

0.44

0.43

0.41

13.92

8.84

8.35

7.68

6.35

7.51

7.00

6.49

5.97

5.60

17.00

14.85

13.75

12.31

10.81

3.37

3.46

3.73

4.12

4.49

22.65

3.3%

DRILLISCH AG

5.56

3.36

3.29

3.26

2.28

2.51

2.46

2.41

2.38

35.82

16.02

11.59

10.93

11.22

15.32

13.26

11.74

11.20

10.91

31.82

17.60

13.22

12.42

12.50

6.49

9.12

9.21

8.91

8.66

15.27

7.1%

DRAEGERWERK AG - PREF

2.15

1.97

1.69

1.48

1.51

0.60

0.59

0.56

0.54

0.52

9.28

12.37

9.10

8.78

8.30

5.59

5.59

5.02

4.61

4.09

12.48

13.11

11.71

10.41

9.15

0.90

0.95

2.07

2.29

2.62

DEUTSCHE TELEKOM AG-REG

1.50

1.59

1.52

1.46

1.55

0.76

0.75

0.74

0.74

0.75

3.20

3.19

3.13

3.14

3.09

5.22

5.37

5.28

5.23

5.11

15.40

15.32

14.09

13.38

11.70

7.07

5.34

5.16

5.33

5.74

9.92

0.3%

DUERR AG

4.27

3.76

3.26

2.78

2.30

0.79

0.75

0.72

0.71

0.72

23.34

12.27

11.71

11.37

11.58

9.80

8.46

8.04

7.78

8.17

18.23

14.85

14.37

13.87

14.44

1.75

2.38

2.55

2.58

1.96

DEUTSCHE WOHNEN AG-BR

1.23

1.16

1.10

1.04

1.05

5.92

6.40

6.10

5.82

6.31

25.17

21.89

19.85

19.58

22.62

26.17

19.04

17.58

17.49

18.73

22.13

19.20

16.94

16.49

18.00

1.81

2.26

2.64

2.79

2.89

14.64

3.8%

EADS NV

3.73

3.63

2.94

2.38

1.95

12.19

9.47

7.40

5.93

6.43

23.30

16.84

12.35

10.73

10.02

1.37

2.15

2.89

3.50

3.40

48.36

7.5%

E.ON SE

0.63

0.65

0.63

0.61

0.57

3.72

5.58

9.84

9.69

9.88

10.49

8.74

5.65

5.56

5.60

5.06

12.60

0.7%

EUROMICRON AG

0.92

0.87

0.79

0.71

7.48

9.44

7.48

6.04

3.02

1.98

3.27

5.24

20.94

24.3%

EVOTEC AG

2.07

2.03

1.90

1.70

FIELMANN AG

5.96

5.58

5.37

5.17

FRESENIUS MEDICAL CARE AG &

2.29

2.07

1.91

FREENET AG

2.06

1.88

FUCHS PETROLUB SE -PREF

5.52

FRAPORT AG FRANKFURT AIRPORT


FRESENIUS SE & CO KGAA

0.22

0.21

0.21

0.21

0.20

3.06

3.65

3.73

3.61

4.28

4.91

4.89

4.97

0.34

0.32

0.30

0.28

0.26

7.42

6.87

5.06

4.42

1.59

3.64

3.32

2.91

2.45

2.30

19.78

21.00

19.09

14.92

4.74

2.97

2.84

2.70

2.58

2.47

20.27

19.97

18.75

17.98

1.77

1.57

1.50

1.41

1.35

1.27

1.18

11.55

11.56

10.70

1.78

1.70

1.61

0.79

0.74

0.73

0.73

0.74

8.87

9.09

4.84

4.33

3.86

2.18

2.12

2.03

1.94

1.89

20.55

1.58

1.54

1.46

1.39

1.28

1.89

1.82

1.77

1.69

1.62

2.17

1.98

1.79

1.63

1.45

0.89

0.82

0.78

0.73

0.68

GEA GROUP AG

2.55

2.43

2.16

1.97

1.74

1.06

1.03

0.99

0.95

BILFINGER SE

1.67

1.60

1.52

1.43

1.29

0.41

0.40

0.38

GAGFAH SA

0.84

0.84

0.82

0.80

0.71

2.36

2.41

GSW IMMOBILIEN AG

1.10

1.02

0.96

0.93

0.88

7.13

6.32

GILDEMEISTER AG

1.38

1.29

1.19

1.09

1.04

0.51

GERRY WEBER INTL AG

4.54

3.92

3.43

3.00

2.64

GERRESHEIMER AG

2.64

2.48

2.21

1.96

1.80

HEIDELBERGCEMENT AG

0.84

0.84

0.80

0.75

HENKEL AG & CO KGAA VORZUG

3.44

3.22

2.87

HANNOVER RUECKVERSICHERU-REG

1.16

1.07

1.00

7.59

6.52

5.42

4.91

11.62

24.41

18.45

13.55

8.97

7.38

35.00

51.51

26.76

14.92

16.75

0.00

0.00

0.00

3.70

35.5%

16.16

13.58

12.93

12.20

11.60

10.84

25.98

24.47

22.85

21.63

19.41

3.41

3.62

3.83

4.07

4.29

72.09

-8.2%

9.59

9.10

9.93

9.95

9.62

8.86

7.91

17.73

17.90

17.01

15.27

13.06

1.37

1.43

1.49

1.62

1.79

52.30

5.3%

8.80

9.02

8.91

8.37

8.16

8.01

7.98

8.03

13.05

10.12

9.61

9.32

8.97

6.34

7.66

8.10

8.36

9.11

19.27

3.7%

16.61

15.74

14.45

17.91

12.21

11.54

10.89

10.30

10.01

20.68

19.43

18.18

17.14

17.44

1.90

2.37

2.61

2.81

3.15

58.44

-2.6%

8.01

7.76

7.31

6.68

6.25

10.17

9.72

9.35

8.66

7.84

19.20

20.85

17.86

15.24

13.55

2.47

2.48

2.60

2.81

3.07

51.11

0.6%

8.92

8.05

6.86

6.09

6.65

8.56

8.13

7.66

7.10

6.46

17.70

16.22

14.49

12.92

11.45

1.12

1.25

1.38

1.55

1.79

103.95

8.8%

0.91

14.14

12.09

10.43

10.11

8.97

10.26

9.23

8.43

7.98

7.52

17.12

15.73

13.89

12.80

11.99

1.81

2.04

2.29

2.43

2.88

31.92

1.0%

0.36

0.33

9.35

8.34

7.77

7.27

6.29

6.82

6.99

6.34

5.87

5.17

13.26

13.62

12.03

10.83

8.83

3.85

3.84

4.16

4.55

4.53

82.90

10.5%

2.27

2.22

2.35

19.17

22.90

17.47

15.64

15.37

20.13

20.74

20.37

20.16

13.48

22.34

19.01

15.32

13.91

9.25

0.00

0.20

1.70

3.61

3.53

10.68

17.8%

6.23

5.91

6.19

26.00

21.89

20.76

19.16

19.10

25.33

20.82

20.18

19.48

20.64

24.60

18.40

17.65

15.74

18.74

2.75

3.08

3.29

3.44

3.56

33.06

5.3%

0.49

0.48

0.46

0.47

9.26

7.24

7.28

6.92

8.11

5.63

5.38

5.10

4.79

5.77

12.28

12.19

10.92

10.55

14.55

2.23

2.42

2.67

2.66

2.32

18.99

11.6%

1.99

1.83

1.65

1.52

1.39

18.21

15.57

13.54

11.99

10.24

11.76

10.70

9.09

8.16

7.11

20.44

18.88

15.75

13.99

11.90

2.17

2.43

2.88

3.24

3.57

1.20

1.13

1.06

1.00

0.95

9.47

8.63

7.31

6.71

6.05

8.56

8.09

7.21

6.59

5.99

18.77

17.42

14.40

12.42

10.58

1.43

1.52

1.82

2.08

2.34

48.81

5.1%

0.70

0.79

0.77

0.73

0.68

0.64

6.87

6.88

6.05

5.08

4.09

7.82

7.41

6.66

5.96

5.23

21.96

16.61

12.64

9.99

8.03

0.84

1.40

2.09

2.74

3.87

60.06

2.1%

2.56

2.21

1.86

1.82

1.74

1.65

1.59

16.65

15.47

14.13

13.11

12.17

11.47

10.71

10.03

9.30

8.64

20.85

19.19

17.48

16.08

14.60

1.19

1.33

1.48

1.60

1.83

80.31

3.8%

0.95

0.91

0.51

0.48

0.47

0.46

0.45

8.39

8.28

8.28

8.17

8.44

5.10

4.88

4.97

5.06

4.73

62.74

10.0%

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

5.07

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

2.37

2.37

2.19

2.02

2.37

1.52

1.52

1.45

1.38

1.52

10.80

10.80

10.07

10.50

10.80

9.39

9.39

8.65

8.08

9.39

15.36

15.36

13.85

12.53

15.36

2.09

2.09

2.25

2.39

2.09

1837.3

8.4%

Euro Stoxx 50 Pr

1.25

1.25

1.19

1.12

1.25

0.81

0.82

0.79

0.76

0.81

6.31

6.31

5.80

5.24

6.31

7.39

7.39

6.97

6.59

7.39

12.64

12.65

11.21

10.09

12.64

4.03

4.03

4.27

4.61

4.03

2996.5

5.3%

NIKKEI 225

1.51

1.51

1.42

1.32

1.51

0.73

0.73

0.71

0.69

0.73

8.96

8.96

8.27

7.65

8.96

8.62

8.62

7.91

7.48

8.62

17.75

17.75

15.78

14.25

17.75

1.65

1.65

1.80

1.93

1.65

15121.1

7.6%

FTSE 100 INDEX

1.79

1.79

1.68

1.55

1.79

1.01

1.01

0.98

0.94

1.01

8.59

8.59

7.88

6.62

8.59

7.40

7.40

6.78

6.36

7.40

12.77

12.77

11.57

10.63

12.77

3.76

3.76

4.07

4.41

3.76

7026.3

6.3%

SWISS MARKET INDEX

2.46

2.46

2.28

2.13

2.46

2.08

2.08

1.99

1.90

2.08

13.06

13.06

11.72

10.49

13.06

12.93

12.93

11.97

11.21

12.93

15.37

15.37

13.94

12.65

15.37

3.19

3.19

3.56

4.02

3.19

8671.3

7.5%

S&P/TSX COMPOSITE INDEX

1.72

1.72

1.60

1.50

1.72

1.65

1.65

1.54

1.52

1.65

8.71

8.71

7.92

6.65

8.71

8.82

8.82

7.83

7.30

8.82

15.23

15.23

13.48

12.27

15.23

3.17

3.17

3.30

3.43

3.17

14124.5

11.7%

S&P/ASX 200 INDEX

1.90

1.90

1.79

1.69

1.90

1.77

1.77

1.67

1.60

1.77

10.76

10.76

9.72

9.24

10.76

9.01

9.01

8.20

7.62

9.01

14.83

14.83

13.45

12.42

14.83

4.57

4.57

4.88

5.23

4.57

5237.1

1.5%

HANG SENG INDEX

1.34

1.34

1.24

1.17

1.34

1.74

1.74

1.61

1.49

1.74

8.04

8.04

7.62

7.04

8.04

8.12

8.12

7.44

6.75

8.12

10.75

10.75

9.93

9.08

10.75

3.57

3.57

3.86

4.18

3.57

24685.6

9.5%

MSCI EM

1.41

1.41

1.28

1.16

1.41

0.97

0.97

0.91

0.84

0.97

7.06

7.06

6.41

5.92

7.06

7.28

7.28

6.65

6.16

7.28

10.89

10.89

9.74

8.89

10.89

2.87

2.87

3.16

3.41

2.87

1118.7

15.8%

HOCHTIEF AG

1.58

1.39

1.33

1.35

0.17

0.17

0.17

0.17

0.16

4.95

3.62

3.28

3.06

3.46

5.80

5.20

4.99

4.79

4.81

23.33

18.38

14.98

13.39

11.43

2.20

2.95

3.39

3.78

3.44

59.95

4.5%

INFINEON TECHNOLOGIES AG

2.18

2.12

1.96

1.77

1.52

1.99

2.02

1.84

1.72

1.58

14.77

13.10

9.75

7.82

6.81

6.41

7.49

5.79

5.07

4.65

19.81

30.43

17.96

13.99

11.00

1.68

1.66

1.86

2.08

1.68

JENOPTIK AG

1.74

1.65

1.49

1.35

1.26

1.01

0.97

0.91

0.87

0.85

9.79

9.29

9.49

8.54

7.03

8.20

8.50

7.40

6.79

6.41

15.20

16.48

12.87

11.65

11.11

1.60

1.69

1.98

2.14

1.16

10.20

-1.3%

KONTRON AG

0.73

0.79

0.84

0.79

0.77

0.40

0.40

0.37

0.36

0.33

22.43

11.45

12.02

5.78

3.66

24.00

13.35

6.63

3.93

3.15

24.72

9.44

6.26

2.83

2.04

2.60

3.43

7.73

4.04

4.1%

KLOECKNER & CO SE

0.62

0.70

0.69

0.67

0.64

0.14

0.16

0.15

0.15

0.13

33.29

9.32

8.59

7.41

5.63

21.15

11.63

7.44

6.45

5.47

34.24

18.69

17.40

0.00

0.06

0.70

1.29

1.67

10.20

-5.4%

4.11

3.83

3.56

3.32

3.12

14.04

11.68

10.32

10.12

12.02

10.99

9.96

9.16

8.41

26.21

29.07

24.80

22.16

19.08

3.01

3.70

4.31

4.30

4.76

81.79

-4.1%

KRONES AG

2.39

2.17

1.96

1.78

1.65

0.80

0.74

0.71

0.67

0.65

19.45

11.17

9.97

9.44

9.36

10.91

8.09

7.27

6.64

6.85

26.25

17.51

15.38

13.76

13.85

1.02

1.44

1.73

1.86

5.34

66.09

0.9%

KUKA AG

3.79

3.27

2.77

2.40

2.11

0.67

0.63

0.60

0.58

0.58

12.73

12.48

10.98

10.24

8.85

7.80

7.19

6.60

6.21

6.24

20.25

17.82

15.67

13.47

13.11

0.83

1.14

1.39

1.83

1.71

34.67

0.7%

LEG IMMOBILIEN AG

0.98

0.96

0.92

0.89

0.82

4.59

4.35

4.13

3.98

3.68

16.32

16.22

14.45

13.73

11.88

19.45

20.03

18.52

17.60

16.88

19.60

15.18

13.18

12.99

11.32

1.00

4.27

4.63

4.95

5.52

45.29

11.4%

LEONI AG

1.59

1.52

1.36

1.21

1.05

0.35

0.35

0.32

0.30

0.28

6.73

6.44

5.59

4.65

3.53

4.70

5.46

4.59

4.03

3.55

9.06

12.27

9.08

7.44

6.34

3.59

3.22

3.61

4.18

4.72

DEUTSCHE LUFTHANSA-REG

0.85

0.95

0.89

0.79

0.68

0.23

0.22

0.22

0.21

0.20

2.77

2.51

2.38

2.07

2.29

3.42

2.83

2.48

2.13

2.05

29.18

12.78

8.55

5.87

5.44

1.53

2.38

4.62

6.21

6.41

18.14

21.4%

LINDE AG

1.94

1.97

1.84

1.71

1.57

1.76

1.57

1.47

1.37

1.31

9.64

8.43

8.03

7.78

6.54

10.49

9.08

8.40

7.77

7.22

18.57

17.40

15.42

13.74

12.30

1.83

2.02

2.25

2.48

2.80

160.43

10.8%

LPKF LASER & ELECTRONICS

5.78

5.14

4.40

3.81

3.19

2.90

2.60

2.36

2.13

1.93

21.54

14.49

11.95

13.52

9.25

13.45

11.31

9.96

8.57

7.48

26.31

20.51

16.50

17.05

15.22

1.68

2.39

2.66

2.54

2.97

13.15

-7.1%

LANXESS AG

1.61

1.71

1.54

1.36

1.23

0.44

0.48

0.45

0.42

0.40

4.81

7.17

5.73

4.66

3.79

5.11

8.17

5.93

5.18

4.39

7.32

27.33

11.67

8.66

7.37

1.97

1.89

2.31

2.67

2.66

51.62

6.4%

MAN SE

2.34

2.08

2.09

2.00

2.10

0.80

0.80

0.76

0.73

0.68

23.81

19.99

10.91

8.92

7.03

13.53

15.79

10.49

8.96

7.23

32.14

64.04

19.93

16.19

9.37

1.66

2.92

3.48

3.41

3.28

82.53

-4.3%

METRO AG

1.52

1.70

1.60

1.49

1.25

0.14

0.19

0.15

0.14

0.14

4.87

5.15

13.80

12.05

10.55

4.52

0.23

3.51

3.90

4.27

25.88

-11.6%

MORPHOSYS AG

6.61

5.17

5.12

4.72

5.30

25.99

17.91

18.99

15.87

16.28

197.68

37.49

0.00

0.00

MERCK KGAA

2.43

2.41

2.25

2.10

1.95

2.35

2.32

2.29

2.26

2.27

11.85

10.94

MTU AERO ENGINES AG

3.38

2.89

2.56

2.29

2.04

1.07

0.97

0.90

0.83

0.77

10.84

12.32

MUENCHENER RUECKVER AG-REG

0.96

0.91

0.87

0.84

0.82

0.47

0.47

0.46

0.45

0.42

AURUBIS AG

1.00

0.89

0.85

0.81

0.80

0.15

0.15

0.15

0.15

0.14

6.21

8.01

6.21

6.61

NORDEX SE

1.64

1.95

1.85

1.68

0.53

0.45

0.43

0.41

0.41

11.88

39.70

14.58

10.42

NORMA GROUP SE

3.50

3.16

2.77

2.47

1.71

1.61

1.51

1.42

1.35

12.29

11.48

10.54

9.33

8.79

XING AG

7.75

6.49

5.58

4.71

5.51

4.82

4.24

3.79

3.40

21.80

20.81

17.45

14.12

TELEFONICA DEUTSCHLAND HOLDI

1.09

0.98

1.03

1.08

1.17

1.14

1.18

1.19

1.19

1.17

4.45

4.92

4.86

PFEIFFER VACUUM TECHNOLOGY

2.97

2.96

2.77

2.60

2.21

1.80

1.97

1.80

1.69

1.55

12.37

13.51

PSI AG

2.79

2.75

2.47

2.13

1.89

1.22

1.14

1.05

0.97

0.90

19.29

16.32

PROSIEBEN SAT.1 MEDIA AG-PRF

4.40

8.13

6.85

6.03

6.21

2.34

2.66

2.52

2.40

2.37

5.56

7.83

PUMA SE

1.98

1.93

1.77

1.62

1.05

1.09

1.05

1.00

0.97

20.65

14.92

QIAGEN N.V.

1.86

1.81

1.69

1.58

4.12

3.84

3.64

3.46

3.30

16.56

15.76

QSC AG

2.22

2.00

1.83

1.80

0.85

0.90

0.87

0.84

0.84

7.70

7.88

RATIONAL AG

10.63

9.66

8.94

8.01

8.04

5.82

5.63

5.13

4.68

4.31

25.51

RHOEN-KLINIKUM AG

1.59

1.53

1.44

1.37

1.24

0.89

0.83

0.80

0.77

0.73

11.15

RHEINMETALL AG

0.95

1.05

0.98

0.90

0.83

0.32

0.32

0.31

0.29

0.28

RWE AG

0.85

0.91

0.87

0.82

0.77

0.27

0.26

0.26

0.25

SMA SOLAR TECHNOLOGY AG

1.13

1.19

1.18

1.15

0.63

0.84

0.82

SAP AG

4.77

4.08

3.49

2.97

2.46

4.26

3.97

STADA ARZNEIMITTEL AG

2.38

2.16

1.89

1.67

1.42

1.21

1.11

STRATEC BIOMEDICAL AG

3.84

3.41

3.05

2.74

2.50

2.85

K+S AG-REG

1.04

0.96

0.94

0.90

0.86

SGL CARBON SE

1.58

2.04

1.96

1.83

KABEL DEUTSCHLAND HOLDING AG

2.12

1.49

5.15

5.28

4.71

4.91

8.29

71.51

186.84

158.23

190.20

10.27

9.53

8.34

9.31

8.85

10.65

8.13

7.34

8.44

8.15

4.87

12.11

212.14

185.15

762.11

182.71

8.38

8.14

7.82

15.97

14.01

13.30

12.86

12.33

1.33

1.55

1.66

1.77

2.12

7.42

6.68

6.14

15.19

15.84

14.07

12.49

11.19

1.99

2.09

2.34

2.65

8.15

8.59

8.54

8.30

8.76

4.74

4.98

5.16

5.33

4.13

7.65

13.19

10.52

9.63

8.02

2.71

2.90

2.94

3.25

96.21

60.13

3.8%

118.33

-2.0%

3.64

72.13

3.4%

5.76

153.42

6.5%

3.56

48.71

10.0%

3.89

6.18

5.14

4.85

13.96

8.68

6.90

5.85

74.64

33.40

21.56

5.34

-28.5%

9.94

9.24

8.54

8.03

7.44

16.78

15.95

14.11

12.82

12.27

1.95

2.22

2.46

2.68

2.63

32.10

-0.8%

9.19

16.02

14.29

11.19

9.41

8.83

42.27

38.17

26.93

21.28

15.72

0.86

0.93

1.15

1.63

2.57

65.00

-9.7%

4.77

4.51

5.51

5.63

5.60

5.51

5.35

37.19

67.32

49.24

40.29

19.92

8.46

8.71

8.93

8.93

9.21

6.11

14.9%

12.70

11.63

9.15

9.30

10.64

8.77

7.70

6.47

18.15

22.86

16.42

14.07

12.02

4.09

3.45

4.46

5.24

6.08

80.73

-5.9%

13.16

10.41

7.42

11.33

10.41

8.25

6.81

5.57

23.33

21.30

15.45

12.01

8.94

2.10

2.32

3.18

4.01

5.59

15.44

10.7%

7.24

6.31

12.13

8.95

9.89

9.25

8.83

9.09

16.98

16.96

15.45

14.34

13.80

17.92

4.59

5.14

5.43

4.07

32.32

3.1%

14.59

12.72

17.39

10.00

10.13

9.07

8.23

7.75

16.72

20.49

18.37

16.32

15.76

0.80

0.64

0.77

0.87

0.93

222.08

-0.5%

12.85

12.11

11.04

13.81

12.82

11.59

10.73

10.63

21.10

18.84

17.33

15.77

13.84

0.00

0.00

0.00

0.00

0.00

15.84

-1.5%

6.23

5.83

11.83

5.89

5.80

5.38

4.95

5.09

23.81

18.60

14.33

11.00

10.45

2.66

3.05

3.60

4.05

4.23

26.12

23.16

20.77

18.47

17.85

18.44

16.37

14.85

13.39

26.36

27.27

24.11

21.81

19.72

3.05

3.04

3.23

3.62

4.07

212.75

-6.3%

10.12

8.45

7.35

6.67

11.34

10.22

9.00

8.19

7.44

25.66

22.48

17.07

14.67

12.53

1.90

1.84

2.30

2.74

2.91

19.01

3.9%

3.64

5.80

4.46

3.77

3.06

3.90

5.96

4.18

3.60

3.08

7.99

22.30

9.87

7.36

5.79

4.47

2.56

4.01

4.83

6.78

38.14

0.5%

0.24

2.28

2.37

2.59

2.63

3.00

3.79

3.71

4.12

4.21

4.38

5.47

5.61

7.31

7.95

8.25

9.08

8.83

7.13

6.78

6.17

24.42

9.8%

0.77

0.73

8.67

14.88

12.37

11.41

3.74

18.94

8.53

6.63

198.70

42.05

2.34

0.05

0.43

0.77

21.49

-19.9%

3.64

3.37

3.05

17.53

14.96

13.06

11.74

9.75

12.87

11.49

10.42

9.42

8.44

18.32

16.59

14.81

13.32

11.78

1.49

1.64

1.88

2.09

2.12

64.65

14.3%

1.04

0.99

0.94

11.24

10.47

7.86

6.74

6.78

10.25

9.28

8.36

7.85

7.29

14.70

13.26

11.01

9.90

8.62

1.46

1.87

2.20

2.32

2.77

36.85

-1.2%

2.63

2.32

2.10

1.92

21.52

23.59

21.29

15.09

14.35

14.84

13.80

11.62

10.55

9.37

23.70

22.11

18.32

15.76

14.72

1.86

1.86

2.14

2.47

2.87

0.87

0.88

0.94

0.91

0.85

4.33

4.91

7.96

9.41

6.07

3.66

4.10

6.07

5.91

4.96

6.56

7.58

14.57

15.54

12.00

7.52

5.89

3.35

3.24

4.83

18.83

3.0%

1.02

1.05

0.97

0.88

0.78

15.31

41.81

14.16

11.59

15.87

9.17

20.76

11.06

9.06

6.84

25.94

43.50

20.99

16.84

0.82

0.46

0.72

1.18

1.21

18.91

-23.6%

10.00

11.83

8.79

13.64

11.85

10.82

9.36

3.67

3.70

4.03

4.21

4.22

87.05

3.9%

44.46

24.54

0.00

0.00

0.00

0.12

3.02

6.53

-1.4%

9.96

33.9%

28.65

19.2%

SIEMENS AG-REG

2.25

2.36

2.15

1.98

1.44

0.95

0.96

0.93

0.90

0.86

SKY DEUTSCHLAND AG

36.01

18.35

19.31

12.79

7.89

4.35

3.74

3.20

2.80

2.56

SUESS MICROTEC AG

1.11

1.17

1.12

1.04

1.03

0.87

0.93

0.82

0.69

0.66

14.53

SOFTWARE AG

1.94

1.93

1.73

1.57

1.36

1.97

2.09

1.98

1.86

1.72

10.03

AXEL SPRINGER AG

2.25

2.05

1.88

1.81

1.53

1.19

1.16

1.23

1.22

1.26

SARTORIUS AG-VORZUG

4.18

3.62

3.21

2.80

1.87

1.76

1.65

1.56

SYMRISE AG

4.28

4.27

3.88

3.51

3.02

2.41

2.25

2.14

2.04

SALZGITTER AG

0.40

0.45

0.45

0.43

0.47

0.17

0.18

0.17

SUEDZUCKER AG

1.27

1.21

1.13

1.06

1.00

0.64

0.62

0.62

5.11

4.92
285.21

9.42

8.29

8.26

64.95

22.16

17.43

29.30

14.31

8.67

5.91

10.70

10.06

9.26

7.06

8.86

9.40

9.34

9.31

1.48

19.60

11.47

10.36

1.94

17.40

15.91

14.48

0.17

0.15

5.59

6.35

4.06

0.62

0.60

5.97

6.20

6.49

11.11

0.67

10.24

7.95

7.43

6.74

167.94

43.47

20.12

14.02

6.68

188.58

7.57

4.22

4.21

22.83

17.59

9.04

10.78

0.00

0.00

7.15

8.17

7.58

6.89

5.61

10.72

12.56

11.31

10.11

8.39

1.95

1.89

1.96

2.08

2.71

10.15

7.53

7.92

7.97

7.56

7.72

13.73

15.24

15.17

13.95

14.15

4.47

4.33

4.42

4.67

5.78

9.59

9.25

12.53

11.48

10.44

9.64

8.64

22.31

20.53

17.92

16.08

13.79

1.19

1.38

1.62

1.82

2.01

85.71

4.1%

13.42

11.69

13.81

12.47

11.69

11.00

10.35

24.83

21.53

19.52

18.18

16.81

1.96

2.14

2.34

2.55

2.77

32.96

-6.0%

3.91

2.83

3.93

5.32

3.16

2.71

2.50

23.61

11.94

12.17

1.06

0.79

1.07

1.55

1.98

28.55

-1.5%

6.17

6.33

5.81

6.53

6.60

6.58

6.11

8.48

10.64

10.89

10.93

10.68

3.56

3.63

3.68

3.74

4.52

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

15.58

0.00

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

2.37

2.37

2.19

2.02

2.37

1.52

1.52

1.45

1.38

1.52

10.80

10.80

10.07

10.50

10.80

9.39

9.39

8.65

8.08

9.39

15.36

15.36

13.85

12.53

15.36

2.09

2.09

2.25

2.39

2.09

1837.3

8.4%

Euro Stoxx 50 Pr

1.25

1.25

1.19

1.12

1.25

0.81

0.82

0.79

0.76

0.81

6.31

6.31

5.80

5.24

6.31

7.39

7.39

6.97

6.59

7.39

12.64

12.65

11.21

10.09

12.64

4.03

4.03

4.27

4.61

4.03

2996.5

5.3%

NIKKEI 225

1.51

1.51

1.42

1.32

1.51

0.73

0.73

0.71

0.69

0.73

8.96

8.96

8.27

7.65

8.96

8.62

8.62

7.91

7.48

8.62

17.75

17.75

15.78

14.25

17.75

1.65

1.65

1.80

1.93

1.65

15121.1

7.6%

FTSE 100 INDEX

1.79

1.79

1.68

1.55

1.79

1.01

1.01

0.98

0.94

1.01

8.59

8.59

7.88

6.62

8.59

7.40

7.40

6.78

6.36

7.40

12.77

12.77

11.57

10.63

12.77

3.76

3.76

4.07

4.41

3.76

7026.3

6.3%

SWISS MARKET INDEX

2.46

2.46

2.28

2.13

2.46

2.08

2.08

1.99

1.90

2.08

13.06

13.06

11.72

10.49

13.06

12.93

12.93

11.97

11.21

12.93

15.37

15.37

13.94

12.65

15.37

3.19

3.19

3.56

4.02

3.19

8671.3

7.5%

S&P/TSX COMPOSITE INDEX

1.72

1.72

1.60

1.50

1.72

1.65

1.65

1.54

1.52

1.65

8.71

8.71

7.92

6.65

8.71

8.82

8.82

7.83

7.30

8.82

15.23

15.23

13.48

12.27

15.23

3.17

3.17

3.30

3.43

3.17

14124.5

11.7%

S&P/ASX 200 INDEX

1.90

1.90

1.79

1.69

1.90

1.77

1.77

1.67

1.60

1.77

10.76

10.76

9.72

9.24

10.76

9.01

9.01

8.20

7.62

9.01

14.83

14.83

13.45

12.42

14.83

4.57

4.57

4.88

5.23

4.57

5237.1

1.5%

HANG SENG INDEX

1.34

1.34

1.24

1.17

1.34

1.74

1.74

1.61

1.49

1.74

8.04

8.04

7.62

7.04

8.04

8.12

8.12

7.44

6.75

8.12

10.75

10.75

9.93

9.08

10.75

3.57

3.57

3.86

4.18

3.57

24685.6

9.5%

MSCI EM

1.41

1.41

1.28

1.16

1.41

0.97

0.97

0.91

0.84

0.97

7.06

7.06

6.41

5.92

7.06

7.28

7.28

6.65

6.16

7.28

10.89

10.89

9.74

8.89

10.89

2.87

2.87

3.16

3.41

2.87

1118.7

15.8%

TAG IMMOBILIEN AG

1.08

1.00

0.95

0.93

0.91

5.86

4.12

4.12

3.98

4.05

20.40

16.88

14.98

14.47

15.11

13.64

18.50

17.22

16.32

17.63

7.14

14.88

12.63

13.38

10.08

13.1%

THYSSENKRUPP AG

1.07

2.80

2.45

2.07

1.65

0.21

0.23

0.22

0.21

0.20

12.07

7.49

5.38

4.87

3.42

6.58

6.85

5.19

4.40

3.48

61.59

14.70

9.56

TALANX AG

0.86

0.84

0.79

0.74

0.24

0.22

0.22

0.21

0.21

9.04

8.62

8.13

TUI AG

1.00

1.16

1.08

0.99

0.77

0.14

0.14

0.13

0.13

0.12

3.48

4.83

4.18

3.90

3.47

2.86

2.61

2.38

2.17

2.08

24.68

29.68

15.77

UNITED INTERNET AG-REG SHARE

25.23

18.30

11.57

8.20

5.17

2.01

1.82

1.67

1.57

1.50

18.61

16.59

13.63

12.39

11.73

14.79

12.30

10.45

9.12

8.20

30.50

23.24

18.31

VOLKSWAGEN AG-PREF

1.12

1.04

0.93

0.83

0.78

0.44

0.42

0.40

0.38

0.37

3.89

4.00

3.69

3.60

3.18

8.21

7.51

6.68

6.19

5.65

8.65

8.63

7.41

WACKER CHEMIE AG

1.48

1.66

1.59

1.51

1.53

0.86

0.87

0.82

0.76

0.73

5.99

7.76

5.75

4.97

4.13

6.47

7.25

6.06

5.32

4.67

47.58

165.80

WIRECARD AG

4.67

4.17

3.61

3.12

2.72

6.59

5.50

4.66

3.99

3.46

29.62

25.75

20.66

17.66

14.44

21.01

18.36

15.05

12.64

10.35

33.53

WINCOR NIXDORF AG

4.50

3.86

3.26

2.82

2.58

0.71

0.67

0.64

0.62

0.59

12.93

10.33

9.82

8.66

7.44

10.43

8.98

7.72

7.21

7.49

23.08

ELRINGKLINGER AG

2.88

2.70

2.40

2.15

1.86

1.65

1.54

1.45

1.36

1.27

12.40

11.06

9.75

8.98

7.38

9.08

8.89

8.03

7.38

6.55

19.36

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

2.66

3.59

4.26

4.72

1.68

7.50

2.22

0.84

1.99

2.99

5.33

7.71

7.91

4.54

4.78

5.08

5.35

11.33

12.02

0.26

0.21

0.89

2.01

3.56

15.51

12.72

1.07

1.42

1.78

2.05

2.87

6.73

6.05

2.08

2.27

2.91

3.50

4.70

210.29

13.3%

39.46

24.30

17.84

0.74

0.26

0.70

1.18

1.55

63.78

-16.4%

30.64

24.29

20.14

16.41

0.51

0.53

0.63

0.72

1.08

16.85

13.79

12.51

13.22

2.07

2.84

3.66

4.01

3.79

48.64

-1.8%

18.35

15.74

13.92

12.24

1.91

1.82

2.10

2.37

2.33

25.91

6.0%

11.30

15.0%

14.08.2013

Adidas AG
Adidas AG manufactures sports shoes and sports equipment. The Company produces
products that include footwear, sports apparel, and golf clubs and balls. Adidas
sells its products worldwide.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.08.2013)
52-Week Low (30.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ADS GY EQUITY YTD Change
ADS GY EQUITY YTD % CHANGE

12/2012
06/yy
88.50
61.10
5'288.00
85.22
-3.71%
39.48%
86.50%
209.2
17'829.40
1'487.00
0.0
(13.0)
1'935.00
17'911.40

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
10'381.0
11'990.0
0.85x
0.87x
823.0
1'174.0
10.72x
8.91x
245.0
567.0
30.22x
18.04x
Profitability

3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
s-12

LTM-4Q
31.12.2011
13'322.0
0.78x
1'206.0
8.64x
613.0
17.15x

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
14'883.0
0.92x
1'456.0
9.36x
526.0
26.72x
1'456.00
1'185.00
7.96%
5.72%
4.67%
10.06%
1.24%
49.5%
10.2%
6.5%
3.5%
1.57
0.83
12.76%
28.04%
7.08
2.82

Price/ Cash Flow

06/yy
14'326
3.20x
1'350.0
9.02x
718.0
16.54x

o-12

n-12

d-12

j-13

LTM
06/yy
14'676
4.23x
1'493.0
11.74x
552.0
31.71x

f-13 m-13

a-13 m-13

j-13

j-13

FY+1

.0 M
a-13

0.80
209.22
39.88%
28.62%
0.804
43
4.279
840'662
732'969
793'797
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
15'076
16'090
4'262
3'577
1.14x
1.04x
1'658.2
1'938.4
585.0
132.7
10.83x
9.27x
11.73x
11.52x
924.8
1'117.6
376.0
63.8
19.29x
16.13x
17.85x
17.06x
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

15.01
11.13
0.06
0.88
28.0%
21.9%
1.24
13.81
51.57
129.40
89.16
72.10

Sales/Revenue/Turnover

20.00

16'000.0

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00
10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00
0.00
01.01.2010

3.5 M

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
10'799.0
0.69x
1'310.0
5.69x
642.0
8.35x

100
90
80
70
60
50
40
30
20
10
0
a-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Adidas AG
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
THORNBURG INVESTMENT
ROYAL BANK OF SCOTLA
NORGES BANK
VANGUARD GROUP INC
DEUTSCHE BANK AG
FMR LLC
UBS
INVESCO LTD
UNION INVESTMENT GMB
JUPITER ASSET MANAGE
ALLIANZ ASSET MANAGE
MANNING & NAPIER ADV
DEKA INVESTMENT GMBH
WILLIAM BLAIR & COMP
BESSEMER GROUP INCOR
BANK OF NEW YORK MEL
SEB
ADIG INVESTMENT

Firm Name
Deutsche Bank
Nord/LB
Credit Suisse
JPMorgan
Raymond James
Cantor Fitzgerald
Bankhaus Lampe
Bankhaus Metzler
ISI Group
Nomura
Equinet Institutional Services(ESN)
Redburn Partners
Main First Bank AG
Exane BNP Paribas
SRH AlsterResearch
Commerzbank Corporates & Markets
Morgan Stanley
Baader Bank
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Bryan Garnier & Cie
S&P Capital IQ
Barclays
AlphaValue
Susquehanna Financial Group
Telsey Advisory Group
M.M. Warburg Investment Research
DZ Bank AG
Kepler Cheuvreux
KochBank Research
Berenberg Bank
Hammer Partners SA
Goldman Sachs
HSBC
EVA Dimensions
Hamburger Sparkasse
Robert W. Baird & Co
National Bank AG
Bank of Valletta
Day by Day
UBS
Equita SIM SpA

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
WILLIAM BLAIR & COMP
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
MICHAEL KUHN
JULIA SIEKMANN
ROGERIO FUJIMORI
CHIARA BATTISTINI
CEDRIC LECASBLE
ALLEGRA PERRY
MICHAEL GORNY
SEBASTIAN FRERICKS
OMAR SAAD
CHRISTOPHER WALKER
INGBERT FAUST
ANDREW MOBBS
MATTHIAS EIFERT
ANDREAS INDERST
NEIL SCHMODDE
ANDREAS RIEMANN
LOUISE SINGLEHURST
VOLKER BOSSE
BERND MUELL
ZAFER RUZGAR
CEDRIC ROSSI
WILLIAM MACK
JULIAN EASTHOPE
HANS-PETER WODNIOK
CHRISTOPHER SVEZIA
KELLY CHEN
JOERG PHILIPP FREY
HERBERT STURM
JUERGEN KOLB
MARK JOSEFSON
JOHN GUY
STEPHAN SEIP
WILLIAM HUTCHINGS
ERWAN RAMBOURG
CRAIG STERLING
CHRISTIAN HAMANN
MITCHEL J KUMMETZ
MANFRED JAISFELD
TEAM COVERAGE
VALERIE GASTALDY
FRED SPEIRS
FABIO FAZZARI

Source
ULT-AGG
ULT-AGG
Research
Research
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
hold
buy
outperform
overweight
outperform
hold
hold
buy
neutral
buy
accumulate
sell
outperform
outperform
buy
buy
Underwt/In-Line
buy
buy
hold
buy
strong buy
overweight
reduce
Positive
no rating system
buy
buy
buy
buy
buy
buy
Buy/Neutral
overweight
hold
hold
outperform
hold
overweight
hold
buy
hold

Amt Held
14'632'128
14'230'619
10'057'706
9'347'766
4'886'922
3'879'905
3'817'396
3'381'799
3'111'515
2'725'103
1'769'586
1'592'034
1'501'992
1'271'690
1'175'770
1'154'890
840'376
634'642
629'207
628'434

% Out
6.99
6.8
4.81
4.47
2.34
1.85
1.82
1.62
1.49
1.3
0.85
0.76
0.72
0.61
0.56
0.55
0.4
0.3
0.3
0.3

Weighting

Change

3
5
5
5
5
3
3
5
3
5
4
1
5
5
5
5
1
5
5
3
5
5
5
2
4
#N/A N/A
5
5
5
5
5
5
5
5
3
3
5
3
5
3
5
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
M
M
N
M
M
M
M
U
M
M
M
N
M
M
M

Latest Chg
(175'756)
445'425
(35'387)
680'868
(274)
30'371
24'436
(56'474)
11'310
(69'440)
1'154'890
(140'000)
(641)
80'763
5'000

Target Price
86
95
97
95
95
81
84
91
90
95
90
#N/A N/A
110
100
108
100
73
95
90
90
95
102
95
82
100
96
111
88
94
94
98
104
111
95
#N/A N/A
#N/A N/A
95
85
97
#N/A N/A
85
60

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

File Dt
30.06.2013
07.08.2013
10.05.2013
23.05.2013
31.12.2012
30.06.2013
28.06.2013
30.06.2013
14.05.2013
08.08.2013
28.03.2013
30.04.2013
30.06.2013
31.12.2012
30.04.2013
30.06.2013
30.04.2013
08.08.2013
30.04.2013
30.04.2013

Date
12 month
12 month
Not Provided
15 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month

Inst Type
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
Investment Advisor
Unclassified
Investment Advisor

Date
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
05.08.2013
02.08.2013
22.07.2013
12.07.2013
09.07.2013
25.06.2013
20.06.2013
17.06.2013
17.05.2013
14.05.2013
07.05.2013
06.05.2013
03.05.2013
03.05.2013
16.04.2013
02.04.2013
29.01.2013
24.05.2012

14.08.2013

ADVA Optical Networking SE


ADVA AG Optical Networking designs, develops, and manufactures optical
networking products. The Company's products include wave length division
multiplexing (WDM) communications systems, high-speed fiber optic converters,
EDFA modules, and all-optical switches. ADVA's products are used in high-speed
centralized data storage and disaster recovery.

Price/Volume

2.0 M
1.5 M

Latest Fiscal Year:


LTM as of:
52-Week High (17.10.2012)
52-Week Low (29.04.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ADV GY EQUITY YTD Change
ADV GY EQUITY YTD % CHANGE

12/2012
06/yy
5.42
3.45
1'411.00
4.16
-23.30%
20.58%
35.84%
47.9
199.32
29.03
0.0
0.0
70.27
159.01

1.0 M

.5 M

1
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2.5 M

5
4

Valuation Analysis

31.12.2008
217.7
0.18x
12.3
3.17x
(8.9)
-

31.12.2009
31.12.2010
232.8
291.7
0.40x
0.86x
20.3
30.0
4.64x
8.40x
1.3
7.0
84.33x
39.07x
Profitability

LTM-4Q
31.12.2011
310.9
0.46x
37.6
3.77x
16.9
10.07x

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
330.1
0.45x
45.1
3.30x
16.7
11.37x
45.12
18.83
5.71%
5.61%
2.98%
5.59%
5.11%
1.12%
39.9%
11.7%
3.4%
5.1%
1.90
1.37
10.22%
18.86%
5.89
4.90

Price/ Cash Flow

06/yy
330.3
1.96x
45.6
3.36x
27.6
6.90x

LTM
06/yy
317.9
1.97x
37.3
3.88x
8.5
22.29x

FY+1

.0 M
a-13

0.99
38.63
-18.43%
4.52%
0.993
6
3.333
122'767
118'185
126'788
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
328.5
352.8
88.8
0.49x
0.43x
37.5
43.5
12.8
4.26x
3.68x
8.5
12.3
28.49x
19.26x
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

34.15
27.19
-1.08
1.07
18.9%
15.9%
1.12
14.24
61.93
74.44
60.71
68.79

Sales/Revenue/Turnover

25.00

350.0
300.0

20.00

250.0
15.00

200.0
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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

ADVA Optical Networking SE


Holdings By:

All

Holder Name
EGORA GROUP
DEUTSCHE BANK AG
FMR LLC
ING INTERNATIONAL AD
DNB NOR ASSET MANAGE
ING INVESTMENT MANAG
DEKA INVESTMENT GMBH
RAIFFEISEN KAPITALAN
PROTIVA ERIC V
BARING FUND MANAGERS
PROTIVA BRIAN
BLACKROCK
VANGUARD GROUP INC
SWISSCANTO FONDSLEIT
DNB ASSET MANAGEMENT
UBS
SKANDIA FONDER AB
SCHRODER INVESTMENT
DIMENSIONAL FUND ADV
METZLER ASSET MANAGE

Firm Name
Landesbank Baden-Wuerttemberg
EVA Dimensions
Deutsche Bank
Hauck & Aufhaeuser
Berenberg Bank
Close Brothers Equity Markets
WestLB Equity Markets

Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
MIRKO MAIER
ANDREW S ZAMFOTIS
BENJAMIN KOHNKE
TIM OLIVER WUNDERLICH
ALI FARID KHWAJA
VEYSEL TAZE
THOMAS LANGER

Source
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
hold
hold
hold
sell
buy
buy
neutral

Amt Held
8'655'909
4'000'000
1'049'490
876'948
727'035
482'788
450'000
399'700
320'000
300'000
294'030
277'514
189'853
186'356
120'578
109'745
106'169
80'037
68'277
62'600

% Out
18.07
8.35
2.19
1.83
1.52
1.01
0.94
0.83
0.67
0.63
0.61
0.58
0.4
0.39
0.25
0.23
0.22
0.17
0.14
0.13

Weighting

Change
3
3
3
1
5
5
3

M
D
M
M
M
M
M

Latest Chg
70'844
876'948
(431)
67'000
3'322
32'588
93
(50'000)
12'553
(69'217)
10'500

Target Price
4
#N/A N/A
5
3
5
5
#N/A N/A

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

File Dt
31.12.2012
30.04.2013
30.06.2013
28.03.2013
30.04.2013
30.06.2013
28.03.2013
31.05.2013
31.12.2012
30.04.2013
31.12.2012
07.08.2013
30.06.2013
28.03.2013
30.04.2013
30.04.2013
31.03.2013
30.04.2013
30.04.2013
30.04.2012

Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided

Inst Type
Unclassified
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
06.08.2013
01.08.2013
22.07.2013
18.07.2013
18.07.2013
18.07.2013
25.04.2012

14.08.2013

Carl Zeiss Meditec AG


Carl Zeiss Meditec AG provides complete system solutions in the field of
medical technology for ophthalmology. The Company's products include screening,
diagnostic, and therapeutic systems for the treatment of vision defects,
cataracts, glaucoma, and retinal disorders. Carl Zeiss Meditec operates
worldwide with subsidiaries in the USA and Japan.

Price/Volume
.3 M

25

.2 M

20

Latest Fiscal Year:


LTM as of:
52-Week High (15.07.2013)
52-Week Low (17.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AFX GY EQUITY YTD Change
AFX GY EQUITY YTD % CHANGE

09/2012
03/yy
26.89
17.88
1'271.00
25.06
-6.79%
40.16%
81.34%
81.3
2'037.62
30.91
0.0
40.8
9.53
2'097.47

30.09.2008
600.2
1.13x
80.9
8.40x
54.0
15.30x

.1 M

10

.1 M

5
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.09.2009
30.09.2010
640.1
676.7
1.17x
1.00x
92.4
107.7
8.13x
6.29x
50.5
54.9
17.74x
16.88x
Profitability

LTM-4Q
30.09.2011
758.8
1.26x
122.5
7.81x
66.9
16.27x

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

30.09.2012
861.9
1.94x
140.8
11.90x
71.9
22.55x
140.80
122.90
14.26%
13.48%
8.09%
11.77%
11.98%
0.94%
53.5%
16.3%
14.4%
8.3%
3.32
0.68
3.21%
4.72%
6.37
2.78

Price/ Cash Flow

03/yy
814.5
5.72x
132.4
10.28x
73.5
19.96x

LTM
03/yy
873.0
7.99x
142.3
14.44x
74.8
26.68x

FY+1

.0 M
a-13

0.55
28.46
33.43%
17.17%
0.551
14
2.929
36'178
33'277
49'767
FY+2

FQ+1

FQ+2

09/13 Y
09/14 Y
06/13 Q3 09/13 Q4
901.3
968.7
210.3
235.5
1.98x
1.83x
153.0
169.3
13.60x
12.29x
85.5
96.9
20.0
20.9
23.71x
21.17x
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

23.15
20.76
0.15
0.21
4.7%
4.3%
0.94
18.12
57.31
131.11
27.09
154.50

Sales/Revenue/Turnover

45.00

1'000.0

40.00

900.0

35.00

800.0
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
02.10.2009

.2 M

15

Valuation Analysis

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

30

0.0
02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Carl Zeiss Meditec AG


Holdings By:

All

Holder Name
CARL ZEISS AG
OPPENHEIMERFUNDS INC
CAPITAL GROUP COMPAN
ALLIANZ ASSET MANAGE
ODDO ASSET MANAGEMEN
NORGES BANK
SEB
ING ASSET MANAGEMENT
MANNING & NAPIER ADV
ODIN FORVALTNING AS
FONDITA RAHASTOYHTIO
VANGUARD GROUP INC
SWISSCANTO FONDSLEIT
BLACKROCK
ECCLESIASTICAL INSUR
GROUPAMA ASSET MGMT
JP MORGAN
ROYCE AND ASSOCIATES
PUTNAM INVESTMENT MA
SCHRODER INVESTMENT

Firm Name
Montega
Deutsche Bank
JPMorgan
EVA Dimensions
Jefferies
Berenberg Bank
Independent Research GmbH
DZ Bank AG
Nord/LB
HSBC
Landesbank Baden-Wuerttemberg
Kepler Cheuvreux
Commerzbank Corporates & Markets
Hamburger Sparkasse
Equinet Institutional Services(ESN)
GSC Research

Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
THOMAS RAU
GUNNAR ROMER
DAVID J ADLINGTON
TIMOTHY STANISH
INGEBORG OIE
SCOTT BARDO
CHRISTOPH SCHOENDUBE
SVEN OLAF KUERTEN
HOLGER FECHNER
HENDRIK LOFRUTHE
VOLKER STOLL
OLIVER REINBERG
VOLKER BRAUN
MARCO GUENTHER
EDOUARD AUBERY
MATTHIAS WAHLER

Source
Co File
MF-AGG
ULT-AGG
ULT-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
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
hold
neutral
underweight
hold
buy
hold
sell
buy
underweight
hold
reduce
hold
hold
accumulate
sell

Amt Held
52'851'241
2'100'000
1'565'000
664'729
576'659
471'552
461'827
300'000
269'630
235'266
217'008
173'114
163'830
151'169
150'000
134'250
131'244
130'150
122'190
79'237

% Out
65
2.58
1.92
0.82
0.71
0.58
0.57
0.37
0.33
0.29
0.27
0.21
0.2
0.19
0.18
0.17
0.16
0.16
0.15
0.1

Weighting

Change
5
3
3
1
3
5
3
1
5
1
3
2
3
3
4
1

M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M

Latest Chg
10'000
5'829
269'630
35'435
(13'753)
2'014
(10'000)
134'250
3'328
(442'918)
12'007

Target Price
30
24
24
#N/A N/A
20
26
28
18
32
22
24
21
25
#N/A N/A
16
#N/A N/A

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

File Dt
30.09.2012
30.06.2013
30.06.2013
30.06.2013
30.09.2012
31.12.2012
28.03.2013
28.03.2013
31.12.2012
28.06.2013
31.05.2013
30.06.2013
28.03.2013
07.08.2013
30.06.2013
28.09.2012
31.03.2013
30.06.2013
31.03.2013
31.12.2012

Date
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided

Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
07.08.2013
05.08.2013
16.07.2013
06.06.2013
05.06.2013
28.05.2013
15.05.2013
15.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
07.05.2013
20.03.2013
09.12.2011
22.04.2010

14.08.2013

Aixtron SE
Aixtron SE engineers and manufactures metal organic chemical vapor deposition
(MOCVD) equipment for the semiconductor industry. The Company's customers use
its equipment to produce compound semiconductor layer structures for use in
LED, laser, solar cell, transistor, telecommunications, and other applications.
Aixtron markets its products worldwide.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (31.05.2013)
52-Week Low (12.12.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AIXA GY EQUITY YTD Change
AIXA GY EQUITY YTD % CHANGE

12/2012
06/yy
13.89
8.38
64'062.00
12.7
-8.71%
51.64%
84.50%
102.2
1'298.19
0.00
0.0
0.0
209.49
1'082.33

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

4.0 M

14

3.5 M

12

3.0 M

10

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
274.4
1.30x
43.2
8.24x
23.0
18.31x

16

31.12.2009
31.12.2010
302.9
783.8
6.73x
3.03x
75.3
288.9
27.09x
8.23x
44.8
192.5
47.96x
14.30x
Profitability

LTM-4Q
31.12.2011
611.0
1.14x
127.3
5.47x
79.5
12.47x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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
227.8
3.01x
(108.6)
(145.4)
-108.64
-125.28
-54.99%
-57.03%
-34.88%
-43.16%
0.38%
0.2%
-73.8%
-81.5%
-63.8%
4.38
2.79
0.00%
0.00%
7.91
2.07

Price/ Cash Flow

06/yy
318.1
10.73x
(36.4)
0.00x
(34.8)
0.00x

LTM
06/yy
225.3
15.69x
(166.2)
0.00x
(209.3)
0.00x

FY+1

.0 M
a-13

0.84
93.80
4.87%
43.03%
0.843
30
2.733
495'446
479'895
536'367
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
225.0
375.2
57.4
71.1
5.01x
2.99x
18.88x
15.16x
(70.4)
51.4
(2.2)
2.4
20.95x
76.29x
34.98x
(83.7)
27.5
(5.6)
(0.6)
43.34x
668.42x
114.41x
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

-3746.07
-4289.79
0.00
0.0%
0.0%
0.38
2.32
46.14
176.18
39.96
310.27

Sales/Revenue/Turnover

35.00

900.0

30.00

800.0
700.0

25.00

600.0

20.00

500.0

15.00

400.0
300.0

10.00

200.0

5.00
0.00
01.01.2010

100.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Aixtron SE
Holdings By:

All

Holder Name
CAMMA GMBH
UBS
ALLIANZ GLOBAL INVES
BAILLIE GIFFORD AND
VANGUARD GROUP INC
BLACKROCK
ADIG INVESTMENT
GENERATION INVESTMEN
DEUTSCHE BANK AG
NORGES BANK
AQR CAPITAL MANAGEME
OXFORD ASSET MANAGEM
FMR LLC
T ROWE PRICE ASSOCIA
ING INTERNATIONAL AD
ING INVESTMENT MANAG
ALLIANZ ASSET MANAGE
SAEMOR CAPITAL BV
SCHINDELHAUER KIM
BARRINGTON WILSHIRE

Firm Name
Bankhaus Lampe
Natixis
Main First Bank AG
Equinet Institutional Services(ESN)
Exane BNP Paribas
Deutsche Bank
Hamburger Sparkasse
Redburn Partners
Societe Generale
Morgan Stanley
Baader Bank
JPMorgan
Independent Research GmbH
Sterne, Agee & Leach
Bankhaus Metzler
Barclays
SRH AlsterResearch
Commerzbank Corporates & Markets
HSBC
Landesbank Baden-Wuerttemberg
Hauck & Aufhaeuser
M.M. Warburg Investment Research
Berenberg Bank
Kepler Cheuvreux
DZ Bank AG
UBS
Close Brothers Equity Markets
Goldman Sachs
Liberum Capital Ltd
EVA Dimensions
National Bank AG

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a

Analyst
KARSTEN ILTGEN
MAXIME MALLET
JUERGEN WAGNER
ADRIAN PEHL
GERHARD ORGONAS
UWE SCHUPP
INGO SCHMIDT
SUMANT WAHI
PETER KNOX
ANDREW HUMPHREY
GUENTHER MICHAEL HOLLFELDER
SANDEEP S DESHPANDE
MARKUS FRIEBEL
ANDREW HUANG
STEPHAN BAUER
ANDREW M GARDINER
DANIEL PAWLOWSKI
THOMAS M BECKER
CHRISTIAN DOMINIK RATH
WALTER SCHNEIDER
TIM OLIVER WUNDERLICH
MALTE SCHAUMANN
ALI FARID KHWAJA
BERND LAUX
HARALD SCHNITZER
DAVID MULHOLLAND
VEYSEL TAZE
SIMON F SCHAFER
JANARDAN MENON
ANDREW S ZAMFOTIS
SVEN PAULSEN

Source
20F
ULT-AGG
Research
Research
MF-AGG
ULT-AGG
MF-AGG
20F
ULT-AGG
MF-AGG
Short
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Short
20F
Short

Recommendation
buy
buy
underperform
sell
outperform
buy
hold
buy
sell
Equalwt/Cautious
hold
neutral
sell
neutral
sell
equalweight
sell
hold
neutral
sell
buy
sell
hold
hold
sell
neutral
sell
neutral/neutral
buy
sell
buy

Amt Held
% Out
7'650'000
7.48
5'743'326
5.62
5'102'037
4.99
5'093'343
4.98
3'966'096
3.88
3'841'807
3.76
3'470'000
3.39
3'089'151
3.02
2'818'556
2.76
2'379'360
2.33
(1'962'624) -1.92
(1'215'836) -1.19
1'040'298
1.02
1'037'338
1.01
1'007'257
0.99
953'009
0.93
932'497
0.91
(805'602) -0.79
766'500
0.75
(705'280) -0.69

Weighting

Change
5
5
1
1
5
5
3
5
1
3
3
3
1
3
1
3
1
3
3
1
5
1
3
3
1
3
1
3
5
1
5

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
M
D
M
M
M

Latest Chg
(144'314)
48'630
236'846
(10'000)
(103'110)
10'217
547'568
(142'747)
(116'049)
(286'907)
75'411
(173'357)
112'089

Target Price
16
15
10
7
15
14
#N/A N/A
#N/A N/A
9
12
13
10
9
#N/A N/A
8
12
10
12
13
11
13
9
9
12
10
13
10
13
13
#N/A N/A
35

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

File Dt
Inst Type
28.02.2013
Corporation
24.07.2013
Unclassified
17.07.2013
Investment Advisor
29.04.2013
Investment Advisor
30.06.2013
Investment Advisor
07.08.2013
Investment Advisor
30.04.2013
Investment Advisor
31.12.2012
Investment Advisor
30.04.2013
Investment Advisor
31.12.2012
Government
02.08.2013 Hedge Fund Manager
04.07.2013 Hedge Fund Manager
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
31.05.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
26.03.2013
Investment Advisor
31.01.2013
n/a
30.07.2013 Hedge Fund Manager

Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
3 month
12 month
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided

Date
05.08.2013
05.08.2013
31.07.2013
30.07.2013
30.07.2013
29.07.2013
29.07.2013
29.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
22.07.2013
15.07.2013
23.05.2013
13.05.2013
17.01.2013
28.07.2011

14.08.2013

Allianz SE
Allianz SE, through subsidiaries, offers insurance and financial services. The
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.

Price/Volume
140

8.0 M

120

7.0 M

100

6.0 M
5.0 M

80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (30.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ALV GY EQUITY YTD Change
ALV GY EQUITY YTD % CHANGE

12/2012
06/yy
122.10
85.37
13'267.00
118.05
-3.36%
38.28%
89.11%
456.0
53'824.90
28'651.00
0.0
2'665.0
12'437.00
71'902.90

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

3.0 M

40

2.0 M

20

1.0 M

0
a-12

31.12.2009
31.12.2010
82'711.0
89'740.0
0.75x
0.67x
4'297.0
5'053.0
8.37x
7.94x
Profitability

LTM-4Q
31.12.2011
87'384.0
0.61x
2'545.0
13.13x

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
96'020.0
0.69x
5'169.0
4.62x
10.61%
8.95%
0.86%
12.22%
9.04%
0.14%
5.4%
4.12%
53.50%
-

Price/ Cash Flow

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

LTM

FY+1

.0 M
a-13

1.30
448.87
40.79%
16.96%
1.296
41
4.293
1'148'534
1'537'201
1'819'719
FY+2

FQ+1

FQ+2

06/yy
90'556.0
2.48x
0.0
0.00x
3'317.0
10.58x

06/yy
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
97'026.0 104'403.4 107'301.8
25'569.0
26'839.0
2.70x
0.66x
0.64x
0.0
0.00x
5'859.0
5'868.0
6'048.5
1'315.5
1'453.5
4.64x
9.06x
8.78x
S&P Issuer Ratings
Long-Term Rating Date
27.01.2012
Long-Term Rating
AA
Long-Term Outlook
STABLE
Short-Term Rating Date
23.03.2009
Short-Term Rating
A-1+
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
53.5%
Total Debt/Capital
33.8%
Asset Turnover
0.14
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00
01.01.2010

s-12

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
76'195.0
0.69x
(2'444.0)
8.51x

4.0 M

60

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Allianz SE
Holdings By:

All

Holder Name
BLACKROCK
NORGES BANK
HARBOR CAPITAL ADVIS
VANGUARD GROUP INC
DEUTSCHE BANK AG
SOCIETE GENERALE SA
FMR LLC
ALLIANZ ASSET MANAGE
MORGAN STANLEY
HARRIS ASSOCIATES LP
UNION INVESTMENT GMB
THORNBURG INVESTMENT
AMUNDI
DEKA INVESTMENT GMBH
ADIG INVESTMENT
CAPITAL GROUP COMPAN
JP MORGAN
FIL LIMITED
FRANKFURT TRUST INVE
NATIXIS ASSET MANAGE

Firm Name

Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
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

Analyst

Societe Generale
NICK HOLMES
Exane BNP Paribas
THOMAS JACQUET
AlphaValue
DIETER HEIN
JPMorgan
MICHAEL HUTTNER
Berenberg Bank
PETER ELIOT
Helvea
DANIEL BISCHOF
Credit Suisse
RICHARD BURDEN
Keefe, Bruyette & Woods
WILLIAM HAWKINS
HSBC
KAILESH MISTRY
Bankhaus Lampe
ANDREAS SCHAEFER
Hamburger Sparkasse
CHRISTIAN HAMANN
Oddo & Cie
NICOLAS JACOB
Bankhaus Metzler
JOCHEN SCHMITT
Kepler Cheuvreux
ATANASIO PANTARROTAS
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
S&P Capital IQ
RODERICK WALLACE
Nord/LB
JULIA SIEKMANN
RBC Capital Markets
GORDON AITKEN
Raymond James
RAPHAEL CARUSO
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Independent Research GmbH
STEFAN BONGARDT
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Nomura
MICHAEL KLIEN
DZ Bank AG
THORSTEN WENZEL
Sanford C. Bernstein & Co
THOMAS SEIDL
Deutsche Bank
OLIVER STEEL
Barclays
ANDREW BROADFIELD
Morgan Stanley
JON HOCKING
Canaccord Genuity Corp
BEN COHEN
Mediobanca SpA
MARC THIELE
Goldman Sachs
VINIT MALHOTRA
Day by Day
VALERIE GASTALDY
Main First Bank AG
MICHAEL HAID
EVA Dimensions
DOUG WALTERS
Macquarie
HADLEY COHEN
Natixis
BENOIT VALLEAUX
Bank of Valletta
MALCOLM ABDILLA CASTILLO
National Bank AG
MANFRED JAISFELD
Banco Sabadell
MARIO LODOS
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Daiwa Securities Co. Ltd.
TIM PROUDLOVE

Source
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
hold
outperform
add
overweight
buy
buy
neutral
market perform
overweight
buy
buy
buy
sell
buy
hold
hold
buy
outperform
market perform
hold
buy
buy
buy
buy
market perform
buy
overweight
Equalwt/In-Line
buy
neutral
Buy/Neutral
hold
outperform
buy
outperform
buy
hold
buy
buy
neutral
hold

Amt Held
32'047'039
9'837'831
6'365'290
5'198'311
4'720'756
4'300'429
3'984'629
3'970'985
3'882'064
3'208'800
2'657'521
2'511'439
2'253'959
2'232'331
2'056'729
2'054'950
1'981'134
1'874'249
1'706'465
1'472'707

% Out
7.03
2.16
1.4
1.14
1.04
0.94
0.87
0.87
0.85
0.7
0.58
0.55
0.49
0.49
0.45
0.45
0.43
0.41
0.37
0.32

Weighting

Change
3
5
4
5
5
5
3
3
5
5
5
5
1
5
3
3
5
5
3
3
5
5
5
5
3
5
5
3
5
3
5
3
5
5
5
5
3
5
5
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
M
M
M
M
D
M
M
M
M
M
M
M
M
M

Latest Chg
197'204
31'326
(165'280)
(52'943)
(762)
159'500
(1'853'649)
489'539
94'459
(4'750)
(153'200)
34'834
(2'248'797)
(3'500)
435'390

Target Price
125
135
130
134
144
128
132
140
145
135
#N/A N/A
130
110
137
120
130
132
130
#N/A N/A
125
145
140
140
134
110
130
118
124
135
123
142
#N/A N/A
150
#N/A N/A
135
130
117
120
114
92
106

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

File Dt
07.08.2013
31.12.2012
31.03.2013
30.06.2013
28.06.2013
16.05.2013
30.06.2013
30.06.2013
30.06.2013
30.06.2013
30.06.2013
31.05.2013
30.04.2013
30.04.2013
30.04.2013
30.06.2013
30.06.2013
31.12.2012
30.04.2013
30.04.2013

Date
12 month
Not Provided
6 month
3 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month

Inst Type
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
09.08.2013
09.08.2013
07.08.2013
06.08.2013
06.08.2013
06.08.2013
05.08.2013
05.08.2013
05.08.2013
05.08.2013
05.08.2013
05.08.2013
05.08.2013
05.08.2013
05.08.2013
05.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
30.07.2013
25.07.2013
22.07.2013
10.07.2013
10.07.2013
20.06.2013
20.06.2013
14.06.2013
12.06.2013
06.06.2013
17.05.2013
16.05.2013
12.03.2013
22.02.2013
15.02.2013
11.11.2011
12.05.2011

14.08.2013

Aareal Bank AG
Aareal Bank AG offers structured real estate financing, property management,
and information technology consulting services for the real estate industry.
Aareal operates in Europe and North America.

Price/Volume
25

1.4 M
1.2 M

20

1.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.08.2013)
52-Week Low (15.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ARL GY EQUITY YTD Change
ARL GY EQUITY YTD % CHANGE

12/2012
03/yy
22.32
13.92
3'511.00
21.34
-4.46%
53.30%
88.33%
59.9
1'277.35
28'666.00
300.0
243.0
3'667.00
25'769.35

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

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
Price/ Cash Flow

.8 M

10

.6 M
.4 M

5
0
a-12

31.12.2009
31.12.2010
1'398.0
1'105.0
19.92x
25.94x
815.0
588.0
34.18x
48.75x
49.0
76.0
11.63x
12.81x
Profitability

31.12.2012
1'184.0
22.37x
683.0
38.77x
105.0
8.98x
683.00
25.14%
14.86%
0.24%
6.05%
0.41%
0.03%
8.9%
62.68%
1685.24%
-

03/yy
1'360.0
83.54x
0.0
0.00x
110.0
7.40x

o-12

n-12

d-12

j-13

LTM
03/yy
1'129.0
95.37x
0.0
0.00x
106.0
9.37x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

1.58
42.56
43.70%
35.84%
1.582
13
3.923
178'144
182'294
184'717
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
668.6
703.4
141.0
147.0
97.8
120.6
26.0
31.0
12.92x
10.26x
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

1685.2%
92.7%
0.03
10.96
-

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

s-12

LTM-4Q
31.12.2011
1'347.0
21.00x
787.0
35.94x
114.0
6.63x

1.20

0.80

.2 M

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
2'239.0
13.32x
1'787.0
16.69x
47.0
5.23x

15

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

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

14.08.2013

Aareal Bank AG
Holdings By:

All

Holder Name
AAREAL HOLDING VERWA
ALLIANZ GLOBAL INVES
BLACKROCK
DIMENSIONAL FUND ADV
NORGES BANK
FMR LLC
DWS INVESTMENT GMBH
ADIG INVESTMENT
ALLIANZ ASSET MANAGE
FIL LIMITED
UNIVERSAL INVESTMENT
MAINFIRST SICAV
DEUTSCHE BANK AG
ACHMEA BELEGGINSFOND
LRI-FUND MANAGEMENT
MARSHALL WACE LLP
ACTIVEST MUNICH
VANGUARD GROUP INC
LBPAM
METZLER ASSET MANAGE

Firm Name
Equinet Institutional Services(ESN)
Commerzbank Corporates & Markets
M.M. Warburg Investment Research
HSBC
Deutsche Bank
Bankhaus Metzler
EVA Dimensions
Independent Research GmbH
Kepler Cheuvreux
DZ Bank AG
Societe Generale
Nord/LB
Landesbank Baden-Wuerttemberg

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
PHILIPP HAESSLER
MICHAEL DUNST
ANDREAS PLAESIER
JOHANNES THORMANN
BENJAMIN GOY
GUIDO HOYMANN
DOUG WALTERS
STEFAN BONGARDT
DIRK BECKER
CHRISTOPH BAST
PHILIP RICHARDS
MICHAEL SEUFERT
MARTIN PETER

Source
Co File
Research
ULT-AGG
ULT-AGG
Research
ULT-AGG
Research
MF-AGG
ULT-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
accumulate
add
hold
neutral
buy
buy
overweight
buy
buy
hold
hold
buy
buy

Amt Held
% Out
17'298'731
28.9
2'972'198
4.97
2'597'623
4.34
1'822'107
3.04
1'820'551
3.04
1'801'832
3.01
1'729'068
2.89
1'647'308
2.75
1'365'399
2.28
1'272'878
2.13
1'184'258
1.98
961'233
1.61
955'346
1.6
329'891
0.55
308'000
0.51
(293'300) -0.49
271'694
0.45
263'350
0.44
251'860
0.42
213'000
0.36

Weighting

Change
4
4
3
3
5
5
5
5
5
3
3
5
5

M
M
M
D
M
M
M
U
M
M
M
M
M

Latest Chg
184'470
(35'000)
21'100
(282'332)
5'000
1'446
(40'000)
23'943
18'352
(6'000)

Target Price
21
23
19
23
25
26
#N/A N/A
22
20
18
20
23
22

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

File Dt
Inst Type
31.12.2012
Holding Company
30.05.2013
Investment Advisor
07.08.2013
Investment Advisor
30.04.2013
Investment Advisor
14.02.2013
Government
30.07.2013
Investment Advisor
27.02.2012
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012
Investment Advisor
17.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
18.02.2013 Hedge Fund Manager
28.02.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
31.01.2013
Investment Advisor

Date
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided

Date
09.08.2013
08.08.2013
08.08.2013
06.08.2013
05.08.2013
11.07.2013
06.06.2013
23.05.2013
16.05.2013
10.05.2013
08.05.2013
08.05.2013
08.05.2013

14.08.2013

BASF SE
BASF SE is a chemical company. The Company operates in six segments: Chemicals,
Plastics, Performance Products, Functional Solutions, Agricultural Solutions
and Oil & Gas. BASF offers products for the chemical, automotive, construction,
agriculture, oil, plastics, electrical / electronics, furniture and paper
industries, and provides a range of system solutions and services.

Price/Volume
80
70
60
50
40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.06.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BAS GY EQUITY YTD Change
BAS GY EQUITY YTD % CHANGE

12/2012
06/yy
76.39
60.34
47'639.00
68.03
-11.06%
12.74%
47.29%
918.5
62'484.11
12'798.00
0.0
1'010.0
1'661.00
75'906.10

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20
10
0
a-12

31.12.2009
31.12.2010
50'693.0
63'873.0
1.07x
1.09x
8'500.0
11'903.0
6.36x
5.85x
1'410.0
4'557.0
28.22x
12.04x
Profitability

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data

LTM-4Q
31.12.2011
73'497.0
0.84x
11'855.0
5.20x
6'188.0
8.00x

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
72'129.0
1.07x
9'669.0
8.02x
4'819.0
13.55x
9'669.00
6'381.00
8.85%
8.29%
7.10%
18.51%
13.65%
1.16%
24.8%
8.3%
6.7%
1.64
0.67
20.40%
52.00%
6.58
5.71

Price/ Cash Flow

LTM

06/yy
72'351.0
3.45x
11'258.0
5.54x
5'234.0
9.60x

06/yy
73'544.0
4.10x
5'209.0
0.00x
4'511.0
14.05x

FY+1

1.08
813.96
15.13%
-0.87%
1.077
39
3.436
3'199'919
2'921'070
3'056'829
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
74'118.0
71'367.0
17'801.3
18'402.5
1.02x
1.03x
4.30x
4.10x
10'153.8
10'894.5
2'243.0
2'320.3
7.48x
6.97x
4'819.0
5'285.9
961.0
1'192.0
12.64x
11.52x
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

10.05.2011
A+
STABLE
12.02.2009
A-1
13.35
7.81
52.0%
33.3%
1.16
4.30
55.46
63.87
32.68
85.23

Sales/Revenue/Turnover

10.00

80'000.0

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00
5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00
0.00
01.01.2010

s-12

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
62'304.0
0.62x
10'238.0
3.74x
2'912.0
8.86x

30

10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-13

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

BASF SE
Holdings By:

All

Holder Name
BLACKROCK
NORGES BANK
CAPITAL GROUP COMPAN
SEB AG
DEUTSCHE BANK AG
VANGUARD GROUP INC
FMR LLC
DB PLATINUM ADVISORS
ALLIANZ ASSET MANAGE
UNION INVESTMENT GMB
DEKA INVESTMENT GMBH
AMUNDI
BNP PARIBAS INV PART
ADIG INVESTMENT
JP MORGAN
MERCURY ASSET MANAGE
UBS
FRANKFURT TRUST INVE
SEB
DEKA INVESTMENT GMBH

Firm Name
Canaccord Genuity Corp
AlphaValue
Baader Bank
Jefferies
Sanford C. Bernstein & Co
Goldman Sachs
Bankhaus Lampe
M.M. Warburg Investment Research
Commerzbank Corporates & Markets
Landesbank Baden-Wuerttemberg
DZ Bank AG
Societe Generale
Morgan Stanley
JPMorgan
Hamburger Sparkasse
Bankhaus Metzler
Equinet Institutional Services(ESN)
Redburn Partners
Barclays
Deutsche Bank
Nord/LB
Credit Suisse
UBS
HSBC
Macquarie
Independent Research GmbH
Nomura
S&P Capital IQ
Day by Day
Exane BNP Paribas
Kepler Cheuvreux
Main First Bank AG
EVA Dimensions
Berenberg Bank
Gilford Securities
Banco Sabadell
National Bank AG
Steubing AG
SRH AlsterResearch

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
PAUL W SATCHELL
MARTIN SCHNEE
NORBERT BARTH
LAURENCE ALEXANDER
JEREMY REDENIUS
MICHAEL RAE
HEIKO FEBER
OLIVER SCHWARZ
LUTZ GRUETEN
ULLE WORNER
PETER SPENGLER
PETER CLARK
PAUL R WALSH
MARTIN EVANS
MARCO GUENTHER
LARS HETTCHE
NADESHDA DEMIDOVA
TONY JONES
ANDREAS HEINE
TIMOTHY JONES
THORSTEN STRAUSS
CHRIS COUNIHAN
THOMAS GILBERT
GEOFF HAIRE
CHRISTIAN FAITZ
CHRISTOPH SCHOENDUBE
JEAN DE WATTEVILLE
JACOB THRANE
VALERIE GASTALDY
JAMES KNIGHT
MARKUS MAYER
RONALD KOEHLER
TIMOTHY STANISH
JAIDEEP PANDYA
PAUL C CHRISTOPHERSON
GLEN SPENCER-CHAPMAN
EKKEHARD D LINK
TEAM COVERAGE
OLIVER DREBING

Source
ULT-AGG
Research
ULT-AGG
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
sell
reduce
buy
hold
outperform
Sell/Neutral
buy
hold
buy
buy
buy
hold
Overwt/In-Line
underweight
buy
sell
hold
neutral
overweight
buy
hold
neutral
neutral
overweight
neutral
hold
neutral
hold
hold
outperform
buy
outperform
hold
hold
neutral
sell
hold
buy
buy

Amt Held
63'927'154
27'715'437
16'676'000
12'879'295
12'209'016
11'865'578
8'350'145
7'469'006
6'496'341
6'376'342
3'851'702
3'589'145
3'587'692
3'134'430
3'031'576
2'818'096
2'674'394
2'436'248
2'086'640
1'778'903

% Out
6.96
3.02
1.82
1.4
1.33
1.29
0.91
0.81
0.71
0.69
0.42
0.39
0.39
0.34
0.33
0.31
0.29
0.27
0.23
0.19

Weighting

Change
1
2
5
3
5
1
5
3
5
5
5
3
5
1
5
1
3
3
5
5
3
3
3
5
3
3
3
3
3
5
5
5
3
3
3
1
3
5
5

M
M
M
M
M
D
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
U
M
M
U
M
M
M
M

Latest Chg
3'046'200
633'032
488'468
1'160'905
(389'218)
199'481
(1'440'549)
167'985
(4'311'843)
(93'655)
249'370
251'795
(73'622)
(153'300)
248'150
-

Target Price
60
70
75
74
86
63
75
79
78
78
81
70
78
54
#N/A N/A
61
72
#N/A N/A
79
79
70
73
70
82
68
77
82
72
#N/A N/A
75
82
75
#N/A N/A
60
#N/A N/A
71
64
81
60

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

File Dt
07.08.2013
19.06.2013
30.06.2013
29.04.2013
28.06.2013
30.06.2013
30.06.2013
30.06.2013
30.06.2013
30.06.2013
30.04.2013
30.04.2013
31.05.2013
30.04.2013
30.06.2013
07.08.2013
08.08.2013
30.04.2013
30.04.2013
09.08.2013

Date
12 month
6 month
12 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
12 month
15 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month

Inst Type
Investment Advisor
Government
Investment Advisor
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
Unclassified
Investment Advisor
Unclassified
Investment Advisor

Date
08.08.2013
08.08.2013
07.08.2013
07.08.2013
06.08.2013
05.08.2013
05.08.2013
30.07.2013
29.07.2013
29.07.2013
29.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
18.07.2013
17.07.2013
01.07.2013
06.06.2013
15.04.2013
08.04.2013
15.02.2013
26.10.2012
05.01.2012
29.10.2010

14.08.2013

Bayer AG
Bayer AG produces and markets healthcare and agricultural products, and
polymers. The Company manufactures products that include aspirin, antibiotics,
anti-infectives, and cardiovascular, oncology, and central nervous system
drugs, over-the-counter medications, diagnostics, animal health products, crop
protection products, plastics, and polyurethanes.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.08.2013)
52-Week Low (23.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BAYN GY EQUITY YTD Change
BAYN GY EQUITY YTD % CHANGE

12/2012
06/yy
91.03
60.50
18'439.00
86.88
-4.42%
43.60%
85.65%
826.9
71'845.23
9'532.00
0.0
100.0
2'551.00
80'772.22

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
31'168.0
35'088.0
1.80x
1.53x
7'695.0
8'900.0
7.30x
6.04x
1'359.0
1'301.0
32.92x
35.22x
Profitability

10.0 M
8.0 M
6.0 M
4.0 M
2.0 M

s-12

LTM-4Q
31.12.2011
36'528.0
1.32x
8'963.0
5.36x
2'470.0
16.52x

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
39'760.0
1.67x
9'001.0
7.39x
2'446.0
24.29x
9'001.00
6'041.00
15.19%
8.17%
5.50%
15.33%
0.76%
52.1%
22.2%
15.1%
6.2%
1.45
0.76
18.57%
51.61%
4.58
2.77

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy
38'081.0
5.12x
9'332.0
5.86x
2'560.0
18.24x

j-13

06/yy
40'153.0
6.96x
8'900.0
8.60x
2'903.0
23.30x

f-13 m-13

a-13 m-13

j-13

j-13

FY+1

.0 M
a-13

0.94
801.82
40.02%
23.74%
0.938
38
3.842
1'582'259
1'811'382
2'052'798
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
40'942.8
43'199.9
9'949.2
10'287.8
1.91x
1.76x
8'551.2
9'387.6
1'826.5
1'986.5
9.45x
8.61x
4'700.1
5'325.1
964.0
1'094.0
15.11x
13.39x
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

30.04.2008
APOS
11.07.2006
A-2
12.11
9.52
0.99
1.27
51.6%
33.9%
0.76
4.06
79.64
131.78
70.17
119.75

Sales/Revenue/Turnover

18.00

45'000.0

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00
01.01.2010

12.0 M

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
32'918.0
1.40x
6'702.0
6.86x
1'719.0
18.72x

100
90
80
70
60
50
40
30
20
10
0
a-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Bayer AG
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
SEB
UBS
CREDIT SUISSE GROUP
NORGES BANK
FMR LLC
VANGUARD GROUP INC
DODGE & COX
SUN LIFE FINANCIAL I
MORGAN STANLEY
DEUTSCHE BANK AG
BANK OF NEW YORK MEL
DEKA INVESTMENT GMBH
BNP PARIBAS INV PART
ALLIANZ ASSET MANAGE
UNION INVESTMENT GMB
SOCIETE GENERALE SA
DB PLATINUM ADVISORS
T ROWE PRICE ASSOCIA

Firm Name
Hamburger Sparkasse
AlphaValue
Societe Generale
Morgan Stanley
Bryan Garnier & Cie
Equinet Institutional Services(ESN)
Helvea
Sanford C. Bernstein & Co
Berenberg Bank
Jefferies
Kepler Cheuvreux
Commerzbank Corporates & Markets
Goldman Sachs
Credit Suisse
JPMorgan
Independent Research GmbH
Natixis
Exane BNP Paribas
Liberum Capital Ltd
Deutsche Bank
Nord/LB
Baader Bank
Macquarie
Landesbank Baden-Wuerttemberg
M.M. Warburg Investment Research
Bankhaus Metzler
S&P Capital IQ
Barclays
Day by Day
Main First Bank AG
Ahorro Corporacion Financiera SA
Redburn Partners
EVA Dimensions
DZ Bank AG
Nomura
National Bank AG
UBS
Banco Sabadell

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
MARCO GUENTHER
MARTIN SCHNEE
STEPHEN MCGARRY
AMY WALKER
MARTIAL DESCOUTURES
MARIETTA MIEMIETZ
ODILE RUNDQUIST
JEREMY REDENIUS
ALISTAIR CAMPBELL
JEFFREY HOLFORD
FABIAN WENNER
DANIEL WENDORFF
STEVE CHESNEY
JOHANNA WALTON
RICHARD VOSSER
CHRISTOPH SCHOENDUBE
BEATRICE MUZARD
FLORENT CESPEDES
NARESH CHOUHAN
TIM RACE
THORSTEN STRAUSS
NORBERT BARTH
CHRISTIAN FAITZ
ULLE WORNER
ULRICH HUWALD
SEBASTIAN FRERICKS
SHO MATSUBARA
MARK PURCELL
VALERIE GASTALDY
RONALD KOEHLER
JOSE VALLE
TEAM COVERAGE
TIMOTHY STANISH
PETER SPENGLER
JEAN DE WATTEVILLE
EKKEHARD D LINK
ANDREW WHITNEY
MARTA DIAZ

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Research
MF-AGG
MF-AGG

Recommendation
hold
reduce
sell
Equalwt/Attractive
neutral
accumulate
neutral
market perform
hold
buy
hold
buy
Buy/Neutral
outperform
overweight
hold
buy
outperform
buy
buy
sell
hold
outperform
buy
hold
buy
buy
underweight
hold
outperform
buy
neutral
overweight
buy
not rated
hold
neutral
buy

Amt Held
70'743'628
66'151'479
41'431'997
24'795'977
20'623'972
19'085'378
14'730'674
11'389'422
10'591'070
10'315'945
10'225'387
8'120'273
6'639'199
5'782'212
5'472'395
5'444'956
4'911'763
4'502'247
4'199'881
3'999'285

% Out
8.55
8
5.01
3
2.49
2.31
1.78
1.38
1.28
1.25
1.24
0.98
0.8
0.7
0.66
0.66
0.59
0.54
0.51
0.48

Weighting

Change

3
2
1
3
3
4
3
3
3
5
3
5
5
5
5
3
5
5
5
5
1
3
5
5
3
5
5
1
3
5
5
3
5
5
#N/A N/A
3
3
5

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
D
M
M
M
M
M
M
M
M
N

Latest Chg
(725'000)
(1'470'810)
(196'834)
38'404
183'703
329'110
(288'800)
345'762
(40'440)
(37'235)
184'912
(280'928)
457'597
(103'601)
(1'026'192)
(1'458'310)
80'895

Target Price
#N/A N/A
83
79
93
88
75
90
78
97
100
84
97
105
95
100
91
98
93
110
99
69
66
88
95
89
87
96
68
#N/A N/A
90
91
#N/A N/A
#N/A N/A
95
#N/A N/A
80
82
#N/A N/A

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

File Dt
30.06.2013
07.08.2013
26.04.2013
08.08.2013
15.05.2013
31.12.2012
30.06.2013
30.06.2013
30.06.2013
30.06.2013
30.06.2013
28.06.2013
08.08.2013
30.04.2013
30.06.2013
30.06.2013
30.06.2013
10.05.2013
30.06.2013
30.06.2013

Date
Not Provided
6 month
12 month
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
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
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Unclassified
Government
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
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
06.08.2013
06.08.2013
05.08.2013
03.08.2013
02.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
29.07.2013
23.07.2013
01.07.2013
24.06.2013
14.06.2013
06.06.2013
24.05.2013
17.04.2013
12.04.2013
22.03.2013
05.03.2012

14.08.2013

BB Biotech AG
BB Biotech AG is an investment company. The Company invests in biotech companies
that operate in areas that include oncology, cardiovascular diseases,
infectious diseases and autoimmune diseases.

Price/Volume
120

.2 M
.1 M

100

.1 M
80

Latest Fiscal Year:


LTM as of:
52-Week High (15.07.2013)
52-Week Low (09.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BBZA GY EQUITY YTD Change
BBZA GY EQUITY YTD % CHANGE

03/yy
104.15
66.85
482.00
99.5
-4.29%
48.84%
87.21%
13.0
1'293.50
1'738.99

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

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
Price/ Cash Flow

1.20

.1 M
.1 M

40

.0 M
20

.0 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2003
192.6
8.65x
179.3
-

.1 M

60

Valuation Analysis

31.12.2004
31.12.2005
215.8
332.2
7.62x
6.74x
202.8
318.0
Profitability

LTM-4Q
31.12.2006
317.6
7.24x
297.4
-

31.12.2007
(211.4)
(265.4)
-

03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

LTM
03/yy
43.7
30.50x
0.0
0.00x
39.6
0.00x

.0 M
a-13

0.65
38.80%
42.88%
0.652
5
4.600
11'195
12'588
14'177

FY+1

FY+2

FQ+1

12/08 Y

12/09 Y

S&P Issuer Ratings

FQ+2
-

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
Sales/Revenue/Turnover

1'800.0
1'600.0

1.00

1'400.0
1'200.0

0.80
0.60
0.40

1'000.0
800.0
600.0
400.0
200.0

0.20

0.0
-200.0

0.00

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

-400.0

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

14.08.2013

BB Biotech AG
Holdings By:

All

Holder Name
BANK OF NEW YORK MEL
BIOTECH TARGET NV
DEUTSCHE BANK AG
BLACKROCK
FRANKFURT TRUST INVE
SCHRODER INVESTMENT
FIL LIMITED
OFI ASSET MANAGEMENT
PRUDENTIAL FINANCIAL
VANGUARD GROUP INC
HAUCK & AUFHAUSER IN
HANSAINVEST GMBH
MUNDER CAPITAL MANAG
UNIVERSAL INVESTMENT
HAUCK & AUFHAEUSER I
BAYERNINVEST LUXEMBO
KBC GROUP NV
BNY MELLON SERVICE K
JULIUS BAER ASSET MA
BANQUE ET CAISSE D'E

Firm Name
Equinet Institutional Services(ESN)
Close Brothers Equity Markets
Independent Research GmbH
Equita SIM SpA
Deutsche Bank

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
MARIETTA MIEMIETZ
IVO VISIC
CHRISTOPH SCHOENDUBE
MARTINO DEAMBROGGI
HOLGER BLUM

Source
EXCH
EXCH
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
buy
hold
buy
buy

Amt Held
1'247'797
442'245
190'000
133'748
64'000
41'927
32'729
30'000
15'260
12'645
12'000
10'550
10'500
10'000
10'000
9'764
5'856
5'798
5'600
5'000

% Out
9.6
3.4
1.46
1.03
0.49
0.32
0.25
0.23
0.12
0.1
0.09
0.08
0.08
0.08
0.08
0.08
0.05
0.04
0.04
0.04

Weighting

Change
5
5
3
5
5

Latest Chg
(26'265)
(933'153)
(42'155)
30'863
32'729
(1'593)
7'400
10'500
3'964
(10)
(600)

Target Price

M
M
M
M
M

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

115
111
107
108
88

File Dt
19.06.2013
17.06.2013
30.04.2013
07.08.2013
30.04.2013
30.04.2013
31.10.2012
28.02.2013
28.06.2013
31.03.2013
28.06.2013
28.03.2013
30.06.2012
28.03.2013
29.06.2012
28.03.2013
30.04.2013
31.07.2013
31.03.2013
28.06.2013

Date
12 month
12 month
12 month
12 month
12 month

Inst Type
Investment Advisor
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

Date
22.07.2013
19.07.2013
18.07.2013
25.03.2013
26.10.2012

14.08.2013

Bechtle AG
Bechtle AG retails computer and office supplies. The Company markets personal
computers, workstations, computer peripherals, mobile devices, computer
software, computer networking products, presentation equipment, paper, computer
consumables, office furniture, and telecommunications equipment. Bechtle sells
its products through its catalog and Internet website.

Price/Volume

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.1 M
.1 M

30

12/2012
03/yy
39.30
26.75
75.00
37.8
-3.82%
41.31%
87.57%
21.0
793.80
73.71
0.0
0.0
114.10
762.87

25

.1 M

20

.1 M

15

.0 M

10

.0 M

5
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
1'431.5
0.16x
72.8
3.09x
45.4
6.37x

.1 M

40
35

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.03.2013)
52-Week Low (16.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BC8 GY EQUITY YTD Change
BC8 GY EQUITY YTD % CHANGE

45

31.12.2009
31.12.2010
1'379.3
1'722.9
0.23x
0.31x
56.2
74.0
5.55x
7.12x
34.3
46.4
11.46x
13.12x
Profitability

LTM-4Q
31.12.2011
1'994.9
0.25x
100.3
5.04x
62.7
8.76x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
2'096.8
0.29x
102.3
5.90x
56.6
11.39x
102.27
80.52
3.84%
3.78%
6.91%
12.02%
10.92%
2.70%
15.2%
4.7%
3.7%
2.7%
1.89
1.45
8.72%
16.08%
8.57
18.80

Price/ Cash Flow

03/yy
2'026.4
1.13x
105.5
6.36x
61.8
11.36x

LTM
03/yy
2'123.2
1.22x
99.7
7.29x
54.3
13.97x

FY+1

.0 M
a-13

0.67
12.74
26.24%
26.69%
0.666
10
3.900
17'582
14'820
19'093
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'214.0
2'328.1
0.32x
0.29x
108.4
117.9
6.96x
6.41x
62.1
69.3
12.77x
11.39x
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

31.08
21.40
-0.31
0.69
16.1%
13.9%
2.70
23.75
42.58
19.42
24.53
40.15

Sales/Revenue/Turnover

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
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Bechtle AG
Holdings By:

All

Holder Name
SCHICK KARIN
FLOSSBACH VON STORCH
DWS INVESTMENT GMBH
DEUTSCHE BANK AG
GOVERNMENT OF NORWAY
BNP PARIBAS INV PART
NORGES BANK
MORGAN STANLEY
ALLIANZ ASSET MANAGE
FIL LIMITED
DIMENSIONAL FUND ADV
LLB FONDSLEITUNG AG
VANGUARD GROUP INC
JP MORGAN
LUXEMBOURGER KAPITAL
BLACKROCK
DWS INVESTMENT S A
BARING FUND MANAGERS
DEUTSCHE POSTBANK CA
MAINFIRST SICAV

Firm Name
M.M. Warburg Investment Research
Commerzbank Corporates & Markets
Independent Research GmbH
Bankhaus Metzler
Landesbank Baden-Wuerttemberg
Berenberg Bank
DZ Bank AG
Deutsche Bank
Hauck & Aufhaeuser
EVA Dimensions
GSC Research

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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
ANDREAS WOLF
THOMAS M BECKER
MARKUS FRIEBEL
ULRICH TRABERT
THOMAS HOFMANN
BJOERN LIPPE
JASKO TERZIC
UWE SCHUPP
TIM OLIVER WUNDERLICH
ANDREW S ZAMFOTIS
MATTHIAS SCHRADE

Source
Co File
Research
Research
ULT-AGG
Research
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
hold
add
hold
sell
buy
buy
buy
hold
buy
overweight
buy

Amt Held
7'353'287
2'114'862
1'040'000
937'703
905'807
628'440
573'370
523'586
292'327
117'173
105'051
101'428
86'198
82'116
73'900
68'323
64'463
50'000
42'000
41'000

% Out
35.02
10.07
4.95
4.47
4.31
2.99
2.73
2.49
1.39
0.56
0.5
0.48
0.41
0.39
0.35
0.33
0.31
0.24
0.2
0.2

Weighting

Change
3
4
3
1
5
5
5
3
5
5
5

M
M
M
M
M
M
M
M
M
U
U

Latest Chg
(302'797)
33'023
6'180
95'023
36'428
6'143
12'107
930
-

Target Price
41
39
38
30
40
49
40
33
46
#N/A N/A
#N/A N/A

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

File Dt
31.12.2012
01.01.2013
30.04.2013
28.06.2013
03.07.2013
31.03.2013
31.12.2012
20.06.2013
30.06.2013
31.10.2012
30.04.2013
30.06.2013
30.06.2013
31.03.2013
28.06.2013
07.08.2013
30.04.2013
30.04.2013
28.12.2012
28.02.2013

Date
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided

Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Government
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

Date
08.08.2013
24.07.2013
12.07.2013
12.07.2013
11.07.2013
14.05.2013
14.05.2013
07.05.2013
24.04.2013
27.03.2013
16.06.2011

14.08.2013

Beiersdorf AG
Beiersdorf AG develops, manufactures, and markets personal care, disposable
medical, and adhesive products. The Company produces skin and hair care
products, bandages, surgical gloves, compression stockings, sun block lotion,
fastening systems, masking products, and packaging systems.

Price/Volume
80

2.5 M

70

2.0 M

60
50

Latest Fiscal Year:


LTM as of:
52-Week High (02.04.2013)
52-Week Low (14.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BEI GY EQUITY YTD Change
BEI GY EQUITY YTD % CHANGE

12/2012
06/yy
73.45
55.45
26'714.00
68.89
-6.29%
24.24%
71.22%
252.0
17'360.28
102.00
0.0
12.0
1'760.00
15'774.28

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.0 M

30
20

.5 M

10
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
5'971.0
1.39x
815.0
10.15x
562.0
16.94x

1.5 M

40

Valuation Analysis

31.12.2009
31.12.2010
5'748.0
5'571.0
1.54x
1.42x
788.0
876.0
11.26x
9.02x
374.0
318.0
27.84x
29.66x
Profitability

LTM-4Q
31.12.2011
5'633.0
1.50x
839.0
10.10x
250.0
39.84x

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
6'040.0
2.05x
941.0
13.17x
442.0
31.73x
941.00
789.00
13.06%
11.74%
8.51%
15.57%
1.09%
63.3%
16.3%
13.8%
7.3%
2.11
1.53
1.83%
3.11%
4.99
2.96

Price/ Cash Flow

06/yy
5'794.0
6.30x
860.0
12.87x
240.0
48.14x

LTM
06/yy
6'141.0
8.72x
1'000.0
15.35x
481.0
31.71x

FY+1

.0 M
a-13

0.61
99.64
22.70%
12.46%
0.611
40
2.800
603'092
403'106
452'945
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
6'240.9
6'588.4
1'529.4
1'538.6
2.43x
2.24x
956.3
1'057.0
251.0
218.0
16.34x
14.79x
15.22x
14.81x
527.0
606.1
123.0
121.0
29.55x
25.97x
30.24x
29.34x
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

104.56
83.11
-1.59
0.10
3.1%
3.0%
1.09
9.23
73.14
123.15
173.18
20.34

Sales/Revenue/Turnover

40.00

7'000.0

35.00

6'000.0

30.00

5'000.0

25.00

4'000.0

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Beiersdorf AG
Holdings By:

All

Holder Name
MAXINGVEST AG
BEIERSDORF AG
BLACKROCK
ARTISAN PARTNERS HOL
NORGES BANK
SUN LIFE FINANCIAL I
FIRST MANHATTAN CO A
MANNING & NAPIER ADV
DEUTSCHE BANK AG
VANGUARD GROUP INC
DB PLATINUM ADVISORS
UNION INVESTMENT GMB
NATIXIS ASSET MANAGE
UNITED SERVICES AUTO
ALLIANZ ASSET MANAGE
TIAA CREF INVESTMENT
DEKA INVESTMENT GMBH
FRANKFURT TRUST INVE
AMUNDI
SWEDBANK ROBUR FONDE

Firm Name
Credit Suisse
Sanford C. Bernstein & Co
Societe Generale
Baader Bank
Raymond James
M.M. Warburg Investment Research
Bankhaus Metzler
Kepler Cheuvreux
Bryan Garnier & Cie
Natixis
Nomura
Exane BNP Paribas
SRH AlsterResearch
Commerzbank Corporates & Markets
Deutsche Bank
Morgan Stanley
Nord/LB
JPMorgan
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Bankhaus Lampe
Canaccord Genuity Corp
Equinet Institutional Services(ESN)
S&P Capital IQ
Barclays
AlphaValue
Berenberg Bank
Liberum Capital Ltd
HSBC
Goldman Sachs
Main First Bank AG
EVA Dimensions
Hamburger Sparkasse
DZ Bank AG
National Bank AG
Day by Day
UBS
Redburn Partners

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
FIRST MANHATTAN COMP
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
NICOLAS SOCHOVSKY
ANDREW WOOD
CHAS MANSO DE ZUNIGA
CHRISTIAN WEIZ
HERMINE DE BENTZMANN
JOERG PHILIPP FREY
SEBASTIAN FRERICKS
CATHERINE ROLLAND
LOIC MORVAN
PIERRE TEGNER
GUILLAUME DELMAS
EAMONN FERRY
OLIVER DREBING
ANDREAS RIEMANN
HAROLD THOMPSON
ERIK SJOGREN
JULIA SIEKMANN
CELINE PANNUTI
BERND MUELL
LARS LUSEBRINK
MICHAEL GORNY
EDDY HARGREAVES
NADESHDA DEMIDOVA
CARL SHORT
IAIN SIMPSON
MARTIN SCHNEE
SETH PETERSON
PABLO ZUANIC
CEDRIC BESNARD
ROSIE EDWARDS
GAEL COLCOMBET
CRAIG STERLING
MARCO GUENTHER
THOMAS MAUL
MANFRED JAISFELD
VALERIE GASTALDY
EVA QUIROGA
WILLIAM HOUSTON

Source
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
neutral
underperform
hold
hold
market perform
buy
sell
hold
sell
reduce
buy
outperform
buy
add
buy
Overwt/In-Line
hold
underweight
hold
sell
hold
sell
sell
strong buy
underweight
sell
hold
sell
underweight
sell/attractive
outperform
underweight
sell
sell
sell
buy
buy
neutral

Amt Held
127'184'400
25'174'800
3'538'577
2'261'385
2'014'317
2'011'438
1'525'152
1'427'260
1'204'880
1'135'255
815'946
669'621
623'747
604'590
463'017
420'740
315'704
313'775
308'757
303'228

% Out
50.47
9.99
1.4
0.9
0.8
0.8
0.61
0.57
0.48
0.45
0.32
0.27
0.25
0.24
0.18
0.17
0.13
0.12
0.12
0.12

Weighting

Change
3
1
3
3
3
5
1
3
1
2
5
5
5
4
5
5
3
1
3
1
3
1
1
5
1
1
3
1
1
1
5
1
1
1
1
5
5
3

M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(48'309)
67'456
53'680
34'277
500
(103'455)
78'723
801'884
80'171
66'828
(71'657)
(1'917)
(124'217)
22'583
(93'000)
65'128
5'516

Target Price
68
62
70
71
#N/A N/A
85
52
70
65
61
72
78
80
77
85
78
68
63
68
65
71
55
52
79
58
55
72
#N/A N/A
60
66
80
#N/A N/A
#N/A N/A
50
#N/A N/A
73
75
#N/A N/A

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

File Dt
31.12.2012
31.12.2012
07.08.2013
31.03.2013
31.12.2012
30.06.2013
31.03.2013
31.12.2012
28.06.2013
30.06.2013
30.06.2013
28.03.2013
30.04.2013
28.02.2013
30.04.2013
31.05.2013
30.04.2013
30.04.2013
28.03.2013
31.03.2013

Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
12 month
3 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
3 month
12 month
Not Provided

Inst Type
Unclassified
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
Investment Advisor

Date
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
01.08.2013
25.07.2013
19.07.2013
12.07.2013
24.06.2013
14.06.2013
06.06.2013
30.05.2013
06.05.2013
02.05.2013
23.04.2013
19.04.2013
05.12.2012

14.08.2013

Bayerische Motoren Werke AG


Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and
motorcycles worldwide. The Company produces everything from convertible sports
cars to luxury sedans to touring motorcycles with large displacement engines.

Price/Volume
80
70
60
50
40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BMW GY EQUITY YTD Change
BMW GY EQUITY YTD % CHANGE

12/2012
06/yy
76.16
54.35
33'784.00
74.24
-2.59%
36.60%
89.96%
602.0
47'613.91
69'507.00
0.0
107.0
12'982.00
105'089.91

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20
10
0
a-12

31.12.2009
31.12.2010
50'681.0
60'477.0
1.40x
1.49x
3'835.0
9'087.0
18.44x
9.93x
204.0
3'227.0
102.58x
11.94x
Profitability

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data

LTM-4Q
31.12.2011
68'821.0
1.31x
11'677.0
7.75x
4'881.0
6.95x

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
76'848.0
1.36x
12'014.0
8.70x
5'096.0
9.39x
12'014.00
8'298.00
10.80%
10.17%
3.97%
17.36%
5.69%
0.59%
20.2%
15.3%
10.5%
6.6%
1.04
0.32
52.72%
229.43%
34.80
5.77

Price/ Cash Flow

LTM

06/yy
72'391.0
5.07x
11'625.0
8.11x
4'596.0
8.11x

06/yy
76'451.0
5.27x
11'725.0
8.67x
5'173.0
8.54x

FY+1

1.13
323.27
29.92%
5.33%
1.125
38
3.868
1'211'005
1'404'431
1'742'347
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
78'099.9
81'728.8
19'425.0
21'750.0
0.47x
0.44x
12'646.9
13'076.6
8.31x
8.04x
5'198.5
5'283.6
9.44x
9.15x
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

16.04.2012
A
STABLE
16.04.2012
A-1
13.16
7.42
4.89
5.98
229.4%
69.6%
0.59
2.06
10.49
63.30
38.04
36.53

Sales/Revenue/Turnover

20.00

90'000.0

18.00

80'000.0

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00
0.00
01.01.2010

s-12

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
53'197.0
1.19x
4'468.0
14.18x
324.0
44.10x

30

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

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Bayerische Motoren Werke AG


Holdings By:

All

Holder Name
QUANDT STEFAN
QUANDT JOHANNA
KLATTEN SUSANNE
BLACKROCK
NORGES BANK
CAPITAL GROUP COMPAN
WADDELL & REED FINAN
DODGE & COX
HARRIS ASSOCIATES LP
VANGUARD GROUP INC
WILLIAM BLAIR & COMP
FIL LIMITED
DEKA INVESTMENT GMBH
UNION INVESTMENT GMB
FMR LLC
DEUTSCHE BANK AG
BESTINVER GESTION SG
AMUNDI
ALLIANZ ASSET MANAGE
SEB

Firm Name
Baader Bank
Sanford C. Bernstein & Co
Hamburger Sparkasse
Goldman Sachs
Nord/LB
Societe Generale
Commerzbank Corporates & Markets
JPMorgan
Oddo & Cie
Kepler Cheuvreux
Natixis
Deutsche Bank
Morgan Stanley
Macquarie
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Bankhaus Lampe
M.M. Warburg Investment Research
Bankhaus Metzler
Equinet Institutional Services(ESN)
S&P Capital IQ
Exane BNP Paribas
AlphaValue
HSBC
Main First Bank AG
Barclays
Day by Day
DZ Bank AG
Redburn Partners
Dr. Kalliwoda Equity Research
National Bank AG
Creative Global Investments
Steubing AG
EVA Dimensions
Bank of Valletta
UBS
Cyrrus

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
WILLIAM BLAIR & COMP
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
BESTINVER INTERNACIO
Multiple Portfolios
n/a
n/a

Analyst
KLAUS BREITENBACH
MAX WARBURTON
TINA HECKING-VELTMAN
STEFAN BURGSTALLER
FRANK SCHWOPE
PHILIPPE BARRIER
DANIEL SCHWARZ
JOSE ASUMENDI
FRANCOIS MAURY
MICHAEL RAAB
GEORGES DIENG
JOCHEN GEHRKE
LAURA LEMBKE
CHRISTIAN BREITSPRECHER
FRANK BILLER
ZAFER RUZGAR
CHRISTIAN LUDWIG
MARC-RENE TONN
JUERGEN PIEPER
TIM SCHULDT
RODERICK BRIDGE
RABIH FREIHA
HANS-PETER WODNIOK
HORST SCHNEIDER
LOTHAR LUBINETZKI
KRISTINA CHURCH
VALERIE GASTALDY
MICHAEL PUNZET
CHARLES WINSTON
NORBERT KALLIWODA
MANFRED JAISFELD
CARLO R BESENIUS
TOBIAS SCHMIDT
CRAIG STERLING
TEAM COVERAGE
PHILIPPE HOUCHOIS
JIRI SIMARA

Source
Co File
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-PART
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
buy
outperform
buy
neutral/attractive
sell
buy
add
neutral
reduce
buy
neutral
hold
Equalwt/In-Line
neutral
hold
buy
buy
buy
sell
buy
buy
neutral
buy
neutral
outperform
overweight
hold
buy
buy
buy
buy
buy
buy
hold
neutral
neutral
accumulate

Amt Held
104'747'161
98'125'214
75'851'392
36'529'405
14'432'872
13'005'220
8'444'700
7'619'900
4'993'700
4'048'351
4'045'326
3'654'642
2'666'311
2'176'599
2'130'879
2'028'301
1'800'497
1'788'694
1'398'565
1'380'299

% Out
17.4
16.3
12.6
6.07
2.4
2.16
1.4
1.27
0.83
0.67
0.67
0.61
0.44
0.36
0.35
0.34
0.3
0.3
0.23
0.23

Weighting

Change
5
5
5
3
1
5
4
3
2
5
3
3
3
3
3
5
5
5
1
5
5
3
5
3
5
5
3
5
5
5
5
5
5
3
3
3
4

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
M
M
M
M
U
M
N
M
M
M
U
M
D
M

Latest Chg
(198'280)
(1'906'900)
179'200
891'400
4'993'700
235'553
541'749
16'305
(188'230)
(811'395)
(313'808)
(341'910)
876'056
(239'912)
123'139

Target Price
80
90
#N/A N/A
85
64
83
87
78
63
88
77
68
79
80
72
90
80
84
68
88
80
74
88
79
100
80
#N/A N/A
75
#N/A N/A
82
85
87
83
#N/A N/A
71
73
66

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

File Dt
31.12.2012
31.12.2012
31.12.2012
07.08.2013
31.12.2012
30.06.2013
31.03.2013
30.06.2013
30.06.2013
30.06.2013
30.06.2013
31.03.2013
30.04.2013
30.06.2013
30.06.2013
28.06.2013
31.03.2013
30.04.2013
30.06.2013
30.04.2013

Date
12 month
12 month
Not Provided
12 month
12 month
12 month
6 month
3 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
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
12 month
Not Provided

Inst Type
n/a
n/a
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified

Date
08.08.2013
08.08.2013
08.08.2013
07.08.2013
05.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
29.07.2013
23.07.2013
23.07.2013
19.07.2013
05.07.2013
14.06.2013
13.06.2013
02.05.2013
30.04.2013
09.04.2013
21.03.2013
20.03.2013
18.02.2013
29.10.2012

14.08.2013

Brenntag AG
Brenntag AG sells and distributes industrial and specialty chemicals. The
Company also develops and prepares specific chemical compounds and offers
analysis services. Brenntag's customers include oil and gas, paint, cosmetic,
pharmaceutical, and water treatment companies.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.05.2013)
52-Week Low (07.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BNR GY EQUITY YTD Change
BNR GY EQUITY YTD % CHANGE

12/2012
06/yy
132.30
90.26
994.00
119.85
-9.45%
32.78%
68.96%
51.5
6'172.27
1'829.50
0.0
28.8
362.20
7'761.57

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.7 M

120

.6 M

100

.5 M

80

.4 M

60

.3 M

40

.2 M

20

.1 M

0
a-12

31.12.2009
31.12.2010
6'364.6
7'649.1
0.70x
476.8
596.6
8.97x
(0.1)
143.6
26.04x
Profitability

LTM-4Q
31.12.2011
8'679.3
0.60x
657.3
7.92x
277.4
13.35x

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
9'689.9
0.68x
703.3
9.41x
336.2
15.23x
703.30
570.20
5.88%
4.94%
5.45%
16.81%
10.00%
1.69%
19.9%
7.0%
5.5%
3.5%
1.58
1.02
32.04%
93.23%
6.73
10.36

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy
9'254.5
2.41x
688.5
8.86x
304.8
14.76x

06/yy
9'778.0
2.93x
681.1
11.13x
314.5
19.08x

j-13

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.66
49.38
32.89%
23.04%
0.660
18
3.444
222'662
104'869
115'101
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
9'994.7
10'508.8
2'596.0
2'596.0
0.76x
0.70x
717.1
779.8
187.0
191.0
10.83x
9.96x
334.8
380.5
87.5
88.9
18.37x
16.05x
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

09.06.2011
BBBSTABLE
7.62
6.68
2.29
2.72
93.2%
47.9%
1.69
11.43
54.27
35.24
49.60
35.39

Sales/Revenue/Turnover

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00
01.01.2010

s-12

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
7'379.6
481.0
(42.1)
-

140

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Brenntag AG
Holdings By:

All

Holder Name
BLACKROCK
AMERIPRISE FINANCIAL
SUN LIFE FINANCIAL I
BANKHAUS LAMPE
SUN LIFE FINANCIAL I
THREADNEEDLE INVESTM
UBS
THREADNEEDLE ASSET M
LONGVIEW PARTNERS (G
MANNING & NAPIER ADV
PAULSON & CO
ARTISAN PARTNERS HOL
T ROWE PRICE ASSOCIA
BANK OF NEW YORK MEL
FMR LLC
NORGES BANK
DEUTSCHE BANK AG
OPPENHEIMERFUNDS INC
WILLIAM BLAIR & COMP
SCHRODER INVESTMENT

Firm Name
Bankhaus Metzler
Commerzbank Corporates & Markets
Deutsche Bank
Goldman Sachs
UBS
Bankhaus Lampe
M.M. Warburg Investment Research
Berenberg Bank
Exane BNP Paribas
JPMorgan
Hauck & Aufhaeuser
Main First Bank AG
DZ Bank AG
HSBC
Kepler Cheuvreux
Credit Suisse
EVA Dimensions
Nord/LB

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
WILLIAM BLAIR & COMP
Multiple Portfolios

Analyst
LARS HETTCHE
GEORG REMSHAGEN
ANDY CHU
CHARLES WILSON
RORY MCKENZIE
HEIKO FEBER
CHRISTIAN COHRS
SIMON MEZZANOTTE
GERHARD ORGONAS
ROBERT PLANT
THOMAS WISSLER
CHRISTIAN KORTH
THOMAS MAUL
JESKO MAYER-WEGELIN
MARKUS MAYER
DAVID RIGBY
TIMOTHY STANISH
THORSTEN STRAUSS

Source
ULT-AGG
Co File
Co File
Research
ULT-AGG
MF-AGG
ULT-AGG
Research
Co File
Research
Research
Research
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
13F
MF-AGG

Recommendation
sell
hold
buy
Buy/Neutral
buy
buy
sell
hold
outperform
overweight
hold
underperform
sell
neutral
buy
outperform
hold
hold

Amt Held
4'146'781
2'763'932
2'590'260
2'093'922
1'894'851
1'824'858
1'656'705
1'624'063
1'597'984
1'552'555
1'539'263
1'523'469
1'508'609
1'506'085
1'261'345
1'209'437
993'438
915'226
703'939
622'614

% Out
8.05
5.37
5.03
4.07
3.68
3.54
3.22
3.15
3.1
3.01
2.99
2.96
2.93
2.92
2.45
2.35
1.93
1.78
1.37
1.21

Weighting

Change
1
3
5
5
5
5
1
3
5
5
3
1
1
3
5
5
3
3

M
D
M
M
M
M
M
M
M
M
M
D
M
D
M
M
M
D

Latest Chg
(3'225)
57'385
278'269
126
(56'958)
7'333
(7'651)
(5'372)
11'751

Target Price
90
126
130
153
135
135
106
121
132
147
117
112
106
132
146
135
#N/A N/A
127

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

File Dt
Inst Type
07.08.2013
Investment Advisor
01.03.2013
Investment Advisor
01.03.2013
Investment Advisor
18.06.2013
Unclassified
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
26.06.2013
Unclassified
19.09.2012
Investment Advisor
01.03.2013
Investment Advisor
12.06.2013
Investment Advisor
21.07.2011 Hedge Fund Manager
05.04.2013
Investment Advisor
02.04.2013
Investment Advisor
24.05.2013
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012
Government
28.06.2013
Investment Advisor
30.05.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor

Date
12 month
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Date
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
05.08.2013
01.08.2013
29.07.2013
14.06.2013
06.06.2013
13.05.2013

14.08.2013

Hugo Boss AG
Hugo Boss AG designs, produces, and markets brand name clothing. The Company's
products, which are marketed under branded names are sold through subsidiaries,
franchises, and retail outlets throughout the world. Hugo Boss licenses its
name for eyeglass frames, fragrances, watches, shoes, and leather goods.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2013)
52-Week Low (26.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BOSS GY EQUITY YTD Change
BOSS GY EQUITY YTD % CHANGE

12/2012
06/yy
94.00
65.00
2'018.00
92.62
-1.35%
42.49%
94.14%
70.4
6'520.45
395.44
0.0
24.6
281.15
6'766.85

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
1'561.9
1'729.4
1.15x
2.10x
227.6
334.9
7.92x
10.84x
104.0
185.9
13.48x
18.23x
Profitability

1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
s-12

LTM-4Q
31.12.2011
2'058.8
1.94x
468.7
8.54x
284.9
13.40x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
2'345.9
2.41x
526.8
10.72x
307.4
17.93x
526.81
434.87
18.54%
17.46%
21.92%
62.30%
1.70%
63.8%
22.3%
18.2%
13.1%
1.26
0.62
24.96%
64.48%
10.85
1.81

Price/ Cash Flow

06/yy
2'206.3
9.05x
500.0
11.41x
305.9
17.56x

o-12

n-12

d-12

j-13

LTM
06/yy
2'379.0
9.63x
531.0
11.44x
307.1
18.97x

f-13 m-13

a-13 m-13

j-13

j-13

FY+1

.0 M
a-13

0.77
29.59
27.46%
20.27%
0.770
32
3.938
94'108
121'586
150'275
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'492.8
2'706.3
704.7
662.7
2.64x
2.41x
570.4
644.1
192.0
157.0
11.82x
10.47x
343.8
395.1
123.5
85.3
18.63x
16.23x
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

14.04
10.10
0.41
0.64
64.5%
38.3%
1.70
7.54
33.65
201.42
106.75
120.96

Sales/Revenue/Turnover

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

1.6 M

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
1'686.1
1.07x
251.1
7.16x
112.1
10.68x

100
90
80
70
60
50
40
30
20
10
0
a-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Hugo Boss AG
Holdings By:

All

Holder Name
RED & BLACK LUX SARL
HUGO BOSS AG
DEUTSCHE BANK AG
CAPITAL GROUP COMPAN
ALLIANZ ASSET MANAGE
FIL LIMITED
BLACKROCK
DB PLATINUM ADVISORS
NORGES BANK
DEKA INVESTMENT GMBH
MEDITOR CAPITAL MANA
MARSHALL WACE LLP
JO HAMBRO CAPITAL MA
PICTET FUNDS
VANGUARD GROUP INC
DANSKE INVEST A/S
INVESCO LTD
DANSKE INVEST MANAGE
FIDELITY INVESTMENT
JUPITER ASSET MANAGE

Firm Name
EVA Dimensions
Landesbank Baden-Wuerttemberg
Societe Generale
Baader Bank
Independent Research GmbH
Hauck & Aufhaeuser
Bankhaus Lampe
Berenberg Bank
Close Brothers Equity Markets
Equinet Institutional Services(ESN)
Commerzbank Corporates & Markets
Deutsche Bank
Morgan Stanley
Nord/LB
Credit Suisse
JPMorgan
M.M. Warburg Investment Research
Nomura
Main First Bank AG
Exane BNP Paribas
Barclays
SRH AlsterResearch
Bankhaus Metzler
BHF-Bank
DZ Bank AG
Hamburger Sparkasse
HSBC
Goldman Sachs
UBS
Hammer Partners SA

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Source
Research
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Short
Short
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation

CRAIG STERLING
hold
BERND MUELL
buy
VISHNU REDDY
buy
VOLKER BOSSE
buy
LARS LUSEBRINK
buy
CHRISTIAN NIKOLAS SCHWENKENBECHER
buy
MICHAEL GORNY
hold
ANNA PATRICE
buy
MARTIN DECOT
hold
INGBERT FAUST
hold
ANDREAS RIEMANN
hold
WARWICK OKINES
hold
LOUISE SINGLEHURST
Overwt/In-Line
WOLFGANG VASTERLING
buy
ROGERIO FUJIMORI
neutral
MELANIE A FLOUQUET
neutral
JOERG PHILIPP FREY
hold
FRASER RAMZAN
neutral
MATTHIAS EIFERT
outperform
ANDREAS INDERST
outperform
JULIAN EASTHOPE
underweight
NEIL SCHMODDE
buy
SEBASTIAN FRERICKS
buy
PETER STEINER
market weight
HERBERT STURM
buy
CHRISTIAN HAMANN
hold
ANTOINE BELGE
overweight
WILLIAM HUTCHINGS
neutral/neutral
FRED SPEIRS
buy
STEPHAN SEIP
sell

Amt Held
% Out
39'424'001
56
1'386'880
1.97
1'026'453
1.46
999'750
1.42
839'259
1.19
792'562
1.13
765'946
1.09
689'868
0.98
651'017
0.92
429'402
0.61
(344'960) -0.49
(337'920) -0.48
308'345
0.44
286'159
0.41
270'596
0.38
244'529
0.35
236'171
0.34
208'775
0.3
159'903
0.23
151'221
0.21

Weighting

Change
3
5
5
5
5
5
3
5
3
3
3
3
5
5
3
3
3
3
5
5
1
5
5
3
5
3
5
3
5
1

U
U
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
N

Latest Chg
157
128'019
4'673
72'870
3'256
(400'000)
(48'650)
49'280
14'080
25'457
(457)
22'346
37'178
1'688
(6'236)
2'130

Target Price
#N/A N/A
102
102
100
103
95
92
102
94
88
86
96
110
98
88
93
96
90
100
97
89
105
96
93
102
#N/A N/A
110
107
96
65

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

File Dt
Inst Type
03.05.2013
Private Equity
31.12.2012
Corporation
28.06.2013
Investment Advisor
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor
31.12.2012
Investment Advisor
07.08.2013
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012
Government
30.04.2013
Investment Advisor
19.04.2013
Investment Advisor
02.05.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
31.05.2013
Investment Advisor
08.08.2013
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
30.04.2013
Investment Advisor

Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
12 month
12 month
Not Provided
15 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided

Date
06.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
04.07.2013
07.05.2013
03.05.2013
10.04.2013
08.03.2013
27.02.2013
07.02.2013
02.10.2012

14.08.2013

BayWa AG
BayWa AG owns, operates and franchises wholesale and retail stores, as well as
supermarkets which provide agricultural, construction, building installation and
oil products, equipment, technologies and services. The Company also offers
consulting and maintenance services, constructs farm animal facilities and sells
farming machinery and equipment. BayWa operates primarily within Europe.

Price/Volume
45

.3 M

40
.2 M

35
30

.2 M

25
20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.05.2013)
52-Week Low (26.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BYW6 GY EQUITY YTD Change
BYW6 GY EQUITY YTD % CHANGE

12/2011
06/yy
39.61
30.06
2'390.00
37.725
-4.76%
25.52%
80.53%
33.2
1'307.77
1'546.90
0.0
223.4
85.18
3'112.80

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

10

.1 M

5
0
a-12

31.12.2009
31.12.2010
7'260.2
7'903.0
0.23x
0.27x
166.9
174.0
10.13x
12.09x
45.0
50.4
19.65x
22.84x
Profitability

LTM-4Q
31.12.2011
9'585.7
0.24x
267.0
8.48x
50.5
19.60x

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
10'531.1
0.28x
333.6
8.78x
96.7
12.80x
333.55
217.88
2.07%
1.16%
3.08%
16.58%
8.65%
2.81%
215.7%
2.0%
0.9%
1.36
0.36
34.70%
179.51%
-

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy
10'130.8
0.97x
274.5
9.44x
43.0
24.25x

j-13

06/yy
13'672.6
0.92x
29'498.1
0.11x
149.5
9.12x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.59
24.55
21.68%
17.74%
0.594
14
4.286
48'343
24'503
27'924
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
15'948.7
16'623.2
4'417.0
4'594.0
0.20x
0.19x
367.6
371.8
98.0
103.0
8.47x
8.37x
118.4
110.5
32.0
39.0
12.82x
11.85x
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

4.80
2.53
0.05
0.06
179.5%
58.8%
2.81
11.78
-

Sales/Revenue/Turnover

120.00

12'000.0

100.00

10'000.0

80.00

8'000.0

60.00

6'000.0

40.00

4'000.0

20.00

2'000.0

0.00
01.01.2010

s-12

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
8'794.6
0.22x
235.4
8.08x
58.3
17.15x

.1 M

15

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

BayWa AG
Holdings By:

All

Holder Name
BAYERISCHE RAIFFEISE
RAIFFEISEN AGRAR INV
SKAGEN AS
ADIG INVESTMENT
NORGES BANK
BNP PARIBAS INV PART
BLACKROCK
UBS INVEST KAG
VANGUARD GROUP INC
DIMENSIONAL FUND ADV
RUFFER LLP
UNIVERSAL INVESTMENT
UNION INVESTMENT LUX
JP MORGAN
AMUNDI LUXEMBOURG SA
NORDINVEST FUND MANA
MEAG LUXEMBOURG SARL
BANK OF NEW YORK MEL
CREUTZ & PARTNERS GL
HANSAINVEST GMBH

Firm Name
Nord/LB
Hauck & Aufhaeuser
Bankhaus Lampe
Berenberg Bank
Commerzbank Corporates & Markets
Baader Bank
Main First Bank AG
M.M. Warburg Investment Research
EVA Dimensions
Deutsche Bank
Equinet Institutional Services(ESN)
Hamburger Sparkasse
Close Brothers Equity Markets
Dr. Kalliwoda Equity Research
Steubing AG

Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
HEINO HAMMANN
NILS-PETER FITZL
MARC GABRIEL
BJOERN LIPPE
DENNIS SCHMITT
CHRISTIAN WEIZ
THOMAS SWOBODA
OLIVER SCHWARZ
TIMOTHY STANISH
JOHANNES SCHALLER
MICHAEL SCHAEFER
CHRISTIAN HAMANN
IGOR KIM
NORBERT KALLIWODA
MICHAEL SCHATZSCHNEIDER

Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
buy
buy
buy
buy
hold
outperform
hold
sell
hold
buy
buy
buy
buy
buy

Amt Held
12'922'982
8'654'367
508'435
417'000
416'251
247'136
149'606
100'000
75'301
61'941
42'750
33'096
24'000
21'369
21'094
18'500
16'200
15'561
13'500
12'237

% Out
38.91
26.06
1.53
1.26
1.25
0.74
0.45
0.3
0.23
0.19
0.13
0.1
0.07
0.06
0.06
0.06
0.05
0.05
0.04
0.04

Weighting

Change
5
5
5
5
5
3
5
3
1
3
5
5
5
5
5

M
M
M
M
M
M
M
M
M
M
M
M
M
N
M

Latest Chg
(15'000)
4'606
316
24'000
(2'283)
(3'800)
(610)

Target Price
43
46
44
45
45
43
42
41
#N/A N/A
39
45
#N/A N/A
43
33
40

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

File Dt
31.12.2012
31.12.2012
28.06.2013
30.04.2013
31.12.2012
28.02.2013
07.08.2013
28.03.2013
30.06.2013
30.04.2013
28.02.2013
28.03.2013
28.03.2013
31.03.2013
28.03.2013
28.02.2013
30.12.2011
08.08.2013
28.06.2013
28.03.2013

Date
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided

Inst Type
Holding Company
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
Investment Advisor
Investment Advisor
Investment Advisor

Date
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
21.06.2013
06.06.2013
13.05.2013
13.05.2013
03.04.2013
02.04.2013
19.09.2012
10.01.2011

14.08.2013

Commerzbank AG
Commerzbank AG attracts deposits and offers retail and commercial banking
services. The Bank offers mortgage loans, securities brokerage and asset
management services, private banking, foreign exchange, and treasury services
worldwide.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.01.2013)
52-Week Low (04.07.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CBK GY EQUITY YTD Change
CBK GY EQUITY YTD % CHANGE

12/2012
06/yy
12.96
5.56
131'322.00
8.023
-38.28%
44.35%
32.96%
1'138.5
9'134.24
235'484.00
2'376.0
888.0
47'922.00
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

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
Price/ Cash Flow

70.0 M

12

60.0 M

10

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0
a-12

31.12.2009
31.12.2010
25'393.0
25'027.0
(4'537.0)
1'430.0
4.59x
Profitability

LTM-4Q
31.12.2011
21'462.0
638.0
7.24x

31.12.2012
20'002.0
6.0
-

o-12

n-12

d-12

10.65%
8.24%
-0.11%
-2.78%
-0.21%
0.03%
0.1%
37.03%
990.68%
-

LTM

06/yy
20'588.0
0.00x
0.0
0.00x
254.0
0.00x

j-13

06/yy
19'078.0
0.00x
0.0
0.00x
(689.0)
0.00x

f-13 m-13

a-13 m-13

j-13

j-13

FY+1

.0 M
a-13

1.31
944.45
-8.86%
-25.20%
1.314
36
2.889
18'813'350
13'598'130
16'297'070
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
9'593.8
9'957.2
2'466.8
2'872.4
411.4
949.2
214.7
227.0
21.17x
9.29x
20.84x
16.78x
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

28.05.2013
ANEG
28.05.2013
A-2
990.7%
89.7%
0.03
12.74
-

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

s-12

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
24'181.0
3.0
1870.42x

14

15'000.0
10'000.0

0.40

5'000.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Commerzbank AG
Holdings By:

All

Holder Name
FEDERAL REPUBLIC OF
BLACKROCK
CAPITAL GROUP COMPAN
NORGES BANK
MARSHALL WACE LLP
VANGUARD GROUP INC
DEUTSCHE BANK AG
SAC GLOBAL INVESTORS
DEKA INVESTMENT GMBH
CITIGROUP INCORPORAT
CREDIT SUISSE AG
FMR LLC
FRANKFURT TRUST INVE
PRUDENTIAL OF AMERIC
UNIVERSAL INVESTMENT
DEKA INVESTMENT GMBH
STATE STREET
COMMERZBANK AG
CAISSE DE DEPOT ET P
THRIVENT FINANCIAL F

Firm Name
Societe Generale
Mediobanca SpA
RBC Capital Markets
Credit Suisse
Equinet Institutional Services(ESN)
Exane BNP Paribas
Deutsche Bank
Nord/LB
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Bankhaus Lampe
Oddo & Cie
Nomura
S&P Capital IQ
DZ Bank AG
AlphaValue
Keefe, Bruyette & Woods
HSBC
UBS
JPMorgan
Grupo Santander
Goldman Sachs
Bankhaus Metzler
Makor Capital
EVA Dimensions
Main First Bank AG
Barclays
Morgan Stanley
Macquarie
M.M. Warburg Investment Research
Kepler Cheuvreux
Berenberg Bank
Hamburger Sparkasse
National Bank AG
Natixis

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
PHILIP RICHARDS
RICCARDO ROVERE
ANKE REINGEN
MAXENCE LE GOUVELLO
PHILIPP HAESSLER
GUILLAUME TIBERGHIEN
MATT SPICK
MICHAEL SEUFERT
INGO FROMMEN
STEFAN BONGARDT
NEIL SMITH
JEAN SASSUS
OMAR KEENAN
FRANK BRADEN
CHRISTOPH BAST
DIETER HEIN
RONNY REHN
JOHANNES THORMANN
MATTEO RAMENGHI
JAIME BECERRIL
TANIA GOLD
MARTIN LEITGEB
GUIDO HOYMANN
ALBERT SAPORTA
DOUG WALTERS
KILIAN MAIER
KIRI VIJAYARAJAH
FRANCESCA TONDI
THOMAS STOEGNER
ANDREAS PLAESIER
DIRK BECKER
NICK ANDERSON
CHRISTIAN HAMANN
MANFRED JAISFELD
ALEX KOAGNE

Source
Research
ULT-AGG
ULT-AGG
MF-AGG
Short
MF-AGG
ULT-AGG
Short
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG

Recommendation
sell
neutral
sector perform
neutral
buy
outperform
hold
hold
hold
sell
buy
reduce
reduce
hold
sell
add
market perform
overweight
neutral
neutral
hold
neutral/neutral
sell
buy
hold
outperform
underweight
Underwt/In-Line
neutral
hold
reduce
sell
sell
hold
dropped coverage

Amt Held
% Out
193'546'183
17
89'220'126
7.84
57'632'719
5.06
9'457'083
0.83
(5'920'236) -0.52
4'980'878
0.44
2'013'297
0.18
(1'480'059) -0.13
1'357'058
0.12
1'252'507
0.11
1'128'149
0.1
1'036'969
0.09
1'003'055
0.09
934'131
0.08
664'868
0.06
663'099
0.06
628'750
0.06
511'342
0.04
489'232
0.04
420'480
0.04

Weighting
1
3
3
3
5
5
3
3
3
1
5
2
2
3
1
4
3
5
3
3
3
3
1
5
3
5
1
1
3
3
2
1
1
3
#N/A N/A

Change
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M

Latest Chg
27'295
(569'253)
1'042'521
3'766'504
487'076
230'690
(300'000)
934'131
338'404
(307'315)
(32'101)
(714'125)

Target Price
7
8
9
9
10
9
9
8
8
6
11
6
7
8
4
8
8
9
7
9
7
10
5
13
#N/A N/A
9
8
8
9
8
5
4
#N/A N/A
11
#N/A N/A

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

File Dt
Inst Type
29.05.2013
Government
07.08.2013
Investment Advisor
22.07.2013
Investment Advisor
31.12.2012
Government
06.08.2013 Hedge Fund Manager
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor
15.05.2013
Investment Advisor
09.08.2013
Investment Advisor
29.05.2013
Investment Advisor
31.05.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Insurance Company
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
08.08.2013
Investment Advisor
31.12.2011
Bank
31.12.2012
Investment Advisor
30.04.2013
Investment Advisor

Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
15 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Date
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
01.08.2013
26.07.2013
24.07.2013
24.07.2013
22.07.2013
19.07.2013
12.07.2013
04.07.2013
06.06.2013
22.05.2013
22.05.2013
17.05.2013
16.05.2013
15.05.2013
14.05.2013
07.05.2013
24.04.2013
08.11.2012
07.08.2010

14.08.2013

Celesio AG
Celesio AG wholesales and retails pharmaceuticals to customers in Europe. The
Company wholesales pharmaceuticals, operates retail pharmacies, and provides
logistics and transportation services for pharmaceuticals at local, national and
European level.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.07.2013)
52-Week Low (28.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CLS1 GY EQUITY YTD Change
CLS1 GY EQUITY YTD % CHANGE

12/2012
03/yy
18.00
12.81
96'666.00
15.75
-12.78%
23.00%
70.74%
170.1
2'679.07
2'082.90
0.0
34.3
523.90
4'331.48

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
21'166.6
0.26x
657.4
8.32x
(21.0)
-

20
18
16
14
12
10
8
6
4
2
0
a-12

31.12.2009
31.12.2010
21'497.2
23'277.6
0.24x
0.21x
595.9
664.7
8.50x
7.37x
3.4
259.2
885.00x
12.24x
Profitability

LTM-4Q
31.12.2011
22'152.9
0.17x
584.9
6.38x
1.9
28.47x

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
22'270.8
0.17x
612.6
6.22x
(156.1)
21.74x
612.60
440.20
1.98%
0.96%
-1.33%
-4.71%
1.80%
2.63%
10.9%
2.7%
2.0%
-0.7%
1.42
0.78
26.27%
96.36%
9.33
12.42

Price/ Cash Flow

LTM

03/yy
22'291.6
0.69x
590.1
6.74x
(56.8)
35.70x

03/yy
21'989.6
0.74x
600.9
6.89x
(111.5)
24.81x

FY+1

.0 M
a-13

0.89
85.02
11.48%
22.98%
0.891
21
3.333
278'797
551'923
547'950
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
21'589.9
21'922.6
5'212.0
5'459.5
0.20x
0.19x
578.9
618.5
145.0
154.0
7.54x
7.06x
208.2
238.6
51.0
64.1
13.11x
11.54x
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

1.72
1.38
2.69
3.39
96.4%
48.7%
2.63
41.53
39.12
29.38
45.78
21.36

Sales/Revenue/Turnover

16.00

25'000.0

14.00

20'000.0

12.00
10.00

15'000.0

8.00

10'000.0

6.00
4.00

5'000.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Celesio AG
Holdings By:

All

Holder Name
FRANZ HANIEL & CIE G
BLACKROCK
FRANKLIN RESOURCES
CAPITAL GROUP COMPAN
AKO CAPITAL LLP
NORGES BANK
FIDEURAM GESTIONS SA
VANGUARD GROUP INC
UNION INVESTMENT GMB
ALLIANZ ASSET MANAGE
DWS INVESTMENT S A
ADELPHI CAPITAL LLP
DEKA INVESTMENT GMBH
OPPENHEIMERFUNDS INC
BARING FUND MANAGERS
DIMENSIONAL FUND ADV
BANK OF NEW YORK MEL
DEUTSCHE BANK AG
STATE STREET
BANQUE DEGROOF

Firm Name
Landesbank Baden-Wuerttemberg
M.M. Warburg Investment Research
AlphaValue
Morgan Stanley
Deutsche Bank
Bankhaus Metzler
Equinet Institutional Services(ESN)
DZ Bank AG
Exane BNP Paribas
Berenberg Bank
Independent Research GmbH
Jefferies
Main First Bank AG
EVA Dimensions
Commerzbank Corporates & Markets
Kepler Cheuvreux
Nord/LB
UBS
Steubing AG
Solventis WPH-Bank GmbH

Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst
BARBARA AMBRUS
ULRICH HUWALD
EILEEN RYAN
MICHAEL K JUNGLING
HOLGER BLUM
STEFAN WIMMER
KONRAD LIEDER
THOMAS MAUL
ANDREAS INDERST
SCOTT BARDO
LARS LUSEBRINK
JAMES VANE-TEMPEST
MARCUS WIEPRECHT
TIMOTHY STANISH
VOLKER BRAUN
OLIVER REINBERG
THORSTEN STRAUSS
IAN DOUGLAS-PENNANT
TOBIAS SCHMIDT
KLAUS SCHLOTE

Source
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG

Recommendation
hold
hold
reduce
Equalwt/In-Line
hold
buy
sell
buy
neutral
hold
buy
hold
underperform
underweight
buy
buy
hold
sell
buy
buy

Amt Held
% Out
85'067'013 50.01
7'740'373
4.55
4'509'586
2.65
4'467'000
2.63
(4'320'540) -2.54
2'524'593
1.48
1'007'217
0.59
983'617
0.58
966'000
0.57
890'257
0.52
640'000
0.38
(612'360) -0.36
558'200
0.33
550'740
0.32
407'081
0.24
404'890
0.24
318'903
0.19
311'285
0.18
293'260
0.17
271'411
0.16

Weighting

Change
3
3
2
3
3
5
1
5
3
3
5
3
1
1
5
5
3
1
5
5

M
M
M
M
M
M
M
M
D
M
U
D
D
D
M
M
M
D
M
N

Latest Chg
139'102
748'296
136'080
60'562
325'000
107'453
400'000
(119'070)
43'600
128'850
94'762
55'684
(2'000)

Target Price
16
17
17
13
14
18
15
20
17
16
19
15
14
#N/A N/A
19
20
16
14
20
16

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

File Dt
31.12.2012
07.08.2013
28.06.2013
30.06.2013
01.07.2013
31.12.2012
01.07.2013
30.06.2013
28.03.2013
28.06.2013
30.04.2013
23.07.2013
28.03.2013
30.05.2013
30.04.2013
30.04.2013
08.08.2013
28.06.2013
08.08.2013
30.06.2013

Date
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month

Inst Type
Holding Company
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
08.08.2013
08.08.2013
08.08.2013
07.08.2013
05.08.2013
05.08.2013
05.08.2013
31.07.2013
30.07.2013
23.07.2013
08.07.2013
04.07.2013
04.07.2013
24.06.2013
20.06.2013
03.06.2013
30.05.2013
23.05.2013
02.04.2013
30.01.2013

14.08.2013

CANCOM SE
CANCOM SE is an integrated information technology (IT) services provider. The
Company provides IT products and services. CANCOM's products and services
include security, network and system solutions, communication, storage, backup
and archive services, and IT management.

Price/Volume
30
25
20
15

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.08.2013)
52-Week Low (22.10.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 29.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
COK GY EQUITY YTD Change
COK GY EQUITY YTD % CHANGE

12/2012
03/yy
26.00
10.60
6'565.00
23.16
-10.91%
118.59%
81.85%
11.4
264.71
12.02
0.0
0.2
44.64
260.67

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

5
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
364.1
0.07x
8.8
2.71x
2.7
8.41x

10

31.12.2009
31.12.2010
422.5
474.6
0.08x
0.19x
10.4
19.0
3.20x
4.81x
5.1
7.8
7.96x
10.16x
Profitability

LTM-4Q
31.12.2011
544.4
0.13x
25.0
2.83x
11.5
7.73x

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
558.1
0.22x
28.1
4.34x
11.5
11.73x
28.06
20.66
3.70%
3.38%
6.98%
17.15%
15.34%
3.06%
5.1%
3.7%
2.1%
1.38
1.25
5.76%
14.92%
6.66
-

Price/ Cash Flow

1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
a-13

03/yy
544.1
0.71x
27.3
4.10x
11.9
8.65x

LTM
03/yy
552.1
1.01x
28.0
5.89x
12.6
12.64x

FY+1

0.82
8.38
78.62%
75.18%
0.824
3
4.333
350'945
138'523
81'967
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
580.3
606.3
0.39x
0.36x
30.2
33.5
8.60x
7.76x
15.0
17.3
17.64x
15.31x
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

13.17
7.30
-0.15
0.43
14.9%
13.0%
3.06
34.74
54.82
-

Sales/Revenue/Turnover

50.00

600.0

45.00

500.0

40.00
35.00

400.0

30.00

300.0

25.00
20.00

200.0

15.00
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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

CANCOM SE
Holdings By:

All

Holder Name
SCHICK KARIN
ELBER GMBH
ALLIANZ GLOBAL INVES
SCHRODERS PLC
UBS
KOBER STEFAN
KOBER RAYMOND
LLB FONDSLEITUNG AG
WEINMANN KLAUS
AXXION SA
VANGUARD GROUP INC
DWS INVESTMENT SA
INVESCO LTD
ALLIANZ ASSET MANAGE
TRANSAMERICA INVESTM
BLACKROCK
BARING FUND MANAGERS
AMPEGAGERLING INVEST
SOCIETE DE GESTION P
PALATINE ASSET MANAG

Firm Name
M.M. Warburg Investment Research
Hauck & Aufhaeuser
Deutsche Bank
Independent Research GmbH

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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
ANDREAS WOLF
TIM OLIVER WUNDERLICH
UWE SCHUPP
ZAFER RUZGAR

Source
Research
Research
Research
Research
ULT-AGG
Co File
Co File
MF-AGG
Co File
Research
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
buy
hold
buy

Amt Held
1'160'000
1'144'036
390'000
327'130
280'181
261'289
260'891
260'000
209'864
162'500
150'000
96'900
92'632
80'000
55'000
36'416
34'662
28'500
24'250
19'000

% Out
10.15
10.01
3.41
2.86
2.45
2.29
2.28
2.27
1.84
1.42
1.31
0.85
0.81
0.7
0.48
0.32
0.3
0.25
0.21
0.17

Weighting

Change
5
5
3
5

Latest Chg
130'000
92'632
564
(90'338)
(3'400)
19'000

Target Price

M
M
M
M

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

28
29
13
13

File Dt
26.04.2013
26.06.2013
12.07.2013
08.04.2013
28.06.2013
31.12.2011
31.12.2011
30.06.2013
31.12.2011
04.04.2013
31.03.2013
28.03.2013
31.03.2013
30.04.2013
31.03.2013
07.08.2013
30.04.2013
28.06.2013
25.04.2013
31.07.2013

Date
12 month
12 month
12 month
6 month

Inst Type
n/a
Other
Investment Advisor
Investment Advisor
Unclassified
n/a
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
08.08.2013
31.07.2013
17.05.2013
14.11.2011

14.08.2013

Continental AG
Continental AG manufactures tires, automotive parts and industrial products.
The Company produces passenger car, truck, commercial vehicle, and bicycle
tires, braking systems, shock absorbers, hoses, drive belts, conveyor belting,
transmission products, and sealing systems. Continental markets its products
under such brands as Continental, Uniroyal, Gislaved, Viking, and Barum.

Price/Volume
140
120
100
80

Valuation Analysis

60

Latest Fiscal Year:


LTM as of:
52-Week High (06.08.2013)
52-Week Low (13.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CON GY EQUITY YTD Change
CON GY EQUITY YTD % CHANGE

12/2012
06/yy
119.70
74.02
2'354.00
119.05
-0.54%
60.83%
97.70%
200.0
23'810.71
9'673.30
0.0
377.4
2'719.00
31'653.01

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20
0
a-12

31.12.2009
31.12.2010
20'095.7
26'046.9
0.77x
0.75x
2'246.6
3'709.8
6.89x
5.25x
(1'649.2)
576.0
20.53x
Profitability

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data

LTM-4Q
31.12.2011
30'504.9
0.60x
4'277.0
4.25x
1'242.2
7.74x

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
32'736.2
0.76x
4'930.1
5.04x
1'883.5
9.30x
4'930.10
3'148.90
9.62%
8.15%
7.34%
25.42%
14.62%
1.19%
21.6%
15.2%
9.7%
5.8%
0.99
0.65
35.38%
110.33%
5.59
7.90

Price/ Cash Flow

LTM

06/yy
32'132.9
2.46x
4'700.7
4.64x
1'562.4
8.36x

06/yy
32'804.3
3.07x
4'984.3
5.69x
2'022.2
10.15x

FY+1

1.27
94.39
48.48%
39.06%
1.271
31
3.742
290'375
403'279
447'623
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
33'975.0
36'070.1
8'662.0
8'725.5
0.87x
0.79x
5'071.1
5'514.1
6.22x
5.72x
2'093.5
2'366.7
465.5
504.5
11.17x
9.90x
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

24.05.2013
BB
STABLE
27.01.2009
B
11.34
6.70
1.51
1.89
110.3%
51.4%
1.19
4.55
65.30
46.20
61.90
40.21

Sales/Revenue/Turnover

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00
5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00
0.00
01.01.2010

s-12

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
24'238.7
0.68x
3'042.6
5.41x
(1'123.5)
-

40

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

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Continental AG
Holdings By:

All

Holder Name
SCHAEFFLER GROUP
BLACKROCK
PRINCIPAL FINANCIAL
GIC PRIVATE LIMITED
DEUTSCHE BANK AG
NORGES BANK
ALLIANZ ASSET MANAGE
UNION INVESTMENT GMB
FIL LIMITED
HARRIS ASSOCIATES LP
VANGUARD GROUP INC
DB PLATINUM ADVISORS
ONTARIO TEACHERS PEN
MACKAY SHIELDS LLC
FRANKLIN RESOURCES
HENDERSON GLOBAL INV
BNP PARIBAS INV PART
DEKA INVESTMENT GMBH
JP MORGAN
ROYAL BANK OF CANADA

Firm Name
Societe Generale
Kepler Cheuvreux
Goldman Sachs
AlphaValue
Commerzbank Corporates & Markets
JPMorgan
Macquarie
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Oddo & Cie
Natixis
Equinet Institutional Services(ESN)
Deutsche Bank
Nord/LB
M.M. Warburg Investment Research
Bankhaus Lampe
Main First Bank AG
Barclays
Day by Day
Morgan Stanley
DZ Bank AG
Exane BNP Paribas
HSBC
Hamburger Sparkasse
UBS
Bankhaus Metzler
National Bank AG
Steubing AG
EVA Dimensions

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a

Analyst
PHILIPPE BARRIER
THOMAS BESSON
STEPHAN PUETTER
HANS-PETER WODNIOK
DANIEL SCHWARZ
JOSE ASUMENDI
JENS SCHATTNER
FRANK BILLER
ZAFER RUZGAR
FRANCOIS MAURY
MICHAEL FOUNDOUKIDIS
TIM SCHULDT
GAETAN TOULEMONDE
FRANK SCHWOPE
MARC-RENE TONN
CHRISTIAN LUDWIG
LOTHAR LUBINETZKI
KRISTINA CHURCH
VALERIE GASTALDY
LAURA LEMBKE
MICHAEL PUNZET
RABIH FREIHA
HORST SCHNEIDER
TINA HECKING-VELTMAN
DAVID LESNE
JUERGEN PIEPER
MANFRED JAISFELD
TOBIAS SCHMIDT
CRAIG STERLING

Source
Research
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
hold
buy
neutral/attractive
sell
buy
overweight
outperform
hold
hold
neutral
neutral
reduce
buy
hold
hold
hold
outperform
overweight
hold
Equalwt/In-Line
buy
neutral
overweight
hold
neutral
buy
hold
buy
overweight

Amt Held
99'802'992
17'546'141
7'332'602
5'808'371
2'849'717
2'641'557
1'683'359
1'436'503
1'400'101
1'171'800
1'164'982
1'113'555
1'100'000
893'879
862'569
837'422
823'278
787'850
688'883
630'873

% Out
49.9
8.77
3.67
2.9
1.42
1.32
0.84
0.72
0.7
0.59
0.58
0.56
0.55
0.45
0.43
0.42
0.41
0.39
0.34
0.32

Weighting

Change
3
5
3
1
5
5
5
3
3
3
3
2
5
3
3
3
5
5
3
3
5
3
5
3
3
5
3
5
5

M
M
M
M
M
M
M
D
D
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
N
M

Latest Chg
(21'595)
7'211'908
12'089
(4'609)
(53'281)
921'479
1'171'800
54'770
278'627
482'811
(60'060)
188'502
4'484
65'811
(23'874)
4'300

Target Price
119
130
145
90
135
130
138
127
130
105
116
105
140
110
124
110
107
125
#N/A N/A
104
122
100
123
#N/A N/A
96
104
95
110
#N/A N/A

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

File Dt
Inst Type
25.09.2012
Other
07.08.2013
Investment Advisor
30.06.2013
Investment Advisor
16.03.2012
Government
28.06.2013
Investment Advisor
31.12.2012
Government
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.05.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Bank

Date
12 month
Not Provided
12 month
6 month
6 month
15 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided

Date
09.08.2013
09.08.2013
07.08.2013
05.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
01.08.2013
01.08.2013
26.07.2013
25.07.2013
23.07.2013
23.07.2013
19.07.2013
17.07.2013
04.07.2013
17.06.2013
04.06.2013
30.05.2013
16.05.2013
07.05.2013
03.05.2013
09.04.2013
17.01.2013

14.08.2013

Daimler AG
Daimler AG develops, manufactures, distributes, and sells a wide range of
automotive products, mainly passenger cars, trucks, vans and buses. The Company
also provides financial and other services relating to its automotive
businesses.

Price/Volume
60

18.0 M
16.0 M

50

14.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.08.2013)
52-Week Low (16.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 06.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DAI GY EQUITY YTD Change
DAI GY EQUITY YTD % CHANGE

12/2012
06/yy
54.82
35.15
60'977.00
54.64
-0.04%
55.47%
99.39%
1'069.4
58'433.98
84'642.00
0.0
1'631.0
15'055.00
128'309.98

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

10.0 M
8.0 M

20

6.0 M
4.0 M

10

2.0 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
95'873.0
0.87x
11'685.0
7.14x
1'348.0
15.61x

12.0 M

30

31.12.2009
31.12.2010
78'924.0
97'761.0
1.15x
1.10x
3'032.0
10'489.0
29.84x
10.26x
(2'640.0)
4'498.0
11.85x
Profitability

LTM-4Q
31.12.2011
106'540.0
0.93x
12'216.0
8.09x
5'667.0
6.38x

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
114'297.0
1.01x
12'138.0
9.50x
6'095.0
7.24x
12'138.00
8'071.00
7.06%
6.75%
4.10%
16.82%
8.39%
0.70%
22.3%
9.6%
5.9%
5.3%
1.13
0.38
51.93%
192.90%
14.03
4.69

Price/ Cash Flow

LTM

FY+1

.0 M
a-13

1.25
942.25
39.88%
39.29%
1.248
38
3.684
2'415'559
3'724'929
4'316'927
FY+2

FQ+1

FQ+2

06/yy
06/yy
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
111'368.0 114'196.0 117'321.5 125'422.3
29'293.5
32'765.5
3.69x
4.07x
0.55x
0.51x
12'366.0
10'909.0
14'386.9
14'294.5
8.75x
10.95x
8.93x
8.99x
5'825.0
6'700.0
5'459.2
5'933.1
6.46x
7.40x
11.49x
9.87x
S&P Issuer Ratings
Long-Term Rating Date
23.02.2012
Long-Term Rating
ALong-Term Outlook
STABLE
Short-Term Rating Date
26.02.2001
Short-Term Rating
A-2
Credit Ratios
EBITDA/Interest Exp.
5.24
(EBITDA-Capex)/Interest Exp.
3.16
Net Debt/EBITDA
6.35
Total Debt/EBITDA
7.92
Reference
Total Debt/Equity
192.9%
Total Debt/Capital
65.0%
Asset Turnover
0.70
Net Fixed Asset Turnover
2.46
Accounts receivable turnover-days
26.01
Inventory Days
77.76
Accounts Payable Turnover Day
42.15
Cash Conversion Cycle
58.83
Sales/Revenue/Turnover

140.00

180'000.0

120.00

160'000.0
140'000.0

100.00

120'000.0

80.00

100'000.0

60.00

80'000.0
60'000.0

40.00

40'000.0

20.00
0.00
01.01.2010

20'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Daimler AG
Holdings By:

All

Holder Name
DEUTSCHE BANK AG
BLACKROCK
KUWAIT INVESTMENT AU
CAPITAL GROUP COMPAN
COMMERZBANK AKTIENGE
AABAR INVESTMENTS PJ
NORGES BANK
NISSAN MOTOR CO LTD
HARRIS ASSOCIATES LP
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
DEKA INVESTMENT GMBH
FIRST EAGLE INVESTME
CREDIT SUISSE GROUP
UNION INVESTMENT GMB
MERCURY ASSET MANAGE
ONTARIO TEACHERS PEN
AMUNDI
GOLDMAN SACHS GROUP
UBS

Firm Name
Sanford C. Bernstein & Co
Goldman Sachs
Bankhaus Metzler
Commerzbank Corporates & Markets
Nord/LB
Natixis
AlphaValue
Deutsche Bank
HSBC
EVA Dimensions
Steubing AG
Equinet Institutional Services(ESN)
Societe Generale
JPMorgan
Macquarie
Oddo & Cie
M.M. Warburg Investment Research
S&P Capital IQ
Baader Bank
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Bankhaus Lampe
Hamburger Sparkasse
National Bank AG
Main First Bank AG
Barclays
Morgan Stanley
Day by Day
Kepler Cheuvreux
Exane BNP Paribas
UBS
DZ Bank AG
Redburn Partners
Creative Global Investments
Banco Sabadell
Cyrrus

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
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a

Analyst
MAX WARBURTON
STEFAN BURGSTALLER
JUERGEN PIEPER
DANIEL SCHWARZ
FRANK SCHWOPE
GEORGES DIENG
HANS-PETER WODNIOK
JOCHEN GEHRKE
HORST SCHNEIDER
CRAIG STERLING
TOBIAS SCHMIDT
TIM SCHULDT
STEPHEN REITMAN
JOSE ASUMENDI
CHRISTIAN BREITSPRECHER
FRANCOIS MAURY
MARC-RENE TONN
RODERICK BRIDGE
KLAUS BREITENBACH
FRANK BILLER
ZAFER RUZGAR
CHRISTIAN LUDWIG
TINA HECKING-VELTMAN
MANFRED JAISFELD
LOTHAR LUBINETZKI
KRISTINA CHURCH
LAURA LEMBKE
VALERIE GASTALDY
MICHAEL RAAB
RABIH FREIHA
PHILIPPE HOUCHOIS
MICHAEL PUNZET
CHARLES WINSTON
CARLO R BESENIUS
GLEN SPENCER-CHAPMAN
JIRI SIMARA

Source
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Research
Co File
Research
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
Research
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
market perform
buy/attractive
buy
buy
buy
buy
sell
buy
overweight
hold
buy
reduce
buy
overweight
outperform
buy
hold
hold
hold
buy
sell
hold
buy
buy
outperform
underweight
Equalwt/In-Line
hold
reduce
outperform
buy
sell
sell
buy
buy
hold

Amt Held
154'191'572
93'330'230
73'577'854
43'475'391
38'268'282
33'056'717
31'839'135
16'448'378
14'398'495
12'535'282
10'511'692
7'193'017
6'390'532
4'071'305
3'261'395
3'013'579
3'000'000
2'952'272
2'719'961
2'717'156

% Out
14.42
8.73
6.88
4.07
3.58
3.09
2.98
1.54
1.35
1.17
0.98
0.67
0.6
0.38
0.3
0.28
0.28
0.28
0.25
0.25

Weighting

Change
3
5
5
5
5
5
1
5
5
3
5
2
5
5
5
5
3
3
3
5
1
3
5
5
5
1
3
3
2
5
5
1
1
5
5
3

M
M
U
M
M
M
M
M
M
U
M
D
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M

Latest Chg
(361'589)
(2'675'000)
1'793'339
(692'591)
3'324
(468'100)
(15'900)
(286'767)
(2'121'690)
17'131

Target Price
55
72
60
64
59
61
40
62
60
#N/A N/A
76
46
60
61
63
64
54
56
50
60
47
53
#N/A N/A
58
58
39
46
#N/A N/A
47
57
57
40
#N/A N/A
52
48
37

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

File Dt
Inst Type
28.06.2013
Investment Advisor
07.08.2013
Investment Advisor
06.02.2012
Government
30.06.2013
Investment Advisor
11.04.2013
Bank
06.02.2012
Government
27.03.2013
Government
31.03.2013
Corporation
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.05.2013 Hedge Fund Manager
16.04.2013
Unclassified
28.03.2013
Investment Advisor
07.08.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
30.04.2013
Investment Advisor
05.10.2012
Investment Advisor
08.08.2013
Unclassified

Date
12 month
12 month
12 month
6 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
15 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Date
08.08.2013
07.08.2013
06.08.2013
02.08.2013
02.08.2013
02.08.2013
01.08.2013
30.07.2013
30.07.2013
30.07.2013
29.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
23.07.2013
23.07.2013
19.07.2013
19.07.2013
15.07.2013
15.07.2013
12.07.2013
04.07.2013
02.05.2013
16.04.2013
15.02.2013
29.10.2012

14.08.2013

Deutsche Boerse AG
Deutsche Boerse AG provides a variety of stock exchange introduction, trading,
and operational services to institutions and private investors. The Company
offers electronic trading systems for buying and selling of securities on stock
exchanges in Europe. Deutsche Boerse offers indices such as DAX, MDAX, SDAX,
and XTF, as well as trading in options and futures.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.08.2013)
52-Week Low (06.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DB1 GY EQUITY YTD Change
DB1 GY EQUITY YTD % CHANGE

12/2012
06/yy
57.54
40.05
5'662.00
54.22
-5.77%
35.38%
79.36%
193.0
10'464.46
1'160.10
0.0
223.0
669.00
11'543.66

6.0 M

50

5.0 M

40

4.0 M

30

3.0 M

20

2.0 M

10

1.0 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

60

31.12.2008
2'947.0

31.12.2009
2'267.9

1'627.6

1'133.7

1'033.3

496.1

31.12.2010
2'165.7
4.70x
1'090.6
9.34x
417.8
23.02x

LTM-4Q
31.12.2011
2'308.4
3.62x
1'240.5
6.74x
855.2
9.37x

31.12.2012
2'197.3
4.20x
1'079.8
8.54x
645.0
13.43x

06/yy
2'308.3
15.31x
1'200.9
7.45x
796.0
9.99x

LTM
06/yy
2'180.2
17.37x
992.9
10.40x
604.8
15.37x

Profitability
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

1'079.80
974.80
44.36%
38.08%
0.23%
21.22%
0.01%
45.5%
40.4%
29.4%
1.00
0.00
0.54%
39.37%
-

Price/ Cash Flow

FY+1

.0 M
a-13

0.76
180.36
35.29%
22.62%
0.756
29
3.241
606'551
673'603
822'027
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'092.6
2'216.5
560.0
522.0
5.46x
5.14x
20.69x
22.07x
1'074.3
1'216.9
282.0
248.0
10.66x
9.41x
665.4
750.8
183.0
163.0
14.79x
13.14x
14.05x
13.66x
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

13.02.2012
AA
NEG
07.03.2005
A-1+
10.54
8.69
0.86
1.55
39.4%
26.8%
0.01
18.48
-

Sales/Revenue/Turnover

16.00

3'500.0

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0

4.00

500.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Deutsche Boerse AG
Holdings By:

All

Holder Name
BLACKROCK
DEUTSCHE BOERSE AG
CAPITAL GROUP COMPAN
INVESCO LTD
DEUTSCHE BANK AG
DODGE & COX
ROYAL BANK OF SCOTLA
NORGES BANK
WARBURG INVEST
UBS
ALLIANZ ASSET MANAGE
VANGUARD GROUP INC
BANQUE DE LUXEMBOURG
ARTISAN PARTNERS HOL
BESSEMER GROUP INCOR
UNION INVESTMENT GMB
FIL LIMITED
SUN LIFE FINANCIAL I
T ROWE PRICE ASSOCIA
BNP PARIBAS INV PART

Firm Name
AlphaValue
Equinet Institutional Services(ESN)
Kepler Cheuvreux
Deutsche Bank
Credit Suisse
Main First Bank AG
Morgan Stanley
Nord/LB
HSBC
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Hamburger Sparkasse
M.M. Warburg Investment Research
S&P Capital IQ
DZ Bank AG
RBC Capital Markets
JPMorgan
Keefe, Bruyette & Woods
Barclays
Bankhaus Metzler
Macquarie
UBS
EVA Dimensions
Day by Day
BMO Capital Markets
Berenberg Bank
National Bank AG
Goldman Sachs
Nomura
Banco Sabadell

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a

Analyst
DIETER HEIN
PHILIPP HAESSLER
DIRK BECKER
BENJAMIN GOY
GURJIT KAMBO
FEDERICO SALERNO
BRUCE HAMILTON
JULIA SIEKMANN
JOHANNES THORMANN
INGO FROMMEN
STEFAN BONGARDT
CHRISTIAN HAMANN
ANDREAS PLAESIER
FRANK BRADEN
CHRISTOPH BAST
PETER K LENARDOS
RAE MAILE
TOM MILLS
DANIEL R GARROD
JOCHEN SCHMITT
NEIL WELCH
ARNAUD GIBLAT
DOUG WALTERS
VALERIE GASTALDY
JILLIAN MILLER
PRAS JEYANANDHAN
MANFRED JAISFELD
CHRIS M. TURNER
TEAM COVERAGE
MARIO LODOS

Source
ULT-AGG
Research
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Research
MF-AGG
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG

Recommendation
reduce
hold
buy
hold
neutral
underperform
Equalwt/In-Line
hold
overweight
hold
hold
buy
hold
hold
buy
sector perform
neutral
outperform
underweight
buy
neutral
buy
sell
hold
not rated
buy
hold
neutral/neutral
suspended coverage
buy

Amt Held
12'421'339
9'533'068
8'076'523
5'952'862
5'566'859
4'742'000
4'513'257
3'485'620
3'108'037
2'849'004
2'541'413
2'262'090
1'809'172
1'724'740
1'671'000
1'567'000
1'432'132
1'332'583
1'198'154
1'129'323

% Out
6.44
4.94
4.18
3.08
2.88
2.46
2.34
1.81
1.61
1.48
1.32
1.17
0.94
0.89
0.87
0.81
0.74
0.69
0.62
0.59

Weighting

Change

2
3
5
3
3
1
3
3
5
3
3
5
3
3
5
3
3
5
1
5
3
5
1
3
#N/A N/A
5
3
3
#N/A N/A
5

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
M

Latest Chg
(63'058)
12'744
942'221
148'650
(172'640)
138'139
777'000
(302'360)
(281'424)
35'652
(858'271)
(65'561)

Target Price
57
48
60
51
51
52
51
50
61
54
58
#N/A N/A
52
54
56
55
51
57
47
66
48
60
#N/A N/A
#N/A N/A
#N/A N/A
54
46
53
#N/A N/A
70

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

File Dt
07.08.2013
17.02.2012
30.07.2013
08.08.2013
28.06.2013
30.06.2013
17.05.2013
31.12.2012
21.05.2012
21.05.2013
30.06.2013
30.06.2013
28.06.2013
31.03.2013
30.04.2013
28.03.2013
31.10.2012
30.06.2013
30.06.2013
31.03.2013

Date
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
15 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
08.08.2013
02.08.2013
30.07.2013
29.07.2013
29.07.2013
29.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
19.07.2013
12.07.2013
02.07.2013
19.06.2013
06.06.2013
20.05.2013
17.05.2013
04.03.2013
21.02.2013
24.01.2013
27.09.2012
23.02.2012

14.08.2013

Deutsche Bank AG
Deutsche Bank AG is a global financial service provider delivering commercial,
investment, private and retail banking. The Bank offers debt, foreign exchange,
derivatives, commodities, money markets, repo and securitization, cash equities,
research, equity prime services, loans, convertibles, advice on M&A and IPO's,
trade finance, retail banking, asset management and corporate investments.

Price/Volume
40

20.0 M

25
20

12/2012
06/yy
38.73
24.85
123'362.00
34.085
-12.19%
37.16%
67.26%
1'019.5
34'749.64
278'501.00
0.0
407.0
147'433.00
-

15.0 M

15

10.0 M

10
5.0 M

5
0
a-12

31.12.2009
31.12.2010
45'167.0
46'151.0
4'973.0
2'310.0
6.24x
12.74x
Profitability

LTM-4Q
31.12.2011
52'660.0
4'132.0
6.61x

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
52'299.0
237.0
131.80x
8.08%
2.18%
0.01%
0.34%
0.06%
0.02%
0.7%
13.84%
515.71%
-

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy
49'520.0
0.00x
0.0
0.00x
2'916.0
9.08x

j-13

06/yy
49'310.0
0.00x
0.0
0.00x
190.0
179.61x

f-13 m-13

a-13 m-13

j-13

j-13

FY+1

.0 M
a-13

1.40
1'013.93
38.63%
5.66%
1.402
40
4.050
5'199'563
5'971'785
6'225'752
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
33'582.3
34'230.0
7'903.8
7'900.8
4'151.8
4'782.1
898.5
840.8
8.78x
7.31x
8.23x
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

02.07.2013
A
STABLE
19.12.2008
A-1
515.7%
83.7%
0.02
9.91
-

Sales/Revenue/Turnover

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

s-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

25.0 M

30

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (15.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DBK GY EQUITY YTD Change
DBK GY EQUITY YTD % CHANGE

31.12.2008
58'492.0
(3'835.0)
-

30.0 M

35

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Deutsche Bank AG
Holdings By:

All

Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
DEUTSCHE BANK AG
DEKABANK DEUTSCHE GI
NORGES BANK
COMMERZBANK AKTIENGE
CREDIT SUISSE AG
CREDIT AGRICOLE SA
VANGUARD GROUP INC
UBS
DEKA INVESTMENT GMBH
AMUNDI
HSBC HOLDINGS PLC
BANK OF AMERICA CORP
MORGAN STANLEY
UNION INVESTMENT GMB
JANUS CAPITAL MANAGE
BANK OF NEW YORK MEL
DEUTSCHE TELEKOM
GOLDMAN SACHS GROUP

Firm Name

Portfolio Name
n/a
n/a
n/a
DEKABANK DEUTSCHE GI
Multiple Portfolios
COMMERZBANK AKTIENGE
n/a
CREDIT AGRICOLE SA
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
HSBC HOLDINGS PLC
BANK OF AMERICA
n/a
Multiple Portfolios
n/a
BANK OF NEW YORK MEL
n/a
n/a

Analyst

RBC Capital Markets


FIONA SWAFFIELD
Exane BNP Paribas
DANIEL DAVIES
Mediobanca SpA
CHRISTOPHER J WHEELER
Credit Suisse
AMIT GOEL
Keefe, Bruyette & Woods
ANDREW STIMPSON
Morgan Stanley
HUW VAN STEENIS
AlphaValue
DIETER HEIN
Commerzbank Corporates & Markets MICHAEL DUNST
Goldman Sachs
JERNEJ OMAHEN
Macquarie
PIERS BROWN
UBS
DANIELE BRUPBACHER
HSBC
ROBERT MURPHY
Bankhaus Lampe
NEIL SMITH
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
Nord/LB
MICHAEL SEUFERT
Landesbank Baden-Wuerttemberg
INGO FROMMEN
Independent Research GmbH
STEFAN BONGARDT
Oddo & Cie
JEAN SASSUS
M.M. Warburg Investment Research ANDREAS PLAESIER
Bankhaus Metzler
GUIDO HOYMANN
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
S&P Capital IQ
FRANK BRADEN
Canaccord Genuity Corp
ARUN MELMANE
Redburn Partners
NICHOLAS WATTS
Barclays
JEREMY SIGEE
Makor Capital
ALBERT SAPORTA
Espirito Santo Investment Bank Research
ANDREW LIM
JPMorgan
KIAN ABOUHOSSEIN
Grupo Santander
AURELIA FAURE
Societe Generale
DIRK HOFFMANN-BECKING
Main First Bank AG
KILIAN MAIER
DZ Bank AG
CHRISTOPH BAST
Kepler Cheuvreux
DIRK BECKER
Hamburger Sparkasse
CHRISTIAN HAMANN
Berenberg Bank
JAMES CHAPPELL
Day by Day
VALERIE GASTALDY
Banco Sabadell
MARIO LODOS
EVA Dimensions
AUSTIN BURKETT
National Bank AG
DIRK GOJNY
Hammer Partners SA
ENRICO RACIOPPI
SRC Research
STEFAN SCHARFF

Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
MF-AGG
13F
ULT-AGG
13F
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
13F
ULT-AGG
MF-AGG
ULT-AGG
13F
Research
ULT-AGG

Recommendation
outperform
outperform
neutral
outperform
outperform
Equalwt/In-Line
add
buy
Sell/Neutral
neutral
neutral
overweight
buy
buy
neutral
hold
buy
buy
neutral
buy
buy
accumulate
buy
buy
neutral
overweight
buy
sell
neutral
hold
buy
outperform
buy
buy
buy
sell
buy
buy
underweight
buy
buy
sell

Amt Held
47'776'278
41'570'490
23'643'257
23'529'706
21'866'137
19'985'815
18'297'475
16'412'440
10'259'100
7'667'541
7'105'620
6'818'301
5'921'773
5'567'724
5'474'471
5'205'471
4'710'141
4'657'901
3'832'262
3'819'018

% Out
4.69
4.08
2.32
2.31
2.14
1.96
1.79
1.61
1.01
0.75
0.7
0.67
0.58
0.55
0.54
0.51
0.46
0.46
0.38
0.37

Weighting

Change
5
5
3
5
5
3
4
5
1
3
3
5
5
5
3
3
5
5
3
5
5
4
5
5
3
5
5
1
3
3
5
5
5
5
5
1
5
5
1
5
5
1

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
D
M
N
M
M
M
M
N
M
M
M
M
U
M
M
M
M
M

Latest Chg
(651'716)
6'685'386
(982'040)
5'187'914
98'148
(236'367)
674'993
1'315'956
(634'844)
2'635'705
(11'954'777)
(109'942)
344'847
(1'651'936)
433'334
751'469
(4'738'602)

Target Price
38
42
40
38
46
39
40
44
36
34
35
44
42
44
38
35
40
42
40
45
42
40
40
45
#N/A N/A
47
#N/A N/A
28
38
37
43
45
40
44
#N/A N/A
20
38
40
#N/A N/A
32
36
33

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

File Dt
07.08.2013
30.06.2013
28.06.2013
30.06.2013
31.12.2012
31.03.2013
31.05.2013
31.03.2013
30.06.2013
08.08.2013
30.04.2013
30.04.2013
31.03.2013
31.03.2013
30.06.2013
30.06.2013
31.03.2013
31.03.2013
13.11.2012
31.03.2013

Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
15 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
3 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Government
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor

Date
09.08.2013
08.08.2013
07.08.2013
07.08.2013
06.08.2013
05.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
26.07.2013
16.07.2013
09.07.2013
04.07.2013
03.07.2013
28.06.2013
30.05.2013
29.05.2013
13.05.2013
10.05.2013
07.05.2013
03.05.2013
30.04.2013
25.04.2013
15.02.2013
17.01.2013
25.07.2012
03.07.2012
08.02.2010

14.08.2013

Deutsche Euroshop AG
Deutsche Euroshop AG invests in shopping centers. The Company owns shopping
centers in locations throughout Europe. The properties are primarily in city
centers.

Price/Volume
35

.9 M

30

.8 M
.7 M

25

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DEQ GY EQUITY YTD Change
DEQ GY EQUITY YTD % CHANGE

12/2012
03/yy
34.55
28.53
2'121.00
32.305
-6.28%
13.25%
67.05%
53.9
1'742.71
1'657.23
0.0
0.0
167.51
2'934.68

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.5 M

15

.4 M

31.12.2009
31.12.2010
130.8
147.6
14.30x
20.30x
113.0
126.5
16.55x
23.69x
34.4
81.8
25.45x
16.10x
Profitability

.2 M

5
0
a-12

.1 M
s-12

LTM-4Q
31.12.2011
193.1
15.37x
167.8
17.69x
99.0
12.92x

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
216.1
14.79x
183.0
17.47x
122.5
13.41x
182.99
182.96
51.32%
54.98%
3.99%
9.88%
5.84%
0.07%
84.5%
56.7%
46.70%
125.37%
-

Price/ Cash Flow

03/yy
188.0
60.03x
162.9
16.90x
102.2
13.34x

o-12

n-12

d-12

j-13

LTM
03/yy
206.3
57.46x
174.3
16.59x
126.1
13.02x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.68
41.40
11.78%
6.16%
0.677
26
3.423
90'032
90'299
116'891
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
200.3
207.8
47.0
49.0
16.11x
15.50x
69.79x
66.54x
175.2
182.6
41.1
43.2
16.81x
16.13x
17.20x
16.98x
108.0
107.3
27.9
26.9
17.18x
16.65x
15.72x
15.68x
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

2.54
2.36
6.84
7.31
125.4%
55.6%
0.07
-

Sales/Revenue/Turnover

25.00

250.0

20.00

200.0

15.00

150.0

10.00

100.0

5.00

50.0

0.00
01.01.2010

.3 M

10

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
120.2
15.07x
102.2
17.72x
68.9
12.15x

.6 M

20

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Deutsche Euroshop AG
Holdings By:

All

Holder Name
OTTO ALEXANDER
OTTO BENJAMIN
BLACKROCK
HERTIE FOUNDATION
SOCIETE FEDERALE
NORGES BANK
DEUTSCHE BANK AG
WELLINGTON MANAGEMEN
BAY POND PARTNERS LP
ALLIANZ ASSET MANAGE
BAY POND INVESTORS B
UNION INVESTMENT GMB
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
DWS INVESTMENT S A
SCOTTISH WIDOWS
DEKA INVESTMENT GMBH
HIGHBRIDGE CAPITAL M
CQS UK LLP
ING INTERNATIONAL AD

Firm Name

Portfolio Name
n/a
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
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst

M.M. Warburg Investment Research ANDREAS PLAESIER


HSBC
THOMAS MARTIN
Baader Bank
ANDRE REMKE
Berenberg Bank
KAI MALTE KLOSE
DZ Bank AG
KARSTEN OBLINGER
Commerzbank Corporates & Markets THOMAS ROTHAEUSLER
ABN Amro Bank N.V.
MICHIEL DE JONGE
Equinet Institutional Services(ESN)
JOCHEN ROTHENBACHER
Bankhaus Lampe
GEORG KANDERS
Societe Generale
MICHEL VARALDO
Close Brothers Equity Markets
MANUEL MARTIN
Nord/LB
MICHAEL SEUFERT
JPMorgan
ANNELIES J VERMEULEN
EVA Dimensions
DOUG WALTERS
Petercam
JOEL GORSELE
Independent Research GmbH
STEFAN BONGARDT
LFG Kronos Investment Services GmbH THOMAS ANEY
Kepler Cheuvreux
DIRK BECKER
Natixis
SERGE DEMIRDJIAN
Bankhaus Metzler
JOCHEN SCHMITT
Kempen & Co
THOMAS VAN DER MEIJ
Deutsche Bank
MARKUS SCHEUFLER
Oddo & Cie
MARINE LAFITTE
UBS
KRISTIAN BANDY
GSC Research
MATTHIAS SCHRADE
Rabobank International
MARTIJN VAN DEN EIJNDEN

Source
Co File
Co File
ULT-AGG
Co File
Research
MF-AGG
ULT-AGG
Short
Short
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Short
Short
MF-AGG

Recommendation
buy
neutral
hold
buy
hold
hold
reduce
hold
hold
buy
hold
hold
neutral
sell
reduce
hold
buy
buy
reduce
buy
neutral
hold
neutral
neutral
buy
buy

Amt Held
% Out
5'162'584
9.57
4'175'382
7.74
3'100'438
5.75
1'629'154
3.02
1'579'737
2.93
1'361'449
2.52
1'306'605
2.42
(1'262'325) -2.34
(681'534) -1.26
653'887
1.21
(423'377) -0.78
361'600
0.67
330'059
0.61
324'445
0.6
315'684
0.59
263'480
0.49
263'367
0.49
(258'938) -0.48
(253'544) -0.47
247'000
0.46

Weighting

Change
5
3
3
5
3
3
2
3
3
5
3
3
3
1
2
3
5
5
2
5
3
3
3
3
5
5

M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
U

Latest Chg
254
20'000
75'523
(51'631)
(16'896)
(41'305)
121'600
43'212
(6'926)
184'000
(45'873)
52'890
26'973
59'340
-

Target Price
38
33
33
35
32
31
27
32
33
40
32
33
37
#N/A N/A
29
37
37
39
29
37
33
33
34
31
#N/A N/A
34

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

File Dt
Inst Type
31.12.2012
n/a
31.12.2012
n/a
07.08.2013
Investment Advisor
31.12.2012
Other
08.04.2013
n/a
31.12.2012
Government
28.06.2013
Investment Advisor
10.06.2013
Investment Advisor
27.07.2012
Unclassified
30.04.2013
Investment Advisor
30.07.2012
Investment Advisor
28.03.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
28.02.2013
Unclassified
30.04.2013
Investment Advisor
06.06.2013 Hedge Fund Manager
10.04.2013
Investment Advisor
28.03.2013
Investment Advisor

Date
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
9 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided

Date
08.08.2013
06.08.2013
02.08.2013
01.08.2013
22.07.2013
12.07.2013
09.07.2013
25.06.2013
24.06.2013
20.06.2013
13.06.2013
10.06.2013
07.06.2013
06.06.2013
01.06.2013
31.05.2013
23.05.2013
16.05.2013
16.05.2013
13.05.2013
25.04.2013
22.04.2013
17.04.2013
11.01.2013
21.12.2012
15.11.2012

14.08.2013

Dialog Semiconductor PLC


Dialog Semiconductor PLC manufactures electronic products. The Company provides
mixed-signal circuits optimised for smartphones, tablets, ultrabooks, and other
portable devices. Dialog Semiconductor markets its products worldwide.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DLG GY EQUITY YTD Change
DLG GY EQUITY YTD % CHANGE

Price/Volume

12/2012
06/yy
17.69
8.44
36'539.00
13.7
-22.39%
62.42%
55.27%
68.1
932.54
180.73
0.0
0.0
315.56
806.42

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
217.6
296.6
2.55x
4.12x
35.3
52.9
15.70x
23.10x
32.7
42.5
16.31x
32.27x
Profitability

2.5 M
2.0 M
1.5 M
1.0 M
.5 M

s-12

LTM-4Q
31.12.2011
527.3
1.77x
86.5
10.80x
57.4
17.92x

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
773.6
1.31x
124.9
8.13x
62.5
18.12x
124.87
92.58
11.97%
11.13%
9.18%
15.67%
11.95%
1.26%
37.8%
16.1%
11.5%
8.1%
3.95
2.79
25.52%
47.24%
21.40
4.45

Price/ Cash Flow

06/yy
638.6
7.19x
99.2
10.90x
57.6
19.90x

o-12

n-12

d-12

j-13

LTM
06/yy
779.3
4.78x
125.1
5.55x
56.8
14.50x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.92
62.13
-14.56%
3.05%
0.916
20
4.300
464'708
642'280
728'224
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
860.5
1'024.1
220.6
301.3
1.44x
1.14x
135.9
177.5
7.90x
6.05x
69.6
98.0
17.6
38.0
17.25x
12.32x
13.25x
12.26x
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

19.31
12.97
-1.31
1.47
47.2%
32.1%
1.26
15.37
17.06
82.03
43.45
62.27

Sales/Revenue/Turnover

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

3.0 M

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
161.8
0.05x
13.5
0.54x
6.8
6.40x

20
18
16
14
12
10
8
6
4
2
0
a-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Dialog Semiconductor PLC


Holdings By:

All

Holder Name
DEUTSCHE BANK AG
RHJ INTERNATIONAL SA
Black Creek Investme
NORGES BANK
KLEINWORT BENSON TRU
AQR CAPITAL MANAGEME
DIALOG SEMICONDUCTOR
CAPITAL GROUP COMPAN
BNP PARIBAS INV PART
DWS INVESTMENT S A
IVY MANAGEMENT INCOR
AKO CAPITAL LLP
OXFORD ASSET MANAGEM
ROYAL LONDON ASSET M
FIL LIMITED
GAM INVESTMENT MGMT
TREMBLANT CAPITAL LP
NORDEA FONDER AB/SWE
NORDEA INV MANAGEMEN
NORDEA INVESTMENT FU

Firm Name
Natixis
Exane BNP Paribas
Commerzbank Corporates & Markets
Jefferies
Baader Bank
HSBC
Morgan Stanley
JPMorgan
Main First Bank AG
Deutsche Bank
Credit Suisse
Hauck & Aufhaeuser
Bankhaus Lampe
Berenberg Bank
Close Brothers Equity Markets
Barclays
DZ Bank AG
Kepler Cheuvreux
EVA Dimensions
National 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
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
MAXIME MALLET
JEROME RAMEL
THOMAS M BECKER
LEE SIMPSON
GUENTHER MICHAEL HOLLFELDER
CHRISTIAN DOMINIK RATH
FRANCOIS MEUNIER
CHETAN UDESHI
JUERGEN WAGNER
UWE SCHUPP
ACHAL SULTANIA
TIM OLIVER WUNDERLICH
KARSTEN ILTGEN
ALI FARID KHWAJA
VEYSEL TAZE
ANDREW M GARDINER
HARALD SCHNITZER
BERND LAUX
ANDREW S ZAMFOTIS
STEFFEN MANSKE

Source
ULT-AGG
Research
Research
Research
Research
Short
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
Short
MF-AGG
ULT-AGG
Short
Short
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
outperform
buy
buy
hold
overweight
Equalwt/Cautious
neutral
outperform
hold
neutral
buy
buy
buy
buy
overweight
buy
buy
buy
sell

Amt Held
% Out
6'358'730
9.34
4'739'691
6.96
3'488'384
5.12
2'743'836
4.03
2'719'002
3.99
(2'389'219) -3.51
1'927'224
2.83
1'899'961
2.79
1'486'895
2.18
1'073'476
1.58
1'018'454
1.5
(987'000) -1.45
(966'579) -1.42
725'675
1.07
699'954
1.03
(694'303) -1.02
(646'655) -0.95
593'006
0.87
513'393
0.75
465'110
0.68

Weighting

Change
5
5
5
5
3
5
3
3
5
3
3
5
5
5
5
5
5
5
5
1

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
D

Latest Chg
(47'648)
(591'882)
527'931
(1'922)
56'410
(503'711)
(54'455)
699'954
279'082
(108'911)
(10'840)
1'956
(9'164)

Target Price
16
17
16
15
13
15
11
12
16
13
11
17
18
15
19
16
13
15
#N/A N/A
18

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

File Dt
Inst Type
28.06.2013
Investment Advisor
23.07.2013
Investment Advisor
08.07.2013
Unclassified
28.05.2013
Government
12.11.2012
Unclassified
07.08.2013 Hedge Fund Manager
01.08.2011
Other
30.06.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
05.07.2013
Investment Advisor
12.07.2013 Hedge Fund Manager
31.05.2013
Investment Advisor
31.10.2012
Investment Advisor
25.07.2013
Investment Advisor
02.04.2013
Other
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor

Date
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
12 month
3 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Date
05.08.2013
31.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
24.07.2013
24.07.2013
24.07.2013
23.07.2013
23.07.2013
23.07.2013
23.07.2013
23.07.2013
23.07.2013
23.07.2013
10.07.2013
10.06.2013
21.03.2013
16.03.2012

14.08.2013

Deutsche Post AG
Deutsche Post AG provides mail delivery and other services to the public and
businesses. The Company offers domestic mail delivery, international parcel
and mail delivery services, and freight delivery and logistics services.
Deutsche Post also provides a variety of financial services including standard
banking services, retail and commercial lending, and brokerage services.

Price/Volume
25
20
15

Valuation Analysis

10

Latest Fiscal Year:


LTM as of:
52-Week High (06.08.2013)
52-Week Low (08.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DPW GY EQUITY YTD Change
DPW GY EQUITY YTD % CHANGE

12/2012
06/yy
22.35
14.40
62'218.00
21.915
-1.97%
52.15%
93.08%
1'209.0
26'495.58
4'816.00
0.0
213.0
2'652.00
29'718.58

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
54'474.0
0.37x
2'052.0
9.72x
(1'688.0)
-

31.12.2009
31.12.2010
46'201.0
51'481.0
0.45x
0.36x
2'047.0
3'495.0
10.15x
5.29x
644.0
2'541.0
79.32x
6.05x
Profitability

LTM-4Q
31.12.2011
52'829.0
0.30x
3'667.0
4.35x
1'163.0
12.38x

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
55'512.0
0.40x
3'939.0
5.70x
1'658.0
12.12x
3'939.00
2'895.00
5.22%
4.03%
5.40%
18.27%
1.63%
7.3%
4.9%
3.0%
0.97
0.72
14.11%
40.30%
-

Price/ Cash Flow

20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
a-13

LTM

06/yy
54'315.0
1.19x
4'061.0
4.48x
1'285.0
13.10x

06/yy
55'509.0
1.68x
4'060.0
6.49x
1'844.0
12.58x

FY+1

0.89
908.09
45.34%
36.62%
0.893
33
4.061
3'070'811
3'651'864
4'087'363
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
57'251.5
59'685.5
14'349.8
15'404.0
0.51x
0.48x
2.06x
1.88x
4'236.4
4'564.1
1'002.0
1'167.0
7.00x
6.49x
6.79x
6.66x
1'823.0
1'978.5
415.5
516.5
14.85x
13.75x
14.63x
14.34x
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

27.11.2012
NR
27.11.2012
NR
6.14
3.58
0.75
1.27
40.3%
28.4%
1.63
8.57
-

Sales/Revenue/Turnover

800.00

70'000.0

700.00

60'000.0

600.00

50'000.0

500.00

40'000.0

400.00

30'000.0

300.00

20'000.0

200.00

10'000.0

100.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Deutsche Post AG
Holdings By:

All

Holder Name
KREDITANSTALT FUER W
BLACKROCK
DEUTSCHE BANK AG
NORGES BANK
VANGUARD GROUP INC
ARTISAN PARTNERS HOL
UNION INVESTMENT GMB
FMR LLC
ALLIANZ ASSET MANAGE
DEKA INVESTMENT GMBH
ARTEMIS INVESTMENT M
BANK OF NEW YORK MEL
FRANKFURT TRUST INVE
ADIG INVESTMENT
INVESCO LTD
HENDERSON GLOBAL INV
MAINFIRST SICAV
DB PLATINUM ADVISORS
TAUBE HODSON STONEX
TIAA CREF INVESTMENT

Firm Name
HSBC
Cantor Fitzgerald
Commerzbank Corporates & Markets
Nord/LB
Bankhaus Lampe
Stifel
Bankhaus Metzler
Nomura
Equinet Institutional Services(ESN)
DZ Bank AG
Telsey Advisory Group
AlphaValue
Deutsche Bank
RBC Capital Markets
JPMorgan
Landesbank Baden-Wuerttemberg
Independent Research GmbH
S&P Capital IQ
Redburn Partners
UBS
Macquarie
Hamburger Sparkasse
Credit Suisse
Main First Bank AG
EVA Dimensions
Day by Day
Barclays
Goldman Sachs
Morgan Stanley
Berenberg Bank
Kepler Cheuvreux
National Bank AG
Davy
Thompson, Davis & Company

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
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

Analyst
JULIA WINARSO
ROBIN BYDE
JOHANNES BRAUN
VOLKER SACK
SEBASTIAN HEIN
DAVID G ROSS
GUIDO HOYMANN
MARK MCVICAR
JOCHEN ROTHENBACHER
DIRK SCHLAMP
JOSHUA HERRITY
HEINZ STEFFEN
ANDY CHU
DAMIAN BREWER
CHRISTOPHER G COMBE
PER-OLA HELLGREN
ZAFER RUZGAR
JAWAHAR HINGORANI
TIM MARSHALL
DOMINIC EDRIDGE
ROBERT JOYNSON
INGO SCHMIDT
NEIL GLYNN
TOBIAS SITTIG
TIMOTHY STANISH
VALERIE GASTALDY
SUSANNA INVERNIZZI
JOHN WOODMAN
PENNY BUTCHER
WILLIAM FOGGON
ANDRE MULDER
EKKEHARD D LINK
STEPHEN FURLONG
DAVID P CAMPBELL

Source
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
underweight
hold
buy
buy
buy
hold
buy
buy
hold
buy
no rating system
add
buy
outperform
overweight
buy
hold
buy
neutral
neutral
underperform
sell
outperform
outperform
hold
hold
overweight
Buy/Neutral
Overwt/In-Line
buy
buy
buy
outperform
hold

Amt Held
300'924'050
68'490'739
21'966'299
21'632'939
12'443'989
10'193'761
9'065'952
7'608'253
7'603'232
6'487'704
5'646'936
5'358'990
4'980'600
4'441'758
4'440'801
3'462'237
3'315'674
2'494'983
2'455'054
2'375'141

% Out
24.89
5.66
1.82
1.79
1.03
0.84
0.75
0.63
0.63
0.54
0.47
0.44
0.41
0.37
0.37
0.29
0.27
0.21
0.2
0.2

Weighting

Change

1
3
5
5
5
3
5
5
3
5
#N/A N/A
4
5
5
5
5
3
5
3
3
1
1
5
5
3
3
5
5
5
5
5
5
5
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
D
M
M
M
M
M
M
U
M
M
M
M
M

Latest Chg
(7'374'997)
246'054
(65'143)
264'498
1'427'231
1'043'543
254'064
34'541
2'752'128
265'000
99'986
(105'000)
50'000
3'521'139
(11'491)
21'426
2'093'404
(183'631)

Target Price
20
23
25
24
24
#N/A N/A
26
24
22
23
21
23
25
23
24
23
23
24
#N/A N/A
21
15
#N/A N/A
24
23
#N/A N/A
#N/A N/A
21
23
23
20
21
19
#N/A N/A
19

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

File Dt
10.04.2013
07.08.2013
28.06.2013
31.12.2012
30.06.2013
31.03.2013
28.03.2013
30.06.2013
30.06.2013
30.04.2013
31.12.2012
08.08.2013
30.04.2013
30.04.2013
08.08.2013
31.03.2013
28.02.2013
30.06.2013
30.04.2013
31.05.2013

Date
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
12 month
15 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Inst Type
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
Investment Advisor

Date
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
05.08.2013
30.07.2013
26.07.2013
25.07.2013
22.07.2013
06.06.2013
20.05.2013
17.05.2013
15.05.2013
13.05.2013
10.05.2013
03.04.2013
05.03.2013
10.11.2011
13.09.2010

14.08.2013

Drillisch AG
Drillisch AG wholesales mobile telephone user equipment and provides mobile
telephone services. The Company operates T-Mobile, Vodafone-D2, and E-Plus
mobile networks.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.05.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DRI GY EQUITY YTD Change
DRI GY EQUITY YTD % CHANGE

12/2012
06/yy
16.05
8.44
10'185.00
14.255
-11.18%
68.88%
76.41%
53.2
758.21
333.39
0.0
0.0
77.30
914.98

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.6 M

14

1.4 M

12

1.2 M

10

1.0 M

.8 M

.6 M

.4 M

.2 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
350.1
0.53x
40.6
4.54x
(184.1)
-

16

31.12.2009
31.12.2010
344.5
362.5
0.94x
0.98x
50.7
46.1
6.36x
7.70x
101.1
31.0
2.55x
10.52x
Profitability

LTM-4Q
31.12.2011
349.1
1.48x
51.4
10.04x
41.0
9.24x

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
323.7
2.47x
61.9
12.91x
23.5
24.23x
61.89
55.45
17.13%
6.42%
30.55%
70.82%
0.67%
20.1%
17.6%
7.2%
1.99
1.81
63.80%
276.78%
7.06
-

Price/ Cash Flow

06/yy
356.3
6.54x
59.0
11.06x
30.1
13.22x

LTM
06/yy
306.7
7.69x
44.9
0.00x
156.0
3.96x

FY+1

.0 M
a-13

0.74
38.93
82.85%
39.62%
0.736
8
4.000
290'910
241'104
358'483
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
302.5
308.3
2.74x
2.69x
69.4
78.4
13.26x
11.74x
121.5
52.1
17.60x
13.22x
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

5.33
3.35
2.48
3.89
276.8%
73.5%
0.67
220.12
51.68
-

Sales/Revenue/Turnover

30.00

400.0
350.0

25.00

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Drillisch AG
Holdings By:

All

Holder Name
DRILLISCH AG
BRUCHERSEIFER MARC
CHOULIDIS PASCHALIS
CHOULIDIS VLASIOS
ALLIANZ GLOBAL INVES
FIL LIMITED
JP MORGAN INVESTMENT
ALLIANZ ASSET MANAGE
FLOSSBACH VON STORCH
JP MORGAN
HIGHBRIDGE CAPITAL M
HAUCK & AUFHAUSER IN
UNION INVESTMENT GMB
HAUCK & AUFHAEUSER I
SCHRODER INVESTMENT
BLACKROCK
VANGUARD GROUP INC
OPPENHEIM KAPITALANL
DWS INVESTMENT SA
BANK OF NEW YORK MEL

Firm Name
Commerzbank Corporates & Markets
Hauck & Aufhaeuser
Bankhaus Lampe
Landesbank Baden-Wuerttemberg
Berenberg Bank
M.M. Warburg Investment Research
EVA Dimensions
Kepler Cheuvreux

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
HEIKE PAULS
SASCHA BERRESCH
WOLFGANG SPECHT
STEFAN BORSCHEID
USMAN GHAZI
JOCHEN REICHERT
ANDREW S ZAMFOTIS
THOMAS KARLOVITS

Source
Co File
Co File
Co File
Co File
Research
ULT-AGG
Research
ULT-AGG
Research
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
hold
buy
buy
hold
hold
hold
buy
buy

Amt Held
% Out
5'189'015
9.76
3'719'295
6.99
2'000'000
3.76
1'895'000
3.56
1'807'852
3.4
1'574'232
2.96
1'564'194
2.94
1'487'826
2.8
1'440'000
2.71
692'582
1.3
(632'949) -1.19
460'000
0.86
434'000
0.82
430'000
0.81
364'826
0.69
233'146
0.44
224'388
0.42
221'493
0.42
218'000
0.41
183'486
0.34

Weighting

Change
3
5
5
3
3
3
5
5

M
M
M
M
M
M
U
M

Latest Chg
327'847
16'870
47'870
134'000
52'634
35'679
3'118
25'295
1'850
-

Target Price
14
16
17
14
14
15
#N/A N/A
16

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

File Dt
Inst Type
31.12.2012
Corporation
31.12.2012
n/a
31.12.2012
n/a
31.12.2012
n/a
27.03.2013
Other
14.12.2012
Investment Advisor
10.08.2011
Investment Advisor
30.04.2013
Investment Advisor
25.03.2013
Investment Advisor
31.03.2013
Investment Advisor
06.08.2013 Hedge Fund Manager
28.06.2013
Investment Advisor
28.03.2013
Investment Advisor
29.06.2012
Investment Advisor
30.04.2013
Investment Advisor
07.08.2013
Investment Advisor
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor
28.03.2013
Investment Advisor
08.08.2013
Investment Advisor

Date
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided

Date
09.08.2013
09.08.2013
09.08.2013
08.08.2013
02.08.2013
10.06.2013
21.05.2013
15.05.2013

14.08.2013

Draegerwerk AG & Co KGaA


Draegerwerk AG & Company KGAA manufactures medical, safety, and aerospace
equipment. The Company produces ventilators, monitoring equipment, transport
incubators, anesthesia machines, surgical lights, ward equipment, home care
equipment, systems for safe breathing in industry, mining and fire fighting,
and airplane crew and passenger oxygen systems.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.07.2013)
52-Week Low (16.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DRW3 GY EQUITY YTD Change
DRW3 GY EQUITY YTD % CHANGE

12/2012
06/yy
107.45
68.80
48.00
97.65
-9.12%
41.93%
73.32%
6.4
1'424.55
406.38
0.0
6.7
317.83
1'610.70

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.3 M

100

.3 M

80

.2 M

60

.2 M

40

.1 M

20

.1 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
1'924.5
0.45x
175.6
4.88x
31.8
10.47x

120

31.12.2009
31.12.2010
1'911.1
2'177.3
0.32x
0.55x
149.9
257.4
4.09x
4.65x
14.9
90.7
25.48x
9.92x
Profitability

LTM-4Q
31.12.2011
2'255.8
0.50x
276.2
4.07x
120.7
8.60x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
2'373.5
0.57x
299.6
4.53x
126.4
10.03x
299.61
233.92
9.86%
8.28%
5.94%
16.63%
13.35%
1.19%
49.2%
12.0%
9.2%
5.3%
1.83
1.21
19.34%
56.40%
4.57
3.10

Price/ Cash Flow

06/yy
2'295.2
2.49x
280.4
5.40x
124.7
10.34x

LTM
06/yy
2'401.4
2.75x
288.2
6.70x
119.7
14.61x

FY+1

.0 M
a-13

0.67
1.82
36.07%
28.81%
0.666
16
3.938
21'547
22'883
23'278
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'434.5
2'525.6
0.66x
0.59x
288.3
320.6
5.59x
5.02x
127.5
143.5
13.11x
11.71x
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

7.01
5.64
0.62
1.31
56.4%
35.8%
1.19
8.53
79.86
117.83
41.48
147.34

Sales/Revenue/Turnover

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Draegerwerk AG & Co KGaA


Holdings By:

All

Holder Name
DRAEGER FAMILY
BNP PARIBAS INV PART
ALLIANZ ASSET MANAGE
NORGES BANK
T ROWE PRICE ASSOCIA
LAZARD FRERES GESTIO
FRANKLIN RESOURCES
ADIG INVESTMENT
KEMPEN CAPITAL MANAG
VANGUARD GROUP INC
FIL LIMITED
SWEDBANK ROBUR FONDE
DEUTSCHE BANK AG
D E SHAW & CO UK LTD
JP MORGAN
ARROWGRASS CAPITAL P
UNION INVESTMENT GMB
SCHRODER INVESTMENT
PINE RIVER CAPITAL M
LBPAM

Firm Name
DZ Bank AG
Hamburger Sparkasse
Berenberg Bank
Nord/LB
HSBC
M.M. Warburg Investment Research
Commerzbank Corporates & Markets
Deutsche Bank
Landesbank Baden-Wuerttemberg
Hauck & Aufhaeuser
Close Brothers Equity Markets
Equinet Institutional Services(ESN)
EVA Dimensions
Montega
Kepler Cheuvreux
Independent Research GmbH

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
OBJECTIF SMALL CAPS
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
SVEN OLAF KUERTEN
MARCO GUENTHER
SCOTT BARDO
HOLGER FECHNER
JAN KEPPELER
EGGERT KULS
YASMIN MOSCHITZ
GUNNAR ROMER
VOLKER STOLL
TORBEN TEICHLER
IGOR KIM
KONRAD LIEDER
TIMOTHY STANISH
THOMAS RAU
OLIVER REINBERG
CHRISTOPH SCHOENDUBE

Source
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-PART
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Short
ULT-AGG
Short
MF-AGG
MF-AGG
Short
MF-AGG

Recommendation
buy
hold
buy
buy
overweight
hold
hold
hold
buy
sell
hold
accumulate
buy
buy
buy
hold

Amt Held
% Out
4'531'360 71.36
321'133
5.06
277'729
4.37
257'637
4.06
172'259
2.71
157'529
2.48
148'400
2.34
137'722
2.17
124'274
1.96
95'643
1.51
94'892
1.49
91'751
1.44
80'357
1.27
(61'595) -0.97
59'567
0.94
(57'150)
-0.9
53'300
0.84
51'386
0.81
(45'085) -0.71
44'730
0.7

Weighting

Change
5
3
5
5
5
3
3
3
5
1
3
4
5
5
5
3

M
M
M
M
M
D
D
D
M
M
D
M
M
N
M
M

Latest Chg
(4'802)
4'501
(7'881)
(37'471)
148'400
(1'278)
45'759
4'267
(119)
91'751
8'368
(1'967)
(3'175)
(20'000)
26'179
(1'270)
(9'100)

Target Price
106
#N/A N/A
110
108
115
103
109
100
110
73
104
105
#N/A N/A
135
110
104

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

File Dt
Inst Type
31.12.2012
n/a
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.12.2012
Government
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Unclassified
30.06.2013
Investment Advisor
31.10.2012
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
02.11.2012
Other
31.03.2013
Investment Advisor
08.02.2013 Hedge Fund Manager
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
18.06.2013 Hedge Fund Manager
28.03.2013
Investment Advisor

Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month

Date
06.08.2013
05.08.2013
05.08.2013
02.08.2013
02.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
06.06.2013
16.05.2013
14.05.2013
07.05.2013

14.08.2013

Deutsche Telekom AG
Deutsche Telekom AG offers telecommunications services. The Company offers a
full range of fixed-line telephone services, mobile communications services,
Internet access, and combined information technology and telecommunications
services for businesses.

Price/Volume
12
10
8
6

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.05.2013)
52-Week Low (21.02.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DTE GY EQUITY YTD Change
DTE GY EQUITY YTD % CHANGE

12/2012
06/yy
10.11
7.98
200'471.00
9.894
-2.14%
24.05%
91.80%
4'451.1
44'039.38
44'614.00
0.0
4'623.0
6'046.00
94'076.37

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2
0
a-12

31.12.2009
31.12.2010
64'602.0
62'421.0
1.46x
1.48x
17'335.0
17'726.0
5.46x
5.20x
353.0
1'695.0
128.63x
24.76x
Profitability

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data

LTM-4Q
31.12.2011
58'653.0
1.45x
20'202.0
4.22x
557.0
68.19x

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
58'169.0
1.38x
17'728.0
4.53x
(5'255.0)
17'728.00
6'720.00
11.55%
-10.71%
-4.23%
-17.40%
0.49%
41.2%
30.0%
12.2%
-9.0%
0.65
0.54
41.33%
172.12%
27.07

Price/ Cash Flow

LTM

06/yy
58'392.0
5.86x
19'592.0
4.31x
756.0
47.97x

06/yy
58'300.0
5.76x
17'498.0
5.13x
(5'013.0)
0.00x

FY+1

0.72
3'068.30
13.86%
23.87%
0.723
43
3.419
20'741'610
12'259'020
15'179'030
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
58'923.4
59'655.7
14'891.0
15'625.5
1.50x
1.46x
17'533.8
17'813.4
4'457.0
4'295.0
5.37x
5.28x
2'821.4
3'049.0
407.0
382.0
15.32x
14.09x
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

19.05.2008
BBB+
STABLE
08.04.2002
A-2
7.58
4.88
2.46
2.88
172.1%
59.4%
0.49
1.48
13.48
63.93
-16.66

Sales/Revenue/Turnover

3.50

70'000.0

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00
01.01.2010

s-12

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
61'666.0
1.49x
17'535.0
5.24x
1'483.0
31.62x

50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
a-13

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Deutsche Telekom AG
Holdings By:

All

Holder Name
KREDITANSTALT FUER W
FEDERAL REPUBLIC OF
BLACKROCK
BLACKSTONE
NORGES BANK
VANGUARD GROUP INC
ONTARIO TEACHERS PEN
DB PLATINUM ADVISORS
BANK OF NEW YORK MEL
DEKA INVESTMENT GMBH
SCHRODER INVESTMENT
UNION INVESTMENT GMB
ALLIANZ ASSET MANAGE
UBS
AMUNDI
MERCURY ASSET MANAGE
DEKA INVESTMENT GMBH
ING INTERNATIONAL AD
SUN LIFE FINANCIAL I
NATIXIS ASSET MANAGE

Firm Name

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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

Sanford C. Bernstein & Co


ROBIN BIENENSTOCK
M.M. Warburg Investment Research JOCHEN REICHERT
Bankhaus Metzler
ULRICH TRABERT
Natixis
JACQUES DE GRELING
Barclays
JONATHAN DANN
Grupo Santander
JOHN DAVIES
Societe Generale
OTTAVIO ADORISIO
Commerzbank Corporates & Markets HEIKE PAULS
Deutsche Bank
DAVID A WRIGHT
Morgan Stanley
NICK DELFAS
Jefferies
ULRICH RATHE
Landesbank Baden-Wuerttemberg
STEFAN BORSCHEID
Independent Research GmbH
MARKUS FRIEBEL
Bankhaus Lampe
WOLFGANG SPECHT
Oddo & Cie
ALEXANDRE IATRIDES
Nomura
FREDERIC BOULAN
Equinet Institutional Services(ESN)
ADRIAN PEHL
S&P Capital IQ
ALEXANDER WISCH
New Street Research
CHARLES GAYNOR
Exane BNP Paribas
MATHIEU ROBILLIARD
AlphaValue
HEINZ STEFFEN
Macquarie
GUY R PEDDY
Kepler Cheuvreux
PETER KURT NIELSEN
Berenberg Bank
PAUL ANDREW MARSCH
Steubing AG
TEAM COVERAGE
Credit Suisse
JUSTIN FUNNELL
Raymond James
STEPHANE BEYAZIAN
Liberum Capital Ltd
LAWRENCE SUGARMAN
Hamburger Sparkasse
TINA HECKING-VELTMAN
JPMorgan
HANNES C WITTIG
HSBC
DOMINIK KLARMANN
Day by Day
VALERIE GASTALDY
Goldman Sachs
TIMOTHY BODDY
Nord/LB
WOLFGANG DONIE
DZ Bank AG
CHRISTOPH BAST
Espirito Santo Investment Bank Research
ANDREW HOGLEY
UBS
POLO TANG
National Bank AG
MANFRED JAISFELD
Banco Sabadell
ANDRES BOLUMBURU
EVA Dimensions
ANDREW S ZAMFOTIS

Source
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
outperform
buy
buy
reduce
equalweight
underweight
buy
hold
buy
Underwt/In-Line
buy
buy
buy
hold
buy
buy
accumulate
hold
reduce
neutral
add
underperform
buy
hold
buy
outperform
outperform
hold
hold
neutral
neutral
hold
neutral/neutral
buy
sell
neutral
neutral
hold
sell
sell

Amt Held
734'624'287
648'197'900
253'145'807
191'700'000
68'078'517
31'439'797
27'700'000
27'618'527
26'525'178
13'921'182
13'823'560
12'178'782
10'649'736
9'828'474
9'526'568
9'134'525
7'110'681
6'359'036
6'116'190
5'722'803

% Out
16.5
14.56
5.69
4.31
1.53
0.71
0.62
0.62
0.6
0.31
0.31
0.27
0.24
0.22
0.21
0.21
0.16
0.14
0.14
0.13

Weighting

Change
5
5
5
2
3
1
5
3
5
1
5
5
5
3
5
5
4
3
2
3
4
1
5
3
5
5
5
3
3
3
3
3
3
5
1
3
3
3
1
1

M
U
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
N
M
M
M
M
M

Latest Chg
91'985
1'891'193
26'978'457
1'951'607
6'672'723
1'813'735
(2'345'777)
18'674
517'869
1'100'738
(463'921)
192'440
16'827

Target Price
13
12
10
7
10
8
11
10
11
9
10
10
11
10
11
10
10
10
8
9
10
8
11
10
10
10
11
8
#N/A N/A
9
10
#N/A N/A
10
11
9
8
9
9
10
#N/A N/A

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

File Dt
Inst Type
30.03.2013
Investment Advisor
30.03.2013
Government
07.08.2013
Investment Advisor
03.08.2012
Unclassified
31.12.2012
Government
30.06.2013
Investment Advisor
31.12.2011 Pension Fund (ERISA)
30.06.2013
Investment Advisor
08.08.2013
Investment Advisor
30.04.2013
Investment Advisor
31.05.2013
Investment Advisor
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
08.08.2013
Unclassified
28.03.2013
Investment Advisor
07.08.2013
Investment Advisor
09.08.2013
Investment Advisor
28.03.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor

Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
3 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided

Date
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
05.08.2013
01.08.2013
29.07.2013
29.07.2013
12.07.2013
10.07.2013
18.06.2013
06.06.2013
03.06.2013
27.05.2013
20.05.2013
09.05.2013
08.05.2013
08.05.2013
05.04.2013
01.04.2013
28.02.2013
15.02.2013
15.01.2013

14.08.2013

Duerr AG
Duerr AG engineers and builds plants and manufactures machinery for the
automotive industry in Europe, North and South America, and Asia. Duerr designs
and constructs fully automatic paint finishing plants, final assembly systems,
and air purifier. Duerr also offers balancing and diagnostic systems and
produces cleaning filtration and automation equipment.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.08.2013)
52-Week Low (04.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DUE GY EQUITY YTD Change
DUE GY EQUITY YTD % CHANGE

12/2012
06/yy
56.12
24.84
1'911.00
54.23
-3.21%
118.72%
94.41%
34.6
1'876.41
286.06
0.0
8.3
349.28
1'888.78

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.6 M

50

.5 M

40

.4 M

30

.3 M

20

.2 M

10

.1 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
1'602.8
0.16x
134.4
1.91x
42.4
6.77x

60

31.12.2009
31.12.2010
1'077.6
1'261.4
0.28x
0.32x
84.2
85.5
3.57x
4.67x
(26.9)
6.3
64.51x
Profitability

LTM-4Q
31.12.2011
1'922.0
0.30x
145.7
3.99x
61.9
9.50x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
2'399.8
0.46x
205.6
5.41x
107.2
10.89x
205.62
177.09
7.38%
6.16%
6.50%
28.76%
20.60%
1.32%
18.2%
9.1%
7.9%
4.5%
1.29
1.07
15.82%
67.49%
3.11
11.27

Price/ Cash Flow

06/yy
2'301.8
1.18x
207.5
4.33x
89.3
9.40x

LTM
06/yy
2'368.2
2.17x
216.3
7.49x
116.8
13.74x

FY+1

.0 M
a-13

0.89
24.37
110.49%
65.15%
0.891
20
4.200
89'816
91'523
117'405
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'514.4
2'589.1
623.0
834.0
0.71x
0.66x
2.93x
2.09x
224.1
235.6
59.2
82.4
8.46x
8.04x
125.0
129.2
33.5
51.0
14.85x
14.37x
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

01.11.2010
NR
6.06
5.40
0.03
1.27
67.5%
39.8%
1.32
13.32
117.49
32.38
147.19
-6.77

Sales/Revenue/Turnover

50.00

3'000.0

45.00

2'500.0

40.00
35.00

2'000.0

30.00

1'500.0

25.00
20.00

1'000.0

15.00
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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Duerr AG
Holdings By:

All

Holder Name
HEINZ DUERR GMBH
BLACKROCK
HEINZ UND DUERR STIF
COLUMBIA WANGER ASSE
AMERIPRISE FINANCIAL
HARRIS ASSOCIATES LP
MAINFIRST SICAV
BNP PARIBAS INV PART
JP MORGAN
NORGES BANK
DIMENSIONAL FUND ADV
LANDESBANK BADEN WUR
DWS INVESTMENT S A
SWEDBANK ROBUR FONDE
BARING FUND MANAGERS
HEUWING RALPH
FRANKFURT TRUST INVE
GAM INTERNATIONAL MA
ALLIANZ ASSET MANAGE
DIETER RALF W

Firm Name
Macquarie
Bankhaus Lampe
Close Brothers Equity Markets
Commerzbank Corporates & Markets
Deutsche Bank
BHF-Bank
Baader Bank
UBS
HSBC
Landesbank Baden-Wuerttemberg
Hauck & Aufhaeuser
M.M. Warburg Investment Research
Montega
Kepler Cheuvreux
DZ Bank AG
Bankhaus Metzler
EVA Dimensions
Nord/LB
Berenberg Bank
Solventis WPH-Bank GmbH

Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Analyst
CHRISTIAN BREITSPRECHER
GORDON SCHOENELL
RALF MARINONI
INGO-MARTIN SCHACHEL
TIM ROKOSSA
HERMANN REITH
PETER ROTHENAICHER
SVEN WEIER
RICHARD SCHRAMM
HARALD REHMET
PHILIPPE LORRAIN
CHRISTIAN COHRS
THOMAS RAU
STEFAN AUGUSTIN
JASKO TERZIC
HELENA WUESTENFELD
TIMOTHY STANISH
FRANK SCHWOPE
BENJAMIN GLAESER
KLAUS SOER

Source
Research
ULT-AGG
Research
Research
Research
Research
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
Co File

Recommendation
outperform
buy
buy
buy
buy
market weight
hold
buy
neutral
hold
hold
buy
buy
buy
buy
buy
overweight
hold
hold
hold

Amt Held
8'684'861
1'367'369
1'200'000
1'034'330
1'026'340
1'009'374
808'988
527'334
458'897
377'756
301'896
298'080
292'000
285'614
231'580
207'606
200'000
197'066
191'936
138'404

% Out
25.1
3.95
3.47
2.99
2.97
2.92
2.34
1.52
1.33
1.09
0.87
0.86
0.84
0.83
0.67
0.6
0.58
0.57
0.55
0.4

Weighting

Change
5
5
5
5
5
3
3
5
3
3
3
5
5
5
5
5
5
3
3
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
3'092
(23'412)
53'435
180
122'000
(100'000)
55'084
-

Target Price
60
60
57
56
58
48
53
59
50
46
47
54
57
54
57
54
#N/A N/A
49
43
37

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

File Dt
27.02.2013
07.08.2013
01.07.2013
01.11.2012
05.11.2012
05.04.2012
28.02.2013
28.02.2013
30.06.2013
31.12.2012
30.04.2013
05.03.2012
30.04.2013
31.03.2013
30.04.2013
31.12.2012
30.04.2013
28.06.2013
30.04.2013
31.12.2012

Date
12 month
12 month
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month

Inst Type
Corporation
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
n/a

Date
06.08.2013
05.08.2013
05.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
24.07.2013
17.07.2013
05.07.2013
06.06.2013
28.05.2013
01.05.2013
24.01.2013

14.08.2013

Deutsche Wohnen AG
Deutsche Wohnen AG develops, rents and sells residential properties.

Price/Volume
18

2.5 M

16
2.0 M

14
12

1.5 M

10
8

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.05.2013)
52-Week Low (24.06.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DWNI GY EQUITY YTD Change
DWNI GY EQUITY YTD % CHANGE

12/2012
03/yy
15.80
12.36
1'110.00
14.095
-10.48%
14.45%
50.73%
168.8
2'411.21
2'768.64
0.0
0.3
90.57
5'108.19

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
404.4
479.7
5.74x
5.42x
133.4
137.3
17.40x
18.92x
(13.3)
23.8
36.21x
Profitability

0
a-12

s-12

LTM-4Q
31.12.2011
387.6
7.01x
142.8
19.02x
50.6
16.83x

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
451.6
10.46x
186.3
25.37x
145.5
12.17x
186.26
182.43
16.32%
45.54%
3.66%
10.73%
4.09%
0.11%
44.3%
32.2%
56.41%
172.04%
-

Price/ Cash Flow

03/yy
391.1
27.97x
148.5
18.96x
56.5
17.07x

o-12

n-12

d-12

j-13

LTM
03/yy
476.2
36.39x
210.8
23.62x
157.3
13.77x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.73
138.60
2.60%
2.45%
0.732
21
3.667
339'915
301'622
337'496
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
376.5
395.2
88.7
89.6
14.28x
13.52x
60.06x
58.69x
268.4
290.6
64.1
61.6
19.04x
17.58x
19.01x
18.83x
130.3
140.9
28.9
36.1
19.20x
16.94x
16.87x
17.18x
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

1.71
-11.17
12.79
13.74
172.0%
63.2%
0.11
-

Sales/Revenue/Turnover

1'200.00

600.0

1'000.00

500.0

800.00

400.0

600.00

300.0

400.00

200.0

200.00

100.0

0.00
01.01.2010

.5 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
417.0
5.57x
102.4
22.69x
(255.9)
-

1.0 M

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Deutsche Wohnen AG
Holdings By:

All

Holder Name
SUN LIFE FINANCIAL I
BLACKROCK
BLACKSTONE
SUN LIFE FINANCIAL I
FIRST EAGLE INVESTME
INTL KAPITALANAGEGES
WILLIAM BLAIR & COMP
CAPITAL GROUP INTERN
WILLIAM BLAIR & COMP
ZURICH DEUTSCHE HERO
AERZTEVERSORGUNG WES
NORGES BANK
MFS INTERNATIONAL LT
APG ALGEMENE PENSIOE
COHEN & STEERS CAPIT
MACKAY SHIELDS LLC
AXA
ASSET VALUE INVESTOR
MARKETFIELD ASSET MA
RUFFER LLP

Firm Name
M.M. Warburg Investment Research
Deutsche Bank
HSBC
Baader Bank
DZ Bank AG
UBS
Commerzbank Corporates & Markets
Bankhaus Metzler
Barclays
ABN Amro Bank N.V.
Independent Research GmbH
JPMorgan
EVA Dimensions
Nord/LB
Berenberg Bank
Kepler Cheuvreux
Bankhaus Lampe
Goldman Sachs
Morgan Stanley
Kempen & Co
Close Brothers Equity Markets

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
WILLIAM BLAIR & COMP
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a

Analyst
TORSTEN KLINGNER
MARKUS SCHEUFLER
THOMAS MARTIN
ANDRE REMKE
KARSTEN OBLINGER
HOWARD LESSER
THOMAS ROTHAEUSLER
JOCHEN SCHMITT
AARON GUY
MICHIEL DE JONGE
STEFAN BONGARDT
NEIL GREEN
DOUG WALTERS
MICHAEL SEUFERT
KAI MALTE KLOSE
THOMAS NEUHOLD
GEORG KANDERS
JULIAN LIVINGSTON-BOOTH
BIANCA RIEMER
THOMAS VAN DER MEIJ
MANUEL MARTIN

Source
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Research
Research
13F
Research
Research
Research
Co File
Research
Research
Co File
Research
MF-AGG
ULT-AGG
Research
MF-AGG
Research

Recommendation
buy
hold
neutral
hold
buy
buy
buy
sell
overweight
sell
buy
neutral
sell
hold
buy
hold
buy
Buy/Neutral
Overwt/Attractive
neutral
hold

Amt Held
11'990'870
11'784'498
8'150'000
8'081'228
7'582'897
6'802'161
5'569'716
5'156'318
4'904'415
4'882'360
4'863'335
4'854'266
4'730'559
4'571'243
4'391'101
4'035'222
3'815'480
2'953'855
2'504'060
2'442'913

% Out
7.1
6.98
4.83
4.79
4.49
4.03
3.3
3.05
2.91
2.89
2.88
2.88
2.8
2.71
2.6
2.39
2.26
1.75
1.48
1.45

Weighting

Change
5
3
3
3
5
5
5
1
5
1
5
3
1
3
5
3
5
5
5
3
3

M
M
U
M
M
U
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M

Latest Chg
362'823
1'544
992'658
2'209'316
2'504'060
-

Target Price
16
16
14
15
15
14
17
11
16
13
16
16
#N/A N/A
15
16
15
15
16
14
15
14

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

File Dt
Inst Type
30.06.2013
Investment Advisor
07.08.2013
Investment Advisor
27.06.2013
Unclassified
19.02.2013
Investment Advisor
17.01.2013 Hedge Fund Manager
16.08.2012
Unclassified
30.06.2013
Investment Advisor
02.07.2013
Investment Advisor
14.05.2013
Investment Advisor
21.06.2013
Insurance Company
31.12.2012
Other
28.05.2013
Government
17.01.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
19.09.2012
Investment Advisor
31.05.2013
Investment Advisor
26.09.2012
Investment Advisor
12.03.2012
Investment Advisor
31.12.2012
Investment Advisor
28.04.2011
Investment Advisor

Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month

Date
08.08.2013
07.08.2013
06.08.2013
02.08.2013
29.07.2013
26.07.2013
12.07.2013
12.07.2013
11.07.2013
09.07.2013
26.06.2013
07.06.2013
06.06.2013
03.06.2013
14.05.2013
14.05.2013
10.05.2013
09.05.2013
30.04.2013
25.04.2013
14.01.2013

14.08.2013

European Aeronautic Defence and Space Co NV


European Aeronautic Defence and Space Company manufactures airplanes and
military equipment. The Company produces commercial aircraft including the
Airbus, military fighter aircraft, military and commercial helicopters,
missiles, satellites, and telecommunications and defense systems, and offers
military and commercial aircraft conversion and maintenance services.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.08.2013)
52-Week Low (23.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out #N/A N/A
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EAD GY EQUITY YTD Change
EAD GY EQUITY YTD % CHANGE

12/2012
06/yy
46.09
24.24
1'840.00
44.975
-2.63%
85.15%
93.32%
4'779.00
0.0
25.0
11'084.00
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

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
Price/ Cash Flow

31.12.2009
31.12.2010
42'822.0
45'752.0
0.13x
0.17x
1'236.0
2'500.0
4.62x
3.02x
(763.0)
553.0
Profitability

2.0 M
1.5 M
1.0 M
.5 M

s-12

LTM-4Q
31.12.2011
49'128.0
0.31x
3'172.0
4.81x
1'033.0
-

31.12.2012
56'480.0
0.32x
3'927.0
4.58x
1'228.0
-

o-12

n-12

d-12

3'927.00
1'890.00
3.35%
2.97%
1.53%
17.52%
12.66%
0.64%
14.0%
7.5%
4.0%
2.2%
0.93
0.37
5.19%
45.91%
9.08
1.90

LTM

06/yy
52'126.0
1.33x
3'881.0
5.08x
1'503.0
0.00x

j-13

06/yy
57'878.0
1.68x
4'361.0
7.33x
1'393.0
0.00x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.68
50.52%
54.92%
0.675
29
4.448
102'830
112'011
135'863
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
58'655.4
62'514.4
13'431.0
17'964.3
5'509.5
6'514.0
1'302.0
1'826.0
2'050.8
2'691.8
454.0
761.0
16.84x
12.35x
17.70x
18.58x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

22.09.2010
APOS
02.10.2012
A-1
7.52
1.26
-0.33
1.54
45.9%
31.4%
0.64
3.87
40.20
192.40
65.53
142.58

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

2.5 M

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
43'265.0
0.09x
4'136.0
0.89x
1'572.0
-

50
45
40
35
30
25
20
15
10
5
0
a-12

30'000.0
20'000.0

0.40

10'000.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

European Aeronautic Defence and Space Co NV


Holdings By:

All

Holder Name
FRENCH STATE
FEDERAL REPUBLIC OF
EUROPEAN AERONAUTIC
CAPITAL GROUP COMPAN
SOCIEDAD ESTATAL DE
BLACKROCK
VNESHECONOMBANK
CAISSE DES DEPOTS ET
AMUNDI SA
VANGUARD GROUP INC
VIKING GLOBAL INVEST
STATE STREET
OLD MUTUAL
OPPENHEIMERFUNDS INC
PRIMECAP MANAGEMENT
ONTARIO TEACHERS PEN
INVESCO LTD
NATIXIS ASSET MANAGE
UBS
AMUNDI

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
PRIMECAP MANAGEMENT
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

AlphaValue
THOMAS PICHERIT
Morgan Stanley
RUPINDER VIG
Nord/LB
WOLFGANG DONIE
Exane BNP Paribas
OLIVIER BROCHET
Societe Generale
ZAFAR KHAN
Commerzbank Corporates & Markets STEPHAN BOEHM
Bankhaus Lampe
SEBASTIAN HEIN
CM - CIC Securities(ESN)
HARALD LIBERGE-DONDOUX
Oddo & Cie
YAN DEROCLES
DZ Bank AG
MARKUS TURNWALD
Deutsche Bank
BEN FIDLER
Investec
ANDREW GOLLAN
RBC Capital Markets
ROBERT STALLARD
JPMorgan
DAVID H PERRY
Jefferies
SANDY MORRIS
Sanford C. Bernstein & Co
DOUGLAS S HARNED
Landesbank Baden-Wuerttemberg
STEFAN MAICHL
Cantor Fitzgerald
ANDREW CHAMBERS
Independent Research GmbH
ZAFER RUZGAR
S&P Capital IQ
UNAI FRANCO
Espirito Santo Investment Bank Research
EDWARD STACEY
EVA Dimensions
TIMOTHY STANISH
Hamburger Sparkasse
INGO SCHMIDT
Day by Day
VALERIE GASTALDY
Kepler Cheuvreux
CHRISTOPHE MENARD
Barclays
CARTER COPELAND
UBS
CHARLES ARMITAGE
Gabelli & Co
JAMES FOUNG

Source
Research
Research
Research
ULT-AGG
Research
ULT-AGG
Research
RNS-RUL8
RNS-RUL8
RNS-RUL8
RNS-RUL8
ULT-AGG
ULT-AGG
RNS-RUL8
13F
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
add
Overwt/In-Line
buy
outperform
buy
buy
buy
reduce
buy
buy
buy
buy
outperform
overweight
buy
market perform
buy
buy
buy
strong buy
sell
overweight
sell
hold
buy
overweight
buy
hold

Amt Held
112'072'054
83'837'750
49'001'830
39'788'818
34'687'784
33'580'212
22'614'753
15'584'382
15'385'347
12'117'860
11'930'093
9'454'535
9'406'422
9'211'702
6'269'890
6'100'000
3'879'592
3'434'239
2'837'370
2'652'670

% Out
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Weighting

Change
4
5
5
5
5
5
5
2
5
5
5
5
5
5
5
3
5
5
5
5
1
5
1
3
5
5
5
3

D
M
U
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
(12'977'088)
61'112'568
1'188'304
(53'355)
(2'721)
3'341
(1'079'438)
126'714
(18'433)
(9'990)
3'200
383'285
(40'610)
(400'466)

Target Price
53
54
53
49
53
53
52
34
50
51
48
48
52
67
45
43
50
55
52
53
27
#N/A N/A
#N/A N/A
#N/A N/A
48
49
49
#N/A N/A

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

File Dt
Inst Type
16.04.2013
Government
02.04.2013
Government
17.04.2013
Corporation
25.07.2013
Investment Advisor
04.04.2013
Government
07.08.2013
Investment Advisor
26.07.2013
Government
25.09.2012
Government
10.10.2012
Other
09.10.2012
Investment Advisor
10.10.2012 Hedge Fund Manager
08.08.2013
Investment Advisor
10.10.2012
Unclassified
05.10.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
13.09.2012
Investment Advisor
30.04.2013
Investment Advisor
08.08.2013
Unclassified
28.03.2013
Investment Advisor

Date
6 month
12 month
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
15 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

Date
08.08.2013
06.08.2013
05.08.2013
05.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
13.06.2013
06.06.2013
28.05.2013
20.05.2013
15.05.2013
15.05.2013
08.03.2013
10.10.2011

14.08.2013

E.ON SE
E.ON SE operates in power generation and gas production businesses. The
Company's operations include electric generation at conventional, nuclear, and
renewable-source facilities, electric transmission via high-voltage wires
network, regional distribution of electricity, gas, and heat, power trading and
electricity, gas, and heat sales.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (08.07.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EOAN GY EQUITY YTD Change
EOAN GY EQUITY YTD % CHANGE

12/2012
03/yy
19.74
11.82
188'170.00
12.505
-36.96%
5.33%
8.64%
2'001.0
25'022.51
25'944.00
0.0
3'862.0
6'097.00
46'018.51

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
86'753.0
1.08x
5'403.0
17.28x
1'266.0
37.92x

20
18
16
14
12
10
8
6
4
2
0
a-12

31.12.2009
31.12.2010
81'817.0
92'863.0
1.11x
0.78x
12'703.0
13'006.0
7.18x
5.56x
8'396.0
5'853.0
6.50x
6.53x
Profitability

LTM-4Q
31.12.2011
112'954.0
0.52x
4'269.0
13.73x
(2'219.0)
-

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
132'093.0
0.38x
8'443.0
5.99x
2'217.0
12.36x
8'443.00
4'940.00
3.74%
2.51%
1.69%
6.74%
6.90%
0.93%
7.6%
4.9%
1.7%
1.20
0.61
18.48%
74.22%
-

Price/ Cash Flow

LTM

FY+1

.0 M
a-13

1.11
1'847.04
-24.29%
-4.25%
1.106
36
2.722
8'609'348
8'093'236
9'161'534
FY+2

FQ+1

FQ+2

03/yy
03/yy
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
96'381.0 104'016.0 117'646.1 117'983.6
2.49x
2.09x
0.40x
0.40x
1'673.0
6'725.0
9'396.6
9'419.8
0.00x
0.00x
4.91x
4.89x
(2'946.0)
2'827.0
2'471.4
2'473.4
0.00x
0.00x
9.84x
9.69x
S&P Issuer Ratings
Long-Term Rating Date
27.07.2012
Long-Term Rating
ALong-Term Outlook
STABLE
Short-Term Rating Date
27.07.2012
Short-Term Rating
A-2
Credit Ratios
EBITDA/Interest Exp.
2.90
(EBITDA-Capex)/Interest Exp.
0.71
Net Debt/EBITDA
1.78
Total Debt/EBITDA
2.38
Reference
Total Debt/Equity
74.2%
Total Debt/Capital
40.1%
Asset Turnover
0.93
Net Fixed Asset Turnover
2.46
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0
100'000.0

4.00

80'000.0
3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

E.ON SE
Holdings By:

All

Holder Name
BLACKROCK
E.ON AG
GOVERNMENT OF NORWAY
CREDIT SUISSE AG
NORGES BANK
MORGAN STANLEY
VANGUARD GROUP INC
SOCIETE GENERALE SA
UNION INVESTMENT GMB
PICTET FUNDS
AMUNDI
CAPITAL GROUP COMPAN
DEKA INVESTMENT GMBH
T ROWE PRICE ASSOCIA
UBS
MERCURY ASSET MANAGE
FRANKFURT TRUST INVE
BNP PARIBAS INV PART
GRANTHAM MAYO VAN OT
DEKA INVESTMENT GMBH

Firm Name
RBC Capital Markets
Societe Generale
M.M. Warburg Investment Research
Grupo Santander
Morgan Stanley
Investec
UBS
Bankhaus Metzler
Commerzbank Corporates & Markets
Deutsche Bank
Macquarie
AlphaValue
Exane BNP Paribas
JPMorgan
Independent Research GmbH
HSBC
Nord/LB
Raymond James
Barclays
Credit Suisse
Day by Day
Main First Bank AG
EVA Dimensions
Hamburger Sparkasse
Berenberg Bank
Redburn Partners
Landesbank Baden-Wuerttemberg
S&P Capital IQ
Goldman Sachs
Equinet Institutional Services(ESN)
Kepler Cheuvreux
Banco Sabadell
National Bank AG
Natixis

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
JOHN MUSK
ALBERTO PONTI
STEPHAN WULF
OSCAR NAJAR RIOS
BOBBY CHADA
HAROLD HUTCHINSON
PATRICK HUMMEL
DANIEL SEIDENSPINNER
TANJA MARKLOFF
ALEXANDER KARNICK
ROBERT SCHRAMM-FUCHS
EILEEN RYAN
BENJAMIN LEYRE
NATHALIE F CASALI
SVEN DIERMEIER
ADAM DICKENS
HEINO HAMMANN
EMMANUEL RETIF
PETER BISZTYGA
VINCENT GILLES
VALERIE GASTALDY
ANDREAS THIELEN
DOUG WALTERS
ANNEMARIE SCHLUETER
TEAM COVERAGE
AHMED FARMAN
ERKAN AYCICEK
CLIVE ROBERTS
DEBORAH WILKENS
MICHAEL SCHAEFER
INGO BECKER
JORGE GONZALEZ SADORNIL
STEFFEN MANSKE
PHILIPPE OURPATIAN

Source
ULT-AGG
Co File
Research
ULT-AGG
MF-AGG
Research
MF-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
underperform
hold
buy
hold
Equalwt/In-Line
reduce
neutral
sell
hold
hold
underperform
buy
neutral
underweight
sell
underweight
hold
market perform
overweight
underperform
hold
outperform
underweight
hold
sell
neutral
hold
buy
Buy/Neutral
hold
hold
buy
sell
reduce

Amt Held
173'901'571
95'529'865
58'428'022
49'796'701
44'456'040
25'888'854
19'839'653
19'195'947
11'867'950
11'760'000
8'098'355
7'475'000
7'094'187
6'981'054
6'249'492
6'135'228
4'820'789
4'466'253
4'438'987
4'045'964

% Out
8.69
4.77
2.92
2.49
2.22
1.29
0.99
0.96
0.59
0.59
0.4
0.37
0.35
0.35
0.31
0.31
0.24
0.22
0.22
0.2

Weighting

Change
1
3
5
3
3
2
3
1
3
3
1
5
3
1
1
1
3
3
5
1
3
5
1
3
1
3
3
5
5
3
3
5
1
2

M
M
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

Latest Chg
39'603
(25'128)
1'107'775
(1'964'569)
6'032'207
952'238
(1'000'703)
1'357'797
(332'188)
996'700
(31'421)
254'908
-

Target Price
11
12
17
13
15
12
12
11
13
12
12
17
14
13
11
11
14
#N/A N/A
16
10
#N/A N/A
15
#N/A N/A
#N/A N/A
11
#N/A N/A
13
15
18
14
13
14
#N/A N/A
12

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

File Dt
07.08.2013
31.12.2011
25.04.2013
31.05.2013
31.12.2012
10.05.2012
30.06.2013
14.05.2013
28.03.2013
30.04.2013
28.03.2013
30.06.2013
30.04.2013
30.06.2013
08.08.2013
07.08.2013
30.04.2013
31.03.2013
30.11.2012
09.08.2013

Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
12 month
12 month
6 month
Not Provided
3 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
Corporation
Government
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
09.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
30.07.2013
19.07.2013
17.07.2013
04.07.2013
27.06.2013
26.06.2013
21.06.2013
10.06.2013
10.06.2013
07.06.2013
06.06.2013
30.05.2013
24.05.2013
21.05.2013
08.05.2013
08.05.2013
26.04.2013
18.03.2013
15.03.2013
15.02.2013
31.01.2013
31.01.2013

14.08.2013

Euromicron AG
Euromicron AG a solution provider for communications, transport, data and
security networks. The Company's network infrastructures integrate voice, video
and data transport wirelessly, via copper cable and by means of fiber-optic
technologies.

Price/Volume
25

.5 M
.4 M

20

.4 M
.3 M

15

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 09.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EUCA GY EQUITY YTD Change
EUCA GY EQUITY YTD % CHANGE

12/2012
06/yy
21.41
13.63
1'150.00
16.84
-21.33%
23.55%
40.51%
6.7
112.22
86.15
0.0
0.5
5.64
199.42

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.2 M
.2 M
.1 M

.1 M
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
164.6
0.58x
18.5
5.15x
8.1
5.87x

.3 M

10

31.12.2009
31.12.2010
179.6
203.6
0.72x
0.80x
19.4
24.3
6.68x
6.69x
9.8
11.5
7.19x
9.08x
Profitability

LTM-4Q
31.12.2011
305.3
0.55x
30.5
5.51x
12.2
6.87x

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
330.0
0.61x
25.0
8.09x
8.6
14.06x
24.96
17.02
5.16%
3.70%
2.88%
6.83%
5.38%
1.17%
7.5%
5.0%
2.6%
1.28
0.43
30.35%
72.69%
5.12
-

Price/ Cash Flow

06/yy
329.8
2.45x
33.2
6.74x
12.8
8.79x

LTM
06/yy
330.3
2.43x
24.7
7.48x
8.2
11.82x

FY+1

.0 M
a-13

0.90
6.66
-12.40%
-5.40%
0.903
7
4.714
34'853
14'628
14'684
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
353.8
375.3
0.55x
0.50x
30.3
36.4
6.52x
5.42x
12.4
15.0
9.44x
7.48x
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

5.52
4.59
3.52
3.82
72.7%
42.0%
1.17
21.19
71.31
-

Sales/Revenue/Turnover

50.00

350.0

45.00

300.0

40.00
35.00

250.0

30.00

200.0

25.00

150.0

20.00

100.0

15.00
10.00

50.0

5.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Euromicron AG
Holdings By:

All

Holder Name
ALLIANZ GLOBAL INVES
UNIVERSAL INVESTMENT
DWS INVESTMENT S A
BARING FUND MANAGERS
IFOS INTERNATIONALE
BLACKROCK
BARING INTERNATIONAL
BNY MELLON SERVICE K
WESTLB ASSET MANAGEM
DIMENSIONAL FUND ADV
GEBSER & PARTNER AG
OPPENHEIM PRAMERICA
LBBW ASSET MANAGEMEN
VERWALTUNGS- UND PRI
LBBW ASSET MANAGEMEN
BESSEMER GROUP INCOR
HAUCK & AUFHAUSER IN
HANSAINVEST GMBH
OPPENHEIM KAPITALANL
BANQUE ET CAISSE D'E

Firm Name
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Bankhaus Lampe
Equinet Institutional Services(ESN)
Deutsche Bank
Close Brothers Equity Markets
Dr. Kalliwoda Equity Research
GSC Research
Solventis WPH-Bank GmbH

Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
THOMAS HOFMANN
MARKUS FRIEBEL
WOLFGANG SPECHT
ADRIAN PEHL
BENJAMIN KOHNKE
MARTIN DECOT
NORBERT KALLIWODA
MATTHIAS WAHLER
KLAUS SCHLOTE

Source
Research
Research
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
MF-AGG
MF-AGG
MF-AGG

Recommendation
Under Review
buy
buy
buy
hold
buy
buy
buy
buy

Amt Held
% Out
6'663'799
100
328'227
4.93
300'000
4.5
97'500
1.46
56'097
0.84
(31'763) -0.48
28'797
0.43
20'000
0.3
14'400
0.22
12'246
0.18
12'000
0.18
10'890
0.16
9'700
0.15
6'000
0.09
5'000
0.08
4'231
0.06
3'500
0.05
3'000
0.05
1'858
0.03
1'500
0.02

Weighting
#N/A N/A
5
5
5
3
5
5
5
5

Change
M
M
M
M
M
M
M
M
M

Latest Chg
150'000
14'391
14'400
(1'500)
(210)
-

Target Price
#N/A N/A
20
21
24
17
23
26
#N/A N/A
23

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

File Dt
25.06.2013
27.02.2012
30.04.2013
30.04.2013
29.05.2013
07.08.2013
26.07.2012
31.07.2013
31.03.2013
30.04.2013
28.03.2013
31.01.2013
28.02.2013
29.05.2013
28.02.2013
30.04.2013
28.06.2013
28.03.2013
28.06.2013
28.06.2013

Date
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month

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
09.08.2013
09.08.2013
09.08.2013
09.08.2013
05.08.2013
08.05.2013
27.03.2013
23.11.2012
18.08.2010

14.08.2013

Evotec AG
Evotec AG offers drug research, development, and manufacturing services. The
Company offers assay development and screening and compound optimization
services to pharmaceutical companies. Evotec also develops drugs on its own
for out-licensing.

Price/Volume
4

2.5 M

2.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.10.2012)
52-Week Low (19.04.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EVT GY EQUITY YTD Change
EVT GY EQUITY YTD % CHANGE

12/2012
06/yy
3.07
2.06
6'168.00
2.73
-11.02%
32.85%
64.56%
118.6
323.88
17.64
0.0
0.0
65.64
284.68

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.5 M

1.0 M

1
.5 M

1
0
a-12

31.12.2009
31.12.2010
42.7
55.3
4.37x
5.10x
(14.7)
7.2
39.01x
(45.5)
3.3
97.33x
Profitability

LTM-4Q
31.12.2011
80.1
2.86x
10.3
22.24x
6.7
38.95x

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
87.3
3.02x
5.9
44.59x
2.5
131.30x
5.91
-3.20
-3.67%
-5.75%
-1.75%
-2.54%
0.38%
35.6%
1.5%
-10.9%
2.8%
2.60
2.38
7.82%
11.56%
6.04
17.96

Price/ Cash Flow

06/yy
88.8
10.85x
2.0
0.00x
7.6
33.90x

o-12

n-12

d-12

j-13

LTM
06/yy
81.9
12.86x
1.2
235.05x
(3.8)
0.00x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.82
88.56
6.23%
3.96%
0.822
8
4.250
430'492
312'400
388'979
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
97.5
111.3
2.88x
2.42x
15.4
21.0
18.45x
13.55x
5.6
12.4
51.51x
26.76x
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

3.18
-1.22
-32.83
15.10
11.6%
10.4%
0.38
3.05
60.38
20.33
40.89
18.13

Sales/Revenue/Turnover

4'500.00

100.0

4'000.00

90.0

3'500.00

80.0
70.0

3'000.00

60.0

2'500.00
2'000.00

50.0
40.0

1'500.00

30.0

1'000.00

20.0

500.00

10.0

0.00
01.01.2010

s-12

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
39.6
0.27x
(47.7)
(78.3)
-

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Evotec AG
Holdings By:

All

Holder Name
OETKER ROLAND
TVM V LIFE SCIENCE V
DEUTSCHE BANK AG
LBBW ASSET MANAGEMEN
OXFORD ASSET MANAGEM
BLACKROCK ADVISORS U
BLACKROCK INV MGMT U
LANTHALER WERNER
ZUERCHER KANTONALBAN
UNIVERSAL INVESTMENT
DEKA INVESTMENT GMBH
VANGUARD GROUP INC
BARING FUND MANAGERS
BLACKROCK
LBBW ASSET MANAGEMEN
DEUTSCHE POSTBANK CA
DIMENSIONAL FUND ADV
DWS INVESTMENT S A
MMA FINANCE
UNION INVESTMENT LUX

Firm Name
Deutsche Bank
Close Brothers Equity Markets
Montega
Commerzbank Corporates & Markets
EVA Dimensions
DZ Bank AG
Berenberg Bank
Kempen & Co

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
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
GUNNAR ROMER
IGOR KIM
STEFAN SCHROEDER
VOLKER BRAUN
TIMOTHY STANISH
HEINZ MUELLER
ALISTAIR CAMPBELL
MARK POSPISILIK

Source
Co File
Co File
ULT-AGG
Research
Short
Short
Short
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
hold
buy
buy
buy
sell
buy
buy
buy

Amt Held
% Out
17'429'685 14.69
11'850'670
9.99
3'459'501
2.92
3'360'000
2.83
(711'281)
-0.6
(569'025) -0.48
(545'315) -0.46
516'494
0.44
500'000
0.42
484'304
0.41
450'000
0.38
440'087
0.37
400'000
0.34
(201'095) -0.17
200'000
0.17
180'600
0.15
177'799
0.15
161'853
0.14
130'000
0.11
76'718
0.06

Weighting

Change
3
5
5
5
1
5
5
5

M
M
M
M
M
M
M
M

Latest Chg
(118'547)
130'401
142'256
184'304
53'934
112'167
130'000
-

Target Price
3
4
4
4
#N/A N/A
4
4
4

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

File Dt
Inst Type
31.12.2012
n/a
31.12.2012
Venture Capital
28.06.2013
Investment Advisor
20.08.2012
Unclassified
03.07.2013 Hedge Fund Manager
16.05.2013
Investment Advisor
15.05.2013
Investment Advisor
31.12.2012
n/a
31.01.2013
Investment Advisor
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
07.08.2013
Investment Advisor
28.02.2013
Investment Advisor
28.12.2012
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
29.06.2012
Investment Advisor
28.03.2013
Investment Advisor

Date
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month

Date
08.08.2013
08.08.2013
12.07.2013
09.07.2013
06.06.2013
17.05.2013
14.05.2013
15.01.2013

14.08.2013

Fielmann AG
Fielmann AG produces and markets prescription eyeglasses, specialty glasses,
sunglasses, contact lenses, and optical supplies. The Company retails its
products through Fielmann stores in Europe.

Price/Volume
90

.1 M

80

.1 M

70

.1 M

60

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.07.2013)
52-Week Low (18.03.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 29.05.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
FIE GY EQUITY YTD Change
FIE GY EQUITY YTD % CHANGE

12/2012
03/yy
82.99
69.51
3'425.00
78.52
-5.10%
13.31%
70.40%
42.0
3'297.84
2.60
0.0
0.1
285.05
2'972.21

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.1 M

40

.1 M

30

31.12.2009
31.12.2010
952.5
993.7
2.08x
2.80x
192.3
200.4
10.29x
13.90x
111.1
117.8
19.45x
25.41x
Profitability

.0 M

10
0
a-12

s-12

LTM-4Q
31.12.2011
1'053.4
2.75x
208.3
13.92x
122.2
25.24x

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
1'107.1
2.51x
214.9
12.95x
126.4
24.25x
214.90
180.26
16.28%
16.32%
15.88%
21.36%
1.40%
19.3%
16.2%
11.4%
2.96
2.05
0.34%
0.45%
27.85
-

Price/ Cash Flow

03/yy
1'069.1
10.89x
211.4
13.19x
124.5
24.28x

o-12

n-12

d-12

j-13

LTM
03/yy
1'113.4
9.97x
215.1
12.50x
126.5
23.84x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.63
11.91
8.74%
11.67%
0.632
23
2.652
25'353
33'017
37'205
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'163.1
1'223.4
294.0
300.0
2.59x
2.45x
228.4
242.0
12.93x
12.20x
134.4
144.4
32.0
43.0
24.47x
22.85x
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

103.72
89.56
-1.51
0.01
0.5%
0.5%
1.40
5.61
13.10
-

Sales/Revenue/Turnover

60.00

1'200.0

50.00

1'000.0

40.00

800.0

30.00

600.0

20.00

400.0

10.00

200.0

0.00
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
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
902.7
1.96x
190.5
9.27x
110.6
17.68x

50

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Fielmann AG
Holdings By:

All

Holder Name
FIELMANN FAMILIENSTI
CREDIT SUISSE GROUP
SCHRODER INVESTMENT
ALLIANZ ASSET MANAGE
FIL LIMITED
NORGES BANK
UNION INVESTMENT GMB
DANSKE INVEST MANAGE
DANSKE INVEST A/S
FMR LLC
ADIG INVESTMENT
NATIXIS ASSET MANAGE
BLACKROCK
IG INVESTMENT MANAGE
JUPITER ASSET MANAGE
DEUTSCHE BANK AG
BESSEMER GROUP INCOR
FIDELITY INVESTMENT
AMERIPRISE FINANCIAL
CHARLES SCHWAB INVES

Firm Name
Equinet Institutional Services(ESN)
HSBC
Nord/LB
Hamburger Sparkasse
Bankhaus Metzler
Baader Bank
Hauck & Aufhaeuser
Main First Bank AG
Bankhaus Lampe
M.M. Warburg Investment Research
Exane BNP Paribas
Commerzbank Corporates & Markets
Kepler Cheuvreux
EVA Dimensions
Deutsche Bank
Landesbank Baden-Wuerttemberg
DZ Bank AG
Berenberg Bank
SRH AlsterResearch
BHF-Bank
Silvia Quandt Research
Hammer Partners SA
GSC Research

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Source
Research
Research
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation

KONRAD LIEDER
THOMAS TEETZ
WOLFGANG VASTERLING
CHRISTIAN HAMANN
STEFAN WIMMER
VOLKER BOSSE
CHRISTIAN NIKOLAS SCHWENKENBECHER
GAEL COLCOMBET
CHRISTOPH SCHLIENKAMP
THILO KLEIBAUER
ANDREAS INDERST
GEORG REMSHAGEN
CRAIG ABBOTT
CRAIG STERLING
BENJAMIN GOY
BERND MUELL
THOMAS MAUL
ANNA PATRICE
CARSTEN MAINITZ
PETER STEINER
KLAUS KRAENZLE
STEPHAN SEIP
MATTHIAS SCHRADE

accumulate
underweight
hold
hold
sell
sell
sell
outperform
hold
hold
underperform
hold
reduce
overweight
sell
hold
buy
hold
sell
overweight
neutral
sell
buy

Amt Held
30'090'422
1'200'937
403'041
366'248
329'464
300'132
285'300
281'897
281'218
233'011
215'174
168'000
145'176
134'201
123'707
106'621
99'922
91'583
64'244
62'684

% Out
71.64
2.86
0.96
0.87
0.78
0.71
0.68
0.67
0.67
0.55
0.51
0.4
0.35
0.32
0.29
0.25
0.24
0.22
0.15
0.15

Weighting

Change
4
1
3
3
1
1
1
5
3
3
1
3
2
5
1
3
5
3
1
5
3
1
5

M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
U
M
M
M

Latest Chg
(106'369)
4'456
1'771
(2'309)
7'455
17'000
(6'046)
(529)
8'706

Target Price
84
70
72
#N/A N/A
71
65
61
85
74
75
69
70
67
#N/A N/A
60
79
83
68
64
80
77
66
#N/A N/A

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

File Dt
09.04.2013
26.06.2013
30.04.2013
30.04.2013
31.10.2012
31.12.2012
28.03.2013
28.03.2013
31.05.2013
30.06.2013
30.04.2013
30.04.2013
07.08.2013
31.03.2013
30.04.2013
28.06.2013
30.04.2013
31.12.2012
28.06.2013
08.08.2013

Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
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
19.07.2013
16.07.2013
15.07.2013
12.07.2013
12.07.2013
11.07.2013
11.07.2013
11.07.2013
05.07.2013
04.07.2013
20.06.2013
22.05.2013
14.05.2013
02.05.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
06.02.2013
08.11.2012
23.08.2012
15.09.2011

14.08.2013

Fresenius Medical Care AG & Co KGaA


Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and
manufactures and distributes equipment and products used in the treatment of
dialysis patients. The Company also offers clinical laboratory testing and
diagnostic testing services and provides home infusion, respiratory therapy,
ultrasound, and echo-cardiography. Fresenius operates worldwide.

Price/Volume
70

6.0 M

60

5.0 M

50

4.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.10.2012)
52-Week Low (31.07.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
FME GY EQUITY YTD Change
FME GY EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2.0 M

20

1.0 M

10
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
10'612.3
1.81x
2'088.1
9.19x
817.6
17.10x

3.0 M

30

12/2012
06/yy
59.58
46.52
11'280.00
49.685
-16.55%
6.89%
24.99%
307.5
15'506.73
8'298.48
0.0
788.0
688.04
21'889.65

31.12.2009
31.12.2010
11'247.5
12'053.5
1.84x
1.88x
2'212.7
2'427.0
9.33x
9.36x
891.1
978.5
17.72x
17.64x
Profitability

LTM-4Q
31.12.2011
12'570.5
2.22x
2'632.2
10.62x
1'071.2
19.22x

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
13'800.3
2.15x
2'821.5
10.50x
1'186.8
17.78x
2'821.47
2'218.57
16.08%
14.00%
4.61%
11.55%
8.24%
0.64%
33.3%
19.8%
15.4%
8.6%
1.93
0.26
37.17%
92.80%
-

Price/ Cash Flow

LTM

06/yy
13'016.8
8.90x
2'766.3
10.89x
1'249.5
17.12x

06/yy
14'200.0
8.40x
2'811.9
10.70x
1'015.0
21.35x

FY+1

.0 M
a-13

0.51
213.17
-14.54%
-3.57%
0.506
34
3.471
740'576
886'326
938'559
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
14'585.3
15'241.7
3'652.3
3'828.9
1.98x
1.87x
7.68x
7.27x
2'899.8
3'001.0
703.8
770.0
9.95x
9.62x
10.05x
9.95x
1'114.6
1'164.8
275.8
323.8
17.90x
17.01x
17.58x
17.65x
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

19.09.2012
BB+
POS
6.00
4.56
2.76
2.97
92.8%
46.0%
0.64
15.56

Sales/Revenue/Turnover

30.00

16'000.0
14'000.0

25.00

12'000.0
20.00

10'000.0
8'000.0

15.00

6'000.0

10.00

4'000.0
5.00
0.00
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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Fresenius Medical Care AG & Co KGaA


Holdings By:

All

Holder Name
FRESENIUS SE & CO KG
BLACKROCK
THORNBURG INVESTMENT
NORGES BANK
CAPITAL GROUP COMPAN
ROYAL BANK OF SCOTLA
VANGUARD GROUP INC
BNP PARIBAS INV PART
HARBOR CAPITAL ADVIS
THREADNEEDLE INVESTM
ALLIANZ ASSET MANAGE
DEUTSCHE BANK AG
INVESCO LTD
SARASIN
FIL LIMITED
UNION INVESTMENT GMB
SUN LIFE FINANCIAL I
RUFFER LLP
UBS
VERITAS ASSET MANAGE

Firm Name
Societe Generale
Sanford C. Bernstein & Co
Hamburger Sparkasse
AlphaValue
Jefferies
DZ Bank AG
Deutsche Bank
Nord/LB
Credit Suisse
HSBC
Independent Research GmbH
Berenberg Bank
Bryan Garnier & Cie
Barclays
Morgan Stanley
Landesbank Baden-Wuerttemberg
M.M. Warburg Investment Research
Equinet Institutional Services(ESN)
S&P Capital IQ
Exane BNP Paribas
Helvea
JPMorgan
Goldman Sachs
Bankhaus Metzler
UBS
Kepler Cheuvreux
Erste Group
Commerzbank Corporates & Markets
EVA Dimensions
Day by Day
Main First Bank AG
National Bank AG
SunTrust Robinson Humphrey

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
JUSTIN SMITH
LISA BEDELL CLIVE
MARCO GUENTHER
MARTIN SCHNEE
INGEBORG OIE
SVEN OLAF KUERTEN
HOLGER BLUM
HOLGER FECHNER
CHRISTOPH GRETLER
JAN KEPPELER
CHRISTOPH SCHOENDUBE
TOM JONES
MATHIEU CHABERT
SALLY TAYLOR
MICHAEL K JUNGLING
TIMO KUERSCHNER
ULRICH HUWALD
KONRAD LIEDER
SHO MATSUBARA
JULIEN DORMOIS
OLAV ZILIAN
DAVID J ADLINGTON
VERONIKA DUBAJOVA
SEBASTIAN FRERICKS
MARTIN WALES
OLIVER REINBERG
HANS ENGEL
VOLKER BRAUN
TIMOTHY STANISH
VALERIE GASTALDY
MARCUS WIEPRECHT
STEFFEN MANSKE
DAVID S MACDONALD

Source
20F
ULT-AGG
Research
MF-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
hold
outperform
buy
buy
hold
hold
hold
hold
neutral
neutral
hold
buy
buy
overweight
Overwt/In-Line
buy
buy
accumulate
sell
neutral
neutral
underweight
neutral/neutral
buy
buy
hold
hold
add
underweight
hold
underperform
hold
buy

Amt Held
94'380'382
22'174'442
15'147'822
5'276'888
4'252'100
3'847'973
3'535'281
2'979'371
2'694'206
2'427'126
1'980'208
1'767'324
1'233'041
1'202'357
1'185'836
1'128'199
1'082'708
1'077'120
1'008'240
723'734

% Out
30.69
7.21
4.93
1.72
1.38
1.25
1.15
0.97
0.88
0.79
0.64
0.57
0.4
0.39
0.39
0.37
0.35
0.35
0.33
0.24

Weighting

Change
3
5
5
5
3
3
3
3
3
3
3
5
5
5
5
5
5
4
1
3
3
1
3
5
5
3
3
4
1
3
1
3
5

D
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
U
M
M
M
M
M

Latest Chg
(371'048)
(8'000)
759'546
(84'015)
2'694'206
376'379
53'166
199'387
(11'363)
21'549
(1'535'709)
99'799
29'978
(94'101)
-

Target Price
53
62
#N/A N/A
59
49
48
46
50
46
51
53
58
54
59
53
58
58
55
44
53
55
46
48
54
54
47
#N/A N/A
61
#N/A N/A
#N/A N/A
50
57
63

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

File Dt
18.02.2013
07.08.2013
06.02.2013
31.12.2012
30.06.2013
21.05.2013
30.06.2013
31.03.2013
31.03.2013
28.02.2013
30.06.2013
28.06.2013
08.08.2013
30.04.2013
31.12.2012
28.03.2013
30.06.2013
28.02.2013
30.04.2013
30.09.2012

Date
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
3 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month

Inst Type
Corporation
Investment Advisor
Investment Advisor
Government
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
Unclassified
Investment Advisor

Date
06.08.2013
02.08.2013
02.08.2013
02.08.2013
01.08.2013
01.08.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
16.07.2013
08.07.2013
03.07.2013
02.07.2013
02.07.2013
01.07.2013
27.06.2013
06.06.2013
20.05.2013
09.05.2013
31.10.2012
02.11.2011

14.08.2013

Freenet AG
Freenet AG provides internet and telecommunications services in Germany. The
company offers mobile and fixed line telephone, internet access services,
information and news services, its own internet catalog, DINO-Online, e-mail
accounts, e-commerce services and and set-up of homepages. Through its
subsidiary mobilcom is also the franchiser of the MobilCom retail shops.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.08.2013)
52-Week Low (14.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
FNTN GY EQUITY YTD Change
FNTN GY EQUITY YTD % CHANGE

12/2012
06/yy
18.65
11.21
12'282.00
18.585
-0.21%
66.07%
99.33%
128.1
2'380.01
656.55
0.0
0.4
205.22
2'920.42

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
2'776.5
0.66x
187.7
9.78x
112.2
3.61x

20
18
16
14
12
10
8
6
4
2
0
a-12

31.12.2009
31.12.2010
3'601.8
3'339.5
0.55x
0.49x
347.8
335.8
5.73x
4.88x
256.5
112.4
67.07x
8.49x
Profitability

LTM-4Q
31.12.2011
3'266.6
0.55x
336.3
5.38x
143.8
8.93x

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
3'089.0
0.73x
352.1
6.38x
173.1
10.37x
352.06
204.16
6.61%
5.40%
8.75%
18.65%
14.06%
1.35%
11.1%
7.9%
5.6%
1.05
0.91
26.54%
55.15%
8.28
-

Price/ Cash Flow

06/yy
3'233.4
2.34x
344.6
5.93x
179.2
8.24x

LTM
06/yy
3'187.5
3.11x
353.3
7.63x
206.3
10.46x

FY+1

.0 M
a-13

0.59
113.94
65.48%
43.14%
0.591
18
4.222
570'737
499'858
646'709
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
3'229.2
3'253.8
775.0
774.0
0.86x
0.84x
356.9
363.4
88.7
87.7
8.16x
8.01x
229.8
245.3
10.12x
9.61x
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

7.86
7.39
1.52
1.88
55.2%
35.5%
1.35
108.91
44.11
-

Sales/Revenue/Turnover

12.00

4'000.0
3'500.0

10.00

3'000.0
8.00

2'500.0
2'000.0

6.00

1'500.0

4.00

1'000.0
2.00
0.00
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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Freenet AG
Holdings By:

All

Holder Name
FLOSSBACH VON STORCH
JP MORGAN
DRILLISCH AG
MPS HOLDING GMBH
NORGES BANK
VANGUARD GROUP INC
FIL LIMITED
DWS INVESTMENT S A
LORD ABBETT & CO LLC
PEAR TREE ADVISORS I
BLACKROCK
BARING FUND MANAGERS
KEMPEN CAPITAL MANAG
PRUDENTIAL FINANCIAL
DIMENSIONAL FUND ADV
PRINCIPAL FINANCIAL
SCHRODER INVESTMENT
DEUTSCHE BANK AG
DEKA INVESTMENT GMBH
JULIUS BAER MULTICOO

Firm Name
Bankhaus Metzler
Commerzbank Corporates & Markets
Deutsche Bank
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Hauck & Aufhaeuser
Bankhaus Lampe
M.M. Warburg Investment Research
Berenberg Bank
Close Brothers Equity Markets
Equinet Institutional Services(ESN)
HSBC
DZ Bank AG
UBS
Kepler Cheuvreux
EVA Dimensions
Nomura

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
ULRICH TRABERT
HEIKE PAULS
BENJAMIN KOHNKE
STEFAN BORSCHEID
MARKUS FRIEBEL
SASCHA BERRESCH
WOLFGANG SPECHT
JOCHEN REICHERT
USMAN GHAZI
MARCUS SILBE
ADRIAN PEHL
DOMINIK KLARMANN
KARSTEN OBLINGER
VIKRAM KARNANY
THOMAS KARLOVITS
ANDREW S ZAMFOTIS
HENRIK NYBLOM

Source
Research
ULT-AGG
Research
Research
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
buy
buy
hold
buy
hold
buy
buy
hold
hold
hold
accumulate
overweight
buy
buy
reduce
buy
neutral

Amt Held
6'313'408
5'797'465
5'766'540
4'494'941
3'863'574
1'724'855
1'595'742
1'356'400
1'208'581
1'045'339
1'032'949
1'013'936
968'486
923'224
905'317
878'372
853'939
770'943
658'210
629'291

% Out
4.93
4.53
4.5
3.51
3.02
1.35
1.25
1.06
0.94
0.82
0.81
0.79
0.76
0.72
0.71
0.69
0.67
0.6
0.51
0.49

Weighting

Change
5
5
3
5
3
5
5
3
3
3
4
5
5
5
2
5
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(56'606)
(235'613)
(84'540)
604'700
28'320
8'544
(110'400)
101'378
322'850
265'062
148'057
(75'049)

Target Price
21
22
18
20
20
20
21
16
18
18
21
20
20
20
18
#N/A N/A
9

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

File Dt
18.03.2013
30.06.2013
24.06.2013
20.03.2013
11.06.2013
30.06.2013
31.10.2012
30.04.2013
28.06.2013
30.06.2013
07.08.2013
30.04.2013
31.03.2013
30.06.2013
30.04.2013
30.06.2013
30.04.2013
30.04.2013
09.08.2013
31.03.2013

Date
12 month
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Corporation
n/a
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

Date
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
06.08.2013
15.07.2013
09.07.2013
15.05.2013
15.01.2013
17.12.2010

14.08.2013

Fuchs Petrolub SE
Fuchs Petrolub SE refines and produces industrial and automotive lubricants,
hydraulic oils, and polishing products. The Company also produces
biodegradable oils. Fuchs manufactures and markets its products worldwide.

Price/Volume
70

2.5 M

60

2.0 M

50

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2013)
52-Week Low (15.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
FPE3 GY EQUITY YTD Change
FPE3 GY EQUITY YTD % CHANGE

12/2011
06/yy
68.62
44.25
1'764.00
60
-12.66%
35.44%
65.04%
35.5
3'982.69
8.90
0.0
1.6
143.70
3'897.59

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.5 M

30

1.0 M

20
.5 M

10
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
1'393.7
0.74x
193.5
5.34x
109.4
8.71x

40

31.12.2009
31.12.2010
1'178.1
1'458.6
1.19x
1.55x
202.2
266.0
6.95x
8.51x
120.8
170.7
11.89x
13.75x
Profitability

LTM-4Q
31.12.2011
1'651.5
1.26x
285.7
7.26x
182.4
11.76x

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
1'819.1
2.06x
308.3
12.14x
206.6
18.28x
308.30
281.40
15.47%
16.02%
19.90%
28.70%
1.70%
36.6%
17.4%
16.0%
11.4%
2.45
1.45
0.80%
1.14%
6.33
4.81

Price/ Cash Flow

06/yy
1'743.1
5.57x
293.4
9.58x
192.6
14.87x

LTM
06/yy
1'819.4
8.01x
317.4
11.40x
212.4
17.50x

FY+1

.0 M
a-13

0.77
35.49
37.53%
8.93%
0.771
20
3.050
103'480
112'317
177'744
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'876.5
1'961.9
475.0
450.0
2.01x
1.88x
337.6
357.8
91.1
85.9
11.54x
10.89x
218.2
231.6
58.9
54.9
19.43x
18.18x
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

123.32
94.76
-0.27
0.02
1.1%
1.1%
1.70
7.33
57.70
75.82
46.16
47.29

Sales/Revenue/Turnover

30.00

2'000.0
1'800.0

25.00

1'600.0
1'400.0

20.00

1'200.0

15.00

1'000.0
800.0

10.00

600.0
400.0

5.00
0.00
01.01.2010

200.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Fuchs Petrolub SE
Holdings By:

All

Holder Name
ALLIANZ ASSET MANAGE
MAWER INVESTMENT MAN
BLACKROCK
THREADNEEDLE INVESTM
DEUTSCHE BANK AG
MACKAY SHIELDS LLC
BAILLIE GIFFORD AND
MARKETFIELD ASSET MA
DWS INVESTMENT SA
MAINFIRST SICAV
SUN LIFE FINANCIAL I
VANGUARD GROUP INC
UNION INVESTMENT GMB
JP MORGAN
CAPITAL GROUP COMPAN
ABERDEEN
LOMBARD ODIER DARIER
NATIXIS ASSET MANAGE
BNP PARIBAS INV PART
DANSKE INVEST A/S

Firm Name
Independent Research GmbH
Goldman Sachs
DZ Bank AG
Nord/LB
Bankhaus Metzler
Deutsche Bank
Baader Bank
Macquarie
Landesbank Baden-Wuerttemberg
Hauck & Aufhaeuser
Bankhaus Lampe
M.M. Warburg Investment Research
Equinet Institutional Services(ESN)
Steubing AG
Main First Bank AG
Kepler Cheuvreux
Berenberg Bank
Commerzbank Corporates & Markets
EVA Dimensions
HSBC
GSC Research

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
CHRISTOPH SCHOENDUBE
BENJAMIN MOORE
HEINZ MUELLER
THORSTEN STRAUSS
LARS HETTCHE
UWE SCHUPP
NORBERT BARTH
CHRISTIAN FAITZ
ULLE WORNER
THOMAS WISSLER
HEIKO FEBER
OLIVER SCHWARZ
NADESHDA DEMIDOVA
TOBIAS SCHMIDT
HOLGER OCHS
MARTIN ROEDIGER
JOHN PHILIPP KLEIN
LUTZ GRUETEN
TIMOTHY STANISH
JESKO MAYER-WEGELIN
MATTHIAS SCHRADE

Source
ULT-AGG
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
hold
neutral/neutral
buy
hold
buy
hold
buy
neutral
hold
sell
sell
hold
reduce
hold
underperform
buy
hold
hold
overweight
underweight
buy

Amt Held
2'317'150
1'060'114
1'053'639
885'377
862'037
839'768
741'142
582'152
331'298
291'090
289'967
278'249
185'100
149'553
146'800
130'700
115'000
86'800
80'588
80'043

% Out
6.53
2.99
2.97
2.49
2.43
2.37
2.09
1.64
0.93
0.82
0.82
0.78
0.52
0.42
0.41
0.37
0.32
0.24
0.23
0.23

Weighting

Change
3
3
5
3
5
3
5
3
3
1
1
3
2
3
1
5
3
3
5
1
5

M
M
U
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(91'495)
13'772
725
360'635
304'152
(5'576)
85'975
110'100
(11'080)
(242'000)
(5'000)
(20'210)
-

Target Price
65
69
67
64
65
55
67
44
62
49
50
63
48
56
58
68
54
56
#N/A N/A
48
#N/A N/A

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

File Dt
28.06.2013
09.05.2013
07.08.2013
28.02.2013
28.06.2013
31.05.2013
31.05.2013
31.12.2012
28.03.2013
28.02.2013
30.06.2013
30.06.2013
28.03.2013
31.03.2013
30.06.2013
30.06.2013
31.01.2013
30.04.2013
31.03.2013
31.05.2013

Date
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
09.08.2013
08.08.2013
06.08.2013
05.08.2013
05.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
29.07.2013
25.07.2013
24.07.2013
06.06.2013
14.01.2013
24.05.2012

14.08.2013

Fraport AG Frankfurt Airport Services Worldwide


Fraport AG Frankfurt Airport Services Worldwide offers airport services. The
Company operates the Frankfurt-Main, Frankfurt-Hahn and other German airports,
the airport in Lima, Peru, and the international terminal in Antalya, Turkey.
Fraport also provides services to domestic and international carriers including
traffic, facility and terminal management, ground handling, and security.

Price/Volume
60
50
40
30

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.08.2013)
52-Week Low (16.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
FRA GY EQUITY YTD Change
FRA GY EQUITY YTD % CHANGE

12/2012
06/yy
50.87
41.51
1'249.00
50.78
-0.16%
22.36%
97.21%
92.3
4'685.84
4'597.60
0.0
35.7
821.90
8'666.34

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

10
0
a-12

31.12.2009
31.12.2010
1'972.6
2'194.6
2.94x
3.17x
567.5
719.8
10.23x
9.65x
150.0
262.9
22.12x
16.49x
Profitability

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data

LTM-4Q
31.12.2011
2'371.2
2.89x
807.1
8.49x
240.4
14.50x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
2'442.0
3.22x
852.9
9.21x
238.3
16.96x
852.90
500.20
20.48%
14.99%
2.45%
8.17%
5.43%
0.26%
34.5%
19.9%
9.8%
1.71
1.14
47.69%
158.00%
11.17
-

Price/ Cash Flow

06/yy
2'399.2
12.40x
806.4
9.60x
215.2
18.14x

LTM
06/yy
2'500.8
12.77x
861.8
9.58x
232.9
18.33x

FY+1

0.79
32.89
16.34%
18.92%
0.792
30
3.700
136'718
102'285
128'446
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'576.4
2'642.9
717.0
737.0
3.23x
3.14x
888.5
923.7
9.72x
9.35x
226.2
263.5
20.85x
17.86x
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

3.76
1.12
4.58
5.34
158.0%
61.0%
0.26
0.42
32.68
-

Sales/Revenue/Turnover

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00
01.01.2010

s-12

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
2'101.6
1.89x
613.0
6.49x
189.7
14.93x

20

.5 M
.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
a-13

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Fraport AG Frankfurt Airport Services Worldwide


Holdings By:

All

Holder Name
STATE OF HESSEN
CITY OF FRANKFURT
TREASURY GROUP INV S
DEUTSCHE LUFTHANSA A
ARTIO GLOBAL INVESTO
LAZARD ASSET MANAGEM
RARE INFRASTRUCTURE
DEUTSCHE BANK AG
FIRST EAGLE INVESTME
BLACKROCK
SPARINVEST
NORGES BANK
TAUBE HODSON STONEX
LANSDOWNE PARTNERS L
LAZARD GLOBAL ACTIVE
VANGUARD GROUP INC
NORTHERN TRUST CORPO
FRANK RUSSELL TRUST
FIL LIMITED
MORGAN STANLEY

Portfolio Name
n/a
n/a
Multiple Portfolios
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
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Firm Name

Analyst

JPMorgan
M.M. Warburg Investment Research
Nomura
Exane BNP Paribas
Commerzbank Corporates & Markets
HSBC
Independent Research GmbH
Bankhaus Lampe
DZ Bank AG
AlphaValue
Deutsche Bank
RBC Capital Markets
Raymond James
Landesbank Baden-Wuerttemberg
Natixis
Equinet Institutional Services(ESN)
S&P Capital IQ
Macquarie
Main First Bank AG
Morgan Stanley
Kepler Cheuvreux
Bankhaus Metzler
Goldman Sachs
EVA Dimensions
Nord/LB
Berenberg Bank
UBS
Grupo Santander
Barclays
Equita SIM SpA

ELODIE RALL
CHRISTIAN COHRS
PETER LARKIN
NICOLAS MORA
FRANK SKODZIK
JOSEPH P THOMAS
ZAFER RUZGAR
SEBASTIAN HEIN
DIRK SCHLAMP
HANS-PETER WODNIOK
MICHAEL KUHN
DAMIAN BREWER
ARNAUD PALLIEZ
BARBARA AMBRUS
GREGOIRE THIBAULT
JOCHEN ROTHENBACHER
JAWAHAR HINGORANI
SAM DOBSON
TOBIAS SITTIG
DANIEL RUIVO
RUXANDRA HARADAU-DOESER
GUIDO HOYMANN
NICK EDELMAN
TIMOTHY STANISH
FRANK SCHWOPE
WILLIAM FOGGON
ALEX BRIGNALL
JOAQUIN FERRER
SUSANNA INVERNIZZI
GIANMARCO BONACINA

Source
Co File
Co File
MF-AGG
Co File
Research
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
underweight
buy
buy
neutral
buy
neutral
hold
buy
buy
reduce
buy
outperform
outperform
buy
reduce
buy
strong buy
outperform
outperform
Equalwt/In-Line
reduce
sell
Buy/Neutral
underweight
hold
hold
neutral
buy
overweight
not rated

Amt Held
% Out
28'954'491 31.38
18'488'457 20.04
17'419'565 18.88
9'119'742
9.88
4'509'210
4.89
2'913'891
3.16
2'821'680
3.06
1'245'188
1.35
1'014'217
1.1
1'000'198
1.08
672'427
0.73
620'957
0.67
496'821
0.54
(461'083)
-0.5
430'913
0.47
426'243
0.46
329'602
0.36
293'416
0.32
272'275
0.3
260'842
0.28

Weighting
1
5
5
3
5
3
3
5
5
2
5
5
5
5
2
5
5
5
5
3
2
1
5
1
3
3
3
5
5
#N/A N/A

Change
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
U
M

Latest Chg
45'940
(503'700)
1'602
45'949
32'120
167'618
60'443
(326'188)
48'078

Target Price
50
55
52
53
57
51
51
54
55
47
53
60
#N/A N/A
54
42
56
55
59
53
54
39
41
56
#N/A N/A
45
43
46
56
52
46

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

File Dt
Inst Type
31.12.2012
Other
31.12.2012
Unclassified
30.04.2013
Investment Advisor
31.12.2012
Corporation
29.02.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
07.08.2013
Investment Advisor
31.07.2013
Investment Advisor
31.12.2012
Government
30.04.2013
Investment Advisor
12.03.2013 Hedge Fund Manager
31.05.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
31.05.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2013
Investment Advisor

Date
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Date
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
03.08.2013
02.08.2013
16.07.2013
11.07.2013
18.06.2013
10.06.2013
06.06.2013
24.05.2013
08.05.2013
14.03.2013
12.03.2013
23.01.2013
10.09.2010

14.08.2013

Fresenius SE & Co KGaA


Fresenius SE & Co KGaA i s a global health care group with products and services
for dialysis, the hospital and the medical care of patients at home. The
Company sells dialysis, infusion, transfusion, and diagnostics equipment and
systems, blood separators and plasma and hemofilters, nutritional liquids, and
solid and liquid pharmaceuticals.

Price/Volume
120

1.2 M
1.0 M

60

Latest Fiscal Year:


LTM as of:
52-Week High (19.07.2013)
52-Week Low (11.01.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
FRE GY EQUITY YTD Change
FRE GY EQUITY YTD % CHANGE

12/2012
06/yy
100.10
81.83
3'947.00
95.53
-4.47%
16.86%
73.84%
178.3
17'030.24
11'464.00
0.0
5'523.0
885.00
32'562.24

.8 M
.6 M

40

.4 M
20

.2 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.4 M

80

Valuation Analysis

31.12.2008
12'336.0
1.43x
2'260.0
7.82x
270.0
21.19x

1.6 M

100

31.12.2009
31.12.2010
14'164.0
15'972.0
1.32x
1.40x
2'616.0
3'057.0
7.17x
7.31x
494.0
622.0
14.20x
16.30x
Profitability

LTM-4Q
31.12.2011
16'361.0
1.60x
3'237.0
8.08x
690.0
16.86x

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
19'290.0
1.64x
3'759.0
8.41x
926.0
16.28x
3'759.00
2'983.00
15.46%
12.40%
3.25%
13.61%
0.68%
32.6%
19.5%
15.5%
4.8%
1.56
0.87
37.39%
150.19%
5.60
7.31

Price/ Cash Flow

LTM

06/yy
17'593.0
6.23x
3'510.0
8.79x
875.0
15.34x

06/yy
20'041.0
4.80x
2'851.0
0.00x
946.0
17.63x

FY+1

.0 M
a-13

0.51
130.04
9.74%
11.05%
0.512
31
4.000
334'356
389'465
411'051
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
20'650.9
21'777.9
5'098.0
5'480.5
1.55x
1.42x
3'996.2
4'242.1
974.0
1'051.0
8.13x
7.66x
1'038.1
1'157.1
254.5
302.0
16.22x
14.49x
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

19.09.2012
BB+
POS
5.22
3.87
2.81
3.05
150.2%
46.6%
0.68
4.23
65.31
50.06
24.65
90.72

Sales/Revenue/Turnover

8.00

25'000.0

7.00

20'000.0

6.00
5.00

15'000.0

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Fresenius SE & Co KGaA


Holdings By:

All

Holder Name
ELSE KRONER FOUNDATI
BLACKROCK
CAPITAL GROUP COMPAN
NORGES BANK
ALLIANZ ASSET MANAGE
FMR LLC
DEUTSCHE BANK AG
T ROWE PRICE ASSOCIA
JUPITER ASSET MANAGE
HARBOR CAPITAL ADVIS
VANGUARD GROUP INC
UNION INVESTMENT GMB
DEKA INVESTMENT GMBH
SCHRODER INVESTMENT
UMB BANK N A
ADIG INVESTMENT
WILLIAM BLAIR & COMP
HENDERSON GLOBAL INV
FIL LIMITED
FINANCIERE DE L'ECHI

Firm Name
Morgan Stanley
Berenberg Bank
Societe Generale
Hamburger Sparkasse
DZ Bank AG
Jefferies
AlphaValue
Nord/LB
Credit Suisse
HSBC
Bryan Garnier & Cie
Exane BNP Paribas
Barclays
Deutsche Bank
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Bankhaus Metzler
Equinet Institutional Services(ESN)
S&P Capital IQ
Day by Day
JPMorgan
UBS
Kepler Cheuvreux
EVA Dimensions
M.M. Warburg Investment Research
Commerzbank Corporates & Markets
Goldman Sachs
Main First Bank AG
National Bank AG
Equita SIM SpA

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
WILLIAM BLAIR & COMP
Multiple Portfolios
n/a
FINANCIERE DE L'ECHI

Analyst
MICHAEL K JUNGLING
TOM JONES
JUSTIN SMITH
MARCO GUENTHER
SVEN OLAF KUERTEN
INGEBORG OIE
MARTIN SCHNEE
HOLGER FECHNER
CHRISTOPH GRETLER
JAN KEPPELER
MATHIEU CHABERT
JULIEN DORMOIS
SALLY TAYLOR
HOLGER BLUM
TIMO KUERSCHNER
CHRISTOPH SCHOENDUBE
SEBASTIAN FRERICKS
KONRAD LIEDER
SHO MATSUBARA
VALERIE GASTALDY
DAVID J ADLINGTON
MARTIN WALES
OLIVER REINBERG
TIMOTHY STANISH
ULRICH HUWALD
VOLKER BRAUN
VERONIKA DUBAJOVA
MARCUS WIEPRECHT
STEFFEN MANSKE
GIANMARCO BONACINA

Source
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
ULT-AGG
MF-PART

Recommendation
Equalwt/In-Line
buy
buy
hold
buy
buy
add
buy
outperform
overweight
buy
outperform
equalweight
hold
buy
hold
sell
accumulate
sell
buy
neutral
buy
buy
hold
hold
add
Buy/Neutral
underperform
buy
not rated

Amt Held
48'231'698
10'703'476
5'557'985
3'403'434
2'585'202
2'383'843
2'091'332
1'904'216
1'622'170
1'533'775
1'314'454
1'255'600
1'088'659
856'403
773'703
671'596
613'447
607'116
544'634
518'044

% Out
27.06
6
3.12
1.91
1.45
1.34
1.17
1.07
0.91
0.86
0.74
0.7
0.61
0.48
0.43
0.38
0.34
0.34
0.31
0.29

Weighting

Change

3
5
5
3
5
5
4
5
5
5
5
5
3
3
5
3
1
4
1
5
3
5
5
3
3
4
5
1
5
#N/A N/A

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
D

Latest Chg
(34'622)
(113'399)
63'224
(91'475)
84'616
1'533'775
16'576
254'073
83'475
139'480
(25'300)
(707'964)
(364)
(478'588)
-

Target Price
104
112
126
#N/A N/A
102
111
104
110
105
110
103
110
97
91
100
102
89
104
90
103
92
103
103
#N/A N/A
107
97
109
92
100
57

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

File Dt
31.12.2012
07.08.2013
30.06.2013
31.12.2012
30.06.2013
30.06.2013
28.06.2013
30.06.2013
30.04.2013
31.03.2013
30.06.2013
28.03.2013
30.04.2013
28.03.2013
28.06.2013
30.04.2013
30.06.2013
31.03.2013
31.12.2012
28.06.2013

Date
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
3 month
6 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided

Inst Type
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
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified

Date
08.08.2013
07.08.2013
06.08.2013
05.08.2013
02.08.2013
01.08.2013
01.08.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
17.07.2013
16.07.2013
04.07.2013
02.07.2013
06.06.2013
03.05.2013
26.04.2013
27.02.2013
27.02.2013
31.10.2012
02.03.2010

14.08.2013

GEA Group AG
GEA Group AG offers engineering services. The Company designs and constructs
factories that refine metals, produce hydrocarbon products and chemicals, and
treat sewage. GEA designs production lines for food processors, beverage
bottlers, and chemical, pharmaceuticals, and cosmetics manufacturers.

Price/Volume
35

3.0 M

30

2.5 M

25

2.0 M

20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (31.07.2013)
52-Week Low (30.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
G1A GY EQUITY YTD Change
G1A GY EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.0 M

10

.5 M

5
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
5'179.0
0.42x
542.3
4.06x
99.6
6.43x

1.5 M

15

12/2012
06/yy
32.53
20.52
675.00
31.61
-2.81%
54.08%
91.51%
192.5
6'084.78
1'137.91
0.0
2.6
909.76
6'546.96

31.12.2009
31.12.2010
4'411.2
4'418.4
0.62x
0.86x
382.8
371.9
7.09x
10.28x
160.6
129.3
17.89x
30.90x
Profitability

LTM-4Q
31.12.2011
5'416.5
0.79x
594.7
7.21x
312.0
12.85x

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
5'720.1
0.86x
635.9
7.77x
314.4
14.48x
635.87
492.87
8.62%
7.08%
5.55%
16.13%
13.06%
0.92%
29.5%
11.8%
9.3%
5.5%
1.31
0.96
17.70%
52.59%
4.41
4.86

Price/ Cash Flow

LTM

06/yy
5'684.5
3.12x
596.8
7.46x
305.2
12.64x

06/yy
5'739.9
3.64x
677.4
8.41x
345.2
14.69x

FY+1

.0 M
a-13

1.08
177.65
46.13%
32.03%
1.080
32
3.906
292'552
338'118
424'409
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
5'905.5
6'164.6
1'515.0
1'727.0
1.08x
1.01x
705.7
773.3
9.23x
8.43x
384.3
436.2
106.0
178.0
15.73x
13.89x
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

6.09
4.54
0.68
1.61
52.6%
34.4%
0.92
8.03
82.68
75.04
65.12
72.37

Sales/Revenue/Turnover

70.00

10'000.0
9'000.0

60.00

8'000.0

50.00

7'000.0
6'000.0

40.00

5'000.0
4'000.0

30.00

3'000.0

20.00

2'000.0
10.00
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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

GEA Group AG
Holdings By:

All

Holder Name
KUWAIT INVESTMENT AU
BLACKROCK
SCHRODERS PLC
VANGUARD GROUP INC
FMR LLC
AMUNDI
ALLIANZ GLOBAL INVES
DEUTSCHE BANK AG
NORGES BANK
FMR LLC
BNP PARIBAS INV PART
ODDO ASSET MANAGEMEN
DANSKE INVEST A/S
ALLIANZ ASSET MANAGE
DANSKE INVEST MANAGE
T ROWE PRICE ASSOCIA
ADIG INVESTMENT
DEKA INVESTMENT GMBH
ROYAL BANK OF CANADA
SUN LIFE FINANCIAL I

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Firm Name

Analyst

AlphaValue
Hamburger Sparkasse
Baader Bank
EVA Dimensions
Commerzbank Corporates & Markets
Independent Research GmbH
Hauck & Aufhaeuser
M.M. Warburg Investment Research
Kepler Cheuvreux
DZ Bank AG
Main First Bank AG
Exane BNP Paribas
Barclays
Nord/LB
UBS
JPMorgan
Landesbank Baden-Wuerttemberg
Bankhaus Lampe
Equinet Institutional Services(ESN)
S&P Capital IQ
Montega
Steubing AG
Deutsche Bank
Bankhaus Metzler
Equita SIM SpA
HSBC
Goldman Sachs
Berenberg Bank
National Bank AG
BHF-Bank

HANS-PETER WODNIOK
INGO SCHMIDT
PETER ROTHENAICHER
TIMOTHY STANISH
SEBASTIAN GROWE
ZAFER RUZGAR
FINN HENNING BREITER
ROLAND RAPELIUS
HANS-JOACHIM HEIMBUERGER
MARKUS TURNWALD
CHRISTOPHER YOUL
ALEXIS DENAUD
ALLAN SMYLIE
HEINO HAMMANN
SVEN WEIER
GLEN H LIDDY
HARALD REHMET
GORDON SCHOENELL
HOLGER SCHMIDT
UNAI FRANCO
THOMAS RAU
TOBIAS SCHMIDT
PETER REILLY
HELENA WUESTENFELD
GIANMARCO BONACINA
JUERGEN SIEBRECHT
AARON IBBOTSON
BENJAMIN GLAESER
EKKEHARD D LINK
HERMANN REITH

Source
Co File
ULT-AGG
Research
MF-AGG
Research
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
sell
sell
buy
underweight
add
hold
hold
buy
buy
buy
underperform
outperform
overweight
buy
neutral
neutral
hold
hold
buy
buy
hold
buy
buy
buy
buy
overweight
Buy/Neutral
buy
hold
market weight

Amt Held
14'841'667
13'845'696
5'883'461
5'879'077
5'787'350
5'765'163
5'515'614
4'643'273
4'332'747
3'965'867
3'162'303
2'617'526
2'097'235
2'050'022
2'042'774
1'843'319
1'305'000
1'272'944
1'194'271
851'472

% Out
7.71
7.19
3.06
3.05
3.01
2.99
2.87
2.41
2.25
2.06
1.64
1.36
1.09
1.06
1.06
0.96
0.68
0.66
0.62
0.44

Weighting

Change
1
1
5
1
4
3
3
5
5
5
1
5
5
5
3
3
3
3
5
5
3
5
5
5
5
5
5
5
3
3

D
D
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
U
U
M
M
M
M
M

Latest Chg
8'407
(75'508)
(4'250)
791'910
(169'519)
1'391'622
61'717
(95'018)
119'850
100'813
(43'549)
(25'400)
107'766
12'090

Target Price
28
23
36
#N/A N/A
32
32
32
33
33
34
27
33
34
32
31
30
28
27
32
36
29
32
30
31
35
37
29
29
26
25

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

File Dt
31.12.2012
07.08.2013
05.07.2013
30.06.2013
07.06.2013
15.03.2013
08.10.2012
28.06.2013
31.12.2012
30.06.2013
31.03.2013
31.05.2013
31.05.2013
28.06.2013
28.03.2013
30.06.2013
30.04.2013
28.03.2013
28.03.2013
30.06.2013

Date
6 month
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
15 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month

Inst Type
Government
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
Investment Advisor
Bank
Investment Advisor

Date
09.08.2013
07.08.2013
06.08.2013
05.08.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
29.07.2013
23.07.2013
21.06.2013
20.06.2013
03.06.2013
08.05.2013
01.05.2013
12.03.2013
06.02.2013

14.08.2013

Bilfinger SE
Bilfinger SE provides industrial services, power services, building and
facility services, construction, and concessions. The Company's industrial
services include repairs, maintenance, and modernization. Bilfinger also
provides power services which include maintenance, service, and efficiency
enhancements as well as building and facility services for real estate.

Price/Volume
90
80
70
60
50
40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.03.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GBF GY EQUITY YTD Change
GBF GY EQUITY YTD % CHANGE

12/2012
03/yy
82.98
64.56
1'414.00
75.05
-9.56%
16.25%
56.73%
46.0
3'454.11
1'180.90
0.0
8.0
1'087.20
3'927.11

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20
10
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
9'757.1
0.26x
577.1
4.39x
200.4
6.65x

30

31.12.2009
31.12.2010
7'381.5
8'006.7
0.54x
0.54x
280.0
481.8
14.15x
8.92x
140.2
284.0
24.85x
13.59x
Profitability

LTM-4Q
31.12.2011
8'208.5
0.33x
508.2
5.36x
394.1
13.20x

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
8'508.8
0.39x
691.7
4.81x
274.9
11.72x
691.70
503.80
5.92%
4.48%
3.77%
14.41%
11.70%
1.17%
13.3%
8.1%
5.9%
3.2%
1.09
0.96
17.24%
58.21%
4.86
39.80

Price/ Cash Flow

.5 M
.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
a-13

LTM

03/yy
8'323.5
1.44x
652.2
4.40x
287.1
10.83x

03/yy
8'471.8
1.63x
609.7
6.64x
195.9
18.30x

FY+1

4.00
0.85
43.24
14.39%
6.95%
0.854
25
3.880
196'899
126'025
141'939
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
8'703.3
9'118.3
2'273.7
2'336.7
0.40x
0.37x
562.0
619.7
6.99x
6.34x
243.7
273.4
80.2
91.5
13.62x
12.03x
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

23.10.2012
BBB+
STABLE
23.10.2012
A-2
10.74
8.71
0.14
1.71
58.2%
36.7%
1.17
12.73
75.27
9.20
49.48
34.98

Sales/Revenue/Turnover

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Bilfinger SE
Holdings By:

All

Holder Name
CEVIAN CAPITAL AB
BLACKROCK
BILFINGER BERGER AG
INVESCO LTD
ALLIANZ GLOBAL INVES
DEUTSCHE BANK AG
DJE INVESTMENT SA
CREDIT SUISSE GROUP
UBS
MACKAY SHIELDS FINAN
DEKA INVESTMENT GMBH
NORGES BANK
THREADNEEDLE INVESTM
DIMENSIONAL FUND ADV
BANK OF NEW YORK MEL
FRANKFURT TRUST INVE
MARKETFIELD ASSET MA
ALLIANZ ASSET MANAGE
OPPENHEIMERFUNDS INC
DELTA LLOYD FUND MAN

Firm Name
Commerzbank Corporates & Markets
M.M. Warburg Investment Research
Deutsche Bank
Bankhaus Metzler
Bankhaus Lampe
UBS
HSBC
Equinet Institutional Services(ESN)
Equita SIM SpA
Main First Bank AG
Independent Research GmbH
Exane BNP Paribas
Goldman Sachs
EVA Dimensions
Nord/LB
Natixis
Credit Suisse
Landesbank Baden-Wuerttemberg
Kepler Cheuvreux
S&P Capital IQ
DZ Bank AG
SRH AlsterResearch
Hamburger Sparkasse
Berenberg Bank
BHF-Bank
National Bank AG

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
MAINSTAY MARKETFIELD
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
NORBERT KRETLOW
FRANK LASER
GUNNAR ROMER
STEPHAN BAUER
MARC GABRIEL
GREGOR KUGLITSCH
TOBIAS LOSKAMP
INGBERT FAUST
GIANMARCO BONACINA
CHRISTIAN KORTH
CHRISTOPH SCHOENDUBE
GERHARD ORGONAS
WILL MORGAN
TIMOTHY STANISH
HEINO HAMMANN
ABDELKADER BENCHIHA
EUGENE KLERK
HANS-PETER KUHLMANN
CRAIG ABBOTT
JAWAHAR HINGORANI
JASKO TERZIC
CARSTEN MAINITZ
INGO SCHMIDT
BENJAMIN GLAESER
JENS JUNG
STEFFEN MANSKE

Source
Research
ULT-AGG
Research
ULT-AGG
Research
ULT-AGG
MF-AGG
Research
ULT-AGG
MF-USA
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
buy
buy
hold
buy
buy
buy
underweight
hold
hold
outperform
hold
neutral
neutral/neutral
underweight
hold
buy
neutral
buy
buy
buy
buy
buy
hold
buy
overweight
buy

Amt Held
6'990'563
2'453'842
1'840'965
1'370'341
1'346'715
1'328'350
992'492
944'428
901'166
881'085
859'455
833'084
748'864
730'039
699'755
677'300
623'540
559'327
519'000
495'161

% Out
15.19
5.33
4
2.98
2.93
2.89
2.16
2.05
1.96
1.91
1.87
1.81
1.63
1.59
1.52
1.47
1.35
1.22
1.13
1.08

Weighting

Change
5
5
3
5
5
5
1
3
3
5
3
3
3
1
3
5
3
5
5
5
5
5
3
5
5
5

M
M
M
M
U
U
M
M
M
M
M
M
M
M
M
U
M
M
U
M
M
N
M
M
M
M

Latest Chg
186'433
(50'900)
417'922
(130'527)
44'019
(26'644)
(91'000)
339'540
(268'746)
-

Target Price
84
92
77
89
83
82
67
80
84
88
80
77
83
#N/A N/A
88
86
72
90
84
85
85
96
#N/A N/A
84
79
60

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

File Dt
15.01.2013
07.08.2013
24.01.2013
01.02.2012
18.01.2013
28.06.2013
31.05.2013
11.04.2013
28.03.2013
31.03.2013
30.04.2013
31.12.2012
28.02.2013
30.04.2013
08.08.2013
30.04.2013
31.12.2012
30.06.2013
30.06.2013
30.04.2013

Date
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month

Inst Type
Venture Capital
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
08.08.2013
08.08.2013
07.08.2013
06.08.2013
02.08.2013
01.08.2013
31.07.2013
29.07.2013
23.07.2013
23.07.2013
05.07.2013
20.06.2013
17.06.2013
06.06.2013
29.05.2013
28.05.2013
15.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
25.02.2013
11.02.2013
13.02.2012
04.01.2010

14.08.2013

GAGFAH SA
GAGFAH SA acquires, owns and manages residential properties throughout Germany.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.05.2013)
52-Week Low (24.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GFJ GY EQUITY YTD Change
GFJ GY EQUITY YTD % CHANGE

Price/Volume

12/2012
03/yy
10.48
7.60
21'699.00
9.069
-13.70%
18.95%
43.06%
216.0
1'958.47
5'231.10
0.0
30.6
176.00
6'990.07

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

3.0 M

10

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
1'249.4
6.01x
454.0
16.53x
41.2
22.33x

12

31.12.2009
31.12.2010
1'279.3
1'485.0
5.89x
4.71x
448.0
435.6
16.83x
16.07x
(71.1)
7.7
223.77x
Profitability

LTM-4Q
31.12.2011
1'309.6
4.67x
371.9
16.46x
(16.4)
-

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
1'061.6
6.42x
358.2
19.03x
43.2
40.28x
358.20
357.90
9.84%
8.04%
0.40%
1.57%
0.50%
0.13%
32.9%
4.1%
64.49%
252.73%
-

Price/ Cash Flow

03/yy
1'134.9
22.24x
358.7
18.33x
(29.2)
0.00x

LTM
03/yy
1'061.6
25.53x
349.4
19.74x
32.8
57.16x

FY+1

.0 M
a-13

0.70
111.16
6.42%
2.02%
0.697
15
4.333
294'232
404'706
313'969
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
813.0
861.4
219.0
193.0
8.48x
7.88x
336.7
342.8
20.74x
20.37x
74.0
117.2
19.01x
15.32x
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

1.41
1.40
14.32
14.90
252.7%
71.4%
0.13
-

Sales/Revenue/Turnover

60.00

1'600.0
1'400.0

50.00

1'200.0
40.00

1'000.0
800.0

30.00

600.0

20.00

400.0
10.00
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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

GAGFAH SA
Holdings By:

All

Holder Name
FORTRESS INVESTMENT
DEUTSCHE BANK AG
GOLDMAN SACHS GROUP
NORGES BANK
TAUBE HODSON STONEX
KEMPEN CAPITAL MANAG
BLACKROCK
UNION INVESTMENT GMB
GAGFAH SA
ING INTERNATIONAL AD
VANGUARD GROUP INC
LEGG MASON INC
CARVETIAN CAPITAL MA
MARCH GESTION DE FON
PARWORLD
STATE STREET
UNION INVESTMENT LUX
GAM INTERNATIONAL MA
KBC GROUP NV
DRIEHAUS CAPITAL MAN

Firm Name
M.M. Warburg Investment Research
HSBC
Baader Bank
Deutsche Bank
Goldman Sachs
Commerzbank Corporates & Markets
Independent Research GmbH
Bankhaus Lampe
Berenberg Bank
Kempen & Co
Nord/LB
ABN Amro Bank N.V.
Kepler Cheuvreux
JPMorgan
EVA Dimensions

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
TORSTEN KLINGNER
THOMAS MARTIN
ANDRE REMKE
MARKUS SCHEUFLER
JULIAN LIVINGSTON-BOOTH
THOMAS ROTHAEUSLER
STEFAN BONGARDT
GEORG KANDERS
KAI MALTE KLOSE
THOMAS VAN DER MEIJ
MICHAEL SEUFERT
MICHIEL DE JONGE
THOMAS NEUHOLD
HARM M MEIJER
DOUG WALTERS

Source
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
overweight
buy
hold
Buy/Neutral
buy
buy
buy
buy
underweight
hold
buy
buy
neutral
buy

Amt Held
104'140'013
13'865'605
13'753'329
2'636'438
2'378'346
1'247'022
1'241'057
757'000
648'507
641'000
566'569
303'846
291'418
288'926
228'717
225'605
225'000
214'111
208'970
205'479

% Out
48.22
6.42
6.37
1.22
1.1
0.58
0.57
0.35
0.3
0.3
0.26
0.14
0.13
0.13
0.11
0.1
0.1
0.1
0.1
0.1

Weighting

Change
5
5
5
3
5
5
5
5
5
1
3
5
5
3
5

M
M
M
M
U
M
M
M
U
M
M
M
U
U
M

Latest Chg
59'077
31'142
(15'751)
4'297
757'000
36'951
(23'714)
3'276
42'641
225'000
19'465
6
-

Target Price
12
12
11
11
11
11
11
11
11
8
9
12
11
11
#N/A N/A

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

File Dt
Inst Type
12.07.2013 Hedge Fund Manager
12.07.2013
Investment Advisor
17.07.2013
Investment Advisor
31.12.2012
Government
30.04.2013
Investment Advisor
31.03.2013
Unclassified
07.08.2013
Investment Advisor
28.03.2013
Investment Advisor
12.07.2013
Corporation
28.03.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
31.07.2013
Investment Advisor
31.07.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
31.05.2013 Hedge Fund Manager

Date
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
9 month
Not Provided

Date
08.08.2013
06.08.2013
02.08.2013
30.07.2013
24.07.2013
12.07.2013
11.07.2013
11.07.2013
11.07.2013
10.07.2013
10.07.2013
10.07.2013
14.06.2013
07.06.2013
06.06.2013

14.08.2013

GSW Immobilien AG
GSW Immobilien AG owns and operates real estate. The Company owns apartment
buildings and manages apartment buildings owned by others.

Price/Volume
35

.6 M

30

.5 M

25

.4 M

20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.05.2013)
52-Week Low (24.06.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GIB GY EQUITY YTD Change
GIB GY EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.2 M

10

.1 M

5
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
224.3
194.4
107.7
-

.3 M

15

12/2012
03/yy
33.75
27.88
692.00
31.385
-7.01%
12.59%
60.00%
50.5
1'585.77
1'967.50
0.0
0.3
167.74
3'367.30

31.12.2009
31.12.2010
176.4
199.2
136.7
116.1
172.1
49.3
Profitability

LTM-4Q
31.12.2011
326.9
8.04x
161.8
16.24x
105.1
8.39x

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
318.5
10.73x
162.7
21.00x
143.3
10.60x
162.69
162.51
20.02%
43.99%
4.68%
11.68%
4.86%
0.10%
51.0%
45.0%
55.11%
136.57%
-

Price/ Cash Flow

03/yy
378.3
26.46x
164.9
16.67x
72.5
14.30x

LTM
03/yy
331.3
37.99x
168.9
19.77x
154.3
9.97x

FY+1

.0 M
a-13

0.74
47.04
7.46%
1.18%
0.736
20
4.050
92'017
89'523
136'405
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
251.1
254.5
60.0
58.8
14.25x
14.03x
161.8
166.9
38.4
20.82x
20.18x
110.7
98.8
20.5
18.4
18.40x
17.65x
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

1.65
-0.21
10.55
11.54
136.6%
57.7%
0.10
-

Sales/Revenue/Turnover

60.00

350.0

50.00

300.0
250.0

40.00

200.0
30.00

150.0

20.00

100.0

10.00

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

GSW Immobilien AG
Holdings By:

All

Holder Name
SUN LIFE FINANCIAL I
SUN LIFE FINANCIAL I
BLACKROCK
GIC PRIVATE LIMITED
NORGES BANK
CREDIT SUISSE GROUP
PGGM VERMOGENSBEHEER
CBRE CLARION SECURIT
WELLINGTON MANAGEMEN
F&C ASSET MANAGEMENT
THAMES RIVER CAPITAL
UBS
FMR LLC
AXA
BNP PARIBAS INV PART
SKAGEN AS
CAZENOVE UNIT TRUST
RUFFER LLP
DJE INVESTMENT SA
SCOTTISH WIDOWS

Firm Name
M.M. Warburg Investment Research
Deutsche Bank
ABN Amro Bank N.V.
HSBC
Baader Bank
Bankhaus Lampe
Commerzbank Corporates & Markets
Barclays
Nord/LB
Societe Generale
Berenberg Bank
DZ Bank AG
JPMorgan
S&P Capital IQ
Goldman Sachs
Kepler Cheuvreux
Morgan Stanley
Kempen & Co
Close Brothers Equity Markets
Bankhaus Metzler

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
TORSTEN KLINGNER
MARKUS SCHEUFLER
MICHIEL DE JONGE
THOMAS MARTIN
ANDRE REMKE
GEORG KANDERS
THOMAS ROTHAEUSLER
AARON GUY
MICHAEL SEUFERT
MARC MOZZI
KAI MALTE KLOSE
KARSTEN OBLINGER
NEIL GREEN
WILLIAM HOWLETT
JULIAN LIVINGSTON-BOOTH
THOMAS NEUHOLD
BIANCA RIEMER
THOMAS VAN DER MEIJ
MANUEL MARTIN
JOCHEN SCHMITT

Source
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Research
Research
Research
Research
Research
Research
Research
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
buy
buy
hold
neutral
buy
hold
add
overweight
hold
buy
buy
hold
overweight
hold
Buy/Neutral
buy
Overwt/Attractive
neutral
buy
sell

Amt Held
5'052'630
4'538'277
4'138'907
3'132'631
1'824'516
1'515'530
1'506'102
1'505'943
1'497'459
1'329'407
1'170'946
1'080'026
1'026'917
911'491
630'527
546'975
502'555
454'466
436'500
388'074

% Out
10
8.98
8.19
6.2
3.61
3
2.98
2.98
2.96
2.63
2.32
2.14
2.03
1.8
1.25
1.08
0.99
0.9
0.86
0.77

Weighting

Change
5
5
3
3
5
3
4
5
3
5
5
3
5
3
5
5
5
3
5
1

Latest Chg
30'611
(69'360)
(1'400)
(65'296)
3'796
5'342
(28'545)
46'500
(13'451)

Target Price

M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M

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

35
36
32
32
34
33
35
35
29
36
34
29
34
33
33
34
33
31
36
25

File Dt
28.02.2013
30.06.2013
07.08.2013
28.02.2013
02.07.2013
27.06.2013
08.10.2012
08.04.2013
08.10.2012
17.01.2012
16.02.2012
19.06.2013
30.06.2013
22.02.2013
31.03.2013
28.06.2013
28.02.2013
28.02.2013
31.05.2013
28.02.2013

Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Government
Government
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified

Date
08.08.2013
07.08.2013
07.08.2013
06.08.2013
02.08.2013
16.07.2013
12.07.2013
11.07.2013
02.07.2013
26.06.2013
26.06.2013
26.06.2013
07.06.2013
15.05.2013
09.05.2013
06.05.2013
22.04.2013
14.01.2013
14.01.2013
02.01.2013

14.08.2013

Gildemeister AG
Gildemeister AG manufactures and markets machine tools including automatic
lathes, milling, turning, laser, and ultrasonic machines. The Company's
products are sold throughout Germany, the United States, Russia, and Europe.

Price/Volume
25

1.4 M
1.2 M

20

1.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.03.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 09.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GIL GY EQUITY YTD Change
GIL GY EQUITY YTD % CHANGE

12/2012
06/yy
20.39
11.17
1'080.00
17.025
-16.63%
52.19%
63.34%
60.2
1'024.36
12.27
0.0
84.6
173.33
1'017.03

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.8 M

10

.6 M
.4 M

5
0
a-12

31.12.2009
31.12.2010
1'181.2
1'376.8
0.64x
0.71x
59.7
67.9
12.74x
14.37x
4.7
4.2
113.30x
185.56x
Profitability

s-12

LTM-4Q
31.12.2011
1'687.7
0.25x
141.1
3.05x
46.8
11.47x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
2'037.4
0.41x
165.5
5.08x
77.3
11.55x
165.55
124.64
6.12%
5.89%
4.87%
11.63%
1.31%
8.6%
6.5%
3.8%
1.38
0.53
0.76%
1.74%
9.88
-

Price/ Cash Flow

06/yy
1'829.8
1.51x
163.2
4.96x
71.8
9.61x

o-12

n-12

d-12

j-13

LTM
06/yy
2'095.6
1.72x
180.9
5.66x
78.2
12.78x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

1.15
46.27
45.45%
13.64%
1.148
17
4.000
249'696
189'981
220'196
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'082.0
2'153.7
547.0
585.0
0.45x
0.42x
188.2
198.3
112.0
61.6
5.38x
5.10x
84.1
88.4
50.3
31.1
12.19x
10.92x
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

23.09.2009
NR
11.71
7.73
-0.54
0.33
1.7%
1.5%
1.31
8.19
36.95
-

Sales/Revenue/Turnover

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

.2 M

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
1'904.0
0.24x
194.7
2.36x
81.1
4.20x

15

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Gildemeister AG
Holdings By:

All

Holder Name
MORI SEIKI CO LTD
BLACKROCK
GILDEMEISTER AG
NORGES BANK
DIMENSIONAL FUND ADV
FRANKLIN RESOURCES
ACTIVEST MUNICH
GOLDMAN SACHS GROUP
LA FINANCIERE RESPON
VANGUARD GROUP INC
PUTNAM INVESTMENT MA
PRUDENTIAL FINANCIAL
PRINCIPAL FINANCIAL
DEUTSCHE BANK AG
STATE STREET
FONDITA RAHASTOYHTIO
JP MORGAN
DEKA INVESTMENT GMBH
LANDESBANK BERLIN IN
HARTFORD INVESTMENT

Firm Name
Baader Bank
Landesbank Baden-Wuerttemberg
Berenberg Bank
Equinet Institutional Services(ESN)
Montega
Close Brothers Equity Markets
Independent Research GmbH
Commerzbank Corporates & Markets
Deutsche Bank
Nord/LB
Bankhaus Lampe
Bankhaus Metzler
DZ Bank AG
EVA Dimensions
BHF-Bank
HSBC
Kepler Cheuvreux
Hamburger Sparkasse

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
PETER ROTHENAICHER
STEFAN MAICHL
FELIX WIENEN
HOLGER SCHMIDT
THOMAS RAU
RALF MARINONI
ZAFER RUZGAR
STEPHAN BOEHM
FELICITAS VON BISMARCK
HEINO HAMMANN
GORDON SCHOENELL
STEPHAN BAUER
JASKO TERZIC
TIMOTHY STANISH
HERMANN REITH
JUERGEN SIEBRECHT
STEFAN AUGUSTIN
INGO SCHMIDT

Source
Co File
ULT-AGG
Research
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
hold
hold
hold
accumulate
buy
buy
buy
hold
hold
buy
buy
buy
sell
buy
overweight
overweight
hold
sell

Amt Held
12'093'808
2'499'875
1'805'048
1'453'091
1'004'787
699'310
605'335
397'382
360'099
327'746
222'966
170'304
162'967
162'421
130'073
115'578
107'082
90'000
89'674
78'623

% Out
19.07
3.94
2.85
2.29
1.58
1.1
0.95
0.63
0.57
0.52
0.35
0.27
0.26
0.26
0.21
0.18
0.17
0.14
0.14
0.12

Weighting

Change
3
3
3
4
5
5
5
3
3
5
5
5
1
5
5
5
3
1

M
M
M
M
M
M
M
M
M
U
M
M
D
M
M
M
M
M

Latest Chg
1'100
262'620
76'377
3'965
(21'967)
170'304
162'967
(30'029)
37'298
(43'059)
71'460
11'480
1'356

Target Price
19
18
15
18
24
21
22
20
14
20
23
19
15
#N/A N/A
24
20
18
#N/A N/A

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

File Dt
31.12.2012
07.08.2013
20.09.2011
31.12.2012
30.04.2013
28.06.2013
28.02.2013
16.04.2013
28.06.2013
30.06.2013
31.03.2013
28.06.2013
31.03.2013
28.06.2013
08.08.2013
31.05.2013
31.03.2013
28.03.2013
31.07.2013
31.05.2013

Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Inst Type
Corporation
Investment Advisor
Corporation
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

Date
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
01.08.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
19.07.2013
17.07.2013
06.06.2013
07.05.2013
24.04.2013
24.04.2013
05.08.2009

14.08.2013

Gerry Weber International AG


Gerry Weber International AG operates as a fashion and lifestyle company in
Germany and internationally. The company engages in the production, wholesale,
and retail of women's clothing and accessories under various brand names.

Price/Volume
40

.4 M

35

.3 M

30

.3 M

25

Latest Fiscal Year:


LTM as of:
52-Week High (11.12.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 14.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GWI1 GY EQUITY YTD Change
GWI1 GY EQUITY YTD % CHANGE

10/2012
04/yy
39.42
30.05
440.00
34.715
-11.92%
15.52%
48.91%
45.9
1'593.63
15.27
0.0
0.0
49.16
1'558.07

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.2 M

15
10

.1 M

.1 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.10.2008
570.0
0.67x
74.7
5.09x
39.4
8.49x

.2 M

20

Valuation Analysis

31.10.2009
31.10.2010
594.1
621.9
0.87x
1.26x
85.2
101.1
6.05x
7.76x
43.0
54.0
10.68x
13.42x
Profitability

LTM-4Q
31.10.2011
702.7
1.37x
114.5
8.42x
67.0
15.21x

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

31.10.2012
802.3
1.96x
134.5
11.72x
78.8
20.39x
134.46
118.13
14.72%
14.18%
16.33%
20.68%
20.19%
1.77%
16.0%
13.8%
9.8%
2.63
1.15
3.16%
4.21%
15.04
-

Price/ Cash Flow

04/yy
738.3
6.17x
124.2
11.30x
73.2
17.61x

LTM
04/yy
830.1
7.54x
132.6
11.24x
76.5
19.90x

FY+1

.0 M
a-13

0.75
23.20
5.68%
-2.57%
0.752
24
3.917
51'282
53'616
90'819
FY+2

FQ+1

FQ+2

10/13 Y
10/14 Y
07/13 Q3 10/13 Q4
871.3
967.0
198.0
275.0
1.76x
1.55x
145.0
170.8
10.70x
9.09x
84.1
99.7
18.88x
15.75x
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

87.11
50.56
-0.27
0.10
4.2%
4.0%
1.77
5.68
24.28
-

Sales/Revenue/Turnover

35.00

900.0

30.00

800.0
700.0

25.00

600.0

20.00

500.0

15.00

400.0
300.0

10.00

200.0

5.00
0.00
06.11.2009

100.0
0.0
06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

06.05.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Gerry Weber International AG


Holdings By:

All

Holder Name
WEBER GERHARD
HARDIECK UDO
WEBER RALF
WILLIAM BLAIR & COMP
DEUTSCHE BANK AG
NORGES BANK
BLACKROCK
SUN LIFE FINANCIAL I
ALLIANZ ASSET MANAGE
MAINFIRST SICAV
WILLIAM BLAIR & COMP
ADIG INVESTMENT
UNION INVESTMENT GMB
VANGUARD GROUP INC
BANK OF NEW YORK MEL
LUXEMBOURGER KAPITAL
PUTNAM INVESTMENT MA
THRIVENT FINANCIAL F
WASATCH ADVISORS INC
FRANKFURT TRUST

Firm Name
Baader Bank
Landesbank Baden-Wuerttemberg
Bankhaus Lampe
Equinet Institutional Services(ESN)
Deutsche Bank
EVA Dimensions
Hauck & Aufhaeuser
Berenberg Bank
Commerzbank Corporates & Markets
BHF-Bank
Close Brothers Equity Markets
Nord/LB
M.M. Warburg Investment Research
DZ Bank AG
HSBC
Independent Research GmbH
Exane BNP Paribas
SRH AlsterResearch
Montega
Main First Bank AG
Bankhaus Metzler
Kepler Cheuvreux
National Bank AG
Solventis WPH-Bank GmbH

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
WILLIAM BLAIR & COMP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Source
Co File
Co File
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation

VOLKER BOSSE
BERND MUELL
CHRISTOPH SCHLIENKAMP
PHILIPP RIGTERS
MICHAEL KUHN
CRAIG STERLING
CHRISTIAN NIKOLAS SCHWENKENBECHER
ANNA PATRICE
YASMIN MOSCHITZ
PETER STEINER
MARTIN DECOT
WOLFGANG VASTERLING
JOERG PHILIPP FREY
HERBERT STURM
THOMAS TEETZ
LARS LUSEBRINK
ANDREAS INDERST
NEIL SCHMODDE
TIM KRUSE
GAEL COLCOMBET
SEBASTIAN FRERICKS
JUERGEN KOLB
STEFFEN MANSKE
ULF VON LENGERICH

hold
buy
buy
accumulate
buy
sell
buy
buy
hold
overweight
buy
hold
buy
hold
underweight
hold
neutral
buy
buy
outperform
buy
reduce
buy
hold

Amt Held
13'262'974
7'994'845
1'372'352
1'367'949
1'269'526
827'162
640'251
586'949
564'799
512'061
469'475
440'151
171'066
142'416
140'703
130'000
107'117
104'636
79'208
70'974

% Out
28.89
17.42
2.99
2.98
2.77
1.8
1.39
1.28
1.23
1.12
1.02
0.96
0.37
0.31
0.31
0.28
0.23
0.23
0.17
0.15

Weighting

Change
3
5
5
4
5
1
5
5
3
5
5
3
5
3
1
3
3
5
5
5
5
2
5
3

D
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
N
M
M
M
N
M
D

Latest Chg
29'526
58'682
23'440
119'017
1'600
(562'739)
106'000
(20'000)
11'349
5'479
(3'420)
12'843
8'500

Target Price
36
40
40
40
38
#N/A N/A
39
40
35
38
39
35
42
33
31
35
35
43
36
37
37
31
40
28

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

File Dt
31.10.2012
31.10.2012
31.10.2012
31.10.2012
28.06.2013
31.12.2012
07.08.2013
30.06.2013
30.06.2013
28.02.2013
30.06.2013
30.04.2013
28.03.2013
30.06.2013
08.08.2013
28.06.2013
31.03.2013
30.04.2013
31.03.2013
30.04.2013

Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month

Inst Type
n/a
n/a
n/a
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
09.08.2013
06.08.2013
31.07.2013
31.07.2013
26.07.2013
01.07.2013
26.06.2013
26.06.2013
25.06.2013
18.06.2013
18.06.2013
17.06.2013
17.06.2013
17.06.2013
14.06.2013
14.06.2013
14.06.2013
14.06.2013
14.06.2013
11.06.2013
05.06.2013
14.05.2013
23.01.2013
27.02.2012

14.08.2013

Gerresheimer AG
Gerresheimer AG develops and produces specialty products made of glass and
plastic. The Company produces containers for a variety of substances and
medicines.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (09.10.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.05.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GXI GY EQUITY YTD Change
GXI GY EQUITY YTD % CHANGE

11/2012
05/yy
47.99
36.40
213.00
46.44
-3.51%
27.20%
85.02%
31.4
1'458.22
463.04
0.0
45.0
91.41
2'004.80

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.11.2008
1'060.1
1.24x
171.2
7.70x
0.7
1349.00x

50
45
40
35
30
25
20
15
10
5
0
a-12

30.11.2009
30.11.2010
1'000.2
1'024.8
1.15x
1.21x
179.9
204.3
6.37x
6.07x
5.8
43.2
128.06x
20.38x
Profitability

LTM-4Q
30.11.2011
1'094.7
1.27x
209.8
6.62x
50.5
19.30x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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

30.11.2012
1'219.1
1.36x
228.2
7.25x
60.2
20.54x
228.17
128.13
10.51%
7.85%
3.66%
12.10%
0.79%
29.3%
18.5%
10.5%
4.9%
1.33
0.74
29.72%
86.53%
6.80
4.55

Price/ Cash Flow

05/yy
1'156.3
5.11x
214.7
7.43x
54.2
20.46x

LTM
05/yy
1'260.1
5.79x
233.7
8.55x
58.5
24.84x

FY+1

.0 M
a-13

0.68
27.60
20.57%
17.24%
0.683
19
4.474
71'486
92'729
94'620
FY+2

FQ+1

FQ+2

11/13 Y
11/14 Y
08/13 Q3 11/13 Q4
1'293.4
1'376.8
323.7
345.0
1.50x
1.37x
247.8
278.1
64.0
77.9
8.09x
7.21x
80.6
98.2
22.9
31.6
17.42x
14.40x
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

23.02.2011
BBBSTABLE
2.05
2.45
86.5%
44.4%
0.79
2.45
53.70
80.20
52.33
69.28

Sales/Revenue/Turnover

10.00

1'400.0

9.00

1'200.0

8.00
7.00

1'000.0

6.00

800.0

5.00

600.0

4.00

400.0

3.00
2.00

200.0

1.00
0.00
04.12.2009

0.0
04.06.2010

04.12.2010

04.06.2011

04.12.2011

04.06.2012

04.12.2012

04.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Gerresheimer AG
Holdings By:

All

Holder Name
BLACKROCK
MORGAN STANLEY
AMERIPRISE FINANCIAL
CREDIT SUISSE GROUP
ETON PARK CAPITAL MA
THREADNEEDLE INVESTM
HOUND PARTNERS LLC
EDINBURGH PARTNERS L
BERG GILCHRIST B
DEUTSCHE BANK AG
ALLIANZ GLOBAL INVES
FRANKLIN RESOURCES
GOVERNANCE FOR OWNER
TREMBLANT HOLDINGS L
EDGEPOINT INVESTMENT
BLUE HARBOUR GROUP L
JUPITER ASSET MANAGE
TD ASSET MANAGEMENT
DJE INVESTMENT SA
ALLIANZ ASSET MANAGE

Firm Name
Montega
JPMorgan
SRH AlsterResearch
Commerzbank Corporates & Markets
Jefferies
Deutsche Bank
Credit Suisse
Landesbank Baden-Wuerttemberg
Independent Research GmbH
National Bank AG
Kepler Cheuvreux
Equinet Institutional Services(ESN)
HSBC
Hauck & Aufhaeuser
Bankhaus Metzler
Berenberg Bank
DZ Bank AG
Main First Bank AG
EVA Dimensions

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
Robert-Jan van der Horst
DAVID J ADLINGTON
ALEXANDER ZIENKOWICZ
DANIEL WENDORFF
INGEBORG OIE
GUNNAR ROMER
CHRISTOPH GRETLER
ULLE WORNER
ZAFER RUZGAR
MANFRED JAISFELD
OLIVER REINBERG
KONRAD LIEDER
JAN KEPPELER
THOMAS WISSLER
SEBASTIAN FRERICKS
SCOTT BARDO
SVEN OLAF KUERTEN
MARCUS WIEPRECHT
TIMOTHY STANISH

Source
ULT-AGG
Research
Co File
Research
Co File
MF-AGG
Research
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Research
Research
Research
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
buy
overweight
buy
buy
buy
hold
outperform
buy
buy
buy
buy
hold
neutral
hold
buy
buy
hold
outperform
overweight

Amt Held
1'857'061
1'705'931
1'582'560
1'569'340
1'544'880
1'430'819
1'333'222
976'540
973'400
969'761
957'700
948'376
939'380
932'893
842'679
839'697
699'869
519'034
462'735
401'998

% Out
5.91
5.43
5.04
5
4.92
4.56
4.25
3.11
3.1
3.09
3.05
3.02
2.99
2.97
2.68
2.67
2.23
1.65
1.47
1.28

Weighting

Change
5
5
5
5
5
3
5
5
5
5
5
3
3
3
5
5
3
5
5

N
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
2'337
730'071
(49'365)
(21'080)
(3'550)
-

Target Price
56
56
55
50
51
42
46
49
52
49
48
45
48
46
50
50
44
50
#N/A N/A

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

File Dt
07.08.2013
25.07.2013
30.11.2012
24.01.2013
30.11.2012
30.06.2013
04.01.2013
30.11.2012
30.11.2012
28.06.2013
30.11.2012
28.06.2013
24.11.2011
14.10.2011
17.10.2012
05.07.2012
30.04.2013
31.12.2012
31.05.2013
28.06.2013

Date
12 month
6 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
n/a
Investment Advisor
Other
Investment Advisor
Other
Other
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
29.07.2013
16.07.2013
16.07.2013
12.07.2013
12.07.2013
11.07.2013
11.07.2013
11.07.2013
11.07.2013
11.07.2013
11.07.2013
11.07.2013
10.07.2013
10.07.2013
10.07.2013
10.07.2013
10.07.2013
10.07.2013
06.06.2013

14.08.2013

HeidelbergCement AG
HeidelbergCement AG produces and markets aggregates. The Company also
manufactures building materials including cement and concrete in Europe, North
America, Asia, Australia and Africa.

Price/Volume
70

3.0 M

60

2.5 M

50

2.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.05.2013)
52-Week Low (16.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HEI GY EQUITY YTD Change
HEI GY EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.0 M

20

.5 M

10
0
a-12

31.12.2009
31.12.2010
11'117.0
11'761.8
1.58x
1.45x
1'953.3
2'025.2
8.97x
8.43x
42.6
342.7
133.97x
23.69x
Profitability

LTM-4Q
31.12.2011
12'901.9
1.12x
2'368.8
6.12x
348.1
16.64x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
14'020.2
1.17x
2'521.9
6.51x
301.2
40.56x
2'521.90
1'654.30
11.80%
4.33%
1.72%
3.94%
5.52%
0.49%
19.8%
12.0%
2.1%
1.18
0.68
29.31%
65.08%
7.76
-

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy
13'486.2
4.51x
2'407.6
6.43x
322.3
19.08x

j-13

06/yy
13'999.7
4.92x
2'778.7
6.41x
495.9
30.59x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

1.26
140.42
49.06%
29.48%
1.255
38
3.658
487'306
711'454
749'007
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
14'379.4
15'151.5
4'004.3
3'616.8
1.33x
1.22x
2'576.7
2'866.5
890.0
738.5
7.41x
6.66x
646.0
868.0
335.7
241.7
16.61x
12.64x
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

22.11.2012
NR
22.11.2012
NR
4.06
2.77
2.54
3.06
65.1%
37.4%
0.49
1.29
47.02
-

Sales/Revenue/Turnover

10.00

16'000.0

9.00

14'000.0

8.00

12'000.0

7.00

10'000.0

6.00
5.00

8'000.0

4.00

6'000.0

3.00

4'000.0

2.00

2'000.0

1.00
0.00
01.01.2010

s-12

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
14'187.1
1.11x
2'945.6
5.33x
1'808.2
7.04x

1.5 M

30

12/2012
06/yy
60.89
38.41
10'032.00
58.84
-3.35%
53.22%
89.72%
187.5
11'032.50
8'209.20
0.0
1'098.8
1'480.70
19'153.10

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

HeidelbergCement AG
Holdings By:

All

Holder Name
MERCKLE LUDWIG
BLACKROCK
FIRST EAGLE INVESTME
ARTISAN PARTNERS HOL
NORGES BANK
VANGUARD GROUP INC
FMR LLC
SKAGEN AS
DEUTSCHE BANK AG
METROPOLE GESTION
FRANKLIN RESOURCES
INVESTEC ASSET MANAG
UNION INVESTMENT GMB
ADIG INVESTMENT
ALLIANZ ASSET MANAGE
MANDARINE GESTION
AMUNDI LUXEMBOURG SA
FRANKFURT TRUST INVE
PRINCIPAL FINANCIAL
TAUBE HODSON STONEX

Firm Name
JPMorgan
Sanford C. Bernstein & Co
Raymond James
Cantor Fitzgerald
AlphaValue
Main First Bank AG
Goldman Sachs
Jefferies
Societe Generale
Commerzbank Corporates & Markets
Exane BNP Paribas
Helvea
Deutsche Bank
Nord/LB
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Bankhaus Lampe
Hamburger Sparkasse
Oddo & Cie
Kepler Cheuvreux
Bryan Garnier & Cie
Natixis
S&P Capital IQ
SRH AlsterResearch
Bankhaus Metzler
UBS
Morgan Stanley
HSBC
Davy
EVA Dimensions
Credit Suisse
Day by Day
BHF-Bank
Redburn Partners
National Bank AG
Berenberg Bank
Steubing AG

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
METROPOLE GESTION ME
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
RAJESH PATKI
PHIL ROSEBERG
ARNAUD PALLIEZ
IAN OSBURN
GAETAN DUPONT
CHRISTIAN KORTH
WILL MORGAN
MICHAEL F BETTS
MURIEL FELLOUS
NORBERT KRETLOW
YASSINE TOUAHRI
PATRICK APPENZELLER
LUIS PRIETO
HEINO HAMMANN
HANS-PETER KUHLMANN
CHRISTOPH SCHOENDUBE
MARC GABRIEL
INGO SCHMIDT
VIRGINIE ROUSSEAU
JOSEP PUJAL
SVEN EDELFELT
RAFIC EL HADDAD
JAWAHAR HINGORANI
ALEXANDER ZIENKOWICZ
STEPHAN BAUER
GREGOR KUGLITSCH
YURI SEROV
JOHN FRASER-ANDREWS
TIM CAHILL
TIMOTHY STANISH
HARRY GOAD
VALERIE GASTALDY
JENS JUNG
JOHN MESSENGER
EKKEHARD D LINK
ROBERT MUIR
TEAM COVERAGE

Source
Co File
ULT-AGG
Co File
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-PART
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
overweight
outperform
market perform
buy
reduce
outperform
Sell/Neutral
buy
buy
buy
neutral
buy
buy
buy
buy
hold
buy
buy
reduce
reduce
sell
neutral
buy
buy
buy
neutral
Equalwt/In-Line
overweight
neutral
hold
neutral
buy
underweight
sell
hold
hold
buy

Amt Held
47'081'250
13'925'551
9'600'000
5'584'953
4'613'905
3'410'815
2'918'900
1'235'240
1'064'726
1'045'288
1'001'920
980'843
904'782
784'949
767'556
713'261
712'137
560'950
539'289
536'050

% Out
25.11
7.43
5.12
2.98
2.46
1.82
1.56
0.66
0.57
0.56
0.53
0.52
0.48
0.42
0.41
0.38
0.38
0.3
0.29
0.29

Weighting

Change
5
5
3
5
2
5
1
5
5
5
3
5
5
5
5
3
5
5
2
2
1
3
5
5
5
3
3
5
3
3
3
5
1
1
3
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
N
M
M
M
M
M
M
M
U
M
D
D
D
M

Latest Chg
3'756
805'302
60'063
(22'414)
356'430
(11'875)
97'241
(60'000)
193'899
(41'706)
4'000
15'172
-

Target Price
63
73
#N/A N/A
62
58
67
53
66
64
74
54
66
65
62
65
60
60
#N/A N/A
54
52
44
55
64
65
65
55
58
64
#N/A N/A
#N/A N/A
58
64
47
#N/A N/A
48
50
64

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

File Dt
Inst Type
31.12.2011
n/a
07.08.2013
Investment Advisor
31.12.2011 Hedge Fund Manager
08.07.2013
Investment Advisor
31.12.2012
Government
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor
28.06.2013
Investment Advisor
28.06.2013
Investment Advisor
28.06.2013
Investment Advisor
31.05.2013
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
31.05.2013
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor

Date
9 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
3 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided

Date
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
06.08.2013
05.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
17.07.2013
16.07.2013
10.07.2013
02.07.2013
06.06.2013
06.06.2013
20.05.2013
14.05.2013
13.05.2013
12.04.2013
14.03.2013
07.02.2013
10.01.2011

14.08.2013

Henkel AG & Co KGaA


Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical
products. The Company produces reactive polyurethane and laminating adhesives,
labeling for glass and PET plastic bottles, corrosion inhibitors and surface
treatments, soaps, skin care products, hair dye, perfumes, detergents,
dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.

Price/Volume
90

3.0 M

80

2.5 M

70
60

2.0 M

50

12/2012
06/yy
78.77
57.85
4'708.00
77.39
-1.68%
33.88%
92.07%
178.2
30'722.70
3'901.00
0.0
135.0
3'681.00
30'991.70

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

30

1.0 M

20

.5 M

10
0
a-12

31.12.2009
31.12.2010
13'573.0
15'092.0
1.40x
1.37x
1'938.0
2'445.0
9.84x
8.43x
602.0
1'118.0
26.40x
18.11x
Profitability

LTM-4Q
31.12.2011
15'605.0
1.34x
2'444.0
8.55x
1'161.0
16.70x

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
16'510.0
1.66x
2'782.0
9.84x
1'510.0
17.93x
2'782.00
2'373.00
14.37%
12.47%
8.02%
16.44%
0.86%
46.8%
16.6%
14.0%
9.1%
1.30
0.97
19.98%
41.61%
6.53
5.47

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy
16'043.0
5.53x
2'380.0
10.01x
1'265.0
17.95x

j-13

06/yy
16'615.0
6.99x
2'764.0
11.39x
1'551.0
20.36x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.72
173.62
29.37%
26.18%
0.719
38
3.737
629'695
485'149
534'253
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
16'873.0
17'684.9
4'375.8
4'104.3
1.77x
1.63x
2'894.2
3'091.4
10.71x
10.03x
1'736.0
1'917.7
460.5
445.0
19.19x
17.48x
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

18.05.2011
A
STABLE
18.05.2011
A-1
21.24
18.02
0.05
1.17
41.6%
29.1%
0.86
7.25
55.88
66.75
117.03
1.39

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00
01.01.2010

s-12

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
14'131.0
1.00x
2'048.0
6.87x
1'221.0
8.01x

1.5 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (16.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HEN3 GY EQUITY YTD Change
HEN3 GY EQUITY YTD % CHANGE

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Henkel AG & Co KGaA


Holdings By:

All

Holder Name
BLACKROCK
NORGES BANK
HENKEL KGAA
SUN LIFE FINANCIAL I
DEUTSCHE BANK AG
ALLIANZ ASSET MANAGE
FMR LLC
ARTISAN PARTNERS HOL
VANGUARD GROUP INC
UNION INVESTMENT GMB
DEKA INVESTMENT GMBH
ROYAL BANK OF CANADA
CAISSE DE DEPOT ET P
TIAA CREF INVESTMENT
SCHRODER INVESTMENT
SWEDBANK ROBUR FONDE
OPPENHEIMERFUNDS INC
JP MORGAN
UBS
FRANKFURT TRUST INVE

Firm Name
Societe Generale
Raymond James
Independent Research GmbH
Bankhaus Metzler
Nomura
Main First Bank AG
Exane BNP Paribas
Commerzbank Corporates & Markets
Deutsche Bank
Morgan Stanley
Baader Bank
JPMorgan
Sanford C. Bernstein & Co
HSBC
Macquarie
Bankhaus Lampe
Canaccord Genuity Corp
Equinet Institutional Services(ESN)
S&P Capital IQ
Barclays
Berenberg Bank
Liberum Capital Ltd
Goldman Sachs
Credit Suisse
Day by Day
Hamburger Sparkasse
Kepler Cheuvreux
EVA Dimensions
DZ Bank AG
Redburn Partners
Nord/LB
UBS
Landesbank Baden-Wuerttemberg
M.M. Warburg Investment Research
Jefferies
National Bank AG

Portfolio Name
n/a
Multiple Portfolios
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
n/a
Multiple Portfolios

Analyst
CHAS MANSO DE ZUNIGA
HERMINE DE BENTZMANN
ZAFER RUZGAR
SEBASTIAN FRERICKS
GUILLAUME DELMAS
GAEL COLCOMBET
EAMONN FERRY
ANDREAS RIEMANN
HAROLD THOMPSON
ERIK SJOGREN
CHRISTIAN WEIZ
CELINE PANNUTI
ANDREW WOOD
CEDRIC BESNARD
CHRISTIAN FAITZ
MICHAEL GORNY
EDDY HARGREAVES
NADESHDA DEMIDOVA
CARL SHORT
IAIN SIMPSON
SETH PETERSON
PABLO ZUANIC
ROSIE EDWARDS
NICOLAS SOCHOVSKY
VALERIE GASTALDY
MARCO GUENTHER
MARKUS MAYER
CRAIG STERLING
HERBERT STURM
WILLIAM HOUSTON
JULIA SIEKMANN
EVA QUIROGA
BERND MUELL
JOERG PHILIPP FREY
ALEX HOWSON
STEFFEN MANSKE

Source
ULT-AGG
MF-AGG
n/a
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG

Recommendation
buy
outperform
hold
buy
buy
outperform
neutral
buy
buy
Overwt/In-Line
hold
underweight
outperform
underweight
outperform
hold
buy
sell
hold
overweight
buy
hold
neutral/attractive
underperform
hold
hold
hold
overweight
sell
sell
buy
neutral
buy
hold
hold
buy

Amt Held
5'815'933
5'554'090
4'541'372
3'949'426
3'797'343
3'362'597
2'326'207
2'117'330
1'940'053
1'899'300
1'646'626
1'232'834
1'151'163
1'071'882
1'044'219
1'002'771
996'897
968'526
670'941
614'150

% Out
3.26
3.12
2.55
2.22
2.13
1.89
1.31
1.19
1.09
1.07
0.92
0.69
0.65
0.6
0.59
0.56
0.56
0.54
0.38
0.34

Weighting

Change
5
5
3
5
5
5
3
5
5
5
3
1
5
1
5
3
5
1
3
5
5
3
3
1
3
3
3
5
1
1
5
3
5
3
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
U
M
M
M
M
M
M
M
M
M
M

Latest Chg
11'261
116'857
1'178'176
21'649
22'142
68'444
78'927
(125'430)
(70'411)
49'000
75'847
79'198
49'227
(6'549)
(10'376)
9'040
-

Target Price
87
86
80
85
79
88
75
78
80
83
75
65
85
63
87
73
84
56
81
83
91
#N/A N/A
80
71
#N/A N/A
#N/A N/A
78
#N/A N/A
65
#N/A N/A
83
70
81
78
54
76

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

File Dt
07.08.2013
31.12.2012
05.08.2011
30.06.2013
28.06.2013
30.06.2013
30.06.2013
31.03.2013
30.06.2013
28.03.2013
30.04.2013
28.03.2013
31.12.2012
31.05.2013
30.04.2013
31.03.2013
30.06.2013
30.06.2013
30.04.2013
30.04.2013

Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
3 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
Government
Corporation
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
Unclassified
Investment Advisor

Date
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
25.07.2013
19.07.2013
12.07.2013
10.07.2013
05.07.2013
25.06.2013
13.06.2013
06.06.2013
22.05.2013
13.05.2013
10.05.2013
09.05.2013
08.05.2013
08.05.2013
19.03.2013
19.11.2012

14.08.2013

Hannover Rueckversicherung SE
Hannover Rueckversicherung SE provides reinsurance services. The Company offers
life, health, accident, damage, property, and high risk specialty reinsurance.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.04.2013)
52-Week Low (29.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HNR1 GY EQUITY YTD Change
HNR1 GY EQUITY YTD % CHANGE

12/2012
06/yy
64.85
47.86
2'539.00
57.03
-12.40%
18.71%
52.34%
120.6
6'877.65
2'400.79
0.0
684.5
572.19
9'461.98

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
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
7'343.2
0.57x
(127.0)
-

70

31.12.2009
31.12.2010
10'569.4
11'418.9
0.52x
0.62x
733.7
748.9
5.38x
6.46x
Profitability

LTM-4Q
31.12.2011
12'125.7
0.55x
606.0
7.63x

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
13'759.6
0.70x
858.3
8.28x
10.15%
9.46%
1.52%
15.56%
11.33%
0.26%
6.2%
4.38%
39.64%
-

Price/ Cash Flow

LTM

06/yy
12'723.1
2.19x
0.0
0.00x
792.8
7.11x

06/yy
14'189.4
2.58x
0.0
0.00x
860.8
7.75x

FY+1

.0 M
a-13

0.82
59.98
22.47%
1.16%
0.823
34
3.294
248'791
174'360
235'559
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
14'208.8
14'693.8
0.70x
0.63x
838.3
832.4
165.0
235.0
8.28x
8.28x
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

15.04.2003
AASTABLE
39.6%
26.3%
0.26
-

Sales/Revenue/Turnover

3.50

16'000.0

3.00

14'000.0
12'000.0

2.50

10'000.0
2.00

8'000.0
1.50

6'000.0

1.00

4'000.0

0.50

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Hannover Rueckversicherung SE
Holdings By:

All

Holder Name
TALANX AG
BLACKROCK
DEUTSCHE BANK AG
ALLIANZ ASSET MANAGE
SKAGEN AS
PRINCIPAL FINANCIAL
VANGUARD GROUP INC
DWS INVESTMENT SA
DJE INVESTMENT SA
NORGES BANK
AGF INVESTMENTS INC
JP MORGAN
WS MANAGEMENT LLLP
TAUBE HODSON STONEX
PEAR TREE ADVISORS I
FRANKLIN RESOURCES
CREDIT SUISSE AG
PRUDENTIAL FINANCIAL
BANK OF NOVA SCOTIA
ROYAL BANK OF CANADA

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
ST JAMES'S PLACE GRE
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a

Analyst

Nord/LB
JULIA SIEKMANN
Raymond James
DANNY JACQUES
HSBC
THOMAS FOSSARD
Bankhaus Lampe
ANDREAS SCHAEFER
Hamburger Sparkasse
CHRISTIAN HAMANN
Oddo & Cie
NICOLAS JACOB
Bankhaus Metzler
JOCHEN SCHMITT
DZ Bank AG
THORSTEN WENZEL
Helvea
DANIEL BISCHOF
AlphaValue
DIETER HEIN
Keefe, Bruyette & Woods
WILLIAM HAWKINS
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Independent Research GmbH
STEFAN BONGARDT
Berenberg Bank
TOM CARSTAIRS
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Nomura
MICHAEL KLIEN
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
SRC Research
STEFAN SCHARFF
Exane BNP Paribas
THOMAS JACQUET
EVA Dimensions
DOUG WALTERS
Barclays
ANDREW BROADFIELD
JPMorgan
MICHAEL HUTTNER
Mediobanca SpA
MARC THIELE
Main First Bank AG
MICHAEL HAID
Macquarie
HADLEY COHEN
Credit Suisse
ADAM MCINALLY
Canaccord Genuity Corp
BEN COHEN
Morgan Stanley
MACIEJ WASILEWICZ
Kepler Cheuvreux
FABRIZIO CROCE
Societe Generale
JASON KALAMBOUSSIS
Goldman Sachs
VINIT MALHOTRA
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH

Source
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Short
MF-PART
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG

Recommendation
buy
market perform
overweight
hold
buy
neutral
buy
buy
neutral
add
market perform
hold
hold
buy
sell
reduce
buy
buy
neutral
overweight
equalweight
underweight
neutral
underperform
underperform
outperform
hold
Underwt/In-Line
hold
hold
neutral/neutral
neutral

Amt Held
% Out
60'539'744
50.2
3'622'528
3
3'415'731
2.83
1'118'847
0.93
1'080'519
0.9
786'308
0.65
655'430
0.54
641'010
0.53
630'800
0.52
582'283
0.48
538'060
0.45
495'267
0.41
(434'150) -0.36
373'062
0.31
276'100
0.23
265'358
0.22
238'823
0.2
221'063
0.18
179'840
0.15
145'140
0.12

Weighting

Change
5
3
5
3
5
3
5
5
3
4
3
3
3
5
1
2
5
5
3
5
3
1
3
1
1
5
3
1
3
3
3
3

U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
D
M
D
M
M
M
M
M
M
M
M
M
M

Latest Chg
(20'935)
(21'791)
305'447
28'940
(732)
13'400
79'600
(23'229)
(6'052)
(18'884)
(1'210)
1'071
154'464
(1'522)

Target Price
65
#N/A N/A
72
64
#N/A N/A
55
70
65
57
60
61
63
60
63
60
55
70
67
62
#N/A N/A
61
50
70
65
57
68
62
58
63
58
59
48

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

File Dt
31.12.2012
07.08.2013
28.06.2013
30.06.2013
28.06.2013
30.06.2013
30.06.2013
30.04.2013
31.05.2013
31.12.2012
28.03.2013
30.06.2013
01.11.2012
28.06.2013
30.06.2013
30.04.2013
31.05.2013
30.06.2013
30.04.2013
28.03.2013

Date
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
3 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided

Inst Type
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Bank

Date
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
02.08.2013
22.07.2013
02.07.2013
28.06.2013
12.06.2013
24.05.2013
10.05.2013
09.05.2013
08.05.2013
07.05.2013
07.03.2013
18.01.2013
24.09.2012

14.08.2013

Hochtief AG
Hochtief AG provides construction and construction related services worldwide.
The Company finances, designs, builds, constructs and operates a wide variety
of facilities through its five divisions, Airport, Development, Construction
Services Americas, Construction Services Asia Pacific, and Construction
Services Europe.

Price/Volume
70
60
50
40

Valuation Analysis

30

Latest Fiscal Year:


LTM as of:
52-Week High (30.07.2013)
52-Week Low (06.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HOT GY EQUITY YTD Change
HOT GY EQUITY YTD % CHANGE

12/2012
03/yy
58.53
34.64
3'672.00
57.34
-2.44%
64.84%
97.61%
77.0
4'415.18
4'456.46
0.0
1'603.4
3'143.58
8'537.22

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

10
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
18'703.1
0.19x
622.0
5.79x
156.7
15.81x

20

31.12.2009
31.12.2010
18'166.1
20'159.3
0.28x
0.29x
1'029.1
1'480.3
4.97x
3.92x
191.7
288.0
18.59x
14.74x
Profitability

LTM-4Q
31.12.2011
23'282.2
0.26x
1'674.2
3.55x
(160.3)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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
25'527.7
0.24x
1'477.3
4.16x
158.1
20.43x
1'477.32
527.16
2.07%
2.14%
1.45%
8.89%
8.88%
1.57%
6.4%
2.7%
0.6%
1.35
0.94
26.27%
168.78%
8.45
-

Price/ Cash Flow

1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
a-13

03/yy
23'934.9
1.05x
1'834.1
3.90x
(25.7)
0.00x

LTM
03/yy
25'452.8
1.06x
1'641.2
4.79x
235.8
15.86x

FY+1

1.13
26.99
45.28%
32.28%
1.133
23
3.522
176'662
167'188
206'541
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
25'426.2
26'056.1
6'079.0
5'890.5
0.26x
0.25x
1'642.7
1'714.5
5.20x
4.99x
242.0
281.7
69.4
(9.5)
18.38x
14.98x
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

4.55
0.81
1.52
3.04
168.8%
51.2%
1.57
12.22
43.22
-

Sales/Revenue/Turnover

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0
6.00

10'000.0
4.00

5'000.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Hochtief AG
Holdings By:

All

Holder Name
ACS ACTIVIDADES CONS
QATAR INVESTMENT AUT
SOUTHEASTERN ASSET M
HOCHTIEF AG
BLACKROCK
NORGES BANK
SPARINVEST
LANSDOWNE PARTNERS L
VANGUARD GROUP INC
LONGLEAF MANAGEMENT
ALLIANZ ASSET MANAGE
MACKENZIE FINANCIAL
IG INVESTMENT MANAGE
WITAN INVESTMENT TRU
AGICAM
SANTANDER ASSET MGMT
LITMAN/GREGORY FUND
DEUTSCHE BANK AG
UBS INVEST KAG
LBPAM

Firm Name

Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst

Independent Research GmbH


CHRISTOPH SCHOENDUBE
M.M. Warburg Investment Research FRANK LASER
Bankhaus Lampe
MARC GABRIEL
Commerzbank Corporates & Markets NORBERT KRETLOW
Equinet Institutional Services(ESN)
INGBERT FAUST
HSBC
TOBIAS LOSKAMP
Bankhaus Metzler
STEPHAN BAUER
Societe Generale
VICTOR ACITORES
UBS
GREGOR KUGLITSCH
Landesbank Baden-Wuerttemberg
HANS-PETER KUHLMANN
Natixis
ABDELKADER BENCHIHA
S&P Capital IQ
JAWAHAR HINGORANI
Goldman Sachs
WILL MORGAN
Morgan Stanley
ALEJANDRA PEREDA
Nord/LB
HEINO HAMMANN
Kepler Cheuvreux
BORJA CASTRO PEREZ MANZUCO
Berenberg Bank
CHRIS MOORE
EVA Dimensions
TIMOTHY STANISH
Espirito Santo Investment Bank Research
JUAN CARLOS CALVO
DZ Bank AG
JASKO TERZIC
National Bank AG
EKKEHARD D LINK
Hamburger Sparkasse
INGO SCHMIDT
Main First Bank AG
CHRISTIAN KORTH
Deutsche Bank
MICHAEL KUHN

Source
Research
Co File
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
Short
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
buy
buy
sell
hold
buy
overweight
sell
buy
neutral
hold
buy
buy
Buy/Neutral
Underwt/In-Line
buy
buy
hold
underweight
buy
buy
hold
sell
underperform
restricted

Amt Held
% Out
38'423'000
49.9
7'700'000
10
3'980'943
5.17
3'883'553
5.04
3'045'114
3.95
1'546'134
2.01
690'127
0.9
(385'000)
-0.5
341'277
0.44
325'700
0.42
245'243
0.32
205'628
0.27
145'417
0.19
138'000
0.18
120'000
0.16
105'799
0.14
93'000
0.12
87'178
0.11
76'300
0.1
74'572
0.1

Weighting
5
5
1
3
5
5
1
5
3
3
5
5
5
1
5
5
3
1
5
5
3
1
1
#N/A N/A

Change
M
M
M
M
M
M
D
M
M
M
M
U
M
M
M
M
D
M
M
M
M
M
D
M

Latest Chg
728
(1'061)
(20'000)
7'375
(69)
(41'700)
19'456

Target Price
66
63
55
51
69
67
57
63
50
53
63
57
63
51
58
57
59
#N/A N/A
69
63
47
#N/A N/A
44
#N/A N/A

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

File Dt
Inst Type
31.12.2012
Corporation
31.12.2011
Government
20.04.2012
Investment Advisor
03.07.2013
Corporation
07.08.2013
Investment Advisor
31.12.2012
Government
31.07.2013
Investment Advisor
05.06.2013 Hedge Fund Manager
30.06.2013
Investment Advisor
31.07.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
01.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor

Date
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
12 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
Not Provided
12 month
Not Provided

Date
09.08.2013
08.08.2013
07.08.2013
05.08.2013
01.08.2013
31.07.2013
30.07.2013
19.07.2013
02.07.2013
02.07.2013
01.07.2013
28.06.2013
17.06.2013
14.06.2013
14.06.2013
13.06.2013
06.06.2013
06.06.2013
15.05.2013
13.05.2013
11.04.2013
12.03.2013
01.03.2013
27.09.2010

14.08.2013

Infineon Technologies AG
Infineon Technologies AG designs, manufactures, and markets semiconductors and
related products. The Company's products include microprocessors, memory
components, microcontrollers, integrated circuits, digital and analog sensors,
and fiber optics. Infineon markets its products to the communications,
automotive, industrial, and consumer electronics sectors.

Price/Volume
8

20.0 M

5
4

09/2012
06/yy
7.35
4.87
83'609.00
7.15
-2.67%
47.05%
91.15%
1'080.9
7'728.63
295.00
0.0
0.0
2'235.00
5'896.63

15.0 M

10.0 M

2
5.0 M

1
0
a-12

30.09.2009
30.09.2010
2'184.0
3'295.0
1.66x
1.27x
292.0
687.0
12.43x
6.07x
(626.0)
659.0
17.47x
Profitability

LTM-4Q
30.09.2011
3'997.0
0.91x
1'098.0
3.33x
1'119.0
8.17x

30.09.2012
3'904.0
0.88x
881.0
3.89x
427.0
12.42x

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

881.00
453.00
11.60%
11.04%
4.71%
7.48%
0.67%
36.6%
19.2%
7.0%
10.9%
2.09
1.65
5.00%
8.25%
6.67
4.41

Price/ Cash Flow

06/yy
3'960.0
4.58x
958.0
3.99x
414.0
10.62x

o-12

n-12

d-12

j-13

LTM
06/yy
3'773.0
4.86x
726.0
7.00x
267.0
25.74x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

1.06
1'076.74
23.69%
18.87%
1.056
36
3.944
5'893'395
7'831'836
7'895'081
FY+2

FQ+1

FQ+2

09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
3'829.0
4'191.5
1'052.3
961.0
1.51x
1.33x
5.43x
5.87x
786.7
1'017.2
258.0
217.0
7.49x
5.79x
6.02x
5.90x
252.2
428.2
113.0
90.3
30.43x
17.96x
17.84x
16.48x
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

14.68
-0.15
-2.52
0.42
8.3%
7.6%
0.67
2.37
54.71
82.76
70.46
34.53

Sales/Revenue/Turnover

16.00

9'000.0

14.00

8'000.0

12.00

7'000.0
6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00
02.10.2009

s-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

25.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.07.2013)
52-Week Low (28.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
IFX GY EQUITY YTD Change
IFX GY EQUITY YTD % CHANGE

30.09.2008
3'903.0
0.85x
702.0
4.73x
(2'935.0)
-

30.0 M

0.0
02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Infineon Technologies AG
Holdings By:

All

Holder Name
BLACKROCK
DODGE & COX
CAPITAL GROUP COMPAN
UBS
ODEY ASSET MANAGEMEN
NORGES BANK
VANGUARD GROUP INC
SUSQUEHANNA INTERNAT
T ROWE PRICE ASSOCIA
SCHRODER INVESTMENT
DEKA INVESTMENT GMBH
AQR CAPITAL MANAGEME
ODEY ASSET MANAGEMEN
FRANKLIN RESOURCES
ALLIANZ ASSET MANAGE
NORDEA INV MANAGEMEN
SUN LIFE FINANCIAL I
DEUTSCHE BANK AG
UNION INVESTMENT GMB
COHEN & STEERS INC

Firm Name
AlphaValue
Natixis
Deutsche Bank
Kepler Cheuvreux
Redburn Partners
Societe Generale
Nord/LB
Baader Bank
JPMorgan
Sanford C. Bernstein & Co
M.M. Warburg Investment Research
Main First Bank AG
Exane BNP Paribas
Barclays
Grupo Santander
Commerzbank Corporates & Markets
Morgan Stanley
Independent Research GmbH
Hauck & Aufhaeuser
Bankhaus Lampe
S&P Capital IQ
DZ Bank AG
ABN Amro Bank N.V.
Hamburger Sparkasse
Berenberg Bank
UBS
Jefferies
HSBC
Landesbank Baden-Wuerttemberg
Bankhaus Metzler
Liberum Capital Ltd
National Bank AG
EVA Dimensions
Goldman Sachs
CM - CIC Securities(ESN)

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
n/a
n/a
Multiple Portfolios
n/a

Analyst
LIONEL PELLICER
STEPHANE HOURI
KAI KORSCHELT
BERND LAUX
SUMANT WAHI
PETER KNOX
WOLFGANG DONIE
GUENTHER MICHAEL HOLLFELDER
SANDEEP S DESHPANDE
PIERRE FERRAGU
MALTE SCHAUMANN
JUERGEN WAGNER
JEROME RAMEL
ANDREW M GARDINER
CARLOS JAVIER TREVINO
THOMAS M BECKER
FRANCOIS MEUNIER
MARKUS FRIEBEL
TIM OLIVER WUNDERLICH
KARSTEN ILTGEN
JAMES CRAWSHAW
HARALD SCHNITZER
ROBIN VAN DEN BROEK
MARCO GUENTHER
ADNAAN AHMAD
GARETH JENKINS
LEE SIMPSON
CHRISTIAN DOMINIK RATH
THOMAS HOFMANN
ULRICH TRABERT
JANARDAN MENON
STEFFEN MANSKE
ANDREW S ZAMFOTIS
SIMON F SCHAFER
FRANCOIS GOBRON

Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Research

Recommendation
add
neutral
hold
hold
buy
hold
buy
hold
overweight
outperform
buy
outperform
outperform
overweight
underweight
add
Equalwt/Cautious
hold
hold
sell
sell
buy
buy
hold
hold
buy
buy
neutral
hold
buy
buy
buy
overweight
Buy/Neutral
suspended coverage

Amt Held
% Out
122'852'284 11.37
108'178'569 10.01
99'420'189
9.2
63'961'830
5.92
31'138'315
2.88
26'059'991
2.41
25'698'320
2.38
(19'445'513)
-1.8
10'657'123
0.99
9'022'071
0.83
8'966'202
0.83
(8'537'641) -0.79
8'272'594
0.77
8'188'770
0.76
7'336'069
0.68
6'965'167
0.64
6'957'244
0.64
6'465'576
0.6
5'962'925
0.55
4'184'893
0.39

Weighting
4
3
3
3
5
3
5
3
5
5
5
5
5
5
1
4
3
3
3
1
1
5
5
3
3
5
5
3
3
5
5
5
5
5
#N/A N/A

Change
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
U
M
U
U
M
M
M
M

Latest Chg
3'132'039
(3'575'000)
945'567
(645'621)
1'080'306
2'439'755
3'188'703
(821'888)
216'143
859'047
(3'080'757)
1'408'598
304'890
72'492
(2'365)
(499'000)
-

Target Price
8
8
7
7
#N/A N/A
7
8
7
9
8
7
9
9
9
6
8
6
8
7
6
5
8
8
#N/A N/A
6
8
8
7
7
7
9
8
#N/A N/A
9
#N/A N/A

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

File Dt
Inst Type
07.08.2013
Investment Advisor
30.09.2012
Investment Advisor
30.06.2013
Investment Advisor
15.07.2013
Unclassified
04.04.2012
Investment Advisor
31.12.2012
Government
30.06.2013
Investment Advisor
22.11.2012
Other
30.06.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
12.06.2013 Hedge Fund Manager
31.07.2013 Hedge Fund Manager
28.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor
28.03.2013
Investment Advisor
25.09.2012
Corporation

Date
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
3 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
12 month
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
12 month
Not Provided

Date
08.08.2013
05.08.2013
01.08.2013
01.08.2013
01.08.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
05.06.2013
21.05.2013
03.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
14.03.2013
31.01.2013
15.01.2013
09.01.2013
23.09.2008

14.08.2013

Jenoptik AG
Jenoptik AG is an optoelectronics group that offers optical systems, lasers and
material processing. The Company also provides industrial metrology, Traffic
solutions, and defense & civil systems services.

Price/Volume
12

.5 M
.4 M

10

.4 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.08.2013)
52-Week Low (06.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
JEN GY EQUITY YTD Change
JEN GY EQUITY YTD % CHANGE

12/2012
03/yy
10.45
5.66
4'205.00
10.335
-1.05%
82.69%
96.87%
57.2
591.56
120.99
0.0
0.3
45.92
663.79

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.3 M
.2 M

.2 M
.1 M

2
0
a-12

.1 M
s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
548.3
0.87x
70.5
6.75x
11.8
21.74x

.3 M

31.12.2009
31.12.2010
441.3
478.8
0.81x
0.81x
9.9
56.1
36.09x
6.93x
(37.9)
36.6
33.74x
Profitability

LTM-4Q
31.12.2011
543.3
0.62x
93.1
3.64x
35.3
7.87x

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
585.0
0.85x
84.4
5.90x
50.2
9.23x
84.35
62.10
10.61%
7.08%
7.52%
15.25%
0.87%
34.8%
14.3%
10.6%
8.6%
2.08
0.90
18.07%
36.66%
2.11

Price/ Cash Flow

03/yy
556.5
2.75x
93.1
4.11x
36.3
9.34x

LTM
03/yy
579.3
3.15x
83.1
6.37x
50.1
10.11x

FY+1

.0 M
a-13

0.73
41.15
82.07%
42.80%
0.734
12
3.833
96'832
81'728
104'484
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
607.0
652.0
1.09x
0.95x
76.9
88.3
8.50x
7.40x
35.6
46.6
16.48x
12.87x
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

04.06.2008
NR
5.27
3.74
0.87
1.42
36.7%
26.8%
0.87
4.15
173.27
36.52
183.67

Sales/Revenue/Turnover

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0

6.00

1'000.0
4.00

500.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Jenoptik AG
Holdings By:

All

Holder Name
ECE INDUSTRIEBETEILI
THUERINGER INDUSTRIE
FRANKLIN RESOURCES
ODDO ASSET MANAGEMEN
BT PENSION SCHEME
DIMENSIONAL FUND ADV
NORGES BANK
BARING FUND MANAGERS
ARTEMIS INVESTMENT M
VANGUARD GROUP INC
STATE STREET
DEUTSCHE BANK AG
BLACKROCK
JP MORGAN
SWISSCANTO FONDSLEIT
BAYERNINVEST LUXEMBO
BNY MELLON SERVICE K
ADIG INVESTMENT
ALLIANZ ASSET MANAGE
UNIVERSAL INVESTMENT

Firm Name
M.M. Warburg Investment Research
DZ Bank AG
Commerzbank Corporates & Markets
Baader Bank
Bankhaus Lampe
HSBC
EVA Dimensions
Close Brothers Equity Markets
Independent Research GmbH
Kepler Cheuvreux
Berenberg Bank
Deutsche Bank

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
MALTE SCHAUMANN
DIRK SCHLAMP
DENNIS SCHMITT
PETER ROTHENAICHER
KARSTEN ILTGEN
RICHARD SCHRAMM
ANDREW S ZAMFOTIS
IGOR KIM
ZAFER RUZGAR
ULRICH SCHOLZ
ALI FARID KHWAJA
UWE SCHUPP

Source
Co File
Co File
ULT-AGG
Research
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
buy
buy
hold
buy
hold
neutral
overweight
hold
hold
hold
buy
hold

Amt Held
8'019'058
6'296'191
2'575'308
1'747'653
1'608'393
1'027'844
748'394
657'624
245'000
231'994
189'240
180'000
178'567
102'164
90'000
71'890
64'400
55'921
47'093
38'500

% Out
14.01
11
4.5
3.05
2.81
1.8
1.31
1.15
0.43
0.41
0.33
0.31
0.31
0.18
0.16
0.13
0.11
0.1
0.08
0.07

Weighting

Change
5
5
3
5
3
3
5
3
3
3
5
3

M
M
M
M
N
D
D
D
M
D
M
M

Latest Chg
16'270
(5'000)
18'977
1'530
2'622
(25'814)
951
(14'900)

Target Price
12
11
8
12
10
11
#N/A N/A
10
10
9
9
8

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

File Dt
Inst Type
28.02.2013
Corporation
28.02.2013
Other
31.07.2013
Investment Advisor
24.01.2013
Investment Advisor
16.01.2012 Pension Fund (ERISA)
30.04.2013
Investment Advisor
31.12.2012
Government
30.04.2013
Investment Advisor
31.12.2012
Investment Advisor
30.06.2013
Investment Advisor
08.08.2013
Investment Advisor
30.04.2013
Investment Advisor
07.08.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.07.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor

Date
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month

Date
08.08.2013
02.08.2013
26.07.2013
22.07.2013
04.07.2013
21.06.2013
21.06.2013
11.06.2013
14.05.2013
29.01.2013
18.01.2013
27.11.2012

14.08.2013

Kontron AG
Kontron AG develops, produces and markets embedded computer boards. The Company
provides its products to original equipment manufacturers, systems integrators,
and other end-users in high-tech industries such as telecommunications,
industrial automation, mobile computing, and the Internet.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (14.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
KBC GY EQUITY YTD Change
KBC GY EQUITY YTD % CHANGE

12/2012
06/yy
4.78
3.11
4'821.00
3.881
-18.81%
24.63%
46.10%
55.7
216.11
14.53
0.0
3.3
27.53
219.63

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
s-12

o-12

n-12

d-12

j-13

f-13

m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
496.7
0.68x
57.5
5.86x
33.8
10.85x

5
5
4
4
3
3
2
2
1
1
0
a-12

31.12.2009
31.12.2010
468.9
509.5
0.83x
0.86x
42.3
46.1
9.22x
9.50x
21.6
(13.5)
19.44x
Profitability

LTM-4Q
31.12.2011
589.6
0.48x
55.3
5.17x
21.9
12.98x

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
547.0
0.40x
11.6
18.94x
(32.8)
11.56
-32.26
-5.90%
-6.31%
-8.71%
-14.00%
1.11%
26.2%
0.2%
-8.1%
-6.0%
1.95
1.03
3.16%
5.13%
4.46
3.67

Price/ Cash Flow

06/yy
584.0
2.05x
44.8
5.85x
14.5
18.70x

LTM
06/yy
539.1
1.54x
0.8
238.56x
(42.3)
0.00x

FY+1

.0 M
a-13

0.75
37.36
1.74%
-4.71%
0.746
13
2.769
146'920
112'055
103'499
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
545.3
577.3
0.38x
0.37x
16.2
32.6
13.35x
6.63x
(9.9)
6.8
24.72x
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

8.02
3.23
0.56
21.64
5.1%
4.8%
1.11
24.95
81.80
99.35
93.46
92.69

Sales/Revenue/Turnover

80.00

700.0

70.00

600.0

60.00

500.0

50.00

400.0

40.00

300.0

30.00

200.0

20.00

100.0

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Kontron AG
Holdings By:

All

Holder Name
WARBURG PINCUS LLC
TRITON III HOLDING
SEB
FMR LLC
ALKEN FUND SICAV
NORGES BANK
DIMENSIONAL FUND ADV
ING ASSET MANAGEMENT
NMAS1 ASSET MANAGEME
ADIG INVESTMENT
BNY MELLON SERVICE K
BLACKROCK
GEHRMANN ULRICH
VANGUARD GROUP INC
INVESCO LTD
BANKINVEST ASSET MAN
NEVIN HUGH
DEUTSCHE BANK AG
STATE STREET
ING INVESTMENT MANAG

Firm Name
Independent Research GmbH
Hauck & Aufhaeuser
M.M. Warburg Investment Research
DZ Bank AG
Commerzbank Corporates & Markets
Berenberg Bank
Kepler Cheuvreux
Equinet Institutional Services(ESN)
Deutsche Bank
Bankhaus Metzler
Landesbank Baden-Wuerttemberg
Close Brothers Equity Markets
EVA Dimensions
Hamburger Sparkasse

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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios

Analyst
MARKUS FRIEBEL
TIM OLIVER WUNDERLICH
MALTE SCHAUMANN
MARKUS TURNWALD
YASMIN MOSCHITZ
ALI FARID KHWAJA
BERND LAUX
ADRIAN PEHL
UWE SCHUPP
ULRICH TRABERT
THOMAS HOFMANN
VEYSEL TAZE
ANDREW S ZAMFOTIS
MARCO GUENTHER

Source
Co File
Research
ULT-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG

Recommendation
hold
sell
hold
sell
hold
hold
buy
accumulate
hold
sell
hold
sell
overweight
buy

Amt Held
10'579'770
7'166'500
3'337'400
1'596'713
1'591'133
1'387'734
888'767
750'000
690'369
562'500
384'281
346'978
280'000
261'838
236'813
200'000
189'366
100'000
90'934
82'291

% Out
19
12.87
5.99
2.87
2.86
2.49
1.6
1.35
1.24
1.01
0.69
0.62
0.5
0.47
0.43
0.36
0.34
0.18
0.16
0.15

Weighting

Change
3
1
3
1
3
3
5
4
3
1
3
1
5
5

U
M
M
M
M
M
M
U
M
M
M
N
M
M

Latest Chg
90'473
3'821
12'678
30'033
-

Target Price
4
3
4
3
4
4
7
5
4
3
4
4
#N/A N/A
#N/A N/A

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

File Dt
31.12.2012
20.03.2013
05.06.2012
16.04.2012
24.02.2012
31.12.2012
30.04.2013
28.03.2013
31.07.2012
30.04.2013
31.07.2013
07.08.2013
31.12.2012
30.06.2013
08.08.2013
31.07.2013
31.12.2012
30.04.2013
08.08.2013
30.06.2013

Date
12 month
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Private Equity
Other
Unclassified
Investment Advisor
n/a
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor

Date
26.07.2013
25.07.2013
25.07.2013
25.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
22.07.2013
10.07.2013
09.07.2013
10.04.2013
17.01.2013
30.04.2012

14.08.2013

Kloeckner & Co SE
Kloeckner & Co SE distributes a wide range of steel and metal products.

Price/Volume
14

6.0 M

12

5.0 M

10

4.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.03.2013)
52-Week Low (29.10.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
KCO GY EQUITY YTD Change
KCO GY EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2.0 M

1.0 M

2
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
6'749.6
0.17x
596.3
1.93x
398.3
1.44x

3.0 M

12/2012
06/yy
11.98
6.93
42'142.00
10.785
-10.10%
55.52%
73.89%
99.8
1'075.80
1'024.05
0.0
23.0
610.22
1'575.43

31.12.2009
31.12.2010
3'860.5
5'198.2
0.27x
0.30x
(76.3)
233.4
6.59x
(188.5)
77.5
17.95x
Profitability

LTM-4Q
31.12.2011
7'095.4
0.21x
199.9
7.38x
11.6
70.86x

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
7'388.0
0.18x
60.1
22.16x
(194.9)
60.08
-104.43
-1.41%
-2.42%
-3.77%
-10.19%
1.54%
17.6%
0.8%
-1.2%
-2.6%
2.79
1.40
26.22%
63.54%
6.44
-

Price/ Cash Flow

06/yy
7'532.2
0.81x
110.2
12.67x
(87.4)
0.00x

LTM
06/yy
6'801.7
0.82x
54.2
24.28x
(166.5)
0.00x

FY+1

.0 M
a-13

1.16
91.95
46.11%
20.09%
1.162
31
3.484
991'303
568'766
594'532
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
6'758.2
7'055.1
1'712.4
1'742.8
0.23x
0.22x
0.98x
0.88x
134.9
210.7
37.9
41.3
11.63x
7.44x
(34.2)
32.1
(3.9)
2.2
34.24x
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

27.03.2013
B+
NEG
0.67
0.04
8.82
19.34
63.5%
38.5%
1.54
11.18
56.70
78.61

Sales/Revenue/Turnover

14.00

8'000.0

12.00

7'000.0
6'000.0

10.00

5'000.0
8.00

4'000.0
6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Kloeckner & Co SE
Holdings By:

All

Holder Name
INTERFER HOLDING
ALLIANZ ASSET MANAGE
FRANKLIN RESOURCES
DIMENSIONAL FUND ADV
ADIG INVESTMENT
UBS
NORGES BANK
OXFORD ASSET MANAGEM
FEDERATED INVESTORS
DEKA INVESTMENT GMBH
UNION INVESTMENT GMB
BLACKROCK
DEUTSCHE BANK AG
AQR CAPITAL MANAGEME
VANGUARD GROUP INC
SAEMOR CAPITAL BV
HIGHBRIDGE CAPITAL M
MILLENNIUM PARTNERS
CARMIGNAC GESTION
LRI-FUND MANAGEMENT

Firm Name
Nord/LB
Commerzbank Corporates & Markets
Jefferies
Macquarie
Bankhaus Lampe
Bankhaus Metzler
Berenberg Bank
Main First Bank AG
Exane BNP Paribas
Deutsche Bank
Morgan Stanley
BHF-Bank
Baader Bank
Landesbank Baden-Wuerttemberg
Independent Research GmbH
M.M. Warburg Investment Research
Close Brothers Equity Markets
Kepler Cheuvreux
Steubing AG
Credit Suisse
Nomura
Goldman Sachs
DZ Bank AG
EVA Dimensions
Montega
UBS
National Bank AG
HSBC
JPMorgan

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
HOLGER FECHNER
INGO-MARTIN SCHACHEL
SETH ROSENFELD
DANIEL LURCH
MARC GABRIEL
LARS HETTCHE
BJOERN LIPPE
ALEXANDER HAUENSTEIN
ROMY KRUGER
MATTHIAS PFEIFENBERGER
ALEXANDER HAISSL
HERMANN REITH
CHRISTIAN OBST
JENS MUENSTERMANN
SVEN DIERMEIER
BJOERN VOSS
RALF MARINONI
ROCHUS BRAUNEISER
MICHAEL BROEKER
MICHAEL SHILLAKER
NEIL SAMPAT
STEPHEN BENSON
DIRK SCHLAMP
TIMOTHY STANISH
WAIS SAMADZADA
CARSTEN RIEK
MANFRED JAISFELD
JUERGEN SIEBRECHT
BENJAMIN DEFAY

Source
Research
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Short
MF-AGG
Short
Short
Short
MF-AGG
MF-AGG

Recommendation
buy
hold
underperform
outperform
hold
buy
hold
outperform
neutral
hold
Underwt/Cautious
overweight
buy
buy
hold
buy
buy
buy
hold
outperform
reduce
Sell/Neutral
hold
underweight
hold
sell
buy
overweight
overweight

Amt Held
% Out
7'800'000
7.82
3'918'755
3.93
3'185'285
3.19
2'669'753
2.68
2'510'068
2.52
2'388'999
2.39
1'318'689
1.32
(987'525) -0.99
977'668
0.98
976'403
0.98
959'500
0.96
646'701
0.65
610'000
0.61
(578'550) -0.58
513'931
0.52
(498'750)
-0.5
(488'775) -0.49
(458'850) -0.46
457'329
0.46
355'000
0.36

Weighting

Change
5
3
1
5
3
5
3
5
3
3
1
5
5
5
3
5
5
5
3
5
2
1
3
1
3
1
5
5
5

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
M
M

Latest Chg
30'610
4'434
(85)
99'750
(512'408)
400'000
11'279
48'350
29'925
29'405
(49'875)
189'525
39'900
141'937
2'500

Target Price
13
9
7
11
11
12
9
13
9
9
8
11
12
12
10
12
13
12
11
13
7
7
9
#N/A N/A
10
7
12
13
10

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

File Dt
Inst Type
18.02.2013
n/a
30.04.2013
Investment Advisor
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Unclassified
31.12.2012
Government
06.08.2013 Hedge Fund Manager
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
07.08.2013
Investment Advisor
28.06.2013
Investment Advisor
06.08.2013 Hedge Fund Manager
30.06.2013
Investment Advisor
18.07.2013
Investment Advisor
14.03.2013 Hedge Fund Manager
25.10.2012
Investment Advisor
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor

Date
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
3 month

Date
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
06.08.2013
05.08.2013
22.07.2013
04.07.2013
06.06.2013
31.05.2013
21.05.2013
10.05.2013
07.03.2013
08.11.2012

14.08.2013

Kabel Deutschland Holding AG


Kabel Deutschland Holding AG, through its subsidiary, is a cable operator. The
Company offers its customers analog and digital TV, broadband Internet and
fixed line phone services via cable as well mobile services in cooperation with
an industry partner.

Price/Volume
90

2.5 M

80
2.0 M

70
60

1.5 M

50
40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.06.2013)
52-Week Low (14.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 24.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
KD8 GY EQUITY YTD Change
KD8 GY EQUITY YTD % CHANGE

03/2013
03/yy
86.31
50.00
4'577.00
85.25
-1.23%
70.50%
96.81%
88.5
7'546.58
3'423.25
0.0
0.0
609.55
10'360.31

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20

31.03.2010
31.03.2011
1'501.6
1'598.9
3.15x
3.80x
651.5
697.1
7.26x
8.71x
(40.1)
(45.3)
Profitability

0
a-12

s-12

LTM-4Q
31.03.2012
1'699.7
4.01x
768.8
8.87x
159.4
25.98x

31.03.2013
1'829.9
5.01x
786.9
11.66x
246.8
25.75x

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

786.89
425.96
23.28%
12.33%
9.84%
0.73%
54.3%
43.0%
23.3%
13.5%
1.11
1.00
119.76%
16.63
20.04

Price/ Cash Flow

03/yy
1'699.7
15.52x
768.8
8.87x
159.4
25.98x

o-12

n-12

d-12

j-13

LTM
03/yy
1'829.9
17.53x
786.9
11.66x
246.8
25.75x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.46
74.56
68.61%
50.70%
0.460
25
2.960
202'586
485'100
472'916
FY+2

FQ+1

FQ+2

03/14 Y
03/15 Y
09/13 Q2 12/13 Q3
1'968.2
2'117.7
479.0
493.0
5.33x
5.02x
942.1
1'039.2
224.0
247.0
10.99x
9.96x
262.4
303.7
63.9
70.5
29.07x
24.80x
25.60x
24.64x
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

02.08.2013
BB *+
3.82
2.01
3.58
4.35
175.3%
0.73
1.46
21.94
18.21
128.03
-87.87

Sales/Revenue/Turnover

16.00

2'000.0

14.00

1'800.0
1'600.0

12.00

1'400.0

10.00

1'200.0

8.00

1'000.0
800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00
02.04.2010

.5 M

10

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


31.03.2009
1'370.3
539.3
(145.2)
-

1.0 M

30

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

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

14.08.2013

Kabel Deutschland Holding AG


Holdings By:

All

Holder Name
BLACKROCK
NORGES BANK
MERRILL LYNCH INTERN
THREADNEEDLE ASSET M
VODAFONE GROUP PLC
ZIEGLER CARLENE MURP
SCOUT CAPITAL MANAGE
FMR LLC
ARTISAN PARTNERS HOL
STANDARD LIFE INVEST
SARASIN
THREADNEEDLE INVESTM
VANGUARD GROUP INC
ROYAL BANK OF CANADA
ALLIANZ ASSET MANAGE
SCHRODER INVESTMENT
JP MORGAN
MORGAN STANLEY
DB PLATINUM ADVISORS
DEUTSCHE BANK AG

Firm Name

Portfolio Name
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a

Analyst

M.M. Warburg Investment Research MALTE RAETHER


Main First Bank AG
STEPHAN VOLLERT
Pivotal Research Group LLC
JEFFREY WLODARCZAK
Bankhaus Lampe
WOLFGANG SPECHT
Commerzbank Corporates & Markets HEIKE PAULS
Sanford C. Bernstein & Co
ROBIN BIENENSTOCK
Macquarie
ALEX GRANT
Landesbank Baden-Wuerttemberg
STEFAN BORSCHEID
Jefferies
ULRICH RATHE
Exane BNP Paribas
MICHAEL WILLIAMS
HSBC
DOMINIK KLARMANN
Deutsche Bank
DAVID A WRIGHT
Barclays
JONATHAN DANN
Hauck & Aufhaeuser
SASCHA BERRESCH
Espirito Santo Investment Bank Research
ANDREW HOGLEY
Nord/LB
HOLGER FECHNER
Bankhaus Metzler
ULRICH TRABERT
Equita SIM SpA
GIANMARCO BONACINA
UBS
POLO TANG
Berenberg Bank
STUART GORDON
Makor Capital
ALBERT SAPORTA
Morgan Stanley
SAROOP PUREWAL
Goldman Sachs
TIMOTHY BODDY
New Street Research
FRANK KNOWLES
Grupo Santander
JOHN DAVIES
Credit Suisse
JUSTIN FUNNELL
JPMorgan
HANNES C WITTIG
Nomura
HENRIK NYBLOM
EVA Dimensions
CRAIG STERLING

Source
ULT-AGG
Research
Research
Research
Research
Research
Co File
ULT-AGG
Research
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG

Recommendation
hold
outperform
sell
hold
reduce
market perform
neutral
hold
hold
outperform
neutral
restricted
overweight
hold
neutral
accept the offer
sell
hold
restricted
hold
buy
restricted
not rated
neutral
underweight
neutral
overweight
neutral
underweight

Amt Held
8'842'000
5'380'151
4'496'129
4'414'893
3'033'861
2'823'982
2'725'000
2'682'192
2'674'142
2'668'411
1'058'451
994'650
967'639
926'799
729'494
678'616
575'346
562'895
550'684
516'804

% Out
9.99
6.08
5.08
4.99
3.43
3.19
3.08
3.03
3.02
3.01
1.2
1.12
1.09
1.05
0.82
0.77
0.65
0.64
0.62
0.58

Weighting

Change

3
5
1
3
2
3
3
3
3
5
3
#N/A N/A
5
3
3
#N/A N/A
1
3
#N/A N/A
3
5
#N/A N/A
#N/A N/A
3
1
3
5
3
1

M
M
M
M
M
M
D
M
M
M
D
M
M
M
D
M
M
D
M
M
N
M
M
M
M
M
M
M
M

Latest Chg
(37'138)
(3'409)
138'517
56'590
1'700
5'036
15'704
41'483
537'005
(10'454)

Target Price
65
87
87
85
87
87
87
87
82
90
87
#N/A N/A
87
90
87
87
62
87
#N/A N/A
85
93
#N/A N/A
#N/A N/A
56
65
70
70
54
#N/A N/A

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

File Dt
Inst Type
07.08.2013
Investment Advisor
27.09.2012
Government
26.07.2013
Bank
18.06.2013
Investment Advisor
19.07.2013
Corporation
10.01.2013
n/a
31.03.2012 Hedge Fund Manager
31.03.2012
Investment Advisor
18.06.2013
Investment Advisor
14.06.2013
Investment Advisor
30.04.2013
Unclassified
28.02.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Bank
30.06.2013
Investment Advisor
31.01.2013
Investment Advisor
30.06.2013
Investment Advisor
21.02.2013
Investment Advisor
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor

Date
12 month
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided

Date
08.08.2013
08.08.2013
08.08.2013
05.08.2013
01.08.2013
29.07.2013
22.07.2013
19.07.2013
15.07.2013
15.07.2013
12.07.2013
09.07.2013
09.07.2013
03.07.2013
26.06.2013
25.06.2013
25.06.2013
24.06.2013
18.06.2013
18.06.2013
18.06.2013
13.06.2013
12.06.2013
11.06.2013
17.05.2013
01.05.2013
22.02.2013
20.02.2013
17.01.2013

14.08.2013

Krones AG
Krones AG designs and manufactures production machinery and packaging robots for
breweries, soft drink and water bottlers, chemical manufacturers, and food
processors. The Company produces cleaning, filling, labeling, sorting, and
packaging production systems for the handling of plastic and glass containers.
Krones operates worldwide.

Price/Volume
70

.4 M

60

.4 M
.3 M

50

.3 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.08.2013)
52-Week Low (29.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
KRN GY EQUITY YTD Change
KRN GY EQUITY YTD % CHANGE

12/2012
06/yy
66.60
37.56
933.00
65.5
-1.65%
74.41%
96.21%
31.6
2'069.35
17.06
0.0
0.0
132.92
1'955.45

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.2 M

20

.1 M

10

.1 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
2'381.4
0.39x
224.7
4.09x
107.0
9.17x

.2 M

30

31.12.2009
31.12.2010
1'864.9
2'173.3
0.53x
0.62x
46.4
139.1
21.44x
9.72x
(34.7)
50.8
27.95x
Profitability

LTM-4Q
31.12.2011
2'480.3
0.43x
138.3
7.79x
43.7
25.36x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
2'664.2
0.51x
179.7
7.62x
67.0
21.17x
179.70
103.02
3.87%
3.68%
3.78%
9.25%
1.33%
7.1%
4.3%
2.5%
1.34
0.64
0.82%
2.04%
4.73
-

Price/ Cash Flow

06/yy
2'512.5
1.87x
135.7
9.29x
38.9
30.85x

LTM
06/yy
2'752.0
2.15x
195.8
8.21x
78.4
21.29x

FY+1

.0 M
a-13

0.82
14.82
69.70%
41.23%
0.825
22
4.227
39'581
51'147
48'761
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'787.4
2'934.0
645.0
748.0
0.68x
0.64x
2.42x
240.3
267.1
53.0
71.7
8.09x
7.27x
115.7
132.2
24.5
35.2
17.51x
15.38x
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

51.82
31.13
-0.58
0.08
2.0%
2.0%
1.33
6.15
77.12
-

Sales/Revenue/Turnover

90.00

3'000.0

80.00

2'500.0

70.00

2'000.0

60.00
50.00

1'500.0

40.00

1'000.0

30.00
20.00

500.0

10.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Krones AG
Holdings By:

All

Holder Name
KRONSEDER FAMILY
TWEEDY BROWNE COMPAN
ALLIANZ GLOBAL INVES
ODDO ASSET MANAGEMEN
NORGES BANK
FINANCIERE DE L'ECHI
SARASIN
ALLIANZ ASSET MANAGE
ADIG INVESTMENT
BLACKROCK
DEUTSCHE BANK AG
CALAMOS ADVISORS LLC
KEMPEN CAPITAL MANAG
VANGUARD GROUP INC
PICTET FUNDS
DIMENSIONAL FUND ADV
UNION INVESTMENT GMB
SKANDIA INVESTMENT M
UNIVERSAL INVESTMENT
DEKA INVESTMENT GMBH

Firm Name
Baader Bank
Independent Research GmbH
Nord/LB
Goldman Sachs
Landesbank Baden-Wuerttemberg
Hauck & Aufhaeuser
M.M. Warburg Investment Research
Kepler Cheuvreux
DZ Bank AG
Commerzbank Corporates & Markets
Deutsche Bank
UBS
Bankhaus Lampe
Bankhaus Metzler
Equinet Institutional Services(ESN)
S&P Capital IQ
Montega
EVA Dimensions
HSBC
Berenberg Bank
BHF-Bank
Steubing AG
Hamburger Sparkasse

Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
FINANCIERE DE L'ECHI
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
PETER ROTHENAICHER
LARS LUSEBRINK
HEINO HAMMANN
BENJAMIN MOORE
HARALD REHMET
TORBEN TEICHLER
EGGERT KULS
STEFAN AUGUSTIN
MARKUS TURNWALD
YASMIN MOSCHITZ
FELICITAS VON BISMARCK
SVEN WEIER
GORDON SCHOENELL
STEPHAN BAUER
HOLGER SCHMIDT
UNAI FRANCO
THOMAS RAU
TIMOTHY STANISH
RICHARD SCHRAMM
FREDERIK BITTER
HERMANN REITH
MICHAEL BROEKER
INGO SCHMIDT

Source
Co File
MF-AGG
Research
MF-AGG
MF-AGG
MF-PART
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
buy
buy
neutral/neutral
hold
buy
buy
buy
buy
buy
buy
neutral
sell
buy
accumulate
buy
hold
overweight
neutral
hold
overweight
buy
sell

Amt Held
16'772'777
969'077
960'013
470'732
384'684
257'222
216'297
206'490
189'831
178'523
112'565
84'000
77'133
71'938
68'962
65'166
50'000
45'277
44'085
41'800

% Out
53.09
3.07
3.04
1.49
1.22
0.81
0.68
0.65
0.6
0.57
0.36
0.27
0.24
0.23
0.22
0.21
0.16
0.14
0.14
0.13

Weighting

Change
5
5
5
3
3
5
5
5
5
5
5
3
1
5
4
5
3
5
3
3
5
5
1

M
U
U
M
D
U
M
M
M
M
M
M
M
M
U
U
M
M
M
M
M
M
M

Latest Chg
(10'000)
32'669
189'831
62
48'179
3'045
(2'410)
50'000
(848)
-

Target Price
73
74
70
64
63
71
68
67
66
71
68
62
52
66
71
72
60
#N/A N/A
55
57
52
68
#N/A N/A

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

File Dt
31.03.2013
31.03.2012
29.04.2013
30.09.2012
31.12.2012
28.06.2013
28.02.2013
30.04.2013
30.04.2013
07.08.2013
28.06.2013
31.05.2013
31.03.2013
30.06.2013
30.04.2013
30.04.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013

Date
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided

Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Government
Unclassified
Unclassified
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

Date
09.08.2013
29.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
06.06.2013
05.06.2013
01.05.2013
26.11.2012
18.05.2011
27.04.2010

14.08.2013

KUKA AG
KUKA AG manufactures production machinery and equipment, and offers production
engineering services. The Company designs and builds automobile factories, and
produces welding and assembly systems, industrial robots, turning machines,
packaging machinery, and measuring and control instruments for water and gas
suppliers. KUKA operates in Europe, the Americas, and Asia.

Price/Volume
40

.8 M

25

12/2012
06/yy
38.50
19.62
1'866.00
34.42
-10.60%
75.48%
78.32%
33.9
1'167.37
201.50
0.0
1.4
244.30
1'092.17

.6 M

15

.4 M

10
.2 M

5
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.0 M

30
20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.05.2013)
52-Week Low (22.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
KU2 GY EQUITY YTD Change
KU2 GY EQUITY YTD % CHANGE

31.12.2008
1'266.1
0.30x
78.0
4.81x
30.5
10.74x

1.2 M

35

31.12.2009
31.12.2010
902.1
1'078.6
0.43x
0.56x
(29.8)
39.8
15.13x
(75.7)
(8.6)
Profitability

LTM-4Q
31.12.2011
1'435.6
0.36x
90.3
5.69x
29.8
15.88x

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
1'739.2
0.52x
131.2
6.84x
55.6
16.87x
131.20
102.50
5.89%
5.16%
4.69%
18.75%
14.09%
1.48%
22.2%
7.9%
6.1%
3.2%
1.60
0.74
17.72%
68.05%
9.97
6.58

Price/ Cash Flow

06/yy
1'588.2
1.44x
111.2
5.83x
44.2
13.65x

LTM
06/yy
1'796.7
2.14x
141.3
7.26x
57.0
19.20x

FY+1

.0 M
a-13

0.93
22.41
73.13%
25.14%
0.930
22
3.045
163'602
122'100
136'651
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'855.1
1'937.9
494.5
488.5
0.61x
0.57x
2.17x
2.17x
151.9
165.6
42.8
45.5
7.19x
6.60x
6.19x
6.12x
64.9
73.1
20.5
20.3
17.82x
15.67x
13.69x
13.29x
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

31.07.2013
BBSTABLE
5.86
4.69
-0.54
1.64
68.1%
40.4%
1.48
18.76
36.63
55.49
54.71
45.01

Sales/Revenue/Turnover

80.00

2'500.0

70.00

2'000.0

60.00
50.00

1'500.0

40.00

1'000.0

30.00
20.00

500.0

10.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

KUKA AG
Holdings By:

All

Holder Name
GRENZEBACH GROUP
BLACKROCK
OPPENHEIMER ASSET MA
AXA SA
FRANKLIN RESOURCES
ALLIANZ GLOBAL INVES
WYSER-PRATTE GUY PAT
NORGES BANK
RINVEST AG
DEUTSCHE BANK AG
ADIG INVESTMENT
MYRIAD OPP MASTER FU
JP MORGAN
CITADEL EUROPE LLP
SWEDBANK ROBUR FONDE
WASATCH ADVISORS INC
VANGUARD GROUP INC
HIGHBRIDGE CAPITAL M
PRINCIPAL FINANCIAL
B & G FUND PLC

Firm Name
Independent Research GmbH
Commerzbank Corporates & Markets
Morgan Stanley
Bankhaus Metzler
Deutsche Bank
Baader Bank
Macquarie
Landesbank Baden-Wuerttemberg
Bankhaus Lampe
Equinet Institutional Services(ESN)
Montega
DZ Bank AG
Canaccord Genuity Corp
EVA Dimensions
UBS
Nord/LB
HSBC
M.M. Warburg Investment Research
Berenberg Bank
Goldman Sachs
Kepler Cheuvreux
BHF-Bank

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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a

Analyst
SVEN DIERMEIER
STEPHAN BOEHM
LUCIE CARRIER
STEPHAN BAUER
TIM ROKOSSA
PETER ROTHENAICHER
CHRISTIAN BREITSPRECHER
HARALD REHMET
GORDON SCHOENELL
HOLGER SCHMIDT
THOMAS RAU
JASKO TERZIC
ANDREW BELL
TIMOTHY STANISH
SEBASTIAN UBERT
FRANK SCHWOPE
RICHARD SCHRAMM
CHRISTIAN COHRS
BENJAMIN GLAESER
BENJAMIN MOORE
STEFAN AUGUSTIN
HERMANN REITH

Source
Co File
ULT-AGG
Co File
Co File
ULT-AGG
Research
Research
MF-AGG
Research
ULT-AGG
MF-AGG
Short
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
Short

Recommendation
hold
buy
Equalwt/Cautious
buy
hold
hold
neutral
sell
hold
accumulate
hold
sell
buy
buy
buy
sell
underweight
sell
hold
neutral/neutral
hold
market weight

Amt Held
% Out
8'275'358
24.4
1'891'132
5.58
1'763'601
5.2
1'088'684
3.21
1'017'462
3
1'010'100
2.98
862'758
2.54
808'425
2.38
600'000
1.77
576'306
1.7
360'082
1.06
(349'329) -1.03
186'144
0.55
(179'752) -0.53
175'000
0.52
170'400
0.5
169'193
0.5
(166'185) -0.49
165'954
0.49
(152'619) -0.45

Weighting

Change
3
5
3
5
3
3
3
1
3
4
3
1
5
5
5
1
1
1
3
3
3
3

M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
D
M
D

Latest Chg
433'508
(23'694)
(40'699)
17'907
170'400
27'495
27'133
119'554
33'916

Target Price
37
40
37
39
33
37
33
28
36
38
36
27
38
#N/A N/A
41
31
30
31
33
38
34
33

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

File Dt
Inst Type
08.02.2013
Corporation
07.08.2013
Investment Advisor
08.02.2013 Hedge Fund Manager
08.02.2013
Investment Advisor
28.06.2013
Investment Advisor
13.08.2012
Investment Advisor
23.05.2013
n/a
31.12.2012
Government
01.09.2011
Other
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
02.08.2013
Investment Advisor
31.03.2013
Investment Advisor
26.07.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.06.2013
Investment Advisor
22.04.2013 Hedge Fund Manager
30.06.2013
Investment Advisor
24.06.2013
Unclassified

Date
12 month
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month

Date
09.08.2013
08.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
17.07.2013
08.07.2013
21.06.2013
24.05.2013
22.05.2013
10.05.2013
10.05.2013
01.05.2013
03.04.2013
27.03.2013
05.02.2013

14.08.2013

LEG Immobilien AG
LEG Immobilien GmbH owns and operates apartments in North Rhine Westphalia,
Germany.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (31.07.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LEG GY EQUITY YTD Change
LEG GY EQUITY YTD % CHANGE

12/2012
03/yy
46.19
37.67
149.00
40.635
-12.02%
7.89%
39.07%
53.0
2'152.17
2'499.70
0.0
24.9
133.10
4'545.67

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
-

9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
m-13

a-13

m-13

j-13

j-13

a-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

50
45
40
35
30
25
20
15
10
5
0
f-13

Profitability

31.12.2010
503.8
142.8
24.2
-

LTM-4Q
31.12.2011
515.1
160.4
(11.5)
-

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
517.7
189.2
94.4
189.20
184.20
-2.09%
22.12%
1.85%
4.93%
2.48%
0.10%
36.5%
18.2%
47.72%
121.31%
-

Price/ Cash Flow

03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

LTM
03/yy
134.0
34.38x
47.6
0.00x
11.0
0.00x

FY+1

1.01
42.95
13
4.154
45'324
63'396
96'202
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
495.0
521.3
130.0
132.0
9.54x
9.29x
227.6
246.2
20.03x
18.52x
141.4
161.5
15.18x
13.18x
14.62x
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

0.97
0.49
12.51
13.21
121.3%
54.5%
0.10
-

Sales/Revenue/Turnover

9.00

600.0

8.00

500.0

7.00

400.0

6.00
5.00

300.0

4.00

200.0

3.00
2.00

100.0

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

LEG Immobilien AG
Holdings By:

All

Holder Name
WHITEHALL STREET FUN
CBRE GROUP INC
FMR LLC
RUFFER LLP
BLACKROCK
ING INVESTMENT MANAG
PETERCAM SA
UNION INVESTMENT GMB
MORGAN STANLEY
BNP PARIBAS INV PART
BANK OF NEW YORK MEL
GENERALI ASSET MANAG
INVESCO LTD
DEUTSCHE BANK AG
GENERALI INVESTMENTS
ALLIANCE BERNSTEIN
PRUDENTIAL FINANCIAL
PRINCIPAL FINANCIAL
SUN LIFE FINANCIAL I
CAZENOVE UNIT TRUST

Firm Name
Bankhaus Metzler
Bankhaus Lampe
M.M. Warburg Investment Research
Commerzbank Corporates & Markets
Deutsche Bank
Kepler Cheuvreux
Nord/LB
JPMorgan
Berenberg Bank
Goldman Sachs
Morgan Stanley
Kempen & Co
Erste Group

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios

Analyst
JOCHEN SCHMITT
GEORG KANDERS
TORSTEN KLINGNER
THOMAS ROTHAEUSLER
MARKUS SCHEUFLER
THOMAS NEUHOLD
MICHAEL SEUFERT
NEIL GREEN
KAI MALTE KLOSE
JULIAN LIVINGSTON-BOOTH
BIANCA RIEMER
THOMAS VAN DER MEIJ
GUENTHER ARTNER

Source
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG

Recommendation
sell
buy
buy
add
buy
buy
hold
neutral
buy
Buy/Neutral
Equalwt/Attractive
overweight
buy

Amt Held
10'015'379
2'115'800
1'156'303
633'000
620'902
563'900
493'100
461'100
440'822
385'925
283'977
228'420
221'935
194'700
194'455
183'104
180'716
173'148
139'820
139'140

% Out
18.91
3.99
2.18
1.2
1.17
1.06
0.93
0.87
0.83
0.73
0.54
0.43
0.42
0.37
0.37
0.35
0.34
0.33
0.26
0.26

Weighting

Change
1
5
5
4
5
5
3
3
5
5
3
5
5

Latest Chg
(88'390)
633'000
(22'697)
461'100
108'787
5'538
118'699
(21'580)
221'935
5'000
23'955
104'223
25'261
12'680
139'140

Target Price

M
N
N
M
M
N
N
M
M
M
M
N
N

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

37
47
47
46
49
48
43
48
48
52
44
48
51

File Dt
01.02.2013
01.02.2013
30.06.2013
28.02.2013
07.08.2013
30.06.2013
30.04.2013
28.03.2013
30.06.2013
31.03.2013
30.06.2013
28.06.2013
31.03.2013
28.06.2013
30.04.2013
30.06.2013
30.06.2013
30.06.2013
30.06.2013
28.02.2013

Date
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
9 month
Not Provided
12 month
12 month
Not Provided
12 month

Inst Type
Investment Advisor
Corporation
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
22.07.2013
17.07.2013
17.07.2013
12.07.2013
05.07.2013
24.06.2013
20.06.2013
07.06.2013
28.05.2013
09.05.2013
08.05.2013
19.03.2013
14.03.2013

14.08.2013

Leoni AG
Leoni AG manufactures and sells electric cables, wires, flexible cords, light
wave conductors, co-axial cables, high-tension wires and customized cable wiring
systems. The Company markets its products to the tool-machinery,
telecommunication, computer, automotive, electronic and appliance manufacturing
industries. Leoni operates in Europe, Asia and the United States.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.08.2013)
52-Week Low (16.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LEO GY EQUITY YTD Change
LEO GY EQUITY YTD % CHANGE

12/2012
03/yy
41.26
23.41
2'816.00
40.33
-2.07%
72.58%
94.00%
32.7
1'317.54
554.16
0.0
1.7
298.32
1'636.90

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.9 M

40

.8 M

35

.7 M

30

.6 M

25

.5 M

20

.4 M

15

.3 M

10

.2 M

.1 M

0
a-12

31.12.2009
31.12.2010
2'160.1
2'955.7
0.46x
0.49x
51.9
255.1
19.23x
5.65x
(138.1)
67.1
14.58x
Profitability

LTM-4Q
31.12.2011
3'701.5
0.29x
353.9
3.08x
155.7
5.16x

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
3'809.0
0.31x
358.2
3.32x
155.7
6.00x
358.22
242.02
6.35%
5.20%
4.66%
14.61%
10.57%
1.56%
17.7%
8.1%
5.0%
4.1%
1.22
0.68
23.24%
65.70%
7.68
5.71

Price/ Cash Flow

03/yy
3'759.9
1.47x
385.0
3.99x
184.1
6.72x

o-12

n-12

d-12

j-13

LTM
03/yy
3'799.0
1.35x
306.9
4.25x
113.6
8.67x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

1.28
32.64
38.57%
48.10%
1.277
24
3.792
207'142
171'017
202'330
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
3'804.5
4'093.1
945.0
945.0
0.43x
0.39x
300.8
357.7
5.46x
4.59x
106.5
142.5
12.27x
9.08x
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

9.11
5.03
1.03
1.68
65.7%
39.6%
1.56
5.78
47.52
63.89
71.80
31.33

Sales/Revenue/Turnover

10.00

4'000.0

9.00

3'500.0

8.00

3'000.0

7.00

2'500.0

6.00
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

s-12

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
2'912.0
0.31x
170.1
5.25x
5.1
76.41x

45

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Leoni AG
Holdings By:

All

Holder Name
BLACKROCK
NORGES BANK
ALLIANZ GLOBAL INVES
NUERNBERGER LEBENSVE
VANGUARD GROUP INC
ODIN FORVALTNING AS
THIRD AVENUE MANAGEM
FRANKFURT TRUST INVE
CLASSIC FUND MGMT AG
KEMPEN CAPITAL MANAG
LANDESBANK BERLIN IN
SWEDBANK ROBUR FONDE
LIONTRUST
DEKA INVESTMENT GMBH
GRANTHAM MAYO VAN OT
UNION INVESTMENT GMB
MARSHALL WACE LLP
DEUTSCHE BANK AG
SCHRODER INVESTMENT
DIMENSIONAL FUND ADV

Firm Name

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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a

Analyst

Commerzbank Corporates & Markets DANIEL SCHWARZ


Macquarie
CHRISTIAN BREITSPRECHER
M.M. Warburg Investment Research MARC-RENE TONN
Goldman Sachs
STEPHAN PUETTER
Landesbank Baden-Wuerttemberg
FRANK BILLER
Equinet Institutional Services(ESN)
TIM SCHULDT
Hauck & Aufhaeuser
PHILIPPE LORRAIN
HSBC
NIELS FEHRE
Bankhaus Lampe
CHRISTIAN LUDWIG
Steubing AG
TOBIAS SCHMIDT
Close Brothers Equity Markets
DANIEL KUKALJ
Main First Bank AG
TOBIAS FAHRENHOLZ
Deutsche Bank
TIM ROKOSSA
Bankhaus Metzler
JUERGEN PIEPER
DZ Bank AG
MICHAEL PUNZET
Exane BNP Paribas
GERHARD ORGONAS
EVA Dimensions
CRAIG STERLING
Kepler Cheuvreux
MICHAEL RAAB
Hamburger Sparkasse
TINA HECKING-VELTMAN
Independent Research GmbH
ZAFER RUZGAR
Nord/LB
FRANK SCHWOPE
Montega
HENDRIK EMRICH
LFG Kronos Investment Services GmbH THOMAS ANEY
GSC Research
MATTHIAS SCHRADE

Source
ULT-AGG
Research
Research
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
ULT-AGG

Recommendation
hold
neutral
buy
buy/attractive
buy
buy
buy
overweight
hold
buy
buy
outperform
hold
buy
sell
neutral
overweight
reduce
hold
hold
sell
hold
neutral
buy

Amt Held
% Out
1'289'500
3.95
1'071'287
3.28
890'293
2.73
888'000
2.72
591'165
1.81
458'936
1.4
356'447
1.09
350'000
1.07
288'431
0.88
285'589
0.87
271'302
0.83
230'587
0.71
195'908
0.6
192'642
0.59
162'235
0.5
159'400
0.49
(150'277) -0.46
150'000
0.46
137'909
0.42
120'489
0.37

Weighting

Change
3
3
5
5
5
5
5
5
3
5
5
5
3
5
1
3
5
2
3
3
1
3
3
5

M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
U
M
M
M
M
M
M
M

Latest Chg
518
419'611
(58'508)
204'490
288'431
12'319
47'042
(32'903)
(335'900)
13'068
92'829
787

Target Price
35
36
43
50
45
42
54
43
35
62
44
43
40
42
32
40
#N/A N/A
25
#N/A N/A
38
31
36
35
#N/A N/A

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

File Dt
Inst Type
07.08.2013
Investment Advisor
20.05.2013
Government
22.06.2012
Investment Advisor
31.12.2011
n/a
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor
30.04.2013 Hedge Fund Manager
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
31.03.2013
Unclassified
31.07.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Unclassified
28.03.2013
Investment Advisor
31.05.2012
Investment Advisor
28.03.2013
Investment Advisor
27.02.2013 Hedge Fund Manager
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor

Date
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
6 month
Not Provided

Date
09.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
06.08.2013
01.08.2013
29.07.2013
29.07.2013
23.07.2013
23.07.2013
22.07.2013
12.07.2013
10.07.2013
24.06.2013
11.06.2013
05.06.2013
27.05.2013
16.05.2013
14.05.2013
14.05.2013
14.02.2013
21.12.2012

14.08.2013

Deutsche Lufthansa AG
Deutsche Lufthansa AG provides passenger and cargo air transportation services
worldwide. The Company offers flight and connection programs in cooperation
with Star Alliance airline partners from North America, Scandinavia, and Asia.
Lufthansa also provides travel agency, catering, and aircraft maintenance
services.

Price/Volume

12.0 M
10.0 M

12

Latest Fiscal Year:


LTM as of:
52-Week High (04.06.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LHA GY EQUITY YTD Change
LHA GY EQUITY YTD % CHANGE

12/2012
06/yy
17.28
9.58
42'150.00
14.94
-13.63%
55.76%
68.10%
459.9
6'871.61
7'108.00
0.0
60.0
4'966.00
8'298.61

10

8.0 M

6.0 M

4.0 M

2.0 M

2
0
a-12

31.12.2009
31.12.2010
22'283.0
26'459.0
0.36x
0.36x
1'696.0
2'928.0
4.68x
3.25x
(34.0)
1'131.0
5.84x
Profitability

LTM-4Q
31.12.2011
28'734.0
0.24x
2'817.0
2.43x
(13.0)
15.57x

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
30'135.0
0.29x
2'468.0
3.55x
990.0
6.85x
2'468.00
543.00
1.80%
3.45%
3.21%
19.40%
11.90%
1.01%
8.3%
2.0%
3.3%
1.00
0.79
25.01%
86.28%
-

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy
28'930.0
0.94x
2'969.0
2.25x
243.0
7.91x

j-13

06/yy
30'090.0
1.11x
2'512.0
3.42x
954.0
7.53x

f-13 m-13

a-13 m-13

j-13

j-13

FY+1

.0 M
a-13

1.03
444.85
48.53%
4.78%
1.031
38
4.053
2'637'628
2'730'366
2'784'187
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
30'827.9
31'880.9
8'528.0
7'617.0
0.29x
0.29x
2'915.2
3'333.0
1'298.0
621.0
2.83x
2.48x
523.2
832.4
649.0
62.0
12.78x
8.55x
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

27.08.2009
BBBSTABLE
05.12.2008
A-3
5.08
0.12
0.54
2.68
86.3%
46.1%
1.01
2.00
-

Sales/Revenue/Turnover

3.50

35'000.0

3.00

30'000.0

2.50

25'000.0

2.00

20'000.0

1.50

15'000.0

1.00

10'000.0

0.50

5'000.0

0.00
01.01.2010

s-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

14.0 M

16
14

Valuation Analysis

31.12.2008
24'842.0
0.22x
2'810.0
1.97x
542.0
9.48x

18

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Deutsche Lufthansa AG
Holdings By:

All

Holder Name
BLACKROCK
FRANKLIN RESOURCES
CAPITAL GROUP COMPAN
GLEISS LUTZ HOOTZ HI
MACKENZIE FINANCIAL
DEKA INVESTMENT GMBH
MORGAN STANLEY
NORGES BANK
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
UNION INVESTMENT GMB
ADIG INVESTMENT
DEUTSCHE BANK AG
JP MORGAN
FRANKFURT TRUST INVE
PRUDENTIAL FINANCIAL
MASON STREET ADVISOR
INVESCO LTD
SOCIETE GENERALE SA
FEDERAL GESTION

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst

Jefferies
MARK IRVINE-FORTESCUE
Cantor Fitzgerald
ROBIN BYDE
AlphaValue
HANS-PETER WODNIOK
Bankhaus Lampe
SEBASTIAN HEIN
Commerzbank Corporates & Markets FRANK SKODZIK
HSBC
ANDREW DAVID LOBBENBERG
Hamburger Sparkasse
INGO SCHMIDT
Oddo & Cie
YAN DEROCLES
Bankhaus Metzler
JUERGEN PIEPER
Natixis
SARAH EMSELLEM
Equinet Institutional Services(ESN)
JOCHEN ROTHENBACHER
DZ Bank AG
DIRK SCHLAMP
Deutsche Bank
MICHAEL KUHN
RBC Capital Markets
DAMIAN BREWER
Credit Suisse
NEIL GLYNN
Landesbank Baden-Wuerttemberg
BARBARA AMBRUS
Independent Research GmbH
ZAFER RUZGAR
Goodbody Stockbrokers Ltd
DONAL O'NEILL
S&P Capital IQ
JAWAHAR HINGORANI
Nomura
ANDREW EVANS
Redburn Partners
TIM MARSHALL
Morgan Stanley
PENNY BUTCHER
JPMorgan
JAMIE N BAKER
Goldman Sachs
NICK EDELMAN
Raymond James
JULIEN RICHER
Espirito Santo Investment Bank Research
GERALD KHOO
National Bank AG
MANFRED JAISFELD
Kepler Cheuvreux
RUXANDRA HARADAU-DOESER
Main First Bank AG
LOIC SABATIER
EVA Dimensions
TIMOTHY STANISH
Macquarie
SAM DOBSON
Nord/LB
FRANK SCHWOPE
Day by Day
VALERIE GASTALDY
UBS
JARROD CASTLE
Barclays
DAVID E FINTZEN
Davy
STEPHEN FURLONG
Investec
ANDREW FITCHIE
Steubing AG
TEAM COVERAGE

Source
ULT-AGG
ULT-AGG
ULT-AGG
Research
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Research
MF-AGG

Recommendation
buy
buy
reduce
buy
buy
overweight
hold
neutral
buy
buy
hold
buy
buy
sector perform
outperform
hold
sell
buy
buy
buy
buy
Overwt/Attractive
neutral
neutral/neutral
outperform
buy
hold
reduce
outperform
underweight
outperform
buy
hold
buy
equalweight
outperform
hold
buy

Amt Held
37'426'685
22'997'350
21'860'114
14'234'585
13'379'136
11'177'882
6'742'218
5'439'594
3'081'750
2'699'648
1'840'005
1'726'226
1'714'778
1'686'821
1'666'850
1'304'023
898'420
880'000
862'521
856'424

% Out
8.14
5
4.75
3.09
2.91
2.43
1.47
1.18
0.67
0.59
0.4
0.38
0.37
0.37
0.36
0.28
0.2
0.19
0.19
0.19

Weighting

Change
5
5
2
5
5
5
3
3
5
5
3
5
5
3
5
3
1
5
5
5
5
5
3
3
5
5
3
2
5
1
5
5
3
5
3
5
3
5

M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
D
U
M
M
M
D
M
M
M
M
M
M
M
U
N
M

Latest Chg
(5'630'552)
(540'278)
37'108
423'141
(11'760)
686'745
(1'180)
450'239
798'977
8'200
4'101
(449'403)
766'424

Target Price
20
21
13
18
18
20
#N/A N/A
17
23
18
15
17
20
17
20
16
14
21
17
19
#N/A N/A
18
16
17
13
24
16
14
21
#N/A N/A
20
18
#N/A N/A
20
17
#N/A N/A
17
#N/A N/A

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

File Dt
07.08.2013
28.06.2013
30.06.2013
01.11.2012
19.07.2013
28.03.2013
30.06.2013
31.12.2012
30.06.2013
28.06.2013
28.03.2013
30.04.2013
28.06.2013
30.06.2013
30.04.2013
30.06.2013
31.03.2013
08.08.2013
07.06.2013
28.02.2013

Date
12 month
Not Provided
6 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
3 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
n/a
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
Unclassified
Investment Advisor

Date
09.08.2013
09.08.2013
08.08.2013
06.08.2013
05.08.2013
05.08.2013
05.08.2013
05.08.2013
05.08.2013
05.08.2013
05.08.2013
05.08.2013
04.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
30.07.2013
23.07.2013
21.07.2013
17.07.2013
15.07.2013
05.07.2013
03.07.2013
12.06.2013
11.06.2013
10.06.2013
06.06.2013
04.06.2013
15.05.2013
10.05.2013
03.05.2013
05.04.2013
25.03.2013
22.11.2010
04.01.2010

14.08.2013

Linde AG
Linde AG is a gases and engineering company. The Gases Division offers a wide
range of industrial and medical gases mainly used in energy sector, steel
production, chemical processing, as well as in food processing. The Engineering
Division develops olefin plants, natural gas plants and air separation plants,
as well as hydrogen and synthesis gas plants.

Price/Volume
160
140
120
100
80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (24.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LIN GY EQUITY YTD Change
LIN GY EQUITY YTD % CHANGE

12/2012
06/yy
154.80
122.50
2'878.00
144.85
-6.43%
18.24%
68.42%
185.2
26'829.90
10'204.00
0.0
564.0
2'041.00
36'676.90

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

40
20
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
12'663.0
1.34x
2'468.0
6.86x
717.0
14.02x

60

31.12.2009
31.12.2010
11'211.0
12'868.0
1.86x
1.97x
2'320.0
2'847.0
8.97x
8.92x
591.0
1'005.0
23.98x
19.12x
Profitability

LTM-4Q
31.12.2011
13'787.0
1.88x
3'101.0
8.37x
1'174.0
16.71x

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
15'280.0
2.17x
3'443.0
9.63x
1'250.0
18.78x
3'443.00
1'905.00
12.47%
11.04%
4.13%
10.74%
0.51%
36.2%
23.2%
12.6%
8.2%
0.98
0.68
30.48%
77.93%
6.14
9.13

Price/ Cash Flow

2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-13

LTM

06/yy
14'438.0
7.44x
3'299.0
8.66x
1'194.0
17.54x

06/yy
16'313.0
8.62x
3'785.0
9.64x
1'319.0
20.10x

FY+1

0.76
179.31
18.50%
11.72%
0.761
42
4.000
324'213
376'118
457'866
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
17'099.7
18'279.5
4'263.2
4'456.4
2.06x
1.90x
8.51x
8.10x
4'039.6
4'363.0
1'024.2
1'045.4
9.08x
8.40x
1'488.1
1'694.7
369.5
372.5
17.40x
15.42x
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

25.05.2012
A
STABLE
25.05.2012
A-1
8.63
4.15
2.39
2.87
77.9%
42.8%
0.51
1.57
59.44
39.99
94.31
-7.09

Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0
14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0
6'000.0

4.00

4'000.0

2.00
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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Linde AG
Holdings By:

All

Holder Name
BLACKROCK ADVISORS L
BLACKROCK
CAPITAL GROUP COMPAN
NORGES BANK
UBS
CREDIT SUISSE AG
SUN LIFE FINANCIAL I
HARBOR CAPITAL ADVIS
DEUTSCHE BANK AG
FMR LLC
ARTISAN PARTNERS HOL
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
UNION INVESTMENT GMB
BNP PARIBAS INV PART
FIL LIMITED
DEKA INVESTMENT GMBH
MORGAN STANLEY
DODGE & COX
MFS FINANCIAL SERVIC

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
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Firm Name

Analyst

Baader Bank
Canaccord Genuity Corp
AlphaValue
Jefferies
DZ Bank AG
Sanford C. Bernstein & Co
Commerzbank Corporates & Markets
Independent Research GmbH
Equinet Institutional Services(ESN)
Societe Generale
HSBC
Macquarie
Bankhaus Lampe
M.M. Warburg Investment Research
Natixis
Nomura
SRH AlsterResearch
Deutsche Bank
Morgan Stanley
Nord/LB
Credit Suisse
JPMorgan
Landesbank Baden-Wuerttemberg
Hamburger Sparkasse
S&P Capital IQ
Kepler Cheuvreux
Bankhaus Metzler
Berenberg Bank
Exane BNP Paribas
Barclays
Main First Bank AG
Day by Day
EVA Dimensions
UBS
Goldman Sachs
Liberum Capital Ltd
Equita SIM SpA
National Bank AG
Alembic Global Advisors
Redburn Partners

NORBERT BARTH
PAUL W SATCHELL
HANS-PETER WODNIOK
LAURENCE ALEXANDER
PETER SPENGLER
JEREMY REDENIUS
STEPHAN KIPPE
CHRISTOPH SCHOENDUBE
NADESHDA DEMIDOVA
PETER CLARK
SEBASTIAN SATZ
CHRISTIAN FAITZ
HEIKO FEBER
EGGERT KULS
FREDERIC WILLIAMS-GOBEAUX
JEAN DE WATTEVILLE
CARSTEN MAINITZ
TIMOTHY JONES
PETER MACKEY
THORSTEN STRAUSS
CHRIS COUNIHAN
MARCUS DIEBEL
ULLE WORNER
MARCO GUENTHER
JOHNSON IMODE
MARKUS MAYER
LARS HETTCHE
JOHN PHILIPP KLEIN
HEIDI VESTERINEN
GUNTHER ZECHMANN
THOMAS SWOBODA
VALERIE GASTALDY
TIMOTHY STANISH
THOMAS GILBERT
RAKESH PATEL
ADAM COLLINS
MASSIMO BONISOLI
EKKEHARD D LINK
HASSAN I AHMED
TONY JONES

Source
Research
ULT-AGG
ULT-AGG
Research
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
buy
hold
add
buy
buy
outperform
buy
hold
accumulate
buy
overweight
outperform
buy
buy
neutral
neutral
buy
buy
Equalwt/In-Line
buy
underperform
neutral
buy
buy
buy
buy
buy
buy
neutral
equalweight
outperform
hold
sell
neutral
Buy/Neutral
buy
buy
hold
neutral
neutral

Amt Held
9'252'936
8'496'837
6'380'577
5'764'533
5'468'503
5'459'435
4'909'294
4'801'614
4'184'520
3'219'354
2'598'954
2'020'038
1'850'516
1'591'900
1'487'856
1'356'417
1'248'467
833'007
820'205
716'288

% Out
5
4.59
3.44
3.11
2.95
2.95
2.65
2.59
2.26
1.74
1.4
1.09
1
0.86
0.8
0.73
0.67
0.45
0.44
0.39

Weighting

Change
5
3
4
5
5
5
5
3
4
5
5
5
5
5
3
3
5
5
3
5
1
3
5
5
5
5
5
5
3
3
5
3
1
3
5
5
5
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
M
M
M
M
D
M
M
M
M
M
M
M
M

Latest Chg
107'880
(199'400)
(94'799)
(4'984)
126'860
(759)
41'828
26'713
163'823
6'866
11'382
(50'734)
(339'522)
(16'377)
65

Target Price
164
141
169
164
169
185
174
152
160
165
166
165
168
170
147
155
180
160
155
170
140
#N/A N/A
160
#N/A N/A
160
166
156
175
143
150
170
#N/A N/A
#N/A N/A
144
170
156
160
140
120
#N/A N/A

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

File Dt
14.01.2013
07.08.2013
30.06.2013
12.06.2013
28.06.2013
31.05.2013
30.06.2013
31.03.2013
28.06.2013
30.06.2013
31.03.2013
30.06.2013
30.06.2013
28.03.2013
31.03.2013
31.12.2012
30.04.2013
30.06.2013
30.06.2013
30.06.2013

Date
12 month
12 month
6 month
12 month
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
08.08.2013
08.08.2013
08.08.2013
06.08.2013
06.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
25.07.2013
24.07.2013
23.07.2013
18.07.2013
17.07.2013
01.07.2013
14.06.2013
06.06.2013
10.05.2013
06.05.2013
23.04.2013
08.03.2013
07.03.2013
15.10.2012
08.10.2012

14.08.2013

LPKF Laser & Electronics AG


LPKF Laser & Electronics develops systems and process solutions for demanding
tasks in printed circuit board technology and microelectronics. The Company
develops and distributes systems used in electronics production, the automotive
industry, and in the manufacture of solar cells.

Price/Volume
16

.5 M

14

.4 M

12

.4 M
.3 M

10

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.08.2013)
52-Week Low (14.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 24.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LPK GY EQUITY YTD Change
LPK GY EQUITY YTD % CHANGE

12/2012
03/yy
14.90
6.58
10'997.00
14.155
-4.93%
115.27%
88.16%
22.3
315.23
18.10
0.0
2.0
5.02
323.94

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.2 M

.2 M

.1 M

.1 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
45.4
0.57x
5.6
4.58x
1.8
11.76x

.3 M

31.12.2009
31.12.2010
50.7
81.2
1.02x
1.53x
9.8
20.9
5.29x
5.95x
4.7
12.1
11.74x
10.95x
Profitability

LTM-4Q
31.12.2011
91.1
1.27x
19.6
5.89x
9.9
10.54x

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
115.1
1.66x
28.0
6.81x
13.5
12.91x
27.96
20.78
18.06%
17.01%
16.65%
29.91%
1.29%
25.5%
19.8%
11.7%
1.95
0.82
17.82%
31.77%
8.16
-

Price/ Cash Flow

03/yy
97.3
5.45x
20.5
6.93x
9.9
13.10x

LTM
03/yy
127.5
5.99x
32.6
6.64x
16.4
12.72x

FY+1

.0 M
a-13

0.86
21.36
116.88%
83.62%
0.859
7
3.000
159'011
131'409
139'718
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
121.2
133.4
2.75x
2.50x
29.3
33.3
11.31x
9.96x
14.0
15.8
20.51x
16.50x
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

33.09
24.72
0.20
0.56
31.8%
23.5%
1.29
4.61
44.75
-

Sales/Revenue/Turnover

60.00

140.0

50.00

120.0
100.0

40.00

80.0
30.00

60.0

20.00

40.0

10.00

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

LPKF Laser & Electronics AG


Holdings By:

All

Holder Name
DEUTSCHE BANK AG
WASATCH ADVISORS INC
ALLIANZ ASSET MANAGE
HILDEBRANDT BERND
UNIVERSAL INVESTMENT
DWS INVESTMENT S A
SCHRODER INVESTMENT
CLARIDEN SICAV
LAZARD FRERES GESTIO
BARING FUND MANAGERS
HACKMANN BERND
HIGHBRIDGE CAPITAL M
BLACKROCK
LANGE BERND
DEKA INTERNATIONAL S
AMUNDI
MW GESTION SA
BRETTHAUER INGO
SOCIETE DE GESTION P
METZLER ASSET MANAGE

Firm Name
DZ Bank AG
Close Brothers Equity Markets
Hauck & Aufhaeuser
Bankhaus Metzler
EVA Dimensions
Solventis WPH-Bank GmbH
BHF-Bank
Equinet Institutional Services(ESN)
GSC Research

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
LAZARD OBJECTIF INVE
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
DIRK SCHLAMP
VEYSEL TAZE
TIM OLIVER WUNDERLICH
STEPHAN BAUER
ANDREW S ZAMFOTIS
KLAUS SOER
JENS JUNG
TIM SCHULDT
MATTHIAS WAHLER

Source
ULT-AGG
Research
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-PART
MF-AGG
Co File
Short
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG

Recommendation
buy
hold
sell
sell
hold
hold
overweight
hold
sell

Amt Held
% Out
1'129'200
5.07
691'853
3.11
640'000
2.87
602'354
2.7
377'194
1.69
358'800
1.61
267'300
1.2
252'218
1.13
181'954
0.82
160'000
0.72
125'600
0.56
(106'894) -0.48
99'212
0.45
95'020
0.43
92'000
0.41
90'506
0.41
70'000
0.31
60'000
0.27
49'146
0.22
44'000
0.2

Weighting

Change
5
3
1
1
3
3
5
3
1

M
D
D
D
N
D
M
D
D

Latest Chg
(23'600)
(5'200)
122'324
32'218
11'135
(448)
58'000
-

Target Price
15
14
12
13
#N/A N/A
11
9
7
#N/A N/A

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

File Dt
Inst Type
30.04.2013
Investment Advisor
23.07.2013
Investment Advisor
30.04.2013
Investment Advisor
15.08.2012
n/a
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
30.03.2012
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2012
n/a
25.07.2013 Hedge Fund Manager
07.08.2013
Investment Advisor
30.06.2012
n/a
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
29.06.2012
Investment Advisor
30.06.2012
n/a
25.04.2013
Investment Advisor
30.04.2012
Investment Advisor

Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided

Date
07.08.2013
05.08.2013
02.08.2013
02.08.2013
04.07.2013
30.01.2013
21.11.2012
27.10.2010
21.10.2009

14.08.2013

LANXESS AG
LANXESS AG is a specialty chemicals company. The Company's core business is the
development, manufacturing, and marketing of plastics, rubber, intermediates,
and specialty chemicals.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (08.07.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LXS GY EQUITY YTD Change
LXS GY EQUITY YTD % CHANGE

12/2012
06/yy
69.99
42.45
33'588.00
48.53
-30.56%
14.50%
21.62%
83.2
4'037.83
2'334.00
0.0
16.0
803.00
6'105.83

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

4.0 M

70

3.5 M

60

3.0 M

50

2.5 M

40

2.0 M

30

1.5 M

20

1.0 M

10

.5 M

0
a-12

31.12.2009
31.12.2010
5'057.0
7'120.0
0.57x
0.82x
417.0
910.0
6.95x
6.40x
40.0
379.0
54.88x
12.96x
Profitability

LTM-4Q
31.12.2011
8'775.0
0.56x
1'099.0
4.45x
506.0
6.58x

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
9'094.0
0.78x
1'261.0
5.60x
514.0
10.72x
1'261.00
883.00
9.71%
7.36%
2.51%
8.10%
5.76%
1.19%
23.2%
10.4%
5.5%
5.7%
2.27
1.15
31.04%
100.82%
6.70
4.36

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy
9'271.0
2.36x
1'156.0
5.08x
525.0
7.82x

j-13

06/yy
8'518.0
3.11x
887.0
6.68x
179.0
21.46x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

1.11
78.86
-14.06%
-25.36%
1.111
38
3.368
1'035'510
995'938
1'023'060
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
8'384.7
9'056.3
2'106.2
2'157.8
0.70x
0.65x
746.1
1'028.2
200.6
196.2
8.17x
5.93x
139.1
338.9
28.8
29.9
27.33x
11.67x
9.80x
8.48x
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

31.07.2007
BBB
NEG
31.07.2007
A-2
12.49
5.59
2.31
2.73
100.8%
50.0%
1.19
2.92
54.46
83.69
37.19
81.76

Sales/Revenue/Turnover

16.00

10'000.0

14.00

9'000.0
8'000.0

12.00

7'000.0

10.00

6'000.0

8.00

5'000.0
4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00
01.01.2010

s-12

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
6'576.0
0.29x
635.0
3.01x
183.0
6.24x

80

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

LANXESS AG
Holdings By:

All

Holder Name
BLACKROCK
DODGE & COX
ALLIANZ GLOBAL INVES
FIL LIMITED
DEUTSCHE BANK AG
NORGES BANK
FMR LLC
TIAA CREF INVESTMENT
ALLIANZ ASSET MANAGE
VANGUARD GROUP INC
DANSKE INVEST MANAGE
CITADEL EUROPE LLP
DANSKE INVEST A/S
UNION INVESTMENT GMB
THREADNEEDLE INVESTM
GENERALI ASSET MANAG
HIGHBRIDGE CAPITAL M
FRANKLIN RESOURCES
MARSHALL WACE LLP
SCHRODER INVESTMENT

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios

Firm Name

Analyst

Nomura
Commerzbank Corporates & Markets
DZ Bank AG
JPMorgan
Hauck & Aufhaeuser
Hamburger Sparkasse
Bankhaus Metzler
Natixis
S&P Capital IQ
Exane BNP Paribas
AlphaValue
Deutsche Bank
Morgan Stanley
Nord/LB
Goldman Sachs
Baader Bank
Credit Suisse
Macquarie
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Bankhaus Lampe
M.M. Warburg Investment Research
Equinet Institutional Services(ESN)
SRH AlsterResearch
Kepler Cheuvreux
Steubing AG
Equita SIM SpA
Barclays
HSBC
UBS
Main First Bank AG
Day by Day
EVA Dimensions
Berenberg Bank
Bank of Valletta
National Bank AG
Deutsche Bank

PATRICK LAMBERT
STEPHAN KIPPE
PETER SPENGLER
MARTIN EVANS
NILS-PETER FITZL
MARCO GUENTHER
LARS HETTCHE
FREDERIC WILLIAMS-GOBEAUX
JACOB THRANE
JAMES KNIGHT
MARTIN SCHNEE
MARTIN DUNWOODIE
PAUL R WALSH
THORSTEN STRAUSS
RAKESH PATEL
NORBERT BARTH
CHRIS COUNIHAN
CHRISTIAN FAITZ
ULLE WORNER
CHRISTOPH SCHOENDUBE
HEIKO FEBER
OLIVER SCHWARZ
NADESHDA DEMIDOVA
DANIEL PAWLOWSKI
MARTIN ROEDIGER
MICHAEL BROEKER
MASSIMO BONISOLI
ANDREAS HEINE
JESKO MAYER-WEGELIN
JOE DEWHURST
RONALD KOEHLER
VALERIE GASTALDY
TIMOTHY STANISH
JAIDEEP PANDYA
TEAM COVERAGE
STEFFEN MANSKE
VIRGINIE BOUCHER-FERTE

Source
ULT-AGG
Research
Research
ULT-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
Short
MF-AGG

Recommendation
neutral
reduce
hold
underweight
hold
buy
buy
neutral
hold
neutral
reduce
buy
Equalwt/In-Line
hold
neutral/neutral
sell
underperform
outperform
buy
hold
buy
hold
hold
buy
buy
buy
buy
equalweight
neutral
buy
outperform
hold
hold
hold
overweight
hold
dropped coverage

Amt Held
% Out
8'314'386
9.99
3'741'980
4.5
2'467'489
2.97
2'454'787
2.95
2'310'813
2.78
2'242'769
2.7
1'919'515
2.31
939'937
1.13
921'671
1.11
895'536
1.08
662'560
0.8
(640'661) -0.77
611'728
0.74
589'055
0.71
531'983
0.64
529'337
0.64
(449'294) -0.54
425'581
0.51
(424'334) -0.51
421'819
0.51

Weighting
3
2
3
1
3
5
5
3
3
3
2
5
3
3
3
1
1
5
5
3
5
3
3
5
5
5
5
3
3
5
5
3
3
3
5
3
#N/A N/A

Change
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
N
M
M
M
M
M
M
D
M
M
M

Latest Chg
83'589
1'010'817
766'725
(161'320)
46'341
48'971
2'290
25'915
22'800
64'458
(9'250)
208'007
(277'963)
(83'203)
324'011

Target Price
48
39
50
34
45
#N/A N/A
57
45
48
49
46
58
50
49
46
43
39
58
59
50
56
48
52
54
56
70
57
55
50
62
60
#N/A N/A
#N/A N/A
59
75
66
#N/A N/A

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

File Dt
Inst Type
07.08.2013
Investment Advisor
11.03.2013
Investment Advisor
04.10.2012
Investment Advisor
01.08.2013
Investment Advisor
28.06.2013
Investment Advisor
14.05.2013
Government
30.06.2013
Investment Advisor
31.05.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
06.08.2013
Unclassified
31.05.2013
Investment Advisor
28.03.2013
Investment Advisor
28.02.2013
Investment Advisor
28.06.2013
Investment Advisor
06.08.2013 Hedge Fund Manager
28.06.2013
Investment Advisor
06.08.2013 Hedge Fund Manager
31.01.2013
Investment Advisor

Date
12 month
6 month
Not Provided
3 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Date
09.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
05.08.2013
29.07.2013
24.07.2013
17.07.2013
12.07.2013
09.07.2013
01.07.2013
27.06.2013
06.06.2013
15.04.2013
18.03.2013
07.11.2012
17.09.2007

14.08.2013

MAN SE
MAN SE manufactures vehicles, engines, turbines and defense products, and offers
engineering services. The Company manufactures trucks, buses, diesel engines,
compressors, turbines, and aerospace and defense systems, and offers industrial
plant design and project management services.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.01.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MAN GY EQUITY YTD Change
MAN GY EQUITY YTD % CHANGE

12/2012
06/yy
90.00
70.39
1'200.00
86.2
-4.22%
22.46%
80.62%
141.0
12'623.88
5'299.00
0.0
69.0
1'367.00
17'495.88

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
12'026.0
14'675.0
0.89x
1.02x
974.0
1'194.0
10.97x
12.50x
(270.0)
713.0
16.79x
Profitability

1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
s-12

LTM-4Q
31.12.2011
16'472.0
0.75x
2'363.0
5.24x
238.0
14.87x

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
15'772.0
1.00x
1'487.0
10.65x
177.0
67.29x
1'487.00
781.00
4.95%
1.97%
-1.28%
-4.76%
-8.33%
0.83%
20.8%
5.6%
2.2%
1.1%
1.02
0.44
26.60%
95.48%
7.28
3.37

Price/ Cash Flow

o-12

n-12

d-12

LTM

06/yy
16'200.0
3.50x
2'308.0
6.83x
(575.0)
0.00x

j-13

06/yy
15'617.0
4.13x
875.0
19.66x
(241.0)
0.00x

f-13 m-13

a-13 m-13

j-13

j-13

FY+1

.0 M
a-13

0.94
35.20
15.27%
8.02%
0.937
26
2.385
112'279
127'782
173'633
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
15'832.9
16'611.6
3'945.0
4'193.0
0.99x
0.94x
1'108.1
1'668.2
15.79x
10.49x
103.0
667.4
121.0
155.0
64.04x
19.93x
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

20.12.2012
NR
20.12.2012
NR
3.87
1.91
5.49
6.08
95.5%
48.5%
0.83
3.40
50.11
108.22
53.89
88.59

Sales/Revenue/Turnover

40.00

18'000.0

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

1.8 M

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
14'945.0
0.49x
1'803.0
4.09x
1'233.0
4.99x

100
90
80
70
60
50
40
30
20
10
0
a-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

MAN SE
Holdings By:

All

Holder Name
VOLKSWAGEN AG
BLACKROCK
NORGES BANK
DEKA INVESTMENT GMBH
UNION INVESTMENT GMB
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
MAINFIRST SICAV
DEUTSCHE BANK AG
IG INVESTMENT MANAGE
JO HAMBRO CAPITAL MA
DEKA INTERNATIONAL S
DWS INVESTMENT SA
UNION INVESTMENT LUX
CREDIT SUISSE AG
STATE STREET
CAISSE DE DEPOT ET P
PRUDENTIAL OF AMERIC
METZLER INVESTMENT G
FMR LLC

Firm Name
Goldman Sachs
Hamburger Sparkasse
M.M. Warburg Investment Research
Natixis
Commerzbank Corporates & Markets
Nord/LB
Landesbank Baden-Wuerttemberg
Independent Research GmbH
S&P Capital IQ
Berenberg Bank
AlphaValue
Main First Bank AG
Barclays
JPMorgan
Deutsche Bank
DZ Bank AG
EVA Dimensions
Day by Day
UBS
Makor Capital
Morgan Stanley
Equinet Institutional Services(ESN)
BHF-Bank
National Bank AG
Bankhaus Metzler

Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a

Analyst
STEFAN BURGSTALLER
TINA HECKING-VELTMAN
MARC-RENE TONN
KATHLEEN GAILLIOT
SASCHA GOMMEL
FRANK SCHWOPE
FRANK BILLER
ZAFER RUZGAR
RODERICK BRIDGE
FREDERIK BITTER
HANS-PETER WODNIOK
CHRISTOPHER YOUL
MICHAEL TYNDALL
ALEXANDER WHIGHT
JOCHEN GEHRKE
MICHAEL PUNZET
TIMOTHY STANISH
VALERIE GASTALDY
FREDRIC STAHL
ALBERT SAPORTA
LAURA LEMBKE
TIM SCHULDT
HERMANN REITH
MANFRED JAISFELD
JUERGEN PIEPER

Source
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG

Recommendation
neutral/attractive
hold
hold
neutral
hold
sell
sell
sell
sell
sell
sell
outperform
equalweight
neutral
hold
hold
sell
hold
neutral
sell
Equalwt/In-Line
hold
market weight
sell
sell

Amt Held
105'769'788
5'146'110
1'086'000
856'600
466'012
445'113
190'458
166'299
120'077
81'912
81'359
80'767
73'069
66'000
65'480
64'201
55'516
51'884
42'400
41'828

% Out
75.03
3.65
0.77
0.61
0.33
0.32
0.14
0.12
0.09
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.04
0.04
0.03
0.03

Weighting

Change
3
3
3
3
3
1
1
1
1
1
1
5
3
3
3
3
1
3
3
1
3
3
3
1
1

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

Latest Chg
(90'818)
(36'950)
140'762
16'154
(252'668)
800
(49'718)
(265)
81'359
(45'063)
(26'000)
43'800
(79)
3'789
51'884
(23'700)
-

Target Price
85
#N/A N/A
81
81
85
81
81
81
81
81
67
95
81
79
82
81
#N/A N/A
#N/A N/A
85
85
80
85
90
#N/A N/A
66

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

File Dt
16.04.2013
07.08.2013
31.12.2012
28.03.2013
28.03.2013
30.06.2013
30.04.2013
28.02.2013
28.06.2013
31.03.2013
31.12.2012
28.03.2013
30.04.2013
28.03.2013
31.05.2013
08.08.2013
31.12.2012
31.03.2013
31.01.2013
30.06.2013

Date
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
3 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month

Inst Type
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
Insurance Company
Investment Advisor
Investment Advisor

Date
07.08.2013
06.08.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
26.07.2013
25.07.2013
23.07.2013
23.07.2013
09.07.2013
05.07.2013
07.06.2013
06.06.2013
20.05.2013
01.05.2013
30.04.2013
19.04.2013
22.03.2013
30.10.2012
23.10.2012
31.07.2012

14.08.2013

Metro AG
Metro AG operates retail stores and markets products over the Internet. The
Company operates cash and carry stores, supermarkets and hypermarkets, consumer
electronics stores, department stores, theme stores, and online sales services.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.08.2013)
52-Week Low (10.10.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MEO GY EQUITY YTD Change
MEO GY EQUITY YTD % CHANGE

12/2012
06/yy
29.48
20.13
5'880.00
29.275
-0.63%
45.54%
97.59%
324.1
9'511.84
8'550.00
7.0
77.0
5'321.00
15'836.84

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

7.0 M

30

6.0 M

25

5.0 M

20

4.0 M

15

3.0 M

10

2.0 M

1.0 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
67'955.0
0.21x
3'246.0
4.37x
401.0
11.25x

35

31.12.2009
31.12.2010
65'529.0
67'258.0
0.28x
0.32x
3'005.0
3'333.0
6.10x
6.36x
383.0
850.0
36.38x
20.72x
Profitability

LTM-4Q
31.12.2011
65'926.0
0.20x
3'703.0
3.58x
631.0
14.61x

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
66'739.0
0.15x
3'312.0
3.07x
3.0
2100.00x
3'312.00
1'689.00
2.53%
1.21%
0.40%
2.25%
2.30%
2.16%
20.9%
5.1%
3.0%
0.0%
0.87
0.29
24.59%
142.10%
123.99
7.98

Price/ Cash Flow

LTM

06/yy
66'164.0
0.97x
3'529.0
4.42x
496.0
15.24x

06/yy
66'027.0
0.81x
3'393.0
4.18x
122.0
65.61x

FY+1

.0 M
a-13

0.88
146.24
27.82%
45.19%
0.882
40
3.125
997'828
943'992
1'141'496
FY+2

FQ+1

FQ+2

09/13 Y
09/14 Y
06/13 Q2 09/13 Q3
50'725.9
65'215.3
15'259.6
15'521.7
0.30x
0.22x
1'910.2
3'075.3
563.0
8.29x
5.15x
62.4
694.9
13.2
212.14x
13.80x
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

11.10.2012
BBBSTABLE
11.10.2012
A-3
4.84
2.93
1.86
2.51
142.1%
58.4%
2.16
5.75
2.94
45.74
70.28
-44.45

Sales/Revenue/Turnover

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Metro AG
Holdings By:

All

Holder Name
FRANZ HANIEL & CIE G
SCHMIDT-RUTHENBECK
BEISHEIM OTTO
FRANKLIN RESOURCES
AKO CAPITAL LLP
BLACKROCK
NORGES BANK
DEKA INVESTMENT GMBH
DWS INVESTMENT S A
VANGUARD GROUP INC
FIDEURAM GESTIONS SA
ING INTERNATIONAL AD
DNCA FINANCE
DEUTSCHE BANK AG
SCHRODER INVESTMENT
WELLS FARGO
DNB NOR ASSET MANAGE
FIL LIMITED
INTERFUND ADVISORY C
BNY MELLON SERVICE K

Firm Name
AlphaValue
Baader Bank
UBS
DZ Bank AG
Nord/LB
Deutsche Bank
JPMorgan
Macquarie
Independent Research GmbH
M.M. Warburg Investment Research
Societe Generale
Commerzbank Corporates & Markets
Morgan Stanley
Jefferies
Raymond James
HSBC
Landesbank Baden-Wuerttemberg
Bankhaus Lampe
Bankhaus Metzler
Natixis
Exane BNP Paribas
Barclays
Steubing AG
Cantor Fitzgerald
Credit Suisse
Redburn Partners
National Bank AG
EVA Dimensions
Kepler Cheuvreux
Day by Day
Main First Bank AG
Nomura
Hamburger Sparkasse
Oddo & Cie
Equita SIM SpA
BHF-Bank
Hammer Partners SA
Goldman Sachs
Dr. Kalliwoda Equity Research

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
EILEEN RYAN
VOLKER BOSSE
BENJAMIN PETERS
HERBERT STURM
WOLFGANG VASTERLING
JAMES G COLLINS
JAIME VAZQUEZ
SREEDHAR MAHAMKALI
ZAFER RUZGAR
THILO KLEIBAUER
ARNAUD JOLY
JUERGEN ELFERS
EDOUARD AUBIN
JAMES GRZINIC
CEDRIC LECASBLE
JEROME SAMUEL
BARBARA AMBRUS
CHRISTOPH SCHLIENKAMP
STEFAN WIMMER
PIERRE-EDOUARD BOUDOT
JOHN KERSHAW
JAMES ANSTEAD
TOBIAS SCHMIDT
MICHAEL J DENNIS
ANDREW KASOULIS
MARC DE SPEVILLE
MANFRED JAISFELD
CRAIG STERLING
FABIENNE CARON
VALERIE GASTALDY
RICKIN THAKRAR
TEAM COVERAGE
CHRISTIAN HAMANN
LAURENCE HOFMANN
FABIO FAZZARI
PETER STEINER
STEPHAN SEIP
FRANKLIN WALDING
NORBERT KALLIWODA

Source
Research
Research
Co File
ULT-AGG
Short
ULT-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
MF-AGG
MF-AGG

Recommendation
reduce
buy
buy
hold
hold
hold
underweight
neutral
sell
hold
hold
hold
Overwt/In-Line
hold
underperform
underweight
hold
hold
sell
reduce
underperform
equalweight
buy
buy
underperform
buy
hold
hold
hold
buy
outperform
neutral
hold
reduce
buy
market weight
buy
not rated
buy

Amt Held
% Out
97'265'288 30.01
51'112'077 15.77
32'313'726
9.97
9'926'360
3.06
(4'181'013) -1.29
4'015'849
1.24
3'696'036
1.14
3'607'350
1.11
3'079'304
0.95
2'396'385
0.74
1'263'245
0.39
1'151'814
0.36
980'000
0.3
816'965
0.25
656'163
0.2
559'665
0.17
499'883
0.15
482'902
0.15
460'462
0.14
453'342
0.14

Weighting
2
5
5
3
3
3
1
3
1
3
3
3
5
3
1
1
3
3
1
2
1
3
5
5
1
5
3
3
3
5
5
3
3
2
5
3
5
#N/A N/A
5

Change
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
D
M
M
U
M
M
M
M
M
M
M
M
N

Latest Chg
(13'709'836)
259'288
703'333
(431'200)
50'000
1'023'169
144'393
127'170
880'000
(2'357)
(33'672)
68'017
(288'799)
460'462
(140'548)

Target Price
25
35
33
28
26
27
23
22
27
27
26
26
33
22
21
22
26
23
22
20
25
27
29
30
20
#N/A N/A
27
#N/A N/A
29
30
26
23
#N/A N/A
22
30
22
32
#N/A N/A
31

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

File Dt
06.02.2013
08.02.2013
17.10.2012
28.06.2013
23.07.2013
07.08.2013
31.12.2012
28.03.2013
30.04.2013
30.06.2013
01.07.2013
28.03.2013
28.03.2013
28.06.2013
31.01.2013
30.06.2013
30.04.2013
31.10.2012
01.07.2013
31.07.2013

Date
6 month
12 month
12 month
Not Provided
12 month
12 month
3 month
12 month
12 month
12 month
12 month
6 month
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
Not Provided
Not Provided
3 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month

Inst Type
Holding Company
n/a
n/a
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

Date
08.08.2013
06.08.2013
06.08.2013
06.08.2013
05.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
29.07.2013
19.07.2013
18.07.2013
04.07.2013
06.06.2013
06.06.2013
04.06.2013
22.05.2013
22.05.2013
21.05.2013
06.05.2013
03.05.2013
16.04.2013
01.03.2013
17.01.2013
03.12.2012
16.08.2012

14.08.2013

Morphosys AG
MorphoSys AG is a biotechnology company. The Company uses proprietary
technology to develop human antibodies tailored to treat specific diseases.
MorphoSys is developing medicines to treat cancer and inflammation.

Price/Volume
60

.7 M

50

.6 M
.5 M

40

Latest Fiscal Year:


LTM as of:
52-Week High (12.08.2013)
52-Week Low (14.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 13.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MOR GY EQUITY YTD Change
MOR GY EQUITY YTD % CHANGE

12/2012
06/yy
58.99
17.60
1'880.00
57.92
-1.73%
229.38%
96.47%
23.4
1'355.36
0.07
0.0
0.0
119.43
1'209.14

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
81.0
87.0
3.09x
3.62x
16.8
16.0
14.96x
19.75x
9.0
9.2
42.60x
45.20x
Profitability

.2 M

10
0
a-12

.1 M
s-12

LTM-4Q
31.12.2011
82.1
3.28x
15.9
16.87x
8.2
48.69x

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
51.9
10.74x
8.5
65.59x
1.9
293.00x
8.50
2.19
4.22%
5.88%
9.31%
10.43%
10.47%
0.34%
33.3%
26.4%
3.7%
11.74
8.20
0.03%
0.04%
3.98
0.74

Price/ Cash Flow

06/yy
41.5
27.97x
(8.5)
0.00x
(7.8)
0.00x

o-12

n-12

d-12

j-13

LTM
06/yy
80.6
29.65x
26.8
30.98x
21.9
61.40x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.61
21.30
226.68%
97.85%
0.614
12
4.500
115'040
115'314
118'531
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
75.7
71.4
14.81x
16.02x
6.4
(0.7)
190.20x
8.0
0.5
182.71x
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

85.92
75.65
-5.45
0.00
0.0%
0.0%
0.34
18.88
91.78
493.62
-4172.58
-

Sales/Revenue/Turnover

500.00

100.0

450.00

90.0

400.00

80.0

350.00

70.0

300.00

60.0

250.00
200.00

50.0
40.0

150.00

30.0

100.00

20.0

50.00

10.0

0.00
01.01.2010

.3 M

20

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
71.6
3.95x
21.7
13.07x
13.2
31.78x

.4 M

30

Valuation Analysis

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Morphosys AG
Holdings By:

All

Holder Name
MASSACHUSETTS MUTUAL
OPPENHEIMERFUNDS INC
NOVARTIS PHARMA AG
BNP PARIBAS INV PART
INVESCO LTD
NORGES BANK
MORONEY SIMON E
BLACKROCK
MORPHOSYS AG
UNION INVESTMENT GMB
LORD ABBETT & CO LLC
PICTET FUNDS
VANGUARD GROUP INC
UNION INVESTMENT LUX
HIGHBRIDGE CAPITAL M
HARTFORD INVESTMENT
DEUTSCHE BANK AG
BARING FUND MANAGERS
DEXIA ASSET MANAGEME
JP MORGAN

Firm Name
Independent Research GmbH
Helvea
Deutsche Bank
Landesbank Baden-Wuerttemberg
DZ Bank AG
Commerzbank Corporates & Markets
Close Brothers Equity Markets
Nomura Code Securities
Kempen & Co
Vara Research
EVA Dimensions
Equinet Institutional Services(ESN)

Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
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

Analyst
CHRISTOPH SCHOENDUBE
OLAV ZILIAN
GUNNAR ROMER
TIMO KUERSCHNER
PETER SPENGLER
DANIEL WENDORFF
IGOR KIM
GARY WAANDERS
SACHIN SONI
THOMAS J SCHIESSLE
TIMOTHY STANISH
EDOUARD AUBERY

Source
Research
MF-AGG
Research
ULT-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
hold
buy
buy
buy
buy
buy
buy
buy
buy
buy
sell
buy

Amt Held
% Out
1'697'540
7.14
1'526'167
6.42
1'399'788
5.89
753'897
3.17
745'845
3.14
653'729
2.75
419'885
1.77
286'897
1.21
255'415
1.07
225'794
0.95
158'664
0.67
121'676
0.51
118'971
0.5
117'129
0.49
(112'119) -0.47
82'190
0.35
80'000
0.34
68'892
0.29
68'139
0.29
67'621
0.28

Weighting

Change
3
5
5
5
5
5
5
5
5
5
1
5

M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
981
190'723
11'851
65'794
16'983
(4'255)
9'986
52'945
18'687
33'633

Target Price
60
72
60
58
60
54
56
60
60
48
#N/A N/A
30

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

File Dt
Inst Type
27.08.2012
Insurance Company
30.06.2013
Investment Advisor
31.12.2012
Corporation
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.12.2012
n/a
07.08.2013
Investment Advisor
31.12.2012
Corporation
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
12.06.2013 Hedge Fund Manager
31.05.2013
Investment Advisor
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor

Date
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
6 month
12 month
12 month
Not Provided
12 month

Date
08.08.2013
08.08.2013
05.08.2013
05.08.2013
02.08.2013
31.07.2013
31.07.2013
31.07.2013
18.07.2013
14.06.2013
06.06.2013
27.02.2013

14.08.2013

Merck KGaA
Merck KGaA is a global pharmaceutical and chemicals company. The Company
researches drugs in the areas oncology and neurodegenerative as well as
autoimmune and inflammatory diseases. Also, it markets cardiovascular,
fertility, endocrinology, and over-the-counter products as well as products for
flat screens and the pharmaceutical, food, cosmetics, packaging, and coatings.

Price/Volume

Latest Fiscal Year:


LTM as of:
52-Week High (06.08.2013)
52-Week Low (14.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MRK GY EQUITY YTD Change
MRK GY EQUITY YTD % CHANGE

12/2012
06/yy
128.50
83.69
5'474.00
120.7
-5.95%
44.40%
80.81%
64.6
26'059.06
4'453.50
0.0
53.4
2'527.60
27'424.56

.8 M
.7 M
.6 M

80

.5 M

60

.4 M
.3 M

40

.2 M

20

.1 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.9 M

120
100

Valuation Analysis

31.12.2008
7'201.6
2.02x
2'436.5
5.98x
367.1
38.17x

140

31.12.2009
31.12.2010
7'377.7
8'928.9
1.96x
1.96x
1'675.8
2'497.0
8.64x
7.02x
366.3
632.1
38.79x
20.57x
Profitability

LTM-4Q
31.12.2011
9'905.9
2.05x
2'689.8
7.54x
606.5
27.61x

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
10'740.8
2.20x
2'917.8
8.12x
566.7
38.25x
2'917.80
1'521.20
14.16%
6.60%
4.76%
9.91%
0.50%
70.6%
28.4%
15.6%
5.3%
1.45
1.02
20.58%
42.98%
4.84
1.93

Price/ Cash Flow

LTM

06/yy
10'265.8
7.52x
2'394.1
8.40x
463.6
36.97x

06/yy
10'838.1
9.30x
3'073.1
8.74x
1'039.3
24.58x

FY+1

.0 M
a-13

0.64
64.62
42.61%
22.85%
0.644
32
2.625
228'889
222'262
249'842
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
11'236.6
11'358.1
2'805.0
2'839.0
2.45x
2.30x
3'097.2
3'271.6
788.7
791.3
8.85x
8.38x
1'885.7
1'976.2
487.0
469.0
14.01x
13.30x
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

29.05.2013
A
STABLE
29.05.2013
A-1
13.15
11.67
0.43
1.51
43.0%
30.0%
0.50
3.85
75.46
188.84
155.94
116.89

Sales/Revenue/Turnover

16.00

12'000.0

14.00

10'000.0

12.00

8'000.0

10.00
8.00

6'000.0

6.00

4'000.0

4.00

2'000.0
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Merck KGaA
Holdings By:

All

Holder Name
BLACKROCK
SUN LIFE FINANCIAL I
FRANKLIN RESOURCES
CAPITAL GROUP COMPAN
MFS INSTITUTIONAL AD
CREDIT SUISSE GROUP
SUN LIFE FINANCIAL I
NORGES BANK
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
UNION INVESTMENT GMB
MORGAN STANLEY
ARTEMIS INVESTMENT M
ALLIANZ ASSET MANAGE
MFS FINANCIAL SERVIC
ADIG INVESTMENT
THREADNEEDLE INVESTM
UNITED SERVICES AUTO
PUTNAM INVESTMENT MA
MASON STREET ADVISOR

Firm Name
Nord/LB
Equinet Institutional Services(ESN)
Societe Generale
JPMorgan
Independent Research GmbH
M.M. Warburg Investment Research
Bankhaus Metzler
Helvea
Barclays
Deutsche Bank
Morgan Stanley
Landesbank Baden-Wuerttemberg
Berenberg Bank
Bryan Garnier & Cie
S&P Capital IQ
Exane BNP Paribas
Commerzbank Corporates & Markets
DZ Bank AG
Credit Suisse
AlphaValue
Goldman Sachs
Main First Bank AG
EVA Dimensions
UBS
Redburn Partners
Kepler Cheuvreux
Hamburger Sparkasse
Mirabaud Securities
National Bank AG
Jefferies
Cyrrus
Equita SIM SpA

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
THORSTEN STRAUSS
MARIETTA MIEMIETZ
STEPHEN MCGARRY
RICHARD VOSSER
CHRISTOPH SCHOENDUBE
ULRICH HUWALD
SEBASTIAN FRERICKS
ODILE RUNDQUIST
MICHAEL LEUCHTEN
HOLGER BLUM
AMY WALKER
TIMO KUERSCHNER
ALISTAIR CAMPBELL
MARTIAL DESCOUTURES
JACOB THRANE
VINCENT MEUNIER
DANIEL WENDORFF
PETER SPENGLER
MATTHEW WESTON
MARTIN SCHNEE
STEVE CHESNEY
MARCUS WIEPRECHT
TIMOTHY STANISH
ANDREW WHITNEY
TEAM COVERAGE
FABIAN WENNER
MARCO GUENTHER
NICHOLAS TURNER
STEFFEN MANSKE
JEFFREY HOLFORD
TOMAS MENCIK
GIANMARCO BONACINA

Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
hold
accumulate
sell
neutral
hold
hold
sell
neutral
underweight
buy
Overwt/Attractive
hold
hold
neutral
sell
neutral
reduce
buy
neutral
sell
Sell/Neutral
underperform
buy
buy
neutral
reduce
sell
reduce
sell
hold
sell
not rated

Amt Held
9'581'182
6'175'369
3'222'248
2'838'695
1'884'389
1'860'448
1'777'770
1'525'433
1'226'407
984'839
744'289
496'233
483'289
466'501
375'267
362'797
354'636
354'137
270'260
233'520

% Out
14.83
9.56
4.99
4.39
2.92
2.88
2.75
2.36
1.9
1.52
1.15
0.77
0.75
0.72
0.58
0.56
0.55
0.55
0.42
0.36

Weighting

Change

3
4
1
3
3
3
1
3
1
5
5
3
3
3
1
3
2
5
3
1
1
1
5
5
3
2
1
2
1
3
1
#N/A N/A

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
D
M
M
D
M
M
M
M

Latest Chg
(10'843)
13'924
10'600
(60'807)
46'500
472'289
(54'267)
(28'691)
1'157
7'627
(46'779)
-

Target Price
128
133
103
125
132
121
100
119
89
148
142
118
92
110
106
121
105
135
126
105
114
100
#N/A N/A
131
#N/A N/A
105
71
89
#N/A N/A
88
77
#N/A N/A

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

File Dt
07.08.2013
31.12.2011
28.06.2013
30.06.2013
12.03.2012
12.08.2011
30.06.2013
31.12.2012
27.04.2012
30.06.2013
28.03.2013
30.06.2013
31.12.2012
30.06.2013
30.06.2013
30.04.2013
28.02.2013
28.02.2013
31.03.2013
31.03.2013

Date
12 month
12 month
12 month
3 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
6 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
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
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
01.08.2013
25.07.2013
24.07.2013
18.07.2013
20.06.2013
17.06.2013
06.06.2013
16.05.2013
12.04.2013
11.03.2013
08.03.2013
24.12.2012
15.11.2012
10.10.2012
05.04.2012
23.02.2010

14.08.2013

MTU Aero Engines AG


MTU Aero Engines AG develops and manufactures engines and offers
commercial engine services and support. The Company sells to manufacturers and
operators of engines and industrial gas turbines across the world.

Price/Volume
90

1.6 M

80

1.4 M

70

1.2 M

60

1.0 M

50

Latest Fiscal Year:


LTM as of:
52-Week High (22.05.2013)
52-Week Low (12.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MTX GY EQUITY YTD Change
MTX GY EQUITY YTD % CHANGE

12/2012
06/yy
79.61
58.05
4'382.00
69.73
-12.41%
20.12%
52.41%
52.0
3'625.96
618.90
0.0
0.0
198.40
4'137.06

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.6 M

30
20

.4 M

10

.2 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
2'724.3
0.45x
407.5
2.99x
179.7
5.38x

.8 M

40

Valuation Analysis

31.12.2009
31.12.2010
2'610.8
2'707.4
0.77x
0.95x
368.3
398.9
5.48x
6.43x
141.0
142.2
13.21x
17.39x
Profitability

LTM-4Q
31.12.2011
2'932.1
0.83x
420.8
5.78x
159.2
15.17x

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
3'378.6
1.16x
490.9
7.97x
173.9
20.06x
490.90
287.10
8.50%
8.04%
3.08%
12.47%
0.86%
16.4%
13.3%
7.4%
5.1%
1.11
0.47
14.52%
56.82%
6.52
3.65

Price/ Cash Flow

06/yy
3'144.6
3.49x
405.0
8.42x
196.3
14.72x

LTM
06/yy
3'671.8
4.36x
490.0
8.73x
132.2
28.50x

FY+1

.0 M
a-13

0.77
50.63
15.34%
3.27%
0.774
24
3.333
136'236
209'890
164'708
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
3'745.3
4'023.8
1.10x
1.00x
502.7
552.0
8.15x
7.42x
222.8
251.1
61.0
55.6
15.84x
14.07x
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

11.05.2010
NR
76.70
61.22
1.04
1.49
56.8%
36.2%
0.86
6.11
55.95
99.91
74.79
92.76

Sales/Revenue/Turnover

25.00

4'000.0
3'500.0

20.00

3'000.0
2'500.0

15.00

2'000.0
10.00

1'500.0
1'000.0

5.00

0.00
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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

MTU Aero Engines AG


Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
FIL LIMITED
ALLIANZ ASSET MANAGE
BLACKROCK
GOLDMAN SACHS GROUP
UBS
FRANKLIN RESOURCES
GRYPHON INTERNATIONA
AMERIPRISE FINANCIAL
INVESTEC ASSET MANAG
FMR LLC
DEUTSCHE BANK AG
MTU AERO ENGINES HOL
THREADNEEDLE INVESTM
VANGUARD GROUP INC
WILLIAM BLAIR & COMP
NORGES BANK
SCHRODER INVESTMENT
FRANKFURT TRUST INVE
ADIG INVESTMENT

Firm Name
AlphaValue
UBS
Landesbank Baden-Wuerttemberg
Berenberg Bank
Societe Generale
Commerzbank Corporates & Markets
Morgan Stanley
HSBC
Independent Research GmbH
Bankhaus Lampe
Oddo & Cie
Bankhaus Metzler
Kepler Cheuvreux
Equinet Institutional Services(ESN)
DZ Bank AG
Deutsche Bank
Nord/LB
JPMorgan
Exane BNP Paribas
Main First Bank AG
Cantor Fitzgerald
EVA Dimensions
National Bank AG

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
WILLIAM BLAIR & COMP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
HEINZ STEFFEN
RAMI MYERSON
STEFAN MAICHL
FREDERIK BITTER
ZAFAR KHAN
STEPHAN BOEHM
RUPINDER VIG
RICHARD SCHRAMM
ZAFER RUZGAR
SEBASTIAN HEIN
YAN DEROCLES
HELENA WUESTENFELD
CHRISTOPHE MENARD
ADRIAN PEHL
MARKUS TURNWALD
BEN FIDLER
WOLFGANG DONIE
DAVID H PERRY
OLIVIER BROCHET
CHLOE LEMARIE
ANDREW CHAMBERS
TIMOTHY STANISH
STEFFEN MANSKE

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
Research
Research
ULT-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
reduce
neutral
buy
hold
buy
buy
Equalwt/In-Line
neutral
hold
hold
neutral
buy
hold
accumulate
buy
buy
buy
neutral
underperform
underperform
hold
hold
buy

Amt Held
12'823'558
2'554'394
2'552'888
2'383'211
1'966'413
1'887'496
1'589'686
1'570'400
1'565'370
1'557'292
1'531'691
1'375'150
1'367'315
1'202'975
1'118'097
1'102'838
917'776
781'439
430'000
338'178

% Out
24.66
4.91
4.91
4.58
3.78
3.63
3.06
3.02
3.01
2.99
2.95
2.64
2.63
2.31
2.15
2.12
1.76
1.5
0.83
0.65

Weighting

Change
2
3
5
3
5
5
3
3
3
3
3
5
3
4
5
5
5
3
1
1
3
3
5

M
M
M
M
M
M
M
M
M
M
M
M
D
U
M
M
M
D
M
M
N
M
M

Latest Chg
(252'000)
43'894
8'518
(26'000)
(285)
42'965
66'691
78'927
2'735
-

Target Price
65
70
78
72
77
81
63
73
72
69
70
76
68
73
79
72
78
79
71
61
82
#N/A N/A
53

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

File Dt
30.06.2013
06.06.2013
12.07.2013
07.08.2013
11.05.2012
28.03.2013
28.06.2013
31.12.2011
29.10.2012
15.05.2013
25.06.2012
28.06.2013
23.01.2012
30.06.2013
30.06.2013
30.06.2013
31.12.2012
28.03.2013
30.04.2013
30.04.2013

Date
6 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
15 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor

Date
08.08.2013
02.08.2013
31.07.2013
29.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
24.07.2013
24.07.2013
24.07.2013
16.07.2013
25.06.2013
06.06.2013
06.06.2013
06.10.2010

14.08.2013

Muenchener Rueckversicherungs AG
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.

Price/Volume
180

2.5 M

160
2.0 M

140
120

1.5 M

100
80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.04.2013)
52-Week Low (29.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MUV2 GY EQUITY YTD Change
MUV2 GY EQUITY YTD % CHANGE

12/2012
06/yy
158.65
115.75
8'060.00
144
-9.33%
24.28%
66.20%
179.3
25'825.13
6'256.00
0.0
242.0
2'860.00
27'631.13

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

40

.5 M

20
0
a-12

31.12.2009
31.12.2010
53'891.0
59'111.0
0.44x
0.42x
2'521.0
2'422.0
8.39x
8.69x
Profitability

LTM-4Q
31.12.2011
60'908.0
0.33x
702.0
24.03x

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
65'896.0
0.43x
3'195.0
7.56x
6.64%
6.19%
1.22%
12.30%
10.97%
0.26%
4.8%
2.42%
23.02%
-

Price/ Cash Flow

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

LTM

06/yy
64'012.0
1.33x
0.0
0.00x
2'501.0
7.88x

06/yy
65'533.0
1.67x
0.0
0.00x
3'108.0
8.08x

FY+1

.0 M
a-13

0.96
178.32
24.99%
10.74%
0.959
38
3.500
580'067
563'609
634'318
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
54'726.8
55'959.7
0.57x
0.56x
3'001.0
2'987.0
649.5
682.5
8.59x
8.54x
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

AASTABLE
23.0%
18.6%
0.26
-

Sales/Revenue/Turnover

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00
5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00
0.00
01.01.2010

s-12

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
47'151.0
0.56x
1'555.0
14.34x

1.0 M

60

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Muenchener Rueckversicherungs AG
Holdings By:

All

Holder Name
BERKSHIRE HATHAWAY I
BLACKROCK
CREDIT SUISSE AG
PEOPLES BANK OF CHIN
NORGES BANK
FRANKLIN RESOURCES
DEUTSCHE BANK AG
ALLIANZ ASSET MANAGE
VANGUARD GROUP INC
ARTISAN PARTNERS HOL
DEKA INVESTMENT GMBH
MACKENZIE FINANCIAL
SOCIETE GENERALE SA
TWEEDY BROWNE COMPAN
UNION INVESTMENT GMB
ADIG INVESTMENT
UBS
T ROWE PRICE ASSOCIA
BNP PARIBAS INV PART
FRANKFURT TRUST INVE

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

JPMorgan
MICHAEL HUTTNER
AlphaValue
DIETER HEIN
Societe Generale
JASON KALAMBOUSSIS
HSBC
THOMAS FOSSARD
Bankhaus Lampe
ANDREAS SCHAEFER
Hamburger Sparkasse
CHRISTIAN HAMANN
Oddo & Cie
NICOLAS JACOB
Bankhaus Metzler
JOCHEN SCHMITT
S&P Capital IQ
RODERICK WALLACE
Helvea
DANIEL BISCHOF
Nord/LB
JULIA SIEKMANN
RBC Capital Markets
KAMRAN HOSSAIN
Keefe, Bruyette & Woods
WILLIAM HAWKINS
Sanford C. Bernstein & Co
THOMAS SEIDL
Raymond James
RAPHAEL CARUSO
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Independent Research GmbH
STEFAN BONGARDT
Berenberg Bank
TOM CARSTAIRS
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Nomura
MICHAEL KLIEN
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
DZ Bank AG
THORSTEN WENZEL
Exane BNP Paribas
THOMAS JACQUET
Barclays
ANDREW BROADFIELD
Mediobanca SpA
MARC THIELE
Canaccord Genuity Corp
BEN COHEN
Main First Bank AG
MICHAEL HAID
EVA Dimensions
DOUG WALTERS
Macquarie
HADLEY COHEN
Credit Suisse
ADAM MCINALLY
Morgan Stanley
MACIEJ WASILEWICZ
Natixis
BENOIT VALLEAUX
Kepler Cheuvreux
FABRIZIO CROCE
Day by Day
VALERIE GASTALDY
Goldman Sachs
VINIT MALHOTRA
National Bank AG
MANFRED JAISFELD
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Daiwa Securities Co. Ltd.
TIM PROUDLOVE

Source
ULT-AGG
ULT-AGG
ULT-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
neutral
reduce
hold
overweight
hold
buy
reduce
buy
hold
neutral
hold
sector perform
outperform
underperform
market perform
hold
hold
buy
sell
reduce
hold
buy
underperform
overweight
outperform
buy
underperform
overweight
neutral
neutral
Overwt/In-Line
neutral
buy
buy
Buy/Neutral
buy
neutral
outperform

Amt Held
20'086'215
17'118'931
5'590'792
5'380'236
3'648'401
2'274'183
2'141'643
2'036'683
1'952'452
1'853'518
1'349'274
1'052'896
1'022'103
909'100
835'251
699'370
665'113
629'490
621'922
537'912

% Out
11.2
9.55
3.12
3
2.03
1.27
1.19
1.14
1.09
1.03
0.75
0.59
0.57
0.51
0.47
0.39
0.37
0.35
0.35
0.3

Weighting

Change
3
2
3
5
3
5
2
5
3
3
3
3
5
1
3
3
3
5
1
2
3
5
1
5
5
5
1
5
3
3
5
3
5
5
5
5
3
5

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
U
M
M
M
U

Latest Chg
(8'572)
(2'434)
(305'246)
6'904
(40'988)
61'759
55'290
(239'245)
(376'953)
763
(200)
14'819
10'227
(125'485)
-

Target Price
154
152
142
180
150
#N/A N/A
125
171
160
150
154
145
170
117
#N/A N/A
150
160
166
155
140
150
165
140
159
170
162
155
#N/A N/A
150
155
161
143
163
164
175
145
118
119

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

File Dt
31.12.2012
07.08.2013
31.05.2013
31.12.2012
31.12.2012
28.06.2013
28.06.2013
30.06.2013
30.06.2013
31.03.2013
30.04.2013
30.04.2013
07.06.2013
31.03.2012
28.03.2013
30.04.2013
08.08.2013
30.06.2013
31.03.2013
30.04.2013

Date
3 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
3 month
12 month
Not Provided
Not Provided
6 month

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor

Date
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
22.07.2013
19.07.2013
10.07.2013
12.06.2013
06.06.2013
24.05.2013
10.05.2013
08.05.2013
08.05.2013
07.05.2013
10.04.2013
14.03.2013
07.11.2012
02.02.2012
10.05.2011

14.08.2013

Aurubis AG
Aurubis AG operates copper smelting and refining facilities. The Company
primarily produces copper rod used in the manufacture of power cables, building
wires and other wiring used in electrical applications. Aurubis also produces
copper cakes, cathodes, billets and bars and markets precious metals, chemicals
and other metals produced as by-products of copper smelting.

Price/Volume
60

.8 M
.7 M

40

.6 M
.5 M

30

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (05.07.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 13.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
NDA GY EQUITY YTD Change
NDA GY EQUITY YTD % CHANGE

09/2012
03/yy
57.79
38.55
3'942.00
44.29
-23.43%
14.79%
29.63%
45.0
1'991.13
774.47
0.0
4.0
669.67
2'212.60

30.09.2008
8'384.6
0.24x
374.8
5.28x
169.0
7.20x

.4 M

20

.3 M
.2 M

10

.1 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.9 M

50

30.09.2009
30.09.2010
6'686.9
9'865.4
0.23x
0.19x
77.3
581.4
19.89x
3.28x
(47.1)
324.2
4.41x
Profitability

LTM-4Q
30.09.2011
13'335.8
0.15x
579.0
3.40x
320.8
5.23x

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

30.09.2012
13'789.2
0.16x
744.7
2.89x
361.1
5.66x
744.73
583.29
4.23%
3.72%
3.08%
7.03%
8.06%
2.80%
3.3%
2.1%
2.6%
2.25
0.78
15.84%
35.31%
23.31
-

Price/ Cash Flow

LTM

03/yy
13'666.9
0.61x
634.6
3.23x
351.8
5.05x

03/yy
13'698.1
0.66x
445.6
5.50x
150.6
14.84x

FY+1

.0 M
a-13

0.88
33.68
4.36%
-15.69%
0.876
19
3.632
199'245
192'315
214'859
FY+2

FQ+1

FQ+2

09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
12'975.0
13'024.9
3'676.0
0.16x
0.16x
357.9
430.3
6.18x
5.14x
155.6
189.3
13.19x
10.52x
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

6.91
5.34
0.49
1.38
35.3%
26.1%
2.80
11.10
15.66
-

Sales/Revenue/Turnover

30.00

16'000.0
14'000.0

25.00

12'000.0
20.00

10'000.0
8'000.0

15.00

6'000.0

10.00

4'000.0
5.00
0.00
02.10.2009

2'000.0
0.0
02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Aurubis AG
Holdings By:

All

Holder Name
SALZGITTER AG
BLACKROCK
DJE INVESTMENT SA
DEUTSCHE BANK AG
DIMENSIONAL FUND ADV
NORGES BANK
DELTA LLOYD FUND MAN
FMR LLC
ALLIANZ ASSET MANAGE
FRANKFURT TRUST INVE
SCHRODER INVESTMENT
VANGUARD GROUP INC
LBPAM
ADIG INVESTMENT
LANDESBANK BERLIN IN
ACATIS
JP MORGAN
GRANTHAM MAYO VAN OT
BANQUE DEGROOF
PRUDENTIAL FINANCIAL

Firm Name
M.M. Warburg Investment Research
Independent Research GmbH
Baader Bank
HSBC
Hauck & Aufhaeuser
Bankhaus Lampe
SRH AlsterResearch
Societe Generale
Commerzbank Corporates & Markets
Deutsche Bank
Kepler Cheuvreux
Steubing AG
DZ Bank AG
Morgan Stanley
EVA Dimensions
Nord/LB
Landesbank Baden-Wuerttemberg
Main First Bank AG
Hamburger Sparkasse
Solventis WPH-Bank GmbH

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
EGGERT KULS
SVEN DIERMEIER
CHRISTIAN OBST
THORSTEN ZIMMERMANN
FINN HENNING BREITER
MARC GABRIEL
OLIVER DREBING
AMIT PANSARI
INGO-MARTIN SCHACHEL
BENJAMIN KOHNKE
ROCHUS BRAUNEISER
MICHAEL BROEKER
DIRK SCHLAMP
ALAIN GABRIEL
TIMOTHY STANISH
HOLGER FECHNER
JENS MUENSTERMANN
ALEXANDER HAUENSTEIN
INGO SCHMIDT
KLAUS SOER

Source
Research
ULT-AGG
Research
ULT-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
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
hold
hold
buy
neutral
buy
hold
sell
buy
buy
hold
buy
buy
buy
Underwt/In-Line
hold
buy
hold
outperform
hold
buy

Amt Held
11'240'000
1'967'171
1'325'794
1'295'644
1'110'592
1'030'599
508'501
450'000
399'547
371'600
226'718
203'958
193'957
192'606
149'597
149'000
147'778
146'388
122'100
117'023

% Out
25
4.38
2.95
2.88
2.47
2.29
1.13
1
0.89
0.83
0.5
0.45
0.43
0.43
0.33
0.33
0.33
0.33
0.27
0.26

Weighting

Change
3
3
5
3
5
3
1
5
5
3
5
5
5
1
3
5
3
5
3
5

M
M
M
M
M
D
M
M
U
M
M
M
M
M
M
U
M
M
M
U

Latest Chg
534
1'472
(450)
16'463
12'119
19'131
10'000
24'532
(3'854)
11'000
(5'032)

Target Price
47
46
55
46
62
45
38
48
50
48
49
67
48
38
#N/A N/A
53
49
55
#N/A N/A
49

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

File Dt
29.08.2011
07.08.2013
19.08.2011
06.01.2012
30.04.2013
31.12.2012
30.04.2013
31.05.2013
28.06.2013
30.04.2013
30.04.2013
30.06.2013
28.03.2013
30.04.2013
31.07.2013
28.03.2013
31.03.2013
31.05.2012
30.06.2013
30.06.2013

Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month

Inst Type
Corporation
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
08.08.2013
05.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
29.07.2013
04.07.2013
24.06.2013
06.06.2013
04.06.2013
16.05.2013
29.11.2012
15.02.2012
25.01.2012

14.08.2013

Nordex SE
Nordex SE develops, produces, installs, and maintains electricity-generating
wind turbines. The Company also designs and produces blades and control
systems.

Price/Volume
8

2.5 M

2.0 M

6
5

Latest Fiscal Year:


LTM as of:
52-Week High (12.08.2013)
52-Week Low (30.10.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
NDX1 GY EQUITY YTD Change
NDX1 GY EQUITY YTD % CHANGE

12/2012
03/yy
7.69
2.57
7'909.00
7.464
-3.09%
189.78%
94.45%
73.5
548.82
245.15
0.0
0.3
295.37
574.39

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.0 M

3
2

.5 M

1
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
1'135.7
0.49x
68.3
8.13x
47.6
14.04x

1.5 M

Valuation Analysis

31.12.2009
31.12.2010
1'182.8
972.0
0.54x
0.38x
68.2
61.7
9.37x
5.92x
24.3
20.9
29.11x
17.76x
Profitability

LTM-4Q
31.12.2011
916.8
0.35x
(8.6)
(48.5)
-

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
1'075.3
0.16x
22.4
7.60x
(93.9)
22.37
-46.87
-4.36%
-7.92%
-8.67%
-27.95%
1.11%
2.8%
-3.4%
-8.7%
1.47
0.71
23.00%
87.90%
-

Price/ Cash Flow

03/yy
932.0
1.61x
(17.1)
0.00x
(60.4)
0.00x

LTM
03/yy
1'136.0
1.32x
31.5
23.25x
(88.4)
0.00x

FY+1

.0 M
a-13

0.83
55.14
139.90%
149.11%
0.834
11
2.727
923'847
579'871
645'992
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'225.2
1'283.0
362.0
0.43x
0.43x
66.4
83.5
8.68x
6.90x
8.8
16.9
4.2
74.64x
33.40x
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

0.89
-1.28
0.80
7.75
87.9%
46.8%
1.11
9.54
-

Sales/Revenue/Turnover

160.00

1'400.0

140.00

1'200.0

120.00

1'000.0

100.00

800.0

80.00

600.0

60.00

400.0

40.00

200.0

20.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Nordex SE
Holdings By:

All

Holder Name
SKION MOMENTUM CAPIT
NORGES BANK
DIMENSIONAL FUND ADV
UNIVERSAL INVESTMENT
HABBEL, POHLIG & PAR
BARRINGTON WILSHIRE
DEUTSCHE BANK AG
ENNISMORE FUND MANAG
VANGUARD GROUP INC
FIRST TRUST
PASSPORT CAPITAL LLC
HAUCK & AUFHAEUSER I
HAUCK & AUFHAUSER IN
MIZUHO FINANCIAL GRO
INVESCO LTD
DIGITAL FUNDS
GUINNESS ATKINSON AS
BLACKROCK
MEAG LUXEMBOURG SARL
LBBW ASSET MANAGEMEN

Firm Name
M.M. Warburg Investment Research
AlphaValue
EVA Dimensions
Commerzbank Corporates & Markets
Independent Research GmbH
HSBC
Deutsche Bank
Macquarie
Nord/LB
Montega
UBS

Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
CHRISTOPHER RODLER
HEINZ STEFFEN
TIMOTHY STANISH
SEBASTIAN GROWE
SVEN DIERMEIER
SEAN D MCLOUGHLIN
ALEXANDER KARNICK
SHAI HILL
HOLGER FECHNER
WAIS SAMADZADA
JEAN-FRANCOIS MEYMANDI

Source
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
Short
MF-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
buy
sell
hold
add
hold
neutral
hold
underperform
sell
hold
neutral

Amt Held
% Out
18'375'023 24.99
1'356'490
1.84
933'158
1.27
760'000
1.03
662'779
0.9
(595'589) -0.81
566'549
0.77
(360'295) -0.49
338'236
0.46
315'189
0.43
(264'706) -0.36
250'000
0.34
190'000
0.26
144'877
0.2
123'143
0.17
112'061
0.15
70'100
0.1
(48'406) -0.07
41'400
0.06
33'000
0.04

Weighting

Change
5
1
3
4
3
3
3
1
1
3
3

M
M
D
M
U
U
M
M
M
D
N

Latest Chg
450'000
262'779
301'471
216'549
44'117
58'159
169'118
15'195
112'061
(38'300)
70'099
-

Target Price
7
5
#N/A N/A
5
5
6
6
3
5
7
3

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

File Dt
Inst Type
31.12.2012
Unclassified
31.12.2012
Government
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
07.08.2013 Hedge Fund Manager
28.06.2013
Investment Advisor
01.08.2013
Investment Advisor
30.06.2013
Investment Advisor
08.08.2013
Investment Advisor
25.04.2013 Hedge Fund Manager
29.06.2012
Investment Advisor
28.06.2013
Investment Advisor
20.09.2012
Bank
08.08.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
07.08.2013
Investment Advisor
30.12.2011
Investment Advisor
28.02.2013
Investment Advisor

Date
12 month
6 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month

Date
08.08.2013
01.08.2013
31.07.2013
30.07.2013
26.06.2013
24.06.2013
16.05.2013
16.05.2013
15.05.2013
15.05.2013
09.10.2012

14.08.2013

Norma Group SE
Norma Group SE develops and manufactures plastic and metal-based components and
systems in the field of connecting technology. The Company develops engineered
joining technology components for various applications, including cooling
system, air intake and induction, emission control, ancillary system and
infrastructure. NORMA Group operates worldwide.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.08.2013)
52-Week Low (12.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
NOEJ GY EQUITY YTD Change
NOEJ GY EQUITY YTD % CHANGE

12/2012
06/yy
33.30
17.49
754.00
32.36
-2.76%
85.13%
93.93%
31.9
1'031.07
246.59
0.0
1.0
72.39
1'204.01

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
a-12

31.12.2009
31.12.2010
329.8
490.4
33.8
90.6
(18.2)
30.2
Profitability

LTM-4Q
31.12.2011
581.4
1.18x
110.1
6.24x
35.7
13.45x

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
604.6
1.40x
128.8
6.56x
56.6
11.80x
128.76
102.34
16.93%
13.42%
7.86%
19.33%
0.88%
19.8%
15.0%
9.4%
1.83
1.12
35.63%
85.82%
5.98
-

Price/ Cash Flow

06/yy
603.2
4.63x
122.1
6.12x
62.0
8.71x

o-12

n-12

d-12

j-13

LTM
06/yy
609.7
6.09x
120.4
8.78x
54.6
16.14x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.82
31.06
73.08%
57.83%
0.821
18
3.778
80'686
77'104
84'457
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
642.2
684.3
160.0
158.0
1.84x
1.67x
130.4
141.1
32.2
32.2
9.24x
8.54x
63.6
71.7
15.95x
14.11x
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

9.87
8.04
1.43
1.95
85.8%
46.1%
0.88
5.87
61.06
-

Sales/Revenue/Turnover

14.00

700.0

12.00

600.0

10.00

500.0

8.00

400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00
01.01.2010

s-12

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
457.6
63.0
(29.6)
-

35

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Norma Group SE
Holdings By:

All

Holder Name
AMERIPRISE FINANCIAL
THREADNEEDLE INVESTM
ALLIANZ GLOBAL INVES
BLACKROCK
MONDRIAN INVESTMENT
ALLIANZ ASSET MANAGE
ODDO & CIE
BNP PARIBAS INV PART
T ROWE PRICE ASSOCIA
DEUTSCHE BANK AG
CONNECTING CAPITAL H
OZ MANAGEMENT LP
COLUMBIA WANGER ASSE
DANSKE INVEST A/S
ODDO ASSET MANAGEMEN
CAPITAL GROUP COMPAN
DWS INVESTMENT S A
ADIG INVESTMENT
FIL LIMITED
SEB

Firm Name

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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Analyst

HSBC
JOERG-ANDRE FINKE
Macquarie
CHRISTIAN BREITSPRECHER
Hauck & Aufhaeuser
PHILIPPE LORRAIN
M.M. Warburg Investment Research CHRISTIAN COHRS
Bankhaus Metzler
JUERGEN PIEPER
Main First Bank AG
TOBIAS FAHRENHOLZ
LFG Kronos Investment Services GmbH THOMAS ANEY
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
Deutsche Bank
TIM ROKOSSA
Baader Bank
PETER ROTHENAICHER
Close Brothers Equity Markets
DANIEL KUKALJ
Goldman Sachs
WILLIAM WYMAN
DZ Bank AG
JASKO TERZIC
Berenberg Bank
BENJAMIN GLAESER
Exane BNP Paribas
GERHARD ORGONAS
EVA Dimensions
TIMOTHY STANISH
Nord/LB
FRANK SCHWOPE

Source
Research
MF-AGG
Research
ULT-AGG
Research
ULT-AGG
Research
ULT-AGG
Co File
ULT-AGG
Research
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
neutral
neutral
buy
hold
buy
outperform
buy
hold
buy
hold
hold
Buy/Neutral
hold
buy
outperform
hold
sell

Amt Held
3'172'259
1'929'832
1'832'961
1'813'947
1'700'937
1'417'882
1'081'190
1'031'627
964'148
949'650
800'595
789'223
755'570
624'748
593'657
516'300
507'006
492'680
487'587
415'852

% Out
9.96
6.06
5.75
5.69
5.34
4.45
3.39
3.24
3.03
2.98
2.51
2.48
2.37
1.96
1.86
1.62
1.59
1.55
1.53
1.31

Weighting

Change
3
3
5
3
5
5
5
3
5
3
3
5
3
5
5
3
1

M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M

Latest Chg
161'588
171'317
792
314'021
(23'341)
(48'570)
419'333
5'271

Target Price
33
30
35
30
33
35
35
32
33
33
30
35
29
36
30
#N/A N/A
22

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

File Dt
Inst Type
09.05.2013
Investment Advisor
30.04.2013
Investment Advisor
14.01.2013
Other
07.08.2013
Investment Advisor
15.06.2012 Hedge Fund Manager
30.06.2013
Investment Advisor
05.09.2012
Bank
28.02.2013
Investment Advisor
13.03.2012
Investment Advisor
24.07.2013
Investment Advisor
01.10.2012
Corporation
01.02.2012 Hedge Fund Manager
28.06.2013
Investment Advisor
31.05.2013
Investment Advisor
30.09.2012
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
31.10.2012
Investment Advisor
28.03.2013
Unclassified

Date
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
6 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Date
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
23.07.2013
17.07.2013
16.07.2013
20.06.2013
06.06.2013
27.05.2013

14.08.2013

XING AG
XING AG provides an online community for professional networking. The Company's
web site allows business professionals to search for contacts in multiple
languages.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.08.2013)
52-Week Low (13.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
O1BC GY EQUITY YTD Change
O1BC GY EQUITY YTD % CHANGE

12/2012
06/yy
72.45
33.39
87.00
71.99
-0.97%
114.92%
98.92%
5.6
401.72
0.00
0.0
0.0
58.77
337.41

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
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
34.9
2.79x
12.5
7.83x
7.3
19.15x

80

31.12.2009
31.12.2010
44.0
53.5
2.78x
2.55x
17.1
20.7
7.13x
6.59x
(1.7)
7.2
26.53x
Profitability

LTM-4Q
31.12.2011
65.1
2.37x
56.1
2.76x
(4.6)
-

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
72.1
2.37x
25.3
6.75x
7.7
29.08x
25.28
16.94
23.49%
16.72%
8.61%
16.61%
16.63%
0.79%
34.6%
23.4%
10.7%
1.89
1.80
0.00%
0.00%
12.65
-

Price/ Cash Flow

06/yy
68.7
11.93x
54.6
3.60x
(5.7)
0.00x

LTM
06/yy
76.6
9.24x
26.6
8.38x
8.4
33.38x

FY+1

.0 M
a-13

0.84
2.21
86.80%
73.42%
0.839
9
3.444
30'105
9'910
11'123
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
83.4
94.6
4.04x
3.42x
23.6
30.2
14.29x
11.19x
10.4
14.8
38.17x
26.93x
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

1149.00
1025.14
-2.42
0.00
0.0%
0.0%
0.79
13.87
28.86
-

Sales/Revenue/Turnover

30.00

80.0
70.0

25.00

60.0
20.00

50.0
40.0

15.00

30.0

10.00

20.0
5.00
0.00
01.01.2010

10.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

XING AG
Holdings By:

All

Holder Name
BURDA DIGITAL VENTUR
DEUTSCHE BANK AG
ENNISMORE FUND MANAG
SCHRODERS PLC
VANGUARD GROUP INC
RUANE CUNNIFF & GOLD
BAILLIE GIFFORD AND
ALLIANZ GLOBAL INVES
INVESTOREN TGV
WHALE ROCK CAPITAL M
NOMURA
XING AG
TRANSAMERICA INVESTM
BLACKROCK
INVESTORS TFI SA
HANSAINVEST GMBH
ALLIANZ ASSET MANAGE
UNIVERSAL INVESTMENT
MAINFIRST SICAV
DIMENSIONAL FUND ADV

Firm Name
EVA Dimensions
Commerzbank Corporates & Markets
M.M. Warburg Investment Research
Berenberg Bank
Montega
Deutsche Bank
Hauck & Aufhaeuser
Close Brothers Equity Markets
JPMorgan
Jefferies
GSC Research

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
ANDREW S ZAMFOTIS
HEIKE PAULS
JOCHEN REICHERT
SARAH SIMON
ALEXANDER BRAUN
BENJAMIN KOHNKE
SASCHA BERRESCH
MARCUS SILBE
NICOLAS J DUBOURG
DAVID REYNOLDS
MATTHIAS SCHRADE

Source
Research
ULT-AGG
Research
Research
MF-AGG
Research
Research
Research
Research
Research
ULT-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
underweight
buy
buy
buy
sell
buy
hold
buy
neutral
underperform
hold

Amt Held
3'287'244
361'000
293'622
282'421
176'645
169'259
161'344
157'366
155'720
97'778
92'000
86'821
57'000
18'425
14'290
11'400
10'000
8'600
6'000
2'673

% Out
58.91
6.47
5.26
5.06
3.17
3.03
2.89
2.82
2.79
1.75
1.65
1.56
1.02
0.33
0.26
0.2
0.18
0.15
0.11
0.05

Weighting

Change
1
5
5
5
1
5
3
5
3
1
3

D
M
M
M
D
M
M
M
M
M
M

Latest Chg
8'319
220
14'290
(7'450)
(549)

Target Price
#N/A N/A
78
65
74
50
73
60
65
46
32
#N/A N/A

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

File Dt
Inst Type
18.12.2012
Corporation
30.04.2013
Investment Advisor
28.08.2012
Investment Advisor
03.09.2012
Investment Advisor
30.06.2013
Investment Advisor
18.09.2012
Investment Advisor
31.08.2012
Investment Advisor
01.02.2012
Investment Advisor
05.07.2012
Investment Advisor
18.12.2012 Hedge Fund Manager
13.08.2012
Unclassified
20.03.2012
Corporation
31.03.2013
Investment Advisor
07.08.2013
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
28.02.2013
Investment Advisor
30.04.2013
Investment Advisor

Date
Not Provided
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
3 month
12 month
Not Provided

Date
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
06.08.2013
06.08.2013
06.08.2013
19.03.2013
14.08.2012
17.03.2011

14.08.2013

Telefonica Deutschland Holding AG


Telefonica Deutschland Holding AG provides telecommunications services mainly
to countries in Europe and Latin America. The Company offers fixed-line and
mobile telephone, Internet, and data transmission services to residential and
corporate customers.

Price/Volume
7

50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M

6
5
4

Valuation Analysis

Latest Fiscal Year:


LTM as of:
52-Week High (04.02.2013)
52-Week Low (30.07.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 24.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
O2D GY EQUITY YTD Change
O2D GY EQUITY YTD % CHANGE

12/2012
06/yy
6.51
4.90
3'616.00
5.318
-18.31%
8.64%
25.94%
1'116.9
5'939.92
1'251.00
0.0
0.0
324.00
7'027.92

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1
0
o-12

31.12.2009
31.12.2010
3'745.5
4'826.3
891.5
892.7
(33.6)
(102.5)
Profitability

d-12

j-13

f-13

m-13

a-13

m-13

j-13

j-13

Market Data

LTM-4Q
31.12.2011
5'035.6
1'149.2
71.3
-

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
5'213.0
1.42x
1'279.0
5.77x
1'335.0
20.62x
1'279.00
146.00
2.80%
2.69%
12.09%
14.68%
0.47%
24.5%
2.8%
25.6%
0.92
0.86
13.79%
19.46%
5.16
-

Price/ Cash Flow

06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

LTM
06/yy
5'104.0
4.36x
1'254.0
5.82x
734.0
24.94x

FY+1

258.75
-0.75%
16
3.750
1'435'082
1'771'903
2'169'820
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
5'025.6
5'004.9
1'268.0
1'290.0
1.34x
1.34x
4.67x
4.59x
1'245.5
1'252.1
335.5
348.0
5.63x
5.60x
88.0
120.1
30.6
33.4
67.32x
49.24x
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

0.72
0.98
19.5%
16.3%
0.47
1.71
70.89
-

Sales/Revenue/Turnover

6.00

6'000.0

5.00

5'000.0

4.00

4'000.0

3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00
01.01.2010

n-12

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

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Telefonica Deutschland Holding AG


Holdings By:

All

Holder Name
TELEFONICA SA
BLACKROCK
BNP PARIBAS INV PART
CI INVESTMENTS INC
NORGES BANK
ALLIANZ ASSET MANAGE
T ROWE PRICE ASSOCIA
UNION INVESTMENT GMB
DEUTSCHE BANK AG
SUN LIFE FINANCIAL I
STATE STREET
UBI PRAMERICA SGR SP
BARING FUND MANAGERS
JO HAMBRO CAPITAL MA
LBPAM
CAPITAL GROUP COMPAN
MACQUARIE GROUP
IG INVESTMENT MANAGE
SCHRODER INVESTMENT
OYSTER ASSET MANAGEM

Firm Name
Sanford C. Bernstein & Co
M.M. Warburg Investment Research
UBS
Nomura
Exane BNP Paribas
Barclays
Landesbank Baden-Wuerttemberg
Societe Generale
Commerzbank Corporates & Markets
Deutsche Bank
Goldman Sachs
JPMorgan
Jefferies
Bankhaus Lampe
New Street Research
Makor Capital
Morgan Stanley
Bankhaus Metzler
HSBC
Gabelli & Co

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
ROBIN BIENENSTOCK
MALTE RAETHER
POLO TANG
FREDERIC BOULAN
MATHIEU ROBILLIARD
JONATHAN DANN
STEFAN BORSCHEID
OTTAVIO ADORISIO
HEIKE PAULS
KEVAL KHIROYA
TIMOTHY BODDY
HANNES C WITTIG
GILES THORNE
WOLFGANG SPECHT
JAMES RATZER
ALBERT SAPORTA
RYAN FOX
ULRICH TRABERT
DOMINIK KLARMANN
EVAN D MILLER

Source
20F
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
market perform
hold
buy
neutral
outperform
overweight
hold
hold
hold
restricted
not rated
restricted
hold
hold
neutral
buy
restricted
buy
overweight
hold

Amt Held
858'195'400
61'192'766
11'898'618
7'799'350
6'657'645
5'603'148
5'219'531
3'292'869
2'705'708
2'357'472
2'328'409
2'046'453
2'038'469
1'979'666
1'683'750
1'620'617
1'495'055
1'220'045
1'210'538
1'190'000

% Out
76.83
5.48
1.07
0.7
0.6
0.5
0.47
0.29
0.24
0.21
0.21
0.18
0.18
0.18
0.15
0.15
0.13
0.11
0.11
0.11

Weighting

Change

3
3
5
3
5
5
3
3
3
#N/A N/A
#N/A N/A
#N/A N/A
3
3
3
5
#N/A N/A
5
5
3

M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
N
M
M
M
N

Latest Chg
(1'251'572)
(76'980)
7'799'350
2'377'896
(65'596)
3'292'869
5'708
(293'244)
61'286
1'979'666
196'363
(703'959)
72'084
238'217
1'034'188
(510'000)

Target Price
6
6
7
6
6
7
6
6
5
#N/A N/A
#N/A N/A
#N/A N/A
6
6
#N/A N/A
#N/A N/A
#N/A N/A
6
7
#N/A N/A

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

File Dt
31.12.2012
07.08.2013
31.03.2013
31.12.2012
31.12.2012
30.06.2013
30.06.2013
28.03.2013
28.06.2013
30.06.2013
08.08.2013
30.06.2013
30.04.2013
31.12.2012
28.03.2013
30.06.2013
28.06.2013
31.03.2013
31.03.2013
28.02.2013

Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided

Inst Type
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
09.08.2013
09.08.2013
01.08.2013
31.07.2013
30.07.2013
26.07.2013
25.07.2013
24.07.2013
24.07.2013
23.07.2013
23.07.2013
23.07.2013
23.07.2013
23.07.2013
23.07.2013
23.07.2013
22.07.2013
03.07.2013
03.05.2013
07.11.2012

14.08.2013

Pfeiffer Vacuum Technology AG


Pfeiffer Vacuum Technology AG designs, manufactures and services pumps. The
Company produces turbomolecular vacuum pumps, rotary vane pumps, root pumps,
customized vacuum systems, helium leak detection systems, gas analyzers, and
mass spectrometers. The Company markets and services its products in Europe,
the United States, and Asia.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (25.10.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
PFV GY EQUITY YTD Change
PFV GY EQUITY YTD % CHANGE

12/2012
06/yy
98.82
74.40
107.00
85.81
-13.17%
15.34%
45.82%
9.9
846.74
52.14
0.0
0.0
102.01
816.53

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
198.1
1.66x
55.0
5.98x
38.0
10.76x

100
90
80
70
60
50
40
30
20
10
0
a-12

31.12.2009
31.12.2010
182.0
220.5
2.39x
3.44x
41.5
57.2
10.48x
13.26x
27.6
38.1
18.06x
20.00x
Profitability

LTM-4Q
31.12.2011
519.5
1.22x
83.4
7.63x
41.4
16.14x

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
461.3
1.85x
87.5
9.75x
45.3
19.95x
87.53
67.69
14.67%
14.36%
8.21%
13.54%
11.43%
0.96%
36.2%
17.4%
12.6%
9.8%
3.04
1.93
11.70%
17.77%
6.88
3.40

Price/ Cash Flow

06/yy
476.8
5.97x
79.5
9.62x
34.3
23.11x

LTM
06/yy
419.0
7.62x
72.9
10.35x
35.9
21.85x

FY+1

.0 M
a-13

0.90
8.95
12.82%
-2.38%
0.903
20
3.100
32'715
22'292
33'120
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
430.3
470.4
113.0
119.0
1.83x
1.62x
76.6
92.9
17.8
23.8
10.64x
8.77x
38.2
50.9
9.8
12.2
22.86x
16.42x
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

38.99
34.41
-0.41
0.71
17.8%
15.1%
0.96
4.59
53.04
107.33
38.06
113.17

Sales/Revenue/Turnover

25.00

600.0
500.0

20.00

400.0
15.00

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Pfeiffer Vacuum Technology AG


Holdings By:

All

Holder Name
BNP PARIBAS INV PART
AMERIPRISE FINANCIAL
SUN LIFE FINANCIAL I
HAKUTO CO LTD
BANKHAUS LAMPE
HIGHCLERE INTL INVES
FIERA CAPITAL CORPOR
MONTANARO ASSET MGMT
ROYCE AND ASSOCIATES
FIRST EAGLE FUNDS
ARNHOLD & S BLEICHRO
WILLIAM BLAIR & COMP
NORGES BANK
DANSKE INVEST A/S
THREADNEEDLE INVESTM
ALLIANZ ASSET MANAGE
SEB
WILLIAM BLAIR & COMP
COLUMBIA WANGER ASSE
BANK OF NOVA SCOTIA

Firm Name
HSBC
Hauck & Aufhaeuser
M.M. Warburg Investment Research
Bankhaus Metzler
Exane BNP Paribas
Commerzbank Corporates & Markets
Deutsche Bank
Goldman Sachs
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Bankhaus Lampe
Close Brothers Equity Markets
Equinet Institutional Services(ESN)
DZ Bank AG
EVA Dimensions
Kepler Cheuvreux
Nord/LB
Berenberg Bank
GSC Research
Solventis WPH-Bank GmbH
National Bank AG

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
WILLIAM BLAIR & COMP
Multiple Portfolios
n/a

Analyst
CHRISTIAN DOMINIK RATH
FINN HENNING BREITER
EGGERT KULS
STEPHAN BAUER
GERHARD ORGONAS
NORBERT KRETLOW
UWE SCHUPP
WILLIAM WYMAN
WALTER SCHNEIDER
MARKUS FRIEBEL
KARSTEN ILTGEN
VEYSEL TAZE
ADRIAN PEHL
HARALD SCHNITZER
TIMOTHY STANISH
CRAIG ABBOTT
WOLFGANG DONIE
BENJAMIN GLAESER
THORSTEN RENNER
ULF VON LENGERICH
STEFFEN MANSKE

Source
ULT-AGG
Research
ULT-AGG
Co File
Research
Research
Research
Research
Research
Research
Research
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
13F
MF-AGG
ULT-AGG

Recommendation
overweight
buy
hold
sell
outperform
add
sell
Buy/Neutral
hold
sell
hold
sell
reduce
hold
hold
hold
hold
buy
hold
hold
sell

Amt Held
634'429
458'418
404'479
343'396
303'680
297'972
297'856
296'244
294'140
291'897
291'897
268'020
236'815
210'032
181'416
164'756
158'339
148'305
133'727
131'100

% Out
6.43
4.65
4.1
3.48
3.08
3.02
3.02
3
2.98
2.96
2.96
2.72
2.4
2.13
1.84
1.67
1.6
1.5
1.36
1.33

Weighting

Change
5
5
3
1
5
4
1
5
3
1
3
1
2
3
3
3
3
5
3
3
1

U
U
M
M
M
U
M
M
M
M
M
M
M
M
M
D
M
U
M
M
D

Latest Chg
(5'033)
154'851
3'460
32'894
552
9'669
(9'142)
(68'633)
121'610

Target Price
96
100
85
73
95
90
60
100
81
70
80
73
78
79
#N/A N/A
80
95
107
#N/A N/A
83
80

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

File Dt
31.03.2013
12.07.2013
30.06.2013
31.12.2012
23.05.2012
31.05.2013
08.04.2013
10.06.2013
15.06.2012
30.03.2012
30.03.2012
12.09.2012
31.12.2012
31.05.2013
28.02.2013
30.06.2013
28.03.2013
30.06.2013
28.06.2013
28.02.2013

Date
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Bank

Date
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
12.07.2013
06.06.2013
29.05.2013
07.05.2013
01.05.2013
21.09.2012
26.03.2012
17.02.2012

14.08.2013

PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie


PSI AG fuer Produkte und Systeme der Informationstechnologie develops computer
software. The Company produces software that helps manage large networks used
in the electricity, gas, oil, telecommunications, and public transportation
industries, production management for the steel, chemicals and automobile
industries and mechanical engineering, and information management.

Price/Volume

.1 M
.1 M

12

Latest Fiscal Year:


LTM as of:
52-Week High (01.02.2013)
52-Week Low (30.07.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
PSAN GY EQUITY YTD Change
PSAN GY EQUITY YTD % CHANGE

12/2012
06/yy
17.48
12.96
81.00
13.95
-20.19%
7.68%
24.20%
15.7
218.98
9.35
0.0
0.0
33.34
191.31

10

.1 M

.1 M

.0 M

.0 M

2
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.1 M

16
14

Valuation Analysis

31.12.2008
128.9
0.16x
8.8
2.30x
4.1
10.59x

18

31.12.2009
31.12.2010
147.0
158.7
0.82x
1.64x
11.4
13.9
10.53x
18.62x
6.6
7.0
19.24x
39.67x
Profitability

LTM-4Q
31.12.2011
169.5
1.18x
14.6
13.68x
7.4
31.32x

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
180.9
1.20x
16.9
12.87x
9.4
25.68x
16.92
12.89
7.12%
6.27%
5.10%
12.82%
13.74%
0.98%
9.1%
7.0%
5.2%
1.74
0.99
5.01%
12.70%
6.18
-

Price/ Cash Flow

06/yy
179.0
5.19x
16.0
14.22x
9.7
26.02x

LTM
06/yy
182.9
3.68x
12.8
0.00x
6.9
33.98x

FY+1

.0 M
a-13

0.75
11.36
-16.47%
-7.68%
0.746
11
3.455
12'545
18'750
21'324
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
191.3
208.8
1.18x
1.05x
18.5
23.3
10.41x
8.25x
10.3
14.2
21.30x
15.45x
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

8.62
7.29
-1.64
0.50
12.7%
11.3%
0.98
12.96
59.02
-

Sales/Revenue/Turnover

300.00

200.0
180.0

250.00

160.0
140.0

200.00

120.0

150.00

100.0
80.0

100.00

60.0
40.0

50.00
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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie


Holdings By:

All

Holder Name
RWE AG
SINGH HARVINDER
ALLIANZ GLOBAL INVES
FRANKFURT TRUST INVE
THREADNEEDLE INVESTM
HANSAINVEST GMBH
ALLIANZ ASSET MANAGE
ZUERICH INVESTMENTGE
SCHRODER INVESTMENT
TRIPPEL KARSTEN
CALVERT INVESTMENT C
UBS
GAMCO
UNIVERSAL INVESTMENT
SCHRIMPF HARALD
KBC GROUP NV
DEUTSCHE BANK AG
GOETZE WILFRIED
VANGUARD GROUP INC
BLACKROCK

Firm Name
EVA Dimensions
Dr. Kalliwoda Equity Research
First Berlin Equity Research Group
DZ Bank AG
Commerzbank Corporates & Markets
WGZ Bank
Equinet Institutional Services(ESN)
Solventis WPH-Bank GmbH
Deutsche Bank
Montega
Berenberg Bank

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a

Analyst
ANDREW S ZAMFOTIS
NORBERT KALLIWODA
SIMON SCHOLES
JASKO TERZIC
FLORIAN TREISCH
FRANK WOHLGEMUTH
MICHAEL SCHAEFER
KLAUS SCHLOTE
ALEXANDER KARNICK
WAIS SAMADZADA
MAGGIE PAXTON

Source
Research
Research
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
Co File
MF-AGG
ULT-AGG

Recommendation
underweight
accumulate
add
hold
add
hold
hold
buy
buy
hold
hold

Amt Held
2'794'131
1'271'487
470'641
450'000
272'381
210'386
202'955
135'000
123'876
109'750
85'470
84'784
80'000
72'568
64'000
63'469
60'000
54'683
49'365
47'830

% Out
17.8
8.1
3
2.87
1.74
1.34
1.29
0.86
0.79
0.7
0.54
0.54
0.51
0.46
0.41
0.4
0.38
0.35
0.31
0.3

Weighting

Change
1
4
4
3
4
3
3
5
5
3
3

D
D
M
M
M
M
M
M
M
M
M

Latest Chg
14'222
33'699
11'522
6'374
(151'950)
5'255
711

Target Price
#N/A N/A
14
15
13
17
16
16
21
18
16
18

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

File Dt
25.01.2013
25.01.2013
18.05.2012
30.04.2013
28.02.2013
28.03.2013
30.04.2013
30.04.2013
31.12.2012
31.12.2011
30.06.2013
28.03.2013
28.03.2013
28.03.2013
31.12.2011
30.04.2013
31.05.2013
31.12.2011
30.06.2013
07.08.2013

Date
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided

Inst Type
Corporation
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Unclassified
Unclassified
Investment Advisor
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor

Date
07.08.2013
06.08.2013
01.08.2013
31.07.2013
30.07.2013
30.07.2013
26.07.2013
06.05.2013
30.04.2013
30.04.2013
03.04.2013

14.08.2013

ProSiebenSat.1 Media AG
ProSiebenSat.1 Media AG operates as european broadcasting group. The Company
produces and broadcasts television programming. ProSiebenSat.1 provides TV
station brands to online video store, digital pay-TV programs, and mobile
services. ProSiebenSat.1 Media serves customers in Europe.

Price/Volume
40

3.0 M

35

2.5 M

30
2.0 M

25
20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.07.2013)
52-Week Low (28.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
PSM GY EQUITY YTD Change
PSM GY EQUITY YTD % CHANGE

12/2012
06/yy
35.92
17.85
24'985.00
31.34
-12.64%
75.85%
75.99%
109.4
6'814.44
2'926.20
0.0
5.0
702.30
7'680.64

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
2'760.8
2'601.0
1.97x
3.16x
652.5
684.9
8.34x
11.99x
146.6
312.7
20.64x
Profitability

.5 M

5
0
a-12

s-12

LTM-4Q
31.12.2011
2'199.2
2.43x
688.1
7.75x
637.5
11.38x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
2'356.2
2.87x
685.8
9.84x
295.0
14.01x
685.80
606.30
25.73%
19.37%
7.43%
23.28%
11.50%
0.46%
46.3%
30.3%
27.7%
12.5%
2.53
0.83
54.06%
195.64%
8.49
1398.59

Price/ Cash Flow

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

06/yy
1'971.6
11.71x
628.2
9.73x
604.9
14.21x

LTM
06/yy
2'185.7
13.57x
662.6
12.04x
352.5
20.99x

FY+1

.0 M
a-13

1.11
109.40
104.42%
76.11%
1.113
32
3.250
582'400
726'510
608'706
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'565.3
2'703.8
556.3
758.0
3.22x
2.98x
776.5
830.8
144.0
298.0
9.89x
9.25x
388.7
433.8
86.0
124.4
16.96x
15.45x
20.78x
19.86x
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

4.39
3.82
1.29
3.24
195.6%
66.1%
0.46
10.23
42.98
0.26
102.22
-63.02

Sales/Revenue/Turnover

4.50

3'500.0

4.00

3'000.0

3.50

2'500.0

3.00
2.50

2'000.0

2.00

1'500.0

1.50

1'000.0

1.00

500.0

0.50
0.00
01.01.2010

1.0 M

10

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
3'054.2
1.44x
833.8
5.29x
(129.1)
-

1.5 M

15

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

ProSiebenSat.1 Media AG
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
NORGES BANK
DEUTSCHE BANK AG
BLACKROCK
HARTFORD INVESTMENT
ALLIANZ ASSET MANAGE
FMR LLC
FIL LIMITED
CAZENOVE UNIT TRUST
VANGUARD GROUP INC
STATE STREET
ETOILE GESTION
LORD ABBETT & CO LLC
ADIG INVESTMENT
JP MORGAN
HENDERSON GLOBAL INV
DJE INVESTMENT SA
INVESCO LTD
FRANKFURT TRUST INVE
BARING FUND MANAGERS

Firm Name

Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst

Liberum Capital Ltd


IAN WHITTAKER
DZ Bank AG
HARALD HEIDER
Societe Generale
CHRISTOPHE CHERBLANC
Commerzbank Corporates & Markets SONIA RABUSSIER
Kepler Cheuvreux
CONOR O'SHEA
Natixis
JEROME BODIN
Nomura
WILLIAM MAIRS
Barclays
JULIEN ROCH
Deutsche Bank
LAURIE DAVISON
Morgan Stanley
JULIEN ROSSI
JPMorgan
FILIPPO PIETRO LO FRANCO
Landesbank Baden-Wuerttemberg
RALPH SZYMCZAK
Independent Research GmbH
LARS LUSEBRINK
Bankhaus Metzler
STEFAN WIMMER
Exane BNP Paribas
ADRIEN DE SAINT HILAIRE
AlphaValue
VERONIQUE CABIOC'H
Bankhaus Lampe
CHRISTOPH SCHLIENKAMP
HSBC
CHRISTOPHER JOHNEN
UBS
TAMSIN GARRITY
EVA Dimensions
CRAIG STERLING
Goldman Sachs
LISA YANG
Main First Bank AG
STEPHAN VOLLERT
Nord/LB
HOLGER FECHNER
Macquarie
ANGUS TWEEDIE
Credit Suisse
OMAR SHEIKH
Berenberg Bank
SARAH SIMON
Jefferies
WILL SMITH
Hammer Partners SA
STEPHAN SEIP
Espirito Santo Investment Bank Research
MARK EVANS
Close Brothers Equity Markets
MARCUS SILBE

Source
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
buy
sell
hold
hold
hold
neutral
buy
overweight
buy
Equalwt/Attractive
neutral
hold
hold
buy
underperform
reduce
hold
overweight
buy
sell
Buy/Neutral
outperform
buy
neutral
outperform
sell
hold
sell
sell
hold

Amt Held
9'046'500
5'437'208
4'506'389
3'864'294
2'346'963
2'317'451
2'177'131
1'295'336
943'782
915'036
778'671
599'737
587'669
447'006
402'133
400'000
372'400
364'811
350'000
331'321

% Out
8.27
4.97
4.12
3.53
2.15
2.12
1.99
1.18
0.86
0.84
0.71
0.55
0.54
0.41
0.37
0.37
0.34
0.33
0.32
0.3

Weighting

Change
5
1
3
3
3
3
5
5
5
3
3
3
3
5
1
2
3
5
5
1
5
5
5
3
5
1
3
1
1
3

U
M
M
M
U
M
M
M
M
M
M
M
U
M
M
U
M
M
M
D
M
M
M
N
M
D
M
M
M
M

Latest Chg
6'785'500
(50'000)
9'155
1'852'057
306'381
(29'349)
(2'272'826)
3'082
56'746
(33'909)
(99'499)
(45'345)
(150'000)
51'127
400'000
21'500
160'615
(50'000)
-

Target Price
35
29
32
30
32
27
33
34
33
32
32
32
35
33
26
28
30
34
32
#N/A N/A
36
38
35
24
35
28
23
19
15
18

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

File Dt
30.06.2013
31.12.2012
28.06.2013
07.08.2013
31.05.2013
28.06.2013
30.06.2013
31.03.2013
28.02.2013
30.06.2013
08.08.2013
28.03.2013
28.06.2013
30.04.2013
30.06.2013
31.03.2013
31.05.2013
08.08.2013
30.04.2013
30.04.2013

Date
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month

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
Investment Advisor
Investment Advisor
Investment Advisor

Date
05.08.2013
04.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
31.07.2013
25.07.2013
12.07.2013
12.07.2013
11.07.2013
03.07.2013
03.06.2013
16.05.2013
08.05.2013
07.05.2013
03.04.2013
18.12.2012
17.12.2012
20.11.2012

14.08.2013

Puma SE
Puma SE designs, manufactures, and sells sporting goods and branded apparel.
The Company produces running, tennis, training, and basketball shoes and other
products. Puma operates Santa Monica concept stores and sells its products
worldwide through subsidiaries, distributors, and direct sales.

Price/Volume
300
250
200
150

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.03.2013)
52-Week Low (30.07.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
PUM GY EQUITY YTD Change
PUM GY EQUITY YTD % CHANGE

12/2012
06/yy
249.40
205.35
23.00
223.3
-10.47%
8.74%
44.61%
15.1
3'367.91
44.10
0.0
8.9
440.20
3'083.01

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

50
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
2'524.2
0.71x
381.6
4.70x
232.8
9.26x

100

31.12.2009
31.12.2010
2'447.3
2'706.4
1.24x
1.20x
217.8
372.7
13.96x
8.73x
79.6
202.2
43.91x
18.44x
Profitability

LTM-4Q
31.12.2011
3'009.0
0.96x
403.5
7.19x
230.1
14.65x

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
3'270.7
0.91x
186.8
15.91x
70.2
47.94x
186.80
110.70
3.38%
3.43%
1.47%
2.26%
1.24%
48.3%
10.3%
7.9%
2.1%
2.04
1.18
1.74%
2.78%
5.79
2.57

Price/ Cash Flow

.1 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
a-13

06/yy
3'135.9
2.91x
382.8
8.28x
215.4
1.08x

LTM
06/yy
3'170.8
3.90x
325.1
9.06x
37.4
86.85x

FY+1

0.59
2.42
-4.11%
-0.48%
0.595
30
2.900
8'815
8'559
9'760
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
3'098.0
3'222.6
847.8
774.6
0.94x
0.87x
306.2
342.1
103.0
62.5
10.13x
9.07x
160.6
185.6
62.9
35.4
20.49x
18.37x
18.81x
18.32x
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

22.24
12.57
-0.89
0.13
2.8%
2.7%
1.24
63.08
142.05
100.60
89.48

Sales/Revenue/Turnover

80.00

3'500.0

70.00

3'000.0

60.00

2'500.0

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

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Puma SE
Holdings By:

All

Holder Name
KERING
PUMA SE
NORGES BANK
LOMBARD ODIER DARIER
IG INVESTMENT MANAGE
FIDEURAM GESTIONS SA
AMUNDI
CI INVESTMENTS INC
BLACKROCK
AGICAM
SOCIETE GENERALE
ALLIANZ ASSET MANAGE
INVESTEC ASSET MANAG
LBPAM
KBL RICHELIEU GESTIO
KEMPEN CAPITAL MANAG
HSBC ASSET MGMT EURO
BANK DELEN SA
VANGUARD GROUP INC
GENERALI FINANCES

Firm Name
Berenberg Bank
Susquehanna Financial Group
AlphaValue
Landesbank Baden-Wuerttemberg
Equinet Institutional Services(ESN)
Makor Capital
Deutsche Bank
Raymond James
Independent Research GmbH
Oddo & Cie
M.M. Warburg Investment Research
Main First Bank AG
Commerzbank Corporates & Markets
Morgan Stanley
Nord/LB
Baader Bank
UBS
JPMorgan
Bankhaus Lampe
Hamburger Sparkasse
ISI Group
Barclays
SRH AlsterResearch
Exane BNP Paribas
HSBC
Goldman Sachs
Kepler Cheuvreux
Baden Hill LLP
EVA Dimensions
Solventis WPH-Bank GmbH
National Bank AG

Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
JOHN GUY
CHRISTOPHER SVEZIA
HANS-PETER WODNIOK
BERND MUELL
INGBERT FAUST
ALBERT SAPORTA
MICHAEL KUHN
CEDRIC LECASBLE
ZAFER RUZGAR
LEOPOLD AUTHIE
JOERG PHILIPP FREY
MATTHIAS EIFERT
ANDREAS RIEMANN
LOUISE SINGLEHURST
JULIA SIEKMANN
VOLKER BOSSE
FRED SPEIRS
CHIARA BATTISTINI
MICHAEL GORNY
CHRISTIAN HAMANN
OMAR SAAD
JULIAN EASTHOPE
NEIL SCHMODDE
ANDREAS INDERST
ANTOINE BELGE
WILLIAM HUTCHINGS
JUERGEN KOLB
NICHOLAS WOODIFIELD
CRAIG STERLING
KLAUS SOER
STEFFEN MANSKE

Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
sell
neutral
sell
hold
hold
buy
hold
underperform
hold
reduce
hold
underperform
hold
Underwt/In-Line
hold
hold
neutral
neutral
hold
hold
neutral
underweight
buy
neutral
overweight
neutral/neutral
buy
buy
sell
buy
buy

Amt Held
12'518'475
143'185
140'549
76'353
73'360
53'563
42'339
39'191
31'349
26'504
25'770
22'200
20'221
18'560
18'000
12'981
12'462
11'500
11'359
10'770

% Out
83
0.95
0.93
0.51
0.49
0.36
0.28
0.26
0.21
0.18
0.17
0.15
0.13
0.12
0.12
0.09
0.08
0.08
0.08
0.07

Weighting

Change
1
3
1
3
3
5
3
1
3
2
3
1
3
1
3
3
3
3
3
3
3
1
5
3
5
3
5
5
1
5
5

D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
U
N
D
M
M

Latest Chg
5'500
6'715
5'797
5'000
(1'725)
(1'800)
1'806
1'250
(500)
(3'000)
5'140
-

Target Price
195
215
174
220
215
250
195
210
230
195
210
210
208
210
205
240
220
225
230
#N/A N/A
200
200
260
230
252
223
255
#N/A N/A
#N/A N/A
280
250

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

File Dt
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.03.2013
01.07.2013
28.03.2013
31.12.2012
07.08.2013
01.07.2013
28.03.2013
28.06.2013
31.03.2013
28.03.2013
28.03.2013
31.03.2013
30.04.2013
29.03.2013
30.06.2013
29.04.2013

Date
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
6 month
12 month
12 month
12 month
12 month
15 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Corporation
n/a
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
07.08.2013
05.08.2013
01.08.2013
29.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
11.07.2013
26.06.2013
17.05.2013
14.05.2013
12.04.2013
20.02.2013
07.11.2012
27.07.2011

14.08.2013

QIAGEN NV
QIAGEN N.V. provides sample and assay technologies. The Company's technologies
(in the format of consumables and automated solutions) are used to process
biological samples and to analyze analytes contained therein, such as DNA and
RNA. QIAGEN provides these technologies to customers conducting molecular
diagnostics, applied testing, pharmaceutical R&D and academic research.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.04.2013)
52-Week Low (22.10.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 04.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
QIA GY EQUITY YTD Change
QIA GY EQUITY YTD % CHANGE

12/2011
06/yy
16.77
13.12
1'388.00
16.075
-3.85%
22.91%
83.01%
239.4
3'847.93
846.99
0.0
9.7
484.49
4'219.08

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.8 M

16

1.6 M

14

1.4 M

12

1.2 M

10

1.0 M

.8 M

.6 M

.4 M

.2 M

0
a-12

31.12.2009
31.12.2010
1'009.8
1'087.4
5.22x
4.13x
318.8
354.8
16.52x
12.67x
137.8
144.3
32.92x
29.99x
Profitability

LTM-4Q
31.12.2011
1'169.7
3.04x
293.7
12.12x
96.0
20.34x

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
1'254.5
3.72x
403.8
11.55x
129.5
26.39x
403.82
205.93
16.42%
11.57%
0.91%
1.37%
1.88%
0.32%
65.7%
30.7%
8.6%
10.3%
3.67
2.72
20.72%
31.20%
5.45
3.45

Price/ Cash Flow

06/yy
1'226.9
12.62x
311.8
13.93x
96.7
23.68x

o-12

n-12

d-12

j-13

LTM
06/yy
1'269.6
15.82x
283.5
0.00x
35.8
27.38x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.00
0.60
226.70
14.49%
17.24%
0.602
35
3.229
326'250
332'488
413'199
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'327.3
1'402.9
321.4
365.6
4.12x
3.73x
17.53x
15.28x
436.6
483.0
97.9
127.1
12.82x
11.59x
13.43x
13.25x
268.8
285.8
61.7
84.0
18.84x
17.33x
19.25x
18.90x
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

17.22
12.87
1.00
2.19
31.2%
23.7%
0.32
3.19
66.92
105.93
41.14
137.06

Sales/Revenue/Turnover

35.00

1'400.0

30.00

1'200.0

25.00

1'000.0

20.00

800.0

15.00

600.0

10.00

400.0

5.00

200.0

0.00
01.01.2010

s-12

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
893.0
4.61x
266.7
15.44x
89.0
22.81x

18

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

QIAGEN NV
Holdings By:

All

Holder Name
PRIMECAP MANAGEMENT
MANNING & NAPIER ADV
PLATINUM INVESTMENT
CREDIT AGRICOLE SA
AMUNDI
GENERATION INVESTMEN
VANGUARD GROUP INC
HARDING LOEVNER LP
MANNING & NAPIER ADV
BLACKROCK
NORGES BANK
BAILLIE GIFFORD AND
DEUTSCHE BANK AG
JOHNSTON ASSET MANAG
COLPAN METIN
CAPITAL GROUP COMPAN
STATE STREET
ARROWGRASS CAPITAL P
PLATINUM INVESTMENT
BANK OF NEW YORK MEL

Firm Name
Independent Research GmbH
AlphaValue
Cowen and Company
DZ Bank AG
Credit Suisse
Commerzbank Corporates & Markets
Jefferies
Robert W. Baird & Co
William Blair & Co
Macquarie
Bryan Garnier & Cie
Deutsche Bank
Kempen & Co
JPMorgan
Wedbush
Landesbank Baden-Wuerttemberg
Leerink Swann & Co
Berenberg Bank
ISI Group
S&P Capital IQ
Piper Jaffray
Exane BNP Paribas
Barclays
Mizuho Securities USA Inc
Bankhaus Metzler
EVA Dimensions
HSBC
Hamburger Sparkasse
Main First Bank AG
Kepler Cheuvreux
UBS
M.M. Warburg Investment Research
Goldman Sachs
Credit Suisse

Portfolio Name
#N/A N/A
n/a
#N/A N/A
CREDIT AGRICOLE SA
n/a
n/a
n/a
HARDING LOEVNER LP
MANNING & NAPIER ADV
n/a
Multiple Portfolios
BAILLIE GIFFORD & CO
n/a
JOHNSTON ASSET MANAG
n/a
n/a
n/a
n/a
PLATINUM INVESTMENT
BANK OF NEW YORK MEL

Analyst
CHRISTOPH SCHOENDUBE
KAMLA SINGH
DOUG SCHENKEL
SVEN OLAF KUERTEN
VAMIL DIVAN
DANIEL WENDORFF
PETER WELFORD
JEFF T ELLIOTT
BRIAN WEINSTEIN
JONATHAN P GROBERG
MATHIEU CHABERT
HOLGER BLUM
SACHIN SONI
TYCHO W PETERSON
ZARAK KHURSHID
TIMO KUERSCHNER
DANIEL L LEONARD
SCOTT BARDO
ROSS MUKEN
SHO MATSUBARA
WILLIAM R QUIRK
ROMAIN ZANA
CHARLES ANTHONY BUTLER
PETER R LAWSON
SEBASTIAN FRERICKS
ANDREW S ZAMFOTIS
JAN KEPPELER
MARCO GUENTHER
MARCUS WIEPRECHT
OLIVER REINBERG
MARTIN WALES
ULRICH HUWALD
ISAAC RO
RAVI MEHROTRA

Source
13G
Research
Research
13F
Research
Research
Research
13F
13F
ULT-AGG
MF-AGG
13F
ULT-AGG
13F
Research
ULT-AGG
ULT-AGG
Short
13F
13F

Recommendation
hold
reduce
underperform
hold
neutral
buy
hold
outperform
market perform
neutral
buy
buy
hold
overweight
neutral
buy
market perform
hold
neutral
buy
neutral
neutral
equalweight
neutral
buy
underweight
underweight
hold
outperform
reduce
neutral
hold
neutral/neutral
restricted

Amt Held
% Out
13'416'761
5.6
12'492'293
5.22
10'104'502
4.22
9'627'970
4.02
9'568'279
4
9'567'367
4
7'829'000
3.27
6'388'752
2.67
6'303'028
2.63
5'872'787
2.45
5'542'855
2.32
4'872'700
2.04
4'867'288
2.03
4'591'914
1.92
4'192'553
1.75
2'835'494
1.18
2'765'365
1.16
(2'609'169) -1.09
2'358'976
0.99
2'276'535
0.95

Weighting
3
2
1
3
3
5
3
5
3
3
5
5
3
5
3
5
3
3
3
5
3
3
3
3
5
1
1
3
5
2
3
3
3
#N/A N/A

Change
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
D
M
M
M
D
M
M
M
M

Latest Chg
4'321'886
7'745'526
(577'841)
7'733'517
(4'736)
133'480
172'710
77'800
(5'117'631)
371'304
767
185'247
(62'584)

Target Price
17
16
12
16
16
19
14
20
#N/A N/A
16
17
17
16
18
14
16
17
14
17
19
16
15
14
16
17
#N/A N/A
14
#N/A N/A
20
14
15
13
15
#N/A N/A

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

File Dt
Inst Type
31.07.2013
Investment Advisor
05.07.2013
Investment Advisor
01.07.2013
Investment Advisor
31.03.2013
Investment Advisor
01.07.2013
Investment Advisor
01.07.2013
Investment Advisor
01.07.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
07.08.2013
Investment Advisor
31.12.2012
Government
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
n/a
30.06.2013
Investment Advisor
08.08.2013
Investment Advisor
04.07.2013 Hedge Fund Manager
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor

Date
12 month
6 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
12 month
6 month
12 month
12 month
15 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided

Date
08.08.2013
08.08.2013
05.08.2013
05.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
05.07.2013
01.07.2013
21.06.2013
06.06.2013
06.06.2013
14.05.2013
01.05.2013
24.01.2013
18.11.2012
04.04.2011

14.08.2013

QSC AG
QSC AG offers small and mid-size enterprises a range of ICT services from
telephony, data transfer, housing and hosting right through to IT outsourcing
and IT consulting. The Company offers its services on the basis of its own Next
Generation Networks (NGN) and operates an open access platform, which unites a
range of broadband technologies.

Price/Volume
4

Latest Fiscal Year:


LTM as of:
52-Week High (12.08.2013)
52-Week Low (15.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
QSC GY EQUITY YTD Change
QSC GY EQUITY YTD % CHANGE

12/2012
03/yy
3.35
1.98
18'631.00
3.31
-1.19%
67.43%
96.36%
123.8
409.81
90.53
0.0
0.0
37.78
457.80

1.5 M

1.0 M

1
.5 M

1
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2.0 M

Valuation Analysis

31.12.2008
413.3
0.41x
65.7
2.60x
0.8
124.00x

2.5 M

31.12.2009
31.12.2010
420.5
422.1
0.54x
1.00x
67.9
70.7
3.36x
5.96x
5.5
24.2
42.50x
18.33x
Profitability

LTM-4Q
31.12.2011
478.1
0.67x
80.5
3.96x
27.6
10.45x

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
481.5
0.65x
77.5
4.04x
18.9
15.04x
77.54
24.61
5.11%
4.30%
5.57%
11.01%
1.23%
25.4%
16.5%
5.6%
3.9%
0.97
0.92
23.38%
50.23%
8.40
210.40

Price/ Cash Flow

03/yy
489.0
2.83x
77.4
4.18x
23.4
12.75x

LTM
03/yy
478.5
2.82x
78.9
4.67x
21.6
15.22x

FY+1

.0 M
a-13

0.78
52.74
69.45%
62.69%
0.781
12
4.417
695'214
421'277
373'463
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
455.7
469.9
1.01x
0.93x
79.2
85.3
5.80x
5.38x
21.5
27.6
18.60x
14.33x
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

16.78
12.20
0.61
1.16
50.2%
33.4%
1.23
3.48
43.47
1.73
54.30
0.21

Sales/Revenue/Turnover

9.00

600.0

8.00

500.0

7.00

400.0

6.00
5.00

300.0

4.00

200.0

3.00
2.00

100.0

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

QSC AG
Holdings By:

All

Holder Name
EICKERS GERD
SCHLOBOHM BERND
QSC AG
ALLIANZ ASSET MANAGE
JO HAMBRO CAPITAL MA
NORGES BANK
UNION INVESTMENT GMB
TEACHERS INS & ANNUI
DWS INVESTMENT S A
BLACKROCK
VANGUARD GROUP INC
FLEMING FAMILY & PAR
MMA FINANCE
DEUTSCHE BANK AG
HERMANN JUERGEN
BAKER JOHN C
BRENKE HERBERT
AMONIS SA
UNIVERSAL INVESTMENT
BANK OF NEW YORK MEL

Firm Name
Deutsche Bank
M.M. Warburg Investment Research
Berenberg Bank
Bankhaus Metzler
Hauck & Aufhaeuser
Commerzbank Corporates & Markets
Landesbank Baden-Wuerttemberg
JPMorgan
Close Brothers Equity Markets
Independent Research GmbH
EVA Dimensions
Kepler Cheuvreux
Exane BNP Paribas

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
TEACHERS INSURANCE &
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
BENJAMIN KOHNKE
MALTE RAETHER
USMAN GHAZI
ULRICH TRABERT
LEONHARD BAYER
HEIKE PAULS
STEFAN BORSCHEID
HANNES C WITTIG
MARCUS SILBE
MARKUS FRIEBEL
ANDREW S ZAMFOTIS
THOMAS KARLOVITS
MICHAEL ZORKO

Source
Research
Co File
Co File
ULT-AGG
Research
Research
MF-AGG
Sch-D
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
buy
buy
buy
buy
add
hold
overweight
buy
hold
overweight
buy
underperform

Amt Held
31'045'856
15'459'650
13'593'413
6'726'904
6'603'303
3'714'279
1'920'425
1'792'679
590'000
581'566
515'431
478'487
340'000
300'000
225'000
203'072
187'820
173'741
160'000
154'527

% Out
25.09
12.49
10.98
5.44
5.34
3
1.55
1.45
0.48
0.47
0.42
0.39
0.27
0.24
0.18
0.16
0.15
0.14
0.13
0.12

Weighting

Change
5
5
5
5
5
4
3
5
5
3
5
5
1

M
M
M
M
M
M
D
M
M
M
U
M
M

Latest Chg
70'000
552'311
7'276
59'334
340'000
-

Target Price
3
4
3
4
5
3
3
4
3
3
#N/A N/A
4
2

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

File Dt
10.06.2013
30.01.2013
31.12.2012
18.07.2013
11.01.2013
12.06.2013
28.03.2013
31.03.2013
30.04.2013
07.08.2013
30.06.2013
31.01.2012
29.06.2012
30.04.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.03.2013
08.08.2013

Date
12 month
12 month
Not Provided
12 month
12 month
6 month
Not Provided
3 month
12 month
12 month
Not Provided
Not Provided
Not Provided

Inst Type
n/a
n/a
Corporation
Investment Advisor
Unclassified
Government
Investment Advisor
Insurance Company
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
08.08.2013
08.08.2013
05.08.2013
01.08.2013
31.07.2013
26.07.2013
19.07.2013
15.07.2013
14.05.2013
13.05.2013
03.04.2013
19.02.2013
14.03.2012

14.08.2013

Rational AG
Rational AG manufactures and markets food preparation appliances/processors and
kitchen accessories for caterers and canteen kitchens. The Company's products
cook and reheat food. Rational sells primarily to hotels, restaurants,
canteens and caterers in Europe, the United States, and Asia.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2013)
52-Week Low (12.10.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RAA GY EQUITY YTD Change
RAA GY EQUITY YTD % CHANGE

Price/Volume

12/2012
06/yy
269.15
186.05
43.00
227.05
-15.64%
22.04%
48.13%
11.4
2'581.56
25.29
0.0
0.0
166.42
2'435.91

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.1 M

250

.1 M

200

.1 M

150

.1 M

100

.0 M

50

.0 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
343.0
2.71x
92.0
10.10x
61.7
15.57x

300

31.12.2009
31.12.2010
314.4
350.1
3.97x
4.97x
96.8
110.6
12.89x
15.72x
67.3
79.8
20.02x
23.56x
Profitability

LTM-4Q
31.12.2011
391.7
4.62x
107.9
16.78x
78.7
24.27x

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
435.0
5.37x
129.9
17.99x
93.3
26.59x
129.92
123.15
28.31%
28.14%
30.25%
39.49%
36.42%
1.41%
60.2%
28.3%
21.4%
4.18
3.69
7.75%
10.65%
6.57
6.79

Price/ Cash Flow

06/yy
415.9
18.23x
0.0
0.00x
85.2
25.13x

LTM
06/yy
441.4
15.75x
0.0
0.00x
90.4
32.32x

FY+1

.0 M
a-13

0.67
3.32
17.53%
6.64%
0.673
17
2.882
4'929
11'763
9'249
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
458.3
502.9
5.26x
4.76x
131.4
148.0
18.44x
16.37x
94.9
106.1
27.27x
24.11x
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

117.36
108.90
10.7%
9.6%
1.41
8.16
55.54
53.76
22.18
91.65

Sales/Revenue/Turnover

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Rational AG
Holdings By:

All

Holder Name
MEISTER SIEGFRIED
KURTZ WALTER
ALLIANZ ASSET MANAGE
COLUMBIA WANGER ASSE
MONTANARO ASSET MGMT
ROYCE AND ASSOCIATES
NORGES BANK
BLACKROCK
AMERIPRISE FINANCIAL
T ROWE PRICE ASSOCIA
FIL LIMITED
FRANKLIN RESOURCES
VANGUARD GROUP INC
BESSEMER GROUP INCOR
DEUTSCHE BANK AG
FMR LLC
LOMBARD ODIER DARIER
MONTANARO INVESTMENT
CHARLES SCHWAB INVES
MONTANARO INVESTMENT

Firm Name
Commerzbank Corporates & Markets
Nord/LB
Independent Research GmbH
M.M. Warburg Investment Research
Baader Bank
DZ Bank AG
Goldman Sachs
HSBC
Kepler Cheuvreux
Deutsche Bank
Landesbank Baden-Wuerttemberg
Hauck & Aufhaeuser
Bankhaus Lampe
Bankhaus Metzler
EVA Dimensions
Berenberg Bank
GSC Research

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
MONTANARO EUROPEAN S
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
MONTANARO EUROPEAN S
Multiple Portfolios
MONTANARO EUROPEAN S

Analyst
YASMIN MOSCHITZ
WOLFGANG VASTERLING
LARS LUSEBRINK
ROLAND RAPELIUS
CHRISTIAN WEIZ
MARKUS TURNWALD
BENJAMIN MOORE
RICHARD SCHRAMM
CRAIG ABBOTT
FELICITAS VON BISMARCK
HARALD REHMET
FINN HENNING BREITER
GORDON SCHOENELL
STEPHAN BAUER
TIMOTHY STANISH
BENJAMIN GLAESER
MATTHIAS SCHRADE

Source
Co File
EXCH
ULT-AGG
MF-AGG
MF-PART
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-PART
MF-AGG
MF-PART

Recommendation
hold
hold
sell
hold
hold
sell
neutral/neutral
neutral
hold
hold
hold
hold
hold
buy
overweight
hold
hold

Amt Held
7'161'411
887'997
382'417
162'825
162'175
137'311
96'836
40'281
38'070
30'526
28'926
26'410
20'095
19'877
17'059
16'320
14'891
13'630
12'246
11'551

% Out
62.99
7.81
3.36
1.43
1.43
1.21
0.85
0.35
0.33
0.27
0.25
0.23
0.18
0.17
0.15
0.14
0.13
0.12
0.11
0.1

Weighting

Change
3
3
1
3
3
1
3
3
3
3
3
3
3
5
5
3
3

M
U
M
M
M
M
M
M
M
M
M
U
U
M
M
M
M

Latest Chg
7'452
2'339
(61'960)
16
(138)
(9'112)
(1'627)
1'030
2'077
450
1'560
-

Target Price
243
206
200
229
208
183
220
220
205
220
217
205
200
260
#N/A N/A
225
#N/A N/A

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

File Dt
31.12.2012
23.06.2011
28.06.2013
28.06.2013
28.06.2013
30.06.2013
31.12.2012
07.08.2013
28.06.2013
30.06.2013
31.12.2012
28.06.2013
30.06.2013
30.04.2013
28.06.2013
30.04.2013
31.03.2013
31.05.2013
08.08.2013
30.06.2013

Date
6 month
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided

Inst Type
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
Investment Advisor
Investment Advisor
Investment Advisor

Date
07.08.2013
07.08.2013
07.08.2013
07.08.2013
01.08.2013
17.07.2013
16.07.2013
11.07.2013
11.07.2013
10.07.2013
10.07.2013
10.07.2013
10.07.2013
10.07.2013
06.06.2013
01.05.2013
24.05.2012

14.08.2013

Rhoen Klinikum AG
Rhoen-Klinikum AG operates general, rehabilitation, and emergency health care
facilities which offer inpatient and outpatient medical care to various
communities in Germany. These clinics and hospitals offer cardiological,
surgical, psychiatric, neurological and neurosurgical, orthopedic, addiction
treatment, and physical therapy services.

Price/Volume
25

8.0 M
20

6.0 M
5.0 M
4.0 M

10

Latest Fiscal Year:


LTM as of:
52-Week High (24.08.2012)
52-Week Low (12.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RHK GY EQUITY YTD Change
RHK GY EQUITY YTD % CHANGE

12/2012
06/yy
20.75
14.41
3'452.00
18.295
-11.59%
27.35%
60.91%
138.2
2'528.95
1'034.67
0.0
25.6
237.03
3'355.98

3.0 M
2.0 M

1.0 M
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

7.0 M

15

Valuation Analysis

31.12.2008
2'130.3
1.14x
264.4
9.20x
117.3
15.11x

9.0 M

31.12.2009
31.12.2010
2'320.1
2'550.4
1.22x
1.13x
284.6
310.2
9.95x
9.31x
125.7
139.7
16.00x
16.31x
Profitability

LTM-4Q
31.12.2011
2'629.1
1.01x
357.9
7.45x
156.1
13.03x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
2'864.9
1.03x
291.1
10.10x
89.7
23.56x
291.10
151.20
5.28%
3.97%
2.52%
5.02%
0.92%
10.9%
4.9%
3.1%
1.09
0.92
32.49%
65.41%
-

Price/ Cash Flow

06/yy
2'721.2
4.28x
352.4
9.75x
123.1
20.97x

LTM
06/yy
2'981.6
3.02x
255.5
0.00x
89.9
27.18x

FY+1

.0 M
a-13

0.45
100.22
-0.38%
21.47%
0.451
24
3.667
434'092
352'654
519'844
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
3'036.2
3'162.3
755.0
774.0
1.10x
1.04x
328.5
373.3
85.3
94.0
10.22x
9.00x
113.3
151.1
31.3
34.1
22.48x
17.07x
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

6.69
2.25
2.51
3.13
65.4%
39.2%
0.92
1.56
-

Sales/Revenue/Turnover

25.00

3'500.0
3'000.0

20.00

2'500.0
15.00

2'000.0
1'500.0

10.00

1'000.0
5.00

0.00
01.01.2010

500.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Rhoen Klinikum AG
Holdings By:

All

Holder Name
MUENCH FAMILY
ALECTA PENSIONSFORSA
BRAUN LUDWIG GEORG
ASKLEPIOS KLINIKEN G
FRESENIUS SE & CO KG
CREDIT SUISSE AG
PAULSON & CO
BLACKROCK
JP MORGAN CLEARING C
FRANKLIN RESOURCES
ALLIANZ ASSET MANAGE
MORGAN STANLEY INTER
SKAGEN AS
SUN LIFE FINANCIAL I
NORGES BANK
DEUTSCHE BANK AG
UNIVERSAL INVEST LUX
ING INTERNATIONAL AD
OPPENHEIMERFUNDS INC
INVESCO LTD

Firm Name
JPMorgan
Bankhaus Metzler
Berenberg Bank
Equinet Institutional Services(ESN)
S&P Capital IQ
AlphaValue
Deutsche Bank
Jefferies
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Bankhaus Lampe
M.M. Warburg Investment Research
Exane BNP Paribas
HSBC
Kepler Cheuvreux
UBS
DZ Bank AG
Commerzbank Corporates & Markets
Hamburger Sparkasse
Nord/LB
EVA Dimensions
Close Brothers Equity Markets
Main First Bank AG
Credit Suisse
GSC Research
Hauck & Aufhaeuser

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
DAVID J ADLINGTON
SEBASTIAN FRERICKS
TOM JONES
KONRAD LIEDER
JACOB THRANE
EILEEN RYAN
HOLGER BLUM
INGEBORG OIE
TIMO KUERSCHNER
CHRISTOPH SCHOENDUBE
THERESA DICK
ULRICH HUWALD
JULIEN DORMOIS
JAN KEPPELER
OLIVER REINBERG
MARTIN WALES
SVEN OLAF KUERTEN
VOLKER BRAUN
MARCO GUENTHER
HOLGER FECHNER
TIMOTHY STANISH
IGOR KIM
MARCUS WIEPRECHT
MARK WADLEY
MATTHIAS SCHRADE
THOMAS WISSLER

Source
Co File
Co File
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
Research
ULT-AGG
ULT-AGG
Research
MF-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
neutral
buy
hold
buy
hold
sell
hold
hold
buy
buy
hold
hold
neutral
overweight
hold
neutral
buy
buy
hold
buy
sell
hold
outperform
outperform
buy
sell

Amt Held
17'278'999
13'684'967
6'911'600
6'911'600
6'911'600
5'174'410
5'114'584
4'778'672
4'408'553
3'810'642
3'161'505
2'849'530
1'972'941
1'819'760
1'699'549
1'466'710
820'000
797'284
765'961
680'501

% Out
12.5
9.9
5
5
5
3.74
3.7
3.46
3.19
2.76
2.29
2.06
1.43
1.32
1.23
1.06
0.59
0.58
0.55
0.49

Weighting

Change
3
5
3
5
3
1
3
3
5
5
3
3
3
5
3
3
5
5
3
5
1
3
5
5
5
1

M
M
M
M
U
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
U
D

Latest Chg
(4'357)
303'879
(50'000)
(256'510)
-

Target Price
21
19
19
23
20
17
17
18
19
22
18
18
16
19
16
19
18
21
#N/A N/A
22
#N/A N/A
16
20
17
#N/A N/A
15

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

File Dt
Inst Type
31.12.2012
n/a
31.12.2012 Pension Fund (ERISA)
31.12.2012
n/a
31.12.2012
Corporation
31.12.2012
Corporation
13.06.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
07.08.2013
Investment Advisor
26.06.2013
Investment Advisor
27.04.2012
Investment Advisor
30.06.2013
Investment Advisor
24.06.2013
Investment Advisor
28.06.2013
Investment Advisor
30.04.2012
Investment Advisor
31.12.2012
Government
28.06.2013
Investment Advisor
28.03.2013
Investment Advisor
31.05.2013
Investment Advisor
30.06.2013
Investment Advisor
08.08.2013
Investment Advisor

Date
3 month
12 month
Not Provided
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month

Date
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
29.07.2013
17.07.2013
12.07.2013
27.06.2013
17.06.2013
14.06.2013
13.06.2013
06.06.2013
26.04.2013
25.02.2013
05.10.2012
20.07.2012
26.04.2012

14.08.2013

Rheinmetall AG
Rheinmetall AG is an automotive, electronics, defense, and engineering group.
The Company produces automotive pumps and components to supply air, reduce
emissions, and supply fuel, pistons for gasoline and diesel vehicle and
stationary engines, bearings for engines and other applications and aluminum
engine blocks, and offers aftermarket service to engine repair shops.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (15.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RHM GY EQUITY YTD Change
RHM GY EQUITY YTD % CHANGE

12/2012
06/yy
43.75
31.20
2'131.00
37.955
-13.43%
21.38%
53.05%
39.6
1'502.98
599.00
0.0
111.0
501.00
1'911.98

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.8 M

40

1.6 M

35

1.4 M

30

1.2 M

25

1.0 M

20

.8 M

15

.6 M

10

.4 M

.2 M

0
a-12

31.12.2009
31.12.2010
3'420.0
3'989.0
0.51x
0.62x
178.0
445.0
9.83x
5.55x
(58.0)
162.0
14.22x
Profitability

LTM-4Q
31.12.2011
4'454.0
0.35x
521.0
3.03x
213.0
6.17x

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
4'704.0
0.34x
479.0
3.30x
190.0
7.28x
479.00
285.00
6.06%
5.08%
1.71%
6.23%
5.84%
0.95%
7.2%
2.8%
4.0%
1.42
0.86
12.23%
44.37%
4.23
-

Price/ Cash Flow

06/yy
4'632.0
1.72x
525.0
3.99x
214.0
6.87x

o-12

n-12

d-12

j-13

LTM
06/yy
4'513.0
1.60x
323.0
5.47x
81.0
16.85x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

1.14
37.71
4.61%
9.05%
1.144
28
3.286
198'662
216'411
216'005
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
4'708.4
4'896.1
1'070.0
1'618.0
0.43x
0.40x
319.8
456.0
40.0
337.0
5.96x
4.18x
69.1
143.1
18.2
111.0
22.30x
9.87x
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

12.12.2008
NR
12.12.2008
NR
7.26
3.71
1.04
1.78
44.4%
29.1%
0.95
3.92
86.30
-

Sales/Revenue/Turnover

16.00

5'000.0

14.00

4'500.0
4'000.0

12.00

3'500.0

10.00

3'000.0

8.00

2'500.0
2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00
01.01.2010

s-12

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
3'869.0
0.27x
407.0
2.58x
134.0
5.89x

45

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Rheinmetall AG
Holdings By:

All

Holder Name
BLACKROCK
HARRIS ASSOCIATES LP
RHEINMETALL AG
DEUTSCHE BANK AG
FMR LLC
NORGES BANK
DIMENSIONAL FUND ADV
VANGUARD GROUP INC
FEDERATED INVESTORS
INVESCO LTD
PRUDENTIAL FINANCIAL
DWS INVESTMENT S A
UNION INVESTMENT GMB
NATIXIS INTERNATIONA
DEKA INVESTMENT GMBH
AVIVA PLC
LANDESBANK BERLIN IN
SCHRODER INVESTMENT
SOCIETE GENERALE
LBPAM

Firm Name

Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Landesbank Baden-Wuerttemberg
STEFAN MAICHL
Hauck & Aufhaeuser
FINN HENNING BREITER
Bankhaus Lampe
GORDON SCHOENELL
Equinet Institutional Services(ESN)
ADRIAN PEHL
Steubing AG
TOBIAS SCHMIDT
Montega
THOMAS RAU
AlphaValue
EILEEN RYAN
Independent Research GmbH
ZAFER RUZGAR
Kepler Cheuvreux
MICHAEL RAAB
Commerzbank Corporates & Markets STEPHAN BOEHM
HSBC
RICHARD SCHRAMM
M.M. Warburg Investment Research CHRISTIAN COHRS
Bankhaus Metzler
JUERGEN PIEPER
Berenberg Bank
BENJAMIN GLAESER
Close Brothers Equity Markets
DANIEL KUKALJ
S&P Capital IQ
RODERICK BRIDGE
Exane BNP Paribas
OLIVIER BROCHET
LFG Kronos Investment Services GmbH THOMAS ANEY
Deutsche Bank
TIM ROKOSSA
Main First Bank AG
CHRISTOPHER YOUL
DZ Bank AG
MARKUS TURNWALD
EVA Dimensions
TIMOTHY STANISH
Nord/LB
FRANK SCHWOPE
National Bank AG
MANFRED JAISFELD
JPMorgan
GLEN H LIDDY
UBS
SVEN WEIER

Source
ULT-AGG
MF-AGG
Co File
ULT-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

Recommendation
sell
sell
sell
reduce
buy
hold
add
hold
hold
hold
overweight
hold
sell
hold
hold
hold
neutral
hold
hold
outperform
buy
overweight
buy
buy
neutral
neutral

Amt Held
2'761'155
2'436'285
1'881'647
1'173'000
1'037'762
686'200
525'577
363'021
349'087
331'175
281'064
270'000
245'800
245'500
233'412
232'900
208'979
205'760
188'866
139'000

% Out
6.97
6.15
4.75
2.96
2.62
1.73
1.33
0.92
0.88
0.84
0.71
0.68
0.62
0.62
0.59
0.59
0.53
0.52
0.48
0.35

Weighting

Change
1
1
1
2
5
3
4
3
3
3
5
3
1
3
3
3
3
3
3
5
5
5
5
5
3
3

M
M
M
M
U
M
M
M
D
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(16'525)
(511'802)
1'174
(155'185)
323'640
(3'485)
120'000
(8'900)
(140'464)
-

Target Price
34
32
30
34
43
35
40
38
38
33
47
34
32
40
37
35
33
43
35
49
46
#N/A N/A
44
44
35
39

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

File Dt
07.08.2013
30.06.2013
22.02.2013
28.06.2013
31.10.2011
31.12.2012
30.04.2013
30.06.2013
30.06.2013
08.08.2013
30.06.2013
30.04.2013
28.03.2013
28.03.2013
09.08.2013
31.05.2013
31.07.2013
31.03.2013
28.03.2013
28.03.2013

Date
Not Provided
12 month
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
3 month
12 month

Inst Type
Investment Advisor
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
Bank
Investment Advisor

Date
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
29.07.2013
23.07.2013
18.06.2013
06.06.2013
29.05.2013
13.05.2013
10.05.2013
08.02.2013

14.08.2013

RWE AG
RWE AG generates, distributes, and trades electricity to municipal, industrial,
commercial, and residential customers. The Company produces natural gas and oil,
mines coal, delivers and distributes gas, and supplies drinking water.
RWE AG operates mainly in Europe.

Price/Volume
40

14.0 M

35

12.0 M

30

10.0 M

25

Latest Fiscal Year:


LTM as of:
52-Week High (12.09.2012)
52-Week Low (06.08.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RWE GY EQUITY YTD Change
RWE GY EQUITY YTD % CHANGE

12/2012
03/yy
36.47
20.64
153'796.00
22.24
-39.50%
6.88%
10.87%
575.7
13'745.47
19'946.00
2'702.0
1'613.0
5'276.00
33'221.47

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

6.0 M

15
10

4.0 M

2.0 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
47'500.0
0.88x
7'903.0
5.30x
2'558.0
10.69x

8.0 M

20

Valuation Analysis

31.12.2009
31.12.2010
46'191.0
50'722.0
1.10x
0.89x
9'655.0
9'230.0
5.28x
4.87x
3'571.0
3'323.0
10.33x
8.05x
Profitability

LTM-4Q
31.12.2011
49'153.0
0.69x
6'912.0
4.91x
1'865.0
8.10x

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
50'771.0
0.75x
9'055.0
4.22x
1'402.0
14.67x
9'055.00
3'699.00
7.29%
4.39%
1.71%
9.86%
7.16%
0.55%
17.8%
7.5%
2.8%
1.02
0.55
22.61%
164.54%
4.83
-

Price/ Cash Flow

LTM

03/yy
49'030.0
2.98x
6'525.0
5.98x
1'359.0
16.96x

03/yy
51'161.0
3.07x
9'099.0
4.11x
1'585.0
12.70x

FY+1

.0 M
a-13

1.05
487.68
-28.33%
-23.97%
1.050
36
2.333
3'318'997
3'092'761
3'275'284
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
53'414.9
52'927.7
0.68x
0.67x
8'945.9
8'065.3
3.71x
4.12x
2'408.7
1'853.4
5.61x
7.31x
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

27.07.2012
BBB+
STABLE
08.06.2011
A-2
7.25
2.85
1.65
2.32
164.5%
54.8%
0.55
1.44
75.63
-

Sales/Revenue/Turnover

6.00

100'000.0
90'000.0

5.00

80'000.0
70'000.0

4.00

60'000.0

3.00

50'000.0
40'000.0

2.00

30'000.0
20'000.0

1.00
0.00
01.01.2010

10'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

RWE AG
Holdings By:

All

Holder Name
RW ENERGIE-BETEILIGU
MORGAN STANLEY
BLACKROCK
MONDRIAN INVESTMENT
CREDIT SUISSE GROUP
NORGES BANK
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
INVESCO LTD
CQS UK LLP
MARSHALL WACE LLP
PICTET FUNDS
UNION INVESTMENT GMB
DEKA INVESTMENT GMBH
UBS
MERCURY ASSET MANAGE
SOCIETE GENERALE SA
FRANKLIN RESOURCES
FRANKFURT TRUST INVE
BNP PARIBAS INV PART

Firm Name
RBC Capital Markets
Societe Generale
Macquarie
M.M. Warburg Investment Research
Grupo Santander
Bankhaus Metzler
Morgan Stanley
Landesbank Baden-Wuerttemberg
UBS
Commerzbank Corporates & Markets
Redburn Partners
Deutsche Bank
AlphaValue
Exane BNP Paribas
Raymond James
Independent Research GmbH
JPMorgan
HSBC
Goldman Sachs
Day by Day
Credit Suisse
Barclays
Main First Bank AG
EVA Dimensions
Kepler Cheuvreux
Berenberg Bank
Nord/LB
Natixis
Equinet Institutional Services(ESN)
S&P Capital IQ
Steubing AG
Hamburger Sparkasse
National Bank AG
Banco Sabadell

Portfolio Name
n/a
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a

Analyst
JOHN MUSK
ALBERTO PONTI
ROBERT SCHRAMM-FUCHS
STEPHAN WULF
OSCAR NAJAR RIOS
DANIEL SEIDENSPINNER
BOBBY CHADA
ERKAN AYCICEK
PATRICK HUMMEL
TANJA MARKLOFF
AHMED FARMAN
ALEXANDER KARNICK
EILEEN RYAN
BENJAMIN LEYRE
EMMANUEL RETIF
SVEN DIERMEIER
NATHALIE F CASALI
ADAM DICKENS
DEBORAH WILKENS
VALERIE GASTALDY
VINCENT GILLES
PETER BISZTYGA
ANDREAS THIELEN
DOUG WALTERS
INGO BECKER
TEAM COVERAGE
HEINO HAMMANN
PHILIPPE OURPATIAN
MICHAEL SCHAEFER
CLIVE ROBERTS
MICHAEL BROEKER
ANNEMARIE SCHLUETER
STEFFEN MANSKE
JORGE GONZALEZ SADORNIL

Source
Co File
Research
ULT-AGG
Co File
Research
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Short
Short
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Research
ULT-AGG
MF-AGG
ULT-AGG

Recommendation
underperform
sell
underperform
buy
underweight
sell
Equalwt/In-Line
hold
sell
reduce
sell
sell
buy
neutral
underperform
hold
underweight
underweight
Buy/Neutral
hold
neutral
underweight
underperform
buy
reduce
sell
hold
neutral
hold
hold
buy
hold
hold
sell

Amt Held
% Out
86'361'823
15
57'767'445 10.03
28'787'275
5
17'272'365
3
15'649'001
2.72
13'471'707
2.34
5'831'000
1.01
5'336'144
0.93
3'172'827
0.55
(3'109'026) -0.54
(2'936'302) -0.51
2'833'842
0.49
2'542'090
0.44
2'266'506
0.39
1'420'110
0.25
1'411'987
0.25
1'403'905
0.24
1'400'400
0.24
1'372'490
0.24
937'481
0.16

Weighting

Change
1
1
1
5
1
1
3
3
1
2
1
1
5
3
1
3
1
1
5
3
3
1
1
5
2
1
3
3
3
3
5
3
3
1

M
M
M
M
M
M
M
U
M
M
D
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
105'000
211'738
3'101'871
(115'149)
3'348
(377'383)
(623'861)
(51'936)
1'400'000
900
1'886

Target Price
20
22
20
28
28
20
28
22
19
22
#N/A N/A
20
36
25
25
24
28
19
33
#N/A N/A
24
23
26
#N/A N/A
24
21
30
28
35
29
60
#N/A N/A
30
37

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

File Dt
Inst Type
31.12.2012
Other
23.07.2013
Investment Advisor
07.08.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
16.04.2013
Investment Advisor
31.12.2012
Government
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
08.08.2013
Investment Advisor
05.07.2013
Investment Advisor
31.07.2013 Hedge Fund Manager
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
08.08.2013
Unclassified
07.08.2013
Investment Advisor
07.06.2013
Unclassified
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor

Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
3 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month

Date
09.08.2013
08.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
06.08.2013
06.08.2013
05.08.2013
02.08.2013
02.08.2013
01.08.2013
01.08.2013
30.07.2013
23.07.2013
23.07.2013
19.07.2013
04.07.2013
02.07.2013
02.07.2013
26.06.2013
21.06.2013
07.06.2013
06.06.2013
29.05.2013
24.05.2013
16.05.2013
16.05.2013
15.05.2013
15.05.2013
02.04.2013
07.03.2013
05.03.2013
15.02.2013

14.08.2013

SMA Solar Technology AG


SMA Solar Technology AG manufactures solar inverters, alternating current
converters for solar generated electricity.

Price/Volume
30

1.6 M
1.4 M

25

1.2 M
20

Latest Fiscal Year:


LTM as of:
52-Week High (21.09.2012)
52-Week Low (16.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 08.08.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
S92 GY EQUITY YTD Change
S92 GY EQUITY YTD % CHANGE

12/2012
06/yy
29.90
15.61
836.00
26.825
-10.70%
71.04%
79.67%
34.7
930.83
93.53
0.0
0.0
442.70
661.74

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.8 M
.6 M

10

.4 M
5
0
a-12

.2 M
s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
681.6
1.64x
174.8
6.39x
119.5
10.90x

1.0 M

15

Valuation Analysis

31.12.2009
31.12.2010
934.3
1'920.1
3.17x
1.05x
243.4
547.2
12.16x
3.68x
161.1
365.0
20.10x
6.61x
Profitability

LTM-4Q
31.12.2011
1'676.3
0.69x
289.4
3.98x
166.1
9.01x

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
1'463.4
0.21x
173.3
1.79x
75.1
8.80x
173.29
103.36
7.06%
7.16%
0.05%
0.09%
0.80%
23.5%
10.2%
3.1%
5.1%
3.31
2.30
7.04%
11.40%
7.07
3.34

Price/ Cash Flow

06/yy
1'795.1
2.11x
277.7
2.40x
152.0
6.15x

LTM
06/yy
1'091.2
1.79x
128.7
4.72x
0.7
1263.50x

FY+1

.0 M
a-13

0.89
10.12
9.78%
44.25%
0.887
16
2.625
69'813
47'035
67'847
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'104.9
1'140.5
0.63x
0.60x
35.4
78.7
18.94x
8.53x
(23.8)
5.5
198.70x
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

161.35
93.46
-2.42
1.02
11.4%
10.2%
0.80
2.90
51.60
109.37
42.30
78.85

Sales/Revenue/Turnover

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

SMA Solar Technology AG


Holdings By:

All

Holder Name
POOL SMA SOLAR TECH
KLEINKAUF WERNER
WETTLAUFER REINER
DREWS PETER
CRAMER GUENTHER
GUENTHER CRAMER FOUN
PETER DREWS FOUNDATI
REINER WETTLAUFER FO
BAILLIE GIFFORD AND
RUANE CUNNIFF & GOLD
VANGUARD GROUP INC
ODDO ASSET MANAGEMEN
SOTHIC CAPITAL MANAG
INVESCO LTD
BARRINGTON WILSHIRE
BLACKROCK
CLAYMORE ADVISORS LL
DELTA LLOYD NV
GUARDIAN LIFE GROUP
FIL LIMITED

Firm Name
Bankhaus Metzler
Equinet Institutional Services(ESN)
Deutsche Bank
HSBC
Landesbank Baden-Wuerttemberg
Independent Research GmbH
M.M. Warburg Investment Research
Montega
Commerzbank Corporates & Markets
Kempen & Co
Natureo Finance
Macquarie
EVA Dimensions
Main First Bank AG
Hammer Partners SA

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a

Analyst
DANIEL SEIDENSPINNER
STEFAN FREUDENREICH
ALEXANDER KARNICK
CHRISTIAN DOMINIK RATH
ERKAN AYCICEK
SVEN DIERMEIER
CHRISTOPHER RODLER
ALEXANDER DREWS
GEORG REMSHAGEN
SERENA ZUIDEMA
INGO QUEISER
ROBERT SCHRAMM-FUCHS
ANDREW S ZAMFOTIS
ANDREAS THIELEN
ALBERTO ROLLA

Source
Co File
Co File
Co File
Co File
EXCH
Co File
Co File
Co File
Research
Research
MF-AGG
MF-AGG
Short
ULT-AGG
Short
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG

Recommendation
sell
sell
buy
neutral
hold
sell
hold
sell
sell
hold
buy
neutral
overweight
underperform
buy

Amt Held
% Out
8'744'400
25.2
2'512'280
7.24
2'446'350
7.05
2'446'350
7.05
2'439'410
7.03
1'998'720
5.76
1'998'720
5.76
1'998'720
5.76
1'045'776
3.01
1'002'885
2.89
800'527
2.31
524'878
1.51
(336'590) -0.97
321'224
0.93
(274'130) -0.79
209'936
0.61
175'920
0.51
138'970
0.4
93'147
0.27
78'201
0.23

Weighting

Change
1
1
5
3
3
1
3
1
1
3
5
3
5
1
5

M
M
M
D
M
M
M
M
M
N
M
M
D
M
N

Latest Chg
(14'107)
27'760
1'987
20'820
118
(2'204)
78'201

Target Price
15
19
25
25
20
19
24
19
16
22
23
21
#N/A N/A
15
119

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

File Dt
Inst Type
31.12.2011
Corporation
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
05.08.2011
n/a
31.12.2011
n/a
31.12.2011
Other
31.12.2011
Other
25.11.2011
Investment Advisor
12.07.2011
Investment Advisor
30.06.2013
Investment Advisor
30.09.2012
Investment Advisor
25.07.2013
Other
08.08.2013
Investment Advisor
24.07.2013 Hedge Fund Manager
07.08.2013
Investment Advisor
08.08.2013
Investment Advisor
30.04.2013
Bank
31.03.2013
Insurance Company
31.10.2012
Investment Advisor

Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided

Date
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
31.07.2013
17.07.2013
11.07.2013
25.06.2013
24.05.2013
09.11.2012
04.10.2010

14.08.2013

SAP AG
SAP AG is a multinational software company. The Company develops business
software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training
services. SAP markets its products and services worldwide.

Price/Volume
70

12.0 M

60

10.0 M

50

8.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (24.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SAP GY EQUITY YTD Change
SAP GY EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

4.0 M

20

2.0 M

10
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
11'575.0
2.71x
3'300.0
9.49x
1'847.0
16.28x

6.0 M

30

12/2012
06/yy
65.00
50.96
26'005.00
56.55
-12.92%
11.07%
38.39%
1'228.5
69'471.91
5'248.00
0.0
8.0
2'631.00
71'022.91

31.12.2009
31.12.2010
10'672.0
12'464.0
3.65x
3.71x
3'301.0
4'125.0
11.81x
11.20x
1'748.0
1'811.0
22.45x
25.07x
Profitability

LTM-4Q
31.12.2011
14'233.0
3.31x
4'663.0
10.10x
3'438.0
14.13x

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
16'223.0
4.62x
5'002.0
14.99x
2'823.0
25.61x
5'002.00
4'139.00
25.51%
23.57%
11.42%
21.86%
17.04%
0.64%
68.8%
29.6%
23.9%
17.4%
1.00
0.94
19.56%
37.05%
5.05
-

Price/ Cash Flow

LTM

06/yy
15'157.0
13.82x
4'810.0
11.69x
3'553.0
15.71x

06/yy
16'638.0
17.12x
4'920.0
13.93x
2'967.0
22.47x

FY+1

.0 M
a-13

0.82
913.65
9.73%
-5.35%
0.817
43
3.953
2'148'805
2'875'397
3'283'631
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
17'509.0
19'084.4
4'251.0
5'427.1
3.94x
3.47x
16.67x
12.88x
6'179.2
6'816.7
1'492.5
2'324.5
11.49x
10.42x
11.11x
10.74x
3'931.8
4'410.3
970.9
1'551.7
16.59x
14.81x
15.73x
15.21x
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

28.58
25.49
0.31
1.06
37.1%
27.0%
0.64
9.77
72.33
-

Sales/Revenue/Turnover

25.00

18'000.0
16'000.0

20.00

14'000.0
12'000.0

15.00

10'000.0
8'000.0

10.00

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

SAP AG
Holdings By:

All

Holder Name
PLATTNER HASSO
TSCHIRA KLAUS
BLACKROCK
HOPP DIETMAR
SAP AG
MORGAN STANLEY
NORGES BANK
ALLIANZ ASSET MANAGE
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
DEUTSCHE BANK AG
FIL LIMITED
CAPITAL GROUP COMPAN
DEKA INVESTMENT GMBH
FMR LLC
THORNBURG INVESTMENT
OPPENHEIMERFUNDS INC
UNION INVESTMENT GMB
CREDIT SUISSE AG
BNP PARIBAS INV PART

Firm Name
Jyske Bank
AlphaValue
Sanford C. Bernstein & Co
Bankhaus Metzler
HSBC
Natixis
Societe Generale
Credit Suisse
Jefferies
William Blair & Co
M.M. Warburg Investment Research
Bryan Garnier & Cie
Cross Research
Exane BNP Paribas
Nomura
JPMorgan
Macquarie
Berenberg Bank
DZ Bank AG
Redburn Partners
Barclays
Grupo Santander
Commerzbank Corporates & Markets
Deutsche Bank
Morgan Stanley
Nord/LB
Goldman Sachs
Baader Bank
Pacific Crest Securities
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Hamburger Sparkasse
Kepler Cheuvreux
S&P Capital IQ
JMP Securities
Day by Day
Banco Sabadell
EVA Dimensions
UBS
National Bank AG
Wells Fargo Securities, LLC
Evercore Partners
FBR Capital Markets

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Analyst
ROBERT JAKOBSEN
HEINZ STEFFEN
MARK L MOERDLER
ULRICH TRABERT
ANTONIN BAUDRY
GWENAEL GIARD
RICHARD NGUYEN
PHILIP WINSLOW
ROSS MACMILLAN
BHAVAN SURI
ANDREAS WOLF
GREGORY RAMIREZ
RICHARD T WILLIAMS
BRICE PRUNAS
RICHARD G SHERLUND
STACY E POLLARD
BRAD A ZELNICK
DAUD KHAN
HARALD SCHNITZER
NEIL STEER
GERARDUS VOS
CARLOS JAVIER TREVINO
THOMAS M BECKER
KAI KORSCHELT
ADAM WOOD
WOLFGANG DONIE
MOHAMMED MOAWALLA
KNUT WOLLER
BRENDAN BARNICLE
MIRKO MAIER
MARKUS FRIEBEL
MARCO GUENTHER
LAURENT DAURE
JAMES CRAWSHAW
PATRICK WALRAVENS
VALERIE GASTALDY
ANDRES BOLUMBURU
ANDREW S ZAMFOTIS
MICHAEL BRIEST
STEFFEN MANSKE
JASON MAYNARD
STEWART KIRK MATERNE III
DAVID M HILAL

Source
20F
20F
ULT-AGG
20F
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
reduce
buy
outperform
buy
overweight
neutral
buy
outperform
hold
outperform
buy
buy
hold
neutral
buy
neutral
outperform
buy
buy
neutral
equalweight
underweight
hold
hold
Overwt/In-Line
buy
buy/attractive
buy
outperform
hold
hold
buy
buy
buy
market perform
hold
buy
underweight
neutral
buy
market perform
equalweight
market perform

Amt Held
120'857'498
92'079'595
66'743'066
65'273'200
36'642'744
23'448'702
20'930'681
12'583'212
12'284'154
11'235'667
10'350'832
9'395'522
8'250'500
7'792'633
7'438'705
7'081'368
6'586'656
6'520'708
6'084'747
4'989'242

% Out
9.84
7.5
5.43
5.31
2.98
1.91
1.7
1.02
1
0.91
0.84
0.76
0.67
0.63
0.61
0.58
0.54
0.53
0.5
0.41

Weighting

Change
2
5
5
5
5
3
5
5
3
5
5
5
3
3
5
3
5
5
5
3
3
1
3
3
5
5
5
5
5
3
3
5
5
5
3
3
5
1
3
5
3
3
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
U
M
M
M

Latest Chg
1'120'100
496'869
577'501
(88'254)
(1'292'732)
(132'500)
(229'175)
57'830
(19'077)
(1'749'614)
(13'737)
667'108

Target Price
62
71
68
65
74
59
68
70
60
#N/A N/A
64
69
59
61
68
62
64
71
63
#N/A N/A
55
57
62
57
73
68
77
65
70
57
63
#N/A N/A
66
65
#N/A N/A
#N/A N/A
67
#N/A N/A
65
64
#N/A N/A
65
55

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

File Dt
07.03.2013
07.03.2013
07.08.2013
07.03.2013
12.06.2012
30.06.2013
31.12.2012
30.06.2013
30.06.2013
31.03.2013
28.06.2013
31.12.2012
30.06.2013
30.04.2013
30.06.2013
31.05.2013
30.05.2013
30.06.2013
31.05.2013
31.05.2013

Date
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month

Inst Type
n/a
n/a
Investment Advisor
n/a
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

Date
09.08.2013
01.08.2013
31.07.2013
29.07.2013
25.07.2013
25.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
22.07.2013
21.07.2013
19.07.2013
19.07.2013
19.07.2013
19.07.2013
19.07.2013
19.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
18.07.2013
17.07.2013
14.06.2013
15.02.2013
29.01.2013
23.01.2013
23.01.2013
22.01.2013
24.10.2012
26.01.2012

14.08.2013

Stada Arzneimittel AG
Stada Arzneimittel AG manufactures pharmaceuticals. The Company produces
generics (products whose patents have expired), brand-name products, and cancer
therapy and other special pharmaceuticals. Stada avoids cost-intensive
research on active ingredients and concentrates on multi-source products. The
Company markets its products worldwide.

Price/Volume

1.2 M
1.0 M

25

.8 M

20

Latest Fiscal Year:


LTM as of:
52-Week High (13.08.2013)
52-Week Low (24.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 12.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SAZ GY EQUITY YTD Change
SAZ GY EQUITY YTD % CHANGE

12/2012
06/yy
37.61
21.10
3'544.00
37.3
-0.69%
76.99%
97.52%
59.5
2'220.12
1'270.09
0.0
10.7
128.87
3'669.37

.6 M

15
10

.4 M

.2 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.4 M

35
30

Valuation Analysis

31.12.2008
1'646.2
1.35x
256.0
8.71x
76.2
15.77x

40

31.12.2009
31.12.2010
1'568.8
1'627.0
1.48x
1.44x
278.7
268.5
8.36x
8.75x
100.4
68.4
14.15x
21.88x
Profitability

LTM-4Q
31.12.2011
1'715.4
1.17x
222.1
9.05x
22.0
52.03x

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
1'837.5
1.41x
320.0
8.12x
86.5
16.72x
320.03
202.15
11.00%
7.38%
3.41%
11.92%
6.24%
0.63%
49.3%
17.9%
12.1%
4.7%
1.22
0.64
42.59%
140.89%
4.03
2.03

Price/ Cash Flow

06/yy
1'770.9
5.12x
227.2
11.73x
14.1
104.96x

LTM
06/yy
1'926.6
6.18x
345.2
9.93x
104.9
18.84x

FY+1

.0 M
a-13

0.91
59.08
72.51%
55.31%
0.911
24
3.917
330'791
251'912
264'724
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'995.4
2'140.9
1.72x
1.55x
394.8
438.0
9.28x
8.36x
166.2
205.2
13.26x
11.01x
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

2.11
1.91
4.12
5.14
140.9%
58.2%
0.63
6.79
90.55
180.13
93.18
172.50

Sales/Revenue/Turnover

14.00

2'000.0
1'800.0

12.00

1'600.0

10.00

1'400.0
1'200.0

8.00

1'000.0
800.0

6.00

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Stada Arzneimittel AG
Holdings By:

All

Holder Name
MORGAN STANLEY
DEUTSCHE BANK AG
GRYPHON INTERNATIONA
DEUTSCHE BANK AG/LON
NORGES BANK
BLACKROCK
DJE INVESTMENT SA
UNION INVESTMENT GMB
AQR CAPITAL MANAGEME
ALLIANZ ASSET MANAGE
PICTET FUNDS
SKAGEN AS
VANGUARD GROUP INC
UBS INVEST KAG
MACQUARIE GROUP
T ROWE PRICE ASSOCIA
KBL RICHELIEU GESTIO
FRANKFURT TRUST INVE
LBPAM
OFI ASSET MANAGEMENT

Firm Name
HSBC
Independent Research GmbH
Bankhaus Metzler
Natixis
Deutsche Bank
JPMorgan
Landesbank Baden-Wuerttemberg
Bankhaus Lampe
Hamburger Sparkasse
M.M. Warburg Investment Research
Berenberg Bank
Kepler Cheuvreux
S&P Capital IQ
Helvea
AlphaValue
Commerzbank Corporates & Markets
Exane BNP Paribas
Jefferies
DZ Bank AG
EVA Dimensions
Nord/LB
Close Brothers Equity Markets
Main First Bank AG
Equinet Institutional Services(ESN)
KD Banka d.d.

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
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
JAN KEPPELER
CHRISTOPH SCHOENDUBE
SEBASTIAN FRERICKS
PHILIPPE LANONE
HOLGER BLUM
DAVID J ADLINGTON
TIMO KUERSCHNER
THERESA DICK
MARCO GUENTHER
ULRICH HUWALD
SCOTT BARDO
OLIVER REINBERG
JACOB THRANE
ODILE RUNDQUIST
FABRICE FARIGOULE
DANIEL WENDORFF
FLORENT CESPEDES
JAMES VANE-TEMPEST
THOMAS MAUL
TIMOTHY STANISH
THORSTEN STRAUSS
IGOR KIM
MARCUS WIEPRECHT
MARTIN POSSIENKE
BOJAN IVANC

Source
ULT-AGG
ULT-AGG
Co File
Research
Research
ULT-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
neutral
hold
sell
buy
buy
overweight
buy
buy
buy
hold
buy
buy
strong buy
accumulate
add
buy
neutral
underperform
buy
hold
hold
buy
outperform
hold
buy

Amt Held
% Out
2'030'577
3.41
1'943'300
3.26
1'898'634
3.19
1'802'000
3.03
1'642'192
2.76
956'890
1.61
783'930
1.32
655'000
1.1
(605'199) -1.02
549'000
0.92
353'457
0.59
349'622
0.59
339'689
0.57
326'700
0.55
284'709
0.48
259'231
0.44
224'400
0.38
218'500
0.37
211'858
0.36
192'568
0.32

Weighting

Change
3
3
1
5
5
5
5
5
5
3
5
5
5
4
4
5
3
1
5
3
3
5
5
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
U

Latest Chg
85'000
756
(100)
(17'799)
116'874
24'368
(40'000)
(9'509)
1'075
(14'059)
64'032
(36'560)

Target Price
41
40
24
42
40
42
37
35
#N/A N/A
35
40
42
42
37
37
44
29
25
36
#N/A N/A
33
35
37
20
28

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

File Dt
Inst Type
01.07.2013
Investment Advisor
28.06.2013
Investment Advisor
31.12.2012
Investment Advisor
16.05.2013
Investment Advisor
24.05.2013
Government
07.08.2013
Investment Advisor
31.05.2013
Investment Advisor
28.03.2013
Investment Advisor
19.06.2013 Hedge Fund Manager
30.04.2013
Investment Advisor
31.08.2012
Investment Advisor
24.08.2012
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
28.02.2013
Investment Advisor

Date
Not Provided
12 month
12 month
Not Provided
12 month
15 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
6 month
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month

Date
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
31.07.2013
15.07.2013
02.07.2013
06.06.2013
06.06.2013
08.05.2013
07.05.2013
02.04.2013
22.09.2011
29.09.2010

14.08.2013

STRATEC Biomedical AG
STRATEC Biomedical AG develops, manufactures and markets automated equipment and
systems for the analysis of chemical and biological compounds. The Company's
systems are used primarily for the analysis of blood and other fluids and
include luminometers, fluorometers and pipette systems. Stratec markets its
products worldwide.

Price/Volume
45

.1 M

40

.1 M

35
30

.1 M

25

12/2012
06/yy
40.00
25.30
258.00
29.63
-25.93%
17.11%
26.19%
11.7
348.09
8.64
0.0
0.0
13.58
341.90

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

15

.0 M

10

.0 M

5
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
61.0
2.29x
13.1
10.66x
6.1
25.09x

.1 M

20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (17.07.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SBS GY EQUITY YTD Change
SBS GY EQUITY YTD % CHANGE

31.12.2009
31.12.2010
79.6
102.0
3.60x
3.56x
16.9
20.9
16.96x
17.37x
11.7
13.0
25.81x
27.99x
Profitability

LTM-4Q
31.12.2011
116.6
3.09x
24.6
14.66x
15.3
24.05x

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
122.4
3.57x
20.9
20.89x
14.0
31.63x
20.89
17.13
13.99%
14.18%
11.31%
15.16%
1.04%
32.3%
16.6%
13.0%
11.4%
4.55
1.84
7.09%
9.40%
6.89
-

Price/ Cash Flow

06/yy
126.2
11.43x
26.2
15.23x
15.6
26.04x

LTM
06/yy
123.6
13.30x
20.6
19.13x
13.4
29.86x

FY+1

.0 M
a-13

0.52
10.50
-11.58%
-20.02%
0.515
9
2.778
5'018
19'066
13'033
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
132.4
150.0
2.50x
2.16x
24.3
28.8
13.80x
11.62x
15.6
18.9
22.11x
18.32x
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

66.74
59.48
-0.30
0.40
9.4%
8.6%
1.04
7.22
52.94
225.73

Sales/Revenue/Turnover

300.00

140.0

250.00

120.0
100.0

200.00

80.0
150.00

60.0

100.00

40.0

50.00

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

STRATEC Biomedical AG
Holdings By:

All

Holder Name
LEISTNER HERMANN
MONTANARO ASSET MGMT
THREADNEEDLE INVESTM
ALLIANZ ASSET MANAGE
FINANCIERE DE L'ECHI
ALLIANZ GLOBAL INVES
BNP PARIBAS INV PART
VANGUARD GROUP INC
FIL LIMITED
SEB
ACTIVEST MUNICH
SCHRODER INVESTMENT
HARTFORD INVESTMENT
UBS
BLACKROCK
ING ASSET MANAGEMENT
LAZARD ASSET MANAGEM
TRANSAMERICA INVESTM
ING INVESTMENT MANAG
ETOILE GESTION

Firm Name
Berenberg Bank
Deutsche Bank
Landesbank Baden-Wuerttemberg
Commerzbank Corporates & Markets
Bryan Garnier & Cie
DZ Bank AG
HSBC
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
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
SCOTT BARDO
GUNNAR ROMER
VOLKER STOLL
DANIEL WENDORFF
MATHIEU CHABERT
SVEN OLAF KUERTEN
JAN KEPPELER
OLIVER REINBERG
TIMOTHY STANISH

Source
Research
Research
Research
ULT-AGG
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
hold
hold
hold
hold
neutral
hold
neutral
hold
sell

Amt Held
% Out
1'241'010 10.56
588'192
5.01
587'127
5
396'945
3.38
354'900
3.02
345'623
2.94
341'290
2.91
181'799
1.55
119'500
1.02
92'899
0.79
74'899
0.64
68'000
0.58
63'778
0.54
57'260
0.49
(53'160) -0.45
50'000
0.43
40'880
0.35
35'000
0.3
32'079
0.27
30'000
0.26

Weighting

Change
3
3
3
3
3
3
3
3
1

M
M
M
M
M
M
M
D
M

Latest Chg
9'201
28'869
21'484
(67'894)
(89'680)
(16'000)
1'100
(1'975)
1'588
26'079
-

Target Price
28
26
30
26
30
26
29
29
#N/A N/A

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

File Dt
30.10.2012
17.05.2013
21.05.2013
30.04.2013
11.03.2013
24.10.2012
28.02.2013
30.06.2013
31.10.2012
28.03.2013
28.02.2013
31.12.2012
31.05.2013
30.04.2013
07.08.2013
28.03.2013
30.04.2013
31.03.2013
30.06.2013
28.03.2013

Date
Not Provided
12 month
Not Provided
6 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor

Date
05.08.2013
24.07.2013
23.07.2013
16.07.2013
16.07.2013
16.07.2013
15.07.2013
15.07.2013
06.06.2013

14.08.2013

K+S AG
K+S AG manufactures and markets within the fertilizer division standard and
speciality fertilizers to the agricultural and industrial industries worldwide.
In its salt business, the company produces de-icing salt, food grade salt,
industrial salt and salt for chemical use.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.08.2012)
52-Week Low (06.08.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SDF GY EQUITY YTD Change
SDF GY EQUITY YTD % CHANGE

12/2012
03/yy
40.98
15.02
39'688.00
18.28
-55.45%
21.54%
12.65%
191.4
3'498.79
1'265.80
0.0
3.6
786.80
3'862.09

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

45.0 M

40

40.0 M

35

35.0 M

30

30.0 M

25

25.0 M

20

20.0 M

15

15.0 M

10

10.0 M

5.0 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
4'794.4
1.40x
1'464.3
4.57x
870.9
7.57x

45

31.12.2009
31.12.2010
3'573.8
4'632.7
2.35x
2.34x
460.2
972.2
18.24x
11.14x
96.4
448.6
68.95x
23.58x
Profitability

LTM-4Q
31.12.2011
3'996.8
1.68x
1'122.5
5.97x
564.3
10.98x

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
3'935.3
1.82x
1'079.9
6.65x
667.6
11.78x
1'079.90
850.90
21.62%
19.49%
9.13%
18.41%
16.00%
0.55%
45.1%
27.8%
21.3%
17.0%
3.78
2.41
19.07%
36.44%
5.46
3.05

Price/ Cash Flow

03/yy
3'450.5
9.39x
1'009.3
7.47x
482.1
14.74x

LTM
03/yy
3'777.5
7.78x
1'067.7
6.82x
642.9
12.96x

FY+1

.0 M
a-13

0.80
172.05
-52.17%
-45.64%
0.800
37
2.432
6'243'730
6'134'910
3'751'781
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
3'973.7
3'705.3
868.4
989.6
1.04x
1.26x
4.98x
4.34x
942.2
637.0
187.3
207.5
4.10x
6.07x
4.93x
4.99x
460.6
229.6
69.8
96.0
7.58x
14.57x
11.26x
12.16x
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

05.08.2013
BBB+ *05.08.2013
A-2 *6.49
4.09
0.35
1.25
36.4%
26.7%
0.55
1.47
66.90
119.49
41.32
121.14

Sales/Revenue/Turnover

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

K+S AG
Holdings By:

All

Holder Name
MERITUS TRUST CO LTD
BLACKROCK
PRUDENTIAL PLC
GOLDMAN SACHS GROUP
DWS INVESTMENT S A
VIKING GLOBAL INVEST
ZBI EQUITIES LLC
BROOKSIDE CAPITAL MA
VAN ECK ASSOCIATES C
NORGES BANK
CITADEL EUROPE LLP
DEUTSCHE BANK AG
PENNANT CAPITAL MANA
POINTSTATE CAPITAL
MARSHALL WACE LLP
VANGUARD GROUP INC
VTB CAPITAL PLC
BLUE RIDGE CAPITAL L
UNION INVESTMENT GMB
CAPITAL GROUP COMPAN

Firm Name
Sanford C. Bernstein & Co
Landesbank Baden-Wuerttemberg
M.M. Warburg Investment Research
S&P Capital IQ
Morgan Stanley
Bankhaus Lampe
Commerzbank Corporates & Markets
Nord/LB
Independent Research GmbH
Berenberg Bank
Nomura
DZ Bank AG
Baader Bank
AlphaValue
BMO Capital Markets
UBS
JPMorgan
Macquarie
Equita SIM SpA
Hauck & Aufhaeuser
Hamburger Sparkasse
Exane BNP Paribas
Liberum Capital Ltd
Barclays
Deutsche Bank
HSBC
Bankhaus Metzler
Kepler Cheuvreux
Main First Bank AG
Scotia Capital
Day by Day
EVA Dimensions
Equinet Institutional Services(ESN)
National Bank AG
Societe Generale
Redburn Partners
Solventis WPH-Bank GmbH

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a

Analyst
JEREMY REDENIUS
ULLE WORNER
OLIVER SCHWARZ
JACOB THRANE
PETER MACKEY
MARC GABRIEL
LUTZ GRUETEN
THORSTEN STRAUSS
CHRISTOPH SCHOENDUBE
JOHN PHILIPP KLEIN
PATRICK LAMBERT
HEINZ MUELLER
NORBERT BARTH
EILEEN RYAN
JOEL JACKSON
JOE DEWHURST
BEN SCARLETT
CHRISTIAN FAITZ
MASSIMO BONISOLI
NILS-PETER FITZL
MARCO GUENTHER
HEIDI VESTERINEN
SOPHIE JOURDIER
ANDREAS HEINE
VIRGINIE BOUCHER-FERTE
JESKO MAYER-WEGELIN
LARS HETTCHE
MARTIN ROEDIGER
THOMAS SWOBODA
BEN ISAACSON
VALERIE GASTALDY
TIMOTHY STANISH
MICHAEL SCHAEFER
EKKEHARD D LINK
PETER CLARK
TONY JONES
KLAUS SOER

Source
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Short
Short
Short
ULT-AGG
MF-AGG
Short
ULT-AGG
Short
Short
Short
MF-AGG
Short
Short
MF-AGG
ULT-AGG

Recommendation
underperform
hold
sell
hold
Underwt/In-Line
hold
reduce
buy
buy
sell
reduce
buy
sell
buy
market perform
sell
underweight
neutral
hold
sell
hold
underperform
sell
underweight
sell
neutral
sell
reduce
underperform
sector underperform
hold
buy
buy
buy
hold
neutral
sell

Amt Held
% Out
19'139'999
10
11'665'686
6.09
10'376'980
5.42
9'954'480
5.2
4'782'511
2.5
(4'440'480) -2.32
(3'292'080) -1.72
(3'158'100) -1.65
2'771'947
1.45
2'673'489
1.4
(2'354'220) -1.23
2'308'261
1.21
(2'296'800)
-1.2
(1'952'280) -1.02
(1'933'140) -1.01
1'901'377
0.99
(1'665'180) -0.87
(1'531'200)
-0.8
1'118'064
0.58
1'095'792
0.57

Weighting

Change
1
3
1
3
1
3
2
5
5
1
2
5
1
5
3
1
1
3
3
1
3
1
1
1
1
3
1
2
1
1
3
5
5
5
3
3
1

M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
D
D
M
M
D
M
D
D
M
D
M
M
U
M
M
M
U
M

Latest Chg
2'883
193'143
918'720
(306'240)
(497'640)
191'400
(121'789)
(95'700)
(210'540)
172'260
129'069
(76'560)
(248'820)
(84'129)

Target Price
15
18
15
19
11
22
14
24
22
14
18
23
15
30
18
16
17
25
19
15
#N/A N/A
16
15
17
15
23
17
18
20
18
#N/A N/A
#N/A N/A
47
52
41
#N/A N/A
25

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

File Dt
31.12.2012
07.08.2013
29.05.2013
22.07.2013
30.04.2013
06.08.2013
06.08.2013
06.08.2013
08.08.2013
31.12.2012
06.08.2013
28.06.2013
01.08.2013
31.07.2013
02.08.2013
30.06.2013
07.08.2013
02.08.2013
28.03.2013
30.06.2013

Date
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
3 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month

Inst Type
Other
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor

Date
09.08.2013
09.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
01.08.2013
01.08.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
23.07.2013
05.07.2013
06.06.2013
23.05.2013
24.04.2013
12.11.2012
30.03.2011
19.03.2010

14.08.2013

SGL Carbon SE
SGL Carbon SE produces carbon and graphite materials, specialty graphite,
corrosion protection products, and fibers and composites. The Company
manufactures graphite and carbon electrodes, cathodes, mold stock, mechanical
carbons, corrosion resistant products and systems, composites, and
carbon-ceramic brake discs. SGL markets its products worldwide.

Price/Volume
40

.8 M

25
20

12/2012
06/yy
34.28
20.73
471.00
24.75
-27.82%
19.37%
29.70%
70.0
1'732.51
776.00
0.0
15.3
355.90
2'234.31

.6 M

15

.4 M

10
.2 M

5
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.0 M

30

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.01.2013)
52-Week Low (05.07.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SGL GY EQUITY YTD Change
SGL GY EQUITY YTD % CHANGE

31.12.2008
1'611.5
1.14x
361.9
5.08x
189.6
8.13x

1.2 M

35

31.12.2009
31.12.2010
1'225.8
1'381.8
1.35x
1.55x
172.8
197.4
9.61x
10.85x
(60.4)
52.2
33.77x
Profitability

LTM-4Q
31.12.2011
1'540.2
1.94x
239.4
12.51x
73.2
34.95x

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
1'709.1
1.50x
200.5
12.75x
7.2
300.50x
200.50
112.40
6.58%
0.57%
-11.09%
-27.30%
0.74%
22.8%
8.2%
2.9%
0.4%
2.75
1.46
30.31%
72.79%
5.45
2.45

Price/ Cash Flow

06/yy
1'625.0
7.20x
233.1
11.62x
61.2
34.40x

LTM
06/yy
1'727.5
5.87x
142.0
15.68x
(259.5)
0.00x

FY+1

.0 M
a-13

0.53
27.41
-20.58%
-17.02%
0.530
19
1.368
73'195
111'460
118'514
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'656.2
1'791.5
432.7
461.3
1.40x
1.30x
4.98x
4.70x
107.8
202.4
45.3
50.8
20.76x
11.06x
10.61x
9.51x
(123.6)
39.9
0.6
9.6
43.50x
55.86x
34.13x
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

08.07.2013
BBNEG
3.92
1.31
3.44
4.49
72.8%
41.8%
0.74
1.96
67.00
148.76
44.66
159.97

Sales/Revenue/Turnover

60.00

1'800.0
1'600.0

50.00

1'400.0
1'200.0

40.00

1'000.0
30.00

800.0
600.0

20.00

400.0
10.00
0.00
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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

SGL Carbon SE
Holdings By:

All

Holder Name
KLATTEN SUSANNE
BAYERISCHE MOTOREN W
VOITH AG
VOLKSWAGEN AG
NORGES BANK
BLACKROCK
VANGUARD GROUP INC
DEKA INVESTMENT GMBH
UNIVERSAL INVESTMENT
DIMENSIONAL FUND ADV
SOCIETE GENERALE SA
PETERCAM SA
GRANTHAM MAYO VAN OT
WARBURG INVEST
INVESCO LTD
SANTANDER ASSET MGMT
SGL CARBON SE
SANTANDER ASSET MANA
BESSEMER GROUP INCOR
GENERALI INVESTMENTS

Portfolio Name
n/a
n/a
n/a
#N/A N/A
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Firm Name

Analyst

JPMorgan
Bankhaus Lampe
AlphaValue
Commerzbank Corporates & Markets
Deutsche Bank
Baader Bank
Landesbank Baden-Wuerttemberg
Berenberg Bank
Kepler Cheuvreux
Nord/LB
HSBC
Bankhaus Metzler
EVA Dimensions
Main First Bank AG
S&P Capital IQ
UBS
Goldman Sachs
Hamburger Sparkasse
Solventis WPH-Bank GmbH
National Bank AG

GLEN H LIDDY
MARC GABRIEL
HEINZ STEFFEN
YASMIN MOSCHITZ
GUNNAR ROMER
CHRISTIAN OBST
ULLE WORNER
GUNNAR COHRS
HANS-JOACHIM HEIMBUERGER
THORSTEN STRAUSS
JUERGEN SIEBRECHT
LARS HETTCHE
TIMOTHY STANISH
ALEXANDER HAUENSTEIN
JOHNSON IMODE
SEBASTIAN UBERT
AARON IBBOTSON
MARCO GUENTHER
KLAUS SOER
STEFFEN MANSKE

Source
Research
Research
Research
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG

Recommendation
underweight
sell
sell
hold
sell
hold
sell
sell
reduce
sell
underweight
sell
sell
underperform
sell
sell
Sell/Neutral
hold
sell
buy

Amt Held
19'067'298
11'155'115
6'485'862
5'804'633
1'204'415
396'467
210'398
179'000
130'222
54'571
52'116
50'000
40'539
32'700
31'882
30'000
29'781
24'758
22'668
20'000

% Out
27.24
15.94
9.27
8.29
1.72
0.57
0.3
0.26
0.19
0.08
0.07
0.07
0.06
0.05
0.05
0.04
0.04
0.04
0.03
0.03

Weighting

Change
1
1
1
3
1
3
1
1
2
1
1
1
1
1
1
1
1
3
1
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
526
13'940
(89'000)
2'371
(1'067)
(17'000)
-

Target Price
13
18
15
23
18
23
19
14
20
22
21
17
#N/A N/A
24
23
20
25
#N/A N/A
20
27

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

File Dt
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
07.08.2013
30.06.2013
28.03.2013
28.03.2013
30.04.2013
07.06.2013
30.04.2013
31.05.2012
30.04.2012
08.08.2013
31.03.2013
31.12.2012
31.03.2013
30.04.2013
30.04.2013

Date
3 month
12 month
6 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided

Inst Type
n/a
Corporation
Corporation
Corporation
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor

Date
09.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
01.08.2013
28.06.2013
28.06.2013
28.06.2013
06.06.2013
30.04.2013
26.04.2013
23.04.2013
18.04.2013
19.03.2013
09.11.2010
06.08.2009

14.08.2013

Siemens AG
Siemens AG is an engineering and manufacturing company. The Company focuses on
four major business sectors including infrastructure and cities, healthcare,
industry and energy. Siemens AG also provides engineering solutions in
automation and control, power, transportation, and medical.

Price/Volume
90

12.0 M

80

10.0 M

70
60

8.0 M

50

09/2012
06/yy
85.52
71.15
66'960.00
83.77
-2.15%
17.62%
86.38%
881.0
73'801.37
22'166.00
0.0
569.0
11'415.00
87'164.37

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

30

4.0 M

20

2.0 M

10
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.09.2008
77'327.0
0.82x
8'175.0
7.77x
5'725.0
34.66x

6.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (16.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SIE GY EQUITY YTD Change
SIE GY EQUITY YTD % CHANGE

30.09.2009
30.09.2010
76'651.0
68'978.0
0.81x
1.09x
9'196.0
9'544.0
6.77x
7.87x
2'292.0
3'899.0
24.49x
16.42x
Profitability

LTM-4Q
30.09.2011
73'275.0
0.92x
10'492.0
6.40x
6'145.0
8.24x

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

30.09.2012
78'296.0
1.00x
9'653.0
8.08x
4'458.0
13.50x
9'653.00
6'909.00
8.82%
9.30%
4.18%
15.19%
10.32%
0.72%
28.4%
11.3%
7.7%
5.7%
1.22
0.62
20.47%
72.12%
4.82
3.26

Price/ Cash Flow

LTM

06/yy
76'980.0
3.69x
9'726.0
6.83x
4'185.0
12.03x

06/yy
77'090.0
4.24x
8'702.0
9.39x
4'491.0
14.30x

FY+1

.0 M
a-13

0.94
771.11
20.99%
8.93%
0.942
38
3.737
1'346'069
2'630'967
2'701'776
FY+2

FQ+1

FQ+2

09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
76'581.5
79'307.5
20'662.4
18'579.5
1.15x
1.07x
4.33x
4.92x
8'497.9
10'952.9
1'650.0
2'418.0
10.24x
7.95x
8.97x
8.10x
4'449.8
6'109.0
1'103.8
1'397.0
15.58x
11.85x
12.00x
11.28x
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

05.06.2009
A+
STABLE
18.04.2011
A-1+
21.45
16.55
1.48
2.62
72.1%
41.5%
0.72
7.37
75.68
111.86
48.72
120.05

Sales/Revenue/Turnover

14.00

100'000.0
90'000.0

12.00

80'000.0

10.00

70'000.0
60'000.0

8.00

50'000.0
40'000.0

6.00

30'000.0

4.00

20'000.0
2.00
0.00
02.10.2009

10'000.0
0.0
02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Siemens AG
Holdings By:

All

Holder Name
BLACKROCK
SIEMENS FAMILY
QATAR HOLDINGS LLC
SIEMENS AG
NORGES BANK
VANGUARD GROUP INC
UBS
CAPITAL GROUP COMPAN
FRANKLIN RESOURCES
UNION INVESTMENT GMB
DEUTSCHE BANK AG
DEKA INVESTMENT GMBH
THORNBURG INVESTMENT
ALLIANZ ASSET MANAGE
AMUNDI
FMR LLC
MERCURY ASSET MANAGE
OPPENHEIMERFUNDS INC
FIL LIMITED
ADIG INVESTMENT

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

AlphaValue
HEINZ STEFFEN
Morgan Stanley
BEN UGLOW
EVA Dimensions
TIMOTHY STANISH
Credit Suisse
SIMON TOENNESSEN
DZ Bank AG
JASKO TERZIC
Baader Bank
GUENTHER MICHAEL HOLLFELDER
Landesbank Baden-Wuerttemberg
VOLKER STOLL
Barclays
NICK WEBSTER
Societe Generale
GAEL DE BRAY
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
Nord/LB
WOLFGANG DONIE
JPMorgan
ANDREAS WILLI
William Blair & Co
NICHOLAS P HEYMANN
Independent Research GmbH
MARKUS FRIEBEL
Hamburger Sparkasse
MARCO GUENTHER
Canaccord Genuity Corp
ANDREW BELL
S&P Capital IQ
UNAI FRANCO
Redburn Partners
JAMES MOORE
Main First Bank AG
CHRISTOPHER YOUL
Deutsche Bank
PETER REILLY
Goldman Sachs
DANIELA COSTA
RBC Capital Markets
ANDREW CARTER
Bankhaus Metzler
ULRICH TRABERT
Berenberg Bank
WILLIAM MACKIE
Nomura
DANIEL CUNLIFFE
Exane BNP Paribas
OLIVIER ESNOU
HSBC
MICHAEL HAGMANN
Natixis
ARNAUD SCHMIT
Spin-Off Research
TEAM COVERAGE
Day by Day
VALERIE GASTALDY
Espirito Santo Investment Bank Research
ROB VIRDEE
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
UBS
FREDRIC STAHL
Kepler Cheuvreux
ULRICH SCHOLZ
SRH AlsterResearch
OLIVER DREBING
National Bank AG
EKKEHARD D LINK
Langenberg & Co
BRIAN KEITH LANGENBERG

Source
ULT-AGG
Research
Research
Research
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
reduce
Overwt/Cautious
underweight
outperform
hold
buy
hold
equalweight
hold
add
hold
neutral
market perform
hold
buy
hold
hold
neutral
outperform
buy
neutral/neutral
sector perform
buy
buy
buy
neutral
neutral
not rated
hold
hold
neutral
buy
buy
hold
buy
hold
buy

Amt Held
58'538'667
54'852'206
27'758'338
26'820'674
20'908'158
12'891'181
8'321'213
7'482'100
5'673'495
4'687'449
4'270'658
4'144'184
4'133'147
3'943'029
3'644'113
2'552'091
2'550'495
2'539'448
1'943'534
1'582'208

% Out
6.64
6.23
3.15
3.04
2.37
1.46
0.94
0.85
0.64
0.53
0.48
0.47
0.47
0.45
0.41
0.29
0.29
0.29
0.22
0.18

Weighting

Change

2
5
1
5
3
5
3
3
3
4
3
3
3
3
5
3
3
3
5
5
3
3
5
5
5
3
3
#N/A N/A
3
3
3
5
5
3
5
3
5

M
M
D
M
M
M
D
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
M

Latest Chg
204'154
554'324
(27'105)
(1'112'700)
(227'188)
(697'189)
(30'856)
2'639
(810'641)
400'746
(1'535'336)
145'923
(457'633)
(215'159)
(11'030)

Target Price
86
92
#N/A N/A
92
83
90
90
81
88
84
85
92
81
82
83
80
88
#N/A N/A
93
95
80
83
87
92
92
83
84
#N/A N/A
83
#N/A N/A
78
87
85
82
89
68
97

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

File Dt
07.08.2013
10.11.2011
07.05.2012
08.10.2012
31.12.2012
30.06.2013
08.08.2013
30.06.2013
28.06.2013
30.06.2013
28.06.2013
30.04.2013
31.05.2013
30.06.2013
30.04.2013
30.06.2013
07.08.2013
30.05.2013
31.12.2012
30.04.2013

Date
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
12 month
15 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
n/a
Government
Corporation
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
08.08.2013
06.08.2013
06.08.2013
05.08.2013
05.08.2013
02.08.2013
02.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
29.07.2013
28.07.2013
17.07.2013
09.07.2013
15.05.2013
08.03.2013
15.02.2013
31.01.2013
25.01.2013
23.01.2013
30.11.2012
12.10.2012

14.08.2013

Sky Deutschland AG
Sky Deutschland AG offers pay television subscription services in Germany. The
Company offers wide range of programming, including feature films, new series
and live sports, especially the Bundesliga, DFB Cup and the UEFA Champions
League in Germany and Austria. Sky Deutschland distributes its pay-TV channel
bouquet primarily via cable and satellite.

Price/Volume

Latest Fiscal Year:


LTM as of:
52-Week High (12.08.2013)
52-Week Low (06.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SKYD GY EQUITY YTD Change
SKYD GY EQUITY YTD % CHANGE

12/2012
06/yy
6.74
2.66
19'061.00
6.625
-1.75%
149.20%
96.57%
877.2
5'811.46
686.86
0.0
(0.1)
4.29
6'157.77

8.0 M
7.0 M
6.0 M

5.0 M

4.0 M
3.0 M

2.0 M

1.0 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

9.0 M

6
5

Valuation Analysis

31.12.2008
941.1
0.82x
(77.2)
(269.3)
-

31.12.2009
31.12.2010
902.1
977.8
1.48x
1.66x
(311.4)
(317.7)
(676.2)
(407.5)
Profitability

LTM-4Q
31.12.2011
1'138.7
1.41x
(155.1)
(277.5)
-

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
1'333.2
2.93x
(51.1)
(195.2)
-51.10
-124.76
-9.36%
-14.26%
-11.93%
-50.75%
1.16%
16.0%
0.6%
-5.2%
-14.6%
0.27
0.11
59.83%
1632.47%
20.56
46.14

Price/ Cash Flow

06/yy
1'237.6
6.81x
(94.3)
0.00x
(224.0)
0.00x

LTM
06/yy
1'427.5
11.25x
9.0
560.95x
(146.9)
0.00x

FY+1

.0 M
a-13

1.05
384.12
131.60%
60.21%
1.051
30
3.467
2'127'654
2'060'007
2'127'855
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'555.6
1'817.7
385.3
426.3
3.99x
3.43x
36.8
142.3
12.2
(22.4)
167.94x
43.47x
(116.6)
(20.6)
(19.0)
(65.1)
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

-0.39
-1.24
38.56
58.61
1632.5%
94.2%
1.16
7.38
17.75
7.91
75.75
-50.90

Sales/Revenue/Turnover

500.00

1'400.0

450.00

1'200.0

400.00
350.00

1'000.0

300.00

800.0

250.00

600.0

200.00

400.0

150.00
100.00

200.0

50.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Sky Deutschland AG
Holdings By:

All

Holder Name
TWENTY-FIRST CENTURY
ODEY ASSET MANAGEMEN
ODEY ASSET MANAGEMEN
BAILLIE GIFFORD AND
TAUBE HODSON STONEX
CAPITAL GROUP COMPAN
NORGES BANK
CAPITA FINANCIAL MAN
TAUBE HODSON STONEX
T ROWE PRICE ASSOCIA
PENNANT CAPITAL MANA
BLACKROCK
CLASSIC FUND MGMT AG
PACIFIC LIFE INSURAN
AQR CAPITAL MANAGEME
BARING FUND MANAGERS
FRANKFURT TRUST INVE
THREADNEEDLE INVESTM
AMERICAN CENTURY COM
ALLIANZ ASSET MANAGE

Firm Name

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
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
n/a

Analyst

Credit Suisse
OMAR SHEIKH
Macquarie
ANGUS TWEEDIE
Main First Bank AG
STEPHAN VOLLERT
Barclays
NATASHA BRILLIANT
Commerzbank Corporates & Markets SONIA RABUSSIER
Morgan Stanley
PATRICK WELLINGTON
HSBC
CHRISTOPHER JOHNEN
Independent Research GmbH
LARS LUSEBRINK
Equita SIM SpA
STEFANO GAMBERINI
Bankhaus Metzler
STEFAN WIMMER
Berenberg Bank
SARAH SIMON
Nomura
MATTHEW WALKER
DZ Bank AG
HARALD HEIDER
Deutsche Bank
LAURIE DAVISON
Goldman Sachs
VIGHNESH PADIACHY
UBS
POLO TANG
Hauck & Aufhaeuser
SASCHA BERRESCH
Bankhaus Lampe
WOLFGANG SPECHT
M.M. Warburg Investment Research JOCHEN REICHERT
Close Brothers Equity Markets
MARCUS SILBE
AlphaValue
VERONIQUE CABIOC'H
Nord/LB
HOLGER FECHNER
Espirito Santo Investment Bank Research
MARK EVANS
Landesbank Baden-Wuerttemberg
RALPH SZYMCZAK
JPMorgan
MARK O'DONNELL
Kepler Cheuvreux
CONOR O'SHEA
EVA Dimensions
CRAIG STERLING
Silvia Quandt Research
KLAUS KRAENZLE
Sphene Capital
SUSANNE HASLER

Source
Research
Research
MF-AGG
Research
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
outperform
outperform
outperform
equalweight
hold
Overwt/Attractive
overweight
sell
hold
sell
buy
buy
buy
hold
Buy/Neutral
Under Review
sell
hold
hold
hold
sell
buy
buy
hold
overweight
hold
sell
avoid
sell

Amt Held
% Out
466'566'947 53.19
88'360'698 10.07
35'862'102
4.09
26'348'905
3
26'065'457
2.97
19'322'016
2.2
16'844'408
1.92
12'924'590
1.47
9'692'147
1.1
8'136'303
0.93
(6'700'011) -0.76
6'254'142
0.71
6'181'417
0.7
4'679'317
0.53
(4'210'563) -0.48
3'898'332
0.44
3'440'000
0.39
3'295'049
0.38
3'236'539
0.37
2'797'000
0.32

Weighting
5
5
5
3
3
5
5
1
3
1
5
5
5
3
5
#N/A N/A
1
3
3
3
1
5
5
3
5
3
1
1
1

Change
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
U
D
M
M
M

Latest Chg
2'024'925
2'433'928
(364'360)
779'006
4'101
(1'862'000)
617'482
263'160
206'658
(918'942)
2'679'720
-

Target Price
9
8
7
6
6
8
8
6
6
4
8
8
7
6
8
6
2
6
5
6
3
7
6
5
5
5
#N/A N/A
2
1

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

File Dt
Inst Type
15.01.2013
Corporation
26.07.2013
Investment Advisor
31.07.2013 Hedge Fund Manager
02.05.2013
Investment Advisor
20.03.2013
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012
Government
28.02.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
15.01.2013 Hedge Fund Manager
07.08.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Insurance Company
06.05.2013 Hedge Fund Manager
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor

Date
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
3 month
Not Provided
Not Provided
12 month
12 month

Date
09.08.2013
08.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
01.08.2013
04.07.2013
06.06.2013
05.06.2013
15.04.2013
04.03.2013
17.01.2013
14.11.2012
23.04.2012

14.08.2013

Suss Microtec AG
Suess MicroTec AG manufactures fabrication and inspection equipment for the
production of microelectronic components and devices. The Company's products
include spin coaters, mask and bond aligners, test systems and flip chip
bonders. Suess Microtec markets its products to the mobile telecommunications
and automobile industries.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.01.2013)
52-Week Low (15.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SMHN GY EQUITY YTD Change
SMHN GY EQUITY YTD % CHANGE

12/2012
06/yy
10.34
6.75
3'252.00
7.441
-28.04%
10.30%
18.31%
19.1
142.24
4.27
0.0
0.0
36.59
122.72

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.6 M

10

.5 M

.4 M

.3 M

.2 M

.1 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
121.5
0.12x
14.1
0.99x
(13.9)
-

12

31.12.2009
31.12.2010
103.9
139.1
0.55x
0.85x
12.9
17.8
4.47x
6.68x
(4.8)
13.2
148.33x
12.87x
Profitability

LTM-4Q
31.12.2011
175.4
0.38x
25.2
2.62x
13.5
7.81x

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
163.8
0.79x
19.9
6.49x
9.1
21.10x
19.87
13.03
7.95%
7.17%
-2.38%
-3.70%
0.82%
35.0%
2.6%
-2.3%
5.6%
3.39
1.38
2.37%
3.33%
11.17
1.24

Price/ Cash Flow

06/yy
158.3
2.27x
16.3
8.71x
7.1
30.05x

LTM
06/yy
151.3
2.57x
13.3
0.00x
(4.4)
0.00x

FY+1

.0 M
a-13

0.88
18.99
-10.53%
-11.84%
0.885
11
3.909
92'330
112'861
82'469
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
152.2
173.3
39.5
55.5
0.85x
0.71x
0.6
16.1
1.4
4.1
188.58x
7.57x
(8.8)
7.8
(0.3)
1.6
17.59x
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

26.67
22.14
-4.88
1.00
3.3%
3.2%
0.82
12.49
32.69
294.74
22.35
286.03

Sales/Revenue/Turnover

120.00

250.0

100.00

200.0

80.00

150.0

60.00

100.0
40.00

50.0

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Suss Microtec AG
Holdings By:

All

Holder Name
DEUTSCHE BANK AG
HENDERSON GLOBAL INV
BLACKROCK
DWS INVESTMENT S A
UNIVERSAL INVESTMENT
UNION INVESTMENT GMB
VONTOBEL ASSET MANAG
RUFFER LLP
DEKA INVESTMENT GMBH
SW MITCHELL CAPITAL
DEUTSCHE POSTBANK CA
BARING FUND MANAGERS
JULIUS BAER MULTICOO
NORDEA INV MANAGEMEN
DNB ASSET MANAGEMENT
BLACKROCK ADVISORS U
MILLENNIUM PARTNERS
PIONEER INVESTMENTS
VANGUARD GROUP INC
INVESTORS TFI SA

Firm Name
Close Brothers Equity Markets
Baader Bank
Berenberg Bank
Equinet Institutional Services(ESN)
Kepler Cheuvreux
Deutsche Bank
Hauck & Aufhaeuser
Bankhaus Lampe
M.M. Warburg Investment Research
DZ Bank AG
EVA Dimensions
National Bank AG

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
SWMC SMALL CAP EUROP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
VEYSEL TAZE
GUENTHER MICHAEL HOLLFELDER
TAMMY QIU
ADRIAN PEHL
BERND LAUX
UWE SCHUPP
TIM OLIVER WUNDERLICH
KARSTEN ILTGEN
MALTE SCHAUMANN
HARALD SCHNITZER
ANDREW S ZAMFOTIS
SVEN PAULSEN

Source
ULT-AGG
Research
ULT-AGG
Research
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-PART
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
Short
Short
MF-AGG
MF-AGG
MF-AGG

Recommendation
hold
buy
buy
buy
buy
hold
buy
hold
buy
sell
hold
buy

Amt Held
% Out
1'726'810
9.03
601'056
3.14
584'164
3.06
580'394
3.04
486'093
2.54
262'200
1.37
250'000
1.31
225'000
1.18
210'000
1.1
207'974
1.09
170'595
0.89
150'000
0.78
130'000
0.68
96'174
0.5
(93'666) -0.49
(93'666) -0.49
(93'595) -0.49
93'310
0.49
92'313
0.48
90'214
0.47

Weighting

Change
3
5
5
5
5
3
5
3
5
1
3
5

M
M
M
M
M
M
M
M
M
D
U
M

Latest Chg
(298'190)
18'621
(30'000)
45'000
55'400
(127)
7'646
1'911
1'910
(1'830)
90'214

Target Price
8
11
9
11
11
9
11
10
13
7
#N/A N/A
12

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

File Dt
Inst Type
28.06.2013
Investment Advisor
05.10.2012
Investment Advisor
07.08.2013
Investment Advisor
15.10.2012
Investment Advisor
20.02.2012
Investment Advisor
28.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013 Hedge Fund Manager
28.12.2012
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
30.06.2013
Investment Advisor
03.07.2013
Investment Advisor
09.04.2013
Investment Advisor
24.05.2012
Investment Advisor
28.02.2013
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012
Investment Advisor

Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month

Date
09.08.2013
08.08.2013
08.08.2013
08.08.2013
26.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
24.07.2013
22.02.2013
10.06.2011

14.08.2013

Software AG
Software AG provides business infrastructure software solutions. The Company's
products include solutions for managing data, enabling Service-Oriented
Architecture (SOA) and improving business processes.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (24.06.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SOW GY EQUITY YTD Change
SOW GY EQUITY YTD % CHANGE

12/2012
06/yy
35.45
22.34
4'090.00
24.025
-32.27%
7.48%
12.78%
86.9
2'088.19
266.01
0.0
0.8
315.64
2'172.78

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

4.0 M

35

3.5 M

30

3.0 M

25

2.5 M

20

2.0 M

15

1.5 M

10

1.0 M

.5 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
720.6
1.69x
190.0
6.40x
115.9
9.88x

40

31.12.2009
31.12.2010
847.4
1'119.5
2.93x
2.94x
240.6
312.9
10.33x
10.52x
141.0
175.4
15.53x
17.77x
Profitability

LTM-4Q
31.12.2011
1'098.3
2.31x
304.5
8.33x
177.0
13.93x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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
1'047.3
2.62x
291.3
9.41x
164.5
16.90x
291.27
240.28
22.94%
22.10%
8.46%
15.02%
0.57%
63.9%
26.8%
21.5%
15.7%
1.68
1.55
15.01%
25.11%
3.54
2526.25

Price/ Cash Flow

06/yy
1'081.8
8.61x
300.8
7.09x
171.5
12.38x

LTM
06/yy
996.8
9.68x
266.7
7.46x
147.3
13.42x

FY+1

.0 M
a-13

0.88
59.26
-6.92%
-23.91%
0.875
27
3.704
250'423
328'845
337'760
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'000.4
1'053.8
251.0
285.0
2.09x
1.86x
265.2
285.8
8.17x
7.58x
157.2
170.5
39.3
56.5
12.56x
11.31x
13.25x
12.86x
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

23.09
22.04
0.31
1.34
25.1%
20.1%
0.57
15.53
102.99
0.14
47.30
55.85

Sales/Revenue/Turnover

18.00

1'200.0

16.00

1'000.0

14.00

800.0

12.00
10.00

600.0

8.00

400.0

6.00
4.00

200.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Software AG
Holdings By:

All

Holder Name
SOFTWARE AG STIFTUNG
DEKA INVESTMENT GMBH
FRANKLIN RESOURCES
FIL LIMITED
FMR LLC
ALKEN LUXEMBOURG SAR
SOFTWARE AG
DEUTSCHE BANK AG
T ROWE PRICE ASSOCIA
ALLIANZ GLOBAL INVES
AIKEN ASSET MGMT LLP
VANGUARD GROUP INC
NORGES BANK
SEB
ODDO ASSET MANAGEMEN
NORDEA INV MANAGEMEN
CLASSIC FUND MGMT AG
ALLIANZ ASSET MANAGE
MORTON HOLDINGS INC
BNP PARIBAS INV PART

Firm Name
Mirabaud Securities
Berenberg Bank
Exane BNP Paribas
Societe Generale
Deutsche Bank
JPMorgan
Natixis
DZ Bank AG
Morgan Stanley
Goldman Sachs
UBS
Bryan Garnier & Cie
Barclays
Commerzbank Corporates & Markets
Baader Bank
Credit Suisse
Landesbank Baden-Wuerttemberg
Independent Research GmbH
M.M. Warburg Investment Research
Kepler Cheuvreux
Bankhaus Metzler
EVA Dimensions
Matelan Research GmbH
Hamburger Sparkasse
HSBC
Dr. Kalliwoda Equity Research

Portfolio Name
n/a
n/a
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a

Analyst
SUSAN ANTHONY
DAUD KHAN
BRICE PRUNAS
DERRIC MARCON
UWE SCHUPP
STACY E POLLARD
GWENAEL GIARD
HARALD SCHNITZER
ADAM WOOD
MOHAMMED MOAWALLA
MICHAEL BRIEST
GREGORY RAMIREZ
GERARDUS VOS
THOMAS M BECKER
KNUT WOLLER
CHARLES BRENNAN
MIRKO MAIER
MARKUS FRIEBEL
ANDREAS WOLF
SEBASTIEN SZTABOWICZ
ULRICH TRABERT
ANDREW S ZAMFOTIS
ADRIAN HOPKINSON
MARCO GUENTHER
ANTONIN BAUDRY
NORBERT KALLIWODA

Source
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Research
Research
ULT-AGG
Research
Research
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Short
ULT-AGG

Recommendation
buy
sell
outperform
buy
buy
underweight
reduce
buy
Equalwt/In-Line
neutral/attractive
buy
buy
overweight
add
buy
underperform
buy
buy
hold
reduce
buy
hold
neutral
hold
neutral
buy

Amt Held
% Out
24'980'060 28.74
4'371'945
5.03
3'731'952
4.29
3'000'186
3.45
3'000'000
3.45
2'677'591
3.08
2'648'095
3.05
2'607'522
3
2'607'522
3
2'607'522
3
2'591'127
2.98
2'228'509
2.56
1'732'994
1.99
1'580'000
1.82
953'711
1.1
891'850
1.03
816'423
0.94
655'247
0.75
(617'114) -0.71
604'780
0.7

Weighting

Change
5
1
5
5
5
1
2
5
3
3
5
5
5
4
5
1
5
5
3
2
5
3
3
3
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
U
M
M
D
N

Latest Chg
(86'115)
(315'000)
304'178
25'000
(12'600)
(69'399)
(11'923)

Target Price
35
21
31
34
32
27
26
29
25
27
28
30
28
31
32
23
33
30
26
27
33
#N/A N/A
39
#N/A N/A
33
36

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

File Dt
28.02.2013
28.02.2013
28.06.2013
10.05.2013
30.04.2013
02.08.2013
09.04.2013
28.06.2013
31.12.2012
31.12.2012
14.05.2013
30.06.2013
31.12.2012
28.03.2013
30.09.2012
28.03.2013
30.06.2013
30.06.2013
27.06.2013
31.03.2013

Date
12 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month

Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor

Date
07.08.2013
05.08.2013
30.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
28.06.2013
13.06.2013
26.03.2013
13.02.2013
30.01.2013
11.01.2013

14.08.2013

Axel Springer AG
Axel Springer AG is a publisher. The Company publishes daily and weekly
newspapers, books, and magazines for young adults, families, and men and women.
Springer produces television and radio programming, holds interests in
television and radio stations, and offers electronic media on-line business
services. The Company also offers commercial printing services.

Price/Volume

3.0 M

12/2012
06/yy
43.25
30.90
1'949.00
39.77
-8.05%
28.71%
72.06%
98.9
3'934.84
705.10
0.0
365.6
254.10
4'624.94

2.0 M
1.5 M

15

1.0 M

10

.5 M

5
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2009
31.12.2010
2'611.6
2'893.9
0.95x
1.43x
290.2
536.4
8.56x
7.72x
303.5
252.7
7.36x
14.88x
Profitability

LTM-4Q
31.12.2011
3'184.9
1.25x
570.5
7.00x
257.8
12.67x

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
3'310.3
1.21x
610.5
6.56x
238.1
13.40x
610.50
443.50
13.40%
12.13%
5.42%
13.00%
0.75%
18.4%
13.1%
7.2%
1.01
0.79
14.66%
37.36%
7.37
-

Price/ Cash Flow

06/yy
3'279.8
4.78x
603.3
6.74x
264.7
12.15x

LTM
06/yy
3'317.2
3.62x
439.1
0.00x
231.6
13.98x

FY+1

.0 M
a-13

0.74
36.13
13.61%
29.58%
0.736
19
3.421
212'698
290'756
231'144
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
3'387.9
3'191.0
793.0
912.0
1.39x
1.38x
584.0
580.4
158.0
166.0
7.92x
7.97x
7.85x
7.85x
247.2
258.4
15.24x
15.17x
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

10.53
9.13
0.53
0.93
37.4%
23.8%
0.75
4.84
49.51
-

Sales/Revenue/Turnover

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00
01.01.2010

2.5 M

30
25
20

Latest Fiscal Year:


LTM as of:
52-Week High (25.07.2013)
52-Week Low (24.06.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 13.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SPR GY EQUITY YTD Change
SPR GY EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

3.5 M

40
35

Valuation Analysis

31.12.2008
2'728.5
0.71x
458.7
4.22x
560.1
2.77x

45

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Axel Springer AG
Holdings By:

All

Holder Name
AXEL SPRINGER GESELL
SPRINGER FRIEDE
TWEEDY BROWNE COMPAN
DOEPFNER MATHIAS
COLMAR INVESTMENT HO
DEUTSCHE BANK AG
CADIAN CAPITAL MANAG
NORGES BANK
BLACKROCK
SEB
BANQUE DE LUXEMBOURG
MAVERICK CAPITAL LTD
LUXOR CAPITAL GROUP
ALLIANZ ASSET MANAGE
VANGUARD GROUP INC
SCHRODER INVESTMENT
DWS INVESTMENT S A
CAPITAL AT WORK INTE
UNION INVESTMENT GMB
LUXEMBOURGER KAPITAL

Firm Name
AlphaValue
Societe Generale
JPMorgan
Bankhaus Lampe
Bankhaus Metzler
Berenberg Bank
Barclays
Deutsche Bank
Landesbank Baden-Wuerttemberg
M.M. Warburg Investment Research
Kepler Cheuvreux
Commerzbank Corporates & Markets
DZ Bank AG
Goldman Sachs
HSBC
EVA Dimensions
Hammer Partners SA
Nord/LB
Close Brothers Equity Markets
Morgan Stanley
Equinet Institutional Services(ESN)

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
VERONIQUE CABIOC'H
LAURENT PICARD
NICOLAS J DUBOURG
CHRISTOPH SCHLIENKAMP
STEFAN WIMMER
SARAH SIMON
NICK DEMPSEY
MARK BRALEY
STEFAN BORSCHEID
JOCHEN REICHERT
ANDREA BENEVENTI
SONIA RABUSSIER
HARALD HEIDER
VIGHNESH PADIACHY
CHRISTOPHER JOHNEN
CRAIG STERLING
STEPHAN SEIP
HOLGER FECHNER
MARCUS SILBE
CHRISTOPHER SELLERS
MARTIN POSSIENKE

Source
Co File
Co File
MF-AGG
Co File
Research
ULT-AGG
Short
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Short
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
reduce
hold
neutral
buy
buy
hold
equalweight
buy
Under Review
hold
reduce
hold
buy
neutral/neutral
overweight
hold
buy
hold
hold
Underwt/Attractive
buy

Amt Held
% Out
50'954'101
51.5
5'441'700
5.5
4'295'627
4.34
3'265'020
3.3
2'948'924
2.98
2'933'511
2.96
(1'296'114) -1.31
1'026'727
1.04
980'820
0.99
505'069
0.51
500'000
0.51
(465'018) -0.47
(455'124) -0.46
433'945
0.44
418'333
0.42
292'248
0.3
283'488
0.29
275'850
0.28
225'500
0.23
209'800
0.21

Weighting
2
3
3
5
5
3
3
5
#N/A N/A
3
2
3
5
3
5
3
5
3
3
1
5

Change
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
D
M
M
M
M
M

Latest Chg
228'109
(29'682)
(27'067)
4'165
79'152
118'728
60'000
(161'426)
80'227
36'201
10'000
(60'000)
-

Target Price
40
39
40
45
44
42
42
46
#N/A N/A
43
34
35
46
42
47
#N/A N/A
52
34
35
30
45

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

File Dt
Inst Type
31.12.2012
Corporation
31.12.2012
n/a
31.03.2012
Investment Advisor
31.12.2012
n/a
05.03.2013
Other
16.09.2011
Investment Advisor
29.07.2013 Hedge Fund Manager
31.12.2012
Government
07.08.2013
Investment Advisor
28.03.2013
Unclassified
28.06.2013
Investment Advisor
06.11.2012 Hedge Fund Manager
06.02.2013 Hedge Fund Manager
28.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
31.07.2013
Investment Advisor
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor

Date
6 month
12 month
3 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month

Date
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
31.07.2013
30.07.2013
29.07.2013
29.07.2013
26.07.2013
26.07.2013
31.05.2013
02.04.2013
17.12.2012
02.05.2011

14.08.2013

Sartorius AG
Sartorius AG manufactures and markets precision electronic equipment and
components. The Company produces precision scales for laboratory and industrial
uses and electrochemistry. Sartorius manufactures equipment for biomolecular
and microbial separations, cell culture, concentration, fermentation, and
purification. The Company markets its products worldwide.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.03.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SRT3 GY EQUITY YTD Change
SRT3 GY EQUITY YTD % CHANGE

12/2011
06/yy
91.25
51.42
1'906.00
82.31
-9.80%
60.07%
78.18%
9.4
1'592.94
343.32
70.0
39.55
2'010.94

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
602.1
659.3
0.88x
1.11x
72.0
101.6
7.36x
7.19x
(7.3)
31.0
15.57x
Profitability

.1 M
.0 M
.0 M
.0 M
.0 M

s-12

LTM-4Q
31.12.2011
733.1
1.17x
147.9
5.80x
41.6
12.83x

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
845.7
1.76x
180.0
8.26x
48.5
27.55x
179.97
139.34
16.48%
11.11%
5.04%
16.14%
10.73%
0.82%
49.7%
22.3%
17.2%
5.7%
1.13
0.56
32.06%
102.86%
6.96
3.36

Price/ Cash Flow

06/yy
801.5
5.11x
160.5
7.82x
45.0
17.53x

o-12

n-12

d-12

LTM
06/yy
864.8
7.99x
192.7
10.52x
53.3
27.65x

j-13

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.64
8.52
51.84%
23.98%
0.638
9
3.333
10'342
10'638
12'493
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
904.0
963.3
2.17x
1.99x
175.1
192.6
11.48x
10.44x
65.0
74.8
20.53x
17.92x
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

11.16
8.58
1.78
1.97
102.9%
46.0%
0.82
4.11
52.46
108.70
54.95
91.38

Sales/Revenue/Turnover

40.00

900.0

35.00

800.0

30.00

700.0
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

.1 M

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
611.6
0.71x
78.9
5.48x
12.4
13.77x

100
90
80
70
60
50
40
30
20
10
0
a-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Sartorius AG
Holdings By:

All

Holder Name
SARTORIUS AG
FMR LLC
DEUTSCHE BANK AG
FIL LIMITED
T ROWE PRICE ASSOCIA
OPPENHEIMERFUNDS INC
DWS INVESTMENT S A
JUPITER ASSET MANAGE
VANGUARD GROUP INC
NORGES BANK
JP MORGAN
SUN LIFE FINANCIAL I
LBPAM
BLACKROCK
MONTANARO INVESTMENT
ROTHSCHILD & COMPAGN
NATIXIS ASSET MANAGE
WASATCH ADVISORS INC
OYSTER ASSET MANAGEM
GOLDMAN SACHS GROUP

Firm Name
Kepler Cheuvreux
Bankhaus Lampe
Nord/LB
Commerzbank Corporates & Markets
Deutsche Bank
HSBC
Berenberg Bank
DZ Bank AG
EVA Dimensions
GSC Research

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
n/a
MONTANARO EUROPEAN S
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
OLIVER REINBERG
THERESA DICK
VOLKER SACK
DANIEL WENDORFF
BENJAMIN GOY
HENDRIK LOFRUTHE
SCOTT BARDO
SVEN OLAF KUERTEN
TIMOTHY STANISH
MATTHIAS SCHRADE

Source
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-PART
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
hold
buy
hold
reduce
hold
neutral
buy
buy
underweight
buy

Amt Held
840'983
405'793
230'500
215'274
203'380
138'909
95'325
80'000
73'350
68'690
56'196
55'488
52'250
46'905
42'429
40'200
35'500
32'506
31'000
29'428

% Out
8.98
4.34
2.46
2.3
2.17
1.48
1.02
0.85
0.78
0.73
0.6
0.59
0.56
0.5
0.45
0.43
0.38
0.35
0.33
0.31

Weighting

Change
3
5
3
2
3
3
5
5
1
5

M
M
M
D
M
M
M
M
M
M

Latest Chg
313
(70'500)
(41'649)
(13'964)
(2'470)
32'343
(1'151)
4'061
(18'327)
(2'000)
4'000
(9'732)
31'000
7'276

Target Price
80
100
80
79
77
90
85
88
#N/A N/A
#N/A N/A

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

File Dt
31.12.2010
30.06.2013
28.06.2013
31.10.2012
30.06.2013
30.05.2013
30.04.2013
30.04.2013
30.06.2013
31.12.2012
31.03.2013
30.06.2013
28.03.2013
07.08.2013
30.06.2013
31.01.2013
30.04.2013
31.03.2013
28.02.2013
30.06.2013

Date
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Corporation
Investment Advisor
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
Investment Advisor
Investment Advisor

Date
06.08.2013
05.08.2013
30.07.2013
25.07.2013
23.07.2013
23.07.2013
23.07.2013
01.07.2013
06.06.2013
14.07.2011

14.08.2013

Symrise AG
Symrise AG is a diversified chemical manufacturer. The Company produces perfume
oils, fragrance bases, cosmetic raw materials and ingredients, plant extracts,
aroma chemicals, flavorings, fruit powders, and seasonings. Symrise's customers
manufacture fragrances, cosmetics, soaps, hair care products, detergents,
household products, foods, beverages, and pharmaceuticals.

Price/Volume
40

12/2012
06/yy
35.73
24.86
1'657.00
35.065
-1.71%
41.25%
93.97%
118.2
4'143.75
561.70
0.0
0.0
117.45
4'703.51

.6 M

15

.4 M

10
.2 M

5
0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

31.12.2009
31.12.2010
1'362.0
1'571.9
1.74x
1.87x
269.5
337.0
8.77x
8.74x
84.3
133.5
21.10x
18.16x
Profitability

LTM-4Q
31.12.2011
1'583.6
1.84x
315.9
9.24x
146.5
16.63x

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
1'734.9
2.10x
338.9
10.77x
157.5
20.39x
338.85
252.64
14.56%
12.25%
7.60%
18.20%
12.38%
0.82%
40.4%
19.8%
15.0%
9.1%
2.26
1.15
26.10%
64.07%
5.14
2.98

Price/ Cash Flow

06/yy
1'643.4
7.26x
332.6
10.15x
155.8
18.15x

LTM
06/yy
1'798.1
8.72x
356.1
11.89x
167.4
21.87x

FY+1

.0 M
a-13

0.63
107.65
36.74%
32.10%
0.633
26
2.654
203'742
159'866
205'474
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'842.0
1'938.3
473.0
435.2
2.51x
2.35x
377.1
402.5
98.8
86.8
12.47x
11.69x
190.3
210.4
51.4
39.8
21.53x
19.52x
20.24x
19.84x
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

8.55
7.25
1.57
1.89
64.1%
39.1%
0.82
4.15
71.04
122.40
47.60
136.39

Sales/Revenue/Turnover

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

.8 M

25

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.0 M

30
20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.08.2013)
52-Week Low (17.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SY1 GY EQUITY YTD Change
SY1 GY EQUITY YTD % CHANGE

31.12.2008
1'319.9
1.38x
262.1
6.95x
90.4
13.13x

1.2 M

35

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Symrise AG
Holdings By:

All

Holder Name
PRUDENTIAL PLC
GERBERDING VERMOGENS
SUN LIFE FINANCIAL I
MONDRIAN INVESTMENT
JAHR GMBH
FRANKLIN RESOURCES
STANDARD LIFE INVEST
AMERIPRISE FINANCIAL
SCHRODERS PLC
NORGES BANK
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
BLACKROCK
FIL LIMITED
DEKA INVESTMENT GMBH
DELTA LLOYD FUND MAN
THREADNEEDLE INVESTM
PACIFIC LIFE INSURAN
OPPENHEIMERFUNDS INC
BESSEMER GROUP INCOR

Firm Name
Exane BNP Paribas
Bankhaus Lampe
Kepler Cheuvreux
Main First Bank AG
Commerzbank Corporates & Markets
Deutsche Bank
Nord/LB
Goldman Sachs
Baader Bank
UBS
Landesbank Baden-Wuerttemberg
Nomura
Equinet Institutional Services(ESN)
Helvea
AlphaValue
HSBC
DZ Bank AG
JPMorgan
EVA Dimensions
Independent Research GmbH
Bankhaus Metzler
Liberum Capital Ltd
Morgan Stanley
Berenberg Bank
Hamburger Sparkasse
Davy
National 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
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
HEIDI VESTERINEN
HEIKO FEBER
CHRISTOPH LADNER
THOMAS SWOBODA
YASMIN MOSCHITZ
VIRGINIE BOUCHER-FERTE
THORSTEN STRAUSS
RAKESH PATEL
NORBERT BARTH
THOMAS GILBERT
ULLE WORNER
PATRICK LAMBERT
NADESHDA DEMIDOVA
ANDREAS VON ARX
MARTIN SCHNEE
JESKO MAYER-WEGELIN
THOMAS MAUL
MARTIN EVANS
TIMOTHY STANISH
CHRISTOPH SCHOENDUBE
LARS HETTCHE
ADAM COLLINS
ERIK SJOGREN
JAIDEEP PANDYA
MARCO GUENTHER
JACK GORMAN
STEFFEN MANSKE

Source
ULT-AGG
Research
ULT-AGG
Research
Research
ULT-AGG
Research
Research
Research
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
outperform
hold
hold
underperform
hold
hold
buy
neutral/neutral
hold
sell
hold
neutral
reduce
neutral
reduce
underweight
buy
neutral
overweight
hold
sell
hold
Equalwt/In-Line
hold
sell
outperform
buy

Amt Held
17'700'530
6'924'955
5'972'748
3'727'760
3'600'000
3'575'539
3'544'740
3'502'220
3'495'642
2'723'159
2'140'545
2'126'451
1'838'032
1'498'178
1'394'691
1'295'707
1'030'656
803'515
767'000
617'282

% Out
14.98
5.86
5.05
3.15
3.05
3.03
3
2.96
2.96
2.3
1.81
1.8
1.56
1.27
1.18
1.1
0.87
0.68
0.65
0.52

Weighting

Change
5
3
3
1
3
3
5
3
3
1
3
3
2
3
2
1
5
3
5
3
1
3
3
3
1
5
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
N
M

Latest Chg
(3'686)
156'244
116'715
(26'682)
(965'597)
(254'387)
134'614
106'031
-

Target Price
37
35
35
34
30
33
40
33
28
25
32
34
26
31
30
25
36
31
#N/A N/A
35
26
33
30
32
#N/A N/A
#N/A N/A
25

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

File Dt
Inst Type
03.09.2012
Unclassified
30.11.2012
n/a
28.06.2013
Investment Advisor
01.04.2012 Hedge Fund Manager
01.04.2012
Other
28.06.2013
Investment Advisor
25.01.2013
Investment Advisor
15.05.2012
Investment Advisor
22.03.2012
Investment Advisor
31.12.2012
Government
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
07.08.2013
Investment Advisor
31.12.2012
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
28.02.2013
Investment Advisor
30.06.2013
Insurance Company
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor

Date
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
6 month
Not Provided
Not Provided
3 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month

Date
09.08.2013
08.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
01.08.2013
11.07.2013
04.07.2013
07.06.2013
06.06.2013
08.05.2013
08.05.2013
08.05.2013
07.05.2013
15.04.2013
12.03.2013
21.06.2012
09.11.2010

14.08.2013

Salzgitter AG
Salzgitter AG produces and trades a wide range of steel products and tubes.
The product spectrum includes flat rolled steel products, beams, plates and
tubes, both seamless and welded, as well as processed steel products. The
Company also provides industrial services such as research and development,
information technology and other services to group companies and third parties.

Price/Volume
45

4.0 M

40

3.5 M

35

3.0 M

30

2.5 M

25

Latest Fiscal Year:


LTM as of:
52-Week High (03.01.2013)
52-Week Low (07.08.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SZG GY EQUITY YTD Change
SZG GY EQUITY YTD % CHANGE

12/2012
03/yy
41.56
24.54
6'203.00
28.99
-29.53%
19.36%
26.82%
60.1
1'742.21
770.30
0.0
8.2
1'011.10
1'655.11

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.5 M

15
10

1.0 M

.5 M

0
a-12

31.12.2009
31.12.2010
7'818.0
8'304.6
0.28x
0.23x
97.2
121.3
22.27x
15.69x
(383.7)
(331.9)
105.04x
Profitability

LTM-4Q
31.12.2011
9'839.5
0.19x
602.9
3.02x
233.0
8.96x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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
10'397.2
0.18x
416.2
4.56x
(102.0)
416.20
61.20
0.59%
-0.28%
-1.13%
-2.71%
1.12%
4.1%
0.6%
-1.0%
2.64
1.31
8.63%
21.19%
5.93
-

Price/ Cash Flow

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

LTM

03/yy
10'146.7
0.72x
529.3
3.31x
173.3
12.98x

03/yy
10'229.2
0.60x
416.7
3.85x
(102.8)
0.00x

FY+1

.0 M
a-13

1.13
38.16
-6.36%
-25.12%
1.134
33
2.727
463'385
353'707
436'386
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
9'867.1
10'199.2
2'332.8
2'447.5
0.23x
0.22x
1.55x
1.50x
307.8
518.0
71.8
86.8
5.32x
3.16x
(148.8)
37.9
(34.0)
(21.0)
23.61x
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

4.40
1.01
-0.23
1.85
21.2%
17.5%
1.12
4.07
61.55
-

Sales/Revenue/Turnover

450.00

14'000.0

400.00

12'000.0

350.00

10'000.0

300.00
250.00

8'000.0

200.00

6'000.0

150.00

4'000.0

100.00

2'000.0

50.00
0.00
01.01.2010

s-12

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
12'499.2
0.20x
1'297.7
1.97x
674.3
4.54x

2.0 M

20

Valuation Analysis

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Salzgitter AG
Holdings By:

All

Holder Name
STATE OF LOWER SAXON
SALZGITTER AG
UNIVERSAL INVESTMENT
BLACKROCK
NORGES BANK
MAINFIRST SICAV
SEB
SPARINVEST
VANGUARD GROUP INC
TT INTERNATIONAL INV
HIGHBRIDGE CAPITAL M
UNION INVESTMENT GMB
MARSHALL WACE LLP
INVESCO LTD
GRANTHAM MAYO VAN OT
ALLIANZ ASSET MANAGE
DEKA INVESTMENT GMBH
DEUTSCHE BANK AG
DIMENSIONAL FUND ADV
UBS INVEST KAG

Firm Name
M.M. Warburg Investment Research
Nord/LB
DZ Bank AG
Societe Generale
Commerzbank Corporates & Markets
Morgan Stanley
Goldman Sachs
Baader Bank
Jefferies
HSBC
Macquarie
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Bankhaus Lampe
Bankhaus Metzler
Kepler Cheuvreux
Nomura
Equinet Institutional Services(ESN)
Steubing AG
S&P Capital IQ
Exane BNP Paribas
Deutsche Bank
JPMorgan
AlphaValue
Credit Suisse
Main First Bank AG
Davy
EVA Dimensions
UBS
Hamburger Sparkasse
BHF-Bank
Cyrrus

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst
BJOERN VOSS
HOLGER FECHNER
DIRK SCHLAMP
ABHISHEK SHUKLA
INGO-MARTIN SCHACHEL
ALEXANDER HAISSL
STEPHEN BENSON
CHRISTIAN OBST
SETH ROSENFELD
THORSTEN ZIMMERMANN
DANIEL LURCH
JENS MUENSTERMANN
SVEN DIERMEIER
MARC GABRIEL
LARS HETTCHE
ROCHUS BRAUNEISER
NEIL SAMPAT
STEFAN FREUDENREICH
MICHAEL BROEKER
JOHNSON IMODE
SYLVAIN BRUNET
BASTIAN SYNAGOWITZ
ALESSANDRO ABATE
HANS-PETER WODNIOK
JAMES GURRY
ALEXANDER HAUENSTEIN
TIM CAHILL
TIMOTHY STANISH
CARSTEN RIEK
INGO SCHMIDT
HERMANN REITH
JIRI SIMARA

Source
Co File
Co File
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Short
Short
MF-AGG
Short
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG

Recommendation
hold
sell
sell
sell
reduce
Equalwt/Cautious
Buy/Neutral
hold
hold
underweight
underperform
hold
sell
hold
sell
buy
reduce
hold
sell
sell
underperform
hold
neutral
reduce
outperform
outperform
underperform
overweight
neutral
hold
overweight
buy

Amt Held
% Out
15'925'705
26.5
6'009'700
10
1'860'946
3.1
1'071'003
1.78
1'052'832
1.75
944'095
1.57
800'716
1.33
714'077
1.19
403'309
0.67
(318'514) -0.53
(288'466) -0.48
286'500
0.48
(282'456) -0.47
243'092
0.4
195'981
0.33
185'119
0.31
149'800
0.25
138'500
0.23
102'372
0.17
79'700
0.13

Weighting

Change
3
1
1
1
2
3
5
3
3
1
1
3
1
3
1
5
2
3
1
1
1
3
3
2
5
5
1
5
3
3
5
5

M
M
M
D
D
M
M
M
M
M
N
M
D
M
M
M
M
M
N
M
M
M
D
M
M
M
M
M
M
M
M
M

Latest Chg
112'636
287'474
200'000
(5'185)
12'019
(163'900)
24'039
(169'232)
(2'838)
(1'400)
38'700
(752)
-

Target Price
29
22
24
24
24
26
30
30
28
25
22
28
23
30
20
35
25
28
31
24
26
32
32
26
42
32
#N/A N/A
#N/A N/A
32
#N/A N/A
49
57

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

File Dt
Inst Type
31.12.2012
Government
31.12.2012
Corporation
19.06.2013
Investment Advisor
07.08.2013
Investment Advisor
31.12.2012
Government
28.02.2013
Investment Advisor
28.03.2013
Unclassified
31.07.2013
Investment Advisor
30.06.2013
Investment Advisor
04.04.2013
Investment Advisor
22.05.2013 Hedge Fund Manager
28.03.2013
Investment Advisor
03.04.2013 Hedge Fund Manager
08.08.2013
Investment Advisor
30.11.2012
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor

Date
12 month
12 month
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
9 month
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month

Date
08.08.2013
07.08.2013
07.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
05.08.2013
05.08.2013
01.08.2013
29.07.2013
29.07.2013
10.07.2013
06.06.2013
29.05.2013
03.04.2013
28.02.2013
30.01.2012

14.08.2013

Suedzucker AG
Suedzucker AG operates in the traditional sugar industry in Eastern and Western
Europe. The Company, through its subsidiaries, produces functional food,
chilled frozen and starch and fruit concentrates. Suedzucker's other business
includes bioethanol activities.

Price/Volume
35

2.5 M

30

2.0 M

25

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.03.2013)
52-Week Low (26.06.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.05.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SZU GY EQUITY YTD Change
SZU GY EQUITY YTD % CHANGE

02/2013
05/yy
34.34
23.02
4'847.00
24.36
-29.09%
5.78%
11.22%
204.2
4'973.91
1'779.40
0.0
782.8
589.00
7'212.41

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.5 M

15

1.0 M

10

28.02.2010
28.02.2011
5'718.2
6'160.8
0.99x
0.98x
658.5
782.0
8.62x
7.73x
200.1
250.4
16.13x
15.23x
Profitability

0
a-12

s-12

LTM-4Q
29.02.2012
6'991.9
0.91x
1'026.5
6.20x
376.3
10.95x

28.02.2013
7'878.8
1.12x
1'248.2
7.05x
593.1
10.85x

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

1'248.20
971.20
12.33%
10.67%
6.14%
16.38%
0.98%
15.2%
11.7%
7.5%
1.99
0.70
20.21%
54.51%
7.41
-

Price/ Cash Flow

05/yy
7'239.5
3.75x
1'107.0
6.64x
505.2
9.18x

o-12

n-12

d-12

j-13

LTM
05/yy
8'022.5
3.98x
1'217.5
6.21x
504.1
10.03x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.42
79.26
-6.06%
-18.43%
0.421
20
3.700
342'360
431'692
584'538
FY+2

FQ+1

FQ+2

02/14 Y
02/15 Y
08/13 Q2 11/13 Q3
7'959.4
7'988.8
2'051.0
2'099.0
0.81x
0.78x
1'103.6
1'092.0
6.53x
6.60x
471.6
449.9
10.64x
10.89x
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

05.06.2012
BBB+
POS
30.09.2010
A-2
15.02
10.95
1.17
1.69
54.5%
30.5%
0.98
3.09
49.29
-

Sales/Revenue/Turnover

16.00

9'000.0

14.00

8'000.0

12.00

7'000.0
6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00
05.03.2010

.5 M

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


28.02.2009
5'871.3
0.94x
470.2
11.73x
162.2
15.93x

20

0.0
05.09.2010

05.03.2011

05.09.2011

05.03.2012

05.09.2012

05.03.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

14.08.2013

Suedzucker AG
Holdings By:

All

Holder Name
ZUCKER INVEST GMBH
BLACKROCK
OVERLAND ADVISORS LL
NORGES BANK
VANGUARD GROUP INC
PRINCIPAL FINANCIAL
CREDIT SUISSE FUND S
DEXIA ASSET MANAGEME
CREDIT SUISSE AG
ALLIANZ ASSET MANAGE
STATE STREET
BANQUE DEGROOF
FRANKFURT TRUST INVE
PRUDENTIAL FINANCIAL
SCHRODER INVESTMENT
THRIVENT FINANCIAL F
LANDESBANK BERLIN IN
VERITAS SG INVESTMEN
GRANTHAM MAYO VAN OT
AMUNDI

Firm Name
Mirabaud Securities
Bankhaus Lampe
HSBC
M.M. Warburg Investment Research
Landesbank Baden-Wuerttemberg
Nord/LB
Goldman Sachs
Bankhaus Metzler
Commerzbank Corporates & Markets
Independent Research GmbH
Hauck & Aufhaeuser
DZ Bank AG
Barclays
EVA Dimensions
Exane BNP Paribas
Berenberg Bank
Kepler Cheuvreux
Deutsche Bank
Davy
Silvia Quandt Research

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
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

Analyst
JULIAN LAKIN
MARC GABRIEL
JESKO MAYER-WEGELIN
OLIVER SCHWARZ
BERND MUELL
WOLFGANG VASTERLING
ROSIE EDWARDS
DANIEL SEIDENSPINNER
DENNIS SCHMITT
LARS LUSEBRINK
NILS-PETER FITZL
HEINZ MUELLER
LIAM ROWLEY
CRAIG STERLING
JAMES BUSHNELL
JAMES TARGETT
KLAUS RINGEL
HAROLD THOMPSON
JACK GORMAN
KLAUS KRAENZLE

Source
Research
ULT-AGG
Short
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
hold
buy
overweight
buy
buy
hold
Sell/Neutral
buy
buy
hold
sell
buy
underweight
buy
neutral
hold
buy
hold
neutral
buy

Amt Held
% Out
124'847'782 61.14
1'983'440
0.97
(1'893'536) -0.93
1'554'379
0.76
881'511
0.43
446'201
0.22
415'286
0.2
375'004
0.18
370'986
0.18
358'265
0.18
340'627
0.17
326'609
0.16
324'350
0.16
277'501
0.14
257'428
0.13
254'152
0.12
253'677
0.12
251'689
0.12
237'455
0.12
233'692
0.11

Weighting

Change
3
5
5
5
5
3
1
5
5
3
1
5
1
5
3
3
5
3
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M

Latest Chg
3'358
94'665
437'412
84'621
90'020
(1'061)
(6'070)
67'732
54'300
(47'100)
(1'321)
147'656
(2'807)
229'500
(6'251)
37'512

Target Price
27
33
31
28
33
26
25
33
33
28
19
33
25
#N/A N/A
28
27
33
24
#N/A N/A
40

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

File Dt
Inst Type
01.02.2013
Investment Advisor
07.08.2013
Investment Advisor
07.11.2012 Hedge Fund Manager
31.12.2012
Government
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
31.05.2013
Investment Advisor
28.06.2013
Investment Advisor
31.05.2013
Investment Advisor
28.06.2013
Investment Advisor
08.08.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
31.07.2013
Investment Advisor
28.06.2013
Investment Advisor
31.05.2012
Investment Advisor
30.04.2013
Investment Advisor

Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month

Date
31.07.2013
30.07.2013
25.07.2013
23.07.2013
17.07.2013
15.07.2013
12.07.2013
12.07.2013
11.07.2013
11.07.2013
11.07.2013
11.07.2013
11.07.2013
06.06.2013
05.06.2013
21.05.2013
20.05.2013
17.05.2013
17.05.2013
19.11.2012

14.08.2013

TAG Immobilien AG
TAG Immobilien AG develops, sells, and rents commercial and residential
buildings and special-purpose properties.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (23.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
TEG GY EQUITY YTD Change
TEG GY EQUITY YTD % CHANGE

12/2012
06/yy
9.70
7.45
4'361.00
8.914
-8.18%
19.57%
66.74%
130.7
1'165.40
2'390.68
0.0
20.3
55.75
3'416.70

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2.5 M
2.0 M
1.5 M
1.0 M
.5 M

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
123.3
5.05x
36.8
16.91x
(30.6)
-

10
9
8
7
6
5
4
3
2
1
0
a-12

31.12.2009
31.12.2010
96.0
93.1
6.93x
9.52x
21.7
34.7
30.58x
25.52x
(29.2)
18.5
13.25x
Profitability

LTM-4Q
31.12.2011
203.9
8.70x
118.4
14.98x
66.9
5.87x

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
396.0
9.08x
287.2
12.52x
179.1
5.05x
287.20
285.26
47.37%
51.25%
3.03%
10.92%
3.24%
0.10%
65.3%
45.2%
62.91%
210.41%
-

Price/ Cash Flow

06/yy
310.8
29.18x
212.1
13.48x
153.4
3.85x

LTM
06/yy
329.4
30.26x
170.1
0.00x
89.1
10.58x

FY+1

.0 M
a-13

0.54
128.50
17.77%
-3.38%
0.535
16
3.625
325'366
309'164
331'203
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
282.8
283.2
66.5
67.2
12.38x
12.31x
184.9
198.6
18.50x
17.22x
88.6
95.6
15.0
31.5
14.88x
12.63x
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

2.94
2.81
10.05
10.33
210.4%
67.4%
0.10
-

Sales/Revenue/Turnover

120.00

450.0
400.0

100.00

350.0
300.0

80.00

250.0
60.00

200.0
150.0

40.00

100.0
20.00
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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

TAG Immobilien AG
Holdings By:

All

Holder Name
RUFFER LLP
SUN LIFE FINANCIAL I
FLOSSBACH VON STORCH
SUN LIFE FINANCIAL I
DEUTSCHE BANK AG
BLACKROCK
TAUBE HODSON STONEX
DWS INVESTMENT GMBH
SKAGEN AS
THREADNEEDLE ASSET M
LLOYDS BANKING GROUP
THREADNEEDLE INVESTM
UBS
MORGAN STANLEY
LINDEN ADVISORS
SCOTTISH WIDOWS
RISTOW LUTZ R
ROYAL BANK OF CANADA
DWS INVESTMENT S A
PETERCAM SA

Firm Name
Bankhaus Lampe
Commerzbank Corporates & Markets
Baader Bank
Berenberg Bank
Close Brothers Equity Markets
S&P Capital IQ
ABN Amro Bank N.V.
Nord/LB
Barclays
EVA Dimensions
M.M. Warburg Investment Research
Kepler Cheuvreux
DZ Bank AG
Solventis WPH-Bank GmbH
Kempen & Co
Morgan Stanley

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
GEORG KANDERS
THOMAS ROTHAEUSLER
ANDRE REMKE
KAI MALTE KLOSE
MANUEL MARTIN
WILLIAM HOWLETT
MICHIEL DE JONGE
MICHAEL SEUFERT
AARON GUY
DOUG WALTERS
TORSTEN KLINGNER
THOMAS NEUHOLD
KARSTEN OBLINGER
ULF VON LENGERICH
THOMAS VAN DER MEIJ
BIANCA RIEMER

Source
Co File
Research
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Research
Co File
Co File
Research
ULT-AGG
MF-AGG
ULT-AGG
Research
Short
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG

Recommendation
buy
buy
hold
buy
buy
buy
hold
hold
overweight
sell
hold
buy
sell
buy
neutral
Underwt/Attractive

Amt Held
% Out
19'610'701
15
13'091'874 10.01
13'073'801
10
10'901'454
8.34
9'085'714
6.95
7'649'979
5.85
6'960'665
5.32
6'536'900
5
3'922'140
3
3'904'864
2.99
2'817'627
2.16
2'510'350
1.92
1'955'036
1.5
1'938'462
1.48
(1'869'556) -1.43
1'854'901
1.42
1'774'500
1.36
1'748'441
1.34
1'291'408
0.99
1'184'631
0.91

Weighting

Change
5
5
3
5
5
5
3
3
5
1
3
5
1
5
3
1

M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M

Latest Chg
445'470
5'751
(934'818)
7'017
(483'583)
267'994
142'282
(110'000)
-

Target Price
10
11
10
11
11
10
10
9
12
#N/A N/A
9
11
7
10
10
7

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

File Dt
Inst Type
31.12.2012
Investment Advisor
11.07.2013
Investment Advisor
31.12.2012
Investment Advisor
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor
07.08.2013
Investment Advisor
24.06.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
11.01.2013
Investment Advisor
30.04.2013
Investment Advisor
28.02.2013
Investment Advisor
30.04.2013
Unclassified
07.12.2011
Investment Advisor
29.07.2013 Hedge Fund Manager
28.02.2013
Unclassified
31.12.2012
n/a
28.03.2013
Bank
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor

Date
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month

Date
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
29.07.2013
11.07.2013
06.06.2013
10.05.2013
06.05.2013
19.04.2013
18.04.2013
14.01.2013
25.11.2012

14.08.2013

ThyssenKrupp AG
ThyssenKrupp AG manufactures industrial components. The Company produces flat
rolled and cast steel, automobile parts, elevators and escalators, machine
tools, bearings, nonferrous metals and plastics, develops and manages real
estate, and designs and constructs factories.

Price/Volume
25

16.0 M
14.0 M

20

12.0 M
10.0 M

15

8.0 M

Valuation Analysis

10

Latest Fiscal Year:


LTM as of:
52-Week High (10.01.2013)
52-Week Low (23.04.2013)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
TKA GY EQUITY YTD Change
TKA GY EQUITY YTD % CHANGE

09/2012
03/yy
19.25
13.11
294'374.00
16.875
-12.57%
28.38%
60.75%
514.5
8'682.00
7'185.00
0.0
967.0
2'510.00
12'793.00

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

4.0 M
2.0 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.09.2008
53'426.0
0.21x
4'842.0
2.31x
2'195.0
4.66x

6.0 M

30.09.2009
30.09.2010
40'563.0
37'711.0
0.34x
0.44x
876.0
2'412.0
15.54x
6.80x
(1'857.0)
824.0
12.19x
Profitability

LTM-4Q
30.09.2011
42'725.0
0.32x
4'043.0
3.41x
(1'291.0)
5.15x

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

30.09.2012
40'124.0
0.35x
2'576.0
5.52x
(4'668.0)
2'576.00
1'115.00
2.78%
0.79%
-11.80%
-94.78%
0.91%
14.4%
6.1%
3.4%
-11.6%
1.26
0.38
18.77%
201.88%
6.81
4.19

Price/ Cash Flow

LTM

03/yy
41'816.0
1.69x
3'875.0
4.34x
(2'752.0)
7.38x

03/yy
37'554.0
1.44x
2'330.0
5.25x
(4'242.0)
40.77x

FY+1

.0 M
a-13

1.16
371.32
4.28%
-5.24%
1.162
35
3.457
3'283'008
3'456'142
3'545'850
FY+2

FQ+1

FQ+2

09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
37'255.7
38'662.6
9'527.9
9'364.0
0.39x
0.37x
1.51x
1.58x
1'866.2
2'462.9
506.4
6.85x
5.19x
176.4
604.0
68.1
93.4
61.59x
14.70x
15.53x
13.15x
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

06.06.2012
BB
NEG
17.11.2009
B
5.41
3.20
1.54
3.77
201.9%
61.4%
0.91
3.87
53.60
87.05
50.38
76.56

Sales/Revenue/Turnover

450.00

60'000.0

400.00

50'000.0

350.00

40'000.0

300.00
250.00

30'000.0

200.00

20'000.0

150.00
100.00

10'000.0

50.00
0.00
02.10.2009

0.0
02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

ThyssenKrupp AG
Holdings By:

All

Holder Name
ALFRIED KRUPP VON BO
BLACKROCK
UBS
FRANKLIN RESOURCES
NORGES BANK
JANUS CAPITAL MANAGE
VANGUARD GROUP INC
DEKA INVESTMENT GMBH
OYSTER ASSET MANAGEM
PUTNAM INVESTMENT MA
INSTITUTIONAL CAPITA
AMUNDI
ADIG INVESTMENT
JO HAMBRO CAPITAL MA
INVESCO LTD
FORTIS INVESTMENT MG
CREDIT SUISSE AG
STATE STREET
THRIVENT FINANCIAL F
DEKA INVESTMENT GMBH

Firm Name
JPMorgan
M.M. Warburg Investment Research
RBC Capital Markets
Bankhaus Lampe
Nomura
VTB Capital
AlphaValue
Deutsche Bank
UBS
Societe Generale
Credit Suisse
Independent Research GmbH
Equinet Institutional Services(ESN)
Main First Bank AG
Commerzbank Corporates & Markets
Baader Bank
Day by Day
Jefferies
Davy
Exane BNP Paribas
Kepler Cheuvreux
DZ Bank AG
EVA Dimensions
Nord/LB
HSBC
Macquarie
Bankhaus Metzler
S&P Capital IQ
BHF-Bank
Landesbank Baden-Wuerttemberg
National Bank AG
Steubing AG
Hamburger Sparkasse
Goldman Sachs
Cyrrus

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
ALESSANDRO ABATE
BJOERN VOSS
TIMOTHY HUFF
MARC GABRIEL
NEIL SAMPAT
WIKTOR BIELSKI
HANS-PETER WODNIOK
BASTIAN SYNAGOWITZ
CARSTEN RIEK
ALAIN WILLIAM
MICHAEL SHILLAKER
SVEN DIERMEIER
STEFAN FREUDENREICH
ALEXANDER HAUENSTEIN
INGO-MARTIN SCHACHEL
CHRISTIAN OBST
VALERIE GASTALDY
SETH ROSENFELD
TIM CAHILL
SYLVAIN BRUNET
ROCHUS BRAUNEISER
DIRK SCHLAMP
TIMOTHY STANISH
HOLGER FECHNER
THORSTEN ZIMMERMANN
JEFFREY LARGEY
LARS HETTCHE
JOHNSON IMODE
HERMANN REITH
JENS MUENSTERMANN
EKKEHARD D LINK
MICHAEL BROEKER
INGO SCHMIDT
STEPHEN BENSON
JIRI SIMARA

Source
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Research
ULT-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
MF-AGG
MF-AGG

Recommendation
overweight
hold
sector perform
buy
buy
hold
sell
hold
sell
hold
outperform
sell
buy
outperform
buy
buy
hold
buy
outperform
neutral
hold
hold
buy
sell
overweight
outperform
sell
hold
market weight
hold
buy
buy
sell
not rated
accumulate

Amt Held
130'320'067
38'431'331
28'820'435
26'046'328
12'848'471
9'017'500
4'233'696
4'009'858
1'709'400
1'235'631
1'210'530
1'205'497
1'018'052
933'970
813'504
666'940
647'533
647'145
567'750
560'217

% Out
25.33
7.47
5.6
5.06
2.5
1.75
0.82
0.78
0.33
0.24
0.24
0.23
0.2
0.18
0.16
0.13
0.13
0.13
0.11
0.11

Weighting

Change

5
3
3
5
5
3
1
3
1
3
5
1
5
5
5
5
3
5
5
3
3
3
5
1
5
5
1
3
3
3
5
5
1
#N/A N/A
4

M
M
M
M
M
M
M
M
D
D
M
D
M
M
M
M
M
M
M
M
M
M
U
M
U
M
M
M
M
M
M
M
M
M
M

Latest Chg
10'378
(1'730'780)
443'325
231'865
8'408
160'000
1'131'884
5'900
968'786
107'573
215'460
(6'054)
2'871
(14'150)
-

Target Price
19
18
17
19
17
18
10
18
16
18
24
16
18
22
18
25
#N/A N/A
21
#N/A N/A
15
14
16
#N/A N/A
13
19
22
14
16
16
15
19
19
#N/A N/A
#N/A N/A
24

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

File Dt
30.09.2012
07.08.2013
31.07.2013
28.06.2013
12.01.2012
31.03.2013
30.06.2013
28.03.2013
28.02.2013
31.03.2013
31.05.2013
28.02.2013
30.04.2013
31.05.2013
08.08.2013
28.02.2013
31.05.2013
08.08.2013
30.04.2013
09.08.2013

Date
12 month
12 month
12 month
12 month
12 month
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month

Inst Type
n/a
Investment Advisor
Unclassified
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
09.08.2013
08.08.2013
07.08.2013
05.08.2013
05.08.2013
05.08.2013
01.08.2013
31.07.2013
31.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
22.07.2013
18.07.2013
16.07.2013
16.07.2013
12.07.2013
10.07.2013
04.07.2013
03.07.2013
20.06.2013
11.06.2013
29.05.2013
23.05.2013
16.05.2013
16.05.2013
16.05.2013
15.05.2013
15.05.2013
10.04.2013
02.04.2013
07.03.2013
09.09.2012
30.01.2012

14.08.2013

Talanx AG
Talanx AG operates as a holding company. The Company, through its subsidiaries,
provides insurance and financial services. Talanx offers retail, commercial,
private, and industrial insurance, reinsurance, and other related services.
Talanx operates worldwide.

Price/Volume
30

7.0 M

25

6.0 M
5.0 M

20

Latest Fiscal Year:


LTM as of:
52-Week High (31.05.2013)
52-Week Low (03.10.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
TLX GY EQUITY YTD Change
TLX GY EQUITY YTD % CHANGE

12/2012
03/yy
26.20
18.39
101'284.00
24.43
-3.84%
36.98%
77.39%
252.6
6'171.65
3'784.00
0.0
4'171.0
2'119.00
12'877.65

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

3.0 M

10

2.0 M

1.0 M

0
o-12

31.12.2009
31.12.2010
19'943.0
22'846.0
485.0
216.0
Profitability

LTM-4Q
31.12.2011
23'422.0
520.0
-

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
26'438.0
0.39x
630.0
7.48x
6.66%
5.96%
0.49%
9.42%
9.01%
0.21%
2.4%
2.91%
50.64%
-

Price/ Cash Flow

d-12

j-13

LTM

03/yy
6'072.0
0.00x
0.0
0.00x
211.0
0.00x

f-13

03/yy
27'157.0
0.81x
0.0
0.00x
623.0
8.46x

m-13

a-13

m-13

j-13

j-13

FY+1

a-13

52.82
22.34%
19
4.053
143'266
232'628
228'296
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
27'563.0
28'649.4
700.2
727.7
87.0
153.0
8.62x
8.13x
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

02.10.2009
ASTABLE
50.6%
24.5%
0.21
-

Sales/Revenue/Turnover

1.20

30'000.0

1.00

25'000.0

0.80

20'000.0

0.60

15'000.0

0.40

10'000.0

0.20

5'000.0

0.00
01.01.2010

.0 M
n-12

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
17'523.0
187.0
-

4.0 M

15

Valuation Analysis

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Talanx AG
Holdings By:

All

Holder Name
HDI VAG
MEIJI YASUDA LIFE IN
DEUTSCHE BANK AG
ETHENEA INDEPENDENT
SKAGEN AS
DWS INVESTMENT S A
DWS INVESTMENT SA
PETERCAM SA
ZADIG GESTION (LUXEM
FRANKFURT TRUST INVE
BLACKROCK
DEKA INVESTMENT GMBH
FRANKEN INVEST KAPIT
JP MORGAN
JULIUS BAER MULTICOO
METZLER INVESTMENT G
JO HAMBRO CAPITAL MA
OFI ASSET MANAGEMENT
UNION BANCAIRE PRIVE
OPPENHEIM KAPITALANL

Firm Name
M.M. Warburg Investment Research
AlphaValue
Bankhaus Lampe
Keefe, Bruyette & Woods
Deutsche Bank
Goldman Sachs
Berenberg Bank
Barclays
Bankhaus Metzler
Landesbank Baden-Wuerttemberg
Mediobanca SpA
EVA Dimensions
Equinet Institutional Services(ESN)
Nord/LB
Main First Bank AG
HSBC
Hamburger Sparkasse
JPMorgan

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
ANDREAS PLAESIER
DIETER HEIN
ANDREAS SCHAEFER
WILLIAM HAWKINS
OLIVIA BRINDLE
VINIT MALHOTRA
PETER ELIOT
ANDREW BROADFIELD
JOCHEN SCHMITT
WERNER SCHIRMER
MARC THIELE
DOUG WALTERS
PHILIPP HAESSLER
JULIA SIEKMANN
MICHAEL HAID
KAILESH MISTRY
CHRISTIAN HAMANN
MICHAEL HUTTNER

Source
Research
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
add
buy
market perform
hold
Buy/Neutral
buy
equalweight
buy
buy
neutral
overweight
accumulate
buy
underperform
neutral
buy
neutral

Amt Held
199'801'656
16'393'443
3'481'186
2'967'700
1'080'343
800'471
545'000
445'800
412'390
335'000
321'384
284'570
224'210
188'707
145'000
134'000
126'000
114'508
110'600
100'500

% Out
79.09
6.49
1.38
1.17
0.43
0.32
0.22
0.18
0.16
0.13
0.13
0.11
0.09
0.07
0.06
0.05
0.05
0.05
0.04
0.04

Weighting

Change
5
4
5
3
3
5
5
3
5
5
3
5
4
5
1
3
5
3

M
M
M
M
M
M
U
M
M
M
M
D
M
M
M
M
M
M

Latest Chg
(8'198'344)
122'604
(232'300)
100'000
325'000
26'898
(51'000)
36
31'720
24'190
(6'100)
126'000
78'913
110'600
2'000

Target Price
28
26
27
24
24
27
28
24
28
27
27
#N/A N/A
27
28
20
26
#N/A N/A
23

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

File Dt
02.07.2013
02.07.2013
28.06.2013
28.06.2013
28.06.2013
30.04.2013
30.04.2013
30.04.2013
28.03.2013
30.04.2013
07.08.2013
28.03.2013
30.04.2013
31.03.2013
31.03.2013
31.01.2013
31.12.2012
28.02.2013
31.12.2012
31.01.2013

Date
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
3 month

Inst Type
Insurance Company
Insurance Company
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
08.08.2013
08.08.2013
05.08.2013
29.07.2013
26.07.2013
25.07.2013
24.07.2013
22.07.2013
16.07.2013
02.07.2013
28.06.2013
27.06.2013
18.06.2013
17.06.2013
12.06.2013
31.05.2013
17.05.2013
24.04.2013

14.08.2013

TUI AG
TUI AG offers tourism and logistic services, and manufactures building
materials. The Company operates airlines, travel agencies, cruise ships,
resorts, and hotels. TUI provides maritime and inland container shipping,
freight forwarding and storage services around the world, and leases and sells
mobile buildings.

Price/Volume

09/2012
06/yy
9.92
5.45
11'921.00
9.824
-1.06%
80.07%
97.29%
252.4
2'479.34
2'456.60
0.0
(15.2)
2'278.40
2'783.14

5.0 M
4.0 M
3.0 M

2.0 M

1.0 M

0
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended

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

6.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (06.08.2013)
52-Week Low (14.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
TUI1 GY EQUITY YTD Change
TUI1 GY EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

7.0 M

10
8

Valuation Analysis

31.12.2008
18'714.3
0.30x
852.2
6.51x
(121.3)
-

12

30.09.2009
Profitability

30.09.2010
16'350.1
0.28x
860.1
5.34x
101.8
29.93x

LTM-4Q
30.09.2011
17'480.3
0.11x
805.6
2.33x
23.9
-

30.09.2012
18'330.3
0.10x
958.6
1.94x
(15.1)
958.60
559.90
3.05%
1.38%
-0.80%
-5.80%
1.34%
11.2%
4.6%
2.7%
-0.1%
0.61
0.58
18.59%
117.98%
131.87

Price/ Cash Flow

06/yy
18'183.7
0.56x
(104.9)
0.00x
(21.3)
0.00x

LTM
06/yy
18'393.5
0.63x
684.0
0.00x
(109.1)
0.00x

FY+1

.0 M
a-13

1.24
134.09
73.91%
24.98%
1.244
22
4.182
738'049
627'902
771'118
FY+2

FQ+1

FQ+2

09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
18'314.9
18'910.4
6'416.0
0.15x
0.14x
1'062.0
1'165.5
1'166.0
2.61x
2.38x
62.1
166.9
380.0
29.68x
15.77x
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

30.07.2010
BPOS
2.25
1.12
0.56
2.57
118.0%
54.3%
1.34
6.87
2.77
59.25
-24.91

Sales/Revenue/Turnover

8.00

30'000.0

7.00

25'000.0

6.00

20'000.0

5.00
4.00

15'000.0

3.00

10'000.0

2.00

5'000.0
1.00
0.00
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 02.07.2013

0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

TUI AG
Holdings By:

All

Holder Name
S GROUP TRAVEL HOLDI
FREDRIKSEN JOHN
RIU HOTELS SA
BLACKROCK
DIMENSIONAL FUND ADV
BAILLIE GIFFORD OVER
DEKA INVESTMENT GMBH
MARATHON ASSET MANAG
NORGES BANK
CQS UK LLP
PENNANT CAPITAL MANA
SOCIETE GENERALE SA
PINE RIVER CAPITAL M
BARCLAYS CAPITAL SEC
PENNANT WINDWARD MAS
DEUTSCHE BANK AG
STATE STREET
DAVIDSON KEMPNER EUR
VANGUARD GROUP INC
UNION INVESTMENT GMB

Firm Name
Commerzbank Corporates & Markets
Independent Research GmbH
Bankhaus Lampe
Natixis
Exane BNP Paribas
UBS
Landesbank Baden-Wuerttemberg
Equinet Institutional Services(ESN)
AlphaValue
Deutsche Bank
Kepler Cheuvreux
JPMorgan
KochBank Research
EVA Dimensions
Nord/LB
Morgan Stanley
DZ Bank AG
S&P Capital IQ
Main First Bank AG
Goldman Sachs
Berenberg Bank
Equita SIM SpA
Fearnley Fonds

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
JOHANNES BRAUN
ZAFER RUZGAR
SEBASTIAN HEIN
GEOFFREY D'HALLUIN
MATTHIAS DESMARAIS
ALEX BRIGNALL
PER-OLA HELLGREN
JOCHEN ROTHENBACHER
HANS-PETER WODNIOK
GEOF COLLYER
JUERGEN KOLB
JAAFAR MESTARI
STEFAN KICK
CRAIG STERLING
WOLFGANG DONIE
JAMIE ROLLO
HERBERT STURM
WILLIAM MACK
TOBIAS SITTIG
NICK EDELMAN
ALEXANDRA SCHLEGEL
MASSIMO BONISOLI
RIKARD VABO

Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Research
MF-AGG
RNS-RUL8
RNS-RUL8
Short
Short
RNS-RUL8
Short
RNS-RUL8
Short
ULT-AGG
ULT-AGG
Short
MF-AGG
MF-AGG

Recommendation
hold
buy
buy
buy
outperform
buy
hold
buy
sell
buy
buy
neutral
buy
hold
buy
Equalwt/In-Line
buy
buy
outperform
not rated
buy
buy
sell

Amt Held
% Out
63'068'424 24.99
37'841'055 14.99
12'613'685
5
9'403'102
3.73
8'811'166
3.49
7'261'186
2.88
5'601'800
2.22
4'904'640
1.94
4'766'186
1.89
(2'826'605) -1.12
(2'270'466)
-0.9
2'105'036
0.83
(1'993'766) -0.79
1'690'782
0.67
(1'536'427) -0.61
1'533'003
0.61
1'478'319
0.59
(1'337'052) -0.53
1'200'964
0.48
1'037'000
0.41

Weighting
3
5
5
5
5
5
3
5
1
5
5
3
5
3
5
3
5
5
5
#N/A N/A
5
5
1

Change
M
M
M
M
M
M
M
M
M
M
M
M
N
U
M
M
U
M
M
M
M
M
D

Latest Chg
1'304
6'804
(40'600)
(176'663)
(13'226)
25'238
8'429
(122'007)
280'064
576'000

Target Price
10
12
12
11
11
12
10
12
6
11
11
10
13
#N/A N/A
12
11
11
11
10
#N/A N/A
9
10
5

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

File Dt
Inst Type
30.09.2012
Holding Company
30.09.2012
n/a
30.09.2012
Corporation
07.08.2013
Investment Advisor
30.04.2013
Investment Advisor
24.05.2012
Investment Advisor
28.03.2013
Investment Advisor
21.01.2013
Investment Advisor
16.01.2013
Government
31.07.2013
Investment Advisor
01.11.2012 Hedge Fund Manager
22.01.2013
Unclassified
07.08.2013 Hedge Fund Manager
22.01.2013
Investment Advisor
27.04.2012
Investment Advisor
28.06.2013
Investment Advisor
08.08.2013
Investment Advisor
02.11.2012 Hedge Fund Manager
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor

Date
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
12 month
Not Provided
9 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
6 month

Date
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
01.08.2013
31.07.2013
26.06.2013
13.06.2013
03.06.2013
27.05.2013
21.05.2013
17.05.2013
17.05.2013
15.05.2013
10.05.2013
17.04.2013
13.02.2013
20.12.2012
14.08.2012

14.08.2013

United Internet AG
United Internet AG offers Internet access services. The Company serves home
users, small offices and home offices, and small-to medium-sized companies.
United Internet also offers hotline and help desk services to international
corporations.

Price/Volume
30

3.5 M

25

3.0 M
2.5 M

20

Latest Fiscal Year:


LTM as of:
52-Week High (14.08.2013)
52-Week Low (14.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
UTDI GY EQUITY YTD Change
UTDI GY EQUITY YTD % CHANGE

12/2012
03/yy
25.00
14.40
18'597.00
24.7
0.00%
73.67%
96.70%
194.0
4'791.80
300.28
0.0
9.9
42.83
4'988.79

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.5 M

10

1.0 M

5
0
a-12

.5 M
s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
1'570.4
1.24x
359.6
5.40x
(120.2)
-

2.0 M

15

Valuation Analysis

31.12.2009
31.12.2010
1'658.9
1'907.1
1.45x
1.55x
420.3
371.6
5.74x
7.95x
279.9
129.1
7.56x
20.97x
Profitability

LTM-4Q
31.12.2011
2'094.1
1.50x
371.1
8.47x
162.3
17.47x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
2'396.6
1.43x
390.0
8.81x
107.8
29.13x
390.03
250.57
10.46%
8.05%
10.63%
59.79%
2.11%
34.3%
16.8%
11.1%
4.5%
0.43
0.29
27.11%
159.48%
20.94
54.13

Price/ Cash Flow

03/yy
2'172.4
5.82x
351.1
9.11x
172.7
17.02x

LTM
03/yy
2'449.4
5.65x
410.8
9.43x
123.3
29.63x

FY+1

.0 M
a-13

0.68
104.88
68.58%
55.40%
0.677
24
3.750
249'102
320'985
440'587
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
2'635.4
2'863.2
647.0
698.0
1.89x
1.69x
404.8
476.3
92.9
100.0
12.30x
10.45x
206.0
252.6
44.6
35.5
23.24x
18.31x
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

16.04
13.42
0.45
0.68
159.5%
60.2%
2.11
23.49
17.43
6.74
44.77
-33.07

Sales/Revenue/Turnover

25.00

3'000.0
2'500.0

20.00

2'000.0
15.00

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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

United Internet AG
Holdings By:

All

Holder Name
DOMMERMUTH RALPH
DEUTSCHE BANK AG
BLACKROCK
ALLIANZ GLOBAL INVES
OPPENHEIMERFUNDS INC
ALLIANZ ASSET MANAGE
NORGES BANK
FIL LIMITED
DWS INVESTMENT S A
VANGUARD GROUP INC
MARBLE ARCH INVESTME
ADIG INVESTMENT
SCHEEREN MICHAEL
DWS INVESTMENT SA
LANG NORBERT
METZLER ASSET MANAGE
DEKA INVESTMENT GMBH
METZLER INVESTMENT G
UNION INVESTMENT GMB
DEKA INTERNATIONAL S

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Firm Name

Analyst

Hauck & Aufhaeuser


Deutsche Bank
Equinet Institutional Services(ESN)
Berenberg Bank
Commerzbank Corporates & Markets
AlphaValue
Morgan Stanley
Macquarie
Landesbank Baden-Wuerttemberg
M.M. Warburg Investment Research
Bankhaus Lampe
JPMorgan
UBS
Bankhaus Metzler
EVA Dimensions
DZ Bank AG
Matelan Research GmbH
Goldman Sachs
Independent Research GmbH
Equita SIM SpA
Kepler Cheuvreux
Exane BNP Paribas
HSBC
Nomura
Close Brothers Equity Markets
Dr. Kalliwoda Equity Research

LEONHARD BAYER
BENJAMIN KOHNKE
ADRIAN PEHL
USMAN GHAZI
HEIKE PAULS
HEINZ STEFFEN
RYAN FOX
ALEX GRANT
STEFAN BORSCHEID
JOCHEN REICHERT
WOLFGANG SPECHT
HANNES C WITTIG
POLO TANG
ULRICH TRABERT
ANDREW S ZAMFOTIS
KARSTEN OBLINGER
ADRIAN HOPKINSON
SIVA KRISHNA PRASAD BORRA
MARKUS FRIEBEL
GIANMARCO BONACINA
THOMAS KARLOVITS
MICHAEL ZORKO
DOMINIK KLARMANN
HENRIK NYBLOM
MARCUS SILBE
NORBERT KALLIWODA

Source
Research
ULT-AGG
ULT-AGG
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
sell
buy
hold
buy
buy
sell
Overwt/In-Line
outperform
buy
hold
buy
overweight
suspended coverage
buy
hold
buy
buy
Sell/Neutral
hold
hold
hold
neutral
overweight
neutral
hold
buy

Amt Held
% Out
88'000'000 45.36
9'698'975
5
7'621'375
3.93
6'503'582
3.35
5'873'094
3.03
4'691'903
2.42
3'204'726
1.65
1'304'288
0.67
1'025'411
0.53
1'016'317
0.52
(892'400) -0.46
771'076
0.4
600'000
0.31
600'000
0.31
524'232
0.27
485'350
0.25
456'460
0.24
404'600
0.21
400'000
0.21
396'236
0.2

Weighting
1
5
3
5
5
1
5
5
5
3
5
5
#N/A N/A
5
3
5
5
1
3
3
3
3
5
3
3
5

Change
M
M
M
M
M
M
M
M
M
D
M
U
M
M
U
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(43'015)
(88'053)
(45'792)
(46'688)
60'864
252'200
(200'000)
(25'100)
392'193
6'500
50'000
(39'209)

Target Price
17
27
24
26
28
16
26
26
26
26
25
28
#N/A N/A
25
#N/A N/A
24
26
19
24
21
22
19
20
11
14
17

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

File Dt
Inst Type
21.03.2013
n/a
28.06.2013
Investment Advisor
07.08.2013
Investment Advisor
20.07.2012
Investment Advisor
12.02.2013
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
11.07.2013 Hedge Fund Manager
30.04.2013
Investment Advisor
31.12.2012
n/a
28.03.2013
Investment Advisor
31.12.2012
n/a
31.01.2013
Investment Advisor
30.04.2013
Investment Advisor
31.01.2013
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor

Date
12 month
12 month
12 month
Not Provided
6 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
3 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month

Date
08.08.2013
07.08.2013
07.08.2013
06.08.2013
01.08.2013
01.08.2013
31.07.2013
25.07.2013
19.07.2013
17.07.2013
16.07.2013
10.07.2013
05.07.2013
03.07.2013
29.05.2013
27.05.2013
22.05.2013
21.05.2013
21.05.2013
21.05.2013
15.05.2013
19.04.2013
05.02.2013
22.11.2012
10.02.2012
22.03.2011

14.08.2013

Volkswagen AG
Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,
and commercial vehicles for sale worldwide. The Company produces the Passat,
Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
Seat and Skoda, which manufacture and sell cars in Spain and in southern and
eastern Europe, and Lamborghini, which makes sports cars in Italy.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (05.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.07.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
VOW3 GY EQUITY YTD Change
VOW3 GY EQUITY YTD % CHANGE

Price/Volume

12/2012
06/yy
187.40
132.50
15'002.00
185.6
-0.99%
40.04%
97.09%
170.1
84'682.14
117'663.00
0.0
4'310.0
25'921.00
179'275.14

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

j-13

31.12.2009
31.12.2010
105'187.0
126'875.0
0.97x
0.83x
10'896.0
16'659.0
9.35x
6.29x
960.0
6'835.0
32.35x
6.98x
Profitability

LTM-4Q
31.12.2011
159'337.0
0.77x
21'365.0
5.76x
15'409.0
3.13x

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
192'676.0
0.90x
24'424.0
7.10x
21'717.0
3.51x
24'424.00
11'310.00
5.87%
13.23%
5.99%
24.78%
0.66%
18.2%
12.7%
5.4%
11.3%
1.03
0.33
38.00%
151.79%
5.32
5.35

Price/ Cash Flow

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

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
113'808.0
1.22x
14'854.0
9.34x
4'753.0
20.97x

200
180
160
140
120
100
80
60
40
20
0
a-12

LTM

FY+1

1.15
170.15
29.57%
10.38%
1.149
37
4.514
676'542
898'674
1'053'452
FY+2

FQ+1

FQ+2

06/yy
06/yy
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
176'948.0 195'985.0 200'887.1 211'272.7
50'851.5
52'897.5
2.83x
3.35x
0.39x
0.37x
23'081.0
24'812.0
23'887.2
26'844.2
5.98x
6.62x
7.51x
6.68x
17'936.0
17'801.0
10'139.9
11'827.1
3.06x
3.97x
8.63x
7.41x
S&P Issuer Ratings
Long-Term Rating Date
31.08.2009
Long-Term Rating
ALong-Term Outlook
POS
Short-Term Rating Date
15.06.2004
Short-Term Rating
A-2
Credit Ratios
EBITDA/Interest Exp.
17.46
(EBITDA-Capex)/Interest Exp.
9.96
Net Debt/EBITDA
3.72
Total Debt/EBITDA
4.89
Reference
Total Debt/Equity
151.8%
Total Debt/Capital
59.0%
Asset Turnover
0.66
Net Fixed Asset Turnover
3.51
Accounts receivable turnover-days
68.67
Inventory Days
68.22
Accounts Payable Turnover Day
40.43
Cash Conversion Cycle
46.11
Sales/Revenue/Turnover

14.00

250'000.0

12.00

200'000.0

10.00

150'000.0

8.00
6.00

100'000.0

4.00

50'000.0
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

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Volkswagen AG
Holdings By:

All

Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
FMR LLC
CARMIGNAC GESTION
VANGUARD GROUP INC
DEUTSCHE BANK AG
FIL LIMITED
ALLIANZ ASSET MANAGE
BG MASTER FUND PLC
UNION INVESTMENT GMB
JP MORGAN
AMUNDI
UBS
ADIG INVESTMENT
T ROWE PRICE ASSOCIA
INVESCO LTD
ALLIANCE BERNSTEIN
FRANKFURT TRUST INVE
MERCURY ASSET MANAGE
NATIXIS ASSET MANAGE

Firm Name
Morgan Stanley
Sanford C. Bernstein & Co
Goldman Sachs
AlphaValue
Baader Bank
Bankhaus Lampe
Berenberg Bank
Commerzbank Corporates & Markets
JPMorgan
Natixis
Societe Generale
Macquarie
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Oddo & Cie
M.M. Warburg Investment Research
Kepler Cheuvreux
Nord/LB
National Bank AG
S&P Capital IQ
Deutsche Bank
Equinet Institutional Services(ESN)
Main First Bank AG
Barclays
Redburn Partners
Day by Day
Exane BNP Paribas
Hamburger Sparkasse
EVA Dimensions
HSBC
Bankhaus Metzler
Steubing AG
UBS
Cyrrus
Hammer Partners SA

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
LAURA LEMBKE
MAX WARBURTON
STEFAN BURGSTALLER
HANS-PETER WODNIOK
KLAUS BREITENBACH
CHRISTIAN LUDWIG
ADAM HULL
DANIEL SCHWARZ
JOSE ASUMENDI
GEORGES DIENG
STEPHEN REITMAN
CHRISTIAN BREITSPRECHER
FRANK BILLER
ZAFER RUZGAR
FRANCOIS MAURY
MARC-RENE TONN
MICHAEL RAAB
FRANK SCHWOPE
MANFRED JAISFELD
RODERICK BRIDGE
JOCHEN GEHRKE
TIM SCHULDT
LOTHAR LUBINETZKI
MICHAEL TYNDALL
CHARLES WINSTON
VALERIE GASTALDY
RABIH FREIHA
TINA HECKING-VELTMAN
CRAIG STERLING
HORST SCHNEIDER
JUERGEN PIEPER
TOBIAS SCHMIDT
PHILIPPE HOUCHOIS
JIRI SIMARA
ALBERTO ROLLA

Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Short
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
Overwt/In-Line
market perform
buy/attractive
sell
buy
buy
buy
buy
overweight
buy
buy
outperform
buy
buy
neutral
buy
buy
buy
buy
buy
buy
buy
outperform
overweight
neutral
hold
outperform
hold
hold
overweight
buy
buy
neutral
buy
buy

Amt Held
% Out
6'993'375
4.11
5'156'855
3.03
3'496'962
2.06
1'684'876
0.99
1'576'104
0.93
1'497'526
0.88
1'349'465
0.79
1'255'269
0.74
(1'173'985) -0.69
996'683
0.59
981'045
0.58
932'605
0.55
880'705
0.52
796'624
0.47
708'483
0.42
635'390
0.37
447'077
0.26
435'760
0.26
415'048
0.24
323'599
0.19

Weighting

Change
5
3
5
1
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
5
5
5
5
5
3
3
5
3
3
5
5
5
3
5
5

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
D
M
M
M
M
M
M

Latest Chg
(33'318)
(1'075'152)
97'268
(308'807)
68'078
248'074
(3'937)
28'775
17'015
(190'153)
(64'191)
(37'655)
(35'501)
21'900
271'648
(200'672)
(16'353)
(23'700)
(7'560)

Target Price
220
170
238
156
220
215
240
205
217
208
220
200
205
210
170
230
210
195
210
192
240
185
220
192
#N/A N/A
#N/A N/A
212
#N/A N/A
#N/A N/A
191
200
227
165
170
168

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

File Dt
07.08.2013
30.06.2013
30.06.2013
28.06.2013
30.06.2013
28.06.2013
31.12.2012
30.06.2013
22.04.2013
28.03.2013
30.06.2013
30.04.2013
08.08.2013
30.04.2013
30.06.2013
08.08.2013
30.06.2013
30.04.2013
07.08.2013
30.04.2013

Date
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
6 month
15 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 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
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
09.08.2013
08.08.2013
07.08.2013
06.08.2013
05.08.2013
05.08.2013
05.08.2013
02.08.2013
02.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
29.07.2013
23.07.2013
23.07.2013
10.07.2013
09.07.2013
05.06.2013
07.05.2013
07.05.2013
02.05.2013
16.04.2013
09.04.2013
25.02.2013
29.10.2012
18.10.2012

14.08.2013

Wacker Chemie AG
Wacker Chemie AG is a globally active chemical company with a wide range of
specialty chemical products. The Company's products include hyperpure
polysilicon for the electronics and solar industries, semiconductor wafers, a
broad range of silicones, vinyl acetate based polymers, and biotech products.

Price/Volume
80

1.2 M

70

1.0 M

60
.8 M

50
40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.08.2013)
52-Week Low (16.11.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
WCH GY EQUITY YTD Change
WCH GY EQUITY YTD % CHANGE

12/2012
06/yy
77.40
40.48
1'146.00
76.27
-1.46%
88.41%
97.59%
52.2
3'977.68
1'197.20
0.0
18.2
435.60
4'871.78

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
3'719.3
4'748.4
1.66x
1.36x
917.8
1'250.1
6.71x
5.17x
(70.8)
490.7
13.22x
Profitability

.2 M

10
0
a-12

s-12

LTM-4Q
31.12.2011
4'909.7
0.65x
1'134.6
2.80x
352.6
8.75x

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
4'634.9
0.70x
863.4
3.76x
112.8
21.87x
863.40
334.60
7.22%
4.17%
0.46%
1.38%
1.35%
0.67%
17.5%
17.5%
5.4%
2.4%
1.64
0.87
18.91%
46.05%
6.39
5.37

Price/ Cash Flow

06/yy
4'709.0
2.81x
882.1
3.70x
144.3
18.78x

o-12

n-12

d-12

j-13

LTM
06/yy
4'444.7
3.14x
776.7
5.04x
30.2
96.53x

f-13 m-13

a-13

m-13

j-13

j-13

FY+1

.0 M
a-13

0.88
18.39
44.14%
55.39%
0.877
24
2.417
126'047
150'163
126'488
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
4'559.7
4'864.6
1'190.2
1'104.6
1.15x
1.07x
671.6
803.4
172.8
131.5
7.25x
6.06x
27.7
82.3
16.1
(8.6)
165.80x
39.46x
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

16.48
-1.52
1.13
1.89
46.1%
31.4%
0.67
1.17
57.11
67.94
35.95
76.84

Sales/Revenue/Turnover

12.00

6'000.0

10.00

5'000.0

8.00

4'000.0

6.00

3'000.0

4.00

2'000.0

2.00

1'000.0

0.00
01.01.2010

.4 M

20

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
4'298.1
0.86x
1'106.8
3.34x
439.4
8.45x

.6 M

30

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Wacker Chemie AG
Holdings By:

All

Holder Name
DR ALEXANDER WACKER
BLUE ELEPHANT HOLDIN
WACKER CHEMIE AG
BLACKROCK
DISCOVERY CAPITAL MA
DISCOVERY GLOBAL OPP
SAMANA CAPITAL LP
ZBI EQUITIES LLC
ADIG INVESTMENT
NORGES BANK
CAPITAL GROUP COMPAN
T ROWE PRICE ASSOCIA
UNION INVESTMENT GMB
ALLIANZ ASSET MANAGE
ING INTERNATIONAL AD
VANGUARD GROUP INC
TIAA CREF INVESTMENT
SCHRODER INVESTMENT
CREDIT SUISSE FUND S
OYSTER ASSET MANAGEM

Firm Name
Commerzbank Corporates & Markets
AlphaValue
Nord/LB
Independent Research GmbH
Hauck & Aufhaeuser
Bankhaus Lampe
Equinet Institutional Services(ESN)
Deutsche Bank
Morgan Stanley
Credit Suisse
HSBC
Landesbank Baden-Wuerttemberg
Bankhaus Metzler
Steubing AG
Main First Bank AG
Nomura
Natureo Finance
UBS
DZ Bank AG
Macquarie
JPMorgan
EVA Dimensions
National Bank AG

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
GEORG REMSHAGEN
MARTIN SCHNEE
THORSTEN STRAUSS
CHRISTOPH SCHOENDUBE
NILS-PETER FITZL
HEIKO FEBER
STEFAN FREUDENREICH
ALEXANDER KARNICK
PETER MACKEY
MATHEW WAUGH
CHRISTIAN DOMINIK RATH
ERKAN AYCICEK
DANIEL SEIDENSPINNER
TOBIAS SCHMIDT
THOMAS SWOBODA
JEAN DE WATTEVILLE
INGO QUEISER
JEAN-FRANCOIS MEYMANDI
PETER SPENGLER
ROBERT SCHRAMM-FUCHS
MARTIN EVANS
TIMOTHY STANISH
STEFFEN MANSKE

Source
Co File
Co File
Co File
ULT-AGG
Short
Short
Short
Short
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
sell
hold
hold
sell
sell
sell
sell
Underwt/In-Line
underperform
neutral
sell
buy
hold
outperform
neutral
sell
buy
sell
outperform
underweight
sell
sell

Amt Held
% Out
26'076'300
50
5'215'260
10
2'474'617
4.74
2'141'252
4.11
(996'115) -1.91
(824'011) -1.58
(526'741) -1.01
(526'741) -1.01
407'363
0.78
240'337
0.46
228'000
0.44
189'575
0.36
176'900
0.34
166'782
0.32
145'720
0.28
128'697
0.25
92'997
0.18
79'151
0.15
77'479
0.15
74'500
0.14

Weighting

Change
5
1
3
3
1
1
1
1
1
1
3
1
5
3
5
3
1
5
1
5
1
1
1

U
D
M
M
M
M
M
M
M
M
U
M
M
D
U
M
M
U
M
M
M
M
M

Latest Chg
30'165
(31'292)
52'153
93'875
(4'231)
(84'847)
12'400
(16'283)
(36'911)
28'973
(49)
(10'714)
74'500

Target Price
84
63
68
75
40
60
58
39
53
55
73
52
78
68
85
70
55
80
50
65
44
#N/A N/A
#N/A N/A

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

File Dt
Inst Type
31.12.2012
n/a
31.12.2012
Unclassified
31.12.2012
Corporation
07.08.2013
Investment Advisor
14.02.2013 Hedge Fund Manager
16.10.2012
Investment Advisor
26.06.2012 Hedge Fund Manager
06.02.2013
Investment Advisor
30.04.2013
Investment Advisor
31.12.2012
Government
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
30.06.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
28.02.2013
Investment Advisor

Date
6 month
6 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
3 month
Not Provided
Not Provided

Date
09.08.2013
05.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
01.08.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
29.07.2013
18.07.2013
11.07.2013
09.07.2013
09.07.2013
02.07.2013
07.06.2013
06.06.2013
25.07.2012

14.08.2013

Wirecard AG
Wirecard AG offers Internet payment and processing services. The Company
provides software and systems for online payment, electronic funds transfer,
fraud protection and enterprise solutions. Wirecard also offers call center
services.

Price/Volume
25
20
15

Valuation Analysis

10

Latest Fiscal Year:


LTM as of:
52-Week High (01.08.2013)
52-Week Low (15.08.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
WDI GY EQUITY YTD Change
WDI GY EQUITY YTD % CHANGE

12/2012
03/yy
23.60
15.87
4'774.00
23.1
-1.48%
46.55%
90.95%
112.2
2'591.64
94.97
0.0
0.0
442.50
2'271.61

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

0
a-12

31.12.2009
31.12.2010
228.5
271.6
3.13x
3.20x
60.3
73.1
11.86x
11.90x
45.5
54.0
21.44x
19.34x
Profitability

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data

LTM-4Q
31.12.2011
324.8
3.47x
84.4
13.37x
61.2
20.70x

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
394.6
4.41x
109.3
15.92x
73.3
27.76x
109.25
93.60
23.72%
23.10%
7.28%
14.16%
12.42%
0.40%
27.3%
23.0%
18.6%
1.39
0.92
8.42%
17.53%
-

Price/ Cash Flow

03/yy
338.6
13.25x
90.8
14.54x
63.9
22.66x

LTM
03/yy
412.0
16.80x
112.3
18.86x
74.5
32.92x

FY+1

0.53
105.57
47.25%
25.68%
0.531
18
3.889
178'959
274'137
275'447
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
471.4
556.4
124.0
133.5
5.03x
4.15x
124.6
152.1
34.2
37.2
18.36x
15.05x
82.9
105.1
24.2
27.7
30.64x
24.29x
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

23.91
12.85
-2.85
1.01
17.5%
14.9%
0.40
42.51
-

Sales/Revenue/Turnover

450.00

450.0

400.00

400.0

350.00

350.0

300.00

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

s-12

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
196.8
1.19x
52.4
4.46x
42.3
9.83x

2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-13

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Wirecard AG
Holdings By:

All

Holder Name
JUPITER ASSET MANAGE
MB BETEILGUNGSGESELL
ALKEN FUND SICAV
ARTISAN PARTNERS HOL
AMERIPRISE FINANCIAL
WASATCH ADVISORS INC
MANNING & NAPIER ADV
NORGES BANK
COLUMBIA WANGER ASSE
T ROWE PRICE ASSOCIA
WILLIAM BLAIR & COMP
FIL LIMITED
GENERALI ASSET MANAG
VANGUARD GROUP INC
JUPITER GLOBAL ACTIV
BANK OF NOVA SCOTIA
ALLIANZ ASSET MANAGE
BLACKROCK
OPPENHEIMERFUNDS INC
GAM INTERNATIONAL MA

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
WILLIAM BLAIR & COMP
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios

Firm Name

Analyst

Main First Bank AG


Natixis
Commerzbank Corporates & Markets
Baader Bank
Independent Research GmbH
Hauck & Aufhaeuser
Bankhaus Lampe
Berenberg Bank
M.M. Warburg Investment Research
Landesbank Baden-Wuerttemberg
Barclays
Matelan Research GmbH
Equita SIM SpA
Exane BNP Paribas
EVA Dimensions
Goldman Sachs
Deutsche Bank

JUERGEN WAGNER
MAXIME MALLET
HEIKE PAULS
KNUT WOLLER
LARS LUSEBRINK
SASCHA BERRESCH
CHRISTOPH SCHLIENKAMP
BJOERN LIPPE
JOCHEN REICHERT
THOMAS HOFMANN
GERARDUS VOS
ADRIAN HOPKINSON
GIANMARCO BONACINA
ALEXANDRE FAURE
ANDREW S ZAMFOTIS
SIVA KRISHNA PRASAD BORRA
BENJAMIN KOHNKE

Source
Co File
Co File
Co File
Co File
Research
Research
Research
MF-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
outperform
buy
buy
buy
hold
hold
hold
buy
hold
hold
overweight
buy
buy
neutral
hold
neutral/neutral
hold

Amt Held
6'731'532
6'619'340
5'609'610
4'252'084
3'440'967
3'374'948
3'313'990
2'679'483
2'346'242
2'308'919
1'606'351
1'329'026
1'297'798
1'110'354
1'087'181
1'072'621
956'005
907'808
880'371
871'230

% Out
6
5.9
5
3.79
3.07
3.01
2.95
2.39
2.09
2.06
1.43
1.18
1.16
0.99
0.97
0.96
0.85
0.81
0.78
0.78

Weighting

Change
5
5
5
5
3
3
3
5
3
3
5
5
5
3
3
3
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M

Latest Chg
(14'512)
(244'783)
962'113
(476'775)
(6'012)
51'594
92'900
18'862
7'962
(7'344)

Target Price
26
23
24
26
24
20
23
28
23
24
23
29
26
21
#N/A N/A
24
16

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

File Dt
31.12.2012
31.12.2012
31.12.2012
13.03.2013
01.08.2013
14.05.2013
31.07.2013
31.12.2012
28.06.2013
30.06.2013
30.06.2013
31.12.2012
28.06.2013
30.06.2013
30.04.2013
30.04.2013
30.06.2013
07.08.2013
30.06.2013
28.06.2013

Date
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month

Inst Type
Investment Advisor
Unclassified
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
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
08.08.2013
05.08.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
19.07.2013
10.07.2013
10.07.2013
21.05.2013
20.05.2013
17.05.2013
13.05.2013
22.04.2013
17.01.2013

14.08.2013

Wincor Nixdorf AG
Wincor Nixdorf AG manufactures banking machines and cash registers.
The Company's products include ATMs, cash deposit systems, and Automated Teller
Safes.

Price/Volume
60

.7 M

50

.6 M
.5 M

40

Latest Fiscal Year:


LTM as of:
52-Week High (12.08.2013)
52-Week Low (06.09.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
WIN GY EQUITY YTD Change
WIN GY EQUITY YTD % CHANGE

09/2012
06/yy
50.52
28.80
1'847.00
49.52
-1.82%
72.22%
95.88%
33.1
1'638.37
237.27
0.0
4.7
38.43
1'760.63

30.09.2008
2'318.6
0.65x
240.4
6.31x
126.6
10.44x

.3 M

20

.2 M

10
0
a-12

.1 M
s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.4 M

30

Valuation Analysis

30.09.2009
30.09.2010
2'250.2
2'239.5
0.69x
0.73x
224.7
214.5
6.90x
7.63x
113.6
106.2
12.26x
14.24x
Profitability

LTM-4Q
30.09.2011
2'328.2
0.51x
217.0
5.48x
107.1
9.71x

30.09.2012
2'343.0
0.48x
165.3
6.73x
62.6
14.55x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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

165.32
100.36
4.28%
3.83%
5.79%
24.11%
1.76%
20.9%
7.5%
5.0%
2.7%
1.02
0.57
16.91%
73.10%
6.58
5.71

Price/ Cash Flow

06/yy
2'288.0
1.97x
168.7
6.11x
71.9
11.84x

LTM
06/yy
2'480.1
1.93x
185.8
7.32x
81.4
15.11x

FY+1

.0 M
a-13

0.86
29.78
63.17%
43.72%
0.864
22
3.273
78'105
97'766
110'606
FY+2

FQ+1

FQ+2

09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
2'460.3
2'555.7
626.7
678.0
0.73x
0.68x
196.3
228.5
76.7
57.0
8.98x
7.72x
7.43x
5.69x
85.5
106.8
26.8
31.3
16.85x
13.79x
13.84x
10.59x
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

15.43
11.14
0.64
0.84
73.1%
41.9%
1.76
17.77
55.47
63.91
57.44
64.12

Sales/Revenue/Turnover

14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00
6.00

1'000.0

4.00

500.0
2.00
0.00
02.10.2009

0.0
02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

02.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

Wincor Nixdorf AG
Holdings By:

All

Holder Name
WINCOR NIXDORF AG
WILLIAM BLAIR & COMP
BLACKROCK
ARTISAN PARTNERS HOL
WILLIAM BLAIR & COMP
DEUTSCHE BANK AG
VANGUARD GROUP INC
POLARIS CAPITAL MANA
AMUNDI
NORGES BANK
CLASSIC FUND MGMT AG
PEAR TREE ADVISORS I
DWS INVESTMENT SA
ALLIANZ ASSET MANAGE
MACKENZIE FINANCIAL
ODDO ASSET MANAGEMEN
INTERNATIONAL VALUE
BARING FUND MANAGERS
IG INVESTMENT MANAGE
TREMBLANT CAPITAL LP

Firm Name
Deutsche Bank
Nord/LB
Hauck & Aufhaeuser
Bankhaus Lampe
Bankhaus Metzler
Kepler Cheuvreux
Equinet Institutional Services(ESN)
DZ Bank AG
Commerzbank Corporates & Markets
UBS
Wedbush
Independent Research GmbH
M.M. Warburg Investment Research
Landesbank Baden-Wuerttemberg
HSBC
Berenberg Bank
National Bank AG
Matelan Research GmbH
Goldman Sachs
EVA Dimensions
Main First Bank AG

Portfolio Name
n/a
WILLIAM BLAIR & COMP
n/a
#N/A N/A
#N/A N/A
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
UWE SCHUPP
WOLFGANG DONIE
TORBEN TEICHLER
HEIKO FEBER
STEPHAN BAUER
STEFAN AUGUSTIN
ADRIAN PEHL
HARALD SCHNITZER
YASMIN MOSCHITZ
SVEN WEIER
GIL B LURIA
SVEN DIERMEIER
BJOERN VOSS
THOMAS HOFMANN
JOERG-ANDRE FINKE
FREDERIK BITTER
EKKEHARD D LINK
ADRIAN HOPKINSON
BENJAMIN MOORE
ANDREW S ZAMFOTIS
JUERGEN WAGNER

Source
Co File
13F
ULT-AGG
Research
Research
ULT-AGG
MF-AGG
Co File
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short

Recommendation
buy
buy
buy
hold
sell
hold
hold
hold
hold
buy
neutral
hold
hold
hold
overweight
sell
buy
neutral
neutral/neutral
underweight
underperform

Amt Held
% Out
3'308'500
10
1'746'514
5.28
1'673'451
5.06
1'648'815
4.98
1'636'175
4.95
1'564'279
4.73
1'102'067
3.33
992'550
3
961'330
2.91
783'622
2.37
578'714
1.75
448'050
1.35
411'500
1.24
402'161
1.22
354'874
1.07
339'594
1.03
337'840
1.02
329'277
1
306'200
0.93
(267'988) -0.81

Weighting

Change
5
5
5
3
1
3
3
3
3
5
3
3
3
3
5
1
5
3
3
1
1

M
M
M
D
M
M
D
U
M
M
M
M
D
M
M
D
M
M
M
M
M

Latest Chg
4'777
(71'506)
(110'339)
80'123
30'000
(52'800)
20'000
(100'000)
(36'393)

Target Price
54
54
53
49
40
49
49
46
38
52
50
47
47
41
50
30
49
47
39
#N/A N/A
38

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

File Dt
30.09.2012
30.06.2013
07.08.2013
05.08.2013
01.08.2013
28.06.2013
30.06.2013
30.09.2012
24.04.2013
31.12.2012
30.06.2013
30.06.2013
28.12.2012
30.04.2013
30.04.2013
30.09.2012
31.03.2013
30.04.2013
31.01.2013
02.04.2013

Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month

Inst Type
Corporation
Investment Advisor
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
Investment Advisor
Other

Date
29.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
10.07.2013
19.06.2013
01.05.2013
25.04.2013
26.03.2013
22.01.2013
15.01.2013
14.01.2013

14.08.2013

ElringKlinger AG
ElringKlinger AG manufactures and distributes original equipment and replacement
parts for automobiles. The Company makes cylinder-head gaskets, seals, modules,
and elastomer gasket systems, and shielding systems. ElringKlinger offers
engine testing services. The Company owns real estate properties such as
industrial parks and warehouses.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.08.2013)
52-Week Low (02.10.2012)
Daily Volume
Current Price (8/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ZIL2 GY EQUITY YTD Change
ZIL2 GY EQUITY YTD % CHANGE

12/2012
06/yy
29.66
20.27
196.00
29
-2.21%
43.07%
92.01%
63.4
1'837.44
314.71
0.0
31.0
54.27
2'141.45

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
a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

a-13

m-13

j-13

j-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
657.8
0.99x
138.8
4.71x
39.8
10.07x

35

31.12.2009
31.12.2010
579.3
795.7
1.97x
2.25x
135.6
199.8
8.42x
8.97x
33.2
65.6
27.93x
23.87x
Profitability

LTM-4Q
31.12.2011
1'032.8
1.42x
227.5
6.45x
94.9
12.79x

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
1'127.2
1.69x
215.5
8.85x
85.9
18.75x
215.47
136.09
12.07%
10.98%
6.63%
13.81%
0.88%
27.7%
18.4%
11.5%
7.6%
1.58
0.73
24.81%
51.65%
5.25
3.60

Price/ Cash Flow

06/yy
1'103.8
5.37x
233.9
6.40x
104.8
11.36x

LTM
06/yy
1'147.5
4.63x
150.9
0.00x
86.4
18.59x

FY+1

.0 M
a-13

1.08
30.41
30.83%
15.65%
1.080
22
2.500
123'907
74'230
69'984
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'192.2
1'269.4
298.5
301.5
1.76x
1.62x
239.3
265.1
8.89x
8.03x
99.3
116.4
25.5
25.8
18.35x
15.74x
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

16.03
8.36
1.30
1.58
51.7%
33.0%
0.88
2.02
69.47
101.53
26.49
133.56

Sales/Revenue/Turnover

25.00

1'200.0
1'000.0

20.00

800.0
15.00

600.0
10.00

400.0

5.00

0.00
01.01.2010

200.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

14.08.2013

ElringKlinger AG
Holdings By:

All

Holder Name
LECHLER FAMILY
FIL LIMITED
FMR LLC
MACKAY SHIELDS LLC
MARKETFIELD ASSET MA
DEUTSCHE BANK AG
THREADNEEDLE INVESTM
NORGES BANK
DANSKE INVEST A/S
WILLIAM BLAIR & COMP
COLUMBIA WANGER ASSE
DANSKE INVEST MANAGE
SUN LIFE FINANCIAL I
BESSEMER GROUP INCOR
OPPENHEIMERFUNDS INC
VANGUARD GROUP INC
BLACKROCK
AMERIPRISE FINANCIAL
AVIVA PLC
LOMBARD ODIER DARIER

Firm Name

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
WILLIAM BLAIR & COMP
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Hauck & Aufhaeuser


PHILIPPE LORRAIN
Bankhaus Lampe
CHRISTIAN LUDWIG
Equinet Institutional Services(ESN)
TIM SCHULDT
Steubing AG
TOBIAS SCHMIDT
Goldman Sachs
STEPHAN PUETTER
Bankhaus Metzler
JUERGEN PIEPER
EVA Dimensions
CRAIG STERLING
Landesbank Baden-Wuerttemberg
FRANK BILLER
Commerzbank Corporates & Markets DANIEL SCHWARZ
Macquarie
CHRISTIAN BREITSPRECHER
HSBC
NIELS FEHRE
Main First Bank AG
TOBIAS FAHRENHOLZ
Deutsche Bank
TIM ROKOSSA
DZ Bank AG
MICHAEL PUNZET
Exane BNP Paribas
GERHARD ORGONAS
Kepler Cheuvreux
MICHAEL RAAB
Nord/LB
FRANK SCHWOPE
Independent Research GmbH
ZAFER RUZGAR
M.M. Warburg Investment Research MARC-RENE TONN
Montega
HENDRIK EMRICH
Berenberg Bank
BENJAMIN GLAESER
LFG Kronos Investment Services GmbH THOMAS ANEY
GSC Research
MATTHIAS SCHRADE
Close Brothers Equity Markets
RALF MARINONI

Source
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
hold
hold
reduce
hold
sell/attractive
sell
sell
hold
reduce
outperform
neutral
outperform
hold
hold
neutral
reduce
sell
hold
hold
sell
hold
hold
buy
buy

Amt Held
% Out
32'947'194
52
1'791'706
2.83
1'710'210
2.7
1'583'278
2.5
1'104'277
1.74
900'950
1.42
838'457
1.32
790'398
1.25
639'068
1.01
602'057
0.95
522'000
0.82
339'349
0.54
338'224
0.53
216'951
0.34
200'000
0.32
197'617
0.31
(196'534) -0.31
193'077
0.3
192'724
0.3
144'000
0.23

Weighting

Change
3
3
2
3
1
1
1
3
2
5
3
5
3
3
3
2
1
3
3
1
3
3
5
5

M
M
M
M
M
M
D
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
U

Latest Chg
(1'833)
645'314
533'277
35'652
22'189
(35'927)
88'854
10'784
28'091
63'998
-

Target Price
27
27
20
28
21
22
#N/A N/A
27
20
27
28
29
23
25
26
24
21
27
26
22
25
26
#N/A N/A
23

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

File Dt
25.01.2013
09.10.2012
10.05.2013
31.05.2013
31.12.2012
28.06.2013
28.02.2013
31.12.2012
31.05.2013
30.06.2013
28.06.2013
28.03.2013
30.06.2013
30.04.2013
30.05.2013
30.06.2013
07.08.2013
28.06.2013
31.05.2013
31.01.2013

Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month

Inst Type
n/a
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
09.08.2013
09.08.2013
09.08.2013
09.08.2013
07.08.2013
07.08.2013
05.08.2013
02.08.2013
30.07.2013
30.07.2013
23.07.2013
23.07.2013
10.07.2013
04.07.2013
20.06.2013
05.06.2013
21.05.2013
15.05.2013
10.05.2013
08.05.2013
01.05.2013
11.03.2013
20.07.2012
06.07.2012

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