Fundamental Equity Analysis - QMS Advisors HDAX FlexIndex 110

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
September 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
14966532
2006.437
1118
1118
203
220
220
104.15
110.50
110.50
15.68
15.68
14.83
14.83
18.55
Euro Stoxx 50 Pr
EUR
2750561
5665.069
4606
4606
750
778
778
221.78
294.76
294.76
21.67
19.05
16.31
16.31
20.84
NIKKEI 225
JPY
2626141
187.1301
195
195
19
22
22
6.05
8.00
8.00
0.23
0.23
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2805610
12071.66
9896
9896
1476
1636
1636
528.53
802.89
802.89
29.95
22.72
19.72
19.72
22.21
SWISS MARKET INDEX
CHF
1067289
10792.35
4123
4123
938
848
848
441.32
558.96
558.96
20.46
17.42
16.16
16.16
23.69
S&P/TSX COMPOSITE INDEX
CAD
1627194
17031.54
7255
7255
1809
1924
1924
715.08
794.43
794.43
15.93
15.93
14.34
14.34
23.70
S&P/ASX 200 INDEX
AUD
1288897
6134.753
2608
2608
521
668
668
203.55
312.65
312.65
20.85
16.09
13.58
13.58
19.06
HANG SENG INDEX
HKD
1716430
3146.157
1668
1668
368
389
389
281.38
269.96
269.96
1.32
1.43
1.38
1.38
2.93
MSCI EM
USD
6978834
1335.816
1086
1086
196
209
209
87.92
94.58
94.58
10.67
11.51
9.92
9.92
19.67
ADIDAS AG
EUR
22419
110
209
22.53
19826
21168
1919
1967
771
771
3.32
3.47
5.79
6.95
40.74
40.74
24.37
20.31
15.44
8.49
27.32
5.96
13.41
ADVA OPTICAL NETWORKING SE
EUR
251
21
48
0.20
435
419
433
465
59
49
17
17
0.46
0.23
0.19
0.28
30.23
28.58
35.82
24.21
8.10
11.44
26.47
7.12
15.45
CARL ZEISS MEDITEC AG - BR
EUR
2490
81
2.56
1136
1160
1176
1258
186
190
55
55
1.16
1.37
1.44
1.52
29.45
29.45
27.97
26.54
17.90
9.55
19.67
15.02
21.53
AIXTRON SE
EUR
1633
24
101
1.35
300
297
298
492
-143
-219
-3
-3
-1.90
-2.73
-1.00
0.37
56.23
-82.63
37.13
-97.25
ALLIANZ SE-REG
EUR
66209
265
453
38
16
90.03
126525
127851
135087
138677
15.32
31.88
17.24
17.74
6.00
11.22
11.09
10.79
13.02
4.36
AA
27.01.2012
Aa3
03.05.2004
AAREAL BANK AG
EUR
1725
45
60
38
24.50
1560
1432
876
923
900
2.31
2.25
2.17
2.75
16.85
16.85
17.51
13.81
-15.95
-15.92
-17.41
-24.35
WR
26.03.2012
BASF SE
EUR
82020
305
918
17
99.71
95044
96909
97620
93553
12741
2956
2956
6.92
6.47
7.07
7.75
18.19
18.19
16.64
15.18
-2.45
5.20
-24.30
-2.11
A+
10.05.2011
A1
17.11.2010
BAYER AG-REG
EUR
93166
254
827
13
104.93
52392
52909
53854
56810
11861
12249
2422
2422
7.36
4.63
7.58
8.55
32.10
22.73
19.58
17.37
11.66
5.61
0.56
8.16
30.51
A-
30.04.2008
A3
17.07.2006
BB BIOTECH AG-REG
EUR
1696
BECHTLE AG
EUR
1027
21
1.02
2763
2828
2909
3066
135
131
3.54
3.39
3.79
4.30
19.02
19.02
16.98
15.00
6.73
11.81
2.54
9.80
6.11
BEIERSDORF AG
EUR
21982
33
227
19.89
7959
8092
8213
8672
1240
1318
331
331
2.69
2.79
3.06
3.49
41.15
41.15
37.51
32.94
9.52
0.36
16.02
4.31
21.46
BAYERISCHE MOTOREN WERKE AG
EUR
61442
140
656
92
17
137.18
101262
100739
102926
107772
15831
15450
10.23
10.38
10.35
10.67
12.12
12.12
12.16
11.80
15.37
8.74
3.80
12.26
20.21
16.04.2012
A2
22.07.2011
BRENNTAG AG
EUR
7957
16
52
10.05
12768
12884
13169
13846
927
897
246
246
8.54
8.04
8.60
9.84
25.33
25.33
23.67
20.70
15.34
9.22
15.30
9.18
BBB-
09.06.2011
HUGO BOSS AG -ORD
EUR
8712
15
69
9.04
3091
3135
3286
3570
694
700
253
253
6.02
5.86
6.56
7.52
27.81
27.10
24.86
21.68
18.37
14.65
16.35
16.94
29.41
BAYWA-BAYERISCHE WARENVERMIT
EUR
1664
34
4.04
13877
18016
21009
21895
440
520
129
129
5.10
5.76
4.17
4.35
11.01
10.35
15.21
14.59
13.00
19.64
32.85
16.27
3.80
COMMERZBANK AG
EUR
13373
1698
779
310
63
26357
25139
12582
13037
-0.01
-1.51
0.48
1.05
32.01
14.78
-8.96
-7.48
A-
28.05.2013
Baa1
23.04.2013
CELESIO AG
EUR
3622
66
170
5.78
29346
28663
28237
28640
807
851
191
191
1.15
1.24
1.42
1.70
22.65
17.67
19.72
16.54
0.70
0.38
6.24
-9.25
3.91
CANCOM SE
EUR
328
24
11
0.34
735
745
765
799
37
39
40
40
1.52
1.58
1.73
1.99
23.92
23.92
21.86
18.97
3.32
17.65
16.12
42.32
6.86
CONTINENTAL AG
EUR
31244
84
200
13
41.58
43136
43226
44758
47518
6496
6568
1691
1691
12.66
13.34
13.94
15.86
15.44
15.16
14.76
12.97
9.64
10.01
20.12
18.67
20.02
BB
24.05.2013
Ba1
12.08.2013
DAIMLER AG-REGISTERED SHARES
EUR
74166
357
1068
112
20
166.24
150609
150476
154594
165269
15994
14375
7.48
8.26
6.36
7.29
11.06
22.21
14.37
12.53
9.59
5.97
-0.84
-6.83
12.59
A-
23.02.2012
A3
01.10.2007
DEUTSCHE BOERSE AG
EUR
13708
30
184
15.13
2895
2873
2784
2948
1423
1308
372
372
4.52
4.31
4.81
5.43
21.72
21.79
19.44
17.24
-6.34
-4.78
-17.07
-5.05
60.01
AA
13.02.2012
WR
17.05.2006
DEUTSCHE BANK AG-REGISTERED
EUR
45205
1191
929
367
194
68914
64976
44084
44818
4.07
0.24
4.94
5.98
246.34
25.02
11.81
9.76
-0.90
-8.86
02.07.2013
A2
21.06.2012
DEUTSCHE EUROSHOP AG
EUR
2190
13
54
4.14
285
264
261
272
241
223
57
57
2.95
3.31
2.55
2.58
16.17
17.17
21.01
20.70
15.67
13.36
11.92
23.25
111.16
DIALOG SEMICONDUCTOR PLC
EUR
1297
281
65
1.13
1019
1027
1134
1352
165
165
1.25
1.15
1.37
1.94
28.86
28.62
24.12
17.03
61.56
48.72
58.53
21.16
DEUTSCHE POST AG-REG
EUR
36219
880
1209
40.47
73148
73144
75257
78475
5190
5350
1320
1320
1.93
2.00
1.96
2.11
19.71
21.31
20.10
18.69
6.69
1.22
9.77
-3.18
9.64
NR
27.11.2012
WR
31.07.2006
DRILLISCH AG
EUR
1154
103
49
1.21
427
399
395
405
82
83
92
92
0.61
4.26
1.68
1.47
6.72
6.72
17.06
19.46
-9.59
-4.87
26.80
12.17
27.32
DRAEGERWERK AG - PREF
EUR
1812
17
2.06
3128
3164
3200
3315
395
380
377
377
10.06
9.53
9.64
10.70
16.80
17.06
16.60
14.96
6.87
6.04
11.17
14.11
15.81
DEUTSCHE TELEKOM AG-REG
EUR
57555
1951
4319
59
123.49
76649
76822
77978
78867
23360
23057
5927
5927
1.33
-1.55
0.85
0.92
12.51
20.08
18.48
-1.09
0.25
-16.14
1.96
39.55
BBB+
19.05.2008
Baa1
22.12.2011
DUERR AG
EUR
2385
21
35
2.40
3162
3121
3313
3412
271
285
78
78
4.10
4.45
4.81
4.97
20.40
20.35
18.87
18.29
32.76
16.62
54.22
31.58
12.04
NR
01.11.2010
DEUTSCHE WOHNEN AG-BR
EUR
2994
50
146
6.91
595
664
515
545
245
312
86
86
1.52
1.26
1.02
1.12
18.38
18.38
22.77
20.71
21.77
10.43
40.04
14.46
62.00
EADS NV
EUR
45995
17
15
44.14
74424
76266
77243
82248
5175
5746
1699
1699
3.56
4.77
21.67
16.13
19.72
9.73
31.36
30.44
9.93
A-
22.09.2010
(P)A2
06.12.2012
E.ON SE
EUR
31588
1983
1907
34
59.25
174059
173058
157078
157982
11125
13132
2.38
1.62
1.65
1.63
12.83
8.31
12.61
12.79
22.33
12.99
128.84
-6.93
10.00
A-
27.07.2012
A3
05.10.2011
EUROMICRON AG
EUR
150
0.26
435
435
465
495
33
33
1.70
1.62
2.30
2.75
18.27
18.27
12.89
10.75
10.67
21.11
-23.94
14.48
9.85
EVOTEC AG
EUR
457
808
119
0.41
115
108
128
145
20
20
0.05
-0.03
0.08
0.13
66.43
37.77
11.74
31.67
-56.33
1.92
FIELMANN AG
EUR
4392
42
3.95
1459
1486
1532
1613
283
287
3.97
4.03
4.24
4.55
34.17
34.17
32.49
30.28
6.71
6.31
4.15
7.09
25.49
FRESENIUS MEDICAL CARE AG &
EUR
20282
73
307
11
28.69
18185
18711
19223
20102
3718
3705
927
927
5.10
4.37
4.75
5.00
25.76
25.92
23.74
22.54
12.89
8.28
9.48
10.20
26.09
BB+
19.09.2012
FREENET AG
EUR
3084
49
128
3.80
4070
4200
4255
4287
464
466
117
117
1.79
2.12
2.42
2.55
14.96
14.96
13.12
12.45
-7.16
36.25
6.18
13.53
14.60
FUCHS PETROLUB SE -PREF
EUR
5351
12
71
5.24
2397
2397
2469
2585
406
418
120
120
3.85
3.93
4.07
4.35
27.32
27.32
26.36
24.66
13.37
8.19
10.42
9.61
22.99
FRAPORT AG FRANKFURT AIRPORT
EUR
5968
10
92
11.21
3218
3295
3405
3504
1124
1136
3.44
3.33
3.22
3.76
25.56
21.43
26.49
22.65
3.93
6.94
7.48
9.01
45.41
FRESENIUS SE & CO KGAA
EUR
21485
51
178
15
43.06
25418
26408
27210
28692
4953
4998
1283
1283
6.37
7.06
7.76
8.69
22.48
22.71
20.48
18.28
23.59
15.95
21.25
17.28
24.94
BB+
19.09.2012
WR
30.04.2006
GEA GROUP AG
EUR
7908
41
192
8.52
7537
7563
7777
8125
838
893
2.25
2.44
2.66
3.00
22.20
22.57
20.36
18.05
7.39
3.98
9.13
11.51
15.55
BILFINGER SE
EUR
4365
12
44
4.69
11212
11212
11435
11990
911
911
8.44
8.21
7.25
8.22
15.22
14.81
17.22
15.21
4.82
0.86
47.58
21.55
10.71
BBB+
23.10.2012
GAGFAH SA
EUR
2647
99
195
9.22
1399
1400
1077
1095
472
446
0.37
0.13
0.61
0.88
124.33
98.24
26.48
18.35
-24.95
3.41
-4.85
28.54
41.97
GSW IMMOBILIEN AG
EUR
2222
30
51
4.58
420
466
310
330
214
230
2.31
4.22
2.49
2.53
13.74
24.42
23.27
22.87
-3.39
0.71
-0.21
65.01
GILDEMEISTER AG
EUR
1689
264
62
1.68
2685
2761
2746
2866
218
238
148
148
1.69
1.72
1.77
1.96
16.43
16.43
15.95
14.44
27.30
7.37
22.82
1.33
11.37
NR
23.09.2009
GERRY WEBER INTL AG
EUR
2110
46
2.06
1057
1094
1147
1275
177
175
2.28
2.20
2.42
2.91
27.52
27.36
25.01
20.84
18.67
11.07
22.92
22.23
21.04
GERRESHEIMER AG
EUR
1923
50
31
2.64
1606
1660
1701
1811
301
308
84
84
2.53
2.45
3.57
4.30
32.93
32.93
22.59
18.75
14.97
4.67
11.55
4.10
24.44
BBB-
23.02.2011
Ba1
17.05.2011
HEIDELBERGCEMENT AG
EUR
13119
131
188
11
23.82
18474
18447
18917
19902
3323
3661
1173
1173
1.57
2.23
4.68
6.09
41.40
41.40
19.72
15.14
11.42
0.59
8.52
1.57
26.15
NR
22.11.2012
(P)Ba2
31.05.2011
HENKEL AG & CO KGAA VORZUG
EUR
39070
35
434
39.42
21755
21894
22203
23269
3666
3642
4.83
4.69
5.31
5.83
27.53
26.41
24.35
22.17
7.64
4.36
18.22
12.64
21.92
18.05.2011
A2
01.06.2011
HANNOVER RUECK SE
EUR
8460
32
121
11.87
18131
18697
18706
19336
9.38
9.41
9.03
9.04
9.83
9.83
10.23
10.23
17.76
17.99
AA-
10.06.2006
19611
19339
2.27
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Market
Total
Daily
Currency
USD)
(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.
2013
2014
EPS - LFY
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
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
14966532
2006.437
1118
1118
203
220
220
104.15
110.50
110.50
15.68
15.68
14.83
14.83
18.55
Euro Stoxx 50 Pr
EUR
2750561
5665.069
4606
4606
750
778
778
221.78
294.76
294.76
21.67
19.05
16.31
16.31
20.84
NIKKEI 225
JPY
2626141
187.1301
195
195
19
22
22
6.05
8.00
8.00
0.23
0.23
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2805610
12071.66
9896
9896
1476
1636
1636
528.53
802.89
802.89
29.95
22.72
19.72
19.72
22.21
SWISS MARKET INDEX
CHF
1067289
10792.35
4123
4123
938
848
848
441.32
558.96
558.96
20.46
17.42
16.16
16.16
23.69
CAD
1627194
17031.54
7255
7255
1809
1924
1924
715.08
794.43
794.43
15.93
15.93
14.34
14.34
23.70
S&P/ASX 200 INDEX
AUD
1288897
6134.753
2608
2608
521
668
668
203.55
312.65
312.65
20.85
16.09
13.58
13.58
19.06
HANG SENG INDEX
HKD
1716430
3146.157
1668
1668
368
389
389
281.38
269.96
269.96
1.32
1.43
1.38
1.38
2.93
MSCI EM
USD
6978834
1335.816
1086
1086
196
209
209
87.92
94.58
94.58
10.67
11.51
9.92
9.92
19.67
HOCHTIEF AG
EUR
5599
20
74
10.46
33638
34425
33519
34277
1947
2377
1.85
5.97
4.26
4.99
16.05
16.05
22.48
19.21
12.71
8.71
-15.50
43.07
9.10
INFINEON TECHNOLOGIES AG
EUR
10042
1305
1080
7.63
5144
4972
5057
5536
1161
957
340
340
0.51
0.33
0.31
0.53
37.16
37.16
39.20
23.22
-3.07
1.65
-26.04
3.46
25.36
JENOPTIK AG
EUR
791
57
0.90
771
771
800
859
111
107
1.08
1.01
0.83
1.06
17.94
17.94
22.04
17.25
10.12
3.83
-12.41
3.59
18.36
NR
04.06.2008
WR
15.11.2007
KONTRON AG
EUR
301
81
56
0.31
721
710
719
761
15
21
21
-0.78
-1.01
-0.23
0.19
37.00
-9.52
3.66
-104.21
-34.42
0.20
KLOECKNER & CO SE
EUR
1313
39
100
1.97
9735
8963
8906
9278
79
71
50
50
-2.58
-2.20
-0.44
0.41
42.19
5.43
5.62
-92.18
-38.66
1.05
B+
27.03.2013
KABEL DEUTSCHLAND HOLDING AG
EUR
10004
32
89
13.77
2411
2438
2590
2789
1037
1015
303
303
3.68
3.14
3.86
4.52
47.48
47.48
38.53
32.99
10.09
9.42
3.09
16.69
54.84
KRONES AG
EUR
2705
32
2.56
3511
3626
3663
3857
237
258
70
70
2.92
3.37
4.93
5.61
33.45
33.45
22.89
20.11
9.77
5.79
39.42
-0.92
9.38
KUKA AG
EUR
1448
23
34
1.35
2292
2368
2444
2554
173
186
56
56
2.16
2.23
2.54
2.89
25.26
25.26
22.17
19.48
27.87
14.15
59.68
7.48
10.36
BB-
31.07.2013
LEG IMMOBILIEN AG
EUR
2927
21
53
6.06
682
682
638
674
249
249
0.76
6.85
3.56
4.16
10.63
95.78
20.47
17.51
0.66
23.68
48.16
LEONI AG
EUR
1853
42
33
2.35
5019
5063
5038
5423
472
392
6.58
4.14
4.32
5.94
18.07
18.11
17.32
12.58
3.83
10.25
1.61
14.01
10.19
DEUTSCHE LUFTHANSA-REG
EUR
8255
495
460
10.14
39709
39649
40553
41918
3252
3310
1710
1710
1.30
2.73
1.54
2.33
8.67
18.32
15.35
10.16
6.42
6.86
-16.33
-3.06
11.00
BBB-
27.08.2009
Ba1
03.09.2009
LINDE AG
EUR
35695
34
185
13
48.67
20134
21496
22522
24084
4537
4987
1340
1340
9.13
9.41
10.99
12.37
26.99
27.35
23.11
20.53
14.27
7.23
14.53
10.57
30.57
25.05.2012
A3
28.04.2010
LPKF LASER & ELECTRONICS
EUR
378
35
22
0.40
152
177
159
175
37
47
39
39
0.80
1.11
0.89
1.11
20.08
20.08
25.17
20.15
34.66
36.58
55.86
37.61
35.15
LANXESS AG
EUR
5448
76
83
8.17
11983
11224
11042
11919
1662
1169
265
265
8.63
2.85
2.32
5.40
30.32
30.32
37.16
16.01
4.79
9.72
19.42
17.46
13.72
BBB
31.07.2007
MAN SE
EUR
16850
42
147
23.27
20783
20578
20764
21862
1959
1153
2.71
-2.16
1.76
5.66
85.70
26.65
-5.60
2.06
-48.85
-7.36
7.38
NR
20.12.2012
A3
30.04.2009
METRO AG
EUR
12244
130
327
11
20.58
87942
87004
66501
85893
4364
4471
0.85
0.49
0.07
2.80
101.32
93.69
720.93
17.65
1.62
-1.08
-13.91
1.52
6.77
BBB-
11.10.2012
Baa3
09.10.2012
MORPHOSYS AG
EUR
1729
16
23
1.54
68
106
100
97
11
35
10
10
0.13
0.91
0.43
0.00
107.10
108.67
223.93
24632.14
-48.42
33.86
-61.52
-7.70
43.83
MERCK KGAA
EUR
33329
17
217
35.13
14153
14281
14796
14899
3845
4049
1020
1020
5.97
6.29
11.43
11.95
32.07
25.94
17.64
16.87
11.11
11.66
11.17
11.72
37.36
29.05.2013
A3
04.07.2013
MTU AERO ENGINES AG
EUR
4768
20
51
5.44
4452
4838
4935
5311
647
646
4.52
3.43
5.77
6.50
35.26
35.26
20.93
18.58
20.07
10.74
21.95
6.03
17.58
NR
11.05.2010
Baa3
08.06.2012
MUENCHENER RUECKVER AG-REG
EUR
32635
127
179
35.02
86831
86353
71816
73423
23.69
22.95
22.05
22.05
10.45
10.45
10.87
10.88
10.79
8.92
AA-
22.12.2006
AURUBIS AG
EUR
2625
17
45
2.92
18170
17374
16973
17089
981
587
101
101
10.58
-3.77
4.05
5.51
19.00
13.98
4.48
9.07
37.72
19.57
4.29
NORDEX SE
EUR
888
433
74
0.90
1417
1732
1682
1746
29
71
93
93
-1.64
-1.25
0.17
0.33
92.92
48.12
22.78
17.93
-20.36
5.43
NORMA GROUP SE
EUR
1348
17
32
1.58
797
803
846
902
170
159
42
42
2.36
2.27
2.67
3.02
24.60
24.60
20.86
18.46
5.27
22.38
26.03
XING AG
EUR
547
0.46
95
101
110
125
33
35
31
31
1.88
2.03
2.48
3.52
63.67
65.37
52.04
36.68
14.21
26.27
-72.34
36.25
45.65
TELEFONICA DEUTSCHLAND HOLDI
EUR
7742
63
1117
9.18
6869
6869
6615
6582
1689
1689
441
441
0.37
0.37
0.09
0.13
24.75
24.75
99.02
70.01
4.64
14.57
32.40
PFEIFFER VACUUM TECHNOLOGY
EUR
1156
10
1.12
608
552
572
619
115
96
23
23
6.05
4.80
5.14
6.80
32.19
32.19
30.04
22.72
-14.76
41.77
6.59
12.25
22.94
PSI AG
EUR
279
16
0.24
238
241
252
275
22
22
24
24
0.79
0.58
0.83
1.18
40.51
40.51
28.25
19.82
8.82
9.83
20.45
25.34
12.02
PROSIEBEN SAT.1 MEDIA AG-REG
EUR
9472
73
212
10.61
3105
2880
3386
3568
904
873
190
190
2.03
2.10
2.44
2.67
27.23
27.40
23.35
21.37
9.41
-5.50
-0.44
7.36
39.95
WR
01.08.2007
PUMA SE
EUR
4311
15
3.94
4310
4178
4086
4255
246
428
136
136
24.37
3.28
14.26
16.05
114.78
25.97
26.42
23.47
11.46
5.21
-70.77
-19.61
13.51
QIAGEN N.V.
EUR
4720
13
236
5.21
1653
1673
1747
1843
532
510
130
130
0.91
0.96
1.49
1.61
36.32
36.32
23.47
21.75
9.54
10.15
49.40
23.23
40.40
QSC AG
EUR
597
108
124
0.67
634
626
600
619
102
105
104
104
0.18
0.25
0.23
0.30
25.36
25.36
27.06
20.85
0.94
3.63
-4.82
23.67
22.19
RATIONAL AG
EUR
3367
11
3.23
573
582
602
661
171
10.81
10.50
10.87
12.33
37.15
37.15
35.90
31.65
14.56
5.87
26.88
7.50
RHOEN-KLINIKUM AG
EUR
3283
465
138
4.37
3775
3929
4001
4167
384
438
112
112
0.86
0.86
1.07
1.41
36.54
36.34
29.19
22.16
11.82
9.74
-24.59
4.13
14.71
Baa3
03.12.2012
RHEINMETALL AG
EUR
1967
22
38
2.51
6198
5947
6204
6452
631
426
53
53
6.64
2.79
2.28
5.07
23.44
23.44
28.75
12.93
7.40
4.61
-10.62
4.50
9.43
NR
12.12.2008
Baa3 *-
01.08.2013
RWE AG
EUR
17072
295
615
26
44.33
66901
68593
70640
70167
11932
13966
2.57
1.61
5.17
3.96
22.76
11.67
7.08
9.24
4.34
2.81
40.85
4.04
26.83
BBB+
27.07.2012
Baa1
21.06.2013
SMA SOLAR TECHNOLOGY AG
EUR
1071
11
35
0.72
1928
1438
1403
1459
228
146
2.85
0.03
-0.89
0.11
1543.68
1543.68
363.22
-16.74
35.64
-52.87
23.91
13.40
SAP AG
EUR
89956
677
1192
92.00
21377
21924
22820
24855
6591
6483
1967
1967
3.13
3.29
4.45
4.98
29.29
29.17
21.69
19.38
18.42
10.21
9.58
14.56
38.97
STADA ARZNEIMITTEL AG
EUR
2929
21
59
4.84
2421
2539
2644
2865
422
455
121
121
1.90
2.32
3.71
4.54
27.90
27.74
17.46
14.28
9.38
4.70
58.08
0.26
23.61
STRATEC BIOMEDICAL AG
EUR
458
12
0.45
161
163
175
198
28
27
32
32
1.57
1.50
1.77
2.13
34.21
33.92
29.11
24.12
6.63
17.45
-19.85
6.55
21.92
K+S AG-REG
EUR
4689
1245
191
5.17
5186
4817
5195
4861
1423
1340
217
217
3.95
3.56
3.13
1.64
9.07
9.00
10.31
19.71
-2.03
-3.58
-5.00
27.51
36.66
BBB+ *-
05.08.2013
Baa2 *-
07.08.2013
SGL CARBON SE
EUR
2209
20
71
2.87
2252
2276
2176
2340
264
187
46
46
0.05
-4.84
-2.09
0.68
61.39
14.45
SIEMENS AG-REG
EUR
94984
186
856
29
15
112.59
103170
101581
100908
104299
12720
11467
2174
2174
7.38
7.18
7.04
9.24
19.78
19.97
SKY DEUTSCHLAND AG
EUR
7512
160
779
7.97
1757
1881
2052
2391
-67
12
16
16
-0.33
-0.23
-0.17
-0.03
SUESS MICROTEC AG
EUR
174
10
19
0.15
216
199
199
228
26
0.53
-0.30
-0.47
0.52
SOFTWARE AG
EUR
2658
39
87
2.77
1380
1313
1318
1388
384
351
2.49
2.25
2.53
2.81
17.89
17.89
AXEL SPRINGER AG
EUR
5013
18
99
6.06
4362
4371
4464
4159
804
783
208
208
3.18
3.08
3.49
3.46
21.65
SARTORIUS AG-VORZUG
EUR
2021
17
2.57
1114
1140
1190
1268
237
254
228
228
3.12
4.10
5.26
6.04
SYMRISE AG
EUR
5185
15
118
5.92
2286
2369
2429
2558
447
469
130
130
1.75
1.87
2.15
SALZGITTER AG
EUR
2340
23
54
2.27
13700
13172
12985
13416
548
489
67
67
-2.03
-9.62
SUEDZUCKER AG
EUR
6243
589
204
9.19
10382
10571
10503
10536
1645
1604
3.92
3.43
BB
*+
02.08.2013
B1
*+
25.07.2013
3.42
-21.41
-11.77
10.83
BB-
08.07.2013
WR
16.05.2013
9.03
0.27
-10.54
1.10
14.87
A+
05.06.2009
22.50
11.60
88.36
0.83
23.15
-8.71
1.32
-27.96
6.55
3.48
15.91
14.36
-6.12
11.80
-5.73
17.35
35.25
21.23
19.09
19.28
5.19
4.73
9.24
10.81
23.60
34.67
34.67
26.99
23.54
20.24
10.75
28.53
23.56
29.36
2.37
30.90
31.12
26.87
24.36
12.59
9.81
9.56
5.92
26.09
-6.11
1.41
36.49
7.47
-3.24
-40.81
-29.62
4.89
3.00
2.93
11.76
12.33
13.77
16.71
9.04
28.46
28.64
20.00
BBB+
05.06.2012
20.16
13.42
15.38

Market
Total
Daily
Currency
USD)
(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.
2013
2014
EPS - LFY
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
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
14966532
2006.437
1118
1118
203
220
220
104.15
110.50
110.50
15.68
15.68
14.83
14.83
18.55
Euro Stoxx 50 Pr
EUR
2750561
5665.069
4606
4606
750
778
778
221.78
294.76
294.76
21.67
19.05
16.31
16.31
20.84
NIKKEI 225
JPY
2626141
187.1301
195
195
19
22
22
6.05
8.00
8.00
0.23
0.23
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2805610
12071.66
9896
9896
1476
1636
1636
528.53
802.89
802.89
29.95
22.72
19.72
19.72
22.21
SWISS MARKET INDEX
CHF
1067289
10792.35
4123
4123
938
848
848
441.32
558.96
558.96
20.46
17.42
16.16
16.16
23.69
CAD
1627194
17031.54
7255
7255
1809
1924
1924
715.08
794.43
794.43
15.93
15.93
14.34
14.34
23.70
S&P/ASX 200 INDEX
AUD
1288897
6134.753
2608
2608
521
668
668
203.55
312.65
312.65
20.85
16.09
13.58
13.58
19.06
HANG SENG INDEX
HKD
1716430
3146.157
1668
1668
368
389
389
281.38
269.96
269.96
1.32
1.43
1.38
1.38
2.93
MSCI EM
USD
6978834
1335.816
1086
1086
196
209
209
87.92
94.58
94.58
10.67
11.51
9.92
9.92
19.67
TAG IMMOBILIEN AG
EUR
1542
62
131
4.54
522
433
352
367
378
282
1.88
1.04
0.74
0.91
14.92
19.39
21.13
17.14
124.21
41.90
187.75
77.35
85.87
THYSSENKRUPP AG
EUR
10820
1305
514
16.24
52871
47894
48916
50677
3394
2938
682
682
-0.50
-0.70
-0.18
1.47
18.86
-8.02
-7.52
-47.81
-17.15
8.08
BB
06.06.2012
Ba1
24.01.2013
TALANX AG
EUR
8026
32
208
16.27
34837
36644
36296
37736
3.78
3.85
3.75
3.92
10.88
11.43
11.17
10.69
16.97
A-
20.06.2006
TUI AG
EUR
2993
43
252
3.39
24154
24237
24145
24901
1263
1117
1536
1536
-0.16
-0.70
0.37
0.80
42.20
19.51
6.41
25.03
6.07
23.08.2013
Caa1
14.01.2011
UNITED INTERNET AG-REG SHARE
EUR
6809
62
194
7.17
3158
3315
3487
3817
514
549
132
132
0.96
1.20
1.38
1.77
38.57
39.00
33.59
26.07
19.04
12.81
6.74
6.30
21.81
VOLKSWAGEN AG-PREF
EUR
105423
166
465
155
34
230.07
253889
258249
264651
278336
32183
32695
60.98
49.78
28.23
32.92
6.07
6.09
10.70
9.18
27.57
16.71
18.87
13.24
16.68
A-
31.08.2009
A3
17.08.2009
WACKER CHEMIE AG
EUR
5234
13
50
6.41
6107
5857
6012
6415
1138
1023
229
229
2.88
0.79
0.60
2.54
167.26
167.26
220.08
52.02
-7.38
2.34
-31.50
-3.71
23.03
WIRECARD AG
EUR
3615
64
112
3.24
520
570
625
737
144
153
45
45
0.87
0.90
0.99
1.26
47.39
47.39
42.91
33.76
28.32
25.57
38.80
28.96
35.32
WINCOR NIXDORF AG
EUR
2126
19
30
2.29
3087
3268
3247
3376
218
245
101
101
2.77
3.62
3.84
4.76
23.36
23.36
22.03
17.80
0.84
1.18
-31.36
-6.54
9.87
ELRINGKLINGER AG
EUR
2385
21
63
2.82
1485
1512
1571
1671
284
277
1.75
1.81
2.07
2.43
27.47
27.47
23.94
20.45
12.04
16.93
-6.96
5.75
24.15
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
2.29
2.29
2.12
1.95
2.29
1.46
1.46
1.40
1.34
1.46
10.43
10.43
9.69
10.01
10.43
9.14
9.14
8.43
7.89
9.14
14.83
14.83
13.36
12.06
14.83
2.17
2.17
2.34
2.52
2.17
1843.1
12.9%
Euro Stoxx 50 Pr
1.22
1.22
1.16
1.09
1.22
0.79
0.79
0.77
0.75
0.79
6.20
6.20
5.68
5.14
6.20
7.28
7.28
6.88
6.51
7.28
12.37
12.37
10.97
9.86
12.37
4.14
4.14
4.37
4.73
4.14
3012.0
8.8%
NIKKEI 225
1.50
1.50
1.40
1.31
1.50
0.72
0.72
0.70
0.68
0.72
8.89
8.89
8.21
7.04
8.89
8.51
8.51
7.82
7.37
8.51
17.54
17.54
15.60
14.06
17.54
1.66
1.66
1.82
1.97
1.66
15112.7
8.1%
FTSE 100 INDEX
1.78
1.78
1.67
1.55
1.78
1.03
1.03
0.99
0.97
1.03
8.55
8.55
7.84
6.61
8.55
7.38
7.38
6.77
6.35
7.38
12.65
12.65
11.49
10.54
12.65
3.82
3.82
4.12
4.48
3.82
7034.3
8.0%
SWISS MARKET INDEX
2.42
2.42
2.25
2.09
2.42
2.05
2.05
1.96
1.87
2.05
12.84
12.84
11.55
10.32
12.84
12.72
12.72
11.79
10.99
12.72
15.13
15.13
13.71
12.45
15.13
3.24
3.25
3.62
4.10
3.24
8655.3
9.3%
1.71
1.71
1.60
1.50
1.71
1.66
1.66
1.53
1.51
1.66
8.72
8.72
7.93
6.66
8.72
8.85
8.85
7.89
7.34
8.85
15.12
15.12
13.45
12.22
15.12
3.17
3.17
3.31
3.44
3.17
14203.2
12.2%
S&P/ASX 200 INDEX
1.90
1.90
1.80
1.71
1.90
1.80
1.80
1.70
1.63
1.80
10.85
10.85
9.95
9.33
10.85
9.19
9.19
8.37
7.83
9.19
15.02
15.02
13.62
12.56
15.02
4.55
4.55
4.85
5.22
4.55
5304.6
2.1%
HANG SENG INDEX
1.33
1.33
1.23
1.16
1.33
1.73
1.73
1.60
1.49
1.73
7.92
7.92
7.52
6.95
7.92
8.08
8.08
7.40
6.76
8.08
10.70
10.70
9.92
9.05
10.70
3.60
3.60
3.87
4.18
3.60
24927.0
11.3%
MSCI EM
1.27
1.27
1.16
1.06
1.27
0.86
0.86
0.81
0.76
0.86
6.09
6.09
5.61
5.12
6.09
6.38
6.38
5.85
5.43
6.38
9.92
9.92
8.98
8.54
9.92
3.02
3.02
3.30
3.58
3.02
1117.1
19.1%
ADIDAS AG
2.93
2.88
2.56
2.27
1.80
1.14
1.13
1.06
1.00
0.94
18.02
14.94
12.89
10.98
9.44
11.69
10.35
8.83
7.67
6.82
21.45
18.49
15.41
13.05
11.67
1.50
2.02
2.49
3.01
3.20
94.77
16.5%
ADVA OPTICAL NETWORKING SE
1.27
1.16
1.09
1.01
0.58
0.58
0.54
0.52
0.11
5.45
9.68
5.95
7.71
3.67
4.00
3.45
2.85
12.72
27.18
18.38
16.00
4.39
10.6%
CARL ZEISS MEDITEC AG - BR
2.96
2.66
2.48
2.32
2.15
2.20
2.12
1.98
1.88
1.81
21.07
21.28
17.90
16.60
14.53
13.57
13.01
11.87
10.95
10.56
25.54
21.22
20.14
18.42
16.84
1.49
2.23
2.10
2.31
2.37
23.81
2.5%
AIXTRON SE
2.46
3.25
3.05
2.64
2.46
5.63
5.47
3.32
2.48
2.14
55.09
17.39
13.93
20.28
9.38
8.81
42.68
17.72
18.36
0.35
0.00
0.63
1.74
1.49
11.27
-7.0%
ALLIANZ SE-REG
0.97
0.95
0.89
0.84
0.97
0.49
0.49
0.48
0.47
0.45
AAREAL BANK AG
0.72
0.70
0.66
0.64
0.64
2.05
1.97
1.87
1.79
1.70
0.64
3.48
1.09
0.94
BASF SE
2.39
2.32
2.20
2.00
1.74
0.80
0.84
0.88
0.84
0.81
7.73
8.18
7.54
7.34
6.08
6.14
7.48
6.97
6.49
BAYER AG-REG
3.54
3.44
3.05
2.69
2.42
1.79
1.73
1.64
1.56
1.48
12.66
11.51
10.30
9.49
8.81
9.64
9.34
8.49
7.84
0.00
9.77
8.42
8.18
8.02
7.82
4.17
4.66
4.87
5.07
5.37
131.54
19.4%
14.40
13.29
10.48
9.35
7.29
0.27
1.97
3.47
5.68
9.14
23.32
6.6%
5.93
12.48
12.63
11.52
10.51
9.26
3.81
3.96
4.17
4.41
4.69
74.30
9.6%
7.28
15.78
14.86
13.18
11.88
10.77
2.12
2.42
2.71
2.99
3.23
91.37
6.9%
116.49
17.7%
9.5%
BB BIOTECH AG-REG
BECHTLE AG
1.73
1.58
1.45
1.33
1.18
0.37
0.35
0.33
0.32
0.30
10.65
10.46
9.93
9.09
7.21
7.75
7.43
6.74
6.31
5.58
13.62
12.89
11.38
10.37
9.09
2.48
2.72
3.02
3.27
3.73
40.63
BEIERSDORF AG
4.68
4.25
3.80
3.43
3.11
2.77
2.68
2.53
2.39
2.25
25.10
22.18
20.62
19.22
17.36
17.23
15.79
14.29
13.02
12.12
31.06
28.46
24.99
22.52
20.02
1.19
1.21
1.35
1.47
1.64
69.21
4.5%
BAYERISCHE MOTOREN WERKE AG
1.52
1.41
1.28
1.16
1.03
0.61
0.60
0.57
0.55
0.52
5.61
4.72
4.56
4.20
3.35
7.93
8.23
7.95
7.40
6.59
9.33
9.23
8.95
8.57
8.00
3.61
3.72
4.01
4.35
4.71
79.77
10.0%
BRENNTAG AG
3.13
2.81
2.53
2.28
2.02
0.63
0.60
0.57
0.54
0.53
14.67
13.60
12.59
11.51
10.48
10.73
10.67
9.81
9.08
8.76
18.04
17.97
15.71
14.11
13.16
1.98
2.05
2.31
2.56
2.71
124.47
6.2%
HUGO BOSS AG -ORD
10.60
8.59
7.14
6.03
5.41
2.86
2.65
2.44
2.26
2.14
17.31
14.85
13.34
11.93
10.76
13.14
11.97
10.61
9.52
8.78
20.66
18.87
16.45
14.54
13.25
3.43
3.76
4.31
4.88
5.56
97.14
3.4%
BAYWA-BAYERISCHE WARENVERMIT
1.39
1.29
1.18
1.08
0.12
0.08
0.08
0.07
0.07
8.44
6.01
5.99
5.34
4.70
10.97
8.26
8.22
7.83
7.69
20.53
11.55
11.07
10.13
9.03
1.83
1.98
2.15
2.48
2.53
43.25
18.5%
COMMERZBANK AG
0.29
0.38
0.38
0.36
0.36
1.02
1.06
1.03
0.99
0.97
10.02
9.19
7.37
10.51
24.29
11.21
7.24
5.00
0.00
0.00
0.76
2.78
7.20
8.59
-3.6%
CELESIO AG
1.11
1.20
1.12
1.05
0.88
0.12
0.13
0.13
0.12
0.12
11.58
8.30
7.29
7.02
6.86
7.66
7.87
7.28
6.86
6.58
13.57
14.96
12.55
11.01
10.51
2.04
2.13
2.57
2.94
2.99
16.41
1.6%
CANCOM SE
3.09
2.86
2.50
2.17
0.45
0.43
0.41
0.40
0.39
13.59
13.88
11.79
10.47
9.39
8.44
7.62
6.87
19.68
16.59
14.40
12.64
1.46
1.76
1.91
2.07
27.50
26.2%
CONTINENTAL AG
2.74
2.46
2.08
1.78
1.54
0.72
0.70
0.66
0.62
0.60
7.19
7.20
6.28
5.67
5.18
6.59
6.24
5.73
5.27
5.10
11.00
11.21
9.85
8.74
8.41
1.68
2.11
2.52
2.95
3.30
124.09
4.7%
DAIMLER AG-REGISTERED SHARES
1.31
1.22
1.14
1.06
0.95
0.50
0.48
0.45
0.42
0.46
6.38
6.28
5.25
4.78
3.31
9.88
8.94
8.88
7.93
6.14
11.38
10.90
9.51
8.14
7.48
4.07
4.16
4.26
4.77
4.75
55.89
6.2%
DEUTSCHE BOERSE AG
3.22
3.03
2.67
2.37
2.12
4.96
4.92
4.65
4.45
4.22
13.08
11.61
11.13
10.16
9.68
10.41
10.72
9.46
8.81
7.59
15.13
14.75
13.07
11.88
10.20
4.14
3.95
4.24
4.51
4.73
54.18
0.5%
DEUTSCHE BANK AG-REGISTERED
0.56
0.59
0.56
0.52
1.02
1.02
1.01
0.98
0.93
5.93
7.53
5.97
4.43
9.38
8.96
7.40
6.08
5.74
2.24
2.42
3.04
4.29
3.62
39.59
17.6%
DEUTSCHE EUROSHOP AG
1.17
1.19
1.15
1.12
1.14
7.91
8.39
8.05
8.15
7.86
15.92
15.17
13.88
13.51
15.14
17.15
18.24
17.58
17.22
17.25
18.46
15.94
15.71
14.95
13.75
3.74
4.08
4.28
4.48
4.71
33.54
8.9%
DIALOG SEMICONDUCTOR PLC
3.56
2.86
2.39
1.92
1.82
1.69
1.51
1.26
1.12
1.07
19.34
15.54
11.05
8.72
9.12
10.18
8.41
6.42
5.33
5.41
16.57
18.30
12.93
10.27
10.80
0.00
0.00
0.00
0.00
14.69
1.6%
DEUTSCHE POST AG-REG
2.46
2.61
2.37
2.17
1.65
0.49
0.48
0.46
0.44
0.42
14.44
9.23
8.61
7.86
6.59
7.81
7.26
6.73
6.20
5.75
17.63
15.26
14.18
12.70
11.21
3.25
3.34
3.61
3.97
4.33
22.95
1.0%
DRILLISCH AG
6.42
3.88
3.80
3.76
2.63
2.92
2.85
2.77
2.73
41.38
17.90
12.81
12.11
9.80
15.38
13.29
11.50
10.72
8.72
36.76
12.95
14.77
13.60
11.17
5.62
7.89
7.97
7.71
7.50
16.62
0.9%
DRAEGERWERK AG - PREF
2.03
1.86
1.60
1.40
1.43
0.58
0.57
0.55
0.53
0.50
8.76
11.67
8.59
8.29
7.84
5.42
5.46
4.94
4.53
3.97
11.78
12.60
11.35
10.08
8.63
0.95
0.99
2.18
2.40
2.78
103.45
12.2%
DEUTSCHE TELEKOM AG-REG
1.49
1.55
1.48
1.43
1.53
0.75
0.74
0.73
0.73
0.73
3.18
3.18
3.12
3.13
3.07
5.21
5.42
5.30
5.21
5.08
15.29
15.24
14.02
13.16
11.11
7.12
5.39
5.20
5.37
5.92
9.99
1.8%
DUERR AG
4.12
3.63
3.09
2.68
2.22
0.76
0.72
0.70
0.68
0.69
22.52
11.57
11.14
10.96
11.17
9.41
8.12
7.73
7.47
7.85
17.59
14.32
13.87
13.42
13.93
1.81
2.47
2.64
2.65
2.04
54.23
3.7%
DEUTSCHE WOHNEN AG-BR
1.17
1.10
1.04
0.99
1.00
5.58
5.81
5.50
5.12
5.89
23.91
19.72
18.00
18.00
21.70
26.87
19.23
17.48
16.96
18.98
21.02
17.28
15.72
15.43
17.17
1.90
2.43
2.85
3.05
3.01
14.86
11.0%
EADS NV
3.68
3.56
2.89
2.34
1.92
12.03
11.28
8.46
5.96
6.34
22.98
16.44
12.24
10.64
9.83
1.39
2.16
2.91
3.53
3.44
49.97
12.7%
E.ON SE
0.61
0.63
0.61
0.59
0.57
0.21
0.20
0.20
0.20
0.19
2.93
3.69
3.57
3.55
3.85
4.17
4.80
4.83
4.89
5.07
5.35
9.57
9.71
9.71
10.55
9.12
5.83
5.64
5.68
5.08
12.52
4.5%
EUROMICRON AG
0.93
0.89
0.82
0.74
0.35
0.32
0.30
0.29
0.26
7.51
6.96
5.12
4.48
7.74
6.69
5.90
5.24
7.58
9.78
8.16
6.58
2.98
1.99
3.11
5.34
22.04
29.3%
EVOTEC AG
2.22
2.19
2.04
1.83
1.70
3.90
3.58
3.15
2.68
2.52
21.19
27.33
19.89
15.55
11.47
26.57
20.30
14.58
9.92
7.64
37.49
50.41
28.67
16.90
16.90
0.00
0.00
0.00
3.60
23.1%
FIELMANN AG
6.02
5.63
5.42
5.21
4.79
3.00
2.87
2.72
2.60
2.49
20.49
20.17
18.93
18.08
16.33
13.79
13.11
12.36
11.73
10.74
26.26
24.65
22.98
21.68
19.62
3.38
3.59
3.81
4.06
4.25
72.75
-8.3%
FRESENIUS MEDICAL CARE AG &
2.26
2.04
1.88
1.75
1.54
1.48
1.39
1.33
1.25
1.16
11.38
11.49
10.58
9.70
8.97
9.83
9.87
9.52
8.77
7.83
17.48
18.02
17.10
15.05
12.87
1.39
1.45
1.51
1.65
1.82
52.22
6.0%
FREENET AG
2.03
1.85
1.75
1.67
1.59
0.77
0.72
0.72
0.72
0.73
8.72
8.94
8.65
8.87
8.76
8.31
8.09
7.95
7.91
7.96
12.83
9.96
9.45
9.16
8.82
6.45
7.79
8.24
8.50
9.26
19.37
6.0%
FUCHS PETROLUB SE -PREF
5.68
4.96
4.41
3.93
2.23
2.17
2.07
1.98
1.93
21.16
19.31
18.13
16.60
18.44
12.45
11.77
11.11
10.50
10.15
21.29
20.01
18.72
17.64
17.79
1.85
2.30
2.54
2.73
3.06
59.19
-4.2%
FRAPORT AG FRANKFURT AIRPORT
1.53
1.49
1.42
1.34
1.24
1.83
1.75
1.70
1.63
1.57
7.74
7.64
7.14
6.61
6.04
10.02
9.59
9.16
8.52
7.78
18.56
20.10
17.21
14.74
13.10
2.55
2.56
2.69
2.92
3.18
51.39
4.7%
FRESENIUS SE & CO KGAA
2.08
1.90
1.71
1.56
1.39
0.85
0.79
0.75
0.70
0.65
8.54
7.87
6.67
6.32
7.92
8.61
8.20
7.74
7.17
6.62
16.95
15.54
13.87
12.37
10.96
1.17
1.30
1.44
1.62
1.83
103.95
13.7%
GEA GROUP AG
2.51
2.42
2.16
1.96
1.71
1.05
1.02
0.97
0.93
0.89
13.95
12.34
10.42
10.02
8.84
10.19
9.23
8.37
7.87
7.47
16.89
15.45
13.70
12.54
11.82
1.83
2.07
2.33
2.50
2.92
32.96
5.7%
BILFINGER SE
1.61
1.53
1.45
1.37
1.23
0.40
0.38
0.36
0.35
0.32
8.96
8.03
7.47
7.01
6.03
6.18
6.34
5.77
5.36
4.54
12.71
13.07
11.54
10.40
8.46
4.02
4.00
4.29
4.67
4.73
82.12
14.1%
GAGFAH SA
0.86
0.85
0.82
0.79
0.73
2.42
2.46
2.42
2.37
2.41
19.67
22.10
16.15
14.86
13.29
20.19
20.46
20.13
19.79
16.08
22.91
20.09
13.93
13.14
10.63
0.00
0.09
1.96
3.82
3.73
10.96
17.8%
GSW IMMOBILIEN AG
1.17
1.08
1.02
0.99
0.92
7.58
7.16
6.74
6.62
6.94
27.65
23.99
21.55
19.84
19.67
26.14
21.64
20.66
19.83
20.65
26.16
17.66
17.36
16.04
19.43
2.59
2.90
3.12
3.29
3.27
35.14
5.3%
GILDEMEISTER AG
1.35
1.24
1.20
1.10
1.02
0.64
0.62
0.59
0.56
0.59
9.09
7.98
7.69
6.92
7.62
7.11
6.80
6.01
5.45
7.18
12.06
12.10
10.96
10.08
13.55
2.26
2.47
2.71
2.76
2.67
19.63
20.7%
GERRY WEBER INTL AG
4.56
3.95
3.46
3.03
2.65
2.00
1.84
1.65
1.53
1.40
18.30
15.88
13.94
12.09
10.29
11.87
10.84
9.17
8.23
7.17
20.54
18.98
15.82
14.05
11.95
2.16
2.41
2.87
3.22
3.56
37.73
8.2%
GERRESHEIMER AG
2.64
2.49
2.23
1.96
1.81
1.20
1.13
1.06
1.00
0.95
9.47
8.77
7.36
6.66
6.13
8.58
8.15
7.25
6.61
6.03
18.79
17.12
14.23
12.25
10.56
1.43
1.51
1.80
2.06
2.32
49.87
7.3%
HEIDELBERGCEMENT AG
0.76
0.76
0.72
0.68
0.63
0.71
0.69
0.66
0.61
0.58
6.20
6.17
5.47
4.57
3.69
7.42
7.03
6.34
5.67
4.96
19.82
14.97
11.49
9.10
7.25
0.94
1.53
2.31
3.02
4.28
60.16
13.3%
HENKEL AG & CO KGAA VORZUG
3.31
3.06
2.72
2.43
2.13
1.80
1.76
1.68
1.60
1.53
16.01
14.89
13.61
12.63
11.70
11.08
10.36
9.67
8.97
8.34
20.04
18.48
16.82
15.33
14.03
1.24
1.40
1.55
1.69
1.90
79.63
7.1%
HANNOVER RUECK SE
1.08
1.02
0.95
0.90
0.85
0.48
0.45
0.44
0.43
0.42
7.83
7.76
7.76
7.69
7.88
5.46
5.23
5.32
5.44
5.07
62.82
18.0%

Price to Book Ratio
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
2.29
2.29
2.12
1.95
2.29
1.46
1.46
1.40
1.34
1.46
10.43
10.43
9.69
10.01
10.43
9.14
9.14
8.43
7.89
9.14
14.83
14.83
13.36
12.06
14.83
2.17
2.17
2.34
2.52
2.17
1843.1
12.9%
Euro Stoxx 50 Pr
1.22
1.22
1.16
1.09
1.22
0.79
0.79
0.77
0.75
0.79
6.20
6.20
5.68
5.14
6.20
7.28
7.28
6.88
6.51
7.28
12.37
12.37
10.97
9.86
12.37
4.14
4.14
4.37
4.73
4.14
3012.0
8.8%
NIKKEI 225
1.50
1.50
1.40
1.31
1.50
0.72
0.72
0.70
0.68
0.72
8.89
8.89
8.21
7.04
8.89
8.51
8.51
7.82
7.37
8.51
17.54
17.54
15.60
14.06
17.54
1.66
1.66
1.82
1.97
1.66
15112.7
8.1%
FTSE 100 INDEX
1.78
1.78
1.67
1.55
1.78
1.03
1.03
0.99
0.97
1.03
8.55
8.55
7.84
6.61
8.55
7.38
7.38
6.77
6.35
7.38
12.65
12.65
11.49
10.54
12.65
3.82
3.82
4.12
4.48
3.82
7034.3
8.0%
SWISS MARKET INDEX
2.42
2.42
2.25
2.09
2.42
2.05
2.05
1.96
1.87
2.05
12.84
12.84
11.55
10.32
12.84
12.72
12.72
11.79
10.99
12.72
15.13
15.13
13.71
12.45
15.13
3.24
3.25
3.62
4.10
3.24
8655.3
9.3%
1.71
1.71
1.60
1.50
1.71
1.66
1.66
1.53
1.51
1.66
8.72
8.72
7.93
6.66
8.72
8.85
8.85
7.89
7.34
8.85
15.12
15.12
13.45
12.22
15.12
3.17
3.17
3.31
3.44
3.17
14203.2
12.2%
S&P/ASX 200 INDEX
1.90
1.90
1.80
1.71
1.90
1.80
1.80
1.70
1.63
1.80
10.85
10.85
9.95
9.33
10.85
9.19
9.19
8.37
7.83
9.19
15.02
15.02
13.62
12.56
15.02
4.55
4.55
4.85
5.22
4.55
5304.6
2.1%
HANG SENG INDEX
1.33
1.33
1.23
1.16
1.33
1.73
1.73
1.60
1.49
1.73
7.92
7.92
7.52
6.95
7.92
8.08
8.08
7.40
6.76
8.08
10.70
10.70
9.92
9.05
10.70
3.60
3.60
3.87
4.18
3.60
24927.0
11.3%
MSCI EM
1.27
1.27
1.16
1.06
1.27
0.86
0.86
0.81
0.76
0.86
6.09
6.09
5.61
5.12
6.09
6.38
6.38
5.85
5.43
6.38
9.92
9.92
8.98
8.54
9.92
3.02
3.02
3.30
3.58
3.02
1117.1
19.1%
HOCHTIEF AG
1.52
1.34
1.28
1.21
0.17
0.17
0.16
0.16
0.15
4.76
3.48
3.19
2.97
3.33
5.39
4.64
4.65
4.48
4.24
22.45
17.06
14.57
12.90
11.00
2.29
3.01
3.42
3.83
3.57
60.59
9.8%
INFINEON TECHNOLOGIES AG
2.15
2.09
1.94
1.75
1.50
1.96
1.99
1.81
1.69
1.56
14.57
12.28
9.03
7.16
6.71
6.29
7.33
5.64
4.94
4.57
19.53
29.75
17.63
13.80
10.85
1.70
1.69
1.89
2.11
1.70
7.37
4.6%
JENOPTIK AG
1.76
1.68
1.52
1.37
1.28
1.03
0.99
0.92
0.88
0.84
9.93
9.79
9.59
8.64
7.13
8.55
8.86
7.73
7.08
6.68
15.42
16.72
13.09
11.82
11.27
1.57
1.67
1.96
2.11
1.14
10.56
0.7%
KONTRON AG
0.77
0.84
0.89
0.82
0.82
0.42
0.42
0.40
0.38
0.35
23.70
12.09
12.69
6.33
3.87
25.71
14.30
7.10
4.24
3.37
28.08
11.88
8.54
2.68
1.56
2.17
3.24
7.32
4.04
-1.5%
KLOECKNER & CO SE
0.58
0.65
0.64
0.62
0.59
0.13
0.15
0.14
0.14
0.12
30.83
9.22
7.80
7.30
5.10
20.23
11.12
7.15
6.14
5.16
32.02
16.96
15.37
0.00
0.06
0.76
1.40
1.87
10.38
3.9%
4.14
3.86
3.59
3.35
3.14
14.13
11.75
10.39
10.18
12.14
11.14
10.07
9.27
8.55
26.36
29.24
25.02
22.41
19.28
2.99
3.67
4.28
4.28
4.73
82.70
-3.6%
KABEL DEUTSCHLAND HOLDING AG

KRONES AG
2.37
2.15
1.95
1.76
1.64
0.80
0.74
0.70
0.66
0.64
19.29
11.25
9.84
9.28
9.28
10.95
8.11
7.30
6.67
6.88
26.04
17.37
15.26
13.65
13.74
1.03
1.45
1.75
1.87
5.39
66.09
1.7%
KUKA AG
3.56
3.08
2.61
2.25
1.99
0.63
0.59
0.57
0.55
0.54
11.98
11.81
10.35
9.62
8.33
7.31
6.74
6.18
5.82
5.85
19.06
16.82
14.79
12.70
12.34
0.89
1.21
1.48
1.95
1.82
34.50
6.5%
LEG IMMOBILIEN AG
1.01
0.99
0.95
0.92
0.85
4.74
4.59
4.35
4.11
3.81
16.85
15.51
13.82
14.22
12.21
19.67
20.23
18.62
17.23
15.11
20.23
15.54
13.29
13.36
12.11
0.97
4.14
4.52
4.79
5.38
45.44
8.3%
LEONI AG
1.70
1.62
1.45
1.29
1.11
0.37
0.37
0.34
0.32
0.29
7.19
6.87
5.78
4.76
3.73
5.11
5.96
4.95
4.35
3.84
9.67
13.14
9.55
7.81
6.73
3.36
3.15
3.50
4.01
4.42
43.47
1.0%
DEUTSCHE LUFTHANSA-REG
0.77
0.90
0.84
0.73
0.62
0.21
0.20
0.20
0.19
0.18
2.53
2.45
2.19
1.89
2.09
3.19
2.65
2.33
1.99
1.91
26.60
11.65
7.71
5.34
4.96
1.67
2.38
4.90
6.71
7.03
18.21
33.7%
LINDE AG
1.96
1.98
1.85
1.72
1.58
1.77
1.58
1.48
1.39
1.32
9.74
8.51
8.03
7.77
6.60
10.58
9.16
8.48
7.84
7.31
18.75
17.54
15.58
13.89
12.36
1.82
2.00
2.24
2.46
2.79
161.86
10.7%
LPKF LASER & ELECTRONICS
5.26
4.53
3.92
3.41
2.90
2.63
2.37
2.15
1.96
1.75
19.60
13.18
10.86
12.30
8.42
12.18
10.21
8.97
7.74
6.78
23.93
19.10
15.29
15.29
13.84
1.85
2.54
2.83
2.77
3.26
12.72
-1.2%
LANXESS AG
1.65
1.75
1.58
1.40
1.27
0.45
0.49
0.46
0.43
0.41
4.93
7.49
5.81
4.76
3.88
5.20
8.31
6.05
5.27
4.75
7.50
28.20
12.14
8.95
7.54
1.92
1.85
2.25
2.60
2.60
51.76
4.2%
MAN SE
2.36
2.17
2.18
2.11
2.11
0.81
0.81
0.77
0.74
0.69
24.02
24.89
11.75
9.48
7.09
13.65
15.96
10.61
9.08
7.30
32.42
65.04
20.23
16.49
9.46
1.64
2.89
3.45
3.38
3.25
82.53
-5.1%
METRO AG
1.48
1.66
1.56
1.46
1.22
0.14
0.18
0.14
0.14
0.14
4.74
10.25
4.65
0.22
3.62
4.03
4.39
26.25
-7.7%
MORPHOSYS AG
6.40
4.69
4.62
4.29
5.14
25.16
17.22
17.89
14.88
13.88
191.40
25.04
0.00
0.00
MERCK KGAA
2.34
2.32
2.17
2.01
1.86
2.28
2.25
2.24
2.21
2.21
11.40
10.18
MTU AERO ENGINES AG
3.38
2.89
2.55
2.28
2.04
1.07
0.97
0.90
0.83
0.77
10.85
13.03
MUENCHENER RUECKVER AG-REG
0.92
0.89
0.85
0.81
0.79
0.45
0.45
0.44
0.44
0.40
AURUBIS AG
1.00
0.91
0.86
0.83
0.82
0.15
0.15
0.15
0.15
0.14
6.21
8.46
6.62
6.55
NORDEX SE
2.01
2.33
2.15
1.93
0.65
0.53
0.51
0.49
0.43
14.55
83.34
14.15
10.78
NORMA GROUP SE
3.48
3.13
2.75
2.45
1.69
1.59
1.50
1.41
1.34
12.19
11.25
10.48
9.32
8.73
9.92
XING AG
8.01
6.96
5.92
4.98
5.70
4.98
4.39
3.92
3.52
22.53
21.47
17.82
14.91
9.50
16.54
TELEFONICA DEUTSCHLAND HOLDI
1.08
0.97
1.02
1.07
1.15
1.13
1.17
1.18
1.18
1.15
4.41
4.87
4.82
4.70
4.46
5.48
PFEIFFER VACUUM TECHNOLOGY
3.08
3.08
2.87
2.68
2.27
1.87
2.02
1.87
1.75
1.61
12.82
14.24
13.36
11.93
9.49
9.67
PSI AG
2.69
2.66
2.39
2.08
1.82
1.17
1.11
1.01
0.94
0.86
18.62
13.78
12.13
9.76
7.16
10.82
PROSIEBEN SAT.1 MEDIA AG-REG
4.62
8.71
7.39
6.51
6.52
2.47
2.80
2.66
2.53
2.49
5.83
8.09
7.53
6.67
6.73
PUMA SE
1.93
1.87
1.72
1.58
1.02
1.05
1.01
0.97
0.95
20.06
14.49
14.18
12.36
16.89
QIAGEN N.V.
1.76
1.73
1.61
1.51
3.89
3.64
3.45
3.28
3.12
15.65
15.66
12.34
11.66
QSC AG
2.45
2.39
2.17
1.96
0.94
0.99
0.96
0.93
0.93
8.50
8.79
6.86
RATIONAL AG
10.52
9.56
8.80
7.89
7.96
5.76
5.59
5.10
4.63
4.27
25.24
25.85
RHOEN-KLINIKUM AG
1.56
1.51
1.42
1.34
1.23
0.87
0.82
0.79
0.75
0.72
10.98
9.79
RHEINMETALL AG
0.94
1.04
0.97
0.90
0.83
0.32
0.32
0.30
0.29
0.28
3.62
RWE AG
0.80
0.89
0.84
0.80
0.81
0.25
0.24
0.24
0.24
0.23
SMA SOLAR TECHNOLOGY AG
0.98
1.04
1.03
1.00
0.55
0.76
0.73
0.68
SAP AG
4.69
4.01
3.43
2.92
2.42
4.19
3.94
3.62
STADA ARZNEIMITTEL AG
2.39
2.16
1.89
1.67
1.41
1.21
1.11
1.02
STRATEC BIOMEDICAL AG
3.84
3.41
3.05
2.74
2.49
2.84
2.63
K+S AG-REG
1.05
0.98
0.95
0.91
0.88
0.89
SGL CARBON SE
1.53
2.07
2.00
1.88
0.98
2.11
1.41
5.00
5.13
4.58
4.85
8.25
5.08
4.85
4.80
11.77
547.12
13.39
11.72
86.54
180.90
150.59
149.79
1400.68
322.37
57.78
737.89
169.94
18693.33
96.36
9.60
9.14
7.96
9.05
8.62
8.18
7.89
7.57
15.37
13.38
12.80
12.32
11.71
1.38
1.62
1.75
1.88
2.26
11.29
8.94
7.34
8.51
8.22
7.50
6.76
6.19
15.20
15.89
14.10
12.53
11.19
1.99
2.09
2.34
2.64
3.64
72.78
4.6%
7.82
8.25
8.25
7.97
8.42
4.94
5.20
5.38
5.55
6.00
153.61
11.2%
7.65
14.42
10.61
9.65
8.77
2.71
2.85
2.94
3.11
3.35
48.90
10.3%
70.52
36.52
24.58
7.37
-19.6%
7.7%
115.17
-0.8%
3.91
6.51
5.20
4.91
4.56
16.53
9.71
7.68
6.47
4.74
9.22
8.52
8.01
7.42
16.65
15.83
14.01
12.72
12.18
1.96
2.23
2.48
2.70
2.65
32.82
2.2%
14.76
11.56
9.71
9.12
43.69
39.50
27.84
22.00
16.25
0.83
0.90
1.11
1.58
2.49
65.00
-12.6%
5.59
5.56
5.46
5.28
36.78
75.14
53.13
39.85
19.85
8.56
8.82
9.14
9.03
9.28
5.96
13.3%
11.59
9.26
8.00
6.73
18.81
22.80
17.24
14.56
12.46
3.95
3.28
4.26
5.06
5.87
82.13
-7.7%
10.23
7.93
6.58
5.32
22.52
21.44
15.04
11.77
8.63
2.18
2.30
3.25
3.97
5.79
15.18
12.8%
9.39
10.34
9.68
9.25
9.48
17.83
17.72
16.22
15.06
15.30
17.07
4.40
4.95
5.25
4.87
32.92
0.2%
9.64
9.77
8.74
7.94
7.48
16.24
20.05
17.81
15.82
15.31
0.83
0.66
0.79
0.90
0.96
220.55
1.7%
10.44
13.08
12.23
11.09
10.32
10.07
19.94
17.81
16.51
15.03
13.08
0.00
0.00
0.00
0.00
0.00
15.97
4.5%
6.33
13.06
6.48
6.38
5.92
5.44
5.60
26.30
20.54
15.83
12.15
11.53
2.41
2.79
3.25
3.67
3.83
3.52
-3.6%
22.84
20.56
18.28
18.06
18.82
16.67
15.02
13.54
26.09
27.25
24.02
21.59
19.51
3.08
3.06
3.28
3.65
4.11
212.75
-5.3%
8.34
7.29
6.57
11.23
10.11
8.88
8.09
7.31
25.28
22.15
16.82
14.45
12.35
1.93
1.87
2.34
2.79
2.96
19.01
5.5%
5.85
4.53
3.78
3.04
3.90
5.96
4.18
3.60
3.08
7.94
21.82
9.81
7.31
5.75
4.50
2.58
4.04
4.86
6.83
38.11
1.1%
2.16
2.28
2.45
2.55
2.87
3.84
3.77
4.22
4.39
4.49
5.18
5.37
7.01
7.91
8.43
9.58
9.33
7.32
6.91
5.94
22.61
7.3%
0.64
7.58
14.76
9.84
9.53
3.06
15.44
7.41
5.32
275.65
32.95
2.68
0.04
0.32
1.02
21.52
-8.1%
3.31
3.00
17.23
14.81
12.93
11.60
9.58
12.66
11.34
10.22
9.23
8.18
18.00
16.46
14.71
13.05
11.50
1.51
1.67
1.91
2.12
2.16
65.06
17.1%
0.97
0.90
11.27
9.13
7.67
6.54
5.95
10.28
9.23
8.23
7.67
7.03
14.73
13.25
10.84
9.73
8.70
1.46
1.88
2.26
2.40
2.86
38.59
3.3%
2.32
2.10
1.92
21.50
23.72
20.66
15.42
14.33
15.33
14.26
12.01
10.90
9.68
23.68
22.09
18.31
15.74
14.70
1.86
1.86
2.14
2.48
2.87
27.92
-5.7%
0.90
0.96
0.94
0.86
4.40
4.81
8.03
9.60
6.18
3.76
4.27
6.26
6.13
5.10
6.68
7.82
14.96
16.25
12.21
7.39
5.71
2.67
2.69
4.75
17.39
-6.5%
1.02
0.94
0.86
0.75
14.81
57.70
14.69
11.82
15.35
8.90
18.82
11.11
8.99
6.65
25.10
46.59
20.91
16.29
0.84
0.44
0.66
1.19
1.25
18.69
-21.9%
9.78
11.71
8.61
13.33
11.66
10.62
9.15
3.75
3.78
4.02
4.30
4.32
87.87
7.4%
42.82
24.07
0.00
0.00
0.00
0.12
3.08
6.54
0.6%
8.77
10.01
0.00
0.00
9.73
40.9%
SIEMENS AG-REG
2.19
2.30
2.10
1.92
1.41
0.93
0.94
0.91
0.88
0.84
SKY DEUTSCHLAND AG
35.32
17.90
19.00
12.54
7.74
4.27
3.66
3.14
2.75
2.51
SUESS MICROTEC AG
1.03
1.09
1.03
0.95
0.96
0.81
0.87
0.76
0.64
0.62
13.48
SOFTWARE AG
1.87
1.85
1.66
1.51
1.31
1.91
2.02
1.92
1.80
1.67
AXEL SPRINGER AG
2.18
1.97
1.82
1.75
1.47
1.15
1.12
1.20
1.19
1.22
SARTORIUS AG-VORZUG
4.16
3.70
3.29
2.89
1.80
1.70
1.59
1.50
SYMRISE AG
4.06
4.06
3.68
3.33
2.87
2.29
2.13
2.03
SALZGITTER AG
0.41
0.47
0.47
0.45
0.48
0.17
0.18
SUEDZUCKER AG
1.21
1.18
1.10
1.04
0.96
0.61
0.59
5.27
60.38
9.11
8.01
8.07
59.62
21.62
17.10
27.18
13.28
8.05
5.48
6.17
9.69
10.48
9.75
8.93
6.82
6.95
8.56
9.08
9.01
9.01
9.81
7.51
1.42
19.48
11.40
10.28
9.51
9.19
1.93
1.85
16.52
15.06
13.74
12.94
0.17
0.17
0.16
5.70
7.13
4.42
0.59
0.59
0.57
5.69
6.01
6.27
9.70
0.41
10.05
7.81
7.27
6.60
166.80
43.16
19.72
13.74
6.91
4.11
3.89
21.18
7.87
7.32
6.65
5.83
10.35
12.08
10.90
9.74
8.18
2.02
1.96
2.03
2.15
2.64
28.85
24.3%
7.88
8.02
7.59
7.70
13.28
14.49
14.60
13.45
13.67
4.62
4.46
4.56
4.82
5.98
42.81
11.3%
12.16
11.28
10.23
9.44
8.52
22.17
20.49
17.86
16.03
13.77
1.20
1.39
1.63
1.83
2.02
86.71
6.0%
11.10
13.21
11.91
11.15
10.48
9.90
23.58
20.39
18.49
17.20
15.97
2.06
2.25
2.46
2.69
2.91
33.17
-0.4%
3.93
2.89
4.15
7.01
3.41
2.85
2.64
27.69
11.93
12.40
1.04
0.71
0.99
1.41
1.95
29.34
-0.7%
5.98
6.03
5.60
6.33
6.39
6.35
6.12
8.08
10.19
10.45
10.46
10.18
3.74
3.81
3.86
3.92
4.74
28.35
22.2%
15.30
0.00
17.57

Price to Book Ratio
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
2.29
2.29
2.12
1.95
2.29
1.46
1.46
1.40
1.34
1.46
10.43
10.43
9.69
10.01
10.43
9.14
9.14
8.43
7.89
9.14
14.83
14.83
13.36
12.06
14.83
2.17
2.17
2.34
2.52
2.17
1843.1
12.9%
Euro Stoxx 50 Pr
1.22
1.22
1.16
1.09
1.22
0.79
0.79
0.77
0.75
0.79
6.20
6.20
5.68
5.14
6.20
7.28
7.28
6.88
6.51
7.28
12.37
12.37
10.97
9.86
12.37
4.14
4.14
4.37
4.73
4.14
3012.0
8.8%
NIKKEI 225
1.50
1.50
1.40
1.31
1.50
0.72
0.72
0.70
0.68
0.72
8.89
8.89
8.21
7.04
8.89
8.51
8.51
7.82
7.37
8.51
17.54
17.54
15.60
14.06
17.54
1.66
1.66
1.82
1.97
1.66
15112.7
8.1%
FTSE 100 INDEX
1.78
1.78
1.67
1.55
1.78
1.03
1.03
0.99
0.97
1.03
8.55
8.55
7.84
6.61
8.55
7.38
7.38
6.77
6.35
7.38
12.65
12.65
11.49
10.54
12.65
3.82
3.82
4.12
4.48
3.82
7034.3
8.0%
SWISS MARKET INDEX
2.42
2.42
2.25
2.09
2.42
2.05
2.05
1.96
1.87
2.05
12.84
12.84
11.55
10.32
12.84
12.72
12.72
11.79
10.99
12.72
15.13
15.13
13.71
12.45
15.13
3.24
3.25
3.62
4.10
3.24
8655.3
9.3%
1.71
1.71
1.60
1.50
1.71
1.66
1.66
1.53
1.51
1.66
8.72
8.72
7.93
6.66
8.72
8.85
8.85
7.89
7.34
8.85
15.12
15.12
13.45
12.22
15.12
3.17
3.17
3.31
3.44
3.17
14203.2
12.2%
S&P/ASX 200 INDEX
1.90
1.90
1.80
1.71
1.90
1.80
1.80
1.70
1.63
1.80
10.85
10.85
9.95
9.33
10.85
9.19
9.19
8.37
7.83
9.19
15.02
15.02
13.62
12.56
15.02
4.55
4.55
4.85
5.22
4.55
5304.6
2.1%
HANG SENG INDEX
1.33
1.33
1.23
1.16
1.33
1.73
1.73
1.60
1.49
1.73
7.92
7.92
7.52
6.95
7.92
8.08
8.08
7.40
6.76
8.08
10.70
10.70
9.92
9.05
10.70
3.60
3.60
3.87
4.18
3.60
24927.0
11.3%
MSCI EM
1.27
1.27
1.16
1.06
1.27
0.86
0.86
0.81
0.76
0.86
6.09
6.09
5.61
5.12
6.09
6.38
6.38
5.85
5.43
6.38
9.92
9.92
8.98
8.54
9.92
3.02
3.02
3.30
3.58
3.02
1117.1
19.1%
TAG IMMOBILIEN AG
1.08
1.00
0.97
0.95
0.91
5.88
4.38
4.20
4.07
4.07
20.47
13.98
12.64
15.22
15.29
13.73
19.06
17.81
17.16
18.21
7.17
16.03
13.00
14.76
15.43
2.65
3.71
4.38
4.62
2.72
9.73
8.7%
THYSSENKRUPP AG
1.01
3.00
2.58
2.14
2.09
0.20
0.22
0.21
0.20
0.20
11.42
8.45
5.19
4.54
3.35
6.34
6.58
5.02
4.33
3.45
14.31
9.24
7.48
2.34
0.76
1.85
3.13
5.64
17.95
12.5%
TALANX AG
0.85
0.84
0.80
0.74
0.23
0.22
0.21
0.21
0.20
8.92
8.47
8.10
7.71
7.80
4.60
4.84
5.15
5.40
TUI AG
0.92
1.08
1.00
0.92
0.70
0.12
0.12
0.12
0.12
0.11
3.19
4.43
3.83
3.57
3.18
2.65
2.43
2.21
2.01
1.93
22.61
32.03
14.80
10.53
11.02
0.29
0.23
0.97
2.19
3.89
UNITED INTERNET AG-REG SHARE
27.23
18.97
11.81
8.40
5.58
2.17
1.95
1.78
1.67
1.59
20.09
17.84
14.90
13.55
12.67
16.16
13.54
11.37
9.85
8.78
32.92
25.49
19.79
16.61
13.75
0.99
1.30
1.60
1.93
2.68
26.40
-0.9%
VOLKSWAGEN AG-PREF
1.05
0.97
0.87
0.78
0.73
0.42
0.40
0.38
0.36
0.35
3.65
3.77
3.48
3.39
2.99
8.00
7.33
6.52
6.05
5.51
8.11
8.12
6.97
6.32
5.68
2.22
2.42
3.10
3.73
5.01
208.46
19.8%
WACKER CHEMIE AG
1.48
1.66
1.59
1.51
1.54
0.86
0.87
0.82
0.76
0.73
5.99
8.57
6.15
5.30
4.17
6.48
7.27
6.08
5.33
4.69
47.51
167.02
39.48
24.34
18.14
0.75
0.26
0.70
1.18
1.53
63.78
-16.3%
WIRECARD AG
4.94
4.43
3.85
3.31
2.84
6.97
5.79
4.91
4.21
3.64
31.33
27.29
21.95
18.76
15.28
22.53
19.78
16.10
13.58
11.09
35.47
32.56
25.63
21.34
17.22
0.48
0.50
0.59
0.69
1.03
24.85
1.6%
WINCOR NIXDORF AG
4.43
3.80
3.20
2.76
2.54
0.70
0.65
0.63
0.60
0.59
12.73
10.43
9.64
8.43
7.32
10.28
8.85
7.58
7.04
7.17
22.72
16.72
13.51
12.16
12.24
2.10
2.90
3.69
4.10
3.85
48.75
0.0%
ELRINGKLINGER AG
2.83
2.66
2.37
2.12
1.83
1.63
1.52
1.43
1.34
1.25
12.22
10.97
9.69
8.82
7.25
9.14
8.96
8.10
7.45
6.57
19.07
18.17
15.52
13.81
12.03
1.94
1.85
2.14
2.43
2.36
26.51
-7.2%
26.04
8.0%
11.17
24.1%
03.09.2013
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 (03.09.2012)
Daily Volume
Current Price (9/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
61.89
109'567.00
81.32
-8.11%
31.39%
75.20%
209.2
17'013.46
1'487.00
0.0
(13.0)
1'935.00
17'095.46
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
o-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
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
14'676
4.23x
1'493.0
11.74x
552.0
31.71x
a-13 m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.82
209.22
31.02%
22.73%
0.819
42
4.262
681'705
680'440
781'439
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
15'046
16'065
4'198
3'553
1.09x
0.99x
1'654.6
1'938.0
585.0
132.7
10.35x
8.83x
11.17x
10.98x
922.2
1'116.3
375.9
63.8
18.49x
15.41x
17.00x
16.13x
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
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
s-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
03.09.2013
Adidas AG
Holdings By:
All
Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
THORNBURG INVESTMENT
ROYAL BANK OF SCOTLA
NORGES BANK
DEUTSCHE BANK AG
VANGUARD
FMR LLC
UBS
INVESCO LTD
UNION INVESTMENT GMB
JUPITER ASSET MANAGE
ALLIANZ ASSET MANAGE
MANNING & NAPIER ADV
DEKA INVESTMENT GMBH
WILLIAM BLAIR & COMP
LANSDOWNE PARTNERS
BESSEMER GROUP INCOR
DB PLATINUM ADVISORS
BANK OF NEW YORK MEL
Firm Name
Exane BNP Paribas
Commerzbank Corporates & Markets
AlphaValue
Susquehanna Financial Group
Nomura
DZ Bank AG
Robert W. Baird & Co
Berenberg Bank
EVA Dimensions
Hauck & Aufhaeuser
Hamburger Sparkasse
Landesbank Baden-Wuerttemberg
ISI Group
Deutsche Bank
Nord/LB
Credit Suisse
UBS
JPMorgan
Raymond James
Cantor Fitzgerald
Bankhaus Lampe
M.M. Warburg Investment Research
Bankhaus Metzler
Equinet Institutional Services(ESN)
Redburn Partners
Main First Bank AG
SRH AlsterResearch
Telsey Advisory Group
Morgan Stanley
Baader Bank
Independent Research GmbH
Bryan Garnier & Cie
S&P Capital IQ
Barclays
Kepler Cheuvreux
KochBank Research
Hammer Partners SA
Goldman Sachs
HSBC
Bank of Valletta
Day by Day
Equita SIM SpA
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Source
ULT-AGG
ULT-AGG
Research
Research
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
Short
MF-AGG
MF-AGG
MF-AGG
Recommendation
ANDREAS INDERST
outperform
ANDREAS RIEMANN
buy
HANS-PETER WODNIOK
reduce
CHRISTOPHER SVEZIA
Positive
CHRISTOPHER WALKER
buy
HERBERT STURM
buy
MITCHEL J KUMMETZ
outperform
JOHN GUY
buy
CRAIG STERLING
underweight
CHRISTIAN NIKOLAS SCHWENKENBECHER
buy
CHRISTIAN HAMANN
hold
BERND MUELL
buy
OMAR SAAD
neutral
MICHAEL KUHN
hold
JULIA SIEKMANN
buy
ROGERIO FUJIMORI
outperform
FRED SPEIRS
buy
CHIARA BATTISTINI
overweight
CEDRIC LECASBLE
outperform
ALLEGRA PERRY
hold
MICHAEL GORNY
hold
JOERG PHILIPP FREY
buy
SEBASTIAN FRERICKS
buy
INGBERT FAUST
accumulate
ANDREW MOBBS
sell
MATTHIAS EIFERT
outperform
NEIL SCHMODDE
buy
KELLY CHEN
no rating system
LOUISE SINGLEHURST
Underwt/In-Line
VOLKER BOSSE
buy
ZAFER RUZGAR
hold
CEDRIC ROSSI
buy
WILLIAM MACK
strong buy
JULIAN EASTHOPE
overweight
JUERGEN KOLB
buy
MARK JOSEFSON
buy
STEPHAN SEIP
buy
WILLIAM HUTCHINGS
Buy/Neutral
ERWAN RAMBOURG
overweight
TEAM COVERAGE
overweight
VALERIE GASTALDY
hold
FABIO FAZZARI
hold
Amt Held
% Out
14'632'128
6.99
14'360'399
6.86
10'057'706
4.81
9'347'766
4.47
4'886'922
2.34
3'817'396
1.82
3'592'510
1.72
3'542'826
1.69
3'121'077
1.49
2'725'103
1.3
1'769'586
0.85
1'592'034
0.76
1'449'436
0.69
1'271'690
0.61
1'175'770
0.56
1'154'890
0.55
(1'067'003) -0.51
840'376
0.4
756'954
0.36
634'698
0.3
Weighting
5
5
2
4
5
5
5
5
1
5
3
5
3
3
5
5
5
5
5
3
3
5
5
4
1
5
5
#N/A N/A
1
5
3
5
5
5
5
5
5
5
5
5
3
3
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
M
M
M
M
M
M
M
M
M
N
M
M
M
N
M
M
Latest Chg
42'052
(35'387)
(359'040)
145'261
11'113
30'371
24'436
(77'065)
11'310
(69'440)
1'154'890
(140'000)
657'760
(641)
Target Price
100
100
80
100
95
93
95
98
#N/A N/A
103
#N/A N/A
96
90
86
95
97
95
95
95
81
84
109
91
90
#N/A N/A
110
108
94
73
95
90
95
102
95
94
94
104
111
95
97
#N/A N/A
60
File Dt
30.06.2013
30.08.2013
10.05.2013
23.05.2013
31.12.2012
28.06.2013
30.06.2013
31.07.2013
28.06.2013
30.08.2013
28.03.2013
30.04.2013
30.06.2013
31.12.2012
30.04.2013
30.06.2013
16.08.2013
30.04.2013
31.07.2013
30.08.2013
Date
Not Provided
6 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
15 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
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
Date
03.09.2013
30.08.2013
29.08.2013
26.08.2013
23.08.2013
23.08.2013
21.08.2013
16.08.2013
14.08.2013
13.08.2013
13.08.2013
12.08.2013
10.08.2013
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
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
09.07.2013
25.06.2013
17.06.2013
17.05.2013
14.05.2013
16.04.2013
02.04.2013
24.05.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ADV GY EQUITY YTD Change
ADV GY EQUITY YTD % CHANGE
12/2012
06/yy
5.42
3.45
20'776.00
3.969
-26.73%
15.04%
25.57%
48.0
190.36
29.03
0.0
0.0
70.27
150.05
1.0 M
.5 M
1
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
s-13
0.99
38.68
-21.25%
-0.28%
0.989
6
3.333
104'593
114'300
117'999
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
328.5
352.8
88.8
0.46x
0.40x
37.5
43.5
12.8
4.00x
3.45x
8.5
12.3
27.18x
18.38x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
34.15
27.19
-1.08
1.07
18.9%
15.9%
1.12
14.24
61.93
74.44
60.71
68.79
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
03.09.2013
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
RAIFFEISEN KAPITALAN
PROTIVA ERIC V
PROTIVA BRIAN
BLACKROCK
SWISSCANTO FONDSLEIT
DNB ASSET MANAGEMENT
UBS
SKANDIA FONDER AB
SCHRODER INVESTMENT
DIMENSIONAL FUND ADV
KEPLER-FONDS KAGMBH
METZLER ASSET MANAGE
ACOMEA SGR
Firm Name
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
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
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
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
hold
hold
sell
buy
buy
neutral
Amt Held
8'655'909
4'000'000
1'049'469
876'948
727'035
482'788
450'000
399'700
320'000
294'030
289'373
186'356
120'578
109'745
106'169
80'037
68'277
63'452
62'600
50'500
% Out
18.05
8.34
2.19
1.83
1.52
1.01
0.94
0.83
0.67
0.61
0.6
0.39
0.25
0.23
0.22
0.17
0.14
0.13
0.13
0.11
Latest Chg
-
Weighting
Change
Target Price
3
3
3
1
5
5
3
M
D
M
M
M
M
M
76
876'948
(431)
67'000
3'188
93
(50'000)
12'553
(63'310)
10'500
-
4
#N/A N/A
5
3
5
5
#N/A N/A
File Dt
31.12.2012
30.04.2013
31.07.2013
28.03.2013
30.04.2013
30.06.2013
28.03.2013
31.05.2013
31.12.2012
31.12.2012
30.08.2013
28.03.2013
30.04.2013
31.05.2013
31.03.2013
30.04.2013
30.04.2013
31.01.2013
30.04.2012
31.07.2013
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
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
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
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AFX GY EQUITY YTD Change
AFX GY EQUITY YTD % CHANGE
09/2012
06/yy
26.89
17.88
294.00
23.24
-13.56%
29.98%
59.97%
81.3
1'889.64
30.91
0.0
40.8
9.53
1'940.56
30.09.2008
600.2
1.13x
80.9
8.40x
54.0
15.30x
.1 M
10
.1 M
5
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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
30.09.2012
861.9
1.94x
140.8
11.90x
71.9
22.55x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
140.80
122.90
14.26%
13.48%
9.10%
12.95%
13.07%
0.94%
53.5%
16.3%
14.4%
8.3%
3.32
0.68
3.21%
4.72%
7.03
2.63
Price/ Cash Flow
06/yy
834.1
5.93x
135.4
10.50x
70.8
21.61x
LTM
06/yy
880.1
8.72x
143.8
14.73x
85.2
24.46x
FY+1
.0 M
s-13
0.54
28.46
22.61%
8.66%
0.544
14
2.786
37'472
40'835
44'104
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
892.7
954.7
234.5
1.87x
1.69x
149.3
163.7
42.0
13.01x
11.87x
89.2
93.8
23.3
21.22x
20.14x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.15
20.76
0.10
0.13
4.7%
4.3%
0.94
17.95
51.90
138.52
25.56
154.50
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
03.09.2013
Carl Zeiss Meditec AG

Holdings By:
All
Holder Name
CARL ZEISS AG
OPPENHEIMERFUNDS INC
ODDO ASSET MANAGEMEN
NORGES BANK
SEB
ING ASSET MANAGEMENT
ODIN FORVALTNING AS
FONDITA RAHASTOYHTIO
VANGUARD
BLACKROCK
ECCLESIASTICAL INSUR
GROUPAMA ASSET MANAG
ROYCE AND ASSOCIATES
PUTNAM INVESTMENT MA
SCHRODER INVESTMENT
BARCLAYS ASSET MANAG
Firm Name
Nord/LB
EVA Dimensions
DZ Bank AG
Jefferies
Kepler Cheuvreux
Montega
Deutsche Bank
JPMorgan
HSBC
Berenberg Bank
Hamburger Sparkasse
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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
HOLGER FECHNER
TIMOTHY STANISH
SVEN OLAF KUERTEN
INGEBORG OIE
CHRISTOPH SCHOENDUBE
OLIVER REINBERG
THOMAS RAU
GUNNAR ROMER
DAVID J ADLINGTON
HENDRIK LOFRUTHE
SCOTT BARDO
VOLKER STOLL
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
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
underweight
sell
underperform
hold
reduce
buy
hold
neutral
underweight
buy
hold
hold
hold
accumulate
sell
Amt Held
52'851'241
2'100'000
1'565'000
654'729
576'659
471'552
461'827
300'000
269'630
235'266
207'008
174'805
163'830
160'012
150'000
134'250
130'150
122'190
79'237
79'145
% Out
65
2.58
1.92
0.81
0.71
0.58
0.57
0.37
0.33
0.29
0.25
0.21
0.2
0.2
0.18
0.17
0.16
0.15
0.1
0.1
Weighting
Change
5
1
1
1
3
2
5
3
3
1
5
3
3
3
4
1
M
U
M
D
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
5'829
269'630
35'435
(10'000)
2'881
134'250
(437'918)
12'007
(35'070)
Target Price
28
#N/A N/A
19
20
27
21
29
23
24
22
26
24
25
#N/A N/A
16
#N/A N/A
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
31.07.2013
31.07.2013
30.06.2013
28.03.2013
30.08.2013
31.07.2013
28.09.2012
30.06.2013
30.06.2013
31.12.2012
30.03.2012
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
9 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
Unclassified
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.08.2013
26.08.2013
20.08.2013
16.08.2013
15.08.2013
15.08.2013
15.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.05.2013
07.05.2013
20.03.2013
09.12.2011
22.04.2010
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AIXA GY EQUITY YTD Change
AIXA GY EQUITY YTD % CHANGE
12/2012
06/yy
13.89
8.38
23'859.00
12.12
-12.74%
44.72%
66.00%
102.2
1'238.91
0.00
0.0
0.0
209.49
1'023.05
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
227.8
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
s-13
0.86
93.80
5.12%
36.50%
0.860
30
2.733
423'597
454'860
465'190
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
226.3
373.4
57.4
71.1
4.71x
2.84x
17.93x
14.39x
(69.0)
50.4
(2.2)
2.4
20.28x
72.42x
33.20x
(83.7)
27.5
(5.6)
(0.6)
42.68x
637.89x
109.19x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-3746.07
-4289.79
0.00
0.0%
0.0%
0.38
2.32
46.14
176.18
39.96
310.27
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
03.09.2013
Aixtron SE
Holdings By:
All
Holder Name
CAMMA GMBH
ALLIANZ GLOBAL INVES
BAILLIE GIFFORD AND
VANGUARD
BLACKROCK
ADIG INVESTMENT
GENERATION INVESTMEN
DEUTSCHE BANK AG
NORGES BANK
UBS
AQR CAPITAL MANAGEME
OXFORD ASSET MANAGEM
T ROWE PRICE ASSOCIA
FMR LLC
SAEMOR CAPITAL BV
SCHINDELHAUER KIM
BOSTON COMMON ASSET
Firm Name
Bankhaus Lampe
Natixis
Morgan Stanley
Main First Bank AG
Exane BNP Paribas
Deutsche Bank
Hamburger Sparkasse
Redburn Partners
Societe Generale
Baader Bank
JPMorgan
Sterne, Agee & Leach
Bankhaus Metzler
Barclays
SRH AlsterResearch
HSBC
Hauck & Aufhaeuser
Berenberg Bank
Kepler Cheuvreux
DZ Bank AG
UBS
Goldman Sachs
Liberum Capital Ltd
EVA Dimensions
National Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
BOSTON COMMON ASSET
Analyst
KARSTEN ILTGEN
MAXIME MALLET
THOMAS M BECKER
ANDREW HUMPHREY
JUERGEN WAGNER
ADRIAN PEHL
GERHARD ORGONAS
UWE SCHUPP
INGO SCHMIDT
SUMANT WAHI
PETER KNOX
GUENTHER MICHAEL HOLLFELDER
SANDEEP S DESHPANDE
MARKUS FRIEBEL
ANDREW HUANG
STEPHAN BAUER
ANDREW M GARDINER
DANIEL PAWLOWSKI
CHRISTIAN DOMINIK RATH
WALTER SCHNEIDER
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
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
20F
ULT-AGG
MF-AGG
ULT-AGG
Short
Short
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Short
20F
13F
Recommendation
buy
buy
hold
Equalwt/Cautious
underperform
sell
outperform
buy
hold
buy
sell
hold
neutral
sell
neutral
sell
equalweight
sell
neutral
sell
buy
sell
hold
hold
sell
neutral
sell
neutral/neutral
buy
sell
buy
Amt Held
% Out
7'650'000
7.48
5'102'037
4.99
5'093'343
4.98
3'970'269
3.88
3'962'453
3.88
3'470'000
3.39
3'089'151
3.02
2'818'556
2.76
2'379'360
2.33
2'157'086
2.11
(1'962'624) -1.92
(1'114'198) -1.09
1'037'338
1.01
1'007'257
0.99
964'200
0.94
913'817
0.89
895'479
0.88
(805'602) -0.79
766'500
0.75
608'594
0.6
Weighting
Change
5
5
3
3
1
1
5
5
3
5
1
3
3
1
3
1
3
1
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
(486)
70'822
(10'000)
(103'110)
101'638
(142'747)
(116'049)
(72'942)
73'211
(290'555)
(173'357)
608'594
Target Price
16
15
12
12
10
7
15
14
#N/A N/A
#N/A N/A
9
13
10
9
#N/A N/A
8
12
10
13
11
13
9
9
12
10
13
10
13
13
#N/A N/A
35
File Dt
Inst Type
28.02.2013
Corporation
17.07.2013
Investment Advisor
29.04.2013
Investment Advisor
30.06.2013
Unclassified
30.08.2013
Investment Advisor
30.04.2013
Investment Advisor
31.12.2012
Investment Advisor
30.04.2013
Investment Advisor
31.12.2012
Government
16.08.2013
Unclassified
02.08.2013 Hedge Fund Manager
30.06.2013
Investment Advisor
31.05.2013
Investment Advisor
31.07.2013
Investment Advisor
31.07.2013
Investment Advisor
30.06.2013
Investment Advisor
26.03.2013
Investment Advisor
31.01.2013
n/a
30.06.2013
Investment Advisor
Date
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
3 month
12 month
Not Provided
12 month
Not Provided
12 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
02.09.2013
02.09.2013
29.08.2013
28.08.2013
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
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
03.09.2013
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 (03.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ALV GY EQUITY YTD Change
ALV GY EQUITY YTD % CHANGE
12/2012
06/yy
122.10
86.92
265'466.00
110.2
-9.75%
26.78%
66.32%
456.0
50'245.69
28'651.00
0.0
2'665.0
12'437.00
68'323.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
40
2.0 M
20
1.0 M
0
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
j-13
a-13
LTM
FY+1
.0 M
s-13
1.29
448.87
30.44%
9.18%
1.294
39
4.256
1'867'835
1'445'059
1'792'567
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
97'026.0 102'517.2 105'242.3
24'605.0
24'916.0
2.70x
0.63x
0.62x
0.0
0.00x
5'859.0
5'888.5
6'053.1
1'230.5
1'430.5
4.64x
8.42x
8.18x
S&P Issuer Ratings
27.01.2012
Long-Term Rating
AA
Long-Term Outlook
STABLE
23.03.2009
Short-Term Rating
A-1+
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
53.5%
Total Debt/Capital
33.8%
Asset Turnover
0.14
Inventory Days
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
03.09.2013
Allianz SE
Holdings By:
All
Holder Name
BLACKROCK
NORGES BANK
HARBOR CAPITAL ADVIS
VANGUARD
DEUTSCHE BANK AG
SOCIETE GENERALE SA
MORGAN STANLEY
FMR LLC
HARRIS ASSOCIATES LP
AMUNDI
ADIG INVESTMENT
JP MORGAN
FIL LIMITED
FRANKFURT TRUST INVE
Firm Name
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Bankhaus Lampe
ANDREAS SCHAEFER
Exane BNP Paribas
THOMAS JACQUET
AlphaValue
DIETER HEIN
Morgan Stanley
JON HOCKING
Main First Bank AG
MICHAEL HAID
Helvea
DANIEL BISCHOF
Societe Generale
NICK HOLMES
JPMorgan
MICHAEL HUTTNER
Berenberg Bank
PETER ELIOT
Credit Suisse
RICHARD BURDEN
Keefe, Bruyette & Woods
WILLIAM HAWKINS
HSBC
KAILESH MISTRY
Hamburger Sparkasse
CHRISTIAN HAMANN
Oddo & Cie
NICOLAS JACOB
Bankhaus Metzler
JOCHEN SCHMITT
Kepler Cheuvreux
ATANASIO PANTARROTAS
PHILIPP HAESSLER
S&P Capital IQ
RODERICK WALLACE
Nord/LB
JULIA SIEKMANN
RBC Capital Markets
GORDON AITKEN
Raymond James
RAPHAEL CARUSO
WERNER SCHIRMER
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
Canaccord Genuity Corp
BEN COHEN
Mediobanca SpA
MARC THIELE
Goldman Sachs
VINIT MALHOTRA
Day by Day
VALERIE GASTALDY
EVA Dimensions
DOUG WALTERS
Natixis
BENOIT VALLEAUX
Bank of Valletta
MALCOLM ABDILLA CASTILLO
Banco Sabadell
MARIO LODOS
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Daiwa Securities Co. Ltd.
TIM PROUDLOVE
Source
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Research
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
add
Equalwt/In-Line
outperform
buy
hold
overweight
buy
neutral
market perform
overweight
buy
buy
sell
buy
hold
hold
buy
outperform
market perform
hold
buy
buy
buy
buy
market perform
buy
overweight
buy
neutral
Buy/Neutral
hold
buy
buy
hold
buy
neutral
hold
Amt Held
32'047'039
9'837'831
6'365'290
5'480'394
4'801'088
4'720'756
4'300'429
3'878'270
3'855'936
3'687'392
3'208'800
2'657'521
2'236'604
2'143'693
2'056'729
2'054'950
2'046'037
1'874'249
1'706'465
1'589'980
% Out
7.03
2.16
1.4
1.2
1.05
1.04
0.94
0.85
0.85
0.81
0.7
0.58
0.49
0.47
0.45
0.45
0.45
0.41
0.37
0.35
Weighting
Change
5
5
4
3
5
5
3
5
5
3
3
5
5
5
1
5
3
3
5
5
3
3
5
5
5
5
3
5
5
5
3
5
3
5
5
3
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
M
D
M
M
M
M
M
M
Latest Chg
122'040
4'701'470
31'326
(1'408)
59'050
(372'988)
159'500
(1'853'649)
94'323
81'184
(4'750)
(153'200)
107'911
(2'248'797)
(3'500)
(921'459)
Target Price
135
135
129
123
150
128
125
134
144
132
140
145
#N/A N/A
130
110
137
120
130
132
130
#N/A N/A
125
145
140
140
134
110
130
118
135
123
142
#N/A N/A
#N/A N/A
130
117
114
92
106
File Dt
30.08.2013
31.12.2012
31.03.2013
30.06.2013
31.07.2013
28.06.2013
16.05.2013
30.06.2013
30.06.2013
31.07.2013
30.06.2013
30.06.2013
31.07.2013
31.07.2013
30.04.2013
30.06.2013
30.06.2013
31.12.2012
30.04.2013
30.06.2013
Date
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
3 month
Not Provided
Not Provided
12 month
Not Provided
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
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
Inst Type
Investment Advisor
Government
Investment Advisor
Unclassified
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
Date
02.09.2013
22.08.2013
22.08.2013
20.08.2013
15.08.2013
15.08.2013
09.08.2013
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
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
20.06.2013
20.06.2013
14.06.2013
06.06.2013
16.05.2013
12.03.2013
15.02.2013
11.11.2011
12.05.2011
03.09.2013
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 (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ARL GY EQUITY YTD Change
ARL GY EQUITY YTD % CHANGE
12/2012
06/yy
22.32
15.20
45'133.00
21.87
-1.99%
43.93%
91.43%
59.9
1'309.08
28'666.00
300.0
243.0
3'667.00
18'593.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
.8 M
10
.6 M
.4 M
5
0
s-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%
0.23%
5.78%
0.45%
0.02%
8.9%
62.68%
1685.24%
-
06/yy
1'330.0
86.25x
0.0
0.00x
113.0
6.43x
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
1'087.0
88.60x
0.0
0.00x
103.0
10.45x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
1.56
42.56
39.21%
39.21%
1.560
13
3.538
210'210
185'262
180'378
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
664.7
700.6
141.0
147.0
97.5
121.1
26.0
31.0
13.29x
10.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1685.2%
92.7%
0.02
10.66
-
2'500.0
1.00
2'000.0
0.60
o-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
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
03.09.2013
Aareal Bank AG
Holdings By:
All
Holder Name
AAREAL HOLDING VERWA
NORGES BANK
FMR LLC
BLACKROCK
DWS INVESTMENT GMBH
ADIG INVESTMENT
FIL LIMITED
UNIVERSAL INVESTMENT
MAINFIRST SICAV
DEUTSCHE BANK AG
ACHMEA BELEGGINSFOND
LRI-FUND MANAGEMENT
MARSHALL WACE LLP
VANGUARD
ACTIVEST MUNICH
LBPAM
Firm Name
EVA Dimensions
Bankhaus Metzler
Deutsche Bank
Nord/LB
HSBC
Kepler Cheuvreux
DZ Bank AG
Societe Generale
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
DOUG WALTERS
GUIDO HOYMANN
MICHAEL DUNST
STEFAN BONGARDT
BENJAMIN GOY
MICHAEL SEUFERT
JOHANNES THORMANN
MARTIN PETER
ANDREAS PLAESIER
DIRK BECKER
PHILIPP HAESSLER
CHRISTOPH BAST
PHILIP RICHARDS
Source
Co File
Research
ULT-AGG
Research
ULT-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
add
hold
buy
hold
neutral
hold
hold
buy
hold
hold
hold
Amt Held
% Out
17'298'731
28.9
2'972'198
4.97
1'822'107
3.04
1'820'551
3.04
1'801'832
3.01
1'779'715
2.97
1'729'068
2.89
1'647'308
2.75
1'361'538
2.27
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
284'993
0.48
271'694
0.45
251'860
0.42
213'000
0.36
Weighting
Change
3
5
4
3
5
3
3
3
3
5
3
3
3
D
M
M
D
M
D
M
D
M
M
D
M
M
Latest Chg
(35'000)
23'068
(282'332)
5'000
1'446
23'943
19'238
(6'000)
Target Price
#N/A N/A
26
24
23
25
23
23
22
22
28
21
21
20
File Dt
Inst Type
31.12.2012
Holding Company
30.05.2013
Investment Advisor
30.04.2013
Investment Advisor
14.02.2013
Government
30.07.2013
Investment Advisor
30.08.2013
Investment Advisor
27.02.2012
Investment Advisor
30.04.2013
Investment Advisor
31.07.2013
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
31.05.2013
Investment Advisor
30.06.2013
Unclassified
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
27.08.2013
20.08.2013
14.08.2013
14.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
08.05.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BAS GY EQUITY YTD Change
BAS GY EQUITY YTD % CHANGE
12/2012
06/yy
76.39
60.34
305'222.00
67.77
-11.28%
12.31%
45.23%
918.5
62'245.30
12'798.00
0.0
1'010.0
1'661.00
75'667.30
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
10
0
s-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
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
j-13
a-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
12.53%
-1.25%
1.084
39
3.487
2'625'788
2'798'560
3'017'750
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
74'083.9
70'997.1
17'801.3
18'402.5
1.02x
1.04x
4.29x
4.09x
10'146.4
10'878.0
2'243.0
2'320.3
7.48x
6.97x
4'787.4
5'250.1
961.0
1'192.0
12.63x
11.52x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
o-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
s-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
03.09.2013
BASF SE
Holdings By:
All
Holder Name
BLACKROCK
NORGES BANK
SEB AG
VANGUARD
DEUTSCHE BANK AG
FMR LLC
BNP PARIBAS INV PART
AMUNDI
ADIG INVESTMENT
JP MORGAN
MERCURY ASSET MANAGE
UBS
SEB
NEW YORK LIFE INVEST
Firm Name
Bankhaus Lampe
Goldman Sachs
AlphaValue
JPMorgan
Day by Day
Deutsche Bank
Morgan Stanley
Exane BNP Paribas
Kepler Cheuvreux
Baader Bank
Jefferies
DZ Bank AG
Societe Generale
Hamburger Sparkasse
Bankhaus Metzler
Redburn Partners
Barclays
Nord/LB
Credit Suisse
UBS
HSBC
Macquarie
Nomura
S&P Capital IQ
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
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
HEIKO FEBER
MICHAEL RAE
JEREMY REDENIUS
MARTIN SCHNEE
MARTIN EVANS
PAUL W SATCHELL
VALERIE GASTALDY
TIMOTHY JONES
PAUL R WALSH
JAMES KNIGHT
OLIVER SCHWARZ
MARKUS MAYER
NORBERT BARTH
LAURENCE ALEXANDER
LUTZ GRUETEN
ULLE WORNER
PETER SPENGLER
PETER CLARK
MARCO GUENTHER
LARS HETTCHE
NADESHDA DEMIDOVA
TONY JONES
ANDREAS HEINE
THORSTEN STRAUSS
CHRIS COUNIHAN
THOMAS GILBERT
GEOFF HAIRE
CHRISTIAN FAITZ
JEAN DE WATTEVILLE
JACOB THRANE
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
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
Sell/Neutral
outperform
reduce
underweight
sell
buy
buy
Overwt/In-Line
outperform
hold
buy
buy
hold
buy
buy
buy
hold
buy
sell
hold
neutral
overweight
hold
neutral
neutral
overweight
neutral
hold
neutral
hold
outperform
hold
hold
neutral
sell
hold
buy
buy
Amt Held
63'927'154
27'715'437
16'676'000
12'879'295
12'487'374
12'209'016
8'052'384
7'232'854
6'376'342
6'352'357
3'859'404
3'751'210
3'286'191
3'134'430
2'998'182
2'822'656
2'721'026
2'436'248
2'086'640
1'827'677
% Out
6.96
3.02
1.82
1.4
1.36
1.33
0.88
0.79
0.69
0.69
0.42
0.41
0.36
0.34
0.33
0.31
0.3
0.27
0.23
0.2
Weighting
Change
5
1
5
2
1
1
5
5
5
5
3
5
5
3
5
5
5
3
5
1
3
3
5
3
3
3
5
3
3
3
3
5
3
3
3
1
3
5
5
M
M
M
D
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
U
M
M
U
M
M
M
M
Latest Chg
3'046'200
294'832
633'032
(302'145)
(236'152)
(1'440'549)
223'419
167'687
(135'462)
(3'223'371)
249'370
289'671
4'560
(20'952)
(153'300)
248'150
817'335
Target Price
75
68
86
70
54
60
77
79
78
73
79
80
75
74
78
78
81
70
#N/A N/A
61
72
#N/A N/A
79
70
73
70
82
68
77
82
72
75
#N/A N/A
60
#N/A N/A
71
64
81
60
File Dt
30.08.2013
19.06.2013
30.06.2013
29.04.2013
30.06.2013
30.06.2013
31.07.2013
31.07.2013
30.06.2013
31.07.2013
31.07.2013
31.05.2013
30.04.2013
30.04.2013
30.06.2013
30.08.2013
30.08.2013
30.04.2013
30.04.2013
30.06.2013
Date
12 month
12 month
12 month
6 month
15 month
12 month
3 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 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
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Government
Investment Advisor
Unclassified
Unclassified
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
Insurance Company
Date
02.09.2013
30.08.2013
30.08.2013
29.08.2013
23.08.2013
23.08.2013
23.08.2013
22.08.2013
22.08.2013
22.08.2013
15.08.2013
13.08.2013
07.08.2013
07.08.2013
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
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
01.07.2013
06.06.2013
15.04.2013
08.04.2013
15.02.2013
26.10.2012
05.01.2012
29.10.2010
03.09.2013
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 (03.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BAYN GY EQUITY YTD Change
BAYN GY EQUITY YTD % CHANGE
12/2012
06/yy
91.03
61.58
253'683.00
85.5
-6.07%
38.84%
81.70%
826.9
70'704.04
9'532.00
0.0
100.0
2'551.00
79'631.04
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
o-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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%
23.2%
16.0%
6.2%
1.45
0.76
18.57%
51.61%
4.58
2.77
Price/ Cash Flow
n-12
d-12
j-13
LTM
06/yy
38'081.0
5.12x
9'332.0
5.86x
2'560.0
18.24x
f-13 m-13
06/yy
40'153.0
6.96x
9'296.0
8.24x
2'903.0
23.30x
a-13 m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.92
801.82
39.44%
21.77%
0.924
37
3.973
1'790'783
1'648'020
1'948'341
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
40'870.1
43'113.1
9'955.6
10'333.4
1.89x
1.74x
8'535.7
9'390.6
1'838.0
2'015.0
9.34x
8.49x
4'691.1
5'326.1
847.5
1'094.0
14.86x
13.18x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.04.2008
APOS
11.07.2006
A-2
12.11
9.52
0.95
1.22
51.6%
33.9%
0.76
4.06
79.64
131.78
70.17
119.75
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
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
s-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
03.09.2013
Bayer AG
Holdings By:
All
Holder Name
BLACKROCK
SEB
UBS
CREDIT SUISSE GROUP
NORGES BANK
FMR LLC
VANGUARD
DODGE & COX
SUN LIFE FINANCIAL I
MORGAN STANLEY
DEUTSCHE BANK AG
SOCIETE GENERALE SA
Firm Name
Bryan Garnier & Cie
Helvea
AlphaValue
Societe Generale
Day by Day
Barclays
DZ Bank AG
Morgan Stanley
Hamburger Sparkasse
Berenberg Bank
Jefferies
Kepler Cheuvreux
Goldman Sachs
Credit Suisse
JPMorgan
Natixis
Exane BNP Paribas
Liberum Capital Ltd
Deutsche Bank
Nord/LB
Macquarie
Bankhaus Metzler
S&P Capital IQ
Main First Bank AG
Ahorro Corporacion Financiera SA
Redburn Partners
EVA Dimensions
Nomura
National Bank AG
UBS
Banco Sabadell
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
MARTIAL DESCOUTURES
ODILE RUNDQUIST
JEREMY REDENIUS
MARTIN SCHNEE
STEPHEN MCGARRY
VALERIE GASTALDY
ULLE WORNER
MARK PURCELL
PETER SPENGLER
AMY WALKER
MARCO GUENTHER
MARIETTA MIEMIETZ
ALISTAIR CAMPBELL
JEFFREY HOLFORD
FABIAN WENNER
DANIEL WENDORFF
STEVE CHESNEY
JOHANNA WALTON
RICHARD VOSSER
BEATRICE MUZARD
FLORENT CESPEDES
NARESH CHOUHAN
TIM RACE
THORSTEN STRAUSS
CHRISTIAN FAITZ
ULRICH HUWALD
SEBASTIAN FRERICKS
SHO MATSUBARA
RONALD KOEHLER
JOSE VALLE
TEAM COVERAGE
TIMOTHY STANISH
JEAN DE WATTEVILLE
EKKEHARD D LINK
ANDREW WHITNEY
MARTA DIAZ
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG
ULT-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
neutral
hold
market perform
reduce
sell
buy
buy
equalweight
buy
Equalwt/Attractive
hold
accumulate
hold
buy
hold
buy
Buy/Neutral
outperform
overweight
hold
buy
outperform
buy
buy
sell
outperform
hold
buy
buy
outperform
buy
neutral
overweight
not rated
hold
neutral
buy
Amt Held
70'782'655
69'994'844
41'431'997
24'964'565
20'623'972
19'085'378
14'659'772
11'899'744
10'591'070
10'315'945
10'217'170
8'118'850
6'615'938
5'789'609
5'632'991
5'419'311
4'911'763
4'502'247
3'999'285
3'460'070
% Out
8.56
8.46
5.01
3.02
2.49
2.31
1.77
1.44
1.28
1.25
1.24
0.98
0.8
0.7
0.68
0.66
0.59
0.54
0.48
0.42
Weighting
Change
3
3
3
2
1
5
5
3
5
3
3
4
3
5
3
5
5
5
5
3
5
5
5
5
1
5
3
5
5
5
5
3
5
#N/A N/A
3
3
5
M
M
M
M
M
U
M
U
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
(729'000)
925'445
(196'834)
96'459
(72'585)
216'614
(288'800)
345'762
(41'508)
(38'658)
(22'295)
(280'997)
433'330
17'121
(1'026'192)
80'895
(739'811)
Target Price
88
90
78
83
79
95
97
85
95
95
#N/A N/A
75
97
100
84
97
105
95
100
91
98
93
110
99
69
88
89
87
96
90
91
#N/A N/A
#N/A N/A
#N/A N/A
80
82
#N/A N/A
File Dt
30.06.2013
30.08.2013
26.04.2013
30.08.2013
15.05.2013
31.12.2012
31.07.2013
30.06.2013
30.06.2013
30.06.2013
30.06.2013
28.06.2013
30.08.2013
31.07.2013
30.06.2013
31.07.2013
30.06.2013
10.05.2013
30.06.2013
31.07.2013
Date
6 month
12 month
12 month
6 month
12 month
3 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
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
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Unclassified
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
02.09.2013
02.09.2013
30.08.2013
29.08.2013
27.08.2013
23.08.2013
16.08.2013
16.08.2013
15.08.2013
14.08.2013
08.08.2013
07.08.2013
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
01.07.2013
24.06.2013
14.06.2013
06.06.2013
17.04.2013
12.04.2013
22.03.2013
05.03.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BBZA GY EQUITY YTD Change
BBZA GY EQUITY YTD % CHANGE
03/yy
104.15
66.85
3'031.00
99
-4.94%
48.09%
87.26%
13.0
1'287.00
1'720.58
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
.1 M
.1 M
40
.0 M
20
.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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
s-13
0.67
39.79%
42.16%
0.674
5
4.600
16'798
13'497
14'193
FY+1
FY+2
FQ+1
12/08 Y
12/09 Y
S&P Issuer Ratings
FQ+2
-

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1'800.0
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
03.09.2013
BB Biotech AG
Holdings By:
All
Holder Name
BIOTECH TARGET NV
DEUTSCHE BANK AG
BLACKROCK
VANGUARD
LAZARD ASSET MANAGEM
SCHRODER INVESTMENT
FIL LIMITED
OFI ASSET MGMT
PRUDENTIAL FINANCIAL
HAUCK & AUFHAUSER IN
HANSAINVEST GMBH
MUNDER CAPITAL MANAG
HAUCK & AUFHAEUSER I
BAYERNINVEST LUXEMBO
KBC GROUP NV
BNY MELLON SERVICE K
JULIUS BAER ASSET MA
Firm Name
Deutsche Bank
Equita SIM SpA
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
HOLGER BLUM
MARIETTA MIEMIETZ
IVO VISIC
MARTINO DEAMBROGGI
Source
EXCH
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
hold
buy
Amt Held
1'247'797
442'245
190'000
136'138
80'233
64'000
52'636
42'504
32'729
30'000
15'260
12'000
10'550
10'500
10'000
10'000
9'764
5'856
5'798
5'600
% Out
9.6
3.4
1.46
1.05
0.62
0.49
0.4
0.33
0.25
0.23
0.12
0.09
0.08
0.08
0.08
0.08
0.08
0.05
0.04
0.04
Weighting
Change
5
5
5
3
5
Latest Chg
(26'265)
(933'153)
956
67'588
31'715
32'729
7'400
10'500
3'964
(10)
-
Target Price
M
M
M
M
M
133
115
111
107
108
File Dt
19.06.2013
17.06.2013
30.04.2013
30.08.2013
30.06.2013
30.04.2013
07.08.2013
30.06.2013
31.10.2012
28.02.2013
28.06.2013
28.06.2013
28.03.2013
30.06.2012
28.03.2013
29.06.2012
28.03.2013
31.05.2013
31.07.2013
31.03.2013
Date
12 month
12 month
12 month
12 month
12 month
Inst Type
Investment Advisor
Other
Investment Advisor
Investment Advisor
Unclassified
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
13.08.2013
22.07.2013
19.07.2013
18.07.2013
25.03.2013
03.09.2013
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
06/yy
39.30
26.75
1'303.00
37.105
-5.59%
38.71%
83.67%
21.0
779.21
73.71
0.0
0.0
114.10
774.91
25
.1 M
20
.1 M
15
.0 M
10
.0 M
5
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'096.8
0.29x
102.3
5.90x
56.6
11.39x
102.27
80.52
3.84%
3.78%
6.91%
12.21%
11.06%
2.75%
15.2%
4.6%
3.6%
2.7%
1.89
1.45
8.72%
16.08%
7.80
18.59
Price/ Cash Flow
06/yy
2'064.7
1.11x
102.6
6.01x
58.1
10.50x
LTM
06/yy
2'146.4
1.26x
99.5
7.35x
53.9
13.62x
FY+1
.0 M
s-13
0.67
12.74
25.02%
24.36%
0.665
10
4.100
18'361
16'071
17'946
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'207.9
2'327.0
527.0
642.0
0.32x
0.29x
104.7
115.4
7.43x
6.74x
59.6
67.5
12.6
23.7
12.89x
11.38x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
31.08
21.40
-0.04
0.70
16.1%
13.9%
2.75
23.19
46.80
19.63
26.07
40.15
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
03.09.2013
Bechtle AG
Holdings By:
All
Holder Name
SCHICK KARIN
FLOSSBACH VON STORCH
DWS INVESTMENT GMBH
DEUTSCHE BANK AG
GOVERNMENT OF NORWAY
NORGES BANK
MORGAN STANLEY
FIL LIMITED
LLB FONDSLEITUNG AG
VANGUARD
LUXEMBOURGER KAPITAL
BLACKROCK
DWS INVESTMENTS
BARING FUND MANAGERS
JP MORGAN
DEUTSCHE POSTBANK CA
MAINFIRST SICAV
Firm Name
Deutsche Bank
DZ Bank AG
Hauck & Aufhaeuser
Bankhaus Metzler
Berenberg Bank
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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
ANDREAS WOLF
THOMAS M BECKER
UWE SCHUPP
MARKUS FRIEBEL
JASKO TERZIC
THOMAS HOFMANN
ULRICH TRABERT
BJOERN LIPPE
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
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
add
hold
hold
buy
buy
buy
sell
buy
overweight
buy
Amt Held
7'353'287
2'114'862
1'040'000
937'703
905'807
628'440
573'370
523'586
293'254
117'173
105'051
101'428
86'937
73'900
72'329
64'463
50'000
49'347
42'000
41'000
% Out
35.02
10.07
4.95
4.47
4.31
2.99
2.73
2.49
1.4
0.56
0.5
0.48
0.41
0.35
0.34
0.31
0.24
0.23
0.2
0.2
Weighting
Change
5
4
3
3
5
5
5
1
5
5
5
U
M
M
M
M
M
M
M
M
U
U
Latest Chg
(302'797)
33'023
5'927
95'023
36'428
(182)
1'373
(24'948)
-
Target Price
43
39
35
39
45
40
43
33
49
#N/A N/A
#N/A N/A
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
31.07.2013
31.10.2012
30.04.2013
30.06.2013
30.06.2013
28.06.2013
30.08.2013
30.04.2013
31.05.2013
30.04.2013
28.12.2012
28.02.2013
Date
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.08.2013
28.08.2013
15.08.2013
15.08.2013
15.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
27.03.2013
16.06.2011
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BEI GY EQUITY YTD Change
BEI GY EQUITY YTD % CHANGE
12/2012
06/yy
73.45
55.45
32'616.00
66.2
-9.87%
19.39%
60.17%
252.0
16'682.40
102.00
0.0
12.0
1'760.00
15'096.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
30
20
.5 M
10
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
6'040.0
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
s-13
0.63
99.64
16.04%
8.07%
0.627
38
2.895
318'732
374'446
420'588
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
6'232.6
6'581.4
1'529.4
1'538.6
2.35x
2.17x
956.3
1'057.0
251.0
218.0
15.79x
14.29x
14.71x
14.32x
526.1
605.0
123.0
121.0
28.46x
24.99x
29.06x
28.19x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
104.56
83.11
-1.59
0.10
3.1%
3.0%
1.09
9.23
73.14
123.15
173.18
20.34
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
03.09.2013
Beiersdorf AG
Holdings By:
All
Holder Name
MAXINGVEST AG
BEIERSDORF AG
BLACKROCK
ARTISAN PARTNERS HOL
NORGES BANK
DEUTSCHE BANK AG
VANGUARD
NATIXIS ASSET MANAGE
UNITED SERVICES AUTO
TIAA CREF INVESTMENT
SWEDBANK ROBUR FONDE
AMUNDI
CARMIGNAC GESTION
BANK OF NOVA SCOTIA
Firm Name
AlphaValue
Morgan Stanley
EVA Dimensions
Credit Suisse
Hamburger Sparkasse
DZ Bank AG
Societe Generale
Baader Bank
Raymond James
Bankhaus Metzler
Kepler Cheuvreux
Bryan Garnier & Cie
Natixis
Nomura
Exane BNP Paribas
SRH AlsterResearch
Deutsche Bank
Nord/LB
JPMorgan
Bankhaus Lampe
S&P Capital IQ
Barclays
Berenberg Bank
Liberum Capital Ltd
HSBC
Goldman Sachs
Main First Bank AG
Day by Day
UBS
Redburn Partners
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
ANDREAS RIEMANN
ANDREW WOOD
MARTIN SCHNEE
ERIK SJOGREN
CRAIG STERLING
NICOLAS SOCHOVSKY
MARCO GUENTHER
THOMAS MAUL
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
HAROLD THOMPSON
JULIA SIEKMANN
CELINE PANNUTI
BERND MUELL
LARS LUSEBRINK
MICHAEL GORNY
EDDY HARGREAVES
NADESHDA DEMIDOVA
CARL SHORT
IAIN SIMPSON
BASSEL CHOUGHARI
PABLO ZUANIC
CEDRIC BESNARD
ROSIE EDWARDS
GAEL COLCOMBET
VALERIE GASTALDY
EVA QUIROGA
WILLIAM HOUSTON
Source
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
add
underperform
sell
Overwt/In-Line
hold
neutral
sell
sell
hold
hold
market perform
buy
sell
hold
sell
reduce
buy
outperform
buy
buy
hold
underweight
hold
sell
hold
sell
sell
strong buy
underweight
Under Review
sell
underweight
sell/attractive
outperform
buy
buy
neutral
Amt Held
127'184'400
25'174'800
3'631'914
2'261'385
2'014'317
2'011'438
1'427'260
1'204'880
1'145'883
669'621
643'097
604'590
454'152
416'495
315'704
313'775
303'228
300'757
274'298
233'600
% Out
50.47
9.99
1.44
0.9
0.8
0.8
0.57
0.48
0.45
0.27
0.26
0.24
0.18
0.17
0.13
0.12
0.12
0.12
0.11
0.09
Weighting
Change
4
1
1
5
3
3
1
1
3
3
3
5
1
3
1
2
5
5
5
5
3
1
3
1
3
1
1
5
1
#N/A N/A
1
1
1
5
5
5
3
M
M
M
M
U
M
M
M
M
D
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
Latest Chg
50'752
67'456
53'680
500
(103'455)
(22'604)
80'171
19'350
(71'657)
(1'182)
(4'245)
22'583
(93'000)
5'516
(8'000)
(51'009)
216'900
Target Price
77
62
54
78
#N/A N/A
68
#N/A N/A
56
70
71
#N/A N/A
85
52
70
65
61
72
78
80
85
68
63
68
65
71
55
52
79
58
#N/A N/A
#N/A N/A
60
66
80
73
75
#N/A N/A
File Dt
31.12.2012
31.12.2012
30.08.2013
31.03.2013
31.12.2012
30.06.2013
31.12.2012
28.06.2013
30.06.2013
28.03.2013
31.05.2013
28.02.2013
30.06.2013
30.06.2013
30.04.2013
30.04.2013
31.03.2013
30.04.2013
28.06.2013
28.03.2013
Date
6 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
15 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
3 month
12 month
Not Provided
Inst Type
Unclassified
Corporation
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
Investment Advisor
Bank
Date
30.08.2013
29.08.2013
29.08.2013
14.08.2013
14.08.2013
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
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
19.07.2013
12.07.2013
24.06.2013
14.06.2013
23.04.2013
19.04.2013
05.12.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BMW GY EQUITY YTD Change
BMW GY EQUITY YTD % CHANGE
12/2012
06/yy
76.16
54.35
139'945.00
72.5
-4.81%
33.39%
84.41%
602.0
46'628.57
69'507.00
0.0
107.0
12'982.00
104'104.58
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
10
0
s-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
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
1.14
323.27
31.27%
2.87%
1.143
38
3.921
1'300'211
1'283'422
1'593'268
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
78'110.5
81'788.5
19'425.0
21'750.0
0.44x
0.41x
12'649.8
13'095.3
8.23x
7.95x
5'183.7
5'272.3
9.23x
8.95x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
o-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
s-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
03.09.2013
Bayerische Motoren Werke AG

Holdings By:
All
Holder Name
QUANDT STEFAN
QUANDT JOHANNA
KLATTEN SUSANNE
BLACKROCK
NORGES BANK
DODGE & COX
VANGUARD
WADDELL & REED FINAN
FIL LIMITED
FMR LLC
DEUTSCHE BANK AG
BESTINVER GESTION SG
SEB
UBS
Firm Name
Exane BNP Paribas
AlphaValue
DZ Bank AG
Barclays
Day by Day
Macquarie
Baader Bank
Hamburger Sparkasse
Goldman Sachs
Nord/LB
Societe Generale
JPMorgan
Oddo & Cie
Kepler Cheuvreux
Natixis
Deutsche Bank
Morgan Stanley
Bankhaus Lampe
Bankhaus Metzler
S&P Capital IQ
HSBC
Main First Bank AG
Redburn Partners
Dr. Kalliwoda Equity Research
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
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
BESTINVER INTERNACIO
n/a
n/a
Analyst
RABIH FREIHA
MAX WARBURTON
HANS-PETER WODNIOK
MICHAEL PUNZET
KRISTINA CHURCH
VALERIE GASTALDY
CHRISTIAN BREITSPRECHER
KLAUS BREITENBACH
TINA HECKING-VELTMAN
STEFAN BURGSTALLER
FRANK SCHWOPE
PHILIPPE BARRIER
DANIEL SCHWARZ
JOSE ASUMENDI
FRANCOIS MAURY
MICHAEL RAAB
GEORGES DIENG
JOCHEN GEHRKE
LAURA LEMBKE
FRANK BILLER
ZAFER RUZGAR
CHRISTIAN LUDWIG
MARC-RENE TONN
JUERGEN PIEPER
TIM SCHULDT
RODERICK BRIDGE
HORST SCHNEIDER
LOTHAR LUBINETZKI
CHARLES WINSTON
NORBERT KALLIWODA
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
ULT-AGG
13F
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-PART
ULT-AGG
ULT-AGG
Recommendation
neutral
outperform
buy
buy
overweight
buy
neutral
buy
buy
neutral/attractive
sell
buy
add
neutral
reduce
buy
neutral
hold
Equalwt/In-Line
hold
buy
buy
buy
sell
buy
buy
neutral
outperform
buy
buy
buy
buy
hold
neutral
neutral
accumulate
Amt Held
104'747'161
98'125'214
75'851'392
36'816'900
14'432'872
13'010'155
7'619'900
4'993'700
4'734'485
4'200'666
4'045'326
3'907'100
3'653'642
2'666'311
2'176'599
2'136'927
2'028'301
1'800'497
1'380'299
1'350'171
% Out
17.4
16.3
12.6
6.12
2.4
2.16
1.27
0.83
0.79
0.7
0.67
0.65
0.61
0.44
0.36
0.35
0.34
0.3
0.23
0.22
Weighting
Change
3
5
5
5
5
5
3
5
5
3
1
5
4
3
2
5
3
3
3
3
5
5
5
1
5
5
3
5
5
5
5
5
3
3
3
4
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
M
N
M
M
U
M
D
M
Latest Chg
143'153
(1'906'900)
891'400
4'993'700
4'660'332
38'312
541'749
(4'537'600)
15'310
(188'230)
(811'395)
(317)
(341'910)
123'139
(7'152)
Target Price
76
90
89
80
80
80
80
80
#N/A N/A
85
64
83
87
78
63
88
77
68
79
72
90
80
84
68
88
80
79
100
#N/A N/A
82
87
83
#N/A N/A
71
73
66
File Dt
31.12.2012
31.12.2012
31.12.2012
30.08.2013
31.12.2012
30.06.2013
30.06.2013
30.06.2013
31.07.2013
30.06.2013
30.06.2013
30.06.2013
31.03.2013
30.04.2013
30.06.2013
31.07.2013
28.06.2013
31.03.2013
30.04.2013
30.08.2013
Date
Not Provided
12 month
6 month
Not Provided
Not Provided
3 month
12 month
12 month
Not Provided
12 month
12 month
12 month
6 month
15 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Date
02.09.2013
30.08.2013
29.08.2013
27.08.2013
27.08.2013
23.08.2013
22.08.2013
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
29.07.2013
23.07.2013
14.06.2013
13.06.2013
30.04.2013
09.04.2013
21.03.2013
20.03.2013
18.02.2013
29.10.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BNR GY EQUITY YTD Change
BNR GY EQUITY YTD % CHANGE
12/2012
06/yy
132.30
90.26
15'914.00
117.25
-11.38%
29.90%
63.25%
51.5
6'038.38
1'829.50
0.0
28.8
362.20
7'627.68
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
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
9'689.9
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
n-12
d-12
j-13
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
f-13 m-13
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.69
49.38
24.60%
20.37%
0.687
18
3.333
82'446
102'619
104'960
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
9'994.3
10'507.8
2'596.0
2'596.0
0.75x
0.69x
717.1
779.8
187.0
191.0
10.67x
9.81x
334.8
380.4
87.5
88.9
17.97x
15.71x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
7'379.6
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
03.09.2013
Brenntag AG
Holdings By:
All
Holder Name
BLACKROCK
AMERIPRISE FINANCIAL
BANKHAUS LAMPE
THREADNEEDLE INVESTM
UBS
THREADNEEDLE ASSET M
LONGVIEW PARTNERS (G
PAULSON & CO
FMR LLC
NORGES BANK
DEUTSCHE BANK AG
SCHRODER INVESTMENT
Firm Name
Credit Suisse
Nord/LB
EVA Dimensions
Exane BNP Paribas
Kepler Cheuvreux
Bankhaus Metzler
DZ Bank AG
Deutsche Bank
Goldman Sachs
UBS
Bankhaus Lampe
Berenberg Bank
JPMorgan
Hauck & Aufhaeuser
Main First Bank AG
HSBC
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
Multiple Portfolios
Analyst
GEORG REMSHAGEN
DAVID RIGBY
THORSTEN STRAUSS
TIMOTHY STANISH
GERHARD ORGONAS
MARKUS MAYER
LARS HETTCHE
THOMAS MAUL
ANDY CHU
CHARLES WILSON
RORY MCKENZIE
HEIKO FEBER
CHRISTIAN COHRS
SIMON MEZZANOTTE
ROBERT PLANT
THOMAS WISSLER
CHRISTIAN KORTH
JESKO MAYER-WEGELIN
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
hold
outperform
hold
underweight
outperform
buy
sell
sell
buy
Buy/Neutral
buy
buy
sell
hold
overweight
hold
underperform
neutral
Amt Held
4'218'045
2'763'932
2'590'260
2'093'922
1'894'851
1'834'895
1'653'617
1'624'063
1'597'984
1'552'555
1'539'263
1'523'469
1'508'609
1'506'085
1'270'423
1'209'437
993'438
867'209
703'939
622'614
% Out
8.19
5.37
5.03
4.07
3.68
3.56
3.21
3.15
3.1
3.01
2.99
2.96
2.93
2.92
2.47
2.35
1.93
1.68
1.37
1.21
Weighting
Change
3
5
3
1
5
5
1
1
5
5
5
5
1
3
5
3
1
3
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
D
D
Latest Chg
26'659
57'385
252'410
73
10'906
7'333
(48'017)
(5'372)
11'751
Target Price
126
130
126
#N/A N/A
132
143
90
105
130
153
135
135
106
121
147
117
112
132
File Dt
Inst Type
30.08.2013
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
28.06.2013
Unclassified
19.09.2012
Investment Advisor
01.03.2013
Investment Advisor
12.06.2013
Investment Advisor
05.04.2013
Investment Advisor
02.04.2013
Investment Advisor
24.05.2013
Investment Advisor
31.07.2013
Investment Advisor
31.12.2012
Government
28.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
Date
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Date
30.08.2013
21.08.2013
15.08.2013
15.08.2013
14.08.2013
13.08.2013
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
01.08.2013
03.09.2013
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 (02.09.2013)
52-Week Low (26.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BOSS GY EQUITY YTD Change
BOSS GY EQUITY YTD % CHANGE
12/2012
06/yy
94.65
65.00
14'809.00
93.91
-0.78%
44.48%
97.81%
70.4
6'611.26
395.44
0.0
24.6
281.15
6'857.66
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
o-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'345.9
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
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
2'379.0
9.63x
531.0
11.44x
307.1
18.97x
a-13 m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.78
29.59
29.75%
21.95%
0.780
31
3.903
129'250
117'120
129'086
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'493.4
2'709.0
704.7
662.7
2.68x
2.44x
571.5
644.7
192.0
157.0
11.97x
10.61x
344.7
395.6
123.5
85.3
18.87x
16.45x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.04
10.10
0.41
0.64
64.5%
38.3%
1.70
7.54
33.65
201.42
106.75
120.96
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
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
s-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
03.09.2013
Hugo Boss AG
Holdings By:
All
Holder Name
RED & BLACK LUX SARL
HUGO BOSS AG
DEUTSCHE BANK AG
FIL LIMITED
BLACKROCK
NORGES BANK
VANGUARD
MEDITOR CAPITAL MANA
MARSHALL WACE LLP
JO HAMBRO CAPITAL MA
PICTET FUNDS
DANSKE INVEST MANAGE
DANSKE INVEST A/S
INVESCO LTD
FIDELITY INVESTMENT
ADIG INVESTMENT
Firm Name
Deutsche Bank
Bankhaus Lampe
Nomura
Hamburger Sparkasse
EVA Dimensions
Societe Generale
Baader Bank
Hauck & Aufhaeuser
Berenberg Bank
Morgan Stanley
Nord/LB
Credit Suisse
JPMorgan
Main First Bank AG
Exane BNP Paribas
Barclays
SRH AlsterResearch
Bankhaus Metzler
BHF-Bank
DZ Bank AG
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
n/a
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
ULT-AGG
Short
Short
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
WARWICK OKINES
hold
MICHAEL GORNY
hold
FRASER RAMZAN
neutral
CHRISTIAN HAMANN
hold
CRAIG STERLING
hold
BERND MUELL
buy
VISHNU REDDY
buy
VOLKER BOSSE
buy
LARS LUSEBRINK
buy
buy
ANNA PATRICE
buy
MARTIN DECOT
hold
INGBERT FAUST
hold
ANDREAS RIEMANN
hold
LOUISE SINGLEHURST
Overwt/In-Line
WOLFGANG VASTERLING
buy
ROGERIO FUJIMORI
neutral
MELANIE A FLOUQUET
neutral
JOERG PHILIPP FREY
hold
MATTHIAS EIFERT
outperform
ANDREAS INDERST
outperform
JULIAN EASTHOPE
underweight
NEIL SCHMODDE
buy
SEBASTIAN FRERICKS
buy
PETER STEINER
market weight
HERBERT STURM
buy
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
805'597
1.14
792'562
1.13
776'842
1.1
651'017
0.92
429'402
0.61
346'342
0.49
(344'960) -0.49
(337'920) -0.48
308'345
0.44
286'159
0.41
277'642
0.39
244'529
0.35
236'171
0.34
159'903
0.23
151'221
0.21
140'000
0.2
Weighting
Change
3
3
3
3
3
5
5
5
5
5
5
3
3
3
5
5
3
3
3
5
5
1
5
5
3
5
5
3
5
1
M
M
M
M
U
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
N
Latest Chg
157
128'019
11'955
72'870
(23'859)
(48'650)
73'859
49'280
14'080
25'457
(457)
68'867
37'178
1'688
2'130
(20'000)
Target Price
96
92
90
#N/A N/A
#N/A N/A
102
102
100
103
95
102
94
88
86
110
98
88
93
96
100
97
89
105
96
93
102
110
107
96
65
File Dt
Inst Type
03.05.2013
Private Equity
31.12.2012
Corporation
28.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012
Investment Advisor
30.08.2013
Investment Advisor
31.12.2012
Government
30.04.2013
Investment Advisor
30.06.2013
Unclassified
19.04.2013
Investment Advisor
31.12.2012
Investment Advisor
30.04.2013
Investment Advisor
28.06.2013
Investment Advisor
31.05.2013
Investment Advisor
30.08.2013
Investment Advisor
31.12.2012
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
12 month
Not Provided
15 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Date
02.09.2013
27.08.2013
23.08.2013
13.08.2013
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
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
08.03.2013
27.02.2013
07.02.2013
02.10.2012
03.09.2013
BayWa AG
BayWa AG provides trading, logistics and supplementary services in its core
segments of agriculture, building materials and energy. The Company trades in
agricultural equipment and resources, heating oil, diesel, wood pellets,
lubricants, and building materials. BayWa offers its services to the building
contractors, garden centers, gas stations, the food industry.
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BYW6 GY EQUITY YTD Change
BYW6 GY EQUITY YTD % CHANGE
12/2011
06/yy
39.61
30.06
8'651.00
36.51
-7.83%
21.48%
66.56%
33.2
1'262.76
1'546.90
0.0
223.4
85.18
3'067.78
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
.1 M
5
0
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
10'531.1
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%
2.9%
2.0%
0.9%
1.36
0.36
34.70%
179.51%
-
Price/ Cash Flow
n-12
d-12
j-13
LTM
06/yy
10'130.8
0.97x
274.5
9.44x
43.0
24.25x
f-13 m-13
06/yy
13'672.6
0.93x
394.8
8.03x
149.5
9.07x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.62
24.55
17.50%
13.95%
0.620
14
4.286
58'254
35'118
30'246
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
15'944.0
16'616.0
4'417.0
4'594.0
0.19x
0.19x
371.2
373.0
98.0
103.0
8.26x
8.22x
118.4
110.9
32.0
39.0
11.55x
11.07x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.80
2.53
3.95
4.17
179.5%
58.8%
2.81
11.78
-
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
8'794.6
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
03.09.2013
BayWa AG
Holdings By:
All
Holder Name
BAYERISCHE RAIFFEISE
RAIFFEISEN AGRAR INV
SKAGEN AS
ADIG INVESTMENT
NORGES BANK
BLACKROCK
UBS INVEST KAG
VANGUARD
RUFFER LLP
UNION INVESTMENT LUX
AMUNDI LUXEMBOURG SA
NORDINVEST FUND MANA
MEAG LUXEMBOURG SARL
CREUTZ & PARTNERS GL
HANSAINVEST GMBH
JP MORGAN
Firm Name
Hauck & Aufhaeuser
EVA Dimensions
Nord/LB
Bankhaus Lampe
Hamburger Sparkasse
Berenberg Bank
Baader Bank
Main First Bank AG
Deutsche Bank
Steubing AG
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
DENNIS SCHMITT
NILS-PETER FITZL
TIMOTHY STANISH
IGOR KIM
OLIVER SCHWARZ
HEINO HAMMANN
MARC GABRIEL
CHRISTIAN HAMANN
BJOERN LIPPE
CHRISTIAN WEIZ
THOMAS SWOBODA
JOHANNES SCHALLER
MICHAEL SCHAEFER
NORBERT KALLIWODA
MICHAEL SCHATZSCHNEIDER
Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
buy
underweight
buy
hold
buy
buy
buy
buy
hold
outperform
hold
buy
buy
buy
Amt Held
12'922'982
8'654'367
508'435
417'000
416'251
247'136
153'317
90'000
82'405
61'941
42'750
33'096
24'000
19'672
18'500
18'302
16'200
13'500
12'237
11'250
% Out
38.91
26.06
1.53
1.26
1.25
0.74
0.46
0.27
0.25
0.19
0.13
0.1
0.07
0.06
0.06
0.06
0.05
0.04
0.04
0.03
Weighting
Change
5
5
1
5
3
5
5
5
5
3
5
3
5
5
5
M
M
U
M
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
236
(10'000)
6'334
316
24'000
(1'422)
186
(3'800)
(610)
(10'119)
Target Price
45
46
#N/A N/A
43
40
43
44
#N/A N/A
45
43
42
39
45
33
40
File Dt
31.12.2012
31.12.2012
31.07.2013
30.04.2013
31.12.2012
28.02.2013
30.08.2013
31.05.2013
30.06.2013
30.04.2013
28.02.2013
28.03.2013
28.03.2013
30.04.2013
28.03.2013
30.08.2013
30.12.2011
30.08.2013
28.03.2013
30.04.2013
Date
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Inst Type
Holding Company
Other
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
Investment Advisor
Investment Advisor
Date
30.08.2013
30.08.2013
19.08.2013
15.08.2013
12.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
13.05.2013
13.05.2013
19.09.2012
10.01.2011
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CBK GY EQUITY YTD Change
CBK GY EQUITY YTD % CHANGE
12/2012
06/yy
12.96
5.56
1'698'357.00
8.914
-31.23%
60.38%
45.06%
1'138.5
10'148.65
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
70.0 M
12
60.0 M
10
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
s-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
-
n-12
d-12
j-13
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
f-13 m-13
06/yy
19'078.0
0.00x
0.0
0.00x
(689.0)
0.00x
a-13 m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
1.28
944.45
-4.19%
-16.89%
1.278
35
3.000
14'916'220
12'988'660
13'378'170
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
9'548.3
9'893.8
2'464.7
2'967.0
431.0
894.9
214.7
227.0
24.29x
11.21x
22.46x
17.58x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.05.2013
ANEG
28.05.2013
A-2
990.7%
89.7%
0.03
12.74
-
1.20
30'000.0
1.00
25'000.0
0.80
20'000.0
0.60
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
03.09.2013
Commerzbank AG
Holdings By:
All
Holder Name
FEDERAL REPUBLIC OF
BLACKROCK
VANGUARD
NORGES BANK
MARSHALL WACE LLP
DEUTSCHE BANK AG
SAC GLOBAL INVESTORS
CITIGROUP INCORPORAT
STATE STREET
UBS INVEST KAG
CREDIT SUISSE AG
FMR LLC
PRUDENTIAL OF AMERIC
UBS
SNS INVESTMENT FUND
Firm Name
AlphaValue
Bankhaus Lampe
Bankhaus Metzler
Hamburger Sparkasse
Exane BNP Paribas
Macquarie
Barclays
EVA Dimensions
Main First Bank AG
Societe Generale
Mediobanca SpA
RBC Capital Markets
Credit Suisse
Deutsche Bank
Nord/LB
Oddo & Cie
Nomura
S&P Capital IQ
DZ Bank AG
HSBC
UBS
JPMorgan
Grupo Santander
Goldman Sachs
Makor Capital
Morgan Stanley
Kepler Cheuvreux
Berenberg Bank
Natixis
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
STEFAN BONGARDT
DIETER HEIN
NEIL SMITH
GUIDO HOYMANN
PHILIPP HAESSLER
CHRISTIAN HAMANN
GUILLAUME TIBERGHIEN
THOMAS STOEGNER
KIRI VIJAYARAJAH
DOUG WALTERS
KILIAN MAIER
PHILIP RICHARDS
RICCARDO ROVERE
ANKE REINGEN
MAXENCE LE GOUVELLO
MATT SPICK
MICHAEL SEUFERT
INGO FROMMEN
JEAN SASSUS
OMAR KEENAN
FRANK BRADEN
CHRISTOPH BAST
RONNY REHN
JOHANNES THORMANN
MATTEO RAMENGHI
JAIME BECERRIL
TANIA GOLD
MARTIN LEITGEB
ALBERT SAPORTA
FRANCESCA TONDI
ANDREAS PLAESIER
DIRK BECKER
NICK ANDERSON
ALEX KOAGNE
Source
Research
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Short
ULT-AGG
Short
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
sell
reduce
buy
buy
buy
sell
outperform
neutral
underweight
overweight
outperform
sell
neutral
sector perform
neutral
hold
hold
hold
reduce
reduce
hold
sell
market perform
overweight
neutral
neutral
hold
neutral/neutral
buy
Underwt/In-Line
hold
reduce
sell
dropped coverage
Amt Held
% Out
193'546'183
17
57'632'719
5.06
35'794'946
3.14
10'803'690
0.95
9'457'083
0.83
(3'643'222) -0.32
2'013'297
0.18
(1'480'059) -0.13
1'320'293
0.12
1'252'507
0.11
1'223'715
0.11
1'092'000
0.1
1'077'140
0.09
1'056'602
0.09
1'003'055
0.09
934'131
0.08
700'513
0.06
674'200
0.06
663'099
0.06
516'654
0.05
Weighting
1
2
5
5
5
1
5
3
1
5
5
1
3
3
3
3
3
3
2
2
3
1
3
5
3
3
3
3
5
1
3
2
1
#N/A N/A
Change
M
M
M
U
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
Latest Chg
6'232'942
2'277'014
3'766'504
(18'410)
1'092'000
489'879
19'633
(300'000)
934'131
374'049
426'310
(307'315)
516'543
Target Price
7
8
11
14
10
#N/A N/A
9
9
8
#N/A N/A
9
7
8
9
9
9
8
8
6
7
8
4
8
9
7
9
7
10
13
8
8
5
6
#N/A N/A
File Dt
Inst Type
29.05.2013
Government
22.07.2013
Investment Advisor
30.08.2013
Investment Advisor
30.06.2013
Unclassified
31.12.2012
Government
28.06.2013
Investment Advisor
15.05.2013
Investment Advisor
03.09.2013
Investment Advisor
29.05.2013
Investment Advisor
30.08.2013
Investment Advisor
31.05.2013
Investment Advisor
31.05.2013
Investment Advisor
31.07.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Insurance Company
21.08.2013
Investment Advisor
28.06.2013
Unclassified
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
Date
12 month
6 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
15 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
30.08.2013
29.08.2013
26.08.2013
23.08.2013
23.08.2013
20.08.2013
16.08.2013
14.08.2013
14.08.2013
14.08.2013
12.08.2013
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
01.08.2013
26.07.2013
24.07.2013
24.07.2013
22.07.2013
19.07.2013
04.07.2013
17.05.2013
15.05.2013
14.05.2013
07.05.2013
07.08.2010
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CLS1 GY EQUITY YTD Change
CLS1 GY EQUITY YTD % CHANGE
12/2012
06/yy
18.00
12.81
66'073.00
16.16
-10.22%
26.20%
63.04%
170.1
2'748.82
2'082.90
0.0
34.3
523.90
4'385.02
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
o-12
n-12
d-12
j-13
f-13 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
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
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
22'270.8
0.17x
612.6
6.22x
(156.1)
21.74x
612.60
440.20
1.98%
0.96%
1.37%
4.98%
7.30%
2.69%
10.9%
3.0%
2.2%
-0.7%
1.42
0.78
26.27%
96.36%
9.84
12.45
Price/ Cash Flow
LTM
06/yy
22'347.4
0.68x
524.5
7.82x
(144.8)
30.63x
06/yy
21'752.7
0.76x
646.1
6.92x
110.6
17.73x
FY+1
.0 M
s-13
0.87
85.02
13.13%
26.18%
0.874
21
3.476
299'900
395'629
516'397
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
21'428.8
21'734.9
5'207.5
5'398.5
0.21x
0.20x
557.2
602.8
145.0
154.0
7.87x
7.28x
182.5
222.0
51.1
54.1
14.96x
12.55x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.72
1.38
2.48
3.13
96.4%
48.7%
2.69
42.11
37.09
29.33
44.44
21.36
18.00
25'000.0
16.00
20'000.0
14.00
12.00
15'000.0
10.00
8.00
10'000.0
6.00
5'000.0
4.00
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
01.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
03.09.2013
Celesio AG
Holdings By:
All
Holder Name
FRANZ HANIEL & CIE G
BLACKROCK
FRANKLIN RESOURCES
AKO CAPITAL LLP
NORGES BANK
FIDEURAM GESTIONS SA
VANGUARD
DWS INVESTMENTS
ADELPHI CAPITAL LLP
STATE STREET
DEUTSCHE BANK AG
BANQUE DEGROOF
Firm Name
AlphaValue
Nord/LB
Jefferies
Berenberg Bank
Main First Bank AG
DZ Bank AG
Exane BNP Paribas
Deutsche Bank
Morgan Stanley
Kepler Cheuvreux
Bankhaus Metzler
EVA Dimensions
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
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
KONRAD LIEDER
EILEEN RYAN
ULRICH HUWALD
THORSTEN STRAUSS
JAMES VANE-TEMPEST
SCOTT BARDO
MARCUS WIEPRECHT
BARBARA AMBRUS
THOMAS MAUL
ANDREAS INDERST
HOLGER BLUM
MICHAEL K JUNGLING
LARS LUSEBRINK
OLIVER REINBERG
STEFAN WIMMER
TIMOTHY STANISH
VOLKER BRAUN
IAN DOUGLAS-PENNANT
TOBIAS SCHMIDT
KLAUS SCHLOTE
Source
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
accumulate
reduce
buy
hold
hold
hold
underperform
hold
buy
neutral
hold
Equalwt/In-Line
hold
buy
buy
underweight
buy
sell
buy
buy
Amt Held
% Out
85'067'013 50.01
7'873'226
4.63
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
966'000
0.57
962'756
0.57
900'634
0.53
641'798
0.38
613'710
0.36
(612'360) -0.36
558'200
0.33
416'425
0.24
407'081
0.24
404'890
0.24
318'903
0.19
311'285
0.18
251'911
0.15
Weighting
Change
4
2
5
3
3
3
1
3
5
3
3
3
3
5
5
1
5
1
5
5
U
M
U
M
M
M
M
M
M
M
M
M
D
M
M
D
M
D
M
N
Latest Chg
34'069
748'296
136'080
325'000
(52'031)
117'830
400'000
62'970
119'070
43'600
130'179
94'762
(19'500)
Target Price
18
16
20
16
15
15
14
16
19
17
14
13
17
19
18
#N/A N/A
19
14
20
16
File Dt
31.12.2012
30.08.2013
28.06.2013
30.06.2013
01.07.2013
31.12.2012
01.07.2013
28.03.2013
30.06.2013
30.06.2013
30.04.2013
30.06.2013
23.07.2013
28.03.2013
30.08.2013
31.05.2013
30.04.2013
30.08.2013
28.06.2013
01.08.2013
Date
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
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
Date
29.08.2013
29.08.2013
23.08.2013
21.08.2013
20.08.2013
19.08.2013
16.08.2013
15.08.2013
15.08.2013
15.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
05.08.2013
24.06.2013
20.06.2013
23.05.2013
02.04.2013
30.01.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
COK GY EQUITY YTD Change
COK GY EQUITY YTD % CHANGE
12/2012
06/yy
26.00
10.60
23'851.00
21.785
-16.20%
105.62%
73.47%
11.4
249.00
12.02
0.0
0.2
44.64
254.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
558.1
0.22x
28.1
4.34x
11.5
11.73x
28.06
20.66
3.70%
3.38%
7.74%
18.24%
16.25%
3.28%
5.2%
3.7%
2.1%
1.38
1.25
5.76%
14.92%
6.71
-
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
s-13
06/yy
560.9
0.77x
27.6
5.43x
12.1
10.50x
LTM
06/yy
565.2
1.09x
29.4
7.10x
13.3
14.83x
FY+1
0.82
10.41
77.83%
64.78%
0.815
3
4.333
122'893
158'855
106'221
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
580.3
606.3
0.37x
0.34x
30.2
33.5
8.44x
7.62x
15.0
17.3
16.59x
14.40x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.17
7.30
0.18
0.39
14.9%
13.0%
3.28
32.99
54.41
-
40.00
600.0
35.00
500.0
30.00
400.0
25.00
20.00
300.0
15.00
200.0
10.00
100.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
01.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
03.09.2013
CANCOM SE
Holdings By:
All
Holder Name
SCHRODERS PLC
UBS
SCHICK KARIN
KOBER STEFAN
KOBER RAYMOND
LLB FONDSLEITUNG AG
WEINMANN KLAUS
AXXION SA
VANGUARD
DWS INVESTMENTS
INVESCO LTD
COMINVEST ASSET MANA
TRANSAMERICA INVESTM
BLACKROCK
AMPEGAGERLING INVEST
SOCIETE DE GESTION P
PALATINE ASSET MANAG
CASA 4 FUNDS LUX EUR
Firm Name
Hauck & Aufhaeuser
Deutsche Bank
Portfolio Name
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
n/a
Analyst
ANDREAS WOLF
UWE SCHUPP
ZAFER RUZGAR
Source
Research
Research
ULT-AGG
Research
Co File
Co File
MF-AGG
Co File
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
buy
hold
buy
Amt Held
608'060
327'130
280'181
270'000
261'289
260'891
260'000
209'864
162'500
137'614
96'900
92'632
80'000
50'557
38'296
28'500
24'250
19'000
13'500
13'411
% Out
5.32
2.86
2.45
2.36
2.29
2.28
2.27
1.84
1.42
1.2
0.85
0.81
0.7
0.44
0.34
0.25
0.21
0.17
0.12
0.12
Weighting
Change
5
5
3
5
Latest Chg
130'000
(12'386)
92'632
(4'443)
752
(3'400)
19'000
(5'337)
-
Target Price
U
M
M
M
26
29
13
13
File Dt
12.08.2013
08.04.2013
28.06.2013
16.08.2013
31.12.2011
31.12.2011
30.06.2013
31.12.2011
04.04.2013
30.06.2013
28.03.2013
31.03.2013
30.04.2013
30.06.2013
30.08.2013
28.06.2013
25.04.2013
31.07.2013
31.03.2013
30.04.2013
Date
12 month
12 month
12 month
6 month
Inst Type
Investment Advisor
Investment Advisor
Unclassified
n/a
n/a
n/a
Investment Advisor
n/a
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.08.2013
14.08.2013
17.05.2013
14.11.2011
03.09.2013
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 (26.08.2013)
52-Week Low (13.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CON GY EQUITY YTD Change
CON GY EQUITY YTD % CHANGE
12/2012
06/yy
122.65
74.02
84'008.00
118.55
-3.34%
60.16%
90.95%
200.0
23'710.71
9'673.30
0.0
377.4
2'719.00
31'553.01
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
s-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
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
j-13
a-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
52.07%
38.47%
1.273
31
3.742
515'789
349'477
409'361
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
33'967.1
36'061.2
8'571.0
8'621.0
0.87x
0.79x
5'069.4
5'514.5
1'283.0
1'310.0
6.24x
5.73x
2'095.4
2'360.9
465.5
504.5
11.21x
9.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
o-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
s-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
03.09.2013
Continental AG
Holdings By:
All
Holder Name
SCHAEFFLER GROUP
BLACKROCK
PRINCIPAL FINANCIAL
GOVERNMENT OF SINGAP
DEUTSCHE BANK AG
NORGES BANK
FIL LIMITED
VANGUARD
ONTARIO TEACHERS PEN
FRANKLIN RESOURCES
HENDERSON GLOBAL INV
JP MORGAN
ROYAL BANK OF CANADA
Firm Name
Exane BNP Paribas
AlphaValue
Baader Bank
Day by Day
Main First Bank AG
Barclays
Hamburger Sparkasse
Bankhaus Metzler
Societe Generale
Kepler Cheuvreux
DZ Bank AG
Goldman Sachs
JPMorgan
Macquarie
Oddo & Cie
Natixis
Deutsche Bank
Nord/LB
Bankhaus Lampe
Morgan Stanley
HSBC
UBS
Steubing AG
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
DANIEL SCHWARZ
TIM SCHULDT
RABIH FREIHA
HANS-PETER WODNIOK
KLAUS BREITENBACH
VALERIE GASTALDY
LOTHAR LUBINETZKI
KRISTINA CHURCH
JUERGEN PIEPER
PHILIPPE BARRIER
THOMAS BESSON
MICHAEL PUNZET
STEPHAN PUETTER
JOSE ASUMENDI
JENS SCHATTNER
FRANK BILLER
ZAFER RUZGAR
FRANCOIS MAURY
MICHAEL FOUNDOUKIDIS
GAETAN TOULEMONDE
FRANK SCHWOPE
MARC-RENE TONN
CHRISTIAN LUDWIG
LAURA LEMBKE
HORST SCHNEIDER
DAVID LESNE
TOBIAS SCHMIDT
CRAIG STERLING
Source
Research
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Research
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
buy
reduce
neutral
sell
buy
buy
underperform
overweight
hold
buy
hold
buy
buy
neutral/attractive
overweight
outperform
hold
hold
neutral
neutral
buy
hold
hold
hold
Equalwt/In-Line
overweight
neutral
buy
overweight
Amt Held
99'802'992
17'562'684
7'331'954
5'808'371
2'849'717
2'641'557
1'677'924
1'436'503
1'400'101
1'175'876
1'171'800
1'100'000
894'630
862'569
842'523
837'422
787'850
661'787
647'274
630'873
% Out
49.9
8.78
3.67
2.9
1.42
1.32
0.84
0.72
0.7
0.59
0.59
0.55
0.45
0.43
0.42
0.42
0.39
0.33
0.32
0.32
Weighting
Change
5
2
3
1
5
5
1
5
3
5
3
5
5
3
5
5
3
3
3
3
5
3
3
3
3
5
3
5
5
M
M
M
M
N
U
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
(35'870)
7'211'097
12'089
7'285
(53'281)
921'484
(28'767)
1'171'800
483'562
(60'060)
4'484
188'502
65'811
(20'800)
(466'281)
4'300
Target Price
135
105
118
88
150
142
118
124
#N/A N/A
144
119
130
122
145
130
138
127
130
105
116
140
110
124
110
104
123
96
110
#N/A N/A
File Dt
Inst Type
25.09.2012
Other
30.08.2013
Investment Advisor
31.07.2013
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
Unclassified
30.06.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
30.06.2013
Insurance Company
28.06.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
31.07.2013
Investment Advisor
28.03.2013
Bank
Date
6 month
12 month
Not Provided
6 month
12 month
3 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 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
12 month
Not Provided
Not Provided
Date
02.09.2013
02.09.2013
02.09.2013
29.08.2013
27.08.2013
23.08.2013
20.08.2013
16.08.2013
15.08.2013
15.08.2013
09.08.2013
09.08.2013
09.08.2013
07.08.2013
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
17.07.2013
04.06.2013
16.05.2013
09.04.2013
17.01.2013
03.09.2013
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 (23.08.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DAI GY EQUITY YTD Change
DAI GY EQUITY YTD % CHANGE
12/2012
06/yy
56.10
35.15
356'820.00
52.63
-6.19%
49.75%
85.59%
1'069.4
56'284.42
84'642.00
0.0
1'631.0
15'055.00
126'160.42
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
s-12
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
j-13
a-13
LTM
FY+1
.0 M
s-13
1.25
942.25
43.60%
34.16%
1.253
37
3.595
3'630'328
2'888'374
3'843'003
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
0.58x
0.54x
12'366.0
10'909.0
14'131.0
14'226.8
8.75x
10.95x
8.94x
8.88x
5'825.0
6'700.0
5'416.4
5'929.0
6.46x
7.40x
10.90x
9.51x
S&P Issuer Ratings
23.02.2012
Long-Term Rating
ALong-Term Outlook
STABLE
26.02.2001
Short-Term Rating
A-2
Credit Ratios
5.24
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
2.46
26.01
Inventory Days
77.76
42.15
58.83
160.00
180'000.0
140.00
160'000.0
120.00
140'000.0
120'000.0
100.00
100'000.0
80.00
80'000.0
60.00
60'000.0
40.00
40'000.0
20.00
20'000.0
0.00
01.01.2010
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
95'873.0
0.87x
11'685.0
7.14x
1'348.0
15.61x
12.0 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
03.09.2013
Daimler AG
Holdings By:
All
Holder Name
DEUTSCHE BANK AG
BLACKROCK
KUWAIT INVESTMENT AU
COMMERZBANK AKTIENGE
AABAR INVESTMENTS PJ
NORGES BANK
NISSAN MOTOR CO LTD
VANGUARD
FIRST EAGLE INVESTME
CREDIT SUISSE GROUP
AMUNDI
UBS
Firm Name
Hamburger Sparkasse
AlphaValue
Exane BNP Paribas
Barclays
Baader Bank
Day by Day
DZ Bank AG
Goldman Sachs
Bankhaus Metzler
Nord/LB
Natixis
Deutsche Bank
HSBC
EVA Dimensions
Steubing AG
Societe Generale
JPMorgan
Macquarie
Oddo & Cie
S&P Capital IQ
Bankhaus Lampe
Main First Bank AG
Morgan Stanley
Kepler Cheuvreux
UBS
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
MAX WARBURTON
HANS-PETER WODNIOK
DANIEL SCHWARZ
TIM SCHULDT
RABIH FREIHA
KRISTINA CHURCH
KLAUS BREITENBACH
VALERIE GASTALDY
MICHAEL PUNZET
STEFAN BURGSTALLER
JUERGEN PIEPER
FRANK SCHWOPE
GEORGES DIENG
JOCHEN GEHRKE
HORST SCHNEIDER
CRAIG STERLING
TOBIAS SCHMIDT
STEPHEN REITMAN
JOSE ASUMENDI
FRANCOIS MAURY
MARC-RENE TONN
RODERICK BRIDGE
FRANK BILLER
ZAFER RUZGAR
CHRISTIAN LUDWIG
LOTHAR LUBINETZKI
LAURA LEMBKE
MICHAEL RAAB
PHILIPPE HOUCHOIS
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
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
ULT-AGG
Recommendation
market perform
hold
sell
buy
reduce
outperform
underweight
hold
hold
sell
buy/attractive
buy
buy
buy
buy
overweight
hold
buy
buy
overweight
outperform
buy
hold
hold
buy
sell
hold
outperform
Equalwt/In-Line
reduce
buy
sell
buy
buy
hold
Amt Held
154'191'572
93'643'748
73'577'854
43'507'194
38'268'282
33'056'717
31'839'135
16'448'378
14'398'495
13'217'297
10'511'692
7'202'886
6'390'532
4'071'305
3'323'648
3'261'395
3'018'454
3'000'000
2'808'112
2'788'447
% Out
14.42
8.76
6.88
4.07
3.58
3.09
2.98
1.54
1.35
1.24
0.98
0.67
0.6
0.38
0.31
0.3
0.28
0.28
0.26
0.26
Weighting
Change
3
3
1
5
2
5
1
3
3
1
5
5
5
5
5
5
3
5
5
5
5
5
3
3
5
1
3
5
3
2
5
1
5
5
3
M
D
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(472'468)
(2'675'000)
1'793'339
392'736
3'324
(468'100)
(15'900)
8'169
(286'767)
4'875
(2'291'565)
(17'399)
Target Price
55
#N/A N/A
39
64
46
63
39
55
#N/A N/A
43
72
60
59
61
62
60
#N/A N/A
76
60
61
63
64
54
56
60
47
53
58
46
47
57
#N/A N/A
52
48
37
File Dt
Inst Type
28.06.2013
Investment Advisor
30.08.2013
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
Unclassified
31.03.2013
Investment Advisor
31.07.2013
Investment Advisor
16.04.2013
Unclassified
31.07.2013
Investment Advisor
28.03.2013
Investment Advisor
30.08.2013
Investment Advisor
30.04.2013
Investment Advisor
30.08.2013
Unclassified
Date
12 month
Not Provided
6 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
15 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
Not Provided
12 month
Not Provided
Date
30.08.2013
29.08.2013
29.08.2013
27.08.2013
27.08.2013
27.08.2013
27.08.2013
12.08.2013
12.08.2013
09.08.2013
07.08.2013
06.08.2013
02.08.2013
02.08.2013
30.07.2013
30.07.2013
30.07.2013
29.07.2013
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
23.07.2013
19.07.2013
15.07.2013
12.07.2013
02.05.2013
16.04.2013
15.02.2013
29.10.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DB1 GY EQUITY YTD Change
DB1 GY EQUITY YTD % CHANGE
12/2012
06/yy
57.54
40.05
30'032.00
53.9
-6.33%
34.58%
78.90%
193.0
10'402.70
1'160.10
0.0
223.0
669.00
11'481.90
6.0 M
50
5.0 M
40
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
s-12
o-12
n-12
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
j-13
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
1'079.80
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
f-13 m-13
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.75
180.36
36.12%
21.89%
0.754
28
3.250
483'357
590'731
706'698
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'112.5
2'237.3
560.0
522.0
5.43x
5.12x
20.80x
22.19x
1'074.3
1'216.9
282.0
248.0
10.72x
9.46x
663.3
758.7
14.75x
13.07x
13.81x
13.50x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
-
18.00
3'500.0
16.00
3'000.0
14.00
2'500.0
12.00
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
d-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
03.09.2013
Deutsche Boerse AG
Holdings By:
All
Holder Name
BLACKROCK
DEUTSCHE BOERSE AG
INVESCO LTD
DEUTSCHE BANK AG
DODGE & COX
NORGES BANK
WARBURG INVEST
UBS
VANGUARD
BANQUE DE LUXEMBOURG
FIL LIMITED
Firm Name
AlphaValue
Kepler Cheuvreux
Deutsche Bank
Credit Suisse
Main First Bank AG
Morgan Stanley
Nord/LB
HSBC
Hamburger Sparkasse
S&P Capital IQ
DZ Bank AG
RBC Capital Markets
JPMorgan
Barclays
Bankhaus Metzler
Macquarie
UBS
EVA Dimensions
Day by Day
BMO Capital Markets
Berenberg Bank
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
n/a
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
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
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
reduce
sell
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
neutral/neutral
suspended coverage
buy
Amt Held
12'504'647
9'533'068
8'076'523
5'952'862
5'566'859
4'742'000
4'513'257
3'485'620
3'108'037
2'854'873
2'484'378
2'343'081
1'724'740
1'671'000
1'567'000
1'509'172
1'432'132
1'332'583
1'198'154
1'130'783
% Out
6.48
4.94
4.18
3.08
2.88
2.46
2.34
1.81
1.61
1.48
1.29
1.21
0.89
0.87
0.81
0.78
0.74
0.69
0.62
0.59
Weighting
Change
2
1
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
#N/A N/A
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
Latest Chg
(10'959)
13'604
969'347
11'622
138'139
777'000
(302'360)
(300'000)
(281'424)
35'652
(858'271)
(64'101)
Target Price
56
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
53
#N/A N/A
70
File Dt
30.08.2013
17.02.2012
30.07.2013
30.08.2013
28.06.2013
30.06.2013
17.05.2013
31.12.2012
21.05.2012
28.06.2013
31.07.2013
30.06.2013
31.03.2013
30.04.2013
28.03.2013
31.07.2013
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
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.08.2013
27.08.2013
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
24.01.2013
27.09.2012
23.02.2012
03.09.2013
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
27.27
1'190'974.00
33.65
-13.12%
23.40%
53.49%
1'019.5
34'306.16
278'501.00
0.0
407.0
147'433.00
-
15.0 M
15
10.0 M
10
5.0 M
5
0
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
52'299.0
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
n-12
d-12
j-13
LTM
06/yy
49'520.0
0.00x
0.0
0.00x
2'916.0
9.08x
f-13 m-13
06/yy
49'310.0
0.00x
0.0
0.00x
190.0
179.61x
a-13 m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
1.39
1'013.93
21.09%
4.32%
1.390
41
3.976
5'805'276
5'369'769
6'038'539
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
33'455.0
34'012.5
7'752.8
7'818.2
3'960.8
4'618.2
708.3
730.8
8.96x
7.40x
8.12x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.07.2013
A
STABLE
19.12.2008
A-1
515.7%
83.7%
0.02
9.91
-
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
03.09.2013
Deutsche Bank AG
Holdings By:
All
Holder Name
BLACKROCK
DEKABANK DEUTSCHE GI
NORGES BANK
CREDIT SUISSE AG
CREDIT AGRICOLE SA
DEUTSCHE BANK AG
VANGUARD
BANK OF AMERICA CORP
JP MORGAN
FMR LLC
HSBC HOLDINGS PLC
GOLDMAN SACHS GROUP
MORGAN STANLEY
UBS
JANUS CAPITAL MANAGE
Firm Name
Portfolio Name
n/a
n/a
DEKABANK DEUTSCHE GI
Multiple Portfolios
n/a
CREDIT AGRICOLE SA
n/a
n/a
BANK OF AMERICA
n/a
Multiple Portfolios
n/a
HSBC HOLDINGS PLC
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst
Credit Suisse
AMIT GOEL
STEFAN BONGARDT
Exane BNP Paribas
DANIEL DAVIES
JPMorgan
KIAN ABOUHOSSEIN
AlphaValue
DIETER HEIN
Kepler Cheuvreux
DIRK BECKER
Main First Bank AG
KILIAN MAIER
Day by Day
VALERIE GASTALDY
Hamburger Sparkasse
CHRISTIAN HAMANN
M.M. Warburg Investment Research ANDREAS PLAESIER
RBC Capital Markets
FIONA SWAFFIELD
Barclays
JEREMY SIGEE
Mediobanca SpA
CHRISTOPHER J WHEELER
ANDREW STIMPSON
Morgan Stanley
HUW VAN STEENIS
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
INGO FROMMEN
Oddo & Cie
JEAN SASSUS
Bankhaus Metzler
GUIDO HOYMANN
PHILIPP HAESSLER
S&P Capital IQ
FRANK BRADEN
ARUN MELMANE
Redburn Partners
NICHOLAS WATTS
Makor Capital
ALBERT SAPORTA
ANDREW LIM
Berenberg Bank
JAMES CHAPPELL
Grupo Santander
AURELIA FAURE
Societe Generale
DIRK HOFFMANN-BECKING
DZ Bank AG
CHRISTOPH BAST
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
13F
MF-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
outperform
buy
outperform
overweight
add
buy
outperform
hold
hold
buy
sector perform
overweight
neutral
outperform
Equalwt/In-Line
buy
Sell/Neutral
neutral
neutral
overweight
buy
buy
neutral
hold
buy
neutral
buy
accumulate
buy
buy
neutral
buy
sell
sell
hold
buy
buy
buy
underweight
buy
buy
sell
Amt Held
47'776'278
40'566'540
23'529'706
21'866'137
19'790'330
18'165'946
16'412'440
14'939'396
11'760'269
10'724'776
9'166'887
7'105'620
7'023'986
6'738'764
5'921'773
5'408'341
5'295'797
5'205'471
5'151'345
4'710'141
% Out
4.69
3.98
2.31
2.14
1.94
1.78
1.61
1.47
1.15
1.05
0.9
0.7
0.69
0.66
0.58
0.53
0.52
0.51
0.51
0.46
Weighting
Change
5
5
5
5
4
5
5
3
3
5
3
5
3
5
3
5
1
3
3
5
5
5
3
3
5
3
5
4
5
5
3
5
1
1
3
5
5
5
1
5
5
1
M
M
M
U
M
M
M
D
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
D
M
M
D
N
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'003'950)
(982'040)
(195'485)
104'823
(236'367)
(8'703'861)
1'253'747
5'157'052
6'783'940
(634'844)
5'835'740
2'080'863
(11'954'777)
1'529'445
(162'624)
(1'651'936)
(2'637'573)
433'334
Target Price
38
42
42
40
40
40
42
#N/A N/A
#N/A N/A
45
36
47
40
46
39
44
36
34
35
44
42
44
38
35
40
40
42
40
40
45
#N/A N/A
#N/A N/A
28
23
37
43
40
40
#N/A N/A
32
36
33
File Dt
30.08.2013
30.06.2013
30.06.2013
31.12.2012
30.06.2013
31.05.2013
31.03.2013
30.06.2013
30.06.2013
30.06.2013
30.06.2013
30.04.2013
30.06.2013
30.06.2013
31.03.2013
30.06.2013
30.06.2013
30.06.2013
30.08.2013
31.03.2013
Date
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
6 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
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
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
Investment Advisor
Unclassified
Investment Advisor
Date
02.09.2013
02.09.2013
02.09.2013
30.08.2013
29.08.2013
20.08.2013
20.08.2013
19.08.2013
15.08.2013
15.08.2013
14.08.2013
14.08.2013
13.08.2013
06.08.2013
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
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
26.07.2013
16.07.2013
04.07.2013
03.07.2013
27.06.2013
30.05.2013
29.05.2013
10.05.2013
15.02.2013
17.01.2013
25.07.2012
03.07.2012
08.02.2010
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DEQ GY EQUITY YTD Change
DEQ GY EQUITY YTD % CHANGE
12/2012
06/yy
34.55
28.53
13'234.00
30.805
-10.84%
7.99%
44.73%
53.9
1'661.79
1'657.23
0.0
0.0
167.51
3'140.71
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
s-12
.1 M
o-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
216.1
14.79x
183.0
17.47x
122.5
13.41x
182.99
182.96
51.32%
54.98%
4.00%
10.67%
5.74%
0.06%
84.4%
56.7%
46.70%
125.37%
-
Price/ Cash Flow
06/yy
180.2
63.51x
156.3
18.34x
104.4
13.82x
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
200.2
60.51x
168.9
18.51x
131.7
12.16x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.68
41.40
9.26%
1.23%
0.681
26
3.500
82'244
90'466
110'392
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
198.1
206.4
49.0
49.7
15.91x
15.17x
64.83x
63.45x
172.6
179.1
43.2
43.7
18.24x
17.58x
18.15x
18.13x
105.6
104.7
26.9
27.8
15.94x
15.71x
14.95x
14.81x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.54
2.36
8.76
9.26
125.4%
55.6%
0.06
-
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
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
03.09.2013
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
BAY POND INVESTORS B
VANGUARD
AXA INVESTMENT MANAG
DWS INVESTMENTS
SCOTTISH WIDOWS
HIGHBRIDGE CAPITAL M
CQS UK LLP
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
n/a
Multiple Portfolios
EASYETF EPRA EUROZON
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
JPMorgan
ANNELIES J VERMEULEN
M.M. Warburg Investment Research ANDREAS PLAESIER
Kempen & Co
THOMAS VAN DER MEIJ
DZ Bank AG
KARSTEN OBLINGER
STEFAN BONGARDT
MANUEL MARTIN
Nord/LB
MICHAEL SEUFERT
Societe Generale
MICHEL VARALDO
Baader Bank
ANDRE REMKE
Natixis
SERGE DEMIRDJIAN
LFG Kronos Investment Services GmbH THOMAS ANEY
Deutsche Bank
MARKUS SCHEUFLER
Bankhaus Lampe
GEORG KANDERS
Oddo & Cie
MARINE LAFITTE
Berenberg Bank
KAI MALTE KLOSE
Kepler Cheuvreux
DIRK BECKER
JOCHEN ROTHENBACHER
Commerzbank Corporates & Markets THOMAS ROTHAEUSLER
HSBC
THOMAS MARTIN
Petercam
CELINE DONNET
ABN Amro Bank N.V.
MICHIEL DE JONGE
EVA Dimensions
DOUG WALTERS
Bankhaus Metzler
JOCHEN SCHMITT
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
ULT-AGG
MF-AGG
MF-PART
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Short
Short
Recommendation
neutral
buy
neutral
buy
hold
hold
hold
buy
hold
reduce
buy
hold
hold
neutral
buy
buy
hold
hold
neutral
reduce
reduce
sell
buy
neutral
buy
buy
Amt Held
% Out
5'162'584
9.57
4'175'382
7.74
3'142'576
5.83
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
650'587
1.21
(423'377) -0.78
401'271
0.74
361'600
0.67
339'825
0.63
324'881
0.6
320'591
0.59
263'480
0.49
263'367
0.49
(258'938) -0.48
(253'544) -0.47
Weighting
Change
3
5
3
5
3
3
3
5
3
2
5
3
3
3
5
5
3
3
3
2
2
1
5
3
5
5
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
Latest Chg
12'461
20'000
75'523
(51'631)
(15'000)
(41'305)
18'497
121'600
436
182'385
(45'873)
52'890
26'973
59'340
Target Price
36
38
33
34
35
32
33
39
33
29
37
33
33
34
35
39
32
31
33
29
27
#N/A N/A
37
31
#N/A N/A
34
File Dt
Inst Type
31.12.2012
n/a
31.12.2012
n/a
30.08.2013
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
30.06.2013
Investment Advisor
30.07.2012
Investment Advisor
30.06.2013
Unclassified
28.03.2013
Investment Advisor
31.07.2013
Investment Advisor
31.05.2013
Investment Advisor
30.04.2013
Investment Advisor
28.02.2013
Unclassified
30.04.2013
Investment Advisor
10.04.2013
Investment Advisor
Date
9 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
6 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
02.09.2013
28.08.2013
26.08.2013
26.08.2013
22.08.2013
21.08.2013
19.08.2013
16.08.2013
16.08.2013
16.08.2013
16.08.2013
15.08.2013
15.08.2013
15.08.2013
15.08.2013
15.08.2013
15.08.2013
12.08.2013
06.08.2013
01.08.2013
09.07.2013
06.06.2013
13.05.2013
11.01.2013
21.12.2012
15.11.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DLG GY EQUITY YTD Change
DLG GY EQUITY YTD % CHANGE
Price/Volume
12/2012
06/yy
17.69
8.44
280'987.00
14.46
-18.26%
71.43%
63.80%
68.1
984.28
180.73
0.0
0.0
315.56
858.16
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
o-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
779.3
4.78x
125.1
5.55x
56.8
14.50x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.92
62.13
-15.19%
8.76%
0.922
20
4.300
702'190
645'400
659'351
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
860.7
1'026.2
220.6
301.3
1.50x
1.20x
135.4
177.3
8.41x
6.42x
69.0
98.1
17.6
38.0
18.30x
12.93x
13.87x
12.83x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.31
12.97
-1.31
1.47
47.2%
32.1%
1.26
15.37
17.06
82.03
43.45
62.27
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
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
s-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
03.09.2013
Dialog Semiconductor PLC

Holdings By:
All
Holder Name
RHJ INTERNATIONAL SA
BLACK CREEK INVESTME
DEUTSCHE BANK AG
NORGES BANK
KLEINWORT BENSON TRU
DIALOG SEMICONDUCTOR
DWS INVESTMENTS
AKO CAPITAL LLP
ROYAL LONDON ASSET M
FIL LIMITED
GAM INVESTMENT MGMT
TREMBLANT CAPITAL LP
NORDEA FONDER AB/SWE
NORDEA INV MANAGEMEN
Firm Name
Exane BNP Paribas
Hauck & Aufhaeuser
Bankhaus Lampe
Natixis
Jefferies
Baader Bank
HSBC
Morgan Stanley
JPMorgan
Main First Bank AG
Deutsche Bank
Credit Suisse
Berenberg Bank
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
Analyst
JEROME RAMEL
KARSTEN ILTGEN
MAXIME MALLET
THOMAS M BECKER
LEE SIMPSON
FRANCOIS MEUNIER
CHETAN UDESHI
JUERGEN WAGNER
UWE SCHUPP
ACHAL SULTANIA
ALI FARID KHWAJA
VEYSEL TAZE
ANDREW M GARDINER
HARALD SCHNITZER
BERND LAUX
ANDREW S ZAMFOTIS
STEFFEN MANSKE
Source
Research
Research
ULT-AGG
Research
Research
Short
Research
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
Short
MF-AGG
ULT-AGG
Short
Short
MF-AGG
MF-AGG
Recommendation
outperform
buy
buy
buy
buy
buy
hold
overweight
Equalwt/Cautious
neutral
outperform
hold
neutral
buy
buy
overweight
buy
buy
buy
sell
Amt Held
% Out
4'739'691
6.96
3'488'384
5.12
3'417'011
5.02
2'743'836
4.03
2'719'002
3.99
(2'375'606) -3.49
1'927'224
2.83
1'899'961
2.79
1'486'895
2.18
1'243'784
1.83
1'214'976
1.78
1'022'470
1.5
(987'000) -1.45
(789'600) -1.16
725'675
1.07
699'954
1.03
(694'303) -1.02
(646'655) -0.95
593'006
0.87
513'393
0.75
Weighting
Change
5
5
5
5
5
5
3
5
3
3
5
3
3
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
13'613
(591'882)
527'931
(150'000)
23'078
793'194
(503'711)
88'489
699'954
279'082
(108'911)
(10'840)
1'956
Target Price
17
17
18
16
16
15
13
15
11
12
16
13
11
15
19
16
13
15
#N/A N/A
18
File Dt
Inst Type
23.07.2013
Investment Advisor
08.07.2013
Investment Advisor
28.08.2013
Investment Advisor
28.05.2013
Government
12.11.2012
Unclassified
01.08.2011
Other
30.06.2013
Investment Advisor
31.03.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
31.05.2013
Investment Advisor
05.07.2013
Investment Advisor
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
Date
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
3 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
03.09.2013
02.09.2013
02.09.2013
02.09.2013
29.08.2013
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
10.07.2013
10.06.2013
21.03.2013
16.03.2012
03.09.2013
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 (03.09.2013)
52-Week Low (08.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DPW GY EQUITY YTD Change
DPW GY EQUITY YTD % CHANGE
12/2012
06/yy
22.97
14.40
879'770.00
22.735
-1.00%
57.88%
100.00%
1'209.0
27'486.98
4'816.00
0.0
213.0
2'652.00
30'709.98
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
55'512.0
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
s-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
49.99%
41.77%
0.890
32
3.969
3'658'110
3'176'219
3'665'283
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
57'112.3
59'554.8
14'261.3
15'407.5
0.53x
0.50x
2.15x
1.96x
4'244.7
4'576.8
1'002.0
1'167.0
7.26x
6.73x
7.06x
6.92x
1'824.5
1'977.9
409.5
538.0
15.26x
14.18x
15.08x
14.74x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.11.2012
NR
27.11.2012
NR
6.14
3.58
0.75
1.27
40.3%
28.4%
1.63
8.57
-
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
03.09.2013
Deutsche Post AG
Holdings By:
All
Holder Name
KREDITANSTALT FUER W
BLACKROCK
DEUTSCHE BANK AG
NORGES BANK
VANGUARD
LBBW ASSET MANAGEMEN
FMR LLC
ARTEMIS INVESTMENT M
INVESCO LTD
ADIG INVESTMENT
DWS INVESTMENTS
MAINFIRST SICAV
Firm Name
National Bank AG
Main First Bank AG
Cantor Fitzgerald
Credit Suisse
AlphaValue
Stifel
RBC Capital Markets
EVA Dimensions
HSBC
Nord/LB
Bankhaus Lampe
Bankhaus Metzler
Nomura
DZ Bank AG
Telsey Advisory Group
Deutsche Bank
JPMorgan
S&P Capital IQ
Redburn Partners
UBS
Macquarie
Hamburger Sparkasse
Day by Day
Barclays
Goldman Sachs
Morgan Stanley
Kepler Cheuvreux
Davy
Thompson, Davis & Company
Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MARKUS GLOCKENMEIER
TOBIAS SITTIG
JOHANNES BRAUN
ROBIN BYDE
NEIL GLYNN
HEINZ STEFFEN
DAVID G ROSS
DAMIAN BREWER
TIMOTHY STANISH
JULIA WINARSO
VOLKER SACK
SEBASTIAN HEIN
GUIDO HOYMANN
MARK MCVICAR
JOCHEN ROTHENBACHER
DIRK SCHLAMP
JOSHUA HERRITY
ANDY CHU
CHRISTOPHER G COMBE
PER-OLA HELLGREN
ZAFER RUZGAR
JAWAHAR HINGORANI
TIM MARSHALL
DOMINIC EDRIDGE
ROBERT JOYNSON
INGO SCHMIDT
VALERIE GASTALDY
SUSANNA INVERNIZZI
JOHN WOODMAN
PENNY BUTCHER
ANDRE MULDER
STEPHEN FURLONG
DAVID P CAMPBELL
Source
Research
ULT-AGG
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
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
buy
hold
outperform
reduce
hold
outperform
underweight
underweight
buy
buy
buy
buy
hold
buy
no rating system
buy
overweight
buy
hold
buy
neutral
neutral
underperform
sell
hold
overweight
Buy/Neutral
Overwt/In-Line
buy
outperform
hold
Amt Held
300'924'050
69'703'659
21'966'299
21'632'939
12'112'601
10'193'761
9'065'952
7'600'772
7'556'200
7'413'037
6'519'419
5'679'954
5'646'936
4'980'600
4'521'094
4'441'844
4'441'758
4'032'502
3'397'893
3'315'674
% Out
24.89
5.77
1.82
1.79
1
0.84
0.75
0.63
0.62
0.61
0.54
0.47
0.47
0.41
0.37
0.37
0.37
0.33
0.28
0.27
Weighting
Change
5
5
5
3
5
2
3
5
1
1
5
5
5
5
3
5
#N/A N/A
5
5
5
3
5
3
3
1
1
3
5
5
5
5
5
3
M
M
M
M
M
D
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
D
M
M
M
U
M
M
M
Latest Chg
(7'374'997)
840'135
(65'143)
(666'347)
1'427'231
1'043'543
(75'961)
5'187'300
(253'416)
2'703'143
323'191
265'000
(105'000)
2'026'111
3'521'139
50'000
(10'536)
(31'781)
21'426
Target Price
26
23
25
23
24
22
#N/A N/A
24
#N/A N/A
20
24
24
26
24
22
23
21
25
24
23
23
24
#N/A N/A
21
15
#N/A N/A
#N/A N/A
21
23
23
21
#N/A N/A
19
File Dt
10.04.2013
30.08.2013
28.06.2013
31.12.2012
30.06.2013
31.03.2013
28.03.2013
30.06.2013
28.03.2013
31.07.2013
31.07.2013
30.08.2013
31.12.2012
30.04.2013
31.07.2013
30.08.2013
30.04.2013
31.07.2013
30.04.2013
28.02.2013
Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
15 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
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
02.09.2013
02.09.2013
30.08.2013
30.08.2013
29.08.2013
29.08.2013
15.08.2013
14.08.2013
13.08.2013
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
05.08.2013
30.07.2013
26.07.2013
20.05.2013
17.05.2013
15.05.2013
13.05.2013
03.04.2013
10.11.2011
13.09.2010
03.09.2013
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 (03.09.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DRI GY EQUITY YTD Change
DRI GY EQUITY YTD % CHANGE
12/2012
06/yy
16.55
8.44
102'913.00
16.47
-0.45%
95.12%
99.24%
53.2
876.02
333.39
0.0
0.0
77.30
919.36
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
s-12
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
323.7
2.47x
61.9
12.91x
23.5
24.23x
61.89
55.45
17.13%
6.42%
39.76%
97.98%
58.65%
0.77%
20.7%
17.5%
7.2%
1.99
1.81
63.80%
276.78%
7.35
-
Price/ Cash Flow
06/yy
356.3
6.54x
59.0
11.06x
30.1
13.22x
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
303.1
9.95x
62.8
10.47x
156.0
3.96x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.74
38.93
105.47%
61.31%
0.736
8
4.500
407'140
364'179
326'075
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
300.0
307.4
3.14x
3.06x
69.5
80.3
13.29x
11.50x
124.9
53.7
12.95x
14.77x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
5.33
3.35
0.69
1.38
276.8%
73.5%
0.77
221.93
49.63
-
45.00
400.0
40.00
350.0
35.00
300.0
30.00
250.0
25.00
200.0
20.00
150.0
15.00
100.0
10.00
50.0
5.00
0.00
01.01.2010
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
350.1
0.53x
40.6
4.54x
(184.1)
-
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
03.09.2013
Drillisch AG
Holdings By:
All
Holder Name
DRILLISCH AG
BRUCHERSEIFER MARC
CHOULIDIS PASCHALIS
CHOULIDIS VLASIOS
FIL LIMITED
JP MORGAN INVESTMENT
JP MORGAN
SCHRODER INVESTMENT
BLACKROCK
OPPENHEIM KAPITALANL
DWS INVESTMENTS
JULIUS BAER MULTICOO
Firm Name
Berenberg Bank
Bankhaus Lampe
Hauck & Aufhaeuser
EVA Dimensions
Kepler Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
USMAN GHAZI
WOLFGANG SPECHT
STEFAN BORSCHEID
HEIKE PAULS
SASCHA BERRESCH
JOCHEN REICHERT
ANDREW S ZAMFOTIS
THOMAS KARLOVITS
Source
Co File
Co File
Co File
Co File
Research
ULT-AGG
Research
ULT-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
Recommendation
buy
buy
buy
hold
buy
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
1'498'236
2.82
1'440'000
2.71
568'841
1.07
530'007
1
434'000
0.82
430'000
0.81
364'826
0.69
246'614
0.46
221'493
0.42
218'820
0.41
218'000
0.41
(196'799) -0.37
155'000
0.29
Weighting
Change
5
5
5
3
5
3
5
5
U
M
U
M
M
M
U
M
Latest Chg
338'257
(153'897)
134'000
52'634
35'679
4'390
1'850
2'420
69'146
-
Target Price
20
17
16
14
16
15
#N/A N/A
16
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
28.08.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
29.06.2012
Investment Advisor
30.06.2013
Investment Advisor
30.08.2013
Investment Advisor
28.06.2013
Investment Advisor
30.08.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Date
21.08.2013
16.08.2013
13.08.2013
09.08.2013
09.08.2013
10.06.2013
21.05.2013
15.05.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DRW3 GY EQUITY YTD Change
DRW3 GY EQUITY YTD % CHANGE
12/2012
06/yy
107.45
68.80
5'840.00
92.19
-14.20%
34.00%
60.18%
6.4
1'374.78
406.38
0.0
6.7
317.83
1'560.93
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'373.5
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
s-13
0.69
1.82
25.73%
21.61%
0.690
16
3.938
43'202
26'451
24'683
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'428.4
2'515.6
0.63x
0.57x
286.0
316.1
5.46x
4.94x
125.6
140.0
12.60x
11.35x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
7.01
5.64
0.62
1.31
56.4%
35.8%
1.19
8.53
79.86
117.83
41.48
147.34
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
03.09.2013
Draegerwerk AG & Co KGaA

Holdings By:
All
Holder Name
DRAEGER FAMILY
NORGES BANK
LAZARD FRERES GESTIO
FRANKLIN RESOURCES
ADIG INVESTMENT
KEMPEN CAPITAL MANAG
FIL LIMITED
DEUTSCHE BANK AG
HEALTHINVEST PARTNER
D E SHAW & CO UK LTD
ARROWGRASS CAPITAL P
JP MORGAN
VANGUARD
SCHRODER INVESTMENT
PINE RIVER CAPITAL M
Firm Name
DZ Bank AG
Hamburger Sparkasse
Berenberg Bank
Nord/LB
HSBC
Deutsche Bank
Hauck & Aufhaeuser
EVA Dimensions
Montega
Kepler Cheuvreux
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
OBJECTIF SMALL CAPS
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
VOLKER STOLL
SVEN OLAF KUERTEN
MARCO GUENTHER
SCOTT BARDO
HOLGER FECHNER
JAN KEPPELER
EGGERT KULS
YASMIN MOSCHITZ
GUNNAR ROMER
TORBEN TEICHLER
IGOR KIM
KONRAD LIEDER
TIMOTHY STANISH
THOMAS RAU
OLIVER REINBERG
Source
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-PART
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Short
Short
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Short
Recommendation
buy
hold
buy
hold
buy
buy
overweight
hold
hold
hold
sell
hold
accumulate
buy
buy
buy
Amt Held
% Out
4'531'360 71.36
321'133
5.06
276'829
4.36
257'637
4.06
172'259
2.71
157'529
2.48
148'400
2.34
137'722
2.17
125'639
1.98
94'892
1.49
91'751
1.44
80'357
1.27
62'972
0.99
(61'595) -0.97
(57'150)
-0.9
54'530
0.86
53'300
0.84
52'795
0.83
51'386
0.81
(45'085) -0.71
Weighting
Change
5
3
5
3
5
5
5
3
3
3
1
3
4
5
5
5
M
M
M
M
M
M
M
D
D
D
M
D
M
M
N
M
Latest Chg
(4'802)
6'401
(7'881)
(37'471)
148'400
(1'278)
1'365
(119)
91'751
8'368
5'344
(3'175)
875
(20'000)
(43'101)
26'901
(1'270)
Target Price
110
104
106
#N/A N/A
110
108
115
103
109
100
73
104
105
#N/A N/A
135
110
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
30.06.2013
Unclassified
31.10.2012
Investment Advisor
31.03.2013
Investment Advisor
28.06.2013
Investment Advisor
28.06.2013
Investment Advisor
02.11.2012
Other
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
30.06.2013
Unclassified
30.04.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Date
13.08.2013
12.08.2013
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
06.06.2013
16.05.2013
14.05.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DTE GY EQUITY YTD Change
DTE GY EQUITY YTD % CHANGE
12/2012
06/yy
10.11
7.98
1'951'169.00
9.813
-2.94%
23.03%
86.22%
4'451.1
43'678.83
44'614.00
0.0
4'623.0
6'046.00
93'715.83
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
0
s-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
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
j-13
a-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
0.70
3'068.30
10.76%
22.85%
0.698
42
3.429
11'377'720
11'778'140
12'417'150
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
59'177.6
59'852.0
14'894.7
15'444.3
1.50x
1.45x
6.04x
5.78x
17'314.3
17'713.2
4'498.0
4'268.0
5.42x
5.30x
2'785.2
3'032.3
590.5
500.0
15.24x
14.02x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
o-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
s-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
03.09.2013
Deutsche Telekom AG
Holdings By:
All
Holder Name
KREDITANSTALT FUER W
FEDERAL REPUBLIC OF
BLACKROCK
BLACKSTONE
NORGES BANK
VANGUARD
SCHRODER INVESTMENT
UBS
AMUNDI
EATON VANCE MANAGEME
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
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
Multiple Portfolios
n/a
Analyst

ROBIN BIENENSTOCK
Deutsche Bank
DAVID A WRIGHT
Societe Generale
OTTAVIO ADORISIO
Commerzbank Corporates & Markets HEIKE PAULS
Hamburger Sparkasse
Credit Suisse
JUSTIN FUNNELL
MARKUS FRIEBEL
AlphaValue
HEINZ STEFFEN
STEFAN BORSCHEID
Nomura
FREDERIC BOULAN
Kepler Cheuvreux
PETER KURT NIELSEN
JPMorgan
HANNES C WITTIG
Jefferies
ULRICH RATHE
Nord/LB
WOLFGANG DONIE
Goldman Sachs
TIMOTHY BODDY
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
MATHIEU ROBILLIARD
Makor Capital
ALBERT SAPORTA
M.M. Warburg Investment Research JOCHEN REICHERT
Bankhaus Metzler
ULRICH TRABERT
Natixis
JACQUES DE GRELING
DZ Bank AG
CHRISTOPH BAST
Barclays
JONATHAN DANN
Grupo Santander
JOHN DAVIES
Morgan Stanley
NICK DELFAS
Bankhaus Lampe
WOLFGANG SPECHT
Oddo & Cie
ALEXANDRE IATRIDES
ADRIAN PEHL
S&P Capital IQ
ALEXANDER WISCH
New Street Research
CHARLES GAYNOR
Macquarie
GUY R PEDDY
Berenberg Bank
PAUL ANDREW MARSCH
Steubing AG
TEAM COVERAGE
Raymond James
STEPHANE BEYAZIAN
Liberum Capital Ltd
LAWRENCE SUGARMAN
HSBC
DOMINIK KLARMANN
ANDREW HOGLEY
UBS
POLO TANG
Banco Sabadell
ANDRES BOLUMBURU
EVA Dimensions
ANDREW S ZAMFOTIS
Source
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
outperform
buy
buy
hold
hold
outperform
buy
add
buy
buy
buy
neutral
buy
buy
neutral/neutral
hold
neutral
sell
buy
buy
reduce
sell
equalweight
underweight
Underwt/In-Line
hold
buy
accumulate
hold
reduce
underperform
hold
buy
outperform
hold
neutral
neutral
neutral
sell
sell
Amt Held
734'624'287
648'197'900
253'270'828
191'700'000
68'078'517
38'107'769
34'696'477
27'700'000
26'137'299
14'083'394
13'921'182
12'178'782
10'493'830
9'492'946
9'149'306
8'661'230
7'795'757
6'991'047
6'359'036
6'116'190
% Out
16.5
14.56
5.69
4.31
1.53
0.86
0.78
0.62
0.59
0.32
0.31
0.27
0.24
0.21
0.21
0.19
0.18
0.16
0.14
0.14
Weighting
Change
5
5
5
3
3
5
5
4
5
5
5
3
5
5
3
3
3
1
5
5
2
1
3
1
1
3
5
4
3
2
1
3
5
5
3
3
3
3
1
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'229'339)
10'489'242
2'274'262
(369'134)
1'350'015
6'672'723
(2'345'777)
487'685
1'449'708
14'781
(72'326)
1'144'699
(463'921)
192'440
Target Price
13
11
11
10
#N/A N/A
10
11
10
11
11
11
10
11
12
10
#N/A N/A
9
#N/A N/A
12
10
7
9
10
8
9
10
11
10
10
8
8
10
10
11
8
10
8
9
10
#N/A N/A
File Dt
Inst Type
30.03.2013
Investment Advisor
30.03.2013
Government
30.08.2013
Investment Advisor
03.08.2012
Unclassified
31.12.2012
Government
31.07.2013
Investment Advisor
30.06.2013
Unclassified
30.08.2013
Investment Advisor
31.07.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
30.08.2013
Unclassified
30.04.2013
Investment Advisor
30.08.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
03.09.2013
Investment Advisor
28.03.2013
Investment Advisor
30.06.2013
Investment Advisor
Date
12 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
3 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
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
Date
02.09.2013
30.08.2013
29.08.2013
28.08.2013
26.08.2013
23.08.2013
23.08.2013
22.08.2013
21.08.2013
21.08.2013
15.08.2013
13.08.2013
13.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
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
05.08.2013
29.07.2013
29.07.2013
10.07.2013
18.06.2013
27.05.2013
05.04.2013
01.04.2013
15.02.2013
15.01.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DUE GY EQUITY YTD Change
DUE GY EQUITY YTD % CHANGE
12/2012
06/yy
56.12
24.84
20'946.00
52.32
-6.77%
110.67%
87.73%
34.6
1'810.33
286.06
0.0
8.3
349.28
1'822.69
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'399.8
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
s-13
0.89
24.23
104.64%
59.07%
0.890
20
4.200
133'966
105'742
108'391
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
0.68x
0.63x
2.82x
2.00x
224.1
235.6
59.2
82.4
8.12x
7.73x
125.0
129.2
33.5
51.0
14.32x
13.87x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
03.09.2013
Duerr AG
Holdings By:
All
Holder Name
HEINZ DUERR GMBH
BLACKROCK
HEINZ UND DUERR STIF
COLUMBIA WANGER ASSE
MAINFIRST SICAV
JP MORGAN
NORGES BANK
DWS INVESTMENTS
LANDESBANK BADEN WUR
HEUWING RALPH
GAM INTERNATIONAL MA
Firm Name
Macquarie
Bankhaus Lampe
Deutsche Bank
BHF-Bank
Baader Bank
UBS
HSBC
Hauck & Aufhaeuser
Montega
Kepler Cheuvreux
DZ Bank AG
Bankhaus Metzler
EVA Dimensions
Nord/LB
Berenberg Bank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
INGO-MARTIN SCHACHEL
GORDON SCHOENELL
RALF MARINONI
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
MF-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
outperform
buy
buy
buy
market weight
hold
buy
neutral
hold
hold
buy
buy
buy
buy
buy
overweight
hold
hold
hold
Amt Held
8'684'861
1'376'962
1'200'000
1'034'330
1'026'340
1'009'374
808'988
527'334
481'849
377'756
355'600
301'896
298'080
285'614
211'230
207'606
200'000
197'066
185'354
181'680
% Out
25.1
3.98
3.47
2.99
2.97
2.92
2.34
1.52
1.39
1.09
1.03
0.87
0.86
0.83
0.61
0.6
0.58
0.57
0.54
0.53
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
1'400
(23'412)
68'969
122'000
180
(20'350)
(100'000)
94'286
50'000
Target Price
56
60
60
57
58
48
53
59
50
46
47
54
57
54
57
54
#N/A N/A
49
43
37
File Dt
27.02.2013
30.08.2013
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
30.04.2013
05.03.2012
31.03.2013
31.05.2013
31.12.2012
30.04.2013
31.07.2013
30.06.2013
30.04.2013
Date
6 month
12 month
Not Provided
12 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
Investment Advisor
Bank
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
30.08.2013
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
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
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DWNI GY EQUITY YTD Change
DWNI GY EQUITY YTD % CHANGE
12/2012
06/yy
15.80
12.36
50'445.00
13.39
-15.23%
8.38%
32.41%
168.8
2'272.05
2'768.64
0.0
0.3
90.57
5'244.30
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
s-12
o-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
451.6
10.46x
186.3
25.37x
145.5
12.17x
186.26
182.43
16.32%
45.54%
3.38%
9.11%
3.78%
0.11%
47.1%
32.2%
56.41%
172.04%
-
Price/ Cash Flow
06/yy
382.2
29.77x
153.8
20.51x
70.6
17.81x
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
504.0
38.38x
237.2
21.80x
158.8
13.55x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.74
143.63
-1.14%
-2.98%
0.738
20
3.600
324'760
375'997
355'852
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
391.0
413.3
89.9
88.9
13.51x
13.19x
57.67x
59.61x
272.8
300.1
65.2
59.7
19.23x
17.48x
19.44x
19.37x
128.9
145.8
28.2
34.7
17.28x
15.72x
16.19x
16.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.71
-11.17
12.50
12.94
172.0%
63.2%
0.11
-
1'200.00
600.0
1'000.00
500.0
800.00
400.0
600.00
300.0
400.00
200.0
200.00
100.0
0.00
01.01.2010
.5 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
03.09.2013
Deutsche Wohnen AG
Holdings By:
All
Holder Name
BLACKROCK
NORGES BANK
BLACKSTONE
INTL KAPITALANAGEGES
CREDIT SUISSE AG
CAPITAL GROUP INTERN
ZURICH DEUTSCHE HERO
AERZTEVERSORGUNG WES
MFS INTERNATIONAL LT
APG ALGEMENE PENSIOE
COHEN & STEERS CAPIT
AXA
ASSET VALUE INVESTOR
MARKETFIELD ASSET MA
Firm Name
JPMorgan
Morgan Stanley
Goldman Sachs
HSBC
Bankhaus Metzler
Berenberg Bank
Kepler Cheuvreux
Deutsche Bank
Nord/LB
Bankhaus Lampe
Baader Bank
DZ Bank AG
ABN Amro Bank N.V.
UBS
Barclays
EVA Dimensions
Kempen & Co
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
n/a
n/a
Multiple Portfolios
Analyst
NEIL GREEN
BIANCA RIEMER
JULIAN LIVINGSTON-BOOTH
TORSTEN KLINGNER
THOMAS MARTIN
JOCHEN SCHMITT
KAI MALTE KLOSE
THOMAS NEUHOLD
THOMAS ROTHAEUSLER
MARKUS SCHEUFLER
MICHAEL SEUFERT
STEFAN BONGARDT
GEORG KANDERS
MANUEL MARTIN
ANDRE REMKE
KARSTEN OBLINGER
MICHIEL DE JONGE
HOWARD LESSER
AARON GUY
DOUG WALTERS
THOMAS VAN DER MEIJ
Source
ULT-AGG
ULT-AGG
Research
ULT-AGG
Co File
Research
Research
ULT-AGG
13F
Research
Research
Research
Co File
Research
Co File
Research
MF-AGG
ULT-AGG
Research
MF-AGG
Recommendation
neutral
Overwt/Attractive
not rated
buy
neutral
sell
buy
hold
buy
restricted
buy
sell
buy
hold
hold
buy
sell
buy
overweight
sell
neutral
Amt Held
11'990'870
10'994'146
8'606'298
8'150'000
8'081'228
7'582'897
6'802'161
5'575'343
5'569'716
5'156'318
4'904'415
4'882'360
4'863'335
4'730'559
4'571'243
4'391'101
4'039'252
3'815'480
2'953'855
2'504'060
% Out
7.1
6.51
5.1
4.83
4.79
4.49
4.03
3.3
3.3
3.05
2.91
2.89
2.88
2.8
2.71
2.6
2.39
2.26
1.75
1.48
Weighting
Change
3
5
#N/A N/A
5
3
1
5
3
5
#N/A N/A
5
1
5
3
3
5
1
5
5
1
3
M
M
M
M
M
M
M
M
M
M
U
D
M
M
M
M
M
U
M
M
M
Latest Chg
362'823
(996'309)
8'256
992'658
2'213'346
2'504'060
Target Price
16
17
#N/A N/A
17
14
12
16
15
17
#N/A N/A
16
13
15
14
15
16
13
14
16
#N/A N/A
15
File Dt
Inst Type
30.06.2013
Investment Advisor
30.08.2013
Investment Advisor
06.08.2013
Government
21.06.2013
Unclassified
19.02.2013
Investment Advisor
16.08.2012
Unclassified
20.08.2013
Investment Advisor
30.06.2013
Investment Advisor
02.07.2013
Investment Advisor
14.05.2013
Investment Advisor
21.06.2013
Insurance Company
31.12.2012
Other
17.01.2013
Investment Advisor
19.09.2012
Investment Advisor
30.06.2013
Insurance Company
26.09.2012
Investment Advisor
12.03.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
02.09.2013
28.08.2013
27.08.2013
22.08.2013
21.08.2013
21.08.2013
21.08.2013
21.08.2013
20.08.2013
20.08.2013
20.08.2013
20.08.2013
20.08.2013
20.08.2013
14.08.2013
13.08.2013
13.08.2013
26.07.2013
11.07.2013
06.06.2013
25.04.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EAD GY EQUITY YTD Change
EAD GY EQUITY YTD % CHANGE
12/2012
06/yy
46.09
24.24
16'734.00
44.36
-3.75%
83.00%
92.86%
786.9
34'905.53
4'779.00
0.0
25.0
11'084.00
33'498.53
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
31.12.2009
31.12.2010
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
o-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
-
n-12
d-12
j-13
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
f-13 m-13
06/yy
57'878.0
1.68x
4'361.0
7.33x
1'393.0
0.00x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.69
46.07%
53.13%
0.693
29
4.379
105'349
103'262
122'749
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
58'619.9
62'417.7
13'311.3
17'937.0
5'494.4
6'460.7
1'289.0
1'823.0
2'078.7
2'685.1
454.0
761.0
16.44x
12.24x
17.50x
18.37x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
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
s-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
03.09.2013
European Aeronautic Defence and Space Co NV

Holdings By:
All
Holder Name
FRENCH STATE
FEDERAL REPUBLIC OF
EUROPEAN AERONAUTIC
SOCIEDAD ESTATAL DE
BLACKROCK
VNESHECONOMBANK
CAISSE DES DEPOTS ET
AMUNDI SA
VANGUARD
VIKING GLOBAL INVEST
STATE STREET
OLD MUTUAL
INVESCO LTD
UBS
AMUNDI
BARCLAYS CAPITAL SEC
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
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
Exane BNP Paribas

OLIVIER BROCHET
EDWARD STACEY
Jefferies
SANDY MORRIS
RBC Capital Markets
ROBERT STALLARD
AlphaValue
THOMAS PICHERIT
DOUGLAS S HARNED
Oddo & Cie
YAN DEROCLES
Day by Day
VALERIE GASTALDY
Deutsche Bank
BEN FIDLER
Cantor Fitzgerald
ANDREW CHAMBERS
Hamburger Sparkasse
INGO SCHMIDT
Morgan Stanley
RUPINDER VIG
Nord/LB
WOLFGANG DONIE
Societe Generale
ZAFAR KHAN
Commerzbank Corporates & Markets STEPHAN BOEHM
Bankhaus Lampe
SEBASTIAN HEIN
CM - CIC Securities(ESN)
HARALD LIBERGE-DONDOUX
DZ Bank AG
MARKUS TURNWALD
Investec
ANDREW GOLLAN
JPMorgan
DAVID H PERRY
STEFAN MAICHL
ZAFER RUZGAR
S&P Capital IQ
UNAI FRANCO
EVA Dimensions
TIMOTHY STANISH
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
ULT-AGG
RNS-RUL8
ULT-AGG
ULT-AGG
RNS-RUL8
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
RNS-RUL8
Recommendation
outperform
sell
buy
outperform
add
market perform
buy
sell
buy
buy
sell
Overwt/In-Line
buy
buy
buy
buy
reduce
buy
buy
overweight
buy
buy
strong buy
overweight
buy
overweight
buy
hold
Amt Held
112'072'054
83'837'750
49'001'830
39'788'818
34'687'784
34'457'610
22'614'753
15'584'382
15'385'347
12'117'860
11'930'093
9'546'850
9'406'422
9'211'702
6'100'000
3'879'592
3'354'224
2'897'299
2'666'169
2'644'421
% Out
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Weighting
Change
5
1
5
5
4
3
5
1
5
5
1
5
5
5
5
5
2
5
5
5
5
5
5
5
5
5
5
3
M
M
M
M
M
M
M
D
M
M
M
M
U
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)
(459'400)
(2'721)
3'341
(1'079'438)
12'665
(18'433)
(9'990)
(82'056)
31'033
13'499
(833'201)
Target Price
64
31
45
52
52
43
50
36
55
55
#N/A N/A
54
53
53
53
52
34
51
48
67
50
52
53
#N/A N/A
48
49
49
#N/A N/A
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
30.08.2013
Investment Advisor
26.07.2013
Government
25.09.2012
Government
10.10.2012
Other
09.10.2012
Unclassified
30.08.2013
Investment Advisor
10.10.2012
Unclassified
05.10.2012
Investment Advisor
13.09.2012
Investment Advisor
31.05.2013
Investment Advisor
30.08.2013
Unclassified
30.04.2013
Investment Advisor
10.10.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
6 month
12 month
Not Provided
3 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
15 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
03.09.2013
02.09.2013
30.08.2013
29.08.2013
29.08.2013
28.08.2013
26.08.2013
20.08.2013
19.08.2013
15.08.2013
12.08.2013
06.08.2013
05.08.2013
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
06.06.2013
15.05.2013
15.05.2013
08.03.2013
10.10.2011
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EOAN GY EQUITY YTD Change
EOAN GY EQUITY YTD % CHANGE
12/2012
06/yy
19.74
11.82
1'983'324.00
11.98
-39.31%
1.40%
3.34%
2'001.0
23'971.98
25'944.00
0.0
3'862.0
6'097.00
44'967.98
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
o-12
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
j-13
a-13
LTM
FY+1
.0 M
s-13
1.10
1'847.04
-29.82%
-7.83%
1.100
36
2.778
9'140'038
7'843'001
9'017'111
FY+2
FQ+1
FQ+2
06/yy
06/yy
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
100'850.0 103'107.0 119'206.7 119'892.6
2.38x
1.94x
0.39x
0.38x
4'407.0
7'043.0
9'366.3
9'308.7
0.00x
0.00x
4.80x
4.83x
(190.0)
2'559.0
2'453.1
2'351.3
0.00x
0.00x
9.57x
9.71x
S&P Issuer Ratings
27.07.2012
Long-Term Rating
ALong-Term Outlook
STABLE
27.07.2012
Short-Term Rating
A-2
Credit Ratios
2.90
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
2.46
Inventory Days
7.00
140'000.0
6.00
120'000.0
5.00
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
70.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
s-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
03.09.2013
E.ON SE
Holdings By:
All
Holder Name
BLACKROCK
E.ON AG
GOVERNMENT OF NORWAY
CREDIT SUISSE AG
NORGES BANK
MORGAN STANLEY
VANGUARD
SOCIETE GENERALE SA
PICTET FUNDS
UBS
AMUNDI
GRANTHAM MAYO VAN OT
Firm Name
RBC Capital Markets
Morgan Stanley
Credit Suisse
Kepler Cheuvreux
Exane BNP Paribas
AlphaValue
Deutsche Bank
EVA Dimensions
Macquarie
Hamburger Sparkasse
Grupo Santander
Societe Generale
Nord/LB
Natixis
Barclays
Raymond James
S&P Capital IQ
Day by Day
Investec
UBS
Bankhaus Metzler
JPMorgan
HSBC
Main First Bank AG
Berenberg Bank
Redburn Partners
Goldman Sachs
Banco Sabadell
National Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
JOHN MUSK
BOBBY CHADA
VINCENT GILLES
INGO BECKER
BENJAMIN LEYRE
ERKAN AYCICEK
EILEEN RYAN
ALEXANDER KARNICK
DOUG WALTERS
ROBERT SCHRAMM-FUCHS
ANNEMARIE SCHLUETER
OSCAR NAJAR RIOS
ALBERTO PONTI
TANJA MARKLOFF
HEINO HAMMANN
PHILIPPE OURPATIAN
PETER BISZTYGA
EMMANUEL RETIF
SVEN DIERMEIER
STEPHAN WULF
CLIVE ROBERTS
VALERIE GASTALDY
HAROLD HUTCHINSON
PATRICK HUMMEL
DANIEL SEIDENSPINNER
NATHALIE F CASALI
ADAM DICKENS
ANDREAS THIELEN
TEAM COVERAGE
AHMED FARMAN
DEBORAH WILKENS
MICHAEL SCHAEFER
JORGE GONZALEZ SADORNIL
STEFFEN MANSKE
Source
ULT-AGG
Co File
Research
ULT-AGG
MF-AGG
MF-AGG
Research
ULT-AGG
Research
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
underperform
Equalwt/In-Line
underperform
hold
neutral
hold
buy
hold
hold
underperform
hold
hold
hold
hold
hold
reduce
overweight
market perform
sell
buy
buy
hold
reduce
neutral
sell
underweight
underweight
outperform
sell
neutral
Buy/Neutral
hold
buy
sell
Amt Held
173'921'196
95'529'865
58'428'022
49'541'810
44'456'040
26'484'398
25'888'854
21'153'194
19'195'947
11'867'950
11'760'000
7'475'000
7'094'187
6'981'054
6'477'223
6'145'155
5'589'023
4'820'789
4'466'253
4'438'987
% Out
8.69
4.77
2.92
2.48
2.22
1.32
1.29
1.06
0.96
0.59
0.59
0.37
0.35
0.35
0.32
0.31
0.28
0.24
0.22
0.22
Weighting
Change
1
3
1
3
3
3
5
3
3
1
3
3
3
3
3
2
5
3
1
5
5
3
2
3
1
1
1
5
1
3
5
3
5
1
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(775'396)
(11'986)
22'888'972
668'398
(1'964'569)
6'032'207
(1'000'703)
1'357'797
(17'557)
9'927
(1'791'225)
996'700
(31'421)
254'908
Target Price
11
15
10
12
14
12
17
12
#N/A N/A
11
#N/A N/A
13
12
13
14
12
15
#N/A N/A
11
16
14
#N/A N/A
12
12
11
13
11
15
11
#N/A N/A
18
14
14
#N/A N/A
File Dt
30.08.2013
31.12.2011
25.04.2013
31.05.2013
31.12.2012
31.07.2013
10.05.2012
30.06.2013
14.05.2013
28.03.2013
30.04.2013
30.06.2013
30.04.2013
30.06.2013
30.08.2013
30.08.2013
30.04.2013
30.04.2013
31.03.2013
30.11.2012
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
3 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Corporation
Government
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
03.09.2013
02.09.2013
02.09.2013
30.08.2013
28.08.2013
27.08.2013
22.08.2013
19.08.2013
16.08.2013
15.08.2013
15.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
12.08.2013
07.08.2013
07.08.2013
07.08.2013
19.07.2013
04.07.2013
07.06.2013
24.05.2013
21.05.2013
26.04.2013
18.03.2013
15.02.2013
31.01.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EUCA GY EQUITY YTD Change
EUCA GY EQUITY YTD % CHANGE
12/2012
06/yy
21.41
13.63
3'607.00
17.05
-20.35%
25.09%
44.50%
6.7
113.62
86.15
0.0
0.5
5.64
200.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
.2 M
.1 M
.1 M
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
s-13
0.90
6.66
-12.47%
-4.22%
0.896
9
4.778
30'855
22'972
16'991
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
352.8
375.3
0.56x
0.53x
30.0
34.1
6.6
8.8
6.69x
5.90x
11.8
14.0
9.78x
8.16x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
5.52
4.59
3.52
3.82
72.7%
42.0%
1.17
21.19
71.31
-
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
03.09.2013
Euromicron AG
Holdings By:
All
Holder Name
DWS INVESTMENTS
IFOS INTERNATIONALE
BLACKROCK
BARING INTERNATIONAL
WESTLB ASSET MANAGEM
GEBSER & PARTNER AG
OPPENHEIM PRAMERICA
VERWALTUNGS- UND PRI
HANSAINVEST GMBH
OPPENHEIM KAPITALANL
BANQUE ET CAISSE D'E
Firm Name
Bankhaus Lampe
Deutsche Bank
GSC Research
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
ADRIAN PEHL
NORBERT KALLIWODA
KLAUS SCHLOTE
WOLFGANG SPECHT
THOMAS HOFMANN
BENJAMIN KOHNKE
MARTIN DECOT
MARKUS FRIEBEL
MATTHIAS WAHLER
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
buy
buy
buy
buy
buy
hold
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
(30'443) -0.46
28'797
0.43
20'000
0.3
14'400
0.22
12'246
0.18
12'000
0.18
10'890
0.16
6'000
0.09
5'500
0.08
4'231
0.06
3'500
0.05
3'000
0.05
1'858
0.03
1'500
0.02
0
Weighting
Change
5
5
5
5
5
3
5
5
5
M
M
M
M
M
M
M
M
M
Latest Chg
69'355
14'523
500
(1'500)
(210)
(39'731)
Target Price
24
26
26
21
20
17
23
20
#N/A N/A
File Dt
25.06.2013
27.02.2012
30.04.2013
31.05.2013
01.08.2013
30.08.2013
26.07.2012
31.07.2013
31.05.2013
30.04.2013
28.03.2013
31.01.2013
01.08.2013
28.03.2013
30.04.2013
28.06.2013
28.03.2013
28.06.2013
28.06.2013
28.03.2013
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.08.2013
26.08.2013
22.08.2013
21.08.2013
13.08.2013
12.08.2013
12.08.2013
09.08.2013
23.11.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EVT GY EQUITY YTD Change
EVT GY EQUITY YTD % CHANGE
12/2012
06/yy
3.07
2.06
808'069.00
2.924
-4.69%
42.29%
84.40%
118.6
346.90
17.64
0.0
0.0
65.64
307.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
1.0 M
1
.5 M
1
0
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
81.9
12.86x
1.2
235.05x
(3.8)
0.00x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.94
88.56
14.44%
11.35%
0.939
8
4.250
744'834
417'124
392'695
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
96.8
110.1
3.12x
2.64x
15.3
21.3
20.30x
14.58x
5.4
12.2
50.41x
28.67x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.18
-1.22
-32.83
15.10
11.6%
10.4%
0.38
3.05
60.38
20.33
40.89
18.13
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
03.09.2013
Evotec AG
Holdings By:
All
Holder Name
OETKER ROLAND
TVM V LIFE SCIENCE V
DEUTSCHE BANK AG
BLACKROCK ADVISORS U
BLACKROCK INV MGMT U
LANTHALER WERNER
ZUERCHER KANTONALBAN
BLACKROCK
DWS INVESTMENTS
MMA FINANCE
BANQUE ET CAISSE D'E
NORDINVEST FUND MANA
Firm Name
Montega
Berenberg Bank
Deutsche Bank
EVA Dimensions
DZ Bank AG
Kempen & Co
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
IGOR KIM
STEFAN SCHROEDER
VOLKER BRAUN
ALISTAIR CAMPBELL
GUNNAR ROMER
TIMOTHY STANISH
HEINZ MUELLER
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
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
hold
sell
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
(699'966) -0.59
(569'025) -0.48
(545'315) -0.46
516'494
0.44
484'304
0.41
450'000
0.38
400'000
0.34
350'000
0.3
180'600
0.15
(179'423) -0.15
177'799
0.15
161'853
0.14
130'000
0.11
76'718
0.06
75'000
0.06
75'000
0.06
Weighting
Change
5
5
5
5
3
1
5
5
M
M
M
M
M
M
M
M
Latest Chg
11'315
130'401
142'256
184'304
115'593
130'000
-
Target Price
4
4
4
4
3
#N/A N/A
4
4
File Dt
Inst Type
31.12.2012
n/a
31.12.2012
Venture Capital
28.06.2013
Investment Advisor
20.08.2012
Unclassified
16.05.2013
Investment Advisor
15.05.2013
Investment Advisor
31.12.2012
n/a
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
28.12.2012
Investment Advisor
30.08.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
29.06.2012
Investment Advisor
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.10.2012
Investment Advisor
Date
12 month
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
02.09.2013
02.09.2013
28.08.2013
28.08.2013
08.08.2013
06.06.2013
17.05.2013
15.01.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FIE GY EQUITY YTD Change
FIE GY EQUITY YTD % CHANGE
12/2012
06/yy
82.99
69.51
7'905.00
79.36
-4.37%
14.17%
80.04%
42.0
3'333.12
2.60
0.0
0.1
285.05
2'999.38
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
s-12
o-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'107.1
2.51x
214.9
12.95x
126.4
24.25x
214.90
180.26
16.28%
16.32%
15.68%
20.71%
1.38%
19.3%
16.3%
11.4%
2.96
2.05
0.34%
0.45%
-
Price/ Cash Flow
06/yy
1'080.9
10.59x
211.2
13.26x
124.2
24.76x
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
1'127.9
10.04x
218.2
13.88x
128.6
26.16x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.64
11.91
13.19%
12.52%
0.639
22
2.909
32'381
21'951
31'873
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'162.9
1'224.1
300.0
288.0
2.63x
2.49x
228.9
242.7
13.11x
12.36x
134.6
144.8
43.0
34.0
24.65x
22.98x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
103.72
89.56
-1.53
0.01
0.5%
0.5%
1.38
5.67
-
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
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
03.09.2013
Fielmann AG
Holdings By:
All
Holder Name
FIELMANN FAMILIENSTI
CREDIT SUISSE GROUP
SCHRODER INVESTMENT
FIL LIMITED
NORGES BANK
DANSKE INVEST A/S
FMR LLC
ADIG INVESTMENT
BLACKROCK
IG INVESTMENT MANAGE
VANGUARD
DEUTSCHE BANK AG
FIDELITY INVESTMENT
Firm Name
Nord/LB
Hauck & Aufhaeuser
Bankhaus Lampe
Bankhaus Metzler
Exane BNP Paribas
Deutsche Bank
SRH AlsterResearch
Baader Bank
HSBC
Hamburger Sparkasse
Main First Bank AG
Kepler Cheuvreux
EVA Dimensions
DZ Bank AG
Berenberg Bank
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
n/a
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
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
WOLFGANG VASTERLING
CHRISTOPH SCHLIENKAMP
STEFAN WIMMER
KONRAD LIEDER
ANDREAS INDERST
BENJAMIN GOY
THILO KLEIBAUER
CARSTEN MAINITZ
GEORG REMSHAGEN
VOLKER BOSSE
THOMAS TEETZ
CHRISTIAN HAMANN
GAEL COLCOMBET
CRAIG ABBOTT
CRAIG STERLING
BERND MUELL
THOMAS MAUL
ANNA PATRICE
PETER STEINER
KLAUS KRAENZLE
STEPHAN SEIP
MATTHIAS SCHRADE
hold
sell
hold
buy
accumulate
underperform
sell
hold
sell
hold
sell
underweight
hold
outperform
reduce
overweight
hold
buy
hold
overweight
neutral
sell
buy
Amt Held
30'090'422
1'200'937
403'041
364'236
329'464
300'132
289'950
285'300
281'218
232'811
215'174
168'000
148'230
134'201
123'707
112'092
106'621
99'922
91'583
64'244
% Out
71.64
2.86
0.96
0.87
0.78
0.71
0.69
0.68
0.67
0.55
0.51
0.4
0.35
0.32
0.29
0.27
0.25
0.24
0.22
0.15
Weighting
Change
3
1
3
5
4
1
1
3
1
3
1
1
3
5
2
5
3
5
3
5
3
1
5
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
U
M
M
M
Latest Chg
(106'369)
5'256
1'771
8'053
7'455
16'800
(6'046)
81'160
(529)
Target Price
72
64
74
84
84
69
67
75
64
70
65
70
#N/A N/A
85
67
#N/A N/A
79
83
68
80
77
66
#N/A N/A
File Dt
09.04.2013
26.06.2013
30.04.2013
30.04.2013
31.10.2012
31.12.2012
28.06.2013
28.03.2013
31.05.2013
31.07.2013
30.04.2013
31.05.2013
30.08.2013
31.03.2013
30.04.2013
30.06.2013
28.06.2013
30.04.2013
31.12.2012
28.06.2013
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.09.2013
02.09.2013
02.09.2013
02.09.2013
02.09.2013
02.09.2013
30.08.2013
29.08.2013
29.08.2013
28.08.2013
22.08.2013
16.07.2013
12.07.2013
11.07.2013
14.05.2013
02.05.2013
26.04.2013
26.04.2013
25.04.2013
06.02.2013
08.11.2012
23.08.2012
15.09.2011
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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
72'745.00
49.255
-17.33%
5.89%
21.70%
307.5
15'392.35
8'298.48
0.0
788.0
688.04
21'775.28
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
13'800.3
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
s-13
0.53
213.17
-12.95%
-4.48%
0.526
34
3.441
536'963
665'890
862'321
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
14'588.4
15'255.1
3'658.0
3'846.7
1.97x
1.85x
7.59x
7.16x
2'897.3
3'001.9
703.8
770.0
9.87x
9.52x
9.95x
9.86x
1'106.2
1'151.5
275.8
323.8
18.02x
17.10x
18.48x
18.05x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.09.2012
BB+
POS
6.00
4.56
2.76
2.97
92.8%
46.0%
0.64
15.56
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
03.09.2013
Fresenius Medical Care AG & Co KGaA

Holdings By:
All
Holder Name
FRESENIUS SE & CO KG
BLACKROCK
NORGES BANK
VANGUARD
DEUTSCHE BANK AG
SARASIN
INVESCO LTD
FIL LIMITED
RUFFER LLP
FINANCIERE DE L'ECHI
UBS
Firm Name
AlphaValue
Goldman Sachs
Helvea
Societe Generale
Hamburger Sparkasse
Jefferies
DZ Bank AG
Deutsche Bank
Nord/LB
Credit Suisse
HSBC
Berenberg Bank
Bryan Garnier & Cie
Barclays
Morgan Stanley
S&P Capital IQ
Exane BNP Paribas
JPMorgan
Bankhaus Metzler
UBS
Kepler Cheuvreux
Erste Group
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
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
MARTIN SCHNEE
VOLKER BRAUN
VERONIKA DUBAJOVA
OLAV ZILIAN
JUSTIN SMITH
LISA BEDELL CLIVE
MARCO GUENTHER
INGEBORG OIE
SVEN OLAF KUERTEN
HOLGER BLUM
HOLGER FECHNER
CHRISTOPH GRETLER
JAN KEPPELER
TOM JONES
MATHIEU CHABERT
SALLY TAYLOR
MICHAEL K JUNGLING
TIMO KUERSCHNER
ULRICH HUWALD
KONRAD LIEDER
SHO MATSUBARA
JULIEN DORMOIS
DAVID J ADLINGTON
SEBASTIAN FRERICKS
MARTIN WALES
OLIVER REINBERG
HANS ENGEL
TIMOTHY STANISH
VALERIE GASTALDY
MARCUS WIEPRECHT
STEFFEN MANSKE
DAVID S MACDONALD
Source
20F
ULT-AGG
Research
MF-AGG
ULT-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-PART
ULT-AGG
Recommendation
add
add
neutral/neutral
hold
hold
outperform
buy
hold
hold
hold
hold
neutral
neutral
hold
buy
buy
overweight
Overwt/In-Line
buy
buy
accumulate
sell
neutral
underweight
buy
buy
hold
hold
underweight
hold
underperform
hold
buy
Amt Held
94'380'382
22'270'562
15'147'822
5'276'888
4'757'197
4'252'100
3'847'973
2'979'371
2'694'206
2'654'567
1'957'589
1'767'324
1'260'332
1'233'439
1'182'636
1'128'199
1'082'708
1'077'120
1'056'938
1'054'940
% Out
30.69
7.24
4.93
1.72
1.55
1.38
1.25
0.97
0.88
0.86
0.64
0.57
0.41
0.4
0.38
0.37
0.35
0.35
0.34
0.34
Weighting
Change
4
4
3
3
3
5
5
3
3
3
3
3
3
3
5
5
5
5
5
5
4
1
3
1
5
5
3
3
1
3
1
3
5
M
M
M
M
D
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
Latest Chg
(369'362)
1'148'961
(8'000)
(84'015)
2'694'206
227'441
31'313
199'387
79'742
(11'363)
(1'536'605)
99'799
29'978
(19'431)
Target Price
58
61
46
55
53
62
#N/A N/A
49
48
46
50
46
51
53
58
54
59
53
58
58
55
44
53
46
54
54
47
#N/A N/A
#N/A N/A
#N/A N/A
50
57
63
File Dt
18.02.2013
30.08.2013
06.02.2013
31.12.2012
30.06.2013
30.06.2013
21.05.2013
31.03.2013
31.03.2013
31.05.2013
31.07.2013
30.06.2013
31.07.2013
30.08.2013
31.12.2012
28.03.2013
30.06.2013
28.02.2013
31.07.2013
28.06.2013
Date
6 month
6 month
12 month
12 month
12 month
12 month
Not Provided
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
3 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
Corporation
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Date
29.08.2013
28.08.2013
19.08.2013
15.08.2013
06.08.2013
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
16.07.2013
03.07.2013
02.07.2013
02.07.2013
01.07.2013
06.06.2013
20.05.2013
09.05.2013
31.10.2012
02.11.2011
03.09.2013
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 (14.08.2013)
52-Week Low (03.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FNTN GY EQUITY YTD Change
FNTN GY EQUITY YTD % CHANGE
12/2012
06/yy
18.72
11.29
48'542.00
18.275
-2.38%
61.81%
93.94%
128.1
2'340.31
656.55
0.0
0.4
205.22
2'880.73
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
o-12
n-12
d-12
j-13
f-13 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
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
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'089.0
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
s-13
0.59
113.94
60.77%
40.56%
0.588
18
4.222
445'910
442'787
539'857
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
0.83x
356.9
363.4
88.7
87.7
8.09x
7.95x
229.8
245.3
9.96x
9.45x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
7.86
7.39
1.52
1.88
55.2%
35.5%
1.35
108.91
44.11
-
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
03.09.2013
Freenet AG
Holdings By:
All
Holder Name
JP MORGAN
DRILLISCH AG
MPS HOLDING GMBH
POLARIS CAPITAL MANA
NORGES BANK
VANGUARD
FIL LIMITED
DWS INVESTMENTS
LORD ABBETT & CO LLC
BLACKROCK
PEAR TREE ADVISORS I
SCHRODER INVESTMENT
PRINCIPAL FINANCIAL
ALASKA PERMANENT FUN
DEUTSCHE BANK AG
Firm Name
Makor Capital
Deutsche Bank
Bankhaus Metzler
Hauck & Aufhaeuser
Bankhaus Lampe
Berenberg Bank
HSBC
DZ Bank AG
UBS
Kepler Cheuvreux
EVA Dimensions
Nomura
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
HEIKE PAULS
ALBERT SAPORTA
BENJAMIN KOHNKE
ULRICH TRABERT
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
ULT-AGG
Research
Research
Research
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
buy
hold
buy
buy
hold
buy
buy
hold
hold
hold
accumulate
overweight
buy
buy
reduce
buy
neutral
Amt Held
5'784'191
5'766'540
4'494'941
3'921'847
3'863'574
3'841'524
1'918'510
1'595'742
1'496'400
1'208'581
1'110'693
1'045'339
1'013'936
975'061
923'224
905'317
879'457
841'317
770'943
658'210
% Out
4.52
4.5
3.51
3.06
3.02
3
1.5
1.25
1.17
0.94
0.87
0.82
0.79
0.76
0.72
0.71
0.69
0.66
0.6
0.51
Weighting
Change
5
5
3
5
5
3
5
5
3
3
3
4
5
5
5
2
5
3
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
44'990
189'408
(84'538)
604'700
28'320
11'151
301'863
107'378
323'890
148'057
-
Target Price
22
#N/A N/A
18
21
20
20
20
21
16
18
18
21
20
20
20
18
#N/A N/A
9
File Dt
30.06.2013
24.06.2013
20.03.2013
09.08.2013
11.06.2013
09.08.2013
30.06.2013
31.10.2012
30.04.2013
28.06.2013
30.08.2013
30.06.2013
31.05.2013
31.07.2013
31.07.2013
30.04.2013
31.07.2013
31.03.2013
30.04.2013
03.09.2013
Date
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Corporation
n/a
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
Government
Investment Advisor
Investment Advisor
Date
28.08.2013
12.08.2013
09.08.2013
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
15.07.2013
09.07.2013
15.05.2013
15.01.2013
17.12.2010
03.09.2013
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 (03.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FPE3 GY EQUITY YTD Change
FPE3 GY EQUITY YTD % CHANGE
12/2011
06/yy
68.62
46.03
11'670.00
61.78
-9.97%
34.22%
71.67%
35.5
4'060.77
8.90
0.0
1.6
143.70
3'975.67
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
30
1.0 M
20
.5 M
10
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'819.1
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
s-13
0.79
35.49
33.54%
12.29%
0.793
20
3.250
88'994
104'864
122'527
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'873.8
1'961.9
475.0
450.0
2.06x
1.92x
337.6
357.8
91.1
85.8
11.77x
11.11x
218.3
231.6
58.9
54.9
20.01x
18.72x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
123.32
94.76
-0.27
0.02
1.1%
1.1%
1.70
7.33
57.70
75.82
46.16
47.29
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
03.09.2013
Fuchs Petrolub SE
Holdings By:
All
Holder Name
BLACKROCK
MAWER INVESTMENT MAN
DEUTSCHE BANK AG
BAILLIE GIFFORD AND
VANGUARD
DWS INVESTMENTS
MAINFIRST SICAV
JP MORGAN
ABERDEEN
LOMBARD ODIER DARIER
MCINROY & WOOD LIMIT
Firm Name
Main First Bank AG
Goldman Sachs
DZ Bank AG
Nord/LB
Bankhaus Metzler
Deutsche Bank
Baader Bank
Macquarie
Hauck & Aufhaeuser
Bankhaus Lampe
Steubing AG
Kepler Cheuvreux
Berenberg Bank
EVA Dimensions
HSBC
GSC Research
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
LUTZ GRUETEN
HOLGER OCHS
ULLE WORNER
BENJAMIN MOORE
HEINZ MUELLER
THORSTEN STRAUSS
LARS HETTCHE
UWE SCHUPP
NORBERT BARTH
CHRISTIAN FAITZ
THOMAS WISSLER
HEIKO FEBER
OLIVER SCHWARZ
NADESHDA DEMIDOVA
TOBIAS SCHMIDT
MARTIN ROEDIGER
JOHN PHILIPP KLEIN
TIMOTHY STANISH
JESKO MAYER-WEGELIN
MATTHIAS SCHRADE
Source
ULT-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
hold
outperform
hold
hold
neutral/neutral
buy
hold
buy
hold
buy
neutral
sell
sell
hold
reduce
hold
buy
hold
overweight
underweight
buy
Amt Held
2'316'186
1'112'545
1'060'114
862'037
840'289
741'142
687'880
582'152
384'528
345'518
291'090
289'967
185'100
146'823
146'800
130'700
110'000
86'440
82'000
80'588
% Out
6.53
3.13
2.99
2.43
2.37
2.09
1.94
1.64
1.08
0.97
0.82
0.82
0.52
0.41
0.41
0.37
0.31
0.24
0.23
0.23
Weighting
Change
3
5
3
3
3
5
3
5
3
5
3
1
1
3
2
3
5
3
5
1
5
M
U
M
M
M
U
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(92'654)
18'498
725
361'156
(197'497)
304'152
130'751
(5'576)
110'100
(4'569)
(242'000)
(5'000)
(4'800)
(20'210)
Target Price
56
70
62
65
69
67
64
65
55
67
44
49
50
63
48
56
68
54
#N/A N/A
48
#N/A N/A
File Dt
30.06.2013
30.08.2013
09.05.2013
28.06.2013
30.06.2013
31.05.2013
31.05.2013
31.12.2012
30.06.2013
30.04.2013
28.02.2013
30.06.2013
28.03.2013
30.04.2013
30.06.2013
30.06.2013
28.02.2013
30.06.2013
31.05.2013
31.03.2013
Date
6 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
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
Investment Advisor
Date
28.08.2013
16.08.2013
12.08.2013
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
29.07.2013
25.07.2013
06.06.2013
14.01.2013
24.05.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FRA GY EQUITY YTD Change
FRA GY EQUITY YTD % CHANGE
12/2012
06/yy
50.87
41.51
9'662.00
49.085
-3.51%
18.25%
82.85%
92.3
4'529.43
4'597.60
0.0
35.7
821.90
8'509.93
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
0
s-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
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'442.0
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
0.80
32.89
13.39%
14.92%
0.797
29
3.724
90'811
94'311
116'123
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'584.3
2'659.4
777.0
619.0
3.19x
3.08x
887.7
929.4
9.59x
9.16x
227.0
264.5
133.0
12.3
20.10x
17.21x
18.52x
20.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.76
1.12
4.58
5.34
158.0%
61.0%
0.26
0.42
32.68
-
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
o-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
s-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
03.09.2013
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
RARE INFRASTRUCTURE
DEUTSCHE BANK AG
BLACKROCK
SPARINVEST
NORGES BANK
TAUBE HODSON STONEX
LANSDOWNE PARTNERS L
LAZARD GLOBAL ACTIVE
VANGUARD
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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Firm Name
Analyst

AlphaValue
Macquarie
Nord/LB
RBC Capital Markets
Bankhaus Metzler
Raymond James
Natixis
JPMorgan
Nomura
Exane BNP Paribas
HSBC
Bankhaus Lampe
DZ Bank AG
Deutsche Bank
S&P Capital IQ
Main First Bank AG
Morgan Stanley
Kepler Cheuvreux
Goldman Sachs
EVA Dimensions
UBS
Grupo Santander
Barclays
Equita SIM SpA
FRANK SKODZIK
HANS-PETER WODNIOK
SAM DOBSON
CHRISTIAN COHRS
FRANK SCHWOPE
DAMIAN BREWER
GUIDO HOYMANN
ARNAUD PALLIEZ
GREGOIRE THIBAULT
JOCHEN ROTHENBACHER
ELODIE RALL
PETER LARKIN
NICOLAS MORA
JOSEPH P THOMAS
ZAFER RUZGAR
SEBASTIAN HEIN
DIRK SCHLAMP
MICHAEL KUHN
BARBARA AMBRUS
JAWAHAR HINGORANI
TOBIAS SITTIG
DANIEL RUIVO
RUXANDRA HARADAU-DOESER
NICK EDELMAN
TIMOTHY STANISH
ALEX BRIGNALL
JOAQUIN FERRER
SUSANNA INVERNIZZI
GIANMARCO BONACINA
Source
Co File
Co File
MF-AGG
Co File
Research
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
reduce
outperform
buy
hold
outperform
sell
outperform
reduce
buy
underweight
buy
neutral
neutral
hold
buy
buy
buy
buy
strong buy
outperform
Equalwt/In-Line
reduce
Buy/Neutral
underweight
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
1'042'496
1.13
1'014'217
1.1
672'427
0.73
620'957
0.67
480'501
0.52
(461'083)
-0.5
447'813
0.49
423'393
0.46
329'602
0.36
293'416
0.32
272'275
0.3
261'488
0.28
Weighting
5
2
5
5
3
5
1
5
2
5
1
5
3
3
3
5
5
5
5
5
5
3
2
5
1
3
5
5
#N/A N/A
Change
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
U
M
Latest Chg
45'940
(503'700)
688
(16'320)
31'240
(15'391)
167'618
60'443
(326'188)
42'698
Target Price
57
46
59
55
49
60
44
53
42
56
50
52
53
51
51
54
55
53
54
55
53
54
39
56
#N/A N/A
46
56
52
46
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
30.08.2013
Investment Advisor
31.07.2013
Investment Advisor
31.12.2012
Government
31.07.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Unclassified
30.06.2013
Investment Advisor
31.05.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2013
Investment Advisor
Date
6 month
6 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
30.08.2013
29.08.2013
21.08.2013
15.08.2013
14.08.2013
13.08.2013
13.08.2013
12.08.2013
12.08.2013
12.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
02.08.2013
16.07.2013
11.07.2013
10.06.2013
06.06.2013
14.03.2013
12.03.2013
23.01.2013
10.09.2010
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FRE GY EQUITY YTD Change
FRE GY EQUITY YTD % CHANGE
12/2012
06/yy
100.10
81.83
50'901.00
91.46
-8.63%
11.77%
53.69%
178.3
16'304.68
11'464.00
0.0
5'523.0
885.00
32'675.68
.8 M
.6 M
40
.4 M
20
.2 M
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
19'290.0
1.64x
3'759.0
8.41x
926.0
16.28x
3'759.00
2'983.00
15.46%
12.40%
3.06%
12.51%
0.65%
32.6%
18.9%
14.8%
4.8%
1.56
0.87
37.39%
150.19%
5.50
7.09
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
6.51x
3'793.0
8.76x
946.0
17.63x
FY+1
.0 M
s-13
0.52
130.04
6.49%
6.21%
0.521
31
4.000
348'052
341'918
391'342
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
20'649.8
21'774.1
5'091.5
5'488.8
1.52x
1.39x
3'987.7
4'227.3
974.0
1'051.0
8.20x
7.74x
1'032.0
1'156.9
254.5
302.0
15.54x
13.87x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.09.2012
BB+
POS
5.22
3.87
2.85
3.07
150.2%
46.6%
0.65
4.15
66.38
51.47
21.78
90.72
9.00
25'000.0
8.00
20'000.0
7.00
6.00
15'000.0
5.00
4.00
10'000.0
3.00
5'000.0
2.00
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
01.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
03.09.2013
Fresenius SE & Co KGaA

Holdings By:
All
Holder Name
ELSE KRONER FOUNDATI
BLACKROCK
NORGES BANK
FMR LLC
DEUTSCHE BANK AG
VANGUARD
SCHRODER INVESTMENT
UMB BANK N A
ADIG INVESTMENT
FIL LIMITED
Firm Name
AlphaValue
Morgan Stanley
Berenberg Bank
Societe Generale
Hamburger Sparkasse
DZ Bank AG
Jefferies
Nord/LB
Credit Suisse
HSBC
Bryan Garnier & Cie
Exane BNP Paribas
Barclays
Deutsche Bank
Bankhaus Metzler
S&P Capital IQ
Day by Day
JPMorgan
UBS
Kepler Cheuvreux
EVA Dimensions
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
MARTIN SCHNEE
MICHAEL K JUNGLING
TOM JONES
JUSTIN SMITH
MARCO GUENTHER
SVEN OLAF KUERTEN
INGEBORG OIE
HOLGER FECHNER
CHRISTOPH GRETLER
JAN KEPPELER
MATHIEU CHABERT
JULIEN DORMOIS
SALLY TAYLOR
HOLGER BLUM
TIMO KUERSCHNER
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
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
ULT-AGG
Recommendation
add
hold
Equalwt/In-Line
buy
buy
hold
buy
buy
buy
outperform
overweight
buy
outperform
equalweight
hold
buy
sell
accumulate
sell
buy
neutral
buy
buy
hold
hold
add
Buy/Neutral
underperform
buy
not rated
Amt Held
48'231'698
10'450'577
5'557'985
3'403'434
2'566'985
2'197'333
2'091'332
1'904'216
1'622'170
1'533'775
1'488'023
1'357'827
1'255'600
1'088'659
856'403
773'703
671'596
613'447
607'116
544'634
% Out
27.06
5.86
3.12
1.91
1.44
1.23
1.17
1.07
0.91
0.86
0.83
0.76
0.7
0.61
0.48
0.43
0.38
0.34
0.34
0.31
Weighting
Change
4
3
3
5
5
3
5
5
5
5
5
5
5
3
3
5
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
(303'581)
(67'935)
(90'770)
(91'475)
84'616
1'533'775
133'695
342'670
254'073
83'475
139'480
(25'300)
(707'964)
(364)
(478'588)
Target Price
102
102
104
112
126
#N/A N/A
102
111
110
105
110
103
110
97
91
100
89
104
90
103
92
103
103
#N/A N/A
107
97
109
92
100
57
File Dt
31.12.2012
30.08.2013
30.06.2013
31.12.2012
31.07.2013
31.07.2013
28.06.2013
30.06.2013
30.04.2013
31.03.2013
30.06.2013
31.07.2013
28.03.2013
30.04.2013
28.03.2013
28.06.2013
30.04.2013
30.06.2013
31.03.2013
31.12.2012
Date
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.08.2013
22.08.2013
08.08.2013
07.08.2013
06.08.2013
05.08.2013
02.08.2013
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
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
03.09.2013
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 (19.08.2013)
52-Week Low (03.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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
32.64
20.79
40'610.00
31.175
-4.49%
49.95%
88.73%
192.5
6'001.05
1'137.91
0.0
2.6
909.76
6'463.22
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
5'720.1
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
s-13
1.10
177.65
49.53%
30.22%
1.098
33
4.000
380'968
329'740
390'650
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
5'902.0
6'166.4
1'515.0
1'727.0
1.08x
1.01x
701.2
773.4
9.23x
8.37x
385.4
439.2
106.0
178.0
15.45x
13.70x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.09
4.54
0.68
1.61
52.6%
34.4%
0.92
8.03
82.68
75.04
65.12
72.37
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
03.09.2013
GEA Group AG
Holdings By:
All
Holder Name
KUWAIT INVESTMENT AU
BLACKROCK
SCHRODERS PLC
FMR LLC
AMUNDI
VANGUARD
DEUTSCHE BANK AG
NORGES BANK
FMR LLC
DANSKE INVEST A/S
ADIG INVESTMENT
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Firm Name
Analyst
Bankhaus Lampe
Deutsche Bank
AlphaValue
HSBC
Bankhaus Metzler
Nomura
Equita SIM SpA
Hamburger Sparkasse
Baader Bank
EVA Dimensions
Hauck & Aufhaeuser
Kepler Cheuvreux
DZ Bank AG
Main First Bank AG
Exane BNP Paribas
Barclays
Nord/LB
UBS
JPMorgan
S&P Capital IQ
Montega
Steubing AG
Goldman Sachs
Berenberg Bank
National Bank AG
BHF-Bank
GORDON SCHOENELL
SEBASTIAN GROWE
PETER REILLY
HANS-PETER WODNIOK
JUERGEN SIEBRECHT
HELENA WUESTENFELD
KLAS BERGELIND
GIANMARCO BONACINA
INGO SCHMIDT
PETER ROTHENAICHER
TIMOTHY STANISH
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
HOLGER SCHMIDT
UNAI FRANCO
THOMAS RAU
TOBIAS SCHMIDT
AARON IBBOTSON
BENJAMIN GLAESER
EKKEHARD D LINK
HERMANN REITH
Source
Co File
ULT-AGG
Research
Research
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
add
buy
sell
overweight
buy
buy
buy
sell
buy
underweight
hold
hold
buy
buy
buy
underperform
outperform
overweight
buy
neutral
neutral
hold
buy
buy
hold
buy
Buy/Neutral
buy
hold
market weight
Amt Held
14'841'667
14'018'029
5'845'491
5'787'350
5'765'163
5'515'614
4'666'371
4'643'273
4'332'747
4'023'124
3'162'303
2'423'198
2'131'994
2'097'235
2'042'941
1'843'319
1'305'000
1'272'944
1'194'271
851'472
% Out
7.71
7.28
3.04
3.01
2.99
2.87
2.42
2.41
2.25
2.09
1.64
1.26
1.11
1.09
1.06
0.96
0.68
0.66
0.62
0.44
Weighting
Change
5
4
5
1
5
5
5
5
1
5
1
3
3
5
5
5
1
5
5
5
3
3
3
5
5
3
5
5
5
3
3
U
M
M
M
M
M
N
M
D
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
2'143
(1'265'420)
(4'250)
40'627
(169'519)
(668'707)
89'220
61'717
(93'561)
100'813
(43'549)
(25'400)
107'766
12'090
Target Price
38
32
34
27
38
33
40
36
23
36
#N/A N/A
32
32
33
33
34
27
33
34
32
31
30
28
32
36
29
32
29
29
26
25
File Dt
31.12.2012
30.08.2013
09.08.2013
07.06.2013
15.03.2013
08.10.2012
30.06.2013
28.06.2013
31.12.2012
31.07.2013
31.03.2013
31.07.2013
28.06.2013
30.06.2013
30.06.2013
30.06.2013
30.04.2013
28.03.2013
28.03.2013
30.06.2013
Date
12 month
6 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
15 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
Unclassified
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
03.09.2013
02.09.2013
02.09.2013
29.08.2013
28.08.2013
23.08.2013
14.08.2013
13.08.2013
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
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
29.07.2013
08.05.2013
01.05.2013
12.03.2013
06.02.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GBF GY EQUITY YTD Change
GBF GY EQUITY YTD % CHANGE
12/2012
06/yy
82.98
64.56
12'246.00
71.98
-13.26%
11.49%
40.77%
46.0
3'312.82
1'180.90
0.0
8.0
1'087.20
3'558.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
10
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
8'508.8
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
s-13
LTM
06/yy
8'350.5
1.31x
708.2
4.25x
291.1
9.33x
06/yy
8'493.8
1.67x
609.7
5.53x
181.9
17.09x
FY+1
4.17
0.87
43.24
12.85%
2.57%
0.873
25
3.880
96'638
114'854
127'994
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
8'678.3
9'099.2
2'273.7
2'336.7
0.39x
0.36x
561.3
617.1
6.34x
5.77x
242.9
272.5
80.2
91.5
13.07x
11.54x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
03.09.2013
Bilfinger SE
Holdings By:
All
Holder Name
CEVIAN CAPITAL AB
BLACKROCK
BILFINGER BERGER AG
INVESCO LTD
DEUTSCHE BANK AG
DJE INVESTMENT SA
CREDIT SUISSE GROUP
UBS
NORGES BANK
Firm Name
Deutsche Bank
Credit Suisse
Bankhaus Lampe
Natixis
Nord/LB
Goldman Sachs
HSBC
Bankhaus Metzler
S&P Capital IQ
Exane BNP Paribas
Berenberg Bank
UBS
Equita SIM SpA
Main First Bank AG
EVA Dimensions
Kepler Cheuvreux
DZ Bank AG
SRH AlsterResearch
Hamburger Sparkasse
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
NORBERT KRETLOW
INGBERT FAUST
HANS-PETER KUHLMANN
FRANK LASER
GUNNAR ROMER
EUGENE KLERK
MARC GABRIEL
ABDELKADER BENCHIHA
HEINO HAMMANN
WILL MORGAN
TOBIAS LOSKAMP
STEPHAN BAUER
JAWAHAR HINGORANI
GERHARD ORGONAS
BENJAMIN GLAESER
GREGOR KUGLITSCH
GIANMARCO BONACINA
CHRISTIAN KORTH
TIMOTHY STANISH
CRAIG ABBOTT
JASKO TERZIC
CARSTEN MAINITZ
INGO SCHMIDT
JENS JUNG
STEFFEN MANSKE
Source
Research
ULT-AGG
Research
ULT-AGG
Research
ULT-AGG
MF-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
hold
buy
buy
hold
neutral
buy
buy
hold
neutral/neutral
underweight
hold
buy
hold
neutral
buy
buy
hold
outperform
underweight
buy
buy
buy
hold
overweight
buy
Amt Held
6'990'563
2'343'982
1'840'965
1'370'341
1'346'715
1'328'350
1'165'722
944'428
901'166
889'899
859'455
833'084
741'610
730'039
684'781
677'300
623'540
623'450
532'272
519'000
% Out
15.19
5.09
4
2.98
2.93
2.89
2.53
2.05
1.96
1.93
1.87
1.81
1.61
1.59
1.49
1.47
1.35
1.35
1.16
1.13
Weighting
Change
5
3
5
5
3
3
5
5
3
3
1
3
5
3
3
5
5
3
5
1
5
5
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
U
M
M
M
U
M
N
M
M
M
Latest Chg
(232'391)
(50'900)
418'433
(130'527)
(7'254)
(14'974)
(91'000)
339'540
423'000
(267'346)
-
Target Price
84
80
90
92
77
74
83
84
81
80
67
80
84
79
77
84
82
84
88
#N/A N/A
84
85
96
#N/A N/A
79
60
File Dt
15.01.2013
30.08.2013
24.01.2013
01.02.2012
18.01.2013
28.06.2013
31.07.2013
11.04.2013
31.05.2013
30.06.2013
30.04.2013
31.12.2012
31.05.2013
30.04.2013
30.08.2013
30.04.2013
31.12.2012
28.03.2013
30.06.2013
30.06.2013
Date
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Inst Type
Venture Capital
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Insurance Company
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.08.2013
30.08.2013
15.08.2013
15.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
06.08.2013
01.08.2013
23.07.2013
23.07.2013
06.06.2013
14.05.2013
14.05.2013
14.05.2013
25.02.2013
13.02.2012
04.01.2010
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GFJ GY EQUITY YTD Change
GFJ GY EQUITY YTD % CHANGE
Price/Volume
12/2012
06/yy
10.48
7.60
98'750.00
9.303
-11.19%
22.41%
60.07%
216.0
2'009.01
5'231.10
0.0
30.6
176.00
6'994.01
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
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'061.6
6.42x
358.2
19.03x
43.2
40.28x
358.20
357.90
9.84%
8.04%
0.23%
0.91%
0.31%
0.13%
31.9%
4.1%
64.49%
252.73%
-
Price/ Cash Flow
06/yy
1'130.5
22.38x
361.3
18.46x
5.4
213.31x
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
1'062.1
25.67x
338.3
20.19x
18.8
95.92x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.75
111.16
5.88%
4.99%
0.750
16
4.375
164'979
322'924
362'544
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
817.3
831.0
217.0
194.0
8.47x
8.21x
342.2
347.8
20.46x
20.13x
89.4
138.9
20.09x
13.93x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.41
1.40
14.64
15.12
252.7%
71.4%
0.13
-
100.00
1'600.0
90.00
1'400.0
80.00
1'200.0
70.00
1'000.0
60.00
50.00
800.0
40.00
600.0
30.00
400.0
20.00
200.0
10.00
0.00
01.01.2010
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'249.4
6.01x
454.0
16.53x
41.2
22.33x
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
03.09.2013
GAGFAH SA
Holdings By:
All
Holder Name
FORTRESS INVESTMENT
DEUTSCHE BANK AG
GOLDMAN SACHS GROUP
NORGES BANK
TAUBE HODSON STONEX
BLACKROCK
VANGUARD
GAGFAH SA
LEGG MASON INC
CARVETIAN CAPITAL MA
STATE STREET
PARWORLD
KBC GROUP NV
DRIEHAUS CAPITAL MAN
CCR GESTION
Firm Name
JPMorgan
Nord/LB
HSBC
Bankhaus Lampe
Kepler Cheuvreux
Deutsche Bank
Goldman Sachs
Baader Bank
Berenberg Bank
ABN Amro Bank N.V.
Kempen & Co
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
HARM M MEIJER
MICHAEL SEUFERT
THOMAS MARTIN
STEFAN BONGARDT
GEORG KANDERS
THOMAS NEUHOLD
THOMAS ROTHAEUSLER
MARKUS SCHEUFLER
ANDRE REMKE
TORSTEN KLINGNER
KAI MALTE KLOSE
MICHIEL DE JONGE
THOMAS VAN DER MEIJ
DOUG WALTERS
Source
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
overweight
hold
overweight
buy
buy
buy
buy
hold
Buy/Neutral
buy
buy
buy
buy
underweight
buy
Amt Held
104'140'013
13'865'605
13'638'253
2'636'438
2'399'085
1'244'838
1'071'026
757'000
671'411
648'507
641'000
303'846
291'418
234'293
228'717
225'000
214'111
208'964
205'479
165'937
% Out
48.22
6.42
6.32
1.22
1.11
0.58
0.5
0.35
0.31
0.3
0.3
0.14
0.13
0.11
0.11
0.1
0.1
0.1
0.1
0.08
Weighting
Change
5
3
5
5
5
5
5
3
5
5
5
5
5
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
20'739
(23'984)
(175'996)
757'000
14'947
2'011
3'276
225'000
19'465
(6)
(35'000)
Target Price
12
10
12
12
11
12
11
11
11
12
12
11
12
8
#N/A N/A
File Dt
Inst Type
12.07.2013
Investment Advisor
17.07.2013
Investment Advisor
31.12.2012
Government
31.07.2013
Investment Advisor
30.08.2013
Investment Advisor
30.06.2013
Unclassified
28.03.2013
Investment Advisor
30.06.2013
Unclassified
12.07.2013
Corporation
28.03.2013
Investment Advisor
30.06.2013
Investment Advisor
31.07.2013
Investment Advisor
28.06.2013
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
28.06.2013
Investment Advisor
28.09.2012
Investment Advisor
Date
9 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
02.09.2013
21.08.2013
16.08.2013
15.08.2013
15.08.2013
15.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
10.07.2013
06.06.2013
03.09.2013
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
40
1.2 M
35
1.0 M
30
.8 M
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.08.2013)
52-Week Low (24.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GIB GY EQUITY YTD Change
GIB GY EQUITY YTD % CHANGE
12/2012
06/yy
34.64
27.88
29'920.00
33.375
-3.65%
19.73%
79.97%
50.5
1'686.32
1'967.50
0.0
0.3
167.74
3'476.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
10
.2 M
5
0
s-12
o-12
n-12
d-12
j-13
f-13 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
Fiscal Year Ended

31.12.2008
224.3
194.4
107.7
-
.6 M
15
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
318.5
10.73x
162.7
21.00x
143.3
10.60x
162.69
162.51
20.02%
43.99%
4.78%
11.55%
4.96%
0.11%
49.3%
45.0%
55.11%
136.57%
-
Price/ Cash Flow
06/yy
392.5
26.86x
180.3
15.91x
93.2
12.16x
LTM
06/yy
354.0
36.74x
174.6
18.83x
160.7
9.27x
FY+1
.0 M
s-13
0.76
47.04
19.14%
7.59%
0.759
18
3.611
135'224
141'435
150'123
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
235.6
250.3
62.2
58.4
15.63x
14.67x
160.7
168.3
21.64x
20.66x
104.6
100.7
17.3
17.66x
17.36x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.65
-0.21
10.25
11.16
136.6%
57.7%
0.11
-
80.00
350.0
70.00
300.0
60.00
250.0
50.00
200.0
40.00
150.0
30.00
100.0
20.00
50.0
10.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
01.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
03.09.2013
GSW Immobilien AG
Holdings By:
All
Holder Name
BLACKROCK
GOVERNMENT OF SINGAP
NORGES BANK
CREDIT SUISSE GROUP
PGGM VERMOGENSBEHEER
CBRE CLARION SECURIT
WELLINGTON MANAGEMEN
F&C ASSET MANAGEMENT
THAMES RIVER CAPITAL
UBS
FMR LLC
AXA
SKAGEN AS
CAZENOVE UNIT TRUST
RUFFER LLP
DJE INVESTMENT SA
VANGUARD
Firm Name
JPMorgan
Morgan Stanley
Goldman Sachs
Bankhaus Lampe
ABN Amro Bank N.V.
Societe Generale
Nord/LB
HSBC
Berenberg Bank
Deutsche Bank
Kepler Cheuvreux
S&P Capital IQ
Baader Bank
DZ Bank AG
Barclays
Kempen & Co
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
NEIL GREEN
BIANCA RIEMER
GEORG KANDERS
MICHIEL DE JONGE
MARC MOZZI
MICHAEL SEUFERT
THOMAS MARTIN
KAI MALTE KLOSE
THOMAS ROTHAEUSLER
MARKUS SCHEUFLER
TORSTEN KLINGNER
MANUEL MARTIN
THOMAS NEUHOLD
WILLIAM HOWLETT
ANDRE REMKE
KARSTEN OBLINGER
AARON GUY
THOMAS VAN DER MEIJ
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
overweight
Overwt/Attractive
not rated
buy
hold
buy
swap
underweight
buy
add
restricted
hold
buy
hold
hold
buy
hold
overweight
neutral
sell
Amt Held
5'052'630
4'538'277
4'168'801
3'132'631
2'669'066
1'515'530
1'506'102
1'505'943
1'497'459
1'329'407
1'170'946
1'080'060
1'028'129
911'491
630'527
548'975
502'555
454'466
436'500
419'676
% Out
10
8.98
8.25
6.2
5.28
3
2.98
2.98
2.96
2.63
2.32
2.14
2.03
1.8
1.25
1.09
0.99
0.9
0.86
0.83
Weighting
Change
5
5
#N/A N/A
5
3
5
1
1
5
4
#N/A N/A
3
5
3
3
5
3
5
3
1
M
M
M
M
M
M
M
D
M
M
M
D
M
D
M
M
M
M
M
M
Latest Chg
30'611
(52'176)
(1'366)
5'712
3'796
2'000
(28'545)
46'500
58'419
Target Price
35
41
#N/A N/A
37
32
36
35
32
34
35
#N/A N/A
35
36
34
36
35
35
35
31
25
File Dt
28.02.2013
30.06.2013
30.08.2013
28.02.2013
28.08.2013
27.06.2013
08.10.2012
08.04.2013
08.10.2012
17.01.2012
16.02.2012
19.06.2013
31.07.2013
22.02.2013
31.03.2013
31.07.2013
28.02.2013
28.02.2013
31.05.2013
30.06.2013
Date
9 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
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
02.09.2013
28.08.2013
27.08.2013
26.08.2013
26.08.2013
22.08.2013
22.08.2013
22.08.2013
21.08.2013
20.08.2013
20.08.2013
20.08.2013
20.08.2013
20.08.2013
20.08.2013
16.08.2013
16.08.2013
11.07.2013
14.01.2013
02.01.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GIL GY EQUITY YTD Change
GIL GY EQUITY YTD % CHANGE
12/2012
06/yy
19.85
10.87
263'628.00
16.265
-18.05%
49.59%
62.76%
78.8
1'281.97
12.27
0.0
84.6
173.33
1'274.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.8 M
10
.6 M
.4 M
5
0
s-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
o-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'037.4
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
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
2'095.6
1.72x
180.9
5.66x
78.2
12.78x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
1.13
64.92
45.34%
11.70%
1.126
17
4.118
674'168
309'047
256'888
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'083.7
2'174.7
547.0
585.0
0.54x
0.50x
188.1
212.6
112.0
61.6
6.80x
6.01x
84.8
94.1
50.3
31.1
12.10x
10.96x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.09.2009
NR
11.71
7.73
-0.54
0.33
1.7%
1.5%
1.31
8.19
36.95
-
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
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
03.09.2013
Gildemeister AG
Holdings By:
All
Holder Name
MORI SEIKI CO LTD
GOLDMAN SACHS GROUP
BLACKROCK
GILDEMEISTER AG
NORGES BANK
ACTIVEST MUNICH
FRANKLIN RESOURCES
LA FINANCIERE RESPON
VANGUARD
PRINCIPAL FINANCIAL
DEUTSCHE BANK AG
STATE STREET
FONDITA RAHASTOYHTIO
LANDESBANK BERLIN IN
SCHRODER INVESTMENT
Firm Name
Bankhaus Metzler
Deutsche Bank
Baader Bank
Bankhaus Lampe
Berenberg Bank
Montega
Nord/LB
DZ Bank AG
EVA Dimensions
BHF-Bank
HSBC
Kepler Cheuvreux
Hamburger Sparkasse
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
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
STEPHAN BOEHM
STEPHAN BAUER
FELICITAS VON BISMARCK
PETER ROTHENAICHER
STEFAN MAICHL
ZAFER RUZGAR
GORDON SCHOENELL
FELIX WIENEN
HOLGER SCHMIDT
THOMAS RAU
RALF MARINONI
HEINO HAMMANN
JASKO TERZIC
TIMOTHY STANISH
HERMANN REITH
JUERGEN SIEBRECHT
STEFAN AUGUSTIN
INGO SCHMIDT
Source
Co File
ULT-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
buy
hold
hold
buy
buy
hold
accumulate
buy
buy
buy
sell
buy
overweight
overweight
hold
sell
Amt Held
12'093'808
6'075'383
2'425'091
1'805'048
1'453'091
1'004'787
741'627
699'310
360'099
338'523
310'723
199'704
162'967
162'421
129'121
105'578
90'000
89'674
74'936
70'000
% Out
15.34
7.71
3.08
2.29
1.84
1.27
0.94
0.89
0.46
0.43
0.39
0.25
0.21
0.21
0.16
0.13
0.11
0.11
0.1
0.09
Weighting
Change
3
5
5
3
3
5
5
3
4
5
5
5
1
5
5
5
3
1
M
M
U
M
M
M
M
M
M
M
M
U
D
M
M
M
M
M
Latest Chg
18'154
(94'151)
136'292
262'620
7'270
87'757
199'704
162'967
(30'029)
(10'000)
71'460
11'480
(32'527)
-
Target Price
18
21
19
18
18
18
22
15
18
32
20
19
15
#N/A N/A
23
19
18
#N/A N/A
File Dt
31.12.2012
20.08.2013
30.08.2013
20.08.2013
31.12.2012
30.04.2013
28.03.2013
28.06.2013
28.06.2013
30.06.2013
30.06.2013
31.07.2013
31.03.2013
28.06.2013
30.08.2013
31.07.2013
28.03.2013
31.07.2013
28.06.2013
28.09.2012
Date
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
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
Investment Advisor
Corporation
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.08.2013
30.08.2013
29.08.2013
29.08.2013
29.08.2013
29.08.2013
29.08.2013
29.08.2013
29.08.2013
29.08.2013
01.08.2013
25.07.2013
17.07.2013
06.06.2013
07.05.2013
24.04.2013
24.04.2013
05.08.2009
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GWI1 GY EQUITY YTD Change
GWI1 GY EQUITY YTD % CHANGE
10/2012
04/yy
39.42
30.05
3'828.00
34.88
-11.51%
16.07%
52.86%
45.9
1'601.20
15.27
0.0
0.0
49.16
1'565.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
15
10
.1 M
.1 M
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.10.2012
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
s-13
0.77
23.20
8.30%
-2.11%
0.768
24
4.000
75'399
51'522
86'001
FY+2
FQ+1
FQ+2
10/13 Y
10/14 Y
07/13 Q3 10/13 Q4
870.8
967.6
198.0
275.0
1.77x
1.56x
144.4
170.8
10.84x
9.17x
84.0
99.7
18.98x
15.82x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
87.11
50.56
-0.27
0.10
4.2%
4.0%
1.77
5.68
24.28
-
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
03.09.2013
Gerry Weber International AG

Holdings By:
All
Holder Name
WEBER GERHARD
HARDIECK UDO
WEBER RALF
DEUTSCHE BANK AG
NORGES BANK
BLACKROCK
MAINFIRST SICAV
ADIG INVESTMENT
SAEMOR CAPITAL BV
FMR LLC
VANGUARD
LUXEMBOURGER KAPITAL
THRIVENT FINANCIAL F
Firm Name
Bankhaus Lampe
Baader Bank
Deutsche Bank
EVA Dimensions
Hauck & Aufhaeuser
Berenberg Bank
BHF-Bank
Nord/LB
DZ Bank AG
HSBC
Exane BNP Paribas
SRH AlsterResearch
Montega
Main First Bank AG
Bankhaus Metzler
Kepler Cheuvreux
National Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
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
Short
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
YASMIN MOSCHITZ
JOERG PHILIPP FREY
VOLKER BOSSE
BERND MUELL
PHILIPP RIGTERS
MICHAEL KUHN
CRAIG STERLING
ANNA PATRICE
PETER STEINER
MARTIN DECOT
WOLFGANG VASTERLING
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
hold
buy
accumulate
buy
sell
buy
buy
overweight
buy
hold
hold
underweight
hold
neutral
buy
buy
outperform
buy
reduce
buy
hold
Amt Held
% Out
13'262'974 28.89
7'994'845 17.42
1'372'352
2.99
1'367'949
2.98
1'269'526
2.77
827'162
1.8
648'558
1.41
586'949
1.28
565'907
1.23
512'061
1.12
469'475
1.02
440'151
0.96
(229'530)
-0.5
171'066
0.37
155'671
0.34
148'006
0.32
141'006
0.31
130'000
0.28
107'117
0.23
104'636
0.23
Weighting
Change
3
5
5
3
5
4
5
1
5
5
5
5
3
3
1
3
3
5
5
5
5
2
5
3
M
M
M
D
M
M
M
D
M
M
M
M
D
M
M
M
M
N
M
M
M
N
M
D
Latest Chg
29'526
93'249
23'440
118'710
1'600
(562'739)
106'000
(20'000)
144'824
4'327
5'479
12'843
Target Price
35
40
42
36
40
40
38
#N/A N/A
39
40
38
39
35
33
31
35
35
43
36
37
37
31
40
28
File Dt
31.10.2012
31.10.2012
31.10.2012
31.10.2012
28.06.2013
31.12.2012
30.08.2013
30.06.2013
31.07.2013
28.02.2013
30.06.2013
30.04.2013
20.08.2013
28.03.2013
31.07.2013
30.06.2013
30.08.2013
28.06.2013
30.06.2013
30.04.2013
Date
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.08.2013
23.08.2013
23.08.2013
09.08.2013
06.08.2013
31.07.2013
26.07.2013
01.07.2013
26.06.2013
26.06.2013
18.06.2013
18.06.2013
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
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GXI GY EQUITY YTD Change
GXI GY EQUITY YTD % CHANGE
11/2012
05/yy
47.99
36.40
49'608.00
46.48
-3.14%
27.69%
87.35%
31.4
1'459.47
463.04
0.0
45.0
91.41
2'006.06
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
o-12
n-12
d-12
j-13
f-13 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
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
s-12
30.11.2009
30.11.2010
1'000.2
1'024.8
1.15x
1.21x
179.9
204.3
6.37x
6.07x
5.8
43.2
128.06x
20.38x
Profitability
LTM-4Q
30.11.2011
1'094.7
1.27x
209.8
6.62x
50.5
19.30x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.11.2012
1'219.1
1.36x
228.2
7.25x
60.2
20.54x
228.17
128.13
10.51%
7.85%
3.66%
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
s-13
0.69
27.60
17.30%
17.70%
0.690
18
4.556
72'511
68'361
91'794
FY+2
FQ+1
FQ+2
11/13 Y
11/14 Y
08/13 Q3 11/13 Q4
1'291.0
1'374.1
323.7
345.0
1.51x
1.38x
246.5
277.1
64.0
77.9
8.15x
7.25x
79.0
97.5
22.9
31.6
17.12x
14.23x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.02.2011
BBBSTABLE
2.05
2.45
86.5%
44.4%
0.79
2.45
53.70
80.20
52.33
69.28
10.00
1'400.0
9.00
1'200.0
8.00
7.00
1'000.0
6.00
800.0
5.00
600.0
4.00
400.0
3.00
2.00
200.0
1.00
0.00
04.12.2009
0.0
04.06.2010
04.12.2010
04.06.2011
04.12.2011
04.06.2012
04.12.2012
04.06.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
03.09.2013
Gerresheimer AG
Holdings By:
All
Holder Name
BLACKROCK
CREDIT SUISSE GROUP
MORGAN STANLEY
ETON PARK CAPITAL MA
HOUND PARTNERS LLC
DEUTSCHE BANK AG
EDINBURGH PARTNERS L
BERG GILCHRIST B
FRANKLIN RESOURCES
GOVERNANCE FOR OWNER
TREMBLANT HOLDINGS L
EDGEPOINT INVESTMENT
BLUE HARBOUR GROUP L
TD ASSET MANAGEMENT
DJE INVESTMENT SA
Firm Name
DZ Bank AG
Berenberg Bank
Montega
JPMorgan
SRH AlsterResearch
Jefferies
Deutsche Bank
Credit Suisse
Kepler Cheuvreux
HSBC
Hauck & Aufhaeuser
Bankhaus Metzler
Main First Bank AG
EVA Dimensions
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
SVEN OLAF KUERTEN
SCOTT BARDO
Robert-Jan van der Horst
DAVID J ADLINGTON
ALEXANDER ZIENKOWICZ
DANIEL WENDORFF
INGEBORG OIE
GUNNAR ROMER
CHRISTOPH GRETLER
ULLE WORNER
ZAFER RUZGAR
OLIVER REINBERG
KONRAD LIEDER
JAN KEPPELER
THOMAS WISSLER
SEBASTIAN FRERICKS
MARCUS WIEPRECHT
TIMOTHY STANISH
Source
ULT-AGG
Co File
Research
Research
Co File
Research
MF-AGG
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Research
Research
Research
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
buy
buy
overweight
buy
buy
buy
hold
outperform
buy
buy
buy
hold
neutral
hold
buy
outperform
overweight
Amt Held
1'869'608
1'582'560
1'569'340
1'547'819
1'544'880
1'333'222
1'332'118
1'031'596
976'540
973'400
957'700
948'376
939'380
932'893
842'679
839'697
699'869
519'034
462'735
401'998
% Out
5.95
5.04
5
4.93
4.92
4.25
4.24
3.29
3.11
3.1
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
5
5
3
5
5
5
5
3
3
3
5
5
5
U
M
N
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(11'521)
536'491
12'470
(21'080)
(3'550)
-
Target Price
56
54
56
56
55
50
51
42
46
49
52
48
45
48
46
50
50
#N/A N/A
File Dt
30.08.2013
30.11.2012
24.01.2013
21.08.2013
30.11.2012
04.01.2013
30.06.2013
30.06.2013
30.11.2012
30.11.2012
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
Not Provided
Not Provided
12 month
6 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Other
Investment Advisor
Other
Other
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.09.2013
22.08.2013
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
10.07.2013
10.07.2013
10.07.2013
10.07.2013
06.06.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
14'020.2
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
n-12
d-12
j-13
LTM
06/yy
13'486.2
4.51x
2'407.6
6.43x
322.3
19.08x
f-13 m-13
06/yy
13'999.7
4.92x
2'778.7
6.41x
495.9
30.59x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
1.28
140.42
31.41%
16.83%
1.279
38
3.658
769'494
723'836
780'265
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
14'356.3
15'103.7
3'996.8
3'603.7
1.27x
1.16x
2'574.6
2'858.2
890.0
738.5
7.03x
6.34x
648.0
864.1
361.7
205.0
14.97x
11.49x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
-
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
14'187.1
1.11x
2'945.6
5.33x
1'808.2
7.04x
1.5 M
30
12/2012
06/yy
60.89
38.41
130'885.00
53.1
-12.79%
38.25%
66.01%
187.5
9'956.25
8'209.20
0.0
1'098.8
1'480.70
18'076.85
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
03.09.2013
HeidelbergCement AG
Holdings By:
All
Holder Name
MERCKLE LUDWIG
BLACKROCK
NORGES BANK
VANGUARD
FMR LLC
SKAGEN AS
DEUTSCHE BANK AG
METROPOLE GESTION
FRANKLIN RESOURCES
INVESTEC ASSET MANAG
ADIG INVESTMENT
AMUNDI LUXEMBOURG SA
MANDARINE GESTION
PRINCIPAL FINANCIAL
ROTHSCHILD & COMPAGN
Firm Name
Davy
UBS
Jefferies
AlphaValue
Day by Day
Raymond James
Cantor Fitzgerald
Hamburger Sparkasse
Helvea
Berenberg Bank
JPMorgan
Main First Bank AG
Goldman Sachs
Societe Generale
Exane BNP Paribas
Deutsche Bank
Nord/LB
Bankhaus Lampe
Oddo & Cie
Kepler Cheuvreux
Bryan Garnier & Cie
Natixis
S&P Capital IQ
SRH AlsterResearch
Bankhaus Metzler
Morgan Stanley
HSBC
EVA Dimensions
Credit Suisse
BHF-Bank
Redburn Partners
National Bank AG
Steubing AG
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
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
ROBERT GARDINER
GREGOR KUGLITSCH
MICHAEL F BETTS
GAETAN DUPONT
VALERIE GASTALDY
ARNAUD PALLIEZ
IAN OSBURN
PHIL ROSEBERG
INGO SCHMIDT
PATRICK APPENZELLER
ROBERT MUIR
RAJESH PATKI
CHRISTIAN KORTH
WILL MORGAN
MURIEL FELLOUS
NORBERT KRETLOW
YASSINE TOUAHRI
LUIS PRIETO
HEINO HAMMANN
HANS-PETER KUHLMANN
MARC GABRIEL
VIRGINIE ROUSSEAU
JOSEP PUJAL
SVEN EDELFELT
RAFIC EL HADDAD
JAWAHAR HINGORANI
ALEXANDER ZIENKOWICZ
STEPHAN BAUER
YURI SEROV
JOHN FRASER-ANDREWS
TIMOTHY STANISH
HARRY GOAD
JENS JUNG
JOHN MESSENGER
EKKEHARD D LINK
TEAM COVERAGE
Source
Co File
ULT-AGG
Co File
Research
MF-AGG
ULT-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
outperform
neutral
buy
add
hold
market perform
buy
outperform
hold
buy
hold
overweight
outperform
Sell/Neutral
buy
buy
neutral
buy
buy
buy
hold
buy
reduce
reduce
sell
neutral
buy
buy
buy
Equalwt/In-Line
overweight
hold
neutral
underweight
sell
hold
buy
Amt Held
47'081'250
13'985'893
9'600'000
5'584'953
4'613'905
3'712'804
2'921'348
1'235'240
1'064'726
1'045'288
1'001'920
980'843
904'782
784'949
765'056
763'937
713'261
560'950
549'632
519'000
% Out
25.11
7.46
5.12
2.98
2.46
1.98
1.56
0.66
0.57
0.56
0.53
0.52
0.48
0.42
0.41
0.41
0.38
0.3
0.29
0.28
Weighting
Change
5
3
5
4
3
3
5
5
3
5
3
5
5
1
5
5
3
5
5
5
3
5
2
2
1
3
5
5
5
3
5
3
3
1
1
3
5
U
M
M
U
D
M
M
M
D
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
D
D
M
Latest Chg
1'896
246'762
4'104
(22'414)
356'430
(11'875)
97'241
(60'000)
192'814
51'800
(41'706)
4'000
10'343
5'000
Target Price
#N/A N/A
52
66
57
#N/A N/A
#N/A N/A
62
73
#N/A N/A
66
50
63
67
53
64
74
54
65
62
65
60
60
54
52
44
55
64
65
65
58
64
#N/A N/A
58
47
#N/A N/A
48
64
File Dt
Inst Type
31.12.2011
n/a
30.08.2013
Investment Advisor
08.07.2013
Investment Advisor
31.12.2012
Government
30.06.2013
Unclassified
31.07.2013
Investment Advisor
31.07.2013
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
30.04.2013
Investment Advisor
31.05.2013
Investment Advisor
30.04.2013
Investment Advisor
31.07.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 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
Date
03.09.2013
02.09.2013
29.08.2013
29.08.2013
28.08.2013
23.08.2013
21.08.2013
19.08.2013
15.08.2013
15.08.2013
12.08.2013
09.08.2013
06.08.2013
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
31.07.2013
31.07.2013
17.07.2013
10.07.2013
02.07.2013
06.06.2013
20.05.2013
13.05.2013
12.04.2013
14.03.2013
10.01.2011
03.09.2013
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
35'059.00
74.39
-5.56%
28.59%
79.45%
178.2
29'650.37
3'901.00
0.0
135.0
3'681.00
29'919.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
1.0 M
20
.5 M
10
0
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
n-12
d-12
j-13
LTM
06/yy
16'043.0
5.53x
2'380.0
10.01x
1'265.0
17.95x
f-13 m-13
06/yy
16'615.0
6.99x
2'764.0
11.39x
1'551.0
20.36x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.71
173.62
24.05%
21.20%
0.713
37
3.703
416'981
431'999
498'704
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
16'850.0
17'659.0
4'377.0
4'091.7
1.71x
1.57x
2'888.8
3'093.3
10.36x
9.67x
1'735.6
1'917.6
460.5
445.0
18.48x
16.82x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
14'131.0
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
03.09.2013
Henkel AG & Co KGaA

Holdings By:
All
Holder Name
BLACKROCK
NORGES BANK
HENKEL KGAA
DEUTSCHE BANK AG
FMR LLC
VANGUARD
SCHRODER INVESTMENT
CAISSE DE DEPOT ET P
JP MORGAN
UBS
Firm Name
Nord/LB
Goldman Sachs
Baader Bank
Credit Suisse
Societe Generale
UBS
Raymond James
Hamburger Sparkasse
Bankhaus Metzler
Nomura
Main First Bank AG
Exane BNP Paribas
Deutsche Bank
Morgan Stanley
JPMorgan
HSBC
Macquarie
Bankhaus Lampe
S&P Capital IQ
Barclays
Berenberg Bank
Liberum Capital Ltd
Day by Day
Kepler Cheuvreux
EVA Dimensions
DZ Bank AG
Redburn Partners
Jefferies
National Bank AG
Berenberg Bank
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ANDREW WOOD
ANDREAS RIEMANN
JOERG PHILIPP FREY
JULIA SIEKMANN
ROSIE EDWARDS
CHRISTIAN WEIZ
NICOLAS SOCHOVSKY
CHAS MANSO DE ZUNIGA
EVA QUIROGA
HERMINE DE BENTZMANN
ZAFER RUZGAR
MARCO GUENTHER
SEBASTIAN FRERICKS
GUILLAUME DELMAS
GAEL COLCOMBET
EAMONN FERRY
HAROLD THOMPSON
ERIK SJOGREN
CELINE PANNUTI
CEDRIC BESNARD
CHRISTIAN FAITZ
MICHAEL GORNY
EDDY HARGREAVES
NADESHDA DEMIDOVA
CARL SHORT
IAIN SIMPSON
JAMES TARGETT
PABLO ZUANIC
VALERIE GASTALDY
MARKUS MAYER
CRAIG STERLING
HERBERT STURM
WILLIAM HOUSTON
BERND MUELL
ALEX HOWSON
STEFFEN MANSKE
SETH PETERSON
Source
ULT-AGG
MF-AGG
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
buy
hold
buy
neutral/attractive
hold
underperform
buy
neutral
outperform
hold
hold
buy
buy
outperform
neutral
buy
Overwt/In-Line
underweight
underweight
outperform
hold
buy
sell
hold
overweight
Under Review
hold
hold
hold
overweight
buy
sell
buy
hold
buy
buy
Amt Held
5'894'545
5'554'090
4'541'372
3'949'426
3'797'343
3'359'196
2'321'926
2'117'330
1'990'131
1'899'300
1'646'626
1'262'984
1'232'834
1'151'163
1'002'771
994'310
977'543
904'201
655'459
614'150
% Out
3.31
3.12
2.55
2.22
2.13
1.89
1.3
1.19
1.12
1.07
0.92
0.71
0.69
0.65
0.56
0.56
0.55
0.51
0.37
0.34
Weighting
Change
5
5
3
5
3
3
1
5
3
5
3
3
5
5
5
3
5
5
1
1
5
3
5
1
3
5
#N/A N/A
3
3
3
5
5
1
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
U
M
M
M
M
M
Latest Chg
1'311
116'857
1'178'176
34'788
(4'281)
68'444
(9'067)
(125'430)
(70'411)
334'324
49'000
49'227
(28'718)
9'988
(167'681)
(835)
-
Target Price
85
90
79
86
82
79
73
87
75
86
80
#N/A N/A
85
79
88
75
80
83
65
63
87
73
84
56
81
83
#N/A N/A
#N/A N/A
#N/A N/A
78
#N/A N/A
86
#N/A N/A
81
54
76
83
File Dt
30.08.2013
31.12.2012
05.08.2011
30.06.2013
28.06.2013
30.06.2013
31.07.2013
31.03.2013
30.06.2013
28.03.2013
30.04.2013
31.07.2013
28.03.2013
31.12.2012
31.03.2013
30.06.2013
30.06.2013
30.06.2013
28.06.2013
30.04.2013
Date
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
15 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
29.08.2013
20.08.2013
14.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
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
08.08.2013
01.08.2013
19.07.2013
05.07.2013
13.06.2013
06.06.2013
22.05.2013
13.05.2013
08.05.2013
19.03.2013
19.11.2012
24.09.2012
03.09.2013
Hannover Rueck SE
Hannover Rueck 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 (04.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HNR1 GY EQUITY YTD Change
HNR1 GY EQUITY YTD % CHANGE
12/2012
06/yy
64.85
47.96
32'343.00
53.24
-17.90%
11.02%
32.70%
120.6
6'420.59
2'400.79
0.0
684.5
572.19
9'004.92
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
13'759.6
0.70x
858.3
8.28x
10.15%
9.46%
1.59%
15.56%
12.39%
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
7.74x
FY+1
.0 M
s-13
0.83
59.98
14.16%
-5.20%
0.832
33
3.364
215'082
190'476
217'093
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
14'196.4
14'674.5
0.67x
0.60x
833.9
828.8
165.0
235.0
7.76x
7.76x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.04.2003
AASTABLE
39.6%
26.3%
0.26
-
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
03.09.2013
Hannover Rueck SE
Holdings By:
All
Holder Name
TALANX AG
BLACKROCK
DEUTSCHE BANK AG
SKAGEN AS
PRINCIPAL FINANCIAL
DWS INVESTMENTS
VANGUARD
DJE INVESTMENT SA
NORGES BANK
AGF INVESTMENTS INC
JP MORGAN
WS MANAGEMENT LLLP
TAUBE HODSON STONEX
FRANKLIN RESOURCES
CREDIT SUISSE AG
BANK OF NOVA SCOTIA
Firm Name
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
ST JAMES'S PLACE GRE
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
Kepler Cheuvreux
FABRIZIO CROCE
STEFAN BONGARDT
Exane BNP Paribas
THOMAS JACQUET
AlphaValue
DIETER HEIN
Nord/LB
JULIA SIEKMANN
EVA Dimensions
DOUG WALTERS
Morgan Stanley
MACIEJ WASILEWICZ
Helvea
DANIEL BISCHOF
Credit Suisse
ADAM MCINALLY
WILLIAM HAWKINS
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
WERNER SCHIRMER
Berenberg Bank
TOM CARSTAIRS
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Nomura
MICHAEL KLIEN
PHILIPP HAESSLER
SRC Research
STEFAN SCHARFF
Barclays
ANDREW BROADFIELD
JPMorgan
MICHAEL HUTTNER
Mediobanca SpA
MARC THIELE
Main First Bank AG
MICHAEL HAID
BEN COHEN
Societe Generale
JASON KALAMBOUSSIS
Goldman Sachs
VINIT MALHOTRA
JOY FERNEYHOUGH
Source
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-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
hold
hold
neutral
add
buy
buy
Underwt/In-Line
hold
outperform
market perform
market perform
overweight
hold
buy
neutral
buy
buy
hold
buy
sell
reduce
buy
buy
equalweight
underweight
neutral
underperform
hold
hold
neutral/neutral
neutral
Amt Held
% Out
60'539'744
50.2
3'622'528
3
3'415'731
2.83
1'103'563
0.92
1'080'519
0.9
782'514
0.65
778'455
0.65
688'917
0.57
630'800
0.52
582'283
0.48
538'060
0.45
496'150
0.41
(434'150) -0.36
370'606
0.31
276'100
0.23
265'358
0.22
229'694
0.19
221'063
0.18
181'716
0.15
145'140
0.12
Weighting
Change
3
3
3
4
5
5
1
3
5
3
3
5
3
5
3
5
5
3
5
1
2
5
5
3
1
3
1
3
3
3
3
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
D
M
M
M
M
M
M
Latest Chg
(20'935)
(21'700)
267'058
(50'736)
15'031
13'400
79'600
(2'317)
(2'456)
(18'884)
(1'224)
(1'102)
156'376
(1'522)
Target Price
63
60
62
59
65
#N/A N/A
58
57
68
61
#N/A N/A
72
64
#N/A N/A
55
70
65
63
63
60
55
70
67
61
50
70
65
62
58
59
48
File Dt
31.12.2012
30.08.2013
28.06.2013
30.06.2013
31.07.2013
31.07.2013
30.04.2013
30.06.2013
31.05.2013
31.12.2012
28.03.2013
30.06.2013
01.11.2012
31.07.2013
30.06.2013
30.04.2013
31.05.2013
31.07.2013
30.04.2013
28.03.2013
Date
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
12 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
6 month
12 month
12 month
Not Provided
Not Provided
3 month
6 month
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
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Bank
Date
26.08.2013
22.08.2013
22.08.2013
22.08.2013
20.08.2013
20.08.2013
16.08.2013
15.08.2013
14.08.2013
13.08.2013
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
22.07.2013
02.07.2013
28.06.2013
12.06.2013
09.05.2013
07.03.2013
18.01.2013
24.09.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HOT GY EQUITY YTD Change
HOT GY EQUITY YTD % CHANGE
12/2012
06/yy
58.53
34.64
19'794.00
55.18
-5.72%
59.30%
85.39%
77.0
4'248.86
4'456.46
0.0
1'603.4
3'143.58
7'937.26
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
25'527.7
0.24x
1'477.3
4.16x
158.1
20.43x
1'477.32
527.16
2.07%
2.14%
1.98%
13.22%
10.00%
1.55%
6.9%
3.3%
0.6%
1.35
0.94
26.27%
168.78%
4.61
-
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
s-13
06/yy
24'920.4
1.01x
1'591.5
4.01x
(55.2)
0.00x
LTM
06/yy
26'124.8
1.07x
1'803.8
4.09x
333.5
11.14x
FY+1
1.14
26.99
53.82%
27.84%
1.139
23
3.435
156'435
170'149
207'316
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
25'437.6
26'013.1
6'079.0
5'890.5
0.24x
0.24x
1'710.8
1'707.4
4.64x
4.65x
232.8
279.3
69.4
(9.5)
17.06x
14.57x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.55
0.81
1.18
2.69
168.8%
51.2%
1.55
12.58
79.26
-
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
03.09.2013
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
LONGLEAF MANAGEMENT
MACKENZIE FINANCIAL
WITAN INVESTMENT TRU
AGICAM
SANTANDER ASSET MGMT
LITMAN/GREGORY FUND
DEUTSCHE BANK AG
LBPAM
Firm Name
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst

INGBERT FAUST
DZ Bank AG
JASKO TERZIC
HANS-PETER KUHLMANN
Bankhaus Lampe
MARC GABRIEL
Nord/LB
HEINO HAMMANN
Natixis
ABDELKADER BENCHIHA
M.M. Warburg Investment Research FRANK LASER
Bankhaus Metzler
STEPHAN BAUER
S&P Capital IQ
JAWAHAR HINGORANI
Commerzbank Corporates & Markets NORBERT KRETLOW
HSBC
TOBIAS LOSKAMP
Societe Generale
VICTOR ACITORES
UBS
GREGOR KUGLITSCH
Goldman Sachs
WILL MORGAN
Morgan Stanley
ALEJANDRA PEREDA
Kepler Cheuvreux
BORJA CASTRO PEREZ MANZUCO
Berenberg Bank
CHRIS MOORE
EVA Dimensions
TIMOTHY STANISH
JUAN CARLOS CALVO
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
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Short
ULT-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
hold
sell
hold
buy
buy
buy
sell
buy
hold
overweight
buy
neutral
Buy/Neutral
Underwt/In-Line
buy
hold
underweight
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
3'081'308
4
1'546'134
2.01
690'127
0.9
(385'000)
-0.5
353'374
0.46
325'700
0.42
245'589
0.32
186'984
0.24
145'417
0.19
138'000
0.18
120'000
0.16
105'799
0.14
93'000
0.12
87'178
0.11
74'572
0.1
73'413
0.1
Weighting
5
5
3
1
3
5
5
5
1
5
3
5
5
3
5
1
5
3
1
5
3
1
1
#N/A N/A
Change
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
Latest Chg
165
(3'912)
(19'654)
(18'644)
7'375
(69)
19'456
-
Target Price
69
63
58
55
62
63
67
65
55
64
51
67
63
50
63
51
57
59
#N/A N/A
69
47
#N/A N/A
44
#N/A N/A
File Dt
Inst Type
31.12.2012
Corporation
31.12.2011
Government
20.04.2012
Investment Advisor
03.07.2013
Corporation
30.08.2013
Investment Advisor
31.12.2012
Government
31.07.2013
Investment Advisor
30.06.2013
Unclassified
31.07.2013
Investment Advisor
30.06.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
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
31.05.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
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
Not Provided
Not Provided
12 month
Not Provided
Date
02.09.2013
21.08.2013
19.08.2013
19.08.2013
16.08.2013
16.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
05.08.2013
31.07.2013
19.07.2013
02.07.2013
17.06.2013
14.06.2013
13.06.2013
06.06.2013
06.06.2013
15.05.2013
11.04.2013
12.03.2013
01.03.2013
27.09.2010
03.09.2013
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
1'305'381.00
7.05
-4.08%
44.91%
86.96%
1'080.9
7'620.53
295.00
0.0
0.0
2'235.00
5'788.53
15.0 M
10.0 M
2
5.0 M
1
0
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
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
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
3'773.0
4.86x
726.0
7.00x
267.0
25.74x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
1.07
1'076.74
32.88%
17.14%
1.074
36
3.944
6'759'638
7'346'714
7'625'588
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
3'837.5
4'201.5
1'052.3
961.0
1.48x
1.31x
5.32x
5.76x
788.4
1'025.4
258.0
217.0
7.33x
5.64x
5.90x
5.79x
256.9
433.6
113.0
90.3
29.75x
17.63x
17.58x
16.24x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.68
-0.15
-2.52
0.42
8.3%
7.6%
0.67
2.37
54.71
82.76
70.46
34.53
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
03.09.2013
Infineon Technologies AG
Holdings By:
All
Holder Name
BLACKROCK
DODGE & COX
UBS
ODEY ASSET MANAGEMEN
NORGES BANK
VANGUARD
SUSQUEHANNA INTERNAT
SCHRODER INVESTMENT
FRANKLIN RESOURCES
DEUTSCHE BANK AG
COHEN & STEERS INC
ALLIANCE TRUST PLC/U
Firm Name
Exane BNP Paribas
Natixis
AlphaValue
HSBC
Hamburger Sparkasse
Deutsche Bank
Kepler Cheuvreux
Redburn Partners
Societe Generale
Nord/LB
Baader Bank
JPMorgan
Main First Bank AG
Barclays
Grupo Santander
Morgan Stanley
Hauck & Aufhaeuser
Bankhaus Lampe
S&P Capital IQ
DZ Bank AG
ABN Amro Bank N.V.
Berenberg Bank
UBS
Jefferies
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
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
JEROME RAMEL
STEPHANE HOURI
THOMAS M BECKER
LIONEL PELLICER
THOMAS HOFMANN
MARCO GUENTHER
KAI KORSCHELT
BERND LAUX
SUMANT WAHI
PETER KNOX
WOLFGANG DONIE
SANDEEP S DESHPANDE
PIERRE FERRAGU
MALTE SCHAUMANN
JUERGEN WAGNER
ANDREW M GARDINER
CARLOS JAVIER TREVINO
FRANCOIS MEUNIER
MARKUS FRIEBEL
KARSTEN ILTGEN
JAMES CRAWSHAW
HARALD SCHNITZER
ROBIN VAN DEN BROEK
ADNAAN AHMAD
GARETH JENKINS
LEE SIMPSON
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
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Research
MF-AGG
Recommendation
outperform
neutral
add
add
neutral
hold
hold
hold
hold
buy
hold
buy
hold
overweight
outperform
buy
outperform
overweight
underweight
Equalwt/Cautious
hold
hold
sell
sell
buy
buy
hold
buy
buy
buy
buy
buy
overweight
Buy/Neutral
suspended coverage
Amt Held
% Out
120'501'464 11.15
108'178'569 10.01
99'420'189
9.2
60'203'422
5.57
31'138'315
2.88
26'059'991
2.41
23'400'319
2.16
(19'445'513)
-1.8
10'657'123
0.99
8'970'072
0.83
8'966'202
0.83
(8'537'641) -0.79
8'188'770
0.76
7'296'314
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
4'038'859
0.37
Weighting
5
3
4
4
3
3
3
3
3
5
3
5
3
5
5
5
5
5
1
3
3
3
1
1
5
5
3
5
5
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
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
U
M
M
M
M
Latest Chg
(2'592'652)
(3'575'000)
(8'171)
(2'713'840)
1'080'306
2'439'755
2'987'928
(821'888)
216'143
(3'080'757)
1'402'553
304'890
72'492
(2'365)
(499'000)
19'078
Target Price
9
8
8
8
8
7
#N/A N/A
7
7
#N/A N/A
7
8
7
9
8
7
9
9
6
6
8
7
6
5
8
8
6
8
8
7
9
8
#N/A N/A
9
#N/A N/A
File Dt
Inst Type
30.08.2013
Investment Advisor
30.09.2012
Investment Advisor
30.06.2013
Investment Advisor
07.08.2013
Unclassified
04.04.2012
Investment Advisor
31.12.2012
Government
30.06.2013
Unclassified
22.11.2012
Other
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
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
31.05.2013
Investment Advisor
Date
Not Provided
Not Provided
6 month
6 month
Not Provided
Not Provided
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
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
03.09.2013
02.09.2013
29.08.2013
29.08.2013
16.08.2013
16.08.2013
09.08.2013
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
21.05.2013
03.05.2013
02.05.2013
02.05.2013
14.03.2013
31.01.2013
15.01.2013
09.01.2013
23.09.2008
03.09.2013
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 (26.08.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JEN GY EQUITY YTD Change
JEN GY EQUITY YTD % CHANGE
12/2012
06/yy
10.79
5.66
5'229.00
10.485
-2.83%
85.25%
92.98%
57.2
600.14
120.99
0.0
0.3
45.92
681.23
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.3 M
.2 M
.2 M
.1 M
2
0
s-12
.1 M
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
585.0
0.85x
84.4
5.90x
50.2
9.23x
84.35
62.10
10.61%
7.08%
7.47%
14.85%
0.89%
34.8%
13.9%
10.2%
8.6%
2.08
0.90
18.07%
36.66%
5.90
2.06
Price/ Cash Flow
06/yy
570.8
2.56x
91.2
4.18x
40.4
8.20x
LTM
06/yy
584.8
3.53x
81.5
7.62x
49.1
12.24x
FY+1
.0 M
s-13
0.72
41.15
79.65%
44.80%
0.721
12
3.833
93'359
83'746
101'798
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
607.0
652.0
1.12x
1.04x
76.9
88.1
8.86x
7.73x
35.6
46.5
16.72x
13.09x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
04.06.2008
NR
5.27
3.74
0.99
1.44
36.7%
26.8%
0.89
4.18
61.92
176.84
41.13
183.67
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
03.09.2013
Jenoptik AG
Holdings By:
All
Holder Name
ECE INDUSTRIEBETEILI
THUERINGER INDUSTRIE
FRANKLIN RESOURCES
BT PENSION SCHEME
NORGES BANK
VANGUARD
STATE STREET
BLACKROCK
DEUTSCHE BANK AG
PIONEER INVESTMENTS
JP MORGAN
BAYERNINVEST LUXEMBO
ADIG INVESTMENT
Firm Name
Baader Bank
Bankhaus Lampe
Berenberg Bank
Deutsche Bank
DZ Bank AG
HSBC
EVA Dimensions
Kepler Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
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
Multiple Portfolios
Multiple Portfolios
Analyst
DENNIS SCHMITT
IGOR KIM
ZAFER RUZGAR
PETER ROTHENAICHER
KARSTEN ILTGEN
MALTE SCHAUMANN
ALI FARID KHWAJA
UWE SCHUPP
DIRK SCHLAMP
RICHARD SCHRAMM
ANDREW S ZAMFOTIS
ULRICH SCHOLZ
Source
Co File
Co File
ULT-AGG
Research
Research
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
MF-AGG
MF-AGG
Recommendation
hold
hold
hold
buy
hold
buy
buy
hold
buy
neutral
overweight
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
240'167
189'818
188'871
180'000
119'221
100'012
90'000
71'890
64'400
55'921
45'001
% Out
14.01
11
4.5
3.05
2.81
1.8
1.31
1.15
0.43
0.42
0.33
0.33
0.31
0.21
0.17
0.16
0.13
0.11
0.1
0.08
Weighting
Change
3
3
3
5
3
5
5
3
5
3
5
3
M
M
M
M
M
M
M
M
M
D
D
D
Latest Chg
16'270
(5'000)
3'782
(3'481)
4'248
119'221
(2'152)
483
Target Price
8
11
11
12
10
12
9
9
11
11
#N/A N/A
9
File Dt
Inst Type
28.02.2013
Corporation
28.02.2013
Other
31.07.2013
Investment Advisor
24.01.2013
Investment Advisor
30.04.2013
Investment Advisor
31.12.2012
Government
31.05.2013
Investment Advisor
31.12.2012
Investment Advisor
30.06.2013
Unclassified
30.08.2013
Investment Advisor
30.08.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.07.2013
Investment Advisor
30.04.2013
Investment Advisor
30.08.2013
Investment Advisor
Date
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
02.09.2013
20.08.2013
14.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
09.08.2013
02.08.2013
21.06.2013
21.06.2013
29.01.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KBC GY EQUITY YTD Change
KBC GY EQUITY YTD % CHANGE
12/2012
06/yy
4.78
3.11
81'156.00
4.1
-14.23%
31.66%
56.18%
55.7
228.30
14.53
0.0
3.3
27.53
231.82
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
o-12
n-12
d-12
j-13
f-13
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
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
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
s-13
0.71
37.36
3.28%
0.66%
0.707
14
2.786
221'414
165'663
118'074
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
545.3
577.3
0.41x
0.40x
16.2
32.6
14.30x
7.10x
(13.1)
5.8
28.08x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
8.02
3.23
0.56
21.64
5.1%
4.8%
1.11
24.95
81.80
99.35
93.46
92.69
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
03.09.2013
Kontron AG
Holdings By:
All
Holder Name
WARBURG PINCUS LLC
TRITON III HOLDING
SEB
FMR LLC
ALKEN FUND SICAV
NORGES BANK
NMAS1 ASSET MANAGEME
ADIG INVESTMENT
BLACKROCK
GEHRMANN ULRICH
VANGUARD
INVESCO LTD
BANKINVEST ASSET MAN
NEVIN HUGH
DEUTSCHE BANK AG
STATE STREET
Firm Name
Hamburger Sparkasse
Kepler Cheuvreux
Hauck & Aufhaeuser
DZ Bank AG
Berenberg Bank
Deutsche Bank
Bankhaus Metzler
EVA Dimensions
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
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
MARCO GUENTHER
BERND LAUX
MARKUS FRIEBEL
MALTE SCHAUMANN
MARKUS TURNWALD
YASMIN MOSCHITZ
ALI FARID KHWAJA
ADRIAN PEHL
UWE SCHUPP
ULRICH TRABERT
THOMAS HOFMANN
VEYSEL TAZE
ANDREW S ZAMFOTIS
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
ULT-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
hold
buy
hold
sell
hold
sell
hold
hold
accumulate
hold
sell
hold
sell
overweight
Amt Held
10'579'770
7'166'500
3'337'400
1'596'713
1'591'133
1'387'734
888'767
750'000
733'291
690'369
562'500
367'351
280'000
273'705
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
1.32
1.24
1.01
0.66
0.5
0.49
0.43
0.36
0.34
0.18
0.16
0.15
Weighting
Change
3
5
3
1
3
1
3
3
4
3
1
3
1
5
D
M
U
M
M
M
M
M
U
M
M
M
N
M
Latest Chg
349'010
4'012
6'634
30'033
-
Target Price
#N/A N/A
7
4
3
4
3
4
4
5
4
3
4
4
#N/A N/A
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
30.08.2013
31.07.2012
30.04.2013
30.08.2013
31.12.2012
30.06.2013
30.08.2013
31.07.2013
31.12.2012
30.04.2013
30.08.2013
30.06.2013
Date
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
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
Unclassified
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.08.2013
22.08.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
24.07.2013
24.07.2013
24.07.2013
22.07.2013
10.07.2013
09.07.2013
10.04.2013
17.01.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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
38'628.00
9.99
-16.61%
44.26%
60.83%
99.8
996.50
1'024.05
0.0
23.0
610.22
1'496.13
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
7'388.0
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
s-13
1.18
91.95
38.31%
11.40%
1.176
30
3.433
351'254
527'298
546'089
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
6'759.0
7'041.1
1'712.4
1'742.8
0.22x
0.21x
0.95x
0.85x
135.0
209.8
37.9
41.3
11.12x
7.15x
(34.2)
31.5
(3.9)
2.2
32.02x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
03.09.2013
Kloeckner & Co SE
Holdings By:
All
Holder Name
INTERFER HOLDING
FRANKLIN RESOURCES
ADIG INVESTMENT
UBS
NORGES BANK
FEDERATED INVESTORS
BLACKROCK
DEUTSCHE BANK AG
VANGUARD
SAEMOR CAPITAL BV
MILLENNIUM PARTNERS
CARMIGNAC GESTION
LRI-FUND MANAGEMENT
Firm Name
Exane BNP Paribas
Nomura
Bankhaus Metzler
DZ Bank AG
Morgan Stanley
HSBC
Nord/LB
Jefferies
Macquarie
Bankhaus Lampe
Berenberg Bank
Main First Bank AG
Deutsche Bank
BHF-Bank
Baader Bank
Credit Suisse
Kepler Cheuvreux
Steubing AG
Goldman Sachs
EVA Dimensions
Montega
UBS
JPMorgan
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
ROMY KRUGER
NEIL SAMPAT
LARS HETTCHE
DIRK SCHLAMP
ALEXANDER HAISSL
BJOERN VOSS
JUERGEN SIEBRECHT
HOLGER FECHNER
SETH ROSENFELD
DANIEL LURCH
MARC GABRIEL
BJOERN LIPPE
ALEXANDER HAUENSTEIN
MATTHIAS PFEIFENBERGER
HERMANN REITH
CHRISTIAN OBST
MICHAEL SHILLAKER
JENS MUENSTERMANN
SVEN DIERMEIER
RALF MARINONI
ROCHUS BRAUNEISER
MICHAEL BROEKER
STEPHEN BENSON
TIMOTHY STANISH
WAIS SAMADZADA
CARSTEN RIEK
BENJAMIN DEFAY
Source
Research
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
ULT-AGG
ULT-AGG
Short
Short
Short
Short
MF-AGG
MF-AGG
Recommendation
hold
neutral
reduce
buy
hold
Underwt/Cautious
buy
overweight
buy
underperform
outperform
hold
hold
outperform
hold
overweight
buy
outperform
buy
hold
buy
buy
hold
Sell/Neutral
underweight
hold
sell
overweight
Amt Held
% Out
7'800'000
7.82
3'899'004
3.91
3'185'285
3.19
2'669'753
2.68
2'510'068
2.52
2'389'100
2.4
1'318'689
1.32
977'668
0.98
976'403
0.98
959'500
0.96
(788'025) -0.79
782'032
0.78
610'000
0.61
598'303
0.6
(578'550) -0.58
(488'775) -0.49
(478'800) -0.48
(458'850) -0.46
457'329
0.46
375'000
0.38
Weighting
Change
3
3
2
5
3
1
5
5
5
1
5
3
3
5
3
5
5
5
5
3
5
5
3
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
M
M
M
M
M
U
M
M
Latest Chg
34'010
4'434
(512'408)
400'000
79'800
101'507
48'350
79'555
29'925
189'525
19'950
39'900
141'937
20'000
Target Price
9
9
7
12
10
8
12
13
13
7
11
11
9
13
9
11
12
13
12
10
13
12
11
7
#N/A N/A
10
7
10
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
31.05.2013
Unclassified
31.12.2012
Government
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
30.08.2013
Investment Advisor
28.06.2013
Investment Advisor
30.06.2013
Unclassified
27.08.2013
Investment Advisor
25.10.2012
Investment Advisor
28.06.2013
Investment Advisor
31.05.2013
Investment Advisor
Date
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
3 month
Date
02.09.2013
30.08.2013
27.08.2013
26.08.2013
21.08.2013
20.08.2013
15.08.2013
12.08.2013
09.08.2013
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
22.07.2013
06.06.2013
31.05.2013
21.05.2013
08.11.2012
03.09.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.06.2013)
52-Week Low (17.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KD8 GY EQUITY YTD Change
KD8 GY EQUITY YTD % CHANGE
03/2013
06/yy
86.31
51.44
32'066.00
85.76
-0.64%
66.72%
98.68%
88.5
7'591.73
3'423.25
0.0
0.0
609.55
10'448.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
2.0 M
1.5 M
1.0 M
.5 M
o-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
786.89
425.96
23.28%
12.33%
8.13%
0.72%
54.3%
41.6%
21.4%
13.5%
1.11
1.00
119.76%
18.51
18.90
Price/ Cash Flow
06/yy
1'731.6
15.53x
784.4
9.11x
216.7
20.23x
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
1'850.4
19.05x
770.1
13.40x
210.4
35.41x
a-13 m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.47
75.66
64.64%
51.60%
0.467
25
2.960
209'836
304'241
507'370
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
09/13 Q2 12/13 Q3
1'965.8
2'116.3
476.0
489.0
5.36x
5.05x
938.3
1'037.5
230.0
238.0
11.14x
10.07x
262.0
304.1
65.9
69.5
29.24x
25.02x
25.76x
24.79x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.08.2013
BB *+
3.82
2.01
3.71
4.20
175.3%
0.72
1.45
19.72
19.31
115.88
-87.87
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
2.5 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
1'370.3
539.3
(145.2)
-
100
90
80
70
60
50
40
30
20
10
0
s-12
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
03.09.2013
Kabel Deutschland Holding AG

Holdings By:
All
Holder Name
BLACKROCK
ELLIOTT CAPITAL ADVI
MERRILL LYNCH INTERN
MORGAN STANLEY
VODAFONE GROUP PLC
CREDIT SUISSE AG
ZIEGLER CARLENE MURP
SCOUT CAPITAL MANAGE
FMR LLC
STANDARD LIFE INVEST
NORGES BANK
VANGUARD
SARASIN
JP MORGAN
SCHRODER INVESTMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
n/a
#N/A N/A
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
Macquarie
ALEX GRANT
ROBIN BIENENSTOCK
Grupo Santander
JOHN DAVIES
Nord/LB
HOLGER FECHNER
EVA Dimensions
CRAIG STERLING
Barclays
JONATHAN DANN
Main First Bank AG
STEPHAN VOLLERT
Commerzbank Corporates & Markets HEIKE PAULS
Jefferies
ULRICH RATHE
STEFAN BORSCHEID
Bankhaus Lampe
WOLFGANG SPECHT
M.M. Warburg Investment Research MALTE RAETHER
Makor Capital
ALBERT SAPORTA
Pivotal Research Group LLC
JEFFREY WLODARCZAK
Exane BNP Paribas
MICHAEL WILLIAMS
HSBC
DOMINIK KLARMANN
Deutsche Bank
DAVID A WRIGHT
Hauck & Aufhaeuser
SASCHA BERRESCH
ANDREW HOGLEY
Bankhaus Metzler
ULRICH TRABERT
Equita SIM SpA
GIANMARCO BONACINA
UBS
POLO TANG
Berenberg Bank
STUART GORDON
Morgan Stanley
SAROOP PUREWAL
Goldman Sachs
TIMOTHY BODDY
New Street Research
FRANK KNOWLES
Credit Suisse
JUSTIN FUNNELL
JPMorgan
HANNES C WITTIG
Nomura
HENRIK NYBLOM
Source
ULT-AGG
ULT-AGG
Research
Research
Research
ULT-AGG
Research
Co File
ULT-AGG
Research
Research
Research
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
neutral
market perform
hold
accept the offer
sell
equalweight
outperform
reduce
hold
hold
hold
hold
hold
sell
outperform
neutral
restricted
hold
neutral
sell
hold
restricted
hold
restricted
not rated
neutral
neutral
overweight
neutral
Amt Held
8'940'218
4'515'141
4'469'672
4'249'168
3'033'861
3'032'405
2'823'982
2'725'000
2'682'192
2'668'411
2'647'315
2'332'846
1'171'258
1'043'291
926'799
792'770
746'554
731'584
643'779
572'088
% Out
10.1
5.1
5.05
4.8
3.43
3.43
3.19
3.08
3.03
3.01
2.99
2.64
1.32
1.18
1.05
0.9
0.84
0.83
0.73
0.65
Weighting
Change
3
3
3
#N/A N/A
1
3
5
2
3
3
3
3
3
1
5
3
#N/A N/A
3
3
1
3
#N/A N/A
3
#N/A N/A
#N/A N/A
3
3
5
3
M
M
U
M
D
D
M
M
M
M
M
M
D
M
M
D
M
M
D
M
D
M
M
M
M
M
M
M
M
Latest Chg
65'042
176'608
17'135
1'700
242'086
(314'391)
5'890
50'341
(112'771)
Target Price
87
87
84
87
#N/A N/A
87
87
87
82
87
85
65
85
87
90
87
#N/A N/A
90
87
62
87
#N/A N/A
85
#N/A N/A
#N/A N/A
56
70
70
54
File Dt
Inst Type
30.08.2013
Investment Advisor
23.08.2013
Investment Advisor
14.08.2013
Bank
26.08.2013
Investment Advisor
19.07.2013
Corporation
14.08.2013
Investment Advisor
10.01.2013
n/a
31.03.2012
Investment Advisor
14.06.2013
Investment Advisor
15.08.2013
Investment Advisor
28.08.2013
Government
31.05.2013
Investment Advisor
30.06.2013
Unclassified
28.03.2013
Bank
31.07.2013
Investment Advisor
31.07.2013
Unclassified
31.07.2013
Investment Advisor
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor
Date
12 month
12 month
Not Provided
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
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Date
03.09.2013
02.09.2013
23.08.2013
22.08.2013
20.08.2013
16.08.2013
15.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
13.08.2013
08.08.2013
15.07.2013
12.07.2013
09.07.2013
03.07.2013
26.06.2013
25.06.2013
24.06.2013
18.06.2013
18.06.2013
13.06.2013
12.06.2013
11.06.2013
01.05.2013
22.02.2013
20.02.2013
03.09.2013
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 (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KRN GY EQUITY YTD Change
KRN GY EQUITY YTD % CHANGE
12/2012
06/yy
66.60
38.15
4'220.00
64.98
-2.43%
70.33%
93.71%
31.6
2'052.92
17.06
0.0
0.0
132.92
1'939.02
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
20
.1 M
10
.1 M
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'664.2
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
s-13
0.79
14.82
68.05%
40.11%
0.795
21
4.190
50'363
53'873
47'353
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'779.8
2'926.9
645.0
748.0
0.68x
0.65x
2.43x
240.5
267.1
53.0
71.7
8.11x
7.30x
115.5
131.9
24.5
35.2
17.37x
15.26x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
51.82
31.13
-0.58
0.08
2.0%
2.0%
1.33
6.15
77.12
-
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
03.09.2013
Krones AG
Holdings By:
All
Holder Name
KRONSEDER FAMILY
TWEEDY BROWNE COMPAN
NORGES BANK
SARASIN
ADIG INVESTMENT
BLACKROCK
DEUTSCHE BANK AG
SOCIETE GENERALE
CALAMOS ADVISORS LLC
VANGUARD
AMUNDI
PICTET FUNDS
SKANDIA INVESTMENT M
Firm Name
Baader Bank
Nord/LB
Goldman Sachs
Hauck & Aufhaeuser
Kepler Cheuvreux
DZ Bank AG
Deutsche Bank
UBS
Bankhaus Lampe
Bankhaus Metzler
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
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
YASMIN MOSCHITZ
PETER ROTHENAICHER
LARS LUSEBRINK
HEINO HAMMANN
BENJAMIN MOORE
HARALD REHMET
TORBEN TEICHLER
EGGERT KULS
STEFAN AUGUSTIN
MARKUS TURNWALD
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
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
neutral/neutral
hold
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
224'907
216'297
206'490
189'831
183'093
112'565
94'519
84'000
78'439
77'133
75'051
68'962
65'166
50'000
45'277
% Out
53.09
3.07
3.04
1.49
1.22
0.71
0.68
0.65
0.6
0.58
0.36
0.3
0.27
0.25
0.24
0.24
0.22
0.21
0.16
0.14
Weighting
Change
5
5
5
5
3
3
5
5
5
5
5
3
1
5
4
5
3
5
3
3
5
5
1
M
M
U
U
M
D
U
M
M
M
M
M
M
M
U
U
M
M
M
M
M
M
M
Latest Chg
(32'315)
(10'000)
32'669
189'831
224
48'179
94'519
5'928
75'051
(2'410)
50'000
-
Target Price
71
73
74
70
64
63
71
68
67
66
68
62
52
66
71
72
60
#N/A N/A
55
57
52
68
#N/A N/A
File Dt
31.03.2013
31.03.2012
29.04.2013
30.09.2012
31.12.2012
31.07.2013
28.02.2013
30.04.2013
30.04.2013
30.08.2013
28.06.2013
30.04.2013
30.06.2013
30.06.2013
30.06.2013
30.04.2013
30.04.2013
30.04.2013
28.03.2013
28.03.2013
Date
6 month
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
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
Bank
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.08.2013
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
06.06.2013
05.06.2013
01.05.2013
26.11.2012
18.05.2011
27.04.2010
03.09.2013
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
19.95
23'197.00
32.4
-15.84%
62.41%
67.22%
33.9
1'098.86
201.50
0.0
1.4
244.30
1'023.66
.6 M
15
.4 M
10
.2 M
5
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'739.2
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
s-13
0.93
22.41
59.73%
17.79%
0.933
22
3.045
106'232
123'451
121'272
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
0.57x
0.53x
2.03x
2.03x
151.9
165.6
42.8
45.5
6.74x
6.18x
5.80x
5.73x
64.9
73.1
20.5
20.3
16.82x
14.79x
12.88x
12.51x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
03.09.2013
KUKA AG
Holdings By:
All
Holder Name
GRENZEBACH GROUP
BLACKROCK
OPPENHEIMER ASSET MA
AXA SA
FRANKLIN RESOURCES
WYSER-PRATTE GUY PAT
NORGES BANK
RINVEST AG
DEUTSCHE BANK AG
ADIG INVESTMENT
MYRIAD OPP MASTER FU
JP MORGAN
VANGUARD
CITADEL EUROPE LLP
PRINCIPAL FINANCIAL
B & G FUND PLC
GROUPAMA ASSET MANAG
Firm Name
DZ Bank AG
Morgan Stanley
Bankhaus Metzler
Deutsche Bank
Baader Bank
Macquarie
Bankhaus Lampe
Montega
EVA Dimensions
UBS
Nord/LB
HSBC
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
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
STEPHAN BOEHM
CHRISTIAN COHRS
JASKO TERZIC
SVEN DIERMEIER
LUCIE CARRIER
STEPHAN BAUER
TIM ROKOSSA
PETER ROTHENAICHER
HARALD REHMET
GORDON SCHOENELL
HOLGER SCHMIDT
THOMAS RAU
ANDREW BELL
TIMOTHY STANISH
SEBASTIAN UBERT
FRANK SCHWOPE
RICHARD SCHRAMM
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
MF-AGG
ULT-AGG
Short
Short
ULT-AGG
Short
MF-AGG
Recommendation
buy
sell
sell
hold
Equalwt/Cautious
buy
hold
hold
neutral
sell
hold
accumulate
hold
buy
buy
buy
sell
underweight
hold
neutral/neutral
hold
market weight
Amt Held
% Out
8'275'358
24.4
1'903'287
5.61
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
(244'191) -0.72
180'007
0.53
175'000
0.52
168'453
0.5
(166'186) -0.49
(166'185) -0.49
165'954
0.49
(152'619) -0.45
151'800
0.45
Weighting
Change
5
1
1
3
3
5
3
3
3
1
3
4
3
5
5
5
1
1
3
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
M
D
Latest Chg
113'781
(23'694)
33'916
(13'792)
(2'350)
13'566
27'133
119'554
33'916
151'800
Target Price
40
30
27
37
37
39
33
37
33
28
36
38
36
38
#N/A N/A
41
31
30
33
38
34
33
File Dt
Inst Type
08.02.2013
Corporation
30.08.2013
Investment Advisor
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
28.08.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
30.06.2013
Unclassified
09.08.2013
Unclassified
31.07.2013
Investment Advisor
24.06.2013
Unclassified
28.09.2012
Investment Advisor
Date
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Date
30.08.2013
13.08.2013
13.08.2013
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
08.07.2013
21.06.2013
24.05.2013
22.05.2013
10.05.2013
01.05.2013
03.04.2013
27.03.2013
05.02.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LEG GY EQUITY YTD Change
LEG GY EQUITY YTD % CHANGE
12/2012
06/yy
46.19
37.67
20'792.00
41.945
-9.18%
11.36%
46.17%
53.0
2'221.55
2'499.70
0.0
24.9
133.10
4'600.85
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
06/yy
265.9
34.24x
101.6
0.00x
34.2
0.00x
FY+1
s-13
0.98
26.48
14
4.357
61'579
55'331
82'131
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
484.2
511.2
132.0
137.0
9.87x
9.60x
227.8
247.5
20.23x
18.62x
143.4
166.1
15.54x
13.29x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.97
0.49
12.51
13.21
121.3%
54.5%
0.10
-
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
03.09.2013
LEG Immobilien AG
Holdings By:
All
Holder Name
SATUREA BV
PERRY CAPITAL UK LLP
CBRE GROUP INC
RUFFER LLP
PETERCAM SA
BLACKROCK
MORGAN STANLEY
FMR LLC
GENERALI ASSET MANAG
INVESCO LTD
DEUTSCHE BANK AG
GENERALI INVESTMENTS
VANGUARD
PRINCIPAL FINANCIAL
ALLIANCE BERNSTEIN
Firm Name
JPMorgan
Bankhaus Lampe
Bankhaus Metzler
Deutsche Bank
Morgan Stanley
Nord/LB
Berenberg Bank
Kepler Cheuvreux
Goldman Sachs
Kempen & Co
Erste Group
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
NEIL GREEN
GEORG KANDERS
TORSTEN KLINGNER
JOCHEN SCHMITT
MARKUS SCHEUFLER
BART GYSENS
MICHAEL SEUFERT
KAI MALTE KLOSE
THOMAS ROTHAEUSLER
THOMAS NEUHOLD
THOMAS VAN DER MEIJ
GUENTHER ARTNER
Source
Research
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
overweight
buy
buy
sell
buy
Equalwt/Attractive
hold
buy
add
buy
Buy/Neutral
overweight
buy
Amt Held
21'635'567
4'846'155
2'113'241
633'000
563'900
493'100
478'950
461'100
440'822
437'072
385'925
283'369
228'420
221'935
194'700
194'455
193'563
189'244
184'685
183'104
% Out
40.85
9.15
3.99
1.2
1.06
0.93
0.9
0.87
0.83
0.83
0.73
0.54
0.43
0.42
0.37
0.37
0.37
0.36
0.35
0.35
Weighting
Change
5
5
5
1
5
3
3
5
4
5
5
5
5
Latest Chg
633'000
(152'518)
461'100
108'787
(694'917)
5'538
5'256
221'935
5'000
163'179
8'528
11'537
104'223
Target Price
M
M
M
M
M
M
M
M
M
N
M
N
N
48
47
48
37
49
43
43
48
46
48
52
48
51
File Dt
30.08.2013
30.08.2013
30.08.2013
28.02.2013
30.06.2013
30.04.2013
30.08.2013
28.03.2013
30.06.2013
31.07.2013
31.03.2013
30.06.2013
31.07.2013
31.03.2013
28.06.2013
31.05.2013
30.06.2013
31.07.2013
31.07.2013
30.06.2013
Date
9 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
Inst Type
Corporation
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.09.2013
02.09.2013
02.09.2013
02.09.2013
30.08.2013
30.08.2013
30.08.2013
30.08.2013
12.08.2013
24.06.2013
09.05.2013
19.03.2013
14.03.2013
03.09.2013
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 (22.08.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LEO GY EQUITY YTD Change
LEO GY EQUITY YTD % CHANGE
12/2012
06/yy
45.14
23.41
42'097.00
43.05
-4.62%
83.90%
90.17%
32.7
1'406.40
554.16
0.0
1.7
298.32
1'782.76
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
o-12
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'809.0
0.31x
358.2
3.32x
155.7
6.00x
358.22
242.02
6.35%
5.20%
4.29%
13.60%
9.64%
1.61%
17.7%
7.7%
4.6%
4.1%
1.22
0.68
23.24%
65.70%
7.37
5.83
Price/ Cash Flow
06/yy
3'783.8
1.36x
367.9
3.59x
173.1
5.60x
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
3'842.4
1.42x
297.1
5.46x
102.6
12.14x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
1.26
32.64
51.86%
57.82%
1.260
24
3.708
269'385
198'227
197'072
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
3'823.4
4'115.2
945.0
945.0
0.45x
0.41x
299.8
360.7
5.96x
4.95x
105.9
144.4
13.14x
9.55x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
9.11
5.03
1.26
1.80
65.7%
39.6%
1.61
5.72
49.49
62.60
71.85
31.33
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
.9 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'912.0
0.31x
170.1
5.25x
5.1
76.41x
50
45
40
35
30
25
20
15
10
5
0
s-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
03.09.2013
Leoni AG
Holdings By:
All
Holder Name
BLACKROCK
NORGES BANK
NUERNBERGER LEBENSVE
VANGUARD
ODIN FORVALTNING AS
THIRD AVENUE MANAGEM
CLASSIC FUND MGMT AG
LIONTRUST
MARSHALL WACE LLP
DEUTSCHE BANK AG
SCHRODER INVESTMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
Hauck & Aufhaeuser

PHILIPPE LORRAIN
TIM SCHULDT
Hamburger Sparkasse
Bankhaus Metzler
JUERGEN PIEPER
EVA Dimensions
CRAIG STERLING
DZ Bank AG
MICHAEL PUNZET
Montega
HENDRIK EMRICH
M.M. Warburg Investment Research MARC-RENE TONN
Commerzbank Corporates & Markets DANIEL SCHWARZ
Nord/LB
FRANK SCHWOPE
Goldman Sachs
STEPHAN PUETTER
Macquarie
FRANK BILLER
ZAFER RUZGAR
DANIEL KUKALJ
Kepler Cheuvreux
MICHAEL RAAB
Steubing AG
TOBIAS SCHMIDT
Exane BNP Paribas
GERHARD ORGONAS
HSBC
NIELS FEHRE
Bankhaus Lampe
CHRISTIAN LUDWIG
Main First Bank AG
TOBIAS FAHRENHOLZ
Deutsche Bank
TIM ROKOSSA
GSC Research
MATTHIAS SCHRADE
Source
ULT-AGG
Research
Research
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
buy
buy
hold
buy
hold
sell
buy
buy
hold
sell
buy/attractive
neutral
buy
hold
buy
reduce
hold
neutral
overweight
hold
outperform
hold
neutral
buy
Amt Held
% Out
1'302'396
3.99
1'071'287
3.28
890'293
2.73
888'000
2.72
538'547
1.65
459'705
1.41
356'447
1.09
350'000
1.07
288'431
0.88
271'302
0.83
250'489
0.77
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
5
5
3
5
3
1
5
5
3
1
5
3
5
3
5
2
3
3
5
3
5
3
3
5
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
M
Latest Chg
571
(54'060)
769
204'490
288'431
(29'381)
47'042
(32'903)
(335'900)
13'068
92'311
787
Target Price
56
50
#N/A N/A
50
#N/A N/A
37
50
48
41
33
51
40
48
42
44
35
41
40
43
35
43
40
35
#N/A N/A
File Dt
Inst Type
30.08.2013
Investment Advisor
20.05.2013
Government
22.06.2012
Investment Advisor
31.12.2011
n/a
30.06.2013
Unclassified
31.07.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
31.07.2013
Investment Advisor
30.06.2013
Unclassified
31.03.2013
Investment Advisor
28.02.2013
Unclassified
28.03.2013
Investment Advisor
31.05.2012
Investment Advisor
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
Date
30.08.2013
21.08.2013
20.08.2013
20.08.2013
20.08.2013
16.08.2013
16.08.2013
15.08.2013
14.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
01.08.2013
29.07.2013
23.07.2013
22.07.2013
14.02.2013
21.12.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LHA GY EQUITY YTD Change
LHA GY EQUITY YTD % CHANGE
12/2012
06/yy
17.28
9.58
494'994.00
13.62
-21.16%
42.19%
53.55%
459.9
6'264.48
7'108.00
0.0
60.0
4'966.00
7'691.48
10
8.0 M
6.0 M
4.0 M
2.0 M
2
0
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
30'135.0
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
n-12
d-12
j-13
LTM
06/yy
28'930.0
0.94x
2'969.0
2.25x
243.0
7.91x
f-13 m-13
06/yy
30'090.0
1.11x
2'512.0
3.42x
954.0
7.53x
a-13 m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
1.05
444.85
38.92%
-4.35%
1.047
37
4.081
3'650'178
2'851'956
2'829'654
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
30'775.6
31'811.7
8'528.0
7'617.0
0.28x
0.27x
2'904.6
3'313.7
1'298.0
621.0
2.65x
2.33x
527.8
838.9
724.5
78.9
11.65x
7.71x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
-
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
03.09.2013
Deutsche Lufthansa AG
Holdings By:
All
Holder Name
BLACKROCK
FRANKLIN RESOURCES
GLEISS LUTZ HOOTZ HI
MACKENZIE FINANCIAL
MORGAN STANLEY
NORGES BANK
VANGUARD
ADIG INVESTMENT
DEUTSCHE BANK AG
FEDERAL GESTION
JP MORGAN
MASON STREET ADVISOR
Firm Name
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
Deutsche Bank
MICHAEL KUHN
Bankhaus Lampe
SEBASTIAN HEIN
JOCHEN ROTHENBACHER
Commerzbank Corporates & Markets FRANK SKODZIK
Jefferies
MARK IRVINE-FORTESCUE
AlphaValue
HANS-PETER WODNIOK
Credit Suisse
NEIL GLYNN
Day by Day
VALERIE GASTALDY
RBC Capital Markets
DAMIAN BREWER
Morgan Stanley
PENNY BUTCHER
Nomura
ANDREW EVANS
Nord/LB
FRANK SCHWOPE
Cantor Fitzgerald
ROBIN BYDE
HSBC
ANDREW DAVID LOBBENBERG
Hamburger Sparkasse
INGO SCHMIDT
Oddo & Cie
YAN DEROCLES
Bankhaus Metzler
JUERGEN PIEPER
Natixis
SARAH EMSELLEM
DZ Bank AG
DIRK SCHLAMP
BARBARA AMBRUS
ZAFER RUZGAR
Goodbody Stockbrokers Ltd
DONAL O'NEILL
S&P Capital IQ
JAWAHAR HINGORANI
Redburn Partners
TIM MARSHALL
JPMorgan
JAMIE N BAKER
Goldman Sachs
NICK EDELMAN
Raymond James
JULIEN RICHER
GERALD KHOO
Kepler Cheuvreux
RUXANDRA HARADAU-DOESER
Main First Bank AG
LOIC SABATIER
EVA Dimensions
TIMOTHY STANISH
Macquarie
SAM DOBSON
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
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
buy
buy
hold
buy
buy
reduce
outperform
buy
sector perform
Equalwt/Attractive
buy
buy
buy
overweight
hold
neutral
buy
buy
buy
hold
sell
buy
buy
buy
neutral
neutral/neutral
outperform
buy
reduce
outperform
underweight
outperform
buy
equalweight
outperform
hold
buy
Amt Held
27'945'194
22'997'350
21'860'114
14'234'585
13'379'136
11'177'882
6'754'830
5'439'594
3'397'272
2'667'670
2'299'926
1'840'005
1'773'494
1'726'226
1'714'778
1'666'850
1'604'754
1'494'152
1'304'023
898'420
% Out
6.08
5
4.75
3.09
2.91
2.43
1.47
1.18
0.74
0.58
0.5
0.4
0.39
0.38
0.37
0.36
0.35
0.32
0.28
0.2
Weighting
Change
5
5
3
5
5
2
5
5
3
3
5
5
5
5
3
3
5
5
5
3
1
5
5
5
3
3
5
5
2
5
1
5
5
3
5
3
5
M
M
M
M
M
M
M
U
M
D
M
M
M
M
M
M
M
M
M
M
M
M
U
M
D
U
M
M
D
M
M
M
M
M
U
N
M
Latest Chg
(609'148)
(540'278)
14'044
236'211
4'527
875'610
686'745
(1'180)
450'239
8'200
748'330
569'854
4'101
-
Target Price
20
18
15
18
20
14
20
17
17
18
19
18
21
20
#N/A N/A
17
23
18
17
16
14
21
17
#N/A N/A
16
17
13
24
14
21
#N/A N/A
20
20
17
#N/A N/A
17
#N/A N/A
File Dt
30.08.2013
28.06.2013
30.06.2013
01.11.2012
19.07.2013
28.03.2013
30.06.2013
31.12.2012
30.06.2013
30.06.2013
30.06.2013
28.03.2013
31.03.2013
30.04.2013
28.06.2013
30.04.2013
30.04.2013
30.06.2013
31.07.2013
31.03.2013
Date
12 month
12 month
12 month
6 month
12 month
6 month
Not Provided
3 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
3 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.09.2013
02.09.2013
02.09.2013
30.08.2013
29.08.2013
29.08.2013
27.08.2013
23.08.2013
22.08.2013
15.08.2013
14.08.2013
12.08.2013
09.08.2013
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
23.07.2013
17.07.2013
15.07.2013
05.07.2013
03.07.2013
11.06.2013
10.06.2013
06.06.2013
04.06.2013
03.05.2013
05.04.2013
25.03.2013
22.11.2010
04.01.2010
03.09.2013
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 (04.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LIN GY EQUITY YTD Change
LIN GY EQUITY YTD % CHANGE
12/2012
06/yy
154.80
123.90
33'620.00
146.25
-5.52%
18.04%
74.60%
185.2
27'089.21
10'204.00
0.0
564.0
2'041.00
36'936.21
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40
20
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
15'280.0
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
s-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
0.77
179.31
17.99%
12.80%
0.766
42
4.048
379'778
376'064
431'931
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
17'092.1
18'277.7
4'251.4
4'450.0
2.08x
1.91x
8.62x
8.19x
4'037.3
4'361.9
1'016.8
1'036.6
9.16x
8.48x
1'481.4
1'682.5
360.4
362.0
17.54x
15.58x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
03.09.2013
Linde AG
Holdings By:
All
Holder Name
BLACKROCK ADVISORS L
BLACKROCK
NORGES BANK
UBS
CREDIT SUISSE AG
DEUTSCHE BANK AG
FMR LLC
VANGUARD
FIL LIMITED
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
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst
Societe Generale
Macquarie
Goldman Sachs
AlphaValue
Day by Day
Deutsche Bank
Exane BNP Paribas
Main First Bank AG
Kepler Cheuvreux
Baader Bank
Jefferies
DZ Bank AG
HSBC
Bankhaus Lampe
Natixis
Nomura
SRH AlsterResearch
Morgan Stanley
Nord/LB
Credit Suisse
JPMorgan
Hamburger Sparkasse
S&P Capital IQ
Bankhaus Metzler
Berenberg Bank
Barclays
EVA Dimensions
UBS
Liberum Capital Ltd
Equita SIM SpA
National Bank AG
Alembic Global Advisors
Redburn Partners
PETER CLARK
CHRISTIAN FAITZ
RAKESH PATEL
JEREMY REDENIUS
HANS-PETER WODNIOK
STEPHAN KIPPE
PAUL W SATCHELL
VALERIE GASTALDY
TIMOTHY JONES
NADESHDA DEMIDOVA
HEIDI VESTERINEN
ULLE WORNER
THOMAS SWOBODA
MARKUS MAYER
NORBERT BARTH
LAURENCE ALEXANDER
PETER SPENGLER
SEBASTIAN SATZ
HEIKO FEBER
EGGERT KULS
FREDERIC WILLIAMS-GOBEAUX
JEAN DE WATTEVILLE
CARSTEN MAINITZ
PETER MACKEY
THORSTEN STRAUSS
CHRIS COUNIHAN
MARCUS DIEBEL
MARCO GUENTHER
JOHNSON IMODE
LARS HETTCHE
JOHN PHILIPP KLEIN
GUNTHER ZECHMANN
TIMOTHY STANISH
THOMAS GILBERT
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
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
Buy/Neutral
outperform
add
buy
hold
hold
buy
accumulate
neutral
buy
outperform
buy
buy
buy
buy
hold
overweight
buy
buy
neutral
neutral
buy
Equalwt/In-Line
buy
underperform
neutral
buy
buy
buy
buy
equalweight
sell
neutral
buy
buy
hold
neutral
neutral
Amt Held
9'252'936
8'626'504
6'391'365
5'764'533
5'497'453
5'433'134
4'909'294
4'801'614
4'184'520
2'984'677
2'598'954
2'131'813
1'840'484
1'591'900
1'524'034
1'356'417
1'248'467
832'256
820'205
716'288
% Out
5
4.66
3.45
3.11
2.97
2.93
2.65
2.59
2.26
1.61
1.4
1.15
0.99
0.86
0.82
0.73
0.67
0.45
0.44
0.39
Weighting
Change
5
5
5
5
4
5
3
3
5
4
3
5
5
5
5
5
5
3
5
5
5
3
3
5
3
5
1
3
5
5
5
5
3
1
3
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
M
M
M
M
M
M
M
M
M
Latest Chg
49'822
(195'662)
(2'350)
(3'920)
126'860
(759)
(232'450)
26'713
46'124
1'935
11'382
(56'006)
(339'519)
(16'377)
(248)
65
Target Price
165
165
187
185
165
174
141
#N/A N/A
160
160
143
165
170
163
164
164
169
152
166
168
170
147
155
180
155
170
140
#N/A N/A
#N/A N/A
160
156
175
150
#N/A N/A
144
156
160
140
120
#N/A N/A
File Dt
14.01.2013
30.08.2013
30.06.2013
12.06.2013
31.07.2013
31.05.2013
30.06.2013
31.03.2013
28.06.2013
31.07.2013
31.03.2013
30.06.2013
30.06.2013
28.03.2013
30.04.2013
31.12.2012
30.04.2013
30.06.2013
30.06.2013
30.06.2013
Date
12 month
12 month
12 month
12 month
6 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.09.2013
01.09.2013
30.08.2013
30.08.2013
29.08.2013
28.08.2013
23.08.2013
23.08.2013
22.08.2013
22.08.2013
22.08.2013
20.08.2013
20.08.2013
13.08.2013
08.08.2013
06.08.2013
06.08.2013
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
24.07.2013
23.07.2013
17.07.2013
06.06.2013
10.05.2013
23.04.2013
08.03.2013
07.03.2013
15.10.2012
08.10.2012
03.09.2013
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
14
12
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.08.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LPK GY EQUITY YTD Change
LPK GY EQUITY YTD % CHANGE
12/2012
06/yy
14.90
6.66
35'047.00
12.875
-13.59%
93.46%
73.68%
22.3
286.72
18.10
0.0
2.0
5.02
300.17
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4
2
0
s-12
o-12
n-12
d-12
j-13
f-13 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
Fiscal Year Ended

31.12.2008
45.4
0.57x
5.6
4.58x
1.8
11.76x
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
115.1
1.66x
28.0
6.81x
13.5
12.91x
27.96
20.78
18.06%
17.01%
17.82%
34.09%
1.28%
26.7%
21.1%
11.7%
1.95
0.82
17.82%
31.77%
6.21
-
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
s-13
06/yy
103.8
5.10x
22.9
6.78x
11.1
12.36x
LTM
06/yy
134.7
6.58x
35.9
7.74x
18.7
14.04x
FY+1
0.89
21.36
81.73%
66.90%
0.886
7
3.286
240'309
188'226
155'754
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
121.0
133.2
2.49x
2.26x
29.4
33.5
10.21x
8.97x
13.9
15.7
19.10x
15.29x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
33.09
24.72
0.31
0.55
31.8%
23.5%
1.28
4.69
58.80
-
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
03.09.2013
LPKF Laser & Electronics AG

Holdings By:
All
Holder Name
DEUTSCHE BANK AG
WASATCH ADVISORS INC
HILDEBRANDT BERND
DWS INVESTMENTS
SCHRODER INVESTMENT
CLARIDEN SICAV
LAZARD FRERES GESTIO
HACKMANN BERND
BLACKROCK
LANGE BERND
DEKA INTERNATIONAL S
AMUNDI
MW GESTION SA
THREADNEEDLE MANAGME
BRETTHAUER INGO
Firm Name
Hauck & Aufhaeuser
EVA Dimensions
DZ Bank AG
Bankhaus Metzler
BHF-Bank
GSC Research
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
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
Multiple Portfolios
n/a
Analyst
ANDREW S ZAMFOTIS
KLAUS SOER
DIRK SCHLAMP
VEYSEL TAZE
STEPHAN BAUER
JENS JUNG
TIM SCHULDT
MATTHIAS WAHLER
Source
ULT-AGG
Research
Research
ULT-AGG
MF-AGG
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
MF-AGG
Co File
Recommendation
hold
overweight
sell
buy
hold
sell
overweight
hold
sell
Amt Held
% Out
1'129'200
5.07
691'853
3.11
602'354
2.7
400'000
1.8
394'800
1.77
377'194
1.69
268'782
1.21
252'218
1.13
240'000
1.08
181'954
0.82
160'000
0.72
125'600
0.56
(104'667) -0.47
99'155
0.45
95'020
0.43
92'000
0.41
90'506
0.41
70'000
0.31
56'890
0.26
50'000
0.22
Weighting
Change
3
5
1
5
3
1
5
3
1
U
U
D
M
D
D
M
D
D
Latest Chg
(5'200)
(23'600)
123'806
32'218
6'681
(4'078)
58'000
16'324
-
Target Price
12
#N/A N/A
11
15
14
13
9
7
#N/A N/A
File Dt
Inst Type
30.04.2013
Investment Advisor
23.07.2013
Investment Advisor
15.08.2012
n/a
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
30.06.2013
Investment Advisor
30.03.2012
Investment Advisor
30.04.2013
Unclassified
30.06.2013
Investment Advisor
31.05.2013
Investment Advisor
31.12.2012
n/a
30.08.2013
Investment Advisor
31.12.2012
n/a
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
29.06.2012
Investment Advisor
31.05.2013
Investment Advisor
31.12.2012
n/a
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Date
29.08.2013
21.08.2013
13.08.2013
07.08.2013
05.08.2013
02.08.2013
21.11.2012
27.10.2010
21.10.2009
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LXS GY EQUITY YTD Change
LXS GY EQUITY YTD % CHANGE
12/2012
06/yy
69.99
42.45
75'980.00
49.695
-29.00%
17.08%
25.85%
83.2
4'134.76
2'334.00
0.0
16.0
803.00
6'202.76
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
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
9'094.0
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
n-12
d-12
j-13
LTM
06/yy
9'271.0
2.36x
1'156.0
5.08x
525.0
7.82x
f-13 m-13
06/yy
8'518.0
3.11x
887.0
6.68x
179.0
21.46x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
1.09
78.86
-18.94%
-23.68%
1.091
38
3.421
698'792
860'737
980'630
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
8'379.5
9'045.0
2'106.2
2'157.8
0.71x
0.66x
746.1
1'024.7
201.4
193.0
8.31x
6.05x
138.8
337.4
28.8
29.9
28.20x
12.14x
10.03x
8.68x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
31.07.2007
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
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
03.09.2013
LANXESS AG
Holdings By:
All
Holder Name
BLACKROCK
SOCIETE GENERALE SA
DODGE & COX
FIL LIMITED
DEUTSCHE BANK AG
NORGES BANK
FMR LLC
VANGUARD
CITADEL EUROPE LLP
DANSKE INVEST A/S
MARSHALL WACE LLP
FRANKLIN RESOURCES
SCHRODER INVESTMENT
BEUTEL GOODMAN & COM
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst
Goldman Sachs
AlphaValue
Deutsche Bank
Exane BNP Paribas
DZ Bank AG
Morgan Stanley
EVA Dimensions
Bankhaus Lampe
Barclays
Nomura
JPMorgan
Hauck & Aufhaeuser
Hamburger Sparkasse
Bankhaus Metzler
Natixis
S&P Capital IQ
Nord/LB
Baader Bank
Credit Suisse
Macquarie
SRH AlsterResearch
Kepler Cheuvreux
Steubing AG
Equita SIM SpA
HSBC
UBS
Main First Bank AG
Day by Day
Berenberg Bank
Bank of Valletta
National Bank AG
Deutsche Bank
RAKESH PATEL
MARTIN SCHNEE
STEPHAN KIPPE
ULLE WORNER
MARTIN DUNWOODIE
JAMES KNIGHT
PETER SPENGLER
PAUL R WALSH
OLIVER SCHWARZ
TIMOTHY STANISH
HEIKO FEBER
ANDREAS HEINE
PATRICK LAMBERT
MARTIN EVANS
NILS-PETER FITZL
MARCO GUENTHER
LARS HETTCHE
FREDERIC WILLIAMS-GOBEAUX
JACOB THRANE
THORSTEN STRAUSS
NORBERT BARTH
CHRIS COUNIHAN
CHRISTIAN FAITZ
NADESHDA DEMIDOVA
DANIEL PAWLOWSKI
MARTIN ROEDIGER
MICHAEL BROEKER
MASSIMO BONISOLI
JESKO MAYER-WEGELIN
JOE DEWHURST
RONALD KOEHLER
VALERIE GASTALDY
JAIDEEP PANDYA
TEAM COVERAGE
STEFFEN MANSKE
VIRGINIE BOUCHER-FERTE
Source
ULT-AGG
Research
Research
Research
ULT-AGG
ULT-AGG
Research
ULT-AGG
ULT-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral/neutral
reduce
reduce
buy
buy
neutral
buy
Equalwt/In-Line
hold
underweight
buy
equalweight
neutral
underweight
hold
buy
buy
neutral
hold
hold
sell
underperform
outperform
hold
hold
buy
buy
buy
buy
neutral
buy
outperform
hold
hold
overweight
hold
dropped coverage
Amt Held
% Out
8'936'438 10.74
4'291'428
5.16
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
1'813'376
2.18
947'062
1.14
906'508
1.09
(765'465) -0.92
692'541
0.83
643'280
0.77
611'728
0.74
589'055
0.71
(482'575) -0.58
425'581
0.51
421'819
0.51
404'640
0.49
402'455
0.48
Weighting
3
2
2
5
5
3
5
3
3
1
5
3
3
1
3
5
5
3
3
3
1
1
5
3
3
5
5
5
5
3
5
5
3
3
5
3
#N/A N/A
Change
M
M
M
M
M
M
U
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
N
M
M
M
M
D
M
M
M
Latest Chg
859'634
1'010'817
(108'770)
23'829
45'787
(83'203)
(247'396)
(19'280)
25'915
22'800
16'641
(277'963)
324'011
113'200
(5'890)
Target Price
48
46
39
56
58
49
55
50
48
#N/A N/A
56
55
48
34
45
#N/A N/A
57
45
48
49
43
39
58
50
52
54
56
70
57
50
62
60
#N/A N/A
59
75
66
#N/A N/A
File Dt
Inst Type
30.08.2013
Investment Advisor
01.08.2013
Unclassified
11.03.2013
Investment Advisor
04.10.2012
Investment Advisor
01.08.2013
Investment Advisor
28.06.2013
Investment Advisor
14.05.2013
Government
31.07.2013
Investment Advisor
30.06.2013
Unclassified
30.06.2013
Investment Advisor
12.08.2013
Unclassified
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor
31.05.2013
Investment Advisor
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
31.01.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
Date
12 month
6 month
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
3 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
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
30.08.2013
29.08.2013
28.08.2013
23.08.2013
22.08.2013
22.08.2013
21.08.2013
15.08.2013
15.08.2013
13.08.2013
12.08.2013
12.08.2013
09.08.2013
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
29.07.2013
24.07.2013
12.07.2013
09.07.2013
01.07.2013
27.06.2013
15.04.2013
18.03.2013
07.11.2012
17.09.2007
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MAN GY EQUITY YTD Change
MAN GY EQUITY YTD % CHANGE
12/2012
06/yy
90.00
70.39
42'234.00
86.96
-3.38%
23.54%
84.24%
141.0
12'787.26
5'299.00
0.0
69.0
1'367.00
17'659.26
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
o-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
15'772.0
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
n-12
d-12
j-13
LTM
06/yy
16'200.0
3.50x
2'308.0
6.83x
(575.0)
0.00x
f-13 m-13
06/yy
15'617.0
4.13x
875.0
19.66x
(241.0)
0.00x
a-13 m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.91
35.14
20.56%
8.97%
0.909
25
2.440
84'604
109'522
153'079
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
15'757.8
16'591.2
3'945.0
4'193.0
1.01x
0.97x
1'106.7
1'664.0
15.96x
10.61x
101.2
628.6
121.0
155.0
65.04x
20.23x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
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
s-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
03.09.2013
MAN SE
Holdings By:
All
Holder Name
VOLKSWAGEN AG
BLACKROCK
NORGES BANK
VANGUARD
MAINFIRST SICAV
DEUTSCHE BANK AG
DWS INVESTMENTS
CREDIT SUISSE AG
CAISSE DE DEPOT ET P
STATE STREET
PRUDENTIAL OF AMERIC
METZLER INVESTMENT G
FMR LLC
Firm Name
AlphaValue
Barclays
DZ Bank AG
Goldman Sachs
Hamburger Sparkasse
Natixis
Nord/LB
S&P Capital IQ
Berenberg Bank
Main First Bank AG
JPMorgan
Deutsche Bank
EVA Dimensions
Day by Day
UBS
Makor Capital
Morgan Stanley
BHF-Bank
Bankhaus Metzler
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
SASCHA GOMMEL
HANS-PETER WODNIOK
MICHAEL TYNDALL
MICHAEL PUNZET
STEFAN BURGSTALLER
MARC-RENE TONN
KATHLEEN GAILLIOT
FRANK SCHWOPE
FRANK BILLER
ZAFER RUZGAR
RODERICK BRIDGE
FREDERIK BITTER
CHRISTOPHER YOUL
ALEXANDER WHIGHT
JOCHEN GEHRKE
TIMOTHY STANISH
VALERIE GASTALDY
FREDRIC STAHL
ALBERT SAPORTA
LAURA LEMBKE
TIM SCHULDT
HERMANN REITH
JUERGEN PIEPER
Source
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
hold
sell
equalweight
hold
neutral/attractive
hold
hold
neutral
sell
sell
sell
sell
sell
outperform
neutral
hold
sell
hold
neutral
sell
Equalwt/In-Line
hold
market weight
sell
Amt Held
105'834'608
5'177'023
1'086'000
856'600
466'012
433'274
190'053
166'299
120'077
83'207
81'912
81'359
80'767
66'000
59'140
55'516
53'550
51'884
42'400
41'828
% Out
75.07
3.67
0.77
0.61
0.33
0.31
0.13
0.12
0.09
0.06
0.06
0.06
0.06
0.05
0.04
0.04
0.04
0.04
0.03
0.03
Weighting
Change
3
1
3
3
3
3
3
3
1
1
1
1
1
5
3
3
1
3
3
1
3
3
3
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
Latest Chg
(93'759)
(36'950)
140'762
(33'828)
(253'223)
800
(49'718)
(26'000)
(265)
81'359
(45'063)
43'800
(107)
(911)
51'884
(23'700)
-
Target Price
85
66
81
81
85
#N/A N/A
81
81
81
81
81
81
81
95
79
82
#N/A N/A
#N/A N/A
85
85
80
85
90
66
File Dt
10.08.2013
30.08.2013
31.12.2012
28.03.2013
28.03.2013
30.06.2013
30.06.2013
28.02.2013
28.06.2013
30.04.2013
31.03.2013
31.12.2012
28.03.2013
28.03.2013
31.05.2013
31.12.2012
30.08.2013
31.03.2013
31.01.2013
31.07.2013
Date
6 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
3 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Inst Type
Corporation
Investment Advisor
Government
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
Insurance Company
Investment Advisor
Investment Advisor
Date
02.09.2013
15.08.2013
13.08.2013
09.08.2013
07.08.2013
06.08.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
26.07.2013
23.07.2013
09.07.2013
05.07.2013
06.06.2013
20.05.2013
01.05.2013
30.04.2013
19.04.2013
22.03.2013
30.10.2012
31.07.2012
03.09.2013
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 (14.08.2013)
52-Week Low (10.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MEO GY EQUITY YTD Change
MEO GY EQUITY YTD % CHANGE
12/2012
06/yy
29.87
20.13
129'610.00
28.45
-4.74%
41.37%
85.78%
324.1
9'292.05
8'550.00
7.0
77.0
5'321.00
15'617.05
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
s-13
0.87
146.24
23.56%
41.03%
0.873
37
3.027
1'065'704
995'206
1'004'693
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
06/13 Q2 09/13 Q3
50'467.9
65'183.8
15'259.6
15'521.7
0.30x
0.22x
1'892.6
3'072.1
563.0
8.25x
5.08x
67.2
699.3
13.2
547.12x
13.39x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
03.09.2013
Metro AG
Holdings By:
All
Holder Name
FRANZ HANIEL & CIE G
SCHMIDT-RUTHENBECK
BEISHEIM OTTO
FRANKLIN RESOURCES
BLACKROCK
AKO CAPITAL LLP
NORGES BANK
DWS INVESTMENTS
VANGUARD
DNCA FINANCE
DEUTSCHE BANK AG
SCHRODER INVESTMENT
WELLS FARGO
DNB NOR ASSET MANAGE
FIL LIMITED
INTERFUND ADVISORY C
Firm Name
Exane BNP Paribas
Cantor Fitzgerald
AlphaValue
Kepler Cheuvreux
Credit Suisse
Hamburger Sparkasse
Baader Bank
UBS
DZ Bank AG
Nord/LB
Deutsche Bank
JPMorgan
Macquarie
Societe Generale
Morgan Stanley
Jefferies
Raymond James
HSBC
Bankhaus Lampe
Bankhaus Metzler
Barclays
Steubing AG
Redburn Partners
EVA Dimensions
Day by Day
Main First Bank AG
Nomura
Oddo & Cie
Equita SIM SpA
BHF-Bank
Hammer Partners SA
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
JOHN KERSHAW
MICHAEL J DENNIS
EILEEN RYAN
FABIENNE CARON
ANDREW KASOULIS
CHRISTIAN HAMANN
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
STEFAN WIMMER
JAMES ANSTEAD
TOBIAS SCHMIDT
MARC DE SPEVILLE
CRAIG STERLING
VALERIE GASTALDY
RICKIN THAKRAR
TEAM COVERAGE
LAURENCE HOFMANN
FABIO FAZZARI
PETER STEINER
STEPHAN SEIP
FRANKLIN WALDING
NORBERT KALLIWODA
Source
Research
Research
Research
ULT-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
underperform
buy
sell
hold
underperform
hold
buy
buy
sell
hold
hold
underweight
neutral
sell
hold
hold
hold
Overwt/In-Line
hold
underperform
underweight
hold
hold
sell
equalweight
buy
buy
hold
buy
outperform
neutral
reduce
buy
market weight
buy
not rated
buy
Amt Held
% Out
97'265'288 30.01
51'112'077 15.77
29'493'970
9.1
9'926'360
3.06
4'267'559
1.32
(4'181'013) -1.29
3'696'036
1.14
3'607'350
1.11
3'081'422
0.95
2'466'019
0.76
1'263'245
0.39
1'151'814
0.36
980'000
0.3
816'965
0.25
660'950
0.2
656'163
0.2
559'634
0.17
499'883
0.15
476'502
0.15
460'462
0.14
Weighting
1
5
1
3
1
3
5
5
1
3
3
1
3
1
3
3
3
5
3
1
1
3
3
1
3
5
5
3
5
5
3
2
5
3
5
#N/A N/A
5
Change
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
N
Latest Chg
(13'709'836)
125'751
259'288
(431'200)
50'523
30'513
144'393
127'170
880'000
(2'357)
500'950
(33'672)
78
68'017
(292'796)
460'462
Target Price
25
30
25
29
20
#N/A N/A
35
33
28
26
27
23
22
27
27
26
26
33
22
21
22
26
23
22
27
29
#N/A N/A
#N/A N/A
30
26
23
22
30
22
32
#N/A N/A
31
File Dt
06.02.2013
08.02.2013
08.08.2013
28.06.2013
30.08.2013
23.07.2013
31.12.2012
28.03.2013
30.04.2013
30.06.2013
01.07.2013
28.03.2013
28.03.2013
28.06.2013
28.03.2013
31.01.2013
30.06.2013
30.04.2013
31.10.2012
01.07.2013
Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
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
3 month
12 month
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.09.2013
27.08.2013
22.08.2013
16.08.2013
14.08.2013
12.08.2013
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
29.07.2013
04.07.2013
06.06.2013
22.05.2013
22.05.2013
21.05.2013
03.05.2013
16.04.2013
01.03.2013
17.01.2013
03.12.2012
16.08.2012
03.09.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.08.2013)
52-Week Low (20.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MOR GY EQUITY YTD Change
MOR GY EQUITY YTD % CHANGE
12/2012
06/yy
60.00
19.16
16'317.00
56.08
-6.53%
192.69%
91.72%
23.4
1'312.31
0.07
0.0
0.0
119.43
1'166.08
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
s-12
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
80.6
29.65x
26.8
30.98x
21.9
61.40x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.64
21.30
185.47%
91.40%
0.641
12
4.500
165'734
107'859
126'122
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
76.2
73.4
13.58x
14.43x
7.8
0.8
149.79x 1400.68x
9.2
0.7
169.94x 18693.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
85.92
75.65
-5.45
0.00
0.0%
0.0%
0.34
18.88
91.78
493.62
-4172.58
-
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
71.6
3.95x
21.7
13.07x
13.2
31.78x
70
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
03.09.2013
Morphosys AG
Holdings By:
All
Holder Name
MASSACHUSETTS MUTUAL
NOVARTIS PHARMA AG
INVESCO LTD
NORGES BANK
MORONEY SIMON E
BLACKROCK
MORPHOSYS AG
VANGUARD
PICTET FUNDS
JP MORGAN
HARTFORD INVESTMENT
DEUTSCHE BANK AG
DEXIA ASSET MANAGEME
Firm Name
Nomura Code Securities
Helvea
DZ Bank AG
EVA Dimensions
Deutsche Bank
Kempen & Co
Vara Research
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
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
DANIEL WENDORFF
GARY WAANDERS
OLAV ZILIAN
PETER SPENGLER
TIMOTHY STANISH
GUNNAR ROMER
IGOR KIM
TIMO KUERSCHNER
SACHIN SONI
THOMAS J SCHIESSLE
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
ULT-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
hold
buy
underweight
buy
buy
buy
buy
buy
buy
Amt Held
% Out
1'697'540
7.25
1'526'167
6.52
1'399'788
5.98
753'897
3.22
745'845
3.19
653'729
2.79
419'885
1.79
360'669
1.54
255'415
1.09
225'794
0.96
158'664
0.68
131'079
0.56
121'676
0.52
117'129
0.5
(112'119) -0.48
95'657
0.41
82'190
0.35
80'000
0.34
68'892
0.29
68'139
0.29
Weighting
Change
5
5
5
3
5
1
5
5
5
5
5
5
M
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
981
190'723
67'109
65'794
16'983
11'110
(4'255)
52'945
18'687
28'036
-
Target Price
65
60
72
62
62
#N/A N/A
61
60
58
60
48
30
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
30.08.2013
Investment Advisor
31.12.2012
Corporation
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
30.06.2013
Unclassified
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
28.06.2013
Investment Advisor
31.05.2013
Investment Advisor
28.06.2013
Investment Advisor
Date
6 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Date
28.08.2013
20.08.2013
20.08.2013
14.08.2013
13.08.2013
13.08.2013
12.08.2013
12.08.2013
05.08.2013
18.07.2013
14.06.2013
27.02.2013
03.09.2013
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 (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MRK GY EQUITY YTD Change
MRK GY EQUITY YTD % CHANGE
12/2012
06/yy
128.50
90.51
16'719.00
116.1
-9.65%
28.27%
67.75%
64.6
25'293.20
4'453.50
0.0
53.4
2'527.60
26'658.70
.8 M
.7 M
.6 M
80
.5 M
60
.4 M
.3 M
40
.2 M
20
.1 M
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
10'740.8
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
s-13
0.65
64.62
28.25%
18.03%
0.652
31
2.710
162'537
195'977
223'849
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
11'228.5
11'306.8
2'777.2
2'788.2
2.38x
2.24x
3'094.3
3'258.6
774.3
777.3
8.62x
8.18x
1'889.9
1'972.1
464.5
458.5
13.38x
12.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
03.09.2013
Merck KGaA
Holdings By:
All
Holder Name
BLACKROCK
FRANKLIN RESOURCES
MFS INSTITUTIONAL AD
CREDIT SUISSE GROUP
NORGES BANK
GOLDMAN SACHS GROUP
VANGUARD
MORGAN STANLEY
MFS FINANCIAL SERVIC
ADIG INVESTMENT
UNITED SERVICES AUTO
MASON STREET ADVISOR
DEUTSCHE BANK AG
Firm Name
Hamburger Sparkasse
AlphaValue
Societe Generale
Helvea
Morgan Stanley
DZ Bank AG
Nord/LB
Credit Suisse
JPMorgan
Bankhaus Metzler
Barclays
Deutsche Bank
Berenberg Bank
Bryan Garnier & Cie
S&P Capital IQ
Exane BNP Paribas
Goldman Sachs
Main First Bank AG
EVA Dimensions
UBS
Redburn Partners
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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
MARCO GUENTHER
MARTIN SCHNEE
STEPHEN MCGARRY
ODILE RUNDQUIST
AMY WALKER
PETER SPENGLER
THORSTEN STRAUSS
MARIETTA MIEMIETZ
MATTHEW WESTON
RICHARD VOSSER
ULRICH HUWALD
SEBASTIAN FRERICKS
MICHAEL LEUCHTEN
HOLGER BLUM
TIMO KUERSCHNER
ALISTAIR CAMPBELL
MARTIAL DESCOUTURES
JACOB THRANE
VINCENT MEUNIER
DANIEL WENDORFF
STEVE CHESNEY
MARCUS WIEPRECHT
TIMOTHY STANISH
ANDREW WHITNEY
TEAM COVERAGE
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
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
sell
sell
hold
Overwt/Attractive
buy
hold
accumulate
neutral
neutral
hold
hold
sell
underweight
buy
hold
hold
neutral
sell
neutral
reduce
Sell/Neutral
underperform
buy
buy
neutral
reduce
sell
hold
sell
not rated
Amt Held
6'419'685
6'175'369
3'222'248
2'838'695
1'884'389
1'860'448
1'777'770
1'525'433
1'235'595
1'038'686
744'289
495'844
483'289
467'518
375'267
362'797
354'137
233'520
232'156
230'657
% Out
9.93
9.56
4.99
4.39
2.92
2.88
2.75
2.36
1.91
1.61
1.15
0.77
0.75
0.72
0.58
0.56
0.55
0.36
0.36
0.36
Weighting
Change
3
1
1
3
5
5
3
4
3
3
3
3
1
1
5
3
3
3
1
3
2
1
1
5
5
3
2
1
3
1
#N/A N/A
U
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
D
M
M
M
M
Latest Chg
13'924
10'600
(5'513)
30'283
46'500
(158)
472'289
(53'250)
(28'691)
7'627
50'673
Target Price
71
105
103
119
142
135
128
133
126
125
132
121
100
89
148
118
92
110
106
121
105
114
100
#N/A N/A
131
#N/A N/A
89
#N/A N/A
88
77
#N/A N/A
File Dt
30.08.2013
31.12.2011
28.06.2013
30.06.2013
12.03.2012
12.08.2011
30.06.2013
31.12.2012
28.02.2013
30.06.2013
28.03.2013
30.06.2013
31.12.2012
31.07.2013
30.06.2013
30.04.2013
28.02.2013
31.03.2013
17.04.2012
31.07.2013
Date
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
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
29.08.2013
29.08.2013
27.08.2013
15.08.2013
14.08.2013
14.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
01.08.2013
20.06.2013
17.06.2013
06.06.2013
16.05.2013
12.04.2013
24.12.2012
15.11.2012
10.10.2012
05.04.2012
23.02.2010
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MTX GY EQUITY YTD Change
MTX GY EQUITY YTD % CHANGE
12/2012
06/yy
79.61
58.05
20'081.00
69.58
-12.60%
19.86%
50.97%
52.0
3'618.16
618.90
0.0
0.0
198.40
4'129.26
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
30
20
.4 M
10
.2 M
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'378.6
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
s-13
0.78
50.63
16.13%
3.04%
0.777
25
3.560
118'375
195'634
160'572
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
3'745.2
4'030.4
1.10x
1.01x
502.3
550.9
8.22x
7.50x
223.0
250.8
61.0
55.6
15.89x
14.10x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
03.09.2013
MTU Aero Engines AG

Holdings By:
All
Holder Name
FIL LIMITED
BLACKROCK
GOLDMAN SACHS GROUP
UBS
FRANKLIN RESOURCES
GRYPHON INTERNATIONA
SCHRODERS PLC
FMR LLC
DEUTSCHE BANK AG
MTU AERO ENGINES HOL
VANGUARD
NORGES BANK
Firm Name
Hauck & Aufhaeuser
AlphaValue
EVA Dimensions
UBS
Berenberg Bank
Societe Generale
Morgan Stanley
HSBC
Bankhaus Lampe
Oddo & Cie
Bankhaus Metzler
Kepler Cheuvreux
DZ Bank AG
Deutsche Bank
Nord/LB
JPMorgan
Exane BNP Paribas
Main First Bank AG
Cantor Fitzgerald
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
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
HEINZ STEFFEN
TIMOTHY STANISH
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
STEFFEN MANSKE
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Research
ULT-AGG
Co File
Research
Research
Research
ULT-AGG
ULT-AGG
Research
MF-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
reduce
overweight
neutral
buy
hold
buy
buy
Equalwt/In-Line
neutral
hold
hold
neutral
buy
hold
accumulate
buy
buy
buy
neutral
underperform
underperform
hold
buy
Amt Held
12'823'558
2'554'394
2'552'888
2'337'756
1'966'413
1'887'531
1'631'852
1'589'686
1'570'400
1'565'370
1'557'292
1'550'721
1'531'691
1'375'150
1'367'315
1'272'548
1'102'838
1'052'807
917'776
430'000
% Out
24.66
4.91
4.91
4.5
3.78
3.63
3.14
3.06
3.02
3.01
2.99
2.98
2.95
2.64
2.63
2.45
2.12
2.02
1.76
0.83
Weighting
Change
5
2
5
3
5
3
5
5
3
3
3
3
3
5
3
4
5
5
5
3
1
1
3
5
M
M
U
M
M
M
M
M
M
M
M
M
M
M
D
U
M
M
M
D
M
M
N
M
Latest Chg
(252'000)
43'894
(62'652)
15
(26'000)
(285)
112'538
78'927
(53'415)
-
Target Price
82
65
#N/A N/A
70
78
72
77
81
63
73
72
69
70
76
68
73
79
72
78
79
71
61
82
53
File Dt
30.06.2013
06.06.2013
31.07.2013
30.08.2013
11.05.2012
31.05.2013
13.08.2013
28.06.2013
31.12.2011
29.10.2012
15.05.2013
20.08.2013
25.06.2012
28.06.2013
23.01.2012
30.06.2013
30.06.2013
30.06.2013
31.12.2012
30.04.2013
Date
12 month
6 month
Not Provided
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
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
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Date
30.08.2013
29.08.2013
19.08.2013
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
06.10.2010
03.09.2013
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 (03.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MUV2 GY EQUITY YTD Change
MUV2 GY EQUITY YTD % CHANGE
12/2012
06/yy
158.65
116.90
127'127.00
138.1
-12.95%
18.14%
53.17%
179.3
24'767.02
6'256.00
0.0
242.0
2'860.00
26'573.02
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40
.5 M
20
0
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
j-13
a-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
s-13
0.96
178.32
22.28%
6.32%
0.957
36
3.472
625'385
542'448
612'115
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
54'500.9
55'720.4
0.55x
0.54x
2'996.6
2'956.4
649.5
682.5
8.25x
8.25x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
AASTABLE
23.0%
18.6%
0.26
-
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
03.09.2013
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
VANGUARD
AMUNDI
SOCIETE GENERALE SA
MACKENZIE FINANCIAL
ADIG INVESTMENT
UBS
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
AlphaValue
DIETER HEIN
Kepler Cheuvreux
FABRIZIO CROCE
Exane BNP Paribas
THOMAS JACQUET
Morgan Stanley
MACIEJ WASILEWICZ
Helvea
DANIEL BISCHOF
Credit Suisse
ADAM MCINALLY
JPMorgan
MICHAEL HUTTNER
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
Nord/LB
JULIA SIEKMANN
RBC Capital Markets
KAMRAN HOSSAIN
WILLIAM HAWKINS
THOMAS SEIDL
Raymond James
RAPHAEL CARUSO
WERNER SCHIRMER
STEFAN BONGARDT
Berenberg Bank
TOM CARSTAIRS
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Nomura
MICHAEL KLIEN
PHILIPP HAESSLER
DZ Bank AG
THORSTEN WENZEL
Barclays
ANDREW BROADFIELD
Mediobanca SpA
MARC THIELE
BEN COHEN
Main First Bank AG
MICHAEL HAID
EVA Dimensions
DOUG WALTERS
Natixis
BENOIT VALLEAUX
Day by Day
VALERIE GASTALDY
Goldman Sachs
VINIT MALHOTRA
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
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
reduce
buy
underperform
Overwt/In-Line
hold
neutral
neutral
hold
overweight
hold
buy
reduce
buy
hold
hold
sector perform
outperform
underperform
market perform
hold
hold
buy
sell
reduce
hold
buy
overweight
outperform
buy
underperform
overweight
neutral
buy
Buy/Neutral
neutral
outperform
Amt Held
20'086'215
17'200'785
5'565'292
5'380'236
3'648'401
2'274'183
2'141'643
1'941'497
1'938'192
1'853'518
1'482'361
1'453'556
1'349'274
1'022'103
935'218
909'100
835'251
699'370
657'049
644'248
% Out
11.2
9.59
3.1
3
2.03
1.27
1.19
1.08
1.08
1.03
0.83
0.81
0.75
0.57
0.52
0.51
0.47
0.39
0.37
0.36
Weighting
Change
2
5
1
5
3
3
3
3
5
3
5
2
5
3
3
3
5
1
3
3
3
5
1
2
3
5
5
5
5
1
5
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
M
M
M
M
M
M
M
M
M
M
M
U
M
M
U
Latest Chg
(2'269)
(1'208)
(305'246)
6'904
(36'391)
(80'357)
55'290
1'080'048
1'133'412
(239'245)
(117'678)
(376'953)
763
(200)
(136'562)
(34'300)
Target Price
149
163
140
155
150
155
154
142
180
150
#N/A N/A
125
171
160
154
145
170
117
#N/A N/A
150
160
166
155
140
150
165
159
170
162
155
#N/A N/A
143
164
175
118
119
File Dt
31.12.2012
30.08.2013
31.05.2013
31.12.2012
31.12.2012
28.06.2013
28.06.2013
31.07.2013
30.06.2013
31.03.2013
31.07.2013
30.04.2013
30.04.2013
07.06.2013
31.05.2013
31.03.2012
28.03.2013
30.04.2013
30.04.2013
30.08.2013
Date
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
3 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
3 month
12 month
Not Provided
6 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
29.08.2013
26.08.2013
22.08.2013
16.08.2013
15.08.2013
13.08.2013
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
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
08.05.2013
10.04.2013
14.03.2013
02.02.2012
10.05.2011
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NDA GY EQUITY YTD Change
NDA GY EQUITY YTD % CHANGE
09/2012
06/yy
57.79
38.55
16'686.00
44.32
-23.31%
14.97%
31.99%
45.0
1'992.48
774.47
0.0
4.0
669.67
2'213.95
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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
30.09.2012
13'789.2
0.16x
744.7
2.89x
361.1
5.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
744.73
583.29
4.23%
3.72%
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
06/yy
13'808.4
0.58x
639.0
2.95x
304.8
5.62x
06/yy
13'185.0
0.54x
296.6
0.00x
(128.4)
0.00x
FY+1
.0 M
s-13
0.89
33.68
5.18%
-15.56%
0.892
19
3.632
156'106
173'757
195'353
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
12'880.9
12'968.6
2'928.0
0.17x
0.16x
341.3
427.0
77.0
6.51x
5.20x
138.1
185.2
30.0
14.42x
10.61x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.91
5.34
0.49
1.38
35.3%
26.1%
2.80
11.10
15.66
-
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
03.09.2013
Aurubis AG
Holdings By:
All
Holder Name
SALZGITTER AG
BLACKROCK
NORGES BANK
DJE INVESTMENT SA
DEUTSCHE BANK AG
DELTA LLOYD FUND MAN
FMR LLC
VANGUARD
SCHRODER INVESTMENT
LBPAM
ADIG INVESTMENT
ACATIS
BANQUE DEGROOF
JP MORGAN
Firm Name
Main First Bank AG
Baader Bank
Hauck & Aufhaeuser
Bankhaus Lampe
EVA Dimensions
Nord/LB
DZ Bank AG
Societe Generale
HSBC
Deutsche Bank
SRH AlsterResearch
Kepler Cheuvreux
Steubing AG
Morgan Stanley
Hamburger Sparkasse
Portfolio Name
n/a
n/a
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
CHRISTIAN OBST
JENS MUENSTERMANN
MARC GABRIEL
TIMOTHY STANISH
HOLGER FECHNER
SVEN DIERMEIER
DIRK SCHLAMP
AMIT PANSARI
THORSTEN ZIMMERMANN
EGGERT KULS
BENJAMIN KOHNKE
OLIVER DREBING
ROCHUS BRAUNEISER
MICHAEL BROEKER
ALAIN GABRIEL
INGO SCHMIDT
KLAUS SOER
Source
Research
ULT-AGG
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
outperform
buy
buy
buy
hold
underweight
buy
hold
buy
buy
neutral
hold
hold
sell
buy
buy
Underwt/In-Line
hold
buy
Amt Held
11'240'000
1'990'136
1'355'640
1'325'794
1'295'644
1'110'592
508'501
450'000
399'547
371'600
276'516
231'753
193'957
192'606
149'597
149'000
146'388
132'100
117'023
101'518
% Out
25
4.43
3.02
2.95
2.88
2.47
1.13
1
0.89
0.83
0.62
0.52
0.43
0.43
0.33
0.33
0.33
0.29
0.26
0.23
Weighting
Change
5
5
5
5
5
3
1
5
3
5
5
3
3
3
1
5
5
1
3
5
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
U
Latest Chg
587
1'472
(450)
70'903
20'742
19'131
10'000
(3'854)
10'000
(5'032)
(46'457)
Target Price
50
53
55
50
61
45
#N/A N/A
50
46
47
51
45
46
48
38
49
67
38
#N/A N/A
49
File Dt
29.08.2011
30.08.2013
27.08.2013
19.08.2011
06.01.2012
30.04.2013
31.05.2013
31.05.2013
28.06.2013
30.04.2013
30.06.2013
30.06.2013
28.03.2013
30.04.2013
31.07.2013
28.03.2013
31.05.2012
01.08.2013
31.07.2013
30.04.2013
Date
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
Corporation
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.08.2013
29.08.2013
26.08.2013
26.08.2013
26.08.2013
26.08.2013
23.08.2013
21.08.2013
19.08.2013
16.08.2013
14.08.2013
14.08.2013
14.08.2013
13.08.2013
13.08.2013
01.08.2013
29.07.2013
24.06.2013
15.02.2012
25.01.2012
03.09.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.08.2013)
52-Week Low (30.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NDX1 GY EQUITY YTD Change
NDX1 GY EQUITY YTD % CHANGE
12/2012
06/yy
9.35
2.57
432'803.00
9.167
-1.96%
256.28%
95.72%
73.5
674.04
245.15
0.0
0.3
295.37
682.37
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
o-12
n-12
d-12
j-13
f-13 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
Fiscal Year Ended

31.12.2008
1'135.7
0.49x
68.3
8.13x
47.6
14.04x
10
9
8
7
6
5
4
3
2
1
0
s-12
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'075.3
0.16x
22.4
7.60x
(93.9)
22.37
-46.87
-4.36%
-7.92%
-6.83%
-21.83%
1.29%
4.1%
-1.4%
-8.7%
1.47
0.71
23.00%
87.90%
-
Price/ Cash Flow
06/yy
934.6
1.33x
(21.5)
0.00x
(68.1)
0.00x
LTM
06/yy
1'314.8
1.24x
54.2
7.40x
(69.8)
0.00x
FY+1
.0 M
s-13
0.84
55.14
184.42%
206.28%
0.841
11
2.909
1'324'658
1'100'001
775'211
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'276.2
1'325.0
0.49x
0.47x
70.3
88.9
9.71x
7.68x
12.0
19.7
70.52x
36.52x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.89
-1.28
0.15
3.90
87.9%
46.8%
1.29
10.66
-
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
03.09.2013
Nordex SE
Holdings By:
All
Holder Name
SKION MOMENTUM CAPIT
JP MORGAN
NORGES BANK
HABBEL, POHLIG & PAR
DEUTSCHE BANK AG
FIRST TRUST
ENNISMORE FUND MANAG
VANGUARD
PASSPORT CAPITAL LLC
DIGITAL FUNDS
INVESCO LTD
GUINNESS ATKINSON AS
MEAG LUXEMBOURG SARL
BLACKROCK
Firm Name
EVA Dimensions
AlphaValue
Nord/LB
Deutsche Bank
HSBC
Macquarie
Montega
UBS
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
SEBASTIAN GROWE
TIMOTHY STANISH
HEINZ STEFFEN
SVEN DIERMEIER
HOLGER FECHNER
ALEXANDER KARNICK
CHRISTOPHER RODLER
SEAN D MCLOUGHLIN
SHAI HILL
WAIS SAMADZADA
JEAN-FRANCOIS MEYMANDI
Source
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Short
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
overweight
reduce
hold
sell
hold
buy
neutral
underperform
hold
neutral
Amt Held
% Out
18'375'023 24.99
2'259'643
3.07
1'356'490
1.84
933'158
1.27
760'000
1.03
662'779
0.9
566'549
0.77
372'190
0.51
(360'295) -0.49
353'547
0.48
(264'706) -0.36
250'000
0.34
241'609
0.33
197'452
0.27
123'143
0.17
70'100
0.1
41'400
0.06
(31'364) -0.04
29'000
0.04
21'000
0.03
Weighting
Change
3
5
2
3
1
3
5
3
1
3
3
D
D
M
D
M
M
M
U
M
D
N
Latest Chg
450'000
262'779
216'549
10'059
44'117
11'745
169'118
129'548
71'635
(4'000)
-
Target Price
9
#N/A N/A
8
10
7
6
9
6
3
7
3
File Dt
Inst Type
31.12.2012
Unclassified
23.08.2013
Investment Advisor
31.12.2012
Government
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
30.08.2013
Investment Advisor
01.08.2013
Investment Advisor
30.06.2013
Unclassified
29.06.2012
Investment Advisor
31.05.2013
Investment Advisor
28.08.2013
Investment Advisor
30.08.2013
Investment Advisor
30.06.2013
Investment Advisor
30.12.2011
Investment Advisor
30.08.2013
Investment Advisor
28.03.2013
Investment Advisor
31.07.2013
Investment Advisor
Date
6 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Date
30.08.2013
30.08.2013
29.08.2013
20.08.2013
19.08.2013
15.08.2013
15.08.2013
24.06.2013
16.05.2013
15.05.2013
09.10.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NOEJ GY EQUITY YTD Change
NOEJ GY EQUITY YTD % CHANGE
12/2012
06/yy
33.30
17.49
17'220.00
32.115
-3.56%
83.62%
89.25%
31.9
1'023.26
246.59
0.0
1.0
72.39
1'196.21
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
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
609.7
6.09x
120.4
8.78x
54.6
16.14x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.85
31.06
61.70%
56.54%
0.850
18
3.778
83'107
62'552
78'474
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
1.66x
130.4
141.1
32.2
32.2
9.22x
8.52x
63.6
71.7
15.83x
14.01x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
9.87
8.04
1.43
1.95
85.8%
46.1%
0.88
5.87
61.06
-
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
03.09.2013
Norma Group SE
Holdings By:
All
Holder Name
BLACKROCK
MONDRIAN INVESTMENT
ODDO & CIE
DEUTSCHE BANK AG
CONNECTING CAPITAL H
OZ MANAGEMENT LP
DANSKE INVEST A/S
DWS INVESTMENTS
ADIG INVESTMENT
FIL LIMITED
SEB
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL

Exane BNP Paribas
GERHARD ORGONAS
Deutsche Bank
TIM ROKOSSA
DZ Bank AG
JASKO TERZIC
HSBC
JOERG-ANDRE FINKE
Macquarie
Hauck & Aufhaeuser
PHILIPPE LORRAIN
M.M. Warburg Investment Research CHRISTIAN COHRS
Bankhaus Metzler
JUERGEN PIEPER
Main First Bank AG
TOBIAS FAHRENHOLZ
Baader Bank
PETER ROTHENAICHER
DANIEL KUKALJ
Goldman Sachs
WILLIAM WYMAN
Berenberg Bank
BENJAMIN GLAESER
EVA Dimensions
TIMOTHY STANISH
Nord/LB
FRANK SCHWOPE
Source
Research
ULT-AGG
MF-AGG
Research
ULT-AGG
Research
ULT-AGG
Research
Co File
ULT-AGG
Research
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
hold
outperform
buy
hold
neutral
neutral
buy
hold
buy
outperform
buy
hold
hold
Buy/Neutral
buy
hold
sell
Amt Held
3'172'259
2'003'089
1'854'787
1'832'961
1'824'467
1'700'937
1'408'649
1'081'190
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
6.29
5.82
5.75
5.73
5.34
4.42
3.39
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
5
5
3
3
3
5
3
5
5
5
3
3
5
5
3
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
314'021
86'543
186'301
(23'341)
(48'570)
419'333
5'271
Target Price
32
35
35
32
33
30
35
30
33
35
35
33
30
35
36
#N/A N/A
22
File Dt
Inst Type
09.05.2013
Investment Advisor
27.08.2013
Investment Advisor
31.05.2013
Investment Advisor
14.01.2013
Other
30.08.2013
Investment Advisor
31.07.2013
Investment Advisor
05.09.2012
Bank
13.03.2012
Investment Advisor
24.07.2013
Investment Advisor
01.10.2012
Corporation
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
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
Date
30.08.2013
12.08.2013
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
07.08.2013
07.08.2013
23.07.2013
16.07.2013
06.06.2013
27.05.2013
03.09.2013
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
90
.2 M
80
.1 M
70
.1 M
60
.1 M
50
Latest Fiscal Year:

LTM as of:
52-Week High (23.08.2013)
52-Week Low (13.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
O1BC GY EQUITY YTD Change
O1BC GY EQUITY YTD % CHANGE
12/2012
06/yy
78.40
33.39
3'515.00
74.41
-5.09%
122.88%
90.23%
5.6
415.23
0.00
0.0
0.0
58.77
350.91
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
30
20
.0 M
10
.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 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
Fiscal Year Ended

31.12.2008
34.9
2.79x
12.5
7.83x
7.3
19.15x
.1 M
40
Valuation Analysis
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
s-13
0.87
2.58
112.81%
79.85%
0.870
9
3.444
17'433
15'583
12'649
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
83.4
94.6
4.17x
3.53x
23.6
30.2
14.76x
11.56x
10.4
14.8
39.50x
27.84x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1149.00
1025.14
-2.42
0.00
0.0%
0.0%
0.79
13.87
28.86
-
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
03.09.2013
XING AG
Holdings By:
All
Holder Name
BURDA DIGITAL VENTUR
DEUTSCHE BANK AG
SCHRODERS PLC
ENNISMORE FUND MANAG
RUANE CUNNIFF & GOLD
BAILLIE GIFFORD AND
VANGUARD
INVESTOREN TGV
WHALE ROCK CAPITAL M
NOMURA
XING AG
BLACKROCK
INVESTORS TFI SA
HANSAINVEST GMBH
MAINFIRST SICAV
Firm Name
Hauck & Aufhaeuser
EVA Dimensions
Berenberg Bank
Montega
Deutsche Bank
JPMorgan
Jefferies
GSC 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
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
SASCHA BERRESCH
HEIKE PAULS
ANDREW S ZAMFOTIS
JOCHEN REICHERT
SARAH SIMON
ALEXANDER BRAUN
BENJAMIN KOHNKE
MARCUS SILBE
NICOLAS J DUBOURG
DAVID REYNOLDS
MATTHIAS SCHRADE
Source
Co File
ULT-AGG
Co File
Research
Co File
Research
ULT-AGG
Research
Research
Research
ULT-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
sell
buy
hold
hold
buy
sell
buy
buy
neutral
underperform
hold
Amt Held
2'943'726
388'794
277'710
276'438
166'626
161'344
160'168
157'366
155'720
97'778
92'000
57'000
55'542
19'473
14'290
11'400
10'000
8'600
6'000
2'673
% Out
52.75
6.97
4.98
4.95
2.99
2.89
2.87
2.82
2.79
1.75
1.65
1.02
1
0.35
0.26
0.2
0.18
0.15
0.11
0.05
Weighting
Change
1
5
3
3
5
1
5
5
3
1
3
D
M
U
D
M
D
M
M
M
M
M
Latest Chg
(16'477)
244
14'290
(7'450)
(549)
Target Price
60
78
#N/A N/A
68
74
50
73
65
46
32
#N/A N/A
File Dt
Inst Type
13.03.2013
Corporation
30.04.2013
Investment Advisor
12.03.2013
Investment Advisor
26.08.2013
Investment Advisor
12.03.2013
Investment Advisor
31.08.2012
Investment Advisor
30.06.2013
Unclassified
01.02.2012
Investment Advisor
05.07.2012
Investment Advisor
13.08.2012
Unclassified
30.06.2013
Investment Advisor
12.03.2013
Corporation
30.08.2013
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013
Unclassified
28.03.2013
Investment Advisor
28.02.2013
Investment Advisor
30.04.2013
Investment Advisor
Date
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
3 month
12 month
Not Provided
Date
02.09.2013
28.08.2013
20.08.2013
13.08.2013
07.08.2013
07.08.2013
06.08.2013
06.08.2013
19.03.2013
14.08.2012
17.03.2011
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
O2D GY EQUITY YTD Change
O2D GY EQUITY YTD % CHANGE
12/2012
06/yy
6.51
4.90
63'023.00
5.26
-19.20%
7.46%
22.85%
1'116.9
5'875.13
1'254.84
0.0
0.0
323.77
6'963.13
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
0
o-12
n-12
d-12
j-13
f-13
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
Fiscal Year Ended

31.12.2008
31.12.2009
31.12.2010
3'745.5
4'826.3
891.5
892.7
(33.6)
(102.5)
Profitability
LTM-4Q
31.12.2011
5'035.6
1'154.0
553.9
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
5'212.8
1.42x
1'281.6
5.76x
1'334.6
20.62x
1'281.64
145.89
2.80%
2.68%
11.75%
14.26%
0.46%
24.6%
2.8%
25.6%
0.91
0.86
13.84%
19.52%
4.42
-
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
8.56
258.75
-1.83%
17
3.824
1'114'645
1'535'203
1'661'346
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
5'020.3
4'995.4
1'267.0
1'328.0
1.33x
1.33x
4.64x
4.43x
1'245.6
1'252.3
334.5
344.5
5.59x
5.56x
83.3
119.1
30.6
33.4
75.14x
53.13x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.73
0.98
19.5%
16.3%
0.46
1.71
82.79
-
4.50
6'000.0
4.00
5'000.0
3.50
4'000.0
3.00
2.50
3'000.0
2.00
2'000.0
1.50
1.00
1'000.0
0.50
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
01.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
03.09.2013
Telefonica Deutschland Holding AG

Holdings By:
All
Holder Name
TELEFONICA SA
BLACKROCK
CI INVESTMENTS INC
NORGES BANK
STATE STREET
VANGUARD
DEUTSCHE BANK AG
UBI PRAMERICA SGR
LBPAM
MACQUARIE GROUP
OYSTER ASSET MANAGEM
Firm Name
Jefferies
UBS
Bankhaus Lampe
Barclays
Nomura
Exane BNP Paribas
Makor Capital
Societe Generale
Deutsche Bank
Goldman Sachs
JPMorgan
New Street Research
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
GILES THORNE
POLO TANG
ROBIN BIENENSTOCK
MALTE RAETHER
HEIKE PAULS
WOLFGANG SPECHT
JONATHAN DANN
FREDERIC BOULAN
MATHIEU ROBILLIARD
ALBERT SAPORTA
STEFAN BORSCHEID
OTTAVIO ADORISIO
KEVAL KHIROYA
TIMOTHY BODDY
HANNES C WITTIG
JAMES RATZER
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
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
market perform
hold
hold
hold
overweight
neutral
outperform
buy
hold
hold
restricted
not rated
restricted
neutral
restricted
buy
overweight
hold
Amt Held
858'195'400
60'853'293
11'898'618
7'799'350
6'657'645
5'621'747
5'219'531
3'292'869
3'090'150
3'016'263
2'705'708
2'357'472
2'046'453
2'038'469
1'979'666
1'683'750
1'620'617
1'495'055
1'220'045
1'190'000
% Out
76.83
5.45
1.07
0.7
0.6
0.5
0.47
0.29
0.28
0.27
0.24
0.21
0.18
0.18
0.18
0.15
0.15
0.13
0.11
0.11
Weighting
Change
3
5
3
3
3
3
5
3
5
5
3
3
#N/A N/A
#N/A N/A
#N/A N/A
3
#N/A N/A
5
5
3
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
N
Latest Chg
(618'976)
(76'980)
7'799'350
2'390'565
(65'596)
3'292'869
2'951'569
5'708
(293'244)
1'979'666
196'363
(703'959)
72'084
238'217
(510'000)
Target Price
5
7
5
6
5
6
7
6
6
#N/A N/A
6
6
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
6
7
#N/A N/A
File Dt
31.12.2012
30.08.2013
31.03.2013
31.12.2012
31.12.2012
30.06.2013
30.06.2013
28.03.2013
30.08.2013
30.06.2013
28.06.2013
30.06.2013
30.06.2013
31.05.2013
31.12.2012
28.03.2013
30.06.2013
28.06.2013
31.03.2013
28.02.2013
Date
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.09.2013
30.08.2013
30.08.2013
29.08.2013
28.08.2013
26.08.2013
23.08.2013
22.08.2013
16.08.2013
12.08.2013
25.07.2013
24.07.2013
23.07.2013
23.07.2013
23.07.2013
23.07.2013
22.07.2013
03.07.2013
03.05.2013
07.11.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PFV GY EQUITY YTD Change
PFV GY EQUITY YTD % CHANGE
12/2012
06/yy
98.82
74.40
3'103.00
88.93
-10.01%
19.53%
59.95%
9.9
877.53
52.14
0.0
0.0
102.01
847.32
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
o-12
n-12
d-12
j-13
f-13 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
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
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
s-13
0.91
8.95
16.67%
1.17%
0.912
19
3.105
20'153
20'241
23'474
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
433.7
469.6
113.0
119.0
1.89x
1.70x
73.1
91.6
17.8
23.8
11.59x
9.26x
39.3
50.1
9.8
12.2
22.80x
17.24x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
38.99
34.41
-0.41
0.71
17.8%
15.1%
0.96
4.59
53.04
107.33
38.06
113.17
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
03.09.2013
Pfeiffer Vacuum Technology AG

Holdings By:
All
Holder Name
HAKUTO CO LTD
BANKHAUS LAMPE
HIGHCLERE INTL INVES
FIERA CAPITAL CORPOR
MONTANARO ASSET MGMT
FIRST EAGLE FUNDS
ARNHOLD & S BLEICHRO
NORGES BANK
DANSKE INVEST A/S
SEB
BANK OF NOVA SCOTIA
Firm Name
DZ Bank AG
Bankhaus Metzler
Hauck & Aufhaeuser
Bankhaus Lampe
EVA Dimensions
HSBC
Exane BNP Paribas
Deutsche Bank
Goldman Sachs
Kepler Cheuvreux
Nord/LB
Berenberg Bank
GSC Research
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
Multiple Portfolios
n/a
Analyst
NORBERT KRETLOW
HARALD SCHNITZER
STEPHAN BAUER
KARSTEN ILTGEN
TIMOTHY STANISH
EGGERT KULS
GERHARD ORGONAS
UWE SCHUPP
WILLIAM WYMAN
WALTER SCHNEIDER
MARKUS FRIEBEL
VEYSEL TAZE
ADRIAN PEHL
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
13F
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
add
buy
sell
buy
hold
underweight
overweight
hold
outperform
sell
Buy/Neutral
hold
sell
sell
reduce
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
256'922
236'815
210'032
158'339
148'305
145'104
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
2.6
2.4
2.13
1.6
1.5
1.47
1.36
1.33
Weighting
Change
4
5
1
5
3
1
5
3
5
1
5
3
1
1
2
3
3
5
3
3
1
M
U
M
M
M
D
U
M
M
M
M
M
M
M
M
D
M
U
M
M
D
Latest Chg
(5'033)
154'851
3'460
75'506
32'894
9'669
(9'142)
(19'997)
(68'633)
119'400
Target Price
90
95
73
100
80
#N/A N/A
96
85
95
60
100
81
70
73
78
80
95
107
#N/A N/A
83
80
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
31.05.2013
31.12.2012
31.05.2013
28.03.2013
30.06.2013
31.07.2013
28.06.2013
28.03.2013
Date
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
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
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Date
29.08.2013
23.08.2013
22.08.2013
19.08.2013
19.08.2013
15.08.2013
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
29.05.2013
07.05.2013
01.05.2013
21.09.2012
26.03.2012
17.02.2012
03.09.2013
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
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
.1 M
12
12/2012
06/yy
17.48
12.50
1'912.00
13.465
-22.97%
7.72%
17.87%
15.7
211.37
9.35
0.0
0.0
33.34
183.69
10
.1 M
.1 M
.0 M
.0 M
2
0
s-12
o-12
n-12
d-12
j-13
f-13 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
Fiscal Year Ended

31.12.2008
128.9
0.16x
8.8
2.30x
4.1
10.59x
.1 M
16
14
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (28.08.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PSAN GY EQUITY YTD Change
PSAN GY EQUITY YTD % CHANGE
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
s-13
0.72
11.37
-14.68%
-10.89%
0.716
11
3.636
54'671
24'225
21'864
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
191.1
208.5
1.14x
1.01x
18.0
23.2
10.23x
7.93x
9.9
14.1
21.44x
15.04x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
8.62
7.29
-1.64
0.50
12.7%
11.3%
0.98
12.96
59.02
-
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
03.09.2013
PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie

Holdings By:
All
Holder Name
RWE AG
SINGH HARVINDER
HANSAINVEST GMBH
ZUERICH INVESTMENTGE
SCHRODER INVESTMENT
TRIPPEL KARSTEN
CALVERT INVESTMENT C
UBS
GAMCO
KBC GROUP NV
SCHRIMPF HARALD
DEUTSCHE BANK AG
GOETZE WILFRIED
Firm Name
EVA Dimensions
First Berlin Equity Research Group
DZ Bank AG
WGZ Bank
Berenberg Bank
Deutsche Bank
Montega
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
FLORIAN TREISCH
MICHAEL SCHAEFER
ANDREW S ZAMFOTIS
NORBERT KALLIWODA
SIMON SCHOLES
KLAUS SCHLOTE
JASKO TERZIC
FRANK WOHLGEMUTH
MAGGIE PAXTON
ALEXANDER KARNICK
WAIS SAMADZADA
Source
Research
Research
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
Co File
Recommendation
add
buy
underweight
accumulate
add
buy
hold
hold
hold
buy
hold
Amt Held
2'794'131
1'271'487
470'641
450'000
345'294
210'386
135'000
123'876
122'955
109'750
95'171
84'784
80'000
80'000
79'693
72'568
60'000
60'000
55'000
54'683
% Out
17.8
8.1
3
2.87
2.2
1.34
0.86
0.79
0.78
0.7
0.61
0.54
0.51
0.51
0.51
0.46
0.38
0.38
0.35
0.35
Weighting
Change
4
5
1
4
4
5
3
3
3
5
3
M
U
D
D
M
M
M
M
M
M
M
Latest Chg
72'913
14'222
33'699
9'701
8'367
10'000
-
Target Price
16
16
#N/A N/A
14
15
17
13
16
17
18
16
File Dt
25.01.2013
25.01.2013
18.05.2012
30.04.2013
31.05.2013
28.03.2013
30.04.2013
31.12.2012
30.04.2013
31.12.2012
31.07.2013
31.05.2013
28.03.2013
30.04.2013
28.06.2013
28.03.2013
31.12.2012
30.04.2013
30.06.2013
31.12.2012
Date
6 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
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
Unclassified
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
n/a
Date
30.08.2013
29.08.2013
07.08.2013
06.08.2013
01.08.2013
01.08.2013
31.07.2013
30.07.2013
20.05.2013
30.04.2013
30.04.2013
03.09.2013
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 (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PSM GY EQUITY YTD Change
PSM GY EQUITY YTD % CHANGE
12/2012
06/yy
35.92
18.98
73'053.00
32.855
-8.53%
73.10%
81.70%
218.8
7'188.58
2'926.20
0.0
5.0
702.30
8'054.78
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
10
.5 M
5
0
s-12
o-12
n-12
d-12
j-13
f-13 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
Fiscal Year Ended

31.12.2008
3'054.2
1.44x
833.8
5.29x
(129.1)
-
1.5 M
15
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'356.2
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
06/yy
1'971.6
11.64x
628.2
9.73x
604.9
14.21x
LTM
06/yy
2'185.7
13.50x
662.6
12.04x
352.5
20.99x
FY+1
.0 M
s-13
1.13
103.64
104.56%
84.39%
1.128
32
3.344
493'431
687'062
639'523
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'569.5
2'707.5
556.3
758.0
3.35x
3.11x
779.5
831.9
144.0
298.0
10.34x
9.68x
394.9
433.9
86.0
124.4
17.72x
16.22x
21.75x
20.78x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.39
3.82
1.29
3.24
195.6%
66.1%
0.46
10.23
42.98
0.26
102.22
-63.02
5.00
3'500.0
4.50
3'000.0
4.00
3.50
2'500.0
3.00
2'000.0
2.50
1'500.0
2.00
1'000.0
1.50
1.00
500.0
0.50
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
01.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
03.09.2013
ProSiebenSat.1 Media AG
Holdings By:
All
Holder Name
LAVENA HOLDING 1 GMB
BLACKROCK
NORGES BANK
DEUTSCHE BANK AG
HARTFORD INVESTMENT
FMR LLC
FIL LIMITED
CAZENOVE UNIT TRUST
VANGUARD
STATE STREET
ADIG INVESTMENT
ETOILE GESTION
INVESCO LTD
DJE INVESTMENT SA
JP MORGAN
MEAG MUNICH ERGO KAG
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Commerzbank Corporates & Markets SONIA RABUSSIER

AlphaValue
VERONIQUE CABIOC'H
Exane BNP Paribas
ADRIEN DE SAINT HILAIRE
LARS LUSEBRINK
Bankhaus Metzler
STEFAN WIMMER
Berenberg Bank
SARAH SIMON
RALPH SZYMCZAK
HSBC
CHRISTOPHER JOHNEN
Liberum Capital Ltd
IAN WHITTAKER
DZ Bank AG
HARALD HEIDER
Societe Generale
CHRISTOPHE CHERBLANC
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
Bankhaus Lampe
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
Jefferies
WILL SMITH
Hammer Partners SA
STEPHAN SEIP
MARK EVANS
MARCUS SILBE
Source
Research
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
reduce
neutral
hold
buy
sell
hold
neutral
buy
sell
hold
hold
neutral
buy
overweight
buy
Equalwt/Attractive
neutral
hold
buy
sell
Buy/Neutral
outperform
buy
neutral
outperform
hold
sell
sell
hold
Amt Held
115'156'500
16'660'800
7'951'761
5'437'208
4'506'389
2'435'976
2'315'374
2'133'425
1'300'036
943'782
786'865
749'556
587'669
447'006
428'231
400'000
375'579
372'400
370'998
350'651
% Out
52.63
7.61
3.63
2.49
2.06
1.11
1.06
0.98
0.59
0.43
0.36
0.34
0.27
0.2
0.2
0.18
0.17
0.17
0.17
0.16
Weighting
Change
3
2
3
3
5
1
3
3
5
1
3
3
3
5
5
5
3
3
3
5
1
5
5
5
3
5
3
1
1
3
M
M
U
M
M
M
M
D
U
M
M
U
M
M
M
M
M
M
M
M
D
M
M
M
N
M
M
M
M
M
Latest Chg
(50'000)
89'013
305'908
(59'629)
(2'268'126)
3'082
(206'775)
(27'570)
(45'345)
(150'000)
(171'506)
400'000
160'615
21'500
22'062
139'068
Target Price
30
30
33
35
33
28
32
35
35
29
32
32
27
33
34
33
32
32
30
32
#N/A N/A
36
38
35
24
35
23
19
15
18
File Dt
16.08.2013
16.08.2013
30.08.2013
31.12.2012
28.06.2013
30.06.2013
30.06.2013
31.07.2013
31.03.2013
28.02.2013
30.06.2013
30.08.2013
28.06.2013
30.04.2013
30.04.2013
31.03.2013
30.08.2013
31.05.2013
30.06.2013
30.06.2013
Date
6 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Inst Type
n/a
Investment Advisor
Investment Advisor
Government
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
Investment Advisor
Investment Advisor
Date
29.08.2013
29.08.2013
27.08.2013
21.08.2013
19.08.2013
19.08.2013
15.08.2013
12.08.2013
05.08.2013
04.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
02.08.2013
01.08.2013
01.08.2013
01.08.2013
31.07.2013
12.07.2013
12.07.2013
11.07.2013
03.07.2013
03.06.2013
16.05.2013
08.05.2013
03.04.2013
18.12.2012
17.12.2012
20.11.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PUM GY EQUITY YTD Change
PUM GY EQUITY YTD % CHANGE
12/2012
06/yy
249.40
205.35
923.00
216.9
-13.03%
5.62%
27.47%
15.1
3'271.39
44.10
0.0
8.9
440.20
2'986.49
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
50
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'270.7
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
s-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
0.64
2.42
-6.90%
-3.33%
0.643
30
2.900
12'519
9'120
8'890
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
3'101.2
3'229.4
847.8
774.6
0.91x
0.83x
306.2
342.1
103.0
62.5
9.77x
8.74x
160.6
185.6
62.9
35.4
20.05x
17.81x
17.53x
17.12x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
22.24
12.57
-0.89
0.13
2.8%
2.7%
1.24
63.08
142.05
100.60
89.48
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
03.09.2013
Puma SE
Holdings By:
All
Holder Name
KERING
PUMA SE
NORGES BANK
AMUNDI
CI INVESTMENTS INC
VANGUARD
BLACKROCK
AGICAM
SOCIETE GENERALE
LBPAM
KBL RICHELIEU GESTIO
HSBC ASSET MGMT EURO
BANK DELEN SA
GENERALI FINANCES
CCR GESTION
Firm Name
AlphaValue
Susquehanna Financial Group
Berenberg Bank
Makor Capital
Deutsche Bank
Raymond James
Oddo & Cie
Main First Bank AG
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
National Bank AG
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
HANS-PETER WODNIOK
CHRISTOPHER SVEZIA
JOHN GUY
BERND MUELL
KLAUS SOER
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
STEFFEN MANSKE
Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
sell
neutral
sell
hold
buy
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
Amt Held
12'518'475
143'185
140'549
76'353
73'360
53'563
41'619
39'191
39'023
31'982
26'504
25'083
22'200
20'221
18'560
18'000
12'462
11'500
11'000
9'855
% Out
83
0.95
0.93
0.51
0.49
0.36
0.28
0.26
0.26
0.21
0.18
0.17
0.15
0.13
0.12
0.12
0.08
0.08
0.07
0.07
Weighting
Change
1
3
1
3
5
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
M
M
D
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
Latest Chg
5'500
6'715
(720)
27'532
5'000
(687)
(1'800)
1'806
2'000
(500)
(3'000)
230
-
Target Price
174
215
195
220
260
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
250
File Dt
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.03.2013
01.07.2013
30.04.2013
31.12.2012
30.06.2013
30.08.2013
01.07.2013
30.04.2013
28.06.2013
31.03.2013
28.03.2013
28.02.2013
30.04.2013
29.03.2013
30.05.2013
28.09.2012
Date
6 month
12 month
Not Provided
Not Provided
12 month
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
Not Provided
Inst Type
Corporation
n/a
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.08.2013
26.08.2013
07.08.2013
29.07.2013
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
27.07.2011
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
QIA GY EQUITY YTD Change
QIA GY EQUITY YTD % CHANGE
12/2011
06/yy
16.77
13.12
13'139.00
15.285
-8.83%
16.55%
59.59%
234.3
3'581.89
846.99
0.0
9.7
484.49
3'953.04
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
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'254.5
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
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
1'269.6
15.82x
283.5
0.00x
35.8
27.25x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.00
0.60
226.70
7.26%
11.16%
0.604
35
3.229
275'680
298'093
378'243
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'326.1
1'398.8
321.1
365.9
3.90x
3.53x
16.64x
14.46x
433.6
478.2
98.7
126.9
12.23x
11.09x
12.45x
12.20x
270.0
287.5
62.5
84.6
17.81x
16.51x
18.15x
17.82x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.22
12.87
1.00
2.19
31.2%
23.7%
0.32
3.19
66.92
105.93
41.14
137.06
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
03.09.2013
QIAGEN NV
Holdings By:
All
Holder Name
BLACKROCK
PRIMECAP MANAGEMENT
PLATINUM INVESTMENT
CREDIT AGRICOLE SA
AMUNDI
GENERATION INVESTMEN
VANGUARD
HARDING LOEVNER LP
NORGES BANK
BAILLIE GIFFORD AND
JOHNSTON ASSET MANAG
DEUTSCHE BANK AG
COLPAN METIN
ARROWGRASS CAPITAL P
STATE STREET
SWISS NATIONAL BANK
PLATINUM INVESTMENT
Firm Name
Leerink Swann & Co
AlphaValue
EVA Dimensions
Hamburger Sparkasse
Janney Montgomery Scott LLC
Wedbush
Jefferies
Credit Suisse
DZ Bank AG
Robert W. Baird & Co
William Blair & Co
Macquarie
Bryan Garnier & Cie
Deutsche Bank
Kempen & Co
JPMorgan
Berenberg Bank
ISI Group
Cowen and Company
S&P Capital IQ
Piper Jaffray
Exane BNP Paribas
Barclays
Mizuho Securities USA Inc
HSBC
Main First Bank AG
Kepler Cheuvreux
UBS
Goldman Sachs
Credit Suisse
Portfolio Name
n/a
n/a
n/a
n/a
CREDIT AGRICOLE SA
n/a
n/a
n/a
HARDING LOEVNER LP
Multiple Portfolios
BAILLIE GIFFORD & CO
JOHNSTON ASSET MANAG
n/a
n/a
n/a
n/a
n/a
SWISS NATIONAL BANK
PLATINUM INVESTMENT
Analyst
DANIEL L LEONARD
KAMLA SINGH
ANDREW S ZAMFOTIS
MARCO GUENTHER
PAUL R KNIGHT
ZARAK KHURSHID
PETER WELFORD
VAMIL DIVAN
SVEN OLAF KUERTEN
DANIEL WENDORFF
JEFF T ELLIOTT
BRIAN WEINSTEIN
JONATHAN P GROBERG
MATHIEU CHABERT
HOLGER BLUM
SACHIN SONI
TYCHO W PETERSON
TIMO KUERSCHNER
SCOTT BARDO
ROSS MUKEN
DOUG SCHENKEL
SHO MATSUBARA
WILLIAM R QUIRK
ROMAIN ZANA
CHARLES ANTHONY BUTLER
PETER R LAWSON
JAN KEPPELER
MARCUS WIEPRECHT
OLIVER REINBERG
MARTIN WALES
ULRICH HUWALD
ISAAC RO
RAVI MEHROTRA
Source
ULT-AGG
13G
Research
Research
13F
Research
Research
ULT-AGG
13F
13F
MF-AGG
13F
13F
ULT-AGG
Research
ULT-AGG
Short
ULT-AGG
13F
13F
Recommendation
market perform
reduce
hold
hold
neutral
neutral
hold
hold
neutral
hold
buy
outperform
market perform
neutral
buy
buy
hold
overweight
buy
hold
neutral
underperform
buy
neutral
neutral
equalweight
neutral
underweight
outperform
reduce
neutral
hold
neutral/neutral
restricted
Amt Held
% Out
15'705'358
6.56
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
7'930'930
3.31
6'388'752
2.67
6'303'028
2.63
5'542'855
2.32
4'872'700
2.04
4'715'543
1.97
4'489'677
1.88
4'192'553
1.75
2'694'565
1.13
(2'624'608)
-1.1
2'535'681
1.06
2'491'193
1.04
2'358'976
0.99
Weighting
3
2
3
3
3
3
3
3
3
3
5
5
3
3
5
5
3
5
5
3
3
1
5
3
3
3
3
1
5
2
3
3
3
#N/A N/A
Change
M
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
D
M
M
M
M
Latest Chg
980'797
2'263'886
7'745'526
(577'841)
6'447
(4'736)
133'480
77'800
123'629
(377'611)
767
(140'929)
2'985
(162'770)
2'491'193
-
Target Price
17
16
#N/A N/A
#N/A N/A
18
14
14
17
16
16
19
20
#N/A N/A
16
17
17
16
18
16
14
17
12
19
16
15
14
16
14
20
14
15
13
15
#N/A N/A
File Dt
Inst Type
30.08.2013
Investment Advisor
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
Unclassified
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012
Government
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
n/a
30.06.2013
Investment Advisor
30.08.2013
Investment Advisor
30.06.2013
Bank
30.06.2013
Investment Advisor
Date
12 month
6 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
6 month
12 month
12 month
15 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Date
29.08.2013
29.08.2013
29.08.2013
28.08.2013
26.08.2013
16.08.2013
12.08.2013
08.08.2013
07.08.2013
05.08.2013
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
30.07.2013
21.06.2013
06.06.2013
14.05.2013
01.05.2013
24.01.2013
18.11.2012
04.04.2011
03.09.2013
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
1.5 M
Latest Fiscal Year:

LTM as of:
52-Week High (03.09.2013)
52-Week Low (02.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
QSC GY EQUITY YTD Change
QSC GY EQUITY YTD % CHANGE
12/2012
06/yy
3.67
1.99
107'868.00
3.656
-0.38%
84.00%
100.00%
123.8
452.74
90.53
0.0
0.0
37.78
505.34
1.0 M
2
1
.5 M
1
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
481.5
0.65x
77.5
4.04x
18.9
15.04x
77.54
24.61
5.11%
4.30%
6.21%
12.93%
1.23%
25.4%
16.8%
6.0%
3.9%
0.97
0.92
23.38%
50.23%
8.71
217.11
Price/ Cash Flow
06/yy
483.8
2.67x
76.1
4.43x
22.7
13.66x
LTM
06/yy
475.3
2.88x
80.0
4.47x
24.1
14.58x
FY+1
.0 M
s-13
0.76
52.77
81.42%
79.69%
0.758
12
4.417
597'784
462'787
400'148
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
455.7
469.9
1.10x
1.01x
79.2
85.3
6.38x
5.92x
21.5
27.6
20.54x
15.83x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.78
12.20
0.66
1.23
50.2%
33.4%
1.23
3.51
41.93
1.68
58.91
0.21
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
03.09.2013
QSC AG
Holdings By:
All
Holder Name
EICKERS GERD
SCHLOBOHM BERND
QSC AG
NORGES BANK
TEACHERS INS & ANNUI
BLACKROCK
DWS INVESTMENTS
VANGUARD
FLEMING FAMILY & PAR
MMA FINANCE
DEUTSCHE BANK AG
HERMANN JUERGEN
MUNDER CAPITAL MANAG
BAKER JOHN C
BRENKE HERBERT
Firm Name
Hauck & Aufhaeuser
Deutsche Bank
Berenberg Bank
Bankhaus Metzler
JPMorgan
EVA Dimensions
Kepler Cheuvreux
Exane BNP Paribas
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
#N/A N/A
Multiple Portfolios
TEACHERS INSURANCE &
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
HEIKE PAULS
LEONHARD BAYER
BENJAMIN KOHNKE
STEFAN BORSCHEID
MARKUS FRIEBEL
MALTE RAETHER
USMAN GHAZI
MARCUS SILBE
ULRICH TRABERT
HANNES C WITTIG
ANDREW S ZAMFOTIS
THOMAS KARLOVITS
MICHAEL ZORKO
Source
Research
Co File
Co File
ULT-AGG
Research
ULT-AGG
Research
MF-AGG
Sch-D
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
Co File
Co File
MF-AGG
Recommendation
add
buy
hold
hold
hold
buy
buy
buy
buy
overweight
overweight
buy
underperform
Amt Held
31'045'856
15'459'650
13'593'413
6'726'904
6'603'303
3'738'871
3'722'197
1'920'425
1'792'679
614'996
590'000
517'111
478'487
340'000
300'000
225'000
220'821
203'072
187'820
181'988
% Out
25.07
12.48
10.98
5.43
5.33
3.02
3.01
1.55
1.45
0.5
0.48
0.42
0.39
0.27
0.24
0.18
0.18
0.16
0.15
0.15
Weighting
Change
4
5
3
3
3
5
5
5
5
5
5
5
1
M
M
D
M
M
M
M
M
M
M
U
M
M
Latest Chg
70'000
552'311
9'185
340'000
220'821
1'865
Target Price
3
5
4
3
3
4
3
3
4
4
#N/A N/A
4
2
File Dt
10.06.2013
30.01.2013
31.12.2012
18.07.2013
11.01.2013
13.08.2013
28.08.2013
28.03.2013
31.03.2013
30.08.2013
30.04.2013
30.06.2013
31.01.2012
29.06.2012
30.04.2013
31.12.2012
30.06.2013
31.12.2012
31.12.2012
30.08.2013
Date
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
Inst Type
n/a
n/a
Corporation
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Date
28.08.2013
20.08.2013
13.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
01.08.2013
15.07.2013
03.04.2013
19.02.2013
14.03.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RAA GY EQUITY YTD Change
RAA GY EQUITY YTD % CHANGE
Price/Volume
12/2012
06/yy
269.15
186.05
766.00
224.7
-16.51%
20.77%
46.87%
11.4
2'554.84
25.29
0.0
0.0
166.42
2'447.99
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
435.0
5.37x
129.9
17.99x
93.3
26.59x
129.92
123.15
28.31%
28.14%
32.41%
45.81%
41.20%
1.58%
60.2%
27.2%
21.4%
4.18
3.69
7.75%
10.65%
6.44
6.67
Price/ Cash Flow
06/yy
415.9
18.23x
0.0
0.00x
85.2
25.13x
LTM
06/yy
441.4
22.13x
0.0
0.00x
90.6
32.22x
FY+1
.0 M
s-13
0.66
3.32
19.45%
5.53%
0.664
16
2.813
4'827
6'943
9'144
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
457.1
501.4
5.25x
4.75x
130.3
147.0
18.82x
16.67x
94.1
105.3
27.25x
24.02x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
117.36
108.90
10.7%
9.6%
1.58
8.03
56.66
54.72
22.87
91.65
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
03.09.2013
Rational AG
Holdings By:
All
Holder Name
MEISTER SIEGFRIED
KURTZ WALTER
NORGES BANK
BLACKROCK
FIL LIMITED
FRANKLIN RESOURCES
VANGUARD
FMR LLC
DEUTSCHE BANK AG
CHARLES SCHWAB INVES
Firm Name
Kepler Cheuvreux
Baader Bank
Nord/LB
DZ Bank AG
Goldman Sachs
HSBC
Deutsche Bank
Hauck & Aufhaeuser
Bankhaus Lampe
Bankhaus Metzler
EVA Dimensions
Berenberg Bank
GSC Research
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
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
Analyst
CRAIG ABBOTT
CHRISTIAN WEIZ
YASMIN MOSCHITZ
WOLFGANG VASTERLING
LARS LUSEBRINK
ROLAND RAPELIUS
MARKUS TURNWALD
BENJAMIN MOORE
RICHARD SCHRAMM
HARALD REHMET
GORDON SCHOENELL
STEPHAN BAUER
TIMOTHY STANISH
BENJAMIN GLAESER
MATTHIAS SCHRADE
Source
Co File
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
reduce
sell
hold
hold
sell
hold
sell
neutral/neutral
neutral
hold
hold
hold
hold
buy
overweight
hold
hold
Amt Held
7'161'411
887'997
382'417
192'473
162'825
135'811
96'836
41'338
38'070
30'526
28'926
26'410
24'949
24'320
19'877
18'520
17'059
16'430
14'891
12'276
% Out
62.99
7.81
3.36
1.69
1.43
1.19
0.85
0.36
0.33
0.27
0.25
0.23
0.22
0.21
0.17
0.16
0.15
0.14
0.13
0.11
Weighting
Change
2
1
3
3
1
3
1
3
3
3
3
3
3
5
5
3
3
D
D
M
U
M
M
M
M
M
M
M
U
U
M
M
M
M
Latest Chg
7'393
4'001
(61'960)
60
(138)
(9'112)
(1'627)
1'030
4'656
8'000
18'520
16'430
450
1'560
Target Price
205
208
243
206
200
229
183
220
220
220
217
205
200
260
#N/A N/A
225
#N/A N/A
File Dt
31.12.2012
23.06.2011
28.06.2013
31.07.2013
28.06.2013
30.06.2013
31.12.2012
30.08.2013
28.06.2013
30.06.2013
31.12.2012
28.06.2013
30.06.2013
31.07.2013
30.04.2013
30.06.2013
28.06.2013
31.05.2013
31.03.2013
30.08.2013
Date
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
6 month
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.08.2013
12.08.2013
07.08.2013
07.08.2013
07.08.2013
07.08.2013
17.07.2013
16.07.2013
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
03.09.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.06.2013)
52-Week Low (12.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RHK GY EQUITY YTD Change
RHK GY EQUITY YTD % CHANGE
12/2012
06/yy
18.88
14.41
465'243.00
18.025
-4.53%
25.13%
73.30%
138.2
2'491.63
1'034.67
0.0
25.6
237.03
3'314.56
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
o-12
n-12
d-12
j-13
f-13 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
Fiscal Year Ended

31.12.2008
2'130.3
1.14x
264.4
9.20x
117.3
15.11x
20
18
16
14
12
10
8
6
4
2
0
s-12
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'864.9
1.03x
291.1
10.10x
89.7
23.56x
291.10
151.20
5.28%
3.97%
2.81%
5.71%
0.93%
11.2%
5.2%
3.1%
1.09
0.92
32.49%
65.41%
6.53
-
Price/ Cash Flow
06/yy
2'721.2
4.28x
354.5
9.69x
123.2
20.97x
LTM
06/yy
2'981.4
4.11x
332.7
9.81x
89.8
27.18x
FY+1
.0 M
s-13
0.44
100.22
21.98%
19.35%
0.436
24
3.708
351'387
366'258
517'946
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
1.08x
1.02x
328.8
374.0
85.3
94.0
10.11x
8.88x
113.3
151.1
31.3
34.1
22.15x
16.82x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.69
2.25
2.41
2.73
65.4%
39.2%
0.93
1.55
55.88
-
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
03.09.2013
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
MORGAN STANLEY INTER
SKAGEN AS
NORGES BANK
DEUTSCHE BANK AG
UNIVERSAL INVEST LUX
INVESCO LTD
Firm Name
AlphaValue
Nord/LB
HSBC
Bankhaus Lampe
UBS
JPMorgan
Bankhaus Metzler
Berenberg Bank
Kepler Cheuvreux
S&P Capital IQ
Deutsche Bank
Jefferies
Exane BNP Paribas
DZ Bank AG
Hamburger Sparkasse
EVA Dimensions
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
EILEEN RYAN
HOLGER FECHNER
JAN KEPPELER
THERESA DICK
MARTIN WALES
DAVID J ADLINGTON
SEBASTIAN FRERICKS
TOM JONES
OLIVER REINBERG
KONRAD LIEDER
JACOB THRANE
HOLGER BLUM
INGEBORG OIE
TIMO KUERSCHNER
ULRICH HUWALD
JULIEN DORMOIS
SVEN OLAF KUERTEN
VOLKER BRAUN
MARCO GUENTHER
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
reduce
buy
overweight
hold
neutral
neutral
buy
hold
hold
buy
hold
hold
hold
buy
buy
hold
neutral
buy
buy
hold
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
4'845'756
4'408'553
3'810'642
3'161'505
2'849'530
1'972'941
1'819'760
1'699'549
1'466'710
865'027
820'000
797'284
680'501
% Out
12.5
9.9
5
5
5
3.74
3.7
3.51
3.19
2.76
2.29
2.06
1.43
1.32
1.23
1.06
0.63
0.59
0.58
0.49
Weighting
Change
2
5
5
3
3
3
5
3
3
5
3
3
3
5
5
3
3
5
5
3
1
3
5
5
5
1
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
U
D
Latest Chg
(1'532)
268'909
(50'000)
99'066
(256'510)
-
Target Price
17
22
19
19
20
21
19
19
19
23
20
17
18
19
22
18
16
18
21
#N/A N/A
#N/A N/A
16
20
17
#N/A N/A
15
File Dt
Inst Type
31.12.2012
n/a
31.12.2012
n/a
31.12.2012
Corporation
31.12.2012
Corporation
13.06.2013
Investment Advisor
30.08.2013
Investment Advisor
26.06.2013
Investment Advisor
27.04.2012
Investment Advisor
31.07.2013
Investment Advisor
24.06.2013
Investment Advisor
31.07.2013
Investment Advisor
30.04.2012
Investment Advisor
31.12.2012
Government
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
31.05.2013
Investment Advisor
30.08.2013
Investment Advisor
Date
6 month
12 month
Not Provided
12 month
12 month
3 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Date
29.08.2013
13.08.2013
12.08.2013
12.08.2013
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
27.06.2013
17.06.2013
14.06.2013
06.06.2013
26.04.2013
25.02.2013
05.10.2012
20.07.2012
26.04.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RHM GY EQUITY YTD Change
RHM GY EQUITY YTD % CHANGE
12/2012
06/yy
43.75
31.20
22'108.00
37.705
-13.81%
20.85%
51.10%
39.6
1'493.08
599.00
0.0
111.0
501.00
1'902.08
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
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'704.0
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
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
4'513.0
1.60x
323.0
5.47x
81.0
16.85x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
1.13
37.71
0.37%
8.57%
1.126
26
3.154
134'739
196'734
189'781
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
21.82x
9.81x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
-
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
03.09.2013
Rheinmetall AG
Holdings By:
All
Holder Name
RHEINMETALL AG
BLACKROCK
DEUTSCHE BANK AG
FMR LLC
NORGES BANK
FEDERATED INVESTORS
DWS INVESTMENTS
INVESCO LTD
NATIXIS INTERNATIONA
AVIVA PLC
SCHRODER INVESTMENT
LBPAM
GOLDMAN SACHS GROUP
VANGUARD
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
Commerzbank Corporates & Markets STEPHAN BOEHM

Exane BNP Paribas
OLIVIER BROCHET
AlphaValue
EILEEN RYAN
Bankhaus Lampe
GORDON SCHOENELL
ADRIAN PEHL
JPMorgan
GLEN H LIDDY
ZAFER RUZGAR
M.M. Warburg Investment Research CHRISTIAN COHRS
DANIEL KUKALJ
DZ Bank AG
MARKUS TURNWALD
Main First Bank AG
CHRISTOPHER YOUL
STEFAN MAICHL
Hauck & Aufhaeuser
Steubing AG
TOBIAS SCHMIDT
S&P Capital IQ
RODERICK BRIDGE
Montega
THOMAS RAU
Kepler Cheuvreux
MICHAEL RAAB
HSBC
RICHARD SCHRAMM
Bankhaus Metzler
JUERGEN PIEPER
Berenberg Bank
BENJAMIN GLAESER
Deutsche Bank
TIM ROKOSSA
EVA Dimensions
TIMOTHY STANISH
Nord/LB
FRANK SCHWOPE
UBS
SVEN WEIER
Source
MF-AGG
Co File
ULT-AGG
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
ULT-AGG
ULT-AGG
Recommendation
hold
neutral
add
sell
reduce
neutral
hold
hold
hold
buy
outperform
sell
sell
buy
buy
hold
hold
overweight
sell
hold
hold
hold
overweight
buy
neutral
Amt Held
2'436'285
1'881'647
1'225'139
1'173'000
1'037'762
686'200
525'577
349'087
338'000
331'175
281'064
245'800
245'500
233'412
232'900
210'948
208'979
139'000
137'957
136'664
% Out
6.15
4.75
3.09
2.96
2.62
1.73
1.33
0.88
0.85
0.84
0.71
0.62
0.62
0.59
0.59
0.53
0.53
0.35
0.35
0.35
Weighting
Change
3
3
4
1
2
3
3
3
3
5
5
1
1
5
5
3
3
5
1
3
3
3
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
U
U
M
D
M
M
M
M
M
M
M
M
Latest Chg
(511'802)
1'174
120'000
323'640
(1'685)
22'200
(136'625)
42'847
(228'223)
Target Price
34
37
39
30
34
38
38
37
37
41
47
34
32
43
44
35
38
47
32
40
43
35
#N/A N/A
44
39
File Dt
30.06.2013
22.02.2013
30.08.2013
28.06.2013
31.10.2011
31.12.2012
30.04.2013
30.06.2013
30.04.2013
30.08.2013
31.07.2013
28.03.2013
28.03.2013
03.09.2013
31.05.2013
30.06.2013
31.07.2013
28.03.2013
28.02.2013
30.06.2013
Date
6 month
Not Provided
6 month
12 month
12 month
15 month
12 month
12 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
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
02.09.2013
02.09.2013
29.08.2013
26.08.2013
26.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
31.07.2013
30.07.2013
30.07.2013
30.07.2013
30.07.2013
29.07.2013
06.06.2013
29.05.2013
08.02.2013
03.09.2013
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 (15.08.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RWE GY EQUITY YTD Change
RWE GY EQUITY YTD % CHANGE
12/2012
06/yy
36.47
20.48
295'071.00
21.075
-42.20%
2.93%
3.97%
575.7
12'956.31
19'946.00
2'702.0
1'613.0
5'276.00
33'645.31
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
15
10
4.0 M
2.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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%
1.02%
6.15%
5.28%
0.58%
20.4%
9.0%
2.8%
1.02
0.55
22.61%
164.54%
5.55
-
Price/ Cash Flow
LTM
06/yy
48'857.0
3.02x
7'464.0
5.37x
1'872.0
10.68x
06/yy
52'055.0
2.93x
10'599.0
3.38x
923.0
20.12x
FY+1
.0 M
s-13
1.04
487.68
-33.03%
-27.37%
1.045
36
2.278
2'809'581
3'183'237
3'372'716
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
53'609.0
53'249.9
0.65x
0.63x
8'929.2
7'976.6
3.77x
4.22x
2'322.5
1'816.4
5.37x
7.01x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.07.2012
BBB+
STABLE
08.06.2011
A-2
7.25
2.85
1.53
1.96
164.5%
54.8%
0.58
1.48
65.75
-
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
03.09.2013
RWE AG
Holdings By:
All
Holder Name
RW ENERGIE-BETEILIGU
MORGAN STANLEY
BLACKROCK
MONDRIAN INVESTMENT
CREDIT SUISSE GROUP
NORGES BANK
VANGUARD
INVESCO LTD
CQS UK LLP
PICTET FUNDS
MARSHALL WACE LLP
FEDERAL GESTION
UBS
SOCIETE GENERALE SA
FRANKLIN RESOURCES
Firm Name
RBC Capital Markets
Credit Suisse
Bankhaus Metzler
Kepler Cheuvreux
Redburn Partners
AlphaValue
Exane BNP Paribas
Goldman Sachs
Hamburger Sparkasse
Natixis
Grupo Santander
Macquarie
S&P Capital IQ
Deutsche Bank
Morgan Stanley
Nord/LB
Raymond James
Societe Generale
UBS
JPMorgan
HSBC
Day by Day
Barclays
Main First Bank AG
EVA Dimensions
Berenberg Bank
Steubing AG
National Bank AG
Banco Sabadell
Portfolio Name
n/a
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
JOHN MUSK
VINCENT GILLES
GUIDO HOYMANN
INGO BECKER
AHMED FARMAN
EILEEN RYAN
BENJAMIN LEYRE
DEBORAH WILKENS
ANNEMARIE SCHLUETER
PHILIPPE OURPATIAN
OSCAR NAJAR RIOS
TANJA MARKLOFF
CLIVE ROBERTS
ALEXANDER KARNICK
BOBBY CHADA
HEINO HAMMANN
EMMANUEL RETIF
ERKAN AYCICEK
SVEN DIERMEIER
STEPHAN WULF
ALBERTO PONTI
PATRICK HUMMEL
NATHALIE F CASALI
ADAM DICKENS
VALERIE GASTALDY
PETER BISZTYGA
ANDREAS THIELEN
DOUG WALTERS
TEAM COVERAGE
MICHAEL SCHAEFER
MICHAEL BROEKER
STEFFEN MANSKE
JORGE GONZALEZ SADORNIL
Source
Co File
Research
ULT-AGG
Co File
Research
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Research
ULT-AGG
Recommendation
underperform
neutral
sell
reduce
sell
buy
neutral
Buy/Neutral
hold
neutral
underweight
reduce
underperform
hold
sell
Equalwt/In-Line
hold
underperform
hold
sell
buy
sell
sell
underweight
underweight
hold
underweight
underperform
buy
sell
hold
buy
hold
sell
Amt Held
% Out
86'361'823
15
59'937'192 10.41
28'787'275
5
17'272'365
3
15'649'001
2.72
13'471'707
2.34
5'831'000
1.01
5'591'881
0.97
3'172'827
0.55
(3'109'026) -0.54
2'833'842
0.49
2'667'249
0.46
2'542'090
0.44
(2'533'280) -0.44
2'266'506
0.39
1'596'742
0.28
1'454'790
0.25
1'414'414
0.25
1'403'905
0.24
1'400'400
0.24
Weighting
Change
1
3
1
2
1
5
3
5
3
3
1
2
1
3
1
3
3
1
3
1
5
1
1
1
1
3
1
1
5
1
3
5
3
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
105'000
82'729
3'101'871
3'348
2'554'346
(377'383)
518'171
(623'861)
1'592'355
(27'562)
2'427
1'400'000
Target Price
20
22
19
18
#N/A N/A
32
23
32
#N/A N/A
23
28
20
19
22
20
26
25
25
22
20
28
22
19
28
19
#N/A N/A
23
26
#N/A N/A
21
35
60
30
37
File Dt
Inst Type
31.12.2012
Other
26.08.2013
Investment Advisor
30.08.2013
Investment Advisor
16.04.2013
Investment Advisor
31.12.2012
Government
30.06.2013
Investment Advisor
30.06.2013
Unclassified
30.08.2013
Investment Advisor
05.07.2013
Investment Advisor
30.04.2013
Investment Advisor
31.07.2013
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
30.08.2013
Unclassified
30.08.2013
Investment Advisor
07.06.2013
Unclassified
28.06.2013
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
3 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Date
03.09.2013
02.09.2013
30.08.2013
30.08.2013
29.08.2013
29.08.2013
28.08.2013
19.08.2013
16.08.2013
16.08.2013
15.08.2013
15.08.2013
15.08.2013
15.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
08.08.2013
05.08.2013
19.07.2013
04.07.2013
02.07.2013
21.06.2013
07.06.2013
06.06.2013
24.05.2013
15.05.2013
02.04.2013
05.03.2013
15.02.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
S92 GY EQUITY YTD Change
S92 GY EQUITY YTD % CHANGE
12/2012
06/yy
29.90
15.61
10'804.00
23.43
-21.64%
50.10%
56.26%
34.7
813.02
93.53
0.0
0.0
442.70
543.93
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.8 M
.6 M
10
.4 M
5
0
s-12
.2 M
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'463.4
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
1.71x
111.0
4.69x
0.7
1137.75x
FY+1
.0 M
s-13
0.88
10.12
-1.78%
26.58%
0.878
15
2.333
42'275
45'820
50'893
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'064.8
1'107.1
0.53x
0.49x
35.5
74.0
15.44x
7.41x
(24.1)
3.7
275.65x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
161.35
93.46
-2.42
1.02
11.4%
10.2%
0.80
2.90
51.60
109.37
42.30
78.85
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
03.09.2013
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
SOTHIC CAPITAL MANAG
INVESCO LTD
BLACKROCK
DELTA LLOYD NV
CLAYMORE ADVISORS LL
BARRINGTON WILSHIRE
FIL LIMITED
SCHRODER INVESTMENT
Firm Name
Deutsche Bank
EVA Dimensions
Kempen & Co
Bankhaus Metzler
HSBC
Montega
Natureo Finance
Macquarie
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
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
ALEXANDER KARNICK
ANDREW S ZAMFOTIS
SERENA ZUIDEMA
ERKAN AYCICEK
STEFAN FREUDENREICH
SVEN DIERMEIER
CHRISTOPHER RODLER
ALEXANDER DREWS
GEORG REMSHAGEN
INGO QUEISER
ANDREAS THIELEN
ALBERTO ROLLA
Source
Co File
Co File
Co File
Co File
EXCH
Co File
Co File
Co File
Research
Research
ULT-AGG
MF-AGG
Short
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
Recommendation
buy
hold
hold
hold
sell
sell
neutral
sell
hold
sell
sell
buy
neutral
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
1'040'852
3
1'002'885
2.89
862'189
2.48
524'878
1.51
(336'590) -0.97
321'304
0.93
212'390
0.61
188'970
0.54
172'271
0.5
(163'090) -0.47
78'201
0.23
66'167
0.19
Weighting
Change
5
3
3
3
1
1
3
1
3
1
1
5
3
1
5
M
D
M
M
M
M
D
M
M
M
M
M
M
M
N
Latest Chg
62'732
27'760
1'987
1'009
50'000
762
34'700
78'201
(5'737)
Target Price
28
#N/A N/A
22
27
15
19
25
19
24
19
16
23
21
15
119
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
28.08.2013
Investment Advisor
12.07.2011
Investment Advisor
30.06.2013
Unclassified
30.09.2012
Investment Advisor
25.07.2013
Other
30.08.2013
Investment Advisor
30.08.2013
Investment Advisor
31.05.2013
Bank
30.08.2013
Investment Advisor
31.10.2012
Investment Advisor
30.06.2013
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
12 month
Not Provided
Date
29.08.2013
20.08.2013
13.08.2013
13.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
31.07.2013
11.07.2013
25.06.2013
09.11.2012
04.10.2010
03.09.2013
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 (03.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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
52.20
676'925.00
55.57
-14.51%
6.46%
30.55%
1'228.5
68'267.98
5'248.00
0.0
8.0
2'631.00
69'818.98
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
s-13
0.83
913.65
6.35%
-7.08%
0.827
44
4.068
2'346'250
2'281'482
3'067'204
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
17'318.3
18'862.2
4'240.3
5'419.4
3.93x
3.45x
16.45x
12.69x
6'164.7
6'841.2
1'492.5
2'324.5
11.34x
10.22x
10.93x
10.57x
3'921.9
4'391.9
969.4
1'550.6
16.46x
14.71x
15.52x
15.02x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.58
25.49
0.31
1.06
37.1%
27.0%
0.64
9.77
72.33
-
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
03.09.2013
SAP AG
Holdings By:
All
Holder Name
PLATTNER HASSO
TSCHIRA KLAUS
BLACKROCK
HOPP DIETMAR
SAP AG
MORGAN STANLEY
NORGES BANK
VANGUARD
DEUTSCHE BANK AG
FIL LIMITED
FMR LLC
CREDIT SUISSE AG
Firm Name
Pacific Crest Securities
AlphaValue
Main First Bank AG
Bryan Garnier & Cie
Morgan Stanley
Day by Day
Credit Suisse
Jyske Bank
UBS
Bankhaus Metzler
HSBC
Natixis
Societe Generale
Jefferies
William Blair & Co
Cross Research
Exane BNP Paribas
Nomura
JPMorgan
Macquarie
Berenberg Bank
DZ Bank AG
Redburn Partners
Barclays
Grupo Santander
Deutsche Bank
Nord/LB
Goldman Sachs
Baader Bank
Hamburger Sparkasse
Kepler Cheuvreux
S&P Capital IQ
JMP Securities
Banco Sabadell
EVA Dimensions
National Bank AG
Wells Fargo Securities, LLC
Evercore Partners
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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
THOMAS M BECKER
BRENDAN BARNICLE
HEINZ STEFFEN
CHANDRAMOULI SRIRAMAN
GREGORY RAMIREZ
ADAM WOOD
MIRKO MAIER
VALERIE GASTALDY
PHILIP WINSLOW
ROBERT JAKOBSEN
MICHAEL BRIEST
MARK L MOERDLER
ULRICH TRABERT
ANTONIN BAUDRY
GWENAEL GIARD
RICHARD NGUYEN
ROSS MACMILLAN
BHAVAN SURI
ANDREAS WOLF
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
KAI KORSCHELT
WOLFGANG DONIE
MOHAMMED MOAWALLA
KNUT WOLLER
MARKUS FRIEBEL
MARCO GUENTHER
LAURENT DAURE
JAMES CRAWSHAW
PATRICK WALRAVENS
ANDRES BOLUMBURU
ANDREW S ZAMFOTIS
STEFFEN MANSKE
JASON MAYNARD
STEWART KIRK MATERNE III
Source
20F
20F
ULT-AGG
20F
Research
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
outperform
buy
outperform
buy
Overwt/In-Line
buy
buy
outperform
reduce
neutral
outperform
buy
overweight
neutral
buy
hold
outperform
buy
hold
neutral
buy
neutral
outperform
buy
buy
neutral
equalweight
underweight
hold
buy
buy/attractive
buy
hold
buy
buy
buy
market perform
buy
underweight
buy
market perform
equalweight
Amt Held
120'857'498
92'079'595
66'743'066
65'273'200
36'642'744
23'436'828
20'930'681
12'787'680
12'400'904
11'235'667
10'351'390
9'395'522
8'250'500
7'792'633
7'249'342
7'081'368
6'520'708
6'446'428
5'953'951
5'175'655
% Out
9.84
7.5
5.43
5.31
2.98
1.91
1.7
1.04
1.01
0.91
0.84
0.76
0.67
0.63
0.59
0.58
0.53
0.52
0.48
0.42
Weighting
Change
3
5
5
5
5
5
5
5
5
2
3
5
5
5
3
5
3
5
5
3
3
5
3
5
5
5
3
3
1
3
5
5
5
3
5
5
5
3
5
1
5
3
3
M
M
M
N
M
M
U
U
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
D
U
M
M
Latest Chg
1'118'820
175'862
248'989
(90'696)
(1'292'729)
(132'500)
(229'175)
(192'245)
(1'749'614)
(140'228)
(7'448)
3'986'320
Target Price
62
70
71
68
69
73
65
65
70
62
62
68
65
74
59
68
60
#N/A N/A
64
59
61
68
62
64
71
63
#N/A N/A
55
57
57
68
77
65
63
#N/A N/A
66
65
#N/A N/A
67
#N/A N/A
64
#N/A N/A
65
File Dt
07.03.2013
07.03.2013
30.08.2013
07.03.2013
12.06.2012
30.06.2013
31.12.2012
30.06.2013
31.07.2013
31.03.2013
30.06.2013
31.12.2012
30.06.2013
30.04.2013
31.07.2013
30.06.2013
30.06.2013
30.06.2013
31.05.2013
31.07.2013
Date
6 month
12 month
6 month
12 month
6 month
12 month
Not Provided
3 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
n/a
n/a
Investment Advisor
n/a
Corporation
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
Date
29.08.2013
29.08.2013
29.08.2013
28.08.2013
26.08.2013
22.08.2013
15.08.2013
14.08.2013
13.08.2013
09.08.2013
09.08.2013
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
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
17.07.2013
15.02.2013
29.01.2013
23.01.2013
22.01.2013
24.10.2012
03.09.2013
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 (23.08.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAZ GY EQUITY YTD Change
SAZ GY EQUITY YTD % CHANGE
12/2012
06/yy
38.30
21.74
21'473.00
37.35
-2.48%
71.84%
93.21%
59.5
2'223.10
1'270.09
0.0
10.7
128.87
3'672.35
.6 M
15
10
.4 M
.2 M
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'837.5
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
s-13
0.92
59.08
70.02%
55.33%
0.916
25
3.840
298'490
265'056
257'979
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'006.6
2'174.3
482.0
563.0
1.77x
1.59x
5.40x
6.26x
397.6
446.1
91.7
102.0
9.23x
8.23x
166.2
204.7
42.3
47.7
13.25x
10.84x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.11
1.91
4.12
5.14
140.9%
58.2%
0.63
6.79
90.55
180.13
93.18
172.50
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
03.09.2013
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
VANGUARD
PICTET FUNDS
SKAGEN AS
UBS INVEST KAG
MACQUARIE GROUP
KBL RICHELIEU GESTIO
LBPAM
BANQUE DEGROOF
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst
UBS
Bankhaus Lampe
AlphaValue
Jefferies
Hamburger Sparkasse
DZ Bank AG
Nord/LB
Main First Bank AG
Helvea
Exane BNP Paribas
HSBC
Bankhaus Metzler
Natixis
Deutsche Bank
JPMorgan
Berenberg Bank
Kepler Cheuvreux
S&P Capital IQ
EVA Dimensions
KD Banka d.d.
GUILLAUME VAN RENTERGHEM

THERESA DICK
FABRICE FARIGOULE
JAMES VANE-TEMPEST
MARCO GUENTHER
DANIEL WENDORFF
THOMAS MAUL
THORSTEN STRAUSS
ULRICH HUWALD
MARCUS WIEPRECHT
ODILE RUNDQUIST
FLORENT CESPEDES
JAN KEPPELER
SEBASTIAN FRERICKS
IGOR KIM
PHILIPPE LANONE
HOLGER BLUM
DAVID J ADLINGTON
TIMO KUERSCHNER
SCOTT BARDO
OLIVER REINBERG
JACOB THRANE
TIMOTHY STANISH
MARTIN POSSIENKE
BOJAN IVANC
Source
ULT-AGG
ULT-AGG
Co File
Research
Research
ULT-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
ULT-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
reduce
underperform
hold
buy
buy
hold
hold
hold
outperform
buy
neutral
neutral
sell
buy
buy
buy
overweight
buy
buy
buy
strong buy
hold
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
996'387
1.67
928'768
1.56
655'000
1.1
(583'303) -0.98
549'000
0.92
358'784
0.6
353'457
0.59
349'622
0.59
300'500
0.5
284'709
0.48
259'231
0.44
224'400
0.38
218'500
0.37
211'858
0.36
202'000
0.34
Weighting
Change
5
5
2
1
3
5
5
3
3
3
5
5
3
3
1
5
5
5
5
5
5
5
5
3
3
5
N
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
Latest Chg
85'000
1'023
(100)
21'896
116'874
16'191
(20'000)
(9'509)
1'075
64'032
12'000
Target Price
43
41
38
27
#N/A N/A
44
42
38
42
38
45
42
38
41
24
40
42
40
42
37
40
42
42
#N/A N/A
20
28
File Dt
Inst Type
01.07.2013
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012
Investment Advisor
16.05.2013
Investment Advisor
24.05.2013
Government
30.08.2013
Investment Advisor
31.07.2013
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Unclassified
31.08.2012
Investment Advisor
24.08.2012
Investment Advisor
31.05.2013
Investment Advisor
28.06.2013
Investment Advisor
30.06.2013
Investment Advisor
28.02.2013
Investment Advisor
30.04.2013
Investment Advisor
28.03.2013
Investment Advisor
01.08.2013
Investment Advisor
Date
12 month
12 month
6 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
15 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Date
02.09.2013
02.09.2013
29.08.2013
23.08.2013
23.08.2013
21.08.2013
20.08.2013
19.08.2013
19.08.2013
19.08.2013
19.08.2013
15.08.2013
13.08.2013
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
06.06.2013
22.09.2011
29.09.2010
03.09.2013
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
726.00
29.6
-26.00%
17.00%
30.61%
11.7
347.73
8.64
0.0
0.0
13.58
341.55
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
.0 M
10
.0 M
5
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
s-13
0.53
6.81
-10.48%
-20.10%
0.529
9
2.556
7'289
10'629
13'507
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
132.4
150.0
2.58x
2.24x
24.3
28.8
14.26x
12.01x
15.6
18.9
22.09x
18.31x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
66.74
59.48
-0.30
0.40
9.4%
8.6%
1.04
7.22
52.94
225.73
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
03.09.2013
STRATEC Biomedical AG
Holdings By:
All
Holder Name
LEISTNER HERMANN
VANGUARD
FIL LIMITED
SEB
SCHRODER INVESTMENT
HARTFORD INVESTMENT
UBS
ACTIVEST MUNICH
BLACKROCK
THREADNEEDLE MANAGME
Firm Name
Berenberg Bank
Deutsche Bank
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
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
DANIEL WENDORFF
SCOTT BARDO
GUNNAR ROMER
VOLKER STOLL
MATHIEU CHABERT
SVEN OLAF KUERTEN
JAN KEPPELER
OLIVER REINBERG
TIMOTHY STANISH
Source
Co File
Research
Research
ULT-AGG
Research
Research
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
hold
hold
hold
neutral
sell
neutral
hold
sell
Amt Held
% Out
4'925'139 41.92
588'192
5.01
587'127
5
396'945
3.38
354'900
3.02
345'623
2.94
341'290
2.91
143'745
1.22
119'500
1.02
92'899
0.79
68'000
0.58
64'960
0.55
57'260
0.49
52'994
0.45
(51'540) -0.44
50'000
0.43
46'093
0.39
39'888
0.34
35'000
0.3
32'079
0.27
Weighting
Change
3
3
3
3
3
1
3
3
1
M
M
M
M
M
D
M
D
M
Latest Chg
9'201
28'869
(38'500)
(67'894)
(89'680)
(16'000)
1'182
(21'905)
1'834
28'149
(992)
26'079
Target Price
26
28
26
30
30
26
29
29
#N/A N/A
File Dt
31.12.2012
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
31.12.2012
30.06.2013
31.05.2013
28.03.2013
30.08.2013
28.03.2013
31.05.2013
31.05.2013
30.06.2013
30.06.2013
Date
6 month
Not Provided
12 month
Not Provided
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
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
28.08.2013
05.08.2013
24.07.2013
23.07.2013
16.07.2013
16.07.2013
15.07.2013
15.07.2013
06.06.2013
03.09.2013
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
40
45.0 M
35
40.0 M
30
35.0 M
30.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.10.2012)
52-Week Low (06.08.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SDF GY EQUITY YTD Change
SDF GY EQUITY YTD % CHANGE
12/2012
06/yy
39.80
15.02
1'245'307.00
18.59
-53.29%
23.77%
15.05%
191.4
3'558.13
1'265.80
0.0
3.6
786.80
3'921.43
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
15
15.0 M
10
10.0 M
5.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 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
Fiscal Year Ended

31.12.2008
4'794.4
1.40x
1'464.3
4.57x
870.9
7.57x
25.0 M
20
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'935.3
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
06/yy
3'625.3
8.05x
1'055.8
6.78x
590.9
13.22x
LTM
06/yy
3'655.5
7.68x
1'016.9
5.75x
606.8
10.61x
FY+1
.0 M
s-13
0.79
172.05
-50.38%
-44.64%
0.792
38
2.342
2'375'577
6'491'885
4'130'516
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
3'942.4
3'689.4
834.4
993.2
1.09x
1.31x
5.65x
4.67x
931.0
635.5
164.5
217.3
4.27x
6.26x
5.19x
5.10x
453.9
228.3
51.4
108.4
7.82x
14.96x
11.84x
12.04x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
03.09.2013
K+S AG
Holdings By:
All
Holder Name
MORGAN STANLEY
MERITUS TRUST CO LTD
GOLDMAN SACHS GROUP
PRUDENTIAL PLC
VIKING GLOBAL INVEST
BLACKROCK
DWS INVESTMENTS
ZBI EQUITIES LLC
VAN ECK ASSOCIATES C
NORGES BANK
PENNANT CAPITAL MANA
DEUTSCHE BANK AG
VANGUARD
BLUE RIDGE CAPITAL L
BROOKSIDE CAPITAL MA
MARSHALL WACE LLP
POINTSTATE CAPITAL
CITADEL EUROPE LLP
SOUTHPOINT CAPITAL A
VOLLERO BEACH CAPITA
Firm Name
AlphaValue
Bankhaus Lampe
Nomura
Scotia Capital
Deutsche Bank
Exane BNP Paribas
JPMorgan
HSBC
Main First Bank AG
Hauck & Aufhaeuser
Kepler Cheuvreux
BMO Capital Markets
Morgan Stanley
Nord/LB
Baader Bank
Macquarie
Equita SIM SpA
S&P Capital IQ
Liberum Capital Ltd
Barclays
Day by Day
Berenberg Bank
DZ Bank AG
Redburn Partners
UBS
Hamburger Sparkasse
Bankhaus Metzler
EVA Dimensions
National Bank AG
Societe Generale
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
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
JEREMY REDENIUS
EILEEN RYAN
LUTZ GRUETEN
OLIVER SCHWARZ
MARC GABRIEL
PATRICK LAMBERT
BEN ISAACSON
HEIDI VESTERINEN
BEN SCARLETT
JESKO MAYER-WEGELIN
THOMAS SWOBODA
NILS-PETER FITZL
MARTIN ROEDIGER
JOEL JACKSON
PETER MACKEY
THORSTEN STRAUSS
NORBERT BARTH
CHRISTIAN FAITZ
ULLE WORNER
MASSIMO BONISOLI
JACOB THRANE
SOPHIE JOURDIER
ANDREAS HEINE
VALERIE GASTALDY
JOHN PHILIPP KLEIN
HEINZ MUELLER
NEIL TYLER
JOE DEWHURST
MARCO GUENTHER
LARS HETTCHE
TIMOTHY STANISH
MICHAEL SCHAEFER
EKKEHARD D LINK
PETER CLARK
KLAUS SOER
Source
Research
Co File
ULT-AGG
ULT-AGG
Short
ULT-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
Short
ULT-AGG
ULT-AGG
Short
Short
Short
Short
Short
Short
Short
Recommendation
buy
underperform
buy
reduce
sell
hold
reduce
sector underperform
sell
underperform
underweight
underweight
underperform
sell
reduce
market perform
Underwt/In-Line
buy
sell
neutral
hold
hold
hold
sell
underweight
hold
sell
buy
sell
sell
hold
sell
buy
buy
buy
hold
sell
Amt Held
% Out
20'428'222 10.67
19'139'999
10
9'934'377
5.19
6'474'394
3.38
(5'971'680) -3.12
5'781'330
3.02
4'883'240
2.55
(3'540'900) -1.85
2'704'693
1.41
2'673'489
1.4
(2'526'480) -1.32
2'308'261
1.21
2'152'274
1.12
(2'028'840) -1.06
(1'971'420) -1.03
(1'741'740) -0.91
(1'722'600)
-0.9
(1'588'620) -0.83
(1'205'820) -0.63
(1'186'680) -0.62
Weighting
Change
5
1
5
2
1
3
2
1
1
1
1
1
1
1
2
3
1
5
1
3
3
3
3
1
1
3
1
5
1
1
3
1
5
5
5
3
1
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
D
M
D
D
U
M
M
M
M
Latest Chg
(10'025)
(3'902'586)
(95'700)
193'143
(248'820)
(5'980)
(229'680)
(121'789)
193'205
(497'640)
459'360
344'520
(114'840)
(114'840)
(210'540)
(133'980)
Target Price
22
15
23
14
15
19
18
16
13
16
14
17
20
15
18
18
11
24
15
24
18
19
19
15
17
#N/A N/A
14
23
#N/A N/A
16
#N/A N/A
17
#N/A N/A
47
52
41
25
File Dt
26.08.2013
31.12.2012
23.08.2013
30.06.2013
28.08.2013
30.08.2013
30.04.2013
08.08.2013
30.08.2013
31.12.2012
08.08.2013
28.06.2013
30.06.2013
16.08.2013
23.08.2013
22.08.2013
30.08.2013
26.08.2013
16.08.2013
26.08.2013
Date
12 month
12 month
6 month
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
3 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Other
Investment Advisor
Unclassified
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Hedge Fund Manager
Investment Advisor
Unclassified
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Unclassified
Hedge Fund Manager
Hedge Fund Manager
Date
02.09.2013
30.08.2013
29.08.2013
28.08.2013
28.08.2013
27.08.2013
27.08.2013
26.08.2013
22.08.2013
22.08.2013
21.08.2013
20.08.2013
20.08.2013
14.08.2013
14.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
12.08.2013
09.08.2013
06.08.2013
06.08.2013
31.07.2013
31.07.2013
30.07.2013
06.06.2013
23.05.2013
24.04.2013
12.11.2012
19.03.2010
03.09.2013
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
20'358.00
23.945
-30.15%
15.51%
22.55%
70.0
1'676.16
776.00
0.0
15.3
355.90
2'177.96
.6 M
15
.4 M
10
.2 M
5
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'709.1
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
s-13
0.60
26.13
-20.77%
-19.70%
0.605
19
1.368
81'609
81'658
119'593
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'651.4
1'775.5
415.0
459.3
1.36x
1.27x
4.88x
4.60x
115.5
195.6
34.6
39.1
18.82x
11.11x
15.50x
14.55x
(94.3)
34.9
(20.4)
(10.9)
46.59x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
03.09.2013
SGL Carbon SE
Holdings By:
All
Holder Name
KLATTEN SUSANNE
BAYERISCHE MOTOREN W
VOLKSWAGEN AG
VOITH AG
NORGES BANK
BLACKROCK
VANGUARD
SOCIETE GENERALE SA
PETERCAM SA
WARBURG INVEST
INVESCO LTD
SANTANDER ASSET MGMT
SGL CARBON SE
SANTANDER ASSET MANA
GENERALI INVESTMENTS
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
PETERCAM B FUND-PETE
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst

UBS
AlphaValue
S&P Capital IQ
Goldman Sachs
Nord/LB
JPMorgan
Bankhaus Lampe
Deutsche Bank
Baader Bank
Berenberg Bank
Kepler Cheuvreux
HSBC
Bankhaus Metzler
EVA Dimensions
Main First Bank AG
Hamburger Sparkasse
National Bank AG
YASMIN MOSCHITZ
SEBASTIAN UBERT
HEINZ STEFFEN
JOHNSON IMODE
AARON IBBOTSON
THORSTEN STRAUSS
GLEN H LIDDY
MARC GABRIEL
GUNNAR ROMER
CHRISTIAN OBST
ULLE WORNER
GUNNAR COHRS
JUERGEN SIEBRECHT
LARS HETTCHE
TIMOTHY STANISH
MARCO GUENTHER
KLAUS SOER
STEFFEN MANSKE
Source
Research
Research
Research
Research
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
MF-BEL
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
sell
sell
sell
Sell/Neutral
sell
underweight
sell
sell
hold
sell
sell
reduce
underweight
sell
sell
underperform
hold
sell
buy
Amt Held
19'067'298
11'155'115
7'085'000
6'485'862
1'204'415
405'015
280'154
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
10.12
9.27
1.72
0.58
0.4
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
3
1
1
1
1
1
1
1
1
3
1
1
2
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
67'532
(89'000)
2'371
(1'067)
(17'000)
-
Target Price
23
15
15
20
18
20
13
18
18
23
19
14
20
21
17
#N/A N/A
24
#N/A N/A
20
27
File Dt
31.03.2013
31.03.2013
10.08.2013
31.03.2013
31.12.2012
30.08.2013
30.06.2013
28.03.2013
28.03.2013
30.04.2013
07.06.2013
30.04.2013
31.05.2012
30.04.2012
30.08.2013
31.03.2013
31.12.2012
31.03.2013
30.04.2013
31.05.2013
Date
6 month
12 month
6 month
12 month
12 month
12 month
15 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
Not Provided
Inst Type
n/a
Corporation
Corporation
Corporation
Government
Investment Advisor
Unclassified
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
02.09.2013
30.08.2013
22.08.2013
19.08.2013
13.08.2013
12.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
01.08.2013
28.06.2013
28.06.2013
06.06.2013
30.04.2013
19.03.2013
09.11.2010
06.08.2009
03.09.2013
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
71.98
186'036.00
81.82
-4.32%
13.67%
72.10%
881.0
72'083.42
22'166.00
0.0
569.0
11'415.00
85'446.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
4.0 M
20
2.0 M
10
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
30.09.2012
78'296.0
1.00x
9'653.0
8.08x
4'458.0
13.50x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
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
s-13
0.94
771.11
15.55%
6.51%
0.935
38
3.842
1'817'990
2'176'666
2'473'892
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
76'578.7
79'152.7
20'662.4
18'579.5
1.12x
1.05x
4.25x
4.82x
8'487.5
10'916.3
1'650.0
2'418.0
10.05x
7.81x
8.79x
7.94x
4'437.7
6'057.6
1'103.8
1'397.0
15.30x
11.66x
11.73x
11.03x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
03.09.2013
Siemens AG
Holdings By:
All
Holder Name
BLACKROCK
SIEMENS FAMILY
QATAR HOLDINGS LLC
SIEMENS AG
NORGES BANK
VANGUARD
UBS
FRANKLIN RESOURCES
DEUTSCHE BANK AG
AMUNDI
FMR LLC
FIL LIMITED
ADIG INVESTMENT
Firm Name
Portfolio Name
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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
AlphaValue
HEINZ STEFFEN
HSBC
MICHAEL HAGMANN
Kepler Cheuvreux
EVA Dimensions
TIMOTHY STANISH
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
William Blair & Co
NICHOLAS P HEYMANN
Morgan Stanley
BEN UGLOW
Credit Suisse
SIMON TOENNESSEN
DZ Bank AG
JASKO TERZIC
Baader Bank
VOLKER STOLL
Barclays
JAMES STETTLER
Societe Generale
GAEL DE BRAY
Nord/LB
WOLFGANG DONIE
JPMorgan
ANDREAS WILLI
MARKUS FRIEBEL
Hamburger Sparkasse
MARCO GUENTHER
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
Natixis
ARNAUD SCHMIT
Spin-Off Research
TEAM COVERAGE
Day by Day
VALERIE GASTALDY
ROB VIRDEE
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
UBS
FREDRIC STAHL
SRH AlsterResearch
OLIVER DREBING
National Bank AG
EKKEHARD D LINK
Langenberg & Co
BRIAN KEITH LANGENBERG
Source
ULT-AGG
Research
Research
Research
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
reduce
neutral
buy
hold
add
market perform
Overwt/Cautious
outperform
hold
buy
hold
equalweight
hold
hold
neutral
hold
buy
hold
hold
neutral
outperform
buy
neutral/neutral
sector perform
buy
buy
buy
neutral
not rated
hold
hold
neutral
buy
buy
buy
hold
buy
Amt Held
58'843'315
54'852'206
27'758'338
26'820'674
20'908'158
13'033'963
8'328'025
7'482'100
5'673'495
5'157'549
4'687'449
4'270'658
4'142'935
3'426'663
3'293'940
2'833'265
2'554'623
1'943'534
1'649'067
1'582'208
% Out
6.68
6.23
3.15
3.04
2.37
1.48
0.95
0.85
0.64
0.59
0.53
0.48
0.47
0.39
0.37
0.32
0.29
0.22
0.19
0.18
Weighting
Change
2
3
5
3
4
3
5
5
3
5
3
3
3
3
3
3
5
3
3
3
5
5
3
3
5
5
5
3
#N/A N/A
3
3
3
5
5
5
3
5
M
M
M
U
M
M
M
M
M
M
D
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
Latest Chg
238'639
(192'774)
(93'650)
(1'112'700)
(200'368)
4'915'626
(697'189)
(30'856)
1'390
550'494
(2'053'090)
273'350
4'128
(214'452)
(890'381)
(11'030)
Target Price
86
90
100
#N/A N/A
84
83
92
92
83
90
90
84
88
85
92
82
83
80
88
#N/A N/A
93
95
80
83
87
95
92
83
#N/A N/A
83
#N/A N/A
78
87
85
89
68
97
File Dt
30.08.2013
10.11.2011
07.05.2012
08.10.2012
31.12.2012
30.06.2013
30.08.2013
30.06.2013
28.06.2013
31.07.2013
30.06.2013
28.06.2013
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.08.2013
31.12.2012
30.06.2013
30.04.2013
Date
6 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
15 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
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
n/a
Government
Corporation
Government
Unclassified
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
29.08.2013
28.08.2013
28.08.2013
26.08.2013
21.08.2013
09.08.2013
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
31.07.2013
31.07.2013
31.07.2013
31.07.2013
30.07.2013
30.07.2013
29.07.2013
17.07.2013
09.07.2013
15.05.2013
08.03.2013
15.02.2013
31.01.2013
23.01.2013
30.11.2012
12.10.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SKYD GY EQUITY YTD Change
SKYD GY EQUITY YTD % CHANGE
12/2012
06/yy
6.74
2.66
159'805.00
6.499
-3.55%
144.65%
94.17%
877.2
5'700.93
686.86
0.0
(0.1)
4.29
6'047.25
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'333.2
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
s-13
1.04
384.25
132.65%
57.28%
1.039
30
3.467
1'624'353
1'685'909
2'084'407
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'557.0
1'814.8
385.3
426.3
3.91x
3.36x
36.3
140.5
12.2
(22.4)
166.80x
43.16x
(117.0)
(22.8)
(19.0)
(65.1)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-0.39
-1.24
38.56
58.61
1632.5%
94.2%
1.16
7.38
17.75
7.91
75.75
-50.90
600.00
1'400.0
500.00
1'200.0
1'000.0
400.00
800.0
300.00
600.0
200.00
400.0
100.00
200.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
01.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
03.09.2013
Sky Deutschland AG
Holdings By:
All
Holder Name
TWENTY-FIRST CENTURY
ODEY ASSET MANAGEMEN
BAILLIE GIFFORD AND
TAUBE HODSON STONEX
NORGES BANK
CAPITA FINANCIAL MAN
TAUBE HODSON STONEX
BLACKROCK
PACIFIC LIFE INSURAN
AMERICAN CENTURY COM
VANGUARD
SKANDIA INVESTMENT M
Firm Name
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
AlphaValue
VERONIQUE CABIOC'H
Commerzbank Corporates & Markets SONIA RABUSSIER
RALPH SZYMCZAK
Nord/LB
HOLGER FECHNER
Credit Suisse
OMAR SHEIKH
UBS
POLO TANG
Macquarie
ANGUS TWEEDIE
Main First Bank AG
STEPHAN VOLLERT
Barclays
NATASHA BRILLIANT
Morgan Stanley
PATRICK WELLINGTON
HSBC
CHRISTOPHER JOHNEN
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
Hauck & Aufhaeuser
SASCHA BERRESCH
Bankhaus Lampe
WOLFGANG SPECHT
M.M. Warburg Investment Research JOCHEN REICHERT
MARCUS SILBE
MARK EVANS
JPMorgan
MARK O'DONNELL
Kepler Cheuvreux
CONOR O'SHEA
EVA Dimensions
CRAIG STERLING
KLAUS KRAENZLE
Sphene Capital
SUSANNE HASLER
Source
Research
Research
Research
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
sell
hold
sell
buy
outperform
buy
outperform
outperform
equalweight
Overwt/Attractive
overweight
sell
hold
sell
buy
buy
buy
hold
Buy/Neutral
sell
hold
hold
hold
buy
overweight
hold
sell
avoid
sell
Amt Held
% Out
466'566'947 53.19
88'360'698 10.07
26'216'746
2.99
26'065'457
2.97
19'322'016
2.2
16'844'408
1.92
12'924'590
1.47
9'431'167
1.08
8'136'303
0.93
(6'842'166) -0.78
6'782'390
0.77
6'554'804
0.75
4'679'317
0.53
4'603'737
0.52
(4'210'563) -0.48
3'637'302
0.41
3'440'000
0.39
2'797'000
0.32
2'659'092
0.3
2'453'120
0.28
Weighting
Change
1
3
1
5
5
5
5
5
3
5
5
1
3
1
5
5
5
3
5
1
3
3
3
5
5
3
1
1
1
M
M
D
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
U
D
M
M
M
Latest Chg
2'433'928
(364'360)
(260'980)
779'006
(1'862'000)
38'699
617'482
1'367'198
263'160
(261'030)
81'443
233'213
Target Price
4
6
5
8
9
7
8
7
6
8
8
6
6
4
8
8
7
6
8
2
6
5
6
6
5
5
#N/A N/A
2
1
File Dt
Inst Type
15.01.2013
Corporation
26.07.2013
Investment Advisor
07.08.2013
Investment Advisor
20.03.2013
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012
Government
28.02.2013
Investment Advisor
31.07.2013
Investment Advisor
30.06.2013
Investment Advisor
30.06.2013
Investment Advisor
30.08.2013
Investment Advisor
30.06.2013
Insurance Company
30.06.2013
Investment Advisor
31.05.2013
Investment Advisor
30.04.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Unclassified
28.03.2013
Investment Advisor
Date
6 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
3 month
Not Provided
Not Provided
12 month
12 month
Date
30.08.2013
28.08.2013
13.08.2013
12.08.2013
09.08.2013
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
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.08.2013
06.06.2013
15.04.2013
04.03.2013
17.01.2013
14.11.2012
23.04.2012
03.09.2013
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 (28.08.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SMHN GY EQUITY YTD Change
SMHN GY EQUITY YTD % CHANGE
12/2012
06/yy
10.34
6.51
10'278.00
6.904
-33.23%
6.05%
10.26%
19.1
131.97
4.27
0.0
0.0
36.59
112.46
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
3.43x
4.0
32.57x
(4.4)
0.00x
FY+1
.0 M
s-13
0.89
18.99
-9.10%
-18.20%
0.891
11
3.727
126'606
124'661
90'998
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
151.1
173.3
39.5
55.5
0.76x
0.63x
(2.2)
16.3
1.4
4.1
6.91x
(8.6)
7.3
(0.3)
1.6
17.57x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
26.67
22.14
-4.88
1.00
3.3%
3.2%
0.82
12.49
32.69
294.74
22.35
286.03
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
03.09.2013
Suss Microtec AG
Holdings By:
All
Holder Name
UBS
DEUTSCHE BANK AG
DWS INVESTMENTS
BLACKROCK
VONTOBEL ASSET MANAG
RUFFER LLP
SW MITCHELL CAPITAL
PIONEER INVESTMENTS
DNB ASSET MANAGEMENT
BLACKROCK ADVISORS U
MILLENNIUM PARTNERS
INVESTORS TFI SA
Firm Name
Bankhaus Lampe
Berenberg Bank
Kepler Cheuvreux
EVA Dimensions
Baader Bank
Deutsche Bank
Hauck & Aufhaeuser
DZ Bank AG
National Bank AG
Portfolio Name
n/a
n/a
Multiple Portfolios
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
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
KARSTEN ILTGEN
ADRIAN PEHL
#N/A N/A
BERND LAUX
ANDREW S ZAMFOTIS
MALTE SCHAUMANN
VEYSEL TAZE
UWE SCHUPP
HARALD SCHNITZER
SVEN PAULSEN
Source
ULT-AGG
ULT-AGG
MF-AGG
Research
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-PART
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
Short
Short
MF-AGG
Recommendation
hold
buy
buy
buy
underweight
buy
hold
buy
hold
buy
sell
buy
Amt Held
% Out
1'903'350
9.96
1'726'810
9.03
761'774
3.99
601'056
3.14
567'949
2.97
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
101'610
0.53
96'174
0.5
(93'666) -0.49
(93'666) -0.49
(93'595) -0.49
90'214
0.47
Weighting
Change
3
5
5
5
1
5
3
5
3
5
1
5
M
M
M
M
D
M
M
M
M
M
D
M
Latest Chg
(298'190)
(25'590)
(30'000)
45'000
55'400
8'300
(127)
7'646
1'911
1'910
90'214
Target Price
8
11
9
11
#N/A N/A
13
8
11
9
11
7
12
File Dt
Inst Type
22.08.2013
Unclassified
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
05.10.2012
Investment Advisor
30.08.2013
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
28.12.2012
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
30.06.2013
Investment Advisor
03.07.2013
Investment Advisor
09.04.2013
Investment Advisor
24.05.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Date
02.09.2013
29.08.2013
28.08.2013
20.08.2013
20.08.2013
09.08.2013
09.08.2013
08.08.2013
24.07.2013
24.07.2013
24.07.2013
10.06.2011
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SOW GY EQUITY YTD Change
SOW GY EQUITY YTD % CHANGE
12/2012
06/yy
35.45
22.34
39'045.00
23.21
-34.53%
3.89%
7.55%
86.9
2'017.35
266.01
0.0
0.8
315.64
2'101.94
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
s-12
o-12
n-12
d-12
j-13
f-13 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
Fiscal Year Ended

31.12.2008
720.6
1.69x
190.0
6.40x
115.9
9.88x
40
31.12.2009
31.12.2010
847.4
1'119.5
2.93x
2.94x
240.6
312.9
10.33x
10.52x
141.0
175.4
15.53x
17.77x
Profitability
LTM-4Q
31.12.2011
1'098.3
2.31x
304.5
8.33x
177.0
13.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'047.3
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
s-13
0.87
59.26
-15.45%
-26.45%
0.869
28
3.607
199'534
279'794
306'744
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'000.5
1'053.1
252.2
285.0
2.03x
1.81x
267.5
287.8
7.87x
7.32x
158.2
171.5
39.3
56.5
12.08x
10.90x
12.63x
12.43x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.09
22.04
0.31
1.34
25.1%
20.1%
0.57
15.53
102.99
0.14
47.30
55.85
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
03.09.2013
Software AG
Holdings By:
All
Holder Name
SOFTWARE AG STIFTUNG
FRANKLIN RESOURCES
FIL LIMITED
FMR LLC
ALKEN LUXEMBOURG SAR
SOFTWARE AG
DEUTSCHE BANK AG
AIKEN ASSET MGMT LLP
VANGUARD
NORGES BANK
SEB
MORTON HOLDINGS INC
Firm Name
Bryan Garnier & Cie
Main First Bank AG
Baader Bank
Morgan Stanley
Exane BNP Paribas
Matelan Research GmbH
Credit Suisse
Mirabaud Securities
Berenberg Bank
Societe Generale
Deutsche Bank
JPMorgan
Natixis
DZ Bank AG
Goldman Sachs
UBS
Barclays
Kepler Cheuvreux
Bankhaus Metzler
EVA Dimensions
Hamburger Sparkasse
HSBC
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
GREGORY RAMIREZ
THOMAS M BECKER
CHANDRAMOULI SRIRAMAN
KNUT WOLLER
ADAM WOOD
BRICE PRUNAS
ADRIAN HOPKINSON
CHARLES BRENNAN
SUSAN ANTHONY
DAUD KHAN
DERRIC MARCON
UWE SCHUPP
STACY E POLLARD
GWENAEL GIARD
HARALD SCHNITZER
MOHAMMED MOAWALLA
MICHAEL BRIEST
GERARDUS VOS
MIRKO MAIER
MARKUS FRIEBEL
ANDREAS WOLF
SEBASTIEN SZTABOWICZ
ULRICH TRABERT
ANDREW S ZAMFOTIS
MARCO GUENTHER
ANTONIN BAUDRY
NORBERT KALLIWODA
Source
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Research
Research
Research
ULT-AGG
Research
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Short
Recommendation
buy
add
underperform
buy
Equalwt/In-Line
outperform
neutral
underperform
buy
sell
buy
buy
underweight
reduce
buy
neutral/attractive
buy
overweight
buy
buy
hold
reduce
buy
hold
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
2'624'971
3.02
2'607'522
3
2'607'522
3
2'607'522
3
2'591'127
2.98
2'396'382
2.76
1'732'994
1.99
1'580'000
1.82
959'832
1.1
891'850
1.03
816'423
0.94
652'697
0.75
(617'114) -0.71
Weighting
Change
5
4
1
5
3
5
3
1
5
1
5
5
1
2
5
3
5
5
5
5
3
2
5
3
3
3
5
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
U
M
D
N
Latest Chg
(86'115)
(315'000)
166'128
25'000
(12'600)
(70'349)
-
Target Price
30
31
23
32
25
31
39
23
35
21
34
32
27
26
29
27
28
28
33
30
26
27
33
#N/A N/A
#N/A N/A
33
36
File Dt
28.02.2013
28.02.2013
28.06.2013
10.05.2013
30.04.2013
02.08.2013
09.04.2013
06.08.2013
28.06.2013
31.12.2012
31.12.2012
14.05.2013
30.06.2013
31.12.2012
28.03.2013
31.07.2013
28.03.2013
30.06.2013
31.07.2013
27.06.2013
Date
6 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
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
Investment Advisor
Other
Unclassified
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Date
02.09.2013
29.08.2013
28.08.2013
22.08.2013
20.08.2013
16.08.2013
15.08.2013
13.08.2013
07.08.2013
05.08.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
29.07.2013
26.07.2013
26.07.2013
26.07.2013
25.07.2013
25.07.2013
25.07.2013
25.07.2013
28.06.2013
13.06.2013
13.02.2013
30.01.2013
11.01.2013
03.09.2013
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
17'677.00
38.45
-11.10%
24.43%
65.26%
98.9
3'804.24
705.10
0.0
365.6
254.10
4'601.84
2.0 M
1.5 M
15
1.0 M
10
.5 M
5
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'310.3
1.21x
610.5
6.56x
238.1
13.40x
610.50
443.50
13.40%
12.13%
5.11%
12.82%
0.73%
17.9%
12.9%
7.2%
1.01
0.79
14.66%
37.36%
7.24
-
Price/ Cash Flow
06/yy
3'279.8
4.78x
603.3
6.74x
264.7
12.15x
LTM
06/yy
3'317.2
4.83x
594.1
6.79x
231.6
13.98x
FY+1
.0 M
s-13
0.72
36.13
11.18%
25.28%
0.723
19
3.632
193'426
332'672
240'228
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
3'387.6
3'156.3
793.0
912.0
1.35x
1.36x
585.3
574.7
158.0
166.0
7.88x
8.02x
7.83x
7.83x
249.0
256.2
14.49x
14.60x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.53
9.13
0.72
1.15
37.4%
23.8%
0.73
4.89
50.41
-
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
03.09.2013
Axel Springer AG
Holdings By:
All
Holder Name
AXEL SPRINGER GESELL
SPRINGER FRIEDE
DOEPFNER MATHIAS
COLMAR INVESTMENT HO
DEUTSCHE BANK AG
CADIAN CAPITAL MANAG
NORGES BANK
BLACKROCK
SEB
BANQUE DE LUXEMBOURG
MAVERICK CAPITAL LTD
VANGUARD
LUXOR CAPITAL GROUP
DWS INVESTMENTS
SCHRODER INVESTMENT
CAPITAL AT WORK INTE
EVLI FUND MANAGEMENT
FMR LLC
Firm Name
AlphaValue
Morgan Stanley
Nord/LB
Societe Generale
JPMorgan
Bankhaus Lampe
Bankhaus Metzler
Berenberg Bank
Barclays
Deutsche Bank
Kepler Cheuvreux
DZ Bank AG
Goldman Sachs
HSBC
EVA Dimensions
Hammer Partners SA
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
JOCHEN REICHERT
VERONIQUE CABIOC'H
CHRISTOPHER SELLERS
HOLGER FECHNER
MARCUS SILBE
LAURENT PICARD
NICOLAS J DUBOURG
STEFAN WIMMER
SARAH SIMON
NICK DEMPSEY
MARK BRALEY
STEFAN BORSCHEID
ANDREA BENEVENTI
SONIA RABUSSIER
HARALD HEIDER
VIGHNESH PADIACHY
CHRISTOPHER JOHNEN
CRAIG STERLING
STEPHAN SEIP
MARTIN POSSIENKE
Source
Co File
Co File
MF-AGG
Co File
Research
ULT-AGG
Short
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Short
ULT-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
reduce
Underwt/Attractive
buy
hold
hold
neutral
buy
buy
hold
equalweight
buy
Under Review
reduce
hold
buy
neutral/neutral
overweight
hold
buy
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
1'009'328
1.02
505'069
0.51
500'000
0.51
(465'018) -0.47
464'097
0.47
(455'124) -0.46
434'392
0.44
301'387
0.3
294'463
0.3
275'850
0.28
255'294
0.26
233'979
0.24
Weighting
5
2
1
5
3
3
3
5
5
3
3
5
#N/A N/A
2
3
5
3
5
3
5
5
Change
U
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
U
D
M
M
Latest Chg
228'109
(29'682)
(20'664)
4'165
79'152
36'843
118'728
60'447
18'292
83'031
10'000
66'908
195'000
Target Price
43
39
36
45
40
39
40
45
44
42
42
46
#N/A N/A
34
35
46
42
47
#N/A N/A
52
45
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
31.12.2012
Government
30.08.2013
Investment Advisor
28.03.2013
Unclassified
31.07.2013
Unclassified
30.06.2013
Unclassified
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
31.07.2013
Investment Advisor
28.06.2013
Investment Advisor
31.07.2013
Investment Advisor
Date
12 month
6 month
12 month
12 month
12 month
12 month
15 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
29.08.2013
29.08.2013
20.08.2013
14.08.2013
13.08.2013
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
31.07.2013
30.07.2013
29.07.2013
29.07.2013
26.07.2013
26.07.2013
02.05.2011
03.09.2013
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.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.03.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SRT3 GY EQUITY YTD Change
SRT3 GY EQUITY YTD % CHANGE
Price/Volume
12/2011
06/yy
91.25
51.42
771.00
81.82
-10.33%
59.12%
76.78%
9.4
1'533.64
343.32
70.0
39.55
1'951.64
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
o-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
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
n-12
d-12
j-13
LTM
06/yy
864.8
7.99x
192.7
10.52x
53.3
27.65x
f-13 m-13
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.65
8.52
55.27%
23.24%
0.645
9
3.333
7'712
10'652
10'869
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
903.3
962.6
2.11x
1.93x
173.0
190.9
11.28x
10.23x
65.9
75.8
20.49x
17.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.16
8.58
1.78
1.97
102.9%
46.0%
0.82
4.11
52.46
108.70
54.95
91.38
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
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
s-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
03.09.2013
Sartorius AG
Holdings By:
All
Holder Name
SARTORIUS AG
FMR LLC
DEUTSCHE BANK AG
FIL LIMITED
DWS INVESTMENTS
NORGES BANK
VANGUARD
LBPAM
JP MORGAN
BLACKROCK
ROTHSCHILD & COMPAGN
GOLDMAN SACHS GROUP
Firm Name
Bankhaus Lampe
Berenberg Bank
Kepler Cheuvreux
Nord/LB
Deutsche Bank
HSBC
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
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
THERESA DICK
SCOTT BARDO
DANIEL WENDORFF
OLIVER REINBERG
VOLKER SACK
BENJAMIN GOY
HENDRIK LOFRUTHE
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
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
buy
reduce
hold
hold
hold
neutral
buy
underweight
buy
Amt Held
840'983
356'759
230'500
215'274
203'380
138'909
95'325
80'000
68'690
57'605
55'488
52'250
50'957
48'678
40'806
40'200
35'773
35'500
33'955
32'700
% Out
8.98
3.81
2.46
2.3
2.17
1.48
1.02
0.85
0.73
0.62
0.59
0.56
0.54
0.52
0.44
0.43
0.38
0.38
0.36
0.35
Weighting
Change
5
5
2
3
3
3
3
5
1
5
M
M
M
M
M
M
M
M
M
M
Latest Chg
(48'963)
(70'500)
(41'649)
(13'964)
(2'470)
(16'792)
4'061
(8'043)
(18'911)
8'300
(2'000)
(6'656)
7'195
6'700
Target Price
100
92
79
80
80
77
90
88
#N/A N/A
#N/A N/A
File Dt
31.12.2010
31.07.2013
28.06.2013
31.10.2012
30.06.2013
30.06.2013
30.04.2013
30.04.2013
31.12.2012
30.06.2013
30.06.2013
28.03.2013
30.04.2013
30.08.2013
30.06.2013
31.01.2013
31.07.2013
31.05.2013
30.06.2013
30.06.2013
Date
12 month
Not Provided
6 month
Not Provided
12 month
12 month
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
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.09.2013
29.08.2013
28.08.2013
06.08.2013
30.07.2013
23.07.2013
23.07.2013
01.07.2013
06.06.2013
14.07.2011
03.09.2013
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
.8 M
25
12/2012
06/yy
35.73
24.86
14'991.00
33.295
-6.80%
33.93%
80.26%
118.2
3'934.58
561.70
0.0
0.0
117.45
4'494.34
.6 M
15
.4 M
10
.2 M
5
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'734.9
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
7.25x
332.6
10.11x
155.8
18.15x
LTM
06/yy
1'798.1
8.71x
356.1
11.88x
167.4
21.87x
FY+1
.0 M
s-13
0.65
107.65
26.65%
25.25%
0.651
26
2.615
128'008
139'899
182'922
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'843.4
1'941.1
473.0
435.2
2.40x
2.24x
377.8
403.8
98.8
86.8
11.91x
11.15x
190.3
211.1
51.4
39.8
20.39x
18.49x
19.19x
18.81x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
8.55
7.25
1.57
1.89
64.1%
39.1%
0.82
4.15
71.04
122.40
47.60
136.39
25.00
2'000.0
1'800.0
1'600.0
20.00
1'400.0
15.00
1'200.0
10.00
1'000.0
800.0
600.0
400.0
5.00
200.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
01.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
03.09.2013
Symrise AG
Holdings By:
All
Holder Name
PRUDENTIAL PLC
GERBERDING VERMOGENS
MONDRIAN INVESTMENT
FRANKLIN RESOURCES
JAHR GMBH
STANDARD LIFE INVEST
SCHRODERS PLC
NORGES BANK
VANGUARD
BLACKROCK
FIL LIMITED
PACIFIC LIFE INSURAN
Firm Name
Goldman Sachs
Bankhaus Metzler
AlphaValue
Deutsche Bank
Exane BNP Paribas
DZ Bank AG
Morgan Stanley
Baader Bank
UBS
Hamburger Sparkasse
Bankhaus Lampe
Kepler Cheuvreux
Main First Bank AG
Nord/LB
Nomura
HSBC
JPMorgan
EVA Dimensions
Liberum Capital Ltd
Berenberg Bank
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
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RAKESH PATEL
LARS HETTCHE
MARTIN SCHNEE
HEIDI VESTERINEN
ULLE WORNER
NADESHDA DEMIDOVA
THOMAS MAUL
ERIK SJOGREN
NORBERT BARTH
THOMAS GILBERT
MARCO GUENTHER
HEIKO FEBER
CHRISTOPHER LADNER
THOMAS SWOBODA
YASMIN MOSCHITZ
THORSTEN STRAUSS
PATRICK LAMBERT
JESKO MAYER-WEGELIN
MARTIN EVANS
TIMOTHY STANISH
ADAM COLLINS
JAIDEEP PANDYA
JACK GORMAN
STEFFEN MANSKE
Source
ULT-AGG
Research
ULT-AGG
Research
ULT-AGG
Research
Research
Research
Research
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral/neutral
sell
sell
hold
outperform
hold
sell
buy
hold
Equalwt/In-Line
hold
sell
sell
hold
hold
underperform
hold
buy
neutral
underweight
neutral
overweight
hold
hold
outperform
buy
Amt Held
17'700'530
6'924'955
5'972'748
3'727'760
3'667'208
3'600'000
3'544'740
3'502'220
3'495'642
2'723'159
2'126'451
2'035'138
1'879'491
1'498'178
1'394'691
1'270'707
862'447
803'515
767'000
617'282
% Out
14.98
5.86
5.05
3.15
3.1
3.05
3
2.96
2.96
2.3
1.8
1.72
1.59
1.27
1.18
1.08
0.73
0.68
0.65
0.52
Weighting
Change
3
1
1
3
5
3
1
5
3
3
3
1
1
3
3
1
3
5
3
1
3
5
3
3
5
5
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
(3'686)
(17'500)
116'715
(111'134)
(10'477)
(965'597)
(254'387)
(25'000)
(168'209)
106'031
-
Target Price
36
30
30
33
37
34
26
38
37
32
34
27
#N/A N/A
35
35
34
30
40
34
25
31
#N/A N/A
33
32
#N/A N/A
25
File Dt
Inst Type
03.09.2012
Unclassified
30.11.2012
n/a
28.06.2013
Investment Advisor
07.08.2013
Investment Advisor
01.04.2012
Other
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
Unclassified
30.08.2013
Investment Advisor
31.12.2012
Investment Advisor
30.04.2013
Investment Advisor
31.05.2013
Investment Advisor
31.05.2013
Investment Advisor
30.06.2013
Insurance Company
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
Date
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
12 month
Not Provided
3 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
30.08.2013
30.08.2013
29.08.2013
22.08.2013
22.08.2013
15.08.2013
13.08.2013
13.08.2013
12.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
07.08.2013
07.08.2013
07.08.2013
11.07.2013
07.06.2013
06.06.2013
08.05.2013
15.04.2013
21.06.2012
09.11.2010
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SZG GY EQUITY YTD Change
SZG GY EQUITY YTD % CHANGE
12/2012
06/yy
41.56
24.54
23'469.00
29.55
-28.89%
20.44%
27.97%
60.1
1'775.87
770.30
0.0
8.2
1'011.10
1'722.67
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
15
10
1.0 M
.5 M
0
s-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
31.12.2011
9'839.5
0.19x
602.9
3.02x
233.0
8.96x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
10'397.2
0.18x
416.2
4.56x
(102.0)
416.20
61.20
0.59%
-0.28%
-4.42%
-10.88%
1.12%
3.7%
-1.7%
-1.0%
2.64
1.31
8.63%
21.19%
5.61
-
Price/ Cash Flow
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-13
LTM-4Q
LTM
06/yy
10'444.5
0.64x
474.1
2.96x
115.4
15.33x
06/yy
9'996.0
0.61x
370.9
3.54x
(394.4)
0.00x
FY+1
.0 M
s-13
1.14
38.16
2.46%
-24.44%
1.141
33
2.515
192'510
338'684
356'112
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
9'854.4
10'181.3
2'347.3
2'429.4
0.22x
0.21x
1.10x
1.14x
246.8
507.5
50.8
96.2
7.01x
3.41x
(265.9)
32.3
(46.1)
15.1
27.69x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.40
1.01
-0.16
2.07
21.2%
17.5%
1.12
4.14
65.08
-
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
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
12'499.2
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
03.09.2013
Salzgitter AG
Holdings By:
All
Holder Name
STATE OF LOWER SAXON
SALZGITTER AG
BLACKROCK
NORGES BANK
MAINFIRST SICAV
SEB
SPARINVEST
VANGUARD
TT INTERNATIONAL INV
MARSHALL WACE LLP
INVESCO LTD
DEUTSCHE BANK AG
Firm Name
Exane BNP Paribas
BHF-Bank
AlphaValue
Nomura
Bankhaus Lampe
EVA Dimensions
Morgan Stanley
Goldman Sachs
Macquarie
Deutsche Bank
Nord/LB
UBS
Jefferies
DZ Bank AG
Societe Generale
Baader Bank
HSBC
Bankhaus Metzler
Kepler Cheuvreux
Steubing AG
S&P Capital IQ
JPMorgan
Credit Suisse
Main First Bank AG
Davy
Hamburger Sparkasse
Cyrrus
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
SYLVAIN BRUNET
HERMANN REITH
HANS-PETER WODNIOK
NEIL SAMPAT
MARC GABRIEL
TIMOTHY STANISH
ALEXANDER HAISSL
STEPHEN BENSON
DANIEL LURCH
SVEN DIERMEIER
BJOERN VOSS
STEFAN FREUDENREICH
BASTIAN SYNAGOWITZ
HOLGER FECHNER
CARSTEN RIEK
SETH ROSENFELD
JENS MUENSTERMANN
DIRK SCHLAMP
ABHISHEK SHUKLA
CHRISTIAN OBST
THORSTEN ZIMMERMANN
LARS HETTCHE
ROCHUS BRAUNEISER
MICHAEL BROEKER
JOHNSON IMODE
ALESSANDRO ABATE
JAMES GURRY
TIM CAHILL
INGO SCHMIDT
JIRI SIMARA
Source
Co File
Co File
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Short
Short
Short
MF-AGG
Short
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
reduce
underperform
overweight
sell
reduce
hold
underweight
Underwt/Cautious
Buy/Neutral
underperform
sell
hold
buy
hold
sell
neutral
hold
hold
sell
sell
hold
underweight
sell
buy
sell
sell
neutral
outperform
outperform
underperform
hold
buy
Amt Held
% Out
15'925'705
26.5
6'009'700
10
1'860'946
3.1
1'093'092
1.82
1'052'832
1.75
944'095
1.57
800'716
1.33
714'077
1.19
399'150
0.66
(318'514) -0.53
(300'485)
-0.5
(288'466) -0.48
286'500
0.48
(282'456) -0.47
243'092
0.4
195'981
0.33
180'000
0.3
149'800
0.25
138'500
0.23
102'372
0.17
Weighting
Change
2
1
5
1
2
3
1
1
5
1
1
3
5
3
1
3
3
3
1
1
3
1
1
5
1
1
3
5
5
1
3
5
M
M
M
M
M
M
D
D
M
M
M
M
U
M
M
M
M
M
M
D
M
M
M
M
N
M
D
M
M
M
M
M
Latest Chg
112'307
287'474
200'000
(36'365)
12'019
(163'900)
24'039
(169'232)
(2'838)
(2'080)
38'700
(752)
-
Target Price
24
26
40
15
25
32
#N/A N/A
26
31
24
23
29
36
32
22
31
28
28
24
24
30
25
20
35
31
24
32
42
32
#N/A N/A
#N/A N/A
57
File Dt
Inst Type
31.12.2012
Government
31.12.2012
Corporation
19.06.2013
Investment Advisor
30.08.2013
Investment Advisor
31.12.2012
Government
28.02.2013
Investment Advisor
28.03.2013
Unclassified
31.07.2013
Investment Advisor
30.06.2013
Unclassified
04.04.2013
Investment Advisor
28.03.2013
Investment Advisor
30.08.2013
Investment Advisor
30.11.2012
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
Date
6 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
02.09.2013
30.08.2013
29.08.2013
29.08.2013
27.08.2013
26.08.2013
21.08.2013
20.08.2013
20.08.2013
16.08.2013
16.08.2013
16.08.2013
16.08.2013
15.08.2013
15.08.2013
15.08.2013
15.08.2013
15.08.2013
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
29.07.2013
29.07.2013
10.07.2013
03.04.2013
30.01.2012
03.09.2013
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 (03.09.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SZU GY EQUITY YTD Change
SZU GY EQUITY YTD % CHANGE
02/2013
05/yy
34.34
22.94
588'573.00
23.205
-32.43%
1.18%
14.80%
204.2
4'738.07
1'779.40
0.0
782.8
589.00
6'976.57
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
s-12
o-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
1'248.20
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
n-12
d-12
j-13
f-13 m-13
LTM
05/yy
8'022.5
3.98x
1'217.5
6.21x
504.1
10.03x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.43
79.26
-9.81%
-22.26%
0.428
20
3.700
229'846
346'396
450'214
FY+2
FQ+1
FQ+2
02/14 Y
02/15 Y
08/13 Q2 11/13 Q3
7'970.8
7'996.1
2'051.0
2'099.0
0.78x
0.75x
1'099.2
1'089.0
6.33x
6.39x
467.6
456.5
10.19x
10.45x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
-
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
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
03.09.2013
Suedzucker AG
Holdings By:
All
Holder Name
ZUCKER INVEST GMBH
BLACKROCK
OVERLAND ADVISORS LL
NORGES BANK
VANGUARD
PRINCIPAL FINANCIAL
CREDIT SUISSE FUND S
DEXIA ASSET MANAGEME
BANQUE DEGROOF
CREDIT SUISSE AG
FEDERAL GESTION
SCHRODER INVESTMENT
STATE STREET
Firm Name
Mirabaud Securities
Bankhaus Lampe
HSBC
Nord/LB
Goldman Sachs
Bankhaus Metzler
Hauck & Aufhaeuser
DZ Bank AG
Barclays
EVA Dimensions
Exane BNP Paribas
Berenberg Bank
Kepler Cheuvreux
Deutsche Bank
Davy
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
JULIAN LAKIN
MARC GABRIEL
JESKO MAYER-WEGELIN
OLIVER SCHWARZ
BERND MUELL
WOLFGANG VASTERLING
ROSIE EDWARDS
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
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-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
2'075'634
1.02
(1'893'536) -0.93
1'554'379
0.76
900'655
0.44
445'720
0.22
415'286
0.2
375'004
0.18
372'909
0.18
361'227
0.18
343'070
0.17
324'350
0.16
284'437
0.14
280'023
0.14
277'501
0.14
257'428
0.13
254'152
0.12
253'677
0.12
249'965
0.12
237'455
0.12
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
1'251
(7'359)
436'807
84'621
90'020
46'300
(4'716)
(47'100)
280'023
(1'321)
141'431
(2'807)
(8'879)
(6'251)
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
File Dt
Inst Type
01.02.2013
Investment Advisor
30.08.2013
Investment Advisor
31.12.2012
Government
30.06.2013
Unclassified
31.07.2013
Investment Advisor
31.05.2013
Investment Advisor
28.06.2013
Investment Advisor
01.08.2013
Investment Advisor
31.05.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Government
30.04.2013
Investment Advisor
31.07.2013
Investment Advisor
30.06.2013
Investment Advisor
30.04.2013
Investment Advisor
31.07.2013
Investment Advisor
30.08.2013
Investment Advisor
31.05.2012
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
03.09.2013
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 (03.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TEG GY EQUITY YTD Change
TEG GY EQUITY YTD % CHANGE
12/2012
06/yy
9.70
7.55
61'948.00
8.947
-7.78%
18.49%
63.04%
130.8
1'169.95
2'390.68
0.0
20.3
55.75
3'441.75
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
o-12
n-12
d-12
j-13
f-13 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
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
s-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
396.0
9.08x
287.2
12.52x
179.1
5.05x
287.20
285.26
47.37%
51.25%
2.59%
9.31%
2.73%
0.10%
65.2%
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
328.5
40.60x
214.1
15.72x
89.1
10.58x
FY+1
.0 M
s-13
0.55
123.69
20.29%
-2.95%
0.546
17
3.471
325'472
349'018
348'006
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
267.1
278.7
66.5
67.2
13.19x
12.62x
180.6
193.3
19.06x
17.81x
77.3
94.4
15.0
31.5
16.03x
13.00x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.94
2.81
10.51
10.79
210.4%
67.4%
0.10
-
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
03.09.2013
TAG Immobilien AG
Holdings By:
All
Holder Name
RUFFER LLP
DEUTSCHE BANK AG
BLACKROCK
VERSORGUNGSANSTALT D
TAUBE HODSON STONEX
DWS INVESTMENT GMBH
DEUTSCHE ASSET MGMT
THREADNEEDLE ASSET M
LLOYDS BANKING GROUP
SKAGEN AS
UBS
SCOTTISH WIDOWS
TAUBE HODSON STONEX
DWS INVESTMENTS
PETERCAM SA
Firm Name
Morgan Stanley
Berenberg Bank
Nord/LB
Bankhaus Lampe
Baader Bank
S&P Capital IQ
ABN Amro Bank N.V.
Barclays
EVA Dimensions
Kepler Cheuvreux
DZ Bank AG
Kempen & Co
Portfolio Name
n/a
n/a
n/a
FVS STRATEGIE SICAVn/a
n/a
n/a
n/a
n/a
#N/A N/A
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BIANCA RIEMER
KAI MALTE KLOSE
TORSTEN KLINGNER
MICHAEL SEUFERT
THOMAS ROTHAEUSLER
GEORG KANDERS
ANDRE REMKE
MANUEL MARTIN
WILLIAM HOWLETT
MICHIEL DE JONGE
AARON GUY
DOUG WALTERS
THOMAS NEUHOLD
KARSTEN OBLINGER
ULF VON LENGERICH
THOMAS VAN DER MEIJ
Source
ULT-AGG
Co File
ULT-AGG
MF-PART
ULT-AGG
Research
Research
Research
Research
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Underwt/Attractive
buy
hold
hold
buy
buy
hold
buy
buy
hold
overweight
sell
buy
sell
buy
neutral
Amt Held
23'993'328
19'610'701
9'085'714
8'595'156
7'689'157
7'079'834
6'960'665
6'907'633
6'412'352
3'911'100
3'904'864
2'817'627
2'424'243
1'895'925
1'854'901
1'748'441
1'503'821
1'365'540
1'291'408
1'184'631
% Out
18.35
15
6.95
6.57
5.88
5.41
5.32
5.28
4.9
2.99
2.99
2.15
1.85
1.45
1.42
1.34
1.15
1.04
0.99
0.91
Weighting
Change
1
5
3
3
5
5
3
5
5
3
5
1
5
1
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
445'470
(7'300)
(56'994)
267'994
142'282
(1'006'529)
291'400
(110'000)
-
Target Price
7
11
9
9
11
10
10
11
10
10
12
#N/A N/A
11
9
10
10
File Dt
11.07.2013
31.12.2012
28.06.2013
30.06.2013
30.08.2013
21.08.2013
24.06.2013
20.08.2013
16.08.2013
27.08.2013
11.01.2013
31.05.2013
31.07.2013
31.05.2013
28.02.2013
28.03.2013
31.05.2013
31.07.2013
30.04.2013
30.04.2013
Date
12 month
Not Provided
12 month
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
28.08.2013
19.08.2013
16.08.2013
13.08.2013
12.08.2013
09.08.2013
08.08.2013
08.08.2013
08.08.2013
08.08.2013
11.07.2013
06.06.2013
06.05.2013
19.04.2013
18.04.2013
14.01.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TKA GY EQUITY YTD Change
TKA GY EQUITY YTD % CHANGE
09/2012
06/yy
19.25
13.11
1'305'413.00
15.96
-17.09%
21.74%
51.38%
514.5
8'211.25
7'185.00
0.0
967.0
2'510.00
12'322.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
2.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 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
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
30.09.2012
40'124.0
0.35x
2'576.0
5.52x
(4'668.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
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
06/yy
40'672.0
1.47x
3'803.0
3.48x
(2'855.0)
4.49x
06/yy
36'347.0
1.45x
2'230.0
5.34x
(4'713.0)
0.00x
FY+1
.0 M
s-13
1.16
371.32
0.06%
-10.14%
1.161
35
3.314
2'620'366
3'198'803
3'423'488
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
37'122.5
38'458.7
9'491.2
9'315.5
0.38x
0.38x
1.48x
1.58x
1'872.7
2'451.4
517.8
600.0
6.58x
5.02x
5.31x
5.13x
(381.0)
537.6
80.6
91.5
14.31x
16.68x
12.37x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
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
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
03.09.2013
ThyssenKrupp AG
Holdings By:
All
Holder Name
ALFRIED KRUPP VON BO
BLACKROCK
UBS
FRANKLIN RESOURCES
NORGES BANK
JANUS CAPITAL MANAGE
VANGUARD
MARSHALL WACE LLP
AMUNDI
ADIG INVESTMENT
INSTITUTIONAL CAPITA
INVESCO LTD
FORTIS INVESTMENT MG
STATE STREET
CREDIT SUISSE AG
Firm Name
Bankhaus Lampe
Exane BNP Paribas
AlphaValue
Jefferies
Nomura
Nord/LB
EVA Dimensions
Main First Bank AG
DZ Bank AG
Societe Generale
Deutsche Bank
BHF-Bank
RBC Capital Markets
Credit Suisse
JPMorgan
HSBC
Macquarie
Kepler Cheuvreux
Steubing AG
S&P Capital IQ
VTB Capital
UBS
Baader Bank
Day by Day
Davy
Bankhaus Metzler
National Bank AG
Hamburger Sparkasse
Goldman Sachs
Cyrrus
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
STEFAN FREUDENREICH
MARC GABRIEL
SYLVAIN BRUNET
HANS-PETER WODNIOK
SETH ROSENFELD
NEIL SAMPAT
SVEN DIERMEIER
HOLGER FECHNER
TIMOTHY STANISH
DIRK SCHLAMP
ALAIN WILLIAM
BASTIAN SYNAGOWITZ
HERMANN REITH
TIMOTHY HUFF
MICHAEL SHILLAKER
ALESSANDRO ABATE
THORSTEN ZIMMERMANN
JEFFREY LARGEY
JENS MUENSTERMANN
BJOERN VOSS
ROCHUS BRAUNEISER
MICHAEL BROEKER
JOHNSON IMODE
WIKTOR BIELSKI
CARSTEN RIEK
CHRISTIAN OBST
VALERIE GASTALDY
TIM CAHILL
LARS HETTCHE
EKKEHARD D LINK
INGO SCHMIDT
STEPHEN BENSON
JIRI SIMARA
Source
Co File
ULT-AGG
ULT-AGG
ULT-AGG
Research
ULT-AGG
ULT-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
hold
buy
buy
neutral
sell
buy
neutral
sell
sell
overweight
outperform
sell
hold
hold
market weight
sector perform
outperform
overweight
overweight
outperform
hold
hold
reduce
buy
hold
hold
sell
buy
hold
outperform
sell
buy
sell
not rated
accumulate
Amt Held
% Out
130'320'067 25.33
38'679'294
7.52
32'884'002
6.39
26'046'328
5.06
12'848'471
2.5
9'017'500
1.75
4'457'975
0.87
4'009'858
0.78
(3'138'383) -0.61
1'709'400
0.33
1'205'497
0.23
1'018'052
0.2
1'002'630
0.19
933'970
0.18
813'504
0.16
790'686
0.15
693'496
0.13
630'150
0.12
593'014
0.12
567'750
0.11
Weighting
3
5
5
3
1
5
3
1
1
5
5
1
3
3
3
3
5
5
5
5
3
3
2
5
3
3
1
5
3
5
1
5
1
#N/A N/A
4
Change
M
M
M
M
M
M
D
M
M
D
M
D
M
M
M
M
M
M
M
M
M
M
D
M
M
M
D
M
M
M
M
M
M
M
M
Latest Chg
678
(738'557)
443'325
79'591
8'408
(308'693)
160'000
968'786
(207'900)
107'573
215'460
123'746
(542'135)
(5'999)
(3'157)
(14'150)
Target Price
18
18
19
15
13
21
16
16
13
#N/A N/A
22
15
19
18
16
17
24
19
20
22
15
17
14
19
17
18
16
25
#N/A N/A
#N/A N/A
14
19
#N/A N/A
#N/A N/A
24
File Dt
Inst Type
30.09.2012
n/a
30.08.2013
Investment Advisor
15.08.2013
Unclassified
28.06.2013
Investment Advisor
12.01.2012
Government
31.03.2013
Investment Advisor
30.06.2013
Unclassified
28.03.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
30.04.2013
Investment Advisor
30.06.2013
Investment Advisor
31.05.2013
Investment Advisor
30.08.2013
Investment Advisor
28.03.2013
Investment Advisor
30.06.2013
Investment Advisor
30.08.2013
Investment Advisor
31.05.2013
Investment Advisor
30.04.2013
Investment Advisor
Date
12 month
6 month
12 month
Not Provided
6 month
12 month
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
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Date
03.09.2013
02.09.2013
30.08.2013
30.08.2013
29.08.2013
27.08.2013
27.08.2013
23.08.2013
20.08.2013
20.08.2013
19.08.2013
15.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
05.08.2013
31.07.2013
16.07.2013
16.07.2013
10.07.2013
16.05.2013
10.04.2013
07.03.2013
09.09.2012
30.01.2012
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TLX GY EQUITY YTD Change
TLX GY EQUITY YTD % CHANGE
12/2012
06/yy
26.20
18.39
32'197.00
24.11
-7.96%
31.10%
70.98%
252.6
6'090.81
3'784.00
0.0
4'171.0
2'119.00
12'349.81
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
26'438.0
0.39x
630.0
7.48x
6.66%
5.96%
0.53%
10.63%
9.66%
0.22%
2.4%
2.91%
50.64%
-
Price/ Cash Flow
d-12
j-13
f-13
LTM
06/yy
12'369.0
0.00x
0.0
0.00x
354.0
0.00x
06/yy
27'809.0
1.23x
0.0
0.00x
684.0
8.29x
m-13
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
52.82
17.10%
19
4.053
168'497
176'413
234'642
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
27'544.8
28'637.6
708.9
739.8
110.0
182.0
8.47x
8.10x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.10.2009
ASTABLE
50.6%
24.5%
0.22
-
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
n-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
03.09.2013
Talanx AG
Holdings By:
All
Holder Name
HDI VAG
MEIJI YASUDA LIFE IN
DEUTSCHE BANK AG
ETHENEA INDEPENDENT
DWS INVESTMENTS
SKAGEN AS
PETERCAM SA
ZADIG GESTION (LUXEM
BLACKROCK
VANGUARD
FRANKEN INVEST KAPIT
JP MORGAN
PIONEER
OFI ASSET MANAGEMENT
UNION BANCAIRE PRIVE
Firm Name
AlphaValue
Berenberg Bank
Bankhaus Lampe
Nord/LB
Hamburger Sparkasse
Deutsche Bank
Goldman Sachs
Barclays
Bankhaus Metzler
Mediobanca SpA
EVA Dimensions
Main First Bank AG
HSBC
JPMorgan
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
DIETER HEIN
PETER ELIOT
ANDREAS SCHAEFER
JULIA SIEKMANN
CHRISTIAN HAMANN
PHILIPP HAESSLER
OLIVIA BRINDLE
WILLIAM HAWKINS
WERNER SCHIRMER
ANDREAS PLAESIER
VINIT MALHOTRA
ANDREW BROADFIELD
JOCHEN SCHMITT
MARC THIELE
DOUG WALTERS
MICHAEL HAID
KAILESH MISTRY
MICHAEL HUTTNER
Source
Research
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
add
buy
buy
buy
buy
accumulate
hold
market perform
buy
buy
Buy/Neutral
equalweight
buy
neutral
overweight
underperform
neutral
neutral
Amt Held
199'801'656
16'393'443
3'481'186
2'967'700
1'345'471
1'080'343
445'800
412'390
335'000
329'590
284'570
276'439
224'210
188'707
155'236
145'000
134'000
126'000
114'508
110'600
% Out
79.09
6.49
1.38
1.17
0.53
0.43
0.18
0.16
0.13
0.13
0.11
0.11
0.09
0.07
0.06
0.06
0.05
0.05
0.05
0.04
Weighting
Change
4
5
5
5
5
4
3
3
5
5
5
3
5
3
5
1
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
(8'198'344)
122'604
(232'300)
425'000
26'898
(51'000)
1'195
31'720
276'439
98'540
(6'100)
126'000
78'913
110'600
Target Price
26
28
27
28
#N/A N/A
27
25
24
27
28
27
24
28
27
#N/A N/A
20
26
23
File Dt
02.07.2013
02.07.2013
28.06.2013
28.06.2013
30.04.2013
31.07.2013
30.04.2013
28.03.2013
30.04.2013
30.08.2013
28.03.2013
30.06.2013
30.04.2013
30.04.2013
28.03.2013
31.03.2013
31.01.2013
31.12.2012
28.02.2013
31.12.2012
Date
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
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
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
29.08.2013
20.08.2013
16.08.2013
15.08.2013
15.08.2013
15.08.2013
14.08.2013
14.08.2013
14.08.2013
08.08.2013
25.07.2013
22.07.2013
16.07.2013
28.06.2013
27.06.2013
12.06.2013
31.05.2013
24.04.2013
03.09.2013
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
6.05
42'566.00
9
-9.23%
48.81%
75.30%
252.4
2'271.38
2'456.60
0.0
(15.2)
2'278.40
2'575.18
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 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
Fiscal Year Ended
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
6.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (06.08.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
847.5
3.07x
(109.1)
0.00x
FY+1
.0 M
s-13
1.25
134.09
42.86%
14.66%
1.251
22
4.182
843'473
673'349
674'215
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
18'323.8
18'897.1
6'416.0
0.14x
0.13x
1'058.4
1'163.8
1'166.0
2.43x
2.21x
50.9
166.9
380.0
32.03x
14.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.08.2013
B
STABLE
2.25
1.12
0.56
2.57
118.0%
54.3%
1.34
6.87
2.77
59.25
-24.91
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
03.09.2013
TUI AG
Holdings By:
All
Holder Name
S GROUP TRAVEL HOLDI
FREDRIKSEN JOHN
RIU HOTELS SA
BLACKROCK
BAILLIE GIFFORD OVER
SUSQUEHANNA INTERNAT
MARATHON ASSET MANAG
NORGES BANK
CQS UK LLP
SOCIETE GENERALE SA
PINE RIVER CAPITAL M
BARCLAYS CAPITAL SEC
PENNANT WINDWARD MAS
DEUTSCHE BANK AG
VANGUARD
STATE STREET
DAVIDSON KEMPNER EUR
Firm Name
AlphaValue
S&P Capital IQ
JPMorgan
Nord/LB
DZ Bank AG
Deutsche Bank
Morgan Stanley
UBS
Bankhaus Lampe
Natixis
Exane BNP Paribas
Kepler Cheuvreux
KochBank Research
EVA Dimensions
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
n/a
n/a
Analyst
JOHANNES BRAUN
HANS-PETER WODNIOK
WILLIAM MACK
JOCHEN ROTHENBACHER
JAAFAR MESTARI
WOLFGANG DONIE
HERBERT STURM
GEOF COLLYER
JAMIE ROLLO
ALEX BRIGNALL
ZAFER RUZGAR
SEBASTIAN HEIN
GEOFFREY D'HALLUIN
MATTHIAS DESMARAIS
PER-OLA HELLGREN
JUERGEN KOLB
STEFAN KICK
CRAIG STERLING
TOBIAS SITTIG
NICK EDELMAN
ALEXANDRA SCHLEGEL
MASSIMO BONISOLI
RIKARD VABO
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Research
MF-AGG
Short
RNS-RUL8
RNS-RUL8
Short
Short
RNS-RUL8
Short
RNS-RUL8
Short
ULT-AGG
ULT-AGG
ULT-AGG
Short
Recommendation
hold
sell
strong sell
buy
neutral
buy
buy
buy
Equalwt/In-Line
buy
buy
buy
buy
outperform
hold
buy
buy
hold
outperform
not rated
buy
buy
sell
Amt Held
% Out
63'068'424 24.99
37'841'055 14.99
12'613'685
5
8'811'166
3.49
7'592'227
3.01
7'261'186
2.88
5'601'800
2.22
(4'997'034) -1.98
4'904'640
1.94
4'766'186
1.89
(3'028'505)
-1.2
(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
1'509'638
0.6
1'478'319
0.59
(1'337'052) -0.53
Weighting
3
1
1
5
3
5
5
5
3
5
5
5
5
5
3
5
5
3
5
#N/A N/A
5
5
1
Change
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
N
U
M
M
M
M
D
Latest Chg
6'804
(40'600)
(201'900)
(13'226)
25'238
8'429
298'381
-
Target Price
10
5
8
12
10
12
11
11
12
13
12
12
11
11
10
11
13
#N/A N/A
10
#N/A N/A
9
10
5
File Dt
Inst Type
30.09.2012
Holding Company
30.09.2012
n/a
30.09.2012
Corporation
30.04.2013
Investment Advisor
30.08.2013
Investment Advisor
24.05.2012
Investment Advisor
28.03.2013
Investment Advisor
30.08.2013
Other
21.01.2013
Investment Advisor
16.01.2013
Government
13.08.2013
Investment Advisor
22.01.2013
Unclassified
22.01.2013
Investment Advisor
27.04.2012
Investment Advisor
28.06.2013
Investment Advisor
30.06.2013
Unclassified
30.08.2013
Investment Advisor
Date
6 month
6 month
12 month
12 month
12 month
12 month
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
Not Provided
12 month
6 month
Date
30.08.2013
29.08.2013
23.08.2013
19.08.2013
15.08.2013
13.08.2013
13.08.2013
12.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
08.08.2013
26.06.2013
03.06.2013
27.05.2013
10.05.2013
17.04.2013
13.02.2013
20.12.2012
14.08.2012
03.09.2013
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 (03.09.2013)
52-Week Low (14.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UTDI GY EQUITY YTD Change
UTDI GY EQUITY YTD % CHANGE
12/2012
06/yy
26.83
14.75
61'677.00
26.635
-0.71%
80.58%
99.58%
194.0
5'167.19
300.28
0.0
9.9
42.83
5'438.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
10
1.0 M
5
0
s-12
.5 M
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'396.6
1.43x
390.0
8.81x
107.8
29.13x
390.03
250.57
10.46%
8.05%
15.63%
119.34%
2.24%
34.3%
16.6%
12.8%
4.5%
0.43
0.29
27.11%
159.48%
19.84
53.07
Price/ Cash Flow
06/yy
2'248.2
5.51x
318.8
9.63x
101.0
27.71x
LTM
06/yy
2'516.1
6.06x
416.5
10.73x
175.3
23.84x
FY+1
.0 M
s-13
0.70
104.88
66.89%
65.56%
0.697
26
3.769
302'158
315'575
389'152
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
2'646.4
2'896.8
698.0
724.0
2.03x
1.80x
401.9
478.7
100.0
145.0
13.54x
11.37x
203.5
252.6
27.5
84.7
25.49x
19.79x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.04
13.42
0.63
0.71
159.5%
60.2%
2.24
23.82
18.40
6.88
47.31
-33.07
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
03.09.2013
United Internet AG
Holdings By:
All
Holder Name
DOMMERMUTH RALPH
DEUTSCHE BANK AG
BLACKROCK
NORGES BANK
MORGAN STANLEY
DWS INVESTMENTS
FIL LIMITED
VANGUARD
MARBLE ARCH INVESTME
ADIG INVESTMENT
SCHEEREN MICHAEL
LANG NORBERT
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
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst
AlphaValue
HSBC
Hauck & Aufhaeuser
SRH AlsterResearch
Bankhaus Lampe
EVA Dimensions
Deutsche Bank
Morgan Stanley
UBS
Macquarie
JPMorgan
Equita SIM SpA
Berenberg Bank
Bankhaus Metzler
DZ Bank AG
Goldman Sachs
Kepler Cheuvreux
Exane BNP Paribas
Nomura
HEINZ STEFFEN
DOMINIK KLARMANN
LEONHARD BAYER
HEIKE PAULS
NEIL SCHMODDE
WOLFGANG SPECHT
ANDREW S ZAMFOTIS
BENJAMIN KOHNKE
RYAN FOX
VIKRAM KARNANY
MARKUS FRIEBEL
JOCHEN REICHERT
ADRIAN PEHL
ALEX GRANT
STEFAN BORSCHEID
HANNES C WITTIG
ADRIAN HOPKINSON
GIANMARCO BONACINA
USMAN GHAZI
ULRICH TRABERT
KARSTEN OBLINGER
SIVA KRISHNA PRASAD BORRA
THOMAS KARLOVITS
MICHAEL ZORKO
HENRIK NYBLOM
MARCUS SILBE
NORBERT KALLIWODA
Source
Research
ULT-AGG
ULT-AGG
Research
Research
ULT-AGG
MF-AGG
Research
MF-AGG
ULT-AGG
ULT-AGG
Short
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
sell
overweight
sell
buy
buy
buy
overweight
buy
Overwt/In-Line
neutral
sell
hold
hold
outperform
buy
overweight
buy
hold
buy
buy
buy
Sell/Neutral
hold
neutral
neutral
hold
buy
Amt Held
% Out
88'000'000 45.36
9'698'975
5
7'799'648
4.02
6'503'582
3.35
5'873'094
3.03
4'691'295
2.42
3'204'726
1.65
2'439'828
1.26
1'625'411
0.84
1'304'288
0.67
1'093'058
0.56
(892'400) -0.46
771'076
0.4
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
Change
1
5
1
5
5
5
5
5
5
3
1
3
3
5
5
5
5
3
5
5
5
1
3
3
3
3
5
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
45'079
(91'703)
(246'688)
(45'788)
42'819
252'200
(25'100)
392'193
6'500
50'000
(39'209)
Target Price
16
30
17
32
30
29
#N/A N/A
27
29
25
24
26
27
30
28
30
29
27
26
25
24
19
22
19
11
14
17
File Dt
Inst Type
21.03.2013
n/a
30.06.2013
Investment Advisor
30.08.2013
Investment Advisor
20.07.2012
Investment Advisor
12.02.2013
Investment Advisor
31.07.2013
Investment Advisor
31.12.2012
Government
05.08.2013
Other
30.04.2013
Investment Advisor
31.12.2012
Investment Advisor
30.06.2013
Unclassified
30.04.2013
Investment Advisor
31.12.2012
n/a
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
6 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
3 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Date
29.08.2013
27.08.2013
26.08.2013
22.08.2013
22.08.2013
20.08.2013
20.08.2013
19.08.2013
19.08.2013
19.08.2013
19.08.2013
19.08.2013
19.08.2013
16.08.2013
16.08.2013
15.08.2013
15.08.2013
14.08.2013
06.08.2013
03.07.2013
27.05.2013
21.05.2013
15.05.2013
19.04.2013
22.11.2012
10.02.2012
22.03.2011
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VOW3 GY EQUITY YTD Change
VOW3 GY EQUITY YTD % CHANGE
Price/Volume
12/2012
06/yy
187.40
132.50
165'966.00
174.05
-7.12%
31.36%
79.42%
170.1
80'005.40
117'663.00
0.0
4'310.0
25'921.00
174'598.39
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
j-13
a-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
192'676.0
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
s-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
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
s-12
LTM
FY+1
1.16
170.15
29.62%
3.53%
1.164
36
4.389
1'029'646
839'023
999'917
FY+2
FQ+1
FQ+2
06/yy
06/yy
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
176'948.0 195'985.0 200'843.7 211'229.3
50'851.5
52'897.5
2.83x
3.35x
0.37x
0.36x
23'081.0
24'812.0
23'830.0
26'772.8
5.98x
6.62x
7.33x
6.52x
17'936.0
17'801.0
10'139.7
11'760.7
3.06x
3.97x
8.12x
6.97x
S&P Issuer Ratings
31.08.2009
Long-Term Rating
ALong-Term Outlook
POS
15.06.2004
Short-Term Rating
A-2
Credit Ratios
17.46
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
3.51
68.67
Inventory Days
68.22
40.43
46.11
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
03.09.2013
Volkswagen AG
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD
CARMIGNAC GESTION
AMUNDI
DEUTSCHE BANK AG
FIL LIMITED
BG MASTER FUND PLC
JP MORGAN
UBS
ADIG INVESTMENT
INVESCO LTD
ALLIANCE BERNSTEIN
DWS INVESTMENTS
Firm Name
Bankhaus Lampe
Exane BNP Paribas
AlphaValue
Barclays
Bankhaus Metzler
Berenberg Bank
Redburn Partners
Hamburger Sparkasse
Day by Day
Morgan Stanley
Goldman Sachs
Baader Bank
JPMorgan
Natixis
Societe Generale
Macquarie
Oddo & Cie
Kepler Cheuvreux
Nord/LB
S&P Capital IQ
Deutsche Bank
Main First Bank AG
EVA Dimensions
HSBC
Steubing AG
UBS
Cyrrus
Hammer Partners SA
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CHRISTIAN LUDWIG
RABIH FREIHA
MAX WARBURTON
HANS-PETER WODNIOK
MICHAEL TYNDALL
JUERGEN PIEPER
ADAM HULL
CHARLES WINSTON
MARC-RENE TONN
VALERIE GASTALDY
LAURA LEMBKE
STEFAN BURGSTALLER
KLAUS BREITENBACH
DANIEL SCHWARZ
JOSE ASUMENDI
GEORGES DIENG
STEPHEN REITMAN
FRANK BILLER
ZAFER RUZGAR
FRANCOIS MAURY
MICHAEL RAAB
FRANK SCHWOPE
RODERICK BRIDGE
JOCHEN GEHRKE
TIM SCHULDT
LOTHAR LUBINETZKI
CRAIG STERLING
HORST SCHNEIDER
TOBIAS SCHMIDT
PHILIPPE HOUCHOIS
JIRI SIMARA
ALBERTO ROLLA
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Short
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
market perform
sell
overweight
sell
buy
neutral
buy
hold
hold
Overwt/In-Line
buy/attractive
buy
buy
overweight
buy
buy
outperform
buy
buy
neutral
buy
buy
buy
buy
buy
outperform
hold
overweight
buy
neutral
buy
buy
Amt Held
% Out
7'475'543
4.39
5'156'855
3.03
3'574'163
2.1
2'350'802
1.38
1'684'876
0.99
1'668'878
0.98
1'497'526
0.88
1'347'165
0.79
1'247'136
0.73
(1'173'985) -0.69
996'683
0.59
976'471
0.57
913'840
0.54
796'624
0.47
708'483
0.42
636'038
0.37
446'607
0.26
435'760
0.26
415'762
0.24
403'982
0.24
Weighting
Change
5
5
3
1
5
1
5
3
5
3
3
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
5
5
3
5
5
3
5
5
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
389'021
(1'075'152)
85'704
728'811
(308'807)
599'208
248'074
(6'235)
61'615
17'015
(190'153)
(41'762)
(4'497)
21'900
271'648
(200'672)
(16'233)
(23'700)
714
88'330
Target Price
215
212
170
153
193
165
240
#N/A N/A
230
#N/A N/A
#N/A N/A
220
238
220
205
217
208
220
200
205
210
170
210
195
192
240
185
220
#N/A N/A
191
227
165
170
168
File Dt
30.08.2013
30.06.2013
31.07.2013
30.06.2013
28.06.2013
30.04.2013
28.06.2013
31.12.2012
31.07.2013
22.04.2013
28.03.2013
30.06.2013
30.08.2013
30.04.2013
30.06.2013
30.08.2013
30.06.2013
30.04.2013
30.08.2013
30.04.2013
Date
12 month
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
15 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.09.2013
02.09.2013
30.08.2013
29.08.2013
27.08.2013
23.08.2013
22.08.2013
21.08.2013
15.08.2013
14.08.2013
12.08.2013
09.08.2013
07.08.2013
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
31.07.2013
31.07.2013
30.07.2013
29.07.2013
23.07.2013
07.05.2013
02.05.2013
09.04.2013
25.02.2013
29.10.2012
18.10.2012
03.09.2013
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
90
12/2012
06/yy
79.07
40.48
13'474.00
76.16
-3.68%
88.14%
92.36%
52.2
3'971.94
1'197.20
0.0
18.2
435.60
4'866.04
60
.8 M
50
40
.6 M
30
.4 M
20
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
0
s-12
o-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'634.9
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
n-12
d-12
j-13
f-13 m-13
LTM
06/yy
4'444.7
3.14x
776.7
5.04x
30.2
96.53x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
0.89
18.39
50.54%
55.17%
0.885
24
2.417
99'422
130'229
121'987
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
4'562.6
4'868.1
1'194.2
1'111.8
1.15x
1.08x
672.5
803.5
173.5
129.8
7.27x
6.08x
27.4
82.0
15.6
(10.9)
167.02x
39.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.48
-1.52
1.13
1.89
46.1%
31.4%
0.67
1.17
57.11
67.94
35.95
76.84
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
.2 M
10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
70
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.08.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WCH GY EQUITY YTD Change
WCH GY EQUITY YTD % CHANGE
31.12.2008
4'298.1
0.86x
1'106.8
3.34x
439.4
8.45x
1.2 M
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
03.09.2013
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
VANGUARD
SCHRODER INVESTMENT
CREDIT SUISSE FUND S
Firm Name
Bankhaus Lampe
AlphaValue
DZ Bank AG
Nord/LB
Hauck & Aufhaeuser
Deutsche Bank
Morgan Stanley
Credit Suisse
HSBC
Bankhaus Metzler
Steubing AG
Main First Bank AG
Nomura
Natureo Finance
UBS
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
HEIKO FEBER
MARTIN SCHNEE
PETER SPENGLER
GEORG REMSHAGEN
THORSTEN STRAUSS
NILS-PETER FITZL
STEFAN FREUDENREICH
ALEXANDER KARNICK
PETER MACKEY
MATHEW WAUGH
ERKAN AYCICEK
TOBIAS SCHMIDT
THOMAS SWOBODA
JEAN DE WATTEVILLE
INGO QUEISER
JEAN-FRANCOIS MEYMANDI
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
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
sell
sell
sell
buy
hold
hold
sell
sell
sell
Underwt/In-Line
underperform
neutral
sell
buy
hold
outperform
neutral
sell
buy
outperform
underweight
sell
sell
Amt Held
% Out
26'076'300
50
5'215'260
10
2'474'617
4.74
2'177'150
4.17
(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
163'043
0.31
161'882
0.31
145'720
0.28
92'956
0.18
79'151
0.15
77'479
0.15
74'500
0.14
Weighting
Change
1
1
1
5
3
3
1
1
1
1
1
3
1
5
3
5
3
1
5
5
1
1
1
M
M
M
U
M
M
M
M
M
M
M
U
M
M
D
U
M
M
U
M
M
M
M
Latest Chg
31'808
(31'292)
52'153
93'875
(4'231)
(4'800)
(84'847)
12'400
34'127
(1'883)
(36'911)
(41)
(9'919)
74'500
Target Price
60
64
50
84
68
75
40
58
39
53
55
73
52
78
68
85
70
55
80
65
44
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
n/a
31.12.2012
Unclassified
31.12.2012
Corporation
30.08.2013
Investment Advisor
16.10.2012
Investment Advisor
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
Unclassified
31.07.2013
Investment Advisor
28.03.2013
Investment Advisor
30.06.2013
Investment Advisor
28.03.2013
Investment Advisor
31.05.2013
Investment Advisor
28.02.2013
Investment Advisor
Date
12 month
6 month
Not Provided
6 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
3 month
Not Provided
Not Provided
Date
02.09.2013
29.08.2013
16.08.2013
09.08.2013
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
02.07.2013
07.06.2013
06.06.2013
25.07.2012
03.09.2013
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
30
25
20
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.09.2013)
52-Week Low (12.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WDI GY EQUITY YTD Change
WDI GY EQUITY YTD % CHANGE
12/2012
06/yy
24.51
16.46
64'019.00
24.455
-0.22%
48.57%
96.59%
112.2
2'743.66
94.97
0.0
0.0
442.50
2'460.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5
0
s-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
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
394.6
4.41x
109.3
15.92x
73.3
27.76x
109.25
93.60
23.72%
23.10%
7.44%
14.35%
12.83%
0.42%
26.8%
22.3%
18.6%
1.39
0.92
8.42%
17.53%
-
Price/ Cash Flow
06/yy
354.8
13.77x
98.5
14.47x
68.1
23.35x
LTM
06/yy
432.9
17.46x
116.0
17.74x
76.3
30.70x
FY+1
0.51
105.57
41.47%
32.19%
0.510
18
3.889
205'992
231'097
261'857
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
474.2
559.3
123.5
134.0
5.29x
4.37x
124.1
152.4
34.2
37.2
19.78x
16.10x
82.9
105.8
24.2
27.7
32.56x
25.63x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.91
12.85
-2.44
1.07
17.5%
14.9%
0.42
39.24
-
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
o-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
196.8
1.19x
52.4
4.46x
42.3
9.83x
10
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
s-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
03.09.2013
Wirecard AG
Holdings By:
All
Holder Name
MB BETEILGUNGSGESELL
ALKEN FUND SICAV
NORGES BANK
FIL LIMITED
JUPITER GLOBAL ACTIV
BANK OF NOVA SCOTIA
GENERALI ASSET MANAG
VANGUARD
BLACKROCK
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst
Natixis
Exane BNP Paribas
Equita SIM SpA
Barclays
Baader Bank
Hauck & Aufhaeuser
Bankhaus Lampe
Berenberg Bank
Main First Bank AG
EVA Dimensions
Goldman Sachs
Deutsche Bank
MAXIME MALLET
HEIKE PAULS
ALEXANDRE FAURE
GIANMARCO BONACINA
LARS LUSEBRINK
GERARDUS VOS
ADRIAN HOPKINSON
KNUT WOLLER
THOMAS HOFMANN
SASCHA BERRESCH
BJOERN LIPPE
JUERGEN WAGNER
JOCHEN REICHERT
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
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
neutral
buy
hold
overweight
buy
buy
hold
hold
hold
buy
outperform
hold
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
1'087'181
1'072'621
1'049'001
1'019'771
975'422
958'258
925'723
880'371
% Out
6
5.9
5
3.79
3.07
3.01
2.95
2.39
2.09
2.06
1.43
1.18
0.97
0.96
0.94
0.91
0.87
0.85
0.83
0.78
Weighting
Change
5
5
3
5
3
5
5
5
3
3
3
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)
82'400
(248'797)
(95'455)
10'461
18'253
1'353
-
Target Price
27
24
21
28
25
25
29
26
24
20
23
28
26
23
#N/A N/A
24
16
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
30.04.2013
31.05.2013
31.07.2013
30.06.2013
30.08.2013
31.07.2013
31.07.2013
30.06.2013
Date
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
12 month
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
Bank
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.09.2013
29.08.2013
21.08.2013
16.08.2013
15.08.2013
15.08.2013
15.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
08.08.2013
19.07.2013
13.05.2013
22.04.2013
17.01.2013
03.09.2013
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 (14.08.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WIN GY EQUITY YTD Change
WIN GY EQUITY YTD % CHANGE
09/2012
06/yy
51.15
28.80
18'626.00
48.76
-4.67%
69.31%
86.20%
33.1
1'613.22
237.27
0.0
4.7
38.43
1'735.48
30.09.2008
2'318.6
0.65x
240.4
6.31x
126.6
10.44x
.3 M
20
.2 M
10
0
s-12
.1 M
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
165.32
100.36
4.28%
3.83%
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
s-13
0.88
29.78
64.65%
41.29%
0.882
21
3.190
81'844
97'584
103'692
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
09/13 Q4 12/13 Q1
2'464.1
2'562.3
626.7
678.0
0.72x
0.68x
196.3
229.1
76.7
57.0
8.85x
7.58x
7.32x
5.61x
85.8
108.0
26.8
31.3
16.72x
13.51x
13.61x
10.41x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.43
11.14
0.64
0.84
73.1%
41.9%
1.76
17.77
55.47
63.91
57.44
64.12
14.00
2'500.0
12.00
2'000.0
10.00
1'500.0
8.00
6.00
1'000.0
4.00
500.0
2.00
0.00
02.10.2009
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
03.09.2013
Wincor Nixdorf AG
Holdings By:
All
Holder Name
WINCOR NIXDORF AG
BLACKROCK
VANGUARD
POLARIS CAPITAL MANA
AMUNDI
NORGES BANK
DWS INVESTMENTS
DEUTSCHE BANK AG
MACKENZIE FINANCIAL
INTERNATIONAL VALUE
TREMBLANT CAPITAL LP
Firm Name
HSBC
Main First Bank AG
Goldman Sachs
Deutsche Bank
Nord/LB
Hauck & Aufhaeuser
Bankhaus Lampe
Bankhaus Metzler
Kepler Cheuvreux
DZ Bank AG
UBS
Wedbush
Berenberg Bank
National Bank AG
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
YASMIN MOSCHITZ
JOERG-ANDRE FINKE
JUERGEN WAGNER
ADRIAN HOPKINSON
BENJAMIN MOORE
UWE SCHUPP
WOLFGANG DONIE
TORBEN TEICHLER
HEIKO FEBER
STEPHAN BAUER
STEFAN AUGUSTIN
ADRIAN PEHL
HARALD SCHNITZER
SVEN WEIER
GIL B LURIA
SVEN DIERMEIER
BJOERN VOSS
THOMAS HOFMANN
FREDERIK BITTER
EKKEHARD D LINK
ANDREW S ZAMFOTIS
Source
Co File
13F
ULT-AGG
Research
ULT-AGG
Co File
Research
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
Recommendation
hold
overweight
underperform
neutral
neutral/neutral
buy
buy
buy
hold
sell
hold
hold
hold
buy
neutral
hold
hold
hold
sell
buy
underweight
Amt Held
% Out
3'308'500
10
1'746'514
5.28
1'709'356
5.17
1'636'175
4.95
1'111'526
3.36
992'550
3
964'009
2.91
961'330
2.91
783'622
2.37
666'660
2.01
448'050
1.35
432'634
1.31
414'399
1.25
402'161
1.22
354'363
1.07
339'594
1.03
337'840
1.02
329'277
1
306'200
0.93
(267'988) -0.81
Weighting
Change
3
5
1
3
3
5
5
5
3
1
3
3
3
5
3
3
3
3
1
5
1
M
M
M
M
M
M
M
M
D
M
M
D
U
M
M
M
D
M
D
M
M
Latest Chg
4'777
28'909
(110'339)
7'892
30'000
(11'963)
(53'311)
(100'000)
(36'393)
Target Price
38
60
42
47
49
54
54
53
49
40
49
49
46
52
50
47
47
41
30
49
#N/A N/A
File Dt
30.09.2012
30.06.2013
30.08.2013
01.08.2013
30.06.2013
30.09.2012
23.08.2013
24.04.2013
31.12.2012
30.06.2013
30.06.2013
30.04.2013
23.08.2013
30.04.2013
31.05.2013
30.09.2012
31.03.2013
31.05.2013
31.01.2013
02.04.2013
Date
6 month
Not Provided
12 month
12 month
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
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
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
Other
Date
29.08.2013
28.08.2013
26.08.2013
15.08.2013
14.08.2013
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
10.07.2013
01.05.2013
25.04.2013
15.01.2013
03.09.2013
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ZIL2 GY EQUITY YTD Change
ZIL2 GY EQUITY YTD % CHANGE
12/2012
06/yy
29.66
20.27
21'467.00
28.565
-3.68%
40.92%
87.37%
63.4
1'809.88
314.71
0.0
31.0
54.27
2'137.42
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
s-12
o-12
n-12
d-12
j-13
f-13 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
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 Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'127.2
1.69x
215.5
8.85x
85.9
18.75x
215.47
136.09
12.07%
10.98%
6.64%
14.19%
0.88%
27.7%
18.3%
11.7%
7.6%
1.58
0.73
24.81%
51.65%
5.38
3.57
Price/ Cash Flow
06/yy
1'103.8
5.37x
233.9
6.40x
104.8
11.36x
LTM
06/yy
1'147.5
6.33x
210.3
9.25x
86.4
18.65x
FY+1
.0 M
s-13
1.09
30.41
25.77%
13.91%
1.086
23
2.609
63'634
72'754
63'708
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
1'191.9
1'268.5
298.5
301.5
1.76x
1.61x
238.8
264.1
8.96x
8.10x
98.8
116.4
25.5
25.8
18.17x
15.52x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.03
8.36
1.40
1.69
51.7%
33.0%
0.88
2.03
67.90
102.30
26.94
133.56
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
03.09.2013
ElringKlinger AG
Holdings By:
All
Holder Name
LECHLER FAMILY
FIL LIMITED
FMR LLC
DEUTSCHE BANK AG
NORGES BANK
DANSKE INVEST A/S
VANGUARD
AVIVA PLC
BLACKROCK
DWS INVESTMENTS
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Commerzbank Corporates & Markets DANIEL SCHWARZ

DZ Bank AG
MICHAEL PUNZET
Goldman Sachs
STEPHAN PUETTER
Hauck & Aufhaeuser
PHILIPPE LORRAIN
Macquarie
FRANK BILLER
RALF MARINONI
Kepler Cheuvreux
MICHAEL RAAB
Exane BNP Paribas
GERHARD ORGONAS
Deutsche Bank
TIM ROKOSSA
ZAFER RUZGAR
Bankhaus Lampe
CHRISTIAN LUDWIG
M.M. Warburg Investment Research MARC-RENE TONN
Bankhaus Metzler
JUERGEN PIEPER
TIM SCHULDT
Steubing AG
TOBIAS SCHMIDT
Montega
HENDRIK EMRICH
EVA Dimensions
CRAIG STERLING
HSBC
NIELS FEHRE
Main First Bank AG
TOBIAS FAHRENHOLZ
Nord/LB
FRANK SCHWOPE
Berenberg Bank
BENJAMIN GLAESER
GSC Research
MATTHIAS SCHRADE
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
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
reduce
hold
sell/attractive
hold
outperform
hold
buy
reduce
neutral
hold
sell
hold
hold
sell
reduce
hold
sell
sell
neutral
outperform
sell
hold
hold
buy
Amt Held
% Out
32'947'194
52
1'791'706
2.83
1'710'210
2.7
1'587'098
2.5
1'104'277
1.74
900'950
1.42
897'056
1.42
790'398
1.25
639'068
1.01
602'057
0.95
522'000
0.82
340'919
0.54
338'224
0.53
216'951
0.34
208'247
0.33
200'000
0.32
193'077
0.3
192'776
0.3
(183'382) -0.29
152'797
0.24
Weighting
Change
2
3
1
3
5
3
5
2
3
3
1
3
3
1
2
3
1
1
3
5
1
3
3
5
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
D
M
M
M
M
M
M
Latest Chg
(1'833)
649'134
533'277
58'599
22'189
(35'927)
1'570
10'784
8'256
52
63'922
-
Target Price
23
28
21
28
33
28
33
26
29
23
25
27
28
23
20
28
22
#N/A N/A
28
29
21
25
26
#N/A N/A
File Dt
25.01.2013
09.10.2012
10.05.2013
30.06.2013
31.12.2012
28.06.2013
31.05.2013
31.12.2012
31.05.2013
30.06.2013
28.06.2013
28.06.2013
30.06.2013
30.04.2013
30.06.2013
30.06.2013
28.06.2013
31.05.2013
30.08.2013
30.04.2013
Date
6 month
Not Provided
12 month
12 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
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
n/a
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.09.2013
16.08.2013
14.08.2013
13.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
12.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
09.08.2013
05.08.2013
23.07.2013
23.07.2013
21.05.2013
01.05.2013
11.03.2013
20.07.2012

Fundamental Equity Analysis - QMS Advisors HDAX FlexIndex 110

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Fundamental Equity Analysis - QMS Advisors HDAX FlexIndex 110

Uploaded by

Copyright:

Available Formats

This material does not constitute investment advice and should not be

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

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

ADVA OPTICAL NETWORKING SE

CARL ZEISS MEDITEC AG - BR

BAYERISCHE MOTOREN WERKE AG

HUGO BOSS AG -ORD

DAIMLER AG-REGISTERED SHARES

DEUTSCHE BANK AG-REGISTERED

DIALOG SEMICONDUCTOR PLC

DEUTSCHE POST AG-REG

DEUTSCHE TELEKOM AG-REG

DEUTSCHE WOHNEN AG-BR

FRESENIUS MEDICAL CARE AG &

FUCHS PETROLUB SE -PREF

FRAPORT AG FRANKFURT AIRPORT

FRESENIUS SE & CO KGAA

GERRY WEBER INTL AG

HENKEL AG & CO KGAA VORZUG

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

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

KABEL DEUTSCHLAND HOLDING AG

LPKF LASER & ELECTRONICS

MTU AERO ENGINES AG

MUENCHENER RUECKVER AG-REG

TELEFONICA DEUTSCHLAND HOLDI

PFEIFFER VACUUM TECHNOLOGY

PROSIEBEN SAT.1 MEDIA AG-REG

SMA SOLAR TECHNOLOGY AG

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

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX